Southern Co (SOMN) 2024 Q4 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 fourth quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

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 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

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

Thanks, Robert. Good afternoon, and welcome to Southern Company's fourth 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，羅伯特。下午好，歡迎參加南方公司 2024 年第四季財報電話會議。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 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 and subsequent securities filings. In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure are included in the financial information we released this morning as well as the slides for this conference call, which are both available on our Investor Relations website at investor.southerncompany.com.

讓我提醒你，今天我們除了提供歷史資訊外，還會做出前瞻性陳述。各種重要因素可能導致實際結果與前瞻性陳述中所示的結果有重大差異，包括我們的 10-K 表格和後續證券文件中討論的結果。此外，我們將在本次電話會議上提供非公認會計準則財務資訊。我們今天早上發布的財務資訊以及本次電話會議的幻燈片中包含了與適用的 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.

現在，我將把電話轉給克里斯。

Thank you, Greg. Good afternoon, and thank you for joining us today. 2024 was an outstanding year for Southern Company, both operationally and financially. We achieved adjusted earnings at the very top of our EPS guidance range, which represents 11% growth from our 2023 adjusted results. All of our business units executed on their plans and delivered exceptional value to our customers and investors alike. I am incredibly proud of how our team continued to put customers first throughout 2024.

謝謝你，格雷格。下午好，感謝您今天加入我們。 2024 年對於南方電力公司來說都是輝煌的一年，無論從營運角度還是從財務角度而言。我們的調整後收益達到了每股收益指導範圍的最高水平，較 2023 年調整後業績增長 11%。我們的所有業務部門都嚴格執行了各自的計劃，並為我們的客戶和投資者帶來了卓越的價值。我為我們的團隊在 2024 年始終將客戶放在第一位感到無比自豪。

While this is our daily mission, our dedication was especially evident as our team came together over the past year, in response to several weather events, which adversely impacted many of our customers, including the most destructive storm in Georgia Power's history this past fall, delivering clean, safe, reliable and affordable energy to the communities and customers we are privileged to serve will remain our top priority.

雖然這是我們的日常使命，但我們的奉獻精神尤其明顯，因為我們的團隊在過去一年裡齊心協力，應對了幾次給我們的許多客戶帶來不利影響的天氣事件，包括去年秋天喬治亞電力歷史上最具破壞性的風暴，為我們有幸服務的社區和客戶提供清潔、安全、可靠和負擔得起的能源將仍然是我們的首要任務。

Looking forward, we believe our portfolio of companies is incredibly well positioned to capitalize on significant opportunities to serve growth and improve our local economies and to sustain success over the long term. The foundation of our business model remains our state-regulated utility franchises. The tremendous value inherent in our three electric utilities and four natural gas distribution utilities is a function of our continuous focus on our 9 million customers, our constructive regulatory environments with orderly processes and service territories with strong long-term fundamentals.

展望未來，我們相信，我們的公司組合具有極其優越的條件，能夠利用重大機會促進成長、改善當地經濟並保持長期成功。我們的商業模式的基礎仍然是受國家監管的公用事業特許經營權。我們的三家電力公司和四家天然氣配送公司所蘊含的巨大價值源於我們對 900 萬客戶的持續關注、有序流程的建設性監管環境以及具有強勁長期基本面的服務區域。

Economic development activities at our utilities is robust. and she provides a tremendous foundation for regular, predictable and sustainable long-term earnings growth. Over the past year, more than 150 companies either announced expanded operations or made the decision to locate new facilities in our southeastern footprint. These projects are expected to support over 20,000 new jobs further highlighting that the region we proudly serve is thriving.

我們公用事業的經濟發展活動十分活躍。她為定期、可預測和可持續的長期獲利成長奠定了堅實的基礎。在過去的一年裡，超過 150 家公司宣布擴大業務或決定在我們東南部地區設立新工廠。這些項目預計將創造超過 20,000 個新工作崗位，進一步彰顯我們自豪服務的地區正在蓬勃發展。

Some of the larger announcements over the past year were in the manufacturing, entertainment, chemical and metals industries. The economic development pipeline from large electric load customers, including data centers and large manufacturers, represents over 50,000 megawatts of potential incremental load by the mid-2030s.

過去一年中發布的一些較大公告涉及製造業、娛樂業、化工業和金屬業。來自大型電力負載客戶（包括資料中心和大型製造商）的經濟發展管道意味著到 2030 年代中期潛在的增量負載將超過 50,000 兆瓦。

Data centers alone represent roughly 80% of that potential load. While our disciplined approach to forecasting results and a risk-adjusted outlook for sales growth comprised of only a fraction of the economic development pipeline, we are encouraged to have commitments for over 10,000 megawatts with advanced discussions and progress for even more. We remain committed to our approach to sustainably serving this exciting growth opportunity, including pricing and contract terms designed to protect our investments and provide economic benefits back to existing customers.

僅資料中心就佔了該潛在負載的約 80%。雖然我們對預測結果的嚴謹方法和經過風險調整的銷售成長前景僅佔經濟發展管道的一小部分，但我們很高興能獲得超過 10,000 兆瓦的承諾，並在進一步討論和取得更多進展方面取得進展。我們將繼續致力於以永續的方式服務於此令人興奮的成長機會，包括旨在保護我們的投資並向現有客戶提供經濟利益的定價和合約條款。

We are also encouraged to see the data center momentum first observed in Georgia, expanding into both Alabama and Mississippi. We recently signed contracts to serve the power needs of data centers in these two states that total over 1,000 megawatts. While our state-regulated utilities are expected to represent approximately 95% of our projected capital investments, we have also continued to invest in our other complementary strategically aligned businesses.

我們也很高興地看到，資料中心的發展勢頭首先在喬治亞州出現，並擴展到阿拉巴馬州和密西西比州。我們最近簽署了合同，滿足這兩個州數據中心總計超過 1,000 兆瓦的電力需求。雖然我們受國家監管的公用事業預計將占我們預期資本投資的約 95%，但我們也繼續投資於其他互補的策略一致業務。

Many of these businesses add depth to our vertical integration and provide us with unique market insights that help us attract and better serve customers in our regulated footprint. They also represent potential opportunities to add durability to our long-term earnings trajectory. Southern Power, our competitive power business represents a terrific complement to our state-regulated businesses.

許多此類業務增強了我們的垂直整​​合深度，為我們提供了獨特的市場洞察力，幫助我們在受監管的範圍內吸引客戶並更好地服務客戶。它們也代表著增加我們長期獲利軌跡持久性的潛在機會。南方電力，我們的競爭性電力業務是對我們受國家監管的業務的極大補充。

Substantially, all assets are under long-term contracts with creditworthy counterparties, and we don't take meaningful commodity risk. In total, Southern Power's portfolio has approximately 13,000 megawatts of capacity across 50-plus generating facilities in 15 states including approximately 7,000 megawatts of natural gas generation, 3,000 megawatts of solar and 3,000 megawatts of wind.

實質上，所有資產都與信譽良好的交易對手簽訂了長期合同，我們不會承擔重大商品風險。總體而言，南方電力的投資組合在 15 個州的 50 多個發電設施中擁有約 13,000 兆瓦的容量，其中包括約 7,000 兆瓦的天然氣發電、3,000 兆瓦的太陽能和 3,000 兆瓦的風能。

Southern Power has 500 megawatts of solar currently under construction with projected in-service dates in 2025 and 2026. We will continue to be opportunistic on new renewable energy projects that meet our stringent risk return criteria. The burgeoning need for reliable, dispatchable natural gas capacity unlocks four significant opportunities for Southern Power.

南方電力目前正在建造 500 兆瓦的太陽能發電廠，預計投入使用時間為 2025 年和 2026 年。我們將繼續抓住機會，尋找符合我們嚴格風險回報標準的新再生能源專案。對可靠、可調度的天然氣產能不斷增長的需求為南方電力帶來了四大重大機會。

First, as contracts on our existing natural gas fleet come up for renewal beginning in early 2030s and -- the low growth in the Southeast is expected to support future renewal pricing had is significantly higher than our existing contracts.

首先，由於我們現有的天然氣車隊的合約將於 2030 年代初開始續簽，並且東南部的低成長預計將支持未來的續約價格明顯高於我們現有的合約。

Second, meaningful upgrade opportunities are being evaluated on Southern Power legacy natural gas fleet. These could translate into several hundred additional megawatts available to meet future market demands for capacity.

其次，正在評估南方電力原有天然氣艦隊的有意義的升級機會。這些可能意味著可以額外提供數百兆瓦的電力來滿足未來市場的容量需求。

Third, Southern Power has options at its existing plant sites to build new brownfield power plants in the Southeast.

第三，南方電力可以選擇在其現有廠區內於東南部建造新的棕地發電廠。

And lastly, Southern Power is exploring opportunities outside of the Southeast to serve data centers with new natural gas generation. We are very gratified to have developed and retained this incredibly valuable business as it represents a tremendous opportunity to support sustainable growth well into the next decade.

最後，南方電力正在探索東南地區以外的機會，透過新的天然氣發電為資料中心提供服務。我們非常高興能夠開發並保留這項極具價值的業務，因為它代表著支持未來十年可持續成長的巨大機會。

In 2016, with Southern Company acquired what is now Southern Company Gas, we sought to further vertically integrate along the energy value chain. An important additional element of that vertical integration was our 50% investment in the Southern Natural Gas pipeline. Which overlays our three electric service territories as well as one of our largest natural gas franchises. As previously disclosed by our operating partner, Kenda Morgan, this pipeline is poised for growth largely to support increased natural gas generation throughout the Southeast, Southern natural gas as well as our other smaller FERC-related pipeline investments, provide a terrific complement to our core growth prospects.

2016 年，南方公司收購了現在的南方天然氣公司，我們尋求進一步沿著能源價值鏈進行垂直整合。垂直整合的一個重要附加要素是我們對南方天然氣管道 50% 的投資。它涵蓋我們的三個電力服務區域以及我們最大的天然氣特許經營權之一。正如我們的營運合作夥伴 Kenda Morgan 先前所揭露的那樣，該管道有望實現成長，主要是為了支持整個東南部天然氣發電量的增加、南部天然氣以及我們其他較小的 FERC 相關管道投資，為我們的核心成長前景提供極好的補充。

Even two of our smaller subsidiaries, both of which have seen accelerated growth recently due to expanding computing power demand have been incredibly valuable for deeper appreciation and understanding of the current market. PowerSecure, which specializes in providing utility and energy solutions to commercial, industrial and low serving customers has seen as business bolstered by the growth in data centers.

即使是我們的兩家較小的子公司，由於運算能力需求的不斷擴大，它們最近都經歷了加速成長，這對於更深入地了解和理解當前市場非常有價值。PowerSecure 專門為商業、工業和低服務客戶提供公用事業和能源解決方案，其業務因資料中心的成長而得到提振。

This has led to a more comprehensive understanding of data center needs and has enhanced our relationships with many national data center owners. Another example of the value in our smaller complementary subsidiaries is Southern Telecom on its own and in partnership with our electric utilities, Southern Telecom deploys fiber optic infrastructure that serves as an important and attractive additional product offering enhancing the appeal to data-intensive customers to locate in our southeastern service territories.

這使我們更加全面地了解資料中心的需求，並增強了我們與許多國家資料中心所有者的關係。我們較小的互補子公司的價值的另一個例子是南方電信本身以及與我們的電力公司合作，南方電信部署光纖基礎設施，作為一項重要且有吸引力的附加產品，增強了對數據密集型客戶的吸引力，使其能夠落戶我們的東南服務區域。

Over time, we have exercised exceptional discipline and intentionality in refining our portfolio of businesses. We believe this has uniquely positioned Southern Company to deliver reliable and affordable energy to our customers as well as to deliver premier risk-adjusted total shareholder returns to our investors.

隨著時間的推移，我們在完善業務組合方面運用了卓越的紀律和意向性。我們相信，這使南方公司能夠以獨特的方式為我們的客戶提供可靠且價格合理的能源，並為我們的投資者提供一流的風險調整後總股東回報。

Dan, I'll now turn the call over to you.

丹，現在我將電話轉給你。

Thanks, Chris. I'm going to pause. Robert, can you hear us. Operator?

謝謝，克里斯。我要暫停一下。羅伯特，你聽得到我們說話嗎？操作員？

Yes, I can. -- very clearly.

是的，我可以。 ——非常清楚。

We're being told that none of the audience can hear the audio.

我們被告知所有觀眾都聽不到音訊。

Okay. I just sent a message to our supervisor. Everyone everything looks fine on my end.

好的。我剛剛給我們的主管發了一條訊息。各位，我這邊一切看起來都很好。

Okay. We'll continue. I'm getting mixed reports now. So we'll continue and what we'll do. I believe this is being recorded. It will be available for webcast. And hopefully, the Q&A goes as far. Thank you, Robert.

好的。我們會繼續。我現在收到了各種各樣的報告。因此我們會繼續做我們會做的事情。我相信這正在被記錄下來。它將提供網路直播。希望問答能取得預期成果。謝謝你，羅伯特。

Well, thanks, Chris. So look, as you can see from the materials we released this morning, we reported strong adjusted earnings per share of $4.05 for 2024, which, as Chris mentioned earlier, was the very top of our 2024 guidance range and represents 11% growth from adjusted earnings from the prior year. The primary drivers for our performance compared to 2023 were continued investment in our state-regulated utilities and weather-related impacts.

好吧，謝謝，克里斯。所以，正如您從我們今天早上發布的材料中看到的那樣，我們報告了 2024 年強勁的調整後每股收益 4.05 美元，正如克里斯之前提到的，這是我們 2024 年指導範圍的最高水平，比上一年調整後收益增長了 11%。與 2023 年相比，我們業績的主要驅動因素是對受國家監管的公用事業和天氣相關影響的持續投資。

A complete reconciliation of our quarterly and annual adjusted earnings is included in the materials we released this morning.

我們今天早上發布的資料中包含了我們季度和年度調整後收益的完整對帳。

Turning now to electricity sales. Excluding the impact of temporary sales losses due to Hurricane Helene, weather-normalized total retail electricity sales for the year were up approximately 1% compared to 2023. And Commercial sales were particularly strong, led by power usage from new and existing data centers, which were up 17% year-over-year, two was our strongest year on record in terms of new residential electric customers.

現在談談電力銷售。除去颶風海倫造成的暫時銷售損失的影響，今年天氣標準化的零售電力總銷售額與 2023 年相比增長了約 1%。商業銷售尤其強勁，主要得益於新建和現有資料中心的用電量，年增 17%，這是我們新增住宅電力客戶數量有史以來最強勁的一年。

We added 57,000 new residential electric customers as well as 26,000 new customers in our natural gas distribution businesses. These trends highlight the broad strength we continue to observe across our service territories, particularly in the Southeast. We expect this momentum to continue into 2025 with retail electricity sales on a consolidated basis projected to grow approximately 2% to 3% compared to 2024 weather normal sales. Longer term, we project average annual sales growth of approximately 8% from 2025 through 2029, an increase of 2% from our prior long-term sales growth expectations.

我們的住宅電力業務新增了 57,000 個新客戶，天然氣分銷業務新增了 26,000 個新客戶。這些趨勢凸顯了我們在服務區域（尤其是東南部地區）持續觀察到的廣泛優勢。我們預計這一動能將持續到 2025 年，預計綜合零售電力銷售額將比 2024 年正常銷售成長約 2% 至 3%。從長遠來看，我們預計 2025 年至 2029 年的年均銷售額成長率約為 8%，比我們先前的長期銷售額成長預期高出 2%。

Georgia Power's total retail electric sales growth is projected to be approximately 12% over the same period.

喬治亞電力公司的零售電力總銷售額預計在同一時期內將成長約 12%。

Our Commercial segment, which includes data centers and currently represents approximately one-third of total retail electricity sales is projected to grow an average of 18% from 2025 to 2029. As we have highlighted several times in the past, we take a very measured and disciplined approach to forecasting incremental electric load. As Chris mentioned in his remarks, the extraordinary growth in our forecast represents a fraction of the total economic development pipeline. Informed by our experience and continuous engagement with prospective and existing customers, our forecasts are significantly risk-adjusted as it pertains to both timing and load size.

我們的商業部門包括資料中心，目前約佔零售電力總銷售額的三分之一，預計從 2025 年到 2029 年平均成長 18%。正如我們過去多次強調的那樣，我們採取非常慎重和嚴謹的方法來預測增量電力負荷。正如克里斯在發言中提到的，我們預測的非凡成長只佔整個經濟發展管道的一小部分。根據我們的經驗以及與潛在客戶和現有客戶的持續接觸，我們的預測在時間和負載大小方面都經過了顯著的風險調整。

Serving this load reliably requires significant capital investments in the coming years. Our base capital investment forecast over the next five years is $63 billion, 95% of which is at our state-regulated utilities. This represents a $14 billion or an approximately 30% increase from our forecast just one year ago. In addition to increases for previously announced new projects at Southern Power and the expansion plans for our largest interstate natural gas pipeline, incremental investment in our transmission system is the largest driver of increased capital expenditures in our forecast.

要可靠地滿足如此高的負載，未來幾年需要大量的資本投入。我們預測未來五年的基本資本投資為 630 億美元，其中 95% 用於受國家監管的公用事業。這比我們一年前的預測增加了 140 億美元，約 30%。除了南方電力先前宣布的新項目和我們最大的州際天然氣管道的擴建計劃增加外，我們輸電系統的增量投資是我們預測資本支出增加的最大驅動力。

Our capital investment plan supports projected long-term state-regulated average annual rate base growth of approximately 7%, a 1% increase from our forecast one year ago. Our forecast reflects an approach to capital forecasting consistent with that, which we have used in the past and that we have not included potential capital investments primarily new or expanded generation resources, which remains subject to regulatory processes.

我們的資本投資計劃支持預計的長期國家監管的平均年利率基數增長約 7%，比我們一年前的預測增加 1%。我們的預測反映了與我們過去所用方法一致的資本預測方法，並且我們沒有包括潛在的資本投資（主要是新的或擴大的發電資源），這仍然受監管流程的約束。

For example, there are outstanding request for proposals, or RFPs, for new resources from previously approved Georgia Power Integrated Resource Plan, or IRP, that represent approximately 13,000 megawatts. There are also potential incremental FERC-regulated natural gas pipeline investments to meet the increasing energy needs of customers in the Southeast.

例如，先前批准的喬治亞電力綜合資源計畫（IRP）中還有未完成的徵求建議書（RFP），新資源約有 13,000 兆瓦。還有潛在的增量聯邦能源管理委員會監管的天然氣管道投資，以滿足東南部客戶日益增長的能源需求。

Combined, we estimate that reasonable outcomes for these opportunities represent a potential range of incremental regulated capital investments totaling $10 billion to $15 billion for 2025 to 2029. As a reminder, we are currently in active regulatory processes for the vast majority of these opportunities and given the timing of these ongoing regulatory processes, it's likely that we could have better line of sight on a substantial portion of these potential incremental investments later this year, at which time we could update our base capital investment plan. The financing plan we have provided supports our base capital plan and continues to fund the business in a credit-supportive manner, preserving our investment-grade credit ratings continues to be a priority.

綜合起來，我們估計，這些機會的合理結果代表著 2025 年至 2029 年期間潛在的增量監管資本投資總額將達到 100 億至 150 億美元。提醒一下，我們目前正在對絕大多數此類機會進行積極的監管流程，考慮到這些正在進行的監管流程的時間安排，我們很可能在今年晚些時候更好地了解這些潛在增量投資的很大一部分，屆時我們可以更新我們的基本資本投資計劃。我們提供的融資計劃支持我們的基本資本計劃，並繼續以信貸支持的方式為業務提供資金，保持我們的投資級信用評級仍然是我們的首要任務。

As we believe that to be a high-quality equity investment, a company must also be a high-quality credit. Our base plan projects average annual equity needs of approximately $800 million a year to support our credit quality and our progress toward our credit metric target of approximately 17% FFO to debt by the latter part of our forecast horizon. These equity needs should be easily manageable within -- with our internal plans, which provide approximately $350 million to $400 million annually plus our at the market or ATM program.

因為我們認為，要成為一家優質的股權投資公司，其信用也必須是優質的。我們的基本計劃預計每年平均股權需求約為 8 億美元，以支持我們的信用品質和我們在預測期內後期實現約 17% FFO 與債務比率的信用指標目標。這些股權需求應該很容易管理——透過我們的內部計劃，每年可提供約 3.5 億至 4 億美元，加上我們的市場或 ATM 計劃。

To the extent incremental capital opportunities become part of our base capital investment plan, our credit quality objectives would remain the same. Accordingly, we would expect to fund incremental capital investments above our current plan with approximately 30% to 40% equity or equity equivalents. We expect to continue to be flexible and to use the same shareholder-focused discipline we have demonstrated historically when it comes to sourcing, incremental equity or equity equivalents.

只要增量資本機會成為我們基本資本投資計畫的一部分，我們的信用品質目標將保持不變。因此，我們預計以大約 30% 至 40% 的股權或股權等價物來資助我們目前計劃之外的增量資本投資。我們希望繼續保持靈活性，並在購買、增量股權或股權等價物方面運用我們歷史上所表現出的以股東為中心的原則。

Since our last earnings call, we've already addressed roughly $500 million of equity needs for 2025 by pricing ATM sales under forward contracts and through the issuance of junior subordinated notes or JSNs which received 50% equity treatment by the credit rating agencies. For decades, our dividend has been an integral part of our value proposition for shareholders. Southern Company has paid a dividend that is equal to or greater than the previous year for 77 consecutive years with consecutive increases over each of the last 23 years.

自上次財報電話會議以來，我們已經透過根據遠期合約為 ATM 銷售定價，以及發行由信用評級機構獲得 50% 股權待遇的次級債券或 JSN，解決了 2025 年約 5 億美元的股權需求。幾十年來，我們的股利一直是我們股東價值主張不可或缺的一部分。南方電力公司已連續 77 年派發與前一年相同或更高的股息，並且在過去的 23 年裡，每年都連續成長。

While future dividend increases are subject to approval by our Board of Directors, we project continued modest increases in the dividend over our forecast horizon. This should serve to lower our dividend payout ratio into the low to mid-60% range as we balance our equity needs with this very important component of our value proposition.

雖然未來的股利增加需經董事會批准，但我們預計在預測期內股利將繼續小幅增加。由於我們在股權需求和價值主張中這一非常重要的組成部分之間取得平衡，這應該有助於將我們的股息支付率降低至 60% 的低點至中位數區間。

Turning now to our earnings guidance for 2025 and beyond. Our adjusted earnings per share guidance range for 2025 is $4.20 to $4.30 per share. Our adjusted guidance midpoint of $4.25 represents 6% growth from our 2024 adjusted EPS guidance midpoint. Our projected long-term adjusted EPS growth rate guidance is unchanged at 5% to 7% from our 2024 guidance.

現在來談談我們對 2025 年及以後的獲利預測。我們對 2025 年每股盈餘的調整預期範圍為每股 4.20 美元至 4.30 美元。我們的調整後指引中位數為 4.25 美元，較 2024 年調整後每股盈餘指引中位數成長 6%。我們預期的長期調整後每股盈餘成長率指引與 2024 年指引相比保持不變，為 5% 至 7%。

Clearly, we are seeing strong fundamentals that we expect to support our long-term growth. These growth drivers become increasingly significant in the latter years of our forecast horizon. At the same time, interest rates, which are now expected to be higher for even longer, continue to be a partially offsetting factor as our parent company debt gets refinanced at meaningfully higher rates than the securities outstanding today.

顯然，我們看到強勁的基本面，預計這將支持我們的長期成長。在我們預測的後幾年裡，這些成長動力將變得越來越重要。同時，由於我們母公司的債務再融資利率遠高於目前未償還證券的利率，預計利率將在更長時間內維持較高水平，但這仍將是部分抵銷因素。

That said, we are increasingly encouraged about the strength of our long-term earnings outlook. All else being equal, and assuming the current positive momentum continues, including the potential for a significant portion of the incremental capital opportunities we've highlighted materializing. We believe our long-term adjusted EPS should be near the top of our projected long-term range and assuming this potentially improved trajectory appears sustainable we also could be positioned to rebase our 5% to 7% projected growth trajectory at a higher starting point as early as 2027.

儘管如此，我們對於長期獲利前景的強勁表現越來越感到鼓舞。在其他所有條件相同的情況下，並假設當前的積極動能繼續下去，包括我們所強調的大部分增量資本機會都有可能實現。我們相信，我們的長期調整後每股盈餘應該接近我們預測的長期範圍的最高點，並且假設這種潛在的改善軌跡看起來是可持續的，我們也可以早在 2027 年就將我們 5% 至 7% 的預期成長軌跡重新調整到一個更高的起點。

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

克里斯，我現在把電話轉回給你。

Thank you, Dan. We are very excited about the future here at Southern Company. When it comes to the incredible growth we see, our objective is to serve as much of this growing electric load as we can sustainably serve. The vertically integrated state-regulated service territories that we are privileged to serve are proving well suited to attracting these large load customers. And thanks to integrated resource plans, and the other orderly processes inherent in our regulated frameworks. Our market is also perhaps proven to be better suited than the unregulated markets at effectively deploying new resources to serve them.

謝謝你，丹。我們對南方公司的未來感到非常興奮。當我們看到驚人的成長時，我們的目標是在可持續的範圍內滿足盡可能多的不斷增長的電力負荷。事實證明，我們有幸服務的垂直整合的國家監管服務區非常適合吸引這些大負荷客戶。這要歸功於綜合資源計劃以及我們監管框架中固有的其他有序流程。事實證明，我們的市場比不受監管的市場更適合有效部署新資源來為其服務。

Our disciplined approach to forecasting these needs will continue to include a measured, risk-adjusted methodology as well as pricing and contract terms for new large local customers that continue to benefit and protect our existing customers and investors. As we continue to grow, strong credit quality remains paramount. This important buffer against adversity distinguishes Southern Company from much of the industry and serves to insulate investors from sudden market impacts as the world around us changes.

我們預測這些需求的嚴謹方法將繼續包括衡量和風險調整的方法以及針對新的大型本地客戶的定價和合約條款，這些條款將繼續使我們的現有客戶和投資者受益並保護他們。隨著我們的不斷發展，強大的信用品質仍然至關重要。這種重要的逆境緩衝使南方公司從眾多行業中脫穎而出，並能在我們周圍世界發生變化時保護投資者免受突然的市場衝擊。

Additionally, One of my top priorities is our team here at Southern Company. We believe we have one of the most talented and deepest benches in the industry, continuing to prioritize and invest and the development of our future leaders is crucial to maintain our competitive edge and ensuring our continued long-term success. And finally, we aspire to deliver premier risk-adjusted total returns to investors. Our aim is to be a high-quality, must-own stock and a company built to endure and we believe delivering exceptional value to our shareholders is best achieved by putting our customers first, including providing reliable and affordable energy.

此外，我的首要任務之一就是我們南方公司的團隊。我們相信，我們擁有業內最有才華和最深厚的人才隊伍之一，繼續優先考慮和投資，培養未來的領導者對於保持我們的競爭優勢和確保我們持續的長期成功至關重要。最後，我們渴望為投資者提供卓越的風險調整後總回報。我們的目標是成為一家高品質、值得擁有的股票和一家經久不衰的公司，我們相信，為股東提供卓越價值的最佳方法是將客戶放在第一位，包括提供可靠且價格合理的能源。

We had a phenomenal year in 2024, and I'm extremely proud of all we have accomplished as one team across our company. Southern Company is poised for a bright future and I cannot be more excited for the opportunities ahead of us. Thank you for joining us this afternoon, and thank you for your continued interest in Southern Company.

2024 年是我們非凡的一年，我為我們全公司團隊所取得的成就感到非常自豪。南方公司前景光明，我對眼前的機會感到無比興奮。感謝您今天下午加入我們，也感謝您對南方公司的持續關注。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

And before we do, let me just say thanks for everyone's patience is the webcast apparently was only not working temporarily, dial-in is working fine. We will have the entirety of the recording posted for replay after the call.

在此之前，我要感謝大家的耐心等待，網路直播顯然只是暫時無法使用，撥入功能正常。通話結束後，我們將發布整個錄音以供重播。

(Operator Instructions)

（操作員指令）

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特（Carly Davenport）。

Maybe just to start on the earnings growth cadence. Could you just flesh out your comments a bit more there just in terms of where you could trend in that 5% to 7% range as we move through the five years of the current plan, just as you think about the increased rate base growth and the upside capital investment opportunities? And maybe just anything that you see at this point that could potentially derail that trend?

或許只是開始獲利成長的節奏。您能否更詳細地闡述您的評論，就我們執行當前計劃的五年期間，5% 到 7% 範圍內的趨勢而言，就像您考慮增加利率基礎增長率和上行資本投資機會一樣？也許您現在看到的任何事情都可能破壞這一趨勢？

Sure, Carly. Thanks for the question. Thanks for joining us. The -- look, I think the first thing to say is what we've continued to reinforce over time is we are where we were, right? So we have this terrific outlook 5% to 7% long term. And now we are seeing some incremental fundamental things being additive to the overall profile. And look, the words we're using are adding durability. That's not code for anything that's simply suggesting that this is not a fight every year to just get to where we need to be.

當然，卡莉。謝謝你的提問。感謝您的加入。看，我認為首先要說的是，隨著時間的推移，我們一直在強調的是，我們仍處於原來的位置，對嗎？因此，我們對長期 5% 至 7% 的成長前景持樂觀態度。現在我們看到一些漸進的基本事物正在添加到整體概況中。你看，我們使用的詞語正在增加耐用性。這並不是什麼暗號，只是顯示這並不是每年都為了達到我們需要的目標而進行的鬥爭。

There are enough fundamentals coming into play, that this is a long-term outlook that we're beginning to get even more confidence in being able to sustain for a long period of time. And so the with this incremental update that we just had today and the potential incremental capital that we could get more clarity on in the very foreseeable future, we're solidly within our range and potentially with those incremental updates sustainably near the top. And I think how we feel positioned. Again, in the long term, as early as 2027 is to be able to not change the five to seven per se or perhaps start that growth rate from a higher sustained point. In the near term, we are where we were.

有足夠的基本面發揮作用，這是一個長期前景，我們開始對能夠長期維持這一前景更有信心。因此，透過我們今天剛發布的增量更新，以及在可預見的未來可以更加清晰地了解的潛在增量資本，我們完全處於我們的範圍內，並且有可能透過這些增量更新持續接近頂部。我認為我們應該如何定位。同樣，從長遠來看，最早到 2027 年就能夠保持 5 到 7 的成長率不變，或者可以從更高的持續點開始實現這一增長率。就短期而言，我們還處於原來的狀態。

Great. That's super helpful. I appreciate that. And then maybe just on that $10 billion to $15 billion of investment opportunities above the plan. Could you talk a little bit about how we should think about the split between sort of what's at Georgia Power versus you referenced that natural gas pipeline opportunity? And any color in terms of sort of the outcomes that underpin that estimated CapEx.

偉大的。這非常有幫助。我很感激。然後也許只是關注計劃中提到的 100 億到 150 億美元的投資機會。您能否談談我們應該如何看待喬治亞電力公司與您提到的天然氣管道機會之間的分歧？以及支撐預計資本支出的結果方面的任何顏色。

Yeah, absolutely. It is substantially all Georgia Power. There is some degree of the natural gas pipelines. I think in our 10-K, we disclosed a number of up to $14 billion associated with that the Georgia Power item. As I mentioned in my prepared remarks, for those that could hear them, he regulatory processes are ongoing for those. And so we're going to maintain the same discipline we have in the past. We're not going to get ahead of digging into details and speaking to that.

是的，絕對是如此。這基本上都是喬治亞電力公司。有一定程度的天然氣管道。我認為，在我們的 10-K 報告中，我們揭露了與喬治亞電力項目相關的高達 140 億美元的數字。正如我在準備好的發言中提到的，對於那些能夠聽到的人來說，他的監管程序正在進行中。因此，我們將保持與過去相同的紀律。我們不會提前深入探討細節並談論這個問題。

So around July, we'll start to get some clarity. What I will say is, look, the dollars are substantial -- if you look at the RFPs that are on slide 16 and the nature of those, I'll just give you historical context, right? I mean the all source, as an example, that's a big megawatt amount. And historically, all source RFPs have tended to be larger dispatchable resources. And in the market environment we've been in historically, those often turned into purchase power agreements. In the current market, all of that excess capacity previously kind of bid in as purchases, I say all a substantial amount is being soaked up by all the (inaudible) serving entities in the region.

因此，大約在七月，我們將開始得到一些清晰的訊息。我要說的是，你看，這些錢是相當可觀的——如果你看一下幻燈片 16 上的 RFP 及其性質，我就會給你提供歷史背景，對嗎？我的意思是，以所有來源為例，這是一個很大的兆瓦數量。從歷史上看，所有來源 RFP 都傾向於更大的可調度資源。在我們歷史所處的市場環境中，這些通常會轉變為購買力協議。在當前市場中，之前以購買形式競標的所有過剩產能，我認為大部分都被該地區所有（聽不清楚）服務實體吸收了。

So the availability of excess capacity is much tighter, the likelihood of having to build new is much greater. I'll stop there, Carly, and see if that addresses your question.

因此，過剩產能的供應更加緊張，需要建造新產能的可能性就更大。我就到此為止，卡莉，看看這是否回答了你的問題。

Julian Dumilo Smith, Jefferies.

傑富瑞的朱利安杜米洛史密斯 (Julian Dumilo Smith)。

Team, very nicely done. I feel the confidence exceeding from you guys. With that said, just maybe to add to the commentary on the regulated side of the business. You provided a number of comments about Southern Power. Is there any kind of metric you can disclose around the cumulative earnings trajectory that you guys are seeing there today or the potential of repowering on a cumulative basis through the early part of the decade, obviously, you have a number of different assets at which prices are not disclosed that come up. So clearly, there's an opportunity. It's just difficult to discern externally and how does that add incrementally ultimately to that commentary on 5% to 7%, if you can elaborate, if you don't mind.

團隊，做得非常好。我感受到你們身上超越常人的信心。話雖如此，但也許可以增加對業務監管方面的評論。您對 Southern Power 提出了許多評論。您能否揭露某種指標，來表明目前你們所看到的累計獲利軌跡，或者在本世紀初累計再發電的潛力，顯然，你們有許多不同的資產，但這些資產的價格尚未披露。顯然，這是一個機會。從外部很難辨別，如果您不介意的話，這最終會如何逐漸增加對 5% 到 7% 的評論？

Yeah. Happy to answer that, Julien. And what I would say, again, I'll keep coming back to the work because I think it just fits the opportunities at Southern Power really play into this concept of durability and the sustainability, if you will, of that trajectory over the long term. Substantially, all of Southern Power's current assets are under long-term contracts, and that's true through the end of this decade. And so the opportunities that exist for recontracting all kind of lend themselves to benefits into the next decade, kind of adding to that durability concept.

是的。很高興回答這個問題，朱利安。我想說的是，我會繼續回到工作崗位，因為我認為這恰好符合南方電力的機遇，真正發揮了這種持久性和可持續性的概念，如果你願意的話，長期來看這種軌跡是可持續的。基本上，南方電力的所有現有資產都簽訂了長期合同，這種情況將持續到本世紀末。因此，現有的各種重新承包機會都將為未來十年帶來利益，這也增強了耐久性的概念。

When it comes to options to build new brownfield gas plants or to build new generation outside of the Southeast -- those two lend themselves to a similar time frame, not because of a lack of opportunity, but because of what you're seeing broadly in the industry in terms of the time line to deploy such resources. Getting new equipment and then obviously, the construction process.

當談到建造新的棕地天然氣工廠或在東南部以外建​​造新一代發電廠的選擇時，這兩個選項的時間框架都差不多，這並不是因為缺乏機會，而是因為您在行業中廣泛看到的部署此類資源的時間表。購買新設備，然後顯然是施工過程。

And so that, too, becomes a kind of end of the plan into the next decade opportunity. In the interim, there were actively in the process of repowering our first repowering project that are one of our wind facilities. We've got new solar facilities under construction. I think you'll see us continue to kind of use -- be opportunistic, if you will, where those opportunities make sense.

因此，這也成為結束計畫並邁向下一個十年的機會。在此期間，我們正在積極地恢復我們的第一個發電項目，該項目是我們的一個風力發電設施。我們正在建造新的太陽能設施。我想你會看到我們繼續利用這個機會，如果你願意的話，在那些機會有意義的地方。

They may be very limited. But if we see them and we like them, we'll certainly pursue them. All of that to say, Julien, Southern Power will kind of remain -- I'd characterize it as just a steady contributor to the status quo, the opportunity exists at the end of the period and into the next decade.

它們可能非常有限。但如果我們看到它們並且喜歡它們，我們肯定會去追求它們​​。總而言之，朱利安，南方電力將繼續存在——我將其描述為對現狀的穩定貢獻者，機會存在於這個時期的末期和下一個十年。

And Julien, one thing I would add, me, I think even us having this conversation seeks to show you kind of the -- how these complementary businesses afford us greater durability with the opportunities we see in the marketplace today and the excitement that we have around them. We now had a lot of discussion about them in the past. But as we see what is transpiring in the marketplace today and the opportunities that are in front of us with these complementary businesses, we thought it was important to share what we see and what we understand, but how this supports kind of our path, our earnings growth in terms of where we're headed, but also how it supports our durability.

朱利安，我想補充一點，我認為我們進行這次談話也是為了向你們展示——這些互補的業務如何利用我們今天在市場上看到的機會和我們周圍所擁有的興奮，為我們提供更強的持久性。我們過去已經對它們進行了很多討論。但當我們看到當今市場正在發生的事情以及這些互補業務擺在我們面前的機會時，我們認為分享我們所看到的和所理解的內容非常重要，但這如何支持我們的道路、我們的盈利增長，以及如何支持我們的持久性。

Yeah. And if I can complement that question further, I mean you talk about retail sales accelerating, obviously, within your regulated confines. How do you think about leveraging the sites themselves for co-location opportunities or supplementing not just with repowering but additional outright potential gas turbines here to serve these data center opportunities. I mean, again, if you think about Southern Power recontracting, but truly additional within or in adjacent service territories, how does that fit into the plant as well, just to be clear.

是的。如果我可以進一步補充這個問題，我的意思是您談到零售額加速成長，顯然是在監管範圍內。您如何考慮利用這些場地本身來獲得共置機會，或者不僅透過重新供電而且透過額外的潛在燃氣渦輪機來滿足這些資料中心的機會？我的意思是，如果您考慮南方電力重新承包，但在服務區域內或相鄰服務區域內真正增加額外內容，那麼這與工廠的契合度如何，需要明確一點。

Yeah. Julian, so like if you're looking at slide 8 in our deck for Southern Power, kind of getting to the heart of what you're asking in terms of leveraging what's happening in the Southeast. The things to look to there up rates on the current natural gas fleet opportunity, brownfield gas plants in the Southeast.

是的。朱利安，如果你正在看我們南方電力簡報的第 8 張幻燈片，你就會明白關於如何利用東南部正在發生的事情的核心問題。需要關注的是當前天然氣車隊機會、東南部棕地天然氣工廠的費率上漲。

Again, those are when we talk about the pipeline, you see it on one of our other slides, that pipeline of 50 gigawatts to the mid-2030s. So this is clearly a very long-term opportunity. Southern Power absolutely has the opportunity to play into that. you mentioned kind of colocation, et cetera, that's not part of our market design, and we're perfectly fine with that. We appreciate and are benefited by this wonderful vertically integrated market that we operate in. But in terms of them being able -- Southern Power being able to serve load serving entities that are then in turn serving data centers, tremendous opportunity.

再次，這些都是當我們談論管道時，您可以在我們的另一張幻燈片中看到它，到 2030 年代中期將有 50 千兆瓦的管道。所以這顯然是一個非常長期的機會。南方電力絕對有機會參與其中。您提到了主機託管等等，這不是我們市場設計的一部分，我們對此完全沒有意見。我們非常重視並受益於我們所在的這個出色的垂直整合市場。但就他們的能力而言——南方電力能夠為負載服務實體提供服務，然後這些實體又可以為資料中心提供服務，這是一個巨大的機會。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

So I appreciate the additional color on the capital plan and potential kind of growth opportunity. Just wanted clarity on one piece of that. So Dan, you mentioned the ability to reach the high end and also mention this possibility of rebasing. And I guess, first of all, why is '27 kind of a key year for that that might drive it? And is there any way to give any sense of the size of rebasing that might be there?

因此，我很欣賞資本計劃和潛在成長機會的補充說明。只是想澄清一下其中的一點。所以丹，你提到了達到高端的能力，也提到了重新定基的可能性。我想，首先，為什麼 27 年是推動這項進程的關鍵一年？有什麼方法可以讓我們了解可能存在的重新定基的規模嗎？

Yeah. Thanks for the question, Steve. So this won't surprise you. We're not going to get ahead of ourselves. And so in terms of assessing the magnitude of any rebasing, let's just wait until we rebase if that happens to measure it. In terms of why 2027, it's a lot of different moving parts. It's, to a large degree, exactly what we keep describing this tremendous growth that is happening is long term in nature.

是的。謝謝你的提問，史蒂夫。所以這不會讓你感到驚訝。我們不會超越自己。因此，在評估任何重新定基的幅度方面，我們只能等到重新定基後再進行衡量。至於為什麼是 2027 年，這涉及許多不同的活動部件。在很大程度上，這正是我們一直在描述的正在發生的巨大成長，其本質是長期的。

The ramp-up in the capital spending and the revenues from these large load customers are more back-end loaded in the plan than not. But it also -- and I mentioned this very briefly in the prepared remarks is a function of what's happening right in front of us with interest cost. So that is probably the biggest ballast in the early years and kind of weighting it down to a degree.

資本支出的增加和來自這些大負荷客戶的收入在計劃中更多的是後端負荷。但它也是—我在準備好的發言中非常簡要地提到了這一點，也是我們眼前發生的利息成本的函數。所以這可能是早年最大的壓艙石，並且在某種程度上拖累了公司。

As we refinance some current -- some of our existing securities that are today at ultra low rates that are having to be refinanced in this current market. But then once we get past that and these opportunities really become more tangible than just a forecast, and we feel really good about them. That's kind of the said a different way, that's really what's behind the 2027.

當我們對一些現有的證券進行再融資時——這些證券目前的利率極低，必須在當前市場上進行再融資。但一旦我們克服了這個困難，這些機會就會變得更加具體而不只是預測，我們就會對此感到非常高興。換個說法，這才是 2027 年背後的真正原因。

Got it. Okay. So basically, some of the headwind maybe moderates then that's been there in the earlier years than this.

知道了。好的。因此基本上，一些逆風可能已經減弱，而這在前幾年就已經存在了。

There's only so much debt needs to be refinanced.

需要再融資的債務是有限的。

Yeah. That's good. Okay. And then I guess just in terms of -- I think you recently got approval for a change in the way that you can contract with data centers in Georgia. So I guess I'd be curious kind of like what have you been doing to date before that? What are you now able to do differently going forward that -- and --

是的。那挺好的。好的。然後我想就這一點而言——我認為您最近獲得了批准，可以改變與喬治亞州資料中心簽訂合約的方式。所以我想我會很好奇，在那之前你在做什麼？你現在可以採取哪些不同的措施來推動未來發展——--

Steve there Steve, we were doing a lot of that already. I think the codification and the signaling to the data center customers was something that I think, has been very appreciative to them and into the marketplace. But yes, as you know, the Georgia Public Service Commission approve these rules and rigs in January to just make sure all the risk and cost is shown with large low customers, 100-plus megawatts to make sure that there was balance and a fair approach to all customers providing tools like credit requirements, longer-term contracts from 5 to 15 years, minimum billing, slight Pacific costs already being paid by customers. These things are already being done. But I think that kind of certainty and codification of these processes brings more certainty and clarity to the marketplace. So not -- I mean, some of it is new and different, but some of it's not. We're already deploying a lot of these practices before.

史蒂夫，史蒂夫，我們已經做了很多這樣的事了。我認為，對資料中心客戶進行編碼和發出信號是令他們非常感激的事情，也讓市場非常感激。但是的，如你所知，喬治亞州公共服務委員會在一月份批准了這些規則和設備，只是為了確保所有風險和成本都反映在大型低電量客戶（100兆瓦以上）身上，以確保對所有客戶提供平衡和公平的態度，並提供諸如信用要求、5至15年的長期合約、最低、客戶已經支付的少量太平洋成本等工具。這些事情已經在做了。但我認為這些流程的確定性和標準化會為市場帶來更多的確定性和清晰度。所以不是——我的意思是，其中一些是新的和不同的，但有些則不是。我們之前已經部署了許多此類做法。

Yeah. And I'll tell you one of the ones that are kind of incremental, Steve, that we think is just going to bring tremendous benefits to us and kind of executing on serving this growth are some of the credit or collateral requirements that are going to be required of customers in our pipeline. Those provisions are frankly going to help us weed out the more speculative projects and so the result of that optically for those that are watching, you may see the size of the pipeline shrink a little bit over the next three to six months.

是的。史蒂夫，我會告訴你其中一種漸進的方式，我們認為這將為我們帶來巨大的利益，而為滿足這種增長而執行的一些信貸或抵押要求將是我們渠道中的客戶所必須的。坦白說，這些規定將幫助我們剔除更具投機性的項目，因此，對於那些正在觀察的人來說，從視覺上看，你可能會看到未來三到六個月內管道的規模會略有縮小。

That's not because the customers that are ultimately going to end up locating in our state have gone away. It's because the more speculative ones are unwilling to kind of put up the collateral necessary in order to stay in the queue. The feedback we've heard from many of the large customers, the customer names you'd be familiar with that want to build all this infrastructure are excited about these changes because it helps them ensure that the company is focused on serving the needs that are for lack of a better term, more real than not.

這並不是因為最終將在我們州落腳的客戶已經離開了。這是因為投機性較強的人並不願意提供排隊所需的抵押品。我們從許多大客戶那裡聽到的回饋，這些您熟悉的客戶希望建立所有這些基礎設施，他們對這些變化感到興奮，因為這有助於他們確保公司專注於滿足那些缺乏更好術語、更現實的需求。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Just quick, I guess, housekeeping. The 5% to 7% growth rate from '24, is that off of '24 actual or off the midpoint of the '24 range?

我想，只是簡單的家事處理。從 24 年開始的 5% 到 7% 的成長率，是偏離 24 年的實際值還是偏離 24 年範圍的中點？

It's off of our 2024 guidance. So yeah, not a fact we're just trying to reflect the kind of normal course of business, not any kind of onetime things that might be in the number.

它不符合我們 2024 年的指導目標。是的，事實上我們只是想反映正常的業務流程，而不是數字中可能出現的任何一次性的事情。

Great. Perfect. And on slide 17, I think maybe following up on Carly's question earlier, the $10 billion to $15 billion capital investments. The company typically gives us this refresh on this fourth quarter call -- just how will the announcements go or how can we track chipping away at this wood here? Is it on you give quarterly updates or we should wait until fourth quarter?

偉大的。完美的。在第 17 頁上，我想也許可以回答卡莉之前提出的問題，即 100 億到 150 億美元的資本投資。公司通常會在第四季度的電話會議上向我們提供此類更新——公告將如何進行，或者我們如何追蹤這方面的進展？您是否會提供季度更新信息，還是我們應該等到第四季度？

I think with the clarity we'll have, it's -- it's certainly possible that by the time of our second quarter call, we could provide a little more visibility on this. I think the fourth quarter will remain kind of our official time to update everything, but with the magnitude and pace of this, perhaps there will be an update in July.

我認為，隨著我們了解清楚，到第二季電話會議時，我們完全有可能對此提供更多的透明度。我認為第四季仍將是我們更新所有內容的官方時間，但考慮到此次更新的規模和速度，或許 7 月會有更新。

Great. And just last one. I think it's on Steve's question. You talked about the parent and some of the financing on slide 26.

偉大的。只剩最後一個了。我認為這是史蒂夫的問題。您在第 26 張投影片上談到了母公司和一些融資問題。

Thanks for the clarity. But on the $9 billion of parent debt over the next three years that mature, do you have an average coupon -- and if not -- I could follow up off-line. I wasn't looking to put you on the hot seat.

謝謝你的澄清。但是，對於未來三年到期的 90 億美元母公司債務，您是否有平均票面利率？我並不想讓你陷入困境。

Yeah, a follow-up with IR to kind of get something a little more specific. I'm sure that's all available in the (inaudible). But the just in terms of magnitude, it's largely, these are having to be refinanced at rates that are, in some cases, 150 basis points to 200 basis points higher.

是的，透過與 IR 進行跟進，可以獲得更具體的資訊。我相信這一切都可以在（聽不清楚）。但就規模而言，很大程度上，這些貸款必須以高出 150 個基點至 200 個基點的利率進行再融資。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I was wondering if you could touch on what you're seeing in terms of the availability of gas turbines and what the pricing backdrop is looking like? I'm thinking with the you've got all source RFPs coming up that may lean toward dispatchable gas generation over time? It seems like there could be more coming in your plans in the future and then also thinking about Southern Power. So I guess what's your access to turbine these days?

我想知道您是否可以談談您所看到的燃氣渦輪機的可用性以及定價背景如何？我在想，隨著時間的流逝，您是否已經獲得了所有可能傾向於可調度天然氣發電的源 RFP？看來未來你的計畫還會有更多內容，同時也會考慮南方電力。那我猜你現在可以使用渦輪機嗎？

We feel pretty good. I mean, we have diversified our suppliers, and we are engaged with a number of different suppliers. Clearly, we're having to pay reservation fees to get in line. But I mean, I'll tell you right now, we feel pretty good about where we are because of our history with these OEMs and having this diverse supplier experience that we've been engaged with over a number of years. So yes, it's challenging. I mean there's a heavy demand on the supplier part. But right now, we're having ongoing conversations with them, let them know what our needs are. And like I said, we're making the reservations to make sure we're in line to respond to the needs that we have.

我們感覺非常好。我的意思是，我們已經實現了供應商多元化，並且與許多不同的供應商合作。顯然，我們必須支付預約費才能排隊。但我的意思是，我現在就告訴你，我們對目前的狀況感到非常滿意，因為我們與這些 OEM 有著悠久的合作歷史，並且多年來一直與多元化的供應商合作，擁有豐富的經驗。是的，這很有挑戰性。我的意思是供應商方面的需求很大。但現在，我們正在與他們進行持續對話，讓他們了解我們的需求。正如我所說的，我們正在進行預訂，以確保能夠滿足我們的需求。

And we're doing the exact same thing, Dave, with EPC providers.

戴夫，我們也在與 EPC 提供者做同樣的事情。

Okay. Excellent. And let me see, Dan, I was curious, just looking at FFO to debt in the path here, 15.5% when you exclude the storm impact, could you talk about the trajectory when you'd be aiming for that 17% FFO to debt level and kind of describe the path to get there from here?

好的。出色的。丹，讓我看看，我很好奇，只看一下這裡的 FFO 與債務比率，排除風暴影響後為 15.5%，您能否談談當您瞄準 17% FFO 與債務比率的軌跡，並描述一下從這裡達到這一目標的路徑？

Yeah, absolutely, Dave. Look, I'd characterize it, particularly with our base forecast kind of the middle to late part of our five-year horizon is certainly reasonable and achievable. And again, I mentioned if we have this increased capital need, the objective doesn't change, but we're going to take a measured approach as to how we get there. I think back half of the plan is still perfectly reasonable.

是的，絕對如此，戴夫。看，我會對其進行描述，特別是根據我們的基本預測，我們五年期中後期的預測肯定是合理且可實現的。我再次提到，如果我們的資本需求增加，目標不會改變，但我們將採取謹慎的方式來實現目標。我認為該計劃的後半部分仍然非常合理。

I will say what you'll see in 2025 is a little bit of, I don't know, flattish kind of trend in the FFO to debt and it's -- and again, from that adjusted number that you mentioned, David, that's the right place to start. And that's really attributable to the same thing. It's the fact that there will be some lag in the storm cost getting addressed, and it's unlikely they'll begin to get recovered in 2025.

我想說的是，在 2025 年，你會看到 FFO 與債務呈現有點，我不知道，有點平緩的趨勢，而且 — — 而且，從你提到的調整後的數字來看，大衛，這是正確的起點。這實際上歸因於同一件事。事實上，解決風暴成本將會有一定的滯後，而且不太可能在 2025 年開始恢復。

Jeremy Tonet, JPMorgan Chase.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

A lot of growth coming through there. And maybe just want to peel back a little bit more on Alabama in Mississippi there. I think you talked about data centers, a bit of growth there. But just wondering I guess, if you could provide a bit more color on what you're seeing there, what could the upside be there over time? It seems like these states are Mississippi in particular, is really kind of pursuing some of growth more aggressively than others? And just any other thoughts would be helpful.

那裡正在發生很多增長。也許只是想更深入地了解阿拉巴馬州和密西西比州的情況。我想您談到了資料中心，那裡有一些增長。但我只是想知道，如果您可以提供更多關於您所看到的情況的詳細信息，那麼隨著時間的推移，可能存在哪些好處？看起來這些州，尤其是密西西比州，確實比其他州更積極追求成長？任何其他想法都會有幫助。

Yeah. We -- in Alabama, there was a meta project that was announced mid last year, I think, and that was a couple of hundred megawatts. I think, I mean, there is more activity occurring there now. Their broader economic development pipeline is is very full of activities and projects in the same Mississippi. Mississippi, I think, did publicly announce the Compass project. I think -- and then they also had a chemical manufacturer that expand the line. So there was significant capacity opportunities for them. So I think we said it earlier, we see this migration, this activity moving westward across our territory. And once again, it adds to that excitement and the opportunities we see across our company and across just in the future.

是的。我們在阿拉巴馬州，我記得去年年中宣布了一個元項目，其發電量為數百兆瓦。我認為，我的意思是，那裡現在正在發生更多的活動。他們更廣泛的經濟發展管道在密西西比州充滿了活動和計畫。我認為密西西比州確實公開宣布了指南針計畫。我認為——然後他們還有一家化學品製造商來擴大生產線。因此，對他們來說，存在著巨大的產能機會。所以我想我們之前就說過了，我們看到這種遷徙，這種活動正在向西移動，穿過我們的領土。這再一次增強了我們的興奮感，也增加了我們在整個公司以及未來看到的機會。

Got it. That's helpful there. And just want to pivot towards new cure for a minute, if I could, and clearly, Southern has been a leader here historically. But in the marketplace, there's been some trepidation with newbuilds given some of the issues in the past. But just wondering, any updated thoughts you could share there. It seems like there's strong stakeholder momentum building there, and particularly as it relates to if a federal backstop were to come together on EPC in case of -- for catastrophic insurance? Or if a hyperscaler is really willing to step in for that similar type of protection there. I guess how that could impact your thought process at this point in time?

知道了。這很有幫助。如果可以的話，我只想暫時把話題轉到新的治療方法上，顯然，南方在歷史上一直是這個領域的領導者。但考慮到過去出現過的一些問題，市場上人們對新建船舶仍心存疑慮。但只是想知道，您是否可以分享任何更新的想法。看起來利益相關者的勢頭正在強勁增長，尤其是當涉及在發生巨災保險時，聯邦政府是否會為 EPC 提供後盾？或者如果超大規模企業確實願意介入以提供類似的保護。我猜這會對您此時的思考過程產生什麼影響？

Let me be perfectly clear. This country needs more nuclear. I mean Newleis the best long-term fit for the kind of low growth that the industry is experiencing right now. I'll stop, to be perfectly clear. You've identified the risk and whether it's through federal activity or whether it's through some private concerns, willing to participate, those risks must be mitigated. And yes, I mean, we're going to continue to make the case to tell the story. -- talk about the virtues that we're experiencing with Bob and I and how well these units are running and the value of them with this growth that we're experiencing.

讓我說得更清楚一點。這個國家需要更多的核能。我的意思是，從長期來看，Newleis 最適合該行業目前所經歷的低成長。為了完全清楚，我就停下來。您已經識別了風險，無論是透過聯邦活動還是透過一些願意參與的私人企業，都必須減輕這些風險。是的，我的意思是，我們將繼續講述這個故事。 ——談談我和鮑伯所經歷的優點，以及這些部門的運作情況以及它們在我們所經歷的成長中所具有的價值。

And what we experienced as we went from Unit 3 to Unit 4 in terms of efficiency gains. I mean, so there's a wonderful story there for this country to begin to make this investment in building more nuclear units because the more we build, the great efficiencies we experience, supply chain, workforce, all aspects of this process we get better at it, and that will help us with each project as we move forward. So yeah, I mean, we're going to continue to work with our partners, work with others of the utility companies to talk about the virtues and the benefits and the value of new nuclear going forward.

我們從 3 號機組升級到 4 號機組時，在效率方面經歷了哪些提升。我的意思是，這個國家開始投資建造更多的核電機組，這是一個很棒的故事，因為我們建造的核電機組越多，我們體驗到的效率就越高，供應鏈、勞動力以及這個過程的各個方面都會變得更好，這將有助於我們推進每個項目。是的，我的意思是，我們將繼續與我們的合作夥伴、其他公用事業公司合作，討論新核能的優點、好處和價值。

Durgesh Chopra, Evercore.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore。

Just one quick question. we've discussed a lot already, and all my other questions have been answered. Just reconciling the CapEx increase to equity -- so CapEx went up $13 billion and it looks like -- and you only give -- you gave partial equity last time around now this time you've given the equity towards the five-year plan.

只需一個簡單的問題。我們已經討論了很多，我的其他問題都已得到解答。只要將資本支出的增加與股權相協調——資本支出增加了 130 億美元，看起來——上次你只給了部分股權，而這次你已將股權用於五年計劃。

Thank you for doing that. But just it would put the equity on my math, that roughly 20% of the capital increase, and you pointed to 30% to 40%, so maybe what are the moving pieces? Is it slowing down dividend growth? Is it more tax transferability monetization? Just what's -- what are the moving pieces there?

謝謝你這麼做。但根據我的計算，它只是將股權計算在內，大約有 20% 的資本增加，而您指出的是 30% 到 40%，那麼也許變動的部分是什麼？這是否會減緩股息成長？這是否是更多的稅收可轉移貨幣化？到底－那裡有哪些活動部件？

Yeah, Durgesh, I want to cop out and just say it's all of the above. I mean you really did hit on some of the key things. It's -- it is the other cash flow improvements. The transferability is certainly supporting the overall five-year plan with all the tax credits that we have, the kind of everything that we've done to kind of take equity need off the table prior to this, not just the $500 million worth that we took off the day of 2025, but just how we thought about our financing plan last year with equity content.

是的，杜爾格甚，我想逃避，只想說以上都是。我的意思是你確實觸及了一些關鍵點。這是——這是其他現金流的改善。可轉讓性無疑支持了整個五年計劃，其中包括我們所有的稅收抵免，以及我們在此之前為消除股權需求所做的一切，不僅僅是我們在 2025 年當天取消的 5 億美元，還包括我們去年對包含股權內容的融資計劃的看法。

It's also just making sure that we are taking a pragmatic long-term view on our objectives, right? I think we are incredibly well positioned. We definitely prioritize having that buffer against adversity, but there's absolutely no need to knee jerk to hit a particular number in any particular year as long as our long-term objectives and discipline remain.

這也只是為了確保我們對我們的目標採取務實的長遠眼光，對嗎？我認為我們處於極其有利的位置。我們當然會優先考慮應對逆境，但只要我們的長期目標和紀律不變，就絕對沒有必要在任何特定年份下意識地達到特定的數字。

Would you happen to have the tax credit number, handy. What are you monetizing in terms of dollars on average?

您是否剛好手邊有稅收抵免號碼？以美元計算，您平均能賺多少錢？

I don't have that, certainly follow-up with the IR team we can give you some sense of that. But it's -- and again, it's really just things for, whether it's Southern Power projects or storage assets in the regulated business, a lot of our tax credits can't be kind of transferred.

我沒有這方面的情況，當然透過與 IR 團隊的跟進我們可以給你一些相關資訊。但—再說一次，這實際上只是因為，無論是南方電力項目還是受監管業務中的儲存資產，我們的許多稅收抵免都不能轉移。

We've got nuclear PTCs for VOI and four that can be transferred all of our legacy credits prior to IRA that were unwinding can't be transferred. But that doesn't -- but the transferring of the new ones means that we can monetize the old ones at the same time. So that's part of the uplift as well.

我們有針對 VOI 的核 PTC，還有四個可以轉移的 IRA 之前的所有遺留信貸，這些信貸已經解除，但無法轉移。但這並不意味著——新的資產的轉移意味著我們可以同時將舊的資產貨幣化。所以這也是提升的一部分。

Paul Fremont, Ladenburg Thalman.

保羅‧弗里蒙特、拉登堡‧塔爾曼。

Congratulations. First -- my question is, I guess, from sort of relates to Southern Power. Maybe the first question would be, is it practical for somebody to consider finishing the summer plant or restarting construction on the summer plant?

恭喜。首先 — — 我的問題猜是與南方電力有關的。也許第一個問題是，有人考慮完成夏季工廠或重新啟動夏季工廠的建設是否可行？

Not Southern Power. I mean seriously, I mean, we know there's a process underway. Not sure how that's going to play out and what that will look like. I would suspect it will also end up with a need for some of the things we talked about to mitigate some risk, I mean, unless somebody is willing to put up the necessary capital to cover it. But I -- it's kind of a novel idea, but we'll see how that plays out. But most certainly, that is not something in the wheelhouse of Southern Power -- no consideration.

不是南部電力。我是說真的，我們知道這個過程正在進行中。不確定事情會如何發展以及會是什麼樣子。我懷疑它最終也會需要我們討論過的一些東西來減輕一些風險，我的意思是，除非有人願意投入必要的資金來彌補它。但我 — — 這是一個新穎的想法，但我們會看看它如何發揮作用。但可以肯定的是，這不是南方電力能掌控的事情——無需考慮。

And then when you talk about sort of construction by Southern Power of gas outside of your utility service territories, would it be logical to look at where you have gas LDCs as to where that new construction might take place.

那麼，當您談到南方電力在公用事業服務區域之外進行天然氣建設時，請看看哪裡有天然氣 LDC 來確定新建設可能在哪裡進行，這是否合乎邏輯。

No, not necessarily, Paul. If you think about Southern Power's existing portfolio to put the gas aside, so we used to have gas assets in various parts of the country where we had some in Minnesota we had some in Florida and other places. We've largely divested of everything, but what's in the Southeast, but our renewable portfolio kind of spans the Southwest and the Midwest and it's really where the market design is kind of ripe for bilateral agreements like that.

不，不一定，保羅。如果你考慮南方電力現有的投資組合，把天然氣放在一邊，那麼我們曾經在全國各地擁有天然氣資產，我們在明尼蘇達州有一些，在佛羅裡達州有一些，還有其他地方也有一些。我們基本上已經剝離了所有資產，但東南部除外，我們的可再生能源投資組合涵蓋西南部和中西部，那裡的市場設計確實已經為這樣的雙邊協議做好了準備。

In some cases, serving load serving entities but what you're able to do in some of those other markets as you well know, is have kind of direct arrangements with large commercial and industrial customers. And we've done a lot of that with our renewable fleet. We'll look for those kind of opportunities on the gas side.

在某些情況下，為負載服務實體提供服務，但如您所知，您可以在其他一些市場中與大型商業和工業客戶達成直接協議。我們已經利用再生能源車隊做了很多這樣的事。我們將在天然氣方面尋找此類機會。

Then last question for me. Would there come a point in time where you would consider a potential spin-off of your Southern Power subsidiary.

這是我的最後一個問題。您是否會考慮分拆南方電力子公司？

I mean we're going to look at everything all the time. That's not in our plans today. I will tell you, we're gratified to have held on to this business when others didn't. It is a tremendous optionality selling it certainly would be dilutive, spinning it off. We'll see how big it gets and whether or not that seems to make sense, but we love it as a complement to our portfolio today.

我的意思是我們會一直關註一切。這不在我們今天的計劃之內。我可以告訴你們，當其他人放棄這項業務時，我們很榮幸能夠堅持下去。這是一個巨大的選擇性，出售它肯定會稀釋股權，將其剝離出去。我們將觀察它的規模有多大以及是否有意義，但我們很高興它能成為我們今天投資組合的補充。

And Paul, I think we've said this before, I mean we love the cards we have. And as all of the utilities and these other complementary businesses, the contributions they make, the participation they make, the opportunities they afford us we think, supports just our principal objectives and the long-term durability of our company. So yeah, I mean, as Dan said it, but kind of -- but we're very pleased with the cards we have.

保羅，我想我們之前就說過了，我的意思是我們喜歡我們擁有的卡片。正如所有公用事業和其他互補業務一樣，我們認為，它們所做的貢獻、所做的參與、為我們提供的機會都支持著我們的主要目標和公司的長期永續發展。是的，我的意思是，正如丹所說的那樣，但是有點——但是我們對我們擁有的卡片非常滿意。

Travis Miller, Morningstar Research.

晨星研究公司的 Travis Miller

It's a little chilly up here in the Chicago suburbs. So keep that guess. Following forward.

芝加哥郊區這裡有點冷。所以保留這個猜測。繼續前進。

Are you in Nicor territory?

你在 Nicor 領土嗎？

Nicor, that's my house yeah right on the neighbour. So keep you going and don't blow up any price, please?

尼科爾，那是我家，就在鄰居家。所以請繼續前進並且不要誇大任何價格，好嗎？

Thanks for your business.

感謝您的業務。

So welcome. I got the bill on the table and make sure to pay in the next couple of days. But anyway, aside from that, I wonder if you could talk a little bit about the dynamic between generation CapEx and transmission CapEx, especially in '28 '29. It looks like a lower even not material number on the generation side. You had obviously all the loan growth you talked about and then the large number on the transition side, is transmission really the need here to serve that large load? Or would there be more generation coming?

歡迎大家的光臨。我把帳單放在桌上並確保在接下來的幾天內付款。但無論如何，除此之外，我想知道您是否可以談談發電資本支出和輸電資本支出之間的動態，特別是在 '28 '29 年。從生成方面來看，這個數字似乎較低，甚至不是實質的。很顯然，您談到了所有的貸款成長，然後是過渡方面的大量資金，傳輸真的是滿足如此大負荷的需要嗎？或是還會有更多的後代誕生嗎？

Yeah. That's a very fair question, Travis. And it really gets back to how we have bifurcated the capital outlook here. There is a better line of sight on the transmission and typically, just given our structure, that's something that unlike a generation resource can't be purchased from a third party in our market. We're vertically integrated. The generation tends to have optionality around it. You can buy excess capacity from others. You've got to go through a process to determine the best resource.

是的。這是一個非常公平的問題，崔維斯。這實際上又回到了我們如何在這裡分化資本前景的問題。在傳輸方面有更好的視線，通常，僅考慮到我們的結構，這與發電資源不同，不能從我們市場上的第三方購買。我們是垂直整合的。這一代往往具有選擇性。您可以從其他人那裡購買多餘的產能。您必須經過一個流程來確定最佳資源。

And as I mentioned, we've got 13,000 or 13 gigawatts of outstanding RFPs just in Georgia alone right now. And so once that firms up, that potential capital of $10 billion to $15 billion includes a lot of dollars associated with those very same generation resources you're trying to find in the table. Once they materialize to the extent they do, that's when you'll see them kind of marry up it's transmission.

正如我所提到的，目前僅在喬治亞州，我們就有 13,000 或 13 千兆瓦的未完成 RFP。因此，一旦這些因素穩固下來，那麼 100 億到 150 億美元的潛在資本就包括與您在表格中尋找的同一代資源相關的大量資金。一旦它們實現到一定程度，你就會看到它們結合在一起進行傳輸。

Okay. That makes sense. And I think it goes back to your comment about PPAs and maybe not satisfying all the RFP request out there, right?

好的。這很有道理。我認為這又回到了您關於 PPA 的評論，也許不能滿足所有的 RFP 請求，對嗎？

That's right.

這是正確的。

Yeah. Okay. And then one quick follow-up. In terms of transmission supply chain, and that equipment what's the availability there? What does that look like? There's a lot of talk about the generation side of it, but what about transmission side of it.

是的。好的。然後進行一次快速的跟進。就傳輸供應鏈和設備而言，那裡的可用性如何？它看起來像什麼？人們對其發電方面有很多討論，但是其傳輸方面又如何呢？

It's challenging also, but not as difficult as on the generation side. But once again, with our -- with the size and scale of our company and engagement of the work that we involve ourselves in we find ourselves in a pretty good place.

這也是一項挑戰，但並不像生成方面那麼困難。但是再一次，憑藉我們公司的規模和範圍以及我們所參與的工作，我們發現自己處於一個相當不錯的位置。

But it's worked that our supply chain organization is constantly staying on top of assessing the market working with our suppliers and vendors to make sure we understand what the dynamics are and making sure we let them know what our needs are now and into the future.

但我們的供應鏈組織始終密切關注市場動態，與供應商和供應商合作，確保我們了解市場動態，並確保他們了解我們現在和未來的需求。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine) 。

Are you looking at any policy support to help attract data center growth in Alabama specifically? And are you looking at any changes to tariff design for these hyperscale customers like the changes made in (inaudible)

您是否正在尋求任何政策支援來幫助吸引阿拉巴馬州資料中心的成長？您是否考慮針對這些超大規模客戶對資費設計進行任何更改，就像（聽不清楚）

I'm not aware of any tariff legislation or incentives in Alabama at this time. I mean, they do happen as they do overall economic development, there are some incentive packages that they have available, but I'm not aware of any kind of legislative effort underway.

我目前還不知道阿拉巴馬州有任何關稅立法或激勵措施。我的意思是，它們確實在整體經濟發展的同時發生，他們有一些激勵方案，但我不知道正在進行任何形式的立法努力。

And the second part of your question was?

你的問題的第二部分是什麼？

Yeah, tariffs. I'll take that, Ryan. And look, we've got tremendous flexibility in the way we contract with large load customers. There's really not any kind of changes necessary to attract and serve and price appropriately those customers.

是的，關稅。我接受，瑞安。而且，我們在與大負荷客戶簽訂合約的方式上具有極大的彈性。確實不需要進行任何改變來吸引、服務這些客戶，並為他們提供合理的價格。

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

今天的問答環節到此結束。先生，還有什麼要說的嗎？

Again, let me thank each of you for taking time to spend time with us today, and thank you for your interest in Southern Company. We are incredibly excited about our future. and we look forward to talking to you again in the future. Thank you very much, and have a good day.

再次，我感謝你們每個人今天抽出時間與我們在一起，也感謝你們對南方公司的關注。我們對我們的未來感到無比興奮。我們期待將來能再次與您交談。非常感謝，祝您有美好的一天。

Thank you, sir. Ladies and gentlemen, this concludes the Southern Company Fourth Quarter 2024 Earnings Call. You may now disconnect, and we thank you for your participation.

謝謝您，先生。女士們、先生們，南方公司 2024 年第四季財報電話會議到此結束。您現在可以斷開連接，我們感謝您的參與。