美國南方電力 (SO) 2026 Q3 法說會逐字稿

Good afternoon. My name is Alicia, and I'll be your conference operator today. At this time, I would now like to welcome everyone to The Southern Company third-quarter 2026 earnings call. (Operator Instructions)

下午好。我叫 Alicia，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加南方公司（The Southern Company）2026 年第三季財報電話會議。(接線員指示)

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

現在我想將電話交給投資人關係總監 Greg MacLeod 先生。請開始。

Thank you, Alicia. Good afternoon, and welcome to Southern Company's third-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，Alicia。各位下午好，歡迎參加南方公司 2026 年第三季財報電話會議。今天與我一同出席的有：南方公司董事長、總裁暨執行長 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-Qs, 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內容出現重大差異，包括我們在 Form 10-K、Form 10-Q 以及後續證券申報文件中所討論者。

In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measures 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，已包含於我們今早發布的財務資訊以及本次電話會議投影片中；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, and good afternoon, everyone, and thank you for joining us for today's update. Southern Company continues to deliver strong results for our customers, communities, and shareholders. We don't chase headlines. We believe credibility is paramount. We do what we say we will do, and our exceptional third-quarter results demonstrate the strength of our business and the consistency of our execution.

謝謝你，Greg。各位下午好，也感謝各位參與今天的最新進展說明。南方公司持續為客戶、社區與股東交出強勁成果。我們不追逐新聞標題。我們相信公信力至關重要。我們說到做到，而我們卓越的第三季業績展現了公司業務的實力與執行的一貫性。

Our scale, our experience, our market structure, and our customer-focused business model are allowing us to capture transformative growth while delivering meaningful benefits to the communities we serve. Across the Southeast, our customer base continues to expand, and electricity demand is rising, reinforcing the economic strength of the region. Our superior performance and growing momentum support the increasing confidence in the durability of our outlook, positioning us to exceed our original 2026 adjusted earnings guidance and strengthening the opportunity to raise our earnings outlook for 2027 and beyond. We are seeing the highest level of weather-normal sales growth in generations, and that growth continues to accelerate, up 3.5% in the third quarter and 2.7% higher year to date. All customer classes are higher, led by commercial sales, which were up 7.3% compared with third quarter 2025.

我們的規模、經驗、市場結構，以及以客戶為中心的商業模式，使我們得以把握具變革性的成長，同時為我們服務的社區帶來實質效益。在整個美國東南部，我們的客戶基礎持續擴大，用電需求也在上升，進一步印證該地區的經濟實力。我們優異的表現與日益增強的動能，支持市場對我們展望韌性的信心提升，使我們有望超越原先 2026 年調整後盈餘指引，並強化上調 2027 年及更長期盈餘展望的機會。我們正看到數代以來最高水準的經天候調整後銷售成長，而且成長仍在加速，第三季成長 3.5%，年初至今成長 2.7%。各類客戶用電量皆上升，其中以商業用電領先，較 2025 年第三季成長 7.3%。

We are signing new contracts, and today, this large load customer demand is translating into increasing usage. Notably, data center usage was 59% higher this quarter and is now up 52% year to date, primarily due to accelerating load ramps from data center customers. We continue to see steady population growth in our territories. Residential sales are up 1.3% this quarter, with approximately 15,000 new electric residential customers, along with nearly 6,000 new residential gas customers. And the usage trends across our industrial customer base continue to demonstrate robust growth across nearly all our top segments, including the primary metals, lumber, and transportation segments, driving industrial sales meaningfully higher in the quarter.

我們正在簽署新合約，而目前大型負載客戶需求正轉化為用電量的增加。值得注意的是，本季資料中心用電量年增 59%，年初至今則增加 52%，主要因資料中心客戶的負載爬坡加速。我們服務區域的人口仍持續穩定成長。本季住宅用電銷售成長 1.3%，新增約 15,000 名住宅用電客戶，並新增近 6,000 名住宅用天然氣客戶。此外，我們工業客戶群的使用趨勢持續顯示在幾乎所有主要產業別皆有強勁成長，包括基本金屬、木材與運輸等產業，帶動本季工業用電銷售顯著提升。

As we look ahead, growth in the Southeast continues to be broad-based, led by strong economic development activity across Alabama, Georgia, and Mississippi. The region is on track to double its prior annual record of announced capital investment. Just in the third quarter, announcements were made for nearly $25 billion of investment and more than 5,000 new jobs, led by several manufacturing, automotive, and data center announcements from companies such as Airbus, Gulfstream, OpenAI, Pirelli, and Walmart. Further, in just the last few weeks, both Mitsubishi Power and Audi made major announcements continuing the significant reshoring momentum in our electric service territory. Mitsubishi Power plans to double its investment in its gas turbine manufacturing facility in Savannah, Georgia, that will help meet the rising power generation needs in the Southeast and across the country.

展望未來，美國東南部的成長仍呈現廣泛分布，主要由阿拉巴馬州、喬治亞州與密西西比州強勁的經濟發展活動所帶動。該地區有望將先前每年公布的資本投資紀錄提高一倍。僅在第三季，就宣布了近 250 億美元投資與超過 5,000 個新工作機會，主要來自 Airbus、Gulfstream、OpenAI、Pirelli 與 Walmart 等公司的多項製造業、汽車與資料中心投資案。此外，就在最近幾週，Mitsubishi Power 與 Audi 也相繼發布重大消息，延續我們電力服務區域顯著的回流（reshoring）動能。Mitsubishi Power 計畫將其位於喬治亞州薩凡納（Savannah）的燃氣渦輪製造廠投資加倍，以協助滿足東南部及全美日益上升的發電需求。

Audi announced their first US-based production site in Peach County in Central Georgia to manufacture SUVs for the North American market, expecting to invest $4 billion and create 4,500 permanent jobs. These projects will bring the total announced future business investment in our Southeast service territory to over $45 billion, by far the largest amount we've seen in any one year. Collectively, these types of projects are expected to help fuel local economic growth and job creation for years to come and support the deep diversification and resilience of the economy in the region. Thanks to our customer-focused strategy, along with broad-based economic development activity, our outlook continues to strengthen as we serve this growing demand across the Southeast in a responsible and sustainable manner, and we continue to deliver on large load projects. Our portfolio of signed large load contracts has now grown to 21 gigawatts, with an additional 7 gigawatts in late stages across Alabama, Georgia, and Mississippi.

Audi 宣布其首座美國本土生產基地將設於喬治亞州中部的 Peach County，為北美市場生產 SUV，預計投資 40 億美元並創造 4,500 個永久性工作機會。這些專案將使我們東南部服務區域已宣布的未來企業投資總額超過 450 億美元，遠高於我們在任何單一年份所見的水準。整體而言，這類專案預期將在未來多年持續推動地方經濟成長與就業創造，並支持該地區經濟的深度多元化與韌性。受惠於我們以客戶為中心的策略，以及廣泛的經濟發展活動，隨著我們以負責任且永續的方式滿足東南部日益成長的需求、並持續推進大型負載專案，我們的展望持續改善。我們已簽署的大型負載合約組合目前已成長至 21 吉瓦，另有 7 吉瓦在阿拉巴馬州、喬治亞州與密西西比州處於後期階段。

In the quarter, both Alabama Power and Georgia Power each added approximately 2 gigawatts of contracted load. These contracts include industry-leading provisions designed to provide clear protections and benefits for existing customers while providing improved visibility and confidence in our financial forecast through minimum bills that are decoupled from electricity usage. Large load and data center customers are paying, at a minimum, their full share, enabling Alabama Power and Georgia Power to pass along meaningful benefits to customers today and into the future. We have committed to holding base rates flat in Alabama and Georgia until at least 2029. In fact, Georgia Power reduced rates this summer, which is saving the typical residential customer nearly $50 per year.

本季，Alabama Power 與 Georgia Power 各自新增約 2 吉瓦的已簽約負載。這些合約包含業界領先的條款，旨在為既有客戶提供明確的保障與效益，同時透過與用電量脫鉤的最低帳單（minimum bills），提升我們財務預測的可視性與信心。大型負載與資料中心客戶至少支付其應負擔的全部份額，使 Alabama Power 與 Georgia Power 能在當下及未來為客戶帶來具意義的效益。我們已承諾在阿拉巴馬州與喬治亞州至少到 2029 年前維持基本費率不變。事實上，Georgia Power 今年夏天已調降費率，讓一般住宅客戶每年可節省近 50 美元。

Beyond lowering rates in 2026, let me remind you, Georgia Power has committed to deliver nearly $3 billion of customer benefits that will help lower costs for the typical residential customer by approximately $180 annually after the current rate freeze period. The ability to save our customers money today with multi-year rate stability is directly attributable to attracting, pricing, contracting, and serving growth throughout our service territory using a contractual framework that benefits customers today while also protecting them for the long term and helps support our regulatory strategy. We are executing on this growth opportunity with the same discipline, credibility, and customer focus that has long defined Southern Company. This opportunity today is a product of decades of constructive collaboration with leaders across the full landscape of regulators and policymakers to achieve outcomes that benefit our customers and strengthen our communities and support economic growth. Our goal has always been to make the communities we serve better because we are there, and we look forward to continuing to build relationships and work collaboratively with existing and newly elected officials on the issues that matter most to our customers and our region.

除了在 2026 年調降費率之外，也提醒各位，Georgia Power 已承諾提供近 30 億美元的客戶效益，在目前凍漲期結束後，將使一般住宅客戶每年成本約降低 180 美元。我們能在今日透過多年期費率穩定為客戶省錢，直接歸因於我們在整個服務區域內吸引成長、訂價、簽約並提供服務，並採用一套合約架構：既能在當下讓客戶受益，也能在長期保護客戶，同時有助於支持我們的監管策略。我們正以長期以來定義南方公司的同樣紀律、公信力與以客戶為中心的精神，來把握這項成長機會。今日的機會，是數十年來我們與各層級監管機關與政策制定者領導人建設性合作的成果，以達成有利於客戶、強化社區並支持經濟成長的結果。我們的目標始終是因為我們的存在而讓所服務的社區變得更好；我們也期待持續建立關係，並就對客戶與本地區最重要的議題，與現任及新當選的官員協力合作。

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

David，我現在把電話交給你，請你就我們的財務表現提供進一步更新。

Thanks, Chris, and good afternoon, everyone. This morning, we reported strong adjusted earnings results for the third quarter, with each of our businesses contributing to performance meaningfully above the estimate we provided last quarter. For the third quarter of 2026, our adjusted EPS was $1.94 per share, $0.34 higher than the third quarter of 2025 and $0.29 above our estimate. The primary drivers of our performance for the current quarter compared to last year were warmer weather, increased usage, and customer growth, growing revenue from large commercial and industrial customers, including data centers, along with higher earnings from Southern Power. These positive drivers were partially offset by higher non-fuel operating expenses and taxes other than income taxes, along with dilution impacts from additional shares outstanding.

謝謝你，Chris，各位下午好。今天上午，我們公布了2026年第三季強勁的調整後盈餘表現，我們各項業務對績效的貢獻均顯著高於我們在上一季提供的預估。2026年第三季，我們的調整後每股盈餘（EPS）為每股1.94美元，較2025年第三季高出0.34美元，亦較我們的預估高出0.29美元。本季相較去年同期的主要績效驅動因素包括：天氣較暖、用電量增加與客戶成長；大型商業與工業客戶（含資料中心）帶來的營收成長；以及Southern Power較高的獲利。上述正面因素部分被較高的非燃料營運費用與所得稅以外的稅負，以及流通在外股數增加所造成的稀釋影響所抵銷。

Year to date, our adjusted EPS was $4.40 compared to adjusted earnings of $3.76 for the same period in 2025. A complete reconciliation of year-over-year earnings is included in the materials we released this morning. Our adjusted EPS estimate for the fourth quarter is $0.30 per share, which, combined with our strong year-to-date performance, would represent full-year adjusted earnings of $4.70, or $0.10 higher than the top of our original 2026 adjusted earnings guidance range, representing 9% year-over-year adjusted earnings growth. As growth accelerates across the Southeast, we are meeting rising power demand in real time through significant ongoing new generation and infrastructure projects, and we continue to identify additional investment opportunities beyond our base capital plan across the energy value chain.

年初至今，我們的調整後EPS為4.40美元，相較於2025年同期的調整後盈餘3.76美元。我們今天上午發布的資料中，已包含完整的年度同比盈餘調節表。我們對第四季的調整後EPS預估為每股0.30美元，若加上年初至今的強勁表現，則全年調整後盈餘將達4.70美元，較我們原先2026年調整後盈餘指引區間上緣高出0.10美元，代表調整後盈餘年增9%。隨著美國東南部成長加速，我們透過持續推進的大型新發電與基礎設施專案，即時滿足攀升的用電需求；同時，我們也持續在能源價值鏈上，於既有資本計畫之外辨識更多投資機會。

On our first quarter call, we announced Southern Power was moving forward with 400 megawatts of uprates at existing natural gas facilities. In the third quarter, Georgia Power announced and received approval for a partnership with Google to economically unlock additional nuclear capacity through uprates during scheduled maintenance outages over the next several years. And just two weeks ago, Southern Natural Gas, in which we hold a 50% ownership stake, announced the Southeast Connector Project Pipeline Expansion to further support growth and access to diverse fuel supplies. Together, these projects represent approximately $4 billion of projected investment above our $81 billion base capital plan that we originally shared in February.

提醒各位，在第一季電話會議上，我們宣布Southern Power將推進既有天然氣設施的400兆瓦增容（uprates）。在第三季，Georgia Power宣布並獲核准與Google建立合作夥伴關係，於未來數年在排程維護停機期間透過增容，以具經濟效益的方式釋放更多核能容量。而就在兩週前，我們持有50%股權的Southern Natural Gas宣布「Southeast Connector Project」管線擴建案，以進一步支持成長並取得多元燃料供應。合計而言，這些專案代表在我們今年2月最初分享的810億美元基礎資本計畫之上，約40億美元的預計額外投資。

As a reminder, requests for proposals, or RFP processes, are underway in Alabama and Georgia to procure additional generation in the early 2030s. And we expect to gain more insights from these RFPs in the coming months. To the extent potential company-owned resources are selected through these processes and ultimately authorized by the respective PSCs, this could represent substantial incremental investment. Together with opportunities for additional investment across all our businesses, including those at Southern Company Gas, Southern Power, and PowerSecure, our capital plan could potentially approach $100 billion over a five-year period.

再次提醒，目前阿拉巴馬州與喬治亞州正進行徵求提案（RFP）流程，以在2030年代初期採購額外發電資源。我們預期在未來幾個月可從這些RFP獲得更多洞見。若透過這些流程選定潛在的公司自有資源，並最終獲各州公共服務委員會（PSC）核准，則可能代表可觀的增量投資。再加上我們各項業務（包括Southern Company Gas、Southern Power與PowerSecure）在其他領域的額外投資機會，我們的資本計畫在五年期間內有可能接近1,000億美元。

As future capital investment opportunities continue to grow, we remain committed to funding incremental capital investments in a credit-supportive manner on our path toward 17% FFO to debt by 2029. Over the last year, we have leveraged a variety of capital markets tools to finance the business in a shareholder-friendly fashion, while also drawing upon a portion of our approximately $27 billion of low-cost Department of Energy loans available to our two largest utilities. Our proactive financing practices are supportive of our credit objectives while helping to support the durability and resilience of our long-term outlook in a rising interest rate environment.

隨著未來資本投資機會持續增加，我們仍致力於以有利於信用的方式為增量資本投資提供資金，以朝向在2029年前達成「FFO對債務比率」17%的目標邁進。過去一年，我們運用多元的資本市場工具，以對股東友善的方式為業務融資，同時也動用我們兩家最大公用事業公司可取得、約270億美元的低成本美國能源部（DOE）貸款中的一部分。我們積極主動的融資作法有助於達成信用目標，並在利率上升環境下，強化我們長期展望的持久性與韌性。

This quarter, we settled $1.2 billion of equity previously priced through our ATM program at an average share price of $95. Combined with amounts settled in prior quarters, all $5.3 billion of forward-priced equity has now been settled, further strengthening our balance sheet and highlighting our commitment to credit quality. Considering the equity addressed to date, along with the incremental $4 billion of projected investment above our base capital plan, we project a remaining equity need of approximately $2 billion through 2030, consistent with our communication to fund additional investment with approximately 40% equity or equity equivalents.

本季，我們透過ATM計畫先前定價的12億美元股權，已以平均每股95美元完成交割。加計前幾季已交割的金額，目前所有53億美元的遠期定價股權均已完成交割，進一步強化我們的資產負債表，並凸顯我們對信用品質的承諾。考量迄今已處理的股權，以及在基礎資本計畫之上預計新增的40億美元投資，我們預估至2030年仍需約20億美元的剩餘股權資金需求，與我們先前所溝通「以約40%股權或股權等價物」來支持額外投資的方針一致。

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

我現在把電話交回給Chris。

At Southern Company, we have a strong record of delivering on our expectations, and this philosophy and disciplined approach continues. As David highlighted, we're on track to finish the year strong, earnings meaningfully above our original expectations. This performance is a reflection of tangible momentum, strengthening fundamentals, and a disciplined execution across our portfolio of businesses, and is translating to sustainable higher expectations in our long-term outlook. This coming February, as part of our annual update, we plan to refresh our financial outlook through 2031, including capital investment, sales and rate base growth, financing, and earnings expectations. Consistent with the higher 2026 expectations we shared today, the sustained momentum we see gives us strong confidence for the future and provides an opportunity to potentially raise the upper end of our near-term guidance ranges that ultimately will support an improved outlook into the next decade. We look forward to updating those expectations on our next earnings call.

在Southern Company，我們一向有達成既定目標的優良紀錄，而這樣的理念與紀律性的作法仍在延續。如David所強調，我們正按計畫以強勁表現完成今年，盈餘將顯著高於我們原先的預期。這項表現反映了可見的動能、基本面持續強化，以及我們在各業務組合中紀律性的執行力，並正轉化為我們長期展望中可持續的更高期待。明年2月，作為年度更新的一部分，我們計畫更新至2031年的財務展望，包括資本投資、銷售與費率基礎（rate base）成長、融資與盈餘預期。與我們今天分享的較高2026年預期一致，我們所見的持續動能讓我們對未來充滿信心，並提供機會在短期指引區間上緣進一步上調，最終將支持我們在下一個十年更佳的展望。我們期待在下一次財報電話會議上更新這些預期。

I want to emphasize how incredibly excited we are about how Southern Company is performing and how well-positioned we are for the future. The growth in power demands has rightly been described as unprecedented, and in many ways, is transformational. When you combine these and other factors with 25 consecutive years of dividend increases, more than three-quarters of a century having never reduced our dividend, 8% EPS growth with upside, and our strong credit metrics, our value proposition objective of superior risk-adjusted total shareholder return is second to none. We believe Southern Company is best positioned to succeed in this exciting future with the same discipline, credibility, and customer focus that have long defined our company.

我想強調，我們對Southern Company目前的表現以及未來的有利定位感到無比振奮。電力需求的成長被形容為前所未有，且在許多方面具有轉型意義，這樣的描述是恰如其分的。當你把這些與其他因素結合起來，包括連續25年股利成長、超過四分之三個世紀從未削減股利、具上行空間的8% EPS成長，以及我們強健的信用指標，我們以「卓越的風險調整後股東總報酬」為目標的價值主張可謂無出其右。我們相信，Southern Company最有條件在這個令人振奮的未來中取得成功，並將延續長期以來定義我們公司的同樣紀律、可信度與以客戶為中心的精神。

As we conclude today, I would like to touch on the operational performance and recent storm activity in our southeastern states, and the exceptional response from our team members. This summer, our electric and gas systems met significant demand driven by growth, record temperatures, and sustained elevated usage. The third quarter was one of the warmest quarters in our service territory over the last 50 years, and we delivered electricity sales that were higher than any prior quarter on record, while providing best-in-class fleet reliability. In early October, Hurricane Isaias made landfall on the Gulf Coast, causing destruction up and down the Southeast. Our dedicated teams in Alabama, Georgia, and Mississippi, along with thousands of additional resources through the Utility Industry Mutual Assistance Network, mobilized in advance of the storm and responded quickly to restore power to over 650,000 impacted customers.

在今天結束之前，我想談談我們在美國東南部各州的營運表現與近期風暴活動，以及我們團隊成員的卓越應對。今年夏天，我們的電力與天然氣系統在成長、創紀錄高溫與持續高使用量所帶動的顯著需求下，仍順利滿足供應。第三季是我們服務區域過去50年中最溫暖的季度之一；我們在提供同級最佳的機組可靠度（fleet reliability）的同時，電力銷售也創下歷來任何季度的新高。10月初，颶風Isaias在墨西哥灣沿岸登陸，對整個東南部造成上下游的破壞。我們在阿拉巴馬州、喬治亞州與密西西比州的專業團隊，並結合透過公用事業產業互助支援網路（Utility Industry Mutual Assistance Network）調度的數千名額外資源，在風暴來臨前即完成動員，並迅速展開復電作業，為超過65萬名受影響客戶恢復供電。

In Alabama, where the storm was most damaging in our service territories, Alabama Power safely restored power to 95% of the impacted customers within 48 hours. This storm proved the value of ongoing investments in grid resilience and cutting-edge technology, such as SPEAR, a proprietary AI tool which helps us predict where to deploy the resources in advance of a storm. At Southern Company, preparation is a year-round priority, and I am proud of the excellent performance of our system and an unwavering commitment from thousands of hardworking, dedicated crew members, and I thank them for what they do each and every day.

在風暴對我們服務區域造成最嚴重破壞的阿拉巴馬州，Alabama Power在確保安全的前提下，於48小時內為95%的受影響客戶恢復供電。這場風暴證明了我們持續投資電網韌性與尖端科技的價值，例如SPEAR——一項專有的AI工具，可協助我們在風暴來臨前預測應將資源部署至何處。在Southern Company，防災準備是一年四季的優先事項；我為我們系統的優異表現，以及數千名辛勤投入、敬業的工作人員堅定不移的承諾感到自豪，也感謝他們日復一日所做的一切。

Operator, we are now ready to take questions.

接線員，我們現在準備好開始提問。

(Operator Instructions)

（接線員指示）

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

Hey, Shar. How you doing, man?

嗨，Shar。你最近怎麼樣，老兄？

Good, Mr. Womack. How you doing? Everything good?

很好，Womack 先生。你怎麼樣？一切都好嗎？

Very good. Very good. How about yourself?

非常好。非常好。你呢？

Not too bad, man.

還不錯，老兄。

You never called me Womack before. What's up with that?

你以前從沒叫過我 Womack。怎麼突然這樣叫？

You told me to always call you Mr. Womack.

是你叫我一直要稱呼你 Womack 先生的。

Who are you trying to impress?

你想給誰留下好印象？

I'm trying to butter you up before we get into EEI. Chris, maybe just touching on some of the recent changes in Georgia. I mean, notably, we saw a party flip at the PSC. That's something we haven't seen for some time. Obviously, you guys have upsides you're highlighting, but then you have the end of this rate settlement in '28.

我是在進入 EEI 之前先拍你馬屁一下。Chris，或許先談談喬治亞州最近的一些變化。我的意思是，尤其是我們看到 PSC 的政黨翻轉。這是我們有一段時間沒見過的事。顯然，你們正在強調一些上行因素，但同時你們在 2028 年也會面臨這份費率和解的到期。

I guess, Chris, how do you kind of build confidence here with the plan, especially as you roll forward with sort of the untested PSC dynamic that's formed and a major rate case that's forthcoming, especially as you're thinking about raising the CAGR, et cetera?

我想問，Chris，在這裡你們如何對這個計畫建立信心？特別是當你們往前推進時，面對這種尚未驗證、已形成的新 PSC 動態，以及即將到來的一個重大費率案件；尤其當你們在考慮提高 CAGR 等等時？

Yeah, Shar, I think that's an excellent question as you think about the results coming out of the election this week. I think hopefully you get a sense, we are very confident in our performance, and we're very confident about the growth we've seen in the past and the growth we see going forward. Also, we feel good about the confidence in our ability to share those benefits with our customers as well as the communities. I mean, if you look at exit interviews from the elections, at the top of the list of concerns from those that voted were concerns about issues of affordability. If you look at what we have been doing with rate freezes, with benefits, with how we are providing benefits from growth to customers, existing customers, as well as to the communities, we think that's a strong platform to stand on.

是的，Shar，我認為這是個很好的問題，尤其是在思考本週選舉結果的背景下。我想你應該能感受到，我們對自身的執行表現非常有信心，也對過去的成長以及未來的成長非常有信心。此外，我們也對自己能夠把這些效益分享給客戶以及社區的能力感到放心。我的意思是，如果你看選後的出口民調，投票者最關切的議題之一就是可負擔性。如果你看我們在做的事情——費率凍結、各項回饋，以及我們如何把成長帶來的效益回饋給客戶、既有客戶以及社區——我們認為這是一個很強的立足點。

And as we engage and work with the new commissioners in Georgia, new commissioners in Alabama, providing benefits back to customers, I think, will resonate well. So, put it to you this way, Shar, you know how disciplined we are in all that we do, and we're going to be very conservative as we kind of give you forward-looking guidance. So yeah, we've got a lot of confidence in what we see, but we also have great confidence in how we are taking advantage of growth to make sure we provide incredible benefits back to customers. And so as we continue to grow, we look forward to providing additional benefits back to customers. That gives me and gives us, I think, great confidence about where we are and how we move forward into the future.

而且當我們在喬治亞州與新的委員、在阿拉巴馬州與新的委員互動並合作時，把效益回饋給客戶，我認為會很有共鳴。所以我這樣跟你說，Shar，你知道我們在所有事情上都很自律，我們在提供前瞻性指引時也會非常保守。所以，是的，我們對所看到的情況很有信心，但我們也非常有信心，我們正在利用成長來確保把極具價值的效益回饋給客戶。因此，隨著我們持續成長，我們也期待能提供更多效益回饋給客戶。我想這讓我、也讓我們，對我們目前的位置以及未來如何前進都充滿信心。

Got it. No, that's perfect, and you've got the history to show that. Chris, on the funding, the capital plan, obviously it's a $100 billion figure on roll forward. It's a massive number. I know in the prepared remarks, you guys talk a little bit about the incremental equity needs, 40% as a rule of thumb.

了解。不，這很完美，而且你們也有歷史紀錄可以證明。Chris，關於資金與資本計畫，顯然往前推算是 1,000 億美元的規模。這是個非常龐大的數字。我知道在事先準備的講稿裡，你們提到一些增量股權需求，以 40% 作為經驗法則。

I'm just wondering, just given the cash flow nature of sort of the large load pipeline, especially if they're making upfront payments, could that sort of help mitigate some of your historical equity needs? Is 40% the right number? Or as you're adding these large loads, which have sort of this cash flow accretive nature to them, could that provide some downward pressure in the equity needs? Thanks.

我想問的是，考量到大型負載管線的現金流特性，尤其如果他們會先行支付預付款，這是否可能有助於緩解你們過去的股權需求？40% 這個數字是對的嗎？或者，當你們新增這些大型負載、它們本身具有現金流增厚（accretive）的特性時，是否會對股權需求帶來一些下行壓力？謝謝。

Yeah. Good question, Shar. You know, the forecast for us, remember, we're continuing along that journey toward 17% by 2029. Our modeling would suggest that with these contracts that we're signing and with the capital that we're going to be deploying, we continue to believe that about 40% remains about the right term for us. As we continue to make progress on that journey towards 17%, we'll revisit that. But in the way we look at the world right now, we think about 40% is a good target for us to continue to point to.

是的。好問題，Shar。你知道，我們的預測——請記得——我們仍在持續朝著 2029 年達到 17% 的那段旅程前進。我們的模型顯示，隨著我們正在簽署的這些合約，以及我們將要投入的資本，我們仍然相信大約 40% 對我們而言仍是合適的水準。當我們在朝 17% 的旅程上持續取得進展時，我們會再重新檢視。但以我們目前看待世界的方式，我們認為大約 40% 是一個很好的目標，值得我們持續對外指引。

Perfect. Perfect. Appreciate it, guys. Mr. Womack, see you in a couple days.

完美。完美。謝謝你們各位。Womack 先生，幾天後見。

Look forward to it.

期待見面。

See you soon.

很快見。

Nick Campanella, Barclays.

Nick Campanella，巴克萊。

Hey, Nick. How you doing, man?

嗨，Nick。你最近怎麼樣，老兄？

Hey. Good afternoon. Thanks for the time. I appreciate it. Hey, maybe just to be a little bit more explicit, just with affordability being kind of the theme nationally that's continuing here, and obviously you guys are very focused on it, the stay out in Georgia ends in 2028, I believe.

嗨。下午好。謝謝你撥冗。我很感激。嗨，也許我想把問題問得更明確一點：可負擔性作為全國性的主題仍在延續，而你們顯然也非常聚焦在這上面；我記得喬治亞州的 stay out 會在 2028 年結束。

Just what's the ability to offer those further stay outs in either Georgia or Alabama? At what point in the timeline do we have to kind of start thinking about that or making subsequent filings, understanding that you don't have many filings in front of the commission right now?

那麼，在喬治亞州或阿拉巴馬州，進一步提供這些 stay out 的能力如何？在時間軸上，我們應該從什麼時點開始思考這件事或開始進行後續申報？也理解你們目前在委員會面前沒有太多申報案。

Yeah. I mean, we have to make a filing in '28, so I think it's very premature to think about anything different. I think, as I said to the previous question, our focus is the confidence we have in how we're performing, but also with the growth opportunities, making sure we share those benefits with existing customers. I think if we address that, we provide those kind of benefits to customers, that really helps respond to issues of affordability. There's always more to be done, so the energy efficiency opportunities, the demand side management things, weatherization.

是的。我的意思是，我們必須在 2028 年提出申報，所以我認為現在去想任何不同的做法都還太早。我想，正如我對前一個問題所說，我們的重點在於我們對自身執行表現的信心；同時，面對成長機會，我們要確保把這些效益分享給既有客戶。我認為如果我們把這件事做好，向客戶提供這類效益，就能有效回應可負擔性的議題。當然永遠還有更多可以做的，例如能源效率的機會、需求面管理（DSM）的措施、房屋保溫與防風化（weatherization）。

There are a lot of tools, a lot of levers we have, I think, to respond to some of the concerns that are out there in the marketplace. We focus a lot on rate stability in terms of how we keep rates flat, but for adjusted for inflation, that really is downward pressure on rates for our customers. So, I think this kind of comprehensive focus on our part, we'll spend time with the commissions, like I said, both Georgia and Alabama, to see where they are and how they want to proceed. But we're going to continue doing the work that we're doing, making sure we're providing and being very sensitive and hearing the issues and concerns of our customers and providing them with great service, but also with benefits on the affordability side.

我認為我們有很多工具、很多槓桿，可以用來回應市場上存在的一些疑慮。我們非常重視費率穩定性，也就是如何讓費率維持平穩；但若以通膨調整後來看，這其實對客戶費率形成下行壓力。所以我認為，我們這種全面性的聚焦，會讓我們與監管委員會——如我所說，喬治亞州與阿拉巴馬州——花時間溝通，了解他們的立場以及他們希望如何推進。但我們會持續做我們正在做的工作，確保我們在提供服務時非常敏感、能傾聽客戶的議題與關切，並提供優質服務，同時也在可負擔性方面提供回饋與效益。

Okay. No, that's really helpful. I appreciate that. When you kind of talked about in the prepared remarks, just the potential raise of the upper end of the near-term guide that ultimately supports an improved outlook into the next decade. As we wrap in the $100 billion and you reevaluate the CAGR, is this more about an extension or an increase to those ranges, just to be clear?

好的。不，這真的很有幫助。我很感謝。你在事先準備的發言中提到，近期期指引上緣可能上調，最終可支撐未來十年的展望改善。當我們把這 1,000 億美元納入並重新評估 CAGR 時，這更像是把那些區間延長，還是把區間提高？只是想確認清楚。

Sure, Nick. As we work through that, what we've been able to deliver so far and what we see in the businesses and their performance and carrying into that momentum, carrying into 2027 and 2028, we feel good at the moment to be able to raise that upper end of the guidance in those years. We think that that's going to put us in a, if you will, a higher starting point for the 7%-8% path starting in 2028 and well into the next decade. We've got a lot of things to work through in terms of quantifying that, and we'll be able to address that in the Q4 call. But we see a lot of growing momentum around the contracts that we're signing, the additional opportunities for capital deployment, the advantages we've taken in the marketplace around capital.

當然，Nick。隨著我們推進這件事，就目前我們已經交付的成果、以及我們在各項業務中看到的表現與延續的動能，並把這股動能帶入 2027 與 2028，我們目前對於能在那些年度上調指引上緣感到有信心。我們認為，這將使我們在 2028 年開始、並延伸到下一個十年很長一段時間的 7%–8% 成長路徑上，處於一個更高的起點。在量化方面我們還有很多工作要做，我們會在第四季電話會議上加以說明。但我們看到，圍繞我們正在簽署的合約、額外的資本部署機會，以及我們在市場上於資本方面取得的優勢，都有很強的成長動能。

We'll be able to pull all that together for you in the Q4 call, but feel really good about being able to extend that range of growth for the next couple of years as we set into the longer term.

我們會在第四季電話會議上把這些整合後提供給你，但我們對於在邁向更長期之前，能在未來幾年延伸該成長區間感到非常有信心。

Yeah, Nick, the only thing I'd add, Nick, just think about what this signals and says for a company our size and with the scale that we have. So, the consideration of what we're talking about and the significance of it, I just want to make sure you don't let that go unnoticed for the size and scale of our company.

是的，Nick，我唯一想補充的是，請想想這對一家像我們這種規模、以及我們所具備的量體而言，這代表與傳達了什麼訊號。所以，關於我們正在談的內容及其重要性，我只是想確保你不要忽略它對我們公司規模與量體的意義。

Absolutely. Thank you for the time.

完全同意。謝謝你撥冗。

Thanks, Nick.

謝謝，Nick。

Anthony Crowdell, Mizuho Securities.

Anthony Crowdell，瑞穗證券。

I guess, I wanted to say in the same vein as Nick was just asking, just maybe more cleanup. I think previously, the current rate plan in Georgia Power is '26, '27, '28, where you kept rates flat. in your prepared remarks, I think you said you're going to hold rates flat through at least '29. Have you already added on a year there? Just more clarity on that, or did I maybe misunderstand what was said in the remarks?

我想沿著 Nick 剛才問的同樣方向，再做一些釐清。我記得先前喬治亞電力（Georgia Power）目前的費率方案是 '26、'27、'28，當時你們維持費率不變。在你們事先準備的發言中，我想你們說會至少到 '29 都維持費率不變。你們是否已經多加了一年？想請更清楚說明一下，或者是我可能誤解了發言內容？

I think we said through '29.

我想我們說的是到 '29。

Okay.

好的。

Hold the freeze in.

把凍漲延續下去。

Yeah, through '29.

對，到 '29。

Got it. Okay. On slide 11, you guys give the nice funnel there. Contracted load rose 4 gigawatts, but you seem to be refilling it at a pretty good pace that you still keep it at 75 gigawatts as like prospective pipeline. Just talk about maybe how quickly that keeps refilling that funnel.

了解。好的。在第 11 張投影片，你們提供了那個很好的漏斗圖。已簽約負載增加了 4 吉瓦，但你們似乎以相當快的速度補回來，仍把它維持在 75 吉瓦，作為潛在管線。能否談談這個漏斗補回的速度大概有多快？

Are the projects Georgia? Are they Alabama? If you could just more color on that. Thank you.

這些專案是在喬治亞嗎？是在阿拉巴馬嗎？如果可以的話，請多提供一些背景說明。謝謝。

Still a lot of activity in Georgia, but as we have been signaling over the past couple quarters, we continue to see activity move, migrate to the West. It is Georgia, Alabama, and also in Mississippi. We see the funnel, the pipeline continuing to replenish. Now, are we going to land 75 gigawatts of projects? Probably not.

喬治亞仍然有很多活動，但正如我們過去幾季一直在釋放的訊號，我們持續看到活動往西部移動、遷移。包括喬治亞、阿拉巴馬，也包括密西西比。我們看到這個漏斗、這條管線持續補充。那麼，我們會落地 75 吉瓦的專案嗎？可能不會。

We will continue to risk adjust it, but I think it is a clear indication, a demonstration of the interest in our territory. As you see on an ongoing regular basis, we continue to sign projects and we continue to signal to you in terms of what is in various stages of the process. All this says, there is continued and significant interest and activity in our service territory. We are excited about what is taking place here, the potential here, but also, we are just excited about the customer benefits that we are able to provide because of this growth.

我們會持續做風險調整，但我認為這清楚顯示並證明了市場對我們轄區的興趣。如你持續且定期看到的，我們不斷簽下專案，也持續向你們說明在流程各階段有哪些項目。這一切都表示，我們的服務轄區持續存在顯著且重大的興趣與活動。我們對這裡正在發生的事情、這裡的潛力感到振奮；同時，我們也對因為這些成長而能為客戶提供的效益感到非常興奮。

If I could throw one more in. Apologies, I know it's only one day or two days since election day. Turnout, maybe some states may not have the ability to maybe lock in some of these large customers. Do you guys anticipate maybe more opportunities coming your way as other states maybe slow down or turn off the business that these large load customers and that you guys are a net winner from this? I know it's only two days, any discussions you maybe have with large customers on it?

如果我可以再補問一個。抱歉，我知道距離選舉日才一兩天。投票率之類的因素，可能讓某些州未必有能力鎖定這些大型客戶。你們是否預期，當其他州可能放慢或停止承接這些大型負載客戶的業務時，會有更多機會流向你們，讓你們成為淨受益者？我知道才兩天，你們是否已就此與大型客戶有任何討論？

Yeah, Anthony, I think that's a tad bit premature. We have, I think probably since 2022, we've had just a steady flow of engagement and activity, and a steady, strong pipeline of activity that we've seen. We know these projects are shopping all across the country in a lot of different places. So in terms of what happens with various policy decisions, I think it'd be premature to speculate what the implications of how that turns out at this time.

是的，Anthony，我覺得現在談這個有點太早。我想自 2022 年以來，我們一直有穩定的接觸與活動流量，也看到穩定且強勁的活動管線。我們知道這些專案正在全國各地、很多不同地點比價與評估。因此，關於各種政策決策會如何發展，我認為此時推測其影響還為時過早。

That's all I had. Thanks so much for taking my question. See you in Phoenix.

我就這些。非常感謝你們回答我的問題。鳳凰城見。

All right. Thank you. Look forward to it.

好。謝謝。期待見面。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Julien, how you doing, man? Oh, it's not Julien, huh? I'm going to call you Julien when I see you.

Julien，你好嗎，老兄？喔，不是 Julien 對吧？我見到你時還是會叫你 Julien。

Hey, you got James on For Julien. When you raise the upper end for '27 and '28, does that rest on the $85 billion already identified, or does it assume some of the Alabama and Georgia RFP capital? And then as the plan moves towards the $100 billion, how much of the added earnings would land by 2030 versus after? The disclosure is great. I'm just trying to frame the pace of investment and then the pickup in earnings.

嗨，我是 James，代 Julien 提問。當你們上調 '27 與 '28 的上緣時，這是基於已經辨識出的 850 億美元，還是也假設納入部分阿拉巴馬與喬治亞 RFP 的資本？另外，當計畫朝 1,000 億美元推進時，新增獲利有多少會在 2030 年前落地、又有多少是在之後？你們的揭露很棒。我只是想掌握投資節奏，以及獲利提升的速度。

No, fair question. Good. I think there's a lot of factors that we're working through that are influencing where we see ourselves winding up in that earnings. Talked about the accelerating sales growth that we're seeing throughout the year. We came out with high expectations for 2026, and those expectations have come to fruition, so we see momentum moving across the whole service territory.

不，這是個合理的問題。很好。我認為我們正在梳理很多因素，這些因素會影響我們最終在獲利上會落在哪裡。我們談到今年以來看到的銷售成長加速。我們對 2026 年提出了很高的期待，而這些期待已經實現，因此我們看到整個服務轄區的動能都在推進。

It's not just data centers. We've got significant announcements around economic development coming into the service territory, and customers expanding their operations, population growth. So, it's a lot of factors around sales growth. Yes, we do have the 21-gigawatt signed contracts. We do see significant opportunities in the next several months related to our late stage and finalizing contracts. So there's more growth there.

不只是資料中心。我們在服務轄區內看到許多與經濟發展相關的重大宣布，以及客戶擴大其營運、人口成長。所以，銷售成長背後有很多因素。是的，我們確實有 21 吉瓦的已簽約合約。我們也看到在未來幾個月，與我們後期階段、以及合約定案相關的重大機會。因此那裡還會有更多成長。

And we've talked about the opportunities in the ongoing RFPs at Georgia and Alabama. And we won't get ahead of how that process is going to work, but we see those are capital needs in the 2030s, and we see pretty significant upside of that. We've talked about in the past a rule of thumb of, say, $2 billion, $2 billion-plus for each gig of capacity that we might have the opportunity to construct. And those are well-structured processes.

我們也談過喬治亞州與阿拉巴馬州正在進行的 RFP（徵求提案）中的機會。我們不會搶先評論該流程將如何運作，但我們認為那是 2030 年代的資本需求，而且我們看到相當可觀的上行空間。我們過去談過一個經驗法則，例如每 1GW 容量，若我們有機會建置，資本規模大約是 20 億美元、甚至 20 億美元以上。而且那些都是結構良好的流程。

They're very transparent, independent evaluators, bids from the market. So whatever the best opportunities are for our customers and resiliency and affordability is what we're going to do. We see those opportunities going well into the 2030s.

它們非常透明，有獨立評估者，也有市場投標。因此，無論對我們的客戶而言在韌性與可負擔性方面最好的機會是什麼，我們就會去做什麼。我們看到這些機會會一路延伸到 2030 年代。

That's great. That answers that quite well. One follow-up, if I may, on Alabama. Under the proposed earnings deferral that you have there, which of the risk mitigation thresholds are going to kind of determine when those amounts actually enter earnings? And how could that sort of affect earnings between the years through 2030?

太好了。這回答得很清楚。如果可以的話，我有一個關於阿拉巴馬州的追問。在你們提出的遞延盈餘（earnings deferral）方案下，哪些風險緩解門檻會在某種程度上決定這些金額何時實際進入盈餘？而這可能會如何影響到 2030 年前各年度之間的盈餘？

Yeah. That's going to be worked out with the commission as those circumstances give rise. The best way I might want to think about that is almost like storm damage accounting, right? You could think about it where a cost would be incurred, if you will, from a rate-making perspective, and that will flow through the income statement and create a regulatory liability. And then to the extent that circumstances arise, Alabama Power and the Public Service Commission will work out how that gets relieved back through the balance sheet and through the income statement.

是的。這會在相關情況發生時，與委員會一起協商釐清。我認為最好的理解方式幾乎就像風災損害會計（storm damage accounting），對吧？你可以把它想成：從費率制定（rate-making）的角度來看，會發生成本，而該成本會流經損益表並形成一項監管負債（regulatory liability）。接著在某些情況出現時，阿拉巴馬電力公司（Alabama Power）與公共服務委員會（Public Service Commission）會協商如何透過資產負債表以及損益表把它回沖／解除。

So it's intentionally designed to be flexible, and that would probably be more, I would think, in the latter part of the contract lives. So probably taking that well into the next decade and perhaps even touching into the 2040s, depending on the contract. But again, I would analogize it, I think storm damage accounting or regulatory proceedings is a safe analogy and intended to have good flexibility between the company and the commission.

所以它是刻意設計成具彈性的，而我認為這大概會更多發生在合約存續期的後段。因此可能會一路延伸到下一個十年，甚至依合約而定，可能觸及 2040 年代。但同樣地，我會把它類比為風災損害會計或監管程序；我認為這是安全的類比，也符合其設計初衷：在公司與委員會之間保有良好的彈性。

That's great.

太好了。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Maybe just to go back to Georgia quickly, I guess just going into the elections, there was a lot of rhetoric around executive orders to pause new data center developments. I guess just as you think about what's embedded in your base plan, do you see any potential risk to any of those investments or projects moving forward, or do you feel those are adequately protected by the tariffs that you have in place?

也許快速回到喬治亞州，我想在選舉前後，曾有很多言論提到要用行政命令暫停新的資料中心開發。我想就你們基礎計畫（base plan）所包含的內容來看，你們是否看到任何可能的風險，會影響這些投資或專案的推進？或者你們認為現行的費率條款（tariffs）已足以提供保護？

My sense is I feel pretty confident about what we have in place. There's not been any talk about retroactive or looking backwards. They are contracted loads, so we've got protections there. I think there will probably be conversations about how these things play out going forward, but we have strong confidence in what we've done and the contracts that we signed that are in place and are in effect.

我的感覺是，我對我們目前的安排相當有信心。目前沒有任何討論是要追溯既往或回頭檢視。這些都是已簽約的負載（contracted loads），所以我們在那裡有保護。我認為未來可能會有一些討論，關於這些事情接下來如何發展，但我們對已完成的工作，以及已簽署且正在生效的合約，都很有信心。

Great. Appreciate that. And then just tactically, great to see the EPS execution year to date. Just as we think about the fourth quarter guidance you've now provided, are you planning on pulling forward any O&M into the quarter to take advantage of the strong performance this year? Are there any other discrete items that we should be mindful of as you bridge to the $0.30?

很好。謝謝。然後就戰術面來說，很高興看到你們今年迄今的 EPS 執行表現。就你們現在提供的第四季指引來看，你們是否計畫把部分 O&M（營運與維護費用）提前到本季，以利用今年強勁的表現？在你們銜接到那 0.30 美元時，還有沒有其他我們需要留意的單一／離散項目（discrete items）？

Well, I think a good way to think about that, and I'll use a term from a former CFO, Art Beattie, that we go out of our way to try to fix the roof while the sun is shining. And so we've been taking that upon ourselves all year long and really have made some good progress to take care of some things this year to further bolster our confidence around the future years.

嗯，我認為一個很好的理解方式是——我借用前任 CFO Art Beattie 的一句話——我們會特別努力在天氣晴朗時把屋頂修好。因此我們今年一整年都主動在做這件事，而且確實取得了不錯的進展；今年處理了一些事項，也進一步強化了我們對未來年度的信心。

Got it. Great.

了解。很好。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Hey. Just wanted to go back, I guess, to slide 14 here and talking about the potential to move up the five-year plan towards $100 billion here. Just wondering if you might be able to give us a sense for how that $15 billion might look between state-regulated versus competitive and interstate pipes. Even within competitive power and interstate pipes, I guess, how the breakdown might look there. Just trying to get a sense for what this all means.

嗨。我想回到第 14 頁投影片，談到把五年計畫上調到 1,000 億美元的潛力。想請問你們是否能讓我們了解一下，這額外的 150 億美元在州監管（state-regulated）與競爭性業務（competitive）以及跨州管線（interstate pipes）之間，大概會是什麼樣的分布？甚至在競爭性電力與跨州管線之內，各自的拆分可能會是什麼樣子。只是想更理解這整體代表什麼意義。

Yeah. No, good question. I think it's safe to say that we will continue to be predominantly, and when I say that, I mean kind of 90% to 95% target around the state-regulated investments. You think about even a little bit beyond the state-regulated investments in, if you will, federally regulated around our investments at Sonat. We're going to be highly concentrated in state and federal investments as we always have, and for the foreseeable future, continue to see it that way.

是的。問得好。我認為可以很有把握地說，我們仍將以州監管投資為主；我所謂「為主」是指大約 90% 到 95% 的目標會放在州監管投資上。你也可以把它想成：除了州監管投資之外，還有一些（如果你願意這麼說）屬於聯邦監管的部分，例如我們在 Sonat 的投資。我們會一如既往地高度集中在州與聯邦監管投資上，而且在可預見的未來也會持續如此。

Got it. That's helpful for that. Then just wanted to come back to nuclear. I know we touched on this in the past, but it seems like behind the scenes, there's been a lot of work on the federal level to get new nuclear developed and a lot of support from the federal government, as well as, I guess, move towards a framework where all stakeholders kind of share in the risk, align incentives, and try to move forward here. Just wondering from your perspective, I guess, what do you see going forward here?

了解。這對理解很有幫助。接著我想回到核能。我知道我們過去談過，但看起來在幕後，聯邦層級為了推動新核能開發做了很多工作，聯邦政府也提供了很多支持；同時似乎也在朝向一個框架前進，讓所有利害關係人共同分擔風險、對齊誘因，並推動往前走。想請問以你們的角度，接下來你們看到了什麼？

Could there be new nuclear?

會有新的核電嗎？

From our side, and I've said a number of times how important new nuclear is, I think at this time, to help support and respond to the growth that we see in our economy and the markets today. This administration has done, I think, an incredible job bringing people together, having conversations, discussing what needs to happen to get the new nuclear industry started in this country. Those conversations continue. I think there's good solid recognition about where we are. There's also, I think, sensitivity and recognition about what's needed to get this done in terms of making sure that there are the proper mitigation strategies and risk mitigation strategy is in place to kind of convince companies to take that step.

就我們這邊而言，我已多次提到新核能有多重要；我認為在此時此刻，為了支撐並回應我們在當前經濟與市場中看到的成長，新核能非常關鍵。我認為本屆政府在把各方聚在一起、促成對話、討論要讓美國的新核能產業啟動需要做什麼方面，做得非常出色。這些對話仍在持續。我認為大家對我們所處的位置有很扎實的認知。同時我也認為，大家對於要把這件事做成所需的條件——也就是必須確保有適當的緩解策略與風險緩解策略到位，以在某種程度上說服企業跨出那一步——也有敏感度與認知。

I mean, I think it's risk mitigation, but I also think there may have to be some degree of some type of incentive to also encourage companies to take that step. I mean, there's a lot of activity going on in the nuclear space, in the new nuclear space, which I think is incredibly exciting. But I think there just continues to be more conversation has to take place, I think, for others to get comfortable to take that step. We're not in line to do this, is making it perfectly clear. That's not for us.

我的意思是，我認為需要風險緩解，但我也認為可能還需要某種程度、某種類型的誘因，來鼓勵企業跨出那一步。我的意思是，在核能領域、尤其是新核能領域，現在有很多活動正在進行，我覺得這非常令人振奮。但我認為仍需要更多對話，讓其他人能夠更安心地跨出那一步。我們並不在要做這件事的隊伍裡——我把話說得很清楚。這不是我們要做的。

But I think kind of making sure that this does become a viable option for this country in responding to this demand, I think, is something that we all have to lean into from a policy standpoint, make sure we are supporting and engaging in the conversation. But again, big kudos to this administration with all the work that they are doing in this regard.

但我認為，從政策角度來看，確保這確實能成為本國在回應這項需求時的一個可行選項，是我們大家都必須投入的事情，並確保我們在支持並參與這場對話。但再次要高度肯定本屆政府在這方面所做的所有工作。

Got it. That is very helpful. Then just wanted to come back, I guess, real quick, I guess, Governor-elect Bottoms and the potential for pause in data centers here. Just procedurally, what would that look like here? Any expectations?

了解。這非常有幫助。那我想再很快回到，呃，當選州長 Bottoms 以及這裡資料中心可能暫停的議題。就程序上來說，這在這裡會是什麼樣子？有任何預期嗎？

I do not see any expectations. I mean, there has been a lot of conversation about potentially pausing. I mean, her having been mayor before, and I think very responsive and supportive of kind of local jurisdictions managing these processes. I mean, so I think we will say we will see how this plays out. I mean, I think it is going to be important for us to make sure that we communicate the projects that we have signed, how they have been done, and how they are not costing existing customers.

我看不出有任何預期。我是說，確實有很多關於可能暫停的討論。我是說，她之前當過市長，我認為她對地方司法管轄區管理這些流程一向非常積極回應且支持。所以我想我們就拭目以待，看看事情如何發展。我認為對我們來說，重要的是要確保我們清楚溝通我們已簽署的專案、它們是如何完成的，以及它們並未讓既有客戶承擔成本。

They do not have to support this work. I mean, the data centers that we signed up, I mean, they are paying, as we say, at a minimum, at least their full share. So I think we got to make sure that that story is true. I mean, I think there are a lot more things to be done in terms of community benefits and telling the true stories about water and all the stories that are out there in the marketplace. I mean, I was thrilled to see today OpenAI came out with a Stargate Community initiative in terms of, I think, really trying to even more crystallize kind of their commitments to communities in terms of that partnership and the role of communities in planning and, quote-unquote, responding to questions about transparency. I think those are some of the kind of things that can be done.

他們不必為這項工作提供支持。我是說，我們簽下的那些資料中心，他們正在支付——如我們所說——至少最低限度也支付其全部應負擔的份額。所以我認為我們必須確保這個說法屬實。我是說，在社區效益方面還有很多事情可以做，也要把關於用水以及市場上流傳的各種說法，講出真實的故事。我是說，我今天很高興看到 OpenAI 推出了 Stargate Community（星門社區）倡議，我認為這是在努力更清楚地具體化他們對社區的承諾，包括在夥伴關係中的承諾，以及社區在規劃中的角色，並且——用引號括起來——回應關於透明度的問題。我認為這些就是可以做的一些事情。

So, I think to lay out kind of some criteria in terms of what must be done, I think is a positive way to think about moving forward with these projects. So I think right now is wait and see, and see how it all plays out.

所以，我認為提出一些標準，說明必須做到哪些事項，作為推動這些專案向前的思考方式，是正面的。所以我認為目前就是觀望，看看整體會如何發展。

That's very helpful.

這非常有幫助。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Did want to just kind of piggyback on Mr. Tonet's prior comment, and kind of put a little bit of a finer point. I guess, as we think of the $25 billion of collateral that's required by 2030, I guess just how much of that is posted now, in what form, and I guess against whose credit does that kind of go against?

我想就 Tonet 先生先前的評論再延伸一下，並把重點說得更精確一些。我想，當我們考量到 2030 年前需要的 250 億美元擔保品時，我想問目前已提供了其中多少、以何種形式提供，以及這大致是對應到誰的信用來承擔？

Yeah. We'll stay away from how much is in hand at the moment, just for-- But it's several billion dollars, and it takes various forms, right? So, we work through our kind of collateral criteria, our credit quality criteria, as we're working through these contracts, and it can take various forms. A high credit quality, highly rated counterparty, we may be able to take a parent guarantee for a substantial portion of their commitments. Other counterparties that may not have the balance sheet or the credit quality that others possess, we will work with them to arrange for letters of credit from banking institutions, highly capitalized banking institutions that we find acceptable.

是的。我們先不談目前手上到底有多少——只是因為——但大概是數十億美元，而且形式多樣，對吧？因此，我們在推進這些合約時，會依循我們的擔保品標準、信用品質標準，而擔保品可以採取各種形式。若對手方信用品質很高、評等很高，我們可能可以接受母公司保證，來覆蓋其承諾中的相當大一部分。對於其他可能沒有同等資產負債表或信用品質的對手方，我們會與他們合作，安排由銀行機構出具信用狀，且是我們認可的、高度資本化的銀行機構。

All in, we get to about a AA or so, A-minus, somewhere in that window on average credit metric that we find very comforting to make sure that their commitments get fulfilled.

整體而言，我們把平均信用指標做到大約 AA 左右、或 A-，大概落在那個區間；我們覺得這非常令人安心，能確保他們的承諾會被履行。

Makes sense. And understood. I guess then, I don't mean to kind of beat a dead horse here, but just if there were to be a delay and we kind of have a little bit of a slower load growth type of, or a slower load scenario, I don't want to say load growth, just slower load from a large load perspective type of scenario, I guess, what are the necessities kind of that are current versus where are there potential deferrals?

了解。也明白。那我想，我不是要一直重複問同一個問題，但如果真的出現延遲，且我們遇到一種負載成長較慢——我不想說是負載成長，就是從大型負載角度來看負載較慢——的情境，我想問目前哪些是必須要做的，哪些地方可能有延後的空間？

Well, I think you got to look back at the contract structure, because I think what you're talking about is if ramp rates don't hit at the timing that have been negotiated within the contracts. I presume that's what you want to talk about. If that's the case, our contract structures are very clear where the minimum bills that cover at least 100% of the cost being introduced into the system are fixed. So, before the kilowatt moves over the meter, we are recovering our costs embedded in those minimum bills. So, we've kind of disengaged ourselves from the need for a customer to achieve their ramp rate for us to recover our cost.

嗯，我認為你得回頭看合約結構，因為我想你在談的是，如果爬坡速率（ramp rates）沒有在合約談定的時間點達成。我猜這就是你想談的。如果是這樣，我們的合約結構非常清楚：最低帳單（minimum bills）是固定的，至少涵蓋導入系統的成本的 100%。所以，在每一度電跨過電表之前，我們就已透過那些最低帳單回收了我們嵌入其中的成本。因此，我們某種程度上已經讓自己不必依賴客戶達到其爬坡速率，才能讓我們回收成本。

Well, I was actually trying to touch upon, I guess, from a reliability perspective, when we think of necessity for just reliability within the region versus kind of those large loads.

嗯，我其實是想從可靠度的角度切入，也就是當我們思考區域內僅就可靠度所需的必要性，對比那些大型負載的需求。

From a reliability standpoint, we're making investments in the grid all the time, every year. We're focused on reliability, resilience. During a recent storm, we use it as an opportunity to not necessarily put the system back the way it was, but are there things we can do to harden? That work is ongoing and continuous across our system to support our commitment to top quartile reliability and making sure, whether it's the distribution side, transmission side, we're continuing making those kind of investments and commitments to the system, to the grid.

從可靠度角度來看，我們一直都在電網上投資，每一年都在投資。我們專注於可靠度與韌性。在最近一次風暴期間，我們把它當作一個機會，不一定只是把系統恢復成原樣，而是思考有沒有什麼可以做來強化（harden）系統。這項工作在我們整個系統中是持續且不間斷地進行，以支持我們對「可靠度位居前四分位」的承諾，並確保不論是在配電端或輸電端，我們都持續進行這類投資與對系統、對電網的承諾。

Perfect. Consider it separate and distinct, that's helpful.

完美。把它視為分開且不同的議題，這很有幫助。

Yes.

是的。

Thanks.

謝謝。

Cool.

好。

Thank you.

謝謝你。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

Richard, how you doing, man?

Richard，你最近怎麼樣，老兄？

Hey, Richard.

嘿，Richard。

Hey. Good afternoon. Thanks for the time. Just want to follow up on a couple small items here. Turning back to slide 14 and some of the opportunities comprising that $100 billion figure you laid out.

嘿，午安。謝謝撥冗。我想就這裡幾個小項目再追問一下。回到第 14 頁投影片，以及你提到的那個 1,000 億美元數字所包含的一些機會。

I'd love to get a temp check on Southern Power in the context of that broader $100 billion figure. I think you described in the past the waterfall of opportunities, like kind of uprate, then brownfield, then greenfield. Do you expect to have some progress across all three buckets for your 4Q plan update? Just trying to think about how engagement is pacing on the Southern Power side.

我很想在那個更廣泛的 1,000 億美元框架下，了解一下 Southern Power 的最新狀況。我記得你過去形容過機會的瀑布式排序，比如先是 uprate（增容/提昇出力），接著是 brownfield（既有場址開發），再來是 greenfield（新場址開發）。你預期在第四季（4Q）的計畫更新中，這三個桶（bucket）都會有一些進展嗎？我只是想了解 Southern Power 這邊的互動推進節奏如何。

Sure. No, good questions. Those contract negotiations are ongoing. We are having really good conversations. Frankly, it is not just in the Southeast.

當然。是的，問題很好。那些合約談判仍在進行中。我們正在進行非常良好的對話。坦白說，不僅僅是在美國東南部。

There are opportunities around the country that we are looking to capitalize upon. That is probably going to stretch out over the next few years as we work through those details, but feel really good about the opportunities, not just at the electric operating companies, but also at Southern Power. PowerSecure has got some opportunities as well and growth that they have been delivering. Granted, they are much smaller relative to the company, but they are doing really well in this environment. We continue to deploy those opportunities and then continue to deliver on large load contracts, which will create more opportunity for capital deployment to serve those contracts in the future.

我們正在尋求把握全國各地的機會。隨著我們推進並釐清這些細節，這些機會很可能會在未來幾年逐步展開，但我們對這些機會感到非常樂觀，不僅是在受監管的電力營運公司，也包括 Southern Power。PowerSecure 也有一些機會，以及他們一直在實現的成長。當然，相較於公司整體規模，他們小得多，但在目前的環境下表現非常出色。我們會持續落實這些機會，同時也會持續履行大型負載合約；這將在未來為服務這些合約創造更多資本部署的機會。

The only one thing I would add, I think a lot of times, because of the growth we are seeing in the regulated part of the business, sometimes Southern Power activity gets kind of put to the side. There is a lot of opportunity there from contracting opportunity, from greenfield to new sites, at the same time as they do that work, protecting kind of the discipline that we have around long-term contracts and doing that work with creditworthy counterparties. There is a lot of opportunity, I think, occurring and a lot of excitement across the Southern Power business unit about what they see, what they have under consideration.

我唯一想補充的一點是，我認為很多時候，因為我們在受監管業務部分看到的成長，有時 Southern Power 的動態就會被放到一旁。那裡其實有很多機會，包含簽約機會、從綠地開發到新場址；同時在推進這些工作時，也要維持我們對長期合約的紀律，並與具備良好信用的交易對手合作。我認為目前正在發生很多機會，Southern Power 業務單位對他們所看到、正在評估中的事項也充滿期待。

Got it. That is really helpful. Turning to slide 11 and some of the customer breakdowns we have in there, could you quantify a little bit more finely sort of the data center and neocloud customers that are embedded in that contracted bucket as well as the other stages of the pipeline? I guess I am just curious on a composition perspective how you see that standing today and then trending over time as you sign more contracts.

了解。這非常有幫助。轉到第 11 頁投影片以及其中的一些客戶拆分，您能否更細緻地量化一下：在已簽約那一欄中所包含的資料中心與新雲（neocloud）客戶，以及在管線其他階段的情況？我主要是好奇，從組成結構的角度，您如何看待目前的占比，以及隨著簽下更多合約，未來隨時間推移的趨勢。

Yeah. I think you asked about the composition of that contract complement, I think. They are really all over the board in terms of traditional web hosting businesses as well as hyperscalers. Recently, what we have been signing are more predominantly hyperscalers, no doubt, and then some of those are the large language model learning opportunities. They really kind of are all over the board, and we have been serving these type of customers for several years.

可以。我想你問的是那個合約組合的構成。就傳統網路主機（web hosting）業務以及超大規模業者（hyperscalers）而言，客戶類型其實非常多元。近期我們簽下的合約，毫無疑問更偏向超大規模業者，其中也包含一些大型語言模型訓練相關的機會。整體來說分布很廣，而我們服務這類客戶已經有好幾年了。

What we are experiencing now, it is a really fascinating phenomenon to see play out, where we are starting to get into amendments of contracts and kind of re-contracting, where some of these hyperscalers have come back and said, Well, I had a really good experience here. I know what I am getting. I see the opportunity, the visibility, the vertically integrated market is the differentiator, so let's talk about expanding that relationship. We are working through some of those opportunities right now as well.

我們現在正在經歷的是一個非常耐人尋味的現象：我們開始進入合約修訂以及某種程度的重新簽約；一些超大規模業者回來說：我在這裡的體驗非常好。我知道我會得到什麼。我看得到機會與能見度，而垂直整合的市場是差異化因素，所以我們來談談擴大這段合作關係。我們目前也正在推進其中一些機會。

Yeah. May I add one other thing? One of the things I think you are going to begin to see more of is campuses. As the initial project is established, and that builds out, there is a lot of interest in terms of doing more at those locations. That creates a wonderful opportunity to establish these campuses where this work is being done.

是的。我可以再補充一點嗎？我認為你們將會開始看到更多的是「園區」（campuses）。當初始專案建立並逐步擴建後，市場對於在同一地點做更多事情的興趣非常高。這就創造了很好的機會，去建立這些進行相關工作的園區。

I think you are going to continue to see, you will see more of that as this work unfolds, as this sector continues to expand in growth over time.

我認為隨著這些工作展開、以及這個產業隨時間持續擴張成長，你們會持續看到更多這樣的情況。

Great. Thanks for those details.

很好。謝謝你提供這些細節。

Steve D'Ambrisi, RBC Capital Markets.

RBC Capital Markets 的 Steve D'Ambrisi。

Morning, guys. Or afternoon, guys. Thanks very much for taking my question. Just had a quick one. Wanted to follow up on the $100 billion potential upside capital.

早安，各位。或者下午好，各位。非常感謝讓我提問。我只有一個簡短問題。想追問一下 1,000 億美元的潛在上行資本。

Just on the slide, it talks about $2 billion-plus for every gigawatt. Can you just, I guess, first talk a little bit about if you're seeing any inflation in that number? It seems like when we're talking to companies, we're hearing more CCGTs or CTs with a three handle. So, just if there's any upward pressure even on just the assumptions for every incremental spend for every gigawatt. So, just a follow-up to --

在投影片上提到每 1 吉瓦對應 20 億美元以上。你們能否先談談是否看到這個數字有任何通膨上升？看起來我們在和公司交流時，聽到更多的是 CCGT 或 CT 的成本落在「3 字頭」。所以想確認一下，是否即便在每增加 1 吉瓦的增量支出假設上，也存在上行壓力。所以，這是一個追問——

Yeah. Fair question, and we've been seeing the same thing. So, we intentionally use the $2 billion plus, and that does span a bit past $2 billion. Now, keep in mind also, in our benchmark, we're talking about kind of more focused just on the capital cost of the generating asset, not necessarily looking at the all-in transmission infrastructure that might be needed for a particular generating asset. So, $2 billion plus is probably a decent benchmark at the moment, but certainly acknowledge your point, and we see it as well.

是的。這是個合理的問題，我們也看到同樣的情況。因此我們刻意使用「20 億美元以上」這個表述，而這確實涵蓋了略高於 20 億美元的區間。另外也請記住，在我們的基準比較中，我們談的比較偏向發電資產本身的資本成本，未必包含某個特定發電資產可能需要的整體輸電基礎設施成本。所以就目前而言，「20 億美元以上」大概仍是個不錯的基準，但我們也確實認同你提到的觀點，而且我們也看到了。

Okay, that's helpful. Then just, again, if I use the $2 billion plus as like divided into the potential $15 billion of incremental capital, if it's all associated with upside load, it sounds like maybe you're talking about 7-ish gigawatts of incremental RFP wins. I think the Georgia RFP is 2 to 6 gigawatts, and maybe the Alabama RFP is not really defined. So, can you just talk about, again, it feels like there could even be upward pressure to what you're talking about, but just want to understand kind of the assumptions underneath it.

好的，這很有幫助。那再問一下，如果我用「20 億美元以上」去除以潛在的 150 億美元增量資本；若這些都與上行負載相關，聽起來你們可能是在談大約 7 吉瓦左右的增量 RFP 得標。我想喬治亞州的 RFP 是 2 到 6 吉瓦，而阿拉巴馬州的 RFP 似乎沒有明確定義。所以你們能否再談談：同樣地，感覺你們所談的數字甚至可能還有上行壓力，但我想理解一下其背後的假設。

Yeah. I think that's a fair point. You're right. Our load forecast in Georgia really does kind of suggest that we would be at the near the top end of that 2- to 6-gigwatt-range. Alabama's, we're working through that.

是的。我認為這是個合理的觀點。你說得對。我們在喬治亞州的負載預測，確實顯示我們會接近 2 到 6 吉瓦區間的上緣。至於阿拉巴馬州，我們正在推進相關工作。

That's a process that will come to clarity probably later in 2027. But the progress that we've made in Alabama would suggest several gigawatts of capacity needed. That process will continue into 2027.

那是一個流程，可能要到 2027 年稍晚才會更清楚。但我們在阿拉巴馬州取得的進展顯示，將需要數吉瓦的容量。這個流程會持續到 2027 年。

Okay. Really appreciate the time, Chris and David.

好的。非常感謝你們撥冗，Chris 和 David。

Sophie Karp, KeyBanc Capital Markets. Please proceed.

KeyBanc Capital Markets 的 Sophie Karp。請繼續。

Hi. Good afternoon. Thank you for squeezing me in here. A high-level question on policy for you guys. It seems that adding large load customers is delivering a benefit to customers.

嗨，下午好。謝謝你們在這裡把我安排進來。我有一個關於政策的高層次問題想請教。看起來，新增大型負載客戶正在為用戶帶來好處。

And it's becoming easier to quantify as we go along. Do you think that new incoming leaders will be receptive to being educated on this matter? Because it seems like a lot of pushback on data centers has not been very rational, in the media and elsewhere. Do you think that you'll be able to explain and lay out this case where it's actually helpful to have those large load customers, and will the policymakers be receptive to that? That's my question.

而且隨著時間推進，這一點也越來越容易量化。你們認為新上任的領導者會願意就這件事接受說明與教育嗎？因為看起來媒體和其他地方對資料中心的很多反對聲音並不太理性。你們覺得你們能否解釋並清楚陳述：其實擁有這些大型負載客戶是有幫助的；而政策制定者會願意接受這樣的論述嗎？這就是我的問題。

I think it is a very good question, but I am very confident that we will have the opportunity to go work through, educate in gory detail how all this works out and how we work through, how we model, how the contracts are signed, the pricing, all the aspects of it.

我認為這是一個非常好的問題，但我非常有信心，我們將有機會逐步推進，並以非常詳盡的細節來說明這一切如何運作、我們如何推進、如何建模、合約如何簽署、定價，以及其中所有面向。

Then how we use this to, one, make sure that large loads are paying their full share, and at the same time, how these large load contracts and projects provide benefits to existing customers. Yes, in terms of having taken the time, going through the details of how all this plays out and how it gets to a point where it provides benefits to existing customers, I am pretty confident that we will have the opportunity to do that. I am sure, cannot speak for the commissioners, but they would want to understand all this in great detail. Yeah, I mean, I have said it before, there is a lot of misinformation on social media and a lot of other places about these projects, data centers, large loads, and what is real and what is not real.

接著說明我們如何運用這些作法：第一，確保大型負載支付其應負擔的全部份額；同時，也說明這些大型負載合約與專案如何為既有客戶帶來效益。是的，就我們花時間逐一梳理這一切如何發展、以及如何走到能為既有客戶提供效益的程度而言，我相當有信心我們會有機會做到。我想，雖然我不能代表各位委員發言，但他們會希望非常深入地了解這一切。是的，我的意思是，我以前就說過，社群媒體以及許多其他地方對這些專案、資料中心、大型負載，以及哪些是真實、哪些不是真實，存在大量錯誤資訊。

I think we will have the opportunity to kind of talk about how we are doing it and talk about what is true and what is false. But yeah, I think we will have the opportunity to do that.

我認為我們將有機會談談我們是如何做的，並說明哪些是真的、哪些是假的。不過是的，我想我們會有機會做到。

Yeah. Do you think you will be able to speak to Governor-elect Bottoms before she takes office, so before she kind of has a chance to fire off the executive orders and, like lay out your case?

是的。你認為在她就任之前，也就是在她有機會發布行政命令、並提出你的論點之前，你能和候任州長 Bottoms 交談嗎？

Yeah. I would say for her, we've already done that with her. We did that with her even during the campaign. I mean, we've spent time with Governor-elect Bottoms, prior to the election last Tuesday, explaining the process, helping her understand our procedure, how we're doing this. I look forward to building on some work that we've already gotten started to make sure we answer any additional questions or share perspectives and give advice and guidance on how this should play out.

可以。我會說，就她而言，我們其實已經和她做過這些溝通了。我們甚至在競選期間就和她做過。我的意思是，在上週二選舉之前，我們就已經花時間與候任州長 Bottoms 會面，解釋流程，協助她了解我們的程序，以及我們如何推進這些工作。我期待在我們已經開始的工作基礎上繼續深化，確保我們能回答任何額外問題，或分享觀點，並就這應該如何推進提供建議與指引。

But making sure that we get lastly, making sure we talk about the benefits to communities, to customers, and the economic opportunities that come along with these projects. Very excited about these opportunities to educate.

但最後要確保的是，我們也要談到這些專案為社區、為客戶帶來的效益，以及隨之而來的經濟機會。我對這些教育溝通的機會感到非常振奮。

Great. Thank you. We'll see you guys soon.

很好。謝謝。我們很快再見，各位。

Travis Miller, Morningstar.

Travis Miller，Morningstar。

Good afternoon. Thank you. Appreciate the time.

下午好。謝謝。感謝撥冗。

You are welcome.

不客氣。

Going back to the idea of the affordability, as you have been talking with policymakers, are there ways you can address their concerns, or at least public concerns, around affordability through maybe rate design or some other type of rate mechanisms that maybe de-risk some of the politics around a full base rate case?

回到可負擔性的概念，當你與政策制定者溝通時，是否有方法可以回應他們的疑慮，或至少回應大眾對可負擔性的疑慮？例如透過費率設計或其他類型的費率機制，來降低圍繞全面基本費率調整案的政治風險？

I think there is a lot-- Continue to do a lot of things that we are doing in terms of explaining the value and benefits of a base rate freeze, understanding the opportunity to provide benefits as a result of these large loads, as a result of growth, how those benefits accrue. Then as we continue to grow, speaking to how we can extend and provide additional benefits. I think that is the opportunity in terms of addressing issues of affordability, and speak to kind of our deep focus on issues around rate stability.

我認為有很多——我們會持續做很多我們正在做的事情，包括說明基本費率凍結的價值與效益，理解因這些大型負載、因成長而帶來提供效益的機會，以及這些效益如何累積。接著，隨著我們持續成長，也要說明我們如何延伸並提供更多效益。我認為，這就是在回應可負擔性議題上的機會，同時也能談到我們對費率穩定性議題的深度聚焦。

So we got to continue to do the work we are doing but also making sure that we explain how this plays out. But yeah, I think for us and our markets and our territory, continue to do a lot of what we are already doing. I think we got to make sure everybody understands what we are doing. Then when the opportunity presents itself, do a little bit more.

所以我們必須持續做我們正在做的工作，同時也要確保我們解釋清楚這一切如何運作。不過是的，我認為就我們以及我們的市場與服務區域而言，持續做很多我們已經在做的事情。我認為我們必須確保每個人都了解我們在做什麼。然後當機會出現時，再多做一些。

Sure. Okay. Renewable energy, any shifts, do you think, there, either through the election or other shifts in mentality at the federal level or state level that might be opportunities to invest more in renewable energy?

了解。好的。再生能源方面，你認為是否會有任何轉變——不論是因選舉結果，或聯邦或州層級在心態上的其他轉變——使其成為投資更多再生能源的機會？

That has always been a part of our consideration and efforts and actions that we have in place as we grow, as we increase generation, as we meet these needs. Look, now we are bringing on large sites. I think we are close to about 1 gigawatt of battery storage on the system today. We have, our expectation is by the end of the decade, be real close to 6,000 megawatts of battery storage. And so as we work through these needs, renewables is a major part of that consideration.

這一直都是我們在成長、增加發電量、滿足這些需求時所考量與努力、以及已採取行動的一部分。你看，現在我們正在導入大型場址。我想我們目前系統上的電池儲能接近約 1 吉瓦。我們的預期是到本十年末，電池儲能將非常接近 6,000 兆瓦。因此，當我們處理這些需求時，再生能源是其中一個重要的考量。

Batteries, solar, other opportunities, hydro generation and uprates at the hydro facilities, and getting more capacity out of those units. I think that will definitely continue to be a part of our consideration as we respond to this load demand.

電池、太陽能、其他機會、水力發電，以及水力設施的增容（uprates），並從這些機組取得更多容量。我認為，當我們回應這些負載需求時，這些肯定會持續是我們考量的一部分。

Okay. I appreciate all the details and information today.

好的。感謝你今天提供所有細節與資訊。

Very good. Thank you so much.

很好。非常感謝。

Thanks.

謝謝。

Thank you. That will conclude today's question-and-answer session. Sir, are there any closing remarks?

謝謝。今天的問答環節到此結束。先生，請問有任何結語嗎？

No, we just thank you for those who joined the call. We're excited about where we are at Southern Company. We appreciate all the hard work that our teams are doing during storms and each and every day. As we always say, we encourage them to make sure they stay focused on safety, keep it as their number one priority, but also take care of each other and take care of themselves. Have a great day.

沒有，我們只是感謝所有加入本次電話會議的人。我們對 Southern Company 目前的進展感到振奮。我們也感謝團隊在風暴期間以及每天所付出的辛勤努力。正如我們一貫所說，我們鼓勵大家務必專注於安全，將其作為第一優先，同時也要彼此照顧、也照顧好自己。祝大家有美好的一天。

Thank you very much.

非常感謝。

Thank you, sir. Ladies and gentlemen, this concludes The Southern Company's third quarter 2026 earnings call. You may now disconnect.

謝謝您，先生。各位女士、先生，Southern Company 2026 年第三季財報電話會議到此結束。您現在可以掛線。