New Jersey Resources Corp (NJR) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the New Jersey Resources fiscal 2025 fourth quarter and year-end financial results conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫艾比，今天我將擔任你們的會議接線生。在此，我謹代表新澤西資源公司歡迎各位參加 2025 財年第四季及全年財務業績電話會議。（操作說明）

And I would now like to turn the conference over to Adam Prior, Director of Investor Relations. You may begin.

現在我謹將會議交給投資人關係總監亞當‧普賴爾。你可以開始了。

Thank you. Welcome to New Jersey Resources fiscal 2025 fourth quarter and year-end conference call and webcast. 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.

謝謝。歡迎參加新澤西資源公司 2025 財年第四季及年終電話會議和網路直播。今天與我一同出席的有我們的總裁兼首席執行官史蒂夫·韋斯特霍芬；我們的高級副總裁兼首席財務官羅伯托·貝爾；以及我們高級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. 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. 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 statements 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.

今天的電話會議中某些陳述包含證券法意義上的估計和其他前瞻性陳述。我們謹此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我們無法控製或精確估計的因素。這可能導致結果與我們在第 2 頁投影片中看到的預期結果有重大差異。這些內容也可以在昨天發布的財報中的前瞻性聲明部分找到。已在 8-K 表格以及我們向美國證券交易委員會提交的最新 10-K 表格和 10-Q 表格中提供。

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. We'll also be referring to certain non-GAAP financial measures such as net financial earnings or NFE. We believe that NFE net financial loss utility gross margin, financial margin, adjusted funds from operations, and adjusted debt provide a more complete understanding of our financial performance. However, these non-GAAP measures are not intended to be a substitute for GAAP. Our non-GAAP financial measures are discussed more fully in Item 7 of our 10-K.

本聲明並不代表我們承擔任何義務根據未來事件審查或修改本文提及的任何前瞻性聲明。我們也會參考一些非GAAP財務指標，例如淨財務收益或NFE。我們認為，NFE淨財務虧損、公用事業毛利率、財務利潤率、調整後的營運資金和調整後的債務能夠更全面地反映我們的財務表現。然而，這些非GAAP指標並非旨在取代GAAP。我們的非GAAP財務指標在我們的10-K報告第7項中有更詳細的討論。

The plan for today's presentation are available on our website and were furnished on our Form 8-K filed yesterday. Steve will start with this year's highlights and a business unit overview beginning on slide 5. Roberto will then review our financial results. Then we will open it up for your questions.

今天的演示計劃已發佈在我們的網站上，並已包含在我們昨天提交的 8-K 表格中。Steve 將從第 5 張投影片開始，介紹今年的亮點和業務部門概況。羅伯托隨後將審閱我們的財務表現。接下來我們將開放提問環節。

With that said, I will turn the call over to our President and CEO, Steve Westhoven. Please go ahead, Steve.

接下來，我將把電話交給我們的總裁兼執行長史蒂夫·韋斯特霍文。請繼續，史蒂夫。

Thanks, Adam, and good morning, everyone. I hope you all had a chance to review our earnings materials, which include detailed disclosures on our growth prospects. I wanted to start by discussing a few highlights. We delivered excellent results in fiscal 2025, driven by strong execution and performance. For the fifth year in a row, we exceeded initial earnings guidance and long-term growth targets.

謝謝亞當，大家早安。希望各位都有機會審查我們的獲利報告，其中包含關於我們成長前景的詳細揭露資訊。我想先談幾個重點。在強而有力的執行和業績推動下，我們在 2025 財年取得了優異的成績。我們連續第五年超越了最初的獲利預期和長期成長目標。

After a successful 2025, there are a few key themes as we look ahead for fiscal 2026 and beyond. First, consistency and execution. We're guiding to NFEPS of $3.03 to $3.18 per share in fiscal 2026. The range is consistent with our long-term 7% to 9% growth rate, while leaving additional room for upside.

在成功度過 2025 年後，展望 2026 財年及以後，我們有幾個關鍵主題。首先，要保持一致性和執行力。我們預計 2026 財年每股收益為 3.03 美元至 3.18 美元。該區間與我們長期 7% 至 9% 的成長率一致，同時也留有上漲空間。

Second, targeted capital deployment. We expect to invest roughly $5 billion over the next five years across the whole company, with roughly 60% allocated to our utility New Jersey Natural Gas. To put the $5 billion in the context, this represents a 40% increase compared to the CapEx spend over the last five years.

第二，有針對性的資本部署。我們預計未來五年將在全公司範圍內投資約 50 億美元，其中約 60% 將分配給我們的公用事業公司新澤西天然氣公司。為了更好地理解這 50 億美元，需要指出的是，與過去五年的資本支出相比，這相當於增加了 40%。

Third, a healthy balance sheet anchored and disciplined financial management. We expect credit metrics to remain strong with healthy cash flows, ample liquidity, and a balanced debt maturity profile that supports long-term stability. Importantly, NJR requires no block equity issuance to execute on its capital plan.

第三，健康的資產負債表是穩健且嚴謹的財務管理的基礎。我們預計，公司信用指標將保持強勁，現金流健康，流動性充足，債務到期結構均衡，這將支持公司的長期穩定發展。重要的是，NJR 不需要發行大量股權來執行其資本計劃。

On the next slide, we highlight a few of the key drivers of our business segments. To begin, New Jersey Natural Gas is positioned for high single-digit rate base growth through 2030. S&T is expected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River.

下一頁，我們將重點放在我們各業務板塊的幾個關鍵驅動因素。首先，新澤西天然氣公司預計到2030年將實現接近兩位數的費率基數成長。預計到 2027 年，S&T 的淨財務收益將翻一番以上，這主要歸功於 Adelphia 和 Leaf River 兩家公司的有利續約。

Looking ahead, we recently filed with FERC, a plan to increase working gas capacity by over 70% at Leaf River. And in Clean Energy Ventures, we expect to expand capacity by more than 50% over the next two years with a robust pipeline of safe harbor projects.

展望未來，我們最近向聯邦能源監管委員會提交了一份計劃，將利夫河天然氣處理廠的天然氣產能提高 70% 以上。在清潔能源創投領域，我們預計未來兩年產能將成長 50% 以上，並擁有強大的安全港專案儲備。

In short, through a disciplined capital investment strategy, we have visibility to deliver sustainable growth well into the future, supported by a solid balance sheet. And we are able to achieve all this with minimal dilution to shareholders.

簡而言之，透過嚴謹的資本投資策略，我們能夠確保未來實現永續成長，並擁有穩健的資產負債表作為支撐。而且我們能夠在最大限度減少股東權益稀釋的情況下實現所有這些目標。

Let me turn to a brief discussion of each business units, starting with the New Jersey Natural Gas on slide 7. Our planned investments at New Jersey Natural Gas are expected to drive high single-digit rate base growth through 2030. The New Jersey Natural Gas operates within a constructive utility framework and continues to make responsible investments in safety and reliability while prioritizing affordability for our customers. Natural gas is by far the cheapest option for customers to eat their home.

接下來，我將簡要討論各個業務部門，首先從第 7 頁的新澤西天然氣公司開始。我們計劃對新澤西天然氣公司的投資預計將推動其費率基礎在 2030 年前實現高個位數成長。新澤西天然氣公司在建設性的公用事業框架內運營，並持續對安全性和可靠性進行負責任的投資，同時優先考慮客戶的負擔能力。天然氣是目前為止用戶在家取暖最便宜的選擇。

Energy efficiency programs such as SAVEGREEN further reduce usage and costs while aligning with environmental goals. For example, residential customers who fully participate in SAVEGREEN a whole home offerings see a reduction of up to 30% in their energy usage, saving hundreds of dollars in utility costs every year.

SAVEGREEN 等節能計畫進一步降低了能源消耗和成本，同時符合環境目標。例如，全面參與 SAVEGREEN 全屋節能計畫的住宅用戶，其能源消耗量可減少高達 30%，每年可節省數百美元的公用事業費用。

Moving to the next slide. Storage and Transportation is emerging as a key earnings growth driver for NJR. Over the next two years, we expect NFE to more than double at S&T, and this is largely driven by strong recontracting in both the Adelphia and Leaf River. These are fixed-price contracts with quality and creditworthy counterparties.

進入下一張投影片。倉儲和運輸正在成為NJR獲利成長的關鍵驅動力。未來兩年，我們預計 S&T 的 NFE 將成長一倍以上，這主要得益於 Adelphia 和 Leaf River 的強勁續約。這些是與優質且信譽良好的交易對手簽訂的固定價格合約。

When we recently reached a settlement in our FERC rate case Philadelphia, this constructive outcome enables recovery of the substantial investments and operational improvements made in recent years. While near-term earnings are set to double, we are actively pursuing organic growth opportunities for additional upside of Leaf River, which we outlined on the next slide.

最近，我們在費城聯邦能源監管委員會 (FERC) 費率案件中達成和解，這項建設性的結果使我們能夠收回近年來所進行的大量投資和營運改善。雖然短期收益預計將翻番，但我們正在積極尋求 Leaf River 的內生成長機會，以實現更大的成長潛力，我們在下一張投影片中對此進行了概述。

When we acquired Leaf River in 2019, we positioned NJR as a leading service provider in the Gulf Coast, one of the highest growing energy demand centers in the United States. In addition to the prime location, the long-term value of the asset was enhanced by expansion options beyond the three existing operating taverns. Since our purchase of the asset, market demand has strengthened.

2019 年我們收購 Leaf River 時，我們將 NJR 定位為墨西哥灣沿岸領先的服務供應商，而墨西哥灣沿岸是美國能源需求成長最快的地區之一。除了優越的地理位置外，該資產的長期價值還因現有三家運營中的酒館之外的擴張選擇而得到提升。自從我們收購該資產以來，市場需求有所增強。

Throughout fiscal 2025, we conducted a number of non-binding open seasons, which confirmed the high level of commercial interest and capacity expansion. Following this favorable response we filed a FERC application at the end of October that included several complementary investments to increase Leaf River's working gas capacity by over 70%. They include the expansion of our existing caverns to working gas capacity of 43 Bcf by 2028 and the development of an additional fourth caverns that will bring total capacity to 55 Bcf.

在 2025 財年期間，我們進行了多次不具約束力的公開招標，這證實了市場對該項目的高度商業興趣和產能擴張需求。鑑於這一積極回應，我們在 10 月底向聯邦能源管理委員會提交了一份申請，其中包括幾項配套投資，旨在將 Leaf River 的天然氣產能提高 70% 以上。其中包括到 2028 年將我們現有的洞穴擴建至 430 億立方英尺的工作天然氣產能，以及開發第四個額外的洞穴，這將使總產能達到 550 億立方英尺。

Each phase of the investment is expected to be backed by long-term fee-based contracts, building on our already strong entity growth. This phased approach has an inherent speed to market advantage that positions NJR ahead of greenfield development options. To conclude, we see considerable upside in both the near and long term as S&T becomes a greater contributor to NJR's earnings profile.

預計投資的每個階段都將以長期收費合約為支撐，從而鞏固我們公司已有的強勁成長勢頭。這種分階段實施的方法具有固有的上市速度優勢，使 NJR 在綠地開發選項中處於領先地位。總之，我們認為，隨著S&T對NJR獲利貢獻的增加，無論短期或長期，其發展都有相當大的上升空間。

Moving to Clean Energy Ventures on slide 10. We expect to grow in service capacity by more than 50% over the next two years. Looking ahead, we have a strong project pipeline designed to maintain investment tax credits through strategic safe harboring. This position CEV to deliver continued growth in high single-digit unlevered returns.

第 10 頁轉到清潔能源創投。我們預計未來兩年服務能力將成長超過 50%。展望未來，我們擁有強大的專案儲備，旨在透過策略性的安全港措施來維持投資稅收抵免。該職位將使 CEV 實現持續成長，並獲得接近兩位數的無槓桿回報。

So with that, I'll turn the call over to Roberto for a financial review. Roberto?

那麼，接下來我將把電話交給羅伯托進行財務回顧。羅伯托？

Thanks, Steve. Fiscal 2025 was an excellent year with strong even growth, a solid balance sheet, and continued investment across our businesses. Slide 12 highlights a few fiscal 2025 accomplishments. New Jersey Natural Gas achieved a constructive outcome in its recent rate case and deliver record investments for SAVEGREEN.

謝謝你，史蒂夫。2025財年業績斐然，實現了強勁均衡的成長，資產負債表穩健，各項業務持續投資。第12張投影片重點介紹了2025財年的部分成就。新澤西天然氣公司在最近的費率調整案中取得了建設性成果，並為 SAVEGREEN 帶來了創紀錄的投資。

Clean Energy Ventures added record new capacity. In fiscal 2025, CV placed 93 megawatts of new commercial solar capacity into service, expanding our portfolio to 479 megawatts. In addition, CD secured investment options for years to come through effective safe harboring.

清潔能源創投公司新增裝置容量創歷史新高。在2025財年，CV新增93兆瓦商業太陽能發電裝置容量並投入使用，使其總裝置容量達到479兆瓦。此外，CD透過有效的安全港條款，確保了未來多年的投資選擇。

In Storage and Transportation, Adelphia received approval settlement on its third-rate case we levering our advanced expansion initiatives. Energy Services achieved strong cash flow generation and our Home Services business was named a Ruud Top 20 Pro Partner for the ninth consecutive year. We also marked an important milestone, 30 consecutive years of dividend increases and reporting confidence in our long-term plan.

在倉儲和運輸領域，Adelphia 利用我們先進的擴張計劃，獲得了對其三流案例的批准和解。能源服務部門實現了強勁的現金流，我們的家庭服務業務連續第九年被評為 Ruud 20 強專業合作夥伴。我們也迎來了一個重要的里程碑，連續 30 年提高股息，並對我們的長期計劃充滿信心。

On the next slide, we finished the year at the top end of our guidance range, which was raised earlier this year. We delivered financial results ahead of expectations. Roughly two-thirds of total NFEPS came from the utility. And when you exclude the net impact of the sale of our residential solar assets, that figure raises over 70%, underscoring the stability of our earnings.

下一張幻燈片顯示，我們今年的業績達到了預期範圍的上限，而該預期範圍是在今年早些時候上調的。我們的財務表現超乎預期。NFEPS 總收入的大約三分之二來自公用事業公司。如果排除出售住宅太陽能資產的淨影響，該數字將上升 70% 以上，凸顯了我們收益的穩定性。

Drivers of our performance include the completion of our rate case and a record year of saving investment. Additional drivers include approximately $0.30 per share from the sale of our initial solar portfolio, improved performance from our Storage and Transportation business and a solid winter results from Energy Services.

我們業績成長的驅動因素包括費率調整案的完成以及創紀錄的儲蓄投資年。其他驅動因素包括出售我們最初的太陽能資產組合所得每股約 0.30 美元，儲能和運輸業務的業績改善，以及能源服務部門冬季業績穩健。

Moving to a discussion of CapEx on slide 14. We deployed $850 million across our businesses, which I'll highlight in the next few slides. On slide 15, New Jersey Natural Gas represented approximately 64% of total CapEx with investments directed towards strengthening core infrastructure, enhancing system safety and reliability, and supporting customer growth. Almost half of these investments are recovered with minimal lag.

接下來討論第 14 張投影片中的資本支出問題。我們在各項業務中投入了 8.5 億美元，我將在接下來的幾張投影片中重點介紹。如第 15 張投影片所示，新澤西天然氣公司約佔總資本支出的 64%，投資主要用於加強核心基礎設施、提升系統安全性和可靠性以及支援客戶成長。這些投資中近一半都能在很短的時間內回收成本。

As shown on slide 16, fiscal 2025 CapEx for CV came in well above expectations, reflecting accelerated progress. Importantly, our capital deployment target is fully safe harbored, securing tax benefit for future capital expenditures.

如投影片 16 所示，2025 財年商用車資本支出遠超預期，反映進展加速。重要的是，我們的資本部署目標完全符合安全港規則，可確保未來資本支出享有稅收優惠。

Building on this from 2025, I wanted to shift our CapEx outlook on slide 17. We're sharing a five-year CapEx outlook of $4.8 billion to $5.2 billion through fiscal 2030. This represents a 40% increase over the previous five years of capital spending across our businesses. We expect that more than 60% of our total projected CapEx will be dedicated to the utility, with CV and S&P representing the balance. Together, these investments support our 7% to 9% long-term NFEPS growth target while maintaining a solid balance sheet, as discussed in the next slide.

在此基礎上，從 2025 年開始，我想在第 17 頁調整我們的資本支出展望。我們公佈了截至 2030 財年的五年資本支出展望，預計為 48 億美元至 52 億美元。這比過去五年我們各業務的資本支出增加了 40%。我們預計，超過 60% 的預計資本支出將用於公用事業，其餘部分將用於 CV 和 S&P。這些投資共同支持我們實現 7% 至 9% 的長期 NFEPS 成長目標，同時維持穩健的資產負債表，如下一張投影片所述。

Strong cash generation across our businesses translate into an adjusted FFO to adjusted debt ratio that is projected to remain at around 20% for the next five years with no block equity needed. Additionally, ample liquidity and a well laser debt maturity profile minimize near-term refinancing risk and preserve financial flexibility.

我們各業務強勁的現金流產生能力，使得調整後的FFO與調整後的債務比率預計在未來五年內保持在20%左右，無需進行任何股權融資。此外，充足的流動性和合理的債務到期結構最大限度地降低了近期再融資風險，並保持了財務靈活性。

And finally, we're initiating fiscal 2026 and EPS guidance with a range of $3.03 to $3.18 per share. The range is consistent with our long-term 7% to 9% growth rate, while leaving additional room for upside. The utility is expected to contribute approximately 70% of fiscal 2026 in the CPS, complemented by earnings growth from CB and S&P and a baseline outlook for Energy Services.

最後，我們發布了 2026 財年及每股盈餘預期，範圍為每股 3.03 美元至 3.18 美元。該區間與我們長期 7% 至 9% 的成長率一致，同時也留有上漲空間。預計該公用事業公司將在 2026 財年為 CPS 貢獻約 70%，此外，CB 和 S&P 的獲利成長以及能源服務的基本前景也將起到補充作用。

With that, I'll turn it back to Steve for concluding remarks on slide 21.

接下來，我將把發言權交還給史蒂夫，讓他對第 21 張投影片做總結性發言。

Thanks, Roberto. Over the last 25 years, we've delivered industry-leading returns, reflecting both the quality of our utility investments and disciplined contributions from our nonutility businesses. While our infrastructure investments have been the foundation of this performance energy services that complement that strength, enhancing consolidated returns, and providing flexibility to reinvest in our infrastructure businesses.

謝謝你，羅伯托。過去 25 年，我們取得了領先業界的回報，這不僅反映了我們公用事業投資的質量，也反映了我們非公用事業業務的穩健貢獻。雖然我們的基礎設施投資一直是這項績效的基礎，但能源服務與此優勢相輔相成，提高了綜合回報，並為再投資我們的基礎設施業務提供了靈活性。

To recap, fiscal 2025 was another year of solid execution, marking five consecutive years of exceeding initial earnings expectations. Our long-term growth remains anchored by our regulated utility with clear visibility into capital spending at New Jersey Natural Gas. Storage and Transportation is set for accelerated growth, with earnings expected to more than double in the near term before we even begin to factor in those capacity expansions we highlighted earlier.

總而言之，2025 財年是另一個穩健執行的年份，連續第五年超出最初的獲利預期。我們長期的成長仍然以我們受監管的公用事業為支撐，新澤西天然氣公司的資本支出也清晰可見。倉儲和運輸業有望加速成長，預計在不久的將來，其收益將翻一番以上，而這甚至還沒算上我們先前提到的產能擴張。

Over the next two years, Clean Energy Ventures expects a 50% increase in installed capacity, and our project pipeline is secured into the future through proactive safe harboring. As they are today stands as a balanced diversified energy infrastructure company built for long-term stability and value creation.

未來兩年，清潔能源創投公司預計裝置容量將成長 50%，並且透過積極主動的安全港措施，我們的專案儲備得到了保障。如今，該公司已發展成為一家均衡多元化的能源基礎設施公司，旨在實現長期穩定和價值創造。

The outlook for fiscal 2026 and beyond is clear, well-funded, and utility anchored. As we all know, New Jersey recently had a gubernatorial election, electricity prices and affordability issues were front and center. We understand the challenges this data is facing today, and we look forward to working with you coming governor to meet your call for swift deployment of clean energy solutions and to continue providing affordable natural gas service to families and businesses.

2026 財年及以後的前景清晰、資金充足且以公用事業為支撐。眾所周知，新澤西州最近舉行了州長選舉，電力價格和負擔能力問題是選舉的焦點。我們了解這些數據目前面臨的挑戰，我們期待與您即將上任的州長合作，響應您關於迅速部署清潔能源解決方案的號召，並繼續為家庭和企業提供價格合理的天然氣服務。

And finally, a sincere thank you to all NJR employees for your dedication and hard work throughout the past year. Your commitment is the foundation for our continued success.

最後，衷心感謝所有 NJR 員工在過去一年的奉獻和辛勤工作。您的支持是我們持續成功的基礎。

So with that, let's open the line for questions.

那麼，接下來我們開始提問。

(Operator Instructions) Gabe Moreen, Mizuho.

（操作說明）Gabe Moreen，瑞穗。

Just a question maybe to start off on S&T here and Leaf River. It seems like a lot of positive developments. One, can you just talk about the contract renegotiations and the extent to which, at this point, maybe all the original contracts have rolled over on a remarketed or resigned at market rates at this point? Or is there still more to go on that front in the years ahead?

先問個問題，關於S&T和Leaf River的事。看起來有很多積極的進展。第一，您能否談談合約重新談判的情況，以及目前所有原始合約在多大程度上已經按照市場價格重新簽訂或續約？或者說，未來幾年這方面還有更多工作要做？

And then secondly, around the [FID-ing] of some of the bigger expansions that you may be looking at, can you just talk about potential timing for FID-ing those projects, given the customer interest that you've seen in some of the nonbinding open seasons?

其次，關於您可能正在考慮的一些大型擴建項目的最終投資決定 (FID)，鑑於您在一些非約束性公開招標中看到的客戶興趣，您能否談談這些項目最終投資決定的潛在時間安排？

Yeah, sure. So talking about the contracts, the contract tenure at Leaf River, they've got various terms. So we've always got contracts that are coming on and off. I would say there's probably a bias towards the longer-term contracts currently. And certainly, the way the market is moving, any contract that you're signed enough for in the future is higher than ones in the past.

當然可以。所以說到合同，Leaf River 的合約期限，他們有各種不同的條款。所以我們總是有合約生效和解除的情況。我認為目前可能存在一種對長期合約的偏好。當然，就目前的市場走勢來看，未來任何一份你簽下的合約的價值都比過去的合約還要高。

Remember, when we purchased that deal, the average contract rate was probably about $0.09 a dekatherm per month. We're now up to almost $0.20 dekatherm per month on average. So big contract upgrade there. And that's really driving the doubling of the net from S&T over the next few years.

請記住，當我們購買那筆交易時，平均合約價格可能約為每月每十卡瑟姆 0.09 美元。現在平均每月每十千薩姆的成本接近 0.20 美元。所以，這是一筆很大的合約升級。而這正是推動未來幾年科技淨收入翻倍的真正原因。

And then moving forward, further constructive story, the open season provided for about 3 times the amount of capacity that we had available. And if you look at the first filing, we've got a few stages or phases of investment and expansion at that facility. I would say that before we make any investment, we've got contracts to back it. That's something we've talked about for a long time and we're not going to deviate from that.

然後，繼續推進，更有建設性的故事是，開放狩獵季提供的容量大約是我們可用容量的 3 倍。如果你看第一份文件，你會發現我們在該設施的投資和擴張經歷了幾個階段。我想說的是，在我們進行任何投資之前，我們都有合約作為保障。這個問題我們已經討論很久了，我們不會改變主意。

So we've got signed contracts in certain really quite a bit of clarity on where the revenues are coming to support those investments. So you can make that assumption moving forward. So as we make these investments, first two, we've got a expansion of the compressor station. We've got the enlargement of some of the existing facilities those -- we're starting to spend money and put this in motion. You can see this in our capital plan moving forward.

所以我們已經簽署了一些合同，對於支持這些投資的收入來源有相當清晰的認識。所以你可以做出這樣的假設。因此，在我們進行這些投資的同時，首先是擴大壓縮站。我們正在擴大一些現有的設施——我們已經開始投入資金並啟動這項工作。這一點可以從我們未來的資本規劃看出。

Those are going to lead really nicely into a fourth cavern expansion in the out years, we'll make that idea as we get closer to that. But like we said, the open season certainly supports it, and it's very instructive for that business moving forward.

這些都將為未來幾年的第四次洞穴擴建做好充分準備，我們會隨著時間推移考慮這個問題。但正如我們所說，開放狩獵季無疑對此有所助益，而且對企業未來的發展也具有非常大的指導意義。

Thanks, Steve. And maybe if I can turn to CV, and I think a little bit more confidence in terms of the growth outlook there. Can you just talk about has anything shifted on the ground in terms of your ability to start construction, how much of the 50% increase here has actually started construction or waiting on interconnects and why you think you may be past some of the delays, I think, that you may have seen in the past at this segment?

謝謝你，史蒂夫。也許我可以轉向 CV，而且我認為我對那裡的成長前景更有信心。能否談談在開工建設方面，實際情況是否有改變？這 50% 的成長中，有多少已經開工建設，又有多少還在等待互聯互通？您認為為什麼您可能已經克服了過去在這個領域遇到的一些延誤？

Yeah, we certainly have spent quite a bit of money. As you can imagine, the construction cycles are a little bit longer and they go across fiscal years. So we're spending money now for products that are going to be coming into service in the next fiscal year and then the fiscal year afterwards. When we talked about in the last call, we've safe harbor a little bit of projects, a large amount of megawatts. So we've got great options moving forward.

是的，我們確實花了不少錢。正如你所想，建設週期會稍長一些，而且會跨越多個財政年度。所以，我們現在花錢購買的產品將在下一個財政年度以及之後的財政年度投入使用。我們在上次通話中談到，我們已經妥善保管了一些項目，以及大量的兆瓦電力。所以我們未來有很多不錯的選擇。

I think the other thing to consider as well is that the capacity -- electric capacity shortfall, the State of New Jersey and PJM the quickest way to bring capacity to the market? Are those projects that are shovel-ready? And we have a number of those. So we feel well positioned going forward. That combined with the fact that we've got mature positions within the [PJMQ] as well.

我認為還需要考慮的另一點是電力容量——電力容量短缺，新澤西州和PJM如何以最快的速度將容量引入市場？這些項目是否已經做好開工準備？我們有很多這樣的案例。因此，我們感覺未來發展情況良好。再加上我們在[PJMQ]內部也有成熟的職位。

So everything is moving forward. We've got a good position, a great number of options. And you can see by our capital plan and the extension of that capital plan out five years, the confidence that we have in our investments moving forward.

所以一切都在向前發展。我們處境有利，有很多選擇。從我們的資本計劃以及將該計劃延長五年，可以看出我們對未來投資的信心。

Thanks, Steve.

謝謝你，史蒂夫。

Jamieson Ward, Jefferies.

傑米森·沃德，傑弗里斯。

Congrats on another strong result, and thanks for the extra visibility with the five-year look on CapEx and on CEV, which I'll maybe build on Gabe's question here. With the favorable treasury guidelines and then, of course, all the planned investment in safe harbor, what's the realistic deployment time line. It's probably the most common inbound question we get. But as we think about that pipeline, how should we model the earnings cadence?

恭喜又取得了優異的成績，感謝您提供的五年期資本支出和消費電動車展望，我或許會在此基礎上，進一步探討 Gabe 提出的問題。有了有利的財政部指導方針，當然還有所有計劃中的安全港投資，那麼實際的部署時間表是什麼？這可能是我們收到的最常見的客戶諮詢問題。但是，當我們考慮這條產品線時，我們應該如何模擬獲利節奏呢？

So for the investments, we've got the capital plan that we put out there. Certainly, I just talked about it with Gabe from a policy perspective, we believe that there's going to be a lot of pressure to add as much capacity as great as possible, and that's favorable for our business. If you look at the amount of safe harbor projects we have, especially over the next two years, we've got projects that are safe harbor that are far in excess of what we need in our capital plan.

所以對於投資方面，我們已經公佈了資本計劃。當然，我剛才和 Gabe 從政策角度討論過這個問題，我們認為將會有很大的壓力去盡可能多地增加產能，這對我們的業務是有利的。如果你看看我們有多少安全港項目，尤其是未來兩年內的項目，你會發現安全港項目的數量遠遠超過了我們資本計劃所需的數量。

So you've got some ability to accelerate that. But the capital plan that we have is the most accurate picture of what we're going to be able to achieve. And I think looking at that, you can take your guidance from there.

所以你有能力加速這個過程。但我們現有的資本計畫最準確地反映了我們將要達成的成就。我認為，看看這些，你就能從中獲得指導。

That's terrific. I'll skip S&P because it was a very thorough answer before. I'll just ask one more quick one on CEV and then on the overall plan. So as we think about SREC, TREC, et cetera, what's the weighted average contract life? How should we be thinking about the time frame? That's the second most common question we get, and it's CEV related. I think you're going to find a lot less questions after this deck. So thanks for all the information. But I'll just ask that one.

太棒了。我就不贅述標普了，因為之前的回答已經非常詳盡了。我再快速問一個關於 CEV 的問題，然後再問一個關於整體計劃的問題。那麼，當我們考慮 SREC、TREC 等時，加權平均合約期限是多少？我們該如何考慮時間框架？這是我們收到的第二大常見問題，而且與 CEV 有關。我認為看完這套牌後，你的問題會少很多。非常感謝您提供的資訊。但我還是想問這個問題。

So you say from a time-related perspective, the amount of time allotted into kind of TREC and SREC and how long they live? What's the -- I'm trying to get to the specifics of what you're asking.

所以你是從時間相關的角度來看，分配給 TREC 和 SREC 的時間量以及它們的壽命有多長？什麼意思？ ——我正在努力弄清楚你具體想問什麼。

Yeah. So just at a high level, so we modeled like roll off over the next few years. And the question that we get is just how confident are you in basically the numbers that you've got there. So just looking for a very high level, just a weighted average life remaining, right, because, of course, the SRECs sort of trimmed down or tailored down over the last few years, and you're going to have SMT, which you were speaking to earlier. Obviously doubling and picking up a lot of that lag there. So just a quick question on that and then one on the overall 2030 CapEx plan.

是的。所以，從宏觀層面來看，我們模擬了未來幾年逐步淘汰的情況。我們常被問到的問題是，你對你掌握的數據有多大信心。所以，我們只是想找一個非常高的水平，一個加權平均剩餘壽命，對吧？因為，當然，SREC 在過去幾年裡有所縮減或調整，而且你之前也提到過 SMT。顯然，這樣做會造成雙倍的延遲，從而彌補許多不足。那麼，關於這一點我只想問一個簡短的問題，然後再問一個關於 2030 年整體資本支出計畫的問題。

So I'll talk about solar just from a kind of a broader perspective. We just talked about it was the quickest way to bring capacity to the market, and you can see the capital that we're able to deploy over the next two years being significant and potentially maybe be able to accelerate with certain policy adjustments.

所以，我將從更廣闊的角度來談談太陽能。我們剛才討論過，這是向市場引入產能的最快方法，你可以看到，我們在未來兩年內能夠部署的資本是巨大的，並且有可能透過某些政策調整來加速這一進程。

The process that we have, we've got the schedule for TRECs, SRECs, everybody knows the longevity of those. I would also add that as infrastructure becomes harder to build in each of these facilities you've got the ability to repower or put in battery. You've already got an interconnect that's there as well. You've got kind of increases in Class 1 RECs that have been having over time. So speaking to just the long-term value of these facilities.

我們有這樣的流程，我們有 TREC、SREC 的時間表，大家都知道這些流程的持續時間。我還要補充一點，隨著這些設施的基礎設施建設變得越來越困難，你可以選擇重新供電或安裝電池。你那裡已經有互連線了。隨著時間的推移，一級REC的數量有所增加。所以，我們只談談這些設施的長期價值。

As we need more capacity, it's not going to be constructive to retire capacity. So there's going to be some expectation that you continue to operate these facilities and moving forward. And then how do you make improvements in them as well. So we really view this as a long-term business, one that's supportive of the growing energy need that is certainly in the east, but over the entire US as well.

由於我們需要更多產能，淘汰現有產能並不會帶來任何建設性後果。因此，大家會期望你們繼續營運這些設施並向前發展。那麼，你又該如何改進它們呢？因此，我們確實將此視為一項長期業務，這項業務不僅支持東部地區日益增長的能源需求，也支持整個美國日益增長的能源需求。

And you're going to see us looking to enhance whatever we can do with these facilities moving forward, just like you'd expect, organic growth is important to us and how do we organically improve and grow those facilities as well. So hopefully, that answers your kind of long-term view of how we're thinking about these assets.

正如您所預期的，我們將持續努力提升這些設施的各項功能，以實現有機成長。我們非常重視有機成長，並致力於以有機的方式改善和發展這些設施。希望這能解答您對我們長期規劃這些資產的疑問。

Yeah. Actually, that's terrific. I think actually, I'm good on the 4.8% to 5.2% through 2030 as well as I go through here. I was going to ask one on affordability, but saw your slides towards the end of the deck in the appendix there. You want to throw it down because that's the other -- as a final question, it's the other one we get, of course, just given everything in New Jersey, you spoke to it in the prepared remarks, you've got some great slides here, but anything else you'd want to add as we think about the next rate case.

是的。實際上，那真是太棒了。我認為，到 2030 年，4.8% 到 5.2% 的成長率對我來說也挺合適的，就像我在這裡看到的那樣。我本來想問一個關於價格承受能力的問題，但我在簡報的附錄部分看到了你的幻燈片。你想把它拋出來，因為這是另一個——作為最後一個問題，當然，這是我們還會遇到的另一個問題，考慮到新澤西州的一切，你在準備好的發言中談到了這一點，你這裡有一些很棒的幻燈片，但在我們考慮下一個費率案例時，你還有什麼要補充的嗎？

Of course, we just got new rates November of '24. But as we look ahead, how should we think about your affordability efforts in New Jersey specifically. And that's it for me. Thank you.

當然，我們2024年11月才剛拿到新的費率。但展望未來，我們該如何看待你們在新澤西州所進行的提高住房可負擔性的工作呢？我的故事就到此為止了。謝謝。

Thanks, Jamieson. So natural gas is the cheapest way that you can keep your home in business. So we like our position when the affordability conversation comes up. And like I said in the presentation, we've got energy efficiency programs and SAVEGREEN, we're able to save customers' money as well. And we look forward to working with the new administration and seeing ways that we can keep the affordability story going from our company and helping our customers reduce costs as much as possible.

謝謝你，傑米森。所以，天然氣是維持家庭經營最經濟的方式。所以，當談到價格承受能力時，我們對自己的立場感到滿意。正如我在演講中所說，我們有節能計劃和 SAVEGREEN 計劃，我們也能夠為客戶省錢。我們期待與新政府合作，探討如何繼續推動公司在價格方面的可負擔性，並幫助我們的客戶盡可能降低成本。

Terrific. Thank you.

了不起。謝謝。

Eli Jossen, JPMorgan.

Eli Jossen，摩根大通。

Just wanted to start on the EPS growth outlook. Seeing some kind of drivers within the Leaf River storage capacity and overall S&T earnings upside. Are there any kind of headwinds elsewhere in the business to keep the growth rate largely the same possible decline in CEV contributions? Or can you just kind of frame tailwinds and headwinds for the overall range? Thanks.

想先談談每股收益成長前景。利夫河儲能能力和整體科技收益成長方面存在一些驅動因素。業務其他方面是否有任何不利因素，導致成長率基本上保持不變（例如 CEV 貢獻可能下降）？或者，你能不能把順風和逆風大致納入考量？謝謝。

Yeah. Eli, I'd say that we're an energy infrastructure energy services company, and this country needs more energy. So we're going to make investments in order to grow that. And you can see that reflected in our capital program. So it's all positive at this point. And we're at this point, just looking to execute on that plan in order to increase our earnings going forward. So confident in all those things.

是的。Eli，我想說我們是一家能源基礎設施能源服務公司，而這個國家需要更多的能源。所以我們將進行投資以促進其發展。這一點在我們的資本項目中也有所體現。所以目前來看一切都是正面的。目前，我們正著手執行該計劃，以提高未來的收益。我對所有這些都充滿信心。

Got it. Maybe just to frame it differently. Is there sort of material upside from this S&T business within the growth range should you execute on some of the projects that you outlined?

知道了。或許只是想換個說法。如果您實施您概述的一些項目，那麼這項科技業務的成長範圍內是否有實質的提升空間？

I mean, there's always upside in our business. We're the same business that we were last year and the year before, and we've always been able to grab some upside in these markets. We certainly kind of normalize our expectations on a yearly basis. There's an ability to accelerate any of these infrastructure projects given the right policy initiatives.

我的意思是，我們這個產業總有發展空間。我們和去年、前年一樣，都是同一家公司，而且我們一直都能在這些市場中獲得一些利益。我們當然會每年對預期做一些調整。只要採取正確的政策措施，任何這些基礎設施項目都有可能加快推進。

So there's always an ability to upside, but we put together a plan that we believe is executable. And we hope for the best. So hopefully, some of those things will come through, and we'll be able to execute maybe more quickly.

所以總是有上升的空間，但我們制定了一個我們認為可以執行的計劃。我們希望一切順利。所以希望其中一些事情能夠實現，我們或許就能更快執行下去。

Great. All right. I'll leave it there. Thanks.

偉大的。好的。我就說到這兒吧。謝謝。

(Operator Instructions) Travis Miller, Morningstar.

（操作說明）Travis Miller，晨星公司。

Kind of a combined question here on slides 8 and 9. How much of that increase from fiscal 2025 to '27 on 8 is the Adelphia rate case versus the recontracting and Leaf River? And then going to slide 9, is that capacity expansion trajectory also earnings trajectory, I guess, the crux in both of those is the recontracting element. So first, that split between Adelphia rate case and the recontracting. And then is the recontracting and extra above that capacity addition, if that makes sense?

這裡的問題其實結合了第 8 頁和第 9 頁的內容。從 2025 財年到 2027 財年，8 號法案規定的成長中，有多少是 Adelphia 費率案，又有多少是重新簽訂合約和 Leaf River 費率案？然後，到了第 9 張投影片，產能擴張軌跡是否也是獲利軌跡？我想，這兩者的關鍵都在於重新收縮的因素。首先，是阿德爾菲亞利率案和重新簽訂合約之間的分歧。那麼，重新簽訂合約以及在此基礎上增加的額外產能，如果這樣說你能理解的話？

(inaudible) but there's probably more coming on Leaf River recontracting at the sectors numbers. But the bottom line is that for existing assets and no capital investment we've been able to double the earnings coming from those assets, and that's really driven by better contracts, higher contracts coming from the customers. So great story.

（聽不清楚）但可能還會有更多關於 Leaf River 重新簽訂行業合約的消息。但最重要的是，在現有資產且沒有資本投資的情況下，我們已經能夠使這些資產的收益翻一番，這實際上是透過更好的合約、更高的客戶合約來實現的。真是個很棒的故事。

As far as looking at your forward growth opportunities, you're stating the beginning of expansion at Leaf River. We didn't talk about it, but you still got the ability to expand a little bit at Adelphia Gateway and add more customers in that pipeline as well. So depending on how far this market goes, and I believe it is going to go forward is going to need more and more energy and expansion of organic infrastructure. It's hard to determine where it will stop, right?

展望未來的發展機遇，Leaf River 正處於擴張的開端。我們沒有討論過這個問題，但你仍然有機會在 Adelphia Gateway 稍微擴張一下，並在該頻道中增加更多客戶。因此，這個市場的發展程度，以及我相信它會繼續發展的程度，將需要越來越多的能量和有機基礎設施的擴張。很難確定它會在哪裡停止，對吧？

But certainly, because we've got existing assets, we're able to expand that, and we're also able to make the investments that you see, at least in the short term. And then I would guess it is going to continue in the longer term as well.

但可以肯定的是，因為我們擁有現有的資產，所以我們能夠擴大規模，而且我們也能夠進行你們所看到的投資，至少在短期內是如此。而且我估計這種情況在長期內也會持續下去。

Okay. Is that recontracting assumption based on today's rate at $0.27 -- at $0.20 dekatherm that you mentioned? Or is there another assumption you're making on the recontract?

好的。重新簽訂合約的假設是基於今天的利率 0.27 美元（也就是您提到的 0.20 美元/十萬年）嗎？或者，你對續約還有其他假設嗎？

No. It's not assumption, Travis. These are contracts that we have in hand. So these aren't estimates of what forward value are. These are contracts that we've got signed in our hands and are driving our earnings over the next two years in that business unit.

不。這不是臆測，崔維斯。這些是我們手頭上已有的合約。所以這些都不是對未來價值的估計。這些是我們已經簽署的合同，它們將在未來兩年內推動該業務部門的盈利。

Okay. The one high-level question. With all the CapEx you have and obviously the Leaf River, et cetera, how much capacity might you have to do more M&A in organic growth, either logistical, operational, or financial?

好的。一個高層次的問題。考慮到你們擁有的所有資本支出，以及 Leaf River 等項目，你們在物流、營運或財務等有機成長方面還有多少能力進行更多的併購？

Yeah. I mean, we're always looking to kind of bolt-on acquisitions and things in happen or assets that are available. we're building these businesses. So if something comes along and it happens to fit and fits organically, we would take a look at it. So we've got the capacity on our balance sheet, and we like these businesses, the infrastructure business. So we'll continue to pursue it like we have in the past.

是的。我的意思是，我們一直在尋找合適的收購機會，以及一些正在發生的事件或可用的資產。我們正在打造這些業務。所以，如果有什麼機會出現，而且恰好合適，並且能夠自然而然地融入其中，我們就會去了解一下。所以我們的資產負債表上有足夠的產能，我們喜歡這些業務，像是基礎建設業務。所以我們會像過去一樣繼續推進這項工作。

Okay, great. I appreciate all thoughts.

好的，太好了。感謝大家的意見。

And ladies and gentlemen, that concludes our question-and-answer session. I will now turn the conference back over to Adam Prior for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我將把會議交還給亞當·普賴爾，請他作閉幕致詞。

Thanks, Abby, and I'd like to thank all of you for joining us. As always, we appreciate your interest and investment in NJR, and we look forward to talking to all of you at Utility Week in a couple of weeks, and thanks so much. Have a good rest of your day

謝謝艾比，也謝謝各位的到來。一如既往，我們感謝您對 NJR 的關注和投資，我們期待在幾週後的公用事業週上與大家見面，非常感謝。祝您今天餘下的時間過得愉快

And this concludes today's call, and we thank you for your participation. You may now disconnect.

今天的電話會議到此結束，感謝各位的參與。您現在可以斷開連線了。