賓州電力 (PPL) 2024 Q4 法說會逐字稿

Good day, and welcome to the PPL Corporation Fourth-Quarter 2024 Earnings Conference Call.(Operator Instructions)

大家好，歡迎參加 PPL Corporation 2024 年第四季財報電話會議。

Please note this event is being recorded.

請注意，該事件正在被記錄。

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

現在，我想將會議交給投資者關係副總裁安迪路德維希 (Andy Ludwig)。

Please go ahead.

請繼續。

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

大家早安，感謝您參加 PPL 公司 2024 年第四季和全年財務業績電話會議。

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

我們在網站的投資者部分提供了該演示的幻燈片。

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

今天的電話會議將從 PPL 總裁兼執行長 Vince Sorgi 的最新消息開始；以及財務長喬·伯格斯坦（Joe Bergstein）。

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

在發表完準備好的發言後，我們將以問答環節作為結束。

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

在我們開始之前，我想請大家注意投影片 2 和一個簡短的警告聲明。

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 的 SEC 文件，以了解可能導致實際結果與前瞻性聲明不同的一些因素的討論。

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

我們也將參考非公認會計準則指標，包括本次電話會議中的持續營運收益或持續收益。

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

與可比較 GAAP 指標的對賬，請參閱附錄。

I'll now turn the call over to Vince.

我現在將電話轉給文斯。

Thank you, Andy, and good morning, everyone.

謝謝你，安迪，大家早安。

Welcome to our fourth quarter investor update.

歡迎閱讀我們第四季的投資者更新。

Turning to Slide 4.

轉到投影片 4。

I'm very proud of our PPL team and all we accomplished in 2024 in executing our utility of the future strategy.

我為我們的 PPL 團隊以及我們在 2024 年執行未來策略效用方面所取得的成就感到非常自豪。

Most importantly, we continue to deliver electricity and natural gas safely, reliably and affordably to our 3.5 million customers in Pennsylvania, Kentucky, Rhode Island and Virginia.

最重要的是，我們繼續向賓州、肯塔基州、羅德島州和維吉尼亞州的 350 萬客戶安全、可靠且經濟地輸送電力和天然氣。

This included top quartile transmission and distribution reliability in Kentucky, Pennsylvania and Rhode Island and generation reliability in Kentucky that remains among the nation's best.

其中包括肯塔基州、賓州和羅德島州的輸電和配電可靠性均位於全國前四分位，而肯塔基州的發電可靠性仍位居全國前列。

This was a fantastic result considering we saw some of the worst storms in our company's history as our crews were called upon time and time again to restore power for our customers.

考慮到我們經歷了公司歷史上最嚴重的風暴，我們的工作人員一次又一次地被召喚為客戶恢復電力，這真是一個了不起的結果。

To combat the more frequent and severe storms, we increased our vegetation management spending compared to plan, to enhance reliability and reduce storm-related outages.

為了應對更頻繁和嚴重的風暴，我們比計劃增加了植被管理支出，以提高可靠性並減少風暴相關的停電。

And we'll continue to review our vegetation management programs going forward to effectively balance reliability versus cost for our customers.

我們將繼續審查我們的植被管理計劃，以便為客戶有效平衡可靠性和成本。

Moving to our financial performance.

轉向我們的財務表現。

We delivered ongoing earnings of $1.69 per share, the midpoint of our original 2024 guidance.

我們實現的持續每股收益為 1.69 美元，這是我們最初 2024 年預期的中點。

While we are disappointed that we fell $0.01 short of the increased ongoing earnings midpoint guidance of $1.70 per share, due to some very mild weather in the second half of December.

然而，由於 12 月下半月天氣極為溫和，我們的收益比上調後的每股 1.70 美元的持續收益中點指導價低了 0.01 美元，我們對此感到失望。

We are confident that the increased vegetation spend was in the best interest of all of our stakeholders in closing out the year.

我們確信，增加植被支出符合我們所有利害關係人在今年年底的最佳利益。

Turning to other 2024 highlights.

談談 2024 年的其他亮點。

We executed $3.1 billion of planned infrastructure investments on time and on budget to strengthen great reliability and resilience and advance a safe, reliable, affordable and cleaner energy mix.

我們按時、按預算執行了 31 億美元的計畫基礎設施投資，以增強可靠性和彈性，並推動安全、可靠、經濟和更清潔的能源結構。

We also continued our focus in becoming more efficient and keeping energy affordable achieving the top-end of our cumulative annual O&M savings target of $130 million from a 2021 baseline through continued deployment of smart grid technology, automation and data science.

我們也持續致力於提高效率並維持能源價格合理，透過持續部署智慧電網技術、自動化和數據科學，實現以 2021 年為基準的 1.3 億美元的年度累積營運和維護節約目標的最高值。

As shared on our third quarter call, we completed the integration of Rhode Island Energy into PPL, exiting the transition services agreement we entered with National Grid when we acquired Rhode Island Energy in May 2022.

正如我們在第三季電話會議上所分享的那樣，我們完成了羅德島能源與 PPL 的整合，退出了我們於 2022 年 5 月收購羅德島能源時與國家電網簽訂的過渡服務協議。

The integration involved exiting more than 130 transition services and phases over the past two years with careful attention paid to minimizing any impacts on our customers and employees along the way.

此次整合涉及過去兩年內退出 130 多個過渡服務和階段，並非常注意盡量減少對我們的客戶和員工的影響。

Overall, I'm immensely proud of the strong collaboration and teamwork that took place across PPL and with National Grid to achieve this success.

總的來說，我為 PPL 和國家電網之間緊密合作和團隊合作並取得這一成功感到無比自豪。

Moving to Slide 5.

移至投影片 5。

Today, we announced an updated business plan that strengthens and extends our runway for annual earnings and dividend growth while supporting the delivery of safe, reliable and affordable energy for our customers.

今天，我們宣布了一項更新的業務計劃，該計劃將加強和擴大我們的年度盈利和股息增長管道，同時支持為我們的客戶提供安全、可靠和負擔得起的能源。

In connection with this update, we announced our 2025 ongoing earnings forecast range of $1.75 to $1.87 per share.

與此更新相關，我們宣布了 2025 年持續獲利預測範圍為每股 1.75 美元至 1.87 美元。

The midpoint of this range is $1.81 per share represents 7% growth from our original 2024 forecast midpoint and year-end result of a $1.69 per share.

該範圍的中點為每股 1.81 美元，較我們最初預測的 2024 年中點和年終每股 1.69 美元增長 7%。

Looking beyond 2025, we are extending our 6% to 8% annual earnings and dividend growth through at least 2028, which is based off the 2025 forecast midpoint.

展望 2025 年以後，我們將在 2028 年至少延續 6% 至 8% 的年收益和股息成長率，這是基於 2025 年的預測中點。

Given the strength of our updated plan, we are confident that we can achieve the top half of our targeted growth rate range over this period.

鑑於我們更新後的計劃的力度，我們有信心在此期間實現目標增長率範圍的上半部分。

Underpinning these updated targets is a refreshed capital plan that includes $20 billion in expected infrastructure investments from 2025 through 2028.

這些更新目標的基礎是一項更新的資本計劃，其中包括從 2025 年到 2028 年預計 200 億美元的基礎設施投資。

This compares to $14.3 billion in our prior plan period.

相比之下，我們先前計劃期間的收入為 143 億美元。

Our updated plan includes a mix of investments aimed at strengthening the grid against current and future weather impacts, speeding up our ability to restore power when storms strike and advancing a cleaner energy mix without compromising on reliability and affordability.

我們更新的計劃包括一系列投資，旨在加強電網抵禦當前和未來天氣影響的能力，加快風暴來襲時恢復供電的能力，並在不影響可靠性和可負擔性的前提下推進更清潔的能源結構。

These critical investments are expected to drive average annual rate base growth of between 9.5% and 10% through 2028, up from 6.3% over the prior plan period, which strengthens the predictability of our growth targets.

這些關鍵投資預計將推動到 2028 年年均基礎成長率達到 9.5% 至 10%，高於上一計畫期間的 6.3%，從而增強了我們成長目標的可預測性。

In support of customer affordability and a critical component of our strategy, we remain hyper focused on improving operational efficiency across the enterprise.

為了支援客戶的承受能力和我們策略的關鍵組成部分，我們仍然高度重視提高整個企業的營運效率。

As for every dollar of O&M we can take out of the business, we can fund an average $8 of capital without impacting the customer bill.

至於我們從業務中拿出的每一美元營運和維護費用，我們都可以提供平均 8 美元的資本，而不會影響客戶帳單。

I'm very proud of how our teams across PPL have embraced the drive to innovate and work smarter and more efficiently for our customers.

我為 PPL 的團隊如何勇於創新、為客戶更聰明、更有效率地工作感到非常自豪。

We continue to expect cumulative annual O&M savings of at least $175 million through 2026 based off the 2021 baseline.

以 2021 年為基準，我們預計到 2026 年每年的累計 O&M 節省將至少達到 1.75 億美元。

Given the significant increase in capital needs in our updated plan, we expect to need $2.5 billion of equity through 2028.

鑑於我們更新後的計畫中資本需求大幅增加，我們預計到 2028 年將需要 25 億美元的股本。

This supports our strong credit metrics, which we expect to maintain throughout the planned period.

這支持了我們強勁的信用指標，我們預計這些指標將在整個計劃期間內保持下去。

Finally, today, we also announced a quarterly common stock dividend of $0.2725 per share.

最後，今天我們也宣布了每股 0.2725 美元的季度普通股股息。

This represents approximately a 6% increase from the current quarterly dividend, which is at the lower end of our target range given the significant capital investment needs in our updated plan.

這比當前季度股息增加了約 6%，考慮到我們更新的計劃中大量的資本投資需求，這處於我們目標範圍的低端。

Turning to Slide 6.

翻到幻燈片 6。

Over the past year, we've made substantial progress in our Utility of the Future strategy, which sets us up well heading into 2025.

在過去的一年裡，我們在未來公用事業策略方面取得了實質進展，這為我們邁向 2025 年做好了準備。

We've restructured our business and realigned departments and teams across PPL to better execute the strategy, implement best practices across the enterprise, increase operational efficiencies and drive continuous improvement.

我們重組了業務，並重新調整了 PPL 的部門和團隊，以便更好地執行策略、在整個企業內實施最佳實踐、提高營運效率並推動持續改進。

These changes have already begun to yield significant benefits.

這些變化已經開始產生顯著的效益。

We also kicked off an IT transformation initiative that will bring alignment of our systems across PPL.

我們還啟動了一項 IT 轉型計劃，旨在協調 PPL 內的系統。

This included engaging with some of the world's leading technology companies, exploring new opportunities to apply cutting-edge technology to the utility industry to deliver a better experience for our customers and employees.

其中包括與一些世界領先的科技公司合作，探索將尖端技術應用於公用事業行業的新機會，為我們的客戶和員工提供更好的體驗。

As we continue to make decisions and plan for the future, we will increasingly use AI and other advanced technologies to inform our decisions, optimize our asset planning and maintenance, better manage supply and demand on the grid and empower our customers through digital solutions and better service.

隨著我們繼續做出決策和規劃未來，我們將越來越多地使用人工智慧和其他先進技術來指導我們的決策，優化我們的資產規劃和維護，更好地管理電網的供需，並透過數位解決方案和更好的服務為我們的客戶提供支援。

I'm convinced our investments in technology will deliver better results at lower costs for our customers.

我堅信我們在技術方面的投資將為我們的客戶以更低的成本帶來更好的結果。

Over the past year, we've also begun to execute our planned generation replacement strategy in Kentucky that will advance a reliable, affordable, and cleaner energy mix.

在過去的一年裡，我們也開始在肯塔基州實施計畫中的發電替代策略，以推動可靠、經濟、更清潔的能源結構。

Last fall, for instance, we broke ground on construction of a new 640-megawatt combined cycle natural gas plant at our Mill Creek facility.

例如，去年秋天，我們在 Mill Creek 工廠動工建造了一座新的 640 兆瓦聯合循環天然氣發電廠。

And throughout 2024, we continued to advance our plans for development of 240 megawatts of new company owned solar and 125 megawatts of battery storage.

在整個 2024 年，我們將繼續推進開發 240 兆瓦新公司自有太陽能和 125 兆瓦電池儲存的計畫。

We continue to drive innovation and invest in research and development, partnering with more than 30 different organizations on over 175 R&D initiatives, including one of the industry's leading carbon capture projects at our Cane Run combined cycle natural gas plant in Kentucky.

我們持續推動創新並投資於研發，與 30 多個不同的組織合作 175 多個研發項目，其中包括位於肯塔基州 Cane Run 聯合循環天然氣工廠的業界領先的碳捕獲項目之一。

In addition, we've developed common design and operation standards across our utilities that will continue to bring advanced technologies, best practices and more robust engineering and construction specifications for future grid designs.

此外，我們在公用事業部門制定了通用的設計和操作標準，這將繼續為未來的電網設計帶來先進的技術、最佳實踐和更強大的工程和施工規範。

And while wildfire risks are low throughout most of the areas we serve, we take nothing for granted when it comes to public safety.

雖然我們服務的大多數地區的野火風險較低，但在公共安全問題上我們不會掉以輕心。

And in 2024, we implemented wildfire mitigation plans at all of our utilities.

2024 年，我們在所有公用事業單位實施了野火緩解計畫。

We remain committed to help drive economic development in our service territory including supporting significant data center build-out, as we recognize that data center growth and expansion is key to America's future economic competitiveness in national security.

我們將繼續致力於幫助推動我們服務領域的經濟發展，包括支持大規模資料中心的建設，因為我們認識到資料中心的成長和擴張是美國未來在國家安全中的經濟競爭力的關鍵。

Finally, we continue to engage with key stakeholders to strengthen resource adequacy in PJM.

最後，我們繼續與主要利害關係人合作，以加強 PJM 的資源充足性。

In Pennsylvania, specifically, we continue to advocate for a state-focused no-regret strategy that addresses impending energy shortfalls and provides the state with additional tools to help protect customers from price volatility and reliability concerns.

具體來說，在賓州，我們繼續倡導以州為中心的無悔策略，以解決迫在眉睫的能源短缺問題，並為該州提供額外的工具，幫助保護客戶免受價格波動和可靠性問題的影響。

We believe one way to do this is to allow regulated electric utilities to invest in generation resources up to including owning and operating generation again.

我們認為實現這一目標的方法之一是允許受監管的電力公司投資發電資源，包括再次擁有和營運發電。

This would complement the competitive market by addressing resource adequacy caps rather than relying solely on market forces to deliver a solution.

這將透過解決資源充足率上限來補充競爭市場，而不是僅僅依靠市場力量來提供解決方案。

Turning to Slide 7 and a brief regulatory update.

前往投影片 7 並查看簡短的監管更新。

We continue to advance on several key regulatory proceedings across our jurisdictions and expect to file a few more this year.

我們繼續推進我們轄區內幾項關鍵監管程序，並預計今年將提交更多程序。

Starting in Kentucky, LG&E and KU continued to advance their latest integrated resource plan through the Kentucky Public Service Commission's review process.

從肯塔基州開始，LG&E 和 KU 繼續透過肯塔基州公共服務委員會的審查程序來推進其最新的綜合資源計劃。

Since it was filed last October, the process has proceeded as expected with a public hearing scheduled for May 13.

自去年 10 月提交以來，該流程一直按預期進行，公開聽證會定於 5 月 13 日舉行。

Our analysis continues to support the need for additional generation capacity by the end of the decade and we've updated our capital plans to reflect our recommended path forward.

我們的分析繼續支持到本世紀末需要增加發電能力，並且我們已經更新了我們的資本計劃，以反映我們建議的方向。

Informed by this IRP, we expect to file a CPCN request later this quarter to address near-term generation needs.

根據此 IRP 的訊息，我們預計將在本季稍後提交 CPCN 請求，以解決近期的發電需求。

Finally, we anticipate filing a base rate case in Kentucky later this summer with our current stay-out period ending on July 1.

最後，我們預計將於今年夏天晚些時候在肯塔基州提起基本利率訴訟，目前的暫停期將於 7 月 1 日結束。

As a reminder, LG&E and KU's last base rate increase was about four years ago in July 2021.

提醒一下，LG&E 和 KU 上次上調基準利率是在大約四年前的 2021 年 7 月。

Turning to Pennsylvania.

轉向賓州。

PPL Electric Utilities continues to await a PUC decision on our petition to increase the distribution system improvement charge cap to 9% of revenue from the current cap of 5%.

PPL 電力公司仍在等待公共事業委員會 (PUC) 對我們的請願做出決定，將配電系統改善費用上限從目前的 5% 提高到收入的 9%。

In late November, a PUC administrative law judge recommended the denial of our petition.

11 月下旬，公共事業委員會的行政法官建議駁回我們的請求。

Despite that recommendation, we continue to believe in the merits of our request.

儘管有這樣的建議，我們仍然相信我們的請求有其價值。

We since filed exceptions to the recommended decision and await a final order from the commission.

我們已經對建議的決定提出了異議，並等待委員會的最終命令。

Also in Pennsylvania, we continue to evaluate the timing of our next rate case, where we've not had a base rate increase since January 1, 2016.

此外，在賓州，我們繼續評估下一次利率案例的時機，自 2016 年 1 月 1 日以來，我們還沒有上調過基準利率。

The team has done an outstanding job of making critical investments while becoming more efficient, resulting in solid financial performance over that time period.

該團隊在提高效率的同時，在關鍵投資方面做得非常出色，從而在這段時間內取得了穩健的財務表現。

We are evaluating the timing of a Pennsylvania rate case given increased capital investment needs, continued frequency and intensification of storms and overall inflationary impacts.

考慮到資本投資需求的增加、風暴持續頻繁和加劇以及整體通膨影響，我們正在評估賓州利率案例的時機。

Turning to Rhode Island.

轉向羅德島。

In late December, Rhode Island Energy filed its annual electric and gas infrastructure safety and reliability plans for fiscal year 2026, which covers investments from April of this year through March of 2026.

12 月下旬，羅德島能源公司提交了 2026 財年年度電力和天然氣基礎設施安全和可靠性計劃，該計劃涵蓋從今年 4 月到 2026 年 3 月的投資。

Our electric ISR filing seeks a total budget of about $260 million for infrastructure investments, including nearly $90 million for advanced metering functionality which has already been approved by the Rhode Island Public Utility Commission as well as certain costs for vegetation management and other costs relating to maintaining safety and reliability.

我們的電力 ISR 文件尋求總計約 2.6 億美元的基礎設施投資預算，其中包括近 9,000 萬美元用於先進計量功能（已獲得羅德島公用事業委員會的批准）以及某些植被管理費用和與維護安全性和可靠性有關的其他費用。

Our gas ISR filing meanwhile, seeks a total budget of about $225 million to sustain and enhance the safety and reliability of our gas distribution system.

同時，我們的天然氣 ISR 文件尋求總計約 2.25 億美元的預算來維持和提高我們的天然氣分配系統的安全性和可靠性。

Hearings on both plans will be conducted in March with a decision expected by April 1.

這兩項計畫的聽證會將於三月舉行，預計四月一日之前做出決定。

Meanwhile, we continue to expect to file a base rate case in Rhode Island in the fourth quarter of 2025, following conclusion of our stay-out period on October 1.

同時，我們仍預計在 10 月 1 日暫停期結束後，於 2025 年第四季在羅德島州提起基準利率訴訟。

Remember that as part of our transition plans for Rhode Island Energy, we had agreed not to file for a base rate increase until we had been off the transition agreement with National Grid for a full 12 months.

請記住，作為羅德島能源過渡計畫的一部分，我們已同意在脫離與國家電網的過渡協議整整 12 個月之前，不申請提高基準利率。

We completed the transition services in September of 2024.

我們於 2024 年 9 月完成了過渡服務。

Moving to Slide 8 and an update on data center development in our service territories.

前往投影片 8，了解我們服務區域內資料中心發展的最新情況。

We continue to see substantial interconnection requests in Pennsylvania and now have over 56 gigawatts in our Q. While we continue to recognize that there's likely duplication in that figure, we have nearly 9 gigawatts in advanced stages of development.

我們繼續看到賓州有大量的互連請求，現在我們的 Q 中有超過 56 千兆瓦。

We estimate potential transmission capital investment of between $600 million and $700 million for these projects.

我們估計這些項目的潛在輸電資本投資在 6 億至 7 億美元之間。

We've included about $400 million in our updated capital plan, which was prioritized based on the requested interconnection dates.

我們在更新後的資本計劃中包含了約 4 億美元，該計劃的優先順序是根據所要求的互連日期確定的。

As we've shared previously, we expect that each new data center connection in Pennsylvania will lower transmission costs for customers with savings to ramp up over the next several years as data centers begin to pay more significant transmission costs.

正如我們之前所分享的，我們預計賓州每個新的資料中心連線都將降低客戶的傳輸成本，隨著資料中心開始支付更高的傳輸成本，未來幾年客戶的儲蓄將會增加。

In Kentucky, we were pleased to announce our first hyperscale data center customer in Jefferson County, the latest example of the state success and our support in attracting economic development.

在肯塔基州，我們很高興地宣布我們在傑斐遜縣有了第一個超大規模資料中心客戶，這是該州成功的最新例證以及我們在吸引經濟發展方面提供的支持。

The joint venture between powerhouse data centers and Poe Companies will involve development of a 400-megawatt data center campus located in Louisville.

強大資料中心和 Poe Companies 之間的合資企業將涉及開發位於路易斯維爾的 400 兆瓦的資料中心園區。

The first 130 megawatts are expected to come online in October 2026, with demand growing to the full 400 megawatts by 2028.

預計首批 130 兆瓦將於 2026 年 10 月投入使用，到 2028 年需求將成長至 400 兆瓦。

Meanwhile, active data center requests in Kentucky continue to meaningfully increase, and have doubled since our Q3 call with nearly 6 gigawatts of potential demand in our Q. In summary, we continue to see robust demand in both states and look forward to continuing to support these important customers.

與此同時，肯塔基州的活躍數據中心請求繼續大幅增加，自我們第三季度電話會議以來增長了一倍，本季度潛在需求接近 6 千兆瓦。

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

現在我將把電話轉給喬來報告財務最新情況。

Thank you, Vince, and good morning, everyone.

謝謝你，文斯，大家早安。

Let's turn to Slide 10.

讓我們翻到第 10 張投影片。

PPL's fourth quarter GAAP earnings were $0.24 per share compared to $0.15 per share in Q4 2023.

PPL 第四季的 GAAP 收益為每股 0.24 美元，而 2023 年第四季的每股收益為 0.15 美元。

We recorded special items of $0.10 per share during the fourth quarter primarily due to integration and related expenses associated with the acquisition of Rhode Island Energy and IT transformation costs for these special items, fourth quarter earnings from ongoing operations were $0.34 per share, a decrease of $0.06 per share compared to Q4 2023.

我們在第四季度記錄了每股 0.10 美元的特殊項目，這主要是由於收購羅德島能源相關的整合和相關費用以及這些特殊項目的 IT 轉型成本，第四季度持續經營收益為每股 0.34 美元，與 2023 年第四季度相比每股減少 0.06 美元。

On an annual basis, our 2024 GAAP earnings or $1.20 per share compared to $1 per share in 2023.

以年度計算，我們的 2024 年 GAAP 收益為每股 1.20 美元，而 2023 年為每股 1 美元。

Adjusting for special items recorded throughout the year, our 2024 ongoing earnings were $1.69 per share an improvement of $0.09 per share compared to our 2023 results.

在全年記錄的特殊項目調整後，我們 2024 年的持續收益為每股 1.69 美元，與 2023 年的業績相比每股提高 0.09 美元。

Turning to the ongoing segment drivers for the fourth quarter on Slide 11.

第 11 頁是第四季持續的細分驅動因素。

Our Kentucky segment results were flat compared to last year.

我們肯塔基州分部的業績與去年同期相比持平。

The favorable weather impact was offset by higher operating costs, which included the higher vegetation management costs, as Vince mentioned earlier.

正如文斯之前提到的，有利的天氣影響被更高的營運成本（包括更高的植被管理成本）所抵消。

Our Pennsylvania Regulated segment results were also flat compared to the same period a year ago.

與去年同期相比，我們的賓州監管部門的業績也持平。

Pennsylvania's results were primarily driven by higher transmission revenues offset by higher operating costs in several areas, including increased vegetation management costs and an increase in uncollectibles.

賓州的表現主要得益於輸電收入的增加，但被多個領域的營運成本增加所抵消，包括植被管理成本的增加和壞帳的增加。

Our Rhode Island segment results decreased by $0.03 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下降了 0.03 美元。

This decrease was primarily driven by lower transition and distribution revenues, which included a favorable annual ISR true-up recognized in Q4 2023.

這一下降主要是由於過渡和分銷收入下降，其中包括 2023 年第四季度確認的有利年度 ISR 調整。

Finally, results at Corporate and Other decreased by $0.03 per share compared to the same period a year ago.

最後，企業及其他業務的業績與去年同期相比每股下降了 0.03 美元。

The decrease was primarily due to higher interest expense from increased holding company debt balances and higher income taxes driven by driven by higher tax credits that were recognized last year.

下降的主要原因是控股公司債務餘額增加導致的利息支出增加，以及去年確認的稅收抵免增加導致的所得稅增加。

Moving to slide 12.

移至投影片 12。

We continue to build a track record of delivering our 6% to 8% annual growth target, achieved 7% growth from $1.58 our original 2023 forecast midpoint.

我們繼續保持實現 6% 至 8% 年成長目標的良好記錄，從我們最初預測的 2023 年中點 1.58 美元實現了 7% 的成長。

Looking ahead, we were extremely confident in our growth and the plan we've rolled out today strengthens that even further.

展望未來，我們對我們的成長非常有信心，而我們今天推出的計劃將進一步增強我們的信心。

We extended our 6% to 8% annual EPS growth target another year through 2028 and expect to achieve growth in the upper half of that range.

我們將 6% 至 8% 的年度每股收益成長目標延長一年至 2028 年，並預計將實現該範圍上半部的成長。

At our updated plan, our growth will be driven by the significant investment needs and the corresponding rate base growth across the enterprise.

在我們更新的計劃中，我們的成長將由整個企業的重大投資需求和相應的利率基礎成長來推動。

In connection with that investment, we do expect to experience some regulatory lag over this period while needing equity to support this meaningful growth, and we are shifting from earnings driven by rate base growth and O&M savings to growth primarily driven by rate base growth.

就該項投資而言，我們確實預計在此期間會經歷一些監管滯後，同時需要股權來支持這一有意義的增長，並且我們正在從由費率基礎增長和 O&M 節省驅動的盈利轉向主要由費率基礎增長驅動的增長。

Our updated plan clearly positions PPL to deliver strong, sustainable growth for shareholders and improved service for our customers for years to come.

我們更新後的計畫明確指出 PPL 將在未來幾年為股東實現強勁、可持續的成長，並為客戶提供更好的服務。

Moving to Slide 13.

移至幻燈片 13。

We've provided a walk from the midpoint of our original 2024 ongoing earnings of $1.69 per share to our 2025 forecast midpoint.

我們提供了從原來的 2024 年每股 1.69 美元持續收益中點到 2025 年預測中點的步長。

Starting with our Kentucky segment, we project results to increase by $0.05 per share in 2025.

從肯塔基州分部開始，我們預計 2025 年每股收益將增加 0.05 美元。

The increase is projected to be driven by higher sales volumes due to a return to normal weather and modest weather-normalized growth lower operating costs and higher AFUDC income related to new generation and AMI projects.

預計成長的動力是，由於天氣恢復正常和天氣正常化帶來的適度增長，銷售量增加，營運成本降低，以及與新一代和 AMI 項目相關的 AFUDC 收入增加。

These increases are expected to be partially offset by higher interest expense due to higher projected debt balances as we finance our capital investments.

由於我們為資本投資提供資金，預計債務餘額將增加，因此這些成長預計將被更高的利息支出部分抵消。

In Pennsylvania, we also project segment results to increase by $0.05 per share in 2025.

在賓州，我們也預計 2025 年分部業績將每股增加 0.05 美元。

Returns on additional capital investments in transmission, and lower operating costs are projected to be partially offset by higher interest expense due to higher debt balances.

預計輸電方面額外資本投資的回報和較低的營運成本將被因債務餘額增加而導致的較高利息支出部分抵銷。

Rhode Island segment results are expected to increase by $0.04 per share in 2025 compared to our 2024 results. primarily due to increased rider revenue from capital investments and lower operating costs, partially offset by higher interest expense.

與 2024 年的業績相比，預計 2025 年羅德島分部的業績將每股增加 0.04 美元。主要是由於資本投資帶來的附加收入增加以及營運成本降低，但被更高的利息支出部分抵銷。

Finally, we project our corporate and other results to decrease by $0.02 per share in 2025 and primarily due to higher interest expense.

最後，我們預計 2025 年公司和其他業績將每股下降 0.02 美元，主要原因是利息支出增加。

Our 2025 earnings forecast does not include the impact of any base rate cases in any of our jurisdictions as we do not expect any rate increases to take effect until January 2026 at the earliest.

我們對 2025 年獲利預測不包括任何司法管轄區內任何基準利率情況的影響，因為我們預計任何利率上調最早要到 2026 年 1 月才會生效。

Turning to Slide 14.

翻到幻燈片 14。

Over the next 4 years, we have planned capital investments of $20 billion to meet the growing demand needs on our networks to continue to provide reliable service and enhance the overall customer experience and to support economic expansion in our service territories.

未來四年，我們計劃投資 200 億美元，以滿足我們網路日益增長的需求，繼續提供可靠的服務，提升整體客戶體驗，並支持我們服務地區的經濟擴張。

This includes advancing industry-leading grid modernization, expanding and hardening our transmission and distribution networks, improving the safety of our natural gas networks, implementing our approved generation replacement plan in Kentucky and building new generation that is necessary to support future load growth.

這包括推動行業領先的電網現代化，擴大和強化我們的輸配電網絡，提高我們的天然氣網絡的安全性，在肯塔基州實施我們已批准的發電替代計劃，以及建設支持未來負載增長所需的新一代發電設施。

This plan represents a $5.7 billion increase in capital investments compared to the prior 4-year plan with nearly $4 billion of that increase expected to occur between 2025 and 2027.

與先前的四年計畫相比，該計畫的資本投資增加了 57 億美元，其中近 40 億美元的成長預計將在 2025 年至 2027 年期間實現。

Most of the increase in that time frame is projected to be in Kentucky and Pennsylvania.

預計該時間段內大部分增幅將發生在肯塔基州和賓州。

In Kentucky, we see nearly $1.3 billion of additional investments related to new generation to support the growing demands in our service territory and additional environmental retrofits on our coal fleet.

在肯塔基州，我們看到與新一代相關的額外投資接近 13 億美元，以支持我們服務區域內日益增長的需求和對我們的煤炭船隊的額外環境改造。

The new generation investments assumed in our plan aligns with the recommended resource plan submitted in our IRP, including two combined cycle natural gas plants with 2030 and 2031 in service dates and 400 megawatts of battery storage by 2028.

我們的計畫中假設的新一代投資與我們在 IRP 中提交的建議資源計畫一致，包括兩個聯合循環天然氣工廠，分別於 2030 年和 2031 年投入使用，以及到 2028 年實現 400 兆瓦的電池儲存。

We also project about $500 million of additional transmission and distribution investment to strengthen and modernize the grid, which is critical given more intense and frequent storms, including significant impacts from tornadoes.

我們也預計將額外投資約 5 億美元用於輸電和配電，以加強和現代化電網，這對於更強烈和更頻繁的風暴（包括龍捲風造成的嚴重影響）至關重要。

In Pennsylvania, we see nearly $1 billion of additional distribution system investment needed to support grid resiliency and another $200 million of transmission investments to support data center growth.

在賓州，我們發現需要近 10 億美元的額外配電系統投資來支持電網彈性，另外還需要 2 億美元的輸電投資來支持資料中心的成長。

In addition, we added nearly $600 million of IT investments across the enterprise.

此外，我們在整個企業增加了近6億美元的IT投資。

These needed upgrades will enhance cybersecurity, improve our customers' experience and enhance the efficiency of our back office functions like finance, supply chain and human resources.

這些必要的升級將增強網路安全性，改善客戶體驗，並提高財務、供應鏈和人力資源等後台職能的效率。

We continue to expect significant as reflected in our 2028 forecast of $5 billion.

我們仍預計該數字將十分可觀，正如我們預測的 2028 年 50 億美元一樣。

This includes investments needed to continue to replace aging infrastructure, reliability and resiliency and construct new generation in Kentucky to support growing demand and economic development in the region.

這包括繼續更換老化的基礎設施、提高可靠性和彈性以及在肯塔基州建立新一代以支持該地區不斷增長的需求和經濟發展所需的投資。

Turning to Slide 15.

翻到第 15 張投影片。

These additional capital investments are projected to lead to annual rate base growth of 9.8% and from 2024 to 2028.

這些額外的資本投資預計將導致 2024 年至 2028 年期間年利率基準成長率達到 9.8%。

This compares to annual rate base growth of 6.3% in our prior plan period from 2023 to 2027.

相較之下，我們先前的計畫期間（2023 年至 2027 年）的年利率基準成長率為 6.3%。

As shown on the slide, two-third of our rate base networks, given the significant needs as we strengthen and modernize the grid.

如幻燈片所示，我們的三分之二的費率基礎網絡，考慮到我們在加強和現代化電網方面的巨大需求。

The percentage of our total rate base related to coal generation is expected to be less than 11% by the end of 2028, down from about 16% today.

預計到 2028 年底，與煤炭發電相關的總電費基數百分比將從目前的 16% 左右下降到 11% 以下。

Coal will remain a critical generation resource for us in Kentucky well into the future, especially given the expected low growth in the region.

在未來很長一段時間內，煤炭仍將是肯塔基州的關鍵發電資源，特別是考慮到該地區預計的低成長。

However, our coal plants reached the end of their useful lives, with the next significant tranche of retirements expected in the mid-2030s.

然而，我們的燃煤電廠已到達使用壽命，預計下一批退役電廠將出現在 2030 年代中期。

We continue to expect to replace that coal generation with a mix of natural gas, renewables and energy storage solutions.

我們繼續期望以天然氣、再生能源和能源儲存解決方案來取代煤炭發電。

In summary, you can see the updated capital needs to drive meaningful growth in the company's rate base.

總而言之，您可以看到更新後的資本需求將推動公司利率基礎的有意義成長。

While we are transitioning to a more traditional rate-based growth driven model, delivering operating efficiencies will remain central to our strategy to continue to support customer affordability.

雖然我們正在轉向更傳統的基於利率的成長驅動模式，但實現營運效率仍將是我們的策略核心，以繼續支持客戶的承受能力。

We remain keenly focused on optimizing our business, which will allow us to continue to make prudent investments in the most efficient manner.

我們將繼續專注於優化我們的業務，這將使我們能夠繼續以最有效的方式進行審慎的投資。

Moving to an update on PPL's credit on our financing plan for 2025 on Slide 16.

前往投影片 16 上有關 PPL 2025 年融資計畫的信用更新。

We continue to believe that having one of the sector's strongest balance sheets is a clear strategic advantage that provides the company with significant financial flexibility.

我們仍然相信，擁有業內最強勁的資產負債表之一是一項明顯的策略優勢，可為公司提供顯著的財務靈活性。

And our updated business plan maintained strong credit metrics throughout while supporting our earnings growth targets.

我們更新的業務計劃始終保持強勁的信用指標，同時支持我們的獲利成長目標。

This includes maintaining a 16% to 18% FFO to debt ratio and a holding company to total debt ratio below 25%.

這包括將 FFO 與負債比率維持在 16% 至 18% 之間，並將控股公司與總負債比率維持在 25% 以下。

We expect equity needs of $2.5 billion over the planning period and fund the growth associated with the increased capital investments.

我們預計規劃期間的股權需求為 25 億美元，並為增加的資本投資相關的成長提供資金。

We plan to establish an ATM program to support these financing needs, and they complement that with other equity-like financing structures to the extent they provide an efficient cost of capital.

我們計劃建立一個 ATM 計劃來支持這些融資需求，並與其他類似股權的融資結構進行補充，以提供有效的資本成本。

In terms of debt financing, we have limited near-term refinancing risk with only $550 million of total utility maturities in 2025 and we continue to maintain limited floating rate debt exposure with approximately 5% of total long-term debt at year-end.

在債務融資方面，我們的短期再融資風險有限，2025 年到期的公用事業債務總額僅為 5.5 億美元，我們繼續保持有限的浮動利率債務敞口，年底的長期債務總額約佔 5%。

Our solid financial foundation keeps us very well positioned to execute our updated business plan and growth targets while we deliver value for customers and shareowners.

我們堅實的財務基礎使我們能夠很好地執行更新的業務計劃和成長目標，同時為客戶和股東創造價值。

Moving to Slide 17.

移至投影片 17。

We continue to view the dividend as an important piece of total shareholder return.

我們繼續將股利視為股東總回報的重要組成部分。

Today, our Board of Directors declared a quarterly cash dividend of $0.2725 per share to be paid on April 1 to shareholders of record as of March 10.

今天，我們的董事會宣布季度現金股利為每股 0.2725 美元，將於 4 月 1 日支付給截至 3 月 10 日登記在冊的股東。

This results in an annualized dividend of $1.09 per share compared to our prior annualized dividend of $1.03 per share, approximately a 6% increase.

這樣一來，年度股息為每股 1.09 美元，而我們之前的年度股息為每股 1.03 美元，增長了約 6%。

We continue to target future dividend growth with 6% to 8% per year.

我們繼續將未來股息成長率定為 6% 至 8%。

We expect dividend growth to remain at the lower end of the range through the current plan period given the meaningful CapEx plan.

鑑於有意義的資本支出計劃，我們預計股息成長將在當前計劃期間內保持在範圍的低端。

The combination of PPL's EPS growth and current dividend yield continues to provide investors with attractive total return proposition in the range of 9% to 12%.

PPL 的每股盈餘成長和當前股息殖利率相結合，繼續為投資者提供 9% 至 12% 範圍內具有吸引力的整體回報主張。

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

我的準備好的發言到此結束，現在我將把電話轉回給文斯。

Thanks, Joe. In closing, I remain as excited as ever about PPL's future.

謝謝，喬。最後，我仍然對 PPL 的未來感到興奮。

We have positioned the company as an agile forward-looking organization poised for long-term growth and success.

我們將公司定位為一個敏捷、具有前瞻性的組織，為長期成長和成功做好準備。

That growth is backed by a robust capital plan featuring $20 billion in infrastructure improvements from 2025 through 2028.

這一增長得到了強勁的資本計劃的支持，該計劃將從 2025 年到 2028 年投入 200 億美元用於基礎設施改善。

Through at least 2028, we offer investors visible and predictable long-term earnings per share growth in the top half of the 6% to 8% range with dividend growth closer to 6% given the significant capital investments in the updated plan.

到至少 2028 年，我們將為投資者提供可見且可預測的長期每股收益增長，增長率將在 6% 至 8% 的上半部分，鑑於更新後的計劃中大量的資本投資，股息增長率將接近 6%。

It's also a plan that our customers can afford and one where they can continue to expect reliable service and continued improvement to the overall customer experience.

這也是我們的客戶能夠負擔得起的計劃，他們可以繼續享受可靠的服務和整體客戶體驗的持續改善。

We maintain one of the strongest balance sheets in our sector, a clear strategic advantage that provides significant financial flexibility.

我們的資產負債表是本行業中最強勁的之一，這一明顯的戰略優勢為我們提供了極大的財務靈活性。

And importantly, we have a strong track record of operational excellence, consistently delivering top quartile transmission and distribution reliability and top decile generation reliability.

重要的是，我們擁有卓越的營運記錄，始終如一地提供最高四分位數的輸電和配電可靠性以及最高十分位數的發電可靠性。

We have the right strategy for the right time.

我們在正確的時機制定了正確的戰略。

Our vision is to be the best utility in the U.S., and we are absolutely determined to achieve this vision.

我們的願景是成為美國最好的公用事業公司，我們絕對有決心實現這個願景。

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

接線員，現在我們可以開始提問了。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Good morning, Durgesh.

早上好，杜爾格甚。

Hey.

嘿。

Good morning.

早安.

Sorry, I was in mute, talking to myself.

抱歉，我剛才啞口無言，自言自語。

Congrats on the update here on the capital plan raise.

祝賀資本增加計畫取得最新進展。

I had two questions.

我有兩個問題。

One, on the Kentucky CPCN, maybe just updated thoughts there.

首先，關於肯塔基州 CPCN，也許只是更新了一些想法。

What are you – as you get closer to that filing how many megawatts capital investment, I assume it's included in the $1.3 billion capital increase for Kentucky, but just thought there and when do you expect a final decision?

您現在的位置：首頁 > 投資項目 > 投資項目 > 內文 您現在的位置：首頁 > 投資項目 > 投資項目

Yes.

是的。

Durgesh, so what we've updated in the capital plan is our recommended resource plan that we had in the IRP that we have filed that is currently going through review with the commission.

杜爾格甚，我們在資本計劃中更新的是我們在 IRP 中推薦的資源計劃，該計劃已提交，目前正在接受委員會的審查。

In total for generation in the plan, we've added about $2.5 billion that includes two new combined cycle plants with a 2030 and 2031 [in service] state includes 400-megawatts of additional battery storage projects with in service sates in the 2028 timeframe, that is needed to cover us before the CCGTs come online with expected load growth from large load customers in Kentucky.

該計劃中的發電總投資為 25 億美元，其中包括兩個新的聯合循環電廠，預計在 2030 年和 2031 年投入使用，還包括 400 兆瓦的額外電池存儲項目，預計在 2028 年投入使用，這些項目需要在 CCGT 上線之前滿足肯塔基州大負載客戶的預期負載增長。

And then it also includes some additional environmental spend on the coal fleet, including the SCR on gen.

然後它還包括對煤炭船隊的一些額外環境支出，包括發電廠的 SCR。

Perfect.

完美的。

Thank you.

謝謝。

Thank you for that color.

謝謝你的色彩。

Presumably, all of that will be captured in the CPCN filings?

據推測，所有這些都將被記錄在 CPCN 文件中？

Or are those going to be staged?

還是這些都是上演的？

Yes.

是的。

That's consistent with the recommended resource plan, which will be the basis for the CPCN.

這與建議的資源計劃一致，該計劃將成為 CPCN 的基礎。

We'll file that by the end of the first quarter, we would expect a decision by the fourth quarter.

我們將在第一季末提交該申請，並預計在第四季做出決定。

Excellent.

出色的。

Thank you.

謝謝。

And then just a quick follow-up question on the equity issuance.

然後只是一個關於股票發行的快速後續問題。

Just should we assume that ratable $2.5 billion?

我們是否應該假設可分攤的金額為 25 億美元？

Or just any color on timing on how you issue that equity?

或只是關於您發行股票的時間安排有什麼具體資訊？

Yes, Durgesh.

是的，杜爾格甚。

It's Joe. So I mean, look, we have flexibility on the timing of those issuances given the quality of the balance sheet.

是喬。所以我的意思是，考慮到資產負債表的質量，我們可以靈活地安排發行時間。

And as I indicated, we may complement that ATM with other equity-like financing structures.

正如我所指出的，我們可能會用其他類似股權的融資結構來補充 ATM。

But I mean, look, I think for modeling purposes, you could assume something in the order of $400 million to $500 million this year and then sort of tracking the capital plan as we go through the planned period.

但我的意思是，看，我認為出於建模目的，你可以假設今年的金額在 4 億到 5 億美元左右，然後在我們經歷計劃期間時跟踪資本計劃。

But again, we'll be flexible and we'll take advantage of the market conditions as we have the funding needs.

但我們會保持彈性，並利用市場條件，因為我們有融資需求。

Excellent.

出色的。

Thank you guys.

謝謝你們。

I appreciate the time.

我很感激您抽出時間。

Thanks, Durgesh.

謝謝，杜爾格甚。

Yes, thanks.

是的，謝謝。

Paul Zimbardo, Jefferies.

保羅‧津巴多 (Paul Zimbardo)，傑富瑞 (Jefferies)。

Hi, good morning.

嗨，早安。

Thank you very much.

非常感謝。

Hi, Paul.

你好，保羅。

To follow-up on the equity side of the equation.

跟進等式中的公平面向。

If you could help unpack the comments you had about complement with other equity-like financing structures, is that there's another equity linked in the debt, that's something you could do to reduce equity financing?

如果您能幫助解釋一下關於用其他類似股權的融資結構進行補充的評論，那麼是否有另一種股權與債務相關，這是您可以採取的措施來減少股權融資？

If you could just explain that a little bit, please?

您可以稍微解釋一下嗎？

Yes, sure, Paul.

是的，當然，保羅。

I mean, yes, and you're right, there's obviously hybrids get 50% equity treatment from the agencies.

我的意思是，是的，你是對的，混合型債券顯然可以從機構獲得 50% 的股權待遇。

And so I think from a base assumption, we view the ATM as a cost-effective tool to issue that equity, but there's other means to do that.

因此我認為從基本假設來看，我們認為 ATM 是發行股權的一種經濟有效的工具，但還有其他方法可以做到這一點。

And so we'll be, as I said, opportunistic around that, and there's points in times that there's funding means that are more efficient than others.

因此，正如我所說的，我們會抓住機會，有時某些融資方式比其他方式更有效。

And so given the balance sheet and the position that we're in, we just – we have the flexibility to do that.

因此，考慮到資產負債表和我們所處的地位，我們就有彈性來做到這一點。

And so we'll take advantage of market conditions as they come.

因此，我們將充分利用當前的市場條件。

Okay.

好的。

I understand there.

我明白了。

And then shifting back to Kentucky generation and just the data center opportunity set now that you kind of built the entire 400-megawatt bucket.

然後轉回肯塔基州的發電情況，現在資料中心的機會已經建立，您已經建造了整個 400 兆瓦的容量。

Just if hypothetically there was a data center in Kentucky.

假設在肯塔基州有一個資料中心。

Could you just describe like what kind of length ability to serve you have pro forma for the new combined cycles that you're adding?

您能否描述一下對於您新增的新組合循環，您具有什麼樣的長度服務能力？

Yes, sure.

是的，當然。

So just when we think about reserve margins in Kentucky, right, our summer margins for this year are just over 20%, Paul, and then winter is around 27-ish percent with the in-service date of our Mill Creek CCGT, Mill Creek 5, which is expected to go in service in 2027 we would be able to accommodate the 400-megawatts of data center that we recently announced but not much more.

因此，當我們考慮肯塔基州的儲備利潤率時，保羅，我們今年夏季的利潤率剛剛超過 20%，而冬季的利潤率約為 27%，我們的 Mill Creek CCGT、Mill Creek 5 的投入使用日期預計在 2027 年投入使用，我們將能夠容納我們最近宣布的 400 兆瓦的數據中心，但僅此而已。

As you know, with the load growth that we're projecting, right, and with what we filed in the IRP for the two additional CCGTs still into service in 2030 and 2031.

如您所知，根據我們預測的負載成長，以及我們在 IRP 中提交的兩艘仍在 2030 年和 2031 年投入使用的另外 CCGT 的數據。

That's why we're also including 400-megawatts of batteries to provide an interim solution between that first CCGT going online in 2027 and then the second two in 2030 and 2031.

這就是為什麼我們還要安裝 400 兆瓦的電池，以便在 2027 年第一台 CCGT 上線與 2030 年和 2031 年後兩台 CCGT 上線之間提供臨時解決方案。

So that's really the basis for that battery solution in that 2028 timeframe.

所以這實際上是 2028 年期間電池解決方案的基礎。

Okay.

好的。

So if there is a pickup in Kentucky load, whatever class, that would require more generation.

因此，如果肯塔基州的負載增加，無論是哪種類型，都需要更多的發電量。

Is that fair?

這樣公平嗎？

Yes.

是的。

Okay, thank you very much.

好的，非常感謝。

Sure.

當然。

James Kennedy, Guggenheim.

詹姆斯甘迺迪，古根漢。

Hey guys.

嘿，大家好。

Good morning.

早安.

Good morning.

早安.

Congrats.

恭喜。

Thanks for taking the questions.

感謝您回答這些問題。

So Vince, if I can just come back to resource adequacy in Pennsylvania.

所以文斯，如果我可以回到賓州的資源充足性問題。

You mentioned regulated generation in the prepared.

您在準備中提到了受監管的生成。

It seems like some stakeholders still want to wait for competitive entry.

一些利害關係人似乎仍想等待競爭性進入。

So I guess maybe just some more color on what you see as the pathway forward here in this legislative session.

因此，我想也許您只是對本次立法會議中前進的道路有更多的了解。

And in your view, how much of a time cushion really remains?

您認為還剩下多少時間緩衝？

Yes.

是的。

Look, I would – obviously, this is a major legislation around energy policy in the state.

看，我會——顯然，這是有關該州能源政策的一項重要立法。

We are clearly an energy leader in PJM as really the state that drives most of the generation in PJM as we know.

據我們所知，我們顯然是 PJM 地區的能源領導者，因為 PJM 實際上是 PJM 地區大部分發電量的推動者。

So energy policy in PA will be critical as we think about safe resource adequacy, but also PJM.

因此，當我們考慮安全資源充足性時，賓州的能源政策至關重要，PJM 也是如此。

So obviously, there's been no legislation proposed yet.

顯然，目前還未提出任何立法。

We are very actively engaged with the Governor's office, various legislators, of course with the PUC.

我們積極地與州長辦公室、各位立法者以及公共事業委員會 (PUC) 進行溝通。

I would say those discussions remain constructive, and we would expect some proposed legislation to be proposed in this legislative session, perhaps as early as the spring or summer.

我想說這些討論仍然具有建設性，我們期待在本屆立法會議上提出一些立法提案，也許最早在春季或夏季。

We've talked a bit about what could be in that legislation.

我們討論了一下該立法可能包含的內容。

I think there's a number of things that we heard from various legislators.

我想我們從各位立法者那裡聽到了很多事情。

Obviously, we're talking quite a bit about permitting utilities to invest in and ultimately own and operate generation again in rate base.

顯然，我們正在大量討論允許公用事業公司在費率基礎上投資並最終擁有和運營發電廠。

So that could be one, they could create incentives within the bill for utilities and the market, i.e., the IPP to enter into long-term power purchase agreements beyond what is currently allowed under our default service plans, which is pretty limiting.

因此，這可能是其中之一，他們可以在法案中為公用事業和市場創造激勵措施，即 IPP 簽訂長期購電協議，超出我們預設服務計劃目前允許的範圍，這是相當有限的。

We've seen ideas floated with proposals like the Texas Energy Fund, [Senator Yaw] has the baseload energy development fund, very similar to the Texas Energy Fund low-cost financing to help lower the cost of new entry for generation.

我們已經看到了一些提案中提出的想法，例如德克薩斯能源基金，[Yaw 參議員] 設立了基載能源發展基金，與德克薩斯能源基金的低成本融資非常相似，旨在幫助降低新發電進入的成本。

So I could see any or all of those potentially making it into legislation.

因此我認為其中任何一個或所有提案都有可能成為立法。

And again, will support ultimately, whatever that the state wants to do that supports getting generation built in Pennsylvania and supporting PJM resource adequacy.

再次強調，我們最終都會支持州政府希望採取的任何行動，即在賓州建造發電廠並支持 PJM 資源充足性。

Okay.

好的。

Got it.

知道了。

And then just on the Pennsylvania data center spend, you rolled in $400 million, I think, with this update but there's more to go.

然後僅在賓州資料中心的支出方面，我想，透過這次更新你已經投入了 4 億美元，但還有更多的投入。

So just how should we think about cadence of updates on that balance.

那麼我們究竟該如何考慮更新平衡的節奏呢？

So you update throughout the year?

所以你全年都在更新嗎？

Do you have to wait for customer announcements?

您必須等待客戶公告嗎？

Just any more color there?

還有其它顏色嗎？

Thanks.

謝謝。

Yes, sure.

是的，當然。

We'll certainly be able to provide updates on that as we go through the year as we kind of think about Pennsylvania and 6-gigawatts or so that's in the queue.

隨著我們考慮賓夕法尼亞州和排隊中的 6 千兆瓦左右電力，我們當然能夠提供最新資訊。

Obviously, we believe there's duplication in that number.

顯然，我們認為這個數字有重複。

But as we kind of peel that back a bit, right, we have the 9-gigawatts of projects in advanced stages.

但當我們稍微回顧一下，我們發現有 9 千兆瓦的專案處於後期階段。

So we have a higher degree of confidence on those.

因此我們對此有更高的信心。

But kind of if I take a 50-50 probability, the projects that would kind of fit in that 50-50 bucket.

但如果我取 50-50 的機率，那麼這些項目就會適合這個 50-50 的機率。

That 9% goes to like 12% or 13%.

那 9% 會變成 12% 或 13%。

So we'll certainly be keeping an eye on those projects as they progress through the development process and move up into that advanced stage.

因此，我們一定會密切關注這些專案的開發流程，並進入到高階階段。

But you're right, of the $600 million to $700 million, we've only included $400 million in the plan.

但您說得對，在 6 億到 7 億美元中，我們只在計劃中包含了 4 億美元。

And clearly, we'll provide updates to that as those projects continue to move in the development phase.

顯然，隨著這些項目繼續進入開發階段，我們將提供更新資訊。

Perfect.

完美的。

Okay.

好的。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Hey, Jeremy.

嘿，傑里米。

Good morning.

早安.

Just wanted to, I guess, circle back on customer bills and how you think about that at this point in time, the amount of headroom there given a big step up in capital, just wondering how you feel about that dynamic going forward?

我只是想回顧一下客戶帳單，以及您目前對此的看法，考慮到資本的大幅增加，那裡還有多少空間，只是想知道您對未來這種動態有何看法？

Yes, Jeremy, it's a great question, right?

是的，傑里米，這是一個很好的問題，對吧？

And I'll just reiterate, and you guys notice about us and our strategy all along that we keep affordability top of mind and front and center.

我只想重申，你們注意到了我們和我們的始終如一的策略，那就是我們把可負擔性放在首位並放在中心位置。

And it is such a key component of our strategy.

這是我們策略的關鍵組成部分。

It's why we remain so focused on driving efficiencies across the business, right.

這就是為什麼我們如此專注於提高整個業務的效率，對吧。

We've talked about that 8:1 ratio for every dollar of O&M we can take out of the business.

我們已經討論過從業務中可以獲得的每一美元 O&M 的 8：1 比例。

We can fund on average $8 of CapEx and not impact the customer bill.

我們可以承擔平均 8 美元的資本支出，並且不會影響客戶帳單。

So even beyond the 175 to 26, we will remain laser-focused on continuing to drive cost out of the business primarily for affordability reasons.

因此，即使超過 175 比 26，我們仍將專注於繼續降低業務成本，主要是為了負擔得起。

When we look at this plan update, we believe that we can execute the updated plan without unduly impacting affordability as we would expect average bill increases to generally remain within the rate of inflation.

當我們審視這項計畫更新時，我們相信我們可以執行更新後的計畫而不會過度影響負擔能力，因為我們預期平均帳單成長通常會保持在通貨膨脹率之內。

So again, we think our customers can afford this plan.

因此，我們再次認為我們的客戶可以負擔得起這個計劃。

Got it.

知道了。

Thank you.

謝謝。

And then ahead of upcoming filings in Kentucky.

然後是即將在肯塔基州提交的文件。

Just wondering any more thoughts you could provide with conversations with the commission, stakeholders there, given the newer composition of the commission.

我只是想知道，考慮到委員會的新組成，您還能在與委員會及其利益相關者進行對話時提供什麼想法。

Just wondering any other thoughts there?

只是想知道還有其他想法嗎？

Nothing out of the ordinary.

沒什麼不尋常的。

This should be a clean CPCN.

這應該是個乾淨的 CPCN。

It will track the IRP recommended resource plan.

它將追蹤 IRP 建議的資源計劃。

So obviously, the commission is reviewing the IRP right now.

顯然，委員會目前正在審查 IRP。

We would expect them to issue their order on the IRP by mid-July.

我們預計他們將於 7 月中旬發布 IRP 命令。

That's just how that process progresses.

這就是這個過程進展的方式。

Obviously, we're not waiting for that decision necessarily before we would file our CPCN, but a lot of consistency there.

顯然，我們不一定要等待這項決定才提交 CPCN，但在這方面我們會保持很大的一致性。

So not expecting there to be any surprises at the commission level with these filings.

因此，預計這些文件不會為委員會帶來任何意外。

Got it.

知道了。

And just a quick last one, if I could.

如果可以的話，我只想快速說出最後一個問題。

The 6% to 8% EPS CAGR you outlined there.

您在此處概述的 6% 至 8% 的 EPS CAGR。

Just wondering, I guess, how you see the cadence of growth across that when you expect 7% next year?

我只是想知道，當您預計明年的成長速度為 7% 時，您如何看待這一成長節奏？

Or just wondering if there's any dynamics to that trajectory?

或者只是想知道該軌跡是否有任何動態？

Yes, generally, I would say it's linear.

是的，一般來說，我會說它是線性的。

So we're continuing to maintain linear growth off of our new midpoint for 2025.

因此，我們將繼續保持以 2025 年新中點為基礎的線性成長。

Got it, that's helpful.

明白了，很有幫助。

I'll leave it there.

我就把它留在那裡。

Thanks.

謝謝。

Great.

偉大的。

Paul Patterson, Glenrock Associates.

保羅·帕特森（Paul Patterson），Glenrock Associates。

Hey, good morning.

嘿，早安。

Good morning, Paul.

早安，保羅。

So just to sort of follow up here with the potential for new generation utility-owned generation, it would appear in the current auction environment that, that could substantially lower cost, wholesale costs.

因此，只是為了跟進新一代公用事業自有發電的潛力，在當前的拍賣環境下，這可以大幅降低成本和批發成本。

And I'm just sort of wondering how you see that working and when the soonest, I mean, assuming that, let's say, you did get legislation this year, when that could show up, if you follow what I'm saying, just sort of timing on that.

我只是有點想知道您如何看待這一機制以及最早什麼時候會出現這種情況，我的意思是，假設您今年確實獲得了立法，那麼什麼時候會出現這種情況，如果您按照我所說的那樣，就時間安排而言。

Yes.

是的。

So as I think about the capacity auctions maybe more broadly, Paul, right?

因此，當我考慮容量拍賣時，也許範圍更廣，保羅，對嗎？

Our governor actually negotiated settlement with PJM to cap the auctions at a ceiling of $3.25 per megawatt day and a floor of 175.

我們的州長實際上已經與 PJM 達成了協議，將拍賣價格上限設定為每兆瓦日 3.25 美元，下限設定為 175 美元。

That's for the next two auctions.

這是接下來兩次拍賣的內容。

And look, I don't think it's unreasonable to believe that those auctions wouldn't clear at the cap of $3.25 a lot.

而且，我認為相信這些拍賣不會在 3.25 美元的上限下清算並不是不合理的。

We'll go into those when you think about just the higher load curves coming from data centers across all of PJM, seeing a lot of interest as we know, clearly, from us but also our peers.

當您想到來自 PJM 整個資料中心的更高負載曲線時，我們就會深入研究這些問題，我們顯然和我們的同行一樣對此很感興趣。

So clearly, we're expecting that demand curve to go up.

因此顯然我們預期需求曲線會上升。

Look, at those higher prices, though, I would expect some of the generation that was in the queue to retire in the prior auction would likely come back in.

不過，在如此高的價格下，我預計在之前的拍賣中排隊退休的部分人可能會回來。

So that could help mitigate some price increases.

這可能有助於緩解價格上漲。

But ultimately, over the next two auctions.

但最終，在接下來的兩次拍賣中。

I don't think it's unreasonable that we'll see that cap cleared.

我認為，取消這項上限並非不合理。

If we go through this year with getting legislation approved where utilities could own again, there would be some period of time where either the PUC or some other regulatory body that needs to kind of administer that new law would need to get set up and kind of figure out how they're going to go through the process to approve generation, not exactly sure how long that would take, but I would expect six-plus months for that to happen.

如果我們今年就獲得公用事業公司再次擁有電力的立法批准，那麼需要一段時間，公共事業委員會或其他需要管理新法律的監管機構需要建立起來，並弄清楚他們將如何完成發電審批流程，雖然不確定這需要多長時間，但我預計需要六個月以上的時間。

And then, of course, we know what the supply constraints are with getting new turbines installed if you're talking about combined cycle plants.

當然，如果您談論的是聯合循環電廠，我們知道安裝新渦輪機的供應限制是什麼。

Obviously, it's a little bit less if you're talking about peakers, but so figure kind of three to five years to get generation then built.

顯然，如果談論的是峰值發電廠，這個時間會稍微少一些，但可以估算，大概需要三到五年的時間才能建造發電廠。

So it's certainly a long-term game.

所以這肯定是一場長期的遊戲。

But obviously, once we start to be able to put new generation in those future auctions, that's what could help temper the pricing, as you know.

但顯然，一旦我們開始能夠將新一代產品投入未來的拍賣，這就有助於緩和價格，正如你所知。

Okay.

好的。

And then with respect to the DSIC.

然後關於 DSIC。

I apologize if I missed this.

如果我錯過了這個，我深感抱歉。

But at least from what I was thinking, I was thinking going to maybe be addressed a little bit earlier.

但至少從我的想法來看，我認為也許可以早一點解決這個問題。

Is there any timeframe you could just give us a little update in terms of what that – what you expect it to be?

您能否向我們提供一些關於該時間表的最新消息，說明您預計的具體時間？

I apologize if you asked – this was answered already, but if you could just help me on that?

如果您問了這個問題，我很抱歉——這個問題已經回答過了，但是您能幫我一下嗎？

Yes, Paul, it's Joe. Yes.

是的，保羅，我是喬。是的。

We're still waiting for the commission decision on the DSIC waiver.

我們仍在等待委員會關於 DSIC 豁免的決定。

I don't know when that will be and so we'll just wait for the commission to make a decision there.

我不知道那會是什麼時候，所以我們只能等待委員會做出決定。

There's nothing scheduled at this point that I could point you to, so we just continue to wait.

目前我還沒有安排任何可以給你參考的事情，所以我們只能繼續等待。

And there's no issue though or anything that's come up that we should be aware of?

但是沒有什麼問題或出現任何我們應該注意的事情嗎？

No, not from the commission perspective.

不，從委員會的角度來看不是。

We're just awaiting the decision.

我們只是在等待決定。

Okay, great.

好的，太好了。

Thanks so much.

非常感謝。

Thanks.

謝謝。

(Operator Instructions)

（操作員指令）

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

Thank you.

謝謝。

I'm not going to ask about Pennsylvania or the legislative session.

我不會詢問有關賓州或立法會議的問題。

I will let that go for now.

我暫時不考慮這件事。

But instead – okay, so you have this very meaningful increase in the rate base growth and yes, it comes with additional equity.

但相反地——好吧，所以你有這個非常有意義的利率基礎增長，是的，它伴隨著額外的股權。

And I'm actually surprised that it doesn't result in an increased growth – earnings growth trajectory.

但實際上，令我驚訝的是，它並沒有帶來成長——獲利成長軌跡。

And also speaking about the equity, I mean, you have this particularly strong balance sheet in the utilities industry.

另外談到股權，我的意思是，公用事業的資產負債表特別強勁。

You're not leaning into it to finance the growth, hence the incremental equity.

你不會利用它來資助成長，因此需要增量股權。

And I'm just – again, it's just – it's hard to believe that, again, the low growth is accelerated, not the low growth.

我只是——再說一次，這只是——很難相信，再說一次，低成長是加速了，而不是低成長。

The rate base is accelerating so much and yet there is no commensurate increase in the earnings growth.

利率基數正在大幅加速，但獲利成長卻沒有相應增加。

Yes, Angie, it's Joe. Maybe let me touch on the balance sheet first, and then we could talk about growth.

是的，安吉，我是喬。也許讓我先談談資產負債表，然後我們可以談談成長。

I mean, look, we have a strong balance sheet, and we think that gives us a strategic advantage that we certainly want to maintain.

我的意思是，我們擁有強大的資產負債表，我們認為這給了我們戰略優勢，我們當然希望保持這一優勢。

And we believe that the strong earnings growth that we have along with the strong balance sheet, puts us in a great position to deliver value for shareowners over the long-term and mitigate risk that we – that could come risks and uncertainties that we could see in the future.

我們相信，強勁的獲利成長和強勁的資產負債表，使我們處於有利地位，能夠在長期內為股東創造價值，並降低未來可能面臨的風險和不確定性。

And so our focus is on the long-term, not short-term, maybe pops or what have you in an earnings growth rate, but to deliver for the long-term, and we think about the combination of that growth in that balance sheet allows us to do that.

因此，我們的重點是長期而非短期，也許是暴漲或獲利成長率之類的，但要實現長期目標，我們認為資產負債表中的成長組合使我們能夠做到這一點。

And that's why we want to have the equity in the plan to finance the growth that we've talked about today.

這就是為什麼我們希望在今天談到的融資成長計劃中擁有股權。

As far as where we are within that growth rate range, I mean, look, I think having a gap between rate base growth and earnings growth certainly is not uncommon, and some of that is obviously driven by the equity financing needs.

至於我們處於哪個成長率範圍內，我的意思是，看，我認為利率基準成長和獲利成長之間存在差距肯定並不罕見，其中一些顯然是由股權融資需求驅動的。

But as we put together our business plan, there's a lot of assumptions that go into developing a business plan.

但是，當我們制定商業計劃時，需要做出很多假設。

And I think we've made reasonable assumptions there, and those reasonable assumptions give us the confidence in our growth rate but as always, we'll be laser-focused on optimizing around those.

我認為我們做出了合理的假設，這些合理的假設讓我們對我們的成長率充滿信心，但與往常一樣，我們將專注於圍繞這些假設進行最佳化。

That's execution of the capital plan, execution of the financing plan, regulatory outcome, O&M management, storm response, and that's just to obviously name a few.

這包括資本計劃的執行、融資計劃的執行、監管結果、營運和維護管理、風暴響應等等。

And certainly, that gives us the ability to offset any uncertainties if they arise.

當然，這使我們能夠抵消出現的任何不確定性。

And if not, and we're successful in optimizing that, then we would certainly do better than our base assumption, and that's where our focus lies.

如果不是，而且我們成功地對其進行了優化，那麼我們肯定會比我們的基本假設做得更好，這就是我們的重點所在。

Okay.

好的。

And then on the 2024 results.

然後是 2024 年的結果。

So the Holdco drag was probably the biggest surprise here.

因此，Holdco 的拖累可能是這裡最大的意外。

I understand the interest rate angle.

我了解利率角度。

But is there – so we might have cut 2024 and like the future years, is there like an additional tax component, which the benefit, which will go away, which would sort of exacerbate the drag, especially beyond 2025?

但是，我們可能會削減 2024 年及未來的幾年，是否會有額外的稅收部分，而這些稅收優惠將會消失，這會加劇拖累，尤其是在 2025 年以後？

I'm sorry, I missed the first part of your question.

抱歉，我錯過了你問題的第一部分。

No.

不。

Because you said that the reason why there was such an increase in the Holdco drag or the corporate and other drag versus 2023 was because there was some tax benefit reflected in 2023 results versus 2024.

因為您說過，與 2023 年相比，Holdco 拖累或企業和其他拖累之所以增加這麼多，是因為 2023 年的結果與 2024 年的結果相比反映了一些稅收優惠。

So I'm asking if there is any remaining tax shield that will go away that will exacerbate the drag beyond 2025?

所以我想問的是，剩餘的稅盾是否會消失，從而加劇 2025 年以後的拖累？

Yes.

是的。

Sorry, yes, sorry, I understand the question.

抱歉，是的，抱歉，我明白這個問題。

No, what there is on the year-on-year results is we did have some tax benefit in 2023 with the transferability of tax credits and our ability to utilize those from prior periods, particularly around the sale of WPD and so that's just a year-on-year variance that you're seeing.

不，從同比結果來看，我們在 2023 年確實獲得了一些稅收優惠，因為稅收抵免可以轉移，而且我們能夠利用前期的稅收抵免，特別是在出售 WPD 方面，所以這只是你看到的同比差異。

I wouldn't expect that to go forward, right, in that regard.

從這個方面來說，我並不指望這件事會繼續下去。

Okay.

好的。

Thank you.

謝謝。

Thanks.

謝謝。

Yes, sure.

是的，當然。

David Paz, Wolfe Research.

大衛‧帕茲（David Paz），沃爾夫研究公司。

Hey, David.

嘿，大衛。

Good morning.

早安.

Thanks for the time.

感謝您的時間。

Actually, before I get to my question, just a clarification on the EPS growth annual cadence question earlier.

實際上，在我提出問題之前，我先澄清一下 EPS 成長年度節奏的問題。

When you said you expect to be linear – is that fair to say each year, you expect to be on the upper half of that range.

當您說您期望呈線性時——是否可以這樣說，每年您都期望處於該範圍的上半部分。

So like 7% to 8% each year?

那麼每年是 7% 到 8% 嗎？

Or did you mean just the 6% to 8%?

還是你的意思只是 6% 到 8%？

Yes, David, it's Joe. Maybe just obviously, for 2025, we're showing a 7% growth rate there, and that's kind of where we've delivered since strategic repositioning and we've come out with a new plan.

是的，大衛，我是喬。可能很明顯，到 2025 年，我們的成長率將達到 7%，這也是我們自策略重新定位並推出新計畫以來所取得的成果。

And we've done that without rate cases, and there's no rate cases effective in 2025 in this plan, and we certainly don't expect to have any.

我們在沒有利率案例的情況下完成了這項工作，而且該計劃中沒有 2025 年生效的利率案例，我們當然也不期望有任何利率案例。

So I think once we get beyond the rate case period, that's where we see the growth in the upper half of the range.

因此，我認為，一旦我們超越利率案例期，我們就會看到範圍上半部的成長。

2025 is really the year – the last year that were kind of in the stay out across all three jurisdictions.

2025 年確實是我們在三個司法管轄區內都處於暫停狀態的最後一年。

So moving from earnings growth coming from rate base and O&M efficiencies to more rate base driven.

因此，獲利成長將從依靠費率基礎和營運與維護效率轉向依靠費率基礎來驅動。

So as Joe said, kind of delivering that 7%, the midpoint through 2025 and then being able to do better than that once we kind of get back into a normal rate case cycle.

正如喬所說的那樣，到 2025 年實現 7% 的中點利率，然後一旦我們回到正常利率週期，我們就能做得更好。

Great.

偉大的。

That makes sense.

這很有道理。

Actually, just on rate cases or more specifically, your earned returns.

實際上，僅就利率情況而言，或者更具體地說，您獲得的回報。

Just what are they, what are you embedding for Kentucky and Pennsylvania in your long-term outlook?

它們到底是什麼？

If you don't want to give specific just kind of a sense of how they compare relative to where we currently see ROEs in those segments?

如果您不想給出具體訊息，只是想說明它們與我們目前在這些領域看到的 ROE 相比如何？

Yes.

是的。

So we've obviously through this period of staying out of rate case has done a great job in managing O&M for the ultimate benefit of customers and affordability, and that's helped support ROEs that are at or near the allowance, obviously, with the significant increase in the capital plan that will put some pressure on those – we are going into rate cases kind of across the board here over the planning period.

因此，顯然，在這段遠離費率案例的時期，我們在管理 O&M 方面做得很好，最終使客戶受益並提高​​可負擔性，並且這有助於支持達到或接近津貼的 ROE，顯然，隨著資本計劃的大幅增加，這將對這些 ROE 施加一些壓力 — — 我們將在規劃期間全面參與費率案例。

And so I don't want to get into specifics around rate case or rate or ROE assumptions, I think, again, they're reasonable to that point.

因此，我不想詳細討論利率情況、利率或 ROE 假設，我認為，就這一點而言，它們是合理的。

And we do experience some level of lagging between rate cases, but that's something that we'll stay focused on and work to minimize and earn around our allowed ROEs.

我們確實在利率情況之間經歷了一定程度的滯後，但這是我們將繼續關注的問題，並努力將其最小化並實現我們允許的 ROE。

Great.

偉大的。

Thank you.

謝謝。

And then just actually on the cost of your gas 2031, do you have a rough estimate of what the dollar per kilowatt is – are they in the ballpark of Mill Creek 5s update or are they higher?

那麼，實際上，就 2031 年的天然氣成本而言，您是否大致估計過每千瓦時的費用是多少 - 它們是否與 Mill Creek 5s 更新的價格大致相同，還是更高？

The cost of the CCGTs in 2030 and 2031, is that what you're asking?

您想問的是 2030 年和 2031 年 CCGT 的成本嗎？

Yes.

是的。

Yes, we would – right now – I mean you'll see those in the CPCN.

是的，我們現在就會在 CPCN 中看到它們。

We're kind of refreshing all of that right now.

我們現在正在更新所有這些。

So I don't want to get in front of that.

所以我不想介入這個問題。

But ultimately, it's – they're similar to what we're seeing with Mill Creek 5.

但最終，它們與我們在 Mill Creek 5 中看到的類似。

Great.

偉大的。

Thank you.

謝謝。

This concludes our question session.

我們的提問環節到此結束。

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

我想將會議交還給 Vince Sorgi 來做結束語。

Great.

偉大的。

Thanks, everybody, for joining us.

感謝大家加入我們。

Looking forward to getting out on the road and seeing you all to discuss this in more detail.

期待上路並與大家見面並更詳細地討論此問題。

So thanks again for joining us, and we'll see you soon.

再次感謝您的加入，我們很快就會見面的。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。