公共服務電力與天然氣 (PEG) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Rob, and I'm your event operator today. I'd like to welcome everyone to today's conference, Public Service Enterprise Group's third quarter 2025 earnings conference call webcast. (Operator Instructions) As a reminder, this conference is being record today, November 3, 2025, and will be available for replay as an audio webcast on PSEG's Investor Relations website https://investor.pseg.com.

女士們、先生們，感謝你們的耐心等待。我叫羅布，今天由我來負責你們的活動運作。歡迎大家參加今天的會議，公共服務企業集團2025年第三季財報電話會議網路直播。（操作員說明）提醒各位，本次會議將於2025年11月3日錄製，並將在PSEG投資者關係網站https://investor.pseg.com上以音訊網路直播的形式進行回放。

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

現在我將把電話會議交給卡洛塔·陳。請繼續。

Good morning, and we welcome to PSEG's third quarter 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第三季財報發表會。參加今天電話會議的有董事長、總裁兼執行長拉爾夫·拉羅薩，以及執行副總裁兼財務長丹·克雷格。今天討論的新聞稿、附件和幻燈片已發佈在我們的投資者關係網站 investor.pseg.com 上，我們的 10-Q 表格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 estimate that are subject to various risks and uncertainties.

PSEG 的獲利報告以及今天電話會議中討論的其他事項包含前瞻性陳述和估計，這些陳述和估計受到各種風險和不確定性的影響。

We will also discuss on 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.

我們還將討論非GAAP營業利潤，它與根據美國公認會計原則（GAAP）報告的淨利潤有所不同。我們在投資者關係網站和今天的資料中提供了非GAAP財務指標的調節表以及關於前瞻性聲明的免責聲明。在發言結束後，我們將進行30分鐘的問答環節。

I will now turn the call over to Ralph LaRossa.

現在我將把電話交給拉爾夫·拉羅薩。

Thank you, Carlotta, and thank you all of you for joining us to review the results we announced this morning and to discuss our outlook for the business over the remainder of the year.

謝謝卡洛塔，也感謝各位今天上午與我們一起回顧我們公佈的業績，並討論我們對今年剩餘時間業務的展望。

PSEG reported solid third quarter and year-to-date operating and financial results, reflecting the expected positive impact of new rates from the October 2024 distribution rate case settlement that benefited the full third quarter. Our results through the first nine months enabled us to narrow our 2025 non-GAAP operating earnings guidance to the upper half of the range at $4 to $4.06 per share from prior guidance of $3.94 to $4.06 per share.

PSEG公佈了穩健的第三季度和年初至今的營運和財務業績，反映了2024年10月分配費率案件和解帶來的新費率的預期積極影響，使整個第三季度受益。前九個月的業績使我們能夠將 2025 年非 GAAP 營業利潤預期範圍從之前的每股 3.94 美元至 4.06 美元縮小到區間的上半部分，即每股 4 美元至 4.06 美元。

At PSE&G, we invested approximately $1 billion in the quarter and $2.7 billion over the first nine months of 2025, all part of our planned full year $3.8 billion regulated capital spending program. This program is focused on replacing and modernizing New Jersey's energy infrastructure, meeting load growth and expanding energy efficiency programs that lower energy demand and customer bills.

PSE&G 本季投資約 10 億美元，2025 年前九個月投資約 27 億美元，這都是我們計劃全年 38 億美元受監管資本支出計劃的一部分。該計劃的重點是更換和現代化新澤西州的能源基礎設施，滿足負載成長需求，並擴大能源效率計劃，以降低能源需求和客戶帳單。

During the quarter, PSEG Nuclear supplied the grid with 7.9 terawatt hours of reliable, carbon-free baseload energy, while providing PSEG with the financial flexibility to fund our regulated investments.

本季度，PSEG 核電向電網提供了 7.9 太瓦時的可靠、無碳基荷能源，同時為 PSEG 提供了財務靈活性，以資助我們的受監管投資。

Our 100%-owned Hope Creek unit completed a 499-day continuous run since its last refueling outage, and we recently completed work to extend its fuel cycle from 18 to 24 months, positioning the unit to produce more megawatt hours going forward.

我們全資擁有的 Hope Creek 機組自上次停機加油以來已連續運行 499 天，我們最近完成了將燃料循環從 18 個月延長至 24 個月的工作，使該機組能夠在未來生產更多兆瓦時。

Also during the past quarter, the Board of Trustees of the Long Island Power Authority approved a five-year contract extension for us to continue as the operations service provider for the electric service on Long Island and in the Rockaways through 2030.

此外，在上一季度，長島電力局董事會批准了一項為期五年的合約延期，使我們能夠繼續作為長島和洛克威地區的電力服務運營服務提供商，直至 2030 年。

We are executing on PSEG's growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers.

我們正在執行 PSEG 的成長計劃，重點是卓越營運和嚴格的成本控制，以保持可靠性並為我們的客戶創造價值。

The need for our investment in leadership has never been more evident than now with the significant and growing supply-demand imbalance in New Jersey and the entire PJM region. To address this resource adequacy imbalance, which will adversely impact both reliability and affordability for customers in the future if it's not addressed, we are actively collaborating with current and potential future policymakers to develop real solutions in New Jersey and ensure we can affordably meet our customers' energy needs.

鑑於新澤西州和整個 PJM 地區供需嚴重失衡且日益加劇，我們對領導力進行投資的必要性從未像現在這樣顯而易見。為了解決這種資源充足性失衡問題（如果不加以解決，未來將對客戶的可靠性和可負擔性產生不利影響），我們正在積極與當前和潛在的未來政策制定者合作，在新澤西州制定真正的解決方案，並確保我們能夠以可負擔的價格滿足客戶的能源需求。

The next governor of New Jersey will be faced with addressing a broad set of rising costs and implementing practical solutions to get to the root cause of these cost pressures will be a focus. These cost pressures have many sources.

新澤西州下一任州長將面臨一系列不斷上漲的成本問題，而實施切實可行的解決方案以找出這些成本壓力的根本原因將是其工作重點。這些成本壓力來自多個方面。

For example, the latest Rutgers-Eagleton Poll showed that 36% of likely voters cited taxes as the top problem facing New Jersey, while 21% said it was affordability. Other topics trail these two leading concerns with 6% pointed specifically to housing affordability and 5% saw utility costs as the top problem in the state. We stand ready to work with the incoming administration to do our part to keep rates as low as possible in the short term and work on longer-term solutions to add supply.

例如，羅格斯大學-伊格爾頓民調最新數據顯示，36% 的可能選民認為稅收是新澤西州面臨的首要問題，而 21% 的人則認為是負擔能力問題。其他話題都落後於這兩個主要關注點，其中 6% 的人特別提到了住房負擔能力，5% 的人認為公用事業費用是該州面臨的最大問題。我們隨時準備好與新政府合作，盡我們所能，在短期內將利率保持在盡可能低的水平，並致力於尋找增加供應的長期解決方案。

While the supply-demand imbalance remains a significant and growing problem, we expect the capacity market impact on customer bills next June will be limited by two factors. First, the FERC-approved price collar that will extend to at least the upcoming capacity auction in December; and two, the gradualism of the basic generation supply mechanism that feathers in changes over a three-year period here in New Jersey. This assumes other supply-related costs remain the same, preserving the reduction from other charges expected to come off the bill.

儘管供需失衡仍然是一個重大且日益嚴重的問題，但我們預計明年 6 月容量市場對客戶帳單的影響將受到以下兩個因素的限制。首先，聯邦能源監管委員會批准的價格區間將至少持續到 12 月即將舉行的容量拍賣；其次，新澤西州的基本發電供應機制採取漸進式措施，在三年內逐步進行調整。假設其他與供應相關的成本保持不變，從而保留帳單中預期會減少的其他費用。

One energy topic where there is broad common ground is that New Jersey needs to add generation supply to reduce its over reliance on the PJM capacity market and ensuring continuing reliability and affordability for customers with imports having grown to over 40% of our generation consumption.

在能源問題上，各方普遍認同的一點是，新澤西州需要增加發電供應，以減少對PJM容量市場的過度依賴，並確保客戶的電力供應持續可靠且價格合理，因為進口電力已占我們發電消耗的40%以上。

Legislation has been introduced that allows electric distribution companies to compete to participate in offering supply solutions. We are supportive of legislation that would increase competition for generation of supply should New Jersey decide to pursue new in-state generation. In addition, we have sites with grid connection capability and pipeline supplies as well as the in-house expertise to build new supply here in New Jersey with prevailing wage labor.

已提出立法，允許電力分銷公司透過競爭參與供電解決方案的提供。如果新澤西州決定在州內發展新的發電項目，我們將支持旨在增加電力供應競爭的法案。此外，我們擁有具備電網連接能力和管道供應的場地，以及在新澤西州建設新供應設施的內部專業知識，並能以現行工資水平的勞動力進行施工。

Now turning to PSEG Nuclear. We continue to implement projects designed to optimize our plants and increase megawatt production. In addition to the Hope Creek fuel cycle extension I mentioned earlier, our Salem uprate project will bring an incremental 200 megawatts to the grid during the 2027 to 2029 time frame as this kind of baseload carbon-free dispatchable power continues to increase in scarcity value.

現在轉向PSEG核能公司。我們將繼續實施旨在優化工廠並提高兆瓦發電量的專案。除了我之前提到的 Hope Creek 燃料循環擴展項目之外，我們的 Salem 升級項目將在 2027 年至 2029 年期間為電網增加 200 兆瓦的發電量，因為這種基荷無碳可調度電力的稀缺價值持續增加。

We also note the potential significance of the recent Department of Energy notice, which has now become a FERC rulemaking, seeking to accelerate interconnection of large loads in a way that is timely, fair and affordable for customers. The notice is requesting that FERC take final action by April 30, 2026. There are many positive elements to this proposal, but it will take a while before we see the ultimate impact of the rulemaking.

我們還注意到，能源部最近發布的通知具有潛在的重要意義，該通知現已成為聯邦能源監管委員會 (FERC) 的一項規則制定，旨在以對客戶而言及時、公平和負擔得起的方式加快大負荷的併網。該通知要求聯邦能源監管委員會在 2026 年 4 月 30 日之前採取最終行動。這項提案有很多正面因素，但要看到規則制定的最終影響，還需要一段時間。

So to summarize, we delivered a solid operating quarter for our customers, and our financial results through the first nine months enable us to narrow our full year 2025 non-GAAP operating earnings guidance to the upper half of the range at $4 to $4.06 per share from our prior guidance of $3.94 to $4.06 per share.

總而言之，我們為客戶帶來了穩健的營運季度，前九個月的財務業績使我們能夠將 2025 年全年非 GAAP 營運收益預期從之前的每股 3.94 美元至 4.06 美元調整至區間的上半部分，即每股 4 美元至 4.06 美元。

We are also reaffirming PSEG's five-year non-GAAP operating earnings growth outlook of 5% to 7% through 2029 as we continue to pursue incremental opportunities to our long-term forecast, including the potential to contract our nuclear output under multiyear agreements and potential utility investments to address near-term need for additional supply due to the growing customer demand.

我們也重申了 PSEG 到 2029 年的五年非 GAAP 營運收益成長預期為 5% 至 7%，我們將繼續尋求更多機會來實現我們的長期預測，包括根據多年協議縮減我們的核能產量，以及潛在的公用事業投資，以滿足不斷增長的客戶需求帶來的近期額外供應需求。

Notably, our balance sheet continues to enable us to fund PSEG's 5-year capital investment program of $22.5 billion to $26 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth.

值得注意的是，我們的資產負債表使我們能夠繼續為 PSEG 的 5 年期 225 億美元至 260 億美元的資本投資計劃提供資金，而無需發行新股或出售資產，並為持續穩定的股息增長提供了機會。

Before I conclude, I would like to recognize the outstanding performance of both our transmission and distribution system as well as our nuclear business over the last quarter. Both demonstrated exceptional reliability and resiliency for our customers. This collective achievement reflects the hard work, dedication and technical expertise of everyone at PSEG.

在結束發言之前，我想稱讚我們輸配電系統以及核電業務在過去一個季度的出色表現。兩者都為我們的客戶展現了卓越的可靠性和適應能力。這項集體成就體現了PSEG全體員工的辛勤工作、奉獻精神和技術專長。

Now as you know, tomorrow is election day in New Jersey. Let me say this clearly, PSEG has been around for over a century, and we have worked successfully with every New Jersey administration on both sides of the aisle with aligned objectives for the state's advancement. Based on our meetings with both candidates for governor, I have every confidence that we will do so again with the new incoming administration.

如你所知，明天是新澤西州的選舉日。讓我明確地說，PSEG 已經存在了一個多世紀，我們與新澤西州兩黨的每一屆政府都成功合作，目標一致，都是為了促進該州的發展。根據我們與兩位州長候選人的會面情況，我完全有信心，我們與新政府也會再次進行這樣的會議。

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

現在我將把電話交給丹，他將向大家介紹我們的財務表現和 2025 年剩餘時間的展望，然後重新加入電話會議進行問答環節。

Thanks, Ralph, and good morning to everybody. For the third quarter, PSEG reported net income of $1.24 per share in 2025 compared with $1.04 per share in 2024 and non-GAAP operating earnings were $1.13 per share in 2025 compared with $0.90 per share in 2024.

謝謝你，拉爾夫，大家早安。PSEG 第三季報告稱，2025 年每股淨收入為 1.24 美元，而 2024 年為每股 1.04 美元；2025 年非 GAAP 營業收入為每股 1.13 美元，而 2024 年為每股 0.90 美元。

We've provided you with information on Slide 7 and 9 regarding the contribution to net income and non-GAAP operating earnings by business for the third quarter and nine months ended September 30, 2025.

我們在投影片 7 和 9 中提供了有關截至 2025 年 9 月 30 日的第三季和前九個月各業務對淨收入和非 GAAP 營業利潤的貢獻的資訊。

Slides 8 and 10 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.

第 8 頁和第 10 頁包含瀑布圖，帶您了解本季度和年初至今期間與上一年相比的淨變化以及按主要業務劃分的非 GAAP 每股營運收益。

Let's start with PSE&G, which reported third quarter net income and non-GAAP operating earnings of $515 million for 2025 compared to $379 million in 2024. Utilities results were driven by the implementation of new electric and gas base distribution rates that took effect in October 2024 to recover a return of and on previous capital investments totaling more than $3 billion and higher working capital recovery.

我們先來看看 PSE&G，該公司公佈了第三季淨收入和非 GAAP 營業利潤，預計 2025 年為 5.15 億美元，而 2024 年為 3.79 億美元。公用事業公司的業績成長得益於新的電力和天然氣基本分配費率的實施，該費率於 2024 年 10 月生效，旨在收回先前總額超過 30 億美元的資本投資，並提高營運資本回收率。

Beginning on Slide 8 with the PSE&G column. Our distribution margin increased by $0.30 per share compared to the year ago period, largely reflecting the impact of the rate case plus recovery of and return on PSE&G's capital investments.

從第 8 張投影片的 PSE&G 欄開始。與去年同期相比，我們的每股分紅利潤增加了 0.30 美元，這主要反映了費率案件的影響以及 PSE&G 資本投資的回收和回報。

On the expense side, distribution O&M costs were $0.02 per share higher compared to the third quarter of 2024. And depreciation and interest expense rose by $0.01 per share and $0.02 per share, respectively, compared to the third quarter of 2024, reflecting higher levels of depreciable plant investment and long-term debt at higher interest rates.

在支出方面，與 2024 年第三季相比，分銷營運和維護成本每股高出 0.02 美元。與 2024 年第三季相比，折舊和利息支出分別增加了每股 0.01 美元和每股 0.02 美元，反映出可折舊廠房投資和長期債務水準較高，且利率較高。

Lastly, the timing of taxes recorded through an annual effective tax rate, which nets to zero over a full year, had a net favorable impact of $0.02 per share in the third quarter compared to the prior year period.

最後，透過年度有效稅率記錄的稅收時間（全年淨額為零）與上年同期相比，對第三季每股收益產生了 0.02 美元的淨有利影響。

Following severe heat storms in June when PSE&G hit its electric system peak for the year, weather conditions during the third quarter, as measured by the temperature-humidity index, were 3% cooler than normal and 7% cooler than the third quarter of 2024.

6 月遭遇嚴重熱浪，PSE&G 的電力系統達到年度高峰後，第三季的天氣狀況（以溫度濕度指數衡量）比正常水準低 3%，比 2024 年第三季低 7%。

As a reminder, the Conservation Incentive Program, or CIP program 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 programs. Under the CIP, 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.

提醒大家，節能激勵計畫（CIP）機制將天氣和其他經濟銷售波動與我們大部分分銷利潤脫鉤，同時幫助 PSE&G 推廣節能措施的廣泛應用，包括提高能源效率和實施太陽能計畫。根據 CIP，電力和天然氣客戶數量是分銷利潤的主要驅動因素，過去一年中，每個細分市場都成長了約 1%。

On the capital front, as Ralph mentioned earlier, PSE&G invested approximately $1 billion during the third quarter, totaling $2.7 billion for the first nine months. Our plan for the full year of 2025 regulated capital investment remains approximately $3.8 billion, and our 5-year regulated capital investment plan of $21 billion to $24 billion through 2029 is unchanged.

在資本方面，正如拉爾夫之前提到的，PSE&G 在第三季投資了約 10 億美元，前九個月的總投資額為 27 億美元。我們 2025 年全年監理資本投資計畫仍約為 38 億美元，而 2029 年的 5 年監理資本投資計畫（210 億美元至 240 億美元）維持不變。

In the first quarter of 2025, PSE&G began deploying the new energy efficiency programs. We anticipate investing up to $2.9 billion over a six-year period under that program. This program total includes approximately $1 billion of on-bill 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.

2025 年第一季度，PSE&G 開始部署新的節能計畫。我們預計將在該計劃下，在六年內投資高達 29 億美元。該計劃總額包括約 10 億美元的帳單償還選項，以幫助我們的客戶為其節能設備和電器融資，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他們的帳單。

Now moving on to PSEG Power & Other. For the third quarter, PSEG Power & Other reported net income of $107 million in 2025 compared to $141 million in 2024 and non-GAAP operating earnings were $50 million in 2025 compared to $69 million in 2024.

接下來是PSEG電力及其他業務。第三季度，PSEG Power & Other 報告稱，2025 年淨收入為 1.07 億美元，而 2024 年為 1.41 億美元；2025 年非 GAAP 營業利潤為 5,000 萬美元，而 2024 年為 6,900 萬美元。

Referring again to the third quarter waterfall on Slide 8, net energy margin rose by $0.01 per share compared to the prior year quarter. While generation was down in the quarter due to the Hope Creek refueling outage, overall power pricing and market revenues were higher than in the third quarter of 2024.

再次參考投影片 8 的第三季瀑布圖，淨能源利潤率較上年同期成長了每股 0.01 美元。雖然由於 Hope Creek 燃料更換停機，本季發電量有所下降，但整體電力價格和市場收入仍高於 2024 年第三季。

O&M was $0.05 per share unfavorable compared to the third quarter of 2024, mostly driven by the scheduled refueling of our 100%-owned Hope Creek nuclear unit. As Ralph mentioned, our Hope Creek unit has successfully transitioned from an 18- to 24-month refueling cycle going forward, which is expected to yield additional megawatt hours as well as O&M savings over the long term.

與 2024 年第三季相比，營運和維護成本每股下降 0.05 美元，主要原因是我們全資擁有的 Hope Creek 核電廠按計劃進行燃料更換。正如拉爾夫所提到的，我們的霍普溪機組已成功將燃料更換週期從 18 個月延長至 24 個月，預計從長遠來看，這將帶來額外的兆瓦時發電量以及運營和維護成本的節省。

Depreciation expense was $0.01 per share favorable and interest expense rose by $0.02 per share, reflecting incremental debt at higher interest rates. And taxes and other were $0.01 per share favorable compared to the third quarter of 2024.

折舊費用每股減少 0.01 美元，利息費用每股增加 0.02 美元，反映新增債務的利率較高。與 2024 年第三季相比，稅金和其他費用每股優惠 0.01 美元。

On the operating side, the nuclear fleet produced approximately 7.9 terawatt hours during the third quarter compared to approximately 8.1 terawatt hours in the third quarter of 2024. For the nine months ended September 30, 2025, nuclear generation was approximately 23.8 terawatt hours, up slightly from 23.3 terawatt hours for the same period of 2024. Capacity factors for the nuclear fleet were 92.4% and 93.7% for the quarter and nine-month period ended September 30, 2025, respectively.

在運作方面，核電廠第三季發電量約為 7.9 太瓦時，而 2024 年第三季約為 8.1 太瓦時。截至 2025 年 9 月 30 日的九個月內，核能發電量約為 23.8 太瓦時，比 2024 年同期的 23.3 太瓦時略有成長。截至 2025 年 9 月 30 日的季度和九個月期間，核電廠的容量係數分別為 92.4% 和 93.7%。

In July, PSEG Nuclear declared approximately 3,500 megawatts of its eligible nuclear capacity in PJM's base residual auction at the market clearing price of $329 per megawatt day for the energy year June 1, 2026, through May 31, 2027.

7 月，PSEG Nuclear 宣布將其約 3,500 兆瓦的合格核電容量以 329 美元/兆瓦/天的市場清算價格，在 PJM 的基本剩餘拍賣中出售，能源年度為 2026 年 6 月 1 日至 2027 年 5 月 31 日。

Touching on some recent financing activity. As of the end of September, PSEG had total available liquidity of $3.6 billion, including approximately $330 million of cash on hand. And on the financing front, in August, PSE&G issued $450 million of 4.9% secured medium-term notes due August 2035. And later in August, PSEG redeemed at maturity $550 million of notes that carried a coupon of 0.8%. Overall, PSEG had significant liquidity at the end of the third quarter, which remained relatively unchanged from the end of the second quarter.

簡單談談最近的一些融資活動。截至9月底，PSEG的總可用流動資金為36億美元，其中包括約3.3億美元的現金。在融資方面，PSE&G 於 8 月發行了 4.5 億美元的 4.9% 有擔保中期票據，該票據將於 2035 年 8 月到期。8 月下旬，PSEG 贖回了到期的 5.5 億美元票據，票面利率為 0.8%。總體而言，PSEG在第三季末擁有充足的流動性，與第二季末相比基本保持不變。

PSEG's variable rate debt at the end of September consisted of a 364-day term loan at PSEG Power for $400 million, which matures in December of 2025, and commercial paper. As of September 30, our level of variable rate that represents approximately 4% of our total debt. And in October, Moody's published updated credit opinions on PSEG and PSE&G with no change to either credit ratings or outlook.

截至9月底，PSEG的浮動利率債務包括PSEG Power的一筆4億美元、期限為364天的定期貸款（將於2025年12月到期）以及商業票據。截至9月30日，我們的浮動利率水準約占我們總債務的4%。10 月份，穆迪發布了對 PSEG 和 PSE&G 的最新信用評級意見，兩家公司的信用評級和展望均未發生變化。

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 provides for the opportunity for consistent and sustainable dividend growth.

展望未來，我們穩健的資產負債表支持 PSEG 五年資本支出計劃的執行，該計劃以受監管的資本支出為主，無需出售新的股權或資產，並為持續穩定的股息增長提供了機會。

In closing, we are narrowing PSEG's full year 2025 non-GAAP operating earnings guidance to 4$ to $4.06 per share from $3.94 to $4.06 per share. This updates PSEG's solid results through the first nine months of 2025.

最後，我們將 PSEG 2025 年全年非 GAAP 營運收益預期從每股 3.94 美元至 4.06 美元下調至每股 4 美元至 4.06 美元。這是PSEG截至2025年前九個月的穩健績效的最新更新。

And we are also reaffirming our long-term 5% to 7% compound annual growth and non-GAAP operating earnings through 2029, supported by our capital investment programs and the nuclear PTC threshold. We expect to introduce PSEG's 2026 non-GAAP operating earnings guidance, roll forward our capital investment plans, update our rate base on long-term earnings CAGRs and discuss this outlook call during our year-end call in February of 2026.

我們也重申，到 2029 年，我們將實現 5% 至 7% 的長期複合年增長率和非 GAAP 營運收益，這得益於我們的資本投資計劃和核能 PTC 門檻。我們預計將在 2026 年 2 月的年終電話會議上推出 PSEG 2026 年非 GAAP 營運獲利預期，推進我們的資本投資計劃，根據長期獲利複合年增長率更新我們的費率基礎，並討論這一展望。

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

我們的正式發言到此結束。操作員，我們現在準備開始問答環節。

(Operator Instructions)

（操作說明）

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

Hey guys, good morning.

嘿，各位，早安。

Hey, who's that? Welcome back, Shar. And just like we did with many of your peers over the last 12 months, welcome back to hear you.

嘿，那是誰？歡迎回來，莎爾。就像過去 12 個月我們對待你們的許多同行一樣，歡迎你們回來繼續發言。

I appreciate. You almost had me tongue tied, and that never happens.

謝謝。你差點讓我說不出話來，這種情況以前從未發生過。

I appreciate that.

我很感激。

I appreciate. You almost had me tongue tied and that never happened. So I appreciate that. So Ralph, just obviously, the elections could be kind of this key threshold for data center deals in the state. We've seen data center customers walk away from local politics issues in kind of both the regulated and even deregulated markets. Artificial Island is obviously -- it's a great asset. So kind of curious if there's any pressure points forming there? And then, obviously, one of your favorite questions is any updates on potential time lines?

謝謝。你差點讓我說不出話來，不過這種情況最終沒有發生。我很感激。所以拉爾夫，很明顯，這次選舉可能是該州資料中心交易的關鍵門檻。我們看到，無論是在受監管的市場還是在不受監管的市場中，資料中心客戶都會因為當地政治問題而選擇迴避。人工島顯然是一項巨大的資產。所以，我很好奇那裡是否會形成任何壓力點？然後，很顯然，您最關心的問題之一是關於潛在時間表的最新進展嗎？

Yeah, no thanks, Shar. I'll let Dan, as we have been doing over the last couple of calls here, answer the time line conversation. But look, I would say this, and it's more of a generic answer to you on the election and what we can expect post Tuesday.

不，謝謝，莎爾。就像我們最近幾次通話一樣，我會讓丹回答關於時間軸的問題。但是，我想說的是，這更多的是關於選舉以及週二之後我們可以期待的事情的一般性答案。

And that is, we will see. But as I said in my -- kind of my closing comments, we fully expect to be able to work with both sides of the aisle. We've done it in the past. It's a proven track record by this company, and we feel really, really confident that, that's going to continue as we move forward here in 2026.

也就是說，我們拭目以待。但正如我在——算是我的總結發言中所說，我們完全有信心能夠與兩黨合作。我們以前做過這件事。這是該公司過往的成功記錄，我們非常有信心，隨著我們在 2026 年繼續前進，這種情況將會繼續下去。

Specific to data center opportunities in New Jersey, they really haven't slowed down. We have some information in the deck about how that has continued, and we expect it to continue. A few of those jobs have moved a little bit further along in the queue, depending upon whether you look at our queue or PJM's queue as an example.

就新澤西州的資料中心機會而言，發展勢頭並沒有放緩。我們在資料中掌握了一些關於這種情況如何持續的信息，我們預計這種情況還會繼續下去。有些工作在隊列中向前推進了一些，具體情況取決於你查看的是我們自己的隊列還是 PJM 的隊列。

And I'll just point you to one that showed up today, it's public information. There's a TEAC meeting that's taking place tomorrow at PJM, and there is some additional load that's been identified for a job in Kenilworth that is our supplement -- one of our supplemental projects.

我給你舉個例子，今天剛出現了一個，這是公開資訊。明天 PJM 將舉行 TEAC 會議，會上確定了 Kenilworth 的一個補充項目需要額外承擔一些工作量。

So they continue to arrive here in New Jersey. We haven't seen it at the hyperscale level. And we have talked about that for many times, and we expect these to be smaller, not ones that we're making big announcements about, and we don't expect those smaller, less in size announcements to be something that we're talking about, whether it's at the utility or at Power.

所以他們繼續抵達新澤西州。我們還沒有在超大規模層面上看到這種情況。我們已經多次討論過這個問題，我們預計這些事件規模會比較小，不會大張旗鼓地宣布，我們也不認為這些規模較小的事件是我們要討論的，無論是在公用事業公司還是電力公司。

Dan, do you want to talk more about the time line?

丹，你想再詳細談談時間軸嗎？

No, I mean, I think Ralph covered it. I think we'll get a little bit more color from both of the candidates. There's been a whole bunch of stuff they've talked about during the campaign. This hasn't been the highest topic with respect to data centers as much as with respect to affordability generally on things that have touched us. But we'll get more color as the election ends and we find out where they're going to go.

不，我的意思是，我覺得拉爾夫已經解釋清楚了。我認為我們會從兩位候選人那裡了解到更多細節。競選期間，他們談論了很多事情。就資料中心而言，這並非最受關注的話題，而是就我們所關注的事物的可負擔性而言，這才是最受關注的話題。但隨著選舉結束，我們會知道他們最終會去哪裡，屆時情況會更加明朗。

But -- in the meantime, I think it's everything that Ralph said, and we're continuing to move forward.

但是——與此同時，我認為拉爾夫所說的一切都是正確的，我們將繼續向前邁進。

Okay. Great. And then just lastly -- that's helpful. And then just on the 11 gigawatts, the large load pipeline that's obviously growing. Just -- I know I don't want to front run the CapEx update on the roll forward, but let me attempt anyway.

好的。偉大的。最後一點——這很有幫助。然後，僅就 11 吉瓦而言，這個龐大的負荷管道顯然還在持續成長。我知道我不想提前更新資本支出，但還是讓我試試看。

But just on the grid capacity, just Dan, talk about -- Ralph, just the grid capacity that's there to convert into signed agreements versus how much transmission and distribution needs you're going to have as you start to convert?

但就電網容量而言，丹，談談——拉爾夫，就現有電網容量而言，可以轉化為已簽署協議的容量，與你開始轉換時將面臨的輸配電需求相比如何？

Well, again, I think a little bit of that is front-running some policy that will exist here in New Jersey, right? So the first -- and I talk a lot about the fact that the new governor will need to make some policy decisions that will help us plan the grid for the long term.

嗯，我覺得這在某種程度上是在搶先一步預測新澤西州即將出台的一些政策，對吧？所以第一點——我經常談到新任州長需要做出一些政策決定，這將有助於我們規劃電網的長期發展。

Right now, we have capacity on our grid. That's based upon the current topology. If we see new generation come in, large-scale 1,000-megawatt plants that are showing up, that may change the grid topology a little bit. If we see more solar and more batteries, that may change the topology a little bit. So I'd be front-running to say that I could tell you that, which is why we're going to give you that full -- roll forward in February.

目前，我們的電網容量充足。這是基於目前的拓撲結構。如果我們看到新的發電方式出現，例如正在出現的1000兆瓦的大型發電廠，這可能會稍微改變電網拓撲結構。如果太陽能和蓄電池的數量增加，拓撲結構可能會略有改變。所以，如果我現在就說我可以告訴你，那就太草率了，這就是為什麼我們將在二月給你完整的訊息。

Okay perfect no thanks so much guys appreciate it. See you in a few days and Ralph, thanks for remembering me after the Garden leaf. Thanks guys.

好的，太好了，非常感謝各位。幾天後見，拉爾夫，謝謝你在花園落葉事件後還記得我。謝謝各位。

Bye. Who was that?

再見。那是誰？

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Hi, good morning.

您好，早安。

Hey Jeremy.

嘿，傑里米。

Hey, just wanted to pick up on the conversation with regard to potential data center contracting here. And wondering if you might be able to comment, I guess, on the flavor of conversations between your New Jersey versus Pennsylvania assets. Is there any discernible difference, I guess, in the tone of those conversations?

嘿，我只是想就這裡潛在的資料中心合約事宜再補充一些討論。我想知道您是否可以就您在新澤西州和賓夕法尼亞州的業務之間的對話風格發表一些看法。我想，這些對話的語氣是否有任何明顯的差異？

I wouldn't say difference in the tone of conversations, Jeremy, but I think that you're seeing different types of entities being involved between the two states. I think you have more of a forward-leaning appetite in Pennsylvania, which is enabling more to happen and more to happen on a bigger scale.

傑里米，我不會說談話的語氣有所不同，但我認為你會看到這兩個州之間涉及的實體類型不同。我認為賓州的人們更有進取心，這使得更多的事情能夠發生，而且事情的規模也會更大。

And I think in New Jersey, I have not seen that as much with respect to the incentives. And so what you're seeing is still some interest in the state and some sizable interest in the state, but at a smaller scale. So I think that's probably the biggest differentiation between the two locations.

我覺得在新澤西州，我在激勵措施方面還沒有看到太多這樣的情況。所以你現在看到的是，人們對這個州仍然有一些興趣，而且是相當濃厚的興趣，但規模較小。所以我覺得這可能是這兩個地方最大的差別。

Got it. That's helpful. And as it relates to, I guess, supply additions and working with stakeholders in the state, just wondering if you might be able to expand a little bit more beyond that, I guess, as far as what type of constructs Pega be interest in, be it regulated generation, unregulated generation or just any other color in general on this topic?

知道了。那很有幫助。至於增加供應以及與州內利益相關者合作，我想知道您能否再詳細闡述一下，Pega 對哪種類型的結構感興趣，無論是受監管的發電、不受監管的發電，還是該主題上的任何其他方面？

Yeah, so Jeremy, it's a great question. Look, we have said for many months, and we have indicated in public settings that we are more than willing to help the state achieve its goals in a regulated capacity, right? We absolutely think that we could provide some solutions for gas generation that's in a regulated manner. We also think we can continue.

是的，傑里米，這是一個很好的問題。你看，我們幾個月來一直說，而且我們也在公開場合表示，我們非常願意在規範的框架內幫助國家實現其目標，對吧？我們堅信我們能夠以規範的方式提供一些天然氣生產解決方案。我們也認為我們可以繼續下去。

We've done large-scale solar on some brownfield sites, some landfill sites in the past. So we could do more on the solar front. We think there's an appetite now for some regulated storage and we're looking forward to taking part in that, see how that plays out over the next few months. And we know that many -- both candidates have been talking a lot about new nuclear.

我們過去曾在一些棕地和垃圾掩埋場進行大規模太陽能發電計畫。所以我們可以在太陽能領域做更多的事情。我們認為現在市場對受監管的儲存需求很大，我們期待參與其中，看看未來幾個月情況會如何發展。我們知道，兩位候選人都一直在談論新的核能技術。

Now on new nuclear, we have also been very, very pointed in our responses in saying that we're not looking to put our own capital to work, but we want to enable solutions for the state. And that's where our site comes in.

關於新建核能項目，我們也非常明確地表示，我們並不打算投入自己的資金，而是希望為國家提供解決方案。這就是我們網站的作用所在。

And we think that long term, that will provide us with some revenue opportunities, whether it be for our operating and maintenance activities or security activities, spent fuel storage. There's many, many things that we can do on that front without putting our own capital to work.

我們認為，從長遠來看，這將為我們提供一些收入機會，無論是用於我們的營運和維護活動、安全活動或乏燃料儲存。在這方面，我們有很多很多事情要做，而無需投入自己的資金。

And so that's the way we've been approaching it, and that's the way we'd like to see things play out. More opportunities for us in baseload generation from a gas standpoint that would be regulated. And certainly, more we can do on a solar and the battery fronts as well.

所以，我們一直都是這樣處理這件事的，我們也希望事情能這樣發展。從天然氣發電的角度來看，我們將有更多機會參與受監管的基礎負載發電。當然，我們在太陽能和電池方面也還有更多可以做的。

And I think if you look at both candidates and their platforms, you really see one -- they all -- they're both talking about everything, right, that they're looking at all these options that are out there. The real question is to what degree.

我認為，如果你仔細觀察兩位候選人及其政綱，你會發現一個共同點——他們都在談論所有的事情，對吧，他們都在考慮所有可能的選擇。真正的問題是，程度如何。

And I think you will see one -- with one candidate that might be leaning a little more towards the gas-fired units and another candidate that leans a little more towards solar and batteries. But both candidates are talking about all of the above strategies, which we support and we will be part of. talking about in the all of the above strategy, which we support and we will be part of.

我認為你會看到一位候選人——他可能更傾向於燃氣裝置，而另一位候選人則更傾向於太陽能和電池。但兩位候選人都談到了以上所有策略，我們支持這些策略，我們將參與其中。

Got it. That's very helpful thank you.

知道了。非常感謝，這很有幫助。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey, good morning, thanks for taking my questions so look, just the contracting discussion, we did see the multistate kind of proposal advocating for Bring Your Own Generation and the need to kind of fast track and permit -- fast track the permitting for some of these data centers, but there just seems to be an overall stress on Bring Your Own Generation across the states in PJM.

嘿，早上好，感謝您回答我的問題。你看，關於合約的討論，我們確實看到了多州提案，倡導自帶發電，並需要加快審批——加快一些數據中心的審批，但PJM各州似乎普遍強調自帶發電。

And how is that causing the conversation around the nukes to evolve? And is it fair to say that any deal at this point would now have to come with additionality commitments, whether that's upgrades, new gas, batteries or otherwise? Just maybe you can kind of talk to that a little bit if that's the right take?

這又將如何影響圍繞核武的討論呢？那麼，在目前情況下，任何協議都必須附帶額外性承諾，無論是升級改造、更換新燃氣設備、電池或其他方面，這種說法是否公平？或許你可以稍微談談這方面，如果這是個適當的角度的話？

Yes. Are you talking about the DOE, Nick, in that the DOE -- the letter from DOE?

是的。尼克，你指的是美國能源部嗎？我是說美國能源部──美國能源部寄來的那封信？

I'm just -- I think there's been various calls by whether it's been Pennsylvania, New Jersey or Maryland on just the need to -- for data centers to bring their own generation now. And I'm just wondering how that impacts incumbent generators that were interested in potentially signing front-of-the-meter deals.

我只是——我認為賓夕法尼亞州、新澤西州或馬裡蘭州都曾多次呼籲——數據中心現在就需要擁有自己的下一代技術。我只是想知道這會對那些有意簽署電錶前供電協議的現有發電公司產生什麼影響。

Yeah, Nick, I would say that, if I'm capturing your question right, that there has been more dialogue around it. There has not been anything from the standpoint of requirements related to what must happen. And so I think from that perspective, I think it almost does tie in a little bit to what Ralph is talking about with respect to the DOE letter, which is trying to set some standards and trying to, I'm going to say, fast-track things, but get things moving where there is a little bit of a logjam.

是的，尼克，如果我理解你的問題沒錯的話，我想說的是，圍繞這個問題已經有了更多的討論。從要求的角度來看，還沒有任何關於必須做什麼的規定。所以我覺得從這個角度來看，這幾乎與拉爾夫談到的能源部信件的內容有點關聯，該信件試圖制定一些標準，並試圖加快進程，讓一些陷入僵局的事情運轉起來。

There's been a discussion about a whole host of topics. BYOG is one of them. But there's nothing that's mandatory from that perspective. And there's nothing about additionality that's mandatory from that perspective and different counterparties have different environmental profiles that are important to them, but not against the backdrop of anything that is required either. And so I think what you're seeing is continued dialogue around some topics that are of interest, but are not precluding anything from happen one way or another.

大家討論了很多話題。自備設備（BYOG）就是其中之一。但從這個角度來看，並沒有什麼強制性的。從這個角度來看，額外性並沒有什麼強制性的，不同的交易對手有不同的環境因素，這些因素對他們來說很重要，但也不是在任何強制性要求的背景下發生的。所以我認為你現在看到的是圍繞著一些大家感興趣的話題進行的持續對話，但這並不排除任何事情會以某種方式發生。

Okay. All right. I appreciate that. And then there's been a lot of EPS CAGR updates this quarter. And I guess maybe you can kind of help position to the Street, you're doing 9.5% year-over-year growth, '25 through -- off of '24. I see that on Slide 5.

好的。好的。我很感激。此外，本季還有許多關於每股盈餘複合年增長率的更新數據。我想你或許可以幫助華爾街更了解你的業績，2025 年到 2024 年的年增長率為 9.5%。我在第五張投影片上看到了。

I noticed the past 5% to 7% CAGR, that's not linear. But just from our perspective, we know where the capacity auctions have cleared at, we know where prices have gone. Just what are some of the negatives that we should be thinking about that kind of put you back within the 5% to 7% range as we kind of think through what you can deliver on in '26?

我注意到過去 5% 到 7% 的複合年增長率並非線性增長。但僅從我們的角度來看，我們知道容量拍賣的成交價，我們知道價格的走勢。我們應該考慮哪些不利因素，這些因素會使你的成功率回到 5% 到 7% 的範圍內，以便我們更好地思考你在 2026 年能夠取得的成就？

Yeah, Nick, what I would tell you is our update is coming in February, and we're not going to piecemeal elements of it before we get there. So we'll give you a fulsome update when we give you the update.

是的，尼克，我想告訴你的是，我們的更新將在二月發布，在此之前我們不會分階段發布其中的內容。所以，我們會在發布更新時提供完整的更新資訊。

No problem thank you.

沒問題，謝謝。

Thanks.

謝謝。

David Arcaro with Morgan Stanley.

David Arcaro，摩根士丹利員工。

Hey, thanks so much. Good morning one quick clarification or maybe an additional piece of data. I was just wondering what the level of mature applications would be in that data center activity that you've quoted in the past.

嘿，非常感謝。早上好，請問有一個問題需要澄清，或者可以提供一些補充資訊。我只是想知道，在您之前提到的資料中心活動中，成熟應用程式的程度會達到什麼程度。

Yes. So I think we moved that from 2,600 to 2,800. I think that's the information that is in the deck. But that's the right number, 2,600 to 2,800.

是的。所以我覺得我們把這個數字從 2600 提高到了 2800。我認為這就是牌組裡包含的資訊。但這個數字是對的，2600到2800。

Great. Okay. Perfect. And then as you sketch out the utility growth outlook and roll forward, I was just curious if you could give your perspective now on how do you manage the affordability concerns maybe outside of just the generation front as you're planning the next iterations of your utility CapEx programs and looking at the T&D rate outlook. How are you weaving in just considerations around affordability?

偉大的。好的。完美的。然後，在您勾勒出公用事業成長前景並展望未來時，我只是好奇您能否談談您現在是如何應對發電以外的可負擔性問題的，因為您正在規劃公用事業資本支出計劃的下一階段，並考慮輸配電費率前景。你是如何將價格承受能力的考量融入決策中的？

Well, look, we always think about affordability, no matter what we do here from a company standpoint, whether it's -- I could point you to our O&M slides that are in the deck and how we held O&M relatively flat over a longer period of time. I could talk to you about the way we're implementing our AMI system right now and how we've done that, not only from a standpoint of cost and keeping rates down, but also from the impact on employees and the just transition of those folks into different positions.

你看，無論從公司的角度來看我們做什麼，我們始終都會考慮可負擔性，無論是——我可以給你看看我們簡報中的維運幻燈片，以及我們如何在較長一段時間內保持維運成本相對穩定。我可以和你談談我們目前正在實施的 AMI 系統，以及我們是如何做到這一點的，不僅從成本和降低費率的角度，而且還從對員工的影響以及這些人公正地過渡到不同職位的角度。

So affordability is not something new to us. I appreciate it's a hotter topic in different circles, but it's the way we've operated. And you've heard us many times talk about the fact that we're not making any big announcements about expense savings. We normally just operate in that manner, and we'll continue to do that.

所以，價格實惠對我們來說並不陌生。我知道這在不同的圈子裡是個熱門話題，但這是我們一直以來的行事方式。你們也多次聽我們說過，我們不會就節省開支做出任何重大宣布。我們通常就是這樣運作的，以後也會繼續這樣做。

That said, we've also, in the past, worked through different mechanisms with the regulator to spread costs out differently, and I'll go back 20 years when the decision was made to change the depreciable life of our gas assets. And those -- that cost was recovered in a different way from customers. So there are things that we can do working with the regulator to come up with solutions to keep T&D rates flat.

也就是說，過去我們也曾與監管機構透過不同的機制來分攤成本，我可以追溯到 20 年前，當時我們決定改變天然氣資產的折舊年限。而這些成本——則以不同的方式從客戶那裡收回。因此，我們可以與監管機構合作，找到保持輸配電費率穩定的解決方案。

We've done that recently. We'll continue to look at options for that. But this is not just an affordability issue, right? This is quickly becoming a reliability issue and the resource adequacy is going to drive us to solutions that are going to increase supply as the demand comes online. We have to find supply.

我們最近就這麼做過。我們會繼續研究各種方案。但這不僅僅是價格問題，對吧？這正迅速演變成一個可靠性問題，資源充足性將促使我們尋求解決方案，隨著需求的增加，供應也隨之增加。我們必須找到貨源。

David, I don't know any other way to say it. And I think both of the candidates for governor in New Jersey recognize that. They've both said that. Again, their solutions might be a little bit different, but how we get there is the only question. It's not if we're going to get there. We need more supply in the state.

大衛，我不知道還能怎麼說。我認為新澤西州的兩位州長候選人都意識到了這一點。他們都這麼說過。同樣，他們的解決方案可能略有不同，但我們如何實現目標才是唯一的問題。問題不在於我們能否到達那裡。本州需要更多物資供應。

Great yeah that's really helpful color, much appreciated and see you soon.

太好了，這個顏色真的很有幫助，非常感謝，下次見。

Bill Appicelli with UBS.

瑞銀集團的比爾·阿皮切利。

Hey, good morning.

嘿，早安。

Hey Bill.

嘿，比爾。

Just following up on some of those comments you just made about finding supply. I mean there would be a sense of urgency I think, behind that, right? So is there an opportunity here in the veto session to push for some legislation that could support this? Or do you think this is more likely something has to be dealt with under a new administration?

我只是想就你剛才提到的尋找貨源的問題做個後續說明。我的意思是，我認為這背後應該有一種緊迫感，對吧？那麼，在否決權會議期間，是否有機會推動一些能夠支持這一目標的立法？或者您認為這更有可能是需要在新政府領導下處理的事情？

Look, there's been a lot of things that have happened in the state in the past, not just from an energy standpoint, but other topics that have been handled in lame duck. And so I'm not sure whether or not that will be the approach that's taken here or it will be one that's taken in '26.

你看，過去這個州發生了很多事情，不僅僅是能源方面，還有其他一些在跛腳鴨時期處理過的話題。因此，我不確定這裡是否會採取這種方法，還是會在 2026 年採取這種方法。

But I do know it's going to be a hot topic one way or the other. And so I personally would like to see us move faster from a state standpoint. I think it would help us both from an affordability standpoint, but also from an economic development standpoint.

但我知道，無論如何，這都會成為一個熱門話題。因此，我個人希望從國家層級來看，我們能夠加快腳步。我認為這無論從經濟承受能力或經濟發展的角度來看，對我們雙方都有幫助。

We -- as I mentioned earlier, we've been -- we've got some headroom in the system today, and we've been using that up. But if we're going to continue to grow the state and again, both candidates would like to see us continue to grow the state, then one of the fundamental things we'll need is enough supply. And that's where I put my economic development hat on, and I say, Let's get moving sooner than later. And boy, if we could have those discussions starting on Wednesday, it couldn't be soon enough.

正如我之前提到的，我們——我們目前的系統還有一些餘力，而我們一直在利用這些餘力。但是，如果我們想要繼續發展本州，而且兩位候選人都希望看到本州繼續發展，那麼我們需要的基本要素之一就是充足的供應。於是，我以經濟發展專家的身份站出來，說：讓我們盡快行動起來。天哪，如果我們能從週三開始進行這些討論，那就太好了。

Right. And then just along those same lines, I mean, how do you evaluate the framework for that, right? Would this be in terms of evaluating how much generation you potentially would need from a regulated basis? Would there be sort of an RFP approach that you could then bid on? I mean I'm not sure if you guys could sort of describe how you would envision such a mechanism coming out?

正確的。然後，同樣地，我的意思是，你要如何評估這個框架呢？這是指評估您可能需要在受監管的基礎上產生多少電力嗎？是否會有類似招標邀請書（RFP）的形式，然後你可以參與投標？我的意思是，我不太確定你們能否描述一下你們設想中的這種機制是如何產生的？

Yeah, Look, I think that the BPU could hold some sort of an auction. I think we could go to some sort of an FRR. I think, again, I don't want to front-run anybody. I think it would be rude to do that, so I won't. But I will tell you, what it all starts with the same four questions that we've been banging the table about, right? One, we've got to figure out what load we're going to supply, right?

是的，我認為BPU可以舉行某種形式的拍賣。我認為我們可以採取某種形式的固定利率輪動（FRR）。我再次重申，我不想搶在任何人前面。我覺得那樣做很沒禮貌，所以我不會那麼做。但我可以告訴你，這一切都始於我們一直在爭論的這四個問題，對吧？首先，我們得弄清楚我們要供應多少貨物，對吧？

Two, we got to figure out what the reliability targets are going to be. Three, it's going to be emissions, right? And what are the emissions profiles we're willing to accept both if we're in a -- build our own generation or import it from our neighbors. Both of those have different impacts and how that plays out.

第二，我們必須確定可靠性目標是什麼。第三，應該是排放量的問題，對吧？如果我們選擇自己發電還是從鄰國進口電力，我們願意接受怎樣的排放標準？這兩者的影響以及最終結果都不同。

And then the last thing is the definition of affordability. We talk about affordability, but we rarely define it, whether it's at the state level or at the federal level, to be honest. Is it going to be CPI? Is it going to be regional CPIs? Is it going to be state CPI? What is it going to be? And I think as we move forward, answering those four questions is fundamental to putting together an integrated resource plan.

最後一點是定義「可負擔性」。我們談論的是可負擔性，但說實話，無論是在州一級還是聯邦一級，我們很少對它進行定義。會是CPI嗎？會採用區域性消費者物價指數（CPI）嗎？會採用州級消費者物價指數（CPI）嗎？會是什麼呢？我認為，隨著我們不斷推進，回答這四個問題對於制定綜合資源計劃至關重要。

And then just lastly on the outlook for the forward curves. I mean can you maybe just speak to where you see those relative to maybe your fundamental view or at least relative to where the PTC floor is that's embedded in your outlook?

最後，我們來談談遠期曲線的前景。我的意思是，您能否談談您如何看待這些，是相對於您的基本觀點，還是至少相對於您觀點中固有的 PTC 底線而言？

Yeah, I'm going to let Dan answer that one. He sees that a little bit more, but I mean -- we look out four years the way others do. So I'll give it to you, Dan.

嗯，這個問題還是讓丹來回答。他對此看得更清楚一些，但我的意思是──我們和其他人一樣，都會展望未來四年。那我就把票給你吧，丹。

Yeah, Bill, I think you've seen some recent strength within the market, and we've been saying for some time that if you just think about all the fundamentals that are going on and the discussions that everybody is having, it's been pretty tough to try to land the plane on exactly what's going to happen from a load perspective, but the numbers are a little bit staggering. And so even a lower end of the range would imply a need for incremental supply.

是的，比爾，我認為你已經看到了最近市場的一些強勢表現，我們一直都在說，如果你仔細考慮所有正在發生的基本面以及每個人都在進行的討論，就很難準確預測從貨運角度來看將會發生什麼，但這些數字確實有點驚人。因此，即使是較低的供應量也意味著需要增加供應。

And then if you think about the supply discussions, those have always moved towards the concept of we need to move quickly because at the end of the day, it generally isn't going to come out all that fast. You just think about time for turbines and everything else. And so all of that leads you to a little bit of a more bullish place.

然後，如果你想想供應方面的討論，這些討論總是朝著我們需要快速行動的概念發展，因為最終，供應通常不會那麼快就到位。你只需要考慮渦輪機和其他一切所需的時間。因此，所有這些因素都讓你對前景更加樂觀。

And if you look at the forward curve, you haven't seen quite as much bullishness. So we've seen some of that come up. And so I think that feels a little bit more like a fundamental move than just some interim period of time, although we do end up having some of those, too. It seems like every time we go into winter and we get a cold day, you see a little bit of movement out the curve. But I do think fundamentals should support a stronger price as we go forward, but the forwards are the forwards.

如果你看一下遠期曲線，你會發現並沒有那麼明顯的看漲情緒。所以我們已經看到一些這樣的情況出現了。所以我覺得這更像是一次根本性的舉措，而不僅僅是一段過渡時期，儘管我們最終也會經歷一些過渡時期。似乎每到冬天，天氣變冷的時候，曲線就會出現一些小幅波動。但我認為，從基本面來看，價格應該會走強，但遠期合約畢竟是遠期合約。

Okay, great, thank you.

好的，太好了，謝謝。

Thanks Bill.

謝謝你，比爾。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Hey, good morning guys.

嘿，各位早安。

Hey Nick, I think you get a welcome as well. I think this is our first quarterly call with you asking a question.

嘿，尼克，我覺得你也應該受到熱烈歡迎。我想這是我們第一次在季度電話會議上聽到你提問。

I appreciate that. I just wanted to dig in to a little bit on Hope Creek, just kind of the extension of the fuel cycle there. Kind of what undertakings were done? I mean, was that kind of an enhanced fuel offering? Or how should we kind of think about that? Is there opportunities to kind of extend that even further?

我很感激。我只是想稍微深入研究一下霍普溪，也就是那裡的燃料循環的延伸部分。都做了哪些具體工作？我的意思是，那算是某種升級版的燃油產品嗎？或者我們應該如何看待這個問題？是否有機會進一步拓展這種模式？

Yeah, No, Nick, it really is a lot simpler than people might make it out to be. It's just shuffling of the fuel, some different changes in the fuel design. But we didn't change to a new fuel supplier as a result, right? So this is something that's been done in the industry quite a bit.

是的，尼克，事情其實比人們想像的要簡單得多。只是燃料的重新分配，以及燃料設計上的一些不同變化。但我們並沒有因此更換燃料供應商，對吧？所以，這在業界已經相當普遍了。

And we joked a lot about it. We had a CFO that always gave us a hard time about doing upgrades at a plant that we only had a visibility for three years of a life for, but he did the right thing and held us accountable a little longer-term life before we make long-term investments.

我們常常拿這件事開玩笑。我們之前的財務長總是對我們進行工廠升級改造提出異議，因為我們只能預見工廠未來三年的使用壽命。但他最終還是做了正確的決定，在進行長期投資之前，要求我們考慮更長遠的未來。

So while Dan did that, we were getting smart about the changes that we could make there, and we're following what the rest of the industry has done.

所以，在丹做這件事的時候，我們也在思考我們可以做出哪些改變，我們正在效仿業內其他公司的做法。

I will tell you, though, we also, at the same time, did a lot of other things at that plant to continue to reinforce both the asset itself, but also some efficiencies. And I talk about things that you might not pay attention to, but we changed out some of the insulation in the cooling tower, which just changes the efficiency of that -- of the cooling tower, and it just allows us the draft that the cooling tower is going to increase, which allows you to keep the megawatts up in the middle of the summer when at other times, the heat and humidity might reduce the draft flow through that stack.

不過，我要告訴你的是，同時，我們也在工廠做了很多其他事情，以繼續加強資產本身，同時也提高了一些效率。我還談到了一些你可能不會注意到的事情，例如我們更換了冷卻水塔中的一些隔熱材料，這改變了冷卻水塔的效率，使冷卻塔的通風量增加，從而可以在盛夏時節保持兆瓦級的發電量，而其他時候，高溫高濕可能會降低煙囪的通風量。

So we were looking all the time for it. And in that case, no big announcements, but I know we're running more efficiently in the summer months, which, by the way, is at the same time that we have the higher prices, right? So lots of different things that we're doing down there and the team is doing a nice job for us in identifying those opportunities.

所以我們一直在尋找它。在這種情況下，沒有什麼重大消息要宣布，但我知道我們在夏季幾個月的營運效率更高，順便說一句，夏季也是物價上漲的時候，對吧？所以，我們在那裡做了很多不同的事情，團隊在發現這些機會方面做得很好。

But specific to your question, on the fuel, not a big change compared to what others have done in the industry and no real opportunity at Hope Creek to make an additional change. But maybe at Salem, and I know there are some operators that are looking at moving from a 12- to 18-year cycle at PWRs. The PWR -- I'm sorry, 18 to 24 months. The BWR is what we just did at Hope Creek.

但具體到你的問題，關於燃料方面，與業內其他人所做的相比，並沒有太大的變化，而且霍普溪也沒有真正的機會進行額外的改變。但也許在塞勒姆，我知道有些業者正在考慮將壓水堆的維護週期從 12 年延長到 18 年。PWR——抱歉，是18到24個月。BWR 就是我們在 Hope Creek 所做的事。

Great, thanks that that's all I got.

太好了，謝謝，這就是我得到的全部資訊了。

Thanks.

謝謝。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

Hi, thank you. Good morning.

您好，謝謝。早安.

Good morning, Paul.

早安，保羅。

Dan, just to follow up on the conversation on the forward curve. Obviously, there's been a pretty big move even as of late. Could you share some light on kind of what the hedging profile looks like at Power for the next few years? And just if there's been any changes? I know we had the nuclear PTC a little bit ago. Just any overall thoughts you could give on the positioning would be great.

丹，我只是想跟進一下關於遠期曲線的討論。顯然，即使在最近一段時間，也出現了相當大的變化。能否簡單介紹一下Power公司未來幾年的避險策略？如果有任何變化的話？我知道不久前我們有過核能PTC專案。如果您能就市場定位提出一些整體想法，那就太好了。

Yeah, and Paul, it isn't much and it's not very different from the characterization that we've provided in the past. I mean we said we were historically -- this goes back pre-PTC to fairly ratable three-year hedging cycle. The PTC changed that because if you're taking a look at an overall hedging portfolio that you're trying to manage risk with, you have a risk protection from the PTC.

是的，保羅，這沒什麼了不起的，和我們過去提供的描述也沒有太大的不同。我的意思是，我們說過，從歷史角度來看——這可以追溯到 PTC 之前，當時的對沖週期相當可評估為三年。PTC 改變了這一點，因為如果你正在查看一個你試圖用來管理風險的整體對沖投資組合，那麼 PTC 可以為你提供風險保護。

So we said we varied from that a little bit because of the PTC. But the way we've described it is just not radically different from that ratable method. And I think if you think about it generally in those terms, you'll be in the ballpark of where we are. And that's how we've been describing it, and I think that's still a good way to describe it for you.

所以，我們說因為PTC的原因，我們跟那邊做了一些調整。但我們所描述的方式與那種可評級的方法並沒有本質上的差異。我認為，如果你從這些面向來思考，你就能大致了解我們所處的位置。我們一直都是這樣描述的，而且我認為這仍然是向你描述它的一個很好的方式。

Okay. That makes sense. And then on the capital refresh, just to make sure I understood correctly, it sounds like you will have kind of a bigger capital refresh when we do that fourth quarter roll forward. Is that a fair interpretation?

好的。這很有道理。關於資本更新，為了確保我理解正確，聽起來你們會在第四季進行更大規模的資本更新。這種解讀是否合理？

Or do you need some of that political and regulatory clarity and just it's not a fourth quarter event, but sometime later in 2026?

或者，您是否需要一些政治和監管方面的明確訊息，而這件事不是在第四季度發生的，而是在 2026 年晚些時候發生的？

No. We will be doing a normal roll forward of everything on our fourth quarter call. I think that's the simple way to think about the messaging.

不。我們將在第四季財報電話會議上對所有事項進行正常的結轉結算。我認為這是思考訊息傳遞的簡單方法。

Okay. Thank you team.

好的。謝謝團隊。

Yes, thank you.

是的，謝謝。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Hey, good morning. Good morning. Thanks for, just one quick one for me on the utility side. Just one quick one for me on the utility side. Just as you get towards kind of the end of the GSMP II extension period, can you just share sort of the latest there in discussions about refreshing that program as we near 2026?

嘿，早安。早安.謝謝，我這邊還有一個關於實用程式方面的問題需要快速解決。我這裡就公用事業方面還有一個小問題。GSMP II 延期計劃即將結束之際，您能否分享一下在 2026 年臨近之際更新該計劃的最新討論進展？

Yeah, we're continuing to have those discussions, Carly. And I wouldn't -- again, I wouldn't want to front run any of that, that's taking place right now. But we're in continuous negotiations that are ongoing with the BPU.

是的，我們還在繼續討論這些問題，卡莉。而且我不會——再說一遍，我不想搶先一步，搶先於現在正在發生的任何事情。但我們與BPU的談判仍在進行中。

Okay, got it, great. I'll leave it there thank you.

好的，明白了，太好了。我就說到這兒吧，謝謝。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

Hey, good morning, guys. Thanks for squeezing me in with all the welcome greetings.

嘿，各位早安。謝謝你們在百忙之中抽空向我致以熱烈的歡迎。

Anthony, my only question was am I welcoming you to the Devil's bandwagon. It's a big question. But we'll talk about.

安東尼，我唯一的問題是，我是否歡迎你加入魔鬼的陣營。這是一個大問題。但我們會談談的。

I'm on it. I agree. I'm on it. Much better than my Rangers. I guess two questions. One is, I'm sure you guys have met with both candidates. When they talk about affordability, do you think they're focused on the supplier generation side or the wire side? Do they understand the differences in the PJM impact versus just investing in the grid infrastructure? And then I have a follow-up.

我正在處理。我同意。我正在處理。比我的遊騎兵隊好多了。我想問兩個問題。第一，我相信你們都已經和兩位候選人見過面了。當他們談到價格可負擔時，你認為他們關注的是供應商的生產環節還是電線本身？他們是否了解PJM專案的影響與單純投資電網基礎設施的影響之間的差異？然後我還有一個後續問題。

Yeah, No, Anthony, great question. They absolutely understand the difference. They also understand that the customer gets one bill. And so what we need to work together with whoever is successful is working on that one bill. And so that's why we keep talking about supply. It's not our traditional lane. We're here to help on that.

是的，安東尼，問得好。他們完全明白其中的差別。他們也明白客戶只會收到一張帳單。因此，我們需要與最終勝出者共同努力，推動這項法案的通過。所以這就是我們一直在談論供應的原因。這不是我們傳統的領域。我們正是來幫忙的。

But we are really pounding the table about the integrated resource plan no matter what happens going forward because without that, we'll just continue to flounder. We lived on the backs of some excess capacity in the area for quite some time. And now we have this challenge here. But I don't want to at all give anybody an indication that either candidate doesn't understand the issue. They absolutely understand the issue, and they know where it is.

但無論未來發生什麼，我們都會大力推行綜合資源計劃，因為沒有它，我們將繼續舉步維艱。我們曾長期依靠該地區一些剩餘的產能生活。現在我們面臨這個挑戰。但我絕不想讓任何人覺得這兩位候選人都不了解這個問題。他們完全理解這個問題，也知道問題出在哪裡。

And then the follow-up, kind of the same topic. Your company is the only company with both PJM wires exposure, but also merchant generation PJM. And as we're all looking for, whether it's a data center contract or a large load customer contract, is it possible that both segments of your business, the wires company and the generation, given the backdrop of affordability and everything else, that they actually both could win or outperform at the same time? The worry is when you see this election going on and a very high attractive price on a generation if something came about on the data center or any type of large contract would actually hurt the wires business or vice versa. I'll just leave it there.

然後是後續報道，主題也差不多。貴公司是唯一既有 PJM 電線暴露風險，又有商家產生 PJM 風險的公司。正如我們都在尋找的那樣，無論是資料中心合約還是大負載客戶合同，考慮到價格因素和其他所有因素，貴公司的兩個業務部門——電力公司和發電公司——是否有可能同時獲得成功或取得優異成績？令人擔憂的是，當選舉進行時，如果資料中心或任何類型的大合約出現任何重大變動，可能會對電信業務造成損害，反之亦然。我就把它放在那裡吧。

No, it's a very fair question, Anthony, but it's one that we think about every day because we're -- at the end of the day, we're hired by the shareholders, and that's where our head's at. And we do think that there continues to be an opportunity to benefit from having both of the assets.

不，安東尼，這是一個非常合理的問題，但我們每天都在思考這個問題，因為歸根結底，我們是股東僱用的，我們的心思都放在股東身上。我們認為，同時擁有這兩項資產仍會帶來獲益的機會。

I'll say it in that term from a generation standpoint and from a utility standpoint. I think it showed up in the way we've been able to finance the utility. That was the reason we originally talked about holding on to nuclear. It helps us in the state in conversations. It helps us with our unions, having a common union there. So just to remind everybody of that is key.

我會從發電的角度和公用事業的角度來談談這個問題。我認為這體現在我們為公用事業公司融資的方式上。這就是我們最初討論保留核武的原因。它有助於我們在對話中保持狀態。它有助於我們與工會合作，在那裡擁有一個共同的工會。所以提醒大家這一點很重要。

But we are laser-focused on adding value for the shareholder, and we're trying to look at that balance every day to get that optimization. So I think there is a win-win. And how it plays out will be based upon a lot of different factors over the next couple of years here.

但我們始終專注於為股東創造價值，並且每天都在努力尋求這種平衡，以達到最佳效果。所以我認為這是雙贏的局面。而未來幾年，事情將如何發展將取決於許多不同的因素。

Great, thanks for taking my questions and if Newark gets some air traffic controls, we'll see you down in Hollywood.

太好了，謝謝你回答我的問題。如果紐瓦克機場開始實施空中交通管制，我們會在好萊塢見到你。

All right, see you then.

好的，到時候見。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，加拿大豐業銀行。

Hey, good morning, everybody. Thanks for including.

嘿，大家早安。謝謝收錄。

Me. Good morning, Andrew.

我。早安，安德魯。

First question is on the balance sheet. You've obviously long touted the strength of that and the lack of need for external equity. But I am expecting in a few months, we'll see a pretty sizable increase to the capital plan. Maybe how are you thinking about that at this point? I don't expect specifics, but are you thinking that you'll be able to continue to stay no equity?

第一個問題與資產負債表有關。你顯然長期以來一直吹捧這種模式的優勢以及無需外部股權。但我預計幾個月後，資本計畫將會出現相當大的成長。現在你是怎麼考慮這個問題的？我並不期待具體細節，但你認為你能繼續維持零股權狀態嗎？

Look, I think I'm going to start off and give it to Dan. The way I've talked about this quite a bit, both Dan and his predecessors have handled our balance sheet extremely well, and I don't think any of that's going to change as we have more opportunities in front of us. But Dan can give you any more he wants to there.

我覺得我應該先開始，把機會讓給丹。正如我之前多次談到的，丹和他的前任們都把我們的資產負債表管理得非常好，我認為隨著我們面前出現更多機會，這種情況不會發生任何改變。但丹可以在那裡給你他想給你的更多。

Yeah, and there's not a lot without going into what we would be saying in the fourth quarter. I think we've been able to manage the business pretty well and manage the needs that we've had pretty well. And I think we're going to continue to be able to do that. We'll provide the fulsome roll forward in the fourth quarter, which will include capital rate base and overall earnings growth.

是的，如果不深入探討我們在第四季要說的內容，那就沒什麼好說的了。我認為我們一直都很好地管理公司業務，也很好地滿足了我們面臨的各種需求。我認為我們將繼續能夠做到這一點。我們將在第四季度提供完整的滾動更新數據，其中包括資本利率基礎和整體獲利成長。

Okay. Great. Next, on affordability. Obviously, it's been talked a lot about today, and I can't watch a World Series or football game without being reminded about it. But one different approach I want to maybe think about is, obviously, no one likes seeing their bills go up, and it's been a real hard slog to get new supply added. But New Jersey is a pretty wealthy state overall.

好的。偉大的。其次，談價格承受能力。顯然，今天很多人都在談論這件事，我看世界大賽或橄欖球比賽時都會想起它。但我想考慮的一種不同方法是，顯然，沒有人喜歡看到自己的帳單上漲，而且增加新的供應一直是一項非常艱難的工作。但新澤西州總體來說是一個相當富裕的州。

How are you thinking about it in terms of not only overall affordability, but focusing on low and lower customers? There's a lot of existing programs and talk about expanding or adding new programs. Is that maybe a different strategy that maybe could be pursued both by you and the state overall?

您是如何考慮的，不僅要考慮整體可負擔性，還要關注低收入和低消費客戶群？目前已有許多項目，並且正在討論擴大規模或增加新項目。這或許是您和州政府可以採取的不同的策略？

Yeah No, it's -- again, a very good question. It is absolutely something I think it will depend upon who is successful and how this plays out. But both candidates talk about how they have to look at things a little bit differently dependent upon the customer or in their case, the taxpayer that they've -- that they're taking care of. So we have done that in the past, Andrew, and I'm going to give you one example here where Kim Hanemann and her team at the utility reaches that all the time.

是的，沒錯，這又是一個很好的問題。我認為這絕對取決於誰會成功以及事情最終會如何發展。但兩位候選人都談到，他們必須根據客戶（或就他們而言，是他們所服務的納稅人）的不同情況，以略微不同的方式看待事物。安德魯，我們過去也這樣做過，我在這裡舉一個例子，金哈尼曼和她在公用事業公司的團隊經常做到這一點。

And we are doing analysis over the past week, just to try to see where things might play out from a SNAP standpoint and the impact on our customer base. And we identified about 500,000 customers that could be impacted in how we could think about those customers and making sure that we take that into account as we are in a shut-off period now for collections and how that's all handled. So our team looks at that level of detail on a regular basis and very proud of them for doing that. And I think that, that, at the end of the day, brings us a lot of goodwill in the state, not only from our customer base, but also from our policymakers.

過去一周，我們一直在進行分析，試圖了解從 SNAP 的角度來看，事情可能會如何發展，以及對我們的客戶群會產生什麼影響。我們發現大約有 50 萬客戶可能會受到影響，我們需要考慮如何對待這些客戶，並確保考慮到這一點，因為我們現在處於收款暫停期，以及如何處理所有相關事宜。所以我們的團隊會定期關注這些細節，我們為他們的工作感到非常自豪。我認為這最終將為我們贏得州內民眾的良好口碑，不僅來自我們的客戶群體，也來自我們的政策制定者。

Do you want to add anything, Dan?

丹，你還有什麼要補充的嗎？

Andrew, the only other thing I would add is we show a percent of wallet slide in our deck that we have for a long time. And if you take a look at that slide, there's actually two lines on that. One of them is for the average customer. One of them is for a lower income customer.

Andrew，我唯一要補充的是，我們在簡報中展示了錢​​包投影片的百分比，這個簡報我們已經用了很長時間了。如果你看一下那張投影片，上面其實有兩條線。其中一款是為一般顧客設計的。其中一款是為低收入客戶設計的。

And given the lower income and given the share of wallet, you would think that it would be a higher percent of their income given the fact that the denominator is lower. And in fact, it's not. And that, I think, is a credit to the programs that are in place and the things that are done throughout the state and that we do ourselves to help some of those that are most in need. So that is always a focus and will continue to be as we go forward.

考慮到收入較低以及錢包中所佔份額較小，你會認為由於分母較低，這部分支出佔收入的比例應該更高。但事實上並非如此。我認為，這要歸功於現有的各項計劃，以及全州各地開展的各項工作，還有我們自己為幫助最需要幫助的人所做的努力。所以這始終是我們的關注重點，並且在我們未來的工作中也將繼續如此。

Great. Yes. I appreciate how much you guys have been proactive on that front. One last one, if I could, just on the large load inquiries, a pretty significant pickup there to 11.5 gigawatt.

偉大的。是的。我非常感謝你們在這方面的積極主動。最後，如果可以的話，我想補充一點，關於大負載查詢，那裡的請求量出現了相當大的增長，達到了 11.5 吉瓦。

Can you detail how much of that is data centers versus manufacturers? And then just very roughly the timing of the ramp-up schedules? How much of that is kind of '26, '27 versus the outer years like '29, '30 or beyond?

能否詳細說明其中有多少是資料中心，又有多少是製造商？那麼，大概的產能提升計畫時間安排是怎麼樣的呢？其中有多少是 26、27 年的，又有多少是 29、30 年或更晚的？

Yeah, No, I don't have the level of detail on each of the years for you. So I wouldn't have that. It is mostly data centers. I would say, almost exclusively data centers in that number. There were some electric vehicle loads that were coming on. It has not stayed up at the same level. So everything -- but it's also edge computing more than it is hyperscalers, again, just to reinforce that point.

是的，不，我沒有每年的詳細資訊可以提供給你。所以我不會那樣做。主要是數據中心。我認為，這些數量幾乎全部都是資料中心。當時有一些電動車正在投入使用。它並沒有一直保持在原來的水平。所以一切都與此有關——但更重要的是邊緣運算，而不是超大規模資料中心，再次強調這一點。

And I think the other thing that's really telling about the load and the interest that's coming in, it's all sticking to around that 20% number that's actually coming to fruition, which we had talked about three or four calls ago.

我認為真正能說明市場需求和關注度的還有一點，那就是所有訂單都穩定在 20% 左右，而這個數字也正在逐步實現，這是我們在三四次電話會議前討論過的。

We thought that was going to be the way this would play out and it's shown itself in the numbers as the total inquiries come in, those that are actually moving to new business are staying around 20%. So again, proud of the team and the forecast that has been done there and give you a little bit of more flavor than maybe just looking at the due numbers.

我們當時就覺得事情會這樣發展，從總諮詢量來看，也確實如此，但真正轉化為新業務的諮詢量只佔 20% 左右。所以再次為團隊和他們所做的預測感到自豪，這能讓你更深入地了解情況，而不僅僅是專注於到期數字。

Very good thank you for all the info.

非常感謝你提供的資訊。

Thanks, Andrew.

謝謝你，安德魯。

Ladies and gentlemen, I'd like to turn the floor back over to Mr. LaRossa for closing comments.

女士們、先生們，現在我把發言權交還給拉羅薩先生，請他作總結發言。

Well, thanks. I got -- I have a planned comment. I'm going to add another one. I was told by Carlotta today that this Dan's tenth year as CFO, and so your 40th call, Dan. So congratulations on getting there.

謝謝。我明白了——我準備了一則評論。我打算再加一個。今天卡洛塔告訴我，今年是丹擔任財務長的第十年，所以這是你第 40 次打電話了，丹。恭喜你到達目的地。

I must be exhausted.

我一定是累壞了。

You must be. But listen, all joking aside, we said a lot of thank yous and good luck to people moving into new roles and no place is that more important in Trenton as we go through the next week. It's been a heck of a campaign. All the polls are saying it's close. We'll see how this plays out. But what will not be close is our ability to work with whoever is successful. We stand ready, talk about rolling up our sleeves. We'll roll up our sleeves, our trousers, whatever else we need to do to make sure that we are here to help out and we're ready to work.

你一定是。但聽著，不開玩笑地說，我們向即將擔任新職務的人們表達了很多感謝和祝愿，在接下來的一周裡，這一點在特倫頓尤為重要。這是一場非常艱苦的競選活動。所有民調都顯示選情膠著。我們拭目以待。但毫無疑問，我們將擁有與成功者合作的能力。我們已做好準備，是時候擼起袖子加油乾了。我們會捲起袖子，穿上褲管，做任何我們需要做的事情，確保我們能來到這裡提供幫助，並且隨時準備工作。

So good luck to both candidates as they enter the last 24 hours of the campaign. And I look forward to seeing you all in Hollywood, Florida in the next seven days or so. Take care.

祝兩位候選人在競選的最後24小時好運。我期待在接下來的七天左右時間在佛羅裡達州好萊塢與大家見面。小心。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time, and 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了，感謝您的參與。