賓州電力 (PPL) 2023 Q4 法說會逐字稿

Good day, and welcome to the PPL Corporation Fourth Quarter 2023 Earnings 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, Investor Relations. Please go ahead.

美好的一天，歡迎參加 PPL 公司 2023 年第四季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係副總裁安迪路德維希 (Andy Ludwig)。請繼續。

Good morning, everyone, and thank you for joining the PPL Corporation Conference Call on Fourth Quarter and Full Year 2023 Financial Results. We provided slides for this presentation on the Investors section of our website. We'll begin today's call with updates from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer, and conclude with a Q&A session following our prepared remarks.

大家早安，感謝您參加 PPL 公司關於 2023 年第四季和全年財務表現的電話會議。我們在網站的投資者部分提供了本次簡報的幻燈片。我們將首先介紹 PPL 總裁兼執行長 Vince Sorgi 的最新情況；財務長喬·伯格斯坦 (Joe Bergstein)，並在我們準備好的演講後以問答環節結束。

Before we get started, I'll draw your attention to Slide 2 in a brief cautionary statement. 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.

在我們開始之前，我將透過簡短的警告聲明提請您注意投影片 2。我們今天的演示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有重大差異。請參閱本簡報的附錄和 PPL 向 SEC 提交的文件，以了解可能導致實際結果與前瞻性陳述不同的一些因素的討論。

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

我們也將參考非公認會計準則衡量標準，包括持續經營業務的收益或本次電話會議的持續收益。有關可比較 GAAP 衡量標準的調整表，請參閱附錄。我現在將把電話轉給文斯。

Thank you, Andy, and good morning, everyone. Welcome to our fourth quarter and year-end investor update. I'm excited for today's call as we closed out 2023 in strong fashion, and our future continues to look very bright. And I look forward to highlighting why that is on today's call. Turning to Slide 4. I'm very proud of what our PPL team was able to accomplish in 2023. In short, it was a year of challenges met and promises kept. Most importantly, we delivered electricity and natural gas safely and reliably to our more than 3.5 million customers. This included top quartile T&D reliability at each of our utilities, including record reliability for our companies in Kentucky and Rhode Island and top decile performance in Pennsylvania.

謝謝你，安迪，大家早安。歡迎閱讀我們的第四季和年終投資者更新。我對今天的電話會議感到很興奮，因為我們以強勁的方式結束了 2023 年，我們的未來仍然看起來非常光明。我期待在今天的電話會議上強調這一點的原因。轉向幻燈片 4。我對我們​​的 PPL 團隊在 2023 年所取得的成就感到非常自豪。簡而言之，這是迎接挑戰並兌現承諾的一年。最重要的是，我們向超過 350 萬客戶安全可靠地輸送電力和天然氣。這包括我們每個公用事業公司的最高四分之一的輸配電可靠性，包括我們在肯塔基州和羅德島州的公司的創紀錄的可靠性以及在賓夕法尼亞州最高的十分位績效。

Our generation reliability in Kentucky was among the very best in the nation. We achieved all this despite heightened storm activity in each of our service territories. At the same time and despite over $0.10 per share impact from mild weather and storms, we delivered on every one of our financial commitments to our shareowners. Namely, we achieved ongoing earnings of $1.60 per share, exceeding the midpoint of our ongoing earnings forecast by $0.02 and delivering over 8% growth from pro forma 2022.

我們肯塔基州的發電可靠性是全國最好的。儘管我們每個服務區域的風暴活動加劇，我們還是實現了這一切。同時，儘管溫和天氣和暴風雨對每股造成超過 0.10 美元的影響，我們仍兌現了對股東的每項財務承諾。也就是說，我們實現了每股 1.60 美元的持續盈利，比我們持續盈利預測的中位數高出 0.02 美元，預計 2022 年將增長超過 8%。

We achieved this through our strong focus on operational efficiency and outperformance in key areas that Joe will cover in his financial review. We also executed $2.4 billion in planned capital spend on time and on budget to advance a reliable, resilient, affordable and cleaner energy future. We exceeded our annual O&M savings target for 2023 through our strong enterprise-wide focus on technology and business transformation, achieving $75 million in savings from our 2021 baseline, reinforcing our continuous improvement mindset and putting us solidly on track to deliver our targeted $175 million in O&M savings by 2026.

我們透過高度關注喬將在其財務審查中涵蓋的關鍵領域的營運效率和卓越績效來實現這一目標。我們還按時按預算執行了 24 億美元的計畫資本支出，以推動可靠、有彈性、負擔得起和清潔的能源未來。透過全企業範圍內對技術和業務轉型的大力關注，我們超額完成了2023 年年度營運和維護節省目標，較2021 年基準實現了7500 萬美元的節省，強化了我們持續改進的心態，使我們堅定地走上實現1.75 億美元目標的軌道。到 2026 年節省營運和維護費用。

These operational and financial achievements were matched by strong results elsewhere in the business that position us for future success. Underpinned by sound planning and effective management of regulatory proceedings, we secured constructive regulatory outcomes in Kentucky and Rhode Island. In Kentucky, we secured approval for about $2 billion in generation replacement investments as part of our CPCN process that concluded in November of last year. The KPSC's decision ensures that we can continue to meet our customers' future energy needs safely, reliably and affordably while advancing a cleaner energy mix in the state.

這些營運和財務成就與業務其他方面的強勁業績相匹配，為我們未來的成功奠定了基礎。在健全的規劃和有效的監管程​​序管理的基礎上，我們在肯塔基州和羅德島州取得了建設性的監管成果。在肯塔基州，作為去年 11 月結束的 CPCN 流程的一部分，我們獲得了約 20 億美元的發電替代投資的批准。 KPSC 的決定確保我們能夠繼續安全、可靠和經濟地滿足客戶未來的能源需求，同時推進該州的清潔能源結構。

And in Rhode Island, we secured approval of our first infrastructure, safety and reliability plans since acquiring Rhode Island Energy. In addition, we received the green light to deploy advanced metering functionality across Rhode Island, as we lay a foundation for a smarter, more resilient, more reliable and more dynamic electric grid capable of supporting the state's leading climate goals.

在羅德島州，自從收購羅德島能源公司以來，我們的第一個基礎設施、安全和可靠性計劃獲得了批准。此外，我們還獲得了在羅德島州部署先進計量功能的許可，為建立更智慧、更有彈性、更可靠和更動態的電網奠定了基礎，能夠支持該州領先的氣候目標。

Finally, we continue to provide a smooth and seamless transition to PPL ownership for our Rhode Island Energy stakeholders, completing all planned 2023 integration milestones and keeping us on track to exit our remaining transition service agreements with National Grid in mid-2024. These achievements are a direct result of our focus on execution, our disciplined investment strategy, our ability to adjust when challenges arise, our experienced leadership team and clarity of purpose across PPL as we pursue our utility of the future strategy.

最後，我們繼續為羅德島能源利益相關者提供向 PPL 所有權的平穩、無縫過渡，完成所有計劃的 2023 年整合里程碑，並使我們預計在 2024 年中期退出與國家電網的剩餘過渡服務協議。這些成就是我們對執行的關注、我們嚴格的投資策略、我們在挑戰出現時調整的能力、我們經驗豐富的領導團隊以及我們在追求未來戰略的效用時整個 PPL 目標明確的直接結果。

Looking ahead, we recognize we still have room to improve as we pursue our vision to be the best utility company in the U.S. And in 2024, we're determined to make continued progress as we seek to maximize long-term value for both our customers and shareowners. Turning to Slide 5. Today, we announced the results of our updated business plan, which extends our projected growth outlook through at least 2027.

展望未來，我們認識到，在追求成為美國最好的公用事業公司的願景的過程中，我們仍有改進的空間。到 2024 年，我們決心不斷取得進步，力求為客戶實現長期價值最大化和股東。轉向幻燈片 5。今天，我們宣布了更新後的業務計劃的結果，該計劃將我們的預計增長前景延長至少到 2027 年。

In connection with this update, today, we announced our 2024 ongoing earnings forecast range of $1.63 to $1.75 per share. The midpoint of this range, $1.69 per share, represents 7% growth from our 2023 ongoing earnings per share target, consistent with our long-term growth targets. In addition, today, we announced a quarterly common stock dividend of $0.2575 per share. This represents a 7.3% increase from the current quarterly dividend of $0.24 per share and aligns with our commitment to dividend growth in line with our EPS growth targets.

結合本次更新，我們今天宣布 2024 年持續獲利預測範圍為每股 1.63 美元至 1.75 美元。該範圍的中點為每股 1.69 美元，比我們 2023 年持續每股收益目標增長 7%，這與我們的長期成長目標一致。此外，今天我們也宣布季度普通股股息為每股 0.2575 美元。這比目前每股 0.24 美元的季度股息增加了 7.3%，符合我們根據每股收益成長目標對股息成長的承諾。

We've extended our 6% to 8% annual EPS and dividend growth targets through at least 2027 based off the midpoint of our 2024 earnings forecast range. In addition to today's updated growth forecast, our updated capital plan includes $14.3 billion from 2024 to 2027 to strengthen grid reliability and resiliency and advance a cleaner energy mix without compromising on affordability. The new plan is expected to drive average annual rate base growth of 6.3% through 2027, up from the prior growth rate of 5.6%.

基於 2024 年獲利預測範圍的中點，我們將 6% 至 8% 的年度每股盈餘和股息成長目標至少延長到 2027 年。除了今天更新的成長預測外，我們更新的資本計畫還包括 2024 年至 2027 年的 143 億美元，以增強電網的可靠性和彈性，並在不影響負擔能力的情況下推進更清潔的能源結構。新計劃預計到 2027 年將推動平均年利率基數成長 6.3%，高於先前的 5.6% 成長率。

We plan to fund these additional investments supported by our exceptional balance sheet as our credit metrics remain well within our targets throughout the planned period without the need for equity issuances through at least 2027. As I highlighted in my recap of 2023, we've made outstanding progress towards our multiyear target of at least $175 million in annual O&M savings by 2026. Based on the progress we made last year, we remain solidly on track to deliver our 2024 targeted savings of $120 million to $130 million. In terms of rate case timing in the plan, we do not anticipate any base rate case filings in 2024 in Pennsylvania, Kentucky or Rhode Island. Looking beyond 2024, our current projections would have us filing a base rate case a bit sooner in Kentucky than previously anticipated due to several factors, including the CPCN decision and additional capital investment needs on the T&D side of the business.

我們計劃在我們卓越的資產負債表的支持下為這些額外投資提供資金，因為我們的信用指標在整個計劃期間保持在我們的目標範圍內，至少到2027 年不需要發行股票。正如我在2023 年回顧中所強調的那樣，我們已經我們在實現到2026 年每年運營和維護成本至少節省1.75 億美元的多年目標方面取得了顯著進展。基於去年取得的進展，我們仍將堅定地實現2024 年節省1.2億至1.3 億美元的目標。就計劃中的費率案件時間表而言，我們預計 2024 年賓州、肯塔基州或羅德島州不會提交任何基本費率案件。展望 2024 年之後，我們目前的預測是，由於多種因素，包括 CPCN 的決定以及 T&D 業務方面的額外資本投資需求，我們在肯塔基州提交基本費率案件的時間將比之前預期的要早一些。

Currently, we believe the earliest we would file a rate case in Kentucky will be in the first half of 2025. For Rhode Island, the earliest we would file is late 2025, which is consistent with the prior plan. Finally, in Pennsylvania, recall that we have not been in for a base rate case since 2015, and we have no plans to go in again before 2026 at the earliest.

目前，我們認為肯塔基州最早會在 2025 年上半年提交費率案件。對於羅德島州，我們最早會在 2025 年末提交，這與先前的計劃一致。最後，請記住，在賓州，我們自 2015 年以來就沒有進行過基本利率案例，而且我們最早也沒有計劃在 2026 年之前再次進行基準利率案例。

The DSIC mechanism in Pennsylvania has operated as designed to support long-term infrastructure investment between rate cases. We do see an increased need to invest more to improve reliability on the distribution system and filed with the Pennsylvania PUC a request to modify our long-term infrastructure improvement plan, or LTIP, which includes an increase in planned DSIC eligible investment over a 5-year period.

賓州的 DSIC 機制已按設計運行，以支持利率情況下的長期基礎設施投資。我們確實看到越來越需要投資更多以提高配電系統的可靠性，並向賓州PUC 提交了修改我們的長期基礎設施改善計畫(LTIP) 的請求，其中包括增加計畫的DSIC 合格投資超過5-年期間。

We are considering filing a waiver request with the Pennsylvania PUC in the near future, requesting modifications to the DSIC mechanism to support accelerated replacement of aging infrastructure. As always, our focus is on maintaining affordability for our customers. And we will continue to evaluate the need for future rate cases based on a variety of factors, including capital plans, interest rates, market conditions and regulatory lag.

我們正在考慮在不久的將來向賓州 PUC 提交豁免請求，要求修改 DSIC 機制，以支援加速更換老化基礎設施。一如既往，我們的重點是維持客戶的負擔能力。我們將繼續根據資本計劃、利率、市場狀況和監管滯後等多種因素評估未來利率案例的必要性。

Turning to Slide 6. Our updated plan and business outlook supports our utilities of the future strategy, which is core to everything we do. What does that mean to us? It means updating our design criteria and continuing to harden our transmission and distribution systems to protect against climate change and keep our systems and data secure again cyber threats. It means expanding our industry-leading use of technology, including smart grids, automation, data analytics, AI and technologies that haven't even been invented yet to build a self-healing grid.

轉向幻燈片 6。我們更新的計劃和業務前景支持我們未來策略的實用性，這是我們所做的一切的核心。這對我們意味著什麼？這意味著更新我們的設計標準，並繼續強化我們的輸電和配電系統，以抵禦氣候變化，並確保我們的系統和資料安全，免受網路威脅。這意味著擴大我們領先業界的技術的使用，包括智慧電網、自動化、數據分析、人工智慧以及尚未發明的技術來建立自我修復的電網。

It means investing in R&D to drive innovation to advance technologies that can be scaled safely, reliably and affordably to meet our customers' evolving energy needs and to actually achieve net zero. Like the carbon capture project that was awarded a $72 million DOE grant at our Cane Run Combined Cycle Plant in Kentucky.

這意味著投資研發，推動創新，推動能夠安全、可靠、經濟地擴展的技術，以滿足客戶不斷變化的能源需求，並真正實現淨零排放。例如，肯塔基州 Cane Run 聯合循環工廠的碳捕獲計畫獲得了美國能源部 7,200 萬美元的資助。

At the same time, it means expanding transmission and incorporating grid-enhancing technologies to connect more renewables and improve reliability for our customers, advancing a cleaner generation mix while keeping energy safe, reliable and affordable. Expanding our ability to reliably manage 2-way power flows on the distribution network as we connect significantly more distributed energy, driving operational efficiencies to support an affordable clean energy transition. Partnering with our customers and state and local officials to enable growth and economic development in our communities. And lastly, expanding self-service options for our customers using digital tools to enhance the customer experience.

同時，這意味著擴大輸電並納入電網增強技術，以連接更多再生能源並提高客戶的可靠性，推進更清潔的發電組合，同時保持能源安全、可靠和負擔得起。隨著我們連結更多的分散式能源，擴大我們可靠管理配電網路上雙向電力流的能力，提高營運效率，並支持經濟實惠的清潔能源轉型。與我們的客戶以及州和地方官員合作，促進我們社區的成長和經濟發展。最後，使用數位工具為客戶擴展自助服務選項，以增強客戶體驗。

Turning to Slide 7. As you can hear, creating the utilities of the future requires change across our entire business, and it requires significant investments to support a net zero economy. The industry and others are projecting a 200% to 300% increase in electricity demand, which will require additions of reliable generation unless we see unprecedented amounts of energy conservation. At the same time, aging fossil fuel plants in this country are being retired very rapidly without replacements of reliable, dispatchable generation capacity. And considering that fossil fuel generation represents more than 50% of our total capacity in the U.S., that presents a potentially major problem if this transition is not managed appropriately. The math simply doesn't add up. When we don't have proven scalable technology currently available to actually achieve net zero carbon emissions that customers can afford.

轉向幻燈片 7。正如您所聽到的，創建未來的公用事業需要我們整個業務的變革，並且需要大量投資來支持淨零經濟。該行業和其他行業預計電力需求將增加 200% 至 300%，這將需要增加可靠的發電，除非我們看到前所未有的節能效果。同時，該國老化的化石燃料發電廠正在迅速退役，而沒有可靠、可調度的發電能力的替代品。考慮到化石燃料發電占美國總發電量的 50% 以上，如果這種轉變管理不當，就會出現潛在的重大問題。數學根本不成立。當我們目前沒有經過驗證的可擴展技術來實際實現客戶可以承受的淨零碳排放。

Most technologies used in our industry took 40 years to commercialize from the demonstration phase. We need to cut that time frame in half, at least, to meet net by 2050 targets, especially as we think about the big 4 new potential technologies, nuclear SMRs, carbon capture and sequestration, long-duration energy storage and hydrogen. In the meantime, we need to leverage commercially viable resources that exist today to reduce our carbon footprint while maintaining reliability. Those that are dispatchable, can ramp up and down quickly and are vital to balancing the gaps left on the system by intermittent renewables. That is why natural gas generation is the key to achieving deep decarbonization in this country. And it actually allows us to deploy more renewables than we would otherwise be able to do because of the reliability benefits of natural gas.

我們行業中使用的大多數技術從演示階段到商業化需要 40 年的時間。我們需要將這個時間框架縮短至少一半，以實現 2050 年的淨目標，特別是當我們考慮四大新潛在技術：核 SMR、碳捕獲和封存、長期能源儲存和氫時。同時，我們需要利用現有的商業上可行的資源來減少碳足跡，同時保持可靠性。那些可調度的能源可以快速增減，對於平衡間歇性再生能源在系統上留下的缺口至關重要。這就是為什麼天然氣發電是該國實現深度脫碳的關鍵。由於天然氣的可靠性優勢，它實際上使我們能夠部署比其他方式更多的可再生能源。

In a nutshell, this is what makes the energy transition such a challenge, being able to deliver the clean energy future in a way that maintains reliability and affordability for our customers. However, with every challenge brings opportunity. And that's why we know our utilities of the future strategy is the right approach for this dynamic energy landscape. It's why our generation transition plan in Kentucky is reasoned and delivered and ensures we can maintain the reliability and resiliency our customers and public officials demand.

簡而言之，這就是能源轉型成為一項挑戰的原因，我們必須能夠以一種為客戶保持可靠性和可負擔性的方式提供清潔能源的未來。然而，每一次挑戰都帶來機會。這就是為什麼我們知道我們的未來公用事業策略是應對這種動態能源格局的正確方法。這就是為什麼我們在肯塔基州的發電過渡計畫經過論證和交付，並確保我們能夠保持客戶和公職人員所需的可靠性和彈性。

We actually need to figure out a way to do the same in deregulated markets like PJM and ISO New England. And it's why becoming more efficient is such a critical component of our strategy because for every dollar of O&M we can take out of the business, we can spend $8 on capital without impacting the customer bill. The energy transition simply won't happen if customers cannot afford it. This is how we will achieve our long-term vision and how we intend to enhance the value we deliver for all stakeholders.

實際上，我們需要找到一種方法，在 PJM 和 ISO 新英格蘭等放鬆管制的市場中做到同樣的事情。這就是為什麼提高效率是我們策略的重要組成部分，因為我們從業務中每投入一美元的營運和維護費用，就可以在不影響客戶帳單的情況下花費 8 美元的資本。如果客戶負擔不起，能源轉型就不會發生。這就是我們實現長期願景的方式，以及我們打算如何提高為所有利害關係人提供的價值的方式。

It requires us to lead from the front. And that is exactly what we've been doing and what we will continue to do in 2024 and beyond.

這需要我們在前線帶頭。這正是我們一直在做的事情，以及 2024 年及以後我們將繼續做的事情。

Turning to Slide 8 and our priorities for 2024. In addition to advancing our utilities of the future strategy, our 2024 priorities also include achieving at least the midpoint of our earnings per share forecast, executing $3.1 billion in infrastructure investments to maintain safe, reliable and affordable energy for our customers and modernize the grid. Delivering on our 2024 O&M savings targets as we deploy scalable technologies across our portfolio, take advantage of economies of scale created by our centralization efforts and continue to leverage data analytics to reduce costs and optimize asset planning and maintenance. Finally, we need to complete our integration of Rhode Island Energy and exit all remaining tranches and service agreements with National Grid.

轉向幻燈片8 和我們2024 年的優先事項。除了推進未來戰略的公用事業外，我們2024 年的優先事項還包括至少實現每股收益預測的中點，執行31 億美元的基礎設施投資，以維持安全、可靠和為我們的客戶提供負擔得起的能源並使電網現代化。我們在整個產品組合中部署可擴展技術，利用集中化工作創造的規模經濟，並繼續利用數據分析來降低成本並優化資產規劃和維護，從而實現 2024 年營運和維護節省目標。最後，我們需要完成羅德島能源公司的整合，並退出與國家電網的所有剩餘部分和服務協議。

Bottom line, we're eager to showcase PPL's strengths once again in 2024, and we are poised to lead on these very significant issues facing our industry. We have tremendous conviction in our strategy and business plan and in our ability to execute them both. And we look forward to once again delivering on our commitments to customers and shareowners. That concludes my business and strategic update. I'll now turn the call over to Joe for the financial update.

最重要的是，我們渴望在 2024 年再次展示 PPL 的優勢，並且我們準備好領導解決我們行業面臨的這些非常重要的問題。我們對我們的策略和業務計劃以及執行它們的能力充滿信心。我們期待再次兌現對客戶和股東的承諾。我的業務和策略更新到此結束。我現在將把電話轉給喬，以了解最新的財務狀況。

Thank you, Vince, and good morning, everyone. Let's turn to Slide 10. PPL's fourth quarter GAAP earnings were $0.15 per share compared to $0.26 per share in Q4 2022. We recorded special items of $0.25 per share during the fourth quarter, primarily due to a settlement agreement with Talen Energy Corporation as well as integration and related expenses associated with the acquisition of Rhode Island Energy.

謝謝你，文斯，大家早安。讓我們轉向幻燈片10。PPL 第四季度GAAP 收益為每股0.15 美元，而2022 年第四季度為每股0.26 美元。我們在第四季度記錄了每股0.25 美元的特殊項目，主要是由於與Talen Energy Corporation 達成的和解協議以及與收購羅德島能源公司相關的整合及相關費用。

Adjusting for these special items, fourth quarter earnings from ongoing operations were $0.40 per share, an improvement of $0.12 per share compared to Q4 2022. The primary drivers of this increase were returns on capital investments and lower O&M expenses, partially offset by lower sales volumes, primarily due to the continued mild weather experienced in the fourth quarter of 2023.

在調整這些特殊項目後，第四季持續營運收益為每股0.40 美元，與2022 年第四季相比每股增加0.12 美元。這一成長的主要驅動因素是資本投資回報和較低的營運和維護費用，但部分被銷量下降所抵消，主要是由於 2023 年第四季度持續溫和的天氣。

In total, weather was a $0.02 per share drag on our Q4 results compared to our plan. On an annual basis, our 2023 GAAP earnings were $1 per share. Adjusting for $0.60 per share of special items recorded throughout the year, our 2023 ongoing earnings were $1.60 per share. This compares to $1.41 per share of ongoing earnings for 2022 or a 13% increase from those prior year results.

總的來說，與我們的計劃相比，天氣對我們第四季度的業績造成了每股 0.02 美元的拖累。以年度計算，我們 2023 年 GAAP 收益為每股 1 美元。根據全年記錄的每股 0.60 美元的特殊項目進行調整，我們 2023 年的持續收益為每股 1.60 美元。相比之下，2022 年持續收益為每股 1.41 美元，比前一年業績成長 13%。

And as Vince noted, we delivered our earnings target for 2023, exceeding the $1.58 per share midpoint of our earnings forecast. Our teams did a fantastic job of executing our plan while remaining steadfast in achieving our financial goals which enabled us to offset the adverse impacts of significant unfavorable weather and storm activity, while maintaining reliability for our customers. 2023 demonstrated our ability to deal with adversity and still achieve our commitments to both customers and shareowners, adding to our confidence in our ability to achieve our earnings targets.

正如 Vince 指出的那樣，我們實現了 2023 年的獲利目標，超過了每股 1.58 美元的獲利預測中點。我們的團隊出色地執行了我們的計劃，同時堅定不移地實現我們的財務目標，這使我們能夠抵消重大不利天氣和風暴活動的不利影響，同時保持對客戶的可靠性。 2023 年證明了我們應對逆境並仍然履行對客戶和股東的承諾的能力，增強了我們對實現獲利目標的信心。

Turning to the ongoing segment drivers for the fourth quarter on Slide 11. Our Pennsylvania Regulated segment results increased by $0.04 per share compared to the same period a year ago. The increase was primarily driven by lower O&M and higher transmission revenue, partially offset by lower sales volumes and higher interest expense.

轉向幻燈片 11 上第四季持續的細分市場驅動因素。我們的賓州監管細分市場業績與去年同期相比每股成長 0.04 美元。這一增長主要是由於營運和維護成本下降以及傳輸收入增加而推動的，但銷售下降和利息支出增加部分抵消了這一增長。

Our Kentucky segment results increased by $0.06 per share compared to the fourth quarter of 2022. The improvement in Kentucky's results were primarily driven by lower O&M expense, partially offset by lower sales volumes due to the mild weather. Our Rhode Island segment results increased by $0.02 per share. This increase was primarily driven by higher rider revenue from capital investments, partially offset by higher interest expense.

與 2022 年第四季相比，我們的肯塔基州部門業績每股成長了 0.06 美元。肯塔基州業績的改善主要是由於營運和維護費用的降低，部分被溫和天氣導致的銷售下降所抵消。我們的羅德島分部業績每股成長 0.02 美元。這一增長主要是由資本投資帶來的乘客收入增加所推動的，但部分被利息支出增加所抵消。

Finally, results at Corporate and Other were flat compared to the prior period, primarily due to lower income taxes, offset by higher O&M expense. Moving to Slide 12. 2023 was a pivotal year for PPL following our strategic repositioning, which we completed in 2022. Heading into the year, we set our 2023 earnings forecast range with a midpoint of $1.58 per share, representing 7% growth from the 2022 pro forma midpoint of $1.48 per share, which reflected a full year of earnings from Rhode Island Energy.

最後，企業及其他業務的業績與上一期相比持平，這主要是由於所得稅較低，但被較高的營運和維護費用所抵消。轉到投影片12。繼我們於2022 年完成策略重新定位之後，2023 年是PPL 的關鍵一年。進入這一年，我們將2023 年獲利預測範圍設定為每股1.58 美元的中點，較2022 年成長7%預估中點為每股 1.48 美元，反映了羅德島能源公司全年的獲利。

And for the second consecutive year, we outperformed our own targets, beating our earnings forecast by $0.02 and achieving over 8% growth for the 2022 pro forma forecast midpoint. This was a significant achievement given the abnormally mild weather and storms we experienced, which impacted results by more than $0.10 per share. As I said numerous times over the past year, we were confident that our team would overcome those challenges and deliver on our commitments to both our customers and shareowners. This included several areas of excellent execution and constructive regulatory mechanisms, including prudent management of costs without sacrificing reliability, recovery of critical infrastructure investments in PA through the DSIC mechanism, outperformance in integration of Rhode Island Energy and optimization of our financing plan.

我們連續第二年超越了自己的目標，獲利預測超出了 0.02 美元，2022 年預計中位數成長超過 8%。考慮到我們經歷的異常溫和的天氣和風暴，這是一項重大成就，對每股業績的影響超過 0.10 美元。正如我在過去一年中多次說過的那樣，我們相信我們的團隊將克服這些挑戰並兌現我們對客戶和股東的承諾。這包括幾個領域的出色執行和建設性監管機制，包括在不犧牲可靠性的情況下審慎管理成本、透過DSIC 機制回收賓州的關鍵基礎設施投資、羅德島能源整合的出色表現以及融資計劃的優化。

Looking at 2024, the midpoint of our earnings forecast range is $1.69 per share, which again represents 7% earnings growth from the midpoint of our 2023 forecast. Since we initially communicated our earnings growth targets to investors, we remain on that consistent trajectory while extending that growth further into the future. And we've done that again today with our extension of the 6% to 8% growth targets to 2027, supported by an updated capital investment plan, which I'll discuss in more detail in a couple of slides.

展望 2024 年，我們的獲利預測範圍的中點為每股 1.69 美元，這再次代表我們的 2023 年預測中點的獲利成長 7%。自從我們最初向投資者傳達了我們的獲利成長目標以來，我們一直保持著一致的軌跡，同時將這種成長進一步延伸到未來。今天，我們再次做到了這一點，將 6% 至 8% 的成長目標延長至 2027 年，並得到更新的資本投資計劃的支持，我將在幾張幻燈片中更詳細地討論該計劃。

Moving to Slide 13. On this slide, we've provided a walk from our 2023 actual results of $1.60 per share to the midpoint of our 2024 forecast, highlighting the projected drivers of the year-over-year increase by segment. Our Pennsylvania segment results are expected to increase by $0.05 per share in 2024, primarily due to returns on additional capital investments in transmission, higher sales volume and lower O&M, partially offset by less distribution rider recovery and higher interest expense.

轉到投影片 13。在這張投影片中，我們提供了從 2023 年實際業績每股 1.60 美元到 2024 年預測中點的路線，強調了按細分市場預測的同比增長驅動因素。我們的賓州分部業績預計到2024 年每股將成長0.05 美元，這主要是由於輸電方面的額外資本投資的回報、銷量的增加和運營和維護的減少，部分被分銷騎手恢復的減少和利息費用的增加所抵消。

We project our Kentucky segment results to increase by $0.07 per share in 2024, primarily driven by higher sales volumes due to the expected return to normal weather. Our Rhode Island segment results are expected to increase by $0.02 per share in 2024 compared to our 2023 results. This is primarily due to higher capital investment rider revenue and lower O&M, partially offset by higher depreciation expense. Finally, we project our Corporate and Other results to decrease by $0.05 per share in 2024, primarily due to higher interest expense and other factors that are not individually significant. Turning to Slide 14. Over the next 4 years, we have planned capital investments of $14.3 billion focused on delivering superior service and enhancing the overall customer experience while maintaining an affordable price. This includes advancing industry-leading grid modernization, expanding and hardening our transmission networks, improving the safety of our natural gas networks and implementing our approved generation replacement plan in Kentucky. This plan represents a $2.4 billion increase in capital investments compared to the prior 4-year plan. Approximately $1 billion of that increase is expected to occur in the 2024 to 2026 period. Most of that increase is projected to be in Pennsylvania and Kentucky as we continue to modernize our electric transmission and distribution systems and enhanced reliability and resiliency. We continue to expect significant investment needs into the end of this decade as reflected on our 2027 forecast.

我們預計 2024 年肯塔基州業務每股業績將成長 0.07 美元，這主要是由於預計天氣恢復正常而導致銷量增加。與 2023 年業績相比，我們的羅德島分部業績預計 2024 年每股將成長 0.02 美元。這主要是由於較高的資本投資乘客收入和較低的營運維護費用，部分被較高的折舊費用所抵消。最後，我們預計 2024 年公司及其他業績每股將減少 0.05 美元，這主要是由於利息支出增加和其他個別並不重要的因素。轉向投影片 14。在接下來的 4 年裡，我們計劃進行 143 億美元的資本投資，重點是提供卓越的服務並增強整體客戶體驗，同時保持實惠的價格。這包括推動業界領先的電網現代化、擴大和強化我們的傳輸網路、提高天然氣網路的安全性以及在肯塔基州實施我們批准的發電替代方案。與先前的 4 年計劃相比，該計劃的資本投資增加了 24 億美元。其中約 10 億美元的成長預計將發生在 2024 年至 2026 年期間。隨著我們繼續對輸電和配電系統進行現代化改造並提高可靠性和彈性，預計大部分成長將出現在賓州和肯塔基州。正如我們對 2027 年的預測所反映的那樣，我們仍然預計到本十年末將出現大量投資需求。

This includes nearly $1.2 billion in Pennsylvania, of which approximately 65% is transmission investment under FERC formula rates. $1.8 billion of investment in Kentucky, primarily related to further enhancements on the electric and gas T&D systems and to execute our generation replacement plan. And it includes over $700 million of investment in Rhode Island as we continue to prepare the grid for significant levels of clean energy resources and we enhance resiliency against increasingly severe storms, while continuing our focus to maintain a safe and reliable gas network by replacing leak-prone pipe.

其中包括賓州近 12 億美元，其中約 65% 是根據 FERC 公式費率進行的輸電投資。在肯塔基州投資 18 億美元，主要用於進一步增強電力和天然氣 T&D 系統以及執行我們的發電更換計劃。其中包括在羅德島州投資超過 7 億美元，我們將繼續為電網提供大量清潔能源，並增強抵禦日益嚴重的風暴的能力，同時繼續致力於透過更換洩漏來維護安全可靠的天然氣網路。俯臥管。

Turning to Slide 15. These additional capital investments are projected to lead to annual rate base growth of 6.3% from 2023 to 2027. This compares to annual rate base growth of 5.6% in our prior plan period from 2022 to 2026. As you can see in the chart, 2/3 of our rate base relates to investments in our electric T&D networks, given the significant needs as we strengthen and modernize the grid.

轉向幻燈片15。這些額外的資本投資預計將導致2023 年至2027 年的年利率基數增長率為6.3%。相比之下，我們之前的計劃期間（2022 年至2026 年）的年利率基數增長率為5.6%。如您所見在圖表中，考慮到我們加強和現代化電網的巨大需求，我們費率基數的 2/3 與電力輸配電網絡的投資有關。

Importantly, while we project our total rate base to grow, rate base related to coal generation continues to decline from 2023 to 2027. In fact, the percentage of our total rate base related to coal generation is expected to be less than 12% by the end of 2027, down from about 18% today. And based on this trajectory, we expect this to continue to decline and be under 10% by the end of the decade.

重要的是，雖然我們預計總費率基數將成長，但從2023 年到2027 年，與煤炭發電相關的費率基數將繼續下降。事實上，到2027 年，我們與煤炭發電相關的總費率基數的百分比預計將低於12%。到 2027 年底，這一比例將低於目前的 18% 左右。根據這一軌跡，我們預計這一比例將繼續下降，到本世紀末將降至 10% 以下。

In summary, the result of our updated plan narrows the gap between our projected rate base growth and earnings growth targets as investment needs continue to increase with the evolving energy landscape. As such, we continue to be very focused on affordability and maximizing every dollar we spend. Our earnings growth in the near term continues to be driven by the combination of rate base growth and operating efficiencies that we believe maximizes value for both customers and shareowners.

總之，隨著能源格局的不斷變化，投資需求不斷增加，我們更新計畫的結果縮小了我們預期的利率基礎成長與獲利成長目標之間的差距。因此，我們繼續非常關注負擔能力並最大化我們花費的每一美元。我們近期的獲利成長持續受到利率基礎成長和營運效率相結合的推動，我們相信這能為客戶和股東帶來最大的價值。

Moving to Slide 16. Today, we announced an increase in our quarterly cash dividend to $0.2575 per share. This resulted in an annualized dividend of $1.03 per share compared to our prior annualized dividend of $0.96 per share. The 7.3% increase aligns with our projected 2024 forecasted earnings growth and long-term EPS growth targets. We continue to expect future dividend growth to align with our earnings growth targets.

轉到幻燈片 16。今天，我們宣布將季度現金股息增加至每股 0.2575 美元。這導致年化股息為每股 1.03 美元，而先前的年化股息為每股 0.96 美元。 7.3% 的成長符合我們預期的 2024 年獲利成長和長期每股盈餘成長目標。我們繼續預期未來的股息成長將與我們的獲利成長目標保持一致。

The updated dividend remains within our targeted dividend payout range of 60% to 65% based on the midpoint of our 2024 earnings forecast. The combination of PPL's EPS growth and dividend yields provides investors with an attractive total return proposition in the range of 9% to 12%. Moving to an update on PPL's credit and our financing plan for 2024 on Slide 17. We continue to believe that having one of the sector's strongest balance sheets is a clear strategic advantage that provides the company with significant financial flexibility.

根據我們 2024 年獲利預測的中位數，更新後的股利仍處於我們 60% 至 65% 的目標股利支付範圍內。 PPL 的每股盈餘成長和股息殖利率相結合，為投資者提供了 9% 至 12% 的有吸引力的總回報率。接下來是幻燈片17 上PPL 信貸和我們2024 年融資計劃的最新情況。我們仍然認為，擁有該行業最強大的資產負債表之一是一項明顯的戰略優勢，可為公司提供顯著的財務靈活性。

Our updated business plan maintains strong credit metrics throughout. This includes maintaining a 16% to 18% FFO-to-debt ratio and a holding company to total debt ratio below 25%. We have limited near-term refinancing risk with 0 maturities in 2024 and only $550 million of total maturities in 2025. And we continue to maintain limited floating rate debt exposure, mitigating volatility in our plan. We also continue to be uniquely positioned to continue to fund our growth without the need for equity throughout our updated planning period, which is now extended through 2027. As investors think about our financing plan for 2024, they should expect our activity to be primarily focused on funding our utility capital plans with operating company debt.

我們更新的業務計劃始終保持強大的信用指標。這包括將 FFO 與債務比率維持在 16% 至 18%，並將控股公司與總負債比率維持在 25% 以下。我們的近期再融資風險有限，2024 年的到期日為 0，2025 年的總到期日僅為 5.5 億美元。我們繼續維持有限的浮動利率債務風險，從而減輕我們計劃的波動性。我們也繼續處於獨特的地位，可以在整個更新的規劃期內繼續為我們的成長提供資金，而無需股權，該規劃現已延長至2027 年。當投資者考慮我們2024 年的融資計劃時，他們應該預期我們的活動將主要集中在用營運公司債務為我們的公用事業資本計劃提供資金。

We've already executed a portion of this plan with our $650 million PPL Electric Utilities deal in January, which was executed at attractive pricing. We're also planning to be in the market for Rhode Island with our first debt offering since the acquisition. We have no current plans for debt issuances in Kentucky or a PPO capital funding this year, but that is an area we'll continue to evaluate opportunistically in connection with market conditions and our strong financial position. In closing, I'm extremely pleased with our financial position and outlook to execute our updated plan. This concludes my prepared remarks. I'll now turn the call back over to Vince.

我們已經在 1 月透過 6.5 億美元的 PPL Electric Utilities 交易執行了該計劃的一部分，該交易的執行價格頗具吸引力。我們也計劃在羅德島州市場上發行自收購以來的首次債券。我們目前沒有在肯塔基州發行債券的計劃，也沒有今年的 PPO 資本融資計劃，但我們將繼續根據市場狀況和我們強勁的財務狀況進行機會性評估。最後，我對我們的財務狀況和執行更新計劃的前景感到非常滿意。我準備好的發言到此結束。我現在將把電話轉回給文斯。

Thank you, Joe. As I mentioned earlier, this is a pivotal time for our industry, a time that requires us to lead with strength. There is no shortage of challenges facing our industry and being able to deliver the clean energy transition safely, reliably and affordably for our customers. This is what gets me out of bed every morning and why I'm so excited to be a part of this industry at this moment in time. I'm convinced we have the right strategy for the right time, a strategy that prioritizes efficiency and affordability, built on our core strength and will maximize long-term value for customers and shareowners alike. We are well positioned to continue our competitive and predictable long-term earnings growth of 6% to 8% a year. We've established a derisked and disciplined business plan that advances a safe, reliable, affordable and sustainable energy future while providing investors with an attractive return proposition. And finally, we have an experienced leadership team that is 100% committed to delivering on these objectives and backed by a dedicated team of 6,500 strong across PPL. With that, operator, let's open it up for questions.

謝謝你，喬。正如我剛才提到的，這是我們產業的關鍵時刻，也是一個需要我們以實力引領的時刻。我們的產業面臨許多挑戰，如何為我們的客戶安全、可靠且經濟地實現清潔能源轉型。這就是我每天早上起床的動力，也是我此時此刻為能成為這個行業的一部分而感到如此興奮的原因。我相信，我們在正確的時間制定了正確的策略，該策略優先考慮效率和負擔能力，建立在我們的核心優勢之上，並將為客戶和股東等實現長期價值最大化。我們有能力持續維持每年 6% 至 8% 的競爭性且可預測的長期獲利成長。我們制定了一個去風險且嚴格的商業計劃，旨在推進安全、可靠、負擔得起和可持續的能源未來，同時為投資者提供有吸引力的回報主張。最後，我們擁有一支經驗豐富的領導團隊，100% 致力於實現這些目標，並得到 PPL 6,500 名專業團隊的支持。那麼，操作員，讓我們開始提問吧。

(Operator Instructions) The first question today comes from Shar Pourreza with Guggenheim Partners.

（操作員說明）今天的第一個問題來自古根漢合夥人公司的 Shar Pourreza。

So just on the transmission side, I see you've added a couple of hundred million to the Pennsylvania plan. How much of that is tied to the recent RTEP Window 3 awards? The reason why I'm asking is we've seen some significant increases in transmission needs and transfer capability across utilities in Eastern PJM and E-MAC. So just trying to get a sense for what has started to trickle into your plan versus incremental.

因此，就傳輸方面而言，我看到你們已經為賓州的計劃增加了數億美元。其中有多少與最近的 RTEP Window 3 獎項有關？我之所以問這個問題，是因為我們發現東部 PJM 和 E-MAC 公用事業公司的傳輸需求和傳輸能力顯著增加。因此，只是想了解哪些內容已經開始融入您的計劃，哪些內容是漸進的。

Shar, it's Joe. About half of that increase is driven by what you're describing and what we were awarded in that recent PJM window.

莎爾，是喬。大約一半的成長是由您所描述的以及我們在最近的 PJM 窗口中獲得的獎勵所推動的。

Got it. Perfect. And then just coming back to the Kentucky spend, the CPCN process, obviously, had deferred, but not quite closed the door to the second CCGT. Is that something you could revisit and could the spend start to land in the outer years of the latest plan? Just kind of trying to get a sense for the next incremental focus.

知道了。完美的。然後回到肯塔基州的支出，CPCN 進程顯然已經推遲，但並沒有完全關閉第二次 CCGT 的大門。您可以重新審視這一點嗎？支出是否可以在最新計劃的最後幾年開始實施？只是試著了解下一個增量焦點。

Yes. To your point, Shar, the order suggested that we should come back with another CPCN filing with an in-service date for that second CCGT in 2030. And so we would plan on doing that in a couple of years' time to start to prepare for that. And obviously, we'll be updating that as we go through the IRP process this year looking at load and generation economics and all that. So the first point is really the updated IRP that we'll file this year and then ultimately, that will feed into the CPCN filing to be -- to have a planned in service in 2030.

是的。 Shar，就你的觀點而言，該命令建議我們應該提交另一份 CPCN 文件，其中包含 2030 年第二個 CCGT 的投入使用日期。因此，我們計劃在幾年後開始準備為了那個原因。顯然，當我們今年完成 IRP 流程時，我們將更新這一點，著眼於負載和發電經濟學等。因此，第一點實際上是我們今年將提交的更新後的 IRP，最終將納入 CPCN 備案，並計劃在 2030 年投入使用。

Congrats Vince on the execution. It's pretty notable. Appreciate it.

祝賀文斯被處決。這是非常值得注意的。欣賞它。

The next question comes from Durgesh Chopra with Evercore ISI.

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

I just add a question on Pennsylvania. Maybe just, can you elaborate on what you plan to do or any color you can share on the district itself? The reason why I ask is the -- your peer water utility in the state, their rate case is drawing a lot of attention, there are new commissioners at the commission. So just -- maybe just talk to the regulatory environment in the state. And then what -- if you could share any color on what you might try to do with amending the district mechanism, that would be great?

我只是添加一個關於賓夕法尼亞州的問題。也許只是，你能詳細說明一下你打算做什麼或你可以分享關於該地區本身的任何顏色嗎？我之所以問這個問題，是因為該州的同行自來水公司，他們的費率案例引起了很多關注，該委員會有新的委員。所以也許只是與該州的監管環境交談。然後呢——如果你能分享你可能會嘗試如何修改地區機制，那就太好了？

Sure. So maybe a precursor to the DSIC waiver is really the LTIP process that we have in the state, Durgesh. In mid-January, we filed a petition with the commission to modify our LTIP, which covers the period -- that's the long-term infrastructure improvement plan that covers the period from January 1, 2023 to 12/31/27. So we're already a year into this current LTIP plan. We did file for some significant adjustments to that plan, which the LTIP is really the precursor for the types of projects that would then be eligible to flow through the DSIC mechanism.

當然。因此，也許 DSIC 豁免的前身實際上是我們在 Durgesh 州實施的 LTIP 流程。一月中旬，我們向委員會提交了一份請願書，要求修改我們的LTIP，該計劃涵蓋了這一時期——即涵蓋從2023 年1 月1 日到2027 年12 月31 日期間的長期基礎設施改善計劃。目前的 LTIP 計劃已經實施一年了。我們確實對該計劃提出了一些重大調整，LTIP 實際上是有資格通過 DSIC 機制的專案類型的先驅。

We're proposing to increase that LTIP plan from about $500 million to about $800 million. We're including a new project or a new program for predictive failure technology. We've been doing a lot of testing on some new devices that we can put on the grid that actually enable us to identify failing equipment before it actually fails and causes an outage. So we have some money in there that we want to include. We're also looking at just other distribution reliability projects. Our reliability very strong in Pennsylvania, being led by our transmission results there. We need to continue to improve our distribution reliability. So additional money in there for that.

我們建議將該 LTIP 計劃從約 5 億美元增加到約 8 億美元。我們正在納入一個用於預測故障技術的新項目或新計劃。我們一直在對一些新設備進行大量測試，我們可以將這些設備放入電網，這些設備實際上使我們能夠在故障設備實際發生故障並導致停電之前識別出故障設備。所以我們有一些我們想要包括在內的資金。我們也正在研究其他配電可靠度項目。我們在賓州的可靠性非常高，這是由我們在那裡的傳輸結果決定的。我們需要持續提高分銷可靠性。所以還有額外的錢。

And then, of course, we have the approved projects through the IIJA process that we also updated the LTIP for. So the parties have 30 days to file comments on our LTIP filing. And those comments are actually due today. So we'll want to review those comments before we file for the DSIC waiver request. We have notified the PUC of our intention to file that waiver request. And we'd expect to file that relatively soon, Durgesh. At this point, the request, what we're still working on, it will likely be in the form of higher cap on the DSIC.

當然，我們也透過 IIJA 流程獲得了批准的項目，並更新了 LTIP。因此，雙方有 30 天的時間對我們的 LTIP 備案提出評論。這些評論實際上是在今天到期的。因此，在提交 DSIC 豁免請求之前，我們需要先審查這些意見。我們已通知 PUC 我們打算提交豁免請求。我們希望盡快提交該文件，Durgesh。目前，我們仍在研究的請求可能會以提高 DSIC 上限的形式出現。

The next question comes from Agnie Storozynski with Seaport.

下一個問題來自 Seaport 的 Agni Storozynski。

So I -- it's a bit of an unfair question, I admit. So we're waiting to see this potential large data center to be developed next to or -- directly next to the Susquehanna nuclear plant, which is obviously, your service territory and your former asset. So I'm just wondering, so if that were to happen, if we were to have this almost 1,000 megawatts data center? What type of investments would that require from you guys, from like a T&D perspective? And is it already embedded in your plan?

所以我承認，這是一個有點不公平的問題。因此，我們正在等待看到這個潛在的大型資料中心在薩斯奎哈納核電廠旁或直接在薩斯奎哈納核電廠旁開發，這顯然是您的服務區域和您以前的資產。所以我只是想知道，如果這種情況發生，我們是否擁有這個近 1,000 兆瓦的資料中心？從 T&D 的角度來看，這需要你們進行什麼類型的投資？它已經納入您的計劃了嗎？

Yes. So let me talk about maybe data centers more broadly. You're referring to one that's specifically related or will be tied to the Susquehanna nuclear plant. So most of that activity is really between Talen and the data center entity, although we are working with Talen to ensure that the reliability of power supply is there for that center. So some incremental work there, Angie.

是的。讓我更廣泛地談談資料中心。您指的是與薩斯奎哈納核電廠特別相關或將與之相關的一個。因此，大部分活動實際上是在 Talen 和資料中心實體之間進行，儘管我們正在與 Talen 合作以確保中心的供電可靠性。安吉，所以需要做一些漸進的工作。

What I would say, though, more broadly, beyond that specific instances, we've really started to see some data center activity, both in Pennsylvania and Kentucky, with some very large load requirements, again, 1-gig size projects. Some smaller than that, but we are seeing some 1-gig projects as well. And in our territories, we have some -- a number of positive attributes that these data centers are looking for. Not only is our reliability very strong in the top quartile, top decile range, especially in our transmission side of the business, which is where these generally are pulling their power from, our reliability there is extremely high.

不過，我想說的是，更廣泛地說，除了特定的實例之外，我們確實開始看到賓州和肯塔基州的一些資料中心活動，有一些非常大的負載需求，同樣是1 兆規模的專案.有些項目規模較小，但我們也看到了一些 1 場演出的項目。在我們的領土上，我們擁有這些資料中心正在尋找的一些積極屬性。我們的可靠性不僅在前四分之一、前十分之一範圍內非常強大，特別是在我們的傳輸業務方面（通常是這些業務的來源），我們的可靠性非常高。

We also have relatively inexpensive land and an abundance of that land in both of our jurisdictions in PA and Kentucky. And then in Pennsylvania, in particular, we have a decent amount of capacity on the transmission network that we could add this load without a lot of investment that still is incredibly beneficial for our customers because that will still lower the overall cost and bill for our retail customers, the more and more load that we can connect to the transmission network.

我們在賓州和肯塔基州的司法管轄區也擁有相對便宜的土地和豐富的土地。然後，特別是在賓夕法尼亞州，我們在傳輸網路上擁有相當大的容量，我們可以在不需要大量投資的情況下增加這種負載，這對我們的客戶來說仍然是非常有利的，因為這仍然會降低我們的整體成本和帳單。零售客戶，我們可以連接到傳輸網路的負載越來越多。

And then, of course, we're close to New England and the Mid-Atlantic region, especially as you think about Pennsylvania. So there's a number of things in our territories that make this attractive. And of course, in Kentucky, we have relatively cheap power prices. So very active in working with the data center companies. We haven't included these in our load forecast at this point.

當然，我們靠近新英格蘭和大西洋中部地區，特別是當你想到賓夕法尼亞州時。因此，我們的領土上有很多事情使得這一點具有吸引力。當然，在肯塔基州，我們的電價相對便宜。因此非常積極地與資料中心公司合作。目前我們尚未將這些納入我們的負載預測中。

We will do that at the appropriate time if and when we close these deals with these folks. But I would just say, at this point, a lot of activity going on with the data centers as you're hearing with some of our peers as well.

如果我們與這些人達成了這些交易，我們將在適當的時間這樣做。但我只想說，目前資料中心正在進行大量活動，正如您從我們的一些同行那裡聽到的那樣。

And can I ask about Kentucky. So you mentioned that the grid is getting tighter from the power supply perspective. I mean, one, does it make you sort of reassess your plans about retirements of coal plants and/or additions of new gas plants in the state? And also, how do those data center providers actually look at thermal power from gas and coal versus, I don't know, nuclear or renewables? Does that matter? Do they really care about the carbon footprint or emissions? Or is it mostly the total cost and how cheap the power is?

我可以問一下肯塔基州的情況嗎？所以你提到從供電的角度來看，電網正在變得越來越緊張。我的意思是，第一，這是否會讓您重新評估有關該州燃煤電廠退役和/或增加新天然氣電廠的計劃？而且，這些資料中心供應商實際上如何看待天然氣和煤炭的火力發電以及我不知道的核能或再生能源？這有關係嗎？他們真的關心碳足跡或排放嗎？或主要是總成本以及電力有多便宜？

Yes. For the most part, what we're seeing, Angie, is reliability and reliability of power. I think you're right, there are some data center companies that also want to ensure that, that power is coming from green energy sources like what we're seeing up in Susquehanna, as you mentioned earlier. But for the most part, it's about reliability and the cost of that power because, obviously, these are huge costs for these data centers, just the cost of the electricity itself.

是的。安吉，我們所看到的大多數情況是電力的可靠性和可靠性。我認為你是對的，有些資料中心公司也希望確保電力來自綠色能源，就像你之前提到的我們在薩斯奎哈納看到的那樣。但在大多數情況下，這與可靠性和電力成本有關，因為顯然，這些對這些資料中心來說都是巨大的成本，只是電力本身的成本。

So to your point, we don't have as much capacity in Kentucky as we do up here in Pennsylvania. And so we would expect there to be incremental investment needed to support data centers in Kentucky, perhaps more so than we would need at least in the near term in Pennsylvania. Certainly, this will feed into -- as I was mentioning before, into our IRP process as we look at our load growth, as we think about our generation replacement strategy, a little too early, I would say, to say we need to modify our current thinking on that.

因此，就您而言，我們肯塔基州的產能不如賓州那麼多。因此，我們預計支持肯塔基州資料中心需要增量投資，至少在短期內可能比賓州所需的投資更多。當然，正如我之前提到的，當我們考慮負載成長時，當我們考慮我們的發電替代策略時，這將進入我們的 IRP 流程，我想說，現在說我們需要修改我們目前對此的想法。

But clearly, if some of these large centers hit, we're going to have to factor that into the IRP and then ultimately into that CPCN request a couple of years from now.

但顯然，如果其中一些大型中心受到攻擊，我們將不得不將其納入 IRP 中，然後最終納入幾年後的 CPCN 請求中。

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

下一個問題來自美國銀行的保羅‧津巴多。

First one on the O&M target and please correct me if I'm wrong., it looks like you reaffirmed them all, but exceeded the 2023 target by around like $20 million. Just what would -- I know the targets are at least, what would you need to see to kind of increase those targets? And what kind of drove that initial outperformance versus target?

第一個關於維運目標，如果我錯了，請糾正我。看起來你重申了所有這些，但超出了 2023 年目標約 2000 萬美元。我知道目標至少是，你需要看到什麼才能增加這些目標？是什麼推動了最初的表現優於目標？

Yes, sure. Paul, it's Joe. So first focusing on what drove the outperformance in 2023. As we noted, we achieved $75 million in savings compared to the $50 million to $60 million target that we had coming into the year. It was really driven by acceleration of some of the initiatives from 2024. When we started the TMO process, we had initiative owners for all these projects that will deliver these savings. And we've set milestones and KPIs for all of them.

是的，當然。保羅，是喬。因此，首先專注於推動 2023 年表現優異的因素。正如我們所指出的，與我們今年設定的 5000 萬至 6000 萬美元的目標相比，我們節省了 7500 萬美元。這實際上是由 2024 年以來一些計劃的加速推動的。當我們啟動 TMO 流程時，我們擁有所有這些專案的計劃所有者，這些專案將實現這些節省。我們為所有這些人設定了里程碑和 KPI。

And so what we saw bringing that rigor to the process has actually allowed us to accelerate in some areas, which gives us confidence in achieving the $120 million to $130 million next year and the $175 million overall. As we talked about -- as Vince talked about in his remarks, focused on the utilities of the future and ensuring affordability for customers is key. And so from that perspective, we'll continue to look to get more efficient as we go through the plan.

因此，我們所看到的嚴格流程實際上使我們能夠在某些領域加速，這讓我們有信心明年實現 1.2 億至 1.3 億美元以及整體 1.75 億美元的目標。正如我們所討論的，正如文斯在演講中所談到的，關注未來的公用事業並確保客戶的負擔能力是關鍵。因此，從這個角度來看，我們將繼續尋求在執行該計劃時提高效率。

But where we are today is we're still holding that $175 million -- at least $175 million as we said. What I can say is the growth that we're talking about here and extending that into 2027 doesn't rely on further efficiencies. So to the extent that we're successful in identifying more of that would be upside to the current plan.

但我們今天仍然持有那 1.75 億美元——正如我們所說，至少是 1.75 億美元。我能說的是，我們在這裡討論的成長並將其延長到 2027 年並不依賴進一步的效率。因此，如果我們成功地確定更多的內容，將對目前的計劃產生積極的影響。

Okay. Great. Very clear. And then on the rate case timing strategy, I know Vince listed a bunch of factors. But one of them wasn't about how rate cases go for peers. Just curious how important is that as you think through the process, how the -- especially in Pennsylvania, just given a lot of the rate cases As Durgesh was mentioning, how important is that to kind of assess your own plan?

好的。偉大的。非常清楚。然後，關於費率案例時機策略，我知道文斯列出了一系列因素。但其中之一與同業的案件審理率無關。只是好奇，當你思考整個過程時，尤其是在賓夕法尼亞州，正如杜爾格甚提到的那樣，考慮到很多費率案例，評估你自己的計劃有多重要？

Yes. Well, clearly, because we have no rate cases in 2024 across the board, we're able to assess the regulatory environment and the outcomes that our peers are getting. As we know, not every company gets the same outcome even under the same jurisdiction, so it wouldn't totally impact our decision. But clearly, it's something that we will keep an eye on and feed into our decision making. And again, the fact that we don't have anything for the -- certainly the rest of this year and likely the first one will be down in Kentucky sometime in 2025. I feel pretty good about our timing that we have in the plan right now.

是的。嗯，顯然，因為我們在 2024 年沒有全面的利率案例，所以我們能夠評估監管環境和同行所獲得的結果。據我們所知，即使在同一司法管轄區，並非每家公司都會得到相同的結果，因此這不會完全影響我們的決定。但顯然，我們將密切關注這一點並將其納入我們的決策中。再說一次，事實上我們沒有任何東西可以在今年剩下的時間裡進行，第一個很可能會在 2025 年的某個時候在肯塔基州進行。我對我們​​計劃中的時機安排感到非常滿意。現在。

(Operator Instructions) The next question comes from Anthony Crowdell with Mizuho.

（操作員說明）下一個問題來自 Mizuho 的 Anthony Crowdell。

Congrats on a good quarter. Just a couple of quick ones. One up to follow-up from Angie's question. What's this load growth forecast you're assuming for '24??

恭喜季度業績良好。只是幾個快速的。一是安吉問題的後續。您對 24 年的負載成長預測是多少？

Anthony, it's Joe. We're assuming 50 basis points load growth throughout our planning horizon.

安東尼，是喬。我們假設在整個規劃期間負載成長 50 個基點。

Great. And then if I could jump on Durgesh's question, in Pennsylvania, you're filing the DSIC, and I think you're looking to raise the cap you talked about it. Just curious -- again, I'm not saying that it's -- I'm here to say it doesn't get approved. But if you don't get approval, does that increase the frequency of the rate filing or you believe you have other offsets that you could still stay out in Pennsylvania a little longer?

偉大的。然後，如果我可以回答杜爾格甚的問題，在賓夕法尼亞州，您正在提交 DSIC，我認為您正在尋求提高您所談論的上限。只是好奇 - 再說一遍，我並不是說它 - 我在這裡是說它沒有得到批准。但是，如果您沒有獲得批准，這是否會增加申請費率的頻率，或者您認為您還有其他抵消措施，您仍然可以在賓夕法尼亞州多待一會兒？

Yes, it's the latter, Anthony. We have some modest value in the plan coming from the DSIC filing. I think the real benefit is, it would enable us to stay out longer in Pennsylvania and make the investments that we had talked about. But yes, to your point, if for some reason that, that request is not get approved, we're comfortable we can manage that and still maintain the growth targets that we've talked about.

是的，是後者，安東尼。我們從 DSIC 備案的計劃中獲得了一些適度的價值。我認為真正的好處是，它將使我們能夠在賓夕法尼亞州停留更長時間並進行我們談論的投資。但是，是的，就你的觀點而言，如果由於某種原因，該請求沒有得到批准，我們很高興我們可以管理它，並仍然維持我們討論過的成長目標。

Great. And then just lastly on Slide 17. I appreciate the detail on -- you don't have any near-term financing. Just in 2026, you see the capital funding, you also have the electric utility funding there. On those maturities, do you think you'll retire those vehicles -- those financing vehicles? Do you think you just roll over that. I'm just curious on what your plan is on those financing vehicles?

偉大的。最後是幻燈片 17。我很欣賞關於您沒有任何近期融資的細節。就在 2026 年，你會看到資本融資，還有電力公司的資金。在這些期限內，您認為您會退役這些工具—那些融資工具嗎？你認為你只是翻過那個。我只是好奇您對這些融資工具有何計畫？

Yes, Anthony, we'll have to assess that as we get closer. Obviously, where interest rates are will play a big role in what we do there. So I think it's a little early to tell on how we'll treat those. Our assumption is that we refi them (inaudible).

是的，安東尼，當我們越來越接近時，我們必須對此進行評估。顯然，利率水準將對我們的工作發揮重要作用。所以我認為現在談論我們將如何對待這些還為時過早。我們的假設是我們重新改裝它們（聽不清楚）。

The next question comes from David Paz with Wolfe.

下一個問題來自大衛·帕斯和沃爾夫。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay. Great. Just actually following up on the previous question. It's FFO to debt, in particular, where are you in that 16% to 18% currently? And where kind of -- how does that -- what's the profile of that over the course of your plan?

好的。偉大的。實際上只是在跟進上一個問題。尤其是 FFO 與債務之間的關係，您目前處於 16% 至 18% 的哪個位置？在你的計劃過程中，具體情況如何？

Yes. I would just say we're comfortably in that 16% to 18% range. In the early part of the plan, we continue to have integration cost for Rhode Island that obviously are -- impact the credit metric and those roll away. And then you see the CapEx increase later in the plan. So we feel really good about where we are within that range and kind of operate comfortably around the midpoint.

是的。我只想說我們在 16% 到 18% 的範圍內感到舒適。在計劃的早期部分，我們繼續考慮羅德島州的整合成本，這顯然會影響信用指標，而這些成本會消失。然後您會在計劃後期看到資本支出增加。所以我們對自己在這個範圍內的位置感覺非常好，並且在中點附近舒適地運作。

Perfect. And then just -- I don't know if you touched on this, but what are your opportunities -- or what opportunities do you see from the pending offshore wind solicitations, more transmission? What do you have in your plan, if anything? Just any color you can provide, that would be great.

完美的。然後，我不知道您是否提到過這一點，但是您的機會是什麼，或者您從懸而未決的離岸風電招標、更多輸電中看到了哪些機會？你的計劃中有什麼（如果有的話）？只要你能提供任何顏色，那就太好了。

Sure. So a couple of opportunities there. Obviously, we have the RFP that we've issued in Rhode Island. We are not the owners of that, but we would be the offtaker of that generation. And so to your point, we have -- we do have in the plan the transmission required to -- the enhancements to transmission grid to handle that offshore wind load.

當然。所以那裡有一些機會。顯然，我們已經在羅德島州發布了 RFP。我們不是那一代的所有者，但我們將成為那一代的承購者。因此，就您的觀點而言，我們確實在計劃中製定了所需的輸電設施，以增強輸電網來處理離岸風負荷。

We have talked in the past about our -- a joint venture with wind grid to potentially provide wet transmission solutions more broadly up in Rhode Island or New England that we would partner with them on where we would not own the turbine -- the wind turbine generation, but we would build out a mesh network of sorts to lower the overall cost of the transmission build-out as we think about upwards of 30 gigs of offshore wind over the next, say, decade being built out there. That opportunity will highly depend on where the U.S. Treasury ultimately comes out on their implementation provisions for the IRA. So we are monitoring those regulations very closely. The initial regs that came out from the treasury, we think were in error in proposing that the regulations would limit the eligibility of the ITC credit for that wet transmission only if that transmission is owned by the same taxpayer that owns the wind turbines themselves.

我們過去曾討論過我們與風網的合資企業，可能會在羅德島州或新英格蘭更廣泛地提供濕式傳輸解決方案，我們將在我們不擁有渦輪機的地方與他們合作 - 風力渦輪機發電，但我們會建立某種網狀網絡，以降低輸電建設的整體成本，因為我們考慮在未來（例如十年）內建造超過30 兆瓦的離岸風電。這一機會將在很大程度上取決於美國財政部最終對愛爾蘭共和軍的實施條款的出台。因此，我們正在非常密切地監控這些法規。我們認為，財政部最初發布的規定錯誤地提出，只有當輸電設備由擁有風力渦輪機本身的同一納稅人擁有時，該規定才會限制濕式輸電設備的 ITC 信貸資格。

That limitation, if the final rules come out that way, would unnecessarily raise the cost of the offshore wind industry, which we know is quite challenged. And so we continue to engage with the administration and other policymakers to try to improve that final regulation and expand it to all taxpayers, not just ones that own the turbines, and to try to bring the overall cost of offshore wind down so that we can get this very important clean energy source kind of up and running in the U.S.

如果最終規則以這種方式出台，這種限制將不必要地增加離岸風電產業的成本，我們知道離岸風電產業面臨很大的挑戰。因此，我們繼續與政府和其他政策制定者合作，努力改進最終監管，並將其擴大到所有納稅人，而不僅僅是擁有渦輪機的納稅人，並努力降低離岸風電的整體成本，以便我們能夠讓這種非常重要的清潔能源在美國啟動並運行

But I can't give you any assurance in terms of what that final rule is going to say. I can't say we don't have any of that upside potential in our business plan, it's not in our growth projections at all at this point. I would say, it kind of hinges on this, and then the states really coming together up there and partnering on this broader solution, which we believe will certainly bring the cost of offshore wind down.

但我無法向您保證最終規則的內容。我不能說我們的業務計劃中沒有任何上行潛力，目前我們的成長預測中根本沒有這種潛力。我想說，這取決於此，然後各州真正走到一起並就這一更廣泛的解決方案進行合作，我們相信這肯定會降低離岸風電的成本。

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。我想將會議轉回文斯·索爾吉（Vince Sorgi）發表閉幕詞。

Just want to say thanks for joining us. Again, strong end to 2023, really looking forward to 2024 and beyond. I've spent quite a bit of time talking about the Utility of the Future strategy. We do think that's an area that differentiates us from our peers as well as the strength of our balance sheet and our overall dividend policy where we're growing the dividend in line with earnings.

只是想說謝謝您加入我們。再次強調，2023 年即將結束，我們非常期待 2024 年及以後。我花了很多時間談論未來的效用策略。我們確實認為，這是我們區別於同業的一個領域，也是我們資產負債表的優勢以及我們根據收益增加股息的整體股息政策。

So just appreciate everybody for calling us and for joining us and look forward to providing updates as we go through the year. Thanks so much.

因此，感謝大家打電話給我們並加入我們，並期待在這一年中提供最新消息。非常感謝。