Southern Co (SOMN) 2024 Q1 法說會逐字稿

Good afternoon. My name is Robert, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Southern Company First Quarter 2024 Earnings Call. After the speakers' remarks, there will be a question-and-answer session.

午安.我叫羅伯特，今天我將擔任您的會議主持人。現在，我歡迎大家參加南方公司 2024 年第一季財報電話會議。演講者發言後，將進行問答環節。

(Operator Instructions)

（操作員指令）

As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. Scott Gammill, Vice President, Investor Relations and Treasurer. Please go ahead, sir.

提醒一下，本次會議正在錄音。現在，我想將電話轉給投資者關係副總裁兼財務主管 Scott Gammill 先生。先生，請繼續。

Thank you Rob. Good afternoon, and welcome to Southern Company's First Quarter 2024 Earnings Call. Joining me today are Chris Womack, Chairman, President and Chief Executive Officer of Southern Company; and Dan Tucker, Chief Financial Officer.

謝謝你，羅布。下午好，歡迎參加南方公司 2024 年第一季財報電話會議。今天與我一起出席的還有南方公司董事長、總裁兼執行長 Chris Womack；以及財務長丹·塔克（Dan Tucker）。

Let me remind you we'll be making 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 filings.

讓我提醒您，今天除了提供歷史資訊外，我們還將做出前瞻性陳述。各種重要因素都可能導致實際結果與前瞻性陳述中所示的結果有重大差異，包括我們的 10-K 表、10-Q 表和後續文件中所討論的結果。

In addition, we'll 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，我們將在本次電話會議上提供非公認會計準則財務資訊。我們今天早上發布的財務資訊以及本次電話會議的幻燈片中包含了與適用的 GAAP 指標的對賬，這些資訊均可在我們的投資者關係網站 investor.southerncompany.com 上找到。

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

現在，我將把電話轉給克里斯·沃馬克。

Good afternoon, and thank you for joining us for what is such an exciting time for our company. Monday, we announced that Plant Vogtle Unit 4 successfully achieved commercial operation. Units 3 and 4 now deliver more than 2,200 megawatts of reliable 24/7 carbon-free energy and are designed to do so for decades to come. With all 4 units operational, the Vogtle site is now the largest generator of clean energy in the country.

下午好，感謝您與我們一起度過這對我們公司來說如此激動人心的時刻。週一，我們宣布沃格特勒發電廠 4 號機組成功商業營運。 3 號和 4 號機組目前可提供超過 2,200 兆瓦的全天候可靠無碳能源，並且設計為未來幾十年內均可繼續使用。隨著 4 台機組全部投入運營，沃格特勒電廠現已成為該國最大的清潔能源發電機組。

I cannot be prouder of our team's press severance and commitment to getting Vogtle Units 3 and 4 completed with the standard of quality clearly demonstrated by Unit 3's performance since it reached in service last July. Along with our own team, success on this historic project required the hard work and dedication of tens of thousands of American craft workers and engineers, a committed group of co-owners and regulators who had the courage to support new nuclear when others did not.

我對我們團隊的努力和對沃格特勒 3 號和 4 號機組完工的承諾感到無比自豪，3 號機組自去年 7 月投入使用以來的表現清楚地證明了其品質標準。除了我們自己的團隊之外，這個歷史性項目的成功還需要數以萬計的美國工藝工人和工程師的辛勤工作和奉獻，還有一群忠誠的共同所有者和監管者，他們有勇氣在其他人不支持的時候支持新的核能。

While it was not our mission when we embarked on this project and while it was at times an arduous journey. We have proven that new nuclear is achievable in the United States. With ever-increasing demands for carbon-free energy and the burgeoning demand for reliable 24/7 Energy to support our digital economy and society, we believe our country will need more nuclear energy.

雖然當我們開始這個計畫時這並不是我們的使命，有時這是一個艱苦的旅程。我們已經證明，在美國實現新型核能是可以實現的。隨著對無碳能源的需求不斷增長，以及對支持數位經濟和社會的可靠全天候能源的需求不斷增長，我們相信我們的國家將需要更多的核能。

So the importance of this project for Georgia and our nation cannot be understated. This is what making history looks like. These are the first new nuclear units built from the ground up here in the United States in over 30 years. And we are proud to be the company that saw it through.

因此，該計畫對喬治亞州和我們國家的重要性怎麼強調也不為過。這就是創造歷史的樣子。這是 30 多年來美國首次從頭開始建造的新核電機組。我們很自豪能夠成為實現這一目標的公司。

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

丹，我現在將電話轉給你，向你通報財務最新狀況。

Thanks, Chris, and good afternoon, everyone. For the first quarter of 2024, our adjusted EPS was $1.03 per share $0.24 higher than the first quarter of 2023 and $0.13 above our estimate. The primary drivers of our performance for the quarter compared to last year were investments in our state-regulated utilities and weather that was less mild for our electric utilities than in the first quarter of 2023.

謝謝，克里斯，大家下午好。 2024 年第一季度，我們的調整後每股收益為 1.03 美元，比 2023 年第一季高 0.24 美元，高出我們的預期 0.13 美元。與去年相比，本季業績的主要驅動因素是對受國家監管的公用事業的投資，以及對我們的電力公用事業來說天氣不如 2023 年第一季溫和。

This is somewhat offset by higher interest expense and depreciation. A complete reconciliation of our year-over-year earnings is included in the materials we released this morning. All our businesses experienced a strong start for 2024, driving our results meaningfully higher than our estimate of $0.90 per share.

這在一定程度上被更高的利息支出和折舊所抵消。我們今天早上發布的資料中包含了我們同比收益的完整對帳。我們的所有業務在 2024 年都取得了強勁開局，推動我們的業績大幅高於我們預期的每股 0.90 美元。

While there were several factors for this performance versus our estimate, one worth highlighting is the higher than expected weather-adjusted electricity sales in our commercial customer class. This was driven by a combination of our strong local economies as well as increased usage by many of our existing data center customers. Sales to data centers were up over 12% for the quarter compared to last year.

雖然與我們的預期相比，這一表現有幾個因素，但值得強調的是，我們商業客戶類別經天氣調整後的電力銷售高於預期。這是由我們強勁的本地經濟以及許多現有資料中心客戶的使用量增加共同推動的。本季資料中心的銷售額與去年同期相比成長了 12% 以上。

Overall, weather-normal retail electric sales to all classes were 1.7% higher than the first quarter of 2023. Industrial sales are beginning to show signs of recovery following a soft 2023 with year-to-date increases led by the lumber and paper industries. The Southeast regional labor supply remains above pre-pandemic levels. Employment growth is strong and unemployment is low, averaging approximately 3% across our regulated electric jurisdictions. A favorable business climate and increased expansion of manufacturing is attracting new households to the Southeast, driving continued net in-migration and customer growth.

總體而言，天氣正常的情況下，所有類別的零售電力銷售額比 2023 年第一季高出 1.7%。東南地區的勞動力供給量仍高於疫情前的水準。就業成長強勁，失業率較低，在我們監管的電力轄區內平均約 3%。良好的商業環境和製造業的不斷擴張正吸引新的家庭遷往東南地區，推動淨移民和客戶持續成長。

Before turning the call back over to Chris, I'd like to highlight our most recent dividend increase. Last week, the Southern Company Board of Directors approved an $0.08 per share increase in our annual common dividend raising the annualized rate to $2.88 per share. This action marks the 23rd consecutive increase, and this will now be 77 consecutive years dating all the way back to 1948, that Southern Company has paid a dividend that is equal to or greater than the previous year.

在將電話轉回給克里斯之前，我想強調我們最近的股息成長。上週，南方公司董事會批准將我們的年度普通股股息提高 0.08 美元/股，年化股息率升至每股 2.88 美元。這是南方電力公司連續第 23 次增加股息，自 1948 年以來，已經是連續 77 年，南方電力公司發放的股息等於或高於前一年。

This remarkable track record remains an important part of Southern Company's value proposition. In one quick note, our adjusted EPS estimate for the second quarter is $0.90 per share.

這項卓越的業績記錄依然是南方公司價值主張的重要組成部分。簡單說明一下，我們對第二季的調整後每股盈餘預期為每股 0.90 美元。

Chris, I'll turn the call back over to you.

克里斯，我會把電話轉回給你。

Thank you Dan. Our system performed extremely well, and that's a testament to our team's collective commitment to serving customers reliably across our business, especially as we meet the demands of the extraordinary growth that we're seeing. Particularly within our Southeast footprint, we continue to see strong economic development activity with first quarter investment announcements representing the second highest first quarter on record as our teams continue to work closely with our states and local development authorities to attract new businesses.

謝謝你，丹。我們的系統表現非常出色，這證明了我們團隊共同致力於在整個業務範圍內為客戶提供可靠的服務，特別是在滿足我們所看到的非凡增長的需求時。特別是在我們東南部的足跡，我們繼續看到強勁的經濟發展活動，第一季的投資公告創下了有史以來第二高的第一季投資公告，因為我們的團隊繼續與我們的州和地方發展部門密切合作以吸引新企業。

This growth continues to reflect a diverse mix of sectors with recent announcements, including automotive suppliers, flooring and glass manufacturers, data centers and mixed-use developments. During our year-end earnings call in February, we updated our forecast to reflect projected retail electric sales growth that is accelerating to a projected growth rate of approximately 6% from 2025 to 2028.

這一增長繼續反映出最近宣布的多個行業的多樣化組合，其中包括汽車供應商、地板和玻璃製造商、數據中心和綜合用途開發項目。在二月的年終收益電話會議上，我們更新了預測，以反映預計的零售電力銷售成長，即從 2025 年到 2028 年，預計成長率將加速至約 6%。

The underlying Georgia Power projected sales growth rate is approximately 9% over the same period. As we look ahead, we're encouraged to see the signs of incremental growth also materializing in Alabama and Mississippi.

喬治亞電力預計同期的銷售成長率約為 9%。展望未來，我們很高興看到阿拉巴馬州和密西西比州也出現了逐步成長的跡象。

A little more in 2 weeks ago, the Georgia Public Service Commission approved a stipulated agreement among Georgia Power, the Public Service Commission staff and multiple interveners in the 2023 IRP update docket. This approval affirms the need to quickly procure and deploy several thousand megawatts of resources to serve customers rapidly growing project electricity demands by the winter of 2026 and 2027.

兩週前不久，喬治亞州公共服務委員會批准了喬治亞電力公司、公共服務委員會工作人員和 2023 年 IRP 更新案卷中的多名幹預者之間的一項約定協議。此項批准確認需要迅速採購和部署數千兆瓦的資源，以滿足客戶在 2026 年和 2027 年冬季之前快速增長的專案電力需求。

Georgia Power was also authorized to build and own a balanced collection of resources, including new natural gas combustion turbines and battery energy storage systems while also providing for an accelerated RFP process for incremental battery energy storage systems.

喬治亞電力公司也被授權建造和擁有均衡的資源集合，包括新的天然氣燃氣渦輪機和電池儲能係統，同時也為增量電池儲能係統提供加速的 RFP 流程。

The constructiveness and timeliness of decisions like this are a testament to the quality of our Southeastern states regulatory environment and our ability to meet the projected rapid demand growth garnering headlines across the country.

此類決策的建設性和及時性證明了我們東南各州監管環境的品質以及我們滿足預期的快速需求成長的能力，並引起了全國的關注。

Coinciding with Georgia Power's 2023 IRP update filing last fall, and the release of our sales forecast in February, external attention including from the investment community has focused on several key questions. How do you know the load in your forecast is real? How do you know you're pricing this new load appropriately? And what protections are in place if the forecasted load does not materialize?

去年秋天，喬治亞電力公司提交了 2023 年 IRP 更新文件，並於 2 月發布了銷售預測，與此同時，包括投資界在內的外界關注集中在幾個關鍵問題上。你如何知道預測的負載是真實的？您怎麼知道您對這個新負載的定價是合理的？如果預測的負載沒有實現，有哪些保護措施呢？

Those are all very important questions, and the answers are all fundamentals of how Southern Company has run our electric utilities for a very, very, very long time. We'll address each one of those questions in just a moment. First, I want to share with you what we believe are the 4 key characteristics required to successfully navigate this tremendous growth opportunity.

這些都是非常重要的問題，而答案都是南方電力公司長期以來如何運作我們的電力事業的基本原理。我們馬上就會解答每一個問題。首先，我想與大家分享我們認為成功駕馭這巨大成長機會所需的四個關鍵特徵。

We believe Southern Company is positioned as well or better than any utility company in the country on these four fronts. First, it requires supportive states and constructive regulation. Our states continue to be great economic development partners, and they have advanced economic policies that support healthy growth.

我們相信，南方電力公司在這四個方面的地位與國內任何一家公用事業公司一樣好，甚至更好。首先，它需要國家的支持和建設性的監管。我們的各州繼續成為偉大的經濟發展夥伴，並且擁有支持健康成長的先進經濟政策。

When it comes to utility regulation, our states are among the best in the country at balancing the needs of customers while helping ensure utilities provide real value to customers in the form of clean, safe, reliable and affordable energy.

在公用事業監管方面，我們各州在平衡客戶需求方面是全國最好的，同時幫助確保公用事業以清潔、安全、可靠和負擔得起的能源的形式為客戶提供真正的價值。

Second, it requires institutional wherewithal. We have vast expertise and experience deploying energy infrastructure. We've been investing billions to improve the resilience of our electric and gas transmission and distribution networks. In recent years across our subsidiaries and across the country, we've built thousands of megawatts of energy supply in the form of new solar, wind and battery facilities, advanced micro grids, a state-of-the-art combined cycle natural gas plant and the only new nuclear units built in this country and more than a generation.

第二，需要有製度保障。我們在部署能源基礎設施方面擁有豐富的專業知識和經驗。我們已投資數十億美元來提高電力和天然氣輸配電網路的彈性。近年來，我們在全國各地的子公司中建造了數千兆瓦的能源供應，包括新的太陽能、風能和電池設施、先進的微電網、最先進的聯合循環天然氣電廠以及該國一代以來唯一建造的新核電機組。

These new assets along with the existing electric and gas infrastructure we operate have served customers with a superior measure of reliability and resilience. We have the people, we have the experience and we have the scale to be successful.

這些新資產以及我們營運的現有電力和天然氣基礎設施為客戶提供了卓越的可靠性和彈性服務。我們擁有人才、經驗和規模，從而獲得成功。

The third requirement is a flexible pricing framework. Our electric utilities working with existing customers approved by their respective public service commissions have a history of being able to price new large load projects appropriately even in periods of high demand and challenging market conditions.

第三個要求是彈性的定價框架。我們的電力公司與經各自公共服務委員會批准的現有客戶合作，即使在需求旺盛和市場條件嚴峻的時期，也能夠對新的大負載項目進行適當的定價。

These frameworks are designed to benefit all customers. For example, Georgia Power's real-time pricing rate or RTP, which was pioneered decades ago allows for the flexibility to price individual customers based on their unique low profile and risk characteristics.

這些框架旨在使所有客戶受益。例如，喬治亞電力公司幾十年前推出的即時定價率或 RTP 允許根據個人客戶獨特的低調和風險特徵靈活地為其定價。

And finally, success in this environment requires experience and discipline, experience understanding utility economics and the true marginal cost to serve new customers. Experience identifying and mitigating the risk inherent and new or expanding large load customers, and experience and competing for new load with an objective of capturing tangible economic benefit for customers and states.

最後，要在這樣的環境中取得成功，需要經驗和紀律、了解公用事業經濟學的經驗以及為新客戶提供服務的真實邊際成本。具有識別和減輕固有風險以及新的或不斷擴大的大負荷客戶的經驗，以及爭奪新負荷的經驗，目的是為客戶和國家獲取切實的經濟利益。

Our experience, combined with the robust models and tools we employ are partially a product of the competitive economic environment we've navigated in the Southeast for decades. For example, in Georgia, most new large load customers can choose their electricity supplier.

我們的經驗，加上我們採用的強大模型和工具，部分是幾十年來我們在東南部經歷的競爭性經濟環境的產物。例如，在喬治亞州，大多數新的大負載客戶可以選擇自己的電力供應商。

Over the years, we've been the chosen provider more often than not, however, it's a load we did not win or perhaps did not even choose to compete for that reflects our discipline and experience. By offering prices designed to recover the marginal cost to serve new loads, we seek to protect all other customers and importantly, maintain our credibility with our regulators and state policymakers.

多年來，我們經常被選為供應商，但是，我們沒有贏得這個任務，甚至可能沒有選擇競爭，這反映了我們的紀律和經驗。透過提供旨在收回服務新負荷的邊際成本的價格，我們尋求保護所有其他客戶，更重要的是，維護我們在監管機構和國家政策制定者心目中的信譽。

I'll now turn back to Dan to address those 3 key stakeholder questions pertaining to this extraordinary growth opportunity.

現在我將回到丹的話題上，來回答三個關於這個非凡成長機會的關鍵利害關係人的問題。

Chris. So how do we know the load in our forecast is real? The short answer is that we've already incorporated risk adjustments to the forecast. One could argue it's a conservative view. We would say our forecasts are informed by our experience and by our continuous engagement with prospective new and existing customers.

克里斯。那我們如何知道預測的負載是真實的呢？簡而言之，我們已經將風險調整納入預測中。有人可能會說這是保守的觀點。我們的預測是基於我們的經驗以及我們與潛在的新舊客戶的持續接觸而得出的。

We've included a visual representation of our process in the slide deck. Typically, our forecast appropriately represents only a portion of the full potential load we might ultimately serve. If a customer has not formally communicated state-specific project details with our company, they're not included in the forecast. If they have a choice of utility provider within the state that they have chosen, which is the case in each of our states, they are either not included or only included at a reduced probability weighted level.

我們在幻燈片中提供了我們流程的直覺表示。通常，我們的預測僅適當地代表了我們最終可能服務的全部潛在負載的一部分。如果客戶尚未與我們公司正式傳達特定州的專案細節，則他們不會包括在預測中。如果他們可以在自己選擇的州內選擇公用事業提供者，就像我們每個州的情況一樣，那麼他們要么被排除在外，要么只以降低的機率加權水平被納入其中。

Importantly, even once a customer has committed to one of our utilities, we further risk adjust the forecast based on the likelihood of delays on the customer side, whether those are construction delays or delays in ramping up production.

重要的是，即使客戶已經承諾使用我們的某項公用事業，我們仍會根據客戶方面延誤的可能性進一步調整風險預測，無論是施工延誤還是生產延遲。

And lastly, we further risk adjust the forecast based on the history of announced loads being higher than actual customer loads. Lower actual customer loads often result from technology improvements, economic conditions or other factors. All of that to say, we believe our forecast is the best representation of expected future demand. And with the potential for additional new customers to choose our states and utilities, there is potential for our forecast to be higher down the road.

最後，我們根據公佈負載高於實際客戶負載的歷史記錄，進一步對預測進行風險調整。實際客戶負載較低通常是由於技術改進、經濟狀況或其他因素造成的。總而言之，我們相信我們的預測最能反映預期的未來需求。而且隨著更多新客戶選擇我們的州和公用事業，我們的預測未來可能會更高。

Next, I'll discuss pricing. When it comes to knowing that we're pricing this load appropriately with a view towards protecting existing customers, several of the factors Chris mentioned a moment ago are key. We use our experience and robust tools to ascertain the expected marginal cost to serve each new customer and incorporate that into our flexible pricing mechanisms.

接下來，我將討論定價。當我們要知道我們是否以合理的價格定價以保護現有客戶時，克里斯剛才提到的幾個因素是關鍵。我們利用我們的經驗和強大的工具來確定服務每個新客戶的預期邊際成本，並將其納入我們靈活的定價機制中。

We priced the load in a manner that helps ensure the marginal cost will be borne by the new customer. Sometimes, as is the case with Georgia Power's recent growth, we're able to provide new large load customers with competitive market pricing that also provides meaningful benefits back to existing customers. These benefits are not only driven by carefully constructed market pricing. They're also a the function of a robust, long-term integrated resource planning process and Georgia Power's ability to use existing resources to serve a large portion of the new demand while only needing to incrementally invest to meet higher peak demands.

我們對負載的定價方式有助於確保邊際成本由新客戶承擔。有時，就像喬治亞電力最近的成長一樣，我們能夠為新的大負荷客戶提供有競爭力的市場價格，同時也為現有客戶提供有意義的利益。這些好處不僅僅是由精心構建的市場定價所推動的。它們也是強大、長期的綜合資源規劃流程的功能，以及喬治亞電力利用現有資源滿足大部分新需求的能力，同時只需要逐步投資以滿足更高的尖峰需求。

The stipulation the Georgia PSC recently approved includes a commitment by Georgia Power for these customer benefits to be incorporated into the 2025 rate case. Our approach to pricing has never been more important given the current macroeconomic backdrop. Affordability is a key tenet of our customer-centric business model, and we work hard to ensure new customer demands don't place additional burdens on those less able to afford it.

喬治亞州電力公司最近批准的規定包括喬治亞電力公司承諾將這些客戶利益納入2025年的費率方案。在當前的宏觀經濟背景下，我們的定價方法從未如此重要。可負擔性是我們以客戶為中心的商業模式的關鍵原則，我們努力確保新客戶的需求不會給那些無力承擔的人帶來額外的負擔。

Lastly, the risk question, what protections are in place for our forecasted load does not materialize? I've already described how we've risk adjusted the forecast itself, the other major risk mitigations pertain to local infrastructure improvements and our portfolio of supply resources.

最後，風險問題，如果我們預測的負載沒有實現，有什麼保護措施？我已經描述了我們如何對預測本身進行風險調整，其他主要的風險緩解措施涉及當地基礎設施改善和我們的供應資源組合。

These new large load customers often require significant local distribution system improvements, and these improvements often provide limited incremental benefit to other customers. As a result, we require most new large load customers to pay for these improvements upfront, helping ensure other customers are protected.

這些新的大負載客戶往往需要對本地配電系統進行重大改進，而這些改進往往為其他客戶帶來的增量效益有限。因此，我們要求大多數新的大負荷客戶預先支付這些改善的費用，以幫助確保其他客戶受到保護。

When it comes to supply resources, the risk mitigation comes in the form of the diversity of our resources. Purchased resources or PPAs, can expire without being renewed. Older owned resources which might require additional investments or higher maintenance O&M spend to remain available over the long term can be retired earlier.

當談到供應資源時，風險的緩解體現在我們資源的多樣性。購買的資源或 PPA 可能會過期而無需續約。較舊的自有資源可能需要額外的投資或更高的維護 O&M 支出才能長期保持可用，因此可以提前退役。

Decisions and risk strategies like these are a key aspect of the multiyear integrated resource planning processes in each of our states. With robust long-term planning comes optionality in future decision-making. Said differently, planning for 20 years of resource needs every 3 years helps ensure that customers benefit from a flexible resource plan that is equally focused on reliability and affordability.

此類決策和風險策略是我們各州多年期綜合資源規劃流程的關鍵面向。有了穩健的長期規劃，未來的決策就有了選擇性。換句話說，每 3 年規劃 20 年的資源需求有助於確保客戶受益於同樣注重可靠性和可負擔性的彈性資源計畫。

Chris, I'll turn the call back over to you to wrap up our prepared remarks.

克里斯，我將把電話轉回給你，以結束我們準備好的發言。

Before taking your questions this afternoon, I'd like to first take a moment to reinforce that as we serve these growing energy needs, we also remain focused on achieving our long-term greenhouse gas reduction goals, including net 0 greenhouse gas emissions by 2050.

在今天下午回答大家的問題之前，我想先花點時間強調一下，在滿足日益增長的能源需求的同時，我們還將繼續致力於實現長期溫室氣體減排目標，包括到 2050 年實現溫室氣體淨零排放。

Working closely with each of our states, and with an unrelenting focus on safely and reliably serving our customers' needs, we continue to make responsible economic resource decisions over the long term. For example, over 80% of the resources additions plan across our system totaling nearly 10,000 megawatts from 2023 to 2030 are 0 carbon emitting resources.

我們與各州密切合作，堅持不懈地致力於安全可靠地滿足客戶的需求，並將繼續長期做出負責任的經濟資源決策。例如，我們系統內計畫從 2023 年到 2030 年新增資源中，超過 80% 的資源（總計近 10,000 兆瓦）都是零碳排放資源。

We have accomplished some wonderful things in recent weeks, and we are even more excited about our future. We have seven quality state-regulated utilities with long track records of outstanding operational and financial performance that deliver over 90% of our earnings, along with a few quality complementary businesses, we believe we have the ideal portfolio to support our long-term objectives.

最近幾週我們完成了一些了不起的事情，我們對我們的未來感到更加興奮。我們擁有七家優質的國家監管公用事業公司，它們長期以來擁有出色的營運和財務業績記錄，貢獻了我們 90% 以上的收益，再加上一些優質的互補業務，我們相信我們擁有支持我們長期目標的理想投資組合。

Southern Company's value proposition has never been more attractive. Our team has never been stronger, and we are positioned as well as we ever have been. As I said earlier, we have the people, the experience and the scale for sustained long-term success. Thank you, as always, for your interest in Southern Company.

南方公司的價值主張從未如此有吸引力。我們的團隊從未如此強大，我們的地位也比以往任何時候都高。正如我之前所說，我們擁有人才、經驗和規模，可以實現長期持續的成功。一如既往，感謝您對南方公司的關注。

Robert, we're now ready to take questions.

羅伯特，我們現在準備好回答問題了。

At this time, we'll begin the question-and-answer session. (Operator Instructions)

現在，我們將開始問答環節。 （操作員指令）

Our first question comes from Carly Davenport with Goldman Sachs.

我們的第一個問題來自高盛的卡莉·達文波特。

Good to see the strong sales growth coming in during the quarter. I guess just as we think about the impact to earnings from some of these volumes, are there any sensitivities that you can provide around the commercial load or the data center load specifically there?

很高興看到本季銷售強勁成長。我想，正如我們思考這些數量對收益的影響一樣，您能否提供有關商業負載或資料中心負載的具體敏感度？

Yes, absolutely. So just big as a bread box. So it's roughly -- if you think about our total sales, kind of the average price, you're talking about $40 million for a 1% change in our overall sales. Now for the vast majority of what's showing up here, whether it's data centers, some of these other large load industrial customers, it may skew slightly below that. So really it's somewhere in the range of $20 million to $40 million for 1% change in sales.

是的，絕對是如此。就跟麵包盒一樣大。所以粗略地說——如果你考慮我們的總銷售額，也就是平均價格，你會發現，我們的整體銷售額每發生 1% 的變化，就會產生 4000 萬美元的變化。現在，對於這裡顯示的絕大多數內容，無論是資料中心還是其他一些大負載工業客戶，其數字可能略低於這個數字。因此，銷售額每發生 1% 的變化，實際影響範圍就在 2,000 萬至 4,000 萬美元之間。

Got it. That's super helpful. And then, just as a follow-up, as you think about the recent commission approvals on the 23 Georgia IRP filing, do you see any incremental capital needed relative to what you previously laid out on the fourth quarter call?

知道了。這非常有幫助。然後，作為後續問題，當您想到最近委員會批准了 23 個喬治亞州 IRP 申請時，您是否認為相對於您之前在第四季度電話會議上提出的要求，需要任何增量資本？

So there will be some additions based on the approval, Carly, and that largely pertains to the additional storage resources, the battery energy storage system. So if you recall what we included was two very specific projects in our outlook, but the commission actually approved 500 megawatts of owned storage, which is a little more than double what we had assumed.

因此，卡莉，根據批准情況，將會有一些補充，主要涉及額外的儲存資源，即電池儲能係統。所以如果你還記得的話，我們在展望中包含了兩個非常具體的項目，但委員會實際上批准了 500 兆瓦的自有存儲，這比我們預期的多一倍多。

And so total dollars is going to -- I'm going to give you a big range. And I'm going to throw in here if you didn't see, we also announced an expansion of one of our solar projects in Southern Power. So that also was not included in our forecast back in February. So all told you're somewhere above $500 million, a little south of $1 billion, probably and what we'll do, we don't want to get too far ahead of the regulatory processes. There's specific certification processes to go through. So we'll let all that play out and then update our forecast more formally later on.

所以總金額將會是－我會給你一個大的範圍。如果您還沒看到的話，我要在這裡補充一下，我們也宣布了南方電力公司 (Southern Power) 太陽能專案的擴建。因此這也沒有被納入我們二月的預測中。所以總的來說，這個數字可能在 5 億美元以上，略低於 10 億美元，而我們不想在監管流程之前走得太遠。需要經過特定的認證流程。因此，我們將讓所有這一切都發生，然後在稍後更正式地更新我們的預測。

Our next question is from Steve Fleishman with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的史蒂夫·弗萊什曼。

Well, first, congrats on getting Vogtle up and running. That's great. And just -- I know on the last call, you talked to the better sales growth, and you raised the CapEx and now there's a little bit more potential to come, and that kind of your reaffirmed squarely in the 5% to 7%. And I know you're a big company, and obviously, it's a lot to move the needle of 5% to 7%. But just is it fair to say that as you are adding this capital that at least within this range of 5% to 7% or some benefits of adding the capital even net of financing?

首先，恭喜 Vogtle 正式啟動並運行。那太棒了。而且——我知道在上次電話會議上，您談到了更好的銷售成長，並且提高了資本支出，現在還有更多的潛力，而且您重申了 5% 到 7% 之間的成長幅度。我知道你們是一家大公司，顯然，將成長率從 5% 提高到 7% 是很大的進步。但是，是否可以公平地說，當您增加這筆資本時，至少會在 5% 到 7% 之間，或者甚至在扣除融資後增加資本也會帶來一些好處？

Yes. Look, I think it's fair to characterize that everything that is occurring and particularly if the momentum continues and what we're seeing, I would characterize that as adding an upward bias to where we are from an earnings perspective. And you kind of said it, Steve, and we certainly saw your commentary and your note yesterday. We are a big company. We are issuing equity. But even with all of that, these incremental investments should have an accretive effect. But I think it's just too soon to say exactly what that means, but an upward bias, absolutely exists, particularly if this momentum continues.

是的。看，我認為可以公平地描述正在發生的一切，特別是如果這種勢頭持續下去以及我們所看到的情況，我會將其描述為從盈利角度增加上行傾向。史蒂夫，您確實這麼說過，我們昨天當然也看到了您的評論和說明。我們是一家大公司。我們正在發行股票。但即使如此，這些增量投資也應該會產生增值效應。但我認為現在說這到底意味著什麼還為時過早，但上行趨勢絕對存在，特別是如果這種勢頭持續下去的話。

Now does that mean change in growth rate? Probably not. Does it mean maybe that growth rate is off of some higher number later down the road? Probably so.

那麼這是否意味著成長率的變化？可能不是。這是否意味著成長率將來可能會達到更高的數字？可能是這樣。

And Steve, the only thing I'd add is we talked to you before about not just about raising growth rates, but it's about the durability and the length, how we extend the runway is something that we are keenly focused on as we've talked to you many times about. And I think that's clearly an opportunity that we are afforded by this added growth.

史蒂夫，我唯一想補充的是，我們之前和你談過的不僅僅是提高增長率，還涉及持久性和長度，如何延長跑道是我們非常關注的問題，我們已經和你談過很多次了。我認為這顯然是我們透過這額外成長而獲得的機會。

And then the only thing I'd add is also the thing that we are really gratified to see as part of this whole dynamic is a derisking of our outlook. Because of these customer benefits the affordability equation is greatly improved, and that's a good thing for the long-term sustainability of our business.

然後我要補充的唯一一點也是我們真正欣慰地看到的是，作為整個動態的一部分，我們的前景正在降低風險。由於這些客戶利益，可負擔性方程式得到極大改善，這對我們業務的長期可持續性是一件好事。

Steve, the only thing I'd add, I mean, one of the things that we talked about in our prepared remarks, we've talked to you more about how do we use this opportunity to make sure we put downward pressure on rates across our customer classes and making sure that we price this new load in the right way. And I think we've demonstrated our ability to do that and having the resources and tools to do that going forward. So it provides us additional excitement for us as we go forward.

史蒂夫，我唯一想補充的是，我們在準備好的評論中談到的一件事，我們已經和你更多地討論瞭如何利用這個機會來確保我們對整個客戶群體的費率施加下行壓力，並確保我們以正確的方式為這一新負載定價。我認為我們已經證明了我們有能力做到這一點，並且擁有繼續做到這一點的資源和工具。因此，它為我們前進提供了額外的動力。

That's all helpful. And then just a different topic. Just on -- I think as you go back to the last call since then, we've had, I think, a bill on the commissioner status. I don't know if we've had an update on kind of the election court cases, and then there was that bill about bringing back a consumer council there. Just can you update us on all those developments?

這一切都很有幫助。然後就變成了另一個話題。剛才——我想當你回顧從那時起的最後一次通話時，我們已經有了一份關於專員身份的法案。我不知道我們是否有關於選舉法庭案件的最新消息，還有關於恢復消費者委員會的法案。您能向我們介紹一下所有這些進展嗎？

Yes, the consumer advocacy group inside the commission, that bill was not passed by the legislature. The legislature did pass a bill that provided what I think is some certainty around the election cycle going forward for the commissioners. There was some confusion chaos and time and schedule got a little short because of the court cases.

是的，委員會內部的消費者權益保護組織表示，該法案未獲立法機關通過。立法機關確實通過了一項法案，我認為這為委員未來的選舉週期提供了一定的確定性。由於法庭案件，出現了一些混亂，時間和日程安排也變得有些緊張。

And so as a result, the legislature didn't pass a bill that laid out the order and schedule of elections for commissioners between '25 and '28. And so the thing about that, that I think is very instructive is that the current commission in Georgia will be the commission that will sit to review Georgia Power's '25 IRP as well as Georgia '25 rate case. So there is order and schedule for the commission for the next 2 to 3 years -- out to '28.

因此，立法機關沒有通過一項規定 1925 年至 1928 年期間委員選舉順序和時間表的法案。因此，我認為非常有啟發意義的是，喬治亞州現任委員會將負責審查喬治亞電力公司的 25 年 IRP 以及喬治亞州 25 年費率案。因此，委員會在未來 2 至 3 年（至 28 年）的工作中已經有了秩序和計劃。

And then just last question going back to the data center update, which was very helpful. Just we're hearing from a lot of other utilities about data center growth that they're seeing. And obviously, you're kind of somewhat at the forefront of that. But just you mentioned in some cases, taking deposits or taking money to kind of lock that in, that the customers can pay upfront. But just how are you trying to assess the risk of some of the customers putting themselves in line in 6 different regions and then in the end, only picking 2 of them and just making sure that you're not on the losing end of that? Or just trying to kind of put that into your assessment of risk.

最後一個問題是關於資料中心更新，這非常有幫助。我們從許多其他公用事業公司那裡聽說了他們所看到的資料中心的成長。顯然，您在某種程度上處於這方面的領先地位。但是正如您所提到的，在某些情況下，需要收取押金或收取資金來鎖定資金，以便客戶可以預先付款。但是，您如何評估某些客戶在 6 個不同地區排隊，最後只選擇其中 2 個地區的風險，並確保您不會處於失敗的一方？或只是嘗試將其納入到您的風險評估之中。

Yes, Steve. I think that's what we tried to capture a little bit in what we laid out in the Slide 11 in our deck. It's we're not counting on those that could potentially still be trying to put multiple states or utilities on the hook, really until we have pretty firm line of sight and that bilateral conversation and commitment between them and our utilities, it's really not solidly in there. There may be some degree of risk adjusted or kind of a probability-weighted aspect just because there's so much activity out there. But we feel pretty good about -- I got I hate to use the word, but it's -- I think our forecast is fairly conservative in that regard.

是的，史蒂夫。我認為這就是我們試圖在簡報的第 11 張投影片中捕捉到的內容。我們並不指望那些可能仍試圖讓多個州或公用事業公司承擔責任的人，事實上，直到我們有相當牢固的視線以及他們和我們的公用事業公司之間的雙邊對話和承諾，它才真正牢固地存在。由於存在太多活動，因此可能存在一定程度的風險調整或機率加權方面。但我們感覺相當不錯——我討厭用這個詞，但——我認為我們的預測在這方面是相當保守的。

Our next question is from Shahr Pourreza with Guggenheim Partners.

下一個問題來自古根漢合夥人公司的 Shahr Pourreza。

Can you -- just a follow up from Steve's question. Just can you elaborate a little bit on the timing of sort of any guidance update around that "upside bias" you just kind of referenced. I guess what's the trigger event, whether you guide to the top end a rebased higher and grow 5% to 7% off of that? I guess I'm just trying to figure out what would move that needle. What's the event?

你能——只是對史蒂夫的問題的後續回答。您能否稍微詳細說明一下您剛才提到的「上行偏差」的指引更新時間？我猜想觸發事件是什麼，您是否會引導最高端重新調整並在此基礎上實現 5% 到 7% 的增長？我想我只是想弄清楚什麼會推動這一進程。有什麼活動？

Yes. So importantly, Shahr, the way I characterize that is that if we continue to see this momentum, right? So it's certainly not the cards we have today. The cards we have today have greatly improved our overall profile. It's added that durability. It's massively derisked kind of the outlook. But it's going to take continued momentum on this front more investment, more sales growth over the long term.

是的。因此重要的是，Shahr，我對此的描述是，如果我們繼續看到這種勢頭，對嗎？所以它肯定不是我們今天所擁有的卡片。我們今天擁有的卡片極大地提高了我們的整體形象。它增加了耐用性。這是一種大大降低風險的前景。但從長遠來看，這方面需要持續的動力、更多的投資和更多的銷售成長。

And then just in the disciplined way we do -- we're not going to make updates like that kind of intra year, right? I mean to the extent there's an update to be provided, it's going to be in our fourth quarter call, and it's going to have to be with a pretty -- as big a company as we are, a pretty significant needle-moving event within the profile.

然後，我們會按照嚴謹的方式，不會在年內進行此類更新，對嗎？我的意思是，如果需要提供更新信息，那將會在我們的第四季度電話會議上，而且這必須與我們這樣的大公司的情況相符，而且必須是在概況中發生了相當重大的、影響重大的事件。

That's perfect. And then, Chris, maybe just quick one for you. There's been obviously kind of a debate in the industry around the behind the meter and in front of the meter, and language from some of the hyperscalers seem to show a little bit of a preference around self-generation and self-supply with some backup capacity, which can obviously impact some of the demand numbers as we're thinking about things more prospectively, right? Chris what conversations are you having around this as you kind of engage with new customers?

那很完美。然後，克里斯，也許我只想給你一個簡單的問題。顯然，業界對電錶前和電錶後存在一些爭論，一些超大規模企業的措辭似乎顯示出對自發電和自供電以及一些備用容量的偏好，這顯然會影響一些需求數字，因為我們正在更具前瞻性地考慮問題，對吧？克里斯，當您與新客戶接觸時，您就此進行了哪些對話？

So I'd say we're having a lot of conversations that covering all of those options and all those considerations. I mean, I think as you talk to these hyperscalers data centers, one, they want the power. They want resilience. They want the reliability. Some of them want clean, and they recognize the demand that they're putting on load in certain locations. And so their considerations do they self generate, do they want support from behind the meter.

所以我想說我們正在進行大量對話，涵蓋所有這些選擇和所有這些考慮。我的意思是，我認為當你與這些超大規模資料中心交談時，首先，他們想要電力。他們需要的是韌性。他們想要可靠性。他們中的一些人想要清潔，並且他們認識到他們在某些地方施加負載的需求。那麼他們的考慮是自我產生的嗎，他們是否希望得到電錶後面的支持。

So I think you go across the continuum of options reflects kind of the conversations that we are having with them, one, to understand what their needs are, but also to help them understand our business and how we provide service and how we operate as a company. Yes, I mean, we're trying to -- want to serve them as customers. But I think we're also in a period where there's just a lot of instruction and education that's occurring in the marketplace today.

因此，我認為，一系列的選擇都反映了我們與他們進行的對話，一是了解他們的需求，二是幫助他們了解我們的業務、我們如何提供服務以及我們作為一家公司如何運作。是的，我的意思是，我們正在努力——想要為他們提供客戶服務。但我認為我們也正處於當今市場上出現大量指導和教育的時期。

And so the thing about our company is with all the complementary subsidiaries that we have in this portfolio, we have the opportunity to support them and help them in multiple different ways. So I think that's another aspect of our portfolio. That's pretty exciting as we look at this demand and what's happening in the marketplace today and that we have resources and capabilities to serve them and support them in a number of different ways.

因此，我們公司的特點是，透過我們投資組合中所有互補的子公司，我們有機會以多種不同的方式為它們提供支援和幫助。所以我認為這是我們投資組合的另一個面向。這是非常令人興奮的，因為我們看到了這種需求以及當今市場的情況，我們擁有資源和能力以多種不同方式為他們提供服務和支援。

Our next question comes from Nick Campanella with Barclays.

下一個問題來自巴克萊銀行的尼克‧坎帕內拉 (Nick Campanella)。

Congrats on Vogtle, really excited stuff. So on the sales growth, you talked about things bubbling up in other jurisdictions just outside of Georgia. And can you just kind of remind us what you're assuming there, what's embedded in the plan versus where the upside of those tickers could go?

恭喜沃格特爾，真是令人興奮。因此，關於銷售成長，您談到了喬治亞州以外其他司法管轄區的蓬勃發展的情況。您能否提醒我們一下，您對此有何假設，該計劃中包含哪些內容，以及這些股票的上行潛力如何？

I don't think there's anything embedded in the plan. I think we -- it's about announcements and that we see forthcoming. We know I think there was an announcement today in Alabama of a 200-megawatt facility that Meta just announced. And then you saw also some legislation in Mississippi that was providing incentives for data centers and other hyperscalers to come into Mississippi. So we see it coming, but that activity -- those projects have not assumed are not included in the forecast as we talk about it today.

我認為該計劃中沒有任何具體內容。我認為我們 - 這是關於公告以及我們即將看到的事情。我們知道，我認為今天 Meta 在阿拉巴馬州宣布了一個 200 兆瓦的發電廠。然後您還看到密西西比州的一些立法為資料中心和其他超大規模企業進入密西西比州提供了激勵措施。所以我們預見了它的到來，但是那些活動——那些項目尚未假設，並未包含在我們今天談論的預測中。

That's very clear. And then, Dan, I just wrapping in that $500 million to $1 billion figure that you were kind of discussing on the CapEx side. I understand this is outside the plan now and probably not coming to your yearly update. But just -- how do we think about the credit implications? And I know last quarter, I think you said you were 14% to 15% FFO to debt in '24 with a 60 basis point improvement every year thereafter. Is that still the way to kind of think about the uplift here over the next few years? Maybe you could comment on that.

這非常清楚。然後，丹，我只是把你在資本支出方面討論的 5 億到 10 億美元的數字總結一下。我知道這超出了目前的計劃，可能不會出現在您的年度更新中。但只是──我們如何看待信貸影響？我知道上個季度，我記得您說過，24 年您的 FFO 與債務比率為 14% 至 15%，此後每年都提高 60 個基點。這仍然是思考未來幾年這裡經濟提升的方式嗎？也許您可以對此發表評論。

Yes, absolutely, Nick. That profile we described in the fourth quarter that kind of ramps from that 14% last year up to 17% in the back half of the plan, it's absolutely still the profile to watch as this incremental capital opportunity emerges. What we'll do is issue sufficient equity probably through something like an ATM and through our plans to kind of restore the metrics to where they would have otherwise been without that incremental CapEx.

是的，當然，尼克。我們在第四季度描述的概況將從去年的 14% 上升到計劃後半段的 17%，隨著這一增量資本機會的出現，它絕對仍然是值得關注的概況。我們將會做的是發行足夠的股本，可能透過 ATM 之類的方式，或透過我們的計劃將指標恢復到沒有增量資本支出時的水平。

And again, kind of going back to Steve's question, yes, even doing that, this incremental CapEx will have an accretive effect.

再次回到史蒂夫的問題，是的，即使這樣做，這種增量資本支出也會產生增值效應。

Our next question comes from Durgesh Chopra with Evercore ISI.

下一個問題來自 Evercore ISI 的 Durgesh Chopra。

So Dan, I was just curious in your commentary, you mentioned 12% growth from data center sales growth. Just can you break that for us? How much of that is new data centers versus is that -- or is it just existing data centers using newer technology?

所以丹，我只是對你的評論感到好奇，你提到資料中心銷售額成長了 12%。你能為我們破解一下嗎？其中有多少是新資料中心？

So it's about 3/4 existing data centers and then a little bit the other quarter kind of coming from new data centers year-over-year. So we're seeing both. We're seeing a continued ramp-up of new facilities, existing facilities ramping up their usage.

因此，與去年同期相比，大約有 3/4 是現有資料中心，而另外四分之一則來自新資料中心。因此我們看到了兩者。我們看到新設施不斷增加，現有設施的使用率也不斷提高。

Cool. And then just one quick follow-up on the legislative front. I'm not sure if the House Bill 1192 was actually passed and signed into law, and that talks to kind of suspending the, I believe, the sales stack exemption on data centers. Maybe can you just address that? Where does that sit? And what implications, if any, do you see on the data center growth in Georgia?

涼爽的。然後我們再快速跟進一下立法方面的問題。我不確定眾議院第 1192 號法案是否真的獲得通過並簽署成為法律，我認為該法案涉及暫停資料中心的銷售堆疊豁免。也許你能解決這個問題？它位於哪裡？您認為這對喬治亞州資料中心的成長有何影響？

Yes. I mean I think that I mean, it passed and now sitting on the governor's desk and so waiting to see what happens there. I think one of the things the government wants to do is let economic development activities know that Georgia is still open for business. And so I think that's one of the key factors in consideration that he will pay attention to as he makes a decision on that bill. But right now, I don't know what will happen, but it's there for him to take action on. And so we're waiting just like everybody else to see what happens.

是的。我的意思是，它已經通過了，現在放在州長的辦公桌上，等著看會發生什麼。我認為政府想要做的事情之一是讓經濟發展活動知道喬治亞州仍然開放商業。因此我認為這是他對該法案作出決定時會關注的關鍵考慮因素之一。但現在，我不知道會發生什麼，但他必須採取行動。因此，我們和其他人一樣，正在等著看接下來會發生什麼。

Our next question comes from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Congratulations on Vogtle Unit 4 there. Just wanted to continue with I guess the topic is your and given the notably higher than expected load growth in earnings, in ongoing data center investment in your service territory, just wondering how you think this impacts future generation mix and specifically coal plant retirement dates given what's happening here? Is there -- could there be deferrals or just any thoughts on that?

恭喜沃格特爾 4 號機組投入運作。我只是想繼續，我猜這個主題是您的，鑑於收益負載增長明顯高於預期，在您的服務區域內持續進行數據中心投資，只是想知道考慮到目前的情況，您認為這會如何影響未來的發電組合，特別是燃煤電廠的退役日期？有沒有——可能會有延期，或對此有什麼想法？

I think that's a lot to come. And I'd add one more factor there. It's the new EPA rules, and we saw the suite of announcements that came out of EPA last week, which we are reviewing. And many of the rules we think are in practical in terms of aligning with the kind of demand that we see forthcoming, and also from a technology standpoint, some expectations that they are advocating and putting forward don't align necessarily with the reality.

我認為還有很多事情要做。我還要補充一個因素。這是新的 EPA 規則，我們看到了上週 EPA 發布的一系列公告，我們正在對其進行審查。我們認為，許多規則在實際操作上不符合我們所看到的未來​​需求，而且從技術角度來看，他們所倡導和提出的一些期望並不一定與現實相符。

So there's a lot of -- I think a lot of issues that are up in the air. At the state level, I think as we look at how we respond to the demand, how we respond to this need, all those considerations must be on the table in terms of new generation, what happens to existing generation. Those all get extended, what happens there?

所以我認為有很多問題仍懸而未決。在州一級，我認為，當我們考慮如何回應需求、如何滿足這種需求時，必須從新一代以及現有世代會發生什麼的角度考慮所有這些問題。這些都得到了延長，會發生什麼事？

All of that has to be on the table, but we also have to factor in what are the potential new rules from the (inaudible) Protection Agency. So I would say all of that is very subject to for the consideration as we move forward through all the processes that we'll be a part of.

所有這些都必須擺到桌面上，但我們也必須考慮（聽不清楚）保護局可能製定的新規則。因此，我想說，在我們推進所有我們將參與的進程時，所有這些都需要考慮。

That makes sense. And how do you think about the feasibility of carbon capture in your territories?

這很有道理。您如何看待在您所在地區進行碳捕獲的可行性？

Geologically, yes. I mean there are places down on the coast. The mobile area, some parts of Mississippi, where we have the geology for sequestration. But once again, I think as you look at what is somewhat predicated in some of these roles and the expectations and what the desires are -- is the technology available at a commercial scale to do what they're asking us to do. I think there are a lot of questions there.

從地質學角度來說，是的。我的意思是沿海地區有一些地方。密西西比州的部分地區是莫比爾地區，那裡有適合封存的地質條件。但再一次，我認為當你看到這些角色的某些預測、期望和願望時，是否有可用於商業規模的技術來完成他們要求我們做的事情。我認為其中存在很多問題。

So I think it's -- I go back to these rules, I think they are in practical at this time. And so I think there's more work to be done and more conversations to be had about how they should go forward. But we're still doing the analysis because it's a lot of pages, a lot of work, and then we've got to decide what we do going forward in terms of litigation and whether it's with our stage, whether it's with the other different associations. So there's a lot of work to be done there, a lot more conversations to be had.

所以我認為——我回顧這些規則，我認為它們此時是實用的。因此我認為還有很多工作要做，還有很多關於如何前進的對話要做。但我們仍在進行分析，因為這涉及很多頁內容，需要做很多工作，然後我們必須決定在訴訟方面我們下一步該做什麼，是與我們合作，還是與其他不同的協會合作。所以，還有很多工作要做，還有很多對話需要進行。

That's very helpful. And one last one, if I could. Just given nuclear ability to offer base load that is very suitable for data center and other demand as such. Just wondering any updated thoughts on the viability of that technology down the road? And how Southern thinks about that?

這非常有幫助。如果可以的話，我還有最後一個問題。只要有核能提供基本負荷，就非常適合資料中心和其他類似需求。只是想知道對於該技術未來可行性有什麼最新的想法？南方人對此有何看法？

I mean I can give you my speech if you'd like to hear it. I mean the country is going to need more nuclear. I mean there's clearly no technology better suited to support demands of this increasingly digital economy and society.

我的意思是，如果您願意聽的話，我可以為您發表我的演講。我的意思是這個國家將需要更多的核能。我的意思是，顯然沒有哪種技術比它更適合支持日益數位化的經濟和社會的需求。

And so I think the federal government has got to step in and provide great leadership to incent companies to move in that direction. I'd also say we're going to celebrate what we've done at Vogtle for a very long time before we give any consideration to any more. But we think others, they have the opportunity and should really look at this country has to look at new nuclear to go forward to meet this growing demand.

因此我認為聯邦政府必須介入並提供強而有力的領導來激勵企業朝這個方向發展。我還要說，在我們考慮更多事情之前，我們會長期慶祝我們在沃格特爾所做的事情。但我們認為，其他國家有機會，也應該真正考慮這個國家是否應該發展新的核能，以滿足日益增長的需求。

Our next question comes from Anthony Crowdell with Mizuho Securities.

下一個問題來自瑞穗證券的 Anthony Crowdell。

Yes. I think that last question was asking you about Vogtle 5 and 6, but I'm not sure. But I guess just a quick one. Last month, there was approval overwhelmingly approved the Georgia Public Service Commission, the IRP. But just curious, any commentary on some of the language related to rate increases. And you guys have laid out, especially on the slides, great information on how you're navigating the challenges of adding all this infrastructure, but focus on the customer bill. And just if you could tie that to the language on one of the approved -- during the approval with maybe no more bill increases.

是的。我認為最後一個問題是問您有關 Vogtle 5 和 6 的問題，但我不確定。但我想這只是一個快速的步驟。上個月，喬治亞州公共服務委員會（IRP）以壓倒性多數票通過了該提案。但只是好奇，對與利率上調相關的一些語言有什麼評論嗎？你們已經闡述了，特別是在幻燈片上，關於如何應對添加所有這些基礎設施的挑戰的大量信息，但重點是客戶賬單。如果您能將其與已批准的其中一項語言聯繫起來——在批准過程中，也許不會再增加帳單。

Yes, Anthony, this is Dan. Look, I think largely, any commentary you heard was simply focused on affordability and ensuring that the benefits that Georgia Power said we're there, end up reflected in customer rates. And that's exactly what the stipulation does is provide that commitment so that when we file the 2025 rate case, one of those moving parts is going to include incorporating those economic benefits for all customers into that calculation.

是的，安東尼，這是丹。我認為，在很大程度上，您聽到的任何評論都只是專注於可負擔性，並確保喬治亞電力公司所說的利益最終反映在客戶費率中。而這正是該規定所做的，它提供了承諾，以便當我們提交 2025 年費率案例時，其中一個變動部分將包括將所有客戶的經濟利益納入計算之中。

Our next question comes from Angie Storozynski with Seaport Global.

下一個問題來自 Seaport Global 的 Angie Storozynski。

So first maybe about your -- the Southeast Energy exchange market. So when it was first created, I thought that was a sign that maybe there's some excess power in your neck of boots and then you're trying to distribute it to other parts of the Southeast. Now I'm thinking the other way. But maybe there's a way to move some power into Georgia to actually address the load growth. Again, I'm just clearly fishing for any upside potential associated with this newly created power market?

首先我想談談東南能源交易市場。因此，當它第一次被創建時，我認為這是一個跡象，表明也許你的靴頸中有一些多餘的能量，然後你試圖將其分配到東南部的其他地方。現在我卻從另一個角度思考。但也許有辦法將部分電力轉移到喬治亞州，以真正解決負載成長的問題。再說一遍，我只是想看看這個新建的電力市場是否有任何上行潛力？

Angie, I think it is what it is. I mean it was intended to move around the partners and participants of excess capacity. And so that's what it has been doing, I think, has been very successful, but I don't think it signals anything more than that. I mean that simply is it's doing what we intended to do with all the participants. And so we'll continue to utilize that. Now how does it factor into the additional growth? I mean we'll step back and look at it. But it doesn't signal anything more than what we intended to be when we made all the filings and got all the approval.

安吉，我認為事實就是這樣。我的意思是，它的目的是轉移產能過剩的合作夥伴和參與者。我認為，這就是它一直在做的事情，並且非常成功，但是我認為這並沒有預示更多的事情。我的意思是，這只是我們計劃讓所有參與者做的事情。因此我們將繼續利用這一點。那麼它是如何影響額外成長的呢？我的意思是我們會退後一步來看一下。但它並沒有表明我們在提交所有文件並獲得所有批准時所期望的任何內容。

Yes. And really just to create a more nimble market for those intermittent resources to make sure that customers, wherever it's needed benefit from that very, very low-cost energy.

是的。真正的目的只是為了為這些間歇性資源創造一個更靈活的市場，以確保無論在哪裡需要，客戶都能從這種非常低成本的能源中受益。

And so on a similar vein here, about Southern Powers. I understand that it's fully contracted for now. And I'm just wondering when do you have some open capacity there, which could potentially benefit from this run up and full with power curves that we're seeing in other markets. That's number one.

關於南方強國，這裡也有類似的說法。據我了解，目前合約已經全部簽訂完畢。我只是想知道你們什麼時候在那裡有一些開放的產能，這些產能可能會從這種上漲中受益，並充滿我們在其他市場看到的功率曲線。這是第一點。

And number 2 is, so when you hear hyperscalers talk about contracting for supply of power, they do talk about net 0, right? So I'm wondering, is there a way for Southern Power to, for example, participate in these negotiations, for example, plug into the Mississippi Power Grid, but address the carbon footprint of that supply with building contract-based solar or some other resources that could basically provide the carbon-free offsets?

第二個問題是，當您聽到超大規模企業談論簽訂電力供應合約時，他們確實談論的是淨零能耗，對嗎？所以我想知道，南方電力有沒有辦法參與這些談判，例如連接密西西比電網，但透過建造基於合約的太陽能或其他一些基本上可以提供無碳補償的資源來解決該供應的碳足跡？

Yes. Look, so I'll start with the second question first. Look, Southern Power is always going to evaluate opportunities to serve load-serving entities, right? And so to the extent those opportunities present themselves in any of our jurisdictions where it makes sense, we'll evaluate that. And you've seen that happen in the past, particularly in Georgia.

是的。瞧，我先從第二個問題開始。你看，南方電力總是會評估為負載服務實體提供服務的機會，對嗎？因此，只要這些機會在我們的任何管轄範圍內出現，我們就會對其進行評估。過去你已經看到過這種情況，特別是在喬治亞州。

On the first question in terms of the kind of the portfolio, yes, look, it's very highly covered the next 5 years. And -- but if you think about 5 years out, that's the end of the decade, that's when other resource needs begin to emerge. That's when you start seeing utilities around the Southeast, begin to consider the -- how long with their assets be on the ground.

關於第一個問題，就投資組合的類型而言，是的，看，它對未來 5 年的覆蓋範圍非常廣。但如果你想想五年後，就是這個十年的結束，那時其他資源需求就會開始出現。那時，您將開始看到東南部各地的公用事業，並開始考慮它們的資產要在地面上運行多長時間。

So I think once you start looking towards the end of the decade and into the 30s, Southern Power will have a lot of opportunity to take advantage of what we're seeing today.

因此我認為，一旦你開始展望20世紀30年代末和20世紀30年代，南方電力將有很多機會利用我們今天所看到的優勢。

Our next question comes from Paul Fremont with Ladenburg.

我們的下一個問題來自拉登堡的保羅·弗里蒙特。

Congrats on Vogtle, great seeing both units and commercial operations. So great job there. I guess my first question is on HP1192, if the governor were to sign the bill, would that essentially slow down the addition of data centers in the state of Georgia or put you in a relative -- or put your stated at a relative disadvantage to other states?

恭喜沃格特爾 (Vogtle)，很高興看到單位和商業運作。你們做得太棒了。我想我的第一個問題是關於 HP1192，如果州長簽署該法案，這是否會從根本上減緩佐治亞州數據中心的增加，或者使佐治亞州相對於其他州處於相對劣勢？

And Paul, I think it's hard to answer that question, but I would think not, but also I think you have to look at the competitive nature of economic development across states. And where does it put Georgia and then what signal does it send. But also, I think it's about -- it's a big question about resilience and the ability to meet the demands of these customers and not just reliably, but providing them the resilience they expect and the demand.

保羅，我認為這很難回答，但我認為不是，但我認為你必須考慮各州經濟發展的競爭性質。這將把格魯吉亞置於何地？但同時，我認為這是關於彈性和滿足這些客戶需求的能力的一個大問題，不僅要可靠，還要為他們提供他們期望的彈性和需求。

But I think it's I think just a straight answer to your question, I think it's probably not, but I think at the same time, it's a competitive nature of economic development by states that I think you have to say what have to evaluate very closely.

但我認為這只是對你的問題的一個直接回答，我認為可能不是，但我認為同時，這是各州經濟發展的競爭性質，我認為你必須非常仔細地評估這一點。

And then my other question has to do with sort of the tougher EPA rules. If those ultimately were to be adopted, does that -- do you need to accelerate the time frame for coal plant retirements?

我的另一個問題與更嚴格的 EPA 規則有關。如果這些措施最終被採納，那麼是否需要加快燃煤電廠退役的時間表？

And Paul, that's like we're evaluating those rules as we speak today. And I mean I think there's a lot we've kind of gotten to very quickly on the gas side in terms of capacity factors and the expectations for carbon capture. I mean I think there's more work for us to do in terms of the coal implications. But at first blush, like I said, I think they're in practical and probably yet would make it more difficult to run coal units as well any longer.

保羅，這就像我們今天講話時正在評估這些規則。我的意思是，我認為我們在天然氣方面，在容量因素和碳捕獲預期方面已經取得了很大進展。我的意思是，我認為在煤炭影響方面我們還有許多工作要做。但乍一看，就像我說的，我認為它們很實用，而且可能還會使煤炭機組的運作變得更加困難。

Our next question is from Ryan Levine with Citi.

我們的下一個問題來自花旗銀行的 Ryan Levine。

What time frame or cadence do you expect some of these data center companies that are shopping multiple jurisdictions to make a decision? And then in terms of in development projects, it looks like there was 3 pending construction at the time of the stipulated agreement testimony. Have those pending construction data centers started construction? Or any update you could provide on that?

您預計這些在多個司法管轄區內進行採購的資料中心公司會在什麼樣的時間範圍或節奏下做出決定？就正在開發的項目而言，在約定的協議證詞中，似乎有 3 個項目正在建設中。那些正在建造的資料中心已經開始建置了嗎？或者您能提供任何有關該問題的最新消息嗎？

I don't know that we have the specific construction updates, Ryan, but I will tell you just in general, this is -- I mean, think of it as a continuous kind of waterfall, right? I mean there are always data centers coming in and exploring and then committing. And so it's just -- it's an ongoing thing. So we've got -- right now, there's 12 under construction that totaled about 2,400 megawatts.

我不知道我們是否有具體的施工更新，瑞安，但我會告訴你一般來說，這是 - 我的意思是，把它想像成一種連續的瀑布，對吧？我的意思是總有資料中心進來，進行探索，然後再投入使用。所以這只是——一個持續進行的事情。因此，我們現在有 12 個項目正在建設中，總發電量約為 2,400 兆瓦。

So that includes 1 or 2 that are still pending, okay. And then given that the continuous nature to the extent that the momentum were to continue to build, is there a time frame that you may seek to reengage the updated IRP process? Or any kind of framework you might apply to assess when additional resources may need to be get approval for?

因此其中包括 1 或 2 個仍待解決的問題，好的。然後考慮到這種勢頭將繼續形成的持續性，是否有一個時間框架可以讓您重新啟動更新的 IRP 流程？或者您可能採用任何類型的框架來評估何時需要獲得額外資源的批准？

I think we said before, Georgia has an RFP in 2025. And so they'll factor in new requests, new demands, new load doing that proceeding. Alabama and Mississippi will do make similar decisions in their processes based on the demands and requests that they receive as well.

我記得我們之前說過，喬治亞州在 2025 年有一個 RFP。阿拉巴馬州和密西西比州也將根據收到的需求和請求，在流程中做出類似的決定。

And coming out of this last process, Ryan, there was a part of the stipulation is that Georgia will kind of keep the staff and commission updated a little more -- it's not real time, but on a quarterly basis, kind of leading up to the next formal process that way everyone kind of has line of sight as to what is emerging.

瑞安，最後一個流程的條款是，喬治亞州會及時向員工和委員會通報最新情況——不是實時通報，而是按季度通報，為下一個正式流程做準備，這樣每個人都能及時了解正在發生的事情。

Because it goes back to some of the points we laid out in the prepared remarks. Is this load real? And so I think that quarterly update helps give the commission and the staff the information they need to give confirmation of the reality of this load.

因為它回到了我們在準備好的評論中提出的一些觀點。這個負載是真實的嗎？因此，我認為季度更新有助於向委員會和員工提供他們需要的信息，以確認這一負荷的真實性。

And that next regular filing is scheduled for next January '25.

下一次定期申報預計在明年 25 年 1 月進行。

And then last question for me. In terms of the customer preference for or carbon resources. Any stipulations or any requirements that they're speaking to specifically as they're looking to decide what locations to locate their data centers?

這是我的最後一個問題。就客戶對碳資源的偏好而言。在他們決定將資料中心設在何處時，有什麼具體規定或要求嗎？

I mean early on, we saw a lot of requests for 24/7 carbon-free of late. We see the request for do you have power. And like I said, we continue to build additional carbon-free resources. And so we'll continue to work with them. But right now, I think there is just a simple desire and request for resources for energy.

我的意思是，我們早些時候就看到了很多關於全天候無碳排放的要求。我們看到了「您是否有權力」的請求。正如我所說的，我們會繼續建立更多的無碳資源。因此我們將繼續與他們合作。但現在，我認為對能源資源只是簡單的渴望和要求。

And we're very transparent about our own transition plans. And I think that is an opportunity for them to kind of latch on to transitioning along with us.

我們自己的過渡計劃非常透明。我認為這對他們來說是一個與我們一起轉型的機會。

Our next question comes from Travis Miller with Morningstar.

我們的下一個問題來自晨星的崔維斯米勒。

Also congrats on Vogtle and I thought it was a very good choice of words arduous in your prepared remarks. I appreciate that.

也祝賀沃格特爾，我認為你在準備好的發言中用詞非常出色，非常努力。我很感激。

We chose that word very carefully.

我們非常謹慎地選擇了這個詞。

I figured. On the load forecast and specifically even the Georgia IRP, what does that mean for T&D investment? Is there upside there in addition to the generation upside you talked about?

我估計。關於負載預測，特別是喬治亞州的綜合電力預測 (IRP)，這對輸配電投資意味著什麼？除了您談到的世代優勢之外，還有其他優勢嗎？

Yes. And so if you remember, Travis, part of our year-end update on the capital plan, I mean, it totaled $5 billion of increased capital. There was a big piece of that, that was also transmission, and that will continue to be part of the long-term planning discussions we have with our states.

是的。所以，崔維斯，如果你還記得的話，我們年終資本計畫更新的一部分是，總計增加的資本為 50 億美元。其中很大一部分也是傳輸，這將繼續成為我們與各州進行的長期規劃討論的一部分。

Absolutely, as we add new resources, transmission considerations have to take place absolutely as our fleet transitions from its current state to its future state, transmission considerations are part of that. So they will clearly be transmission opportunities along the way here.

當然，隨著我們增加新的資源，傳輸考慮必須絕對進行，因為我們的車隊從當前狀態過渡到未來狀態，傳輸考慮是其中的一部分。因此，這顯然將是沿途的傳播機會。

And I'll also add, there's got to be some additional build-out of gas infrastructure as well. I mean, so there's a lot more infrastructure that's got to be built to support the generation resources to meet this demand.

我還要補充一點，還必須額外建造一些天然氣基礎設施。我的意思是，必須建造更多的基礎設施來支援發電資源，以滿足這項需求。

And then can you remind us the Alabama and Mississippi IRP schedules? And then in addition to that, would you expect some similar issues to come up as what came up in Georgia in those states? Or is there something different going on there?

然後您能提醒我們阿拉巴馬州和密西西比州的 IRP 時間表嗎？除此之外，您是否預期這些州也會出現與喬治亞州類似的問題？或是那裡發生了什麼不同的事情？

We don't want to get too far ahead of exactly what it will look like in terms of if there's suddenly this accelerated load. But so the next scheduled processes. We got Mississippi, we'll launch a process and -- or they launched the process in April rather they're going through that now and Alabama will have one next spring 2025.

如果突然出現這種加速負載，我們不想對具體情況進行過多預測。但接下來的預定進程也是如此。我們得到了密西西比州，我們將啟動一個流程 - 或者他們在四月啟動了該流程，而不是現在正在進行該流程，而阿拉巴馬州將於 2025 年春季進行該流程。

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

今天的問答環節到此結束。先生，還有什麼結束語嗎？

I think it's -- let me call by saying this. Understandably, I mean, Vogtle 3 and 4, the journey that we've been through, took a lot of attention from our stakeholders and have met fewer conversations focused on our underlying business and the success of our underlying business.

我認為這是——讓我這麼說吧。可以理解的是，我的意思是，沃格特勒 3 和 4，我們所經歷的旅程，引起了利益相關者的極大關注，並且很少關注我們的基礎業務和基礎業務的成功的對話。

The fact is all along, we continue to execute at a very high level across our portfolio and delivered strong results. Reliability and customer service were outstanding. Investments in critical financial structure we made in every jurisdiction. We successfully navigated our regulatory processes and received constructive outcomes.

事實上，我們一直以來都在整個投資組合中保持著非常高的執行水平，並且取得了強勁的業績。可靠性和客戶服務非常出色。我們在每個司法管轄區都對關鍵金融結構進行了投資。我們成功完成了監管流程並獲得了建設性的成果。

Now as we look ahead in what's next, it's this, a continued unrelenting focus on the fundamentals with customers at the center of everything that we do. Serving the growing load we're experiencing is what we were built for and our model is designed to turn that growth into value for all stakeholders, customers and investors alike.

現在，當我們展望未來時，我們將繼續堅持不懈地專注於基本面，以客戶為中心。我們成立的目的是為了滿足日益增長的負載，我們的模式旨在將這種成長轉化為所有利害關係人、客戶和投資者的價值。

That is what the employees of Southern companies do. It might sound boring to some, but it's exciting for us. Thank you for spending time with us today. And operator, that's the end of this call. Thank you very much.

南方公司的員工就是這麼做的。對某些人來說這可能聽起來很無聊，但對我們來說卻很令人興奮。感謝您今天花時間與我們在一起。接線員，本次通話到此結束。非常感謝。

Thank you, sir. Ladies and gentlemen, this concludes the Southern Company First Quarter 2024 Earnings Call. You may now disconnect. Thank you.

謝謝您，先生。女士們、先生們，南方公司 2024 年第一季財報電話會議到此結束。您現在可以斷開連線。謝謝。