Portland General Electric Co (POR) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to Portland General Electric Company's first quarter 2025 earnings results conference call. Today is Friday, April 25, 2025. This call is being recorded. (Operator Instructions) For opening remarks, I will turn the conference call over to Portland General Electric's Manager of Investor Relations, Nick White. Please go ahead, sir.

大家早安，歡迎參加波特蘭通用電氣公司 2025 年第一季財報業績電話會議。今天是 2025 年 4 月 25 日，星期五。此通話正在錄音。（操作員指示）作為開場發言，我將把電話會議交給波特蘭通用電氣公司的投資者關係經理尼克懷特。先生，請繼續。

Thank you, Shannon. Good morning, everyone. We're 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. These slides are available on our website at investors.portlandgeneral.com.

謝謝你，香農。大家早安。我們很高興您今天能加入我們。在我們今天早上開始之前，我想提醒大家，我們已經準備了一個簡報來補充我們的討論，我們將在整個通話過程中參考它。這些投影片可在我們的網站 investors.portlandgeneral.com 上找到。

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.

請參閱投影片 2。我們今天上午的一些言論將構成前瞻性陳述。我們提醒您，此類聲明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。

For a description of some of the factors that could cause 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.

有關可能導致實際結果大不相同的一些因素的描述，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，這些報告可在我們的網站上找到。

Turning to slide 3, 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.

翻到投影片 3，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。在他們發表完準備好的演講後，我們將開放式熱線回答大家的提問。現在我很高興將電話轉給瑪麗亞。

Good morning, and thank you all for joining us today. Portland General Electric announced advanced key priorities in the first quarter, laying the foundation for solid results, diligent cost management, and strong execution in 2025 and beyond.

早安，感謝大家今天參加我們的活動。波特蘭通用電氣公司在第一季宣布了關鍵優先事項，為2025年及以後的穩健業績、勤勉成本管理和強有力的執行奠定了基礎。

Beginning with slide 4, I'll speak to our financial results and key drivers. For the first quarter, we reported GAAP net income of $100 million or $0.91 per diluted share. This compares with first quarter 2024 GAAP net income of $109 million or $1.08 per diluted share and non-GAAP net income of $123 million or $1.21 per share.

從第 4 張投影片開始，我將介紹我們的財務表現和關鍵驅動因素。第一季度，我們報告的 GAAP 淨收入為 1 億美元，即每股 0.91 美元。相比之下，2024 年第一季 GAAP 淨收入為 1.09 億美元，即每股 1.08 美元，非 GAAP 淨收入為 1.23 億美元，即每股 1.21 美元。

Our first quarter results reflect the continuation of strong load growth from high tech and data center customers, who drove 4.6% total load growth and industrial load growth of 16.4% compared to the same quarter last year. PGE serves five large semiconductor customers and over 10 significant data center providers that are spread across dozens of sites, making up nearly a quarter of our total deliveries.

我們第一季的業績反映了高科技和資料中心客戶負載的持續強勁成長，與去年同期相比，他們推動總負載成長 4.6%，工業負載成長 16.4%。PGE 為五家大型半導體客戶和十多家重要的資料中心供應商提供服務，這些提供者分佈在數十個站點，占我們總交付量的近四分之一。

This growth is driving important capital improvements and upgrades across our transmission and distribution systems. These investments advance critical energy security and resource adequacy goals shared by customers and the communities we serve and also address aging infrastructure needs and enabling economic engine of our service territory.

這種成長正在推動我們輸電和配電系統的重要資本改善和升級。這些投資促進了客戶和我們所服務的社區所共同實現的關鍵能源安全和資源充足性目標，同時也解決了老化的基礎設施需求並推動了我們服務區域的經濟發展。

Many of these customers have aggressive clean energy goals that align with our municipal and residential customers, who make our clean energy program number one in the country according to Enron. our strategy drives our work to build the reliable, affordable and increasingly clean grid of the future including the ongoing 2023 and 2025 RFPs and the forthcoming 2025 IRP update.

許多客戶都擁有與我們的市政和住宅客戶一致的積極的清潔能源目標，根據安然公司的說法，這使我們的清潔能源計劃成為全國第一。我們的策略推動著我們致力於建立可靠、經濟且日益清潔的未來電網，包括正在進行的 2023 年和 2025 年 RFP 以及即將發布的 2025 年 IRP 更新。

Customer prices are central to our strategy and are planning -- and we are paying close attention to the evolving federal policy landscape and advocating for the continuation of renewable investment and production tax credits. Credit transferability and other provisions under the IRA and IIJA as well as closely following the ongoing tariff situation.

客戶價格是我們策略和規劃的核心——我們密切關注不斷變化的聯邦政策形勢，並倡導繼續提供再生能源投資和生產稅收抵免。信用可轉移性和 IRA 和 IIJA 下的其他規定以及密切關注當前的關稅情況。

Our commitment to address system resilience, advanced clean energy priorities, and provide safe, reliable, and affordable energy for every customer we serve is as important today as ever. Turning to wildfire risk. We're actively engaged with key stakeholders, including legislators at the Governor's office, the OPUC, the Oregon Department of Forestry, first responders, and other utilities and customers as we work towards solutions that address the societal risk of wildfires and other extreme weather.

我們致力於解決系統彈性、先進的清潔能源優先事項，並為我們服務的每一位客戶提供安全、可靠和負擔得起的能源，這一點在今天和以往任何時候都同樣重要。轉向野火風險。我們積極與主要利益相關者合作，包括州長辦公室的立法者、OPUC、俄勒岡州林業部、急救人員以及其他公用事業公司和客戶，致力於解決野火和其他極端天氣的社會風險。

Our mature year-round wildfire mitigation work is advancing as we deploy lessons learned from recent wildfires and sharpen our practices ahead of summer. In 2025, we plan to spend over $120 million on wildfire mitigation, including capital investments and O&M.

隨著我們吸取最近野火的教訓並在夏季來臨之前完善我們的做法，我們成熟的全年野火緩解工作正在取得進展。2025 年，我們計劃花費超過 1.2 億美元用於緩解野火，包括資本投資和營運與維護。

We're working with elected officials and stakeholders on legislation to address the financial risk from wildfires. A bill was introduced in February to create a standard of care for utility wildfire mitigation and establishes a safety certificate process to be managed by the OPUC and tied to our wildfire mitigation plan, creating clear standards for the work utilities do to prevent wildfires and keep communities safe is essential.

我們正在與民選官員和利益相關者合作制定立法，以應對野火帶來的財務風險。今年 2 月提出了一項法案，旨在製定公用事業野火緩解的護理標準，並建立由 OPUC 管理的安全證書流程，該流程與我們的野火緩解計劃掛鉤，為公用事業為防止野火和保障社區安全所做的工作制定明確的標準至關重要。

Our clear standards reduce the likelihood of wildfires being triggered by utility equipment as well as enhanced services liability, lower customer costs and provides economic stability for Oregon's communities. We're pleased to see continued progress on this important policy.

我們明確的標準降低了公用設備引發野火的可能性，增強了服務責任，降低了客戶成本，並為俄勒岡州的社區提供了經濟穩定。我們很高興看到這項重要政策不斷取得進展。

Will proposed legislation to create a catastrophic wildfire fund has not moved forward, the ongoing dialogue with stakeholders represents productive progress. Pacific Northwest states are just beginning to grapple with the liability issues related to wildfire risk. And as I said on our last call, these policies may take more than one session to achieve.

威爾提出的設立災難性野火基金的立法尚未取得進展，但與利益相關者的持續對話代表著富有成效的進展。太平洋西北地區各州剛開始著手解決與野火風險相關的責任問題。正如我在上次通話中所說，這些政策可能需要多次會議才能實現。

The work we're doing to address and manage risk by executing on our wildfire mitigation plan and working to find societal solutions for the risk of wildfire and extreme weather helps with affordability and protects customers.

我們透過執行野火緩解計畫並努力尋找應對野火和極端天氣風險的社會解決方案來解決和管理風險，這有助於提高負擔能力並保護客戶。

When it comes to affordability, there are several areas that also come together to reduce upward customer bill pressure. Growth, serving a growing customer base allows us to spread out operating costs and investments over larger volumes of business.

說到負擔能力，有幾個方面也可以結合起來，以減輕客戶帳單上漲的壓力。透過成長，服務不斷成長的客戶群，我們可以將營運成本和投資分攤到更大的業務量。

Cost management, our company-wide work to reduce O&M cost is well underway. We're evaluating every program and reducing cost to help keep customer prices as low as possible.

成本管理，我們全公司降低維運成本的工作正在順利進行中。我們正在評估每個項目並降低成本，以幫助盡可能降低客戶價格。

Joe will cover this work in greater detail in his remarks. As discussed on our previous call, we're working towards updating PGE's corporate structure to enable a holding company. This is a common structure in the industry. In fact, the most common structure and will help enable increased flexibility in how we finance our business.

喬將在他的演講中更詳細地介紹這項工作。正如我們上次電話會議中所討論的，我們正在努力更新 PGE 的公司結構，以實現控股公司的目標。這是業界常見的結構。事實上，最常見的結構將有助於提高我們為業務融資的靈活性。

As we look ahead, the Portland General Electric team is focused on managing our business with discipline and foresight, diligently controlling costs and risk management, and seeking competitive returns to effectively attract investment, delivering value to customers, communities, and shareholders. With that, I'll turn it over to Joe. Joe?

展望未來，波特蘭通用電氣團隊致力於以紀律性和遠見管理我們的業務，努力控製成本和風險管理，並尋求有競爭力的回報以有效吸引投資，為客戶、社區和股東創造價值。說完這些，我就把麥克風交給喬了。喬？

Thank you, Maria, and good morning, everyone. Turning to slide 5 and our Q1 results reflect strong energy demand from our industrial customers and ongoing system investments. Q1 2025 loads increased 4.6% overall or 4.4% weather-adjusted as compared to Q1 2024. Q1 2025 residential load decreased 0.8% quarter-over-quarter or 1% weather adjusted. Residential customer count increased by 1.6%, which was offset by energy efficiency driving lower usage per customer.

謝謝你，瑪麗亞，大家早安。翻到投影片 5，我們的第一季業績反映了工業客戶強勁的能源需求和持續的系統投資。與 2024 年第一季相比，2025 年第一季的負荷量總體增加 4.6%，經天氣調整後增加 4.4%。2025 年第一季住宅負載季減 0.8%，經天氣調整後下降 1%。住宅客戶數量增加了 1.6%，但能源效率的提高導致每位客戶的使用量下降，抵消了這一增長。

Commercial load remained relatively flat with a slight increase of 0.8% or 0.3% weather adjusted. We have observed another quarter of choppy growth from the industrial class this quarter. Industrial load increased 16.4% on both a nominal and weather-adjusted basis, as recent load growth trends from data centers and semiconductor customers continued.

商業負荷保持相對平穩，略微增加 0.8%，經天氣調整後增加 0.3%。我們觀察到本季工業部門又出現了波動性成長。由於資料中心和半導體客戶的近期負載成長趨勢持續，工業負載在名目和天氣調整基礎上均成長了 16.4%。

These results are aligned with our 2025 plan. And as such, we are reaffirming our 2025 weather-adjusted load growth guidance of 2.5% to 3.5% and our long-term load growth guidance of 3% through 2029 based on our current expectations.

這些結果與我們的 2025 年計畫一致。因此，根據我們目前的預期，我們重申 2025 年天氣調整後的負荷成長指引為 2.5% 至 3.5%，以及到 2029 年的長期負荷成長指引為 3%。

I'll now cover our financial performance quarter over quarter. We experienced a $0.07 increase in total revenues, driven by a $0.14 increase from the 4.6% low growth -- 4.6% growth in deliveries, partially offset by a $0.07 decrease in revenues due to delivery composition changes, a decrease from power cost of $0.08, driven by a $0.17 EPS decrease due to power cost performance in 2024 that reverses for this comparison and a $0.09 increase from favorable conditions, which drove lower power costs than anticipated in the annual update tariff.

我現在將介紹我們每季的財務表現。我們的總收入增加了 0.07 美元，這得益於 4.6% 的低增長（交付量增長 4.6%）增加了 0.14 美元，但部分抵消了交付結構變化導致的收入減少 0.07 美元，電力成本減少 0.08 美元，這是由於 2024 年成本表現逆轉導致每股收益減少 170.0.美元。

Overall, we are slightly below the PCAM baseline in Q1. An $0.18 EPS decrease from operating expenses made up of $0.04 of O&M net of improved recovery and deferral related items, driven primarily by the timing of wages and benefits and professional service costs. $0.11 from higher depreciation and amortization and $0.03 from higher interest expenses driven by higher debt balances in support of the ongoing capital investments.

總體而言，我們在第一季略低於 PCAM 基線。營運費用減少了 0.18 美元，其中營運和維護費用減少了 0.04 美元，扣除了改善的恢復和遞延相關項目，這主要歸因於工資和福利的時間以及專業服務成本。折舊和攤銷費用增加導致每股收益減少 0.11 美元，利息支出增加導致每股收益增加 0.03 美元，原因是支持持續資本投資的債務餘額增加。

And lastly, an $0.11 decrease from other items, including $0.08 from dilution from the recent equity draws and $0.03 from other miscellaneous items.

最後，其他項目減少了 0.11 美元，其中包括最近股權提取稀釋造成的 0.08 美元和其他雜項項目的 0.03 美元。

Turning to slide 6 for our five-year capital forecast, which remains consistent with our last disclosure. The incoming Seaside battery remains on track to come in service at the end of June and will complement our existing battery portfolio during peak summer usage.

翻到投影片 6 查看我們的五年資本預測，這與我們上次揭露的內容一致。即將投入使用的 Seaside 電池預計將於 6 月底投入使用，並將在夏季高峰使用期間補充我們現有的電池組合。

We are advancing our regulatory strategy for Seaside in Q2, consistent with their expedited option introduced in the 2025 GRC order as we will seek recovery of this important asset that will soon serve customers. Beyond that, we're constructively engaging with parties as we evaluate our long-term regulatory path.

我們將在第二季度推進針對 Seaside 的監管策略，這與 2025 年 GRC 命令中引入的加速選項一致，因為我們將尋求恢復這項即將為客戶服務的重要資產。除此之外，我們也正在評估長期監管路徑時與各方進行建設性接觸。

While the timing and scope remains fluid, we are focused on options that balance our commitment to affordability while recovering key capital investments serving customers. On the resource planning and procurement fronts, we are continuing through negotiations with the 2023 RFP bidders and still expect contract finalization in the second half of the year and projects in service by the end of 2027 under current conditions.

雖然時間和範圍仍不確定，但我們專注於平衡我們對可負擔性的承諾與收回為客戶服務的關鍵資本投資的選擇。在資源規劃和採購方面，我們正在繼續與 2023 年 RFP 投標者進行談判，並仍預計合約將在下半年完成，並且在當前條件下專案將於 2027 年底投入使用。

Filing of the 2025 IRP update will be made later this quarter and will support the 2025 RFP process, which has advanced through preliminary stages and will fully launch in the second half. As Maria mentioned, we are keeping an eye towards federal policy developments, including tariffs, changes in the Inflation Reduction Act, tax policy, and other relevant legislation that may impact our base capital plans or renewable procurement.

2025 年 IRP 更新將於本季稍後提交，並將支援 2025 年 RFP 流程，該流程已完成初步階段並將於下半年全面啟動。正如瑪麗亞所提到的，我們正在關注聯邦政策的發展，包括關稅、通貨膨脹削減法案的變化、稅收政策以及其他可能影響我們的基本資本計劃或可再生能源採購的相關立法。

This is clearly a dynamic situation, but we are engaged in all fronts with suppliers, customers, regulators, policymakers and other stakeholders as we evaluate collective impacts.

這顯然是一個動態的情況，但我們在評估集體影響時與供應商、客戶、監管機構、政策制定者和其他利害關係人進行了全方位的接觸。

On to slide 7, for our liquidity and financing summary. Total liquidity at the end of March was $948 million, and our credit ratings and outlook remain unchanged from the last quarter. We executed $310 million of first mortgage bonds at the end of March and anticipate up to $140 million more of debt financing later this year to support our capital investment plan and general corporate purposes.

前往投影片 7，查看我們的流動性和融資摘要。3 月底的總流動資金為 9.48 億美元，我們的信用評級和展望與上一季相比保持不變。我們在三月底發行了 3.1 億美元的一級抵押貸款債券，預計今年稍後將再發行高達 1.4 億美元的債務融資，以支持我們的資本投資計劃和一般公司用途。

We priced an additional $87 million under the ATM program in Q1 as we deliberately execute our base financing plan, which remains at $300 million per year for 2025 and 2026. The growing needs of customers, clean energy progress and our commitment to affordability are pushing us towards new solutions that unlock value for our customers and stakeholders, expanding our financing flexibility remains a priority, and as Maria noted, we are pursuing updates to our structure, including a holding company formation.

我們在第一季根據 ATM 計劃額外定價了 8700 萬美元，因為我們有意執行我們的基本融資計劃，該計劃在 2025 年和 2026 年仍為每年 3 億美元。客戶日益增長的需求、清潔能源的進步以及我們對可負擔性的承諾正在推動我們尋求新的解決方案，為我們的客戶和利益相關者釋放價值，擴大我們的融資靈活性仍然是我們的首要任務，正如瑪麗亞所指出的，我們正在尋求更新我們的結構，包括控股公司的組建。

After making solid headway in Q1, our teams remain focused on advancing key priorities for the balance of 2025. This includes deploying intentional cost management measures to realize lasting efficiencies and the right cost structure.

在第一季取得堅實進展之後，我們的團隊仍將專注於推進 2025 年剩餘時間的關鍵優先事項。這包括部署有意的成本管理措施，以實現持久的效率和正確的成本結構。

This builds on the foundation we lead in 2024 to identify strategies that improve the efficiency and effectiveness of our work and support lasting strong performance. Implementing this plan is challenging but important as we find ways to streamline our operations, utilizing tools and technology to do high-impact work at lower cost. This is critical to support our commitment to customer affordability and bolster our culture to consistently deliver on expectations.

這是在我們 2024 年領導的基礎上製定的，旨在確定提高工作效率和效果並支持持久強勁表現的策略。實施這項計劃具有挑戰性但很重要，因為我們找到了簡化營運的方法，利用工具和技術以較低的成本完成高影響力的工作。這對於支持我們對客戶可負擔性的承諾以及加強我們的文化以始終如一地滿足期望至關重要。

Given our progress to date, we are confident in the path forward and our strategy that underpins our near-term and long-term outlook. As such, we are reaffirming our 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share and our long-term earnings and dividend growth guidance of 5% to 7%.

鑑於我們迄今為止的進展，我們對前進的道路以及支撐我們近期和長期前景的策略充滿信心。因此，我們重申 2025 年調整後每股收益 3.13 美元至 3.33 美元的預期，以及 5% 至 7% 的長期收益和股息成長預期。

We look forward to continued execution for the remainder of the year as we focus on safely delivering reliable, increasingly clean and affordable energy to our customers and the communities we serve. And now, operator, we are ready for questions.

我們期待在今年剩餘時間內繼續執行，專注於為我們的客戶和服務社區安全地提供可靠、日益清潔和負擔得起的能源。接線員，現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Julien Dumoulin-Smith, Jefferies.

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

Just wanted to come back on the legislative and just wildfire context. Obviously, you heard the comments earlier. How are you thinking about the progress and more importantly, just where you're making progress, where you aren't specifically in setting expectations, whether this year or next year, just to lay the groundwork because, obviously, I think that's kind of the linchpin of some of the other subsequent decisions, right, like a holdco, it seems from a timing perspective.

只是想回顧一下立法和野火的背景。顯然，您之前就聽到了這些評論。您如何看待進展？更重要的是，您所取得的進展在哪裡？您沒有具體設定預期，無論是今年還是明年，只是為了打下基礎，因為顯然，我認為這是其他一些後續決策的關鍵，對吧，例如控股公司，從時間角度來看是這樣。

So you're spot on with regards to the timing. With regards to progress that we're making, one of the things I think that has really been evident is there are a lot of legislators that really were not aware of the extensive wildfire mitigation plans that we put in place, the extensive increase in vegetation management and the work that we've done in system hardening over the number of -- the past number of years.

所以你對於時間的判斷很準確。關於我們所取得的進展，我認為一個顯而易見的現像是，許多立法者實際上並不知道我們制定的廣泛的野火緩解計劃、植被管理的廣泛加強以及我們在過去幾年中在系統強化方面所做的工作。

And so there was a lot of discussion over really what it takes the costs and the significant increase in costs over the last couple of years for wildfire prevention and mitigation.

因此，人們對預防和緩解野火的實際成本以及過去幾年中成本的大幅增加進行了大量討論。

One of the things that I think is also interesting is that wildfire presents itself very differently in different parts of the state. So we've had a lot of discussions by experts as well as others. Where we have really excelled is with regards to a certificate process.

我認為還有一件有趣的事情是，野火在州內不同地區的表現非常不同。因此，我們與專家和其他人進行了許多討論。我們真正出色的地方在於證書流程。

And that has been very important in terms of establishing a well-known and well-understood standard of care, not unlike what you would see in the medical field or in engineering fields or in many other fields.

這對於建立一個眾所周知且易於理解的護理標準非常重要，這與你在醫學領域、工程領域或許多其他領域所看到的護理標準並無不同。

And then where we have much more work to do is with regards to a fund and then also limitations of liabilities associated with accessing that type of fund. So the customers can get access to funds much faster than they would through other processes. We have a lot more work to do there. And I think you'll see that the continuation of discussions even after the legislation -- legislative session should be very productive.

我們還有很多工作要做，涉及基金以及取得此類基金相關的責任限制。因此，客戶可以比透過其他流程更快獲得資金。我們還有很多工作要做。我認為你會發現，即使在立法會議結束後，繼續進行討論也應該會非常有成效。

Excellent. And then just on the -- if I can follow that up real quickly here with where you stand. I mean you've got the 5% to 7% CAGR out there and certainly, that's dependent on seeing the financing come through with a certain level of dilution. When you think about the decision to follow through our CapEx as we see today, I just wanted to get your sense of confidence, right? We have public statements here from others saying we're going to focus on affordability.

出色的。然後，如果我可以在這裡快速跟進您的立場，那該怎麼辦？我的意思是，你已經獲得了 5% 到 7% 的複合年增長率，當然，這取決於融資是否通過一定程度的稀釋。當您考慮我們今天所看到的遵循資本支出的決定時，我只是想了解您的信心，對嗎？我們收到了其他人的公開聲明，稱我們將重點放在可負擔性。

At the same time, we're not seeing the follow-through on the wildfire legislation, whether in '25, maybe it happens to '26, but -- at what point do you say, look, we're going to pull back on growth because the broader construct is telling us to reassess here.

同時，我們還沒有看到野火法案的後續行動，無論是在 2025 年，還是在 2026 年，但是——在什麼時候你會說，看，我們將放慢增長速度，因為更廣泛的概念告訴我們要重新評估。

I mean it's a difficult backdrop. I appreciate what you guys are doing, especially from cost containment perspective, and I want to highlight that here, but at the same time, so many different pressure points here. Is there a certain moment where you say we're going to reassess?

我的意思是這是一個困難的背景。我很欣賞你們所做的一切，特別是從成本控制的角度，我想在這裡強調這一點，但同時，這裡有許多不同的壓力點。您說在某個特定時刻我們會重新評估嗎？

Yeah, I think it's a good question, Julien. It's one that we asked ourselves continually. I -- just as reminder, we talked about this pretty extensively on the second quarter -- excuse me, on the first quarter call in February as well as previous.

是的，我認為這是個好問題，朱利安。這是我們不斷問自己的問題。我——提醒一下，我們在第二季度——對不起，是在二月份的第一季電話會議以及之前的電話會議上——已經非常詳細地討論了這個問題。

We always thought that the discussion with regards to addressing wildfire in Oregon would take two sessions. And I'm very appreciative of representatives of Marsh and Manex for the tireless work that they have done with regards to both bills, but in particular with regards to the safety certification.

我們一直認為，解決俄勒岡州野火問題的討論需要兩次會議。我非常感謝 Marsh 和 Manex 的代表為這兩項法案所做的不懈工作，特別是在安全認證方面。

As we move forward, you're right, we're looking at our ability to be able to adequately recover costs and deliver competitive returns and competitive growth for investors.

隨著我們不斷前進，您說得對，我們正在審視我們是否有能力充分收回成本，並為投資者帶來有競爭力的回報和有競爭力的成長。

Excellent. Well, look, maybe just last quick one on timing on the RFPs. And any -- any updates there just as far as it goes? Because obviously, your outlook is pretty sensitive to that. Just if you could just clarify what you're seeing on that front? And I'll leave it there.

出色的。好吧，看，也許這只是關於 RFP 時間安排的最後一個快速問題。就目前情況而言，還有什麼更新嗎？因為很明顯，你的觀點對此非常敏感。您能否澄清一下您在這方面看到的情況？我就把它留在那裡。

So we couldn't be more pleased with the negotiations as they're progressing. Obviously, in the external and global as well as national environment, there's a lot of noise. But our customer base is growing. Our customer base continues to be focused on clean energy and we look forward to concluding the negotiations as we go through the balance of the year and bringing on projects in the 2027 time period. I would note that from the last projects we brought on, we're already seeing tremendous advantages of the battery storage.

因此，我們對談判的進展感到非常滿意。顯然，在外部、全球和國家環境中，存在著許多噪音。但我們的客戶群正在成長。我們的客戶群繼續專注於清潔能源，我們期待在今年剩餘的時間內完成談判並在 2027 年期間開展專案。我想指出的是，從我們上次開展的專案來看，我們已經看到了電池儲存的巨大優勢。

In fact, we've seen upwards of just under 10% in certain periods of time coming from our battery storage, enabling lower-cost energy to be delivered to customers and really taking advantage of the variability across the entire West.

事實上，在某些時期，我們的電池儲存的電量上升了近 10%，從而能夠向客戶提供低成本的能源，並真正利用整個西部地區的差異性。

Michael Lonegan, Evercore ISI.

邁克爾·洛內根（Michael Lonegan），Evercore ISI。

You have -- so obviously, you've seen strong industrial sales growth driven by semiconductors and data centers. You reiterated your 3% long-term load growth forecast. But given the tariffs and concerns about economic development, just wondering, are you prepared for a potential slowdown in this load growth and then slowdown in capital projects. Just wondering if you could talk about the options you have for capital potential reallocation? And then also what you're expecting in terms of capital inflation?

顯然，您已經看到由半導體和資料中心推動的強勁工業銷售成長。您重申了 3% 的長期負載成長預測。但考慮到關稅和對經濟發展的擔憂，我只是想知道，您是否準備好應對這種負荷成長的潛在放緩以及資本項目的放緩。只是想知道您是否可以談談資本潛在重新分配的選擇？那麼，您對資本通膨有何預期？

Yeah. So first of all, with regards to our industrial base, it's primarily three areas. The first is a quarter of it is really traditional industrial customers. A quarter and our fastest-growing area is semiconductors -- excuse me, is data centers. that's the fastest-growing area by far. And then about half is semiconductors.

是的。首先，就我們的工業基礎而言，主要有三個領域。第一，其中四分之一是真正的傳統工業客戶。四分之一，我們成長最快的領域是半導體——對不起，是資料中心。這是迄今為止成長最快的領域。其中約一半是半導體。

We are watching the global market for semiconductors very closely. And between all three of those sectors, we remain very confident in our growth as we move forward.

我們正在密切關注全球半導體市場。在這三個領域中，我們對未來的成長仍然充滿信心。

In terms of overall inflation, we've actually seen a moderating of inflation in terms of costs that are impacting us. I would imagine that our customers are seeing somewhat of the same thing. Obviously, that does not come and take into consideration all the discussions with regards to tariffs that are taking place nationally and globally.

就整體通膨而言，我們實際上已經看到影響我們的成本通膨有所緩和。我想我們的客戶也看到了同樣的事情。顯然，這並沒有考慮到國內和全球範圍內有關關稅的所有討論。

Great. And then -- you've talked about monetizing tax credits to manage your financing plan. Just wondering how much monetization does your plan currently account for per year? And then in the event, there was no longer any transferability. What would be your approach to plugging that gap, potentially more equity?

偉大的。然後——您談到了將稅收抵免貨幣化來管理您的融資計劃。只是想知道您的計劃目前每年能帶來多少貨幣化？然後，實際上就不再具有可轉移性了。您會採取什麼方法來彌補這一差距，從而實現更多的公平？

Joe, do you want to address it up?

喬，你想解決這個問題嗎？

So as it relates to our base plan, the only tax credits are really contemplated in our financing are the ones related to the Seaside project that's about to come online. After that, our base plan and investments in our base plan, do you not have any additional ITCs or PTCs. We do have, I should say, a small monetization of our PTCs over time, but they're not significant to our financing.

因此，就我們的基本計劃而言，我們融資中真正考慮的唯一稅收抵免是與即將上線的海濱專案相關的稅收抵免。在此之後，我們的基礎計劃和對基礎計劃的投資，您是否沒有任何額外的 ITC 或 PTC。應該說，隨著時間的推移，我們的 PTC 確實實現了少量貨幣化，但這對我們的融資來說並不重要。

As it relates to our growth when we consider the potential participation in the RFP, we would anticipate that there are -- there can be ITCs in there, but we look at those first as a benefit to a cost reduction to our customers, and then they obviously do have the ability to take some pressure off of our financing. I should say, with the ITCs and PTCs that we've had that we monetized to date and the ones that are coming, we continue to see strong interest in the ability to monetize those investments.

因為它與我們的成長有關，當我們考慮參與 RFP 時，我們預計其中可能會有 ITC，但我們首先將其視為降低客戶成本的好處，然後它們顯然有能力減輕我們的融資壓力。我應該說，透過迄今為止我們已經實現貨幣化的 ITC 和 PTC 以及即將實現貨幣化的 ITC 和 PTC，我們繼續看到人們對將這些投資貨幣化的能力的濃厚興趣。

So I mean, in short, baseline other than Seaside does not rely on the ITCs and long term, that is really the ITCs are as much about affordability for our customers and effective pricing.

所以我的意思是，簡而言之，除了 Seaside 之外的基準並不依賴 ITC 和長期，也就是說，ITC 實際上與客戶的承受能力和有效定價息息相關。

(Operator Instructions)

（操作員指示）

Richard Sunderland, J.P. Morgan.

摩根大通的理查桑德蘭。

Picking up the RFP conversation, do you see any need or potential to pivot resources out of the 2023 RFP and into the 2025 RFP to update pricing for, let's say, tariff or supply chain impacts?

繼續討論 RFP，您是否認為有必要或有潛力將資源從 2023 年 RFP 轉移到 2025 年 RFP，以更新定價，例如關稅或供應鏈影響？

As it relates to pricing, this isn't very dissimilar from what we saw in 2021 that these type of changes are contemplated. So we don't -- at this point, think there's a need to roll forward. We have a pretty adaptable process on the dialogue that we have with the RFP group right now continues to contemplate these uncertainties. So at least at this point in time, we believe there are enough vehicles within the actual standing RFP process to adjust as we move in 2021. If you recall, there were some pricing increases as well as some clarity in the IRA.

就定價而言，這與我們在 2021 年看到的考慮此類變化的情況並無太大不同。因此，就目前而言，我們認為沒有必要繼續前進。我們與 RFP 小組的對話有一個相當靈活的過程，目前我們仍在考慮這些不確定性。因此，至少在目前這個時間點，我們相信實際的現有 RFP 流程中有足夠的工具可以在 2021 年進行調整。如果您還記得的話，IRA 中的價格有所上漲，但同時也有一些澄清。

There was a net increase that we were able to work through subsequent to the RFP process getting through into the selection.

在 RFP 流程進入選擇階段後，我們能夠實現淨成長。

Got it. And does that hold true for the batteries in the 2023 RFP? I mean, are those being sourced from China?

知道了。這對於 2023 年 RFP 中的電池也是如此嗎？我的意思是，這些都是從中國採購的嗎？

Yeah. As it relates to the batteries, we -- we haven't disclosed where they're sourced from yet, but obviously, batteries overall have a majority coming from overseas. But in our dialogue with the parties, we are contemplating ways to address the way that tariffs could impact their batteries, assuming they do have that exposure. And we continue with that dialogue to be on track here to be able to execute here in the second half of the year for these RFPs.

是的。至於電池，我們還沒有透露它們的來源，但顯然，電池總體上大部分來自海外。但在與各方的對話中，我們正在考慮如何應對關稅可能對其電池產生的影響，並假設他們確實存在這種影響。我們將繼續進行對話，以確保能夠在今年下半年執行這些 RFP。

Okay. Got it. That's helpful. And then turning back to some of the comments in the opening script, Maria, I know you mentioned growth as one angle to address affordability. I'm curious if you could speak a little bit more to, I guess, the relationship with that data center customers and how you're getting the right structure with them on minimum guarantees, cost overall sort of avoiding that cross subsidization on to existing rate payers. What's the overall landscape look like in terms of sort of paying your fair share if that makes sense?

好的。知道了。這很有幫助。然後回到開場白中的一些評論，瑪麗亞，我知道你提到成長是解決負擔能力的一個角度。我很好奇，您是否可以再多談談與資料中心客戶的關係，以及如何與他們建立正確的最低擔保結構，整體成本如何避免對現有費率支付者的交叉補貼。如果這有意義的話，就支付您應付的份額而言，總體情況是什麼樣的？

It's an excellent question, and it's something that we're spending a lot of time talking about both in the regulatory and in the legislative arenas. In fact, there is a legislation to address this as we speak. Overall, the impact is in several areas. The first is just overall infrastructure. And as you can see, we've broken out separate transmission area in our capitalization table.

這是一個很好的問題，我們在監管和立法領域都花了很多時間討論這個問題。事實上，我們已經有立法來解決這個問題。總體而言，影響體現在幾個方面。首先是整體基礎設施。如您所見，我們在資本化表中劃分了單獨的傳輸區域。

And it's really these new large customers, particularly data centers, that's driving a lot of the need for transmission build-out really in the first time and sometimes decades in our service territory. So there is a benefit overall for system reliability. With regards to distribution, some impact there, certainly.

正是這些新的大客戶，特別是資料中心，在我們的服務區域內首次甚至幾十年內推動了大量輸電建設的需求。因此，總體而言，這對系統可靠性是有好處的。就分佈而言，肯定會產生一些影響。

But most overall what you really see is a change in the market price of power as the increasing demand comes from data centers, whether we are serving them or other utilities in the Pacific Northwest. And we need to be doing more direct procurement for those, and we do have some programs that allow for that already and we're working directly with customers.

但總體而言，您真正看到的是電力市場價格的變化，因為需求不斷增加來自資料中心，無論我們是為資料中心提供服務還是為太平洋西北地區的其他公用事業提供服務。我們需要對這些進行更多的直接採購，我們確實已經有一些允許這樣做的計劃，並且我們正在直接與客戶合作。

I would also say that the data centers bring additional stability to the grid. We have some data centers that are bringing battery stores. We have some that have backup -- many of backup generation and that is something that we have been working on for years and it's accelerated our virtual power plant process.

我還想說，資料中心為電網帶來了額外的穩定性。我們有一些資料中心配有電池儲存。我們有一些備用發電廠——許多備用發電廠，這是我們多年來一直致力於的事情，它加速了我們的虛擬發電廠進程。

Nathan Richardson, Barclays.

巴克萊銀行的內森理查森。

Just a couple of quick questions here. So I just want to clarify. So I believe you said that you intend to do an expedited Seaside case. I was wondering if there was any more details about that.

這裡只想問幾個簡單的問題。所以我只是想澄清一下。所以我相信您說過您打算加快審理海濱案件。我想知道是否還有關於此事的更多細節。

Sure. So yes, we do plan, as you may recall, in the 2025 GRC that was proposed to us. It's a bit unique as it's not something we've done before. We're in the process of finalizing the details with the party through constructive dialogue.

當然。是的，正如您可能還記得的，我們確實在向我們提出的 2025 GRC 中製定了計劃。這有點獨特，因為這不是我們以前做過的事情。我們正透過建設性對話與該方敲定細節。

So we would expect that to be filed here sometime in the coming -- in the coming months, days, a year or so shortly. And it's pretty simple as it relates to just clarifying the mechanism on when and how we recover the cost. But we think the dialogue has been productive to date, and -- and so we look forward to being able to file this and work forward with it.

因此，我們預計該文件將在未來幾個月、幾天、一年左右的時間內提交。這很簡單，因為它只涉及澄清何時以及如何收回成本的機制。但我們認為，迄今為止的對話富有成效，因此，我們期待能夠提交該提案並繼續前進。

Got it. That makes sense. And then last one. So sequentially, the equity layer seems to have gone down a little bit. I was curious where you think you'll be at the end of the year with the current equity issuance in the plan. And then part two of that is, what do you think the trajectory is to get back to 50% and you have a rough time line on that?

知道了。這很有道理。然後是最後一個。因此，從順序來看，股權層似乎有所下降。我很好奇，您認為按照目前的股權發行計劃，到年底您的業績會達到什麼水平。第二部分是，您認為回到 50% 的軌跡是什麼，您對此有一個大致的時間表嗎？

So as we mentioned before, we've drawn down as it relates to the -- I shouldn't say drawn down. We've issued under the ATM up to $100 million so far, right? Our capital plan to date needs $300 million. Current pricing as it relates to the market, although not where we would -- would like it to be is somewhere that we believe we can continue to make pretty investments that are not dilutive here. We think as we work forward here, we continue to be committed and think even at these kind of prices we can work towards our 50-50 cap structure going forward.

因此，正如我們之前提到的，我們已經減少了與此相關的部分——我不應該說減少了。到目前為止，我們已經透過 ATM 發行了高達 1 億美元的資金，對嗎？我們的資本計畫迄今需要3億美元。目前的定價與市場相關，儘管不是我們希望的水平，但我們相信我們可以繼續進行不會稀釋股權的漂亮投資。我們認為，隨著我們在此方面的努力，我們會繼續致力於此，並認為即使在這種價格下，我們也可以努力實現 50-50 的上限結構。

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

My questions are probably a follow-up on the last one and Julien's on the holding company. I think, Joe, you mentioned about targeting the 50-50. Does it require the holding company to be established before you achieve the 50-50?

我的問題可能是對上一個問題以及朱利安關於控股公司問題的後續問題。喬，我想你提到過以 50-50 為目標。實現 50-50 之前是否需要成立控股公司？

As it relates to that, our financing plan and our strategy to get to 50-50, which would obviously be the utility is exclusive of and does not rely upon a holding company strategy? That is just our straight up plan.

與此相關，我們的融資計劃和策略是達到 50-50，這顯然是公用事業獨有的，並且不依賴控股公司策略？這只是我們的直接計劃。

And then when you think about the creation of the holding company, is there a targeted level of debt that you would look to maintain at the holding company?

然後，當您考慮創建控股公司時，您是否希望維持控股公司的目標債務水平？

It's too early to get to specifics on that. Obviously, we want to use the holding company here to give us the flexibility to continue to be able to efficiently finance and manage our cost for the customer. But -- but to date, there's nothing specific other than the focus that the holding company will drive flexibility, will continue to support a customer.

現在談論這一細節還為時過早。顯然，我們希望利用控股公司來提供靈活性，以便能夠繼續有效地為客戶融資和管理成本。但是 — — 但到目前為止，除了控股公司將推動靈活性、將繼續支持客戶之外，還沒有任何具體內容。

And we expect over this process, which I think we've mentioned would take up to a year, we'll get further clarity there just and expect that we will stay within our reasonable norms for those types of structures.

我們期望在這個過程中，我想我們已經提到這將需要一年的時間，我們將得到進一步的澄清，並期望我們將保持在這些類型的結構的合理規範範圍內。

And just I'm not familiar with Oregon if there's any issues in the state from a regulatory perspective on double leverage if the equity and debt ratios at the holding company differ from that of the opco?

而且我不熟悉俄勒岡州，如果控股公司的股權和債務比率與 opco 的股權和債務比率不同，從監管角度來看該州是否存在雙重槓桿問題？

Today, I can't say that there's anything specific there. I do think that as we work through with the regulator here, will clarify through a set of agreements and stipulations on how the holding company will work. But if you ask specifically to provisions as it relates to that I do not believe there are any.

今天，我不能說那裡有什麼具體的東西。我確實認為，隨著我們與監管機構的合作，將會透過一系列協議和規定來澄清控股公司如何運作。但如果你具體詢問與此相關的規定，我認為沒有任何規定。

Gregg Orrill, UBS.

瑞銀的格雷格·奧裡爾。

Just maybe you hit this already, just the timing of pursuing the holdco proposal?

或許您已經意識到了這一點，這正是推行控股公司提案的時機？

We'll be filing something in the latter part of the second quarter.

我們將在第二季後半段提交一些文件。

Okay. All right. That's the only question I had. Appreciate it.

好的。好的。這是我唯一的疑問。非常感謝。

Great. Thanks Greg.

偉大的。謝謝格雷格。

And I'm currently showing no further questions at this time. I'd like to turn the call back over to Maria Pope for closing remarks.

目前我沒有其他問題。我想將電話轉回給瑪麗亞·波普，請她做最後發言。

Thank you all for joining us today. We appreciate your interest in Portland General Electric, and we look forward to connecting with everyone soon. Thank you very much.

感謝大家今天的參與。感謝您對波特蘭通用電氣的關注，我們期待很快與大家建立聯繫。非常感謝。

This concludes today's conference call. Thank you for your participation. 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。