Portland General Electric Co (POR) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to Portland General Electric company's fourth-quarter 2023 earnings results conference call. Today is Friday, February 16, 2024. This call is being recorded, and as such, all lines have been placed on mute to prevent any background noise. (Operator Instructions)

大家早安，歡迎參加波特蘭通用電氣公司 2023 年第四季財報電話會議。今天是 2024 年 2 月 16 日星期五。此通話正在錄音，因此所有線路均已置於靜音狀態，以防止任何背景噪音。（操作員說明）

For opening remarks, I will turn the call over to Portland General Electric's Manager of Investor Relations, Nick White. Please go ahead, sir.

作為開場白，我將把電話轉給波特蘭通用電氣公司投資者關係經理尼克懷特。請繼續，先生。

Thank you, Daniel. Good morning, everyone. I'm happy you can join us today. Before we begin this morning, I would like to remind you that we have prepared a presentation to supplement our discussion, which we will be referencing throughout the call. The slides are available on our website at investors.portlandgeneral.com.

謝謝你，丹尼爾。大家，早安。我很高興你今天能加入我們。在今天早上開始之前，我想提醒您，我們準備了一份簡報來補充我們的討論，我們將在整個電話會議中引用該簡報。這些投影片可在我們的網站 Investors.portlandgeneral.com 上取得。

Referring to slide 2, some of our remarks this morning will constitute forward-looking statements. We caution you that such statements involve inherent risks and uncertainties, and actual results may differ materially from our expectations. For a description of some of the factors that could cause our actual results to differ materially, please refer to our earnings press release and our most recent periodic reports on Forms 10-K and 10-Q, which are available on our website.

參考投影片 2，我們今天早上的一些言論將構成前瞻性陳述。我們提醒您，此類陳述涉及固有風險和不確定性，實際結果可能與我們的預期有重大差異。有關可能導致我們的實際結果出現重大差異的一些因素的描述，請參閱我們的收益新聞稿以及我們最新的 10-K 和 10-Q 表格定期報告（可在我們的網站上取得）。

Leading our discussion today are Maria Pope, President and CEO; and Joe Trpik, Senior Vice President of Finance and CFO. Following their prepared remarks, we will open the line for your questions. Now it's my pleasure to turn the call over to Maria.

今天主持我們討論的是總裁兼執行長 Maria Pope；以及財務高級副總裁兼財務長 Joe Trpik。在他們準備好的發言之後，我們將開通您的提問熱線。現在我很高興將電話轉給瑪麗亞。

Thank you, Nick, and good morning. Thank you all for joining us today. Beginning with slide 4, I'll discuss our 2023 full year and fourth quarter results and then turn to our outlook for 2024 and beyond.

謝謝你，尼克，早安。感謝大家今天加入我們。從投影片 4 開始，我將討論我們 2023 年全年和第四季的業績，然後轉向我們對 2024 年及以後的展望。

For the full year, we reported GAAP net income of $228 million or $2.33 per diluted share and non-GAAP adjusted net income of $233 million or $2.38 per share. This compares with GAAP net income of $233 million or $2.60 per share and non-GAAP adjusted net income of $245 million or $2.74 per share in 2022.

我們公佈的全年 GAAP 淨利潤為 2.28 億美元，即稀釋後每股 2.33 美元，非 GAAP 調整後淨利潤為 2.33 億美元，即每股 2.38 美元。相比之下，2022 年 GAAP 淨利潤為 2.33 億美元，即每股 2.60 美元，非 GAAP 調整後淨利潤為 2.45 億美元，即每股 2.74 美元。

For the fourth quarter, we reported net income of $68 million or $0.67 per share, up from the fourth quarter of 2022 of $50 million or $0.56 per share. While these are lower than expected results, we remain confident in our long-term growth trajectory of 5% to 7% and 2024 guidance of $2.98 to $2.18 per diluted share.

我們報告第四季淨利潤為 6800 萬美元，即每股 0.67 美元，高於 2022 年第四季的 5000 萬美元，即每股 0.56 美元。雖然這些結果低於預期，但我們仍然對 5% 至 7% 的長期成長軌跡和 2024 年稀釋後每股 2.98 美元至 2.18 美元的指導充滿信心。

To start, challenging weather impacted the quarter with mild conditions across the period in the second warmest December on record. This resulted in very low energy usage and historically low wind and hydro production. As a result of this combination, both to our revenue and purchase power and fuel expense performance fell short.

首先，充滿挑戰的天氣影響了本季度，整個時期天氣溫和，是有記錄以來第二熱的 12 月。這導致能源使用量非常低，風能和水力發電量也創下歷史新低。由於這種合併，我們的收入、購買力和燃料費用表現均達不到要求。

The power cost challenges we faced in 2023 underscore the importance of risk reductions achieved as part of the 2024 general rate case. This includes 500 megawatts of hydro agreements, improving our capacity portfolio, and the introduction of the reliability contingency event provision as part of the PCAM. These are solid steps in reflecting actual power costs and extreme events.

我們在 2023 年面臨的電力成本挑戰凸顯了 2024 年一般電費案例一部分實現風險降低的重要性。這包括 500 兆瓦的水力發電協議、改善我們的容量組合以及引入可靠性緊急事件條款作為 PCAM 的一部分。這些是反映實際電力成本和極端事件的堅實步驟。

We also have more work to do and look forward to working with the commission, other utilities, and regional stakeholders towards a holistic energy framework and solution. Finally, our results also reflect higher costs associated with continued capital investment to support grid resiliency, customer growth, and decarbonization.

我們還有更多工作要做，並期待與委員會、其他公用事業公司和區域利益相關者合作，制定整體能源框架和解決方案。最後，我們的結果也反映出與支持電網彈性、客戶成長和脫碳的持續資本投資相關的更高成本。

Turning to slide 5. We consistently said that 2023 would be an investment year. Notwithstanding the challenges we faced, we achieved important milestones that has set the stage for 2024, including a constructive outcome in our general rate case.

轉到投影片 5。我們一直說2023年將是投資年。儘管我們面臨挑戰，但我們仍取得了重要的里程碑，為 2024 年奠定了基礎，包括我們的整體費率案例取得了建設性成果。

2024 will be a year of growth, supported by three key drivers. First, continued load growth led by high tech and digital customers. Second, capital investment to enable this growth, advance our clean energy goals, and strengthen reliability and resilience. And third, ongoing operational discipline across our organization. I will touch on each of these in turn.

2024 年將是成長的一年，並受到三個關鍵驅動力的支持。首先，高科技和數位客戶引領的負載持續成長。其次，進行資本投資以實現這一成長，推動我們的清潔能源目標，並增強可靠性和彈性。第三，我們整個組織持續的營運紀律。我將依序討論這些內容。

First, we expect continued strong industrial load growth, supported by state and federal policies. Microchip was recently awarded $72 million under the federal CHIPS Act for $800 million expansion at their facility in Gresham. This is in addition to the multibillion-dollar investments by Analog Devices and others. This builds on the state of Oregon's appropriation of $240 million for semiconductor projects, 85% of which are in our service territory.

首先，我們預計在州和聯邦政策的支持下，工業負荷將持續強勁成長。Microchip 最近根據聯邦 CHIPS 法案獲得了 7,200 萬美元的撥款，用於斥資 8 億美元擴建其位於 Gresham 的工廠。這還不包括 Analog Devices 和其他公司數十億美元的投資。這是建立在俄勒岡州為半導體項目撥款 2.4 億美元的基礎上的，其中 85% 在我們的服務範圍內。

Our capital plan now includes additional strategic transmission investments to enable this high-tech and other customer growth as well as renewable development. Joe will walk you through the updates to our plan in more detail. But at a high level, our transmission projects are largely within our service territory or adjacent. Many of these lower risk projects are re-conducting existing lines.

我們的資本計畫現在包括額外的策略性輸電投資，以實現高科技和其他客戶的成長以及再生能源的發展。喬將引導您更詳細地了解我們計劃的更新。但從高水準來看，我們的輸電項目大部分位於我們的服務區域內或鄰近區域。許多風險較低的項目正在重新鋪設現有線路。

Related to renewable development, we are currently accepting and evaluating bids for the 2023 RFP throughout the first quarter of 2024, and we'll present at the shortlist later in the year. Coming out of our last RFP, Clearwater Wind project came online in January with an impressive 45% capacity factor. And we look forward to our battery storage projects coming online later this year and into 2025.

與再生能源開發相關，我們目前正在 2024 年第一季接受和評估 2023 年 RFP 的投標，我們將在今年稍後進入入圍名單。根據我們上次的 RFP，Clearwater Wind 專案於 1 月上線，容量係數高達 45%，令人印象深刻。我們期待我們的電池儲存項目在今年稍後和 2025 年上線。

Now on to slide 6. Utilities across the country are dealing with increasing impacts of extreme weather. This January, a severe storm brought powerful combination of high winds, ice, and snow that led to widespread damage and high-power costs. In the face of these extraordinary conditions, we deployed an extraordinary response. This included more than 1,800 personnel crews and support staff working hard to restore power and repair critical equipment.

現在轉到投影片 6。全國各地的公用事業公司正在應對極端天氣日益嚴重的影響。今年一月，一場嚴重的風暴帶來了強風、冰雪的強烈結合，導致了大範圍的破壞和高額的電力成本。面對這些特殊情況，我們採取了非同尋常的應對措施。其中包括 1,800 多名工作人員和支援人員，他們努力恢復供電並修復關鍵設備。

I want to take a moment to acknowledge and thank our teams and partners for all of their hard work in very challenging conditions. The storm came in multiple phases of severe weather and single-digit temperatures. In the course of about a week, crews restored power to over 0.5 million customers. This is a great example of how our teams are working together efficiently to deliver for customers when they need us most.

我想花點時間感謝我們的團隊和合作夥伴在非常具有挑戰性的條件下所做的辛勤工作。這場風暴經歷了多個階段的惡劣天氣和個位數的氣溫。在大約一周的時間裡，工作人員為超過 50 萬名客戶恢復了供電。這是一個很好的例子，說明我們的團隊如何有效率地合作，在客戶最需要我們的時候為他們提供服務。

Our response was informed by lessons learned from the severe storms we experienced in 2021. And we're continuing to improve in what used to be one in a decade event. This operational focus is showing up in other ways as well. Our results in 2023 reflect our strong execution on cost management, thanks to the extraordinary efforts of our team, streamline processes, leverage technology, and improved productivity.

我們的因應措施借鏡了 2021 年經歷的嚴重風暴的經驗教訓。我們正在繼續改進這曾經是十年一遇的活動。這種營運重點也體現在其他方面。我們 2023 年的業績反映了我們在成本管理方面的強大執行力，這要歸功於我們團隊的非凡努力、簡化流程、利用技術和提高生產力。

As we look to 2024, we continue to build on this progress. To reiterate, we're focused on three main areas to achieve growth in the coming year and beyond. First, exceptional customer growth; second, execution of our capital plan; and third, ongoing operational discipline. As such, we are well positioned to achieve 5% to 7% long-term earnings growth.

展望 2024 年，我們將繼續在這項進展的基礎上再接再厲。重申一下，我們將重點放在三個主要領域，以實現來年及以後的成長。第一，客戶成長異常；第二，資本計畫的執行；第三，持續的操作紀律。因此，我們有能力實現 5% 至 7% 的長期獲利成長。

With that, I'll turn it over to Joe, who will walk you through our financial results. Thank you.

接下來，我會將其交給喬，他將向您介紹我們的財務表現。謝謝。

Thank you, Maria. And good morning, everyone. Before I walk you through the results and outlook, I want to acknowledge that we did not file our 10-K this morning in line with our typical practice. We are just finalizing the required documentation for the 10-K and completing associated compliance procedures.

謝謝你，瑪麗亞。大家早安。在向您介紹結果和前景之前，我想承認今天早上我們沒有按照我們的典型做法提交 10-K。我們剛完成 10-K 所需的文件並完成相關的合規程序。

As you may know, we finished a new ERP software implementation in the fourth quarter. With the holiday on Monday, you will see our filing posted with the SEC on Tuesday morning.

如您所知，我們在第四季度完成了新的 ERP 軟體實施。由於週一假期，您將在周二早上看到我們向 SEC 發布的文件。

Now turning to slide 7. Our 2023 results reflect continued industrial load growth, dynamic weather, and power cost conditions, execution of our capital plan, and strengthening our growth foundation. Weather had a meaningful impact on 2023 results, particularly in the second half of the year, we saw 11% fewer cooling degree days and 13% fewer heating degree days compared to 2022.

現在轉到投影片 7。我們 2023 年的業績反映了工業負荷的持續成長、多變的天氣和電力成本條件、我們資本計畫的執行以及我們成長基礎的加強。天氣對 2023 年的結果產生了重大影響，特別是在下半年，與 2022 年相比，製冷度數天數減少了 11%，供暖度數天數減少了 13%。

Q4 had historically moderate stretches with our regions in the second warmest December on record. Overall, we experienced 15% fewer heating degree days than the 15-year average. Customer uses was affected by these conditions, but power costs were also challenged as renewables production was significantly impacted during these mild periods.

第四季度，我們各地區的氣溫歷來溫和，是有紀錄以來第二熱的 12 月。整體而言，我們的暖氣天數比 15 年平均值減少了 15%。客戶使用受到這些條件的影響，但電力成本也受到挑戰，因為再生能源生產在這些溫和時期受到顯著影響。

PGE's wind farms generated 23% less energy in Q4 2023 than Q4 2022, requiring generation PGE's thermal fleet to make up much of the shortfall. Ultimately, these dynamics were a significant headwind in achieving the level of power cost favorability expected for the year.

PGE 的風電場 2023 年第四季的發電量比 2022 年第四季減少了 23%，需要 PGE 的火力發電機組來彌補大部分缺口。最終，這些動態對於實現今年預期的電力成本有利水準來說是一個重大阻力。

2023 load increased by 0.9% or 1.4% weather adjusted compared to 2022. 2022 residential load decreased 1.7% year over year or 0.5% weather adjusted. Driven by mild weather and energy efficiency, residential customer count increased 0.8% for the year.

與 2022 年相比，2023 年負載增加 0.9%，經天氣調整後增加 1.4%。2022 年住宅負載年減 1.7%，經天氣調整後減少 0.5%。在溫和天氣和能源效率的推動下，全年住宅客戶數量增加了 0.8%。

Commercial load decreased slightly, down 0.3% or 0.2% weather adjusted versus 2022, largely driven by energy efficiency. Healthy industrial load growth continued in 2023, increasing 5.9%. Over the last five years, we've observed a 7.5% compound annual growth rate in industrial load as high-tech investments and AI expansion have driven semiconductor and data center demand growth.

商業負荷略有下降，與 2022 年相比，經天氣調整後下降了 0.3% 或 0.2%，這主要是由能源效率推動的。2023年工業負荷持續健康成長，成長5.9%。在過去五年中，由於高科技投資和人工智慧擴張推動了半導體和資料中心需求的成長，我們觀察到工業負載的複合年增長率為 7.5%。

While total loads in 2023 were below our expectations, our service territory fundamentals and our load outlook remained strong. Unemployment in our region of 3.4% trailed the national average of 3.7%. And we continue to see other public positive indicators, public and private sector investment points to broader economic development and continued load growth in 2024 and beyond.

儘管 2023 年的總負荷低於我們的預期，但我們的服務區域基本面和負荷前景仍然強勁。我們地區的失業率為 3.4%，低於全國 3.7% 的平均值。我們繼續看到其他公共積極指標、公共和私營部門投資顯示 2024 年及以後更廣泛的經濟發展和負荷持續成長。

I'll now cover our financial performance year over year. We experienced a $0.14 decrease in revenues, excluding power costs and regulatory program collections, driven by a $0.13 increase due to a 0.9% increase in deliveries and $0.27 decrease due to changes in the average prices of deliveries from higher industrial load and lower residential and commercial load.

現在我將逐年介紹我們的財務表現。We experienced a $0.14 decrease in revenues, excluding power costs and regulatory program collections, driven by a $0.13 increase due to a 0.9% increase in deliveries and $0.27 decrease due to changes in the average prices of deliveries from higher industrial load and lower residential and commercial載入.

Power costs drove a $0.25 increase in EPS, driven by a $0.29 EPS increase due to power cost headwinds in 2022 that reversed for this comparison and a $0.04 EPS decrease from higher power costs than anticipated in the annual update tariff. Serving load during the August heat event and the impacts of mild weather on Q4 renewable generations were the key factors. Operating expenses, net of deferral related items drove a $0.01 decrease. Our efficiency and cost management efforts, particularly in Q4 allowed us to keep base O&M nearly flat year over year.

電力成本推動 EPS 成長 0.25 美元，原因是 2022 年電力成本不利因素導致 EPS 成長 0.29 美元，但與此比較相反，電力成本高於年度更新電價預期，導致 EPS 下降 0.04 美元。八月高溫期間的服務負荷以及溫和天氣對第四季再生能源發電的影響是關鍵因素。扣除延期相關項目後的營運費用減少了 0.01 美元。我們的效率和成本管理努力，特別是在第四季度，使我們的基礎營運和維護與去年同期幾乎持平。

Next, a handful of impacts driven by the execution of our long-term capital strategy, including a $0.19 decrease from higher depreciation and amortization; a $0.16 increase due to higher interest expenses; a $0.10 increase from higher AFUDC, driven by ongoing investment including the recently completed Clearwater Wind development; and a $0.22 decrease due to the dilutive impacts of draws on the equity forward sale in 2023.

接下來，我們的長期資本策略的執行帶來了一些影響，包括因較高的折舊和攤提而減少了 0.19 美元；由於利息支出增加，增加 0.16 美元；由於持續投資（包括最近完成的克利爾沃特風能開發項目）的推動，AFUDC 增加了 0.10 美元；由於 2023 年股權遠期銷售提款的稀釋影響，減少了 0.22 美元。

We had a $0.01 increase from other items, including higher returns on benefit plan assets and regulatory interest, partially offset by benefit plan buyout in 2022 that did not recur. Lastly, a $0.05 decrease to GAAP EPS resulting from the Boardman settlement refund, bringing us to our GAAP EPS of $2.33 per diluted share. After adjusting for this $0.05 impact, we reach our 2023 non-GAAP EPS of $2.38 per diluted share.

我們的其他項目增加了 0.01 美元，包括福利計劃資產和監管利息的更高回報，部分被 2022 年福利計劃收購所抵消，該收購沒有重複發生。最後，Boardman 和解退款導致 GAAP 每股收益減少 0.05 美元，稀釋後每股 GAAP 每股收益為 2.33 美元。調整 0.05 美元的影響後，我們的 2023 年非 GAAP 每股稀釋每股收益為 2.38 美元。

Turning to slide 8, which shows our latest 5-year capital forecast, 2024 through 2027 estimates are now upsized by $1.2 billion as we look to maximize customer value with system-wide improvements and emerging transmission investments. These transmission projects will focus on network improvements meant to alleviate congestion, improve adequacy and reliability, enable decarbonization and address customer growth.

轉向投影片 8，其中顯示了我們最新的 5 年資本預測，2024 年至 2027 年的預測現已上調 12 億美元，因為我們希望透過系統範圍的改進和新興的輸電投資來最大化客戶價值。這些輸電項目將專注於網路改進，旨在緩解擁塞、提高充足性和可靠性、實現脫碳並滿足客戶成長。

2028 transmission projections also include PGE's estimated contribution to the Bethel Round view transmission line upgrade, which will be undertaken with our long-time partner, the Confederated Tribes of the Warm Springs. This project will be assisted by the previously disclosed $250 million US DOE grants awarded to the tribes.

2028 年輸電預測還包括 PGE 對 Bethel Round view 輸電線路升級的估計貢獻，該升級將與我們的長期合作夥伴 Warm Springs Confederated Tribes of the Warm Springs 一起進行。該計畫將得到先前披露的美國能源部向這些部落提供的 2.5 億美元補助的支持。

As planning and scoping are finalized for this and other grant-related projects, we will update our estimates and reflect in future forecast. We have also refined our expectations for base capital spend to support grid modernization, system hardening and technology investments. As a reminder, this chart does not reflect CapEx related to the possible ownership from the recently launched 2023 RFP, which went to the market on February 2.

隨著該項目和其他與贈款相關的項目的規劃和範圍確定，我們將更新我們的估計並反映在未來的預測中。我們也完善了對基礎資本支出的預期，以支持電網現代化、系統強化和技術投資。提醒一下，此圖表並未反映與最近推出的 2023 RFP 中可能的所有權相關的資本支出，該 RFP 於 2 月 2 日上市。

The competitive bidding process schedule, which is included on our RFP website, anticipates bid submission, final shortlist selection, and shortlist submission to the OPUC by mid-2024. Project selection is expected in Q3 or Q4. This timeline is dependent on the volume and complexity of the bids, and we will update you as the competitive process continues.

我們的 RFP 網站上包含競爭性招標流程時間表，預計將在 2024 年中期提交投標、最終入圍名單選擇以及向 OPUC 提交入圍名單。預計項目選擇將在第三季或第四季進行。此時間表取決於投標的數量和複雜性，隨著競爭過程的持續，我們將向您通報最新情況。

While we are continuing to evaluate timing, increased base CapEx to deliver customer benefits and the incoming battery projects to improve group flexibility put weight on the scale for a near-term rate case filing. In line with our standard process, we will keep you informed of any actions regarding a rate case filing. On to slide 9, for our liquidity and financing summary.

在我們繼續評估時機的同時，增加基本資本支出以提供客戶利益，以及即將推出的電池項目以提高集團靈活性，都為近期費率案件備案奠定了基礎。根據我們的標準流程，我們將隨時向您通報有關費率案件歸檔的任何行動。請前往投影片 9，查看我們的流動性和融資摘要。

Total available liquidity at December 31 is $969 million. Our strong balance sheet, investment-grade credit ratings and stable credit outlook remain unchanged from our previous disclosures. Through December 2023, we've entered into (inaudible) sale agreements for $78 million of the $300 million available under the ATM. There have not been any draws in these forward agreements thus far.

截至 12 月 31 日，可用流動資金總額為 9.69 億美元。我們強勁的資產負債表、投資等級信用評級和穩定的信用前景與先前揭露的內容保持不變。截至 2023 年 12 月，我們已簽訂（聽不清楚）銷售協議，其中 ATM 可用資金為 3 億美元，其中 7,800 萬美元。到目前為止，這些遠期協議還沒有任何進展。

As we look to the remainder of 2024, we anticipate debt issuances of up to $730 million for the year, and we plan to continue our practice of issuing under our green financing framework where possible. On the equity front, capacity under the ATM remains sufficient for our base capital financing needs, including the battery projects currently underway. The ATM provides a helpful mix of capital access and dilution management that supports our ongoing base capital plan.

展望 2024 年剩餘時間，我們預計今年的債務發行量將高達 7.3 億美元，並且我們計劃在可能的情況下繼續在綠色融資框架下進行發行。在股權方面，ATM 的容量仍然足以滿足我們的基礎資本融資需求，包括目前正在進行的電池專案。ATM 提供了資本獲取和稀釋管理的有用組合，支持我們正在進行的基本資本計劃。

Continued management of our capital structure and trending towards our authorized 50:50 ratio over time remains a key priority. We maintain flexibility in financing options and remain confident in competitively accessing both debt and equity markets when necessary. As additional capital investment opportunities mature, including from the RFP, we will continue to evaluate our strategy and update you on our financing plans.

持續管理我們的資本結構並隨著時間的推移向我們授權的 50:50 比率發展仍然是關鍵優先事項。我們保持融資選擇的靈活性，並在必要時保持有競爭力地進入債務和股票市場的信心。隨著更多資本投資機會（包括來自 RFP 的機會）的成熟，我們將繼續評估我們的策略並向您通報我們的融資計劃。

Turning to slide 10. We are initiating full year 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share. As Maria noted earlier, the January storm system had a meaningful impact on our service territory, and we are continuing to work through the implications of the multi-day event. Currently, we estimate storm restoration operating expenses of $35 million to $45 million and approximately $15 million of capital cost to repair impacted assets.

轉到投影片 10。我們啟動 2024 年全年調整後每股攤薄收益指引 2.98 美元至 3.18 美元。正如瑪麗亞早些時候指出的，一月的風暴系統對我們的服務區域產生了重大影響，我們正在繼續努力解決多日事件的影響。目前，我們估計風暴恢復營運費用為 3,500 萬至 4,500 萬美元，修復受影響資產的資本成本約為 1,500 萬美元。

Earlier this month, we filed a deferral of these costs under a standing emergency restoration deferral. The conditions to trigger the first reliability contingency event treatment under the updated power cost recovery framework for (inaudible) as the region saw market price spikes, balancing authority alerts, and resource adequacy constraints on PGE system.

本月早些時候，我們根據長期緊急恢復延期申請推遲了這些費用。當該地區出現市場價格飆升、平衡機構警報以及 PGE 系統的資源充足性限制時，在更新的電力成本回收框架（聽不清楚）下觸發首次可靠性應急事件處理的條件。

Under the RCE mechanism, PGE is allowed to pursue recovery of 80% of the cost for the RCE above the amounts forecasted in the AUT, with the remaining 20% flowing through the existing PCAM. We are currently estimating the RCE cost between $85 million and $100 million. These impacts are still being finalized, but we will be able to provide more detail when we report Q1 2024 results.

根據 RCE 機制，PGE 可以追償高於 AUT 預測金額的 80% 的 RCE 成本，其餘 20% 透過現有的 PCAM 支付。我們目前估計 RCE 成本在 8,500 萬至 1 億美元之間。這些影響仍在最終確定中，但我們將在報告 2024 年第一季結果時提供更多詳細資訊。

Given the extraordinary and irregular nature of the storm last month, the effects are excluded from our 2024 guidance and will be excluded from our 2024 adjusted non-GAAP results to improve the comparability of earnings and to better reflect our ongoing financial performance. We expect this to involve the exclusion of the non-recoverable 20% portion of the RCE cost and any operating costs, which have been determined non-recoverable under existing mechanisms. I will now touch on other drivers of 2024 guidance.

鑑於上個月風暴的非同尋常和不規則性質，其影響被排除在我們的2024 年指引之外，並將被排除在我們的2024 年調整後非公認會計準則業績之外，以提高收益的可比較性並更能反映我們持續的財務表現。我們預計這將排除 RCE 成本中不可收回的 20% 部分以及任何營運成本，這些成本在現有機制下已被確定為不可收回。我現在將談談 2024 年指導的其他驅動因素。

As I said earlier, confidence in our service territory remains strong, highlighted by continued load growth from industrial customers and modest increases in the residential and commercial classes. Combined, we assume a 2% to 3% weather-adjusted retail load growth for 2024. These load dynamics as well as continued regional investment in a pipeline growth guidance of incoming projects give us continued confidence in our long-run load assumptions -- expectations, sorry. As such, we are reiterating our long-term load growth guidance of 2% through 2027.

正如我之前所說，人們對我們服務領域的信心依然強勁，工業客戶的負載持續成長以及住宅和商業類別的小幅成長凸顯了這一點。綜合來看，我們預計 2024 年經天氣調整後的零售負載將成長 2% 至 3%。這些負荷動態以及對即將到來的項目的管道增長指導的持續區域投資使我們對長期負荷假設（抱歉，預期）持續充滿信心。因此，我們重申 2027 年之前的長期負載成長指引為 2%。

We anticipate O&M expense ranging from $815 million to $840 million, which includes $165 million of earnings neutral regulatory deferral amortizations, wildfire mitigation, and vegetation management costs, and other offsetting items. Net of these items, the midpoint of our O&M range represents a 3% compound annual growth rate compared to 2022 base O&M net of similar offsets.

我們預計營運和維護費用在 8.15 億美元到 8.4 億美元之間，其中包括 1.65 億美元的收益中性監管遞延攤銷、野火緩解和植被管理成本以及其他抵銷項目。在扣除這些項目後，與 2022 年扣除類似抵銷額的基本營運和維護相比，我們的營運和維護範圍的中點代表了 3% 的複合年增長率。

We remain committed to deploying the right tools to optimize productivity and provide the highest quality customer service while also managing operating costs. This philosophy, coupled with derisking accomplishments and critical investments made in 2023 give us continued confidence in our growth plan. As such, we are reiterating our long-term earnings growth and dividend growth guidance of 5% to 7%.

我們仍然致力於部署正確的工具來優化生產力並提供最高品質的客戶服務，同時管理營運成本。這個理念，加上 2023 年降低風險的成就和關鍵投資，讓我們對我們的成長計畫充滿信心。因此，我們重申 5% 至 7% 的長期獲利成長和股息成長指引。

As our attention shifts to the year ahead, our core focus remains unchanged: safely serving clean, reliable and affordable energy while providing value to our communities, our customers, and our shareholders. And now operator, we are ready for questions.

隨著我們的注意力轉向未來的一年，我們的核心重點保持不變：安全地提供清潔、可靠和負擔得起的能源，同時為我們的社區、客戶和股東提供價值。現在接線員，我們準備好提問了。

(Operator Instructions) Nicholas Campanella, Barclays.

（操作員說明）尼古拉斯·坎帕內拉（Nicholas Campanella），巴克萊銀行。

Hey, thanks so much for taking my question, happy Friday.

嘿，非常感謝您回答我的問題，週五快樂。

Good morning.

早安.

So I guess just pretty material increase in the base CapEx plan here. So can you just help us understand, are there additional equity requirements beyond the $300 million ATM that you've highlighted in the slides, and then -- maybe I'll just leave it there for now. And then where do you stand in that 5% to 7% EPS CAGR with this new CapEx plan? Thank you.

所以我想這裡的基本資本支出計畫只是相當實質的增加。那麼，您能否幫助我們了解，除了您在幻燈片中強調的 3 億美元 ATM 之外，是否還有其他股權要求，然後——也許我現在就將其留在那裡。那麼，透過這個新的資本支出計劃，您的 EPS 複合年增長率為 5% 到 7%，您處於什麼位置？謝謝。

Sure. Well, thank you very much. So first, one of the additions that you're seeing, and we pulled it out and separated it from what we had shown you in the past, is our transmission investment plan. And that will continue to probably increase as we move forward as well.

當然。好的，謝謝。首先，您看到的新增內容之一是我們的輸電投資計劃，我們將其與過去向您展示的內容分開。隨著我們的前進，這一數字可能還會繼續增加。

And with regards to your questions on our equity offerings or where we're looking for the ATM, the ATM will cover what we need for the foreseeable future, including the batteries. We are waiting to see where we end up with the RFP projects that could be coming in, and that could potentially require additional capital.

至於您對我們的股票發行或我們在哪裡尋找 ATM 的問題，ATM 將滿足我們在可預見的未來所需的一切，包括電池。我們正在等待，看看我們最終可能會收到哪些 RFP 項目，這可能需要額外的資金。

We remain confident in our 5% to 7% growth rate. And you'll see that moving forward with confidence as we look to 2024, which is a really solid year for us given the outcome of our rate case, customer growth, and the capital plan that we just discussed.

我們對 5% 至 7% 的成長率仍然充滿信心。當我們展望2024 年時，您會看到我們充滿信心地向前邁進，考慮到我們的費率案例、客戶增長和我們剛剛討論的資本計劃的結果，這對我們來說是非常堅實的一年。

Okay. So on the on the base plan today, it's just that the current equity funding needed to do the base plan today. Obviously, that can change as this RFP comes through, and we'll see how much you can own versus not. Is that the right message?

好的。因此，就今天的基本計劃而言，只是需要當前的股權融資來完成今天的基本計劃。顯然，隨著此 RFP 的完成，這種情況可能會發生變化，我們將看看您可以擁有多少，而不可以擁有多少。這是正確的資訊嗎？

Yes, that's correct, Nick. Thanks.

是的，這是正確的，尼克。謝謝。

Okay. Thank you. And then just on -- I guess just on the storm expenses. Just understanding that you're deferring a portion of it. You talked about this $35 million to $40 million bucket and then this $85 million to $100 million for the RCE costs. Just simplistically, like how much is actually being deferred versus excluded from the non-GAAP number in '24?

好的。謝謝。然後就 - 我想只是風暴費用。只是了解您推遲了其中的一部分。您談到了 3500 萬至 4000 萬美元的 RCE 成本，以及 8500 萬至 1 億美元的 RCE 成本。簡單地說，就像 24 年的非 GAAP 數字中實際推遲和排除的金額有多少？

Sure. Let me let Joe take that on. And one of the things I want to recognize is this was truly an extraordinary event not only for the restoration efforts with regards to customer outages, but region wise, the energy markets were really in significant disarray. Joe?

當然。讓我讓喬來承擔這個任務。我想認識到的一件事是，這確實是一次非同尋常的事件，不僅對於客戶停電的恢復工作而言，而且就地區而言，能源市場確實處於嚴重混亂之中。喬？

And so, Nick, I'll sort of answer this a bit in reverse. So as it relates to the cost, the amount that we would expect not to be deferred that would be the operating, the exclusion would be between $0.10 and $0.15. Maybe everything else that we talked to would be deferred within one of the two mechanisms that we've mentioned previously.

所以，尼克，我會稍微反過來回答這個問題。因此，由於它與成本有關，我們預計不會推遲營運的金額，排除費用將在 0.10 美元到 0.15 美元之間。也許我們談論的其他所有事情都會在我們之前提到的兩種機制之一中被推遲。

That's helpful. Thank you so much.

這很有幫助。太感謝了。

Shahriar Pourreza, Guggenheim Partners.

Shahriar Pourreza，古根漢合夥人。

Hi, Shar.

嗨，莎爾。

Good morning. It's actually James for Shar. Good morning.

早安.實際上是詹姆斯換了莎爾。早安.

So if I could start on the load side, just part of the backdrop is your service territory has seen -- a lot of companies involved in semiconductor manufacturing and AI-specific data centers. Can you just give us some color on how AI is providing growth across the customer classes as you see it? And also, any detail on what incremental generation or transition opportunities are being created in the longer term, specifically by those customers?

因此，如果我可以從負載方面開始，那麼部分背景就是您所看到的服務領域——許多涉及半導體製造和人工智慧特定資料中心的公司。您能否向我們介紹一下人工智慧如何在您看來推動跨客戶類別的成長？此外，從長遠來看，特別是那些客戶正在創造哪些增量生成或過渡機會的詳細資訊？

Sure. That's a great question. So on the longer-term side, certainly, we have been a semiconductor manufacturing center for decades, and about 15% of semiconductors are manufactured in our service territory, and we expect to see a lot of longer-term growth. The construction of those facilities is very extensive, easier to construct. And near-term growth is the AI-driven data centers, both in terms of some of the mega facilities as well as some of the grid edge computing.

當然。這是一個很好的問題。因此，從長遠來看，當然，幾十年來我們一直是半導體製造中心，大約 15% 的半導體是在我們的服務領域製造的，我們預計會看到大量的長期成長。這些設施的建設非常廣泛，更容易建造。近期的成長是人工智慧驅動的資料中心，無論是在一些大型設施還是在一些網格邊緣運算方面。

So we're seeing no small shortage of demand from just about every hyperscaler and cloud computer company out there. And it's a really terrific amount of opportunity for us. Most of these companies want 100% clean energy. They frequently bring their own reliability back up and are interested in additional transmission substation infrastructure as well as others. So it allows for significant growth as we move forward.

因此，我們看到幾乎所有超大規模企業和雲端電腦公司的需求都存在不小的短缺。這對我們來說確實是一個絕佳的機會。這些公司中的大多數都希望獲得 100% 的清潔能源。他們經常恢復自己的可靠性，並對額外的輸變電站基礎設施以及其他基礎設施感興趣。因此，隨著我們的前進，它可以實現顯著成長。

For our communities and the other customers we serve, this creates an overall strengthening of our reliability and resiliency as we invest in new infrastructure. And it provides important jobs for the region, property taxes, and other significant benefits.

對於我們的社區和我們服務的其他客戶來說，當我們投資新基礎設施時，這會全面增強我們的可靠性和彈性。它為該地區提供了重要的就業機會、財產稅和其他顯著的好處。

Got you. And then shifting over to the regulatory side, Joe, you hinted this at the end of your prepared. I assume the timeline for new rate is Jan 1, '25 would be the new GRC filing in the next week or two. I guess can you just get a little more color on your thoughts on timing?

明白你了。然後轉向監管方面，喬，您在準備工作結束時暗示了這一點。我假設新利率的時間表是 25 年 1 月 1 日，新的 GRC 將在未來一兩週內提交。我想你能不能就你對時機的想法多說一點？

Sure. So we haven't finalized our thoughts on timing, but you're correct. Under the regulatory framework in Oregon, it is a 10-month window. So if we want rates to go effect immediately on January 1, a filing would need to occur by the end of this month.

當然。所以我們還沒有最終確定時間安排的想法，但你是對的。根據俄勒岡州的監管框架，該窗口期為 10 個月。因此，如果我們希望費率於 1 月 1 日立即生效，則需要在本月底之前進行備案。

We continue to finalize our thinking and approach, and we'll obviously communicate that as we have it. As I mentioned previously, there are certain items putting weight on the scale, the batteries coming online, and some other items that we would expect needing more time to recover.

我們將繼續敲定我們的想法和方法，我們顯然會按現有情況進行溝通。正如我之前提到的，有些項目會在秤上增加重量，電池即將上線，以及我們預計需要更多時間恢復的其他一些項目。

Okay. Thanks, guys.

好的。多謝你們。

Julien Dumoulin-Smith, Bank of America.

朱利安·杜穆蘭-史密斯，美國銀行。

Hey, good morning team. Thank you guys very much for the time. Hey, Maria, thank you.

嘿，早上好，團隊。非常感謝你們抽出時間。嘿，瑪麗亞，謝謝你。

Just following up on the latest from the Oregon PC, just on the rejection of the clean energy plan, I just want to understand a little bit, right? Because obviously, this is partial shor-term versus long-term. What message are they trying to send here about the 100% target, especially relative to affordability? And I'd love to get in your words a sense of breaking out of the different pieces that are ongoing, and then I got a follow-up quickly.

剛剛跟進俄勒岡州PC的最新消息，關於清潔能源計劃被拒絕的事情，我只是想了解一點，對吧？因為顯然，這是部分短期與長期的對比。關於 100% 的目標，特別是與負擔能力相關的目標，他們想在這裡傳達什麼訊息？我很想從你的話語中感受到打破正在進行的不同部分的感覺，然後我很快就得到了跟進。

Sure. No, it's a great question. And first of all, this is our first clean energy plan. And I want to acknowledge and recognize that our integrated resource plan was acknowledged, and we are moving forward under that IRP.

當然。不，這是一個很好的問題。首先，這是我們的第一個清潔能源計畫。我想承認並認識到我們的綜合資源計劃已得到認可，我們正在該 IRP 下向前推進。

There are questions really had to do around more granular admissions modeling. We have been doing day-by-day admissions modeling and they like to see hour-by-hour emissions modeling. Overall, as you'll also remember, our original IRP had -- was upsized in July quite significantly for additional energy needs as well as additional capacity needs. And I think there's more discussion among stakeholders and key constituents around how we're going to meet the additional needs with additional renewable energy and other infrastructure. So it's a good time to have healthy discussion around what is a really dynamic and rapidly growing environment here.

圍繞更精細的招生模型確實需要解決一些問題。我們一直在進行逐日的招生建模，他們希望看到逐小時的排放建模。總體而言，您還記得，我們​​最初的 IRP 在 7 月大幅擴大規模，以滿足額外的能源需求以及額外的容量需求。我認為利害關係人和主要參與者之間有更多的討論，圍繞著我們如何透過額外的再生能源和其他基礎設施來滿足額外的需求。因此，現在是圍繞著什麼是真正充滿活力且快速發展的環境進行健康討論的好時機。

Yeah, it's certainly. And just to make sure I'm understanding the key takeaway here. I mean, it seems like there's a broader question about like how you meet the 100% in terms of maybe there's a need for more. Again, because I know that at times there's been an acute focus on affordability here and perhaps enabling and ensuring that there's a pathway for affordability. I just want to make sure I'm hearing clearly what direction this rejection on the long term came from.

是的，當然。只是為了確保我理解這裡的關鍵要點。我的意思是，似乎存在一個更廣泛的問題，例如如何達到 100%，也許還需要更多。再說一遍，因為我知道有時人們會非常關注可負擔性，也許會啟用並確保有一條可負擔性的途徑。我只是想確保我清楚地聽到這種長期拒絕來自哪個方向。

It came from a need most clearly for additional emissions modeling, Julien. But the back story here is that we're seeing pretty significant changes to the upside of energy usage and wanting to really understand the sources of the economics of all of those procurements. As we bring on renewable resources, and a Clearwater would be a good example, we're actually not seeing customer prices react as we're displacing higher purchase energy in the market.

Julien，這顯然是出於對額外排放模型的需求。但背後的故事是，我們看到能源使用方面發生了相當重大的變化，並希望真正了解所有這些採購的經濟來源。當我們引入再生資源時，Clearwater 就是一個很好的例子，我們實際上沒有看到客戶價格做出反應，因為我們正在市場上取代更高的購買能源。

And so the additional renewables procurement is actually not driving customer prices as much as one would think as we model it forward. It's the overall need for investment and aging infrastructure and supporting significant customer growth that is driving customer prices as we move forward more than clean energy development.

因此，額外的再生能源採購實際上並沒有像我們預測的那樣對客戶價格產生影響。隨著我們的發展不僅限於清潔能源的發展，投資和老化的基礎設施以及支持客戶的顯著增長的總體需求正在推動客戶價格。

Right. And actually, to that point, I mean, you have a dramatic increase here in transmission, and that's not necessarily surprising given what you've been telegraphing in recent periods about the need for transmission. But can you maybe frame out -- I mean, how do you think about upside generation given the new level of spend tied to especially transmission here? I mean, should we continue to think about this as being incremental? Do you have a shift in how you think about allocating capital to generation here?

正確的。實際上，就這一點而言，我的意思是，這裡的傳輸量急劇增加，考慮到您最近一段時間以來一直在傳達的有關傳輸需求的信息，這並不一定令人驚訝。但你能否框架一下——我的意思是，考慮到與這裡特別是傳輸相關的支出的新水平，你如何看待上行發電？我的意思是，我們是否應該繼續認為這是漸進的？您對發電資金分配的看法是否發生了轉變？

I mean, I know that you're reaffirming 5% to 7%, but at times, perhaps there's been a ceiling on how much you want to push your core rate base considering all the various needs. Is there a push out potentially here in terms of some of the investments? Or really, do we -- should we consider this as truly incremental upon incremental opportunities?

我的意思是，我知道您重申 5% 到 7%，但有時，考慮到所有不同的需求，您希望提高核心利率基礎的程度可能存在上限。某些投資是否有可能被擠出？或者說，我們真的應該將其視為真正的增量機會嗎？

Sure. I mean, we have to always keep customer prices first and foremost. There's no question that we have seen customer price pressures, and we are very attuned to the interest of our customers and keep making sure that affordability stays first and foremost.

當然。我的意思是，我們必須始終將客戶價格放在首位。毫無疑問，我們已經看到了客戶的價格壓力，我們非常關注客戶的利益，並始終確保負擔能力始終放在首位。

One of the reasons that we have competitive RFPs for renewable generation capacity and energy is to get the very best prices for customers in competitive processes. We have done well in those processes in the past, and we hope to continue to be able to deliver the lowest cost, least risk clean energy resources to customers that is marketly available.

我們對再生發電能力和能源提出具有競爭力的 RFP 的原因之一是在競爭過程中為客戶獲得最優惠的價格。過去我們在這些流程中做得很好，我們希望繼續能夠向市場上的客戶提供成本最低、風險最小的清潔能源。

With regards to transmission, there is some flexibility. Some of these transmissions spend was in our historic run rate. Some is new and incremental. We think of this as concentric circle. The first circle being within our service territory really directly impacted by customer growth. The second is to bring clean energy from our area or just adjacent to our areas to our customers. And then the third is broader investments across the Northwest.

在傳輸方面，有一定的彈性。其中一些傳輸支出符合我們的歷史運行率。有些是新的和增量的。我們認為這是同心圓。第一個圈子位於我們的服務範圍內，確實直接受到客戶成長的影響。第二個是將我們地區或鄰近地區的清潔能源帶給我們的客戶。第三是西北地區更廣泛的投資。

One of the big increases as you look further out on the chart in 2028 is the Confederated Tribes of the Warm Springs project on our existing (inaudible) line where we received a $250 million Department of Energy grant to significantly upsize that existing line, most of which will continue over existing rights of way. So if we look at transmission, we're focused on relatively easy to execute, and my colleagues would probably question that transmission is ever easy to execute. But relatively lower risk projects within our service territory focused on repowering and increasing existing rights of lines.

當您進一步查看圖表時，2028 年的大幅增長之一是我們現有（聽不清楚）線路上的Warm Springs 聯盟部落項目，我們獲得了能源部2.5 億美元的撥款，用於大幅擴大現有線路，其中大部分這將繼續超越現有的通行權。因此，如果我們考慮傳輸，我們會專注於相對容易執行的問題，而我的同事可能會質疑傳輸是否容易執行。但我們服務範圍內風險相對較低的項目著重於重新供電和增加線路的現有權利。

Wonderful. Excellent. And just quick housekeeping on the ITC here if you don't mind. Just for the battery, is that going to be reflected like in a single year here or over five years? Or how do you think about the accounting for the ITCs here real quickly, again, sort of a novel subject in storage and regulated land?

精彩的。出色的。如果您不介意的話，請在 ITC 上進行快速整理。僅就電池而言，這會在一年內或五年內反映出來？或者你如何看待這裡的 ITC 會計，再次，這在儲存和管制土地方面是一個新主題？

So good morning, Julien. So from a standpoint of recognition, as the battery comes online, we'll recognize those ITCs, and we would expect -- since we have two batteries that will be coming in over '24 and '25 that will recognize those ITCs [what I'll call] to the balance sheet, the customer is receiving the benefits of those ITCs that we'll lay out in our next regulatory filing that will be amortized to them.

早安，朱利安。因此，從認可的角度來看，當電池上線時，我們將認可這些 ITC，並且我們預計 - 因為我們有兩種電池將在 24 和 25 年上市，它們將認可這些 ITC [我的意思]會調用]資產負債表，客戶正在獲得這些ITC 的好處，我們將在下一份監管文件中列出這些好處，並將其攤銷給他們。

Julien, I think when you get to the real question is once we put them on the balance sheet, the expectation is that we will monetize them somewhat shortly thereafter. So as we recognize them and they have the certainty of the ability to transfer, we will be looking to monetize it.

朱利安，我認為，當你談到真正的問題時，一旦我們將它們納入資產負債表，預計我們將在不久之後將它們貨幣化。因此，當我們認識到他們並且他們確定有轉移能力時，我們將尋求將其貨幣化。

Got it pretty concurrently. Got it. Thank you. And that will flow through the income statement?

同時得到它。知道了。謝謝。這會反映在損益表中嗎？

The monetization will flow through as a cash flow, right, from an -- the purchase and sale of the ITCs income will be income statement neutral to us.

貨幣化將以現金流的形式流動，對吧，購買和出售 ITC 的收入對我們來說損益表是中性的。

Okay, thanks very much. Appreciate it. Perfect.

好的，非常感謝。欣賞它。完美的。

Gregg Orrill, UBS.

格雷格·奧裡爾，瑞銀集團。

Good morning, Gregg.

早安，格雷格。

Thank you. Good morning. With regard to the rate case coming up, do you have any early thoughts on level of rate increase or thoughts on affordability heading into that?

謝謝。早安.關於即將到來的利率案例，您對利率上漲水準或承受能力有什麼早期想法嗎？

Hey, Greg. Good morning. It's Joe Trpik.

嘿，格雷格。早安.我是喬·特爾皮克。

Obviously, we start our case here always thinking about affordability to the customer, also considering we've had a previous case here. I would expect, in this case, truly the focus is going to be on the batteries, the assets that have been put in service to continue to advance both reliability, expand capacity on the system as well as small amounts of cost. I mean, I think this will mainly be -- truly just an infrastructure update to the plan focused on affordability.

顯然，我們在這裡開始我們的案例時總是考慮客戶的承受能力，同時也考慮到我們之前在這裡有一個案例。我預計，在這種情況下，真正的焦點將集中在電池上，即已投入使用的資產，以繼續提高可靠性、擴大系統容量以及少量成本。我的意思是，我認為這將主要是——真正只是針對可負擔性的計劃的基礎設施更新。

Got it. Thank you.

知道了。謝謝。

Paul Fremont, Ladenburg Thalmann.

保羅‧弗里蒙特，拉登堡‧塔爾曼。

Thank you very much and thank you for taking my question. I guess my first is given the storm deferrals for January, is that something that you would be looking to recover in the rate case that you're filing currently? Or would that fall outside the purview because of -- it's too recent?

非常感謝您並感謝您提出我的問題。我想我的第一個是一月份的風暴延期，您是否希望在當前提交的費率案例中恢復這一點？或者這會因為——它太新了而超出了權限範圍？

Good morning, Paul. So the storm recovery actually will fall through two separate processes than the general rate case. They'll both be in existing mechanisms. As it relates to the operating costs and the reconstruction costs, those will come through a deferral rider that will be filed and will have its own proceeding, which is -- and then as it relates to the cost of the energy and the RCE event, that will go through the PCAM process. Each will have a bit of a different timeframe. For example, the PCAM process would not be filed until 2025 with the recovery of that. That would work itself into 2026.

早安，保羅。因此，與一般情況相比，風暴恢復實際上將透過兩個單獨的過程進行。它們都將處於現有機制中。由於它與營運成本和重建成本相關，因此這些費用將透過延期附加條款來提交，該附加條款將被提交並有自己的程序，因為它與能源成本和 RCE 事件相關，這將經歷 PCAM 過程。每個都會有一些不同的時間範圍。例如，PCAM 流程要到 2025 年恢復才能歸檔。這將持續到 2026 年。

And then the timing on the OpEx recovery, does that -- would that normally occur within a year's time or shorter than that?

然後營運支出恢復的時間，通常會在一年內或更短的時間內發生嗎？

That recovery will be up to the discretion with the condition. Normally, the storms are recovered over due to their magnitude and the significance over an extended period. The last time we had a storm recovery of this nature, it was recovered over seven years.

恢復情況將取決於病情。通常，由於風暴的強度和在較長時期內的重要性，風暴會恢復。上次我們進行這種性質的風暴恢復時，已經恢復了七年。

Okay.

好的。

And what we will also run through just as an -- as you say, we'll also look to the eligibility for either of these four securitization, which will obviously can change the recovery stream as well.

正如您所說，我們還將審查這四種證券化中任何一種證券化的資格，這顯然也會改變復甦流程。

Okay. And then looking at the higher base CapEx, how should we think about that relative to your bidding into the renewable RFP? Would you be looking to win less in the RFPs given the magnitude of the CapEx increase? Or would there be no change in terms of your business strategy?

好的。然後看看較高的基礎資本支出，相對於您對再生能源招標的投標，我們應該如何考慮這一點？考慮到資本支出增加的幅度，您是否希望在 RFP 中贏得更少的收益？或者您的業務策略不會改變嗎？

So our bidding strategy today, our bidding strategy going forward and our bidding strategy in the past has always been the same, and that is to have the most competitive projects for the least cost and least risk for customers. And those projects are winners, they're good for customers, and they're good for financing.

所以我們現在的投標策略、未來的投標策略和過去的投標策略始終是一樣的，那就是為客戶提供成本最低、風險最小的最具競爭力的項目。這些項目都是贏家，它們有利於客戶，也有利於融資。

Okay. And then it looks like there's a $200 million to $300 million annual increase in CapEx each year. Should we look at the incremental amount of spending as being funded roughly 50% with equity? Is that a fair way to think about the financing?

好的。而資本支出每年似乎增加 2 億至 3 億美元。我們是否應該將增量支出視為約 50% 是由股權資助的？這是考慮融資的公平方式嗎？

I think when we look to the long-term financings here, we continue to look to over using flexibility, manage our capital structure, continue to move towards 50:50. So assumption that over time, you'd say that would be looked at that balance level, it would be a reasonable way to look at it.

我認為，當我們考慮這裡的長期融資時，我們繼續尋求過度利用靈活性，管理我們的資本結構，繼續朝著 50:50 邁進。因此，假設隨著時間的推移，您會說將考慮該平衡水平，那麼這將是一種合理的看待方式。

Great. And then my last question is a big step up I think in transmission and spend in '28. and I was just wondering what's the explanation of that.

偉大的。然後我的最後一個問題是我認為 28 年在傳輸和支出方面的一大進步。我只是想知道這是什麼解釋。

Sure. That's the -- an answer to Julien's question earlier, that's the Pelton Round Butte 23 [lawn]. It's planned to be increased to 500 kV in partnership with the confederated tribes of the Warmer Springs. We previously announced a $250 million grant for that work from the Department of Energy. Obviously, that project would cost more than $250 million. It's over 100 miles long, and it would be a multi-year project, the first year we're anticipating in 2028.

當然。這就是 Julien 之前問題的答案，那就是 Pelton Round Butte 23 [草坪]。計劃與 Warmer Springs 聯盟部落合作將其電壓提高至 500 kV。我們先前宣布能源部將撥款 2.5 億美元用於這項工作。顯然，該項目將耗資超過 2.5 億美元。它全長 100 多英里，將是一個多年項目，我們預計第一年是 2028 年。

So would the level of transmission spending stay at that higher level for several years?

那麼輸電支出水準會在幾年內維持在較高水準嗎？

Probably for a couple of years after that in 2029, 2030. The transmission line and the increase also opens up good portion of the central part of Oregon for additional renewable development. In partnership with the tribes, we currently co-own several hydro facilities with them. And so this will allow for a significant expansion, particularly of solar energy, but really making the central part of Oregon and the Confederated Tribes of the Warm Springs Reservation, an opportunity for further development through 2028 and beyond.

可能是在那之後的幾年，即 2029 年、2030 年。輸電線路和增量也為俄勒岡州中部的大部分地區開闢了額外的再生能源開發空間。我們與這些部落合作，目前與他們共同擁有多個水力設施。因此，這將允許顯著擴張，特別是太陽能的擴張，但真正使俄勒岡州中部和溫泉保留地聯盟部落成為 2028 年及以後進一步發展的機會。

And then my last question, with the step up in CapEx, what type of rate base growth does that give you on a percentage basis through '28?

然後我的最後一個問題是，隨著資本支出的增加，到 28 年，這會為你帶來什麼樣的利率基礎成長（以百分比為基礎）？

So Paul, in the sister document that we also filed this morning for the base capital, which includes the transmission, which includes the line that Maria just mentioned, that would put us at right around an 8% rate base growth. And then we've also, in that update, made some scenarios regarding our RFP outcome. And in that updated, it would put you with a 25% outcome, it would put you at a 9.2% rate base through '28.

所以，保羅，在我們今天早上提交的關於基礎資本的姊妹文件中，其中包括傳輸，其中包括瑪麗亞剛才提到的線路，這將使我們的基礎增長率達到 8% 左右。然後，我們也在該更新中針對 RFP 結果制定了一些方案。在更新中，它會讓你得到 25% 的結果，它會讓你在 28 年之前保持 9.2% 的利率基數。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

(Operator Instructions) Travis Miller, Morningstar.

（操作員說明）Travis Miller，晨星公司。

Thank you.

謝謝。

Good morning, Travis.

早上好，崔維斯。

Good morning, everyone. Quick question on the battery stuff that increase in the 2024 number. Is that incremental projects or is that some carryover spending from 2023?

大家，早安。關於 2024 年數量增加的電池材料的快速問題。這是增量項目還是 2023 年的一些結轉支出？

Specifically, as it relates to the battery, that is the 2021 RFP moving out. In fact, the battery spend you see in '24 and '25 was all existing from that RFP, and it is the -- the first set of spend is more than -- it's a console project or the smaller battery. And then the spend that goes into 2025 is the seaside battery, which is the larger one.

具體來說，與電池相關的是 2021 年 RFP 的移出。事實上，你在 24 年和 25 年看到的電池支出都是來自 RFP 的，而且它是——第一組支出不僅僅是——它是一個控制台項目或較小的電池。2025 年的支出是海邊電池，這是較大的支出。

Okay. I was thinking about the comp from the previous capital update which was I think is $100 million something to $235 million.

好的。我正在考慮上次資本更新的補償，我認為是 1 億美元到 2.35 億美元左右。

These are the same batteries. We have not added any projects. This is the update to the pricing for those same batteries.

這些是相同的電池。我們還沒有添加任何項目。這是這些相同電池的定價更新。

So there were some payments that went from 2023 to 2024.

因此，有一些付款是從 2023 年到 2024 年進行的。

Got it. Okay. Yeah, that's what I was thinking.

知道了。好的。是的，我就是這麼想的。

And then related on that, how much of the battery, specifically CapEx in those payments do you anticipate you'll be able to get into the rate case given that -- and correct me if I'm wrong, given that they're probably not going to be done, right, operational in the next (multiple speakers)?

然後與此相關的是，考慮到這一點，您預計您將能夠進入費率案例中的電池數量，特別是這些付款中的資本支出 - 如果我錯了，請糾正我，因為它們可能不會完成，對，下一步可操作（多個發言者）？

When we update the -- so when we do the filing, the filing will use a future amount of rate base. So we'll use an end of 2024 rate base. When we decide to file, we will place a structure in there that would expect recovery of the batteries on their in-service date. The first, the [console] battery, which has an in-service date somewhere right around at the end of 2024 and then also then the seaside battery as it goes in service in 2025.

當我們更新時，當我們進行備案時，備案將使用未來的費率基礎金額。因此，我們將使用 2024 年底的費率基數。當我們決定提交時，我們將在那裡放置一個結構，預計電池可以在使用日期恢復。第一個是[控制台]電池，其投入使用日期約為 2024 年底，然後是海邊電池，將於 2025 年投入使用。

As you may recall in our prior case and when we file whatever we file our next case, we will address the RAC or the renewable adjustment clause that allows for renewables to go into service. We previously had requested that batteries get included there. So they just automatically go in service. We will again look within our filing to address that policy as well as potentially consider other policies to ensure that the batteries are timely into service similar to other renewable assets.

您可能還記得我們先前的案例，以及當我們提交下一個案例時，我們將解決 RAC 或允許再生能源投入使用的可再生能源調整條款。我們之前曾要求將電池包含在內。所以它們會自動投入使用。我們將再次在我們的文件中審查該政策，並可能考慮其他政策，以確保電池像其他可再生資產一樣及時投入使用。

Okay, great. That's really helpful. And then different question, given the increase in the capital spending and your comments around trying to get back to the certain capital structure, what does that mean for the dividend and dividend growth you anticipate?

好的，太好了。這真的很有幫助。然後是另一個問題，考慮到資本支出的增加以及您對試圖恢復特定資本結構的評論，這對您預期的股息和股息成長意味著什麼？

Our expectation is as we continue to grow, we are committed to drawing the line as it relates to our 5% to 7% earnings growth and that similar dividend growth. So we have no expectation of changes in our dividend growth rate off of our previously communicated plan.

我們的期望是，隨著我們的持續成長，我們致力於劃定界限，因為這與我們 5% 至 7% 的獲利成長和類似的股息成長有關。因此，我們預期股利成長率不會比先前傳達的計畫改變。

Okay, in line with earnings.

好吧，跟收入相符。

That is right.

沒錯。

Okay. That's all I had. Thanks so much.

好的。這就是我所擁有的一切。非常感謝。

Thank you.

謝謝。

Thank you, Travis.

謝謝你，崔維斯。

Willard Grainger, Mizuho.

威拉德·格蘭傑，瑞穗。

Good morning.

早安.

Hi, good morning, everybody. Just a question coming back to the equity. I see in the balance sheet debt to cap, you finished 2023 with around 56% debt to cap. When do you think you'll be closer to the allowed 50% that you got in the last rate case? Thanks.

嗨，大家早安。只是一個回到股權的問題。我在資產負債表債務上限中看到，到 2023 年結束時，債務上限約為 56%。您認為什麼時候您會更接近上次費率案例中允許的 50%？謝謝。

Sure. Good morning. Good morning, Willard. So we look to -- as we built the five-year plan, we've considered a path that will get us towards that 50% over that period with some flexibility on the timing in between peers considering the RFP or considering how with and without RFP scenario. So we have a series of flexible strategies that will work us there over what I'll call these longer planning.

當然。早安.早安，威拉德。因此，當我們制定五年計劃時，我們考慮了一條途徑，使我們能夠在此期間實現50% 的目標，並在考慮RFP 或考慮如何考慮RFP 或考慮如何不考慮RFP 的同行之間的時間安排上具有一定的靈活性。RFP 場景。因此，我們有一系列靈活的策略，可以幫助我們解決我所說的長期計劃。

Understood. Thanks for the clarity. And then maybe just thinking about the battery storage, is that something that you'd likely see more of with some of the load growth? Or do you think that the generation spend is more geared towards traditional renewables?

明白了。感謝您的澄清。然後也許只是考慮電池存儲，隨著負載的增長，您可能會看到更多的電池存儲嗎？還是您認為發電支出更適合傳統再生能源？

Well, I think we'll see both. Clearly, capacity is important as we -- in particular, with all of the volatile weather that we're seeing. So I think you'll see additional batteries coming through through RFPs. And I think you'll also see more traditional renewables of wind and solar.

好吧，我想我們都會看到。顯然，容量對我們來說非常重要，特別是在我們所看到的所有不穩定天氣的情況下。因此，我認為您會看到透過 RFP 提供更多電池。我認為您還會看到更多傳統的風能和太陽能再生能源。

There are also some pump storage projects and some other projects that are farther out that independent power producers have been working on. And so I think this is going to be what I call all about a set of solutions as we move forward. We are also working very closely with customers on their energy usage and flexibility as well as standby generation to bring all of the resources to bear through this transition.

還有一些抽水蓄能專案和一些其他距離較遠的專案是獨立電力生產商一直在進行的。因此，我認為這將是我所說的隨著我們前進的一系列解決方案。我們也與客戶在能源使用、靈活性以及備用發電方面密切合作，以便利用所有資源來完成這項過渡。

Thank you. I'll leave it there. That's super helpful.

謝謝。我會把它留在那裡。這非常有幫助。

Thank you.

謝謝。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Maria Pope for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請瑪麗亞·波普（Maria Pope）發表閉幕詞。

Great. Thank you very much. We appreciate your interest in Portland General Electric. And we're excited about 2024, our continued growth at high tech and digital customers. Our capital plans to support that growth in renewable development as well as our continued focus on operating costs and operational excellence. We look forward to connecting with you soon and thank you very much for joining us today.

偉大的。非常感謝。我們感謝您對波特蘭通用電氣的興趣。我們對 2024 年感到興奮，因為我們在高科技和數位客戶方面將持續成長。我們的資本計劃支持再生能源開發的成長以及我們對營運成本和卓越營運的持續關注。我們期待盡快與您聯繫，非常感謝您今天加入我們。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。