公共服務電力與天然氣 (PEG) 2023 Q4 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'd like to welcome everyone to today's conference, Public Service Enterprise Group's Fourth Quarter and Full Year Results 2023 Earnings Conference Call and webcast. (Operator Instructions) As a reminder, this conference is being recorded today, February 26, 2024, and will be available for replay as an audio webcast on PSEG's Investor Relations website at https://investor.pseg.com.

女士們先生們，謝謝你們的支持。我叫 Rob，今天是你們的活動業者。歡迎大家參加今天的會議，公共服務企業集團 2023 年第四季和全年業績電話會議和網路廣播。 （操作員說明）謹此提醒，本次會議於今天（2024 年 2 月 26 日）進行錄製，並將在 PSEG 投資者關係網站 https://investor.pseg.com 上以音訊網路廣播形式重播。

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 Fourth Quarter and Full Year 2023 Earnings Presentation.

早安，歡迎來到 PSEG 的 2023 年第四季和全年財報發表會。

On today's call are Ralph LaRossa, Chair President and CEO and 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-K will be filed later today.

出席今天電話會議的包括主席兼首席執行官拉爾夫·拉羅薩 (Ralph LaRossa) 和執行副總裁兼首席財務官丹·克雷格 (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-K 將於今天稍後提交。

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 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 the 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 GAAP 營業收益，它與根據美國公認會計原則或 GAAP 報告的淨利潤不同。我們在我們的投資者關係網站和今天的資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.

謝謝你，卡洛塔。

Good morning to everyone, and thanks for joining us to review PSEG's 2023 fourth quarter and full year results.

大家早安，感謝您與我們一起回顧 PSEG 2023 年第四季和全年業績。

For the fourth quarter of 2023, PSEG reported net income of $1.10 per share compared to net income of $1.58 per share in the fourth quarter of 2022. Non-GAAP operating earnings for the fourth quarter of 2023 were $0.54 per share compared to $0.64 per share in the fourth quarter of 2022. Our non-GAAP results, excluding the items shown in attachments 8 and 9, which we provided with the earnings release.

PSEG 報告2023 年第四季的淨利潤為每股1.10 美元，而2022 年第四季的淨利潤為每股1.58 美元。2023 年第四季的非GAAP 營運收益為每股0.54 美元，而2022 年第四季的淨利潤為每股0.64 美元2022 年第四季。我們的非 GAAP 業績，不包括我們在收益發布中提供的附件 8 和 9 中顯示的項目。

For the full year of 2023, PSEG reported net income of $5.13 per share compared to $2.06 per share for the full year of 2022. Our non-GAAP operating earnings of $3.48 per share for the full year came in at the high end of our 2023 guidance range of $3.40 to $3.50 per share and marked the 19th consecutive year that we delivered results meeting or exceeding our guidance.

2023 年全年，PSEG 報告的淨利潤為每股 5.13 美元，而 2022 年全年為每股 2.06 美元。我們全年的非公認會計準則營業利潤為每股 3.48 美元，處於 2023 年的最高水平指導範圍為每股3.40 美元至3.50 美元，這標誌著我們連續第19 年交付的業績達到或超過了我們的指導。

Our fourth quarter 2023 financial results capped off a solid operating year. Building on this result, you can see on Slide 5 that we also reaffirm PSEG's full year 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share as well as our 5% to 7% earnings CAGR through 2028, and our $18 billion to $21 billion regulated CapEx plan that supports our rate base CAGR of 6% to 7.5% through 2028.

我們的 2023 年第四季財務業績為我們穩健的經營年度畫上了圓滿的句號。在此結果的基礎上，您可以在投影片5 中看到，我們也重申PSEG 2024 年全年非GAAP 營運收益指引為每股3.60 至3.70 美元，以及我們到2028 年5% 至7% 的收益複合年增長率，以及我們的180 億美元210 億美元的監管資本支出計劃支持我們到 2028 年實現 6% 至 7.5% 的利率基礎複合年增長率。

In rolling forward our 5-year capital plan to 2028, we added approximately $3 billion of investments to the prior plan that started from a year-end 2023 rate base of $29 billion. These are all unchanged from our January 2024 investor updates and we continue to identify potential investment opportunities for future rate base growth. Dan will discuss our financial results in greater detail following my remarks. So I will focus on a quick look back than on our outlook and objectives for 2024.

在將我們的 5 年資本計劃推遲到 2028 年時，我們在先前計劃的基礎上增加了約 30 億美元的投資，該計劃從 2023 年底 290 億美元的利率基數開始。這些與我們 2024 年 1 月的投資者更新相比沒有變化，我們將繼續尋找未來利率基礎成長的潛在投資機會。丹將在我發言後更詳細地討論我們的財務表現。因此，我將專注於快速回顧我們 2024 年的展望和目標。

Since our last earnings call, PSE&G has submitted 2 important filings to the New Jersey Board of Public Utilities. In early December 2023, we filed our $3.1 billion Energy Efficiency II investment program. This significantly expanded offerings driven by an increase in work to achieve the savings targets required under the BPU's updated energy efficiency framework. If approved, this program will launch the state's second energy efficiency cycle beginning in January of 2025 and run through June of 2027 with investments made over a 6-year period. Our EE II filing aligns with the annual reduction goals of 0.75% for gas and 2% for electric contained in New Jersey's Clean Energy Act of 2018, which are all unchanged and extends through the 2027 program year.

自上次財報電話會議以來，PSE&G 已向新澤西州公用事業委員會提交了兩份重要文件。 2023 年 12 月初，我們提交了 31 億美元的能源效率 II 投資計畫。為實現 BPU 更新的能源效率框架下所需的節能目標，工作量的增加推動了產品的顯著擴展。如果獲得批准，該計劃將從 2025 年 1 月開始啟動該州的第二個能源效率週期，持續到 2027 年 6 月，投資為期 6 年。我們的 EE II 申報符合新澤西州 2018 年清潔能源法案中包含的天然氣 0.75% 和電力 2% 的年度減排目標，這些目標均保持不變，並延續到 2027 年計畫年度。

In the interim, we continue to conduct our award-winning Energy Efficiency program, which remains oversubscribed. This last November, we filed for a second extension to this program totaling approximately $300 million covering the July through year-end 2024 period. As a direct result of these programs, PSE&G is also advancing its Clean Energy Jobs program with a focus on lower and middle-income community hiring and training. Our EE programs continue to create value by lowering customer bills, reducing energy use and emissions and providing shareholders over the return of and on the energy efficiency spending. New Jersey continues to be a national leader in promoting the broad adoption of EE, and it remains an important tool in helping us reach New Jersey's clean energy goals.

在此期間，我們繼續實施屢獲殊榮的能源效率計劃，該計劃仍然超額認購。去年 11 月，我們申請了該計劃的第二次延期，總額約為 3 億美元，涵蓋 7 月至 2024 年底。這些計劃的直接結果，PSE&G 也正在推動其清潔能源就業計劃，重點關注中低收入社區的招募和培訓。我們的節能計劃透過降低客戶帳單、減少能源使用和排放以及為股東提供能源效率支出的回報來持續創造價值。新澤西州繼續在促進廣泛採用能源效率方面處於全國領先地位，並且它仍然是幫助我們實現新澤西州清潔能源目標的重要工具。

The second regulatory filing we made in December was our first distribution base rate case in nearly 6 years. This case addresses 57% of our rate base, given that the other 43% is regulated under our first formula rate. You're aware that this filing was required pursuant to the settlement of our second gas system modernization program back in 2018. The filing proposes an overall revenue increase of 9% with the typical combined residential electric and gas customers seeing a proposed increase of 12% or less than 2% of compounded growth over the 6-year period. We expect the procedural schedule for this rate case to be issued in the near term. And based on previous rate case timelines, we anticipate that this rate case will conclude later in 2024.

我們在 12 月提交的第二份監管文件是近 6 年來的第一個分銷基本費率案例。鑑於其他 43% 是根據我們的第一個公式費率進行監管的，本案例涉及我們費率基礎的 57%。您知道，根據我們 2018 年第二次燃氣系統現代化計劃的解決方案，需要提交此文件。該文件建議將總體收入增長 9%，其中典型的住宅電力和燃氣客戶的建議增長 12%或6 年期間複合成長率低於2%。我們預計該費率案件的程序時間表將在近期發布。根據先前的費率案件時間表，我們預計該費率案件將於 2024 年稍後結束。

The largest item in the rate case is to obtain recovery of our capital expenditures, already made to modernize system infrastructure and improve reliability but not yet in rates as well as to implement recovery of expenditures for the previously approved AMI and electric vehicle programs. Besides capital recovery, the rate case proposes several mechanisms to mitigate the impact of market volatility on customer bills, including insulating customers from swing in interest rates, severe weather events and revenue-related impacts of pension, providing for a more predictable monthly bill. We are also proposing a new time of use rates that will allow customers to save on their bills by shifting usage to off-peak periods, a rate option that can benefit all customers, including incentivizing residential customers to charge their electric vehicles during these off-peak hours.

費率案例中最大的項目是收回我們的資本支出，這些支出已經用於現代化系統基礎設施和提高可靠性，但尚未體現在費率中，以及恢復先前批准的 AMI 和電動汽車項目的支出。除了資本回收之外，利率案例還提出了多種機制來減輕市場波動對客戶帳單的影響，包括使客戶免受利率波動、惡劣天氣事件和退休金收入相關影響的影響，從而提供更可預測的每月帳單。 We are also proposing a new time of use rates that will allow customers to save on their bills by shifting usage to off-peak periods, a rate option that can benefit all customers, including incentivizing residential customers to charge their electric vehicles during these off-尖峰時段.

The BPU has added several commissioners in the past year. Phil Murphy recently appointed Michael Bange, a retired water utility executive with operations experience. The new commissioners continue to advance a full agenda, and we already have several data points over the past 6 months that are consistent with prior results, including 2 recent rate case settlements that adopted the existing New Jersey's return on equity rate of 9.6%. These agreements between the BPU staff, Rate Counsel, other interveners and the utilities demonstrate a continued preference for settlements over adjudicated cases in New Jersey. In 2023, the BPU will also approve settlements to extend our GSMP II program for 2 years to invest $900 million on infrastructure monetization and greenhouse gas reduction as well as a 9-month extension for $280 million, covering our EEI program through June of 2024.

BPU 去年增加了幾名委員。 Phil Murphy 最近任命了具有營運經驗的退休水務公司主管 Michael Bange。新任委員繼續推進完整的議程，我們已經掌握了過去6 個月的多個數據點，這些數據點與先前的結果一致，包括最近的2 起利率案件和解，採用了新澤西州現有9.6% 的股本回報率。 BPU 工作人員、費率律師、其他幹預者和公用事業公司之間的這些協議表明新澤西州仍然傾向於和解而不是已裁決的案件。 2023 年，BPU 也將批准和解協議，將我們的GSMP II 計畫延長2 年，投資9 億美元用於基礎設施貨幣化和溫室氣體減排，並將2.8 億美元延長9 個月，將我們的EEI計劃涵蓋到2024 年6 月。

If you followed us for several years, you know that we are also laser-focused on cost containment. In 2023, we were able to lock in 4-year labor agreements with all our New Jersey represented employees, which addresses one of our largest O&M costs. This is just one example of our relentless cost discipline, which has positioned our distribution rate case increases to be the lowest in the state over the 6 years since our last rate case filing back in 2018.

如果您關注我們多年，您就會知道我們也非常注重成本控制。 2023 年，我們與新澤西州所有代表員工簽訂了為期 4 年的勞動協議，這解決了我們最大的營運和維護成本之一。這只是我們嚴格的成本紀律的一個例子，這使得我們的分配率案件自 2018 年提交上一次費率案件以來的 6 年來是該州最低的。

A comparison of our in-state electric and gas distribution rate increases since our last rate case is shown on Slide 12. PSE&G's electric distribution CAGR was less than 1/3 of the average New Jersey electric CAGR and our gas distribution CAGR was less than half of the average New Jersey gas CAGR. PSE&G's customer bills continue to compare very well with regional peers for residential electric and gas service and remain lower from a historical share of wallet basis. Of considerable note was our ability to reduce monthly bills for typical net residential natural gas customers with 3 commodity reductions during 2023 prior to the 2024 heating season.

幻燈片12 顯示了自上次費率案例以來我們州內電力和天然氣分配率增長的比較。PSE&G 的電力分配複合年增長率不到新澤西州平均電力複合年增長率的1/3，而我們的天然氣分配複合年增長率不到一半新澤西州平均天然氣複合年增長率。 PSE&G 的住宅電力和燃氣服務的客戶帳單繼續與區域同行相比非常好，並且從錢包的歷史份額來看仍然較低。值得注意的是，我們能夠在 2024 年暖氣季之前的 2023 年期間減少 3 種商品，從而減少典型淨住宅天然氣客戶的每月帳單。

In addition to this focus on affordability, we continue to provide outstanding reliability. For the 22nd consecutive year, PSE&G received a Reliability One award in the Mid-Atlantic metropolitan service area from PA Consulting, an industry benchmarking group. We are very proud, it combines our reputation for reliability and our regionally favorable affordability with nationally recognized customer satisfaction scores. PSE&G ranked #1 for the second consecutive year in the J.D. Power 2023 U.S. Electric Utility Residential Customer Satisfaction Study in the East among our large utilities. We also secured the top position in the J.D. Power 2023 U.S. electric utility business customer satisfaction study in that same region.

除了注重負擔能力之外，我們還繼續提供卓越的可靠性。 PSE&G 連續 22 年榮獲產業標竿集團 PA Consulting 頒發的中大西洋大都會服務區可靠度一號獎。我們非常自豪，它將我們的可靠性聲譽、區域優惠的承受能力與全國認可的客戶滿意度得分結合在一起。在 J.D. Power 2023 年美國東部電力公司住宅客戶滿意度研究中，PSE&G 在我們的大型公用事業公司中連續第二年排名第一。我們也在同一地區的 J.D. Power 2023 年美國電力公用事業企業客戶滿意度研究中名列前茅。

Now let's turn to our capital investment programs. During the fourth quarter of 2023, PSE&G invested approximately $1 billion in energy infrastructure and clean energy, bringing the full capital spend to $3.7 billion, our largest ever single year expenditure. As I mentioned earlier, PSE&G finished 2023 with a total rate base of approximately $29 billion, which was a 10% increase over year-end 2022 rate base. A key driver of this growth is our energy efficiency program, which continues to experience higher demand for residential and C&I offerings, accounting for close to $480 million of the $3.7 billion.

現在讓我們來談談我們的資本投資計劃。 2023 年第四季度，PSE&G 在能源基礎設施和清潔能源方面投資了約 10 億美元，使全部資本支出達到 37 億美元，這是我們有史以來最大的單一年度支出。正如我之前提到的，PSE&G 到 2023 年結束時的總費率基數約為 290 億美元，比 2022 年底費率基數增加了 10%。這一成長的關鍵驅動力是我們的能源效率計劃，該計劃對住宅和工商業產品的需求持續增長，佔 37 億美元中的近 4.8 億美元。

Our infrastructure advancement program, which is focused on modernizing the last mile of our system has never been more critical as activity in response to new service requests for EV make-ready and additional large specific projects including data centers picks up. We also installed and placed into service 1.5 million smart meters through our CEF Advanced Metering program or AMI. The total AMI program, which is intended to replace more than 2.3 million meters in total is expected to be completed this year, still on schedule and on budget.

我們的基礎設施改進計劃專注於系統最後一英里的現代化，隨著針對電動汽車準備和包括數據中心在內的其他大型特定項目的新服務請求的響應活動的增加，這一計劃變得前所未有的重要。我們也透過 CEF 高級計量計劃或 AMI 安裝並投入使用 150 萬台智慧電錶。整個 AMI 計畫旨在更換總計超過 230 萬個電錶，預計將於今年完成，仍按計畫和預算完成。

Now turning to our nuclear operations. The nuclear production tax credit provided in the 2022 Inflation Reduction Act began on January 1 of this year and extends through 2032 with a payment of up to $15 a megawatt hour based on nuclear units gross receipts. Our nuclear fleet operated 93% capacity factor for the full year of 2023, producing approximately 32 terawatt hours of carbon-free baseload energy, which included a Salem 1 breaker-to-breaker run between refuelings.

現在轉向我們的核行動。 《2022 年通貨膨脹削減法案》中規定的核子生產稅收抵免從今年 1 月 1 日開始，一直延續到 2032 年，根據核機組總收入，每兆瓦時最多支付 15 美元。我們的核電機組在 2023 年全年的運行容量係數為 93%，產生約 32 太瓦時的無碳基本負荷能源，其中包括在加油之間進行塞勒姆 1 斷路器到斷路器的運行。

In wrapping up, I want to note a few other highlights. For the 16th consecutive year, PSEG has been named to the Dow Jones Sustainability North America Index. And for 2024, PSEG will also be included in the S&P Global Sustainability Yearbook. U.S. News & World Report also recently named PSEG to its inaugural list of 200 best companies to work for. And in 2023, we were recognized by the CPA-Zicklin Index as a trendsetter for corporate political disclosure practices and accountability. We also completed the sale of our last fossil unit in Hawaii last year, making PSEG Power one of the few carbon-free baseload generating fleets in the country. This fleet is well situated to benefit from potential data center growth, hydrogen hubs and a license extension with none of the potential upside in our current 5-year plan.

最後，我想指出一些其他亮點。 PSEG 連續第 16 年入選道瓊北美永續指數。 2024 年，PSEG 也將被納入標準普爾全球永續發展年鑑。 《美國新聞與世界報道》最近也將 PSEG 列入首屆 200 家最佳工作公司名單。 2023 年，我們被 CPA-Zicklin 指數認可為企業政治揭露實踐和問責制的潮流引領者。去年，我們也完成了夏威夷最後一個化石燃料機組的出售，使 PSEG Power 成為全國為數不多的無碳基荷發電機組之一。船隊地理位置優越，可以從潛在的資料中心成長、氫中心和許可證延期中受益，但在我們目前的五年計畫中沒有任何潛在的好處。

PSE&G continues to execute on a robust set of growth investments aligned with New Jersey's energy policy goals as well as expected growth from increased electrification, including EV adoption, port electrification as well as new business, including data center loads. These last 2 mentions were recently recognized by PJM in their January 2024 load forecast report for our PS zone. We are very pleased with the progress made thus far to increase the predictability of PSEG. An important part of achieving this comes from our ability to execute on our current 5-year capital investment plan without the need to issue new equity or sell assets.

PSE&G 繼續執行一系列強勁的成長投資，這些投資與新澤西州的能源政策目標以及電氣化增加帶來的預期成長相一致，包括電動車採用、港口電氣化以及包括資料中心負載在內的新業務。 PJM 最近在其 PS 區域 2024 年 1 月負載預測報告中認可了最後 2 點。我們對迄今為止在提高 PSEG 可預測性方面取得的進展感到非常高興。實現這一目標的一個重要部分來自我們執行當前五年資本投資計畫的能力，而無需發行新股或出售資產。

PSEG has delivered on what we said we would do, and I look forward with confidence in this team's ability to continue to execute on our business plan in the years ahead. I'd like to close my remarks by thanking all 12,500 plus PSEG employees for their dedication and safety, reliability and our customers.

PSEG 已經兌現了我們所說的承諾，我對這個團隊在未來幾年繼續執行我們的業務計劃的能力充滿信心。在結束演講時，我要感謝所有 12,500 多名 PSEG 員工的奉獻精神、安全性、可靠性以及我們的客戶。

I'll now turn the call over to Dan to discuss our financial results and outlook in greater detail and I'll be available for your questions after his remarks.

現在，我將把電話轉給 Dan，更詳細地討論我們的財務表現和前景，並在他發言後回答您的問題。

Thank you, Ralph, and good morning, everyone.

謝謝你，拉爾夫，大家早安。

As Ralph mentioned earlier, PSEG reported net income of $5.13 per share for the full year of '23 compared to net income of $2.06 per share for 2022. Non-GAAP operating earnings for the full year of 2023 were $3.48 per share compared to $3.47 per share for 2022. For the fourth quarter of 2023, net income was $1.10 per share compared to $1.58 per share in 2022, and non-GAAP operating earnings were $0.54 per share for the fourth quarter of 2023, compared to $0.64 per share in 2022.

正如拉爾夫之前提到的，PSEG 報告2023 年全年淨利潤為每股5.13 美元，而2022 年淨利潤為每股2.06 美元。2023 年全年非GAAP 營運收益為每股3.48 美元，而2022年全年營運收益為每股 3.47 美元。2022 年第四季的淨利為每股 1.10 美元，而 2022 年為每股1.58 美元；2023 年第四季的非公認會計準則營業利潤為每股 0.54美元，而2022 年為每股0.64 美元。

We've provided you with information on Slide 7 and 9 regarding the contribution to non-GAAP operating earnings per share by business segment for the fourth quarter and full year of 2023. Slides 8 and 10 contain waterfall charts that take you through the net changes, the quarter-over-quarter and full year periods and non-GAAP operating earnings per share by major business.

我們在投影片 7 和 9 中提供了有關 2023 年第四季和全年各業務部門對非 GAAP 每股營運收益的貢獻的資訊。投影片 8 和 10 包含瀑布圖，可協助您了解淨變動、按主要業務劃分的季度環比和全年業績以及非公認會計原則每股營業收益。

Starting with PSE&G, we reported fourth quarter 2023 net income of $0.58 per share compared to $0.70 per share in 2022. PSE&G had non-GAAP operating earnings of $0.59 per share for the fourth quarter of 2023 compared to $0.70 per share in 2022. The main drivers for both net income and non-GAAP operating earnings results for the quarter were growth in investments in transmission and gas distribution. These favorable items were offset by the expected decline in pension income and lower OPEB-related credits as well as anticipated higher depreciation, amortization and interest expense resulting from higher investments not yet reflected in rates and the timing of O&M in the quarter that was within our expectations for the full year. Compared to fourth quarter 2022, margin was $0.03 higher, driven by transmission at $0.01 per share, and gas margin also at $0.01 per share higher, primarily driven by the clause recovery of our GSMP investment. Other utility margin was also $0.01 per share favorable.

從PSE&G 開始，我們報告的2023 年第四季淨利為每股0.58 美元，而2022 年為每股0.70 美元。PSE&G 2023 年第四季的非公認會計準則營業利潤為每股0.59 美元，而2022年為每股0.70 美元。本季淨利和非公認會計原則營業利潤的驅動因素是輸電和天然氣分配投資的成長。這些有利的項目被退休金收入的預期下降和OPEB 相關信貸的減少以及由於投資增加而導致的預計折舊、攤銷和利息費用增加所抵消，這些投資尚未反映在我們的季度內的利率和O&M 時間安排中。對全年的期望。與 2022 年第四季相比，由於傳輸每股 0.01 美元，利潤率提高了 0.03 美元，天然氣利潤率也提高了每股 0.01 美元，這主要是由於我們 GSMP 投資的條款回收。其他公用事業利潤率也為每股 0.01 美元。

Distribution O&M expense increased $0.05 per share compared to the fourth quarter of 2022, reflecting seasonality and operational timing. But for the full year, distribution O&M was flat versus 2022. Depreciation and interest expense each increased $0.02 per share compared to the fourth quarter of 2022, reflecting continued growth in investment, lower pension income resulting from 2022's investment returns, combined with lower OPEB credits, which ended in 2023, resulting in a $0.04 per share unfavorable comparison to the year earlier quarter.

與 2022 年第四季相比，分銷營運和維護費用每股增加 0.05 美元，反映了季節性和營運時機。但全年分配營運與維護與 2022 年持平。與 2022 年第四季相比，折舊和利息支出每股增加 0.02 美元，反映出投資持續成長、2022 年投資回報導致退休金收入下降以及 OPEB 信貸減少，截至2023 年，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 across the full year and other flow-through taxes had a net unfavorable impact of $0.01 per share in the quarter compared to 2022. Weather during the fourth quarter, as measured by heating degree days, was 15% warmer than normal and 13% warmer than the fourth quarter of last year. As we've mentioned, the Conservation Incentive Program, or CIP mechanism, limits the impact of weather and other sales variances positive or negative on electric and gas margins while helping PSE&G broadly promote the adoption of its energy efficiency programs. Growth in the number of electric and gas customers, the driver for margin under the CIP mechanism has remained positive with each up by about 1% in 2023.

最後，透過有效稅率記錄的稅務時間安排（全年淨額為 0），與 2022 年相比，其他流通稅對本季每股淨不利影響為 0.01 美元。第四季的天氣狀況，如以暖氣度日數計算，較常年偏高15%，較去年第四季偏高13%。正如我們所提到的，保護激勵計劃（CIP 機制）限制了天氣和其他銷售差異對電力和天然氣利潤的正面或負面影響，同時幫助 PSE&G 廣泛推廣其能源效率計劃的採用。電力和天然氣客戶數量的成長是 CIP 機制下利潤率的驅動因素，到 2023 年各成長約 1%。

On capital spending, as Ralph mentioned, PSE&G invested approximately $1 billion during the fourth quarter and completed its largest single year investment program at $3.7 billion for the full year. The program included upgrades and replacements to our T&D facilities, Energy Strong II investments, last mile spend in the infrastructure advancement program, ongoing gas infrastructure replacements via base and GSMP II spending, continued rollout of the clean energy investments in energy efficiency, smart meter installation and EV make-ready infrastructure. We recently rolled forward our 5-year regulated capital investment plan to 2028, amounting to $18 billion to $21 billion, which incorporates both the new $3.1 billion CEF-EE II filing as well as the $300 million expansion of the existing EE program through the end of 2024. For 2024, our regulated capital investment plan totals approximately $3.4 billion.

在資本支出方面，正如 Ralph 所提到的，PSE&G 在第四季度投資了約 10 億美元，並完成了全年 37 億美元的最大單年度投資計畫。該計劃包括升級和更換我們的T&D 設施、Energy Strong II 投資、基礎設施進步計劃的最後一英里支出、通過基礎和GSMP II 支出進行的天然氣基礎設施更換、繼續推出能源效率方面的清潔能源投資、智能電錶安裝和電動車準備基礎設施。我們最近將 5 年受監管資本投資計畫推遲到 2028 年，金額為 180 億美元至 210 億美元，其中包括新的 31 億美元 CEF-EE II 備案以及截至年底現有 EE 計劃的 3 億美元擴展2024年。2024 年，我們的受監管資本投資計畫總額約為34 億美元。

Moving on to PSEG Power & Other. For the fourth quarter of 2023, PSEG Power & Other reported net income of $0.52 per share compared to net income of $0.88 per share for 2022. Non-GAAP operating loss was $0.05 per share for the fourth quarter of 2023 compared to a non-GAAP operating loss of $0.06 per share for 2022.

繼續討論 PSEG 電力及其他。 2023 年第四季，PSEG Power & Other 報告每股淨利潤為 0.52 美元，而 2022 年為每股淨利潤 0.88 美元。與非 GAAP 相比，2023 年第四季非 GAAP 營運虧損為每股 0.05 美元2022 年每股營運虧損為0.06 美元。

For the fourth quarter of 2023, net energy margin rose by $0.05 per share after including lower capacity revenues that were $0.03 per share unfavorable and gas offset were lower by $0.01 per share compared to the year earlier quarter.

2023 年第四季，淨能源利潤率每股上升 0.05 美元，其中包括不利的產能收入下降（每股 0.03 美元），以及天然氣抵消每股較上年同期下降 0.01 美元。

O&M comparisons in the fourth quarter improved by $0.01 per share, driven by the absence of a Hope Creek refueling outage. Lower interest expense was $0.01 per share favorable, primarily the result of lower collateral requirements. Lower pension income from '22 investment returns and OPEB credits from the lower amortization benefit were $0.03 per share unfavorable versus fourth quarter of 2022. And taxes and other were $0.03 per share unfavorable compared to the fourth quarter of 2022, reflecting a partial reversal of the effective tax rate benefit from the first quarter of 2023.

由於沒有 Hope Creek 加油中斷，第四季度營運與維護業務每股收益提高了 0.01 美元。較低的利息費用為每股 0.01 美元，這主要是由於抵押品要求較低。與2022 年第四季相比，22 年投資回報帶來的退休金收入下降以及攤銷收益降低帶來的OPEB 抵免額為每股0.03 美元，與2022 年第四季相比，每股稅費和其他費用為0.03 美元，這反映了每股收益的部分逆轉。有效稅率自 2023 年第一季起受益。

On the operating side, the nuclear fleet produced approximately 7.3 terawatt hours during the fourth quarter and 32 terawatt hours for the full year of 2023, running at a capacity factor of 86% and 93% for the quarter and full year respectively. At year-end 2023, PSEG Power had hedged approximately 90% to 95% of its expected generation for 2024 at an average price of $38 per megawatt hour, up from $31 per megawatt hour in 2023.

在營運方面，核電機組在第四季發電量約為 7.3 太瓦時，2023 年全年發電量為 32 太瓦時，季度和全年容量係數分別為 86% 和 93%。截至 2023 年底，PSEG Power 已對沖 2024 年預期發電量的約 90% 至 95%，平均價格為每兆瓦時 38 美元，高於 2023 年每兆瓦時 31 美元。

Touching on some recent financing activity. As of December 31, PSEG had total available liquidity of $3.4 billion, including $54 million of cash on hand. PSEG Power had net cash collateral postings of approximately $113 million at December 31, more consistent with historical experience and substantially below the elevated levels seen during 2022. This reduction in collateral also helped to bolster PSEG's cash from operations to $3.8 billion for the full year 2023 versus $1.5 billion for the full year of 2022. At year-end 2023, PSEG had $500 million outstanding of a 364-day variable rate term loan maturing in April 2024 and PSEG Power had $1.25 billion outstanding of a variable rate term loan maturing in March of 2025. We've swapped a total of $1.4 billion from these 2 term loans at PSEG Power and PSEG from a variable to a fixed rate to mitigate variability in interest rates.

談到最近的一些融資活動。截至12月31日，PSEG的可用流動資金總額為34億美元，其中手頭現金為5,400萬美元。截至12 月31 日，PSEG Power 的現金抵押品淨額約為1.13 億美元，更符合歷史經驗，且遠低於2022 年的高水準。抵押品的減少也有助於將PSEG 2023 年全年的營運現金增加至38 億美元相比之下，2022 年全年為15 億美元。截至2023 年年底，PSEG 於2024 年4 月到期的364 天浮動利率定期貸款未償還5 億美元，PSEG Power 於3 月到期的浮動利率定期貸款為12.5 億美元到 2025 年。我們已將 PSEG Power 和 PSEG 的這兩筆定期貸款總計 14 億美元從可變利率轉換為固定利率，以減輕利率的波動。

As of December 31, reflecting our swaps, approximately 4% of our total debt was at a variable rate, which is down nearly 8% since year-end 2022, driven by a reduction in parent short-term debt of nearly $1.7 billion. We continue to maintain solid investment-grade ratings.

截至12 月31 日，我們的總債務中約有4% 是浮動利率債務，反映了我們的掉期利率，自2022 年底以來下降了近8%，這是由於母公司短期債務減少了近17 億美元。我們持續維持穩健的投資等級。

Looking ahead, we expect that PSE&G's considerable cash generation combined with PSEG Power's enhanced cash flow visibility from the nuclear PTC will support the execution of PSEG's 5-year capital spending plan, which is dominated by regulated CapEx without the need to issue new equity or sell assets.

展望未來，我們預計 PSE&G 的可觀現金流量加上 PSEG Power 增強的核 PTC 現金流可視性將支持 PSEG 5 年資本支出計劃的執行，該計劃以受監管的資本支出為主，無需發行新股或出售資產。

In closing, we executed on our 19th year in a row of meeting or exceeding our non-GAAP operating earnings guidance. We are reaffirming PSEG's full year 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share, and we are reaffirming the extension of our 5% to 7% operating earnings compounded annual growth rate through 2028.

最後，我們連續第 19 年達到或超過了我們的非 GAAP 營業利潤指引。我們重申 PSEG 2024 年全年非公認會計準則營業利潤指引為每股 3.60 美元至 3.70 美元，並重申將營業利潤複合年增長率 5% 至 7% 延長至 2028 年。

That concludes our formal remarks and we are now ready to begin the question-and-answer session.

我們的正式演講到此結束，現在我們準備開始問答環節。

(Operator Instructions) The first question is from Shahriar Pourreza with Guggenheim Partners.

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

It's actually Constantine here on for Shahriar. Congrats on a great quarter. Starting off on the power side of the business, do you see any further upside to earnings contribution from nuclear going beyond the sale of operates and refueling cycle adjustments like Hope Creek in '25 and maybe any pushes and takes as these could be accretive versus the utility growth on a consolidated basis?

其實是康斯坦丁來代表沙赫里亞爾。恭喜您度過了一個出色的季度。從業務的電力方面開始，除了像25 年的Hope Creek 這樣的業務出售和加油週期調整之外，您是否認為核能對盈利貢獻有任何進一步的上升空間，也許還有任何推動和採取，因為這些可能比公用事業的綜合成長？

Constantine, I think we've been mentioning for quite some time that we've got -- we potentially have some upsides down from PPAs or something similar to that. But we're going to look at what the state -- how the state moves from an economic development standpoint and then make some decisions from there. And let me give you a very specific kind of thought process. We've done a lot of work down and around the plan in anticipation of the wind port. And so that work progressed and the state has been very happy with it. They've got some manufacturers that are either in the process of moving into that area or still considering it. But if they don't use all of that area, maybe we could look at an electrolyzer set up that could be down in that vicinity that could provide us with an opportunity. Maybe there could be a data center down in that area.

康斯坦丁，我想我們已經提到很長一段時間了——購電協議或類似的東西可能會給我們帶來一些負面影響。但我們將從經濟發展的角度來看看國家如何行動，然後做出一些決定。讓我給你一個非常具體的思考過程。為了預計風港的建成，我們已經圍繞該計劃做了很多工作。工作取得了進展，國家對此非常滿意。他們有一些製造商正在進入該領域或仍在考慮進入該領域。但如果他們不使用所有該區域，也許我們可以考慮在該附近設置一個電解槽，這可以為我們提供機會。也許那個區域可能有一個資料中心。

But all of those things really are driven by the growth that the state is looking to do from an economic development standpoint, and as we have done for many years here aligns with the policy of the state and that's going to enable us to continue to excel. So I think there is some upside. None of that is in our plan. None of it has been in our plan, and we're just going to keep our options open.

但所有這些事情實際上都是由國家從經濟發展的角度希望實現的增長所驅動的，正如我們多年來所做的那樣，這與國家的政策相一致，這將使我們能夠繼續表現出色。所以我認為有一些好處。這些都不在我們的計劃之內。這些都沒有在我們的計劃中，我們只會保留我們的選擇。

Okay. And any particular time frame that you're looking at or now ongoing?

好的。您正在考慮或現在正在進行的任何特定時間框架？

No. No. I think once we get a couple of years out here, we'll be able to see how is the ZECs are still in place through '25 and as all the companies are talking about ad nauseam, the PTC rules need to come out. And once all of that comes together, we'll be able to look at a plan to optimize the revenues from those plants.

不。不。我認為，一旦我們在這裡度過幾年，我們將能夠看到 ZEC 在 25 年期間仍然存在，並且由於所有公司都在談論令人作嘔的問題，因此 PTC 規則需要出來。一旦所有這些整合在一起，我們將能夠制定一項計劃來優化這些工廠的收入。

Okay. Perfect. And maybe shifting to PSE&G for a little bit. Do you have any thoughts around any lessons learned around recent rate proceedings in the state? And just how are you thinking in terms of update filings through the process and maybe the activity around settlement negotiations like any deal breakers or settlement like ROE or anything else?

好的。完美的。也許會暫時轉向 PSE&G。您對該州最近的利率程序吸取的教訓有什麼想法嗎？您如何看待整個流程中的更新備案，以及圍繞和解談判的活動，例如任何交易破壞者或和解，例如股本回報率或其他任何事情？

Yes. Constantine, I think the biggest lesson learned is that New Jersey has its act together. I really think that the state -- if you look at what has happened recently with JCP&L and Atlantic City Electric, really good outcomes. And I wouldn't say everybody is always -- people are always looking for a little more here or there. But the process and the methodology that's been used has been consistent within the past. There hasn't been any real deviations and we don't expect there to be anything different with our case.

是的。康斯坦丁，我認為最大的教訓是新澤西州齊心協力。我真的認為該州 - 如果你看看 JCP&L 和大西洋城電力公司最近發生的事情，你會發現非常好的結果。我不會說每個人總是——人們總是在這裡或那裡尋找更多的東西。但所使用的流程和方法在過去是一致的。沒有任何真正的偏差，我們預計我們的案例不會有任何不同。

Going in with a case that's not as big as some others have gone in with. And as we mentioned in the prepared remarks, if you look at Page 12 in the deck, we've done really well by our customers over a time period that has seen a lot of inflation. We're really not anticipating this to be a very contentious case.

處理的案件不像其他人處理的那麼大。正如我們在準備好的評論中提到的，如果您查看幻燈片中的第 12 頁，您會發現在通貨膨脹嚴重的時期內，我們的客戶做得非常好。我們確實不認為這是一個非常有爭議的案件。

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。

Ralph, I think in the past, you've thought that there could be some upside to the PJM load growth outlook in New Jersey, and we've obviously seen some of that get reflected in the latest load forecast. We've also seen some state initiatives pushing for AI and data centers. So I guess what are you seeing on the ground in terms of data center activity, any upside to latest load growth expectations?

拉爾夫，我認為在過去，您認為新澤西州的 PJM 負載增長前景可能有一些上行空間，我們顯然已經看到其中的一些內容反映在最新的負載預測中。我們也看到了一些推動人工智慧和資料中心的國家舉措。所以我想您在資料中心活動方面看到了什麼，最新的負載成長預期有什麼好處嗎？

Yes. So a couple of pieces there, David. First of all, on the state level, we were very happy to see that PJM listened to our recommendations and most importantly, to the state's policy. And so they've reflected both of those things in their latest forecast.

是的。大衛，有幾件事。首先，在州層面，我們很高興看到PJM聽取了我們的建議，最重要的是，聽取了州的政策。因此，他們在最新的預測中反映了這兩件事。

That being said, PJM is a lot bigger than the state of New Jersey. And so we're hoping that PJM takes a look across its entire footprint and make sure that the same methodologies are being used and a consistent methodology in all the states. States have different policies. So they may have different outcomes, electric vehicles being a great example. But how that -- how any of those loads are being looked at should be consistent, in our opinion, across the entire footprint of PJM.

話雖如此，PJM 比新澤西州大得多。因此，我們希望 PJM 能夠審視其整個足跡，並確保所有州都使用相同的方法和一致的方法。各國有不同的政策。因此它們可能會產生不同的結果，電動車就是一個很好的例子。但我們認為，在 PJM 的整個足跡中，如何看待這些負載應該是一致的。

And then specifically in our backyard, we are starting to see some data centers pop up here. I'd say -- so far, what we've seen is somewhere in the neighborhood of 50 to 100 megawatts, but those conversations are just starting. Again, if you think about what the state has been pushing from an economic development standpoint, there's a lot of AI activities. The governor is trying to entice some companies to move into the area. Once that happens, there might be some more opportunities for us. And our system is really well positioned. We've talked for years about the build that we did on the transmission side and the self transmission upgrades that we've been doing. It's driving some less mile investments for us, but that's also, again, consistent with what we've talked about with you all in the past.

然後，特別是在我們的後院，我們開始看到一些資料中心突然出現在這裡。我想說的是，到目前為止，我們所看到的發電量約為 50 至 100 兆瓦，但這些對話才剛開始。同樣，如果你從經濟發展的角度考慮國家一直在推動什麼，你會發現有很多人工智慧活動。州長正試圖吸引一些公司遷入該地區。一旦發生這種情況，我們可能會有更多的機會。我們的系統定位非常好。我們多年來一直在談論我們在傳輸方面所做的構建以及我們一直在進行的自我傳輸升級。它為我們減少了一些哩程投資，但這也與我們過去與大家討論的內容一致。

Yes. And David, just a reminder, we do have the Conservation Incentive Program that's in place. And so what this matters more from our perspective, it's less about the particular road growth and the volumes that we would sell. It's much more about the infrastructure needs to have these folks be able to set up shop here in New Jersey.

是的。大衛，提醒一下，我們確實有保護激勵計畫。因此，從我們的角度來看，這更重要，而不是特定的道路增長和我們將銷售的數量。讓這些人能夠在新澤西州開店的基礎設施需求更重要。

Yes. And the only -- think about it this way, too, David, is if Dan is putting in a data center, he's going to use 100 megawatts, that's 100 megawatts more to spread the costs over for all the customers. So it also creates more headroom for our residential customers. So all bits of it come together in a positive way.

是的。唯一的 - 大衛，也這樣想一下，如果 Dan 建立一個資料中心，他將使用 100 兆瓦，即多出 100 兆瓦來分攤所有客戶的成本。因此，它也為我們的住宅客戶創造了更多空間。因此，所有這些都以積極的方式結合在一起。

Yes, that's helpful. Got it. And am I hearing you correctly that I'm wondering about the potential T&D CapEx opportunity that could stem from this so far. Are you thinking it's kind of within the programs that you're -- that you're growing already. wondering if there's potential incremental upside if this becomes a bigger driver?

是的，這很有幫助。知道了。我是否正確地理解了您的意思，我想知道到目前為止可能由此產生的潛在 T&D 資本支出機會。你是否認為這在你所在的專案中——你已經在成長了。想知道如果這成為一個更大的驅動因素，是否會有潛在的增量上漲空間？

Yes, we would certainly signal that to you if we did. But I think what Dan and Carlotta and I've been saying wherever we've been going has been, right now, we've got our last mile investments that we need to make. And then if you look at our CapEx bar charts, we have a few -- a little bit of upside that's built into the high and the low, but there's nothing that I would say is incrementally driving us above those charts that we've provided in the past.

是的，如果我們這樣做，我們肯定會向您發出信號。但我認為丹、卡洛塔和我一直在說，無論我們走到哪裡，現在我們都已經得到了需要進行的最後一英里投資。然後，如果你看一下我們的資本支出條形圖，我們有一些——在高點和低點中都有一些上升空間，但我想說的是，沒有什麼可以逐漸推動我們超越我們提供的那些圖表在過去。

Yes. Okay. Got it. Then I was just wondering, as we think about affordability in the state, I was wondering if you could run through just the elements of rate headroom that you see looking forward, things that fall off of the rate plan, I'm thinking storms, ZECs, et cetera, just to put the rate case increase into perspective.

是的。好的。知道了。然後我只是想知道，當我們考慮該州的負擔能力時，我想知道您是否可以僅回顧一下您未來看到的利率上升空間的要素，利率計劃中脫落的事情，我正在考慮風暴， ZEC 等，只是為了正確看待利率上升的情況。

Yes, David, I'm going to let Dan walk you through that, but -- because there's a lot of puts and takes that we've been taking people through, but start with Page 12 and take it from there.

是的，大衛，我將讓 Dan 向您介紹這一點，但是——因為我們一直在引導人們進行很多調整和調整，但請從第 12 頁開始，然後從那裡開始。

Ralph tees it up exactly right. I think, rates -- I tend to not think about it as headroom as available dollars. I just try to think about it as maintaining an affordable bill for the for the state of New Jersey. And if you take a look at Page 12, it shows that we have done a very good job of doing exactly that over the last 5 years. And this is on a relative scale, but I think we've been able to manage the system very well at an affordable rate. And also with the reliability that Ralph talked about in his prepared remarks and also the customers sat studies talked about within those remarks.

拉爾夫開球的方式完全正確。我認為，利率——我傾向於不將其視為可用美元的空間。我只是試圖將其視為維持新澤西州負擔得起的賬單。如果你看第 12 頁，你會發現我們在過去 5 年裡在這方面做得非常好。這是一個相對規模，但我認為我們已經能夠以可承受的價格很好地管理該系統。還有拉爾夫在他準備好的演講中談到的可靠性，以及這些演講中談到的客戶坐在研究中。

You do mention something that I think is important as well. If we take a look at the ZECs that will roll off in May of 2025, you'll see a couple of hundred million dollars that will come off of PSEG customers and closer to $300 million across the state. So that is I think, a benefit from an affordability perspective to the extent that there's capital that's needed for the reliability of the system and some of the energy transition that can help in that regard. But we don't really think about it as headroom, we think about just trying to maintain as affordable bills we can while we're still providing quality service to customers.

你確實提到了一些我認為也很重要的事情。如果我們看一下將於 2025 年 5 月推出的 ZEC，您會發現 PSEG 客戶將獲得數億美元，全州將獲得近 3 億美元。所以我認為，從負擔能力的角度來看，這是一個好處，因為系統的可靠性需要資金，而一些能源轉型可以在這方面提供幫助。但我們並不真正認為這是一個空間，我們只是想在我們仍然為客戶提供優質服務的同時盡力維持負擔得起的賬單。

Our next question comes from the line of Durgesh Chopra with Evercore ISI.

我們的下一個問題來自 Durgesh Chopra 與 Evercore ISI 的關係。

Just on the $3.1 billion energy efficiency filing, maybe can you just clarify, is that the spending, is that over a 6-year period? Or is that from '25 to '27, that's part one. And then part two, when should we expect a decision from the commission on that?

就 31 億美元的能源效率備案而言，也許您可以澄清一下，這筆支出是在 6 年期間嗎？或是從 25 到 27，這是第一部分。第二部分，我們什麼時候該期待委員會就此做出決定？

Yes. So great questions, Durgesh. And it can be a little confusing because they do talk about the period as a triennial period. And so that '25 to '27, it's actually 2.5 years, which is the reason for some of the extensions that you've seen that we remarked upon earlier in our prepared remarks. Think about that 3-year period as being the period during which you're going to get the commitments to actually have the work get done. But we have described for folks, and it's important given the magnitude of the numbers, that it's understood that the actual spending to satisfy those commitments is going to be done closer to a 5- to 6-year period.

是的。這是一個很好的問題，杜爾格甚。這可能有點令人困惑，因為他們確實將這段時期稱為三年期。因此，從“25”到“27”，實際上是 2.5 年，這就是我們之前在準備好的評論中提到的一些延期的原因。將三年期視為您將獲得實際完成工作的承諾的時期。但我們已經向人們描述了，考慮到數字的大小，重要的是要知道，滿足這些承諾的實際支出將在接近 5 到 6 年的時間內完成。

So I think that's how to think about it. It is described as a triennial period. but that's more about getting the commitments. The spend will be over a little bit longer period. And the schedule that's in place right now is for us to move forward. We made that filing, if you recall, December 1. We did that at the same time as all the utilities in the state. And you should see in the third quarter to fourth quarter. I think it's October of this year coming up is the estimated date for us to get an outcome there.

所以我認為這就是思考的方式。它被描述為一個三年期。但這更多的是關於獲得承諾。支出將持續更長的一段時間。現在製定的時間表是為了讓我們繼續前進。如果您還記得的話，我們是在 12 月 1 日提交了該文件。我們與該州所有公用事業公司同時提交了該文件。你應該在第三季到第四季看到。我認為今年十月是我們預計取得成果的日期。

Got it. And that process is separate and independent from the rate case, right? Just to be clear.

知道了。這個過程是獨立於費率案例的，對吧？只是要明確一點。

Yes, that is correct. That is correct.

對，那是正確的。那是對的。

Okay. Perfect. And then can I just quickly follow up, Dan, just later thoughts and your discussions on the nuclear PTC and where do we stand on getting guidance in terms of timeline and what to expect there?

好的。完美的。 Dan，我可以快速跟進您稍後的想法和您對核 PTC 的討論嗎？我們在獲取時間表方面的指導方面處於什麼位置，以及對此有何期望？

Yes, we're still in a waiting game, I guess. I wish I had a different answer for you. Treasury, as we have spoken to them last, which is just a couple of months ago, we made them aware as we do every time that we can that it's important for them to try to get the rules out sooner rather than later. But as we sit here today, they have not issued a date by which that they will provide that guidance. So we are just awaiting their answer. I don't have anything more specific. I wish I did.

是的，我想我們仍在等待。我希望我能給你一個不同的答案。財政部，正如我們上次（就在幾個月前）與他們交談的那樣，我們每次都盡可能讓他們意識到，盡快制定規則對他們來說很重要。但當我們今天坐在這裡時，他們尚未發布提供該指導的日期。所以我們只是等待他們的答覆。我沒有更具體的事。但願我做了，可惜我沒有。

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

我們的下一個問題來自卡莉·達文波特與高盛的對話。

Maybe just to quickly follow up under Durgesh's question there. As we think about the interim before we get the PTC guidance, how should we think about the hedge program in the meantime? Should we expect to see any potential incremental '24 hedges or starting to layer in '25 hedges between now and then?

也許只是為了快速跟進杜爾格甚的問題。當我們在考慮獲得 PTC 指導之前的過渡時期時，我們應該如何考慮對沖計劃？我們是否應該期望從現在到那時看到任何潛在的增量“24 對沖”或開始分層“25 對沖”？

Yes. Carly, so we've provided some data with respect to where 2024 is. And we do have some hedges out for '25, obviously, at this juncture. I mean, it is a little bit more challenging when you don't know exactly how they're going to come out with that definition of gross receipts. And so what we've tried to do internally is just take a look at what some of the potential most logical outcomes could be and try to triangulate off of that to try to basically do exactly what we've always done is try to minimize the overall risk inherent with that business.

是的。卡莉，我們提供了一些有關 2024 年的數據。顯然，在這個時刻，我們確實為 25 年做好了一些對沖。我的意思是，當你不確切知道他們將如何得出總收入的定義時，這就更具挑戰性了。因此，我們在內部嘗試做的就是看看一些潛在的最合乎邏輯的結果可能是什麼，並嘗試對其進行三角測量，以嘗試基本上完全執行我們一直在做的事情，即盡量減少該業務固有的整體風險。

And so if under different scenarios, you could see a moderation of risk by moderating our hedges a little bit, that's basically what we're going to try to do. Again, the objective of being identical to where it has been in the past to minimize the overall risk. And if there's a little bit of a different hedge position we might want to put on to do that, that's what we would end up doing.

因此，如果在不同的情況下，你可以透過稍微調整我們的對沖來看到風險的緩和，這基本上就是我們要嘗試做的事情。同樣，目標與過去相同，以盡量減少整體風險。如果我們可能想要採取一些不同的對沖頭寸來做到這一點，這就是我們最終要做的。

Got it. Okay. That's really helpful. And then maybe just as you think about managing O&M, can you just talk about some of the moving pieces we should be keeping in mind for 2024. I know that there might be some upward pressure from some of the nuclear outages that you have, but anything that you'd flag on O&M for '24?

知道了。好的。這真的很有幫助。然後，也許正如您在考慮管理運作時一樣，您能否談談 2024 年我們應該牢記的一些動態因素。我知道，一些核停駛可能會帶來一些上行壓力，但是您想在O&M 上標記'24 的任何內容嗎？

Yes. No, there's nothing really. Just a reminder, though, for everyone, we really have that great outcome that we had with our union negotiations where we have labor certainty starting last May, and continuing where we had -- we negotiated a 4-year deal with our unions at 4% increase than 3%, 3% and 3% in the subsequent years. So there's no surprises that we see on the horizon from that aspect and there's a lot of talk certainly about fuel prices on the nuclear side, which we can give you some more about if you're interested. But it's such a small percentage of the overall O&M that we have that it's really -- it doesn't become a material conversation for us at this point. So we don't really see anything that's coming at us, there's always storms and its other activities, but nothing that we specifically are concerned about.

是的。不，真的什麼都沒有。不過，只是提醒大家，我們確實在工會談判中取得了很好的成果，從去年五月開始，我們有了勞工確定性，並繼續我們的工作——我們在4 月與工會談判達成了一項為期4 年的協議。隨後幾年分別成長 3%、3% 和 3%。因此，從這方面來看，我們並不感到意外，而且肯定有很多關於核燃料價格的討論，如果您有興趣，我們可以為您提供更多資訊。但它只占我們整體維運的一小部分，因此目前對我們來說，它實際上並沒有成為一個重要的話題。所以我們並沒有真正看到任何正在向我們襲來的東西，總是有風暴和其他活動，但沒有什麼是我們特別關心的。

And even just to follow on Ralph's comments for '24 of the nuclear fuel comment, most of what we will incur for 2024 is what's in the reactor already. And so as we do step through time, you've seen some increment in those markets. But for 2024, you shouldn't expect anything very different.

即使只是按照拉爾夫對 24 核燃料評論的評論，我們 2024 年將承擔的大部分都是反應器中已經存在的東西。因此，隨著時間的推移，您會看到這些市場有所成長。但對於 2024 年，您不應期望出現任何非常不同的情況。

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。

One follow-up on nuclear. Should we expect that there is a plan in place on what you would do once you get the treasury regulation around tax policy that you could roll out shortly thereafter or is there a more delayed timeline in terms of response that we should look for?

關於核子的一項後續行動。我們是否應該期望，一旦您獲得有關稅收政策的財政部監管，您將採取什麼行動，您可以在不久後推出，或者我們應該尋找更延遲的回應時間表？

Yes. Ryan, I can't say enough about Dan and his team as far as how much they've done as far as looking at a bunch of different options right now. So I think we're very well positioned to act when we need to act and they've been very thoughtful about that. But I'll give it to Dan to give you any more specifics.

是的。 Ryan，對於 Dan 和他的團隊，他們現在在考慮一系列不同的選擇方面所做的努力，我無法說太多。因此，我認為我們處於非常有利的位置，可以在需要採取行動時採取行動，而且他們對此考慮得非常周到。但我會把它交給丹，讓他給你更多細節。

Yes. I mean, I think, Ralph said it, we've done a lot of work trying to understand where this could come out. I guess I would say the treasury has given us the time to do that work by not having some guidance out as early as we might have liked. So -- in those situations, what you do is you try to think about where they may come out with guidance and to prepare yourself to be ready for any of those outcomes. And so that's what we've been doing.

是的。我的意思是，我認為，拉爾夫說，我們做了很多工作，試圖了解這可能會出現什麼結果。我想我會說，財政部沒有像我們希望的那樣儘早提供一些指導，而是給了我們時間來做這項工作。因此，在這種情況下，你要做的就是試著思考他們可能會在哪些方面提供指導，並讓你自己做好準備，為任何這些結果做好準備。這就是我們一直在做的事情。

To your -- the other part of your question, yes, we would let you know what our response will be after it does come out, we're able to thoroughly read through everything and make sure that we understand all the nuances that may or may not be in what comes out. I hope when it does come out, it will be a one and done, instead of guidance that will have incremental guidance to follow, it would be great if it was if it comes out in full form, but we will definitely share how we're approaching things once we know what the final rules are.

對於你的問題的另一部分，是的，我們會讓你知道我們的回應是什麼，我們能夠徹底閱讀所有內容，並確保我們理解所有可能或可能的細微差別。可能不會出現在結果中。我希望當它確實出來時，它將是一個完整的結果，而不是需要遵循增量指導的指導，如果它以完整的形式出現，那就太好了，但我們肯定會分享我們的方式。一旦我們知道最終規則是什麼，我們就會開始處理事情。

Great. And unrelated, I think you were touching on time of use rates as being important for the data center potential opportunity in New Jersey. Is that -- am I hearing that right? And is there any rate design mechanisms that are being discussed to maybe further attract that industry development in the state?

偉大的。與此無關的是，我認為您談到的使用率時間對於新澤西州資料中心的潛在機會很重要。那是——我沒聽錯嗎？是否正在討論任何費率設計機制，以進一步吸引該州的行業發展？

Yes. So maybe a little bit less from a data center perspective, but certainly from a broader perspective, if you think about EVs, one of the things that we did touch on was that time of use rates is a topic that we would anticipate that we'd work through within this rate case. And I think in Ralph's prepared remarks, he talked about that being helpful to those that ultimately have EVs and could encourage some incremental adoption there. But that's more where you would find it in the rate case and less about data centers, more about electrification and EV.

是的。因此，從資料中心的角度來看，可能會少一點，但肯定從更廣泛的角度來看，如果你考慮電動車，我們確實談到的一件事是，使用時間率是我們預期的一個主題。 d 在這種情況下完成工作。我認為在拉爾夫準備好的演講中，他談到這對那些最終擁有電動車的人有幫助，並且可以鼓勵那裡的一些增量採用。但這更多的是在費率案例中，而不是資料中心，更多的是電氣化和電動車。

We're just really well positioned, Ryan, between the CIP that we've had in place for some time and where we are from a rate structure standpoint that Dan's comments are dead on.

Ryan，我們處於非常有利的位置，介於我們已經實施了一段時間的 CIP 和 Dan 的評論完全符合的費率結構角度來看。

(Operator Instructions) There are no further questions at this time. And I would like to turn the floor back to Mr. LaRossa for closing comments.

（操作員說明） 目前沒有其他問題。我想請拉羅薩先生發表最後評論。

Great. Thanks. .

偉大的。謝謝。 。

Listen, this -- I think the fact that we've got -- we only have 5 questions on this call, folks asking questions that at the end of the day, it was another uneventful call for us. And that is just really what we're hoping to put in place is we've worked really hard as a team to close out our first full year together. 2023 was a year of execution that came across from a number of different areas in our company. But it's all built on the base of a utility that's really uniquely positioned. It's got -- it's in -- it's provided affordable service for its customers, it's provided reliable service for its customers and it's continued to deliver high-quality service based upon the results of all the polling that we do with our customers and J.D. Power just being one of those examples.

聽著，我認為我們在這次電話會議上只有 5 個問題，人們提出的問題最終對我們來說是另一個平安無事的電話會議。這正是我們真正希望實現的，我們作為一個團隊非常努力地工作，共同結束了我們的第一個全年。 2023 年是我們公司多個不同領域的執行力一年。但這一切都是建立在一個真正具有獨特定位的實用程式的基礎上的。它為客戶提供了負擔得起的服務，為客戶提供了可靠的服務，並且根據我們與客戶和 J.D. Power 進行的所有民意調查的結果，它繼續提供高品質的服務就是這些例子之一。

And then you combine that with a nuclear fleet now has continued to be more predictable, not only because of what we're seeing from the revenue side and the PTCs, but from an operating standpoint, you see in our deck, we went from 92% capacity factored and 93% capacity factor this year, and we'll continue to improve on that. That's our expectation. We want to continue to provide that great revenues from those plants that's going to provide us with the opportunity to continue to not issue equity, and not sell any assets and continue the growth that we've had on the utility side. So we thank you for all the support that you've given us over 2023, and you can expect from us the same consistent and uneventful progress that we've made throughout this past year. So thanks, and have a great day.

然後你將其與核艦隊結合起來，現在仍然更加可預測，不僅因為我們從收入方面和 PTC 看到的情況，而且從運營的角度來看，你在我們的甲板上看到，我們從 92今年容量係數為%，容量係數為93%，我們將持續改善。這是我們的期望。我們希望繼續從這些工廠提供巨額收入，這將為我們提供繼續不發行股權、不出售任何資產並繼續我們在公用事業方面的成長的機會。因此，我們感謝您在 2023 年給予我們的所有支持，您可以期待我們與過去一年一樣持續、順利地取得進展。謝謝，祝你有美好的一天。

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。