賓州電力 (PPL) 2026 Q1 法說會逐字稿

Good day, and welcome to the PPL Corporation first-quarter 2026 earnings call. (Operator Instructions)

各位好，歡迎參加 PPL Corporation 2026 年第一季財報電話會議。（接線員指示）

Please note this event is being recorded.

請注意，本活動將進行錄音。

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

現在我想把會議交給投資人關係副總裁 Andy Ludwig。請開始。

Good morning, and thank you for joining PPL Corporation's conference call on first-quarter 2026 financial results. We provided presentation materials on the Investors section of our website.

各位早安，感謝各位參加 PPL Corporation 2026 年第一季財務結果電話會議。我們已在公司網站「投資人」專區提供簡報資料。

This morning, you'll hear from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer. We'll conclude with a Q&A session following our prepared remarks.

今天上午，您將聽到 PPL 總裁暨執行長 Vince Sorgi，以及財務長 Joe Bergstein 的發言。在我們的準備稿結束後，將以問答環節作結。

Before we get started, please turn to slide 2 for our cautionary statement. Today's presentation contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially. Please refer to our SEC filings and the appendix for additional information.

在開始之前，請翻到第 2 張投影片查看我們的警示性聲明。今天的簡報包含前瞻性陳述，可能受到風險與不確定性影響。實際結果可能有重大差異。更多資訊請參閱我們向 SEC 提交的文件以及附錄。

We'll also refer to non-GAAP measures, including earnings from ongoing operations. Reconciliations to the corresponding GAAP measures are provided in the appendix.

我們也會提及非 GAAP 指標，包括持續營運收益。與相對應 GAAP 指標的調節表已提供於附錄中。

I'll now turn the call over to Vince.

現在我把電話交給 Vince。

Thank you, Andy, and good morning, everyone. Let's begin on slide 4 with an overview of our first-quarter performance. Overall, we delivered strong financial and operational results in the first quarter, reflecting disciplined execution across the enterprise. Today, we reported first quarter GAAP earnings of $0.60 per share. Adjusting for special items ongoing earnings were $0.63 per share.

謝謝你，Andy，各位早安。我們從第 4 張投影片開始，先概述第一季的表現。整體而言，我們第一季交出強勁的財務與營運成果，反映全公司嚴謹執行的成效。今天我們公布第一季 GAAP 每股盈餘為 0.60 美元。剔除特殊項目後，持續性每股盈餘為 0.63 美元。

Based on these results and our outlook for the remainder of the year, we are reaffirming our 2026 ongoing earnings guidance of $1.90 to $1.98 per share, with a midpoint of $1.94 per share. We also remain on track to complete approximately $5.1 billion of planned investments in 2026, supporting the delivery of safe, reliable, and affordable energy for our customers.

基於這些結果以及我們對今年剩餘期間的展望，我們重申 2026 年持續性每股盈餘指引為 1.90 至 1.98 美元，中位數為 1.94 美元。我們也仍按計畫在 2026 年完成約 51 億美元的既定投資，以支持為客戶提供安全、可靠且可負擔的能源。

Longer term, we continue to project approximately $23 billion of capital investment through 2029, resulting in average annual rate base growth of 10.3%. This capital projection excludes any investments that may stem from our joint venture with Blackstone, which I'll provide an update on shortly.

就更長期而言，我們仍預估至 2029 年將投入約 230 億美元資本支出，使費率基礎（rate base）平均年成長 10.3%。此資本預估不包含任何可能源自我們與 Blackstone 合資企業的投資，我稍後會提供最新進展。

We're also reaffirming our long-term financial targets, including 6% to 8% annual EPS growth through at least 2029, with compound annual growth expected near the top end of that range. We also continue to target annual dividend growth of 4% to 6%, along with strong credit metrics throughout our plan period, which support a very compelling risk-adjusted total return for our shareowners. Overall, our quarterly results position us well to deliver on our 2026 targets and beyond.

我們也重申長期財務目標，包括至少至 2029 年每股盈餘（EPS）年成長 6% 至 8%，且複合年成長率預期接近該區間上緣。我們也持續以每年股利成長 4% 至 6% 為目標，並在整個規劃期間維持強健的信用指標，為股東帶來極具吸引力的風險調整後總報酬。整體而言，本季結果使我們具備良好條件達成 2026 年及其後的目標。

Moving to slide 5 and some notable regulatory and business updates. During the quarter, PPL Electric Utilities reached a constructive settlement with the majority of the intervenors in the distribution base rate case. Remember that we filed this rate case in the third quarter of last year, following more than 10 years since our last base rate case filing.

接著看第 5 張投影片，說明幾項重要的監管與業務更新。本季期間，PPL Electric Utilities 在配電基礎費率（distribution base rate）案件中，與多數介入方達成具建設性的和解。請記得，我們是在去年第三季提出此費率案件，距離上一次提出基礎費率案件已超過 10 年。

Our filing reflected the results of effective cost efficiency and prudent investments over that period that have delivered significant value for our customers, while keeping O&M increases 25% below inflation. The settlement achieves a balance between our strong commitment to affordability and maintaining safe and reliable service for our customers, while supporting the significant demand growth in our service territory with large load customers.

我們的申請反映了這段期間有效的成本效率與審慎投資所帶來的成果，為客戶創造顯著價值，同時將營運與維護（O&M）增幅控制在低於通膨 25% 的水準。此和解在我們對可負擔性的堅定承諾、為客戶維持安全可靠服務，以及在服務區域內因大型負載客戶而帶動的顯著需求成長之間，取得平衡。

Importantly, the settlement would result in bill increases that are less than 4% across all customer classes despite staying out for those 10 years, and it keeps our delivery rates among the lowest in the state. We've also agreed to a two-year stay out following implementation of the new base rates.

重要的是，儘管我們 10 年未提出基礎費率案件，此和解仍將使所有客戶類別的帳單調幅低於 4%，並使我們的輸配電費率維持在全州最低之列。我們也同意在新基礎費率實施後，兩年內不再提出新的費率案件（two-year stay out）。

The settlement also enhances support for vulnerable customers by increasing hardship fund bill credits, improving access to assistance programs, eliminating reconnection fees, streamlining return of security deposits, and boosting the annual low-income weatherization budget.

此和解也透過提高困難救助基金（hardship fund）帳單抵減、改善協助方案的可及性、取消復電費、簡化保證金退還流程，以及提高年度低收入戶住宅節能防風化（weatherization）預算，來加強對弱勢客戶的支持。

We also created a new large load customer rate class and electric service tariff that includes key protections for our other customers, such as a 10-year load requirement and various financial commitments. The proposed tariff and rate class would also provide approximately $11 million annually in support of our residential low-income programs.

我們也建立了新的大型負載客戶費率類別與電力服務費率條款（tariff），其中包含對其他客戶的關鍵保護措施，例如 10 年負載要求以及各項財務承諾。該擬議的 tariff 與費率類別也將每年提供約 1,100 萬美元，用於支持我們的住宅低收入戶方案。

Put together, the elements of this settlement would provide tremendous value for our customers by ensuring they receive safe, reliable, and affordable electric service.

綜合而言，這項和解的各項內容將確保客戶獲得安全、可靠且可負擔的電力服務，為客戶帶來極大的價值。

On April 17, we were pleased that the administrative law judges recommended approval of the settlement without modification. We expect the final decision from the Pennsylvania PUC by the end of June with new rates effective July 1.

4 月 17 日，我們很高興行政法官建議不作修改即核准該和解。我們預期賓州公用事業委員會（Pennsylvania PUC）將於 6 月底前作出最終決定，新費率於 7 月 1 日生效。

In Kentucky, LG&E and KU were granted reconsideration of decisions made by the Kentucky Public Service Commission regarding its base rate case earlier in Q1. As discussed in February, we expect the current decision by the KPSC will allow us to deliver on our overall plan objectives. However, as outlined in the reconsideration request, we continue to believe, along with many of the intervenors, that our negotiated settlement was a better outcome for all parties, including our customers and it should not have been modified.

在肯塔基州，LG&E 與 KU 就肯塔基州公用事業委員會（Kentucky Public Service Commission）於第一季稍早針對其基礎費率案件所作決定，獲准重新審議。如同我們在 2 月所討論的，我們預期 KPSC 目前的決定將使我們能夠達成整體計畫目標。然而，如重新審議請求所述，我們仍與許多介入方一樣認為，我們協商達成的和解對所有利害關係人（包括客戶）而言是更好的結果，不應被修改。

The reconsideration focuses on a limited number of substantive issues, including such modifications that KPSC made to the settlement and certain cost recovery and return to terminations. Importantly, while LG&E and KU's petitions were granted rehearing by the KPSC, all intervenor requests were denied.

此次重新審議聚焦於少數幾項實質議題，包括 KPSC 對和解所作的若干修改，以及部分成本回收與報酬率相關的裁定。重要的是，雖然 KPSC 准許 LG&E 與 KU 的請願進行再審，但所有介入方的請求均遭駁回。

A procedural schedule has been set by the KPSC with the additional discovery projected to conclude by May 22. Parties have until May 26 to request the hearing or to ask for a decision based on the record in the case, and we hope to get a decision by the KPSC in the third quarter.

KPSC 已訂定程序時程，預計額外的資料調查（discovery）將於 5 月 22 日結束。各方可於 5 月 26 日前申請舉行聽證，或請求依案件紀錄作出裁決；我們希望 KPSC 能在第三季作出決定。

Also in Kentucky, we're excited to announce a couple of new partnerships to explore innovative generation technologies in support of the increasing electricity demand in our service territory. Last month, we announced our partnership with Rye Development to evaluate a new 266-megawatt pump storage hydro project that Rye has been working on in Bell County. The project converts former coal mine land in Eastern Kentucky into a reliable energy storage facility, providing up to 8 hours of storage upon COD currently projected for 2031.

同樣在肯塔基州，我們很高興宣布幾項新合作夥伴關係，以探索創新發電技術，支持我們服務區域內不斷增加的用電需求。上個月，我們宣布與 Rye Development 合作，評估一項新的 266 兆瓦抽蓄水力（pump storage hydro）專案，該專案由 Rye 在貝爾郡（Bell County）推動。該專案將肯塔基州東部的前煤礦用地轉型為可靠的能源儲存設施，於目前預計 2031 年商轉日（COD）時可提供最長 8 小時的儲能。

Rye has secured preliminary federal permits at this stage with final licensing projected for the second quarter of 2027. The project's initial cost estimates are approximately $1.3 billion, which excludes the potential eligibility for a 50% investment tax credit.

Rye 目前已取得初步的聯邦許可，最終核發執照預計在 2027 年第二季完成。該專案的初步成本估計約為 13 億美元，尚未納入可能符合 50% 投資稅額抵免的資格。

This project is not in our current capital plan or earnings projections. If constructed, this would be the first project of its kind in Kentucky and one of the first newly built pump storage projects in the United States in more than 30 years.

此專案未納入我們目前的資本計畫或盈餘預測。若建置完成，這將是肯塔基州首個同類型專案，也是美國 30 多年來首批新建的抽蓄專案之一。

I'm also excited to highlight our collaboration with X-energy, a leading designer of advanced nuclear reactor technology and manufacture of advanced nuclear fuels, which we announced just last week. This collaboration will explore deploying X-energy's Xe-100 small modular reactor in Kentucky to support large load customers, including data centers, with long-term, reliable, and carbon-free electricity.

我也很高興強調我們與 X-energy 的合作；X-energy 是先進核反應爐技術的領先設計商，並製造先進核燃料，我們就在上週宣布了這項合作。此合作將探討在肯塔基州部署 X-energy 的 Xe-100 小型模組化反應爐，以支援大型負載客戶（包括資料中心），提供長期、可靠且無碳的電力。

Through this collaboration, we aim to support the significant activity and interest in Kentucky to explore nuclear generation, bolstered by some recently enacted legislation supporting nuclear development. This legislation supports early site development through a $75 million grant program that helps fund development costs for up to three sites across the state at $25 million per site and also enables utilities to apply for recovery of other early site work that is not covered by the grant program.

透過此次合作，我們旨在支持肯塔基州在探索核能發電方面的重大活動與濃厚興趣；這股動能也受到近期通過、支持核能發展的部分立法所強化。該立法透過一項7,500萬美元的補助計畫支持前期場址開發，協助支付最多三個場址的開發成本（每個場址最高2,500萬美元），並且也使公用事業得以申請回收其他未被補助計畫涵蓋的前期場址工作成本。

We currently expect early site permitting will cost less than $75 million to complete, most of which is anticipated to be funded through the grant process as well as our project partners. As you would expect, we're approaching potential new nuclear development in Kentucky with a disciplined phased approach.

我們目前預期，完成前期場址許可的成本將低於7,500萬美元，其中大部分預計將透過補助流程以及我們的專案合作夥伴出資。如各位所預期，我們正以嚴謹的分階段方式推進肯塔基州潛在的新核能開發。

That means starting with early stage evaluation and site readiness work closely aligned with state policy support, clear customer demand and financial support, particularly from large load customers, and cost recovery frameworks that protect customers and shareowners.

這意味著先從早期階段的評估與場址就緒工作開始，並與州政府政策支持、明確的客戶需求與財務支持（特別是來自大型負載客戶）、以及能保護客戶與股東的成本回收機制緊密對齊。

Any decision to move forward would be gated by economics, regulatory certainty and our long-standing commitment to capital discipline. Both the Rye Development and X-energy partnerships reflect innovative approaches to bring large carbon-free electricity generation to Kentucky in a manner that supports customer affordability and long-term system reliability as electricity demand continues to grow.

任何推進的決策都將以經濟性、監管確定性，以及我們長期以來對資本紀律的承諾作為關卡。Rye Development 與 X-energy 的合作夥伴關係，皆反映出以創新方式為肯塔基州引入大型無碳電力發電的作法，同時在電力需求持續成長之際，兼顧客戶可負擔性與長期系統可靠性。

Turning to Rhode Island updates on slide 6. Rhode Island Energy received approval for over $330 million of critical infrastructure investments through its latest annual electric and gas ISR plants. The approval represents the vast majority of what the company requested in its original filings.

接著看投影片6，羅德島的最新進展。Rhode Island Energy 在其最新年度電力與天然氣 ISR 計畫中，獲核准超過3.3億美元的關鍵基礎設施投資。此項核准涵蓋了公司在原始申報中所請求金額的絕大部分。

Recovery of and on these investments began on April 1 of this year with rider recovery helping to limit regulatory lag. The latest plans fund core investment and vegetation management work to strengthen day-to-day reliability and system resilience.

這些投資的成本回收已於今年4月1日開始，並透過附加費（rider）回收機制協助降低監管時滯。最新計畫為核心投資與植被管理工作提供資金，以強化日常可靠性與系統韌性。

And it's clear these investments are providing tangible benefits to customers as reflected in our excellent operational performance, including Rhode Island Energy's ongoing top quartile reliability metrics and its strong execution during this winter's major storms.

而且很明顯，這些投資正為客戶帶來具體效益，反映在我們優異的營運表現上，包括 Rhode Island Energy 持續位居前四分位的可靠度指標，以及其在今年冬季重大風暴期間的強勁執行力。

During the region's most severe storm of the season in late February, which brought nearly 40 inches of snow and hurricane force winds, the Rhode Island Energy team excelled performing better than any other utility in New England.

在2月下旬本季最嚴重的風暴中，降雪接近40英吋並伴隨颶風等級強風，Rhode Island Energy 團隊表現卓越，績效優於新英格蘭地區任何其他公用事業。

Electric crews restored power to 99% of customers within 48 hours, while our gas crews responded to hundreds of emergency calls to ensure customers had gas service for heat during record-setting winter demand. These efforts did not go unnoticed as our teams were honored by the Rhode Island House of Representatives in March for their response to this historic blizzard.

電力團隊在48小時內為99%的客戶恢復供電；同時，我們的天然氣團隊回應了數百通緊急來電，確保客戶在創紀錄的冬季用氣需求期間仍有天然氣供暖服務。這些努力並未被忽視；我們的團隊因應對這場歷史性暴風雪的表現，於3月獲羅德島州眾議院表揚。

These results reinforce the strong connection between sustained investments and outcomes that matter most to our customers. And that's precisely what our Rhode Island base rate case is about. The rate case was filed in the fourth quarter of 2025, requesting a revenue requirement increase over two years: $181 million in year one and an additional $49 million in year two. The proceeding remains on track with intervener testimony filed in April and evidentiary hearings planned for June and July. New rates are expected to become effective September 1.

這些成果再次印證，持續投資與客戶最重視的結果之間具有強連結。而這正是我們羅德島基礎費率（base rate）調整案的核心。該費率案於2025年第四季提出，申請在兩年內提高收入需求：第一年1.81億美元，第二年再增加4,900萬美元。程序仍按計畫推進，介入方證詞已於4月提交，證據聽證預計於6月與7月舉行。新費率預計於9月1日生效。

In addition, Rhode Island Energy recently filed a new hold-harmless commitment proposal that is expected to provide bill credits that would significantly offset the impact of the proposed base rate increase for our customers.

此外，Rhode Island Energy 近期提交了一項新的「免受損害」（hold-harmless）承諾提案，預期將提供帳單抵減（bill credits），可大幅抵銷擬議基礎費率上調對客戶的影響。

As a reminder, this proposal addresses PPL's deferred tax hold-harmless commitment arising from the acquisition of Rhode Island Energy, accelerating the payment of related bill credits to support affordability in the near term.

提醒一下，該提案係針對 PPL 因收購 Rhode Island Energy 而產生的遞延所得稅「免受損害」承諾，將加速支付相關帳單抵減，以在短期內支持可負擔性。

We expect new bill credits to be provided to customers starting in the first quarter of 2027. This approach is representative of how we engage across our jurisdictions, using the tools available to us to support affordability today while continuing to attract the investment needed to maintain a safe, reliable energy system for our customers.

我們預期新的帳單抵減將自2027年第一季起提供給客戶。此作法體現我們在各司法管轄區的互動方式：運用可用工具在當下支持可負擔性，同時持續吸引維持安全、可靠能源系統所需的投資，以服務我們的客戶。

Turning to slide 7, data center update in Pennsylvania. We continue to see significant growth in data center development across our PPL Electric utility service territory driven by location, access to power, and an advanced transmission system that enables speed to market for hyperscalers. Projects in advanced stages of planning now total 28.3 gigawatts, up another 12% from the 25.2 gigawatts we discussed on our year-end update call.

接著看投影片7，賓夕法尼亞州資料中心最新情況。在我們 PPL Electric 公用事業服務範圍內，受地理位置、電力取得，以及可讓超大規模業者（hyperscalers）加速上市的先進輸電系統所驅動，我們持續看到資料中心開發顯著成長。目前處於規劃後期階段的專案總量已達28.3吉瓦，較我們在年終更新電話會議中提到的25.2吉瓦再增加12%。

As a reminder, projects in advanced stages have executed agreements, either letters of agreement or electric service agreements with meaningful financial commitments from developers attached to them. Of that total, about 10 gigawatts now have signed ESAs consistent with our expectations.

提醒一下，處於規劃後期階段的專案已簽署協議——不論是協議意向書（letters of agreement）或供電服務協議（electric service agreements, ESAs）——且均附帶開發商具實質意義的財務承諾。在該總量中，約有10吉瓦已簽署 ESA，符合我們的預期。

This includes contracts with some of the leading companies in this space, including QTS, AWS, PowerHouse, CoreWeave, and others. Meanwhile, 5 gigawatts of the projects in advanced stages are already under construction. These are critical proof points that demand is not only real but continues to grow and progress forward.

其中包括與該領域部分領先公司簽訂的合約，例如 QTS、AWS、PowerHouse、CoreWeave 等。同時，處於規劃後期階段的專案中已有5吉瓦正在施工。這些都是關鍵的佐證，顯示需求不僅真實存在，且持續成長並向前推進。

As we've discussed on prior calls, our ESAs include strong customer protections, such as prepayments, credit support, and minimum load obligations to ensure that developers, not existing customers, bear the financial risk if projects don't proceed as planned. Those same principles are reflected in the proposed new large load customer rate class and the electric service tariff in PPL Electric's rate case settlement.

如同我們在先前電話會議所討論，我們的 ESA 包含強而有力的客戶保護措施，例如預付款、信用支持，以及最低負載義務，以確保若專案未按計畫推進，財務風險由開發商而非既有客戶承擔。同樣原則也反映在 PPL Electric 費率案和解中的擬議新大型負載客戶費率類別，以及供電服務費率條款（electric service tariff）中。

And importantly, under our tariff structure, the incremental load growth improves system utilization and lowers transmission costs for existing customers. Taken together, this reflects our balanced approach to data centers and our firm belief that data center development can strengthen the grid and lower cost for all customers, all while delivering significant local benefits, including jobs, tax revenue, and community investment.

而且重要的是，在我們的費率結構下，新增負載成長可提升系統使用率，並降低既有客戶的輸電成本。綜合而言，這反映我們對資料中心採取的平衡作法，以及我們堅定相信資料中心開發能強化電網並降低所有客戶成本，同時帶來顯著的在地效益，包括就業、稅收與社區投資。

Let's turn to slide 8. Kentucky continues to experience strong economic development activity as well, driven by both data centers and advanced manufacturing. The Commonwealth, overall, and LG&E and KU service territories, in particular, remain a highly attractive environment for energy-intensive growth, supported by our competitive energy costs and reliable service.

接著看投影片8。肯塔基州同樣持續呈現強勁的經濟發展活動，動能來自資料中心與先進製造業。整體而言，該州（Commonwealth）以及特別是 LG&E 與 KU 的服務範圍，仍是高度具吸引力的高耗能成長環境，並受我們具競爭力的能源成本與可靠服務所支撐。

Our current Kentucky development pipeline now reflects 12.9 gigawatts of potential new load through 2032, an increase of nearly 4 gigawatts from our year-end update. New data center requests make up the majority of the increase with 13 new projects expressing interest in our service territory.

我們目前肯塔基州的開發案管線，現反映至2032年潛在新增負載達12.9吉瓦，較年終更新增加近4吉瓦。新增資料中心需求占增量的大多數，另有13個新專案表達對我們服務範圍的興趣。

In total, we have active requests for almost 12 gigawatts of data center demand. Roughly one-third of those projects are considered highly active with transmission service studies underway, of which about 650 megawatts are currently under construction or agreement.

合計而言，我們目前有接近12吉瓦的資料中心需求之有效申請。其中約三分之一的專案被視為高度活躍，輸電服務研究正在進行；在這些專案中，約650兆瓦目前已在施工或已簽署協議。

At the same time, we're also seeing continued growth in manufacturing, automotive, and other non-data center projects, adding important diversity to the mix. During the first quarter, Global Laser Enrichment and Toyota Motor Manufacturing announced approximately $2.6 billion in combined investment plans within our service territories.

同時，我們也持續看到製造業、汽車產業及其他非資料中心專案的成長，為組合增添重要的多元性。第一季期間，Global Laser Enrichment 與 Toyota Motor Manufacturing 宣布在我們服務範圍內合計約26億美元的投資計畫。

Based on our updated planning assumptions, we now project approximately 3.5 gigawatts of expected new load by 2032, compared to about 1.8 gigawatts assumed in our most recent CPCN forecast. As new load materializes, additional generation resources will be required to maintain reliability, and LG&E and KU could be in a position to file another CPCN as early as this year.

根據我們更新後的規劃假設，我們目前預估至2032年約有3.5吉瓦的預期新增負載，相較於我們最近一次 CPCN 預測中假設的約1.8吉瓦。隨著新增負載逐步實現，為維持可靠性將需要額外的發電資源，而 LG&E 與 KU 最早可能在今年就具備再提出另一件 CPCN 申請的條件。

We remain focused on ensuring that new demand is paired with timely resource additions, protecting customers, supporting reliability, and positioning the system to serve the Commonwealth's long-term economic development needs.

我們仍專注於確保新增需求能搭配及時的資源增補，以保護客戶、支持可靠性，並使系統具備能力滿足該州長期經濟發展需求。

Turning to slide 9 and an update on our joint venture. Momentum continues to build around our Blackstone joint venture. This is driven by the rapid data center growth in Pennsylvania that I just discussed, combined with increasing expectations that large load customers need to bring dedicated generation solutions online in support of their load requirements. This is also supported by the rate payer protection pledges made by both hyperscalers and some of the large third-party data center developers.

接著看第 9 頁投影片，更新我們的合資企業進展。我們與黑石（Blackstone）的合資企業動能持續增強。這主要受我剛才提到的賓夕法尼亞州資料中心快速成長所帶動，同時也因為市場日益預期大型負載客戶需要上線專用發電解決方案，以支援其負載需求。此外，超大規模雲端業者（hyperscalers）以及部分大型第三方資料中心開發商所做出的用戶付費者保護承諾，也提供了支撐。

Our joint venture was intentionally built for this moment. Interest from hyperscalers and developers remains high. And as I previously mentioned, we are working with all the major customers in this space. The joint venture continues to do much of the upfront development and coordination work so it can move quickly once commercial arrangements are finalized with the hyperscalers.

我們的合資企業正是為了此刻而刻意打造。來自超大規模雲端業者與開發商的興趣仍然很高。而如我先前所提，我們正與此領域所有主要客戶合作。合資企業持續承擔大量前期開發與協調工作，使其在與超大規模雲端業者的商業安排一旦定案後，便能迅速推進。

We're engaged in strategic discussions with key gas pipeline companies focused on ensuring access to low-cost Marcellus shale gas for our future generation projects. Based on the progress to date with the hyperscalers, we are executing multiple gas turbine reservation agreements and have submitted requests for multiple generation projects into PJM's interconnection queue for certain land sites currently under our control.

我們正與重點天然氣管線公司進行策略性討論，聚焦於確保未來發電專案可取得低成本的馬塞勒斯頁岩氣。根據目前與超大規模雲端業者的進展，我們正在執行多項燃氣渦輪機預訂協議，並已就目前由我們掌控的特定土地據點，向 PJM 的併網排隊（interconnection queue）提交多個發電專案申請。

And we're continuing to evaluate additional strategic land parcels to expand access to key sites for further generation development. We are doing all of this with deliberate financial and execution discipline. As we've shared previously, we will not build without signed energy supply services agreements ,or ESSAs, and our commercial structures will continue to support a utility-like risk profile through long-term contracts.

同時，我們也持續評估額外的策略性土地地塊，以擴大取得關鍵據點，推動更多發電開發。我們在做所有這些工作時，都秉持審慎的財務與執行紀律。如我們先前分享的，在未簽署能源供應服務協議（ESSAs）之前，我們不會動工；而我們的商業架構也將持續透過長期合約，維持類公用事業（utility-like）的風險輪廓。

Our JV continues to be a disciplined generation platform to help meet significant new demand while supporting customer affordability and system reliability. While our current business plan does not include earnings contributions or capital investments from the joint venture, the progress to date meaningfully increases the probability of JV-owned generation over time. We're excited about the progress we've made and look forward to providing you with more updates as contracts are finalized.

我們的合資企業仍是一個具紀律的發電平台，可在支援客戶可負擔性與系統可靠性的同時，協助滿足顯著新增的需求。雖然我們目前的營運計畫未納入合資企業的獲利貢獻或資本投資，但迄今的進展已實質提高未來由合資企業持有發電資產的可能性。我們對已取得的進展感到振奮，並期待在合約定案後，向各位提供更多更新。

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

接下來我把電話會議交給 Joe，進行財務更新。

Thank you, Vince, and good morning, everyone. Let's turn to slide 11. PPL's first quarter GAAP earnings were $0.60 per share compared to $0.56 per share in Q1 2025. We recorded special items of $0.03 per share during the first quarter primarily due to an ISO-New England transmission ROE reduction as well as customer system and meter system integration impacts, partially offset by regulatory asset treatment of costs associated with PPL's IT transformation in Kentucky.

謝謝你，Vince，各位早安。我們看第 11 頁投影片。PPL 第一季 GAAP 每股盈餘為 0.60 美元，較 2025 年第一季的 0.56 美元增加。第一季我們認列每股 0.03 美元的特殊項目，主要因 ISO-New England 輸電 ROE 下調，以及客戶系統與電表系統整合的影響；部分則由肯塔基州 PPL IT 轉型相關成本採用監管資產處理所抵銷。

Adjusting for these special items, first quarter earnings from ongoing operations were $0.63 per share, an improvement of $0.03 per share compared to Q1 2025. The increase was primarily due to higher base rate recovery in Kentucky and higher transmission revenues from additional capital investments, partially offset by higher depreciation and higher financing costs. Our solid first quarter results keep us on track to achieve at least the midpoint of our 2026 earnings forecast of $1.94 per share.

扣除這些特殊項目後，第一季持續營運每股盈餘為 0.63 美元，較 2025 年第一季改善 0.03 美元。增加主要來自肯塔基州較高的基礎費率回收，以及因額外資本投資帶來的較高輸電收入；部分被較高折舊與較高融資成本所抵銷。第一季穩健的成果使我們維持在軌道上，可望達成 2026 年每股 1.94 美元盈餘預測至少中位數水準。

We also continue to maintain one of the strongest credit ratings in our sector with a balance sheet that provides the company with significant financial flexibility that benefits both customers and stakeholders. In February, we successfully executed a $1.15 billion equity units offering with a purchase contract for PPL common shares settling in February 2029. This offering provides a clear path to permanent equity while allowing participation in share price upside.

我們也持續維持本產業中最強健的信用評等之一；資產負債表為公司提供顯著的財務彈性，讓客戶與利害關係人皆受益。2 月，我們成功完成 11.5 億美元的股權單位（equity units）發行，並附帶一份於 2029 年 2 月交割的 PPL 普通股購買合約。此項發行為永久股權提供清晰路徑，同時也讓投資人得以參與股價上行。

Following this transaction, we have now derisked about two-thirds of the total equity needed to support our current capital expenditure plan. For the remaining equity needs, our base plan is to utilize the ATM, which remains an efficient financing tool. We'll also continue to be opportunistic with other equity-like financing structures to the extent that they provide a lower cost of capital.

完成此交易後，我們已將支撐目前資本支出計畫所需的總股權中，約三分之二完成去風險化（derisked）。對於剩餘的股權需求，我們的基本計畫是使用 ATM（隨市發行）機制，這仍是高效率的融資工具。同時，只要其他類股權融資結構能提供更低的資本成本，我們也會持續把握機會。

Turning to the ongoing segment drivers for the first quarter on slide 12. Our Kentucky segment results increased by $0.03 per share compared to the first quarter of 2025. The improvement in Kentucky's results was primarily due to higher base rate recovery from new retail rates that were effective on January 1. This was partially offset by lower sales volumes due to less favorable weather than experienced in Q1 2025, higher operating costs, higher depreciation, and higher interest expense.

接著看第 12 頁投影片，第一季各事業部門的持續性驅動因素。我們肯塔基事業部門的結果較 2025 年第一季每股增加 0.03 美元。肯塔基表現改善主要來自 1 月 1 日生效的新零售費率帶來較高的基礎費率回收。但部分被較 2025 年第一季更不利的天候所致銷售量下降、較高營運成本、較高折舊，以及較高利息費用所抵銷。

The remainder of our segments were flat compared to the first quarter of 2025. Our Pennsylvania Regulated segment results were driven by higher transmission revenue from additional capital investments, offset by higher operating costs, higher depreciation expense, and higher interest expense.

其餘事業部門相較 2025 年第一季大致持平。我們賓夕法尼亞受監管事業部門的結果，主要由額外資本投資帶來較高輸電收入所驅動，但被較高營運成本、較高折舊費用與較高利息費用所抵銷。

Our Rhode Island segment results were driven by higher rider revenue returns, including investment recovery through the ISR mechanism and FERC formula rates. These favorable items were offset by higher depreciation expense.

我們羅德島事業部門的結果，主要由較高的附加費（rider）收入回報所驅動，包括透過 ISR 機制與 FERC 公式費率的投資回收。上述有利因素被較高折舊費用所抵銷。

Lastly, results at Corporate and Other were driven by higher interest expense, offset by several factors that were not individually significant. Overall, we're off to a strong start in 2026 with solid performance across our business segments and a clear line of sight to achieve our financial objectives.

最後，公司本部與其他項目的結果主要受較高利息費用影響，但也被數項單獨看並不重大的因素所抵銷。整體而言，我們在 2026 年有一個強勁的開局，各事業部門表現穩健，並且清楚可見達成財務目標的路徑。

Our capital investment plan remains firmly on track, positioning us to continue to strengthen system reliability, modernize the grid, and provide an improved experience for our customers. At the same time, our strong balance sheet and business plan position PPL to confidently achieve our growth targets and deliver strong, stable returns for our shareowners with meaningful upside opportunities beyond the plan.

我們的資本投資計畫仍穩健按進度推進，使我們得以持續強化系統可靠性、推動電網現代化，並為客戶提供更佳體驗。同時，我們強健的資產負債表與營運計畫，使 PPL 能有信心達成成長目標，為股東帶來強勁且穩定的報酬，並在計畫之外提供具意義的上行機會。

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

以上是我準備的發言。接下來我把電話會議交回給 Vince。

Thank you, Joe. Before we open it up for questions, I'll leave you with a few closing thoughts. Here at PPL, we're executing with discipline, delivering strong first quarter results, reaffirming our guidance and long-term financial targets, and continuing to invest responsibly in the systems our customers and communities rely on.

謝謝你，Joe。在開放提問之前，我想以幾點作結。在 PPL，我們以紀律執行，交出強勁的第一季成果，重申我們的指引與長期財務目標，並持續以負責任的方式投資於客戶與社區所依賴的系統。

Across our jurisdiction, we're advancing constructive regulatory outcomes that balance affordability today with the investments needed for long-term reliability and growth. Affordability is a top priority for us, including here in Pennsylvania. We've been talking about this for over five years now and made it a cornerstone of our Utility of the Future strategy. So we are not surprised at all by what we are seeing in various states, where elected officials are very focused on affordability for their constituents.

在我們的各個管轄區，我們正推動具建設性的監管成果，在當前可負擔性與長期可靠性及成長所需投資之間取得平衡。可負擔性是我們的首要任務之一，在賓夕法尼亞州亦然。我們談這件事已超過五年，並將其作為「未來公用事業」（Utility of the Future）策略的基石。因此，對於我們在各州看到的情況——民選官員高度關注其選民的可負擔性——我們一點也不意外。

That is why we have consistently taken actions to drive efficiency across the business, maintain cost discipline, employ technology to optimize our assets, and limit base rate increases, all while continuing to improve service. A perfect example is our rate case settlement in Pennsylvania, where we hadn't filed a rate case in over 10 years, and the bill impact of our settlement will be less than a 4% increase for all rate classes, which again puts our delivery rates among the lowest in the state.

這也是為什麼我們一貫採取行動，推動全公司效率提升、維持成本紀律、運用科技最佳化資產，並限制基礎費率上調，同時持續改善服務。一個最佳例子是我們在賓夕法尼亞州的費率案件和解：我們超過 10 年未提出費率案件，而本次和解對所有費率類別的帳單影響將低於 4% 的增幅，這也再次使我們的輸配電費率位居全州最低之列。

We don't just talk about focusing on affordability. Our actions support our words, and we have been very effective at delivering excellent service for our customers at a reasonable price and at the same time, competitive returns for our shareowners, and we fully expect to continue to deliver on both of those areas going forward.

我們不只是口頭上強調可負擔性。我們的行動與言論一致；我們一直非常有效地以合理價格為客戶提供卓越服務，同時也為股東帶來具競爭力的報酬，而且我們完全預期未來仍將在這兩方面持續交付成果。

At the same time, and related to improving affordability, our economic development pipeline continues to progress with projects moving from planning into agreements, construction, and execution. That demand is supporting new investment opportunities and partnerships, like those we announced with Rye Development and X-energy, focused on delivering reliable, cost-effective generation solutions that, done right, will lower energy costs for our customers.

同時，且與提升可負擔性相關的是，我們的經濟發展專案管線持續推進，專案正從規劃階段進入協議、施工與執行。這些需求正在支持新的投資機會與合作夥伴關係，例如我們與 Rye Development 及 X-energy 宣布的合作，聚焦於提供可靠且具成本效益的發電解決方案；若能妥善推動，將可降低客戶的能源成本。

We're also excited by the continued momentum with our joint venture with Blackstone infrastructure. We believe it positions us very well to meet growing generation needs in PJM in a way that will lower customer bills, improve system reliability, and deliver long-term value creation for our shareowners.

我們也對與黑石基礎設施（Blackstone Infrastructure）合資企業持續展現的動能感到振奮。我們相信，這讓我們在滿足 PJM 日益成長的發電需求方面具備非常有利的定位，並能以降低客戶帳單、提升系統可靠性，以及為股東創造長期價值的方式來達成。

As you can hear, we don't view growth and affordability as competing objectives. Done right, incremental load, disciplined investment, and thoughtful generation development can improve system utilization and help lower overall customer costs. That's the approach we're taking, grounded in regulatory credibility, capital discipline, and a clear focus on delivering safe, reliable, and affordable energy while creating long-term value for our communities and our shareowners.

如各位所聽到的，我們不認為成長與可負擔性是相互競爭的目標。若執行得當，新增負載、嚴謹的投資，以及審慎的發電開發，能提升系統使用率並有助於降低客戶整體成本。這就是我們正在採取的方法，其基礎在於監管公信力、資本紀律，以及清楚聚焦於提供安全、可靠且可負擔的能源，同時為我們的社區與股東創造長期價值。

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

那麼，接線員，讓我們開放提問。

(Operator Instructions) Jeremy Tonet, JPMorgan.

（接線員指示）Jeremy Tonet，摩根大通（JPMorgan）。

Hi. Good morning.

嗨。早安。

Good morning, Jeremy.

早安，Jeremy。

Good morning.

早安。

Thanks. Just wanted to start off with the Genco JV, if you could, and appreciate announcements when they come, but it seems like there's some really good positive momentum happening here. And just want to frame up the timeline for when this could come together. Is this like weeks, months, or is this quarters? Or is there anything else you could help us think through how the timeline could unfold here?

謝謝。我想先從發電公司合資（Genco JV）談起，如果可以的話；也理解有消息時再公告，但看起來這裡確實有很好的正向動能正在發生。我想釐清一下這件事可能成形的時間表。這會是幾週、幾個月，還是以季為單位？或你是否能協助我們思考，這個時間表可能會如何展開？

For the ESSAs, Jeremy?

你是指 ESSA 的部分嗎，Jeremy？

For the Genco JV.

指的是發電公司合資（Genco JV）。

Yeah. I mean, your question is like timing around when we might sign contracts or --

是的。我的意思是，你的問題是關於我們可能何時簽署合約的時點，或是--

Yes.

是的。

Well, look, as we talked about in the prepared remarks, right, where we've made a lot of progress, certainly over the last year, and we're really encouraged by the most recent momentum that we're seeing, again, I would say, stemming from really what we've been talking about for months now where the hyperscalers are going to need to pay attention to generation. Up until very recently, they've been very focused rightfully so, I would say, on getting connected to the grid.

嗯，聽著，正如我們在事先準備的發言中提到的，我們確實已取得很大進展，尤其是在過去一年；而且我們對近期看到的動能感到非常鼓舞。我會說，這主要源自於我們過去幾個月一直在談的：超大規模業者（hyperscalers）將需要開始關注發電端。直到最近為止，他們一直非常專注於（我認為也理所當然地）先把自己接入電網。

But that time has come now that they are focused on generation. And we're very pleased and fortunate that we started this joint venture over a year ago when we did because we've laid the foundation to be ready to meet the moment when the hyperscalers are taking this seriously. And they clearly are, given the rate payer protection pledge and all of the activity around that.

但現在時機已到，他們已開始聚焦在發電端。我們也非常高興且幸運，因為我們在一年多前就成立了這個合資企業，讓我們打下基礎，能在超大規模業者開始認真看待這件事的關鍵時刻做好準備。而從「保護用戶（費率支付者）承諾」以及相關的各項活動來看，他們顯然正在認真面對。

So in terms of timing, I would say, we're continuing to work through the process of getting ESSAs in place. That is an active process. I could tell you that. So the trajectory is clearly positive, I would say. I'd be -- I would say, it's probably likely that we would have something meaningful to announce this year on that, Jeremy, but these are very complex agreements that have to go through a lot of different parts of the hyperscalers to get to the finish line and then ultimately announce. But I would say, again, based on where we stand today and the momentum that we're seeing, I'd be surprised if we weren't doing -- announcing something meaningful this year.

就時間點而言，我會說我們仍在推進 ESSA 到位的流程。這是一個正在進行中的流程。我可以這麼告訴你。所以我會說，整體走勢顯然是正向的。我會——我會說，今年我們很可能會有一些具實質意義的事項可以對外宣布，Jeremy；但這些協議非常複雜，需要在超大規模業者內部經過許多不同部門的流程才能走到終點，然後才能最終對外公告。不過我再說一次，以我們目前的位置與看到的動能來看，如果今年沒有宣布一些具實質意義的進展，我會感到意外。

Got it. That's very helpful. Thank you. And then I just wanted to turn to slide 7 here. And there's a lot of data on the data center backlog. Just wanted to see if you could just parse out for me, make sure I'm clear, how much of the data center growth in slide 7 is incremental to the current earnings and capital plan?

了解。這非常有幫助。謝謝。接著我想轉到第 7 頁投影片。那裡有很多關於資料中心待接案量（backlog）的數據。我想請你幫我拆解一下、確認我理解正確：第 7 頁投影片中的資料中心成長，有多少是相對於目前的獲利與資本計畫的增量？

Yeah. Sure. So in our updated plan that we came out with in February, we had about $1.3 billion for incremental transmission CapEx. When we look at the 28 gigs, I would say, there's probably another $0.5 billion at least to serve that incremental demand, Jeremy. Some of that, though, I would say would be spent beyond the current plan period in 2029, but it's, I would say, at least another $0.5 billion of upside beyond what's in the current plan.

好的。當然。在我們 2 月發布的更新計畫中，我們針對增量的輸電資本支出（CapEx）編列了約 13 億美元。當我們看這 28 GW（gigs）時，我會說，為了服務這部分新增需求，可能至少還需要再增加 5 億美元，Jeremy。不過其中一部分，我會說，會在目前計畫期（到 2029 年）之後才支出；但我會說，至少還有超出現行計畫的 5 億美元上行空間。

Got it. That's very helpful. And then just the last one, I guess, going to the RVP. Any thoughts on the impact if it goes through as initially proposed for PPL, both on, I guess, the EDC side as well as if the Genco JV might have interest there.

了解。這非常有幫助。最後一題，我想回到 RVP。如果它按最初提案通過，你對 PPL 的影響有何看法？包括我想，對 EDC 端，以及發電公司合資（Genco JV）是否也可能對此有興趣。

Yeah. Great question. Look, maybe just a few thoughts on the RBA itself. I think clearly, we support PJM's conceptual process for focusing on and starting with bilateral contracting, obviously, we support that. That's why we created the joint venture.

好的。這個問題很好。聽著，也許先談幾點關於 RBA 本身的看法。我認為很明顯地，我們支持 PJM 在概念上聚焦並以雙邊合約作為起點的流程；顯然，我們支持這一點。這也是我們成立合資企業的原因。

But I would say there's quite a bit of work that needs to be done to ensure that the cost that are related to any backstop auction are actually borne by the large loads that they are intended for and that our other customers don't end up getting allocated those costs through some unintended consequence or some allocation methodology that doesn't achieve what we're all trying to achieve here, which it's not clear as written or has proposed that we would actually get that result.

但我會說，仍有相當多的工作要做，以確保任何「後備拍賣」（backstop auction）相關成本，確實由其所針對的大型負載承擔，而不是因為某些非預期的結果或某種分攤方法，讓我們其他客戶被分攤到這些成本；就目前文字或提案內容來看，並不清楚是否能真正達到我們都想達到的結果。

I am optimistic, Jeremy, that we can get there, but there's quite a bit of work that we need to do with both PJM and FERC to ensure that. I would say if the proposal was approved by FERC as is, then at the utility, at PPL Electric Utilities, we would absolutely need to work with the state to ensure that we have those guardrails or those protections either contractually or otherwise to ensure what I said before that the EDC is not shifting the risk and/or the cost of that auction to our other customers. So headed in the right direction, but there's quite a bit of work, I would say, to be done there.

Jeremy，我對我們能達成這點抱持樂觀，但我們確實需要與 PJM 與 FERC 做大量工作來確保如此。我會說，如果 FERC 按照現行提案原樣核准，那麼在公用事業端、也就是 PPL Electric Utilities，我們絕對需要與州政府合作，確保有那些護欄或保護措施——不論是透過合約或其他方式——以確保我剛才所說的：EDC 不會把該拍賣的風險和／或成本轉嫁給我們其他客戶。所以方向是對的，但我會說，仍有相當多工作要完成。

In terms of the participation, really depends on the final rules. And obviously, PJM is working through feedback that they just received earlier this week. It will also depend, I think, if the EDCs are mandated to participate. But again, if it's approved as proposed, there's quite a bit of work we need to do at the state level to get those protections in, and that could impact our desire to participate at the EDC level.

至於是否參與，真的取決於最終規則。而且很顯然，PJM 正在消化他們本週稍早收到的回饋。我認為也將取決於 EDC 是否被要求必須參與。但同樣地，如果按提案通過，我們需要在州層級做很多工作把這些保護措施落實，而這可能會影響我們在 EDC 層級參與的意願。

On the JV, I would say, this could be an opportunity for us. Again, I think it depends on the ultimate rules. But I would say for now, our priority absolutely continues to be on our very active bilateral process. So we're not slowing down on what we're doing with the JV and then we'll see if there's an opportunity to participate in the auction. Currently, we're not sure if we would or we won't -- we really see how those rules shake out.

至於合資企業（JV），我會說這可能是我們的一個機會。同樣地，我認為取決於最終規則。但就目前而言，我們的優先事項仍然絕對是非常積極的雙邊流程。因此，我們不會放慢與 JV 正在進行的工作，之後再看看是否有機會參與拍賣。目前我們不確定會或不會——我們會看規則最後如何定案。

Got it. That makes sense. I'll leave it there. Thank you.

了解。這很合理。我就先到這裡。謝謝。

Thanks, Jeremy.

謝謝你，Jeremy。

Paul Zimbardo, Jefferies.

Jefferies 的 Paul Zimbardo。

Hey. Good morning, Paul.

嗨。早安，Paul。

Hi. Good morning, team. Thank you for the time. And I apologize if I missed it, Vince. I think you said multiple slot reservations. And any color you want to put around that. Is that 2 is multiple, is it bigger than 2? And just what's the time on delivery for those pieces of equipment?

嗨。早安，各位團隊。謝謝撥冗。如果我漏聽了也先跟你致歉，Vince。我想你提到有多個機位預留（slot reservations）。能否再補充一些細節。所謂 multiple 是指 2 個就算，還是大於 2 個？另外，這些設備的交付時間大概是多久？

I would say those are all details given the competitive nature of this, Paul, that I'm not going to get into a lot of detail on it. I would just say confidently that our submittal both on the PJM queue, which we have backed by land that's under our control for all of those submittals, multiple generation projects, but it positions us very well to be competitive with the joint venture. And then on the turbine reservations, sufficient quantity to support what I just said on the interconnection queue there.

Paul，我會說，鑑於這件事的競爭性質，這些都屬於細節，我不打算深入談太多。我只能有把握地說，我們在 PJM 併網排隊（queue）上的申報，背後都有我們可控的土地作為支撐，涵蓋多個發電專案，這讓我們在與合資企業競爭時處於非常有利的位置。至於渦輪機預留，我們的數量也足以支撐我剛才對併網排隊所說的內容。

Okay. Understood. And I get the sensitivity. Shifting gears to the Pennsylvania electric utility, assuming the settlement is approved, I know you have the stay out. Any timeframe that you think about when you need to go back in? Or could you rely on the DISC mechanism to stay out for more than a couple of years. Thank you.

好的。了解。我也理解這個敏感性。換個話題談賓州電力公用事業，假設和解案獲得核准，我知道你們有 stay out（暫不提出基礎費率案）的安排。你們認為大概什麼時候需要再回去提出申請？或者你們能否依靠 DISC 機制，讓 stay out 超過幾年？謝謝。

Yeah. No, you're right. With embedded in the settlement, we do have a two-year stay out. So we have good visibility on a minimum of two years.

是的。你說得沒錯。和解案中確實包含兩年的 stay out。所以我們至少有兩年的良好能見度。

And that's from the date that new rates become effective, which we expect to be July 1. So we wouldn't need anything between now and two years out. Yeah, look, we stayed out for 10 years prior to our financial discipline, our cost management discipline. As you know, we continue to look at ways to drive costs out of the business. AI is a whole new wave of opportunity there.

而且是從新費率生效日開始算，我們預期是 7 月 1 日。所以從現在到兩年後，我們都不需要做任何動作。你看，我們上一次在財務紀律、成本管理紀律之下，之前曾經 stay out 長達 10 年。如你所知，我們也持續在尋找把成本從業務中移除的方法。AI 在這方面是全新一波的機會。

We are embarking on our system consolidation that will drive cost savings over time as well. We are in the middle of doing that work, though. So how much of that shows up by, call it, mid-'28 when the stay out expires, we'll see. But clearly, that will be a focus of ours to stay out as long as we can, similar to what we did last time.

我們也正著手推動系統整併，隨時間推進也會帶來成本節省。不過我們目前仍在進行這項工作。因此到大約 2028 年年中、也就是 stay out 到期時，能反映出多少成果，還要再看。但很明確地，盡可能延長 stay out 會是我們的重點，就像上次一樣。

Okay. No. Great. Thanks a lot. Good luck, team.

好的。了解。非常好。非常感謝。祝各位順利。

Thanks, Paul.

謝謝你，Paul。

David Arcaro, Morgan Stanley.

Morgan Stanley 的 David Arcaro。

Hey. Thanks. Good morning.

嗨。謝謝。早安。

Hey. Good morning, David.

嗨。早安，David。

I was wondering, curious about your reaction maybe to the contents of the letter that the governor had sent you. Just in terms of the different approaches that were proposed there around ROE, debt, and equity ratios, et cetera, how are you interpreting and reacting to that?

我想請教，你們對州長寄給你們那封信的內容，可能有什麼反應或看法？就信中提出的不同做法，例如 ROE、負債與權益比率等等，你們如何解讀並回應？

Yeah. I would say, in general, we share the same ultimate goals as our governor does, right, delivering safe, reliable, affordable energy for our customers. We've talked a lot about -- and I think this is a differentiating factor for PPL, we've been talking about affordability for several years, way before most of the industry was focused on it.

是的。我想整體而言，我們與州長有相同的最終目標，也就是為客戶提供安全、可靠、可負擔的能源。我們談了很多——我認為這也是 PPL 的差異化之處——我們對「可負擔性」的關注已經好幾年了，遠早於多數同業開始聚焦這個議題。

It's why we've taken the actions that we have to focus on cost control, making the investments around automation, and hardening those things, right, reduce O&M over time and that's really enabled us to stay out of base rate cases for over a decade.

這也是為什麼我們採取各項行動，專注於成本控管、投資自動化，以及強化這些措施；也就是隨時間降低 O&M（營運與維護）成本，這也確實讓我們能夠在超過十年的時間裡不必提出基礎費率案。

So as you know, we only seek rate increases when it's absolutely necessary to maintain that safety and reliability. And so we'll continue to similar to Paul's question around timing of the rate case, we'll continue to operate in that way in the best interest of our customers to ensure that we can improve service, do it affordably and provide competitive returns to our shareowners.

所以如你所知，只有在絕對必要、為了維持安全與可靠性時，我們才會尋求調升費率。因此，我們會延續這樣的做法——呼應 Paul 剛才關於費率案時點的問題——以客戶最佳利益為依歸，確保我們能提升服務、以可負擔的方式做到，同時也為股東提供具競爭力的報酬。

We think we can continue to do that even under the points that were in the governor's letter. Again, I think we share the same goals as our governor. We've been extremely successful at balancing all of those things. It is evident in our settlement after a decade with only a 4% increase nominally for our customers. So obviously, the governor had some concerns with some of our -- with some of the other EDCs in the state.

我們認為，即使在州長信中提到的那些要點之下，我們仍能持續做到這些。再說一次，我想我們與州長的目標一致。我們在平衡這些面向上一直非常成功。這點也反映在我們的和解案：在十年之後，對客戶而言名目上僅增加 4%。所以很明顯，州長對於州內其他一些 EDC（電力配電公司）的一些作法有所疑慮。

But I think we are very well aligned with our governor, and I think we'll continue to engage in stakeholder engagement with him with the PUC, the new special council that's been assigned by the governor. So I'm not concerned that we really need to alter our stance in PA. I still think it's a great jurisdiction. We'll be able to invest in it, earn reasonable returns, and deliver what we need to for our customers.

但我認為我們與州長的方向非常一致，我也相信我們會持續與他、與 PUC（公用事業委員會），以及州長指派的新特別顧問團隊進行利害關係人溝通。所以我不擔心我們需要在賓州大幅改變立場。我仍然認為這是一個很好的管轄區。我們能在此投資、取得合理報酬，並為客戶交付我們需要提供的服務。

Got it. Yeah. Thanks. That's helpful. Then maybe shifting over to Kentucky. I was curious, just as you see the load projections increase here, could you touch on just what that might mean in terms of what generation resource you might end up needing there, maybe -- any thoughts here on the timing of when you need new generation and if it's peak or baseload or what options might be under consideration?

了解。是的。謝謝。很有幫助。那再把話題轉到肯塔基州。我想請教，隨著你們看到負載預測上升，這對你們可能需要哪些發電資源意味著什麼？

Yeah. Sure. Joe, do you want to take that?

Yeah. Sure. So a couple of things in that question. But I would say on the resource that's needed, that would ultimately, I think, be dependent on the customer and the load ramp and how quickly that's coming online given the time that it takes to get different types of resources online and ready to deliver.

好的。當然。這個問題包含幾個面向。但我會說，就所需資源而言，我認為最終會取決於客戶、負載爬坡（load ramp）的情況，以及在考量不同類型資源上線並具備供電能力所需時間的前提下，這些負載會多快上線。

From a timing perspective of a CPCN, that I think will, again, ultimately be driven by how quickly large load demand converts and then the visibility that we have into that load ramp. Importantly, we have about $4 billion of generation projects under -- approved under construction. And so we'll want to see the existing pipeline advance before laying around incremental generation investments.

就申請 CPCN（公共便利與必要性證書）的時點而言，我想同樣最終會由大型負載需求轉化的速度，以及我們對該負載爬坡的能見度所驅動。重要的是，我們目前約有 40 億美元的發電專案已獲核准並在建設中。因此，在再增加額外的發電投資之前，我們會希望先看到既有管線持續推進。

Having said that, though, if you look at our probability weighted demand growth at about 3.5 gigawatts compared to the 1.8 gigawatts in our prior CPCN, it's certainly becoming more likely that we file another CPCN later this year, especially if we get one or more hyperscalers committed to a significant load ramp. So we could be seeing something later this year.

不過話說回來，如果你看我們以機率加權後的需求成長約 3.5GW，相較於我們先前 CPCN 中的 1.8GW，確實越來越可能在今年稍晚再提出另一份 CPCN，特別是如果我們能讓一個或多個 hyperscaler（超大規模業者）承諾顯著的負載爬坡。所以今年稍晚我們可能會看到一些動作。

Yeah, Dave, I would just add to that. I mean clearly, the momentum is headed in a direction where it's getting more likely that we will file something this year. To Joe's point, with $4 billion in flight, we want to be very judicious about adding more generation. But I mean, our probability weighted 3.5 gig. We have 1.8 gig in the current CPCN.

是的，Dave，我再補充一下。很明顯地，動能正朝著我們今年提出申請的可能性更高的方向發展。如 Joe 所說，既然已有 40 億美元在進行中，我們在新增更多發電方面會非常審慎。但我們的機率加權是 3.5GW。而目前 CPCN 裡是 1.8GW。

So I mean, it's almost twice the load that's being supported by the current CPCN. We start to see hyperscalers back the projects that we're seeing, so that the projects that are under construction are still developers.

所以我的意思是，這幾乎是目前 CPCN 所支撐負載的將近兩倍。我們開始看到超大規模業者（hyperscalers）回頭支持我們看到的那些專案，因此目前在建的專案仍然是由開發商主導。

So once we start to see those get back by actual hyperscaler tenants and load, I think the battery, clearly, likely comes back in just that's the quickest thing we can get on. So I think the battery likely comes back in that CPCN. But then you have the right development project, do we need additional cash generation on top of that, perhaps, it really depends on how far we're going between the 1.8 gig and the 3.5 gig, at the time we would file that CPCN.

所以一旦我們開始看到那些專案由實際的超大規模租戶與負載來支撐，我認為電池很明顯、很可能就會回來，因為那是我們最快能上線的項目。所以我認為電池很可能會在那個 CPCN 裡回歸。但接著你還有合適的開發專案，我們是否需要在此之上再增加額外的現金創造能力，或許要看我們在提交那個 CPCN 時，從 1.8GW 到 3.5GW 之間究竟走到多遠。

So I would say one to maybe three projects could show up in a CPCN based on this load profile that we're seeing and the momentum that we're seeing. Obviously, it's a little bit early, but just given what we're seeing now, I would say that could happen by the end of the year, again, given the momentum that we're seeing.

所以我會說，基於我們看到的這個負載輪廓以及我們看到的動能，一個到可能三個專案可能會出現在一個 CPCN 裡。顯然現在還有點早，但就我們目前所見，我會說在年底前有可能發生，再次強調，是基於我們看到的動能。

Yeah. Okay. Great. That makes sense. Thanks so much.

是的。好。很好。這很合理。非常感謝。

Sure.

當然。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行（Wells Fargo）。

Hi. Actually, it's Andrew Kadavy on for Shar. Thanks for taking my questions. We talk a lot about the supply driving the affordability issues in Pennsylvania and the possible solutions that PPL can provide to that issue. Do you see any parallels for the situation in Rhode Island? Are you considering pursuing generation there?

嗨。其實我是代 Shar 發言的 Andrew Kadavy。謝謝你回答我的問題。我們談了很多供給如何推動賓州的可負擔性問題，以及 PPL 可能提供的解決方案。你是否看到羅德島的情況有任何相似之處？你們是否考慮在那裡推動發電資產？

Yeah. There's actually proposed legislation in Rhode Island to enable the utility to own generation again, which we obviously support. So very similar issues. I think there's a couple of things that we know are affecting power prices up in New England, the gas constraints into the area are clearly one cause. And there is a lot of recent activity to try to increase gas transmission into New England, in particular, coming up through our area.

是的。羅德島其實有一項擬議中的立法，將允許公用事業再次擁有發電資產，這點我們當然支持。所以問題非常類似。我認為我們知道有幾個因素正在影響新英格蘭地區的電價，其中一個明顯原因是天然氣輸送進入該區域的限制。而且最近有很多活動試圖增加輸往新英格蘭的天然氣輸送能力，特別是經由我們所在區域往北輸送。

We're seeing other projects to -- even on the existing pipelines, get additional volumes through the existing pipes. We've taken an offtake on one such project. So that's good. We know New England is using high price, high volatility LNG quite a bit. So whatever we can bring in additional -- potentially Marcellus shale gas, which is much less volatile, that can help to lower the volatility in the overall high price of LNG.

我們也看到其他專案——甚至是在既有管線上——要讓既有管線能輸送更多的量。我們已在其中一個這類專案上簽了採購（offtake）。所以這是好事。我們知道新英格蘭相當依賴高價格、高波動的 LNG。因此，只要我們能額外引入——可能是馬塞勒斯頁岩氣（Marcellus shale gas），其波動性低得多——就能幫助降低整體對高價 LNG 的依賴所帶來的波動。

And then environmentally, all of this is still good because New England, and in particular, Rhode Island has a significant amount of its energy still coming from fuel oil, which comes in on barge and then it gets driven around in diesel trucks around the state and around the region. So obviously, the more we can displace that with clean natural gas, you get a huge environmental benefit as well.

此外，從環境角度來看，這些仍然是好事，因為新英格蘭，尤其是羅德島，仍有相當比例的能源來自燃料油；燃料油以駁船運入後，再由柴油卡車在州內與區域內運送。所以很明顯，我們越能用較潔淨的天然氣取代它，就能帶來巨大的環境效益。

So which we know policy -- state and regional policy is very focused on carbon and other environmental benefits. So I think there's some win-wins that we can do by improving or increasing the gas flow up there, and there's a lot of activity going on around that that we are directly supporting and indirectly supporting.

而我們知道政策——州與區域層級的政策——非常聚焦於碳排與其他環境效益。所以我認為，透過改善或增加那裡的天然氣流量，我們可以做到一些雙贏；而且圍繞這件事有很多正在進行的活動，我們也在直接與間接地支持。

Thank you. That's very helpful. And then on the retroactive refunds from the FERC ROE determination in New England, is that long period of refunds stands through like the court challenges. Does that affect the way you think about capital allocation to transmission going forward?

謝謝。這非常有幫助。另外，關於新英格蘭 FERC ROE 裁定所帶來的追溯性退費，如果這麼長期間的退費在法院挑戰中仍然成立，這會影響你們未來對輸電資本配置的看法嗎？

Well, first of all, let me talk about the refunds. We're not going to wait until -- I think it's May of '27 was the extension, we're not going to wait that long. Our refunds in the around $25 million, $26 million. So our plan would be to also engage with the commission in conjunction with the rate case and the hold-harmless and time those refunds, put it all in one package for our customers in conjunction with the rate case. There was another part of that question that I missed or did I answer that?

嗯，首先我先談退費。我們不會等到——我想延長到 2027 年 5 月——我們不會等那麼久。我們的退費大約是 2,500 萬到 2,600 萬美元。所以我們的計畫是，也會在費率案件（rate case）以及「不使客戶受損」（hold-harmless）的安排下，與委員會溝通並配合時點，把這些退費與費率案件一起打包，作為給客戶的一個整體方案。你剛剛那個問題還有另一部分我漏掉了嗎？還是我已經回答到了？

Just if the precedent of such long-term retroactive refunds stands, will that change how you think about allocating capital to transmission, having that be at risk, the rates that you're charging to customers?

只是如果這種長期追溯性退費的先例成立，會不會改變你們對輸電資本配置的想法，因為你們向客戶收取的費率可能面臨這種風險？

Yeah. No, I don't think so. I mean, again, we're talking tens of millions of dollars exposure. Obviously, the New England TOs filed their 205s. We live and tie together as a group up there, just filed a 205 filing for higher ROEs going forward. So no, I'm not worried about capital allocation in Rhode Island at all. I still think it's a great asset in great jurisdiction.

是的。不，我不這麼認為。我的意思是，我們談的是數千萬美元等級的曝險。顯然，新英格蘭的輸電業者（TOs）已提交他們的 205 申請。我們在那邊作為一個群體共同運作、彼此連結，也剛提交了一份 205 申請，要求未來更高的 ROE。所以不，我完全不擔心在羅德島的資本配置。我仍然認為那是一個很好的資產、很好的監管轄區。

And we'll continue again to I think be able to use creativity and innovation, whether it's regulatory or physical assets to help to take some of the pressure off of the wholesale power markets so that will help with affordability and at the same time, deliver competitive returns to our shareholders for the investments that we're making up there. So every bit is bullish on Rhode Island as we were when we bought it.

而且我們會持續——我認為——能運用創意與創新，不論是在監管面或實體資產面，來幫助減輕批發電力市場的一些壓力，這將有助於提升可負擔性；同時，也能為我們在那邊所做的投資，為股東帶來具競爭力的報酬。所以我們對羅德島的看法，跟當初收購時一樣，每一點都仍然偏多、非常看好。

Great. Thank you. I'll leave it there.

很好。謝謝。我就先到這裡。

Sure.

當然。

Michael Lonegan, Barclays.

Michael Lonegan，巴克萊（Barclays）。

Hi. Thanks for taking my questions. So for the Blackstone JV, you highlighted good progress on the gas side, engagement with pipeline companies reserving turbines. Last earnings call, you talked about alternative generation solutions that could come online sooner, you didn't point any specific type of technology. Just wonder if there's anything you could share on type of technology now and progress on that front?

嗨。謝謝你回答我的問題。關於 Blackstone 的合資（JV），你提到在天然氣端有不錯的進展，包括與管線公司互動、預留渦輪機。在上一季法說會上，你談到可能更快上線的替代發電解決方案，但沒有指出任何特定技術類型。想請問你現在是否能分享一些技術類型，以及這方面的進展？

Yeah. Sure. So it really depends on what the ultimate hyperscalers want. They're the ones that will be the offtake of the ESSA. So if they need generation to ramp -- new generation to ramp with their ramp schedule, then most likely, we'll be doing that with batteries, even some of those alternate forms of energy are getting -- those timelines are getting pushed back closer to where the CCGTs are.

可以。當然。所以這真的取決於最終超大規模業者想要什麼。他們會是 ESSA 的承購方（offtake）。所以如果他們需要發電——新的發電——配合他們的爬坡時程（ramp schedule）一起爬坡，那麼我們最可能會用電池來做；即便是一些替代能源形式，它們的時程也正在被往後推，越來越接近 CCGT 的時程。

So batteries are really -- maybe fuel cells are really the technologies that we can bring online sooner. Ultimately, the hyperscaler will be the one to determine if and how much they -- of that they would want prior to the backstopping the larger CCGT. But that's how we're thinking about it, Mike.

所以電池——也許燃料電池——確實是我們能更快上線的技術。最終將由超大規模業者來決定，在大型 CCGT 作為後盾之前，他們是否需要、以及需要多少這類資源。但這就是我們目前的思考方式，Mike。

And again, it's -- and I would also say it's hyperscaler-specific. Some want to see gen come on in line with their ramps. Others are more comfortable relying on the current fleet within PJM to provide that and they just want to make sure they get enough when they're at full ramp. So all of those things, we're working with on a one-off basis with our customers.

另外，我也會說這是因超大規模業者而異。有些希望發電資源能隨著他們的爬坡同步上線。另一些則更能接受依賴 PJM 現有機組群來提供，並且他們只想確保在完全爬坡到位時能取得足夠的電力。所以這些事情我們都在與客戶逐案（one-off）合作處理。

Great. Thank you. And then sticking with the JV, I wonder if you could help us think about the returns on those projects. And my understanding is they would be above utility returns. And I know it depends on each project and contract but anything more precise in terms of a range of returns you could share on that?

很好。謝謝。接著延續合資企業（JV）的話題，我想請您協助我們思考這些專案的報酬率。我的理解是，這些報酬率會高於公用事業的報酬。我也知道這取決於各個專案與合約，但您是否能更精確一些，分享一個可能的報酬率區間？

I think the way you talked about a high level is all we're willing to share at this point.

我認為就像你提到的，我們目前願意分享的就只有高層次的說法。

Okay. Thank you very much.

好的。非常感謝。

Sure.

當然。

Paul Patterson, Glenrock Associates.

Paul Patterson，Glenrock Associates。

Hey. Good morning.

嗨。早安。

Hey, Paul. Good morning.

嗨，Paul。早安。

So a few quick ones for you. So on the affordability thing, there is this -- there has been legislation proposals, et cetera, I think, in Pennsylvania to have regulated generation or at least have the potential option of it.

我有幾個快速問題。關於可負擔性這件事，我想在賓州有一些立法提案等等，似乎是要推動受管制發電，或至少提供這種選項的可能性。

And I'm just wondering why how that -- I mean is there any progress in that considering that the governor is concerned about -- I mean, the numbers seem to -- in terms of the wholesale market impact and what have you, could be beneficial. I'm just wondering how that might stand given this affordability concern and this being a potential opportunity for you guys and for the state?

我只是想知道這件事目前進展如何——我的意思是，考量到州長對此的關切——就批發市場影響等數據看起來，可能是有利的。我想了解，在可負擔性疑慮之下，這對你們以及對州政府而言作為一個潛在機會，可能會如何發展？

Yeah. So you're right, there is a proposed legislation in the state to, I would say, to incentivize new generation, right, either through long-term contracts between utilities and ITTs or as a backstop allowing the utilities to build and own generation again. Those legislations in both the House and the Senate are in committee, come out of committee.

是的。你說得沒錯，州內確實有一項擬議立法，我會說是要激勵新發電能力，對吧？可能是透過公用事業與獨立發電業者（IPP）之間的長期合約，或作為備援機制，允許公用事業再次興建並擁有發電資產。眾議院與參議院的這些法案目前都在委員會中，等待出委員會。

Look, I would say, given all of the recent activity with PJM around the backstop auction, they just came out with their new market design document that has a few options in there to help promote building new generation and maintaining affordability on the wholesale side.

我想說，鑑於PJM近期圍繞備援拍賣（backstop auction）的各項動作，他們剛發布新的市場設計文件，裡面有幾個選項，用以促進新發電建置並在批發端維持可負擔性。

So my sense, Paul, is that the legislature is going to want to see how some of those market dynamics shake out before they push that legislation part within the broader legislature. So I don't know that I would expect anything to come out in the near term on the legislation.

所以我的感覺是，Paul，立法機關會想先看看這些市場動態如何發展，再把那項立法在更廣泛的立法程序中往前推。因此我不認為短期內會有任何立法結果出來。

We continue to support it, but we're also not waiting for it, right? And we are actively pursuing this with the Blackstone JV to provide that much needed generation, which is very consistent with both the backstop auction, I would say, process for our goals.

我們會持續支持它，但我們也不會等它，對吧？我們正透過與Blackstone的合資企業積極推進，以提供非常需要的發電能力，這也與備援拍賣的流程以及我們的目標非常一致。

And then even with the market design white paper that just came out, report that just came out earlier this week, the JV and building Gen fits perfectly within both of those. So that's where our focus is. We're not waiting for the legislation to continue to support it.

而且即便是本週稍早剛出爐的市場設計白皮書／報告，合資企業以及建置發電（Gen）也完全契合其中兩者。所以這就是我們的重點。我們不會等立法才繼續支持它。

I do think that the state is going to wait to see how some of these things play out before they push it, certainly to the full legislation.

我確實認為州政府會先觀察其中一些事情如何發展，才會推動它，尤其是推到完整的立法程序。

Okay. That makes sense. And then with respect to the -- you guys have mentioned this before, this unique competitive advantage that you have with advanced transmission systems. You guys have been involved in DLR in the past, I think.

好的。這很合理。另外，關於——你們之前提過，你們在先進輸電系統方面有一個獨特的競爭優勢。我記得你們過去參與過DLR。

And I'm just wondering, and there's, of course, this legislation that passed, I think, unanimously through one of the -- one of the state -- through the -- one of the houses in the state legislature on transmission.

我想問的是，當然也有一項立法已通過，我記得是在州議會的其中一個——其中一院以一致通過的方式通過了關於輸電的法案。

I'm just wondering, could you just maybe just elaborate a little bit more about what makes you guys unique? What makes you feel that you've got this unique competitive advantage in transmission, if I'm reading it correctly.

我想請你再多談一點：到底是什麼讓你們如此獨特？如果我理解正確，你們為何認為自己在輸電方面具備這種獨特的競爭優勢？

Yeah. I mean, there's various reasons why I think we have a competitive advantage around transmission. One is on grid enhancing technologies that you're talking about, which -- we were one of the first utilities in the country to deploy dynamic line rating.

是的。我認為我們在輸電方面具備競爭優勢有多個原因。其中之一就是你提到的電網增強技術（grid enhancing technologies）——我們是全美最早部署動態線路額定（DLR）的公用事業之一。

We were the first, may even be the only one still to have integrated our DLR capabilities into the day ahead market with PJM. So not only are we using it around our transmission planning, but PJM is using it to identify their constraints live in the system.

我們是第一家——甚至可能至今仍是唯一一家——把DLR能力整合進PJM的日前市場（day-ahead market）的業者。所以我們不僅在輸電規劃中使用它，PJM也用它來即時辨識系統中的限制（constraints）。

So that clearly is a competitive advantage. And we do have various large load customers asking about whether we have DLR on our transmission lines that would support them and/or whether or not we could add that if it's not currently on there. The other, I would say, bigger benefit or a strategic advantage that we have is just the investment that we've made in our transmission grade over the last decade. And we have created -- and a lot of this was due to reliability issues.

所以這顯然是一項競爭優勢。而且我們確實有一些大型負載客戶在詢問，我們的輸電線路上是否有DLR可支援他們，或如果目前沒有，我們是否能加裝。另外一個我會說更大的好處或策略優勢，是我們在過去十年對輸電電網所做的投資。我們已經建立——而其中很多是因為可靠度問題所驅動。

So our whole utility of the future on the physical side that we talk a lot about, we've been at that for a decade now in Pennsylvania, in particular, on our transmission grid. And so we have one of the most reliable grids, the most automated grids. And when we were doing all of those reconductoring or going from wood to steel, et cetera, we also upsized the lines.

所以我們常談的「未來公用事業」在實體面向上，我們在賓州、特別是在輸電電網方面，已經做了十年。因此我們擁有最可靠、最自動化的電網之一。而且在我們進行那些更換導線（reconductoring）或從木桿改成鋼構等等的同時，我們也把線路容量做了升級。

And so that created additional capacity that is enabling us to connect these very large loads very quickly. And what that -- so when we connect, say, a gigawatt scale, it's not that we're not doing any upgrades, but the time it takes us to do those upgrades and the cost of those upgrades is significantly lower than some of our peers' transmission networks.

因此創造了額外容量，使我們能非常快速地接入這些非常大的負載。而這代表——當我們接入例如GW等級的負載時，並不是我們完全不需要做任何升級，但我們完成升級所需的時間與升級成本，明顯低於一些同業的輸電網路。

So we're at the point now at this 28 gigs, we're probably to get a gigawatt scale added, we're spending less than the $150 million total. The hyperscalers are directly paying under the energy services agreement, soon to be under the new tariff they're paying under direct payments, so [Kayak] more than half of that amount. And then what's left goes into the FERC formula rate, which is the piece that provides broader benefits to the entire grid.

所以我們現在在這個28GW的水準下，要新增一個GW等級的負載，我們的總支出可能不到1.5億美元。超大規模業者（hyperscalers）會在能源服務協議下直接支付；很快在新的費率（tariff）下，他們會以直接付款方式支付，[Kayak]超過其中一半的金額。剩下的部分則納入FERC公式費率（formula rate），也就是能為整體電網帶來更廣泛效益的那一塊。

But some of our -- some grids are spending $1 billion or more to connect a gigawatt. So for very little money with connection times that are unrivaled, that's the primary competitive advantage that we have. And then we come in with the kicker around DLR. But that's -- I would say that's icing on the cake.

但有些——有些電網要接入一個GW，可能要花10億美元或更多。所以以很少的資金、加上無可匹敵的接入時間，這就是我們主要的競爭優勢。然後我們再加上DLR這個加分項。但我會說那只是錦上添花。

Awesome. Thanks so much, Vince.

太棒了。非常感謝，Vince。

Sure.

不客氣。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗（Mizuho）。

Hey. Good morning, team. Thanks for squeezing me in. Tough season, Vince. Tough season, right?

嗨。早安，各位。謝謝讓我插個問題。艱難的一季，Vince。艱難的一季，對吧？

That's an understatement. Appreciate the detail. Hopefully, just two easy ones. Just -- do you know in PJM for the bring your own generation plants, do you know if that to be located adjacent to the data centers or they be located? Or your plan is are you going to locate them anywhere in PJM? And then I have a follow-up.

這還算是輕描淡寫。感謝你提供這麼多細節。希望只有兩個簡單的問題。就是——你知道在PJM裡，對於「自備發電」（bring your own generation）的電廠，你知道是否必須設在資料中心旁邊，還是可以設在其他地方？或者你們的計畫是要把它們設在PJM的任何地方？然後我還有一個追問。

So in the backstop auction, they do not necessarily need to be co-located or near located. Obviously, with our Blackstone strategy, they will.

因此，在後備拍賣中，他們不一定需要共址或鄰近設置。顯然，依照我們與黑石（Blackstone）的策略，他們會這麼做。

And then lastly, just -- you guys are unique. You have the ability of -- you're pursuing the JV with Blackstone, in the wires-only region in Pennsylvania. You have a fully integrated utility in Kentucky. When you talk to the large loads, the hyperscalers, is there any preference they have one region versus the other? If you think about the structure of Kentucky, structure in Pennsylvania, is there any -- do they care either way or just location and tying into their needs there?

最後一點——你們很獨特。你們具備這樣的能力——你們正在賓夕法尼亞州的僅線路（wires-only）區域與黑石推進合資（JV）。你們在肯塔基州擁有一個完全整合的公用事業體。當你們與大型負載、超大規模業者（hyperscalers）對談時，他們對於一個區域相較於另一個區域有任何偏好嗎？如果你考慮肯塔基的架構、賓州的架構，他們是否在意其中差異，還是只在意地點以及如何滿足他們在當地的需求？

Yeah. It's very -- so obviously, given our two major jurisdictions. And I would say even -- we're starting to talk about, hey, if you want to serve Boston, let's talk about Rhode Island, right? So I would say we have unique jurisdictions in a data center play. Obviously, in Pennsylvania, when you draw the radius around where we are, I mean, you're just picking up massive industrial business populations, right?

是的。這很——所以顯然，考量到我們兩個主要管轄區。我甚至會說——我們也開始在談，例如：如果你想服務波士頓，那我們來談談羅德島，對吧？所以我會說，在資料中心布局上，我們擁有獨特的管轄區優勢。顯然，在賓夕法尼亞州，當你以我們所在地畫一個半徑範圍時，你其實會涵蓋到龐大的工業商業人口群，對吧？

And so if you are worried about lag and making sure that your reliability is at [five nines], and you have to be incredibly reliable with no latency, they're going to go where the population is. However, now with AI, large learning models, more flexible load around datacenter and AI, you can do that anywhere.

因此，如果你擔心延遲，並希望可靠度達到[五個九]，而且必須極度可靠、零延遲，他們就會去人口所在之處。不過，現在有了 AI、大型學習模型，資料中心與 AI 的負載更具彈性，你其實可以在任何地方做。

And so Kentucky, much less population, but low power prices, we control our destiny on the whole thing. We just, obviously, have to get our commission's approval for that, but we're not behold into a market who may or may not be bringing generation to bear.

因此肯塔基人口少得多，但電價低，而且整體上我們能掌控自己的命運。當然，我們必須取得委員會的核准，但我們不會受制於一個可能、也可能不會帶來發電資源的市場。

So they like the fact that we can control everything in the integrated utility, but it's a different type of data center that they would be looking for there than perhaps something in Northeast Pennsylvania. And then like I said, we'll -- I think we can offer benefits for folks that are thinking about Boston as well since we're pretty close there.

所以他們喜歡我們在整合型公用事業中能掌控一切這一點，但他們在那裡會尋找的資料中心類型，可能不同於在賓州東北部的那種。另外如我所說——我認為，對於也在考慮波士頓的人，我們也能提供一些好處，因為我們離那裡相當近。

That's all I had. Thanks for squeezing me in.

我就這些。謝謝你把我塞進來提問。

All right. Take care, Anthony.

好。保重，Anthony。

Ryan Levine, Citi.

Citi 的 Ryan Levine。

Hey, Ryan.

嗨，Ryan。

Ryan, you there?

Ryan，你在嗎？

Your line may be muted.

你的線路可能被靜音了。

Hi. Thanks for taking my question. Just one question for me. Given the new PJM CEO's letter and related report, any thoughts around some of the ideas proposed through that report and the future of the capacity auction?

嗨。謝謝讓我提問。我只有一個問題。鑑於新的 PJM 執行長的信函及相關報告，對於該報告中提出的一些想法，以及容量拍賣的未來，你們有什麼看法？

Yeah. Look, I think it's -- overall, it's good to see PJM finally recognize the issues that we've been talking about for a couple of years now. And really, I would say the admission that the current market construct will not solve the supply issues that we've been experiencing in PJM. So that's good.

是的。你看，我認為——整體而言，很高興看到 PJM 終於認知到我們過去幾年一直在談的問題。而且我會說，這等於承認目前的市場架構無法解決我們在 PJM 所經歷的供給問題。所以這是好事。

As far as some of the proposed solutions, right, just based on the conversation we had here in the Q&A, I think you could see some of them are very consistent with our views as well, including the large loads, bringing their own gen or being interruptible until they do.

至於一些提出的解決方案，對吧，從我們在這裡 Q&A 的對話來看，我想你可以看到其中一些與我們的觀點也非常一致，包括大型負載自帶發電（bring their own gen），或在他們做到之前先採取可中斷（interruptible）。

We've advocated for that as well. And that clearly can still enable speed to market for the customers, but at the same time, take some pressure off of reliability and higher capacity costs until that new BYOG comes online. So I don't think there's anything in that market design report that would replace the need for BYOG, but it could provide a bridge to it. So look, overall, I think we're headed in the right direction.

我們也一直主張這點。而這顯然仍能讓客戶更快上市（speed to market），同時在新的 BYOG 上線之前，減輕可靠度壓力並降低較高的容量成本。所以我不認為那份市場設計報告中的任何內容會取代 BYOG 的必要性，但它可以作為通往 BYOG 的過渡橋樑。總之，整體來看，我認為我們正朝正確方向前進。

And any thoughts on the proposed options around the capacity auction?

那對於容量拍賣相關的提案選項，有什麼想法嗎？

Not in detail. I really want to see how that shakes out. Look, I think part of the issue that we've been experiencing in PJM is, right, on the energy and the capacity side where the marginal price is what gets paid to all generation and that's what's been creating this issue.

目前沒有到細節層面。我真的想看看最後會如何發展。你看，我認為我們在 PJM 所經歷的部分問題在於——在能源與容量兩端，邊際價格是支付給所有發電資源的價格，而這正是造成這個問題的原因。

And so you can see in that report, perhaps some idea to go after that and parse that out a bit. So again, I think headed in the right direction, but more work needs to be done to ferret out what that would look like. I know there was some mention of maybe going to an ERCOT model again. We have to see details ultimately is being proposed there.

因此你可以在那份報告中看到，也許有一些想法要針對這點並把它稍微拆分處理。所以再一次，我認為方向是對的，但仍需要做更多工作來釐清那會是什麼樣子。我知道其中也提到可能再次轉向 ERCOT 模式。我們最終還是得看提出的細節是什麼。

But at the end of the day, we have to find a way to ensure that the generators are earning a reasonable return on the investments, but at the same time, make sure that the wholesale power prices, whether it's energy or capacity or affordable for the customer.

但歸根結底，我們必須找到一種方式，確保發電業者能在投資上獲得合理報酬，同時也要確保批發電價——不論是能源或容量——對客戶而言是可負擔的。

And so we're at that point for sure. The market is coming up with other ideas primarily on the bilateral contracting. And it's good to see that the hyperscalers have signed that rate payer protection pledge and taking responsibility for that. That will go a very long way here.

所以我們確實已經到那個階段了。市場也正在提出其他想法，主要是雙邊合約。而且很高興看到超大規模業者已簽署用戶付費者保護承諾（rate payer protection pledge），並為此承擔責任。這將在這裡發揮很大的作用。

But I still think PJM needs to look at that capacity market and try to figure out how to balance reasonable returns for the generators against affordability for the customers. And it seems like that's where they're headed, which is good to see.

但我仍認為 PJM 需要檢視那個容量市場，並試著找出如何在發電業者的合理報酬與客戶可負擔性之間取得平衡。看起來他們正朝這個方向走，這點很令人欣慰。

Great. Appreciate the time.

很好。感謝你撥冗。

Sure.

當然。

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

我們的問答環節到此結束。我想把會議交回給總裁兼執行長 Vince Sorgi，請他做結語。

Great. I just want to say thanks for everybody joining us, and we look forward to seeing folks out on the circuit. Thanks, everybody.

很好。我只想感謝大家參與，我們也期待在路演行程中與各位見面。謝謝大家。

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

本次會議到此結束。感謝您參加今天的簡報。您現在可以掛線。