賓州電力 (PPL) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 PPL 公司 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係副總裁安迪路德維希。請繼續。

Good morning, everyone, and thank you for joining the PPL Corporation conference call on third-quarter 2025 financial results. We have provided slides for this presentation on the Investors section of our website.

各位早安，感謝各位參加 PPL 公司 2025 年第三季財務業績電話會議。我們已在網站的投資者關係版塊提供了本次簡報的幻燈片。

We'll begin today's call with updates from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer, and will conclude with a Q&A session following our prepared remarks.

今天的電話會議將首先由 PPL 總裁兼執行長 Vince Sorgi 和財務長 Joe Bergstein 作最新情況匯報，並在我們準備好的發言後進行問答環節。

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.

在正式開始之前，請大家注意第 2 張投影片，以及一段簡短的注意事項。我們今天的簡報包含有關未來營運績效或其他未來事件的前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異。有關可能導致實際結果與前瞻性陳述存在差異的一些因素的討論，請參閱本簡報的附錄和 PPL 向美國證券交易委員會提交的文件。

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.

本次電話會議我們也會提及非GAAP指標，包括持續經營收益或持續獲利。有關與可比較 GAAP 指標的調節，請參閱附錄。

I'll now turn the call over to Vince.

現在我將把電話交給文斯。

Thanks, Andy, and good morning, everyone. Welcome to our third-quarter investor update. Let's begin with highlights from our third-quarter financial performance on slide 4.

謝謝安迪，大家早安。歡迎閱讀我們的第三季投資者報告。讓我們從第 4 頁幻燈片中第三季財務業績的亮點開始。

Today we reported third-quarter GAAP earnings of $0.43 per share. Adjusting for special items, third-quarter earnings from ongoing operations were $0.48 per share. Building on this strong performance, we've narrowed our 2025 ongoing earnings forecast range to $1.78 to $1.84 per share, maintaining our midpoint of $1.81 per share. We remain confident in our ability to achieve at least this midpoint, supported by our continued operational discipline and strategic execution.

今天我們公佈了第三季GAAP每股收益為0.43美元。剔除特殊項目後，第三季持續經營業務的每股收益為 0.48 美元。基於這項強勁的業績表現，我們將 2025 年持續經營獲利預測範圍縮小至每股 1.78 美元至 1.84 美元，維持每股 1.81 美元的中點不變。我們仍然有信心至少能夠實現這個中期目標，這得益於我們持續的營運紀律和策略執行。

Throughout the quarter, we continued to advance our Utility of the Future strategy, delivering meaningful progress across our operations. We're on track to complete approximately $4.3 billion in infrastructure improvements this year, critical investments that support reliable, resilient, affordable and cleaner energy networks for our customers now and in the future.

本季度，我們繼續推進「未來公用事業」策略，並在營運方面取得了實質進展。我們預計將在今年完成約 43 億美元的基礎設施改善項目，這些關鍵投資將為我們的客戶提供可靠、有韌性、價格合理且更清潔的能源網絡，無論現在還是將來。

Our continued focus on innovation and technology has us on pace to achieve our annual O&M savings target of at least $150 million compared to our 2021 baseline. Looking ahead, we continue to project $20 billion in infrastructure investments from 2025 through 2028, driving average annual rate base growth of 9.8%. We also remain well positioned to deliver 6% to 8% annual EPS and dividend growth through at least 2028, with EPS growth expected to be in the top half of that range.

我們持續專注於創新和技術，預計將實現年度營運維護成本節約目標，與 2021 年的基準相比，節省成本至少達到 1.5 億美元。展望未來，我們預計從 2025 年到 2028 年將有 200 億美元的基礎設施投資，推動平均年費率基數成長 9.8%。我們仍有望在至少到 2028 年之前實現 6% 至 8% 的年度每股收益和股息增長，預計每股收益增長將達到該區間的上半部分。

Importantly, we expect to maintain our strong credit profile with an FFO to debt ratio of 16% to 18% and a holding company to total debt ratio below 25%. As is customary, we'll provide an updated business plan on our year-end call, including our formal 2026 earnings forecast and roll-forward of our longer-term outlook.

重要的是，我們預計將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%。按照慣例，我們將在年終電話會議上提供一份更新的商業計劃，其中包括我們正式的 2026 年獲利預測和長期展望的展望。

Turning to some regulatory updates beginning on slide 5. In Kentucky, LG&E and KU have reached a proposed settlement agreement with the majority of the interveners in their base rate case proceedings. The agreement, filed with the commission on October 20, includes a revised aggregate increase of approximately $235 million in annual revenues and an authorized ROE of 9.9%.

接下來，我們將從第5張投影片開始介紹一些監管的最新進展。在肯塔基州，LG&E 和 KU 已與基本費率案件訴訟中的大多數幹預方達成擬議的和解協議。該協議於 10 月 20 日提交給委員會，其中包括修訂後的年度總收入增加約 2.35 億美元，以及授權的 ROE 為 9.9%。

The agreement also features a base rate stay-out provision through August 1, 2028, providing stability for our customers and our business. In connection with this stay out, the settlement introduces two new rate mechanisms designed to balance customer affordability with the need for continued investment in Kentucky's energy infrastructure.

該協議還包含一項基本費率暫緩執行條款，有效期至 2028 年 8 月 1 日，為我們的客戶和業務提供穩定性。為了配合這個退出機制，和解方案引入了兩種新的費率機制，旨在平衡客戶的承受能力與肯塔基州能源基礎設施持續投資的需求。

The first, a generation cost recovery adjustment clause, or a GCR, will provide recovery of and a return on investments associated with new generation and energy storage assets already approved by the commission but not yet in service.

第一項是發電成本回收調整條款（GCR），它將回收和回報與委員會已批准但尚未投入使用的新的發電和儲能資產相關的投資。

This would include the Mill Creek Unit 5 NGCC, the Marion in Mercer County solar generating facility and the E.W. Brown energy storage facility approved in our 2022 CPCN, as well as the recently approved E.W. Brown Unit 12 NGCC from our 2025 CPCN proceeding. The GCR does not cover Mill Creek Unit 6 as that unit's recovery was considered separately in our CPCN stipulation with interveners. I'll cover the commission's CPCN order in a few moments.

這將包括我們 2022 年 CPCN 批准的 Mill Creek Unit 5 NGCC、位於 Mercer County 的 Marion 太陽能發電設施和 E.W. Brown 儲能設施，以及我們 2025 年 CPCN 程序中最近批准的 E.W. Brown Unit 12 NGCC。GCR 不涵蓋 Mill Creek 6 號單元，因為該單元的恢復在我們與介入方的 CPCN 約定中已單獨考慮。我稍後會介紹委員會的 CPCN 命令。

The second rate mechanism agreed to in our rate case stipulation is a sharing mechanism adjustment clause. This mechanism would help to mitigate regulatory lag while protecting customers from potential over-earning during the final 13 months of the stay-out period, ensuring an ROE of no less than 9.4% and no more than 10.15%.

我們在利率案約定中同意的第二個利率機制是分攤機制調整條款。此機制有助於緩解監管滯後，同時保護客戶免受最後 13 個月退出期內的潛在超額收益，確保 ROE 不低於 9.4%，不高於 10.15%。

The stipulation also includes support of a new tariff designed for customers with large demands and very high load factors such as data centers. The tariff helps to attract these customers and continues to drive economic growth in our service territories while ensuring adequate safeguards are in place for all customers.

該規定還包括支援一種新的資費標準，該標準旨在滿足資料中心等需求量大、負載率高的客戶的需求。此關稅有助於吸引這些客戶，並繼續推動我們服務區域的經濟成長，同時確保所有客戶都得到充分的保障。

While the stipulation agreement remains subject to commission approval, we believe it represents a balanced result and, again, underscores the collaborative approach we take with key stakeholders in Kentucky to achieve fair and constructive outcomes. New rates are expected to take effect no earlier than January 1, 2026. Official hearings began earlier this week, and we anticipate a decision from the KPSC by the end of the year.

雖然該協議仍需委員會批准，但我們認為它代表了平衡的結果，並再次強調了我們與肯塔基州主要利益相關者合作以實現公平和建設性結果的方法。新利率預計最早於2026年1月1日生效。正式聽證會於本週稍早開始，我們預計肯塔基州公共服務委員會將在年底前做出決定。

Turning to slide 6 for a few additional regulatory updates. I'm also pleased to report that LG&E and KU received approval in a KPSC order for much of the company's July 2025 CPCN stipulation agreement. This decision marks a significant milestone in our long-term generation investment strategy. And it again reflects our ability to work collaboratively with stakeholders to deliver reliable, cost-effective energy solutions.

接下來請看第 6 張投影片，了解一些額外的監管更新。我也很高興地報告，LG&E 和 KU 已獲得 KPSC 的批准，同意執行該公司 2025 年 7 月的 CPCN 規定協議的大部分內容。這項決定標誌著我們長期發電投資策略的一個重要里程碑。這再次體現了我們與利益相關者合作，提供可靠、經濟高效的能源解決方案的能力。

With this approval, LG&E and KU will construct two new 645-megawatt natural gas combined-cycle units around 12 and Mill Creek 6. These units will be similar to the Mill Creek 5 combined-cycle unit currently under construction. In addition, LG&E and KU will install an SCR to mitigate NOx emissions at Unit 2 of the generating station.

獲得批准後，LG&E 和 KU 將在 12 號和 Mill Creek 6 號附近建造兩台新的 645 兆瓦天然氣聯合循環機組。這些機組將與目前正在建設中的 Mill Creek 5 聯合循環機組類似。此外，LG&E 和 KU 將在發電站 2 號機組安裝 SCR 以減少 NOx 排放。

These investments will ensure we continue to meet Kentucky's growing energy needs driven by record-breaking economic development and data center expansion, all while maintaining reliability and affordability for our customers. The approval also supports requests regarding regulatory asset treatment for AFUDC and recovery of the Ghent 2 SCR costs through the existing environmental cost recovery mechanism.

這些投資將確保我們能夠繼續滿足肯塔基州不斷增長的能源需求，這些需求是由破紀錄的經濟發展和資料中心擴張所驅動的，同時也為我們的客戶保持可靠性和價格優勢。該批准還支持有關 AFUDC 監管資產處理和透過現有環境成本回收機制回收 Ghent 2 SCR 成本的請求。

The KPSC decided not to approve two proposed cost recovery mechanisms for the recovery of Mill Creek 6 and the recovery of costs associated with keeping Mill Creek 2 open beyond its original retirement date in 2027. However, the KPSC encouraged LG&E and KU to provide additional evidence on such matters in separate proceedings, including the open rate case proceedings. We have decided to address the recovery of the Mill Creek 2 stay-open costs in the pending rate case proceedings and will address the Mill Creek 6 recovery in a future proceeding since that unit is not expected to come online until 2031.

肯塔基州公共服務委員會決定不批准兩項擬議的成本回收機制，這兩項機制分別是米爾克里克 6 號電站的回收和米爾克里克 2 號電廠在 2027 年原定退役日期之後繼續運營的相關成本的回收。然而，KPSC 鼓勵 LG&E 和 KU 在單獨的訴訟程序中就此類事項提供更多證據，包括公開的費率案件訴訟程序。我們已決定在待決的費率案件程序中處理 Mill Creek 2 的維持營運成本的回收問題，並將在未來的程序中處理 Mill Creek 6 的回收問題，因為該機組預計要到 2031 年才會投入使用。

We appreciate the commission's constructive feedback and remain confident in our ability to present compelling evidence in upcoming proceedings. Our team is committed to securing cost recovery that supports continued investment in reliable energy infrastructure to meet the growing needs in the Commonwealth.

我們感謝委員會提出的建設性意見，並對我們能夠在即將進行的訴訟程序中提出令人信服的證據充滿信心。我們的團隊致力於確保成本回收，從而支持對可靠能源基礎設施的持續投資，以滿足聯邦日益增長的需求。

In other updates, on September 30, PPL Electric Utilities filed a request with the Pennsylvania Public Utility Commission to increase annual base distribution revenues, which would represent its first distribution base rate change in more than a decade. The requested increase supports our need to build and maintain a stronger, smarter and more resilient electric grid to better withstand increasingly severe weather, prevent outages and improve service to our customers.

在其他最新消息中，9 月 30 日，PPL 電力公司向賓州公共事業委員會提交申請，要求增加年度基本配電收入，這將是該公司十多年來首次調整配電基本費率。此次申請增加撥款是為了滿足我們建造和維護更強大、更聰明、更具韌性的電網的需求，以便更好地抵禦日益惡劣的天氣，防止停電，並改善對客戶的服務。

Over the past 10 years, we've been successful in avoiding base rate increases while creating one of the nation's most sophisticated and efficient grids. In fact, PPL Electric's operating and maintenance expenses have increased by only 7.4% nominally since 2015, compared to 32% inflation over that same period. We are requesting a net revenue increase of just over $300 million or 8.6% as more than $50 million of the base rate request includes revenue that is already reflected in customer bills through riders like the DSIC.

過去 10 年，我們成功地避免了基本費率上漲，同時打造了全國最先進、最高效的電網之一。事實上，自 2015 年以來，PPL Electric 的營運和維護費用名義上僅成長了 7.4%，而同期通貨膨脹率為 32%。我們請求淨收入增加略高於 3 億美元，即 8.6%，因為基本費率請求中的 5,000 多萬美元已經透過 DSIC 等附加費反映在客戶帳單中。

Also as part of this base rate case, the amount of rate base included in the DSIC mechanism will reset to zero and the cap on the disk revenue would also reset back to 5% of base distribution revenues. Our rate case application is supported by a fully forecasted test year that begins July 1, 2026, and a requested ROE of 11.3%.

此外，作為此基本費率方案的一部分，DSIC 機制中包含的費率基數將重設為零，磁碟收入上限也將重設為基本分配收入的 5%。我們的費率申請得到了從 2026 年 7 月 1 日開始的全面預測測試年度的支持，並要求達到 11.3% 的 ROE。

We anticipate a decision from the PUC on our case in the second quarter of next year, with new rates effective on July 1, 2026. And finally, in our last regulatory update, we continue to expect Rhode Island Energy to file a distribution base rate request before the end of this year.

我們預計公共事業委員會將於明年第二季對我們的案件作出決定，新的費率將於 2026 年 7 月 1 日生效。最後，在我們最新的監管更新中，我們仍然預期羅德島能源公司將在今年年底前提交配電基準費率申請。

Now let's turn to slide 7, and our data center updates in Pennsylvania. There's a lot to unpack in this quarter's update, as shown on this slide. First, momentum continues to build in PPL Electric Utilities service territory in terms of interconnection requests to our transmission network.

現在讓我們來看看第 7 張投影片，了解我們在賓州的資料中心的最新情況。本季更新內容很多，需要詳細解讀，如本投影片所示。首先，在 PPL 電力公司的服務區域內，併網請求到我們輸電網路的動能持續增強。

Since our last update, the number of data center projects in advanced stages of planning, those projects that have either assigned electric service agreement, or an ESA, or a signed letter of agreement, LOA, have jumped more than 40%, from 14.4 gigawatts to 20.5 gigawatts. This marks yet another increase in our PA data center pipeline since we initially announced about 3 gigawatts in advanced stages in the first quarter of 2024.

自我們上次更新以來，處於規劃高級階段的資料中心專案數量（即已分配電力服務協議 (ESA) 或已簽署協議書 (LOA) 的專案）已增長超過 40%，從 14.4 吉瓦增至 20.5 吉瓦。這標誌著自我們在 2024 年第一季首次宣布約 3 吉瓦的資料中心專案進入後期階段以來，我們在賓州的資料中心專案儲備又增加了一倍。

Both of these agreements require significant financial support from the counterparties. LOAs carry significant financial burden for counterparties as they agree to pay for all the engineering and long lead time materials, which could easily run into the tens of millions of dollars.

這兩項協議都需要交易對手方提供大量資金支持。意向書會給交易對手帶來巨大的經濟負擔，因為他們同意支付所有工程費用和交貨週期長的材料費用，這些費用很容易達到數千萬美元。

The ESAs include all the commitments in the LOAs plus customer commitments around additional credit support and require the counterparty to pay a minimum load requirement based on 80% of their load forecast. Over 11 gigawatts of the 20.5 gigawatts undersigned agreements have been publicly announced, including about 5 gigawatts that have already begun construction. So overall, we're very confident that at least 20.5 gigawatts of demand is real, especially given we have an additional 70 gigawatts of demand in the queue.

ESA 包括 LOA 中的所有承諾，以及客戶對額外信用支援的承諾，並要求交易對手支付基於其負荷預測 80% 的最低負荷要求。在已簽署的 20.5 吉瓦協議中，超過 11 吉瓦已公開宣布，其中約 5 吉瓦已開始建設。因此，總的來說，我們非常有信心至少有 20.5 吉瓦的需求是真實的，特別是考慮到我們還有 70 吉瓦的需求在排隊等待。

I know there's a lot of discussion in the market about the quality of utility load forecasts related to these large loads, and I have a few thoughts on this issue as well. First, we know that load forecasting is a critical component of system planning and it's also a fundamental part of the PJM capacity auction process. So we are very supportive of efforts to ensure that load forecasts are reasonable and generally prepared in a consistent manner. We are actively engaged with PJM and the other PJM utilities to review and potentially improve the load forecasting process given the amount and pace of interconnection requests.

我知道市場上有很多關於與這些大負載相關的公用事業負載預測品質的討論，對此我也有一些想法。首先，我們知道負載預測是系統規劃的關鍵組成部分，也是PJM容量拍賣流程的基礎環節。因此，我們非常支持確保負載預測合理且整體上以一致方式編制的各項努力。鑑於併網請求的數量和速度，我們正積極與 PJM 和其他 PJM 公用事業公司合作，審查並可能改善負載預測流程。

I will also point out that PJM discounts the load forecast it receives from the utilities by as much as 30%. So the load forecast that the utilities provide PJM are not the final forecast used in the capacity auctions. And while reviewing this process is an important step, I want to be clear that these load additions are real. They are coming fast and furious, and focusing on load forecast alone does not obviate the need to start building new generation now.

我還要指出，PJM 對其從公用事業公司收到的負載預測進行了高達 30% 的折扣。因此，電力公司向 PJM 提供的負載預測並不是容量拍賣中使用的最終預測。雖然審查這一過程是一個重要的步驟，但我需要明確指出，這些新增負荷是真實存在的。它們來勢洶洶，光是關注負載預測並不能避免現在就開始建造新的發電設施。

Forecast will continue to be refined as they always are, but the near-term risk of overbuilding generation simply does not exist. The bottom line is that we need to start building new generation as soon as possible. And as you know, that is exactly why we continue to support state solutions like long-term contracting for generation and a utility ownership backstop, while we are also active in PJM's large load customer collaboration and market reforms.

預測結果將一如既往地不斷完善，但近期內發電量過剩的風險根本不存在。歸根究底，我們需要盡快開始培養新一代人才。如您所知，這正是我們繼續支持州政府解決方案的原因，例如發電長期合約和公用事業所有權保障，同時我們也積極參與 PJM 的大負載客戶合作和市場改革。

We support the continued focus by Governor Shapiro to mitigate supply price increases for our customers and encourage new generation development in the state. A recent proposal to incentivize large loads to bring their own generation and bifurcate the capacity auctions between existing generation and new-build are things that we think could have merit.

我們支持州長沙皮羅繼續致力於減輕客戶的能源供應價格上漲，並鼓勵本州的新一代能源開發。最近有人提議激勵大負載用戶自建發電設施，並將容量拍賣分為現有發電和新建發電兩種，我們認為這些提案可能具有一定的價值。

We'll be involved in helping to shape details to advance workable proposals that protect reliability, accelerate economic development and support affordable electricity for our customers. That also includes leveraging our joint venture with Blackstone Infrastructure, which is prepared to build new generation to directly support data center demand under long-term energy supply agreements.

我們將參與制定細節，以推動切實可行的方案，從而保障電力可靠性，加速經濟發展，並為我們的客戶提供價格合理的電力。這也包括利用我們與黑石基礎設施公司的合資企業，該公司已準備好根據長期能源供應協議建造新的發電設施，以直接支援資料中心的需求。

At the end of the day, our strategy and the solutions we've proposed are geared towards ensuring reliability, affordability and resilience as we navigate this unprecedented wave of demand growth. And finally, we've updated our CapEx estimates related to the 20.5 gigawatts to be at least $1 billion or an incremental $600 million to what is in our current capital plan.

歸根結底，我們的策略和我們提出的解決方案旨在確保可靠性、經濟性和韌性，以應對這波前所未有的需求成長。最後，我們更新了與 20.5 吉瓦相關的資本支出估算，至少為 10 億美元，比我們目前的資本計畫增加了 6 億美元。

Given the number of projects we have and their locations, we are seeing that some of the upgrades required for these data center projects were already included in our transmission capital plan. So the prior sensitivity of 1 gigawatt representing $50 million to $150 million of capital additions no longer holds true. But we will continue to define the potential upside with each quarterly update. And of course, we'll provide full details on the business plan refresh during our year-end call.

鑑於我們擁有的項目數量及其位置，我們發現這些資料中心項目所需的一些升級已經包含在我們的輸電資本計劃中。因此，先前認為 1 吉瓦代表 5,000 萬美元至 1.5 億美元資本投入的說法不再成立。但我們會在每季更新中繼續明確潛在的上漲空間。當然，我們會在年終電話會議上提供有關業務計劃更新的全部細節。

Turning to Kentucky economic development on slide 8. The economic development pipeline continues to grow, fueled in large part by access to the reliable, affordable electricity that LG&E and KU provide, and most recently with the CPCN approval to build new generation resources.

接下來請看第 8 張投影片，了解肯塔基州的經濟發展。經濟發展管道持續成長，這在很大程度上得益於LG&E和KU提供的可靠、價格合理的電力，以及最近CPCN批准建設新的發電資源。

The economic development pipeline now totals just under 10 gigawatts of electricity demand. This includes data center requests totaling about 8.7 gigawatts, an increase of 3 gigawatts from our second-quarter update. About 4 gigawatts of these data center requests are considered highly active, with another 500 megawatts that are under construction.

目前經濟發展項目的總電力需求略低於 10 吉瓦。這其中包括總計約 8.7 吉瓦的資料中心需求，比我們第二季的更新增加了 3 吉瓦。這些資料中心需求中約有 4 吉瓦被認為是高度活躍的，另有 500 兆瓦正在興建中。

While we saw a decrease in our non-data center demand due to a few large projects that were canceled or were reclassified into the data center category, the number of project requests continues to be robust and has increased quarter-over-quarter.

雖然由於一些大型專案被取消或重新歸類為資料中心類別，我們的非資料中心需求有所下降，但專案請求的數量仍然強勁，並且逐季成長。

With these updates, our refreshed probability-weighted demand growth projections now total about 2.8 gigawatts, a 300-megawatt increase from our Q2 estimate. If this potential growth continues to materialize, additional generation resources will be required. As a result, we continue to monitor the progress of these projects very closely as our recent CPCN only included about 1.8 gigawatts of new demand growth.

經過這些更新，我們更新後的機率加權需求成長預測總和約為 2.8 吉瓦，比我們第二季的估計增加了 300 兆瓦。如果這種潛在成長持續下去，就需要額外的發電資源。因此，我們將繼續密切關注這些項目的進展情況，因為我們最近的 CPCN 僅包含約 1.8 吉瓦的新需求成長。

Our success in supporting this growth was once again recognized in September when LG&E and KU were named a Top Utility in Economic Development by Site Selection Magazine, the 12th time they earned this distinction since 2012.

9 月份，LG&E 和 KU 再次被《選址雜誌》評為經濟發展領域的頂級公用事業公司，這是自 2012 年以來他們第 12 次獲得此項殊榮，這再次證明了我們在支持這一增長方面所取得的成功。

Turning to slide 9, let's talk about affordability, one of our core commitments here at PPL. We know that affordability matters to our customers, and we're focused on keeping bills as low as possible while continuing to invest in reliability, resiliency and economic growth.

接下來請看第 9 張投影片，我們來談談價格可負擔性，這是我們 PPL 的核心承諾之一。我們知道價格對我們的客戶很重要，因此我們致力於盡可能降低帳單金額，同時繼續投資於可靠性、韌性和經濟成長。

Success begins with a culture of continuous improvement and innovation across our organization. Through disciplined cost management and smart investments, we have delivered on initiatives that keep us on track to reduce O&M costs by an average of 2.5% per year from 2021 through 2026.

成功始於我們組織內部持續改善和創新的文化。透過嚴格的成本管理和明智的投資，我們實現了各項舉措，使我們得以在 2021 年至 2026 年期間平均每年降低營運和維護成本 2.5%。

These savings come from deploying smart grid technologies on our transmission and distribution networks, optimizing planned generation outages and centralizing shared service functions to improve efficiency. We're also incorporating new technologies across PPL, including the use of artificial intelligence in all aspects of our business, from predictive maintenance to customer service to back office functions, to deliver better results for our customers at lower costs. We expect these technologies will enable us to achieve the next wave of future cost efficiencies.

這些節省的成本來自於在我們的輸配電網路中部署智慧電網技術、優化計劃內停電以及集中共享服務功能以提高效率。我們還在 PPL 的各個方面引入了新技術，包括將人工智慧應用於我們業務的各個方面，從預測性維護到客戶服務再到後台職能，以更低的成本為客戶提供更好的結果。我們期望這些技術能夠幫助我們實現下一波成本效益的提升。

At the same time, we're supporting robust data center growth while protecting our other customers and ensuring rates remain fair. In Pennsylvania, connecting data centers to our grid lowers the transmission portion of the customer bill for the existing customer base as these large-load customers will pay a larger portion of the fixed transmission costs.

同時，我們在支持資料中心強勁成長的同時，也保護了其他客戶的利益，並確保價格保持公平。在賓州，將資料中心連接到我們的電網可以降低現有客戶群的電費帳單中的輸電部分，因為這些大負載客戶將支付更大比例的固定輸電成本。

In addition, our electric service agreements in Pennsylvania require data center customers to pay a minimum amount, generally 80% of their requested load forecast, even if they use less electricity, until the costs incurred to extend service are fully recovered.

此外，我們在賓州的電力服務協議要求資料中心客戶支付最低金額，通常為其請求的負載預測的 80%，即使他們使用的電力較少，直到為延長服務而產生的成本完全收回為止。

And we proposed a new tariff in our rate case to memorialize these terms within our tariff structure. In Kentucky, as I mentioned earlier, we've also proposed a new tariff for large-load customers, requiring them to make a 15-year commitment to pay for at least 80% of the forecasted demand for the entire term. These measures ensure that large-load customers pay their fair share and that our existing customers in Pennsylvania and Kentucky do not end up subsidizing the large-load customers.

我們在費率調整方案中提出了一個新的收費標準，以將這些條款納入我們的收費結構中。正如我之前提到的，在肯塔基州，我們也提出了一項針對大負荷客戶的新關稅方案，要求他們做出 15 年的承諾，在整個期限內支付至少 80% 的預測需求費用。這些措施確保大負荷客戶支付其應承擔的份額，並且我們賓州和肯塔基州的現有客戶最終不會補貼大負荷客戶。

We're also finding other creative ways to save customers money. In Rhode Island, we've agreed to credit customers a total of nearly $155 million in January, February, March of 2026 and 2027 when winter bills tend to be the highest. This arrangement is net present value neutral for PPL but provides our customers with some much-needed near-term bill support, with the average electricity customer receiving $20 to $25 a month and the average gas customer receiving $40 to $45 a month.

我們也正在尋找其他富有創意的方法來為客戶省錢。在羅德島，我們已同意在 2026 年 1 月、2 月、3 月和 2027 年 1 月、2 月、3 月期間（冬季帳單往往最高）向客戶退還總計近 1.55 億美元的款項。這項安排對 PPL 而言淨現值中性，但為我們的客戶提供了急需的近期賬單支持，平均每位電力客戶每月可獲得 20 至 25 美元，平均每位天然氣客戶每月可獲得 40 至 45 美元。

These credits were approved by the Rhode Island Division of Public Utilities and Carriers, or The Division, to satisfy a deferred tax hold harmless commitment tied to our acquisition of Rhode Island Energy. The Division is a separate organization from the Rhode Island Public Utility Commission, and it was The Division that approved our acquisition of Rhode Island Energy, and it was The Division that we made the hold harmless commitment to.

這些稅收抵免已獲得羅德島公共事業和運輸部門（簡稱「該部門」）的批准，以履行與我們收購羅德島能源公司相關的遞延稅收免責承諾。該部門是獨立於羅德島公共事業委員會的組織，正是該部門批准了我們對羅德島能源公司的收購，也是該部門讓我們做出了免責承諾。

The settlement is currently in front of the Rhode Island Public Utility Commission for final implementation approval. While we cannot predict the outcome of that proceeding, given our collaborative approach in The Division's prior approval, we are optimistic about a positive outcome and look forward to delivering meaningful bill credits to our Rhode Island customers.

和解方案目前已提交給羅德島公共事業委員會，等待最終實施批准。雖然我們無法預測該程序的最終結果，但鑑於我們在部門先前批准中採取的合作方式，我們對積極的結果持樂觀態度，並期待為羅德島的客戶提供有意義的賬單抵免。

And in Pennsylvania, we're supporting legislation that would incentivize new generation build in the state, helping to address resource adequacy needs and lower wholesale capacity prices. Our joint venture with Blackstone Infrastructure is another prime example as it intends to build new generation to serve data center load, mitigating rising prices for customers and delivering value for shareholders.

在賓州，我們正在支持一項立法，該立法將激勵在該州建造新的發電設施，以幫助解決資源充足性需求並降低批發容量價格。我們與黑石基礎設施公司的合資企業是另一個絕佳的例子，它旨在建造新一代設施來滿足資料中心的負載需求，從而緩解客戶價格上漲的壓力，並為股東創造價值。

Affordability isn't just a talking point. It's embedded in everything we do. By combining innovation, disciplined cost control and strategic partnerships, we're ensuring that customers benefit from a reliable, resilient and affordable energy future.

價格實惠不僅僅是一個口號。它融入了我們所做的每一件事。透過創新、嚴格的成本控制和策略合作，我們正在確保客戶能夠受益於可靠、有韌性且價格合理的未來能源。

As you have heard countless times from us, every dollar of O&M savings achieved can be reinvested, that's about $8 of capital, without impacting customer bills. That's the power of disciplined cost management and operating efficiency, creating room for critical investments while keeping affordability front and center.

我們已經無數次向您保證，節省的每一美元營運維護費用都可以重新投資，這相當於大約 8 美元的資金，而不會影響客戶的帳單。這就是嚴格的成本管理和營運效率的力量，它既能為關鍵投資創造空間，又能將可負擔性放在首位。

That concludes my business update. I'll now turn the call over to Joe for the financial update.

我的業務更新就到這裡。現在我將把電話交給喬，讓他報告財務狀況。

Thank you, Vince, and good morning, everyone. Let's turn to slide 11. PPL's third-quarter GAAP earnings were $0.43 per share, compared to $0.29 per share in Q3 2024. We recorded special items of $0.05 per share during the third quarter of 2025, primarily due to IT transformation costs and certain costs related to the integration of Rhode Island Energy. Adjusting for these special items, third-quarter earnings from ongoing operations were $0.48 per share, a $0.06 per share increase compared to Q3 2024.

謝謝你，文斯，大家早安。讓我們翻到第11張投影片。PPL 第三季 GAAP 每股收益為 0.43 美元，而 2024 年第三季為每股 0.29 美元。我們在 2025 年第三季提列了每股 0.05 美元的特殊項目，主要原因是 IT 轉型成本和與羅德島能源公司整合相關的某些成本。在剔除這些特殊項目後，第三季持續經營業務的每股收益為 0.48 美元，比 2024 年第三季每股收益增加 0.06 美元。

The increase was primarily due to several favorable factors, including higher revenues from formula rates and rider recovery mechanisms, as well as lower operating costs, which were partially offset by higher interest expense. As Vince mentioned in his remarks, with a strong quarter of results, we've narrowed our 2025 ongoing earnings forecast range and remain confident in achieving at least the midpoint of $1.81 per share.

成長主要歸功於幾個有利因素，包括公式費率和乘客補償機制帶來的更高收入，以及更低的營運成本，但這些成長被更高的利息支出部分抵消。正如文斯在演講中提到的那樣，憑藉強勁的季度業績，我們縮小了 2025 年持續盈利預測範圍，並仍然有信心至少實現每股 1.81 美元的中點。

During the third quarter, we took the opportunity to derisk a sizable portion of our equity financing needs as we fund our substantial growth. In August, we entered into forward contracts to sell approximately $1 billion of equity. We completed these transactions under the ATM, which minimize fees and enable efficient execution. This brings the total amount of equity executed under the forward agreements to approximately $1.4 billion of the $2.5 billion forecasted equity needs through 2028. Approximately $400 million will settle at the end of this year, with another $500 million to settle at the end of 2026 and the remaining $500 million settling in mid-2027.

第三季度，我們抓住機會降低了相當一部分股權融資需求的風險，為我們大幅成長提供資金。8 月份，我們簽訂了遠期合約，出售約 10 億美元的股票。我們在ATM機上完成了這些交易，這樣可以最大限度地減少費用並實現高效執行。這使得根據遠期協議執行的股權總額達到約 14 億美元，而預計到 2028 年的股權需求為 25 億美元。約 4 億美元將於今年底結算，另有 5 億美元將於 2026 年底結算，剩餘的 5 億美元將於 2027 年年中結算。

Turning to the ongoing segment drivers for the third quarter on slide 12. Our Kentucky segment results increased by $0.02 per share compared to the third quarter of 2024. This increase was driven by higher sales volumes, largely due to favorable weather in Q3 2025, lower operating costs and higher earnings from additional capital investments, partially offset by higher interest expense.

接下來，請看第 12 頁投影片，了解第三季持續成長的細分市場驅動因素。與 2024 年第三季相比，我們肯塔基州業務部門的每股盈餘成長了 0.02 美元。這一成長主要得益於銷售增加，而銷售增加又主要歸功於 2025 年第三季的有利天氣、營運成本降低以及額外資本投資帶來的更高收益，但部分被更高的利息支出所抵銷。

Our Pennsylvania Regulated segment results also increased by $0.02 per share compared to the same period a year ago. The increase was primarily driven by higher transmission revenue from additional capital investments and higher distribution rider recovery, partially offset by higher interest expense.

與去年同期相比，我們賓州監管業務部門的每股盈餘也成長了 0.02 美元。成長主要得益於額外資本投資帶來的輸電收入增加和配電附加費收入增加，但部分被更高的利息支出所抵銷。

Our Rhode Island segment results increased by $0.01 per share compared to the same period a year ago. The primary driver of this increase was lower operating costs. Finally, results at Corporate and Other increased by $0.01 per share compared to the prior period due to several factors that were not individually significant.

與去年同期相比，我們羅德島分部的每股收益成長了 0.01 美元。此次成長的主要驅動因素是營運成本降低。最後，由於幾個單獨來看並不重要的因素，公司及其他業務的每股收益比上期增加了 0.01 美元。

We are pleased with our performance through three quarters of the year, and remain well positioned to deliver on our commitments to shareowners in 2025 and beyond. Our focus on providing real value to our customers underpins our robust business plan and our confidence in our long-term financial targets. And we continue to make excellent progress on derisking that plan through constructive regulatory outcomes and financial discipline, while driving initiatives that can support future growth.

我們對前三個季度的業績感到滿意，並有能力在 2025 年及以後履行對股東的承諾。我們致力於為客戶創造真正的價值，這是我們穩健的商業計劃和對長期財務目標充滿信心的基礎。我們透過建設性的監管成果和財務紀律，在降低該計畫風險方面持續取得優異進展，同時推動能夠支持未來成長的各項措施。

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

我的發言稿到此結束。現在我將把電話轉回給文斯。

Thank you, Joe. In closing, PPL is delivering strong results today, and we're building a strong foundation for tomorrow. We've narrowed our earnings guidance. We remain confident in achieving at least the midpoint of that guidance, supported by disciplined execution and a clear vision. We're advancing our Utility of the Future strategy investing in infrastructure, deploying technology and driving innovation, all while maintaining affordability for our customers.

謝謝你，喬。最後，PPL 目前業績斐然，我們正在為未來打下堅實的基礎。我們已縮小獲利預期範圍。我們仍然有信心至少實現該指導目標的中點，這得益於嚴謹的執行和清晰的願景。我們正在推進「未來公用事業」策略，投資基礎設施，部署技術，推動創新，同時保持客戶負擔得起的價格。

PPL's disciplined execution and strategic investments, coupled with our focus on innovation, data center expansion and operational efficiency, sets us apart in the utility sector. And that focus creates value for both our customers and our shareholders alike. Thank you for your continued confidence in PPL and our team.

PPL 嚴謹的執行力和策略性投資，加上我們對創新、資料中心擴張和營運效率的重視，使我們在公用事業領域脫穎而出。這種專注既為我們的客戶創造了價值，也為股東創造了價值。感謝您一直以來對PPL和我們團隊的信任。

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

操作員，接下來我們開始提問。

(Operator Instructions)

（操作說明）

Operator, while you're compiling the roster, I just want to take a moment to acknowledge the UPS plane crash that occurred yesterday in Louisville. Our hearts go out to the families of those who lost their lives and those who have been injured. Fortunately, our employees are all accounted for and safe. Yesterday we supported the emergency responders.

操作員，在你整理名單的時候，我想花一點時間向大家說明昨天在路易斯維爾發生的 UPS 飛機墜毀事件。我們向罹難者家屬和受傷者致上最深切的慰問。幸運的是，我們所有員工都已清點完畢，安全無恙。昨天我們為緊急救援人員提供了支援。

We ended up de-energizing transmission lines that were going into a nearby substation. And we ended up cutting off some nearby gas lines to ensure the safety of those first responders. The impact to our customers was minimal, but we are working to get everyone back online, but to do so as safely as we can.

我們最後切斷了通往附近變電站的輸電線路的電源。為了確保緊急應變人員的安全，我們最終切斷了附近的一些燃氣管道。對我們的客戶造成的影響很小，但我們正在努力讓每個人都能恢復上網，同時盡可能安全地實現這一點。

We also had team members embedded in the Louisville operator center to assist as needed, and we remain committed to supporting the community and first responders any way that we can. It is certainly a sad day for our entire Louisville community.

我們還派駐了團隊成員到路易斯維爾營運中心，以便在需要時提供協助，我們將繼續盡我們所能支援社區和第一線緊急應變人員。對於我們整個路易斯維爾社區來說，這無疑是悲傷的一天。

Operator, who has our first question?

接線員，請問誰有我們的第一個問題？

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

Vince, just on the Kentucky CPCN case, obviously, you mentioned the tracking mechanism for Mill Creek 2 stay-open costs and Mill Creek 6 were rejected, you highlighted denied without prejudice. I guess what information was missing for them to decide why the denial and any sort of near-term EPS impact there we should be thinking about? Thanks.

Vince，就肯塔基州 CPCN 案而言，顯然，你提到了 Mill Creek 2 維持營運成本的追蹤機制，而 Mill Creek 6 被駁回，你強調了駁回不具偏見。我想問一下，他們究竟缺少哪些資訊才決定否認這個決定，以及我們應該考慮這會對近期每股收益產生什麼影響？謝謝。

Sure, Shar. So not concerned from an earnings perspective per se. I'll kind of take Mill Creek 2 separate from Mill Creek 6. So for Milk Creek 6, the commission did approve AFUDC treatment, so that project will be in construction through 2031 when it goes into service. So really no earnings impact there. The new mechanism would not have gone into effect until the in-service date. So we have plenty of time to address Milk Creek 6.

當然，莎爾。所以從獲利角度來看，我並不擔心。我會把 Mill Creek 2 與 Mill Creek 6 分開來看。因此，對於 Milk Creek 6，委員會確實批准了 AFUDC 處理方案，該項目將一直建設到 2031 年投入使用。所以其實對收益沒有影響。新機制要到投入使用日期才會生效。所以我們有充足的時間來處理 Milk Creek 6 號專案。

And as you said, those mechanisms were designed without prejudice. So not only do we have the ability to refile for those, but the commission actually encouraged us to refile those mechanisms in either a future proceeding or even the current open proceeding for the rate cases to which we are dealing with this week in hearings.

正如你所說，這些機制的設計不帶任何偏見。因此，我們不僅有能力重新提交這些申請，而且委員會實際上鼓勵我們在未來的訴訟程序中，甚至是在我們本周正在處理的費率案件的公開訴訟程序中，重新提交這些機制。

For Milk Creek 2, we want to get that one addressed sooner, obviously, because we are actively spending money a little bit this year, but going forward, to enable us to continue to operate that plant beyond 2027. And we really need to get recovery of any of those costs before we would agree to continue to operate that plant beyond 2027. We would be incurring about $30 million of additional O&M, about $40 million of additional CapEx from now until 2030, in addition to what was filed in the base rate case request for Mill Creek 2.

對於 Milk Creek 2，我們顯然希望盡快解決這個問題，因為我們今年正在積極投入一些資金，但展望未來，是為了使我們能夠在 2027 年以後繼續運營該工廠。在我們同意將工廠運作期限延長至 2027 年之後之前，我們確實需要收回這些成本。從現在到 2030 年，除了 Mill Creek 2 基本費率申請中提交的金額外，我們還將產生約 3,000 萬美元的額外營運和維護費用，以及約 4,000 萬美元的額外資本支出。

So we would want to see recovery of that. And so we updated the testimony last Friday to address Mill Creek 2, and that's part of the hearings this week. So as I said, Mill Creek 2, we're addressing that now. Mill Creek 6, we'll deal with that in a future proceeding. You asked what was missing, but not sure that a whole lot was missing necessarily, although I think it's safe to assume that the commission felt it was -- that the CPCN proceeding was not the proper arena to deal with rate mechanisms. So they would rather deal with that in a rate proceeding.

所以我們希望看到這種情況有所恢復。因此，我們在上週五更新了證詞，以討論 Mill Creek 2 項目，這也是本週聽證會的一部分。正如我所說，Mill Creek 2 項目，我們現在正在著手解決這個問題。Mill Creek 6 號案件，我們將在以後的訴訟程序中處理。你問缺少什麼，但我不確定是否真的缺少很多東西，儘管我認為可以肯定的是，委員會認為缺少了——CPCN 程序不是處理費率機制的合適場所。所以他們寧願透過費率程序來處理這個問題。

Got it. Okay. No, that's perfect. And then just on the resource adequacy topic in Pennsylvania specifically, there's obviously two bills sitting at the House and Senate and I think they'll reconvene in November. I guess thoughts there, Vince.

知道了。好的。不，這正合適。至於賓州的資源充足性議題，目前眾議院和參議院分別有兩項相關法案，我認為他們將在 11 月重新開會審議。文斯，我猜你心裡一定在想些什麼。

And more importantly, can sort of the wires companies strike a middle ground with the IPPs maybe around a long-term resource adequacy agreement structure that's also being proposed in legislation versus this kind of push/pull around rate-basing generation? So I guess how are discussions going? And can you guys strike a deal there?

更重要的是，電力公司能否與獨立發電公司達成某種折衷方案，例如圍繞立法中提出的長期資源充足性協議結構，而不是圍繞發電費率制定展開的這種拉鋸戰？所以，討論進行得怎麼樣了？你們能在那方面達成協議嗎？

Yeah, sure. So maybe just broadly what's happening with the legislation, right? So I think we need to see a couple of things before you'll really see movement on this proposed legislation, but really any meaningful movement of legislation. And the first is just the state budget. Obviously, the budget impasse is negatively impacting broader discussions around legislation.

當然可以。所以，或許我們只是想了解一下立法方面的整體進展情況，對吧？所以我認為，在這項擬議立法真正取得進展之前，或者說在立法方面取得任何有意義的進展之前，我們需要看到一些事情。首先是州預算。顯然，預算僵局對更廣泛的立法討論產生了負面影響。

I would throw [RGGI] into the mix as well, that that seems to be a gating issue for energy policy discussions. Both of those, I think, could be resolved by the end of the year, probably more imminent for the budget, RGGI maybe before the end of the year. So that's kind of, I would say, the background on not a whole lot of movement with those two bills that you had referenced.

我還要把[RGGI]也考慮進去，這似乎是能源政策討論的一個門檻問題。我認為這兩個問題都可以在年底前解決，預算問題可能更迫在眉睫，區域溫室氣體倡議（RGGI）問題或許能在年底前解決。所以，可以說，這就是你提到的那兩項法案進展不大的背景情況。

But clearly, there's a lot of legislative support in the state to find ways to spur new generation, particularly in light of the data center load that we're seeing and just the two cost increases that we saw in the last two capacity auction. Of course, our governor has been extremely engaged with PJM on this. So it's great to see that there is focus on the issue.

但顯然，該州有許多立法機構支持尋找刺激新一代發電的方法，特別是考慮到我們目前看到的資料中心負載以及最近兩次容量拍賣中出現的兩次成本上漲。當然，我們的州長在這件事上一直與PJM保持著密切的溝通。很高興看到大家關注這個問題。

I would expect the next steps we would see really, Shar, I would say more so in the beginning of the year would be the debating of the issues -- sorry, of the legislation in the respective committees. And of course, they are still debating, I would say, within the legislature whether or not to permit regulated generation to be part of the solution.

Shar，我預計接下來我們會看到的，尤其是在年初，是各個委員會對相關問題——抱歉，是立法——進行辯論。當然，我認為，立法機構內部仍在辯論是否允許受監管的發電成為解決方案的一部分。

In terms of discussions with the IPPs or coming up with some middle ground with the IPPs. Look, we've said all along that the goal here is to incentivize new generation and ultimately get steel in the ground to ensure that we have enough electricity to supply all this load that we're connecting, but also to stabilize capacity prices in the wholesale markets. If there's a way that we could do that where the utilities and the IPPs can agree to a solution, certainly, we would be open to that.

就與獨立發電公司進行討論或與獨立發電公司達成某種折衷方案而言。我們一直都說，我們的目標是激勵新的發電項目，最終實現鋼鐵生產，以確保我們有足夠的電力來滿足我們正在連接的所有負荷，同時也要穩定批發市場的容量價格。如果公用事業公司和獨立發電商能夠達成一致，找到解決方案，我們當然願意接受。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Just want to echo your sentiment there on condolences to those impacted, and our prayers go out to them. I just want to start off maybe as far as the pipeline in Pennsylvania, the 20.5 gigawatts there. I was wondering if you might be able to peel back a little bit more, I guess, what that looks like sizing there? And really just want to get a better feeling for how you think the cadence could come together for formalizing parts of that pipeline here.

我完全同意你對受影響者的慰問，並為他們祈禱。我只想先從賓州的輸油管開始，那裡有 20.5 吉瓦的電力。我想問一下，您能否再稍微揭開一點，看看那裡的尺寸怎麼樣？我只是想更了解一下，您認為如何才能使流程的各個部分規範化，並掌握好節奏。

Sure. So in the appendix of the deck, we actually have the ramp rates for that 20.5 gigawatts, I'll get you the slide number in a second here. Slide Number 25. So that's the old chart that we used to show. What I did want to show this time was just how much we've seen the ramp of each quarterly addition to the pipeline in advanced stages since Q1 of last year, starting with the 3 gigawatts. So the amount of growth has been phenomenal.

當然。所以在簡報的附錄中，我們實際上有這 20.5 吉瓦的斜坡速率，我馬上給你幻燈片編號。投影片編號 25。這就是我們以前展示的舊圖表。這次我想展示的是，自去年第一季以來，我們已經看到每個季度新增項目都已進入後期階段，從 3 吉瓦開始。因此，成長幅度非常驚人。

And again, I go back to just the quality of the backbone of our transmission grid and our ability to connect these large loads very quickly, which provides speed to market for the hyperscalers, but also to be able to do it very cost competitively.

再次強調，關鍵在於我們輸電網骨幹網的質量，以及我們快速連接這些大負載的能力，這不僅為超大規模資料中心提供了快速上市的優勢，而且還能以極具競爭力的成本實現這一目標。

So given kind of where we are with our transmission grid, we feel very comfortable that we can connect this 20.5 gigawatts. And every one of these projects, Jeremy, does require some level of upgrade, and some are more than others. And each time we make those upgrades, it kind of keeps us in front of the demand in terms of our starting point of having a strong grid. So even at the 20.5 gigawatts (technical difficulty) to connect that or even to connect additional capacity beyond that, which is good because, as I mentioned, we have 70 gigawatts above what's in the 20 that's still in the queue.

鑑於我們目前的輸電網狀況，我們很有信心能夠連接這 20.5 吉瓦的電力。傑里米，這些項目都需要一定程度的升級，只是有些項目需要的升級程度比其他項目更大。每次進行這些升級，都能讓我們在擁有強大電網的起點上保持領先於需求。所以即使是 20.5 吉瓦（技術難度），連接起來或連接超出這個容量的額外容量也是件好事，因為正如我提到的，我們還有 70 吉瓦的容量，比排隊等待的 20 吉瓦還要多。

But the 20 are those projects that either have an ESA signed or an LOA signed, which brings with it significant financial commitments on the part of the counterparties to either fund long lead time purchase of materials or engineering and development work. Obviously, the ESAs go a step further. They provide us with commitments around credit support for 100% of the cost of construction for anything that would be socialized in the formula rate as well as generally an 80% minimum load against their forecasted load.

但這 20 個項目要么已經簽署了 ESA 協議，要么已經簽署了 LOA 協議，這意味著交易對手方需要做出重大的財務承諾，以資助需要較長時間準備的材料採購或工程和開發工作。顯然，ESA 更進一步。他們承諾為所有按公式費率社會化的項目提供 100% 的建設成本信貸支持，並且通常至少提供其預測負荷的 80% 的最低負荷。

So a lot in there, but we feel really good about at least the 20.5 in our pipeline, and that would likely continue to grow based on what we've been seeing.

所以裡面有很多東西，但我們對至少 20.5 的項目感到非常滿意，而且根據我們目前所看到的，這個數字可能會繼續增長。

Got it. And just want to pivot to the Blackstone JV, if you could. Just wondering any incremental thoughts with regard to when we could see news flow, more developments on that side?

知道了。如果可以的話，我想把話題轉向黑石合資企業。想了解何時能看到更多消息或進展的初步想法？

Sure. So obviously, we don't have an announcement that we're making. Otherwise, I would have done that. But I can assure you that there is a lot of activity going on between the PPL team and the Blackstone team. We're extremely focused with the hyperscalers, with other data center developers, with landowners, pipeline companies, et cetera.

當然。很顯然，我們沒有什麼要發布的公告。否則，我早就那樣做了。但我可以向你保證，PPL 團隊和黑石團隊之間有很多活動正在進行。我們非常關注超大規模資料中心營運商、其他資料中心開發商、土地所有者、管道公司等等。

So while there's no announcement today, tons of activity, I would say, going on there. Hard to say timing-wise, Jeremy, when we would have an announcement there. As you can appreciate, these are very complex deals. They take a long time to negotiate to make sure that we're structuring an agreement that's got the proper risk profile for our customers and our shareholders and ultimately is meeting the needs that we're trying to do with this JV.

所以雖然今天沒有正式公告，但可以說那邊有很多活動正在進行。傑里米，很難說具體時間上什麼時候會發佈公告。正如您所了解的，這些都是非常複雜的交易。他們花了很長時間進行談判，以確保我們制定的協議具有對我們的客戶和股東來說合適的風險狀況，並最終滿足我們透過這家合資企業想要實現的需求。

I will say though, with the amount of new connections or new requests in the advanced stages, so up to this 20.5 gigawatts, we are starting to see a lot more interest and the discussions are moving a lot more towards data center companies wanting to [share up] generation, not just [share up] their interconnection on the transmission grid, which we've been talking about, as you know, for a while.

不過，我要說的是，隨著新連接或新請求進入後期階段的數量不斷增加，目前已達到 20.5 吉瓦，我們開始看到越來越多的興趣，討論也更多地轉向數據中心公司希望共享發電量，而不僅僅是共享它們在輸電網上的互聯，正如您所知，我們已經討論這個問題一段時間了。

I think one of the pluses and minuses of our grid is we've been able to connect customers very quickly to the transmission grid. And that has been their primary focus, and they've been able to wait a little bit longer on worrying about the generation part of the equation. I think we're starting to see them shift to the gen part of the equation, and the JV, I think, is situated nicely to take advantage of that.

我認為我們電網的優點和缺點之一是，我們能夠非常迅速地將客戶連接到輸電網。這就是他們的主要關注點，因此他們能夠稍微推遲一下去考慮發電的問題。我認為我們開始看到他們轉向等式中的「發電」部分，而合資企業，我認為，已經做好了充分利用這一優勢的準備。

Got it. That's very helpful. And just one last quick one, just to clarify, if I could. With regards to Mill Creek 2, the O&M number you quoted before, if that was an annualized number. I just wanted to get the context there.

知道了。那很有幫助。最後再補充一點，希望能澄清一下。關於 Mill Creek 2，您之前提到的營運和維護費用，如果那是一個年度數字的話。我只是想了解當時的背景。

No, those are the total increases between now and 2030. So $30 million of incremental O&M over that time period and $40 million of incremental CapEx.

不，這些是現在到 2030 年的總成長量。因此，在此期間新增營運維護費用為 3,000 萬美元，新增資本支出為 4,000 萬美元。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

The first one I wanted to ask about, just after the Kentucky rate case stipulation, the Pennsylvania rate case filing. Could you comment a little bit on the linearity of the growth rate in the plan? It just seems like with Kentucky stepping up in '26, Pennsylvania stepping up in '27, if growth to be a little bit more front end loaded in the plan. So I was curious what your perspectives are there. Thank you.

我首先想問的是，在肯塔基州費率案件規定之後，賓州費率案件的備案情況。您能否就該計劃中成長率的線性特性稍作評論？看起來，肯塔基州在 2026 年加快步伐，賓州在 2027 年加快步伐，如果成長計畫要更專注於前期發展，那就更好了。所以我很想知道您對此有何看法。謝謝。

Yeah, Paul, it's Joe. No, I don't necessarily think it's front-end loaded. Obviously, you're right on the timing of those rate cases and when they're coming into the plan. But we have significant capital investment that runs through the plan. We have the riders in the jurisdictions that we'll get recovery of that spend. So no, I don't necessarily see it front-end loaded.

是的，保羅，我是喬。不，我並不認為這是一個前期投入過多的問題。顯然，你對這些費率調整案件的時間安排以及它們何時納入計劃的判斷是正確的。但我們有大量的資金投入貫穿整個計劃。我們已經與相關司法管轄區的執法人員達成協議，確保能夠收回這筆支出。所以，不，我不認為這筆費用會集中在前期。

PA is coming in mid-year too.

PA（賓州）也將在年中推出。

Okay, thank you. And on the Kentucky load side, is there a good amount of megawatts to think about you would include in that new capital plan roll forward? Should we think about the full gigawatt? I know that's through 2032. But just any color you can provide there would be helpful. Thank you.

好的，謝謝。就肯塔基州的負荷側而言，您是否考慮將相當數量的兆瓦電力納入新的資本計劃滾動更新中？我們是否應該考慮使用全部的千兆瓦功率？我知道那將持續到2032年。不過，您能提供任何顏色名稱就太好了。謝謝。

You're referencing the gigawatt above the 1.8 that was in the CPCN, is that what you mean?

您指的是CPCN中提到的1.8吉瓦以上的吉瓦，是嗎？

Correct. Yes, the 2.8 versus the 1.8.

正確的。是的，2.8 對比 1.8。

Yeah. I mean, we continue to assess that additional load, Paul, and based on our conversations with developers and others in the state that are driving that. And so we'll continue to assess the probability of that and we'll make a determination of how much we would put in the plan.

是的。我的意思是，保羅，我們會繼續評估這額外的負擔，並根據我們與開發商和州內其他推動這一進程的人士的對話進行評估。因此，我們將繼續評估這種可能性，並決定在計劃中投入多少資金。

Really, what that would drive is additional generation investment beyond what we have, perhaps some smaller amounts on the T&D side. But really the larger numbers would come from generation. So we'll continue to look at that and assess the need as we're going through this planning process and future plan updates and IRPs.

實際上，這將推動我們在現有基礎上增加發電投資，或許在輸配電方面也會有一些較小的投資。但實際上，更大的數字將來自世代交替。因此，我們將繼續關注這一點，並在規劃過程、未來計畫更新和綜合資源規劃中評估其需求。

Yeah, Paul, I would just say the team is really keeping a very close eye on that pipeline. So that 2.8 is a probability-weighted forecast. So we're just keeping a very close eye on how and when those projects are materializing so that we can get in front of this additional generation need as soon as we would need to.

是的，保羅，我想說的是，團隊確實在密切關注這條人才輸送管道。所以 2.8 是一個機率加權預測值。因此，我們正在密切關注這些項目如何以及何時落實，以便我們能夠在需要時盡快滿足新增發電需求。

I would say likely, if we determine we need additional gen that likely the battery project that we delayed might be the first project to come back into play, but the team is really watching this, as I said, very closely so that we can stay in front of it. But the battery is one that we can build very quickly and provide that peaking support that we might need, again, depending on the types of load that come in. So no decision on it yet, but watching it very closely.

我認為，如果我們確定需要額外的發電能力，那麼我們推遲的電池項目很可能是第一個重新啟動的項目，但正如我所說，團隊正在密切關注此事，以便我們能夠保持領先地位。但是，我們可以非常快速地製造這種電池，並提供我們可能需要的峰值支持，當然，這取決於輸入的負載類型。所以目前還沒有決定，但我們會密切關注事態發展。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

The 11 gigawatts of publicly announced data centers, could you give us a little more color on the details of that, just what those are? I mean, obviously, we know Talen, Susquehanna with AWS and we know the Homer City and stuff. But just -- I mean, can you give us the pieces of that?

您能否詳細介紹一下已公開宣布的11吉瓦資料中心，它們究竟是什麼？我的意思是，很顯然，我們知道 Talen、Susquehanna（有 AWS），我們也知道 Homer City 等等。但是──我的意思是，你能把事情的來龍去脈告訴我們嗎？

Yeah. So for confidentiality reasons, we don't provide who those hyperscalers or data centers are or where they're located. Obviously, that could have implications on other data center activity. So we're very careful not to do that, Steve. I would say, as we kind of think about the amount of investment needed to support those, it's about $800 million of capital for the 11.3 gig and about $400 million of capital for the 5 gigs under construction.

是的。基於保密原因，我們不會透露這些超大規模資料中心或資料中心的名稱或位置。顯然，這可能會對其他資料中心活動產生影響。所以我們非常小心，避免這種情況發生，史蒂夫。我認為，當我們考慮支持這些項目所需的投資金額時，11.3 Gig 資料中心大約需要 8 億美元的資金，而正在建設中的 5 Gig 資料中心大約需要 4 億美元的資金。

So just when you're defining these as publicly announced, like what is the definition of that?

所以，當你把這些定義為公開宣布的事情時，它的定義是什麼呢？

So some of that is what was announced during the summit that we had in Pittsburgh, and then there have been other public announcements following that, that some of the customers would have made. I think those are for them to discuss, not us.

其中一些內容是在我們在匹茲堡舉行的峰會上宣布的，之後還有一些公開聲明，是一些客戶發布的。我認為這些問題應該由他們來討論，而不是我們。

Yeah. Okay. And just this profile of the data center growth, how does that compare to what is in the kind of -- in whatever latest load forecast you gave to PJM? I don't know if they've been updated since the beginning of the year. But is it -- has your -- at least your zone gone way up relative to what you expect -- forecasted previously?

是的。好的。僅就資料中心成長而言，這與您向 PJM 提供的最新負載預測相比如何？我不知道它們自年初以來是否有更新。但是，至少你的區域是否比你預期的——或者說，比之前預測的——要高出很多？

Yeah. So the latest we have with PJM is about 16 gigawatts, Steve.

是的。所以，史蒂夫，我們目前從PJM得到的最新數據是大約16吉瓦。

Okay. And I guess, what is the customer savings that -- you used to give a ratio of how much T&D rates maybe would be saved, customer reductions. Could you give us some sense based on what, I don't know which number you want to use, like what the customer savings are from sharing the transmission grid?

好的。我猜，客戶能省下多少錢——你以前會給一個比率，說明輸配電費用可能會省多少，客戶可以省多少錢。您能否根據什麼情況給我們一些參考？我不知道您想用哪個數字，例如共享輸電網能為客戶節省多少費用？

Yeah. In the early pieces, it's about 10% savings on the transmission component per gig. That was about $3. But the more you add, that gets diluted a little bit. Joe and Andy, maybe we can provide that. We'll provide that, Steve.

是的。在早期版本中，每G的傳輸組件大約可以節省10%。那大概是3美元。但是你加的越多，這筆錢就被稀釋得越多。喬和安迪，或許我們可以提供那份東西。我們會提供那個，史蒂夫。

But there's still savings each time more gets added?

但是每次增加更多內容時，仍然會有節省嗎？

Yes. Yes.

是的。是的。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

I have no complaints about earnings. So I just wanted to make it clear, because I've been picking over the last couple of quarters, but nothing to pick on this time. So two questions. One is you mentioned that as the data center pipeline grows, the rule of thumb about how much transmission spending is needed for every gigawatt of load added no longer holds. I just wanted just to give me a little bit more on that.

我對收入沒有任何不滿。我只是想澄清一下，因為過去幾個季度我一直在挑剔，但這次沒有什麼可挑剔的。所以，我有兩個問題。一是您提到，隨著資料中心管道的成長，每增加 1 吉瓦負載需要多少傳輸支出的經驗法則不再適用。我只是想再多了解一些這方面的情況。

And then secondly, on the joint venture with Blackstone. So we're seeing a number of secondary gas plants in your zone changing hands. And again, we'll see if any of them go to your joint venture. I'm just wondering is that all part of the plan to acquire existing sites and to expand them? Or is this just a brand-new new-build that you would consider only once you have secured long-term contracts?

其次，是關於與黑石集團的合資企業。所以我們看到你們區域內的一些二級天然氣發電廠易主了。我們再看看他們當中是否有人會加入你們的合資企業。我只是想知道，這是否都是收購現有網站並進行擴展計劃的一部分？或者這只是一個全新的新建項目，只有在獲得長期合約後才會考慮？

Sure. Maybe I'll take the second one first. So on the JV with the gas plants, we created the JV, Angie, to really help deal with the resource adequacy concerns that we were seeing in PJM. And obviously, with our territory and PPL sitting right on top of Marcellus Shale, we felt and continue to believe that we can provide a very competitive solution to a data center that is looking to contract and basically procure generation. Buying existing assets don't necessarily support additional resource adequacy unless we can expand them like you described.

當然。或許我會先選第二個。因此，在與天然氣發電廠的合資企業中，我們成立了合資企業 Angie，以真正幫助解決我們在 PJM 中看到的資源充足性問題。顯然，由於我們的業務區域和 PPL 公司都位於馬塞勒斯頁岩之上，我們過去和現在都認為，我們可以為尋求簽訂合約並採購發電的資料中心提供極具競爭力的解決方案。購買現有資產並不一定能提高資源充足性，除非我們能像您所描述的那樣對其進行擴建。

However, there could be some benefit in procuring -- in buying existing generation if, for instance, it's an old asset that we need for five or six years until we can get the new asset up and running and the data -- and the hyperscaler wants to have an asset-backed deal, maybe there's a scenario where it would make sense for us to buy existing gen. But that's not the core part of the strategy, but I wouldn't preclude it. So kind of my thoughts there.

然而，採購現有發電設施可能會有一些好處——例如，如果我們需要使用舊的資產五到六年，直到我們能夠啟動並運行新的資產並獲取數據——而超大規模數據中心運營商希望達成一項有資產支持的交易，那麼或許存在這樣一種情況：我們購買現有發電設施是有意義的。但這並非該策略的核心部分，但我不會排除這種可能性。這就是我的想法。

And then on the $50 million to $150 million, so what I would say on that is, look, generally, that $50 million to $150 million per gigawatt is a good rule of thumb. The only caution that we are providing with this update is, in our five-year CapEx plan, our four- or five-year CapEx plan for transmission, some of the upgrades that we may have had in that plan are starting to overlap with the upgrades that would be required for a particular data center project. So the 50 to 150 to serve the data center may still hold, but that may not be incremental to what's in the plan. Does that make sense?

至於 5000 萬美元到 1.5 億美元這個數字，我想說的是，一般來說，每吉瓦 5000 萬美元到 1.5 億美元是一個不錯的經驗法則。這次更新我們唯一要提醒的是，在我們的五年資本支出計劃、四年或五年輸電資本支出計劃中，一些升級項目可能與特定資料中心項目所需的升級項目開始重疊。因此，為資料中心提供服務的 50 至 150 個使用者可能仍然有效，但這可能與計劃中的使用者數量沒有增加。這樣說得通嗎？

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

I just have one quick follow-up, I guess. I appreciate the update. You mentioned the growth in Kentucky and Pennsylvania is quite impressive. Just the company has done a great job in the regulatory arena as we see more and more data centers connecting. Is there a concern of maybe an unhealthy revenue concentration that potentially could offset the solid regulatory balance you guys have achieved over the past several years? Just it looks like more and more load is coming from one sector. Wondering if that could create an unhealthy regulatory balance going forward.

我還有一個簡短的後續問題。感謝您的更新。您提到肯塔基州和賓夕法尼亞州的成長令人印象深刻。該公司在監管領域做得非常出色，我們看到越來越多的資料中心實現了互聯互通。是否存在收入過度集中的擔憂，這可能會抵消你們過去幾年所取得的穩健監管平衡？看起來越來越多的業務負擔都來自某個特定產業。我在想這是否會在未來造成不健康的監管平衡。

Yeah. Look, I think that's a really good question. I don't necessarily think that we're feeling concerned about an over-concentration of risk to the data centers, because of the protections that we're building into the tariff structures and the ESAs that folks are signing for these large loads. So really, I think the issue becomes, Anthony, you build all this stuff, it's in rate base, and then for whatever reason, the customers aren't using as much power and those costs are being defrayed to our existing customer base. And so we've built the protections in for that.

是的。我覺得這確實是個好問題。我並不認為我們一定擔心資料中心的風險過度集中，因為我們已經在資費結構中加入了保護措施，人們也為這些大負載簽署了擴展服務協議 (ESA)。所以，我認為問題在於，安東尼，你建造了所有這些東西，這些費用都計入了費率，然後由於某種原因，客戶使用的電力減少了，這些成本就轉嫁給了我們現有的客戶群。因此，我們已經建立了相應的保護措施。

I would say, in Pennsylvania, the PUC is proposing their large load tariff this week. And I think what we have in our proposed tariff in the rate case, those protections will be in that tariff, and that tariff may go even further than what we have proposed.

我想說，賓州公共事業委員會本週將提出大負載電價方案。我認為，我們在費率案中提出的關稅方案中，將會包含這些保護措施，而且該關稅方案甚至可能比我們提出的方案更加完善。

So overall, I think as long as we have these proper protections in place, not overly concerned about concentration risk. The other broader, I would say, aspect to this is, certainly in the early stages, which we are, I don't see these hyperscalers not needing the amount of power that they're signing up for.

所以總的來說，我認為只要我們有這些適當的保護措施，就不必過度擔心集中風險。我認為，這件事的另一個更廣泛的方面是，尤其是在我們目前所處的早期階段，我不認為這些超大規模資料中心營運商不需要他們所簽署的那種規模的電力。

In fact, they're probably going to need even more. So as you think about the advancements in the chips themselves, those advancements basically enable more compute power in the same physical space that the prior generation was. So compute power equals electricity. So if anything, I think we're going to need to continue to support these data centers with additional power needs, not less.

事實上，他們可能還需要更多。因此，當你思考晶片本身的進步時，這些進步基本上使得在與上一代相同的實體空間內實現更大的運算能力。所以運算能力就等於電力。因此，我認為我們需要繼續為這些資料中心提供更多電力，而不是減少電力需求。

Great. And then just one follow-up. And I'm not sure if you were leading this way, and that's my question. I don't know if it was Angie's question or the person before. But you talked about maybe the haircutting of the load forecast when utilities made to PJM, PJM haircuts even more.

偉大的。然後只有一次後續跟進。我不確定你是否有意引導我朝這個方向發展，這就是我的問題。我不知道這是安吉的問題，還是之前那個人的問題。但你提到，當公用事業公司向 PJM 提交負載預測時，PJM 可能會進一步削減負載預測。

You're seeing greater load growth in your areas. Are you trying to highlight that the potential -- that the regions PPL serves is a candidate for breaking out the next auction? Or that's not what you were trying to say, just overall, the resource adequacy has an issue?

您所在區域的負載成長更為顯著。您是想強調 PPL 服務區域具有在下次拍賣中脫穎而出的潛力嗎？還是你並不是想表達這個意思，只是想說整體而言，資源充足性有問題？

Yeah. I was not suggesting that the PPL zone would necessarily break out. And so the load forecast that we provide PJM are the projects that we're including, and those are consistent with the projects that we're including in the 20.5 gigawatts.

是的。我並不是說 PPL 區域一定會突破。因此，我們向 PJM 提供的負載預測包含了我們正在進行的項目，這些項目與我們在 20.5 吉瓦計劃中包含的項目是一致的。

There are just timing differences between when we update the intervals on when we're updating PJM and when we're having our investor updates on our quarterly calls. So the last time we updated was about, like I said, 16 gigawatts, but that would represent those projects at that time that we had ESAs and LONs signed by customers. So the next update for PJM would be this 20.5, and then PJM would go through their process to haircut that 20% 30%, whatever they deem appropriate.

我們更新 PJM 的時間間隔和我們在季度電話會議上向投資者提供最新資訊的時間之間存在一些時間差異。所以，正如我剛才所說，上次更新的資料大約是16吉瓦，但這指的是當時我們已經與客戶簽署了能源服務協議（ESA）和輸電意向書（LON）的專案。因此，PJM的下一次更新數據將是20.5吉瓦，之後PJM將按照他們的流程，酌情削減20%或30%的容量。

This concludes the question-and-answer session. I would like to turn the conference back over to Vince Sorgi, President and CEO, for any closing remarks.

問答環節到此結束。我謹將會議交還給總裁兼執行長文斯·索爾吉，請他作閉幕致詞。

Yeah. Thanks for joining us this quarter. Again, continue to execute. Third quarter, strong results, sets us up really nicely for finishing strong in 2025. Look forward to providing our full update on the year-end call. And of course, we will see many, if not all, of you next week at the EEI Financial Conference. Thanks, everybody.

是的。感謝您本季參與我們的工作。再次繼續執行。第三季業績強勁，為我們在 2025 年取得佳績奠定了良好的基礎。期待在年終電話會議上提供完整的最新情況報告。當然，下週我們將在EEI金融大會上見到你們中的許多人，甚至所有人。謝謝大家。

The conference has now concluded. You may now disconnect.

會議已經結束。您現在可以斷開連線了。