公共服務電力與天然氣 (PEG) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Rob, and I'm your event operator today.

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。

I would like to welcome everyone to today's conference, Public Service Enterprise Group's Second Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded today, August 5, 2025, and will be available for replay as an audio webcast on PSEG's Investor Relations website at https://investor.pseg.com.

歡迎大家參加今天的會議，即公共服務企業集團 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議將於今天（2025 年 8 月 5 日）錄製，並將作為音頻網絡廣播在 PSEG 的投資者關係網站 https://investor.pseg.com 上重播。

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

現在我想將電話會議交給卡洛塔‧陳 (Carlotta Chan)。請繼續。

Good morning, and welcome to PSEG's Second 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. 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.

早安，歡迎參加 PSEG 2025 年第二季財報。參加今天電話會議的有董事長、總裁兼執行長 Ralph LaRossa 和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 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。

We will also discuss non-GAAP operating earnings, which differs from net income as reported in accordance with generally accepted accounting principles, or GAAP, in the United States. We include reconciliations of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IR website and in today's materials. Following our prepared remarks, we will conduct a 30-minute question-and-answer session.

我們也將討論非公認會計準則營業收入，這與依照美國公認會計準則（GAAP）報告的淨收入不同。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 thanks to all of you for joining us this morning to review PSEG's second quarter 2025 results and to discuss our outlook for the business over the rest of the year. PSEG delivered another quarter of solid operating and financial performance. And PSE&G is on track to execute on its full year $3.8 billion regulated investment program to maintain reliability. PSE&G also benefited from a full quarter of regulatory recovery of and on over $3 billion of previously invested capital, which was approved in the October 2024 settlement of our electric and gas distribution base rate case.

謝謝你，卡洛塔，也謝謝大家今天早上加入我們，回顧 PSEG 2025 年第二季的業績，並討論我們對今年剩餘時間業務的展望。PSEG 又一個季度實現了穩健的營運和財務表現。PSE&G 正在按計劃執行其全年 38 億美元的監管投資計劃，以保持可靠性。PSE&G 也受益於整個季度的監管恢復，以及超過 30 億美元的先前投資資本，這些資金在 2024 年 10 月的電力和天然氣分銷基準費率案和解中獲得批准。

PSEG's results also reflect the positive impact of higher output from our nuclear generating fleet, which benefited from the absence of a Spring Hope Creek refueling outage experienced last year. During the past quarter, we also continued to prioritize meeting our customers' expectations on both the reliability and affordability fronts. In late June, we successfully operated through 3 consecutive days of 100-degree plus temperatures, prompting high electricity usage that set a summer peak load of 10,229 megawatts on June 24, the highest system load we have experienced since 2013.

PSEG 的業績也反映了核電機組產量提高的正面影響，這得益於去年沒有發生 Spring Hope Creek 燃料補給中斷。在過去的一個季度中，我們也繼續優先滿足客戶在可靠性和可負擔性方面的期望。6 月下旬，我們成功度過了連續 3 天 100 華氏度以上的高溫，導致用電量大幅增加，6 月 24 日的夏季峰值負載達到 10,229 兆瓦，這是自 2013 年以來我們經歷的最高系統負載。

The value of our infrastructure resilience and storm restoration efforts benefited customers during a series of intense heat, wind and rainstorms, providing yet another validation of our investments in the system to maintain reliability, which also improves the customer experience. Our utility crews in New Jersey and on Long Island are working tirelessly to safely keep the lights on, restoring service to interrupted customers on a timely basis, redirecting employees from nonemergency work to focus on emergent service requests and deploying mutual aid to reinforce our local crews to restore service to customers even faster.

我們的基礎設施彈性和風暴復原工作的價值使客戶在一系列酷熱、狂風暴雨中受益，這再次證明了我們在系統維護可靠性方面的投資，同時也改善了客戶體驗。我們在新澤西州和長島的公用事業工作人員正在不知疲倦地工作，以安全地保持燈光亮起，及時為中斷的客戶恢復服務，將員工從非緊急工作中轉移至專注於緊急服務請求，並部署互助以加強我們當地的工作人員，以更快地恢復對客戶的服務。

During the 4-day heat storm in June, PSE&G crews restored service to 99% of customers within 24 hours. I could not be more proud of our team's work and these results. Turning to our affordability focus. Given the warmer-than-normal summer thus far, higher electricity usage is expected to result in higher customer bills. In addition, our customers are seeing the electric rate impact of last year's PJM capacity auction, which is just now translating into summer utility bills. PSE&G has responded by partnering with the New Jersey Board of Public Utilities to implement a summer relief initiative, providing all residential customers with deferred billing during 2 high-usage summer months, shifting collection of the deferral to lower electric usage months with no interest charged to customers.

在 6 月持續 4 天的高溫天氣中，PSE&G 工作人員在 24 小時內為 99% 的客戶恢復了服務。我對我們團隊的工作和這些成果感到無比自豪。轉向我們的可負擔性重點。鑑於今年夏季迄今的氣溫高於正常水平，預計用電量增加將導致客戶帳單增加。此外，我們的客戶正在看到去年 PJM 容量拍賣對電價的影響，現在正在轉化為夏季水電費。PSE&G 已與新澤西州公共事業委員會合作實施了一項夏季減免計劃，為所有住宅客戶提供夏季兩個用電高峰月份的延期賬單，將延期賬單的收取轉移到電力使用量較低的月份，且不向客戶收取利息。

The utility has also extended showoff protections for income qualified residential customers and suspended electric reconnect fees through September 30. In addition, PSE&G is processing 2 sets of upcoming state-funded residential energy assistance payments that will also reduce eligible customer bills. We also continue to connect our customers in need of payment assistance with all available resources, including our award-winning energy efficiency programs to help lower usage.

該公用事業公司還延長了符合收入條件的住宅客戶的炫耀保護期，並暫停了電力重新連接費用直至 9 月 30 日。此外，PSE&G 正在處理即將發放的兩筆由國家資助的住宅能源援助款項，這也將減少符合條件的客戶的帳單。我們也將繼續為需要付款協助的客戶提供所有可用資源，包括我們屢獲殊榮的能源效率計劃，以幫助降低使用量。

Last month, PJM released the results of its latest capacity auction, which priced within a FERC-approved price collar at $329 per megawatt day for the 2026 to 2027 energy year. Despite this latest increase in capacity prices, we anticipate a near flat impact on customer electric bills when this latest price is feathered into the PGS supply rates in June of 2026.

上個月，PJM 公佈了其最新容量拍賣的結果，該拍賣的價格在 FERC 批准的價格範圍內，即 2026 至 2027 能源年度的每兆瓦日 329 美元。儘管最近容量價格有所上漲，但我們預計，當最新價格在 2026 年 6 月納入 PGS 供應率時，對客戶電費的影響將幾乎持平。

This assumes other supply-related costs remain the same, preserving the reduction from other charges expected to come off the bill. As we've discussed on prior calls, the resource adequacy challenges in New Jersey and across the entire 13-state PJM region are becoming more acute as we see both growing demand and new supply slow to respond. Recent reports reflect an increasing amount of new large load applications that are quickly eroding existing reserve margins.

這假設其他供應相關成本保持不變，從而保留預計從帳單中扣除的其他費用的減少。正如我們在先前的電話會議中討論過的，隨著需求不斷增長和新供應反應緩慢，新澤西州以及整個 13 個州的 PJM 地區的資源充足性挑戰變得更加嚴峻。最近的報告反映出，越來越多新的大負載應用正在迅速侵蝕現有的儲備裕度。

Within the confines of PJM, it's hard to see the path to new generation through existing market signals, which may require the consideration of a new approach to procuring capacity and resource planning. In New Jersey, the legislature convened on June 30, having held a series of hearings on energy affordability in advance of the PJM capacity-related summer rate increases. Legislation introduced this past March, Assembly Bill 5439 could enable regulated utilities to be among those companies able to compete for potential generation projects should New Jersey decide to build or pursue new in-state generation.

在 PJM 的範圍內，很難透過現有的市場訊號看到新一代的道路，這可能需要考慮一種新的採購能力和資源規劃方法。在新澤西州，立法機構於 6 月 30 日召開會議，在 PJM 容量相關夏季電價上調之前就能源可負擔性舉行了一系列聽證會。今年 3 月提出的立法，即第 5439 號議會法案，可以允許受監管的公用事業公司成為那些能夠在新澤西州決定建設或開發新的州內發電項目時競爭潛在發電項目的公司之一。

New Jersey remains a net importer of power. And during the June heat storms imported nearly half of its electric needs from out of state, abundant excess generation capacity to our West that for many years, made power imports a convenient option is quickly being absorbed by rapid growth of native load in those states. In New Jersey, policymakers have begun to actively weigh the priorities of economic growth with system reliability and affordability and the state's environmental policies.

新澤西州仍是電力淨進口州。在六月的熱風暴期間，該州近一半的電力需求是從州外輸入的，多年來，西部過剩的發電能力使得電力進口成為一種便捷的選擇，但這些州的電力負荷正在迅速增長，從而迅速吸收了這些電力需求。在新澤西州，政策制定者已經開始積極權衡經濟成長與系統可靠性和可負擔性以及該州的環境政策之間的優先順序。

In fact, today, the BPU is conducting a technical conference on resource adequacy, focusing on the recent PJM capacity auction results and state-driven solutions. We look forward to partnering with New Jersey and regional stakeholders to develop policy consensus on long-term comprehensive solutions that can meet our growing demand and improve resource adequacy while safeguarding affordability and reliability to meet New Jersey's energy needs.

事實上，今天，BPU 正在舉辦一場關於資源充足性的技術會議，重點介紹最近的 PJM 容量拍賣結果和國家驅動的解決方案。我們期待與新澤西州和地區利益相關者合作，就長期綜合解決方案達成政策共識，以滿足我們日益增長的需求並提高資源充足性，同時保障可負擔性和可靠性，以滿足新澤西州的能源需求。

While these conversations continue, our $3.8 billion regulated capital investment plan for 2025 is focused on infrastructure replacement and modernization to ensure safe and reliable service. and to meet growing customer demand. These efforts are on track and on budget. As mentioned last quarter, PSE&G began the second phase of its Clean Energy Future Energy Efficiency II program which will help customers save energy, lower their bills and reduce carbon emissions while supporting job training and economic growth right here in New Jersey.

在繼續進行這些討論的同時，我們 2025 年 38 億美元的受監管資本投資計畫將重點放在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。這些努力正在按計劃進行，並且沒有超出預算。正如上個季度所提到的，PSE&G 啟動了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。

And speaking of economic growth, as of June 30, PSE&G's pipeline of large load inquiries for new service connections grew to over 9,400 megawatts, up 47% from 6,400 megawatts reported as of March 31. And as I've stated previously, these numbers include both mature applications that we refer to as new business, approximately 2,600 megawatts of the total, which is [down up] by 40% since March 31 as well as feasibility studies and initial leads.

談到經濟成長，截至 6 月 30 日，PSE&G 公司對新服務連接的大負載諮詢管道已增長至 9,400 兆瓦以上，較 3 月 31 日報告的 6,400 兆瓦增長了 47%。正如我之前所說，這些數字包括我們稱為新業務的成熟應用，總量約為 2,600 兆瓦，自 3 月 31 日以來下降了 40%，以及可行性研究和初步線索。

Our engineering assessment tu rnaround is still averaging about 4 months, and this response time is supportive of the state's 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.

我們的工程評估週轉時間仍平均約為 4 個月，此反應時間支持了該州刺激經濟發展的目標。如果這些大負載潛在客戶將來轉換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，有助於降低現有客戶的帳單。

Turning now to PSEG Power and Other Our nuclear units generated and supplied the grid with approximately 7.5 terawatt hours of carbon-free baseload power and achieved a fleet capacity factor of 88.8% for the second quarter, lowered by the scheduled refueling outage at Salem Unit 1. During this fall's refueling outage,

現在轉向 PSEG 電力和其他我們的核電機組為電網生產和供應了約 7.5 太瓦時的無碳基載電力，第二季度機組容量係數達到 88.8%，但由於塞勒姆 1 號機組的預定換料停電而降低。在今年秋季的加油停駛期間，

PSEG nuclear will perform the work needed to extend Hope Creek's fuel cycle from 18 to 24 months. This is the first of several steps we are taking to optimize our plans, providing the grid with more reliable 24/7 carbon-free power between now and Hope Creek's next scheduled refueling outage in the fall of 2027.

PSEG 核電廠將完成將 Hope Creek 核電廠燃料循環從 18 個月延長至 24 個月所需的工作。這是我們為優化計劃而採取的幾個步驟中的第一步，從現在到 2027 年秋季 Hope Creek 下一次計劃加油中斷期間，為電網提供更可靠的全天候無碳電力。

In addition, our Salem operate project will bring approximately 200 megawatts for the size of a small modular reactor of incremental carbon-free dispatchable power during the 2027 to 2029 time frame. We were also pleased that federal tax legislation passed in July preserve the downside price protection from the nuclear production tax credit, or PTC, as well as the PTC availability for expansions of nuclear capacity, which supports the planned power upgrade at Salem. In addition, the legislation permanently extends 100% bonus depreciation to qualified business profit.

此外，我們的塞勒姆營運專案將在 2027 年至 2029 年期間為小型模組化反應器帶來約 200 兆瓦的增量無碳可調度電力。我們也很高興，7 月通過的聯邦稅收立法保留了核電生產稅收抵免（PTC）對價格下行的保護，以及核電產能擴張的 PTC 可用性，這支持了塞勒姆計劃中的電力升級。此外，該法案永久將 100% 獎金折舊擴大至合格的商業利潤。

To summarize, we had a good quarter and first half of 2025, which provides us with a solid base to confidently deliver on our full year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, which is up 9% at the midpoint over 2024 results. Our 2025 guidance includes a full year of new distribution rates from our 2024 base rate case settlement, which was reached last October as well as an upcoming refueling outage at our 100% owned Hope Creek nuclear unit this fall.

總而言之，我們在 2025 年第一季和上半年表現良好，這為我們提供了堅實的基礎，讓我們有信心實現 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 年業績中位數增長 9%。我們的 2025 年指引包括根據去年 10 月達成的 2024 年基準費率案例解決方案製定的全年新分配費率，以及今年秋天我們全資擁有的 Hope Creek 核電站即將進行的換料停運。

In closing, we are also reiterating PSE&G's updated 5-year capital spending program at $21 billion to $24 billion, which supports an expected rate base CAGR of 6% to 7.5% through 2029. This, in turn, drives PSEG's 5% to 7% non-GAAP operating earnings CAGR while continuing to use the nuclear PTC as our reference price for power. PSEG intends to execute this capital plan without the need to issue new equity or sell assets.

最後，我們也重申 PSE&G 更新的 5 年資本支出計劃，金額為 210 億美元至 240 億美元，這支持到 2029 年預期利率基準複合年增長率達到 6% 至 7.5%。這反過來又推動了 PSEG 的非 GAAP 營業利潤複合年增長率達到 5% 至 7%，同時繼續使用核 PTC 作為我們的電力參考價格。PSEG 打算在不發行新股或出售資產的情況下執行該資本計劃。

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 I'll rejoin the call for Q&A.

現在我將把電話交給丹，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，然後我將重新加入問答環節。

Great. Thanks, Ralph. Good morning, everybody. PSEG reported net income of $1.17 per share for the second quarter of 2025 compared to $0.87 per share in 2024, and non-GAAP operating earnings were $0.77 per share in the second quarter of 2025 compared to $0.63 per share in 2024. These solid results were up over 20% from last year's second quarter, reflecting the benefit of new distribution rates, which were placed into effect at PSE&G in October of 2024 and higher generating volume at PSEG Power, which reflects the absence of last spring's Hope Creek refueling outage, which will take place this fall, raising O&M and lowering output in the second half of 2025.

偉大的。謝謝，拉爾夫。大家早安。PSEG 報告稱，2025 年第二季的淨收入為每股 1.17 美元，而 2024 年為每股 0.87 美元；2025 年第二季的非 GAAP 營業收入為每股 0.77 美元，而 2024 年為每股 0.63 美元。這些穩健的業績較去年第二季度增長了 20% 以上，反映了新配電率的好處（該配電率於去年第二季度增長了 20% 以上，反映了新配電率的好處（該配電率於 2024 年 10 月在 PSE&G 生效），以及 PSEG Power 發電量的增加，這反映了去年春天 Hope Creek 加油中斷的消失（該中斷將於今年秋天發生），從而提高了 O&M 並降低了 2025 年下半年的產量。

We've provided you with information on Slides 8 and 10 regarding the contribution to net income and non-GAAP operating earnings by business for the second quarter and first half of 2025. Slides 9 and 11 contain waterfall charts that take you through the net changes for the quarter and year-to-date periods over the prior year and non-GAAP operating earnings per share, also by major business. Let's start with PSE&G, which reported second quarter net income and non-GAAP operating earnings of $332 million for 2025 compared to $302 million in 2024.

我們已在第 8 張和第 10 張投影片中為您提供了有關 2025 年第二季和上半年各業務對淨收入和非 GAAP 營業收入的貢獻的資訊。投影片 9 和 11 包含瀑布圖，可帶您了解本季和年初至今與去年同期相比的淨變動以及非 GAAP 每股營業收益（也按主要業務劃分）。讓我們從 PSE&G 開始，該公司報告 2025 年第二季淨收入和非 GAAP 營業收入為 3.32 億美元，而 2024 年為 3.02 億美元。

For the year-to-date ended June 30, PSE&G reported net income and non-GAAP operating earnings of $878 million in 2025 compared to $790 million in 2024. Utilities results were driven by the implementation of new electric and gas base distribution rates that went into effect last October to recover a return of and on previous capital investments totaling more than $3 billion. Beginning on Slide 9 with the PSE&G column, Transmission margin was $0.01 per share higher compared to the year ago quarter on higher investment and a prior year true-up.

截至 6 月 30 日的財年，PSE&G 報告 2025 年淨收入和非 GAAP 營業收入為 8.78 億美元，而 2024 年為 7.9 億美元。公用事業業績受到去年 10 月生效的新的電力和天然氣基本分配費率的實施的推動，旨在收回先前總計超過 30 億美元的資本投資的回報。從第 9 張投影片的 PSE&G 欄開始，由於投資增加和前一年的調整，傳輸利潤率比去年同期高出 0.01 美元/股。

Our distribution margin increased by $0.10 per share compared to the year ago period, largely reflecting the impact of the rate case plus recovery of and on PSE&G's regulated energy efficiency investment. On the expense side, distribution O&M costs were $0.01 per share favorable compared to the second quarter of 2024, though for the full year, distribution O&M is expected to be higher versus the prior year.

與去年同期相比，我們的分銷利潤率每股增加了 0.10 美元，這主要反映了利率案例的影響以及 PSE&G 受監管的能源效率投資的恢復。在費用方面，與 2024 年第二季相比，分銷 O&M 成本每股 0.01 美元，但預計全年分銷 O&M 將高於前一年。

Both depreciation and interest expense each rose $0.02 per share compared to the second quarter of 2024, reflecting higher levels of depreciable plant investment and long-term debt at higher interest rates. Lastly, the timing of taxes recorded through an annual effective tax rate, which nets to 0 over a full year, had a net unfavorable impact of $0.02 per share in the second quarter compared to the prior period, reversing a positive $0.02 per share impact in the first quarter of 2025. Weather conditions during the second quarter, as measured by the temperature humidity Index were 21% warmer than normal, but 14% cooler than the second quarter of 2024.

與 2024 年第二季相比，折舊和利息支出均上漲 0.02 美元/股，反映出折舊工廠投資水準較高以及利率較高的長期債務。最後，透過年度有效稅率記錄的稅收時間（全年淨值為 0）與上一時期相比，第二季每股淨不利影響為 0.02 美元，扭轉了 2025 年第一季每股 0.02 美元的正影響。以溫度濕度指數衡量，第二季的天氣狀況比正常高 21%，但比 2024 年第二季低 14%。

As you know, the Conservation Incentive Program or SIP mechanism decouples weather and other economic sales variances from a significant portion of our distribution margin, while helping PSE&G promote the widespread adoption of energy conservation, including energy efficiency and solar program. Under the SIP, the number of electric and gas customers is the primary driver of distribution margin, and each segment grew by approximately 1% over the past year.

如您所知，節能激勵計畫或 SIP 機制將天氣和其他經濟銷售差異與我們很大一部分分銷利潤脫鉤，同時幫助 PSE&G 推動廣泛採用節能措施，包括能源效率和太陽能計畫。根據 SIP，電力和天然氣客戶數量是分銷利潤的主要驅動力，過去一年每個部分都增加了約 1%。

On the capital front, as Ralph mentioned earlier, PSE&G invested approximately $900 million during the second quarter, and we are on track to fully execute our 2025 regulated capital investment plan of $3.8 billion, focused on infrastructure modernization, energy efficiency and meeting growing demand. And we have maintained our 5-year regulated capital investment plan of $21 billion to $24 billion through 2029. We began the next phase of our energy efficiency program during the first quarter of 2025, and we anticipate investing up to $2.9 billion over a 6-year period. The energy efficiency program total includes approximately $1 billion of unbilled repayment options to help our customers finance their energy efficiency equipment and appliances and provides customers with energy information and options to manage their energy use and lower their bills. Moving on to PCG Power and Other. For the second quarter, PCG Power & Other reported net income of $253 million in 2025 compared to $132 million in 2024, and non-GAAP operating earnings were $52 million in the second quarter of 2025 compared to $11 million in the second quarter of 2024. For the year-to-date ended June 30, PSEG Power & Other reported net income of $296 million in 2025 compared to $176 million in 2024, and non-GAAP operating earnings of $224 million in the first half of 2025 compared to $180 million for the first half of 2024.

在資本方面，正如拉爾夫之前提到的，PSE&G 在第二季度投資了約 9 億美元，我們預計將全面執行 2025 年 38 億美元的受監管資本投資計劃，重點是基礎設施現代化、能源效率和滿足不斷增長的需求。我們一直維持 210 億美元至 240 億美元的 5 年監管資本投資計劃，直至 2029 年。我們於 2025 年第一季啟動了能源效率計畫的下一階段，預計在 6 年內投資高達 29 億美元。能源效率計劃總額包括約 10 億美元的未計費還款選項，以幫助我們的客戶為其節能設備和電器提供資金，並為客戶提供能源資訊和選項，以管理他們的能源使用並降低帳單。繼續討論 PCG Power 和其他。PCG Power & Other 報告稱，2025 年第二季淨收入為 2.53 億美元，而 2024 年為 1.32 億美元；2025 年第二季非 GAAP 營業收入為 5,200 萬美元，而 2024 年第二季為 1,100 萬美元。截至 6 月 30 日的財年，PSEG Power & Other 報告稱，2025 年淨收入為 2.96 億美元，而 2024 年為 1.76 億美元；2025 年上半年非 GAAP 營業收入為 2.24 億美元，而 2024 年上半年為 1.8 億美元。

Referring again to the waterfall on Slide 9 for the second quarter of 2025. Net energy margin rose by $0.04 per share, driven by higher nuclear generating output. O&M was $0.03 per share favorable compared to the second quarter of 2024, driven by the absence of last spring's Hope Creek refueling outage. Interest expense rose by $0.02 per share, reflecting incremental debt at higher interest rates. Taxes and other were $0.03 per share favorable compared to the second quarter of 2020 and in part due to the use of a lower annual effective tax rate in 2025, that will reverse over the balance of the year.

再次參考投影片 9 中 2025 年第二季的瀑布圖。受核能發電量增加的推動，淨能源利潤率每股上漲 0.04 美元。由於去年春季 Hope Creek 加油中斷事件沒有發生，O&M 每股收益較 2024 年第二季上漲 0.03 美元。利息支出每股增加 0.02 美元，反映出利率上升導致債務增加。與 2020 年第二季相比，稅項及其他收益為每股 0.03 美元，部分原因是 2025 年採用了較低的年度有效稅率，而這一稅率將在全年餘額中逆轉。

On the operating side, the nuclear fleet produced approximately 7.5 terawatt hours during the second quarter, up by 0.5 terawatt hour over the same period in 2024 and reached 16.9 terawatt hours for the first half of this year, both benefiting from the absence of last Springs Hope Creek refueling outage. Capacity factors for the nuclear fleet were 88.8% and 94.3% for the quarter and 6-month period ended June 30, 2025, respectively. In late July, PSEG Nuclear cleared approximately 3,500 megawatts of its eligible nuclear capacity in PJM's base residual auction at $329 per megawatt a day for the energy year beginning June 1, 2026 through May 31, 2027.

在營運方面，核電機組在第二季度生產了約 7.5 太瓦時的電力，比 2024 年同期增加了 0.5 太瓦時的電力，今年上半年達到了 16.9 太瓦時的電力，這都得益於上次斯普林斯霍普溪 (Springs Hope Creek) 沒有發生燃料補給中斷。截至 2025 年 6 月 30 日的季度和六個月期間，核電機組的容量係數分別為 88.8% 和 94.3%。7 月下旬，PSEG Nuclear 在 PJM 的基本剩餘拍賣中以每天每兆瓦 329 美元的價格出售了約 3,500 兆瓦的合格核電容量，拍賣價格適用於 2026 年 6 月 1 日至 2027 年 5 月 31 日開始的能源年度。

This latest result is up from $270 per megawatt day for a similar amount of capacity in the 2025, 2026 PJM capacity [auction]. For the second half of 2025, results at PSEG Power and Other will be impacted by this fall scheduled Hope Creek outage and the completion of the three-year Zero Emission Certificate award that ended on May 31, which will offset higher capacity revenues related to the 2025, 2026 auction results in the back half of this year. Touching on some recent financing activity. As of June 30, PSEG had total available liquidity of $3.6 billion, including $186 million of cash on hand.

這一最新結果高於 2025 年和 2026 年 PJM 容量中類似容量的每兆瓦日 270 美元[拍賣]。2025 年下半年，PSEG Power and Other 的業績將受到今年秋季 Hope Creek 計劃停電以及 5 月 31 日結束的三年期零排放證書授予的影響，這將抵消今年下半年與 2025 年、2026 年拍賣結果相關的更高容量收入。談及一些最近的融資活動。截至 6 月 30 日，PSEG 的總可用流動資金為 36 億美元，其中包括 1.86 億美元的現金。

On the financing front, PSG Power issued $1.5 billion of senior unsecured debt this past May, consisting of $750 million of 5.2% 5-year notes due 2030 and $500 million of 5.75% 10-year notes due 2035. Proceeds from this sale were used to repay the $1.5 billion variable rate PSEG Power term loan that was scheduled to mature engine. PSEG's variable rate debt at the end of June consisted of a 364-day term loan at PSEG Power for $400 million, which matures in December of 2025 and commercial paper.

在融資方面，PSG Power 今年 5 月發行了 15 億美元的優先無擔保債務，其中包括 7.5 億美元、2030 年到期的 5.2% 5 年期票據和 5 億美元、2035 年到期的 5.75% 10 年期票據。此次出售所得將用於償還原定於 2019 年到期的 15 億美元浮動利率 PSEG Power 定期貸款。截至 6 月底，PSEG 的浮動利率債務包括一筆向 PSEG Power 提供的 4 億美元 364 天定期貸款（將於 2025 年 12 月到期）和商業票據。

As of June 30, following the redemption of the PSEG Power, $1.5 billion variable rate term loan in May. Our level of variable rate debt represents approximately 3% of our total debt. In by 2025, federal fax legislation preserved the downside price protection of the nuclear production tax credit as well as the PTC availability for expansions of nuclear capacity which supports our planned power upgrade sale. In addition, this legislation permanently extends 100% bonus depreciation for qualified business property, improving cash flow at PSEG Power as it executes on its planned capital program.

截至 6 月 30 日，繼 5 月贖回 PSEG Power 15 億美元浮動利率定期貸款。我們的浮動利率債務水準約占我們總債務的 3%。到 2025 年，聯邦傳真立法將保留核電生產稅收抵免的下行價格保護以及用於擴大核電容量的 PTC 可用性，以支持我們計劃中的電力升級銷售。此外，該立法永久延長了合格商業財產的 100% 獎金折舊，從而改善了 PSEG Power 在執行其計劃資本計劃時的現金流量。

As Ralph mentioned, we are refarming PSEG's full year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share as well as our long-term 5% to 7% non-GAAP operating earnings CAGR through 2029 at nuclear PTC threshold. Our solid balance sheet supports the execution of PSEG's 5-year $22.5 billion to $26 billion capital spending plan without the need to sell new equity or assets. and provides the opportunity for consistent and sustainable dividend growth. 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，我們正在重新調整 PSEG 2025 年全年非 GAAP 營業收益預期，即每股 3.94 美元至 4.06 美元，以及到 2029 年在核 PTC 門檻上長期 5% 至 7% 的非 GAAP 營業收益複合年增長率。我們穩健的資產負債表支持 PSEG 執行 5 年期 225 億美元至 260 億美元的資本支出計劃，而無需出售新股權或資產，並提供了持續可持續的股息增長的機會。我們的正式演講到此結束，我們準備開始問答環節。

Thank you, ladies and gentlemen. (Operator Instructions)

謝謝各位，女士們、先生們。（操作員指示）

David Arcaro with Morgan Stanley.

摩根士丹利的 David Arcaro。

So today, we've got the New Jersey Resource Adequacy conference going on at the BPU. I was just wondering if you could give a sense of where conversations stand with regard to the future of generation build in New Jersey? .

今天，我們在 BPU 舉辦新澤西資源充足性會議。我只是想知道您是否可以介紹一下有關新澤西州未來發電建設的討論進展如何？。

Thanks, David. Yes, so it's a little bit tough for us to do this real time. They are literally folks are literally having conversations right now. So there really hasn't been a big change from a legislative standpoint, right? We talked a little bit in the prepared remarks about the bill that is currently sitting in the legislature. But I'm looking forward to the conversation today that's taken place. And I would tell you, we are advocating really for some decisions to be made by the state as we move forward. And that's really just around what our forecasts they're looking for.

謝謝，大衛。是的，所以對於我們來說實時做到這一點有點困難。他們實際上就是現在正在進行對話的人。那麼從立法角度來看確實沒有發生很大的變化，對嗎？我們在準備好的演講中稍微談論了目前正在立法機關審議的法案。但我期待今天的對話。我想告訴你們，我們確實主張在我們前進的過程中由國家做出一些決定。這其實正是他們所尋求的我們的預測。

We'll be talking about that. What are the reliability outcomes they're targeting what are the affordability targets they have and then finally, the environmental policy goals. When you put those 4 pieces together, we think we'll be able to find the right answer and solution for the state. And we'll be willing to help out in that in whatever way the state is looking for us to play a role. So we're going to stick to those 4 points. and really try to drive some decisions from the existing administration and obviously having conversations with the potential gubernatorial candidates.

我們將會談論這個。他們所追求的可靠性結果是什麼？他們的可負擔性目標是什麼？最後，他們的環境政策目標是什麼？當你把這四個部分放在一起時，我們認為我們將能夠為國家找到正確的答案和解決方案。無論國家希望我們發揮什麼作用，我們都願意以任何方式提供協助。因此，我們將堅持這四點，並真正努力推動現任政府做出一些決定，顯然還要與潛在的州長候選人進行對話。

Yes, absolutely. That makes sense. Appreciate that. And then a big increase in the data center pipeline for this quarter. And I was wondering if you could give an update on maybe specifically with regard to the nuclear plant opportunities and an update on data center conversations there, what is the interest level that you're seeing in the site most recently and then thoughts on timing as to whether you could get to an agreement this year?

是的，絕對是。這很有道理。非常感謝。本季度資料中心管道大幅增加。我想知道您是否可以提供一些最新消息，特別是關於核電站機會和資料中心對話的最新情況，您最近在網站上看到的興趣程度如何，以及您是否考慮過今年能否達成協議？

Well, I'm going to -- I'll give that to Dan, as I usually do on the data centers. I would just say from an economic development standpoint, we're glad to see New Jersey still playing a role in that. They have continued to advocate for data centers and for technology companies to locate into New Jersey. So it's good to see that, that is working, and that is playing out in the numbers that we provided. I think yesterday, there was an announcement by Core Weave for a large investment they're making in Kenneth, New Jersey for some real estate that they're purchasing. So I think the work that's being done on the economic development front is varying some fruits now, and I'll let Dan talk specifically about anything down at Nuclear.

好吧，我打算——我會把它交給丹，就像我通常在資料中心做的那樣。我只想說，從經濟發展的角度來看，我們很高興看到新澤西州仍然在其中發揮作用。他們一直倡導資料中心和科技公司落腳新澤西州。所以很高興看到它正在發揮作用，並且從我們提供的數字中可以看出。我記得昨天，Core Weave 宣布他們將在新澤西州肯尼斯購買一些房地產，進行大規模投資。因此，我認為經濟發展所做的工作正在取得一些成果，我將讓丹具體談談核能方面的情況。

And David, there continues to be discussion and I think Ralph's earlier commentary on the numbers going up in the state are evidence of that. And I think that you're well aware that our assets are both in New Jersey and in Pennsylvania. And I think there's opportunities across those seats and frankly, wherever power can be delivered from those units for the nature of what we have. So the discussions continue. There continues to be interest, and we'll look to Tommy and kind of speak for itself as we go forward.

大衛，討論還在繼續，我認為拉爾夫之前對該州數字上升的評論就是證據。我想您很清楚我們的資產在新澤西州和賓州。我認為這些席位上存在著機會，坦白說，就我們現有的條件而言，這些單位的權力可以隨處可見。因此討論仍在繼續。人們仍然對此感興趣，我們會專注於湯米，並在我們前進的過程中為自己說話。

Nicholas Campanella with Barclays.

巴克萊銀行的尼古拉斯‧坎帕內拉 (Nicholas Campanella)。

I just wanted to follow up on that last point maybe. In your prepared you kind of -- you brought up clearly the need to add new generation in New Jersey. The fact that the state is an importer of power, and you talked about needing to kind of balance affordability and resource adequacy along with economic development. Just how do you kind of see that impacting your ability to move forward with a multiyear contract by the end of this year? And is it still your intention to deliver something by the end of the year? I just wanted to be a little bit more pointed on that.

我只是想跟進最後一點。在您準備的過程中，您明確提出了在新澤西州增加新一代的必要性。事實上，國家是電力的進口國，您談到需要在經濟發展的同時平衡可負擔性和資源充足性。您認為這會對您在今年年底前履行多年合約的能力產生什麼影響？您還打算在年底前交付一些成果嗎？我只是想更明確地說明這一點。

Thank you.

謝謝。

So again, we've been -- we would say we'd like to do something with this administration. We've been saying that for many months now, and I think that, that would still stand. But we're not going to do a deal just for the sake of doing a deal by a certain time frame, right? So we've talked about that and that really hasn't changed. I think from a balancing standpoint, than just put it really well. We have assets in both Pennsylvania and New Jersey. We have data centers showing up across the PJM footprint, not just in New Jersey. And I think this resource adequacy conversation that they can place today recognizes the fact that what happens in our ordering states matters to New Jersey when you're importing 50% of your power on your peak days, those decisions that are being made by other economic development organizations, other governors, other utilities all have an impact on what happens here in New Jersey. So I don't think we have -- we tend to have to think we have all the answers. But so you're a very specific question on how it all comes together. I think it's really a PJM question. It's not just a New Jersey question.

所以，我們再說一次——我們想說我們想與本屆政府做點什麼。我們已經說了好幾個月了，而且我認為，這仍然成立。但我們不會僅僅為了在某個時間範圍內達成協議而達成協議，對嗎？我們已經討論過這個問題，而且它確實沒有改變。我認為從平衡的角度來看，這確實很好。我們在賓州和新澤西州都有資產。我們的資料中心遍布 PJM 地區，而不僅僅是新澤西州。我認為，他們今天進行的資源充足性對話承認了這樣一個事實：當我們在高峰日進口 50% 的電力時，我們訂購州發生的事情對新澤西州很重要，其他經濟發展組織、其他州長、其他公用事業公司做出的決定都會對新澤西州發生的事情產生影響。所以我不認為我們有——我們傾向於認為我們已經有了所有的答案。但你有一個非常具體的問題，關於這一切是如何結合在一起的。我認為這確實是一個 PJM 問題。這不僅僅是新澤西州的問題。

That makes a lot of sense. I appreciate the context. And then maybe with the capacity auction results, I know you kind of talked about the ZEC roll off, that kind of offsets the '25, '26. But then when we think about '27, '28, how are you kind of framing where you are on a gross receipt basis? And I guess my question is, are you now higher in the range because of the -- because of the '26, '27 outcome?

這很有道理。我很欣賞這個背景。然後也許根據容量拍賣的結果，我知道您談到了 ZEC 的減少，這可以抵消 '25、'26 的影響。但當我們考慮 27 年、28 年時，您如何根據總收入來規劃自己的狀況？我的問題是，由於 26、27 年的結果，您的評級現在是否更高了？

Well, I'll let Dan talk to again more specifics here, but we have not come off of the fact that our guidance remains at the PTC 4 with our 5% to 7% in I'll give it to Dan to talk from there.

好吧，我會讓丹在這裡再次談論更多細節，但我們還沒有擺脫這樣的事實：我們的指導仍然在 PTC 4，我們的指導率為 5% 到 7%，我將讓丹從那裡開始談論。

Yes, exactly. And obviously, it goes against the backdrop of what the market looks like, Nick, and you know as well as anybody that capacity is a piece of what the nuclear facilities make as much as they run energy is a bigger piece. But if you're seeing higher capacity clears that sustain then you're going to see higher capacity component of the overall revenue that will sustain at a higher place. And if energy markets, the electricity side, the energy side, ends up moving to a point where you are higher, well, then we're going to have moving off of that. We are not there right now with respect to what we see for the CAGR that we've put out. But we continue to monitor, we continue to market the output. And ultimately, that's going to determine where we land against the backdrop of future forecasts. But right now, as Ralph says, what we have out there is based upon the threshold.

是的，確實如此。顯然，這與市場現狀相悖，尼克，你和其他人一樣清楚，產能是核設施生產的一部分，而能源是其中更重要的一部分。但是，如果您看到更高的容量清除能夠維持下去，那麼您將看到更高的容量部分在總收入中維持在更高的位置。如果能源市場、電力市場、能源市場最終走向更高的水平，那麼我們就會擺脫這種局面。就我們所預測的複合年增長率而言，我們目前還沒有達到這個水準。但我們會繼續監控，繼續推銷產品。最終，這將決定我們在未來預測的背景下處於什麼位置。但目前，正如拉爾夫所說，我們所擁有的是基於門檻的。

Michael Sullivan with Wolfe Research.

沃爾夫研究公司的麥可·沙利文。

I wanted to just ask another one on kind of the New Jersey supply situation. I guess outside of this bill that's out there, what are the other options if that weren't to move forward? And then we saw kind of next door in Pennsylvania, one of your peers doing kind of a JV outside of the regulated construct. Is that something you guys would consider at some point?

我只是想再問一下新澤西州的供應情況。我想，除了現有的這項法案之外，如果無法推進，還有哪些選擇？然後，我們看到隔壁的賓州有一位同行在受監管的結構之外開展合資企業。你們會在某個時候考慮這個事情嗎？

We have -- so we have very specifically said we are not interested in moving back into the merchant generation business. So that has not changed for us. I think the construct that was mentioned by others is really maybe a little bit different, but I'll let that -- let them speak for themselves. And so what does that leave us with? It leaves us with the PJM process. And look, we've been very thoughtful about that for many years at this company. We don't think that it's attracting additional generation. We think there's problems with the capacity process that exists, the market as it's called and how it exists there at PJM. And so unfortunately, if there isn't a change, and there isn't some more control taken by the state of New Jersey, we will be living with the outcome of that process. And all we can speak to are the facts. And the facts are that there has not been any new baseload generation built in New Jersey for quite some time. And I believe our former merchant generation business was the last one to do so.

我們已經非常明確地表示過，我們對重返商家產生業務不感興趣。所以對我們來說這並沒有改變。我認為其他人提到的結構可能確實有點不同，但我會讓他們自己說出來。那我們還能剩下什麼呢？它給我們留下了 PJM 流程。你看，我們公司多年來一直在深思熟慮這個問題。我們認為它不會吸引更多的人。我們認為現有的容量流程、所謂的市場以及 PJM 的現狀存在問題。因此不幸的是，如果沒有改變，新澤西州沒有採取更多控制措施，我們將承受這一進程的結果。我們能說的只有事實。事實是，新澤西州已經很久沒有建造任何新的基載發電機了。我相信我們之前的商家產生業務是最後一個這樣做的業務。

And I think -- the only thing I would add to that, Michael, is some of the discussions that others are listening to concurrent with this call, I think are going to that topic. And there's other discussions. So I think there's a -- the PJM governors are going to meet next month to try to talk about what's going on. And so I think that right now, all those discussions are against the backdrop of the challenges that we have from what's in place at PJM and what supply could come out of that process or not come out of that process. And as a result, what things should be done to ensure that we have the supply we need. So that's where those discussions are all circling around.

我認為——邁克爾，我唯一要補充的是，其他人在這次電話會議的同時聽到的一些討論，我認為正在討論這個話題。還有其他討論。所以我認為——PJM 理事們將於下個月開會討論正在發生的事情。因此我認為，目前所有這些討論都是在 PJM 所面臨的挑戰以及該流程可能產生或無法產生的供應的背景下進行的。因此，我們應該採取哪些措施來確保獲得所需的供應。所以這些討論都圍繞著這個主題。

Okay. That's really helpful. I appreciate all the color there. And then just shifting over to OB3, can you maybe put a little more numbers or quantification around some of the benefits there, both with respect to bonus depreciation and what that does for your cash tax position and then also the new tax credit on the uprate. Like any numbers around those 2 items you can give us?

好的。這真的很有幫助。我很欣賞那裡的所有色彩。然後轉到 OB3，您能否提供更多數字或量化一些福利，包括獎金折舊以及這對您的現金稅務狀況的影響，以及上調的新稅收抵免。您能給我們提供一下這兩項的具體數字嗎？

No. And Michael, I think that the thing that it mainly did from the standpoint of the PTC is it retained what was in place. There was some discussion that hard to tell exactly how much traction it got about potentially shortening it or potentially changing it. But everything from a new Group PTC perspective, stayed in place and if we -- an answer to the next question, if we move to a higher overall market condition, I would still love to have that protective backdrop of the PTC from the standpoint of an overall revenue threshold. I think what really for us was new within that was bonus depreciation. We've had different bouts of depreciation in the past, and this one is laying out to make it permanent. But as a reminder, the bonus is not throughout the entire company. It is only for the unregulated piece, and there's not that much capital that's there.

不。邁克爾，我認為從 PTC 的角度來看，它主要做的事情就是保留原有的內容。有一些討論很難確切地說出它在縮短它或改變它方面可能獲得多大的支持。但從新集團 PTC 的角度來看，一切都保持不變，如果我們 - 回答下一個問題，如果我們轉向更高的整體市場條件，我仍然希望從整體收入門檻的角度來看 PTC 的保護背景。我認為對我們來說真正新穎的是獎金折舊。我們過去曾經歷過不同程度的貶值，而這次貶值似乎將永久持續下去。但需要提醒的是，獎金並不是全公司的。它只針對不受監管的部分，而且沒有那麼多資本。

Is it to help you add to help, but it's kind of around the edges from the standpoint of an overall cash flow perspective, that it will accelerate some of that cost recovery a little bit earlier than us would have been the case.

它是否可以為您提供幫助，但從整體現金流的角度來看，它有點邊緣化，它將比我們的情況更早加速部分成本回收。

Ross Fowler with Bank of America.

美國銀行的羅斯福 (Ross Fowler)。

Good morning guys.It's actually Randy here for Ross. I just had a quick question about the -- we saw a lot of affordability-focused bills in this session. So I guess from your perspective, which of those bills are kind of gaining the most traction and kind of how the -- will have slightly biggest impact moving forward, I guess, in terms of like regulated gen, which you talked about? Or cost deferrals or reassessing New Jersey's role in PJM?

大家早安。我是蘭迪，為羅斯報道。我只是想問一個簡單的問題——我們在本次會議上看到了很多以可負擔性為重點的法案。所以我想從您的角度來看，這些法案中哪些最受關注，以及就您談到的監管發電而言，它們將如何產生最大的影響？或成本延期或重新評估新澤西州在 PJM 中的作用？

So the session has closed officially, right? So they can always come back. But right now, there is no there's no scheduled time for the legislature to come back to discuss those builds. I think they have a couple of items that we're dealing with on health care, but there's nothing that's very specific to the utility space. So I would be hard-pressed to say that any one of those specific bills are ones that we're focused on. I think what we're really focused on is finding a solution for the customers. And we've done that with the short term, and now we're trying to have a conversation, which, again, is taking place as we speak at the New Jersey Board of Public Utilities on resource adequacy. And we're going to continue to advocate as strong as we have at PJM. So I wouldn't point you to any one of those bills specifically because, again, they will change down the road if they even continue in some fashion. But I would just leave it at that and not really speculate on what might or might not happen.

那麼會議正式結束了，對嗎？所以他們隨時可以回來。但目前，立法機關還沒有安排時間來討論這些建設問題。我認為他們有一些我們正在處理的與醫療保健相關的項目，但沒有什麼是專門針對公用事業領域的。所以我很難說我們關注的是其中哪一項具體法案。我認為我們真正關注的是為客戶找到解決方案。我們在短期內已經做到了這一點，現在我們正試圖進行對話，這一次，我們在新澤西州公共事業委員會就資源充足性問題進行了討論。我們將繼續像在 PJM 一樣大力倡導。因此，我不會特別指出其中任何一項法案，因為如果它們以某種方式繼續下去，它們將來也會發生變化。但我只是就此打住，並不真正去猜測可能發生或不會發生什麼。

Okay. That makes sense. And then just secondly, I know you've mentioned the two on (inaudible) of Salem, but I guess more broadly, what potential is there for incremental generation and upgrade on the nuclear fleet to uprates refueling cycles. And then I guess how much of that has already been executed.

好的。這很有道理。其次，我知道您提到了塞勒姆核電廠的兩個（聽不清楚），但我想更廣泛地說，核電廠的增量發電和升級在提高燃料補給週期方面有何潛力。然後我猜想其中有多少已經執行了。

Well, thanks for that. We're actually -- from an execution standpoint, much of the engineering work has been done on everything that you asked about. But we did mention earlier in the prepared remarks, the fact that in this refueling cycle that will be taking place in the fall at Hope Creek. We will be setting the unit up for the first time for a 24-month run. So that is the change in the fuel cycle that we had talked about. So we're continuing to execute on the plan that we had discussed and the engineering work, and we have not discussed the cost or the exact timing of that. But we plan the upgrades for the salon units later in the next few years. So -- nothing specific has been out there on that yet, but I think we did say we have that somebody into the decade for sure. So the year. And we'll have that information out by the end of the year.

嗯，謝謝你。實際上，從執行的角度來看，您所詢問的所有事項的大部分工程工作都已經完成。但我們在之前的準備好的發言中確實提到過，這次加油週期將於秋季在希望溪 (Hope Creek) 進行。我們將首次設定裝置，運作 24 個月。這就是我們所討論的燃料循環的變化。因此，我們將繼續執行我們討論過的計劃和工程工作，但我們還沒有討論其成本或具體時間。但我們計劃在未來幾年內對沙龍單位進行升級。所以——目前還沒有關於這方面的具體消息，但我認為我們確實說過，我們肯定會在十年內找到那個人。那麼這一年。我們將在今年年底前公佈這些資訊。

Okay, that makes sense. Thanks.

好的，這很有道理。謝謝。

Guys Thank you.

夥計們，謝謝你們。

Charlie Dan with Goldman Sachs.

高盛的查理丹。

Hey, good morning, thanks for taking the questions. Maybe just to start on the update on the large load inquiries at the utility level. Is that sort of 10% to 20% conversion rate still hold in your view on that 9,400 megawatts? And is that all data centers at this point? Or are there any other customers in that bucket?

嘿，早上好，感謝您回答問題。也許只是開始更新公用事業層級的大負載查詢。您認為 9,400 兆瓦的發電量轉換率還能維持在 10% 到 20% 嗎？目前所有的資料中心都是這樣的嗎？或是這個桶子裡還有其他客戶嗎？

There's a few other customers in that bucket, but I would say the bulk of that, if not over 90% of that is all data center-related. And if you think about the numbers that we quoted to you, the 9,600 megawatts is sort of everything together and then you apply to 10% to 20%, it kind of aligns with our what we call new business number. that's out there. So the short answer is yes. It's sticking with the 10% to 20% and longer answer is you can see that in the details that we've provided.

這個群體中還有其他一些客戶，但我想說其中的大部分（如果不是超過 90%）都與資料中心有關。如果你考慮我們給你引用的數字，9,600 兆瓦是所有數字的總和，然後你將其應用到 10% 到 20% 上，它就與我們所謂的「新業務數字」相一致。就在那裡。所以簡短的回答是肯定的。它堅持 10% 到 20%，更長的答案是您可以在我們提供的詳細資訊中看到這一點。

Perfect. And then maybe just thinking about 2025 earnings growth, as you think about 1H growth is tracking above your full year expectations. I know that we'll have the Hope Creek outage in the fall, which will be a drag. But I guess I just would love your thoughts on how you feel about execution within the full year guidance range at this point in the year.

完美的。然後也許只考慮 2025 年的獲利成長，因為您認為上半年的成長高於全年的預期。我知道秋天 Hope Creek 將會停電，這會是個麻煩。但我想我只是想問您對今年這個時候全年指導範圍內的執行情況有何看法。

Yes. We tried to make the point, we feel confident about being within the range for sure, and we reiterated that. So I don't think we're going to go anywhere beyond that at this point.

是的。我們試圖表明這一點，我們有信心肯定在範圍內，並且我們重申了這一點。所以我認為我們目前不會再採取進一步行動。

Carly, we, at the halfway point, we do sit a little bit north. And I think that, that will creek outage that that's the reason we did highlight within the materials that that was going at the back end, just a reminder that, that's 100% owned. And so that does come through, it has a bigger impact as we move through quarter by quarter.

卡莉，在中途，我們確實坐得稍微靠北一點。我認為，那將會導緻小溪停電，這就是我們在材料中強調後端發生的情況的原因，只是提醒一下，這是 100% 擁有的。因此，隨著我們逐季推進，其影響確實越來越大。

Thanks Carly.

謝謝卡莉。

Ryan Levine with Citi

花旗銀行的瑞安‧萊文

Would you see the customer build deferral mechanism for an additional year as a result of the higher PJM capacity prices during peak load months something you're contemplating given the recent events?

您是否認為客戶會因為尖峰負載月份的 PJM 容量價格上漲而建立額外一年的延期機制？考慮到最近發生的事件，您是否正在考慮這樣做？

Well, first of all, that conversation will take place with the new administration and the new BPU. So right now, there's nothing in the plan for the state of New Jersey to pursue that.

嗯，首先，這次對話將與新政府和新 BPU 進行。因此，目前新澤西州還沒有任何計劃來推行這一目標。

Okay. And then just to be clear, with respect to the capacity often that just happened and the impact on the bill. What we saw in June was the reflect of what I'll describe as a catch-up because the PJM auctions were as delayed as they were, you're seeing the cumulative effect of catching up from the prior auction results to that $270 million that we saw.

好的。然後要明確一下，關於剛剛發生的容量問題以及對帳單的影響。我們在 6 月看到的情況是我所說的追趕的反映，因為 PJM 拍賣被推遲了，你看到的是從之前的拍賣結果中追趕到我們所看到的 2.7 億美元的累積效應。

What happened in June brought everything up to $270 million. So you would not expect to see as a result of the $329 million that kind of a jump, number one. And number two, if you just take a look at in our normal BGS process, the the auction that's rolling off the bill and the auction that's rolling on the bill and you take a look at where prices sit now, not only do we not expect a jump like we saw in June, we don't really expect much movement at all because what's coming off the bill is a little bit higher than what would roll on at the current prices.

6 月發生的事情使總額達到了 2.7 億美元。因此，你不會期望看到 3.29 億美元帶來如此大的成長，這是第一點。第二，如果你看一下我們正常的 BGS 流程，看看正在發行債券的拍賣和正在發行債券的拍賣，看看現在的價格，你不僅不會像 6 月份那樣出現上漲，我們實際上也不認為會有太大的波動，因為正在發行債券的價格比按當前價格發行的價格要高一點。

And so that's not to say that something couldn't be done from the standpoint of what you're describing. That's not in place now as Ralph answered 100% corrected we work with the regulators as we were to do that. But it would not be in the face of an increase like we saw in June because that is not what is forecasted as we go forward just based upon the mechanisms and the pricing.

所以，從您所描述的角度來看，這並不是說某件事無法完成。現在還沒有到位，正如拉爾夫 100% 糾正的那樣，我們正在與監管機構合作，就像我們要做的那樣。但它不會像我們在六月看到的那樣成長，因為這不是我們僅根據機制和定價所預測的結果。

And then just 1 follow-up in terms of the large load request additions. Is there any color around how many customers or individual projects represent that large megawatt increase just to assess kind of the chunkiness of that add.

然後，就大負載請求新增而言，只需進行 1 次跟進。是否有任何顏色來表示有多少客戶或單一專案代表瞭如此大的兆瓦成長，只是為了評估這種增加的量。

Yes. So I would -- I'll add some color without any details. And the color is that what we see here in New Jersey would be a smaller projects than what you're hearing in some other places. So you're not talking about 1,000 megawatt hyperscale in the middle of the Garden State Parkway, right? So the -- it's a little different type of environment here, a lot of edge computing, a lot of backup locations, but it's large. And look, RP Globe is not much north of 10,000, and we're getting close to that in inquiries that we're receiving in. It's a game changer for all of us. You're seeing it across the PJM footprint. And so just we're getting our -- we're getting our fair share is the way I would put it, but smaller projects than what some of the other states are seeing.

是的。所以我會——我會添加一些不帶任何細節的顏色。而且，我們在新澤西州看到的項目比你在其他一些地方聽到的項目要小。所以您說的不是花園州收費公路中部的 1,000 兆瓦超大規模項目，對嗎？所以 — — 這裡的環境有點不同，有很多邊緣運算，很多備份位置，但它很大。你看，RP Globe 的產量離 10,000 不遠了，從我們收到的詢問來看，產量已經接近這個數字了。對我們所有人來說，這都是一次改變遊戲規則的事件。您可以在 PJM 的整個足跡中看到它。因此，我們只是得到了我們應得的份額，就像我所說的那樣，但與其他一些州相比，這些項目規模較小。

And then lastly, you referenced the quarterly development from earlier in the week. Is that incorporated in this updated forecast or projection .

最後，您提到了本週早些時候的季度發展。這是否包含在更新後的預測或預期中？。

There's a piece of the conversation that they've talked about. That's in our current projections. They have not gone out with their full bill yet for what they planned.

他們談論了一段對話。這是我們目前的預測。他們還沒有拿出他們所計劃的全部費用。

Thank you.

謝謝。

Thanks.

謝謝。

Travis Miller with Morningstar.

晨星公司的 Travis Miller。

Hey Travis. Hi there. So just following up on this resource adequacy discussion. At a high level, I wonder if you could characterize is the concern among New Jersey, the legislatures, BPU, et cetera, that there aren't enough electrons either energy or capacity in New Jersey, i.e., that 50% import? Or is it just that the economics aren't good for the customer bill? If that makes sense, how is that debate characterized?

嘿，崔維斯。你好呀。因此，我們只是繼續討論資源充足性問題。從高層次來看，我想知道您是否可以描述新澤西州、立法機構、BPU 等的擔憂，即新澤西州的電子能量或容量不足，即 50% 需要進口？還是只是因為經濟狀況不利於客戶帳單？如果這有道理，那麼這場辯論的特徵是什麼？

Well, I would say in the near term, it has all been focused on affordability. And that's where the conversation has has been focused with the capacity price increases and what customers are seeing. So it starts there right now. but it is not too far in the recent past that you can look back in at and talk about reliability concerns that folks had.

嗯，我想說，短期內一切都將集中在可負擔性。這就是人們討論的焦點，關於容量價格的上漲以及顧客看到的情況。所以它現在就開始了。但這並不是最近發生的事情，你可以回顧並談論人們對可靠性的擔憂。

And you can also not too far in the recent past, talk about environmental concerns that people have had about what kind of power we were importing or not in pointing into the state. So we continue to -- that's why we keep bringing everybody back to the big picture, what is out there from a policy standpoint that we can -- and in what solutions can we bring to solve for all those policy issues that are being raised. So I don't want to say it's all affordability because it's not too far in the past.

您還可以在不久的過去談論人們對我們是否進口到該州的電力所存在的環境擔憂。因此，我們繼續——這就是為什麼我們不斷讓大家回到大局，從政策角度看，我們可以做什麼——我們可以提出什麼解決方案來解決所有正在提出的政策問題。所以我不想說這都是可負擔性問題，因為這不是太遙遠的事。

I mean -- and my past is a little bit different maybe than others. I'll go back to 2003 when the lights went out. The whole focus at that point was on was on reliability. Not too far after that, we had an issue from affordability standpoint, where -- we were -- we had some congestion that was taking place, and that was resolved with some transmission build that was done, then we focus back on some environmental concerns that were taking place, and then we focused on reliability again after Superstorm Sandy. So it's been all of those pieces that have been out there and have been discussed and we're just reminding people of all of it as we focus today on affordability.

我的意思是──我的過去可能與其他人有些不同。我將回到 2003 年，燈光已經熄滅。當時整個焦點都集中在可靠性上。此後不久，我們從可負擔性的角度遇到了一個問題，我們遇到了一些擁堵，這個問題通過建造一些傳輸系統得到了解決，然後我們又把注意力重新放在了正在發生的一些環境問題上，然後在超級風暴桑迪之後，我們再次關注可靠性問題。所以，所有這些部分都已經存在並且已經被討論過了，我們只是在提醒人們所有這些部分，因為我們今天關注的是可負擔性。

Okay. That's great. I appreciate all that. Here's hoping the lights don't go out for you guys again through all of this. But one quick question on the -- if the state were to go to a regulated generation option, would that need FERC approval? That have to go through FERC or some other federal entity?

好的。那太棒了。我對此表示感謝。希望經過這一切之後，你們的光明不會再消失。但有一個簡單的問題——如果該州要採用受監管的發電選項，是否需要聯邦能源管理委員會的批准？這必須透過聯邦能源管理委員會或其他聯邦實體嗎？

No, I don't believe it would. I think as long as the state it went through a regulator. They'll have to do your question about whether it's an FRR or how they would actually go about the process. But I do not believe it would require any FERC approvals.

不，我不相信會這樣。我認為只要狀態經過監管機構即可。他們必須回答你的問題，關於這是否是 FRR，或者他們實際上將如何進行該過程。但我不認為這需要任何聯邦能源管理委員會的批准。

Paul Fremont with Wanbury Salman.

保羅‧弗里蒙特 (Paul Fremont) 與萬伯里‧薩爾曼 (Wanbury Salman)。

Congratulations on a strong quarter. I just wanted to sort of maybe better understand core, we've would the relationship there be with the utility or with PEG Power if there is a relationship between public service and the new data center.

恭喜本季業績強勁。我只是想更好地理解核心，如果公共服務和新資料中心之間存在關係，那麼我們與公用事業或 PEG Power 之間是否存在關係。

Yes. The only thing that's been out there with Core Weave has been the utility, and that's what we spoke to, and that's what we've included here, Paul. Anything else from a relationship standpoint will come out when then talks about whatever Dan talks about down the road at future conversations.

是的。Core Weave 唯一的特點就是實用性，這就是我們所說的，也是我們在這裡所包含的內容，保羅。從關係的角度來看，其他任何事情都會在將來的談話中談到丹所談論的任何事情時浮出水面。

Okay. And then the purchase that they made involves some cogeneration facilities. So is it contemplated that there would be a need for additional generation at the site? And if so, how in terms of megawatts.

好的。然後他們買了一些熱電聯產設施。那麼，是否考慮過該地點需要額外的發電？如果是的話，以兆瓦為單位是多少？

Yes, that's a question for their site management that I wouldn't be able to tell you. There is a cogen facility there. So I guess it's sort of behind the meter generation, as we have said multiple times, there's cogeneration in the state of New Jersey, and there's multiple sites that have that. So a lot to be determined there as to how that and what other needs they might have.

是的，這是針對他們的網站管理的一個問題，我無法告訴你。那裡有一個熱電聯產設施。所以我猜這有點像電錶後面的發電，正如我們多次說過的，新澤西州有熱電聯產，而且有多個站點都有這種設備。因此，有很多事情需要確定，例如如何實現這一目標以及他們可能還有什麼其他需求。

And how big is the existing Co-Gen facility, how many megawatts?

現有的熱電聯產設施有多大，有多少兆瓦？

I don't have off the top of my head, Paul, again, it's a question for their site team. I'm not sure what capabilities that unit has today. Nameplate was under 100, if I remember correctly, but I couldn't tell you exactly.

保羅，我還沒想清楚，這又是針對他們的現場團隊的問題。我不確定該部隊目前具備什麼能力。如果我沒記錯的話，銘牌價格不到 100，但我無法確切告訴你。

Julian Dumoulin-Smith with Jefferies.

傑富瑞 (Jefferies) 的朱利安·杜穆林-史密斯 (Julian Dumoulin-Smith

Let's just quickly -- well, first off, I got to say, speaking of energy up on the year, you guys are trending very well in the year. $0.26 year-to-date. I heard your comments about being confident in the range, but I'm curious what you'll [land] next quarter as far as reiterating that guidance. Maybe a comment more in the statement more than the question. But -- and any -- but just going back to the Garden State energy storage. I mean, I heard your comments earlier about power, right, and maybe not necessarily expanding the scope per se, but what's the willingness to participate in this initial bid process that seems ongoing now of the gigawatt?

讓我們快速地——好吧，首先，我必須說，說到今年的能量成長，你們今年的趨勢非常好。年初至今為 0.26 美元。我聽到了您對該範圍充滿信心的評論，但我很好奇您在下個季度會如何重申這一指導。也許聲明中的評論比問題中的評論更多。但是——以及任何——但只是回到花園州的能源儲存。我的意思是，我之前聽到了您關於電力的評論，對吧，也許不一定擴大範圍本身，但是對於現在似乎正在進行的千兆瓦初始招標過程，參與意願如何？

Or to what extent do you anticipate power and/or PSE&G participating in the current phase into future phases, right? Again, you could approach this from a few different angles. But how do you think about that being the primary answer in the current environment as best we talk about this resource adequacy problem here in New Jersey.

或者您預計電力和/或 PSE&G 將在多大程度上參與當前階段並進入未來階段，對嗎？再次，您可以從幾個不同的角度來解決這個問題。但是，您認為在當前環境下，這是否是主要的答案？我們最好在新澤西州討論這個資源充足性問題。

Yes. So there's a lot in that question. I would say, how do we think about it from a primary solution. I'll dive on that a little bit. I want to take you from the 3 or 4 topics that we talked about and not the least of which is an affordability question. Then there's an environmental question or some other questions that need to take place there, right? So until we see what some of the pricing is at, I don't know how much of a solution it will be. We've seen prices that are high. We've seen prices that are coming down to some degree on some of the battery activity. But I wouldn't say it's a silver bullet right now. I think it's part of an all of the above that we've advocated for 3 years. And I think if I'm not mistaken, we had made a filing over 5 years ago, down with the state of New Jersey proposing a battery solution for our utility. So we believe in it. It's just a question of how much from an affordability standpoint fits into that.

是的。這個問題包含很多內容。我想說，我們如何從主要解決方案來考慮這個問題。我將對此進行一些深入探討。我想從我們討論過的 3 或 4 個主題中為您解答，其中最重要的主題是可負擔性問題。那麼就有一個環境問題或其他一些問題需要在那裡解決，對嗎？因此，在我們看到部分定價之前，我不知道這能起到多大作用。我們看到價格很高。我們發現部分電池的價格有所下降。但我現在還不認為這是靈丹妙藥。我認為這是我們三年來一直倡導的上述各項舉措的一部分。我想如果我沒記錯的話，我們五年前就向新澤西州提交了一份申請，提議為我們的公用事業提供電池解決方案。所以我們相信它。問題只是從可負擔性角度來看有多少可以納入。

We like to call it even diagram where everything comes together. So a little bit more there. And then our participation, we haven't talked to and I won't front-run anything about that. There are multiple states that have some battery requests out, and we look at all the opportunities all the time but we have not commented on that.

我們喜歡稱它為一切匯集在一起的圖表。還有更多一點。然後，我們還沒有談論我們的參與，我不會對此發表任何言論。有多個州提出了一些電池請求，我們一直在關注所有機會，但我們尚未對此發表評論。

Got it. And look, Rob, you're always in the know on these things. With respect to PJM and this conversation on governance and engagement here, I mean, how do you think we could look at the auction in just PJM and New Jersey's relationship going forward? I mean I know they're asking for board seats the representation and shifts in government. But there's also a separate conversation about shifting the nature of this auction towards bifurcated structures and/or just other permutations that I'm sure summing out there, if you will. Any comments on any of that?

知道了。瞧，羅布，你總是知道這些事。關於 PJM 以及此處有關治理和參與的對話，我的意思是，您認為我們如何看待 PJM 和新澤西州未來關係中的拍賣？我的意思是，我知道他們要求董事會席位、代表權和政府輪調。但是，還有一個單獨的討論，關於將這次拍賣的性質轉變為分叉結構和/或其他排列組合，如果你願意的話，我相信可以總結出來。對此有何評論？

Look, I want to take you back to things that we have said for, again, years and even when my predecessor was on this call, there's the governance at PJM doesn't allow for a lot of the things that people are talking about to just be unilaterally implemented. So we have to get through a process where the members are going to vote on this. It may sound crazy, right? But the members are going to vote whether or not they want to have the governors participate or not and order representatives. And then if not, maybe the governors or could take some action and go down to FERC and have a conversation that could play out. But this governance process is the core problem here right now, and it's really -- it's not something we have not said in the past, and I'll just reiterate it, it's how crazy does it sound that the governors have to get a member's committee vote to allow to vote to take place to have a seat at the table.

聽著，我想讓你們回顧一下我們多年來一直說的話，甚至當我的前任參加這次電話會議時，PJM 的治理也不允許人們談論的很多事情被單方面實施。因此，我們必須經過一個由成員們對此進行投票的程序。這聽起來可能很瘋狂，對吧？但成員們將投票決定是否希望州長參與並命令代表。如果沒有的話，也許州長們可以採取一些行動，並與聯邦能源管理委員會進行對話。但這個治理過程是目前的核心問題，這真的是——這是我們過去說過的事情，我只想重申一下，這聽起來有多瘋狂，理事們必須獲得成員委員會的投票才能進行投票，才能在談判桌上佔有一席之地。

And it's -- we have certainly tried to represent the customers we welcome the transparency of the voting process that people are calling for. We think there at the end of the day, we'll get to a good solution here, but it's not an overnight silver ball and I'll use that term again, solution that's going to take place. And I'm happy we have the collar in there right now. It's given us some time to have a conversation. But again, didn't solve the long-term problems that we're facing.

而且——我們確實試圖代表客戶，我們歡迎人們所呼籲的投票過程的透明度。我們認為最終我們會找到一個好的解決方案，但這不是一夜之間就能解決的，我會再次使用這個術語，解決方案將會實現。我很高興我們現在有了項圈。這給了我們一些時間來進行對話。但同樣，這並沒有解決我們面臨的長期問題。

Awesome guys.

太棒了夥計們。

Thank you again. Good.

再次感謝您。好的。

Thanks.

謝謝。

Paul Patterson with Glenrock Associates.

Glenrock Associates 的 Paul Patterson。

Just sort of to follow up on these policy questions. I'm just wondering, I mean, given that I think you mentioned 5439, I don't think that's moved. And I guess what I'm wondering is given that the legislatures kind of been reset here and and the fact that you've got a governor who's leaving, we've got election coming up here. And just the politics of all this and what have you, is it likely that anything is going to happen legislatively you think this year in New Jersey, excuse me, given all these dynamics and the fact that we just don't seem to have that much movement on a lot of this stuff.

只是想跟進一下這些政策問題。我只是想知道，我的意思是，鑑於我認為你提到了 5439，我不認為它被移動了。我想我感到疑惑的是，鑑於這裡的立法機構已經重置，而且州長即將離職，我們這裡即將舉行選舉。就所有這些政治因素以及您所擁有的一切而言，您認為今年新澤西州有可能在立法方面取得任何進展嗎？對不起，考慮到所有這些動態以及我們在很多事情上似乎沒有太多進展的事實。

Yes. Look, I think there's a lot of momentum behind it. I think there is a lot of consistency in the conversation, whether it's with the existing administration, either of the gubernatorial candidates. I think there are some nuances in how they would approach the solution. But I think every 1 of them that we talk to continues to desire more control over those items that I mentioned, continue the same. It's the reliability is the affordability and the environmental piece of it and the forecasting, right? I mean you've heard that in the past. So all 4 of those pieces need to come together. And I think that every one of the -- whether it's the existing administration or the 2 future potential administrations feel like that's something they want more control over. So the possibility exists, right? It could happen if there's alignment between the existing administration and an incoming administration, a lot of things could happen towards the end of the year.

是的。瞧，我認為這背後有很大的動力。我認為無論是與現任政府或州長候選人，對話中都存在著很大的一致性。我認為他們解決問題的方法存在一些細微差別。但我認為，我們交談過的每個人都希望對我提到的那些項目有更多的控制權，繼續這樣做。它的可靠性、可負擔性、環境因素和預測性，對嗎？我的意思是你以前聽過這個。因此，所有這四個部分都需要結合在一起。我認為，無論是現任政府還是未來兩屆潛在的政府，每個人都希望對此有更多的控制權。所以這種可能性是存在的，對嗎？如果現任政府和新政府之間能夠達成一致，那麼到今年年底可能會發生很多事情。

Okay. With respect to batteries and their ability to sort of give a capacity value. And given where prices are in the capacity market, is there any thought about revisiting what you were mentioning before? Because it sounds like you could build those as a utility asset. Any thought about how those might work economically, given where capacity markets are in the curve and what have you? Or is it -- just what are your thoughts about that, I guess?

好的。關於電池及其提供容量值的能力。考慮到容量市場的價格，有沒有想過重新審視您之前提到的內容？因為聽起來你可以將它們建構成實用資產。考慮到容量市場所處的曲線以及您所擁有的條件，您認為這些在經濟上如何運作？還是——我猜你對此有什麼看法？

Yes. No. Look, I think there's a lot of opportunity there from a revenue standpoint to your -- to what you're saying. But right now, that's still all a merchant solution. The utility did propose a rate-based solution, and it has not been acted on yet. And I respect that. Right now, the BPU is -- and it's been for many years, has has looked at that as a merchant solution. I think that Garden State battery storage specifically says they would like to have a merchant solution for it. And so maybe the math will work out. I won't I won't opine on that right now. I'll just tell you that I think there's a role for the utilities to play, and I think there is a potential role for the competitive markets to play.

是的。不。聽著，我認為從收入的角度來看，那裡有很多機會——就你所說的話而言。但目前，這仍然只是商家的解決方案。該公用事業公司確實提出了基於費率的解決方案，但尚未採取行動。我尊重這一點。目前，BPU —— 並且已經有很多年了，一直將其視為商業解決方案。我認為 Garden State 電池儲存公司明確表示他們希望為其提供商業解決方案。所以也許數學會奏效。我現在不會對此發表意見。我只想告訴你，我認為公用事業可以發揮一定的作用，而且我認為競爭性市場可以發揮潛在的作用。

Okay. I really appreciate it. Thanks so much. Have a good one.

好的。我真的很感激。非常感謝。祝你一切順利。

At this time, I'd like to turn the floor back to Mr. LaRossa for closing comments.

現在，我想請拉羅薩先生發表最後評論。

Thank you. Well, I'll end where I started, which is to thank you to the employees for the work that was done. This has not been an easy weather pattern for us over the past couple of months. while we talk about storms and we talk about heat, we don't talk about when that all occurs.

謝謝。好吧，我要結束剛才的發言了，我要感謝員工們所做的工作。在過去的幾個月裡，這種天氣模式對我們來說並不輕鬆。雖然我們談論風暴和高溫，但我們不會談論這一切何時發生。

And this is -- these storms have rolled in consistently on Fridays, and the disruption that puts on people's lives, the ability that they -- for them to spend time with their families is interrupted, and we certainly just take a second to pause and thank everyone for the work that they've been doing during that time. And then I also want to thank our customers for engaging with us and having conversations.

這些暴風雨每逢星期五就會來襲，為人們的生活帶來幹擾，使他們無法與家人共度時光，我們當然要暫停片刻，感謝大家在這段時間所做的工作。然後我還要感謝我們的客戶與我們互動和交談。

We are here for our customers. But we also know that there's challenging times from an affordability standpoint, not just with utility bills, but across the board. And we are bringing those solutions in the near term and fighting hard and advocating for the long-term solution. So you'll continue to hear and see more of us doing that. and you'll continue to hear and see more of us on the road as we get back out there in the next couple of months. So thanks for calling in, and have a great rest of your summer.

我們竭誠為客戶服務。但我們也知道，從負擔能力的角度來看，這是一個充滿挑戰的時期，不只是水電費，而是所有面向。我們正在短期內提出這些解決方案，並努力爭取和倡導長期解決方案。因此，您將繼續聽到和看到我們更多地這樣做。並且，當我們在接下來的幾個月重返賽場時，您將繼續聽到和看到我們更多地在路上。感謝您的來電，祝您有個愉快的夏天。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。