Northwest Natural Holding Co (NWN) 2024 Q4 法說會逐字稿

Good morning, and thank you all for attending the Northwest Natural Holdings Company Q4 2024 earnings call. My name is Rica, and I will be the moderator for today's call. (Operator Instructions)

早安，感謝大家參加西北天然控股公司 2024 年第四季財報電話會議。我叫 Rica，我將擔任今天電話會議的主持人。（操作員指令）

I would now like to pass the conference over to your host, Nikki Sparley, Head of Investor Relations at Northwest Natural Holdings. Thank you. You may proceed, Nikki.

現在，我想將會議交給主持人、西北天然控股公司投資者關係主管 Nikki Sparley。謝謝。你可以繼續，Nikki。

Thank you. Good morning, and welcome to our fourth quarter 2024 earnings call. A presentation for today's call is available on our Investor Relations website at ir.nwnaturalholdings.com. And following this call, a recording will also be available on our website.

謝謝。早安，歡迎參加我們 2024 年第四季財報電話會議。今天的電話會議簡報可以在我們的投資者關係網站 ir.nwnaturalholdings.com 上找到。此次通話結束後，錄音也將發佈在我們的網站上。

Turning to slide 2. As a reminder, some things that will be said this morning contain forward-looking statements. They are based on management's assumptions, which may or may not occur. For a complete list of cautionary statements, refer to the language at the end of our press release. Additionally, our risk factors are provided in our 10-Q and 10-K filings.

翻到幻燈片 2。提醒一下，今天早上講的一些內容包含前瞻性陳述。它們基於管理層的假設，這些假設可能會發生，也可能不會發生。完整的警告聲明清單請參閱我們新聞稿末尾的文字。此外，我們的風險因素在我們的 10-Q 和 10-K 文件中提供。

Please note, our guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes or significant changes in laws, legislation, or regulations.

請注意，我們的指導假設客戶數量持續增長、天氣條件平均，且現行監管政策、機製或結果沒有重大變化，法律、立法或法規沒有重大變化。

As a reminder, our segment reporting includes our natural gas distribution or NGD segment; and other which includes our interstate storage services and asset management services, Northwest Natural Water, Northwest Natural Renewables, and holding company expenses. We expect to file our 10-K later today.

提醒一下，我們的分部報告包括我們的天然氣分銷或 NGD 分部；其他包括我們的州際儲存服務和資產管理服務、西北天然水務、西北天然再生能源和控股公司費用。我們預計今天稍晚提交 10-K 報告。

Please note, these calls are designed for the financial community. If you are an investor and have additional questions after the call, please contact me directly at (503) 721-2530. News media may contact David Roy at (503) 610-7157.

請注意，這些電話會議是針對金融界而設計的。如果您是投資者，並且在通話後有其他疑問，請直接撥打（503）721-2530與我聯繫。新聞媒體可致電（503）610-7157 聯絡 David Roy。

Moving to slide 3. With us today are David Anderson, Chief Executive Officer; Justin Palfreyman, President; and Ray Kaszuba, Senior Vice President and Chief Financial Officer. David and Ray have prepared remarks and then will be available, along with other members of our executive team to answer your questions.

移至幻燈片 3。今天和我們在一起的有執行長 David Anderson；賈斯汀帕爾弗里曼，總裁；以及高級副總裁兼財務長 Ray Kaszuba。David 和 Ray 已準備好發言稿，並將與我們執行團隊的其他成員一起回答您的問題。

With that, I will turn it over to David on slide 4.

說完這些，我將在第 4 張投影片上把發言權交給 David。

Thanks, Nikki, and good morning, and welcome. This past January, we celebrated the 166th anniversary of the founding of our company in 1859. Over this impressive span of years, the company has been unwavering in its dedication to delivering safe, reliable, and affordable utility services to better the lives of the communities we serve. It is this reputation that drew me to Northwest Natural in 2004 when I joined the company. At that time, we were known in our industry for operating the Premier gas utility in the Pacific Northwest with a legacy of ingenuity, safety, superior customer service, I immediately found that reputation to be well earned.

謝謝，Nikki，早安，歡迎。今年 1 月，我們慶祝了公司成立於 1859 年的 166 週年。在這令人印象深刻的歲月裡，公司一直堅定不移地致力於提供安全、可靠和經濟實惠的公用事業服務，以改善我們服務社區的生活。正是這種聲譽吸引我於2004年加入西北天然公司。當時，我們在業界因經營太平洋西北地區的頂級天然氣公用事業而聞名，並擁有獨創性、安全性和卓越客戶服務的傳統，我立即發現這種聲譽是當之無愧的。

In 2016, I was honored to be given the responsibility as CEO to uphold that reputation while also growing the company and continuing to create long-term shareholder value. As I address you this final time, I am pleased to report that we have been successful on that path. In my time as CEO, we have evolved from one utility to four strong businesses, serving nearly 1 million customers across seven states that are growing meaningfully and sustainably and dedicated to our hallmarks of service and safety. This past year was one of achievements and setting the stage for future growth.

2016 年，我很榮幸被賦予執行長的職責，維護公司的聲譽，同時發展公司並繼續創造長期股東價值。在我最後一次向你們發表講話時，我很高興地報告，我們在這條道路上取得了成功。在我擔任執行長期間，我們從一家公用事業公司發展成為四家強大的企業，為七個州的近 100 萬客戶提供服務，這些客戶正在有意義且可持續地成長，並致力於我們提供的服務和安全性標誌。過去的一年是成就的一年，也是為未來發展奠定基礎的一年。

2024 adjusted earnings came in at the upper end of the guidance range due to successfully executing our plans to offset regulatory lag from capital investments and inflation. To mitigate those pressures longer term, we completed the largest Oregon gas utility rate case in our history and also concluded a number of water and wastewater utility rate cases last year, but we did not lose sight of affordability.

由於成功執行了抵消資本投資和通貨膨脹帶來的監管滯後的計劃，2024 年調整後收益達到了指導範圍的上限。為了長期緩解這些壓力，我們完成了歷史上最大的俄勒岡州天然氣公用事業費率案件，並且去年還完成了一些水和廢水公用事業費率案件，但我們並沒有忽視可負擔性。

Today, our Northwest Natural customers are paying less for their natural gas service than they did 20 years ago. At the same time, our water and wastewater customer base grew at a clip of 4.6% last year, including organic growth and acquisitions.

今天，我們的西北天然氣客戶的天然氣服務費用比二十年前要低。同時，包括有機成長和收購在內，我們的水和廢水處理客戶群去年成長了 4.6%。

In addition, our two renewable natural gas facilities with EDL went into operations. These facilities and our related offtake contracts are already providing steady cash flows and earnings that we expect for decades to come. But we did not stop there. We also announced the acquisition of a high-growth natural gas utility in Texas, SiEnergy. This transaction, which closed last month, represents one of the most significant drivers of long-term growth for our company.

此外，我們與EDL合作的兩個再生天然氣設施已投入營運。這些設施和我們相關的承購合約已經為我們提供了穩定的現金流和收益，我們預計未來幾十年仍將如此。但我們並未就此止步。我們也宣布收購德州一家高成長天然氣公用事業公司SiEnergy。這筆交易於上個月完成，是我們公司長期成長最重要的推動力之一。

All of these accomplishments in 2024 put us back on track and further support our 4% to 6% long-term earnings per share guidance. And that's why today, we are able to initiate 2025 adjusted earnings guidance in the range of $2.75 per share to $2.95 per share.

2024 年的所有這些成就使我們重回正軌，並進一步支持我們 4% 至 6% 的長期每股收益預期。這就是為什麼今天我們能夠啟動 2025 年調整後獲利預測，範圍在每股 2.75 美元至每股 2.95 美元之間。

Turning to more detail on our Pacific Northwest gas utility on slide 5. As I mentioned, we successfully completed an Oregon general rate case in October of last year with new rates effective on November 1. Under the order, Northwest Natural's revenue requirement increased $93.3 million and rate base increased $334 million to $2.1 billion. It is important to remember that we prioritize safe, reliable service and make investments that support that critical mission.

在第 5 張投影片中我們將更詳細地介紹我們的太平洋西北天然氣公用事業。正如我所提到的，我們在去年 10 月成功完成了俄勒岡州的一般稅率案件，新的稅率將於 11 月 1 日生效。根據該命令，西北天然公司的收入要求增加 9,330 萬美元，費率基數增加 3.34 億美元，達到 21 億美元。重要的是要記住，我們優先考慮安全、可靠的服務，並進行支持這項關鍵任務的投資。

In January last year, we were reminded once again of the importance of peak planning in the natural gas system during cold weather events. We delivered 9 million therms on our new peak day last year. Our gas system provided 55% more energy than the largest electric utilities in Portland, Oregon, combined over the cold snap.

去年一月，我們再次被提醒寒冷天氣期間天然氣系統尖峰規劃的重要性。去年，我們在新的高峰日交付了 900 萬熱量單位。在寒流期間，我們的天然氣系統提供的能源比俄勒岡州波特蘭市最大的電力公司提供的能源總和還多 55%。

In fact, the region narrowly avoided rolling blackouts during the January 2024 storm because widespread outages in the Willamette Valley dramatically reduced electric regional load. That is according to the Clark Public Utility District supply, peak load, and resource adequacy snapshot. This just clearly illustrates the true power of natural gas.

事實上，該地區在 2024 年 1 月的風暴中險些輪流停電，因為威拉米特谷的大面積停電大大減少了區域電力負載。這是根據克拉克公共事業區供應、尖峰負載和資源充足性快照得出的。這充分體現了天然氣的真正威力。

Voters in our service territory have repeatedly agreed with us. The most recent data shows that voters want a diversified set of energy solutions, citing reliability and affordability concerns.

我們服務區域的選民已經多次同意我們的觀點。最新數據顯示，選民出於對可靠性和可負擔性的考慮，希望獲得多樣化的能源解決方案。

With increasing concern about power outages, 81% of voters say, we need both electricity and natural gas to reliably meet our energy needs. We appreciate voters understanding of the essential role the natural gas system plays. It is why we believe Washington voters in November 2024 repealed laws that favor electrical usage over the direct use of natural gas. And why we believe that two integrated systems, gas and electric, are better than one. In order to continue that critical mission of safe, reliable gas service, we filed an Oregon general rate case at the end of December last year. The gas utility request included a modest revenue requirement increase of $59.4 million or 5.8% over current rates.

隨著人們對停電的擔憂日益加劇，81% 的選民表示，我們需要電力和天然氣來可靠地滿足我們的能源需求。我們感謝選民理解天然氣系統所扮演的重要角色。這就是為什麼我們相信華盛頓州的選民會在 2024 年 11 月廢除支持使用電力而不是直接使用天然氣的法律。這就是我們認為整合兩個系統（燃氣和電力）比單獨一個系統更好的原因。為了繼續履行安全、可靠的天然氣服務這一重要使命，我們在去年 12 月底提起了俄勒岡州一般費率訴訟。天然氣公用事業請求包括適度增加收入要求，即比現行費率高出 5,940 萬美元或 5.8%。

The increase is based on a 52% equity and 48% long-term debt capital structure and a return on equity of 10.4% and a cost of capital of approximately 7.7%. This request includes an increase in average rate base of $204 million since the last rate case and an updated depreciation study resulted in a $10 million increase to revenue requirement.

該成長基於 52% 的股權和 48% 的長期債務資本結構以及 10.4% 的股本回報率和約 7.7% 的資本成本。該請求包括自上次費率案例以來平均費率基數增加 2.04 億美元，而最新的折舊研究導致收入要求增加 1000 萬美元。

As you may recall, Oregon rate cases are adjudicated over a 10-month period, so we expect new rates starting November 1 of this year. We carefully considered this rate case filing and the effect on customers' bills. Our team has done all they can to reduce cost and operate as efficiently as possible while maintaining a safe and reliable system.

您可能還記得，俄勒岡州的費率案件的裁決週期為 10 個月，因此我們預計新的費率將從今年 11 月 1 日開始。我們仔細考慮了此費率案例的提交及其對客戶帳單的影響。我們的團隊竭盡全力降低成本並盡可能高效運營，同時維護安全可靠的系統。

Moving to slide 6. And an update on our gas utility in Texas, SiEnergy. We are thrilled to close the SiEnergy acquisition on January 7 and add a rapidly growing natural gas utility in Texas to our portfolio. The transaction meets all of our investment criteria. It is a regulated utility in a rapidly expanding region with constructive regulation and a long runway of growth opportunities plus an excellent management team.

移至幻燈片 6。以及我們位於德州的天然氣公用事業公司 SiEnergy 的最新消息。我們很高興在 1 月 7 日完成對 SiEnergy 的收購，並將德州一家快速發展的天然氣公用事業公司添加到我們的投資組合中。該交易符合我們所有的投資標準。它是一家受監管的公用事業公司，位於一個快速發展的地區，擁有建設性的監管、長期的成長機會和優秀的管理團隊。

SiEnergy has produced strong customer growth of 22% from 2021 to 2024 compounded annually. We believe SiEnergy's double-digit growth will continue, and the acquisition continues our platform of further scaling our business.

從 2021 年到 2024 年，SiEnergy 的客戶數量實現了強勁成長，年複合成長率達 22%。我們相信SiEnergy的兩位數成長將會持續下去，此次收購延續了我們進一步擴大業務的平台。

In summary, we have a strong year of execution and are well positioned to continue delivering on our financial and strategic objectives. I am proud of the achievements across all four of our growing businesses.

總而言之，今年我們的執行力強勁，並且有能力繼續實現我們的財務和策略目標。我為我們四大業務不斷發展所取得的成就感到自豪。

With that, let me turn it over to Ray to cover the financials.

說完這些，讓我把話題轉交給雷來負責財務事宜。

Thank you, David, and good morning, everyone. Turning to full-year results on slide 7. On an adjusted basis, the company achieved net income of $90.6 million or $2.33 per share compared to net income of $93.9 million or $2.59 per share for the same period in 2023. The $3.3 million decrease in adjusted net income was largely the result of regulatory lag for the first 10 months of 2024 until new Oregon gas utility rates were effective on November 1. Earnings per share was also affected by the issuance of common stock during the year as we financed long-term growth capital.

謝謝你，大衛，大家早安。請參閱幻燈片 7 上的全年業績。經調整後，該公司實現淨收入 9,060 萬美元或每股 2.33 美元，而 2023 年同期的淨收入為 9,390 萬美元或每股 2.59 美元。調整後淨收入減少 330 萬美元，主要是由於 2024 年前 10 個月的監管滯後，直到 11 月 1 日俄勒岡州新的天然氣公用事業費率生效。由於我們為長期成長資本提供資金，每股盈餘也受到當年發行普通股的影響。

Turning to the Natural Gas Distribution segment's annual results. Utility margin increased $26.3 million, mainly due to new rates in Oregon. Gas Utility O&M decreased $2.1 million, excluding the effects of a regulatory disallowance, as a result of lower contractor costs and bad debt expense. Utility depreciation and general taxes increased $12.1 million due to additional capital investments. Other income decreased $18.2 million, driven by higher pension costs and lower interest income.

談到天然氣分銷部門的年度表現。公用事業利潤增加了 2,630 萬美元，主要原因是俄勒岡州的新費率。由於承包商成本和壞帳費用降低，不包括監管不允許的影響，天然氣公用事業營運和維護費用減少了 210 萬美元。由於額外的資本投資，公用事業折舊和一般稅收增加了 1,210 萬美元。由於退休金成本增加和利息收入減少，其他收入減少了 1,820 萬美元。

Interest expense for our gas utility increased $2.8 million due primarily to higher short-term debt financing. Our other businesses net income increased $3.6 million, excluding expenses related to the SiEnergy transaction, primarily due to $4.4 million of higher net income from the water and wastewater utility business.

我們的天然氣公用事業的利息支出增加了 280 萬美元，主要原因是短期債務融資增加。不包括與 SiEnergy 交易相關的費用，我們其他業務的淨收入增加了 360 萬美元，這主要歸因於來自水和廢水公用事業業務的淨收入增加了 440 萬美元。

For 2024, cash provided by operating activities was $200 million. We invested $394 million in our systems related to safety, reliability and technology. Nearly 90% of those capital expenditures were for the gas utility. These were planned and included in our rate case requests. We deployed $30 million for water and wastewater acquisitions. Cash provided by financing activities was $227 million.

2024 年，經營活動提供的現金為 2 億美元。我們在安全、可靠性和技術相關的系統上投資了 3.94 億美元。這些資本支出中近 90% 用於天然氣公用事業。這些都已計劃好並包含在我們的費率案例請求中。我們部署了 3000 萬美元用於水和廢水處理。籌資活動提供的現金為2.27億美元。

Moving to our financial outlook on slide 8. The company initiated annual 2025 adjusted earnings guidance today in the range of $2.75 to $2.95 per share. Our 2025 guidance reflects strong contribution from our other businesses. We expect SiEnergy and Northwest Natural Water to each provide approximately $0.25 to $0.30 of EPS over the year in 2025. We also expect a long-term earnings per share growth rate of 4% to 6% compounded annually from 2025 adjusted EPS.

轉到第 8 頁的財務展望。該公司今天公佈了 2025 年年度調整後獲利預期，範圍為每股 2.75 美元至 2.95 美元。我們的 2025 年指引反映了我們其他業務的強勁貢獻。我們預計，到 2025 年，SiEnergy 和 Northwest Natural Water 將分別提供約 0.25 美元至 0.30 美元的每股盈餘。我們也預計，從 2025 年調整後每股盈餘來看，長期每股盈餘成長率將達到 4% 至 6%。

Turning to our capital expenditure guidance. For 2025, consolidated capital expenditures are expected to be in the range of $450 million to $500 million, anchored by significant projects at our gas utilities in the Pacific Northwest related to modernizing end-of-life meters, system reinforcement, and gas storage upgrades.

談到我們的資本支出指導。到 2025 年，綜合資本支出預計在 4.5 億至 5 億美元之間，主要由我們太平洋西北地區天然氣公用事業的重大項目支撐，包括報廢儀表現代化、系統加固和天然氣儲存升級。

Our range also includes SiEnergy and investments to support growing communities in Texas as well as water and wastewater CapEx. As a result of the increased capital investments, which is largely related to adding SiEnergy to our portfolio, we have increased our consolidated CapEx range to $2.5 billion to $2.7 billion through 2030, a nearly 40% increase from our previous trajectory. Our CapEx projection only includes line of sight projects that have been specifically identified and estimated. It doesn't include any future acquisitions. As we announced in November, our utilities combined annual rate base growth target has increased from 5% to 7% to 6% to 8%.

我們的範圍還包括 SiEnergy 和投資，以支持德州不斷發展的社區以及水和廢水資本支出。由於資本投資的增加（這主要與將 SiEnergy 添加到我們的投資組合中有關），我們將合併資本支出範圍提高到 2030 年的 25 億美元至 27 億美元，比之前的軌跡增長近 40%。我們的資本支出預測僅包括已明確確定和估計的視線項目。它不包括任何未來的收購。正如我們在 11 月宣布的那樣，我們的公用事業綜合年費率基準成長目標已從 5% 至 7% 提高至 6% 至 8%。

Related to customer growth, last year, on a consolidated basis, our utilities grew 1.1%. From 2025, we are projecting 2% to 2.5% customer growth. This acceleration is largely based on 20% or higher customer growth from SiEnergy.

與客戶成長相關，去年，以綜合基礎計算，我們的公用事業成長了 1.1%。從 2025 年起，我們預計客戶數量將成長 2% 至 2.5%。這項加速主要基於 SiEnergy 20% 或更高的客戶成長。

Our customer growth projections for SiEnergy are backstopped by an impressive backlog of nearly 190,000 connections under contract. Our water customer growth projections are rooted in the strong economic growth in the regions they serve. While we expect to continue to execute on tuck-in acquisitions, we haven't included incremental water acquisitions in our projections.

我們對 SiEnergy 的客戶成長預測得到了近 19 萬個合約連線積壓的支持。我們對水務客戶成長的預測根植於其服務地區強勁的經濟成長。雖然我們預計將繼續執行附加收購，但我們尚未將增量水資源收購納入我們的預測中。

We will remain disciplined in our approach to deploying capital and are focused on maintaining our strong credit ratings and a solid balance sheet. We see modest regular common equity financing needs in 2025, with equity issuances expected to be in the range of $65 million to $75 million. That's lower than the $90 million issued to the ATM program in 2024. Despite increasing our capital expenditures by an average of $115 million per year through 2030, we don't see a proportional increase in equity issuances due to the strong underlying operating cash flow that supports a healthy balance sheet.

我們將繼續嚴謹地部署資本，並致力於維持強勁的信用評級和穩健的資產負債表。我們預計 2025 年常規普通股融資需求將適中，預計股權發行額將介於 6,500 萬美元至 7,500 萬美元之間。這低於 2024 年向 ATM 計劃發放的 9,000 萬美元。儘管到 2030 年我們的資本支出每年平均增加 1.15 億美元，但由於強勁的基礎經營現金流支撐著健康的資產負債表，我們的股票發行量不會相應增加。

We financed the SiEnergy acquisition last month with a committed term loan. Our plan is to add junior subordinated notes to our financing portfolio to refinance the term loan in line with the goal of maintaining a healthy investment-grade credit rating. This would also allow us to expand our financing channels while meeting our financial objectives. We continue to review our options, but our plan is to issue permanent financing this spring.

我們上個月透過一筆承諾定期貸款為 SiEnergy 的收購提供了資金。我們的計劃是將次級債券添加到我們的融資組合中，以對定期貸款進行再融資，從而達到保持健康的投資等級信用評級的目標。這也將使我們能夠在實現財務目標的同時擴大融資管道。我們將繼續審查我們的選擇，但我們的計劃是今年春天發放永久性融資。

Moving to slide 9. For SiEnergy, we anticipate total meter set growth of approximately 20% over last year. That translates into rate base growth of 20% to 25% from 2025 to 2027 and an expected net income growth of 32% to 37% compounded annually over the same time period with further growth beyond. We'll support this growth and our priority to provide safe, reliable service with a constructive regulatory strategy. We're evaluating options for regulatory recovery and using supportive mechanisms, such as the Gas Reliability Infrastructure Program or GRIP, in the Texas jurisdiction.

移至幻燈片 9。對於 SiEnergy，我們預計總電錶數量將比去年增長約 20%。這意味著 2025 年至 2027 年期間利率基準成長率為 20% 至 25%，預計淨收入在同一時期內每年複合成長率為 32% 至 37%，並且之後還會進一步成長。我們將支持這一成長，並優先透過建設性的監管策略提供安全、可靠的服務。我們正在評估監管恢復的選項並使用支援機制，例如德克薩斯州管轄範圍內的天然氣可靠性基礎設施計劃 (GRIP)。

A few comments on Northwest Natural Water. We've seen a tremendous amount of investment needed in our water utilities to ensure clean and safe water and wastewater services to our customers. Based on near-term needs, we expect water and wastewater rate base to grow 10% to 15% from 2025 to 2027 and net income to grow at that same level. We are excited about the long-term earnings power of both SiEnergy and Water. To provide additional information, we also expect to begin separately disclosing Northwest Natural Water and SiEnergy Financial results with our first quarter 2025 earnings.

關於西北天然水的一些評論。我們發現，我們的水務事業需要大量的投資，以確保向客戶提供清潔安全的供水和廢水處理服務。根據近期需求，我們預計 2025 年至 2027 年水費和廢水處理費基數將成長 10% 至 15%，淨收入也將以同樣的水準成長。我們對 SiEnergy 和 Water 的長期獲利能力感到非常興奮。為了提供更多信息，我們還預計將開始與 2025 年第一季度收益一起單獨披露西北天然水務和 SiEnergy 的財務業績。

With that, I'll turn it over to David.

說完這些，我會把話題交給大衛。

Thanks, Ray. Moving to slide 10. Let me outline our initiatives for 2025. We are focused on reaching constructive completion of the Oregon general rate case to allow the gas utility to continue earning a strong return on its invested capital. Second, capturing the growth from SiEnergy is a priority, and we see double-digit growth next year and for years to come from this business. Third, the water and wastewater utilities have a robust growth trajectory with both organic and acquisition opportunities. We will continue to evaluate acquisitions to ensure they fit our portfolio and assess rate case filings as necessary to recover crucial safety investments. As always, we will keep affordability at the center of our strategy.

謝謝，雷。移至投影片 10。讓我概述一下我們 2025 年的計畫。我們致力於建設性地完成俄勒岡州的通用費率案，以使該天然氣公用事業公司能夠繼續獲得豐厚的投資回報。其次，抓住 SiEnergy 的成長機會是當務之急，我們預計明年以及未來幾年該業務將實現兩位數的成長。第三，水和廢水公用事業擁有強勁的成長軌跡，既有有機成長的機會，也有收購的機會。我們將繼續評估收購，以確保它們適合我們的投資組合，並在必要時評估利率案例備案，以收回關鍵的安全投資。像往常一樣，我們將把可負擔性作為我們策略的核心。

Finally, I'm excited that Northwest Natural Renewables first projects are up and running, generating steady revenues and cash flows. We are contracted to receive increasing allocations of RNG from these facilities over the next several years.

最後，我很高興西北天然再生能源公司的首批專案已經啟動並運行，產生了穩定的收入和現金流。根據合同，我們將在未來幾年內從這些設施獲得越來越多的 RNG 分配。

In summary, I am pleased with all the accomplishments of our employees and this leadership team achieved in 2024. We've made substantial progress on all our strategic initiatives, and I look forward to what the team will do this year and for years to come.

總而言之，我對我們的員工和領導團隊在 2024 年的所有成就感到滿意。我們在所有策略舉措上都取得了實質進展，我期待團隊今年以及未來幾年將會取得怎樣的進展。

Last year was especially significant for me personally, as I announced my intent to retire in April of 2025. In my time as CEO, we have evolved from one strong utility to four thriving businesses creating value for all stakeholders today, and I believe well into the future. We are at a pivotal time of growth and transformation. In Northwest Natural Holdings and this leadership team are well prepared.

去年對我個人來說尤其重要，因為我宣布了我打算在 2025 年 4 月退休。在我擔任執行長期間，我們從一家強大的公用事業公司發展成為四家蓬勃發展的企業，為今天的所有利益相關者創造了價值，我相信未來也將如此。我們正處於成長和轉型的關鍵時期。西北天然控股公司及其領導團隊已經做好了充分的準備。

Our company is in strong financial position and poised for continued growth. It is important to ensure a smooth leadership transition, and the Board and I are excited that Justin will be succeeding me.

我們公司的財務狀況良好並有望持續成長。確保領導層的順利過渡非常重要，董事會和我都很高興賈斯汀將接替我。

It has been an honor and an enormous privilege to lead Northwest Natural Holdings in the talented and deeply committed people who work here. Thank you for joining us this morning, and thank you for your support over the years.

我很榮幸能夠領導西北天然控股公司，並帶領這裡所有才華洋溢、忠於職守的員工。感謝您今天早上加入我們，也感謝您多年來的支持。

With that, we'll open it up to questions.

現在，我們將開始回答問題。

(Operator Instructions) Chris Ellinghaus, Siebert Williams Shank.

（操作員指示）Chris Ellinghaus、Siebert Williams Shank。

The changes in -- a lot has been going on in Washington, and you can't throw a rock without hitting a story about data centers. So can you give us some strategic thoughts about what's happening in Washington and how you feel that will influence the business?

華盛頓發生了許多變化，你隨便丟一塊石頭，都會碰到有關資料中心的故事。那麼，您能否就華盛頓正在發生的事情以及您認為這將如何影響業務給我們一些戰略想法？

And two, with the amount of electric load growth that people are talking about, how do you see that as an opportunity for, say, Mist or just the business in general?

第二，隨著人們談論的電力負載成長，您認為這對 Mist 或整個業務而言是一個怎樣的機會？

Justin, would you like to take that one?

賈斯汀，你想拿那個嗎？

Sure. So regarding data centers, we are looking at a number of potential opportunities, both in the Pacific Northwest and in Texas, evaluating connecting these to our systems. For the Pacific Northwest, we've received inquiries from several data centers in various stages of development, all of which would need to firm up their on-site electricity demands. We can connect these loads to our system, but we're evaluating the size of the loads and doing analysis on the system impacts. And we do have some pipeline constraints, as you're probably aware, in our region. And so we're evaluating how we might be able to serve that. But it does seem like an interesting opportunity.

當然。因此，關於資料中心，我們正在尋找太平洋西北地區和德克薩斯州的許多潛在機會，並評估將它們連接到我們的系統。對於太平洋西北地區，我們收到了處於不同發展階段的幾個資料中心的詢問，這些資料中心都需要確定其現場電力需求。我們可以將這些負載連接到我們的系統，但我們正在評估負載的大小並對系統影響進行分析。您可能知道，在我們地區，確實存在一些管道限制。因此我們正在評估如何提供這種服務。但這確實看起來是一個有趣的機會。

And your question around Washington, I'm not sure if you're referring to the federal level, but we are monitoring that closely. Obviously, everyone in the industry is -- the tariff situation is day-to-day, but we are well prepared there. We actually filed a deferral for our gas costs in the event that those tariffs do go into effect. We don't anticipate, at the 10% level, a meaningful impact in terms of cost to our customers, but we're monitoring the situation.

至於您關於華盛頓的問題，我不確定您是否指的是聯邦層面，但我們正在密切關注。顯然，業內每個人都在關注關稅情況，但我們已經做好了充分的準備。如果這些關稅真的生效，我們實際上已經申請延期支付天然氣費用。我們預計 10% 的降幅不會對客戶的成​​本產生重大影響，但我們正在監控情況。

Yes. I'm sorry to confuse the state and the DC. A lot of capital equipment is imported, especially from Europe, and a 25% tariff might be pretty substantial. Do you think there -- maybe really early for this, but maybe since so much of the executive orders so far, energy related, do you think there's a chance to get exemptions for, say, energy capital that could be inserted into the tariffs?

是的。很抱歉，我混淆了州政府和華盛頓特區。許多資本設備都是進口的，特別是從歐洲進口，25%的關稅可能相當高昂。您是否認為——也許現在這樣做真的很早，但也許由於迄今為止如此多的行政命令都與能源有關，您是否認為有機會獲得豁免，比如說，可以納入關稅的能源資本豁免？

Yes. It's an interesting thought, Chris. Our team is actively engaged with policymakers on the Hill, as is AGA and EEI, as you know. So we're looking at that closely. Obviously, we've dealt with inflation before in recent years in the industry, and certainly, a 25% tariff on materials like that could have an impact. But we're engaged, and it's hard to comment on the direction that that's going to head at this time.

是的。這是一個有趣的想法，克里斯。如您所知，我們的團隊以及 AGA 和 EEI 都積極與國會的政策制定者接觸。因此我們正在密切關注此事。顯然，近年來我們行業已經應對過通貨膨脹，對此類材料徵收 25% 的關稅肯定會產生影響。但我們已經參與其中，目前很難評論事情的發展方向。

Okay. I haven't backed into or imputed the SiEnergy net income growth on slide 9. But the last time I did some poking around in their last rate case, I presume that this CAGR that you've given us is beyond the core growth at Si to include things like catching up on -- they're pretty behind on rate base at this point as well as getting to some kind of rational cap structure. So those CAGRs, do they include not just the core growth there but sort of resetting everything in Texas there?

好的。我沒有支持或估算幻燈片 9 上的 SiEnergy 淨收入成長。但是，上次我在他們的上一個利率案例中進行了一些研究後，我推測您給我們的這個複合年增長率超出了 Si 的核心增長，還包括追趕等方面——他們目前在利率基礎方面已經相當落後，並且沒有達到某種合理的上限結構。那麼這些複合年增長率是否不僅包括那裡的核心成長，還包括德克薩斯州的一切重置？

Yes. This is Ray. Yes, you're correct. It assumes a reasonable approach from a rate case standpoint and also from a capital structure standpoint. They are in the high 40% or so debt today, and we think that over time, that can increase to more like a 60-40 equity-to-debt ratio over time. So those are the assumptions resetting those is what is in the CAGR that you see in the deck.

是的。這是雷。是的，你說得對。它從利率案例的角度和資本結構的角度假設了一個合理的方法。目前，他們的債務比率高達 40% 左右，我們認為，隨著時間的推移，這一比率可能會增加至 60-40。所以這些是重置假設，這些就是您在甲板上看到的 CAGR。

Okay. Do you have any sense of when you may make a filing for Si to get that sort of process rolling?

好的。您是否知道何時可以向 Si 提交文件以啟動此類流程？

Yes. Chris, we just closed on the acquisition last month and are focused on integrating the company. We will be evaluating rate case timing as the year unfolds, but we don't have anything to report at this time.

是的。克里斯，我們上個月才剛完成收購，目前專注於公司整合。隨著時間的推移，我們將評估利率狀況的時間表，但目前我們還沒有任何可報告的內容。

Okay. All right. That's it for me. Thanks so much, David. Appreciate it. Have a great retirement.

好的。好的。對我來說就是這樣了。非常感謝，大衛。非常感謝。祝你退休生活愉快。

Thanks Chris. I really do appreciate that.

謝謝克里斯。我非常感激這一點。

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

Congratulations, David. Just a quick one for me. On your CapEx, can you just unpack that exactly by gas, Si, and water on how much you're going to be investing in each one?

恭喜你，大衛。對我來說這只是一個快速步驟。在您的資本支出中，您能否透過天然氣、Si 和水來準確地解釋您將在每項上投資多少？

Yes. Sure. So for Northwest Natural Gas Company, it's in the ballpark of $350 million. For SiEnergy, it's an $80 million range. And for water, it is in the $60 million range, for a total of, the range that we mentioned on the call, $450 million to $500 million for 2025.

是的。當然。對於西北天然氣公司來說，這個數字大約是 3.5 億美元。對 SiEnergy 來說，這個數字是 8,000 萬美元。而對於水資源而言，其成本在 6,000 萬美元左右，總計，正如我們在電話會議上提到的那樣，到 2025 年，其成本將達到 4.5 億至 5 億美元。

Thank you. We currently have no further questions. So I would like to hand it back to David Anderson for some final comments.

謝謝。目前我們沒有其他問題。因此我想將其交還給戴維·安德森，請他發表一些最後的評論。

Well, thank you very much, and thank you for everybody for joining us today. As always, if you have follow-up questions, Nikki will be available online or by telephone. And we look forward to talking and seeing you soon. Take care, everybody.

好吧，非常感謝，也感謝大家今天的參加。與往常一樣，如果您有後續問題，Nikki 將在線或通過電話為您提供幫助。我們期待很快與您交談並見到您。大家保重。

Thank you for dialing in for the Northwest Natural Holding Company Q4 2024 earnings call. I can confirm today's call has now concluded. Please enjoy the rest of your day.

感謝您撥打西北天然控股公司 2024 年第四季財報電話會議。我可以確認今天的電話會議已經結束。請享受您剩餘的一天。