公共服務電力與天然氣 (PEG) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Shamali, and I am your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's first quarter 2025 earnings conference call and webcast.

女士們、先生們，感謝你們的支持。我叫 Shamali，我是您今天的活動主持人。歡迎大家參加今天的會議，即公共服務企業集團 2025 年第一季財報電話會議和網路廣播。

(Operator Instructions) As a reminder, this conference is being recorded today, April 30, 2025, and will be available for replay as an audio webcast on PSEG's Investor Relations website at investor.pseg.com.

（操作員指示）提醒一下，本次會議將於今天（2025 年 4 月 30 日）錄製，並將作為音頻網絡廣播在 PSEG 的投資者關係網站 investor.pseg.com 上重播。

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

現在我想將會議交給卡洛塔·陳 (Carlotta Chan)。請繼續。

Good morning, and welcome to PSEG's First Quarter 2025 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，歡迎參加 PSEG 2025 年第一季財報。參加今天電話會議的有董事長兼執行長 Ralph LaRossa；以及執行副總裁兼財務長 Dan Cregg。今天討論的新聞稿、附件和幻燈片已發佈在我們的 IR 網站 investor.pseg.com 上，我們的 10-Q 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。我們還將討論非公認會計準則營業收入，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.

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。

I will now turn the call over to Ralph LaRossa.

現在我將把電話轉給拉爾夫·拉羅薩。

Thank you, Carlotta, and thank you for joining us this morning to review PSEG's first quarter 2025 results and discuss the outlook for the business.

謝謝你，卡洛塔，也謝謝你今天早上加入我們，回顧 PSEG 2025 年第一季的業績並討論業務前景。

PSEG delivered a solid operating and financial performance at both our Utility, PSEG and our nuclear units. Overall results for the first quarter benefited from a full quarter of regulatory recovery of and on our invested capital approved in the October 2024 base rate case settlement as well as the seasonality of gas revenues, which are concentrated in the first quarter.

PSEG 在我們的公用事業、PSEG 和核電部門都實現了穩健的營運和財務表現。第一季的整體業績受益於整個季度的監管恢復以及我們在 2024 年 10 月基準利率案件和解中批准的投資資本，以及集中在第一季度的天然氣收入的季節性。

Results also reflected positive impact of our consistent and reliable nuclear generation performance which realized higher prices, primarily driven by weather. Our service territory experienced multiple cold spells in January and February, with temperatures remaining below 20 degrees Fahrenheit for several days in a row which prompted our highest winter peak load for both gas and electric in the last six years.

結果也反映了我們一致、可靠的核能發電性能的正面影響，這實現了更高的價格，主要是受天氣的影響。我們的服務區域在一月和二月經歷了多次寒流，連續幾天氣溫都低於 20 華氏度，導致我們的冬季天然氣和電力峰值負荷達到六年來的最高水平。

During these challenging conditions, PSE&G maintained high levels of reliability and efficient customer response times. While PSEG nuclear generated and supplied the grid with approximately 8.4 terawatt hours of 24/7 carbon-free power.

在這些充滿挑戰的條件下，PSE&G 維持了高水準的可靠性和高效率的客戶回應時間。而 PSEG 核電則為電網提供約 8.4 太瓦時的全天候無碳電力。

PSEG's focus on increasing the predictability of our results continues to benefit both customers and the company, aided by our conservation incentive program, which decouples revenues from volumes and deferral mechanisms for pension and storms from the recently concluded rate case.

PSEG 致力於提高業績的可預測性，這繼續使客戶和公司受益，這得益於我們的保護激勵計劃，該計劃將收入與數量脫鉤，並將養老金和風暴的遞延機制與最近結案的費率案例脫鉤。

This predictability combined with PSE&G's predominantly residential and commercial customer profile also reinforces our stability as a utility investment with defensive characteristics in a turbulent equity market. We consistently manage our cost structure to keep bills as low as possible while maintaining PSEG's financial flexibility to deliver safe and reliable service.

這種可預測性，加上 PSE&G 以住宅和商業客戶為主的特點，也增強了我們作為動盪的股票市場中具有防禦性特徵的公用事業投資的穩定性。我們始終如一地管理我們的成本結構，以盡可能降低帳單，同時保持 PSEG 的財務靈活性，以提供安全可靠的服務。

The domestic concentration of our supply chain also limits the amount of tariff-related cost pressure on our O&M. Combined with our multilayer labor agreements with all of our New Jersey unions extending into 2027 provides stability for our largest operating costs. As we've discussed previously, the Basic Generation Service, or BGS default rate is scheduled to increase our residential electric bills by 17% starting June 1.

我們的供應鏈在國內的集中也限制了與關稅相關的成本壓力對我們的營運和維護的影響。加上我們與新澤西州所有工會簽訂的延續至 2027 年的多層勞動協議，為我們最大的營運成本提供了穩定性。正如我們之前所討論過的，基本發電服務（BGS）違約率計劃從 6 月 1 日起將我們的住宅電費提高 17%。

As a reminder, BGS is a pass-through cost for energy supply that P&G does not burn a profit on. The increase is largely due to the July 2024 base residual auction result of $270 a megawatt day that was reflected in the latest BGS update as well as a true-up for the prior two years of BGS auction, which had included proxy prices for capacity.

提醒一下，BGS 是寶潔公司不會從中賺取利潤的能源供應轉嫁成本。價格上漲的主要原因是 2024 年 7 月基準剩餘拍賣結果為每兆瓦日 270 美元，這反映在最新的 BGS 更新中，以及前兩年 BGS 拍賣的調整結果，其中包括容量代理價格。

Last week, the New Jersey Board of Public Utilities directed to state selected companies to submit proposals to mitigate the customer bill impacts of the BGS increase. PSE&G continues to work with the BPU and state policymakers the developer solution. We understand the real kitchen table difficulties these PGM-related increases will have on our electric customers.

上週，新澤西州公用事業委員會指示該州選定的公司提交提案，以減輕 BGS 增加對客戶帳單的影響。PSE&G 繼續與 BPU 和州政策制定者合作開發解決方案。我們了解與 PGM 相關的漲價將給我們的電力客戶帶來真正的困難。

However, until new generating supply is added to the grid given the existing resource adequacy and balance, upward pressure on energy prices will persist. While these discussions are ongoing, PSE&G continues to offer an enviable record of reliability, affordability and customer satisfaction.

然而，在現有資源充足且平衡的情況下，除非電網增加新的發電供應，否則能源價格的上行壓力將持續存在。雖然這些討論仍在進行中，但 PSE&G 繼續提供令人羨慕的可靠性、可負擔性和客戶滿意度記錄。

PSE&G's combined electric and gas bill still compares favorably to all other utilities in New Jersey. Our reliability metrics continue to differentiate our service and our customer satisfaction rankings are second to none.

PSE&G 的電費和瓦斯費總額與新澤西州所有其他公用事業公司相比仍然具有優勢。我們的可靠性指標繼續使我們的服務脫穎而出，我們的客戶滿意度排名也是首屈一指的。

I would add last metric measures us against all of our large peers in the East, not just in New Jersey. Our regulated capital investment plan for 2025 remains focused on infrastructure replacement and modernization to ensure safe and reliable service and to meet growing customer demand.

我想補充的是，最後一個指標衡量的是我們在東部所有大型同行中的表現，而不僅僅是新澤西州的水平。我們 2025 年的受監管資本投資計畫仍然專注於基礎設施更換和現代化，以確保安全可靠的服務並滿足不斷增長的客戶需求。

These efforts are on track and on budget. PSE&G also began rolling out the second phase of its Clean Energy Future Energy Efficiency II program, which will help customers save energy lower the bills and reduce carbon emissions while supporting job training and economic growth here in New Jersey.

這些努力正在按計劃進行，並且沒有超出預算。PSE&G 也開始推出其清潔能源未來能源效率 II 計畫的第二階段，該計畫將幫助客戶節約能源、降低帳單並減少碳排放，同時支持新澤西州的就業培訓和經濟成長。

In February, we mentioned a 12-fold increase in inquiries from large load or data center customers into PSE&G's new business pipeline, which had grown from 400 megawatts in early 2024 to 4,700 megawatts. These numbers include both mature applications and initial leads. Our latest update now shows PSE&G experienced another quarterly increase in large loan inquiries for new service connections and the pipeline now exceeds 6,400 megawatts of capacity requested as of March 31.

今年 2 月，我們提到，來自大負載或資料中心客戶對 PSE&G 新業務管道的諮詢增加了 12 倍，從 2024 年初的 400 兆瓦增長到 4,700 兆瓦。這些數字包括成熟的應用和初始線索。我們的最新更新顯示，PSE&G 公司新服務連接的大額貸款諮詢量在本季再次增加，截至 3 月 31 日，申請容量已超過 6,400 兆瓦。

Our end viewers have been responding to these inquiries on a time basis, still averaging about four months and our speed to response is supportive of the state objective to spur economic development. To the extent these large load prospects convert into new utility customers in the future, Fixed costs are then spread over a larger user base, which can help to lower existing customer bills.

我們的最終觀眾一直在按時回應這些詢問，平均時間為四個月左右，我們的回應速度支持國家刺激經濟發展的目標。如果這些大負載潛在客戶將來轉化為新的公用事業客戶，那麼固定成本就會分攤到更大的用戶群中，這有助於降低現有客戶的帳單。

Turning now to PSEG Power and Other. Our nuclear operations generated the supply of the grid with approximately 8.4 terawatt hours of clean and reliable baseload power and achieved a fleet capacity factor of 99.9%. Over the past quarter, there has been a lot of discussion in New Jersey about the need and potential for new generation in the region and potentially in the state.

現在轉向 PSEG Power 和其他。我們的核電業務為電網提供了約 8.4 太瓦時的清潔、可靠的基載電力，機組容量係數達到 99.9%。在過去的一個季度，新澤西州就該地區和整個州對新一代電力的需求和潛力進行了大量討論。

Specifically, legislation was introduced this past February that proposes to change the current New Jersey law that prohibits regulated utilities from building and owning new generation. We remain open to this possibility, and we continue to work with New Jersey policymakers about this and other solutions to meet New Jersey energy needs.

具體來說，今年二月提出的立法提議修改新澤西州現行的禁止受監管公用事業公司建設和擁有新發電設施的法律。我們對這種可能性持開放態度，並將繼續與新澤西州的政策制定者合作，尋求此解決方案和其他解決方案來滿足新澤西州的能源需求。

Regarding the ongoing discussion around the pending data center proceeding at FERC, we recently submitted PSEG's comments in support of colocation with the position that's behind the meter data center should pay for their actual use, consistent with the treatment of other behind-the-meter customers on our system, such as room top solar and universities. Several other large generators in data center developers have requested a 90-day settlement process, which could be a path towards timely establishment of rurals for colocation.

關於聯邦能源管理委員會 (FERC) 正在進行的資料中心程序的討論，我們最近提交了 PSEG 的意見，支持共置，其立場是用戶側數據中心應按其實際使用付費，這與我們系統中其他用戶側客戶（如室內太陽能和大學）的待遇一致。資料中心開發商中的其他幾家大型發電廠已要求 90 天的結算流程，這可能是及時建立農村主機託管的途徑。

To recap, we are reiterating PSEG's full year non-GAAP operating earnings guidance at $3.94 to $4.06 per share which is up by approximately 9% at the $4 midpoint over our 2024 reported results. We are also reiterating PSE&G's updated five-year capital spending program at $21 billion to $24 billion which supports an expected rate base CAGR of 6% to 7.5% through 2029.

總而言之，我們重申 PSEG 全年非 GAAP 營業收益預期，即每股 3.94 美元至 4.06 美元，以 4 美元中點計算，比我們 2024 年報告的業績上漲約 9%。我們也重申 PSE&G 更新後的五年資本支出計劃，金額為 210 億美元至 240 億美元，這將支持到 2029 年預期利率基準複合年增長率達到 6% 至 7.5%。

This in turn drives PSEG's 5% to 7% non-GAAP operating earnings CAGR using the nuclear production tax credit as our reference price for power. Before I conclude, let me again thank our 13,000 employees across PSE&G nuclear, PS Long Island and at services for their dedication and positive difference they make every day for our customers, our company and the communities where we live and work.

這反過來又推動了 PSEG 以核生產稅收抵免作為電力參考價格實現 5% 至 7% 的非 GAAP 營業收入複合年增長率。最後，我要再次感謝 PSE&G 核能公司、PS 長島公司和服務部門的 13,000 名員工，感謝他們每天為我們的客戶、我們的公司以及我們生活和工作的社區做出的奉獻和積極貢獻。

I'll now turn the call over to Dan, who will walk you through the results for the quarter and our outlook for the remainder of 2025 and then rejoin the call for a Q&A.

現在我將把電話轉給丹，他將向您介紹本季度的業績以及我們對 2025 年剩餘時間的展望，然後重新加入電話會議進行問答。

Thank you, Ralph. Good morning, everybody. PSEG reported net income of $1.18 per share for the first quarter of 2025 as compared to $1.06 per share in 2024. And non-GAAP operating earnings were $1.43 per share in the first quarter of 2025 compared to $1.31 per share in 2024.

謝謝你，拉爾夫。大家早安。PSEG 報告稱，2025 年第一季的淨收入為每股 1.18 美元，而 2024 年為每股 1.06 美元。2025 年第一季非公認會計準則營業收益為每股 1.43 美元，而 2024 年為每股 1.31 美元。

We've provided you with information on slide 8 regarding the contribution to net income and non-GAAP operating earnings by business for the first quarter. And slide 9 contains a waterfall chart that takes you through the net changes quarter-over-quarter in non-GAAP operating earnings per share also by major business.

我們在第 8 張投影片上為您提供了有關第一季業務對淨收入和非 GAAP 營業收入的貢獻的資訊。幻燈片 9 包含瀑布圖，可讓您了解主要業務的非 GAAP 每股營業收益的季度環比淨變化。

Starting with PSE&G, which reported first quarter net income and non-GAAP operating earnings of $546 million for 2025 compared to $488 million in 2024. Utilities results were driven by the implementation of new electric and gas base distribution rates that went into effect October 15, 2024, and as Ralph mentioned, the recovery of previous capital investments totaling more than $3 billion.

首先是 PSE&G，該公司報告 2025 年第一季淨收入和非 GAAP 營業收入為 5.46 億美元，而 2024 年為 4.88 億美元。公用事業業績受到 2024 年 10 月 15 日生效的新電力和天然氣基本分配費率的實施推動，並且正如拉爾夫所提到的，先前資本投資總額超過 30 億美元的回收。

Starting with the waterfall on slide 9. Compared to the first quarter of 2024 transmission margin was $0.01 per share lower due to the timing of expense recovery. First quarter distribution margin increased by $0.20 per share compared to the year ago period and largely reflects the impact of the rate case, recovering a return on and of our capital investments, and in particular, gas revenues, as approximately half of our annual gas revenues are realized in the first quarter.

從幻燈片 9 上的瀑布開始。與 2024 年第一季相比，由於費用回收時間原因，傳輸利潤率每股下降 0.01 美元。第一季分銷利潤率與去年同期相比增加了每股 0.20 美元，這在很大程度上反映了利率案例的影響，恢復了我們的資本投資回報，特別是天然氣收入，因為我們大約一半的年度天然氣收入是在第一季度實現的。

The margin also benefited from recovery of energy efficiency investments. Distribution O&M expense was $0.05 per share unfavorable compared to the first quarter of 2024 with the year-over-year increase driven primarily by timing as well as higher distribution operational costs due to inflation and the cold weather in January and February.

利潤率也受惠於能源效率投資的復甦。分銷營運和維護費用為每股 0.05 美元，與 2024 年第一季相比不利，同比增長主要是由於時間安排以及通貨膨脹和 1 月和 2 月寒冷天氣導致的分銷運營成本上升。

Depreciation and interest expense rose by $0.01 per share and $0.02 per share, respectively compared to the first quarter of 2024, reflecting growth in investment and higher interest expense. Whether during the first quarter, as measured by heating degree days, was 4% warmer than normal, but 13% colder than the first quarter of 2024.

與 2024 年第一季相比，折舊和利息支出分別增加每股 0.01 美元和每股 0.02 美元，反映了投資的成長和利息支出的增加。以暖氣度日數衡量，第一季的氣溫比正常高 4%，但比 2024 年第一季低 13%。

As a reminder, weather variations have a minimal impact on PSE&G's utility margin because of the conservation incentive program or SIT mechanism. 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 energy conservation including energy efficiency and solar programs.

提醒一下，由於保護激勵計畫或 SIT 機制，氣候變遷對 PSE&G 的效用利潤的影響很小。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面或負面影響，同時幫助PSE＆G推動廣泛採用節能措施，包括提高能源效率和太陽能計畫。

Under the set, the number of electric and gas customers is what drives margin, and each segment grew by approximately 1% over the past year. On capital spending, as Ralph mentioned, PSE&G invested approximately $800 million during the first quarter, and we remain on track to execute on our 2025 regulated capital investment plan of $3.8 billion focused on infrastructure modernization, energy efficiency and meeting growing demand.

根據該設定，電力和天然氣客戶的數量是利潤率的驅動因素，過去一年中每個部分都增加了約 1%。在資本支出方面，正如拉爾夫所提到的，PSE&G 在第一季投資了約 8 億美元，我們仍有望執行 2025 年 38 億美元的受監管資本投資計劃，重點用於基礎設施現代化、能源效率和滿足不斷增長的需求。

We've maintained our five-year regulated capital investment plan of $21 billion to $24 billion through 2029 and representing a $3 billion increase from our previous plan, driven by reliability and resiliency investments, our expanded energy efficiency program and demand growth.

我們維持了 210 億美元至 240 億美元的五年受監管資本投資計劃，直至 2029 年，這比我們之前的計劃增加了 30 億美元，這得益於可靠性和彈性投資、擴大的能源效率計劃和需求增長。

As mentioned, we commenced this next phase of our energy efficiency program in the first quarter, and we anticipate investing a total of $2.9 billion over a six-year period. The energy efficiency program totals include approximately $1 billion of unbilled repayment options to help customers finance their energy efficiency equipment and appliances.

如上所述，我們在第一季啟動了能源效率計畫的下一階段，預計在六年內總共投資 29 億美元。能源效率計畫總額包括約 10 億美元的未計費還款選項，以幫助客戶為其能源效率設備和電器提供資金。

Moving to Power and Other. For the first quarter of 2025, Power & Other reported net income of $43 million compared with $44 million in the first quarter of 2024. Non-GAAP operating earnings were $172 million in the first quarter compared to $169 million in the first quarter of 2024.

走向權力和其他。2025 年第一季度，Power & Other 報告淨收入為 4,300 萬美元，而 2024 年第一季為 4,400 萬美元。第一季非公認會計準則營業收入為 1.72 億美元，而 2024 年第一季為 1.69 億美元。

Returning to the waterfall on slide 9. For the first quarter of 2025, net energy margin rose by $0.02 per share driven by higher nuclear generation performance, coupled with higher realized prices due to the cold weather mentioned earlier.

回到幻燈片 9 上的瀑布。2025 年第一季度，受核能發電性能提高以及前面提到的寒冷天氣導致的實際價格上漲的推動，淨能源利潤率每股上漲 0.02 美元。

The weather conditions also contributed to a higher margin in our gas operations for the quarter. O&M increased by $0.03 per share compared to the first quarter of 2024, mostly driven by higher nuclear costs and interest expense rose by $0.02 per share, reflecting incremental debt or higher interest rates.

天氣條件也導致我們本季天然氣業務的利潤率上升。與 2024 年第一季相比，O&M 每股增加 0.03 美元，主要原因是核成本增加，利息支出每股增加 0.02 美元，反映了債務增加或利率上升。

Lastly, the timing of taxes recorded through an annual effective tax rate, which nets to zero over a full year and other items equally combined to have a net favorable impact of $0.04 per share in the quarter compared to 2024. Touching on some recent financing activity.

最後，透過年度有效稅率記錄稅收的時間，全年淨稅率為零，其他項目平均合併，與 2024 年相比，本季每股淨有利影響為 0.04 美元。談及一些最近的融資活動。

As of the end of March, PSEG had total available liquidity of $4.6 billion including approximately $900 million of cash on hand. While PSEG had significant available liquidity in the year-end 2024 at $2.6 billion, this represents a significant improvement as we access the bond markets at both PSE&G and PSEG during the first quarter.

截至 3 月底，PSEG 的總可用流動資金為 46 億美元，其中包括約 9 億美元的現金。儘管 PSEG 在 2024 年底擁有 26 億美元的大量可用流動性，但當我們在第一季進入 PSE&G 和 PSEG 的債券市場時，這代表著顯著的改善。

In total, this quarter, we issued $1.9 billion of long-term debt. which reduced commercial paper outstanding and increased cash on hand. Our liquidity position was further enhanced during the first quarter by extending the expiration of our existing $3.75 billion revolving credit facilities by one year to March of 2029. PSEG's variable rate debt at the end of March was at PSEG Power consisting of a $1.25 billion term loan, which matures this coming June, and a 364-day term loan for $400 million, which matures in December of 2025.

整體而言，本季我們發行了 19 億美元的長期債務。這減少了未償還的商業票據並增加了庫存現金。我們在第一季將現有的 37.5 億美元循環信貸額度的到期日延長一年至 2029 年 3 月，進一步增強了我們的流動性狀況。截至 3 月底，PSEG 在 PSEG Power 的浮動利率債務包括一筆 12.5 億美元的定期貸款（將於今年 6 月到期）和一筆 4 億美元的 364 天定期貸款（將於 2025 年 12 月到期）。

As of March 31, we continue to have a low level of variable rate debt, representing approximately 7% of our total debt. On the financing front, in early March, PSE&G issued a total of $900 million of secured medium-term notes, consisting of $400 million of 5.05% medium-term notes due March 2035 and $500 million of 5.5% medium-term notes due March of 2055.

截至 3 月 31 日，我們的浮動利率債務水準仍然較低，約占我們總債務的 7%。在融資方面，3月初，PSE&G發行了總額為9億美元的有擔保中期票據，其中包括4億美元的2035年3月到期的5.05%中期票據和5億美元的2055年3月到期的5.5%中期票據。

A portion of the proceeds will be used to repay $350 million of 3% medium-term notes due May 15. Later in March, PSEG issued $1 billion of senior notes consisting of $600 million of 4.9% notes due March 2030 and $400 million of 5.4% notes due March 2035. The portion of these proceeds will be used to repay $550 million of 0.8% senior notes due August 15.

部分收益將用於償還 5 月 15 日到期的 3.5 億美元 3% 中期票據。3 月下旬，PSEG 發行了 10 億美元的優先票據，其中包括 6 億美元、2030 年 3 月到期的 4.9% 票據和 4 億美元、2035 年 3 月到期的 5.4% 票據。該部分收益將用於償還 8 月 15 日到期的 5.5 億美元 0.8% 優先票據。

Looking ahead, our solid balance sheet supports the execution of PSEG's five-year capital spending plan dominated by regulated CapEx without the need to sell new equity or assets and provide 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 執行以受監管的資本支出為主的五年資本支出計劃，無需出售新股權或資產，並提供持續可持續的股息增長的機會。

In closing, we delivered a solid operating and financial performance to begin the year, and we are on track to deliver PSEG's full year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, and we are also reaffirming our long-term forecast of 5% to 7% compounded annual growth for non-GAAP operating earnings through 2029 and based upon the execution of our capital investment programs and the use of the nuclear PTC threshold as our reference price.

最後，我們在年初取得了穩健的營運和財務業績，我們預計將實現 PSEG 2025 年全年非 GAAP 營運收益預期，即每股 3.94 美元至 4.06 美元，我們還重申了我們的長期預測，即到 2029 年，非 GAAP 營運的複合年增長率為 5% 至 7%，這基於我們使用資本的價值和參考核值。

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

我們的正式發言到此結束。接線員，我們準備開始問答環節。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

It's actually [Constantine] here for Shar. Maybe just starting off on the 6,400 megawatts of large load interconnection that you've noted in the prepared remarks. Do you see a time line starting to form on the potential load inflection and how is New Jersey thinking about resource adequacy with that load potential? You mentioned the legislative potential but do you envision a potential shift on gas generation policy or anything else?

其實是康斯坦丁來找莎爾的。也許只是從您在準備好的評論中提到的 6,400 兆瓦大負載互連開始。您是否看到潛在負荷拐點的時間線開始形成，新澤西州如何考慮該負荷潛力的資源充足性？您提到了立法潛力，但您是否預見到天然氣生產政策或其他方面可能會發生轉變？

Yes. You broke up a little bit at the end there, Constantine, but I think what I heard was when do we see that load coming in at 6,400 and also the how resource adequacy is being thought about in New Jersey as a result of that. Is that -- okay.

是的。康斯坦丁，最後你有點分心了，但我認為我聽到的是，我們什麼時候能看到負載達到 6,400，以及新澤西州如何考慮資源充足性。是嗎——好的。

Great. So look, we have always said, take that 6,400 and you apply a factor 10%, 20%, and we'll leave that to you all the to think what the right amount is, again, remembering for us from an earnings standpoint, we're decoupled.

偉大的。所以你看，我們總是說，拿那 6,400 並應用 10%、20% 的係數，我們會讓你們所有人去思考正確的數額是多少，再次記住，從收益的角度來看，我們是脫鉤的。

So the way we think about it is more from a -- this good news for customers if we can spread any costs across additional megawatt hours, and that would certainly be a positive from a customer standpoint for the timing of it, I think it's happening at different stages. We are seeing some interconnections take place already.

因此，我們更多地是從——如果我們可以將任何成本分攤到額外的兆瓦時數上，這對客戶來說是個好消息，從客戶的角度來看，這肯定是積極的，我認為它會在不同的階段發生。我們看到一些互聯互通已經發生。

Obviously, the ones that are a little bit larger in a couple of hundred megawatt requests we have they still seem to be some folks that have been shopping for the best location for their particular application that they might have. But we just see that the state's economic development plan is taking hold and happy to see the amount of additional megawatt of requests that we've had come in.

顯然，在我們收到的幾百兆瓦的請求中，規模稍大一些的人似乎仍在為他們的特定應用尋找最佳位置。但我們看到該州的經濟發展計劃正在取得進展，並很高興看到我們收到的額外兆瓦請求數量增加。

As it relates to resource adequacy, look, that's a big conversation that's taking place across the entire RTO footprint right now. And we just saw some new planning numbers come out from PJM that we have some questions about.

就資源充足性而言，這是目前整個 RTO 領域正在討論的重大議題。我們剛剛看到 PJM 公佈了一些新的規劃數據，我們對此有一些疑問。

There's an upcoming TAC meeting. We're going to be asking some questions at that TK meeting regarding some of the assumptions that are in there. And the one thing that we heard from our legislators over the last week or two was to be more vocal about that, and you can certainly expect us to be more vocal with our questions as we move forward.

即將召開一次 TAC 會議。我們將在 TK 會議上就其中的一些假設提出一些問題。在過去一兩周里，我們從立法者那裡聽到的一件事就是要更加直言不諱地談論這個問題，而且你當然可以期待，隨著我們向前推進，我們會更加直言不諱地提出問題。

Your other part of your question, Constantine, is proposed legislation in New Jersey. We had some hearings last week. There's discussion of it. So I would say right now, it's at the discussion point as opposed to certainly being active, but we are here and remain available as a resource to the state if they decide to take resource adequacy into their own hands through some legislation.

康斯坦丁，你問題的另一部分是關於新澤西州的立法提案。上週我們舉行了一些聽證會。有對此的討論。所以我想說，現在還處於討論階段，而不是積極主動，但如果國家決定透過立法掌握資源充足性，我們就會在這裡，並繼續作為資源為國家提供服務。

Understood. Appreciate that. And on the FERC 206 with the comments that were filed last week? And do you have a view on settlement process versus outright order? Any preferred route from your perspective?

明白了。非常感謝。關於上週提交的 FERC 206 意見，您有什麼看法？您對解決程序與直接命令有何看法？從您的角度來看，有任何首選路線嗎？

And has that FERC process come up in your commercial discussions at all in artificial in? And would you be able to mitigate any of that for any continued provisions? Or are we walking step by step there?

你們在商業討論中是否曾以人工方式提及 FERC 流程？您是否能夠減輕任何持續規定的負擔？還是我們一步一步走向那裡？

Yes. So I'll let Dan -- I think you asked a little bit about specific conversations, so I've always given that to Dan, and I'll do that again as that is being led by his team. But generically, as it relates to the proceeding down a FERC, we would always like to see a settlement, right?

是的。所以我會讓丹——我想你問了一些關於具體對話的問題，所以我一直把這個問題交給丹，而且我會再次這樣做，因為這是由他的團隊領導的。但一般來說，由於這涉及聯邦能源管理委員會的訴訟程序，我們總是希望看到和解，對嗎？

I mean, that, to me, is always the best solution I would love to see the industry come together and find solutions to help the tech industry out. It's pretty clear based upon some information I continue to see tech needs for generation continue to grow.

我的意思是，對我來說，這始終是最好的解決方案，我希望看到整個產業團結起來，找到解決方案來幫助科技產業。根據一些消息，我可以很清楚地看到，發電技術的需求持續成長。

And we, as an industry, need to find a common solution to meet that I certainly think that in doing that, we need to make sure that we're not discriminatory in one customer class versus the other has been the single concern that we've had since this process started. But Dan, do you want to talk a little bit about?

作為一個行業，我們需要找到一個共同的解決方案來解決這個問題，我當然認為，在這樣做的過程中，我們需要確保我們不會在一個客戶群中對另一個客戶群進行歧視，這是我們自這個過程開始以來唯一關心的問題。但是丹，你想談談嗎？

Yes. No, I agree with Ralph. And that's -- I think the nondiscriminatory aspect is really important. I think I'll just leave the commercial aspect to just a single comment that I think that the counterparties are looking for the flexibility, the most flexibility that they can have right now, there's some uncertainty related to how much they will have.

是的。不，我同意拉爾夫的觀點。這就是——我認為非歧視性方面非常重要。我認為我只是就商業方面發表了一條評論，我認為交易對手正在尋求靈活性，他們現在能夠擁有的最大靈活性，但對於他們將擁有多少靈活性存在一些不確定性。

And so they're waiting on this answer, whether settlement can get us the best answer, which it seems like it's going to be more representative of what the parties are looking for. I think that would be ideal but they're never easy to get. So time will tell whether we can. We'll have one of those.

所以他們正在等待這個答案，看看和解是否能為我們帶來最好的答案，這似乎更能代表各方所尋求的答案。我認為那是理想的，但它們從來都不容易獲得。所以時間會告訴我們是否能夠做到。我們會有一個這樣的。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Just on the commercial arrangements related to nuclear. Just I understand there's a lot of moving pieces and the time line is uncertain. But just from a demand perspective and the tone from your large load customer perspective, has that changed over the last few months, maybe since February when we spoke Western earnings, has that changed?

僅談及與核子相關的商業安排。我只是知道有很多事情需要處理，而且時間軸也不確定。但僅從需求角度和大負荷客戶的角度看，過去幾個月是否發生了變化，也許自從二月我們談到西方收益以來，這種情況是否發生了變化？

Obviously, there's a lot of news in the market, there's tariffs. We've seen Microsoft, Amazon, some of the other hyperscalers pull off of some of the contracts, just seeing if you're seeing any softness there?

顯然，市場上有很多新聞，還有關稅。我們已經看到微軟、亞馬遜和其他一些超大規模企業取消了部分合同，您是否看到其中存在任何疲軟跡象？

No, I would definitely would not call it softness. I think there's still a demand for power, and I think there's still a demand for that type of power. I think there's also a desire to have answers to some of the questions that remain outstanding, but I would say there continues to be interest in the nature of the power and the scarcity of the power that nuclear provides.

不，我絕對不會稱之為柔軟。我認為對電力的需求仍然存在，而且我認為對那種電力的需求仍然存在。我認為人們也希望得到一些懸而未決問題的答案，但我想說人們仍然對核能的性質及其稀缺性感興趣。

Durgesh, overall, that's why we included those numbers that we did in the new business activity that we're seeing. It has not slowed down. And again, maybe it's the same person calling 50 locations and ask for the same question. But I don't see that as the case. These are unique at least for us, they're unique requests that are coming in and I continue to be surprised and impressed by the amount that we're seeing.

Durgesh，總的來說，這就是我們將這些數字納入我們看到的新業務活動的原因。它並沒有放慢速度。再說一次，也許是同一個人打了 50 通電話並詢問同一個問題。但我並不認為事實是如此。至少對我們來說，這些都是獨一無二的，這些是不斷湧現的獨特請求，而我對我們所看到的數量感到驚訝和印象深刻。

10,000 megawatt peak, Durgesh. So 6,400 is not all coming in. I mean Ralph talked about some lower percentage of that, but the requests do continue. So.

10,000 兆瓦峰值，Durgesh。所以 6,400 並不是全部收入。我的意思是拉爾夫談到了其中較低的百分比，但請求確實在繼續。所以。

Got it. That's very helpful color. Just switching gears quickly on LIPA, just what to expect there? I believe there are some meetings here at end of May. Do you expect a decision then? Or what are the data points or dates we need to track throughout the year? Is this -- as they make the decision on whether you're going to provide services there or not?

知道了。這是非常有用的顏色。只是在 LIPA 上快速切換話題，到底會發生什麼事？我相信五月底這裡會有一些會議。您期望那時做出決定嗎？或者我們需要全年追蹤哪些數據點或日期？這是——他們決定你是否要在那裡提供服務嗎？

So Durgesh, I got to take a half a step back for you. I don't know if you're aware of the meeting that just took place at LIPA on this subject. Are you up to speed on that?

所以 Durgesh，我必須為你退後半步。我不知道您是否知道剛剛在 LIPA 就此主題舉行的會議。你了解這個情況嗎？

The one -- the first -- I think there's a -- what I'm up to speed on is there was a first -- I guess you weren't awarded the first portion of the contract and then there is the bigger contract that still --

第一個——我認為有一個——我所了解的是，有一個第一個——我猜你沒有獲得合同的第一部分，然後還有更大的合同，仍然--

Yes. No, there was actually -- so over the last 24 hours, there's been a lot of activity on this front. So let me just try to summarize for everybody on the call, what's taking place. There was a recommendation made by life of management to select a different service provider.

是的。不，實際上有——所以在過去的 24 小時內，這方面發生了很多活動。因此，請允許我嘗試為電話會議中的每個人總結正在發生的事情。管理階層建議選擇其他服務提供者。

That recommendation was just voted down by the Board. That took place within the last half hour or maybe within the last hour is a better way to say that after start of this call.

該建議剛剛被董事會否決了。這發生在通話開始後半小時內，或者更好的說法是通話開始後一小時內。

So we are -- we're just -- we we're happy to see that we're still in consideration, but I don't know anything more than that and all I can promise to anyone who's on the call, who's on Long Island or any customers on Long Island, we will continue to do the right thing and provide high-quality service to the customers on Long Island as long as we can.

所以我們 - 我們只是 - 我們很高興看到我們仍在考慮中，但我不知道更多的事情，我可以向任何在電話中的人，在長島的人或長島的任何客戶保證，我們將繼續做正確的事情，並儘可能為長島的客戶提供高質量的服務。

So there was a flurry of activity over the last 24 hours and that culminated in -- within the last hour, I said, with a novo from LIPA Board on the management recommendation to select a different service provider.

因此，在過去的 24 小時內出現了一系列活動，最終在最後一小時內，LIPA 董事會就管理層建議選擇其他服務提供者做出了決定。

Got it. Sorry, I missed that. So what -- do we know what the next step is here? Do they go back to the drawing board? Or --

知道了。抱歉，我忘了。那麼——我們知道下一步是什麼嗎？他們會重新開始嗎？或者--

It gets right back to what you said on May 22, there is going to be a next Board meeting, and I expect that they'll hear some next steps. They went into executive session after the public session. So I would imagine that, that among other things are being addressed. So.

這正好回到你在 5 月 22 日所說的內容，將會召開下一次董事會會議，我希望他們會聽到一些後續步驟。公開會議結束後，他們進入了執行會議。因此我可以想像，除其他問題外，這些問題正在解決。所以。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Maybe on New Jersey and affordability. I was just curious if you could elaborate on your strategy or approach to managing affordability just given some of the concerns I think stemming from capacity pricing, but what are approaches that you could take to manage some of the concerns that have popped up from both the governor and the commission?

也許是因為新澤西州和負擔能力。我只是好奇，鑑於我認為源於容量定價的一些擔憂，您是否可以詳細說明您管理可負擔性的策略或方法，但是您可以採取哪些方法來管理州長和委員會提出的一些擔憂？

Yes. No, I appreciate that question. Certainly has been a hot topic here. We look, our concern is trying to reach some consensus that helps customers over this peak that came in. We are listening to recommendations that come from the Board of Public Utilities.

是的。不，我很感謝你提出這個問題。這當然一直是這裡的熱門話題。我們認為，我們關心的是試圖達成某種共識，幫助客戶度過這個高峰。我們正在聽取公共事業委員會的建議。

They have a couple of ideas about how they can help mitigate through some deferral of charges to customers that are under consideration from all the electric distribution companies here in New Jersey. We would certainly be supportive of anything that comes out from the Board.

他們有一些想法，關於如何透過推遲向客戶收費來幫助減輕新澤西州所有電力配送公司的壓力。我們當然會支持董事會所做的任何決定。

There are legislators that have proposed a number of different bills I think the most significant one would be one that would be addressing the core problem here, which is supply. And another way to procure supply in the state, some of them in DeAngelo put a bill in to look to bring generation into the state and to open it back up to regulate utilities to have that opportunity.

一些立法者提出了許多不同的法案，我認為其中最重要的一項法案將解決這裡的核心問題，即供應問題。在該州採購電力供應的另一種方式是，德安傑洛的一些人提出一項法案，尋求將發電引入該州，並重新開放該州以規範公用事業，從而獲得這一機會。

Again, Dan mentioned it a little bit in the beginning, we would certainly be willing to participate in that and help find solutions for the state. We think we have some unique sites that could be helpful in meeting that the ones that have pipes and wires already to it.

再說一次，丹一開始就提到了這一點，我們當然願意參與其中並幫助國家找到解決方案。我們認為我們擁有一些獨特的場地，可以幫助滿足那些已經有管道和電線的場地的需求。

And obviously, we'd have to take some different actions on the site to generate there. But we're listening to everyone. It's an issue that it's going to face customers. And as I mentioned in the prepared remarks, it's going to hit every customer in we want to help our customers as best as we can through this time. It's one piece of the affordability challenges that they're facing.

顯然，我們必須在網站上採取一些不同的行動才能產生效果。但我們正在傾聽每個人的聲音。這是客戶將要面臨的問題。正如我在準備好的演講中提到的那樣，這將影響到每位客戶，我們希望在這段時間內盡力幫助我們的客戶。這是他們面臨的負擔能力挑戰之一。

Yes. And the other things that are going on in the background, David, there's a lot of customer assistance like lip, and we're making sure that customers are aware of the programs that are out there to help those in need that probably will be get toughest from the standpoint of some of these increases. So one of activity at the company and a lot of activity outside the company, all addressing this particular issue.

是的。戴維，後台正在發生的其他事情有很多，例如唇部援助，我們正在確保客戶了解有哪些計劃可以幫助那些有需要的人，從這些增加的角度來看，這些人可能會變得最艱難。因此，公司內部的活動和公司外部的許多活動都是為了解決這個特定問題。

And not to mention the timing of our rollout of the energy efficiency program, which, again, I mentioned in the prepared remarks a on that front as well because if we can help customers use less, as I said to an earlier question from -- as we're decoupled, we can help the customer and be supportive without any financial impact to us as a result.

更不用說我們推出能源效率計劃的時機了，我再次在準備好的發言中提到了這一點，因為如果我們能夠幫助客戶減少使用，正如我之前回答的問題一樣 - 由於我們脫鉤了，我們可以幫助客戶並提供支持，而不會對我們造成任何財務影響。

Yes. Excellent. Okay. That's helpful. And then on -- I guess, on your efforts contract nuclear capacity data centers.

是的。出色的。好的。這很有幫助。然後——我想，這取決於你們努力承包核容量資料中心。

I was just curious where do things now stand -- like are you discussions and negotiations contingent on the FERC process and figuring out behind-the-meter co-location arrangements and frameworks or such that, that time frame is going to be important and then may be critical to getting over the finish line here? Or are there other approaches that may not have to wait for the full FERC process and potential settlement to play out?

我只是好奇現在的情況如何——例如，你們的討論和談判是否取決於聯邦能源管理委員會 (FERC) 的流程，並確定電錶後共置安排和框架，或者諸如此類的時間框架是否很重要，然後可能對完成這項工作至關重要？或者是否存在其他可能不必等待聯邦能源管理委員會 (FERC) 完整流程和潛在解決方案完成的方法？

Yes. No, I'm going to give that to Dan to give you any details he wants. I think you addressed a bunch of what you said for. But look, we think the process is helpful to show that the industry as a whole is meeting the need.

是的。不，我會把它交給丹，讓他向你提供他想要的任何細節。我認為你已經解決了許多你所說的問題。但我們認為這個過程有助於顯示整個產業正在滿足需求。

And again, I would encourage us to reach a settlement on that front so that we can show solidarity in meeting the customers' needs here and that customer being the technology company that are so thirsty for generation. But Dan, do you want to add anything specific?

我再次鼓勵我們在這方面達成和解，以便我們能夠團結一致，滿足客戶的需求，而這些客戶正是渴望獲得新一代技術的科技公司。但丹，你想補充什麼具體的東西嗎？

The simple answer is no. It is not contingent upon that. I think it's helpful to have that move forward, but the simple answer is no.

答案很簡單：不是。這並不取決於此。我認為推動這一進程是有幫助的，但簡單的答案是否定的。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Thanks for that real-time update on LIPA. That was impressive I just wanted to follow up on the prior line of questioning, just in regards to the commercial agreement and we talked about this prior just being maybe a more realistic opportunity for '25. And just given everything that's transpired, can you -- I just want to be clear, like, do you still see executing on nuclear deal in '25 as still on the table before the governor leaves office in your mind?

感謝您對 LIPA 的即時更新。這令人印象深刻，我只是想跟進之前關於商業協議的提問，我們之前討論過，這可能是 25 年更現實的機會。鑑於已經發生的一切，我只是想明確一點，您是否仍然認為在州長離任之前仍有可能在 2025 年執行核協議？

Yes. No change, Nick. We are still what we've been saying with respect to how we are progressing and what we're doing is still where we are today.

是的。沒有變化，尼克。關於我們如何進步，我們仍然在說著什麼，我們在做什麼，仍然在做今天的事情。

Yes. I don't have a real-time update for you other than tell you the following from the governor standpoint. These are another economic development mission in the Middle East and is talking about continued attraction of technology jobs to the state. So I'll get an update on that as that progresses and there are some news reports about what he's doing, but he is -- he's working until his last day here, and the topic is to continue to attract technology companies.

是的。除了從州長的角度告訴你以下內容外，我沒有即時更新的資訊給你。這是中東的另一項經濟發展使命，旨在繼續吸引技術工作到該國。因此，隨著事情的進展，我會得到最新消息，也有一些關於他在做什麼的新聞報道，但他會一直工作到在這裡的最後一天，而主題是繼續吸引科技公司。

Okay. That's helpful. And then just maybe remind us on like the quantum of megawatt it could potentially be part of a commercial agreement? Would you be open to doing more than a third of it at this point? Just trying to take your temperature on up.

好的。這很有幫助。然後也許提醒我們，兆瓦的量子可能是商業協議的一部分？現在您願意完成超過三分之一的工作嗎？只是想讓你的體溫升高。

Yes, there's not a target number, but I would say that there's no restriction on anything that we have within the portfolio to the extent that there is interest related to some a commercial agreement.

是的，沒有目標數字，但我想說的是，只要與某些商業協議相關的利益存在，我們投資組合中的任何東西都不會受到限制。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Just maybe building a little bit on prior comments here and appreciating PJM's collar for the next capacity auctions. How do you think about the potential capacity price outcome in the next auction as it relates to customer bill growth at this point? And do you see the price floor carries enough substance to incent ongoing investments in capacity supply? Just any other thoughts on the market there?

也許只是基於先前的評論，並欣賞 PJM 對下一次容量拍賣的支持。您如何看待下次拍賣中潛在的容量價格結果與目前客戶帳單成長之間的關係？您是否認為價格下限足以刺激對產能供應的持續投資？對那裡的市場還有其他看法嗎？

Well, look, I'll -- we'll take this one again. I would say a couple of things turn around and make the comment. I've seen a bunch of reports that would indicate that the price that we could expect would be on the northern side of that collar from a range standpoint, somewhere between the midpoint and the top, I think, is what we continue to see in the consensus of documents that I've read.

好吧，看，我——我們會再討論這個問題。我想說幾件事並進行評論。我已經看到很多報告表明，從範圍的角度來看，我們可以預期的價格將位於該頸圈的北側，介於中點和頂部之間的某個位置，我認為，這就是我們在我讀過的文件的共識中繼續看到的。

We have an internal opinion. We really don't talk about that. But I would say I turn it back around and mention what I've read from others. The good news from that standpoint for our customers, if there is good news in this, is that the -- because we have rolled in three years' worth of capacity increases because we had that proxy price in the BGS auction before, we would not expect to see a large increase for customers in the forward years as a result.

我們有一個內部意見。我們確實不談論這個。但我想說，我反過來提一下我從別人那裡讀到的內容。從這個角度來看，對我們的客戶來說，好消息是（如果這其中有什麼好消息的話），因為我們已經實現了三年的容量增長，因為我們之前在 BGS 拍賣中獲得了代理價格，因此，我們預計未來幾年客戶的容量不會大幅增加。

So that's a positive. What's a negative is the prices are not coming down if that -- if those projections are right, that would keep it in that same range, some percentage up or down. But that not the double-digit increases that we've all seen here in New Jersey.

這是積極的。不利的是，如果這些預測正確的話，價格就不會下降，而是會保持在同一範圍內，上漲或下跌一定百分比。但這並不是我們在新澤西州看到的兩位數的成長。

And again, that was a combination of delays at PJM and the capacity market as well as a lack of generation, which gets to your second question, which is do we think that those prices -- and Jeremy, I'd be way in front of my skis on that since we're not in the merchant generation business at the moment here and don't expect to be ever again in the merchant generation business, we have not done a lot of homework on costs and how that would wind up playing out and with tariff increases and so on.

再一次，這是 PJM 和容量市場延遲以及發電不足的綜合作用，這就引出了你的第二個問題，即我們是否認為這些價格 - 傑里米，我會提前考慮這個問題，因為我們目前不從事商業發電業務，也不打算再從事商業發電業務，我們還沒有對成本以及最終將如何發揮作用以及關稅增加等做大量的功課。

So look, if we have an opportunity to do something in rate base, be able to answer that question in a lot more detail. But Dan, do you want to add anything?

所以看，如果我們有機會在利率基礎上做一些事情，就能更詳細地回答這個問題。但丹，你想補充什麼嗎？

No, I'll just add two things. On your last point, the concept of bullet prompt incremental generation, honestly, it's less about the price and more about the duration and the time frame that you're talking about. So given the periods that the auction covers and given the time frame that it takes to build something new, the price that they're putting out is not something that you're going to get if it prompts you to build a new unit.

不，我只想補充兩點。關於你的最後一點，子彈提示增量生成的概念，老實說，它與價格關係不大，而與你談論的持續時間和時間範圍關係更大。因此，考慮到拍賣涵蓋的時間段以及建造新建築所需的時間範圍，他們給出的價格並不是促使您建造新建築時所能獲得的價格。

So I think the timing continues to be the challenge at PJM and then just maybe piling on what Ralph talked about before with respect to the overall pricing and customer bill. The BPU set up a good process so that you could gradually see changes over time. That good process was -- it lost some of its benefits by virtue of PJM's delays in the capacity auction.

因此，我認為時機仍然是 PJM 面臨的挑戰，然後也許會延續 Ralph 之前談到的有關整體定價和客戶帳單的問題。BPU 建立了一個良好的流程，以便您可以隨著時間的推移逐漸看到變化。然而，由於 PJM 在容量拍賣中的拖延，這個良好流程失去了部分優勢。

So that proxy price amplified the effect of a price move because there was a catch-up. We're still not caught up with respect to timing of capacity auctions and so that proxy price, which was in the last go around the previous auction as we move forward is currently the previous auction.

因此，由於出現了追趕現象，代理價格放大了價格變動的影響。我們仍未了解容量拍賣的時機，因此，上次拍賣中的代理價格目前是上次拍賣的價格。

So that proxy price is the $2.70 price we saw last time. And so Ralph says we don't expect to see a big move by virtue of whatever happens within this auction, it's because we're sitting at that higher proxy price. So there could be smaller moves, but nothing in the magnitude of what we've seen.

所以代理價格就是我們上次看到的 2.70 美元。因此拉爾夫說，我們預計這次拍賣不會出現大的波動，這是因為我們處於較高的代理價格。因此，可能會出現較小幅度的變動，但幅度不會像我們所看到的那麼大。

And the color surrounds that $2.70 as Ralph said, probably leaves you closer to where we are now, but without another jump like we are addressing right now within the state.

正如拉爾夫所說，圍繞著 2.70 美元的顏色可能會讓你更接近我們現在的狀況，但不會出現像我們現在在州內解決的那樣的另一次跳躍。

Got it. That's helpful context there. And maybe pivoting to offshore wind and fully appreciating that Pega's exited offshore wind. But maybe just any thoughts as far as recent frictions offshore wind that we're seeing today? And how you think that impacts maybe the transmission planning opportunity set? Are there any knock-on effects to you guys that we should think about?

知道了。這是很有幫助的背景資訊。或許可以轉向離岸風電，並充分認識到 Pega 退出離岸風電。但也許只是對我們今天看到的近期海上風摩擦有什麼想法？您認為這會對輸電規劃機會集產生什麼影響？這對你們來說是否存在著我們應該考慮的連鎖影響？

Well, no knock-on effects for us to the East of New Jersey because we didn't have anything in the plan as we've spoken about quite a bit, maybe opportunities now to the West, depending upon how we solve the resource adequacy concerns and the capacity.

嗯，這對新澤西州東部沒有連鎖反應，因為我們的計劃中沒有任何內容，正如我們已經談論的很多內容一樣，也許現在西部有機會，這取決於我們如何解決資源充足性問題和容量。

I think -- look, we -- again, I'm going to be a little bit repetitive here. We have to be very loud about any concerns that we have regarding that process and the parameters that exist because five years from now, we'll be dealing with the results of it.

我想——看，我們——我在這裡又要重複一點了。我們必須大聲表達我們對這一進程和現有參數的任何擔憂，因為五年後我們將處理其結果。

So it's pretty clear to us to help customers we need to either build more wires or build some generation in the state, and it's important to have the accurate parameters built into the PJM process now so that we get it right in the out years.

因此，我們很清楚，為了幫助客戶，我們需要在該州建造更多的電線或一些發電設施，現在將準確的參數納入 PJM 流程非常重要，這樣我們才能在未來幾年內正確完成。

Julien Smith, Jefferies.

朱利安史密斯（Julien Smith），傑富瑞集團。

Just a follow-up on this affordability there. I'd love to hear a little bit more specifically. I know you guys alluded to guiding customers with what's out there. But I just want to make sure I'm hearing from you guys right, especially as you think about proposals and trying to swage concerns out there.

這只是對那裡的可負擔性的後續關注。我很想聽聽更具體的訊息。我知道你們暗示要用現有的東西來引導客戶。但我只是想確保我正確地聽到了你們的聲音，特別是當你們考慮提案並試圖解決大家的擔憂時。

I mean what would you say specifically, you all bring to the table or would potentially bring to the table in a long-term and short-term sense here? I mean I just wonder in the scope of how far this affordability narrative is going in the state and what you're hearing from the stakeholders, whether it's the governor with BPU on this?

我的意思是，您具體想說一下，你們在長期和短期內能帶來什麼或可能帶來什麼？我的意思是，我只是想知道這種可負擔性敘述在該州的傳播範圍有多廣，以及您從利益相關者那裡聽到了什麼，州長是否與 BPU 就此展開討論？

Yes. Look, again, this is -- I think what we're here, Julian, is what the whole country is here and affordability is a concern and it goes from eggs to energy. So from our standpoint, we want to do our part and the conversation here in New Jersey was magnified quite a bit by everything we just talked about with the inadequacy of the PJM capacity market process being delayed as long as it was. And having this compounding effect.

是的。再說一遍，這是——朱利安，我認為我們現在的情況是整個國家都面臨的情況，負擔能力是一個問題，它涉及從雞蛋到能源。因此，從我們的角度來看，我們希望盡自己的一份力量，而新澤西州的對話因我們剛才談論的一切而被放大了很多，因為 PJM 容量市場流程的不足一直被拖延。並具有這種複合效應。

So we can't change that. That's a governance issue that PJM needs to deal with, and they'll do what they need to do. But what we can do is what we've been trying to do at PJM, which is advocate for some stability, so we don't have this happen again. That's a long-term solution because the long-term solution is to get more generation, more supply that could show up as new generation in the state.

所以我們無法改變這一點。這是 PJM 需要處理的治理問題，他們會做他們需要做的事情。但我們能做的就是我們在 PJM 一直努力做的事情，即倡導某種程度的穩定，這樣就不會再發生這種情況。這是一個長期的解決方案，因為長期的解決方案是獲得更多的發電量，更多的供應量，這些可能會在該州作為新一代出現。

We've talked a lot about the fact that we've been more than willing to do it in rate base. If we can play a role there, it would be helpful, we will certainly do that. Or it could show up by new wires being built and bringing in generation from another location.

我們已經多次討論過我們非常願意在利率基礎上這樣做的事實。如果我們能夠在那裡發揮作用，那將會很有幫助，我們一定會這樣做。或者它可能透過建造新電線並從其他地方引入發電來實現。

What I hear from policymakers in the state is that they would like to have more control over their destiny and that would lead me to believe that we would want to have more generation in the state. But those conversations are ongoing, and you've seen some of that in the press.

我從州的政策制定者那裡聽到的是，他們希望更好地掌控自己的命運，這讓我相信我們希望在州內擁有更多的一代。但這些對話仍在繼續，你已在媒體上看到了一些報導。

What we can do in the short term is three things, right? We can help from an affordability standpoint, providing customers with access to some of these programs that are out there, systems programs. We can help with energy efficiency, just continue to help people use less.

我們短期內能做的就三件事吧？我們可以從可負擔的角度提供協助，讓客戶能夠使用現有的一些程式和系統程式。我們可以幫助提高能源效率，只需繼續幫助人們減少能源消耗。

And we've talked about that quite a bit over the years. And the new thing that was an idea that was put forth by the BPU was to try to get more people on a plan that would levelize the cost over a 12-month period of a program called the equal payment plan. This would be a little bit different than that.

這些年來我們已經多次討論過這個問題。BPU 提出的新想法是嘗試讓更多的人參與一項計劃，該計劃將在 12 個月內平衡成本，即所謂的平等支付計劃。這與那有點不同。

But not very different as I currently read it, and we need more of a short-term solution so that customers are still incented to use less electricity in the long term and that count on an equal payment plan.

但正如我目前所讀到的，並沒有太大的不同，我們需要更多的短期解決方案，以便客戶仍然有動力長期減少用電，並依靠平等的付款計劃。

So that's a policy decision that will be continue to be discussed with the Board. But we have said, and we want to be part of the solution, and we've always been that way in the state. I don't see that being any different. So whether it's the long term, the rules, the supply or the short term, we're trying to help customers out. And in the three ways that we mentioned, we're going to be here as best we can.

因此，這是一項政策決定，將繼續與董事會討論。但我們已經說過，我們希望成為解決方案的一部分，我們在該州也一直這樣做。我不認為有什麼不同。因此，無論是長期、規則、供應或短期，我們都在盡力幫助客戶。我們將透過上述三種方式盡力提供協助。

And short item, an obvious statement, Julien, our energy year starts June 1. So you'll see volume increases. At the same time, you're starting to see that price increase. And so part of that design and part of that thinking is to take the sting out of the summer months.

簡短地說，朱利安，一個顯而易見的說法是，我們的能源年從 6 月 1 日開始。因此你會看到音量增加。同時，你開始看到價格上漲。因此，該設計和想法的一部分是為了減輕夏季的寒冷。

Yes, absolutely. And guys, just to clarify here real quickly on LIPA, you guys have commented that you see offsetting potentially this headwind to the extent to which you may or may not get it. Would that be effective here as soon as the start of next year as far as your ability to offset the full ramp, right, the $0.06 to $0.08 ballpark that we're talking about here?

是的，絕對是。各位，我只是想在這裡快速澄清一下 LIPA，你們已經評論說，你們看到了抵消這種逆風的可能性，無論你們可能得到還是得不到。就您抵消全部上漲的能力而言，這是否會在明年年初就生效，對吧，我們在這裡談論的 0.06 美元到 0.08 美元左右？

Yes. Well, it's not that high. I think we've been saying 5% to 6%, but I won't get into back and forth on that. I think that -- look, first of all, it's immediate, we would have to manage costs and any other costs were associated with LIPA would have to remove those costs, and there's multiple ways to do that. And then on the revenue side, we're always looking for other opportunities.

是的。嗯，沒那麼高。我認為我們一直在談論 5% 到 6%，但我不會對此進行反覆討論。我認為——首先，這是迫在眉睫的，我們必須管理成本，並且與 LIPA 相關的任何其他成本都必須消除，而有多種方法可以做到這一點。在收入方面，我們一直在尋找其他機會。

And we always have oars in the water on that front, and I would hope that we could bring one or two of those opportunities we're looking at to fruition in a timely enough fashion to offset it. So that's the goal here. And that's why we're confident that we'd be able to offset it and remain with our earnings projections that we've put out there to five to seven.

我們在這方面總是努力嘗試，我希望我們能夠及時實現我們正在考慮的一兩個機會，以彌補它。這就是我們的目標。這就是為什麼我們有信心能夠抵消這一影響，並保持我們提出的 5 至 7 年的獲利預測。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just a follow-up on the large load pipeline comments from earlier. Any indications you can share on the breakdown of that 6,400 megawatts in terms of what are more geared towards initial applications versus those that are more mature in the process?

也許只是對先前大負載管道評論的後續。您能否分享一下這 6,400 兆瓦的細分情況，哪些更適合初始應用，哪些更適合流程較為成熟？

Yes. Carly, it continues to morph as you go through time, right? You'll have some drop off. You'll have some come on in, but we've generally characterized the number as trying to do two things. The first thing we're trying to do is give an indication of total interest that has come forward, while at the same time, also trying to bring some reality to it.

是的。卡莉，隨著時間的推移，它會繼續變形，對嗎？你會有一些下降。你會有一些人加入，但我們通常認為這個數字是試圖做兩件事。我們要做的第一件事就是表明大家對這個問題的整體興趣，同時也試圖將其變成現實。

Because we've said megawatt peaking system, we don't expect to 400 megawatts to come on. And so Ralph mentioned earlier, 10% to 20%, I think we continue to try to do some guest work. Obviously, you don't know when someone starts to initiate an interest exactly where they're going to go.

因為我們已經說過兆瓦峰值系統，所以我們預計不會有 400 兆瓦的電力投入。拉爾夫之前提到過，10% 到 20%，我想我們會繼續嘗試做一些客座工作。顯然，當某人開始產生興趣時，你不知道他們到底要去哪裡。

But as time goes on, their continued interest, how far they go in the process, how we often communicate and what they're doing, gives us some sign that we can get some a gauge as you -- which are going to be more likely in which are not.

但隨著時間的推移，他們持續的興趣、他們在這個過程中取得的進展、我們如何經常溝通以及他們在做什麼，都給了我們一些跡象，表明我們可以像你一樣進行一些衡量——哪些更有可能發生，哪些則不然。

And so I don't know if you're in that 10% to 20%, 25%, somewhere within there, I think is a reasonable expectation as to what's going to come forward. And that's also used for planning purposes. We don't plan our system around 6,400 megawatts coming on to the system. We plan for a subset of that based upon that experience. And so it's probably in that ballpark. It's an imperfect estimate but it is an estimate.

所以我不知道您是否處於 10% 到 20%、25% 之間的某個範圍內，我認為這對於未來會發生什麼是一個合理的預期。這也用於規劃目的。我們的系統規劃並不會圍繞著 6,400 兆瓦的電力進行。我們根據該經驗制定了其中的子集計劃。所以可能就是這個意思。這是一個不完美的估計，但它是一個估計。

Got it. Okay. That's helpful. And then maybe just as you think about the current five-year capital plan, any color you can provide in terms of where you see potential exposure on the tariff front? And any risk mitigation tactics that you see as necessary there?

知道了。好的。這很有幫助。那麼也許正如您所考慮的當前的五年資本計劃一樣，您能否提供任何有關您認為關稅方面的潛在風險的詳細資訊？您認為有哪些必要的風險緩解策略？

I don't want to completely dismiss because what we don't know, we don't know. But I am very comfortable that we do not have any real problems around the quarter because of the type of work that we are planning over the near term, right? It's the very straightforward replacement activities that we have in that last mile.

我不想完全否認，因為我們不知道的就是不知道。但我很放心，由於我們近期計劃開展的工作類型，我們在本季不會遇到任何實際問題，對嗎？這是我們在最後一英里進行的非常簡單的替代活動。

We are not planning on large transmission projects in this cycle. I'm not planning on that. We have a little bit of substation and switching station work to do, but no major efforts like we had after Superstorm Sandy.

我們不計劃在此週期內實施大型輸電項目。我沒打算這麼做。我們有少量變電站和開關站的工作要做，但不需要像超級風暴桑迪之後那樣進行大規模的努力。

So since the major work is behind us, large project risk is behind us. And we're really focused on this last mile equity. The only project you have of any magnitude is the Maryland project. And I have had no indications yet that we have any supply chain concerns on that front.

因此，由於主要工作已經完成，大型專案風險也已經消除。我們真正關注的是最後一英里的公平性。您唯一具有一定規模的專案是馬裡蘭專案。目前我還沒有發現任何跡象表明我們在這方面有任何供應鏈方面的擔憂。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究公司。

Ralph, I know you just hit this in one of the recent questions just in terms of short-term and long-term solutions. But do you think the short-term solutions are sufficient enough to tamp down some of the political rhetoric here just given like the long-term solution, how long term are we talking? Like if you were able to bring regulated generation online, how long would that take?

拉爾夫，我知道您在最近的一個問題中就短期和長期解決方案談到了這一點。但是您是否認為短期解決方案足以平息這裡的一些政治言論，就像長期解決方案一樣，我們談論的是多久的長期解決方案？例如，如果您能夠將受監管的發電方式投入使用，那麼需要多長時間？

Yes, Michael, I don't want to front run something that isn't there yet. So it will be hard for us to say that. I would simply be thinking about that it this way. We're seeing five- to six-year lead times on some of the turbines and you could call that four, you could call it eight, depending upon who you talk to.

是的，邁克爾，我不想搶先完成一些尚未實現的事情。所以我們很難這麼說。我只是這樣想。我們看到一些風力渦輪機的製造週期為五到六年，你也可以稱之為四年，也可以稱之為八年，這取決於你與誰交談。

But I'll say, five to six on that front. So what we need is we need the decision it by law, we cannot move into this area right now because of the decade. And if the law has changed in the state of New Jersey, we will be there for the customers for the policymakers.

但我會說，在這方面有五到六個。所以我們需要的是，我們需要透過法律做出決定，因為還有十年的時間，我們現在不能進入這個地區。如果新澤西州的法律發生變化，我們將為客戶和政策制定者提供服務。

So it's a little bit of the chicken in the and the egg. When does the law get changed, and then when do we actually get the place orders to try to find some solutions. That's -- so to give you a time line when we could actually have additional supply on the system would be, I think, disingenuous on my part to do that.

所以這有點像是先有雞又有蛋的情況。法律什麼時候改變，我們什麼時候才能真正得到命令來嘗試找到一些解決方案。那是——所以，我認為，給我一個我們實際上可以在系統上獲得額外供應的時間表，對我來說是不誠實的。

So I think what we're doing in the near term is the best we can do with the parts with Delta. And I say we, as the State of New Jersey. We're all working together on this, the policymakers and the companies.

所以我認為我們近期所做的就是盡我們所能與達美航空合作。我說的是，我們代表新澤西州。我們正在為此共同努力，包括政策制定者和公司。

Okay. Understood. And just tied to that, just wanted to get your thoughts on the governor's challenge of the previous PJM auction results and how that factors into the dynamics?

好的。明白了。與此相關，我只是想聽聽您對州長對先前 PJM 拍賣結果的質疑的看法，以及這對動態有何影響？

Yes. Look, I think poly makers are rightfully concerned about the spike that they saw. And so I think you're seeing questions get asked in a number of different ways by a number of different quality leaders. We've had some assembly leaders, some tenant leaders here in the state, asking those questions, either in public hearings or by sending letters as well. So it's not a surprise.

是的。瞧，我認為聚合物製造商對於他們所看到的峰值感到擔憂是合理的。因此我認為您會看到許多不同的品質領導者以不同的方式提出問題。我們州的一些議會領導人和租戶領導人透過公開聽證會或發送信件的方式提出了這些問題。所以這並不奇怪。

This is something you would expect leadership to do is to ask some questions when you have something like this take place? And what took place here as I think we've said multiple times is we've had this governance challenge that has caused the three year -- all three of these auctions to pile up on top of each other. And as a result, the customers are seeing the spike.

當發生類似的事情時，您是否希望領導階層提出一些問題？正如我們多次說過的，這裡發生的事情是我們面臨治理挑戰，這導致三年來這三次拍賣會相互疊加。結果，顧客數量出現了激增。

I mean they're going to have Michael, they're going to do their investigation. They're going to find what they find out. We're not aware of anything that's problematic, but there's nothing wrong with that check going on just to validate what has happened.

我的意思是他們會找麥可來調查。他們將會找到他們所發現的東西。我們沒有發現任何問題，但進行檢查只是為了驗證發生了什麼，這並沒有什麼問題。

Okay. And just last one, just back to the long-term solutions, is regulated generation in New Jersey the only solution that's being considered? Or are there any other that we should be launching?

好的。最後一個問題，回到長期解決方案，新澤西州的受監管發電是唯一正在考慮的解決方案嗎？或者我們還應該推出其他什麼嗎？

No, no, no. I think -- look, I think there's three solutions, right, we've talked about. And I say generation without picking a source or a technology. You could -- the first is you could have rate base, which I mentioned. The second is you could have -- you could somehow incent a competitive generator to site here.

不，不，不。我認為——看，我認為有三個解決方案，對的，我們已經討論過了。我所說的生成並不涉及來源或技術。你可以——首先你可以有我提到的利率基礎。第二，你可以－你可以以某種方式激勵有競爭力的發電機在這裡建站。

And the third is you can import. I mean that is the simple way we think about it. And the imports we're going to probably need some bigger wires or more wires if we go that route. Again, we be in the state.

第三是您可以導入。我的意思是，這是我們思考這個問題的簡單方式。如果我們走這條路線，我們可能需要進口更大或更多的電線。再次，我們處於該狀態。

If we come up with a solution for competitive generator. We will be there from an interconnection standpoint. We've been very vocal about the fact that we've been very responsive to those types of requests as they come in regardless of the technology.

如果我們想出一個有競爭力的發電機的解決方案。從互聯互通的角度來看，我們將會參與其中。我們一直明確表示，無論採用何種技術，我們都會對這些類型的請求做出積極回應。

And if it becomes a regulated solution, we think we have a couple of sites that might make some sense for us. So we just look forward to the continuing conversation and try to push it so we can avoid this can get kicked to for.

如果它成為一個受監管的解決方案，我們認為我們有幾個網站可能對我們來說是有意義的。因此，我們只是期待繼續對話，並努力推動它，這樣我們就可以避免被踢出去。

Bill Appicelli, UBS.

瑞銀的比爾·阿皮塞利。

Just one quick question here. Just going back to something Dan said earlier about the commercial opportunities and flexibility being key I mean, just maybe a little bit more color around what that means. Is that flexibility around being on grid or the time line of how quickly things can ramp? I mean what exactly is the flexibility aspect they're looking for?

這裡只有一個快速問題。回到丹之前所說的關於商業機會和靈活性是關鍵的一點，我的意思是，也許可以更詳細地解釋這意味著什麼。這種靈活性是否與電網有關，或與事情進展速度的時間表有關？我的意思是他們尋求的彈性到底是什麼？

Well, this is a follow-on something Dan said, I'll let Dan answer it.

好吧，這是丹所說的後續內容，我請丹來回答。

Yes, look, just think about trying to strike a commercial deal when there is uncertainty around rules that are going to be met urgently, and that work continues to go on and on and on. And so I think, really, just trying to get in line how this is going to work and how it can work and what the optionality is with respect to how you would interconnect. It's nothing more complicated than that.

是的，你看，試想一下，當對於需要緊急滿足的規則存在不確定性時，試圖達成一項商業協議，而且這項工作還在繼續進行。因此我認為，實際上，只是試圖弄清楚它將如何運作、如何運作，以及在如何互連方面有哪些可選性。沒有什麼比這更複雜的了。

And we've said before given where we are and given the transmission rates where we are, it is not as critical as it is in some other areas. But I think all parties would prefer a situation where they have all the rules and they know exactly what they're dealing with. And I think it's just -- it's taken us a long time as an industry and as the regulators within the industry to come to that final answer.

我們之前說過，考慮到我們所處的位置以及我們所處的傳播率，情況並不像其他一些地區那麼危急。但我認為各方都更希望看到這樣一種情況：他們有所有的規則，並且清楚地知道自己在處理什麼。我認為，作為一個行業以及行業內的監管者，我們花了很長時間才得出最終答案。

Now we had a question before about the settlement. And I think that would be a great answer because it will be the participants that are actually devising where things are going to go that would ultimately get approved.

我們之前對解決方案有一個疑問。我認為這是一個很好的答案，因為實際上正是參與者在設計事情的發展方向，並最終獲得批准。

But that doesn't happen overnight either. And so I think there is as a general desire to move more quickly and get this done, but it's lingered for a while. So that's really all it is, Bill is trying to solidify exactly what the landscape is that we're working at.

但這也不是一朝一夕就能實現的。因此我認為大家普遍希望能夠更快採取行動並完成這項工作，但這種願望已經持續了一段時間。所以這就是全部內容，比爾正在試圖鞏固我們正在工作的前景。

Yes. And Bill, I would just add, look, if you think about where we have our generation right now, we can satisfy a bunch of things, whether it's redundancy, accessibility, extra capacity, location and I could go on and on. So we still feel very, very good about the opportunity set that's in front of us.

是的。比爾，我只想補充一點，如果你想想我們現在這一代的情況，我們可以滿足很多東西，無論是冗餘、可及性、額外容量、位置等等，我還可以繼續說下去。因此，我們仍然對擺在我們面前的機會感到非常非常樂觀。

Okay. And then just lastly on what are you guys seeing on the adoption for demand response, right? That's obviously been something that's gotten more attention here as the price signal is going up. Is that something you're seeing an increasing level of interest in from your customers?

好的。最後，你們對需求響應的採用有何看法，對嗎？隨著價格訊號的上升，這顯然已經引起了更多的關注。您是否發現客戶對此的興趣日益濃厚？

Yes. I think you see it in a couple of different ways, right? But we don't have as much as you might here from other companies because of the low industrial load that we have. From a residential standpoint, we do see it. We see it show up from mostly, in that case, from a thermostat standpoint and from some pools that are not running and so on at certain times.

是的。我想您會從幾個不同角度來看待這個問題，對嗎？但由於我們的工業負荷較低，因此我們的產量不如其他公司那麼多。從住宅的角度來看，我們確實看到了這一點。在這種情況下，我們主要從恆溫器的角度以及某些特定時間未運行的某些池等的角度看到它出現。

And that has continued. And our energy efficiency programs that we talk about all the time address exactly that issue for mostly -- again, mostly the residential customers.

這種情況一直持續著。我們一直在談論的能源效率計劃正是針對這個問題而提出的，主要是針對住宅客戶。

And there are no further questions at this time. I would like to turn the floor back to Mr. LaRossa for closing comments.

目前沒有其他問題。我想請拉羅薩先生作最後發言。

Well, thank you so much. Listen, I think the conversation has rightfully been a lot today around affordability and what customers are facing. And again, we are in that depth of that issue. We know what's going on around kitchen tables.

嗯，非常感謝。聽著，我認為今天的討論主要集中在可負擔性和客戶面臨的問題。再次，我們對這個問題的認識已經到了極致。我們知道餐桌上發生的一切。

And that's because of the 13,000 employees that we have here who are not only doing the job that they do day in and day out but are those people that are having those same conversations around the table regardless of the cause of the affordability challenges they might be having. So we're very well aware of that.

這是因為我們這裡有 13,000 名員工，他們不僅日復一日地做著自己的工作，而且無論他們面臨的負擔能力挑戰的原因是什麼，他們都在餐桌上進行著同樣的對話。我們非常清楚這一點。

We're going to be here to be a solution provider to the state, and we hope to continue to be a solution provider to the people of Long Island as well as we've discussed. So we appreciate all of your interest, and we will see you at AGA in May. Thanks for calling in.

我們將在這裡為該州提供解決方案，我們希望繼續為長島人民提供解決方案，正如我們所討論的那樣。因此，我們非常感謝大家的關注，我們將於 5 月在 AGA 與您見面。謝謝您的來電。

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。現在您可以斷開線路。感謝您的參與。