美國南方電力 (SO) 2026 Q1 法說會逐字稿

Good afternoon. My name is Christine, and I will be your conference operator today. At this time, I would like to welcome everyone to the Southern Company first-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位下午好。我是 Christine，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Southern Company 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

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

現在我想將電話交給投資人關係總監 Greg MacLeod 先生。先生，請開始。

Thank you, Christine. Good afternoon, and welcome to Southern Company's first-quarter 2026 earnings call. Joining me today are Chris Womack, Chairman, President, and Chief Executive Officer of Southern Company; and David Poroch, Chief Financial Officer.

謝謝你，Christine。各位下午好，歡迎參加 Southern Company 2026 年第一季財報電話會議。今天與我一同出席的有 Southern Company 董事長、總裁兼執行長 Chris Womack，以及財務長 David Poroch。

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.

提醒各位，今天我們在提供歷史資訊之外，也將發表前瞻性陳述。多項重要因素可能導致實際結果與前瞻性陳述所示存在重大差異，包括我們在 Form 10-K、Form 10-Q 及後續證券申報文件中所討論的因素。

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.

此外，我們也將在本次電話會議中提供非 GAAP 財務資訊。與適用 GAAP 指標之調節表已包含在我們今早發布的財務資訊中，以及本次電話會議的簡報投影片中；兩者皆可於我們的投資人關係網站 investor.southerncompany.com 取得。

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

此刻，我將電話交給 Chris。

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.

謝謝你，Greg。各位下午好，感謝今天加入我們。從我們今早發布的資料可見，我們第一季的調整後盈餘表現高於我們的預估，且所有主要業務均呈現年增成長。

That performance reflects premium execution and the strength of our strategy to serve the phenomenal growth we're seeing across the Southeast with reliable and affordable energy while delivering durable, long-term value for shareholders.

這項表現反映了卓越的執行力，以及我們策略的強勁性：在東南部地區所見的驚人增長之下，以可靠且可負擔的能源滿足需求，同時為股東創造穩健、長期的價值。

We continue to see extraordinary growth and economic development opportunities as our service territories attract investment, people, and jobs at a pace few regions can match. As we previously highlighted, a substantial portion of this growth is driven by projected demand from large load customers.

隨著我們的服務區域以少有地區可比擬的速度吸引投資、人口與就業，我們持續看到非凡的成長與經濟發展機會。如同先前所強調，這些成長中有相當大一部分來自大型負載客戶的預期需求。

The demand for power across our electric service territories has culminated in 23 gigawatts of contracted or latent stage load. In just the last two months, we have signed contracts for another 1.9 gigawatts of customer load with high credit quality hyperscalers bringing our fully contracted large load agreements to more than 11 gigawatts across our electric subsidiaries.

我們電力服務區域的用電需求已累積至 23 吉瓦的已簽約或潛在階段負載。僅在過去兩個月，我們又與具高信用品質的超大規模（hyperscaler）客戶簽署了額外 1.9 吉瓦的客戶負載合約，使我們在各電力子公司之已完全簽約的大型負載協議總量提升至超過 11 吉瓦。

These bilateral negotiated agreements are structured so that customers driving incremental demand, cover the full share of the cost to serve them, helping to ensure this growth benefits all customers. We continue to execute on our plans to serve growth and our straightforward approach protects existing customers.

這些雙邊協商的協議採用的架構是：推動新增需求的客戶承擔為其提供服務的全部成本份額，以協助確保此成長能讓所有客戶受益。我們持續執行服務成長的計畫，而我們直接明確的方法也能保護既有客戶。

We invest in line with demand to serve growth that enables us to deliver regular, predictable, and sustainable results while providing meaningful benefits to the customers and communities we are privileged to serve. Southern Company continues to be uniquely positioned to do this because of our scale, our experience, and our expertise, all supported by constructive long-standing regulatory frameworks.

我們依需求進行投資以服務成長，使我們能交付規律、可預期且可持續的成果，同時為我們有幸服務的客戶與社區帶來實質效益。Southern Company 之所以能在這方面具備獨特優勢，源於我們的規模、經驗與專業能力，並由具建設性且長期穩定的監管架構所支持。

At Southern Company, we are capitalizing on transformative growth opportunities, while delivering energy reliability and rate stability as energy demands grow, with base rates held stable in Alabama and Georgia until at least 2029, along with the recent filing to lower rates in Georgia, associated with the recovery of fuel and storm costs, we are demonstrating the value of this approach.

在 Southern Company，我們把握轉型性的成長機會；在能源需求增加之際，仍能提供供電可靠性與費率穩定性。阿拉巴馬州與喬治亞州的基本費率至少維持穩定至 2029 年；此外，喬治亞州近期亦提出調降費率的申請，與燃料與風暴成本回收相關，這些都展現了此一做法的價值。

Rate stability for our customers is a purposeful objective supported by our constructive, orderly planning and procurement processes, cost management, and thoughtful financing. This same built-for-purpose approach also creates the potential for additional capital investment to serve incremental growth opportunities under established regulatory processes.

為客戶提供費率穩定性是我們有意為之的目標，並由具建設性、秩序井然的規劃與採購流程、成本管理以及審慎的融資所支撐。同樣這種為特定目的而打造的方法，也在既有監管程序下，為服務新增成長機會帶來額外資本投資的可能性。

We have routinely demonstrated, as growth opportunities present themselves, that Southern Company has the ability to convert these opportunities into value through enhanced operations and grid-improving infrastructure investments for the benefit of customers and investors alike.

我們一再證明，當成長機會出現時，Southern Company 有能力透過強化營運與改善電網的基礎建設投資，將這些機會轉化為價值，讓客戶與投資人同受其利。

The construction of many of these investments is well underway. In the last two months, Georgia Power achieved commercial operations for two battery energy storage systems providing nearly 200 megawatts of capacity, representing an important step forward in advancing reliable, sustainable energy solutions across the state.

其中許多投資的建設已在積極推進。在過去兩個月，Georgia Power 兩套電池儲能系統已達成商轉，提供近 200 兆瓦的容量，這是推動全州可靠、永續能源解決方案的重要一步。

These projects are the first of several resources included within our 10 gigawatt portfolio of approved new generation resources that are in development to power the extraordinary predictive growth in our region, including multiple battery systems and natural gas combustion turbines that are projected to be online later in 2026 and 2027.

這些專案是我們已核准、總計 10 吉瓦的新發電資源組合中首批投入的資源之一；該組合目前正處於開發階段，用以支撐本區域非凡且可預見的成長，包括多套電池系統與天然氣燃燒渦輪機，預計將於 2026 年下半年及 2027 年陸續上線。

Before I turn the call over to David for our financial update, I'd like to highlight the recently announced historic $26.5 billion in loan agreements with the Department of Energy that will benefit customers across Alabama and Georgia for decades.

在我把電話交給 David 進行財務更新之前，我想強調近期宣布的一項具歷史意義的消息：我們與美國能源部（DOE）達成總額 265 億美元的貸款協議，將在未來數十年為阿拉巴馬州與喬治亞州的客戶帶來效益。

As we expect these loans to translate into meaningful long-term customer savings while reducing pressure on our capital market needs, over the approximately 30-year term of the DOE loans. This lower cost financing is projected to generate cumulative savings of $7 billion for customers.

我們預期，這些貸款在約 30 年的 DOE 貸款期限內，將轉化為具意義的長期客戶節省，同時降低我們對資本市場融資需求的壓力。此一較低成本的融資預計可為客戶帶來累計 70 億美元的節省。

David, I'll now turn the call over to you for a financial update.

David，現在我把電話交給你進行財務更新。

Thanks, Chris, and good afternoon, everyone. For the first quarter of 2026, our adjusted EPS was $1.32 per share, $0.09 higher than the first quarter of 2025 and $0.12 above our estimate. The primary drivers of our performance for the quarter compared to last year were meaningful customer growth and increased usage, including from data centers at our state-regulated electric utilities.

謝謝你，Chris。各位下午好。2026 年第一季，我們的調整後每股盈餘（EPS）為每股 1.32 美元，較 2025 年第一季高出 0.09 美元，並較我們的預估高出 0.12 美元。本季相較去年同期的主要績效驅動因素為顯著的客戶成長與用電量提升，其中包括我們受州監管電力公用事業之資料中心用電增加。

Additionally, increased revenues in our gas utilities and higher energy-related revenues in our unregulated businesses, including Southern Power, were positive drivers in the first quarter. This was partially offset by higher financing costs and milder weather year over year compared to the first quarter of 2025.

此外，我們天然氣公用事業的營收增加，以及我們非監管業務（包括 Southern Power）較高的能源相關營收，也對第一季表現帶來正面貢獻。上述因素部分被較高的融資成本，以及相較 2025 年第一季更為溫和的天氣所抵銷。

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 $1 per share.

我們今早發布的資料中包含完整的年對年盈餘調節表。我們對第二季的調整後 EPS 預估為每股 1.00 美元。

Turning now to retail electricity sales. First quarter weather normal retail electricity sales to all classes were 2.3% higher than the first quarter of 2025. This represents the highest total retail sales growth that we've seen in the first quarter in recent history.

接著談零售售電量。在第一季，按正常天氣（weather normal）口徑計算，對所有客戶類別的零售售電量較 2025 年第一季增加 2.3%。這是我們近年來所見第一季最高的總零售售電量成長。

In fact, sales to all three customer classes were up year over year, including residential, where we saw 46,000 new customers added to our system as positive trends and net migration continue. The commercial class grew 4.5% in the first quarter when adjusted for weather bolstered by ongoing growth in data centers.

事實上，三大客戶類別的售電量皆呈年增，包括住宅用戶；隨著正向趨勢與淨遷入持續，我們系統新增了 46,000 名新客戶。商業用戶在第一季按天氣調整後成長 4.5%，並受資料中心持續成長所帶動。

Data center usage saw a material expansion in the quarter, up 42% year over year, primarily due to accelerating usage ramps at large load facilities.

資料中心用電在本季出現顯著擴張，年增 42%，主要因大型負載設施的用電爬坡加速所致。

Our industrial sales grew 1.5% with particular strength in several segments, including robust activity at multiple steel manufacturers in Alabama. More broadly, the Southeast continues to stand out as one of the most attractive economic regions in country, driven by a diverse mix of advanced manufacturing, technology, and other energy-intensive industries.

我們的工業用電銷售成長 1.5%，其中多個細分領域表現尤為強勁，包括阿拉巴馬州多家鋼鐵製造商的活躍生產。更廣泛而言，東南部持續成為全美最具吸引力的經濟區域之一，動能來自先進製造、科技及其他高耗能產業的多元組合。

In the first quarter alone, there were economic development announcements for over $7 billion of capital investment and the creation of nearly 4,000 permanent jobs in our region, including a global biopharmaceutical manufacturing project north of Atlanta, bringing $2 billion of investment and over 300 jobs to Georgia.

僅第一季，我們區域內就有超過 70 億美元資本投資、以及近 4,000 個永久性工作機會的經濟發展公告；其中包括亞特蘭大北部的一項全球生物製藥製造專案，為喬治亞州帶來 20 億美元投資與 300 多個工作機會。

The sustained, high-quality growth reinforces why demand in this region of the country remains strong and visible, underscoring the region's tremendous opportunity for future growth. Outside the Southeast, we continue to see momentum in our gas utilities, including our recently announced Hyundai investment in Illinois that is expected to bring 2,500 jobs and $500 million of investment to the Nicor Gas service territory.

這種持續且高品質的成長，強化了為何本國此區域的需求仍然強勁且可見度高，凸顯該區域未來成長的巨大機會。在東南部以外，我們也持續看到天然氣公用事業的動能，包括近期宣布 Hyundai 在伊利諾州的投資，預計將為 Nicor Gas 服務區帶來 2,500 個工作機會與 5 億美元投資。

As we look ahead, the interest from large load customers in our electric service territories, which includes data centers and large manufacturers, remain strong with a prospective pipeline of well over 75 gigawatts, and we continue to make incredible progress advancing projects through stages in our large load process to finality with executed contracts.

展望未來，我們電力服務區域內大型負載客戶（包括資料中心與大型製造商）的興趣仍然強勁，潛在案源管線遠超過 75 吉瓦；我們也持續取得令人驚豔的進展，推動專案在大型負載流程中逐步推進至最終階段，並完成合約簽署。

As Chris mentioned, over the past two months, Georgia Power signed two projects representing 1.9 gigawatts, pushing the cumulative amount of contracted large loads to over 11 gigawatts across Alabama, Georgia, and Mississippi. These bilaterally negotiated contracts with pricing and terms designed to both protect and benefit existing customers also support our long-term financial outlook.

如 Chris 所提，過去兩個月 Georgia Power 簽署了兩個專案，合計 1.9 吉瓦，使阿拉巴馬州、喬治亞州與密西西比州的已簽約大型負載累計總量提升至超過 11 吉瓦。這些雙邊協商的合約，其定價與條款設計旨在同時保護並讓既有客戶受益，也支持我們的長期財務展望。

We continue to see incredible momentum and tangible interest of power from large load customers and are in active, late-stage discussions for another 12 gigawatts of contracted load through the mid-2030s, an increase of 2 gigawatts from what we shared last quarter. Importantly, roughly 6 gigawatts, or half of these late-stage gigawatts, are expected to be finalized with executed contracts in the near term.

我們持續看到來自大型負載客戶在用電需求方面的驚人動能與具體興趣，並正就至 2030 年代中期的另外 12 吉瓦已簽約負載進行積極且已進入後期階段的洽談，較我們上季分享的數字增加 2 吉瓦。重要的是，約 6 吉瓦（約占這些後期階段吉瓦的一半）預期將在近期以已簽署合約的形式完成定案。

In a little over two months, we've seen projects representing 12 gigawatts advancing to the next stage in our large load process. The demonstrated progress we are making in attracting and signing new agreements with large load customers is exciting and continues to drive projected growth in our risk-adjusted load forecast, which ultimately helps inform future generation needs and generation requests for proposals or RFPs across our service territory.

在短短兩個多月內，我們已看到代表 12 吉瓦的專案在我們的大型負載流程中推進到下一階段。我們在吸引並與大型負載客戶簽署新協議方面所展現的進展令人振奮，並持續推動我們風險調整後負載預測的成長；而該預測最終有助於我們研判未來發電需求，以及在我們服務範圍內提出發電招標（RFP）的規劃。

For example, Georgia Power recently initiated the regulatory process for an all-source RFP to procure 2 gigawatts to 6 gigawatts of new dispatchable generation resources, including from thermal generation, battery energy storage, and renewables that are projected to be in service in 2032 to 2033.

例如，喬治亞電力（Georgia Power）近期已啟動一項全來源（all-source）RFP 的監管程序，以採購 2 吉瓦至 6 吉瓦的新可調度發電資源，包括火力發電、電池儲能以及再生能源，並預計於 2032 至 2033 年投入商轉。

Generation procurement through RFPs deliver substantial value to customers and is a testament to the transparent and orderly processes in our vertically integrated state regulated markets with long-range integrated resource planning.

透過 RFP 進行的發電採購可為客戶帶來可觀價值，也證明我們在採行長期整合資源規劃的垂直整合、州級監管市場中，具備透明且有序的流程。

To the extent the company-owned resources are selected through Alabama Power and Georgia Power's active RFP processes and ultimately authorized by their respective PSC, these generation investments would represent substantial, incremental investment above our current base capital plan.

在阿拉巴馬電力（Alabama Power）與喬治亞電力（Georgia Power）目前進行中的 RFP 流程中，若公司自有資源獲選，並最終分別獲其公共服務委員會（PSC）核准，則這些發電投資將代表在我們現有基礎資本計畫之上相當可觀的額外增量投資。

Turning to Southern Power. We are moving forward to add 400 megawatts of additional capacity upgrades through natural gas turbine upgrades and multiple existing facilities in Alabama and Georgia, with commercial operation projected between 2029 and 2031.

接著談 Southern Power。我們正推進新增 400 兆瓦的額外容量升級，將透過天然氣渦輪機升級以及位於阿拉巴馬州與喬治亞州的多座既有設施來完成，預計於 2029 至 2031 年間商轉。

This incremental investment is projected to add approximately $700 million to our capital plan over the next several years. We continue to evaluate other growth investment opportunities at Southern Power including an additional 300 megawatts of natural gas upgrades as well as other new generation opportunities in both the Southeast and other markets to meet future demand.

這項增量投資預計在未來數年為我們的資本計畫增加約 7 億美元。我們也持續評估 Southern Power 的其他成長型投資機會，包括額外 300 兆瓦的天然氣升級，以及在美國東南部與其他市場的其他新發電機會，以滿足未來需求。

Before I turn the call back over to Chris, I'd like to provide an update on our financing activities through the first quarter. We continue to proactively address equity needs that support our long -- our strong credit quality and path towards 17% FFO to debt by 2029. Over the last quarter, we sourced an incremental $500 million of equity through our at-the-market or ATM program with forward contracts that settle at our discretion by 2028.

在我把電話交回給 Chris 之前，我想先更新我們截至第一季的融資活動。我們持續主動因應股權需求，以支撐我們強健的信用品質，以及在 2029 年前達成 FFO 對債務比率 17% 的路徑。過去一季，我們透過即時市價發行（ATM）計畫並搭配遠期合約，額外取得 5 億美元股權；該等遠期合約可由我們自行決定於 2028 年前結算。

Combined with the significant amount of equity previously sourced and including the incremental 700 megawatts of Southern -- I'm sorry, $700 million of Southern Power projected capital expenditures I mentioned earlier, we project the remaining need for equity or equity equivalents of approximately $1.8 billion through 2030 in support of our capital plan and long-term credit objectives. We are well positioned to continue financing our remaining equity needs in a credit-supportive and shareholder-focused fashion.

結合先前已取得的大量股權，並納入我先前提到的 Southern Power 預計新增 7 億美元資本支出後，我們預估為支持資本計畫與長期信用目標，至 2030 年仍需約 18 億美元的股權或類股權工具。我們已具備良好條件，將以有利於信用、並以股東為核心的方式，持續滿足剩餘的股權融資需求。

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

我現在把電話交回給 Chris。

Thank you, David. Last week, the Southern Company Board of Directors approved an increase of $0.08 per share in our annual common dividend, raising the annualized rate to $3.04 per share. This action marks our 25th consecutive annual increase, and this will now be 79 consecutive years, dating back to 1948, Southern Company has paid a dividend that is equal to or greater than the previous year.

謝謝你，David。上週，Southern Company 董事會核准將我們普通股年度股利每股提高 0.08 美元，使年化股利率提升至每股 3.04 美元。此舉是我們連續第 25 年調升年度股利；同時也代表自 1948 年以來連續 79 年，Southern Company 所支付的股利均不低於前一年度。

Increase in dividend 25 years in a row represents a historic milestone for the company and underscores our focus on premium risk-adjusted total shareholder return and our goal of delivering regular, predictable, and sustainable value for our shareholders. We are incredibly proud of our strong dividend track record, which continues to be an integral part of Southern Company's long-term value proposition.

連續 25 年調升股利是公司歷史性的里程碑，並凸顯我們對優質、風險調整後的股東總報酬的重視，以及為股東提供規律、可預期且可持續價值的目標。我們對強勁的股利紀錄深感自豪；這仍是 Southern Company 長期價值主張中不可或缺的一部分。

As we conclude our discussion today, our first-quarter results reinforce a simple point. Our company is delivering. We're off to a strong start in 2026, and that momentum gives us confidence as we continue executing our long-term goals. We're capturing growth, protecting customers, and creating long-term value, and we're doing it in a disciplined, predictable way. With that foundation, we have a bright future ahead.

在我們今天的討論接近尾聲之際，第一季的業績再次強化了一個簡單的重點：我們公司正在交出成果。我們在 2026 年有一個強勁的開局，而這股動能讓我們在持續執行長期目標時更具信心。我們正在掌握成長、保護客戶並創造長期價值，而且是以自律、可預期的方式來達成。有了這樣的基礎，我們的未來一片光明。

Thank you for joining us this afternoon and for your continued interest in Southern Company. Operator, we are now ready to take questions.

感謝各位今天下午參與，也感謝各位持續關注 Southern Company。接線員，我們現在準備開始提問。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（接線員指示）Shar Pourreza，富國銀行（Wells Fargo）。

Hey, guys. All right. Not too bad. I hope you're doing well. Just on new nuclear, there seems to be a consortium that's formed with utilities and hyperscalers maybe with some backstop by US government around new AP1000s.

嗨，各位。好，還不錯。我希望你們都一切順利。關於新核能，似乎有一個由公用事業公司與超大規模雲端業者（hyperscalers）組成的聯盟正在形成，可能還有美國政府在新 AP1000 方面提供某種後盾支持。

And it seems like there could be some views that hyperscalers would be willing to take on some of the cost inflation risk above budgeted amounts. One of your peers highlighted that they wouldn't be surprised if the first deal was announced this year.

而且看起來可能有人認為，超大規模雲端業者願意承擔超出預算金額之上的部分成本通膨風險。你們的一位同業提到，他們不會意外若今年就宣布第一筆交易。

Can you maybe comment on your views? Is Southern interested? Are you in the consortium? Just, I guess, some thoughts on new nuclear in light of the learning curves of Unit 3 versus Unit 4? Thanks.

你們能否談談你們的看法？Southern 是否有興趣？你們是否在該聯盟中？另外，考量 3 號機組相較於 4 號機組的學習曲線，我想請教你們對新核能的一些想法？謝謝。

Yeah. Shar, a very, very good question. And let me have the offsite say, I am very excited to see all the actions that the Trump administration has taken to support the build and construction of new nuclear. I mean, I've said you heard me say it many times with the growth that we see in this country. I think is going to be important that we have make available new nuclear in this country to help them support and meet this demand.

是的，Shar，這是一個非常、非常好的問題。先讓我開宗明義地說，我對川普政府為支持新核能建置與興建所採取的所有行動感到非常振奮。我的意思是，我已經說過、你們也多次聽我說過，隨著我們在這個國家看到的成長，我認為讓新核能在美國得以推進、以協助支撐並滿足這些需求，將會很重要。

I mean, the Trump administration, I think, has taken some wonderful steps on the regulatory front. All the conversations that DOE is leading and having today about long lead times for supply chains, all of these issues are matters that we clearly have to address and get our arms around. All of these things can help mitigate risk associated with new construction.

我認為川普政府在監管面向採取了一些很棒的措施。能源部（DOE）目前主導並進行的各項對話，包含供應鏈長交期等議題，這些都是我們顯然必須面對並加以掌握的事項。這些作為都能協助降低與新建工程相關的風險。

As you know, and as said before, Southern Company is not at a place to make a commitment about building a new unit. We're going to continue to share the experiences that we gained from Bubble Units 3 and 4, sharing that here in this country and other places with other industries and other companies that are interested in moving forward, but I'm very thrilled and very excited about the conversations and the commitments and the actions that are being taken, particularly around doing more around AP1000s with a group of companies.

如各位所知、也如先前所說，Southern Company 目前尚未到可以承諾興建新機組的階段。我們會持續分享從 Vogtle（Vogtle）3、4 號機組所獲得的經驗，在美國以及其他地區與其他產業、以及有意推進的其他公司分享；但我對目前的對話、承諾與行動感到非常振奮，特別是圍繞著由一群公司推動更多 AP1000 的相關工作。

I'm glad to see this action and work being taken. Once again, be clear, we're not at a place for Southern Company in terms of making that kind of decision. But it's really exciting and real positive to see the work that's being led by this administration to support the development of new nuclear construction.

我很高興看到這些行動與工作正在進行。再次說清楚，就 Southern Company 而言，我們尚未到要做出那類決策的階段。但看到本屆政府所主導的工作、用以支持新核能建設的發展，確實令人振奮且非常正面。

Got it. Perfect. Thank you for that. And then just on Southern Power, obviously, there are a lot of opportunities there with existing tolling agreements that are going to start to roll off. I guess, have those renegotiation conversations started? But more importantly, are there any conversations being had with potential hyperscalers with those assets? There seems to be more and more interest on the gas side. I'm just curious there what -- how you're thinking about that process?

了解。非常好，謝謝你的說明。接著關於 Southern Power，顯然那裡有很多機會，因為既有的 tolling agreements（代工式／通行費式合約）將開始陸續到期。我想問，這些重新議約的對話是否已經開始？但更重要的是，是否有與潛在的超大規模雲端業者就這些資產進行任何對話？看起來燃氣端的興趣愈來愈高。我只是好奇你們對這個流程的思考方式是什麼？

Shar, I guess I'd say the answer is yes and yes. I mean, we're in the midst of some recontracting opportunities, and we've talked about where we are and what we see in June 2030s. So yeah, that work is underway. At the same time with all the activity in the marketplace all across this country, we see there could be opportunities for Southern Power.

Shar，我想我會說答案是「是」以及「是」。我的意思是，我們正處於一些重新簽約的機會之中，而我們也談過我們目前的位置，以及我們在 2030 年代初期所看到的情況。所以，是的，這項工作正在進行。同時，隨著全國市場各處的活動升溫，我們也看到 Southern Power 可能存在一些機會。

So yes, they are having those conversations to see what's possible and what's doable. They bring, I think, good construction support and good work that they have experienced all across this company with creditworthy counterparties.

所以是的，他們正在進行那些對話，看看哪些是可能的、哪些是可行的。我認為他們帶來了良好的建設支援能力，以及在整個公司範圍內與具信用的交易對手合作所累積的良好經驗與成果。

And so yeah, I mean, there are conversations that they're having all across the sector to see what opportunities fit our profile. Yeah, I mean, let me end where I started. To your question, the answer are yes and yes. We're doing both.

因此，是的，他們正在整個產業範圍內進行對話，看看有哪些機會符合我們的定位。是的，我最後回到我一開始的回答：就你的問題而言，答案是「是」以及「是」。兩件事我們都在做。

Perfect. And then that's -- I would assume this is all upside to your 7% to 8%, you're not embedding any assumption around this.

很好。那接下來——我想這應該全部都是對你們 7% 到 8% 的上行，你們並沒有把任何關於這點的假設嵌入其中。

Yeah. I mean, once again, I mean, as we think about upside, Shar, we think about strengthen and durability. I mean, how do we add length to our growth trajectory that we've laid out. And things like Southern Power and additional large load projects that we're working on. All those activities could support some additional capital investments, but it brings greater durability to our plan. And so that's how we see all these upside opportunities.

是的。我的意思是，再次強調，Shar，當我們談到上行時，我們想到的是強化與耐久性。也就是說，我們要如何在已經提出的成長軌跡上拉長成長的「跑道」。像是 Southern Power，以及我們正在推進的其他大型負載專案。所有這些活動都可能支持額外的資本投資，但也會讓我們的計畫更具耐久性。因此，我們就是這樣看待所有這些上行機會的。

Very helpful. Thank you, Chris. See you soon. Appreciate it.

非常有幫助。謝謝你，Chris。很快見。感謝。

Thanks, Shar. Good to talk to you. Hope to see you soon.

謝謝，Shar。很高興跟你聊。希望很快見到你。

Definitely.

一定會的。

Nick Campanella, Barclays.

Nick Campanella，Barclays。

Hey. Good afternoon. How are you? Good to hear from you. So I guess you answered it like what you've announced here, the incremental you see strengthening, lengthening the durability of the 7% to 8% CAGR. I guess just my question is just more on the load side and how you think that's affecting the reg strategy. I guess when I take a step back, you committed to these stay-outs late last year.

嗨，午安。你們好嗎？很高興聽到你們的消息。所以我想你們已經回答了——就你們在這裡宣布的內容而言，你們看到的增量是在強化、拉長 7% 到 8% CAGR 的耐久性。我想我的問題更偏向負載端，以及你們認為這如何影響監管策略。我想退一步看，你們在去年底承諾了這些 stay-outs。

And since then, you've been making notable progress both on load visibility and usage ramps. So just how is that creating or changing your philosophy around your regulatory strategy when you would actually go in and file again after these next day out? Are you, I guess, ahead of plan on the load and can that crystallize a further stay out for customers? Thanks.

而從那之後，你們在負載可見度與用量爬坡方面都取得了顯著進展。所以，這如何形塑或改變你們對監管策略的理念——也就是在下一次 stay out 之後，你們何時會再去提交申報？我想問的是，你們在負載方面是否超前於計畫？這是否能為客戶確定（crystallize）進一步的 stay out？謝謝。

Yeah. Nick, let me start, and I'll see what David wants to add. But I think the focus for us is more about rate stability. And so as we have structured these contracts with large loads to make sure they pay their full share and also making sure from collateral to making sure that from cancellation fees to minimum bills or the terms that we're looking to contract, all of that gives us protection but also it supports our ability to make sure that we're protecting existing customers.

是的。Nick，我先說，然後看看 David 想補充什麼。不過我認為，我們的重點更在於費率穩定。因此，當我們與大型負載簽訂這些合約時，我們會確保他們支付其應負擔的全部份額；同時也會從擔保品、解約費、最低帳單，或我們希望納入合約的條款等面向，確保我們受到保護，並且也支持我們確保在保護既有客戶。

And so that gives us the opportunity for this rate stability and freezes in Georgia through '28 and Alabama through '29. So as we do that work, all of that supports -- yeah, the regulatory strategy, but more importantly, it supports our commitment to rate stability to our customers and making sure that all of our customers benefit from this growth that we're experiencing.

因此，這讓我們有機會在喬治亞州做到到 2028 年的費率穩定與凍結，在阿拉巴馬州做到到 2029 年。當我們做這些工作時，這些都支持——是的，支持監管策略，但更重要的是，支持我們對客戶的費率穩定承諾，並確保所有客戶都能從我們正在經歷的成長中受益。

David, anything you want to add to that?

David，你有什麼想補充的嗎？

Yeah, Chris. Nick, thanks. Great question. When we took this opportunity, we saw the road shaping up where these contracts are coming to fruition. The conversations we were having with these large load opportunities where really the momentum was building and we saw the opportunity to provide long-term stability for our customers, and it has really paid off quite well.

有的，Chris。Nick，謝謝。這是個很好的問題。當我們把握這個機會時，我們看到情勢正在成形，這些合約正逐步落地。我們與這些大型負載機會的對話，動能確實在累積，我們也看到了為客戶提供長期穩定性的機會，而這確實帶來了非常好的成果。

These ramps are going exactly as we had thought. The opportunities that we came into with the DOE are further enhancing affordability and stability. Everything is just working out perfectly well with this opportunity and enhancing the benefits for customers.

這些爬坡進度完全如我們所預期。我們與 DOE 合作所帶來的機會，進一步提升了可負擔性與穩定性。整體而言，這個機會的各方面都運作得非常好，也強化了對客戶的利益。

Nick, does that get your question?

Nick，這有回答到你的問題嗎？

Yeah. No, I appreciate it. And would you say just when you set the -- when you made that commitment, are you in line with the plan on your load visibility or ahead of the plan? How would you characterize that, I guess?

有的。我很感謝。那你們會說，當你們做出——當你們做出那個承諾時，你們在負載可見度上是符合計畫，還是超前於計畫？你們會怎麼描述呢？

We're in line -- and yeah, we -- we're focused getting to the top of the range and delivering what we say we're going to deliver. I mean, that's one thing you can count on us to do. And so yeah, we're delivering. And as we said in the opening remarks, we're delivering on what we said we were going to do.

我們是符合計畫——而且是的，我們——我們專注於達到區間上緣，並交付我們說過會交付的成果。我的意思是，有一件事你可以指望我們做到：我們會做到我們說要做的。所以，是的，我們正在交付。正如我們在開場致詞中所說，我們正在交付我們說過要做的事。

And so as we look at this great start to the start of the year, we're excited about where we are here in '26. But as we look long term, we feel very confident about the plan that we've laid out.

因此，當我們看到今年開局的良好起步，我們對 2026 年目前的位置感到振奮。但從長期來看，我們對已經提出的計畫非常有信心。

Okay. And then just my only follow-up is just as we think about wrapping in additional capital, I know you've given that sensitivity for incremental equity, but just thoughts on portfolio rotation at this time.

好的。那我唯一的追問是，當我們考慮納入額外資本時，我知道你們已經給了增量股權的敏感度分析，但此時對投資組合輪動（portfolio rotation）有什麼想法？

Yeah. Nick, it's something that we've talked about regularly. We're always looking around. We are blessed to have the cards that we've been dealt, and we love the portfolio. But if there's an opportunity out there where there's a better buyer, I mean, a better owner of something, we're open to that.

是的。Nick，這是我們經常談到的事情。我們一直都在觀察。我們很幸運擁有目前手上的牌，我們也很喜歡這個投資組合。但如果外面有機會，某項資產有更好的買家——我的意思是，更合適的持有者，我們對此是開放的。

And if there's an opportunity for us to get in and buy something, we're open to that as well. It's got to be in the right circumstances, and we're always looking.

同樣地，如果有機會讓我們進場買一些東西，我們也願意。前提是要在合適的情境下，而我們一直都在尋找。

Thanks.

謝謝。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Hey, Julian. What's happening?

嗨，Julian。怎麼樣？

Hey, Chris, team, guys. Thank you very much. Appreciate it.

嗨，Chris，團隊，各位。非常感謝。感激不盡。

What's going on?

怎麼了？

Let me pick it up where -- hey, let me pick it up or my pal, Nick, just left it off here. You've got $850 million of cumulative bill credits you guys have been talking about here. Is there a chance that that number actually gets revised higher here as you just see this contracted large load number head higher, right? I mean, again, that was a snapshot at a point in time. I imagine you could actually eventually be in a better position here on that point. I think it's partly what Nick was getting after.

我接著——嘿，我接著我朋友 Nick 剛剛停下的地方問。你們一直在談累計 8.5 億美元的帳單抵減（bill credits）。隨著你們看到已簽約的大型負載數字持續往上走，這個數字有可能被上修嗎？我的意思是，這畢竟只是某個時間點的快照。我想你們最終可能在這方面處於更有利的位置。我想這也部分是 Nick 想追問的。

Julien, you know we don't get to have our regulators, first of all. But clearly, as we can continue to deliver these contracts in terms of how they're structured and how they drive additional benefits to existing customers and our focus on putting downward pressure on rates and bills for existing customers, we're always looking for those kind of opportunities.

Julien，你知道首先我們不會替監管機構做決定。但很明顯地，隨著我們持續交付這些合約——不論是合約結構如何設計，以及它們如何為既有客戶帶來額外利益——而且我們也專注於對既有客戶的費率與帳單施加下行壓力，我們一直都在尋找這類機會。

And so this deep focus that we have on rate stability and how we're using growth to support rate stability, clearly, as you laid out, that is a focus of ours. I mean, as we talk about and we've signaled that -- I mean, Georgia Power is in the middle of strong recovery proceedings along with fuel recovery processes, and how those two proceedings can provide benefits and lower bills for customers.

因此，我們對費率穩定的深度聚焦，以及我們如何運用成長來支持費率穩定，顯然如你所說，這是我們的重點。我的意思是，正如我們談到並已釋出訊號——喬治亞電力（Georgia Power）正處於強勁的回收（recovery）程序中，同時也在進行燃料回收程序，而這兩項程序如何能為客戶帶來利益並降低帳單。

That's a major focus of ours as we think about rate stability, as we do the work of signing these large load contracts as we focus on growth, as we manage this company, doing all we can to maintain rate stability but find opportunities to put downward pressure on rates for our customers. That is a keen principal focus of ours.

當我們思考費率穩定時，這是我們的主要重點：在我們簽署這些大型負載合約、聚焦成長、管理公司之際，盡一切努力維持費率穩定，同時尋找機會對客戶費率施加下行壓力。這是我們非常核心的首要重點。

Awesome. Thank you so much. Let me follow this up real quickly here because, obviously, you're showing continued quarter-over-quarter success at the Southern corporate level on finalizing of contracts, right, as you show in that funnel chart, right, in your slide deck. But if I look at the 4Q '25 Georgia Power large load economic development report, it shows some degree of softening in contracted commitments here.

太好了，非常感謝。我再很快追問一下，因為很明顯地，你們在 Southern 集團層級，按季持續成功地完成合約定案——就像你們投影片中的漏斗圖所呈現的那樣。但如果我看 2025 年第四季喬治亞電力大型負載經濟發展報告，它顯示已簽約承諾在某種程度上有所趨緩。

And look, I just one needle, is there something about Georgia versus your other states, Ala maybe Alabama where there's other states accelerating to offset Georgia? Again, there's a timing element here. Again, there's a lot of different numbers floating around, but I just want to make sure I'm understanding the core message here.

而且你看，我只是想釐清一點：喬治亞州相較於你們其他州（例如 Ala，也就是阿拉巴馬州），是否有什麼因素，使得其他州加速以抵消喬治亞？同樣地，這裡也有時間點的因素。也有很多不同的數字在流傳，但我只是想確保我理解你們的核心訊息。

I think it's more about timing, but also, I think, is the other message that we've been communicating that we're seeing this activity migrate to the West as we continue to see increasing activity in Alabama. Yeah, I mean, there is some churn in Georgia.

我認為更多是時間點的問題；但另外一個我們一直在傳達的訊息是，隨著我們持續看到阿拉巴馬州活動增加，我們也看到這些活動正在往西部移動。是的，我的意思是，喬治亞州確實有一些 churn（變動/汰換）。

But I would say the [defi] is still very hot in Georgia, but we're also witnessing greater activity in Alabama and Mississippi as well. But I think you can also look at that pipeline number still 75 gigawatts that I think reflects all the activity that we see. The churn is more speculative, but I think you ought to continue to see more hyperscale activity across the territory.

但我會說，[defi] 在喬治亞州仍然非常火熱；同時我們也在阿拉巴馬州與密西西比州看到更高的活動。不過我認為你也可以看那個管線數字仍然是 75 吉瓦，我想那反映了我們看到的所有活動。這些 churn 更偏向投機性，但我認為你應該會持續看到整個服務區域內更多 hyperscale（超大規模）活動。

Yeah, Julien. One thing to think about as well is recall the rules under which we're negotiating these contracts in Georgia and the need for these potential customers to demonstrate their commitment by posting collateral, that's really shaking a lot of the potentials out of there that are more speculative in nature and leaving Georgia Power to really work with a high-quality portfolio of potential customers in which we're choosing to contract. So I think what you're seeing really is a refinement of that and not a degradation at all. Actually, I'd maybe characterize it as a strengthening of that portfolio of anything.

是的，Julien。還有一點可以思考：回想一下我們在喬治亞州談判這些合約所依循的規則，以及要求這些潛在客戶透過提供擔保品來證明其承諾，這確實把許多較具投機性的潛在案子篩掉了，讓喬治亞電力能真正與高品質的潛在客戶組合合作，而我們也會從中選擇簽約。所以我認為你看到的其實是這個組合的精煉，而不是任何程度的惡化。事實上，如果要形容，我可能會說這反而是該組合的強化。

Strengthening in Georgia, nonetheless.

不過，在喬治亞州仍在走強。

Very strong in Georgia, yes.

在喬治亞州非常強勁，是的。

100%.

100%。

Yeah. You got it. Awesome. All right. I'll leave it there, guys. Thank you very much. Appreciate it.

對。你說得對。太棒了。好吧，各位我就先到這裡。非常感謝。感激不盡。

Thank you.

謝謝。

Carly Davenport, Goldman Sachs.

高盛，Carly Davenport。

Hey, Carly.

嗨，Carly。

Hey. Good afternoon. Thanks so much for taking my questions. Maybe just one follow-up on the upgrade opportunities at Southern Power on the gas fleet. I know you announced some of those today. And then it seems like there's another 300 megawatts on the table. Any sense you could give us on timing and evaluating that opportunity? And is that the extent of the upgrade opportunity you see on the gas fleet at Southern Power?

嗨。下午好。非常感謝讓我提問。也許就 Southern Power 天然氣機組的升級機會再追問一點。我知道你們今天宣布了其中一些。然後看起來還有另外 300 兆瓦在討論中。你們能否就時程與如何評估這個機會提供一些看法？另外，這是否就是你們在 Southern Power 天然氣機組上所看到的全部升級機會？

From an uprate perspective, that really covers the whole fleet, if we work through the rest of those opportunities. In terms of timing, we're working through that. That could be over probably the course of the next year or so. But yeah, we set out a plan to explore opportunities to really upgrade each one of the existing generation facilities within the Southern Power Company.

就增容（uprate）的角度來看，如果我們把其餘那些機會也逐一推進，基本上就涵蓋了整個機組群。至於時程，我們正在推進中；大概可能會在接下來一年左右的時間內完成。是的，我們已制定計畫，去探索機會，實質上把 Southern Power Company 現有的每一座發電設施都做升級。

Yeah. Carly, that construction is scheduled to begin this year in 2026. So this is very immediate work that's about to -- that will be done.

對。Carly，那項工程預計在 2026 年的今年開始動工。所以這是非常即時、即將——也將會完成的工作。

Got it. Okay. Great. Thank you for that. And then maybe just to touch base on Georgia, obviously, two seats up on the PSC for election this year. Just curious if you could provide your latest thoughts just on the setup, in terms of the focus areas of the candidates you've heard thus far? And just any views on latest temperature in Georgia around affordability and development.

了解。好。很好。謝謝你的說明。接著想再確認一下喬治亞州的情況：很明顯，今年 PSC 有兩個席次要改選。想請教你們對目前選情布局的最新看法，例如截至目前你們聽到候選人關注的重點領域有哪些？以及喬治亞州近期在可負擔性與發展方面的氛圍，你們有什麼觀察？

Yeah. So as you know, I mean, there's -- their primary elections on May 19, if they are runoffs. They will be June 16. So yeah, there's a lot of conversation that everybody is on the campaign trail, a lot of conversations about data centers and large load customers and things like rate stability. So I mean, all of those issues are being debated on the campaigns rail.

好的。如你所知，他們的初選在 5 月 19 日；如果需要決選，將在 6 月 16 日。所以目前確實有很多討論，大家都在跑選舉行程，談論很多議題，包括資料中心與大型負載客戶，以及像費率穩定性之類的議題。這些議題都在競選過程中被辯論。

And we'll see how that plays out in terms of the results of the election. I mean, one of the things that that I'd just love to add in that regard, I mean, Southern Company has been around for over 100 years, and we've seen a lot of twists and turns politically.

至於選舉結果會如何發展，我們就拭目以待。我想在這方面補充一點：Southern Company 已經存在超過 100 年，我們也見過政治上各種曲折變化。

But with the experience that we've had and the ability to navigate whichever way the politics go from one side or the other, we, I think, have a tremendous history of being able to work with both parties on whoever is in office.

但憑藉我們的經驗，以及無論政治風向往哪一邊走、我們都能因應的能力，我認為我們在與兩黨合作方面有非常深厚的歷史，不論誰在位都能合作。

And we feel comfortable and confident that because of the work we do across our communities and our employees living to work there, the commitments we have to the state, we are very confident about our abilities and continue to have a constructive regulatory environment no matter how these elections turn out.

而且我們也感到安心且有信心：因為我們在社區所做的工作、員工在當地生活與工作、以及我們對州政府的承諾，我們非常有信心能持續維持具建設性的監管環境，不論這些選舉最後結果如何。

Very clear. Thank you so much for the time.

非常清楚。非常感謝撥冗。

Thanks, Carly.

謝謝你，Carly。

Steve D’Ambrisi, RBC.

RBC，Steve D’Ambrisi。

Hi, Steve.

嗨，Steve。

Hey, Chris. Thanks very much for taking my question. Just had a quick one. There's -- it seems like there's a pretty significant acceleration in like the pace of how you're moving these large loads into late stage and finalizing.

嗨，Chris。非常感謝讓我提問。我只有一個簡短問題。看起來你們把這些大型負載推進到後期階段並完成定案的速度有相當明顯的加快。

And just there's a lot of good numbers of gigawatts that are thrown around. So you added two and then you expanded finalizing in late stage to 12 gigawatts. Just how does that interplay with the 2 gigawatts to 6 gigawatts or like the sizing of the RFP that you're currently working on?

而且外界提到很多以 GW 計的數字。你們新增了 2GW，並把後期階段的定案規模擴大到 12GW。這和你們目前正在進行的 RFP 規模 2GW 到 6GW 之間，彼此是怎麼互相影響的？

And just like to the extent we see -- I just want to make sure I level set to understand like what adding 2 gigawatts to the contract pipeline means or how much of the new RFP that eats up and then what any incremental signings mean for subsequent RFPs, or if that makes sense?

也就是說，在我們看到——我只是想把基準釐清：新增 2GW 到合約管線到底代表什麼？它會吃掉目前新 RFP 的多少容量？以及任何額外簽約對後續 RFP 會意味著什麼？不知道我這樣問是否清楚？

Yeah. No, it does. It speaks to updates in the low forecast in terms of a result of the work that we're seeing and the demands that we're seeing from large loans, but also I don't want to take for granted the other large manufacturing opportunities that we see across the state.

是的，很清楚。這反映了負載預測的更新，因為我們看到的工作進展與大型負載的需求都在增加；但我也不想忽略我們在全州看到的其他大型製造業機會。

I mean, there is a -- I mean, as we talked about, I mean, there's a lot of investment. There are a lot of people. There are a lot of jobs. There's a lot of capital and a lot of interest in our states. And what you see in that RFP is a reflection of that increase in load forecast.

我的意思是——如我們所談到的——有大量投資、有很多人口、有很多工作機會、有大量資本，也有很多人對我們的州有興趣。你在那份 RFP 中看到的，就是這種負載預測上修的反映。

And the other thing I'd say to you, and we don't take it for granted and we try to communicate this very carefully, but also just very proud of the fact, as you look at our structure, this vertically integrated structure that we have in terms of the orderly processes and the certainty that we can have with these bilateral negotiations in terms of understanding what these customers need and our ability to respond and to align with their needs is really say, paying off, delivering.

另外我想說的是，我們不會把這些視為理所當然，也會非常謹慎地溝通；但我們也為此感到非常自豪。當你看我們的架構——我們的垂直整合架構——在有序流程與確定性方面，透過雙邊協商，我們能理解客戶需要什麼、也能回應並與其需求對齊，這確實正在發揮效果、帶來成果。

And that's what you see through this RFP, but that's what you also see in this pipeline, in this funnel that we speak to in terms of we highlight the work that we're doing, the activity that we're doing, and we're seeing, I guess, a new phrase we're using, call repeat buyers. They find success and say, okay, you can deliver, let's come back and get a little bit more. And so it gives us the reason to be very bullish about the robust activity and demand that we see in our territory.

這就是你在這次 RFP 中看到的，也是在我們所說的管線、漏斗中看到的：我們強調我們正在做的工作與活動。我想我們也看到一個新說法——我們稱之為「回頭客」。他們合作成功後會說，好，你們能交付，那我們再回來多拿一點。因此，這讓我們有理由對我們服務區域內所見到的強勁活動與需求保持非常樂觀。

Okay. That's really helpful. And then just a couple of earlier questions were about accelerating the loads and what it means for affordability. But can you just talk a little bit about the fact that it seems like you guys are pricing these so that minimum bills cover the incremental cost to serve.

好，這很有幫助。接著，前面有幾個問題談到負載加速以及對可負擔性的意涵。但你能否再談談：看起來你們的定價方式是讓最低帳單（minimum bills）能覆蓋新增的供電成本（incremental cost to serve）。

And so to the extent you have ramp rates exceeding or coming -- exceeding minimum bills and coming close to what is actually projected by the hyperscalers what that means for customer rates and what the timeline would be to discuss that with regulators.

因此，若實際爬坡速率（ramp rates）超過或接近最低帳單所假設的水準，並且接近超大規模業者（hyperscalers）實際預測的用電，這對其他客戶費率意味著什麼？以及你們會在什麼時間點與監管機關討論？

Let me start, and then David, I'll kick it to you. I know there's been a language out there about incremental. I mean, I think for us, I think more about full in terms of making sure they cover their full share. And as a result of doing that, that provides existing -- provides benefits to existing customers.

我先回答，然後再請 David 補充。我知道外界有一些用語在談「增量」。但對我們而言，我們更著重「全額」——也就是確保他們承擔其完整份額的成本。如此一來，就能為既有——為既有客戶帶來好處。

And that allows us to even have consideration about things like maintaining rate stability and freezes and those things and putting downward pressure on existing customers' rates by having -- by negotiating with these customers to make sure they're covering their full cost, growth provides an opportunity provide benefits to existing customers.

這也讓我們能考量像是維持費率穩定、凍結費率等作法；透過與這些客戶協商，確保他們支付其完整成本，成長就能帶來機會，為既有客戶帶來好處，並對既有客戶費率形成下行壓力。

I mean, growth is a wonderful value and benefit and contributor to what we've been able to do and what we've been able to deliver to all of our customers and particularly to our existing customers.

我的意思是，成長是一個很棒的價值、好處，也是我們能做到、能交付給所有客戶——尤其是既有客戶——的重要貢獻來源。

Yeah. And Steve, you may also want to think about, I think, a differentiating factor in our contracts is the minimum bill that is established within the contract, and it is designed to recover all of the cost introduced into the system, like Chris said. But we're not, if you will, held captive to a variable pricing methodology in order to recover those costs.

是的。Steve，你也可以這樣理解：我認為我們合約的一個差異化因素，是合約中設定的最低帳單，它的設計目的就是要回收導入系統的所有成本，如 Chris 所說。但我們並不是——如果你願意這麼說——被迫依賴某種變動定價方法來回收那些成本。

It's all embedded within the minimum bill. So you could think about it as basically writing a call option to the network, and we recover our costs through that minimum bill not through the variable pricing and making sure that the customer achieves their ramp rates.

所有內容都內嵌在最低帳單裡。所以你可以把它想成基本上是對電網寫了一個買權（call option），我們透過最低帳單回收成本，而不是透過變動定價並要求客戶達到其爬坡速率來回收。

It's really a very thoughtful design, I think, a differentiating factor around the country, and it's really helping to protect our customers and provide the stability and downward pressure on rates going forward.

我認為這是一個非常周全的設計，也是全美範圍內的差異化因素；它確實有助於保護我們的客戶，並在未來提供穩定性與對費率的下行壓力。

Okay. That's great. Thanks very much for the time. I appreciate it.

好，太好了。非常感謝撥冗。我很感激。

Thank you very much.

非常感謝。

Nick Amicucci, Evercore ISI.

Evercore ISI，Nick Amicucci。

Thanks, everybody. And yeah, perfect timing there. So actually, David, I wanted to hone in on that a little bit. Just the -- I guess, the attractiveness/the ability of you guys who leverage the notion of virtual power plants and just leveraging all of your asset base just being that you guys are fully integrated and the attractiveness of that to just expediting this -- the time to power type of mechanism.

謝謝各位。對，時間點剛剛好。所以其實，David，我想再深入一點。就是——我想——你們運用「虛擬電廠」概念的吸引力／能力，以及你們作為完全垂直整合公司、能運用整個資產基礎的優勢；這對於加速這種——「通電時間」（time to power）機制——的吸引力是什麼？

What's your question?

您的問題是什麼？

Yeah, if you could just comment on that and just frame that. Is that part of the appetite part of the attraction for you guys just to be able to expedite the process to have time to power through that -- those types of mechanisms.

是的，如果您能就此評論一下並加以框架說明。這是否屬於對你們而言具吸引力的一部分——也就是能夠加快流程、騰出時間把這些——這類機制推進完成的那種意願？

Nick, I mean, great observation, and you use the term vertically integrated. And I think that really does help us greatly in terms of marketing these contracts and having these conversations. The counterparty knows exactly where all of their generation is going to come from, where their transmission infrastructure is going to come from, where the distribution infrastructure is necessary to come from.

Nick，我是說，觀察得很好，你用了「垂直整合」這個詞。我認為這確實在行銷這些合約、以及進行這些對話方面，對我們幫助很大。交易對手非常清楚他們所有的發電將從哪裡來、輸電基礎設施將從哪裡來、以及所需的配電基礎設施將從哪裡來。

And so we've been very transparent with our customers through these conversations to make sure that they understand the cost makeup, understand how it's going to happen, when it's going to happen and we've been able to deliver on that.

因此，在這些對話中，我們一直對客戶非常透明，確保他們了解成本構成、了解將如何發生、何時發生，而我們也一直能夠交付承諾。

So you answered maybe your own question, and I'd point you back to the vertically integrated model under which we work and the transparent structured regulatory processes in which we go through to establish the approval for the capital that we're able to deploy and the resources that we bring to serve these contracts.

所以你可能已經回答了你自己的問題；我會把你帶回到我們運作所依循的垂直整合模式，以及我們用來取得資本支出核准、並建立我們得以部署的資本與用以服務這些合約之資源的透明、結構化監管流程。

Great. No, that's helpful. And then if we think about just the incremental growth going forward and just the availability of -- within the supply chain and turbine availability. Obviously, you guys had somewhat front run these higher prices. So as we think about it, it seems like you guys are able to ring fence a lot of the costs.

很好。不，這很有幫助。接著，如果我們思考未來的增量成長，以及供應鏈內的可用性——包括渦輪機供應。顯然，你們在某種程度上已經提前鎖定了這些較高的價格。所以從這個角度看，似乎你們能夠把很多成本圈定起來。

But just like contemplating the generation source and generation asset going forward, just how you guys are thinking about cost mitigating the -- just the pricing increases that we've seen on its natural gas or something else, just how we can get that into a rate base and feel comfortable about it.

但就未來的發電來源與發電資產而言，你們如何看待成本緩解——也就是我們在天然氣或其他項目上看到的價格上升，如何把它納入費率基礎（rate base）並對此感到安心？

Let me say -- and we talked earlier about size and scale. And that is one of the benefits that we bring to this period of time in terms of having these relationships, having worked with OEMs, having worked with term suppliers for years.

我先說——我們先前談到規模與量體。而這正是我們在這段期間所帶來的好處之一：擁有這些關係、與OEM合作、與長期供應商合作多年。

And so we're in line, we have our positions, and we're having ongoing conversations with suppliers to make sure they understand what our needs are, and we understand where they are and making sure that we're that this partnership is being valuable for both parties in terms of not only delivery of units but also in terms of pricing.

因此我們排在隊列中、也有我們的順位；並且我們持續與供應商對話，確保他們了解我們的需求、我們也了解他們的狀況，並確保這段合作關係對雙方都有價值——不僅在設備交付上，也在定價方面。

And so I think in this marketplace, I do think scale matters, relationship matters, having history and experience also brings value. And I think we're bringing all of those characteristics to bear as we operate and function in this incredible transformative period.

所以我認為在這個市場中，規模很重要、關係很重要，歷史與經驗也能帶來價值。我認為在這個令人難以置信的轉型時期，我們正把所有這些特質充分發揮出來，來運作並推進工作。

Perfect. Thanks, guys.

太好了。謝謝各位。

Andrew Weisel, Scotiabank.

Andrew Weisel，豐業銀行（Scotiabank）。

Hey, everybody. Good afternoon. My first question is about the Georgia RP. Apologies if I missed it, but what would be the timing of when the process is completed. And relative to that, when you have visibility into the company-owned resources and, therefore, when we maintain the CapEx update, I think you said it could be substantial incremental investment.

各位好。下午好。我第一個問題是關於喬治亞RP。若我漏聽了先說聲抱歉，但整個流程完成的時間點會是何時？以及相對應地，你們何時能看見公司自有資源（company-owned resources）的能見度，因此何時會維持資本支出（CapEx）更新？我記得你們說可能會有相當可觀的增量投資。

And then related, I think you said the in-service dates would be for 2032, 2033. Could there be appetite for something sooner in the case that demand might materialize earlier? Or is the price specific to that timing?

另外相關地，我想你們提到投運（in-service）日期會在2032、2033年。若需求可能更早實現，是否會有意願把時間提前？還是價格是針對那個時點而定？

I hate to disappoint you, but you're going to hold your breath until the end of the year before we get through that process. So it's a year-long process. And of course, we're not going to get ahead of our regulators and the overall process. So that's the first question. Well, the second question was --

我不想讓你失望，但在我們走完流程之前，你得憋氣等到年底。所以這是一個為期一年的流程。當然，我們不會搶在監管機構與整體流程之前。這是第一個問題。那第二個問題是——

Could there be in service dates sooner than 2032, 2033? Like in other words, I know a lot of -- you're pointing to new gas with those dates, but I know it's all resource.

投運日期能否早於2032、2033年？換句話說，我知道很多——你們以那些日期指向新的燃氣機組，但我知道這是所有資源。

Not tied to this RFP. Not for this one.

不會與這次RFP綁在一起。這一個不會。

We'll go through the selection process through the rest of this year, and then that will lead to a certification process that will take us pretty much through 2027. And then to the extent that we work through that process and any of our proposals are selected.

我們會在今年剩餘時間完成遴選流程，接著會進入認證（certification）流程，這將讓我們大致一路走到2027年。然後在我們走完該流程、且我們的提案若有任何被選中之情況下。

That would lead toward initiating spend probably in 2028 with those deliveries in '32, '33, and I think we've talked about this in the past, there's probably a decent rule of thumb for maybe a gig of company-owned resources might be 2%-plus-ish of incremental CapEx in the latter part of the planning horizon and into the next decade.

那將導向在2028年左右開始啟動支出，並在2032、2033年交付；而且我想我們過去談過，作為一個經驗法則，約1GW的公司自有資源，可能會在規劃期後段並延伸到下一個十年，帶來約2%多一些的增量CapEx。

Yeah. And as you know, we're building some 10 gigawatts now that gets us through the end of this decade and then the RFP that was certified at the end of last year, that gets us into the early parts of the 2030s. So once again, it speaks to the very orderly processes and planning processes that we have across our company.

是的。如你所知，我們目前正在建置約10GW，這讓我們一路到本十年末；而去年底完成認證的那個RFP，則讓我們進入2030年代初期。所以再一次，這反映出我們公司在各方面都具備非常有序的流程與規劃流程。

Very helpful. Okay. Then just to clarify on the equity outlook. First, the $26.5 billion of DOE loan guarantees. Am I right that that would reduce traditional debt dollar for dollar without impacting the equity?

非常有幫助。好的。那再釐清一下股權展望。首先，265億美元的DOE貸款擔保。我理解這會以一比一的方式降低傳統債務，而不影響股權，對嗎？

Is that the right way to think about it? Then it looks like an incremental $300 million of equity relates to $700 million from the Southern Power Gas upgrades. What would be the timing of that? I think the upgrades are for '29 to '31 or should I think of the equity being in the later years of the plan.

這樣理解對嗎？另外，看起來新增的3億美元股權與Southern Power燃氣升級的7億美元有關。那個時間點會是何時？我想升級是在2029到2031年，還是我應該把股權視為在計畫後期年度投入？

And just to clarify, you do move forward with the additional 300 megawatts, would that require additional equity, or was that included? Sorry, I guess that was a 3 for 1.

再釐清一下，如果你們推進額外的300MW，是否需要額外股權，還是已經包含在內？抱歉，我想這等於一次問了三個問題。

Yeah, that's a multi-parter. So first, yeah, the DOE loans, that definitely helps our capital markets needs pretty much takes care of us for at least the foreseeable future. Great pricing helps with liquidity, and at Georgia and Alabama, recall. Now you talked about Southern Power uprates. And yes, we're continuing along with that 40% equity proportion as we grow those capital opportunities. So that is incremental.

是的，這是多段式問題。首先，沒錯，DOE貸款確實能幫助我們的資本市場需求，基本上至少在可預見的未來都能讓我們無虞。很好的定價也有助於流動性；而且請回想喬治亞與阿拉巴馬。接著你提到Southern Power的增容（uprates）。是的，隨著我們擴大這些資本機會，我們會持續維持40%的股權比例。因此那是增量的。

That's what we talked about now and keeping us in line with that 17% FFO to debt, as we explore those other opportunities beyond the $700 million we talked about today would likely carry about a 40% ongoing equity proportion.

這就是我們現在所談的，並讓我們維持在17%的FFO對債務比率（FFO to debt）。當我們探索今天提到的7億美元之外的其他機會時，通常也會維持約40%的持續股權比例。

And we'll explore whatever opportunities are available to us at the time and take advantage of market circumstances. But I think it's a good rule of thumb to continue to expect about 40% of incremental capital to be funded through equity.

我們會在當時探索任何可用的機會，並利用市場情勢。但我認為一個不錯的經驗法則是，未來仍可預期約40%的增量資本將透過股權來籌措。

Okay. Very helpful. Thank you. Appreciate it.

好的。非常有幫助。謝謝。感謝。

Richard Sunderland, Truist.

Richard Sunderland，Truist。

Hey. Good afternoon. Thanks for the time. Just one for me. Recognizing the progress on the Southern Power upgrades and the 300 megawatts ago. Just curious about the overall development arch here given that progress on the upgrades is it tracking the expectations you laid out on the 4Q update? And how are you thinking about the timing for more visibility in the, say, brownfield greenfield development there? Thank you.

嗨。下午好。謝謝撥冗。我只有一個問題。考量到Southern Power升級以及那300MW的進展。想請教整體開發路徑（development arch）——鑑於升級進度，是否符合你們在第四季更新中提出的預期？以及你們如何看待在例如既有場址（brownfield）與新建場址（greenfield）開發方面，何時能有更多能見度？謝謝。

Yeah. I think it's been tracking as we expected. The interest is very strong on both the recontracting opportunities that we have in negotiation with existing customers. Clearly, from a brownfield standpoint, we're in early-stage considerations of those possibilities. So I think probably later in the year, we'll be in a better position to give you more update on where all that stands.

是的。我認為進度如我們預期在推進。無論是我們與既有客戶洽談中的續約（recontracting）機會，市場興趣都非常強。很明顯地，從既有場址（brownfield）的角度，我們仍在早期階段評估這些可能性。所以我想可能在今年稍晚，我們會更有條件向你提供更多更新，說明整體進展。

But as we said before earlier, we're executing on what we've highlighted. And so we're moving through the plan, I think, very orderly and delivering as we have outlined. But we'll keep you posted as we see results as projects begin to bear fruition.

但如同我們先前所說，我們正在執行我們已強調的事項。因此我們正按計畫推進，我認為非常有序，並依照我們所概述的內容交付成果。不過當我們看到結果、專案開始開花結果時，我們會持續向你更新。

Perfect. That's all for me. Thank you.

很好。我就這些。謝謝。

Thank you.

謝謝。

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

Hey. Thanks so much. Thanks for taking the questions. Wondering if you could speak to the supply chain and just where you stand currently in terms of access to some of the tight areas like turbines and labor, what you're seeing there?

嗨。非常感謝。謝謝回答問題。想請你談談供應鏈，以及你們目前在取得一些緊俏項目（例如渦輪機與勞動力）方面的狀況，你們看到的情形如何？

It's -- in this current market, it's not anything you can take for granted. I would tell you, though, once again, I speak to the size and scale of our company and the relationships that we have with these suppliers. The headline would be we're very well positioned, okay? But still, that is not something we can sleep on. We have to continue to work it, whether it's turbines, whether it's transformers, whether it's wire, cable, you name it.

在目前這個市場，沒有任何事情是可以想當然耳的。我會告訴你，再一次，我要回到我們公司的規模與量體，以及我們與這些供應商之間的關係。重點是：我們的定位非常好，好嗎？但即便如此，這也不是我們可以掉以輕心的事。我們必須持續推進，不論是渦輪機、變壓器、電線、電纜，凡此種種。

That is something our supply chain organization continues to be very aggressive in terms of focused on. We do have -- as we look at RFPs, we do have the turbines identified to support the RFPs.

那是我們供應鏈組織持續非常積極、並且高度聚焦在推進的事項。當我們檢視 RFP 時，我們確實已識別出可用來支援這些 RFP 的渦輪機。

Also, you mentioned labor. We've had a long history of working with labor. We have, I think, an incredible relationship, whether it's building trades, other organizations, labor organizations, and we continue to update them in terms of what our needs are, our construction schedules, and the skills that will be needed.

另外，你提到勞動力。我們與勞工長期合作，歷史悠久。我認為我們擁有非常出色的關係，不論是建築工會、其他組織、勞工組織；而且我們持續向他們更新我們的需求、施工時程，以及所需的技能。

And that relationship -- those relationships I think will bear fruit from us because you've got to expect there's going to be some tightness in the labor market. And so I think those relationships would be very, very important. I mean, I go back to on the Vogtle construction, at peak periods, we had some 10,000 laborers on the site.

而那段關係——那些關係——我認為會為我們帶來成果，因為你必須預期勞動力市場會出現一些吃緊。因此我認為這些關係會非常、非常重要。我的意思是，回到 Vogtle 的建設，在高峰期，我們現場大約有 10,000 名工人。

And all that we went through through that project I think, further enhance the relationship that we have with labor. We continue to be involved with it. We continue to have conversations about what's coming down the road and what our needs will be. I think those relationships will pay off very well for us in a very constrained environment. So that would be my answer there.

而我們在那個專案中所經歷的一切，我認為進一步強化了我們與勞工之間的關係。我們持續參與其中，也持續就未來將發生的事情以及我們的需求進行對話。我認為在一個非常受限的環境中，這些關係會為我們帶來很好的回報。所以這就是我對那題的回答。

So it's about coordination but it's also bought a lot of our experience in terms of what we've done and what the work we've done, things we've built. So I feel good about where we are, but we got to keep getting better there. We got to keep working it.

所以這關乎協調，但也帶入了我們大量的經驗——我們做過什麼、完成過哪些工作、建造過哪些東西。因此我對我們目前的狀況感到樂觀，但我們必須持續在這方面變得更好，必須持續推進。

Got it. Yeah. I appreciate that. Very helpful. And then I just wanted to maybe double check. So when would new generation be needed, I guess, as you sign more large load contracts? Like how do we think about the next round of an all-source RFPs? Is there a certain level of gigawatts that you'd expect to trigger that for another round here or more just a matter of time?

了解。是的，我很感謝。非常有幫助。然後我只是想再確認一下。當你們簽下更多大型負載合約時，我想問新的發電資源大概會在什麼時候需要？我們該如何看待下一輪的全來源（all-source）RFP？是否有某個你們預期會觸發再來一輪的 GW 規模門檻，還是更多只是時間問題？

So I think I mentioned earlier on the call, I mean, we're in the midst now of building 10 gigawatts that will support activities and demand through the end of the decade. The RFP that was certified in Georgia end of last year will take us through the early stages of the 2030s.

我想我在電話會議前面提過——我們目前正在建置 10 GW，將支援到本十年末的活動與需求。去年年底在喬治亞州核准的那份 RFP，將帶我們走到 2030 年代初期。

And then this RFP looks more at 2032, 2033 timeframe, somewhere between another 2 gigawatts, 6 gigawatts. I mean, so we're lining up pretty well in terms of matching up with the needs that we're seeing across the economy and across the market.

而這份 RFP 則更著眼於 2032、2033 年的時間框架，大約介於再增加 2 GW 到 6 GW 之間。我的意思是，我們在與我們看到的整體經濟與市場需求做匹配方面，安排得相當到位。

Alabama is also active from an RFP standpoint. So feel pretty good about how we're matching up with the demand and load forecast to meet those deals between now and the mid-30%s.

阿拉巴馬州在 RFP 方面也很積極。所以我對我們如何配合需求與負載預測、以滿足從現在到 2030 年代中期之間的那些交易，感覺相當不錯。

Okay. Great. Thank you. Appreciate it.

好的。非常好。謝謝。很感謝。

Paul Fremont, Ladenburg Thalmann.

Paul Fremont，Ladenburg Thalmann。

Hey. Thank you very much. And a really strong result for the quarter. I just wanted to pursue a little bit Southern Power. Can you give us a sense of how much of that capacity is currently contracted today?

嗨，非常感謝。本季的表現真的很強勁。我想再追問一下 Southern Power。你們能否讓我們了解一下，目前那部分容量有多少已經簽約了？

We've set numbers up in the mid-90%s in terms of what's contracted, but we know many of those contracts go through in the mid-30%s, but we signaled before, but there may be some early review of some of those contracts and our early negotiations in terms of potential recontracting.

我們先前提供的數字是已簽約比例在 90% 中段；但我們也知道其中許多合約會延續到 2030 年代中期。不過我們之前也提過，部分合約可能會有較早的檢視，我們也已就潛在的續約（recontracting）展開初步協商。

And then there will be the opportunity to actually have new conversations about some of that capacity being made available. So it puts us in a pretty strong position as we see pricing opportunities. But -- once again, I think we're in a -- Southern Power in a real strong position, recognizing the demand that's currently in the marketplace and what they're seeing around pricing.

接著也會有機會就部分容量釋出、可供使用展開新的對話。因此，當我們看到定價機會時，這讓我們處於相當有利的位置。不過——再一次，我認為 Southern Power 的位置非常強，考量到目前市場上的需求，以及他們在價格方面所看到的情況。

And then when I look at the 400 megawatts, should I assume that you've already contracted for that capacity? Or would -- or is it likely that when it's built, you will contract for it?

那再看 400 兆瓦的部分，我是否應該假設你們已經把那個容量簽約出去了？或者——或者更可能是等建好之後再簽約？

Now, we were in -- you mean the 400 -- the megawatts that we announced, the operating?

我們當時——你是指那 400——我們宣布的那 400 兆瓦，已在運轉的？

Yeah, operating, the 400 megawatts of operating.

對，已在運轉的，那 400 兆瓦的營運中容量。

Yeah, those are ongoing conversations, fairly late stage. We'll be wrapping those up in the relatively near future, but those conversations are well in hand.

對，那些是正在進行的對話，已經相當接近後期階段。我們會在相對不久的將來把它們收尾完成，但這些對話都已掌握得很到位。

So likely by the time it's built, it will be contracted?

所以很可能在建成時就會完成簽約？

That is our -- clearly our expectation. I mean --

那是我們——很明確的預期。我的意思是——

And then I would assume -- Sorry. Hello?

那我會假設——抱歉。喂？

Paul, are you still there?

Paul，你還在線上嗎？

Yes, yes.

是的，是的。

You finish up your question, you would assume what?

你把問題問完，你會假設什麼？

I would assume then that part of the decision on the 300 megawatts would basically be assessed based on your ability to potentially contract that additional amount as well?

那我會假設，關於那 300 兆瓦的決策，基本上會依據你們是否有能力也把那額外的容量簽約出去來評估？

Yeah. And think about it consistent with the way we've run Southern Power over the years, is we're always looking at high credit quality counterparties, typically load-serving, maybe other investor-owned utilities, EMCs, munis. But yeah, we definitely do not build it and see who shows up.

對。你可以把它想成與我們多年來經營 Southern Power 的方式一致：我們一直在尋找信用品質高的交易對手，通常是負載服務業者（load-serving），也可能是其他投資人持有的公用事業、EMC、地方公營事業（munis）。但對，我們絕對不是先蓋好再看看誰會來。

And then last question for me. The price per KW seems pretty close to what it would cost to build at least a new CT, if not all that far off from a new CCGT. So in terms of your consideration of new build, would that also likely revolve around your ability to contract the plant before it's completed?

那我最後一個問題。每 KW 的價格看起來非常接近至少新建一座 CT 的成本，甚至與新建 CCGT 的成本差距也不算太大。就你們對新建案的考量而言，是否也很可能會圍繞在能否在電廠完工前就先把合約簽好？

Yeah, for sure. I mean, new build or the upgrades, same operating philosophy, long-term strategy, long-term credit count -- creditworthy counterparties. And it just fits in the business model that we've held to for years and would continue to execute in that same fashion.

對，當然。我的意思是，新建或升級，營運理念相同：長期策略、長期合約、信用良好的交易對手。這也符合我們多年來一直堅持的商業模式，我們也會以同樣方式持續執行。

Yeah. As we said before, we don't take merchant risk. I mean, we're not in the merchant business. So everything is --

對。正如我們之前說過的，我們不承擔商業電力（merchant）風險。我的意思是，我們不做 merchant 生意。所以一切都是——

And then most likely in your service territory that the part that you're contracting with is probably another utility like a co-op or something like that?

那最有可能在你們的服務區域內，你們簽約的對象大概是另一家公用事業，例如合作社之類的？

Yeah. That's typically the case. That's right.

對。通常就是那樣。沒錯。

Great. Thank you very much.

很好。非常感謝。

Thank you, Paul.

謝謝你，Paul。

Thank you. Good question.

謝謝。問得很好。

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，請問有任何結語嗎？

No. Again, let me thank you, guys, for joining us, and we're excited about the growth we're experiencing and we're excited about the operations of our company. I'll end where I started. We believe we have a bright future ahead. And so thank you for joining us today on this first-quarter earnings call. Everybody, stay safe. Have a good day.

沒有。再次感謝各位加入我們。我們對正在經歷的成長感到振奮，也對公司的營運表現感到振奮。我會以我一開始說的作結：我們相信前方有光明的未來。感謝各位今天參與我們的第一季財報電話會議。各位請注意安全。祝大家有美好的一天。

Thank you, sir. Ladies and gentlemen, this concludes the Southern Company first-quarter 2026 earnings call. You may now disconnect.

謝謝您，先生。各位女士、先生，Southern Company 2026 年第一季財報電話會議到此結束。您現在可以掛線。