賓州電力 (PPL) 2024 Q1 法說會逐字稿

Good day, and welcome to the PPL Corporation First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note today's event is being recorded.

美好的一天，歡迎參加 PPL 公司 2024 年第一季財報電話會議。 （操作員說明）請注意今天的活動正在錄製中。

I'd now like to turn the conference over to Andy Ludwig, Vice President, Investor Relations. Please go ahead.

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 Conference Call on First Quarter 2024 Financial Results. We have provided slides for this presentation on the Investors section of our website.

大家早安，感謝您參加關於 2024 年第一季財務業績的 PPL 電話會議。我們在我們網站的投資者部分提供了本次簡報的幻燈片。

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.

今天的電話會議首先介紹 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 and 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，我將提請您注意投影片 2 和簡短的警告聲明。我們今天的簡報包含有關未來營運績效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.

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。

I'll now turn the call over to Vince.

我現在將把電話轉給文斯。

Thank you, Andy, and good morning, everyone. Welcome to our first quarter investor update. Let's start with our financial results and a few highlights from the quarter on Slide 4. Today, we reported first quarter GAAP earnings of $0.42 per share. Adjusting for special items, first quarter earnings from ongoing operations were $0.54 per share representing a 12.5% increase over ongoing earnings of $0.48 per share a year ago. This increase was supported by additional returns on capital investments and higher sales volumes as we saw milder weather last year compared to this year.

謝謝你，安迪，大家早安。歡迎來到我們的第一季投資者更新。讓我們從幻燈片 4 中的財務業績和本季度的一些亮點開始。調整特殊項目後，第一季持續營運收益為每股 0.54 美元，比一年前每股持續收益 0.48 美元成長 12.5%。這一增長得益於資本投資的額外回報和銷量的增加，因為去年的天氣比今年溫和。

Looking ahead, we remain confident in our ability deliver on our 2024 ongoing earnings forecast of $1.63 to $1.75 per share. with a midpoint of $1.69 share. We are also on track to complete approximately $3.1 billion in infrastructure improvements this year to strengthen grid reliability and resiliency and advance a cleaner energy mix without compromising on affordability for our customers.

展望未來，我們仍然對實現 2024 年每股 1.63 至 1.75 美元的持續獲利預測的能力充滿信心。中點為 1.69 美元。今年我們還有望完成約 31 億美元的基礎設施改進，以增強電網可靠性和彈性，並在不影響客戶負擔能力的情況下推進更清潔的能源結構。

At the same time, we remain confident in our long-term business plan as we execute our strategy to create the utilities of the future.

同時，我們對我們的長期業務計劃仍然充滿信心，因為我們正在執行創建未來公用事業的策略。

We're well positioned to achieve our projected 6% to 8% annual earnings per share and dividend growth through at least 2027. As we outlined in February, our capital plan includes $14.3 billion in infrastructure improvements from 2024 to 2027. And across PPL, we continue to drive greater efficiency through our utility of the future strategy to help keep energy affordable for our customers.

我們有能力至少在2027 年實現預期6% 至8% 的每股收益和股息增長。在整個PPL 中，我們繼續透過利用未來策略來提高效率，以幫助我們的客戶維持負擔得起的能源。

With this in mind, we're on pace to achieve our annual O&M savings target of at least $175 million by 2026.

考慮到這一點，我們正在努力實現 2026 年至少 1.75 億美元的年度營運和維護節省目標。

Moving to Slide 5 with an operational and regulatory update. We were pleased to secure positive outcomes in our second annual infrastructure, safety and reliability or ISR proceedings before the Rhode Island PUC. ISR plans are submitted annually in Rhode Island and outline proposed capital investments and related operating costs to strengthen safety, reliability and resiliency of our electric and gas distribution networks. The plans approved this March address Rhode Island Energy's proposed spending from April 1, 2024, to March 31, 2025.

轉到投影片 5，其中包含營運和監管更新。我們很高興在羅德島州 PUC 的第二屆年度基礎設施、安全性和可靠性或 ISR 程序中取得積極成果。羅德島州每年提交 ISR 計劃，概述擬議的資本投資和相關營運成本，以加強我們的電力和天然氣分配網路的安全性、可靠性和彈性。今年 3 月批准的計劃涉及羅德島能源公司 2024 年 4 月 1 日至 2025 年 3 月 31 日期間的擬議支出。

In its decision, the PUC unanimously approved $326 million in planned spending and investment. This includes approximately $300 million in capital investments, including $132 million for electric and $168 million for gas and $26 million in operating costs for vegetation management, restoration paving on gas main replacement projects, system inspections and other work. These investments are critical to maintaining and improving the safety and reliability of electricity and gas service for our customers in Rhode Island and will help to enable the clean energy transition in the state.

PUC 在其決定中一致批准了 3.26 億美元的計畫支出和投資。其中包括約3 億美元的資本投資，其中1.32 億美元用於電力，1.68 億美元用於天然氣，以及2,600 萬美元用於植被管理、燃氣主管道更換工程恢復鋪路、系統檢查和其他工作的營運成本。這些投資對於維持和提高羅德島州客戶電力和燃氣服務的安全性和可靠性至關重要，並將有助於實現該州的清潔能源轉型。

Shifting to Pennsylvania. Last week, PPL Electric Utilities filed a petition with the Pennsylvania PUC to raise the company's distribution system improvement charge cap from 5% to 9% of distribution revenues for bills rendered on or after January 1, 2025.

轉移到賓夕法尼亞州。上週，PPL 電力公用事業公司向賓州PUC 提交了一份請願書，要求將該公司的配電系統改進費用上限從2025 年1 月1 日或之後提供的帳單配電收入的5% 提高到9%。

The DSIC accelerates the repair and replacement of aging infrastructure by allowing utilities to recover the cost of investments in eligible property. As we confront more frequent and powerful storms and aging infrastructure, we believe an increase is needed maintain and improve reliability moving forward. We expect minimal impact to customer bills because of this change, and we look forward to engaging with the commission as they consider our request. We expect a decision on this petition by year-end.

DSIC 透過允許公用事業公司收回符合條件的財產的投資成本，加速老化基礎設施的修復和更換。隨著我們面臨更頻繁和強大的風暴以及老化的基礎設施，我們認為需要增加維護和提高未來的可靠性。我們預計這項變更對客戶帳單的影響最小，並且我們期待與委員會合作，因為他們考慮我們的要求。我們預計將在年底前對該請願書做出決定。

PPL Electric Utilities also recently filed its latest default service plan with the PaPUC. The plan, which was filed in Q1 reflects our strong focus on energy affordability and outlines the company's strategy to procure generation supply for customers who don't choose a third-party energy supplier.

PPL Electric Utilities 最近也向 PaPUC 提交了最新的預設服務計劃。該計劃於第一季提交，反映了我們對能源負擔能力的高度重視，並概述了公司為不選擇第三方能源供應商的客戶採購發電供應的策略。

To best support our customers, the proposed plan includes modifications to lessen price volatility, improve affordability, support resource adequacy and foster the growth and development of renewable generation in Pennsylvania.

為了最好地支持我們的客戶，擬議的計劃包括進行修改，以減少價格波動，提高負擔能力，支持資源充足性並促進賓州再生能源發電的成長和發展。

During the planned design, PPL Electric leverage data analytics to optimize the proposed procurement strategy for affordability. We expect the modifications to result in lower supply cost for our customers during the term of the plan, which is from June 1, 2025 through May 31, 2029. We expect a decision from the PaPUC on this plan by year-end as well.

在規劃設計過程中，PPL Electric 利用數據分析來優化建議的採購策略，以提高可負擔性。我們預計這些修改將在計畫期限內（即 2025 年 6 月 1 日至 2029 年 5 月 31 日）降低客戶的供應成本。

Moving to Slide 6. We continue to advance plans to support prospective data center development in both Pennsylvania and Kentucky. As we work with data center companies, we feel we are very well positioned to serve their needs for a variety of reasons. For starters, we have capacity on our grid such that the needed investment by the data centers is not too significant. This also enables connection to our grids in a timely manner, supporting their desired commercial operation date. In addition, our reliability is very strong with top quartile reliability.

轉向幻燈片 6。當我們與資料中心公司合作時，我們認為我們能夠很好地滿足他們出於各種原因的需求。首先，我們的電網有足夠的容量，因此資料中心所需的投資不會太大。這也使得能夠及時連接到我們的電網，以支援他們期望的商業營運日期。此外，我們的可靠性非常強，可靠性位居前四分之一。

Our states also have an abundance of reasonably priced land available for these data centers. Further, we are close to large metropolitan markets in New England and Mid-Atlantic regions. And finally, we have programs in both states that provide incentives for data centers to locate in our service territories.

我們的州還有大量價格合理的土地可供這些資料中心使用。此外，我們靠近新英格蘭和大西洋中部地區的大都市市場。最後，我們在這兩個州都有計劃，為資料中心落腳我們的服務區域提供激勵。

Our current business plan does not reflect the investments or load related to these large data center projects. So any meaningful deployment in this space would represent upside to the plan. In Pennsylvania, we continue to see record numbers of requests within our service territory, including some very large centers that are projecting more than a gigawatt of load at full capacity.

我們目前的業務計劃並未反映與這些大型資料中心專案相關的投資或負荷。因此，在這個領域的任何有意義的部署都將代表該計劃的好處。在賓州，我們的服務區域內的請求數量繼續創下歷史新高，其中包括一些非常大的中心，它們的滿載預計超過 1 千兆瓦。

We currently have approximately 3 gigawatts data center demand in advanced stages. The potential upside for PPL comes in the form of additional required investments in transmission and returns on the related rate base through the FERC formula rate.

我們目前處於後期階段的資料中心需求約為 3 吉瓦。 PPL 的潛在上行空間體現在輸電方面所需的額外投資以及透過 FERC 公式費率獲得相關費率基礎的回報。

Currently, we estimate that each data center would require on average, $50 million to $150 million of capital investment, and that's PPL share, depending on the size, location and specific needs of the data center. As the sensitivity of the $125 million of PPL investment, would result in about $0.01 of EPS. And despite this added investment, we expect that our retail customers in Pennsylvania will benefit as well as the transmission component of the bill will decrease as they are spread over increased load.

目前，我們估計每個資料中心平均需要 5,000 萬至 1.5 億美元的資本投資，這就是 PPL 份額，具體取決於資料中心的規模、位置和具體需求。由於 1.25 億美元 PPL 投資的敏感性，將產生約 0.01 美元的每股盈餘。儘管增加了投資，我們預計賓州的零售客戶將受益，並且帳單的傳輸部分將減少，因為它們分佈在增加的負載上。

In Kentucky, we are also actively working with several large data centers. The data centers we're currently seeing in Kentucky range between 300 and 500 megawatts each. Like Pennsylvania, any transmission upgrades would be additive to our capital plan, although those will be more modest than the levels we are currently seeing in Pennsylvania due to the smaller size of the data centers. The more significant upside potential from additional data center demand is due to the vertically integrated nature of our Kentucky business as a significant ramp in electricity demand could also result in incremental generation needs in our service territory. Any additional generation investment would also represent upside to our current capital plan.

在肯塔基州，我們也積極與幾個大型資料中心合作。我們目前在肯塔基州看到的資料中心每個容量在 300 到 500 兆瓦之間。與賓州一樣，任何傳輸升級都將成為我們的資本計畫的補充，儘管由於資料中心規模較小，這些升級將比我們目前在賓州看到的水平更為溫和。額外資料中心需求帶來的更顯著的上行潛力是由於我們肯塔基州業務的垂直整合性質，因為電力需求的大幅增長也可能導致我們服務領域的發電需求增量。任何額外的發電投資也將代表我們目前資本計畫的好處。

From a timing perspective, based on our ongoing dialogue, we would expect to have a better sense of these opportunities in the latter half of the year and into 2025. Ultimately, data centers are key to American competitiveness and AI deployment moving forward, and we are actively engaged to support their expansion.

從時間角度來看，根據我們正在進行的對話，我們預計將在今年下半年和 2025 年更好地把握這些機會。參與支持其擴張。

Moving to Slide 7 and some items on the horizon. On April 25, the EPA announced a suite of final rules related to fossil fuel-fired power plants. The 4 rules announced are Section 111 greenhouse gas CO2 standards, which requires that all coal-fired plants and new baseload gas-fired plants control 90% of their carbon pollution via carbon capture technology or other means by 2032.

轉到幻燈片 7 和即將推出的一些項目。 4 月 25 日，美國環保署 (EPA) 宣布了一系列與化石燃料發電廠相關的最終規則。公佈的4項規則是第111節溫室氣體CO2標準，要求到2032年所有燃煤電廠和新建基荷燃氣電廠透過碳捕獲技術或其他手段控制90%的碳污染。

The affluent limitation guidelines, which establishes more stringent discharge standards for 3 different wastewaters generated at coal-fired plants. The coal combustion residuals rule, which requires additional coal ash management for inactive CCR units, which were formerly exempt. And the mercury and air toxic standards rule or MATS, which tightens the emission standard for toxic metals by 67% and finalizes a 70% reduction in the emission standard for mercury from coal-fired plants.

富裕限制指南為燃煤電廠產生的 3 種不同廢水製定了更嚴格的排放標準。燃煤殘留物規則要求對閒置的 CCR 機組進行額外的煤灰管理，而這些機組以前是豁免的。汞和空氣有毒物質標準規則（MATS）將有毒金屬的排放標準提高了 67%，並最終將燃煤電廠的汞排放標準降低了 70%。

We expect these rules to be challenged by various parties and that it will likely take years to go through the legal process. Should these rules be upheld in the courts, it could exacerbate the resource adequacy concerns in the 2030s while resulting in significant incremental environmental capital investments and/or additional capital needs for generation replacement in the latter part of our planning period and beyond. These rules will also be considered in the request for proposal recently issued by LG&E and KU for renewable energy.

我們預計這些規則將受到各方的質疑，並且可能需要數年時間才能完成法律程序。如果法院維持這些規則，可能會加劇 2030 年代的資源充足性問題，同時導致環境資本投資大幅增加和/或在我們的規劃期後期及以後進行發電更換的額外資本需求。 LG&E 和 KU 最近發布的再生能源提案徵詢書中也將考慮這些規則。

The RFP is seeking to evaluate alternatives procure lease cost long-term supply of renewable energy to serve our customers. These potential additions would help to address load growth, diversification of the generation portfolio and the newly issued EPA regulations. Proposals are due back by the end of the second quarter, and we expect to complete our review in the fourth quarter.

RFP 正在尋求評估替代方案，以獲取再生能源的租賃成本長期供應，以服務我們的客戶。這些潛在的新增功能將有助於解決負載成長、發電組合多樣化以及新頒布的 EPA 法規等問題。提案將於第二季末返回，我們預計將在第四季完成審核。

Looking ahead in Kentucky, LG&E and KU expect to file their triennial integrated resource plan in the fourth quarter of this year. The IRP will be a comprehensive review of electricity supply and demand within our service territories over a 15-year planning horizon. We'll also update our load forecast for our service territories, which will include updated assumptions for electrification, industrial growth and potential data center development as well as any updates to energy efficiency trends.

展望肯塔基州的未來，LG&E 和 KU 預計將在今年第四季提交三年期綜合資源計畫。 IRP 將在 15 年規劃期內對我們服務區域內的電力供應和需求進行全面審查。我們還將更新服務區域的負載預測，其中包括電氣化、工業成長和潛在資料中心發展的最新假設以及能源效率趨勢的任何更新。

Supply forecast will include the results of our recently approved CPCN late last year to retire 600 megawatts of coal generation and replace that with a combination of efficient combined cycle natural gas, solar and battery storage capacity.

供應預測將包括我們去年年底最近批准的 CPCN 的結果，該計劃旨在淘汰 600 兆瓦的煤炭發電，並用高效的聯合循環天然氣、太陽能和電池儲存容量的組合來取代它。

We will also include recommendations received from the KPSC during our last IRP filing including updates to our demand-side management and energy efficiency programs, transmission needs and recently issued environmental regulations.

我們還將納入上次 IRP 備案期間從 KPSC 收到的建議，包括對我們的需求方管理和能源效率計劃、輸電需求和最近發布的環境法規的更新。

Following our IRP filing, we'll then conduct another climate assessment and expect to publish an updated report in 2025.

在提交 IRP 後，我們將進行另一次氣候評估，並預計在 2025 年發布更新的報告。

That concludes my strategic and operational update. I'll now turn the call over to Joe for the financial update.

我的策略和營運更新到此結束。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 9. PPL's first quarter GAAP earnings were $0.42 per share compared to $0.39 per share in Q1 2023. We recorded special items of $0.12 per share during the first quarter primarily due to 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9。與收購羅德島州相關的整合和相關費用活力。

Adjusting for these special items, first quarter earnings from ongoing operations were $0.54 per share an improvement of $0.06 per share compared to Q1 2023. The primary drivers of this increase were returns on capital investments, higher sales volumes and lower operating costs, partially offset by higher interest expense. Our solid first quarter results keep us on track to achieve at least the midpoint of our 2024 earnings forecast of $1.69 per share.

在對這些特殊項目進行調整後，第一季持續營運收益為每股0.54 美元，與2023 年第一季相比每股收益增加0.06 美元。營運成本降低，但部分被更高的利息支出。第一季穩健的業績使我們預計至少實現 2024 年每股收益預測的中位數 1.69 美元。

During the quarter, we issued a combined $1.2 billion of debt in 2 separate offerings. We were focused on early execution of the financing plan, which allowed us to take advantage of rates lower than the current market and derisk for the remainder of the year.

本季度，我們透過兩次單獨的發行總共發行了 12 億美元的債券。我們專注於融資計劃的儘早執行，這使我們能夠利用低於當前市場的利率，並在今年剩餘時間內降低風險。

In January, we issued $650 million of first mortgage bonds at PPL Electric Utilities at 4.85%. And in March, we issued $500 million of senior unsecured notes at Rhode Island Energy at 5.35%, which represented the first debt offering for Rhode Island Energy since our acquisition.

一月份，我們向 PPL Electric Utilities 發行了 6.5 億美元的第一筆抵押貸款債券，利率為 4.85%。 3 月份，我們以 5.35% 的利率向羅德島能源公司發行了 5 億美元的高級無抵押票據，這是自我們收購羅德島能源公司以來的首次債務發行。

We saw tremendous demand for both transactions, and we're able to execute them at efficient prices given the relative market conditions.

我們看到了對這兩項交易的巨大需求，並且考慮到相對的市場條件，我們能夠以有效的價格執行它們。

PPL's balance sheet remains among the very best in our sector and provides the company with significant financial flexibility. We continue to project a 16% to 18% FFO to debt ratio throughout our planning period while maintaining a holding company to total debt ratio below 25%. As of the end of the first quarter, our floating rate debt exposure remains at just about 5% and we have limited near-term refinancing risk.

PPL 的資產負債表仍然是我們行業中最好的之一，並為公司提供了顯著的財務靈活性。在整個規劃期間內，我們繼續預期 FFO 與負債比率為 16% 至 18%，同時將控股公司與總負債比率保持在 25% 以下。截至第一季末，我們的浮動利率債務風險維持在 5% 左右，短期再融資風險有限。

Finally, we remain uniquely positioned in the sector to continue to fund our growth without the need for equity throughout our planning period.

最後，我們在該行業保持獨特的地位，可以繼續為我們的成長提供資金，而在整個規劃期間不需要股權。

Turning to the ongoing segment drivers for the first quarter on Slide 10. Our Kentucky segment results increased by $0.03 per share compared to the first quarter of 2023. The improvement in Kentucky's results was primarily driven by higher sales volumes, primarily due to the extremely mild weather experienced during the first quarter of last year. Our Pennsylvania Regulated segment results increased by $0.03 per share compared to the same period a year ago. The increase was primarily driven by higher transmission revenue and lower operating costs.

轉向幻燈片10 上第一季持續的細分市場驅動因素。推動的，這主要是由於極其溫和的天氣去年第一季經歷的天氣。與去年同期相比，我們的賓州監管部門業績每股成長 0.03 美元。這一增長主要是由於傳輸收入增加和營運成本降低。

Our Rhode Island segment results increased by $0.01 per share compared to the same period a year ago. This increase was primarily driven by higher distribution revenue from capital investments, higher transmission revenue and lower operating costs, partially offset by higher interest expense.

與去年同期相比，我們的羅德島分部業績每股成長 0.01 美元。這一成長主要是由於資本投資帶來的分銷收入增加、輸電收入增加和營運成本降低所推動的，但部分被利息支出增加所抵消。

Finally, results at Corporate and Other decreased by $0.01 per share compared to the prior period primarily due to factors that were not individually significant.

最後，公司及其他部門的業績與上一期間相比每股下降了 0.01 美元，這主要是由於個別因素並不顯著。

I'm extremely pleased with our financial performance for the quarter as we continue to execute our plan.

隨著我們繼續執行我們的計劃，我對本季的財務表現非常滿意。

This concludes my prepared remarks. I'll now turn the call back over to Vince.

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. In closing, our strong performance in the first quarter keeps us squarely on track to deliver on our 2024 commitments to shareowners. As we continue to execute our utility of the future strategy, we're well positioned to achieve or exceed the midpoint of our 2024 ongoing earnings guidance. We're off to a strong start in executing our capital plans, keeping us on track to invest $3.1 billion in infrastructure improvements this year. The newly issued EPA regulations, while they present some real reliability concerns for the industry represent only further upside to our long-term outlook for the business.

謝謝你，喬。最後，我們第一季的強勁表現使我們完全有能力兌現 2024 年對股東的承諾。隨著我們繼續執行未來策略的效用，我們完全有能力實現或超過 2024 年持續獲利指引的中點。我們在執行資本計畫方面取得了良好的開端，今年預計將投資 31 億美元用於基礎設施改善。新頒布的 EPA 法規雖然為業界帶來了一些真正的可靠性問題，但只會進一步推動我們的業務長期前景。

We continue to make good progress in integrating Rhode Island Energy into PPL keeping us on pace to exit our remaining transition service agreements with National Grid this year.

我們在將羅德島能源公司納入 PPL 方面繼續取得良好進展，使我們能夠在今年退出與國家電網的剩餘過渡服務協議。

And finally, we remain laser-focused on driving efficiency through our Utility of the Future strategy, centralization efforts and asset optimization to keep energy affordable for our customers.

最後，我們仍然專注於透過未來公用事業策略、集中化工作和資產優化來提高效率，以確保我們的客戶能夠負擔得起能源。

All in all, we are well positioned to continue our strong track record of execution this year.

總而言之，我們今年有能力繼續保持強勁的執行記錄。

And with that, operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

(Operator Instructions) And today's first question comes from Shahriar Pourreza with Guggenheim Partners.

（操作員說明）今天的第一個問題來自 Guggenheim Partners 的 Shahriar Pourreza。

It's actually James on for Shar. Maybe starting on the data center side, thanks for all the details on the backdrop across the 2 jurisdictions there. Can you just give us maybe a little bit more color on the timing of the spend for those 3 gigawatts in Pennsylvania as it relates kind of to the current plan through '27? And then secondly, how kind of firm is that advance stage at point -- at this point for those guys?

實際上是詹姆斯替補沙爾。也許從資料中心方面開始，感謝您提供有關兩個司法管轄區背景的所有詳細資訊。您能否給我們更多關於賓州這 3 吉瓦的支出時間安排，因為它與截至 27 年的當前計劃有關？其次，對於那些人來說，目前的高階階段有多強？

Yes, sure, James. So just in terms of firmness, we do have signed agreements for that 3 gigawatts. So continuing to work through the process with multiple data center companies would probably be in a position or would not be in a position to make a public announcement either from them or us until kind of late this year, early next year. So still a little bit of ways to go on these, but we do have signed agreements with them all.

是的，當然，詹姆斯。因此，就堅定性而言，我們確實簽署了這 3 吉瓦的協議。因此，繼續與多家資料中心公司合作，可能會或無法在今年年底或明年初之前由他們或我們發佈公開聲明。因此，還有一些方法可以繼續這些工作，但我們確實與他們都簽署了協議。

These would be for in-service dates beginning in 2026. So I think -- '26, '27, '28. And then again, we would be making the bulk of our investments right in time for those initial and service dates.

這些是從 2026 年開始的服役日期。話又說回來，我們將在初始日期和服務日期之前及時進行大部分投資。

Okay. Got you. And then keeping it in Pennsylvania, if the DSIC waiver process were unsuccessful, I guess, how would that impact the rate case cycle plan and any impact to the distribution spend plan as it's laid out today?

好的。明白你了。然後將其保留在賓夕法尼亞州，如果 DSIC 豁免程序不成功，我想，這將如何影響費率案例週期計劃以及對今天制定的分配支出計劃的影響？

Yes, James, this is Joe. First, it wouldn't impact our distribution capital plans. Those are necessary investments that we'll continue to make. What it would do is potentially impact the timing of our next rate case, although as we've said, no rate case in Pennsylvania this year or next. So really likely timing could be as early as '26, but again, we'll have to see the outcome of that petition and what the commission decides on there.

是的，詹姆斯，這是喬。首先，它不會影響我們的分配資本計畫。這些是我們將繼續進行的必要投資。它的作用可能會影響我們下一次利率案件的時間安排，儘管正如我們所說，賓州今年或明年沒有利率案件。因此，時間很可能早在 26 年，但同樣，我們必須看看該請願書的結果以及委員會的決定。

(Operator Instructions) Our next question comes from Durgesh Chopra with Evercore ISI.

（操作員說明）我們的下一個問題來自 Evercore ISI 的 Durgesh Chopra。

Just on the data center topic, I know the opportunity set is in the transmission investment for you. Well, maybe can you help us kind of frame, is there new generation or additional generation attached to these contracts? If you can talk to that? And then secondly, you mentioned '26 to '28 time line, how are you thinking about the construction time line and any sort of risks on approvals, I'm thinking FERC approvals or any other approvals that you may need to get the projects going?

就資料中心主題而言，我知道您的機會集在於傳輸投資。好吧，也許你可以幫助我們了解框架，這些合約是否附加了新一代或額外的一代？如果你能談談嗎？其次，您提到「26 至 28」的時間表，您如何看待施工時間表以及審批方面的任何風險，我正在考慮 FERC 的審批或您可能需要讓專案進行的任何其他審批？

Yes, sure. So the agreements that we've signed basically enable us to start the development work of the projects, and it would result in reimbursement back to the company should we not move forward with the data center. So data center companies are really taking the risk on that. Overall, we feel good about our ability to get these projects approved through the regulatory process. But you're right, we do need to go through that process. But we are currently spending money on the development for the ones that at least we have the signed agreements, we're starting those now to be ready for a 2026 the initial service fee.

是的，當然。因此，我們簽署的協議基本上使我們能夠開始專案的開發工作，如果我們不推進資料中心，我們將向公司償還費用。因此，資料中心公司確實在冒險。總體而言，我們對這些項目通過監管程序獲得批准的能力感到滿意。但你是對的，我們確實需要經歷這個過程。但我們目前正在花錢開發那些至少我們已經簽署了協議的項目，我們現在就開始為 2026 年的初始服務費做好準備。

On the generation side, so yes, the investment opportunity is really twofold. In Pennsylvania, it's really just the transmission investment that we need to make. These are large centers, so they're connecting to T. Again, we're in the $50 million to $150 million per data center range. That's our share. So the data center is also picking up in similar-sized investments on each of these. So that's kind of the investment opportunity in PA.

在發電方面，是的，投資機會確實是雙重的。在賓州，我們實際上需要進行的只是輸電投資。這些都是大型中心，因此它們連接到 T。這是我們的份額。因此，資料中心也在這些方面進行了類似規模的投資。這就是賓州的投資機會。

Kentucky, again, not as big of data centers, at least the initial ones that we are engaged with there. So the investment opportunities are a little bit smaller, around the $25 million to $75 million per data center range there. But as your question kind of highlights, I think the biggest opportunity from an investment perspective is really on the need for additional generation in Kentucky.

肯塔基州的資料中心規模沒有那麼大，至少我們在那裡參與的最初的資料中心是這樣。因此，投資機會較小一些，每個資料中心的投資金額約為 2,500 萬至 7,500 萬美元。但正如你的問題所強調的那樣，我認為從投資角度來看，最大的機會實際上是肯塔基州對額外發電的需求。

Our current reserve margins are in the 23% range. We kind of target a 17% to 24% range down there with the solar projects that we have and that we're building, we would expect absent anything else to be a little bit over 25%. So obviously, keeping all of this in mind as we put together the IRP. So we'll be updating our full load forecast, including potential data centers, but all the other industrial loads that are coming from the economic development activity, but we also have to look at energy efficiency and DER and everything else that's a counterbalancing there. And then determine if we need additional generation.

我們目前的準備金率在 23% 範圍內。對於我們已經擁有和正在建造的太陽能項目，我們的目標是 17% 到 24%，如果沒有其他任何因素，我們預計會略高於 25%。顯然，在我們整理 IRP 時請牢記所有這些。因此，我們將更新我們的滿載預測，包括潛在的資料中心，但所有其他工業負載都來自經濟發展活動，但我們也必須考慮能源效率和分散式能源以及其他所有與之平衡的因素。然後確定是否需要額外的發電。

I will say, importantly, as we think about the possibility of needing to build the second combined cycle unit down there, whether it's for the data centers or just industrial growth in general, I think it's important to note that we do still have a spot in the queue for that second CCGT from our prior solicitation. So our ability to build that relatively quickly is there.

我要說的是，重要的是，當我們考慮需要在那裡建造第二個聯合循環機組的可能性時，無論是為了資料中心還是只是為了一般工業成長，我認為重要的是要注意我們仍然有一個位置在我們之前徵集的第二個 CCGT 隊列中。因此，我們有能力相對較快地實現這一目標。

That's very, very helpful, Vince. But can I just go back Pennsylvania and the way you structure this transmission agreement, is that tied to a new generation source? I know that's not an opportunity for you, but I'm just curious from a sort of a Pennsylvania state perspective, supply-demand perspective. Is that a new generation source? Or are you basically getting power from an existing generation source? I don't know if that makes sense. Did you get the question I'm asking?

這非常非常有幫助，文斯。但我可以回到賓州，看看你們建構這個傳輸協定的方式，是否與新一代來源有關？我知道這對你來說不是一個機會，但我只是從賓州的供需角度好奇。這是新一代的資源嗎？或者您基本上是從現有的發電源獲取電力嗎？我不知道這是否有道理。你明白我問的問題了嗎？

I do. Yes, it is not tied to any specific generation. So ultimately the market through PJM and/or other means needs to continue to build new generation to keep up with this demand. But that will go through the general PJM process.

我願意。是的，它與任何特定世代無關。因此，最終市場需要透過 PJM 和/或其他方式繼續打造新一代以滿足這一需求。但這將經歷一般的 PJM 流程。

Got it. That's perfect. And then just one quick one, and I'll get back in the queue. Is there a procedural schedule on the DSIC application, the raising cap or sort of specific time lines for us to watch?

知道了。那很完美。然後只要快速一則，我就會回到隊列中。 DSIC 申請、籌集上限或具體時間線是否有供我們關注的程序時間表？

There isn't, although we do expect to basically have a decision on both the DSIC waiver and the LTIP filing by the end of the year. So in general, the LTIP takes about 9 months, those types of filings, and we think it makes sense. Obviously, we requested the DSIC decision to be before the end of the year so that we could apply it for 2025.

沒有，儘管我們確實希望在今年年底前就 DSIC 豁免和 LTIP 申請基本上做出決定。因此，總的來說，LTIP 需要大約 9 個月的時間，這些類型的申請，我們認為這是有道理的。顯然，我們要求 DSIC 在年底前做出決定，以便我們可以在 2025 年應用它。

Okay. I also want to echo James' thanks and comments on the data center information really helpful. And congrats on a great quarter here. Thank you again.

好的。我還想回應詹姆斯的感謝和對資料中心資訊的評論，這些資訊非常有幫助。恭喜您度過了一個美好的季度。再次感謝你。

And our next question comes from Steve Fleishman with Wolfe Research.

我們的下一個問題來自沃爾夫研究公司的史蒂夫‧弗萊什曼。

So just to kind of -- because we're hearing a lot about data centers. Could you give us any sense of just like how meaningful the deposits are for you to be pursuing this in terms of just the scheme of scale the whole thing, just as it is -- kind of helps to assess just likelihood, I guess?

所以只是因為我們聽到了很多關於資料中心的資訊。您能否給我們任何感覺，就像存款對您在整個事情的規模計劃方面追求這一目標有多大意義一樣，我想這有助於評估可能性？

Yes. So I don't want to get into details around like deposits or anything like that (inaudible), although I will say the agreement, again, that we are -- that we signed in Pennsylvania, those agreements permit us to start spending on these and then we would get recovery of those for some reason if we don't move forward. So I think the curiousness of the counterparties is there (inaudible) clearly, right? And for all the reasons I talked about in my prepared remarks, I think we do bring a number of benefits to bear for these folks. Not the least of which is not only our capacity to connect them, but our ability to meet their in-service deadlines. So we can get this work done in time for 2026 in service states for these data centers.

是的。因此，我不想詳細討論存款或類似的事情（聽不清楚），儘管我會再說一遍，我們在賓夕法尼亞州簽署了協議，這些協議允許我們開始在這些方面支出然後，如果我們不繼續前進，我們就會因某些原因恢復這些內容。所以我認為交易對手的好奇心是顯而易見的（聽不清楚），對吧？出於我在準備好的發言中談到的所有原因，我認為我們確實為這些人帶來了許多好處。其中最重要的不僅是我們連結它們的能力，還有我們滿足其服務期限的能力。因此，我們可以在 2026 年這些資料中心的服務狀態下及時完成這項工作。

So as of right now, again, to your point, it's never done until it's done, and I appreciate that. But as of now, I'd be pretty disappointed if we didn't get at least 1 data center in our service territories. I would expect more than that though.

因此，到目前為止，再次就您的觀點而言，在完成之前它永遠不會完成，我對此表示讚賞。但截至目前，如果我們在服務區域內沒有建立至少 1 個資料中心，我會感到非常失望。但我的期望不止於此。

Okay. And then just in terms of -- I mean, we're hearing data center growth in several other parts of the PJM market. And I'm just wondering, do you see the potential need for more transmission, not for necessarily your own data center, but just for all this broader growth potential in PJM that could create more need and obviously move power flows and the like. Any thoughts there.

好的。然後就 - 我的意思是，我們聽到 PJM 市場其他幾個部分的資料中心成長。我只是想知道，您是否看到了對更多傳輸的潛在需求，不一定是您自己的資料中心，而是PJM 的所有更廣泛的成長潛力，這可能會創造更多的需求並顯著改變電力流等。有任何想法。

Yes, absolutely. And you saw some of that. We've won in a FERC 1000 process last year to build into the Dominion zone for some of the data center load down there. So yes, to your point, depending on where these pockets set up, because generally, as we're talking with these data center companies, it's not necessarily just one and done. If they can build one, their intention is to expand upon that. And so I think you'll start to see these data center hubs start to get created around the country. Obviously, there's economies of scale if they're kind of bundling together.

是的，一點沒錯。你也看到了其中的一些。去年，我們在 FERC 1000 流程中獲勝，為 Dominion 區域建設部分資料中心負載。所以，是的，就你的觀點而言，取決於這些口袋的設定位置，因為一般來說，當我們與這些資料中心公司交談時，它不一定只是一個就完成了。如果他們能夠建造一個，他們的目的就是在此基礎上擴展。因此，我認為您將開始看到這些資料中心樞紐開始在全國各地建立。顯然，如果將它們捆綁在一起，就會產生規模經濟。

And to your point, that creates a demand for transmission into those areas and again, in the Dominion zone, we ended up winning it was like $100 million to $150 million project to help handle that congestion. So yes, I do think that's a continued opportunity indeed.

就你的觀點而言，這產生了對這些地區的輸電需求，而且在自治領地區，我們最終贏得了一個價值 1 億至 1.5 億美元的項目，以幫助解決擁堵問題。所以，是的，我確實認為這確實是一個持續的機會。

Okay. And then a different topic. Just in Pennsylvania on the DSIC waiver filing. Is this something that -- is something that could be settable thing? Or is this something really where the commission just needs to decide?

好的。然後是不同的話題。剛剛在賓州提交 DSIC 豁免申請。這是可以設定的東西嗎？或者這真的是委員會需要決定的事情嗎？

Yes. In general, certainly, where we can engage with the commission end up with something in between, sure, certainly.

是的。總的來說，當然，我們可以與委員會接觸的地方最終會得到介於兩者之間的結果，當然，當然。

Ladies and gentlemen, this concludes the questions-and-answer session. I'd like to turn the conference back over to Vince Sorgi for closing remarks.

女士們、先生們，問答環節到此結束。我想將會議轉回文斯·索爾吉 (Vince Sorgi) 致閉幕詞。

Thanks a lot. And I just want to thank everybody for joining us on today's call. I do want to remind everyone that this Saturday is the 150th running of the Kentucky Derby, which is the most exciting 2 minutes in sport. So enjoy the race, and we hope to see you soon. Thanks, everybody.

多謝。我只想感謝大家參加今天的電話會議。我想提醒大家，本週六是第 150 屆肯塔基德比，這是體育運動中最令人興奮的 2 分鐘。所以享受比賽吧，我們希望很快就能見到你。謝謝大家。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。