公共服務電力與天然氣 (PEG) 2024 Q4 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 Fourth Quarter and Full Year Results 2024 Earnings Conference Call and Webcast. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫羅布，今天我是您的活動主持人。歡迎大家參加今天的會議，即公共服務企業集團2024年第四季和全年業績電話會議和網路廣播。（操作員指令）

As a reminder, this conference is being recorded today, February 25, 2025, and will be available for replay as an audio webcast on PSEG's Investor Relations website at https://investor.psg.com. I would now like to turn the conference over to Carlotta Chan.

提醒一下，本次會議將於今天（2025 年 2 月 25 日）錄製，並將作為音訊網路廣播在 PSEG 的投資者關係網站 https://investor.psg.com 上重播。現在我想將會議交給卡洛塔·陳 (Carlotta Chan)。

Please go ahead.

請繼續。

Good morning, and welcome to PSEG's Fourth Quarter and Full Year 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-K will be filed later today.

早上好，歡迎參加 PSEG 2024 年第四季和全年財報。參加今天電話會議的有主席總裁兼首席執行官拉爾夫·拉羅薩 (Ralph LaRossa)；以及執行副總裁兼首席財務官 Dan Cregg。今天討論的新聞稿、附件和幻燈片已發佈在我們的 IR 網站 investor.pseg.com 上，我們的 10-K 將於今天晚些時候提交。

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 的收益報告和今天電話會議上討論的其他事項包含前瞻性陳述和估計，這些陳述和估計受各種風險和不確定性的影響。我們還將討論非 GAAP 營業收入，這與根據美國公認會計原則或 GAAP 報告的淨收入不同。

We include reconciliations of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IR website and in today's materials. Following our prepared remarks, we will conduct a 30-minute question-and-answer session. I will now turn the call over to Ralph LaRossa.

我們在 IR 網站和今天的資料中提供了非 GAAP 財務指標的對帳表和有關前瞻性陳述的免責聲明。在我們準備好的發言之後，我們將進行 30 分鐘的問答環節。現在我將電話轉給拉爾夫·拉羅薩。

Thank you, Carlotta, and thank you, everyone, for joining us this morning to review PSEG's 2024 results and our outlook for the business going forward. Let's start with our strong results. PSEG reported net income of $0.57 per share for the fourth quarter of 2024 and $3.54 per share for the full year.

謝謝卡洛塔，也謝謝大家今天早上加入我們，回顧 PSEG 的 2024 年業績以及我們對未來業務的展望。讓我們從強勁的業績開始。PSEG 報告 2024 年第四季每股淨收入為 0.57 美元，全年每股淨收入為 3.54 美元。

For non-GAAP operating earnings, PSEG reported results of $0.84 per share for the fourth quarter and $3.68 per share for the full year, which was at the top of our 2024 guidance range. Our reported results for 2024 also marked the 20th consecutive year that we have met or exceeded management's non-GAAP operating earnings guidance to investors.

對於非 GAAP 營業收入，PSEG 報告第四季度業績為每股 0.84 美元，全年業績為每股 3.68 美元，達到我們 2024 年指導範圍的最高水平。我們報告的 2024 年業績也標誌著我們連續第 20 年達到或超過管理層向投資者提出的非 GAAP 營業利潤預期。

We are proud of this track record and confident that our team will continue to build on it. We are also successful in achieving our strategic and regulatory objectives for 2024. First, we settled PSE&G's first electric and gas distribution rate case in six years all with a balanced outcome that recovers prudent investments, maintains our favorable affordability profile and mitigates variability for our customers.

我們為這樣的成績感到自豪，並堅信我們的團隊會繼續在此基礎上再接再厲。我們也成功實現了 2024 年的策略和監管目標。首先，我們解決了 PSE&G 六年來的第一起電力和天然氣分配費率案件，並取得了平衡的結果，收回了審慎的投資，保持了我們有利的承受能力，並減輕了客戶的波動性。

Second, PSE&G received approval to invest $2.9 billion in its Clean Energy Future Energy Efficiency 2 program over the upcoming six-year period. This second phase of the BPU statewide energy efficiency framework has resulted in a meaningful increase to the program, which will enable us to make investments at more customer premises to reduce energy usage improve affordability and reduce carbon emissions.

其次，PSE&G獲得批准，將在未來六年內向其清潔能源未來能源效率2計畫投資29億美元。BPU 全州能源效率框架的第二階段對該計劃進行了有意義的增加，這將使我們能夠在更多客戶場所進行投資，以減少能源使用，提高可負擔性並減少碳排放。

Third, we efficiently executed the utilities planned $3.6 billion capital spending program and notably completed the advanced metering infrastructure program on time and on budget, installing approximately 2.2 million smart meters in customers' homes and businesses. And fourth, and I'm very happy to say we implemented new deferral mechanisms for pension and storm expense coming out of the rate case. This increases the predictability of PSE&G's future financial results and stabilizes rates for customers.

第三，我們高效執行了公用事業計劃的36億美元資本支出計劃，尤其是按時按預算完成了先進計量基礎設施計劃，在客戶家庭和企業安裝了約220萬台智慧電錶。第四，我很高興地說，我們針對利率案例中的退休金和風暴費用實施了新的延期機制。這提高了 PSE&G 未來財務業績的可預測性，並穩定了客戶費率。

Speaking of customer rates, the new base rates that were placed into effect last October represented an annual increase of about 1% per year since our last rate case in 2018. Also, last October, PSE&G lowered its gas commodity charge to $0.33 per therm for the winter of 2025.

說到客戶費率，去年 10 月生效的新基準費率自 2018 年我們上次的費率案例以來每年增長約 1%。此外，去年 10 月，PSE&G 將其 2025 年冬季的天然氣商品價格下調至每熱量單位 0.33 美元。

The third supply charge reduction since January of 2023. All of these steps will serve to moderate the recent outcome of the BGS auction results, which will increase customer electric bills this June 1. PSE&G's record of reliability, affordability and customer satisfaction continues to be a valuable combination.

自2023年1月以來第三次降低供應費。所有這些措施將有助於緩和近期英國電力公司拍賣的結果，該拍賣結果將從 6 月 1 日起提高客戶的電費。PSE&G 的可靠性、可負擔性和客戶滿意度記錄繼續保持著寶貴的組合。

We were recently named number one in customer satisfaction with residential electric and gas service in the East among large utilities by J.D. Power in 2024. The utility also received the PA Consulting 2020 liability one award for the Mid-Atlantic region for the 23rd consecutive year. I want to take a moment to recognize and thank all of our over 13,000 employees for the incredible teamwork and individual efforts that deliver 2024 strategic objectives and financial results. So let's turn to our outlook for 2025, starting with slides 5 and 6.

我們最近被 J.D. Power 評為 2024 年東部地區住宅電力和天然氣服務客戶滿意度大型公用事業公司第一名。該公用事業公司也連續第 23 年榮獲 PA Consulting 2020 年中大西洋地區責任獎。我想花點時間表彰並感謝我們超過 13,000 名員工，感謝他們出色的團隊合作和個人努力，實現了 2024 年策略目標和財務表現。讓我們來看看 2025 年的展望，從幻燈片 5 和 6 開始。

For the current year, we have initiated PSEG's non-GAAP operating earnings guidance at $3.94 to $4.06 per share, which is up by 9% at the midpoint over our 2024 reported results. Our 2025 guidance midpoint is the new base year for PSEG's 5% to 7% non-GAAP operating earnings CAGR at the nuclear production tax credit threshold for the 2025 to 2029 period.

對於本年度，我們已啟動 PSEG 的非 GAAP 營業利潤預測，為每股 3.94 美元至 4.06 美元，比我們報告的 2024 年業績中位數增長 9%。我們的 2025 年指引中點是 PSEG 在 2025 年至 2029 年期間核生產稅收抵免門檻下 5% 至 7% 非 GAAP 營業收入複合年增長率的新基準年。

I would also note this CAGR, while unchanged as we pursue incremental revenue opportunities at PSEG Nuclear starts from a $4 midpoint of 2025 guidance that is 9% higher than our 2024 non-GAAP results. For 2025, we plan to invest $4 billion across enterprise driven by regulated investments. We also raised PSEG's 2025 to 2029 capital spending plan to $22.5 billion to $26 billion, which is up by $3.5 billion from the prior plan.

我還要指出的是，儘管這一複合年增長率沒有變化，因為我們在 PSEG Nuclear 尋求增量收入機會，但其起始價格為 2025 年指引的中點 4 美元，比我們 2024 年非 GAAP 結果高出 9%。到 2025 年，我們計劃在受監管的投資推動下向整個企業投資 40 億美元。我們也將 PSEG 的 2025 年至 2029 年資本支出計畫提高至 225 億美元至 260 億美元，比先前的計畫增加了 35 億美元。

This increase is largely comprised of incremental investments at PSE&G that will meet growing customer demand, modernize infrastructure and further execute on the previously mentioned energy efficiency programs. Please see slides 14 and 15 for the updated regulated capital spending plan and rate base projections for the 2025 to 2029 period.

這一成長主要包括對PSE&G的增量投資，用於滿足不斷增長的客戶需求、實現基礎設施現代化以及進一步執行前面提到的能源效率計劃。請參閱投影片 14 和 15，以了解 2025 年至 2029 年期間更新的受監管資本支出計畫和利率基準預測。

This updated five-year capital spending program is expected to support a PSE&G rate base CAGR that continues at 6% to 7.5% over the upcoming five-year period, which grows from a starting point of approximately $34 billion, which is notably 12% higher than the year-end 2023 balance. Something new for PSE&G this year has been a significant increase in inquiries from large load and data center customers. Last year at this time, these totaled under 400 megawatts.

這項更新的五年資本支出計畫預計將支持 PSE&G 利率基礎複合年增長率在未來五年內繼續保持在 6% 至 7.5%，從約 340 億美元的起點增長，明顯比 2023 年底的餘額高出 12%。今年PSE&G出現的新鮮事是來自大負荷和資料中心客戶的詢問大幅增加。去年同期，這些發電總量還不到 400 兆瓦。

Today, the interest has grown to 4,700 megawatts, which includes both mature leads and initial inquiries. This pipeline represents an over 12-fold increase over the last year. The average size of these project leads is in the 100-megawatt range, which can often fit within PSE&G's existing robust utility transmission infrastructure. We are responding to these inquiries in under 4 months on average. Approximately 25% of the 4,700 megawatts of new business leads have been incorporated into PJM's 2025 system peak lower forecast.

如今，興趣已增長至 4,700 兆瓦，其中既包括成熟的線索，也包括初步的詢問。與去年相比，這條管道增加了 12 倍以上。這些項目的平均規模在 100 兆瓦範圍內，通常可以納入 PSE&G 現有的強大公用事業傳輸基礎設施。我們平均在 4 個月內回覆這些詢問。4,700兆瓦新業務線索中約有25%已納入PJM的2025年系統峰值下限預測。

As I mentioned earlier, the basic generation service auction results will raise the residential electric bill starting June 1. This increase is being driven by the significant rise in the capacity prices coming out of PJM's latest RPM auction conducted last July, which reflects growing energy demand combined with the need for new power generation.

正如我之前提到的，基本發電服務拍賣結果將導致從 6 月 1 日起居民電費上漲。推動這一成長的因素是，去年 7 月 PJM 進行的最新 RPM 拍賣中容量價格大幅上漲，這反映了不斷增長的能源需求以及對新發電的需求。

As a reminder, electric supplies of pass-through costs that PSE&G does not earn a profit on. Even with this upcoming BGS increase, our combined bill still compares favorably to all other utilities in New Jersey, and we remain a leader across the nation on our low share of wallet comparison. PSE&G's bill remains at about 3% of total income for medium income customers and even lower still approximately 2% or our low to moderate income customers that take advantage of payment assistance programs.

提醒一下，PSE&G 不會從轉嫁成本的電力供應中賺取利潤。即使即將提高 BGS 費用，我們的綜合帳單與新澤西州所有其他公用事業相比仍然具有優勢，而且在低錢包份額比較方面，我們仍然在全國處於領先地位。對於中等收入客戶，PSE&G 的帳單仍佔總收入的 3% 左右，對於利用付款援助計劃的低收入到中等收入客戶，帳單甚至更低，約為 2%。

Turning to PSE&G Power & Other, while the PTC threshold provides sufficient support to meet PSEG's 5% to 7% long-term growth outlook, we continue to pursue nuclear revenue growth opportunities at PSEG nuclear that would be incremental.

談到 PSE&G Power & Other，雖然 PTC 門檻提供了足夠的支持以滿足 PSEG 5% 至 7% 的長期增長前景，但我們仍將繼續尋求 PSEG 核電業務的核收入增長機會，這種增長機會將是漸進的。

These opportunities to contract portions of our nuclear output under long-term contracts can also benefit the economic development interest of the state and helping to attract AI hubs to New Jersey. We had an exceptional year in 2024 continuing to execute on our business plan and in doing so, have made our businesses more predictable and our earnings growth more visible.

這些透過長期合約承包部分核能產出的機會也可以有利於該州的經濟發展利益，並有助於吸引人工智慧中心落腳新澤西州。2024 年是我們非凡的一年，我們繼續執行我們的業務計劃，並在此過程中使我們的業務更加可預測，獲利成長更加明顯。

These benefits will enhance our ability to drive our future performance that prioritizes maintaining our financial strength making disciplined investments and delivering operational excellence. Another key PSEG distinction that we are proud to extend our ability to continue supporting another robust five-year capital program without the need to issue new equity or sell assets through 2029, even with the latest $3.5 billion increase over the prior plan.

這些好處將增強我們推動未來績效的能力，優先維持我們的財務實力、進行有紀律的投資和實現卓越的營運。PSEG 的另一個關鍵區別是，我們很自豪能夠擴大我們的能力，繼續支持另一個強勁的五年期資本計劃，而無需在 2029 年之前發行新股或出售資產，即使最新的資金比之前的計劃增加了 35 億美元。

Before I conclude, I want to highlight that our Board of Directors recently announced a $0.12 per share increase in PSEG's annual common dividend to indicative annual rate of $2.52 per share for 2025. This is PSEG's 14th consecutive annual increase, made possible by a long-standing commitment to financial discipline that has enabled us to pay a common dividend to our shareholders for 118 consecutive years. I'll now turn the call over to Dan to walk you through the results for the quarter and our outlook for 2025 through 29th period, and then we joined the call for Q&A.

最後，我想強調一下，我們的董事會最近宣布 PSEG 的年度普通股股息將增加 0.12 美元/股，至 2025 年的指示性年股息每股 2.52 美元。這是 PSEG 連續第 14 年實現成長，這得益於我們長期遵守財務紀律，這使我們能夠連續 118 年向股東派發共同股息。現在我將把電話轉給丹，讓他向您介紹本季度的業績以及我們對 2025 年到第 29 期的展望，然後我們加入問答環節。

Thank you, Ralph, and good morning, everybody. As Ralph mentioned earlier, PSEG reported net income of $3.54 per share for the full year of 2024 compared with net income of $5.13 per share for 2023. And non-GAAP operating earnings for the full year of 2024 were $3.68 per share compared to $3.48 per share for 2023. For the fourth quarter of 2024, net income was $0.57 per share compared to $1.10 per share in 2023 and non-GAAP operating earnings were $0.84 per share in the fourth quarter of 2024 compared to $0.54 per share in 2023. slides 8 and 10 detail the contribution to non-GAAP operating earnings per share by business segment.

謝謝你，拉爾夫，大家早安。正如拉爾夫之前提到的，PSEG 報告 2024 年全年每股淨收入為 3.54 美元，而 2023 年每股淨收入為 5.13 美元。2024 年全年非 GAAP 營業利潤為每股 3.68 美元，而 2023 年為每股 3.48 美元。2024 年第四季，淨收入為每股 0.57 美元，而 2023 年為每股 1.10 美元，2024 年第四季非 GAAP 營業收益為每股 0.84 美元，而 2023 年為每股 0.54 美元。投影片 8 和 10 詳細介紹了各業務部門對非 GAAP 每股營業收益的貢獻。

The fourth quarter and full year of 2024 and slides 9 and 11 contained waterfall charts that take you through the net changes for the quarter-over-quarter and full year periods and non-GAAP operating earnings per share by major business. Starting with PSE&G, which reported fourth quarter 2024 net income of $0.75 per share compared to $0.58 per share in 2023.

2024 年第四季和全年以及第 9 頁和第 11 頁幻燈片包含瀑布圖，可帶您了解季度環比和全年期間的淨變化以及主要業務的非 GAAP 每股營業收益。首先是 PSE&G，該公司報告 2024 年第四季的淨收入為每股 0.75 美元，而 2023 年的每股淨收入為 0.58 美元。

PSE&G had non-GAAP operating earnings of $0.75 per share for the fourth quarter of 2024 compared to $0.59 per share in 2023. Utilities results were driven by the implementation of new electric and gas base distribution rates. The new rates went into effect on October 15 and the fourth quarter results reflect the impact of seasonality of gas revenues during winter months.

PSE&G 2024 年第四季的非 GAAP 營業利潤為每股 0.75 美元，而 2023 年為每股 0.59 美元。公用事業的業績受到新電力和天然氣基本分配率實施的推動。新費率於 10 月 15 日生效，第四季度的業績反映了冬季天然氣收入季節性的影響。

2025 comparisons will benefit from a full year of new rates for both gas and electric revenues. Compared to the fourth quarter of 2023, transmission margin was a benefit of $0.02 per share due to higher recovery of investments. Distribution margin increased by $0.16 per share and reflects the impacts of the rate case on gas revenues in the fourth quarter.

2025 年的比較將受益於全年天然氣和電力收入的新費率。與 2023 年第四季相比，由於投資回收率較高，輸電利潤率每股收益 0.02 美元。分配利潤率每股增加了 0.16 美元，反映了利率案例對第四季度天然氣收入的影響。

Distribution O&A expense was $0.01 per share favorable compared to the fourth quarter of 2023, primarily due to the timing of spending. Depreciation and interest expense rose by $0.01 per share and $0.02 per share, respectively, compared to the fourth quarter of 2023, reflecting continued growth in investment and higher interest expense.

與 2023 年第四季相比，分銷 O&A 費用為每股 0.01 美元，主要歸因於支出時機。與 2023 年第四季相比，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。

Lower pension and OPEB income resulting from the cessation of OCA related credits, which ended in 2023, resulted in a $0.02 per share unfavorable comparison to the year earlier quarter. And lastly, the timing of taxes recorded through an annual effective tax rate, which nets to 0 over the full year and other taxes had a net favorable impact of $0.02 per share in the fourth quarter compared to 2023.

由於 OCA 相關信貸於 2023 年終止，退休金和 OPEB 收入降低，與去年同期相比，每股收益下降 0.02 美元。最後，透過年度有效稅率記錄的稅收時間，全年淨額為 0，其他稅收在第四季度與 2023 年相比產生每股 0.02 美元的淨有利影響。

And for the full year, PSE&G results reflect higher earnings from increased investment in infrastructure replacement and energy efficiency as well as the rate case partially offset by higher interest and depreciation expense from higher investment balances. Weather during the fourth quarter, as measured by heating degree days, was 12% warmer than normal, but 3% cooler than the fourth quarter of 2023. And as I'm sure you know, weather variations have a minimal impact on PSE&G's utility margin because of the conservation incentive program, or CIP mechanism.

就全年而言，PSE&G 的業績反映出，由於對基礎設施更換和能源效率的投資增加，收益增加，而利率情況則被投資餘額增加導致的利息和折舊費用增加部分抵消。以暖氣度日數衡量，第四季的天氣比正常高 12%，但比 2023 年第四季低 3%。我相信您知道，由於保護激勵計劃或 CIP 機制，氣候變遷對 PSE&G 的效用利潤的影響很小。

This decoupling mechanism limits the impact of weather and other sales variances positive or negative, on electric and gas margins while helping PSE&G promote the widespread adoption of its energy efficiency program. Under the CIP, the number of electric and gas customers is what drives margin, and each segment grew by approximately 1% in 2024.

這種脫鉤機制限制了天氣和其他銷售差異對電力和天然氣利潤的正向或負向影響，同時幫助PSE&G推動其能源效率計畫的廣泛採用。根據 CIP，電力和天然氣客戶的數量是推動利潤的因素，到 2024 年每個部分將增加約 1%。

On capital spending, as Ralph mentioned, PSE&G invested approximately $0.9 billion or $900 million during the fourth quarter. And for the full year 2024, our capital spending totaled $3.6 billion slightly higher than our original plan of $3.4 billion 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. For 2025, we plan to invest approximately $3.8 billion in regulated investments focused on infrastructure modernization, energy efficiency and meeting growing demand and electrification initiatives.

在資本支出方面，正如拉爾夫所提到的，PSE&G 在第四季度投資了約 9 億美元或 9 億美元。而就 2024 年全年而言，我們的資本支出總額為 36 億美元，略高於我們最初計劃的 34 億美元，這基於我們繼續執行電力系統可靠性計劃，包括 IAP 中的 Energy Strong 和最後一英里支出、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。到 2025 年，我們計劃投資約 38 億美元用於受監管的投資，重點是基礎設施現代化、能源效率以及滿足不斷增長的需求和電氣化計劃。

We've rolled forward our five-year regulated capital investment plan through 2029 amounting to $21 billion to $24 billion compared to our prior plan of $18 billion to $21 billion. The $3 billion increase in regulated investments is driven by incremental reliability and resiliency investments under PSE&G's existing infrastructure programs and the CEF E2 program.

我們將五年監理資本投資計畫提前至 2029 年，總額將達到 210 億至 240 億美元，而先前的計畫為 180 億至 210 億美元。受監管投資增加 30 億美元，主要得益於 PSE&G 現有基礎設施計劃和 CEF E2 計劃下可靠性和彈性投資的增加。

Our 2025 to 2029 regulated capital investment plan is expected to produce compound annual growth in rate base of 6% to 7.5%, starting from a year-end 2024 rate base of approximately $34 billion, including construction work in progress and as Ralph mentioned, is an increase of approximately 12% over the same number for year-end 2023. Moving to PSEG Power and Other. For the fourth quarter of 2024, PCEG Power & Other reported a net loss of $0.18 per share compared to net income of $0.52 per share in the fourth quarter of 2023.

我們的 2025 年至 2029 年受監管資本投資計畫預計將產生 6% 至 7.5% 的利率基數複合年增長率，從 2024 年底約 340 億美元的利率基數開始，包括在建工程，正如 Ralph 提到的，比 2023 年底的同一數字增加約 12%。轉向 PSEG Power 和其他。2024 年第四季度，PCEG Power & Other 報告每股淨虧損 0.18 美元，而 2023 年第四季每股淨收入 0.52 美元。

Non-GAAP operating earnings were $0.09 per share for the fourth quarter compared to a non-GAAP operating earnings loss of $0.05 per share in the fourth quarter of 2023. For the fourth quarter of 2024, net energy margin rose by $0.18 per share, driven by higher recontracting prices at nuclear which includes the net impact of the nuclear PTC that took effect January 1, 2024.

第四季非公認會計準則營業收益為每股 0.09 美元，而 2023 年第四季非公認會計準則營業收益虧損為每股 0.05 美元。2024 年第四季度，淨能源利潤率每股上漲 0.18 美元，這得益於核電重簽價格上漲，其中包括 2024 年 1 月 1 日生效的核電 PTC 的淨影響。

As anticipated, we realized 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. O&M was $0.01 per share unfavorable. Interest expense was $0.02 per share higher, reflecting incremental debt at higher rates and lower pension income and OPEB credits were $0.01 per share unfavorable versus the fourth quarter of 2023.

正如預期的那樣，根據我們基礎對沖的狀況，我們在下半年實現了 2024 年毛利率相對於 2023 年毛利率的很大一部分增幅。O&M 每股虧損 0.01 美元。利息支出增加 0.02 美元/股，反映出利率上升導致的增量債務和退休金收入下降，而 OPEB 信貸與 2023 年第四季相比每股虧損 0.01 美元。

Taxes and other were $0.01 per share favorable compared to the year earlier quarter. On the operating side, the nuclear fleet produced approximately 7.3 terawatt hours during the fourth quarter at approximately 31 terawatt hours for the full year running at a capacity factor of approximately 86% and 90% for the quarter and full year, respectively. Touching on some recent financing activity.

與去年同期相比，稅費及其他費用每股減少 0.01 美元。在營運方面，核電機組第四季度生產了約 7.3 太瓦時，全年生產了約 31 太瓦時，第四季和全年的容量係數分別約為 86% 和 90%。談一些最近的融資活動。

As of the end of December, PSEG had total available liquidity of $2.6 billion, including approximately $100 million of cash on hand. Through December 2024, cash from operations was strong though well below the 2023 level, which is substantially helped by the return of cash collateral.

截至 12 月底，PSEG 的總可用流動資金為 26 億美元，其中包括約 1 億美元的現金。截至 2024 年 12 月，經營現金流強勁，但遠低於 2023 年的水平，這在很大程度上得益於現金抵押品的返還。

Our cash collateral balance was approximately $250 million as of December 31, which supported our strong liquidity position. Last November, PSE&G repaid its $250 million, 3.05% secured medium-term notes, or MTNs, upon maturity. And in December of 24, PSEG Power entered into a new 364-day variable rate term loan for $400 million, supported by the strength of its cash flow.

截至 12 月 31 日，我們的現金抵押餘額約為 2.5 億美元，這支持了我們強大的流動性狀況。去年 11 月，PSE&G 償還了到期的 2.5 億美元、3.05% 的有擔保中期票據（MTN）。2024 年 12 月，在強勁現金流的支持下，PSEG Power 簽訂了一項新的 364 天 4 億美元浮動利率定期貸款。

And also in December, PSEG Power amended its existing $1.25 billion variable rate 3-year term loan agreement to extend the maturity from March to June of 2025, which just helps manage our cash position during the upcoming year. At the end of 2024, Power had $1.65 billion of debt outstanding with $1.25 billion swapped to a fixed rate, mitigating fluctuations in interest rates through March of 2025.

此外，12 月，PSEG Power 修改了其現有的 12.5 億美元浮動利率 3 年期貸款協議，將期限從 2025 年 3 月延長至 2025 年 6 月，這有助於我們在來年管理現金狀況。截至 2024 年底，Power 未償還債務為 16.5 億美元，其中 12.5 億美元已換成固定利率，從而緩解了截至 2025 年 3 月的利率波動。

And given our swaps, we continue to have a low level of variable rate debt, approximately just 7% of total debt at year-end. Looking ahead, our solid balance sheet supports the execution of PSEG's 5-year capital spending plan dominated by regulated CapEx. Without the need to sell new equity or assets, and provides for the opportunity for consistent and sustainable dividend growth.

考慮到我們的掉期交易，我們的浮動利率債務仍然處於較低水平，年底時僅佔總債務的 7% 左右。展望未來，我們穩健的資產負債表支持 PSEG 實施以受監管的資本支出為主的 5 年資本支出計劃。無需出售新股權或資產，並提供了持續、可持續的股息成長的機會。

Now before I conclude my remarks, let's review some earnings drivers for 2025, and those are outlined on slide 5. The most impactful driver will be the implementation of new distribution base rates in effect for the full year.

現在，在我結束演講之前，讓我們回顧一下 2025 年的一些獲利驅動因素，這些因素在第 5 張幻燈片中概述。最具影響力的驅動因素將是全年實施新的分配基準利率。

Recall that the fourth quarter of 2024 is a seasonal peak for gas which comes into play in a projection of the new base rates over a full year. Also note, electric seasonality will produce a similar impact from the third quarter of this year. In addition, cloud-based recoveries for investments in GSMP, the infrastructure management program, or IAP, and the CEF energy efficiency II program will also add to 2025 utility margin.

回想一下，2024 年第四季是天然氣的季節性高峰，這在全年新基準利率的預測中發揮了作用。也要注意，電力季節性將從今年第三季開始產生類似的影響。此外，對 GSMP、基礎設施管理計劃 (IAP) 和 CEF 能源效率 II 計劃的投資的基於雲端的恢復也將增加 2025 年的效用利潤。

Partly offsetting these positives are higher O&M, interest and depreciation expense, reflecting higher investment balances of PSE&G as well as higher interest expense at PSEG Power and parent related to refinancing maturities at higher current interest costs. At PSEG Nuclear, our 100% owned Hope creep nuclear unit has a scheduled repealing set for the fall of 2025 that will include the fuel cycle extension work to extend its next scheduled refueling in 24-months for the fall of 2027.

部分抵消了這些積極因素的是更高的營運和維護、利息和折舊費用，反映了 PSE&G 更高的投資餘額以及 PSEG Power 和母公司在更高的當前利息成本下與再融資到期相關的更高利息支出。在 PSEG Nuclear，我們全資擁有的 Hope creep 核電機組計劃於 2025 年秋季廢除，其中包括燃料循環延長工作，以將下一次計劃的燃料加油延長至 24 個月後，即 2027 年秋季。

And as a reminder, the 0 emission certificate amounts earned by our New Jersey nuclear units will conclude in May of 2025.

提醒一下，我們新澤西州核電機組獲得的零排放證書將於 2025 年 5 月結束。

In closing, we delivered our 20th year in a row of meeting or exceeding our guidance, and we carry that confidence forward to our full year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, approximately 9% higher at the midpoint over 2024 results. We also extended our 5% to 7% non-GAAP operating earnings CAGR through 2029, starting with 2025 as the base year.

最後，我們連續 20 年達到或超過了我們的預期，並且我們將這種信心延續到 2025 年全年非 GAAP 營業收益預期，即每股 3.94 美元至 4.06 美元，比 2024 年的業績中位數高出約 9%。我們也以 2025 年為基準年，將非 GAAP 營業收入複合年增長率延長至 5% 至 7%，直至 2029 年。

As Ralph mentioned, we're continuing to pursue incremental revenue opportunities at PCG Nuclear, which could enhance that long-term growth CAGR relative to the range that we've provided based on the PTC. That concludes our formal remarks, and we are ready to begin the question-and-answer session.

正如拉爾夫所提到的，我們將繼續在 PCG Nuclear 尋求增量收入機會，這可以提高相對於我們基於 PTC 提供的範圍的長期成長複合年增長率。我們的正式演講到此結束，我們準備開始問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Shahriar Pourreza with Guggenheim Partners

Shahriar Pourreza 與古根漢合夥人公司

Hey guys, good morning.

嘿，大家早安。

Good morning.

早安.

So just, Ralph, starting off on the nuclear side with Artificial Island, do you see sort of commercial discussions being delayed with the recent actions at FERC? Does the complexity of like behind-the-meter deals, changed the deal structure, the potential opportunities around side of the meter? And any sense on timing, especially given the governor's ambitions? Thanks.

那麼，拉爾夫，我們先從人工島核能方面開始說，您是否認為由於聯邦能源管理委員會最近的行動，某種商業談判被推遲了？電錶後交易的複雜性是否改變了交易結構和電錶側的潛在機會？有沒有關於時間安排方面的信息，特別是考慮到州長的雄心？謝謝。

Yes. Thanks, Shahr. So I'm going to let Dan give you some details on that. But since you mentioned the governor, I would just say this on that front. He -- well, the New Jersey Economic Development Authority has made a few comments about their wind port and specifically that they're looking at alternative uses for that wind for.

是的。謝謝，Shahr。因此我將讓丹向您詳細介紹這方面的情況。但既然您提到了州長，我只想就此說一下。他——新澤西州經濟發展局對他們的風力發電港發表了一些評論，具體來說，他們正在尋找風力發電的替代用途。

So that's one thing that we just want to point out. The governor has also mentioned that he has in a recent call and show that they're looking at alternate uses for it. So you kind of put those pieces together. And we know that there's some interest from the governor standpoint and from New Jersey standpoint to continue for us to look to pursue these opportunities. And as far as -- so that's the timing issue that you hit on the back end.

這是我們只想指出的一點。州長也在最近的一次電話會議中提到，他們正在尋找其他用途。所以你就把這些碎片拼湊在一起了。我們知道，從州長和新澤西州的角度來看，他們對我們繼續尋求這些機會很感興趣。就—而言，這就是您在後端遇到的時間問題。

And Dan, we'll kind of address generically the upfront piece.

丹，我們將大致討論一下前期部分。

Yes. I think, Shahr, our messaging there is really fairly consistent. I think we've continued to see interest. We continue to have discussions with multiple parties for various elements of what we're talking about, and that interest remains strong. So I think you touched on FERC as well.

是的。我認為，沙爾，我們在那裡傳達的訊息確實相當一致。我認為我們仍然看到人們的興趣。我們繼續與多方就我們正在談論的各個要素進行討論，並且他們的興趣仍然濃厚。所以我認為您也談到了 FERC。

I think that while it would have been great to have complete answers throughout everything from what FERC said, I don't know that we necessarily expected that, and we got to wait for some. But I think directionally, what they said was favorable for the flexibility to do what you want to do and those details are yet to be written. So we'll continue to see what happens there, but I think our messaging is really consistent with respect to what's going on related to nuclear.

我認為，儘管如果能從聯邦能源管理委員會所說的所有問題中得到完整的答案就太好了，但我不知道我們是否一定期待這一點，我們還得等待一些答案。但我認為從方向上看，他們所說的話有利於靈活地做你想做的事情，而這些細節尚未寫出。因此，我們將繼續觀察那裡發生的情況，但我認為，我們關於核問題進展的資訊是一致的。

And the glass at full on the FERC, Shahr, just to reinforce that. The timing of it is pretty aggressive, and there was a clear message from FERC on their need to get to a solution here. So we took that as a positive. We certainly could have been in a different place at least for the one potential solution behind the meter is still in front of the meter and there's still other offload opportunities there.

而 FERC、Shahr 的滿載玻璃只是為了強化這一點。時機非常緊迫，聯邦能源管理委員會明確表示需要找到解決方案。因此我們認為這是一件正面的事。我們當然可以處於不同的地方，至少對於電錶後面的一個潛在解決方案來說，它仍然在電錶前面，並且那裡仍然有其他的卸載機會。

That's a fair point. I appreciate that, Ralph. And then I just want to make sure, does the PSE&G pipeline of opportunities and inquiries you just highlighted, it's over 4 gigs. Does that negate any of the artificial island opportunities? Like in other words, any chance that a potential deal with artificial island kind of shift towards the front of the meter with PSE&G or the Artificial Island counterparty is completely separate from the PSE&G conversations you just highlighted?

這是一個合理的觀點。我很感激，拉爾夫。然後我只想確保，您剛才強調的 PSE＆G 機會和諮詢管道是否超過 4 個演出。這是否會否定任何建設人工島的機會？換句話說，與 PSE&G 或人工島交易對手達成的潛在人工島交易是否完全獨立於您剛才強調的 PSE&G 對話？

Thanks. Yes. So I think the message on the 4,700 megawatts, which includes other things besides data centers. We were clearing there was data centers plus a large load. And believe it or not, we're still seeing some large electric vehicle interconnections that are taking place. So it's a number of items.

謝謝。是的。所以我認為 4,700 兆瓦的資訊除了資料中心之外還包括其他東西。我們正在清理那裡的資料中心和大量負載。無論你是否相信，我們仍然看到一些大型電動車互聯互通正在發生。因此，這是許多項目。

I think there's two takeaways, though, that we want to make sure, first of all, from a data center standpoint, there is interest from the industry in New Jersey when you see 4,700 megawatts showing up. That's a request that is showing up. So that's part one. And part 2 is the state's marketing in this area has been working. They've got a Helix that they've announced in New Brunswick, their number of Nokia, New Jersey, Bell labs just announced that they're going to be in New Brunswick.

不過，我認為有兩點我們要確保，首先，從資料中心的角度來看，當看到 4,700 兆瓦的電力出現時，新澤西州的業界會引起興趣。這是一個正在出現的請求。這是第一部分。第二部分是國家在這一領域的營銷工作已經發揮作用。他們已經在新不倫瑞克宣布了 Helix，諾基亞、新澤西、貝爾實驗室也剛剛宣布他們將進駐新不倫瑞克。

So there's a number of the efforts that are taking place are taking hold, and we just look forward to the momentum continuing.

因此，正在進行的多項努力已取得成效，我們只是期待這一勢頭能夠繼續下去。

Fantastic. Thank you guys so much. I appreciate it and great execution.

極好的。非常感謝你們。我很感激並且執行得很好。

David Arcaro Morgan Stanley

大衛‧阿卡羅 摩根士丹利

Oh hey, thanks. Good morning.

噢嘿，謝謝。早安.

Hey David.

嘿，大衛。

Hey, how are you doing? Let me see. I guess the PJM auction has been getting a lot of attention recently. FERC is going to be relooking at auction structures and a number of changes are underway now. I was wondering if you could comment on how you're thinking about the outlook for the PJM market what could change? Are there possibilities of structural changes here?

嘿，你好嗎？讓我看看。我想 PJM 拍賣最近一定備受關注。FERC 將重新審視拍賣結構，目前正在進行一些變革。我想知道您是否可以評論一下您對 PJM 市場前景的看法以及可能發生哪些變化？這裡是否存在結構性變化的可能性？

And how do you navigate that maybe both from a customer impact and for your nuclear fleet?

那麼您如何從對客戶的影響以及對您的核電機組的影響來解決這個問題呢？

Yes. So I think the way we are specifically addressing is by setting our -- all of our targets off the PTC 4. We've been very clear about that and the impacts there. Well, from a customer standpoint, we will do everything in our power to help keep customer costs down from an affordability standpoint. We will -- we have done that.

是的。因此，我認為我們具體解決的方法是設定我們的所有目標，而不是 PTC 4。我們對此及其影響非常清楚。嗯，從客戶的角度來看，我們將竭盡全力幫助客戶從可負擔的角度降低成本。我們會的——我們已經這樣做了。

We will continue to advocate on that behalf.

我們將繼續為此進行倡議。

I just don't know whether or not the premise of the question of the PJM market is valid because I don't know if there is a PJM market anymore, and we've been talking to that for quite some time. So my concern there is mostly from a reliability standpoint. Are we going to be able, in this construct to attract generation to the PJM region as a whole. And if so, is it going to be in a timely enough fashion for everything that we have going on in the region? So those are the questions at hand.

我只是不知道 PJM 市場問題的前提是否有效，因為我不知道是否還存在 PJM 市場，而且我們已經討論了很長時間了。所以我主要擔心的是可靠性的角度。透過這樣的結構，我們是否能夠吸引電力到整個 PJM 地區？如果是這樣，那麼對於我們在該地區正在發生的一切來說，這是否足夠及時？這些就是當前的問題。

It's really focused on reliability and affordability for us. And we're going to keep advocating on customers' behalf in both of those areas.

它真正注重的是我們的可靠性和可負擔性。我們將繼續在這兩個領域為客戶爭取利益。

Yes. I think just to add on to that a little bit, David. I think those are the longer-term elements that are going to be really important for resource adequacy, and it's vital to get that right. And I think there's still work to be done there. I think for the near term, to the extent that this collar in pricing ends up being put forth for a couple of years, it can give you a little bit more stability as to where things are going to turn out.

是的。我想只是稍微補充一下，大衛。我認為這些是對於資源充足性非常重要的長期因素，正確處理這一點至關重要。我認為那裡仍有工作要做。我認為，就短期而言，如果這種定價區間最終能持續幾年，它可以為你帶來更多的穩定性，讓你知道事情將會如何發展。

But I go back again to Ralph's first comment that what we're basically putting out from a financial standpoint is the PTC floor. So to the extent that things move below that, that floor is there, if it moves above that, there could be some potential benefit for us. But I think job one is getting resource adequacy, right?

但我再次回到拉爾夫的第一個評論，即我們從財務角度提出的基本上是 PTC 底線。所以，如果事態發展到低於這個水平，那便是底線，如果事態發展到高於這個水平，我們可能會受益。但我認為首要任務是獲得資源充足性，對嗎？

Yes, absolutely. I appreciate that color. And maybe somewhat related, I guess, is the uncertainty in the outlook for PJM broadly deterrent for new large load customers, new -- maybe new customers broadly looking at the market. There's been I guess, with all these changes being considered for the auction construct and looking at the resource adequacy challenges ahead in the market. Are you seeing that lowering the interest levels from some of these customers? Any perspective there would be helpful?

是的，絕對是如此。我很欣賞那個顏色。我想，也許有些相關的是，PJM 前景的不確定性對新的大負荷客戶、新的——也許是廣泛關注市場的新客戶——產生了廣泛的阻礙作用。我想，所有這些變化都是為了拍賣結構而考慮的，並且正在考慮未來市場面臨的資源充足性挑戰。您是否發現部分客戶的興趣程度降低了？有什麼觀點有幫助嗎？

Yes. No, I'd point you back to the data in the prepared remarks, where we talked about the increase from 400, I think, megawatts to 4,700 megawatts of interest and large load in New Jersey alone. So I really can't talk for the other jurisdictions. But certainly, in New Jersey, we're still seeing that uptick that we reflected in those remarks.

是的。不，我想讓您回顧一下在準備好的評論中所提到的數據，我們討論了僅新澤西州的電力需求和大負荷就從 400 兆瓦增加到了 4,700 兆瓦。所以我真的無法代表其他司法管轄區發言。但可以肯定的是，在新澤西州，我們仍然看到了我們在這些言論中反映出的上升趨勢。

Yes, got it. That's fair. Great, I'll leave it there. Thanks so much.

是的，明白了。這很公平。太好了，我就把它留在那裡了。非常感謝。

Nick Campanella with Barclays

巴克萊銀行的 Nick Campanella

Hey, good morning, everyone. Thanks for taking the time.

嘿，大家早安。感謝您抽出時間。

Morning. Hey, soI just want to put a finer point on Shar's question just in terms of bringing maybe a commercial deal forward for the nuclear fleet, are you still watching and waiting for the state at this point? Or is it really waiting on FERC? And then just a follow-up to that is just as we kind of think about the time line, if a large load customer was to be able to connect the facility? What's the time line for ramp? And can that affect earnings in 2027, or is this more later data towards the end of the decade? Thanks.

早晨。嘿，所以我只是想更詳細地回答一下 Shar 的問題，就為核動力艦隊帶來商業交易而言，你現在還在關注和等待國家嗎？或者真的在等待聯邦能源管理委員會 (FERC)？然後接下來的問題是，正如我們考慮時間表時一樣，如果大負荷客戶能夠連接該設施怎麼辦？坡道的時間表是怎樣的？這會影響 2027 年的收益嗎，還是這是 2020 年前後更多的數據？謝謝。

Yes. Nick, I think that we're not waiting on anything on the state, and I think we're not waiting anything either from the standpoint of Fork, I think that some of the details with respect to what flexibility there can be may come out of where that goes. But I think there's the ability to continue to work and we are continuing work with respect to the state that we're in right now.

是的。尼克，我認為我們不會等待任何有關國家的事情，我認為從 Fork 的角度來看我們也不會等待任何事情，我認為關於可以存在何種靈活性的一些細節可能會從那裡出來。但我認為我們有能力繼續工作，而且我們正在根據目前的狀態繼續工作。

We're -- it's interesting. I do think that there was some expectation by some that we might see something more definitive coming out of FERC. But I will say that they did highlight 30 days and another 30 days, they seem to have understood the urgency in what they said even though we didn't get complete clarity on what they did. So I think that urgency will be helpful as we continue to go forward, but it's not stopping anything. I think from the standpoint of some final details as to how some things can be done, it may add some flexibility.

我們 — — 這很有趣。我確實認為，有些人期望聯邦能源管理委員會 (FERC) 能夠推出更明確的政策。但我要說的是，他們確實強調了 30 天和另外 30 天，他們似乎已經了解了他們所說的話的緊迫性，儘管我們沒有完全清楚他們做了什麼。因此我認為這種緊迫感將有助於我們繼續前進，但它不會阻止任何事情。我認為從某些事情如何完成的最終細節的角度來看，它可能會增加一些靈活性。

Okay. And then just like the -- I guess, the ramp for a customer, just -- it does take time for these data centers to ramp up, it seems like. And I'm just wondering, is this something that you think can impact the outlook on the five-year plan? Or is it more longer dated than that?

好的。然後就像 — — 我想，對於客戶來說，這些資料中心確實需要時間來加速，看起來是這樣。我只是想知道，您認為這會影響五年計畫的前景嗎？還是它的年代比這還要久遠？

Yes. Think about it in a couple of different ways, Nick. I would say that to the extent that there is a sale of what exists today, then something could happen quicker to the extent that somebody needs to build the data center for that power to flow to, it's going to take a little bit longer. So I think depending upon the nature of where things go, and there's a couple of things that we're working towards, that's going to dictate the timing as to when you might see something along the line.

是的。尼克，從幾個不同的角度來看這個問題。我想說，就目前存在的商品銷售而言，某些事情可能會發生得更快，而某些人需要建造資料中心來輸送電力，這將需要更長的時間。所以我認為，這取決於事態發展的性質，以及我們正在努力實現的幾個目標，這將決定何時會看到某些進展。

Okay. I appreciate that. And then just following up on the capacity auction commentary. Just wanted to try to understand if we kind of continue to clear near the 270 level, how does that kind of impact your gross receipts calculation out to '27 and where you are in the range? Thanks.

好的。我很感激。然後只是跟進容量拍賣的評論。只是想試著了解如果我們繼續接近 270 的水平，這會對您的總收入計算產生什麼影響，直到 27 日，以及您處於什麼範圍內？謝謝。

Yes. So I would say as you go out in time, you're going to have to take a look at what's in place from the standpoint of hedging and where the market goes. And then you're going to lay that capacity price on top of it. I'll remind you that at least in the structural formation of how the capacity auction is set, it's based upon a net cone, which is net of energy.

是的。因此我想說，當你及時出去時，你必須從對沖的角度看看現有的情況以及市場的走向。然後你要把容量價格加到其上。我要提醒你的是，至少在容量拍賣的結構形成上，它是基於淨錐，即能量的淨值。

And I think that as you do see one price rise, the other price should react in the opposite direction, the prices being energy and capacity. So we saw some of that when we saw the last clear go up, we saw a temporary decline in energy prices. And so there is a relationship there. I think that if I were you and I was looking out in time, I think to the extent that you saw increases in energy and you thought that we were going to clear higher, it would move us higher within the range or above the range depending upon where you go, right? We have the comfort of the floor.

我認為，當你看到一個價格上漲時，另一個價格應該做出相反的反應，即能源和容量價格。因此，當我們看到上一次能源價格明顯上漲時，我們看到了一些這種情況，我們看到了能源價格的暫時下降。因此，兩者之間存在著一種關係。我認為，如果我是你，並且我及時觀察，我認為在你看到能量增加的程度上，你認為我們將清除得更高，它會讓我們在範圍內更高或超出範圍，這取決於你去哪裡，對嗎？我們享有地板的舒適。

And I think the stability of that is really important to us and should be for you to think about how the results are going to go. But that upside is there to the extent that markets move up.

我認為這種穩定性對我們來說非常重要，您應該考慮結果會如何。但只要市場上漲，這種上行潛力就會存在。

And don't -- the only thing I would add is not to forget in those calculations that you make, that there's an inflation adjustment to that floor. So in the out years, that will impact where those lines cross and -- which I think was the root of your question.

而且不要——我唯一想補充的是，在進行計算時不要忘記，該底線存在通貨膨脹調整。因此，在未來幾年，這將影響這些界線的交叉點——我認為這就是你問題的根源。

Absolutely, and I appreciate the commentary on the range that's helpful. Thank you.

當然，我很欣賞對此範圍的有益評論。謝謝。

Paul Fremont with Ladenberg Faiman.

保羅‧弗里蒙特 (Paul Fremont) 與拉登伯格‧費曼 (Ladenberg Faiman)。

Great. I guess, first question, can you give us sort of any color on hedges that you have at PEG Power has -- normally, I guess, you would be at 90% for this year. What -- how should we think about sort of past guidance versus where you are right now?

偉大的。我想，第一個問題是，您能否向我們介紹一下 PEG Power 的對沖情況？通常，我猜，今年的避險比例應該是 90%。我們應該如何看待過去的指導與您目前的狀況？

Paul, what we have done and what we have said that we've done is try to balance the existing uncertainty of the definition of grocery seats in order to try to make sure that we're going forward in a way that minimizes our risk of results, understanding that we do have a PTC floor. What I would tell you directionally is that has not resulted in kind of radical shifts from the standpoint of what those hedging percentages would have been back when we had more of a three-year ratable.

保羅，我們所做的事情以及我們說過的事情都是試圖平衡雜貨席位定義的現有不確定性，以盡量確保我們以最大限度降低結果風險的方式前進，同時了解我們確實有一個 PTC 底線。我想告訴你的是，從我們擁有三年期應稅利率時的對沖百分比來看，這並沒有導致根本性的轉變。

So to your point, if you want to think about being somewhere in the '90s in '25 and maybe two-third and '26 and one-third and '27 is what we would have told you based upon a more ratable approach. And while we've made some movements to that, I don't think of that as being very radically different than the ratable approach.

所以對於您的觀點，如果您想想像一下 1925 年的某個時候是 90 年代的某個時候，也許 1/3 是 1926 年的某個時候，1/3 是 1927 年的某個時候，這就是我們會根據更可評估的方法告訴您的。雖然我們已在這方面採取了一些行動，但我認為這與可評估方法並沒有太大的不同。

Great. And then I guess you used to provide sort of a breakout of net income guidance between the utility and Peg Power and other. Is there a reason why you've not done that for this year?

偉大的。然後我想您曾經提供過公用事業和 Peg Power 以及其他公司之間的淨收入指引的細分。今年你沒有這樣做有什麼原因嗎？

It's just -- I think we made that change a year or two back, Paul, and we're comfortable with leaving it at the enterprise level. utility. We've been pretty consistent about that. So give or take in that range, but we're comfortable discussing this at the enterprise level.

只是──保羅，我想我們在一兩年前就做出了這個改變，我們願意將其保留在企業層面。公用事業。我們對此一直非常堅持。所以在這個範圍內是可以的，但我們願意在企業層面討論這個問題。

And then just to sort of follow-up on Nick's question. The gross margin sensitivity that you provide includes capacity prices to the extent that the auctions continue?

然後只是對尼克的問題進行一些後續跟進。您提供的毛利率敏感度包括拍賣持續進行的容量價格嗎？

I'm not sure if there's a question in there.

我不確定這裡面是否有問題。

Oh, the question is, should we in other words, you give $1 per megawatt hour as sensitivity, does that include the $1 per megawatt hour equivalent of the capacity auctions?

哦，問題是，換句話說，你給出每兆瓦時 1 美元的敏感度，這是否包括每兆瓦時 1 美元的容量拍賣等價物？

Yes. I think about that as an all-in price that you would see for a megawatt hour. And yes, you had to variablize the fixed charge. But yes, that's the right way to think.

是的。我認為這是每兆瓦時的全價。是的，您必須使固定費用可變。但確實，這是正確的思考方式。

Great. Thank you very much.

偉大的。非常感謝。

Paul Patterson with Glenrock Associates

Glenrock Associates 的 Paul Patterson

So just I mean back to the sort of the -- sorry, back to the original question about the timing on the colocation. I noticed the language that the chair reiterated on Friday and what have you. But what does that actually mean in terms of when you think that actual order might come out?

所以我的意思是回到這個問題——抱歉，回到最初關於主機託管時間的問題。我注意到主席週五重申的措辭以及你所說的內容。但是，就您認為實際訂單何時會下達而言，這實際上意味著什麼？

Well, I have to take it at their face value and they said they want to come out shortly thereafter. I think it was the words that came out in the last statement. So I mean we could guess what shortly means. But I think they've been pretty consistent in delivering on what they've said they're going to do. So I wouldn't expect it to be much beyond the 60 days if that is that that's taken.

好吧，我必須相信他們的話，他們說他們想在那之後不久就出來。我認為這是最後一份聲明中說的話。所以我的意思是我們可以猜一下 shortly 的意思。但我認為他們一直非常堅定地履行他們的承諾。因此，如果確實需要 60 天的話，我預計它不會超出這個時間。

Okay. And then you also said something that was interesting about the PGM market or the lack thereof. It's basically something that obviously is being -- there's just a lot of activity, a lot of discussion a lot of apprehension, I think, about reliability and pricing and what have you. Do you have anything you'd like to share in terms of what potentially might what you might be looking for, I mean, in terms of maybe a longer-term setup or something? Or just what are your thoughts about it?

好的。然後您還說了一些有關 PGM 市場或其缺乏的有趣事情。這基本上是一件顯然正在發生的事情——我認為，關於可靠性和定價等等，存在著很多活動、很多討論和很多擔憂。您是否想分享一些您可能正在尋找的東西，我的意思是，可能是長期設定或其他東西？或者您對此有何想法？

I mean I'd just be curious as to what you think might come out of of all the examination of this "market" and what -- how it might evolve?

我的意思是，我只是好奇您認為對這個「市場」的所有研究會得出什麼結果，以及它會如何發展？

Well, I think it's going to depend upon what state you're in and what the economic policies of that state is. You certainly hear certain positions being taken in Pennsylvania. You see positions being taken in other states. I just talked specifically to New Jersey. We have Edeka, which is the law of the land here from a generation standpoint.

嗯，我認為這取決於你所在州以及該州的經濟政策是什麼。您肯定聽過賓州採取的某些立場。您會看到其他州也採取了同樣的立場。我剛剛專門和新澤西州談過。我們有《埃德卡》（Edeka），從世代的角度來看，這是這裡的法律。

And the utilities are not involved in that process. We do have PSC gene nuclear, which is involved right now in the generation side of the business. But New Jersey is at a crossroads. And I think right now, we're all trying to figure out the best way to move forward. I don't think there's a clear answer on it.

並且公用事業不參與該過程。我們確實有 PSC 基因核，它目前涉及業務的生成方面。但新澤西州正處於十字路口。我認為現在我們都在努力尋找前進的最佳方式。我認為對此沒有明確的答案。

So I don't want to front run any policy decisions that are being made in the state. But it's certainly something we need to continue to discuss for the 2 reasons that we stated upfront, affordability for customers and the reliability.

所以我不想搶先制定任何州內的政策決定。但我們肯定需要繼續討論這個問題，原因如上所述，那就是客戶的承受能力和可靠性。

Absolutely. Any idea when we might see something of a proposal or anything?

絕對地。你知道我們什麼時候可以看到一些提案或其他東西嗎？

Yes. There's some talk about it energy master plan coming out, but look, Paul, to be honest about all of this, I think there are some decisions that have to be made that will probably bridge administrations here in New Jersey, right? So I think what we're trying to do as a company is continue to educate everyone on the issue and try to help people think through different opportunities that the State of New Jersey could pursue. .

是的。有一些關於能源總體規劃即將出台的討論，但是，保羅，你看，說實話，我認為有一些決定必須做出，這些決定可能會彌合新澤西州政府之間的分歧，對嗎？因此，我認為，作為一家公司，我們正在嘗試做的是繼續教育每個人有關這個問題，並嘗試幫助人們思考新澤西州可以追求的不同機會。。

Okay, great. I really appreciate it. Thanks so much.

好的，太好了。我非常感激。非常感謝。

Carly Davenport with Goldman Sachs

高盛的卡莉·達文波特

Hey Carly.

嘿，卡莉。

Hey, thanks for taking the question sorry to put a stop to the Paul train there. But thanks for all the color so far on the power side. Maybe just one from me on the regulated side. Just on the GSMP III filing. Do you still expect to revisit that this quarter?

嘿，感謝您回答這個問題，很抱歉保羅列車在那裡停止運行。但感謝你們迄今為止在電源方面提供的所有資訊。也許只是我監管方面的一個面向。剛剛提交了 GSMP III 申請。您仍預計本季會再次出現這種情況嗎？

And then would that be upside to the plan in '26 plus? Or are there already assumptions kind of baked in after the GSMP II extension kind of runs itself out?

那麼這對 26 年以後的計畫有好處嗎？或者在 GSMP II 擴展耗盡之後是否已經存在一些假設？

Yes, Carly, we are starting to have those conversations, and it is in the plan is the simple answer to both of those things. So that work is part of our core business activities and something that we expect to continue. So those conversations have started. .

是的，卡莉，我們正在開始進行這些對話，並且計劃中對這兩個問題都有簡單的答案。所以這項工作是我們核心業務活動的一部分，也是我們希望繼續下去的工作。因此這些對話已經開始了。。

Great, thank you for that. I'll leave it there. Thanks.

太好了，謝謝你。我就把它留在那裡。謝謝。

Paul Zimbardo Jefferies

保羅·津巴多·傑弗里斯

Can you hear me, hopefully, we're on the train .

你聽得到我嗎，希望我們在火車上。

We got it. We got it, Paul.

我們明白了。我們明白了，保羅。

There we go. Yes. The neighborhood reception is not always the best, but -- I want to follow up on a little bit just on the balance sheet side. So I saw the no additional equity in the outlook even with the CapEx increase. Could you walk us what was the actual 2024 FFO to debt and kind of where do you envision the credit metal throughout the plan?

就這樣。是的。社區的接受度並不總是最好的，但是 - 我想在資產負債表方面進行一些跟進。因此，即使資本支出增加，我認為前景也不會有額外的股本。您能否告訴我們 2024 年實際的 FFO 與債務比率是多少，以及您如何設想整個計劃中的信貸金屬？

Yes. Paul, I don't have that at my fingertips, and I think you'll be able to pull that together when the K comes out, so I won't jump that. But we continue as we look forward and as we're putting forward the forward-looking guidance for the next few years. We continue to be in that mid-teens range and are in a pretty good place from that perspective, which is the reason it gives us the comfort to say exactly what we did say within our prepared remarks.

是的。保羅，我還沒準備好，而且我認為當 K 出現時你就能把它整理好，所以我不會跳過這一點。但我們仍會繼續展望未來，並提出未來幾年的前瞻性指引。我們的水平仍然處於十幾歲的中段，從這個角度來看，我們處於相當好的位置，這讓我們能夠放心地在準備好的發言中準確地說出我們所說的話。

Okay. Got it. I'll follow up on that one. And then shifting a little bit on -- going back to the BGS, looking at the one-year results for commercial industrial or your zone it was very high on a dollar per megawatt day basis, almost $700 in the market. I know that you do not participate in that with your unregulated fleet.

好的。知道了。我會跟進此事。然後稍微轉變一下——回到 BGS，查看商業、工業或您所在區域的一年期結果，以每兆瓦日美元計算，市場價格非常高，接近 700 美元。我知道你們不會帶著不受監管的船隊參與其中。

But just is there any thoughts or kind of takeaways of kind of that indicates to what New Jersey could look like without a robust supply response to customers?

但是，您能否有什麼想法或看法可以表明，如果沒有強有力的供應響應，新澤西州的情況會如何？

Yes. So Paul, that we were, I think, around 17% all in, in the numbers that were generated by the state and published. And I think that there were other ones that were up in the 20s, these are residential provider of last resort rates that are in that BGS, right? So first of all, customers are certainly have the opportunity to shop. I would expect some of that to happen from third-party suppliers.

是的。所以保羅，我認為，根據國家產生並公佈的數據，我們的整體比例約為 17%。我覺得還有其他的費率增加了 20 多%，這些是 BGS 中的住宅供應商的最後手段費率，對嗎？所以首先，顧客肯定是有機會購物的。我預計其中一些將由第三方供應商實現。

But for those customers that are relying on BGS, it is something that we have to lean in on certainly from a payment assistance standpoint, which we're working on and then also from our energy efficiency program and continuing to get the energy efficiency message out for customers and helping them gain access to those programs. So those are the two pieces that I would say what it means to us in the state of New Jersey, but we are higher but not as high as some other areas in the state.

但對於那些依賴 BGS 的客戶，我們必須依靠他們，當然是從付款援助的角度，我們正在努力，然後也從我們的能源效率計劃的角度，繼續向客戶傳達能源效率信息，幫助他們獲得這些計劃的使用權。所以我想說這兩點對我們新澤西州來說意味著什麼，雖然我們的水平較高，但不如州內其他一些地區高。

Yes. I mean just a reminder on that BGS contract, that's not something that we profit from that the pass-through coming from the supply providers. And the biggest element related to the increase that we are seeing is coming from the auctions that happened to PJM. And so that I do think you probably will see more interest in shopping. But I think at the end of the day, the providers are going to have to go back to that same well, which had some higher prices in the last auction.

是的。我只是想提醒一下 BGS 合同，這不是我們從供應商獲得的利潤。而與我們所見的成長相關的最大因素來自於 PJM 的拍賣。因此我確實認為您可能會對購物產生更多興趣。但我認為，最終供應商將不得不回到同一口井，該井在上次拍賣中的價格更高。

Okay. And just to clarify, let's display commercial and industry like there so clear that $66 a megawatt day for PSE&G. Just if you have any thoughts on that, otherwise I'll leave it.

好的。需要澄清的是，讓我們清楚地顯示商業和工業，PSE&G 的成本是每兆瓦每天 66 美元。只要你對此有任何想法，否則我就不說了。

Thank you.

謝謝。

Yes. I mean I think it's still coming from the same supplier base just with a different calculation going to them. And I think the same ability to shop is going to exist there. So I think you've got a parallel dynamic that's going on within that sector as well.

是的。我的意思是，我認為它仍然來自同一個供應商群體，只是他們的計算方式不同。我認為那裡也會有同樣的購物能力。因此我認為該領域內也存在類似的動態。

Okay, thank you all very much.

好的，非常感謝大家。

Thanks Paul.

謝謝保羅。

Anthony Crowdell with Mizuho.

瑞穗的 Anthony Crowdell。

Hey, good morning, Dan. Good morning, Ralph. Just a quick follow-up to Paul Patterson and kind of the comments you're making about maybe the PGM market I don't know if you said it doesn't exist or whatever. Just is the State of New Jersey in a net long position on generation? And if so, what's the reserve margin there? Or do you have a reserve mark?

嘿，早上好，丹。早上好，拉爾夫。只是對保羅·帕特森的快速跟進以及您對 PGM 市場所發表的評論，我不知道您是否說它不存在或其他什麼。新澤西州是否在發電方面處於淨多頭部位？如果是的話，那裡的儲備金是多少？或您有保留標記？

Yes. So the state of New Jersey does not have an integrated resource plan. So there's not a reserve margin set for the state of New Jersey than anybody can quote you but we are short, right? So if you look at some of the information that's out there, New Jersey is a net importer, especially on the peak days. So we look to and PJM has still -- the last numbers I saw were -- we had about 2% more margin than what their target was, right?

是的。因此新澤西州沒有綜合資源計劃。因此，新澤西州沒有設定儲備保證金，任何人都可以給您報價，但我們的庫存不足，對嗎？所以如果你查看一些現有的信息，你會發現新澤西州是一個淨進口國，尤其是在高峰期。因此，我們期待 PJM 仍然 - 我看到的最新數據是 - 我們的利潤率比他們的目標高出約 2％，對嗎？

The question is, as this load comes in, where do we move to and where does that reserve margin get to, which is the need for the additional generation and the resource adequacy conversation we keep having. Right.

問題是，隨著這種負載的增加，我們該轉向何處，而儲備餘地又會達到何處，這就是我們一直在進行的額外發電需求和資源充足性討論。正確的。

Right. So as Ralph said, peak times is going to be different than off-peak seasonal. It matters a lot when you are talking about it, but across the year, we are a net importer.

正確的。正如拉爾夫所說，高峰時段與非尖峰時段是有所不同的。當你談論這個的時候，這很重要，但從全年來看，我們是淨進口國。

Do you, is one of the options is just a question. Obviously, you said you need a resource adequacy plan. But is it similar to maybe other states that have gone maybe like -- I've got the acronym, I think maybe FRR or just pulled out the generation and the load, is that one of the multitude of options that the state could face? Or should we be thinking about something different?

你呢，是選項之一，只是一個問題。顯然，您說您需要一個資源充足計劃。但它是否與其他州的做法類似——我有個縮寫，我想可能是 FRR 或只是撤出發電和負載，這是該州可能面臨的眾多選擇之一嗎？或者我們應該思考一些不同的事情？

Yes. No, I absolutely believe that that's something that the state could consider, right? The state could go in a bunch of different paths, but Deca is the -- I keep referring back to that from back in the 2000 time frame when we deregulated and the rules were put in place. And we count on PJM, right? And that's the market that's out there.

是的。不，我絕對相信這是國家可以考慮的事情，對嗎？國家可以採取很多不同的道路，但 Deca 是——我一直回想起 2000 年我們放鬆管制並製定規則的時候。我們也指望 PJM，對吧？這就是現有的市場。

So when I say I'm not sure about what kind of market it is. It's a market that has been influenced by and by a number of factors. And so they're trying to balance affordability and reliability with a free market, and that's a tough thing to do. So we'll see where it goes. But it's certainly something that, from a state of New Jersey standpoint, we're going to keep banging the desk about because we've got to get it right as we participate in that market.

所以當我說我不確定這是什麼樣的市場。這個市場受到多種因素的影響。因此，他們試圖在自由市場中平衡可負擔性和可靠性，而這很難做到。我們看看結果會如何。但從新澤西州的角度來看，我們肯定會繼續努力，因為我們在參與市場時必須做好這件事。

Great, thanks for taking my questions.

太好了，謝謝您回答我的問題。

Thanks, Anthony.

謝謝，安東尼。

Thank you. I'd like to turn the floor back to Mr. LaRossa for closing comments.

謝謝。我想將發言權交還給拉羅薩先生，請他發表最後評論。

Well, thank you, Rob. So look, I think we had a lot of conversation about where we expected it to be, which was on a lot of the nuclear output in the potential data centers and so on and so forth. But I don't want to lose sight for one minute of all the good work that was completed back in 2024. And that's -- we do a fantastic job day in and day out, and that shows up in a multitude of areas. So thank you.

好吧，謝謝你，羅布。所以看，我認為我們就我們預期它會出現在哪裡進行了很多討論，這涉及到潛在資料中心的大量核能產出等等。但我一分鐘也不想忘記 2024 年完成的所有出色工作。這就是──我們日復一日地做著出色的工作，這體現在眾多領域。所以謝謝你。

Thank you. Thank you. And we look forward to seeing you on one of the roadshows. Thanks.

謝謝。謝謝。我們期待在路演中見到您。謝謝。

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。現在您可以斷開您的線路。感謝您的參與