公共服務電力與天然氣 (PEG) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Rob, and I'll be your operator of event today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's First Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions)

女士們，先生們，謝謝你們的支持。我叫 Rob，今天我將擔任你們的活動負責人。歡迎大家參加今天的會議，公共服務企業集團 2023 年第一季度收益電話會議和網絡直播。 （操作員說明）

As a reminder, this conference is being recorded today, May 2, 2023, and will be available for replay as an audio webcast on PSEG's Investor Relations website at https://investor.pseg.com. I would now like to turn the conference over to Carlotta Chan. Please go ahead.

提醒一下，本次會議將於今天（2023 年 5 月 2 日）進行錄製，並將在 PSEG 的投資者關係網站 https://investor.pseg.com 上以音頻網絡廣播的形式重播。我現在想把會議轉交給 Carlotta Chan。請繼續。

Good morning, and welcome to PSEG's First Quarter 2023 Earnings Presentation. On today's call are Ralph LaRossa, Chair, President and CEO; and also Dan Cregg, Executive Vice President and CFO. The press release, attachments and slides for today's discussion are posted on our IR website at investor.pseg.com, and our 10-Q will be filed shortly.

早上好，歡迎來到 PSEG 的 2023 年第一季度收益演示會。主席、總裁兼首席執行官拉爾夫·拉羅薩 (Ralph LaRossa) 出席了今天的電話會議；以及執行副總裁兼首席財務官 Dan Cregg。今天討論的新聞稿、附件和幻燈片發佈在我們的 IR 網站 investor.pseg.com 上，我們的 10-Q 將很快提交。

PSEG's earnings release and other matters discussed during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. We will also discuss non-GAAP operating earnings which differs from net income or net loss, as reported in accordance with generally accepted accounting principles or GAAP in the United States. We include reconciliations of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IR website and in today's materials.

PSEG 的收益發布和今天電話會議中討論的其他事項包含受各種風險和不確定性影響的前瞻性陳述和估計。我們還將討論非 GAAP 營業收入，它不同於根據公認會計原則或美國 GAAP 報告的淨收入或淨虧損。我們在我們的 IR 網站和今天的材料中包括我們的非 GAAP 財務措施的調節和關於前瞻性陳述的免責聲明。

Following Ralph and Dan's prepared remarks, we will conduct a 30-minute question-and-answer session. I will now turn the call over to Ralph LaRossa.

在 Ralph 和 Dan 準備好的發言之後，我們將進行 30 分鐘的問答環節。我現在將電話轉給 Ralph LaRossa。

Thank you, Carlotta. Good morning to everyone, and thanks for joining us to review PSEG's first quarter results. As indicated in our release, PSEG reported first quarter 2023 net income of $1.287 billion or $2.58 a share compared to a net loss of $2 million or less than $0.01 a share for the first quarter of 2022. Non-GAAP operating earnings for the first quarter were $695 million or $1.39 per share compared to $672 million or $1.33 per share for the first quarter of 2022.

謝謝你，卡洛塔。大家早上好，感謝您加入我們回顧 PSEG 第一季度的業績。正如我們發布的那樣，PSEG 報告 2023 年第一季度淨收入為 12.87 億美元或每股 2.58 美元，而 2022 年第一季度淨虧損為 200 萬美元或每股不到 0.01 美元。第一季度非美國通用會計準則營業收入為 6.95 億美元或每股 1.39 美元，而 2022 年第一季度為 6.72 億美元或每股 1.33 美元。

The non-GAAP results for first quarter 2023 and 2022 exclude items shown in Attachment 7 and 8 provided in the release. PSEG delivered solid operating and financial performance to begin the year, and we are on track to achieve our full year 2023 non-GAAP operating earnings guidance of $3.40 to $3.50 per share. We are executing our plan to grow PSEG while also increasing its predictability, which we outlined in our March 10 investor conference. In addition to introducing PSEG's 10-year capital spending forecast during the conference, we announced the decision to retain our 5-unit nuclear generating fleet and exit offshore wind generation.

2023 年和 2022 年第一季度的非 GAAP 業績不包括新聞稿中提供的附件 7 和 8 中顯示的項目。 PSEG 在年初實現了穩健的運營和財務業績，我們有望實現 2023 年全年非 GAAP 每股收益 3.40 美元至 3.50 美元的目標。我們正在執行我們的計劃來發展 PSEG，同時提高其可預測性，我們在 3 月 10 日的投資者會議上概述了這一點。除了在會議期間介紹 PSEG 的 10 年資本支出預測外，我們還宣布了保留我們的 5 台核電機組並退出海上風力發電的決定。

The utility invested approximately $800 million during the first quarter of 2023, consistent with its full year capital plan of $3.5 billion. These investments will be directed to modernizing T&D infrastructure, clean energy future programs and the last mile projects in the infrastructure advancement program that support New Jersey's policies for energy transition. The 2023 capital spending program also represents PSE&G's largest investment plan to date and drives PSEG's long-term growth outlook for non-GAAP operating earnings of 5% to 7% over the 5-year period through 2027.

該公用事業公司在 2023 年第一季度投資了約 8 億美元，符合其 35 億美元的全年資本計劃。這些投資將用於 T&D 基礎設施現代化、清潔能源未來計劃以及支持新澤西州能源轉型政策的基礎設施推進計劃中的最後一英里項目。 2023 年資本支出計劃也是 PSE&G 迄今為止最大的投資計劃，並推動 PSEG 在截至 2027 年的 5 年期間非 GAAP 營業收入的長期增長前景為 5% 至 7%。

PSE&G completed the second phase of its Gas System Monetization Program in February. And in order to continue these critical infrastructure investments proposed a third phase with the New Jersey Board of Public Utilities, or the BPU, to invest $2.5 billion over a 3-year period. This effort will reduce methane leaks and carbon emissions as we work to expand clean energy options for our customers.

PSE&G 在 2 月份完成了其天然氣系統貨幣化計劃的第二階段。為了繼續進行這些關鍵基礎設施投資，新澤西州公用事業委員會 (BPU) 提出了第三階段的建議，在 3 年內投資 25 億美元。隨著我們努力為客戶擴大清潔能源選擇範圍，這項工作將減少甲烷洩漏和碳排放。

Also in February, the BPU approved an accounting order allowing PSE&G to modify its methodology for amortizing a component of pension expense for ratemaking purposes. This is consistent with our request to reduce the impact of pension accounting on our reported results. Additionally, during the first quarter, PSEG achieved several milestone metrics in customer satisfaction and nuclear operations, ratified new labor agreements with all of our New Jersey unions and implemented back-to-back gas supply cost reductions that helped on the customer affordability front.

同樣在 2 月，BPU 批准了一項會計令，允許 PSE&G 修改其用於攤銷養老金費用組成部分的方法，以用於費率制定。這與我們減少養老金會計對我們報告結果的影響的要求是一致的。此外，在第一季度，PSEG 在客戶滿意度和核運營方面取得了多項里程碑式的指標，批准了與我們新澤西州所有工會的新勞動協議，並實施了背靠背的天然氣供應成本削減，這有助於降低客戶的負擔能力。

On the customer satisfaction measures, PSE&G achieved top quartile performance overall among large utilities in the East in J.D. Power's first quarter 2023 residential electric and gas studies. This follows our full year 2022 J.D. Power recognition of ranking #1 in customer satisfaction with both residential electric and gas service among large utilities in the East.

在客戶滿意度衡量指標方面，PSE&G 在 J.D. Power 的 2023 年第一季度住宅電力和天然氣研究中，在東部大型公用事業公司中整體表現名列前茅。這是繼我們 2022 年全年 J.D. Power 認可東部大型公用事業住宅電力和燃氣服務的客戶滿意度排名第一之後。

On the customer affordability front, PSE&G implemented 2 basic gas supply service commodity charge reductions during the 2023 heating season, resulting in a total bill reduction of approximately 14% per month for a typical residential gas customer.

在客戶負擔能力方面，PSE&G 在 2023 年采暖季實施了 2 次基本燃氣供應服務商品費用削減，使典型住宅燃氣客戶每月總賬單減少約 14%。

Our nuclear fleet demonstrated strong performance in the first quarter, operated at 100% capacity factor and maintained a strong ranking on the Institute for Nuclear Power Operations performance indicator index. We have also authorized the funding required to transition our 100% owned Hope Creek unit from an 18-month to a 24-month fuel cycle starting in 2025 and our monitoring NRC approval of a fuel change that would enable the transition of our co-owned Salem units to a 24-month fuel cycle in the future.

我們的核電機組在第一季度表現強勁，以 100% 的容量係數運行，並在核電運營協會績效指標指數中保持強勢排名。我們還授權了從 2025 年開始將我們 100% 擁有的 Hope Creek 裝置從 18 個月的燃料循環過渡到 24 個月的燃料循環所需的資金，以及我們監督 NRC 批准的燃料變更，這將使我們的共同擁有的過渡塞勒姆機組未來可進行 24 個月的燃料循環。

We also continue to evaluate power upgrade options for our Salem units to increase their generation capacity in the back half of this decade. Salem Unit 2 has completed a scheduled refueling outage and was synchronized for the regional power grid last Friday. Turning to our union contracts, following constructive discussions, PSEG recently reached new 4-year labor agreements with all of our unions representing employees in New Jersey. This provides all parties with visibility and predictability on compensation and benefits into 2027.

我們還繼續評估我們的 Salem 裝置的電源升級選項，以在本十年的後半期增加它們的發電量。塞勒姆 2 號機組已完成預定的換料停運，並於上週五與區域電網同步。談到我們的工會合同，經過建設性的討論，PSEG 最近與代表新澤西州員工的所有工會達成了新的 4 年勞動協議。這為各方提供了到 2027 年薪酬和福利的可見性和可預測性。

During 2022, PSEG also hired over 1,000 new employees and maintained and created thousands of essential good-paying jobs for the New Jersey economy, like PSE&G's award-winning clean energy jobs training program, which is focused on employment opportunities for underserved communities.

2022 年期間，PSEG 還僱用了 1,000 多名新員工，並為新澤西經濟維持和創造了數千個重要的高薪工作崗位，例如 PSE&G 屢獲殊榮的清潔能源工作培訓計劃，該計劃側重於為服務欠缺的社區提供就業機會。

Turning to Governor Murphy's 3 executive orders issued in February to combat climate change and power the next New Jersey. We are developing proposals to help support and advance the state's updated and expanded energy policy goals, which we also believe can represent a $3 billion to $7 billion incremental investment opportunity for PSE&G through 2032.

轉向墨菲州長 2 月份發布的 3 項行政命令，以應對氣候變化並為下一個新澤西州提供電力。我們正在製定提案，以幫助支持和推進該州更新和擴展的能源政策目標，我們還認為，到 2032 年，這可能代表 PSE&G 增加 30 億至 70 億美元的投資機會。

BPU is expected to be the primary implementation agency for all 3 executive orders over the next 12 to 18 months. We anticipate that the BPU will update their energy master plan with specific short- and long-term proposals to achieve the state's accelerated target of 100% of electricity sold in the state coming from carbon-free resources by 2035, using a strategic road map with strategies to achieve the goals of having 400,000 homes, 20,000 commercial properties and an additional 10% of all low-to-moderate income properties, electrification ready by 2030, and (inaudible) stakeholder process for the future of natural gas utilities, aimed at reducing emissions, all consistent with the state goals, while also considering impacts on costs and jobs.

BPU 預計將在未來 12 至 18 個月內成為所有 3 項行政命令的主要執行機構。我們預計 BPU 將通過具體的短期和長期建議更新他們的能源總體規劃，以實現該州的加速目標，即到 2035 年該州銷售的電力 100% 來自無碳資源，使用戰略路線圖實現擁有 400,000 套住房、20,000 套商業地產和額外 10% 的所有中低收入房產、到 2030 年電氣化準備就緒以及（聽不清）利益相關者對天然氣公用事業未來進程的目標的戰略，旨在減少排放量，均符合國家目標，同時還考慮了對成本和就業的影響。

On the ESG front, Forbes recently added PSEG to its 2023 list of America's best employers for diversity. In addition, PSEG continues to work towards developing and submitting for validation our emissions targets for Scope 1, 2 and 3 to the U.N. backed science-based target initiative this fall. But we are off to a solid start in 2023. We are on track with PSEG's full year 2023 non-GAAP operating earnings guidance of $3.40 to $3.50 per share and with PSE&G's $3.5 billion planned capital spend for 2023.

在 ESG 方面，福布斯最近將 PSEG 添加到其 2023 年美國最佳多元化雇主名單中。此外，PSEG 繼續致力於製定範圍 1、範圍 2 和範圍 3 的排放目標，並在今年秋天向聯合國支持的基於科學的目標倡議提交驗證。但我們在 2023 年有了一個堅實的開端。PSEG 的 2023 年全年非 GAAP 營業收入指引為每股 3.40 美元至 3.50 美元，PSE&G 的 2023 年計劃資本支出為 35 億美元，我們正步入正軌。

The 5-year capital spending program over 2023 to 2027 of $15.5 billion to $18 billion drives our 6% to 7.5% compound annual growth rate in rate base over that same 5-year period. These utility investments and the cash generation from our nuclear fleet position us to continue supporting growth in our common dividend, which we recently raised by $0.12 to the indicative annual rate of $2.28 per share. It enables funding our capital investment program through 2027 without the need to issue new equity or sell parts of our company in order to grow.

2023 年至 2027 年的 5 年資本支出計劃為 155 億美元至 180 億美元，推動我們在同一 5 年期間的利率基數實現 6% 至 7.5% 的複合年增長率。這些公用事業投資和核電機組產生的現金使我們能夠繼續支持共同股息的增長，我們最近將共同股息提高了 0.12 美元，達到每股 2.28 美元的指示性年利率。它使我們能夠在 2027 年之前為我們的資本投資計劃提供資金，而無需發行新股本或出售我們公司的部分股份以實現增長。

The month of May marks the 120th anniversary of Public Service. We thank our 12,000 dedicated employees and the ones before us for carrying forward the company's proud legacy of safe and reliable service. As we look to the next 120 years, I see a long runway of opportunity in the energy transition. We are seeing trends like the new business request trickle in from behind the charger infrastructure work, policymakers pushing ahead on the next phase of offshore wind transmission and future investment opportunities in New Jersey's accelerated and expanded clean energy policy goals.

五月是公共服務成立 120 週年。我們感謝我們的 12,000 名敬業的員工和我們之前的員工，感謝他們發揚了公司引以為豪的安全可靠服務傳統。展望未來 120 年，我看到了能源轉型的漫長機遇。我們看到的趨勢包括充電基礎設施工作背後的新業務需求、政策制定者推進下一階段的海上風電傳輸以及新澤西州加速和擴大清潔能源政策目標的未來投資機會。

In fact, just last week, the BPU in keeping with their stated intentions open the next solicitation window for offshore wind transmission solutions in 2024. The Board staff and PDM recommended the PSE&G Deans 500 kV substation as the preferred interconnection point to facilitate the additional injection of 3,500 megawatts of power, part of New Jersey's goal of adding 11,000 megawatts of offshore wind resources. We fully intend to continue pursuing regulated offshore wind transmission investment opportunities, both at our utility and separately at PSEG Power and Other. This ongoing investment in the New Jersey economy and its energy infrastructure improves the reliability of our networks as well as the predictability of the business, which we hope our stakeholders find to be a compelling value proposition. I'll now turn the call over to Dan for more details on the operating results, and we'll be available for your questions after his remarks.

事實上，就在上週，BPU 按照他們的既定意圖，在 2024 年開啟了下一個海上風電傳輸解決方案的招標窗口。董事會工作人員和 PDM 推薦 PSE&G Deans 500 kV 變電站作為首選互連點，以促進額外注入3,500 兆瓦的電力，這是新澤西州增加 11,000 兆瓦海上風能資源目標的一部分。我們完全打算繼續在我們的公用事業和 PSEG Power and Other 中尋求受監管的海上風電傳輸投資機會。這項對新澤西經濟及其能源基礎設施的持續投資提高了我們網絡的可靠性以及業務的可預測性，我們希望我們的利益相關者發現這是一個引人注目的價值主張。我現在將電話轉給 Dan 以了解有關運營結果的更多詳細信息，我們將在他發表評論後回答您的問題。

Good morning, everybody, and thank you, Ralph. As Ralph mentioned, for the first quarter of 2023, PSEG reported net income of $1.287 billion or $2.58 per share compared to a net loss of $2 million or less than $0.01 per share for the first quarter of 2022.

大家早上好，謝謝你，拉爾夫。正如拉爾夫提到的那樣，2023 年第一季度，PSEG 報告的淨收入為 12.87 億美元或每股 2.58 美元，而 2022 年第一季度的淨虧損為 200 萬美元或每股不到 0.01 美元。

Non-GAAP operating earnings for the first quarter of 2023 were $695 million or $1.39 per share compared to $672 million or $1.33 per share for the first quarter of 2022. We have provided you with information on Slide 9 regarding the contribution to non-GAAP operating earnings per share by business for the first quarter of 2023 and Slide 10 contains a waterfall chart that takes you through the net changes quarter-over-quarter in the non-GAAP operating earnings per share by major business.

2023 年第一季度的非 GAAP 營業收入為 6.95 億美元或每股 1.39 美元，而 2022 年第一季度為 6.72 億美元或每股 1.33 美元。我們在幻燈片 9 上為您提供了有關對非 GAAP 營業收入的貢獻的信息2023 年第一季度各企業的每股收益和幻燈片 10 包含一個瀑布圖，可帶您了解主要企業非 GAAP 每股營業收益的季度環比淨變化。

Starting with PSE&G. PSE&G reported first quarter 2023 net income of $487 million or $0.98 per share compared to $509 million or $1.02 per share in the first quarter of 2022. First quarter 2023 non-GAAP operating earnings were $492 million or $0.99 per share compared with $509 million or $1.01 per share in the first quarter of 2022. The main drivers for the quarter were the rate base additions from transmission and our Gas System Modernization Investment Programs, which were offset by the lower pension credits and the timing of taxes.

從 PSE&G 開始。 PSE&G 報告 2023 年第一季度淨收入為 4.87 億美元或每股 0.98 美元，而 2022 年第一季度為 5.09 億美元或每股 1.02 美元。2023 年第一季度非美國通用會計準則營業收入為 4.92 億美元或每股 0.99 美元，而 5.09 億美元或每股 1.01 美元2022 年第一季度每股收益。本季度的主要驅動因素是傳輸和我們的天然氣系統現代化投資計劃的費率基礎增加，這被較低的養老金抵免額和稅收時間所抵消。

Compared to the first quarter of 2022, transmission was $0.01 per share higher, GAAP margin was $0.01 per share higher, driven by $0.03 per share of favorable GSMP investment return that was partly offset by $0.01 per share of lower non-ship demand due to the warm weather and other margin items. Electric margin was flat compared to the first quarter of 2022, also reflecting the absence of favorable SIP through up in the year earlier quarter, partly offset by growth in the number of customers.

與 2022 年第一季度相比，輸電業務每股增長 0.01 美元，GAAP 利潤率每股增長 0.01 美元，這是由於有利的 GSMP 投資回報每股 0.03 美元，但部分被非船舶需求下降的每股 0.01 美元所抵消，原因是溫暖的天氣和其他保證金項目。與 2022 年第一季度相比，電力利潤率持平，這也反映出去年同期沒有有利的 SIP 增長，部分被客戶數量的增長所抵消。

Other electric and gas margin added $0.01 per share, reflecting both the earnings impact of the TAC or the tax adjustment credit and appliance service results. Lower distribution O&M expense added $0.03 per share compared to the first quarter of 2022, primarily reflecting reduced weather-related corrective maintenance and gas maintenance costs. Both depreciation and interest expense increased by $0.01 per share compared to the first quarter of 2022, reflecting continued growth in investment.

其他電力和天然氣利潤率每股增加 0.01 美元，反映了 TAC 的收益影響或稅收調整抵免和家電服務結果。與 2022 年第一季度相比，較低的配電 O&M 費用增加了每股 0.03 美元，主要反映了與天氣相關的糾正性維護和氣體維護成本的減少。與 2022 年第一季度相比，折舊和利息支出每股增加 0.01 美元，反映出投資持續增長。

Lower pension credits reflecting 2022's investment returns resulted in a $0.04 per share unfavorable comparison to the year earlier quarter. The impact of PSEG's $500 million share repurchase program completed in May 2022, had a $0.01 per share benefit in the first quarter of 2023.

較低的養老金信貸反映了 2022 年的投資回報，導致每股 0.04 美元與去年同期相比不利。 PSEG 於 2022 年 5 月完成的 5 億美元股票回購計劃的影響在 2023 年第一季度的每股收益為 0.01 美元。

Lastly, the timing of an effective tax rate adjustment and other flow-through taxes had a net unfavorable impact of $0.03 per share compared to the first quarter of 2022, but will reverse over the remainder of the year, driven by the use of an annual effective tax rate. The SIP mechanism in effect since 2021 limits the impact of weather and other sales variances, positive or negative on electric and gas margins, while enabling PSE&G to promote the widespread adoption of its energy efficiency programs.

最後，與 2022 年第一季度相比，有效稅率調整和其他流轉稅的時機產生了每股 0.03 美元的淨不利影響，但由於使用年度有效稅率。自 2021 年起生效的 SIP 機制限制了天氣和其他銷售差異對電力和天然氣利潤率的正面或負面影響，同時使 PSE&G 能夠促進其能效計劃的廣泛採用。

Winter weather in the first quarter of 2023 was the warmest first quarter in PSE&G's records. Measured by heating degree days, the first quarter of 2023 was 23% warmer than the first quarter of 2022 and 23% warmer than normal. The SIP mechanism allowed us to recover the impact of this extreme weather on sales. Growth in the number of electric and gas customers, the driver of margin under the SIP mechanism, continues to be positive and were each up 1% during the trailing 12-month period.

2023 年第一季度的冬季天氣是 PSE&G 記錄中最熱的第一季度。以采暖度日計算，2023年一季度較2022年一季度偏暖23%，較常年偏暖23%。 SIP 機制使我們能夠恢復這種極端天氣對銷售的影響。作為 SIP 機制下利潤率驅動力的電力和天然氣客戶數量的增長繼續保持正增長，並且在過去 12 個月期間各增長 1%。

PSE&G invested $800 million during the first quarter and is on track to execute its planned 2023 capital investment program of $3.5 billion that includes infrastructure upgrades to its transmission and distribution facilities, Energy Strong II investments, last mile spend in the infrastructure advancement program and the continued rollout of the clean energy future investments in energy efficiency and the energy and cloud, including smart meters.

PSE&G 在第一季度投資了 8 億美元，並有望執行其計劃中的 2023 年 35 億美元資本投資計劃，其中包括輸配電設施的基礎設施升級、Energy Strong II 投資、基礎設施改進計劃的最後一英里支出以及持續的推出清潔能源 未來對能源效率和能源與雲的投資，包括智能電錶。

For the full year 2023, PSE&G's forecast of non-GAAP operating earnings is unchanged at $1.5 billion to $1.525 billion. Moving on to PSEG Power and Other, which includes our nuclear fleet, gas operations, Long Island and parent activities, including interest expense. For the first quarter of 2023, Power & Other reported net income of $800 million or $1.60 per share and non-GAAP operating earnings of $203 million or $0.40 per share.

對於 2023 年全年，PSE&G 的非 GAAP 營業收入預測保持在 15 億美元至 15.25 億美元不變。轉向 PSEG 電力和其他，包括我們的核艦隊、天然氣業務、長島和母公司活動，包括利息費用。 2023 年第一季度，Power & Other 報告的淨收入為 8 億美元或每股 1.60 美元，非 GAAP 營業收入為 2.03 億美元或每股 0.40 美元。

This compares to first quarter 2022 net loss of $511 million or $1.02 per share and non-GAAP operating earnings of $163 million or $0.32 per share. We previously mentioned that PSEG Power would benefit from an approximate $4 per megawatt hour increase in the average price of our 2023 hedged output, which rose to approximately $31 per megawatt hour. The majority of this annual price improvement was realized during the first 3 months of the year with higher winter pricing driving most of the increase. And as a result, gross margin for the quarter rose by a total of $0.10 per share, driven primarily by a $0.17 per share increase from recontracting 8.4 terawatt hours of generation and market impacts from the step-up in power prices.

相比之下，2022 年第一季度淨虧損為 5.11 億美元或每股 1.02 美元，非 GAAP 營業收入為 1.63 億美元或每股 0.32 美元。我們之前提到，PSEG Power 將受益於我們 2023 年對沖輸出的平均價格每兆瓦時增加約 4 美元，升至每兆瓦時約 31 美元。這一年度價格上漲的大部分是在今年前 3 個月實現的，冬季價格上漲推動了大部分漲幅。因此，本季度的毛利率總計上漲了 0.10 美元/股，這主要是由於重新承包 8.4 太瓦時的發電量而每股增加 0.17 美元，以及電價上漲對市場的影響。

The gross margin increase also includes lower capacity revenues of $0.02 per share and lower gas operations of $0.05 per share, reflecting lower capacity and natural gas prices during the first quarter of 2022. First quarter cost comparisons improved by $0.01 per share in 2023, reflecting lower nuclear costs and reduced spend on offshore wind activity versus 2022. Higher interest expense covering PSEG Power and parent financings were $0.04 per share unfavorable compared to the year ago quarter from refinancing maturing debt at higher rates.

毛利率增長還包括每股 0.02 美元的產能收入和每股 0.05 美元的天然氣業務收入，反映出 2022 年第一季度產能和天然氣價格較低。2023 年第一季度成本比較每股改善 0.01 美元，反映出較低的成本與 2022 年相比，核成本和海上風電活動支出減少。PSEG Power 和母公司融資的利息支出增加，每股 0.04 美元，與去年同期相比不利，原因是以更高的利率對到期債務進行再融資。

Lower pension credits from 2022 investment returns were $0.03 per share unfavorable versus the first quarter of 2022. Taxes and other were $0.04 per share favorable compared to the first quarter of 2022, reflecting the use of a lower effective tax rate in the quarter that will reverse over the balance of 2023, partly offset by lower investment income.

與 2022 年第一季度相比，2022 年投資回報的較低養老金抵免額為每股 0.03 美元不利。與 2022 年第一季度相比，稅收和其他因素為每股有利 0.04 美元，反映出本季度使用較低的有效稅率將逆轉超過 2023 年的餘額，部分被較低的投資收入所抵消。

On the operating side, the nuclear fleet produced approximately 8.4 terawatt hours during the first quarter of 2023, similar to the first quarter of 2022 and ran at a capacity factor of 100%.

在運營方面，核電機組在 2023 年第一季度產生了約 8.4 太瓦時，與 2022 年第一季度相似，並以 100% 的容量係數運行。

For the full year 2023, PSEG is forecasting a generation output of 30 to 32 terawatt hours and has hedged approximately 95% to 100% of this production at an average price of $31 per megawatt hour. For 2024, PSEG is again forecasting nuclear baseline output of 30 to 32 terawatt hours, and I said 75% to 80% of this output at an effective price of $37 per megawatt hour.

對於 2023 年全年，PSEG 預測發電量為 30 至 32 太瓦時，並以每兆瓦時 31 美元的平均價格對沖了約 95% 至 100% 的產量。對於 2024 年，PSEG 再次預測核基線產量為 30 至 32 太瓦時，我說的是該產量的 75% 至 80%，有效價格為每兆瓦時 37 美元。

Forecast non-GAAP operating earnings for PSEG Power and Other is unchanged at $200 million to $225 million for the full year. This forecast reflects the realization of a majority of the expected increase in the average 2023 annual hedge price in the first quarter of the year with minimal incremental pricing improvement compared to the prior year expected over the balance of 2023.

PSEG Power and Other 的全年預測非 GAAP 營業收入保持在 2 億至 2.25 億美元不變。該預測反映了今年第一季度實現了 2023 年平均對沖價格的大部分預期增長，與上一年預計的 2023 年剩餘時間相比，增量定價改善微乎其微。

Moving on to recent financing activity. As of March 31, 2023, PSEG had available credit capacity of $3.9 billion, including $1 billion at PSE&G. In addition, PSEG had total cash and cash equivalents on hand of approximately $1.2 billion. PSEG Power had net cash collateral postings of $700 million at March 31, primarily related to out-of-the-money hedged positions resulting from higher energy prices. As these historical lower-priced trades continue to settle through 2023 and into 2024, collateral has returned as PSEG Power satisfies its obligations under those contracts.

繼續最近的融資活動。截至 2023 年 3 月 31 日，PSEG 的可用信貸能力為 39 億美元，其中包括 PSE&G 的 10 億美元。此外，PSEG 手頭的現金和現金等價物總額約為 12 億美元。截至 3 月 31 日，PSEG Power 的淨現金抵押過賬為 7 億美元，主要與能源價格上漲導致的價外對沖頭寸有關。隨著這些歷史低價交易在 2023 年和 2024 年繼續結算，隨著 PSEG Power 履行其在這些合同下的義務，抵押品已經歸還。

Thus far in 2023, collateral postings have been below the high levels experienced during 2022 and remained sub to market moves. Early in the first quarter, we prepaid $750 million of the $1.5 billion 364-day variable rate term loan due in April. Subsequent to the end of the quarter, the remaining $750 million of the April 2023 term loan matured and was replaced by a new $750 million 364-day variable rate term loan maturing in April 2024.

到 2023 年為止，抵押品過帳一直低於 2022 年的高水平，並且仍受市場走勢影響。第一季度初，我們預付了 4 月份到期的 15 億美元 364 天可變利率定期貸款中的 7.5 億美元。本季度末，2023 年 4 月剩餘的 7.5 億美元定期貸款到期，取而代之的是 2024 年 4 月到期的新的 7.5 億美元 364 天可變利率定期貸款。

As of March 31, 2023, PSEG had outstanding a total of $1.25 billion of 364-day variable rate term loans expiring April and May of 2023 to support PSEG Power's collateral needs. And PSEG Power had outstanding a $1.25 billion variable rate term loan expiring in March 2025. In total, $1.05 billion of power and other variable debt has been swapped from variable rate to fixed as of March 31, 2023, with an additional $175 million swapped in April.

截至 2023 年 3 月 31 日，PSEG 有總額為 12.5 億美元的 364 天可變利率定期貸款，將於 2023 年 4 月和 5 月到期，以支持 PSEG Power 的抵押品需求。 PSEG Power 有一筆 12.5 億美元的可變利率定期貸款，將於 2025 年 3 月到期。截至 2023 年 3 月 31 日，總計 10.5 億美元的電力和其他可變利率債務已從可變利率轉換為固定利率，另有 1.75 億美元已轉換為固定利率四月。

Also in March, PSE&G issued a total of $900 million of green bonds consisting of $500 million of secured medium-term notes due 2033 and $400 million of secured medium-term notes due 2053. As Ralph mentioned, we are reaffirming PSEG's 2023 non-GAAP operating earnings guidance of $3.40 to $3.50 per share, with regulated operations at PSE&G forecasted to contribute $1.5 billion to $1.525 billion and PSEG Power and Other forecasted at $200 million to $225 million, noting that PSEG Power and Other has realized the majority of the expected annual price increase in recontracting during the first quarter of 2023. That concludes our formal remarks. And operator, we are ready to begin the question-and-answer session.

同樣在 3 月，PSE&G 發行了總計 9 億美元的綠色債券，其中包括 5 億美元的 2033 年到期的有擔保中期票據和 4 億美元的 2053 年到期的有擔保中期票據。正如拉爾夫提到的，我們重申 PSEG 的 2023 年非公認會計原則每股營業收入指引為 3.40 至 3.50 美元，PSE&G 的受監管業務預計貢獻 15 億至 15.25 億美元，PSEG Power and Other 預計貢獻 2 億至 2.25 億美元，並指出 PSEG Power and Other 已實現預期年度收益的大部分2023 年第一季度重新簽約的價格上漲。我們的正式發言到此結束。接線員，我們準備開始問答環節。

Operator Instructions)

操作說明）

And our first question is from the line of Shar Pourreza with Guggenheim Partners.

我們的第一個問題來自 Shar Pourreza 與 Guggenheim Partners 的合作。

So first question is on just looking at maybe opportunities to efficiently finance. I know obviously, interest rate risk has been a headwind recently, but it's embedded in plan. You don't need equity, but do you feel like you have some opportunities for maybe financing efficiencies on the debt side, especially as we kind of see a very attractive cash pay convert market unfolding 5-year terms, low 3% costs. And could that sort of benefit be accretive to that 5% to 7% you guys reiterate today, especially since you do embed a higher interest rate cost step-up?

所以第一個問題是只看可能有效融資的機會。我顯然知道，利率風險最近一直是不利因素，但它已包含在計劃中。你不需要股權，但你是否覺得你有機會提高債務方面的融資效率，特別是當我們看到一個非常有吸引力的現金支付轉換市場展開 5 年期，低 3% 的成本。這種好處是否可以增加你們今天重申的 5% 到 7%，特別是因為你們確實嵌入了更高的利率成本？

Yes. Shar, thanks for that. And I will give it to Dan in a second here. We're never going to walk away from an opportunity to save a few dollars, which is what you're referring to there. And so we wouldn't do that. I also think there's a fine line there that you have to watch from being too (inaudible) to being folks thinking that you're actually issuing equity. So I guess every one of those deals are different and we look at it and how it's structured, but we don't need to issue equity. And I just want to be certain that anything that we did to look at that would not be done in that light. So Dan, do you want to add?

是的。莎爾，謝謝你。稍後我會把它交給 Dan。我們永遠不會放棄節省幾美元的機會，這就是你在那裡所指的。所以我們不會那樣做。我還認為那裡有一條細線，你必須注意從過於（聽不清）到人們認為你實際上是在發行股票。所以我想這些交易中的每一筆都是不同的，我們會研究它以及它的結構，但我們不需要發行股票。我只是想確定我們所做的任何事情都不會從那個角度來看。所以丹，你想補充嗎？

Yes, I think that's the right theme. Shar, we obviously are going to consider all options and we do on a regular basis when we try to look at how we finance the business. But I think it probably is a better fit for somebody who has an equity need coming up. But obviously, we would look at it the same way that we would look at anything else to make sure we're financing efficiently.

是的，我認為這是正確的主題。 Shar，我們顯然會考慮所有選擇，並且在我們嘗試研究如何為業務融資時會定期考慮。但我認為它可能更適合有股權需求的人。但顯然，我們會像看待其他任何事情一樣看待它，以確保我們有效地融資。

Perfect. That was very clear. And then just lastly on the strategic side, it's obviously maybe a small upside. But do you have any sort of efficient ways to allocate proceeds for the lease sales if those occur? I mean there's been some activity on that front across the offshore wind players. So I wonder if you think it could be more accretive to hold on to some of those leases for a more competitive process and maybe more stable capital market environment there?

完美的。這很清楚。然後最後在戰略方面，這顯然可能是一個小的好處。但是，如果發生這種情況，您是否有任何有效的方法來分配租賃銷售的收益？我的意思是，海上風電公司在這方面已經開展了一些活動。所以我想知道你是否認為保留其中一些租約以獲得更具競爭力的流程和可能更穩定的資本市場環境會更有收益？

Yes. I don't know that you can perfectly time the market. I do know that acreage that we do have is off the coast of Maryland, Maryland just upsized their targeted offshore when New Jersey [guessed] on the same. Those are, I think, probably the 2 markets that those acres would serve the best. And so I think you'd look at it from an operating perspective and from a market perspective, I should say, as to when you were going to execute on that sale.

是的。我不知道你能否完美把握市場時機。我確實知道我們確實擁有的土地位於馬里蘭州海岸附近，馬里蘭州剛剛擴大了他們的目標離岸區域，而新澤西州 [猜測] 也是如此。我認為，這些可能是那些土地最適合服務的兩個市場。所以我認為你會從運營的角度和市場的角度來看待它，我應該說，關於你打算什麼時候執行那筆銷售。

And when they come in, I think it's just going to be part of general corporate funds probably the most -- the quickest and most efficient way to use those funds would be a paydown of some debt and then just redeploying capital as we see need is. It's not like we're going to -- I guess, embedded within Ralph's comments, we're not selling parts of the business in addition to not issuing equity for what we need to do. And so it's not like that's going to be required from a timing perspective to do what we need to do to fund the capital plan. I think that's all sound. And I think it's just going to go back and be part of the overall financing plan.

當他們進來時，我認為這可能只是一般公司基金的一部分——使用這些資金最快、最有效的方式是償還一些債務，然後根據我們認為需要重新部署資本是.這不像我們打算——我猜，在拉爾夫的評論中，除了不為我們需要做的事情發行股票外，我們不會出售部分業務。因此，從時間的角度來看，不需要這樣做來為資本計劃提供資金。我認為這一切都很好。而且我認為它只是要回去並成為整體融資計劃的一部分。

The next question is from Durgesh Chopra with Evercore.

下一個問題來自 Evercore 的 Durgesh Chopra。

Just -- Dan, a quick clarification on the proceeds from the lease, that would be all incremental to the current CapEx plan, right? I just want to be clear on that account.

只是 - 丹，快速澄清租賃收益，這將是當前資本支出計劃的增量，對嗎？我只想澄清一下。

Yes. It's -- and look, we shouldn't overplay the magnitude of what that's going to look like. It's going to be great, but it's not going to be life changing for the company as we go forward. It is a transaction that will be around the edges, and we'll do it. We want to make the most sense to make it the most efficient.

是的。它是 - 看，我們不應該誇大它看起來的重要性。這會很棒，但隨著我們前進，這不會改變公司的生活。這是一項邊緣交易，我們會做的。我們希望最有意義，使其最有效。

Okay. I didn't hear you mention the lift out on the pension on the call, sorry if I missed it. Can you just talk to that? What are the latest developments there? And is that still sort of something you're considering?

好的。我沒有聽到你在電話中提到養老金的電梯，如果我錯過了，抱歉。你能和那個談談嗎？那裡有什麼最新進展？這仍然是你正在考慮的事情嗎？

Yes. I think, Durgesh, you didn't really hear anything because there really isn't nothing new to report, which is not to imply nothing's going on. Diligence does continue. It's something that we're continuing to explore just with the same purpose to dampen the volatility that we would have within the pension. And I think things are continuing productively. But there's nothing new to report but don't take the absence as if it's off the table, it remains something we're pursuing.

是的。我認為，Durgesh，你沒有真正聽到任何消息，因為確實沒有任何新消息要報告，這並不意味著沒有任何事情發生。勤奮確實繼續。這是我們出於同樣的目的繼續探索的東西，以抑制我們在養老金中的波動。而且我認為事情正在繼續富有成效。但是沒有什麼新鮮事要報告，但不要把缺席當成不在討論範圍內，它仍然是我們正在追求的事情。

Got it. That's very clear. And then just one last one for me. Can you comment on how did the quarter shake out versus your expectations? And how does that position you for 2023 with respect to your guidance range?

知道了。這很清楚。然後給我最後一個。您能否評論一下本季度與您的預期相比有何變化？就您的指導範圍而言，這對您 2023 年有何影響？

Yes, Durgesh, it shook out exactly the way we expected it to. So we're -- that's why we're so certain about reaffirming guidance. I think what you also heard in a bunch of the answers that Dan just gave you was flexibility that we have. We're not -- none of the things that you're talking about are opportunities we have require us to thread a needle to execute the plan we have in front of us. And that confidence, I hope, comes across in both the way that we're answering and with the optionalities that we have.

是的，Durgesh，它完全符合我們的預期。所以我們 - 這就是為什麼我們如此肯定重申指導的原因。我想你在 Dan 剛剛給你的一系列答案中也聽到了我們擁有的靈活性。我們不是——你所談論的任何事情都不是我們需要穿針引線來執行我們面前的計劃的機會。我希望，這種信心既體現在我們回答問題的方式上，也體現在我們擁有的選擇權上。

The next question comes from Julien Dumoulin-Smith with Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just following up on hedging and hedging strategy here post IRA. It seems like there's been a pretty nice step up here in hedged prices versus the fourth quarter deck, $37 megawatt hour versus $32. Can you talk about that? What drove the significantly higher price? Is there a change in how commercial activities are being characterized? Or is that actually a real step-up in economic value that you're showing there? I just want to make sure we're all clear about that.

只是跟進 IRA 後的對沖和對沖策略。與第四季度甲板相比，對沖價格似乎有了相當大的進步，37 兆瓦時對 32 美元。你能談談嗎？是什麼推動了價格的大幅上漲？商業活動的特徵是否有變化？或者這實際上是您在那裡展示的經濟價值的真正提升？我只是想確保我們都清楚這一點。

Yes. And I'll give it to Dan to give you because he's got that trading operation, but I just do want to reinforce that a lot -- there's still some uncertainty out there in the out years until we get the [rolls] back from treasury. So what we are describing there, though, is what we expect to have. And Dan, you could fill some more details in there.

是的。我會把它交給 Dan 給你，因為他有交易業務，但我只是想強調這一點——在我們從財政部收回 [rolls] 之前，未來幾年仍然存在一些不確定性.所以我們在那裡描述的是我們期望擁有的。 Dan，你可以在其中填寫更多詳細信息。

Yes. Julien, I would -- what you're describing is not some kind of dramatic shift in what we're doing. We've always worked within a range across a ratable period. There are balance within that range. It's not a perfectly scientific range. So you could see some movement within a fairly bounded range for what we do. The quarter started with some higher prices, ended with an uptick and in the middle, had a drop off. And so I think that we did a nice job of capturing some decent pricing.

是的。朱利安，我會——你所描述的並不是我們正在做的事情的某種戲劇性轉變。我們一直在一個可評定的時期內在一個範圍內工作。在該範圍內有平衡。這不是一個完全科學的範圍。因此，對於我們所做的事情，您可以在相當有限的範圍內看到一些變化。本季度開始時價格有所上漲，結束時價格上漲，中間價格下跌。所以我認為我們在獲得一些不錯的定價方面做得很好。

The other thing I would say, though, that you don't want to lose sight of is that not everything is robotically across the year as well. So you can have some on peak, some off-peak hedges come on, you can have some winter hedges, some seasonal hedges, some calendar hedges come on and that can make a little bit of a difference as you go through quarter-to-quarter. It's a little bit of a granular look. So to your question, I do think that we did a nice job in moving forward and capturing some value. But I think some of the other things that I described also could come into play in any quarter frankly, I say that more generically as we quarter-to-quarter and you look at it granularly through time.

不過，我要說的另一件事是，你不想忽視的是，並不是所有的事情都在一年中都是機器人化的。所以你可以有一些高峰期的對沖，一些非高峰期的對沖，你可以有一些冬季的對沖，一些季節性的對沖，一些日曆的對沖，當你經歷一個季度到-四分之一。它看起來有點顆粒狀。所以對於你的問題，我確實認為我們在前進和獲取一些價值方面做得很好。但我認為我描述的其他一些事情也可能在任何一個季度發揮作用，坦率地說，我說的更籠統，因為我們每個季度都會這樣，你會隨著時間的推移仔細觀察它。

And just to clarify that commentary. So basically, this is more about hedging on peak versus off-peak than it is anything tied to IRA or otherwise. And again, you did a nice job commercially hedging, but you wouldn't necessarily say that this is anything in terms of a changed methodology importantly.

只是為了澄清評論。所以基本上，這更多的是關於高峰期與非高峰期的對沖，而不是與 IRA 或其他相關的任何事情。再一次，你在商業對沖方面做得很好，但你不一定會說這在改變方法方面很重要。

You got that last part is the most important point that we said that we are kind of continuing on our path, similar methodology as what we've done in the past, pending the real update that is when we'll get that from treasury and understand it. My only comment is you can't take too much of a fine point because there are some nuances with the timing of hedges, whether they're on off peak and seasonal versus calendar hedges and things of that nature. But on balance, definitely a good quarter from a value perspective as we step through time.

你知道最後一部分是最重要的一點，我們說過我們正在繼續我們的道路，類似於我們過去所做的方法，等待真正的更新，也就是我們從財政部和明白它。我唯一的評論是你不能太過分地挑剔，因為對沖的時間有一些細微差別，無論它們是在非高峰期還是季節性與日曆對沖以及類似性質的事情。但總的來說，隨著時間的推移，從價值的角度來看，這絕對是一個不錯的季度。

Got it. And then super quick, if I can, you alluded to these plans that you're developing proposals for around electrification. When do you expect that to come? I know we've talked about this a bit in the past. Just what's the time line there? And then especially any thoughts about a parallel higher load forecast with that and the time line there?

知道了。然後超級快，如果我可以的話，你提到了你正在製定圍繞電氣化的提案的這些計劃。你預計什麼時候會到來？我知道我們過去討論過這個問題。那裡的時間線是什麼？然後特別是關於並行更高負載預測的任何想法以及那裡的時間線？

Yes. So Julien, I think you're going to -- all of that's going to play out over the next 12 to 18 months on multiple fronts. First, we have to get agreement on that load forecast as you said, I continue to believe that the current load forecast that we see from PJM is light, not a big impact to us again because we are decoupled, which we've seen the benefit of this year. But I think that it will drive additional investments for us both potentially at the transmission level and at the distribution level, depending upon what -- where those forecasts levelize off that. There is a gap between our internal forecast on what PJM has, we provide that information. But PJM is the ultimate transmission authority from a planning standpoint.

是的。所以朱利安，我認為你會 - 所有這些都將在未來 12 到 18 個月內在多個方面發揮作用。首先，正如你所說，我們必須就負荷預測達成一致，我仍然相信我們從 PJM 看到的當前負荷預測很輕，不會再次對我們產生重大影響，因為我們已經脫鉤，我們已經看到今年的福利。但我認為，這將在輸電層面和配電層面為我們帶來額外的投資，這取決於——這些預測在哪裡趨於平穩。我們對 PJM 擁有的內部預測之間存在差距，我們提供該信息。但從規劃的角度來看，PJM 是最終的輸電機構。

So we build our system out to that. I think there, though, as we get alignment on rates of EV turnover in the state of New Jersey as we get alignment on the electrification plans of the governor, and then as we get more alignment on this clean energy transition as a whole and specifically in regards to the offshore wind transmission, I think we'll be able to give you a little more guidance on that over the next 12 to 18 months.

因此，我們為此構建了系統。不過，我認為，當我們對新澤西州的電動汽車周轉率進行調整時，我們對州長的電氣化計劃進行調整，然後隨著我們對整個清潔能源轉型的調整，特別是關於海上風電傳輸，我認為我們將能夠在接下來的 12 到 18 個月內為您提供更多指導。

Next question is from Travis Miller with Morningstar.

下一個問題來自晨星的特拉維斯米勒。

I know it's really early in the process. But I wonder if you could characterize the discussion and issues that might come up on the GSMP III filing so far.

我知道這真的很早。但我想知道您是否可以描述到目前為止 GSMP III 申請中可能出現的討論和問題。

Sure, Travis. I think you said the key though, which is it's so early in the process right now. but we still don't have any red flags as far as what we've seen and in the conversations that we've had with the regulators. So we're confident at the end of the day that we'll get a similar run rate to what we have currently with our GSMP II filing. And I think you've heard and seen in all the comments made from the administration, specifically the governor's office that there's no intent to stop any gas installations.

當然，特拉維斯。我想你說的是關鍵，現在還處於這個過程的早期階段。但就我們所看到的以及我們與監管機構的對話而言，我們仍然沒有任何危險信號。因此，我們有信心在一天結束時，我們將獲得與我們目前的 GSMP II 備案相似的運行率。我想你已經在政府，特別是州長辦公室發表的所有評論中聽到和看到，他們無意停止任何天然氣設施。

There's no intent at this point to stop stoves from being tied into gas. So it's a little bit different environment than we have. And I think that the lack of attention that it has had is also a very good indicator for all of us as to where policy will be heading in the state.

在這一點上沒有意圖阻止爐子被綁在煤氣上。所以它的環境與我們的環境略有不同。而且我認為，它缺乏關注也是我們所有人關於該州政策走向的一個很好的指標。

So you're not taking anybody's stoves away.

所以你不會拿走任何人的爐子。

Yes. No. I mean, there's no plan on that. And look, we got to be careful on all of this because that process is confidential, right? So we -- I think you can see from the newspaper articles and so on that there's really no challenge to us on the replacement of our facilities.

是的。不，我的意思是，沒有這方面的計劃。看，我們必須小心所有這一切，因為這個過程是保密的，對吧？所以我們 - 我想你可以從報紙文章等中看到，我們在更換設施方面確實沒有挑戰。

Yes, just joking on that one. Perhaps I should have asked this first, but how early is it in the process? What kind of time line are you thinking about?

是的，只是在開玩笑。也許我應該先問這個，但是這個過程有多早？你在想什麼樣的時間線？

Yes. We usually talk about those things in the 12-month plus time line for filing like that, and I think we're only a couple of months into it yet. So they just named a presiding officer at the BPU for this filing. And so I think we're 12 months-plus away from early any decision.

是的。我們通常會在 12 個月以上的時間範圍內討論這些事情，以便像那樣提交申請，我認為我們只進行了幾個月。因此，他們只是在 BPU 任命了一名主持此文件的官員。所以我認為我們距離儘早做出任何決定還有 12 個月以上的時間。

Early earnings for sure.

早期的收益是肯定的。

Yes.

是的。

The next question is from the line of Andrew Weisel with Scotiabank.

下一個問題來自加拿大豐業銀行的 Andrew Weisel。

First question on the new 4-year labor agreements. First of all, I'm glad you had more success than the Hollywood writers did. My question is given the inflationary pressures, how do the cost structures compared to prior deals? And how will that affect customer bills?

關於新的 4 年勞動協議的第一個問題。首先，我很高興你比好萊塢編劇更成功。我的問題是考慮到通脹壓力，成本結構與之前的交易相比如何？這將如何影響客戶賬單？

Yes. So Andrew, a couple of things there. Let me start backwards with the customer bills. I think there's been a few reports out that I just would encourage everybody take a look at New Jersey from '21 to '22 was I think, the fourth lowest state in the U.S. as far as residential electric rate increases. So the process here is working. It's not just what we do in the T&D business, but it's also the way they procure power, and we've talked about that a bunch of times. So kudos to the BPU on that and the process that's been in place. And so we -- because of that rolling nature, any kind of increase that we would have is going to be minimal to start with.

是的。所以安德魯，那裡有幾件事。讓我從客戶賬單開始。我想有一些報導說我只是鼓勵大家看看從 21 世紀到 22 年的新澤西州，我認為它是美國住宅電價上漲第四低的州。所以這裡的過程是有效的。這不僅是我們在 T&D 業務中所做的，也是他們獲取電力的方式，我們已經多次討論過這個問題。因此，對 BPU 的讚譽以及已經到位的流程。所以我們 - 由於這種滾動性質，我們將擁有的任何增加都將是最小的。

That said, our labor is a large component of our O&M and the largest component of our O&M expenses within the utility. So it will be a piece that goes into our rate case filing that we have. But the 4% increase that we were able to negotiate in 3 in the out years, it's just a good indication of the relationship that we have, the strong relationship that we have with our unions, all of our unions in the state.

也就是說，我們的勞動力是我們 O&M 的重要組成部分，也是我們在公用事業中 O&M 費用的最大組成部分。因此，這將成為我們擁有的費率案例備案中的一部分。但是在過去的幾年裡，我們能夠在 3 年內談判 4% 的增長，這很好地表明了我們之間的關係，我們與工會以及該州所有工會之間的牢固關係。

And the fact that in prior years when we had a 3% labor increase and inflation was at 1% to 2%, the unions recognized that, and the unions recognized now when inflation is higher than the 3% to 4%. They had some benefit in prior years. So I think the outcome is pretty flat, and it's flat from a growth standpoint for our folks because the good working relationships that we have and the way it plays out. At the end of the day, I don't think this will have a major impact on the rates, again, because of a number of different factors, so exactly what we expected and should give you some confidence and others on the call as to our O&M projections in the out years because it is the biggest component of our expenses.

事實上，在前幾年我們有 3% 的勞動力增長和通貨膨脹率在 1% 到 2%，工會承認這一點，現在工會承認通貨膨脹率高於 3% 到 4%。他們在前幾年有一些好處。所以我認為結果非常平淡，從我們員工的增長角度來看，這是平淡的，因為我們擁有良好的工作關係以及它發揮作用的方式。歸根結底，我認為這不會對利率產生重大影響，同樣，由於許多不同的因素，所以正是我們所期望的，並且應該給你一些信心和其他人的電話我們在未來幾年的 O&M 預測，因為它是我們支出的最大組成部分。

Great. That's very helpful. And yes, I know those negotiations are never easy. So congrats. Next question is on electric vehicles. Can you talk a little bit about how soon you expect to see the impact in terms of both infrastructure investment and higher residential demand? And then just remind me under the CIP decoupling mechanism, would you benefit with higher revenues as EVs pick up? Or would that be kind of more of an affordability story?

偉大的。這很有幫助。是的，我知道這些談判絕非易事。所以恭喜。下一個問題是關於電動汽車的。你能談談你預計多久會看到基礎設施投資和更高住宅需求方面的影響嗎？然後提醒我，在 CIP 脫鉤機制下，隨著電動汽車的興起，你會從更高的收入中受益嗎？或者這更像是一個負擔能力的故事？

Yes. So a whole bunch in there. First of all, as far as timing goes, we are starting to see some new business requests come in. We see it in some of the Garden State Parkway rest stops. We're seeing in the New Jersey Turnpike rest stops. We're seeing it in some of the large commercial organizations that were just granted approval by the BPU that will install the charging infrastructure. So those -- that activity has started, and we're going to keep an eye on that and see about what kind of capital is required for each one of those installations on a stand-alone basis, help us in projections going forward, but it's just the start.

是的。所以里面有一大堆。首先，就時間而言，我們開始看到一些新的業務請求進來。我們在 Garden State Parkway 的一些休息站看到了它。我們在新澤西收費公路上看到休息站。我們在一些剛剛獲得 BPU 批准安裝充電基礎設施的大型商業組織中看到了這一點。所以那些 - 該活動已經開始，我們將密切關注這一點並了解每個裝置在獨立的基礎上需要什麼樣的資金，幫助我們進行未來的預測，但是這只是一個開始。

As far as load increases and individual residences, we will know more about that as we deploy AMI. We have our AMI rollout going very well in New Jersey, and we'll have a lot more details that we can talk about, I would say, 12 months from now as far as when we start to see folks connecting their EVs that we had an engineer that worked here for -- just retired after about 60 years, and he said that he sees this transition as the transition when we went to central air conditioners back in the 1950s. So it will happen. It'll happen sporadically, and then it will take off just like that deployment took place. So we are -- we'll have more to say about it as we go forward, but I'm just really excited about the fact that we're starting to see it take place already in this first set of [trams] out from the BPU last week. So...

至於負載增加和個人住宅，我們將在部署 AMI 時了解更多。我們的 AMI 在新澤西州的推出進展順利，我們將有更多細節可以討論，我想說，從現在起 12 個月，直到我們開始看到人們連接他們的電動汽車時一位在這里工作的工程師 - 在大約 60 年後剛剛退休，他說他認為這種轉變是我們在 1950 年代使用中央空調時的轉變。所以它會發生。它會偶爾發生，然後它會像部署發生的那樣起飛。所以我們 - 在我們前進的過程中我們會有更多的話要說，但我真的很興奮我們開始看到它已經發生在第一組[電車]中BPU上週。所以...

On the affordability side of things, Andrew, too, I think that there will be infrastructure improvements that will need to be made that last mile of our system is pretty dated and there's a lot of work that will need to be done. But I think part of what you're going to see is a shift where a piece of the wallet that used to end up at the gas station is going to end up on the electric bill. That helps things as well.

在負擔能力方面，安德魯，我也認為需要改進基礎設施，因為我們系統的最後一英里已經過時了，還有很多工作需要完成。但我認為你將要看到的一部分是一種轉變，過去在加油站的錢包的一部分將最終出現在電費單上。這也有幫助。

And that's only for the commodity because, again, as you mentioned from the SIP, we're not going to collect any more for the pipes of the wires other than for what we deploy additional capital on so...

這僅適用於商品，因為，正如您在 SIP 中提到的，我們不會再為電線管道收集更多資金，除了我們部署額外資本的...

The next question is from the line of Paul Patterson with Glenrock.

下一個問題來自 Paul Patterson 與 Glenrock 的對話。

You mentioned the selection of the offer wind injection point. I was just wondering if you could elaborate a little bit more what that actually might mean for you? If you could just elaborate a little bit more on that, I guess.

你提到了報價風注入點的選擇。我只是想知道您是否可以詳細說明這對您實際上意味著什麼？我想，如果你能再詳細說明一下。

Yes, sure, Paul. So it wasn't a selection, it was a recommendation by the BPU to PJM to look at our Deans sub-switching station as the entry point. So what that could -- what it means for us certainly is that if PJM does agree with the Board of Public Utilities and does select that, any of the work inside the fence will be the responsibility of PSE&G to complete inside the fence.

是的，當然，保羅。所以這不是選擇，而是 BPU 向 PJM 推薦將我們的 Deans 子交換站視為切入點。那麼，這對我們來說意味著什麼，如果 PJM 確實同意公共事業委員會並確實選擇了這一點，那麼圍欄內的任何工作都將由 PSE&G 負責在圍欄內完成。

The work outside fence will still follow under that state agreement approach and be a competitive solicitation. However, what I'm encouraged by is the fact that Deans is in our service territory. We know our service territory, and we should be very knowledgeable about the routes to get from the shore to that Deans substation. And I wouldn't go beyond that at this point, but I just -- I'm happy to see that these were selected. I also would tell you that I'm very happy about the work that we've done on our transmission system because the indication that, that gives us is that our transmission system is robust enough to take that injection of offshore wind generation into it. So we've done a nice -- our engineering team has done a really nice job of readying the system for what might come and here it is.

圍欄外的工作仍將按照州協議的方式進行，並且是一種競爭性招標。然而，讓我感到鼓舞的是 Deans 在我們的服務範圍內。我們知道我們的服務區域，我們應該非常了解從岸上到 Deans 變電站的路線。我現在不會超出這一點，但我只是 - 我很高興看到這些被選中。我還要告訴你，我對我們在傳輸系統上所做的工作感到非常高興，因為這表明我們的傳輸系統足夠強大，可以將海上風力發電注入其中。所以我們做得很好——我們的工程團隊在為可能發生的事情準備好系統方面做得非常好。

Is there any potential -- I guess when we talk about inside the fence, do you have any number about how much that might be?

有沒有潛力——我想當我們談論圍欄內部時，你有沒有關於可能有多少的數字？

No, Paul, I wouldn't know. We won't know until we actually see the size and magnitude of what comes in there versus down to the area JCP&L just is rebuilding and maybe even some down in the electric territory. So a lot of flows to be figured out by PJM between now and then.

不，保羅，我不知道。我們不會知道，直到我們真正看到那裡的東西的大小和幅度與 JCP&L 正在重建的區域相比，甚至可能在電力領域。因此，PJM 不時要弄清楚很多流程。

Okay. That's something to watch, I guess. Then with respect to the -- going from an 18-month fuel cycle to a 24-month fuel cycle, can you tell us what the potential impact of that might be, I guess, starting in 2025?

好的。我想這是值得關注的。那麼關於 - 從 18 個月的燃料循環到 24 個月的燃料循環，你能告訴我們從 2025 年開始的潛在影響是什麼嗎？

Well, from a capital expenditure standpoint, we -- I think we told you it was going to be around $30 million or so. It's about that same amount. So it's a very small number. What the impact will be is will be some savings in O&M that we'll have as a result of that. And we're also obviously going to get additional megawatts. We have not -- I don't think we've published that anywhere yet. So I stay away from disclosing any of that information until we get the engineering completed, which is what that $30 million.

好吧，從資本支出的角度來看，我們——我想我們告訴過你這將是大約 3000 萬美元左右。大約是同樣的數量。所以這是一個非常小的數字。其影響將是我們將因此節省一些運維費用。而且我們顯然也會獲得額外的兆瓦。我們還沒有——我認為我們還沒有在任何地方發布它。因此，在我們完成工程之前，我不會透露任何信息，這就是 3000 萬美元。

There's really not a lot of work to do to actually ready of nuclear plant for this. What really has to be done is the engineering on the fuel rods and how they're going to interact with each other. And as that's completed, then we're going to tell what additional power we're going to get out of a unit.

要為此準備好核電站，真的沒有太多工作要做。真正需要做的是燃料棒的工程設計以及它們將如何相互作用。完成後，我們將說明我們將從一個單元中獲得多少額外的能量。

The next question is from the line of Ryan Levine with Citi.

下一個問題來自花旗銀行的 Ryan Levine。

A couple of follow-up questions. As the organization continues to evaluate the pension lift-out opportunities, do you think the company will be in a position to make a decision later this year? Or has the time line changed as you continue to work through the mechanics and details of how that would have all worked?

幾個後續問題。隨著該組織繼續評估取消養老金的機會，您認為公司是否能夠在今年晚些時候做出決定？還是隨著您繼續研究機制和所有工作原理的細節，時間線是否發生了變化？

I'll give that one to Dan.

我會把那個給丹。

Yes. right. There's really no change in schedule. I think it's -- we think about it as being a '23 event, but we'll continue to watch what's going on. We'll continue to watch the -- what the market looks for us, a large deal announced today on that front. So we'll make sure that as we do move forward, first and foremost, continuation of benefits and certainty around all that and all that diligence that we're going to do and that everything works well is going to be super important, but we'll also keep an eye on what the overall market conditions are to move forward on that.

是的。正確的。日程安排確實沒有變化。我認為這是——我們將其視為'23 事件，但我們將繼續關注正在發生的事情。我們將繼續關注——市場對我們的看法，今天在這方面宣布了一項大交易。因此，我們將確保在我們前進的過程中，首先也是最重要的是，圍繞所有這些以及我們將要做的所有努力以及一切順利的持續利益和確定性將非常重要，但我們還將密切關注整體市場狀況，以推動這一進程。

I appreciate the color. And then as -- in terms of the sale, what's the remaining process to extend that fueling cycle there? And are there any other capacity additions or changes to maintenance or refueling that you're contemplating in the near term?

我很欣賞這種顏色。然後——就銷售而言，延長加油週期的剩餘過程是什麼？您是否正在考慮在近期內增加任何其他容量或更改維護或加油？

Yes. What we referred to in the script was that the NRC has several PWR plants that are looking to change generic fuel cycle from 18 to 24 months. So we're monitoring that. What we had discussed in the past and what we're continuing to look at is the additional upgrades, which are different than the fuel cycle down at Salem. So more to come on that. We have not disclosed anything further than what we talked about at the investor meeting.

是的。我們在腳本中提到的是 NRC 有幾家 PWR 工廠正在尋求將通用燃料循環從 18 個月更改為 24 個月。所以我們正在監視它。我們過去討論過的以及我們正在繼續關注的是額外的升級，這與塞勒姆的燃料循環不同。所以還有更多的事情要做。除了我們在投資者會議上談到的內容之外，我們沒有透露任何進一步的信息。

Our next question comes from the line of Anthony Crowdell with Mizuho.

我們的下一個問題來自 Anthony Crowdell 與 Mizuho 的對話。

Is your first comment going to be congratulations, Devils?

魔鬼，你的第一條評論是祝賀嗎？

It was. Congratulations, Devils. Big win last night, Congratulations. I'm a little sad with my ranges. But most of my questions answered, just one super quick one. A follow up on Shar's question earlier on, I think, the thought of maybe using a hybrid maybe for financing, I guess. Are you guys forecasting additional debt at the parent to fund CapEx either at Power or utility?

它是。祝賀你，惡魔。昨晚大獲全勝，恭喜。我對我的範圍有點難過。但是我的大部分問題都得到了回答，只有一個超快的問題得到了回答。跟進 Shar 之前的問題，我想，我猜想可能會使用混合動力車進行融資。你們是否預測母公司的額外債務可以為電力或公用事業的資本支出提供資金？

Yes. We gave a little bit of an indication in March on that, Anthony. At the parent, we'll see some debt levels come down as the existing collateral cycle kind of works off down to a more baseline amount of collateral. But then over time, we do expect as we continue to fund the capital plan that we have, we do anticipate some incremental financing over time. And so when Shar asked the question, is it something that we think of first and foremost as we're going to finance? No, we don't have equity needs as we go through the capital plan, but is it something that we would look at just to make sure we're not missing anything. I think that answers yes.

是的。安東尼，我們在三月份就此給出了一些指示。在母公司，我們會看到一些債務水平下降，因為現有的抵押品週期會減少到更多的基準抵押品數量。但隨著時間的推移，我們確實預計，隨著我們繼續為現有的資本計劃提供資金，我們確實預計隨著時間的推移會出現一些增量融資。因此，當 Shar 問這個問題時，這是我們在融資時首先想到的事情嗎？不，我們在進行資本計劃時沒有股權需求，但我們是否會關注它以確保我們沒有遺漏任何東西。我認為答案是肯定的。

The next question is from the line of Ross Fowler with UBS.

下一個問題來自瑞銀的 Ross Fowler。

I'll echo the congratulations Devils and my [brews] laid a big egg. So they cleared the way for you for sure. So most of my questions have been answered. Just maybe a couple for you, Dan. So customer growth came in pretty good in the quarter, tracking around 1%. Can you just kind of remind us what the SIP, what you've assumed for customer growth in your go-forward earnings growth guidance?

我會附和祝賀惡魔和我的 [brews] 下了一個大蛋。所以他們肯定為你掃清了道路。所以我的大部分問題都得到了回答。也許只是給你一對，丹。因此，該季度的客戶增長相當不錯，約為 1%。您能否提醒我們 SIP 是什麼，您在未來的收益增長指導中對客戶增長的假設是什麼？

Yes, less than -- between 0% and 1% is kind of the range that we've assumed for customer growth over time. And again, that's a number of customers, that's the important element for us, right?

是的，小於 - 0% 到 1% 之間是我們假設的客戶隨時間增長的範圍。再一次，那是一些客戶，這對我們來說是重要的因素，對嗎？

Right, right. And then there was this $0.10 of expected tax carryback in your walk from '22 to '23, but that ended up coming in, in 2022? So what other things are now sort of in 2023, given the absence of that $0.10 that gets you back to sort of '23 guidance rating?

是的是的。然後在你從 22 歲到 23 歲的步行過程中有這 0.10 美元的預期稅收結轉，但最終在 2022 年出現了？那麼，如果沒有讓你回到 23 年指導評級的那 0.10 美元，現在 2023 年還有哪些其他事情？

Yes, it's a great question. And it -- that $0.10 was not entirely the carryback that was the biggest chunk of it. And so that did come in early. What we're seeing in '23 really that offsets some of that without going through a whole bunch of puts and takes with respect to the guidance, which is still in the same place it was last quarter in some of the lower collateral driving lower interest, which is a little bit of a tailwind. So a headwind from the former, a tailwind from the latter, and we're still in the same place from an overall guidance perspective.

是的，這是一個很好的問題。而且它——那 0.10 美元並不完全是其中最大部分的結轉。所以這確實很早就出現了。我們在 23 年看到的確實抵消了其中的一些，而沒有經過一大堆看跌期權，並且就指導而言，這仍然與上個季度在一些較低抵押品中的相同位置導致較低的利率，這有點順風。因此，前者的逆風，後者的順風，從整體指導的角度來看，我們仍然處於同一個地方。

The next question is from the line of Michael Sullivan with Wolfe Research.

下一個問題來自 Michael Sullivan 與 Wolfe Research 的合作。

Just wanted to circle back to the offshore wind transmission opportunity and solicitation next year. I guess like how should we think about the read-through from the first go around. And I think the fact that it came on shore in JCP&L's territory and the fact that they got most of the opportunity there. Should we take that as a read-through within the Deans substation?

只想回到明年的海上風電傳輸機會和招標。我想我們應該如何考慮第一次復讀的通讀。而且我認為它是在 JCP&L 的領土上登陸的，而且他們在那裡獲得了大部分機會。我們是否應該將其視為 Deans 變電站內的通讀？

Yes. No, Michael. I think, look, the fact that, that work was awarded to JCP&L just indicated that they had some work to do to make that system more robust to catch the power coming in, to use an analogy there. What you're hearing now is that the work that we have been doing at Deans has readied our system already. So we're in a little better place from a readiness standpoint at Deans. And I think that you're now seeing the BPU executing on what they had originally said from the beginning, which was saying, we want to come into the southern part of the state, the central part of the state and the northern part of the state.

是的。不，邁克爾。我認為，你看，這項工作被授予 JCP&L 的事實只是表明他們需要做一些工作來使該系統更加健壯以捕捉進來的力量，在這裡使用一個類比。你現在聽到的是，我們在 Deans 所做的工作已經為我們的系統做好了準備。因此，從 Deans 的準備情況來看，我們處於一個更好的位置。而且我認為你現在看到 BPU 正在執行他們最初從一開始就說過的話，就是說，我們想進入該州的南部、該州的中部和該州的北部狀態。

And our Deans substation, switching station, allows them to execute on that plan.

而我們的 Deans 分站，交換站，允許他們執行該計劃。

Okay. That's very helpful. And then just in terms of the time line, for any spend related to this solicitation next year...

好的。這很有幫助。然後就時間線而言，對於明年與此徵集相關的任何支出......

Yes. It's all under the decade, Michael. We've been saying from the beginning, they'll go through the solicitation process. Again, they're still waiting for treasury as well to figure out the tax rules. Once they get there, we'll determine what's going to be transmission, what's going to be generator leads, and we'll be off to the races at that point. But that still puts us at the end of the decade before anyone is deploying capital on this.

是的。這都在十年之內，邁克爾。我們從一開始就說，他們將完成徵集過程。同樣，他們仍在等待財政部製定稅收規則。一旦他們到達那裡，我們將確定傳輸的是什麼，發電機的引線是什麼，然後我們將在那時開始比賽。但這仍然使我們在任何人為此部署資金之前的十年末。

Okay. That's very helpful. One quick one back to the quarter on the electric and gas margin, I just wanted to make sure I understood correctly the impact that was not covered by the SIP, what was that related to?

好的。這很有幫助。快速回到有關電力和天然氣利潤率的季度，我只是想確保我正確理解 SIP 未涵蓋的影響，這與什麼有關？

So I think we said in March, there's about 95% of our overall revenues covered by the SIP and there is some component that is not. And so we do have some variability, albeit much more on the smaller end. I think the variance you're talking about was $0.01. So it was not a significant amount, but there is some element that falls outside of some of the larger customers, that's all.

所以我想我們在 3 月份說過，SIP 涵蓋了我們總收入的 95% 左右，有些部分沒有。所以我們確實有一些可變性，儘管在較小的一端更多。我認為您所說的差異是 0.01 美元。所以這不是一個很大的數量，但有些元素不屬於一些大客戶，僅此而已。

It's the [I&C], it's a small piece of I&C customer base.

這是 [I&C]，它是一小部分 I&C 客戶群。

Our next question is from the line of Angie Storozynski with Seaport Global.

我們的下一個問題來自 Seaport Global 的 Angie Storozynski。

So I know you guys covered this in detail during the Analyst Day, but I still want to ask a question about the future of your nuclear plants. And so you talked about the assets being an important source of cash to finance the growth of the utility that you wanted to do upgrades at the assets and you were waiting for more guidance from (inaudible) around nuclear PTCs. So my question is, so is it just a question of timing in the sense that you're not ready yet to separate these assets or maybe there is no easy way to separate these assets without any tax leakage? So it could still come in the future? Or is it just a long-term strategy that you plan to stick with these assets and you hope that investors will value them at least the PTC-backed earnings as regulated like?

所以我知道你們在分析師日期間詳細介紹了這一點，但我仍然想問一個關於你們核電站未來的問題。因此，您談到資產是重要的現金來源，可以為您想要對資產進行升級的公用事業的增長提供資金，並且您正在等待（聽不清）關於核 PTC 的更多指導。所以我的問題是，從您還沒有準備好分離這些資產的意義上來說，這只是一個時間問題嗎？或者可能沒有簡單的方法來分離這些資產而不會漏稅？那以後還能來嗎？還是您計劃堅持使用這些資產只是一項長期戰略，並且您希望投資者至少會像監管一樣對 PTC 支持的收益進行估值？

Yes, Angie, I was trying to be as clear as possible at that investor meeting. We want to and expect to keep those assets in our portfolio. I don't see any scenario that we've been presented with that would make us waver from that. And so I just want to be as clear as I can, crisp as I can beyond that.

是的，安吉，在那次投資者會議上，我試圖盡可能說清楚。我們希望並期望將這些資產保留在我們的投資組合中。我沒有看到任何讓我們動搖的場景。所以我只想盡可能清楚，盡可能清晰。

You laid out exactly upfront, all the reasons why we articulated and I stand by that today as to why we're keeping those plants. They are a great cash flow. They've been run really, really well, and they continue to run really well. And so when you have that operating excellence combined with the cash flow, it does create a very unique utility-like revenue stream for us that we think differentiates us from some of our peers. And hopefully, across the board today, you're seeing that differentiation. And hard to think of a more valuable asset in these times, Angie.

你完全清楚地列出了我們闡明的所有原因，而我今天堅持認為我們為什麼要保留這些植物。他們的現金流量很大。它們運行得非常非常好，而且它們會繼續運行得非常好。因此，當您將卓越運營與現金流相結合時，它確實為我們創造了一個非常獨特的類似公用事業的收入流，我們認為這使我們有別於一些同行。希望今天，您能全面看到這種差異化。在這個時代，很難想到比這更有價值的資產了，安吉。

Yes. I mean I don't disagree. And then lastly, so we're waiting for that guidance on nuclear PTCs, and it sounds like it's only going to come in the fourth quarter. Do you just have any like what is the main question mark here? What is it? Is it about below-market hedges if those are going to get recognized in that true-up associated with the nuclear PTC. I'm just wondering what is it that we're really waiting for?

是的。我的意思是我不反對。最後，我們正在等待關於核 PTC 的指南，聽起來它只會在第四季度出現。你有沒有想過這裡的主要問號是什麼？它是什麼？如果那些將在與核 PTC 相關的調整中得到認可，它是否與低於市場的對沖有關。我只是想知道我們真正在等待什麼？

Yes. And I'll give it to Dan to give you some more details on this. But look, at the very high level, it's the definition of revenues. And how that's going to be treated by treasury, but Dan can give you a lot more.

是的。我會把它交給 Dan，讓 Dan 為您提供更多詳細信息。但是看，在非常高的層次上，這是收入的定義。以及財政部將如何處理，但丹可以給你更多。

Yes. I mean just the mechanics of how it works, Angie, I'm sure you know, is there's a calculation of gross receipts. I'm in a comparison to what the PTC threshold is and the credit kind of fills that gap. And so how that definition is determined. And you went to exactly some of the areas that I would reference. And how do you treat hedges? Is it a spot price? Is it some kind of an assumption around what hedges have happened? Is it actual hedges? It's just -- it's unclear exactly how they will define the gross receipts in order to figure out how you move from that amount to the PTC threshold.

是的。我的意思是它如何運作的機制，Angie，我相信你知道，有總收入的計算。我正在與 PTC 閾值進行比較，而信貸類型填補了這一空白。那麼這個定義是如何確定的。你去了一些我會參考的領域。你如何對待樹籬？是現貨價嗎？這是關於對沖發生的某種假設嗎？它是真正的對沖嗎？只是 - 目前尚不清楚他們將如何定義總收入，以便弄清楚您如何從該金額轉移到 PTC 閾值。

And so that's what we're waiting on. I think at the end of the day, we'll get a reasonable answer. And I think that there's a significant support for what's there. And I think we just got to work -- treasury has got to work their way through what's going to make the sense across units that are in various situations across the country.

這就是我們所等待的。我想在一天結束時，我們會得到一個合理的答案。我認為那裡的內容得到了重要的支持。而且我認為我們只是開始工作 - 財政部必須通過在全國各地處於不同情況下的單位之間有意義的方式來工作。

Okay. And then lastly, so we've heard from constellation, for example, that they are thinking about replacing some of the state support for their nuclear plants with those federal subsidies. In your case, I'm just thinking about it. So the 20 -- sort of nuclear PTCs would accrue in 2024, but you would collect them only in '25. So New Jersey expire in May of '25. So is it fair to assume that it's unlikely that there would be any changes in the current structure given that, again, the payments roughly coincide with the exploration period for the transacts?

好的。最後，例如，我們從星座公司那裡聽說，他們正在考慮用聯邦補貼取代國家對其核電站的部分支持。就你而言，我只是在考慮。所以 20 - 核 PTC 將在 2024 年累積，但你只能在 25 年收集它們。所以新澤西州將於 25 年 5 月到期。那麼假設當前結構不太可能發生任何變化是否公平，因為付款與交易的探索期大致一致？

Yes. I think those mechanics are still ahead of us to be worked out. But I do think -- look, I think that all along, one of the things that we were saying that was so, so important is that we had a long-term solution for nuclear. And I think that we were very happy to see that the PTCs did create that, and honestly, did create that at the federal level.

是的。我認為這些機制仍然需要我們解決。但我確實認為 - 看，我認為一直以來，我們所說的其中一件事是如此重要，因為我們有一個長期的核解決方案。我認為我們很高興看到 PTC 確實創造了它，而且老實說，確實在聯邦層面創造了它。

And so if you think about most of the other elements that support renewable energy are the types of things through ITCs and PTCs that ultimately are funded at the federal level. And so that's another element that I think is very important within this, and that's what we'll end up moving towards once the PTC amount start to kick.

因此，如果您考慮支持可再生能源的大多數其他元素，都是通過最終在聯邦層面資助的 ITC 和 PTC 的事物類型。因此，這是我認為在其中非常重要的另一個因素，一旦 PTC 數量開始增加，我們最終將朝著這個方向努力。

And operator, we're going to conclude the Q&A session at this time. And I'll turn it over to Ralph for just the closing comments.

接線員，我們將在此時結束問答環節。我將把它轉交給拉爾夫作結束評論。

Yes. Thanks. So listen, I appreciate everyone getting on. I appreciate the robust questions. I just leave you again with what we've been saying ad nauseam at this point, but predictability and stability and confidence.

是的。謝謝。所以聽著，我感謝大家的進步。我很欣賞這些強有力的問題。在這一點上，我只是再次離開你，我們一直在說令人作嘔的話，但可預測性、穩定性和信心。

And I think that all 3 of those things have come across again today in both our results and hopefully in our Q&A. We're proud of the organization we've got here. We're proud of the results that we've been able to achieve, and we're just trying to build on 120 years of great history that we've been able to inherit. And as we've said multiple, multiple times, we want to leave it better than we found it. So thank you for calling in, and I appreciate the time.

我認為所有這 3 件事今天在我們的結果和希望在我們的問答中再次出現。我們為我們在這裡的組織感到自豪。我們為我們能夠取得的成果感到自豪，我們只是想在我們能夠繼承的 120 年偉大歷史的基礎上再接再厲。正如我們多次說過的那樣，我們希望它比我們發現時更好。感謝您的來電，感謝您抽出寶貴的時間。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。