賓州電力 (PPL) 2024 Q2 法說會逐字稿

Good day and welcome to the PPL corporation second-quarter 2024 earnings call.

美好的一天，歡迎參加 PPL 公司 2024 年第二季財報電話會議。

(Operator Instructions) Please note today’s event is being recorded.

（操作員說明）請注意今天的活動正在錄製中。

I would now like to turn the conference over to Andy Ludwig, Vice President, Investor Relations.

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)。

Please go ahead.

請繼續。

Good morning, everyone and thank you for joining the PPL Corporation conference call on second-quarter 2024 financial results.

大家早安，感謝您參加 PPL 公司關於 2024 年第二季財務業績的電話會議。

We provided slides for this presentation on the Investors section of our website.

我們在網站的投資者部分提供了本次簡報的幻燈片。

We'll begin today's call with updates from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer.

我們將首先介紹 PPL 總裁兼執行長 Vince Sorgi 的最新情況；和財務長喬·伯格斯坦。

And we'll conclude with a Q&A session following our prepared remarks.

在我們準備好的發言之後，我們將以問答環節結束。

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

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。

Our presentation today contains forward-looking statements about future operating results or other future events.

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。

Actual results may differ materially from these forward-looking statements.

實際結果可能與這些前瞻性陳述有重大差異。

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.

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聲明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.

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。

Reconciliations to the comparable GAAP measures, please refer to the appendix.

與可比較 GAAP 衡量標準的調節，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.

謝謝你，安迪，大家早安。

Welcome to our second-quarter investor update.

歡迎來到我們的第二季投資者更新。

Let's start with our financial results and a few highlights from our second-quarter performance on slide 4.

讓我們從幻燈片 4 上的財務業績和第二季業績的一些亮點開始。

Today, we reported second-quarter GAAP earnings of $0.26 per share.

今天，我們公佈第二季 GAAP 每股收益 0.26 美元。

Adjusting for special items, second-quarter earnings from ongoing operations were $0.38 per share.

調整特殊項目後，第二季持續營運收益為每股 0.38 美元。

Backed by another strong quarter, today, we reaffirmed our 2024 ongoing earnings forecast of $1.63 to $1.75 per share and expect to achieve at least the midpoint of our forecast range.

今天，在另一個強勁季度的支持下，我們重申了 2024 年每股 1.63 至 1.75 美元的持續獲利預測，並預計至少達到預測範圍的中點。

In addition, we continue to make excellent progress in delivering on our 2024 priorities.

此外，我們在實現 2024 年優先事項方面繼續取得出色進展。

We're on track to complete approximately $3.1 billion in infrastructure improvements this year to advance a reliable, resilient, affordable, and cleaner energy future for our customers.

今年我們預計將完成約 31 億美元的基礎設施改進，為我們的客戶推進可靠、有彈性、負擔得起且清潔的能源未來。

We're on pace to exit our remaining transition service agreements with National Grid in the coming weeks and to complete what has so far been a seamless integration of Rhode Island Energy into PPL.

我們將在未來幾週內退出與國家電網的剩餘過渡服務協議，並完成迄今為止羅德島能源公司與 PPL 的無縫整合。

Lastly, we expect to achieve our annual O&M savings target of $120 million to $130 million this year, which is compared to our 2021 baseline O&M.

最後，與 2021 年基準營運和維護相比，我們預計今年將實現 1.2 億至 1.3 億美元的年度營運和維護節省目標。

Looking ahead, we're well positioned to achieve our projected 6% to 8% annual earnings per share and dividend growth to at least 2027.

展望未來，我們完全有能力實現至少到 2027 年預計的 6% 至 8% 的年度每股收益和股息成長。

We remain as focused as ever on executing our capital plan, which includes $14.3 billion in infrastructure improvements from 2024 to 2027.

我們將一如既往地專注於執行我們的資本計劃，其中包括從 2024 年到 2027 年投資 143 億美元用於基礎設施改善。

And across PPL, we continue to drive efficiencies through our Utility of the Future strategy, keeping us on pace to achieve our annual O&M savings target of at least $175 million by 2026, again, compared to our 2021 baseline.

在整個 PPL 中，我們繼續透過「未來公用事業」策略來提高效率，與 2021 年的基準相比，繼續努力實現到 2026 年實現至少 1.75 億美元的年度營運和維護節省目標。

Moving to slide 5, I want to reiterate our Utility of the Future strategy, which in a nutshell is to deliver a net zero energy system by 2050, but one that continues to be reliable and affordable for our customers.

轉向投影片 5，我想重申我們的「未來公用事業」策略，簡而言之，就是到 2050 年提供一個淨零能源系統，但對我們的客戶來說仍然是可靠且負擔得起的。

The decarbonization strategy here in the US and even globally, is to electrify as much of the economy as we can and generate the needed electricity with no or low carbon solutions.

美國乃至全球的脫碳策略是盡可能實現經濟電氣化，並在無碳或低碳解決方案的情況下產生所需的電力。

This will significantly increase the demand for electricity, currently estimated at 2 to 3 times our current levels.

這將顯著增加電力需求，目前估計為目前水準的 2 至 3 倍。

But it also requires the electricity grid to be significantly more reliable and resilient than it is today.

但它也要求電網比現在更可靠和有彈性。

Our Utility of the Future strategy addresses this challenge head on across multiple focus areas.

我們的未來效用策略在多個重點領域正面應對這項挑戰。

First, we will improve the reliability and resiliency of our oil and gas networks through updated design criteria and system hardening to better protect against more frequent and severe storms; through automation, AI and smart grid technology that offers self-healing grid capabilities; through grid-enhancing technologies that help us extract the most from existing infrastructure; and through robust and ever-evolving cybersecurity that protects against present and future threats.

首先，我們將透過更新設計標準和系統強化來提高油氣網路的可靠性和彈性，以更好地抵禦更頻繁和更嚴重的風暴；透過自動化、人工智慧和智慧電網技術，提供自我修復的電網功能；透過網格增強技術幫助我們從現有基礎設施中獲得最大收益；並透過強大且不斷發展的網路安全來防範當前和未來的威脅。

At the same time, we will continue to advance the clean energy transition affordably and reliably.

同時，我們將繼續推動經濟可靠的清潔能源轉型。

We'll achieve this by transitioning to a reliable, affordable and cleaner energy mix, one that includes an important role for dispatchable natural gas as we retire aging coal-fired duration.

我們將透過過渡到可靠、負擔得起和清潔的能源組合來實現這一目標，其中包括隨著我們淘汰老化的燃煤時代，可調度的天然氣將發揮重要作用。

We'll do it by positioning the grid to connecting renewables, including behind-the-meter resources.

我們將透過將電網定位為連接再生能源（包括用戶側資源）來實現這一目標。

And we'll do it by continuing to lead, partner and invest in R&D to accelerate the commercialization of low-carbon technologies needed to achieve net zero, technologies such as advanced nuclear, carbon capture, hydrogen and long duration energy storage.

為此，我們將繼續領導、合作和投資研發，加速實現淨零排放所需的低碳技術的商業化，這些技術包括先進的核能、碳捕獲、氫和長期能源儲存等技術。

This includes the recent partnerships we've made with the Department of Energy to explore the feasibility of coal to nuclear transitions at some of our power plant sites in Kentucky, and a leading carbon capture R&D project at our Cane Run combined cycle gas plant.

這包括我們最近與能源部建立的合作夥伴關係，以探索我們位於肯塔基州的一些發電廠廠址從煤炭到核能轉型的可行性，以及我們在 Cane Run 聯合循環天然氣工廠的領先碳捕獲研發項目。

Our Utility of the Future strategy also includes driving sustainable efficiencies to keep energy affordable for our customers as we invest in the clean energy transition.

我們的未來公用事業策略還包括在我們投資於清潔能源轉型的過程中，推動永續效率，使客戶能夠負擔得起能源。

For every dollar of O&M we can take out of the business, we can invest about $8 in capital without impacting our customers' bills.

我們從業務中每投入 1 美元的營運和維護費用，就可以投資約 8 美元的資本，而不會影響客戶的帳單。

This is why becoming more efficient is such an important part of our strategy and helps to keep the transition more affordable for our customers.

這就是為什麼提高效率是我們策略的重要組成部分，並有助於讓我們的客戶更負擔得起過渡。

We are also focused on using AI and other advanced technologies more broadly, which will drive further efficiencies and improved results.

我們也專注於更廣泛地使用人工智慧和其他先進技術，這將進一步提高效率並改善結果。

We are starting to see firsthand the power of AI and how transformational this technology will be to our business.

我們開始親眼目睹人工智慧的力量以及這項技術將為我們的業務帶來怎樣的改變。

This includes balancing the grid in peak shaving, empowering our customers and enhancing their experience with our utilities, and further improving reliability while lowering our costs.

這包括在調峰中平衡電網、為我們的客戶提供支援並增強他們對我們公用事業的體驗，以及在降低成本的同時進一步提高可靠性。

The applications of AI technology are tremendous for our industry, and we are extremely focused to unlock that potential to deliver real value.

人工智慧技術的應用對我們的產業來說是巨大的，我們非常致力於釋放這種潛力以提供真正的價值。

And finally, we'll continue to engage and lead discussions with a wide range of stakeholders to strengthen resource adequacy in the regions we serve, specifically including markets like PJM, which is even more critical following the capacity auction results that were just released this week.

最後，我們將繼續與廣泛的利益相關者進行接觸和領導討論，以加強我們所服務地區的資源充足性，特別是包括PJM 等市場，在本週剛發布的產能拍賣結果之後，這一點變得更加重要。

With increasing demand and tight supply, we need to do everything we can to protect our customers from such price volatility, including investing further in transmission upgrades to alleviate constrained zones, incorporating additional grid enhancing technologies to get as much as we can from existing lines, and advocating for legislative changes in Pennsylvania that would drive needed generation development, including authority that would support regulated utility investments in new generation.

隨著需求的增加和供應的緊張，我們需要盡一切努力保護我們的客戶免受價格波動的影響，包括進一步投資輸電升級以緩解受限區域，採用額外的電網增強技術以從現有線路中獲得盡可能多的電力，倡導賓州進行立法改革，以推動所需的發電發展，包括支持新一代受監管公用事業投資的權威。

Collectively, these actions will not only maintain reliability, but also power economic development, while at the same time, support data center growth and expansion, which we consider critical to American competitiveness and national security.

總的來說，這些行動不僅將保持可靠性，還將推動經濟發展，同時支持資料中心的成長和擴展，我們認為這對美國的競爭力和國家安全至關重要。

This is our Utility of the Future playbook to not only address the challenges of delivering a clean energy future that is affordable and reliable but to enable us to thrive and grow in that ever-changing energy landscape.

這是我們的未來公用事業手冊，不僅要解決提供負擔得起且可靠的清潔能源未來的挑戰，而且使我們能夠在不斷變化的能源格局中蓬勃發展和成長。

Moving to slide 6 and a deeper dive on our support for data centers.

前往投影片 6，深入探討我們對資料中心的支援。

Starting with Pennsylvania, we truly believe our Pennsylvania service territory is uniquely positioned to service large-scale data center connections.

從賓州開始，我們堅信我們的賓州服務區域具有獨特的定位，可以為大規模資料中心連接提供服務。

First, we've invested $6.5 billion over the last decade in our transmission network, while leveraging advanced dynamic line rating technology, which together has improved the reliability of the network to top decile performance nationwide.

首先，過去十年我們在傳輸網路上投資了 65 億美元，同時利用先進的動態線路評級技術，這些技術共同提高了網路的可靠性，達到了全國最高的十分之一效能。

Our advanced transmission network as well of connecting the current data center demand in our queue and we are confident we can support even further demand should it materialize.

我們先進的傳輸網路以及連接當前資料中心需求的佇列，我們有信心，如果它實現，我們可以支援進一步的需求。

This means we can respond very quickly to develop our interconnection requests.

這意味著我們可以非常快速地回應開發互連請求。

Our team responds within six weeks.

我們的團隊會在六週內回覆。

As a result, we now have a total of over 17 gigawatts of interconnection requests in Pennsylvania and new requests continue to come in each month.

因此，我們現在賓州總共有超過 17 吉瓦的互連請求，每個月都會不斷收到新的請求。

While it is likely that some of these requests are duplicative due to developers assessing multiple sites at the same time, we have nearly 5 gigawatts of potential data center demand in advanced stages of planning, up from the 3 gigawatts we discussed during our first-quarter update in May.

雖然由於開發人員同時評估多個站點，其中一些請求可能是重複的，但我們在規劃的後期階段有近 5 吉瓦的潛在資料中心需求，高於我們在第一季度討論的 3 吉瓦五月更新。

These projects all have signed agreements with developers, are in various stages of PJM's review process with some having already completed that review, and costs being incurred by PPL are reimbursable by the developers if they do not move forward with the projects.

這些項目都已與開發商簽署了協議，正處於 PJM 審查過程的各個階段，其中一些項目已經完成了審查，如果開發商不繼續推進項目，PPL 產生的費用可由開發商償還。

On the financial impact of data centers, the primary upside is in the form of additional returns on transmission investments through FERC formula rates.

就資料中心的財務影響而言，主要的好處是透過 FERC 公式費率獲得輸電投資的額外回報。

We estimate that the 5 gigawatts of potential demand in the advanced stages represents incremental PPL capital needs of $400 million to $450 million.

我們估計，後期階段 5 吉瓦的潛在需求意味著 PPL 資本需求增量為 4 億至 4.5 億美元。

And because we operate in PJM in Pennsylvania, this data center development will reduce net transmission costs for our existing retail customers.

由於我們在賓夕法尼亞州的 PJM 運營，因此該資料中心的開發將降低我們現有零售客戶的淨傳輸成本。

We estimate for every 1 gigawatt of data center demand that's connected to the grid, our residential customers would save about 10% on the transmission portion of their bill.

我們估計，資料中心每連接到電網 1 吉瓦的需求，我們的住宅客戶就可以節省約 10% 的電費傳輸部分。

For the average residential customer, that would represent about $3 a month in savings.

對於普通住宅客戶來說，這相當於每月節省約 3 美元。

For the 5 gigawatts in advanced stages of development, that would represent about $15 a month in savings for the average residential customer using 1,000 kilowatt hours a month of electricity.

對於處於開發後期的 5 吉瓦來說，對於每月使用 1,000 千瓦時電力的普通住宅用戶來說，這意味著每月可節省約 15 美元。

Turning to Kentucky, our service territory there is better suited for midsized data centers as we also have an abundance of land and water, have lower energy prices than much of the US and provide for tax incentives in certain counties that we serve.

說到肯塔基州，我們在那裡的服務區域更適合中型資料中心，因為我們也擁有豐富的土地和水資源，能源價格低於美國大部分地區，並且在我們服務的某些縣提供稅收優惠。

We are also confident we can make the needed transmission and generation investments required to support continued data center and industrial growth in the Commonwealth.

我們也有信心能夠進行所需的輸電和發電投資，以支持英聯邦資料中心和工業的持續成長。

We continue to work with data center developers in our LG&E and KU service territories with active requests totaling more than 2 gigawatts in the 2027 to 2033 timeframe, with about 350 megawatts in advanced stages.

我們繼續與 LG&E 和 KU 服務區域的資料中心開發商合作，在 2027 年至 2033 年期間，活躍請求總計超過 2 吉瓦，後期階段約為 350 兆瓦。

As in Pennsylvania, any transmission upgrades in Kentucky would be additive to our capital plan, although the more significant capital investments in Kentucky would arise from any incremental generation investments.

與賓州一樣，肯塔基州的任何輸電升級都將添加到我們的資本計劃中，儘管肯塔基州更重要的資本投資將來自任何增量發電投資。

Once our new Mill Creek 5 combined Saskatchewan plant is operational in 2027, we estimate to have approximately 400 to 500 megawatts of generation capacity available to support further load growth, while maintaining our prudent reserve margins.

一旦我們新的 Mill Creek 5 聯合薩斯喀徹溫省工廠於 2027 年投入運營，我們預計將擁有約 400 至 500 兆瓦的發電能力，以支持進一步的負載增長，同時保持我們審慎的儲備利潤。

With Kentucky coming off the best four-year period of economic growth in the state history, on top of this potential new data center demand, we continue to actively monitor our capacity needs to maintain a safe and reliable network for customers.

隨著肯塔基州經歷了該州歷史上最好的四年經濟增長期，除了潛在的新資料中心需求之外，我們繼續積極監控我們的容量需求，以為客戶維護安全可靠的網路。

Should new generation become necessary to serve higher electricity demand, we can use Mill Creek Unit 5 as a reference for pricing on potential new baseload generation.

如果需要新發電來滿足更高的電力需求，我們可以使用 Mill Creek 5 號機組作為潛在新基荷發電定價的參考。

That unit, which was approved by the KPSC last year, has an expected cost of $1 billion.

該部門去年獲得 KPSC 批准，預計成本為 10 億美元。

The updated integrated resource plan, which will be filed with the KPSC in October, will guide any further generation needs.

更新後的綜合資源計劃將於 10 月向 KPSC 提交，該計劃將指導任何進一步的發電需求。

Keep in mind, there are many factors that go into our generation planning and reserve margin analysis.

請記住，我們的發電規劃和儲備裕度分析涉及許多因素。

We will fresh that analysis this fall and will include updated load projections and related supply needs.

我們將在今年秋天更新該分析，並將包括更新的負載預測和相關的供應需求。

As we think about possibly needing to build a second combined cycle gas plant to meet that load growth, it's important to note that we still have a spot in the queue for a second gas turbine from our prior solicitation.

當我們考慮可能需要建造第二座聯合循環燃氣發電廠來滿足負載成長時，需要注意的是，我們在先前的招標中仍然有第二座燃氣渦輪機的隊列。

It is important to highlight that our rate designs in both Pennsylvania and Kentucky protect our customers from undue burdens related to data center connections.

需要強調的是，我們在賓州和肯塔基州的費率設計可以保護我們的客戶免受與資料中心連接相關的不當負擔。

In both jurisdictions, the data centers are under tariffs that will benefit our non-data center customer rates.

在這兩個司法管轄區，資料中心的關稅將有利於我們的非資料中心客戶費率。

Bottom-line, as I shared last quarter, we're ready and eager to support prospective data centers and we are well-positioned to serve their needs.

最重要的是，正如我上季度分享的那樣，我們已準備好並渴望支持未來的資料中心，我們已做好充分準備來滿足他們的需求。

And the good news is that our customers, shareowners, and the states which we serve all benefit from this development.

好消息是，我們的客戶、股東和我們服務的國家都從這項發展中受益。

Moving to slide 7 and several key operational and regulatory updates.

轉到投影片 7 和幾個關鍵的營運和監管更新。

On July 11, the Pennsylvania PUC approved PPL Electric Utilities' request to modify its current long-term infrastructure improvement plan, or LTIP.

7 月 11 日，賓州 PUC 批准了 PPL 電力公司修改其目前長期基礎設施改善計畫 (LTIP) 的請求。

The decision grant permission to classify approximately $200 million of reliability investments through 2027 as capital eligible for recovery through the DSIC or the distribution system improvement charge.

該決定允許將到 2027 年約 2 億美元的可靠性投資歸類為有資格透過 DSIC 或配電系統改進費用回收的資本。

While the PUC denied our request to classify $84 million of planned investments in predictive failure technology as being DSIC eligible, the PUC viewed our predictive failure project favorably and indicated PPL Electric may seek recovery of these project costs in a future base rate case.

雖然PUC 拒絕了我們將8,400 萬美元的預測性故障技術計畫投資歸為DSIC 資格的請求，但PUC 對我們的預測性故障項目持積極態度，並表示PPL Electric 可能會在未來的基本費率情況下尋求收回這些項目成本。

Overall, the approved modification to our LTIP represents a positive outcome that supports our continued investments to repair and replace aging infrastructure and strengthen grid reliability.

總體而言，批准的 LTIP 修改代表了一個積極的成果，支持我們繼續投資修復和更換老化基礎設施並增強電網可靠性。

Changes to the plant will be impacted during the current period, which extends through December 31, 2027.

工廠的變更將在目前期間（持續至 2027 年 12 月 31 日）受到影響。

Also in Pennsylvania, our DSIC waiver petition continues to proceed through the process as expected.

同樣在賓州，我們的 DSIC 豁免申請繼續按預期進行。

In June, an ALJ was assigned, and a procedural schedule was created, which we have provided in the appendix.

6 月，指定了 ALJ，並創建了程序時間表，我們在附錄中提供了該時間表。

Based on that schedule, we continue to expect the proceeding to conclude later this year with a decision in early 2025.

根據該時間表，我們仍然預計訴訟程序將在今年稍後結束，並於 2025 年初做出決定。

Shifting to Kentucky.

轉移到肯塔基州。

We recently kicked off construction of our planned 650-megawatt Mill Creek Unit 5 combined cycle natural gas plant following several months of prep work.

經過幾個月的準備工作，我們最近開始建造計畫中的 650 兆瓦 Mill Creek 5 號機組聯合循環天然氣發電廠。

The new unit is part of more than $2 billion in planned generation investments over several years to economically replace 600 megawatts of aging coal generation with a reliable, affordable, and cleaner energy mix.

新機組是未來幾年計劃發電投資超過 20 億美元的一部分，旨在以可靠、經濟且清潔的能源組合經濟地取代 600 兆瓦老化的煤炭發電。

In addition, all long lead-time equipment deliveries remain on schedule.

此外，所有長交貨期設備的交付仍按計劃進行。

Overall, we're on track to complete construction and begin commercial operation of the unit in 2027.

總體而言，我們預計在 2027 年完成該裝置的建設並開始商業運作。

We will earn AFUDC on this capital project until it goes into commercial operations.

在該資本項目投入商業運營之前，我們將獲得 AFUDC。

In addition, we secured a site compatibility certificate from the KPSC in July for a planned 120-megawatt solar facility to be built in Mercer County, Kentucky.

此外，我們於 7 月獲得了 KPSC 頒發的場地相容性證書，計劃在肯塔基州默瑟縣建造一座 120 兆瓦太陽能設施。

The approval helps pave the way for final site design and construction of the new facility, which we expect to begin commercial operation in 2026.

此次批准有助於為新設施的最終場地設計和施工鋪平道路，我們預計該設施將於 2026 年開始商業運營。

Finally, just this week, we successfully completed another labor contract negotiation.

終於，就在本週，我們順利完成了另一次勞動合約談判。

This latest agreement covers about 60 employees in Kentucky and represents the fifth successful union negotiation over the last year, representing over 50% of our union workforce.

這項最新協議涵蓋肯塔基州約 60 名員工，代表去年第五次成功的工會談判，占我們工會員工總數的 50% 以上。

We look forward to continued success in this area for years to come, balancing the needs of our employees and customers.

我們期待未來幾年在這一領域繼續取得成功，平衡員工和客戶的需求。

That concludes my strategic and operational update.

我的策略和營運更新到此結束。

I'll now turn the call over to Joe for the financial update.

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.

謝謝你，文斯，大家早安。

Let's turn to slide 9.

讓我們翻到幻燈片 9。

PPL's second-quarter GAAP earnings were $0.26 per share compared to $0.15 per share in Q2 2023.

PPL 第二季 GAAP 收益為每股 0.26 美元，而 2023 年第二季為每股 0.15 美元。

We recorded special items of $0.12 per share during the second quarter, primarily due to integration and related expenses associated with the acquisition of Rhode Island Energy.

我們在第二季度記錄了每股 0.12 美元的特殊項目，主要是由於與收購羅德島能源公司相關的整合和相關費用。

Adjusting for these special items, second-quarter earnings from ongoing operations were $0.38 per share, an improvement of $0.09 per share compared to Q2 2023.

在對這些特殊項目進行調整後，第二季持續營運收益為每股 0.38 美元，比 2023 年第二季提高了 0.09 美元。

Primary drivers of this increase where returns on capital investments and higher sales volumes, primarily due to the return to more normal weather conditions.

這一成長的主要驅動因素是資本投資回報和銷售增加，這主要是由於天氣條件恢復正常。

In total, we estimate that weather was about $0.04 favorable compared to the prior year and about $0.01 favorable to normal conditions.

總的來說，我們估計天氣狀況比去年有利約 0.04 美元，比正常條件有利約 0.01 美元。

These positive drivers were partially offset by higher interest expense, primarily due to higher debt balances with the issuances at PPL Electric, Rhode Island Energy earlier this year, which were executed at attractive rates favorable to our forecast.

這些積極的推動因素被較高的利息支出部分抵消，這主要是由於今年早些時候 PPL Electric、Rhode Island Energy 發行的債務餘額增加，這些發行的執行利率頗具吸引力，有利於我們的預測。

And we'll continue to monitor the markets and leverage our excellent credit position to be opportunistic and efficiently finance our capital plans.

我們將繼續監控市場，並利用我們良好的信用狀況來把握機會並有效地為我們的資本計劃提供資金。

Our Q2 performance puts PPL's GAAP earnings at $0.67 per share year-to-date through June 30 compared to $0.54 per share through the same period last year.

根據我們第二季的業績，截至 6 月 30 日，PPL 的 GAAP 收益為每股 0.67 美元，而去年同期為每股 0.54 美元。

Adjusting for special items recorded through the second quarter, earnings from ongoing operations totaled $0.92 per share for the first half of 2024, an improvement of $0.15 per share compared to the first half of 2023.

在第二季記錄的特殊項目進行調整後，2024 年上半年持續經營業務的收益總計為每股 0.92 美元，比 2023 年上半年增加了 0.15 美元。

We estimate that weather has been $0.07 favorable compared to the first six months of 2023, while tracking slightly below normal conditions year-to-date in 2024.

我們估計，與 2023 年前六個月相比，天氣狀況有利 0.07 美元，而 2024 年年初至今，天氣狀況略低於正常情況。

The full year-to-date ongoing earnings walk by segment is included in the appendix.

附錄中包含了今年迄今按部門劃分的完整持續獲利情況。

Turning to the ongoing segment drivers for the second quarter on slide 10.

轉向幻燈片 10 上第二季持續的細分市場驅動因素。

Our Kentucky segment results increased by $0.05 per share compared to the second quarter of 2023.

與 2023 年第二季相比，我們的肯塔基州分部業績每股成長 0.05 美元。

The improvement in Kentucky's results was driven by higher sales volumes, primarily due to the return to normal weather and lower operating costs.

肯塔基州業績的改善是由銷量增加推動的，這主要是由於天氣恢復正常和營運成本降低。

Our Pennsylvania Regulated segment results increased by $0.05 per share compared to the same period a year ago.

與去年同期相比，我們的賓州監管部門業績每股成長 0.05 美元。

The increase was driven by higher transmission revenues and higher sales volumes due to a combination of a return to normal weather and increased usage per customer.

這一增長是由傳輸收入增加和銷售增加所推動的，原因是天氣恢復正常和每個客戶的使用量增加。

Our Rhode Island segment results increased by $0.01 per share compared to the same period a year ago.

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。

This increase was primarily driven by higher distribution revenue from capital investments, higher transmission revenue, and higher interest income, partially offset by higher operating costs and higher property taxes.

這一成長主要是由資本投資帶來的分配收入增加、輸電收入增加和利息收入增加所推動的，但部分被營運成本增加和財產稅增加所抵消。

Finally, results at corporate and other decreased by $0.02 per share compared to the prior period, primarily due to higher interest expense.

最後，公司及其他業務的業績與上一期相比每股下降 0.02 美元，主要是由於利息支出增加。

With another strong quarter behind us, we're on track to achieve at least the midpoint of our 2024 earnings forecast of $1.69 per share.

隨著另一個強勁的季度過去，我們預計至少實現 2024 年每股收益預測的中點 1.69 美元。

I'm extremely pleased with our financial performance as we continue to execute our plan and our Utility of the Future strategy.

我對我們的財務表現非常滿意，因為我們繼續執行我們的計劃和未來公用事業策略。

This concludes my prepared remarks.

我準備好的發言到此結束。

I'll now turn the call back over to Vince.

我現在將把電話轉回給文斯。

Thank you, Joe. In closing, we continued our strong track record of execution in the second quarter, further strengthening PPL's investment thesis.

謝謝你，喬。最後，我們在第二季持續保持強勁的執行記錄，進一步強化了 PPL 的投資理念。

We are implementing our Utility of the Future strategy necessary to deliver a clean energy future affordably and reliably.

我們正在實施「未來公用事業」策略，以實現經濟且可靠的清潔能源未來。

We are securing constructive outcomes in key regulatory proceedings.

我們正在確保關鍵監管程序取得建設性成果。

We're achieving strong financial results, which positions us to deliver at least the midpoint of our targeted EPS growth this year and to grow earnings and dividends by 6% to 8% through at least 2027.

我們正在取得強勁的財務業績，這使我們能夠至少實現今年目標每股收益增長的中點，並至少到 2027 年將盈利和股息增長 6% 至 8%。

We're maintaining one of the premier balance sheets in our sector that supports the growing investment needs across our jurisdictions.

我們正在維持業界最重要的資產負債表之一，以支持我們轄區不斷增長的投資需求。

We're advancing the economic transition of our generation fleet in Kentucky, and we're continuing to power economic development that strengthens our communities, including the support of data center expansion.

我們正在推動肯塔基州發電機組的經濟轉型，並繼續推動經濟發展，加強我們的社區，包括支援資料中心擴建。

For all, we've made significant progress on our plans through the first half of the year.

總體而言，今年上半年我們的計畫取得了重大進展。

We're eager to build on this momentum in the back half of 2024 and beyond.

我們渴望在 2024 年下半年及以後繼續保持這一勢頭。

And we look forward to once again delivering on our commitments to share owners, customers and the communities we serve.

我們期待再次兌現我們對共享業主、客戶和我們服務的社區的承諾。

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) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

He, guys, good morning.

他，夥計們，早安。

Good morning, Vince.

早上好，文斯。

Vince, just trying to get a sense on the transmission side.

文斯，只是想了解一下傳輸方面的情況。

Looking at 400 to 450 incremental for this update.

此次更新的增量為 400 到 450。

We've also seen a blowout print capacity auction potentially foreshadowing more RTEP work.

我們也看到井噴的印刷能力拍賣可能預示著更多 RTEP 工作。

What does all this start to add up as we look at your $725 million placeholder for 2027, how should we think about the timing of the shape of that spend as we update our models for 2028 and beyond versus that 2027 placeholder you have in plan?

當我們查看2027 年7.25 億美元的佔位符時，所有這些加起來意味著什麼？年佔位符相比？

Thanks.

謝謝。

Yes, Shar.

是的，莎爾。

I think what you're bringing up is a good point in terms of what is capacity auction signifying, right?

我認為您提出的關於容量拍賣意義的觀點很好，對嗎？

And clearly, I think it's showing that there's a clear signal that we do generation and transmission investments needed in PJM.

顯然，我認為這表明有一個明確的信號表明我們進行了 PJM 所需的發電和輸電投資。

In terms of ability to invest in transmission, I think that's in a few areas.

就輸電投資能力而言，我認為是在幾個領域。

Obviously, there were the two zones that broke out above the RTO.

顯然，有兩個區域突破了RTO。

Clearly, I think there's opportunity for additional transmission solutions going into there.

顯然，我認為有機會引入額外的傳輸解決方案。

So I think we could probably expect there to be an open window to try to resolve some of that.

所以我認為我們可能會期望有一個開放的視窗來嘗試解決其中的一些問題。

As you know, in the past, we've been successful in winning some projects going down into the Maryland, Virginia area.

如您所知，過去我們已經成功贏得了一些進入馬裡蘭州、維吉尼亞州地區的計畫。

So it could be additional opportunity there in addition to just investments in our own area.

因此，除了在我們自己的領域進行投資之外，這可能還會帶來額外的機會。

I would say that from a broader strategic perspective, I think those auction results also would reinforce our strategy in working with the state of Pennsylvania and the other EDCs in the state to help resolve the resource adequacy concerns that many of us have been talking about for a while now, in particular, in PJM.

我想說，從更廣泛的戰略角度來看，我認為這些拍賣結果也將加強我們與賓夕法尼亞州和該州其他 EDC 合作的戰略，以幫助解決我們許多人一直在談論的資源充足性問題有一段時間了，特別是在PJM 中。

And so we're not going to just sit back and wait for this issue to resolve itself.

因此，我們不會坐等這個問題自行解決。

We have an obligation to serve and do everything that we can for our customers, whether it's these additional transmission investments, I think we can do additional grid-enhancing technologies on the existing grid and then continuing to advocate for legislative change.

我們有義務為客戶服務並盡我們所能，無論是這些額外的輸電投資，我認為我們可以在現有電網上做額外的電網增強技術，然後繼續倡導立法變革。

So we'll continue to push that agenda to ultimately lower the price of electricity for our customers and reduce the volatility.

因此，我們將繼續推動這項議程，最終降低客戶的電價並減少波動。

And Vince, just on -- it's a good segue right to my follow-up.

文斯，剛剛——這是我的後續行動的一個很好的延續。

But just on the broader resource question to BR.

但只是針對 BR 更廣泛的資源問題。

A lot of your wire's peers have commented on it this week you just did.

本週你的許多同行都對此發表了評論。

In the past, we've had similar attempts on this reregulation of certain amount of generation over 13 years ago in New Jersey and Maryland with the LCAP and MCAP program, which ultimately got struck down by the courts.

過去，13 年前，我們曾在新澤西州和馬裡蘭州透過 LCAP 和 MCAP 計畫對一定發電量進行重新監管，但最終被法院駁回。

It was a little bit more on the capacity side versus energy.

容量方面與能源方面相比要多一些。

But I guess, what's different focusing on potential generation request by the wireless companies?

但我想，關注無線公司潛在的發電請求有什麼不同？

Where are the conversations at with policymakers?

與政策制定者的對話在哪裡？

Are they waiting for the IP piece to step up and build?

他們是否在等待 IP 作品的開發和建構？

What's your trigger point?

你的觸發點是什麼？

Should we be watching a legislative window next year, I guess, just elaborate a little bit on some of the dialogue you guys are having?

我想，我們是否應該關註明年的立法窗口，並對你們正在進行的一些對話進行詳細說明？

Yes.

是的。

Well, look, I think the biggest difference, Shar, is what's in the queue, right?

好吧，看，我認為最大的區別，Shar，是隊列中的內容，對嗎？

And what we right now is significant amounts of dispatchable generation being retired with very little dispatchable generation coming on.

現在我們看到大量可調度發電設備正在退役，而幾乎沒有可調度發電設備投入使用。

And so I think that's the big -- the big issue is not so much the energy play.

所以我認為這才是最重要的──最大的問題不在於能源的發揮。

It's the capacity play and having -- making sure that we have enough capacity to serve 24 hours a day, 7 days a week, 365.

這是容量的發揮和擁有——確保我們有足夠的容量來提供每週 7 天、每天 24 小時、365 小時的服務。

So that's really the big difference, I would say, from what we're seeing now.

所以我想說，這與我們現在所看到的確實有很大的不同。

And so what's being left in the market is creating real concerns around resource adequacy, I think there's a few signposts that we're certainly watching to determine what the long-term impact of this capacity option will be in terms of our customer bills, but also just on resource adequacy, we want to see what the auction results are for the 2026, 2027 planning year, which will happen in December.

因此，市場上剩下的就是對資源充足性產生真正的擔憂，我認為我們肯定會關註一些路標，以確定這種容量選項對我們的客戶賬單的長期影響，但是同樣就資源充足性而言，我們希望了解2026 年、2027 年規劃年（將於12 月進行）的拍賣結果。

Same thing for the 2027, 2028 planning here.

這裡的 2027 年、2028 年規劃也是如此。

That will occur next June.

這將發生在明年六月。

I want to see if there's any new dispatchable generation entering the queue between now and December, right?

我想看看從現在到 12 月之間是否有新的可調度一代進入隊列，對嗎？

We suspect that the IPPs will want to see more than just this one data point before they're committing to building new dispatchable gen like natural gas.

我們懷疑，獨立發電廠在致力於建造新的可調度發電（如天然氣）之前，希望看到的不僅僅是這一數據點。

So we'll be keeping an eye on that.

所以我們會密切注意這一點。

So there's a few things that we'll be looking at.

所以我們會專注在一些事情。

This, of course, is one data point, but I think it clearly supports our strategy, which is we sure we keep resource adequacy front and center.

當然，這只是一個數據點，但我認為它顯然支持我們的策略，即我們確保將資源充足性放在首位。

We think the states are going to have to play an active role in that.

我們認為各州必須在這方面發揮積極作用。

Unfortunately, I think Pennsylvania is taking this seriously, and we look forward to continuing to work with all the stakeholders in the state to see what we can do to show this up.

不幸的是，我認為賓州正在認真對待這一點，我們期待繼續與該州所有利益相關者合作，看看我們能做些什麼來展示這一點。

Okay, perfect.

好的，完美。

I appreciate the additional color here.

我很欣賞這裡的額外顏色。

Congrats on the results and seriously, we'll see you soon.

恭喜你的結果，說真的，我們很快就會見到你。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

Hey, good morning, Vince.

嘿，早上好，文斯。

Thank you for taking my questions.

感謝您回答我的問題。

Hey, I just want to continue the discussion on the PJM auction results.

嘿，我只是想繼續討論 PJM 拍賣結果。

You mentioned that IPPs probably want another signal before they can commit capital here.

您提到獨立發電廠可能需要另一個訊號才能在這裡投入資金。

This is a pretty dramatic signal in terms of price increases.

就價格上漲而言，這是一個非常引人注目的訊號。

One of the things we're consistently getting asked from investors is what does it do to utility builds?

我們經常被投資者問到的一件事是它對公用事業建設有何影響？

Your peers talked about double-digit increases in some of their services.

您的同行談到了他們的一些服務的兩位數增長。

I know this is not 9 times translates into that large a bill increase, but just maybe can you discuss that a bit what does this mean for customer bills?

我知道這 9 倍並不能轉化為如此大的帳單增加，但也許您可以討論一下這對客戶帳單意味著什麼？

Yes, of course.

是的當然。

So I would say for the near-term impact for customer bills -- and this, of course, assumes all else equal, which never is the case.

所以我想說的是對客戶帳單的短期影響——當然，這是假設其他條件相同的情況下，但事實並非如此。

But all else equal, we would estimate that these higher prices would impact the generation portion of the bill for an average customer by about $10 to $15 per month.

但在其他條件相同的情況下，我們估計這些較高的價格將影響普通客戶每月約 10 至 15 美元的電費發電部分。

That represents roughly 5% to 10% of the total bill.

這大約佔總帳單的 5% 到 10%。

We would expect that to begin in 2025 as our suppliers start to reflect these higher prices in their solicitation bids.

我們預計這種情況將於 2025 年開始，因為我們的供應商開始在招標中反映這些更高的價格。

I did talk in our prepared remarks, fortunately, in addition to the other actions that I just talked about with Shar, that we're taking on this issue.

幸運的是，除了我剛剛與 Shar 談到的其他行動之外，我確實在準備好的發言中談到了我們正在針對這個問題採取的行動。

We are seeing that substantial data center load.

我們看到資料中心負載巨大。

And if we just stick with that 5 gigs in advanced stages, that would reduce our customer bills over time by a similar amount that we're talking as a result of the capacity price increases once that demand all comes online.

如果我們在後期階段堅持這 5 場演出，那麼隨著時間的推移，我們的客戶帳單將減少與我們所說的類似的金額，因為一旦需求全部上線，容量價格就會上漲。

So lots of moving parts on here.

這裡有很多活動部件。

Obviously, the capacity prices will have a near-term increase impact and then we'll look to mitigate that over time with various actions, including the data center look coming online.

顯然，容量價格將產生近期上漲的影響，然後我們將尋求透過各種行動來緩解這種影響，包括資料中心的上線。

That's very helpful.

這非常有幫助。

I appreciate the detail there.

我很欣賞那裡的細節。

Then just switching gears on the balance sheet.

然後只需切換資產負債表上的齒輪即可。

Just thinking about the $400 million to $450 million you mentioned and other opportunities across the different states.

想想你提到的 4 億至 4.5 億美元以及其他不同州的機會。

How should we think about your balance sheet capacity?

我們該如何看待您的資產負債表能力？

What CapEx could be done with debt?

債務可以用來做什麼資本支出？

And at what point you might consider equity as we think about you rolling forward your plan here into 2029 now?

當我們考慮將您的計劃推遲到 2029 年時，您會在什麼時候考慮股權？

Sure.

當然。

Hi Durgesh, it's Joe. So look, I'd just say that our balance sheet is in really good shape, and we expect to be within the FFO to debt range of 16% to 18% through the planning horizon.

嗨，德吉什，我是喬。所以，我只想說，我們的資產負債表狀況非常良好，我們預計在規劃期間內，FFO 與債務的比率將保持在 16% 至 18% 的範圍內。

Capital is just one factor that goes into our financing needs, and we'll work that through as we update our business plan.

資本只是影響我們融資需求的因素之一，我們將在更新業務計劃時解決這個問題。

But obviously, there's other things that drive those financing needs to determine what will ultimately do, interest rates, inflation, our efficiency strategy certainly plays a role in that and then rate case outcome.

但顯然，還有其他因素推動這些融資需求決定最終的結果，例如利率、通貨膨脹，我們的效率策略肯定會在其中發揮作用，然後對案件結果進行利率調整。

So as we go through the plan, and incorporate all of these factors, including potential additions for data centers and other opportunities, we'll take that into -- but again, our balance sheet is in really good shape.

因此，當我們完成該計劃並納入所有這些因素（包括資料中心的潛在增加和其他機會）時，我們會將其考慮在內 - 但我們的資產負債表狀況非常良好。

Thank you.

謝謝。

Thank you, both.

謝謝你們，兩位。

Appreciate the time.

珍惜時間。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Hey, good morning.

嘿，早安。

Hey, thanks for taking my questions.

嘿，謝謝你回答我的問題。

Looking ahead to the Kentucky IRP in October.

展望 10 月的肯塔基州 IRP。

Just curious, does it look likely at this point that you'll need new generation as you're crafting that before you file it?

只是好奇，在提交之前，您是否需要新一代，因為您正在製作它？

Well, I certainly don't want to get in front of that process that right, it's a very extensive process that we go through when we update the IRP.

嗯，我當然不想直接討論這個過程，這是我們更新 IRP 時要經歷的一個非常廣泛的過程。

We are required to update that in October with the commission.

我們需要在 10 月向委員會更新這項資訊。

The reason I say that, Dave, is, obviously, we have to do a full load forecast update, right?

戴夫，我這麼說的原因顯然是，我們必須進行滿載預測更新，對嗎？

So we'll look at what's going on with the industrial growth, what's going on with data centers, just general customer -- new customer additions and what we're seeing from a relatively useful customer perspective.

因此，我們將關注工業成長的情況、資料中心的情況、一般客戶——新客戶的增加以及我們從相對有用的客戶角度看到的情況。

We also have to take into account energy efficiency programs, distributed energy resources, penetration, of course, electric vehicles are starting to come in.

我們還必須考慮能源效率計劃、分散式能源、滲透率，當然，電動車也開始出現。

So we will do a comprehensive load forecast with multiple scenarios around that forecast and that ultimately feed into how we believe we will need to deal with that from a migration supply perspective, which could include a combination of dispatchable resources to ensure we have capacity there, which would be something like another combined cycle natural gas plant, but it could also entail additional solar or renewable resources, batteries similar to what we got approved last year.

因此，我們將圍繞該預測進行多種場景的全面負載預測，並最終從遷移供應的角度考慮我們需要如何處理這一問題，其中可能包括可調度資源的組合，以確保我們在那裡擁有容量，這將類似於另一個聯合循環天然氣發電廠，但它也可能需要額外的太陽能或再生資源、電池，類似於我們去年獲得批准的電池。

So I don't want to get in front of what that result will be, but suffice it to say, we'll go through that full analysis that we'll have a pretty good sense when we file that what our generation needs.

所以我不想談論結果是什麼，但我只想說，我們將進行全面的分析，當我們提交我們這一代需要的文件時，我們會有一個很好的感覺。

And then if it shows the need for incremental generation, we would follow that up shortly thereafter with the CPCN to request approval for that.

然後，如果它表明需要增量生成，我們將在不久之後向 CPCN 跟進，請求批准。

Yes, understood.

是的，明白了。

That makes sense.

這是有道理的。

I was also curious, do you have a view on how long -- just thinking about the PJM market, how tight that market has gotten here.

我也很好奇，你對 PJM 市場的持續時間有什麼看法嗎？

How long does this does it take to build a new gas plant in PJM realistically?

實際上，在 PJM 建造一座新天然氣廠需要多長時間？

Like when could we actually see a supply response from anybody as we look at supporting the supply/demand tightness?

例如，當我們考慮支持供需緊張時，我們什麼時候才能真正看到任何人的供應反應？

Yes, you're not going to love this answer, but it depends, right?

是的，你不會喜歡這個答案，但這要看情況，對吧？

Are we talking peakers?

我們是在談論巔峰者嗎？

Are we talking combined cycle?

我們在談論聯合循環嗎？

Do you own turbines -- do you have to get in the queue?

您擁有渦輪機嗎？

Theoretically, if you own turbines and we're talking peakers, and you've done some site work probably 18 months, 18 to 24 months on the short end.

理論上，如果您擁有渦輪機並且我們談論的是峰值機，並且您可能已經完成了一些現場工作 18 個月，短期內為 18 到 24 個月。

If you're starting from scratch and you want to go combined cycle, it's probably four to five years.

如果你從頭開始並且想要進行聯合循環，可能需要四到五年的時間。

Yes, got it.

是的，明白了。

That makes sense.

這是有道理的。

Tough problem to solve, but depending on which can you go.

很難解決的問題，但取決於你能解決哪個問題。

Maybe one last question from me.

也許是我的最後一個問題。

You've highlighted the TMO in the slides.

您在幻燈片中突出顯示了 TMO。

And so looking at the O&M opportunities, I was wondering, have you taken a look at beyond the 2026 targets?

因此，在看待運維機會時，我想知道，您是否考慮過 2026 年目標之外的情況？

What are the -- what's the opportunity set here?

這裡有什麼機會？

Can you continue beyond your existing targets on O&M cost reductions?

您能否繼續超越現有的降低維運成本的目標？

Yes, Dave, it's Joe. Certainly, beyond 2026, we continue to see opportunities.

是的，戴夫，是喬。當然，2026 年之後，我們仍然會看到機會。

Vince mentioned, AI and some of the use cases that we're seeing that we think can drive longer-term O&M efficiency opportunities.

Vince 提到，人工智慧和我們看到的一些用例，我們認為可以推動長期的維運效率機會。

Clearly, we're focused on achieving the $175 million that we've laid out, which we're in good -- making good progress on and we'll achieve that we'll continue to look for opportunities beyond that time frame.

顯然，我們的重點是實現我們已經安排的 1.75 億美元，我們在這方面進展順利，我們將繼續尋找超出該時間範圍的機會。

But certainly, there will be opportunities to get more efficient.

但可以肯定的是，我們將有機會提高效率。

Great.

偉大的。

Thanks so much.

非常感謝。

Appreciate the color

欣賞顏色

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hi, good morning, team.

嗨，早上好，團隊。

Thank you guys for the time.

謝謝你們抽出時間。

Nice job you guys.

你們幹得好。

So a lot has been said here, but let me pivot a little bit in a different direction here on this conversation on data centers.

這裡已經說了很多，但讓我稍微轉向一下關於資料中心的對話的不同方向。

And that's the heuristic I think you provided about like 1 gigawatt reducing the bill by like $3 a month.

我認為這就是您提供的大約 1 吉瓦的啟發，每月可以減少約 3 美元的帳單。

How do you think about that scaling here, right?

您如何看待這裡的縮放，對嗎？

Because you talked about more than 1 gigawatt of data center.

因為你談到了超過1吉瓦的資料中心。

Obviously, I think that there's an element of time here of when you realize those cost savings.

顯然，我認為您需要一段時間才能意識到這些成本節省。

But can you speak to that again, you throw out like a 5-gigawatt potential, for instance, here of late.

但你能再說一次嗎？

Like not going to reduce emission costs that sizable linearly.

就像不會線性大幅降低排放成本一樣。

What we're seeing with the current 5 gigs is that that starts in 2026, we would expect to be at our first gig in 2027 and then probably added 1 gig each year thereafter.

我們目前看到的 5 場演出是從 2026 年開始的，我們預計將在 2027 年舉辦第一場演出，此後可能每年增加 1 場演出。

Got it.

知道了。

And what does that mean for -- as you think about like build cost reductions through that using that heuristic of that $3 a month.

當您考慮使用每月 3 美元的啟發式方法來降低成本時，這意味著什麼。

Do you think about -- did it see compounding benefits every year?

您是否想過—它每年都會帶來複利嗎？

Yes, it's about $3 a month per gigawatt.

是的，每吉瓦每月約 3 美元。

So by the time we get the full 5 gigawatts, it would be about $15 a month in lower bills for the per residential customers.

因此，當我們獲得全部 5 吉瓦電力時，每位住宅客戶每月的帳單將減少約 15 美元。

Well, okay, that's pretty impressive.

嗯，好吧，這真是令人印象深刻。

And then separately here, just in terms of -- you talked about this predictive failure technology, not being DSIC eligible.

然後在這裡單獨講一下——您談到了這種預測故障技術，但不符合 DSIC 的資格。

Can you talk about what that does for rate case timing, if at all?

您能否談談這對於費率案例計時有何影響（如果有的話）？

Or can you talk about Pennsylvania at large on the rate case side?

或者您能談談整個賓州的利率案例嗎？

I suppose there are other factors there as well?

我想還有其他因素嗎？

Yes, sure.

是的，當然。

I mean, in general, I mean, $84 million isn't going to necessarily impact our rate case timing, Julian.

我的意思是，總的來說，我的意思是，8400 萬美元不一定會影響我們的利率案例時間，朱利安。

So we'll look to continue to deploy that technology and seek recovery in our next base rate case.

因此，我們將繼續部署該技術，並在下一個基本費率案例中尋求復甦。

Joe, you can talk about timing on that?

喬，你能談談時間安排嗎？

Yes, I think at this point, the earliest we would see a rate case in Pennsylvania would be 2026.

是的，我認為目前賓州最早會在 2026 年看到利率案例。

And that would be at the earliest, we may be able to go beyond that timeframe.

最早，我們也許能夠超越這個時間範圍。

Again, Vincen's point, he's right, $84 million isn't going to drive that decision.

文森的觀點再次強調，他是對的，8,400 萬美元不會推動這個決定。

But we'll deploy it, and we'll seek recovery of that in the next rate case whenever it may be.

但我們會部署它，並且無論何時，我們都會在下一個費率案例中尋求恢復。

Got it.

知道了。

All right.

好的。

Excellent.

出色的。

And then related here, your thoughts on -- just going back to that, I think you said October filing on the next IRP here.

然後在這裡，您的想法 - 回到那個，我想您在這裡說過下一個 IRP 的 10 月提交。

Just to the extent to which that you are able to move swiftly on that second combined cycle here, presumably as a piece of that.

就你能夠在第二個聯合循環中快速移動的程度而言，大概是其中的一部分。

I mean how front-end loaded versus longer-dated could some of these opportunities prove themselves?

我的意思是，前端加載與長期加載的機會如何證明自己？

Yes.

是的。

So near-term transmission upgrades, those will go in line with the requests.

因此，近期的傳輸升級將符合要求。

Just to give you -- again, we're in a $10 million to $75 million per project range in Kentucky, just given the size of the projects down there just to give you a sense for the 350 megawatts that are in more advanced stages in Kentucky, that's just under $30 million of incremental capital there on the transmission side.

再次，我們在肯塔基州的每個項目的投資範圍為 1000 萬至 7500 萬美元，考慮到那裡項目的規模，只是為了讓您了解處於更高級階段的 350 兆瓦。資本略低於3000 萬美元。

So those will be done in concert with the data center demand coming on.

因此，這些將根據資料中心的需求來完成。

In terms of the generation, any large-scale generation like would not come online until around 2030.

從發電量來看，像這樣的大規模發電量要到2030年左右才會上線。

That's the indication we've gotten from the commission, when we talk to EPC contractors, when we look at when we can get the turbines, that's probably where we're talking in the 2030 timeframe.

這是我們從委員會得到的指示，當我們與 EPC 承包商交談時，當我們考慮何時可以獲得渦輪機時，這可能是我們在 2030 年時間範圍內談論的內容。

So obviously, the few years prior to that is when we'll be spending the capital.

顯然，在此之前的幾年我們將花費資金。

Yes, probably, 2028 to 2030 there.

是的，可能是 2028 年到 2030 年。

All right.

好的。

Cool.

涼爽的。

Excellent.

出色的。

Thank you, guys.

謝謝你們，夥計們。

Appreciate it very much.

非常欣賞。

Ryan Levine, Citi.

瑞安‧萊文，花旗銀行。

Good morning.

早安.

Hey, everybody.

嘿，大家。

For the 5 gigawatt opportunity, what's the timetable for go, no-go decisions for these potential customers?

對於 5 吉瓦的機會，這些潛在客戶做出是否進行決策的時間表是什麼？

Is there any cadence or color you could provide around how that could play out?

您是否可以提供任何節奏或色彩來說明如何進行？

Yes.

是的。

So look, we're making good progress with the developers on all of those.

所以看，我們與開發人員在所有這些方面都取得了良好的進展。

We're working through the PJM planning process as well as the PUC processes, all of that is progressing well.

我們正在完成 PJM 規劃流程以及 PUC 流程，所有這些都進展順利。

I would say probably no change, Ryan, from what we talked about on the Q1 call.

Ryan，我想說的是，我們在第一季電話會議上討論的內容可能沒有變化。

We still expect that any formal announcements would come at the end of the year, beginning of next year.

我們仍然預計任何正式公告將在今年年底、明年初發布。

The data center companies are going to want to make sure we get through those full processes before they're announcing.

資料中心公司希望確保我們在宣布之前完成這些完整的流程。

So we would expect that to be really around the end of the year, beginning of next year.

因此，我們預計這實際上會在今年年底、明年初左右。

The end-of-year decision for the initial 3 gigawatts or to the entire 5?

年底決定是最初的 3 吉瓦還是全部 5 吉瓦？

That's all 5.

這就是全部5。

Okay.

好的。

And then in terms of the Pennsylvania CapEx associated with that, I appreciate the color provided.

然後就與此相關的賓州資本支出而言，我很欣賞所提供的顏色。

But in terms of scaling beyond the 5, is there any key milestones or amounts that you'd have to achieve to be able to have maybe a bigger step up on a per megawatt basis from an investment standpoint?

但是，就擴展到 5 個以上的規模而言，從投資的角度來看，您是否必須實現任何關鍵的里程碑或金額，才能在每兆瓦的基礎上取得更大的進步？

I mean, again, that's really very project specific.

我的意思是，這確實是針對特定項目的。

So we'll update this quarterly so you have a sense of how we're progressing on overall data center demand in our jurisdictions, how much is in the queue, how much is in advanced stages.

因此，我們將每季更新一次，以便您了解我們在管轄範圍內的整體資料中心需求方面的進展情況，有多少在佇列中，有多少處於高級階段。

We'll try to provide updated CapEx estimates as we go along.

我們將盡力提供更新的資本支出估算。

But it'd be hard to -- again, we're talking $50 million to $150 million, so that's a $100 million range depending on the project.

但這很難——再說一次，我們談論的是 5,000 萬美元到 1.5 億美元，所以根據專案的不同，這個範圍是 1 億美元。

So we'll keep that disclosure updated as we go.

因此，我們將隨時更新揭露內容。

Okay.

好的。

And then one last one for me.

然後是最後一張給我的。

In terms of the headquarters in Pennsylvania, is there any practical implications from headcount or cost outlook given the real estate sale?

就賓州總部而言，考慮到房地產銷售，員工人數或成本前景是否有任何實際影響？

No, I mean this was really -- the decision to sell the building was a post-COVID, had way too much real estate from what we needed.

不，我的意思是，出售這棟大樓的決定是在新冠疫情之後做出的，因為我們需要的房地產太多了。

It was underutilized.

它沒有得到充分利用。

And so nothing to do with headcount.

所以與人數無關。

Okay.

好的。

Thanks for that.

謝謝你。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Range's schedule is out, but we'll keep it just to the call here.

Range 的日程安排已經出來了，但我們會在電話會議上保留它。

I'm just wondering -- Vince, you talked about some of the transmission opportunities and the infrastructure investment associated with this higher capacity price.

我只是想知道 - 文斯，您談到了與更高容量價格相關的一些傳輸機會和基礎設施投資。

If you -- and then we're going to look at December to see what the print is there.

如果你——那麼我們將看看 12 月的情況，看看有什麼報導。

I mean, do you think higher capacity prices are good for PPL given the potential added investment?

我的意思是，考慮到潛在的額外投資，您認為更高的產能價格對 PPL 有利嗎？

Well, look, I think there's a number of things we're focused on, Anthony, right?

好吧，你看，我認為我們重點關注很多事情，安東尼，對吧？

There's resource adequacy overall in the market, in particular, in PJM.

市場整體資源充足，尤其是 PJM。

And so if those higher prices incentivize new generation and sure resource adequacy, that's a good thing, for all of us in PJM.

因此，如果這些更高的價格能夠激勵新一代並確保資源充足，那麼對我們 PJM 所有人來說都是一件好事。

We talked about the higher cost that will ultimately bear for our customers, which obviously is not great for our customers, but we're looking at all alternatives to see how we can bring that generation to bear in the most lease cost way, as you know.

我們談到了最終將由我們的客戶承擔的更高成本，這顯然對我們的客戶來說並不好，但我們正在考慮所有替代方案，看看我們如何以最具租賃成本的方式讓這一代人承擔，因為您知道。

So there are some puts and there are some takes, I would say, with that print.

因此，我想說，在該印刷品中，有一些看跌期權，也有一些看跌期權。

Got it.

知道了。

And then just following up, and I apologize if you just keep popping on the PJM, and I'm just not that familiar with it.

然後繼續跟進，如果你繼續出現在 PJM 上，我很抱歉，我只是不太熟悉它。

For your customers in Pennsylvania that maybe don't shop that maybe the utility procures the energy.

對於賓州的客戶來說，他們可能不會購買能源，而公用事業公司可能會採購能源。

Is there a hedging strategy you guys pursue to mitigate any energy price volatility for customers?

你們是否採取避險策略來減輕客戶的能源價格波動？

Yes, that's why the range is $10 to $15.

是的，這就是價格範圍為 10 至 15 美元的原因。

So we have in the early part of 2025 where we've already procured that power.

因此，我們在 2025 年初就已經獲得了這種電力。

It wouldn't have as big of an impact as the back half when we're procuring additional power, and those prices might be reflected in what we're buying.

當我們購買額外的電力時，它不會像後半部分那樣產生那麼大的影響，而這些價格可能會反映在我們購買的東西中。

So the next solicitation is October fourth quarter of this year.

所以下一次徵集是今年第四季的十月。

So we're suspecting that those prices will make its way into that solicitation.

因此，我們懷疑這些價格會出現在招標中。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Looking forward to seeing you guys next week.

期待下週見到你們。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Vince Sorgi for any closing remarks.

我想將會議轉回文斯·索爾吉（Vince Sorgi）發表閉幕詞。

Great.

偉大的。

Thank you.

謝謝。

I just want to thank everybody for joining us on today's call.

我只想感謝大家參加今天的電話會議。

We will be in New York next week and hopefully, we'll get to see as many of you as we can then.

下週我們將在紐約，希望屆時能見到盡可能多的人。

So thanks again for joining.

再次感謝您的加入。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。