賓州電力 (PPL) 2024 Q3 法說會逐字稿

Good day.

再會。

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

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.

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)。

Please go ahead.

請繼續。

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

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。

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

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 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 will 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 also refer to non-GAAP measures including earnings from ongoing operations or ongoing earnings on this call.

我們也參考了非公認會計原則衡量標準，包括持續經營業務的收益或本次電話會議的持續收益。

For reconciliations to the comparable GAAP measures, please refer to the appendix.

有關可比較 GAAP 衡量標準的調整表，請參閱附錄。

I'll now turn the call over to Vince.

我現在將把電話轉給文斯。

Thank you, Andy, and good morning, everyone.

謝謝你，安迪，大家早安。

Welcome to our third-quarter investor update.

歡迎閱讀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 $0.29 per share.

今天，我們公佈了第三季 GAAP 每股收益 0.29 美元。

Adjusting for special items, third-quarter earnings from ongoing operations were $0.42 per share.

調整特殊項目後，第三季持續經營業務的收益為每股 0.42 美元。

Given the strength of our year-to-date performance, we narrowed our 2024 ongoing earnings forecast to a $1.67 to $1.73 per share from the prior forecast range of a $1.63 to a $1.75 per share.

鑑於我們今年迄今的強勁業績，我們將 2024 年持續獲利預測從先前的每股 1.63 美元至 1.75 美元縮小至每股 1.67 美元至 1.73 美元。

As a result, we've increased the midpoint $0.01 to $1.70 per share.

因此，我們將每股中點價格提高了 0.01 美元至 1.70 美元。

Throughout the third quarter, we continue to make excellent progress on delivering our 2024 priorities.

在整個第三季度，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、負擔得起和清潔的能源未來。

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

透過我們正在進行的業務轉型計劃，與 2021 年基準營運和維護相比，我們今年預計將實現 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 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% 的年度每股收益和股息成長。

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.

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，賓夕法尼亞州和肯塔基州的數據中心連接、肯塔基州的新一代數據中心、新的企業範圍技術投資以及額外的彈性將帶來持續的潛在上升空間隨著我們對抗更頻繁和嚴重的風暴，我們在所有司法管轄區進行了投資。

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, which again is compared to our 2021 baseline.

在整個 PPL 中，我們繼續透過利用未來策略來提高效率，使我們能夠繼續實現到 2026 年至少 1.75 億美元的年度營運和維護節省目標，這再次與我們的 2021 年基準進行比較。

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

前往投影片 5，10 月 18 日，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、供應方資源成本以及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.

請務必注意，提交 IRP 僅供參考。

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.

也就是說，詳細的分析提供了有關下一代需求的合理見解，並幫助我們確定不後悔的建議，因為某些輸入存在不確定性。

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.

我們最新 IRP 分析的主要驅動因素包括需求預測更強勁，以及我們在三年前（即 2021 年）提交的上一份 IRP 中看到的新供應方資源成本更高。

In terms of demand, our mid-load scenario reflects load growth of nearly 1.5% annually through 2039, but more importantly, projects annual load growth of over 3% through 2032, which is significantly impacted by projected data center load.

就需求而言，我們的中等負載情境反映到 2039 年負載每年增長近 1.5%，但更重要的是，預計到 2032 年負載年增長將超過 3%，這受到預計資料中心負載的顯著影響。

We evaluated several scenarios for data centers ranging from zero to nearly 2 gigawatts of new load by 2032, with the mid-load scenario assuming just over 1 gigawatt.

我們評估了資料中心的幾個場景，到 2032 年新負載從零到近 2 吉瓦，其中中等負載場景假設略高於 1 吉瓦。

Based on the interest levels that LG&E and KU have already seen from developers, we view no or low data center growth as unlikely.

根據 LG&E 和 KU 已經從開發人員那裡看到的興趣水平，我們認為資料中心不太可能沒有成長或緩慢成長。

Regarding the cost of new generation, we've seen those costs increased markedly since our 2021 IRP except for batteries.

關於新一代的成本，自 2021 年 IRP 以來，除了電池之外，我們發現這些成本顯著增加。

That increases the relative value of our existing generation resources and significantly impacted the generation mix recommended in this year's IRP.

這增加了我們現有發電資源的相對價值，並對今年 IRP 中建議的發電組合產生了重大影響。

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.

關於電池成本，在我們正在進行的資源規劃中，這是第一次電池儲存的資本和非燃料運營和維護成本總和（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 CPCN get built.

重要的是，由於太陽能發電價格上漲，我們並不假設 KPSC 和我們 2022 年 CPCN 批准的 637 兆瓦太陽能購電協議能夠建成。

As noted in our IRP, the impact of environmental regulations remains a key uncertainty as three major regulations are the subject of current federal court challenges.

正如我們的 IRP 中所指出的，環境法規的影響仍然是一個關鍵的不確定性，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 CPCN 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 CPCN 程序中批准的所有資源和退役均按計劃在 2028 年之前完成，但我剛才提到的太陽能購電協議除外。

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以及 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 CPCN filing.

推薦的計劃反映了我們無悔的規劃方法，就像我們最新的 CPCN 備案一樣。

That includes important generation development, even if scenarios that reflect high-economic load growth or CO2 regulations do not come to fruition.

這包括重要的發電發展，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 and 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。

That 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 Ghent and Trimble County coal plants to ensure compliance with ELG and NOx regulations.

建議的計畫還預計需要在根特和特林布爾縣燃煤電廠增加新的環境控制，以確保遵守 ELG 和氮氧化物法規。

The enhanced solar plan, meanwhile, differs from the recommended plan only in the timing and level of new solar generation added.

同時，增強型太陽能計畫與建議計畫的差異僅在於新增太陽能發電的時間和水準。

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.

增強型太陽能計畫不是在2035 年增加500 兆瓦的太陽能，而是在2032 年加速將太陽能增加至1,000 兆瓦，以滿足資料中心對無碳發電的潛在興趣或太陽能價格下降速度快於預期的情況。

Based on our analysis of current factors, 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 billion to $7 billion to 2035 using current pricing estimates.

根據我們對目前因素的分析，我們預計到 2035 年，潛在的額外發電需求為 2,700 至 3,200 兆瓦，相關資本投資包括 60 億至 70 億美元的燃煤電廠環境改造（使用目前定價估算）。

We also evaluated the prospects of joining an RTO 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 RTOs.

我們還在選項審查中評估了加入 RTO 的前景，得出的結論是，我們將為客戶帶來重大的、無法量化的風險，根據我們在其他 RTO 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 CPCN 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 CPCN 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, our Pennsylvania and Kentucky service territories continue to attract growing interest from data center developers.

前往投影片 6 和資料中心開發的更新，我們的賓州和肯塔基州服務區域繼續吸引資料中心開發商日益增長的興趣。

In our Pennsylvania service territory, we now have over 39 gigawatts in our queue with 8 gigawatts in advanced stages of planning, up from the 5 gigawatts we highlighted during our second-quarter call in August.

在我們的賓州服務區域，我們現在有超過 39 吉瓦的隊列，其中 8 吉瓦處於規劃的後期階段，高於我們在 8 月第二季度電話會議中強調的 5 吉瓦。

We estimate these 8 gigawatts represent incremental PPL capital needs of $600 million to $700 million in the 2025 to 2029 time frame, none of which are reflected in our current capital plan.

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 6 億至 7 億美元，而我們目前的資本計畫中並未反映出這些需求。

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.

請注意，我們已將這些類型的項目納入最新的 PJM 大負載預測中，這表明 PPL Electric 在本十年末擁有 PJM 預計峰值負載增量第二高的項目。

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 queues are in front of the meter projects.

需要強調的是，我們隊列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 PJM's review process, with some having completed those reviews.

他們處於 PJM 審查過程的不同階段，其中一些已經完成了這些審查。

Costs incurred by PPL for these projects are reimbursable by developers, even if they do not move forward with the projects.

即使開發商不繼續推動這些項目，PPL 為這些項目產生的費用也可由開發商償還。

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.

隨著未來幾年資料中心負載的增加以及資料中心開始支付傳輸費用，預計將實現節省。

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 a PPL 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.

就金額而言，我們估計，對於連接到電網的第一千兆瓦資料中心需求，假設 PPL 投資水準約為 1 億美元，我們的住宅客戶可以節省近 10% 的電費傳輸部分。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.

雖然額外的資料中心連線也將降低客戶的傳輸成本，但節省的金額將取決於許多因素，包括負載斜坡的時間、所需的投資量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 1 gig.

說到肯塔基州，我們有大約 400 兆瓦處於規劃後期階段，有可能增加到 1 兆瓦。

Active data center requests in Kentucky now total nearly 3 gigawatts of potential demand, an increase from 2 gigawatts at the time of our second-quarter call.

肯塔基州的活躍資料中心請求目前總計近 3 吉瓦的潛在需求，比我們第二季電話會議時的 2 吉瓦增加。

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。

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 CPCN 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 中的建議計劃預計需要額外的天然氣和電池存儲，超出了我們去年批准的 CPCN 的計劃，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, LG&E 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 downed wires and 160 broken poles.

轉向幻燈片 7 和幾項關鍵的營運和監管更新，LG&E 和 KU 對颶風海倫的殘餘反應良好，這場颶風導致超過 224,000 名客戶斷電，並導致 1,600 根電線倒塌和 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.

賓州營運機構的一支 PPL 策略團隊和 400 多個合約資源就是一個很好的例子，他們為這項工作提供了幫助。

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，以應對颶風海倫造成的嚴重破壞和米爾頓。

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 ComEd, Duquesne Light, NIPSCO, and CenterPoint that helped us in our efforts to restore power to our Kentucky customers during hurricane Helene.

我還要感謝 ComEd、Duquesne Light、NIPSCO 和 CenterPoint 的所有員工，他們在海倫颶風期間幫助我們努力為肯塔基州客戶恢復供電。

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 1, which is set to retire by the end of this year.

肯塔基州的其他最新消息是，10 月份，我們向 KPSC 提交了一項請求，要求收回與 Mill Creek 1 號相關的 1.25 億美元退役費用，該項目將於今年年底退役。

We requested approval to recover the cost through the retired asset recovery rider or RAR in our first filing under this new mechanism.

我們在根據此新機制提交的第一次文件中請求批准透過退休資產追回附加條款或 RAR 來收回成本。

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.

附加條款在此類資產報廢後提供 10 年內的成本回收，以及公用事業公司的投資回報，然後加權平均資本成本。

The implementation of the RAR 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.

RAR 附加條款的實施如果獲得批准，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.

轉向賓州，我們將光碟收入上限從 5% 提高到 9% 的光碟豁免請願書繼續按預期進行。

We've completed the briefing process and anticipate a recommended decision in November from the ALJ that's assigned to the case with a PUC decision to follow in early 2025.

我們已經完成了簡報流程，預計 ALJ 將在 11 月做出建議的決定，並分配給該案件，PUC 將在 2025 年初做出決定。

Also in Pennsylvania, PPL Electric Utilities yesterday announced new price to compare rates effective December 1.

同樣在賓州，PPL 電力公用事業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.

新住宅比較價格比去年冬季比較價格下降了約 2%。

In all aspects of our business, our companies remain very focused on affordability for our customers.

在我們業務的各個方面，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 PA.

這一重點也延伸到我們如何為非購物客戶和 PA 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 PUC 提交的最新違約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 1, 2025, through May 31, 2029, to meet PPL Electrics provider of last resort obligations.

我們正在尋求批准我們的計劃，即從 2025 年 6 月 1 日到 2029 年 5 月 31 日期間採購電力，以履行 PPL Electrics 作為最後手段提供者的義務。

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.

我們預計 PUC 將在年底前做出和解決定。

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

轉向羅德島州，我很高興地向大家報告，我們在第三季完成了羅德島能源公司與 PPL 的整合。

Exiting the transition services entered into -- with National Grid when we acquired Rhode Island Energy in May 2022.

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。

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.

對於我們的團隊作為一個 PPL 團結起來以實現這一成果的表現，我無法說得太多，其中涉及在過去兩年中分階段退出 130 多項過渡服務。

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.

這確實是從羅德島州到賓夕法尼亞州再到肯塔基州以及國家電網每個人的團隊努力，使這一轉變成為可能。

We're excited to have Rhode Island Energy now fully integrated to best serve our customers.

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.

最終，九月份，羅德島州公用事業委員會批准了該公司提交的冬季最後手段服務費率。

The rate for non-shopping residential customers effective October 1, 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.

非購物住宅客戶的費率自 10 月 1 日起生效，比去年冬季費率下降了 8%，我們很高興能夠將這些節省的費用轉嫁給我們的客戶。

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.

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 third-quarter GAAP earnings were $0.29 per share compared to $0.31 per share in Q3 2023.

PPL 第三季 GAAP 收益為每股 0.29 美元，而 2023 年第三季為每股 0.31 美元。

We recorded special items of $0.13 per share during the third quarter., primarily due to integration and related expenses associated with the acquisition of Rhode Island Energy.

第三季我們記錄了每股 0.13 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 the special items, third-quarter earnings from ongoing operations were $0.42 per share, a decrease of $0.1 per share compared to Q3 2023.

調整特殊項目後，第三季持續營運收益為每股 0.42 美元，較 2023 年第三季每股下降 0.1 美元。

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.

主要歸因於肯塔基州的有利天氣，資本投資的增加和銷售的增加被逐季上升的營運和融資成本所抵消。

For Q3 2024, we estimate that weather was about $0.01 favorable compared to normal conditions with cooling degree days up about 13% in our Kentucky territories over the quarter.

對於 2024 年第三季度，我們估計，與正常條件相比，天氣狀況有利約 0.01 美元，本季度肯塔基州地區的降溫天數增加了約 13%。

Turning to the full year, through the first nine months of 2024, our GAAP earnings are now at $0.96 per share compared to $0.85 per share to the same period last year.

談到全年，截至 2024 年前 9 個月，我們的 GAAP 收益目前為每股 0.96 美元，去年同期為每股 0.85 美元。

Adjusting for special items recorded through the third quarter, earnings from ongoing operations totaled $1.34 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 1.34 美元。

This represents an improvement of $0.14 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 0.14 美元，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 上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.

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。

That was recognized during the quarter.

這是在本季度得到認可的。

Our Pennsylvania regulated segment results decreased by $0.01 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 0.01 美元。

The decrease was driven by higher operating costs in several areas including higher storm cost, increased vegetation management, and an increase in uncollectibles.

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。

These higher operating costs were partially offset by higher transmission revenues.

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 $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 a favorable adjustment to property taxes.

這一增長主要是由於財產稅的有利調整。

And finally, results at corporate another decreased by $0.01 per share compared to the same period a year ago, primarily due to higher interest expense due to an increase in long-term debt.

最後，另一家公司的業績與去年同期相比每股下降 0.01 美元，主要是由於長期債務增加導致利息支出增加。

In Q3, we were opportunistic amidst increased market volatility and issued $750 million of senior notes at PPL capital funding at a rate of 5.25% that mature in 2034.

第三季度，我們在市場波動加劇的情況下抓住機會，以 PPL 資本融資方式發行了 7.5 億美元的高級票據，利率為 5.25%，將於 2034 年到期。

We saw significant demand for the deal which we believe is attributable to PPL's excellent credit position with one of the strongest balance sheets in the sector.

我們看到對該交易的巨大需求，我們認為這歸因於 PPL 良好的信用狀況以及該行業最強勁的資產負債表之一。

With another solid quarter behind us, we're on track to deliver on our financial targets for our shareowners.

又一個堅實的季度過去了，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 $1.67 to $1.73 per share with a midpoint of $1.70 per share.

我們預計將超過我們最初的 2024 年持續獲利預測的中點，如我們更新後的每股 1.67 美元至 1.73 美元的預測範圍所示，中點為每股 1.70 美元。

And we remain extremely well positioned for continued long term growth.

我們仍處於持續長期成長的有利位置。

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.

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.

但我們對 PPL 的前景一如既往地感到興奮。

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.

謝謝你，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.

這包括按時按預算執行我們的資本計劃，以加強電網可靠性和彈性，提高可持續效率，幫助我們的客戶保持能源負擔得起，完成羅德島能源公司與PPL 的成功整合，快速有效地應對重大風暴以恢復電力為我們的客戶和社區提供電力和安心，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、可靠、負擔得起和更清潔的能源組合。

As we work to close out 2024, I continue to be very proud of our team here at PPL.

在 2024 年即將結束之際，我仍然為 PPL 的團隊感到非常自豪。

I'm confident in our utility of the future strategy.

我對我們未來策略的效用充滿信心。

I'm proud of the progress we're making as we execute that strategy.

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.

有了這個操作員，讓我們打開它來提問。

(Operator Instructions)

（操作員說明）

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Good morning.

早安.

Vince, I know sort of this resource adequacy topic has been kind of a perennial question with the Eastern wires companies during this earnings season.

文斯，我知道在這個財報季節，資源充足性這個主題一直是東部電線公司的長期問題。

And obviously, to your credit, you've been one of the first to highlight the issues and kind of talk about the solutions over a year ago.

顯然，值得稱讚的是，一年多前，您是第一個強調這些問題並談論解決方案的人。

The auction is now delayed.

拍賣現已延後。

I guess, not sure you guys are all aligned.

我想，不確定你們都一致。

But I guess, where do we stand with the solution there?

但我想，我們對解決方案的立場如何？

Could we see a bill introduced in Pennsylvania effectively proposing to allow the wireless companies to own a certain amount of peaking assets and base rates?

我們能否看到賓州提出的一項法案有效地提議允許無線公司擁有一定數量的最高資產和基本費率？

Is it Texas-type energy fund enough?

德州式的能源基金夠用嗎？

I guess, what should we be watching for on the legislative side?

我想，在立法方面我們該注意什麼？

How should we be thinking about all the different pieces out there?

我們該如何思考所有不同的部分？

Thanks.

謝謝。

Yeah, there's a lot there in that question.

是的，這個問題有很多內容。

Shar, let me -- maybe, just how I'm thinking about this issue broadly.

莎爾，讓我——也許，只是我如何廣泛地思考這個問題。

So the option itself of the delay, look, I think, that just reinforces the need for the state to take control of this issue.

因此，我認為，延遲的選擇本身只是強化了國家控制這個問題的必要性。

So 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.

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進程。

I do think and fully expect that PJM will make some improvements on the supply side of the equation with the delay, but I also expect them to include an uploaded -- an updated load forecast, which, of course, will include the incremental data center load.

I do think and fully expect that PJM will make some improvements on the supply side of the equation with the delay, but I also expect them to include an uploaded -- an updated load forecast, which, of course, will include the incremental data center載入.

So we'd expect that to be higher as well.

所以我們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 auction, which is for the 2026, 2027 plan a year compared to the 270 that printed for the 2025, 2026 planning year, just given the different moving parts on both the supply and the demand side.

因此，目前，我無法預測下一次拍賣中的容量價格是否會更低，即2026 年、2027 年計劃每年的容量價格是否會低於2025 年、2026 年計劃年打印的270 個容量價格，只是考慮到不同的移動供給側和需求側各部分。

In terms of timing of legislation, we've always been operating under an expectation that, that would occur sometime in early 2025 anyway.

就立法時間而言，我們一直預期立法會在 2025 年初的某個時間點發生。

Again, hopeful that, that would not be delayed as a result of the auction.

再次希望，這不會因為拍賣而被推遲。

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 working with.

我認為這個問題的必要性和重要性以及緊迫性使得我們需要繼續以我們一直在努力的步伐前進。

We continue our discussions with all of the important decision makers, the Governor's office, the state legislature as well as the PUC.

我們繼續與所有重要決策者、州長辦公室、州立法機構以及 PUC 進行討論。

In fact, the PUC has scheduled a resource adequacy technical conference.

事實上，PUC 已經安排了一次資源充足性技術會議。

Towards the end of this month, we'll be participating in that.

到本月底，我們將參與其中。

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.

然後，正如我們過去談到的那樣，只要考慮這項立法可能會是什麼樣子，顯然，我們現在沒有任何可以評論的內容。

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.

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, Shar, they can provide low-interest loans to the generators similar to what they did in Texas with that low-interest fund.

我認為在市場方面，Shar，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。

I think they can also create some incentives for utilities and the IPPs to enter into long-term power purchase agreements beyond what we are currently able to do under our default service plan.

我認為他們還可以為公用事業公司和獨立發電廠製定一些激勵措施，以簽署超出我們目前預設服務計劃所能做到的長期購電協議。

So we have some ability to do that, but it's not as extensive as I think.

所以我們有一定的能力做到這一點，但沒有我想像的那麼廣泛。

Potentially, they could incentivize us to do.

他們可能會激勵我們這樣做。

So 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 the state, certainly in the time frame necessary to address the gaps that we're seeing around resource adequacy.

因此，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最有影響力的，並且可以在該州建造發電，當然在解決我們所看到的差距所需的時間範圍內資源充足性。

But look, I think it's reasonable to believe or expect that any new legislation in the state could include some or all of these ideas.

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.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

I guess, we'll stay tuned there.

我想，我們會繼續關注那裡。

And then on just the Kentucky side, you touched on it a little bit on your prepareds.

然後在肯塔基州方面，你稍微談了一下你的準備。

But if we look at all this advanced stage data center demand, I guess, how do we think about the capital requirements to these versus the current plan.

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。

Is there the same transmission sensitivity as Pennsylvania there?

那裡的傳輸靈敏度與賓州相同嗎？

I know we have to wait for the capital update, but just maybe a little bit of color there would be helpful.

我知道我們必須等待資本更新，但也許一點點顏色會有幫助。

Thanks.

謝謝。

Yeah.

是的。

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 PA.

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少，而不是 PA。

And that's primarily because we're dealing with those supply constraints with generation.

這主要是因為我們正在應對發電方面的供應限制。

And so we're very opportunistic in where we build that generation.

因此，我們在培養這一代人時非常注重機會主義。

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, Shar.

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那麼多投資，Shar。

Really the material capital requirement is around the generation which you saw in the updated IRP.

實際上，物質資本需求大約是您在更新的 IRP 中看到的一代。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Hey, good morning.

嘿，早安。

Thanks so much.

非常感謝。

Hey, wondering just as you think about this first CPCN -- it could come pretty soon, but what maybe specifically might be included in that first one in Kentucky related to the IRP?

嘿，正如您思考第一個 CPCN 一樣，它可能很快就會到來，但肯塔基州第一個與 IRP 相關的具體內容可能包括哪些內容？

Would you potentially be looking out to that 2030 generation need?

您是否會關注 2030 年世代的需求？

And would there be a gas plant potentially in this first round?

第一輪可能會有一座天然氣工廠嗎？

Yeah.

是的。

Thanks for the question, Dave, you know.

謝謝你的提問，戴夫，你知道。

Around timing, as I said, I think we could follow the IRP with a CPCN filing as early as the first quarter.

正如我所說，關於時間安排，我認為我們最早可以在第一季按照 IRP 提交 CPCN 備案。

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.

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 really driving, I would say, the need to get the CPCN filed as soon as we can.

因此，我想說，盡快提交 CPCN 的需求確實很重要。

The team will be looking at all of the various supply recommendations to see what we include in the CPCN versus a future one.

團隊將研究所有各種供應建議，看看我們在 CPCN 中包含哪些內容以及未來的內容。

But clearly, I would expect at least that that second CCGT, likely the one in 2031, some of the other dispatchable gen maybe in the '28 time frame, like the batteries, et cetera.

但顯然，我預計至少會有第二個 CCGT，可能是 2031 年的那一個，其他一些可調度的發電機可能會在 28 年的時間範圍內出現，例如電池等。

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

因此，當我們真正審視發電機上的電池和 SCR 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.

顯然，現在需要一些時間來建造聯合循環。

Right now, we're looking at 2030 and then 2031 at the earliest.

現在，我們預計最早是 2030 年，然後是 2031 年。

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.

因此，其中一些電池會再次儲存在 SCR 中，以在短期內需求增加的同時保持供應。

Yeah.

是的。

I got you.

我接到你了。

Okay.

好的。

That's clear.

很清楚。

That makes sense.

這是有道理的。

And then I guess as you -- I guess, in Kentucky, like how speculative is the data center outlook?

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？

I mean, you've described kind of what stage it's at right now.

我的意思是，你已經描述了現在所處的階段。

I'm just wondering, is it far along enough to give the commission confidence now that that these investments are needed -- you do need this generation.

我只是想知道，現在是否已經足夠讓委員會有信心需要這些投資——你們確實需要這一代人。

Obviously, it's a pretty big ramp-up in the data center outlook, but probably maybe more uncertainty than usual.

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。

So how are you thinking about that?

那麼你對此有何看法？

Yeah, sure.

是的，當然。

I mean, clearly -- so the data center load is not the only 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.

我的意思是，顯然，資料中心負載並不是我們看到肯塔基州實現的唯一大型負載，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 1 gigawatt.

因此，戴夫，我們在推薦情況下提出的需求曲線，即我們在資料中心方面的中負荷需求曲線，特別是在資料中心方面，我們感覺非常好，我們在先進的資料中心中看到了400 兆瓦的電力。

That's all we put in the mid-load case.

這就是我們在中負載情況下放置的全部內容。

So we're obviously looking at 3 gigs, overall.

所以我們顯然總體上正在考慮 3 場演出。

That continues to grow quarter after quarter.

這一數字持續逐季成長。

So we're pretty confident with that 1 gig that we included in the mid-load case.

因此，我們對包含在中等負載情況下的 1 個演出非常有信心。

Jeremy Tonet, JP Morgan.

傑里米·託內特，摩根大通。

Hi.

你好。

Good morning.

早安.

Just wanted to take a finer point to some of the conversation on data centers as you outlined there.

只是想對您在那裡概述的有關資料中心的一些對話進行更詳細的討論。

Specifically, as far as the timeline of formal deal announcements, if you have any thoughts on how that could materialize and just kind of the cadence over time?

具體來說，就正式交易公告的時間表而言，您是否對如何實現以及隨著時間的推移的節奏有什麼想法？

Just trying to get a feel for when the CapEx really start to enter the plan incrementally based on what could happen there.

只是想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.

是的，當然。

So I think we're actually getting close on some of these announcements.

所以我認為我們實際上已經接近發布其中一些公告了。

And I think once you see the first one or two, right, it'll probably prompt some others to make announcements as well.

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。

Obviously, there's a huge competitive component, at least on the hyper scaler side with these announcements.

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, not getting too far out and showing your competitive position around your region, I think, is a pretty critical kind of communication strategy on the hyper scalers part.

因此，我認為，對於超大規模企業而言，不要走得太遠並展示您在所在地區的競爭地位，這是一種非常關鍵的溝通策略。

But I think once those announcements start, I would suspect that you'll see the floodgates open.

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 first large one, and then I will see going into '25, what follows from that

所以，再一次，接近第一個，我懷疑到今年年底，至少是第一個大型的，然後我會看到進入 25 年，接下來會發生什麼

Very helpful.

非常有幫助。

Thank you for that.

謝謝你。

And then shifting gears to Kentucky, we have observed a very constructive relationship, I think, with the PPO and the commission over time here.

然後轉向肯塔基州，我認為，隨著時間的推移，我們與 PPO 和委員會建立了非常建設性的關係。

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.

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 relationship is incredibly constructive.

是的，看，我認為這種關係非常有建設性。

As you said, we've always operated under a constructive regulatory construct in Kentucky.

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。

I think part of that is because our team is thoughtful, their analysis is deep, it's well supported with our -- conclusions or our recommendations are well supported with the analysis and the depth and breadth of that analysis.

我認為部分原因是我們的團隊考慮周到，他們的分析很深入，我們的結論或我們的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 operations as a model in the state when they're dealing with some others.

如您所知，我認為委員會在與其他一些公司打交道時將我們的業務作為該州的典範。

So generally, it's been quite positive.

總的來說，這是非常積極的。

We've met with the new commission.

我們已經會見了新的委員會。

Nothing coming out of that discussion would lead me to believe that, that relationship would be anything different with this new commission moving forward.

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向前發展，這種關係將會有所不同。

So we're feeling good.

所以我們感覺很好。

Obviously, the commission is at full staff now, with the three commissioners.

顯然，該委員會現在已經滿員，有三名委員。

Angie Hatton, who was the Vice Chair is now the Chair.

曾任副主席的安吉·哈頓 (Angie Hatton) 現任主席。

And then John Will Stacy just joined in September.

然後約翰威爾史黛西 (John Will Stacy) 於 9 月剛加入。

So with that appointment, we have a full complement.

因此，透過這次任命，我們有了完整的補充。

And again, I would expect the constructive nature of that relationship to continue.

我再次希望這種關係的建設性性質能夠繼續下去。

Durgesh Chopra, Evercore ISI.

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

Hey, team.

嘿，團隊。

Good morning.

早安.

Thanks for giving me time.

謝謝你給我時間。

Hey, just on the comment of one of the strongest balance sheets in the sector, I totally agree there.

嘿，就該行業最強勁的資產負債表之一的評論而言，我完全同意。

I would just kind of -- don't want to front run your Q4 update.

我只是不想提前運行您的第四季度更新。

But just can you talk to whether you think you'll need equity in the plan or not, just given the cadence of CapEx raises?

但考慮到資本支出增加的節奏，您是否可以談談您是否認為計劃中需要股權？

Maybe any color you can share there would be helpful.

也許您可以在那裡分享的任何顏色都會有幫助。

Thank you

謝謝

Yeah.

是的。

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

嗯，聽起來你確實想在年終電話會議上搶先一步。

Joe, why don't you talk

喬，為什麼不說話

--

--

Yeah.

是的。

Thanks for the question, Durgesh.

謝謝你的提問，杜爾格甚。

Yeah.

是的。

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

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，而這些需求超出了下一次 CPCN 備案中的範圍。

We're seeing additional needs for things like grid modernization; grid resiliency, given 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.

我們看到了對電網現代化等方面的額外需求；考慮到我們在所有領土上看到的更嚴重和頻繁的風暴，電網的彈性；數位轉型、傳輸以支援資料中心和其他負載的成長。

And we've clearly been on a trend of identifying additional capital spend, which is driving higher-rate-based growth.

我們顯然一直在尋找額外的資本支出，這正在推動更高的成長率。

And I 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.

我認為，事實上，自從我們進行策略重新定位以來，每年我們的利率基礎成長在計畫的每次迭代中都會增加約 100 個基點。

And I certainly expect that trend to continue in our 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。

So we'll evaluate our financing needs in context of that broader plan update and provide you our expectations on the yearend call.

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。

But we are in great shape, given our excellent credit position.

但鑑於我們良好的信用狀況，我們的狀況良好。

And we have flexibility to develop a plan that maximizes value for our share owners.

我們可以靈活地制定一項計劃，為我們的股東實現價值最大化。

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.

即使我們預計在下一次更新中需要額外的資本需求，我們仍然對實現獲利成長目標的能力感到非常滿意。

That’s excellent.

那太好了。

Thanks for that color, Joe. Maybe just a follow-up to that capital allocation question is some of your peers have lowered dividend growth to support higher EPS growth.

謝謝你的顏色，喬。也許資本配置問題的後續行動是一些同業降低了股息成長以支持更高的每股盈餘成長。

Now again, like going back to your comments around very strong balance sheet, which it is.

現在，再次回到您對非常強勁的資產負債表的評論，事實確實如此。

Just maybe give us your thoughts there as you make those capital allocation decisions, dividend, equity, earnings growth.

當您做出資本分配決策、股利、股本、獲利成長時，請告訴我們您的想法。

Yeah, I mean, all of those things go into our consideration for our financing needs and the overall plan.

是的，我的意思是，所有這些事情都會納入我們對融資需求和整體計劃的考慮。

But I think where we've seen that occur is in with companies that have had not the strength of a balance sheet that we have.

但我認為，我們所看到的這種情況發生在那些資產負債表實力不如我們的公司。

So that is not -- that's not our intention at this time.

所以這不是我們目前的意圖。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑弗里斯。

Hi.

你好。

Good morning, team.

早上好，團隊。

I know you had a lot on the generation and like the data center transmission needs as well.

我知道您對這一代有很多了解，也喜歡資料中心傳輸需求。

I was just hoping you could frame the scope of the PJM RTEP.

我只是希望您能夠確定 PJM RTEP 的範圍。

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.

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。

Just hoping there's any quantification or details you could provide on potential incremental from that area as well.

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.

是的。

Thanks, Paul.

謝謝，保羅。

So we did submit a number of projects to resolve the issues that were identified in the most recent window.

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。

We should know what projects, if any, are selected from that window in the December, January time frame.

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）。

And of course, we'll be able to reflect those in our updated plan on the yearend call.

當然，我們將能夠在年終電話會議上的更新計劃中反映這些內容。

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.

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.

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。

But I think you're aware, but if not, the vast majority of our transmission spend is not derived from these RTEP open windows.

但我想你已經意識到了，但如果沒有的話，我們的絕大多數傳輸支出都不是來自這些 RTEP 打開的視窗。

So we really view these as incremental opportunities for us not baked into our capital planning for transmission.

因此，我們確實將這些視為我們的增量機會，而不是納入我們的輸電資本規劃。

Okay.

好的。

Yes.

是的。

No, I definitely understood on that point.

不，我絕對理解這一點。

And then one other on the Kentucky IRP, like a two-parter.

然後是肯塔基州 IRP 上的另一個，就像兩方一樣。

Did you disclose what the potential customer bill impact could be for the base plan you're recommending?

您是否透露了您推薦的基本方案對客戶帳單的潛在影響？

And just more holistically, it's a lot of capital, a lot of construction, just your comfort with ability to get the workers and the behind-the-scenes things to execute such a big plan.

更全面地說，這需要大量的資本、大量的建設，只是你對讓工人和幕後人員執行如此大的計劃的能力感到滿意。

Thank you.

謝謝。

Yeah, sure.

是的，當然。

So all of that will go into our filing of the CPCN.

因此，所有這些都將進入我們向 CPCN 提交的文件中。

So the IRP is not -- it's not a rate case.

所以 IRP 不是——它不是一個利率案例。

It's not a filing where we're requesting rate adjustments or anything like that.

這不是我們要求調整費率或類似內容的文件。

So we will include and look at all of that as we're contemplating what we file in the CBCN in the first quarter.

因此，當我們考慮第一季向 CBCN 提交的內容時，我們將納入並研究所有這些內容。

We do have the coal plants retiring and continuing to depreciate, which provides bill headroom there.

我們確實有燃煤電廠退役並繼續貶值，這為那裡的賬單提供了空間。

Obviously, the RARR, which is the first time we're using that, which is 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，RARR，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 likely use that mechanism, which again reduces customer bills.

因此，與該計劃相關的任何退休都可能會使用該機制，這再次減少了客戶帳單。

So overall, 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, but at the same time, making sure that we're keeping bill impacts within the inflationary amounts as best we can.

因此，總的來說，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，但同時，確保我們保持法案的影響力應盡可能控制在通膨水準之內。

And I don't think we'll have an issue being able to do that as we implement the CPCN stemming from the IRP.

我認為，當我們實施源自 IRP 的 CPCN 時，我們不會遇到能夠做到這一點的問題。

Okay, great.

好的，太好了。

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

還有關於勞動、建設、執行能力等整體想法。

Yeah, so no concerns on getting a battery installed in 2028.

是的，所以不用擔心 2028 年安裝電池。

I think, really, what you're highlighting is the reason why the next CCCGT would not be able to go in service until 2030, and then the one after that, in 2031.

我認為，實際上，您強調的是為什麼下一個 CCCGT 直到 2030 年才能投入使用，然後是 2031 年之後的下一個。

So obviously, we used to be able to get combined cycle plants done in a three-ish time period.

顯然，我們過去能夠在大約三年的時間內完成聯合循環工廠的建設。

It's now five.

現在已經五點了。

That's really due to supply chain constraints, to your point, not just on the turbines themselves but with the EPC contractors and getting enough folks to do all this work.

就您而言，這實際上是由於供應鏈的限制，不僅是渦輪機本身的限制，還包括 EPC 承包商的限制，以及有足夠的人員來完成所有這些工作。

So that is exactly in that -- driving that 2030, '31 timeframe.

這正是推動 2030 年 31 世紀的時間框架的原因。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

Thank you.

謝謝。

So I wanted to talk about that 8 gigs of data center load or potential data center load.

所以我想談談 8 GB 的資料中心負載或潛在的資料中心負載。

And I know that you point out that some of it might be double counting of some of the low growth that you see in other areas.

我知道你指出，其中一些可能是你在其他領域看到的一些低成長的重複計算。

But you, as one of the few companies in PJM, operate in a zone which is heavily over supplied with power.

但是，作為 PJM 中為數不多的幾家公司之一，您所在的地區電力供應嚴重過剩。

You chose to have an amicable relationship with power companies and data centers.

您選擇與電力公司和資料中心建立友好關係。

And more importantly, you already have one large data center being developed in your service territory in Pennsylvania, and as little as I know about hyperscalers, then they tend to operate in clusters, right?

更重要的是，您已經在賓州的服務區域內開發了一個大型資料中心，據我所知，超大規模資料中心往往以叢集形式運行，對嗎？

So that definitely bodes well for future investments in your zone.

因此，這對您所在地區的未來投資絕對是個好兆頭。

I mean, do you see it like that?

我的意思是，你是這樣看的嗎？

I mean, is there something that you think -- I mean, don't you think that you actually have a strong competitive advantage versus other utilities across the PJM data center loads?

我的意思是，您是否認為——我的意思是，您不認為您實際上在 PJM 資料中心負載方面相對於其他公用事業公司擁有強大的競爭優勢嗎？

Yes, absolutely.

是的，絕對是。

100%.

100%。

So first of all, I would say that the duplicate projects, we don't see any duplicates in the 8 gigs.

首先，我想說的是，對於重複的項目，我們在 8 場演出中沒有看到任何重複的項目。

All of those we think -- again, those are in advanced stages.

我們認為所有這些都處於後期階段。

We think those are very likely to come to fruition.

我們認為這些很有可能實現。

The duplicate is in the 39 total interest that we have.

重複項位於我們擁有的 39 總利息中。

We do think there could be some of those that are duplicate.

我們確實認為其中可能有一些是重複的。

But I think the 8 gigs, we're feeling good about as those progress.

但我認為隨著這些進展，我們對 8 場演出感覺良好。

Angie, 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.

安吉，但就你的觀點而言，更多——尤其是當你思考你剛才提出的所有觀點時，我們在 PJM 的情況，我們在發電供應方面的情況。

But even just how the formula rate works and being in a nice -- in an RTO, the more generation you add, that actually -- or the more load you have, especially at these level, it ends up bringing down kind of the average cost per gig a lot of load for the data centers.

但即使公式費率如何運作並且處於良好狀態 - 在 RTO 中，實際上，您添加的代數越多 - 或者您擁有的負載越大，特別是在這些水平上，它最終會降低平均水平每演出成本為資料中心帶來大量負載。

So to your exact point, the more you build, the cheaper it becomes on a per unit basis over time.

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。

And so I 100% agree with you and that's why we're making sure that we can support this and we feel very good with our ability to connect this.

所以我 100% 同意你的觀點，這就是為什麼我們要確保我們能夠支持這個，並且我們對我們連接這個的能力感到非常滿意。

And it's really on the generation side which we've been active on that side within PJM to make sure outside of PA and even within PA, we're continuing to build generation.

實際上，在發電方面，我們一直在 PJM 內部積極開展工作，以確保在 PA 之外，甚至在 PA 內部，我們正在繼續建造發電。

But on the transmission side, we feel very comfortable with our ability to not only connect the 8 gigs but to continue to connect beyond that.

但在傳輸方面，我們感到非常滿意，因為我們不僅能夠連接 8 個演出​​，而且還能繼續連接更多演出。

And then, separately, on the quantification of the transmission benefits for customers, I mean -- so I mean, you wouldn't be able to retain it, right?

然後，分別對客戶的傳輸效益進行量化，我的意思是——所以我的意思是，你將無法保留它，對嗎？

So that's not an earnings driver per se, right?

所以這本身並不是獲利驅動因素，對嗎？

Because you're capped on returns on existing transmission assets.

因為現有輸電資產的報酬率受到限制。

It just provides the customer bill room for either additional investments or to absorb rising energy and capacity prices.

它只是為客戶提供額外投資或吸收不斷上漲的能源和容量價格的帳單空間。

Is that fair?

這樣公平嗎？

That's exactly correct.

這是完全正確的。

Yes.

是的。

David Paz, Wolfe.

大衛‧帕斯，沃爾夫。

Thanks.

謝謝。

Apologies, if you've already kind of addressed this.

抱歉，如果您已經解決了這個問題。

May have missed it.

可能已經錯過了。

But as we think of the things you're talking about on the significant capital investment opportunities, your strong positioning, what are the headwinds that would keep you from -- maybe keep you at or below even the midpoint of your 6% to 8%.

但當我們想到你所談論的重大資本投資機會、你的強勢地位、以及哪些阻力會阻止你——也許會讓你處於或低於 6% 至 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.

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。

Thanks.

謝謝。

Yeah.

是的。

Hey, David.

嘿，大衛。

It's Joe Bernstein.

這是喬·伯恩斯坦。

Yeah, I think, as I said earlier, we're going through the business plan process now.

是的，我想，正如我之前所說，我們現在正在經歷商業計劃流程。

We'll give a full update on all of this at -- on the year end call.

我們將在年終電話會議上提供所有這些的完整更新。

But as you think about our earnings growth now and the drivers of that, it's driven by a mix of energy efficiencies and rate-based growth, and clearly, we've been talking about that transitioning to the more traditional rate-based, growth-driven earnings growth profile.

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，顯然，我們一直在談論向更傳統的基於利率的成長的轉變——推動獲利成長。

And I think, 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 -- earnings growth will be driven by rate based growth as we move forward.

我認為，自從正如我所指出的那樣，隨著每個計劃更新的重新定位，我們一直看到這一點，並且我預計這種趨勢將繼續下去，盈利增長將由基於利率的增長推動當我們前進時。

And I think that's what you'll clearly see that in the next iteration of the plan.

我認為這就是您在計劃的下一個迭代中會清楚地看到的。

I got it.

我得到了它。

All right.

好的。

So the six, three or so currently on the rate-based growth that could arise.

因此，目前可能出現的基於利率的成長有六、三個左右。

But your O&M savings tailwinds subside a little net-net.

但您的營運和維護節省的有利因素略有減弱。

But maybe -- I guess, it depends on how much you're adding, which we'll find out in February.

但也許——我想，這取決於你要添加多少，我們將在二月知道。

But that all makes sense.

但這一切都是有道理的。

Thank you.

謝謝。

Yeah, I think, high level, that is correct.

是的，我認為，高水平，這是正確的。

We'll continue on the O&M efficiency strategy but we'll need to make capital investments to achieve those O&M savings.

我們將繼續實施維運效率策略，但我們需要進行資本投資來實現維運節省。

Great.

偉大的。

Thank you.

謝謝。

And just on the resource adequacy conference, do you anticipate -- how will that beat 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，這將如何進入（如果有的話）賓州可能出現的任何解決方案的立法程序？

Yeah.

是的。

Well, I do think the PUC will have an active role in administering any legislation that could ultimately get approved there.

嗯，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。

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, et cetera, to potentially administer some law.

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、其嚴重程度，以及他們可能必須如何改變其內部程序等，以便潛在地執行某些法律。

I think it's really constructive.

我認為這確實很有建設性。

So again, there's no law on the books that we're responding to or anything like that.

再說一遍，我們所回應的書中沒有任何法律或類似的內容。

But I think the commission is preparing accordingly in the event something happens there so that they can really do their part.

但我認為委員會正在做好相應的準備，以防萬一發生什麼事情，以便他們可以真正盡自己的一份力量。

Again, I would expect the commission will have a significant role in administering whatever this legislation could look like.

再次強調，我預計該委員會將在管理這項立法方面發揮重要作用。

Gregg Orrill, UBS.

格雷格·奧裡爾，瑞銀集團。

Yeah.

是的。

Hi, thank you.

你好，謝謝。

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

您所在司法管轄區對一般費率案件的時間表有何最新想法？

Yeah.

是的。

Thanks, Gregg.

謝謝，格雷格。

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.

是喬。那麼，我想說，根據我們目前的計劃（我們正在更新該計劃），我們最早會在明年上半年在肯塔基州提出費率案例。

We have a stay out provision from the last rate case that ends at the end of June of next year, so rate case potentially likely after that.

我們對明年六月底結束的最後一次利率案件有一項留出條款，因此利率案件可能會在那之後發生。

In Rhode Island, it's likely the fourth quarter of 2025.

在羅德島州，這可能是 2025 年第四季。

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 TSAs for 12 months.

同樣，作為收購的一部分，我們達成了一項協議，即在我們脫離 TSA 12 個月之前，我們不會提交費率案件。

And we did complete the TSAs in September.

我們確實在 9 月完成了 TSA。

So that's why it looks like the fourth quarter of next year.

這就是為什麼看起來像是明年第四季的原因。

And then in Pennsylvania, based on the current plan, that's 2026 at the earliest.

然後在賓夕法尼亞州，根據目前的計劃，最早是 2026 年。

But 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 yearend call.

但我們將在更新業務計劃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。

This concludes our question-and-answer session.

我們的問答環節到此結束。

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

我想將電話轉給文斯·索爾吉 (Vince Sorgi)，讓其發表結束語。

Great.

偉大的。

Thanks so much to everybody for joining us today.

非常感謝大家今天加入我們。

Really looking forward to seeing many of you at EEI in the not-too-distant future.

非常期待在不久的將來在 EEI 見到你們。

So we will see you then.

那我們到時候見。

Thanks, everybody.

謝謝大家。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接了。