OGE Energy Corp (OGE) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the OGE Energy Corp. 2025 second quarter earnings and Business Update Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 OGE Energy Corp. 2025 年第二季財報與業務更新電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Jason Bailey, Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係總監 Jason Bailey。請繼續。

Thank you, Marvin, and good morning, everyone, and welcome to our call. With me today is Sean Trauschke, our Chairman, President and CEO; and Chuck Walworth, our CFO and Treasurer.

謝謝你，馬文，大家早安，歡迎參加我們的電話會議。今天與我一起出席的是我們的董事長、總裁兼執行長 Sean Trauschke 和我們的財務長兼財務主管 Chuck Walworth。

In terms of the call today, we will first hear from Sean, followed by an explanation from Chuck of financial results. And finally, as always, we will answer your questions.

就今天的電話會議而言，我們將首先聽取肖恩的發言，然後聽取查克對財務結果的解釋。最後，一如既往，我們將回答您的問題。

I'd like to remind you that this conference is being webcast, and you may follow along at oge.com. In addition, the conference call and accompanying slides will be archived following the call on that same website.

謹此提醒您，本次會議將進行網路直播，您可以造訪 oge.com 關注。此外，電話會議及相關投影片將在會議結束後存檔，並發佈在同一網站上。

Before we begin the presentation, I'd like to direct your attention to the safe harbor statement regarding forward-looking statements. This is an SEC requirement for financial statements and simply states that we cannot guarantee forward-looking financial results, but this is our best estimate to date.

在我們開始演示之前，我想提請您注意有關前瞻性陳述的安全港聲明。這是美國證券交易委員會對財務報表的要求，只是表明我們無法保證前瞻性的財務結果，但這是我們迄今為止的最佳估計。

I will now turn the call over to Sean for his opening remarks. Sean?

現在我將把電話交給肖恩，請他致開場白。肖恩？

Thank you, Jason, and good morning, everyone. Thank you for joining us today. It's certainly great to be with you. Our service area is continuing to grow, and I couldn't be more excited about this growth we're experiencing.

謝謝你，傑森，大家早安。感謝您今天加入我們。和你在一起真是太好了。我們的服務範圍正在不斷擴大，我對我們所經歷的這種成長感到無比興奮。

Here in Oklahoma City, we've truly entered the global stage. Our Thunder secured their first NBA championship and more than 0.5 million people descended on downtown to help celebrate during the championship parade. But that's not all. In 2028, we will host the softball and canoe slalom events as part of the Los Angeles Olympics. And as we celebrate these milestones, it's important to stay focused on our goals for the year and the years ahead.

在俄克拉荷馬城，我們真正進入了全球舞台。我們的雷霆隊贏得了他們的第一個 NBA 總冠軍，超過 50 萬人湧入市中心參加冠軍遊行慶祝。但這還不是全部。2028年，我們將舉辦洛杉磯奧運的壘球和皮划艇激流迴旋項目。在我們慶祝這些里程碑的同時，重要的是要專注於今年和未來幾年的目標。

So here we are, halfway through the year, and we've achieved a lot, and we're confident in our plans for the year and expect to deliver in the top half of our earnings guidance range. This morning, we reported consolidated earnings of $0.53 per diluted share with the holding company flat for the quarter. We built a strong foundation for future growth and remain committed to providing safe, reliable and affordable service to our customers.

現在，我們已經度過了今年的一半，並且取得了很多成就，我們對今年的計劃充滿信心，並有望實現盈利預期範圍的上半部分。今天上午，我們報告稱，本季控股公司的合併每股收益為 0.53 美元，持平。我們為未來的發展奠定了堅實的基礎，並將繼續致力於為客戶提供安全、可靠和實惠的服務。

The second quarter usually includes severe weather in our service area, and I'm happy to report the system performed well and impacts on our customers were minimal as a result of our investment and outstanding team. I'm very proud of our people and the work they do every day. This month, the weather is heating up, and as always, our system will be prepared.

第二季我們服務區域通常會遭遇惡劣天氣，我很高興地報告，由於我們的投資和出色的團隊，系統運作良好，對客戶的影響最小。我為我們的人民和他們每天所做的工作感到非常自豪。本月，天氣逐漸變熱，和往常一樣，我們的系統將做好準備。

Moving on to customer growth and demand. Our service area is poised for continued growth across all customer segments. Additional generation projects under construction are all on time and all on budget. Our growth and performance continues to excel, providing three future opportunities: new generation capacity, transmission and large loads that I'm happy to update you on.

持續關注客戶成長和需求。我們的服務領域已準備好在所有客戶群中持續成長。正在建設的其他發電項目均按時並在預算之內。我們的成長和績效持續保持優異，為未來提供了三個機會：新一代產能、傳輸和大負荷，我很高興向您通報這些情況。

To address the growing customer demand, we are adding approximately 550 megawatts of capacity today. This includes the new natural gas, combustion turbines at Tinker as well as construction of new natural gas combustion turbines at Horseshoe Lake Units 11 and 12, and we expect these units all to be operational within the next year.

為了滿足日益增長的客戶需求，我們今天增加了約 550 兆瓦的容量。其中包括 Tinker 的新天然氣燃氣渦輪機以及 Horseshoe Lake 11 號和 12 號機組的新天然氣燃氣渦輪機的建設，我們預計這些機組都將在明年投入營運。

We've also filed for approval of two more natural gas combustion turbines, again at Horseshoe Lake, Units 13 and 14, which would add approximately 450 megawatts to our generation capacity in 2029. We're not finished. We'll continue to explore options to meet our growing generation needs, and I expect we will continue to add generation at the same pace for the next few years.

我們還申請批准在馬蹄湖建造另外兩台天然氣燃氣渦輪機，即 13 號和 14 號機組，這將使我們 2029 年的發電量增加約 450 兆瓦。我們還沒完成。我們將繼續探索各種方案來滿足我們日益增長的發電需求，我預計未來幾年我們將繼續以同樣的速度增加發電量。

On the transmission side, next month, we will accept an NTC for a line from Fort Smith, Arkansas to Muskogee, which will address -- which will help address reliability in the Fort Smith area. And Chuck will tell you more about that in just a moment.

在傳輸方面，下個月，我們將接受從阿肯色州史密斯堡到馬斯科吉的線路的 NTC，這將有助於解決史密斯堡地區的可靠性問題。查克馬上就會告訴你更多相關資訊。

And data centers continue to have an interest in our service area. Negotiations and conversations continue to progress, and our load projections are solid, even without the data centers. So any data centers that we're adding, we add to our service area will certainly be accretive to our business.

資料中心繼續對我們的服務領域感興趣。談判和對話繼續取得進展，即使沒有資料中心，我們的負載預測也是可靠的。因此，我們在服務區域內新增的任何資料中心都必定會促進我們的業務成長。

In preparation for these opportunities, we supported the passage of legislation that would help minimize customer impacts, specifically CWIP for generation, and we filed for and received CWIP for this future transmission project as well.

為了抓住這些機會，我們支持通過有助於最大程度減少對客戶影響的立法，特別是用於發電的 CWIP，並且我們也為這個未來的輸電項目申請並獲得了 CWIP。

Turning to economic development. The Oklahoma Department of Commerce announced the 2025 Oklahoma Innovation Expansion Program, which includes 83 companies in our service area. This program supports high-impact, new capital investment across a broad range of industries to help diversify the state's economy, lead to new product development or increase capacity at Oklahoma's existing companies.

轉向經濟發展。俄克拉荷馬州商務部宣布了2025年俄克拉荷馬州創新擴展計劃，其中包括我們服務區域內的83家公司。該計劃支持廣泛行業的高影響力新資本投資，以幫助實現該州經濟多元化、促進新產品開發或提高俄克拉荷馬州現有公司的產能。

In addition to encouraging new capital investment, these awards support existing jobs and the creation of new jobs. And this is just another example of the growth opportunities in our service area.

除了鼓勵新的資本投資外，這些獎項還支持現有的就業機會和創造新的就業機會。這只是我們服務領域成長機會的另一個例子。

We continue to see diversified growth, including tribal and defense sectors. In late February, OKANA, a $400 million resort and water park opened along with still developing Oklahoma River in Oklahoma City, and their traffic this summer has really taken off.

我們繼續看到多元化的成長，包括部落和國防部門。2 月底，耗資 4 億美元的度假村和水上樂園 OKANA 與仍在開發的俄克拉荷馬城俄克拉荷馬河一起開業，今年夏天這裡的客流量大幅增長。

Tinker Air Force Base announced the purchase of 131 acres of land adjacent to the base, allowing for future expansion, including more than 1,000 new jobs. Additionally, we see retail and restaurant chains expand in our service area, including Bass Pro shops in Fort Smith, which is set to open early next year.

廷克空軍基地宣布購買基地附近的 131 英畝土地，用於未來擴建，包括創造 1,000 多個新工作。此外，我們看到零售和餐飲連鎖店在我們的服務區域內擴張，其中包括定於明年初開業的史密斯堡 Bass Pro 商店。

And then just last month, conceptual designs for the new $900 million Thunder Arena were shared with the arena set to open in the summer of '28.

就在上個月，耗資 9 億美元的新雷霆球館的概念設計被公佈，該球場將於 28 年夏天開放。

Our economies remain strong with unemployment in Oklahoma and Arkansas continuing to outpace the national average. For the 46th straight month, Oklahoma City unemployment rate is below 4%. The city also had the lowest unemployment rate in the nation for April and May. And US. News & World Report just named Oklahoma City the number one best big city to live in, in the US, underscoring the Metro's national rise as a destination for both opportunity and quality of life.

我們的經濟依然強勁，俄克拉荷馬州和阿肯色州的失業率持續超過全國平均水平。俄克拉荷馬市失業率連續第46個月低於4%。該市四月和五月的失業率也是全國最低的。還有美國。《新聞與世界報道》剛剛將俄克拉荷馬城評為美國最適合居住的大城市，凸顯了該大都市在全國範圍內崛起為機遇和生活品質兼具的目的地。

As I close my remarks and prepare to hand it over to Chuck, I hope you hear how excited we are about the future and our confidence in delivering on our commitments, and we are on track to deliver in the top half of our guidance range.

當我結束發言並準備將權力移交給查克時，我希望你們能聽到我們對未來的興奮之情以及我們對履行承諾的信心，而且我們正朝著實現指導範圍上半部分的目標邁進。

So as we close the books on another successful quarter, our strategic initiatives, our sustainable business model position us well to achieve our goals and to continue to grow the company and provide excellent service to our customers.

因此，當我們結束又一個成功的季度時，我們的策略性舉措和可持續的商業模式使我們能夠很好地實現我們的目標，繼續發展公司並為客戶提供優質的服務。

So thank you. I'll turn it over to Chuck. Chuck?

所以謝謝你。我將把它交給查克。查克？

Thank you, Sean, and thank you, Jason. Good morning, everyone. I'm pleased to review 2025 second quarter and year-to-date results with you and provide an update on our 2025 financial plan. Halfway through the year, we are confident in achieving results in the top half of our earnings guidance range.

謝謝你，肖恩，謝謝你，傑森。大家早安。我很高興與您一起回顧 2025 年第二季和年初至今的業績，並提供我們 2025 年財務計畫的最新資訊。今年已過半，我們有信心實現盈利預期範圍上半部的業績。

More importantly, we execute today with an eye on our long-term success. I'm excited to discuss some of those benefits with you today. But first, let's review our recent performance.

更重要的是，我們今天執行任務時著眼於我們的長期成功。我很高興今天與大家討論其中的一些好處。但首先，讓我們回顧一下我們最近的表現。

Starting on slide 5. For the second quarter, consolidated net income was $108 million or $0.53 per diluted share compared to $102 million or $0.51 per share in the same period of '24. In our core business, the electric company achieved net income of $108 million or $0.53 per diluted share compared to $109 million or $0.54 per share in the same period of '24. The main drivers of the year-over- year net income decrease were milder weather and higher interest and depreciation expense on a growing asset base, partially offset by increased recovery of capital investments, higher weather-normalized load and lower operation and maintenance expense.

從投影片 5 開始。第二季度，合併淨收入為 1.08 億美元，即每股 0.53 美元，而 24 年同期為 1.02 億美元，即每股 0.51 美元。在我們的核心業務中，電力公司的淨收入為 1.08 億美元，即每股 0.53 美元，而 24 年同期的淨收入為 1.09 億美元，即每股 0.54 美元。淨收入較去年同期下降的主要原因是天氣變暖以及資產基礎不斷增長導致的利息和折舊費用增加，但資本投資回收增加、天氣正常化負荷增加以及營運和維護費用降低部分抵消了這一影響。

The holding company reported a small loss of less than $1 million or flat on a per diluted share basis compared to a loss of $7 million or $0.03 per share in the same period of '24. The change was primarily attributed to a onetime pretax benefit of $8.7 million related to our legacy midstream operations.

該控股公司報告的每股虧損不到 100 萬美元或持平，而 24 年同期的虧損為 700 萬美元或每股 0.03 美元。這項變更主要歸因於與我們的傳統中游業務相關的 870 萬美元的一次性稅前收益。

Let's review our load results by turning to slide 6. Year-over-year customer growth continued at its healthy multiyear pace, near 1% in the second quarter. Our weather-normalized load continues to be historically strong and has grown 6.5% year-to-date compared to the same period in '24. Year-to-date growth of our 2 largest customer classes, residential and commercial, was 1% and 25%, respectively, putting them on pace to meet or exceed our full year guidance.

讓我們翻到投影片 6 來回顧我們的負載結果。同比客戶成長持續保持多年來的健康速度，第二季成長接近 1%。我們的天氣標準化負荷持續保持歷史強勁，與 24 年同期相比，今年迄今已成長了 6.5%。今年迄今為止，我們最大的兩類客戶——住宅客戶和商業客戶的成長速度分別為 1% 和 25%，預計將達到或超過我們的全年預期。

Industrial and oilfield load continued to show some softness this year. As I mentioned last quarter, some of that performance can be explained by unplanned customer outages. We are excited about the future growth of these sectors. For example, one update is ONEOK's plan to have their natural gas liquids fractionator in Medford online in 2027. Sean discussed the strength of the local economy and communities, which are buoyed by our intentional efforts to drive economic and business development.

今年工業和油田負荷持續呈現疲軟態勢。正如我上個季度提到的，部分業績下滑可以用計畫外的客戶中斷來解釋。我們對這些產業的未來發展感到興奮。例如，ONEOK 計劃於 2027 年在梅德福投入使用其天然氣液體分餾塔。肖恩討論了當地經濟和社區的實力，這些實力得益於我們為推動經濟和商業發展所付出的努力。

The additional industrial and oilfield opportunities expected to result from our efforts should spur increased residential and commercial growth. This is our sustainable business model at work, attracting new customers to our service area with low rates, excellent service, helping communities grow and prosper.

我們的努力預計將帶來更多的工業和油田機會，這將刺激住宅和商業的成長。這是我們可持續的商業模式，以低廉的價格、優質的服務吸引新客戶到我們的服務區域，幫助社區發展和繁榮。

Let's turn our attention to our 2025 financial plan on slide 7. As we pass the midyear mark, we anticipate consolidated earnings in the top half of our guidance range. We've completed our planned financing activities for the year. As a reminder, our refinancing risk is low. Our next refi isn't until 2027, and it's a modest $125 million. It's also our highest coupon debt.

讓我們把注意力轉向幻燈片 7 上的 2025 年財務計畫。隨著我們度過年中關卡，我們預計綜合收益將達到我們指導範圍的上半部分。我們已經完成了今年計劃的融資活動。提醒一下，我們的再融資風險很低。我們的下一次再融資要到 2027 年，金額為 1.25 億美元。這也是我們最高的票息債務。

Our balance sheet remains one of the strongest in the industry and is an important competitive advantage, one that we're committed to maintaining. Sean mentioned our successful legislative session that resulted in several new customer benefiting and credit accretive provisions.

我們的資產負債表仍然是業界最強勁的資產負債表之一，這是我們重要的競爭優勢，我們致力於保持這一優勢。肖恩提到，我們的立法會議取得了成功，產生了幾項新的客戶受益和信用增值的條款。

In Oklahoma and Arkansas, new legislation allows for CWIP recovery during the construction phase of certain generation capacity projects. We are now going through the regulatory steps of putting relevant CWIP recovery mechanisms in place in both states. The CWIP benefits of the legislation will save customers $190 million on our proposed Horseshoe Lake Units 13 and 14 over the life of the units.

在俄克拉荷馬州和阿肯色州，新立法允許在某些發電項目建設階段進行 CWIP 回收。我們目前正在採取監管措施，在兩個州建立相關的 CWIP 恢復機制。該法案的 CWIP 福利將為我們擬建的 Horseshoe Lake 13 號和 14 號機組的用戶在機組使用壽命內節省 1.9 億美元。

In Oklahoma, the new legislation also allows for plant-in-service or PISA accounting. The combined benefits to all our stakeholders of this legislation should reduce customer costs, facilitate new investment, which strengthens the grid with new dispatchable generation and provide additional strength to an already strong balance sheet.

在俄克拉荷馬州，新立法還允許進行工廠在役核算或 PISA 核算。這項立法將為我們所有的利害關係人帶來許多好處，包括降低客戶成本、促進新投資、透過新的可調度發電加強電網、為本已強勁的資產負債表提供額外的支持。

There's one other credit accretive development I can update you on. We received a notice to construct from the SPP to build a transmission line from Fort Smith, Arkansas to Muskogee, Oklahoma, and we are near the final acceptance of this project. This important line will address reliability and capacity issues in the Fort Smith area. We have received approval from the FERC to utilize CWIP recovery during the construction phase of this project. We estimate this line to cost approximately $240 million and to be constructed in multiple phases coming online in 2027, '28 and '29 with recovery primarily through our FERC formula.

我可以向您通報另一項信貸增值進展。我們收到了 SPP 的通知，要求建造一條從阿肯色州史密斯堡到俄克拉荷馬州馬斯科吉的輸電線路，目前該項目已接近最終驗收。這條重要線路將解決史密斯堡地區的可靠性和容量問題。我們已獲得聯邦能源管理委員會的批准，可以在該專案的建設階段利用 CWIP 回收技術。我們估計這條線路的成本約為 2.4 億美元，將分多個階段建設，分別於 2027 年、2028 年和 2029 年上線，主要透過我們的 FERC 公式進行回收。

Together, these regulatory and legislative changes give us greater flexibility to minimize customer impacts and to finance the construction of projects. Once we receive the appropriate approvals, we will share our plans for the proposed natural gas combustion turbines in the SPP transmission project, including prospective financing with you.

總而言之，這些監管和立法變化為我們提供了更大的靈活性，以最大限度地減少對客戶的影響並為專案建設提供資金。一旦我們獲得適當的批准，我們將與您分享我們在 SPP 輸電項目中擬建的天然氣燃氣渦輪機的計劃，包括未來的融資。

As we continue to grow the company, we will keep our financial plan objectives at the forefront, which include maintaining our competitive low rate advantage by focusing on our cost structure, minimizing the time between investments in their return and recovery and growing OGE Energy by maintaining a highly credible total return proposition for our shareholders.

隨著公司不斷發展，我們將始終把財務計劃目標放在首位，包括透過專注於成本結構來保持我們的競爭性低利率優勢，最大限度地縮短投資回報和回收之間的時間，以及透過為股東保持高度可信的總回報主張來發展 OGE Energy。

I'll close by summarizing our progress this quarter. With the first half historically representing only 30% or so of the electric company earnings for a year, our financial plan is on track, and we expect results in the top half of our guidance range. Our legislative successes provide additional flexibility that will benefit our customers, and we plan to file an Oklahoma rate review by the end of the year with Arkansas to follow thereafter.

最後，我將總結我們本季的進展。從歷史上看，上半年的收益僅佔電力公司全年收益的 30% 左右，我們的財務計劃進展順利，我們預計業績將達到指導範圍的上半部分。我們的立法成功提供了額外的靈活性，這將使我們的客戶受益，我們計劃在今年年底前提交俄克拉荷馬州的費率審查，隨後提交阿肯色州的費率審查。

We are confident in our ability to achieve our consolidated earnings growth rate of 5% to 7% based on the midpoint of our 2025 guidance. The strength of the current year's plan allows us to continue to focus on the future, address our customers' expectations of a safe and reliable system and to deliver power at some of the lowest rates in the nation.

我們有信心，根據 2025 年指引的中點，我們能夠達到 5% 至 7% 的綜合獲利成長率。今年計劃的優勢使我們能夠繼續專注於未來，滿足客戶對安全可靠系統的期望，並以全國最低的價格提供電力。

As always, our confidence remains based on the dedication of our employees and their ability to get the job done. That concludes our prepared remarks, and we'll now open the line for your questions.

像往常一樣，我們的信心仍然基於員工的奉獻精神和他們完成工作的能力。我們的準備好的演講到此結束，現在我們將開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Nicholas Campanella, Barclays

巴克萊銀行的尼古拉斯·坎帕內拉

Hey everybody, it's actually Nathan Richardson on for Nick. It's actually Nathan Richardson on for Nick. Just a few questions here. Can you please provide a little bit of color on what is driving the weaker industrial sales?

大家好，我是 Nathan Richardson，代替 Nick 上場。實際上是內森理查森 (Nathan Richardson) 代替尼克 (Nick)。這裡只有幾個問題。您能否稍微解釋一下導致工業銷售疲軟的原因？

Yes, Nathan. So we've talked about this -- addressed this in the comments a little bit. I mean these types of customers, first of all, they're a little more chunky, if you will, right? I mean it's -- they're a little more power-intensive customers. And they're going to have cycles for maintenance. And so it's going to be a little noticeable when they go down for areas like that.

是的，內森。因此，我們已經討論過這個問題——在評論中稍微提到了這一點。我的意思是，首先，這些類型的客戶體型比較胖，對吧？我的意思是──他們是更耗電的客戶。並且它們會有維護週期。因此，當他們前往這些地區時，這一點會比較明顯。

And like I said earlier, we've got line of sight to many of those coming back online as well as incremental load coming in the foreseeable future. So I think, again, there's just one section. Take a step back and you look at the overall growth, we're at 6.5%. And so you're really seeing strong performance across the portfolio as a whole.

正如我之前所說的，我們已經預見到許多重新上線的伺服器以及可預見的未來即將增加的負載。所以我認為，再說一次，只有一個部分。退一步來看，整體成長率為 6.5%。因此，您確實看到整個投資組合表現強勁。

Got it. Okay. That makes sense. And then excluding the midstream operations onetime legacy benefit, how can we think about parent drag for 2025? And how could that grow for the remainder of the forecast period as you finance your growth plan?

知道了。好的。這很有道理。然後排除中游業務一次遺留收益，我們如何考慮 2025 年的母公司拖累？當您為成長計畫提供資金時，在剩餘的預測期內，這一數字將如何成長？

So I think the onetime benefit that we mentioned is just that. It's a onetime benefit. So I think you should largely ignore that from that perspective. And so we're really squarely on our guidance for this year, excluding that item.

所以我認為我們提到的一次性好處就是這樣。這是一次性福利。所以我認為從這個角度來看你應該忽略這一點。因此，除了該項目之外，我們今年的指導方針確實是正確的。

Okay. Got it. And then just one more. So you're still exploring options for generation capacity additions into '29. You mentioned a few things, but I was wondering how could it end up shaping out for ownership versus PPA? And could there be an update on year-end?

好的。知道了。然後再來一個。所以您仍在探索在 29 年增加發電容量的選項。您提到了一些事情，但我想知道最終所有權與 PPA 之間會如何形成？年底會有更新嗎？

Yes. This is Sean. Absolutely. I think we've expressed our strong preference to own these assets. While we're building them, we do secure kind of short-term bridge capacity to kind of as we're building those out. I would expect -- we're going through all those right now. What we filed for earlier this summer was what we concluded in terms of negotiations, but we're still negotiating other agreements. And when we get those finalized, we'll file for those.

是的。這是肖恩。絕對地。我認為我們已經表達了擁有這些資產的強烈意願。在建造這些橋樑的同時，我們確實確保了某種短期橋樑能力，以便在建造過程中順利完成。我希望——我們現在正在經歷所有這些。我們今年夏初提出的申請就是我們在談判中達成的協議，但我們仍在就其他協議進行談判。當我們最終確定這些之後，我們就會提交申請。

Got it. That's all I had. Thank you so much.

知道了。這就是我所擁有的一切。太感謝了。

Thanks. Have a great day.

謝謝。祝你有美好的一天。

(Operator Instructions)

（操作員指示）

Julien Dumoulin-Smith of Jefferies.

傑富瑞的 Julien Dumoulin-Smith。

Yeah, hi, good morning. It's Brian Russo on for Julien. Just maybe to follow up on the upcoming additional capacity procurement. Can you kind of tie that into what's been outlined in the 2025 draft IRP I think it's at least 800 megawatts maybe by 2030. And what is kind of the update there with, like you mentioned, ongoing negotiations with bidders and own versus PPAs or bridge PPAs?

是的，你好，早安。布萊恩·魯索 (Brian Russo) 取代朱利安 (Julien)。也許只是為了跟進即將到來的額外產能採購。您能否將其與 2025 年 IRP 草案中概述的內容連結起來？我認為到 2030 年至少會達到 800 兆瓦。正如您所提到的，與投標人以及自有電力購買協議 (PPA) 或橋樑電力購買協議 (PPA) 的持續談判有何最新進展？

Yes. What -- I'm sorry, Brian. A couple of things are going on at the same time with the updated RFP, right? I mean, so we've made some assumptions in there for some potential large loads that we're negotiating on. As I said before, those don't all occur at once. There's a ramp schedule. So there's a little bit of movement there.

是的。什麼——對不起，布萊恩。更新 RFP 的同時，還有幾件事正在發生，對嗎？我的意思是，我們對正在談判的一些潛在的大負荷做出了一些假設。正如我之前所說，這些事情不會同時發生。有一個坡道時間表。所以那裡有一點點動靜。

And then the second piece is we're still in negotiations from the last RFP we did. So to the extent we fill some of that, you're looking for what the gap looks like. And I think what we're trying to convey is, we're probably going to continue to add generation capacity over the next few years. But the absolute amount and timing is going to be somewhat dependent upon some of these loads coming in. And so instead of -- I'm not really in a position to give you a definitive number, but I think what I'm doing is giving you a directional number that you should expect us to continue to add capacity.

第二點是我們仍在就上次的 RFP 進行談判。因此，在我們填補其中的一些空白時，您要尋找的是空白的樣子。我認為我們想要傳達的是，我們可能會在未來幾年繼續增加發電能力。但絕對數量和時間將在一定程度上取決於部分負載的到來。因此，我實際上無法給你一個確切的數字，但我認為我所做的是給你一個方向性的數字，你應該期望我們繼續增加容量。

Okay. Great. And then also the mention of company X and then company Y in the 2025 draft IRP. Just curious, are there any updates on the development of the Google Stillwater data center site?

好的。偉大的。然後在 2025 年 IRP 草案中也提到了 X 公司和 Y 公司。只是好奇，Google Stillwater 資料中心站點的開發有什麼最新消息嗎？

Yes. I think those negotiations are progressing. And I think we're getting closer and closer to achieving our objectives in terms of protecting our existing customers and make sure it's value accretive to us. And so those negotiations are getting closer and closer.

是的。我認為這些談判正在取得進展。我認為，在保護現有客戶並確保其為我們帶來價值增值方面，我們越來越接近實現我們的目標。因此，這些談判正變得越來越接近。

Okay. Great. And then just lastly, just to clarify, does the -- now that you're at the top end of your guidance, does that include the onetime midstream tax gain? Otherwise, you'd probably still be in the middle? Or is July weather a factor as well?

好的。偉大的。最後，只是為了澄清一下，現在您已經達到了指導的最高點，這是否包括一次性的中游稅收收益？否則，你可能仍處於中間？還是七月的天氣也是一個因素？

So just to clarify, we're pointing towards the top half of the range. And yes, that does include the impact. That's -- it's on the earnings we will report at the end of the year. So that would include this benefit that was mentioned.

因此，為了澄清起見，我們指的是該範圍的上半部。是的，這確實包括影響。那是——這是我們將在年底報告的收益。因此這將包括所提到的這個好處。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks Brian.

謝謝布萊恩。

Dylan Lipner of Ladenburg Thalmann

拉登堡塔爾曼的迪倫·利普納

Congrats on a good quarter. Just real quick kind of piggybacking with the 450 megawatts of Horseshoe Lake coming on in 2029, is the company expected to be long capacity at the end of the decade? And if so, how do you see that need being filled?

恭喜本季業績良好。只是快速搭上 2029 年 Horseshoe Lake 450 兆瓦發電廠的便車，該公司是否預計在 2020 年前實現長期產能？如果是的話，您認為該如何滿足這項需求？

Yes, I don't anticipate us being long. I think we've been very consistent in saying that we're going to be in a continuous adding capacity mode, and we're doing that into the load growth. So you should expect us to -- if there is any surplus, it's de minimis and will quickly be filled by future growth.

是的，我預計我們不會在一起太久。我認為我們一直非常一致地表示，我們將處於持續增加容量的模式，並且我們正在將這一模式應用到負載成長中。所以你應該期待我們——如果有任何盈餘，那也是微不足道的，很快就會被未來的成長所填補。

Great, that's all I got for you guys. Thank you very much.

太好了，這就是我要告訴你們的全部。非常感謝。

Thanks. Have a great day.

謝謝。祝你有美好的一天。

I'm showing no further questions at this time. I would now like to turn it back to Sean Trauschke for closing remarks.

我目前沒有其他問題。現在我想請 Sean Trauschke 作最後發言。

Thank you, Marvin. Well, thank you all for joining us today. Thank you for your interest, and I look forward to seeing everyone very soon. Have a great day.

謝謝你，馬文。好的，感謝大家今天加入我們。感謝您的關注，我期待很快與大家見面。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You will now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在將斷開連線。