Southern Co (SOMN) 2025 Q2 法說會逐字稿

Good afternoon. My name is Kevin, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Southern Company second quarter 2025 earnings call. (Operator Instructions)

午安.我叫凱文，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 2025 年第二季財報電話會議。（操作員指示）

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。

Good afternoon, and welcome to Southern Company's second-quarter 2025 earnings call. Joining me today are Chris Womack, Chairman, President and Chief Executive Officer of Southern Company; and David Paroch, Chief Financial Officer. In addition, Dan Tucker, who recently announced his retirement as CFO of Southern Company after nearly three decades with the company, is also joining us for the call today.

下午好，歡迎參加南方公司 2025 年第二季財報電話會議。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 和財務長 David Paroch。此外，丹·塔克 (Dan Tucker) 也將參加今天的電話會議，他最近宣布從南方鐵路公司首席財務官一職退休，此前他在該公司工作了近三十年。

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 the Form 10-K, Form 10-Q and subsequent securities filings.

讓我提醒您，除了提供歷史資訊外，我們今天還將做出前瞻性陳述。各種重要因素可能導致實際結果與前瞻性聲明中所示的結果有重大差異，包括 10-K 表、10-Q 表和後續證券文件中討論的結果。

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 are 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 GAAP 指標的對賬，這些資訊和幻燈片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, and good afternoon, and thank you for joining us on today's call. As you can see from the materials that we released this morning, we reported strong adjusted earnings results for the second quarter, meaningfully above the estimate provided last quarter, and we remain on track to meet our financial objectives for 2025.

謝謝你，格雷格，下午好，謝謝你參加今天的電話會議。從我們今天早上發布的資料中可以看出，我們報告了第二季強勁的調整後收益結果，遠高於上個季度的預期，並且我們仍有望實現 2025 年的財務目標。

These results reflect the combined efforts of many employees across the Southern Company system who consistently work to deliver safe, reliable and affordable energy to our customers. Our operations team, generation fleet and power delivery system have demonstrated exceptional performance throughout the first half of the year. Just this week, during an extreme heat wave our system with the support of our dedicated team met the year-to-date peak load of nearly 39 gigawatts with no major issues.

這些結果反映了南方公司係統眾多員工的共同努力，他們始終如一地致力於為客戶提供安全、可靠和負擔得起的能源。我們的營運團隊、發電機組和電力傳輸系統在上半年表現出色。就在本週，在極端熱浪中，在我們專業團隊的支持下，我們的系統達到了年初至今近 39 千兆瓦的峰值負荷，沒有出現重大問題。

Our success to our vertically integrated state regulated business model with long-range integrated resource planning processes, which continue to deliver substantial value to our customers and the communities we are promised to serve. Providing outstanding reliability and affordable service to our customers is fundamental and just one example of why a Southern Company truly is a great company and continues to find ways to improve and get better.

我們的成功歸功於我們垂直整合的國家監管業務模式和長期綜合資源規劃流程，這將繼續為我們的客戶和我們承諾服務的社區帶來巨大的價值。為我們的客戶提供卓越的可靠性和實惠的服務是我們的基本原則，這也是南方公司真正成為一家偉大公司並不斷尋找改進和進步的方法的一個例子。

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

丹，現在我將把電話轉給您，向您報告我們的財務表現。

Thanks, Chris, and good afternoon, everyone. For the second quarter of 2025. Our adjusted earnings per share was $0.92 per share, $0.07 above our estimate and $0.18 lower than the second quarter of 2024. Our performance for the current quarter included increased earnings from investments in our state-regulated utilities, along with higher usage and customer growth, which added $0.06 year-over-year compared to the second quarter of 2024.

謝謝，克里斯，大家下午好。預計2025年第二季。我們的調整後每股收益為 0.92 美元，比我們的預期高出 0.07 美元，比 2024 年第二季低 0.18 美元。我們本季的業績包括對受國家監管的公用事業的投資收益增加，以及使用量和客戶增長增加，與 2024 年第二季度相比同比增長 0.06 美元。

These positive drivers were offset by milder weather, prior year gains on transmission asset sales and current year state tax credit adjustments, along with higher operating costs, interest expense and depreciation and amortization. A complete reconciliation of year-over-year earnings is included in the materials we released this morning.

這些正面因素被溫和的天氣、去年輸電資產銷售收益、當年州稅收抵免調整以及更高的營運成本、利息支出和折舊攤提所抵消。我們今天早上發布的資料中包含了去年同期收益的完整核對。

Our adjusted EPS estimate for the third quarter is $1.50 per share. Turning now to our retail electricity sales. Year-to-date, weather normal retail electricity sales were 1.3% higher than the first half of 2024. Year-over-year retail electricity sales growth increased modestly across all customer classes in the second quarter, growing 3% from the second quarter of 2024.

我們對第三季的調整後每股盈餘預測為 1.50 美元。現在談談我們的零售電力銷售。年初至今，天氣正常情況下的零售電力銷售額比 2024 年上半年高出 1.3%。第二季度，所有客戶類別的零售電力銷售額年均小幅成長，較 2024 年第二季成長 3%。

Weather normal residential sales were up 2.8% higher than in the second quarter of 2024, bolstered by the addition of over 15,000 new electric customers in the quarter and higher overall use per customer. Weather-adjusted commercial sales and industrial sales, which were 3.5% and 2.8% higher, respectively, in the quarter compared to the prior year were driven by the combination of increased existing customer usage, and new large load customers coming online.

天氣正常時，住宅銷售額比 2024 年第二季度增長 2.8%，這得益於本季度新增 15,000 多名電力客戶以及每位客戶總體使用量的增加。經天氣調整後的商業銷售和工業銷售額分別比上年同期增長 3.5% 和 2.8%，這得益於現有客戶使用量增加以及新的大負載客戶上線。

Notably, data center usage was 13% higher compared to the second quarter of 2024. Industrial sales to our largest customer segments also saw robust growth in the quarter, including transportation and primary metals, which were both up 6% year-over-year and paper, which was up 16%.

值得注意的是，與 2024 年第二季相比，資料中心的使用率高出了 13%。本季度，我們最大客戶群的工業銷售額也實現了強勁增長，其中運輸和初級金屬銷售額均同比增長 6%，紙張銷售額同比增長 16%。

I'll now turn the call back over to Chris for further insights into our economic activity and to highlight recent constructive outcomes for some of our regulatory processes.

現在我將把電話轉回給克里斯，以進一步了解我們的經濟活動，並強調我們一些監管流程最近的建設性成果。

Thank you, Dan. While we continue to monitor macroeconomic trends, the economy in the Southeast remains well positioned with unemployment rates and recent population growth in our service territories better than national averages. Economic development activities in the second quarter continued with announcements totaling nearly $2 billion of capital investment and more than 6,000 new jobs announced in our electric service territories.

謝謝你，丹。在我們繼續監測宏觀經濟趨勢的同時，東南部的經濟仍然保持良好狀態，我們服務區域的失業率和近期人口成長均高於全國平均水平。第二季的經濟發展活動繼續進行，我們在電力服務區域宣布了總額近 20 億美元的資本投資和 6,000 多個新工作。

Of note, in Alabama, there were several economic development announcements led by continued expansion in the aerospace and automotive sectors. Industrial manufacturing developments in Mississippi included the announcement of an expansion by domestic manufacturer specializing in electric transformers which is expected to create 400 local jobs.

值得注意的是，阿拉巴馬州發布了多項經濟發展公告，其中以航空航天和汽車行業的持續擴張為主導。密西西比州工業製造業的發展包括國內電力變壓器專門製造商宣布擴張，預計將創造 400 個當地就業機會。

The large load pipeline across Alabama, Georgia and Mississippi, which includes data centers and large manufacturers remains well above 50 gigawatts of potential incremental load by the mid-2030s with project commitments totaling 10 gigawatts and ongoing advanced discussions for even more interest from large low customers in all of our electric service territories continue to be strong and growing, and we're increasingly well positioned to serve this robust projected growth in a sustainable fashion.

橫跨阿拉巴馬州、喬治亞州和密西西比州的大型負荷管道，包括資料中心和大型製造商，到 2030 年代中期仍將遠高於 50 千兆瓦的潛在增量負荷，專案承諾總額為 10 千兆瓦，並且正在進行深入討論，以吸引我們所有電力服務區域的大型低客戶產生更多興趣，這種興趣繼續有強勁增長，我們越來越有能力以強勁的成長方式滿足這一預期增長，我們越來越有能力的增長。

As we have consistently communicated, our disciplined approach includes pricing and contract terms designed to protect existing customers and our investments while also generating economic benefits for all customers. In May, Georgia Power and the Georgia Public Service Commission, public interest advocacy staff, along with several other intervenors reached a settlement that demonstrated the reality of these economic benefits for customers.

正如我們一貫傳達的那樣，我們嚴謹的定價方法和合約條款旨在保護現有客戶和我們的投資，同時也為所有客戶創造經濟利益。五月，喬治亞電力公司和喬治亞公共服務委員會、公共利益倡議人員以及其他幾位介入者達成了和解協議，證明了這些措施確實能為客戶帶來經濟利益。

The stipulated agreement, which was unanimously approved by the Georgia Public Service Commission, extend Georgia Power's 2022 alternate rate plan ultimately precluding the need for a 2025 base rate case filing and keeping base rates stable and predictable over the next three years through 2028 with the exception of any future recovery of storm-related costs, including those related to Hurricane Helene.

該協議已獲得喬治亞州公共服務委員會的一致批准，該協議延長了佐治亞電力公司 2022 年的替代電價計劃，最終消除了 2025 年基準電價案提交的需要，並在未來三年（直至 2028 年）內保持基準電價穩定且可預測，但未來收回與風暴相關的成本（包括與颶風海倫相關的成本）除外。

Overall, this outcome demonstrates our commitment to capturing the benefits of this robust projected economic growth and prioritizing customer affordability. We believe this outcome which preserves the existing regulatory framework in Georgia benefits all stakeholders. Our vertically integrated market and constructive orderly regulatory processes continue to help ensure we have the critical resources necessary to reliably and affordably serve our growing states.

總體而言，這一結果表明我們致力於抓住預計的強勁經濟成長所帶來的好處，並優先考慮客戶的承受能力。我們相信，這項結果保留了喬治亞現有的監管框架，使所有利害關係人受益。我們的垂直整合市場和建設性有序的監管流程繼續幫助確保我們擁有可靠且經濟地服務於不斷發展的州所需的關鍵資源。

Earlier this month, the Georgia Public Service Commission unanimously approved a stipulated agreement between Georgia Power and the Georgia PSC public interest advocacy staff regarding Georgia Power's 2025 Integrated Resource Plan, or IRP. This approval provide for continued investment in existing fleet with plant life extensions at multiple steam units operates for more capacity and existing nuclear and natural gas facility and the modernization of hydro facilities to increase output and extend life.

本月初，喬治亞州公共服務委員會一致批准了喬治亞電力公司與喬治亞州公共服務委員會公共利益倡議人員之間關於喬治亞電力公司 2025 年綜合資源計畫 (IRP) 的約定協議。此批准旨在繼續投資現有機組，延長多個蒸汽機組的使用壽命，以提高發電能力，並對現有核能和天然氣設施以及水力設施進行現代化改造，以提高產量並延長使用壽命。

The 2025 RRP outcome also further highlighted and confirm the need for new generation resources previously approved in our prior RFPs as we build to serve projected growth. Under the approved IRP Georgia Power received authorization to provide generation procurement options for at least 6 gigawatts to meet increasing Georgia Power system demand. In accordance with RFP process.

2025 年 RRP 的結果也進一步強調並確認了我們在建造以滿足預期的成長需求時需要先前在 RFP 中批准的新一代資源。根據批准的 IRP，喬治亞電力公司獲得授權提供至少 6 千兆瓦的發電採購選項，以滿足日益增長的喬治亞電力系統需求。按照 RFP 流程。

Yesterday, Georgia Power filed to certify 8 gigawatts of new generation resources resulting from the all-source request for proposals or RFPs. This competitive process which was overseen by an independent evaluator resulted in a mix of purchase power agreements or PPAs and multiple Georgia Power owned resources being selected as the best to us for customers to meet the projected incremental capacity need by 2031.

昨天，喬治亞電力公司提交了申請，以認證全源提案請求或 RFP 產生的 8 千兆瓦新一代發電資源。這個競爭過程由獨立評估機構監督，最終選定了多種購電協議或 PPA，以及佐治亞電力公司擁有的多種資源，作為最適合客戶的方案，以滿足 2031 年前預計的增量容量需求。

Of these, approximately 1.2 gigawatts of the awards or for third-party PPAs, including 732 megawatts from existing Southern Power capacity. The remaining 6.8 gigawatts is a mix of Georgia Power on resources from a variety of technology types including new combined place natural gas facilities, stand-alone battery energy storage systems or best and solar power best options.

其中約1.2吉瓦的獎勵或用於第三方PPA，包括來自南方電力現有容量的732兆瓦。剩餘的 6.8 千兆瓦是喬治亞電力公司採用多種技術類型的資源的組合，包括新的聯合地點天然氣設施、獨立電池儲能係統或最佳和太陽能發電選項。

Further, to meet the total capacity need identified as a part of Georgia Power's 2025 RFP load forecast. Georgia Power also requested certification for approximately of additional generation capacity through a supplemental filing. This includes 1.6 gigawatts from third-party PPAs with the remainder consisting of Georgia Power owned resources to address near-term projected generation needs.

此外，滿足喬治亞電力公司 2025 年 RFP 負載預測中確定的總容量需求。喬治亞電力公司也透過補充文件申請了約額外發電能力的認證。其中包括來自第三方 PPA 的 1.6 千兆瓦電力，其餘部分由喬治亞電力公司自有資源組成，以滿足近期預計的發電需求。

In summary, Georgia Power has filed a request to certify approximately 10 gigawatts of new generation which includes 7 gigawatts of Georgia Power owned resources. These requests will be reviewed by the Georgia PSC with a final determination by the commission expected later this year.

總之，喬治亞電力公司已提交申請，要求認證約 10 千兆瓦的新發電量，其中包括 7 千兆瓦的喬治亞電力自有資源。這些請求將由喬治亞州公共服務委員會進行審查，並預計在今年稍後由委員會做出最終決定。

I'll now turn the call over to David to share more about the capital investment and financing implications associated with these orderly regulatory processes.

現在我將把電話轉給戴維，讓他進一步分享與這些有序監管流程相關的資本投資和融資影響。

Thanks, Chris. Good afternoon, everyone. Earlier this year, in addition to our $63 billion five-year base capital plan, we highlighted $10 billion to $15 billion of projected potential incremental regulated capital investment through 2029. With the approval of Georgia Power's 2025 IRP, along with the certification filings for new resources we now have improved line of sight on our expected capital opportunities and are adding $12 billion of state regulated capital into our five-year base capital plan.

謝謝，克里斯。大家下午好。今年早些時候，除了我們 630 億美元的五年基礎資本計畫外，我們還強調了到 2029 年預計 100 億至 150 億美元的潛在增量監管資本投資。隨著喬治亞電力公司 2025 年 IRP 的批准以及新資源的認證文件，我們現在對預期的資本機會有了更好的了解，並將 120 億美元的國家監管資本添加到我們的五年基本資本計劃中。

This represents the capital investment associated with the low end of the 6 to 10 gigawatt range for new resources from the certification processes Chris mentioned earlier, along with investments associated with upgrades and modernization of existing resources approved in the 2025 IRP should the Georgia PSC confirm the need for and ultimately certify the entire 10 gigawatts of new generation, there could be up to an additional $4 billion of new state regulated generation capital through 2029.

這代表了 Chris 先前提到的認證流程中與 6 至 10 千兆瓦新資源低端相關的資本投資，加上 2025 年 IRP 中批准的與現有資源升級和現代化相關的投資，如果佐治亞州公共服務委員會確認需要並最終認證全部 10 千兆瓦的新發電量，到 2029 年可能會有額外的 4029 年發電資本。

Separately, Southern Power, our competitive power business has commenced repowering at three additional wind facilities in our existing portfolio, all of which have begun construction and are projected to be in service by the first half of 2027. These projects represent approximately $800 million of additional investment, which is now included in our base capital plan.

另外，我們具有競爭力的電力業務南方電力已開始對我們現有投資組合中的另外三個風力發電廠進行改造，所有這些發電廠均已開始建設，預計將於 2027 年上半年投入使用。這些項目代表約 8 億美元的額外投資，現已納入我們的基本資本計畫。

In total, our five-year base capital plan has increased $13 billion from $63 billion to $76 billion with potential upside of approximately $5 billion still pending tied to the generation procurement certifications in Georgia and potential FERC-regulated gas pipeline expansions at Southern Company Gas. We remain committed to funding our capital plan in a credit supportive manner that supports our strong investment-grade credit ratings.

總體而言，我們的五年基礎資本計畫已從 630 億美元增加 130 億美元至 760 億美元，仍有約 50 億美元的潛在上升空間等待獲得，這些空間與喬治亞州的發電採購認證以及南方天然氣公司受聯邦能源管理委員會 (FERC) 監管的潛在天然氣管道擴建有關。我們仍然致力於以信貸支持的方式為我們的資本計劃提供資金，以支持我們強勁的投資級信用評級。

As we highlighted in our May earnings call, our financing activity through the first quarter, along with our internal equity plans projected through 2029, resulted in a clear path to fully address the $4 billion equity needs in our original $63 billion base capital plan. The increase in our base capital plan of $13 billion is projected to be funded with approximately 4% of additional equity or equity equivalents, which represents an incremental $5 billion through 2029.

正如我們在 5 月收益電話會議上所強調的那樣，我們第一季的融資活動以及預計到 2029 年的內部股權計劃，為我們最初 630 億美元基本資本計劃中的 40 億美元股權需求提供了明確的解決途徑。我們基礎資本計畫增加 130 億美元，預計將透過約 4% 的額外股權或股權等價物來提供資金，這意味著到 2029 年將增加 50 億美元。

This level of equity content supports our credit quality and our progress toward our credit metric target of approximately 17% FFO to debt in the latter part of our forecast horizon. In fact, we've continued to be proactive in addressing our equity needs, pricing an additional $1.2 billion of equity through forward sales under our at the market or ATM program since our last earnings call, leaving less than $4 billion of the incremental need remaining to be addressed through 2029.

此股權含量水準支持了我們的信用質量，並有助於我們在預測期後期實現信用指標目標（即 FFO 與債務之比約為 17%）。事實上，我們一直在積極主動地解決股權需求，自上次收益電話會議以來，我們透過市場或 ATM 計畫下的遠期銷售額外定價了 12 億美元的股權，到 2029 年，剩餘的增量需求將不足 40 億美元。

These remaining equity needs are easily manageable for a company our size considering just in the last six months, we've addressed well over $3 billion of equity and equity equivalents through our ATM program, internal equity plans and issuances of junior subordinated notes. As we've highlighted today, we continue to make great progress in solidifying our plan and remain increasingly encouraged about the strength of our long-term outlook. And ultimately, the potential to reassess the base for our 5% to 7% long-term EPS growth rate as early as 2027.

對於我們這樣規模的公司來說，這些剩餘的股權需求很容易管理，因為光是在過去六個月裡，我們就透過 ATM 計畫、內部股權計畫和發行次級債券解決了超過 30 億美元的股權和股權等價物。正如我們今天所強調的，我們在鞏固計劃方面繼續取得巨大進展，並對我們的長期前景的實力越來越感到鼓舞。最終，我們有可能最早在 2027 年重新評估 5% 至 7% 的長期每股盈餘成長率的基礎。

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

現在我將把電話轉回給你，克里斯。

Thank you, David. As you can see, we are building for growth in the Southeast and our vertically integrated markets with constructive regulation and transparent orderly regulatory processes proving foundational to meet this predicted growth in a disciplined fashion that benefits the states in which we operate and the customers we are privileged to serve. This is an exciting time at Southern Company. We have encompassed a lot so far in 2025, and our future has never looked brighter.

謝謝你，大衛。如您所見，我們正在為東南部和垂直整合市場的成長而努力，建設性的監管和透明有序的監管流程是我們以規範的方式滿足預期成長的基礎，這將使我們經營所在的州和我們有幸服務的客戶受益。這是南方公司令人興奮的時刻。2025 年迄今我們已經取得了許多成就，我們的未來從未如此光明。

Before we turn to questions, I'd like to highlight our commitment to investing in and developing our people at Southern Company. We are where we are, thanks to our dedicated leadership team and our thousands of customer-focused committed teammates across the enterprise. Collectively, they help each and every day to ensure we're making the right investments, running our business efficiently and effectively and keeping customers at the center of everything we do.

在我們開始提問之前，我想先強調一下我們對南方公司投資和培養人才的承諾。我們之所以能取得今天的成就，要歸功於我們敬業的領導團隊和整個企業中數千名以客戶為中心、盡職盡責的隊友。他們共同努力，確保我們每天都能做出正確的投資，有效率、有效地經營業務，並將客戶置於我們一切工作的中心。

Sustained long-term success is a function of investing in our people and building a deeply talented bench. Our recently announced CFO transition along with the other leadership announcements we've made in recent weeks is a great example. While we have Dan around for a period of time advising and helping with the smooth transition, I'm very pleased to have someone as experienced and talented as David is stepping into the CFO role to continue with our mission to deliver regular, predictable and sustainable results.

持續的長期成功取決於對員工的投資以及打造一支高素質人才隊伍。我們最近宣布的財務長變動以及其他在最近幾週發布的領導層公告就是一個很好的例子。雖然丹在我們身邊有一段時間為平穩過渡提供建議和幫助，但我很高興有像大衛這樣經驗豐富、才華橫溢的人擔任首席財務官，繼續我們的使命，提供定期、可預測和可持續的成果。

I do want to congratulate Dan on an incredible career with Southern Company, and I want to thank him for everything he has done to support our company's success. For three decades, his counsel, his strategic advice, his leadership and his friendship have been foundational in helping our teams see the bright future ahead of us.

我確實要祝賀丹在南方公司取得的令人難以置信的職業生涯，並要感謝他為支持我們公司的成功所做的一切。三十年來，他的忠告、策略建議、領導力和友誼一直是幫助我們的團隊看到光明未來的基礎。

One of the things I've always admired about Dan is his passion for developing our future leaders. And that's a legacy he'll certainly leaves behind. I'm honored to call Dan my respected friend. And while this presence will be greatly missed, we wish him and Chelsea the very best as he embarks on a well-deserved retirement.

我一直很欣賞丹的一點是他對培養我們未來領導者的熱情。這是他必定會留下的遺產。我很榮幸能稱丹為我尊敬的朋友。儘管我們會非常懷念他的存在，但我們還是祝福他和切爾西一切順利，因為他將開始享受當之無愧的退休生活。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Carly Davenport, Goldman Sachs.

（操作員指示）高盛的卡莉·達文波特。

Just maybe just start on the capital plan update and the shift in the rate base growth to 8% from 7% through '29. Just any shift potentially in the timeline as we think about the rebasing in '27 or the views on the long-term growth rate there? And then just tactically, would you expect to give another full financial plan update on the 4Q call as well?

也許只是從資本計畫更新開始，並將利率基準成長率從 7% 轉變為 8%，直到 29 年。當我們考慮 27 年的重新調整或對長期成長率的看法時，時間軸可能會發生任何變化嗎？那麼從策略上來說，您是否也希望在第四季度電話會議上提供另一份完整的財務計畫更新？

Sure. Thanks for your question. Let me take the second question first. And yes, we will expect to continue with our normal cadence of doing annual updates. So we'll address all that in the fourth quarter. As it relates to the rate base growth and the timing, we continue to be increasingly encouraged about what we're seeing in the marketplace, the momentum that we've seen with these large load customers is growing.

當然。謝謝你的提問。我先回答第二個問題。是的，我們希望繼續以正常的節奏進行年度更新。因此我們將在第四季度解決所有這些問題。由於它與費率基礎增長和時間有關，我們對市場上看到的情況越來越感到鼓舞，我們看到這些大負載客戶的勢頭正在增長。

And we're attracting many of them and having very good conversations about those. I think that we're going to stick to the plan of sustainability over the long term. We need to see how this plays out. We need to see it be in a sustainable pattern over the long term. And then we're going to be revisiting that set point within the 5% to 7%.

我們吸引了許多人的關注，並就此進行了非常好的對話。我認為我們將長期堅持永續發展計畫。我們需要看看事情會如何發展。我們需要看到它長期處於可持續的模式。然後我們將在 5% 到 7% 之間重新審視該設定點。

Great. And then just on the RFP update, some combined cycle capacity filed for certification there as part of the plan. Can you just refresh us on your procurement status in terms of turbines and also gas supply for those units to come into service in the '29, 2030 timeframe.

偉大的。然後就在 RFP 更新中，一些聯合循環容量作為計劃的一部分申請認證。您能否向我們簡單介紹一下渦輪機的採購情況，以及 2029 年至 2030 年期間投入使用的機組的天然氣供應情況？

Yes, Carly, we have reservations. We've made payments for -- we paid the fees. And because of our size and activity that we've had for the past number of years. We have good relationships with OEMs, also the EPCs in terms of how this work will be carried out. So we feel real good about where we are and making sure that we're positioning ourselves to be very efficient, but also making sure we have the ability to execute.

是的，卡莉，我們有保留。我們已經付款了——我們支付了費用。也因為我們的規模和過去幾年來的活動。在如何進行這項工作方面，我們與 OEM 以及 EPC 保持著良好的關係。因此，我們對目前的狀況感到非常滿意，並確保我們能夠有效率地定位自己，同時也確保我們具有執行能力。

Great. I appreciate that. And Dan, congratulations on your retirement, and thanks so much for all the insights over the last couple of years.

偉大的。我很感激。丹，恭喜你退休，非常感謝你在過去幾年提供的所有見解。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Chris, Dan, and you're leaving me one of the old ones here -- but congrats and David, congrats to you as well. So a couple of questions. First, just maybe I think on a couple of the prior Q&A calls, you've talked about the kind of rebates in '27 maybe towards the top end of 5% to 7% going back to, I don't know, '25 and then kind of high end of 5% to 7% from there. Is that still what you're thinking? Or has that shifted a little bit?

克里斯、丹，你們在這裡給我留下了一個老朋友──不過還是要祝賀你們，大衛，也祝賀你們。有幾個問題。首先，我想也許在之前的幾次問答電話中，您談到了 27 年的回扣類型，可能接近 5% 到 7% 的最高水平，然後回到 25 年，然後從那時開始回扣可能達到 5% 到 7% 的最高水平。您還是這麼想嗎？或者說情況已經發生了一些變化？

Yes. I think where we've come out on that, and I think we've been pretty consistent. Dan has been pretty consistent with that in the last several calls about rethinking that base upon which we set the 5% to 7% growth. And as I mentioned earlier, as we see that momentum growing and we get a better line of sight in a sustainable fashion, we'll recalibrate that and be within the 5% to 7% and work toward that. It could happen as early as 2027, but there's a lot of variables at play and we like what we're seeing at the moment. but we really don't see that happening before 2027.

是的。我認為我們已經取得了成果，我們一直都非常一致。在過去的幾次電話會議中，丹一直堅持重新考慮我們設定 5% 至 7% 成長的基礎。正如我之前提到的，隨著我們看到這種勢頭不斷增長，並且我們以可持續的方式獲得更好的視線，我們將重新調整它，並將其控制在 5% 到 7% 之間並朝著這個目標努力。這可能最早在 2027 年發生，但其中有許多變數，我們對目前看到的情況感到滿意。但我們確實不認為這會在 2027 年之前發生。

Yes. Steve, we are where we were. And I think as David described earlier, we're gaining better line of sight on the things that we were looking for, but we are where we are.

是的。史蒂夫，我們還在原地。我認為，正如大衛之前所描述的，我們對所尋找的事物有了更好的認識，但我們仍處於現狀。

Okay. And then on the FFO to debt improvement, could you maybe give us a sense of how kind of the year-by-year rough pace of getting to the 17% -- like where do you expect to be in '25, '26. And then when do you get to the 17%?

好的。然後，關於 FFO 對債務改善的影響，您能否向我們介紹達到 17% 的逐年大致速度——您預計 25 年、26 年會達到什麼水平。那麼什麼時候才能達到 17% 呢？

Well, we expect to get to the approximately the 17% near the back end of the planning horizon. And with the capital that we see coming down the line, that path is going to be up and down a little bit. And the pace and the shape of that may change over time. But we're going to continue to be very proactive and take advantage of opportunities as we see them as we grow into that 17% FFO to debt.

嗯，我們預計在規劃期的後期達到大約 17%。隨著我們看到資本的流入，這條路徑將會有點起伏。而且其速度和形態可能會隨著時間而改變。但我們將繼續積極主動，抓住機遇，因為我們的 FFO 與債務之比將增長至 17%。

Do you have a rough number where you are like right now at the end of the quarter or yes.

您現在對本季末的情況有一個大概的數字嗎？是的。

Yes. For the 12 months ended, Steve, and I remember when we were talking about this before, we kind of gave a -- here's the unadjusted number, here's a number adjusted for Helene. Right now, we're in the kind of 14.3%, 14.4% unadjusted, more like 15.3% adjusted for the Helene. And I think what's important, and David hit this is how proactive we're being with this equity plan.

是的。對於截至 12 個月的數據，史蒂夫和我記得我們之前討論過這個問題，我們給出了 - 這是未調整的數字，這是針對海倫調整後的數字。目前，未調整的比例為 14.3%，調整後的比例為 14.4%，而根據 Helene 的規定，調整後的比例則為 15.3%。我認為，重要的是，大衛也指出了這一點，即我們對這項股權計劃的積極主動性。

We hinted as we talked about this before that increased capital could kind of change the shape of the trajectory for this path to 17%. And I think that's what you'll see play out. But having the equity issued now kind of -- if you adjust it for the equity we've committed to, that's another 70 basis points or so on today's numbers. So we feel good about the progress and the commitment and how we're executing against that.

我們之前在談論這個問題時暗示，增加資本可能會將這條路徑的軌跡形狀改變為 17%。我想這就是你們將會看到的結果。但現在發行的股權——如果根據我們承諾的股權進行調整，那麼今天的數字還會再增加 70 個基點左右。因此，我們對所取得的進展、所做的承諾以及我們如何實現這些承諾感到滿意。

Okay. Great. One last question. Just how much are you maybe looking also at asset sales? And I think there have been some stories out about PowerSecure on that regard. Could you just talk to asset sales?

好的。偉大的。最後一個問題。您可能還考慮過多少資產出售？我認為在這方面已經有一些關於 PowerSecure 的故事。能只談資產銷售嗎？

Steve, I know you wouldn't be disappointed if I say we're not going to comment on any rumors or anything specific. But as you know, we're always evaluating I mean if there is a better owner and they're willing to pay, we'll be a great seller in those circumstances. But I think it would be very premature for us to comment and speculate on anything that you've heard or maybe one talked about in the marketplace today.

史蒂夫，我知道如果我說我們不會對任何謠言或任何具體的事情發表評論，你不會失望的。但正如你所知，我們一直在評估，我的意思是如果有更好的主人並且他們願意付錢，那麼在這種情況下我們將成為一個很棒的賣家。但我認為，現在就對您聽到的或今天市場上談論的任何事情進行評論和猜測還為時過早。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Dan, David, truly, congratulations to both of you. I wish you the best of luck there. for your retirement. Absolutely. Guys, nicely done today, I got to say. Just a couple of details here. Can we talk firstly about load and the load update? I think you guys are going to refine that here later this year. Can we talk about what you're seeing? You guys have been very diligent in providing commentary about the pipeline.

丹、大衛，真心祝賀你們兩位。我祝福您退休後一切順利。絕對地。夥計們，我得說，你們今天幹得真棒。這裡僅介紹幾個細節。我們可以先談談負載和負載更新嗎？我認為你們將在今年晚些時候對此進行改進。我們可以談談您所看到的嗎？你們一直非常勤勉地提供管道的評論。

We certainly heard that from peers so far with the earnings. How are you guys thinking, at least as it stands today with respect to what you would anticipate, I think, in October? And then related, I suppose, you've got this further affirmation from the PSC on a couple more gig bots or I think that was the $4 billion number you guys threw out there as further potential in the commentary.

我們當然從同行那裡聽到了迄今為止的收益情況。你們覺得怎麼樣？至少就目前的情況而言，我認為對於 10 月份的情況你們有什麼預期？然後相關的是，我想，你已經從公共服務委員會那裡得到了關於更多零工機器人的進一步確認，或者我認為這就是你們在評論中拋出的 40 億美元的進一步潛力數字。

Yes. On that number, I think we'll expect to hear from the commission later this year, I think, before end of the year on that filing. As we've said, I mean, we still see that 50 gigawatt pipeline continue to grow. And we continue to see just an incredible amounts of activity. And as you see hyperscaler capital budgets continue to grow, I mean, we just keep seeing these huge numbers, we see corresponding activity.

是的。關於這個數字，我想我們預計在今年晚些時候，也就是年底之前聽到委員會關於該文件的答案。正如我們所說，我們仍然看到 50 千兆瓦的管道繼續增長。我們繼續看到數量驚人的活動。正如您所看到的，超大規模資本預算持續增長，我的意思是，我們不斷看到這些巨大的數字，我們看到相應的活動。

And so we're in conversations with all of the majors, all the hyperscalers and having what I would call very advanced discussions. And so we've still got work to do. I mean our focus is making sure we price them right that their benefits to existing customers. And so -- but we -- I would say, very optimistic about what the future holds in these conversations and opportunities that we see available all across our electrics.

因此，我們正在與所有主要的、所有的超大規模企業進行對話，並進行我稱之為非常高級的討論。因此我們還有很多工作要做。我的意思是我們的重點是確保我們為它們定價合理，以便為現有客戶帶來利益。所以 — — 但我們 — — 我想說，我們對未來在這些對話和我們在整個電氣領域看到的機會非常樂觀。

Got it, okay. Fair enough. We shall see what happens in the fall. And then maybe related here, as you think about that rate base versus earnings translation here. Any other factors that you could point to here, especially as you think about it, and I heard your comments about repowering at Southern Power.

知道了，好的。很公平。我們將看看秋天會發生什麼。然後也許與此相關，當您考慮這裡的利率基礎與收益轉換時。您可以指出這裡的任何其他因素嗎，特別是當您考慮它時，我聽到了您對南方電力重新供電的評論。

But especially as you roll forward the plan here, any updated thoughts about where those contracts could land and/or maybe on the pipeline side, any updates there as to opportunities in terms of size and scale. Again, I'm just thinking through the rate base commentary here and subsequent implications to earnings, right? What are the other factors on the non-regulated.

但特別是當你在這裡推進計劃時，對於這些合約可能落在哪裡以及/或在管道方面，有任何更新的想法，在規模和範圍方面有任何更新的機會。再說一次，我只是在思考這裡的利率基礎評論以及隨後對收益的影響，對嗎？還有哪些不受管制的因素？

So the conversations that we're having with the large load customers are going well, very interested in all of our service territories, a lot of attraction. Obviously, we talked a lot about Georgia, Alabama and Mississippi, having great conversations there as well. So as we get more clarity to that, like I mentioned earlier, we're going to get to a place where we feel comfortable over the long term that, that momentum is sustainable and that's going to bring us to a place where we see the possibility of being able to reset that anchor point, if you will, within the 5% to 7%.

因此，我們與大負荷客戶的對話進展順利，他們對我們所有的服務區域都非常感興趣，並且很有吸引力。顯然，我們談論了很多關於喬治亞州、阿拉巴馬州和密西西比州的事情，在那裡也進行了精彩的對話。因此，正如我之前提到的，隨著我們對此有了更清晰的認識，我們將到達一個讓我們長期感到舒適的地方，這種勢頭是可持續的，這將使我們看到能夠重置該錨點的可能性，如果你願意的話，在 5% 到 7% 之間。

Now Julien, you also asked about Southern Power and some of those repowering projects that we've got going on there. That is -- that's a great company. And we've got a lot of opportunities that we're thinking about in the marketplace with all that's going on with the large load customers. But as we see them, we evaluate them Keep in mind, as we've talked about probably for years that we do not get a hold of -- or get in front of ourselves.

朱利安，您也詢問了南方電力公司以及我們在那裡正在進行的一些電力改造項目。那是——那是一家很棒的公司。考慮到大負荷客戶的所有動態，我們在市場上有很多機會。但是當我們看到它們時，我們會對它們進行評估。請記住，正如我們多年來所談論的那樣，我們可能沒有掌握它們——或者沒有把它們擺在我們面前。

We don't put placeholders in our capital plan. whatever projects that we find that we want to go explore, they're going to have to meet some pretty strict stringent risk return parameters that we follow and have historically followed. But one interesting thing to think about is you look into the next decade as we get into the early 2030s. There's several contracts that will come up for renewal at Southern Power. And what we see in the marketplace, there should be we expect the possibility of some really good opportunities to reprice a lot of that capacity in the early part of the next decade.

我們不會在資本計劃中設定佔位符。無論我們發現並想要探索什麼項目，它們都必須滿足我們遵循並歷來遵循的一些非常嚴格的風險回報參數。但值得思考的一件有趣的事情是，當我們進入 2030 年代初期時，展望下一個十年。南方電力公司有幾份合約需要續約。從我們在市場上看到的情況來看，我們預計在下一個十年初期可能會出現一些非常好的機會來重新定價大量產能。

Right. So maybe more ripe by the time you get to '27 with that longer-term roll forward the rebate?

正確的。那麼，到 27 年，隨著長期回扣的實施，時機可能更加成熟了？

That's right. That's kind of the plan that we've been set on for a while.

這是正確的。這是我們一段時間以來制定的計劃。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Congrats again on your retirement, and congrats to David. Looking forward to working with you. So I just had a follow-up actually on Southern Power. I was just wondering now that you're kind of committing more capital there. Just how would you frame the returns compared to your core regulated business? And then I know it's just a much smaller part of the business, but just in like a post OBB world, how are you kind of framing the returns for contracted renewables.

再次恭喜您退休，並恭喜大衛。期待與您合作。所以我剛剛對南方電力進行了追蹤報道。我只是想知道您是否會在那裡投入更多資金。與您的核心監管業務相比，您如何定義回報？然後我知道這只是業務中很小的一部分，但就像在 OBB 之後的世界裡，你如何建立合約再生能源的回報。

Yes. Great to hear from you. We talked about -- we have a pretty stringent risk return parameter. We try to set these things up with long-term creditworthy counterparties try to take fuel risk. And that usually plays out for us to be a little bit higher than our state-regulated returns historically, and we see these opportunities giving rise to perhaps expanding that in the future. But like I said, there's a needle to get through when we work through these things. The risk reward has to be right and the credit metrics have to be right for the counterparty, but we do explore opportunities all the time there.

是的。很高興收到你的來信。我們討論過—我們有一個非常嚴格的風險回報參數。我們嘗試與長期信譽良好的交易對手建立這些關係，以承擔燃料風險。從歷史上看，這通常會使我們的回報率略高於國家監管的回報率，而且我們認為這些機會可能會在未來擴大回報率。但就像我說的，當我們解決這些事情時，總有一根針需要穿過。風險回報必須正確，信用指標也必須適合交易對手，但我們確實一直在探索機會。

And I guess in the IRP, there were nuclear uprates contemplated here. Just wondering where the conversation now kind of stands on new nuclear overall. Have those discussions picked up with the recent momentum we've seen in the industry and the executive orders. Just -- I guess, we talked about this before, but where do you guys kind of stand now and your position on that?

我猜想在 IRP 中已經考慮過核升級。我只是想知道現在關於新核問題的討論總體進展如何。這些討論是否隨著我們最近看到的行業發展勢頭和行政命令而有所回升。只是──我想，我們之前討論過這個問題，但是你們現在的立場是什麼？你們對此持什麼態度？

Yes, Nick, we've been very clear about the need for new nuclear in this country. And so talks with the administration, talk with hyperscalers across this country, we speak the virtues of the importance of new nuclear as we the success that we had with Baa3 and 4 in terms of bringing those two units online. I mean I still think we've got to complete the risk mitigation, the financial concerns that are there on the back end.

是的，尼克，我們非常清楚這個國家需要新的核能。因此，在與政府部門、與全國各地的超大規模企業進行交談時，我們談到了新核電的重要性，以及我們在 Baa3 和 4 機組上線方面取得的成功。我的意思是，我仍然認為我們必須完成風險緩解，解決後端的財務問題。

We've got to make sure there's financial certainty as those projects are pursuing. And so we continue to have those kind of conversations amongst ourselves but throughout the industry. But we continue to believe that for this country to respond to the incredible demand we see new nuclear has got to be a part of the solution set going forward and we'll continue to talk about it and continue to advance ideas to try to make it happen and to get it done.

我們必須確保這些項目在實施過程中具有財務穩定性。因此，我們不僅在我們自己之間，而且在整個行業中繼續進行此類對話。但我們仍然相信，為了滿足這個國家巨大的需求，我們看到新的核能必須成為未來解決方案的一部分，我們將繼續討論這個問題，繼續提出想法，努力實現它並完成它。

Okay. Great. And just one last one, if I could follow up on Julien's question. But you still expect a large load update filing in August and that would be higher than kind of the 52 that we talked about in the past.

好的。偉大的。最後一個問題，我可以繼續回答朱利安的問題嗎？但您仍然預計 8 月的負載更新數量會很大，而且會高於我們過去談到的 52 個。

Yes. Yes, I mean, we will give updates. And as we seek success then as we see these projects advance, we'll make sure that we have updates. We'll continue to keep you abreast of where we are and what's occurring and also let you know what we see in the marketplace. We think the intelligence and market analysis about what's occurring as this as this market continues to advance, we'll continue to share?

是的。是的，我的意思是，我們會提供最新消息。當我們尋求成功時，當我們看到這些項目取得進展時，我們將確保獲得更新。我們將繼續向您通報我們的現狀和正在發生的事情，並讓您了解我們在市場上看到的情況。我們認為，隨著這個市場繼續發展，我們會繼續分享正在發生的事情的情報和市場分析嗎？

Growing in the pipeline, Nick, but just remember, our disciplined approach is going to risk adjust that and that's what you'll see us planning for and working with the commission.

尼克，我們正在不斷成長，但請記住，我們嚴謹的方法將會調整風險，這就是你將看到我們為委員會所做的計劃和工作。

Yes. And just to clarify, we'll make that filing in the mid-August timeframe with the Georgia Public Service Commission. And then we'll follow on in September through the RFP and the certification process that will provide an updated load forecast that will reflect what we see in the marketplace as well.

是的。需要澄清的是，我們將在八月中旬向喬治亞州公共服務委員會提交文件。然後，我們將在 9 月透過 RFP 和認證流程進行跟進，提供更新的負載預測，以反映我們在市場上看到的情況。

All right. That's great. Always interesting to see those filings.

好的。那太棒了。看到這些文件總是很有趣。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Congrats to everyone going that sentiment. First question is on the gas plant. I see you're planning to build some new units by 2029 or 2030, but you're also planning to add combined cycle plant under PPA as early as 2028. How confident are you in those counterparties' ability to execute on timing? It seems a little aggressive from an EPC and turbine delivery perspective, what assurances or protections do you have in place?

恭喜每個人都有這樣的感受。第一個問題是關於天然氣廠的。我看到您計劃在 2029 年或 2030 年之前建造一些新裝置，但您也計劃早在 2028 年就根據 PPA 增加聯合循環電廠。您對這些交易對手按時執行的能力有多大信心？從 EPC 和渦輪機交付的角度來看，這似乎有點激進，您有什麼保證或保護措施？

That's existing capacity, Andrew? So those are just -- that's available capacity in the marketplace that's rolling off of a PPA that's serving some either already serving Georgia Power and expiring or serving someone else.

這就是現有的容量嗎，安德魯？所以這些只是 - 市場上可用的容量，這些容量來自 PPA，這些 PPA 服務於一些已經為喬治亞電力公司服務並且即將到期的公司或服務於其他公司。

And then the other question is, obviously, three years ago, you had an IRP and then demand was still robust. You needed to do the 2023 update. Now that the 2025 process is complete, how are you feeling about the outlook for demand and it's sticking for at least the next three years. Obviously, it's a moving target. I think you said you'll share a refreshed load growth target with us in six months. Maybe just high-level thoughts on how much buffer or excess reserve margin? Or just how are you thinking about it now that this year's process was settled?

然後另一個問題是，顯然，三年前，你有一個 IRP，當時需求仍然強勁。您需要進行 2023 年更新。現在 2025 年進程已經完成，您對需求前景有何看法？至少在未來三年內，這種前景會如何？顯然，這是一個移動的目標。我想您說過您將在六個月內與我們分享更新後的負載成長目標。也許只是高層關於緩衝或超額準備金率的想法？或者說，既然今年的進程已經確定，您現在是怎麼想的？

Dave?

戴夫？

Sure. Yes, great question. I mean if you look at the result of the 2025 IRP approval, we've got an incremental generation need that was acknowledged and agreed to in the stipulation and approved by the Public Service Commission. And then we're going to be in this pattern of repeatedly updating what our large loan pipeline looks like that will, at least in September, but perhaps more often come with updates of our load forecast.

當然。是的，很好的問題。我的意思是，如果你看一下 2025 年 IRP 批准的結果，我們有一個增量發電需求，這在規定中得到了承認和同意，並得到了公共服務委員會的批准。然後，我們將按照這種模式反覆更新我們的大額貸款管道，至少在 9 月會這樣做，但也許更頻繁地更新我們的負載預測。

And we've got this structure that is going to exist at the Georgia Public Service Commission that is orderly, it's thoughtful. There's good deliberation of what is submitted. And it -- but it also has a degree of flexibility to it as well. So we filed the 2025 IRP -- but we are not at all precluded if circumstances warrant from doing an update to that as well.

我們在喬治亞州公共服務委員會中已經建立了這種有序、周到的結構。對所提交的內容進行了很好的審議。而且它——但它也具有一定程度的靈活性。因此，我們提交了 2025 年 IRP——但如果情況需要，我們也不會對其進行更新。

Okay. Sounds good. Nicely done. Turning what was supposed to be a very noisy year and to a pretty smooth one so far.

好的。聽起來不錯。幹得好。原本應該非常喧鬧的一年，到目前看來卻相當順利。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Congrats, Dan, David as well, and we will miss you. First, I want to start with Alabama, Mississippi, a little bit here. You touched on the economic momentum there. I was just wondering if you could speak to when these tailwinds could possibly translate into incremental investment opportunities there.

恭喜你，丹，也祝賀你，大衛，我們會想念你的。首先，我想先從阿拉巴馬州和密西西比州說起。您談到了那裡的經濟發展勢頭。我只是想知道您是否可以談談這些順風何時可能轉化為增量投資機會。

I think it's going to be very difficult to speak exactly when all that exactly shows up. I can just say to you that we're in the midst of advanced discussions on a number of projects. And so I mean, there's work being done there. And so as it advances, we'll advise you and let you know. But good conversations, good activity, good strong pipeline.

我認為，當所有這一切真正顯現時，很難準確地說出。我可以告訴你，我們正在就一些項目進行深入討論。所以我的意思是，那裡正在進行工作。隨著事態的進展，我們會向您提供建議並告知您。但良好的對話、良好的活動、良好且強大的管道。

I mean, we've talked about some of the economic projects, the Airbuses and some others that have announced taconite development expansions. I think we've spoken to some of those, but there's just a good, strong, solid pipeline of activity that's occurring there that I think is moving to some advanced discussions.

我的意思是，我們已經討論了一些經濟項目、空中巴士和其他一些宣布擴大磁鐵礦開發的項目。我認為我們已經討論過其中一些問題，但那裡正在進行一系列良好、強大、穩固的活動，我認為這些活動正在進入一些高級討論階段。

Yes. And some of that investment that you're asking about is already occurring. Certainly, I think we spoke in a prior quarter about over 1,000 megawatts of data center projects across those two states. There's the transmission and distribution investments that are already happening there. You've seen Alabama Power acquire and have other pending acquisitions on generation resources to serve their growing load. So it's happening. It's just -- it's a little -- it's been a little less front and center than all this stuff happening in Georgia late.

是的。您所詢問的部分投資已經開始了。當然，我認為我們在上一季談到了這兩個州超過 1,000 兆瓦的資料中心專案。那裡已經開始了輸電和配電投資。您已經看到阿拉巴馬電力公司收購併正在進行其他發電資源收購以滿足其日益增長的負載。所以它正在發生。只是 — — 它有點 — — 與最近在喬治亞州發生的這些事情相比，它不那麼引人注目。

Got it. And then I just wanted to pivot to the FERC gas pipeline expansion potential there. Just wondering what visibility you have there? Or what are the gating items left.

知道了。然後我只想轉向那裡的 FERC 天然氣管道擴建潛力。只是想知道您在那裡的可見度如何？或還剩下哪些門控項目。

As a reminder, so this is largely our investments with Kinder Morgan, we have another investment that we co-own in North Georgia and -- as you can imagine, they are tied to a lot of the same things driving our utility investment. So it's around new combined cycle construction it's around large load growth and just load growth overall in the area. It's not just our utilities, it's the co-op system munis being served as well. And so the upside potential is really a function of what will be built where ultimately to serve this large load.

提醒一下，這主要是我們與 Kinder Morgan 的投資，我們在北喬治亞州還有另一項共同擁有的投資——你可以想像，它們與推動我們公用事業投資的許多相同因素相關。因此，它圍繞著新的聯合循環建設，圍繞著大負荷增長以及該地區整體負荷增長。這不僅僅是我們的公用事業，合作系統市政債券也同樣受到服務。因此，上行潛力實際上取決於最終將在何處建造什麼來滿足這一巨大負荷。

Got it. Understood. And then just the last one, if I could. As it relates to the equity needs there, just wondering thoughts on using forwards to kind of derisk the outlook there.

知道了。明白了。如果可以的話，我只想說最後一個。由於它與那裡的股權需求有關，我只是想知道如何使用遠期合約來降低那裡的前景風險。

Well, it's really not appropriate to talk about specific structures or timing. But we've got a lot of flexibility. We've demonstrated that there's multiple tools, if you will, in the toolbox that we can implement. And I think we're going to continue on that path and be proactive and take advantage of opportunities whenever they present themselves to achieve the equity needs that we have over the horizon. And to your point, I think technically, it may be worth pointing out that our ATM program, it really is a forward. I mean we're locking in a price, if you will, today for securities that we're transacting that will be delivered in the future. So to your point, I think we are utilizing that flexibility.

嗯，談論具體的結構或時間確實不太合適。但我們也有很大的彈性。我們已經證明，如果您願意的話，工具箱中有多種工具可供我們實作。我認為我們將繼續沿著這條道路前進，積極主動，抓住一切機會，實現我們未來的公平需求。對於您的觀點，我認為從技術上講，值得指出的是，我們的 ATM 程式確實是一個前進的過程。我的意思是，如果你願意的話，我們今天會為我們正在交易的、將在未來交付的證券鎖定一個價格。所以對於你的觀點，我認為我們正在利用這種靈活性。

Bill Appicelli, UBS.

瑞銀的比爾·阿皮塞利。

Thanks, Dan, for all the great work over the years. You'll be missed. Just to clarify on a question that Steve asked earlier around the financial guidance. So the outlook is to see where you shake out in the current 5% to 7% through '27, right? And then rebates the 5% to 7% off of that number. That's the intention.

謝謝丹多年來的出色工作。我們會想念你的。只是想澄清一下史蒂夫之前提出的有關財務指導的問題。因此，前景是看到在 27 年之前，目前的成長率在 5% 到 7% 之間會如何，對嗎？然後從該數字中返還 5% 到 7%。這就是我們的意圖。

Yes. I wouldn't necessarily put a specific date on the calendar for that. I mean, it could be as early as 2027, but like I said, there's a long list of things that need to come to fruition. We need to see the continuing momentum solidify and be sustainable over the long period. So that could be 2027 when we rebase the set point within the 5% to 7% target. But we're not going to get ahead of ourselves there. We've got to wait to see how these things that we see on the horizon come to fruition.

是的。我不一定會為此在日曆上標註一個具體的日期。我的意思是，最早可能在 2027 年實現，但就像我說的，還有很多事情需要實現。我們需要看到持續的動力得到鞏固並長期可持續。因此，我們可能要到 2027 年才會將設定點重新調整到 5% 至 7% 的目標範圍內。但我們不會在這方面超越自己。我們必須等待，看看這些我們所看到的事物如何實現。

Okay. Understood. And then just a question, a higher level around the trends on generation costs, right? So we've seen the cost of combined cycles and peakers obviously materially escalate over the last couple of years. I mean, in the conversations and in your own financial planning for some of this generation future needs. I mean what are you baking in? Is the expectation that these costs are going to continue to increase materially? Or do we -- is there some -- as capacity comes on from some of the developers, manufacturers? Is it kind of stabilize? I mean what is your view in terms of how you plan for that?

好的。明白了。然後就一個問題，關於發電成本趨勢的更高層次，對嗎？因此，我們看到聯合循環和調峰發電的成本在過去幾年中明顯大幅上升。我的意思是，在對話中以及在您自己的財務規劃中，針對這一代人未來的一些需求。我的意思是你在烘烤什麼？是否預計這些成本將繼續大幅增加？或者我們——有一些——因為產能來自一些開發商和製造商？它有點穩定嗎？我的意思是，您對如何規劃這一點有何看法？

Yes. I mean you're kind of seeing the same things that we're seeing out there in the marketplace. You're absolutely right that prices are going up, but we've got placeholders and reservation fees in there and we're going to react accordingly and be prepared to be able to deliver the capacity that we need and the timelines that we've committed.

是的。我的意思是，你所看到的和我們在市場上看到的是一樣的。您說得完全正確，價格確實在上漲，但我們已經收取了佔位費和預訂費，我們將採取相應的措施，並做好準備，提供我們所需的容量和我們承諾的時間表。

But as you know and there's a lot of demand out there. And so there's a lot of upward pressure that we see in the marketplace.

但正如你所知，那裡有很多需求。因此我們看到市場上存在著很大的上行壓力。

Anthony Crowdell, Mizuho Securities.

瑞穗證券的安東尼克勞德爾 (Anthony Crowdell)。

Congrats, Dave, Dan, Congrats. Really appreciate all the time you gave us over the years. I just have like one follow-up. I think it's been thematic for the whole call of the questions. I'm just trying to balance out the conservative approach of management versus maybe the uncertainty that you guys maybe think about achieving a higher growth rate like you have such firepower and CapEx and a big raise today. But maybe not until 2027 at the earliest and still not looking to like anchor that in. I'm just curious if you could help us balance that out and we clearly understand you guys have always approached it conservative.

恭喜，戴夫，丹，恭喜。非常感謝您多年來給予我們的一切。我只有一個後續行動。我認為這是整個提問的主題。我只是試圖平衡管理的保守方法與你們可能考慮實現更高增長率的不確定性，就像你們今天擁有如此強大的火力和資本支出以及大幅加薪一樣。但也許最早也要到 2027 年，目前看來仍無法實現這一目標。我只是好奇你們是否可以幫助我們平衡這一點，我們清楚地知道你們一直都採取保守的態度。

Well, I think you hit it right there. You obviously do know us, and I appreciate that. You're absolutely right. We're going to take this in a conservative manner. We're seeing the growth accelerating, having great conversations with a lot of potential large load customers and we see a lot of this come to fruition in the back half of the decade. So we've got to see how this plays out. Also keep in mind, we are a fairly big company, and it takes a lot to move us -- and so we need to see that momentum, get to a place where it can carry us in a sustained way where it makes sense for us to change that long-term outlook.

嗯，我想你說對了。您顯然了解我們，對此我深表感激。你說得完全正確。我們將以保守的方式處理此事。我們看到成長正在加速，與許多潛在的大負荷客戶進行了良好的對話，並且我們看到其中許多在下半葉取得了成果。所以我們必須看看事情會如何發展。還要記住，我們是一家相當大的公司，需要很大的努力才能推動我們前進——所以我們需要看到這種勢頭，達到一個可以持續推動我們前進的水平，這樣我們改變長期前景才有意義。

Chris, I always start a view as to Paul Simon and Dana is the arranges no worries going forward.

克里斯，我總是開始認為保羅‧西蒙和達娜的安排是無憂無慮的。

But we're still singing, we're still performing.

但我們仍在唱歌，仍在表演。

Angie Storozynski, Seaport Global.

Angie Storozynski，海港環球公司。

So I'm just wondering, I mean, you clearly have this unique cost of capital advantage in the entire industry. That usually comes with well, with more pressure, but also premium growth prospects you are sticking with your current range, again, for the time being. But the other ways to create upside to earnings asset acquisition, corporate acquisitions.

所以我只是想知道，我的意思是，你們顯然在整個產業中擁有這種獨特的資本成本優勢。這通常會帶來更大的壓力，但也會伴隨優質的成長前景，您暫時會堅持目前的範圍。但創造收益上升空間的其他方式包括資產收購、企業收購。

I mean there's -- you clearly have experience in developing generation assets. Some of your peers are starting to do what basically selling power has done in the past, so either expanding existing assets or building greenfield gas plants, again, using your skills. So you're not going into any of this? Is it just because you are not planning to do it? Or is it just because you don't want to sort of project the options that lie ahead?

我的意思是——您顯然有開發發電資產的經驗。你們的一些同行開始做過去基本上出售電力所做的事情，因此要么擴大現有資產，要么建設綠地天然氣廠，同樣，利用你們的技能。所以你不想參與其中嗎？難道只是因為你不打算這麼做嗎？或者只是因為您不想預測未來的選擇？

First, Angie. I think we should get you to come tell our story for us sometimes to terrific. But that look, it's just our nature and it kind of goes back to what Anthony said, we're not going to get ahead of ourselves. We do have tremendous opportunities here. Yes, Southern Power remains an opportunity not only to recontract the existing fleet but to potentially build new green or brownfield sites as all this growth is happening.

首先，安吉。我認為我們應該請你來給我們講講我們的故事，有時會很精彩。但那種外表，只是我們的本性，這有點回到安東尼所說的，我們不會超越自己。我們這裡確實有巨大的機會。是的，南方電力不僅是一個重新簽約現有機組的機會，而且隨著所有這些增長的發生，還有可能建造新的綠地或棕地站點。

But as part of our discipline and our outlook because we are a regulated utility holding company, we don't put placeholders in there for Southern Power. We're not a development company, even though we are incredibly skilled at it. It's just how we have approached this historically. It's how we're trying to approach this going forward.

但作為我們紀律和展望的一部分，因為我們是一家受監管的公用事業控股公司，所以我們不會為南方電力公司留出佔位符。儘管我們在這方面非常熟練，但我們不是一家開發公司。這只是我們歷史上處理這個問題的方式。這是我們今後嘗試解決這個問題的方法。

And I think David described it incredibly well. This is about us having the discipline to assess whether or not what we see as sustainable for the truly long-term and not temporary in nature, which we don't believe it is but we want to be sure and as we are, you'll see us kind of acknowledge the incredible upside that we think exists in our outlook.

我認為大衛對此的描述非常好。這是關於我們是否有紀律地評估我們所認為的是否真正具有長期可持續性，而不是暫時性的，雖然我們不相信它是可持續的，但我們希望確定，正如我們所做的那樣，你會看到我們承認我們認為存在於我們的前景中的令人難以置信的上升空間。

Okay. And then just the other thing is, we heard from some other vertically integrated electric utilities, right they can name specific projects that are coming to their service territory and those announcements are being made along with those utilities. In your case, I'm not complaining that there hasn't been enough activity on the data center site in Georgia or Mississippi, but fewer of those are sort of done along with your state utilities. Is it just a different business model? Or is it just a different pitch?

好的。另一件事是，我們從其他一些垂直整合的電力公司那裡聽說，他們可以說出即將進入其服務區域的具體項目，而這些公告是與這些公用事業公司一起發布的。就您而言，我並不是抱怨喬治亞州或密西西比州的資料中心現場活動不夠，而是這些活動與您所在州的公用事業部門一起進行的活動較少。這只是一個不同的商業模式嗎？或只是音調不同？

Again, I'm -- it almost feels like it almost seems like those other utilities are getting more traction because they are being more -- they're linking some of the generation assets to those projects directly while you were just, I guess, increasing the load for the entire system. I don't know if I'm expressing myself correctly. Just it seems like your announcement of less colistin those from others.

再說一次，我——幾乎感覺好像其他公用事業公司正在獲得更多的關注，因為他們正在將一些發電資產直接連結到這些項目，而你只是在增加整個系統的負載。我不知道我的表達是否正確。只是看起來您的聲明與其他人聲明的相比要少一些。

No, you're not being -- I mean we get exactly what you're saying. I think we're not promotional. And I think -- and we're not getting ahead of ourselves until the deals are done, and we're not talking about any non-binding conversation with not any non-binding agreements. I mean, we're working diligently through the processes. And at the right time, we will make the appropriate announcements.

不，你不是——我的意思是我們完全明白你的意思。我認為我們不是進行促銷的。我認為－在交易達成前我們不會操之過急，我們不會談論任何不具約束力的對話，也不會達成任何不具約束力的協議。我的意思是，我們正在努力完成這些流程。在適當的時候，我們會發布適當的公告。

Yes. I think the biggest affirmation for us, Angie, is these processes we're going through with our regulators. They see what we see, and they are agreeing with the needs that we see to serve this growing dynamic, whether there's promotional announcements around individual customers or not. We're getting independent affirmation that this stuff is there and that there are benefits for existing customers and it will support the kind of investment that you're seeing today.

是的。安吉，我認為對我們最大的肯定是我們與監管機構共同經歷的這些流程。他們看到了我們所看到的，並且他們同意我們所看到的服務於這種不斷增長的動態的需求，無論是否針對個人客戶發布促銷公告。我們得到了獨立機構的確認，證明這些東西是存在的，並且對現有客戶有好處，而且它將支持您今天看到的那種投資。

Yes. And just to add on to that, that's last point about the benefits to customers. You got to keep in mind, these are incredibly complex contracts, very large volumes that we're working through. And the paradigm that we've tried to establish in our service territories is entering into these contracts that will also provide benefits for all of our existing customers and protect those same customers. And so that takes a minute to get through those conversations and get to a good answer for everybody.

是的。補充一點，這是關於客戶利益的最後一點。你必須記住，這些都是極其複雜的合同，我們正在處理的合約數量非常大。我們試圖在服務區域內建立的範例是簽訂這些合同，這些合約也將為我們所有現有客戶帶來利益並保護這些客戶。因此，需要花一點時間來完成這些對話並為每個人提供一個好的答案。

We have reached the end of our question-and-answer session. I'd like to turn the floor back over for you further or closing comments.

我們的問答環節已經結束。我想把發言權交還給你們，讓你們進一步發表結束語。

Again, let me thank everyone for be on part of our call today. Thank you for your questions, and we value and appreciate your interest in Southern Company. Thank you very much and have a good rest of the day.

再次感謝大家今天參加我們的電話會議。感謝您的提問，我們重視並感謝您對南方公司的關注。非常感謝您，祝您今天過得愉快。

Thank you, sir. Ladies and gentlemen, this concludes the Southern Company's second quarter 2025 earnings call. You may now disconnect.

謝謝您，先生。女士們、先生們，南方公司 2025 年第二季財報電話會議到此結束。您現在可以斷開連線。