Southern Co (SOMN) 2025 Q4 法說會逐字稿

Good afternoon. My name is Sherry. I will be your conference operator today. At this time, I would like to welcome everyone to Southern Company fourth quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Mr. Greg MacLeod, Director of Investor Relations. Please go ahead, sir.

午安.我叫雪莉。我今天將擔任你們的會議接線生。在此，我謹代表南方公司歡迎各位參加2025年第四季財報電話會議。（操作員指示）現在我將會議交給投資者關係總監格雷格·麥克勞德先生。請繼續，先生。

Thanks, Sherry. Good afternoon, and welcome to Southern Company's Fourth Quarter 2025 Earnings Call. Joining me today are Chris Womack, Chairman, President and Chief Executive Officer of Southern Company; and David Poroch, Chief Financial Officer.

謝謝你，雪莉。下午好，歡迎參加南方公司2025年第四季財報電話會議。今天與我一同出席的有南方公司董事長、總裁兼執行長克里斯·沃馬克，以及財務長大衛·波羅奇。

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.

我想提醒各位，今天除了提供歷史資訊外，我們還會發表一些前瞻性聲明。各種重要因素可能導致實際結果與前瞻性聲明中指出的結果有重大差異，包括我們在 10-K 表格和後續證券文件中討論的因素。

In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure are included in the financial information we released this morning as well as the slides for this conference call, which are both available on our Investor Relations website at investor.southerncompany.com.

此外，我們將在本次電話會議上提供非GAAP財務資訊。與適用 GAAP 指標的調節表已包含在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，這兩份文件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. 2025 was an outstanding year for Southern Company, and the operational and financial results we delivered are a testament to the dedication of our nearly 30,000 teammates across this company.

謝謝你，格雷格。下午好，感謝各位今天蒞臨。 2025年對南方公司來說是輝煌的一年，我們所取得的營運和財務業績，充分體現了公司近3萬名員工的辛勤付出。

We achieved adjusted earnings at the very top of our EPS guidance range in 2025, and it is clear that our commitment to putting customers and communities first, while leading the way to a stronger, more resilient energy future is delivering exceptional value to our customers and investors.

我們在 2025 年實現了調整後每股收益預期範圍的最高值，這清楚地表明，我們始終將客戶和社區放在首位，同時引領走向更強大、更具韌性的能源未來，這正在為我們的客戶和投資者創造非凡的價值。

And this terrific execution across all aspects of our plan over the last year has substantially strengthened our outlook for 2026 and beyond, ultimately driving higher long-term earnings expectations.

過去一年，我們在計劃的各個方面都取得了出色的執行力，這大大增強了我們對 2026 年及以後的展望，最終推動了更高的長期盈利預期。

David, I'll now turn the call over to you for more details on our financial performance for 2025.

大衛，現在我將把電話交給你，請你詳細介紹我們2025年的財務表現。

Thanks, Chris, and good afternoon, everyone. As you can see from the materials we released this morning, our reported strong adjusted earnings per share of $4.30 for 2025, which, as Chris mentioned earlier, was the very top of our 2025 guidance range and represents 6% growth from adjusted earnings the prior year and 9% average annual growth from 2023.

謝謝克里斯，大家下午好。正如您從我們今天早上發布的資料中看到的那樣，我們報告稱，2025 年調整後每股收益強勁增長至 4.30 美元，正如 Chris 之前提到的，這是我們 2025 年指導範圍的上限，比上一年的調整後收益增長 6%，比 2023 年的平均年增長率為 9%。

This also represents adjusted earnings results at the top of or above our annual guidance range for the 11th year in a row, combined with delivering improving credit metrics and a remarkable dividend track record over the last 78 years, including dividend increases every year for the past 24 years, we are delivering on our objectives of regular, predictable and sustainable financial results and superior risk-adjusted long-term returns for investors.

這也意味著，經調整後的獲利結果連續第 11 年達到或超過我們年度指導範圍的上限，再加上信貸指標的改善以及過去 78 年中令人矚目的分紅記錄（包括過去 24 年每年都提高分紅），我們正在實現定期、可預測和可持續的財務業績以及為投資者帶來卓越的風險調整後長期回報的目標。

The primary drivers for our performance compared to 2024 were continued investment in our state-regulated utilities, customer growth and increased usage in our electric businesses and growth from wholesale, electric and other revenue sources.

與 2024 年相比，我們業績的主要驅動因素是：對州監管公用事業的持續投資、客戶成長、電力業務使用量增加以及批發、電力和其他收入來源的成長。

These positive drivers were partially offset by higher operations and maintenance expenses, depreciation and amortization and interest costs. A complete reconciliation of our quarterly and annual adjusted earnings is included in the materials we released this morning.

這些正面因素部分被更高的營運和維護費用、折舊和攤提以及利息成本所抵銷。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核對錶。

Turning now to electricity sales. Weather-normalized total retail electricity sales for the year were up 1.7% compared to 2024. The electric sales growth in 2025 is substantially higher than the growth we've seen in recent history. To put this in perspective, 1.7% year-over-year retail sales growth in 2025 is more than double the cumulative growth we saw over the last decade.

接下來談談電力銷售。經天氣因素調整後，今年的零售電力總銷售額比 2024 年增加了 1.7%。2025 年電動車銷售成長將遠高於我們近年來所見的成長水準。換個角度來看，2025 年零售銷售額年增 1.7%，是過去十年累計成長率的兩倍多。

Each of our electric operating companies saw positive weather-normal sales growth for the year with Georgia Power growing 2.5% from 2024. In fact, all three customer classes were up for the year, demonstrating a strong and resilient economy in our Southeast service territories.

我們旗下所有電力營運公司今年的銷售額均實現了正成長（正常天氣情況下），其中喬治亞電力公司從 2024 年起成長了 2.5%。事實上，今年所有三個客戶類別都實現了成長，這表明我們東南服務區域的經濟強勁且具有韌性。

Commercial sales were particularly strong, led by increased usage from existing and new large load data center customers, which were up 17% year-over-year for the second year in a row. 2025 was another strong year for residential customer growth with the addition of 39,000 new electric -- new residential electric customers and 25,000 new customers across our natural gas distribution businesses.

商業銷售表現特別強勁，主要得益於現有及新增大型資料中心客戶的用量成長，連續第二年年增17%。 2025年住宅客戶成長動能依然強勁，新增3.9萬戶電力用戶及2.5萬戶天然氣分銷客戶。

Electricity sales to industrial customers also demonstrated continued strength, growing 1.4% in 2025 over the prior year with four of our largest industrial customer segments showing gains, including the primary metals, lumber, paper and transportation segments. These trends across all three customer classes highlight the broad strength we continue to observe across our electric service territories.

面向工業客戶的電力銷售也持續強勁成長，2025 年比上一年增長 1.4%，其中我們最大的四個工業客戶群均實現了成長，包括初級金屬、木材、造紙和運輸業。這三個客戶群的這些趨勢凸顯了我們在電力服務區域內持續觀察到的廣泛優勢。

Chris, I'll now turn the call back over to you to kick off our long-term business update.

克里斯，現在我把電話交還給你，開始我們的長期業務更新。

Thank you, David. Looking back, I'm convinced that 2025 will stand out as a transformative year for Southern Company, one in which we achieved milestones that will propel the future of our business and customers for generations to come.

謝謝你，大衛。回顧過去，我確信 2025 年將成為南方公司具有變革意義的一年，在這一年裡，我們取得了里程碑式的成就，這將推動我們業務和客戶在未來幾代人中的發展。

We're in the midst of a watershed moment for the energy industry and our nation, and Southern Company is extraordinarily positioned to capture and serve growth in a way that delivers value for both customers and investors. Economic development activity at our utilities is robust and provides a tremendous foundation for sustainable growth.

我們正處於能源產業和國家的轉折點，南方公司擁有得天獨厚的優勢，能夠抓住並服務於成長，從而為客戶和投資者創造價值。我們公用事業部門的經濟發展活動十分強勁，為永續發展奠定了堅實的基礎。

Over the past year, more than 120 companies either made the decision to locate new facilities or announced expanded operations in our electric and gas service territories. These projects are expected to support over 21,000 new jobs, further highlighting the economic strengths of the regions we proudly serve.

過去一年，超過 120 家公司決定在我們電力和天然氣服務區域內設立新設施或宣布擴大業務。這些項目預計將創造超過 21,000 個新的就業崗位，進一步凸顯了我們引以為傲的服務地區的經濟實力。

Our companies have proven to be attractive partners for a diverse mix of new customers, including the large technology companies known as hyperscalers, who have made significant investments in our service territories. In addition to data centers, some of the larger announcements over the past year were in the manufacturing, automotive, aerospace and metals industry, with familiar names that include General Electric, US Steel, Duracell and Mercedes-Benz.

事實證明，我們的公司對各種新客戶來說都是極具吸引力的合作夥伴，其中包括被稱為超大規模資料中心的大型科技公司，這些公司在我們的服務區域進行了大量投資。除了資料中心之外，過去一年中一些較大的公告還涉及製造業、汽車業、航空航天業和金屬業，其中不乏通用電氣、美國鋼鐵公司、金霸王和梅賽德斯-奔馳等知名企業。

Our model is continuing to prove well suited to serve customers' growing needs while also enabling our local communities to thrive. Recall, our three electric utilities, Alabama Power, Georgia Power, and Mississippi Power operate in vertically integrated markets where we provide a one-stop shop for customers because we own the generation, transmission and distribution networks to reliably serve their needs, even at significant scale for large load customers.

我們的模式不斷證明能夠很好地滿足客戶日益增長的需求，同時也能夠促進當地社區的繁榮發展。請記住，我們的三家電力公司——阿拉巴馬電力公司、喬治亞電力公司和密西西比電力公司——在垂直一體化的市場中運營，我們為客戶提供一站式服務，因為我們擁有發電、輸電和配電網絡，可以可靠地滿足他們的需求，即使是對於大負載客戶來說，規模也相當可觀。

The orderly, transparent and constructive regulatory processes in which our utilities operate are designed to reliably and sustainably serve growth while helping to ensure that all customers benefit from that growth. And this design is proving effective.

我們公用事業公司所遵循的有序、透明和建設性的監管流程，旨在可靠、可持續地服務於成長，同時幫助確保所有客戶都能從成長中受益。事實證明，這種設計是有效的。

We are demonstrating the value of this approach through approvals for a significant investment in energy infrastructure while also providing rate stability over the next several years and into the next decade. Our scale, balance sheet strength and wherewithal in large construction projects further bolstered the necessary execution that would be critical for this ongoing expansion.

我們正在透過批准對能源基礎設施進行重大投資來證明這種方法的價值，同時在未來幾年甚至未來十年內保持價格穩定。我們在大型建設項目方面的規模、資產負債表實力和資源，進一步加強了對這項持續擴張至關重要的必要執行能力。

Our four gas utilities, also known as local distribution companies, or LDCs, proudly serve over 4 million customers across Illinois, Georgia, Virginia and Tennessee. This summer will mark the 10-year anniversary of the acquisition of what is now called Southern Company Gas.

我們的四家燃氣公用事業公司（也稱為本地分銷公司或 LDC）自豪地為伊利諾伊州、喬治亞州、維吉尼亞州和田納西州的 400 多萬客戶提供服務。今年夏天將是收購現在被稱為南方天然氣公司的企業十週年紀念日。

Since that acquisition, Southern Company Gas has exceeded all of our expectations, and we're extremely proud to have added these growing businesses. These four state-regulated LDCs have continued to work constructively to make significant investments in safety-related pipeline replacements and other modernization efforts, which have combined to triple their authorized rate base since the acquisition while increasing customer value.

自收購以來，南方天然氣公司 (Southern Company Gas) 的表現超出了我們所有的預期，我們非常自豪能夠收購這些不斷發展的企業。這四家受州政府監管的本地輸配電公司繼續積極開展建設性工作，對與安全相關的管道更換和其他現代化工作進行了大量投資，自收購以來，這些投資使其授權費率基數增加了兩倍，同時提高了客戶價值。

As we look to future growth opportunities, it's important to recognize that our LDCs operate in three of the top data center markets in the country, and are active in discussions with several large customers on solutions to directly or indirectly serve this potential growth.

展望未來的成長機遇，我們必須認識到，我們的本地資料中心在全國三大頂級資料中心市場運營，並且正在積極與幾家大型客戶探討解決方案，以直接或間接地服務於這一潛在增長。

Southern Power, our competitive power business has an industry-leading portfolio of assets with both technology and geographic diversity. Substantially all its assets are under long-term contracts with creditworthy counterparties, and we don't take meaningful commodity risk in these contracts.

南方電力公司是我們極具競爭力的電力業務部門，擁有業界領先的資產組合，兼具技術和地理多樣性。其幾乎所有資產都與信譽良好的交易對手簽訂了長期合同，而且我們在這些合同中不承擔任何重大商品風險。

In total, Southern Power's portfolio has over 13 gigawatts of capacity across 55 generating facilities in 15 states, including over 7 gigawatts of natural gas generation in the Southeast. The burgeoning need for reliable, dispatchable energy provides significant opportunities for Southern Power.

南方電力公司在 15 個州擁有 55 個發電設施，總裝置容量超過 13 吉瓦，其中包括東南部的 7 吉瓦以上的天然氣發電裝置容量。對可靠、可調度能源日益增長的需求為南方電力公司帶來了巨大的機會。

First, as contracts on our existing natural gas fleet come up for renewal beginning in the early 2030s and becoming more meaningful in the mid-2030s, there are significant opportunities for improved upside pricing. The market demand for capacity has increased pricing roughly 2 times to 3 times higher than where many of these assets are currently contracted.

首先，隨著我們現有天然氣設備的合約從 2030 年代初開始陸續到期，並在 2030 年代中期變得更加重要，價格上漲的空間非常大。市場對產能的需求導致價格上漲，大約是目前許多此類資產合約價格的 2 到 3 倍。

And by 2030, Southern Power has an opportunity to remarket approximately 1,000 megawatts of natural gas generation capacity. Second, we're in late-stage discussions to move forward with up rates of up to an additional 700 megawatts of capacity for Southern Power's legacy natural gas fleet to meet future projected market demands.

到 2030 年，南方電力公司有機會將約 1,000 兆瓦的天然氣發電容量重新推向市場。其次，我們正在進行後期討論，以推進將南方電力公司現有天然氣發電廠的發電容量提高至多 700 兆瓦，從而滿足未來預計的市場需求。

And lastly, Southern Power is exploring opportunities to add new natural gas generation at its existing plant sites in the Southeast as well as options for new generation resources in other markets to serve data centers and other large load customers. We are very pleased to have successfully developed this incredibly valued business as it represents a tremendous opportunity to support sustainable growth well into the next decade.

最後，南方電力公司正在探索在其位於東南部的現有電廠增加新的天然氣發電的機會，以及其他市場的新發電資源選擇，以服務資料中心和其他大負載客戶。我們非常高興能夠成功發展這項極具價值的業務，因為它代表著一個巨大的機遇，可以支持公司在未來十年實現永續成長。

We are also excited about the growth opportunities we're seeing at some of our smaller subsidiaries, including PowerSecure and Southern Telecom. PowerSecure specializes in providing utility and energy solutions, including bridge power to commercial, industrial and load-serving customers, and it is uniquely positioned to grow as demand for customer-sided solutions increases, including in response to extreme weather events, utility distributed energy resource programs and bring your own generation mandates.

我們也對旗下一些規模較小的子公司（包括 PowerSecure 和 Southern Telecom）的成長機會感到興奮。PowerSecure 專注於提供公用事業和能源解決方案，包括為商業、工業和負載服務客戶提供過渡電力，隨著對客戶端解決方案的需求增加，包括應對極端天氣事件、公用事業分散式能源資源計劃和自帶發電強制令，PowerSecure 具有獨特的成長優勢。

Southern Telecom in partnership with our electric utilities, 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 territory.

南方電信與我們的電力公司合作，部署光纖基礎設施，作為一項重要且有吸引力的附加產品，增強了資料密集型客戶在我們東南部服務區域的吸引力。

David, I'll now turn the call back over to you to discuss our strategy and incredible portfolio support the durability of our further strengthened financial outlook.

大衛，現在我將把電話交還給你，討論我們的策略和強大的投資組合對我們進一步增強的財務前景的可持續性的支持。

Thanks, Chris. Starting with our sales forecast, we project retail electric sales to grow at least 3% across our three electric operating companies in 2026. On average, from 2026 through 2030, we project annual electricity sales growth of 10%, an increase of 2 percentage points from our prior long-term sales projections.

謝謝你，克里斯。從我們的銷售預測來看，我們預計到 2026 年，我們旗下三家電力營運公司的零售電力銷售額將增加至少 3%。我們預計，從 2026 年到 2030 年，年均電力銷售額將成長 10%，比我們先前的長期銷售預測成長 2 個百分點。

Georgia Power's total retail electric sales growth is projected to be approximately 13% over the same period. Our long-term sales forecast is supported by robust interest from a wide range of large load customers, including hyperscalers. And as we continue to see momentum grow in Alabama and Mississippi, our total large load pipeline has increased to over 75 gigawatts.

預計同期喬治亞電力公司零售電力銷售總額將成長約 13%。我們的長期銷售預測得到了包括超大規模資料中心在內的眾多大負載客戶的強勁需求的支持。隨著我們在阿拉巴馬州和密西西比州的勢頭持續增長，我們的大負荷項目總規模已增至超過 75 吉瓦。

This tangible interest and growing momentum have materialized into 26 signed contracts representing 10 gigawatts of fully contracted electric service agreements today, which is 2 gigawatts higher than what we reported last quarter and 4 gigawatts higher than a year ago.

這種切實的興趣和不斷增長的勢頭已經轉化為 26 份已簽署的合同，代表著 10 吉瓦的完全簽約電力服務協議，比我們上個季度報告的數字高出 2 吉瓦，比一年前高出 4 吉瓦。

These 26 customer projects, nearly all of which are currently under construction include load ramps totaling 8 gigawatts by the end of our five year planning horizon, ultimately ramping up to 10 gigawatts beyond 2030. Importantly, in addition to these signed contracts, we are in late-stage discussions for another 10 gigawatts of load, 3 gigawatts of which are working through final reviews and are highly likely to progress to an executed contract in the near term.

這 26 個客戶項目，幾乎全部都在建設中，到我們五年規劃期結束時，負載爬坡總量將達到 8 吉瓦，最終在 2030 年以後將達到 10 吉瓦。重要的是，除了這些已簽署的合約外，我們正在就另外 10 吉瓦的負荷進行後期磋商，其中 3 吉瓦正在進行最終審查，極有可能在近期內達成正式合約。

Based on the timing of the associated load ramps for the projects in our risk-adjusted forecast, including the contracts we have signed, we project sales growth and the associated revenues to accelerate into 2027 with an even more pronounced expansion in 2028.

根據我們風險調整預測中相關項目負荷增加的時間安排（包括我們已簽署的合約），我們預計銷售成長和相關收入將在 2027 年加速成長，並在 2028 年實現更明顯的擴張。

Considering the composition and strength of our large load pipeline, we project commercial sales, which currently comprise roughly one third of our total retail sales to more than double, growing roughly 20% annually through the end of the decade.

考慮到我們龐大的貨運通路的組成和實力，我們預計商業銷售額（目前約占我們零售總額的三分之一）將翻倍以上，到本世紀末每年增長約 20%。

The framework and methodology under which we approach contracting with large load customers are, we believe, one of the best in the industry and are uniquely designed to benefit and protect existing customers and investors. Across all our electric jurisdictions, our regulatory frameworks allow for bilaterally negotiated contracts for large load customers rather than the use of a standard tariff.

我們相信，我們與大負荷客戶簽訂合約所採用的框架和方法是業內最好的之一，並且經過獨特設計，能夠使現有客戶和投資者受益並保護他們的利益。在我們所有的電力管轄區，我們的監管框架允許對大負荷客戶進行雙邊談判合同，而不是使用標準關稅。

This provides each utility with the necessary flexibility to appropriately price large load customers in a manner designed to more than cover the incremental cost to serve them, helping to ensure this growth can immediately benefit existing customers. Our contracts include a robust set of terms and conditions. Contracts carry minimum terms of at least 15 years for data centers with some going out even further.

這為每家公用事業公司提供了必要的靈活性，使其能夠以適當的方式為大負載客戶定價，以彌補為他們服務的增量成本，從而幫助確保這種增長能夠立即惠及現有客戶。我們的合約包含一套完善的條款和條件。資料中心的合約期限最短為 15 年，有些甚至更長。

Over the term of the contract, there are fixed or minimum build provisions similar to take-or-pay structures that factor in the customers' requested load ramps and are designed to cover at least 100% of the annual incremental cost to serve, including the necessary generation and transmission investments, incremental O&M and our cost of capital.

在合約期限內，存在類似於照付不議結構的固定或最低建設條款，這些條款考慮了客戶要求的負載爬坡，旨在至少覆蓋 100% 的年度新增服務成本，包括必要的發電和輸電投資、新增運維成本以及我們的資本成本。

These contracts also include strong protections in the form of termination payments tied to the incremental cost to serve over the life of the remaining contract with significant collateral requirements tied to the termination payments to provide additional layer of security and protection for our retail customers and investors.

這些合約還包括強有力的保護措施，例如終止付款與剩餘合約期限內新增服務成本掛鉤，並附帶大量抵押品要求，為我們的零售客戶和投資者提供額外的安全保障。

Our disciplined approach to pricing these large load contracts is already translating into significant benefits and tangible savings for existing customers. Largely as a result of their ability to sustainably capture growth, Georgia Power and Alabama Power, our two largest subsidiaries, worked constructively last year with each of their public service commissions to implement multiyear rate stabilization agreements.

我們對這些大額負荷合約採取的嚴謹定價方法，已經為現有客戶帶來了顯著的收益和切實的節省。由於喬治亞電力公司和阿拉巴馬電力公司（我們最大的兩家子公司）具備持續獲取成長的能力，去年它們與各自的公共服務委員會進行了建設性的合作，實施了多年費率穩定協議。

As we deploy significant capital to serve this extraordinary projected growth, we're working with our public service commissions to help ensure existing customers benefit as this growth serves to support rate stability. In December, as a part of its certification process for new generation, Georgia Power was able to quantify at least approximately $1.7 billion of benefits that will help to lower cost to serve existing customers from 2029 through 2031.

為了應對預計的這一非凡增長，我們投入了大量資金，同時與公共服務委員會合作，以確保現有客戶受益，因為這一增長有助於維持費率穩定。去年 12 月，作為其新發電認證流程的一部分，喬治亞電力公司量化了至少約 17 億美元的收益，這將有助於降低 2029 年至 2031 年為現有客戶提供服務的成本。

This customer benefit is directly attributable to the value created by our approach to contracting and serving new large load customers. Recall, our approach to large load contracts includes minimum bill provisions designed to offset other costs throughout our business, ultimately providing savings to customers while helping to ensure that we deliver on our financial commitments.

客戶的這項利益直接歸功於我們與新大宗貨物客戶簽訂合約和服務客戶的方式所創造的價值。請記住，我們對大額貸款合約的處理方式包括最低帳單條款，旨在抵消我們業務中的其他成本，最終為客戶節省開支，同時幫助我們履行財務承諾。

Combined with continued constructive regulatory outcomes in our states, our unique approach to serving projected growth from large load and data center customers is delivering mutual benefits to all stakeholders. In addition to our recent large load customer outcomes, earlier this week, Georgia Power made filings for its storm, and fuel cost recoveries that, if approved, would collectively lower rates for customers starting this summer.

結合我們各州持續的建設性監管成果，我們為滿足大型負載和資料中心客戶預期成長需求而採取的獨特方法，正在為所有利害關係人帶來互惠互利。除了我們最近為大負載客戶帶來的成果外，本週早些時候，喬治亞電力公司提交了風暴和燃料成本回收申請，如果獲得批准，將從今年夏天開始降低客戶的電費。

Turning to our capital plan, our base capital investment forecast is $81 billion over the next five years, 95% of which is at our state-regulated utilities. This represents an $18 billion or approximately 30% increase from our forecast just one year ago.

再來看我們的資本計劃，未來五年我們的基本資本投資預測為 810 億美元，其中 95% 將用於我們州監管的公用事業。這比我們一年前的預測增加了 180 億美元，增幅約 30%。

The main drivers of this capital plans increase are related to new generation facilities, most of which were announced or approved in 2025 and the approved Integrated Resource Plan, or IRP, in Georgia, which included incremental investments in existing infrastructure. These investments include up rates for more capacity at existing natural gas and nuclear facilities as well as modernization of hydroelectric dams.

資本計畫成長的主要驅動因素與新的發電設施有關，其中大部分已於 2025 年宣布或批准，以及喬治亞州批准的綜合資源計畫 (IRP)，該計畫包括對現有基礎設施的增量投資。這些投資包括提高現有天然氣和核能設施的發電量，以及對水力發電大壩進行現代化改造。

Through 2030, we expect to invest roughly $42 billion or over half of our total five year capital plan to reliably serve projected growth through the combination of new generation, enhancements to existing generation assets and expansions of our transmission and interstate pipeline systems.

到 2030 年，我們預計將投資約 420 億美元，或超過我們五年資本計畫總額的一半，透過新建發電設施、改善現有發電資產以及擴建輸電和州際管道系統，可靠地滿足預計的成長需求。

Our capital investment plan supports projected long-term state-regulated average annual rate base growth of approximately 9%, a 2% increase from our forecast one year ago. Our base capital investment forecast reflects an approach to capital planning that is consistent with our approach in the past. We do not include capital placeholders, nor do we include potential capital investments, which remain subject to regulatory processes.

我們的資本投資計畫支持長期州監管平均年費率基數成長約 9%，比一年前的預測成長 2%。我們的基本資本投資預測體現了一種與我們過去一貫做法一致的資本規劃方法。我們不包括資本佔位符，也不包括潛在的資本投資，這些仍需經過監管程序。

Beyond our base forecast, there are several opportunities for our capital plan to continue to grow. For example, Alabama Power and Georgia Power have either begun or expected to begin request for proposal or RFP processes to procure generation resource needs forecasted in the early to mid-2030s. These RFPs could represent several gigawatts of additional new generation.

除了我們的基本預測之外，我們的資本計劃還有幾個繼續成長的機會。例如，阿拉巴馬電力公司和喬治亞電力公司已經開始或預計將開始招標或徵求建議書（RFP）流程，以採購預計在 2030 年代初期至中期所需的發電資源。這些招標項目可能意味著新增數吉瓦的發電量。

In addition, as we've highlighted before, there are also potential natural gas pipeline investments either through our FERC-regulated interstate pipelines or through midstream-like investments at our LDCs to directly or indirectly serve projected growing energy needs.

此外，正如我們之前所強調的那樣，還有潛在的天然氣管道投資，可以透過我們受聯邦能源管理委員會監管的州際管道，也可以透過我們地方燃氣公司（LDC）的中游投資，直接或間接地滿足預計不斷增長的能源需求。

Similarly, we have not included the opportunities Chris mentioned earlier for Southern Power in our base capital plan. Ultimately, based on our traditional disciplined planning methodologies, combined with the additional opportunities we see to serve projected growth as we get more line of sight on specific projects, it is reasonable to expect that our capital forecast could continue to increase.

同樣，我們也沒有將克里斯之前提到的南方電力公司的機會納入我們的基本資本計劃中。最終，基於我們傳統的嚴謹規劃方法，再加上隨著我們對具體項目的了解加深，我們看到了更多服務於預期成長的機會，因此，我們有理由預期我們的資本預測可能會繼續增長。

The updated financing and equity plan we provided supports our base capital plan and continues to fund the business in a credit supportive manner. Preserving our long -- preserving our strong investment-grade credit ratings continues to be a priority. As we believe that to be a premium equity investment, a company must also be a high-quality credit.

我們提供的更新融資和股權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。維持我們長期強勁的投資等級信用評級仍然是我們的首要任務。我們認為，要成為優質股權投資，公司也必須擁有高品質的信用評級。

There is no greater evidence of our commitment to credit quality than our actions in 2025 to proactively address $9 billion of equity needs. In addition to our internal equity plans and issuances of junior subordinated notes, which received 50% equity treatment from the rating agencies, our recent actions included pricing $4 billion of equity through our at-the-market or ATM program with forward contracts that settle through 2026.

我們對信貸品質的承諾，沒有比我們在 2025 年積極應對 90 億美元股權需求的行動更有力的證明了。除了我們的內部股權計劃和次級債券發行（評級機構給予了 50% 的股權待遇）之外，我們最近的舉措還包括透過我們的市場發行計劃（ATM）對 40 億美元的股權進行定價，並簽訂了結算期至 2026 年的遠期合約。

Additionally, in November, we issued $2 billion of equity units through a mandatory convertible, which will settle in shares in 2028. Importantly, in our forecast, nearly all $9 billion of the equity we have already addressed is expected to be issued or settled by 2028.

此外，11 月，我們透過強制可轉換債券發行了 20 億美元的股權單位，這些單位將於 2028 年結算為股票。重要的是，根據我們的預測，我們已經討論過的近 90 億美元的股權預計將在 2028 年之前發行或結算。

Consistent with our increased capital investment plan, we project a remaining need for equity or equity equivalents of approximately $2 billion through 2030 to continue supporting our long-term credit objectives.

根據我們不斷增加的資本投資計劃，我們預計到 2030 年仍需約 20 億美元的股權或股權等價物，以繼續支持我們的長期信貸目標。

We plan to remain proactive in our approach as we seek to sustain or improve upon current credit metric profile of roughly 15% FFO to debt through 2027 as we continue to deploy significant capital investment to serve our forecasted growth.

我們計劃繼續採取積極主動的方式，力爭在 2027 年前維持或改善目前約 15% 的 FFO 與債務比率，同時我們將繼續投入大量資本，以滿足我們預期的成長需求。

Beyond 2027, improved projected cash flows from large load customers and the broad growth we project across our businesses, along with the completion of several large capital projects in our base plan, credit metrics are projected to improve and ultimately position us to achieve credit metrics consistent with our continued objective of approximately 17% FFO to debt by 2029.

展望 2027 年後，隨著大客戶帶來的預期現金流改善以及我們各項業務的全面增長，加上我們基本計劃中幾個大型資本項目的完成，預計信貸指標將有所改善，並最終使我們能夠實現與我們持續目標一致的信貸指標，即到 2029 年 FFO 與債務之比約為 17%。

To the extent incremental capital opportunities materialize, our credit quality objectives will remain consistent. Accordingly, we would expect to finance incremental capital investment above our current plan with approximately 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.

如果新增資本機會得以實現，我們的信貸品質目標將維持不變。因此，我們預計將以約 40% 的股權或股權等價物為超出我們目前計劃的新增資本投資提供資金。我們預期在尋求新增股權或股權等價物時，將繼續保持靈活性，並秉持我們歷來所展現的以股東為中心的原則。

As I mentioned earlier, we have a remarkable dividend track record as Southern Company has paid a dividend that is greater than or equal to the previous year for 78 consecutive years with consecutive increases over each of the last 24 years.

正如我之前提到的，南方公司擁有卓越的股息支付記錄，連續 78 年派發的股息都大於或等於上一年，並且在過去 24 年中每年都實現了股息增長。

For decades, our dividend has been an integral part of our value proposition for shareholders. While future dividend increases are subject to approval by our Board of Directors, we project continued modest increases in the dividend over the next several years. This should serve to lower our dividend payout ratio into the low to mid-60% range in the latter portion of our forecast horizon.

幾十年來，股利一直是公司為股東創造價值的重要組成部分。雖然未來的股息成長需經董事會批准，但我們預計未來幾年股息將繼續小幅成長。這應該有助於在預測期的後半段將我們的股息支付率降低到 60% 左右的低點。

As we balance our equity needs, we fund the growth we are projecting. At that point, subject to Board approval, we will be in a position to re evaluate the pace of dividend growth, potentially increasing the rate at which we grow annual dividends to shareholders.

在平衡股權需求的同時，我們為預期成長提供資金。屆時，經董事會批准，我們將能夠重新評估股息成長速度，並有可能提高我們向股東發放的年度股息的成長速度。

Turning now to our earnings guidance for 2026 and beyond, our adjusted earnings per share guidance range for 2026 is $4.50 to $4.60 per share. Our adjusted guidance range represents 7% growth from the top and bottom of our 2025 adjusted EPS guidance range. The estimate for adjusted EPS for the first quarter is $1.20.

現在來看看我們對 2026 年及以後的獲利預期，我們 2026 年調整後的每股盈餘預期範圍為每股 4.50 美元至 4.60 美元。我們調整後的預期範圍比我們 2025 年調整後的每股盈餘預期範圍的上限和下限增加了 7%。第一季調整後每股收益預計為 1.20 美元。

As we've highlighted today, execution and the achievements across our businesses over the prior year have meaningfully strengthened our outlook, and we are positioned for exceptional growth. Over the next three years, we expect to grow adjusted earnings per share 8% to 9% from 2026 through 2028.

正如我們今天所強調的，過去一年我們各項業務的執行力和所取得的成就顯著增強了我們的前景，我們已做好實現卓越成長的準備。未來三年，我們預計從 2026 年到 2028 年，調整後每股盈餘將成長 8% 至 9%。

In recognition of the timing, visibility and confidence associated with projected growth during this period, we are establishing initial guidance ranges for each of these years. In addition to the 2026 range I provided, our initial guidance range for 2027 is adjusted earnings per share of $4.85 to $4.95, which represents approximately 8% growth from 2026.

考慮到這段期間內預期成長的時機、可見性和信心，我們正在為每一年制定初步的指導範圍。除了我提供的 2026 年範圍外，我們對 2027 年的初步指導範圍是調整後每股收益 4.85 美元至 4.95 美元，這比 2026 年增長約 8%。

For 2028, we project adjusted earnings per share to grow approximately 9% from 2027, resulting in an initial guidance range of $5.25 and $5.45. Longer term, we expect adjusted earnings to grow approximately 7% to 8% from our 2028 guidance range. This projected earnings growth trajectory provides for an average annual adjusted earnings growth profile of 8% from the 2026 guidance midpoint to 2030.

我們預計2028年調整後每股盈餘將比2027年成長約9%，初步指引區間為5.25美元至5.45美元。長期來看，我們預計2028年調整後收益將比指引區間成長約7%至8%。根據預測，從 2026 年的預期中點到 2030 年，平均每年調整後的獲利成長率將達到 8%。

We expect this outlook to be durable, supported by a large and growing portfolio of large load contracts, a robust capital investment plan and visibility on an efficient equity and debt financing plan that is designed to support credit quality and customer rate stability.

我們預計這一前景將持續，這得益於龐大且不斷增長的大額負荷合約組合、穩健的資本投資計劃以及旨在支持信貸品質和客戶利率穩定的高效股權和債務融資計劃的可見性。

With the potential for continued momentum on growth above our base plan and the incremental capital deployment opportunities that would be required to serve it as well as the success we expect in repricing portions of Southern Power's capacity through the next decade, we believe there could ultimately be upside to our long-term outlook beyond what we laid out today.

鑑於成長勢頭有望持續高於我們的基本計劃，以及為實現這一目標所需的額外資本部署機會，再加上我們預計在未來十年內對南方電力公司部分產能進行重新定價將會取得成功，我們相信，我們的長期前景最終可能會比我們今天提出的還要好。

With that, I'll now turn it back over to Chris for closing remarks.

接下來，我將把發言權交還給克里斯，請他作總結發言。

Thank you, David. We are clearly in a phase of execution. The planned large-scale build-out across our electric system in the Southeast over the next several years is tremendous and Southern Company's experience, expertise and scale support the necessary execution.

謝謝你，大衛。我們顯然正處於執行階段。未來幾年，我們計劃在東南部的電力系統中進行大規模建設，規模龐大，而南方公司的經驗、專業知識和規模將為必要的執行提供支援。

We secured the labor and equipment for these projects through early EPC agreements and reservation payments, well in advance and are leveraging relationships across our vast supply chain. We have unique experience with large construction projects, recently completing the only two new nuclear units in three decades, showing we can do hard things.

我們透過早期EPC協議和預訂付款提前確保了這些項目的勞動力和設備，並正在利用我們龐大供應鏈中的關係。我們在大型建設項目方面擁有獨特的經驗，最近完成了三十年來僅有的兩座新的核電機組，這表明我們能夠完成艱鉅的任務。

The lessons learned from completing Plant Vogtle Units 3 and 4, along with other recent generation projects have helped inform our robust set of project controls and tools to assist our team's efforts and help ensure we are well positioned for timely execution.

從沃格特勒核電廠 3 號和 4 號機組的建設以及其他近期專案中獲得的經驗教訓，幫助我們完善了一套強大的專案控制和工具，以協助我們的團隊工作，並幫助我們確保能夠及時有效地執行專案。

Our focus on operational excellence extends into every facet of how we serve customers, including through even the most extreme weather conditions. Over the last two months, the daily lives of millions across the Eastern United States, including those in the territories we are privileged to serve, have been impacted by extreme cold weather temperatures and severe weather conditions.

我們對卓越營運的關注體現在我們服務客戶的方方面面，即使在最極端的天氣條件下也是如此。在過去的兩個月裡，包括我們有幸服務的地區在內的美國東部數百萬人的日常生活都受到了極端寒冷天氣和惡劣天氣的影響。

I'm incredibly proud of the way Southern Company's electric and gas teams safely performed under these harsh conditions for our 9 million customers. Events such as Winter Storm Fern in January, where our system served the second highest winter peak electric load of over 39,000 megawatts demonstrate the value that our vertically integrated system brings to our customers and the importance of continued strategic investments in resilience and expansion of energy infrastructure.

我為南方電力公司電力和燃氣團隊在如此惡劣的條件下安全高效地為我們900萬客戶提供服務而感到無比自豪。1 月的冬季風暴「蕨類植物」等事件表明，我們的垂直一體化系統為客戶帶來了價值，也體現了持續對能源基礎設施的韌性和擴展進行策略性投資的重要性。當時，我們的系統為超過 39,000 兆瓦的冬季高峰電力負載提供了第二高的電力。

Our team's exceptional performance, providing reliable energy and quick response to service interruptions throughout these events also speaks to the thorough preparation and commitment of our employees.

在這些事件中，我們的團隊表現出色，提供了可靠的能源，並迅速回應了服務中斷，這也體現了我們員工的充分準備和敬業精神。

Innovations such as recently deployed AI tools that helped our leaders preposition crews to be ready to safely and quickly respond and self-healing networks that allow transmission and distribution lines to isolate outages and reroute power highlight the value that our continued infrastructure investments provide to accelerate restoration efforts and support delivery of the energy on which our customers depend.

最近部署的人工智慧工具等創新技術幫助我們的領導者預先部署人員，以便安全快速地做出回應；自癒網路使輸配電線路能夠隔離故障並重新分配電力，這些創新凸顯了我們持續的基礎設施投資在加快恢復工作和支援向客戶輸送他們所依賴的能源方面所發揮的價值。

Our energy-leading innovation, our focus on resilience and our deep commitment to the people and communities we are privileged to serve are but a few key drivers of why Southern Company was recently recognized as the number one electric and gas utility in Fortune Magazine's list of -- most Admired Companies for 2026, an honor we are proud to receive and a standard we endeavor to earn each and every day.

我們引領能源創新、注重韌性以及對我們有幸服務的民眾和社區的深切承諾，只是南方公司最近被《財富》雜誌評為 2026 年最受尊敬公司榜單中排名第一的電力和天然氣公用事業公司的幾個關鍵驅動因素。我們為獲得這項榮譽感到自豪，這也是我們每天努力追求的目標。

As we conclude our discussion today, I want to emphasize how excited we are about the future here at Southern Company. We are experiencing incredible growth, and we are making investments in all parts of our business to recognize the value of the extraordinary opportunities in front of us while ensuring that rate stability and reliability and value to customers remains our top priorities.

在今天討論即將結束之際，我想強調我們對南方公司未來發展前景的無比興奮。我們正經歷著令人矚目的成長，我們正在對業務的各個方面進行投資，以把握擺在我們面前的非凡機遇，同時確保費率的穩定性和可靠性以及為客戶創造價值仍然是我們的首要任務。

Southern Company was built to serve growing economies and to foster economic prosperity in the territories we serve. I am proud of how we are leading the way with this mission and working to ensure that enduring impact from this extraordinary growth opportunity is unquestionably positive for all stakeholders.

南方公司成立的目的是為了服務不斷成長的經濟體，並促進我們所服務地區的經濟繁榮。我為我們能夠引領這項使命並努力確保這一非凡的成長機會對所有利益相關者產生毫無疑問的積極持久影響而感到自豪。

While the size and velocity of this growth is arguably unprecedented, the discipline and customer-focused approaches investors expect from our company remain evident in both our outlook and our execution, whether it's the long-term stability of our customer rates, the economic benefits we're capturing for existing customers, our measured risk-adjusted approach to load forecasting, the high priority we place on balance sheet strength and credit quality or our focus on the long-term durability of EPS guidance.

儘管這種成長的規模和速度可以說是前所未有的，但投資者期望我們公司秉持的紀律和以客戶為中心的理念，在我們的展望和執行中仍然顯而易見，無論是客戶費率的長期穩定性、我們為現有客戶帶來的經濟效益、我們經過風險調整的負荷預測方法、我們對資產負債表實力和信用質量的高度重視，還是我們對每股預期可持續性關注的收益表。

We endeavor every day to be the premier must-own utility and to deliver regular, predictable and sustainable results and superior risk-adjusted returns to investors over the long term. Thank you for joining us this afternoon and thank you for your continued interest in Southern Company. Operator, we are now ready to take questions.

我們每天都努力成為首屈一指的必備公用事業公司，並在長期內為投資者提供定期、可預測和可持續的業績以及優異的風險調整後回報。感謝您今天下午蒞臨，也感謝您一直以來對南方公司的關注。操作員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey Nick, how you doing, man?

嘿，尼克，你好嗎？

Hey. How's it going? Good afternoon and thanks for all the updates. So I guess you've always been a pretty conservative company, and you've taken 5% to 7% to 7% to 8%. I know it takes a lot to go there. I appreciate the new outlook.

嘿。怎麼樣了？下午好，感謝您提供的所有最新消息。所以我覺得你們一直是比較保守的公司，你們的收益率一直維持在 5% 到 7% 到 7% 到 8% 之間。我知道去那裡需要很大的勇氣。我欣賞這種新觀點。

Maybe just wondering how you're kind of trending in the beyond '28 time frame at the base level, just acknowledging your comments that you kind of said that the Southern Power repricing might put you higher maybe at the top end. So is this plan really built for the midpoint in '29 and 2030? And what would kind of put you lower or higher in the range based on the range of outcomes?

或許只是想知道您在 2028 年之後的時間段內，基本面的發展趨勢如何，也想回應您之前的評論，您提到南方電力公司的重新定價可能會讓您在高端市場走得更高。那麼，這個計畫真的是為了2029年到2030年這個中點而製定的嗎？那麼，根據結果範圍，什麼因素會讓你的排名更高或更低呢？

Nick, I mean, I think you got to go back to your initial comment. I mean you know us. I mean you know how disciplined we are, you know how thoughtful we are in terms of setting expectations. And so as we look forward in terms of the execution around these 10 gigawatts of projects and what we see, the 3 gigawatts in final stages of 7 gigawatts in late stages and looking at the pipeline of some 75 gigawatts. I mean, that gave us confidence to make the changes and the adjustments that we've announced today.

尼克，我的意思是，我覺得你應該回到你最初的評論。我的意思是，你們了解我們。我的意思是，你知道我們有多自律，你也知道我們在設定預期方面有多周全。因此，展望未來，就這 10 吉瓦項目的執行而言，我們看到，其中 3 吉瓦已進入最後階段，7 吉瓦處於後期階段，還有大約 75 吉瓦的項目正在籌備中。我的意思是，這給了我們信心，讓我們能夠做出今天宣布的改變和調整。

And not only here through '26, but as we speak to additional growth in '27 and '28, I mean, this work -- this activity we see supports what we've outlined. I mean we've also announced the economic expansion that we see all across the company, 120 companies locating in our territory, 21,000 jobs, the 17% year-over-year data center growth, sales growth this year of 1.7% and what we've spoken to going into the latter part of the decade. So we see the strength we see -- as we talked about, the potential upside from Southern Power.

不僅到 2026 年，而且正如我們談到 2027 年和 2028 年的進一步增長時，我的意思是，我們看到的這項工作——這項活動支持了我們所概述的內容。我的意思是，我們也宣布了公司各方面的經濟擴張，120 家公司落戶我們的地區，創造了 21,000 個就業崗位，數據中心同比增長 17%，今年的銷售額增長了 1.7%，以及我們之前談到的進入本十年後半段的發展。所以我們看到了我們所看到的實力——正如我們所說，南方電力公司的潛在成長潛力。

So yes, I mean, we're very confident. And we -- as we talked about earlier in years past, it was important for us to see that the durability, the long-term focus for us that we thought was necessary to make this adjustment.

是的，我的意思是，我們非常有信心。正如我們過去幾年所討論的那樣，對我們來說，重要的是要看到持久性和長期性，我們認為這是做出這項調整所必需的。

And I might add on to that, that we put guidance expectations out there, and they're a target for us to go get. And we'd be pretty disappointed if we didn't achieve near the top end of that. Now 2028 is a long way out, but we do see opportunities out there that provide upside and there's potential to be higher.

我還要補充一點，我們公佈了業績預期，這些預期是我們努力實現的目標。如果我們沒能接近目標的上限，我們會非常失望的。2028 年雖然還很遙遠，但我們確實看到了一些機會，這些機會具有上漲空間，而且未來還有可能更高。

Thanks for the thoughts. And then maybe just as we think about the 3 gigawatts that you highlighted on the load side, which seem to be much more near term, just would that be served entirely with gas and -- can we do the math on what that CapEx would be if it's all new build? Or how are you kind of thinking about sourcing the generation for that?

謝謝你的想法。然後，當我們考慮您提到的負載側的 3 吉瓦時（這似乎是近期需要解決的問題），這些電力是否完全由天然氣供應？ ——如果全部是新建，我們能否計算一下資本支出是多少？或者說，你打算如何尋找這一代人才？

It continues to support our all-of-the-above strategy. Clearly, I mean, I think there's -- as we talked about in our plan, there's a lot of gas in the plan, but you're going to continue to see battery energy storage, I mean some of the opportunities that we have. I mean, we'll look at all the resources in terms of how we meet this growth opportunity going forward from an all-in above approach.

它繼續支持我們「全面兼顧」的策略。顯然，我的意思是，我認為——正如我們在計劃中討論的那樣，計劃中有很多天然氣，但你將繼續看到電池儲能，我的意思是，這是我們擁有的一些機會。我的意思是，我們將從全面投入的角度出發，審視所有資源，以抓住這成長機會。

Thanks for the updates.

謝謝你提供的最新資訊。

Thanks, Nick.

謝謝你，尼克。

Steven Fleishman, Wolfe Research.

Steven Fleishman，Wolfe Research。

Hey Steve.

嘿，史蒂夫。

Hey, how are you all doing? Thanks for the very extensive update. And a couple of questions. So first on the -- you mentioned the 3 gigawatts that are in late stage, highly likely. Just would those impact the current plan? Or would they come on afterward? Just how do we think about the timing of the investment for that? Is that part of your kind of potential upside comment?

嘿，你們都好嗎？感謝您提供的如此詳盡的更新資訊。還有幾個問題。首先，你提到了 3 吉瓦的後期項目，很有可能。這些會對現有計劃產生影響嗎？或者他們會稍後加入？我們該如何考慮這項投資的時機呢？這是你所說的潛在利好因素嗎？

Yeah, Steve. Those contracts, I mean, they're very near term, and they're working through our counterparties' approval process, Board approvals, all that. So we see those contracts being signed imminently, and they are baked into our forecast today. Keep in mind, these have ramp rates that move out beyond our planning horizon right now. But they are baked in.

是的，史蒂夫。我的意思是，這些合約都是近期到期的，目前正在經過我們交易對手的審批流程、董事會的審批等等。因此，我們預計這些合約即將簽署，並且這些合約已納入我們今天的預測中。請注意，這些成長速度超出了我們目前的規劃範圍。但它們是已經烤進去的。

And keep in mind, we also have a very conservative risk-adjusted approach to modeling our loads and those load models then drive into our revenue expectations and projections, which bake into our plan. So they're in there, but they do go beyond. They do extend beyond our planning horizon, and they just help us with the confidence in what we're trying to achieve.

請記住，我們在對負載進行建模時也採用了非常保守的風險調整方法，這些負載模型隨後會影響我們的收入預期和預測，而這些預期和預測又會融入我們的計劃中。所以它們就在那裡，但它們也超越了那裡。它們確實超越了我們的規劃範圍，而且它們有助於增強我們對所要實現的目標的信心。

Okay. So just maybe I didn't understand this. So the current plan that you laid out for 2030 includes the 10 gigawatts that are signed plus this 3 gigawatts that are highly likely?

好的。或許是我沒理解。所以，您目前製定的2030年計畫包括已簽署的10吉瓦項目，以及極有可能實現的3吉瓦項目？

Correct.

正確的。

Okay. And -- but that's it. The stuff beyond that is not included.

好的。僅此而已。除此之外的其他內容均不包含在內。

Correct. Yes.

正確的。是的。

All right. Good. And then when you talk about the upside to the growth rate, is that within the plan to 2030? Or is it thinking like beyond 2030 or both? Because you kind of talked about Southern Power and a lot of those drivers, I think you talked about are kind of 2030 and beyond.

好的。好的。那麼，當您談到成長率的上升空間時，這是否在 2030 年的計劃之內？或者說，這是在考慮2030年以後的事情，還是兩者兼具？因為你談到了南方電力公司，而你提到的許多驅動因素，我認為都是關於 2030 年及以後的。

Yeah, Steve, great observation. It really is kind of both. I mean we see the opportunity to grow at that 7% to 8% trajectory beyond 2030. I can't necessarily commit that, that's indefinite, but it certainly goes beyond our planning horizon right now.

是的，史蒂夫，觀察得很仔細。其實兩者兼而有之。我的意思是，我們看到了在 2030 年以後保持 7% 到 8% 的成長速度的機會。我無法做出這樣的承諾，這尚無定論，但肯定超出了我們目前的計劃範圍。

And everything we see in front of us with the contracts that are near term, the contracts that we've signed, what we've been able to accomplish on the regulatory front, just give us a lot of confidence in where we're looking.

我們所看到的一切，包括近期簽訂的合約、已經簽署的合同，以及我們在監管方面取得的成就，都讓我們對未來的發展方向充滿信心。

Okay. Two other quick questions. First, just on the data center growth in Georgia. Just there's been, I think, generally more noise in a lot of states, but also in Georgia on data center siting and zoning. Just how do you feel about the 13 gigawatts, I guess, in your plan on that? Are they all pretty much zoned and the like? And how are you thinking about that issue?

好的。還有兩個問題。首先，我們來談談喬治亞州的資料中心發展。我認為，很多州，包括喬治亞州，在資料中心選址和分區方面，普遍出現了更多爭議。我想問的是，你對計畫中的13吉瓦電力有何看法？它們是不是都劃分了區域之類的？你對這個問題有什麼看法？

Those 13 -- I think the 10 gigs are under construction. So we feel very confident about the projects that -- the numbers we're talking about across Georgia, Alabama and Mississippi, we feel good about those projects. And yes, there's a lot of conversation, but these projects continue to advance and progress across our states.

那 13 個——我認為那 10 個 G 還在建設中。因此，我們對喬治亞州、阿拉巴馬州和密西西比州的計畫非常有信心——就我們談論的這些項目而言，我們感覺很好。沒錯，雖然有很多討論，但這些項目仍在我們各州持續推動和發展。

Okay, great. I'll leave it there. I'll let others ask. Thanks for the time.

好的，太好了。我就說到這兒吧。還是讓其他人去問吧。感謝您抽出時間。

Thank you, Steve.

謝謝你，史蒂夫。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Hey, good morning. Chris, David, thank you for the time as always. I'll pick it up where Steve left off, honestly. As you said, it's reasonable to expect CapEx increases, right? And you've alluded to this Alabama Power RFP for 31 and 32, Georgia Power's own further RFP for 32 and 33. Can you speak to what you're seeing at the leading edge on those?

嘿，早安。克里斯、大衛，一如既往地感謝你們抽出時間。說實話，我會接手史蒂夫未完成的工作。正如你所說，資本支出增加是合理的，對吧？您提到了阿拉巴馬電力公司針對 31 號和 32 號機組的 RFP，以及喬治亞電力公司針對 32 號和 33 號機組的 RFP。您能談談您在這些領域最前沿的觀察嗎？

Rather than talking about the demand side, let's talk about the procurement side and try to feather that against how you would think about that increase in CapEx even through 2030. What's the total scope? And then also, maybe in light of the latest quarterly large load update, I think that increased by 15 gigawatts in the latest update, I think, from last week. How does that impact the scope of that RFP when you think about what could credibly get done here?

與其討論需求方面，不如討論採購方面，並嘗試將其與你認為到 2030 年資本支出增長的情況進行對比。整體範圍是什麼？另外，或許考慮到最新的季度大負荷更新，我認為最新更新中，大負荷比上週增加了 15 吉瓦。當你考慮在這裡能夠實際完成什麼工作時，這會對該 RFP 的範圍產生什麼影響？

Yeah, Julien, great question. The portfolio grows across all three of our electric -- the opportunities grow across all three of our electric companies. And last couple of quarters, we talked about growing momentum, conversations, spreading to the west, and we're really seeing that. What you noticed in the Georgia Power large load update is just normal churn coming in and out of the pipeline.

是的，朱利安，問得好。我們的投資組合涵蓋了我們所有三家電力公司——我們所有三家電力公司的機會都在成長。在過去的幾個季度裡，我們一直在討論如何增強動力、加強交流、向西部地區擴張，而我們現在真的看到了這一點。您在喬治亞電力公司大負載更新中看到的只是正常的輸電線路進出電力系統的波動。

And we actually look at that being really healthy in terms of getting the highest opportunities to contract to the top of the list. And as we get closer in terms of contracting in these negotiations, our counterparties really start to refine and sharpen their pencils about what their needs really are.

實際上，我們認為這對於爭取最高簽約機會、躋身名單前列來說，是非常健康的。隨著談判進入尾聲，我們的交易對手開始認真審視並仔細斟酌他們的真實需求。

And so I think you pointed out a good observation that, that kind of short end of that pipeline has contracted a little bit, but that really brings more precision to us, and we're really pretty excited about getting those better opportunities to the front of the line.

所以我覺得你指出了一個很好的觀察，那就是，這條管道的短端部分確實有所收縮，但這確實給我們帶來了更高的精準度，我們非常高興能夠把這些更好的機會放在前面。

In terms of opportunities beyond what we have in the capital plan, if you think about a rough rule of thumb, I would think you could probably maybe estimate $2 billion for a gig of incremental generation. I think that's kind of what we're seeing in the marketplace and what our expectations might be.

就資本計畫以外的機會而言，如果你考慮一個粗略的經驗法則，我認為每增加 1 吉瓦的發電量，你大概可以估算出 20 億美元。我認為這正是我們在市場上看到的現象，也是我們可能做出的預期。

Yeah. That's pretty sizable in turn then. And then maybe if I can, right, the release last week flagged the potential pivot in the near term, right, the energization ramp, if you will, for '28, '29, slight downtick in that period of time. What exactly are customers doing? Are they deferring initial energization dates? Are they starting at lower utilization? Are they restructuring the ramp profiles?

是的。那金額就相當可觀了。然後，如果我可以的話，對吧，上週發布的消息表明了近期可能出現的轉折點，對吧，也就是所謂的“能量提升”，對於 2028 年、2029 年來說，在那段時間裡可能會略有下降。顧客們究竟在做什麼？他們是否延後了首次通電日期？它們的初始利用率是否較低？他們是否正在調整坡道輪廓？

And then maybe in terms of earnings impact, you guys provided this latest update. How do like the minimum bill protections in your contracts potentially insulate earnings from these -- what seemed like every quarter, some slight fluctuations in the near years of this ramp?

然後，就獲利影響而言，你們提供了最新的更新資訊。合約中的最低帳單保護措施如何能保護收入免受這些因素的影響——似乎每個季度都會出現一些輕微的波動，而這種波動在過去幾年裡一直持續存在？

There's a lot in there, Julien. Let's start to unpack some of that. So in terms of the way we design the contracts, we talked about the minimum bills and what that looks like. And so we have the opportunity to negotiate exactly what our counterparties ask of us.

裡面有很多東西，朱利安。讓我們開始逐一分析其中的一些內容。所以，在合約設計方面，我們討論了最低帳單金額以及最低帳單的組成。因此，我們有機會與交易對手協商，確定他們向我們提出的要求。

And like I mentioned before, as you make your way through the pipeline and we start having conversations about your needs and have those negotiations, counterparties are really sharpening their pencils about what they need. Keep in mind, as we have those conversations, counterparties are also posting collateral. So they're really having to put up some assets backing up their asks.

正如我之前提到的，隨著你逐步推進專案流程，我們開始討論你的需求並進行談判，交易對手也會認真考慮他們需要什麼。請記住，在我們進行這些對話的同時，交易對手也在提供抵押品。所以他們真的需要拿出一些資產來支持他們的要求。

And so that kind of motivates people to sharpen their pencils as well. And so in terms of what we see out in the future, we look through these things moving through our pipeline and are really excited about the ability to close on these contracts.

因此，這也激勵人們磨利鉛筆。因此，就我們對未來的展望而言，我們關注這些正在我們項目管線中推進的項目，並對能夠完成這些合約感到非常興奮。

And Julien, one thing I'd add, I mean one of the things we're experiencing as we see these existing data centers come online, we're learning about their profiles, their ramp rates. And so like the past two years, we've seen 17% year-over-year.

Julien，我還要補充一點，我的意思是，隨著這些現有資料中心上線，我們正在了解它們的特性和成長速度。因此，與過去兩年一樣，我們看到同比增長了 17%。

I mean, so we're learning how this is playing out and that factors into the plan, but we know it will be -- it may be variable to some extent, but it's a great learning that we're experiencing through these existing data centers that we already have online.

我的意思是，我們正在了解事情的發展情況，這也會影響到計劃，但我們知道結果可能會有所變化，但這是我們透過這些已經上線的現有資料中心所獲得的巨大經驗。

Yeah. And those learnings really drive into how we shape the outlook and how we formulate the load forecast and that translates into how we drive our revenue expectations.

是的。這些經驗教訓確實影響著我們如何塑造前景和製定負荷預測，進而影響我們對收入的預期。

Awesome guys. Thank you.

太棒了！謝謝。

Carly Davenport, Goldman Sachs & Co. LLC

卡莉·達文波特，高盛公司

Hey Carly.

嗨，卡莉。

Hey. Good afternoon. Thanks for taking the questions. Maybe just on the data center outlook in Georgia and just some of the noise around affordability. There's been some legislation introduced on moratoriums or other regulations around data centers. So could you just provide your views on how much do you think some of those pieces of legislation have and if it's kind of coming up in any of your conversations with prospective customers?

嘿。午安.謝謝您回答問題。或許只是關於喬治亞州資料中心的前景以及圍繞價格承受能力的一些傳言。目前已經出台了一些關於資料中心建設暫停令或其他相關規定的法案。那麼，您能否談談您對這些立法條款的看法，以及這些條款是否在您與潛在客戶的對話中被提及？

Yeah. I mean there's a lot of conversations and activity around data centers all across the country, as you know very well. The thing that we're excited about here is that the projects continue to advance. The pipeline continues to grow. We continue to bring these data centers online, continue to reach agreements, with projects that we've talked about with projects that are in final stages and late stages. The momentum here will continue.

是的。我的意思是，正如你非常清楚的那樣，全國各地圍繞著資料中心有很多討論和活動。令我們感到興奮的是，這些項目正在不斷推進。管道持續成長。我們繼續推進這些資料中心的上線，繼續達成協議，我們之前討論過的專案現在都已進入最後階段和後期階段。這股勢頭將會持續下去。

Yes, I think there will be continued conversations around what will be the impact on pricing. I think we have to continue to tell the story about the benefits to all existing customers because of these projects. And also, the thing that I also get excited about is some of the data center partners that we have, their involvement in the communities across the state, making charitable investments in these communities to show the benefits that they bring to those communities.

是的，我認為圍繞價格將受到何種影響的討論將會持續進行。我認為我們必須繼續講述這些項目為所有現有客戶帶來的好處。此外，讓我感到興奮的還有我們的一些資料中心合作夥伴，他們積極參與全州各地的社區活動，對這些社區進行慈善投資，以展現他們為這些社區帶來的好處。

So I think support for communities, also how we price these projects in terms of support for lower cost and also the value they bring. I mean those are stories we got to tell. And I think we'll continue to see strong support across our territories for these projects.

所以我認為，對社區的支持，以及我們如何為這些項目定價（既要考慮降低成本的支持，也要考慮它們帶來的價值），都至關重要。我的意思是，這些都是我們必須說的故事。我認為我們將繼續看到這些項目在我們各個地區獲得強有力的支持。

Got it. Great. And then I think you had mentioned in your prepared just some opportunities on on-site or sort of bridge power solutions at PowerSecure. Could you talk just a little bit about demand for those types of solutions that you're seeing in your conversations and maybe what you think the duration of that opportunity set could be?

知道了。偉大的。然後，我想您在準備的資料中提到 PowerSecure 的一些現場或橋接電源解決方案的機會。您能否簡單談談您在交流中看到的對這類解決方案的需求，以及您認為這種機會可能會持續多久？

Carly, a couple of things there. I mean I think it's a combination of the conversations that we're in the midst of, but I also think as you look across the entire sector across the country, where there may be a need for temporary power.

卡莉，有幾件事要說。我的意思是，我認為這是我們正在進行的對話的綜合結果，但我也認為，當你放眼全國整個行業時，你會發現有些地方可能需要臨時電力。

And so these bridge solutions, I think, will provide great value for these customers, but also these resources can provide some degree of resiliency in latter stages as well. So we think in the near term, there will be continued opportunities for bridge solutions in the market as we see it today.

因此，我認為這些過渡性解決方案將為這些客戶提供巨大的價值，而且這些資源還可以在後期階段提供一定程度的復原力。因此，我們認為在短期內，正如我們今天所看到的，橋樑解決方案在市場上仍將存在持續的機會。

Great. Thank you so much.

偉大的。太感謝了。

Steve D'Ambrisi, RBC Capital Markets.

史蒂夫·達布里西，加拿大皇家銀行資本市場。

Hey Stevie.

嘿，史蒂夫。

Hey Chris. How's it going? Thanks for taking my question. Just had a couple of quick ones. Just on the Southern Power opportunity, can you give a little -- it sounded like you said that you have a potential to recontract a gigawatt and capacity prices have moved up 2 times to 3 times.

嘿，克里斯。怎麼樣了？謝謝您回答我的問題。就匆匆吃了兩口。關於南方電力公司的機會，您能透露一些細節嗎？ ——聽起來您說過您有可能重新簽訂1吉瓦的合同，而容量價格已經上漲了2到3倍。

Can you just give us a little flavor on like what the all like energy plus capacity or how impactful that could be? Because it looks like on the slide, in 2035, you open up a pretty significant amount, almost 4 gigs. And so I just want to understand kind of what that opportunity could be? And then I had a follow-up on the gas expansion and what the hurdle is there.

您能簡單介紹一下能量和容量之類的東西，或者說它們的影響有多大嗎？因為從幻燈片上看，到 2035 年，你將擁有相當大的空間，接近 4 GB。所以我想了解一下，這個機會究竟是什麼？然後我跟進了氣體膨脹的問題，以及其中存在的障礙是什麼。

Sure. Steve, it's David here. I'll take a crack at that. Yes, as we look into the next decade, we do see opportunities rising up through the portfolio as these contracts come up for renewal. We're seeing data points and examples in the marketplace that similar capacity is being re contracted at 2 times to 3times the rate at which we're in right now.

當然。史蒂夫，我是大衛。我來試試。是的，展望未來十年，隨著這些合約到期續約，我們確實看到投資組合中湧現出許多機會。我們從市場上的數據點和例子可以看出，類似的產能正在以目前速度的 2 到 3 倍的速度重新簽訂合約。

And we're seeing examples in the marketplace of around $20, maybe $25 a kilowatt month. So I think that might be a good rule of thumb to think about what that opportunity can look like out in the future for us.

我們在市場上看到一些例子，價格在每月每千瓦時 20 美元，也許 25 美元。所以我認為這或許是一個很好的經驗法則，可以幫助我們思考未來我們能獲得怎樣的機會。

Okay. That's really helpful. Sorry, is that 2025 incremental? Or is that -- that's the...

好的。這真的很有幫助。抱歉，2025 年是遞增的嗎？或者說——那是…

That's the price?

就這個價錢？

Yes. Okay. Perfect.

是的。好的。完美的。

And that's what we're seeing.

這就是我們所看到的。

Yes. And then just on the evaluating new gas expansion at 6 brownfield sites. Just can you talk to, I guess, how big that could be and then what effectively you'd be looking for and your ability to potentially marry those expansions with some of your data center offtakers or provide [UOG] solutions? Or just what that opportunity set looks like for you guys?

是的。然後，就評估6個棕地新天然氣擴建工程。我想請您談談，這個規模可能有多大，以及您實際想要實現的目標是什麼，還有您是否有能力將這些擴展與一些數據中心承購商結合起來，或者提供[UOG]解決方案？或者說，你們眼中的機會究竟是什麼樣的呢？

I mean we're not going to change the risk profile of Southern Power. We're going to have a long-term contract agreement with a creditworthy counterparty. And right now, we're looking at evaluating some 6 brownfield sites in the Southeast for potential new gas development. And so that's kind of -- in kind of a very disciplined way how we will approach this as we always do.

我的意思是，我們不會改變南方電力公司的風險狀況。我們將與信譽良好的交易對手簽訂長期合約協議。目前，我們正在評估東南部的大約 6 個棕地，以尋找潛在的新天然氣開發項目。所以，我們將一如既往地以非常嚴謹的方式來處理這件事。

Once again, you guys know us. You know how we work, how we run this company. And so that risk profile will not change. So we'll be evaluating the market, working with customers, understanding their needs, and we will make decisions accordingly.

你們都很了解我們。你知道我們的工作方式，我們是如何經營這家公司的。因此，風險狀況不會改變。因此，我們將評估市場，與客戶合作，了解他們的需求，並據此做出決策。

Great. Thanks very much appreciate the time guys.

偉大的。非常感謝各位抽出時間。

Thank you.

謝謝。

Jeremy Tonet, JPMorgan Securities LLC.

Jeremy Tonet，摩根大通證券有限責任公司。

Hey Jeremy.

嘿，傑里米。

Hey, good afternoon. Just wanted to come back, if I could, towards the guidance and what are some of the parameters that drive the high and the low end? And specifically here, just ROE and equity ratio assumptions. Any color, I guess, what drives the low end there? Or just how we should think about some of those factors?

嘿，下午好。如果可以的話，我想回到之前的討論，談談指導原則以及影響價格高低的一些因素？這裡特別指的是 ROE 和權益比率的假設。我想，任何顏色都行，是什麼因素導致了低階產品的出現？或者我們應該如何看待其中的一些因素？

Yeah. No, good question. In building these expectations that we've communicated today, our disciplined approach, we run through exhaustive scenarios, all kinds of different expectations and outcomes to try to create bounding exercises, if you will, that we feel good about achieving. And so we've got some durability in there to be able to get to certainly the 7% range.

是的。不，問得好。為了建立我們今天所傳達的這些期望，我們採取了嚴謹的方法，反覆推演各種不同的期望和結果，以期創造出一些具有約束力的練習，讓我們能夠安心地實現這些練習。因此，我們具備一定的耐用性，肯定能夠達到 7% 的水平。

And again, like I said earlier, it's a long ways out, but we do feel good about what we see in terms of the contracts that we're signing in terms of the in-migration of population into our service territories, customer growth and expansion, some of the things that Chris mentioned in the prepared remarks around investment coming into the state, whether it be businesses expanding or relocating into our service territories.

再說一遍，就像我之前說的，這還有很長的路要走，但我們對正在簽署的合約感到滿意，這些合約包括人口遷入我們的服務區域、客戶增長和擴張，以及克里斯在準備好的演講中提到的一些關於進入該州的投資的事情，無論是企業擴張還是搬遷到我們的服務區域。

All those aspects give us good visibility and durability into those projections. And then some of the things we talked about create upside to achieve top end or perhaps even expand that band in the future.

所有這些方面都賦予了這些預測良好的可視性和持久性。然後，我們討論的一些事情可能會帶來上行空間，從而達到高端水平，甚至在未來擴大這個領域。

Got it. That's very helpful. And just want to follow up maybe a little bit more with the affordability questions there. It seems like there's so much growth in front of you. Just wondering how that could impact build trajectory going forward, possible downward pressure there? And any other thoughts you could share on the '29 and '30 period for how build trajectory might look?

知道了。那很有幫助。我還想就價格負擔能力的問題再補充一點。看來眼前還有很大的發展空間。想知道這會對未來的發展軌跡產生怎樣的影響，是否會面臨下行壓力？關於 2029 年和 2030 年期間的建築發展軌跡，您還有其他想法可以分享嗎？

And you've heard a lot from us our focus on rate stability in both Georgia and Alabama in terms of rate stability through '27 and through '28. And then once again, I think as you look at how we price these projects, how we do our large load projects, the opportunities we have for downward pressure on rates for existing customers is a real opportunity that we'll take advantage of.

你們已經多次聽到我們強調，我們將重點放在喬治亞州和阿拉巴馬州的利率穩定，直至 2027 年和 2028 年。然後，我認為，當我們審視我們如何為這些項目定價，如何進行大型負荷項目時，我們會發現，我們有機會對現有客戶的費率施加下行壓力，這是我們將要利用的真正機會。

And so we see the opportunity to continue rate stability as we move into the future. And so that's our focus, making sure we continue to provide value to our customers from a service standpoint, but also making sure we have this real disciplined focus on rate stability now and into the future.

因此，我們看到了在未來繼續保持利率穩定的機會。因此，我們的重點是確保我們繼續從服務角度為客戶提供價值，同時也要確保我們現在和將來都能真正有條不紊地專注於利率穩定。

Got it. That's helpful. I'll leave it there.

知道了。那很有幫助。我就說到這兒吧。

Thank you.

謝謝。

Andrew Weisel, Scotia Bank.

安德魯‧韋塞爾，加拿大豐業銀行。

Hey, Andrew.

嘿，安德魯。

Hey everyone. Just a quick one from me. I think you mentioned the potential to accelerate the dividend growth. Could you elaborate? I think that's new commentary from you. I don't remember hearing you talk about that before. Maybe just a little bit more detail on why you talk about that and what you'd be looking for out of it and when? Thank you.

大家好。我簡單說幾句。我想你提到了加速股息成長的潛力。能詳細說明一下嗎？我認為這是你提出的新觀點。我之前好像沒聽過你提起過這件事。或許可以更詳細地說明你為什麼會談論這個話題，你想從中獲得什麼，以及何時進行？謝謝。

Sure, sure. Thanks, Andrew. As we mentioned before, just historically, we believe that the dividend is a very important part of our value proposition. And obviously, in conjunction with our Board, who obviously has to approve every dividend that we offer, we would look to kind of grow -- our earnings would grow into that rate.

當然，當然。謝謝你，安德魯。正如我們之前提到的，從歷史角度來看，我們認為股利是我們價值主張中非常重要的一部分。顯然，在董事會的批准下（我們提供的每一筆股息都必須經過董事會的批准），我們會努力實現成長——我們的收益也會朝著這個速度成長。

And at some point, we want to be able to revisit that and maybe look around the 60%-ish window of dividend payout ratios. But again, that's out on the horizon and just something to think about. But again, like I mentioned before, it's integral to the long-term value proposition that we see in our stock.

在某個時候，我們希望能夠重新審視這個問題，並考慮股息支付率在 60% 左右的區間。但話說回來，那隻是未來可能會發生的事情，值得思考。但正如我之前提到的，這對我們所看到的股票的長期價值主張至關重要。

Okay. Sounds good. Thank you.

好的。聽起來不錯。謝謝。

Thank you.

謝謝。

Shar Pereza, Wells Fargo.

Shar Pereza，富國銀行。

Sure, hey.

當然可以。

Hey, good afternoon. It's actually Alex on for Shar. I just want to touch on the 13 gigs that you mentioned that you have in the plan. Can you just remind us what the minimum take is for those contracts? And is that assumed in your current plan? So I guess if you look at it, if customers were to ramp quicker and take on more power over time, would that be accretive to the current plan?

嘿，下午好。實際上，是 Alex 取代 Shar 上台。我只想簡單談談你提到的計劃中的 13 場演出。能否提醒我們一下這些合約的最低分成是多少？你們目前的計劃中是否已經考慮到了這一點？所以我覺得，如果客戶能夠更快地提升產能，並隨著時間的推移獲得更大的電力，這是否會對目前的計畫有利？

Sure. Good question. Yes, keep in mind, these -- all these contracts have minimum bills associated with them that are designed to recover 100% of the cost that we incur to serve. But you're absolutely right. To the extent that ramps are achieved sooner and maybe go beyond the contract, there is upside to that.

當然。問得好。是的，請記住，所有這些合約都設有最低帳單，旨在收回我們提供服務所產生的全部成本。但你說得完全正確。如果能提前完成進度調整，甚至超出合約期限，那將是一件好事。

That pricing is sort of at the marginal cost, once we get beyond the minimum take. But we do feel really good about the way we structure these contracts to protect everybody.

一旦超過最低消費額，這種定價就基本上達到了邊際成本。但我們對我們建立這些合約以保護所有人的方式感到非常滿意。

And Andrew just adding on, I mean, you hear us talk a lot about durability. What you mentioned provides greater durability to our plan going forward. And so those are real upside opportunities as we look into the future.

安德魯補充道，我的意思是，你們經常聽到我們談論耐用性。您提到的這些措施將使我們的計劃更具可持續性。因此，展望未來，這些都是真正的上漲機會。

Got it. That's very helpful. I guess just shifting gears here, just look at the regulatory side, obviously, given the growth that you're seeing in Georgia, the rate freeze is in place until at least 2029. So did you see any opportunity where you can extend that rate freeze beyond 2028? And if you could just remind us, do you have to file something with the commission prior to the end of the current terms? Just want to get a sense on what that could potentially look like. Thanks.

知道了。那很有幫助。我想我們不妨換個角度，看看監管方面的情況，顯然，鑑於喬治亞州目前的成長勢頭，利率凍結至少會持續到 2029 年。那麼，您是否看到任何機會可以將利率凍結期限延長至 2028 年以後？請問您是否需要在本屆任期結束前向委員會提交任何文件？我只是想了解那可能會是什麼樣子。謝謝。

Yeah. Georgia has to file in '28, and we're not going to get ahead of that process. But as we continue to look at the opportunity with the growth that's in front of us, how we price these large load contracts to make sure it provides benefits to existing customers. We think there are real opportunities to continue to have this deep focus on rate stability.

是的。喬治亞州必須在 2028 年提交申請，我們不可能搶先一步。但隨著我們繼續審視擺在我們面前的成長機遇，我們將思考如何為這些大額貨運合約定價，以確保它能為現有客戶帶來利益。我們認為，繼續深入關注利率穩定，存在著真正的機會。

And that's something that we're going to continue to be focused on and continue to make sure we pay attention to in terms of providing value to our customers. So yes, that's a major principal focus of us as we look into the future.

而這正是我們將持續關注並持續確保我們重視為客戶創造價值的面向。所以，是的，這是我們展望未來時的一個主要關注點。

Great. I'll leave it there. Thank you.

偉大的。我就說到這兒吧。謝謝。

Nicholas Amicucci, Evercore.

Nicholas Amicucci，Evercore。

Hey, Nick.

嘿，尼克。

Hey guys, how are you? A couple of quick ones for me. So I'm just -- I just wanted to look -- I was kind of drilling down on Slide 39. So it seems like the vast majority of kind of the increased capital investment plan is associated with new generation.

嘿，大家好嗎？我這裡還有幾個簡單的問題。所以我只是——我只是想看看——我正在仔細研究第 39 張投影片。因此，似乎絕大多數增加的資本投資計畫都與新一代產品有關。

And just kind of in the context of Carly's question before when we're thinking about the bridge solution, should we be considering some potential upside just on the transmission side as we kind of think of these new generation assets, maybe kind of being a stand-alone asset currently just to get -- meet the ramp rate and then kind of connecting it at a later term into the broader grid?

就像卡莉之前提出的問題一樣，當我們考慮過渡方案時，我們是否應該考慮輸電方面的潛在優勢，因為我們正在考慮這些新的發電資產，也許目前可以作為獨立資產，以滿足爬坡速率要求，然後在以後將其連接到更廣泛的電網中？

There's a lot of options at play in that business. And we stand ready to really take care of whatever the needs are of the customer. And that's kind of part of the beauty that our three electric companies are operating in, is not necessarily being bound by a static tariff that they have the ability to bilateral negotiations to get exactly what the customer needs when they need it and probably have the ability to partner with -- to bring that -- those services to bear.

在這個行業裡有很多選擇。我們隨時準備好滿足客戶的任何需求。而這正是我們三家電力公司營運的優勢之一，它們不一定受制於固定的電價，而是能夠透過雙邊談判，在客戶需要的時候獲得他們真正需要的東西，並且可能還有能力與其他公司合作，從而提供這些服務。

So yes, your question is dead on, and we want to go and explore those opportunities all over the country.

是的，你的問題問得非常到位，我們想去全國各地探索這些機會。

Yeah. And as we said, I mean, the bridge solutions are very complementary. And yes, I mean, they also -- I mean, as we said, I mean, they're at Southern Power and PowerSecure, those are potential upsides to the plan.

是的。正如我們所說，我的意思是，這些橋樑解決方案是完全互補的。是的，我的意思是，正如我們所說，他們在南方電力公司和電力安全公司，這些都是該計劃的潛在優勢。

Okay. Great. That makes sense. And then just as we kind of think about -- we've talked -- we've spoken kind of ad nauseam here about kind of the minimum take on the contracts and kind of the pricing surrounding these large load contracts. Any kind of insight as to -- because I know those last through the duration of the contract.

好的。偉大的。這很有道理。然後，正如我們一直在思考——我們已經討論過——我們已經在這裡反复討論過合約的最低要求以及這些大宗貨物合約的定價問題。任何有關這方面的見解——因為我知道這些條款會持續到合約到期為止。

Just any kind of insight into the typical time frame that you guys are seeing on the duration? Is there a minimum there that you guys are seeking? Or is there some type of appetite for -- from kind of the counterparties just on longer duration versus shorter duration?

你們能否提供一些關於平常持續時間的資訊？你們有最低要求嗎？或者說，交易對手方是否對長期合約而非短期合約有某種偏好？

Yeah. Great question. And as we're negotiating these things, we're pretty much pegging to a 15 year window or longer. We want to make sure that we've got durability and lasting relationship as we sign these contracts.

是的。問得好。在協商這些事宜時，我們基本上就是把期限設定在15年或更長。我們希望透過簽訂這些合同，確保建立持久穩定的合作關係。

Great. Thanks guys I'll pass it on.

偉大的。謝謝各位，我會轉達的。

Thank you.

謝謝。

Paul Fremont, Ladenberg Thalman.

保羅‧弗里蒙特，拉登伯格‧塔爾曼。

Hey Paul.

嘿，保羅。

Thanks. Congratulations on a good showing here. First question, I think it is just a point of clarification. The gas plants on Slide 21, those are all for your regulated utilities, right? So those -- none of that is -- includes Southern Power?

謝謝。恭喜你在這裡表現出色。第一個問題，我覺得我只是想澄清一下。第 21 張投影片上的天然氣發電廠，都是為你們受監管的公用事業公司服務的，對吧？所以，這些——其中沒有​​一個——包括南方電力公司嗎？

Correct.

正確的。

You are correct, Paul. Yes.

你說得對，保羅。是的。

Okay. So I guess you talked about 700 megawatts of upgrades and incremental construction. Would that take place in the 31 through 35 time frame? Or when would that take place?

好的。所以我想你們談到了700兆瓦的升級和逐步建設。這件事會發生在 31 年至 35 年之間嗎？或者，那會是什麼時候發生呢？

As soon as '29.

最早可至 29 年。

Yeah. Those are where the opportunities are that we're considering right now, and they'll stretch out over a little bit of a period of time. And those are -- keep in mind, those were some of the upside opportunities that Chris had mentioned related to Southern Power, and they're not included in our plan at the moment.

是的。這些就是我們目前正在考慮的機會，而這些機會還會持續一段時間。請記住，這些是克里斯提到的與南方電力公司相關的潛在機會，目前它們並不在我們的計劃之內。

Okay. So that would be incremental and it could come in as early as '29. And if you did it, it would be fully contracted when it was completed, right?

好的。所以這將是一個漸進的過程，最早可能在 2029 年實現。如果你們這麼做了，那麼工程完工後就相當於簽訂了完整的合同，對吧？

Consistent with the -- yes, business models not changing in Southern Power.

與此一致——是的，南方電力公司的商業模式並沒有改變。

And then is it safe to say that those contracts would most likely be with like co-ops and other power companies versus, let's say, selling directly to data centers?

那麼，是否可以說這些合約很可能是與電力合作社和其他電力公司簽訂的，而不是直接向資料中心出售電力？

Yeah. That's a very safe bet.

是的。那絕對穩妥。

It would definitely be a creditworthy counterparty.

這絕對是一個信譽良好的交易對手。

Okay. Great. And then do you need regulatory approval if you get some of the additional contracts that you're talking about and you need, let's say, that incremental 3 gigawatts of generation, does that need to go through commission approval?

好的。偉大的。那麼，如果您獲得了您所說的額外合同，並且需要增加 3 吉瓦的發電量，是否需要獲得監管部門的批准？這是否需要經過委員會的批准？

Well, we mentioned that there's -- that all of that would be subject to review. Keep in mind, we just closed in December on 10 gigawatts at Georgia Power. And then we kind of referred to two proceedings that just are beginning and then we expect to start between Alabama and Georgia that will probably take us through 2026 and likely see conclusion in 2027.

我們之前提到過，所有這些都需要經過審查。請記住，我們去年 12 月剛完成了喬治亞電力公司 10 吉瓦項目的收購。然後我們提到了兩個剛開始的訴訟程序，我們預計阿拉巴馬州和喬治亞州之間的訴訟程序將持續到 2026 年，並可能在 2027 年結束。

Okay. And then last question for me. Any sense on who's going to -- which Republican is going to run for Pridemore seat on the commission?

好的。最後一個問題。有沒有人知道誰會參選——哪位共和黨人會競選普萊德莫爾在委員會的席位？

We're not political prognosticators. We have no idea. What we do is we work with whoever is there, and we look forward to you. Thank you.

我們不是政治預測家。我們一無所知。我們所做的就是與在場的任何人合作，我們期待您的到來。謝謝。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Hey Travis.

嘿，崔維斯。

Thank you very much. Hey. This is a follow-up, you answered most of my questions. So the '28 and '29 projects, in particular, generation project you outlined, what's the status of the gas supply and then for the battery ones, battery components. And then in addition, anything beyond 2030, what -- are those going to be constraints potentially?

非常感謝。嘿。這是後續問題，您已經回答了我的大部分問題。那麼，特別是您概述的 2028 年和 2029 年的項目，發電項目，天然氣供應情況如何？還有電池項目，電池組件的狀況如何？此外，2030 年以後的任何事情，會不會成為潛在的限制因素？

It's all secured.

一切都已妥善安排。

Even the physical is secured or just financially?

實物安全是否也得到保障，還是只有資金安全？

It is physically secured.

它已採取物理安全措施。

Okay. That's all I had. Appreciate everything.

好的。這就是我全部的家當。感激一切。

Very good. Thank you, Travis.

非常好。謝謝你，崔維斯。

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

今天的問答環節到此結束。先生，還有什麼要補充的嗎？

Again, let me say thank you very much for your continued interest in Southern Company. Have a great day.

再次感謝您一直以來對南方公司的關注。祝你有美好的一天。

Thank you. Ladies and gentlemen, this concludes the Southern Company's Fourth Quarter 2025 Earnings Call. You may now disconnect.

謝謝。女士們、先生們，南方公司 2025 年第四季財報電話會議到此結束。您現在可以斷開連線了。