賓州電力 (PPL) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加 PPL Corporation 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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 second quarter 2025 financial results. We have provided slides for this presentation on the Investors section of our website. To 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. Before we get started, I'll draw your attention to slide 2 in a brief cautionary statement.

大家早安，感謝您參加 PPL 公司 2025 年第二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 和財務長 Joe Bergstein 匯報最新情況。我們將在準備好的發言之後以問答環節結束。在我們開始之前，我想請大家注意投影片 2 中的簡短警告。

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. 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。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 second quarter investor update. Let's start with our financial results and a few highlights from our second quarter performance on slide 4. Today, we reported second quarter GAAP earnings of $0.25 per share. Adjusting for special items, second quarter earnings from ongoing operations were $0.32 per share.

謝謝你，安迪，大家早安。歡迎閱讀我們的第二季投資者更新。讓我們從我們的財務業績開始，第 4 張投影片上是第二季業績的一些亮點。今天，我們報告第二季度 GAAP 收益為每股 0.25 美元。經特殊項目調整後，第二季持續經營收益為每股 0.32 美元。

While the timing of certain expenses in milder weather than last year contributed to lower period-over-period results, as Joe will discuss in his remarks, we remain confident that we will achieve at least the midpoint of our 2025 ongoing earnings forecast of $1.81 per share as our plan assumed stronger earnings growth in the second half of 2025, resulting from higher returns on capital investments and lower O&M year-over-year.

雖然某些費用發生的時間比去年溫和，導致同期業績較低（正如喬將在其發言中討論的那樣），但我們仍然有信心至少實現 2025 年持續盈利預測的中點，即每股 1.81 美元，因為我們的計劃假設 2025 年下半年盈利增長更強勁，這得益於投資回報率更高以及運營和維護成本同比下降。

We're solidly on track to complete over $4 billion in infrastructure improvements in 2025 to strengthen grid reliability and resiliency, and advance a cleaner energy mix without compromising on affordability for our customers. We continue to incorporate new technology and explore the use of artificial intelligence in all aspects of our business from the field to the back office to drive better results and greater efficiency.

我們預計在 2025 年完成超過 40 億美元的基礎設施改進，以增強電網的可靠性和彈性，並推進更清潔的能源結構，同時不影響客戶的負擔能力。我們不斷融入新技術，探索在從現場到後台的各個業務環節使用人工智慧，以取得更好的結果和更高的效率。

As a result of our investments, we expect to build on our prior year success and deliver cumulative annual O&M savings of $150 million this year compared to our 2021 baseline. We also continue to project $20 billion in infrastructure improvements from 2025 to 2028, resulting in average annual rate base growth of 9.8%.

透過我們的投資，我們預計在前一年成功的基礎上，與 2021 年基準相比，今年累計年度營運和維護成本將節省 1.5 億美元。我們也將繼續規劃 2025 年至 2028 年期間的基礎設施改善投資 200 億美元，實現年均 9.8% 的基數成長率。

This does not include any capital expenditures that may be required under the new joint venture agreement with Blackstone Infrastructure to build new generation in Pennsylvania to directly serve data centers. Lastly, we're well positioned to achieve our projected 6% to 8% annual earnings per share and dividend growth through at least 2028 with EPS growth expected in the top half of that range. And throughout our plan, we expect to maintain our excellent credit profile with an FFO to debt ratio of 16% to 18% and a holding company to total debt ratio below 25%. Turning to slide 5. We have a number of positive business and regulatory updates this quarter.

這還不包括根據與 Blackstone Infrastructure 簽訂的新合資協議可能需要的任何資本支出，該協議旨在賓州建造新一代發電設施，直接為資料中心提供服務。最後，我們完全有能力實現預計的至少到 2028 年每股收益和股息年增長率 6% 至 8%，預計每股收益增長率將處於該範圍的上半部分。在整個計劃中，我們預計保持良好的信用狀況，FFO 與債務比率為 16% 至 18%，控股公司與總債務比率低於 25%。翻到幻燈片 5。本季我們有許多積極的業務和監管更新。

Let me begin with some key regulatory updates, starting with the stipulation agreement that we just filed with the KPSC earlier this week related to the CPCN proceeding to construct much needed generation in Kentucky. We were pleased to have announced a very constructive stipulation with many of the intervening parties to the case.

首先，我來介紹一些關鍵的監管更新，首先是我們本週稍早向 KPSC 提交的與 CPCN 在肯塔基州建設急需的發電廠有關的協議。我們很高興地宣布與案件的許多介入方達成了一項非常有建設性的規定。

The stipulation strikes the right balance between building new generation needed to support economic development in the state, including supporting anticipated data center load and ensuring we maintain affordability for our customers.

該規定在建設支持該州經濟發展所需的新一代電力（包括支持預期的數據中心負載）和確保我們為客戶維持可負擔性之間取得了適當的平衡。

The stipulation supports approval of two 645-megawatt natural gas combined cycle units, Brown 12 and Mill Creek 6 as well as an SCR for our Gen unit to coal plant as we requested. It also supports mechanisms that reduce lag on these investments, including recommending approval of AFUDC treatment on both GCCs during construction, as well as cost recovery of the Gen 2 SCR via our existing environmental cost recovery mechanism or the ECR.

該規定支持批准兩個 645 兆瓦天然氣聯合循環機組，即 Brown 12 和 Mill Creek 6，以及一個用於我們的 Gen 機組到燃煤電廠的 SCR。它還支持減少這些投資滯後的機制，包括建議在建設期間批准對兩個 GCC 進行 AFUDC 處理，以及透過我們現有的環境成本回收機製或 ECR 對第二代 SCR 進行成本回收。

The agreement also supports a new tracker to recover costs of the Mill Creek 6NGCC over the life of the plant, allowing for recovery of operating costs and returns of and on capital investments. The stipulation also supports the life extension of the Mill Creek 2 coal unit from the current retirement date of 2027 to 2031 when Mill Creek 6 is placed into service. Related to this plant life extension.

該協議還支援一種新的追蹤器，以便在工廠的整個使用壽命期間收回 Mill Creek 6NGCC 的成本，從而收回營運成本以及資本投資的回報。該協議還支持將 Mill Creek 2 號煤炭馬達組的使用壽命從目前的 2027 年退役日期延長至 2031 年，屆時 Mill Creek 6 號機組將投入使用。與此植物壽命延長有關。

The stipulation supports a new ECR like mechanism to recover incremental O&M and capital costs required to keep Mill Creek to open, including any costs we incur in the remainder of this year. We also agreed to provide an analysis of operating Mill Creek 2 beyond 2031 as part of our next integrated resource plan in 2027.

該規定支持一種類似於 ECR 的新機制，以收回維持 Mill Creek 開放所需的增量 O&M 和資本成本，包括我們在今年剩餘時間內產生的任何成本。我們也同意在 2027 年的下一個綜合資源計畫中提供 2031 年以後 Mill Creek 2 營運情況的分析。

With the life extension of the Mill Creek 2 coal unit, the stipulation also requires the companies to withdraw the request for the Cane Run battery storage project without prejudice. This means we can file another CPCN for the battery storage project at any time if needed.

隨著 Mill Creek 2 號燃煤機組使用壽命的延長，該規定還要求這些公司無條件撤回 Cane Run 電池儲能計畫的申請。這意味著如果需要，我們可以隨時為電池儲存專案提交另一個 CPCN。

Should the commission approve the stipulation, we do not expect a significant change to our overall CapEx plan or rate base growth projections as we see additional investment needs across our networks that are not currently in our plan. We will provide a full CapEx and rate base refresh per normal course on our year-end call. The stipulation is subject to approval of the KPSC and a hearing is scheduled for next Monday, August 4.

如果委員會批准該規定，我們預計我們的整體資本支出計劃或利率基準成長預測不會發生重大變化，因為我們發現我們的網路中存在目前計劃中沒有的額外投資需求。我們將在年終電話會議上按照正常程序提供完整的資本支出和費率基礎更新。該規定需經 KPSC 批准，聽證會將於下週一（8 月 4 日）舉行。

We continue to anticipate a final decision by November 1 of this year. Turning to slide 6 and a few additional regulatory updates. On May 30, [LGM] and KU filed a request with the KPSC for a combined $391 million increase in annual electric and gas revenues to support continued safety, reliability and resiliency investments in our systems and improve service to our customers. Our applications are supported by a fully forecasted test period ending December 31, 2026. It has been nearly five years since we saw the base rate increase in Kentucky.

我們繼續期待今年 11 月 1 日之前做出最終決定。翻到投影片 6 和一些額外的監管更新。5 月 30 日，[LGM] 和 KU 向 KPSC 提交了一份申請，要求將年度電力和天然氣收入總計增加 3.91 億美元，以支援我們系統持續的安全性、可靠性和彈性投資，並改善對我們客戶的服務。我們的應用程式受到截至 2026 年 12 月 31 日的完整預測測試期的支持。肯塔基州基本稅率上調已有近五年了。

During the period from 2021 through 2024, the cumulative amount of inflation was 19.7%, which is significantly higher than the overall percentage increase of 10.7% that the companies are seeking in these cases. We expect a decision from the commission by the end of the year and new rates to be effective on January 1.

2021年至2024年期間，累積通膨率為19.7%，明顯高於企業在這些案例中尋求的10.7%的總體百分比增幅。我們預計委員會將於今年年底前做出決定，新利率將於 1 月 1 日生效。

Turning to Rhode Island. Earlier this month, we agreed with the advocacy section of the division of Public Utilities and carriers to settle the hold harmless commitment related to our acquisition of Rhode Island Energy. In summary, the acquisition accounting resulted in the elimination of certain accumulated deferred income taxes, which resulted in an increase in rate base.

轉向羅德島。本月初，我們與公共事業和運輸部門的宣傳部門達成協議，就我們收購羅德島能源公司一事達成無害承諾。總之，收購會計導致某些累積遞延所得稅的消除，進而導致稅率基礎增加。

At that time, we made a commitment that we would make bill credits that could extend nearly 40 years to hold our customers harmless from this accounting change. The settlement computed the net present value of those future bill credits to be $155 million. We agreed to credit our customers that $155 million in January, February and March of 2026 and 2027.

當時，我們承諾將提供長達近 40 年的帳單信用額度，以確保我們的客戶免受此會計變更的影響。和解協議計算出這些未來票據信用的淨現值為 1.55 億美元。我們同意在 2026 年和 2027 年 1 月、2 月和 3 月向客戶提供 1.55 億美元的貸款。

This is a very constructive solution that significantly improves affordability for Rhode Island customers when bills are at their highest in the winter, while at the same time, satisfying a significant acquisition commitment. We expect a final decision on the settlement in the coming weeks.

這是一個非常有建設性的解決方案，它顯著提高了羅德島客戶在冬季電費最高時的負擔能力，同時滿足了一項重要的收購承諾。我們預計未來幾週內將就該解決方案做出最終決定。

And shifting to Pennsylvania, we now expect to file a base rate case by the end of this year, our first PA rate case in a decade. The fact that we've been able to go so long without a base rate increase in Pennsylvania is a testament not only to the constructive regulatory framework in the Commonwealth, but also and importantly, our strong focus on efficiency and affordability.

轉向賓州，我們現在預計將在今年年底前提起一個基本利率案件，這是我們十年來的第一個 PA 利率案件。賓州能夠在這麼長時間內不提高基本費率，這一事實不僅證明了該州建設性的監管框架，而且更重要的是，證明了我們對效率和可負擔性的高度重視。

We've created one of the most sophisticated grids in the nation in PPL Electric utility service territory and that, in turn, has driven not only substantial reliability improvements but also significant value for our customers, including the ability to quickly connect large load customers like data centers and manufacturing facilities.

我們在 PPL 電力服務區域內創建了全國最先進的電網之一，這不僅大大提高了可靠性，也為我們的客戶帶來了巨大的價值，包括能夠快速連接資料中心和製造工廠等大負載客戶。

Our expected rate request in Pennsylvania will support our continued efforts to strengthen the grid against future storms and incorporate advanced technology that allows us to work smarter and more efficiently while delivering a better experience for our customers. Now let's turn to slide 7 and the exciting economic growth in Pennsylvania that is currently being powered by data centers.

我們在賓州的預期費率要求將支持我們繼續努力加強電網抵禦未來風暴的能力，並採用先進技術，使我們能夠更聰明、更有效率地工作，同時為我們的客戶提供更好的體驗。現在讓我們翻到第 7 張投影片，看看賓州目前由資料中心推動的令人興奮的經濟成長。

As we've said before, we have made it a strategic priority at PPL to serve data centers across our service territories as AI will be critical to America's continued competitiveness and national security as well as the execution of our Utility of the Future strategy.

正如我們之前所說，我們已將為整個服務區域的資料中心提供服務作為 PPL 的戰略重點，因為人工智慧對於美國持續的競爭力和國家安全以及我們未來公用事業戰略的實施至關重要。

There are three main components to our data center strategy. First, we are enabling speed to market for the data centers by being able to connect them to the grid faster than they can get the data centers built. And second, we are supporting several initiatives to develop new generation to serve this massive new load coming on to the grid.

我們的資料中心策略有三個主要組成部分。首先，我們能夠以比資料中心建置速度更快的速度將資料中心連接到電網，從而加快資料中心的上市速度。其次，我們正在支持多項舉措，開發新一代電力，以滿足電網中大量新負載的需求。

This includes our new joint venture with Blackstone Infrastructure that was announced at the inaugural Pennsylvania Energy & Innovation Summit held in Pittsburgh by Senator McCormick earlier this month.

其中包括我們與黑石基礎設施公司成立的新合資企業，該合資企業是本月稍早參議員麥考密克在匹茲堡舉行的首屆賓州能源與創新高峰會上宣布的。

At the summit, state and federal officials as well as technology leaders, highlighted Pennsylvania's unique position to lead the next wave of data center expansion. And in total, over $90 billion of project commitments were announced.

在高峰會上，州和聯邦官員以及技術領袖強調了賓州在引領下一波資料中心擴張浪潮中的獨特地位。總共宣布了超過 900 億美元的專案承諾。

Our Pennsylvania subsidiary, PPL Electric Utilities is particularly well suited to meet this demand. We've already invested $13 billion in our Pennsylvania grid since 2013. The and our current capital plan includes another $7 billion through 2028.

我們的賓州子公司 PPL Electric Utilities 特別適合滿足這項需求。自 2013 年以來，我們已經向賓州電網投資了 130 億美元。我們目前的資本計畫包括到 2028 年再投入 70 億美元。

That means we can connect data centers as quickly as developers can build them. It also means that we are not holding up data center development in Pennsylvania, which is a clear strategic advantage. We now have about 14.5 gigawatts of data center projects in the advanced stages of development. with nearly 5 gigawatts being publicly announced.

這意味著我們可以像開發人員建立資料中心一樣快速地連接資料中心。這也意味著我們不會阻礙賓州的資料中心發展，這是一個明顯的策略優勢。目前，我們約有 14.5 千兆瓦的資料中心專案處於開發後期階段，其中近 5 千兆瓦的專案已公開宣布。

This includes Amazon's planned data center expansion in Pennsylvania, a data center project announced in the Carlyle area by PA data center partners and Powerhouse data centers, and a data center announced by Core.

其中包括亞馬遜計劃在賓州擴建的資料中心、賓州資料中心合作夥伴和 Powerhouse 資料中心在卡萊爾地區宣布的資料中心專案以及 Core 宣布的資料中心。

With these advancements, we've increased the projected transmission capital investment needed to meet these demands to a range of $750 million to $1.25 billion, with only $400 million included in our current $20 billion capital plan.

透過這些進步，我們將滿足這些需求所需的預期輸電資本投資提高到 7.5 億美元至 12.5 億美元，而我們目前的 200 億美元資本計畫中僅包含 4 億美元。

Meeting this unprecedented demand growth will require an unprecedented response and will require all market participants to be part of the solution. And that brings me to our next slide and the generation part of our data center strategy.

滿足這一前所未有的需求成長需要前所未有的反應，並需要所有市場參與者參與解決方案。這讓我想到了下一張投影片和我們的資料中心策略的生成部分。

Moving to slide 8 and a discussion of the joint venture with Blackstone Infrastructure. As a company, we've been very vocal about the need for new generation to supply data centers, and we're committed to help meet that challenge.

轉到投影片 8，討論與 Blackstone Infrastructure 的合資企業。作為一家公司，我們一直非常重視新一代資料中心供電的需求，並且我們致力於幫助應對這項挑戰。

This new joint venture plans to enter into long-term energy services agreements or ESAs with hyperscalers. Those ESAs will have regulated-like risk profiles that do not expose the company's to merchant energy and capacity price volatility as PPL is not getting back into the merchant generation business.

這家新的合資企業計劃與超大規模企業簽訂長期能源服務協議或 ESA。這些 ESA 將具有類似監管的風險狀況，不會使公司受到商業能源和容量價格波動的影響，因為 PPL 不會重返商業發電業務。

Therefore, construction of any new generation will require the successful execution of ESAs with hyperscalers. The joint venture is actively engaged with hyperscalers, landowners, natural gas pipeline companies and turbine manufacturers and has secured multiple land parcels to enable this new generation buildout. PPL owns 51% of the joint venture interest with Blackstone Infrastructure owning 49%.

因此，任何新一代的建置都需要使用超大規模器成功執行 ESA。該合資企業積極與超大規模企業、土地所有者、天然氣管道公司和渦輪機製造商合作，並已獲得多塊土地以實現新一代建設。PPL 擁有合資企業 51% 的股權，而 Blackstone Infrastructure 擁有 49% 的股權。

The joint venture does not include PPL Electric Utilities or any of PPL's regulated subsidiaries. I can say with confidence, there's a lot of activity and excitement in Pennsylvania and bringing new generation online and support of data centers.

該合資企業不包括 PPL Electric Utilities 或任何受 PPL 監管的子公司。我可以自信地說，賓州有很多活動和令人興奮的事情，並帶來新一代的線上服務和資料中心的支持。

And importantly, this is about building new generation resources, not just diverting existing resources to data centers like we are currently seeing in the market. This is also why we continue to support legislative solutions in the state to enable more generation to be built by anyone who can do it. There are two pieces of critical legislation, House Bill 1272 and Senate Bill 897 that have been introduced in Pennsylvania to facilitate this much needed investment in new dispatchable generation.

重要的是，這是為了建立新一代資源，而不僅僅是像我們目前在市場上看到的那樣將現有資源轉移到資料中心。這也是為什麼我們繼續支持州的立法解決方案，以使任何有能力的人都能建造更多的發電設施。賓州提出了兩項重要立法，即眾議院第 1272 號法案和參議院第 897 號法案，以促進對新的可調度發電的急需投資。

Both the House and Senate bills would allow regulated utilities like PPL Electric Utilities to build an own generation again to solve a resource adequacy need. And both pieces of legislation would also encourage utilities to enter into agreements with IPPs to help derisk their new generation investments.

眾議院和參議院的法案都將允許 PPL 電力公司等受監管的公用事業公司再次建立自己的發電廠，以解決資源充足性需求。這兩項立法還將鼓勵公用事業公司與獨立發電廠簽訂協議，以幫助降低其新一代發電投資的風險。

As a company, we are primed to act quickly once this proposed legislation becomes law. In PPL Electric utility service territory alone, we now estimate the new generation need to be about 7.5 gigawatts over the next five to seven years, assuming all the projects in advanced stages are developed. That represents a total investment need of between $17 billion and $19 billion, assuming combined cycle natural gas plants are used to meet that need.

作為一家公司，一旦該擬議立法成為法律，我們就會迅速採取行動。僅在 PPL 電力公司服務區域，我們目前估計，假設所有處於後期階段的項目都已開發，未來五到七年內新發電需求將達到約 7.5 千兆瓦。假設使用聯合循環天然氣電廠來滿足這項需求，則總投資需求在 170 億美元至 190 億美元之間。

And again, that is just in our service territory. This new generation could be built by a combination of existing IPPs, our newly formed joint venture with Blackstone Infrastructure and if allowed PPL Electric Utilities. Given both federal and state support for new natural gas plants, natural gas pipeline expansion and streamlined siting and permitting, we are optimistic this generation can get built.

再次強調，這只是在我們的服務範圍內。這一新一代發電設施可以透過現有 IPP、我們與 Blackstone Infrastructure 新成立的合資企業以及（如果允許）PPL Electric Utilities 的組合來建造。鑑於聯邦政府和州政府對新建天然氣工廠、天然氣管道擴建以及簡化選址和許可的支持，我們對這項發電廠的建設充滿信心。

But in large part, this will depend on the hyperscalers being willing to sign long-term ESAs to support new generation build. I think that is true regardless of whether we're talking about the IPPs building this generation or our newly formed joint venture, especially given the limitations of PJM's capacity in energy markets to incentivize the construction of new dispatchable generation.

但在很大程度上，這將取決於超大規模企業是否願意簽署長期 ESA 來支持新一代建設。我認為，無論我們談論的是建造這座發電廠的 IPP 還是我們新成立的合資企業，情況都是如此，特別是考慮到 PJM 在能源市場上激勵建設新的可調度發電廠的能力有限。

And this generation strategy will actually lower customer utility bills, which is critically important to us and obviously to our customers. While we do not have any signed ESAs with hyperscalers to date under the JV we will provide additional details once we have those ESA side.

這種發電策略實際上會降低客戶的水電費，這對我們以及我們的客戶來說都至關重要。雖然迄今為止我們尚未與合資公司的超大規模企業簽署任何 ESA，但我們一旦獲得 ESA 方面的內容，就會提供更多詳細資訊。

I'll also reiterate that we are actively negotiating with multiple parties and therefore, we will not get into further details on our strategy or our proposed DSA structure. Moving to slide 9 and taking a step back from the structure of the JV. I wanted to provide some color as to why this strategic partnership is so exciting.

我還要重申，我們正在積極與多方談判，因此，我們不會進一步透露我們的策略或我們提議的 DSA 結構的細節。移至投影片 9，並從合資企業的結構中退一步。我想解釋為什麼這一戰略夥伴關係如此令人興奮。

First, in terms of Blackstone, I can't think of a better partner for this type of joint venture. The specific team that we are partnered with is Blackstone infrastructure. Blackstone Infrastructure has an open-ended investment horizon and can be a partner to us for the life of the assets.

首先，就黑石而言，我想不出還有比它更好的合作夥伴來進行這類合資企業。我們合作的具體團隊是黑石基礎設施。黑石基礎設施擁有開放式的投資期限，可以在資產的整個生命週期中成為我們的合作夥伴。

And they are very supportive of the regulated-like risk profile that we want to take with this JV. Blackstone also has an excellent track record of success and has tremendous data center experience with their QTS investment and developing and owning generation assets.

他們非常支持我們透過該合資企業採取的受監管風險狀況。黑石集團還擁有出色的成功記錄，並透過 QTS 投資以及開發和擁有發電資產累積了豐富的資料中心經驗。

So for us, Blackstone is more than just a financial partner in this venture. They bring real expertise alongside our own expertise in power generation. As for PPL, we bring a lot to the table that complements the strengths of Blackstone. We're uniquely positioned as the largest electric and gas utility holding company headquartered in Pennsylvania. We have excellent relationships in the state and have the support of the governor and other state officials in this new venture.

因此，對我們來說，黑石集團不僅僅是這項事業中的金融合作夥伴。他們不僅為我們帶來了真正的發電專業知識，也帶來了我們自己的專業知識。至於 PPL，我們能提供很多東西來補充黑石的優點。我們是總部位於賓州的最大的電力和天然氣公用事業控股公司，擁有獨特的優勢。我們與州內的關係非常好，並且得到了州長和其他州政府官員對這項新措施的支持。

While we do not participate in the merchant power markets, our prior experience there provides key insights into the PJM market. We've also been a leader in the state as it relates to supporting data center development with over 60 gigawatts of data center projects in our Pennsylvania queue. We also run one of the best generation fleets in the US in Kentucky. And our team has experience developing and operating generation assets.

雖然我們沒有參與商業電力市場，但我們之前的經驗為 PJM 市場提供了關鍵見解。我們在支援資料中心開發方面也一直處於該州的領先地位，我們在賓州的資料中心專案中擁有超過 60 千兆瓦的資料中心專案。我們也在肯塔基州經營美國最好的發電車隊之一。我們的團隊擁有開發和營運發電資產的經驗。

Our engineering and construction team is currently managing over $3.5 billion of construction projects on time and on budget. And if the CPCN stipulation is approved by the KPSC, that will add another $3 billion worth of projects.

我們的工程和施工團隊目前正在按時按預算管理超過 35 億美元的建設項目。如果 CPCN 規定獲得 KPSC 批准，那麼將增加價值 30 億美元的項目。

Our team is very skilled at delivering large projects and I have complete confidence that we can execute the JV strategy to build and operate this generation as well. The last piece that differentiates this JV from many other market participants is that we are willing to build generation now. We won't cannibalize the value of other assets we own in PJM like some of the other merchant power companies.

我們的團隊非常擅長交付大型項目，我完全有信心我們可以執行合資策略來建立和營運這一代專案。該合資企業與許多其他市場參與者的最後一個區別是，我們願意現在就建造發電廠。我們不會像其他一些商業電力公司那樣蠶食我們在 PJM 擁有的其他資產的價值。

So we're in a fantastic spot and believe that this JV can create significant value for share owners, while also protecting our Pennsylvania customers for higher prices with no added benefit. Now moving to slide 10 for a discussion of the economic development opportunities in Kentucky, which expand well beyond just data centers.

因此，我們處於一個非常好的位置，並且相信這個合資企業可以為股東創造巨大的價值，同時也能保護我們的賓州客戶免受更高的價格而沒有任何額外的好處。現在轉到投影片 10，討論肯塔基州的經濟發展機遇，其範圍遠遠超出了資料中心。

We continue to engage with a wide variety of customers in Kentucky, which has powered record-breaking economic growth in the common well. From 2020 to 2024, roughly $36 billion in new investments have been announced in the state, nearly half of which are in LG&E and KU service territories. And the economic development pipeline remains robust, fueled in large part by access to the reliable, affordable electricity that LG&E and KU provide.

我們繼續與肯塔基州的各類客戶合作，推動了肯塔基州創紀錄的經濟成長。從 2020 年到 2024 年，該州已宣布約 360 億美元的新投資，其中近一半用於 LG&E 和 KU 服務區。經濟發展管道依然強勁，這在很大程度上得益於 LG&E 和 KU 提供的可靠、廉價的電力。

A recent example includes GE Appliances announced $490 million planned investment in LG&E service territory. According to the announcement, the new product lines are scheduled to be in production by 2027. Our latest forecast in Kentucky estimate 8.5 gigawatts of economic development load potential in our service territories. This includes 5.7 gigawatts of potential data center load. So we continue to field new inquiries from hyperscalers and data center developers.

最近的一個例子是通用電氣家電 (GE Appliances) 宣布計劃在 LG&E 服務領域投資 4.9 億美元。根據公告，新產品線計劃於2027年投入生產。我們對肯塔基州的最新預測是，我們服務區域內的經濟發展負荷潛力為 8.5 千兆瓦。其中包括 5.7 千兆瓦的潛在資料中心負載。因此，我們繼續處理來自超大規模企業和資料中心開發人員的新詢問。

On a positive note, the 400-megawatt powerhouse data center that we previously announced has recently been upsized to 525 megawatts. The forecast also includes 2.8 gigawatts of manufacturing and other potential nondata center load as we continue to see new and expanded manufacturing in our service territories.

積極的一面是，我們先前宣布的 400 兆瓦資料中心最近已擴大到 525 兆瓦。隨著我們繼續看到服務區域內新的和擴大的製造業，該預測還包括 2.8 千兆瓦的製造業和其他潛在的非資料中心負載。

The CPCN included roughly 1.8 gigawatts of demand growth through 2032. We recently refreshed these projections and now assume about 2.5 gigawatts of demand growth, clearly 700 megawatts of additional load than estimated in our original forecast just 6 months ago. If this potential growth continues to materialize, additional generation resources from what is included in the CPCN stipulation will likely be required.

CPCN 預測到 2032 年，需求將成長約 1.8 千兆瓦。我們最近更新了這些預測，現在假設需求成長約 2.5 千兆瓦，顯然比我們 6 個月前的原始預測增加了 700 兆瓦的額外負載。如果這種潛在成長繼續實現，則可能需要 CPCN 規定中包含的額外發電資源。

So again, just tremendous growth potential in our Kentucky service territories that can further bolster the local economies with well-paying jobs and local tax revenue. That concludes my business update. I'll now turn the call over to Joe for the financial update.

所以，我們肯塔基州服務區具有巨大的成長潛力，可以透過高薪工作和地方稅收進一步促進當地經濟。我的業務更新到此結束。我現在將電話轉給喬，讓他報告財務最新情況。

Thank you, Vince, and good morning, everyone. Let's turn to slide 12. PPL's second quarter GAAP earnings were $0.25 per share compared to $0.26 per share in Q2 2024. We recorded special items of $0.07 per share during the second quarter of 2025, primarily due to IT transformation costs and certain costs related to the Rhode Island integration. Adjusting for these special items, second quarter earnings from ongoing operations were $0.32 per share, a $0.06 per share decrease compared to Q2 2024.

謝謝你，文斯，大家早安。讓我們翻到第 12 張投影片。PPL 第二季的 GAAP 收益為每股 0.25 美元，而 2024 年第二季的每股收益為 0.26 美元。我們在 2025 年第二季記錄了每股 0.07 美元的特殊項目，主要原因是 IT 轉型成本和與羅德島整合相關的某些成本。調整這些特殊項目後，第二季持續經營收益為每股 0.32 美元，與 2024 年第二季相比每股減少 0.06 美元。

The decline was primarily due to several anticipated factors including the timing of certain operating costs and true-ups of about $0.03 as well as favorable weather in Q2 2024 and higher interest expense, which were about $0.01 each.

下降主要是由於幾個預期因素，包括某些營運成本和約 0.03 美元的調整時間，以及 2024 年第二季的有利天氣和更高的利息支出（每個約為 0.01 美元）。

As Vince mentioned in his remarks, our business plan assumes stronger growth in the second half of the year, stemming from higher return on capital investments via formula rates, rider mechanisms and AFUDC as well as lower O&M. On the O&M front, this is due to the execution of our cost-saving initiatives and the timing of certain expenses like tree trimming costs.

正如文斯在演講中提到的那樣，我們的業務計劃預計下半年將實現更強勁的成長，這源於透過公式費率、附加機制和 AFUDC 獲得的更高的資本投資回報率以及更低的 O&M。在營運和維護方面，這是由於我們實施了成本節約舉措，並安排了某些費用（如樹木修剪費用）的時間。

You may recall that we invested in additional tree trimming in the fourth quarter last year in preparation for the winter. We also incurred the bulk of our planned tree trimming budget during the spring of this year to better prepare for the summer thunder storm season.

您可能還記得，為了準備迎接冬天，我們在去年第四季投資了額外的樹木修剪工作。我們還在今年春季花費了大部分計劃的樹木修剪預算，以便更好地為夏季雷雨季節做好準備。

So the timing of our tree trimming costs alone are a notable driver of the timing of our earnings growth for 2025 versus 2024. Accordingly, we remain confident in achieving at least the midpoint of our 2025 earnings forecast of $1.81 per share. Moving to our credit profile. PPL's balance sheet remains among the best in our sector. and we continue to support our credit position since our last update, while we fund our substantial growth.

因此，僅樹木修剪成本的時機就足以顯著影響我們 2025 年與 2024 年獲利成長的時機。因此，我們仍然有信心至少實現 2025 年每股收益 1.81 美元的中點。轉向我們的信用狀況。PPL 的資產負債表仍然是我們行業中最好的。自上次更新以來，我們繼續支持我們的信用狀況，同時為我們的大幅成長提供資金。

Over that period, we issued an additional $180 million of equity through the ATM and bringing the total amount issued this year to about $350 million, which includes forward contract features, enabling settlement at the end of the year. Turning to the ongoing segment drivers for the second quarter on slide 13.

在此期間，我們透過 ATM 額外發行了 1.8 億美元的股權，使今年的發行總額達到約 3.5 億美元，其中包括遠期合約功能，可在年底結算。第 13 張投影片介紹了第二季的持續細分驅動因素。

Our Kentucky segment results were flat compared to the second quarter of 2024. Lower sales volumes, primarily due to favorable weather experienced during the second quarter of last year were offset by several insignificant factors. Our Pennsylvania Regulated segment results decreased by $0.02 per share compared to the same period a year ago.

與 2024 年第二季相比，我們肯塔基州分部的業績持平。銷售量下降主要是由於去年第二季的天氣狀況良好，但被幾個無關緊要的因素所抵消。與去年同期相比，我們的賓州監管部門業績每股下降了 0.02 美元。

The decrease was primarily driven by higher operating costs and the timing of a transmission revenue true-up, partially offset by returns from ongoing capital investments. Our Rhode Island segment results decreased by $0.03 per share compared to the same period a year ago. Higher distribution revenues from capital investments were more than offset by the timing of certain operating costs and a number of items that were not individually significant.

下降的主要原因是營運成本上升和輸電收入調整的時間，但持續資本投資的回報部分抵消了下降。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。資本投資帶來的較高分銷收入被某些營運成本和一些單獨來看並不重要的項目的時間所抵消。

Finally, results to corporate and other decreased by $0.01 per share compared to the prior period, primarily due to higher interest expense. In summary, we're pleased with our progress to date and are well positioned to deliver on our commitments to shareowners.

最後，公司及其他部門的業績與上期相比每股下降 0.01 美元，主要原因是利息支出增加。總而言之，我們對迄今為止的進展感到滿意，並且已做好準備履行對股東的承諾。

We're executing a robust business plan that supports our long-term financial targets a plan that is underpinned by critical investments that deliver real value to our customers. At the same time, we continue to explore additional opportunities like the JV with Blackstone Infrastructure that we believe can support our growth profile over the long term and create value for shareowners. This concludes my prepared remarks. I'll now turn the call back over to Vince.

我們正在執行一項強有力的商業計劃，以支持我們的長期財務目標，該計劃以為我們的客戶帶來真正價值的關鍵投資為基礎。同時，我們將繼續探索其他機會，例如與黑石基礎設施合資，我們相信這可以支持我們的長期成長前景並為股東創造價值。我的準備好的發言到此結束。我現在將電話轉回給文斯。

Thank you, Joe. Over this past quarter, we continued to execute our Utility of the Future strategy, which differentiator for PPL. We're making investments to improve the reliability and resiliency of our electric and gas networks into better underway in Kentucky and the progress on our latest CPCN request, we're advancing a cleaner energy mix without compromising on safety, affordability and reliability.

謝謝你，喬。在過去的一個季度，我們繼續執行「未來效用」策略，這是 PPL 的差異化優勢。我們正在進行投資，以提高肯塔基州電力和天然氣網路的可靠性和彈性，並推進我們最新的 CPCN 請求的進展，我們正在推進更清潔的能源結構，同時不影響安全性、可負擔性和可靠性。

Importantly, we're leading the way in innovation, incorporating new technologies in all aspects of our business, including AI, to deliver better outcomes for both our customers and shareowners. And finally, we're laser-focused on engaging with key stakeholders to strengthen resource adequacy and power economic development that benefits the regions we serve and enhances America's competitiveness in national security.

重要的是，我們在創新方面處於領先地位，將包括人工智慧在內的新技術融入我們業務的各個方面，為我們的客戶和股東帶來更好的結果。最後，我們專注於與主要利益相關者合作，以加強資源充足性和推動經濟發展，從而造福我們服務的地區並增強美國在國家安全方面的競爭力。

Bottom line, we continue to make excellent progress on all fronts. As our recent announcement with Blackstone infrastructure highlights, we've positioned ourselves as a forward-looking organization committed to solving some of the most pressing challenges in today's energy landscape without losing sight of what's truly important to our customers and our shareowners. I continue to be very excited about the opportunities ahead to showcase PPL's many strengths.

總而言之，我們在各方面繼續取得優異的進展。正如我們最近與黑石基礎設施合作的公告所強調的那樣，我們將自己定位為一個具有前瞻性的組織，致力於解決當今能源領域中一些最緊迫的挑戰，同時又不忽視對我們的客戶和股東真正重要的事情。我對未來展示 PPL 的眾多優勢的機會感到非常興奮。

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

接線員，好了，讓我們開始提問。

(Operator Instructions)

（操作員指示）

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hey, good morning, Jeremy.

嘿，早上好，傑里米。

Hi, thanks. A lot of exciting stuff in Pennsylvania now. And I just wanted to see if you could elaborate a bit more on that $17 billion to $19 billion of CapEx that you outlined there as far as needs. Just wondering how you think about how that could be solved. And I guess, how do you think about -- is there a preference for the JV or regulated generation there? Or any thoughts on market share in general that PPL could capture?

你好，謝謝。賓州現在發生了很多令人興奮的事情。我只是想看看您是否可以更詳細地闡述您提到的 170 億至 190 億美元資本支出的需求。只是想知道您認為該如何解決這個問題。我想，您怎麼看──那裡是偏好合資企業還是受監管的發電方式？或者對 PPL 可以佔據的整體市場份額有何看法？

Yes. Sure, Jeremy. So the rate, the $17 billion to $19 billion is an estimate of what we're seeing in our service territory alone, which is if all of our 14.5 gigawatts of data center load in advanced stages of development there comes to fruition, that would take our territory from a net long position in generation to a net short position by that 7.5 gigawatts.

是的。當然，傑里米。因此，170 億美元到 190 億美元這個比率只是對我們服務區域內情況的估計，也就是說，如果我們在開發後期階段的 14.5 千兆瓦資料中心負載全部實現，那麼我們的區域內的發電淨多頭倉位將變為淨空頭倉位，即 7.5 千兆瓦。

And so we just use 2,200 to 2,500 as a kind of a range for CCGT and got to that $17 billion to $19 billion. In terms of who will ultimately meet that need, I think, clearly, the joint venture has the opportunity to take a piece of that.

因此，我們僅使用 2,200 到 2,500 作為 CCGT 的範圍，得出 170 億美元到 190 億美元。至於誰最終將滿足這項需求，我認為，合資企業顯然有機會從中分一杯羹。

I think the existing IPPs could take a piece of that. I think as you referenced in your question, if permitted, I think PPL Electric Utilities would also be able to take that. The issue with DPL Electric Utilities is will be limited to our total load that we're supplying.

我認為現有的 IPP 可以分擔一部分。我認為，正如您在問題中提到的那樣，如果允許的話，我認為 PPL Electric Utilities 也可以接受這一點。DPL 電力公司的問題將僅限於我們供應的總負荷。

So I would suspect that PPL Electric will be solving specific resource allocation needs very specific to our territory, where the JV could look at broader solving data center demand broader across the state. So again, as I said in my prepared remarks, I think all 3 market participants will likely take a piece of that.

因此，我懷疑 PPL Electric 將解決我們領土內特定的資源分配需求，而合資企業可以考慮更廣泛地解決整個州的資料中心需求。所以，正如我在準備好的發言中所說的那樣，我認為這三個市場參與者都可能會從中分一杯羹。

that number is larger. If you look at statewide, again, that 7.5 gigawatts is just our location. It's probably or larger, if you look across the entire state, although we don't have full visibility into our peers data center Qs, but just looking at what's in the PJMs, we would estimate it to be about that or more. Ultimately, I would say though, we're not looking to significantly changed the risk profile of the company. So we'll keep this activity in it is proper, I would say, relative positioning in terms of the business mix, -- but as I think about the opportunity with the JV and the fact that we are 50-50 with Blackstone.

這個數字更大。如果你再看一下全州範圍，你會發現 7.5 千兆瓦只是我們的位置。如果放眼整個州，這個數字可能更大，儘管我們無法完全了解同行的資料中心 Q，但只要看看 PJM 中的情況，我們估計它大約是這個數字或更多。但最終我想說的是，我們並不打算大幅改變公司的風險狀況。因此，我們會繼續進行這項活動，我想說，就業務組合而言，這是相對定位，但當我想到合資企業的機會以及我們與黑石集團各佔一半股份的事實時。

I think we can get a decent amount of new generation build multiple gigawatts in the JV and without it being an outsized part of the overall business mix for PPL Corp.

我認為我們可以在合資企業中獲得相當數量的新一代發電能力，並且不會成為 PPL 公司整體業務組合中過大的一部分。

Got it. That's helpful. And then as you talk about not changing the risk structure for PPL, just wondering if you're able to talk about, I guess, how power risk could be, I guess, allocated within what the JV does PPO wants to keep that type of a similar type of risk profile?

知道了。這很有幫助。然後，當您談到不改變 PPL 的風險結構時，我只是想知道您是否可以談談，我猜，在合資企業中，電力風險應該如何分配，PPO 是否希望保持這種類似的風險狀況？

Yeah. So one of the reasons why we partnered with Blackstone is they are very supportive of our desire to enter into this venture in a regulated like manner. And Jeremy, I would just say, high level, when we say regulated like, what we mean by that is this would be long-term contracted generation. So we're not getting back into the merchant generation business. So contracted generation with creditworthy counterparties.

是的。因此，我們與黑石集團合作的原因之一是，他們非常支持我們以受監管的方式開展這項業務的願望。傑里米，我只想說，高層，當我們說受監管時，我們的意思是這將是長期合約發電。所以我們不會重返商家生成業務。因此，與信譽良好的交易對手簽訂發電合約。

So we're looking at trillion market cap hyperscalers potentially utilities in the state if they run an RFP for long-term contracts. Again, utilities very creditworthy counterparties -- but then the ESA terms would provide a regulated-like risk profile that would really enable us at PPL to achieve our credit metrics to maintain our credit ratings.

因此，我們正在尋找市值萬億的超大規模企業，如果他們針對長期合約運行 RFP，他們可能會在該州提供公用事業服務。再次，公用事業公司是非常有信譽的交易對手 - 但 ESA 條款將提供類似監管的風險狀況，這將真正使我們 PPL 能夠實現我們的信用指標以維持我們的信用評級。

So the way this kind of progressing is once we negotiate contracts with the hyperscalers, we would then review those with the credit rating agencies that will also feed into kind of how large we would make this as part of the again, wanting to make sure that we're not significantly changing the risk profile of the company, which will obviously depend on our discussions with the rating agencies, and they can't really apply until we have actual agreements for them to review, as you can appreciate.

因此，這種進展的方式是，一旦我們與超大規模企業協商合同，我們就會與信用評級機構一起審查這些合同，這也將影響我們將如何擴大合同規模，再次確保我們不會顯著改變公司的風險狀況，這顯然取決於我們與評級機構的討論，而且在我們與評級機構達成實際協議供他們審查之前，他們不能真正提出申請，正如您所理解的。

Got it. Very helpful. And the last quick one, if I could. Just any thoughts as far as future equity needs in using forwards to derisk the plan like some of the peers -- some of your peers have done?

知道了。非常有幫助。如果可以的話，最後再簡單說一下。就未來股權需求而言，您是否像一些同行一樣，使用遠期合約來降低計劃風險有什麼想法？ ——您的一些同行已經這樣做了？

Jeremy, it's Joe. So I mean, look, the ATM program continues to be a cost-effective means for us to issue equity. We've issued, as I said, $350 million in the first half of the year. really, we did that in about three or four months, given that when we started and the blackout periods. We've indicated a $400 million to $500 million for this year.

傑瑞米，我是喬。所以，我的意思是，ATM 計畫仍然是我們發行股票的一種經濟有效的手段。正如我所說，我們在今年上半年發行了 3.5 億美元。實際上，考慮到我們開始的時間和停電期，我們在大約三到四個月內就完成了這個目標。我們預計今年的投資額為 4 億至 5 億美元。

So we're approaching our full need for the year. But as always, we'll evaluate our options and look to achieve the most efficient cost of capital.

因此，我們今年的需求已經接近飽和。但與往常一樣，我們會評估我們的選擇並尋求實現最有效的資本成本。

Got it, thank you. I'll leave it there. Thanks.

知道了，謝謝。我就把它留在那裡。謝謝。

Bill Appicelli, UBS.

瑞銀的比爾·阿皮塞利。

Hey, good morning.

嘿，早安。

Good morning. Just a question around the bigger picture on the PJM capacity auction. I mean you and other stakeholders have voiced concern around the an ability to procure additional generation while still absorbing materially higher costs. So I guess what is your preferred solution here? Because on one hand, we've got some of the bills pending in Pennsylvania. You've got the JV that you're now pursuing as well.

早安.我只是想問一下有關 PJM 容量拍賣的大局。我的意思是，您和其他利害關係人對採購額外發電量同時仍承受大幅增加的成本的能力表示擔憂。所以我猜您在這裡喜歡的解決方案是什麼？因為一方面，賓州還有一些法案懸而未決。您現在正在尋求建立合資企業。

I mean, as you look across the sort of landscape -- how do you see this playing out? And are we going to have a series of additional auctions? Or is it easy to take another pause and reassess for longer duration or what other solutions could be?

我的意思是，當你縱觀整個情況時——你認為這將如何發展？我們還會進行一系列額外的拍賣嗎？或者是否可以再次暫停並重新評估更長時間或可能存在其他解決方案？

Yeah, I can't predict what PJM is going to ultimately do in terms of future auctions, I would think they would try to get back on to their normal schedule of three years look ahead with the one-year auction. But yes, look, I would say, Bill, a lot went into our decision to create this joint venture as a vehicle to try to solve this lack of generation being built.

是的，我無法預測 PJM 最終會在未來的拍賣中做什麼，我認為他們會嘗試恢復正常的三年拍賣計劃，並展望一年期拍賣。但是的，比爾，我想說，我們做出這項決定是經過深思熟慮的，我們決定創建這家合資企業，以此作為解決發電不足問題的一種手段。

To your point, the auctions are clearing at levels that one or -- once these last two capacity auctions, are reflected in our customers' bills, it's going to increase them by about $20 a month with no new generation to show for it, right? And that was that was simply a transfer of wealth from utility customers to IPPs and to their shareholders. So I think as we think about the IPPs and their willingness or reluctance to build new generation.

正如您所說，拍賣的清算水平是這樣的——一旦最後兩次容量拍賣反映在我們客戶的賬單上，他們每月的賬單就會增加大約 20 美元，而沒有新的發電量可以證明這一點，對嗎？這只是將財富從公用事業客戶轉移到獨立電力公司 (IPP) 及其股東。所以我認為當我們考慮獨立發電廠 (IPP) 以及他們是否願意建造新一代發電設施時。

Obviously, what we're seeing in the market today is contracting long-term deals with hyperscalers for nuclear capacity. I would expect that to continue. I think the IPP is building new generation is tough as that cannibalizes the value of their existing fleets. So -- because we know building new generation will lower capacity prices. So it's not a surprise to us that the competitive markets are not delivering on this much needed generation.

顯然，我們今天在市場上看到的是與超大規模企業簽訂核電容量的長期協議。我希望這種情況能夠持續下去。我認為 IPP 建造新一代發電設施非常困難，因為這會蠶食其現有發電設施的價值。所以——因為我們知道建造新一代發電設施將降低容量價格。因此，競爭激烈的市場未能提供這一急需的產能，這對我們來說並不奇怪。

It's just not consistent with their business model. But at the same time, we're signing up new data center load almost weekly, right? We're now up to 14.5 gigawatts in advanced ages, that was 11 on our last call. So -- and that's just our service territory again. So again, going from a long position in generation in our territory to a short position.

這與他們的商業模式不一致。但同時，我們幾乎每週都會簽署新的資料中心負載，對嗎？目前，我們的先進發電量已達到 14.5 千兆瓦，而上次呼叫時為 11 千兆瓦。所以——這只是我們的服務範圍。因此，我們再次從領土發電的多頭地位轉變為空頭地位。

And then we all know how long it takes to build a combined cycle plant. It's about five years now. So we're really a couple of years late in getting this generation started. And then to your point, when you look at what's in the queue, the PJM queue, which goes beyond just the capacity auction, there's only about 10 gigawatts of new generation in Pennsylvania in that queue. And of that, there's only 1,200 megawatts of dispatchable gen with gas and nuclear and the nuclear is the PMI restart.

然後我們都知道建造一座聯合循環電廠需要多長時間。到現在已經五年了。所以我們這一代的起步確實晚了幾年。然後回到你提到的問題，當你查看隊列中的內容時，PJM 隊列不僅僅是容量拍賣，而且在隊列中賓夕法尼亞州只有大約 10 千兆瓦的新一代電力。其中，可調度的發電量僅有 1,200 兆瓦，包括天然氣和核能，而核能是 PMI 重啟項目。

So the rest of what's in that queue is solar and batteries, and we see real issues with the solar developers being able to get their projects completed. So we're clearly staring at a near-term supply and demand issue that we believe needs to be addressed ASAP. And that's really one of the major impetus is for us to engage in this joint venture. I could sit here and complain about it each earnings call or we could try and do something about it.

因此，隊列中的其餘項目是太陽能和電池，我們發現太陽能開發商在完成項目方面有真正的問題。因此，我們顯然正關注近期的供需問題，我們認為需要盡快解決這個問題。這確實是我們參與該合資企業的主要動力之一。我可以坐在這裡，在每次財報電話會議上抱怨這件事，或者我們可以嘗試做些什麼。

And the two approaches we're taking to try to do something about it and be part of the solution is obviously supporting the legislation in Pennsylvania to enable the PA utilities to build generation to meet a resource adequacy shortfall and then obviously, the joint venture with Blackstone.

我們正在採取兩種方法來嘗試解決這個問題並成為解決方案的一部分，顯然是支持賓州的立法，使賓州的公用事業公司能夠建造發電廠來彌補資源充足性的不足，然後顯然還有與黑石集團的合資企業。

So -- sorry for the long-winded response, but a lot went into our analysis and decision-making on the need for us to create the joint venture. But I think it hits on a little bit the question that you were asking broadly.

所以——抱歉回覆得這麼冗長，但我們對創建合資企業的必要性進行了大量分析和決策。但我認為它有點觸及了您廣泛提出的問題。

Yes. No, that's very helpful. And then I guess, I appreciate you'll provide more details as ESAs are announced. But I mean, the high level around the structure, should we think about this as utilizing incremental leverage and seeking returns in excess of regulated rate of returns on these projects within the JV?

是的。不，這非常有幫助。然後我想，我很感激您在 ESA 公佈時提供更多細節。但我的意思是，從結構的高層次來看，我們是否應該將其視為利用增量槓桿並在合資企業中的這些項目上尋求超過監管回報率的回報？

Yes. Not necessarily. I would say the cap structure will really depend on the ESAs. We ultimately negotiate with hyperscalers, right? Obviously, that could impact the capitalization structure.

是的。未必。我想說的是，上限結構實際上取決於 ESA。我們最終是與超大規模企業進行談判，對嗎？顯然，這可能會影響資本結構。

Overall, we'll be looking to maintain our overall cap structure and credit metrics at court. So I would venture to think that the JV would likely be financed more in line with the utility cap structure and then back leverage above that should Blackstone or probably not so much us, but if Blackstone wanted to lever up, they could do that above the that's kind of initial thinking, though, Bill, it doesn't necessarily have to be that way, but we will focus on our overall corporate credit metrics. And then on the returns, again, this -- we're looking for this to be as regulated like as we can make it. So probably returns a little bit higher than our regulated returns, but generally pretty close, but probably a little bit higher due to slightly higher risk.

總體而言，我們將尋求維持我們的整體上限結構和法庭信用指標。因此，我鬥膽認為，合資企業的融資可能會更符合公用事業上限結構，然後支持高於該水平的槓桿，這應該是黑石集團或可能不是我們，但如果黑石集團想要提高槓桿率，他們可以做到這一點，高於這種初步想法，但比爾，不一定非要這樣，但我們將重點關注我們的整體企業信用指標。然後關於回報，我們再次希望它能夠盡可能受到監管。因此，回報率可能會比我們受監管的回報率高一點，但總體上非常接近，但由於風險略高，回報率可能會更高一點。

Paul Zimbardo, Jefferies.

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

I just -- I have to ask on the partnership. I know most is asked, but just in terms of timing, -- do you expect to have progress in 2025 to report back, whether it's ESAs or turbine order slot reservation. Just trying to gauge, is this a 2025 progress or more 2026 product?

我只是——我必須問一下合作關係。我知道大多數人都會問，但就時間而言，您是否預計在 2025 年會取得進展並報告，無論是 ESA 還是渦輪機訂單槽預訂。只是想判斷一下，這是 2025 年的進步還是 2026 年的產品？

Yeah. Good question, Paul. Maybe I'll just talk about the turbines first, right? So reservation agreements with the turbine manufacturers generally it requires some significant deposits. And we are taking a very disciplined approach to putting capital at risk here.

是的。問得好，保羅。也許我應該先談談渦輪機，對嗎？因此，與渦輪機製造商簽訂的預訂協議通常需要支付大量訂金。我們採取非常嚴謹的方法來應對資本風險。

So we would want to be a bit further along on the ESAs before we would make those types of financial commitments. I will say we've made no material financial commitments to date as it relates to the joint venture.

因此，在做出此類財務承諾之前，我們希望在 ESA 方面取得進一步進展。我想說的是，迄今為止，我們還沒有對合資企業做出任何重大財務承諾。

On timing, again, I would just say we are in active discussions with hyperscalers and other parties, not really going to get into details. Obviously, if those discussions at this time, but I can assure you that we and Blackstone are very focused on this venture. And then as soon as we have more information to share, we'll absolutely do that.

關於時間安排，我再次想說，我們正在與超大規模企業和其他各方進行積極討論，但不會深入討論細節。顯然，如果此時進行這些討論，但我可以向你們保證，我們和黑石集團都非常關注這個項目。一旦我們有更多資訊可以分享，我們絕對會這樣做。

I'm not really putting in artificial time line on this. We don't solely control the timing, right? That's also the hyperscalers. They have other alternatives that they are also looking at as well. So could be '25, could be next year, wouldn't concern it either way. We're just -- we'll continue to work it.

我實際上並沒有為此設定人為的時間表。我們並不能單獨控制時間，對嗎？這也是超大規模企業。他們還在考慮其他選擇。所以可能是 25 年，也可能是明年，無論如何都無所謂。我們只是──我們會繼續努力。

Okay. I understand that. And then shifting gears, I mean, you guys and girls were busy this quarter to Kentucky. Just if you could refresh pro forma for the stipulation agreement on the generation, but also the higher load, just how much incremental generation capacity do you have like the referencing the 700-ish megawatts above what you embedded in the CPCN proceeding. Just how much length do you have, how much more generation could you need in, say, the next five-year roll forward?

好的。我明白。然後換個話題，我的意思是，你們這個季度都忙著去肯塔基州。如果您可以刷新有關發電的規定協議的形式，但同時又能提高負載，那麼您有多少增量發電能力，例如在 CPCN 程序中嵌入的 700 兆瓦左右。您的壽命到底有多長？比如說，在接下來的五年裡，您還需要多少世代？

Yes. So with putting Mill Creek 2 back in, right, that's a 300-megawatt plant very similar to, I would say, a capacity adjusted battery of 400 megawatts. So that's kind of a wash there in terms of supplying what we think what's in the CPCN. We had about 1.8 gigawatts in there. We thought with what we had in the CPCN that we could meet that with a little bit extra again, at that 700 megawatts, if that were to come to fruition.

是的。因此，將 Mill Creek 2 重新投入使用後，對吧，這是一個 300 兆瓦的發電廠，與容量調整為 400 兆瓦的電池非常相似。因此，就我們認為的 CPCN 中的內容而言，這是一種無用的東西。我們那裡有大約 1.8 千兆瓦的電力。我們認為，如果這個目標能夠實現，憑藉 CPCN 現有的資源，我們可以再多一點，達到 700 兆瓦。

And again, those are just updated estimates. But if that happens, we would likely need to go back in and refile that CPCN to get at least that 400-megawatt battery, maybe even more. The reality is that's probably the quickest source of generation that's dispatchable like. Obviously, the battery is somewhat dispatchable that would be able to meet the need if that load continues to come, like I said, come to fruition. And that's just the 700 megawatts, right?

再次強調，這些只是更新後的估計值。但如果發生這種情況，我們可能需要回去重新提交 CPCN 才能獲得至少 400 兆瓦甚至更多的電池。事實上，這可能是可調度最快的發電來源。顯然，如果負載繼續增加，電池在某種程度上是可調度的，能夠滿足需求，就像我說的，實現這一點。這只是 700 兆瓦，對嗎？

So if that continues to -- we're looking at 8.5 gigawatts of demand coming from hyperscalers and nonhyperscalers -- sorry, data centers and non-data centers. we could easily be back in looking for more generation in the not-too-distant future. But again, we have to see how that plays out.

因此，如果這種情況繼續下去——我們預計超大規模和非超大規模——抱歉，是資料中心和非資料中心的需求將達到 8.5 千兆瓦。在不久的將來，我們很容易又需要更多的發電量。但我們必須再次觀察事情會如何發展。

Angie Storozynski from Seaport.

來自海港的安吉·斯托羅辛斯基。

Hi, Angie. Good morning.

你好，安吉。早安.

I'm not going to ask about the Blackstone JV at I see like equation -- even though I would really want to know how you would plan to hedge gas exposure, but maybe next time. So I can actually have a bigger question because there are a number of companies from the Midwest and things that have reported and all have shown actually a weak industrial sales, actually eventual sales as well.

我不會問有關黑石合資公司的問題，我認為就像方程式一樣——儘管我真的很想知道你計劃如何對沖天然氣風險，但也許下次吧。所以我實際上可以提出一個更大的問題，因為有許多來自中西部的公司報告顯示，工業銷售實際上疲軟，最終銷售也同樣疲軟。

And I'm just -- and again, it's somewhat puzzling, given all of the low growth discussion that we're having. What do you think is this? I mean you're showing contraction and industrial loads both Pennsylvania and Kentucky.

我只是——考慮到我們正在進行的所有有關低增長的討論，這確實有點令人費解。你認為這是什麼？我的意思是，賓州和肯塔基州都出現了經濟萎縮和工業負荷的情況。

Do you think it's tariff related? Do you think there's basically some sort of a lag effect when the load is going to show up?

您認為這與關稅有關嗎？您是否認為當負荷出現時基本上存在某種滯後效應？

Yeah. I'll let Joe talk to it. It's really some one-off situations in the territories

是的。我會讓喬來談論它。這確實是一些地區發生的一次性事件

Yes, sure. So in Pennsylvania, really what's driving that industrial load is -- was the impact of lower sales from the steel industry from one customer that we have there and not something that we're seeing across our industrial load in Pennsylvania. It's really just related to one individual customer. A

是的，當然。因此，在賓州，真正推動工業負荷的因素是——我們在那裡的一個客戶鋼鐵業銷售額下降的影響，而不是我們在賓州整個工業負荷中看到的情況。這實際上只與一位個人客戶有關。一個

nd then turning to Kentucky, again, in a similar fashion, certainly, sales that we're seeing from our largest industrial customers were flat to the prior year, and we've seen a slight decline in industrial sales driven by our smaller industrial customers.

然後轉向肯塔基州，同樣，以類似的方式，當然，我們從最大的工業客戶那裡看到的銷售額與上年持平，而且我們看到由較小的工業客戶推動的工業銷售額略有下降。

And then maybe one thing I would just note for Kentucky and while we don't weather normalize industrial sales, which I think is normal practice, most of the differential in our industrial sales occurred in the month of May, which was significantly cooler in 2025 than 2024.

然後，也許有一件事我想指出，肯塔基州雖然我們沒有使工業銷售正常化，但我認為這是正常做法，我們工業銷售的大部分差異發生在 5 月份，2025 年的氣溫明顯低於 2024 年。

So that likely could have resulted in some less cooling load for those customers. But again, we don't weather normalize that. But given what we're seeing in both jurisdictions, it's nothing that we're concerned about, and it seems to be isolated just to a couple of customers.

因此，這可能會導致這些客戶的冷卻負荷減少。但同樣，我們無法讓這種情況正常化。但考慮到我們在兩個司法管轄區看到的情況，我們並不需要擔心，而且這種情況似乎只影響少數客戶。

Okay. Okay. And then on the Kentucky CPCN settlement, so I have basically like about $500 million of CapEx, right, that I need to replenish in order to beat the current CapEx plan unchanged, both for the consolidated PPL. And so I'm assuming that, that is coming from the $750 billion to $1.2 billion in the CapEx that you're quantifying to Pennsylvania, all of which only $400 million is embedded in the plan. Is that correct?

好的。好的。然後是關於肯塔基州 CPCN 和解，所以我基本上有大約 5 億美元的資本支出，對的，我需要補充這些資金才能超越當前不變的資本支出計劃，這兩者都適用於合併後的 PPL。因此我假設，這筆錢來自於您量化到賓州的 7,500 億美元到 12 億美元的資本支出，而其中只有 4 億美元包含在計畫中。對嗎？

Yes. Yes. I would say you're thinking about it properly, Angie, I would say we see additional opportunities in T&D across both Pennsylvania and Kentucky, but just that data center, the midpoint of that data center range covers that $500 million that you referenced alone. So -- but no, we see opportunities beyond just that.

是的。是的。我想說你正在認真考慮這個問題，安吉，我想說我們在賓夕法尼亞州和肯塔基州的 T&D 領域看到了更多機會，但僅僅是那個數據中心，那個數據中心範圍的中點就涵蓋了你提到的那 5 億美元。所以——但不，我們看到的機會不僅如此。

Then just going back again to the near-term sales volumes and your results, and I obviously appreciate the via the year-over-year weather impact on the earnings. But you were filing rate cases a little bit sooner than I would have expected. Is it just because you are facing cost inflation? Is it because the sales volumes are slightly weaker than you had expected -- it just feels to me there is more of a regulatory activity than I would have expected, and then the earnings are maybe just a touch lower than I would have hoped at this stage.

然後再回到近期的銷售量和業績，我顯然很欣賞同比天氣對收益的影響。但您提起利率案件的時間比我預期的要早一點。只是因為您面臨成本上漲嗎？是不是因為銷售量比你預期的要弱一些——我只是覺得監管活動比我預期的要多，而收益可能比我現階段希望的要低一點。

Yes. I think, Angie, I mean it's been a number of years since we've been out of rate cases in all of the jurisdictions, right? The last rate increase in Pennsylvania was in 2016. We had a four-year stay-out in Kentucky that we're beyond that stay-out period. And then in Rhode Island, the last rate case there was not even under our ownership.

是的。安吉，我想，我的意思是，我們已經有好幾年沒有在所有司法管轄區內提起訴訟了，對吧？賓州上次升息是在 2016 年。我們在肯塔基州有四年的居留期，現在已經超過了這個居留期。然後在羅德島，那裡的最後一個利率案例甚至不在我們的所有權之下。

It was in 2018 under National Grid's ownership. So it's just given the duration of time that we've been able to stay out, which really is a testament to the strategy that we've employed on being -- driving efficiency across the platform. and really trying to impact the affordability and helping our customers. But again, given the duration in each of those jurisdictions.

2018 年，它歸國家電網所有。因此，考慮到我們能夠堅持下去的時間長度，這確實證明了我們所採用的策略——提高整個平台的效率，並真正努力影響可負擔性並幫助我們的客戶。但同樣，考慮到每個司法管轄區的持續時間。

Yes. And Angie, I would just add to that, I would just add that we would expect to kind of be back into a more normal cadence of rate cases going forward. So again, as we implement our AI strategy, our utility of the future strategy, any incremental O&M efficiencies that we're able to achieve there.

是的。安吉，我還要補充一點，我們預期未來利率狀況將恢復到更正常的節奏。因此，當我們實施我們的人工智慧策略、我們的未來策略效用以及我們能夠實現的任何增量 O&M 效率時。

Those will go back to our customers in more real time, and that will help fund the incremental capital that we're spending to really strengthen the grid against what we're seeing with these more frequent and severe storms as well as getting some of these technology improvements and that will drive longer-term cost efficiency savings and better outcomes for our customers. there's a pretty big uptick in CapEx that you've seen in our capital plan.

這些資金將以更即時的方式回饋給我們的客戶，這將有助於為我們正在花費的增量資本提供資金，以真正加強電網，以應對我們所看到的更頻繁和更嚴重的風暴，以及獲得一些技術改進，這將推動長期成本效率節約和為我們的客戶帶來更好的結果。您可以看到我們的資本計劃中的資本支出有相當大的成長。

So all of those things will help continue to make these rate increases affordable for our customers as we think about the next say, five or six years.

因此，我們認為，在未來五、六年內，所有這些因素將有助於繼續讓客戶負擔得起這些費率的上漲。

Okay. And just one question. It's not directly related to the JV. But I'm just wondering, I mean, obviously, depending what happens with the Pension legislature. Is it possible that you could develop contract-based generation assets and that the offtaker of those contracts would be your Pennsylvania utility?

好的。只有一個問題。這與合資企業沒有直接關係。但我只是想知道，我的意思是，顯然，這取決於退休金立法的情況。您是否可以開發基於合約的發電資產，而這些合約的承購方將是您的賓州公用事業公司？

Is it possible?

是否可以？

Yes. Obviously, we would have affiliate rules that we would have to tend to. Any agreement or any process there would have to be an open RFP process, obviously, because we're an affiliate of the utility. But yes, to answer your question, that is certainly possible a possible outcome.

是的。顯然，我們必須遵守附屬規則。顯然，任何協議或任何流程都必須經過開放的 RFP 流程，因為我們是該公用事業公司的附屬機構。但是的，回答你的問題，這當然是可能的結果。

David Paz, Wolfe Research.

大衛‧帕茲，沃爾夫研究公司。

On the newbuild cost range you gave, I may have missed the exact range. Can you remind me what that is? And then more importantly, can you tell me what you're seeing now in the market? Is it on the high end of that range

關於您給出的新建成本範圍，我可能錯過了確切的範圍。你能提醒我那是什麼嗎？更重要的是，您能告訴我您現在在市場上看到了什麼嗎？它是否處於該範圍的高端

Sure. Yes. So we just use [2200 to 2500] for the range is what we're currently building them for. These are the new ones that we're seeing in the Brown 12 and Mill Creek 6. It's less than that for the Mill Creek 5 unit that's currently in construction.

當然。是的。因此我們僅使用 [2200 到 2500] 作為我們目前建置的範圍。這些是我們在 Brown 12 和 Mill Creek 6 中看到的新產品。這比目前正在建造的 Mill Creek 5 號機組的成本還要低。

But current cost estimates that we are actually building in Kentucky or around that [2200]. We have seen others [2500] or even higher. So we did include that as well.

但目前的成本估算表明，我們實際上在肯塔基州或週邊地區建造[2200]。我們也看到其他 [2500] 甚至更高的數字。所以我們也將其包括在內。

I see. And that's just broadly across the country or specifically PJM, that 2500 number.

我懂了。這只是全國範圍內，或者俱體來說是 PJM 的 2500 個數字。

Yes. No, that's more broad. It also depends on do you have land, you have current infrastructure, obviously, when we're building in Kentucky. We're building on existing sites. So there's certainly efficiencies in economies of scale that we're able to take advantage there versus a pure greenfield, which likely would be a bit more expensive for a season.

是的。不，這個範圍更廣。當我們在肯塔基州建設時，這也取決於你是否有土地，是否有現有的基礎設施。我們正在現有場地上進行建設。因此，與純粹的綠地相比，我們肯定能夠利用規模經濟的效率，而純綠地一個季度的成本可能會更高一些。

Okay. And on the -- switching gears on the '25 guide, can you explain it might be a little nuance. But what you're saying now sizing at least at least midpoint versus, I think, before, you had upper half in terms of what you're targeting difference there?

好的。關於 25 指南的轉換主題，您能否解釋一下其中可能存在的一點細微差別。但是您現在所說的尺寸至少是中點，而我認為，就您所瞄準的差異而言，您之前的尺寸是上半部？

Yes. No. We've always said -- for this year, we'll be at least the midpoint of cost related.

是的。不。我們一直說——今年我們的成本至少會處於中間水平。

Yes. So obviously, when you're -- when we're looking at an overall settlement, the real reason why we were able to defer the battery storage project was because we agreed to seek approval to keep Mill Creek to open longer. So David, that was just through the negotiation process. on getting everybody to agree with a set of new generation builds. We agreed to keep Milk Creek 2 open in blue of building that new battery storage.

是的。因此，很明顯，當我們考慮整體解決方案時，我們能夠推遲電池儲存專案的真正原因是我們同意尋求批准讓 Mill Creek 開放更長時間。所以，大衛，這只是透過談判過程，讓每個人都同意一套新世代的建構。我們同意讓 Milk Creek 2 繼續開放，不再建造新的電池儲存設施。

But as I said before, it was critically important in that settlement to make sure we still have the ability to refile for that battery, if needed, to meet load growth. So we likely see this as more of a deferral than a cancellation of that project, again, should load materialize as we're seeing and expect.

但正如我之前所說，在該解決方案中至關重要的是確保我們仍然有能力在必要時重新申請該電池以滿足負載增長。因此，我們可能將此視為該項目的延期，而不是取消，同樣，負載應該像我們所看到和預期的那樣實現。

This concludes our question-and-answer session. I would like to turn back the conference over to Vince Sorgi for closing comments.

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

Great. Thanks, everybody, for joining us today, and we look forward to seeing you all when we're out and about.

偉大的。感謝大家今天的參與，我們期待在外出時見到你們。

Thank you. The conference now has concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。