Portland General Electric Co (POR) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to today's conference call with Portland General Electric. Today is Friday, May 1, 2026. This call is being recorded. (Operator Instructions). For opening remarks, I will turn the conference call over to Portland General Electric's Senior Manager of Investor Relations, Erin Schwartz. You may begin.

各位早安，歡迎參加今天與波特蘭通用電氣（Portland General Electric）的電話會議。今天是 2026 年 5 月 1 日（星期五）。本次通話將被錄音。（接線員指示）。接下來的開場致詞，我將把電話會議交給波特蘭通用電氣投資人關係資深經理 Erin Schwartz。請開始。

Thank you, Towanda. Good morning, everyone, and thank you for joining us today. Before we begin, I would like to remind you that we issued a press release this morning and have prepared a presentation to supplement our discussion, which we will be referencing throughout the call. The press release and slides are available on our website at investors.portlandgeneral.com.

謝謝你，Towanda。各位早安，感謝各位今天加入我們。在開始之前，我想提醒各位，我們今天早上已發布新聞稿，並準備了一份簡報以補充我們的討論；我們將在整場電話會議中引用該簡報。新聞稿與投影片可於我們的網站 investors.portlandgeneral.com 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 actual results to differ materially, please refer to our press release and our most recent periodic reports on Forms 10-K and 10-Q, which are available on our website.

請參閱投影片第 2 頁，我們今天早上的部分發言將構成前瞻性陳述。我們提醒各位，此類陳述具有內在風險與不確定性，實際結果可能與我們的預期有重大差異。關於可能導致實際結果與預期出現重大差異的部分因素說明，請參閱我們的新聞稿以及最近期的 10-K 與 10-Q 定期報告，相關文件可於我們網站取得。

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 I will turn things over to Maria.

接著看投影片第 3 頁。今天由 Maria Pope（總裁暨執行長）與 Joe Trpik（財務資深副總裁暨財務長）帶領我們的討論。在他們的準備發言之後，我們將開放提問。現在我把時間交給 Maria。

Good morning. Thank you, Erin. Thank you all for joining us today. The first quarter delivered another stretch of warm winter weather, 10% year-over-year (sic - see press release, "quarter-over-quarter") Industrial customer demand growth and continued maturity of our cost management initiatives.

各位早安。謝謝你，Erin。也謝謝各位今天加入我們。第一季再度出現一段偏暖的冬季天氣、工業客戶需求成長年增 10%（原文如此——請參閱新聞稿，「與前一季相比」），以及我們成本管理措施持續成熟。

Beginning with slide 4, I'll speak to our financial results and key drivers. For the first quarter, we reported GAAP net income of $45 million or $0.38 per diluted share and non-GAAP net income of $68 million or $0.58 per share. Our non-GAAP results exclude the previously disclosed deferral adjustments related to the January 2024 storm restoration and reliability contingency event and business transformation, optimization and acquisition expenses.

從投影片第 4 頁開始，我將說明我們的財務結果與主要驅動因素。第一季，我們依 GAAP 認列淨利 4,500 萬美元，或稀釋後每股盈餘 0.38 美元；非 GAAP 淨利為 6,800 萬美元，或每股 0.58 美元。我們的非 GAAP 結果排除先前揭露之遞延調整，該調整與 2024 年 1 月風暴復原與可靠度應變事件，以及業務轉型、最佳化與併購費用相關。

Our results reflect extremely mild weather, particularly in February and March and lower seasonal usage from Residential and Small-Commercial customers, which Joe will cover in more detail. We will be engaging with our regulator to explore frameworks to help mitigate weather and other volatility impacting both revenue and power costs. Greater predictability is good for both customers and shareholders, and we recognize that this will be multiyear work.

我們的結果反映出天氣異常溫和，尤其在 2 月與 3 月，以及住宅與小型商業客戶的季節性用電量較低；Joe 將更詳細說明。我們將與監管機關合作，探討有助於降低天氣及其他波動對營收與電力成本影響的制度架構。更高的可預測性對客戶與股東皆有利，我們也認知這將是多年期的工作。

Despite weather and usage impacts, our team delivered a quarter of strong operational execution, including overcoming inflationary pressure and advancing our cost management program, adapting to power market conditions, positioning our portfolio and generation suite to deliver optimal value and executing on our robust capital investment plan to support customer growth, clean energy and long-term reliability.

儘管受到天氣與用電量影響，我們的團隊在本季仍展現強勁的營運執行力，包括克服通膨壓力並推進成本管理計畫、因應電力市場情勢、調整我們的資產組合與發電配置以創造最佳價值，以及執行我們強健的資本投資計畫，以支持客戶成長、潔淨能源與長期可靠度。

On recent calls, you have heard us highlight the company-wide work to optimize our cost structure. We are using our operational strength, which we've built over multiple years to mitigate the impact of recent weather challenges by accelerating our cost management work. Our teams are squarely undertaking the challenge, and we are committed to delivering strong results. As such, we are reiterating our full year earnings guidance of $3.33 to $3.53 per diluted share and our long-term earnings and dividend growth guidance of 5% to 7%.

在近期的電話會議中，各位已聽到我們強調全公司範圍內優化成本結構的工作。我們運用多年建立的營運實力，透過加速成本管理工作來降低近期天氣挑戰的影響。我們的團隊正全力迎接挑戰，並致力於交出強勁成果。因此，我們重申全年每股稀釋後盈餘指引為 3.33 至 3.53 美元，以及長期盈餘與股利成長指引為 5% 至 7%。

Turning to slide 5 for updates on our five key strategic priorities. First, our teams made progress on the Washington acquisition and other key regulatory filings. In late March and early April, we filed applications with the Washington Utilities and Transportation Commission and the Oregon Public Utility Commission for approval of the Washington transaction. We anticipate the regulatory approval process to take about a year and continue to target a mid-2027 close.

接著看投影片第 5 頁，更新我們五項關鍵策略優先事項的進展。第一，我們的團隊在華盛頓州收購案及其他重要監管申報方面取得進展。在 3 月下旬與 4 月上旬，我們已向華盛頓州公用事業與運輸委員會（Washington Utilities and Transportation Commission）以及奧勒岡州公用事業委員會（Oregon Public Utility Commission）提交申請，以取得對華盛頓州交易的核准。我們預期監管核准流程約需一年，並持續以 2027 年年中完成交割為目標。

PGE's holding company proposal continues to advance. The docket procedural schedule has been modestly extended. To prioritize timely resolution of the holding company, we have paused the transmission company. That said, formation of a transmission company remains part of our long-term strategy. We appreciate the ongoing collaboration and expect to engage with parties in the near future, having just received reply testimony late yesterday.

PGE 的控股公司提案持續推進。案件（docket）的程序時程已小幅延長。為優先促成控股公司案的及時定案，我們已暫停推動輸電公司。不過，成立輸電公司仍是我們長期策略的一部分。我們感謝持續的合作；由於我們在昨晚稍晚才收到回覆證詞，預期將在近期與各方展開互動。

Issues have been resolved with a few key items remaining. The process is on course with a target final order date probably in August. Second, building upon our 2025 O&M cost management work, we continued driving efficiencies and improving productivity. We are accelerating this work given the very warm winter weather and first quarter results. Importantly, our large load tariff proposal, UM 2377 is in the final stages of review with the OPUC, and we expect an order in the next several weeks.

部分議題已獲解決，僅剩少數關鍵項目待處理。整體流程仍按計畫進行，目標最終命令日期可能在 8 月。第二，在 2025 年營運與維護（O&M）成本管理工作的基礎上，我們持續推動效率提升並改善生產力。鑑於冬季天氣非常溫暖及第一季結果，我們正加速這項工作。重要的是，我們的大型負載費率提案 UM 2377 已進入 OPUC 審查的最後階段，我們預期未來幾週內將收到命令。

A transparent, predictable tariff for new and existing data centers strengthens protections for existing customers while supporting economic development in our region. Our proposed rate structure under consideration enabled by Oregon's recent legislation includes a 26% increase in data center prices, which will help reduce the cost borne by Residential and Small Business customers.

針對新設與既有資料中心的透明且可預測費率，有助於在支持本區域經濟發展的同時，強化對既有客戶的保障。我們目前審議中的擬議費率結構，係依據奧勒岡州近期立法所賦予的機制，包含資料中心價格上調 26%，將有助於降低由住宅與小型企業客戶承擔的成本。

Third, as I noted, Industrial demand growth is accelerating in our service area. We foresee robust energy usage from data centers and high-tech customers with large customer capacity growing by about 10% compounded annually through 2030. This growth forecast is driven by existing customers and contracts already executed with new customers, companies that own property and have civil work underway. Compared to Q1 last year, our data center customer load growth grew by 10%.

第三，如我所提，我們服務區域內的工業需求成長正在加速。我們預期資料中心與高科技客戶的用電量將強勁成長，且大型客戶容量至 2030 年將以約 10% 的年複合成長率增加。此成長預測來自既有客戶，以及已與新客戶簽署完成的合約——這些公司已擁有土地並正在進行土木工程。與去年第一季相比，我們資料中心客戶負載成長 10%。

Fourth, progress towards additional clean energy resource procurement. We filed our 2025 RFP final shortlist with the OPUC in February as we aim to procure approximately 2,500 megawatts. The shortlist is composed of a diverse mix of projects and technologies to support our existing portfolio and growing customer demand. We look forward to working collaboratively with stakeholders to achieve commission acknowledgment in the coming months.

第四，持續推進額外潔淨能源資源的採購。我們在 2 月向 OPUC 提交了 2025 年 RFP 的最終入選短名單，目標採購約 2,500 兆瓦。該短名單由多元的專案與技術組合構成，以支援我們既有資產組合並滿足成長中的客戶需求。我們期待在未來幾個月與利害關係人協作，以取得委員會的確認（acknowledgment）。

And fifth, our year-round risk-based wildfire mitigation work remains on track as we prepare for the summer months. In parallel, regulators and policymakers are engaged in this critical topic. The OPUC in coordination with the Oregon Department of Energy has hired experts on wildfire liability policy options that balance customer needs for essential services, support for wildfire victims and financial health of utilities. We expect the study's findings will help inform policymakers in advance of the 2027 legislative session.

第五，我們全年、以風險為基礎的野火緩解工作仍按計畫進行，並正為夏季月份做準備。同時，監管機關與政策制定者也正投入此一關鍵議題。OPUC 與奧勒岡州能源部協調，已聘請專家研究野火責任（liability）政策選項，以在客戶對必要服務的需求、對野火受害者的支持，以及公用事業的財務健全之間取得平衡。我們預期該研究結果將有助於在 2027 年立法會期前提供政策制定者參考。

In December, we filed our 2026 through 2028 wildfire mitigation plan, which represents a significant evolution moving from an annual update to a forward-looking three-year strategic framework. As we progress through 2026, our focus continues to be on executing on our core priorities, solid operational performance, meeting growing energy demands, expanding into Washington State and advancing customer-driven clean energy investments. With the first quarter behind us, opportunities are significant. We are focused on achieving solid financial results and delivering value for customers, communities and shareholders. With that, I'll turn it over to Joe.

在12月，我們提交了2026年至2028年的野火緩解計畫，這代表一項重大演進，從每年更新轉為以前瞻性的三年策略架構。隨著我們在2026年持續推進，我們的重點仍放在落實核心優先事項、穩健的營運表現、滿足日益成長的能源需求、拓展至華盛頓州，以及推動以客戶為導向的潔淨能源投資。第一季已過，機會相當可觀。我們專注於達成穩健的財務成果，並為客戶、社區與股東創造價值。接下來我把時間交給Joe。

Thank you, Maria, and good morning, everyone. Turning to slide 6. Our Q1 results reflect strong energy demand from our Industrial customers and ongoing system investments. Total Q1 2026 loads were flattish compared to Q1 2025 and changes in demand between our customer classes were largely offsetting. Industrial demand increased 10% on a nominal and weather-adjusted basis.

謝謝你，Maria，各位早安。請看第6頁投影片。我們2026年第一季的結果反映出工業客戶強勁的能源需求，以及持續的系統投資。2026年第一季總負載與2025年第一季相比大致持平，而各客戶類別之間的需求變化多半相互抵銷。工業需求在名目及天候調整後的基礎上均成長10%。

The Industrial customer class is expected to continue growing at a strong pace, highlighting the strength of our large customer pipeline and the attractiveness of our service area to data centers and high-tech customers.

預期工業客戶類別將持續以強勁速度成長，凸顯我們大型客戶管線的實力，以及我們服務區域對資料中心與高科技客戶的吸引力。

Commercial load decreased 2.9% or 2.3% weather-adjusted and Residential load decreased 6.2% or 4.6% weather adjusted. PGE has seen seasonal shifts in Residential and Small-Commercial average uses in recent years with rooftop solar adoption and energy efficiency growth. While not considered in our 2026 plan, deviations of this magnitude are not unprecedented, and we are adapting to manage through this.

商業負載下降2.9%，或天候調整後下降2.3%；住宅負載下降6.2%，或天候調整後下降4.6%。近年來，隨著屋頂型太陽能採用增加與能源效率提升，PGE觀察到住宅與小型商業的平均用電出現季節性移轉。雖然我們的2026年計畫未將此納入考量，但如此幅度的偏離並非前所未見，我們也正調整以因應並加以管理。

Historically, demand has been winter peaking, but our region has been transitioning to a dual peaking profile with customers increasing their cooling demand as air conditioning becomes more widespread in our region. After considering the recent trends in customer usage, we now anticipate weather-adjusted load growth of 1.5% to 2.5% this year. In the last 12 months, our organization has evolved tremendously in the ability to adapt through cost management. We have a well-defined plan in place for the balance of the year to solve for the load impacts experienced this quarter, which I will discuss shortly.

歷史上需求以冬季尖峰為主，但隨著空調在本區域更為普及、客戶冷房需求增加，我們的區域正轉向冬夏雙尖峰的型態。在考量近期客戶用電趨勢後，我們目前預期今年天候調整後的負載成長為1.5%至2.5%。過去12個月，我們組織在透過成本管理進行調適的能力上有了巨大的進化。針對今年剩餘期間，我們已制定明確計畫，以解決本季所經歷的負載影響，我稍後將進一步說明。

Now I will cover our quarter-over-quarter earnings drivers. We experienced a $0.07 increase in retail revenues, including a $0.09 increase from additional cost recovery, largely from the inclusion of our Seaside battery asset in customer rates beginning in November 2025; a $0.09 increase driven by higher Industrial demand, offset by $0.11 due to lower Residential demand; a decrease from power cost of $0.15, driven by $0.09 from power cost performance in 2025 that reverses for this comparison and $0.06 from current year power cost performance driven by less favorable wholesale and environmental credit market conditions; a $0.16 decrease from other capital and financing costs in support of our ongoing rate base investments made up of $0.10 of higher depreciation and amortization, $0.05 of dilution and $0.01 of additional interest costs; a $0.09 decrease from other items, primarily the timing of tax credits and O&M costs; $0.10 from deferral reductions related to the January 2024 storm and reliability contingency event reflecting the outcome of the final OPUC order received in March; a $0.10 decrease from business transformation, optimization expenses and acquisition costs.

接下來我將說明我們季對季獲利變動的驅動因素。我們的零售營收增加0.07美元，其中包含因額外成本回收而增加0.09美元，主要來自自2025年11月起將Seaside電池資產納入客戶費率；工業需求較高帶動增加0.09美元，但因住宅需求較低而抵銷0.11美元；電力成本項目減少0.15美元，其中0.09美元來自2025年電力成本表現於本次比較中反向影響，另0.06美元來自本年度電力成本表現，係因批發電力與環境信用市場條件較不利；為支持我們持續的費率基礎投資，其他資本與融資成本減少0.16美元，包含折舊與攤銷增加0.10美元、稀釋影響0.05美元，以及額外利息成本0.01美元；其他項目減少0.09美元，主要為稅額抵免與營運與維護（O&M）成本的時點差異；與2024年1月風暴及可靠度應變事件相關的遞延項目回沖減少帶來0.10美元，反映我們於3月收到的最終OPUC命令結果；以及因業務轉型、最佳化費用與收購成本而減少0.10美元。

This brings us to our GAAP EPS of $0.38 per diluted share. After adjusting for the 2024 regulatory disallowance and our business transformation expense, we reached our Q1 2026 non-GAAP EPS of $0.58 per diluted share.

因此，我們的GAAP每股盈餘（EPS）為每股稀釋後0.38美元。在調整2024年監管不予認列項目及我們的業務轉型費用後，我們2026年第一季的非GAAP EPS為每股稀釋後0.58美元。

On to slide 7 for our five-year capital forecast, which includes 2026 and 2027 spend for the incoming 2023 RFP projects. I will note this view does not contemplate CapEx from the ongoing 2025 RFP or the Washington utility business. Given our ongoing investment in critical systems and assets serving our customers and other policy priorities, we remain engaged with stakeholders as we consider our next regulatory steps. We will keep you informed as this progresses in line with our usual practice.

接著看第7頁投影片，這是我們五年期資本支出預測，包含2023年RFP專案在2026年與2027年的支出。我也要指出，這個視圖未納入進行中的2025年RFP或華盛頓州公用事業業務所帶來的資本支出（CapEx）。鑑於我們持續投資於服務客戶的關鍵系統與資產，以及其他政策優先事項，我們在考量下一步監管行動時，仍持續與利害關係人保持互動。我們將依照一貫作法，隨進展持續向各位更新。

On to slide 8 for liquidity and financing summary. Total liquidity at the end of the quarter was $954 million. Our investment-grade credit ratings remain unchanged. We will continue to maintain strong cash flow metrics with an estimated 2026 CFO to debt metric above 19%. In the first quarter, we executed a $550 million equity forward to address our 2026 base equity needs and fund the 2023 RFP project.

接著看第8頁投影片，為流動性與融資摘要。本季末總流動性為9.54億美元。我們的投資等級信用評等維持不變。我們將持續維持強勁的現金流量指標，預估2026年營運現金流（CFO）對負債比率高於19%。第一季我們執行了5.5億美元的遠期股權（equity forward），以滿足2026年的基礎股權需求並為2023年RFP專案提供資金。

This quarter, we also entered into two unsecured credit agreements, a $350 million term loan facility maturing in March 2028 to fund capital expenditures, including those related to our 2023 RFP and general corporate needs and a $680 million delayed draw term loan intended to finance the Washington acquisition-related costs. The loan is available until specific milestones tied to the acquisition are achieved and matures 364 days after funding.

本季我們也簽訂兩項無擔保信用協議：一項為3.5億美元的定期貸款額度，於2028年3月到期，用於資本支出（包含與2023年RFP相關者）及一般公司需求；另一項為6.8億美元的延遲動用定期貸款，旨在為華盛頓州收購相關成本提供融資。該貸款在達成與收購相關的特定里程碑前皆可動用，並於撥款後364天到期。

Lastly, in April, the Board of Directors declared a quarterly common stock dividend of $0.5512 per share (sic - see press release, "0.55125"), representing an increase of 5% on an annualized basis. We remain committed to paying a competitive dividend in line with our 60% to 70% payout target while balancing overall financing needs. Our plan focuses on maintaining strong operating cash flows while supporting continued investment in customer-focused capital projects, all while advancing us towards our authorized capital structure.

最後，董事會於4月宣告每股0.5512美元的季度普通股股利（原文如此—請參閱新聞稿「0.55125」），按年化基礎計算增加5%。在兼顧整體融資需求的同時，我們仍致力於依循60%至70%的配息率目標，支付具競爭力的股利。我們的計畫著重於維持強勁的營運現金流，同時支持持續投資以客戶為核心的資本專案，並推動我們朝向核准的資本結構邁進。

As Maria and I have mentioned, our teams remain focused on advancing key priorities for the balance of the year. Most notable is our deployment of incremental cost management measures to offset load impacts on 2026 earnings to date. Relative to our plan, Q1 was $0.25 below our expectations. While $0.09 is driven by timing, we will address the remainder through refining our capital and maintenance work streams, optimizing our team, equipment and facilities management and positioning our power portfolio and generation fleet to deliver optimal value.

如同Maria與我所提到的，我們的團隊仍專注於推進今年剩餘期間的關鍵優先事項。最值得注意的是，我們部署了額外的成本管理措施，以抵銷迄今為止負載對2026年獲利的影響。相較於我們的計畫，第一季比預期低0.25美元。其中0.09美元是由時點因素所致，其餘部分我們將透過精進資本與維護工作流程、最佳化團隊、設備與設施管理，以及調整我們的電力組合與發電機組，以交付最佳價值來加以因應。

We are confident that these cost savings measures are achievable, especially when considering the $25 million we saved last year, our existing momentum built into our 2026 plan and the opportunity to accelerate what was planned for 2027 into this year. As such, we are reaffirming our long-term earnings and dividend growth guidance of 5% to 7% and our full year adjusted earnings guidance of $3.33 to $3.53 per diluted share. We remain focused on safe, reliable and efficient operations, advancing our strategic priorities and achieving our commitments to deliver value to our customers, communities and shareholders.

我們有信心這些節省成本措施可達成，特別是考量到我們去年節省的2,500萬美元、已納入2026年計畫的既有動能，以及將原本規劃於2027年的部分加速提前至今年的機會。因此，我們重申長期獲利與股利成長指引為5%至7%，以及全年調整後獲利指引為每股稀釋後3.33至3.53美元。我們仍專注於安全、可靠且高效率的營運，推進策略優先事項，並履行承諾，為客戶、社區與股東創造價值。

And now, operator, we are ready for questions.

現在，接線員，我們已準備好進入提問環節。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

(接線員指示) Julien Dumoulin-Smith，Jefferies。

If we can start off here a little bit more on the negotiations and conversations on the HoldCo side. I mean, what are the key areas of contention that prevented a settlement here, if you can kind of go back to the extent possible. Obviously, I mean, asking about it is somewhat difficult. But to the extent possible, elucidate a little bit around that. And particularly now that you've removed the TransCo from the filing, how do you think about prospects from here given how perhaps the two became at times a little overly intertwined?

如果可以的話，我想先從 HoldCo 端的協商與溝通再多談一點。我的意思是，就您能回溯的範圍而言，究竟有哪些關鍵爭議點導致這次無法達成和解？顯然，問這個多少有點困難。但在可能的範圍內，能否稍微闡明一下？尤其是現在你們已將 TransCo 從申報中移除，鑑於兩者過去有時似乎過度交織在一起，你們如何看待接下來的前景？

Sure. Well, first of all, thanks, Julien. And with regards to the holding company, we're really encouraged that parties have been meeting together to align thinking and to further the process. We just received a testimony yesterday. And we've agreed upon some bunch of general provisions around ring-fencing, including commissions oversight, access to books and records and other things.

當然。首先，謝謝你，Julien。就控股公司而言，我們對各方能夠聚在一起、對齊想法並推進流程感到非常鼓舞。我們昨天剛收到一份證詞。而且我們已就一系列關於「隔離保護（ring-fencing）」的一般性條款達成共識，包括委員會監督、查閱帳簿與紀錄，以及其他事項。

Obviously, we still remain pretty far apart with regards to credit, the use of leverage and other such things, and we look forward to engaging with stakeholders as well as commission staff. This is all part of the process. And as you can see, there are a lot of different concepts and history brought up in the filing that was just published yesterday.

顯然，在信用、槓桿的使用以及其他類似事項上，我們彼此仍有相當大的差距；我們也期待與利害關係人以及委員會工作人員持續互動。這些都是流程的一部分。而如你所見，昨天剛公布的申報文件中提出了許多不同的概念與歷史背景。

Yes, absolutely. And then if I can follow up real quickly here, just around the year itself, and I know you guys were just talking here. But obviously, there's been some gyrations here, especially with the start of the year. Can you talk about the levers a little bit more? It's Joe question here in the context of the remainder of the year and the offsets, if you will, against the full year number here.

是的，完全同意。那我快速追問一下，關於今年本身，我知道你們剛剛也在談。但顯然，尤其在年初這段時間，波動相當大。你們能否再多談談可動用的槓桿？這是我在看今年剩餘期間、以及你們所說的抵銷因素（offsets）相對於全年數字時的問題。

Again, I know the load number was moving, start of the year here with 1Q. Just -- and obviously, cognizant ultimately of the '26 being reaffirmed here, but can you speak a little bit to the levers going into that, if you will?

我也知道負載（load）數字在年初、第一季這裡一直在變動。只是——而且我也理解你們最終仍重申了 2026 年的目標，但能否談談為了達成那個目標、你們接下來會動用哪些槓桿？

Sure. As we mentioned, our cost management program that we had in place has always been designed as a multiyear plan. We achieved and slightly exceeded our goals last year. So it really gave us a foundation to build off of to have levers, tools, items in place to react to situations like this. Part of the plan overall was to mature the organization to give us flexibility when situations like this occur.

當然。如我們提到的，我們既有的成本管理計畫從一開始就被設計為一個多年期方案。我們去年達成並略微超越了目標。因此，這確實為我們提供了一個可延伸的基礎，讓我們具備槓桿、工具與可用項目，以因應這類情況。整體計畫的一部分，就是讓組織更成熟，以便在發生這類情況時具備彈性。

So one of the things we're doing is really taking advantage of this, it's a multiyear plan. This plan was intended to exceed beyond 2026. So we had already been working and identifying levers and benefits that were for this year, but also items for next year. So we've had the ability to just look into what is our toolkit here of items and actions. In addition, we're realigning based on what we're now seeing as the pattern of performance to set the portfolio up to really optimize itself based on this design.

所以我們正在做的一件事，就是真正善用這點——這是一個多年期計畫。這個計畫原本就預期會延伸到 2026 年之後。因此，我們早已在推進並辨識今年可用的槓桿與效益，同時也包含明年的項目。所以我們能夠回頭檢視：我們的工具箱裡有哪些項目與行動可以採取。此外，我們也會依據目前看到的績效表現型態進行重新調整，讓投資組合能依照這個設計真正達到最佳化。

So I look at this as two-pronged. We have the ability of both being in our control, how we plan and adapt our energy portfolio and then how we plan and adapt to our cost working throughout the whole management team and organization, right? This process has already been in place. We've already been working this because the goal of all of this has always been transformation.

因此我把它看作是雙軌並進。兩者都在我們可控範圍內：一是我們如何規劃並調整能源投資組合；二是我們如何規劃並調整成本管理，並在整個管理團隊與組織中推動，對吧？這個流程早已建立。我們也一直在做這件事，因為所有這些工作的目標一直都是轉型。

So we feel pretty confident that as we look to our toolkit as we identified this gap that we have the ability to execute and do things well within our control to react because this work had already been underway, and it's really just steering it a little differently or giving it a little more momentum.

所以我們相當有信心：當我們檢視工具箱、並辨識出這個缺口時，我們有能力在可控範圍內執行並把事情做好、以作出反應，因為這些工作早已在進行中；現在只是稍微改變方向，或是再加一點動能。

Excellent. Awesome. And Maria, just to clarify the earlier comment you made, just at this point, don't expect any kind of further settlement conversations on either the HoldCo or TransCo, right? I heard your comment about you remain pretty far apart about some of these key issues?

很好。太棒了。Maria，我想釐清你先前的評論：就目前而言，你不預期在 HoldCo 或 TransCo 方面會再有任何進一步的和解對話，對嗎？我聽到你說在一些關鍵議題上你們仍相距甚遠？

No, the process still allows for settlement conversations, and we're engaging with parties and working through the issues.

不，流程仍允許進行和解對話，我們也正在與各方接觸並就相關議題推進。

Shar Pourreza, Wells Fargo Securities.

Shar Pourreza，Wells Fargo Securities。

This is Whitney Mutalemwa, on for Shar. So thinking broadly on recovery tools, with the RCE mechanism no longer available, how are you thinking about the path to future reliability-related costs in a way that remains timely and investable? Should we assume the fallback is simply broader GRC treatment? Or are there other tools you think Oregon could still support for event-driven cost recovery?

我是 Whitney Mutalemwa，代 Shar 提問。從更宏觀的成本回收工具來看，既然 RCE 機制已不再可用，你們如何思考未來與可靠性相關成本的回收路徑，才能同時保持及時性與可投資性？我們是否應假設備援方案就只是採用更廣泛的 GRC 處理？或者你們認為俄勒岡州仍可能支持其他工具，用於事件驅動的成本回收？

So first of all, an excellent question. And over time, you're absolutely right. We are engaging with regulators to work in removing the volatility and generating more predictability, both on the impact to energy usage from weather as well as other issues. Obviously, RCE was around significant events. And of course, we have more volatility to power costs and exposure. This is clearly something that's going to take some time, and it's really important.

首先，這是個很好的問題。而且從長期來看，你說得完全正確。我們正在與監管機構合作，致力於降低波動性並提高可預測性，這包括天氣對能源使用的影響，以及其他議題。顯然，RCE 是針對重大事件而設。當然，我們在電力成本與曝險方面仍面臨更高的波動。這顯然需要一些時間來處理，而且非常重要。

Yes. And then just as a follow-up, as it relates to the multiyear rate planning, obviously, Portland is super supportive of Oregon's transition to that. But staff has been arguing with just the transition framework and the company finds it super restrictive. So as Oregon moves into the multiyear rate plans, what do you think the main principle Portland is trying to protect? Is it the ability to retain the existing statutory tools during this transition or the ability to continue using narrower, just mechanisms for high-priority capital without needing a full rate case?

好的。那再追問一下，關於多年期費率規劃（multiyear rate planning），顯然 Portland 非常支持俄勒岡州轉向這個制度。但工作人員一直在就轉換框架提出不同看法，而公司認為那個框架限制性很強。當俄勒岡州進入多年期費率計畫時，你認為 Portland 想要保護的主要原則是什麼？是希望在過渡期間保留既有的法定工具，還是希望能繼續使用較狹義的機制，針對高優先資本支出進行處理，而不必啟動完整的費率案件（rate case）？

And that's it.

以上。

So good question. And there's no question that we need to work on, I think, a common understanding of what's needed for all stakeholders, particularly investors and tools that will provide for adequate capital recovery and other interim items as we move to the multiyear framework. I think as we saw from the surrebuttal testimony that was just issued yesterday, we have a lot of work to do around common understanding of how we'll attract and retain capital and continue to grow the utility to invest for customers in clean energy, reliability and customer growth.

這也是個好問題。毫無疑問，我們需要努力建立一個共同理解：在轉向多年期框架的過程中，所有利害關係人——特別是投資人——需要什麼，以及哪些工具能確保足夠的資本回收與其他過渡性安排。我想，從昨天剛發布的補充反駁證詞（surrebuttal testimony）可以看出，我們在「如何吸引並留住資本」方面仍有大量工作要做，同時也要確保公用事業能持續成長，為客戶投資於潔淨能源、可靠性以及客戶成長。

And Whitney, just to add to the comment, you're right, there's a collection of new tools that are needed both in the transition and also in the multiyear plan. And we've already been adapting to those. You saw those new tools in all honestly, the Seaside tracker as well as the DSP that have taken some time to work through.

Whitney，另外補充一下你的評論，你說得對，在過渡期以及多年期計畫中，確實都需要一套新的工具。而我們也已經在適應這些工具。坦白說，你也看到了那些新工具，例如 Seaside tracker 以及 DSP，我們也花了一些時間把它們梳理到位。

So I mean, I think what you're seeing here is we're all working to evolve here from what was a very traditional process to both a multiyear process and how to find your way to that multiyear process. So I think the dialogue with the commission is really about what type of tools do we need. And you understand they're new, and that's honestly why this takes a bit of time here is to make sure they work well for all parties involved.

所以我的意思是，我認為你在這裡看到的是，我們都在努力從一個非常傳統的流程演進到一個多年期流程，以及如何找到通往那個多年期流程的路徑。因此，我認為與委員會的對話，核心在於我們需要什麼類型的工具。而你也理解這些是新的；老實說，這也是為什麼這需要一些時間，確保它們對所有相關方都能良好運作。

Chris Ellinghaus, Siebert Williams.

Chris Ellinghaus，Siebert Williams。

Maria, can you just talk about what you're seeing in the Oregon economy? I know it's been struggling a little bit, but can you give us some color on -- are you seeing some recovery? Is it still sort of where it was? And as an adjunct to that, customer growth year-over-year was a little lighter than first quarter of last year. Is that part of that issue? Or there are some other factors at play?

Maria，你能談談你在奧勒岡州經濟方面看到的情況嗎？我知道它最近有點吃力，但你能否提供一些背景說明——你是否看到一些復甦？還是仍大致維持原狀？另外，客戶數年增率比去年第一季略低一些。這是否是上述問題的一部分？或者還有其他因素在起作用？

Sure. First of all, we consider customer growth to actually continue to be quite strong, particularly in the non-downtown areas. It's slightly under 1%. And we continue to also see good business formation and new entrants, particularly on the data center side, but also on the high-tech and semiconductor manufacturing side. We're very encouraged. Our customers are focused, and they continue to invest in many parts of Oregon.

當然。首先，我們認為客戶成長其實仍然相當強勁，特別是在非市中心區域。成長率略低於 1%。我們也持續看到良好的企業設立與新進者，尤其是在資料中心領域，同時在高科技與半導體製造領域也是如此。我們非常受到鼓舞。我們的客戶很專注，並且持續在奧勒岡州的許多地區投資。

If I could just add on the load, right, just when you ask to the patterns, right? We saw the combination of what was some warm months and just some unusual flows of weather even within the month that we obviously, to ourselves, peel back and ask ourselves the questions very similar to you, are there economic conditions or other conditions and really seeing items that are really reacting to what is an unusual set of weather patterns. We've had one of the warmest winters here as well as it was a little sunnier.

如果我可以就負載再補充一下，對吧，就是你問到那些模式時？我們看到一些偏暖的月份，再加上即使在單月內也出現一些不尋常的天氣流動；我們當然也會回頭剖析並自問與你類似的問題：是否有經濟狀況或其他條件在影響，結果我們看到的其實是一些項目主要是在反映一組不尋常的天氣型態。我們這裡也經歷了最暖的冬季之一，而且日照也稍微多一些。

So you got things like a little more solar penetration than you normally would have seen in the winter months and things like that. But we didn't -- to Maria's comment, the broad economic factors that the guidance that gets us to what we believe are longer term as it relates to load continues to be hold and be consistent.

所以你會看到例如太陽能滲透率比你通常在冬季月份所看到的更高一些，諸如此類。但我們沒有——呼應 Maria 的評論，從更廣泛的經濟因素來看，那些指引我們對長期負載的判斷，仍然維持並且一致。

Sure. And there clearly are some unusual customer in migration patterns that seem to fluctuate. So I'm just kind of curious if there's any other factors there. Joe, in the reduction to the 2026 load expectations, is that merely a Q1 adjustment? Or is there other factors incorporated there?

了解。而且顯然有一些不尋常的客戶遷入模式似乎在波動。所以我只是有點好奇，是否還有其他因素。Joe，在下調 2026 年負載預期這件事上，那只是第一季的調整嗎？還是其中也納入了其他因素？

Yes. As it relates on an overall basis, we believe, largely realized with this being the main -- the heating part of the load reduction. We have reshaped the remainder of the year, but in all honesty, the reshaping is some movements between the other quarters. But from a loads experience, we think we've sort of work through the unusual part of the year on a cumulative basis and then just expect some slightly different flows here as we see different customer reactions to heat and cold weather. But overall net should be relatively close to 0 rest of the year.

是的。就整體而言，我們認為主要已經反映出來——這是負載下修的主要部分，來自供暖相關的負載下降。我們已經重新塑造了今年剩餘期間的分佈，但坦白說，這種重新塑造主要是不同季度之間的一些移動。但就負載的實際表現而言，我們認為在累計基礎上，我們大致已經度過了今年那段不尋常的部分，接下來只預期會看到一些略有不同的走勢，因為不同客戶對炎熱與寒冷天氣的反應會有所不同。但整體淨額在今年剩餘時間應該會相對接近 0。

So Maria, you were talking about wanting to pursue some mechanism for the volatility. The weather for you guys in the region is supposed to be on the warmer side for the spring and into the summer. That sort of effect on consumers, do you think that will be sort of inspirational for your interveners for maybe pursuing that mechanism discussion a little more?

所以 Maria，你剛才提到想要推動某種機制來因應波動性。你們所在區域的天氣預報顯示春季到夏季會偏暖。這種對消費者的影響，你認為會不會讓你們的介入方更有動力，去更積極推進那個機制的討論？

It's a good question. Certainly, last year, we began to see the impacts of significant higher AC penetration. And we saw quite a bit of higher load growth without as much high temperature as one would have historically needed to have seen. So definitely more correlation to high temperatures in terms of energy usage, which is a positive going forward for us, and we have not factored in that in our forecast. We're relying on those things right now that are actionable.

這是個好問題。確實，去年我們開始看到空調滲透率顯著提高所帶來的影響。而且我們看到負載成長提高了不少，即使高溫程度並沒有像過去歷史上通常需要看到的那麼高。因此，在能源使用方面，與高溫的相關性確實更強了；這對我們未來是正面的，而且我們尚未把這點納入我們的預測。我們目前依賴的是那些可採取行動的事項。

With regards to the commission and how they might think of this, affordability is a priority and predictability for customers is super important. I have had conversations with the Chair of the commission with regards to these unique patterns that we're seeing. And so those conversations with the commissioners and with staff will be ongoing.

至於委員會以及他們可能如何看待這件事，可負擔性是一項優先事項，而對客戶而言，可預測性也非常重要。我已經就我們看到的這些獨特模式，與委員會主席進行過對話。因此，與委員、以及與工作人員的這些對話將會持續進行。

Okay. A couple of related questions on the HoldCo. One, can we infer from the TransCo sort of retreat that while you didn't come up with an official settlement that you guys have resolved some issues unofficially through that process? And secondly, the sort of references to historical events are not terribly surprising. They were very sensitive about things like ring-fencing and credit back in the day.

好的。關於 HoldCo 有幾個相關問題。第一，我們是否可以從 TransCo 的某種退讓推斷出，雖然你們沒有達成正式和解，但透過那個過程，你們已經非正式地解決了一些問題？第二，提到一些歷史事件其實不太令人意外。當年他們對像是 ring-fencing（風險隔離）和信用等議題非常敏感。

But the HoldCo is a pretty different animal than some of those events. So does the commission staff sort of appreciate the pretty significant differences despite them bringing them up again?

但 HoldCo 與那些事件相比是相當不同的性質。所以，儘管他們又把那些事情拿出來講，委員會工作人員是否理解其中相當重大的差異？

First of all, with regards to your question on the transmission company, our goal was to prioritize at the request of staff and commissioners. We're trying to be cognizant of their workload and make sure that we are talking about those things which are in the highest priority. But the transmission company remains a topic that we will continue to discuss in the future, but not at this time.

首先，關於你對輸電公司的問題，我們的目標是依照工作人員與委員的要求來設定優先順序。我們試著體察他們的工作量，並確保我們討論的是最優先的事項。但輸電公司仍然是我們未來會持續討論的主題，只是目前暫時不在此時點。

I think that the testimony shows that we have common ground on a number of items. I would agree with you in some of the written words in the surrabuttal testimony, and it just shows that we have more work to do and to collaborate and establish common understanding and kind of the why and drivers as well as utility practices across the country that are pretty standard. The next step is to engage directly and to continue the conversation.

我認為證詞顯示，我們在多個事項上有共同立場。我同意你對某些書面內容的看法——在補充反駁（surrebuttal）證詞中的一些文字，確實顯示我們還需要做更多工作，去協作、建立共同理解，釐清原因與驅動因素，以及全國各地相當標準的公用事業實務。下一步是直接互動並持續對話。

Aidan Kelly, JPMorgan.

Aidan Kelly，JPMorgan。

Just with the applications in Oregon and Washington now underway, could you speak to the initial feedback from stakeholders on the pending acquisition as well as the upcoming milestones we should watch for? And just any sense of kind of what the customer benefits you're highlighting for the commissions at this time?

鑑於奧勒岡州與華盛頓州的申請現在都已展開，你能談談利害關係人對這項待審收購案的初步回饋，以及接下來我們應該關注哪些里程碑嗎？另外，能否分享一下你們目前向各委員會強調的客戶效益大概有哪些？

Sure. So first of all, we've engaged with a wide variety of stakeholders. We've spoken with all of the commissioners and staff in Oregon, spoken multiple times with the commissioners in Washington as well as staff respective governor's offices. And I think particularly important is we spent time actually in the service territory and are really encouraged by the receptivity we had, the focus on economic development and the interest in our ability to serve current and new businesses in both the Walla Walla, Wallula and the Yakima regions. So I'm really encouraged with the opportunities we move forward.

當然。首先，我們已與各式各樣的利害關係人進行交流。我們與奧勒岡州所有委員及其工作人員都談過，也多次與華盛頓州的委員以及各自州長辦公室的工作人員溝通。我認為特別重要的是，我們實際花時間走訪服務區域，並對我們所獲得的正面回應感到非常振奮；當地對經濟發展的重視，以及對我們服務現有與新企業能力的興趣，涵蓋瓦拉瓦拉（Walla Walla）、瓦盧拉（Wallula）以及雅基馬（Yakima）地區。因此，對於我們接下來推進的機會，我感到非常鼓舞。

In terms of discussions on benefits, we're just at the very early stages. But I would say, in particular, for Washington, it is very much of a constructive business-focused environment, and we look forward to engaging with all stakeholders as we move forward. The conversations could not have gone better.

就效益方面的討論而言，我們目前仍處於非常早期的階段。但我想說，特別是在華盛頓州，這是一個具建設性、以企業為導向的環境，我們期待在推進過程中與所有利害關係人持續互動。這些對話進展得再好不過了。

Okay. That's good to hear. And then yes, just wanted -- a separate question. I just wanted to pick up on the regulatory front again. I know it's kind of been talked about earlier in the call, but maybe just clearly asking like could you just speak to the timing of your next CRC as we kind of get closer to your stay out expiring this summer?

好的。很高興聽到。然後，是的，我還有一個不同的問題。我想再回到監管面向。我知道在電話會議前面已經有提到一些，但我想更清楚地問：隨著今年夏天你們的暫緩期（stay out）即將到期，你能否談談你們下一次 CRC 的時程？

What are the factors that would cause you to file earlier or later at this time?

目前有哪些因素會讓你們選擇更早或更晚提出申請？

So clearly, we're spending a lot of time talking about that issue. And we are focusing on sort of what's next, our timing. We know that energy bills are incredibly important to all businesses and families, and we are working to keep customer bills as low as possible by delivering reliable services that customers can count on. We also have not decided exactly on the next timing of our rate case, but there's no question that it will probably be sometime in the second half of the year. We're still evaluating the major components.

很明顯地，我們花了很多時間在討論這個議題。我們也在聚焦於下一步以及我們的時程安排。我們知道能源帳單對所有企業與家庭都極其重要，因此我們正努力透過提供客戶可依賴的可靠服務，將客戶帳單維持在盡可能低的水準。我們也尚未就下一次費率案件（rate case）的確切時點做出決定，但毫無疑問，很可能會在下半年某個時間。我們仍在評估主要組成項目。

Gregg Orrill, UBS.

Gregg Orrill，瑞銀（UBS）。

When would you be in a position to include the '25 RFP into the CapEx plan?

你們何時能把 2025 年的 RFP 納入資本支出（CapEx）計畫？

Right now, our anticipation, just as a reminder, right, we include the RFPs in the plan once we have them under contract. We think the earliest we'll start to see contracts is the beginning of 2027, if things work to the normal course as we work through these projects. So we're hoping that it'd be nice to have it aligned relatively to our fourth quarter update. But as you know, we are -- since we are working with a collection of individuals and you have a series of negotiations going on, that can vary.

目前我們的預期是——提醒一下——我們會在 RFP 專案簽約後才把它們納入計畫。如果一切按正常流程推進、我們依序完成這些專案，我們認為最早會在 2027 年初開始看到合約。因此，我們希望能與第四季更新相對齊會更理想。但如你所知，因為我們是與一群不同的個體合作，且同時進行一系列談判，時程可能會有所變動。

Paul Fremont, Ladenburg Thalmann & Company.

Paul Fremont，Ladenburg Thalmann & Company。

I guess my first question is, should we think about the prospects for settlement being the best between now and when hearings are scheduled in early June?

我想我的第一個問題是：在 6 月初預定舉行聽證會之前到那段期間，你們是否認為達成和解的可能性最高？

Well, I hope so. The sooner we can settle, the better. But I want to make sure that we give all parties an adequate time to establish good understanding and being able really to move forward constructively.

嗯，我希望如此。越早和解越好。但我也想確保我們給所有各方足夠的時間建立良好的理解，並真正能以建設性的方式向前推進。

Right. But in most states, typically, if it's going to settle, it's going to -- it usually settles before hearings. Is that sort of the case in Oregon? Or would you expect the prospects for being just as good after hearings?

了解。但在多數州，通常如果要和解，往往會在聽證會之前就和解。奧勒岡州也是這樣嗎？或者你認為在聽證會之後，和解的可能性也同樣高？

Well, I don't know if I would hedge either side. I think we're going to continue the process just as we have in the past. And hopefully, we can come to settlements. And if not, we'll go to the hearings and then work towards settlements afterwards. We've got plenty of runway to engage ahead of the hearings, and we're always hopeful of settling sooner rather than later.

嗯，我不確定我是否會偏向任何一邊。我認為我們會像過去一樣持續推進流程。並希望能達成和解。如果沒有，我們就進入聽證會，之後再朝和解努力。在聽證會之前我們有充足的時間進行溝通，我們也一向希望能早點和解，而不是拖到更晚。

Okay. And in the past, I guess, you've expressed a very high level of confidence in your ability to settle this particular case. Is that unchanged given your comments earlier that the parties still remain pretty far apart?

好的。過去你們似乎對於能就這個特定案件達成和解非常有信心。考量你先前提到各方立場仍相當分歧，這樣的信心是否有改變？

No, we still have good expectations of being able to settle. And I would reiterate as well that we have put a number of issues behind us as we work through the process.

沒有，我們仍然對能夠達成和解抱持良好期待。我也要再次強調，隨著流程推進，我們已經把不少議題處理並放在身後了。

And then have you received the counterproposal that was referenced in your regulatory filing from the intervener parties? And judging, I guess, by your comments earlier, it sounds like even in the counter -- even if you did receive one that there are still sort of major issues to be resolved?

另外，你們是否已收到你們在監管申報文件中提到、由介入方（intervener parties）提出的反提案（counterproposal）？而從你先前的評論來看，聽起來即使收到了反提案，仍有一些重大議題需要解決？

No, we haven't -- the parties are working on that, and we are continuing the discussions.

沒有，我們還沒有——各方正在處理那件事，我們也持續進行討論。

Great. And then I guess it looks as if -- to us as if the Washington utility subsidiary of Berkshire may not be earning at levels that are close to their authorized return levels. Is there something that you plan on doing to potentially narrow the gap between what they're earning and what they're authorized to earn?

很好。接著，我們看起來似乎伯克希爾在華盛頓州的公用事業子公司，獲利水準可能未接近其核准的報酬率水準。你們是否計畫採取一些措施，來縮小其實際賺取與核准可賺取之間的差距？

So our focus as we move into Washington and look at the opportunities in the state is, first, it's a strong operational fit with operations that we know well. We have noted that we expect it to be accretive in the first year and to enhance our long term and the overall business' EPS growth and dividend growth. And much of that is driven by the opportunity for new investment for clean energy investments in particular that are supporting the CETA compliance obligations that they have, and the commissioners have continued to reiterate that for us. But we would be expecting to drive to a similar return profile in Washington as we have in Oregon or better.

因此，當我們進入華盛頓州並評估該州的機會時，我們的重點首先是：這在營運上與我們熟悉的業務高度契合。我們也指出，我們預期這筆交易在第一年就會具增益性（accretive），並提升我們長期以及整體業務的每股盈餘（EPS）成長與股利成長。其中很大一部分來自新的投資機會，特別是潔淨能源投資，以支持其 CETA 合規義務；委員們也持續向我們重申這一點。但我們預期在華盛頓州能推動達到與奧勒岡州相近、或更好的報酬率表現。

Yes. I mean, Paul, the historical gap that we've seen has been mainly related to power costs. And one of the one of the attributes that when we do this transaction is a very -- it's a very -- much more specific and transparent direction of costs for the Washington customers, and we believe having this clarity of the Washington utility as well as having a much more specific instead of allocated set of assets and costs there will drive a more effective recovery over time.

是的。我是說，Paul，我們過去看到的差距主要與電力成本有關。而這筆交易的一個特點是：對華盛頓州客戶而言，成本的歸屬會更明確且更透明；我們相信，這種對華盛頓州公用事業的清晰界定，以及採用更具體、而非分攤（allocated）的資產與成本配置，將隨時間推進帶來更有效的成本回收。

Okay. So it's not through merger synergies that you would expect to sort of improve?

好的。所以你們預期的改善不是透過併購綜效來達成？

No, Paul, to date, when we've talked to and we speak to the accretive nature of this transaction here on the front end and as it relates to getting a better recovery, this is about the execution of the plan, the execution of the cost and the operation of utility. We have not layered in any type of cost synergy or other work here. We've really just layered in an effective operation and getting the financing and other benefits of the company. Synergies, as I know we've talked to and that we will work to, but we're not counting on those to make this accretive on that front.

不是的，Paul。到目前為止，當我們談到這筆交易在前期的增益性，以及與更佳回收相關的部分，重點在於計畫的執行、成本的執行，以及公用事業的營運。我們沒有把任何形式的成本綜效或其他工作納入假設。我們真正納入的是更有效的營運，以及公司的融資與其他效益。綜效方面，如同我們談過的，我們會努力去做，但我們並未仰賴綜效來讓這筆交易在這一端具增益性。

And there absolutely will be synergies on the O&M side and on the power cost side.

而且在營運與維護（O&M）端以及電力成本端，絕對會產生協同效益。

Travis Miller, Morningstar.

Travis Miller，Morningstar。

Two quick ones and then a follow-up that's a higher level one. Two quick ones. The 26% increase in the data center prices you talked about through the tariff, are those for all existing and prospective customers? Or would those be just for prospective data centers?

兩個簡短問題，然後再追問一個較高層次的問題。兩個簡短問題。你提到透過費率調整使資料中心價格上調26%，這是針對所有既有與潛在客戶嗎？還是只針對未來的新資料中心？

No, they were for existing and new customers, all data center customers. And we worked very collaboratively with each of those customers, and there's no surprises.

不是，這是針對既有與新客戶，也就是所有資料中心客戶。而且我們與每一位客戶都非常合作地進行溝通，沒有任何意外。

Okay. That was my one quick one. The other quick one, the generation mix Q1 last year to Q1 this year, some changes there in terms of your own generation versus purchased. Was there anything -- was this weather driven? Is there something fundamental going on?

好的。這是我第一個簡短問題。第二個簡短問題，去年第一季到今年第一季的發電組合，你們自有發電與外購電力的占比有些變化。這有沒有什麼原因——是天氣因素驅動嗎？還是有什麼根本性的變化正在發生？

Anything to read through some of those mixes, particularly in the owned versus purchased?

這些組合變化，特別是自有與外購之間，有什麼需要解讀的嗎？

Yes. No, there's no real -- there's no strategic changes going on there. I mean what you'll see is it's really a combination of events. The weather, the energy pricing related to running assets as well as certain contracts that will roll on and off. I think you'll see a contract that rolled on under the not owned -- sorry, or the contracted section.

有。不，這裡沒有真正——沒有任何策略性變動。我的意思是，你看到的其實是多個事件的組合。天氣、與資產運轉相關的能源價格，以及某些合約到期或生效的切換。我想你會看到有一份合約在非自有——抱歉，是在合約（contracted）那一欄生效。

But no, overall, our strategy on how we manage the portfolio and the mix of owned versus contracted stays on. These are just ebbs and flows in the normal course of a year.

但整體而言，我們在如何管理投資組合，以及自有與合約資源的配置策略上，仍維持不變。這些只是年度正常營運過程中的起伏變動。

Okay. Makes sense. And my higher-level question, I think there was a report that called the E3 report that came out in the last couple of days, talked about a 9 gigawatt shortfall by 2030 and a 14 to 18 gigawatt shortfall by 2035 and particularly along the Western edge of the region where you serve up and down there. I wonder if you could talk to whether you were involved in the report, if these are numbers that are consistent with what you're seeing with what you've reported to regulators, et cetera?

好的。明白了。再來是我較高層次的問題：我想過去幾天有一份報告，叫做E3報告，提到到2030年將短缺9吉瓦，到2035年將短缺14到18吉瓦，尤其是在你們服務區域南北延伸的西側邊緣地帶。想請你談談你們是否有參與該報告，以及這些數字是否與你們向監管機構等所回報、以及你們所觀察到的情況一致？

Sure. So the report was commissioned on behalf of industry groups that we participate and know well across the Pacific Northwest. And as you know and can see through our 2025 RFP as well as our IRP, we are working to procure more energy than we certainly have in the past, and there would be others in the region that are doing the same. The report was really focused also on resource adequacy and how we better manage resource adequacy as a region.

當然。這份報告是代表我們在太平洋西北地區所參與、也很熟悉的產業團體所委託製作的。而且如你所知、也可從我們的2025年RFP以及IRP中看到，我們正努力採購比過去更多的能源，區域內也會有其他業者在做同樣的事。這份報告也特別聚焦在資源充足性（resource adequacy），以及我們如何以區域的方式更好地管理資源充足性。

It includes additional focus on transmission. And clearly, our entering the energy and balance -- excuse me, the day-ahead market and building upon our energy and balance market will improve that for Portland General as well as PacifiCorp who actually just went live with the day-ahead market today. So we appreciate the information that was put together. It's created a lot of regional discussions that are very constructive.

它也額外強調了輸電。而且很明顯地，我們加入能源與平衡——抱歉，是日前市場（day-ahead market），並在既有的能源與平衡市場基礎上持續建置，將改善Portland General的情況；PacifiCorp其實也在今天正式上線日前市場。因此我們很感謝這份彙整出的資訊。它促成了許多非常具建設性的區域討論。

Rue Jia, Mizuho.

Rue Jia，瑞穗（Mizuho）。

This is Rue Jia from Mizuho for Anthony Crowdell. You've talked about the Washington acquisition as this opportunity to bring a growth-oriented philosophy to a service territory that has historically, say, more maintenance focused. Can you walk us through what that looks like in the first, say, 12 to 18 months after you take over? Perhaps you've already touched on this in previous questions, but just specifically, what are the areas that you bring this growth initiative to? And what would you point to as early signs that the shift is taking hold?

我是瑞穗的Rue Jia，代替Anthony Crowdell提問。你們談到華盛頓州的收購，是一個把以成長為導向的理念帶進一個歷來較偏重維護的服務區域的機會。能否帶我們了解一下，在你們接手後的前12到18個月，具體會是什麼樣子？也許你們在前面的問題已經提到一些，但想更具體地問：你們會把這個成長倡議帶到哪些領域？以及你們會以哪些早期跡象來判斷這個轉變正在成形？

I'll start here and maybe hand it over to Maria. When you talk in the shorter term here, this is really about supporting and giving them the right investment, mainly on the D side, a little bit of T as it relates to putting -- continuing to build that infrastructure at the rate that it needs to support growth. The longer-term growth will really come from, as we've mentioned, there are RFPs that we will be involved in and really helping support economic growth and development in a region that we believe is primed for economic growth and development.

我先回答，之後也許交給Maria補充。就較短期而言，這主要是支持並提供適當的投資，重點在配電（D）端，並在與——持續建置所需基礎設施、以符合支撐成長所需的速度相關時，也會有一點輸電（T）。較長期的成長則會來自於——如我們提過的——我們將參與一些RFP，並真正協助支持我們認為已具備經濟成長與發展條件的區域之經濟成長與發展。

And so that's why if you look to the charts that we show here on as it relates to the inclusion of the Washington utility, you'll see that the growth is a little more back-end focused as we give a little time here to support some industrial growth and then support some of the RFP needs that will go in the area.

因此，如果你看我們在這裡展示、與納入華盛頓州公用事業相關的圖表，你會看到成長較偏向後段，因為我們需要一些時間來支持部分工業成長，並進一步支援該地區將進行的RFP需求。

Yes, we're really encouraged with the regional leaders' interest in accelerating the growth in Eastern Washington and have had terrific conversations with our existing customers as well as with new potential customers.

是的，我們對區域領導者希望加速華盛頓州東部成長的興趣感到非常振奮，也已與既有客戶以及新的潛在客戶進行了非常好的對話。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Maria for closing remarks.

各位女士先生，目前提問佇列中沒有其他問題。現在我想把電話交回給Maria作結語。

Thank you very much for joining us today. We appreciate your interest in Portland General, and we look forward to seeing you at upcoming conferences. Have a great day.

非常感謝各位今天加入我們。我們感謝各位對Portland General的關注，也期待在接下來的各項會議上與各位見面。祝各位有美好的一天。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。