公共服務電力與天然氣 (PEG) 2024 Q3 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 would like to welcome everyone to today's conference, Public Service Enterprise Group's third-quarter 2024 earnings conference call and webcast.

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。歡迎大家參加今天的會議，即公共服務企業集團 2024 年第三季財報電話會議和網路廣播。

(Operator Instructions) As a reminder, this conference is being recorded today, November 4, 2024, and will be available for replay as an audio webcast on PSEG's Investor Relations website at https//investor.pseg.com.

（操作員說明）謹此提醒，本次會議於今天（2024 年 11 月 4 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 third-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 年第三季財報。出席今天電話會議的有董事長兼執行長拉爾夫‧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. 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，該收益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. Good morning to everyone, and thanks for joining us on the call to review PSEG's third quarter results and update you on two important regulatory filings that we successfully resolved through the settlements that were approved by the New Jersey Board of Public Utilities last month.

謝謝你，卡洛塔。大家早安，感謝您參加我們的電話會議，審查PSEG 第三季度的業績，並向您介紹兩份重要的監管文件的最新情況，我們通過新澤西州公用事業委員會上個月批准的和解協議成功解決了這兩項文件。

Let's start with our financial results. PSEG reported net income of $1.04 per share for the third quarter of 2024, bringing results for the first nine months to $2.97 per share. This compares to net income of $0.27 per share and $4.03 per share for the third quarter and first nine months of 2023, respectively which was impacted by the pension lift out that occurred in August of 2023. Our results for the quarter and year-to-date periods are summarized on slide 7 and 9 in the webcast slides.

讓我們從我們的財務表現開始。PSEG 報告 2024 年第三季每股淨利潤為 1.04 美元，前 9 個月的業績達到每股 2.97 美元。相較之下，2023 年第三季和前 9 個月的每股淨利分別為 0.27 美元和 4.03 美元，受到 2023 年 8 月退休金取消的影響。我們本季和年初至今的業績總結在網路廣播投影片的第 7 張和第 9 張投影片中。

PSEG's non-GAAP operating earnings were $0.90 per share for the third quarter of 2024 and $2.84 per share for the first nine months of the year. This compares to non-GAAP operating earnings of $0.85 per share and $2.94 per share for the third quarter and first nine months of 2023, respectively.

PSEG 2024 年第三季的非公認會計準則營業利潤為每股 0.90 美元，今年前 9 個月為每股 2.84 美元。相比之下，2023 年第三季和前 9 個月的非 GAAP 營運收益分別為 0.85 美元和 2.94 美元。

As a reminder, our non-GAAP results exclude the items shown in attachment 8 and 9, which are included in the earnings release. Dan will provide a detailed financial review later in the call. But I want to note that the solid operating and financial results we have posted for the third quarter and year-to-date period enabled us to narrow our original full year 2024 non-GAAP operating earnings guidance from $3.60 to $3.70 per share to a range of $3.64 to $3.68 per share.

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，這些項目已包含在收益發布中。丹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，我們在第三季度和年初至今發布的穩健的營運和財務業績使我們能夠將最初的 2024 年全年非 GAAP 營運收益指引從每股 3.60 美元至 3.70 美元縮小到一個範圍每股3.64 美元至3.68 美元。

This updated and narrow range reflects the implementation of PSE&G's new base distribution rates that went into effect on October 15, and PSEG Power's realization of a significant portion of its 2024 gross margin during the second half of this year.

這項更新後的窄幅區間反映了PSE&G於10月15日生效的新基本分配費率的實施，以及PSEG Power在今年下半年實現了2024年毛利率的很大一部分。

On the operating front, during the third quarter, summer weather in New Jersey returned to normal following the second quarter that was the warmest we've experienced in more than 55 years. We have seen the devastating impacts of hurricanes and storms in many parts of the country.

在營運方面，第三季新澤西州的夏季天氣在第二季恢復正常，這是 55 年來最溫暖的季度。我們已經看到颶風和風暴在該國許多地區造成的破壞性影響。

Fortunately, the hurricane season in our service territory has been quiet thus far, and we have been pleased to send mutual aid to some of our southern peers. PSE&G met its 2024 summer peak load of 10,152 megawatts on July 16 with temperatures of 98 degrees Fahrenheit in our transmission and distribution network operated as expected with high reliability and minimal outages.

幸運的是，到目前為止，我們服務區域的颶風季節一直很平靜，我們很高興能向一些南方同行提供互助。PSE&G 於 7 月 16 日達到了 2024 年夏季尖峰負載 10,152 兆瓦，我們的輸電和配電網路溫度達到 98 華氏度，按預期運行，可靠性高，停電最少。

At PSEG Power, our merchant nuclear fleet continues to perform well. Supply New Jersey in the PJM grid with reliable 24/7 carbon-free energy. We also continue to pursue long-term growth opportunities in nuclear, including incremental output and long-term contracts at potentially higher prices. The attributes of these nuclear facilities is helping to attract new technology-based businesses to the state. And the results of those long-term opportunities would be incremental to PSEG's stated 5% to 7% long-term non-GAAP operating earnings growth rate.

在 PSEG Power，我們的商用核電機組繼續表現良好。為新澤西州的 PJM 電網提供可靠的 24/7 無碳能源。我們也繼續尋求核能領域的長期成長機會，包括增量產量和潛在更高價格的長期合約。這些核設施的特性有助於吸引新技術企業來到該州。這些長期機會的結果將是 PSEG 所宣稱的 5% 至 7% 的長期非 GAAP 營業利潤成長率的增量。

In October, PSEG Nuclear began the coast down of Salem Unit 2, which had just completed a 527 day breaker-to-breaker run begin its scheduled refueling. The Salem station also recently received its third consecutive exemplary rating from the Institute for Nuclear Power operators, the peer-to-peer operations and safety benchmarking group.

10 月，PSEG Nuclear 開始塞勒姆 2 號機組的滑行，該機組剛剛完成了為期 527 天的斷路器到斷路器的運行，開始了預定的加料。塞勒姆核電廠最近也連續第三次獲得核電運營商研究所、點對點運營和安全基準評估組織的模範評級。

Switching to regulatory activity. We are pleased to have successfully resolved two major regulatory filings last month. PSE&G's base rate case and the second phase of its clean energy future energy efficiency programs.

轉向監管活動。我們很高興上個月成功解決了兩項主要的監管備案。PSE&G 的基本費率案例及其清潔能源未來能源效率計劃的第二階段。

First, the BPU approved PSE&G's multiparty settlement of its first base electric and gas distribution rate case since 2018, with new rates effective October 15. We appreciate the work done by all parties to achieve a balanced settlement that provides recovery of all of our prudent capital investments to reliably serve customers while also preserving affordability.

首先，BPU 批准了 PSE&G 自 2018 年以來首個基本電力和天然氣分配費率案件的多方和解，新費率於 10 月 15 日生效。我們感謝各方為實現平衡解決方案所做的工作，以收回我們所有審慎的資本投資，以可靠地服務客戶，同時保持負擔能力。

The terms of the settlement provides for an additional $505 million in annual revenues including recovery of previously deferred costs and incremental flow back to customers of tax benefits due to accelerated deductions and prior federal tax rate changes.

和解條款規定額外增加 5.05 億美元的年收入，包括收回先前遞延的成本，以及由於加速扣除和先前的聯邦稅率變化而增加的稅收優惠返還給客戶。

The updated revenue requirement is based upon a distribution rate base of $17.8 billion, a return on equity of 9.6% and an equity ratio of 55% of total capitalization. PSE&G was also approved to implement new pension and storm deferral mechanisms going forward. This directly addresses one of our key objectives, which has been to increase the predictability of our financial results by reducing variability benefiting both the customer and our shareholders.

更新後的收入要求是基於 178 億美元的分配率基礎、9.6% 的股本回報率和佔總資本 55% 的股本比率。PSE&G 也獲准在未來實施新的退休金和風暴延期機制。這直接解決了我們的關鍵目標之一，即透過減少使客戶和股東受益的可變性來提高財務表現的可預測性。

You will recall back in 2022, we identified three paths to address the accounting impacts of pension costs. Combined with the regulatory accounting order we obtained in 2023 along with a lift out of a portion of the nonregulated pension obligations. This new deferral mechanism will provide for the recovery of annual pension and OPEB expenses and should help to mitigate most of the remaining pension variability going forward.

您可能還記得，早在 2022 年，我們就確定了解決退休金成本會計影響的三種途徑。結合我們在 2023 年獲得的監理會計命令，以及取消部分非監理退休金義務。這種新的遞延機制將有助於收回年度退休金和 OPEB 費用，並應有助於減少未來剩餘退休金的大部分波動。

The BPU also approved the settlement of PSE&G's energy efficiency filing that covers a commitment period from January of 2025 to June of 2027. The approval authorizes an investment program of $1.9 billion net of administrative expenses and an additional $1 billion program for customer on-bill repayment for purchases of EE equipment. Both programs will be treated as rate base. It will be completed through 10 energy efficiency programs over approximately six years.

BPU 也批准了 PSE&G 能源效率備案的解決方案，承諾期為 2025 年 1 月至 2027 年 6 月。該批准授權一項扣除管理費用後 19 億美元的投資計劃，以及一項額外 10 億美元的計劃，用於客戶購買 EE 設備的帳單還款。這兩個計劃都將被視為費率基礎。該項目將在大約六年內透過 10 個能源效率項目完成。

The second phase of energy efficiency programs will continue New Jersey's efforts to help all customers save energy, reduce utility bills, lower carbon emissions and continue our EE-related job training the focus on lower and mill income communities.

能源效率計畫的第二階段將繼續新澤西州的努力，幫助所有客戶節省能源，減少水電費，降低碳排放，並繼續以低收入和工廠收入社區為重點，開展與能源效率相關的職業培訓。

Customer bill affordability remains a key focus alongside our energy efficiency and cost containment efforts. Following this past distribution base rate increase, PSE&G retained its favorable bill comparison position versus regional peers on an electric and gas customer bills. A typical PSE&G residential customer will pay an electric bill consistent with the regional average and continue to have the lowest gas bill in the region.

除了我們的能源效率和成本控制工作外，客戶帳單負擔能力仍然是一個重點關注點。在過去的配電基本費率上調之後，PSE&G 在電力和天然氣客戶帳單方面保持了與區域同行相比的有利帳單比較地位。典型的 PSE&G 住宅客戶將支付與地區平均水平一致的電費，並繼續享受該地區最低的燃氣費。

In addition, the BPU authorized on October 1, PSE&G's gas supply cost reduction, lowering the BGSS rate from $0.40 per therm to $0.33 per therm. In time to help customers during the upcoming winter heating season. The BGSS gas cost reduction when combined with the base rate changes that occurred in October, lower the bill impact of the base rate increase for a typical combined electric and gas customer from 7% to an increase of about 5%.

此外，BPU 於 10 月 1 日授權 PSE&G 降低天然氣供應成本，將 BGSS 費率從每千熱量 0.40 美元降低到每千熱量 0.33 美元。在即將到來的冬季供暖季節及時為客戶提供協助。BGSS 天然氣成本的降低與 10 月發生的基本費率變化相結合，將基本費率上漲對典型的電力和天然氣綜合客戶的帳單影響從 7% 降低到約 5%。

On the capital investment side, PSE&G invested approximately $1 billion during the third quarter and is projected to complete 2024 with capital spending at $3.5 billion, slightly higher than planned by about $100 million. This is driven by higher new business requests and EE spend. Notably, within this year's capital expenditures, we are also on budget and on schedule to complete almost all of our AMI installations by year-end.

資本投資方面，PSE&G第三季投資約10億美元，預估至2024年資本支出35億美元，略高於計畫約1億美元。這是由更高的新業務請求和 EE 支出推動的。值得注意的是，在今年的資本支出中，我們也按預算按計劃在年底前完成了幾乎所有 AMI 安裝。

We continue to forecast PSEG's five year $19 billion to $22.5 billion capital plan through 2028, with the regulated portion representing $18 billion to $21 billion of the total. With the energy efficiency settlement approved, we will begin commitments under this new program this coming January. These energy efficiency investments are already captured in our projections that produce a compound annual growth rate in rate base of 6% to 7.5% over the 2024 through 2028 periods.

我們繼續預測 PSEG 到 2028 年的五年資本計劃為 190 億美元至 225 億美元，其中受監管部分佔總數的 180 億美元至 210 億美元。隨著能源效率解決方案獲得批准，我們將於今年一月開始根據這項新計畫做出承諾。這些能源效率投資已納入我們的預測中，預計 2024 年至 2028 年期間複合年增長率為 6% 至 7.5%。

Switching to regulated Competitive Transmission solicitations, the BPU selection of the winner or winners of the prebuild offshore wind infrastructure is expected by year-end. We also submitted bids into CGM's 2024 Regional Transmission Expansion Plan Window 1. The solicitation took place in September. PJM is expected to recommend their preferred solutions in the next few months and then approve the selected projects in February of 2025. And as a reminder, none of these potential projects are included in our current capital investment forecast.

轉向受監管的競爭性輸電招標，BPU 預計將在年底前選出預建離岸風電基礎設施的獲勝者。我們也向 CGM 的 2024 年區域輸電擴建計畫窗口 1 提交了投標。招標活動於九月舉行。PJM 預計將在未來幾個月內推薦他們的首選解決方案，然後在 2025 年 2 月批准選定的項目。提醒一下，這些潛在項目均未包含在我們目前的資本投資預測中。

PSE&G recently updated its load study as a part of an annual submission to PJM for use in its load forecast updates. Our existing data center peak load currently stands at approximately 350 megawatts and these sites are expected to expand by about 170 megawatts over the next 10 years. We have also received formal applications to initiate nearly 400 megawatts of new data center load and inquiries over 1,200 megawatts of data center feasibility studies in new business. These amounts do not represent firm commitments, but they provide an indication of the increase in interest.

PSE&G 最近更新了其負載研究，作為年度提交給 PJM 的一部分，以用於其負載預測更新。我們現有資料中心的尖峰負載目前約為 350 兆瓦，預計這些站點在未來 10 年內將擴大約 170 兆瓦。我們也收到了啟動近400兆瓦新資料中心負荷的正式申請以及超過1,200兆瓦新業務資料中心可行性研究的詢問。這些金額並不代表堅定的承諾，但它們顯示了利息的增加。

Last week, CoreWeave, a data center developer announced plans to invest $1.2 billion to convert a 280,000 square foot facility to build its first data center in New Jersey. New Jersey has numerous locations that can be reutilized in a similar fashion and the state's economic development efforts are focused on replicating this activity throughout the state.

上週，資料中心開發商 CoreWeave 宣布計劃投資 12 億美元改造一處 28 萬平方英尺的設施，在新澤西州建立第一個資料中心。新澤西州有許多可以以類似方式重新利用的地點，該州的經濟發展努力的重點是在全州複製這種活動。

We are aware of the FERC technical conference and decision on Friday. We will continue to look for clarity on this issue going forward. That said, we believe that data center demand will continue to grow, and we anticipate the continued desire for carbon-free dispatchable power. As such, at PSEG Power, we continue to pursue contracting of our nuclear output at long-term attractive pricing with low execution risk that can also help attract new technology-based businesses to New Jersey. Consistent with state policy.

我們獲悉週五 FERC 技術會議和決定。今後我們將繼續尋求對該問題的澄清。也就是說，我們相信資料中心的需求將繼續成長，並且我們預期對無碳可調度電力的持續需求。因此，在 PSEG Power，我們繼續尋求以長期有吸引力的價格和低執行風險來承包我們的核輸出，這也有助於吸引基於新技術的企業來到新澤西。符合國家政策。

In addition, we are pursuing thermal and efficiency upgrades at our co-owned Salem units that could potentially increase their combined output by approximately 200 megawatts and we believe would qualify for the technology-neutral tax credits for new carbon-free generation.

此外，我們正在對我們共同擁有的塞勒姆機組進行熱力和效率升級，這可能會將其綜合輸出增加約 200 兆瓦，我們相信將有資格獲得新型無碳發電的技術中性稅收抵免。

Switching to the Long Island contract. As you know, our existing operating service agreement and power supply contract with LIPA runs through the end of 2025. LIPA began a process on the renewal extension of both the OSA and fuel management contracts. We have submitted our proposals into LIPA's RFP process and anticipate an update on the status of both proposals during the first quarter of 2025.

切換到長島合約。如您所知，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。LIPA 開始了 OSA 和燃料管理合約的續約流程。我們已將提案提交至 LIPA 的 RFP 流程，並預計在 2025 年第一季更新這兩項提案的狀態。

So wrapping things up on the quarter. Today, we are reaffirming our guidance for long-term non-GAAP operating earnings growth of 5% to 7% through 2028, which had incorporated an expected balanced rate case to outcome consistent with the approved settlement recently implemented. The approved the EE-program and uses the threshold price of the nuclear production tax credit to price the output of our nuclear units.

因此，本季的工作就到此結束了。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，其中納入了預期的平衡利率案例，其結果與最近實施的批准和解一致。批准了 EE 計劃，並使用核生產稅收抵免的門檻價格來定價我們核電機組的產量。

In closing, through the first nine months of the year, solid execution is driving our expected results. We have settled four regulatory proceedings in the past six months, and we are also advancing our five-year capital investment plan focused on infrastructure monetization and energy efficiency initiatives.

最後，今年前九個月，紮實的執行力正在推動我們取得預期成果。我們在過去六個月內解決了四項監管訴訟，並且還在推動專注於基礎設施貨幣化和能源效率措施的五年資本投資計劃。

PSEG has continued to focus on increasing predictability of our financial results as we prioritize a solid balance sheet. This has enabled us to fund our five-year capital investment plan totaling $19 billion to $22.5 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth.

PSEG 持續致力於提高財務績效的可預測性，同時我們優先考慮穩健的資產負債表。這使我們能夠為總額為 190 億至 225 億美元的五年資本投資計劃提供資金，而無需發行新股或出售資產，並為持續、可持續的股息增長提供了機會。

I'd like to close with a thank you to all our employees for all they do. With a special shout out for the PSE&G crews who went to Florida and Georgia on mutual aid to assist with service restoration after Hurricanes Milton and Helene. The mutual aid network is rather unique in our industry, and we are very pleased to reciprocate the help we receive from mutual aid crews after Superstorm Sandy.

最後，我想對我們所有員工所做的一切表示感謝。特別感謝 PSE&G 工作人員前往佛羅裡達州和喬治亞州進行互助，以協助在颶風米爾頓和海倫之後恢復服務。互助網絡在我們行業中相當獨特，我們非常高興能夠在超級風暴桑迪之後回報互助人員提供的幫助。

I will now turn the call over to Dan to discuss our financial results and outlook in greater detail, and we'll 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，在他講話後我們將回答您的問題。

Thank you, Ralph. Good morning, everybody. As Ralph mentioned earlier, PCG reported net income of $1.04 per share for the third quarter of 2024, and compared to $0.27 per share in 2023. Non-GAAP operating earnings were $0.90 per share in the third quarter of 2024 compared to $0.85 per share in 2023.

謝謝你，拉爾夫。大家早安。正如拉爾夫之前提到的，PCG 報告 2024 年第三季每股淨利潤為 1.04 美元，而 2023 年每股淨利潤為 0.27 美元。2024 年第三季非 GAAP 營業利潤為每股 0.90 美元，而 2023 年第三季為每股 0.85 美元。

Slides 7 and 9 detail the contribution to non-GAAP operating earnings per share by business segment for the third quarter and first nine months of 2024.

投影片 7 和投影片 9 詳細介紹了 2024 年第三季和前 9 個月各業務部門對非 GAAP 每股營運收益的貢獻。

Slides 8 and 10 contain waterfall charts that take you through the net changes for the quarter-over-quarter and nine month periods and non-GAAP operating earnings per share by major business.

幻燈片 8 和 10 包含瀑布圖，可帶您了解季度環比和九個月期間的淨變化以及主要業務的非 GAAP 每股營運收益。

Starting with PSE&G, which reported third quarter net income and non-GAAP operating earnings of $0.76 per share for 2024 compared to $0.80 per share in 2023. The main drivers for both net income and non-GAAP results for the quarter were growth in rate base from higher regulated investments that was more than offset by a higher investment-related depreciation and interest expense in advance of the October rate effective date of our distribution rate case approval.

首先是 PSE&G，該公司報告 2024 年第三季淨利和非 GAAP 營運收益為每股 0.76 美元，而 2023 年為每股 0.80 美元。本季度淨利潤和非公認會計準則業績的主要驅動力是來自監管更嚴格的投資帶來的利率基數增長，這一增長被我們分配的10 月份利率生效日期之前投資相關折舊和利息支出的增加所抵銷。

Compared to the third quarter of 2023, transmission margin was flat due to higher recovery of investment offset by the timing of a formula rate true-up. Energy Efficiency margin was $0.01 per share favorable on higher investment and distribution margin increased by $0.06 per share. Split between Energy Strong 2 and the Infrastructure Advancement Program or IAP recoveries and the absence of storm cost and amortization from a year ago.

與 2023 年第三季相比，輸電利潤率持平，因為投資回收率較高，但公式費率調整的時機抵消了這一影響。能源效率利潤率為每股 0.01 美元，這得益於較高的投資和每股分配利潤增加 0.06 美元。Energy Strong 2 和基礎設施進步計畫或 IAP 恢復之間存在分歧，並且沒有一年前的風暴成本和攤銷。

Distribution O&M expense was $0.04 per share unfavorable compared to the third quarter of 2023, primarily due to the timing of spending and higher cyber and IT spend. Depreciation and interest expense rose by $0.01 per share and $0.03 per share, respectively, compared to the third quarter of 2023, reflecting continued growth in investment and higher interest expense.

與 2023 年第三季相比，分銷營運和維護費用為每股 0.04 美元，這主要是由於支出的時機以及網路和 IT 支出的增加。與 2023 年第三季相比，折舊和利息支出分別增加了每股 0.01 美元和每股 0.03 美元，反映出投資持續成長和利息支出增加。

Lower pension and OPEB income resulting from the cessation of OPEB-related credits, which ended in 2023, resulted in a $0.01 per share unfavorable comparison to the year earlier quarter. 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 $0.02 per share in the quarter compared to 2023.

OPEB 相關信貸於 2023 年終止，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。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，其他稅收對本季每股淨不利影響為 0.02 美元，與 2023 年相比。

Weather during the third quarter, as measured by the temperature humidity index was 5% warmer than normal, but 5% cooler than the third quarter of 2023. And just 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, by electric and gas margins, while helping PSE&G promote the adoption of its energy efficiency programs. 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.

根據溫度濕度指數測量，第三季的天氣比正常溫暖 5%，但比 2023 年第三季涼爽 5%。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（CIP）機制限制了天氣和其他銷售差異對電力和天然氣利潤率的正面或負面影響，同時幫助 PSE&G 促進通過能源效率計劃。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%。

On capital spending, PSE&G invested approximately $1 billion during the third quarter, bringing year-to-date spend to $2.7 billion. For the full year 2024, our capital spend is expected to total $3.5 billion, slightly higher than our original plan of $3.4 billion.

在資本支出方面，PSE&G 第三季投資了約 10 億美元，使年初至今的支出達到 27 億美元。2024 年全年，我們的資本支出預計總計 35 億美元，略高於我們最初計劃的 34 億美元。

Based on the continued execution of our electric system reliability programs, including Energy Strong and last mile spend in the IAP, our ongoing gas infrastructure replacement spending as well as our energy efficiency programs. We are reaffirming our 2024 to 2028 regulated capital investment plan of $18 billion to $21 billion as well as our rate base CAGR over the same period of 6% to 7.5%.

基於我們電力系統可靠性計劃的持續執行，包括能源強勁和 IAP 中的最後一哩支出、我們正在進行的天然氣基礎設施更換支出以及我們的能源效率計劃。我們重申 2024 年至 2028 年 180 億美元至 210 億美元的受監管資本投資計畫以及同期 6% 至 7.5% 的利率基礎複合年增長率。

Moving to PSEG Power and Other. For the third quarter 2024. PSEG Power and other reported net income of $0.28 per share compared to a net loss of $0.53 per share for the third quarter of 2023. The non-GAAP operating earnings were $0.14 per share for the third quarter of 2024 compared to non-GAAP operating earnings of $0.05 per share for the third quarter of 2023.

轉向 PSEG 電力和其他。2024 年第三季。PSEG Power 和其他公司公佈的每股淨利潤為 0.28 美元，而 2023 年第三季的每股淨虧損為 0.53 美元。2024 年第三季的非 GAAP 營運收益為每股 0.14 美元，而 2023 年第三季的非 GAAP 營運收益為每股 0.05 美元。

For the third quarter of 2024, net energy margin rose by $0.16 per share, driven by higher recontracting prices at nuclear which includes the net impact of the Nuclear PTC that took effect January 1, 2024.

2024 年第三季度，由於核電再承包價格上漲（包括 2024 年 1 月 1 日生效的核電 PTC 的淨影響），每股淨能源利潤率增加了 0.16 美元。

As a reminder, for 2024, we mentioned that we anticipated realizing a significant portion of the increase in the 2024 gross margin over 2023's gross margin during the second half of the year based upon the shape of our underlying hedges.

提醒一下，對於 2024 年，我們提到，根據我們的基礎對沖的形狀，我們預計將在下半年實現 2024 年毛利率較 2023 年毛利率增長的很大一部分。

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. O&M was $0.03 per share unfavorable mostly driven by higher costs from the peach bottom units and the absence of a onetime benefit last year. Interest expense was $0.04 per share higher, reflecting incremental debt at higher interest rates. And taxes and other were $0.01 per share favorable compared to the third quarter 2023.

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 每股收益為 0.03 美元，不利的主要原因是桃底單位成本上升以及去年沒有一次性收益。每股利息支出增加 0.04 美元，反映出利率上升導致的債務增量。與 2023 年第三季相比，稅費和其他費用每股優惠 0.01 美元。

On the operating side, the nuclear fleet produced approximately 8.1 terawatt hours during the third quarter of 2024 in line with the year earlier period and ran at a capacity factor of 94.5%. Touching on some recent financing activity. As of the end of September, PSEG had total available liquidity of $3.4 billion, including $200 million of cash on hand.

在營運方面，核能馬達組在 2024 年第三季發電量約為 8.1 太瓦時，與去年同期持平，容量係數為 94.5%。談到最近的一些融資活動。截至9月底，PSEG的可用流動資金總額為34億美元，其中手頭現金為2億美元。

Through September 30, 2024, cash from operations was strong, and our cash collateral balance was below $200 million, supporting our strong liquidity position. PSEG's variable rate debt at the end of September consisted of a $1.25 billion term loan maturing March of 2025, the entirety of which has been swapped to a fixed rate, which mitigates fluctuations in interest rates.

截至 2024 年 9 月 30 日，營運現金強勁，我們的現金抵押品餘額低於 2 億美元，支撐了我們強勁的流動性狀況。截至 9 月底，PSEG 的浮動利率債務包括將於 2025 年 3 月到期的 12.5 億美元定期貸款，該貸款已全部轉換為固定利率，從而緩解了利率波動。

As of the end of September, given our swaps, we had minimal variable rate debt. In August, PSE&G issued $1.1 billion of secured medium-term notes or MTNs comprised of $600 million of 4.85% MTNs due August 2034 and $500 million of 5.3% MTNs and due August of 2054. A portion of the proceeds were used to repay the $250 million August 15 maturity of 3.15% MTNs.

截至 9 月底，考慮到我們的掉期，我們的可變利率債務極少。8 月，PSE&G 發行了11 億美元的有擔保中期票據或中期票據，其中包括2034 年8 月到期的6 億美元利率為4.85% 的中期票據和2054 年8 月到期的5 億美元利率為5.3% 的中期票據。部分收益用於償還 8 月 15 日到期的 2.5 億美元、利率為 3.15% 的中期票據。

Looking ahead, our solid balance sheet supports the execution of PSEG's five year capital spending program dominated by regulated CapEx without the need to sell new equity or assets and provides the opportunity for consistent and sustainable dividend growth.

展望未來，我們穩健的資產負債表支持 PSEG 五年資本支出計劃的執行，該計劃以受監管的資本支出為主，無需出售新股權或資產，並提供持續和可持續股息增長的機會。

In closing, we are narrowing PSEG's full year 2024 non-GAAP operating earnings guidance to $3.64 a to $3.68 per share from $3.60 to $3.70 per share prior. This update reflects PSEG's solid results through the first three quarters of 2024 and PSE&G's new distribution base rates, which took effect October 15. We are also reaffirming our 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，我們將 PSEG 2024 年全年非 GAAP 營業利潤指引從先前的每股 3.60 美元至 3.70 美元縮小至每股 3.64 美元至 3.68 美元。此次更新反映了 PSEG 在 2024 年前三個季度的穩健業績以及 PSE&G 於 10 月 15 日生效的新分配基本費率。我們也重申，在我們的資本投資計畫和核 PTC 的支持下，到 2028 年，我們的非 GAAP 營業利潤將達到 5% 至 7% 的長期複合年增長率。

With the rate case and energy efficiency filings now approved, we will look to finalize our annual business planning process, which will position us to update our financial guidance disclosures with our fourth quarter and full year 2024 earnings release.

隨著費率案例和能源效率備案現已獲得批准，我們將尋求最終確定我們的年度業務規劃流程，這將使我們能夠透過 2024 年第四季和全年收益發布來更新我們的財務指導揭露。

We will introduce PSEG's non-GAAP operating earnings guidance for 2025. We will refresh and roll forward our capital investment plans. We will update our rate base and long-term earnings CAGR's and discuss the details during our year-end call in February of 2025.

我們將介紹 PSEG 的 2025 年非 GAAP 營運收益指引。我們將更新並推進我們的資本投資計劃。我們將更新我們的費率基礎和長期獲利複合年增長率，並在 2025 年 2 月的年終電話會議上討論細節。

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

我們的正式演講到此結束，我們準備開始問答環節。

Ladies and gentlemen, we will now begin the question-and-answer session for members of the financial community. (Operator Instructions)

女士們、先生們，我們現在開始金融界成員的問答環節。（操作員說明）

Shahr Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

So just Ralph, starting off on the ISA issues at FERC and sort of the risk behind the meat or nuclear deals. Does this kind of change the calculus on your commercial discussions with Artificial Island, does this push the conversations to more conventional deal with transmission interconnections? So any changes with your discussions there? And do you have the interconnection capacity to present in front of the meter option to a potential counterparty?

拉爾夫，首先討論 FERC 的 ISA 問題以及肉類或核交易背後的風險。這是否會改變您與人工島進行商業討論的考量，是否會將對話推向更傳統的傳輸互連處理？那你們的討論有什麼改變嗎？您是否具備向潛在交易對手展示電錶選項前的互連能力？

Yes. So look, I'll try to hit on that whole interconnection agreement issue upfront here a little bit. First of all, we think that was a very narrow decision that was made by FERC. So very specific to what was submitted by the parties there. We're not part of that, we were not part to that agreement. So I don't want to talk in a lot of details about it but it has not slowed us down. It will not slow us down from trying to help the state of New Jersey meet their economic development goals.

是的。所以看，我將嘗試在這裡先討論整個互連協議問題。首先，我們認為 FERC 所做的決定非常狹隘。對於各方提交的內容非常具體。我們不是那個協議的一部分，我們不是那個協議的一部分。所以我不想談論太多細節，但這並沒有讓我們放慢腳步。它不會放慢我們努力幫助新澤西州實現其經濟發展目標的步伐。

There's a lot of different ways to come to a solution. I think Talen had one solution, we've seen Constellation with another solution. I think each individual customer and each individual site will bring a different solution to the table. We still think we're very uniquely positioned because of our three unit site and the redundancy that exists there.

有很多不同的方法可以找到解決方案。我認為 Talen 有一個解決方案，我們看到 Constellation 有另一個解決方案。我認為每個客戶和每個站點都會帶來不同的解決方案。我們仍然認為，由於我們的三個單位站點和那裡存在的冗餘，我們的定位非常獨特。

We like the additionality that our early site permit could provide to somebody else. We like the additionality that our upgrades are going to provide, and we like the additional megawatt hours that we're going to get from our Hope Creek facility when we changed the fuel cycle.

我們喜歡我們的早期站點許可可以為其他人提供的額外性。我們喜歡我們的升級將提供的額外性，我們喜歡當我們改變燃料循環時我們將從希望溪設施獲得的額外兆瓦時。

So there's a lot of things that are a little bit different about our site than others. And I think when we continue to have our conversations, all of those things will come to light and play itself out.

因此，我們的網站在許多方面與其他網站略有不同。我認為，當我們繼續進行對話時，所有這些事情都會浮出水面並自行解決。

So Ralph, it sounds like despite the FERC rejection, it doesn't sound like the messaging, the conversations, anything has changed from before the event happened?

所以拉爾夫，聽起來儘管 FERC 拒絕了，但消息、對話、事件發生前相比沒有任何變化？

Yes. Sure. Again, it's been 72 hours or so since that all came out. Look, I think I think there's a number of different paths where we can see an ultimate solution come out. But for our specific scenario, I stick to what I said a couple of minutes ago, you could -- look, you could see somebody in that proceeding, asking for rehearing and trying to get a different solution there. You could see something coming out of the federal -- I mean not the federal, the technical conference and what they have going on.

是的。當然。再說一遍，距離所有內容發布已經過了 72 個小時左右。聽著，我認為我們可以透過多種不同的途徑看到最終的解決方案。但對於我們的具體場景，我堅持幾分鐘前所說的，你可以——看，你可以看到有人在該程式中要求重新聽證並試圖在那裡找到不同的解決方案。你可以看到來自聯邦的一些東西——我的意思不是聯邦、技術會議以及他們正在發生的事情。

You could see something coming out as a 205 proceeding that Exelon has or you could see somebody put together an interconnection agreement that is a little different than the one it exists and comes out with a solution that the FERC supports. So any of those scenarios are possible. And I just think we're that focused on support in the state of New Jersey's economic development goals.

您可能會看到 Exelon 的 205 程序出現，或者您可能會看到有人制定了與現有協議略有不同的互連協議，並提出了 FERC 支援的解決方案。所以這些情況中的任何一種都是可能的。我只是認為我們專注於支持新澤西州的經濟發展目標。

And just lastly for me, Ralph, is just -- I don't want to put you in a corner and just ask about timing, but maybe I'll give it a shot. Do you have any sense on the time line? When we've had conversations in the past, it's been hopefully by this year, by the end of this year, governors, obviously leaving next year. This is an important initiative for him. Can you just maybe give us a sense on timing and where you are with the discussions.

最後對我來說，拉爾夫，我不想把你逼到牆角，只問時間安排，但也許我會試試看。你對時間軸有任何了解嗎？當我們過去進行對話時，希望到今年、今年年底，州長們顯然會在明年離開。這對他來說是一項重要舉措。能給我們介紹一下討論的時間和進度嗎？

Yes. So if that was misunderstood or I misspoke, but we always have said in our conversations that we would like to get this done during this governor's term. He turns out at the end of next year. Obviously, there'll be an election in November and different policies will be discussed. But we've been focused on that time line since we've started the discussions. (multiple speakers) initiatives and supporting those initiatives would make a ton of sense for us.

是的。因此，如果這被誤解或我說錯了，但我們總是在談話中表示，我們希望在本屆州長任期內完成這項工作。他將於明年年底出任。顯然，11月將舉行選舉，屆時將討論不同的政策。但自從我們開始討論以來，我們一直在關注這個時間表。 （多名發言者）倡議和支持這些倡議對我們​​來說意義重大。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

I wanted to ask, when you kind of outlined the prior kind of 5% to 7% growth rate, we talked about it not being linear. And as we're kind of getting to the end of the year here, there's been a lot that's happened, right? Like you have new rates in New Jersey, presumably, you were under earning your ROE there. We also kind of have this capacity auction print. Can you just kind of talk about how that positions you within that 5% to 7%? And any drivers we should kind of consider as we get to '25?

我想問一下，當您概述之前 5% 到 7% 的成長率時，我們談到它不是線性的。當我們快到年底的時候，發生了很多事情，對嗎？就像你在新澤西州有新的利率一樣，大概你在那裡賺取的淨資產回報率較低。我們也有這種容量拍賣印刷品。您能談談您是如何在 5% 到 7% 的範圍內定位的嗎？當我們進入 25 世紀時，我們應該考慮哪些驅動因素？

Yes, sure. I'll let Dan give you some details there.

是的，當然。我會讓丹給你一些細節。

Yes. Nick, I'm not going to give a '25 or any particular year's guidance as we step forward. I think that range is where we are. I do think, to your point, you're looking at elements that will come into play. We had assumed all along we would see the result of this rate case in the second half of the year.

是的。尼克，當我們向前邁進時，我不會給出 25 年或任何特定年份的指導。我認為這個範圍就是我們所處的範圍。我確實認為，就您的觀點而言，您正在考慮將發揮作用的元素。我們一直假設我們會在今年下半年看到這個利率案例的結果。

So the kind of the timing is as expected and one of the key elements that we look at for that rate case was being able to fully recover the capital that we have prudently deployed during that period. And that was also where the rate case came out. So I think we got a good outcome, and I think it was where we expected it to be. But that's been baked into how we've been thinking about where we're going.

因此，時間安排符合預期，我們在該利率情況下考慮的關鍵要素之一是能夠完全收回我們在此期間審慎部署的資本。這也是利率案例出現的地方。所以我認為我們得到了一個很好的結果，而且我認為這就是我們所期望的。但這已經融入我們對前進方向的思考中。

To your point, I do think on capacity it's unfortunate that we do have a delay, but we will continue to step through those actions as we go through time. There's a little bit of a balancing for those auctions. If you think about the auctions may go up and down they do split years, right, Nick. So you've got a kind of a June to May time frame.

就你的觀點而言，我確實認為就容量而言，不幸的是我們確實出現了延誤，但隨著時間的推移，我們將繼續採取這些行動。這些拍賣需要一些平衡。如果你考慮到拍賣可能會上下波動，那麼它們確實會分幾年出現，對吧，尼克。所以你有一個六月到五月的時間框架。

And so to the extent that you see some ups and downs throughout where those actions may go, you will see a moderating effect on the year-over-year results that we see. So I think if you just think about that range of 5% to 7% that we've given you've been in pretty good shape as you step through the time frame that we've talked about.

因此，如果你看到這些行動可能會出現一些起伏，你會看到我們所看到的同比結果的調節作用。因此，我認為，如果您考慮我們給出的 5% 到 7% 的範圍，那麼當您逐步完成我們討論的時間範圍時，您的狀態就相當不錯了。

Okay. Great. And then I guess just thinking about like if you were to move Artificial Island front of the meter in any scenario, how impactful is that to the overall economics? Is there any kind of level that you would kind of guide to on what a grid charge actually looks like in that region on a dollar per megawatt basis or otherwise? I appreciate it.

好的。偉大的。然後我想，如果你在任何情況下將人工島移到儀表前面，這對整體經濟有多大影響？您是否可以指導該地區以每兆瓦美元或其他方式計算的電網收費實際情況？我很感激。

Well, look, so a couple of things there. Let me go back to the capacity auction for a second. And Dan correctly said we're -- we're sorry to see that the auction didn't proceed, right? But we're also happy that PJM is going to take a step back and get that right. So we filed some comments to that effect.

嗯，看，有幾件事。讓我再回到容量拍賣上來。丹正確地說，我們很遺憾看到拍賣沒有進行，對嗎？但我們也很高興 PJM 會後退一步並採取正確的措施。因此我們就此提出了一些評論。

And it was really just based upon getting the reference unit right and figuring out this RMR piece that I would encourage you all to take a look at the -- some of the filings that were made around that RMR, 5 that or more complaint that went in. There were some pieces there about brand insurers that might be helpful for people to take a look at.

實際上，這只是基於獲得正確的參考單位並弄清楚這個 RMR 文章，我鼓勵大家看一下 - 一些圍繞該 RMR 提交的文件，5 個或更多投訴在。其中有一些關於品牌保險公司的文章可能會對人們查看有所幫助。

And then, look, from a pricing standpoint, if you just take a look at the transmission rate that exists within the A service territory. It's just under $7 a megawatt hour right now. And I think if you step back and look at that full rate on a network service basis and net it, it could really put in context the amount of dollars that we're talking about here that is at risk in any way, shape or form and how whether it's made up in the pricing deal or tax breaks or something else, the state of New Jersey could still meet its economic goals.

然後，從定價的角度來看，如果您只看一下 A 服務區域內存在的傳輸速率。目前每兆瓦時價格略低於 7 美元。我認為，如果你退後一步，看看網路服務基礎上的全額費率並對其進行淨額計算，它確實可以將我們在這裡討論的以任何方式、形式或形式面臨風險的美元金額納入背景。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑弗里斯。

If I could follow up on Nick's question, I don't mean to nitpick, but when you mentioned, do you expect to be within that 5% to 7% CAGR every year on an annual basis? Because I know we've talked about the production tax credits a little lumpy, the rate case dynamics. So do you expect to be within that range every year? Or is that more like a CAGR we should think of?

如果我可以跟進尼克的問題，我並不是想吹毛求疵，但是當你提到時，你預計每年的複合年增長率會在 5% 到 7% 之內嗎？因為我知道我們已經討論了有點不穩定的生產稅收抵免、稅率情況動態。那麼您預計每年都會在這個範圍內嗎？或者這更像是我們應該想到的複合年增長率？

I think you ought to be thinking about it as kind of how the business will run on a go forward. Could we be in situations where we could move around within that period. Absolutely, Paul. But I think that's a good way to think about us longer term on a CAGR basis.

我認為你應該將其視為企業未來將如何運作的問題。在那段時間裡我們是否處於可以走動的情況？絕對是，保羅。但我認為這是在複合年增長率的基礎上長期思考我們的好方法。

Okay. Understood. And then shifting to the transmission side of the house, could you give a little scope or quantification of some of the PGM RTEF proposals? I saw there was that roughly 400 million greenfield project in PSEG, but just any other perspective or transmission needs would be helpful.

好的。明白了。然後轉向房屋的傳輸側，您能否對一些 PGM RTEF 提案給出一些範圍或量化？我看到 PSEG 有大約 4 億美元的綠地項目，但任何其他視角或傳輸需求都會有所幫助。

Yes. I mean -- so I think as I first start by just if you go backwards, we were successful in Maryland and have a project that's moving along there. Ralph referenced on the call, in Window 1, we've got a proposal sitting in front of PJM that's kind of comparably sized, which we'll find out in short order.

是的。我的意思是——所以我認為，當我首先開始時，如果你倒退一下，我們在馬裡蘭州取得了成功，並且有一個項目正在那裡進行。Ralph 在電話會議中提到，在窗口 1 中，我們在 PJM 面前收到了一份規模相當的提案，我們很快就會知道。

I think what you're going to continue to see, Paul, given the other topic that's been kicked around and will continue to be on the data centers, more of these opportunities that will come forward. I think we'll analyze them all. We'll try to figure out what makes sense for us to move forward on. But I can tell you that we do move forward with some confidence in our ability to do the work and to put in competitive bids to continue to move forward.

保羅，我想你會繼續看到什麼，考慮到另一個已經被討論的話題並將繼續關注資料中心，更多的機會將會出現。我想我們會對它們進行全部分析。我們將嘗試找出對我們前進有意義的事情。但我可以告訴你們，我們確實對我們完成工作的能力以及提出有競爭力的投標以繼續前進的能力充滿信心，繼續前進。

The other thing I would say is just as you take a look at the capital program, incremental competitively bid transmission is not in that program. So we don't need to be able to win some of these competitive programs to be able to hit the capital budget.

我要說的另一件事是，正如您查看資本計劃一樣，增量競爭性投標傳輸並不在該計劃中。因此，我們不需要贏得其中一些競爭性項目才能達到資本預算。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Surprisingly, I want to come back to the data center conversation here. And just wanted to start off, I guess, when you look at the power market opportunity set, can you talk more about the potential upside related to thermal op rates or other opportunities? I think you had mentioned 200 in the past, but that was predicated on certain pricing outlook and maybe that's changed. And so just wondering, given everything that we have in front of us now, how you think about that?

令人驚訝的是，我想在這裡回到資料中心的話題。我想首先，當您查看電力市場機會集時，您能否更多地談談與熱力運營率或其他機會相關的潛在上行空間？我想您過去曾提到過 200，但那是基於某些定價前景，也許情況已經改變。所以只是想知道，考慮到我們現在所面臨的一切，您對此有何看法？

Yes. No, we're still in that 200 range right now. Our teams continue to look at what opportunity sets might be out there and are going to continue to refine it, but we have not moved off that 200 megawatts at this point.

是的。不，我們現在仍處於 200 範圍內。我們的團隊將繼續尋找可能的機會集，並將繼續對其進行完善，但目前我們還沒有擺脫 200 兆瓦的規模。

Got it. Understood. And then just thinking more broadly as well, time to power something your customers care about most? Or is it about carbon-free and your objectives being to support the New Jersey state economic development here? And if it is time to power that's most important, does the FERC delay hurt those conversations.

知道了。明白了。然後再更廣泛地思考，是時候為客戶最關心的事情提供支援了嗎？還是關於無碳並且您的目標是支持新澤西州的經濟發展？如果到了最重要的供電時間，那麼 FERC 的延遲是否會損害這些對話。

Jeremy, I think it's -- look, it's all of the above, and it depends upon which customer you're talking to. Some are really focused on additionality from a clean generation standpoint. Some are focused on the time to speed to market. There's no doubt about that. And then I think you have people that are looking at the reliability of the units and how everyone operates them. So we believe we're in pretty good shape on all three of those factors, and that's why we haven't indicated at all that we're backing down.

傑里米，我認為 - 看，以上都是，這取決於您正在與哪個客戶交談。從清潔發電的角度來看，有些人確實關注額外性。有些關注的是加速上市的時間。毫無疑問。然後我認為有人正在研究這些裝置的可靠性以及每個人如何操作它們。因此，我們相信我們在所有這三個因素上都處於良好狀態，這就是為什麼我們沒有表示我們會做出讓步。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

Just Ralph, you kind of went through the tariff implications of the fourth quarter in a lot of detail, thank you for that. Maybe just address grid reliability. I mean that was one of the things that was brought up in the order you just mentioned it, but just maybe a little bit more color as to how do you overcome that. This notion of taking power away from the grid and then giving it to the data center. Any color you can share that would be helpful.

拉爾夫，您詳細介紹了第四季度的關稅影響，謝謝您。也許只是解決電網可靠性問題。我的意思是，這是按照您剛才提到的順序提出的事情之一，但對於如何克服這個問題，可能會有更多的色彩。這種概念是從電網中獲取電力，然後將其提供給資料中心。您可以分享的任何顏色都會有幫助。

Yes. So Durgesh, I don't think we could really state anything there with any sense of certainty right now, right? You've got so many different things that are going on with the topology and the grid down in that region. Brand insurers, as an example, it's a large unit that unit stays on, it will have one impact on the region. If it comes off, it will have another. Where TMI ultimately connects into the grid in that region is going to have another impact on it.

是的。所以杜爾格甚，我認為我們現在不能真正確定地陳述任何事情，對嗎？該區域的拓撲和網格正在發生許多不同的事情。以品牌保險公司為例，它是一個大的單位，單位保留下來，會對該地區產生影響。如果它脫落，它還會有另一個。TMI 最終連接到該地區電網的地方將對其產生另一個影響。

So I began way ahead of our skis if I was to tell you exactly what the grid reliability issues are. I can tell you this from a stability standpoint on our system overall, we have extra capacity here in New Jersey because of the work that we did after the blackout in 2003 and after Superstorm Sandy. But I don't want to tell you for sure that there won't be any upgrades that will be needed until I know how a lot of the other generators are going to play out in that part of PJM.

因此，如果我要準確地告訴您電網可靠性問題是什麼，我就先從我們的滑雪板開始。我可以從我們系統整體穩定性的角度告訴您，由於我們在 2003 年停電和超級風暴桑迪之後所做的工作，我們在新澤西州擁有額外的容量。但我不想確切地告訴您，在我知道 PJM 的該部分將如何發揮其他許多生成器之前，不會需要任何升級。

-- I mean let's guess that just is, I think, important to keep sight of and it came out of some of Friday's discussions. The data center stuff in the aggregate is a pretty important element for a whole host of reasons. And I know National Security was referenced and it's going to come.

——我的意思是，讓我們猜猜，我認為這一點值得關注，它來自周五的一些討論。出於多種原因，資料中心的總體來說是一個非常重要的元素。我知道國家安全已被提及並且它將會到來。

And a lot of the discussions related to whether it's behind the meter, in front of the meter, doesn't ultimately change the supply-demand needs, right. I mean, there's been that's been stated numerous times, but I think people can lose sight of that as you're looking at some of the details as to how some of this thing may come to pass. At the end of the day, you're going to have incremental demand and supply is going to be needed to meet it. And that's, I think, where Ralph was taking off from.

很多討論都涉及它是在電錶後面還是在電錶前面，最終不會改變供需需求，對吧。我的意思是，這已經被說過很多次了，但我認為當你關註一些細節來了解這件事如何發生時，人們可能會忽略這一點。最終，需求將會增加，並且需要供應來滿足它。我想，這就是拉爾夫起飛的地方。

Yes. No, I certainly appreciate that discussion, whether it's front or behind, I mean, the supply-demand challenges are the supply, demand challenges. Just maybe can I quickly follow up, Ralph, I mean, clearly, Constellation on their earnings call just before you had a preference for kind of advocating for these co-location deals.

是的。不，我當然很欣賞這種討論，無論是前面還是後面，我的意思是，供需挑戰就是供需挑戰。拉爾夫，我的意思是，很明顯，星座公司在他們的財報電話會議上，就在你傾向於倡導這些託管交易之前，也許我可以快速跟進。

Where do you -- what's your stance on that? Would you rather preserve the option of having co-location next to your nuclear plants? I'm just trying to kick out if there is a FERC process how would you -- kind of would you be supportive of co-location going forward? Or how do you think about that?

你在哪裡──你對此持什麼立場？您願意保留在核電廠旁進行託管的選擇嗎？我只是想問一下，如果有 FERC 流程，您會如何支援未來的共置辦公？或者你對此有何看法？

Yes. So Durgesh, I tried to probably make this too simple for folks as we talk about it, but I'm sticking to it. I think it's a combination of what you going to charge someone for energy? What are you going to charge somebody for transmission? And what are you going to charge someone in the way taxes?

是的。所以，Durgesh，當我們談論這個問題時，我試圖讓這對人們來說可能太簡單了，但我堅持這樣做。我認為這是你向某人收取能源費用的組合？您要向某人收取什麼傳輸費用？你要向某人收取什麼稅？

And the combination of all of the above is the package that any state needs to bring to bear to attract a hyperscaler to the area. So we have a very healthy tax refund plan in place right now, there's tax incentives that I think are in the $700 million range, maybe $500 million range in the state of New Jersey.

上述所有內容的結合是任何州都需要採取的措施來吸引超大規模企業來到該地區。所以我們現在有一個非常健康的退稅計劃，我認為新澤西州的稅收優惠在 7 億美元範圍內，也許是 5 億美元範圍內。

So that's great and would be very helpful and attracting someone. Does it need a little bit of an additional kick on the transmission services? Maybe. Again, it depends upon whether that data center is going to be someone who's going to be on 24/7. Are they going to be able to respond to demand response and get another revenue stream from that solution?

所以這很好，會非常有幫助並吸引某人。是否需要對傳輸服務進行一些額外的改進？或許。同樣，這取決於該資料中心是否將全天候（24/7）運作。他們是否能夠回應需求回應並從該解決方案中獲得另一個收入來源？

So there's multiple, multiple ways you can take a look at this. And so I don't want to lock in to, hey, we really want co-located over in front of the meter, but I don't want to lock into in front of the meter or over co-located either. It's really what's going to bring to bear the solution that's going to bring that -- those entities to the state of New Jersey.

因此，您可以透過多種方式來查看此問題。所以我不想鎖定，嘿，我們真的想在儀表前面並置，但我也不想鎖定在儀表前面或在同一位置。這確實是帶來解決方案的原因——將這些實體帶到新澤西州。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究中心。

-- Appreciate the discussion and some of the numbers you put out there. Just -- you all just refreshed your PJM large load forecast. How do we think about what Exelon has out there for ACE and how that may pertain to anything you're pursuing at Artificial Island, like would the load you're trying to work with there be showing up in some of their numbers yet or no?

-- 感謝您在其中提供的討論和一些數字。只是——你們剛剛刷新了 PJM 大負載預測。我們如何看待 Exelon 為 ACE 提供的產品以及這與您在人工島上追求的任何事物有何關係，例如您嘗試在那裡工作的負載是否會出現在他們的一些數字中？

No, I don't want to comment on what ACE submitted. I don't really have any insight into how they made their calculations. So it kind of be -- I'd be firm on that. I will say, in general, on the PJM footprint, there's quite a bit of load coming in, and it's something that we've been talking about for quite some time. I think our numbers this year were more in line with what folks might have expected, but that was because we've been yelling for a few years in advance.

不，我不想對 ACE 提交的內容發表評論。我真的不知道他們是如何進行計算的。所以，我對此持堅定態度。我想說的是，總的來說，在 PJM 足跡上，有相當多的負載進來，這是我們已經討論了很長一段時間的事情。我認為我們今年的數字更符合人們的預期，但那是因為我們已經提前幾年大喊大叫了。

And so I see a couple of the other utilities, especially to our West kind of catching up on that front. And I could say from an overall footprint standpoint, I was very happy to see the realistic load forecast that came in. But specific to ACE, I wouldn't want to comment on.

因此，我看到其他一些公用事業公司，尤其是我們的西部公用事業公司，在這方面正在迎頭趕上。我可以說，從整體足跡的角度來看，我很高興看到實際的負載預測。但具體到 ACE，我不想發表評論。

Okay. Sure. No worries there. And then maybe separately, just how we think about LIPA and the opportunity, and I guess, risk there will you know enough by your year-end call to decide whether or not you include that in there? What's just the range of outcomes you're looking at, whether it be publicly owned or other?

好的。當然。那裡不用擔心。然後，也許我們會分別考慮如何看待 LIPA 和機會，我想，在年終電話會議上您是否會了解足夠的資訊來決定是否將其納入其中？您所關注的結果範圍是什麼，無論是公有的還是其他的？

Yes. So yes, I don't think they're going with a publicly owned solution, but we continue to hear is that they're going to stick with the service provider model. What we have at risk there is $0.07 to $0.08. We've been pretty clear about that over the last six months or so. And we should know by the end of the first quarter of next year, I would expect some time in the beginning of the year because that transition needs to take place by the end of '25.

是的。所以，是的，我認為他們不會採用公共解決方案，但我們不斷聽到他們將堅持使用服務提供者模式。我們面臨的風險是 0.07 美元到 0.08 美元。在過去六個月左右的時間裡，我們對此已經非常清楚了。我們應該在明年第一季末知道，我預計會在今年年初的某個時間，因為過渡需要在 25 年底之前進行。

So maybe we can find out something sooner, but my expectation is by the end of the first quarter, we would we would have a pretty good sense of where we stand with that. And a lot of it depends upon how those -- how that contract is written and how aligned it is with some of the LIPA Reform Act goals that were put in place 10, 12 years ago now.

因此，也許我們可以更快地找到答案，但我的期望是，到第一季末，我們會對我們的立場有一個很好的認識。這在很大程度上取決於合約如何編寫，以及它與 10 年、12 年前製定的 LIPA 改革法案目標的一致性。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Thanks for that data on -- or that update on the new data center demand and just what you're seeing with inquiries and feasibility studies. I was wondering, would there be any utility investment opportunities, potential higher CapEx given that incremental load that you're seeing?

感謝您提供有關新資料中心需求的數據，以及您在查詢和可行性研究中看到的資訊。我想知道，考慮到您所看到的增量負載，是否會有任何公用事業投資機會、潛在的更高資本支出？

Yes. So it's not driving us to a different solution. But as Dan said in his prepared remarks, we're going to roll all that forward in our fourth quarter call. I haven't seen anything that would require us to build a new transmission line. That's for sure based upon what exists.

是的。所以這並沒有促使我們採取不同的解決方案。但正如丹在他準備好的演講中所說，我們將在第四季度的電話會議中推進所有這些工作。我還沒有看到任何需要我們建造新輸電線路的事情。這肯定是基於現有的情況。

One of the largest data center developers, the CoreWeave that we mentioned earlier, is going on the site of a former pharmaceutical headquarters. So there's some decent facilities there, but there'll need to be some upgrades done and how those upgrades are done yet to be determined whether it will be customer base or utility-based. So -- but nothing that I would say is driving an astronomical change in our capital programs.

最大的資料中心開發商之一，我們之前提到的CoreWeave，正在一個前製藥總部的場地上進行建造。因此，那裡有一些不錯的設施，但需要進行一些升級，以及如何完成這些升級尚待確定，是基於客戶群還是基於公用事業。所以，但我想說的一切都不會推動我們的資本計畫發生天文數字般的變化。

And the upshot of that is it's a reference to the system and the state that it's in and its ability to take on some incremental data centers. So that's a net positive.

其結果是它是對系統及其所處狀態及其承擔某些增量資料中心的能力的引用。所以這是一個淨正面的結果。

Yes, absolutely. Got it. And yes, I didn't really maybe appreciate the excess transmission capacity you might have in the state. Is there any way you might be able to quantify that as you think about -- I don't know if it's a number of megawatts that you could handle without major upgrades? Or yes, some of your peers have talked about that transmission capacity. So just wondering if you have any way to frame that?

是的，絕對是。知道了。是的，我可能並不真正欣賞該州可能擁有的過剩傳輸能力。有沒有什麼方法可以量化你所想的——我不知道你是否可以在不進行重大升級的情況下處理兆瓦的功率？或者是的，您的一些同行已經討論過傳輸容量。所以只是想知道你是否有什麼方法來建造它？

Yes, David, I would encourage you to take a look at the CTO CTAL analysis that's put out by PJM and how that all translates. Again, that changes based upon every year when PJM runs the process from a generator and load standpoint. So that will be a pretty good indication when that analysis completed is where the excess capacity exists.

是的，David，我鼓勵您查看 PJM 發布的 CTO CTAL 分析以及這一切是如何轉換的。同樣，這種情況每年都會發生變化，PJM 從發電機和負載的角度運行該過程。因此，當分析完成時，這將是一個很好的指示，表明存在過剩產能。

Anthony Crowdell, Mizuho Securities.

安東尼克勞德爾，瑞穗證券。

Good morning Ralph, good morning Dan.

早安拉爾夫，早安丹。

Welcome the hockey season.

歡迎曲棍球賽季。

Welcome the hockey season. The weather is right and my voice is a little horse. Have a kit of my UA team, Ralph, who's also named Ralph and he's a little extra attention. I don't know if it's the name. But just quickly, off of Mike Sullivan's question, I mean, the LIPA contract, again, $0.07 to $0.08, it's not incremental instrumental to PSEG's earnings, but do you think that's going to be more competitive this go around, given how successful it's worked for you for the last, whatever, 10 years.

歡迎曲棍球賽季。天氣好，我的聲音是小馬。擁有我的 UA 團隊拉爾夫 (Ralph) 的套件，他也叫拉爾夫 (Ralph)，他受到了額外的關注。不知道是不是這個名字但很快，拋開邁克·沙利文的問題，我的意思是，LIPA 合約再次為0.07 美元到0.08 美元，這對PSEG 的收益並沒有增量幫助，但考慮到它的成功運作，你認為這次合約會更具競爭力嗎？

Yes. I don't want to -- any reaction to that could be read as being a little bit too arrogant on the issue. I think we've done a great job. We're very proud of the work that we've done there from a safety standpoint, from a reliability standpoint and from a customer satisfaction standpoint. So we've done all of that. We've met our -- all of our commitments and prices have remained from an affordability standpoint, where the expectations were. So I think we have a very good story to tell. I just want to make sure that our story meets the needs of LIPA as they look forward.

是的。我不想——對此的任何反應都可能被解讀為在這個問題上有點過於傲慢。我認為我們做得很好。從安全、可靠性和客戶滿意度的角度來看，我們對在那裡所做的工作感到非常自豪。所以我們已經完成了所有這些。我們已經實現了我們的所有承諾，從可負擔性的角度來看，價格仍然是我們的期望。所以我認為我們有一個非常好的故事要說。我只是想確保我們的故事能夠滿足 LIPA 的需求。

Great. And apologies if you've answered this already, just on the potential upgraded sale, have you guys quantified the cost of that and how many megawatts you think out of it?

偉大的。很抱歉，如果您已經回答了這個問題，就潛在的升級銷售而言，你們是否量化了其成本以及您認為可以使用多少兆瓦？

We were talking about 200 megawatts, but I don't know if we've given the latest numbers, we'll follow up with the Anthony on that, and we'll definitely have it in the deck that comes out for [EEI].

我們正在談論 200 兆瓦，但我不知道我們是否給出了最新的數字，我們將跟進安東尼的情況，我們肯定會將其包含在即將推出的甲板中[EEI]。

Paul Freeman, Glenrock Associates.

保羅‧弗里曼，Glenrock Associates。

Congratulations. I just wanted to maybe get a little bit more detail on the CoreWeave's lease. Has -- has there been any determination in terms of who's going to power that facility and how many megawatts are going to be needed to power the facility?

恭喜。我只是想了解更多關於 CoreWeave 租賃的詳細資訊。是否已決定由誰為該設施供電以及該設施需要多少兆瓦電力？

Yes. I think the press release, my memory serves me correct, it was about 125 megawatts of initially, and it's going up to over 300 eventually when it's all completed. From who they're going to buy their power, I wouldn't comment on that. Just from a utility standpoint, if there were a third-party supplier, so beat, if not, we'll be prepared to handle it through the BGS process. But I've not read anything about who they've contracted with.

是的。我認為新聞稿中，我的記憶是正確的，最初約為 125 兆瓦，當全部完成後，最終將達到 300 兆瓦以上。他們將從誰那裡購買電力，我不會對此發表評論。僅從實用程式的角度來看，如果有第三方供應商，那麼就擊敗，如果沒有，我們將準備好透過 BGS 流程進行處理。但我沒有讀到任何有關他們與誰簽約的資訊。

I mean, could you be potentially involved in powering the contract with the merchant nuclear?

我的意思是，你有可能參與為商業核子合約提供動力嗎？

We always could be involved Paul. We have a retail license and we could be involved in that stuff, but they have not announced anything, and I would not want to -- I would not want to estimate or guess on where -- what they might be doing.

我們總是可以參與保羅。我們有零售許可證，我們可以參與這些事情，但他們還沒有宣布任何事情，我不想 - 我不想估計或猜測他們可能會在哪裡做什麼。

And then, I guess, when you work in terms of -- with the governor's office trying to bring in additional data center developers into the state. Are you also working with constellation sort of in partnerships since you're in partnership with them in various nuclear plants?

然後，我想，當你與州長辦公室合作時，試圖將更多的資料中心開發商引入該州。由於您在各個核電站中都與星座公司合作，您是否也與他們有某種合作關係？

No. So Paul, my -- most of my involvement is at a personal level, I give my own time to choose New Jersey, which is one of the governor's economic development arms. And so I work closely with them on their projects and what they may have. And a lot of the data center conversations take place between choose New Jersey and the New Jersey Economic Development Authority.

不。所以保羅，我的大部分參與都是在個人層面上，我用自己的時間來選擇新澤西州，這是州長的經濟發展部門之一。因此，我在他們的項目和他們可能擁有的東西上與他們密切合作。許多資料中心對話是在新澤西州和新澤西州經濟發展局之間進行的。

From a PSE&G standpoint, our customer operations team works directly when leads come in and when we get requests and then on our side, Dan and his team are looking at it from a commercial operations standpoint. So that's where our interactions take place and not necessarily from an enterprise level with the Governor's office.

從 PSE&G 的角度來看，當潛在客戶進來和我們收到請求時，我們的客戶營運團隊會直接工作，然後在我們這邊，Dan 和他的團隊會從商業運營的角度來看待它。因此，這就是我們互動的地方，不一定是在企業層級與州長辦公室互動。

And then lastly, in terms of the -- in terms of the PTCs, is there a final interpretation out by the DOE in terms of how they're going to account for the PTCs and market price?

最後，就 PTC 而言，能源部是否就如何解釋 PTC 和市場價格做出最終解釋？

I will give that one to Dan.

我會把那個給丹。

Yes. We're still waiting on rigs from Treasury, the exact definition of gross receipts, Paul. So the answer is no.

是的。我們仍在等待財政部的鑽孔機，即總收入的確切定義，保羅。所以答案是否定的。

So for accounting purposes, how are you handling it?

那麼出於會計目的，您如何處理？

Yes. So we are taking our best internal estimate as to where things will land and moving accordingly. We have heard references that it's their intent to move forward on this by the time this administration is out. I don't know whether the election would have anything to do with it. I guess we'll have one day to wait to plan out that and maybe a little bit longer to find out a result. But the sense we get is that it's near term, but we don't have it right now.

是的。因此，我們正在對物體將在何處著陸並相應移動進行最佳內部估計。我們聽說，他們打算在本屆政府卸任時推進此事。我不知道這次選舉是否與此有關。我想我們需要等待一天的時間來製定計劃，也許還需要更長的時間才能得出結果。但我們得到的感覺是，它是近期的，但我們現在還沒有。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Maybe I just wanted to start on the nuclear fuel side. I think you've updated the commentary that you're now essentially covered through 2027. Just as we think about some of the capacity addition announcements that are -- we're starting to see in, call it, 2028-plus, is this time frame of sort of contracting out two to three years the way that you plan to manage your fuel purchases going forward? Or just any thoughts on how you're thinking about that would be helpful.

也許我只是想從核燃料方面開始。我認為您已經更新了評論，您現在基本上涵蓋了 2027 年。正如我們考慮一些產能增加公告一樣，我們開始看到，稱之為 2028 年以後，這個時間框架是否按照您計劃管理的方式承包了兩到三年您未來會購買燃料嗎？或者只是關於你如何思考這個問題的任何想法都會有幫助。

Yes. Carly, this is Dan. I think the way to think about it is in light of exactly what you are talking about, right? The market dynamics have become a little bit more volatile, and we do continue to look out over time so there could be some lengthening of the overall time frames. It would depend upon striking the right commercial deal as well, right. So we're not going to go out in time just to go ahead in time. If at the end of the day, the commercial aspects of that deal don't make sense.

是的。卡莉，這是丹。我認為思考這個問題的方式就是根據你所談論的內容來思考，對嗎？市場動態變得更加不穩定，隨著時間的推移，我們確實會繼續關注，因此整體時間框架可能會延長。這也取決於達成正確的商業協議，對吧。所以我們不會為了及時前進而及時出去。如果最終，該交易的商業方面沒有意義。

But I think what you are referencing is the volatility that we are seeing in the market and a sensible approach is to look out a little bit further and see what can be done there. So updates to follow as those deals come to closure.

但我認為你所指的是我們在市場上看到的波動，明智的做法是進一步觀察，看看可以採取什麼措施。因此，隨著這些交易即將結束，更新將隨之而來。

Got it. Okay. That's helpful. And then just a quick follow-up. I think maybe to Paul's question from earlier on the upgrades. When you're having conversations with potential data center customers, are those uprate volumes a part of those conversations? Or is that something that would be kind of incremental?

知道了。好的。這很有幫助。然後進行快速跟進。我想也許是保羅早些時候關於升級的問題。當您與潛在的資料中心客戶進行對話時，這些升級量是否是對話的一部分？還是這是一種漸進的東西？

Yes, they are part of it. I mean, obviously, the aggregate output of the facilities is of interest. Number one, in additionalities of interest as well. And so there's definitely interested in understanding what the overall facility would look like. But I think as you saw from the Microsoft deal, additionality is also in folks' mind. And so it is a -- that's definitely a part of the discussion.

是的，他們是其中的一部分。我的意思是，顯然，這些設施的總產出是令人感興趣的。第一，還有額外的興趣。因此，人們肯定有興趣了解整個設施的外觀。但我認為，正如您從微軟交易中看到的那樣，人們也考慮到了額外性。所以這絕對是討論的一部分。

Paul Patterson, Glenrock Associates.

保羅·帕特森，Glenrock Associates。

Just sort of the follow-up on the co-location issue. If I was to understand the commentary and everything, it sounds like the tax issue is pretty much resolved by the state of New Jersey offering tax breaks, et cetera. And that's just the $7 of transmission cost that in theory would be in play or a portion of that associated with locating with being behind the meter in New Jersey. Is that the way to think about it?

只是託管問題的後續行動。如果我要理解評論和所有內容，聽起來稅收問題基本上已經透過新澤西州提供稅收減免等解決了。這只是理論上 7 美元的傳輸成本，或者是與新澤西州計價器後面定位相關的一部分。是這樣思考的嗎？

That is the way to think about it.

這就是思考這個問題的方式。

Okay. And then do you have any -- do you know why the two commissioners declined to participate in the order?

好的。那麼你知道為什麼兩位委員拒絕參與命令嗎？

Yes. No, we just know that they recuse themselves, so I'd have to refer you back to FERC on that one.

是的。不，我們只知道他們自行迴避，所以我必須將您轉回 FERC 討論此事。

Okay. And then finally, as I'm sure you're aware that the OPS, which NJ BPU is part of has been making letters back and forth with PJM correspondence and [P3s] has been responding and what have you about their concerns about the capacity market and the prices. I know you guys are very focused on affordability as you guys outlined today as well. Just how do you think -- I mean, with the history of LCAP and everything else?

好的。最後，我確信您知道 OPS（新澤西州 BPU 所屬的機構）一直在與 PJM 信件來回通信，[P3s] 也一直在回應，您對他們對容量的擔憂有何看法市場和價格。我知道你們非常關注負擔能力，正如你們今天所概述的。我的意思是，考慮到 LCAP 和其他一切的歷史，您對此有何看法？

And it seems like we're maybe getting to a market situation, which we don't see a lot of new generation showing up at least by kind of generation and these high prices, how should we think about this apprehension that's being -- voiced by state regulators and by consumers and what have you, how do you -- when you see that, what kind of thoughts go through your mind, I guess, if you follow what I'm saying.

看來我們可能正在面臨這樣一種市場情況，我們沒有看到很多新一代的出現，至少在一代和這些高價格方面，我們應該如何考慮這種擔憂——表達出來國家監管機構和消費者，你有什麼，你怎麼做——當你看到這一點時，我想，如果你遵循我所說的，你的腦海中會浮現出什麼樣的想法。

Yes. No, I do, Paul. Look, I think state regulators are doing exactly what state regulators should do, and that's looking out for the best thing they can from a customer standpoint. I think -- they're also trying to balance a reliability issue. And I will tend to line on both of those issues. I will tell you what I worry about is 10 years from now. A

是的。不，我願意，保羅。看，我認為州監管機構正在做州監管機構應該做的事情，那就是從客戶的角度尋找他們能做的最好的事情。我認為——他們也在試圖平衡可靠性問題。我傾向於就這兩個問題發表看法。我會告訴你我擔心的是10年後的事。一個

nd as this continues to -- this industry continues to morph, I want to make sure that there's enough generation. And I worry that without having a good price signal, that's a long-term price that might not take place.

隨著這個行業的不斷發展，我想確保有足夠的一代。我擔心，如果沒有良好的價格訊號，那麼長期價格可能不會發生。

So I was -- we've mentioned earlier in the call, and I'll just reinforce here that we thought it was the right thing to do to pause. We want to get the reference unit right. We want to get the RMR contracts treated the right way. But there's a lot of detail behind both of those comments that I just made and making sure that, that's done correctly and then done over a longer period of time than one year price signals, I think, is where you're going to find the right solution.

所以我——我們之前在電話會議中提到過，我只是在這裡強調一下，我們認為暫停是正確的做法。我們希望獲得正確的參考單位。我們希望以正確的方式對待 RMR 合約。但我剛剛發表的這兩條評論背後有很多細節，並確保正確完成，然後在比一年價格訊號更長的時間內完成，我認為，這就是您將找到的地方正確的解決方案。

So from an ops standpoint, I don't -- I think they're waiting in just when they should. And I think that's pretty well aligned with the same thoughts that we have from a reliability and affordability standpoint.

因此，從營運的角度來看，我不認為——我認為他們只是在應該等待的時候等待。我認為這與我們從可靠性和負擔能力的角度來看的想法非常一致。

There are no further questions at this time. And I'd like to turn the floor back over to management for closing remarks.

目前沒有其他問題。我想將發言權交還給管理階層作結束語。

Great. Yes. So let me just take a couple of seconds here. And I certainly understand and respect all the questions that we got on co-location today and specifically in light of the decision that was handed down from FERC on Friday.

偉大的。是的。讓我在這裡花幾秒鐘的時間。我當然理解並尊重我們今天在同一地點提出的所有問題，特別是考慮到 FERC 週五做出的決定。

But I want to just take a second to focus on the outstanding results that the team put out last quarter, not only from a financial standpoint, from an operating standpoint and the reliability that the utility delivered, the reliability that the nuclear units delivered. And I think the -- not to lose sight of the fact of mutual aid that we were able to support in the southern part of the state.

但我想花一點時間關註一下該團隊上季度所取得的出色業績，不僅是從財務角度來看，還從營運角度來看，以及公用事業公司提供的可靠性、核電機組提供的可靠性。我認為——不要忽視我們能夠在州南部地區支持互助的事實。

Combine that with the outstanding results that were achieved with our regulators to find a solution that was both affordable and provided long-term reliability for our customers in our base rate case and help customers achieve savings in our energy efficiency filing really sets us up for the long term in a very positive way.

將其與我們的監管機構取得的傑出成果相結合，找到一種既經濟實惠又能為我們的客戶在基本費率情況下提供長期可靠性的解決方案，並幫助客戶在我們的能源效率備案中實現節省，真正使我們能夠實現從長遠來看，這是一種非常積極的方式。

I understand of the long-term solutions for the data center and specifically the output of our nuclear plants is of concern. But again, I would put that in the context that we laid out here today in $7 a megawatt hour for transmission rates down in the Artificial Island area.

我了解資料中心的長期解決方案，特別是我們核電廠的輸出令人擔憂。但我再次強調，我們今天在這裡制定了每兆瓦時 7 美元的價格，以降低人工島地區的傳輸率。

So we continue to be very positive. Looking forward to speaking to everybody at EEI and which time we'll give you even some more details on all those things we spoke about. So thanks for calling in and look forward to seeing you in Florida.

所以我們仍然非常積極。期待與 EEI 的每個人交談，屆時我們將為您提供有關我們所討論的所有內容的更多詳細資訊。感謝您的來電，並期待在佛羅裡達州見到您。

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。