賓州電力 (PPL) 2024 Q3 法說會逐字稿

Good day. And welcome to the PPL Corporation third-quarter, 2024 earnings conference call.

再會。歡迎參加 PPL Corporation 2024 年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to hand the call to Andy Ludwig, Vice President of Investor Relations. Please go ahead.

現在我想將電話轉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 third 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 PPL 公司關於 2024 年第三季財務業績的電話會議。我們在我們網站的投資者部分提供了本次簡報的幻燈片。

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

我們將首先介紹總裁兼執行長 Vince Sorgi PPL 和財務長 Joe Bergstein 的最新情況。

I will conclude with a Q&A session following our prepared remarks before we get started. I'll draw your attention to slide 2 and a brief cautionary statement. 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.

在我們開始之前，我將在我們準備好的發言之後以問答環節結束。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。

Please refer to the appendix of this presentation and PPLSSEC 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 PPLSSEC 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 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.

我們也參考了非公認會計準則衡量標準，包括持續經營收益或本次呼籲對可比較公認會計準則衡量標準進行調整的持續收益。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 third quarter investor update.

謝謝安迪，大家早安。歡迎來到我們的第三季投資者更新。

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

讓我們從幻燈片 4 上的財務業績和第三季業績的一些亮點開始。

Today we reported third quarter GAAP earnings of 29¢ per share adjusting for special items. Third quarter earnings from ongoing operations were 42¢ per share given the strength of our year-to-date performance. We narrowed our 2024 ongoing earnings forecast to a dollar 67 to a dollar 73 per share from the prior forecast range of a dollar 63 to a dollar 75 per share.

今天，我們報告第三季 GAAP 收益為每股 29 美分，並經過特殊項目調整。鑑於我們今年迄今的強勁業績，第三季持續營運業務的收益為每股 42 美分。我們將 2024 年持續獲利預測從先前每股 63 美元至 75 美元的預測範圍縮小至每股 67 美元至 73 美元。

As a result, we've increased the midpoint a penny to a dollar 70 per share throughout the third quarter. We continue to make excellent progress on delivering our 2024 priorities.

因此，我們在整個第三季將每股中點價格提高了 1 便士至 70 美元。我們在實現 2024 年優先事項方面繼續取得巨大進展。

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 and through our ongoing business transformation initiatives. We're on pace to achieve our annual O&M savings target of 120 to $130 million this year compared to our 2021 baseline O&M.

我們今年預計將完成約 31 億美元的基礎設施改進，透過我們持續的業務轉型計劃，為我們的客戶推進可靠、有彈性、負擔得起和清潔的能源未來。與 2021 年基準營運和維護相比，我們今年預計將實現 1.2 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 through at least 2027.

展望未來，我們有能力至少在 2027 年實現預計 6% 至 8% 的每股盈餘和股息成長。

We're focused on executing our capital plan which includes $14.3 billion in infrastructure improvements from 2024 to 2027 with continued potential upside driven by data center connections in Pennsylvania and Kentucky. New generation in Kentucky, new enterprise wide technology investments and additional resiliency investments across all of our jurisdictions. As we combat more frequent and severe storms 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 100 and $75 million by 2026 which again is compared to our 2021 baseline.

我們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進，賓州和肯塔基州的資料中心連接將帶來持續的潛在上升空間。肯塔基州的新一代、新的企業範圍技術投資以及我們所有轄區的額外彈性投資。隨著我們在 PPL 範圍內應對更頻繁和嚴重的風暴，我們將繼續透過運用未來策略來提高效率。讓我們繼續保持步伐，實現到 2026 年實現至少 100 至 7500 萬美元的年度營運和維護節省目標，該目標再次與我們的 2021 年基線進行比較。

Moving to slide 5 on October 18th. LG and E and Ku submitted their updated integrated resource plan or IRP to the Kentucky Public Service Commission.

前往 10 月 18 日的幻燈片 5。 LG、E 和 Ku 向肯塔基州公共服務委員會提交了更新的綜合資源計劃或 IRP。

The IRP provides a robust analysis of a wide range of variables including demand growth, fuel prices, supply side resource costs and pending environmental regulations all to guide our resource planning.

IRP 對各種變數進行了穩健的分析，包括需求成長、燃料價格、供應方資源成本和懸而未決的環境法規，所有這些都可以指導我們的資源規劃。

This year's IRP examined 300 potential resource portfolio and fuel price combinations to arrive at a plan to most effectively meet forecasted demand over the next 15 years.

今年的 IRP 檢視了 300 種潛在的資源組合和燃料價格組合，以達成最有效滿足未來 15 年預測需求的計畫。

It's important to note that the IRP is submitted for informational purposes only that said the detailed analysis provides reasonable insights about future generation needs and helps us to identify no regrets recommendations. Given there is uncertainty with some of the inputs, key drivers. In our latest IRP analysis includes stronger demand forecast and higher costs for new supply side resources. From what we saw in our last IRP which was filed three years ago in 2021.

值得注意的是，IRP 僅供參考，詳細分析提供了有關未來一代需求的合理見解，並幫助我們確定不後悔的建議。鑑於一些投入、關鍵驅動因素存在不確定性。在我們最新的 IRP 分析中，包括更強勁的需求預測和新供應方資源的更高成本。從我們在三年前（即 2021 年）提交的上一份 IRP 中看到的情況來看。

In terms of demand.

從需求來看。

Our mid load scenario reflects load growth of nearly 1.5% annually through 2039.

我們的中等負載情境表明，到 2039 年，負載每年增長近 1.5%。

But more importantly, projects annual load growth of over 3% through 2032 which is significantly impacted by projected data center load.

但更重要的是，預計到 2032 年，年負載成長將超過 3%，這受到預期資料中心負載的顯著影響。

We evaluated several scenarios for data centers ranging from zero to nearly two gigawatts of new load by 2032. With the mid load scenario assuming just over one gigawatt based on the interest levels that LG and E and Ku have already seen from developers. We view no or low data center growth as unlikely.

我們評估了資料中心到 2032 年新負載從零到近 2 吉瓦的幾種情境。我們認為資料中心不太可能沒有成長或成長緩慢。

Regarding the cost of new generation.

關於新一代的成本。

We've seen those costs increase markedly since our 2021 IRP except for batteries that increases the relative value of our existing generation resources and significantly impacted the generation mix recommended in this year's IRP regarding the battery cost, this is the first time in our ongoing resource planning that the sum of capital and non fuel O&M cost for battery storage with tax incentives included is less than the cost of new simple cycle combustion turbines.

自2021 年IRP 以來，我們發現這些成本顯著增加，但電池除外，這增加了我們現有發電資源的相對價值，並顯著影響了今年IRP 中關於電池成本建議的發電組合，這是我們正在進行的資源中的第一次計劃電池存儲的資本和非燃料運行與維護成本之和（包括稅收優惠）低於新的簡單循環燃氣渦輪機的成本。

For this reason, our recommended plan includes the addition of 900 megawatts of battery storage.

因此，我們建議的計劃包括增加 900 兆瓦的電池儲存。

Importantly, due to the price increases in solar generation, we are not assuming the 637 megawatts of solar PPAS that were approved by the KPSC and our 2022 C PC N get built.

重要的是，由於太陽能發電價格上漲，我們並不假設 KPSC 批准的 637 兆瓦太陽能 PPAS 和我們的 2022 C PC N 能夠建成。

As noted in our IRP.

正如我們的 IRP 中所述。

The impact of environmental regulations remains a key uncertainty as three major regulations are the subject of current federal court challenges.

環境法規的影響仍然是一個主要的不確定性，因為三個主要法規是當前聯邦法院挑戰的主題。

Our IRP modeled four different environmental regulation scenarios ranging from none to all of the regulations becoming enforceable.

我們的 IRP 模擬了四種不同的環境監管情景，從沒有到所有法規都可執行。

The updated IRP assumes all resources and retirements approved in our last C PC N proceeding are completed as planned by 2028 except for the solar PPAS that I just mentioned.

更新後的 IRP 假設我們上次 C PC N 程序中批准的所有資源和退役均按計劃在 2028 年完成，但我剛才提到的太陽能 PPAS 除外。

This includes our approved plans to retire 600 megawatts of aging coal and 50 megawatts of aging peaking units by 2027.

這包括我們批准的 2027 年淘汰 600 兆瓦老化煤炭和 50 兆瓦老化調峰機組的計畫。

In addition, it includes building a new 640 megawatt natural gas combined cycle unit 240 megawatts of company owned solar and 125 megawatts of battery storage.

此外，還包括建造一個新的 640 兆瓦天然氣聯合循環機組、240 兆瓦公司自有太陽能和 125 兆瓦電池儲存。

Above and beyond this generation, the IRP lays out several resource plans including two we've referenced on this slide, a recommended resource plan as well as an enhanced solar plan applicable in certain scenarios.

除了這一代之外，IRP 還制定了多項資源計劃，包括我們在本投影片中引用的兩項、建議的資源計劃以及適用於某些場景的增強型太陽能計劃。

The recommended plan reflects our no regrets approach to planning much like our latest C PC N filing that includes important generation development. Even if scenarios that reflect high economic load growth or CO2 regulations do not come to fruition.

建議的計劃反映了我們無悔的規劃方法，就像我們最新的 C PC N 歸檔一樣，其中包括重要的一代開發。即使反映高經濟負荷成長或二氧化碳排放法規的情境沒有實現。

This plan projects, the need to build an additional 2,700 megawatts of new generation from 2028 through 2035 to safely reliably and affordably serve future demand growth.

該計畫預計，從 2028 年到 2035 年，需要額外建造 2,700 兆瓦的新一代發電設備，以安全、可靠、經濟地滿足未來的需求成長。

This includes two new 650 megawatt combined cycle natural gas plants, one in 2030 another one in 2031.

其中包括兩座新的 650 兆瓦聯合循環天然氣發電廠，一座將於 2030 年建成，另一座將於 2031 年建成。

It includes the addition of 400 megawatts of new battery storage in 2028 and 500 megawatts of additional battery storage in 2035.

其中包括在 2028 年增加 400 兆瓦的新電池存儲，在 2035 年增加 500 兆瓦的電池儲存。

It also includes 500 megawatts of solar in 2035.

它還包括 2035 年 500 兆瓦的太陽能。

The recommended plan also projects the need to add new environmental controls at the G and Trimble county coal plants to ensure compliance with elg and Knox regulations.

建議的計劃還預計需要在 G 縣和特林布爾縣燃煤電廠增加新的環境控制措施，以確保遵守埃爾格和諾克斯法規。

The enhanced solar plan meanwhile, differs from the recommended plan only in the timing and level of new solar generation added rather than adding 500 megawatts of solar in 2035. The enhanced solar plan would accelerate and boost solar additions to 1,000 megawatts by 2032 to address potential data center interest in carbon free generation or a faster than projected decline in solar prices based on our analysis of current factors.

同時，增強型太陽能計畫與建議計畫的不同之處僅在於增加新太陽能發電的時間和水平，而不是在2035 年增加500 兆瓦太陽能。將太陽能發電量增加到1,000 兆瓦，以解決潛在問題根據我們對當前因素的分析，資料中心對無碳發電的興趣或太陽能價格下降速度快於預期。

We see potential additional generation needs ranging from 2,700 to 3,200 megawatts with associated capital investments including the environmental retrofits for the coal plants of 6 to $7 billion to 2035. Using current pricing estimates, we also evaluated the prospects of joining an RT O in our review of options which concluded that we would be introducing significant unquantifiable risk to our customers, which is not surprising based on what we are seeing in other RT OS.

我們預計到2035 年，潛在的額外發電需求將達到2,700 至3,200 兆瓦，相關資本投資包括6 至70 億美元的燃煤電廠環境改造。 O 的前景選項的結論是我們將為我們的客戶帶來重大的無法量化的風險，根據我們在其他 RT 作業系統中看到的情況，這並不奇怪。

Our next steps in the IRP process are to engage with the KPSC over the next few months and discuss the various plans we've provided.

我們 IRP 流程的下一步是在接下來的幾個月內與 KPSC 接觸並討論我們提供的各種計劃。

We would expect to file an additional C PC N request as early as the first quarter of next year to address near term generation needs for our customers.

我們預計最快將於明年第一季提交額外的 C PC N 請求，以滿足客戶的近期發電需求。

Moving to slide 6 and an update on data center development.

前往投影片 6，了解資料中心開發的最新情況。

Our Pennsylvania and Kentucky service territories continue to attract growing interest from data center developers in our Pennsylvania service territory. We now have over 39 gigawatts in our queue with eight gigawatts in advanced stages of planning. Up from the five gigawatts we highlighted during our second quarter call in August, we estimate these eight gigawatts represent incremental PPL capital needs of 600 to $700 million in the 2025 to 2029 time frame. None of which are reflected in our current capital plan note that we've included these types of projects. In our latest PJM, large load forecast, which shows that PPL Electric has the second highest projected peak load additions in PJM through the end of this decade.

我們的賓州和肯塔基州服務區域繼續吸引賓州服務區域資料中心開發商日益增長的興趣。目前，我們的隊列中有超過 39 吉瓦，其中 8 吉瓦處於規劃後期階段。與我們在 8 月第二季電話會議中強調的 5 吉瓦相比，我們估計這 8 吉瓦意味著 2025 年至 2029 年期間 PPL 資本需求增量為 600 至 7 億美元。這些都沒有反映在我們目前的資本計劃中，請注意我們已將這些類型的項目納入。在我們最新的 PJM 大負載預測中，顯示 PPL Electric 在本十年末擁有 PJM 中第二高的預計峰值負載增量。

It's important to note that projects in the queue may include duplicates due to developers assessing multiple sites for the same project.

值得注意的是，由於開發人員評估相同專案的多個站點，佇列中的專案可能會包含重複項。

And it's important to highlight that all the projects in our qes are in front of the meter projects.

需要強調的是，我們 qes 中的所有項目都位於儀表項目之前。

Projects in the advanced planning stages have signed agreements.

處於前期規劃階段的項目已簽署協議。

They are in various stages of PG M's review process. With some having completed those reviews costs incurred by PPL for these projects are reimbursable by developers. Even if they do not move forward with the projects.

它們處於 PG M 審核流程的各個階段。部分項目已完成審查後，PPL 為這些項目產生的費用可由開發商報銷。即使他們不繼續推進這些項目。

Recall that each new data center connection will lower transmission cost for customers.

回想一下，每個新的資料中心連線都會降低客戶的傳輸成本。

The savings are expected to occur as the data center load ramps up over the next several years and the data centers begin to pay transmission charges in terms of the amount we estimate that for the first gigawatt of data center demand that's connected to the grid, our residential customers could save nearly 10% on the transmission portion of their bill assuming AP pl investment level of about $100 million which for the average residential customer and based on current rates would represent about $3 per month in savings.

隨著資料中心負載在未來幾年內不斷增加，並且資料中心開始支付傳輸費用（我們估計，對於連接到電網的第一千兆瓦資料中心需求，我們預計將實現節省）假設AP pl 投資水準約為1 億美元，住宅客戶可以在其帳單的傳輸部分節省近10%，對於普通住宅客戶而言，根據當前費率，每月可節省約3 美元。

While additional data center connections will also lower transmission costs for customers. The amount of those savings will depend on a number of factors including timing of load ramp, the amount of investments required and the peak load on our system.

同時額外的資料中心連線也將降低客戶的傳輸成本。這些節省的金額將取決於許多因素，包括負載斜坡的時間、所需的投資金額以及我們系統的尖峰負載。

Turning to Kentucky, we have about 400 megawatts in advanced stages of planning with potential to increase up to one gig active data center request in Kentucky. Now total nearly three gigawatts of potential demand. An increase from two gigawatts at the time of our second quarter call.

說到肯塔基州，我們有大約 400 兆瓦的電力處於規劃的後期階段，有可能將肯塔基州的活躍資料中心需求增加到 1 兆瓦。目前潛在需求總計近三吉瓦。比我們第二季電話會議時的 2 吉瓦有所增加。

As in Pennsylvania, any transmission upgrades in Kentucky would be additive to our capital plan.

與賓州一樣，肯塔基州的任何輸電升級都將成為我們的資本計畫的補充。

Although the more significant capital investments in Kentucky would arise from any incremental generation investments.

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。

As I shared earlier, the recommended plan in our IRP projects, a need for additional natural gas and battery storage beyond what was in our C PC N approved last year to support longer term economic development and data center load growth.

正如我之前分享的，我們的 IRP 項目中的建議計劃是，除了去年批准的 C PC N 計劃之外，還需要額外的天然氣和電池存儲，以支持長期經濟發展和數據中心負載增長。

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。

Lgen and Ku responded well to the remnants of hurricane Helene which knocked out power to more than 224,000 customers and resulted in 1,600 down wires and 160 broken poles.

Lgen 和 Ku 對颶風海倫的餘波做出了很好的應對，這場颶風導致超過 224,000 名客戶斷電，並導致 1,600 根電線和 160 根電線桿折斷。

This storm was the fourth most significant weather event for the region in the last 20 years.

這場風暴是該地區過去 20 年來第四次最嚴重的天氣事件。

We restored 95% of our customers within four days and all customers capable of receiving service within six days.

我們在四天內恢復了 95% 的客戶，所有能夠在六天內接受服務的客戶。

And a great example of our one PPL strategy, crews from our Pennsylvania operations and more than 400 contract resources aided in the effort.

我們的單一 PPL 策略就是一個很好的例子，來自賓州營運機構的工作人員和 400 多個合約資源為這項努力提供了幫助。

We've since requested regulatory asset treatment for about $11 million in operating expenses tied to our restoration efforts.

此後，我們要求對與我們的恢復工作相關的約 1,100 萬美元營運費用進行監管資產處理。

Once our restoration efforts in Kentucky were complete, we were proud to send over 400 employees and contractors from our utilities in Pennsylvania, Rhode Island and Kentucky to support our colleagues in Florida, Georgia and Virginia. Following the significant damage sustained by hurricanes, Helene and Milton.

肯塔基州的恢復工作完成後，我們很自豪地從賓夕法尼亞州、羅德島州和肯塔基州的公用事業公司派遣了400 多名員工和承包商，為佛羅裡達州、喬治亞州和維吉尼亞州的同事提供支持。海倫和米爾頓遭受颶風嚴重破壞後。

Mutual assistance is one of those areas that makes our industry truly unique and I thank all the men and women on our teams that provided that much needed support.

互助是使我們的行業真正獨一無二的領域之一，我感謝我們團隊中提供急需支持的所有男女員工。

I also thank all the men and women from com Ed Duquesne Light Nipsco and Centerpoint that helped us in our efforts to restore power to our Kentucky customers during hurricane Helene and other updates from Kentucky in October. We filed a request with the KPSC to recover $125 million in retirement costs associated with Mill Creek One, which is set to retire. By the end of this year, we requested approval to recover the cost through the retired asset recovery rider or R. AR.

我還要感謝 com Ed Duquesne Light Nipsco 和 Centerpoint 的所有員工，他們幫助我們在颶風海倫期間以及 10 月份肯塔基州的其他最新情況中為肯塔基州客戶恢復供電。我們向 KPSC 提出請求，要求收回與即將退役的 Mill Creek One 相關的 1.25 億美元退役費用。到今年年底，我們請求批准透過退休資產回收附加條款（R. AR）回收成本。

In our first filing under this new mechanism, the rider provides cost recovery over a 10 year period upon retirement of such assets as well as a return on those investments at the utilities then weighted average cost of capital.

在我們根據此新機制提交的第一份文件中，附加條款提供了此類資產報廢後 10 年內的成本回收，以及公用事業公司這些投資的回報，然後加權平均資本成本。

The implementation of the R AR rider if approved will result in a slight bill credit for customers beginning in May 2025 based on the current procedural schedule established by the commission.

如果獲得批准，R AR 附加條款的實施將從 2025 年 5 月開始根據委員會制定的當前程序時間表為客戶帶來少量的帳單抵免。

Turning to Pennsylvania, our disc waiver petition to increase the disc revenue cap from 5% to 9% continues to proceed through the process. As expected, we've completed the briefing process and anticipate a recommended decision in November from the A LJ that's assigned to the case with AP UC decision to follow in early 2025.

轉向賓州，我們將光碟收入上限從 5% 提高到 9% 的光碟豁免請願書仍在繼續進行。正如預期的那樣，我們已經完成了簡報流程，並預計 11 月分配給該案件的 A LJ 會做出建議的決定，而 AP UC 將於 2025 年初做出決定。

Also in Pennsylvania PPL electric utilities yesterday announced new price to compare rates effective December 1st.

同樣在賓州的 PPL 電力公司昨天宣布了新的價格比較費率，該價格將於 12 月 1 日生效。

The new residential price to compare represents about a 2% decrease compared to last year's winter price to compare price in all aspects of our business. Our companies remain very focused on affordability for our customers.

與去年冬季的價格相比，新住宅的比較價格大約下降了 2%，以比較我們業務各個方面的價格。我們的公司仍然非常注重客戶的負擔能力。

This focus also extends to how we purchase power for non shopping customers and P A.

這一重點也延伸到我們如何為非購物客戶和 P A 購買電力。

With this in mind, we were pleased to reach a settlement with the parties to our latest default service program and procurement plan filed with the puc.

考慮到這一點，我們很高興與各方就我們向公用事業委員會提交的最新預設服務計劃和採購計劃達成和解。

We are seeking approval of our plan to procure electricity from June 1st 2025 through May 31st 2029 to meet PP electrics provider of last resort obligations.

我們正在尋求批准我們的計劃，從 2025 年 6 月 1 日到 2029 年 5 月 31 日採購電力，以履行 PP 電力供應商的最後義務。

Our latest plan which we filed in March includes modifications to the current product mix and auction timing that PPL Electric uses to buy power.

我們在 3 月提交的最新計劃包括 PPL Electric 用於購買電力的當前產品組合和拍賣時間的修改。

These modifications are intended to strengthen price stability and lower prices for customers while supporting resource adequacy and fostering the continued growth of renewable generation.

這些修改旨在加強價格穩定性並降低客戶價格，同時支援資源充足性並促進再生能源發電的持續成長。

We expect the puc decision on the settlement by the end of the year, shifting to Rhode Island.

我們預計公用事業委員會將在今年年底做出和解決定，並轉移到羅德島州。

I am pleased to report that we completed the integration of Rhode Island Energy into PPL in the third quarter.

我很高興地報告，我們在第三季完成了羅德島能源公司 (Rhode Island Energy) 與 PPL 的整合。

Exiting the transition services entered into with national grid when we acquired Rhode Island Energy in May 2022 I can't say enough about how well our teams rallied as one PPL to deliver this outcome which involve exiting more than 130 transition services in phases over the past two years.

退出 2022 年 5 月我們收購羅德島能源公司時與國家電網簽訂的過渡服務 我無法形容我們的團隊作為一個 PPL 團結一致以實現這一成果，其中涉及在過去分階段退出 130 多項過渡服務兩年。

It was truly a team effort from Rhode Island to Pennsylvania to Kentucky, as well as everyone at national grid that worked so hard to make the transition possible. We're excited to have Rhode Island Energy now fully integrated to best serve our customers.

這確實是從羅德島州到賓夕法尼亞州再到肯塔基州的團隊努力，以及國家電網中每個人的努力，使過渡成為可能。我們很高興羅德島能源公司現在完全整合，以最好地為我們的客戶服務。

Finally in September, the Rhode Island Public Utilities Commission approved the company's winter last resort service rates as filed the rate for non shopping residential customers effective October 1st reflects an 8% decrease from last year's winter rate and we're pleased to be able to pass those savings on to our customers.

最後，羅德島公用事業委員會於9 月批准了該公司的冬季最後手段服務費率，該費率於10 月1 日生效，適用於非購物住宅客戶，較去年冬季費率下降了8%，我們很高興能夠透過這些節省的費用將惠及我們的客戶。

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. Let's turn to slide. Nine PP. L's third quarter, GAAP earnings were 29¢ per share compared to 31¢ per share. In Q3, 2023 we recorded special items of 13¢ per share during the third 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。九個PP。 L 第三季的 GAAP 收益為每股 29 美分，去年同期為每股 31 美分。 2023 年第三季度，我們在第三季度記錄了每股 13 美分的特殊項目。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 the special items.

針對特殊項目進行調整。

Third quarter, earnings from ongoing operations were 42¢ per share. A decrease of 1¢ per share compared to Q3 2023 turns on capital investments and higher sales volumes. Primarily due to favorable weather in Kentucky were more than offset by higher operating and financing costs. Quarter over quarter for Q3 2024 we estimate that weather was about 1¢ favorable compared to normal conditions with cooling degree days. Up about 13% in our Kentucky territories over the quarter.

第三季度，持續經營業務獲利為每股 42 美分。與 2023 年第三季相比，每股下降 1 美分，這得益於資本投資和銷量的增加。主要是由於肯塔基州的有利天氣被較高的營運和融資成本所抵消。與正常情況相比，2024 年第三季的天氣狀況較涼爽天數有利約 1 美分。本季肯塔基州地區成長了約 13%。

Turning to the full year through the first nine months of 2024. Our GAAP earnings are now at 96¢ per share compared to 85¢ per share to the same period last year.

展望 2024 年前 9 個月的全年情況。

Adjusting for special items recorded through the third quarter, earnings from ongoing operations total a dollar 34 per share for the first nine months of 2024.

在第三季記錄的特殊項目進行調整後，2024 年前 9 個月持續營運業務的每股收益總計為 34 美元。

This represents an improvement of 14¢ per share compared to the same period a year ago, which puts us in great shape heading into the fourth quarter to achieve our financial targets for 2024.

與去年同期相比，每股收益提高了 14 美分，這使我們在進入第四季度時處於良好狀態，以實現 2024 年的財務目標。

Turning to the ongoing segment drivers for the third quarter on slide, 10, our Kentucky segment results were flat compared to the third quarter of 2023.

轉向幻燈片 10 中第三季的持續細分市場驅動因素，我們的肯塔基州細分市場業績與 2023 年第三季持平。

Kentucky's results were driven by higher sales volumes due to the favorable weather offset by an adjustment to environmental cost recovery revenues. That was recognized during the quarter.

肯塔基州的業績得益於有利天氣帶來的銷售增加，但環境成本回收收入的調整抵消了這一影響。這是在本季度得到認可的。

Our Pennsylvania regulated segment results decreased by 1¢ per share compared to the same period a year ago.

與去年同期相比，我們賓州監管部門的業績每股下降 1 美分。

The decrease was driven by higher operating costs in several areas including higher storm cost, increased vegetation management and an increase in uncollectibles. These higher operating costs were partially offset by higher transmission revenues.

造成這一下降的原因是多個地區的營運成本增加，包括風暴成本增加、植被管理增加以及無法收回的物品增加。這些較高的營運成本被較高的傳輸收入部分抵消。

Our Rhode Island segment results increased by 1¢ 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 1 美分。

This increase was primarily driven by a favorable adjustment to property taxes and finally results at corporate another decrease by 1¢ per share compared to the same period a year ago, primarily due to higher interest expense due to an increase in long term debt in Q3. We were opportunistic amidst increased market volatility and issued $750 million of senior notes at PPL capital funding at a rate of five and a quarter that mature in 2034.

這一增長主要是由財產稅的有利調整推動的，最終導致企業每股收益與去年同期相比再次下降 1 美分，主要是由於第三季度長期債務增加導致利息支出增加。在市場波動加劇的情況下，我們抓住機會，以 PPL 資本融資的形式發行了 7.5 億美元的高級票據，利率為 2034 年到期的五又四分之一。

We saw significant demand for the deal which we believe is attributable to PPLS. Excellent credit position with one of the strongest balance sheets in the sector with another solid quarter behind us. We're on track to deliver on our financial targets for our shareowners.

我們看到對該交易的巨大需求，我們認為這歸因於 PPLS。良好的信用狀況，擁有該行業最強勁的資產負債表之一，我們又經歷了一個穩健的季度。我們有望為股東實現財務目標。

We expect to exceed the midpoint of our original 2024 ongoing earnings forecast as reflected in our updated forecast range of a dollar 67 to a dollar 73 per share with a midpoint of a dollar 70 per share and we remain extremely well positioned for continued long term growth. As Vince outlined, we see an improving fundamental backdrop that we believe will require significant capital investments to advance our utility of the future strategy that can satisfy our customers evolving needs and ensure we can continue to deliver safe and reliable service.

我們預計將超過我們最初的2024 年持續獲利預測的中點，這反映在我們更新後的預測範圍為每股67 美元至73 美元，中點為每股70 美元，並且我們仍處於持續長期增長的有利位置。正如文斯所概述的，我們看到了不斷改善的基本面背景，我們相信這將需要大量的資本投資來推進我們未來戰略的效用，以滿足客戶不斷變化的需求，並確保我們能夠繼續提供安全可靠的服務。

We strategically position PPL with the financial flexibility needed to support these critical investments while continuing to deliver on our earnings growth targets.

我們對 PPL 進行策略性定位，使其具有支持這些關鍵投資所需的財務靈活性，同時繼續實現我們的獲利成長目標。

But we're as excited as we've ever been for the prospects of PPL. This concludes my prepared remarks. I'll now turn the call back over to Vince.

但我們對 PPL 的前景一如既往地感到興奮。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.

謝謝喬。

In closing, we continue to deliver across the board on our commitments to shareowners and customers in the third quarter.

最後，我們在第三季繼續全面兌現對股東和客戶的承諾。

This includes executing our capital plans on time and on budget to strengthen grid reliability and resiliency, advancing sustainable efficiencies to help keep energy affordable for our customers. Completing the successful integration of Rhode Island Energy into PPL, responding quickly and effectively to major storms, to restore power and peace of mind for our customers and communities and advancing our responsible generation investments in Kentucky as well as responsible resource planning to deliver a safe, reliable, affordable and cleaner energy mix as we work to close out 2024 I continue to be very proud of our team here at PPL. I'm confident in our utility of the future strategy. I'm proud of the progress we're making as we execute that strategy.

這包括按時、按預算執行我們的資本計劃，以增強電網的可靠性和彈性，提高永續效率，以幫助我們的客戶保持能源負擔得起。成功完成羅德島能源公司與PPL 的整合，快速有效地應對重大風暴，為我們的客戶和社區恢復電力和安心，並推進我們在肯塔基州的負責任的發電投資以及負責任的資源規劃，以提供安全、在我們努力結束 2024 年之際，提供可靠、實惠和清潔的能源組合 我仍然為 PPL 的團隊感到非常自豪。我對我們未來策略的效用充滿信心。我對我們在執行該策略時所取得的進展感到自豪。

And I'm excited about the opportunities ahead as we move into 2025.

進入 2025 年，我對未來的機會感到興奮。

With that operator. Let's open it up for questions.

與那個操作員。讓我們打開它來提問。

We will now begin the question-and-answer session to ask a question. (Operator Instructions)

我們現在將開始問答環節來提出問題。 （操作員說明）

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Good morning, good morning, Vince. I know sort of this resource at a topic has been, you know, kind of a perennial question with the Eastern wires companies during this earning season and obviously to your credit, you know, you've been one of the first to highlight the issues and kind of talk about the solutions over a year ago.

早上好，早安，文斯。我知道，在這個盈利季節，這個主題的資源一直是東部電線公司長期存在的問題，顯然值得讚揚的是，你知道，你是第一個強調這些問題的人之一併談論一年多前的解決方案。

The auction is now delayed. I guess, not sure you guys are all aligned, but I guess where do we stand with the solution there? Could we see a bill introduced in Pennsylvania effectively proposing to allow the wires companies to own a certain amount of peaking assets and base rates. Is it Texas type energy fund enough? I guess. What should we be watching for on the legislative side? How should we be thinking about all the different pieces out there. Thanks.

拍賣現已延後。我想，不確定你們是否都一致，但我想我們對解決方案的立場如何？我們能否看到賓州提出的一項法案有效地提議允許電信公司擁有一定數量的最高資產和基本費率。德州式能源基金夠用嗎？我猜。在立法方面我們應該注意什麼？我們應該如何思考所有不同的部分。謝謝。

Yeah, there's a lot there in that question. Shar Let me, let me maybe just how I'm thinking about this issue broadly. So the option itself of the delay. Look, I think that just reinforces the need for the state to take control of this issue.

是的，這個問題有很多內容。 Shar 讓我，讓我談談我是如何廣泛思考這個問題的。所以選擇本身的延遲。看，我認為這只是強化了國家控制這個問題的必要性。

So I I truly hope that Pennsylvania continues to pursue state solutions and does not slow that down as a result of the delay in the auction. I I do think and fully expect that PJM will make some improvements on the supply side of the equation with the with the delay. But I also expect them to include an uploaded an updated load forecast which of course will include incremental data center load. So I would expect that to be higher as well.

因此，我真誠地希望賓州繼續尋求州解決方案，並且不會因為拍賣的延遲而放慢速度。我確實認為並完全期望 PJM 將在延遲的情況下在供應方面做出一些改進。但我也希望他們包含上傳的更新負載預測，其中當然將包括增量資料中心負載。所以我預計這個數字也會更高。

So at this point, I can't predict whether capacity prices will be lower in the next option, which is for the 26 7 planning year compared to the 270 that printed for the 2,526 planning year. Just given the different moving parts on both the supply and the demand side in terms of timing of legislation, we've always been operating under an expectation that that would occur sometime in, in early 25.

因此，目前我無法預測下一個選項（26 7 規劃年的容量價格）是否會低於 2,526 規劃年度列印的 270 容量價格。考慮到立法時間方面供給側和需求側的不同變化，我們一直預期這會在 25 年初的某個時間點發生。

Anyway, again, hopeful that that would not be delayed as a result of the option. I think the need and the criticality of this issue, the urgency of this issue is such that we need to continue to move forward at the pace we've been, we've been working with, we continue our discussions with all of the important decision makers, the governor's office, the state legislature, as well as the puc. In fact, the PUC schedule the resource adequacy technical conference towards the end of this month, we'll be participating in that.

不管怎樣，再次希望這不會因為這個選項而被推遲。我認為這個問題的必要性和重要性，這個問題的緊迫性使得我們需要繼續以我們一直以來的步伐前進，我們一直在合作，我們繼續與所有重要的人士進行討論決策者、州長辦公室、州立法機關以及公用事業委員會。事實上，PUC 安排在本月底召開資源充足性技術會議，我們將參加該會議。

And then as we've talked in the past, just thinking about what this legislation could look like. Obviously, we don't have anything out there right now to comment on. But as I think about the options, obviously, there's the permitting of utilities to invest in generation, which we've been talking about and they could support us in building that new generation in the state, putting it in rate base.

然後，正如我們過去討論過的那樣，想想這項立法會是什麼樣子。顯然，我們現在沒有任何可評論的內容。但當我考慮這些選項時，顯然，我們一直在討論允許公用事業公司投資發電，他們可以支持我們在該州建設新一代發電，並將其納入費率基礎。

I think on the market side are they can, they can provide low interest loans to the generators similar to what they did in Texas with that low interest fund. I think they can also create some incentives for utilities and the IP PS to enter into long term power purchase agreements beyond what we are currently able to do under our default service plan.

我認為在市場方面，他們可以，他們可以向發電商提供低利率貸款，就像他們在德克薩斯州使用低利率基金所做的那樣。我認為他們還可以為公用事業公司和 IP PS 制定一些激勵措施，以簽訂長期購電協議，超出我們目前在預設服務計劃下所能做到的範圍。

So we have some ability to do that, but it's not as extensive as I think, potentially they could incentivize us to do. So, you know, from our perspective, look, we continue to believe that allowing the utilities to directly invest in the generation would be the most impactful and getting generation built in, in the state. Certainly in the time frame necessary to address the gaps that we're seeing around resource adequacy. But look, I think it's reasonable to believe or expect that any new legislation in, in the state could include some or all of these ideas.

所以我們有一定的能力做到這一點，但不像我想像的那麼廣泛，他們可能會激勵我們這樣做。所以，你知道，從我們的角度來看，我們仍然相信，允許公用事業公司直接投資發電將是該州最具影響力和建設發電的方式。當然，在解決我們所看到的資源充足性差距所需的時間範圍內。但是，我認為有理由相信或期望該州的任何新立法都可以包含部分或全部這些想法。

Got it. Okay. That's helpful. I guess we'll stay tuned there. And then on, on just the Kentucky side, you touched on it a little bit on your prepareds. But if we look at all this kind of advanced stage data center demand, I guess, how do we think about the capital requirements to these versus the current plan? Is there, is there the same transmission sensitivity as Pennsylvania there? I know we have to wait for the capital update but just maybe a little bit of color. That would be helpful. Thanks.

知道了。好的。這很有幫助。我想我們會繼續關注那裡。然後，就在肯塔基州這邊，你稍微談到了你的準備。但如果我們看看所有這些高級階段資料中心的需求，我想，我們如何考慮這些與當前計劃的資本要求？有沒有，有和賓州一樣的傳輸靈敏度嗎？我知道我們必須等待資本更新，但也許只是一點點顏色。那會有幫助的。謝謝。

Yeah. So generally the opportunity or the requirement really for additional CapEx around transmission related to the data centers is just less than it is in Kentucky as opposed to P A. And that's primarily because we're dealing with those supply constraints with generation. And so we're very opportunistic in where we build that generation. And so taking advantage of our existing sites where we have generation where we may be retiring certain assets, we just don't need to make as much investment in transmission sharp. Really the the material capital requirement is around the generation which you saw in the updated IRP.

是的。因此，一般來說，與資料中心相關的傳輸相關的額外資本支出的機會或要求實際上比肯塔基州要少，而不是 PA。因此，我們在培養這一代人時非常注重機會主義。因此，利用我們現有的發電站，我們可能會淘汰某些資產，我們不需要在輸電方面進行大量投資。實際上，物質資本要求大約是您在更新的 IRP 中看到的一代。

Got it. Perfect. Thanks so much. I'll pass it to someone else and see you in about a week.

知道了。完美的。非常感謝。我會把它轉給其他人，大約一周後見。

Looking forward to it. Thanks.

期待它。謝謝。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Oh, hey, good morning. Thanks so much. Hey, wondering just as you think about this, First C PC N, it could come pretty soon but what maybe specifically might be included in that in that first one in Kentucky related to the IRP. Would you potentially be looking out to that 2030 generation need? And would there be a gas plant, you know, potentially in this first round?

哦，嘿，早安。非常感謝。嘿，正如您想到的那樣，想知道第一個 C PC N，它可能很快就會到來，但肯塔基州第一個與 IRP 相關的內容可能具體包含哪些內容。您是否會關注 2030 年世代的需求？你知道，第一輪可能會有一座天然氣工廠嗎？

Yeah, thanks for the question, Dave, you know, around timing. As I said, I, I think we could follow the IRP with AC PC and filing as early as the first quarter. I think under any scenario that we're looking at, it's pretty clear that we need to at least get moving on the second CCGT to be in service in 2030.

是的，謝謝你提出這個問題，戴夫，你知道，關於時間的問題。正如我所說，我認為我們可以遵循 AC PC 的 IRP 並最早在第一季提交文件。我認為在我們正在考慮的任何情況下，很明顯我們至少需要啟動第二台 CCGT，以便在 2030 年投入使用。

So that's, that's really driving. I would say the need to get the C PC N filed as soon as we can. The team will be looking at all of the various supply recommendations to see what we include in the C PC N versus a future one. But, but clearly, I would expect at least that that second CCGT likely the, the one in 2031. Some of the other dispatchable gen maybe in, in the, in the 28 time frame like the batteries, etcetera.

所以說，這才是真正的駕駛。我想說的是，我們需要盡快提交 C PC N。團隊將研究所有各種供應建議，以了解我們在 C PC N 中包含哪些內容以及未來的內容。但是，但很明顯，我預計至少第二個 CCGT 很可能是 2031 年的那一次。

So, you know, when, when we look at really the batteries and the scr on gen those are really in there to, to create and extend dispatchable generation for what we see as a more immediate demand increases coming from the data center.

所以，你知道，當我們真正看到電池和發電機上的可控矽時，它們實際上是為了創建和擴展可調度發電，以滿足我們認為來自資料中心的更直接的需求成長。

So obviously, it takes some time right now to get the combined cycles built right now. We're looking at 2030 30 then the 2031 at the earliest. So some of those again, batteries in the scr to keep that supply there while that demand is ramping up in a more near term.

顯然，現在需要一些時間才能建造聯合循環。我們期待 2030 年 30 月，然後最早是 2031 年。因此，其中一些又是SCR中的電池，以在短期內需求增加的同時保持供應。

Yeah, I got you. Okay. That's clear. That makes sense. And then I guess as you yeah, I guess in Kentucky like how speculative is the data center outlook. I mean, you just, you've described kind of what stage it's at right now. I'm just wondering, you know, is it far long enough to give the commission confidence now, you know, that these investments are needed that you do need this generation? Obviously, it's a pretty big ramp up in the in the data center outlook, but probably a maybe more uncertainty than usual.

是的，我找到你了。好的。很清楚。這是有道理的。然後我想就像你一樣，我想在肯塔基州，資料中心的前景有多麼投機。我的意思是，您剛剛描述了現在所處的階段。我只是想知道，你知道，現在是否足夠長的時間讓委員會有信心，你知道，你需要這些投資，你確實需要這一代人？顯然，資料中心前景出現了相當大的成長，但可能比平常有更多的不確定性。

How are you thinking about that?

你覺得怎麼樣？

Yeah, sure. I mean, clearly. So, so the data center load is not the only, you know, large load that we're seeing come to fruition in Kentucky, especially with all of the economic development that's been occurring there over the last few years.

是的，當然。我的意思是，很明顯。因此，資料中心負載並不是我們在肯塔基州看到的唯一的大負載，特別是考慮到過去幾年那裡發生的所有經濟發展。

So the demand curve, that mid load demand curve that we put in the in the recommended case, we feel really good about Dave in terms of data centers in particular, again, where we're seeing 400 megawatts in the advanced stage active discussions to upsize that to a gig a lot. That's all we put in the, the, the mid load case. So we're, we're obviously looking at three gigs overall that continues to grow quarter after quarter. So we're, we're pretty confident with that one gig that we included in the mid load case.

因此，需求曲線，即我們在推薦情況下放入的中負載需求曲線，我們對Dave 的感覺非常好，特別是在數據中心方面，我們再次看到，在高級階段的積極討論中，我們看到400 兆瓦將其擴大到演出很多。這就是我們在中等負載情況下放置的所有內容。所以，我們顯然正在關註三項演出，這些演出將逐季持續成長。所以我們對中等負載情況下的一項工作非常有信心。

Okay, great. That's helpful context. Thanks so much.

好的，太好了。這是有用的背景。非常感謝。

Sure, thanks.

當然，謝謝。

Jeremy Tonet, JP Morgan.

傑里米·託內特，摩根大通。

Hi, good morning, good morning, Jeremy.

嗨，早上好，早上好，傑里米。

Just wanted to take a finer point to some of the conversation on data centers as you outlined there, you know, specifically as far as the time line of, you know, formal deal announcements, if you have any thoughts on how that could materialize and just kind of the cadence over time, just trying to get a feel for when the CapEx could really start to enter the plan incrementally based on what could happen there.

只是想對您在那裡概述的有關數據中心的一些對話進行更詳細的討論，特別是就正式交易公告的時間線而言，如果您對如何實現這一點有任何想法，只是隨著時間的推移的節奏，只是試圖根據那裡可能發生的情況來了解資本支出何時真正開始逐步進入計劃。

Yeah, sure. So, I think we're, we're actually getting close on some of these announcements. And I think once you see the first one or two, right, it'll, it'll probably prompt some others to to make announcements as well. Obviously, there's a huge competitive component, at least on the hyper scaler side with these announcements.

是的，當然。所以，我認為我們實際上已經接近發布其中一些公告了。我認為一旦你看到前一兩個，對吧，它可能會促使其他一些人也發佈公告。顯然，這些公告存在巨大的競爭成分，至少在超大規模方面。

And so, you know, not, not getting too far out and showing your competitive position around your region, I think is, is, is a pretty critical kind of communication strategy on the hyper SCRS part. But I think once, once those announcements start, I would suspect that you'll, you'll kind of see the floodgates open.

所以，你知道，不要走得太遠，展示你在你所在地區的競爭地位，我認為是超級 SCRS 部分的一種非常關鍵的溝通策略。但我認為，一旦這些公告開始，我懷疑你會看到閘門打開。

So, again, getting close on the first one, I would suspect by the end of the year, at least on our first large one and then I will see going into 25. What, what follows from that?

所以，再一次，我懷疑到今年年底，至少在我們的第一個大型項目上，我們將接近第一個項目，然後我將看到第 25 個項目。

Very helpful. Thank you for that. And then shifting gears to Kentucky, we have observed a very constructive relationship. I think with the PPO and the commission over time here. But now that we have kind of a new composition, just wondering if you could provide any updated thoughts on how you see that relationship at this point in time.

非常有幫助。謝謝你。然後轉向肯塔基州，我們觀察到了非常有建設性的關係。我認為隨著時間的推移，PPO 和委員會會在這裡。但現在我們有了一個新的構圖，只是想知道你是否可以提供任何關於你目前如何看待這種關係的最新想法。

Yeah, look, I think the the relationship is, is incredibly constructive. As you said, we've always operated under a constructive regulatory construct in Kentucky. I think part of that is because our team is thoughtful, their analysis is deep, it's well supported with our, our conclusions or our recommendations are well supported with the analysis and the depth and breadth of that analysis.

是的，看，我認為這種關係非常有建設性。正如您所說，我們在肯塔基州一直在建設性的監管架構下運作。我認為部分原因是我們的團隊考慮周全，他們的分析很深入，我們的結論或建議得到了分析的充分支持，而且分析的深度和廣度也得到了很好的支持。

As you know, I think the commission uses our, our operations as, as a model in the state when they're dealing with some others. So generally, it's been, it's been quite positive we've met with the, the new commission. Nothing coming out of that discussion would lead me to believe that that relationship would be anything different with this new commission moving forward.

如您所知，我認為委員會在與其他一些人打交道時，將我們的業務作為該州的典範。總的來說，我們與新委員會的會面是非常積極的。從這次討論中得出的任何結果都不會讓我相信，隨著這個新委員會的推進，這種關係將會有所不同。

So we're feeling we're feeling good. Obviously, the commissions at full staff now with the three commissioners, you know, Angie Hatton, who was the vice chair is now the chair and then John will Stacy just joined in September. So with that appointment, we have a, we have a full complement and again, I would, I would expect the constructive nature of that relationship to continue.

所以我們感覺我們感覺很好。顯然，委員會現在由三名委員組成，你知道，安吉·哈頓（Angie Hatton），誰是副主席，現在是主席，然後約翰·威爾·史黛西（John Will Stacy）剛剛在九月加入。因此，透過這次任命，我們有了一個完整的補充，我希望這種關係的建設性本質能夠繼續下去。

Got it. That's good to hear. I'll leave it there.

知道了。很高興聽到這個消息。我會把它留在那裡。

Durgesh Chopra, Evercore ISI.

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

Hey, team, good morning. Thanks for giving me time. Good morning. Just hey, good morning wins. Hey, just on the comment of, of, you know, one of the strongest balance sheets in the, in the sector. I totally agree there. I was just kind of, you know, don't front run your Q4 update, but just can you talk to whether you think you'll need a, you know, equity in the plan or not just given the cadence of CapEx raises, maybe any color you can share, there would be helpful. Thank you.

嘿，團隊，早安。謝謝你給我時間。早安.只是嘿，早安勝利。嘿，只是關於該行業最強勁的資產負債表之一的評論。我完全同意。我只是有點，你知道，不要搶先進行第四季度的更新，但你可以談談你是否認為你需要，你知道，計劃中的股權，或者考慮到資本支出提高的節奏，也許你可以分享任何顏色，會有幫助的。謝謝。

Yeah. Well, it, it does sound like you're trying to front, run the year end call.

是的。嗯，聽起來你確實想主持年終電話會議。

I wanted to

我想要

Thanks for the question, I guess. Yes. So, I mean, look, there's, there's numerous factors that go into determining our financing needs and, and we are going through the business planning process now and, and evaluating those factors including additional capital needs and those needs are beyond what would would be in the next C PC N filing.

謝謝你的提問，我猜。是的。所以，我的意思是，看，有很多因素會影響我們的融資需求，我們現在正在經歷業務規劃流程，並評估這些因素，包括額外的資本需求，而這些需求超出了預期的範圍。 PC N 歸檔中。

We're seeing additional needs for things like grid modernization, grid resiliency, given the the more severe and frequent storms that we're seeing across all of our territories, digital transformation transmission to support data centers and other load growth. And we, you know, we've clearly been on a trend of identifying additional capital spend which is driving higher rate based growth in and think in fact, each year since we've had the strategic repositioning, our rate base growth has increased by about 100 basis points in each iteration of the plan.

鑑於我們在所有地區看到的更嚴重和頻繁的風暴，我們看到了對電網現代化、電網彈性、支援資料中心和其他負載增長的數位轉型傳輸等方面的額外需求。你知道，我們顯然一直在確定額外的資本支出，這正在推動更高的利率增長，並且認為事實上，自從我們進行戰略重新定位以來，我們的利率基礎增長每年都增加了計劃的每次迭代大約有100 個基點。

And I I certainly expect that trend to continue in our next update. So we'll evaluate our financing needs in context of that broader plan update and provide you our expectations on the year end call. But we are in great shape given our excellent credit position and we have flexibility to develop a plan that you know, maximizes value for our share owners and we continue to feel really good about our ability to achieve our earnings growth targets even with the additional capital needs that we expect in this next update.

我當然希望這種趨勢在我們的下一次更新中繼續下去。因此，我們將在更廣泛的計劃更新的背景下評估我們的融資需求，並向您提供我們對年終電話會議的期望。但鑑於我們良好的信用狀況，我們的狀況良好，我們可以靈活地制定一項您知道的計劃，為我們的股東實現價值最大化，即使有額外的資本，我們仍然對我們實現盈利增長目標的能力感到非常滿意我們期望在下一次更新中滿足需求。

That that's excellent. Thanks. Thanks for that color Joe. Maybe just a follow up to that capital allocation question is some of your peers have lower dividend growth to support higher EPS growth. Now again, like going back to your comments around very strong balance sheet, which it is just maybe give us your thoughts there as you make those capital allocation decisions, dividend equity earnings growth.

那太好了。謝謝。謝謝喬給我的顏色。也許資本配置問題的後續行動是，您的一些同業的股息成長較低，以支持較高的每股盈餘成長。現在，再次回到您對非常強勁的資產負債表的評論，這可能只是在您做出資本配置決策、股息股本收益增長時給我們您的想法。

Yeah, I mean all all of those things go into our consideration for our, for our financing needs and the overall plan. But I think you're, you're where we've seen that occur is in with companies that have had, you know, not the strength of a balance sheet that, that we have. So, you know, that is not, that's not our intention at this time.

是的，我的意思是所有這些事情都會納入我們的融資需求和整體計劃的考慮範圍。但我認為，我們所看到的這種情況發生在那些擁有我們擁有的資產負債表實力的公司。所以，你知道，這不是我們目前的意圖。

Very clear. Thank you.

非常清楚。謝謝。

Great. Thank you.

偉大的。謝謝。

Thanks, Rakesh.

謝謝，拉克什。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑弗里斯。

I know you had a lot on the, the generation and like the data center transmission needs as well. I was just hoping you could frame the scope of the, the P GM R tap. Just looking at the the proposals there, it seems like there could be a lot in PPL zone like around Three Mile Island as well. Just hoping there's any quantification or details you could provide on potential incremental from that area as well.

我知道您對發電和資料中心傳輸需求有很多了解。我只是希望你能確定 P GM R 水龍頭的範圍。只要看看那裡的提案，似乎 PPL 區域（如三哩島周圍）也可能有很多提案。只是希望您也可以提供有關該領域潛在增量的任何量化或詳細資訊。

Yeah, thanks Paul. So we did submit a number of projects to resolve the issues that were identified in the most recent window. We should know what projects if any are selected from that window in the December, January time frame. And of course, we'll be able to reflect those in our updated plan on the year end call. But look, I would say regardless of what is selected in this window, we continue to believe that there will be significant transmission opportunities in Pennsylvania for the foreseeable future.

是的，謝謝保羅。因此，我們確實提交了一些項目來解決最近視窗中發現的問題。我們應該知道在 12 月、1 月的時間範圍內從該視窗中選擇了哪些項目（如果有）。當然，我們將能夠在年終電話會議的更新計劃中反映這些內容。但是，我想說，無論在這個窗口中選擇什麼，我們仍然相信在可預見的未來賓州將存在重大的傳輸機會。

And that's really stemming from the strong economic development, including the data center load that we're seeing just the resource needs in the region. But I I think you're aware, but if not the vast, vast majority of our transmission spend is not derived from these our tech open windows. So we really view these as you know, incremental opportunities for us, not, not baked into our capital planning for transmission.

這實際上源於強勁的經濟發展，包括我們看到的該地區的資源需求的資料中心負載。但我想你知道，但即使不是，我們的絕大多數傳輸支出也不是來自我們的技術開放窗口。因此，如您所知，我們確實認為這些是我們的增量機會，而不是納入我們的輸電資本規劃。

Okay. Yes. No, I definitely understood on that point. And then one other on the, the Kentucky Irp like a two parter just did you go with the potential customer bill impact could be for the, the base plan you're recommending and just more holistically, it's a lot of capital, a lot of construction, just your comfort with ability to get the workers and kind of the, the behind the scenes things to execute such a big plan.

好的。是的。不，我絕對理解這一點。然後另一個，肯塔基州 IRP 就像一個兩人合作夥伴，你是否考慮了潛在客戶賬單的影響可能是，你推薦的基本計劃，更全面地說，這是大量的資本，大量的資金施工，只是你對讓工人和幕後的事情執行如此大的計劃的能力感到滿意。

Thank you. Sure. Yeah, sure. So all of all of that will go into our filing of the C PC N. So the, the IRP is not, you know, it's not a rate case, it's not a you know, a filing where we're requesting you know, rate adjustments or anything like that. So we will include and look at all of that as we're contemplating what we file in the CBC N in, in the first quarter. We do have the coal plants, you know, retiring and, and continuing to depreciate, which provides, you know, bill headroom there.

謝謝。當然。是的，當然。因此，所有這些都將進入我們的 C PC N 備案中。 。因此，當我們考慮在第一季向 CBC N 提交的內容時，我們將納入並研究所有這些內容。我們確實有燃煤電廠，你知道，它們正在退役，而且還在繼續貶值，這提供了那裡的帳單空間。

Obviously, the R AR R, which is the first time we're using that, which is that retired asset recovery mechanism in Kentucky that takes the net book value at the date of retirement and then spread it out over a future 10 year period.

顯然，R AR R，這是我們第一次使用它，這是肯塔基州的退休資產回收機制，它採用退休日的帳面淨值，然後將其分攤到未來 10 年期間。

So, any retirements associated with this plan would, would likely use that mechanism which again reduces customer bills. So overall, you know, we, when we look at our rate case timing and strategies, we're always thinking about affordability and making sure that we balance our ability to get these very critical investments approved.

因此，與該計劃相關的任何退休人員都可能會使用該機制，從而再次減少客戶帳單。所以總的來說，你知道，當我們考慮我們的利率案例時機和策略時，我們總是考慮負擔能力，並確保我們平衡我們使這些非常關鍵的投資獲得批准的能力。

But at the same time, making sure that we're keeping bill impacts you know, within the inflationary amounts as as best we can and and, and I don't think we'll, we'll have an issue being able to do that as we implement the the, the, the C PC N stemming from the IRP.

但同時，確保我們盡可能將帳單影響控制在通貨膨脹範圍內，而且我認為我們不會這樣做，我們將面臨一個問題當我們實現源自 IRP 的 C PC N 時。

Okay, great. And, and just any overall thoughts on like labor construction, just execution ability.

好的，太好了。而且，就像勞動力建設、執行能力等整體想法。

Yeah, so no concerns on, on, you know, getting a battery installed in, in 2028. I think really what you're highlighting is the reason why the next CCCGT would, would, would not be able to go in service until 2030 then the one after that in 2031. So obviously, we used to be able to get combined cycle plants done in a three ish time period. It's now five. That's really due to supply chain constraints to your point, not just on the turbines themselves, but with the E PC contractors and getting enough folks to do all this work. So that is exactly in that driving that 2030 31 time frame.

是的，所以不用擔心，你知道，在 2028 年安裝電池。段內完成聯合循環工廠。現在已經五點了。就您而言，這實際上是由於供應鏈的限制，不僅限於渦輪機本身，還包括 EPC 承包商以及有足夠的人員來完成所有這些工作。因此，這正是在 2030 年 31 月的時間範圍內進行的。

Okay, understood. Now, thanks for the update.

好的，明白了。現在，感謝您的更新。

Thanks Bob.

謝謝鮑勃。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

Thank you. So I wanted to talk about the good morning about that, you know, eight gigs of of data center load of potential data center load. And I know that you point out that some of it might be a double counting of some of the you know, low growth that you see in other areas. But you as one of the few companies in PJM operate in a zone which is heavily over supplied with power.

謝謝。所以我想談談早上好，你知道，潛在資料中心負載的八兆資料中心負載。我知道你指出，其中一些可能是你在其他領域看到的低成長的一些重複計算。但作為 PJM 少數幾家在電力供應嚴重過剩的地區運營的公司之一，您是其中之一。

You chose to you know, have an amicable relationship with power companies and, and data centers. And more importantly, you already have one large data center being developed in, in your service territory in Pennsylvania and, and, you know, as little as I know about hyperscalers, then they tend to operate in clusters, right?

您選擇與電力公司和資料中心建立友好關係。更重要的是，您已經在賓夕法尼亞州的服務區域內開發了一個大型資料中心，並且，您知道，據我所知，超大規模資料中心往往以叢集形式運行，對吧？

So that definitely bodes well for future investments in your zone. I mean, do you see it like that? I mean, is, is there, is there something that, that, that you think? I mean, don't you think that you actually have a strong competitive advantage versus other utilities across the PJM?

因此，這對您所在地區的未來投資絕對是個好兆頭。我的意思是，你是這樣看的嗎？我的意思是，有，有，有什麼東西，你認為有嗎？我的意思是，您不認為與 PJM 的其他公用事業公司相比，您實際上擁有強大的競爭優勢嗎？

Do it 200 loads?

能承載200次嗎？

Yes, absolutely. 100%. So, but first of all, I would say that the duplicate projects, we don't see any duplicates in the eight K.

是的，絕對是。 100%。所以，但首先，我想說的是，重複的項目，我們在 8 K 中沒有看到任何重複。

All of those we think again, those are in advanced stages, we think those are, are very likely to come to fruition. The duplicate is in the 39 total interest that we have. We do think there, there could be some of those that are duplicate.

我們再次思考的所有這些都處於後期階段，我們認為這些很可能會實現。重複項位於我們擁有的 39 總利息中。我們確實認為其中可能存在一些重複的內容。

But I think the eight gigs we're feeling we're feeling good about as those progress and you, but to your point, the more especially when you're thinking about all the points that you just made where we are in PJM, where we are with generation supply. But even just how the, how the formula rate works and being in a nice in, in an RT O, the more generation you add that actually or the more load you have, especially at these level, it, it ends up bringing down kind of the average cost per gig a lot of load for the data centers.

但我認為我們對八場演出感覺良好，因為這些進展和你們，但就你的觀點而言，尤其是當你考慮你剛剛在 PJM 中提出的所有觀點時，我們有發電供應。但是，即使公式費率如何運作，並且在 RT O 中處於良好狀態，您實際上添加的代數越多，或者您擁有的負載越多，特別是在這些級別上，它最終會降低類型資料中心每演出大量負載的平均成本。

So to your exact point, the more you build, the cheaper it becomes on a per unit basis over time. And so I, I 100% agree with you and that's why we're making sure that you know, we can support this and we feel very good with our ability to connect this. And it's really on the generation side which, you know, we've been active on that side within PJM to make sure outside of P A and even within P A, we're continuing to build generation. But on the, on the transmission side, we, we feel very comfortable with our ability to, to not only connect the eight gigs, but to continue to connect beyond that.

因此，就您的確切觀點而言，您建造的越多，隨著時間的推移，每單位的成本就越便宜。所以我，我 100% 同意你的觀點，這就是為什麼我們要確保你知道，我們可以支持這個，並且我們對我們連接這個的能力感到非常滿意。事實上，在發電方面，我們一直在 PJM 內部積極參與，以確保在 PA 之外，甚至在 PA 內部，我們正在繼續建造發電。但在傳輸方面，我們對自己的能力感到非常滿意，不僅可以連接八個演出，而且還可以繼續連接其他演出。

And then, and then separately on the on the quantification of the transmission benefits for customers. I mean, so I mean, you wouldn't be able to retain it, right? So that's not an earnings driver per se, right? Because you're capped on on returns on existing transmission assets it just provides the customer bill room for either additional investments or to, to absorb rising energy and capacity prices. Is that fair?

然後，再分別量化為客戶帶來的利益。我的意思是，所以我的意思是，你無法保留它，對嗎？所以這本身並不是獲利驅動因素，對嗎？由於現有輸電資產的回報受到限制，因此它只是為客戶提供了額外投資或吸收不斷上漲的能源和容量價格的帳單空間。這樣公平嗎？

That's exactly correct. Yes.

這是完全正確的。是的。

Okay. Okay, that's all I have. Thank you.

好的。好吧，我只有這麼多了。謝謝。

Okay.

好的。

David Paz, Wolfe Research.

大衛‧帕斯，沃爾夫研究中心。

Hey, good morning, good morning.

嘿，早上好，早安。

Thanks, apologies. If you've already kind of addressed, this may have missed it. But as we think of, you know, the things you're talking about on the significant capital investment opportunities. You your strong positioning, what are the headwinds that would keep you from, you know, maybe keep you at or below even the midpoint of your 6 to 8.

謝謝，抱歉。如果您已經解決了這個問題，那麼這可能會遺漏。但正如我們所想到的，你知道，你正在談論的關於重大資本投資機會的事情。你的強勢定位是什麼，有哪些逆風會阻止你，你知道，可能會讓你處於或低於 6 到 8 的中點。

I'm just trying to figure out why a lot of these things you aren't saying won't translate into more robust EPS growth. Thanks.

我只是想弄清楚為什麼你沒有說的很多事情不會轉化為更強勁的每股盈餘成長。謝謝。

Yeah. Hey, David, it's Joe Burstein. Yeah, I think, you know, we're, as I said earlier, we're going through the business plan process now, we'll give a full update on, on all of this at on the year end call. But as you think about our earnings growth now and the, and the drivers of that, it's driven by a mix of, of energy efficiencies and rate based growth and, and clearly, you know, we've been talking about that transitioning to a to the more traditional rate based growth driven earnings growth profile.

是的。嘿，大衛，我是喬‧伯斯坦。是的，我想，你知道，正如我之前所說，我們現在正在執行業務計劃流程，我們將在年終電話會議上提供所有這些的完整更新。但當你思考我們現在的獲利成長及其驅動因素時，它是由能源效率和基於利率的成長共同推動的，而且顯然，你知道，我們一直在談論向轉向更傳統的基於利率的成長驅動的獲利成長模式。

And I think, you know, we're, we're, we've been seeing that through the since the repositioning with each of the, plan updates as I had indicated and I expect that trend to continue where we'll be, you know, earnings growth will be driven by, by rate based growth as we move forward. And I think that's what you'll, you'll, you know, clearly see that in the, in the next iteration of the plan.

我認為，你知道，我們，我們，我們已經看到，自從每次計劃更新的重新定位以來，正如我所指出的，我預計這種趨勢將繼續下去，你知道，隨著我們的前進，盈利成長將由基於利率的成長所驅動。我認為這就是你會在計劃的下一個迭代中清楚地看到的。

I got it. All right. So the 63 or so currently on the rate base growth that could rise. But your O&M savings tailwinds subside a little net net, but maybe, I guess it depends on how much you're adding, which we'll find out in February. But that'll make.

我得到了它。好的。所以目前63左右的利率基數成長可能會上升。但你的運作和維護節省的順風略有減弱，但也許，我想這取決於你增加了多少，我們將在二月知道。但這樣就可以了。

Sense. Thank you.

感覺。謝謝。

Yeah, I think.

是的，我想。

High level, that's correct. I mean, yeah, we'll continue on the O&M efficiency strategy but, but, you know, we'll, we'll need to make capital investments to achieve those O&M savings.

水平高，沒錯。我的意思是，是的，我們將繼續實施營運和維護效率策略，但是，但是，您知道，我們需要進行資本投資來實現這些營運和維護節省。

Great. Thank you.

偉大的。謝謝。

And just on the resource Adequacy conference. Do you anticipate what would, how would that feed into if at all the legislative process for whatever the solutions may be there in Pennsylvania for generation?

就在資源充足性會議上。您是否預計賓州可能會出現什麼解決方案？

Yeah. Well, I, I do think the puc will have an active role in administering any legislation that that could ultimately get approved there. So I think the puc engaging in this topic to understand the nuances of it, the magnitude of it and then potentially how they may have to alter their internal procedures, etcetera to to potentially administer some, some law. I think it's really constructive.

是的。嗯，我，我確實認為公用事業委員會將在管理任何最終可能在那裡獲得批准的立法方面發揮積極作用。因此，我認為公用事業委員會參與這個主題是為了了解它的細微差別、它的嚴重程度，然後可能需要改變他們的內部程序等等，以便潛在地執行一些法律。我認為這確實很有建設性。

So again, there's, there's no law on the, on the books that we're responding to or anything like that. But I think the commission is, is preparing accordingly. In the event something happens there so that they can really do their part. Again, I would, I would expect the commission will have a significant role in administering whatever this legislation could, could look like.

再說一次，我們所回應的書籍或類似的東西上沒有法律。但我認為委員會正在做相應的準備。如果那裡發生了一些事情，那麼他們就可以真正盡自己的一份力量。再說一遍，我希望委員會將在管理這項立法的任何方面發揮重要作用。

Great. Thank you.

偉大的。謝謝。

I see.

我懂了。

Mary Gregory, UBS.

瑪麗‧格雷戈里，瑞銀集團。

Yeah, hi, thank you.

是的，嗨，謝謝。

What's the, hey, what, what's the latest thinking on, on the timing of general rate cases in your jurisdictions?

關於您所在司法管轄區一般利率案件的時間安排，最新的想法是什麼？

Yeah, thanks Greg. It's Joe. So well, I would say based on our current plan, which again, we're in the process of updating. We would have a rate case in Kentucky in the first half of next year. At the earliest, we have a stay out provision from the last rate case that that ends at the end of June of next year.

是的，謝謝格雷格。是喬。那麼，我想說的是，根據我們目前的計劃，我們正在更新該計劃。明年上半年我們將在肯塔基州審理一個費率案件。最早，我們會在明年 6 月底結束的最後一個費率案例中製定留出條款。

So, you know, rate case potentially likely after that in Rhode Island, it's likely the fourth quarter of 2025. Again there, we have had an agreement as part of the acquisition that we would not file a rate case until we were off of the T SAS for 12 months. And we did complete the T SAS in, in September.

所以，你知道，羅德島州可能會在 2025 年第四季之後提出利率案件。個月。我們確實在 9 月完成了 T SAS。

So, you know, that's why it looks like the fourth quarter of next year. And then in Pennsylvania, based on the current plan that's 2026 at the earliest, but you know, we'll assess the timing of all of these as we're going through the business plan update and give you an update on the year end call.

所以，你知道，這就是為什麼看起來像是明年第四季的原因。然後在賓州，根據目前的計劃，最早是 2026 年，但你知道，我們將在進行業務計劃更新時評估所有這些的時間安排，並在年終電話會議上向您提供最新情況。

Thank you very much.

非常感謝。

Sure. Thanks Greg.

當然。謝謝格雷格。

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

我們的問答環節到此結束。我想將電話轉給文斯·索爾吉 (Vince Sorgi)，讓其發表結束語。

Great. Thanks so much to everybody for joining us today. I'm really looking forward to seeing many of you at ee I in the not too distant future. So we will see you then. Thanks everybody.

偉大的。非常感謝大家今天加入我們。我真的很期待在不久的將來在 ee I 見到你們中的許多人。那我們到時候見。謝謝大家。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。