公共服務電力與天然氣 (PEG) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Rob, and I am your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's Second Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded today, August 1, 2023, and will be available for replay as an audio webcast on PSEG's Investor Relations website at investor.pseg.com.

女士們先生們，感謝你們的支持。我叫 Rob，今天是你們的活動運營商。歡迎大家參加今天的會議，即公共服務企業集團 2023 年第二季度收益電話會議和網絡廣播。 （操作員說明）謹此提醒，本次會議於今天（2023 年 8 月 1 日）進行錄製，並將在 PSEG 投資者關係網站 Investor.pseg.com 上以音頻網絡廣播形式重播。

I would now like to turn the conference over to Carlotta Chan. Please go ahead.

我現在想把會議交給 Carlotta Chan。請繼續。

Good morning, and welcome to PSEG's Second Quarter 2023 Earnings Presentation. On today's call are Ralph LaRossa, Chair President and CEO; as well as 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 2023 年第二季度收益發布會。出席今天電話會議的有董事長兼首席執行官拉爾夫·拉羅薩 (Ralph LaRossa)；以及執行副總裁兼首席財務官 Dan Cregg。今天討論的新聞稿、附件和幻燈片均發佈在我們的投資者關係網站 Investor.pseg.com 上，我們的 10-Q 報告將很快提交。

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. Following Ralph and Dan's prepared remarks, we will conduct a 30-minute question-and-answer session.

PSEG 的收益發布和今天電話會議中討論的其他事項包含前瞻性陳述和估計，這些陳述和估計受到各種風險和不確定性的影響。我們還將討論非公認會計原則營業收入，它不同於根據美國公認會計原則或公認會計原則報告的淨收入或淨虧損。我們在我們的投資者關係網站和今天的材料中納入了非公認會計準則財務指標的調節表以及有關前瞻性陳述的免責聲明。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。

I will now turn the call over to Ralph LaRossa.

我現在將把電話轉給拉爾夫·拉羅薩。

Thank you, Carlotta. Good morning, everyone, and thanks for joining us to review PSEG's second quarter results. This morning, PSEG reported second quarter 2023 net income of $1.18 per share compared to net income of $0.26 per share for the second quarter of 2022. Non-GAAP operating earnings for the second quarter were $0.70 per share compared to $0.64 per share for the second quarter of 2022. Non-GAAP results for the second quarter of 2023 and 2022 exclude items shown in Attachments 8 and 9 provided with the earnings release.

謝謝你，卡洛塔。大家早上好，感謝您與我們一起回顧 PSEG 第二季度的業績。今天上午，PSEG 公佈2023 年第二季度淨利潤為每股1.18 美元，而2022 年第二季度淨利潤為每股0.26 美元。第二季度非GAAP 營業利潤為每股0.70 美元，而第二季度為每股0.64 美元。 2022 年第二季度的非 GAAP 業績。2023 年和 2022 年第二季度的非 GAAP 業績不包括收益發布中提供的附件 8 和 9 中顯示的項目。

Results for the second quarter and year-to-date align with our full year 2023 non-GAAP operating earnings guidance of $3.40 to $3.50 per share, which we reaffirmed along with our outlook for 5% to 7% long-term earnings growth through 2027 in this morning's earnings announcement. Dan will also discuss our financial results in greater detail, but this was a relatively straightforward quarter for both PSE&G and PSEG Power & Other results fully meeting our planning expectations and supporting full year segment guidance.

第二季度和年初至今的業績符合我們2023 年全年非GAAP 每股3.40 美元至3.50 美元的運營盈利指引，我們重申了這一目標，並重申了我們對2027 年長期盈利增長5% 至7%的預期在今天早上的收益公告中。 Dan 還將更詳細地討論我們的財務業績，但對於 PSE&G 和 PSEG Power & Other 業績來說，這是一個相對簡單的季度，完全滿足我們的規劃預期並支持全年分部指導。

We are focused on proving out the execution of our plans and grow PSEG while also increasing the predictability of our business. During the quarter, we completed PSEG's exit from offshore wind generation through the sale of our 25% equity stake in Ocean Wind 1 back to Ørsted, recovering our investment in the project. We also continue to implement the solutions we outlined to address pension variability. PSEG recently executed an agreement for a pension lift-out to further reduce prospective earnings variability. This transaction covers approximately 2,000 retirees and will transfer approximately $1 billion of related obligations and associated plan assets to the insurer.

我們專注於證明我們計劃的執行情況並發展 PSEG，同時提高我們業務的可預測性。本季度，我們通過將 Ocean Wind 1 25% 的股權出售給 ärsted，完成了 PSEG 退出海上風力發電的計劃，收回了我們對該項目的投資。我們還繼續實施我們概述的解決養老金波動性的解決方案。 PSEG 最近簽署了一項養老金取消協議，以進一步降低預期收入的波動性。此次交易覆蓋約 2,000 名退休人員，並將向保險公司轉移約 10 億美元的相關債務和相關計劃資產。

The transaction expected to be completed this month will result in no changes to the amount of benefits payable for the retirees and have no material impact on PSEG's non-GAAP operating earnings in 2023. Turning now to PSEG's capital spending plans. The utility portion of $15.5 billion to $18 billion remains focused on system modernization of our aging distribution infrastructure, Last Mile support in preparation for EV and building electrification, climate mitigation aligned with New Jersey's energy policies and our clean energy investments.

預計本月完成的交易不會導致退休人員的應付福利金額發生變化，並且對 PSEG 2023 年的非 GAAP 運營收益不會產生重大影響。現在轉向 PSEG 的資本支出計劃。 155億至180億美元的公用事業部分仍然側重於我們老化的配電基礎設施的系統現代化、為電動汽車和建築電氣化做準備的最後一英里支持、與新澤西州能源政策和我們的清潔能源投資相一致的氣候緩解。

PSE&G's investment program drives our expected compound annual growth rate and rate base of 6% to 7.5% from year-end 2022 to year-end 2027. The low end of this rate base CAGR assumes an extension of our gas system modernization program and our clean energy investments at their current average annual levels. While the upper end includes an extension of our Energy Strong II program, which is scheduled to conclude in 2024 as well as the remaining portion of our proposal for medium- and heavy-duty EVs and energy storage programs as well as a potentially higher amount of investment for GSMP and energy efficiency above current levels.

PSE&G 的投資計劃推動我們從2022 年底到2027 年底的預期復合年增長率和利率基數為6% 至7.5%。該利率基數複合年增長率的低端假設我們的燃氣系統現代化計劃和清潔能源計劃得到擴展。能源投資按目前的年平均水平計算。雖然上限包括我們的 Energy Strong II 計劃的擴展（計劃於 2024 年結束），以及我們針對中型和重型電動汽車和儲能計劃的提案的剩餘部分，以及可能更高數量的對GSMP 和能源效率的投資高於當前水平。

With this robust capital program, we are ever mindful of customers' affordability. And on this front, PSE&G continues to compare well to peers on a share of wallet basis, both in the region as well as nationally. I mentioned in the last quarter that our 2023 utility capital spending budget of $3.5 billion was the largest single year plan in our history. During the second quarter, we invested approximately $900 million, bringing us to $1.7 billion year-to-date and midyear.

憑藉這一強大的資本計劃，我們始終關注客戶的承受能力。在這方面，無論是在該地區還是在全國范圍內，PSE&G 在錢包份額方面都繼續領先於同行。我在上個季度提到，我們 2023 年的公用事業資本支出預算為 35 億美元，是我們歷史上最大的單年度計劃。第二季度，我們投資了約 9 億美元，使年初至今和年中投資額達到 17 億美元。

We are on schedule and on budget. In fact, PSE&G just installed its 1 million smart meters out of 2.3 million that we have planned, and we continue to notice higher spend on electric -- new business related to electric vehicles and strong demand for our energy efficiency solutions. Speaking of energy efficiency, the New Jersey Board of Public Utilities recently approved its second energy efficiency framework for the next 3-year cycle that will begin in July of 2024 and run through June of 2027.

我們按計劃並按預算進行。事實上，PSE&G 剛剛安裝了我們計劃的 230 萬個智能電錶中的 100 萬個，而且我們繼續注意到電動支出的增加——與電動汽車相關的新業務以及對我們能效解決方案的強勁需求。談到能源效率，新澤西州公用事業委員會最近批准了下一個三年周期的第二個能源效率框架，該框架將於 2024 年 7 月開始，一直持續到 2027 年 6 月。

This past May, the BPU approved a $280 million 9-month extension of PSEG's first energy efficiency program to sync us up with the completion of the state's first cycle in June of 2024. You may recall that PSE&G started its energy efficiency programs earlier than the other New Jersey utilities bid.

今年 5 月，BPU 批准將 PSEG 的第一個能效計劃延長 9 個月，金額為 2.8 億美元，以便我們與 2024 年 6 月完成該州第一個週期同步。您可能還記得，PSE&G 早於其他新澤西州公用事業公司競標。

The BPU's new framework sets up guidelines for the next round of energy efficiency plans, which are now due this October for implementation in July of 2024. The energy efficiency annual reduction goals of 0.75% for gas and 2% for electric for program years '26 and '27 remain unchanged. The BPU also approved the performance incentive mechanism to drive energy efficiency above the preset goals.

BPU 的新框架為下一輪能源效率計劃制定了指導方針，該計劃將於今年10 月生效，並於2024 年7 月實施。“26”計劃年天然氣能源效率年度降低0.75%，電力能源效率年度降低2%和 '27 保持不變。 BPU 還批准了績效激勵機制，以推動能源效率高於預設目標。

On the gas side of the utility, PSE&G filed the third phase of its gas system modernization program during the first quarter of 2023, which remains pending with the BPU. Through our gas system monetization program, we reduced methane release by approximately 22% system-wide. And assuming the extension at similar to current levels, we expect to achieve an overall reduction in methane emissions of at least 60% over the 2011 to 2030 period. There is also good news for customer bills for this coming winter.

在公用事業的天然氣方面，PSE&G 在 2023 年第一季度提交了第三階段的天然氣系統現代化計劃，該計劃仍有待 BPU 審批。通過我們的天然氣系統貨幣化計劃，我們將整個系統的甲烷排放量減少了約 22%。假設延長期限與目前水平相似，我們預計 2011 年至 2030 年期間甲烷排放總量將減少至少 60%。今年冬天的客戶賬單也有好消息。

Following 2 basic gas supply service commodity charge reductions this past heating season, our recently filed BGSS rate proposes a reduction from $0.47 to $0.40 per therm. If approved by the BPU, the new rate will keep PSE&G's monthly bill for typical residential gas customers among the lowest in the region for the upcoming 2024 heating season. The BPU's future of natural gas stakeholder proceeding will also start this month, and we expect to participate in the upcoming technical conference and on follow-up meetings as New Jersey achieves its emission reduction targets, which will also will be considering the impact on costs and jobs.

繼上個供暖季兩次降低基本天然氣供應服務商品費用後，我們最近提交的 BGSS 費率建議從每千金 0.47 美元降至 0.40 美元。如果獲得 BPU 批准，新費率將使 PSE&G 在即將到來的 2024 年供暖季中為典型住宅天然氣客戶提供的每月賬單保持在該地區最低水平。 BPU 的未來天然氣利益相關者程序也將於本月啟動，我們預計將參加即將舉行的技術會議以及新澤西州實現減排目標後的後續會議，其中還將考慮對成本和排放的影響。工作。

Kim Hanemann, President of PSE&G is already actively involved in the state's clean buildings working group that is considering various approaches to building electrification, including the development of Clean Heat Standard. Our overall approach to energy transition is to continue advocating for practical expansion of electrification in a manner which protects customer affordability, safety and reliability. We are having impactful conversations with PJM, our regional grid operator and our New Jersey stakeholders to increase the coordination and understanding of our relative perspectives on future load growth and the investment needed in existing T&D infrastructure to meet even a diluted version of New Jersey energy transition.

PSE&G 總裁 Kim Hanemann 已經積極參與該州的清潔建築工作組，該工作組正在考慮各種建築電氣化方法，包括制定清潔供熱標準。我們能源轉型的總體方法是繼續倡導以保護客戶負擔能力、安全性和可靠性的方式實際擴展電氣化。我們正在與PJM、我們的區域電網運營商和新澤西州利益相關者進行富有影響力的對話，以加強我們對未來負荷增長的相對觀點以及現有輸配電基礎設施所需投資的協調和理解，以滿足新澤西州能源轉型的稀釋版本。

Now turning to nuclear operations. The PSEG nuclear fleet continues to safely generate the majority of New Jersey's carbon-free baseload electricity. During the first half of 2023, our nuclear units generated over 16 terawatt hours of electricity and operated at capacity factor of 95.8%. Charles McFeaters, who many of you met at our March investor conference, was promoted to Chief Nuclear Officer during the quarter in a seamless and well-planned transition that included the Salem 2 refueling outage completed on schedule and on budget.

現在轉向核行動。 PSEG 核電機組繼續安全地生產新澤西州大部分無碳基荷電力。 2023年上半年，我們的核電機組發電量超過16太瓦時，運行容量係數為95.8%。你們中的許多人在我們3 月份的投資者會議上見過的查爾斯·麥克菲特斯(Charles McFeaters) 在本季度晉升為首席核官，過渡順利且計劃周密，其中包括按計劃和預算完成了塞勒姆2 號核燃料補給中斷。

The Power & other portion of PSEG's 5-year capital program is a significantly smaller amount of PSEG's total, mainly reflecting basic nuclear capital spending, but does include several low-cost, high-impact projects like the Hope Creek transition from 18 months to 24-month refueling cycles.

PSEG 5 年資本計劃中的電力及其他部分佔PSEG 總額的比例要小得多，主要反映基本核資本支出，但確實包括幾個低成本、高影響力的項目，例如Hope Creek 從18 個月過渡到24 個月的項目一個月的加油週期。

So just to wrap up what I believe is a quarter that delivers on what we have committed to you, we are reiterating our full year non-GAAP operating earnings guidance of $3.40 to $3.50 per share. Second, we continue to make progress on building our earnings growth platform by keeping our largest-ever capital program on track, financed with a strong balance sheet without the need for new equity or asset sales through 2027. And this financial strength gives us confidence in our long-term 5% to 7% growth rate in non-GAAP operating earnings through 2027 and supports our ability to pay a competitive and growing dividend, as we have for 116 years.

因此，為了總結我認為兌現了我們對您承諾的季度，我們重申全年非 GAAP 營業利潤指引為每股 3.40 美元至 3.50 美元。其次，我們通過保持我們有史以來最大的資本計劃走上正軌，通過強大的資產負債表進行融資，在2027 年之前不需要新的股權或資產出售，從而在構建盈利增長平台方面繼續取得進展。這種財務實力讓我們對到2027 年，我們的非GAAP 營業利潤長期增長率為5% 至7%，這支持了我們支付有競爭力且不斷增長的股息的能力，正如我們116 年來所做的那樣。

Third, we increased the predictability of our financial results by streamlining the business with the completed offshore wind sale and delivering progress on reducing pension variability with the lift-out. Finally, we are working to keep our customer bills affordable during the energy transition with help from stringent cost controls and a culture of continuous improvement. Moving out the execution of our strategy and maintaining a safe and reliable network operations, that is what you can expect from this team.

第三，我們通過完成海上風電銷售簡化業務，並通過剝離在減少養老金波動方面取得進展，從而提高了財務業績的可預測性。最後，在嚴格的成本控制和持續改進的文化的幫助下，我們致力於在能源轉型期間使客戶的賬單保持在可負擔的範圍內。執行我們的戰略並維護安全可靠的網絡運營，這就是您對這個團隊的期望。

I'll now turn the call over to Dan for more details on the operating results, and I will be available for your questions after his remarks.

我現在將把電話轉給丹，了解有關運營結果的更多詳細信息，我將在他發言後回答您的問題。

Great. Thank you, Ralph, and good morning, everybody. Earlier, Ralph mentioned that PSEG reported net income of $591 million or $1.18 per share for the second quarter of 2023 compared to net income of $131 million or $0.26 per share for the second quarter of 2022. Non-GAAP operating earnings for the second quarter of 2023 were $351 million or $0.70 per share compared to $320 million or $0.64 per share for the second quarter of 2022.

偉大的。謝謝你，拉爾夫，大家早上好。此前，拉爾夫提到，PSEG 報告 2023 年第二季度淨利潤為 5.91 億美元，即每股 1.18 美元，而 2022 年第二季度淨利潤為 1.31 億美元，即每股 0.26 美元。 2023 年第二季度的營收為3.51 億美元，即每股0.70 美元，而2022 年第二季度為3.2 億美元，即每股0.64 美元。

We've provided you with information on Slides 9 and 11 regarding the contribution to non-GAAP operating earnings per share by business for the second quarter and year-to-date periods and Slides 10 and 12 contain waterfall charts that take you through the net changes for the quarter-over-quarter and year-to-date periods in non-GAAP operating earnings per share by major business.

我們在幻燈片 9 和 11 中為您提供了有關第二季度和年初至今各業務對非 GAAP 每股營業收益的貢獻的信息，幻燈片 10 和 12 包含帶您瀏覽網絡的瀑布圖按主要業務劃分的非公認會計原則每股營業收益的季度環比和年初至今的變化。

Starting with PSE&G, which reported second quarter 2023 net income of $336 million or $0.67 per share. This compares to $305 million or $0.61 per share in the second quarter of 2022. The second quarter 2023 non-GAAP operating earnings were $341 million or $0.68 per share compared to $305 million or $0.61 per share in the second quarter of 2022. The main drivers for both GAAP and non-GAAP results for the quarter were growth in rate base reflected in higher transmission formula rate, recovery of infrastructure investments with roll-in mechanisms and a benefit from the reversal and timing of taxes, which we mentioned on the first quarter call, nets to 0 over the course of the year.

首先是 PSE&G，該公司報告 2023 年第二季度淨利潤為 3.36 億美元，即每股 0.67 美元。相比之下，2022 年第二季度為3.05 億美元，即每股0.61 美元。2023 年第二季度非GAAP 營業利潤為3.41 億美元，即每股0.68 美元，而2022 年第二季度為3.05 億美元，即每股0.61 美元。 主要驅動因素對於本季度的GAAP 和非GAAP 業績而言，費率基數的增長反映在更高的輸電公式費率、通過滾存機制恢復基礎設施投資以及我們在第一季度提到的稅收逆轉和時機方面的好處在這一年裡，電話、淨值都為 0。

These favorable items were partly offset by our anticipated lower pension income and OPEB credits, along with higher depreciation and interest expense from increased investment versus the year earlier quarter. Compared to the second quarter of 2022, transmission was $0.02 per share higher, gas margin was $0.01 per share higher driven by the clause recovery of GSMP investment. Electric margin was $0.01 per share higher, reflecting investment returns from Energy Strong and other electric and gas margin added $0.02 per share based on a benefit from the tax adjustment credit and appliance service results.

這些有利的項目部分被我們預期的養老金收入和 OPEB 信貸下降以及投資增加帶來的折舊和利息支出增加所部分抵消。與 2022 年第二季度相比，受 GSMP 投資條款回收的推動，輸電業務每股上漲 0.02 美元，燃氣利潤率每股上漲 0.01 美元。電力利潤率每股增加 0.01 美元，反映了 Energy Strong 的投資回報，其他電力和天然氣利潤率因稅收調整信貸和家電服務業績的收益而增加了每股 0.02 美元。

Lower distribution O&M expense added $0.02 per share compared to the second quarter of 2022, primarily reflecting reduced weather-related corrective maintenance. Depreciation and interest expense increased by $0.01 and $0.02 per share, respectively, compared to the second quarter of 2022, reflecting continued growth in investment. Lower pension income resulting from 2022's investment returns, combined with lower OPEB credits scheduled to end in 2023, resulted in a $0.04 per share unfavorable comparison to the year earlier quarter.

與 2022 年第二季度相比，較低的配電運營和維護費用每股增加 0.02 美元，主要反映了與天氣相關的糾正性維護的減少。與 2022 年第二季度相比，每股折舊和利息支出分別增加 0.01 美元和 0.02 美元，反映出投資持續增長。 2022 年投資回報導致養老金收入下降，加上計劃於 2023 年結束的 OPEB 信貸減少，導致每股收益與去年同期相比不利 0.04 美元。

Lastly, the timing of taxes recorded through an effective tax rate, which nets to 0 over a full year and other flow-through taxes had a net favorable impact of $0.06 per share in the quarter compared to the second quarter of 2022. Second quarter weather typically contains both heating and cooling sales. For 2023, winter weather during the second quarter was 23% warmer in terms of heating degree days than the second quarter of 2022, and summer weather was 34% cooler than second quarter 2022 as measured by the temperature humidity index.

最後，與 2022 年第二季度相比，通過有效稅率記錄的稅收時間（全年淨值為 0）和其他流通稅對本季度每股 0.06 美元的淨有利影響。通常包含供暖和製冷銷售。就2023年而言，以采暖度日數計算，冬季第二季度的天氣比2022年第二季度溫暖23%，以溫度濕度指數衡量，夏季天氣比2022年第二季度涼爽34%。

As we've mentioned, 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 importantly, enabling PSE&G to promote the widespread adoption of its energy efficiency programs. 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.

正如我們所提到的，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，同時重要的是，使 PSE&G 能夠促進其能效計劃的廣泛採用。電力和天然氣客戶數量的增長（SIP 機制下的利潤率驅動因素）繼續呈正向增長，在過去 12 個月期間各增長 1%。

On capital spending, PSE&G invested $900 million during the second quarter and is on plan to deliver its largest annual capital investment program at $3.5 billion. The program includes upgrades to our T&D facilities, Energy Strong II investments, last mile spend in the infrastructure advancement program and the continued rollout of the clean energy investments in energy efficiency and the Energy Cloud, including smart meters.

在資本支出方面，PSE&G 第二季度投資了 9 億美元，併計劃實施 35 億美元的最大年度資本投資計劃。該計劃包括升級我們的輸配電設施、Energy Strong II 投資、基礎設施進步計劃的最後一英里支出，以及繼續推出能源效率和能源雲（包括智能電錶）方面的清潔能源投資。

Related to our pension, in February 2023, the BPU approved an accounting order authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component for ratemaking purposes. This change is effective for the calendar year ending December 31, 2023 and forward. For the full year 2023, PSE&G's forecast of non-GAAP operating earnings is unchanged at $1.500 billion to $1.525 billion.

與我們的養老金相關，BPU 於 2023 年 2 月批准了一項會計命令，授權 PSE&G 修改其用於費率制定目的的淨精算收益或損失部分攤銷的計算方法。此變更適用於截至 2023 年 12 月 31 日及以後的日曆年度。對於 2023 年全年，PSE&G 對非 GAAP 營業利潤的預測維持在 15.00 億美元至 15.25 億美元之間。

Moving on to Power & Other. Just as a reminder, Power & Other includes our nuclear fleet, gas operations, Long Island and parent activities, including interest expense. For the second quarter of 2023, PSEG Power & Other reported net income of $255 million or $0.51 per share and non-GAAP operating earnings of $10 million or $0.02 per share. This compares to second quarter 2022 net loss of $174 million or $0.35 per share and non-GAAP operating earnings of $15 million or $0.03 per share.

繼續討論電源和其他。提醒一下，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 年第二季度，PSEG Power & Other 報告淨利潤為 2.55 億美元，即每股 0.51 美元，非公認會計準則營業利潤為 1000 萬美元，即每股 0.02 美元。相比之下，2022 年第二季度淨虧損為 1.74 億美元，即每股 0.35 美元，非 GAAP 運營收益為 1500 萬美元，即每股 0.03 美元。

We previously mentioned that during the first quarter of 2023, PSEG Power realized the majority of the approximate $4 per megawatt hour increase in the average price of our 2023 hedged output, which rose to approximately $31 per megawatt hour with higher winter pricing driving most of the increase. For the second quarter of 2023, gross margin rose by a total of $0.05 per share reflecting the absence of certain full requirement BGS load contracts that remain following the sale of the fossil business in 2022 and resulted in a lower cost to serve compared to the prior year.

我們之前提到，在2023 年第一季度，PSEG Power 實現了2023 年對沖輸出平均價格約4 美元/兆瓦時的增長，其中大部分上漲至約31 美元/兆瓦時，冬季定價上漲推動了大部分發電量的增長。增加。 2023 年第二季度，每股毛利率總計上漲 0.05 美元，反映出在 2022 年出售化石業務後，某些完全要求的 BGS 負載合同的缺失，導致服務成本低於之前的水平年。

The increase in gross margin includes higher generation of $0.01 per share from fewer refueling outage days in the second quarter of 2023, offset by lower capacity revenues of $0.01 per share compared to the year ago quarter. O&M cost comparisons in the second quarter improved by $0.01 per share in 2023. Higher interest expense covering PSEG Power and parent financings were $0.02 per share unfavorable compared to the year ago quarter from higher variable rates on term loans and refinancing maturing debt at higher rates. Lower pension income from 2022 investment returns and OPEB credits from the lower amortization benefit mentioned earlier were $0.03 per share unfavorable versus the second quarter of 2022.

毛利率的增長包括由於 2023 年第二季度加油停運天數減少而導致每股收益增加 0.01 美元，但與去年同期相比每股容量收入下降 0.01 美元所抵消。 2023 年第二季度的運營和維護成本比較每股改善了0.01 美元。PSEG Power 和母公司融資的利息費用增加為每股0.02 美元，與去年同期相比不利，因為定期貸款的可變利率較高，並且以較高的利率為到期債務進行再融資。與 2022 年第二季度相比，2022 年投資回報帶來的養老金收入下降以及前面提到的較低攤銷收益帶來的 OPEB 信貸下降為每股 0.03 美元。

And taxes and other were $0.02 per share unfavorable compared to the second quarter of 2022, reflecting a partial reversal of the effective tax rate benefit from the first quarter and lower investment income.

與 2022 年第二季度相比，每股稅費及其他費用為 0.02 美元，反映出第一季度有效稅率收益的部分逆轉以及投資收入的下降。

On the operating side, the nuclear fleet produced approximately 7.7 terawatt hours during the second quarter and 16 terawatt hours for the year-to-date period in 2023, running at a capacity factor of 91.2% for the quarter and 95.8% for the year-to-date period. For the full year 2023, PSEG is forecasting 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.

在運營方面，核電機組在第二季度發電量約為 7.7 太瓦時，2023 年年初至今發電量為 16 太瓦時，本季度容量係數為 91.2%，全年容量係數為 95.8%。迄今為止的時期。 PSEG 預計 2023 年全年發電量為 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% 的發電量。

For 2024, the nuclear fleet is forecasted to produce 30 to 32 terawatt hours of baseload output and has hedged 75% to 80% of this generation at an average price of $38 per megawatt hour. The forecast of 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 '23, as we previously discussed.

到 2024 年，預計核電機組將產生 30 至 32 太瓦時的基本負荷輸出，並以每兆瓦時 38 美元的平均價格對沖了這一發電量的 75% 至 80%。 PSEG Power 及其他公司全年非 GAAP 營業利潤預測保持在 2 億至 2.25 億美元不變。正如我們之前所討論的，這一預測反映了 2023 年平均對沖價格預期增長的大部分在 23 年第一季度實現。

Touching on some recent financing activity. As of June 30, 2023, PSEG had total available liquidity of $4 billion, including $500 million of cash and cash equivalents on hand. PSEG Power had net cash collateral postings of approximately $400 million at June 30, which is well below the levels experienced during 2022. Through the second quarter, we've repaid $2 billion of term loans, which were entered into during 2022 to support our collateral needs.

談到最近的一些融資活動。截至2023年6月30日，PSEG的可用流動資金總額為40億美元，其中包括手頭5億美元的現金和現金等價物。截至6 月30 日，PSEG Power 的淨現金抵押品金額約為4 億美元，遠低於2022 年的水平。到第二季度，我們已經償還了20 億美元的定期貸款，這些貸款是在2022 年期間簽訂的，用於支持我們的抵押品需要。

In April, we entered into a $750 million 364-day variable rate term loan to support our liquidity needs. As of June 30, 2023, PSEG had $750 million outstanding of a 364-day variable rate term loan and PSEG Power had $1.25 billion outstanding of a variable rate term loan maturing March of 2025. As of the end of the quarter, PSEG had swapped $900 million of the power term loan from a variable rate to a fixed rate.

4 月份，我們簽訂了 7.5 億美元的 364 天浮動利率定期貸款，以支持我們的流動性需求。截至2023 年6 月30 日，PSEG 未償還7.5 億美元的364 天可變利率定期貸款，PSEG Power 未償還的12.5 億美元將於2025 年3 月到期的可變利率定期貸款。截至本季度末，PSEG 已互換9億美元的定期貸款從浮動利率改為固定利率。

And in May, PSE&G paid at maturity $500 million of secured medium-term notes. As Ralph mentioned earlier, PSEG recently executed an agreement for a pension lift-out that will further increase the predictability of our financial results. This transaction covers approximately 2,000 retirees from PSEG Power & Other, and will transfer approximately $1 billion of related obligations and associated plan assets. This transaction will have no material impact on PSEG's non-GAAP operating earnings in 2023.

5 月份，PSE&G 到期支付了 5 億美元的有擔保中期票據。正如拉爾夫之前提到的，PSEG 最近簽署了一項養老金取消協議，這將進一步提高我們財務業績的可預測性。此次交易涵蓋 PSEG Power & Other 的約 2,000 名退休人員，並將轉讓約 10 億美元的相關債務和相關計劃資產。此次交易不會對 PSEG 2023 年的非 GAAP 運營收益產生重大影響。

Upon completion of the pension lift-out, we anticipate taking a onetime noncash settlement charge in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with a portion of the pension involved in the transaction. After providing for the effect of this transaction, our pension plans remain well funded.

養老金取消完成後，我們預計將在 2023 年第三季度收取一次性非現金結算費用，該費用與立即確認與交易中涉及的部分養老金相關的未攤銷淨精算損失有關。考慮到此次交易的影響後，我們的養老金計劃仍然資金充足。

As Ralph mentioned, we are reaffirming PSEG's full year 2023 non-GAAP operating earnings guidance of $3.40 to $3.50 per share, with PSE&G forecasted to contribute between $1.500 billion to $1.525 billion and PSEG Power & Other forecasted at $200 million to $225 million.

正如拉爾夫提到的，我們重申PSEG 2023 年全年非GAAP 運營收益指引為每股3.40 至3.50 美元，其中PSE&G 預計貢獻15.00 億至15.25 億美元，PSEG Power & Other 預計貢獻2 億至2.25 億美元。

The settlement charge related to the lift-out is not included in the full year 2023 non-GAAP operating earnings guidance for PSEG, PSE&G or PSEG Power & Other. That concludes our formal remarks. And operator, we are ready to begin the question-and-answer session.

與取消相關的和解費用不包含在 PSEG、PSE&G 或 PSEG Power & Other 的 2023 年全年非 GAAP 運營收益指引中。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) And the first question comes from Shahriar Pourreza with Guggenheim Partners.

（操作員說明）第一個問題來自 Guggenheim Partners 的 Shahriar Pourreza。

Dan, you talked about some uncertainties remaining with power and energy prices until we get that PTC guidance. Any update on conversations with treasury? There seems to be some delays, obviously, in other tax credit issues. So does that potentially push out like the PTC implementation. And does that change the calculus for power as you think about earnings hedging in any of the efficiency projects like refueling gas, et cetera.

Dan，您談到了在我們獲得 PTC 指導之前電力和能源價格仍存在一些不確定性。與財政部的對話有任何更新嗎？顯然，其他稅收抵免問題似乎存在一些延誤。這是否有可能像 PTC 的實施一樣被推出。當您考慮任何效率項目（例如加油等）的收益對沖時，這是否會改變電力的計算？

Yes. Thanks, Shahriar. I don't think it changes much for us. I think maybe an analogy, 2023, the corporate minimum tax kicks in, and there's still guidance that we're looking for that as well. So I think from a PTC perspective, it's a tax credit -- it applies under the existing law. It states it begins 1/1/2024. So I've heard nothing from the standpoint of any delay in implementation. I think what we may have the potential for is, we may not know on the 1st of January exactly how they will define gross receipts.

是的。謝謝，沙赫里亞爾。我認為這對我們來說沒有太大改變。我想也許可以打個比方，2023 年，企業最低稅開始實施，我們仍在尋找指導。因此，我認為從 PTC 的角度來看，這是一種稅收抵免 - 它適用於現行法律。它聲明從 2024 年 1 月 1 日開始。因此，從實施延遲的角度來看，我沒有聽到任何消息。我認為我們可能有潛力的是，我們可能無法在 1 月 1 日確切地知道他們將如何定義總收入。

If I think about it, technically that tax return will get filed until into '25. I still would love to have the information now to best plan what we do. But I don't think there's any question, nothing that I've heard of anyway that would tell you that the start date would be anything other than 1/1/2024, but I have also not heard anything with respect to the date with which we will get further guidance on (inaudible).

如果我考慮一下，從技術上講，納稅申報表將在 25 年之前提交。我仍然希望現在就能夠獲得這些信息，以便更好地規劃我們的工作。但我不認為有任何問題，反正我聽說過的任何事情都不會告訴您開始日期不是 2024 年 1 月 1 日，但我也沒有聽到任何有關日期的信息我們將得到進一步的指導（聽不清）。

And then just on the '24 case expectations, I mean, you guys have highlighted the need to recover base spending that's not in much mechanisms to the tune of $0.30 earnings in '25. As we're getting closer to a filing, can you maybe just talk a little bit about how we should think about the revenue deficiency and the overall rate impact as we are seeing higher cost of capital? It's certainly a different inflationary environment in the last (inaudible).

然後就 24 年的情況預期而言，我的意思是，你們強調了恢復基本支出的必要性，而這在 25 年 0.30 美元的收入方面並沒有太多機制。隨著我們越來越接近提交文件，您能否談談我們應該如何考慮收入不足和整體利率影響，因為我們看到資本成本上升？過去的通脹環境肯定有所不同（聽不清）。

Yes, I don't think I would think about it any differently than we talked about it before, right? The filing date for the rate case remains fourth quarter. I think the nature of the capital that we still have in front of us to roll in all remains the same as what we've talked about before. And so it will be a part of the filing that we'll make. And again, most of that are items that we've been through proceedings with the BPU, whether it's stipulated base or whether it's some of the clauses that we've actually set up a deferral mechanism for those roll-ins.

是的，我認為我的想法與我們之前討論的沒有什麼不同，對吧？利率案件的提交日期仍為第四季度。我認為我們面前仍然可以投入的資本的性質與我們之前討論過的一樣。因此，這將是我們將提交的文件的一部分。再說一次，其中大部分是我們已經與 BPU 進行過處理的項目，無論是規定的基礎還是我們實際上為這些轉入建立了延期機制的一些條款。

So I don't think that we're in a different place from that approach and where we'll go. I think we're just kind of moving forward in getting that filing ready to be submitted in the fourth quarter.

因此，我認為我們的做法和我們將走向的方向並沒有什麼不同。我認為我們只是在準備在第四季度提交該文件方面取得進展。

Okay. Perfect, very clear-cut quarter. So that's all I had.

好的。完美、非常清晰的季度。這就是我所擁有的一切。

The next question is from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to get into the pension lift a little bit more. Just wondering if you could provide some more details such as is there any cash changing hands here? And how does the equity fixed income mix and the lifted out portion compare to the rest? And any thoughts on the equity fixed income mix going forward with the strength in equity markets?

只是想多享受一點養老金。只是想知道您是否可以提供更多詳細信息，例如這裡是否有現金易手？股票固定收益組合和剔除部分與其他部分相比如何？隨著股市走強，對股票固定收益組合有何想法？

Yes. So Jeremy, I'm going to have Dan give you some details and I will discuss much on the PIC or pension investment committee plans. But I just wanted to kind of preface it by saying a couple of things. One, really proud of the work that the entire team here did at PSEG. I mean there's a lot of hard work and we talked about this pension lift-out not too long ago and got to the point where we executed on it in a very timely manner.

是的。傑里米，我將讓丹給你一些細節，我將討論有關 PIC 或養老金投資委員會計劃的更多內容。但我只是想通過說幾件事來作為序言。第一，對 PSEG 整個團隊所做的工作感到非常自豪。我的意思是，有很多艱苦的工作，我們不久前討論了養老金取消的問題，並且我們非常及時地執行了它。

So just really happy with the work that they did. Really happy about the way that we were able to protect our retirees and the folks that have done so much for us over the years in the way that we transacted here and fill a lot of details, and we'll get out to those folks. But -- very happy about that part of this process as well and certainly happy about the results that we were able to achieve, which Dan will go into a little more detail here, but it's more and more of the execution that we've talked about and trying to build that confidence for you all that you expected from us.

所以對他們所做的工作非常滿意。我們非常高興能夠保護我們的退休人員以及多年來為我們做了很多事情的人們，我們在這裡進行交易並填寫了很多細節，我們將向這些人伸出援手。但是——對這個過程的這一部分也非常高興，當然也對我們能夠實現的結果感到高興，丹將在這裡更詳細地介紹這一點，但我們談論的越來越多的是執行並努力為您建立信心，滿足您對我們的期望。

Yes. So Jeremy, to your more particular questions. So your first question about cash transacted. By its very nature of what the transaction is, is a liability for future pension payments that will move out of the company and that liability will be matched basically with cash that's going to go out with it. And so yes, there is a cash element to the transaction.

是的。傑里米，回答你更具體的問題。所以你的第一個問題是關於現金交易的。就交易的本質而言，是未來養老金支付的負債，該負債將移出公司，並且該負債將基本上與隨之流出的現金相匹配。所以，是的，交易中有現金因素。

However, you should think about that cash as coming out of the pension trust where those liabilities will be paid from. And so from more general corporate cash, don't think about any cash from that perspective solely from the trust. That said, and I think that is very a logical way to think about it, given your second question, which is where does that cash come from? And so we have investments across a bunch of different elements of spectrums of investments that we have made through different managers in the pension trust.

但是，您應該將這些現金視為來自養老金信託，這些負債將由養老金信託支付。因此，從更一般的企業現金來看，不要僅僅從信託的角度考慮任何現金。也就是說，考慮到你的第二個問題，我認為這是一個非常合乎邏輯的思考方式，即現金從哪裡來？因此，我們通過養老金信託基金的不同經理進行了一系列不同投資領域的投資。

And I think just the most natural way to think about it without putting too fine a point on it is, it's roughly 20% of the pension, and you could think of us as essentially taking about 20% of our investments across the board and moving them over. There's -- that won't be a perfect interpretation but pretty close to how to think about what it would look like on a go-forward basis from the remaining mix within the funds. So I think that's a simple way to think about it, but an appropriate way to think about it.

我認為，最自然的思考方式是，它大約是養老金的 20%，你可以認為我們基本上全面拿走了我們投資的 20% 左右，然後轉移到其他地方。他們結束了。這不會是一個完美的解釋，但非常接近於如何從基金內剩餘的組合中考慮未來的情況。所以我認為這是一種簡單的思考方式，但卻是一種適當的思考方式。

Got it. That's very helpful. And then thinking about the pension lift-out here and thinking about kind of 5% to 7% growth CAGR. As previously communicated, is there any impact that we should think about here from this transaction?

知道了。這非常有幫助。然後考慮養老金的取消，並考慮 5% 到 7% 的複合年增長率。正如之前所傳達的，我們應該考慮這次交易是否會產生任何影響？

No, you should not -- I think the 5% to 7% you should think about as being intact. Really, Jeremy, this was all about looking to the potential variability and results that we could see corporately because of the size of the pension. And that was the driver behind the transaction. Ralph made a hugely important point. We've said all along, the first thing that we needed to do with our diligence wasn't sure that this was going to be a move that would protect the benefit to our retirees. We did significant diligence there, I felt very comfortable there.

不，你不應該——我認為你應該認為 5% 到 7% 是完整的。真的，傑里米，這一切都是為了尋找由於養老金規模而在企業中可以看到的潛在變化和結果。這就是交易背後的驅動力。拉爾夫提出了一個非常重要的觀點。我們一直在說，我們需要盡職盡責做的第一件事並不確定此舉是否會保護我們退休人員的福利。我們在那裡做了很多努力，我在那裡感覺很舒服。

And then secondarily, it needed to ultimately come through in a way that made sense for the company as well. And so that's exactly what we did. I think that managing that variability going forward is what we have talked about for a while and what we wanted to deliver on. And you could see some very, very de minimis effects as we step forward within the plan, but nothing that's going to move us out of that range at all.

其次，它最終需要以一種對公司也有意義的方式實現。這正是我們所做的。我認為管理未來的可變性是我們已經討論了一段時間的內容，也是我們想要實現的目標。當我們在計劃中前進時，你可能會看到一些非常非常微弱的影響，但沒有任何東西能讓我們脫離這個範圍。

The next question is from the line of David Arcaro with Morgan Stanley.

下一個問題來自摩根士丹利的大衛·阿卡羅。

Quick follow-up on the lift-out. What does that leave you in terms of a funding ratio post the transfer there?

快速跟進吊裝情況。就轉賬後的資金比率而言，這會給您帶來什麼？

Yes. So we finished the year at 87% and the year has been pretty good as we work through. So you can kind of think about that as increasing into the low 90s. And so we're in a good position from a funding perspective with what remains still within that kind of a range as we go forward from here.

是的。所以我們今年的完成率達到了 87%，這一年我們的工作表現相當不錯。所以你可以將其視為 90 年代末的增長。因此，從資金角度來看，我們處於有利地位，隨著我們繼續前進，資金仍處於該範圍內。

Okay. Got it. Perfect. And then on the Hope Creek fuel cycle extension, is that kicking off earlier here than you had anticipated previously? Or is that still on track toward the potential fall 2025 outage that you had mentioned previously in the Investor Day?

好的。知道了。完美的。然後，關於 Hope Creek 燃料循環擴展，這裡開始的時間是否比您之前預期的要早？或者您之前在投資者日提到的 2025 年秋季可能出現的停電是否仍然存在？

Yes, 2 separate -- so good pickup, David, definitely on track for that date that we talked about in the Investment Day. But the work starts earlier, right, because it's just a lot of engineering work that needs to be done because some of those -- some of that fabrication starts years in advance. So the engineering is taking place and kicked off. We have a good idea, the costs are minimal as we had explained, and it's on target for that date that we had said. So again, more execution from the team down there.

是的，兩個單獨的 - 非常好的接機，大衛，絕對符合我們在投資日討論的那個日期。但工作開始得更早，對吧，因為需要完成大量的工程工作，因為其中一些——其中一些製造工作提前幾年開始。因此，工程正在進行並開始。我們有一個好主意，正如我們所解釋的那樣，成本是最低的，並且達到了我們所說的那個日期的目標。再說一次，那裡的團隊有更多的執行力。

Yes. Great. And then just one other minor question related to that, just as a follow-on. Are you -- how are you thinking about hydrogen and the prospects of potentially producing hydrogen at your nuclear facilities. Do you have involvement or any perspective on the discussions going on now in terms of framing up that policy structure and how additionality might be considered. Just wondering if that's front of mind for you.

是的。偉大的。然後還有一個與此相關的小問題，作為後續問題。您對氫以及在核設施中生產氫的前景有何看法？您是否參與或對目前正在進行的有關製定政策結構以及如何考慮額外性的討論有任何看法？只是想知道這是否是您最關心的事情。

No, it's not top of mind because it's not a big driver for us one way or the other, but it's something we certainly want to do for a couple of reasons. I mean one, it's the right thing to do from an environmental standpoint, if we can help on the hydrogen development front. So that's one piece of it. Two, it's good for the region economically for New Jersey in the southern part of the state down there. If we could get some activities, additional construction activity, more jobs that southern area around our Salem plant has been challenged economically over the years. So another positive from that aspect. And then from the third, look, it is going to have some incremental financial impacts for us. I think additionality might make a lot of sense. But again, I think we're a small player in that, and we'll see where policymakers go with it.

不，這不是我們最關心的事情，因為無論從哪一方面來說，這對我們來說都不是一個很大的推動因素，但出於幾個原因，這確實是我們想做的事情。我的意思是，如果我們能夠在氫開發方面提供幫助，那麼從環境角度來看，這是正確的做法。這就是其中的一部分。第二，這對新澤西州南部地區的經濟有利。如果我們能夠開展一些活動、額外的建設活動、更多的就業機會，那麼我們塞勒姆工廠周圍的南部地區多年來一直面臨著經濟挑戰。從這方面來看，這是另一個積極的方面。然後從第三個開始，這將對我們產生一些增量的財務影響。我認為額外性可能很有意義。但同樣，我認為我們在這方面只是一個小參與者，我們將看看政策制定者會採取什麼行動。

Next question is from Durgesh Chopra with Evercore ISI.

下一個問題來自 Evercore ISI 的 Durgesh Chopra。

Just I want to go back to the pension lift-out real quick, Dan, congrats for getting it done in short order here. Just if memory serves me right, the portion of the pension, which is not covered by rates, or on the regulatory side was around 30%, and this lift-out is for 20%. So I'm just wondering if -- what are you doing with the 10% that is not covered by rates? Just any thoughts there.

只是我想盡快回到養老金取消的問題，丹，恭喜你在短時間內完成了這項工作。如果我沒記錯的話，養老金中不包含在利率或監管方面的部分約為 30%，而此次提升為 20%。所以我只是想知道——您如何處理未包含在費率範圍內的 10%？只是有任何想法。

Yes, your order magnitude is right there, Durgesh. And essentially, the transaction and the go-forward pension plans would have been more complicated to do this kind of a transaction with active employees because you kind of got a moving target, right? Your service cost continues to go forward. And those kind of elements come into play. And so right now, just think about what sits outside of this lift-out in Power & other as just being status quo.

是的，你的數量級就在那裡，杜爾格甚。從本質上講，與在職員工進行此類交易的交易和未來養老金計劃會更加複雜，因為你有一個不斷變化的目標，對嗎？您的服務成本繼續增加。這些元素開始發揮作用。因此，現在，只需考慮一下 Power & other 中除此之外的內容就只是現狀。

Got it. Okay. That's helpful. And then just any thoughts on potential for a settlement in the GSMP filing. You've had a nice track record here. Energy efficiency was a very constructive outcome. So any color you can share there?

知道了。好的。這很有幫助。然後是關於在 GSMP 備案中達成和解的可能性的任何想法。你在這裡有很好的記錄。能源效率是一個非常有建設性的成果。那麼你可以在那里分享什麼顏色嗎？

Durgesh, I'll give you a couple of pieces. Yes, last night was the first public hearing that we had on the GSMP filing. 17 individuals spoke in favor of the filing, 1 against. So just in sheer numbers and conversation, it was a very positive outcome. 4 public officials spoke in favor of the project and the work that's been done so far by our folks out in the field. So really, really positive there. So I'm very optimistic that public sentiment is in the right direction. That should all lead to a continuation of our opportunity to settle. I would be surprised if we were in a situation that was anything about a settlement when we get to the end of this.

Durgesh，我會給你幾塊。是的，昨晚是我們就 GSMP 備案舉行的第一次公開聽證會。 17 人發言支持該申請，1 人反對。因此，僅從數量和對話來看，這是一個非常積極的結果。 4 位公職人員發言支持該項目以及我們現場人員迄今所做的工作。那裡真的非常非常積極。因此，我非常樂觀地認為公眾情緒的方向是正確的。這一切應該會導致我們繼續有和解的機會。當我們結束此事時，如果我們處於與和解有關的情況，我會感到驚訝。

The next question comes from the line of Carly Davenport with Goldman Sachs.

下一個問題來自卡莉·達文波特與高盛的關係。

Maybe just to start, as you think about the regulatory environment in New Jersey, a couple of new commissioners have joined the commission there. Anything that you would highlight in terms of changes or expectations around the regulatory landscape there following the personnel additions?

也許只是為了開始，當你想到新澤西州的監管環境時，幾位新委員已經加入了那裡的委員會。在人員增加之後，您想強調一下監管環境的變化或期望嗎？

Yes. No, nothing that I would expect to change dramatically. Look, we've got some real good conversations that are going on. From what I can tell and what folks have had going from conversations would be aligned with the things that new commissioners are talking about, focus on environmental issues, focus on affordability. I think what we're doing on the GSMP program is completely aligned from that standpoint, especially with our -- with the methane reductions that are involved there and the work that we're doing, getting those pipes ready for whatever they may carry down the road.

是的。不，我不希望發生太大的改變。看，我們正在進行一些非常好的對話。據我所知，人們從對話中得到的內容將與新委員正在談論的事情保持一致，關注環境問題，關注負擔能力。我認為從這個角度來看，我們在GSMP 計劃上所做的事情是完全一致的，特別是與我們的——涉及其中涉及的甲烷減排以及我們正在做的工作，讓這些管道為它們可能攜帶的任何東西做好準備。馬路。

The electrification work is certainly aligned with comments that those new commissioners have made in other settings before they were in the commission. So I think that's a real good sign. And from an affordability standpoint, boy, I got to tell you, the more we dig into this in preparation for our upcoming rate case, the prouder I am of what New Jersey has done over the years. I mean we -- no matter which way you look at it, the rate increases for the entire state -- I'm not just talking about us, but for the entire state have really stayed below inflation rates.

電氣化工作當然與這些新委員在加入委員會之前在其他場合發表的評論是一致的。所以我認為這是一個真正的好兆頭。從負擔能力的角度來看，我必須告訴你，我們在為即將到來的利率案例做準備時對此進行的研究越多，我對新澤西州多年來所做的事情就越感到自豪。我的意思是，我們——無論你從哪個角度來看，整個州的利率都在上漲——我不僅僅是在談論我們，而是整個州的通脹率確實保持在低於通脹率的水平。

And with all the work that we're doing to electrify homes, electrify transportation and clean up the grid, it has really proved out in New Jersey that we can -- if you do it right, you can do it in an affordable way, and the numbers are proving that out. So I think everything we're doing is aligned with what those 2 new commissioners would expect and things that they have said in prior positions that they've held.

通過我們為家庭電氣化、交通電氣化和清理電網所做的所有工作，新澤西州確實證明了我們可以——如果你做對了，你就能以負擔得起的方式做到這一點，數字證明了這一點。因此，我認為我們所做的一切都符合這兩位新委員的期望以及他們在之前擔任的職位上所說的話。

Great. That's helpful. And then just on collateral postings, it looks like that was down to about $400 million at quarter end. Any thoughts on how we should think about the cadence of incremental hedges rolling off from here?

偉大的。這很有幫助。僅就抵押品而言，季度末這一數字似乎已降至 4 億美元左右。關於我們應該如何考慮從這裡開始的增量對沖的節奏，有什麼想法嗎？

Yes, Carly, I think if you think about us continuing to do what we've historically done it's probably the right answer. And maybe just for a little bit of a different reason, I answered the question earlier on the PTC timing and -- that Shahriar had asked. And we are still waiting, but we've also thought through what some of those potential outcomes could be from the treasury regs and we're taking into account, admittedly a little bit in the dark what they could look like as we're continuing to move forward.

是的，卡莉，我想如果你考慮我們繼續做我們歷史上做過的事情，這可能是正確的答案。也許只是出於一點不同的原因，我早些時候回答了 Shahriar 提出的有關 PTC 時間安排的問題。我們仍在等待，但我們也考慮了財政部法規可能帶來的一些潛在結果，並且我們正在考慮，誠然，在我們繼續進行的過程中，它們可能會是什麼樣子前進。

So I think until we know something different, I'd say it's an educated thought process, but maybe not as educated as we like with the guidance that we have and thinking about what to do. But we are layering on some incremental hedges as we go through time. I think you've seen within the material today over the last quarter, you've seen a little bit more and a little bit of a higher price. So we're just trying to be smart about it in a situation where we don't know everything we'd like to know. But hopefully, we'll get some information soon from treasury.

所以我認為，在我們知道一些不同的東西之前，我會說這是一個受過教育的思維過程，但可能沒有我們所擁有的指導和思考該做什麼那樣受過教育。但隨著時間的推移，我們正在逐步增加一些對沖措施。我認為您在今天的材料中看到了上個季度的情況，您看到了更多、更高的價格。所以，在我們不知道我們想知道的一切的情況下，我們只是想聰明點。但希望我們很快就能從財政部獲得一些信息。

Next question is from the line of Julien Dumoulin-Smith with Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

I just wanted to follow up on a few things that have been said here. First off, coming back to that pension lift-out, I just wanted to run this by you guys. Just with the $1 billion implying return on asset flipping the liability around conversely. I mean it sounds like that might be like maybe upwards of a nickel drag here. Again, it's difficult from the outside to run the math. But does that sound like ballpark? Is it a drag? Is there sort of a net drag on a run rate '24 basis, if you will? Or are there other offsets here to think about? Just to close out on that one.

我只是想跟進這裡所說的一些事情。首先，回到養老金取消的話題，我只是想由你們來管理這個問題。 10 億美元意味著資產回報率，反過來負債也隨之翻轉。我的意思是，聽起來這可能像是五分錢以上的阻力。同樣，從外部很難進行數學計算。但這聽起來像是大概嗎？這是一個拖累嗎？如果你願意的話，在運行率“24”的基礎上是否存在某種淨阻力？或者這裡還有其他偏移需要考慮嗎？只是為了結束那個。

Yes. No, Julien, listen, I don't think those numbers you just quoted would be aligned with the words de minimis. So I think that would be a little bit more than what we would certainly expect and not aligned with what our expectations are.

是的。不，朱利安，聽著，我不認為你剛才引用的那些數字與“微量”一詞相符。所以我認為這會比我們的預期要多一點，並且與我們的期望不符。

Got it. I appreciate it. And then separately, look, did I just hear you say additionality might make sense on the nuclear side? I just wanted you to -- if you might clarify your thoughts around that.

知道了。我很感激。然後分別看看，我剛剛聽到你說額外性在核方面可能有意義嗎？我只是想讓你——如果你能澄清你對此的想法的話。

No, I could understand why people would make that argument. So it might make sense in some circles to do that, right? It certainly would make the most sense from a -- if you just want to generate hydrogen and create hydrogen from the nuclear plants, but I could understand why people make that argument from a tax credit standpoint, right?

不，我可以理解為什麼人們會提出這樣的論點。所以在某些圈子裡這樣做可能是有意義的，對嗎？如果你只想產生氫氣並從核電站製造氫氣，這當然是最有意義的，但我可以理解為什麼人們從稅收抵免的角度提出這種論點，對嗎？

Because if you're getting tax credits for providing clean energy into the grid and then you convert that to hydrogen, then you get both tax credits. And I could understand that, right? Just the legitimate argument to make. So is that something we're taking a position on one way or the other, but I could certainly understand why some people would approach it that way.

因為如果您因向電網提供清潔能源而獲得稅收抵免，然後將其轉換為氫氣，那麼您將同時獲得稅收抵免。我可以理解，對吧？只是提出合理的論點。這就是我們以某種方式採取的立場，但我當然可以理解為什麼有些人會這樣做。

And I could understand why other people would approach it, "Hey, listen, we really have to kick start the hydrogen generation. And so therefore, we want to see that -- we want to see all those tax credits go to that angle. I think that's a -- it's a real policy call. It's -- some folks are going to need to make within Washington. So we'll see where it goes.

我可以理解為什麼其他人會這樣做，“嘿，聽著，我們真的必須啟動氫氣發電。因此，我們希望看到 - 我們希望看到所有這些稅收抵免都轉向這個角度。我認為這是一個真正的政策呼籲。一些人需要在華盛頓做出這樣的決定。所以我們將看看它會走向何方。

Got it. All right. Excellent. And then just meanwhile, I mean, if not going down the hydrogen route, I mean, how do you think about parallel avenues of data centers or what have you, just to maximize your opportunity set around these nuclear plants. Obviously, we've seen some of your peers out there maximizing around some of these low carbon transactions, if you will.

知道了。好的。出色的。然後就在同時，我的意思是，如果不走氫路線，我的意思是，你如何看待數據中心的並行途徑或者你有什麼，只是為了最大限度地利用這些核電站周圍的機會。顯然，如果您願意的話，我們已經看到您的一些同行最大限度地利用了其中一些低碳交易。

Yes. So again, I think what Dan has been saying from the beginning, and I'm just going to reinforce here is, we really need to understand what treasury is going to seem to be the revenues. And once we understand that, then we can optimize that for our shareholders. Everything that I've been saying up to this point is just respectful of the conversation that's been taking place. It's not meant to take sides on anything.

是的。再說一遍，我認為丹從一開始就一直在說，我只是想在這裡強調的是，我們確實需要了解財政收入似乎是什麼。一旦我們了解了這一點，我們就可以為股東進行優化。到目前為止我所說的一切只是對正在發生的對話的尊重。這並不意味著在任何事情上偏袒任何一方。

So even whether it's data centers and I -- we try to do what's right for New Jersey and New Jersey customers. And so, hey, does that make sense? Is it a data center here? Where is that data center? Are we wheel in power. There's all sorts of things that are going to go into our thought process as we go forward. And the number one is what Dan has been saying, let's see what rule of treasury say as to how revenue is going to be calculated.

因此，即使是數據中心和我，我們也會盡力為新澤西州和新澤西州的客戶做正確的事情。所以，嘿，這有意義嗎？這裡是數據中心嗎？該數據中心在哪裡？我們是掌權者嗎？當我們前進時，各種各樣的事情都會進入我們的思考過程。第一個是丹一直在說的，讓我們看看財務規則對於如何計算收入有何規定。

Right. Got it. But the point is you'll come up with a -- or you could come up with a new strategy pro forma for wherever the IRS lands on some of these regs. Can we get an update from you.

正確的。知道了。但關鍵是你會想出一個——或者你可以為國稅局在其中一些法規上的任何地方想出一個新的備考策略。我們可以從您那裡得到最新消息嗎？

Yes, 100%. And -- but again, give us a week to digest the rules when they come out, and then we'll have a plan ready. We're -- those conversations are not -- they're already -- we're already looking at things inside. We'll figure it out.

是的，100%。而且——但再次強調，當規則出台時，給我們一周的時間來消化它們，然後我們就會準備好計劃。我們——那些對話不是——他們已經——我們已經在研究內部的事情了。我們會解決的。

Got it. You're already working on things pro forma here with folks?

知道了。你已經在和大家一起準備一些事情了嗎？

Always. That's why we're able to move as fast than we did on pension. Yes.

總是。這就是為什麼我們能夠比養老金更快地行動。是的。

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

我們的下一個問題來自 Glenrock Associates 的 Paul Patterson。

So just -- almost all my questions have been answered. But just on -- I apologize for missing this. What is the expected GAAP impact of the lift-out?

所以，幾乎我所有的問題都得到了解答。但就在這——我為錯過這一點而道歉。剝離的預期 GAAP 影響是什麼？

GAAP. GAAP.

公認會計準則。公認會計準則。

Yes. So Paul, what we said is both -- as we look at 2023, de minimis impact, not even worth kind of including within any models, very, very small impact anticipated. And then going forward, I'd say the same, right? There's a very modest positive arbitrage. But by the same token, what we're -- what we've also talked about here is we will see a onetime charge come through from the standpoint of the unrecognized element. And so the absence of that going forward does provide somewhat of an offset. So I would not think about it as having much of an impact, '23 or going forward. So the main tracker that we talk about is mitigating the volatility.

是的。所以保羅，我們所說的是——當我們展望 2023 年時，影響極小，甚至不值得將其納入任何模型中，預期影響非常非常小。然後展望未來，我也會說同樣的話，對嗎？正套利非常有限。但出於同樣的原因，我們在這裡也討論的是，我們將從無法識別的元素的角度看到一次性充電。因此，未來這種情況的缺失確實提供了一定程度的抵消。所以我不認為它會對 23 年或未來產生太大影響。因此，我們談論的主要跟踪器是減輕波動性。

Okay. But the charge itself is not going to be big either, is what you're saying?

好的。但費用本身也不會很大，是你的意思嗎？

No, that 1 charge -- so if you take a look at our year-end 2022, that unamortized amount was about $2 billion. So we've disclosed that we would see something in the low 200s after tax from the standpoint that was in the release of the amortization of that charge. So think about the pension as a whole, having that unamortized balance. And if this is about a 20% impact you're seeing about that coming through on the onetime charge.

不，是那 1 筆費用——所以如果你看看我們的 2022 年底，未攤銷金額約為 20 億美元。因此，我們已經透露，從釋放該費用攤銷的角度來看，我們將看到稅後 200 左右的數字。因此，請考慮整個養老金，以及未攤銷的餘額。如果這大約是 20% 的影響，那麼您會發現一次性充電會產生這種影響。

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

我們的下一個問題來自瑞穗證券的安東尼·克勞德爾。

You may have addressed this in Durgesh's question, so I apologize. But if we think about from year-end to now, you had the approval from the BPU on the pension smoothing and now the lift-out. How much of your pension volatility have you reduced or removed from the end of 2022?

您可能已經在 Durgesh 的問題中解決了這個問題，所以我很抱歉。但如果我們想想從年底到現在，你已經獲得了 BPU 對養老金平滑和現在的取消的批准。從 2022 年底開始，您的養老金波動性減少或消除了多少？

A little less than half, somewhere between 40% and 50%.

略低於一半，介於 40% 到 50% 之間。

Okay. And then I appreciate you did go through that this is for the PEG Power employees unregulated. And in the fourth quarter, you're going to file the general rate case where I believe you're going to request a pension tracker. If the company is unsuccessful or the regulators do not approve the pension tracker, I mean, is this an option that you would look deeper into for the regulated employees? Or just structurally, it just makes -- it's very hard to do it for existing employees, this type of lift-out?

好的。我很感謝您確實了解了這是針對不受監管的 PEG Power 員工的。在第四季度，您將提交一般利率案例，我相信您將要求養老金追踪器。如果公司不成功或者監管機構不批准養老金跟踪系統，我的意思是，您是否會為受監管的員工更深入地研究這個選項？或者只是從結構上來說，對於現有員工來說，這種類型的離職很難做到？

Yes, Anthony. So we will absolutely have a conversation with the BPU about a mechanism to address pensions and the volatility around that. So -- they worked with us on the last mechanism. They worked with other companies. So we'll be in there having a conversation about it. It's good for ratepayers as well as also it create -- it reduces their volatility as well over a longer period of time as you are going from rate. So it makes sense for everyone.

是的，安東尼。因此，我們絕對會與 BPU 就解決養老金及其波動問題的機制進行對話。所以——他們與我們合作開發了最後一種機制。他們與其他公司合作。所以我們會在那裡討論這個問題。這對納稅人以及它所創造的人都有好處——當你從利率轉向較長一段時間內，它可以減少他們的波動性。所以這對每個人來說都是有意義的。

That said, we always will continue to take a look at things like we just executed on. But I would tell you that it's really tough to figure out for active employees what the right formula is for all the reasons that Dan mentioned, I think it was to Durgesh earlier, how long is somebody going to work? What's going to be their earnings trajectory and so on and so forth. So I think those pieces of the puzzle make it tougher when you have a group of employees like we just went through, it was a lot easier to have that conversation. And again, got us in a really good place.

也就是說，我們始終會繼續關注我們剛剛執行的事情。但我想告訴你，對於活躍的員工來說，弄清楚正確的公式是什麼真的很困難，因為 Dan 提到的所有原因，我認為這是 Durgesh 之前提到的，有人要工作多長時間？他們的收入軌跡是什麼等等。所以我認為，當你有一群像我們剛剛經歷過的員工時，這些難題會讓事情變得更加困難，進行對話會容易得多。再一次，讓我們處於一個非常好的位置。

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

我們的下一個問題來自花旗集團的 Ryan Levine。

Given the range of gross receipt treatment outcomes from treasury, what's the range of '24 hedges that you'd be considering adding on to your nuclear plate?

考慮到財政部總收入處理結果的範圍，您考慮在核板塊中添加的“24 年對沖”範圍是多少？

Yes, I think, Ryan, it's a tough question to answer, given that we don't have what we need to have from treasury. We have been stepping into hedges as we've approached the year fairly similar to what we've done in the past to be as prepared to mitigate the market volatility as we can. And so I think the question is going to be best answered when we do have that guidance and as we continue to go through the rest of the year.

是的，我認為，瑞安，這是一個很難回答的問題，因為我們沒有從財政部獲得我們需要的東西。臨近今年，我們一直在採取對沖措施，與過去的做法非常相似，以盡可能做好減輕市場波動的準備。因此，我認為當我們確實有了這樣的指導並且我們繼續度過今年剩餘的時間時，這個問題將得到最好的回答。

Just a follow-up on that. I mean when I look back on where you were last year at this time from a hedge standpoint and you were meaningfully more hedged on a 1-year forward basis than you are today. Given that comment, what's driving the lower hedge profile?

只是對此的後續行動。我的意思是，當我從對沖的角度回顧去年此時的情況時，你在一年遠期的基礎上比今天進行了更多的對沖。鑑於這一評論，是什麼推動了對沖風險的降低？

Well -- and Ryan, the other thing I would add to that is we've said in the past that we've tended to work our way through a 3-year period within a range kind of a band of hedges across those 3 years. And so there are periods of time where we will try to take a look at what the market looks like within that range to take advantage of market opportunities. And so if you just think about where we've been historically from a price point perspective and where we are now, I think the opportunities led us to be a little bit higher within that band before and a little bit lower within that band compared to last year right now.

好吧，瑞安，我要補充的另一件事是，我們過去曾說過，我們傾向於在這三年的一系列對沖區間內努力度過三年期。因此，有時我們會嘗試觀察該範圍內的市場情況，以利用市場機會。因此，如果你從價格角度考慮我們歷史上的水平和現在的水平，我認為這些機會使我們在之前的區間內處於較高的水平，而與之前相比，在該區間內處於較低的水平。去年現在。

Which at the end of the day is exactly the way Dan has managed this for years, and the team has managed it for years and they've looked for those opportunities. So absent really clear guidance from treasury, we're doing what we've done in the past.

歸根結底，這正是丹多年來管理這件事的方式，團隊也已經管理了多年，他們一直在尋找這些機會。因此，在沒有財政部真正明確的指導的情況下，我們正在做過去所做的事情。

Interesting topics. How does the recently approved second energy efficiency framework impact the company's approach to energy efficiency into the next filing later this year?

有趣的話題。最近批准的第二個能源效率框架如何影響公司在今年晚些時候提交下一份文件的能源效率方法？

Yes. I don't think it impacted what's going to happen in the next filing. What really impact -- will impact what's going to happen in the next filing is what was just released by the Board of Public Utilities, which is their triennial report or direction that was an order that came out on energy efficiency. And we're still studying that, but that has a lot of upside for us there that we think will really encourage additional energy efficiency investments from companies like ours. So more to come on that, but that I would encourage you to take a hard look at that order because I think it really did provide a good road map for all the utilities in New Jersey to follow and provide some opportunity for us.

是的。我認為這不會影響下一次提交的內容。真正影響——將影響下一份文件中將要發生的事情的是公用事業委員會剛剛發布的內容，這是他們的三年期報告或方向，是一項關於能源效率的命令。我們仍在研究這一點，但這對我們來說有很多好處，我們認為這將真正鼓勵像我們這樣的公司進行額外的能源效率投資。還有更多內容，但我鼓勵您仔細研究該命令，因為我認為它確實為新澤西州的所有公用事業公司提供了一個良好的路線圖來遵循，並為我們提供了一些機會。

Rob, we'll take 1 last call and then we'll turn it back to Ralph for closing comments.

羅布，我們將接聽最後一次電話，然後將其轉回給拉爾夫以徵求結束意見。

Thank you. That last call will come from Paul Freeman with Ladenburg Thalmann.

謝謝。最後一個電話將由保羅·弗里曼和拉登堡·塔爾曼打來。

Quick question on generation gross margin year-to-date and how we should think about generation gross margin for your following your hedges?

關於今年迄今為止的發電毛利率的快速問題以及我們應該如何考慮您的對沖後的發電毛利率？

Yes. I think as you take a look year-to-date, one of the things we talked about upfront was the hedge price we saw most of that uplift within the first quarter. So we got more of the benefit from the timing of the hedges that were put on during the winter period. I think what you're more likely to see as you go through the balance of the year is a little bit of a change from the standpoint of looking back at '22 when we kind of rolled off our final load-serving contracts compared to where we are now without them is that we have a little bit higher cost to serve last year compared to what we're seeing this year because of those contracts.

是的。我認為，當你看看今年迄今為止的情況時，我們預先討論的一件事是我們在第一季度看到的大部分上漲的對沖價格。因此，我們從冬季設置樹籬的時機中獲得了更多好處。我認為，當你經歷今年剩下的時間時，你更有可能看到的是，從回顧22 年的角度來看，當我們結束了最終的負載服務合同時，與當時相比，你更有可能看到一點變化。我們現在沒有他們的原因是，由於這些合同，我們去年的服務成本比今年要高一些。

And so most of the top-line benefit has been recognized year-over-year if you take a look at where the hedge prices are, but the cost to serve will benefit as we go through the balance of the year, Paul.

因此，如果你看看對沖價格的情況，大部分營收收益都已逐年得到認可，但隨著我們度過今年的剩餘時間，服務成本將會受益，保羅。

So if I look at next year, you would expect the gross margin to be roughly comparable in terms of how it's calculated or the differential to the hedge price as it is this year?

因此，如果我看看明年，您會預計毛利率在計算方式或與對沖價格的差異方面與今年大致相當？

No, we'll give you guidance next year for next year's results as we head in there. But I think next year, you're also going to have a situation where you'll have PTCs in place that will change things. So it's a more complicated structure that we can talk through as we go forward and to give next year's guidance.

不，我們會在明年為您提供有關明年結果的指導。但我認為明年，您也會遇到這樣的情況：PTC 的到位將會改變一切。因此，這是一個更複雜的結構，我們可以在前進時進行討論並給出明年的指導。

I would now like to turn the floor back over to Mr. LaRossa for closing comments.

我現在想請拉羅薩先生髮表總結意見。

Thank you. So I would just leave everyone with this. For the -- as we kind of put this new management team in place and talked about things, we said we weren't going to change much. We were going to continue our strategy. But I think this quarter kind of reinforced a lot of things that we've been telling you over the first 6 months here.

謝謝。所以我就把這個留給大家。對於——當我們組建新的管理團隊並討論事情時，我們說我們不會做太多改變。我們將繼續我們的戰略。但我認為這個季度強化了我們在前 6 個月裡告訴你們的很多事情。

Alignment with public policy, especially in the state of New Jersey is really important and the great work from the workforce that we have and our alignment with them on a regular basis. And the reason for that is that we were able to execute the way we did. 3 big wins, I'd say this quarter, our exit from offshore wind done in a way that really, I would say, we're very, very proud of. We entered. We took a hard look at that opportunity, and we exited in a way that both -- we were able to keep our heads up financially, policy-wise and with our -- with the labor workforce in the state of New Jersey as we did that.

與公共政策的協調一致，特別是在新澤西州，非常重要，我們擁有的勞動力所做的出色工作以及我們定期與他們保持一致。原因是我們能夠按照我們的方式執行。我想說的是，本季度我們取得了三項重大勝利，我們退出海上風電的方式確實讓我們非常非常自豪。我們進入了。我們認真審視了這個機會，我們以這樣的方式退出：我們能夠在財務上、政策上以及新澤西州的勞動力方面保持清醒的頭腦。那。

Second, we stayed aligned with public policy on our energy efficiency filing and took a good step forward. But as a result of that, we'll really be able to take some advantage of some new orders that came out from the Board that we just talked about. So again, really aligned with policy and a workforce that can deliver on that.

其次，我們在能效備案方面與公共政策保持一致，並向前邁出了一大步。但因此，我們確實能夠利用我們剛才談到的董事會發出的一些新命令。再說一遍，真正與政策保持一致，並擁有能夠實現這一目標的勞動力隊伍。

Third piece was what we just talked about on the pension execution and the work that was done there. And again, I just want to reinforce how happy we are that we were able to accomplish all the things that we set out to accomplish through some great, great teamwork from a number of folks here on our team.

第三部分是我們剛才談到的養老金執行情況以及在那裡所做的工作。再次，我只是想強調，我們非常高興能夠通過我們團隊中許多人的出色團隊合作來完成我們計劃完成的所有事情。

And then I don't want to lose sight of the heat storm that we just had here in New Jersey. And the work that was done, again, by -- if I had a number of folks that have stepped up time and time again, whether it's our appliance service technicians out fixing air conditioners that have gone bad to our overhead line workers, making sure that the pole-top transformers are back in service and the underground folks making sure the networks here in Newark and other cities are up and running and the call takers answering any questions customers might have as far as timing of restoration for the few that did go out of power.

然後我不想忽視我們剛剛在新澤西州經歷的熱風暴。再次完成的工作，如果我有很多人一次又一次地加緊努力，無論是我們的設備服務技術人員在修理對我們的架空線路工人來說已經壞了的空調，確保桿頂變壓器已重新投入使用，地下工作人員確保紐瓦克和其他城市的網絡正常運行，接線員會回答客戶可能提出的任何問題，以及少數確實恢復運行的時間沒電了。

It was just great work and really was seamless. And I -- it did identify some additional opportunities for us in that last mile, which we're going to learn from and continue to put into our plans, but I can't say enough about execution on that -- on the heat storm, but execution across the board on all the things that we've accomplished in the last quarter. So I appreciate you all calling in, listening and we'll continue to build your confidence as we move forward through the remainder of '23. Thanks, and talk to you next quarter.

這真是一項偉大的工作，而且確實是無縫的。我——它確實為我們在最後一英里確定了一些額外的機會，我們將從中學習並繼續將其納入我們的計劃中，但對於熱風暴的執行，我不能說太多，而是全面執行我們在上個季度完成的所有事情。因此，我感謝大家的來電和傾聽，我們將在 23 年剩下的時間裡繼續增強你們的信心。謝謝，下個季度再聊。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time, and 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。