美國南方電力 (SO) 2026 Q2 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 second quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

下午好。我叫 Christine，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加南方公司（The Southern Company）2026 年第二季財報電話會議。(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 second 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，歡迎參加南方公司 2026 年第二季財報電話會議。今天與我一同出席的有：南方公司董事長、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。與相應 GAAP 指標的調節表已包含在我們今早發布的財務資訊以及本次電話會議簡報投影片中；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.

現在我把電話交給 Chris。

Thank you, Greg. Good afternoon, everyone, and thank you for joining us for today's update. As you can see from the materials that were released this morning, Southern Company continues to perform exceptionally well, which supports a very bright future. We reported strong adjusted earnings results for the second quarter with each of our businesses contributing to performance meaningfully above the estimate we provided last quarter.

謝謝你，Greg。各位下午好，感謝各位參加今天的最新進展說明。從今早發布的資料可見，南方公司持續展現卓越表現，為非常光明的未來奠定基礎。我們第二季調整後盈餘表現強勁，各項業務對績效的貢獻均顯著高於我們上季提供的預估。

The extraordinary economic development momentum and demand for power across our Southeast region that we've seen for the past several years continues particularly from data centers and other large-load customers, and our utilities are capturing this growth in a way that meaningfully benefits the customers and communities we are privileged to serve and support our long-term outlook.

過去數年來，我們在美國東南部地區所見的非凡經濟發展動能與用電需求仍在延續，尤其來自資料中心及其他大型負載客戶；我們的公用事業公司正以能實質造福所服務客戶與社區的方式掌握這股成長，並支撐我們的長期展望。

In just the last quarter, there were three projects across the state. Alabama Power added approximately 3 gigawatts, while Georgia Power signed a 3.2-gigawatt, 25-year contract for electric service with OpenAI for its recently announced site near Savannah, Georgia. This site, which is expected to take electric service in phases beginning in 2028, features 1 gigawatt of flexible demand response, helping to support reliable energy for all customers when demand is highest.

僅在上一季，該州就有三個專案。Alabama Power 新增約 3 吉瓦；同時 Georgia Power 與 OpenAI 就其近期宣布、位於喬治亞州薩凡納（Savannah）附近的新址，簽署了一份 3.2 吉瓦、為期 25 年的供電服務合約。該據點預計自 2028 年起分階段開始用電，並具備 1 吉瓦的彈性需量反應，有助於在需求最高時支援所有客戶的可靠供能。

Combined, these four projects representing 6 gigawatts of newly contracted customer load along with agreements previously signed brings our total contracts and large load agreements across our electric subsidiaries to over 17 gigawatts by the mid-2030s.

合計而言，這四個專案代表新增簽約客戶負載 6 吉瓦；再加上先前已簽署的協議，使我們在各電力子公司之合約與大型負載協議總量，至 2030 年代中期將超過 17 吉瓦。

These projects are not just bringing in substantial construction work. They are creating thousands of permanent jobs and generating billions of dollars of investment for the local economies in our service territories, and we are proud to responsibly support this growth in a way that benefits the communities we serve.

這些專案不僅帶來大量建設工程。它們也創造數千個永久性工作機會，並為我們服務轄區的地方經濟帶來數十億美元投資；我們很自豪能以負責任的方式支持這項成長，讓所服務的社區受益。

In Alabama, the three new contracts were a clear confirmation of the continued economic development momentum building across all our electric service territories and our differentiated large load capabilities. Increasingly, our vertically integrated state-regulated model supports our ability to provide reliable power with speed and is an important differentiator for our new and existing customers.

在阿拉巴馬州，三份新合約清楚印證了我們所有電力服務轄區持續累積的經濟發展動能，以及我們差異化的大型負載服務能力。我們的垂直整合、州級監管模式日益強化我們快速提供可靠電力的能力，並成為新舊客戶的重要差異化優勢。

Our success, attracting significant growth, is a testament to the benefits that this model affords all our customers. As a comprehensive one-stop shop for Power Solutions and economic development, our electric operating companies utilize long-range integrated system planning processes to coordinate timely development of generation, transmission and distribution assets through well-structured and transparent regulatory processes that are designed to serve the growth reliably.

我們成功吸引顯著成長，證明此模式能為所有客戶帶來的效益。作為電力解決方案與經濟發展的一站式綜合服務提供者，我們的電力營運公司透過長期整合系統規劃流程，在結構完善且透明的監管程序下，協調發電、輸電與配電資產的及時建置，以可靠地支援成長。

The Southeast, with its robust network of transportation and logistics infrastructure, diverse workforce and a constructive business climate continues to be highly attractive for all forms of economic development, including hyperscalers, data center developers and large industrial manufacturers.

東南部地區憑藉強健的交通與物流基礎設施網絡、多元勞動力以及建設性的商業環境，持續對各類經濟發展高度具吸引力，包括超大規模業者（hyperscalers）、資料中心開發商與大型工業製造商。

Looking ahead, the opportunities for additional new large load and data center customer growth remains robust. New projects continue to be added to our prospective pipeline, large industrial and data center projects, which remains well above 75 gigawatts.

展望未來，新增大型負載與資料中心客戶成長的機會仍然強勁。新專案持續加入我們的潛在案源管線；大型工業與資料中心專案的管線規模仍遠高於 75 吉瓦。

We are encouraged by the continued progression of potential large load projects in varying stages of advanced development. Beyond the 17 gigawatts already contracted, there are an additional 8 gigawatts of projects in late stages including 3 gigawatts projected to be finalized in the near term.

我們對於處於不同進階開發階段的潛在大型負載專案持續推進感到鼓舞。除已簽約的 17 吉瓦之外，另有 8 吉瓦專案已進入後期階段，其中 3 吉瓦預計將在近期完成定案。

Clearly, the benefits of our approach are resonating with both new customers and several repeat large-load customers during a time of increasing power demand. We are privileged to support this transformative growth.

顯然，在用電需求上升之際，我們的方法所帶來的效益正同時獲得新客戶與多家回頭的大型負載客戶認同。我們很榮幸能支持這項具轉型意義的成長。

David, I'll now turn the call over to you for an update on our financial performance.

David，接下來我把電話交給你，請你更新我們的財務表現。

Thanks, Chris. And good afternoon, everyone. For the second quarter of 2026, our adjusted EPS was $1.13 per share, $0.21 higher than the second quarter of 2025 and $0.13 above our estimate. The primary drivers of our performance for the current quarter compared to last year included increased usage and customer growth along with higher AFUDC from ongoing construction projects, higher earnings from equity method investments and tax-related impacts at our state-regulated electric utilities.

謝謝，Chris。各位下午好。2026 年第二季，我們的調整後每股盈餘（adjusted EPS）為每股 1.13 美元，較 2025 年第二季高出 0.21 美元，並較我們的預估高出 0.13 美元。本季相較去年同期的主要績效驅動因素包括：用電量提升與客戶成長、進行中建設專案帶來較高的 AFUDC（建設期間資本化利息）、權益法投資帶來較高盈餘，以及州級監管電力公用事業的稅務相關影響。

The improved results in the second quarter compared to the second quarter of 2025 were also supported by contributions from Southern Company Gas and some of our smaller complementary businesses, including PowerSecure, where the distributed generation, backup generation and bridge power solutions markets continue to expand.

第二季相較 2025 年第二季的改善，也受到 Southern Company Gas 以及部分較小的互補性業務貢獻所支持，包括 PowerSecure；其分散式發電、備援發電與橋接電力解決方案市場持續擴張。

This was partially offset by interest expense from higher debt balances and dilution from additional shares outstanding. A complete reconciliation of year-over-year earnings is included in the materials we released this morning.

上述因素部分被較高負債餘額帶來的利息費用，以及流通在外股數增加造成的稀釋所抵銷。我們今早發布的資料中已包含完整的年度同比盈餘調節表。

Combined with our first quarter results, our adjusted EPS for the first half of the year is $2.46, well above our year-to-date expectations. With customer rates held stable at our two largest subsidiaries, this strong performance continues to be driven by increased sales and customer growth and strong execution across each of our regulated businesses and Southern Power. These results exemplify Southern Company's commitment to delivering for customers and investors.

結合第一季結果後，我們上半年調整後 EPS 為 2.46 美元，明顯高於我們年初至今的預期。在我們兩家最大子公司的客戶費率維持穩定的情況下，這項強勁表現持續由銷售增加與客戶成長，以及我們各項受監管業務與 Southern Power 的強力執行所驅動。這些成果體現南方公司致力於為客戶與投資人創造價值的承諾。

Looking towards the second half of the year, we anticipate this momentum continuing and now project our full year 2026 adjusted earnings to be near or at the top of our 2026 adjusted EPS guidance range of $4.50 to $4.60. Our adjusted EPS estimate for the third quarter is $1.65 per share.

展望下半年，我們預期這股動能將持續，並將 2026 年全年調整後盈餘預測上修至接近或達到我們 2026 年調整後 EPS 指引區間 4.50 至 4.60 美元的上緣。我們對第三季的調整後 EPS 預估為每股 1.65 美元。

Turning now to retail electricity sales. Year-to-date weather normal retail electricity sales were 2.3% higher than the first half of 2025 consistent with the trends observed earlier this year. This represents the highest retail sales growth through June we've seen in nearly two decades. Year-to-date, weather-normal retail electricity sales are higher across all customer classes, bolstered by continued residential customer additions, diverse industrial and manufacturing expansions and significantly increasing usage from data centers.

接著談零售售電量。年初至今、以常態天候（weather normal）計算的零售售電量較 2025 年上半年高出 2.3%，與今年稍早觀察到的趨勢一致。這是我們近二十年來截至 6 月所見的最高零售售電成長。年初至今，以常態天候計算的零售售電量在所有客戶類別均呈現成長，主要受惠於住宅客戶持續增加、多元的工業與製造業擴張，以及資料中心用電量顯著上升。

Approximately 11,000 new electric residential customers were added in the quarter, bringing our net electric customer adds to over 40,000 in the last year. Manufacturing and reshoring trends, particularly in Alabama in the primary metals, stone clay glass and pipeline segments supported continued industrial strength. Weather normal commercial sales grew 7.4% in the second quarter, bringing year-to-date weather normal commercial sales to 6% higher than the first half of 2025.

本季約新增 11,000 名住宅用電新客戶，使我們過去一年電力客戶淨新增數超過 40,000 名。製造業與回流生產（reshoring）趨勢，特別是在阿拉巴馬州的主要金屬、石材黏土玻璃與管線等領域，支撐了工業需求持續強勁。第二季以常態天候計算的商業售電量成長 7.4%，使年初至今以常態天候計算的商業售電量較 2025 年上半年高出 6%。

Notably, data center usage was 55% higher compared to the second quarter of 2025, and is now up 49% year-to-date, primarily due to accelerating load ramps from our large-load customers.

值得注意的是，資料中心用電量較2025年第二季高出55%，年初至今亦上升49%，主要係因我們的大負載客戶加速提升用電負載所致。

System-wide, our data center load now exceeds 1.2 gigawatts, an increase of more than 500 megawatts over the prior year, and we expect this trend to continue accelerating as our 17 gigawatts of contracted demand comes online.

就整個系統而言，我們的資料中心負載現已超過1.2吉瓦，較去年增加逾500兆瓦；隨著已簽約的17吉瓦需求陸續上線，我們預期此趨勢將持續加速。

As Chris mentioned earlier, economic development activity in the Southeast continues to be strong. In the last quarter alone, announcements were made for nearly $14 billion of investment and more than 3,000 new jobs led by several new data center facilities in Alabama and a new Amazon warehouse in Georgia. The projects announced in the second quarter marked the second highest investment level ever recorded in our electric territories, underscoring the strength of regional trends in economic development and ultimately, help shape future growth opportunities.

如Chris先前提到，東南部的經濟發展活動仍然強勁。僅在上一季，就宣布了近140億美元的投資與超過3,000個新工作機會，主要由阿拉巴馬州數個新的資料中心設施以及喬治亞州一座新的亞馬遜倉庫所帶動。第二季所宣布的專案創下我們電力服務區域有史以來第二高的投資水準，凸顯區域經濟發展趨勢的強勁，並最終有助於塑造未來的成長機會。

Turning to our infrastructure build-out. The continued success of our operating territories and attracting significant new load is driving the need for additional new power generation and infrastructure across our Southeast region. Over the past several years, we worked constructively with regulators to meet the demand of our growing system, securing approvals for 10 gigawatts of new company-owned generation resources, including thermal, battery and solar resources as well as hundreds of miles of new transmission lines.

接著談我們的基礎建設擴建。我們營運區域持續成功並吸引大量新增負載，正推動東南部地區對額外新發電與基礎設施的需求。過去幾年，我們與監管機構建設性合作以滿足系統成長需求，取得10吉瓦新增自有發電資源的核准，包括火力、電池與太陽能資源，以及數百英里的新輸電線路。

With the first two of several battery sites in service and benefiting customers and work on the three combustion turbines and plant gates advancing towards completion in the coming quarters, we continue to execute on the construction of our portfolio of new build generation projects.

隨著多個電池站點中的前兩座已投入運轉並為客戶帶來效益，且三座燃燒渦輪機與電廠相關工程正朝未來幾季完工推進，我們持續推動新建發電專案組合的施工執行。

As our projected incremental load needs grow beyond our system's current and expected supply of generation capacity into the next decade, we remain well positioned to respond. Ongoing requests for proposals, or RFPs, at both Alabama Power and Georgia Power are underway for potential additional generation resources to help ensure that we can continue to provide reliable and affordable service to all customers. These transparent and orderly processes are designed to facilitate the timely and cost-effective procurement of new generation needs in the early 2030s.

隨著我們預估的新增負載需求在未來十年將超出系統目前及預期的發電供給能力，我們仍具備良好條件以因應。阿拉巴馬電力（Alabama Power）與喬治亞電力（Georgia Power）目前均在進行持續的提案徵求（RFP）流程，以評估潛在的額外發電資源，確保我們能持續為所有客戶提供可靠且可負擔的服務。這些透明且有序的流程旨在促進於2030年代初期及時且具成本效益地採購新增發電需求。

To the extent the company-owned resources are selected through these active RFP processes and ultimately authorized by the respective PSCs, these new generation investments would represent substantial incremental investment upon our current base capital plan.

若在這些進行中的RFP流程中選定公司自有資源，並最終獲各州公共服務委員會（PSC）核准，則這些新增發電投資將在我們現有的基本資本計畫之上，帶來可觀的額外增量投資。

As future capital investment opportunities materialize, we remain committed to funding incremental capital investments in a credit-supportive manner. We continue to proactively address our identified equity needs to support our path towards 17% FFO to debt by 2029.

隨著未來資本投資機會逐步成形，我們仍致力於以支持信用評等的方式為增量資本投資提供資金。我們也持續主動因應已辨識的股權需求，以支持我們在2029年前達成「FFO對債務比率」17%的目標路徑。

In the second quarter, we sourced an additional $700 million of equity through our at-the-market or ATM program with forward contracts that settle at our discretion through 2028. Together with a significant amount of equity previously sourced, we have reduced our projected remaining equity need by 2030 to $1.1 billion.

在第二季，我們透過市價發行（ATM）計畫並搭配遠期合約，額外籌措了7億美元股權；該等遠期合約可由我們自行決定於2028年前結算。結合先前已籌措的可觀股權後，我們已將截至2030年的預估剩餘股權需求降至11億美元。

Our proactive shareholder-friendly equity strategy, combined with our disciplined approach in the debt capital markets and access to low-cost DOE loans, continues to position us well towards our goal of efficiently meeting our future financing needs and achieving our long-term credit objectives.

我們主動且對股東友善的股權策略，結合我們在債務資本市場的嚴謹作法，以及取得低成本美國能源部（DOE）貸款的管道，持續使我們在有效滿足未來融資需求並達成長期信用目標方面具備良好定位。

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

我現在把電話交回給Chris。

Thank you, David. We are truly in transformative time for the energy industry and our nation. And Southern Company has continually demonstrated that we are executing on this extraordinary growth in a way that protects and benefits customers and communities. Last week, The Southern Company electric system was proud to formally reinforce this commitment by joining the National Ratepayer Protection Pledge alongside several other utilities.

謝謝你，David。我們正處於能源產業與我們國家真正的轉型時期。而Southern Company一再展現，我們正以能保護並造福客戶與社區的方式，執行這波非凡的成長。上週，Southern Company電力系統很榮幸透過與其他多家公用事業一同加入「全國費率支付者保護承諾」（National Ratepayer Protection Pledge），正式強化這項承諾。

This pledge aligns with The Southern Company system's well-established approach to serving growth in a responsible manner while maintaining rate stability and reliability for millions of households and small businesses across the Southeast.

此承諾與Southern Company系統長期以來既有的作法一致：以負責任的方式因應成長，同時為東南部數以百萬計的家庭與小型企業維持費率穩定與供電可靠。

We are confident the approach we're taking will deliver lasting benefits as we deliver rate stability for our customers. Recall, the framework under which we approach contracting with large-load customers includes pricing with minimum bills to cover at least 100% of the incremental cost to serve. Large-load customers are paying their full share.

我們有信心，我們所採取的方法將在為客戶帶來費率穩定的同時，創造長久的效益。請回想，我們與大負載客戶簽約所採用的架構，包含以最低帳單（minimum bills）定價，至少涵蓋100%的增量服務成本。大負載客戶正支付其應負擔的全部份額。

We also include provisions with strong protections in the form of termination payments, backed by significant high credit quality collateral requirements that provide an additional layer of security. This large-load contracting structure helps ensure investors and customers are protected while providing meaningful savings for existing customers.

我們也納入具強力保障的條款，例如終止付款（termination payments），並以高信用品質的重大擔保品要求作為支撐，提供額外一層安全保障。此一大負載合約架構有助於在為既有客戶帶來實質節省的同時，確保投資人與客戶均受到保護。

With retail base rates held stable in both Georgia and Alabama until 2029 and significant customer benefits identified and committed to based on previously signed large load contracts, we are demonstrating that when growth is done right, everyone benefits.

在喬治亞州與阿拉巴馬州的零售基本電價均維持穩定至2029年，且基於先前已簽署的大負載合約所辨識並承諾的重大客戶效益之下，我們正展現：當成長以正確方式推進時，人人都能受益。

Across our businesses, we continue to demonstrate exceptional execution and meaningful progress delivering on this growth. Southern Company has a bright future, especially when considering the strength of the Southeast economy, the likelihood of additional large-load contracts, incremental capital investment opportunities across our state-regulated utilities and our ability to capture value across the energy value chain through Southern Power, investments in Southeastern natural gas infrastructure and distributed and bridge power opportunities through complementary businesses like PowerSecure.

在我們各項業務中，我們持續展現卓越的執行力，並在推動這波成長方面取得具意義的進展。Southern Company前景光明，特別是考量到東南部經濟的強勁、進一步簽訂大負載合約的可能性、我們州監管公用事業的增量資本投資機會，以及我們透過Southern Power、東南部天然氣基礎設施投資，並藉由PowerSecure等互補性業務在分散式與過渡電力機會中，於能源價值鏈各環節捕捉價值的能力。

This extraordinary growth continues to strengthen our business fundamentals and expand capital investment opportunities well into the next decade, and we continue to see momentum building in support of an improving growth outlook into the future.

這波非凡的成長持續強化我們的業務基本面，並將資本投資機會延伸至未來十年之後；同時，我們也持續看到支持未來成長展望改善的動能正在累積。

The success we have had in the first half of the year positions us exceptionally well to deliver on our near-term objectives while reinforcing and strengthening our confidence in our long-term outlook and our goal to be towards the top half of our long-term earnings trajectory. Ultimately, this is a long-term business in which capital is deployed to serve customers for many decades.

我們在上半年取得的成果，使我們在達成短期目標方面具備極佳定位，同時也鞏固並強化我們對長期展望的信心，以及我們朝向長期獲利軌跡上半區的目標。歸根結底，這是一門長期事業，資本投入是為了在未來數十年持續服務客戶。

As we deliver for the communities we serve each and every day, as we work towards our goal to provide sustainable long-term growth and outstanding financial integrity year after year, we are well positioned to continue executing with a discipline that is rooted in our long-standing commitment to our customers and investors alike.

在我們每天為所服務的社區交付成果、並朝著提供可持續的長期成長與年復一年卓越財務健全性的目標努力之際，我們具備良好定位，將持續以源自我們長期以來對客戶與投資人共同承諾的紀律來執行。

As we conclude our prepared remarks today, I want to emphasize Southern Company's commitment to making the communities that we have the privilege to serve better off because we are there. As a partner to the communities and cities where we operate, we were proud to help support Atlanta's efforts over the last two months in hosting eight FIFA World Cup matches on the world stage.

在我們今天結束預先準備的發言之際，我想強調Southern Company致力於讓我們有幸服務的社區，因為有我們而變得更好。作為我們營運所在地社區與城市的夥伴，我們很自豪能在過去兩個月協助支持亞特蘭大在世界舞台上主辦八場FIFA世界盃賽事的努力。

The success was a culmination of years of hard work by local, regional and state leadership and included significant investment in local infrastructure to welcome hundreds of thousands of visitors to Atlanta. This event was an excellent showcase for the Southeastern United States and an opportunity to continue building upon the momentum that defines this region, which will have an impact that will resonate for decades to come.

此次成功是地方、區域與州級領導多年努力的成果，並包含對在地基礎設施的重大投資，以迎接數十萬名訪客來到亞特蘭大。這項活動是美國東南部的絕佳展示，也是一個持續延續並強化定義此區域之動能的機會，其影響將在未來數十年持續回響。

Operator, we are now ready to take questions.

接線員，我們現在準備開始提問。

(Operator Instructions)

（接線員指示）

Nick Campanella, Barclays.

Nick Campanella，Barclays。

Just now that you have higher visibility on attracted megawatts, load ramps, specifically '28 increased, 2030 increased by a few gigawatts here. So how does that incremental sales revenue and visibility, how does that impact your ability to maybe extend or stay out further and you're kind of committed to on the regulatory front? And just maybe you can kind of talk to that a little bit.

現在你們對已吸引的兆瓦數與負載爬升的能見度更高了，尤其是2028年上調、2030年也上調了幾吉瓦。那麼，這些增量銷售收入與能見度，會如何影響你們在監管面上也許能把期限延長、或在更長期間內維持不調整的能力與承諾？也請你們稍微談談這點。

Let me start, then I'll turn it to David. But as we said in our prepared remarks, we do expect to be at the top half of our long-term earnings trajectory. And so as we think about that, we think about the opportunity that provides for us in terms of meeting our long-term outlook.

我先回答，然後再交給David補充。不過正如我們在預先準備的發言中所說，我們確實預期將位於長期獲利軌跡的上半區。因此在思考這點時，我們也會思考這為我們在達成長期展望方面所帶來的機會。

But clearly, as we think about the rate proceedings and regulatory proceedings, those are things that conversations we'll have with regulatory bodies. But as we have extended our rate stability focuses in both Georgia and Alabama, we think it creates optionality for us to continue to provide rate stability for our customers.

但很明顯，當我們思考費率程序與監管程序時，這些都是我們將與監管機構進行溝通的事項。但隨著我們在喬治亞州與阿拉巴馬州擴大對費率穩定的著力點，我們認為這為我們提供了選擇彈性，使我們能持續為客戶提供費率穩定。

David, anything you want to add?

David，你還有什麼想補充的嗎？

Yes. Thanks, Chris. And Nick, great question. As we work through these processes with the success that we've had in signing these contracts, it does give us a great deal of flexibility in enhancing the benefits for customers. Clearly, we've got the ability to look for more generation capacity through the structure processes that we have in Alabama and Georgia.

是的。謝謝你，Chris。Nick，這是個很好的問題。在我們推進這些流程、並成功簽署這些合約的過程中，這確實讓我們在提升客戶效益方面擁有很大的彈性。很明顯地，透過我們在阿拉巴馬州與喬治亞州既有的結構化流程，我們有能力尋求更多的發電容量。

And like we've talked about in the past, we are probably about 1 gig or 2 gig away from, if you will, selling out the capacity that we had approved in Georgia last year. So now we're going to work through that process. And the success that we've had in signing these contracts really gives us some durability toward the future and additional confidence in being able to deliver on our goals well into the next decade.

而且如同我們過去談到的，我們大概距離——如果你願意這麼說——把去年在喬治亞州獲核准的容量賣完，只差約1GW或2GW。所以現在我們將推進那個流程。而我們在簽署這些合約上取得的成功，確實讓我們對未來更具韌性，並對能在下一個十年持續達成目標更有信心。

Thanks for those thoughts. And then maybe on the 3 gigawatts that you're finalizing -- in finalizing stages for, is that within the 2030 window? Or is it after it? And what are kind of the key milestones you still need to get through on those 3 gigs of finalizing?

謝謝這些想法。接著，關於你們正在定案——處於定案階段的那3GW，是在2030年的時間窗口內嗎？還是會在之後？另外，針對這3GW的定案，你們還需要完成哪些關鍵里程碑？

Sure. No, for sure. Working through those contracts, those are likely to go into 2028 and beyond. So they'll like every other big data center project. Large-load customer have a ramp-up period.

當然。是的，沒錯。在推進這些合約的過程中，它們很可能會落在2028年及之後。所以它們會像其他大型資料中心專案一樣。大型負載客戶會有一段爬坡期（ramp-up period）。

A couple of them that we're working on would initiate that ramp-up in 2028 and bring us into the next decade.

我們正在推進的其中幾個，會在2028年啟動那個爬坡期，並把我們帶入下一個十年。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

So just, Chris, on Southern Power, the existing tolling agreements are going to start to roll off. I know there's obviously an opportunity to repurpose the capacity towards serving the hyperscalers. Can you maybe discuss how you're thinking about that opportunity set? Have conversations with the hyperscalers begun with these assets? And would any opportunities be captured within your existing 75 gigawatt pipeline?

Chris，簡單問一下關於Southern Power，現有的tolling協議將開始陸續到期。我知道顯然有機會把這些容量重新用途，用來服務hyperscalers。你能否談談你們如何看待這個機會集合？是否已經就這些資產與hyperscalers展開對話？另外，任何機會是否會納入你們現有的75GW管線（pipeline）之內？

I guess what does this mean to the plan, I guess, yes?

我想這對計畫意味著什麼，我想，是的？

Yes. And Shar, we've talked about this, I think, on a number of calls in terms of the opportunity as these contracts begin to roll off and to expire the opportunity for recontracting. And so the team is now in the midst of having those conversations with a host of different counterparties that you understand our risk profile there in terms of making sure that they're creditworthy counterparties.

是的。Shar，我想我們在多次電話會議中談過，隨著這些合約開始陸續到期與終止，重新簽約的機會就會出現。因此團隊目前正與多家不同的交易對手進行這些對話；你也了解，我們在那裡的風險輪廓在於要確保對方是具備信用資質的交易對手。

But if you look at in terms of where they were contracted from a pricing standpoint in terms of where the market is today, we do see upside opportunities in those pricing opportunities that will contribute to the durability and the length of our long-term plan. So we've talked about this a good bit with you guys.

但如果你從定價角度來看，當初合約的定價相較於今天的市場水準，我們確實看到在定價上有上行機會，這將有助於提升我們長期計畫的韌性與期限。所以我們已經和各位談過不少。

And so that's where we are, and we're going to continue to pursue this opportunity as we move down that path and as these contracts expire and the opportunities for recontracting positions itself.

所以我們目前就是這樣的進度；隨著我們沿著這條路徑前進、以及這些合約到期、重新簽約的機會逐步到位，我們會持續追求這個機會。

Got it. And these wouldn't just be typical tolling agreements, that would be the energy and capacity side, I'm assuming under--

了解。而這些不會只是典型的tolling協議，應該會涵蓋能源與容量面向，我假設是在——

Correct. Correct. Yes.

正確。正確。是的。

Got it. And then I know, Chris, your favorite topic is new nuclear, right? So I guess, would sort of lessons learned between Unit 3 and 4 and sort of this big attention now to large-scale reactors, should there be like any financial backing from the government and hyperscalers taking on some of the cost overrun risk?

了解。另外我知道，Chris，你最喜歡的主題是新核能，對吧？所以我想問，從3號與4號機組的經驗教訓，以及現在對大型反應爐的高度關注來看，如果政府提供任何財務支持、且hyperscalers承擔部分超支風險，

Is that something Southern would be interested in building, i.e., through the [PAC-10]? Just any color on potentially participating in this consortium? Or are you just looking to license the blueprints?

這是否是Southern會有興趣建造的項目，例如透過[PAC-10]？能否分享一些你們可能參與這個聯盟（consortium）的看法？或者你們只是想授權使用藍圖？

And you've heard me talk a lot about the importance of new nuclear, helping this country meet this incredible moment that's in front of us. I mean I do think as we look into the 2030s, this country needs to have, particularly in the mid-30s, need to have some more nuclear units in operation.

你們也聽我談過很多次新核能的重要性，它能幫助這個國家迎接眼前這個非凡的時刻。我的確認為，當我們展望2030年代，這個國家需要——特別是在30年代中期——需要有更多核能機組投入運轉。

I have to give a great big shout out and complement to the Trump administration. I mean, there are a number of actions they have taken on the regulatory front with bringing groups together around long lead time items, just a lot of things that they're doing, and we have a lot of conversations with them about how to make this a reality.

我必須大力致意並稱讚川普政府。他們在監管面採取了多項行動，包括把各方召集起來處理長交期項目等，做了很多事情；我們也與他們進行了許多對話，討論如何讓這件事成真。

I mean Southern is not going to be next, let me be clear about that. But we're going to continue to work constructively and very -- I would say, pretty aggressive with this administration and with a lot of other parties to see how we can get this done because I do think it's important for -- from an energy policy standpoint, from the economy to meet this moment and meet this demand that we see in the marketplace today.

我先講清楚，Southern不會是下一個（建新核電的）公司。但我們會持續以建設性的方式、而且——我會說——相當積極地與本屆政府以及許多其他各方合作，看看我們如何把這件事做成；因為我確實認為，從能源政策角度、從經濟角度來看，為了迎接這個時刻並滿足我們今天在市場上看到的需求，這很重要。

Just I guess the follow-up is, are you finding traction with the hyperscalers taking on cost overrun risk above budgeted amounts for these AP1000s?

我想追問的是，你們是否看到hyperscalers在這些AP1000上，願意承擔超出預算金額的成本超支風險，這方面有進展嗎？

I don't want to get ahead of kind of that firm conclusion. But yes, we're having conversations with them in terms of what role they can play in this conversation and this equation.

我不想在形成明確結論之前就說得太早。但沒錯，我們正在與他們對話，討論他們在這個議題與這個方程式中可以扮演什麼角色。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Maybe to start, you've talked in the past about the potential for upside on the capital plan related to FERC pipeline investments. Anything new on that front in terms of timing, especially as you think about the incremental RFPs that maybe could point to some incremental gas plant builds?

先從這裡開始：你們過去談到，與FERC管線投資相關的資本計畫可能有上行空間。在這方面有沒有新的進展或時間點更新？特別是當你們考量可能帶來額外燃氣電廠建置的一些增量RFP時？

Sure, Carly. Thanks. Great question. Like we've talked about with the contracts that we're signing, the growth in the Southeast region, a strong economy, we definitely see opportunities in our FERC-related pipeline -- FERC regulated, I should say, pipeline investments. We've talked about some of those, but as the opportunities continue to grow, we do see the possibility of expanded opportunities in those investments that we currently hold.

當然，Carly。謝謝。這是個很好的問題。如同我們談到正在簽署的合約、東南部地區的成長以及強勁的經濟，我們確實看到在與FERC相關的管線——我應該說，受FERC監管的——管線投資上存在機會。我們談過其中一些；但隨著機會持續增加，我們確實看到在我們目前持有的那些投資上，存在擴大機會的可能性。

So really excited about those prospects. The RFPs that we've got in place and the processes that we have in our regulated jurisdictions will help inform that, but we see great potential in the Southeast to continue to grow those investments.

所以我們對這些前景感到非常興奮。我們已經啟動的RFP以及在受監管轄區內的流程將有助於提供指引，但我們看到東南部具備很大的潛力，能持續擴大這些投資。

Carly, one thing I would add is that infrastructure, I mean, across the Southeast, and we -- you've heard us say it before, is needed to support this growth. That is here and for the growth that is to come. So there is more to be done here. We think there's a real opportunity for us in terms of all the pipeline expansion opportunities to align with the needs that we have that are portrayed in RFPs.

Carly，我想補充一點：整個東南部的基礎設施——而且你們以前也聽我們說過——是支撐這波成長所必需的。這不僅是現在，也包括未來將到來的成長。所以這裡還有更多工作要做。我們認為，對我們而言，在所有管線擴建機會上，與RFP所呈現的需求相互對齊，確實存在真正的機會。

Got it. Okay. That's really helpful. And then just a follow-up on the RFPs that you have ongoing for the generation needs through 2032. Did those filings already contemplate some of the progression in the load pipeline that you've seen over the last quarter or so?

了解。好的。這非常有幫助。接著就你們目前針對至2032年發電需求所進行的RFP再追問一下。這些申報是否已經納入你們在過去一季左右所看到的負載管線進展的一部分？

And is there potential room for upside on even incremental to the incremental RFPs, if you think about the conversion of the pipeline?

另外，如果你考量管線的轉換，是否有可能在「增量RFP」之上，還有進一步上行空間（甚至是增量中的增量）？

Incremental to the incremental, I love that term. I have to think about how to use that. I appreciate that. But yes, the opportunities that we see there are well baked into the RFPs. We talked about our load forecast and the processes that we use to -- in a rather conservative way, project what that need could be.

增量中的增量，我喜歡這個說法。我得想想怎麼用它。謝謝你。不過是的，我們在那裡看到的機會都已經充分反映在RFP裡。我們談過負載預測，以及我們用來——以相當保守的方式——推估可能需求的流程。

And as we continue to sign these contracts, that's really going to be the foundation for the RFPs that we have, both in Alabama and Georgia. And so there is certainly potential out there to go and procure more generation than we have identified right now. We just can't get ahead of the process. There's a thorough screening structure, good vetting and everybody is going to have an opportunity to participate in those processes.

而隨著我們持續簽下這些合約，這將真正成為我們在阿拉巴馬州與喬治亞州RFP的基礎。因此，確實存在去採購比我們目前所辨識更多發電資源的潛在空間。只是我們不能超前流程。有一套完整的篩選架構、良好的審查機制，而且每個人都會有機會參與這些流程。

And so -- and also, I think it's worth reminding that as we regularly say, there's not placeholders in our capital plan. We don't get ahead of our regulators. And so obviously, you can see how the upside that we've talked about is not in our capital plan right now. So the RFPs that are open in Alabama, the RFPs that are open in Georgia, none of that is contemplated in our capital forecast at the moment.

另外，我也覺得值得提醒的是，正如我們經常說的，我們的資本計畫裡沒有「預留名額」。我們不會走在監管機關前面。因此很明顯，你可以看到我們談到的上行空間目前並不在我們的資本計畫中。所以，阿拉巴馬州正在進行的RFP、喬治亞州正在進行的RFP，這些目前都沒有納入我們的資本預測。

One thing I would add, the OpenAI contract in Georgia pushes us beyond our recently approved capacity by right around 1 gigawatt. So just making sure that was real clear in terms of where we are and what the upside opportunities are.

我想補充一點，喬治亞州的OpenAI合約讓我們超出最近核准的容量大約1吉瓦。所以只是要把我們目前的位置以及上行機會說得非常清楚。

Stephen D'Ambrisi, RBC Capital Markets.

Stephen D'Ambrisi，RBC Capital Markets。

Just had a quick one, kind of a follow-up on Carly's question actually. Just to put a little bit of finer point on it, is my understanding that any -- basically any new incremental load, especially large load in Alabama would drive basically incremental generation requirements? So obviously, you have the RFP outstanding.

我有個簡短問題，算是對Carly問題的延伸。更精確地說，我的理解是：任何——基本上任何新的增量負載，尤其是阿拉巴馬州的大型負載，都會帶來相對應的增量發電需求？所以很明顯你們目前有尚未結案的RFP。

But if the load forecast is up 3 gigawatts in the quarter and then you're talking about OpenAI, at least 1 gigawatt, but I think the RFP is 2 gigawatts to 6 gigawatts, but is a range beyond that as well. Like can you just frame is this 4 gigawatts to 5-plus gigawatts of gen that we could put some type of capacity multiple on and try and estimate what the size is?

但如果本季負載預測上調了3吉瓦，然後你們又談到OpenAI，至少1吉瓦；而我想RFP是2吉瓦到6吉瓦，但也還有更高的區間。你能否幫我們框定一下：這是否意味著我們可能看到4吉瓦到5吉瓦以上的發電量，我們可以套用某種容量倍數來估算規模？

Or -- obviously, I don't want to put the cart in front of the horse, but want to make sure we're level setting on what's in the plan and what the opportunity is?

或者——我當然不想本末倒置、操之過急，但想確認我們對計畫內包含什麼、以及機會在哪裡，有一致的基準？

Yes. Great question and really a good way to think about it. Appreciate your thought on not getting in front of the process. We're definitely focused on that. But I think the way you're thinking about it is directionally correct.

是的。這是個很好的問題，也是一個很好的思考方式。也謝謝你提到不要走在流程前面。我們確實非常專注於此。但我認為你這樣思考在方向上是正確的。

We've got the newly signed contracts in Alabama. That's going to inform that. That's about 3 gigs right there, contracts signed. We're about 1 gig or so oversubscribed, if you will in Georgia based on what we've signed. And keep in mind, I think we've shared this in the past, maybe a decent rule of thumb to think about capital opportunities going forward is about $2 billion or so, a little bit above maybe related to 1 gig of new generating capacity, that kind of covers a broad range of different generating sources for us.

我們在阿拉巴馬州剛簽下新的合約。這會成為判斷依據。光是已簽合約就大約3吉瓦。而在喬治亞州，依據我們已簽的合約，我們大約超額認購了1吉瓦左右。另外請記得，我想我們過去也分享過，一個不錯的經驗法則是：未來資本機會大約每新增1吉瓦發電容量對應約20億美元左右（可能略高一些），這大致涵蓋我們各種不同的發電來源。

That's very helpful. And then just in terms of like the finalizing and late-stage pipelines that you continue to fill up. Obviously, you've seen great momentum and progression in kind of converting this. But again, like, how do these finalizing gigawatts, kind of, filter into this RFP?

這非常有幫助。另外就你們持續充實的「即將定案」與後期管線而言，很明顯你們在轉換上看到很好的動能與進展。但再問一次，這些即將定案的吉瓦數，會如何被納入這個RFP？

And just, like, what's the time line for when those loads would energize and when we have to think about resources to serve those? Just trying to like sequence it out here.

以及，這些負載大概什麼時候會送電啟用（energize），我們又需要在什麼時點開始考量用哪些資源來供應？我只是想把時序排出來。

Sure. No. I mean those projects will vary project by project. And so as we finalize those agreements and they are certified and blessed by the commissions, they will factor those into the RFP process going forward to match up with the year in which those resources are, in fact, needed. And so as you -- as we kind of in a position to inform as we finalize those contracts, that is information then that will be forthcoming.

當然。不——我的意思是，這些專案會因專案而異。因此，當我們把這些協議定案，並且獲得委員會認證與核准後，就會把它們納入後續RFP流程，以便與實際需要這些資源的年度相匹配。所以，當你——當我們在定案這些合約後能提供資訊時，相關資訊也會隨後對外揭露。

Once those contracts are finalized and the projects are approved and has also then as we provide you with an updated load forecast. So there are a couple of proceedings that will unveil how that all lines up and matches up with the needs and what the new opportunities are going forward.

一旦這些合約定案、專案獲得核准，並且我們也向你們提供更新後的負載預測。因此會有幾個程序，逐步揭示這些如何對齊、如何與需求相匹配，以及未來有哪些新的機會。

And I might add, as we work through those processes, to the extent that the company is selected to provide that generation resource, we're going to probably start feathering in some spend also not currently contemplated in our projections in the sort of the '28 timeframe, and that will start to feather in as we build out that generation to come online in the '31, '32 time line.

我再補充一點，當我們推進這些流程時，若公司被選定提供該發電資源，

Jeremy Tonet, JPMorgan.

Jeremy Tonet，JPMorgan。

Just wanted to pivot to Mississippi, if I could, for a minute here. And we've had recent stakeholder conversations in the state where it seems like the state is particularly receptive to incremental data center activity more than what we usually hear. And so I was just curious, I guess, your outlook there, if you could maybe talk a little bit more on the opportunity set and what you see maybe down the pipeline there?

我想把話題轉到密西西比州，可以的話先談一下。我們最近在該州與利害關係人交流時，感覺該州對於增量資料中心活動的接受度特別高，超過我們通常聽到的程度。所以我想請教你們對那邊的展望，是否能多談一些機會集合，以及你們在管線後端看到的情況？

As we have said before, we've talked, I guess, a number of quarters now about seeing this momentum migrate to the west. And you're clearly seeing that now in Alabama. You see success with 500 megawatts projects in Mississippi. And as we talk about our pipeline, that also reflects that ongoing activity -- increasing activity that we also see in the Mississippi territory.

如同我們之前說過的，我想我們已經連續好幾季談到看到這股動能往西移。而你現在在阿拉巴馬州已經很清楚地看到。你也看到密西西比州有500兆瓦專案的成功案例。而當我們談到管線時，也反映了我們在密西西比服務區域所看到的持續活動——以及正在增加的活動。

Got it. And then just wanted to go to OpenAI again with demand response there. Just wondering how is demand response fitting into your conversations with projects overall in the pipeline? How do you factor that into kind of your assumptions going forward?

了解。接著我想再回到OpenAI與需求回應（demand response）。想請問需求回應在你們與管線中各專案的整體討論裡，是如何被納入的？你們又如何把它納入未來假設？

Yes. So great question. And it does enter into all those conversations. And we'd like to see that continue along and stay flexible. It's one of the -- actually one of the great aspects that our three electric jurisdictions have where we're not limited to just a tariff.

是的。這是個很好的問題。而且它確實會進入所有這些對話之中。我們也希望這能持續推進並保持彈性。這其實是——我們三個電力管轄區的一大優勢之一，因為我們不會只受限於單一費率（tariff）。

We can negotiate bilateral contracts that leverage the flexibility and the demands that these hyperscalers want and be able to price that right. So I think this is a great trend, and I'd like to see it continue, and it is a part of every conversation that we have.

我們可以協商雙邊合約，善用這些超大規模業者所需要的彈性與需求，並能夠把價格訂得合理。所以我認為這是一個很好的趨勢，我也希望它能持續下去，而且這也是我們每一次對話的一部分。

One of the things I'd add there is that very early on in our conversations with hyperscalers, we begin to raise matters like technical requirements in terms of how their operations would impact the system, how would impact the grid and not just being a taker but having creating flexibility to provide benefits to the entire grid.

我想我在這裡要補充的一點是，在我們與超大規模業者對話的非常早期，我們就開始提出像是技術要求這類議題：他們的營運會如何影響系統、如何影響電網；而且不只是當一個「取用者」，也要創造彈性，為整體電網帶來效益。

So I think as we look at this broader conversation about data centers, and I think these things have got to be communicated more broadly in terms of the value and benefits and flexibility and how they are being supportive of the grid, as how they're being supportive of communities. I mean there's an incredibly positive narrative and story to be told here.

所以我認為，當我們從更宏觀的角度來看資料中心這個議題時，這些事情必須更廣泛地被傳達：其價值、效益與彈性，以及他們如何支持電網、如何支持社區。我的意思是，這裡有一個非常正面的敘事與故事可以被講出來。

We all have got to be, I think, a little more voice these benefits, a little more stronger in terms of making sure that gets into the conversations about data centers as we hear all the conversations and the noise right now about what's going on. So just a great win-win, I think, for us as well as the customer.

我認為我們都必須更積極地為這些效益發聲、更有力地確保這些內容能進入關於資料中心的討論，因為我們現在聽到很多討論與雜音。所以我認為這對我們以及客戶而言，都是很棒的雙贏。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

So could you just remind in Georgia for OpenAI and other customers who maybe aren't investment-grade credits or strong investment grade. How did the tariffs work from a credit standpoint, the large-load tariffs?

所以你能否提醒一下，在喬治亞州，針對 OpenAI 以及其他可能不是投資等級信用、或投資等級不夠強的客戶，從信用角度來看，費率是如何運作的，也就是大負載費率（large-load tariffs）？

Yes. So remember the -- if you will, the kind of four pillars under which we're negotiating structure these contracts in territories, you got long-term contracts and you hit it exactly the OpenAI contract is 25 years. Our minimum bills cover 100% of the incremental cost to serve. There's default provisions in there and those default payments are tied to collateral. And so we've got a lot of flexibility in terms of the forms of collateral that we can take from these counterparties.

是的。所以請記得——如果你願意這麼說——我們在各服務區域協商並架構這些合約時，底下有四大支柱：你有長期合約，而你說得完全沒錯，OpenAI 的合約是 25 年。我們的最低帳單（minimum bills）涵蓋 100% 的增量供電成本。合約中有違約條款，而這些違約付款與擔保品（collateral）掛鉤。因此，在我們可以向這些交易對手方收取的擔保品形式上，我們有很大的彈性。

And if a parent guarantee works for us, depending on the credit quality of the counterparty, we'll work with that. But in some instances, that they're not quite at the investment grade that we want to see. We'll look to lines of credit, we'll look to surety bonds, we'll look to other combinations. But at the end of the day, the collateral portfolio that we're going to take to back up these contracts, is going to be -- put us at about an A minus or better position.

如果母公司保證（parent guarantee）對我們可行，視對手方的信用品質而定，我們會採用。但在某些情況下，他們的信用評等還不到我們希望看到的投資等級。我們就會考慮信用額度（lines of credit）、履約保證保險（surety bonds），或其他組合。但歸根結底，我們為這些合約所取得、用以支撐的擔保品組合，將會——讓我們處於大約 A- 或更好的水準。

And keep in mind, you asked specifically about OpenAI, and that's about $28 billion of collateral that will be in the aggregate upon full ramp. So I think we're in a really good spot for that. And keep in mind, that's -- we have the flexibility to determine what collateral is accepted to us -- acceptable to us and puts us in a position of about A minus or better. So a combination of lines of credit, surety bonds in this particular case.

另外請記得，你特別問到 OpenAI，而在全面爬坡完成後，合計將會有約 280 億美元的擔保品。所以我認為我們在這方面處於非常好的位置。也請記得——我們有彈性來決定哪些擔保品是我們可接受的——並讓我們處於大約 A- 或更好的水準。在這個特定案例中，是信用額度與履約保證保險的組合。

Okay. That's very clear. The RFPs, could you -- and I apologize if I missed this earlier, but just can you remind us just the time lines for finalizing answers and then approvals?

好的。這非常清楚。關於 RFP（徵求提案），你能否——也抱歉如果我先前漏聽了——再提醒我們最終回覆與核准的時間表？

Sure. So the process is going to play out through most of the rest of the summer into the fall. I think by year-end, we should have a good idea of what projects were selected through the RFP process. And then once those projects are selected, that will move into a certification process that will take place much of -- throughout much of 2027. So latter part of 2027, we'll have good clarity as to what actually gets certified.

當然。這個流程會在今年夏季剩餘的大部分時間一路延續到秋季。我認為到年底，我們應該會對哪些專案在 RFP 流程中被選中有相當清楚的掌握。而一旦這些專案被選定，就會進入認證流程，該流程將在 2027 年的大部分時間進行。所以到 2027 年後段，我們會很清楚哪些專案實際獲得認證。

And Alabama is in a fairly similar time line. So you can kind of count on both the proceedings in Georgia and Alabama, not exactly to run in parallel, but pretty close.

阿拉巴馬州的時間表也相當類似。所以你大致可以預期喬治亞州與阿拉巴馬州的兩個程序不會完全平行，但會非常接近。

Okay. And then last question just on Georgia. Maybe you guys have clearly highlighted some of the benefits, both economic and customer rate benefits of the data centers. But then I think there's still been political noise there, particularly maybe more from the Democrats mix on data centers. Can you just give us maybe a little lay of the land there?

好的。那最後一個問題是關於喬治亞州。也許你們已經很清楚地強調了資料中心的某些效益，包括經濟效益以及對客戶費率的好處。但我想那裡仍然有一些政治上的雜音，特別可能更多來自民主黨那邊對資料中心的看法。你能否跟我們簡單說一下目前的情勢？

And is there any kind of appreciation growing for some of the benefits to kind of offset some of this kind of pushback -- or reported alleged pushback?

另外，是否有任何對這些效益的認同正在增加，足以抵消一些這種反彈——或媒體所報導、聲稱的反彈？

Steve, I would say -- I would suggest you look at the OpenAI announcement in terms of how that plays out with that community as they highlighted the project, but they also highlighted along with us in terms of the rate stability that comes along -- and benefits that come along with the project, but also how they communicated kind of the economic community benefits that align with that project.

Steve，我會說——我建議你看看 OpenAI 的公告，看看它在該社區是如何發酵的；他們在強調該專案的同時，也與我們一起強調了隨之而來的費率穩定性——以及該專案帶來的效益——並且他們也傳達了與該專案相契合的經濟與社區效益。

Yes, I mean, there's noise all across the country about data centers. But I think there's no moratorium across the state. And yes, there may be some moratoriums in various counties. But I think you continue to see progress, activities, projects move forward in our territory.

是的，我的意思是，全國各地對資料中心都有雜音。但我認為全州並沒有禁令（moratorium）。而且是的，某些郡可能會有一些禁令。但我認為你仍然會看到在我們的服務區域內，持續有進展、活動與專案往前推進。

Once again, I'll say we've got to do a better job. Hyperscalers need to do a better job of explaining the benefits and value and dispelling some of the misinformation that's out there on social media. But I'd say you continue to see the pipeline continue to remain very full and continue to grow, and you continue to see projects advance and projects get approved all across our territory.

我再說一次，我們必須做得更好。超大規模業者也需要更好地解釋其效益與價值，並澄清社群媒體上流傳的一些錯誤資訊。但我會說，你仍然會看到案源管線持續非常充沛、並且持續成長；你也會看到在我們整個服務區域內，專案持續推進並獲得核准。

I'm sorry, let me clarify one thing. I said you were asking specifically about OpenAI and collateral, and I was talking about the entire portfolio, so I apologize for that. The whole portfolio of the 17 gigs, we got about $21 billion of collateral. So -- and I recognize you were speaking specifically the OpenAI contract. So I just want to clarify that for you.

抱歉，我讓我澄清一件事。我剛才說你特別問的是 OpenAI 與擔保品，而我談的是整個投資組合，所以對此我道歉。整個 17 GW 的投資組合，我們大約有 210 億美元的擔保品。所以——我也理解你是特別在談 OpenAI 的合約。因此我只是想把這點澄清給你。

Andrew Weisel, Scotiabank.

Andrew Weisel，Scotiabank。

Congrats on the OpenAI deal, certainly a massive project. I want to follow up on the gigawatt of demand response, I agree that that's a great resource. I know we've seen something similar in Michigan, but am I right that this is the first time you're doing something like that? And I know that the press release talks about long-term savings for customers. Have you quantified that?

恭喜拿下 OpenAI 的交易，確實是一個非常龐大的專案。我想追問一下 1 GW 的需量反應（demand response），我同意那是一個很好的資源。我知道我們在密西根州看過類似的作法，但我說得對嗎：這是你們第一次做這樣的事情？另外我知道新聞稿提到客戶的長期節省。你們有量化過嗎？

And is it more about accelerating speed to market for the data center? Or does the rest of the customer base see any benefits?

而且這是否更偏向於加速資料中心的上市速度（speed to market）？或者其他客戶群也能看到任何好處？

I mean, the rest of the customer base will see benefits across the entire project. I mean what we're doing is during peak load periods, doing high demand periods, we're able to save the peak. And so as we operate this economic system on a minute-by-minute, second-by-second basis, we're always looking to put online the most economical resource to meet and serve that load.

我的意思是，其他客戶群會在整個專案中看到效益。我們所做的是在尖峰負載期間、在高需求期間，我們能夠降低尖峰。因此，當我們以每分鐘、每秒的方式運作這個經濟系統時，我們總是在尋找能上線、以最具經濟性的資源來滿足並供應該負載。

And so that is tremendous value and benefits to the entire system, having that resource be flexible. So it's an incredible value and incredible benefit to the entire grid as we operate our system.

因此，讓該資源具備彈性，對整個系統而言具有巨大的價值與效益。所以，當我們營運電力系統時，這對整個電網而言是極高的價值與極大的好處。

Okay. And was this the first time you've done that for a data center?

好的。這是你們第一次為資料中心這麼做嗎？

Yes.

是的。

Yes, it is.

是的，沒錯。

Okay. Great. Hope to see more of it. Then secondly, on equity. I know you've been pretty active. You settled $2 billion of the ATM that was priced in 2025 and you've priced $700 million that will settle through '28. Are you able to give any guidance on how to think about the pace of equity and when it will actually hit over the next few years? I know there's a lot of moving parts there.

好的。很好。希望能看到更多這樣的案例。第二點，關於股權。我知道你們一直相當積極。你們已結算了20億美元、於2025年定價的ATM（隨市發行）計畫，並且也定價了7億美元、將在2028年前結算的部分。你們能否提供一些指引，讓我們理解未來幾年股權發行的節奏，以及它何時會實際反映出來？我知道這裡面有很多變動因素。

And I don't expect you to get too specific, but how should we think about the year-by-year dilution and whether it will be ratable or maybe accelerated? Any color there would be very helpful.

我不期待你講得太具體，但我們應該如何看待逐年的稀釋幅度？會是平均分攤（rata ble）還是可能加速？任何補充說明都會很有幫助。

Yes. I think you said it really well. There's a lot of moving parts in terms of making the decisions on how to draw those equity commitments. And keep in mind, they're available to us really at a few days' notice. And so we have a great deal of flexibility to manage our liquidity over that period.

是的。我認為你說得很好。在決定如何動用這些股權承諾方面，確實有很多變動因素。而且請記住，這些資金對我們而言基本上只要提前幾天通知就能動用。因此，我們在那段期間管理流動性方面有很大的彈性。

But we generally want to shape that in terms of kind of mirroring, if you will, our capital outlays for the construction effort that we're going to have. But it also dovetails into the plan to get near 17% FFO to debt by 2029. And I think we've settled about $2 billion recently.

但一般而言，我們希望在節奏上大致對應（如果你願意這麼說）我們在建設工程上的資本支出。同時，這也與我們在2029年前將FFO/負債比率提升至接近17%的計畫相互契合。而我想我們最近已結算了約20億美元。

And that, again, like I said, kind of helps us down the path of 17% FFO to debt. And bottom line, we just -- we're going to continue to do this in the most shareholder-friendly manner that we can, protect the credit quality and continue to draw on this as needs and opportunities become available.

而這一點，如同我剛才說的，也是在推進我們朝向FFO/負債比率17%的目標前進。總之，我們會——我們將持續以對股東最友善的方式來進行，維護信用品質，並在需求與機會出現時持續動用這些工具。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Look, I wanted to take this in the direction of rates, rate cases, et cetera. I mean, obviously, transposing this real ongoing success. How do you think about the opportunity here, Georgia and Alabama, but especially in Georgia, right? Obviously, there's a regular cadence to these cases. And obviously, there's a desire maybe at times to update tariffs and rate structure.

我想把話題帶到費率、費率案件等等。我的意思是，顯然你們把這個持續的成功轉化得很好。你們如何看待這裡的機會——喬治亞州與阿拉巴馬州，尤其是喬治亞州？顯然，這些案件有固定的節奏。而且顯然，有時也會希望更新電價表與費率結構。

But is there an opportunity to come back with a bigger rate credit here? I mean, obviously, the number, I think, from last year at this point was north of $0.5 billion. I mean is there a way to, again, do what you did before and effectively sidestep the revenue process here?

但這裡是否有機會再提出更大幅度的費率回饋（rate credit）？我的意思是，顯然，去年這個時點的數字我記得超過5億美元。是否有辦法再次像你們之前做的那樣，實質上繞開收入程序（revenue process）？

Julien, let me say, as you know, we don't get ahead of our regulators. We work very constructively with them kind of hand in hand. I mean our goal at all times is to keep rates as low as possible for our customers. And so we are thrilled with how we are delivering rate stability to our customers through '28. And so I mean, as we continue to sign these contracts, I mean, the conversation that we'll have and have other considerations about what's possible.

Julien，我想說，如你所知，我們不會搶在監管機關前面。我們與他們以非常建設性的方式、幾乎是手牽手地合作。我們的目標始終是讓客戶的費率盡可能低。因此，我們對於能在2028年前為客戶帶來費率穩定感到非常振奮。所以，當我們持續簽署這些合約時，我們會進行相關對話，也會考量其他可能性。

But I'm not going to get ahead of any process or any conversation with the commission at this point in time. But yes, the growth provides us incredible opportunities to benefit customers, but also to continue to deliver rate stability. I mean I was listening to a lot of commentary yesterday after the Fed decision, a lot of commentary about inflation and electric rates going up across the country.

但此刻我不會在任何程序或與委員會的任何對話之前先行表態。不過是的，成長確實為我們帶來極佳的機會，既能讓客戶受益，也能持續提供費率穩定。我的意思是，我昨天在聯準會決議後聽到很多評論，談到通膨以及全國各地電價上漲。

Electric rates are not going up in our territory. We're delivering rate stability to our customers, and that's something that we are thrilled and privileged to make available and provide to our customers, that benefit. Stability is savings. One of the things I'll try to remind ourselves is that being flat or being frozen, there's real kind of nominal benefits in terms of savings for customers as we hold rates flat going forward.

我們服務區域的電價並沒有上漲。我們正在為客戶提供費率穩定，而我們也很高興、也很榮幸能把這項利益提供給客戶。穩定就是節省。我想提醒我們自己的一點是：維持不變或凍結費率，當我們未來持續把費率維持平穩時，對客戶在名目上確實有實質的節省效益。

Yes. No, I mean, clearly, you have a demonstrated track record on that front. And then Alabama, how do you think about this growth transposing itself; a, in terms of the process, like, how do you take this load growth and put it into rates? Again, I know you've got this rate CMP. I mean, in theory, that's how you bring on some of the new capacity, I think it for the incremental 3 gigs.

是的。不，我的意思是，很明顯你們在這方面有可驗證的紀錄。那阿拉巴馬州呢？你們如何看待這個成長的轉化；第一，在流程上，例如你們如何把這些負載成長納入費率？同樣地，我知道你們有這個費率CMP。理論上，我想這就是你們把部分新增容量納入的方式，針對額外的3GW。

And then separately, is there some sort of equivalent thought process on that statement in particular? I guess that your comments a little generic, too.

另外，針對那個說法，是否也有某種對等的思考框架？我想你們的評論也有點偏概括。

Yes, you got it. I mean they'll go through those traditional proceedings in terms of getting these projects and getting the load needed to be certified through the CMP process. And so as you know, they've made some changes in the structure and size of the commission. They're going to have a new Secretary of Energy in Alabama. They've just gone through processes of kind of, I would say, codifying the procedures of how we are serving signing up these contracts.

是的，你說得對。我的意思是，他們會透過傳統程序，經由CMP流程，讓這些專案以及所需負載取得認證。如你所知，他們已對委員會的架構與規模做了一些調整。阿拉巴馬州將會有一位新的能源廳長（Secretary of Energy）。他們也剛完成一些程序，我會說，是把我們如何服務、如何簽署這些合約的程序加以成文化。

So Alabama, I think, has had a very orderly process about how to approve these contracts, but also then get these projects approved by the commission and get them in the rates as well as through the RFP process. So what do we say, 3 gigawatts adds to long-term benefits for customers. So great opportunities in Alabama.

因此，我認為阿拉巴馬州在如何核准這些合約方面有非常有序的流程，同時也會讓委員會核准這些專案，並透過RFP流程把它們納入費率。所以我們說，3GW會為客戶帶來長期效益。因此阿拉巴馬州有很好的機會。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

Just circling back to Southern Power, I know you had some updates last quarter on this front. Curious about kind of the tone and interest on the remaining upgrades and then the brownfield efforts, I think you tapped for an update later this year as well. Given the load trends, how is all that trending? And are you still thinking about having some sort of a Southern Power update this year?

回到Southern Power，我知道你們上季在這方面有一些更新。我想了解一下，對於剩餘的升級項目以及棕地（brownfield）開發，你們目前的氛圍與市場興趣如何？我記得你們也提到今年稍晚會再更新。在負載趨勢之下，這些進展如何？你們今年是否仍在考慮提供某種Southern Power的更新？

Yes. Great question. We continue to evaluate those opportunities. I mean the conversations that we're having with our current counterparties as well as exploring opportunities with new counterparties at Southern Power are proving to be very fruitful. And we're looking forward to working through those.

是的。問得很好。我們持續評估這些機會。我的意思是，我們與現有交易對手的對話，以及在Southern Power探索與新交易對手的機會，都證明非常有成果。我們也期待把這些工作推進下去。

But keep in mind, the business model under which we operate Southern Power, right, we don't go and build something and see who shows up. So it's a very disciplined and structured process that we continue to engage in these conversations.

但請記住，我們在Southern Power所採用的商業模式是——我們不會先去蓋一個東西，然後看看誰會出現。因此，這是一個非常嚴謹且結構化的流程，我們會持續以此方式進行這些對話。

So there's a lot of great potential out there to not just reprice the contracts that will come rolling off into the next decade, but also take advantage of the announcements that we made last quarter in terms of those up rates. And as we continue to have those conversations and explore those opportunities with the current customers at Southern Power and potential new customers, then we'll have better clarity as to when and how we can execute on the additional upgrades that we alluded to.

因此，外部確實存在很大的潛力，不僅可以對未來十年陸續到期的合約重新定價，也能把握我們上季就上調費率（up rates）所做的公告所帶來的機會。而隨著我們持續與 Southern Power 的現有客戶以及潛在新客戶進行這些對話並探索相關機會，我們也會更清楚何時以及如何執行我們先前提到的額外升級。

But we look forward to giving you updates on the activities that's occurring, that's under consideration at Southern Power. I think there's some real opportunities there.

不過，我們也期待就 Southern Power 正在進行、且仍在評估中的各項活動向各位提供最新進展。我認為那裡確實有一些很實質的機會。

That's great to hear. And then I guess turning back to the script, recognizing you called out the sales growth on the quarter and thinking about some of the data center load added to the system recently. Any learnings you'd highlight from some of that ramp in the sales trends? And I guess, in particular, how that might apply to your outlook for all this load growth and running that through to the EPS growth guidance as well?

很高興聽到這點。接著我想回到講稿，考量到你提到本季銷售成長，以及近期系統新增的一些資料中心負載。你會從銷售趨勢的這段爬升中，特別強調哪些學習或觀察？另外，尤其是這些觀察如何套用到你對整體負載成長的展望，以及進一步反映到 EPS 成長指引上？

No, I'd start by saying, I mean, one of the things we see is that we have to work very closely with these projects in terms of what their ramp rates are. They may not be what was projected when the projects were initially approved. But we work very closely with them in terms of kind of what those ramps will be.

不，我會先說，我們看到的一點是：就這些專案而言，我們必須非常密切地配合它們的爬坡速度（ramp rates）。它們的爬坡速度可能不會如同專案最初核准時所預估的那樣。但我們會與它們非常緊密合作，來掌握大致的爬坡節奏會是什麼。

But once again, remember, the minimum bills that we have, I mean, we've kind of somewhat what we call decouple the revenue because we do have those minimum bills from an operational standpoint. We have to work very closely with them in terms of understanding what their ramp rates are in terms of what the system implications are.

但再一次，請記得我們有最低帳單（minimum bills）。也就是說，從某種程度上，我們把營收做了我們所稱的「去連動」（decouple），因為從營運角度我們確實有那些最低帳單。但我們仍必須非常密切地與他們合作，了解其爬坡速度，並評估對系統的影響。

But the bottom line is the load is very real. And so we know it's -- may not be there initially, but we know that is coming.

但重點是，這些負載非常真實。所以我們知道它一開始可能不會完全到位，但我們也知道它終究會到來。

And I might add that the customers that we've been serving for a number of years, we have learned so much from their experience that has helped us inform these new contracts that we're signing. And so like Chris mentioned, the protections that we put in place for customers and the company in terms of the minimum bills, that is really, we think, going to be a distinct advantage going forward that will protect our customers and the company in terms of that type of stability that we're trying to deliver.

我也補充一下，我們服務多年的那些客戶，其經驗讓我們學到很多，並用來指引我們現在正在簽署的新合約。因此，如同 Chris 提到的，我們為客戶與公司所設置的保護措施（例如最低帳單），我們認為在未來將會是一項明顯的優勢，能在我們試圖提供的穩定性方面，同時保護客戶與公司。

And we've crossed over the 1,000 megawatt line this particular quarter, and the growth has just been fantastic in that portfolio of data centers and large load customers that we're currently serving, really exciting.

而且本季我們已跨越 1,000 兆瓦的門檻，資料中心與大型負載客戶的投資組合成長非常亮眼；我們目前正在服務的這個組合令人非常振奮。

Travis Miller, Morningstar.

Travis Miller，Morningstar。

Going back to the OpenAI project. I wonder if you could talk a little more about what made that location unique and why both you and OpenAI decided that, that location could handle a project of this size? And then secondly, build on that, are there other areas in your service territory? Or what are the other areas where a project of that size can be constructed and operational in such a short time?

回到 OpenAI 專案。我想請你再多談一點，是什麼讓那個地點如此獨特？以及為什麼你們和 OpenAI 都認為該地點能承接如此規模的專案？其次，延伸這點，在你們的服務區域內是否還有其他地區？或者說，還有哪些地區能在這麼短的時間內建置並投入營運如此規模的專案？

Yes. I mean it's -- these projects in the processes of economic development, it's a lot of -- it's a lot of courting, a lot of evaluations of sites and locations and geography, topography, location to infrastructure -- electric infrastructure facilities and other energy resources being available. And so it's not a set criteria, but there's a lot of kind of investigation of sites to see what works for the projects that these companies want to construct. And so -- and we're glad when they work out.

是的。我的意思是——在經濟發展流程中的這些專案，包含大量的——大量的爭取、許多評估：場址與地點、地理條件、地形，以及與基礎設施的距離——電力基礎設施設施，以及其他能源資源是否可用等。因此並沒有一套固定標準，而是需要對各個場址做大量調查，看看哪些條件符合這些公司想要建置的專案需求。所以——而當它們能夠順利成形時，我們也很高興。

We're also thrilled that we have a number of meaningful sites that are available for additional consideration across our entire service territory. I'm not going to give you kind of exactly where those sites are. I mean that's -- a lot of that's kind of protected, but know that we have additional opportunities for similar projects. I mean the Savannah area, the economy there is very strong with the Hyundai plant that is there and continues to grow and expand. The Port of Savannah that continues to kind of lead this country and activity from a shipping standpoint.

我們也很振奮，因為在我們整個服務區域內，還有多個具相當意義的場址可供進一步評估。我不會告訴你那些場址的確切位置。我的意思是——其中很多資訊需要保密，但你可以知道，我們仍有額外機會承接類似專案。例如 Savannah 地區，當地經濟非常強勁，因為那裡有 Hyundai 工廠，且持續成長與擴張。Savannah 港也持續在航運活動方面領先全美。

So Savannah, Effingham County, those areas have proven to be just wonderful sites for economic activity.

因此 Savannah、Effingham County 等地區，已被證明是經濟活動非常理想的場址。

Understood. And one real quick one. In terms of meeting any future equity needs as you add to the CapEx, any interest in taking minority interest investment or another partner to meet some of those?

了解。再一個很快的問題。就因應未來隨著資本支出（CapEx）增加而可能出現的股權需求而言，你們是否有興趣引入少數股權投資，或找其他合作夥伴來滿足其中一部分需求？

We look at a lot of different structures. But at the moment, we just don't see that as a need. Love the cards that we have, love the opportunities that we've had in terms of issuing the securities and the receptiveness in the marketplace. I just don't see that as a need for us at least for the foreseeable future.

我們會評估許多不同的架構。但就目前而言，我們不認為有這個需要。我們很滿意目前手上的牌，也很滿意我們在發行證券方面所擁有的機會，以及市場的接受度。至少在可預見的未來，我不認為這會是我們的需求。

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

以上為今天的問答環節。先生，請問您有任何結語嗎？

Just let me thank everybody for joining us today. Let me conclude by saying this is an incredibly exciting first half of the year for Southern Company, and it sets us up for the rest of the year, but I also think it speaks to what a bright future we have. And so thank you for joining us today. Have a good rest of the day.

我先感謝各位今天加入我們。最後我想說，對 Southern Company 而言，今年上半年令人非常振奮，這也讓我們為下半年做好準備；同時我也認為，這也說明了我們擁有多麼光明的未來。因此，感謝各位今天的參與。祝各位今天剩下的時間一切順利。

Thank you, sir. Ladies and gentlemen, this concludes The Southern Company Second Quarter 2026 Earnings Call. You may now disconnect.

謝謝您，先生。各位女士、先生，Southern Company 2026 年第二季財報電話會議到此結束。您現在可以掛線。