New Jersey Resources Corp (NJR) 2025 Q1 法說會逐字稿

Thank you for standing by.

感謝您的支持。

My name is [Frila], and I will be your conference operator today.

我的名字是[Frila]，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the New Jersey Resources Fiscal 2025 first-quarter conference call.

現在，我歡迎大家參加新澤西資源2025財年第一季電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

Thank you.

謝謝。

I would now like to introduce your speaker for today, Adam Prior, Director of Investor Relations.

現在，我想介紹今天的演講者，投資者關係總監亞當·普賴爾 (Adam Prior)。

You may begin.

你可以開始了。

Thank you.

謝謝。

Welcome to New Jersey Resources fiscal 2025 first-quarter conference call and webcast.

歡迎參加新澤西資源 2025 財年第一季電話會議和網路廣播。

I'm joined here today by Steve Westhoven, our President and CEO; Roberto Bel, our Senior Vice President and Chief Financial Officer; as well as other members of our senior management team.

今天和我一起參加會議的還有我們的總裁兼執行長史蒂夫·韋斯特霍文 (Steve Westhoven)； Roberto Bel，我們的資深副總裁兼財務長；以及我們高階管理團隊的其他成員。

Certain statements in today's call contain estimates and other forward-looking statements within the meaning of the securities laws.

今天電話會議中的某些聲明包含證券法所定義的估計和其他前瞻性陳述。

We wish to caution listeners of this call that the current expectations, assumptions and beliefs forming the basis of our forward-looking statements include many factors that are beyond our ability to control or estimate precisely.

我們希望提醒本次電話會議的聽眾，構成我們前瞻性陳述基礎的當前預期、假設和信念包含許多超出我們控製或準確估計能力的因素。

This could cause results to materially differ from our expectations as found on slide 2. these items can also be found in the forward-looking statement section of yesterday's earnings release furnished on Form 8-K and in our most recent Forms 10-K and 10-Q as filed with the SEC.

這可能會導致結果與幻燈片 2 中我們的預期有重大差異。

We do not by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

透過包含此聲明，我們不承擔根據未來事件審查或修改本文引用的任何特定前瞻性聲明的義務。

We'll also be referencing certain non-GAAP financial measures such as net financial earnings or NFE.

我們也會參考某些非 GAAP 財務指標，例如淨財務收益或 NFE。

We believe that NFE, net financial loss, utility growth margin, financial margin, adjusted funds from operations and adjusted debt provide a more complete understanding of our financial performance.

我們認為，NFE、淨財務損失、效用成長利潤、財務利潤、調整後的營運資金和調整後的債務可以更全面地了解我們的財務表現。

However, these non-GAAP measures are not intended to be a substitute for GAAP.

然而，這些非 GAAP 指標並非旨在取代 GAAP。

Our non-GAAP financial measures are discussed more fully in item 7 of our 10-K.

我們的非 GAAP 財務指標在我們的 10-K 第 7 項中有更詳細的討論。

The slides accompanying today's presentation are available on our website and were furnished on our Form 8-K filed yesterday.

今天簡報的幻燈片可以在我們的網站上找到，並且包含在我們昨天提交的 8-K 表中。

They will begin with this quarter's highlights beginning on slide 4, followed by Roberto who will review our financial results, then we will open the call for your questions.

他們將從幻燈片 4 開始介紹本季度的亮點，然後由 Roberto 回顧我們的財務結果，然後我們將開始回答您的問題。

With that said, I'll turn the call over to our President and CEO, Steve Westhoven.

說完這些，我將把電話轉給我們的總裁兼執行長史蒂夫·韋斯特霍文 (Steve Westhoven)。

Please go ahead, Steve.

請繼續，史蒂夫。

Thanks, and good morning, everyone.

謝謝，大家早安。

Fiscal 2025 is off to a strong start.

2025 財年開局強勁。

During the first quarter, w continued to execute on our strategic initiatives, driving growth across our business segments.

第一季度，w 繼續執行我們的策略舉措，推動各個業務部門的成長。

At New Jersey Natural Gas, we achieved a significant milestone with the implementation of new rates following the approval of our base rate case.

在新澤西天然氣公司，我們在基準利率方案獲得批准後實施了新的利率，並取得了重要的里程碑。

This was support our ability to recover the $850 million of investments made since our last rate case and results in a rate base of $3.2 billion.

這支持了我們收回自上次利率案例以來 8.5 億美元投資的能力，並最終使利率基數達到 32 億美元。

We launched the next iteration of Safe Green, our $386 million energy efficiency program which is the largest in New Jersey Natural Gas history and runs through June of 2027.

我們啟動了新一輪「安全綠色」計劃，這是一項耗資 3.86 億美元的能源效率計劃，也是新澤西州天然氣歷史上最大的計劃，將持續到 2027 年 6 月。

Investments in saving are incremental to our rate base and earn a near real time return to a rider that is updated annually.

儲蓄投資會逐漸增加我們的利率基礎，並根據每年更新的附加條款獲得近乎即時的回報。

Clean Energy Ventures continues to advance its commercial solar strategy with a project pipeline of over one gigawatt, we remain well positioned to drive growth.

清潔能源企業持續推動其商業太陽能策略，擁有超過一千兆瓦的專案儲備，我們仍處於推動成長的有利位置。

At Storage and Transportation, we continue to move forward on our capacity recovery project at Leaf River and Adelphia Gateway section four rate case is progressing with an expected resolution later this year.

在倉儲和運輸方面，我們繼續推進 Leaf River 和 Adelphia Gateway 四區產能恢復項目，費率案件正在取得進展，預計今年稍後將得到解決。

And finally at Energy Services, we continue to derive significant value from our portfolio of strategically located storage and transportation assets as well as continued contribution from the asset management agreements announced in 2020.

最後，在能源服務方面，我們繼續從位於戰略位置的儲存和運輸資產組合中獲得巨大價值，並繼續從 2020 年宣布的資產管理協議中獲得貢獻。

These achievements reinforce our commitment to delivering shareholder value through disciplined capital allocation.

這些成就強化了我們透過嚴格的資本配置來實現股東價值的承諾。

As we review our strong first quarter performance, it's clear that NJR is not only delivering on its commitments, but it's strategically positioned to capitalize on emerging growth opportunities.

回顧第一季的強勁表現，我們可以清楚地看到，NJR 不僅履行了承諾，而且在策略上佔據了利用新興成長機會的優勢。

Now, let's turn to our guidance for fiscal 2025 on slide 5.

現在，讓我們來看看第 5 張投影片上的 2025 財年指引。

This reflects the strength of our diversified portfolio and our ability to navigate current opportunities and long-term objectives.

這反映了我們多元化投資組合的實力以及我們掌握當前機會和長期目標的能力。

Our fiscal 2025 NFEPS guidance is $3.05 a share to $3.20 per share, which exceeds our long-term growth rate of 79% and incorporates the one-time gain from our sale of our residential solar portfolio.

我們對 2025 財年的 NFEPS 預期為每股 3.05 美元至每股 3.20 美元，超過了我們 79% 的長期成長率，並包含了我們出售住宅太陽能組合所獲得的一次性收益。

We are encouraged by the recent operating performance across all of our businesses, and we will carefully monitor and assess our financial outlook as we move forward through the winter season.

我們對所有業務的近期營運表現感到鼓舞，我們將在冬季仔細監控和評估我們的財務前景。

On slide 6, we break out our fiscal year 2025 NFEPS by segment.

在投影片 6 中，我們按部門列出了 2025 財年的 NFEPS。

We slightly narrowed the contribution ranges of our business units in the first quarter and will continue to do so as the year progresses.

我們在第一季略微縮小了業務部門的貢獻範圍，並將在今年稍後繼續這樣做。

The majority of our NFEPS is expected to come from our utility operations.

預計我們的大部分 NFEPS 將來自我們的公用事業營運。

Now, let's discuss our complementary business units starting with New Jersey Natural Gas on slide 7.

現在，讓我們討論一下我們的互補業務部門，從第 7 張投影片上的新澤西天然氣開始。

During the quarter, we invested $127 million in New Jersey Natural Gas with 43% of that CapEx providing near real time returns.

本季度，我們向新澤西天然氣投資了 1.27 億美元，其中 43% 的資本支出提供了近乎即時的回報。

We are leveraging investments to enhance reliability and drive consistent customer growth through our new construction and conversions as well as expansion into new locations.

我們正在利用投資來提高可靠性，並透過新建、改建和擴建來推動客戶的持續成長。

Moving to Slide 8.

移至幻燈片 8。

At Clean Energy Ventures, we successfully placed approximately 11 megawatts of commercial solar projects into service during the period with an additional 63 megawatts currently under construction.

在清潔能源企業，我們在此期間成功投入了約 11 兆瓦的商業太陽能項目，另外還有 63 兆瓦的項目正在建設中。

Looking ahead, we are well-positioned to continue growing our capacity by leveraging a robust and steadily expanding project pipeline of over one gigawatt.

展望未來，我們有能力利用強勁且穩定擴展的超過一千兆瓦的專案管道來持續提高我們的產能。

Furthermore, the sale of our residential solar portfolio enhances our balance sheet and recycles capital to support the future growth opportunities.

此外，出售我們的住宅太陽能組合可增強我們的資產負債表，並回收資本以支持未來的成長機會。

Moving to slide 9.

移至幻燈片 9。

Our Storage and Transportation business continues to deliver stable returns through fee-based revenues.

我們的倉儲和運輸業務繼續透過收費收入提供穩定的回報。

Our infrastructure investments including pipelines and storage facilities are strategically positioned to serve constrained energy markets.

我們的基礎設施投資包括管道和儲存設施，其戰略定位是服務受限的能源市場。

The Adelphia Gateway continues to work through its first-rate case which reflects the investments made to enhance and modernize our pipeline system.

阿德爾菲亞管道 (Adelphia Gateway) 繼續發揮其一流的作用，這反映了我們為加強和現代化管道系統而進行的投資。

We anticipate the conclusion of the process later in 2025.

我們預計該進程將於 2025 年下半年完成。

We are also actively advancing our capacity recovery project at Leaf River focusing on restoring and enhancing storage capabilities to meet growing energy demand.

我們也積極推動 Leaf River 的容量恢復項目，重點是恢復和增強儲存能力，以滿足不斷增長的能源需求。

Overall, we have made excellent progress throughout the quarter on several fronts.

總體而言，我們在本季在多個方面都取得了顯著進展。

With that, I'll turn the call over to Roberto to review the financial results.

說完這些，我將把電話轉給羅伯托來審查財務結果。

Thank you, Steve.

謝謝你，史蒂夫。

And good morning, everyone.

大家早安。

As noted earlier, fiscal 2025 is off to a good start.

如前所述，2025 財年開局良好。

In the first quarter, we reported an NFEPS of $1.29 per share compared with any NFEPS of $0.74 per share last year.

第一季度，我們報告的 NFEPS 為每股 1.29 美元，而去年的 NFEPS 為每股 0.74 美元。

NG&G reported higher fee as a result of new rates being in place on November 21 following the successful conclusion of our rate case.

NG&G 報告稱，由於我們的費率案成功結束後於 11 月 21 日實施了新的費率，因此費用有所上漲。

And Clean Energy Ventures reported higher in the fee as a result of the sale of our residential solar portfolio.

而清潔能源創投公司報告稱，由於出售我們的住宅太陽能組合，費用增加。

Our Storage and Transportation and Energy services businesses also deliver higher fee compared to the prior year period.

我們的倉儲和運輸以及能源服務業務的費用也比去年同期更高。

Now, let's move to slide 12 where we will discuss NJR capital plan.

現在，讓我們轉到第 12 張投影片，討論 NJR 資本計畫。

For fiscal 2025 and fiscal 2026, we are planning capital expenditures ranging from $1.3 billion to $1.6 billion which aligns with our long-term and NFEPS growth target of %7 to 9%.

對於 2025 財年和 2026 財年，我們計劃資本支出在 13 億美元至 16 億美元之間，這與我們的長期和 NFEPS 增長目標 7% 至 9% 相一致。

We did not make any changes for capital plan compared to our prior disclosure and continue to expect spending between $610 million and $790 million in capital investments during fiscal 2025.

與先前揭露的相比，我們沒有對資本計畫做出任何更改，並繼續預計在 2025 財年期間的資本投資將在 6.1 億美元至 7.9 億美元之間。

Over the next several years, we expect to employ capital to enhance our unique infrastructure, expand our Clean Energy portfolio and optimize our Storage and Transportation assets.

在接下來的幾年裡，我們希望利用資本來增強我們獨特的基礎設施，擴大我們的清潔能源組合，並優化我們的倉儲和運輸資產。

As highlighted on slide 13, our strong balance sheet and liquidity position enable us to execute on our strategic priorities of maintaining financial flexibility.

正如投影片 13 所強調的，我們強勁的資產負債表和流動性狀況使我們能夠執行維持財務靈活性的策略重點。

Our adjusted funds from operations adjusted debt ratio is projected to range between 18% and 20% for fiscal 2025, which reflect our ability to generate solid operating cash flows and manage that effectively.

我們調整後的營運資金調整後負債比率預計在 2025 財年介於 18% 至 20% 之間，這反映了我們產生穩健營運現金流並有效管理的能力。

These levels are consistent with maintaining our investment grade credit rating at NG&G, and a strong balance sheet at NGAR.

這些水準與維持 NG&G 的投資等級信用評級以及 NGAR 的強勁資產負債表一致。

We expect our cash flow corporations to be between $460 million and $500 million in fiscal 2025, providing a solid foundation for our capital plan dividends and other corporate needs.

我們預計，到 2025 財年，我們的現金流將在 4.6 億美元至 5 億美元之間，為我們的資本計畫股利和其他公司需求奠定堅實的基礎。

In summary, our first quarter performance reflects the strength of our diversified portfolio and disciplined financial strategy.

總而言之，我們的第一季業績反映了我們多元化投資組合和嚴謹的財務策略的實力。

We remain on track to deliver on our long-term growth objectives supported by a solid balance sheet and steady cash flows.

在穩健的資產負債表和穩定的現金流的支持下，我們仍有望實現我們的長期成長目標。

With that, I'll turn the call back to Steve for a discussion our organization initiatives on slide 14.

說完這些，我將把電話轉回給史蒂夫，讓他在第 14 張幻燈片上討論我們的組織計劃。

Thanks, Roberto.

謝謝，羅伯托。

Last month we issued NJR'S fiscal 2024 corporate sustainability report.

上個月，我們發布了NJR的2024財年企業永續發展報告。

This reflects our commitment to transparency with our stakeholders in the evolving energy landscape.

這體現了我們在不斷發展的能源格局中對利害關係人保持透明的承諾。

In the report, we detailed our leadership and accomplishments in emissions reduction and renewable energy, as well as our long-term vision for the role of existing pipeline infrastructure.

在報告中，我們詳細介紹了我們在減排和再生能源方面的領導地位和成就，以及我們對現有管道基礎設施角色的長期願景。

Our sustainability initiatives remain business driven as highlighted by notable achievements such as record investments in energy efficiency and the advancement of new innovations such as carbon capture.

我們的永續發展計劃仍然以業務為驅動力，突出表現在創紀錄的能源效率投資以及碳捕獲等新創新的進步等顯著成就。

During the year, New Jersey Natural Gas became the first natural gas utility in New Jersey to install and operate distributed carbon capture technology at our headquarters, and we are also fuelling a portion of our fleet operations with renewable diesel.

本年度，新澤西天然氣公司成為新澤西州第一家在總部安裝和營運分散式碳捕獲技術的天然氣公用事業公司，我們也為部分車隊提供再生柴油。

This work underscores our leadership in driving a more sustainable energy future and our commitment to pursuing innovative, reliable clean energy solutions.

這項工作強調了我們在推動更永續能源未來方面的領導地位以及我們追求創新、可靠的清潔能源解決方案的承諾。

To conclude, NJR is well positioned for sustained long-term growth across our diversified businesses as we highlight on the next slide.

總而言之，正如我們在下一張投影片中所強調的那樣，NJR 在我們的多元化業務中處於有利地位，能夠實現長期持續的成長。

NJR's diversified business model supports an industry leading long term NFEPS growth rate of 79%.

NJR的多元化商業模式支撐了業界領先的79%的長期NFEPS成長率。

Key drivers include continued customer growth at New Jersey Natural Gas, solar investments TED and enhanced asset utilization at Leaf River and Adelphia Gateway.

關鍵驅動因素包括新澤西天然氣公司的客戶持續成長、TED 的太陽能投資以及 Leaf River 和 Adelphia Gateway 的資產利用率提高。

As we progress through the winter season, we are pleased with the strong operating performance across all of our businesses.

隨著冬季的到來，我們對所有業務的強勁營運表現感到非常滿意。

Our results highlight the resilience of our physical infrastructure and equally important, the talent and dedication of our team.

我們的成果凸顯了我們實體基礎設施的彈性，同樣重要的是，我們團隊的才華和奉獻精神。

I'd like to recognize and thank our employees for all their hard work.

我要認可並感謝我們員工的辛勤工作。

And with that, let's open up the call for questions.

現在，讓我們開始提問。

(Operator Instructions)

（操作員指令）

Shariar Pourreza, Guggenheim Securities.

古根漢證券的 Shariar Pourreza。

Hey, guys.

嘿，大家好。

Good morning.

早安.

I just want to get a sense on how you feel about the guide for '25 to 283 that's out there.

我只是想了解一下您對現有的‘25 至 283 指南有何看法。

If we strip out that gain from the residential sale, add back a couple of pennies from lost earnings, we get to about $0.92 for Q1 on a more recurring basis which, slightly below expectations, I guess.

如果我們剔除住宅銷售收益，再加上幾美分的損失收益，那麼第一季的經常性損益將達到約 0.92 美元，我猜這個數字略低於預期。

How are you trending within the EPS range you have out there for '25?

您在 25 年的 EPS 範圍內的趨勢如何？

I know winter matters a lot, and you highlighted you're going to be monitoring it, but just curious how you're trending for '25.

我知道冬季很重要，你也強調你會密切注意它，但我就是好奇 25 年的趨勢如何。

Thanks.

謝謝。

Shahriar, this is Roberto.

沙裡亞爾，這是羅伯托。

So, we have our guidance out there 305 to 320.

因此，我們的指導價格是 305 到 320。

We're not changing that this point in time.

我們現在不會改變這一點。

Understood, but any sense on how you're trending within that range?

明白，但您知道在這個範圍內趨勢如何嗎？

It were -- well, we know range.

是的——我們知道範圍。

That's all I can tell you right now.

這就是我現在能告訴你的全部內容。

Okay, that's perfect.

好的，太完美了。

And then just on CEV, I mean, obviously good growth, you're seeing slightly larger opportunities outside your footprint versus a year ago, what's driving that?

然後就 CEV 而言，我的意思是，顯然增長良好，與一年前相比，您看到業務範圍之外的機會略大一些，推動這一趨勢的因素是什麼？

Should we assume more of that mix will continue to shift outside of New Jersey in any sense on whether any of the uncertainties around?

我們是否應該假設，這種混合物的更多部分將繼續轉移到新澤西州以外，無論是否存在任何不確定因素？

Maybe IRA are impacting the discussions, especially as we think about the pull forward of demand.

也許 IRA 正在影響討論，特別是當我們考慮需求的提前拉動時。

Thanks

謝謝

Yeah, Shariar, we've purposely diversified that portfolio, and that strategy has been in place for many years.

是的，Shariar，我們有意使投資組合多樣化，而且這項策略已經實施多年了。

And you really focused on jurisdictions that are friendly towards solar and support of in the solar landscape.

您確實關注的是那些對太陽能友善且支持太陽能領域的司法管轄區。

So, that has is basically, when you look at the portfolio, we've got 11 megawatts are in service.

所以，基本上，當你查看投資組合時，我們會發現我們有 11 兆瓦的電力投入使用。

You got 63 megawatts are in construction, you got about a gigawatt in our project pipeline.

有 63 兆瓦的發電量正在建設中，還有約 1 千兆瓦的發電量正在籌備中。

So, robust and certainly quite a bit of investment more than we need for what we projected as CapEx over the next few years.

因此，對於我們預計的未來幾年的資本支出而言，這筆投資非常強勁，而且肯定比我們所需的投資多得多。

As far as, kind of the IRA, currently, based on our past Safe Harbor provisions, we don't see any impacts in the near-term project pipeline as we move forward.

就 IRA 而言，目前基於我們過去的安全港條款，我們認為這不會對近期的專案流程產生任何影響。

So, it's really as business as usual and all the metrics that you referenced, supporting the business.

所以，這真的像往常一樣，而且您引用的所有指標都支援業務。

So, we're in a good place.

因此，我們目前的狀況很好。

Fantastic.

極好的。

Thanks, guys.

謝謝大家。

Appreciate it and see you soon.

非常感謝，期待很快再見。

Appreciate it.

非常感謝。

Richard Sunderland, J.P. Morgan.

摩根大通的理查桑德蘭。

Hi, good morning.

嗨，早安。

Thank you for the time today.

感謝您今天抽出時間。

Maybe starting on winter and energy services, any color on the market opportunities for energy services upside during last month's cold snaps?

也許從冬季和能源服務開始，上個月的寒流期間，能源服務的市場機會是否有所改善？

I don't know if there's any way to frame this on an order of magnitude basis versus what you're able to realize last year.

我不知道是否有辦法根據去年實現的目標，在數量級上對此進行框架描述。

Just any thoughts there.

只是任何想法而已。

Thank you.

謝謝。

Yeah, the weather was constructive across all of our businesses, not only energy services but just all of our infrastructure.

是的，天氣對我們所有的業務都產生了積極影響，不僅包括能源服務，還包括我們所有的基礎設施。

Business really shows the value of existing infrastructure in these peak periods of need.

在這些需求高峰期，企業確實展現了現有基礎設施的價值。

As the market grows, we just see our infrastructure becoming more valuable and certainly the ability to organically expand that as a key driver for our business.

隨著市場的成長，我們看到我們的基礎設施變得越來越有價值，而有機擴展的能力無疑成為我們業務的關鍵驅動力。

As far as how to think about that in reference to the event that happened, we've got quite a bit of winter left.

至於如何根據所發生的事件來思考這個問題，我們還有相當長的一段時間的冬天。

And as we look forward to the next quarter, we'll update the market as appropriate.

展望下一季度，我們將會適時更新市場狀況。

And that's about all that I will say at this point in time.

這就是我現在要說的全部。

Understood.

明白了。

Well, thank you for the color there.

好吧，謝謝你的色彩。

And then turning to the Adelphia rate case process, I realize it's early.

然後談到阿德爾菲亞利率案例流程，我意識到現在還為時過早。

But are there any key dates in the procedural schedule we should watch for?

但是，在程序安排中是否有一些關鍵日期是我們應該關注的呢？

I guess, I'm curious what the typical settlement window is.

我想，我很好奇典型的結算窗口是什麼。

Yeah, it's a typical rate case.

是的，這是一個典型的利率案例。

It's really just verifying quite a bit of the money that we spent during the initial construction, which is several years ago.

這實際上只是驗證了我們在幾年前最初的建設中花費的相當多的資金。

So, a regular section four rate case and we said we expect this to proceed forward and be settled sometime in 2025.

因此，這是一個常規的第四部分費率案件，我們表示預計該案件將繼續進行並在 2025 年的某個時候解決。

So, we haven't changed for many of that.

所以，我們並沒有做出很多改變。

So, that's about all the color that we can give right now since we're in the regulatory proceeding.

因此，由於我們正處於監管程序中，所以這就是我們現在可以提供的全部資訊。

Great.

偉大的。

Thank you.

謝謝。

I'll leave it there.

我就把它留在那裡。

Gabe Moreen, Mizuho.

瑞穗的加布‧莫林 (Gabe Moreen)。

Good morning, everyone.

大家早安。

If I could just ask a question on CEV CapEx relative to what you spent year-to-date and the target range, was this kind of what you intended, I guess, to spend?

如果我可以問一個關於 CEV CapEx 的問題，相對於您今年迄今為止的支出和目標範圍，我想這是否是您打算花費的？

And we should expect maybe a potential acceleration to get you to the midpoint of the range or is there still just uncertainty around the timing and spend as to whether you're going to get to that midpoint of the CapEx range for CEV this year?

我們應該期待潛在的加速，讓您達到範圍的中點，還是在時間和支出方面仍然存在不確定性，即您是否會在今年達到 CEV 資本支出範圍的中點？

Yeah, so this is Roberto, Gabe.

是的，這是羅伯托，加布。

So for this year, you see what our guidance range for CapEx for CEV is out there, it is higher than what we did last year.

因此，就今年而言，您可以看到我們對 CEV 資本支出的指導範圍是比去年更高的。

And so from that perspective, yeah, you can consider that an acceleration, but we expect to be well within our guidance range for the year as it is in our presentation.

因此，從這個角度來看，是的，你可以認為這是一種加速，但我們預計它將遠遠超出我們在今年的指導範圍內，就像我們在演示中所說的那樣。

Thanks, Roberto.

謝謝，羅伯托。

And I know I think we asked about this last quarter about a potential follow on to the IIP, any additional thoughts as far as renewing the IIP now that there are fewer cases in the review?

我知道我們在上個季度詢問過有關 IIP 的潛在後續行動，現在審查中的案件較少，您對更新 IIP 還有其他想法嗎？

Hey, it's Pat Migliaccio.

嘿，我是 Pat Migliaccio。

Thanks for the question.

謝謝你的提問。

Just as a reminder, we do have the current IIP that has spending forecasted through fiscal year '25 that will close out with rates effective in 2026.

需要提醒的是，我們確實有當前的 IIP，其中預測了 25 財年的支出，並將在 2026 年以利率結束。

We had a really constructive energy efficiency filing record level of approved investment of $386 million.

我們的能源效率備案投資達到了創紀錄的 3.86 億美元。

That ramps up over time.

隨著時間的推移，這種情況會逐漸增加。

As far as a success or a follow on IIP, we'll evaluate that and update you when we have something to report.

至於 IIP 是否成功或後續行動，我們將進行評估，並在有情況需要報告時及時通知您。

Thanks, Pat.

謝謝，帕特。

Appreciate it.

非常感謝。

(Operator Instructions)

（操作員指令）

Travis Miller, Morningstar.

崔維斯米勒，晨星。

Good morning.

早安.

Thank you.

謝謝。

I think Richard asked my question the January operations of your midstream business so look forward to hearing about that next quarter.

我認為理查德問過我有關貴公司中游業務一月份運營情況的問題，因此期待在下個季度聽到相關消息。

But SAVEGREEN, wondering if you could remind us the regulatory treatment, was any of that included in the rate case?

但是 SAVEGREEN，想知道您是否可以提醒我們監管處理，其中是否包括任何內容在費率案例中？

And then if not, what's the recovery of the capital side of that program?

如果沒有，那麼該計劃的資本方面的復甦情況如何？

Hey, Travis.

嘿，崔維斯。

Pat Migliaccio,

帕特·米利亞喬，

So SAVEGREEN spend is not included in our base rate case filings.

因此，SAVEGREEN 支出不包括在我們的基準利率案例備案中。

It is a separate filing that operates a little like our infrastructure writers.

這是一個單獨的文件，其操作方式有點類似於我們的基礎設施編寫者。

So, we recover annual investment each year as we make that investment.

因此，我們每年都會透過投資收回年度投資。

So when we consider our complexion of our capital investment, that's as near real-time recovery as we can possibly get.

因此，當我們考慮我們的資本投資情況時，這是我們可能獲得的最接近即時的復甦。

Okay, perfect.

好的，完美。

And then a broader question, someone asked you have tariffs, is that going to have any impact either on getting the equipment that you need to execute the capital investment program or even more directly possibly on the solar build out?

然後是一個更廣泛的問題，有人問你有關稅，這是否會對獲得執行資本投資計劃所需的設備產生影響，或者更直接地對太陽能建設產生影響？

Hey, Travis.

嘿，崔維斯。

This is Steve.

這是史蒂夫。

We talked about just general impacts from before.

我們之前只是討論過一般的影響。

At this point in time, due to the construct of our business and Safe Harbor provisions and things like that, we don't expect any impacts from what's going on out in the, I guess, the regulatory world.

目前，由於我們的業務結構和安全港條款等，我們預期監管領域的動態不會對我們造成任何影響。

Okay.

好的。

And no impact on just your regular need for equipment or supplies and stuff like that for your utility operations aside from the solar stuff?

除了太陽能之外，這對您公用事業營運對設備、耗材和類似物的常規需求沒有影響嗎？

No, I don't think there's anything that is significant at this point in time.

不，我認為目前還沒有什麼重要的事情。

When you look at our overall makeup, especially if you look at the utility, most of it is labor so your materials is a smaller portion of it.

當你看看我們的整體組成時，特別是如果你看看實用性，大部分都是勞動力，所以你的材料只佔一小部分。

And I would expect that any issues we have would be kind of quickly worked through.

我希望我們遇到的任何問題都能夠快速解決。

So, not seeing it as a big issue.

因此，我不認為這是一個大問題。

Going to be fluid, we'll monitor this as it moves forward, but we have no expectation of any impact at this point of time.

我們將不斷監測這項變化，但目前我們尚未預期會產生任何影響。

Okay, great.

好的，太好了。

Thanks so much.

非常感謝。

Thank you, and I'm showing no further questions at this time.

謝謝您，現在我沒有其他問題了。

I would like to turn it back to Adam Prior for closing remarks.

我想請亞當普萊爾作最後發言。

Thanks so much, and thanks to all of you for joining us.

非常感謝，也感謝大家的加入我們。

As always, we appreciate your investment and interest in NJR and have a good rest of your day.

像往常一樣，我們感謝您對 NJR 的投資和關注，並祝您度過愉快的一天。

Thanks again.

再次感謝。

Thank you, and this concludes today's conference call.

謝謝，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。