賓州電力 (PPL) 2022 Q4 法說會逐字稿

Good morning, and welcome to the PPL Corporation Fourth Quarter and Year-End 2022 Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Andy Ludwig, Vice President of Investor Relations. Please go ahead.

早上好，歡迎來到 PPL Corporation 2022 年第四季度和年終財務業績電話會議。 （操作員說明）請注意正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Andy Ludwig。請繼續。

Good morning, everyone, and thank you for joining the PPL Corporation Conference Call on Fourth Quarter and Year-end 2022 financial results. We provided slides for this presentation on the Investors section of our website. We'll begin today's call with updates from Vincent Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer. And we'll conclude with a Q&A session following our prepared remarks. Before we get started, I'll draw your attention to Slide 2 and a brief cautionary statement.

大家早上好，感謝您參加 PPL 公司關於 2022 年第四季度和年底財務業績的電話會議。我們在我們網站的投資者部分提供了本演示文稿的幻燈片。我們將從 PPL 總裁兼首席執行官 Vincent Sorgi 的最新消息開始今天的電話會議；和首席財務官 Joe Bergstein。我們將在準備好的發言後以問答環節結束。在我們開始之前，我將提請您注意幻燈片 2 和簡短的警告聲明。

Our presentation today contains forward-looking statements about future operating results or other future events. Actual results may differ materially from these forward-looking statements. Please refer to the appendix of this presentation and PPL's SEC filings for a discussion of some of the factors that could cause actual results to differ from the forward-looking statements.

我們今天的演示文稿包含有關未來經營業績或其他未來事件的前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異。請參閱本演示文稿的附錄和 PPL 提交給美國證券交易委員會的文件，以討論可能導致實際結果與前瞻性陳述不同的一些因素。

We will also refer to non-GAAP measures, including earnings from ongoing operations and adjusted gross margins on this call. For reconciliations to the comparable GAAP measures, please refer to the appendix. I'll now turn the call over to Vince.

我們還將參考非 GAAP 指標，包括持續運營的收益和調整後的毛利率。有關與可比較的 GAAP 措施的調節，請參閱附錄。我現在將電話轉給文斯。

Thank you, Andy, and good morning, everyone. Welcome to our fourth quarter and year-end investor update. We'll keep our remarks brief this morning given the comprehensive update we shared with you on January 11. We continue to be extremely excited for PPL's bright future and the value we intend to deliver for our customers and shareowners.

謝謝安迪，大家早上好。歡迎來到我們的第四季度和年終投資者更新。鑑於我們在 1 月 11 日與您分享的全面更新，我們今天上午的發言將保持簡短。我們繼續對 PPL 的光明未來以及我們打算為我們的客戶和股東提供的價值感到非常興奮。

Turning to Slide 4. 2022 was a remarkable year in PPL's history, one that has completely redefined our company. It marks the beginning of a new era as we are now positioned as a premier pure-play U.S. regulated utility holding company. Our strategic repositioning began with the sale of our U.K. business in 2021 and concluded in May of 2022 with the addition of Rhode Island Energy and its almost 800,000 customers.

轉到幻燈片 4。2022 年是 PPL 歷史上非凡的一年，它徹底重新定義了我們公司。它標誌著一個新時代的開始，因為我們現在被定位為一家主要的純美國監管公用事業控股公司。我們的戰略重新定位始於 2021 年出售我們的英國業務，並於 2022 年 5 月隨著羅德島能源公司及其近 800,000 名客戶的加入而結束。

I'm very proud of the execution from our team to close this transaction and complete the transition activities to date with National Grid. We are on schedule to complete all of the TSAs in 2024 as originally planned. The acquisition of Rhode Island Energy also enhances our scale and enables PPL to be a leader in our sector for years to come. This includes positioning our company to deliver top-tier 6% to 8% earnings and dividend growth through at least 2026. With one of the best credit profiles in our sector, our balance sheet can support our growth without equity issuances throughout the planning horizon.

我對我們團隊的執行力感到非常自豪，以完成這筆交易並完成迄今為止與國家電網的過渡活動。我們正按原計劃在 2024 年完成所有 TSA。收購 Rhode Island Energy 也擴大了我們的規模，使 PPL 能夠在未來幾年成為我們行業的領導者。這包括將我們的公司定位為至少在 2026 年之前實現 6% 至 8% 的頂級收益和股息增長。憑藉我們行業中最好的信用狀況之一，我們的資產負債表可以在整個規劃期內支持我們的增長而無需發行股票。

And while we executed on our strategic repositioning, we remain steadfast in our pursuit of delivering excellent financial and operational results in 2022. First and foremost, we achieved ongoing earnings of $1.41 per share, beating the midpoint of our forecast, which we had increased in November. This is a fantastic accomplishment considering all the extra work our teams completed this past year in connection with our strategic repositioning.

在我們執行戰略重新定位的同時，我們仍然堅定不移地追求在 2022 年實現出色的財務和運營成果。首先，也是最重要的是，我們實現了每股 1.41 美元的持續收益，超過了我們預測的中點，我們在十一月。考慮到我們的團隊在過去一年中完成的與我們的戰略重新定位相關的所有額外工作，這是一項了不起的成就。

In addition to delivering solid financial results, we also laid the groundwork for capital investments we need to make for years to come in our pursuit of delivering an exceptional customer experience at an affordable price. Specifically, we presented a balanced investment plan in Kentucky to replace nearly 1,500 megawatts of retiring coal generation.

除了提供穩健的財務業績外，我們還為未來幾年需要進行的資本投資奠定了基礎，以追求以可承受的價格提供卓越的客戶體驗。具體而言，我們在肯塔基州提出了一項平衡投資計劃，以取代近 1,500 兆瓦的退役煤電。

This plan best positions our utilities in Kentucky to serve our customers with safe, reliable, affordable and sustainable energy while the state fosters significant economic development and growth. We also designed a series of plans for our newly acquired Rhode Island Energy, strategies to deliver the energy grids necessary to achieve the state's impressive clean energy goal of 100% renewable energy by 2033. These plans include advanced metering, grid modernization and our first infrastructure safety and reliability plans under our ownership.

該計劃最適合我們在肯塔基州的公用事業，為我們的客戶提供安全、可靠、負擔得起和可持續的能源，同時該州促進顯著的經濟發展和增長。我們還為我們新收購的 Rhode Island Energy 設計了一系列計劃，提供必要的能源網絡戰略，以實現該州令人印象深刻的清潔能源目標，到 2033 年實現 100% 可再生能源。這些計劃包括先進的計量、電網現代化和我們的第一個基礎設施我們擁有的安全和可靠性計劃。

These plans emphasize just some of the robust investment opportunities at our utilities. We're also looking at potential regulated investment opportunities beyond our 4 utilities, leveraging our expertise in transmission development to open new doors for potential growth. This includes our strategic partnership with Wind Grid, and Elia subsidiary where we are exploring offshore transmission solutions in New England.

這些計劃只強調了我們公用事業領域的一些強勁投資機會。我們還在尋找 4 家公用事業公司以外的潛在受監管投資機會，利用我們在輸電開發方面的專業知識為潛在增長打開新的大門。這包括我們與 Wind Grid 的戰略合作夥伴關係，以及我們正在新英格蘭探索海上輸電解決方案的 Elia 子公司。

Any investment opportunity stemming from this partnership are not included in our capital forecast and represent potential upside to our long-term growth plan. On the operational front, during 2022, we maintained our top quartile reliability in Pennsylvania and Kentucky despite the increased frequency and severity of storms in our service territories.

這種夥伴關係帶來的任何投資機會均未包括在我們的資本預測中，並且代表了我們長期增長計劃的潛在上行空間。在運營方面，2022 年期間，儘管我們服務區域的風暴頻率和嚴重程度增加，但我們在賓夕法尼亞州和肯塔基州保持了最高四分之一的可靠性。

And in just a few months of ownership, Rhode Island Energy has experienced a marked improvement in reliability and exceeded 2022 expectations by more than 10%. One example of this excellent performance was during winter storm Elliott. Rhode Island Energy was the first major New England utility to achieve full customer restoration in the early morning of Christmas Day.

在擁有所有權的短短幾個月內，Rhode Island Energy 的可靠性有了顯著提高，超出了 2022 年的預期 10% 以上。這種出色表現的一個例子是在冬季風暴埃利奧特期間。羅德島能源公司是第一家在聖誕節清晨實現客戶全面恢復的新英格蘭主要公用事業公司。

We also maintained our top quartile customer satisfaction at PPL Electric Utilities and Kentucky Utilities. And while we're proud of these achievements, we are sympathetic to the concerns of our Pennsylvania customers who experienced increases in their December bills as a result of higher energy prices. While we don't control the price of electricity supply, we know that it can have a meaningful impact on our customers.

我們還在 PPL Electric Utilities 和 Kentucky Utilities 保持了最高四分之一的客戶滿意度。雖然我們為這些成就感到自豪，但我們對賓夕法尼亞州客戶的擔憂表示同情，他們因能源價格上漲而導致 12 月的賬單增加。雖然我們不控制供電價格，但我們知道它會對我們的客戶產生重大影響。

And while the default rate for PPL Electric's nonshopping customers increased in December, many of our customers who have chosen third-party suppliers saw even higher price increases and are paying significantly more than our default rate of approximately $0.145. Our most recent review of shopping results found that in November, over 40% of our residential shopping customers paid a higher rate than our default rate. Over 100,000 customers paid a rate between 25% and 100% more than the default rate and nearly 20,000 customers paid more than double our default rate.

雖然 PPL Electric 的非購物客戶的違約率在 12 月份有所上升，但我們許多選擇第三方供應商的客戶的價格漲幅甚至更高，而且支付的費用明顯高於我們約 0.145 美元的違約率。我們最近對購物結果的審查發現，在 11 月，超過 40% 的住宅購物客戶支付的費用高於我們的違約率。超過 100,000 名客戶支付的費用比違約率高出 25% 至 100%，近 20,000 名客戶支付的費用是我們違約率的兩倍多。

For the last 2 years, PPL Electric has been a vocal advocate on behalf of our customers for greater safeguards and other actions to protect them from overpaying for their electricity supply. We proposed various consumer protection reforms with our Pennsylvania legislators and regulators and are again having discussions with them for the benefit of our customers.

在過去的 2 年裡，PPL Electric 一直代表我們的客戶積極倡導採取更多保障措施和其他行動，以保護他們免於為電力供應多付錢。我們與賓夕法尼亞州的立法者和監管者提出了各種消費者保護改革方案，並再次與他們就我們客戶的利益進行討論。

In addition to higher builds from these increased energy prices, a large number of our PPL Electric Utilities customers received estimated bills in December due to a technical issue. The timing of higher electricity bills and the increased number of estimated bills created some confusion and concern for customers. We have since fixed the technical issue and have temporarily doubled the resources at our call centers to address customer questions and significantly reduce call wait times.

除了這些能源價格上漲帶來的更高建設外，我們的大量 PPL 電力公用事業客戶由於技術問題在 12 月收到了估計賬單。電費上漲的時機和預估賬單數量的增加給客戶帶來了一些困惑和擔憂。我們已經解決了技術問題，並暫時將呼叫中心的資源增加了一倍，以解決客戶的問題並顯著減少呼叫等待時間。

And in further support of our customers, we've waived late fees and expanded our no-shutoff practice over the winter to include all residential and small business customers. We're also focused on communicating even more with our customers about high energy prices and what customers can do to minimize their energy bills. While this is an important topic for us and our customers that I wanted to address today, I want to be clear that we do not expect this matter to have a significant impact on our financial results.

為了進一步支持我們的客戶，我們免除了滯納金，並在冬季擴大了我們的不停機做法，以包括所有住宅和小型企業客戶。我們還專注於與客戶就高能源價格以及客戶可以做些什麼來最大限度地減少能源費用進行更多溝通。雖然這對我們和我們的客戶來說是一個重要的話題，但我想明確表示，我們預計此事不會對我們的財務業績產生重大影響。

As we've discussed at length, one of the key aspects of our strategy is to drive operating efficiencies across the entire business. In developing our strategy, we anticipated affordability being a key area of focus for customers and regulators, even before we saw the effects of inflation and high commodity costs. We all know the energy grids need significant investment to ensure reliability and resiliency while preparing for renewables, DERs and more electrification.

正如我們詳細討論的那樣，我們戰略的一個關鍵方面是提高整個企業的運營效率。在製定我們的戰略時，我們預計負擔能力是客戶和監管機構關注的一個關鍵領域，甚至在我們看到通貨膨脹和高商品成本的影響之前。我們都知道，在為可再生能源、分佈式能源和更多電氣化做準備的同時，電網需要大量投資以確保可靠性和彈性。

This is why our plan best positions PPL to achieve our goals while focusing on affordability for our customers. Turning to Slide 5. PPL's outlook for 2023 is one that is simply focused on executing our Utility of the Future strategy. In my 2022 recap, I discussed that we are on track with our integration activities with Rhode Island Energy. An obvious top priority for 2023 is to remain on track with our Rhode Island integration, setting us up for completion in 2024.

這就是為什麼我們的計劃最適合 PPL 以實現我們的目標，同時關注客戶的負擔能力。轉到幻燈片 5。PPL 對 2023 年的展望只是專注於執行我們的“未來效用”戰略。在我的 2022 年回顧中，我討論了我們與 Rhode Island Energy 的整合活動正步入正軌。 2023 年的一個明顯的首要任務是繼續推進我們在羅德島的整合，為 2024 年完成做好準備。

We have a $2.4 billion capital plan that improves the safety reliability and resiliency of our networks while addressing our customers' evolving needs. We're on track to deliver the first leg of our $175 million O&M savings target by 2026 with $50 million to $60 million of savings in 2023 as we deploy our playbook and continue to optimize our operations.

我們有一項 24 億美元的資本計劃，旨在提高我們網絡的安全可靠性和彈性，同時滿足客戶不斷變化的需求。我們有望在 2026 年實現我們 1.75 億美元的 O&M 節省目標的第一階段，並在 2023 年實現 5000 萬至 6000 萬美元的節省，因為我們部署了我們的劇本並繼續優化我們的運營。

These savings will provide a strong basis for us to deliver the midpoint of our 2023 earnings forecast of $1.58 per share. Recall, this forecast represents a 7% increase from our pro forma 2022 forecast of $1.48 per share. We will also focus on the regulatory filings in Kentucky and Rhode Island to deliver lease cost and reliable energy for our customers and help to advance the clean energy transition.

這些節省將為我們實現 2023 年每股收益預測中值 1.58 美元奠定堅實的基礎。回想一下，該預測比我們對 2022 年每股 1.48 美元的預估預測高出 7%。我們還將專注於肯塔基州和羅德島州的監管備案，為我們的客戶提供租賃成本和可靠的能源，並幫助推進清潔能源轉型。

Turning to Slide 6. As we executed our strategic repositioning over the past few years, we took a hard look at how we wanted to be defined as a company and management team. Simply put, we want to be the best utility company in the U.S., the best set of learning safe, reliable, affordable and sustainable energy to our customers and competitive long-term returns to our shareowners.

轉到幻燈片 6。在過去幾年中執行戰略重新定位時，我們認真審視了我們希望如何定義公司和管理團隊。簡而言之，我們希望成為美國最好的公用事業公司，為我們的客戶提供最好的學習安全、可靠、負擔得起和可持續的能源，並為我們的股東提供有競爭力的長期回報。

We've included on the right side of the slide, the categories that we'll use to measure our success against our peers. In short, we will be targeting top decile or top quartile performance and safety, reliability, customer satisfaction and cost efficiency, while at the same time, targeting a premium stock valuation. While we're not there yet in all categories, I firmly believe we are on the right path to get there. and I'm excited to see us advance down this path. With that, I'll now turn the call over to Joe for the financial update. Joe?

我們在幻燈片的右側包括了我們將用來衡量我們與同行相比是否成功的類別。簡而言之，我們將以最高十分位數或最高四分之一的性能和安全性、可靠性、客戶滿意度和成本效率為目標，同時以溢價股票估值為目標。雖然我們還沒有在所有類別中都做到這一點，但我堅信我們正走在正確的道路上。我很高興看到我們沿著這條路前進。有了這個，我現在將電話轉給喬進行財務更新。喬？

Thank you, Vince, and good morning, everyone. Let's turn to Slide 8. Our solid fourth quarter financial results closed out a great year for the company. Fourth quarter GAAP earnings were $0.26 per share. Special items in the fourth quarter were $0.02 per share primarily due to integration and related expenses associated with the acquisition of Rhode Island Energy, partially offset by a tax benefit due to the provision to final 2021 tax return adjustments primarily related to the sale of WPD.

謝謝你，文斯，大家早上好。讓我們轉到幻燈片 8。我們穩健的第四季度財務業績為公司帶來了豐收的一年。第四季度 GAAP 收益為每股 0.26 美元。第四季度的特殊項目為每股 0.02 美元，主要是由於與收購 Rhode Island Energy 相關的整合和相關費用，部分被稅收優惠所抵消，因為主要與出售 WPD 相關的 2021 年最終納稅申報調整的準備金。

Adjusting for these special items, fourth quarter earnings from ongoing operations were $0.28 per share, an improvement of $0.06 per share compared to 2021. With these strong fourth quarter results, our 2022 GAAP earnings totaled $1.02 per share. Special items for the year were $0.39 per share, primarily related to integration and related expenses associated with the acquisition of Rhode Island Energy.

對這些特殊項目進行調整後，第四季度持續運營收益為每股 0.28 美元，與 2021 年相比每股收益增加 0.06 美元。憑藉這些強勁的第四季度業績，我們 2022 年的 GAAP 收益總計為每股 1.02 美元。本年度的特殊項目為每股 0.39 美元，主要與收購 Rhode Island Energy 相關的整合和相關費用有關。

Our ongoing earnings for the year were $1.41 per share compared to $1.05 per share for 2021 exceeding the midpoint of our earnings forecast for 2022. Turning to the ongoing segment drivers for the quarter on Slide 9. Our Pennsylvania Regulated segment results improved by $0.01 year-over-year. Results were primarily driven by higher sales volumes due to milder-than-normal weather last year and increased returns on additional capital investments in transmission.

我們今年的持續收益為每股 1.41 美元，而 2021 年的每股收益為 1.05 美元，超過了我們對 2022 年收益預測的中點。轉向幻燈片 9 上本季度持續的細分市場驅動因素。我們賓夕法尼亞州監管的細分市場業績每年提高 0.01 美元-超過一年。業績增長的主要原因是去年天氣比正常情況溫和導致銷量增加，以及輸電領域額外資本投資回報率增加。

These improvements were offset partially by higher O&M expenses. Our Kentucky segment decreased by $0.01 per share year-over-year. Improved sales volumes in Kentucky also due to milder-than-normal weather experienced last year were more than offset by higher O&M and interest expense. The addition of our Rhode Island segment increased earnings by $0.03 per share for the quarter.

這些改進部分被更高的 O&M 費用所抵消。我們的肯塔基分部同比下降 0.01 美元。肯塔基州的銷量增加也是由於去年經歷了比正常情況更溫和的天氣，但被更高的 O&M 和利息支出所抵消。羅德島分部的加入使本季度每股收益增加了 0.03 美元。

Results at Corporate and Other increased $0.03 per share compared to the prior year, primarily due to lower O&M expenses, lower income taxes and other factors that were not individually significant. These favorable drivers were partially offset by higher interest expense. Our strong performance in the fourth quarter reflects another proof point of delivering on expectations since our repositioning last year.

與上一年相比，公司和其他部門的每股收益增加了 0.03 美元，這主要是由於較低的 O&M 費用、較低的所得稅和其他單獨而言並不重要的因素。這些有利的驅動因素部分被更高的利息支出所抵消。我們在第四季度的強勁表現反映了自我們去年重新定位以來實現預期的另一個證明。

Our results for the full year are on Slide 10. We reported improved results across each business segment in 2022. The operating segment results presented here exclude the impact of share accretion, which we've shown as a separate bar on the far right of the slide. Recall that we used a portion of the U.K. business sales proceeds to repurchase $1 billion of shares back in the fourth quarter of 2021, resulting in $0.05 of accretion in 2022.

我們全年的業績在幻燈片 10 上。我們報告了 2022 年每個業務部門的業績都有所改善。此處顯示的運營部門業績不包括股票增長的影響，我們已將其顯示為最右側的單獨欄滑動。回想一下，我們在 2021 年第四季度使用部分英國業務銷售收益回購了 10 億美元的股票，導致 2022 年增加了 0.05 美元。

We also used another $4 billion of the U.K. sales proceeds to reduce our holding company debt, strengthening our balance sheet to one of the best in the sector. This reduction of debt was the primary driver for the $0.10 improvement in our Corporate and Other segment for the year.

我們還使用另外 40 億美元的英國銷售收益來減少我們控股公司的債務，加強我們的資產負債表，使其成為該行業最好的資產負債表之一。債務減少是本年度我們公司和其他部門增長 0.10 美元的主要驅動因素。

Turning to the operating segments. Our Pennsylvania Regulated segment delivered a $0.06 per share increase for the year compared to 2021. The year-over-year increase was primarily driven by returns on additional capital investments in transmission, higher peak transmission demand and improved sales volumes.

轉向經營部門。與 2021 年相比，我們的賓夕法尼亞監管部門今年每股收益增長 0.06 美元。同比增長主要是由於輸電方面的額外資本投資回報、更高的輸電高峰需求和銷量增加。

These favorable drivers were partially offset by higher O&M expenses, including increased uncollectibles, additional vegetation management costs and IT amortization costs. Our Kentucky Regulated segment earnings increased by $0.07 per share for the year compared to 2021. Our improved results in Kentucky were primarily driven by a full year of higher retail rates that went into effect in July 2021 and higher sales volumes.

這些有利的驅動因素被更高的 O&M 費用部分抵消，包括增加的壞賬、額外的植被管理成本和 IT 攤銷成本。與 2021 年相比，我們在肯塔基州受監管的部門全年每股收益增長了 0.07 美元。我們在肯塔基州的業績有所改善，這主要是由於 2021 年 7 月生效的全年更高的零售率和更高的銷量。

These favorable drivers were partially offset by higher O&M expenses, including vegetation management, plant outage and storm costs and higher depreciation expense. Our Rhode Island segment added $0.08 per share to ongoing earnings for the year, reflecting the period from our acquisition in late May through the end of the year. This was a great year for the company and is yet another demonstration of our commitment to deliver on and exceed our financial goals.

這些有利的驅動因素被更高的 O&M 費用部分抵消，包括植被管理、工廠停運和風暴成本以及更高的折舊費用。我們的羅德島分部在本年度的持續收益中增加了每股 0.08 美元，反映了我們從 5 月下旬收購到年底的這段時間。今年對公司來說是偉大的一年，也是我們致力於實現並超越我們的財務目標的又一次證明。

Turning to Slide 11. We expect to keep that momentum heading into this year. Today, we are reaffirming our 2023 earnings forecast range of $1.50 to $1.65 per share and the midpoint of $1.58 per share. We remain confident in our ability to deliver our forecast by leveraging our proven operating model, a strategy focused on driving cost efficiencies to reduce O&M which enables investments necessary to advance our energy networks in the most affordable manner.

轉到幻燈片 11。我們希望在今年保持這種勢頭。今天，我們重申 2023 年每股收益預測範圍為 1.50 美元至 1.65 美元，中點為每股 1.58 美元。我們仍然相信我們有能力通過利用我們經過驗證的運營模式來提供我們的預測，該戰略專注於提高成本效率以減少 O&M，從而能夠以最負擔得起的方式進行必要的投資，以推進我們的能源網絡。

Our Pennsylvania segment results are expected to increase by $0.04 per share in 2023, primarily due to returns on additional capital investments in transmission and lower O&M, partially offset by higher interest expense. We project our Kentucky segment results to increase by $0.05 per share in 2023, primarily due to lower O&M, partially offset by higher interest expense.

我們賓夕法尼亞分部的業績預計到 2023 年每股增長 0.04 美元，這主要是由於傳輸方面的額外資本投資回報和較低的 O&M，部分被較高的利息支出所抵消。我們預計 2023 年我們肯塔基分部的業績將增長每股 0.05 美元，這主要是由於較低的 O&M，部分被較高的利息支出所抵消。

Our Rhode Island segment results are expected to increase by $0.08 per share in 2023, primarily due to the impact of a full year's earnings. We project corporate and other results to be flat year-over-year. Moving to Slide 12. In connection with the request from many of our investors, we've reallocated our Kentucky holding company financing costs to corporate and other beginning January 1.

我們的羅德島分部業績預計到 2023 年每股增長 0.08 美元，這主要是由於全年收益的影響。我們預計公司業績和其他業績將同比持平。轉到幻燈片 12。根據我們許多投資者的要求，我們已從 1 月 1 日開始將我們肯塔基州控股公司的融資成本重新分配給公司和其他公司。

This reallocation provides a clearer view of the utility earnings for our Kentucky Regulated segment and is consistent with how we report the Pennsylvania and Rhode Island segments. We've illustrated the impact of this reallocation to our actual 2022 ongoing earnings on this slide to show the 2022 segment results on a consistent basis with our 2023 segment forecast.

這種重新分配可以更清楚地了解我們肯塔基州監管部門的公用事業收益，並且與我們報告賓夕法尼亞州和羅德島州部門的方式一致。我們在這張幻燈片上說明了這種重新分配對我們 2022 年實際持續收益的影響，以與我們 2023 年的細分預測一致地顯示 2022 年的細分結果。

Moving to Slide 13. Our Board of Directors has declared a quarterly cash dividend of $0.24 per share to be paid on April 3 to shareholders of record as of March 10. As we discussed in January, the $0.24 dividend is a 7% increase that aligns with our predictable, linear and competitive annual EPS growth of 6% to 8%. This is also within our targeted dividend payout range of 60% to 65%, combining our targeted EPS growth with our dividend yield provides investors with a compelling total return proposition in the range of 9% to 11% per year.

轉到幻燈片 13。我們的董事會已宣布將於 4 月 3 日向截至 3 月 10 日登記在冊的股東派發每股 0.24 美元的季度現金股息。正如我們在 1 月份討論的那樣，0.24 美元的股息增加了 7%，與我們可預測的、線性的和有競爭力的年度每股收益增長 6% 到 8%。這也在我們 60% 至 65% 的目標股息支付範圍內，結合我們的目標每股收益增長和我們的股息收益率，為投資者提供了令人信服的每年 9% 至 11% 的總回報率。

This is consistent with our mission of delivering long-term returns to shareholders. That concludes my prepared remarks, and I'll turn the call back over to Vince.

這符合我們為股東提供長期回報的使命。我準備好的發言到此結束，我將把電話轉回給文斯。

Thank you, Joe. Over the past 2 years, we've taken bold steps to transform PPL for long-term growth and success and to improve shareholder return while building on our core strengths. Since then, we have continued to deliver on the goals we set, exceeding the midpoint of our 2022 earnings forecast, advancing industry-leading grid modernization, providing highly reliable electricity and gas service and economically advancing our clean energy strategy. And our plan provides investors with an attractive return proposition, one that the entire management team and I intend to deliver. With that, operator, let's open it up for questions.

謝謝你，喬。在過去的 2 年裡，我們採取了大膽的步驟來轉變 PPL 以實現長期增長和成功，並在鞏固我們的核心優勢的同時提高股東回報。從那時起，我們繼續實現我們設定的目標，超過我們 2022 年盈利預測的中點，推進行業領先的電網現代化，提供高度可靠的電力和天然氣服務，並經濟地推進我們的清潔能源戰略。我們的計劃為投資者提供了一個有吸引力的回報提議，我和整個管理團隊都打算實現這一目標。有了這個，接線員，讓我們打開它來提問。

(Operator Instructions) And our first question will come from Shahriar Pourreza of Guggenheim Partners.

（操作員說明）我們的第一個問題將來自 Guggenheim Partners 的 Shahriar Pourreza。

Just two quick ones here after you guys obviously had a comprehensive update a little while ago. But just -- I know you guys are obviously targeting $50 million to $60 million of O&M savings this year, but it's been kind of a super mild winter, Q1 looks to be a little bit rough. I guess how comfortable are you around the 158 midpoint when you're also layering in sort of interest expense pressures and some of the externalities we're seeing out there.

在你們不久前顯然進行了全面更新之後，這裡只有兩個快速更新。但只是 - 我知道你們顯然今年的目標是節省 5000 萬到 6000 萬美元的 O&M，但這是一個超級溫和的冬天，第一季度看起來有點粗糙。我猜你在 158 中點附近有多自在，同時你還面臨著利息支出壓力和我們在那裡看到的一些外部因素。

So I guess if the tail risks don't abate, can you sort of pull forward some of that incremental $70 million in O&M savings next year into this year? I guess, can you just talk a little bit about the contingencies here?

所以我想如果尾部風險沒有減弱，你能否將明年增加的 7000 萬美元 O&M 儲蓄中的一部分提前到今年？我想，你能談談這裡的突發事件嗎？

Yes, Shar. Look, I would just say we still remain incredibly confident in our ability to hit the '23 forecast. As you've mentioned and with many of our peers, right, I would say the most significant potential headwinds or factors that we're looking at today are interest rates and inflation. And then, of course, weather, which you referenced and its impact potentially on sales or our storm costs.

是的，莎爾。看，我只想說我們仍然對我們達到 23 年預測的能力充滿信心。正如您和我們的許多同行所提到的，對，我想說我們今天正在研究的最重要的潛在阻力或因素是利率和通貨膨脹。然後，當然，你提到的天氣及其對銷售或我們的風暴成本的潛在影響。

I would say regarding inflation and interest rates at this point, we're really not seeing anything significant enough that we don't think we can manage as we look forward for not only '23 but going forward. And I would just reiterate that we built a plan to withstand volatile markets and still enable us to hit the targets that we've laid out for you all. So we're still very confident, don't necessarily see the need to really accelerate O&M, but that's always a lever we have at our disposal.

我要說的是，目前關於通貨膨脹和利率，我們真的沒有看到任何足夠重要的事情，以至於我們認為我們無法管理，因為我們不僅期待 23 年，而且期待未來。我只想重申，我們制定了一個計劃來抵禦動蕩的市場，並且仍然使我們能夠實現我們為大家製定的目標。所以我們仍然非常有信心，不一定認為需要真正加速 O&M，但這始終是我們可以使用的槓桿。

Great. And then just lastly, Vince -- that's helpful. Just on the Kentucky CPCN process, intervenors are obviously starting to line up looks like there's been some delays on solar PPAs and the PSC just engaged a consultant, right, to do an analysis earlier this week. Can you just speak to the process a little bit more broadly and what we should be watching for intervenors and procedurally between now and your next update in the spring?

偉大的。最後，文斯——這很有幫助。就肯塔基 CPCN 流程而言，干預者顯然開始排隊，看起來太陽能 PPA 出現了一些延誤，PSC 剛剛聘請了一名顧問，對，本週早些時候進行了分析。你能否更廣泛地談談這個過程，以及從現在到你在春季的下一次更新之間，我們應該為乾預者和程序觀察什麼？

Yes, sure. So the CPCN process does continue, I would say, really but on plan as was laid out in the procedural schedule. Last week, the KPSC granted several interveners, their motions to intervene short, none of those were a surprise to us. So I would say everything, again, progressing as we would have expected there. The next step is for us to get the data requests from the intervenors, which are due to us by the end of today actually.

是的，當然。所以我想說，CPCN 流程確實在繼續，但確實在按照程序時間表中的計劃進行。上週，KPSC 批准了幾位干預者，他們的干預動議很短，我們對此並不感到意外。所以我會再次說一切，正如我們在那裡預期的那樣取得進展。下一步是讓我們從乾預者那裡獲得數據請求，這些請求實際上是在今天結束前交給我們的。

This will then start a series of requests and testimony that are scheduled really to continue through mid-August. And then once we get through that, that will culminate with the public hearing during the last week of August. And then as I think you know, the commission has indicated that they expect to provide a decision by November 6.

然後，這將啟動一系列請求和證詞，這些請求和證詞實際上計劃持續到 8 月中旬。然後，一旦我們解決了這個問題，就會在 8 月最後一周舉行公開聽證會時達到高潮。然後我想你知道，委員會表示他們希望在 11 月 6 日之前做出決定。

Next question comes from Durgesh Chopra of Evercore ISI.

下一個問題來自 Evercore ISI 的 Durgesh Chopra。

We were getting some questions on that, so I appreciate the color. I just had one quick follow-up, rest, everything is pretty clear. The -- you've asked for AFUDC in Kentucky, is that part of this CPCN filing? Or is that a separate decision? What should we be looking for there and how to track that specifically?

我們對此有一些疑問，所以我很欣賞這種顏色。我剛剛進行了一次快速跟進，休息，一切都很清楚。你在肯塔基州要求 AFUDC，這是 CPCN 備案的一部分嗎？或者這是一個單獨的決定？我們應該在那裡尋找什麼以及如何具體跟踪？

Yes, that will come out through the CPCN process, so that will be resolved all at the same time to get.

是的，這將通過 CPCN 流程得出，因此將同時解決所有問題。

Got it. Okay. Perfect. And go Eagles for 2024.

知道了。好的。完美的。 2024 年去老鷹隊。

Not an Eagle stand, but that's okay.

不是 Eagle 支架，但沒關係。

The next question comes from Paul Patterson of Glenrock Associates.

下一個問題來自 Glenrock Associates 的 Paul Patterson。

On the call, I think you were -- in your prepared remarks, you were talking about like discussions with regulators about affordability and what have you. I was just wondering if you could give a little bit more color as to what they might be looking at and if you have a little bit more discussion about Kentucky and I guess, Pennsylvania, what you're hearing there?

在電話會議上，我認為你是 - 在你準備好的發言中，你正在談論與監管機構關於負擔能力和你有什麼的討論。我只是想知道您是否可以就他們可能正在看的內容提供更多顏色，以及您是否可以對肯塔基州和賓夕法尼亞州進行更多討論，您在那裡聽到了什麼？

Yes. So some of the things that we were -- we've been engaged in Pennsylvania, really with our -- with the state legislature as well as our regulator, the PUC. Most significantly, Paul, we've requested to have customers return to the EDC, so right, the companies like TTL Electric and to return to our default rate when they come off the standard offer program as that's where we've seen our customers gauge the most when they come off the standard offer plan.

是的。因此，我們曾經做過的一些事情——我們一直在賓夕法尼亞州參與，真的與我們——與州立法機構以及我們的監管機構 PUC 合作。最重要的是，保羅，我們已經要求讓客戶返回 EDC，所以正確的是，像 TTL Electric 這樣的公司並在他們退出標準報價計劃時恢復到我們的違約率，因為這是我們看到客戶衡量的地方當他們脫離標準報價計劃時最多。

In some cases, our customers' rates have increased by more than 300% in the months following, coming off the standard offer program. So we -- our recommendation was just to have folks once the standard offer program ends. If they hadn't already signed up for a new plan that they would just default to our default rate, which would limit how much the price could increase as opposed to, like I said, this 300% or more, which we have seen some of our customers get it with.

在某些情況下，我們客戶的費率在接下來的幾個月內增加了 300% 以上，脫離了標準優惠計劃。所以我們 - 我們的建議只是在標準報價計劃結束後讓人們參與進來。如果他們還沒有簽署一項新計劃，他們將默認我們的違約率，這將限制價格可以上漲多少，而不是像我說的那樣，300% 或更多，我們已經看到一些我們的客戶得到它。

We've also requested that suppliers provide detailed information about their agreements to our customers, both to the electric companies. So again, companies like PPL Electric as well as the so that we can augment any supplier notifications and make sure that our customers understand some of these plans that they're signing up for. We've also asked for tighter restrictions around introductory or teaser rates as well as variable rates. Again, our customers have been impacted significantly by some of those areas. So overall, I would just say we're really trying to see greater accountability with our suppliers.

我們還要求供應商向我們的客戶（包括電力公司）提供有關其協議的詳細信息。因此，像 PPL Electric 這樣的公司再次重申，這樣我們就可以增加任何供應商通知，並確保我們的客戶了解他們正在簽署的其中一些計劃。我們還要求對介紹性利率或預告利率以及可變利率進行更嚴格的限制。同樣，我們的客戶受到其中一些領域的重大影響。所以總的來說，我只想說我們真的在努力讓我們的供應商承擔更大的責任。

Okay. That makes a lot of sense. This is kind of a problem that's sort of plagued choice -- retail choice jurisdictions around the country, I mean, if you look over the years, there are some places that are talking about actually limiting customer choice to more sophisticated customers. In other words, there just doesn't seem to be a lot of value that's being driven by these third-party providers in many cases. And is there any talk about that? And anywhere in any of the areas that you operate?

好的。這很有意義。這是一個困擾選擇的問題——全國各地的零售選擇管轄區，我的意思是，如果你回顧這些年，有些地方正在談論實際上將客戶的選擇限制在更複雜的客戶身上。換句話說，在許多情況下，這些第三方提供商似乎並沒有帶來太多價值。有沒有關於這個的討論？在您經營的任何地區的任何地方？

I'm not seeing that yet, Paul. But again, so we've been engaged with our public officials over the last couple of years on trying to get some of these measures implemented, and they haven't to date, we are continuing to engage with them. I think it's more pronounced now with what we've seen with wholesale power prices and natural gas prices. So we will continue to engage on behalf of our customers to try to get -- try to get these wholesale -- or not the wholesale rates, but the rates that third-party suppliers are charging our customers.

我還沒有看到，保羅。但同樣，在過去的幾年裡，我們一直在與我們的公職人員接觸，試圖實施其中一些措施，但迄今為止他們還沒有，我們將繼續與他們接觸。我認為現在我們所看到的批發電價和天然氣價格更加明顯。因此，我們將繼續代表我們的客戶參與嘗試獲得——嘗試獲得這些批發價——或者不是批發價，而是第三方供應商向我們的客戶收取的費率。

In many cases, as I said in my prepared remarks, customers are paying a lot more, even more than double our default rate. And you can go out on the PUC's website and actually get prices that are even cheaper than our default rate. And so it's a huge issue, as you mentioned, and that's why we're spending a lot of time right now on educating our customers to make sure that they know what plans are available, but also to just make sure they really read the fight and print and understand the plans that they're entering into and doing what's best for them and their family.

在許多情況下，正如我在準備好的發言中所說，客戶支付的費用要高得多，甚至是我們違約率的兩倍多。您可以訪問 PUC 的網站，實際獲得的價格甚至比我們的默認價格還要便宜。所以這是一個大問題，正如你提到的，這就是為什麼我們現在花很多時間來教育我們的客戶，以確保他們知道有哪些計劃可用，但也要確保他們真正閱讀了這場鬥爭打印並了解他們正在製定的計劃，並為他們和他們的家人做最好的事情。

The next question comes from Angie Storozynski of Seaport

下一個問題來自 Seaport 的 Angie Storozynski

So I have a question about Kentucky. And it's -- I understand it's a bit premature, I guess. But given the time line for the approval by FERC of the Kentucky Power sale, I think it's increasingly likely that, that transaction doesn't happen. And I'm just wondering if this asset stays within AP, they're probably going to try to boost its growth profile, which that could result in additional coal plant retirements or plans to retire coal plants.

所以我有一個關於肯塔基州的問題。而且它 - 我知道這有點為時過早，我猜。但考慮到 FERC 批准出售肯塔基電力的時間表，我認為交易不會發生的可能性越來越大。我只是想知道如果這項資產留在 AP 內，他們可能會嘗試提高其增長前景，這可能會導致更多的燃煤電廠退休或計劃退休。

And I'm just wondering, how do you think that could impact your pending proposal? I mean, we've been hearing some noise in newspapers in the state about reliability concerns on the back of coal plant retirements? And again, just thinking bigger picture if there were to be more large state utilities with a similar growth path or towards the goal plant retirement if that could actually derail the process? Or do you think actually that could be helpful?

我只是想知道，您認為這會如何影響您的未決提案？我的意思是，我們一直在該州的報紙上聽到一些關於燃煤電廠退役後可靠性問題的聲音？再說一遍，如果有更多具有類似增長路徑的大型國有公用事業公司，或者如果這實際上會破壞進程，那麼只是想一想更大的圖景？或者您認為這實際上可能有幫助嗎？

Yes, I'm not sure I think it would impact us one way or the other, Angie. I think, again, our CPCN has been designed to strike an appropriate balance with different fuel sources to provide that safe, reliable and affordable energy while we're replacing 1,500 megawatts, that is reaching our end of lives. We've been very clear that we have not accelerated the retirement of our coal plants.

是的，我不確定我認為這會以某種方式影響我們，安吉。我再次認為，我們的 CPCN 旨在與不同的燃料來源取得適當的平衡，以在我們更換 1,500 兆瓦時提供安全、可靠和負擔得起的能源，這將達到我們生命的終點。我們一直非常清楚，我們沒有加速燃煤電廠的退役。

These are plants that are end of life. And so our [CPN] or CPCN, with the commission is really how best to replace that retiring coal generation with the least cost, most reliable sources of energy. And as you know, we have a balance of combined cycle plants in there with solar, with some storage, et cetera. So I don't know that I would see the -- whether the sale process or whether the asset remains with AEP really impacting our process.

這些是生命終結的植物。因此，我們的 [CPN] 或 CPCN，以及委員會實際上是如何用成本最低、最可靠的能源來最好地取代即將退休的煤炭發電。如您所知，我們在那裡有聯合循環發電廠與太陽能、一些儲能設備等的平衡。所以我不知道我會看到 - 銷售過程或資產是否保留在 AEP 中真的會影響我們的過程。

Okay. And then secondly, assuming that you do get the approval, the certificates of -- from the Kentucky Commission, would you then file a rate case to recover the investment or the plan would be either see a rider recovery or basically further cut costs to pay for the capital spending and the return on it?

好的。然後，其次，假設您確實獲得了肯塔基委員會的批准和證書，您是否會提交費率案例以收回投資，或者該計劃將看到騎手恢復或基本上進一步削減支付成本對於資本支出和回報呢？

Yes. So we do -- we are requesting AFUDC coverage for the capital investments we would be making under the CPCN. So that would provide us with the earnings aspect of making those investments before they go in service. From a cash perspective, again, one of the reasons why we have the balance sheet that we have is, it enables us to engage with our regulators to mitigate near-term rate impacts, but at the same time, get the investments done that we know we need to get done. And then we would pick that up in a rate case sometime in the '26 or later time frame.

是的。所以我們這樣做了——我們要求 AFUDC 為我們將在 CPCN 下進行的資本投資提供保險。因此，這將為我們提供在投入使用之前進行這些投資的收益方面。同樣，從現金的角度來看，我們擁有資產負債表的原因之一是，它使我們能夠與監管機構合作以減輕近期利率影響，但同時完成我們認為的投資知道我們需要完成。然後我們會在 26 年或更晚的時間範圍內的某個時候在利率案例中選擇它。

Okay. And then lastly, this point that you brought up about retail choice. So it's kind of an interesting time, right? Because if you think -- I mean, I'm assuming that you guys had procured electricity ahead of time, so you had likely locked in elevated power prices. So wouldn't actually a retail choice makes sense to residential customers in this power price environment where power prices have fallen pretty dramatically as such that there should be a positive differential between what a retailer can offer versus what the incumbent utility offers, no?

好的。最後，您提出了關於零售選擇的這一點。所以這是一段有趣的時光，對吧？因為如果你認為——我的意思是，我假設你們已經提前採購了電力，所以你們很可能已經鎖定了高電價。因此，在電價大幅下跌的電價環境中，零售選擇對住宅客戶來說真的沒有意義嗎？零售商可以提供的產品與現有公用事業公司提供的產品之間應該存在正差異，不是嗎？

Yes, you would think so, Angie. So our price to compare is about $0.14. There are suppliers out there that are below $0.10 exactly to your point. We've had to procure that power over 6, 12, 18 months time horizons in accordance with the PUC process. So yes, so we're not necessarily getting the immediate impact of the precipitous decline in energy prices over the last month or 2. Some of our suppliers are, which they're able to provide, like I said, (inaudible) $0.10 contracts, it makes it interesting that many of our customers were paying $0.20 and over $0.30 in December for their third-party supplier energy. So great point.

是的，你會這麼想，安吉。所以我們比較的價格約為 0.14 美元。那裡有低於 0.10 美元的供應商，正好符合您的觀點。根據 PUC 流程，我們必須在 6、12、18 個月的時間範圍內獲得這種能力。所以是的，所以我們不一定會受到過去一兩個月能源價格急劇下跌的直接影響。我們的一些供應商是，他們能夠提供，就像我說的那樣，（聽不清）0.10 美元的合同，有趣的是，我們的許多客戶在 12 月為他們的第三方供應商能源支付了 0.20 美元和超過 0.30 美元。太好了。

The next question comes from David Arcaro of Morgan Stanley.

下一個問題來自摩根士丹利的大衛阿卡羅。

A couple of minor questions here. I just wanted to check on the reallocation of the Kentucky Holdco drag, I was just wondering, are there any implications there either from a regulatory perspective or from like a debt refinancing perspective as you shift that into corporate and other? Or is it really just as simple as moving around that EPS drag?

這裡有幾個小問題。我只是想檢查 Kentucky Holdco 拖累的重新分配，我只是想知道，從監管角度或從債務再融資角度將其轉移到公司和其他方面是否有任何影響？或者它真的就像移動 EPS 阻力一樣簡單嗎？

Dave, it's Joe. It's -- there's no implications to either of those. It's really just the reallocation of those costs that we were -- we had been allocating to the Kentucky segment to -- and really from an investor perspective to align the Kentucky segment to the similar way that we had been reporting Pennsylvania and Rhode Island. So no implications there.

戴夫，是喬。它 - 對其中任何一個都沒有影響。這實際上只是我們對這些成本的重新分配——我們一直在分配給肯塔基州的部分——而且真的從投資者的角度來看，使肯塔基州的部分與我們報告賓夕法尼亞州和羅德島州的方式類似。所以那裡沒有任何影響。

Okay. Got it. Great. That's helpful. And then I was just curious, would you expect ongoing elevated costs or personnel activity or anything like that on the back of the billing issues in Pennsylvania in terms of the call center resources or anything like that? Or is it going to be just temporary in terms of response there?

好的。知道了。偉大的。這很有幫助。然後我很好奇，您是否期望在賓夕法尼亞州的呼叫中心資源或類似問題方面的計費問題導致成本或人員活動持續增加或類似情況？還是就那裡的反應而言只是暫時的？

Yes. No, that will be temporary, David. We do have third-party contracts that we can lean on in times of need, which we've done. We've also reallocated some of our existing folks in other departments and train them up on the call center activity. So yes, of course, the third-party contracts, we could dial those up and down as needed and then our internal resources -- they'll just go back to their other departments when we're through with the call center duties that we have been doing.

是的。不，那將是暫時的，大衛。我們確實有第三方合同，我們可以在需要時依靠這些合同，我們已經這樣做了。我們還重新分配了其他部門的一些現有員工，並對他們進行呼叫中心活動方面的培訓。所以是的，當然，第三方合同，我們可以根據需要向上和向下撥打這些合同，然後是我們的內部資源——當我們完成我們的呼叫中心職責時，他們會回到他們的其他部門一直在做。

The next question comes from Gregg Orrill of UBS.

下一個問題來自瑞銀集團的 Gregg Orrill。

Just with regard to the CPCN, how does the impact of inflation play into that with inflation supply constraints?

就 CPCN 而言，通貨膨脹的影響如何影響通貨膨脹供應約束？

So those price estimates that are in our CPCN are all based on current pricing. And we ran the RFPs in the summertime. So those RFP prices are included for solar projects. And again, we're using our internal cost estimates for the combined cycle units and any of the solar that we're proposing that we build. So I would say cost estimates are up to date there. No major issues with having to adjust those with what's in the CPCN.

因此，我們 CPCN 中的那些價格估算都是基於當前定價。我們在夏季運行了 RFP。因此，這些 RFP 價格已包含在太陽能項目中。再一次，我們正在使用我們對聯合循環裝置和我們提議建造的任何太陽能的內部成本估算。所以我想說成本估算在那裡是最新的。不必根據 CPCN 中的內容調整那些內容，這沒有什麼大問題。

The next question comes from Paul Zimbardo of Bank of America.

下一個問題來自美國銀行的 Paul Zimbardo。

And good to hear about the Rhode Island reliability improvements so quick off the bat. Shifting to the of course, shifted to the gas side in Rhode Island. I know there's that future of gas proceeding ongoing. Just could you talk at a high level how that could impact the spending plans, whether in terms of magnitude or timing?

很高興聽到羅德島的可靠性改進如此之快。當然，轉移到羅德島的天然氣方面。我知道天然氣的未來正在進行中。您能否在高層談談這將如何影響支出計劃，無論是在規模還是時間方面？

Yes. So it's -- we're early in that process, Paul, as you know. We did put a capital plan together to ensure the safety and reliability of the gas network while we work with the state on the future of gas docket, that will take some time to get through. Again, as we think about the gas networks, not only in Rhode Island, but across the country. We certainly see a future for those as to folks like EPRI and other independent research agencies in terms of the fuel that's flowing through those LDCs may be different.

是的。保羅，正如你所知，我們在這個過程中處於早期階段。我們確實制定了一項資本計劃，以確保天然氣網絡的安全性和可靠性，同時我們與州政府就天然氣項目的未來進行合作，這需要一些時間才能通過。同樣，當我們考慮天然氣網絡時，不僅在羅德島，而且在全國范圍內。我們當然看到那些人的未來，就像 EPRI 和其他獨立研究機構在流經這些最不發達國家的燃料方面可能有所不同。

They may not be 100% natural gas. We could have renewable natural gas, hydrogen, we could have other sources of fuel flowing through them, but there are certain processes that just don't lend themselves to electrification. And so long term, while we certainly support and expect there to be a lot more electrification, we also expect there to be a need and a use for gas LDC networks. And so making sure that those networks are safe and reliable now continues to be a top priority, but we will certainly be engaged with the state on the long-term future of that network.

它們可能不是 100% 天然氣。我們可以使用可再生天然氣、氫氣，我們可以使用其他燃料來源，但有些過程不適合電氣化。從長遠來看，雖然我們當然支持並期望有更多的電氣化，但我們也期望有對天然氣 LDC 網絡的需求和使用。因此，確保這些網絡安全可靠現在仍然是重中之重，但我們肯定會就該網絡的長期未來與州政府進行接觸。

And one unrelated and I know you may be a little limited in what you can say, but just is there any update on the talent litigation or arbitration now that, that bankruptcy process has wrapped up? I know it's a legacy one, but just hope we can put that one to bet sooner rather than later?

一個不相關的人，我知道你能說的可能有點有限，但現在破產程序已經結束，關於人才訴訟或仲裁的最新消息是什麼？我知道這是一個遺留的，但只是希望我們能早點下注嗎？

Yes. There is actually -- we are entering into mediation next week on February 22. That will be before one of the judges in the Texas bankruptcy court. So yes, there is an update there. We'll be heading into mediation next week.

是的。實際上 - 我們將在下週 2 月 22 日進行調解。這將在德克薩斯州破產法庭的一名法官面前進行。所以是的，那裡有更新。我們將在下週進行調解。

The next question comes from Neil Kalton of Wells Fargo.

下一個問題來自富國銀行的尼爾卡爾頓。

Just a question on Rhode Island. Yes, it looks like based on the guidance for 2023 that if my math is right, it might not be that you will be significantly under-earning the ROE. So my question is, are the cost savings coming in as expected thus far? And then in terms of bridging that gap? Is this something that is ultimately going to require regulatory relief in 2026? Or can it be accomplished faster?

只是一個關於羅德島的問題。是的，根據 2023 年的指導，如果我的計算是正確的，那麼您獲得的 ROE 可能不會顯著不足。所以我的問題是，到目前為止，成本節省是否達到了預期？然後在彌合差距方面？這是否最終需要在 2026 年放鬆監管？還是可以更快地完成？

Neil, it's Joe. So a couple of points there. First on the Rhode Island guidance for 2023, I think we've discussed in the past a few times that we expect to experience some variability or noise in our Rhode Island earnings as we work through the transition period and stand up Rhode Island on our systems and processes. And so that's what you're seeing here.

尼爾，是喬。所以有幾點。首先關於 2023 年的羅德島指南，我想我們在過去已經討論過幾次，我們預計在我們度過過渡期並在我們的系統中建立羅德島時，我們的羅德島收入會出現一些變化或噪音和流程。這就是你在這裡看到的。

The primary driver of those lower earnings are due to costs as we work our way off the TSA, their costs such as staffing up our operations, training our new full-time employees, things like that. I do expect that to normalize once we've completed the TSA period in 2024. And again, we expected this from the outset, and it's been embedded in our projections.

這些較低收入的主要驅動因素是我們在 TSA 之外工作時的成本，他們的成本，例如為我們的業務配備人員，培訓我們的新全職員工等。我確實希望，一旦我們在 2024 年完成 TSA 期間，這種情況就會正常化。而且，我們從一開始就預料到了這一點，並且它已經嵌入到我們的預測中。

And so our outlook for Rhode Island remains very positive as we execute the plan, and I certainly expect to see growth there in 2024. As far as the O&M savings that we're projecting for 2023, the $50 million to $60 million, those come predominantly from Pennsylvania and Kentucky for the same reason I talked about in Rhode Island. We're still working our way off those TSAs. So until we're on our systems and processes, we can't really drive O&M savings there through the transition period.

因此，在我們執行該計劃時，我們對羅德島的前景仍然非常樂觀，我當然希望在 2024 年看到那裡的增長。至於我們預計 2023 年的 O&M 節省，即 5000 萬至 6000 萬美元，這些都是出於與我在羅德島談到的相同原因，他們主要來自賓夕法尼亞和肯塔基。我們仍在努力擺脫這些 TSA。因此，在我們使用我們的系統和流程之前，我們無法在過渡期間真正推動 O&M 節省。

Okay. Understood. And do you think by 2025, we're going to be earning close to the allowed there? Or is it -- it might take a little bit more?

好的。明白了。你認為到 2025 年，我們的收入會接近那裡的允許水平嗎？還是——可能需要多一點時間？

I think '25 is certainly a normal year. We'll be off the TSAs by that period sometime in 2024. So you get a clean year '25. It will have been some time since the last rate case there. I think National Grid's less rate case was 2018. So we certainly expect to see an improvement in ROEs. We may need a rate case following that. But I think we'll continue to work through the plan and execute what we have in store there and see where we are. But we feel -- again, we feel good about the growth prospects in Rhode Island.

我認為 25 年肯定是正常的一年。到 2024 年的某個時候，我們將脫離 TSA。所以你會得到一個乾淨的 25 年。自上次利率案件以來已經有一段時間了。我認為國家電網的利率較低的案例是 2018 年。因此我們當然希望看到股本回報率有所改善。之後我們可能需要一個費率案例。但我認為我們將繼續完成計劃並執行我們在那裡存儲的內容，看看我們會在哪裡。但我們再次感到——我們對羅德島州的增長前景感到樂觀。

This concludes our question-and-answer session. I would like to turn the conference back over to Vince Sorgi for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Vince Sorgi，聽取任何閉幕詞。

Thanks, everybody, for joining us. I just want to reiterate, again, really pleased with our 2022 results where we ultimately came in what we accomplished in 2022 to set us up for 2023 and beyond and just really remain confident in our ability to deliver on what we've laid out for you all. And I can tell you the entire management team is aligned around the new strategy, and we're really looking forward to delivering it. So with that, hopefully, we'll see you guys on some of the conference circuits or on MDRs and look forward to chatting with you then.

謝謝大家加入我們。我只想再次重申，對我們 2022 年的結果感到非常高興，我們最終取得了 2022 年所取得的成就，為 2023 年及以後做好了準備，並且對我們實現既定目標的能力充滿信心你們。我可以告訴你，整個管理團隊都圍繞新戰略達成一致，我們真的很期待實現它。因此，希望我們能在一些會議電路或 MDR 上見到你們，並期待與你們聊天。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。