Portland General Electric Co (POR) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to Portland General Electric Company's third-quarter 2025 earnings results conference call. Today is Friday, October 31, 2025. This call is being recorded. (Operator Instructions)

各位早安，歡迎參加波特蘭通用電氣公司2025年第三季收益業績電話會議。今天是2025年10月31日，星期五。本次通話正在錄音。（操作說明）

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

接下來，我將把會議交給波特蘭通用電氣公司投資者關係經理尼克懷特，請他致開幕詞。請繼續，先生。

Thank you, Michelle. Good morning, everyone, and thank you for joining us today. Before we begin, 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，米歇爾。各位早安，感謝大家今天收看我們的節目。在開始之前，我想提醒各位，我們準備了一份簡報來補充我們的討論，我們將在整個通話過程中參考這份簡報。簡報可在我們的網站 investors.portlandgeneral.com 上查看。

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 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.

請參考投影片2。今天上午我們的一些演講將構成前瞻性陳述。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。有關可能導致實際結果與預期結果有重大差異的一些因素的說明，請參閱我們的盈利新聞稿以及我們最新的 10-K 和 10-Q 表格定期報告，這些文件可在我們的網站上查閱。

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.

接下來請看第 3 張投影片，今天主持我們討論的是總裁兼執行長 Maria Pope，以及財務資深副總裁兼財務長 Joe Trpik。在他們發言結束後，我們將開放提問環節。

Now it's my pleasure to turn the call over to Maria.

現在我很高興把電話交給瑪麗亞。

Good morning and thank you all for joining us today. We delivered another strong quarter in Q3, and we maintain our laser focus on execution, driving value and advancing our five strategic priorities.

早安，感謝各位今天收看我們的節目。我們在第三季又取得了強勁的業績，我們將繼續專注於執行、創造價值和推進我們的五項策略重點。

Starting on slide 4. First, investing in customer-driven clean energy goals; second, working to keep customer prices as low as possible; third, supporting data center and high-tech growth in the region's economic development; fourth, reducing risk through operational execution, system hardening and wildfire policies; and fifth, promoting an investable energy future.

從第4張投影片開始。首先，投資於以客戶為導向的清潔能源目標；其次，努力將客戶價格保持在盡可能低的水平；第三，支持該地區經濟發展中的數據中心和高科技增長；第四，透過營運執行、系統加固和野火政策降低風險；第五，促進可投資的能源未來。

Our industry and Portland General are seeing tremendous growth. Since 2019, high-tech manufacturing and infrastructure investments have resulted in over 8% industrial growth, which is expected to only increase, driving our overall load growth of 3% through the end of the decade. Portland General's customers and our region remain focused on clean energy. We are also focused on affordability as we work to keep our cost structure flat and customer prices as low as possible, in turn, providing stable competitive returns to shareholders.

我們的行業和波特蘭綜合醫院都經歷了巨大的成長。自 2019 年以來，高科技製造業和基礎設施投資帶來了超過 8% 的工業成長，預計這一成長動能也將持續，推動我們在本十年末實現 3% 的整體負載成長。波特蘭通用公司的客戶和我們所在的地區仍然專注於清潔能源。我們也注重價格可負擔性，努力保持成本結構平穩，盡可能降低客戶價格，從而為股東提供穩定且具競爭力的回報。

I will cover the progress we've made in each of these five priorities before highlighting this quarter's results. Clean Energy. Given the dynamic policy and market environment for clean energy, our state and company are accelerating to meet the moment. Earlier this month, Oregon Governor, Tina Kotek, issued an executive order aimed at accelerating renewable energy development before federal tax credits expire, an important step that supports continued progress for the state's goals. This dovetails with the multipronged procurement strategy PGE deployed in July to maximize the approximate 30% of federal tax credits that directly lowers cost for customers.

在重點介紹本季業績之前，我將介紹我們在這五個優先事項中所取得的進展。清潔能源。鑑於清潔能源政策和市場環境的動態變化，我們州和公司正在加快步伐，以適應當前情況。本月初，俄勒岡州州長蒂娜·科泰克發布了一項行政命令，旨在聯邦稅收抵免到期前加快再生能源的發展，這是支持該州目標持續取得進展的重要一步。這與 PGE 在 7 月實施的多管齊下的採購策略相吻合，該策略旨在最大限度地利用約 30% 的聯邦稅收抵免，從而直接降低客戶的成本。

As part of the 2023 RFP, we undertook a price refresh to capture the impacts of The One Big Beautiful Bill and trade tariffs, which culminate in an updated shortlist filed with the commission earlier this month. The short list reflects a rigorous, least cost, least risk approach designed to yield reliable, affordable outcomes on timelines, responsive to evolving legislative requirements. In parallel, we saw community-based renewable energy and bilateral PPAs for energy and capacity, which are yielding additional projects.

作為 2023 年 RFP 的一部分，我們進行了價格更新，以反映《一項偉大的法案》和貿易關稅的影響，最終形成了本月早些時候提交給委員會的更新後的候選名單。這份入圍名單體現了一種嚴格、成本最低、風險最小的方法，旨在按時取得可靠、經濟的成果，並滿足不斷變化的立法要求。同時，我們看到了以社區為基礎的再生能源和雙邊能源及容量購電協議，這些都催生了更多項目。

Finally, we took a critical step forward in the 2025 RFP, was also launched in July. All bids have been received, and we are now evaluating projects and building towards contract execution in 2026. Every element of our strategy prioritizes reliable delivery of energy to customers while maximizing the window of several clean energy tax credits.

最後，我們在 2025 年 RFP 中邁出了關鍵一步，該 RFP 也於 7 月啟動。所有投標書均已收到，我們現在正在評估項目，並朝著 2026 年合約執行的目標邁進。我們的策略中每個要素都優先考慮向客戶可靠地輸送能源，同時最大限度地利用多項清潔能源稅收抵免政策。

To date, we have secured over $1 billion of PTCs and ITCs for our own clean energy portfolio, and we estimate as much as another $1 billion from long-term, third-party energy contracts. This is just one part of our approach that enables clean energy affordability, allowing our customers to receive the full benefit of high-value clean energy resources at the lowest cost possible.

迄今為止，我們已為我們自己的清潔能源組合獲得了超過 10 億美元的 PTC 和 ITC，我們估計還將從長期第三方能源合約中獲得高達 10 億美元的收入。這只是我們實現清潔能源價格可負擔性的方法的一部分，使我們的客戶能夠以盡可能低的成本獲得高價值清潔能源資源的全部益處。

Customer affordability. The customer affordability commitment, our multiyear management program continues to deliver great results. This work touches every corner of our company as we focus on safe, reliable service while keeping customer prices as low as possible. Joe will cover more about our progress in detail shortly.

顧客的承受能力。我們致力於保障客戶負擔能力，我們的多年管理計畫持續取得顯著成效。這項工作涉及我們公司的各個方面，因為我們致力於提供安全可靠的服務，同時盡可能降低客戶價格。喬稍後會詳細介紹我們的進展。

Customer growth. We continue to see significant load growth with total load up over 5% compared to the same quarter last year. Our industrial customers, led again by data centers and semiconductor manufacturers, grew their energy usage by over 13% as these customers expand their existing facilities and develop new sites. This builds upon over a decade of high-tech manufacturing and infrastructure expansion in the region.

客戶增長。我們持續看到顯著的負載成長，總負載較去年同期成長超過 5%。我們的工業客戶，尤其是資料中心和半導體製造商，隨著現有設施的擴建和新廠址的開發，能源消耗量增加了 13% 以上。這建立在該地區十多年來高科技製造業和基礎設施擴張的基礎上。

We are continuing to plan and execute alongside our customers as they scale and ramp their operations. The passage of Oregon's data center legislation which will be implemented through regulatory proceedings concluding next March, provides rate-making clarity, improved cost allocation, and importantly, margin expansion from PGE's fastest-growing industrial customers.

我們將繼續與客戶一起規劃和執行，協助他們擴大和提升營運規模。俄勒岡州資料中心立法的通過（將於明年 3 月透過監管程序實施）將帶來費率制定的清晰度、成本分配的改善，更重要的是，還將擴大 PGE 成長最快的工業客戶的利潤率。

Building on this supportive policy, we're investing in new transmission and utilizing a combination of system upgrades. These include dynamic line ratings, AI data analytics and customer-sided solutions to maximize new investments and leverage existing infrastructure. PGE recently completed a project with AI start-up GridCARE, that leverages flexibility in data center usage, applying generative AI forecasting to unlock additional system capacity.

在這項扶持政策的基礎上，我們正​​在投資建造新的輸電線路，並結合多種系統升級措施。這些措施包括動態線路評級、人工智慧數據分析和客戶解決方案，以最大限度地提高新投資和利用現有基礎設施。PGE 最近與 AI 新創公司 GridCARE 完成了一個項目，該項目利用資料中心使用的靈活性，應用生成式 AI 預測來釋放額外的系統容量。

We also achieved a first-of-its-kind solution alongside distributed storage provider, Calibrant Energy, and digital infrastructure provider, Aligned Data Centers. The agreement will deliver a battery system to Aligned's campus, enabling the facility to come online and scale operations years earlier than previously expected. High-tech manufacturing and digital infrastructure are important contributors to the strength of Oregon's economy.

我們也與分散式儲存供應商 Calibrant Energy 和數位基礎架構供應商 Aligned Data Centers 合作，實現了首創的解決方案。該協議將為 Aligned 的園區提供一套電池系統，使該設施能夠比預期提前數年投入營運並擴大規模。高科技製造業和數位基礎設施是俄勒岡州經濟實力的重要貢獻者。

I'd like to reiterate that for Portland General Electric, this load growth isn't theoretical. For years, we have been meeting this significant and growing customer energy usage quarter-over-quarter. Today, we're working with regulators and parties to ensure that costs are fairly allocated across customer groups. Industrial growth is helping us spread fixed costs of our system across a larger base, support affordability for all customers.

我想再次強調，對於波特蘭通用電氣公司而言，這種負荷成長並非理論上的。多年來，我們一直滿足著客戶日益增長的能源使用需求。今天，我們正與監管機構和各方合作，以確保成本在各個客戶群之間公平分配。工業成長有助於我們將系統的固定成本分攤到更大的用戶群中，從而提高所有客戶的經濟承受能力。

Risk management. Wildfire season has officially ended in our service area. Our comprehensive year-end mitigation programs continues as we work to deliver results, hardening the system, enhancing situation awareness and deploying technology to protect our communities and improve the liability.

風險管理。我們服務區域內的野火季已正式結束。我們全面的年終緩解計畫仍在繼續，我們努力取得成果，強化系統，增強態勢感知能力，並部署技術來保護我們的社區和降低責任風險。

We recognize that more is needed to address the collective risk presented by wildfires and extreme weather. We remain committed to working with policy makers to find meaningful answers to these complex issues. Wildfire risk is a societal wide problem, and we are working on operational, legislative, regulatory and other outcomes to deliver societal wide solutions, an investable energy future.

我們意識到，要應對野火和極端天氣帶來的集體風險，還需要採取更多措施。我們將繼續致力於與政策制定者合作，為這些複雜問題找到實際的解決方案。野火風險是一個社會性問題，我們正在努力從營運、立法、監管和其他方面著手，以提供社會性的解決方案，以創造一個值得投資的能源未來。

Lastly, an update on our regulatory proceedings and proposed update to our corporate structure. Last week, we received the order on the Seaside Alternative Recovery Mechanism for the largest stand-alone battery on our system. The order represents a constructive outcome and was supported by the memorandum of understanding reached with parties back in the spring.

最後，我們將介紹監管程序的最新進展以及公司結構的擬議更新。上週，我們收到了 Seaside 替代恢復機制的訂單，該機制將用於我們系統中最大的獨立電池。該命令代表著一個建設性的結果，並得到了今年春天與各方達成的諒解備忘錄的支持。

This is an important step forward in our ongoing cooperation with the regulatory stakeholders. We appreciate the careful consideration of the commission and the collaboration with staff and intervenors. The Distributed System Plan arm remains on track and we continue to expect a resolution in the first part of next year.

這是我們與監管機構持續合作中邁出的重要一步。我們感謝委員會的認真審議以及與工作人員和介入方的合作。分散式系統規劃部門的工作仍在按計劃進行，我們仍然預計明年上半年將取得成果。

The proceedings for PGE's proposed creation of a holding company and transmission company are also progressing as expected. The docket now includes a procedural schedule with a target date of June 2026. The proposed holding company update aligns PGE's corporate structure to industry standards.

PGE擬成立控股公司和輸電公司的程序也如預期進行。目前，該案卷中包含一份程序時間表，目標日期為 2026 年 6 月。擬議的控股公司調整使PGE的公司結構符合行業標準。

Both the holding company and the transmission company enable improved financing flexibility that will yield benefits for customers and shareholders. We look forward to continued engagement with stakeholders to reach outcomes that encourage investment in Oregon and advance our customers and state's long-term goals.

控股公司和輸電公司都能提高融資彈性，進而為客戶和股東帶來利益。我們期待繼續與各利益相關方合作，以取得能夠鼓勵對俄勒岡州進行投資並推進我們客戶和州長期目標的成果。

I'll now turn to slide 5 for our financial results. For the third quarter, we reported GAAP net income of $103 million or $0.94 per diluted share. On non-GAAP basis, net income was $110 million or $1 per share. This compares to third-quarter 2024 GAAP net income of $94 million or $0.90 per diluted share. Similar Q2, our non-GAAP results exclude business transformation and optimization expenses from the customer affordability commitment and updates to our corporate structure.

接下來我將翻到第5張投影片，介紹我們的財務表現。第三季度，我們公佈的 GAAP 淨收入為 1.03 億美元，即每股稀釋收益 0.94 美元。以非GAAP準則計算，淨收入為1.1億美元，即每股1美元。相比之下，2024 年第三季 GAAP 淨收入為 9,400 萬美元，即每股攤薄收益 0.90 美元。與第二季類似，我們的非GAAP績效不包括業務轉型和優化費用，這些費用源自於客戶負擔能力承諾和公司架構更新。

Results this quarter underscore the mission of our company and my commitment to executing with discipline, advancing our strategy and delivering value to customers, communities and shareholders. Our team is laser-focused on execution and results, finishing 2025 strong and building off our momentum of our continued success in the years ahead.

本季業績凸顯了我們公司的使命以及我致力於嚴謹執行、推進策略並為客戶、社區和股東創造價值的承諾。我們的團隊將全力以赴，注重執行和結果，力爭在 2025 年取得佳績，並在未來幾年繼續保持成功的勢頭。

With that, I'll turn it over to Joe. Joe?

這樣，我就把麥克風交給喬了。喬？

Thank you, Maria, and good morning, everyone. Q3 was another solid quarter and reflects the strength of our strategy. We are serving significant demand growth and executing our cost management program with discipline and focus.

謝謝你，瑪麗亞，大家早安。第三季業績依然穩健，反映了我們策略的優勢。我們正在應對顯著的需求成長，並以嚴謹和專注的態度執行成本管理計劃。

Turning to slide 6. Total load increased 5.5% overall and 7.3% weather adjusted compared to Q3 2024. Residential load increased 2.2% quarter over quarter but increased 6.7% weather adjusted. Residential customer count increased by 1.2%. Commercial load increased 1.3% overall or 1.9% weather adjusted.

翻到第6張投影片。與 2024 年第三季相比，總負載整體成長 5.5%，經天氣調整後成長 7.3%。居民用電量季增 2.2%，但經天氣調整後成長 6.7%。住宅用戶數量增加了1.2%。商業負荷整體成長1.3%，經天氣調整後成長1.9%。

Industrial load again saw significant growth, with Q3 demand increasing 13% or 13.2% weather adjusted, led again by our diverse group of data center and high-tech customers. Given our robust load growth we've observed and our forecast for the Q4 demand, we are updating our weather-adjusted 2025 load growth guidance to 3.5% to 4.5%.

工業負荷再次顯著成長，第三季需求成長 13%，經天氣調整後成長 13.2%，這再次得益於我們多元化的資料中心和高科技客戶群。鑑於我們觀察到的強勁負載成長以及我們對第四季度需求的預測，我們將經天氣調整後的 2025 年負載成長預期更新為 3.5% 至 4.5%。

Now I'll cover our quarter-over-quarter earnings drivers. We experienced a $0.44 increase in total revenues driven by a $0.16 increase from our 5.5% demand growth and a $0.28 increase due to our higher average price of deliveries from improved recovery.

接下來我將介紹我們季度季比獲利的驅動因素。我們總收入增加了 0.44 美元，其中 0.16 美元來自 5.5% 的需求增長，0.28 美元來自更高的平均配送價格（由於復甦情況改善）。

A decrease from power cost of $0.24 driven by a $0.38 from favorable power cost in 2024 that reversed for this comparison and a $0.14 benefit from the cost to serve load in Q3 2025 driven by stable market pricing and power cost recovery timing.

電力成本下降 0.24 美元，原因是 2024 年電力成本有利下降 0.38 美元（但在此比較中情況有所逆轉），以及 2025 年第三季度服務負荷成本下降 0.14 美元，這得益於穩定的市場定價和電力成本回收時間。

A $0.06 EPS increase from lower operation and maintenance expenses driven by our continued benefits from our cost management work as our teams drive efficiencies and realize savings across our business. A $0.23 decrease from impacts in support of our ongoing rate base investments and execution of our financing plan made up of $0.14 of depreciation and amortization, $0.05 of dilution, and $0.04 of interest expense.

由於我們的團隊不斷提高效率並在整個業務中實現節約，成本管理工作持續帶來效益，營運和維護費用降低，每股收益成長 0.06 美元。由於持續的利率基礎投資和融資計劃的執行，每股收益減少了 0.23 美元，其中包括 0.14 美元的折舊和攤銷、0.05 美元的稀釋以及 0.04 美元的利息支出。

A $0.07 increase from other items, including an $0.11 increase from our prior year deferral reserve that did not recur and $0.04 of various miscellaneous items. And lastly, a $0.06 decrease from business transformation and optimization expenses, bringing our GAAP EPS of $0.94 per diluted share. After adjusting for this impact, we reach our Q3 2025 non-GAAP EPS of $1 per diluted share.

其他項目增加了 0.07 美元，其中包括上一年遞延準備金增加 0.11 美元（該部分並未再次發生）以及各種雜項增加 0.04 美元。最後，由於業務轉型和優化費用減少 0.06 美元，我們的 GAAP 每股稀釋收益為 0.94 美元。經過調整後，我們 2025 年第三季非 GAAP 每股攤薄收益為 1 美元。

Turning to slide 7 for our capital forecast. Our plan continues to focus on expanding our transmission capabilities, optimizing our Distribution System and maintaining a reliable generation fleet. As Maria highlighted, the 2023 RFP continues to advance towards resolution, and we are pleased with the over 1 gigawatt of solar and battery projects on the updated final shortlist.

接下來請看第7張投影片，了解我們的資本預測。我們的計畫將繼續著重於擴大輸電能力、優化配電系統和維持可靠的發電設施。正如瑪麗亞所強調的那樣，2023 年的 RFP 繼續朝著最終目標邁進，我們對更新後的最終入圍名單中超過 1 吉瓦的太陽能和電池項目感到滿意。

We have requested OPUC acknowledgment in the fourth quarter, and we continue to expect the projects will be in service by the end of 2027. We will update our CapEx plan for the incoming 2023 RFP projects as those negotiations finalize and contracts are executed in the coming months. Overall, these projects bolster our rate base growth trajectory as we serve the significant demand we're experiencing and support Oregon's clean energy goals.

我們已請求 OPUC 在第四季度確認，我們仍然預計這些項目將在 2027 年底前投入使用。我們將根據未來幾個月內談判的最終結果和合約的簽署情況，更新 2023 年 RFP 專案的資本支出計劃。總體而言，這些項目鞏固了我們的費率基礎成長軌跡，以滿足我們正在經歷的巨大需求，並支持俄勒岡州的清潔能源目標。

On to slide 8 for our liquidity and financing summary. Total liquidity at the end of Q3 was just over $1 billion. Our investment-grade credit ratings and outlook remained stable since the last quarter. We continue to see strength in our cash flow metrics, including a trailing 12-month CFO to debt metric of above 20%. For financing during the quarter, we completed our ATM pricing activity for 2025 in support of our base equity need for the year.

接下來是第 8 張投影片，內容是我們的流動性和融資摘要。第三季末的總流動資金略高於10億美元。與上一季相比，我們的投資等級信用評級和展望保持穩定。我們的現金流指標持續保持強勁勢頭，包括過去 12 個月的 CFO 與負債比率超過 20%。本季融資方面，我們完成了 2025 年 ATM 定價活動，以滿足我們當年的基本股權需求。

In August, we drew $49 million and earlier this month drew an additional $72 million, both for rate base investment and general corporate purposes. We now have $137 million of equity priced but not drawn under our ATM, which satisfies our needs through the end of the year. We will carefully assess our equity needs for the 2023 RFP projects as negotiations proceed, and we'll provide financing clarity in tandem with our final CapEx expectations.

8 月份，我們提取了 4,900 萬美元，本月初又提取了 7,200 萬美元，用於稅基投資和一般公司用途。目前，我們的自動櫃員機下有 1.37 億美元的股權已定價但尚未提取，足以滿足我們到年底的需求。我們將隨著談判的進行，仔細評估 2023 年 RFP 專案的股權需求，並將在最終公佈資本支出預期時提供融資方面的明確資訊。

We are also continuing to work closely with key stakeholders on the proposed holding company formation aimed at creating important flexibility as we seek the most efficient financing options for our customers and shareholders. This structure can help reduce costs and create optionality in how we fund critical grid investments with the potential to displace future equity needs for both base and RFP CapEx.

我們也將繼續與主要利害關係人密切合作，推進擬議的控股公司成立，旨在為我們的客戶和股東尋求最有效的融資方案，從而創造重要的靈活性。這種結構有助於降低成本，並為我們資助關鍵電網投資的方式創造更多選擇，有可能取代未來基礎資本支出和 RFP 資本支出的股權需求。

As we look back at our progress over the last three months -- or three quarters and turn to Q4, we are proud of our results and disciplined execution. We are optimizing our business while advancing important regulatory items, all while remaining laser-focused on serving the growth in our area and delivering value to our customers and shareholders.

回顧過去三個月（或三個季度）以及即將進入第四季度的進展，我們為所取得的成果和嚴謹的執行力感到自豪。我們正在優化業務，同時推動重要的監管事項，並始終專注於服務我們所在地區的成長，為我們的客戶和股東創造價值。

In Q4, we expect the continued impacts of load growth, moderately favorable power costs, CapEx supported financing and benefits from our cost management work. Given our results through Q3 and line of sight to Q4, our plan remains on course. We are reaffirming our 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share.

第四季度，我們預計將繼續受到負載成長、電力成本略微有利、資本支出支持的融資以及我們成本管理工作帶來的效益的影響。鑑於我們第三季的業績以及對第四季度的展望，我們的計劃仍在按計劃進行。我們重申 2025 年調整後每股攤薄收益預期為 3.13 美元至 3.33 美元。

Our progress in 2025, underpinned by our rate base investment pipeline, sustained confidence in our service territory and sharpened operational performance has also solidified our long-term expectations. Therefore, we are reaffirming our long-term EPS and dividend growth guidance of 5% to 7% and our long-term growth guidance of 3% through 2029.

2025 年，我們取得了長足進步，這得益於我們的費率基礎投資計劃、對服務區域的持續信心以及不斷提高的營運績效，這些進步也鞏固了我們的長期預期。因此，我們重申長期每股盈餘和股息成長預期為 5% 至 7%，到 2029 年的長期成長預期為 3%。

As we look to the balance of the year and beyond, we are excited to continue delivering on our strategic plan, safe, reliable and efficient service, advancing the priorities of our company, communities and region and maximizing value for our customers, communities and shareholders.

展望今年剩餘時間及未來，我們很高興能夠繼續執行我們的策略計劃，提供安全、可靠和高效的服務，推進公司、社區和地區的優先事項，並為我們的客戶、社區和股東創造最大價值。

Now, operator, we are ready for questions.

操作員，現在我們準備接受提問。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作說明）朱利安·杜穆蘭-史密斯，傑富瑞集團。

Look, let me just start off on this energy deliveries trend here. I mean, 3.5% to 4.5%, that's a solid trend. Full year, obviously, we've seen some gyrations over the years. But given what you're describing here, data center-centric driven, how does that impact or revise any longer-term thoughts? What are you seeing on this front? Clearly, adjacent states also seeing kind of positive revisions as well?

好吧，我先來談談能源輸送的趨勢。我的意思是，3.5%到4.5%，這是一個穩定的趨勢。顯然，在過去的一年裡，我們已經看到了一些波動。但鑑於您所描述的以資料中心為中心的發展模式，這會對任何長期規劃產生怎樣的影響或修正？你在這方面看到了什麼？顯然，鄰近各州的情況也出現了類似的正面變化？

Thank you. And Julien, yes, we've been very fortunate to have both a robust and diverse semiconductor manufacturing in this region and growing a number of data centers. Most of the data center forecasts that we have are folks that already have built out their facilities as well as those who are turning dirt and have existing sites. So our pipeline is really solid and reaffirms that we're confident in our 3% long-term growth.

謝謝。Julien，是的，我們非常幸運，這個地區擁有強大而多元化的半導體製造業，資料中心的數量也在不斷增長。我們掌握的資料中心預測資料大多來自已經建成設施的公司，以及正在動工並擁有現有場地的公司。因此，我們的產品線非常穩健，也再次印證了我們對3%長期成長目標的信心。

Got it. Okay. So no gyrations yet. Understood. Just maybe if I can come back to the holdco outcome. And how do you see that progressing here? I mean, any updated thoughts on this front in as much as that could impact, obviously, Joe, the financing strategy as you think about heading into '26 and being a month out. But separately, just any feedback in that process, et cetera. Obviously, it's a big deal as you think about '26 priorities.

知道了。好的。所以目前還沒有出現任何劇烈的擺動。明白了。或許我能回到控股公司最終結果的局面。你覺得這方面的進展如何？我的意思是，關於這方面有什麼最新的想法嗎？因為這顯然會影響到喬的融資策略，畢竟距離 2026 年還有一個月的時間。但另外，該過程中的任何回饋等等。顯然，在考慮 2026 年的優先事項時，這是一件大事。

Sure. Let me take the holdco timing and what we're seeing from parties and then Joe can talk a little bit more about financing. We're getting lots of questions on the transmission company. In particular, discussions around what's jurisdictional to the OPUC versus what's jurisdictional to FERC.

當然。讓我先談談控股公司成立的時間安排以及我們從各方了解到的情況，然後喬可以再多談談融資方面的問題。我們收到了很多關於這家變速器公司的問題。特別是，圍繞OPUC的管轄權與FERC的管轄權之間的區別展開了討論。

I think it will take us a while to work through all of these questions. But we are getting very few questions with regards to the holding company. This may give us a window of opportunity to separate the filings, probably maybe extending the transmission company filing a little bit and pulling in the holding company filing.

我認為我們需要一段時間才能解決所有這些問題。但我們很少收到關於控股公司的問題。這或許能給我們一個機會窗口，將各項申報工作分開，或許可以稍微延長輸電公司的申報時間，並將控股公司的申報工作合併起來。

I would note that our filing is very similar to others in the region. And Northwest Natural, a little while ago was able to conclude their holding company filing earlier than the statutory allotted time.

我想指出，我們的申報文件與該地區其他申報文件非常相似。不久前，西北天然氣公司提前完成了控股公司備案工作。

Joe, do you want to talk a little bit about financing because this provides us with some opportunities.

喬，你想稍微談談融資問題嗎？因為這給我們帶來了一些機會。

Yes. As it relates to the holdco, we anticipate understanding the filings proceeding that we will operate the holdco and use it as financing very consistent how virtually all the other utilities in our sector have been operated that holdco.

是的。就控股公司而言，我們預計在備案過程中，我們將以與我們行業中幾乎所有其他公用事業公司運營方式非常一致的方式運營控股公司並將其用作融資。

Under the right scenario, we agree we will have the ability to displace certain equity needs. Currently, we have strong financing metrics. I mentioned that we're above CFO. Our metric on CFO to debt is above 20%. And we'll be thoughtful as we work towards the RFP outcome and the holdco project or process matures, as Maria mentioned, to really align that to our financing plans as we have more clarity.

在適當的條件下，我們一致認為我們將有能力滿足某些股權需求。目前，我們的融資指標表現強勁。我提到過，我們的等級高於財務長。我們的財務長負債比率超過 20%。正如瑪麗亞所提到的那樣，在努力爭取 RFP 結果以及控股公司項目或流程成熟的過程中，我們會深思熟慮，以便在我們對融資計劃有更清晰的認識後，真正將其與我們的融資計劃相協調。

Just quickly, lastly, on the refresh and the '25 RFP, obviously, ongoing in parallel here. What's the scale of scope? I mean, the refresh seems to be fairly similar in opportunity set for you guys, but you've got these things in parallel. I mean, could we see an acceleration? Or how do you think about the timing, given the way that this is all kind of been backed up, if you will. As you think about forward-looking CapEx ultimately translating?

最後快速提一下，關於更新和 '25 RFP，顯然，這兩個項目是並行進行的。範圍有多大？我的意思是，你們的更新機會似乎相當相似，但你們是同時進行這些事情的。我的意思是，我們能看到加速成長嗎？或者說，考慮到這一切似乎都被擱置了，你覺得時機如何？您認為前瞻性資本支出最終會如何轉換？

So first of all, I just want to remind us of why we're doing this. With the One Big Beautiful Bill, we continue to have investment tax credits and production tax credits that have been very important to reducing the overall cost of clean energy and battery storage on our system.

首先，我想提醒大家我們為什麼要這樣做。透過《一項偉大的法案》，我們繼續享有投資稅收抵免和生產稅收抵免，這對於降低我們系統中清潔能源和電池儲能的整體成本非常重要。

And as I noted, between our projects as well as third-party contracts, it's about $2 billion of roughly what we can estimate of benefit that we've brought back to this region. So we're refreshing the 2023 RFP. As you noticed, there's a lot of tariff issues. And then also, we have a PPA focused RFP as well as the 2025 RFP.

正如我之前提到的，透過我們的項目以及第三方合同，我們估計已經為該地區帶來了約 20 億美元的收益。所以我們要更新 2023 年的 RFP。正如你所看到的，存在著許多關稅問題。此外，我們還有一份以購電協議 (PPA) 為重點的 RFP，以及 2025 年的 RFP。

Joe, anything more you want to talk about in terms of timing of when we can see a resolution?

喬，關於何時能看到解決方案，還有什麼想說的嗎？

Julien, I think really what you get to -- you sort of talk to size here of the two RFPs. Obviously, this RFP, the '23 we mentioned, has just over 1 gigawatt of power between the solar and the batteries. We used as a foundation, for this RFP and the '25 RFP that we're accelerating, the IRP action plan that was filed that last updated at midpoint would say, overall, we need 4,000 megawatts before the end of the decade, understanding you have to back out this '23 RFP result and some PPAs. I mean, you would expect that as you work to the next RFP, both in size and the timing, hopefully to accelerate, you could see something of the need of 2,000 megawatts, something maybe even a plus there.

Julien，我認為你真正要談的是——你在這裡談到了這兩個 RFP 的規模。顯然，我們提到的這份 RFP（即 '23'）的太陽能和電池總功率略高於 1 吉瓦。我們以已提交的 IRP 行動計畫為基礎，制定了本次 RFP 和我們正在加速推進的 2025 年 RFP。該計劃上次更新是在中期，其中指出，總體而言，我們需要在本十年結束前達到 4000 兆瓦，但需要考慮到 2023 年 RFP 的結果和一些購電協議。我的意思是，隨著你著手準備下一個 RFP，無論從規模還是時間上來看，希望都能加快速度，你可能會看到對 2000 兆瓦的需求，這甚至可能是一個優勢。

We'll have to see there's a lot of factors to that again, what other PPAs get entered into, how demand moves, how the clean energy policy plans evolve. But it would expect to be a more meaningful and robust RFP than the one that we have currently -- that we're working to contract.

這其中有許多因素需要考慮，例如還會簽訂哪些購電協議、需求如何變化、清潔能源政策計畫如何演變等等。但我們希望收到一份比我們目前正在努力簽訂合約的這份更有意義、更完善的 RFP。

Sophie Karp, KBCM.

Sophie Karp，KBCM。

A couple of things. Is there a scenario where you get your holdco but not the Transco? Given that you're saying that questions seem to be concentrated on the Transco side?

有幾件事。是否存在這樣一種情況：你獲得了控股公司（holdco）的股份，但沒有獲得運輸公司（Transco）的股份？既然您說問題似乎都集中在Transco方面？

As it relates to -- and I think it's more a matter of timing, is there a scenario where the holdco and the Transco approval process gets separated and the holdco occurs more promptly? I think the answer is, yes. In the right circumstances, we could see that occur. We would anticipate over time that ultimately both are approved but we could see a longer path on the Transco.

至於——我認為這更多的是一個時間問題——是否存在這樣一種情況：控股公司和Transco的審批流程分開，控股公司能夠更快地成立？我認為答案是肯定的。在合適的條件下，我們可能會看到這種情況發生。我們預計，隨著時間的推移，最終兩者都會獲得批准，但Transco專案的批准過程可能會更長一些。

Just as we relate to our finance, each is a very different financing functionality for us. The holdco, we think, drives more valuable both for the customers and shareholders more currently and the Transco does have a little more time, and therefore, it's okay to have a little more time to evolve.

就像我們看待財務一樣，每種融資功能對我們來說都截然不同。我們認為，控股公司目前能為客戶和股東創造更多價值，而運輸公司則有更多的時間，因此，給它更多的時間發展也是可以的。

Got it. Super helpful. And then just a more strategic question on the transmission, right, and it kind of, I guess, dovetails into the Transco conversation. What would it take for you to direct CapEx and your efforts away from generation RFPs and more into transmission? Like is there a case to be made that this is a better approach for growth, right, just given recovery mechanisms or demand, a variety of factors that you may consider?

知道了。非常有用。然後，還有一個關於傳輸的更具策略性的問題，對吧？我想，這和Transco的討論有點關聯。你需要付出什麼代價才能將資本支出和精力從發電招標轉向輸電領域？例如，考慮到復甦機製或需求等各種因素，是否有理由認為這是一種更好的成長方式？

Currently, I mean, as you can see in our plan, right, we have $1.8 billion in transmission spend, including 2025. So we do have a relatively balanced growth to your question if there would be a reason to shift more towards that transmission.

目前，我的意思是，正如你在我們的計劃中看到的那樣，我們有 18 億美元的輸電支出，包括 2025 年。所以，對於你提出的是否有理由更多地轉向這種傳輸方式的問題，我們的成長相對平衡。

If that really facilitated the needs of our customers and the clean energy plan and also drove to affordability, that could be a case where we will drive more to transmission. But right now, we are driving to serve the overall needs of our customer, which has really been a balanced transmission and generation approach.

如果這樣做真的能夠滿足我們客戶的需求和清潔能源計劃，並且還能降低成本，那麼我們可能會更多地推動輸電。但目前，我們正努力滿足客戶的整體需求，這其實是一種平衡的輸電和發電方式。

And so the long term and as well as in the past, what we have found is that it's really important to have a robust competitive environment for generation build. And we need to continue to move forward to drive customer prices as absolutely low as possible.

因此，從長遠來看，正如過去一樣，我們發現，擁有一個強大的發電建設競爭環境是非常重要的。我們需要繼續努力，將客戶支付的價格降至最低。

Gregg Orrill, UBS.

瑞銀集團的格雷格·奧裡爾。

Congratulations on the year-to-date. On the financing plan, just what are your assumptions within the growth rate guidance as it relates to your commitments around RFPs? And assumptions around tax credit monetization versus equity. How do you think about that?

恭喜你今年迄今取得的成績。關於融資計劃，您在成長率預期方面，針對您對招標項目的承諾，具體做了哪些假設？以及關於稅收抵免貨幣化與股權化的假設。你對此有何看法？

Sure. So as it relates to the financing plan, and again, this is -- we assume that a 50-50 financing structure on the RFPs currently and that is net of tax credit monetization, which has historically been at this 30% credit.

當然。所以，就融資計劃而言，我們假設目前的 RFP 中採用 50-50 的融資結構，並且扣除了稅收抵免貨幣化，而歷史上稅收抵免的比例為 30%。

This year alone, we've monetized about $150 million of tax credits to offset our financing needs. And then to your comment, our historical -- I apologize for using another 50%, right, our outcome on RFPs has historically been at about 50% of the overall projects.

光是今年，我們就利用約 1.5 億美元的稅收抵免來抵銷我們的融資需求。至於您的評論，我們歷史上——很抱歉我又用了 50% 這個數字，對吧，我們 RFP 的結果歷來占到整個項目的 50% 左右。

Okay. Maybe another question as well. Just what are your thoughts around the extension of the reliability contingency event framework and how is that proceeding?

好的。或許還可以問另一個問題。您對擴展可靠性緊急事件框架有何看法？目前進展如何？

So currently, within the PCAM filing, we are having discussions on the RCE. The RCE, reliability contingency event, we feel has been a pretty consistent and effective tool to date. We continue to focus and dialogue with them. Would we like something like that to proceed to further align the energy cost? Yes. Because it helps support our just overall approach to a more efficient pricing of energy.

所以目前，在 PCAM 文件中，我們正在討論 RCE。我們認為，可靠性緊急事件 (RCE) 迄今為止一直是一個相當穩定且有效的工具。我們將繼續關注並與他們進行對話。我們是否希望採取類似措施來進一步降低能源成本？是的。因為這有助於支持我們實現更有效率的能源定價的公正整體方針。

That's an open dialogue right now. I don't know that I really want to handicap it. I know that it's more of a broader discussion on how to address energy costs here. I will just say it is a nice tool. It works effectively for us now, and we'll continue to work towards as modern and effective in energy recovery mechanism as we can with our regulator.

目前這是一個可以公開討論的話題。我不太確定我是否真的想讓它失分。我知道這裡更該討論的是如何解決能源成本問題。我只能說，它是個不錯的工具。目前它對我們來說效果很好，我們將繼續與監管機構合作，努力實現盡可能現代化和高效的能源回收機制。

Gregg, let me add a little bit to that. The events that we saw in January of 2024 were also impacting other utilities in the region, and we saw similar issues across the entire Pacific Northwest and West Coast in terms of energy markets. So we're pretty similar in terms of the impact of those storms to other utilities.

格雷格，我再補充一點。2024 年 1 月發生的事件也影響了該地區的其他公用事業公司，而且在整個太平洋西北地區和西海岸的能源市場中，我們也看到了類似的問題。所以，就這些風暴的影響而言，我們與其他公用事業公司的情況非常相似。

Longer term, we are working towards joining the energy data head market with the California independent system operator. We're expected to go live with that in October of next year. That will very much change our overall energy procurement and I'm not so sure that the PCAM mechanism with the RCE will be the best going forward. We're going to need to align the state's policies to the broader market as we are doing more scheduling of energy and optimization versus energy management and purchases.

從長遠來看，我們正努力與加州獨立系統營運商一起進入能源數據頭市場。預計該系統將於明年十月上線。這將大大改變我們的整體能源採購方式，我不太確定採用 RCE 的 PCAM 機制是否會是未來最好的選擇。我們需要將州政府的政策與更廣泛的市場相協調，因為我們現在更多是在進行能源調度和最佳化，而不是能源管理和採購。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

It's actually [Constantin] here for Shar. Maybe just a little bit of cleanup just with the kind of quarter up 5% loan growth and the full year step up. Is that significant enough to incorporate financial plans? And kind of what's the threshold for some of this higher load growth to start making more impact within the base financial plan?

事實上，康斯坦丁是來替莎爾來的。或許只需要稍微清理一下，例如季度貸款成長 5%，以及全年成長。這是否重要到需要納入財務規劃？那麼，對於這些較高的負載成長，達到什麼門檻才會對基本財務計畫產生更大的影響呢？

So as it relates to the load growth to your question of how does the -- how does it drive more to the plan. It will be as we clarify and get the tariff as it relates to margin. Right now, the new data center tariff is with -- on the regulatory side to get drawn out.

所以，關於負荷成長，你的問題是──它如何推動更多計畫。我們會盡快澄清並確定與利潤率相關的關稅。目前，新的資料中心關稅政策在監管方面被拖延了一段時間。

And so being able to take advantage of that growth at a more balanced margin will do two things. One, it will balance out the cost to our residential and other customers; but then, two, also to the extent you see this growth will incrementally drive further value. So for us, we're a bit in a wait and see. We expect that tariff -- we'll get that tariff when we get that tariff. But that will be a nice metric point to be able to capture some value, and I believe that's scheduled for March.

因此，能夠以更均衡的利潤率利用這種成長將帶來兩方面的好處。首先，這將平衡我們住宅用戶和其他用戶的成本；其次，從某種程度上來說，這種成長也將逐步帶來更大的價值。所以我們現在也只能靜觀其變。我們預計會收到那筆關稅——我們會在收到那筆關稅的時候收到它。但這將是衡量價值的一個良好指標，我相信這將在三​​月進行。

Okay. And that's when you would start incorporating some of that into the forward-looking financial plans?

好的。那麼，這時你就會開始把其中一些因素納入前瞻性的財務計畫中嗎？

Well, I think that's the place where you'd start to be able to identify. To the extent that you continue to see that growth, you would start pricing that growth a little bit differently and you'd be able to start to determine if there's incremental value there because you'll have a clear cost structure.

嗯，我覺得這就是你開始能夠辨識的地方。如果這種成長持續下去，你就可以開始以不同的方式為這種成長定價，並且能夠開始確定其中是否有增量價值，因為你將擁有清晰的成本結構。

And then just one follow-up on the '25 RFP process. You kind of noted that there's some lessons learned kind of being incorporated there. Just maybe given the cyclical nature of the RFP process and generation needs, is there any changes in the framework that we should be thinking in terms of long-term assumptions, like volumes, ownerships just in light of the '23 outcomes?

然後，就 2025 年 RFP 流程進行了後續後續追蹤。你似乎也注意到，其中融入了一些經驗教訓。考慮到 RFP 流程和需求的週期性，我們是否應該根據 2023 年的結果，從長期假設（如數量、所有權）的角度考慮框架的任何變化？

I don't think as it relates to the ownership and anything like that, no. I mean, we continue to work with the commission on a multipronged approach here. I mean, I do think like the key message, if you ask me right now, what is it for '25, it is we've accelerated the process, right? The change this time is instead of having a consecutive RFP process, we have a concurrent process that is looking to optimize the credits that are out there, and that's part of this design.

我不認為這與所有權之類的事情有關，不。我的意思是，我們將繼續與委員會合作，採取多管齊下的方法。我的意思是，如果你現在問我，2025 年的關鍵訊息是什麼，那就是我們加快了這一進程，對吧？這次的變化在於，我們不再採用連續的 RFP 流程，而是採用平行流程，旨在優化現有的信貸，這也是該設計的一部分。

We will continually work to balance the procurement, both between ownership and PPAs. But for right now, the main changes to drive as much of the benefit as we can tax credit wise out of these projects. And that could either lead to the acceleration of projects from what is the requested date within the RFP. Other than that, I don't think we'll see any other changes other than to continue to just work with all the constituents to continue to align to the market.

我們將持續努力平衡採購，包括所有權採購和購電協議採購。但就目前而言，主要的改變是為了盡可能地從這些項目中爭取稅收抵免的好處。這可能會導致專案進度比招標文件中要求的日期提前。除此之外，我認為除了繼續與所有利害關係人合作，繼續與市場保持一致之外，不會有其他變化。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

You gave sort of $150 million of tax credit for '25, and I think you've talked about sort of $2 billion. Can you give us sort of an annual estimate of what tax credits you expect to realize?

你們在 2025 年提供了大約 1.5 億美元的稅收抵免，而且我認為你們也談到了大約 20 億美元。您能否大致估算一下您預計每年可獲得的稅收抵免額？

So what we're really looking at is anywhere from 30% upward of renewable energy projects battery storage. And so we will continue to focus on maximizing all available ITCs and PTCs, and really, we make a determination on which one based on the net present value. Batteries and solar tends to lean a little bit more to our ITCs and wind tends to lean a little bit more towards PTCs.

所以我們真正看到的是，再生能源專案電池儲能佔比達到 30% 甚至更高。因此，我們將繼續專注於最大化所有可用的投資稅收抵免和生產稅收抵免，實際上，我們根據淨現值來決定使用哪一項。電池和太陽能發電往往更傾向於我們的投資稅收抵免 (ITC)，而風能發電則更傾向於投產稅收抵免 (PTC)。

But this is an important way that we're bringing federal dollars back to reducing customer prices for renewable energy and creating investment opportunities with the state of Oregon and regionally.

但這是我們利用聯邦資金降低再生能源客戶價格，並為俄勒岡州和周邊地區創造投資機會的重要途徑。

And Paul, just to add, there is a bit of a cyclicality as we have these cash flows. So as we have these projects, the ITCs will come through for the RFP, obviously, what we are talking about here, and you're seeing the cash flows this year you're seeing are both the remaining ITCs that came from the Constable project last year and then the ITCs from the Seaside project this year.

保羅，我還要補充一點，這些現金流有一定的周期性。因此，隨著這些專案的開展，ITC 將透過 RFP 發放，顯然，我們在這裡討論的就是這一點，而您今年看到的現金流既包括去年 Constable 專案剩餘的 ITC，也包括今年 Seaside 專案的 ITC。

On an annualized basis, the foundation that we come from, is the PTCs as related to our wind projects, call that around $50 million-ish a year, and then the cyclicality would be the ITCs that come from RFP projects at least, currently, the way cash flows.

從年度角度來看，我們的主要收入來源是與風電項目相關的生產稅收抵免 (PTC)，大約每年 5000 萬美元左右；而周期性因素則是來自 RFP 項目的投資稅收抵免 (ITC)，至少目前現金流的走向就是如此。

Then with respect to the wildfire action by the legislature last year, I think there was a proposal that would have created a fund of I think it was $800 million. Number one, I mean, is that an amount that you would feel is adequate? And is that what you would like to see the legislature do to create sort of a wildfire fund of $800 million? And what other action would you hope for out of the legislature?

至於去年立法機構針對野火採取的行動，我認為當時有一項提案，擬設立一個基金，金額我認為是 8 億美元。首先，我的意思是，你覺得這個金額夠嗎？您希望立法機構採取的措施是設立 8 億美元的野火基金嗎？你還希望立法機構採取哪些其他行動？

Sure. So we're still actively engaged with legislators and stakeholders across the state and the region. But this isn't just a legislative strategy. It's also a regulatory strategy as well. This next coming year, we have a short session. It's just about five weeks. And there are a number of state-wide priorities, meaning that we could see more results out of the legislature in '27 versus '26.

當然。因此，我們仍然積極與全州和該地區的立法者和利益相關者保持聯繫。但這不僅僅是一項立法策略。這也是一種監理策略。明年我們將有一個較短的學期。大概還有五週時間。而且還有許多全州範圍內的優先事項，這意味著我們可能會在 2027 年看到立法機構取得比 2026 年更多的成果。

On the regulatory side, we continue to work with regulators and staff on solutions. First of all, starting with all of the work we do operationally to reduce wildfire risk. And that's all detailed in our wildfire plan. And obviously, the recovery associated with that as well as standard of care and then also mechanisms for self-insurance and other sorts of things.

在監管方面，我們繼續與監管機構和工作人員合作，尋求解決方案。首先，從我們為降低野火風險所做的所有實際工作開始。這些都詳細列在我們的野火應對計劃中。顯然，還有相關的復健、照護標準，以及自保機制和其他各種事項。

Great. And then last question for this year, can you give a sense of -- are you expecting to experience any regulatory lag in terms of earning your authorized ROE? Or if there is lag, how many basis points would you expect that to be this year?

偉大的。今年最後一個問題，您能否談談——您是否預計在實現授權 ROE 方面會遇到任何監管滯後？或者，如果存在滯後，您預計今年的滯後幅度會是多少個基點？

Paul, using our sort of approach this year with the Seaside battery approach as well as the cost management, we've tried to put some downward pressure to squeeze that lag, and we believe we're down to something around 70 basis points or less that we expect to see here and into the future as we balance a selection of regulatory filings and cost management.

Paul，今年我們採用了類似 Seaside 電池專案的方法以及成本管理，試圖施加一些下行壓力來縮小這一差距，我們相信，隨著我們平衡一系列監管文件和成本管理，我們預計目前的差距將縮小到 70 個基點或更低，並且未來也將保持這一水平。

I'm sorry. You said 3 basis points?

對不起。你說的是3個基點？

I said 70.

我說70。

70. I'm sorry. Okay.

70.對不起。好的。

Yes. And just as a reminder, that is a compression from what we had experienced historically.

是的。需要提醒的是，這與我們歷史上所經歷的情況相比，已經有所壓縮。

Right. And then you would expect then to achieve on a go-forward basis, sort of a maintenance of that level, that 70 basis points go forward?

正確的。那麼，您是否期望未來能夠維持這一水平，即維持70個基點？

Yes. We expect to do that and we expect to continue to apply downward pressure on that as it relates to our cost management work as it continues to mature. And so we expect to see at least somewhat of a little bit more compression there as we execute and get fully into the cost management program in 2026.

是的。我們預計會這樣做，並且隨著成本管理工作的不斷完善，我們預計會繼續施加下行壓力。因此，我們預計隨著我們在 2026 年全面實施成本管理計劃，成本至少會略有下降。

So in other words, that could be diminished, let's say, to what level?

換句話說，如果這種情況發生，那麼這種影響可以減少到什麼程度呢？

We haven't disclosed to what that level is. I mean, the way we look at it is a balance to where we think to next year using the DSP as our regulatory approach as well as the cost management and others. We sort of think of it as a basket of items to help us continue to drive within our earnings range. But it is a goal of ours to just be as tight as we can.

我們尚未透露具體金額。我的意思是，我們看待這個問題的方式是，在考慮明年如何利用 DSP 作為我們的監管方法以及成本管理等因素時，要找到一個平衡點。我們把它看作是一籃子物品，可以幫助我們繼續在收入範圍內行駛。但我們的目標是盡可能做到嚴密控制。

George Sanoulis, Mizuho.

喬治·薩努利斯，瑞穗銀行。

So I know the DSP was filed in July, but I'm just wondering if you had any preliminary discussions with parties ahead of that filing? And given the Seaside proceeding resulted in the balanced outcome, do you think we could see that in the DSP proceeding?

我知道DSP是在7月提交的，但我只是想知道在提交之前你是否與相關各方進行過任何初步討論？鑑於 Seaside 訴訟案取得了平衡的結果，您認為我們能在 DSP 訴訟案中看到相同的結果嗎？

As it relates to the DSP consistent with the Seaside filing, we did have an MOU -- we do have an MOU in place with them. So the MOU does govern the DSP as well. Just as a reminder, the reason we took the approach with the DSP here was really to drive clarity for parties, right? The DSP is a filed and accepted docket that lays out sort of our action plans for the distribution. And so we felt that you get to the clarity to say we'll have a case that focuses on projects that are agreed to have benefits for the customers.

關於與 Seaside 備案一致的 DSP，我們確實與他們簽署了諒解備忘錄——我們確實與他們簽署了諒解備忘錄。因此，該諒解備忘錄也對數位訊號處理機制（DSP）進行了規範。再次提醒一下，我們之所以採用 DSP 這種方式，實際上是為了向各方明確說明情況，對吧？DSP 是一份已備案並被接受的案卷，其中列出了我們分配的行動計劃。因此，我們覺得有必要明確一點，我們將提出一個案例，重點放在那些被公認為對客戶有益的項目上。

So then using that and then looking to Seaside, right, the Seaside, we felt that the MOU really and having an MOU and spending the time before really allowed us to have a focused dialogue and have a constructive dialogue and outcome when we look to both the testimony and some of the intervenor work, and we would expect that to continue here with the DSP.

所以，我們以此為依據，然後著眼於 Seaside，對吧，Seaside，我們覺得諒解備忘錄確實，有了諒解備忘錄，並且之前花費的時間確實讓我們能夠進行有針對性的對話，進行建設性的對話，並在我們審視證詞和一些幹預者的工作時取得成果，我們希望這種情況能夠在這裡與 DSP 繼續下去。

Great. And can you talk a little bit about how you plan to utilize GridCARE? And what initial tests you've done or you plan to do and when you expect to see measurable impacts to unlock additional system capacity?

偉大的。您能否談談您計劃如何使用 GridCARE？你們已經進行了哪些初步測試，或是計劃進行哪些測試？預計何時能看到可衡量的影響，從而釋放額外的系統容量？

Sure. So first of all, we're really excited about the opportunity that we've seen with our partnership with GridCARE. It comes out of the work that we've done with other start-ups and innovative companies at Silicon Valley and Stanford's School of Engineering. The program essentially takes a lot -- enormous amount of data, AI analytics. It actually takes compute that exceeds most capabilities and for which we actually went to Stanford to do the work. Right now, we have about 80 megawatts unlocked, but that's just in a pretty narrow portion of our system. So we would expect to advance.

當然。首先，我們對與 GridCARE 的合作所帶來的機會感到非常興奮。這是源自於我們與矽谷其他新創公司和創新公司以及史丹佛大學工程學院合作的工作。該程式本質上需要大量數據——海量數據、人工智慧分析。實際上，它需要超出大多數人能力範圍的計算能力，為此我們特地去了史丹佛大學進行研究。目前，我們已解鎖約 80 兆瓦的電力，但這只是我們系統中非常小的一部分。所以我們有理由期待晉級。

I would also say it's not just the AI analytics. It's also the dynamic line ratings, which gives us much more information on temperature and wind speeds that can unlock additional capacity. And then having battery storage in different places across the service territory further enhances the work that we're able to do to get the maximum amount of capacity out of existing and new transmission infrastructure.

我還要說，這不只是人工智慧分析的問題。此外，動態線路額定值還能為我們提供更多關於溫度和風速的信息，從而釋放額外的容量。然後在服務區域的不同地點設置電池儲能設施，可以進一步增強我們利用現有和新建輸電基礎設施最大容量的能力。

I show no further questions in the queue at this time. I would now like to turn the call back over to Maria for closing remarks.

目前隊列中沒有其他問題了。現在我想把電話交還給瑪麗亞，請她做總結發言。

Thank you. And thank you all for joining us today. We appreciate your interest in Portland General, and we hope to connect with you soon. In particular, I assume that we will see many of you at EEI shortly in Florida. So thank you very much. Have a great day and a nice weekend.

謝謝。感謝各位今天蒞臨現場。感謝您對波特蘭綜合醫院的關注，我們希望盡快與您聯繫。我尤其認為，不久之後我們會在佛羅裡達州的EEI會議上見到你們中的許多人。非常感謝。祝你今天過得愉快，週末愉快！

This does conclude today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。