賓州電力 (PPL) 2025 Q1 法說會逐字稿

Good day, and welcome to the PPL Corporation first quarter 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

大家好，歡迎參加 PPL Corporation 2025 年第一季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

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

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)。請繼續。

Good morning, everyone, and thank you for joining the PPL Corporation conference call on first quarter 2025 financial results. We have provided slides for this presentation on the Investors section of our website. begin today's call with updates from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer. And we'll conclude with a Q&A session following our prepared remarks.

大家早安，感謝您參加 PPL 公司 2025 年第一季財務業績電話會議。我們在網站的投資者部分提供了該簡報的幻燈片。今天的電話會議首先由 PPL 總裁兼執行長 Vince Sorgi 介紹最新情況；以及財務長 Joe Bergstein。我們將在準備好的發言之後以問答環節結束。

Before we get started, I'll draw your attention to slide 2 and a brief cautionary statement. Our presentation today contains forward-looking statements about future operating results or other future events. Actual results may differ materially from these forward-looking statements. Please refer to the appendix of this presentation and PPL's SEC filings for a discussion of some of the factors that could cause actual results to differ from the forward-looking statements.

在我們開始之前，我想請大家注意第二張投影片和一個簡短的警告聲明。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。實際結果可能與這些前瞻性陳述有重大差異。請參閱本簡報的附錄和 PPL 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。

We will also refer to non-GAAP measures, including earnings from ongoing operations or ongoing earnings on this call. For reconciliations to the comparable GAAP measures, please refer to the appendix.

我們也將參考非公認會計準則指標，包括本次電話會議中的持續營運收益或持續收益。有關與可比較 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. Welcome to our first quarter investor update. Turning to slide 4. I'm pleased to share that we're off to a strong start this year as we continue to make progress on our Utility of the future strategy. Today, we reported first quarter GAAP earnings of $0.56 per share.

謝謝你，安迪。大家早安。歡迎閱讀我們的第一季投資者更新。翻到幻燈片 4。我很高興地告訴大家，我們今年開局良好，未來效用策略持續取得進展。今天，我們報告第一季 GAAP 收益為每股 0.56 美元。

Adjusting for special items, first quarter earnings from ongoing operations were $0.60 per share or an 11% increase over ongoing earnings of $0.54 per share a year ago. This increase was supported by additional returns on capital investments to improve service to our customers as well as higher sales volumes, which reflect more favorable weather this year compared to last year.

經特殊項目調整後，第一季持續經營收益為每股 0.60 美元，較去年同期每股 0.54 美元的持續經營收益成長 11%。這一增長得益於資本投資的額外回報，這改善了我們對客戶的服務，並且銷售量有所增加，這反映出今年的天氣比去年更加有利。

Looking ahead, we remain confident in our ability to deliver on our 2025 ongoing earnings forecast of $1.75 to $1.87 per share to midpoint of $1.81 per share. We're on track to complete over $4 billion in infrastructure improvements this year to strengthen grid reliability and resiliency, make our operations more efficient and advance our generation replacement strategy in Kentucky.

展望未來，我們仍有信心實現 2025 年每股收益 1.75 美元至 1.87 美元（中點每股 1.81 美元）的持續獲利預測。我們預計今年將完成超過 40 億美元的基礎設施改進，以增強電網的可靠性和彈性，提高我們的營運效率，並推動我們在肯塔基州的發電替代策略。

We continue to project $20 billion in capital investment needs from 2025 to 2028, resulting in average annual rate base growth of 9.8%. We also remain on track to deliver at least $150 million of cumulative O&M savings compared to our 2021 baseline. A key component of our utility of the future strategy to help support customer affordability.

我們持續預測 2025 年至 2028 年的資本投資需求為 200 億美元，年均基準成長率為 9.8%。與 2021 年基準相比，我們也有望實現至少 1.5 億美元的累積 O&M 節省。我們未來策略效用的關鍵組成部分是幫助支援客戶的承受能力。

Finally, we remain confident in our ability to execute our long-term business plan and are well positioned to achieve the top half of our projected 6% to 8% annual earnings per share growth target to at least 2028. On the dividend, we continue to target annual growth in the 6% to 8% range. And we also expect to maintain strong credit metrics throughout the plan period, maintaining a 16% to 18% FFO-to-debt ratio and a holding company to total debt ratio below 25%.

最後，我們仍然對執行長期業務計劃的能力充滿信心，並且完全有能力實現預計到至少 2028 年每股收益年增長率 6% 至 8% 的目標。對於股息，我們繼續將年增長率定在 6% 至 8% 之間。我們還希望在整個計劃期間保持強勁的信用指標，將 FFO 與債務比率保持在 16% 至 18%，將控股公司與總債務比率保持在 25% 以下。

Moving to slide 5 for operational and regulatory highlights. On February 28, we filed the CPCN request with the Kentucky Public Service Commission to address near-term generation needs identified in LG&E and KU's latest integrated resource plan. and reinforced by recent increases in demand for electricity in our Kentucky service territories. The plan includes the construction of two new highly efficient 645-megawatt natural gas combined cycle units with 2030 and 2031 in service dates.

請移至投影片 5，查看營運和監管重點。2 月 28 日，我們向肯塔基州公共服務委員會提交了 CPCN 請求，以解決 LG&E 和 KU 最新綜合資源計劃中確定的近期發電需求。並且由於我們肯塔基州服務區域近期電力需求的成長而進一步加強。該計畫包括建造兩台新的高效 645 兆瓦天然氣聯合循環機組，分別於 2030 年和 2031 年投入使用。

The addition of 400 megawatts of battery storage by 2028 and upgrades to environmental controls on Unit 2 at our generating station. To date, the CPCN process has proceeded as expected. The KPSC has set a hearing date of August 4, and we anticipate a decision on our request by November.

到 2028 年，將增加 400 兆瓦的電池存儲，並升級我們發電站 2 號機組的環境控制。截至目前，CPCN進程一切順利。KPSC 已將聽證日期定為 8 月 4 日，我們預計將於 11 月對我們的請求做出決定。

Also in late February, LG&E and KU received regulatory approval to recover $125 million in costs associated with the retirement of Mill Creek Unit 1 through the retired asset recovery rider. Recall that this rider allows for recovery of and a return on certain generation retirement costs. The approved costs will be recovered over 10 years through the rider.

此外，在二月底，LG&E 和 KU 獲得監管部門批准，透過退役資產回收附加條款收回與 Mill Creek 1 號機組退役相關的 1.25 億美元成本。回想一下，該附加條款允許收回並返還某些世代的退休成本。已批准的成本將透過附加條款在 10 年內收回。

Finally, Construction continues to advance on several new previously approved generation resources in Kentucky. We recently began construction on both the 120-megawatt Mercer solar facility and the 125-megawatt battery storage system at our brown station. And we continue to make good progress on our 640-megawatt combined cycle natural gas facility, which we began at our Mill Creek Station mid-last year.

最後，肯塔基州先前批准的幾種新的發電資源的建設繼續推進。我們最近開始在我們的棕色電站建造 120 兆瓦的 Mercer 太陽能設施和 125 兆瓦的電池儲存系統。我們在 Mill Creek 站啟動的 640 兆瓦聯合循環天然氣設施建設繼續取得良好進展。

We expect completion of these projects in 2027 and early 2028. This is critically important as Kentucky continues to be a tremendous success story. When it comes to economic development that creates new jobs, and additional tax revenue for Kentucky communities. Our generation strategy directly supports this economic development.

我們預計這些項目將於 2027 年和 2028 年初完成。這對於肯塔基州繼續取得巨大成功至關重要。當談到經濟發展時，它會為肯塔基州社區創造新的就業機會和額外的稅收。我們的發電策略直接支持這項經濟發展。

Turning to slide 6. Just as we've done in Kentucky, we've continued to advance key initiatives in Pennsylvania and Rhode Island that support safe, reliable and efficient energy service to our customers. In February, we secured Pennsylvania PUC approval to increase PPL Electric Utilities disk revenue cap to 7.5%, up from the prior cap of 5%. The new cap will be in effect through the remainder of PPL Electric's current long-term infrastructure improvement plan, which extends through 2027 or until a new distribution base rate case takes effect, whichever occurs first.

翻到幻燈片 6。正如我們在肯塔基州所做的那樣，我們繼續在賓夕法尼亞州和羅德島州推進關鍵舉措，為我們的客戶提供安全、可靠和高效的能源服務。2 月份，我們獲得賓州公共事業委員會 (PUC) 批准，將 PPL 電力公司磁碟收入上限從先前的 5% 提高至 7.5%。新的上限將在 PPL Electric 目前長期基礎設施改善計畫的剩餘時間內有效，該計畫將延續至 2027 年或直到新的配電基準費率案例生效（以先發生者為準）。

In Rhode Island, we received approval for nearly $400 million in infrastructure investments in select operating costs in connection with our latest electric and gas infrastructure, safety and reliability plans. The Rhode Island ISR is a very constructive capital recovery mechanism, and we appreciate the PUC's continued support in approving these critical investments via this mechanism.

在羅德島，我們獲得了近 4 億美元基礎設施投資的批准，用於與我們最新的電力和天然氣基礎設施、安全和可靠性計劃相關的特定營運成本。羅德島 ISR 是一種非常有建設性的資本回收機制，我們感謝公共事業委員會 (PUC) 繼續支持透過此機制批准這些關鍵投資。

The ISR plans for gas and electric are submitted annually and outline proposed capital investments and related operating costs to strengthen the safety, reliability and resiliency of our electric and gas distribution networks. The latest plans at Trust Rhode Island Energy's proposed spending from April 1, 2025, to March 31, 2026. Included in the nearly $400 million approval is approximately $220 million in capital investments for Electric, which includes $88 million for advanced metering infrastructure and approximately $145 million for capital investments in gas, including $108 million for gas main replacements.

天然氣和電力的 ISR 計劃每年提交一次，概述擬議的資本投資和相關營運成本，以加強我們的電力和天然氣配送網路的安全性、可靠性和彈性。信託羅德島能源公司 (Trust Rhode Island Energy) 的最新計劃是從 2025 年 4 月 1 日至 2026 年 3 月 31 日的支出。在這近 4 億美元的批准中，約有 2.2 億美元用於電力資本投資，其中包括 8,800 萬美元用於先進計量基礎設施，約 1.45 億美元用於天然氣資本投資，其中包括 1.08 億美元用於更換天然氣總管。

The PUC also authorized recovery of approximately $35 million in operating costs for vegetation management and restoration paving tied to gas main replacement projects. We look forward to executing on these plans and continuing our delivery of exceptional service to the residents of Rhode Island.

公共事業委員會還批准收回與燃氣總管更換項目相關的植被管理和修復鋪路的約 3500 萬美元的營運成本。我們期待執行這些計劃並繼續為羅德島居民提供卓越的服務。

Moving to slide 7. We continue to see increased interest from data center developers in our Pennsylvania and Kentucky service territories. In Pennsylvania, we now have nearly 11 gigawatts of projects in the advanced stages of planning, up from nearly 9 gigawatts as we shared last quarter. Keep in mind for a project to be in the advanced stages of planning, it means the data center developer has signed a letter of authorization, which allows us to begin spending money to connect them to the grid.

移至幻燈片 7。我們持續看到賓州和肯塔基州服務區域的資料中心開發商的興趣日益濃厚。在賓州，我們目前有近 11 千兆瓦的專案處於規劃的後期階段，高於上個季度分享的近 9 千兆瓦。請記住，對於處於規劃高級階段的項目，這意味著資料中心開發商已經簽署了授權書，這允許我們開始花錢將它們連接到電網。

The developer in turn is obligated to reimburse us for those costs. As a result, developers in this phase have more at stake and while that doesn't guarantee that a data center will be built, it certainly signals a higher probability of connection. The potential capital investment related to these data centers in advanced stages in Pennsylvania, ranges from $700 million to $850 million, of which we have $400 million in the plan. And within this category of projects, we now have load that has progressed to fully executed contracts.

反過來，開發商有義務向我們償還這些費用。因此，處於這一階段的開發商承擔的風險更大，雖然這並不能保證資料中心一定會建成，但肯定意味著連接的可能性更高。賓州這些處於後期階段的資料中心的潛在資本投資在 7 億美元至 8.5 億美元之間，其中我們計劃投資 4 億美元。在這個類別的專案中，我們現在已經有一些專案已經進展到完全執行的合約。

Importantly, we've structured these energy services agreements to include minimum load commitments for the data centers, which significantly reduces the risk to our other customers from these large projects. In addition to the projects in advanced stages, we now have more than 50 gigawatts of other interconnection requests in our Q, demonstrating continued interest in our Pennsylvania service territory. And as we've shared previously, connecting large-scale data centers is a win-win for our customers as these data centers will share in the cost of transmission system, and they will help reduce transmission costs for our other customers.

重要的是，我們在建構這些能源服務協議時，包含了資料中心的最低負載承諾，這大大降低了這些大型專案對我們其他客戶的風險。除了處於後期階段的專案外，我們現在在 Q 中還有超過 50 千兆瓦的其他互連請求，這表明人們對我們賓州服務區域的持續興趣。正如我們之前所分享的，連接大型資料中心對我們的客戶來說是雙贏的，因為這些資料中心將分擔傳輸系統的成本，並且它們將幫助我們的其他客戶降低傳輸成本。

Turning to Kentucky. We remain very excited to support our first 400-megawatt data center customer, which we highlighted on our year-end earnings call. In addition, we continue to manage nearly 6 gigawatts of active data center request in our Kentucky Que. And the Kentucky legislature recently expanded the sales tax incentive program for data center projects across the entire Commonwealth and not just in Jefferson County. We expect this will further attract data centers to Kentucky, including across our broader service territories.

轉向肯塔基州。我們仍然非常高興能夠支援我們的第一個 400 兆瓦資料中心客戶，我們在年終收益電話會議上強調了這一點。此外，我們繼續管理肯塔基州 Que 中近 6 千兆瓦的活躍資料中心請求。肯塔基州立法機構最近將資料中心項目的銷售稅獎勵計劃擴大到整個聯邦，而不僅僅是傑斐遜縣。我們預計這將進一步吸引資料中心落腳肯塔基州，包括我們更廣泛的服務區域。

Turning to slide 8 and several items on the horizon. On April 4, we notified the Kentucky Public Service Commission of our intent to file a base rate case on or after May 30. As background, LG&E and KU's last base rate increase occurred in July 2021, at which time we agreed to a four-year stay-out provision.

翻到第 8 張投影片，我們可以看到幾個即將出現的內容。4 月 4 日，我們通知肯塔基州公共服務委員會，我們打算在 5 月 30 日或之後提起基準費率案件。背景是，LG&E 和 KU 的上一次基準利率上調發生在 2021 年 7 月，當時我們同意了一項為期四年的暫停條款。

Our intent with the expected filing will be to seek new rates effective January 1, 2026, to support continued infrastructure investments that improve reliability, enhance the customer experience, enable long-term grid resilience, and support projected load growth. Our application will be supported by a fully forecasted test period ending December 31, 2026.

我們預期提交申請的目的是尋求自 2026 年 1 月 1 日起生效的新費率，以支持持續的基礎設施投資，提高可靠性、增強客戶體驗、實現長期電網彈性並支持預計的負載成長。我們的申請將得到截至 2026 年 12 月 31 日的完整預測測試期的支持。

Turning to Pennsylvania. We continue to advocate for legislative changes to incentivize construction of new generation in the commonwealth that help address both rising electricity prices for consumers and potential energy shortfalls. We believe Pennsylvania must take control of its energy future rather than being wholly reliant on the PJM market, which is struggling to incentivize new generation build even with all the expected load growth coming from data centers.

轉向賓州。我們繼續倡導立法改革，以激勵聯邦內新一代發電設施的建設，從而幫助解決消費者電價上漲和潛在的能源短缺問題。我們認為賓州必須掌控其能源未來，而不是完全依賴 PJM 市場，儘管預期所有負載成長都來自資料中心，但該市場仍在努力激勵新一代發電的建設。

We believe one way of addressing this issue is to allow regulated electric utilities to invest in generation resources. This would complement the competitive market by addressing resource adequacy gaps rather than relying solely on market forces to deliver a solution. We're absolutely convinced the time to act is now, and we're encouraged by the recent introduction of legislation, House Bill 12.72 that supports allowing regulated utilities to build and own generation in the state. A co-sponsor memo was also filed in the Senate, and we expect companion legislation later this spring.

我們認為解決這個問題的一種方法是允許受監管的電力公司投資發電資源。這將透過解決資源充足性差距來補充競爭市場，而不是僅僅依靠市場力量來提供解決方案。我們堅信現在是採取行動的時候了，我們對最近提出的立法感到鼓舞，眾議院第 12.72 號法案支持允許受監管的公用事業公司在該州建設和擁有發電設施。一份共同提案備忘錄也已提交參議院，我們預計配套立法將於今年春季晚些時候出台。

Finally, PPL is very well positioned to manage through the recently proposed trade tariffs, and we do not expect a significant impact on our plan. Our team has done an excellent job managing supply chain disruptions and constraints for several years now. I'd highlight that about 70% to 80% of our capital projects and nearly 90% of our O&M is labor.

最後，PPL 完全有能力應對最近提出的貿易關稅，我們預計這不會對我們的計劃產生重大影響。多年來，我們的團隊在管理供應鏈中斷和限制方面做得非常出色。我想強調的是，我們大約 70% 到 80% 的資本項目和近 90% 的營運和維護都需要勞動力。

On top of that, most of our materials are sourced domestically. So the size of the potential impact from tariffs shrinks very quickly. Bottom line, we remain very well positioned despite the current macroeconomic uncertainty and remain very confident in our ability to deliver our plan for customers and shareowners.

最重要的是，我們的大部分材料都來自國內。因此，關稅的潛在影響規模會迅速縮小。總而言之，儘管當前宏觀經濟存在不確定性，但我們仍然處於非常有利的地位，並且對我們為客戶和股東提供計劃的能力仍然充滿信心。

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

我的策略和營運更新說明到此結束，現在我將把電話轉給喬，告知財務更新。

Thank you, Vince. And good morning, everyone. Let's turn to slide 10. PPL's first quarter GAAP earnings were $0.56 per share compared to $0.42 per share in Q1 2024. We recorded special items of $0.04 per share during the first quarter, primarily due to IT transformation costs a settlement charge related to energy efficiency programs in Rhode Island for activity prior to our ownership and some remaining Rhode Island integration costs.

謝謝你，文斯。大家早安。讓我們翻到第 10 張投影片。PPL 第一季的 GAAP 收益為每股 0.56 美元，而 2024 年第一季的每股收益為 0.42 美元。我們在第一季記錄了每股 0.04 美元的特殊項目，主要是由於 IT 轉型成本、我們擁有先前在羅德島開展的能源效率計劃相關的結算費用以及一些剩餘的羅德島整合成本。

Adjusting for these special items, first quarter earnings from ongoing operations were $0.60 per share, an improvement of $0.06 per share compared to Q1 2024. Our solid first quarter results keep us on track to achieve at least the midpoint of our 2025 earnings forecast of $1.81 per share. We also continue to maintain one of the strongest balance sheets in our sector, which provides the company with significant financial flexibility.

調整這些特殊項目後，第一季持續經營收益為每股 0.60 美元，與 2024 年第一季相比每股增加 0.06 美元。我們第一季的穩健業績使我們有望至少實現 2025 年每股收益 1.81 美元的中點。我們也繼續保持行業內最強勁的資產負債表之一，這為公司提供了極大的財務靈活性。

In February, we established a $2 billion ATM program that supports our financing needs associated with the increased capital plan. Year-to-date, we have issued about $170 million of equity through the ATM with forward contracts that expire at the end of the year. We continue to expect to issue between $400 million and $500 million of equity in total this year.

今年 2 月，我們設立了一項 20 億美元的 ATM 計劃，以支持與增加資本計劃相關的融資需求。今年迄今為止，我們已透過 ATM 發行了約 1.7 億美元的股票，遠期合約將於年底到期。我們預計今年將發行總計 4 億至 5 億美元的股權。

Turning to the ongoing segment drivers for the first quarter on slide 11. Our Kentucky segment results increased by $0.05 per share compared to the first quarter of 2024. The improvement in Kentucky's results was primarily driven by higher sales volumes primarily due to mild weather experienced during the first quarter of last year. $0.01 of that favorable variance was due to colder-than-normal weather in Q1 2025.

第 11 張投影片介紹了第一季的持續細分驅動因素。與 2024 年第一季相比，我們肯塔基州分部的業績每股成長了 0.05 美元。肯塔基州業績的改善主要得益於去年第一季氣候溫和導致的銷售量增加。其中 0.01 美元的有利差異是由於 2025 年第一季的天氣比正常情況更冷。

Our Pennsylvania Regulated segment results increased by $0.03 per share compared to the same period a year ago. The increase was also primarily driven by higher sales volumes due to mild weather experienced last year as well as higher transmission revenue from our ongoing capital investments.

與去年同期相比，我們的賓州監管部門的業績每股增加了 0.03 美元。這一增長主要得益於去年溫和的天氣帶來的銷售量增加，以及我們持續的資本投資帶來的傳輸收入增加。

Our Rhode Island segment results decreased by $0.01 per share compared to the same period a year ago. This decrease was primarily driven by lower transmission revenues due to a prior period true-up and higher operating costs, partially offset by higher distribution revenue from capital investments.

與去年同期相比，我們的羅德島分部業績每股下降了 0.01 美元。下降的主要原因是前期調整和營運成本上升導致輸電收入下降，但資本投資帶來的分銷收入增加部分抵消了下降。

Finally, results at Corporate and Other decreased by $0.01 per share compared to the prior period. primarily due to higher interest expense. We continue to be pleased with our execution as we deliver on our commitments to customers and shareowners. This concludes my prepared remarks.

最後，企業及其他部門的業績與上一時期相比每股下降了 0.01 美元。主要是由於利息支出增加。我們對我們的執行情況感到滿意，因為我們履行了對客戶和股東的承諾。我的準備好的發言到此結束。

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

我現在將電話轉回給文斯。

Thank you, Joe. In closing, we're off to a good start with our strong first quarter results. Our Q1 performance puts us solidly on track to deliver on our 2025 commitments. Meanwhile, across our operations, we continue to make excellent progress in executing our utility of the future strategy. We're responsibly investing in our networks, which supported first quarter storm response that was considerably improved compared to last year despite more severe weather this winter.

謝謝你，喬。最後，我們第一季的業績表現強勁，為我們開了個好頭。我們第一季的業績使我們穩步履行 2025 年的承諾。同時，在我們的營運中，我們在執行未來策略的效用方面持續取得優異的進展。我們負責任地投資我們的網絡，儘管今年冬天的天氣更加惡劣，但第一季的風暴響應與去年相比有了很大的改善。

We're progressing and building new and cleaner generation resources in Kentucky that support our communities. We're achieving our O&M savings targets that benefit our customers in a time of inflationary pressures. We're driving continued economic development in our regions, including new data centers.

我們正在肯塔基州推進和建造新的、更清潔的發電資源，以支持我們的社區。我們正在實現營運和維護節約目標，這在通膨壓力時期使我們的客戶受益。我們正在推動我們所在地區的經濟持續發展，包括建立新的資料中心。

And we're advancing an IT transformation that includes key digital solutions that will strengthen cybersecurity, improve the customer and employee experience, improve our grid operations and make our field workers more efficient and effective in their jobs, all while lowering our ongoing technology costs. We're extremely excited about the opportunities ahead for PPL, our customers and our share owners. And we look forward to building continued momentum as we proceed throughout the year.

我們正在推動 IT 轉型，其中包括關鍵的數位解決方案，這些解決方案將加強網路安全、改善客戶和員工體驗、改善我們的電網運營，使我們的現場工作人員的工作更加高效，同時降低我們持續的技術成本。我們對 PPL、我們的客戶和股東未來的機會感到非常興奮。我們期待在全年的發展中繼續保持良好的勢頭。

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

接線員，好了，讓我們開始提問。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

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

Hey, guys. Thanks. Good morning. So let me just -- on the resource adequacy legislation that you kind of talked about in your prepared remarks, maybe just speak a little bit what you see as the advantages of the IOUs versus the IPPs and bringing generation to market. I mean, it seems like everyone faces the same turbine Q issue.

嘿，大家好。謝謝。早安.因此，請允許我 - 關於您在準備好的發言中談到的資源充足性立法，也許可以稍微談談您認為 IOU 相對於 IPP 的優勢以及將發電推向市場的優勢。我的意思是，似乎每個人都面臨著同樣的渦輪機 Q 問題。

So trying to understand, I guess, what makes IOU the faster or better? Or could this actually turn into maybe providing a better price signal to generators through a longer-term PPA structure. So do you really want to build or provide that incentive for someone else to build and maybe earn on that incentive?

因此，我想嘗試理解，是什麼讓 IOU 更快或更好？或者這實際上可能透過長期 PPA 結構向發電廠提供更好的價格訊號。那麼，您是否真的想建立或提供這種激勵措施讓其他人建立並可能從中獲利？

Yes, Shar, there's quite a bit there in that question. I think the limitation with the market is the capacity. The market is really a one-year price signal three years forward. And so right, the question becomes, is that enough to incentivize the competitive market to build new generation 30-, 40-year assets. And can you finance it. Obviously, that's a different calculation and calculus when you're in a regulated utility model with the asset going in rate base, it's getting depreciated over 40 years.

是的，Shar，這個問題包含很多內容。我認為市場的限制在於容量。市場實際上是未來三年的一年價格訊號。那麼，問題就變成了，這是否足以激勵競爭市場建立新一代 30 年、40 年資產。你能提供資金嗎？顯然，當你處於受監管的公用事業模式中，並且資產以利率為基礎時，這是一種不同的計算和演算，它會在 40 年內貶值。

So from a stability of power price and predictability and reducing volatility, clearly, I think the regulated utility model can provide some benefits there. In terms of your question on the PPA versus building gen, we are absolutely willing to build an own generation in rate base in Pennsylvania, should we be allowed to do that with this new legislation.

因此，從電價的穩定性和可預測性以及降低波動性的角度來看，顯然，我認為受監管的公用事業模式可以提供一些好處。關於您關於電力購買協議 (PPA) 與建設發電廠的問題，如果新立法允許我們這樣做，我們絕對願意在賓夕法尼亞州以電價為基礎建造自己的發電廠。

Obviously, we have one of the highest performing Gencos down in Kentucky. Our Engineering and Construction Group is building new generation as we speak. We could clearly do it in Pennsylvania as well as we're doing it in Kentucky. So we are able and ready to provide that service to the market and our customers if we're allowed to do it.

顯然，我們是肯塔基州業績最好的發電公司之一。我們的工程和建築集團正在建造新一代。我們顯然可以在賓夕法尼亞州做到這一點，就像我們在肯塔基州所做的那樣。因此，如果允許的話，我們有能力並且願意向市場和客戶提供該服務。

On the PPAs, we do have the ability to do some of that today under the default service provisions that we have. It would be somewhat limited when you're thinking about our load that's under default service and the need across PJM. So we could probably do a little bit there, but not enough to really solve the issue that we're talking about, Shar.

在電力購買協議 (PPA) 上，我們確實有能力根據現有的預設服務條款來做其中的一些事情。當您考慮我們的預設服務負載和 PJM 的需求時，它會受到一定程度的限制。所以我們可能可以做一點，但不足以真正解決我們正在談論的問題，Shar。

Perfect. No, that's helpful. Let me just quickly for just a quick one for Joe. Obviously, we've been the past few weeks, we've been getting a lot of inbounds on equity, right? I just -- I guess, Joe, is a block a consideration or the forwards under the ATM kind of sufficient at this time?

完美的。不，這很有幫助。讓我快速地為喬講一個問題。顯然，過去幾週我們已經獲得了很多有關股權的信息，對嗎？我只是——我想，喬，此時阻止是一種考慮，還是 ATM 下的轉發就足夠了？

Yes, Shar. Thanks for the question. So I mean, as we've said since we provided our updated plan in February, our base case is that we'll use the ATM program to satisfy most of our equity needs. And clearly, we see it as an efficient cost-effective tool and it's obviously been that to date. And so we feel really about where we are in now. But given our flexibility and the position that we're in, we'll remain opportunistic and continue to assess all of our options and just try to achieve the most efficient cost of capital that we can.

是的，莎爾。謝謝你的提問。所以我的意思是，正如我們自二月提供更新計劃以來所說的那樣，我們的基本情況是我們將使用 ATM 計劃來滿足我們的大部分股權需求。顯然，我們認為它是一種高效且經濟的工具，而且迄今為止它顯然也確實如此。所以我們真正感受到了我們現在的處境。但考慮到我們的靈活性和我們所處的地位，我們將繼續抓住機會，繼續評估我們所有的選擇，並努力實現最有效的資本成本。

Got it. But Joe, is that still the ATM route?

知道了。但是喬，那還是 ATM 路線嗎？

I mean again, we like the ATM, and we're very happy with the execution of that. But I think as we've talked about and I said before that we will evaluate the market and and use what is ever the most efficient tool at the time we have the need. So continue with the base of the ATM program but continue to assess other options.

我的意思是，我們喜歡 ATM，我們對它的執行非常滿意。但我認為，正如我們所討論的，我之前說過，我們將評估市場，並在需要時使用最有效的工具。因此，請繼續執行 ATM 程序的基礎，但繼續評估其他選項。

Okay, perfect. Fantastic, guys. Appreciate it. Congrats on the results.

好的，完美。太棒了，夥計們。非常感謝。恭喜取得成果。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hey. Good morning. This is actually Eden on for Jeremy. Maybe just wondering if we could focus more on the potential tariff exposures. It looks like in the 2024 IRP, the plan includes roughly 400 megawatts of battery storage, maybe you could just walk through how the tariff might impact that? Or like maybe just more broadly, the domestic versus international breakdown you're kind of seeing anything else on that lines?

嘿。早安.這其實是傑里米的伊甸園。也許只是想知道我們是否可以更專注於潛在的關稅風險。看起來，在 2024 年 IRP 計劃中，包括大約 400 兆瓦的電池存儲，也許您可以介紹一下關稅會對此產生什麼影響？或者可能只是更廣泛地從國內和國際的細分角度來看，您還看到了其他什麼嗎？

Yes, sure. It's Joe. So we have actually two battery projects. One that was part of the 2022 CPCN for 125 megawatts that battery facility is under construction. And so we're obviously talking to the vendor all the time and working closely with them to try to minimize any potential tariff impacts there.

是的，當然。是喬。所以我們其實有兩個電池項目。其中一個是 2022 年 CPCN 的一部分，容量為 125 兆瓦，正在建設中。因此，我們顯然一直在與供應商溝通，並與他們密切合作，盡量減少任何潛在的關稅影響。

And then the one that you referenced is in the 2025 CPCN filing for 400-megawatt storage, clearly, we see a need for those projects given the significant economic development we're seeing and the data center interest and just that increasing demand. So we think -- continue to think that the battery is the best solution to meet that plan.

然後，您提到的是 2025 年 CPCN 申請的 400 兆瓦存儲，顯然，鑑於我們看到的顯著經濟發展和數據中心的興趣以及不斷增長的需求，我們看到了對這些項目的需求。因此我們認為——繼續認為電池是滿足該計劃的最佳解決方案。

But certainly, as you suggest there's potentially other options for the battery in the 2025 CPCN and if we see companies increase their US production of batteries, then that could alleviate some of the pressures on the tariff. And so with that second unit, we have time, obviously, to work through that. and we'll continue to do that with a variety of vendors that are manufacturing batteries.

但可以肯定的是，正如您所說，2025 年 CPCN 中可能存在其他電池選擇，如果我們看到公司增加在美國的電池產量，那麼這可能會減輕一些關稅壓力。因此，有了第二單元，我們顯然就有時間解決這個問題。我們將繼續與各種電池生產供應商合作。

Got it. And then maybe just one question on -- I appreciate the ongoing nature here. But like to what extent do you see the recent announcement in Kentucky and Oldham County kind of maybe potentially unlocking more upside to generation needs there? And just any other thoughts on resident concerns or other considerations to that project's viability from your perspective?

知道了。然後也許只有一個問題——我很欣賞這裡的持續性。但是，您認為肯塔基州和奧爾德姆縣最近宣布的舉措在多大程度上可能為當地發電需求帶來更多好處？從您的角度來看，對於居民的擔憂或其他對該項目可行性的考慮還有其他想法嗎？

Yes. This is Vince, Eden. So yes, you're referencing a potential project in Oldham County, it's called Project Lincoln. Obviously, there's been some media attention on that. We don't have a lot more to share at this point. But clearly, we are working with the developer there, excited to provide them with whatever needs they have to get that project over the goal line at this point, not much more to share.

是的。這是文斯，伊甸。是的，您提到的是奧爾德姆縣的一個潛在項目，名為林肯項目。顯然，媒體已經關注此事。目前我們還沒有太多資訊可以分享。但顯然，我們正在與那裡的開發商合作，很高興為他們提供他們所需要的一切，以使該項目目前能夠實現目標，目前沒有太多可以分享的。

But obviously, it's a good indicator of the continued interest that we're seeing down there. That is in our 6 gigawatts of in the Q. So it's part of that that we're working through, certainly provide more information at the appropriate time when that becomes available.

但顯然，這是一個很好的指標，表明我們在那裡看到了持續的興趣。這是我們 Q 中的 6 千兆瓦。所以這是我們正在努力解決的一部分，當然會在適當的時候提供更多資訊。

Appreciate it. Thanks. I’ll leave it there.

非常感謝。謝謝。我就把它留在那裡。

Paul Zimbardo, Jefferies.

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

Hi. Good morning. Thank you. I was just going to stay in Kentucky for a little bit longer. Just could you share any perspective or thoughts on the coal executive order and if that could change the timing or kind of potential of the -- I think it's roughly 300 megawatts of retirements that you have planned?

你好。早安.謝謝。我只是想在肯塔基州多待一段時間。您能否分享一下對煤炭行政命令的看法或想法，以及這是否會改變煤炭退役的時間或潛力——我認為您計劃退役的煤炭發電量大約是 300 兆瓦？

Sure. So I don't expect that the EO would have necessarily an immediate impact on our generation planning. You did reference our really the only plant that we have in the near term that is scheduled to retire, which is Mill Creek 2, it's a 300-megawatt unit that's scheduled to retire in the 2027 timeframe, commensurate with Mill Creek 5, which is the combined cycle unit that we are currently constructing.

當然。所以我不認為《行政命令》一定會對我們的發電規劃產生直接影響。您確實提到了我們近期唯一計劃退役的電廠，即 Mill Creek 2 號電廠，它是一台 300 兆瓦的機組，計劃於 2027 年退役，與 Mill Creek 5 號電廠同期退役，後者是我​​們目前正在建造的聯合循環機組。

At this point, Paul, the air permit for Mill Creek 5 depends on us retiring Mill Creek 2. But that is something that we will certainly be I think analyzing and discussing with stakeholders as part of the CPCN approval process, especially if we continue to see the interest in Kentucky around data centers.

保羅，目前，米爾克里克 5 號機組的空氣許可證取決於我們是否退休米爾克里克 2 號機組。但我認為，作為 CPCN 批准流程的一部分，我們肯定會與利益相關者進行分析和討論，特別是如果我們繼續看到肯塔基州對資料中心的興趣。

And some of that load comes to fruition, we may want to delay the retirement of Mill Creek 2, at least for a period of time, perhaps when Mill Creek 6, which is the one that would come on in 2031, comes online. So a lot to, I think, analyze and discuss there, not necessarily the executive order. I think that's driving that. It's more just the demand and how we want to best meet that demand, which we will, again, go through with the CPCN process that we're actively engaged with right now with the commission.

當部分負載實現時，我們可能希望推遲 Mill Creek 2 號機組的退役，至少推遲一段時間，也許是等到原定於 2031 年投入使用的 Mill Creek 6 號機組上線時。因此，我認為，有很多事情需要分析和討論，不一定是行政命令。我認為這就是原因所在。這更多的只是需求以及我們希望如何最好地滿足這一需求，我們將再次透過我們目前正在與委員會積極參與的 CPCN 流程來完成這項工作。

Okay. And then I guess just overall, holistically as it relates to that and elsewhere, I don't want to put words in your mouth, but you feel comfortable on the overall capital plan, there could be some changes potentially, but you feel good on capital and the overall outlook, it sounds like.

好的。然後我想，就整體而言，就這一點以及其他方面而言，我不想把話說到你的嘴裡，但你對整體資本計劃感到滿意，可能會有一些變化，但聽起來你對資本和整體前景感覺良好。

Yes. Yes, we do. We don't have a lot of environmental CapEx in the plan. We have less than $400 million total. The two big components of that are the SCR at Gen 2. That's obviously in the CPCN filing that we're working through right now. We would expect at this time to continue to install that SCR that would enable us to really ensure that we can run that unit in the long term during the OSO season.

是的。是的，我們有。我們的計劃中沒有太多的環境資本支出。我們的總額不到4億美元。其中兩個主要組成部分是第二代 SCR。這顯然包含在我們現在正在處理的 CPCN 檔案中。我們希望此時繼續安裝該 SCR，以便我們可以真正確保能夠在 OSO 季節期間長期運行裝置。

So there's a real strategic need to have Gen 2 available. That's about a $150 million project. And then the remaining $250 million in there is for the fluid limitation guideline rules. Again, based on what we're seeing from the administration, we could see some modification to those rules. Not sure exactly where we'll land on that and if and how much of that $250 million will need to do. But again, that's not a material amount to our $20 billion capital plan.

因此，推出第二代產品具有真正的策略需求。這是一個價值約1.5億美元的項目。剩下的 2.5 億美元用於流體限制指導規則。再次，根據我們從政府看到的情況，我們可能會看到這些規則的一些修改。不確定我們最終會在哪裡實現這一​​目標，也不確定是否需要 2.5 億美元以及需要投入多少資金。但同樣，這對我們的 200 億美元資本計畫來說並不是一個實質的數額。

Okay. Thank you very much, Vince.

好的。非常感謝，文斯。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

Thank you. So I have two questions about Pennsylvania. So I mean we haven't seen any announcements at least public announcements about the 11 gigs or even the original 9 gigs of low growth in your zone in Pennsylvania. And I'm just wondering if -- are we waiting for something? Is this -- are we waiting for some guidelines either for -- from FERC or from the Pennsylvania Utilities Commission. So that's one.

謝謝。我對賓州有兩個問題。所以我的意思是，我們還沒有看到任何公告，至少沒有看到有關賓州您所在區域 11 個千兆位元組或甚至最初的 9 個千兆位元組低成長的公開公告。我只是想知道——我們是否在等待什麼？這是——我們是否正在等待聯邦能源管理委員會或賓夕法尼亞州公用事業委員會的一些指導方針。這就是其中之一。

And number two, speaking of the Pennsylvania PUC, the third day hearing on the interconnection of large loads, very interesting overall. I wonder the commission is clearly considering a potential model tariffs for large loads. -- your representatives didn't seem that interested in that option. And I'm just wondering if you have a view overall, what it takes to have the DC load finalized in your zone?

第二，說到賓州公共事業委員會 (PUC)，第三天關於大負荷互聯的聽證會總體來說非常有趣。我想知道委員會是否正在考慮針對大負荷的潛在示範關稅。 ——您的代表似乎對該選項不太感興趣。我只是想知道您是否有一個總體看法，需要什麼才能在您的區域中完成直流負載？

Sure. So I think they're somewhat related those questions, Angie. Maybe I'll start with just a lack of announcements. So not anything I'm concerned about. We are making excellent progress on a number of the projects that are in there. We don't really control the timing of when the data centers want to make those announcements. There's obviously a lot of competitive positioning that they're taking into account when they make those announcements.

當然。所以我認為它們與這些問題有些相關，安吉。也許我會從缺少公告開始。所以我並不擔心什麼。我們在其中的許多項目上都取得了良好的進展。我們實際上無法控制資料中心發布這些公告的時間。他們在發布這些聲明時顯然考慮了很多競爭定位。

So we're just not going to get in front of them on that, but no concerns there. The reason I feel the way I do, and again, a proof point in our materials is the fact that we have signed energy services agreement. So even beyond just the authorization to spend money we've got to the point where we've signed agreements. And so it will just be a matter of time before those counterparties make their public announcements.

所以我們不會在這個問題上與他們爭執，不過不用擔心。我之所以有這樣的感受，並且再次證明了我們材料中的一個證據，那就是我們已經簽署了能源服務協議。因此，除了授權花錢之外，我們還簽署了協議。因此，這些交易對手公開宣布消息只是時間問題。

What we've been able to do within those ESA agreements is really protect our existing customers from stranded asset risk, which we know is an area that has been a concern at commissions across the country. And what we've done there is, right, there's really two components that make up the cost of connecting a data center. There's the costs that are specific to the data center, and those we get reimbursed under contributions in aid of construction.

我們在這些 ESA 協議中能夠做到的就是真正保護我們現有的客戶免受擱淺資產風險的影響，我們知道這是全國各地委員會關注的領域。我們所做的是，連接資料中心的成本實際上由兩個部分組成。其中有資料中心特有的成本，還有我們透過建設援助捐款獲得補償的成本。

So those are direct reimbursements from the data center. But then there's the other upgrades that may be required to the grid that all customers benefit from. And so those costs end up going into the FERC formula rate, and they get socialized across all of our customer groups. So what we've done with the ESA agreements is we've obligated the data center customers to pay a minimum revenue based on their peak load regardless of their actual electric usage, until the cost of that socialized upgrade. So the piece that's being charged to all customers is paid off.

所以這些都是來自資料中心的直接補償。但電網可能還需要進行其他升級，以使所有客戶都能從中受益。因此，這些成本最終會進入聯邦能源管理委員會 (FERC) 公式費率，並在我們所有的客戶群體中分攤。因此，我們對 ESA 協議所做的就是，我們有義務要求資料中心客戶根據他們的尖峰負載支付最低收入，而不管他們的實際用電量如何，直到達到社會化升級的成本。因此，向所有客戶收取的費用都已付清。

And then we also have letters of credit and termination fees included in those agreements. So that structure essentially is protecting our customers against stranded asset risk. That's why we in the hearing, we said we don't necessarily need a model tariff to be able to achieve the same objective because we're already achieving those objectives with our ESA contracts and so our testimony was to ensure that we can maintain the flexibility required to balance getting these large loads connected to the grid, but at the same time, protecting our customers. So if there is ultimately a large load model tariff, we would just want to make sure that, that flexibility is preserved.

然後我們在這些協議中也包括信用證和終止費用。因此，這種結構本質上是在保護我們的客戶免受擱淺資產風險的影響。這就是為什麼我們在聽證會上說，我們不一定需要模型關稅才能實現相同的目標，因為我們已經透過 ESA 合約實現了這些目標，所以我們的證詞是為了確保我們能夠保持平衡所需的靈活性，將這些大負載連接到電網，但同時保護我們的客戶。因此，如果最終採用大負載模型關稅，我們只想確保保留這種靈活性。

But I'm just wondering -- but you're not waiting, but you're not waiting for that model tariff to be established before basically finalizing these data center deals?

但我只是想知道——但您沒有等待，但您沒有等待模型關稅建立後才基本完成這些資料中心交易？

No, we're entering into ESAs as we speak. And those are not insignificant. I mean, we're talking multiple gigawatts that we're signing up.

不，我們正在簽署 ESA。這些都不是無關緊要的。我的意思是，我們正在談論正在簽約的數千兆瓦。

And just one more. So again, back to that hearing. So lots of comments there from the hyperscalers about how long load studies take? It didn't sound like that was against you at all. But there were some other utilities, especially in Eastern Pennsylvania that were saying that they need to rerun some of their load studies as there is load being added to adjacent zones, which I took up the PPL zone. So is it -- do you still have this material benefit on the time to power benefit? And is that in a sense disproportionately benefiting your zone as far as attracting the load growth in Pennsylvania?

還有一個。再次回到那次聽證會。那麼超大規模企業對負載研究需要多長時間有很多評論嗎？聽起來這根本不是針對你。但也有一些其他公用事業公司，特別是賓州東部的公用事業公司，他們表示需要重新進行一些負載研究，因為相鄰區域增加了負荷，而我選擇的是 PPL 區域。那麼──在掌權期間你還能得到這種物質利益嗎？從某種意義上來說，就吸引賓州的負荷成長而言，這是否對您的區域有不成比例的好處？

Absolutely. We continue to respond very quickly and nimbly to our large load customers. Again, we're getting back to them with initial quotes and study results of our studies in weeks, not months. And we consistently hear from our data center customers that it is a different experience dealing with PPL than some of our peers.

絕對地。我們繼續對大負荷客戶做出非常快速和靈活的回應。再次，我們將在幾週內（而不是幾個月內）向他們提供初步報價和研究結果。我們不斷聽到資料中心客戶說，與 PPL 打交道的體驗與我們的一些同行打交道的體驗不同。

Very good. Thank you.

非常好。謝謝。

(Operator Instructions) Anthony Crowdell, Mizuho.

（操作員指示）瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Hey, good morning, Vince. Good morning, Joe. Thanks for squeezing me in. If I could just stay on the pat that Angie brought up, I'm curious if you're able to tell us or would you tell us when we look at the chart on slide 7 on the data center request in advanced ages, how much of that is ESAs?

嘿，早上好，文斯。早安，喬。謝謝你把我擠進來。如果我可以繼續 Angie 提出的問題，我很好奇您是否能夠告訴我們，或者當我們查看幻燈片 7 上關於高級資料中心請求的圖表時，您會告訴我們其中有多少是 ESA？

Yes, so those terms are confidential at this point. But as I just said at the end of my comments to Angie, we're talking multiple gigawatts. So not insignificant, Anthony.

是的，所以這些條款目前是保密的。但正如我在對安吉的評論結束時所說的那樣，我們談論的是數千兆瓦。所以這並非無關緊要，安東尼。

Great. And then if I could just pivot you talk about on the -- I'm sorry, CPCN in Kentucky. Just -- and you may have disclosed it on the last call, and I apologize if I missed it, in the filing, have you disclosed what the price is for the CCGTs and will that -- if it's not already locked in the price, does that -- do you think that becomes an issue on approval of the unit?

偉大的。然後，如果我可以轉到您談論的——對不起，是肯塔基州的 CPCN。只是 - 您可能已經在上次通話中披露了這一點，如果我錯過了，我很抱歉，在文件中，您是否披露了 CCGT 的價格是多少，如果價格尚未鎖定，那 - 您認為這會成為批准該單位的問題嗎？

I mean we do have our cost estimates in the CPCN filing. We're kind of around that $2,000 per kW as we're seeing kind of across the spectrum. At this point, based on where we are with our vendors and EPC contractors, et cetera, we feel pretty good about those amounts.

我的意思是我們確實在 CPCN 文件中有我們的成本估算。我們看到的價格大約是每千瓦 2,000 美元左右。目前，根據我們與供應商、 EPC 承包商等的現狀，我們對這些金額感到相當滿意。

But obviously, we are always engaging with the commission and updating them on cost estimates if they move significantly between the time we file the CPCN and the time that we would ultimately get approval for that. And then once that gets approved, there's like a 5% buffer that we kind of have to manage within before we'd have to go back to the commission and update those numbers further, but that's kind of how the process works.

但顯然，如果成本估算在我們提交 CPCN 和最終獲得批准之間發生重大變化，我們會一直與委員會溝通並向他們更新成本估算。然後，一旦獲得批准，我們就必須管理 5% 的緩衝，然後我們才必須回到委員會並進一步更新這些數字，但這就是流程的運作方式。

Great. And is there existing load like -- apologies again, is there existing load that this CCGTs are going to supply for? Or is it more on the prospective load that you see coming into the system in Kentucky as you highlight with the -- some of the data center requests there.

偉大的。是否存在現有負載——再次抱歉，這些 CCGT 是否能夠滿足現有負載的需要？或者，正如您所強調的那樣——肯塔基州的一些資料中心請求，這更多的是關於進入肯塔基州系統的潛在負載。

Yes, so what's currently been approved was the retirement of Mill Creek 1, which we retired at the end of last year, again, about a 300-megawatt coal plant. And then Mill Creek 2 is scheduled to retire in 2027. So obviously, some of that new generation is replacing those retirements. And then the new CPCN is also to really handle new load requirements that we're seeing from data centers and just other large economic development activity that's occurring in the state.

是的，目前已批准關閉 Mill Creek 1 號電廠，該電廠產能約為 300 兆瓦，我們在去年年底關閉了電廠。Mill Creek 2 號計劃於 2027 年退役。顯然，新一代人正在取代那些退休人士。然後，新的 CPCN 還可以真正處理我們從資料中心和該州正在發生的其他大型經濟發展活動中看到的新負載需求。

Great. Thanks for taking my question. Really appreciate it. Congrats on a good quarter.

偉大的。感謝您回答我的問題。真的很感激。恭喜本季取得良好業績。

David Paz, Wolfe.

戴維·帕茲，沃爾夫。

Good morning, guys. Yes, two questions are essentially what I was going to ask. But just maybe following up on the data center announcements. I think in the past, you've Vince, you suggested that once you hit one or two announcements all essentially prompt others to follow suit shortly thereafter. Is that still kind of the mindset I understand you have some ESAs in place. But are you still at that kind of we can see these come pretty fast once you get the first few?

大家早安。是的，我基本上想問兩個問題。但也許只是跟進資料中心的公告。我認為，過去，文斯，你曾說過，一旦你發布一兩個公告，基本上就會促使其他人緊跟在後效仿。我理解您仍然有這種心態嗎？您已經實施了一些 ESA。但是，一旦你獲得前幾個，我們是否仍然能看到這些來得非常快？

Yes. It really depends. I mean, I think those comments were probably more relevant to Kentucky when we saw that initial announcement drew basically a doubling of the of the Q in just a couple of months when we went from 3 to 6 gigawatts of interest in Kentucky. I mean we're already dealing with 50 or 60 gigawatts of interest in PA. So there's a lot of interest, I think, not only because we can connect them very quickly, mid-2026, to the grid.

是的。這確實取決於情況。我的意思是，我認為這些評論可能與肯塔基州更相關，因為我們看到最初的公告在短短幾個月內就引起了 Q 的翻倍，而我們對肯塔基州的興趣從 3 千兆瓦增加到 6 千兆瓦。我的意思是我們已經在處理賓州 50 或 60 千兆瓦的興趣。所以我認為人們對此很感興趣，不僅因為我們可以在 2026 年中期將它們快速連接到電網。

And then like I said before, we're much easier to work with than your traditional utility. And they find that the speed to market is better when they're dealing with us than others. So -- and then obviously, we've talked a lot in the past just about the natural qualities of Pennsylvania, the land, the water, the cyber and then, of course, our transmission capacity.

就像我之前說的，與我們合作比與傳統公用事業公司合作要容易得多。他們發現與我們合作時，產品上市速度比與其他公司合作時更快。所以——顯然，我們過去已經談論了很多關於賓州的自然品質、土地、水、網絡，當然還有我們的傳輸能力。

So lots of interest, I think, in PA irrespective of those announcements. I don't know that if we get one announcement that will necessarily trigger many others, but there's just a lot of activity all trying to get to, I would say, the goal line of getting connected as soon as they can in 2026.

因此，我認為，無論這些公告如何，賓州都會引起人們的極大興趣。我不知道如果我們發布一個公告，是否必然會引發許多其他公告，但我想說，現在有很多活動都在努力實現盡快在 2026 年實現聯網的目標。

That makes sense. Just on the socialized cost that you were talking about when you broke down those two pieces regarding Pennsylvania, what is the -- remind me what -- how should we think about the earned return on that socialized cost? Is that just to formulate rate? And what does that ROEs include, ISO adders or anything?

這很有道理。就您在分析賓州的這兩部分內容時所談到的社會化成本而言，請提醒我一下，我們應該如何看待該社會化成本所獲得的回報？那隻是為了製定利率嗎？那麼 ROE 包含什麼，ISO 加法器還是其他什麼？

Yes, so those are the ROEs that are embedded in the formula rate, which is basically 10% right now.

是的，這些是公式利率中包含的 ROE，目前基本上是 10%。

Okay, great. And maybe one quick squeeze one on the 2,000 per kilowatt number Is that inclusive of ABDC and transmission for the CCs in Kentucky.

好的，太好了。也許快速擠壓每千瓦 2,000 元的數字，這是否包括肯塔基州 CC 的 ABDC 和傳輸。

I think that it's -- it's very close to that, David. I don't think it's materially different between the two.

我認為——非常接近這個數字，大衛。我認為兩者之間並沒有實質的區別。

Ian Rapp, Bank of America.

美國銀行的伊恩‧拉普 (Ian Rapp)。

I think the bulk of questions have been answered, but maybe just focusing a little bit more on the data center tariff structure relative to the Kentucky rate case filing. And I know made a determination for Pennsylvania yet. But just curious whether there are any contemplated tariff structure changes or anything related that we would expect to see in those rate cases.

我認為大部分問題都已得到解答，但也許只需要更多地關注與肯塔基州費率案相關的資料中心關稅結構。我知道我已經為賓州做出了決定。但我只是好奇是否有任何預期的關稅結構變化或任何相關內容我們期望在這些費率案例中看到。

Yes, so obviously, we haven't filed those yet. So it would be more appropriate to discuss that once we make those filings. But I would say in both jurisdictions, and we are looking at whether it makes sense to have a a data center or a large load tariff, not just data center.

是的，很明顯，我們還沒有提交這些文件。因此，一旦我們提交了這些文件，討論這個問題就更為合適。但我想說，在兩個司法管轄區，我們都在考慮是否有必要建立資料中心或徵收大負荷關稅，而不僅僅是資料中心。

Thank you so much.

太感謝了。

Thank you. And this concludes our question-and-answer session. I'd like to turn the conference back over to Vince Sorgi for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給 Vince Sorgi 做最後發言。

Great. Thanks, everybody, for joining us. Again, off to a good start for the year, continue the momentum as we go through the year. We have a few marketing events coming up later this week and into next week in New York. So look forward to seeing some of you then. And again, I appreciate you joining the call.

偉大的。感謝大家加入我們。再次，今年開局良好，我們將在接下來的一年中繼續保持這一勢頭。本週晚些時候和下週我們將在紐約舉辦一些行銷活動。所以期待到時候見到你們。再次感謝您參加此次電話會議。

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

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。