公共服務電力與天然氣 (PEG) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Rob, and I'm your event operator today. I'd like to welcome everyone to today's conference, Public Service Enterprise Group's second-quarter 2024 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded today, July 30, 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。我叫羅布，今天是你們的活動業者。我歡迎大家參加今天的會議，即公共服務企業集團 2024 年第二季財報電話會議和網路廣播。（操作員說明）謹此提醒，本次會議將於今天（2024 年7 月30 日）進行錄製，並將在PSEG 投資者關係網站https://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. Carlotta, please go ahead.

我現在想把會議交給 Carlotta Chan。卡洛塔，請繼續。

Good morning, and welcome to PSEG's second-quarter 2024 earnings presentation. 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-Q will be filed later today.

早安，歡迎來到 PSEG 2024 年第二季財報發表會。出席今天電話會議的有董事長、總裁兼執行長拉爾夫‧拉羅薩 (Ralph LaRossa)；執行副總裁兼財務長 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.

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。

We include reconciliations of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IR website and in today's material. Following the prepared remarks, we will conduct a 30-minute question-and-answer session.

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. Good morning to everyone, and thanks for joining us to review PSEG's second-quarter results. PSEG reported net income of $0.87 per share for the second quarter of 2024, bringing results for the first half of 2024 to $1.93 per share. This compares to net income of $1.18 per share and $3.76 per share for the second quarter and first half of 2023, respectively. The 2023 GAAP earnings have reflected higher mark-to-market gains that benefited those earnings.

謝謝你，卡洛塔。大家早安，感謝您與我們一起回顧 PSEG 第二季的表現。PSEG 報告 2024 年第二季每股淨利潤為 0.87 美元，使 2024 年上半年業績達到每股 1.93 美元。相比之下，2023 年第二季和上半年的每股淨利潤分別為 1.18 美元和 3.76 美元。2023 年 GAAP 收益反映了更高的按市值計算的收益，這使這些收益受益。

Our results for the quarter and year-to-date periods are summarized on slides 7 and 9 in the webcast slides. Non-GAAP operating earnings were $0.63 per share for the second quarter of 2024 and $1.94 per share for the first half of the year. This compares non-GAAP operating earnings of $0.70 per share and $2.09 per share for the second quarter and first half of 2023, respectively. As a reminder, our non-GAAP results exclude the items shown in attachments 8 and 9, which are included with the earnings release.

網路廣播投影片中的投影片 7 和投影片 9 總結了我們本季和年初至今的業績。2024 年第二季非 GAAP 營運收益為每股 0.63 美元，上半年營運收益為每股 1.94 美元。相比之下，2023 年第二季和上半年的非 GAAP 營運收益分別為每股 0.70 美元和 2.09 美元。提醒一下，我們的非 GAAP 績效不包括附件 8 和 9 中顯示的項目，這些項目包含在收益發布中。

Dan will provide a detailed financial review later in the call, but I want to note that the results for the first six months of 2024 are on track with our full-year expectations. These expectations reflect the anticipated resolution of PSE&G's distribution rate case later this year and the realization of most of the increase in PSEG Power and others' 2024 gross margin concentrated in the fourth quarter.

Dan 將在稍後的電話會議中提供詳細的財務審查，但我想指出的是，2024 年前六個月的業績符合我們的全年預期。這些預期反映了 PSE&G 分配率案件預計在今年稍後得到解決，以及 PSEG Power 和其他公司 2024 年毛利率大部分成長集中在第四季度實現。

Turning to operations for the second quarter, New Jersey has experienced what may turn out to be one of the hottest summers. The early and extended heatwave we experienced last month made June 2024 the second warmest June in our records. Our electric transmission and distribution system performed exceptionally well, meeting the daily load requirements. In addition, our employees provided outstanding customer care, handling double the call volume compared to the same period in 2023, responding to requests for customer service and air conditioning repairs.

談到第二季的營運情況，新澤西州經歷了可能是最熱的夏季之一。我們上個月經歷的提前且持續的熱浪使 2024 年 6 月成為我們有史以來第二熱的 6 月。我們的輸配電系統表現出色，滿足日常負載需求。此外，我們的員工提供了出色的客戶服務，處理的電話量比 2023 年同期增加了一倍，回應了客戶服務和空調維修的請求。

PSE&G responded to the elevated coal volume and restored power to the electric customers affected by severe storms and heat-related incidents, bringing them back online in under 24 hours while responding to air conditioning service calls on average in nine hours. Our electric and gas systems also withstood a 4.8-impact earthquake in April, which resulted in required inspections but resulted in no operational issues.

PSE&G 應對煤炭用量增加，並為受嚴重風暴和高溫相關事件影響的電力客戶恢復供電，在 24 小時內恢復供電，同時平均在 9 小時內響應空調服務呼叫。我們的電力和燃氣系統也經歷了 4 月的 4.8 級地震，這次地震導致了必要的檢查，但沒有造成運作問題。

At PSEG Power, we completed the scheduled refueling of our wholly owned Hope Creek nuclear station on schedule, which lowered the fleet's capacity factor from over 96% in the first quarter to 82.7% for the second quarter. As expected, the refueling average also reduced total generation for the second quarter. But for the year to date through June, the two Salem units, which share the site with Hope Creek, operated at a capacity factor of 99%, keeping us on track with our full-year generation forecast of 30 to 32 terawatt hours.

PSEG Power按期完成了全資Hope Creek核電廠的計畫換料工作，使機組容量係數從第一季的96%以上下降到第二季的82.7%。正如預期的那樣，第二季的平均加油量也減少了總發電量。但截至今年 6 月，與 Hope Creek 共用場地的兩個塞勒姆機組的運行容量係數為 99%，使我們能夠實現 30 至 32 太瓦時的全年發電量預測。

Switching to regulatory activity, in May 2024, the New Jersey Board of Public Utilities or the BPU approved an additional extension of our clean energy future or energy efficiency program of approximately $300 million, covering a six-month commitment period from July of 2024 through December of 2024.

轉向監管活動，2024 年 5 月，新澤西州公用事業委員會 (BPU) 批准將我們的清潔能源未來或能源效率計劃額外延長約 3 億美元，涵蓋從 2024 年 7 月到 12 月的六個月承諾期2024 年。

And in June, the BPU approved the recovery of PSE&G's previously deferred COVID-19 costs over a five-year period, starting in June of 2025. We continue to participate in confidential discussions with various parties to resolve both our distribution, base rate case, as well as the $3.1 billion Energy Efficiency II filing. These discussions are ongoing in parallel, and we anticipate that both cases can be resolved later this year.

6 月，BPU 批准從 2025 年 6 月開始，在五年內收回 PSE&G 之前推遲的 COVID-19 成本。我們繼續參與與各方的秘密討論，以解決我們的分配、基本費率案件以及 31 億美元的能源效率 II 備案問題。這些討論正在同時進行，我們預計這兩個案件都可以在今年稍後解決。

We recently submitted the final update to the base rate case filing with actual data for the full test year. As a reminder, the combined electric and gas distribution rate case filing is primarily to recover incremental capital spending. We have proposed an overall revenue increase of 9% with a typical combined residential, electric, and gas customer seeing a proposed increase of 12% or less than 2% compounded growth over the six-year period.

我們最近提交了基本費率案例歸檔的最終更新，其中包含整個測試年度的實際數據。提醒一下，合併電力和天然氣分配率案件備案主要是為了收回增量資本支出。我們建議整體收入成長 9%，典型的住宅、電力和天然氣客戶預計在六年期間將成長 12% 或低於 2% 的複合成長。

As a single-state utility with dual regulatory jurisdictions, this distribution filing covers approximately 57% of our total rate base. That said, customer affordability continues to be a priority. And we continue to compare favorably with our regional peers. PSE&G customers have a lower-than-average electric bill and the lowest gas bill in the region. Additionally, PSE&G recently filed with the BPU to implement another gas supply cost reduction this October, a third since January 2023, which will further help customer affordability this coming winter.

作為具有雙重監管管轄權的單一州公用事業公司，這份分配文件涵蓋了我們總費率基數的約 57%。也就是說，客戶的負擔能力仍然是優先事項。與區域同行相比，我們繼續處於優勢地位。PSE&G 客戶的電費和瓦斯費均低於該地區平均。此外，PSE&G 最近向 BPU 提交申請，將於今年 10 月實施另一次天然氣供應成本削減，這是自 2023 年 1 月以來的第三次削減，這將進一步幫助客戶在即將到來的冬季降低負擔能力。

Moving on to capital investments, we remain on track to execute PSEG's five-year $19 billion to $22.5 billion capital plan through 2028. The regulated portion represents $18 billion to $21 billion of the total, focused on infrastructure replacement and our award-winning energy efficiency programs. PSE&G has placed into service over 2 million of the 2.3 million smart meters planned through our AMI program, still on schedule for completion by the end of this year.

在資本投資方面，我們仍有望執行 PSEG 到 2028 年的五年期 190 億至 225 億美元資本計畫。受監管的部分佔總額的 180 億至 210 億美元，重點用於基礎設施更換和我們屢獲殊榮的能源效率計劃。PSE&G 已透過我們的 AMI 計畫安裝 230 萬個智慧電錶，其中超過 200 萬個已投入使用，仍按計畫於今年年底完工。

These investments are captured in our projections for a compound annual growth rate and rate base of 6% to 7.5% over the 2024 through 2028 period, starting from a year end 2023 rate base of $29 billion, which was up 10% over the prior year. We also continue to pursue potential incremental investment opportunities for future regulated growth.

這些投資包含在我們的預測中，從 2023 年底的 290 億美元的利率基數開始，2024 年至 2028 年期間的複合年增長率和利率基數為 6% 至 7.5%，比前一年增長 10% 。我們也將繼續尋求潛在的增量投資機會，以實現未來的監管成長。

Along those lines, PSE&G has experienced an increase in new business requests and feasibility studies from potential data center customers across our service area compared with 2023 activity, which combined with increased electric vehicle charging is expected to drive load growth and system investment needs in the future.

沿著這些思路，與2023 年的活動相比，PSE&G 整個服務區域的潛在資料中心客戶的新業務請求和可行性研究有所增加，加上電動車充電的增加，預計將推動未來的負載成長和系統投資需求。

Switching to regulated transmission solicitations, which are scheduled for this summer, PSE&G expects that the BPU will announce the winner or winners of the pre-built offshore wind infrastructure during the second half of 2024.

PSE&G 計劃於今年夏天轉向受監管的輸電招標，預計 BPU 將在 2024 年下半年宣布預建離岸風電基礎設施的獲勝者。

Last month, the BPU postponed its second state agreement approach process to procure transmission to support offshore wind generation, while it evaluates the impact of FERC and PJM activity on long-term transmission planning, cost allocation, and interconnection queue reform. The BPU may reevaluate this timing and the need for a second SAA solicitation in six months, which would be this coming December.

上個月，BPU 推遲了第二次採購輸電以支援離岸風力發電的國家協議程序，同時評估了 FERC 和 PJM 活動對長期輸電規劃、成本分配和互連隊列改革的影響。BPU 可能會重新評估此時間表以及六個月內（即今年 12 月）進行第二次 SAA 招標的必要性。

PJM opened the 2024 regional transmission Expansion Plan Window 1 solicitation earlier this month, which reflects their higher load growth forecast on the 2029 to 2032 plan horizon that has been influenced by increased electrification expectations and data center load growth throughout PJM. We are evaluating the Window 1 solicitation for potential opportunities to bid this September.

PJM 本月稍早啟動了2024 年區域輸電擴建計畫窗口1 徵集，這反映出他們對2029 年至2032 年計畫範圍內較高的負載成長預測，這是受到整個PJM 電氣化預期增加和資料中心負荷增長的影響。我們正在評估第一窗口招標，尋找今年 9 月的潛在投標機會。

Now crossing the Hudson for a moment, and as expected, the Long Island Power Authority opened a request for proposal process to select the manager to operate their electric grid. Our existing operating services agreement and power supply contract with LIPA runs through the end of 2025. We intend to submit proposals into their RFP process, and LIPA is expected to make selections early next year.

現在跨過哈德遜河一會兒，正如預期的那樣，長島電力局啟動了徵求建議書流程，以選擇運營其電網的管理者。我們與 LIPA 現有的營運服務協議和供電合約有效期至 2025 年底。我們打算將提案提交到他們的 RFP 流程中，預計 LIPA 將於明年初做出選擇。

At PSEG Power, we are also continuing to explore opportunities for the potential sale of electricity from our nuclear facilities pursuant to long-term agreements to supply large power energy users such as data centers and hydrogen producers. In addition, we are pursuing multiple growth plans that include thermal and efficiency upgrades at our co-owned Salem units that could potentially increase the combined output by up to 200 megawatts and qualify for tax credits under current rules.

在 PSEG Power，我們也持續探索根據長期協議銷售核設施電力的潛在機會，為資料中心和氫氣生產商等大型電力能源用戶供電。此外，我們正在推行多項成長計劃，其中包括對我們共同擁有的塞勒姆裝置進行熱能和效率升級，這可能會將綜合輸出增加至多 200 兆瓦，並有資格根據現行規則獲得稅收抵免。

Today, we are reaffirming our guidance for long-term non-GAAP operating earnings growth of 5% to 7% through 2028, which is based on the threshold price of the nuclear production tax credit, or the PTC that also provides these units with revenue stability through 2032.

今天，我們重申到 2028 年長期非 GAAP 營業利潤增長 5% 至 7% 的指導，這是基於核生產稅收抵免的門檻價格，或也為這些單位提供收入的 PTC到 2032 年保持穩定。

We continue to deploy the free cash from the nuclear business to help fund utility growth without the need to issue new equity or sell assets, and this continues to be a differentiating factor for us. Importantly, our solid balance sheet supports the execution of our capital investment program of $19 billion to $22.5 billion through 2028 and provides the opportunity for consistent and sustainable dividend growth.

我們繼續利用核能業務的自由現金來幫助為公用事業成長提供資金，而無需發行新股或出售資產，這仍然是我們的差異化因素。重要的是，我們穩健的資產負債表支持到 2028 年執行 190 億至 225 億美元的資本投資計劃，並為持續、可持續的股息成長提供了機會。

In summarizing the first six months of the year, solid execution is driving our expected results. We have settled two regulatory proceedings in the past quarter, and we are working to resolve our pending base rate case and the EE II filings later this year. We are also advancing our five-year capital investment plan focused on infrastructure modernization and energy efficiency initiatives.

總結今年前六個月，紮實的執行力正在推動我們取得預期成果。我們在上個季度解決了兩項監管訴訟，並且正在努力解決今年稍後懸而未決的基本利率案件和 EE II 申請。我們也正在推動重點關注基礎設施現代化和能源效率舉措的五年資本投資計畫。

These investments will help prepare our system for grid electrification of transportation, homes, and workplaces, while also reducing greenhouse gas emissions and helping to lower customer bills. Last but certainly not least, I want to thank our employees for all they do. Their tireless efforts have helped us to maintain best-in-class operating statistics and customer service, especially through the challenging heatwave we have seen this year.

這些投資將幫助我們為交通、家庭和工作場所的電網電氣化做好準備，同時減少溫室氣體排放並幫助降低客戶帳單。最後但並非最不重要的一點是，我要感謝我們的員工所做的一切。他們的不懈努力幫助我們維持了一流的營運統計數據和客戶服務，特別是在我們今年遇到的充滿挑戰的熱浪中。

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

我現在將把電話轉給丹，更詳細地討論我們的財務表現和前景，並將在他講話後回答您的問題。

Great. Thank you, Ralph. Good morning, everybody. As Ralph mentioned earlier, PSEG reported net income of $0.87 per share for the second quarter of 2024 and that compares to $1.18 per share in 2023. Non-GAAP operating earnings were $0.63 per share in the second quarter of 2024, compared to $0.70 per share in 2023.

偉大的。謝謝你，拉爾夫。大家早安。正如拉爾夫之前提到的，PSEG 報告 2024 年第二季度每股淨利潤為 0.87 美元，而 2023 年每股淨利潤為 1.18 美元。2024 年第二季非 GAAP 營運收益為每股 0.63 美元，而 2023 年為每股 0.70 美元。

Slides 7 and 9 detail the contribution to non-GAAP operating earnings per share by business segment for the second quarter and first half of 2024. Slides 8 and 10 contain waterfall charts that will take you through the net changes for the quarter-over-quarter and six-month periods in non-GAAP operating earnings per share by major business.

投影片 7 和投影片 9 詳細介紹了 2024 年第二季和上半年各業務部門對非 GAAP 每股營運收益的貢獻。幻燈片 8 和 10 包含瀑布圖，將帶您了解主要業務的非 GAAP 每股營業利潤季度環比和六個月期間的淨變化。

Starting with PSE&G, which reported second-quarter net income of $0.60 per share for 2024 compared to $0.67 per share in 2023, PSE&G had non-GAAP operating earnings of $0.60 per share for the second quarter of 2024 compared to $0.68 per share in 2023.

首先，PSE&G 公佈的2024 年第二季淨利為每股0.60 美元，而2023 年為每股0.67 美元。每股0.68 美元。

The main drivers for both net income and non-GAAP results for the quarter were growth in rate base from higher regulated investments, offset by higher investment-related depreciation and interest expense, awaiting rate recovery in our pending rate case, as well as higher O&M costs due to regulatory, safety, and weather-related activities.

本季度淨收入和非公認會計準則業績的主要驅動因素是來自更高監管投資的利率基數增長，但被投資相關折舊和利息支出增加、等待利率情況下的利率恢復以及更高的運營和維護所抵消因監管、安全和天氣相關活動而產生的成本。

Compared to the second quarter of 2023, electric margin increased by $0.02 per share due to customer growth in the Conservation Incentive Program or CIP. And our final Energy Strong II recovery, an energy efficiency investment of $0.01 per share higher. Other distribution margin added $0.02 per share, while transmission margin declined by $0.02 per share due to timing of revenue and O&M, including our annual true up.

與 2023 年第二季相比，由於節能激勵計畫 (CIP) 中的客戶成長，每股電力利潤率增加了 0.02 美元。我們最終的 Energy Strong II 復甦，每股能源效率投資高出 0.01 美元。其他分銷利潤率每股增加 0.02 美元，而輸電利潤率每股下降 0.02 美元，原因是收入和營運與維護的時間表（包括我們的年度真實上漲）。

Ralph referred to the heatwave we experienced in June, and this warmer weather combined with greater storm activity led to higher corrective maintenance costs during the quarter. Distribution O&M expense increased by $0.04 per share compared to the second quarter of 2023, also due to higher gas meter inspections and safety costs.

拉爾夫提到了我們在 6 月經歷的熱浪，這種溫暖的天氣加上更大的風暴活動導致本季度的糾正維護成本更高。與 2023 年第二季相比，分銷營運和維護費用每股增加 0.04 美元，這也是由於瓦斯表檢查和安全成本增加所致。

Depreciation and interest expense increased by $0.01 per share and $0.02 per share, respectively, compared to the second quarter of 2023, reflecting continued growth in investment and higher interest expense. Lower pension and OPEB income resulting from the cessation of OPEB-related credits, which ended in 2023, resulted in $0.01 per share unfavorable comparison to the year -- earlier quarter.

與 2023 年第二季相比，折舊和利息支出分別增加每股 0.01 美元和每股 0.02 美元，反映出投資持續成長和利息支出增加。2023 年終止 OPEB 相關信貸導致退休金和 OPEB 收入下降，導致每股收益與去年同期相比不利 0.01 美元。

Lastly, the timing of taxes recorded through an annual effective tax rate, which nets to zero over a full year and other taxes had a net unfavorable impact of $0.03 per share in the quarter compared to 2023. Summer weather in the second quarter as measured by the temperature humidity index was 42% warmer than normal and 99% warmer than the second quarter of 2023.

最後，透過年度有效稅率記錄的稅收時間安排全年淨額為零，其他稅收與 2023 年相比對本季每股 0.03 美元的淨不利影響。以溫度濕度指數衡量的第二季夏季天氣比正常溫暖42%，比2023年第二季溫暖99%。

In fact, the second quarter of 2024 was the warmest second quarter in our records going back 55 years, mostly due to that June heatwave. As a reminder, weather variations have minimal impact on our utility margin because of the Conservation Incentive Program or CIP mechanism, which 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 program.

事實上，2024 年第二季度是我們 55 年來有史以來最熱的第二季度，這主要是由於 6 月的熱浪造成的。提醒一下，天氣變化對我們的公用事業利潤率的影響很小，因為保護激勵計劃或CIP 機制限制了天氣和其他銷售差異（無論是正面還是負面）對電力和天然氣利潤率的影響，同時幫助PSE&G廣泛推廣透過其能源效率計劃。

The number of electric and gas customers, which is the driver of margin under the CIP mechanism, continued to grow by approximately 1% each over the past year. On capital spending, PSE&G invested approximately $900 million during the second quarter, and we remain on track to execute on our 2024 regulated capital investment plan of $3.4 billion.

電力和燃氣客戶數量是 CIP 機制下利潤的驅動因素，過去一年持續成長約 1%。在資本支出方面，PSE&G 在第二季投資了約 9 億美元，我們仍有望執行 2024 年 34 億美元的受監管資本投資計畫。

It's focused on infrastructure modernization and decarbonization initiatives. These include upgrades and replacements to our T&D facilities, last-mile spend in the infrastructure advancement program, ongoing gas infrastructure replacement spending, and the continued lean energy investments across EE, smart meter installation, and EV make-ready infrastructure.

它的重點是基礎設施現代化和脫碳計劃。其中包括我們的輸配電設施的升級和更換、基礎設施進步計畫的最後一哩支出、持續的天然氣基礎設施更換支出，以及在EE、智慧電錶安裝和電動車準備基礎設施方面的持續精益能源投資。

We are reaffirming our five-year regulated capital investment plan of $18 billion to $21 billion from 2024 to 2028. The high end of this plan includes the $3.1 billion CEF Energy Efficiency II filing made in December 2023 that would enable commitments from [January '25] to [June '27] based on the BPU's EE framework. As Ralph said earlier, this proceeding is expected to be resolved at the BPU later this year.

我們重申從 2024 年到 2028 年的五年期受監管資本投資計畫為 180 億美元到 210 億美元。該計劃的高端包括 2023 年 12 月提交的 31 億美元的 CEF 能源效率 II 文件，該文件將使基於 BPU 的 EE 框架的 [25 年 1 月] 至 [27 年 6 月] 的承諾成為可能。正如拉爾夫早些時候所說，這一訴訟預計將在今年稍後在 BPU 得到解決。

Moving to PSEG Power and other, for the second quarter of 2024, PSEG Power and other reported net income of $0.27 per share compared to $0.51 per share for the second quarter of 2023. Non-GAAP operating earnings were $0.03 per share for the second quarter of 2024 compared to non-GAAP operating earnings of $0.02 per share for the second quarter of 2023.

轉向 PSEG Power 和其他公司，2024 年第二季度，PSEG Power 和其他公司報告的每股淨利潤為 0.27 美元，而 2023 年第二季度為每股 0.51 美元。2024 年第二季非 GAAP 營運收益為每股 0.03 美元，而 2023 年第二季非 GAAP 營運收益為每股 0.02 美元。

In the second quarter of 2024, net energy margin rose by $0.08 per share, driven by nuclear, including the net impact of the nuclear PTC that took effect January 1, 2024, partially offset by the anticipated reduction in generation due to the Hope Creek outage and capacity revenue.

2024 年第二季度，在核電的推動下，每股淨能源利潤率增長了0.08 美元，其中包括2024 年1 月1 日生效的核電PTC 的淨影響，部分被Hope Creek 停電導致的發電量預計減少所抵銷和容量收入。

As a reminder for 2024, there will be a shape to our quarterly results as we move through the remainder of the year. We anticipate realizing most of the increase in the 2024 gross margin over 2023's gross margin during the second half of the year, specifically in the fourth quarter, based upon the shape of our underlying hedges. This differs from last year when PSEG Power realized most of the step up in the annual hedge price in the first quarter of 2023.

作為 2024 年的提醒，隨著今年剩餘時間的推移，我們的季度業績將會形成一個形狀。根據我們的基礎對沖的形狀，我們預計 2024 年毛利率較 2023 年毛利率的大部分增長將在下半年實現，特別是在第四季度。這與去年有所不同，去年 PSEG Power 在 2023 年第一季實現了年度對沖價格的大部分上漲。

O&M increased by $0.05 per share, mostly driven by the scheduled refueling at our 100%-owned Hope Creek nuclear unit. Interest expense was $0.01 unfavorable, reflecting incremental debt at higher rates. And taxes and other were $0.01 per share unfavorable compared to the second quarter of 2023, primarily reflecting the use of a higher effective tax rate in the quarter that will reverse over the balance of 2024.

O&M 每股成長 0.05 美元，主要是由於我們 100% 擁有的 Hope Creek 核電廠計劃進行燃料補給。利息支出為不利的 0.01 美元，反映出利率較高的增量債務。與 2023 年第二季相比，每股稅費和其他費用為 0.01 美元，主要反映了本季使用了更高的有效稅率，這一稅率將在 2024 年剩餘時間扭轉。

On the operating side, the nuclear fleet produced approximately 7 terawatt hours during the second quarter of 2024 compared to 7.7 terawatt hours in the year-earlier period and ran at a capacity factor of 82.7%. Nuclear generation in the first half of 2024 totaled 15.2 terawatt hours, which was impacted by the Hope Creek refueling, but also benefited from high-capacity factor performance at our two Salem units, which operated at 98.9% for the quarter and at 99.3% for the first half of 2024.

在營運方面，核能馬達組在 2024 年第二季發電量約為 7 太瓦時，而去年同期為 7.7 太瓦時，運轉容量係數為 82.7%。2024 年上半年的核發電量總計15.2 太瓦時，這受到了Hope Creek 補充燃料的影響，但也受益於我們的兩個塞勒姆機組的高容量係數表現，該季度的運行率為98.9%，上一季的運作率為99.3%。

Touching on some recent financing activity, as of the end of June, PSEG had total available liquidity of $3.1 billion, including $113 million of cash on hand. Following the issuance of $1.25 billion of PSEG senior notes in March, during the second quarter, PSEG paid off $500 million of a 364-day term loan in April and $750 million of PSEG senior notes in June.

談到近期的一些融資活動，截至 6 月底，PSEG 的可用流動資金總額為 31 億美元，其中手頭現金為 1.13 億美元。繼 3 月發行 12.5 億美元的 PSEG 優先票據後，PSEG 在 4 月償還了 5 億美元的 364 天定期貸款，並於 6 月償還了 7.5 億美元的 PSEG 高級票據。

With the PSEG term loan redemption in March, PSEG variable rate debt at the end of June consisted of a $1.25 billion term loan maturing March 2025, the entirety of which has been swapped out from a variable rate to a fixed rate to mitigate the fluctuations in interest rates. At the end of June, given our swaps, we had minimal variable rate debt.

隨著PSEG 在3 月定期貸款的贖回，截至6 月底PSEG 可變利率債務包括2025 年3 月到期的12.5 億美元定期貸款，該貸款已全部從可變利率轉為固定利率，以減輕債務波動。六月底，考慮到我們的互換，我們的可變利率債務極少。

On the credit ratings front, in June, Moody's updated PSEG Power's outlook to stable from positive. And this change is consistent with our future plans for leverage and our targeted credit rating. We continue to maintain a solid Baa2 investment-grade rating at PSEG Power.

在信用評等方面，穆迪 6 月將 PSEG Power 的前景從正面更新為穩定。這項變更與我們未來的槓桿計劃和我們的目標信用評級是一致的。我們繼續維持 PSEG Power 穩定的 Baa2 投資等級評級。

In closing, we are reaffirming PSEG's full-year 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share, which reflects continued rate base growth from ongoing regulated investments, offset by higher depreciation and interest as we await resolution of our pending distribution rate case later this year. We are also reaffirming our forecast of long-term 5% to 7% compound annual growth in non-GAAP operating earnings through 2028, supported by our capital investment programs and the nuclear PTC.

最後，我們重申PS​​EG 2024 年全年非GAAP 營運收益指引為每股3.60 美元至3.70 美元，這反映了持續受監管的投資帶來的持續利率基數增長，但在我們等待懸而未決的分配率解決方案時，折舊和利息的上升抵消了這一增長。我們也重申，在我們的資本投資計畫和核心 PTC 的支持下，到 2028 年，非 GAAP 營業利潤的長期複合年增長率為 5% 至 7%。

This 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) Julien Dumoulin-Smith, Jefferies.

（操作員說明）Julien Dumoulin-Smith，Jefferies。

Hey. Good morning, team. Thank you, guys, for the time. It's nice to chat again.

嘿。早上好，團隊。謝謝你們，夥計們，花時間。很高興再次聊天。

Well, it's good to hear you again.

嗯，很高興再次聽到你的聲音。

Back in action, as they say. Look, guys, nicely done. Seriously, a bunch of questions here, what you guys just said. First off, just talking about the data center opportunity, as is the buzz these days, can you elaborate a little bit on what you're seeing today about your co-located opportunities?

正如他們所說，重新開始行動。瞧，夥計們，幹得漂亮。說真的，這裡有很多問題，你們剛才說的話。首先，談談資料中心的機會，就像最近的熱門話題一樣，您能否詳細說明您今天所看到的關於同地辦公的機會？

And how are you thinking about the economic benefit criteria that you would and other stakeholders would like to see contribute to the local community here? Obviously, that's a key element of bringing jobs to New Jersey here. So can you elaborate on that?

您如何考慮您和其他利害關係人希望看到為當地社區做出貢獻的經濟效益標準？顯然，這是為新澤西州帶來就業機會的關鍵因素。能詳細說明一下嗎？

And then separately related, how would you characterize demand for data centers outside of perhaps co-located opportunities in New Jersey today? Any kind of quantifiable commitment numbers or soft numbers that you would see today that you care to share?

然後分別相關的是，除了今天新澤西州可能共存的機會之外，您如何描述對資料中心的需求？您今天看到的任何可量化的承諾數字或軟數字您願意分享嗎？

Yes, that's great. Thanks for that, Julien. And again, welcome back. Look, I would say a couple things to you. I'm going to answer your first question with purely my Choose New Jersey Economic Development hat on, and that is that it really has a couple of benefits of a co-located data center. And it's not necessarily just that it's co-located. It's the fact that it's a hyperscale data center.

是的，那太好了。謝謝你，朱利安。再次歡迎回來。聽著，我想對你說幾件事。我將純粹以我選擇新澤西州經濟發展的身份來回答你的第一個問題，那就是它確實具有共置資料中心的一些好處。這並不一定只是因為它位於同一地點。事實上，它是一個超大規模資料中心。

It's going to provide a clear signal to AI companies that are looking to locate here in New Jersey and in the region that the infrastructure is here, up and running and ready to go for their businesses to thrive. So there will be a lot of, I would say, trickle-down opportunities that get created specific to the site. You obviously have your construction activities, but not the least of which would be driven by wire work that the IBWs here in New Jersey would benefit from.

它將向那些希望在新澤西州和該地區落腳的人工智慧公司提供一個明確的信號，即基礎設施已經到位，正在運行，並準備好讓他們的業務蓬勃發展。因此，我想說，將會有許多針對該網站的滲透機會。顯然你有你的建築活動，但其中最重要的是由電線工作驅動，新澤西州的 IBW 將從中受益。

So there's a lot of local opportunities that take place from the construction activities. They are one time. But as you've heard from others, they do grow over that one time. It's not all done in one month. It's over several years. They ramp up these data centers, and then there's a lot of other opportunities that happen for edge computing or AI infrastructure around a hyperscale data center like a co-located one would be.

因此，建築活動為當地帶來了許多機會。他們是一次。但正如你從其他人那裡聽說的那樣，他們確實在那段時間裡成長了。這一切不是一個月就能完成的。已經過去好幾年了。他們擴大了這些資料中心的規模，然後圍繞著超大規模資料中心（如共置資料中心）的邊緣運算或人工智慧基礎設施出現了許多其他機會。

Specifically, to our utility at PSE&G, we are seeing quite a bit of activity that's taking place. We think about things, and every utility is a little bit different as to what a commitment is. Some folks would count a commitment as only when they have a deposit for construction. Some would say a commitment is when you begin engineering work. Some would say just getting a lead in with some other financing that you need to do to get the utility to respond might be a commitment.

具體來說，對於我們 PSE&G 的公用事業，我們看到正在發生相當多的活動。我們會考慮一些事情，每個公用事業公司對於承諾的含義都略有不同。有些人認為只有當他們有建設押金時才算承諾。有人會說，承諾是當你開始工程工作時。有些人會說，只要獲得一些其他融資的領先地位，讓公用事業公司做出回應，這可能就是一種承諾。

Well, the way we think about it is those that have actually -- have moved on beyond the engineering phase, and we're seeing several hundred megawatts of data centers that are moving into that scenario here in New Jersey. And I would give you a little more breadth on that one, which is they all come in different sizes and shapes.

好吧，我們的想法是那些實際上已經超越了工程階段，我們看到新澤西州有數百兆瓦的資料中心正在進入這種情況。我想給你更多的了解，它們都有不同的尺寸和形狀。

Not only what the needs are at the location, from a power standpoint, it being different sizes, but actually the infrastructure that is required to support them are different based upon where they may be going, whether it's a green field, a brown field, or an existing building that has enough capacity already run to it. So everyone's a little bit different. Everyone's a little different sized, but it's taken place and it's significant for us.

從電力的角度來看，不僅該地點的需求不同，規模也不同，而且實際上支持它們所需的基礎設施也不同，具體取決於它們可能要去的地方，無論是綠色領域、棕色領域，或者已經有足夠容量的現有建築物。所以每個人都有點不同。每個人的體型都有些不同，但它已經發生了，對我們來說意義重大。

Excellent, guys. And just quickly if I can, just to clarify on the excellent efforts, should we say, complaint with Talend here, does that shift at all your thought process on any co-located opportunities (Multiple speakers) I'm just curious.

太棒了，夥計們。如果可以的話，請盡快澄清我們所做的出色努力，我們應該說，在這裡向Talend 投訴，這種轉變是否會改變您對任何同地辦公機會（多個發言者）的思維過程，我只是很好奇。

Thank you, Julien. Again, look, that's not shifting us in any way, shape, or form. We're committed to supporting the governor in his efforts on economic development. So we are going to continue in that effort. I will say this to you, I'm a little bit concerned about co-located load as it impacts other industries.

謝謝你，朱利安。再說一次，看，這並沒有以任何方式、形狀或形式改變我們。我們致力於支持州長的經濟發展努力。因此，我們將繼續努力。我會對你說，我有點擔心同地負載，因為它會影響其他產業。

If you really think about co-located load, that doesn't just apply to data centers. That's for combining power plants, it's for cogeneration units. So depending upon where this goes, I'm much -- while I'm concerned about data centers, I'm just as concerned about everything from rooftop solar behind a meter to co-generation that might be taking place.

如果您真正考慮共置負載，那麼這不僅適用於資料中心。這適用於聯合發電廠，適用於熱電聯產機組。因此，根據事態的發展，我非常關心資料中心，但我同樣關心從一公尺後的屋頂太陽能到可能發生的熱電聯產的一切。

All right. Great. I'll leave it there. Talk to you guys soon. See you soon.

好的。偉大的。我會把它留在那裡。快來和大家聊聊吧。再見。

Thanks, Julien.

謝謝，朱利安。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Hey, guys.

嘿，夥計們。

How are you doing?

你好嗎？

How are you?

你好嗎？

We're great. We don't have to say welcome back to you.

我們很棒。我們不必對你說歡迎回來。

No, thank God. Rob, just to follow up on Julien's question on the protests at FERC against the Susquehanna ISA, obviously, it's not going to have a bearing on you pursuing a deal, right, with Artificial Island. But if the protest turns into a hearing, an NOI, or an RTO process, do you wait before signing a deal?

不，感謝上帝。Rob，我想跟進 Julien 關於 FERC 反對薩斯奎哈納 ISA 的抗議的問題，顯然，這不會影響您與人工島達成協議，對吧。但如果抗議變成聽證會、NOI 或 RTO 流程，您會等待再簽署協議嗎？

I think every deal is going to be very specific. And look, I think the way our nuclear facilities are configured, they'll be different than a nuclear facility down the street. So each one of those will be looked at differently, whether it's by PJM in its current rules that exist for co-located load or FERC when they come out with some sort of a process if they do under the current challenge that's there.

我認為每筆交易都會非常具體。看，我認為我們的核設施的配置方式將與街上的核設施不同。因此，無論是 PJM 針對同地負載現有的現行規則，還是 FERC，如果他們在當前面臨的挑戰下採取了某種流程，他們都會以不同的方式看待其中的每一個。

So no, I'm not really -- I don't think any would hold us up. I think -- again, I would just reinforce, we're here to support the Governor of New Jersey. The Governor of New Jersey is focused on building out AI. He just passed and signed -- he didn't pass, he just signed some tax incentives, up to $500 million, to attract AI businesses here to New Jersey. That just happened last week. If there's no more indication and he's all in, that would be it for me. And we want to be a company that's supporting the policies of the state.

所以不，我不是真的——我認為任何人都不會阻止我們。我想——我再次強調，我們來這裡是為了支持新澤西州州長。新澤西州州長致力於發展人工智慧。他剛剛通過並簽署——他沒有通過，他只是簽署了一些高達 5 億美元的稅收優惠政策，以吸引人工智慧企業來到新澤西。那是上週剛發生的事。如果沒有更多的跡象並且他全力以赴，那對我來說就是這樣。我們希望成為一家支持國家政策的公司。

Okay, perfect. That's helpful. It's a question we've been getting from investors. And then just last thing, obviously, you guys noted that the 5% to 7% growth rate kind of remains exclusive of upsides on the nuclear business. So outside of this data center opportunity, I guess, what progress have you made to implement some of the other upsides, right? So any thresholds we should be thinking about on uprates as we head into sort of FIDs and some of these?

好的，完美。這很有幫助。這是我們一直從投資者那裡得到的問題。最後一件事，顯然，你們注意到 5% 到 7% 的成長率仍然不包括核能業務的上行空間。因此，除了這個資料中心機會之外，我想您在實現其他一些優勢方面取得了哪些進展，對吧？那麼，當我們進行最終投資決策等時，我們應該考慮提高利率的門檻嗎？

Yes, I don't think we've really published anything sure specifically. I think everything is on track. I will say that. There's nothing that has raised a red flag for us in the process as we move forward, whether it be the fuel cycle changes at Hope Creek or the uprates that we mentioned in the prepared remarks at Salem, and certainly nothing on the long-term license extension. So all three things are moving forward. And really, I have not seen a bump in the road from any internal analysis or anything that we've received externally.

是的，我認為我們還沒有真正發布任何具體的內容。我認為一切都步入正軌。我會這麼說。在我們前進的過程中，沒有任何事情對我們發出危險信號，無論是希望溪的燃料循環變化還是我們在塞勒姆準備好的發言中提到的費率上調，當然也沒有關於長期許可證的事情擴大。所以這三件事都在向前發展。事實上，從任何內部分析或我們從外部收到的任何資訊來看，我都沒有看到任何障礙。

Okay, perfect. I appreciate it, guys, and big congrats on the execution. We'll be seeing you soon. Thank you.

好的，完美。我很感激，夥計們，並對執行表示熱烈祝賀。我們很快就會見到你。謝謝。

Thanks.

謝謝。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究中心。

Hey, good morning.

嘿，早安。

Hey, Michael.

嘿，麥可。

Hi, Michael.

嗨，邁克爾。

Hey, guys. Can you just comment, are you having discussions with your local transmission utility on an ISA for Artificial Island right now?

嘿，夥計們。您能否評論一下，您現在是否正在與當地輸電公司就人工島的 ISA 進行討論？

I don't think anyone who has co-located load has to have a discussion with the transmission provider until they move forward with an interconnection agreement. So I don't -- we have not stated that we're at that stage, and we haven't filed anything.

我認為任何擁有同一地點負載的人都不必與傳輸提供者進行討論，直到他們推進互連協議。所以我不——我們沒有聲明我們正處於那個階段，我們也沒有提交任何文件。

Okay. And then just -- I mean, you're in maybe a little bit of a unique position and owning both unregulated generation and regulated transmission in PJM. And I don't think you all have kind of weighed in officially on the FERC docket, whereas it seems like the rest of the industry has. Any reasoning behind that or any thoughts you want to share on your views there?

好的。然後 - 我的意思是，您可能處於一個獨特的位置，並且在 PJM 中同時擁有不受監管的發電和受監管的輸電。我認為你們都沒​​有正式參與 FERC 的案卷，而業界的其他公司似乎已經參與其中。這背後有什麼理由或您想分享您的觀點嗎？

Well, Michael, it's not a contract that we're privy to, so I really -- I don't think we feel that we have enough details to weigh in on what's there. There's a process at PJM that we trust will be managed correctly by PJM. If FERC sees a challenge with that process, I'm sure that they'll step in. We believe in following the rules, and so the rules that exist have some very specific steps in it. And if we were to go down that path, we would follow those rules. As far as weighing in on policy changes, again, I can't tell you how much we're trying to focus on supporting the governor's economic development plans.

好吧，邁克爾，這不是一份我們不知情的合同，所以我真的——我認為我們沒有足夠的細節來權衡其中的內容。PJM 有一個流程，我們相信 PJM 將正確管理該流程。如果 FERC 發現流程有挑戰，我確信他們會介入。我們相信遵守規則，因此現有規則中有一些非常具體的步驟。如果我們要走這條路，我們就會遵守這些規則。至於權衡政策變化，我無法再告訴你我們在多大程度上努力專注於支持州長的經濟發展計畫。

Yes -- no, that's super clear. I appreciate that. And then just pivoting over to along the same lines with the state's goals, any stance on offshore wind in the state? Just in light of the Nantucket news up there, is it still kind of full speed ahead from the governor's standpoint?

是的——不，這非常清楚。我很欣賞這一點。然後轉向與該州目標相同的路線，對該州海上風電有何立場？就楠塔基特島的新聞而言，從州長的角度來看，它仍然在全速前進嗎？

It is from my perspective. I have not heard anything different. I know there were some challenges with the blades up there, but there was nothing that we've seen that would indicate there's anything slowing down the process here in New Jersey. In fact, I think the governor -- I keep talking about his economic development initiatives. And certainly, offshore wind remains at the top of that priority list.

這是從我的角度來看的。我沒有聽到任何不同的聲音。我知道那裡的刀片存在一些挑戰，但我們沒有看到任何跡象表明新澤西州有任何減緩這一進程的情況。事實上，我認為州長——我一直在談論他的經濟發展舉措。當然，離岸風電仍然是優先考慮的對象。

Yes. There's an ongoing solicitation now, Michael.

是的。現在正在進行徵集活動，邁克爾。

Yes, got it. Okay. Thanks so much.

是的，明白了。好的。非常感謝。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey, thanks. Hope everyone's doing well.

嘿，謝謝。希望每個人都一切順利。

Hey, Nick.

嘿，尼克。

Hey. So just one more on the data center contract opportunity. Just -- I know that you have the three different units, and you can really cycle that and market that as a kind of 24/7 offering, just given the refueling outage dynamics.

嘿。以上就是關於資料中心合約機會的更多內容。只是 - 我知道您擁有三種不同的設備，並且考慮到加油中斷動態，您可以真正將其循環並將其作為 24/7 產品進行行銷。

But just thinking about kind of quantum of size here, does that conceptually mean that you'd be willing to sell up to a third of your total capacity? Are you trying to work to do something much more piecemeal and smaller than that? How should we kind of think about that?

但只要考慮一下這裡的規模大小，從概念上講這是否意味著您願意出售總產能的三分之一？你是否正在努力做一些比這更零碎、更小的事情？我們該如何思考這個問題？

Yes, look -- again -- and Dan, if he wants to add anything as he's a little bit closer to this in his role with the development team, there's nothing that's that specific at this point for us. I think -- look, there's so many different factors that will be involved here. It will be the ramp up that will matter.

是的，再看一下，Dan，如果他想添加任何內容，因為他在開發團隊中的角色更接近這一點，那麼目前對我們來說沒有什麼特別的。我認為——看，這裡會涉及很多不同的因素。重要的是成長。

It's going to be whether or not -- I've even heard some of these data centers are considering being a demand response resource. And that would certainly change the dynamics of any conversation. There's just so much uncertainty now, Nick, as to where you would settle with anybody on any of these cases. I don't want to talk about sizing. It would be really premature.

這將取決於是否——我甚至聽說其中一些數據中心正在考慮成為需求響應資源。這肯定會改變任何對話的動態。尼克，現在對於你將在哪些案件上與任何人達成和解存在很大的不確定性。我不想談論尺寸。這確實為時過早。

Totally get that. And then I guess just given PJM's auction is coming up here, I think tonight we'll get the results. But just your 5% to 7% forecasts, do you just assume just constant payment from the last auction, or is there already an assumption embedded in there? Thank you.

完全明白了。然後我想鑑於 PJM 的拍賣即將到來，我想今晚我們就會得到結果。但是，僅您的 5% 至 7% 預測，您是否只是假設上次拍賣的持續付款，或者是否已經嵌入其中？謝謝。

Yes. There's assumptions that are embedded within our overall longer-term plan. But if you think about what we are from a generation perspective, the nuclear unit's capacity is not a very significant component of the overall mix. And so, there's a -- it is not -- our 5% to 7% overall, from an enterprise perspective, is not terribly sensitive to what that is. We'll see what comes out here, I think, where the parameters seem to point.

是的。我們的整體長期計劃中包含了一些假設。但如果你從發電的角度考慮我們的情況，你會發現核電機組的容量並不是整體結構中非常重要的組成部分。因此，從企業的角度來看，我們整體上 5% 到 7% 的人對此並不是非常敏感。我想，我們會看看這裡會出現什麼結果，參數似乎指向哪裡。

And a lot of what I've read shows things may be a bit more bullish than we've seen recently. But we'll find out what that looks like at the end of the day. I don't expect it to be significant enough to move us within, certainly outside of the range, and barely move us inside the range.

我讀到的很多內容都表明，情況可能比我們最近看到的更樂觀。但最終我們會知道那是什麼樣子。我認為它不會足夠重要，足以讓我們進入該範圍，當然也可以超出該範圍，幾乎不會讓我們進入該範圍。

Thanks a lot.

多謝。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hey, Jeremy.

嘿，傑里米。

Hi. Good morning.

你好。早安.

Good morning.

早安.

Good morning.

早安.

I just wanted to circle back on data centers, maybe a little bit more, if I could. You at least referenced increased inquiries at PSEG for data centers and the need for system investment to address this and EV charging. Could you expand a bit more on these comments? And how much is this additive to your current capital plan, any other important points for us to think about here?

我只是想回過頭來談談資料中心，如果可以的話，也許再多講一點。您至少提到 PSEG 對資料中心的詢問有所增加，以及解決此問題和電動車充電問題所需的系統投資。您能否對這些評論進行更多闡述？這對您目前的資本計劃有多少補充，我們在這裡需要考慮的其他重要事項是什麼？

Yes, I think we'll roll forward our capital plan at the end of the year, beginning next year, as we have in the past. So any updates on that front will come there. Jeremy, I'll tell you. I think -- look, I'll walk you through a couple of scenarios that we're seeing in the utility space itself.

是的，我認為我們將像過去一樣，在今年年底、明年開始推動我們的資本計畫。因此，這方面的任何更新都會在那裡。傑里米，我告訴你。我想——聽著，我將帶您了解我們在公用事業領域本身看到的幾個場景。

One is you'll have -- if anybody's familiar with Northern New Jersey, there used to be a big Nabisco plant up in the northern part of New Jersey that doesn't exist anymore. Greenfield is there and it's near a 69 KV sub-transmission line that we just built out, which is very close to a substation. I wouldn't expect a lot of capital required if someone was to locate something there.

一是，如果有人熟悉新澤西州北部，新澤西州北部曾經有一家大型納貝斯克工廠，但現在已經不存在了。Greenfield就在那兒，它靠近我們剛建成的69KV次輸電線路，距離變電站非常近。如果有人要在那裡找到東西，我預計不會需要大量資金。

But if you are talking about a data center that's going to go into an old industrial site in one of the cities that has used up most of its capacity, and they've chosen that location because the construction of the building is such that they won't really need to put up much capital to support all the servers that are there and the floor load and everything else that exists -- and I think that one might need a little more capital that's going to be involved. It will be a little more complicated, and we'll see where things play out.

但是，如果您談論的是一個數據中心，該數據中心將進入某個城市的一個舊工業場地，該城市已耗盡其大部分容量，並且他們選擇了該位置，因為該建築的建造方式使他們贏得了勝利確實不需要投入太多資金來支援所有現有的伺服器、地面負載以及其他所有存在的東西——而且我認為可能需要更多的資金來參與。情況會稍微複雜一些，我們會看看事情會如何發展。

So every one of them are different. Right now, I would say that it's a mixed bag as to what we're seeing and where things are falling out. But it's positive for us in the fact that we continue to see the growth that's taking place here, and we're attracting the businesses. A number of AI folks have been working with the state and we're excited about it. We're never going to be maybe as big as some of the other states are going to be, just by the geographic size that we are, but I think it's going to make a difference for us here.

所以他們每個人都是不同的。現在，我想說的是，我們所看到的情況以及事情的進展是好壞參半。但這對我們來說是積極的，因為我們繼續看到這裡正在發生的成長，我們正在吸引企業。許多人工智慧人士一直在與政府合作，我們對此感到興奮。僅就我們的地理面積而言，我們可能永遠不會像其他一些州那樣大，但我認為這會對我們產生影響。

Hey, Jeremy. The other thing I'd say is there's another layer as you take a look at what PJM has done from some of their competitive windows. That is data center related as well. Those are competitive solicitations. They end up in regulated transmission.

嘿，傑里米。我要說的另一件事是，當你從 PJM 的一些競爭窗口中看到他們所做的事情時，還有另一層。這也與資料中心相關。這些都是競爭性招標。它們最終進入受管制的傳輸。

You've seen us participate in those before, where in Maryland, we have a $400 million and change capital opportunity. And I think more of those are available to us. They're competitive. We'll see where we go. We don't count on those within our existing plan, but to the extent that those come forward, there will be an opportunity there for us.

您之前已經看到我們參與過這些活動，在馬裡蘭州，我們有 4 億美元的資本變更機會。我認為我們可以利用更多這些。他們很有競爭力。我們會看看我們要去哪裡。我們不指望現有計劃中的那些，但只要這些計劃出現，我們就會有機會。

Yes. I think Dan just hit on a key point, Jeremy. The next PJM solicitation, I think it's referred to as Window One, is a good signal as to what's going to be required on the transmission side. Again, every last-mile sub-transmission, last-mile investment will be different, but Dan's absolutely right. Watch that load profile change of PJM to see what's coming down the pike.

是的。我認為丹剛剛擊中了一個關鍵點，傑里米。下一次 PJM 招標，我認為它被稱為“視窗一”，是一個很好的信號，表明傳輸方將需要什麼。再說一遍，每一次最後一英里的子傳輸、最後一英里的投資都會有所不同，但丹的觀點絕對正確。觀察 PJM 的負載曲線變化，看看接下來會發生什麼。

Got it. That makes sense. And any incremental thoughts you could share on the EV side as far as impacts that it could have?

知道了。這是有道理的。對於電動車方面可能產生的影響，您有什麼可以分享的增量想法嗎？

Yes, again, we're seeing steady -- slow but steady growth on the EV front, and proud to say we're not turning down any EV interconnections. We have the capacity, but we're upgrading that last mile. So that's really playing out exactly the way we expected it to.

是的，我們再次看到電動車領域的緩慢但穩定的成長，並自豪地說我們不會拒絕任何電動車互連。我們有能力，但我們正在升級最後一英里。所以這確實是按照我們預期的方式進行。

New Jersey is, again, a little bit unique in the condensed nature of our housing and our commutes. So EVs have not had the same challenges and pressure that maybe the rest of the country has seen as far as the expansion that was expected. So we're kind of moving along at about the pace that we thought we would, and it's having the impact on the last mile about -- as we had planned.

新澤西州在住房和通勤的集中性方面又有點獨特。因此，就預期的擴張而言，電動車並沒有像該國其他地區那樣面臨同樣的挑戰和壓力。因此，我們正在以我們預期的速度前進，這對最後一英里產生了影響——正如我們計劃的那樣。

Got it. That's very helpful. And just one last one, if I could. And I appreciate the sensitivities and limitations and what you can say at this point, but as folks make their way back from the beach over August into Labor Day, just wondering -- so you can share with us on the rate case process and stakeholder discussion points out there. Just any sticking point or anything else that you could share.

知道了。這非常有幫助。如果可以的話，就只有最後一張。我很欣賞這些敏感性和局限性以及您此時可以說的話，但是當人們在八月從海灘返回勞動節時，只是想知道 - 所以您可以與我們分享費率案例流程和利益相關者討論在那裡指出。只是任何癥結所在或您可以分享的任何其他內容。

No, I really appreciate you asking that. Look, I take it as a big compliment to the team here that we're this far in, and that was the first-rate case question we got. So the team is executing as we expect they would execute in those conversations.

不，我真的很感謝你這麼問。聽著，我認為這是對我們已經走到這一步的團隊的極大讚揚，這是我們收到的一流案例問題。因此，團隊正在按照我們期望的方式執行這些對話。

And the Board of Public Utilities, as I have been saying multiple times, continues to really run a very efficient and thoughtful process. So I don't see -- there's no red flags there either. But I would point out that that recent COVID settlement that we just had was exactly the way we had thought it would play out. The fact that we expected the conversations not to become public has played out exactly that way. And so, I'm just very grateful for the way this has all been portrayed.

正如我多次說過的那樣，公用事業委員會繼續真正運作一個非常有效率和深思熟慮的流程。所以我不認為——那裡也沒有危險信號。但我要指出的是，我們最近剛達成的新冠解決方案正是我們所設想的結果。事實上，我們原本希望這些對話不要公開，結果卻也是如此。所以，我非常感謝這一切的描述方式。

Got it. Great. Thank you for that. Hopefully, everyone can enjoy their time on the shore.

知道了。偉大的。謝謝你。希望每個人都能享受在岸上的時光。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Hey, David.

嘿，大衛。

Hey, good morning. Thanks for taking my questions. It sounds like there's good momentum in terms of data center support from a policy perspective. And maybe on the contracting front, I was just wondering if there's any timeframe that you would offer in terms of when you think you could come to a co-location deal.

嘿，早安。感謝您回答我的問題。從政策角度來看，資料中心的支援勢頭似乎不錯。也許在簽約方面，我只是想知道您是否會提供任何時間框架來說明您何時可以達成託管交易。

No. David, we really haven't gone there. I appreciate the question, but we just try to be thoughtful about everything and make sure that the folks that we talk to are people that are aligned with the policies we have here in the state.

不。大衛，我們真的沒有去過那裡。我很欣賞這個問題，但我們只是盡力深思熟慮一切，並確保與我們交談的人符合我們州的政策。

Yes, understood. Makes sense. And then in terms of the utility business request and increased data center interest at PSE&G, I was wondering, are you still seeing continued momentum? Is that backlog still growing and kind of, if so, is there a time when you would anticipate taking another look at the load growth outlook that you have in CapEx plans that would be required to address it?

是的，明白了。有道理。然後，就公用事業業務需求和 PSE&G 資料中心興趣的增加而言，我想知道，您是否仍然看到持續的勢頭？積壓的訂單是否仍在成長？

Yes, David. So I referred to several hundred megawatts that are at -- what I would consider to be the very firm stage that we would have. And again, every utility looks at that a little bit differently. The other two stages are even more robust than the very firm stage.

是的，大衛。因此，我提到了目前的數百兆瓦——我認為這是我們將擁有的非常穩定的階段。再說一遍，每個公用事業公司對此的看法都略有不同。另外兩個階段甚至比非常堅固的階段還要堅固。

The leads and the initial engineering analysis that would be done here, somewhat double or triple in each one of those stages from what we're seeing in the firm construction side. That makes sense, projects to look at, but we -- any roll forward that we have from a CapEx standpoint, we will do at the end of the year, as I mentioned earlier. So we're just -- we're happy to see it taking place.

這裡完成的線索和初步工程分析，與我們在公司施工方面看到的相比，每個階段的數量都增加了一倍或三倍。這是有道理的，值得關注的項目，但我們——從資本支出的角度來看，我們將在今年年底進行任何前滾，正如我之前提到的。所以我們很高興看到它發生。

Got it. Excellent. Thanks so much for the color.

知道了。出色的。非常感謝你的顏色。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Hey, good morning.

嘿，早安。

Hey, Carly.

嘿，卡莉。

Hey, thanks for taking the questions. I just wanted to quickly follow up on Jeremy's question on the call out on electric vehicles. Do you see any election-related risk to the uptake of EVs in New Jersey and the potential investment needed to support that?

嘿，感謝您提出問題。我只是想快速跟進傑里米關於呼籲電動車的問題。您是否認為新澤西州電動車的普及存在任何與選舉相關的風險以及支持此風險所需的潛在投資？

No, I don't think -- I don't see any real risk from an investment standpoint here. I think most of those interconnections are done at the distribution level. There's not an election that's going to impact the state of New Jersey until next November.

不，我不認為——從投資的角度來看，我沒有看到任何真正的風險。我認為大部分互連都是在分發層級完成的。直到明年 11 月才會有影響新澤西州的選舉。

So I think the only question, and we've talked about this before, is will you have 100% EVs by 2035 or will we get a [50%] on that test? And a 50% on that test is still going to be quite a bit of market penetration for the electric vehicle industry here.

所以我認為唯一的問題，我們之前已經討論過，是到 2035 年你會擁有 100% 的電動車，還是我們會在該測試中獲得 [50%]？對於這裡的電動車產業來說，該測試的 50% 仍然是相當大的市場滲透率。

So I am not concerned about an election change. Maybe it will impact some of the tax incentives and some of the other things that we have. But again, the uniqueness of our condensed and compressed service territory, I think, will keep electric vehicles at the forefront.

所以我並不擔心選舉的改變。也許這會影響一些稅收優惠和我們擁有的其他一些東西。但我認為，我們濃縮和壓縮服務領域的獨特性將使電動車保持領先地位。

Got it. Okay. Great. That's helpful. And then switching gears, just -- I guess as you think about your nuclear fuel requirements, I know you mentioned in the slides you're covered through 2026 and then have a significant portion also covered through 2027. I guess, just how are you thinking about longer-term supply just in the context of the Russia waivers kind of rolling off in 2028? Just curious of your thoughts there.

知道了。好的。偉大的。這很有幫助。然後換個角度，我猜當您考慮核燃料需求時，我知道您在幻燈片中提到了 2026 年涵蓋的範圍，還有 2027 年涵蓋的很大一部分。我想，在 2028 年俄羅斯豁免即將推出的背景下，您如何考慮長期供應？只是好奇你的想法。

Yes. We're thinking about it quite a bit, Carly, and it's very topical, given what you mentioned within your question. And so, there's been a fair bit of work that's been ongoing to move forward and extend out over time. And I would expect that -- I don't know, maybe when we're sitting here at the next call, we'd have a little bit of an extension that we'd be able to offer.

是的。卡莉，我們對此進行了很多思考，考慮到您在問題中提到的內容，這非常熱門。因此，隨著時間的推移，我們正在進行大量的工作來推進和擴展。我希望——我不知道，也許當我們坐在這裡參加下一次電話會議時，我們能夠提供一些延期。

So we're aware of it, on top of it. It's not the most immediate urgent thing that's going on from the standpoint of actually producing power, but we always have a lead time that we're interested in and continue to move forward on that. So we'll continue to push that data out and give updates as we do it.

所以我們意識到了這一點。從實際發電的角度來看，這並不是最緊迫的事情，但我們總是有一個我們感興趣的準備時間，並繼續前進。因此，我們將繼續推出這些數據並提供更新。

Great. We'll stay tuned there. Thanks so much for the time.

偉大的。我們將繼續關注那裡。非常感謝您抽出時間。

Thanks, Carly.

謝謝，卡莉。

Ryan Levine, Citi.

瑞安‧萊文，花旗銀行。

Good morning.

早安.

Good morning, Ryan.

早安，瑞安。

Good morning.

早安.

For the EV program or energy efficiency program with a six-month extension in place, are you looking at any expansion to the energy efficiency program given the load forecast in the service territory?

對於延長六個月的電動車計劃或能源效率計劃，考慮到服務區域的負載預測，您是否考慮對能源效率計劃進行任何擴展？

Yes, I think that triennial that we're in the middle of trying to settle at, we refer to it as EE II, I think will be that response that you're inferring there that people are going to be looking at from a policy standpoint to offset some of the other data center and other load growth.

是的，我認為我們正在努力解決的三年一次，我們將其稱為 EE II，我認為這將是您推斷人們將從政策中考慮的回應的立場來抵消一些其他數據中心和其他負載的增長。

So the VPU has those filings from all the utilities here in the state, and they're taking a look at it. I think their timeline was the end of the year to reach -- I think it was October timeframe to reach settlement. So I think they're on track for that and looking for some consistency across all the utilities. So again, completely aligned with the policy there. And I don't expect a big jump in the next couple weeks to ask for a new filing or anything like that. I would just keep an eye on the filing that is in front of them today.

因此，VPU 擁有該州所有公用事業公司的文件，他們正在對其進行審查。我認為他們的時間表是在今年年底達成和解——我認為是在十月達成和解。所以我認為他們正在朝著這個方向努力，並在所有公用事業中尋求某種一致性。再次強調，完全符合那裡的政策。我預計在接下來的幾週內不會出現大幅要求新申請或類似的事情。我只會注意今天擺在他們面前的文件。

Okay. And then in your prepared remarks, you highlighted data center feasibility study that some of your potential customers are engaging in. What's the scope of that study? And are there different legal or regulatory frameworks that may be deterministic around what's viable?

好的。然後，在您準備好的發言中，您強調了您的一些潛在客戶正在參與的資料中心可行性研究。該研究的範圍是什麼？是否有不同的法律或監管架構可以確定可行的方案？

Yes -- no, I mean, look, a feasibility study is where we haven't gotten an official request to go out and buy the copper, the transformers, and start digging a hole to install a wire. So our engineers are out looking to see whether or not those megawatts that are being requested can be supported. And it is -- again, I think if you talk to every utility, we would refer to that differently with a different acronym, and it might be at different spots in the process.

是的——不，我的意思是，可行性研究是指我們還沒有收到正式的請求，要求我們出去購買銅、變壓器，然後開始挖洞安裝電線。因此，我們的工程師正在尋找是否可以支援所要求的兆瓦功率。再說一遍，我認為如果你與每個公用事業公司交談，我們會用不同的首字母縮寫詞來不同地提及它，並且它可能出現在過程中的不同位置。

I would say our feasibility studies are the middle of the road for us. When it becomes real in that last 200 megawatts, that's what we consider to be a new business request, an official request that comes in. And then we have leads that are coming in all the time. But both the feasibility side and the leads are about triple right now, the actual new business requests that we've started to work on.

我想說，我們的可行性研究對我們來說是中間道路。當最後 200 兆瓦成為現實時，我們認為這是一個新的業務請求，一個正式的請求。然後我們就有源源不絕的線索。但目前，可行性方面和潛在客戶的數量大約是我們已經開始處理的實際新業務要求的三倍。

Yes, I think it's inherent within your question, the legal and regulatory. I tend to think of it more operationally than anything else about just having the injection of that incremental need into the system. Can the system handle it? What will it take for the system to handle it?

是的，我認為這是你的問題所固有的，即法律和監管。我傾向於認為它比其他任何事情都更具操作性，只是將增量需求注入到系統中。系統能處理嗎？系統需要什麼來處理它？

Yes, I mean, the only time it would become a regulatory issue is if there was a concern that somebody turned down, whether it was a solar panel that was trying to get installed on one side or a data center because they didn't have the infrastructure to support it in a timely fashion. It might be a regulatory issue raised in that scenario.

是的，我的意思是，唯一會成為監管問題的是，如果有人擔心有人拒絕，無論是試圖安裝在一側的太陽能電池板還是資料中心，因為他們沒有及時支持它的基礎設施。這可能是在這種情況下提出的監管問題。

Okay, great. And just to confirm, so you're saying that the Amazon connection dynamic isn't being pursued or [diligenced] through that process?

好的，太好了。只是為了確認一下，所以您是說亞馬遜連接動態並未通過該過程得到追求或[努力]？

We're talking about a hyperscale data center we're handling through Dan's team in the commercial development side.

我們正在談論一個超大規模資料中心，我們正在透過 Dan 的商業開發團隊來處理。

Yes, to the extent that there would be a difference in the approach to the extent of something that might be co-located versus something that was, I think, inherent within your first question, which is about the feasibility study on the grid, the utility has an obligation to serve. They're figuring out the best way to do it, figuring out what has to happen from a capital perspective, and from a system operation perspective.

是的，在某種程度上，可能共處一地的事物與我認為第一個問題中固有的事物（關於電網的可行性研究）的方法會有所不同，公用事業有義務提供服務。他們正在找出最好的方法，從資本的角度、從系統運作的角度弄清楚必鬚髮生什麼。

Thank you.

謝謝。

Sophie Karp, KeyBanc.

索菲·卡普，KeyBanc。

Hi. Good morning, guys. Thank you for taking the question.

你好。早安，夥計們。感謝您提出問題。

Good morning, Sophie.

早上好，蘇菲。

Just kind of curious how you're formulating your PJM strategy from here on, considering that you're also looking at co-location opportunities. I mean, like with this next BRA auction coming up at some point this year, would you still consider bidding into it or hold back? What's your thought on that?

考慮到您也在尋找託管機會，我只是有點好奇您從現在開始將如何制定 PJM 策略。我的意思是，就像今年某個時候即將舉行的下一次 BRA 拍賣一樣，您是否還會考慮競標或推遲？你對此有何看法？

Yes, I think the data center that's co-located that doesn't exist right yet needs to be built. And so that's going to take some time, and that time is going to basically, at some point, cross over to what you're looking at from a BRA. But I think where we are right now, we're either not there or we'd be adjusted at the very beginning. So I don't think that that's quite hit a crossover point yet. So I don't think that's really critical to where we are.

是的，我認為尚不存在的同地資料中心尚需建置。所以這將需要一些時間，而這個時間基本上會在某個時候，跨越到你從胸罩上看到的東西。但我認為我們現在所處的位置，我們要么不在那裡，要么從一開始就進行調整。所以我認為這還沒有達到交叉點。所以我認為這對我們目前的處境並不重要。

Got it. Thank you. That's all for me.

知道了。謝謝。這就是我的全部。

Thanks, Sophie.

謝謝，蘇菲。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，豐業銀行。

Hey, Andrew.

嘿，安德魯。

Hi, good morning, everybody.

嗨，大家早安。

Good morning, Andrew.

早安，安德魯。

First, one quick one to clarify. I know you've talked about it a little bit, but of the land of the artificial island, how much of that is already leased out? And maybe you could talk a bit about just the size and shape of some of those parcels and how suitable it might be for a small number of larger facilities or a larger number of smaller facilities.

首先，快速澄清一下。我知道你已經談到了一點，但是人工島的土地中，有多少已經出租了？也許您可以談談其中一些地塊的大小和形狀，以及它對少量大型設施或大量小型設施的適合程度。

Andrew, it's a great question, but one that we haven't really discussed. And obviously, we would be talking to folks and would give a handle as to what other people are thinking about. So I don't want to go down that path. But I would just say to you --

安德魯，這是一個很好的問題，但我們還沒有真正討論過。顯然，我們會與人們交談，並了解其他人的想法。所以我不想走那條路。但我只想對你說--

Qualitatively. I mean, big picture.

定性地講。我的意思是，大局觀。

Yes. I would simply say to you this. Any data center that comes in, each one of them have a unique configuration and design. Some of the data centers would be comfortable with multiple stories. Some are not comfortable with multiple stories. Some have certain cooling needs. Others have different cooling needs.

是的。我只想對你說這一點。任何資料中心都有獨特的配置和設計。有些資料中心可以接受多層結構。有些人對多個故事感到不舒服。有些有一定的冷卻需求。其他人有不同的冷卻需求。

So each one of them, it would be really hard pressed to say 1 acre of land equals these many megawatts. And we're seeing multiple designs whenever we would have a conversation with anybody, and they think about it. So I'm kind of sidestepping that specific question but really think that's better left for the negotiating team and any conversations they're having with developers.

因此，很難說一英畝土地等於這麼多兆瓦。每當我們與任何人交談時，我們都會看到多種設計，並且他們會考慮它。因此，我有點迴避這個具體問題，但我真的認為這最好留給談判團隊以及他們與開發人員進行的任何對話。

Understood. Certainly, not one size fits all. Then if I can ask sort of a two-part question on the ZEC program, first question is, if we were to see the hypothetical red sweep scenario in November, would you have any concerns about the IRA and specifically the nuclear PTC being at risk? And then conversely, if you were to see data centers being co-located behind the meter, obviously, the original intent of the ZEC program was to support uneconomic struggling nukes. The nukes are no longer struggling.

明白了。當然，沒有一種方法適合所有情況。那麼，如果我可以就 ZEC 計劃提出一個由兩部分組成的問題，第一個問題是，如果我們在 11 月看到假設的紅色掃蕩情景，您是否會對 IRA，特別是核 PTC 面臨風險感到擔憂？相反，如果你看到資料中心位於電錶後面，顯然，ZEC 計劃的最初目的是支持不經濟的核武。核武不再掙扎。

So the question is, as you mentioned, the governor is trying to incentivize these tech companies to come. Would it make sense for New Jersey ratepayers, for PSE&G customers to be supporting tech companies? Is there a scenario that the New Jersey program gets revamped in one way or another if we do have hyperscaler-signing co-located contracts?

所以問題是，正如你所提到的，州長正在努力激勵這些科技公司的到來。對於新澤西州的納稅人、PSE&G 客戶來說支持科技公司有意義嗎？如果我們確實有超大規模企業簽署同地合同，新澤西州的計劃是否會以某種方式進行修改？

Yes, so again, I'll put on a couple different hats here, one of which is actually even a customer hat. I would say to you this. First of all, the ZEC program ends next March. So start from -- next May, I'm sorry. So start from that scenario so that we would -- certainly, there won't be any conversations that would take place that would -- we would benefit from a data center before then.

是的，所以，我會在這裡戴上幾頂不同的帽子，其中一頂實際上甚至是顧客的帽子。我想對你說這一點。首先，ZEC 計劃將於明年 3 月結束。所以從明年五月開始，抱歉。因此，從這個場景開始，這樣我們——當然，不會發生任何對話——我們會在那之前從資料中心中受益。

Second, I think any company would be very hard pressed asking for a subsidy on top of a revenue stream that was similar to what was we think was just negotiated at Talend. And I'll leave my comment there. That's my customer hat being on. I would be hard pressed to think that you would pancake that on top of something else, whether it be the state subsidy or a federal subsidy.

其次，我認為任何公司都很難要求在收入流之外獲得補貼，而這與我們認為剛剛在 Talend 談判的內容類似。我會在那裡留下我的評論。這就是我的客戶帽子。我很難想像你會把它放在其他東西之上，無論是州補貼還是聯邦補貼。

Federal PTC, we don't know what the definition is yet for gross revenues. And when that comes out, we'll certainly take a look at it. Again, I would be hard pressed to believe that they're going to allow a PTC payment on top of an X dollar payment per megawatt hour that we're seeing in the marketplace.

聯邦 PTC，我們還不知道總收入的定義是什麼。當它出來時，我們一定會看看它。再次強調，我很難相信除了我們在市場上看到的每兆瓦時 X 美元的付款之外，他們還會允許 PTC 付款。

So there's a lot of TBDs in what I just laid out for you, but there's also a little bit of just reality. And I would not be thinking that we'd be asking New Jersey ratepayers to be subsidized in tech companies. In fact, I would probably step in front of that conversation myself personally.

因此，我剛才為您列出的內容中有很多待定的內容，但也有一些只是現實。我不會認為我們會要求新澤西州的納稅人獲得科技公司的補貼。事實上，我可能會親自介入這場對話。

Okay, great. So assuming things go in the direction of data centers, it would be more of a market-based pricing mechanism going forward, you would expect?

好的，太好了。因此，假設事情朝著資料中心的方向發展，您認為未來將更多地採用基於市場的定價機制？

I don't -- well, again, look, I never want to say never, but I wouldn't -- I can't see any other scenario.

我不會——好吧，再說一次，聽著，我從來不想說永遠不會，但我不會——我看不到任何其他場景。

Okay, very good. Thank you.

好的，非常好。謝謝。

Thanks.

謝謝。

Anthony Crowdell, Mizuho Securities.

安東尼克勞德爾，瑞穗證券。

Hey, thanks for squeezing me in. I guess Carly is looking to get an EV IRA Camaro or something. I guess, just quickly, you guys are in a unique position where you have unregulated generation. You guys are the regulated utility in New Jersey. Just all the talk is maybe higher capacity prices, higher power prices. I mean, is there -- while that's going to benefit your units, but any thought on maybe the customer bill impact starts crowding out rate base investment? Managing that line, you guys are in a unique position where you will see both ends of that.

嘿嘿，謝謝你拉我進來。我猜卡莉想買一輛 EV IRA Camaro 之類的。我想，很快，你們就處於一個獨特的位置，你們的一代不受監管。你們是新澤西州受監管的公用事業公司。所有的討論都可能是更高的容量價格、更高的電價。我的意思是，雖然這將使您的單位受益，但任何關於客戶帳單影響的想法是否會開始擠出利率基礎投資？管理這條線，你們處於一個獨特的位置，你會看到這條線的兩端。

Yes, Anthony. No, it's a great question, and it's one that we've been thinking about since 2008, right? We always go back and take a look when commodity prices were much higher and make sure that any projections that we have do not put us in that position.

是的，安東尼。不，這是一個很好的問題，也是我們自 2008 年以來一直在思考的問題，對嗎？當大宗商品價格大幅上漲時，我們總是會回頭看看，並確保我們所做的任何預測都不會讓我們陷入那樣的境地。

I've said it multiple times, and I'll say it again. Because of the good economic development work that we've done in this region, not just in this state, but in this region, the income has continued to do pretty well. And if you look at the share of wallet or pocketbook that anyone would have to put up to pay their utility bills, it's been pretty consistent over the last 20 years.

我已經說過很多次了，我還會再說一次。由於我們在該地區所做的良好經濟發展工作，不僅在本州，而且在該地區，收入繼續表現良好。如果你看看任何人為支付水電費而必須掏出的錢包或錢夾的份額，你會發現在過去 20 年裡，這一比例相當穩定。

So I would expect that to remain the same. There's a lot of that information that's in our IR materials that we've gone over a bunch of times with you. So I don't see anything that's on the horizon, even in some of the conversations that are taking place that would lead me to believe that we're crowding out the required utility investment that's going to have to take place if we're going to have all this electrification.

所以我希望這種情況保持不變。我們的 IR 資料中包含大量此類信息，我們已經與您一起查閱了很多次。因此，我看不到任何即將發生的事情，即使是在一些正在進行的對話中，這會讓我相信我們正在擠出必要的公用事業投資，如果我們要這樣做的話，就必須進行這些投資實現所有這些電氣化。

And I think as we kick into PTCs too, Anthony, I think it rightfully puts whatever support there may be for nuclear at the federal level, which puts an even playing field for some of the PTC and ITCs that you see for other carbon-free investments. So I think that helps as well.

我認為，當我們也涉足 PTC 時，安東尼，我認為它正確地在聯邦層面為核能提供了一切支持，這為一些 PTC 和 ITC 提供了一個公平的競爭環境，就像其他無碳項目一樣。 。所以我認為這也有幫助。

Great. Thanks so much for taking the question.

偉大的。非常感謝您提出問題。

Thanks, Anthony.

謝謝，安東尼。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Hi, Bill.

嗨，比爾。

Hi, good morning. How are you doing? Just similar line of questioning of Anthony there, but just maybe around the demand and supply balance in PJM. So going back to the point of you being on both generation front and on TD, I mean, how are you viewing the demand growth broadly, whether it's behind the meter or otherwise? You did make that comment earlier about proliferation of co-location deals going forward in other sectors. I mean, do you have confidence in the current PJM process to ensure adequate reliability?

嗨，早安。你好嗎？安東尼也有類似的質疑，但可能只是圍繞 PJM 的供需平衡。那麼，回到您在一代前沿和 TD 方面的觀點，我的意思是，您如何看待廣泛的需求成長，無論是在儀表後面還是其他方面？您之前確實曾就其他行業中主機代管交易的激增發表過評論。我的意思是，您對目前 PJM 流程確保足夠的可靠性有信心嗎？

Hey, Bill. Look, I got to leave that to the experts at NERC and FERC and every place else to look at PJM and their processes. I am one of the folks who has continued to say we need to keep our eye on the ball very, very closely, right? That won't change.

嘿，比爾。看，我必須把這個問題留給 NERC 和 FERC 以及其他每個地方的專家來研究 PJM 及其流程。我是那些繼續說我們需要非常非常密切地關注這個問題的人之一，對嗎？那不會改變。

I was very happy to see PJM react to our push, specifically for our projections, and to listen to the input that we provided them last year. I think they've started the process to look at load growth again. I think it's another four- or five-month process that they've just begun, and they'll come out with that towards the end of this year, beginning of next year.

我很高興看到 PJM 對我們的推動做出反應，特別是我們的預測，並聽取我們去年向他們提供的意見。我認為他們已經開始重新審視負載成長的過程。我認為他們剛開始了另一個為期四、五個月的過程，他們將在今年年底、明年年初拿出這個結果。

I trust that everything you've heard from other utilities that are within the PJM footprint and the load projections I said will be reflected in those forecasts. And as a result, we'll either have a need for generation that will be signaled through the capacity markets, or we'll have some transmission that will be required and you'll see that come in there through the RTEP process.

我相信您從 PJM 足跡範圍內的其他公用事業公司聽到的所有資訊以及我所說的負載預測都將反映在這些預測中。因此，我們要么需要發電，這將透過容量市場發出信號，要么我們需要一些輸電，您將看到透過 RTEP 流程進入那裡。

So I'd like to see something longer from a capacity standpoint than three years or a year or whatever you might want to take a look at. It's tough. When we were looking at those types of things, it's tough to make a decision on building a power plant. We're not in that business anymore. We're simply here on the -- with the assets we have, the clean assets that we have today, and we're going to continue on that path.

因此，從容量的角度來看，我希望看到比三年或一年或任何你可能想看的東西更長的東西。它太硬。當我們考慮這些類型的事情時，很難做出建造發電廠的決定。我們不再從事那個行業了。我們只是憑藉我們擁有的資產，我們今天擁有的清潔資產，我們將繼續沿著這條道路走下去。

Right. I guess maybe to that last point then, I mean, some companies within PJM have contemplated maybe pursuing legislation that could allow for regulated generation and rate base at some point, right, if you feel like the system isn't --

正確的。我想也許到了最後一點，我的意思是，PJM 內部的一些公司已經考慮過可能會尋求立法，允許在某個時候對發電和費率基礎進行監管，對吧，如果你覺得這個系統不是--

Yes. Look, I think they may be closer to conversations they're having with PJM, and they may have more frustrations about how PJM is listening to them. We were pretty vocal, and we got a decent response last year. So I don't want to really weigh in on what their conversations may be, and I think I might be doing that if I weigh in on their generation.

是的。看，我認為他們可能更接近與 PJM 的對話，並且他們可能對 PJM 如何傾聽他們的意見感到更加沮喪。我們的聲音很大，去年我們得到了一個不錯的回應。所以我不想真正權衡他們的談話內容，而且我想如果我權衡他們這一代人，我可能會這樣做。

Well, I guess the question is for you, right? I mean, would that be a path you would ever consider?

嗯，我想這個問題是問你的，對吧？我的意思是，這是你會考慮的道路嗎？

From our standpoint, look, I have said multiple times, Bill, we have more than enough CapEx to have our 5% to 7% growth rate with our replacement activities. If the state of New Jersey or the federal government says, hey, listen, we'd like utilities to go do that, we would certainly listen to those requests.

從我們的角度來看，我已經多次說過，比爾，我們有足夠的資本支出，可以透過我們的替換活動實現 5% 到 7% 的成長率。如果新澤西州或聯邦政府說，嘿，聽著，我們希望公用事業公司這樣做，我們肯定會聽取這些請求。

But we like putting pipe in the ground and wires in the air right now, and we're not in the business of building new rotating equipment. So if that happens, we certainly can put that skill set. We have it. We could restart it if we needed to, but we're counting on the marketplace that we're in to resolve it right now.

但我們現在喜歡把管道放在地下，把電線放在空中，而且我們不從事建造新的旋轉設備的業務。因此，如果發生這種情況，我們當然可以運用該技能。我們有。如果需要，我們可以重新啟動它，但我們指望我們現在所在的市場來解決它。

Understood. Thank you very much.

明白了。非常感謝。

Yes. I think that's it for the call, correct, timing wise?

是的。我想電話就到此為止了，對嗎？

Correct, yes. I was just going to hand the floor back to you for closing comments.

正確，是的。我只是想把發言權交還給你以供結束評論。

All right. Great. Well, listen, great conversation. I really appreciate everybody calling in and appreciate the Q&A section, obviously, was robust. I do want to just make one comment at the end here. We're in our normal storm season that takes place, and I'm going to go a little bit off the script here from the standpoint that I want to thank all those that responded to the storm down in Texas and just remind us all of the hard work that's done, day in and day out, by the line workers that responded in Texas.

好的。偉大的。嗯，聽著，很棒的談話。我真的很感謝大家打電話，也很感謝問答部分，顯然，它很強大。我想在最後發表一點評論。我們正處於正常的風暴季節，從我要感謝所有對德克薩斯州風暴做出反應的人的角度來看，我將稍微偏離一下劇本，並提醒我們所有人德克薩斯州一線工作人員日復一日所做的艱苦工作。

I was taken aback, I must say, by some of the behaviors that took place from a security standpoint down at CenterPoint and in Texas in general. And I just ask you all to keep that all in mind as we go forward into this season. Lights will go out, storms will come through, and there's people out there working really, really hard in some really tough conditions. And let's just keep them in our thoughts and prayers. With that, I thank you for calling in, and we'll catch up with you either on the road or in three months. Take care.

我必須說，從安全角度來看，CenterPoint 和整個德克薩斯州發生的一些行為讓我大吃一驚。我只是要求大家在進入本賽季時牢記這一點。燈光會熄滅，暴風雨會來臨，人們在非常艱苦的條件下非常非常努力地工作。讓我們將它們留在我們的思念和祈禱中。在此，我感謝您的來電，我們將在路上或三個月後與您聯繫。小心。

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。