美國南方電力 (SO) 2025 Q1 法說會逐字稿

Good afternoon. My name is Paul, and I will be your conference operator today. At this time, I would like to welcome everyone to the Southern Company first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

午安.我叫保羅，今天我將擔任您的會議主持人。現在，我歡迎大家參加南方公司 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to Mr. Greg MacLeod, Director, Investor Relations. Please go ahead, sir.

現在我想將電話轉給投資者關係總監 Greg MacLeod 先生。先生，請繼續。

Thank you, Paul. Good afternoon, and welcome to Southern Company's first-quarter 2025 earnings call. Joining me today are Chris Womack, Chairman, President, and Chief Executive Officer of Southern Company; and Dan Tucker, Chief Financial Officer.

謝謝你，保羅。下午好，歡迎參加南方公司 2025 年第一季財報電話會議。今天與我一起出席的還有南方公司董事長、總裁兼執行長克里斯沃馬克；以及財務長 Dan Tucker。

Let me remind you that we will make forward-looking statements today in addition to providing historical information. Various important factors could cause actual results to differ materially from those indicated in the forward-looking statements, including those discussed in our Form 10-K, Form 10-Q, and subsequent securities filings. In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure are included in the financial information we released this morning as well as the slides for this conference call, which are both available on our Investor Relations website at investor.southerncompany.com.

讓我提醒您，除了提供歷史資訊外，我們今天還將做出前瞻性陳述。各種重要因素可能導致實際結果與前瞻性陳述中所示的結果有重大差異，包括我們的 10-K 表、10-Q 表和後續證券文件中討論的結果。此外，我們將在本次電話會議上提供非公認會計準則財務資訊。我們今天早上發布的財務資訊以及本次電話會議的幻燈片中包含了與適用 GAAP 指標的對賬，這些資訊和幻燈片均可在我們的投資者關係網站 investor.southerncompany.com 上找到。

At this time, I'll turn the call over to Chris.

現在，我將把電話轉給克里斯。

Thank you, Greg. Good afternoon, and thank you for joining us today. As you can see from the materials that we released this morning, we reported adjusted earnings results for the first quarter above our estimate, with year-over-year growth reflected across all our major businesses. The Southeast has a track record of economic resilience, and we continue to be encouraged by robust economic development activity that includes a sizable large load pipeline. Our state-regulated electric utilities continue to experience customer growth and the service territories that we are privileged to serve remain attractive to a wide variety of commercial and industrial customers.

謝謝你，格雷格。下午好，感謝您今天加入我們。從我們今天早上發布的資料中可以看出，我們報告的第一季調整後獲利結果高於我們的預期，並且我們所有主要業務都實現了同比增長。東南部地區有著良好的經濟復原力記錄，強勁的經濟發展活動（包括一條規模可觀的大負荷管道）繼續鼓舞著我們。我們受國家監管的電力公司客戶數量持續成長，我們有幸服務的服務區域對各類商業和工業客戶仍然具有吸引力。

Additionally, the reliability and the resilience of our vertically integrated and well-planned grid approving hard to beat and customers especially data center customers are increasingly acknowledging that reality with their enthusiasm for our electric service territories.

此外，我們垂直整合和精心規劃的電網的可靠性和彈性難以被擊敗，客戶特別是資料中心客戶對我們的電力服務區域的熱情越來越高，他們也越來越認識到這一現實。

Before I turn the call over to Dan, we know there is a great deal of interest in tariffs and any potential implications to our business. There's clearly policy uncertainty and, in turn, our assessment of tariff implications have varied. For our base capital plan, we currently estimate a range of 1% to 3% of potential cost increases with the top of the range representing the higher end of tariffs that existed for only a few days last month. Among the advantages for our company of our scale as a large portfolio of suppliers and strong vendor relationships to help navigate such challenges collaboratively and proactively.

在我將電話轉給丹之前，我們知道大家對關稅以及對我們業務的任何潛在影響非常感興趣。顯然存在政策不確定性，因此，我們對關稅影響的評估也有所不同。對於我們的基本資本計劃，我們目前估計潛在成本增加範圍為 1% 至 3%，其中最高範圍代表上個月僅存在幾天的關稅的高端。我們公司的優勢之一是規模龐大，擁有龐大的供應商組合和強大的供應商關係，可以幫助我們以協作和主動的方式應對這些挑戰。

For example, while the majority of materials being sourced from Mexico and Canada qualify for zero tariffs because they comply with the United States, Mexico, Canada agreement or USMCA, the company is working proactively to get any remaining vendors or purchases compliant as well. Our full complement of potential mitigations includes existing project contingencies contractual provisions, potential regulatory approaches, and options to deploy alternative resources. Our commitment to affordability, balanced with our focus on reliability, could also influence the pace of our capital deployment to mitigate the impact of tariffs on our customers. Overall, we do not expect a material impact to our forecast.

例如，雖然從墨西哥和加拿大採購的大多數材料因符合美國、墨西哥、加拿大協議或 USMCA 而有資格享受零關稅，但該公司正在積極努力使任何剩餘的供應商或採購也符合規定。我們採取的全部潛在緩解措施包括現有的專案應急合約條款、潛在的監管方法以及部署替代資源的選項。我們對可負擔性的承諾，與對可靠性的關注相平衡，也可能影響我們資本部署的速度，以減輕關稅對客戶的影響。總體而言，我們預計不會對我們的預測產生重大影響。

Our financial outlook remains strong, and we remain focused on disciplined execution. The orderly processes and constructive regulatory frameworks in our service territories combined with our experienced team and our customer-centric business model should serve us well as we prioritize reliable and affordable energy for our 9 million-plus customers.

我們的財務前景依然強勁，我們仍然專注於嚴格的執行。我們服務區域內的有序流程和建設性監管框架，加上我們經驗豐富的團隊和以客戶為中心的商業模式，將為我們提供良好的服務，因為我們優先為 900 多萬客戶提供可靠且負擔得起的能源。

Dan? I'll now turn the call over to you for a financial update.

擔？我現在將電話轉給您，以了解財務最新情況。

Thanks, Chris, and good afternoon, everyone. For the first quarter of 2025, our adjusted EPS was $1.23 per share, $0.20 higher than the first quarter of 2024 and $0.03 above our estimate. The primary drivers of our performance for the quarter compared to last year were investments in our state-regulated utilities and weather-related impacts which added $0.08 year over year due to a milder-than-normal first quarter in 2024 and a slightly colder-than-normal first quarter for 2025. This was partially offset by higher operating costs and depreciation and amortization. A complete reconciliation of year-over-year earnings is included in the materials we released this morning. Our adjusted EPS estimate for the second quarter is $0.85 per share.

謝謝，克里斯，大家下午好。2025 年第一季度，我們的調整後每股收益為 1.23 美元，比 2024 年第一季高 0.20 美元，比我們的預期高 0.03 美元。與去年相比，本季業績的主要驅動因素是對受國家監管的公用事業的投資以及與天氣相關的影響，由於 2024 年第一季度的氣候比正常情況溫和，2025 年第一季度的氣候比正常情況略冷，導致本季業績同比增加了 0.08 美元。這被更高的營運成本和折舊及攤提部分抵銷。我們今天早上發布的資料中包含了去年同期收益的完整核對。我們對第二季的調整後每股盈餘預測為每股 0.85 美元。

Overall, weather-normal retail electricity sales to all classes were 0.3% lower than the first quarter of 2024. The lower sales for the quarter were driven largely by usage impacts on our residential customer class, which was partially offset by customer additions. These use per customer trends in the first quarter were consistent with our sales forecast for the year, including the approximately 1% year-over-year negative impact of having an extra day in the first quarter of 2024, which affected all customer segments year over year.

整體而言，天氣正常時各等級的零售電力銷售額比 2024 年第一季下降 0.3%。本季銷售下降主要是由於住宅客戶群的使用影響，但客戶增加部分抵消了這一影響。第一季每位客戶的使用趨勢與我們對今年的銷售預測一致，其中包括 2024 年第一季增加一天造成的同比約 1% 的負面影響，這對所有客戶群體產生了同比影響。

We also believe return to office trends and customers' proactive management of their energy consumption in response to inflation and economic uncertainty continue to be factors as well. Commercial and industrial sales were higher compared to the first quarter of 2024 as we saw continued strength in data center sales, which were up 11% year over year, office buildings which were up 4%, and the transportation sector which increased 4% year over year, primarily driven by the Hyundai Mega plant in Southeast Georgia, beginning production activities several months ago.

我們也認為，重返​​辦公室的趨勢以及客戶為應對通貨膨脹和經濟不確定性而主動管理能源消耗也是持續影響因素。商業和工業銷售額與 2024 年第一季相比有所成長，因為我們看到資料中心銷售額持續強勁成長，年成長 11%，辦公大樓銷售額成長 4%，運輸業銷售額年增 4%，這主要得益於幾個月前開始生產活動的喬治亞州東南部現代超級工廠。

More broadly, the economy in the Southeast remains well positioned with unemployment rates and recent population growth in our service territories better than the national averages. Additionally, economic development activity in the first quarter was robust, with announcements totaling over $11 billion of capital investment and more than 4,000 new jobs announced in our electric service territories. As we look ahead, our large load pipeline across our electric subsidiaries, which includes data centers and large manufacturers, continues to grow totaling more than 50 gigawatts of potential incremental load by the mid-2030s. The project commitments totaling 10 gigawatts and ongoing advanced discussions for even more interest from large load customers in our service territories continue to be robust. As we've consistently communicated, our disciplined approach to forecasting means that our sales forecast only assumes a fraction of this pipeline materializes.

更廣泛地說，東南部的經濟仍然處於良好狀態，我們服務區域的失業率和近期人口成長均高於全國平均水平。此外，第一季經濟發展活動強勁，我們的電力服務區域宣布的資本投資總額超過 110 億美元，新增就業機會超過 4,000 個。展望未來，我們電力子公司的大型負載管道（包括資料中心和大型製造商）將繼續成長，到 2030 年代中期潛在增量負載總計將超過 50 千兆瓦。總計 10 吉瓦的專案承諾以及正在進行的深入討論以吸引我們服務區域內大負荷客戶的更多興趣持續強勁。正如我們一貫傳達的那樣，我們嚴謹的預測方法意味著我們的銷售預測僅假設該管道的一小部分能夠實現。

Georgia Power's ongoing 2025 Integrated Resource Plan or IRP filed earlier this year includes continued investment in the existing fleet with proposed plant life extensions, upgrades for more capacity at existing nuclear and natural gas facilities, and the modernization of hydro facilities as we continue to plan our resources to economically and reliably serve our customers for the long term. Resolution of the 2025 IRP is expected in mid-July. Also in Georgia, the regulatory process continues for 13 gigawatts of new energy resources via competitive request for proposals or RFPs.

喬治亞電力公司今年稍早提交的 2025 年綜合資源計畫（IRP）包括繼續投資現有機組，延長電廠壽命，升級現有核電和天然氣設施以提高容量，以及對水力發電設施進行現代化改造，我們將繼續規劃資源，以經濟可靠地為我們的客戶提供長期服務。2025 年 IRP 預計將於 7​​ 月中旬解決。此外，在喬治亞州，13 千兆瓦新能源的監管程序仍在透過競爭性提案請求或 RFP 進行。

Various company-owned resources were submitted into these valuations. Successful bidders are expected to be notified in the coming months for a substantial portion of these RFPs, including 8.5 gigawatts of all source or technology-agnostic energy resources. Georgia Power expects to file for certification of all projects awarded under these RFPs with the Georgia Public Service Commission in July. Considering the timeline of these ongoing Georgia regulatory processes, we expect to be positioned to provide additional color on potential updates to our capital expenditure outlook and associated financing plan on our second-quarter earnings call. All else being equal, this potential incremental capital and continued economic development momentum are key to supporting our potential reevaluation of the base for our long-term EPS growth as early as 2027.

各種公司擁有的資源都被納入這些估值中。預計得標者將在未來幾個月內收到大部分 RFP 的通知，其中包括 8.5 千兆瓦的所有來源或與技術無關的能源資源。喬治亞電力公司預計將於 7​​ 月向喬治亞州公共服務委員會提交根據這些 RFP 授予的所有項目的認證申請。考慮到喬治亞州正在進行的監管流程的時間表，我們預計將在第二季收益電話會議上提供有關我們的資本支出前景和相關融資計劃的潛在更新的更多細節。在其他條件相同的情況下，這種潛在的增量資本和持續的經濟發展勢頭對於支持我們最早在 2027 年重新評估長期每股收益成長基礎至關重要。

Before I turn the call back over to Chris, I'd like to provide an update on our financing activities through the first quarter. Our state-regulated electric subsidiaries have issued $2.2 billion of long-term debt year to date, which is nearly half of 2025's projected financing needs for those entities in our base plan. Quality and credit strength of our subsidiaries continue to draw robust investor interest, providing strong access to capital and supporting lower interest cost for the benefit of customers.

在我將電話轉回給克里斯之前，我想提供我們第一季的融資活動的最新情況。我們受國家監管的電力子公司今年迄今已發行了 22 億美元的長期債務，幾乎相當於我們基礎計畫中這些實體 2025 年預計融資需求的一半。我們子公司的品質和信用實力繼續吸引投資者的濃厚興趣，為客戶帶來了強大的資本管道，並降低了利息成本。

At the parent company, we have issued approximately $2.4 billion of junior subordinated notes or JSNs year to date, which received 50% equity treatment from the rating agencies. We've also entered into forward contracts through our at-the-market program, or ATM, for the sale of an additional $1 billion of common stock with settlements extending as late as the second half of 2026. Collectively, the ATM and the JSNs equate to $2.2 billion of equity and equity equivalents. Combined with approximately $350 million of annual equity issuances we forecast through our internal plans, we have a clear path in place to fully address the $4 billion five-year equity needs in our base plan.

在母公司，我們今年迄今已發行了約 24 億美元的次級債券或 JSN，這些債券獲得了評級機構 50% 的股權待遇。我們也透過市場計畫（ATM）簽訂了遠期合約，出售額外的 10 億美元普通股，結算期限最晚延長至 2026 年下半年。總體而言，ATM 和 JSN 相當於價值 22 億美元的股權和股權等價物。加上我們透過內部計畫預測的每年約 3.5 億美元的股權發行，我們已經制定了明確的途徑來全面解決基本計畫中 40 億美元的五年股權需求。

Our disciplined approach in sourcing equity reinforces our commitment to maintaining strong investment-grade credit ratings and our journey to 17% FFO to debt, while also focused on delivering value to shareholders, and we are well positioned to continue to finance any incremental growth opportunities above our base plan in a credit supportive and shareholder-focused fashion.

我們在股權採購方面的嚴謹態度強化了我們維持強勁投資級信用評級的承諾，並使我們實現 17% 的 FFO 與債務比率，同時還專注於為股東創造價值，並且我們已做好準備，繼續以信貸支持和股東為中心的方式為超出我們基本計劃的任何增量增長機會提供資金。

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

我現在將電話轉回給克里斯。

Thank you, Dan. Last week, the Southern Company Board of Directors approved an $0.08 per share increase in our annual common dividend, raising the annualized rate to $2.96 per share. This action marks our 24th consecutive annual increase, and this will now be 78 consecutive years, dating back to 1948. Southern Company has paid a dividend that is equal to or greater than the previous year. We are incredibly proud of our dividend track record, which continues to be an integral part of Southern Company's long-term value proposition.

謝謝你，丹。上週，南方公司董事會批准將年度普通股股息增加每股 0.08 美元，使年化股息率達到每股 2.96 美元。這是我們連續第 24 年增加稅收，自 1948 年以來已連續 78 年增加稅收。南方公司支付的股息等於或高於前一年的股息。我們對我們的股息記錄感到無比自豪，這仍然是南方公司長期價值主張不可或缺的一部分。

Southern Company has consistently delivered regular, predictable and sustainable adjusted results, and our start to this year provides a solid foundation to continue executing on our goals for 2025 and beyond. We remain very excited about the future of this company. Thank you, as always, for your interest in Southern Company.

南方公司一直提供穩定、可預測和可持續的調整後業績，今年的開局為我們繼續實現 2025 年及以後的目標奠定了堅實的基礎。我們對這家公司的未來仍然充滿期待。一如既往，感謝您對南方公司的關注。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Carly Davenport, Goldman Sachs.

（操作員指示）高盛的卡莉·達文波特。

Maybe just to start on the 2Q EPS guide, the $0.85 represents fairly sizable downside relative to what you guys said last 2Q and '24. Could you just talk a little bit about the puts and takes there that drive that estimate, particularly relative to the stronger 1Q print?

也許只是從第二季每股盈餘指南開始，相對於你們去年第二季和 24 年所說的，0.85 美元代表著相當大的下行空間。您能否簡單談談推動這項估計的因素，特別是相對於更強勁的第一季數據而言？

So there's two big factors in there, really. One is weather. Year-over-year, there's a pretty substantial weather differential. If you're thinking about what normal weather in our forecast relative to a really strong kind of warmer-than-normal quarter a year ago.

所以其實這裡面有兩個重要因素。一是天氣。與去年同期相比，天氣差異相當大。如果您想一想，我們預測的正常天氣與一年前一個季度的正常天氣相比如何。

And then the other one is really just what I'd characterize as timing. There are kind of recurring normal course transactions that happen within the Georgia transmission system that is mutually owned amongst all the parties in the state, not so Georgia Power, the municipals that represents the co-ops. And there are ongoing transactions to transfer ownership of assets kind of commensurate with their loads. So we had a sizable transaction that occurred in the second quarter of last year, and there's none anticipated similarly in the second quarter of this year. Those are the two big drivers.

另一個其實就是我所說的時機。在喬治亞州輸電系統內會發生一些經常性的正常交易，該系統由該州所有各方共同擁有，但喬治亞電力公司、代表合作社的市政當局則並非如此。並且正在進行與資產負載相稱的資產所有權轉移交易。因此，我們在去年第二季發生了一筆相當大的交易，而今年第二季預計不會發生類似的交易。這是兩個主要驅動因素。

Got it. Great. That's helpful. And then maybe just on the Georgia Power load pipeline. Just any update you can provide in terms of size of the pipeline, what's contracted, what's broken ground similar to the disclosures that you guys have provided in prior quarters.

知道了。偉大的。這很有幫助。然後也許只是在喬治亞電力負荷管道上。您可以提供有關管道規模、已簽訂的合約、已開工建設等方面的任何更新信息，類似於你們在前幾個季度提供的披露內容。

And then just more broadly, anything you could share on conversations you're having with your data center customers in Georgia and if there's been any change in tone just given the macro environment relative to last quarter?

然後更廣泛地說，您可以分享與喬治亞州資料中心客戶進行的對話嗎？考慮到上一季的宏觀環境，語氣是否有任何變化？

Chris, why don't you start with any change in tone, and I'll hit the number.

克里斯，為什麼不先改變一下語氣，然後我再說這個數字呢？

Yes, Carly. I mean, I think what we've seen is that we've not seen a shift in tone. I mean, I think as you seen a few hyperscalers make some announcements in the past couple of days about capital budgets. I think that's what we have seen in terms of our conversations all across our service territory with these data center and hyperscaler customers in terms of looking to continue to make those investments to support their business strategies now and into the future. So we still see a robust degree of high economic activity in our service territory.

是的，卡莉。我的意思是，我認為我們所看到的是，我們沒有看到語氣的轉變。我的意思是，我認為正如你所看到的，一些超大規模企業在過去幾天發布了一些有關資本預算的公告。我認為，根據我們與整個服務區域內的資料中心和超大規模客戶進行的對話，我們看到了這一點，我們希望繼續進行這些投資，以支援他們現在和未來的業務策略。因此，我們仍然看到我們的服務領域內經濟活動保持著強勁的勢頭。

Yes. And then when it comes to the pipeline itself, Carly, you asked about the Georgia pipeline. I mean, in total, again, going out to the mid-2030s. It's about 52 gigawatts in Georgia alone. The contracted piece is 4 gigawatts, that same number, the committed is 8 gigawatts.

是的。然後談到管道本身，卡莉，你詢問了佐治亞管道的情況。我的意思是，總的來說，要到 2030 年代中期。光是喬治亞州就有約 52 千兆瓦。合約部分為 4 千兆瓦，承諾部分為 8 千兆瓦。

I think the more interesting thing that you'll see when Georgia Power makes its filing here in the coming weeks is actually a shift forward in interest. So the more near-term pipeline, the 2028, 2029 kind of number is actually moving up, which is actually and interesting and also exciting thing to see happening in the pipeline.

我認為，當喬治亞電力公司在未來幾週提交文件時，您將看到的更有趣的事情實際上是利益的轉變。因此，更近期的管道，即 2028 年、2029 年的數字實際上正在上升，這實際上是一件有趣且令人興奮的事情。

Julien Dumoulin-Smith, Jefferies LLC.

Julien Dumoulin-Smith，Jefferies LLC。

So let me just follow up a little bit where Carly just left it off there because I know in the quarter, there's been a lot of talk about Microsoft and others that you're dealing with directly in your service territory.

因此，請允許我稍微跟進一下卡莉剛才的話題，因為我知道在本季度，人們談論了很多有關微軟以及您在服務領域直接打交道的其他公司。

And there's a perception. You just hit it. But are you seeing any churn in the underlying composition of who and the kind of data centers and the geography that you're seeing? Again, I know folks are at times are super fixated on one or two out there. But listening to your comments here, I mean, even if you got fixated on one specific site, it seems like you're still seeing an aggregate acceleration in the opportunity.

並且存在一種看法。你剛剛擊中了它。但是，您是否看到資料中心的組成、類型和地理位置發生了變化？再說一次，我知道人們有時會過於執著於一兩件事。但是聽聽你在這裡的評論，我的意思是，即使你專注於一個特定的網站，你似乎仍然看到機會的整體加速。

But I'd love to hear you reconcile in your comments again against some of the concerns about one or two discrete data points here.

但我很想再次聽到您在評論中對這裡一兩個離散數據點的一些擔憂進行調和。

And June, I think you said it very well. I mean, there's a, I guess, aggregate -- I use the word diversity of customers. I mean, from the one or two or three or four hyperscalers to developers as well. I mean so I think we see kind of a wide diverse nature of interest that is showing up in our territory. And that momentum continues to exist.

瓊，我認為你說得很好。我的意思是，我猜，存在一個總體——我使用「顧客多樣性」這個詞。我的意思是，從一、二、三或四個超大規模企業到開發商也是如此。我的意思是，我認為我們看到了在我們的領土上出現的一種廣泛而多樣化的興趣。而這種勢頭仍在持續。

I mean, so it's not just one or two. It's -- I think it's what we see as across the board in terms of the conversation and the interest that we are seeing.

我的意思是，這不只是一兩個。這是——我認為，就我們所看到的對話和興趣而言，這是全面的。

Awesome. Yes. I appreciate the commentary as possible here. And you guys provided some nice details on equity and overall financing plan here. Can you elaborate a little bit as you think about marrying up an improving balance sheet with your comments about the rebate potentially in '27.

驚人的。是的。我非常感謝這裡盡可能多的評論。你們在這裡提供了一些有關股權和整體融資計劃的細節。您能否詳細說明一下，您考慮將不斷改善的資產負債表與您對 27 年可能的回扣的評論結合起來。

When and how do you think about getting to that 17% and reconcile that, I guess, the entire (inaudible) Do you think you'd be at 17% by the time you kind of reevaluate, should we say, your EPS commitments there?

您何時以及如何考慮達到 17% 的目標，並協調整個（聽不清楚）您認為當您重新評估時，您的 EPS 承諾會達到 17% 嗎？

Julien, I think a bit more as having line of sight on it, and I think we've said this before. So everything in kind of a measured way in financing all of our capital with the right mix to kind of get there, the biggest, as we've highlighted before, the biggest driver of improvement in the short term. is really debt associated with certain regulatory assets rolling off. Right now, on the books there's about $2 billion, really just at Georgia Power alone between the remaining under-recovered fuel from a few years ago. There's about $1 billion of that and then a little over $800 million of storm costs from Hurricane Helene.

朱利安，我認為我們對此有更多的了解，我想我們之前已經說過這​​一點。因此，我們採取一種有節制的方式，以正確的組合為我們所有的資本提供融資，以實現目標，正如我們之前強調的那樣，這是短期內最大的改善驅動力。實際上是與某些監管資產滾轉相關的債務。目前，帳面上的金額約為 20 億美元，實際上僅喬治亞電力公司就擁有幾年前未回收的燃料。其中約 10 億美元，此外颶風海倫造成的損失略高於 8 億美元。

As those costs get recovered over the next few years, that naturally on its own kind of brings the number up. The other offsetting factor will be -- and I think this was a bit implicit in your question is the capital plan and particularly if we have incremental opportunities to deploy capital, that could adjust the shape of our journey to 17% a little bit and perhaps push it out a year or two. But I think getting to the heart of your question, by the time we get to 2027 or whenever that time comes, Will we be there? No. But will we need to have confidence that we can see it in the foreseeable future, absolutely.

隨著這些成本在未來幾年內得到收回，這個數字自然就會上升。另一個抵消因素是——我認為這在你的問題中有點隱含，那就是資本計劃，特別是如果我們有增量機會來部署資本，那麼這可能會將我們的旅程形狀稍微調整到 17%，或許會將其推遲一兩年。但我認為，回到你問題的核心，當我們到達 2027 年或任何那個時候，我們會到達那裡嗎？不。但我們是否需要有信心在可預見的未來看到它，絕對的。

And I think that's how we'll be positioned.

我認為這就是我們的定位。

Yes. Thank you for understanding the gist of it. I appreciate it, Dan. Best of luck, Chris, nicely done.

是的。感謝您理解其要點。我很感激，丹。祝你好運，克里斯，幹得漂亮。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

So a question on the rebates, just trying to kind of understand a little bit more what that would look like. And I guess the question is, do you anticipate kind of being at the higher end of your 5% to 7% through '27, and that would kind of equate to like a new higher base for '27 to grow off of. Is it just going to be based off of actuals and where you get to? Just -- I guess I'll leave it there, but just looking for more color on the interim.

所以關於回扣的問題，只是想進一步了解它會是什麼樣子。我想問題是，您是否預計到 27 年增長率會達到 5% 到 7% 的較高水平，這是否相當於 27 年增長的一個新的更高基數。它是否僅基於實際情況和您所到達的地方？只是——我想我會把它留在那裡，但只是想暫時尋找更多的顏色。

Sure. Nick, yes. And what I'll do is I'll just kind of restate the way we said it on our last call because again, nothing has changed in the 10 weeks since then in terms of how we think about this. It's to the extent that this incremental capital opportunity that we pointed to emerges. And to the extent that this data center in particular momentum continues and all else being equal, yes, we believe that in the back half of our plan, we could be positioned at or near the top of our existing range.

當然。尼克，是的。我要做的就是重申我們上次通話時的說法，因為自那時起的 10 週內，我們對此的看法沒有任何改變。這就是我們所指出的增量資本機會出現的程度。只要這個資料中心繼續保持這種勢頭，並且其他條件相同，我們相信，在我們計劃的後半部分，我們可以定位在現有範圍的頂部或附近。

Now we also pointed the headwinds in the near term, like parent company interest refinancing. And that's why the immediate near term is not up there. This is really about the back half. If that is what we see and where we are and if kind of like going back to Julian's question about having line of sight if that appears to be a sustainable trajectory, then that provides us the opportunity to potentially rebase the starting point for 5% to 7% growth.

現在我們也指出了近期的阻力，例如母公司利息再融資。這就是為什麼近期內不會出現這種情況。這實際上是關於後半部分。如果這就是我們所看到的和我們所處的位置，並且有點像回到朱利安的問題，即如果這看起來是一個可持續的軌跡，那麼這將為我們提供一個機會，有可能重新調整 5% 到 7% 增長的起點。

Okay. No, that's helpful. And then just Georgia Power rate case, just wanted to make sure, are you guys still on track to kind of find that at the end of June or by July 1? And has anything kind of changed there in your rate case strategy?

好的。不，這很有幫助。然後只是喬治亞電力公司的利率案例，只是想確認一下，你們是否仍能在 6 月底或 7 月 1 日之前找到答案？您的費率策略有什麼改變嗎？

Nick, I think you said it very well as required by the '22 rate case order. We're working towards the filing this summer. So it would be that early July time frame. So everything is on track to do that. and to make sure we comply with that order, but you said it very well.

尼克，我認為你說得很好，符合 22 稅率案件命令的要求。我們正在努力爭取今年夏天提交申請。所以時間範圍應該是七月初。所以一切都在按計劃進行。並確保我們遵守該命令，但你說得很好。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Maybe just kind of picking up on the last point there with regards to the Georgia Power rate case maybe build pressures and focus, I guess, nationwide. Just wondering any thoughts you could share there with levers that you could potentially pull to manage customer bills there? Is the potential to kind of move timing around rate changes to coincide with fuel cost recovery rolling off? Or just any other thoughts there?

我想，也許只是就喬治亞電力公司利率案的最後一點提出意見，可能會在全國範圍內形成壓力和關注。只是想知道您可以分享哪些想法以及可以利用哪些手段來管理客戶帳單？是否有可能調整費率變化的時間，以配合燃料成本的回收？或是有其他想法嗎？

Once again, I mean I think you acknowledging all the factors and the variables and the puts and takes that will be on a consideration as we look at the filing. I mean, it's a little bit too early to say what the exact filing will look like. But yes, I mean, one of the things we think about is the pricing of these large load growth, how that can impact and help us with our focus on affordability, Yes, I mean, we do have the fuel case, fuel adjustment occurring that we can recognize next year in June of next year. So that's a factor to also be considered. We also have strong recovery related to Hurricane Alen that has to be dealt with.

再次強調，我認為您承認我們在審查文件時需要考慮的所有因素、變數和優點和缺點。我的意思是，現在說具體的文件是什麼樣子還為時過早。但是的，我的意思是，我們考慮的事情之一是這些大負荷增長的定價，它將如何影響並幫助我們關注可負擔性，是的，我的意思是，我們確實有燃料案例，燃料調整正在發生，我們可以在明年 6 月確認。所以這也是需要考慮的因素。我們還需要大力應對颶風艾倫帶來的災後復原工作。

So I mean, I think you've acknowledged a lot of the factors that will go into what this filing could look like, but it's just way too early to kind of speak to exactly what the nature of the filing, how it will come together.

所以我的意思是，我認為你已經承認了很多會影響這份申請的因素，但現在談論這份申請的具體性質以及它將如何形成還為時過早。

Got it. No, that's helpful. And then just curious on your outlook for the IRA and any potential changes there, how that could impact Southern particularly as it relates to transferability, I guess, is in focus for the market. Just any thoughts in general from what you see or what you guys are thinking at this point?

知道了。不，這很有幫助。然後我只是好奇您對 IRA 的展望以及那裡的任何潛在變化，這將如何影響南方，特別是因為它與可轉移性有關，我想，這是市場的焦點。從您所看到的或現在您想到的來看，您有什麼整體想法嗎？

Yes, Jeremy, I'll hit transferability first and let Chris weigh on any kind of broader policy commentary. But on transferability, we just aren't that relying on it. We certainly take advantage of it where we can. And we've got a great program in place to monetize tax credits as efficiently and quickly as possible. But if for some reason, that was not available to us based on our current base plan, I mean, the impact to FFO to debt, let's say, is a basis point or two -- or I'm sorry, 10 to 20 basis points or so.

是的，傑里米，我首先要討論可轉移性，然後讓克里斯對任何更廣泛的政策評論進行權衡。但就可轉移性而言，我們並不那麼依賴它。我們當然會盡可能地利用它。我們已製定了一項出色的計劃，以盡可能高效、快速地將稅收抵免貨幣化。但如果由於某種原因，根據我們目前的基本計劃，我們無法獲得這些，那麼對 FFO 和債務的影響，可以說是一個或兩個基點——或者抱歉，10 到 20 個基點左右。

And so it's just not that meaningful. But it's important. And it's -- when it comes to projects that we're doing in the regulated space, it's good for customers to have that in place. It helps, obviously, monetize things and keep the balance sheet efficient. And that's good for everybody.

所以這並沒有那麼有意義。但這很重要。而且——當談到我們在受監管領域開展的專案時，對客戶來說，擁有這些是件好事。顯然，它有助於實現貨幣化並保持資產負債表的效率。這對每個人都有好處。

So we're certainly doing what we can to be a part of that conversation and to express the importance. Chris?

因此，我們當然會盡我們所能參與這場對話中，並表達其重要性。克里斯？

No. I mean, as Dan talked to me, as a part of the conversation that Dan referred to me, we continue to engaged with policymakers in administration, but also as well as on Capitol Hill, expressing and explaining the value and the benefits of these credits and tax policy in terms of value goes directly to customers. And as we talk about affordability and our strategy there, making sure there's full recognition of understanding that the benefits of these credits go to record to our customers. And so we are -- I mean, we have no idea politically how this is going to play out with all the issues that are going on in Washington, but we continue to spend a lot of time making sure we're telling the story and helping people understand the value and benefits of these tax provisions.

不。我的意思是，正如丹和我談論的那樣，作為丹提到的談話的一部分，我們繼續與政府中的政策制定者接觸，同時也在國會山，表達和解釋這些信貸和稅收政策的價值和好處，這些政策的價值直接惠及客戶。當我們談論可負擔性和我們的策略時，確保充分認識到這些信貸的好處將記錄在案，並惠及我們的客戶。所以我們——我的意思是，我們不知道從政治上講這將如何影響華盛頓正在發生的所有問題，但我們將繼續花費大量時間來確保我們講述這個故事並幫助人們理解這些稅收條款的價值和好處。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

I'm hoping to elaborate a little bit on the commentary on demand trends. Even after adjusting for the leap that each customer class a sequential slowdown. Data centers, in particular, still grew at a double-digit pace, but down from 17% last quarter to 11%. Can you talk about that a little bit? I realize the year ago, weather was atypical, certainly skewed the residential comps, but that shouldn't matter as much for C&I.

我希望對需求趨勢的評論進行更詳細的闡述。即使在調整了每個客戶類別的跳躍之後，其環比增長仍然放緩。尤其是資料中心，仍保持兩位數的成長速度，但從上一季的 17% 下降到 11%。你能稍微談論一下這個嗎？我意識到去年的天氣情況不典型，肯定扭曲了住宅市場的比較，但這對商業和工業來說應該沒那麼重要。

Can you elaborate a little bit?

能詳細說明一下嗎？

Yes. I don't think there's anything to read into it, Jeremy. Again, if you adjust commercial and industrial, in particular, for that lead to effect just for the first quarter, again, these are just quarter numbers, not kind of 12 months ended numbers. It's almost a full 1%, so up 1.5% or so. The underlying stuff, like you mentioned data centers, look, you're doing growth year-over-year on an increasing ramp, right?

是的。我認為這沒什麼好解讀的，傑里米。再一次，如果你調整商業和工業，特別是針對第一季的影響，那麼這些只是季度數字，而不是 12 個月結束的數字。這幾乎是整整 1%，所以上漲了 1.5% 左右。底層的東西，就像你提到的資料中心，你看，你的成長是逐年遞增的，對嗎？

And so you're not comparing to the same numbers as you were a quarter ago, you're comparing off a higher base a year ago. And so the numbers aren't going to necessarily align or continue to escalate in that fashion and total volume they continue to go up.

因此，您不是在與一個季度前的數字進行比較，而是在與一年前更高的基數進行比較。因此，數字不一定會保持一致或繼續以這種方式上升，而總量則會繼續上升。

Other things relative to our forecast, look, there are things that are just, again, timing related. There are some large industrial outages, not economy related, just kind of operational related. There was a delay in a steel manufacturer that was expected to come on in the first quarter that is baked into our numbers for the full year that's expected now in the next several months. And so from our seats, nothing in the first quarter results gives us any pause about any kind of systemic trends we're seeing in the economy or underlying customer base?

與我們的預測相關的其他事情，你看，有些事情只是與時間有關。有一些大規模的工業停工，與經濟無關，只是與營運有關。一家鋼鐵製造商原本預計在第一季上市，但後來推遲上市，這已計入我們全年的數據中，預計今年將在未來幾個月上市。那麼從我們的角度來看，第一季的業績並沒有讓我們對經濟或潛在客戶群中看到的任何系統性趨勢產生任何懷疑嗎？

Okay. That's good to hear. And then similarly, the large load pipeline. The slide say well over 50. Did I hear you right?

好的。聽到這個消息真好。然後類似地，大負載管道。幻燈片上說遠遠超過 50。我聽得對嗎？

Did you say 52 gigawatts now? I'm not sure if I maybe misheard you, but -- maybe if you could just give a little more detail there. How are you -- you're being very clear in the tone that activity remains robust. Maybe you can give a little more detail in the numbers.

您現在說的是 52 千兆瓦嗎？我不確定我是否聽錯了，但是——也許你可以提供更詳細的資訊。您好嗎—您的語調非常明確，顯示活動依然強勁。也許您可以給出更詳細的數字。

Yes. And I think the tone, Andrew, is what's more important than the numbers. I answered the question earlier, specific to the Georgia pipeline that we make filings on. So that's 52 gigawatts on its own. The the characterization we made in the prepared remarks is for the total consolidated pipeline across all three electric service territories.

是的。安德魯，我認為語氣比數字更重要。我之前回答過這個問題，具體涉及我們提交申請的喬治亞州管道。所以其本身就有 52 千兆瓦。我們在準備好的評論中所做的描述是針對所有三個電力服務區域的整體合併管道。

And we said over 50%. And it grew quarter-over-quarter. In fact, it was over 50% last quarter, it's over 50% this quarter, but it's a bigger over 50%.

我們說超過 50%。並且其季度環比增長。事實上，上個季度超過了50%，本季也超過了50%，但這個數字更大。

We're trying to be a little less precise about the total because, look, everyone has acknowledged that these pipelines includes some degree of double counting. They include some degree of speculative projects, and that's where it's really important to really focus on the way in a very measured way that we are only including and counting on and planning for a small fraction of these numbers. So we're trying not to get hung up too much on the big headline number and focus more on kind of the underlying tangible trends that we're seeing within that pipeline?

我們試圖使總數稍微不那麼精確，因為，看，每個人都承認這些管道包含一定程度的重複計算。其中包括一定程度的投機項目，因此，真正關注以非常謹慎的方式進行的方式非常重要，我們只包括、依靠和規劃這些數字的一小部分。所以我們盡量不要太糾結於大標題數字，而要更專注於我們在該管道中看到的潛在有形趨勢？

Okay. As long as you're clarifying that they are, in fact, rising, that's reassuring.

好的。只要你能明確表示它們確實在上升，那就令人放心了。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I guess maybe on data center activity, I was just wondering if there had been any any changes following the modifications of the rate structure that you've now implemented in Georgia? Any feedback on that? Is that manageable for the industry to work with now in that state?

我想也許是關於資料中心活動，我只是想知道，在您現在在喬治亞州實施的費率結構修改之後是否有任何變化？對此有什麼回饋嗎？在這種狀態下，業界現在還能開展工作嗎？

Yes, Dave, this is Dan. It's just -- it's early days still. And so it's important to understand kind of the journey we've been on there. So very much earlier this year, we highlighted the rules, which the commission approved, which were very kind of high-level rules to be the basis of a framework. What has happened since then is there's been an actual more detailed framework that's been developed by the public utility staff working with the company to kind of what is essentially a tariff framework doesn't have a specific pricing in there, but it is a framework for doing this.

是的，戴夫，這是丹。只是——現在還為時過早。因此，了解我們所經歷的旅程非常重要。因此，今年早些時候，我們強調了委員會批准的規則，這些規則是作為框架基礎的高級規則。從那時起，公用事業人員與公司合作開發了一個實際更詳細的框架，本質上是一個關稅框架，其中沒有具體的定價，但它是一個這樣做的框架。

That just got finalized a couple of weeks ago. April 15, I think, was the date that it happened.

這件事幾週前才終於確定。我認為這件事發生的日期是 4 月 15 日。

So in terms of the details kind of being absorbed by and understood well by potential customers, that process is underway now. So it's a little early for reaction.

因此，就潛在客戶吸收和理解的細節而言，這個過程正在進行中。所以現在做出反應還太早。

But I do think some of the reaction we some feedback we've gotten. We talk a lot about orderly processes. This framework does provide another degree of order and certainty as we engage with these customers. And I think you've seen another state and others consider looking at deploying approving very similar rules and regulations. So we think to somewhat of a in a market that is evolving to bring this kind of certainty, really brings some discipline and puts us in a position, as we always say, to make sure as we engage with these customers, we want to provide benefits to all of our customers.

但我確實認為我們已經得到了一些反應和回饋。我們談論了很多有關有序流程的問題。當我們與這些客戶接觸時，這個框架確實提供了另一種程度的秩序和確定性。我想你已經看到另一個州和其他州正在考慮部署和批准非常相似的規則和法規。因此，我們認為，在一個不斷發展變化的市場中，這種確定性確實會帶來一些紀律，並使我們處於一個位置，正如我們常說的那樣，確保在與這些客戶接觸時，我們希望為所有客戶提供利益。

So we think there's great value in these rules and regulations and this framework that's been approved by the commission.

因此，我們認為委員會批准的這些規則、條例和框架具有很大的價值。

Yes. And David, as you heard me answer Andrew's question, I mean -- over the last three months, the pipeline has grown and the nature of these rules, while the details have not been out there, the nature of them has been for three months, and that growth has continued to occur.

是的。大衛，正如你聽到我回答安德魯的問題時所說的那樣，我的意思是——在過去的三個月裡，渠道不斷增長，這些規則的性質也不斷變化，雖然細節尚未公佈，但其性質已經公佈了三個月，而且這種增長還在持續發生。

Yes. Yes. Got it. Okay. Great.

是的。是的。知道了。好的。偉大的。

that makes sense. Separately, I was curious, is there any feedback that you'd offer on what you're seeing in the RFPs that are underway there have been so many moving pieces around like tariffs, inflation, price increases for equipment. So I'm just wondering, are there any changes in the preference, like technology preference or strategy or the split among solar storage, natural gas as you're kind of executing against these RFP?

這是有道理的。另外，我很好奇，您對正在進行的 RFP 中看到的情況有何反饋？其中涉及許多變動因素，例如關稅、通貨膨脹、設備價格上漲。所以我只是想知道，當您根據這些 RFP 執行時，偏好是否有任何變化，例如技術偏好或策略或太陽能儲存、天然氣之間的劃分？

Yes. And David, unfortunately, we can't speak to the RFP process. It's very intentionally done kind of by an independent evaluator, very confidentially a lot of trade secret information. So disclosing answering any of the questions you just asked, I think would be stepping outside the bounds of what we were allowed to do.

是的。大衛，很遺憾，我們無法談論 RFP 流程。這是由獨立評估員有意為之，保密了大量的商業機密資訊。因此，我認為，公開回答您剛才提出的任何問題都會超出我們被允許做的範圍。

Okay. Got it. We'll revisit as you get toward the end there, but I appreciate it. Yes.

好的。知道了。當你到達終點時我們會再次拜訪，但我對此表示感謝。是的。

And I will just say, David, what's important about the RFP itself being the nature, it's all sourced, right? And so it does inherently have in it a multitude of technologies and options. So at the end of the day, given all the factors you've listed, that independent evaluator and the commission will have options to kind of address.

我只想說，大衛，RFP 本身的重要之處在於它的性質，它全都有來源，對吧？因此它本身就擁有多種技術和選擇。因此，最終，考慮到您列出的所有因素，獨立評估員和委員會將有多種解決方案。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

You actually answered all my questions, but can I just ask a quick clarification question on the RFP? So I think there's some language in the slides on clarity by July. This is the George RFP. But then there's some -- also, I think, language in the release that you'll get more incremental data points throughout 2025? And then Dan, I think you said Q2 call, which is presumably sometime in July, we'll be able to get some more CapEx to kill.

您確實回答了我所有的問題，但我能否就 RFP 提出一個簡短的澄清問題？所以我認為幻燈片中會有一些關於七月份清晰度的語言。這是喬治的 RFP。但是，我認為，新聞稿中也提到，您將在 2025 年獲得更多增量數據點？然後丹，我想你說的是第二季電話會議，大概是在七月的某個時候，我們將能夠獲得更多的資本支出。

So are we going to get concrete data points from the RFP in July itself?

那麼，我們是否會在 7 月從 RFP 中獲得具體的數據點？

So definitely, digested by the time of our Q2 call we will be able to speak to, we believe, incremental capital opportunities at least associated with that largest all-source RFP and maybe some degree of the other RFPs. And so that will kind of address most, I think, of the potential upside capital that we pointed to.

因此，我們確信，到第二季度電話會議時，我們將能夠談論至少與最大的全源 RFP 相關的增量資本機會，甚至可能與某種程度的其他 RFP 相關的增量資本機會。因此，我認為這將解決我們所指出的大部分潛在上行資本問題。

Shar Pourreza, Guggenheim Securities.

沙爾‧普雷扎，古根漢證券公司。

It's actually Alex here on for Shar. Just on the impact from tariffs as we think about the growth opportunities at Southern Power. Sort of what's the exposure there? You could be looking at building contracted gas. And conversely, does the tariff and supply chain environment further conversations for contract renewals for the expiring tolling agreements?

實際上，Alex 是 Shar 的粉絲。當我們考慮南方電力的成長機會時，我們只考慮關稅的影響。那裡的曝光度怎麼樣？您可能正在考慮建立合約天然氣。相反，關稅和供應鏈環境是否會進一步討論即將到期的收費協議的續約？

Yes. Look, Alex, I think the way to think about Southern Power is twofold. One, it's projects they already have underway. And when it comes to that, I think they're incredibly well positioned when it comes to this the solar facility they have under construction is in great shape from that perspective. It's far enough along and materials on the ground enough that there's very little exposure there.

是的。聽著，亞歷克斯，我認為思考南方電力的方式有兩種。一是他們已經在進行的項目。說到這一點，我認為他們在這方面處於非常有利的位置，從這個角度來看，他們正在建造的太陽能設施狀況良好。它距離地面足夠遠，材料也足夠多，因此那裡的暴露很少。

There's a wind repowering project underway. I also feel pretty good about how we're protected there.

目前正在進行風力發電項目。我對我們在那裡所受到的安全也感到非常滿意。

Your question really spoke to new contracted gas in the future. And that's a little bit the beauty of our business model at Southern Power. We don't go out and do speculative projects where we build something and then go get a contract. It's get a contract to make sure the risk mitigations are in place for that contract understand the environment rent from a cost perspective and then go execute. And so I feel confident that we'll have the ability to price in whatever the future holds in terms of cost to build new natural gas.

您的問題實際上涉及未來新的合約天然氣。這就是南方電力商業模式的魅力所在。我們不會出去做一些投機項目，先建好一些東西，然後再去拿合約。簽訂合約是為了確保該合約的風險緩解措施到位，從成本角度了解環境租金，然後執行。因此，我相信，無論未來新建天然氣的成本如何，我們都有能力進行定價。

There's always some degree of risk, but that's where we're also incredibly measured from a contingency and contractual provision perspective.

總是存在一定程度的風險，但這也是我們從應急和合約條款的角度來衡量的地方。

Great. And just a quick one, just a quick one on the upcoming GRC, just sort of how you're thinking about it. it's an election year, the PSC has been more vocal. Just any sense how we should be thinking about the ask or the rate impact you haven't filed yet or conversations happening ahead of silence? .

偉大的。我簡單問一下，關於即將舉行的 GRC，您是怎麼想的。今年是選舉年，公共服務委員會 (PSC) 的言論更加活躍。我們應該如何考慮您尚未提出的要求或利率影響，或是在沉默之前發生的對話？。

Yes. Responding to an earlier question, I think it's too early to really say what the filing will look like. I mean there are a number of variables and puts and takes and issues that have to be dealt with. And yes, clearly is an issue that will be primary and at the forefront of this -- of our thinkings. But it's just, I think, simply too early to kind of say what all of that will look like.

是的。回答之前的問題，我認為現在談論文件內容還為時過早。我的意思是，有很多變數、因素和問題需要處理。是的，這顯然是我們思考的一個主要問題，也是最優先的問題。但我認為，現在談論這一切將會是什麼樣子還為時過早。

I mean we are ordered to file and we'll do that in early July. But I think it'd be it's a little bit premature to speak to kind of what the actual and what some of the exact provisions and considerations will look like at this time.

我的意思是我們被命令提交文件，我們將在七月初提交。但我認為現在談論實際情況以及一些具體的規定和考慮還為時過早。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

Thank you. Hello, everyone. Two-part question here. As you go into the RFPs and any other generation contracting and look forward, how much is midstream becoming a constraint. And then you've also identified that to an extent as part of the upside CapEx opportunities.

謝謝。大家好。這裡的問題分為兩部分。當你深入了解 RFP 和任何其他發電合約並展望未來時，你會發現中游在多大程度上會成為限制因素。然後，您還在某種程度上將其確定為上行資本支出機會的一部分。

Is that something a midstream gas investment or a midstream gas joint venture or something like that, a potential that we might see midyear as you update it?

這是中游天然氣投資還是中游天然氣合資企業或類似的東西？我們可能會在年中更新時看到這種潛力？

Yes, Trevor, this is Dan. I'll take that. Is gas supply, a focus for us as we look at these generation expansion plans, absolutely. But I think we're incredibly well positioned there. We're participating in a multitude of expansion projects in the Southeast as a procure of natural gas.

是的，特雷弗，這是丹。我會接受的。當我們考慮這些發電擴張計畫時，天然氣供應絕對是我們關注的重點。但我認為我們在那裡處於非常有利的位置。我們正在參與東南部的眾多擴建項目，以採購天然氣。

So locking up, if you would, firm transportation and natural gas to serve our needs well into the future. So it's -- I think there is on a sufficient starting point for supply and great line of sight for incremental supply. When it comes to our own investments, none of that is greenfield brand-new pipeline opportunities. We already have 50% interest in the Southern Natural pipeline that kind of overlays our Southeast service territory that's our largest midstream investment, Kinder Morgan operates that on behalf of our partnership. And then we've got a couple of other much smaller ventures where we are not the operator and are a passive owner of those facilities.

因此，如果可以的話，請鎖定固定的運輸和天然氣，以滿足我們未來的需求。所以，我認為供應的起點夠了，增量供應的前景也很好。就我們自己的投資而言，其中沒有一個是全新的綠地管道機會。我們已經擁有南方天然管道 50% 的權益，該管道覆蓋了我們的東南服務區域，這是我們最大的中游投資，金德摩根代表我們的合作夥伴運營該管道。然後，我們還有其他一些規模小得多的企業，我們不是這些設施的營運商，而是被動所有者。

And so these upside opportunities are largely associated with potential expansion projects of those pipelines, primarily brownfield, looping very, very little greenfield exposure and all in service territories that we know well.

因此，這些上行機會主要與這些管道的潛在擴建項目有關，主要是棕地，很少涉及綠地，而且都在我們熟悉的服務區域內。

Dan, one thing I would add from a broader policy perspective, mean I was at a meeting conference last week with Secretary of Energy, Secretary of Interior, Secretary of Agriculture and EP administrator as well as some other industry and data center hyperscalers. And I mean, there's just broad consensus that to meet this growing demand is going to have to be more pipes being built as well as more transmission being built to make sure we have capacity and the resources to meet those growing needs. So yes, I mean that's part of our narrative and part of our conversation expressing support for additional permitting reform to make sure that we can, in a timely manner, meet this growing demand by building out the infrastructure in this country.

丹，從更廣泛的政策角度來看，我想補充一點，上週我參加了一個會議，與會者包括能源部長、內政部長、農業部長和環境保護署署長以及其他一些行業和數據中心的超大規模企業。我的意思是，人們普遍認為，為了滿足日益增長的需求，就必須建造更多的管道和輸電線路，以確保我們有能力和資源滿足日益增長的需求。是的，這是我們敘述的一部分，也是我們談話的一部分，表達對額外許可改革的支持，以確保我們能夠及時透過建設這個國家的基礎設施來滿足日益增長的需求。

Perfect. That's great. I appreciate all those details. Now that I know you were in the room with a lot of important people. I got a lot of other questions, but we'll do that later.

完美的。那太棒了。我很欣賞這些細節。現在我知道你和很多重要人物在同一個房間。我還有很多其他問題，但我們稍後會討論。

One other quick one on the dividend policy, anything that the Board is looking at? I know you've been on that $0.08 and even $0.07 for a long time increase. Anything in particular metric wise, that the Board would look to get off of that 7% or 8% increase?

另外關於股利政策還有一個問題，董事會正在考慮什麼嗎？我知道你長期以來一直追求 0.08 美元甚至 0.07 美元的成長。董事會希望從哪些具體指標中擺脫 7% 或 8% 的增幅？

Yes. Look, I think from where we are today, it's a recognition that we've got a lot of financing to do and a big capital plan and a great source of equity is keeping the growth in a dividend more modest than not. And doing so should help us drive our payout ratio a little further south. I think once we are kind of in the low 60% range somewhere, which would kind of be the back end of our plan if we stay at this pace. That's the time to step back and reevaluate to those capital opportunities and equity needs persist out into the future?

是的。看，我認為從我們今天所處的位置來看，我們認識到我們需要進行大量的融資，而龐大的資本計劃和大量的股權來源將使股息保持較為溫和的增長。這樣做可以幫助我們進一步降低派息率。我認為，一旦我們達到 60% 以下的水平，如果我們保持這個速度，這將成為我們計劃的後端。現在是時候退一步重新評估這些資本機會和股權需求是否會持續下去了嗎？

If so, it might remain modest. If not, the Board might have an opportunity to do something different.

如果是這樣，它可能會保持適度。如果沒有的話，董事會可能有機會採取一些不同的措施。

And that will conclude today's question-and-answer session. Sir, are there any closing remarks?

今天的問答環節到此結束。先生，還有什麼結束語嗎？

Yes, we thank you for your interest in Southern Company, and we look forward to speaking with you on our next call. Thank you very much. Have a great day.

是的，感謝您對南方公司的關注，我們期待下次通話時與您交談。非常感謝。祝你有美好的一天。

Thank you, sir. Ladies and gentlemen, this concludes Southern Company's first-quarter 2025 earnings call. You may now disconnect.

謝謝您，先生。女士們，先生們，南方公司 2025 年第一季財報電話會議到此結束。您現在可以斷開連線。