賓州電力 (PPL) 2026 Q2 法說會逐字稿

Good day, and welcome to the PPL Corporation's conference call on second quarter 2026 financial results. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Andy Ludwig, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 PPL Corporation 2026 年第二季財務結果電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想將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 second quarter 2026 financial results. We provided presentation materials on the Investors section of our website. This morning, you will 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. Before we get started, please turn to slide 2 for our cautionary statement.

各位早安，感謝您加入 PPL Corporation 2026 年第二季財務結果電話會議。我們已在公司網站的投資人專區提供簡報資料。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。在我們的準備發言結束後，將以問答環節作結。在開始之前，請翻到第 2 頁投影片，查看我們的警示性聲明。

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

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。實際結果可能出現重大差異。更多資訊請參閱我們向 SEC 提交的文件以及附錄。我們也將提及非 GAAP 指標，包括持續營運收益。與相對應 GAAP 指標的調節表已載於附錄。

I'll now turn the call over to Vince.

我現在把電話交給 Vince。

Thank you, Andy, and good morning, everyone. Let's begin on slide 4 with an overview of our second quarter performance.

謝謝你，Andy，各位早安。我們先從第 4 頁投影片開始，概述第二季的表現。

Q2 was another quarter of disciplined execution, supporting our 2026 commitments while strengthening confidence in our long-term outlook. Today, we reported ongoing earnings of $0.33 per share. Based on our results through the first half of the year and our expectations for the remainder of 2026, we are reaffirming our ongoing earnings forecast range of $1.90 to $1.98 per share, with a midpoint of $1.94 per share.

第二季我們再次以紀律性的執行推進工作，在強化對長期展望信心的同時，也支持我們對 2026 年的承諾。今天我們公布的持續營運每股盈餘為 0.33 美元。基於上半年業績表現以及我們對 2026 年剩餘期間的預期，我們重申持續營運每股盈餘預測區間為 1.90 至 1.98 美元，中點為 1.94 美元。

We expect stronger earnings growth in the second half of the year, supported by rate case outcomes in both Pennsylvania and Rhode Island, with Pennsylvania rates effective July 1, and Rhode Island rates expected to be effective September 1. We are on pace to deploy approximately $5 billion of capital investments in 2026 to support the delivery of safe, reliable, and affordable energy service.

我們預期下半年獲利成長將更強勁，主要受賓夕法尼亞州與羅德島州費率案件結果支持；其中賓州新費率已於 7 月 1 日生效，羅德島州新費率預期於 9 月 1 日生效。我們正按計畫在 2026 年投入約 50 億美元資本投資，以支持提供安全、可靠且可負擔的能源服務。

As our investment plan has expanded, our teams have continued to demonstrate the ability to execute these programs safely, efficiently, and on schedule. Longer term, we continue to project $23 billion of capital investment needs through 2029, supporting average annual rate base growth of over 10%. We also reaffirmed our long-term financial targets, including 6% to 8% annual EPS growth through at least 2029, with compound annual growth expected to be near the top end of that range, 4% to 6% annual dividend growth, and FFO to debt of 16% to 18%.

隨著我們的投資計畫擴大，我們的團隊持續展現能以安全、高效率且按期執行這些計畫的能力。就長期而言，我們仍預估至 2029 年的資本投資需求為 230 億美元，支持平均每年超過 10% 的費率基礎成長。我們也重申長期財務目標，包括至少至 2029 年每年 6% 至 8% 的 EPS 成長，且複合年成長率預期接近區間上緣；每年 4% 至 6% 的股利成長；以及 FFO 對負債比率 16% 至 18%。

Importantly, these targets exclude any contribution from Invitium Energy, our joint venture with Blackstone, which represents meaningful long-term earnings and cash flow upside beyond the current plan. Turning to slide 5 for a more comprehensive regulatory update.

重要的是，這些目標不包含 Invitium Energy（我們與 Blackstone 的合資企業）的任何貢獻；該合資企業在現行計畫之外，代表具意義的長期獲利與現金流上行空間。接著請看第 5 頁投影片，以取得更完整的監管更新。

Coming into 2026, we had base rate case proceedings underway in all 3 of our primary jurisdictions. These rate case filings were after significant periods of stay out, ranging from 5 years in Kentucky, 8 years in Rhode Island, and over 10 years in Pennsylvania. We made excellent progress in these proceedings during the second quarter, continuing to achieve constructive outcomes that derisk our plan.

進入 2026 年時，我們在三個主要轄區都正在進行基礎費率案件程序。這些費率案件申請是在相當長的「不申請調整」期間之後提出：肯塔基州為 5 年、羅德島州為 8 年、賓夕法尼亞州超過 10 年。第二季我們在這些程序上取得極佳進展，持續達成具建設性的結果，降低我們計畫的風險。

In Pennsylvania, PPL Electric's rate case settlement became effective July 1 with a positive outcome for both customers and shareowners. The approved increase of $275 million supports critical investments we are making while reflecting less than a 4% increase across all of our rate classes.

在賓夕法尼亞州，PPL Electric 的費率案件和解案已於 7 月 1 日生效，對客戶與股東皆帶來正面結果。核准的 2.75 億美元調升，支持我們正在進行的關鍵投資，同時反映在所有費率類別中整體漲幅不到 4%。

Importantly, even after our recent rate adjustment, PPL Electric's delivery rates remain nearly 20% below the latest published date average. This outcome reflects the benefits of our Utility of the Future strategy, that prioritizes system hardening, disciplined cost management, strategic use of technology, constructive engagement with stakeholders, and a strong focus on affordability.

重要的是，即使在近期費率調整後，PPL Electric 的輸配電費率仍比最新公布的全國平均低近 20%。此結果反映我們「未來公用事業（Utility of the Future）」策略的效益；該策略優先推動系統強韌化、嚴謹的成本管理、策略性運用科技、與利害關係人進行具建設性的互動，以及對可負擔性的高度重視。

The settlement also includes a 2-year stay-out provision. Through the continued use of the DISC mechanism and disciplined cost management, we will target remaining out of base rate cases beyond that period.

該和解案亦包含為期 2 年的 stay-out 條款。透過持續運用 DISC 機制與嚴謹的成本管理，我們將以在該期間之後仍能避免再次進入基礎費率案件為目標。

In Kentucky, we're awaiting the commission's decision on our reconsideration request following another thorough and constructive regulatory process. While we believe the original KPSC decision allows us to deliver on our overall plan objectives, we believe there were some flaws in that decision that require reconsideration by the KPSC.

在肯塔基州，在另一個周延且具建設性的監管程序之後，我們正等待委員會就我們提出的複議（reconsideration）申請作出決定。雖然我們相信 KPSC 原始決定仍使我們能達成整體計畫目標，但我們認為該決定中存在一些需要 KPSC 重新考量的瑕疵。

We appreciate the commission's thoughtful review of our filing and continue to believe the investments and mechanisms supporting this filing are important to maintaining safe, reliable, and increasingly resilient service to our customers. We've requested a decision from the KPSC by August 14. Turning to Rhode Island.

我們感謝委員會對我們申請案的審慎審查，並持續相信支撐本次申請的投資與機制，對維持向客戶提供安全、可靠且日益具韌性的服務至關重要。我們已請求 KPSC 於 8 月 14 日前作出決定。接著談羅德島州。

Our base rate case proceeding remains on track. Hearings were completed in mid-July, briefs have been filed, and public meetings are scheduled for August 12 to the 20th. New rates are expected to become effective September 1.

我們的基礎費率案件程序仍按計畫推進。聽證會已於 7 月中旬完成，書面陳述已提交，公聽會預定於 8 月 12 日至 20 日舉行。新費率預期於 9 月 1 日生效。

As mentioned earlier, this is the first base rate increase Rhode Island Energy has requested in 8 years, and builds on the significant reliability improvements we've achieved since our acquisition of the utility back in 2022. The filing supports the continued investment needed to strengthen the system and prepare for frequent and severe weather events and continued distributed renewable deployment in the state. We also continue to make progress with our Hold Harmless Bill Credit proposal which is being considered in parallel with the broader rate case proceeding.

如先前所述，這是 Rhode Island Energy 8 年來首次申請基礎費率調升，並建立在我們自 2022 年收購該公用事業以來所達成的顯著可靠度改善之上。此申請支持持續投資，以強化系統並因應更頻繁且更嚴重的天候事件，以及州內分散式再生能源持續部署。我們也持續推進「Hold Harmless Bill Credit（不受損害帳單抵減）」提案；該提案正與更廣泛的費率案件程序並行審議。

As a reminder, we've proposed accelerating customer bill credits associated with the deferred tax hold harmless commitment that we made when we acquired Rhode Island Energy. If approved, the credits would significantly offset the impact of the requested base rate increase for customers. This is another example of our balanced approach to affordability and investment, proposing creative solutions to help moderate customer build impacts while continuing to invest in system reliability and resilience.

提醒一下，我們提議加速發放與遞延稅款 hold harmless 承諾相關的客戶帳單抵減；該承諾是在我們收購 Rhode Island Energy 時所做出。若獲核准，該等抵減將可大幅抵銷客戶所面臨的基礎費率調升影響。這是我們在可負擔性與投資之間採取平衡作法的另一個例子：提出具創意的解決方案，以協助緩和客戶帳單影響，同時持續投資於系統可靠性與韌性。

Overall, these proceedings highlight the effectiveness of our regulatory strategy and provide a stronger foundation for continued investment. Moving to Slide 6.

整體而言，這些程序凸顯我們監管策略的有效性，並為持續投資提供更穩固的基礎。接著看第 6 頁投影片。

Against the backdrop of increasing national scrutiny around data center development, our Pennsylvania service territory continues to stand out because of its strong transmission reliability and access, proximity to major demand centers, and disciplined customer protections. Signed data center agreements with PPL Electric Utilities increased for the tenth consecutive quarter to about 32 gigawatts, an increase of 3.5 gigawatts from last quarter with over 1 gigawatt coming from signed electric services agreements or ESAs. We now have more than 11 gigawatts under ESAs which carry meaningful financial commitments from the customer, which I'll cover in more detail in a few slides.

在全國對資料中心開發的審視日益增加的背景下，我們在賓夕法尼亞州的服務區域因其強健的輸電可靠度與可及性、鄰近主要需求中心，以及嚴謹的客戶保護措施而持續脫穎而出。PPL Electric Utilities 已簽署的資料中心協議連續第十季增加至約 32 吉瓦，較上季增加 3.5 吉瓦，其中超過 1 吉瓦來自已簽署的電力服務協議（ESA）。目前我們已有超過 11 吉瓦納入 ESA；此類協議包含客戶具實質意義的財務承諾，我將在接下來幾頁更詳細說明。

We also continue to see these projects enter the construction phase with more than 6.5 gigawatts now under construction. And during the quarter, two of these data centers began taking utility service, which are expected to ramp to about 2 gigawatts of load by 2031. This continued progression from agreement to construction to taking service is improving our line of sight into future infrastructure and generation needs, including from our Invitium Energy joint venture with Blackstone. Turning to slide 7.

我們也持續看到這些專案進入施工階段，目前已有超過 6.5 吉瓦正在建設中。此外，本季有兩座資料中心開始使用公用事業服務，預期至 2031 年其負載將逐步提升至約 2 吉瓦。從簽約到施工再到開始用電的持續推進，正在提升我們對未來基礎設施與發電需求的可視性，其中也包括我們與 Blackstone 的 Invitium Energy 合資企業所帶來的需求。接著看第 7 頁投影片。

Our Invitium joint venture continues to make progress across a number of critical paths. Great payer Protection pledges and PJM's recent FERC proposal reinforced the need for new generation to serve large load customers. While strong data center activity in PPL Electric utility service territory is expanding the opportunity for long-term energy supply services agreements or ESSA.

我們的 Invitium 合資企業持續在多項關鍵路徑上取得進展。主要付款方的保護承諾以及 PJM 近期向 FERC 提出的提案，進一步強化了為大型負載客戶提供新發電資源的必要性。隨著 PPL Electric 公用事業服務範圍內強勁的資料中心活動擴大，我們在長期能源供應服務協議（ESSA）方面的機會也隨之增加。

During the quarter, we continued to move the joint venture from concept to execution. We now have strategic land sites capable of supporting between 8 and 14 gigawatts of new generation depending on the technology selected, and we are continuing to build our inventory of viable sites. We have over 5 gigawatts of new CCGT generation that has been accepted in the PJM interconnection queue.

本季期間，我們持續推動合資企業由概念走向執行。我們目前已擁有可支援約 8 至 14 吉瓦新發電量的策略性土地據點（視所選技術而定），並持續擴充可行場址庫存。我們有超過 5 吉瓦的新建 CCGT 發電量已獲 PJM 併網排隊受理。

We also have over 5 gigawatts of reservation agreements for combined cycle gas turbines. Using the market consensus project cost of approximately $2,500 to $3,000 per KW, that 5 gigawatts represents between $12.5 billion and $15 billion of potential future investment through 2032, of which PPL's share would be 51%.

我們也已簽訂超過 5 吉瓦的複循環燃氣渦輪機預留協議。以市場共識的專案成本約每千瓦 2,500 至 3,000 美元計算，該 5 吉瓦代表至 2032 年間約 125 億至 150 億美元的潛在未來投資，其中 PPL 的持分為 51%。

Collectively, these milestones give us increasing confidence that Invitium can support contracted growth and create incremental value for shareowners. While we do not expect the earnings contributions from the JV to be material through 2030, batteries or other shorter lead time technologies could begin contributing earnings in 2029 or 2030, which could enhance our projected EPS growth rate above the top end of our 6% to 8% range.

整體而言，這些里程碑使我們對 Invitium 能夠支援合約式成長並為股東創造增量價值更具信心。雖然我們預期該合資企業在 2030 年前對獲利的貢獻不會具重大性，但電池或其他建置期較短的技術可能在 2029 或 2030 年開始貢獻獲利，進而使我們預估的 EPS 成長率有機會高於 6% 至 8% 區間的上緣。

We would expect more meaningful earnings and cash flows when the CCGTs come online, which could be as early as the 2031, 2032 time frame. And as we've said, we will not move forward with construction or make material financial commitments until we have executed ESSAs with appropriate risk profiles in those contracts or have cost reimbursement agreements in place. Based on progress to date, we expect to have one or more commercial agreements by year-end. Turning to slide 8.

當 CCGT 上線後，我們預期將帶來更具意義的獲利與現金流，最快可能落在 2031、2032 年的時間框架。並且如同我們所說，在我們已簽署具適當風險結構的 ESSA，或已建立成本補償協議之前，我們不會推進施工或做出重大的財務承諾。基於目前的進展，我們預期在年底前將取得一項或多項商業協議。接著請看第 8 頁投影片。

Kentucky also continues to see strong economic development activity. The current development pipeline has expanded to 13.7 gigawatts of potential load growth with data center demand representing 11.6 gigawatts and manufacturing and other non-data center projects totaling 2.1 gigawatts. This is an increase of roughly 800 megawatts from last quarter. Of that pipeline, approximately 1.3 gigawatts is now supported by signed reimbursement agreements, up from approximately 900 megawatts in the first quarter.

肯塔基州也持續呈現強勁的經濟發展活動。目前的開發案管線已擴大至 13.7 吉瓦的潛在負載成長，其中資料中心需求為 11.6 吉瓦，製造業及其他非資料中心專案合計 2.1 吉瓦。這較上一季約增加 800 兆瓦。在該管線中，約 1.3 吉瓦目前已有簽署的補償協議支持，高於第一季約 900 兆瓦。

Our updated probability-weighted projections now indicate 3.7 gigawatts of expected new load by 2032, more than double the amount reflected in our 2025 CPCN filing. That demand is making it even more likely that we will need to file a CPCN for additional generation resources by year-end.

我們更新後的機率加權預測顯示，到 2032 年預期新增負載為 3.7 吉瓦，較我們在 2025 年 CPCN 申請中反映的數量增加逾一倍。該需求使我們在年底前需要就額外發電資源提出 CPCN 申請的可能性更高。

Potential resources for the CPCN include the 266-megawatt Lewis Ridge pumped storage project, the 400 megawatts of batteries that were deferred in the 2025 CPCN, and additional natural gas combined cycle generation. While we won't know the exact resource mix until we file the next CPCN, those projects represent an incremental $3.5 billion to $4 billion of potential investment to be incurred between 2027 and 2032.

CPCN 的潛在資源包括 266 兆瓦的 Lewis Ridge 抽蓄專案、在 2025 年 CPCN 中延後的 400 兆瓦電池，以及額外的天然氣複循環發電。雖然在提交下一份 CPCN 之前我們尚無法確定確切的資源組合，但這些專案代表 2027 至 2032 年間將發生約 35 億至 40 億美元的增量潛在投資。

As you can see, Kentucky is emerging as a significant platform for incremental growth, which is why we've been so focused on large-load tariff protections designed to preserve affordability for our existing customers. Let's turn to slide 9 for a discussion on how those large-load tariffs are protecting our customers.

如各位所見，肯塔基州正逐步成為增量成長的重要平台，這也是我們如此專注於大型負載費率的保護機制、以維持既有客戶可負擔性的原因。接著請看第 9 頁投影片，討論這些大型負載費率如何保護我們的客戶。

The tariffs approved in Pennsylvania and Kentucky are grounded in a simple principle. Large-load customers pay their own way with enforceable provisions that protect existing customers from cost shifts.

賓夕法尼亞州與肯塔基州核准的費率，建立在一個簡單原則之上。大型負載客戶必須自付其成本，並透過具可執行性的條款，保護既有客戶免於成本轉嫁。

First, these tariffs require long contracts with a minimum term of 10 years in Pennsylvania and 15 years in Kentucky. Kentucky's term is longer because of the fully integrated business model with generation resources as well. Second, customers commit to guarantee payments of at least 80% of the capacity they reserve, whether they use it or not. Third, we require collateral upfront. And finally, although no projects with signed ESAs have been canceled to date, there are material termination fees in the event the developer walks away, even if they walk away pre-COD.

第一，這些費率要求簽訂長期合約：賓夕法尼亞州最低 10 年、肯塔基州最低 15 年。肯塔基州期限較長，因其採用包含發電資源在內的完全垂直整合商業模式。第二，客戶承諾對其預留容量至少 80% 提供保證付款，不論是否實際使用。第三，我們要求預先提供擔保品。最後，雖然迄今尚無任何已簽署 ESA 的專案被取消，但若開發商退出，即使在 COD（商轉日）之前退出，也需支付重大的終止費用。

So with all of these elements in mind, our existing customers are protected from bearing costs to projects that do not move forward. These financial commitments materially improved project quality, and increase our confidence that signed ESAs represent serious executable demand.

因此，綜合上述各項要素，我們的既有客戶可免於承擔未能推進之專案成本。這些財務承諾實質提升了專案品質，並提高我們對已簽署 ESA 代表嚴肅且可執行需求的信心。

These tariffs also provide tangible customer benefits. Starting in 2027, Pennsylvania's large-load customer class will contribute $11 million annually to low-income assistance, which was previously funded by our existing customers.

這些費率也提供具體的客戶效益。自 2027 年起，賓夕法尼亞州的大型負載客戶類別每年將為低收入補助貢獻 1,100 萬美元，而該補助過去由我們的既有客戶負擔。

Our existing Pennsylvania customers could also see about $25 a month come off the transmission component of their bills over time, if the 31.8 gigawatts in advanced stages is realized. That would help offset the more than $20 per month, our Pennsylvania customers are currently paying as a result of higher PJM capacity prices. Bottom line, these tariffs provide a disciplined framework to capture growth responsibly while ensuring that growth pays for growth.

若先進階段的 31.8 吉瓦最終得以實現，我們賓夕法尼亞州的既有客戶也可能隨時間推移在帳單的輸電費用項目上每月減少約 25 美元。這將有助於抵銷我們賓夕法尼亞州客戶目前因 PJM 容量價格上升而每月多支付的逾 20 美元。總結而言，這些費率提供一個嚴謹的框架，在確保「成長為成長買單」的同時，負責任地掌握成長機會。

With that, I'll turn the call over to Joe for the 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 second quarter GAAP earnings were $0.30 per share compared to $0.25 per share in Q2 2025. We recorded special items of $0.03 per share during the second quarter primarily due to IT transformation costs and system integration impacts. Adjusting for these special items, second quarter earnings from ongoing operations were $0.33 per share, an improvement of $0.01 per share compared to Q2 2025, which was in line with our expectations.

謝謝你，Vince，各位早安。請看第 11 頁投影片。PPL 第二季 GAAP 每股盈餘為 0.30 美元，較 2025 年第二季的 0.25 美元增加。我們在第二季認列每股 0.03 美元的特殊項目，主要來自 IT 轉型成本與系統整合影響。剔除這些特殊項目後，第二季持續營運每股盈餘為 0.33 美元，較 2025 年第二季改善 0.01 美元，符合我們的預期。

In the first half of 2026 now complete, we remain firmly on track to achieve at least the midpoint of our 2026 ongoing earnings forecast of $1.94 per share. Base rate case outcomes in both Pennsylvania and Rhode Island support the stronger second half earnings profile embedded in our plan.

2026 年上半年現已結束，我們仍穩健朝向達成 2026 年持續營運每股盈餘預測 1.94 美元至少中位數的目標前進。賓夕法尼亞州與羅德島州的基礎費率案件結果，支撐了我們計畫中所反映的下半年較強獲利輪廓。

We've also made great progress on our CapEx program and have deployed approximately $2.3 billion through the end of the second quarter. This is roughly 30% more than what we deployed last year through the first 6 months as we continue to strengthen the safety and reliability of our networks. This also includes the great progress on our generation projects in Kentucky which continue to be on budget and on schedule.

我們在資本支出（CapEx）計畫上也取得重大進展，截至第二季末已投入約 23 億美元。這較去年前 6 個月的投入約高出 30%，因我們持續強化電網的安全與可靠性。其中亦包含我們在肯塔基州發電專案的良好進展，這些專案持續維持在預算內並按進度推進。

Lastly, we continue to maintain a strong balance sheet supported by an improving credit profile with enhanced cash flows following our base rate cases and the settlement of previously priced equity, improving our credit metrics over time. That financial strength positions us to deliver our existing capital plan while maintaining flexibility as the additional investment opportunities including those that Vince discussed emerge across our service territories.

最後，我們持續維持強健的資產負債表；在基礎費率案件完成以及先前定價之股權結算後，現金流提升、信用狀況改善，並隨時間推進而改善我們的信用指標。這項財務實力使我們得以在維持彈性的同時，執行既有資本計畫，並因應我們服務區域內出現的額外投資機會（包括 Vince 所提及者）。

We completed our financing needs for 2026 earlier in the second quarter with successful debt offerings at PPL Electric and Rhode Island Energy. Both transactions were very well subscribed and secured long-dated capital at attractive terms. Turning to the ongoing segment drivers for the second quarter on slide 12.

我們在第二季較早時已完成 2026 年的融資需求，並成功由 PPL Electric 與 Rhode Island Energy 進行債券發行。兩筆交易均獲得非常踴躍的認購，並以具吸引力的條件取得長天期資金。接著請看第 12 頁投影片，說明第二季持續營運分部的主要驅動因素。

Our Kentucky segment results were flat compared to the second quarter of 2025. These results were driven by higher base rate recovery due to higher retail rates that were effective on January 1. This was offset by lower sales volumes due to less favorable weather than experienced in Q2 2025, higher operating costs, higher depreciation expense, and higher interest expense.

我們肯塔基業務分部的業績與2025年第二季相比持平。這些結果主要受惠於1月1日生效的較高零售電價，使基本費率回收增加。但此一利多被下列因素抵銷：相較於2025年第二季，天候較不理想導致銷售量下滑、營運成本上升、折舊費用增加，以及利息費用提高。

Our Pennsylvania Regulated segment results were $0.01 lower compared to the same period a year ago. These results were driven by higher depreciation expense and higher interest expense partially offset by higher transmission revenue from additional capital investments. Our Rhode Island segment results increased by $0.02 compared to Q2 2025, driven by higher rider revenue and lower operating costs partially offset by higher depreciation expense. Lastly, results at Corporate and Other remained flat compared to Q2 of 2025, mainly driven by higher interest expense, offset by other factors that were not individually significant.

我們賓夕法尼亞受監管業務分部的業績較去年同期低0.01美元。主要原因為折舊費用與利息費用增加，部分被因額外資本投資帶來的較高輸電收入所抵銷。我們羅德島業務分部的業績較2025年第二季增加0.02美元，主要受惠於附加費（rider）收入提高與營運成本下降，部分被折舊費用增加所抵銷。最後，企業與其他（Corporate and Other）的業績與2025年第二季相比持平，主要因利息費用增加，但被其他單項影響不顯著的因素所抵銷。

Overall, our growth drivers are in motion to deliver on our commitments for the year. Our financing plan continues to advance, and we see ongoing opportunities to build on the plan that we've outlined, for both our customers and shareowners.

整體而言，我們的成長驅動因素正持續推進，以履行我們今年的承諾。我們的融資計畫持續向前推進，並且我們看到持續的機會，可在我們已概述的計畫基礎上再加以擴展，為客戶與股東創造價值。

This concludes my financial update. I'll now turn the call back over to Vince.

以上為我的財務更新。接下來我把電話交回給Vince。

Thanks, Joe. Before we open it up for questions, I'll leave you with a few closing thoughts. The headline for this quarter is straightforward. We are executing on our current plan while creating more visible upside beyond it. We delivered solid second quarter results, reaffirmed our 2026 earnings forecast and long-term financial outlook.

謝謝，Joe。在開放提問之前，我先做幾點結語。本季的重點很明確。我們在執行現行計畫的同時，也在創造更清晰可見、超越該計畫的上行空間。我們交出穩健的第二季業績，重申2026年盈餘預測與長期財務展望。

We've made great progress in achieving constructive outcomes in our base rate cases, supporting timely recovery of critical investments while maintaining customer affordability. At the same time, accelerating customer demand across our Pennsylvania and Kentucky service territories is giving us a clearer line of sight into the infrastructure and generation investments required to support meaningful future growth.

我們在基本費率案件（base rate cases）方面取得重大進展並達成具建設性的結果，在維持客戶可負擔性的同時，支持關鍵投資的及時回收。同時，賓夕法尼亞與肯塔基服務區域的客戶需求加速成長，使我們更清楚掌握為支撐未來具意義的成長所需的基礎設施與發電投資。

We've also advanced tariffs that protect our existing customers as that large-load demand becomes more visible. We continue to make considerable progress on the Invitium Energy joint venture with Blackstone and expect one or more commercial agreements to be announced by year-end. And finally, the Kentucky generation and Invitium energy potential upsides could drive between $10 billion and $12 billion of incremental capital investment through 2032, which strengthens our growth outlook beyond the current plan period.

我們也推動了可在大型負載需求逐步明朗時保護既有客戶的費率條款（tariffs）。我們與黑石（Blackstone）在Invitium Energy合資企業方面持續取得顯著進展，並預期在年底前宣布一項或多項商業協議。最後，肯塔基發電與Invitium Energy的潛在上行空間，可能在2032年前帶來約100億至120億美元的新增資本投資，進一步強化我們在現行計畫期間之外的成長展望。

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

接下來，接線員，請開放提問。

(Operator Instructions) Michael Lonegan, Barclays.

(接線員指示) Michael Lonegan，Barclays。

Just wondering if you could talk about the interaction of the Invitium JV with the bilateral process and RBA procurement. Would you have to wait for procurement to happen? Or could you announce at any time? And if you announce a deal, would it be included in the procurement?

想請教你能否談談Invitium合資企業（JV）與雙邊流程以及RBA採購之間的互動關係。你們是否必須等採購發生後才能進行？或者你們可以在任何時間宣布？如果你們宣布一筆交易，該交易會被納入採購流程嗎？

So we are actively negotiating bilaterally, and we've been doing that way before the PJM RBP process, Michael. So our ability to get to closure on bilateral contracts is irrespective of the PJM process. We did submit proposals into that process just to maximize our customer contacts, but the two are not necessarily related given the activity we've been doing before the PJM process.

我們正在積極進行雙邊談判，而且在PJM的RBP流程之前就已經開始了，Michael。因此，我們完成雙邊合約的能力不受PJM流程影響。我們確實也向該流程提交提案，以最大化我們與客戶的接觸，但鑑於我們在PJM流程之前就已進行的活動，兩者不一定相關。

Great. And then sticking with the JV, you said you could reach one or more agreements by year-end. Anything you could say about the size of the near-term ones in terms of gigawatts and investment opportunity? And could the announcement come when the agreements are reached? Or would that be essentially a Q4 update?

很好。接著談JV，你提到年底前可能達成一項或多項協議。就近期協議的規模（以GW計）與投資機會而言，有沒有任何可以分享的資訊？而且公告是否會在協議達成時就發布？還是基本上會在第四季更新時再說？

Yes, sure. So not able to give a size at this point, depending on which ones happen first. So we'll defer that until we actually make the announcements, I would say, timing of the announcements. Again, materiality will really dictate that, Michael. So anything material, we would certainly not wait for an earnings call to announce, we would do that, I would say, in concert with signing of those agreements. Maybe just broadly on timing, I'll make a few comments where in terms of announcement timing.

好的，當然。目前還無法提供規模，因為取決於哪些協議會先發生。因此我們會等到實際公告時再說明，我想這也涉及公告時點。同樣地，重大性（materiality）將真正決定一切，Michael。所以若有任何具重大性的事項，我們當然不會等到法說會才宣布；我們會在簽署協議時同步對外公告。就時點而言，我再補充幾點關於公告時間的看法。

I would say the PJM RBP process is likely affecting the timing for some of our counterparties, but our customer engagement, really, I would say, remains very strong, and we're continuing to see a clear path to the bilateral commercial agreements that support all this new generation I would say, even with the PJM proposal and the rules in their FERC filing, right? They are really pushing towards bilateral contracting, and we continue to believe that bilateral contracting will likely be the predominant path for getting new generation development in PJM at least.

我認為PJM的RBP流程可能正在影響部分交易對手的時程，但我們與客戶的互動我會說仍然非常強勁；即使有PJM提案以及其向FERC提交文件中的規則，我們仍持續看到通往雙邊商業協議的清晰路徑，以支撐所有這些新增發電。他們其實是在推動走向雙邊簽約，而我們也持續相信，至少在PJM，雙邊簽約很可能會是推動新發電開發的主要途徑。

Given the progress that we've made to date and what I've said on the call, again, with the discussions we're having with our customers, but all of the other development work around site readiness, the turbine access, the interconnection activity that we've done with PJM and I'd even add fuel supply to that. That's why we're expecting that we would have one or more announcements by year-end.

基於我們迄今取得的進展，以及我在電話會議中提到的內容——包括我們與客戶的討論，還有場址就緒度、渦輪機取得、我們與PJM進行的併網作業，甚至我也會把燃料供應納入其中的所有其他開發工作——這就是為什麼我們預期在年底前會有一項或多項公告。

I will say it could happen sooner, but I wouldn't want to speculate on exact timing just because these are complex, they're long-term agreements. And of course, it takes two parties to finalize them. So I think the key for us is we're not waiting for those ESSAs to begin that development work that we've talked about on the call today, we're running those in parallel. And so we're ready to respond very quickly in concert with the customer negotiations.

我會說也可能更早發生，但我不想推測確切時間，因為這些都是複雜的長期協議。而且當然，需要雙方共同完成定案。所以對我們而言，關鍵在於：我們不會等到那些ESSA才開始我們今天在電話會議中談到的開發工作，我們是並行推進。因此，我們已準備好在與客戶談判同步的情況下非常快速地回應。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，JPMorgan。

Just wanted to maybe follow up a little bit on the last point there. Just when do you expect to see the first results from the PJM capacity matching process? And how do you view this process versus bidding into the actual RBP auction?

想就你剛才最後一點再追問一下。你們預期何時會看到PJM容量媒合流程（capacity matching process）的第一批結果？以及你如何看待這個流程，相較於實際參與RBP拍賣的投標？

So we have not committed yet into bidding into the RVP option. We did provide a proposal for the matchmaking part of the process. right? Ultimately, PJM is looking to come out at the end of September with all of that. We'll ultimately see how that plays out.

我們目前尚未承諾要參與RVP選項的投標。我們確實針對該流程中的媒合部分提交了提案，對吧？最終，PJM希望在9月底前完成並產出所有結果。我們將視其進展情況而定。

Just the caps that we're seeing in the PJM auction part of it, those are well below cone on certainly some of the assets that we're talking about, Jeremy. So more to come on how aggressively we're participating in that process. I will say just like last quarter, our focus continues to be on the bilateral contracting process directly with our customer base.

就我們在PJM拍賣部分看到的價格上限而言，對於我們正在討論的某些資產來說，那些上限明顯低於CONE，Jeremy。因此，後續我們會再更新我們將以多積極的程度參與該流程。我會說，和上季一樣，我們的重點仍然是直接與客戶群進行雙邊簽約流程。

Got it. That makes sense. Just wondering maybe a little bit on timing, if the assets you bid into the matching process were selected, will we know by the end of September? Or how should we think about next steps?

了解。這很合理。再請教一下時程：如果你們投到媒合流程的資產被選中，我們會在9月底前知道嗎？或者我們應該如何看待接下來的步驟？

I'm not exactly sure of the timing on when we would know that, Jeremy. Certainly, something we'll continue to think through as we progress through that process. I'm not exactly sure of the timing of when we'll hear back from them.

我不太確定我們會在什麼時間點得知結果，Jeremy。當然，隨著我們推進該流程，我們會持續思考並評估。我不太確定他們會在何時回覆我們。

Got it. Fair enough. And maybe going over to Kentucky, everything you talked about there, a lot of upsizing opportunities. And just wondering, I guess, is there a milestone for -- that you need to hit before you could do the additional CPCN filing that could be filed by year-end?

了解。可以。再談肯塔基，你剛才提到很多擴增規模的機會。想請教一下，在你們能於年底前提交額外的CPCN申請之前，是否有需要先達成的里程碑？

Yes, you cut out on us there, but I think you were asking about what are maybe some triggers for the CPCN filing?

是的，你剛才那邊斷線了一下，但我想你是在問，可能有哪些觸發因素會促使提交 CPCN 申請？

Yes.

是的。

Do I have that right? Okay. So look, I think we are seeing some of those triggers already as we're seeing, right, the continued increase in the pipeline. We are signing various agreements for new load with data center developers and also with non-data center customers. So all of that continues to move in the right direction. And that's really what's driving our new probability weighted load of 3.7 gigawatts. That's twice what we had in the last CPCN.

我理解得對嗎？好。所以你看，我認為我們已經開始看到一些觸發因素了，因為我們看到管線持續增加。我們正與資料中心開發商以及非資料中心客戶簽署各種新增負載協議。所以這一切都持續朝正確方向發展。而這也正是推動我們新的「機率加權負載」達到 3.7 吉瓦的原因。這是我們上一份 CPCN 的兩倍。

So I would say the one area that we would want to see in addition to the commission is the conversion from the data center developer to an actual hyperscaler contract. And those, I will say, those activities are happening as we speak. And I would say once we have one of those, that would be a pretty big trigger to prompt us to make that filing before year-end.

所以我會說，除了委員會之外，我們還希望看到的一個領域是：從資料中心開發商轉換為實際的超大規模業者（hyperscaler）合約。而且我會說，這些活動此刻正在進行中。我會說，一旦我們拿到其中一份合約，那將會是一個相當大的觸發因素，促使我們在年底前提出該申請。

Paul Zimbardo, Jefferies.

Paul Zimbardo，Jefferies。

I just wanted to dive a little bit more, of course, into the joint venture. So I know you've been consistent that we shouldn't expect to see material earnings before 2030. Just how would you envision articulating what the earnings contribution is? Would you do like a separate joint venture earnings separate from kind of the base business, more long duration CAGR beyond 2030? Just if you could help on kind of what kind of disclosures we should expect.

我想再更深入一點談談合資企業。我知道你們一直很一致地表示，在 2030 年之前不應期待看到重大的獲利貢獻。那你們會如何表述其獲利貢獻？你們會把合資企業的獲利獨立於基礎業務之外來揭露，並在 2030 年之後呈現較長期間的 CAGR（複合年成長率）嗎？如果你能協助說明我們應該期待看到哪些揭露內容就太好了。

Paul, it's Joe. Yes, we would give something separate from the base utility business. So you could see the earnings and the growth and the trajectory of earnings coming out of the JV. And then obviously, we would provide an update on its impact on the CAGR that we have currently. So yes, I think you're right. You're thinking about it correctly on both of those.

Paul，我是 Joe。是的，我們會提供一個獨立於基礎公用事業業務之外的揭露。因此你可以看到來自合資企業（JV）的獲利、成長以及獲利走勢。然後很明顯地，我們也會更新它對我們目前所提供 CAGR 的影響。所以是的，我想你說得沒錯。你對這兩點的理解都很正確。

And Paul, this is equity method for accounting purposes, so right, single line items on the financials. So we'll clearly break all that out in additional disclosure for this part of the business once it starts to materialize.

另外，Paul，就會計目的而言這是採權益法，所以在財報上會是單一行項目。因此，一旦這部分業務開始具體化，我們會在額外揭露中把這些內容清楚拆分說明。

Okay. Great. I understand there. And then shifting to Kentucky for a second. I saw the Governor's executive order around data centers and kind of focus on emissions, water and some of those things. Does that shift what you could procure to support the data centers? Like I know you mentioned the pump storage, but just any thoughts on the executive order would be helpful.

好的。很好。我明白了。接著我想把話題轉到肯塔基州一下。我看到州長針對資料中心發布的行政命令，重點似乎放在排放、水資源以及一些相關事項。這會改變你們為支援資料中心而能採購的資源嗎？例如我知道你們提到抽水蓄能，但若能分享對該行政命令的看法會很有幫助。

It was good to see the order come out. We view it as fully consistent with the rate payer protection principles that we've been championing and even the rate payer protection pledge that we signed recently, where new large load customers should be supporting and paying for the infrastructure and the resources that are needed to serve them. So importantly, right, the order did not prohibit or put a moratorium on data center development. It simply is reinforcing that we need to have customer protections built into -- so the process, which, of course, we have built into our approach.

看到該命令發布是件好事。我們認為它與我們一直倡議的「用戶（費率支付者）保護」原則完全一致，也與我們最近簽署的用戶保護承諾一致：新的大型負載客戶應該支持並支付為其服務所需的基礎設施與資源。所以重要的是，該命令並未禁止或對資料中心開發設置暫停令。它只是強化：我們需要在流程中納入客戶保護措施——而這當然已經納入我們的方法之中。

So I would say that LG&E and KU with our tariff structure that we've gotten approved in the state, we're well positioned within that tariff structure to align very nicely with our Governor's executive order. So not concerned at all. We don't think it will slow down the development that we're seeing in Kentucky or our ability to serve it.

所以我會說，LG&E 和 KU 以我們在州內已獲核准的費率（tariff）架構而言，在該費率架構下我們處於非常有利的位置，能與州長的行政命令非常良好地對齊。因此完全不擔心。我們不認為這會放緩我們在肯塔基州看到的開發進度，或影響我們提供服務的能力。

Shar Pourreza, Wells Fargo.

Shar Pourreza，Wells Fargo。

Actually, it's Andrew Kadavy on for Shar. So with the longer-dated opportunities come on your plate, could we see maybe a longer planning window net some of you guys update guidance? And what are some of the considerations that go into that decision?

其實我是代 Shar 發問的 Andrew Kadavy。所以，隨著較長期的機會出現在你們面前，我們是否可能看到你們把規劃視窗拉長，進而更新指引？而做出該決策時會考量哪些因素？

I think that's certainly possible, right, given the timing that we're talking about is to when we see the earnings contributions from these agreements and given the logistics and timing around getting CCGTs into service. So that's certainly a consideration.

我認為這當然有可能，對吧，考量到我們所談的時點——也就是我們何時會看到這些協議帶來的獲利貢獻——以及 CCGT（複循環燃氣機組）投運的物流與時程安排。所以這確實是一項考量。

And then just circling back to PJM, can you share how potential Invitium customers are viewing the connect and manage an IRS rulings in PJM and has the clarity around that helped progress some of your commercial decisions?

再回到 PJM，你能分享潛在的 Invitium 客戶如何看待 PJM 的「connect and manage」以及 IRS 裁定嗎？而這方面的明確性是否有助於推進你們的一些商業決策？

Well, so right, the IRS framework was not included in, right, what was in the letter at least was not included in the filing last week, we are expecting that imminently, perhaps even today. So I'll reserve judgment on that until I see the actual filing.

嗯，所以，IRS 的架構並未納入——對吧——至少那封信裡的內容並未納入上週的申報文件；我們預期很快就會出來，甚至可能就是今天。所以在我看到實際申報內容之前，我先保留判斷。

But I would say coming from the letter that PJM put out with their guiding principles, I think what you're starting to see is some clarity on what large loads will need to procure during the ramp phases, right? So there was a lot of early questions on do you need to just have BYOG online when you hit your max load? Or do you need to follow your ramp? Or can you do it in chunks? Obviously, the load comes on in different megawatt chunks than you're able to bring generation on if you're using certain types of generation. So I think you'll see, certainly as we think about following ramps so that the hyperscalers are not in that connected managed or interruptible phase.

但我會說，從 PJM 發出的那封包含指導原則的信來看，我認為你開始看到一些明確性：大型負載在爬坡（ramp）階段需要採購哪些資源。所以早期有很多問題，例如你是否只需要在達到最大負載時讓 BYOG 上線？還是你需要跟著你的爬坡曲線？或者你可以分段進行？很明顯地，負載是以不同的兆瓦分段上線，而如果你使用某些類型的發電資源，你能讓發電上線的方式又不同。所以我認為你會看到——尤其當我們思考跟隨爬坡時——讓超大規模業者不至於處於 connect and manage 或可中斷（interruptible）階段。

They'll want to try to match that ramp, the best they can. And that, I think, will prompt batteries and other types of smaller generation that can come online quickly and at smaller amounts. And then you're kind of anchored with some of the larger asset types that we're talking about. But all of those are part of our discussions with the hyperscales, all of those types of technologies and following ramp curves.

他們會希望盡可能匹配那個爬坡。而我認為這將促使電池以及其他可快速、以較小規模上線的發電類型。然後你再以我們所談的一些較大型資產類型作為錨定。但這些都在我們與超大規模業者的討論之中：各種技術類型，以及如何跟隨爬坡曲線。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

So the -- a couple of questions on the joint venture. Just going back to the shorter-term potential projects. You mentioned batteries. What other technologies are you likely to be using for shorter term? Is it mainly just like recepts or arrows or -- anything else?

關於合資企業我有幾個問題。先回到較短期的潛在專案。你提到了電池。短期內你們還可能使用哪些其他技術？主要是像 RECs 或 ARRs 之類的嗎——還是有其他？

I would say those are the main, right? The CTs are still -- I would say the CTs are quicker than the CCGTs, but probably outside of our '29, right, which is our current plan period, Steve. So CTs could be probably in the '30, '31 range, with the CCGTs in the '31, '32 range. And then, yes, you mentioned the types of technologies that could get in more in that '29, '30 time frame.

我會說那些是主要的，對吧？CT（燃氣渦輪）仍然——我會說 CT 比 CCGT 更快，但可能會落在我們目前規劃期（到 2029 年）之外，Steve。所以 CT 可能大概在 2030、2031 年的區間，而 CCGT 可能在 2031、2032 年的區間。然後，是的，你提到的那些技術類型，可能更能落在 2029、2030 年那個時間框架內。

Fuel cells?

燃料電池？

We are engaged with the fuel cell manufacturers, so it is on the list of technologies ultimately will depend on what the hyperscalers would like us to procure and operate, but we are open to those as well, yes.

我們正在與燃料電池製造商接洽，所以它確實在技術清單上；最終將取決於超大規模業者希望我們採購並營運哪些資源，但我們也對這些選項持開放態度，是的。

And then just in thinking about the -- how should we think about funding the joint venture and the projects? And just how much is likely to be equity from PPL and are you looking at kind of alternative financing structures? And even just the economics, are you just going to do straight 50-50 or sometimes you can when you have a financial partner, you can kind of manage the path of cash flow and earnings. So just any thoughts on all that.

接著就想請教一下——我們應該如何看待合資企業以及各個專案的資金籌措？另外，PPL 可能會投入多少股權資金？你們是否在考慮一些替代性的融資架構？甚至就經濟性而言，你們會單純採用 50-50 的分攤方式嗎？有時候若有財務型合作夥伴，可能可以在現金流與盈餘的節奏上做一些安排與管理。所以想聽聽你們對這些方面的看法。

Yes, sure. So first on the financing question. during the construction period, we'll use construction period type financing structures that will keep the balance sheet to limit any near-term dilution. And then once those projects go COD, we'll put in place a permanent financing structure as far as the cap structure mean we've talked about utility-like risk profile and returns, but we obviously have some flexibility in and around where that cap structure could be, but we'll keep that in mind as we think about longer-term credit implications. And we obviously want to maintain our strong credit position, and so have to take that into consideration with discussions with the rating agencies as they think about it as well.

好的，當然可以。先談融資問題。在施工期間，我們會採用施工期類型的融資架構，以降低對資產負債表的壓力，並限制短期內的稀釋效應。等到這些專案達到 COD（商轉）後，我們會建立永久性融資架構。至於資本結構方面，我們談過其風險輪廓與報酬更接近公用事業型態，但在資本結構可採取的配置上我們顯然仍有一定彈性；不過，我們也會把長期信用影響納入考量。我們也明確希望維持強勁的信用狀況，因此在與信評機構討論、以及他們評估時，都必須把這點納入考量。

Angie Storozynski, Seaport.

Angie Storozynski，Seaport。

I want to talk about Pennsylvania, how you on the regulatory side. So you have concluded your rate case. You are not allowed to have another one until what, middle of 2028, at least yes. And then just wondering, I mean, are you hoping to maybe rely more on the disk mechanism, any ways to maybe reduce costs so that you don't have to file that rate case anywhere near the '28, '29 time frame?

我想談談賓州在監管面的情況。你們已經結束了這次費率案件。你們在什麼時候之前都不能再提出下一次？至少要到 2028 年年中，對吧？我只是想知道，你們是否希望更多依賴 DISK 機制，或透過一些方式降低成本，讓你們不必在 2028、2029 那個時間點附近就提出費率案件？

Yes, Angie, you're exactly right on the settlement provisions. There's a 2-year stay out agreement that we will not increase base rates during that period, which extends through July 1, 2028. We always look to maximize the time between rate cases, and we've done that very effectively across all the jurisdictions.

是的，Angie，你對和解條款的理解完全正確。我們有一項為期 2 年的「暫不調升」協議，在此期間我們不會調高基本費率，該期間延續至 2028 年 7 月 1 日。我們一向都希望盡可能拉長兩次費率案件之間的時間，而且在所有司法管轄區我們都做得非常有效。

And as you know, in Pennsylvania, it was 10 years since our last rate case prior to this one. I don't know that we can go another 10 years, but we'll certainly use that same discipline that we have. We've utilized the disk extremely effectively over that time period. We'll look to continue to do so. We've also managed our costs very, very well, and we continue to focus on that in that area as we've been and we'll continue to be focused on affordability for customers.

而且如你所知，在賓州，這次之前距離我們上一次費率案件已經有 10 年。我不確定我們是否還能再撐 10 年，但我們一定會延續同樣的紀律。在那段期間，我們非常有效地運用 DISK。我們會持續這麼做。我們也把成本管理得非常、非常好，並會持續聚焦於此；同時我們也一直、並將持續把客戶可負擔性作為重點。

Our current LTIP plan, which is the capital that is eligible for the disc runs through 2027. So we'll be looking to file an updated 5-year LTIP plan next year, again, looking to maximize that and maximizing the use of the disc mechanism. So I think too early to tell as to what our next rate case would be, but we are always looking to, as I said, maximize the time between cases.

我們目前的 LTIP 計畫（也就是符合 DISK 資格的資本）會一路到 2027 年。因此我們明年會著手提交更新的 5 年期 LTIP 計畫，仍然是希望把規模做大，並最大化 DISK 機制的使用。所以我認為現在要判斷下一次費率案件會在何時還太早，但如我所說，我們一向都希望盡可能拉長兩次案件之間的時間。

And I would just add to that, Angie, you've heard from our Chair and our commission that they want to take a look at the disc mechanism where maybe have more formula-based ROE setting in the mechanism, maybe provide some performance band around that base ROE. But the goal is really to provide a mechanism for the utilities to be able to stay out of base rate cases longer. And so we will certainly be engaging with our commission, obviously, the other EDCs in the state and other stakeholders as we go through that process with the PUC.

我再補充一點，Angie，你也聽到我們的主席與委員會提到，他們希望檢視 DISK 機制，可能在機制中導入更偏公式化的 ROE 設定方式，或在基準 ROE 周圍提供某種績效區間（performance band）。但目標其實是提供一個機制，讓公用事業能夠更長時間不必回到基本費率案件。因此我們當然會與委員會互動，也會與州內其他 EDC 以及其他利害關係人一起，在 PUC 的流程中推進。

But I think that could be encouraging as well. And so depending on how that plays out, we'll have to factor that into our rate case timing. But I think all of that is boding well for -- are likely being able to stay out beyond just the 2 years that are in the settlement.

我認為這也可能是令人鼓舞的。因此視其後續發展而定，我們必須把它納入費率案件時點的考量。但我認為整體而言，這些因素都對我們——很可能能夠不只停留在和解條款中的 2 年——是有利的。

Great. And then changing topics to the data centers in the PPL zone. So the projects that you have already supported by ESAs are well above the current excess generation in the PPL zone and I know that we're still waiting for the Connected managed filing. But I'm just wondering if there were to be forced curtailments in the future, supposedly in your zone, that would be pretty much released likely, again, given excess generation capacity. But again, it will be depleted. So how do you see these things that the Connected managed would potentially actually give you a competitive advantage versus other zones in PJM simply because, again, the force curtailment will be probably least likely in your zone?

很好。接著換個話題談 PPL 區域內的資料中心。你們目前已由 ESA 支持的專案規模，已經遠高於 PPL 區域現有的超額發電量；我也知道我們仍在等待 Connected managed 的申報。但我想問的是，如果未來在你們區域出現被迫限電（forced curtailments），理論上在你們區域發生的機率應該比較低，因為仍有超額發電容量。但同樣地，這個超額也會被消耗掉。所以你怎麼看 Connected managed 可能會讓你們相較 PJM 其他區域取得競爭優勢——因為同樣地，被迫限電在你們區域發生的可能性或許最低？

You cut out on us a little bit there, but I think what you were saying was just with generation length that we currently have and then that being depleted by the ESA, the 11 gigs of ESAs. And of course, that continues to grow. I mean, I think it's one of the reasons why we have so much interest in the sites that we have in our joint venture, and we've been very strategic in accumulating the sites that we have.

你剛剛有一小段訊號不太清楚，但我理解你是在說：我們目前有發電的長部位（generation length），而 ESA（那 11GW 的 ESA）會逐步把這個長部位消耗掉。當然，這個需求還在持續成長。我的意思是，我認為這也是為什麼我們合資企業所擁有的場址會吸引這麼多興趣；而且我們在累積這些場址時一直非常有策略性。

So in order to qualify for BYONG now with the end, even under the new proposed rules, right, you don't have to be co-located to the load, but the fact that we are very near the load creates a very competitive position for us as you think about PJM planning, interconnection studies, all of that where the generation and the load are very tightly situated. So that all bodes well, I would say, for our territory and where we're siting or proposing to site all of this new generation.

因此，若要符合 BYONG（在新的提案規則下也是如此），你不必一定要與負載同址（co-located），但我們非常接近負載這件事，讓我們在 PJM 的規劃、併網研究等各方面都具備很強的競爭地位，因為發電與負載的位置非常緊密。所以我會說，這些都對我們的服務區域，以及我們正在選址或提議選址的這些新發電資源非常有利。

It really helps to strengthen the reliability of the grid overall and then get back to that long position for generation coming from Pennsylvania, which, as you know, us and West Virginia are the 2 power generation sources for PJM. So I think that -- again, you cut out on me, but I think that's what you were asking, and I agree that our position within the state provides that advantage -- competitive advantage.

這確實有助於強化整體電網的可靠度，並讓賓州重新回到發電長部位的狀態；如你所知，我們和西維吉尼亞是 PJM 的兩大發電來源。所以我認為——你剛剛有一段我沒聽清楚，但我想你問的是這個——我同意我們在州內的位置確實帶來這個優勢——競爭優勢。

Nick Amicucci, Evercore.

Nick Amicucci，Evercore。

So it's Amicucci, but well we know how it goes. I wanted to ask quickly just kind of piggybacking on Steve's question before. Just when we think about kind of the shorter lead time technologies as early as 2029 or 2030. Are those going to require a separate ESSA -- or could they -- or are they going to be typically riding on the CCGT contracts?

是 Amicucci，不過我們都知道常常會被念錯。我想快速追問一下，算是延續剛才 Steve 的問題。當我們思考較短前置期的技術、可能在 2029 或 2030 就能上線的那些。它們會需要另外一份 ESSA——還是可能——或通常會依附在 CCGT 合約之下？

No, the ESSA contract is for generation to supply a data center. So it does not need to be limited to the CCGT, it will be whatever suite of assets that we ultimately agree with the hyperscaler for the third-party data center developers, which are also now getting involved in the BYOD and then providing that full rate service to hyperscalers as one package. So we're now seeing other entrants into the interest into the product offering.

不，ESSA 合約是用於供應資料中心的發電資源。因此它不需要侷限於 CCGT；它會是我們最終與超大規模業者（hyperscaler）或第三方資料中心開發商所同意的資產組合。這些第三方資料中心開發商現在也開始參與 BYOD，並把完整的費率服務（full rate service）作為一個套裝提供給 hyperscalers。所以我們現在也看到其他參與者對這個產品方案產生興趣並加入。

I will say, though, while the batteries are certainly the fastest to market. They're also the easiest for the hyperscalers to embed in their designs and may just make it part of the data center construction projects. So part of the issue that we have with predicting how much will show up through '29 is I'm convinced there'll be batteries that are coming on system by 2029, but some of that could be owned directly by the hyperscalers as opposed to third-party generators like Invitium, if that makes sense.

不過我會說，雖然電池確實是最快能推向市場的。它們也最容易讓 hyperscalers 直接納入其設計中，甚至可能把它當作資料中心建置專案的一部分。因此，我們在預測到 2029 年會有多少容量出現時，困難之一在於：我確信到 2029 年會有電池併入系統，但其中一部分可能是 hyperscalers 直接持有，而不是由像 Invitium 這類第三方發電商持有——如果這樣說得通的話。

Got it. Yes, makes perfect sense. And then just really quickly, too, on the 2 data centers that began taking service within Pennsylvania in 2Q, so has the LTC minimum demand billing started? Or is there kind of like a ramp schedule associated with that, too, as those continue to come online?

了解。是的，非常合理。另外很快再問一下，關於第二季在賓夕法尼亞州開始投入服務的那兩座資料中心，LTC 的最低需求量計費已經開始了嗎？還是說，隨著它們持續上線，也有一個相關的爬坡時程？

Yes. So that 2 gig is not until -- that's the ramp through 2031. So it's the -- yes, the smaller ramp that's kicking in now under the tariff, yes.

是的。所以那 2 gig 要到——那是一路爬坡到 2031 年。所以——是的，依照費率條款（tariff），現在開始啟動的是較小的爬坡，是的。

(Operator Instructions) Paul Patterson, Glenrock Associates.

(接線員指示) Paul Patterson，Glenrock Associates。

Just one question left here. With Pennsylvania, I know we're on resets and stuff, but any thoughts or outlook about what we might see legislatively with respect to some of the legislation that's passed or anything perhaps on the -- I mean, all the stuff that was happening this spring? I'm just wondering -- have you heard anything over the summer here about what might happen in the next few months in Harrisburg?

這裡只剩一個問題。關於賓夕法尼亞州，我知道我們正處於重設之類的狀況，但對於立法面你們有沒有什麼想法或展望？就一些已通過的法案，或是——我是說，今年春天發生的那些事情？我只是想知道——你們在這個夏天有沒有聽到任何消息，關於接下來幾個月在哈里斯堡可能會發生什麼？

So there was quite a bit of activity prior to the budget being approved as you're alluding to. Look, I would just say, overall, as you can see from our pipeline alone, right, that there's tremendous data center interest in Pennsylvania and in particular, our zone. And look, for some of our local communities, right, these projects represent very material investments, right, which is good, but it also can overwhelm these local communities.

如你所指，在預算獲得批准之前確實有相當多的活動。我想我只會說，整體而言，從我們的案源管線本身你就能看到，賓夕法尼亞州、尤其是我們的區域，對資料中心的興趣非常強勁。而且你看，對我們一些地方社區來說，這些專案代表非常可觀的投資，這是好事，但也可能讓這些地方社區不堪負荷。

And so I think what we're seeing, Paul, is just at the local level with the support of their elected officials, right, just this move to slow down a little bit so that they can effectively review the projects, update their zoning requirements as needed, but really just take some time to make sure that they're doing this the right way. And that seems very reasonable to us. And I think that's what you're seeing with some of the proposed legislation coming from some of our elected officials.

所以我認為我們看到的情況是，Paul，在地方層級，在民選官員的支持下，就是希望稍微放慢腳步，以便能有效審查這些專案、視需要更新分區（zoning）要求，但更重要的是花點時間確保他們以正確的方式來做。這對我們來說看起來非常合理。我想這也是你在一些民選官員提出的法案中所看到的趨勢。

And while there was some legislation advanced in the house, I would say that the state continues to remain supportive of this type of development in the sector as long as our customers and our communities are protected. And so you're starting to see some of that legislation designed to ensure that those protections happen.

此外，雖然眾議院推進了一些法案，但我會說，州政府仍然支持此類產業發展，只要我們的客戶與社區受到保護。因此你開始看到一些立法，目的在於確保這些保護措施能夠落實。

I will say, I'm seeing a shift in the developers and how they're engaging with the local communities and putting together differentiated community benefit packages, right, what one community might think is a benefit another may not. So doing that kind of community by community engaging earlier more transparently. I think all of that, while we wish it had happened from day one, we're starting to see the shifts in that. And I know the folks are appreciating that level of transparency and really willingness to work and come up with a win-win for both the data center and for the community.

我會說，我看到開發商在與地方社區互動的方式上出現轉變，並提出更具差異化的社區回饋方案；一個社區認為是好處的，另一個社區未必這麼看。所以他們以更早、更透明的方式，逐一與各社區互動。我認為這一切——雖然我們希望從第一天就能如此——我們正開始看到這些轉變。我也知道大家很感謝這種透明度，以及真正願意合作、為資料中心與社區雙方找出雙贏方案的態度。

And it's the same areas that you're hearing, right? It's the water, it's the land, it's the noise, it's power prices and power reliability, both of which we have well at hand. And we will be, I would say, pushing that even further as we can build new generation under Invitium and just take some pressure off the supply demand curve at the wholesale level. But all of these things, I think, are moving us in a consistent direction with where some of this legislation or at least the ideas behind some of this legislation were coming from.

而你聽到的也都是同樣的議題，對吧？包括用水、土地、噪音、電價與供電可靠性；後兩者我們掌握得很好。而且我會說，隨著我們能在 Invitium 之下建置新的發電資源，並在批發層面稍微緩解供需曲線的壓力，我們會把這些優勢再往前推進。但我認為，所有這些因素都在把我們帶往一致的方向，也就是一些立法——或至少那些立法背後的想法——所出發的方向。

Again, I don't think it's misplaced. I don't think you're going to see moratoriums, or we just can't add data centers in Pennsylvania. We just need to make sure that our customers and our communities are protected as we do. And again, I think all of that is reasonable.

再說一次，我不認為這是沒有道理的。我不認為你會看到暫停令（moratoriums），或是說我們就是不能在賓夕法尼亞州新增資料中心。我們只是需要確保在推進的同時，我們的客戶與社區受到保護。而且再一次，我認為這一切都很合理。

Okay. So when you look at the -- that sort of on the wholesale side, do you think that sort of transfers this sort of constructive way if they're putting some relief on the wholesale prices that sort of translates to some of this regulated generation, legislation related generation, regulated utility legislation? Do you see that -- how do you see that impacting that? Does that -- do you think that's pretty much sort of on ICE as a result of what you're doing on the wholesale side, if you follow what I'm saying. Does that make sense?

好的。所以當你看——在批發端這一塊，你覺得如果他們在批發價格上提供一些緩解，這種建設性的作法會不會轉移到一些受監管發電、與立法相關的發電、受監管公用事業立法上？你怎麼看它會如何影響？你覺得因為你們在批發端所做的事情，這部分基本上就先擱置（on ICE）了嗎？如果你明白我的意思。這樣說有道理嗎？

No, I do think -- I don't know if it's totally on ICE. It is still part of the discussion. But I would say with all of the moving parts that we've been seeing at PJM and at FERC, the legislature is certainly, I would say, keyed into all of those moving parts and seeing if, in fact, that they will help address the resource adequacy concerns that we've been talking about.

不，我確實認為——我不確定是否完全擱置。它仍然是討論的一部分。但我會說，鑑於我們在 PJM 與 FERC 看到的所有變動因素，立法機關當然也在密切關注這些變動，並觀察它們是否確實能協助解決我們一直在談的資源充足性（resource adequacy）疑慮。

Again, we have -- we're a bit skeptical that the PJM FERC filing will, in fact, resolve that long term. And we think the bilat process is probably going to be the predominant way to get things built in PJM. But I think the legislature needs to see that play out. Our Governor needs to see that play out a little bit.

再說一次，我們——我們對 PJM 向 FERC 的申報是否能在長期真正解決問題，抱持一些懷疑。我們認為，在 PJM 要把東西建起來，雙邊（bilat）流程可能會是主要方式。但我想立法機關需要看到這些如何發展。我們的州長也需要再觀察一段時間。

So while regulated generation. I wouldn't say that it's totally off the table. I think they want to see how some of these other things progress to see if they need to pull that lever or not. And of course, we continue to have regular discussions with them. And this will play out as those bills are debated in the prospective committees, and we'll see whether they come out of committee or not. But there's been so much activity, as you know, at both FERC and PJM that legislation, I don't think has been the highest priority for obvious reasons.

所以關於受監管發電，我不會說它完全不在考量範圍內。我認為他們想看看其他一些事情的進展，再決定是否需要拉動那個槓桿。當然，我們也持續與他們定期討論。接下來會隨著法案在相關委員會中辯論而逐步發展，我們也會看到它們是否能從委員會送出。但如你所知，FERC 與 PJM 兩邊的動態非常多，因此立法顯然不是最高優先順序。

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

問答環節到此結束。我想把電話會議交回給 Vince Sorgi，請他做結語。

Great. Thank you, operator. So look, as we wrap up, the key takeaway from today is our investment case continues to get stronger. We're executing a strong base plan today while building additional strong growth opportunities for tomorrow and with continued regulatory execution and accelerating demand growth and the progress that we're making at Invitium Energy, we believe the upside is increasingly visible and remains incremental to the outlook that we've reaffirmed today. Thanks for joining us, and we look forward to seeing you soon.

很好。謝謝你，接線員。那麼，總結一下，今天最重要的重點是：我們的投資論點持續變得更強。我們一方面在當下執行強勁的基本計畫，同時也在為明天打造更多強勁的成長機會；隨著監管執行持續推進、需求成長加速，以及我們在 Invitium Energy 取得的進展，我們相信上行空間愈來愈清晰，而且仍是對我們今天重申之展望的額外增量。感謝各位參與，我們期待很快再見到大家。

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

本次電話會議已結束。感謝各位出席今天的簡報。您現在可以掛線。