Pinnacle West Capital Corp (PNW) 2025 Q1 法說會逐字稿

Good day everyone, welcome to the Pinnacle West Capital Corporation 2025 First Quarter Earnings Conference Call. (Operator Instructions). It is now my pleasure to turn the floor over to your host, Amanda Ho. Ma’am , the floor is yours.

大家好，歡迎參加 Pinnacle West Capital Corporation 2025 年第一季財報電話會議。（操作員指令）。現在我很高興將發言權交給主持人 Amanda Ho。女士，請您發言。

Thank you Matthew. I would like to thank everyone for participating in this conference call and webcast to review our first quarter earnings, recent developments, and operating performance.

謝謝你，馬修。我要感謝大家參加這次電話會議和網路廣播，回顧我們的第一季財報、最新發展和經營業績。

Our speakers today will be our Chairman, President and CEO, Ted Geisler and our CFO, Andrew Cooper. Jacob Tetlow, COO and Jose Esparza, SVP of Public Policy are also here with us.

今天的演講者是我們的董事長、總裁兼執行長 Ted Geisler 和財務長 Andrew Cooper。營運長 Jacob Tetlow 和公共政策高級副總裁 Jose Esparza 也來到了這裡。

First, I need to cover a few details with you. The slides that we will be using are available on our Investor Relations website, along with our earnings release and related information.

首先，我需要向您介紹一些細節。我們將使用的幻燈片可在我們的投資者關係網站上找到，同時還有我們的收益報告和相關資訊。

Today’s comments and our slides contain forward-looking statements based on current expectations and actual results may differ materially from expectations. Our first quarter 2025 Form 10-Q was filed this morning. Please refer to that document for "Forward-Looking Statements" cautionary language, as well as the Risk Factors and MD&A sections, which identify risks and uncertainties that could cause actual results to differ materially from those contained in our disclosures.

今天的評論和幻燈片包含基於當前預期的前瞻性陳述，實際結果可能與預期有重大差異。我們的 2025 年第一季 10-Q 表已於今天早上提交。請參閱該文件中的「前瞻性陳述」警示性語言以及風險因素和 MD&A 部分，其中確定了可能導致實際結果與我們的揭露內容有重大差異的風險和不確定性。

A replay of this call will be available shortly on our website for the next 30 days. It will also be available by telephone through May 8, 2025.

本次通話的重播將在未來 30 天內在我們的網站上提供。截止到 2025 年 5 月 8 日，您也可以透過電話購買。

I will now turn the call over to Ted

現在我將把電話轉給泰德

Thanks, Amanda. And thank you all for joining us today. 2025 has started off in line with the financial guidance we provided on the fourth quarter call in February. Before Andrew discusses the details of our first-quarter results, I will provide a few updates on recent operational and regulatory developments. Our diverse Arizona economy continues to thrive and grow at a solid pace. Arizona has become a national leader in semiconductor and advanced manufacturing, which has attracted investments spanning the entire supply chain including robotic manufacturing, advanced packaging, research and development, material suppliers and workforce development.

謝謝，阿曼達。感謝大家今天的到來。 2025 年的開局與我們在 2 月第四季電話會議上提供的財務指導一致。在安德魯討論我們第一季業績的細節之前，我將提供一些有關近期營運和監管發展的最新資訊。我們多元化的亞利桑那州經濟持續蓬勃發展並穩定成長。亞利桑那州已成為全國半導體和先進製造業的領導者，吸引了涵蓋機器人製造、先進封裝、研發、材料供應商和勞動力發展等整個供應鏈的投資。

This quarter had several notable expansion announcements, including the additional $100 billion investment by Taiwan semiconductor manufacturing company beyond their original $65 billion investment. TSMC now intends to build three additional fabrication centers, for a total of six, as well as two advanced packaging facilities and a research and development park. In fact, TSMC held the groundbreaking for fab 3 this week as construction progress continues to advance. Also, NVIDIA announced they are manufacturing black well chips at TSMC's facilities, and we'll be partnering with advanced packaging and testing operations right here in Arizona. In addition to TSMC Arizona's total international exports rose almost 12% in 2024, the highest year-over-year growth rate in the country, led by mining, semiconductors, computer equipment and aerospace products. Health care is another rapidly expanding sector, highlighted by Mayo Clinic's announcement of a nearly $2 billion investment in their Phoenix Healthcare hospital campus, the clinic's largest investment to date. These announcements highlight the diversity of investments and robust growth that will fuel the Arizona economy for years to come.

本季有幾項值得注意的擴張公告，包括台灣半導體製造公司在原有 650 億美元投資的基礎上再追加 1,000 億美元的投資。台積電目前計劃再建三個製造中心，總數達到六個，此外還有兩個先進的封裝設施和一個研發園區。事實上，台積電本週舉行了三號晶圓廠動工儀式，建設進度不斷推進。此外，NVIDIA 宣布他們正在台積電的工廠生產黑井晶片，我們將與亞利桑那州的先進封裝和測試業務合作。除了台積電外，亞利桑那州的國際出口總額在 2024 年也成長了近 12%，是全國同比成長率最高的地區，其中採礦、半導體、電腦設備和航空航天產品占主導地位。醫療保健是另一個快速發展的行業，其中最引人注目的是梅奧診所宣布向其鳳凰城醫療醫院園區投資近 20 億美元，這是該診所迄今為止最大的投資。這些公告凸顯了投資的多樣性和強勁的成長勢頭，這將在未來幾年推動亞利桑那州的經濟。

Turning to operations, we're focused on continuing to provide top-tier reliability for our customers, making year-round investments to secure a resilient grid and delivering excellence in customer experience. As we build out the grid to serve growth, we continue to increase our transmission investments to construct multiple high-voltage lines and substations.

在營運方面，我們專注於繼續為客戶提供頂級可靠性，全年投資以確保電網的彈性並提供卓越的客戶體驗。在我們建造電網以滿足成長需求的同時，我們繼續增加輸電投資，以建造多條高壓線路和變電站。

Through our comprehensive summer preparedness program, we've procured all necessary generation capacity and reserves, completed our grid inspections, procured critical materials needed restoration efforts and executed robust fire mitigation investments. This includes the deployment of fire sensing cameras that use artificial intelligence to proactively search for early signs of wildfires, enabling critical operational decisions to help keep communities safe.

透過我們全面的夏季防備計劃，我們採購了所有必要的發電能力和儲備，完成了電網檢查，採購了恢復工作所需的關鍵材料，並進行了強有力的防火投資。這包括部署火災感應攝影機，利用人工智慧主動尋找野火的早期跡象，從而做出關鍵的營運決策，幫助保障社區安全。

We're in the final stages of planned maintenance activities for our generation units. We have successfully completed our major outages for the Four Corners Power Plan. In addition, we've invested in chiller upgrades at RedHawk and Sundance units, reducing ambient derates during hot summer evenings when customers use the most energy.

我們正處於發電機組計畫維護活動的最後階段。我們已成功完成 Four Corners 電力計畫的主要停電工作。此外，我們還投資升級了 RedHawk 和 Sundance 裝置的冷水機組，以減少客戶能源消耗最多的炎熱夏夜的環境降額。

Finally, Palo Verde Unit 1 is currently in planned refueling outage and expected to return to service in early May. Upon the successful completion of the latest refueling outage, all three Palo Verde units are poised to provide reliable around-the-clock power to help meet the summer energy demand. We stand ready to safely, reliably and affordably serve our customers as we head into summer, the season our customers depend on us the most. Turning to long-term resource procurement. We continue to make progress on our annual Al Source Request for proposals. As a reminder, we're seeking at least 2,000 megawatts of new resources to be in service between 2028 and 2030. We're in the process of evaluating project proposals and plan to have final projects selected later this year. which is expected to include a blend of ownership and PPA projects.

最後，帕洛維德 1 號機組目前正在進行計畫中的換料停運，預計將於 5 月初恢復運作。在成功完成最新一次換料停機後，帕洛弗迪核電廠的所有三台機組都將準備好提供可靠的全天候電力，以滿足夏季的能源需求。夏季即將來臨，這是客戶最依賴我們的季節，我們隨時準備以安全、可靠和實惠的方式為客戶提供服務。轉向長期資源採購。我們在年度 Al Source 提案請求方面繼續取得進展。提醒一下，我們正在尋求在 2028 年至 2030 年期間投入使用至少 2,000 兆瓦的新資源。我們正在評估項目提案，並計劃在今年稍後選出最終項目，預計將包括所有權和 PPA 項目。

We continue to build and enhance our customer-centric culture, and our employees are focused on delivering excellent customer experience. Investing in advanced digital platforms is an important part of our strategy to deliver customer experience excellence while lowering costs over time. These efforts are paying off, since APS now ranks in the top 10 nationally, in the J.D. Power Utility digital experience survey.

我們不斷建立和加強以客戶為中心的文化，我們的員工致力於提供卓越的客戶體驗。投資先進的數位平台是我們提供卓越客戶體驗同時降低成本策略的重要組成部分。這些努力正在獲得回報，因為 APS 現在在 J.D. Power Utility 數位體驗調查中排名全國前 10 名。

I'm also proud to share that APS was recently recognized by Newsweek as one of the most trustworthy companies in America for 2024. On the regulatory front, we've been preparing for our upcoming rate case filing and remain on track to file mid-year. The primary objectives of this next rate case will be to recover costs and investments to secure a reliable and resilient grid develop a modernized rate structure to support the unprecedented growth of high load factor customers in our service territory and reduce regulatory lag while maintaining the lowest cost possible for customers.

我還很自豪地告訴大家，APS 最近被《新聞周刊》評為 2024 年美國最值得信賴的公司之一。在監管方面，我們一直在為即將提交的利率案件做準備，並預計在年中提交。下一個費率案例的主要目標是收回成本和投資，以確保可靠且有彈性的電網，開發現代化的費率結構，以支持我們服務區域內高負載率客戶的空前增長，並減少監管滯後，同時為客戶保持盡可能低的成本。

Our current rates are based on test year expenses that go back to 2021, and we look forward to working with the commission and stakeholders to update these costs while keeping rates affordable. The filing will include a formula rate proposal consistent with the commission's recently approved policy statement. In conclusion, we're executing our strategy while remaining focused on creating customer value and shareholder value throughout the year.

我們目前的費率是基於 2021 年以來的測試年度費用，我們期待與委員會和利益相關者合作更新這些成本，同時保持費率可負擔。該文件將包括與委員會最近批准的政策聲明一致的公式利率提案。總之，我們在執行策略的同時，全年持續專注於創造顧客價值和股東價值。

Before I hand it over to Andrew, I want to give a special birthday shout out to both Andrew and Jacob are celebrating today. It's truly a pleasure working alongside you both wishing you both a very happy birthday.

在將其交給安德魯之前，我想向今天慶祝生日的安德魯和雅各布致以特別的祝賀。能與你們一起工作真的非常榮幸，祝你們生日快樂。

With that, I'll turn the call over to Andrew.

說完這些，我會把電話轉給安德魯。

Thank you, Ted. And thanks again to everyone for joining us today. This morning, we reported our first quarter 2025 financial results. I will review those results and provide additional details on sales and financial guidance. For the first quarter of 2025, we lost $0.04 per share compared to earnings of $0.15 per share for the first quarter of 2024. The primary driver for this decrease was the sale of Bright Canyon Energy in 2024 and which was a onetime benefit of $0.15 in the first quarter last year. Other negative drivers were higher O&M interest expense and depreciation and amortization, along with the positive amortization of an OPEB service credit rolling off in January. Partially offsetting these items were new rates that went into effect on March 8 of last year, providing a $0.29 year-over-year benefit this quarter. Other positive drivers were a gain from our El Dorado equity investment and higher transmission sales.

謝謝你，泰德。再次感謝大家今天的參加。今天上午，我們報告了 2025 年第一季的財務表現。我將審查這些結果並提供有關銷售和財務指導的更多詳細資訊。2025 年第一季度，我們每股虧損 0.04 美元，而 2024 年第一季每股收益為 0.15 美元。造成這一下降的主要原因是 2024 年 Bright Canyon Energy 的出售，這在去年第一季帶來了 0.15 美元的一次性收益。其他負面因素包括更高的 O&M 利息支出和折舊攤銷，以及 1 月份 OPEB 服務信貸的正攤銷。部分抵銷這些項目的是去年 3 月 8 日生效的新費率，本季同比收益為 0.29 美元。其他積極驅動因素包括我們的 El Dorado 股權投資收益和更高的變速箱銷售額。

Briefly touching upon weather, we averaged to normal weather for the quarter with little impact on margin. We continue to see a consistent ongoing influx of customers into our region as customer growth for the quarter was again strong at 2.3%, near the high end of our annual customer growth guidance. In fact, according to the latest report by the US Census Bureau, last year, Maricopa County was the third fastest-growing county in the US by a numeric number and adjacent Panel County was the fifth fastest-growing county by percentage growth. This trend of customer growth continues our need for investments in our system to ensure reliable service for all customers. Our current capital plan is designed to meet these needs, and our guidance remains unchanged. Our weather-normalized sales growth was 2.1% for the quarter, driven by strong C&I growth of 5.3% and caused by the continued ramp-up of both manufacturing and data center customers.

簡單談談天氣，本季平均天氣正常，對利潤率影響不大。我們繼續看到客戶持續不斷湧入我們所在地區，本季的客戶成長率再次強勁達到 2.3%，接近我們年度客戶成長預期的高端。事實上，根據美國人口普查局的最新報告，去年，馬里科帕縣是美國人口增長第三快的縣，而相鄰的帕內爾縣則是美國人口增長百分比第五快的縣。客戶成長的趨勢使我們繼續需要對系統進行投資，以確保為所有客戶提供可靠的服務。我們目前的資本計畫旨在滿足這些需求，我們的指導方針保持不變。本季度，我們天氣標準化的銷售額成長率為 2.1%，這得益於 5.3% 的強勁 C&I 成長以及製造業和資料中心客戶的持續成長。

As extra high load factor customers have continued to grow as a proportion of our business, we have updated our procedures with respect to estimates of unbilled revenues for our customer classes. As a result, we had an adjustment in January to recalibrate accrued unbilled revenues, offsetting year-to-date sales growth by 1.9%.

由於超高載客率客戶在我們業務中所佔的比例持續成長，我們更新了有關客戶類別未開票收入估算的程序。因此，我們在一月份進行了調整，重新校準了應計未開票收入，抵消了年初至今 1.9% 的銷售成長。

Even with the change, we expect our overall weather normalized sales growth to meet our guidance expectations of 4% to 6% for the year. Arizona remains a diverse growth in investment time. As Ted mentioned, TSMC announced that they will nearly triple their original expected investments in Arizona for a total of $165 billion.

即使出現變化，我們預計今年整體天氣正常化的銷售成長仍將達到 4% 至 6% 的指導預期。亞利桑那州的投資時間仍保持多樣化成長。正如Ted所提到的，台積電宣布，他們將在亞利桑那州的投資額增加近三倍，達到總計1,650億美元。

TSMC's first fabrication facility is already in full production. They recently stated that they've completed construction on their second facility and are working on accelerating the production start date and fab 3 has broken ground.

英式積電第一家製造工廠已全面投入生產。他們最近表示，第二家工廠的建設已經完成，正在努力加快生產開始日期，第三家工廠已經破土動工。

TSMC's expanded investment is expected to support 40,000 construction jobs over the next 4 years and create tens of thousands of high-paying high-tech jobs. As a reminder, these announcements are beyond our current long-term sales growth guidance of 4% to 6%, which is through 2027, but highlights the ongoing investments and opportunities in our service area. O&M was an anticipated drag on the first quarter. The major outage of the Four Corners Power Plant drove larger planned outage costs when compared to Q1 of last year. Additionally, expenses associated with IT projects increased O&M for this quarter versus the prior year. Guidance for 2025 O&M remains unchanged as these items were already considered in our guidance and are anticipated to be offset over the balance of the year.

台積電擴大投資預計在未來4年內支持4萬個建築職位，並創造數萬個高薪高科技職位。提醒一下，這些公告超出了我們目前 4% 至 6% 的長期銷售成長預期（到 2027 年），但突顯了我們服務領域的持續投資和機會。預計 O&M 將對第一季造成拖累。與去年第一季相比，Four Corners 發電廠的大規模停電導致計畫停電成本增加。此外，與 IT 專案相關的費用本季的營運和維護費用與去年同期相比有所增加。2025 年 O&M 指導保持不變，因為這些項目已在我們的指導中考慮，預計將在今年剩餘時間內得到抵消。

Turning to the balance sheet, we recently had positive conversations with all three credit rating agencies, resulting in no changes to our current ratings and stable outlooks. We are focused on maintaining solid ratings and metrics to the benefit of our customers as we continue to work with the commission and stakeholders on reducing regulatory lag through our upcoming rate case.

談到資產負債表，我們最近與所有三家信用評級機構進行了積極的對話，結果顯示我們目前的評級沒有變化，前景穩定。我們致力於維持穩定的評級和指標，以造福我們的客戶，同時我們將繼續與委員會和利益相關者合作，透過即將推出的利率案例減少監管滯後。

Our guidance for financing remains unchanged, and featuring a mix of debt and equity sources, intended to maintain a balanced capital structure, and as a reminder, we do not currently utilize or rely on the transferability of tax credits for any of the financing needs in our plan.

我們的融資指導保持不變，採用債務和股權混合融資方式，旨在維持平衡的資本結構，提醒一下，我們目前不利用或依賴稅收抵免的可轉讓性來滿足我們計劃中的任何融資需求。

Finally, we are reaffirming all other guidance provided on our fourth quarter call and look forward to continuing to execute our strategy and reliably serving our customers as we head into the upcoming summer season. This concludes our prepared remarks.

最後，我們重申在第四季度電話會議上提供的所有其他指導，並期待在即將到來的夏季繼續執行我們的策略並可靠地為我們的客戶提供服務。我們的準備好的演講到此結束。

I will now turn the call back over to the operator for questions.

我現在將把電話轉回給接線員以回答問題。

(Operator Instructions) Nicholas Campanella, Barclays.

（操作員指示）巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。

So I just wanted to ask, obviously, the TSMC customer additions are very notable, and you have this 3% to 5% large load C&I forecast in your long-term outlook. Can you just kind of remind us like how many fabs are in that outlook? Or if you were to kind of decomp that adding another plant, what would that do to that long-term forecast?

所以我只想問一下，顯然，台積電客戶的增加非常顯著，並且您在長期展望中對大負載 C&I 有 3% 到 5% 的預測。您能否提醒我們該前景中有多少個晶圓廠？或者如果你要分解這一點並添加另一個工廠，這會對長期預測產生什麼影響？

Sure, Nick, it's Andrew. Thanks for the question. So clearly, fab 1 is in our forecast because it is -- this is actually the first quarter that it's at full volume production. And so certainly, part of that ramp-up that we saw in C&I sales this quarter is a combination of TSMC and some of the data centers ramping up. Recent announcements of TSMC on fab 2 and 3 suggests an acceleration.

當然，尼克，我是安德魯。謝謝你的提問。顯然，fab 1 在我們的預測之內，因為這實際上是它實現全面量產的第一個季度。因此，我們本季看到的 C&I 銷售額成長部分是台積電和一些資料中心成長的共同作用的結果。台積電最近宣布的 2 號和 3 號晶圓廠建設計畫預示著其加速發展。

And so we'll continue to work with our customer on what that looks like from an infrastructure build-out and sales forecast perspective. But certainly, their initial expectation was 2028 for fab 2 and by the end of the decade, so 2030-ish for fab 3. Expect some acceleration of both of those. Whether the acceleration of fab 2 would come into 2027 is something that we'll just have to continue to evaluate.

因此，我們將繼續與客戶合作，從基礎建設和銷售預測的角度探討這個問題。但可以肯定的是，他們最初預計 2028 年將建成第二座晶圓廠，到 2030 年左右將建成第三座晶圓廠。預計這兩者都會加速發展。晶圓廠 2 號的加速發展是否會持續到 2027 年，仍有待我們繼續評估。

But really, the underlying fact is that the commitment to the six fabs and all of the other facilities that Ted mentioned really points to, at a minimum, the ability to have a pipeline that allows us to continue a pretty robust level of large C&I sales growth when you pair that ecosystem of semiconductor supply chain upstream and downstream with some of the other diverse manufacturing and data center growth that we're seeing.

但實際上，根本事實是，對六家晶圓廠和 Ted 提到的所有其他設施的承諾至少表明，當你將半導體供應鏈上游和下游的生態系統與我們看到的其他一些多樣化製造和數據中心增長結合起來時，我們能夠擁有一條渠道，讓我們能夠繼續保持相當強勁的大型 C&I 銷售增長。

And then you have a new disclosure on your CWIP balance, which definitely seems material at $3 billion to $3.5 billion. Can you just kind of confirm you get retail rate return on that and how exactly that would flow into the financials and when you kind of layer that in on top of your current rate base growth outlook, the fact that you're going to have new formula rates, what would the offset be that would kind of put you back within that 5% to 7% range.

然後，您將收到有關 CWIP 餘額的新披露，該餘額肯定在 30 億美元至 35 億美元之間。您能否確認您從中獲得了零售利率回報，以及這將如何具體流入財務狀況，以及當您將其與當前利率基準增長前景相結合時，由於您將獲得新的公式利率，抵消額是多少將使您回到 5% 到 7% 的範圍內。

Yes, Nick. So we added that disclosure because we wanted to make clear that our pipeline of opportunities continues beyond the three-year plan that we provide. And in particular, if you think about like the strategic transmission plan that we filed last year, those are projects that are multiyear. If you look in our disclosures that go out through the end of the decade.

是的，尼克。因此，我們增加了這項披露，因為我們想明確表示，我們提供的機會管道將超越我們提供的三年計劃。特別是，如果你想想我們去年提交的策略傳輸計劃，這些都是多年的項目。如果你看一下我們在本世紀末發布的披露資訊。

And those are the projects that are already in siting. There's a broader strategic transmission planning process that includes incremental projects as well as some of the generation we're building, for example, the Redhawk gas plant in service until '28, so it's outside that plant.

這些項目均已進入選址階段。有一個更廣泛的戰略傳輸規劃過程，其中包括增量項目以及我們正在建設的一些發電項目，例如，運行至 28 年的 Redhawk 天然氣廠，因此它在該工廠之外。

So we wanted to kind of give a sense for the scale relative to -- in disclosure, you also see what that level of up would have been the scale of projects that are under construction that may not be captured in the plan. There is AFUDC associated with it. But from a cash return perspective, that's not something that's in the plan.

因此，我們想在某種程度上給出相對於規模的感覺——在披露中，你也會看到，在建項目的規模可能沒有被納入計劃中。與之相關的是 AFUDC。但從現金回報的角度來看，這不在計畫之內。

And so ultimately, it's really more a matter of giving clarity around that track record that can extend beyond 2027, which is the period of current rate base disclosure. And so really between the strategic transmission projects. And then the overall investments in our self-build generation, whether that's the projects coming through our all-source RFP, investing in Palo Verde for the long term.

因此，最終，這實際上更重要的是澄清可以延續到 2027 年之後的記錄，這是當前利率基準揭露的時期。這確實與戰略傳輸項目有關。然後是我們對自建發電的整體投資，無論是透過我們的全源 RFP 進行的項目，還是對 Palo Verde 的長期投資。

These are all things that we want to highlight, which may not be captured in the narrow window that we give. And so as we go through not only the rate case and understand how some of our other CapEx maybe put on even footing by having a formula rate in place. And then as we continue to bring things from our development pipeline, both on the generation and transmission side into the actual rate base disclosure, we'll be able to come back to you on what the base growth rate looks like.

這些都是我們想要強調的事情，但我們給出的狹窄視窗可能無法捕捉到它們。因此，我們不僅要研究利率情況，還要了解如何透過制定公式利率使我們的其他一些資​​本支出處於平衡狀態。然後，隨著我們繼續將開發流程中發電和輸電方面的內容納入實際的費率基準揭露，我們將能夠向您報告基準成長率的情況。

But at a minimum, we wanted to be able to highlight that we are moving into these larger projects that meet the needs of the growth that we see in the service territory for the long term.

但至少，我們希望能夠強調，我們正在進入這些更大的項目，以滿足我們在服務領域長期看到的成長需求。

Thanks a lot.

多謝。

So obviously, you'll be filing the rate case midyear, probably get new rates late '26. Just wondering what we could expect in terms of regulatory lag on percentage terms in 2016 while the rate case is pending versus the 955 allowed ROE in the jurisdiction.

因此很明顯，您將在年中提交利率案例，可能會在 26 年末獲得新的利率。我只是想知道，在利率案件懸而未決的情況下，相對於管轄範圍內 955 允許的 ROE，我們可以預期 2016 年百分比監管滯後的情況如何。

Yes, Michael, this is Ted. Thanks for the question. Obviously, we're focused on addressing regulatory lag through this case. I think the commission is focused on that as well given that they recognize it adds cost to customers over time. And so that's a big focus for the formula rate plan. Our intent is to be able to put in a structure going forward after this case to where we can minimize regulatory lag in a respectable manner.

是的，邁克爾，這是泰德。謝謝你的提問。顯然，我們致力於透過此案例解決監管滯後問題。我認為委員會也關注這一點，因為他們意識到這會增加客戶的成本。所以這是公式利率計畫的重點。我們的目的是能夠在此案例之後建立一個結構，以便我們能夠以可觀的方式最大限度地減少監管滯後。

And so that's what the formula is designed to do is to have a dead band around solving to be able to earn your allowed ROE. Clearly, at this time, it's difficult to be able to do that. So I think the policy statement illustrated that where there is a dead band of being able to earn as close to that allowed ROE as possible. And outside of that dead band, you would then file for adjustment.

這個公式的設計目的就是在解決問題時設定一個死區，以便能夠獲得允許的 ROE。顯然，目前做到這一點很困難。因此，我認為政策聲明表明，存在一個能夠盡可能接近允許的 ROE 的死區。而在該死區之外，您就可以申請調整。

We're looking to work with the commission stakeholders to try to designed the mechanics of the formula rate plan to be able to meet the intent of the policy statement. It's too early to tell how that will work specifically. So I think the details through this general rate case will matter. But I think the commission, a lot of the stakeholders involved in the process and certainly, utilities are aligned, that's the intent.

我們希望與委員會利益相關者合作，嘗試設計公式利率計劃的機制，以滿足政策聲明的意圖。現在判斷其具體如何運作還為時過早。所以我認為這個一般費率案例的細節很重要。但我認為委員會、參與這一過程的許多利益相關者以及公用事業公司都是一致的，這就是目的。

And then you can work towards ensuring that the allowed ROE is measured to be competitive to peers and what's necessary to attract capital and your making construct is designed to allow you to earn as close to that allowed ROE as possible.

然後，您可以努力確保允許的 ROE 能夠與同行競爭，並且能夠吸引資本，並且您的決策結構旨在讓您獲得盡可能接近允許的 ROE 的收入。

And then Secondly, I was wondering if you could talk about your current pipeline of high load factor customers. I think in your last disclosure, you said you were committed to 4 gigawatts and had interest from another 10-plus gigawatts that you were working through a planning process with -- just wondering what's the latest on these numbers? And is the 4 gigawatts still what's baked into your plan?

其次，我想知道您是否可以談談您目前的高負載率客戶管道。我想在您上次披露的資訊中，您說過您已承諾 4 千兆瓦，並且對另外 10 多千兆瓦感興趣，您正在進行規劃過程——只是想知道這些數字的最新情況是什麼？4千兆瓦仍是你們計畫中的目標嗎？

Yes, Michael, the 4 gigawatts is still what we've committed to are actively building out infrastructure to serve Obviously, a large portion of that will be coming online this year and into the coming years that's within our guidance range, but the full build-out of that 4 gigawatts extends beyond the guidance range. And then we do have a substantial and growing queue of customers that we're actively working to assess the timing and capacity needs of their projects.

是的，邁克爾，4 千兆瓦仍然是我們承諾的，我們正在積極建設基礎設施來提供服務，顯然，其中很大一部分將在今年和未來幾年上線，這在我們的指導範圍內，但 4 千兆瓦的全面建設超出了指導範圍。我們確實擁有大量且不斷成長的客戶，我們正在積極評估他們的專案的時間和容量需求。

It's at least 10 gigawatts and that's a continuous focus of our team is identifying their needs, identifying the infrastructure required to be able to build it out and what the timing of that infrastructure installation would be. Most of that infrastructure would likely be in the capital plan beyond the current guidance period. But as we get closer to those projects moving into the committed queue, we'll certainly update what that committed queue number is.

它至少有 10 千兆瓦，這是我們團隊持續關注的重點，即確定他們的需求，確定建造它所需的基礎設施以及該基礎設施的安裝時間。大部分基礎設施可能會在當前指導期之後納入資本計劃。但隨著我們越來越接近那些進入提交隊列的項目，我們肯定會更新提交隊列的號碼。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies

Nicely done. Maybe just to follow up a little bit on where I think you left. How are you thinking about providing a longer-term view beyond the three-year period? I mean, notable the way that you responded on QIP, et cetera. I mean, is there a longer dated view coming here in a more comprehensive set as you think about rolling forward eventually here?

做得好。也許只是為了稍微跟進一下我認為你離開的地方。您如何考慮提供三年期以外的更長遠的視角？我的意思是，值得注意的是你對 QIP 等問題的回應方式。我的意思是，當您考慮最終在此向前推進時，是否會有更長遠、更全面的觀點出現？

Yes. Julien, it's Andrew. No, thanks for that question. And it's certainly something that we continue to evaluate, in particular, because we're doing larger projects that take that have longer lead time. And we have clarity on a pipeline of customers coming in that extends out further. So it's certainly something we'll look at. At the same time, though, getting through the formula rate design and proceeding then gives us clarity on the broader capital allocation decisions overall.

是的。朱利安，我是安德魯。不，謝謝你的提問。這當然是我們會繼續評估的事情，特別是因為我們正在進行更大的項目，需要更長的準備時間。而我們清楚地了解進一步延伸的客戶管道。所以這是我們肯定會關注的事情。但同時，透過公式利率設計和後續流程，我們可以更清楚地了解整體上更廣泛的資本配置決策。

So you can look at how much are we doing in distribution and IT in the kind of core space where you're getting projects in service on much shorter time frames where it's sort of the day in, day out block and tackling stuff. And then giving clarity of disclosure about the large strategic transmission projects, the investment plan at Palo Verde, the projects that come out of the outsource RFPs, all those types of things that have -- take us into the 2030s.

因此，您可以看看我們在分銷和 IT 領域做了多少工作，在核心領域，您可以在更短的時間內獲得服務項目，這是一種日復一日的忙碌和處理事情。然後明確揭露大型策略傳輸項目、帕洛弗迪的投資計畫、外包 RFP 產生的項目，所有這些事情都將帶我們進入 2030 年代。

The other piece you'll see is we're on a three-year cycle for our integrated resource planning. And so as we work through that process, the goal will be to link up. So that tends to be an actual window that's five-years of the 15 that we're talking about. So trying to link those two, I think, will be important as we do more of these long lead time projects. So it's a great question. It's something that we continuously look at.

您會看到的另一件事是，我們的綜合資源規劃週期為三年。因此，當我們完成這個過程時，目標就是建立連結。因此，這往往是我們談論的 15 年中的 5 年的實際窗口。因此，我認為，當我們開展更多此類長期計畫時，嘗試將這兩者聯繫起來非常重要。這是一個很好的問題。這是我們不斷關注的事情。

Got it. It sounds like a little bit of a longer fuse but teeing up the entire organization there. And then if I can follow up as well on a related question here, you talked about fab 2 and 3, potentially, I think you even said accelerating themselves. And I don't think it was entirely clear as to whether that's contemplated within the three to five. When would you go out for procurement around potential resources there?

知道了。這聽起來像是一根稍長的導火線，但卻能激發整個組織的活力。然後，如果我可以跟進這裡的一個相關問題，您談到了晶圓廠 2 號和 3 號，我認為您甚至說過它們正在加速發展。我認為目前還不完全清楚這是否在三到五年內被考慮。您什麼時候會去那裡採購潛在資源？

I mean you say it's longer dated, but let's put this way, 2030 and earlier is front and center and would need actions on procurement in the near term. How do you think about that as well as some of these other items like Mayo Clinic also playing into the outlook here? Just coming back to the table for another round of procurement and RFP or something like that?

我的意思是，你說這個期限比較長，但是這麼說吧，2030 年及之前是重中之重，需要在短期內採取行動進行採購。您如何看待這一點以及梅奧診所等其他一些項目對前景的影響？只是回到談判桌進行新一輪採購和 RFP 或類似的事情嗎？

Yes, Julien, you're absolutely right. We're out to procurement right now for 2028 to 2030. We've got an RFP that recently concluded accepting proposals for a minimum of 2,000 megawatts a to be in service in the years 2020 to 2030. And so we're evaluating those proposals right now.

是的，朱利安，你完全正確。我們現在正在進行 2028 年至 2030 年的採購。我們最近收到了一份 RFP，其中接受了在 2020 年至 2030 年間投入使用至少 2,000 兆瓦的提案。因此我們現在正在評估這些提議。

And as we look at how much volume we actually take from the RFP, we're taking into consideration as we work with TSMC, Amkor and frankly, a myriad of other recent economic development opportunities even outside the chip and data center sector to identify what are the total resource needs at the back end of this decade, and therefore, how much do we need to take from this RFP.

當我們考慮從 RFP 中實際獲取多少資源時，我們會考慮與台積電、安靠以及晶片和資料中心領域之外的無數其他近期經濟發展機會的合作，以確定本世紀末的總資源需求，從而確定我們需要從該 RFP 中獲取多少資源。

So that's actively in progress. We've been on an annual routine of these RFPs. And so we'll evaluate the proposals from this year and then likely be back out in the market again for another round of RFPs.

這項工作正在積極進行中。我們每年都會例行性地發布這些 RFP。因此，我們將評估今年的提案，然後可能會再次回到市場上進行另一輪的 RFP。

So bottom line, upsizing the present RFP, you said a minimum of 2 gigs, but there's potentially a real likelihood for a meaningful extension of that.

因此，底線是，擴大目前的 RFP，您說至少要增加 2 個 gig，但很有可能實現有意義的擴展。

That's definitely the potential similar to the last RFP where we ended up procuring a meaningful amount more than what we originally requested. It just depends on the quality of the proposals and the timing of their ability to execute. We're always clear to state the minimum that we need, but we've got the ability to be able to take more as necessary to ensure resource adequacy as long as their competitive projects, and we're going through those proposals now.

這絕對具有與上一份 RFP 類似的潛力，我們最終採購的數量遠遠超過了我們最初的要求。這只取決於提案的品質和執行的時間。我們始終明確說明我們所需的最低限度，但只要有競爭性項目，我們就有能力根據需要採取更多措施，以確保資源充足，我們現在正在審議這些提案。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

More of a technical question here on the filing coming up. Is the filing going to be purely a formula rate plan such that they just get 1 filing or is there somewhat of a split here where you have to file our formulary plan option and a general rate case traditional option, technically thinking about that filing.

這裡還有更多關於即將提交的文件的技術問題。備案是否純粹是公式費率計劃，即他們只需提交 1 份備案，或者是否存在某種分割，您必須提交我們的公式計劃選項和一般費率案例傳統選項，從技術上考慮該備案。

Yes, Travis, the way we look at it is we're filing a traditional rate case based on a 2024 test year, but then included in that will be a filing proposal for how you implement a formula rate plan to ensure you're minimizing regulatory lag for future years. And so it will all be a part of one filing, but you first have to recover the revenue deficiency based on the 2024 test year.

是的，特拉維斯，我們的看法是，我們根據 2024 年的測試年提交一份傳統利率案例，但其中包括一份關於如何實施公式利率計劃的申請提案，以確保最大限度地減少未來幾年的監管滯後。因此，這一切都將成為一次申報的一部分，但您首先必須根據 2024 年的測試年份彌補收入不足。

And then the formula rate design included in our filing will be how to keep rates current and trued up on a go-forward basis once this case is processed and concluded. So that's how we're thinking about it.

然後，我們文件中包含的公式費率設計將是如何在該案件處理和結束後保持費率的當前水準並在未來進行調整。這就是我們的想法。

Okay. That makes sense. So there wouldn't be two rate adjustments that would be the traditional rate adjustment and then future years if approved, the formula rate plan.

好的。這很有道理。因此，不會有兩個利率調整，即傳統的利率調整，以及未來幾年（如果獲得批准）的公式利率計劃。

That's correct. And that's the intent of the commission is how do we go longer between rate cases, minimize regulatory lag and ensure rate gradualism for our customers. And so that's going to be all part of this initial filing.

沒錯。委員會的目的是，我們如何延長利率案件之間的時間間隔，最大限度地減少監管滯後，並確保為客戶提供漸進的利率。這些都將成為初始申請的一部分。

Perfect. And then on the O&M, if you strip out the outages and stripped out the RES DSM, how is that trending that core L&M? Is that trending towards your expectations in the first quarter? Or anything unusual in the first quarter on that side?

完美的。然後在 O&M 方面，如果您去掉停電並去除 RES DSM，那麼核心 L&M 的趨勢如何？這是否符合您對第一季的預期？或者第一季那邊有什麼不尋常的事情嗎？

Yes, Travis, it's Andrew. We're trending consistent with our plan for O&M for the year. The planned outage you referenced is lumpy and is a timing issue of doing a large outage at a plant like Four Corners. That was the first quarter -- first quarter event. There's also an O&M project I mentioned earlier in the prepared remarks that its big backbone IT project.

是的，崔維斯，我是安德魯。我們的趨勢與今年的營運和維護計劃一致。您提到的計劃停運是不連續的，並且是 Four Corners 這樣的工廠進行大規模停運的時間問題。這是第一季的事件。還有一個維運項目，我在剛才的發言中提到過，它是一個很大的骨幹IT項目。

And so right now, it's in sort of that O&M phase and over the course of the year, it will transition to capital. And so that shows up and basically takes what could be straight line O&M over the year into a little bit of first quarter lumpiness. But we expect over the course of the year to be able to meet our O&M guidance range.

所以現在，它處於某種 O&M 階段，在一年的時間裡，它將轉向資本。因此，這顯示出，基本上將全年的直線 O&M 變成了第一季的一點不平整。但我們預計今年內能夠達到我們的 O&M 指導範圍。

We were able to take a lot of proactive action last year coming out of the summer to plan in a multiyear fashion around O&M. And so we're seeing some of the benefits of being able to do that as we work through the year. So we expect to be on plan for O&M.

去年夏天以來，我們採取了許多積極主動的行動，圍繞著 O&M 制定了多年的規劃。因此，我們在全年的工作中看到了這樣做的一些好處。因此，我們希望能夠按照計劃進行運作和維護。

Sophie Karp, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Sophie Karp。

A little bit more on this O&M question. Do you need, I guess, offsetting items in the rest of the year to counter the lumpiness in the first quarter? Was this already contemplated when you issued guidance? Just to clarify.

關於這個 O&M 問題還有更多內容。我想，您是否需要在今年剩餘時間內抵消一些項目，以抵消第一季的波動？當您發布指導意見時是否已經考慮到了這一點？只是為了澄清一下。

Yes. The latter, Sophie. We contemplated the planned outages as well as the design of the IT project, knowing that we'd get back to regular way O&M over the course of the year. And so we expect that will -- we're sort of done with it other than the normal outages at Palo Verde we're out of the planned outages at this point and ready to move forward.

是的。後者，索菲。我們仔細考慮了計劃中的停機以及 IT 專案的設計，知道我們將在一年內恢復正常的營運和維護方式。因此，我們預計——除了 Palo Verde 的正常停電之外，我們已經完成了其他工作，目前我們已經完成了計劃停電並準備繼續前進。

And then a couple more questions I have on the, first on the transmission lines, right? I'm wondering if you ever contemplated the 645 kV line maybe in your territory? Or does that make sense ever? Because I noticed you don't go like that high involve and how early are they built, but more, -- a little bit more conversations about these types of lines now. So wondering where you stand on that.

我還有幾個問題，首先是關於傳輸線的，對嗎？我想知道您是否考慮過在您的領土內鋪設 645 kV 線路？或者這真的有意義嗎？因為我注意到你並沒有深入討論這些高難度的問題以及它們是如何早期建成的，而是更多地討論這些類型的線路。所以想知道你對此持什麼立場。

Yes. Sophie, the transmission engineering team evaluates all aspects of potential voltage, including even advanced conductors and new technology. Right now, we don't see a need for that level of voltage. We go currently up to 500 kV is the highest, but it is a part of the evaluation as we continue to look forward on service territory growth.

是的。索菲，輸電工程團隊評估了潛在電壓的各個方面，甚至包括先進的導體和新技術。目前，我們認為沒有必要達到這種電壓等級。我們目前的最高電壓為 500 kV，但這只是評估的一部分，因為我們將繼續期待服務區域的成長。

One of the limiting factors often time is what size right away do you need, and that oftentimes informs then what level of voltage you need to procure. But at this point, the majority of our transmission projects that are between now and the end of the decade are 230 kV, we've also got a substantial amount of substation build-out that ranges in voltage.

限制因素之一往往是您立即需要什麼尺寸，而這通常會決定您需要採購什麼等級的電壓。但目前，從現在到本世紀末，我們的大多數輸電項目都是 230 kV，我們也建造了大量電壓範圍的變電站。

And then longer term, we certainly see more 500 kV expansion or new build. But at this point, that's the highest level of voltage that we think is necessary for the service territory.

從長遠來看，我們肯定會看到更多的 500 kV 擴建或新建。但目前，我們認為這是服務區域所需的最高電壓。

Got it. And lastly for me, it seems like you have the rotator applications in your territories seem to be trending significantly lower versus the historical gas level. Does that impact you at all in what way?

知道了。最後，對我來說，您所在地區的旋轉器應用似乎比歷史氣體水平呈現明顯下降趨勢。這對你有什麼影響嗎？

Yes. Certainly, we track that in terms of what level of offset rooftop solar or energy efficiency may have on organic sales. And so clearly, less rooftop solar applications may show less offset. We think this is just part of the natural market conditions, given that there's some level of saturation of rooftop solar already within the service territory. We've got one of the highest levels of penetration to rooftop solar already.

是的。當然，我們會追蹤屋頂太陽能或能源效率對有機銷售的影響程度。因此顯然，較少的屋頂太陽能應用可能會產生較少的抵消作用。我們認為這只是自然市場條件的一部分，因為服務區域內的屋頂太陽能已經達到一定程度的飽和。我們的屋頂太陽能普及率已達到最高水準之一。

In addition to, obviously, the financing costs that a lot of our customers would have to absorb for installing rooftop solar and then the amount of creditworthy customers that remain that could take on a long-term contract. So we think these numbers are probably leveling off or normalization of the amount that's being installed, and we'll just continue to track it as a potential offset.

顯然，除此之外，我們的許多客戶還必須承擔安裝屋頂太陽能所需的融資成本，然後還要考慮剩餘的、可以簽訂長期合約的信用良好的客戶數量。因此，我們認為這些數字可能正在趨於平穩或使安裝量正常化，我們將繼續追蹤它作為潛在的抵消。

Right now, our growth trends for residential and C&I are in line with what we expect for the year, and that includes any offsets for energy efficiency or rooftop solar.

目前，住宅和商業與工業的成長趨勢與我們對今年的預期一致，其中包括能源效率或屋頂太陽能的任何補償。

Paul Patterson, Glenrock Associates.

保羅·帕特森（Paul Patterson），Glenrock Associates 公司。

Almost a lot of questions have been answered. Just one quick on the Eldorado item that you highlighted on Page on slide 3. Just could you tell me what triggered that?

幾乎很多問題都得到了解答。簡單說一下您在第 3 頁幻燈片中突出顯示的 Eldorado 項目。你能告訴我是什麼引發了這種情況嗎？

Sure, Paul, it's Andrew. So just by way of background, Eldorado is the entity that Pinnacle West has to hold our nonutility non-PSA energy-related investments. It's a long-standing entity with a number of long-standing investments, including the one that created the gain this quarter. And frankly, this was an investment that has shown a higher degree of profitability recently. It's an electric switchgear company.

當然，保羅，我是安德魯。因此，僅從背景來看，Eldorado 是 Pinnacle West 持有非公用事業非 PSA 能源相關投資的實體。該公司是一家長期存在的實體，擁有多項長期投資，其中包括本季創造收益的投資。坦白說，這是一項近期顯示出較高盈利能力的投資。這是一家電氣開關設備公司。

And recognizing that higher profitability, we recognized a gain on the investment this quarter, minority stake and certainly not core to the APS investment profile. But among some of the long-standing energy investments we have it has shown favorable economic trends recently. And so we did recognize that gain this quarter. But quarter-to-quarter, year-to-year, this is a very small -- the Eldorado business is a very small, mainly legacy type investments that we've made over time.

並且認識到更高的獲利能力，我們確認本季的投資收益，少數股權，當然不是 APS 投資概況的核心。但在我們長期進行的一些能源投資中，最近顯示出了良好的經濟趨勢。因此我們確實認識到了本季的收益。但與上一季和前一年相比，Eldorado 業務規模非常小，主要是我們長期以來所做的遺留類型的投資。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

On coal plant -- on the coal plant closure, can you give us an update post the executive order and commissioner comments if there's any reassessment of the potential restart for that plant?

關於煤電廠—關於煤電廠關閉，如果對該電廠重啟的可能性進行重新評估，您能否在行政命令和專員評論後向我們提供最新消息？

Yes. Ryan, Specifically, some of the comments mentioned on the executive order, we're referring to one of our legacy coal plants called Toa, which actually began its retirement process last decade with retiring a couple of units. And then the last remaining units were retired earlier this year in accordance, actually, the federal lawn requirement along with our state implementation plan. In addition, it's not an economic plan to continue to run.

是的。瑞安，具體來說，行政命令中提到的一些評論，我們指的是我們的一家名為 Toa 的傳統燃煤電廠，該電廠實際上在上個十年就開始了退役程序，退役了幾個機組。然後，最後剩下的單位實際上已於今年稍早根據聯邦草坪要求以及我們州的實施計劃退役。此外，繼續運作並不是經濟計劃。

So for those two reasons, the plant was on a track to retire, and we expect it to remain retired. We also already procured replacement generation in anticipation of that retirement both for this year and future years. What we are doing though is exploring how that site can be repurposed one day in the future for new generation, potentially new nuclear, potentially new gas generation.

因此，由於這兩個原因，該工廠即將退役，我們預計它將一直處於退役狀態。我們也已採購替代發電機，以應對今年和未來幾年的退役。不過，我們正在探索如何在未來某一天將該地點重新用於新一代發電，可能是新的核能發電，也可能是新的天然氣發電。

So we think it's got great potential for investment, jobs and economic stimulus within that area, but as a new technology that will last for decades to come. And that's really the right purpose for that site as well as the most economic use of generation for our customers.

因此，我們認為它在該地區的投資、就業和經濟刺激方面具有巨大的潛力，而且作為一項新技術，它將持續數十年。這確實是該站點的正確用途，也是為我們的客戶提供最經濟的發電方式。

Okay. So the -- some of the legislative proposals and you don't anticipate changing the course of action for that plant, is that correct?

好的。那麼——一些立法提案，你不認為會改變該工廠的行動方針，對嗎？

That's correct.

沒錯。

Stephen D'Ambrisi, Ladenburg Thalmann.

史蒂芬丹布里西、拉登堡塔爾曼。

Just quickly, first on the sales growth. It sounded like you -- in the quarter, you sounded like you mentioned it in the script briefly, but I just wanted a little bit of clarity. On the residential side, it looks like usage implied is down a lot. And I just was wondering if that's noise or if you could talk a little bit about that. It sounds like maybe there is an accounting change that could have impacted it.

首先，我們來簡單談談銷售成長情況。聽起來你——在本季度，你聽起來好像在腳本中簡要地提到過它，但我只是想稍微澄清一下。在住宅方面，隱含使用量似乎下降了很多。我只是想知道這是否是噪音，或者您是否可以稍微談論一下。聽起來好像有一個會計變化可能會對其產生影響。

Yes. That's right, Stephen. So the underlying sales growth trends for the quarter were very strong. On the C&I side, in particular, you're seeing the ramp-up of these customers. If you look at the underlying sales trends for residential, you had 2.3% customer growth, which contributed increased sales. And that was offset, as it often is by the continued trends around energy efficiency and just customer usage.

是的。沒錯，史蒂芬。因此本季的潛在銷售成長趨勢非常強勁。特別是在商業和工業方面，您會看到這些客戶數量的增加。如果你看一下住宅的基本銷售趨勢，你會發現客戶成長了 2.3%，這有助於增加銷售額。但這趨勢卻被抵銷了，因為能源效率和客戶使用情況的持續趨勢往往如此。

What I think particularly to the first quarter. And keep in mind, it's a very small quarter. So it kind of has an exacerbated effect is that we did make a one-time adjustment to how we account for estimates of unbilled revenues for all of our customer classes. For a long time, we looked at all revenue in a month that was being accrued kind of holistically across customer classes.

我特別關注第一季。請記住，這是一個非常小的季度。因此，它有一種加劇的影響，那就是我們確實對如何核算所有客戶類別的未開票收入估算進行了一次性調整。長期以來，我們一直以整體方式查看各個客戶類別在一個月內累積的所有收入。

And we reached a point where extra high load factor customers have become a substantial enough part of our overall sales mix that we need to do estimates for that approval separately for each of those customers. And so this -- in January, we recognized that procedural change. And that led to a, as reported, offset to our sales growth for the quarter. we feel really comfortable about the 4% to 6% sales growth expectations for the year.

我們已經達到了這樣的程度：超高載客率客戶已經成為我們整體銷售組合中相當重要的一部分，我們需要針對每位客戶分別進行核准估算。因此，今年一月，我們承認了這項程序上的改變。據報道，這抵消了我們本季的銷售成長。我們對今年 4% 至 6% 的銷售成長預期感到非常滿意。

And the residential trends, which I know is where you were really focused are really on trend to what we've seen over the last span of quarters kind of post-COVID, which is continued strong sales growth with an offset from energy efficiency that takes you to somewhere either north or south of flattish growth. So this quarter, if you take out the impact of that accrual adjustment, you're really talking about like negative 0.2% and in some quarters, that's been positive, 0.5% positive 1%.

我知道您真正關注的住宅趨勢與我們在疫情後過去幾個季度看到的趨勢一致，即銷售額繼續強勁增長，但能源效率的下降會將您帶到持平增長的北部或南部。因此，本季度，如果消除應計調整的影響，您實際上談論的是負 0.2%，而在某些季度，這是正值，0.5% 或正 1%。

And so really in that range around zero is how our 4% to 6% sales growth is set. And we're seeing underlying trends notwithstanding the offset from that estimated revenue item that are really consistent with what we've been seeing for the last number of quarters.

因此，我們的銷售成長率實際上是在零左右的範圍內設定的，即 4% 到 6%。儘管預計收入項目有所抵消，但我們看到的潛在趨勢與我們過去幾季看到的情況基本一致。

Okay. That's very helpful. And then just a follow-up to some of the questions around the rate case and the formula rate plan request. I guess my question is if the rate case just from a timing perspective, if you have like a 12, 14, 16 months' time clock and you get rates effective on the '24 test year step-up sometime at the end of '26 is it possible to turn around and get a formula rate step in '27 for the following year because presumably, you'll be underearning at that point? Or just like procedurally, how does it work?

好的。這非常有幫助。然後只是對費率案例和公式費率計劃請求的一些問題的後續回答。我的問題是，如果僅從時間角度來看利率情況，如果你有 12、14、16 個月的時間時鐘，並且你在 24 年測試年末的某個時候獲得了有效的利率，那麼是否有可能在 27 年扭轉並獲得下一年的公式利率步驟，因為大概你在那個時候的收入會不足？或者就像程式一樣，它是如何運作的？

Do you have to wait until '28 to get your first formula rate step

你必須等到 28 年才能得到你的第一個公式速率步驟嗎？

Yes, it's a good question. The intent would be that you should have an opportunity under the scenario that you outlined to be able to have your first formula rate adjustment in 2027 and the formula rate plan is designed to be an annual adjustment. So in theory, if you conclude the case in '26, then '27 should be your first adjustment.

是的，這是個好問題。目的是讓您有機會在您概述的情景下在 2027 年進行第一次公式利率調整，並且公式利率計劃旨在進行年度調整。因此從理論上講，如果您在 26 年結案，那麼 27 年應該是您的第一次調整。

Obviously, the details and the timing will be subject to the outcome of this case. But what you outlined as the intent of the formula rate plan, and that's what we would pursue, is to try to keep that adjustment as timely as possible following the conclusion of this case.

顯然，細節和時間將取決於此案的結果。但是，您概述的公式費率計劃的目的，也是我們所追求的，就是在本案結束後儘可能及時地進行調整。

That completes our Q&A session. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

我們的問答環節到此結束。各位，今天的活動就到這裡了。現在您可以斷開連接並享受美好的一天。感謝您的參與。