桑普拉能源 (SRE) 2024 Q3 法說會逐字稿

Good day, and welcome to Sempra's third-quarter earnings call.

美好的一天，歡迎參加 Sempra 第三季財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I'd like to turn it over to Glen Donovan. Please go ahead.

這個時候，我想把它交給格倫·多諾萬。請繼續。

Good morning, and welcome to Sempra's third-quarter 2024 earnings call.

早安，歡迎參加 Sempra 的 2024 年第三季財報電話會議。

A live webcast of this teleconference and slide presentation are available on our website under our Events and Presentations section.

本次電話會議的現場網路直播和投影片簡報可在我們網站的「活動和簡報」部分查看。

We have several members of our management team with us today, including Jeff Martin, Chairman and Chief Executive Officer; Karen Sedgwick, Executive Vice President and Chief Financial Officer; Justin Bird, Executive Vice President and Chief Executive Officer of Sempra Infrastructure; Allen Nye, Chief Executive Officer of Oncor; Caroline Winn, Chief Executive Officer of SDG&E; Peter Wall, Senior Vice President, Controller and Chief Accounting Officer and other members of our senior management team.

今天有幾位管理團隊成員與我們在一起，包括董事長兼執行長傑夫馬丁 (Jeff Martin)； Karen Sedgwick，執行副總裁兼財務長； Justin Bird，Sempra 基礎設施執行副總裁兼執行長；艾倫‧奈 (Allen Nye)，Oncor 執行長；卡洛琳溫 (Caroline Winn)，SDG&E 執行長； Peter Wall，資深副總裁、財務長兼首席會計長以及我們高階管理團隊的其他成員。

Before starting, I'd like to remind everyone that we'll be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in any forward-looking statement we make today. The factors that could cause our actual results to differ materially are discussed in the company's most recent 10-K and 10-Q filed with the SEC. Earnings per common share amounts in our presentation are shown on a diluted basis and we'll be discussing certain non-GAAP financial measures. Please refer to the presentation slides that accompany this call for a reconciliation to GAAP measures. We also encourage you to review our 10-Q for the quarter ended September 30, 2024. I'd also like to mention that forward-looking statements contained in this presentation speak only of today, November 6, 2024 and it's important to note that the company does not assume any obligation to update or revise any of these forward-looking statements in the future.

在開始之前，我想提醒大家，我們將討論 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。實際結果可能與我們今天所做的任何前瞻性聲明中的預測有重大差異。公司最近向 SEC 提交的 10-K 和 10-Q 報告中討論了可能導致我們的實際結果出現重大差異的因素。我們演示中的每股普通股收益是在稀釋的基礎上顯示的，我們將討論某些非公認會計準則財務指標。請參閱本次電話會議隨附的簡報投影片，以了解與 GAAP 措施的協調一致。我們也鼓勵您查看我們截至 2024 年 9 月 30 日的季度的 10-Q。我還想提一下，本簡報中包含的前瞻性陳述僅涉及今天，2024 年 11 月 6 日，重要的是要注意，該公司不承擔更新或修改任何這些前瞻性陳述的義務。

With that, please turn to slide 4 and let me hand the call over to Jeff.

接下來，請翻到投影片 4，讓我將電話轉交給傑夫。

Thank you, Glen and thank you all for joining us today.

謝謝格倫，也謝謝大家今天加入我們。

At Sempra, we believe the growth narrative for energy infrastructure continues to strengthen. With economic expansion and rising electricity demand, the United States is at a critical juncture where expanded investment is needed to upgrade and modernize its energy networks. Nationally, we face mounting challenges in the form of aging infrastructure, extreme weather events and increased demands being placed on finite dispatchable generation resources. These trends confirm a growing need for new infrastructure investments to improve the resiliency of our energy networks while at the same time extending the grid to new and diverse sources of energy.

在 Sempra，我們相信能源基礎設施的成長動能將持續加強。隨著經濟擴張和電力需求上升，美國正處於需要擴大投資以升級和現代化其能源網路的關鍵時刻。在全國範圍內，我們面臨日益嚴峻的挑戰，包括基礎設施老化、極端天氣事件以及對有限的可調度發電資源的需求增加。這些趨勢證實了對新基礎設施投資的需求不斷增長，以提高我們能源網路的彈性，同時將電網擴展到新的和多樣化的能源。

Consider that by 2030, the United States will need to have invested over $600 billion in transmission and distribution. And that forecast will likely prove conservative due to a series of sector tailwinds. Here's an example. Today, Texas is the eighth largest economy in the world and accounts for the highest level of both consumption and production of energy in the US. The International Energy Agency is now estimating that by 2026, global AI and data centers will require nearly twice the amount of electricity that the state of Texas currently consumes each year. So, demand from digital infrastructure is another important growth driver for our sector. It also flags what I believe is an underappreciated investment thesis at Sempra. Here, we believe the best low risk and high growth play on AI is high voltage transmission. Allen will discuss this later in today's call, but there's a significant queue of over 350 gigawatts of generation and storage waiting to come on the grid in Texas.

考慮到 2030 年，美國將需要在輸電和配電方面投資超過 6,000 億美元。由於一系列行業利好因素，這一預測可能會被證明是保守的。這是一個例子。如今，德州是世界第八大經濟體，也是美國能源消費和生產水準最高的州。國際能源總署目前估計，到 2026 年，全球人工智慧和資料中心所需的電力將是德州目前每年消耗的電量的近兩倍。因此，數位基礎設施的需求是我們行業的另一個重要成長動力。它也標誌著我認為 Sempra 的一個被低估的投資論點。在這裡，我們認為人工智慧的最佳低風險和高成長遊戲是高壓輸電。艾倫將在今天的電話會議稍後討論這一問題，但德克薩斯州還有超過 350 吉瓦的發電和儲存設備等待併網。

The critical success factor there is the speed at which companies like Oncor can build, modernize and extend the high voltage transmission grid. That's exactly why the Texas legislature passed a bill last session to shorten the permitting timeline for new transmission investments. Not only is Oncor expected to build more high voltage transmission this decade than any other company in America, Oncor's regulated transmission investments officially go into rates with tracker filings being made twice annually. So the key takeaway for our industry is with economic expansion and higher expected demand growth, it's reasonable to believe that sector EPS growth will trend higher than historical norms. From my perspective to outperform the peer group in this environment, it requires four key advantages: number one, a clear and executable corporate strategy. Number two, exposure to sustained growth in large economic markets with constructive regulation. Number three, economies of scale in operations, technology and access to the capital. And number four, a strong track record of disciplined capital allocation.

成功的關鍵因素是像 Oncor 這樣的公司建造、現代化和擴展高壓輸電網的速度。這正是德州立法機關在上屆會議上通過一項法案以縮短新輸電投資的許可期限的原因。Oncor 不僅預計在這十年內建造比美國任何其他公司更多的高壓輸電設備，而且 Oncor 受監管的輸電投資也正式納入費率，每年進行兩次跟踪備案。因此，我們行業的關鍵要點是，隨著經濟擴張和更高的預期需求成長，我們有理由相信行業每股收益成長將高於歷史正常水平。從我的角度來看，要在這種環境下超越同行，需要四個關鍵優勢：第一，清晰且可執行的企業策略。第二，在建設性監管下參與大型經濟市場的持續成長。第三，營運、技術和資本取得方面的規模經濟。第四，嚴格的資本配置記錄。

That's why in this higher growth environment, Sempra is well-positioned to outperform this peer group. We have the leading utility platforms in the two largest economies in the United States, both Texas and California. And we also own an infrastructure business with scale that invest in projects, providing secure and cleaner forms of energy, targeting higher equity returns in our utilities and contributing important cash flows that support our balance sheet and capital campaign. Currently, we're in the middle of our fall planning process and one of the early takeaways from that work is we have improved visibility to a growing portfolio of investment opportunities.

這就是為什麼在這個高速成長的環境中，Sempra 處於領先地位，能夠超越同行。我們在美國兩個最大的經濟體（德克薩斯州和加利福尼亞州）擁有領先的公用事業平台。我們也擁有較大的基礎設施業務，投資於項目，提供安全和清潔的能源形式，目標是提高公用事業股本回報率，並貢獻重要的現金流來支持我們的資產負債表和資本活動。目前，我們正處於秋季規劃過程中，這項工作的早期收穫之一是我們提高了對不斷增長的投資機會組合的可見度。

Next, turning to our financial results. I'm pleased with the progress the company has made in the third quarter and throughout the year as we continue to wait a final GRC decision in California. Earlier this morning, we reported adjusted EPS of $0.89 for the third quarter and year to date, adjusted EPS of $3.12. As a reminder, these results do not yet reflect the California GRC proposed decision which is pending before the commission. Assuming the final decision is received before year end, the earnings impact will be applied retroactively to the beginning of 2024.

接下來，轉向我們的財務表現。我對公司在第三季和全年的進展感到高興，我們仍在等待加州 GRC 的最終決定。今天早些時候，我們報告第三季和今年迄今調整後每股收益為 0.89 美元，調整後每股收益為 3.12 美元。提醒一下，這些結果尚未反映加州 GRC 擬議的決定，該決定正在等待委員會審理。假設最終決定在年底前收到，獲利影響將追溯至 2024 年初。

As a result, we're affirming our full year 2024 adjusted EPS guidance range, 2025 EPS guidance range and projected long term EPS growth rate.

因此，我們確認 2024 年全年調整後每股盈餘指引範圍、2025 年每股盈餘指引範圍及預期長期每股盈餘成長率。

Next, I'll turn the call over to Allen Nye who will take us through recent developments at Oncor, which I continue to believe has the best growth story in our industry.

接下來，我將把電話轉給 Allen Nye，他將向我們介紹 Oncor 的最新發展，我仍然相信 Oncor 擁有我們行業中最好的成長故事。

Please turn to the next slide.

請翻到下一張投影片。

Thank you, Jeff.

謝謝你，傑夫。

I'm excited to share another update on the remarkable growth opportunities we have at Oncor. To start with, EIA's latest short term energy outlook forecasts 5% load growth between 2024 and 2025 across all ERCOT customers. And longer term, ERCOT expects power demand in Texas to grow by 80% through 2030 from the recent peak demand record of approximately 85 gigawatts.

我很高興與大家分享 Oncor 所擁有的非凡成長機會的最新動態。首先，EIA 最新的短期能源展望預測，2024 年至 2025 年間，所有 ERCOT 客戶的負載將成長 5%。從長遠來看，ERCOT 預計到 2030 年，德州的電力需求將比近期約 85 吉瓦的尖峰需求記錄增加 80%。

Moving to our operational achievements. In the third quarter, Oncor built, rebuilt or upgraded over 800 miles of T&D lines, increased our premise count by approximately 19,000 and received a 50% increase in new large C&I POI requests.

轉向我們的營運成就。第三季度，Oncor 建造、重建或升級了超過 800 英里的 T&D 線路，將我們的站點數量增加了約 19,000 個，並收到了增加 50% 的新大型 C&I POI 請求。

Turning to the $24 billion five year capital plan that we announced earlier this year. We continue to see a growing portfolio of new investment opportunities. As you'll recall, we filed our inaugural system resiliency plan or SRP earlier this year and reached an unopposed settlement in August. We continue to advance our filing through the regulatory process. But as a reminder, the SRP is incremental to our current capital plan. Oncor's SRP investment will total nearly $3 billion of capital expenditures designed to reduce risk and over $500 million of incremental O&M expense with the majority of the spending to occur in calendar years 2025 to 2027. If approved by the PUCT, we expect to start incurring that spend before the end of the year. We discussed the SRP with the PUCT at its open meeting a couple of weeks ago and we expect them to continue their consideration of the plan and settlement at their meeting on November 14. We've also developed a leading wildfire mitigation program in the state of Texas and continue to leverage the expertise and insights gained from the Texas Forest Service and SDG&E among others. In addition to the SRP, new investment opportunities are being driven by large C&I customers looking to connect to Oncor system. The continued increase in interconnection interest and commitments comes from large C&I customers spanning multiple diverse industries located throughout Oncor service territory. We are currently executing our fall planning cycle in alignment with Sempra to assess future capital projects and we'll be announcing our new five year capital plan on the fourth quarter call. Given ongoing economic expansion in Texas and significant new customer growth plus transmission anticipated within ERCOT, we're expecting a significant increase in our roll forward five year capital plan of anywhere between 40% to 50% from our current capital plan.

談到我們今年稍早宣布的 240 億美元的五年資本計畫。我們繼續看到越來越多的新投資機會。您可能還記得，我們​​在今年稍早提交了首份系統彈性計畫（SRP），並在 8 月達成了無異議的和解。我們繼續透過監管程序推進我們的備案工作。但提醒一下，建議零售價是我們目前資本計畫的增量。Oncor 的 SRP 投資總額將達到近 30 億美元的資本支出，旨在降低風險，以及超過 5 億美元的增量營運和維護支出，其中大部分支出將發生在 2025 年至 2027 年。如果獲得 PUCT 批准，我們預計將在年底前開始支出。我們在幾週前的公開會議上與 PUCT 討論了 SRP，我們希望他們在 11 月 14 日的會議上繼續考慮該計劃和解決方案。我們還在德克薩斯州制定了領先的野火緩解計劃，並繼續利用從德克薩斯州林務局和 SDG&E 等機構獲得的專業知識和見解。除了 SRP 之外，希望連接到 Oncor 系統的大型 C&I 客戶也帶來了新的投資機會。互連興趣和承諾的持續成長來自遍布 Oncor 服務領域的多個不同行業的大型 C&I 客戶。我們目前正在與 Sempra 配合執行秋季規劃週期，以評估未來的資本項目，我們將在第四季度電話會議上宣布我們新的五年資本計劃。鑑於德州持續的經濟擴張以及 ERCOT 內預期的新客戶顯著增長和傳輸，我們預計我們的前滾五年資本計劃將比當前資本計劃大幅增加 40% 至 50%。

In Texas, our growth opportunities remain robust and the regulatory framework supports critical new investments to expand our system and improve grid resiliency and reliability for our customers. And across our management team, we couldn't be more excited to support the growing energy needs of our customers.

在德州，我們的成長機會仍然強勁，監管框架支持關鍵的新投資，以擴展我們的系統並為客戶提高電網彈性和可靠性。我們的管理團隊非常高興能夠支援客戶不斷增長的能源需求。

Please turn to the next slide. Next, I'd like to turn your attention to another major tailwind, positively impacting Oncor's anticipated service territory growth over both the intermediate and long term. Today, ERCOT projects demand growth in the Permian Basin to quadruple to 26.4 gigawatts in 2038 from the 2023 actual level of 6.6 gigawatts. This represents an impressive compound annual growth of nearly 10% proving once again that the region has some of the strongest growth prospects in the nation.

請翻到下一張投影片。接下來，我想將您的注意力轉向另一個主要推動因素，它對 Oncor 的預期服務領域成長在中期和長期產生積極影響。如今，ERCOT 預計二疊紀盆地的需求成長將從 2023 年 6.6 吉瓦的實際水準到 2038 年翻兩番，達到 26.4 吉瓦。這意味著近 10% 的複合年增長率令人印象深刻，再次證明該地區擁有全美最強勁的成長前景。

In early fall, the PUCT approved ERCOT's Permian Basin reliability plan which permits all common local projects totaling approximately $4 billion to commence immediately, irrespective of the voltage level that the commission will eventually approve for the needed import paths. We expect Oncor to capture a significant portion of the new capital investment opportunities given our current operations in the Permian Basin and ERCOT's preliminary recommendations. Project assignments will be approved by the PUCT. And we're not standing still as we've already begun preparation for the transmission projects expected to be assigned to Oncor. We'll be filing the necessary certificates of convenience and necessity for those projects beginning in early 2025 and we continue the necessary “make-ready” work throughout the year. These proceedings are expected to take approximately 180 days under Texas law. In terms of a timeline, the Permian plan provides that most of the local projects need to be in service by 2030 with all projects including the import pathway projects completed by 2038. The full plan calls for a total investment of at least $13 billion in the Permian basin territory. Specifically, the Permian plan proposes $4 billion for local projects and another $9 billion or more of transmission CapEx at either 345 kV or 765 kV voltage levels. The PUCT is expected to make a final decision on 345 kV or 765 kV import options by May 2025.

初秋，PUCT 批准了 ERCOT 的二疊紀盆地可靠性計劃，該計劃允許總價值約 40 億美元的所有常見當地項目立即啟動，無論委員會最終批准所需進口路徑的電壓水平如何。鑑於我們目前在二疊紀盆地的業務以及 ERCOT 的初步建議，我們預計 Oncor 將抓住大部分新資本投資機會。專案任務將由 PUCT 批准。我們並沒有停滯不前，因為我們已經開始為預計分配給 Oncor 的傳輸項目做準備。我們將從 2025 年初開始為這些項目提交必要的便利性和必要性證明，並全年繼續進行必要的「準備工作」。根據德州法律，這些訴訟預計需要大約 180 天。從時間表來看，二疊紀計畫規定，大部分當地計畫需要在2030年之前投入使用，包括進口通道計畫在內的所有計畫需要在2038年之前完成。完整的計畫要求在二疊紀盆地地區總投資至少130億美元。具體來說，二疊紀計畫提議為當地計畫投入 40 億美元，並另外投入 90 億美元或更多的 345 kV 或 765 kV 電壓等級的輸電資本支出。PUCT 預計將在 2025 年 5 月之前就 345 kV 或 765 kV 進口選項做出最終決定。

Please turn to the next slide. Longer term, it is also important to note that ERCOT has provided a preliminary vision of a modern statewide extra high voltage or EHV grid. At this stage, it is preliminary and remains subject to the plan being finalized and obtaining customary regulatory approvals. But assuming the statewide EHV initiative is implemented, Oncor expects to construct a significant number of these projects due to the current number of endpoints owned by Oncor. These projects when taken together would add major transmission lines across the state to connect new sources of generation, increase overall electric load serving capability and improve system resiliency.

請翻到下一張投影片。從長遠來看，還需要注意的是，ERCOT 提供了現代全州特高壓或超高壓電網的初步願景。現階段，這只是初步的，仍有待計劃最終確定並獲得慣例監管部門的批准。但假設全州範圍內的 EHV 計劃得到實施，由於 Oncor 目前擁有的端點數量，Oncor 預計將建造大量此類項目。這些項目加在一起將增加全州的主要輸電線路，以連接新的發電來源，提高整體電力負載服務能力並提高系統彈性。

As currently envisioned: Phase 1 of the EHV initiative would include the Permian Plan 765kV lines, as well as connections in Eastern and Central Texas; whereas Phase 2 would include connections in the Texas Panhandle and Rio Grande Valley. Now please turn to the next slide where Karen will walk through business updates at Sempra California and Sempra Infrastructure.

按照目前的設想：超高壓計畫的第一階段將包括二疊紀計畫 765kV 線路以及德州東部和中部的連接；而第二階段將包括德克薩斯州狹長地帶和里奧格蘭德河谷的連接。現在請翻到下一張投影片，Karen 將介紹 Sempra California 和 Sempra 基礎設施的業務更新。

Thank you, Allen. I'd first like to provide some background on the proposed decision we received in our general rate cases last month. To start, the proposed decision increases the revenue requirement in 2024 by 10.5% for SDG&E and 14.8% for SOCAL SoCalGas.

謝謝你，艾倫。我首先想提供一些關於我們上個月在一般費率案件中收到的擬議決定的背景資訊。首先，擬議的決定將 SDG&E 和 SOCAL SoCalGas 2024 年的收入要求分別提高 10.5% 和 14.8%。

Moving to rate base. The PA recommends 2024 authorized rate base of $8.4 billion for SDG&E and $12.8 billion for SoCalGas. There are however critical aspects of the PD that require additional work, particularly in areas that impact our ability to manage the system safely. Examples include needed investments for integrity management of our natural gas distribution system and selective undergrounding of our electrical system to support wildfire mitigation efforts. On the positive side, you'll recall that our GRC addresses a broad range of topics that are important to the growth of our business. For example, the PD adopted certain infrastructure and technology capital projects that were not included in the base attrition year percentages but are also important because they'll be placed in rates upon completion.

轉向利率基礎。PA 建議 2024 年 SDG&E 的授權費率基數為 84 億美元，SoCalGas 的授權費率基數為 128 億美元。然而，PD 的一些關鍵方面需要額外的工作，特別是在影響我們安全管理系統的能力的領域。例如，我們的天然氣分配系統的完整性管理和選擇性地下化電力系統以支援野火緩解工作所需的投資。從積極的一面來看，您會記得我們的 GRC 解決了對我們業務成長非常重要的廣泛主題。例如，PD 採用了某些基礎設施和技術資本項目，這些項目未包含在基本損耗年百分比中，但也很重要，因為它們將在完成後計入費率中。

Also, as a reminder, the proposed decision makes available a process that allows for certain changes to be considered before a final decision is issued. On November 4th, the CPUC heard oral arguments, the records of which are open to the public. SDG&E and SoCalGas subject matter experts are engaged in the regulatory process and working collaboratively towards reaching a final outcome that's beneficial for all stakeholders. During the quarter, our California utilities also received a final decision in Phase 2 of the cost of capital proceeding which has a negative impact on the CCM for 2025. This one time formulaic modification lowers ROEs by 42 basis points and reduces the authorized adjustment percentage for future triggers to 20%. The silver lining here is that the declining interest rate environment such as the one we now find ourselves in limits the magnitude of subsequent reductions in ROE and off cycle years. For planning purposes, I'd also like to note that we expect to file our cost of capital application for the years 2026 to 2028 in March of next year.

另外，提醒一下，建議的決定提供了一個流程，允許在發布最終決定之前考慮某些變更。11月4日，CPUC聽取了口頭辯論，會議記錄向公眾公開。SDG&E 和 SoCalGas 主題專家參與監管流程，並共同努力達成有利於所有利害關係人的最終結果。本季度，我們的加州公用事業公司也收到了資本成本程序第二階段的最終決定，這對 2025 年的 CCM 產生了負面影響。這項一次性的公式化修改將 ROE 降低了 42 個基點，並將未來觸發的授權調整百分比降低至 20%。這裡的一線希望是，我們現在所處的利率下降環境限制了股本回報率和非週期年份隨後下降的幅度。出於規劃目的，我還想指出，我們預計將於明年 3 月提交 2026 年至 2028 年的資本成本申請。

Turning to the Federal Energy Regulatory Commission, SDG&E submitted a new T06 filing on October 30th where we updated our formulaic rate and made the case for a constructive improvement in the authorized ROE to 12.25%. This consists of a base ROE of 11.75% plus a 50 basis point adder. We believe this proposal reflects current market conditions and we look forward to working through the regulatory process to achieve a productive result.

SDG&E 於 10 月 30 日向聯邦能源管理委員會提交了一份新的 T06 文件，其中我們更新了公式利率，並提出了將授權 ROE 建設性提高至 12.25% 的理由。這包括 11.75% 的基本 ROE 加上 50 個基點的加成。我們相信該提案反映了當前的市場狀況，我們期待透過監管流程取得富有成效的結果。

Additionally at Sempra California, we're excited to share that the SDG&E service territory has seen electric demand growth hitting a new all-time record peak demand of over five gigawatts in September. This reflects growing demand from roughly 160,000 EVs connected to our system, one of the highest EV penetration rates in the country and from continued electrification of the southern California economy.

此外，在加州 Sempra，我們很高興與大家分享，SDG&E 服務領域的電力需求成長在 9 月達到了超過 5 吉瓦的新的歷史高峰需求記錄。這反映了連接到我們系統的約 16 萬輛電動車的需求不斷增長，這是美國電動車普及率最高的國家之一，也是南加州經濟持續電氣化的結果。

Please turn to the next slide. Turning to Sempra Infrastructure, we continue to witness geopolitical developments around the world which strengthen the value proposition of our infrastructure franchise. The US is the largest exporter of LNG in the world and as a leader in the sector, Sempra Infrastructure remains well positioned to supply new customers in European and Asian markets. As Europe continues to reduce its energy imports from Russia, we believe there is a growing need for stable lower cost gas supply which would further drive demand for North American LNG. A few examples include the EU has recently banned re-exports to third party countries taking effect in March 2025, Ukraine rejected a deal to extend Russian gas through Ukrainian pipelines beyond 2024, the EU's incoming energy commissioner has intensified efforts to end dependence on Russian gas imports, a number of EU member states are demanding tagging of LNG by source as it enters its ports to further cut back on Russian LNG imports. And this is all on top of the major natural gas pipeline capacity that was taken offline at the start of the war in Ukraine. Meanwhile, there is strong market consensus that Asian LNG demand will continue to grow dramatically for the next 15 years with growth estimates ranging between 70% and 100% from 2023 levels. Much of this demand is tied to the displacement of more carbon intensive fuels such as coal and refined products from the energy mix of emerging economies in South and Southeast Asia as well as continued demand growth in China and in India. Bottom line -- Sempra Infrastructure is well positioned to be a preferred provider to established counterparties seeking to match long term LNG supply with growing demand in Europe and Asia.

請翻到下一張投影片。談到 Sempra 基礎設施，我們繼續見證世界各地的地緣政治發展，這增強了我們基礎設施特許經營權的價值主張。美國是世界上最大的液化天然氣出口國，作為該行業的領導者，Sempra 基礎設施公司仍然處於為歐洲和亞洲市場的新客戶提供服務的有利地位。隨著歐洲繼續減少從俄羅斯的能源進口，我們認為對穩定的低成本天然氣供應的需求不斷增長，這將進一步推動對北美液化天然氣的需求。一些例子包括歐盟最近禁止向第三方國家再出口，並於2025 年3 月生效；烏克蘭拒絕了將俄羅斯天然氣通過烏克蘭管道延伸到2024 年之後的協議；即將上任的歐盟能源專員加強結束對俄羅斯天然氣的依賴進口方面，一些歐盟成員國要求在液化天然氣進入其港口時按來源貼上標籤，以進一步減少俄羅斯液化天然氣的進口。這一切都是在烏克蘭戰爭開始時關閉的主要天然氣管道產能之上的。同時，市場普遍認為，未來 15 年亞洲液化天然氣需求將持續大幅成長，預計 2023 年將成長 70% 至 100%。這項需求在很大程度上與南亞和東南亞新興經濟體能源結構中煤炭和精煉產品等碳密集型燃料的取代以及中國和印度需求的持續成長有關。底線—Sempra 基礎設施公司處於有利地位，能夠成為尋求將長期液化天然氣供應與歐洲和亞洲不斷增長的需求相匹配的成熟交易對手的首選供應商。

Alongside these macroeconomic tailwinds, Cameron LNG Phase 1 continues to perform well. Year to date, the facility has already loaded 140 cargoes and lifetime to date, Cameron has now surpassed 840 cargoes. Notably, the current 2024 production level exceeds the average annual run rate implied since COD. So we continue to witness strong and improving results from this facility.

除了這些宏觀經濟利好因素外，卡梅倫液化天然氣一期計畫持續表現良好。年初至今，該設施已裝載 140 批貨物，截至目前，Cameron 已裝載超過 840 批貨物。值得注意的是，目前 2024 年的產量水準超過了 COD 以來的平均年運行率。因此，我們繼續見證該設施取得的強勁且不斷改善的成果。

Turning to construction updates. We're advancing work on a series of major projects. ECA LNG Phase 1 construction continues to make progress. The project is now focusing on finishing above ground piping installation and our timeline to bring commercial operations online in spring of 2026 remains intact. Additionally, we're pleased to announce the expansion of the GRO pipeline is expected to commence commercial operations before the end of the year. You will recall this pipeline is dedicated to support LNG exports at ECA.

轉向施工更新。我們正在推進一系列重大專案的工作。ECA液化天然氣第一期建設持續取得進展。該專案目前的重點是完成地上管道安裝，我們在 2026 年春季上線商業營運的時間表保持不變。此外，我們很高興地宣布，GRO 管道的擴建預計將於今年年底前開始商業運營。您會記得這條管道專門用於支援 ECA 的液化天然氣出口。

Port Arthur Phase 1 is also advancing as planned and is on time and on budget. Currently, work is focused on piling, dredging, foundations, structural steel and above ground piping installations. We also received a FERC letter of authorization for the Louisiana Connector Pipeline which will provide feed gas into Port Arthur from the Haynesville Basin. Mobilization activities to commence building this pipeline have already begun. Moving to our development efforts, at Port Arthur Phase 2, the focus remains on finalizing offtake arrangements and securing project financing. We continue to have discussions with potential off-takers. We've made significant commercial progress to date and are focused now on selecting the right customer mix and improving our commercial terms.

亞瑟港第一期工程也在按計畫推進，並按時、按預算進行。目前，工作重點是打樁、疏浚、地基、鋼結構和地上管道安裝。我們還收到了 FERC 路易斯安那連接管道的授權書，該管道將從海恩斯維爾盆地向亞瑟港提供原料氣。開始建造這條管道的動員活動已經開始。轉向我們在亞瑟港二期的開發工作，重點仍然是最終確定承購安排和確保專案融資。我們將繼續與潛在承購商進行討論。到目前為止，我們已經取得了重大的商業進展，現在的重點是選擇正確的客戶組合和改善我們的商業條款。

Most notably, Saudi Aramco is our anchor partner on the project with a non-binding HOA for 5 million tons per annum and a 25% equity participation. As a reminder, we have an EPC agreement with Bechtel to allow for continuous construction across both phases. We also continue to wait for our DOE non-FTA export permit which we expect to be resolved next year. As a result, we're now expecting Port Arthur Phase 2 development timeline to move ahead of the Cameron expansion. The timing of an FID decision for Cameron expansion is uncertain at this point. We continue to work with our partners on the optimal timing for expansion. As we've been in the past, we'll be very disciplined in our efforts to secure quality returns and mitigate risk to capital before making any investment decision.

最值得注意的是，沙特阿美公司是我們該專案的主要合作夥伴，擁有每年 500 萬噸的非約束性 HOA，並擁有 25% 的股權。提醒一下，我們與柏克德公司簽訂了 EPC 協議，允許跨兩個階段進行持續建設。我們也繼續等待美國能源部的非自由貿易協定出口許可證，預計明年將得到解決。因此，我們現在預計亞瑟港二期開發時間表將提前於卡梅倫擴建項目。Cameron 擴張的 FID 決定的時間目前尚不確定。我們將繼續與合作夥伴合作尋找擴張的最佳時機。正如我們過去所做的那樣，在做出任何投資決定之前，我們將非常嚴格地確保高品質回報並降低資本風險。

Please turn to the next slide. Earlier this morning, Sempra reported third quarter 2024 GAAP earnings of $638 million or $1 per share. This compares to third quarter 2023 GAAP earnings of $721 million or $1.14 per share on an adjusted basis. Third quarter 2024 earnings were $566 million or $0.89 per share. This compares to our third quarter 2023 earnings of $685 million or $1.08 per share because the GRC outcome remains pending. Our CPUC authorized based revenues in third quarter and year to date 2024 are based on 2023 authorized levels. This is important because assuming we receive a final decision this year, any true up would be retroactively applied to January 1.

請翻到下一張投影片。今天上午早些時候，Sempra 公佈 2024 年第三季 GAAP 收益為 6.38 億美元，即每股 1 美元。相比之下，2023 年第三季 GAAP 收益為 7.21 億美元，調整後每股收益為 1.14 美元。2024 年第三季收益為 5.66 億美元，即每股收益 0.89 美元。相比之下，我們 2023 年第三季的收益為 6.85 億美元，即每股 1.08 美元，因為 GRC 結果仍未確定。我們 2024 年第三季和年初至今的 CPUC 授權收入是基於 2023 年授權水準。這很重要，因為假設我們今年收到最終決定，任何真實的調整都將追溯至 1 月 1 日。

Please turn to the next slide. Variances in the third quarter 2024 adjusted earnings compared to the same period last year can be summarized as followed. At Sempra California, we had $9 million from a higher CPUC based operating margin. None of operating expenses including higher authorized cost of capital and higher regulatory interest income. This was more than offset by $52 million primarily from lower income tax benefits and higher net interest expense.

請翻到下一張投影片。2024年第三季調整後獲利與去年同期相比的差異可總結如下。在 Sempra California，我們從基於 CPUC 的較高營運利潤中獲得了 900 萬美元。營運費用不包括較高的授權資本成本和較高的監管利息收入。這被 5,200 萬美元所抵消，主要是所得稅優惠減少和淨利息支出增加。

Turning to Sempra Texas, we had $44 million of lower equity earnings from higher interest and operating expenses and lower consumption partially offset by higher revenues from invested capital and customer growth. At Sempra Infrastructure, we had $36 million of lower revenues in the transportation and renewables business, higher O&M and lower asset and supply optimization partially offset by $7 million primarily from higher income tax benefit and lower net interest due to higher capitalized interest. At Sempra, the $3 million net change is primarily due to higher taxes partially offset by net investment gains.

至於德州的 Sempra，由於利息和營運費用的增加以及消費的減少，我們的股本收益減少了 4,400 萬美元，但部分被投資資本和客戶成長帶來的收入增加所抵消。在Sempra 基礎設施，我們在運輸和再生能源業務方面的收入減少了3,600 萬美元，維運成本增加以及資產和供應優化減少，部分抵銷了700 萬美元，主要是由於所得稅優惠增加以及資本化利息增加導致的淨利息減少。在 Sempra，300 萬美元的淨變動主要是因為較高的稅收被淨投資收益部分抵銷。

Please turn to the next slide to conclude our prepared remarks. I'd like to quickly summarize our key investment highlights as energy needs grow and evolve in North America. Our commitment to operational excellence supports our focus on delivering safer, more reliable and resilient energy and our position as a leader in North America's largest economic markets gives us unique opportunities to invest higher levels of capital in critical new energy infrastructure through the end of the decade and beyond. For general corporate purposes and to finance our growing capital campaign, we're establishing an at the market equity program of $3 billion. This will help us fund growth and capital expenditures in a timely and efficient manner while continuing to maintain the strength of our balance sheet.

請翻到下一張投影片來結束我們準備好的發言。隨著北美能源需求的成長和發展，我想快速總結我們的主要投資亮點。我們對卓越營運的承諾支持我們專注於提供更安全、更可靠和有彈性的能源，而我們作為北美最大經濟市場的領導者的地位為我們提供了獨特的機會，可以在本世紀末將更多資本投資關鍵的新能源基礎設施以及更遠的地方。出於一般企業目的並為我們不斷增長的資本活動提供資金，我們正在製定 30 億美元的市場股權計劃。這將有助於我們及時有效地為成長和資本支出提供資金，同時繼續保持資產負債表的實力。

After we received the GRC final decision, we'll be in an excellent position to roll forward our five year capital plan through 2029. We expect to provide that update in February on our Q4 call and in the interim, we'll continue executing on value and creative investments that drive sustainable long term growth.

在收到 GRC 最終決定後，我們將處於有利地位，可以將五年資本計畫推進到 2029 年。我們預計將在二月份的第四季度電話會議上提供最新信息，在此期間，我們將繼續執行推動可持續長期增長的價值和創意投資。

Thank you for joining us and I'd like to now open the line up for your questions.

感謝您加入我們，我現在願意回答您的問題。

(Operator Instructions)

（操作員說明）

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

So Jeff, on your comments about demand growth and sector EPS growth kind of trending higher than its historical norms, you've been growing EPS above the sector already. And I just want to confirm that inclusive of all these items that you laid out on the capital side, do you have line of sight to the CAGR like above the 6% to 8% range? And how should we kind of be thinking about that as you kind of piece together all this capital that's coming down the pipe into the fourth quarter?

因此，傑夫，根據您對需求成長和行業每股收益成長趨勢高於歷史正常水平的評論，您的每股收益成長已經高於該行業。我只是想確認一下，包括您在資本方面列出的所有這些項目，您對複合年增長率的看法是否高於 6% 至 8% 的範圍？當你將進入第四季的所有資本拼湊在一起時，我們該如何思考這個問題？

And we've had these conversations before, but when you think about the period from 2000 to 2020, our sector had average EPS growth of roughly 3%. Now that changes from time to time and in recent years, it's been trending higher, closer to 4%. What I think is going to happen is I think we're in a significant growth period for our utility sector, what some people are refer to as the super cycle. In other words, we expect to see growth through this decade and well into the next decade. And I think you're going to see overall average EPS growth across the sector trend higher.

我們之前曾進行過此類對話，但當你考慮 2000 年至 2020 年期間時，我們行業的平均每股收益增長率約為 3%。現在這個數字時常發生變化，近年來，它一直呈上升趨勢，接近 4%。我認為將會發生的是，我認為我們的公用事業產業正處於一個顯著的成長時期，有些人稱之為超級週期。換句話說，我們預計這十年和下一個十年都會成長。我認為你會看到整個行業的整體平均每股收益成長呈上升趨勢。

We have traditionally oriented towards 6% to 8%. We think there's kind of an efficient frontier there in terms of balancing that with a strong dividend policy. And I think total return is very important to the utility investors that invest in the sector. So we're very comfortable with the 6% to 8% growth rate. And I think the key takeaway from today's call is we certainly have a field of vision to a lot more opportunities in the future. We certainly will be working hard to exceed the high end of that range. But we're careful now that with a lot of certainty about the growth backlog we have that we can deliver that range or better.

我們傳統上的目標是 6% 到 8%。我們認為，在平衡股利政策與強有力的股利政策方面存在某種有效的前沿。我認為總回報對於投資該行業的公用事業投資者來說非常重要。所以我們對 6% 到 8% 的成長率感到非常滿意。我認為今天電話會議的主要收穫是我們對未來更多機會有著廣闊的視野。我們當然會努力超越該範圍的高端。但我們現在很謹慎，因為我們對成長積壓有很大的確定性，我們可以提供這個範圍或更好的範圍。

And then just quickly on the ATM, when do you think you're going to start to need equity? Is it this year or is it next year? You were smart last year to kind of de risk the equity plan ahead of your formal CapEx outlook. So just wondering if that's on the table again and that's it for me.

然後快速在 ATM 機上問一下，你認為什麼時候你會開始需要股權？是今年還是明年？去年你很聰明，在正式的資本支出展望之前就降低了股權計畫的風險。所以只是想知道這是否再次擺在桌面上，對我來說就是這樣。

Nick, last year, you recall that we provided a little bit of visibility on our Q3 call to increases in our five year capital plan at the Sempra level. And you're correct, we followed up with a roughly $1.3 billion secondary offering. I think what was interesting in our fall planning process this year and both Justin and I were with Allen last week in Dallas at their Board meeting, they just have remarkable visibility to growth and I thought it was important for us to signal to our investors that opportunity now rather than wait until the February time frame. We'll obviously give a lot of details in February, but I thought it was important to do that and make sure that we are adding the ATM as an additional tool in our toolbox.

尼克，去年，您還記得我們在第三季的電話會議上提供了一些可見性，以增加 Sempra 級別的五年資本計劃。你是對的，我們隨後進行了約 13 億美元的二次發行。我認為今年秋季計劃過程中有趣的是，賈斯汀和我上週與艾倫一起在達拉斯參加了他們的董事會會議，他們對增長有著非凡的可見性，我認為對我們來說向我們的投資者表明這一點很重要現在就有機會，而不是等到二月的時間框架。顯然，我們將在二月提供很多細節，但我認為這樣做很重要，並確保我們將 ATM 作為附加工具添加到我們的工具箱中。

And I think many of you have followed the fact that ATMs have become much more common recently as companies seek alternatives to traditional offerings. So separate, we just view it as another option for us to officially finance our business. We've sized it at the $3 billion level and I think the best takeaway for everyone is when we get to our February call, we're going to provide a full update on our roll forward capital program including Nick, sources and uses of funding and we'll also be prepared at that time to provide what I hope will be a robust view of 2026 guidance.

我想你們中的許多人都注意到這樣一個事實：隨著公司尋求傳統產品的替代品，ATM 最近變得更加普遍。如此獨立，我們只是將其視為我們正式為我們的業務融資的另一種選擇。我們將其規模定為30 億美元，我認為對每個人來說最好的收穫是，當我們召開2 月份的電話會議時，我們將提供有關前滾資本計劃的完整更新，包括尼克、資金來源和用途屆時我們也將做好準備，提供我希望的 2026 年指導的穩健觀點。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Let me just quickly want to follow up on Nick's question on the equity. Just on the $3 billion of ATM. I couldn't get a sense, is that fully funding your anticipated CapEx increases or could there be more equity coming especially as we're thinking about potential funding needs at SIP as that ramps up.

讓我快速跟進尼克關於股權的問題。就在ATM機上價值30億美元。我不明白，是為您預期的資本支出增加提供充分資金還是可能會有更多股本到來，特別是當我們正在考慮 SIP 隨著資本支出增加的潛在融資需求時。

What we do is we go through a very comprehensive bottom up process in the fall where we force everyone's growth plans inside of Sempra across all three platforms to compete for capital. And as you've seen in the past, the lion's share of our five year capital program goes to our US utilities in California and Texas. It traditionally takes between -- 90% and 95% of our overall capital plan goes to our utilities. So what we've done at this early juncture is really to provide visibility to the fact that there is a significant increase of capital that will be coming out in Oncor's plan will be announced in February. And we thought it was appropriate to make sure we had this additional tool in our toolbox. We're not prepared to talk about when we would use it, but I do think we'll provide a lot of detail on our February call.

我們所做的是在秋季經歷一個非常全面的自下而上的流程，我們迫使 Sempra 內部所有三個平台的每個人的成長計劃來爭奪資本。正如您過去所看到的，我們五年資本計劃的大部分都流向了我們在加利福尼亞州和德克薩斯州的美國公用事業公司。傳統上，我們整體資本計畫的 90% 到 95% 都用於我們的公用事業。因此，我們在這個早期關頭所做的實際上是為了讓人們了解這樣一個事實：Oncor 計劃將於 2 月宣布，將大幅增加資本。我們認為確保我們的工具箱中有這個附加工具是適當的。我們不准備談論何時使用它，但我確實認為我們會在二月份的電話會議上提供很多細節。

But the $3 billion, is the $3 billion -- we shouldn't, I guess, assume it could be higher than --

但 30 億美元就是 30 億美元——我想我們不應該假設它可能會高於--

Exactly. We feel very comfortable with $3 billion.

確切地。我們對 30 億美元感到非常滿意。

And then just in terms of the proposed decision in California, just from a planning parameters standpoint, does the PD present a headwind versus your midpoint expectations and sort of given the recommendation for lower attrition year revenue increases, could you see CapEx pulling back at SoCalGas and San Diego Gas and Electric?

然後，就加州提議的決定而言，僅從規劃參數的角度來看，PD 是否與您的中點預期相比存在逆風，並且考慮到較低損耗年收入增長的建議，您是否會看到SoCalGas的資本支出有回落和聖地牙哥天然氣和電力公司？

Yeah, what I would describe is in the fall planning process, we're challenging all of our executives to make sure that they've got a fulsome and disciplined approach to capital utilization. So there is a process of give and take between both projects as well as overall capital by business. And over a long period of time, forcing that discipline inside the organization to compete for capital, it's not just highest return, it's also returns relative to risk. And that process is ongoing.

是的，我要描述的是在秋季規劃過程中，我們正在向所有高階主管提出挑戰，以確保他們對資本利用採取完整且嚴格的方法。因此，兩個項目之間以及按業務劃分的總體資本之間存在一個交換的過程。在很長一段時間內，迫使組織內部的紀律來爭取資本，這不僅是最高的回報，也是相對於風險的回報。這個過程正在進行中。

Comment I'll make about the PD is we feel there are some aspects of the PD, Shar, that are actually quite constructive. But we noted in our prepared remarks that we also see opportunities to improve decision in areas that we think are very important to our customers, namely safety, reliability and affordability. So we had oral arguments earlier this week and a couple of things we highlighted there where we think additional improvements are necessary as the number one, the need for additional undergrounding to support wildfire mitigation.

我對這份效績報告的評論是，我們覺得這份效績報告的某些方面，Shar，實際上非常有建設性。但我們在準備好的發言中指出，我們也看到了在我們認為對客戶非常重要的領域中改善決策的機會，即安全性、可靠性和可負擔性。因此，我們本週早些時候進行了口頭辯論，並強調了一些我們認為有必要進行額外改進的第一件事，即需要額外的地下工程來支持緩解野火。

Number two, improvements to integrity management programs. And you recall that it's very important for us in terms of operating the natural gas distribution system safely. To your point, we do think additional increases in post year funding is important because that has to align with our expected business level of activity. And finally, we're still identifying areas that might offset costs to our customers because of our focus on affordability and that's mainly in the form of tax benefits. So I would conclude by saying we'll continue to work collaboratively. We don't want to get in front of our regulator on this, but I think we have the chance, Shar, to do two things. Get to an outcome this year and get to an outcome that's constructive for all of our stakeholders.

第二，改善誠信管理計劃。您還記得，安全運作天然氣分配系統對我們來說非常重要。就您的觀點而言，我們確實認為年後資金的額外增加很重要，因為這必須與我們預期的業務活動水準保持一致。最後，由於我們專注於負擔能力，我們仍在尋找可能抵消客戶成本的領域，這主要是稅收優惠的形式。因此，我最後想說的是，我們將繼續合作。我們不想在這件事上向監管機構提出要求，但我認為我們有機會，Shar，做兩件事。今年取得成果，取得對我們所有利害關係人具有建設性的成果。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Nicely done. Maybe just picking up on the Oncor side, that 40% to 50% range is tantalizing there. Look I know it's preliminary, but can you give us a little bit of a breakdown? I know you get the $3 billion with the SRP. But what else is in there, right? when you think about that, that balance of say roughly $6 billion to $9 billion. Is that Permian Basin? How much of that is load growth? Can you give us a little bit of sense of what's baked in terms of that range and where you go from it?

幹得好。也許只是在 Oncor 方面，40% 到 50% 的範圍就很誘人。我知道這是初步的，但是你能給我們一些詳細的說明嗎？我知道您透過建議零售價獲得了 30 億美元。但裡面還有什麼，對吧？想想看，餘額大約是 60 億至 90 億美元。那是二疊紀盆地嗎？其中有多少是負載成長？您能否讓我們了解一下在該範圍內烘焙的內容以及您的出發點？

Well, Julian, the good news is you live in Texas. So hopefully you've been seeing a lot of this firsthand for several years now. You and I have had this conversation as well as others. I have consistently said that Oncor has the best overall growth program in the country. I think we're seeing that play out in real time and I think we have an opportunity. Allen, if you don't mind, why don't we walk through some of the growth drivers that you're seeing and provide additional color for Julian?

嗯，朱利安，好消息是你住在德州。所以希望你幾年來已經親眼目睹了許多這樣的事情。你和我以及其他人都進行過這樣的對話。我一直說 Oncor 擁有全國最好的整體成長計畫。我認為我們正在實時看到這種情況的發生，我認為我們有機會。艾倫，如果您不介意的話，我們為什麼不介紹一下您所看到的一些成長驅動因素，並為朱利安提供更多的資訊呢？

Yeah. You bet, Jeff and thanks Julian.

是的。你敢打賭，傑夫，謝謝朱利安。

We continue to see just very strong growth across our service territory pretty much in all categories of various types of customers that we serve. Strong residential and meter growth, strong growth on our transmission system, especially regarding LC&I interconnections, strong growth in West Texas and Permian and increased opportunities to invest in kind of the transmission backbone of ERCOT to support our customers in low transfers across the state. As I said, my opening remarks or Jeff, you know premise growth continues to be very strong. We added 19,000 this quarter and we continue to see long-term growth around 2% or double the national average transmission points of interconnection continue to be a big deal for us. New transmission point of interconnections are up 38% versus the same quarter, last year. Total transmission point of interconnections are up 17% versus the same quarter last. Generation remains very strong. We have over 500 projects seeking to interconnect to us right now in our Q and it gives us about a 13% increase over the same quarter last year for generation, the biggest jump continues to be with regards to LC&I customers seeking to connect to our transmission system. We have 379 of those right now and that represents a 23% increase over the same quarter last year. But the real story is in request from what we refer to as large load customers, right? The customers that are seeking to interconnect with our system that are seeking to interconnect at a level of at least 100 megawatts individually all the way up to multiple gigawatts. I think I represent the last quarter that we had about 80 gigawatts of those customers.

我們繼續看到我們服務領域的幾乎所有類別的各種類型客戶都保持著非常強勁的成長。住宅和電錶的強勁增長，我們的傳輸系統的強勁增長，特別是在LC&I 互連方面，西德克薩斯州和二疊紀地區的強勁增長，以及投資ERCOT 傳輸骨幹網的機會增加，以支持我們的客戶在全州範圍內進行低傳輸。正如我在開場白中所說，傑夫，你知道前提成長仍然非常強勁。本季度我們增加了 19,000 個，我們繼續看到 2% 左右的長期成長，即全國平均互連傳輸點的兩倍，這對我們來說仍然是一件大事。新增互連傳輸點比去年同期成長了 38%。互連總傳輸點比上一季成長了17%。一代人仍然非常強大。目前，我們的 Q 中有超過 500 個項目尋求與我們互連，這使我們的發電量比去年同期增長了約 13%，其中最大的增長仍然是尋求連接到我們輸電系統的 LC&I 客戶系統。我們現在有 379 個這樣的人，比去年同期增加了 23%。但真正的故事是我們所說的大負載客戶的請求，對吧？尋求與我們的系統互連的客戶尋求以至少 100 兆瓦的水平互連，一直到數千兆瓦的水平。我認為上個季度我們擁有大約 80 吉瓦的客戶。

And a quarter later, we're now up to 103 gigawatts of potential load additions related to that group of customers of that 103, 82 gigawatts approximately is data center related and 21 approximately gigawatts is unrelated to data centers. So I just want to make two points with regards to that 103 number.

一個季度後，我們現在與這 103 個客戶群相關的潛在負載增加量高達 103 吉瓦，其中大約 82 吉瓦與資料中心相關，大約 21 吉瓦與資料中心無關。所以我只想就103這個數字提出兩點。

If you look at our system right now, our current peak load on the Oncor system is about 31 gigawatts. So when you're comparing that to 103 gigawatts, we're looking at potential load additions of more than three times our current peak load. That's one and then the other point which I just made briefly a moment ago is 103 gigawatts this quarter versus 80 gigawatts last quarter represents about a 29% increase in potential load from these types of customers in one quarter.

如果您現在查看我們的系統，您會發現 Oncor 系統目前的峰值負載約為 31 吉瓦。因此，當您將其與 103 吉瓦進行比較時，我們會發現潛在的負載增量將超過當前尖峰負載的三倍。這是一個，然後我剛才簡單提出的另一點是，本季度為 103 吉瓦，而上季度為 80 吉瓦，這意味著這些類型的客戶在一個季度內的潛在負載增加了約 29%。

So that continues to be a big driver of what we're looking at going forward into February, West Texas again remains a great story with the far West Texas weather zone peaking at about 15% above the 2023 peak.

因此，這仍然是我們預計進入2 月的一個重要推動因素，西德克薩斯州再次保持了一個偉大的故事，遠西德克薩斯州的天氣區域峰值比2023 年峰值高出約15% 。

Our two transmission loops that we serve the Permian and the Delaware through continue to be strong with the Culberson Loop up 26% versus the peak of last year already. And the Stanton Loop up 5.7%.

我們為二疊紀和特拉華河提供服務的兩條輸電環路繼續保持強勁勢頭，其中卡爾伯森環路已比去年的峰值增長了 26%。史丹頓環線上漲 5.7%。

So the strong growth we're seeing in West Texas, obviously, we can talk about the Permian plan in a minute, but it's also leading to what I would call baseload or rather non-Permian plan additions in the region including projects that are coming out of the Delaware Basin project study of 2019. We're presently in stages two of five of that group of projects as well as the Permian Basin load integration study project from 2021 which we now refer to as the West Texas Infrastructure Project. So we have a number of transmission projects moving forward out of those two studies and plans that are separate and apart from the Permian plan. Obviously, we still have the Permian Plan, Permian Basin Reliability Plan going through the PUCT process right now, as well as the extra high voltage plan that was mentioned previously. We've got our SRP still to come hopefully on November 14.

因此，我們在西德克薩斯州看到的強勁增長，顯然，我們可以立即討論二疊紀計劃，但這也導致了該地區我所說的基荷或非二疊紀計劃的增加，包括即將到來的計畫摘自 2019 年特拉華盆地計畫研究。目前，我們正處於該組五個項目中的第二階段，以及 2021 年開始的二疊紀盆地負載整合研究項目，我們現在將其稱為西德克薩斯基礎設施項目。因此，我們在這兩項研究和計劃中推進了許多輸電項目，這些項目和計劃是獨立的，與二疊紀計劃無關。顯然，我們現在還有二疊紀計畫、二疊紀盆地可靠性計畫正在進行 PUCT 流程，以及先前提到的特高壓計畫。我們的建議零售價仍有望在 11 月 14 日發售。

And then we have of course the ERCOT revised load forecast of 152 gigawatts as well as the general regional transmission plan coming out in December. So those are a lot of the things that we are looking at with our board right now. Very excited to have all these opportunities on our system. We think it's a great growth story and by February, we'll have this all worked out.

當然，我們還有 ERCOT 修訂後的 152 吉瓦負載預測以及 12 月發布的總體區域輸電計劃。這些是我們董事會目前正在考慮的很多事情。非常高興在我們的系統上擁有所有這些機會。我們認為這是一個偉大的成長故事，到二月份，我們將解決這一切。

And then Julian, what I would add just to summarize a couple of points from Allen's discussion is growth at Oncor is both geographically diverse and it cuts across all customer categories. And as I said in my prepared remarks, I think that our AI exposure is an understated investment thesis at Sempra. Think about this. Oncor has 82 gigawatts of pending interconnection requests for AI. I would challenge any other company in America to put forward a bigger number and keep in mind the entire state of California has a 50 to 55 overall gigawatt peak.

然後 Julian，我想補充一點，總結 Allen 討論中的幾點，Oncor 的成長既具有地理多樣性，又涵蓋所有客戶類別。正如我在準備好的演講中所說，我認為我們的人工智慧投資是 Sempra 的一個低調的投資主題。想想這個。Oncor 有 82 吉瓦的人工智慧互連請求待處理。我會挑戰美國任何其他公司提出更大的數字，並記住整個加州的總峰值容量為 50 至 55 吉瓦。

So just an interconnection request for AI only Oncor is dealing with 82 gigawatts of future opportunities. Their growth is also centered on the most valuable asset in the utility world and that's high voltage transmission, high voltage transmission comprises 60% of their overall capital plan. And I would also add in addition to broad exposure to growth Oncor benefits from a constructive regulatory compact with tracker mechanisms that we've discussed before. They're being filed twice annually to true up for T&D investment. So it is a remarkable growth story. It is remarkable exposure to transmission and particularly from customer growth. And AI and I think it's got one of the best regulatory compacts in the country.

因此，僅 Oncor 的一個人工智慧互連請求就可以處理 82 吉瓦的未來機會。他們的成長也集中在公用事業領域最有價值的資產上，那就是高壓輸電，高壓輸電佔其整體資本計畫的 60%。我還想補充一點，除了廣泛接觸成長之外，Oncor 還受益於我們之前討論過的具有追蹤機制的建設性監管契約。它們每年提交兩次，以核實 T&D 投資。所以這是一個非凡的成長故事。這是顯著的傳播風險，特別是來自客戶成長。我認為人工智慧擁有全國最好的監管契約之一。

Yeah, those are truly phenomenal statistics. Thank you for sharing. And I agree, I see it. With that said, actually, he's talking about 60% is high voltage. I mean what are you guys reflecting in that range on the 765 the higher element on the transmission is that basically the upper end there just to clarify?

是的，這些確實是驚人的統計數據。謝謝您的分享。我同意，我看到了。話雖如此，實際上他說的是 60% 是高壓。我的意思是，你們在 765 的這個範圍內反映了什麼，變速器上的較高元件基本上是上端，只是為了澄清？

Yeah, the -- as we went through our prepared remarks, there's about $13 billion in that Permian plan which I think assumes a 345 kV. But I think the most important thing that Allen mentioned was is the PUCT will be making a determination as to whether that's a 345 upgrade and build out in May or whether it's 765. So that remains to be seen. We'll know the answer.

是的，當我們完成準備好的演講時，二疊紀計劃大約有 130 億美元，我認為假設電壓為 345 kV。但我認為 Allen 提到的最重要的事情是 PUCT 將在 5 月決定是 345 升級和擴建還是 765。所以這還有待觀察。我們就會知道答案。

Yeah, excellent. All right guys. Well, best of luck, you got a lot on the plate.

是的，非常好。好吧，夥計們。好吧，祝你好運，你有很多事情要做。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Maybe just to start on the LNG business. Any are you anticipating any changes to the outlook there just as a result of the administration changes? And then as you think about Port Arthur phase two is the permit sort of the last gating factor that would determine when you take FID on that project.

也許只是為了開始液化天然氣業務。您是否預期政府變動會導致前景有任何變化？然後，當您考慮亞瑟港時，第二階段是最後一個限制因素的許可，它將決定您何時對該專案進行最終投資決定。

Thank you. And maybe we've got Justin Bird with us here who is the CEO of Sempra Infrastructure, perhaps Justin could walk through Port Arthur phase two and then speak to the permit issue that Carly referenced.

謝謝。也許賈斯汀·伯德（Justin Bird）和我們在一起，他是 Sempra 基礎設施公司的首席執行官，也許賈斯汀可以走過亞瑟港第二階段，然後談論卡莉提到的許可證問題。

As Karen noted in her prepared remarks, we continue to advance Port Arthur and I'd say we've made considerable progress. As noted on our Q2 call, we saw an increased interest in Port Arthur. And I'm happy to say that interest has further increased since the call and momentum continues to build commercial discussions for offtake and project equity are ongoing. And I think we're seeing better terms.

正如凱倫在她準備好的演講中指出的那樣，我們繼續推進亞瑟港的建設，我想說我們已經取得了相當大的進展。正如我們在第二季電話會議中指出的那樣，我們看到人們對亞瑟港的興趣增加。我很高興地說，自從呼籲和勢頭繼續建立承購商業討論和專案股權以來，興趣進一步增加。我認為我們正在看到更好的條款。

We have our 20 year agreement with Aramco for 5 million tons per annum as well as 25% of the equity. Our EPC agreement with Bechtel allows for continuous construction. We view that as a competitive advantage and on the permitting side. As you noted, we're waiting for our DOE non-FTA export permit and we expect that to be resolved in the first half of next year, we continue to identify sources of financing for the project and advance the other key milestones to put us in a position to take a final investment decision.

我們與阿美石油公司簽訂了為期 20 年的協議，每年產量 500 萬噸，並擁有 25% 的股權。我們與 Bechtel 簽訂的 EPC 協議允許持續建造。我們認為這是一種競爭優勢，並且是在許可方面。正如您所指出的，我們正在等待美國能源部的非自由貿易協定出口許可證，我們預計該問題將在明年上半年得到解決，我們將繼續確定該項目的融資來源，並推進其他關鍵里程碑，以使我們能夠做出最終的投資決定。

To wrap up, I'd say the expansion of Port Arthur is a terrific opportunity and we look forward to advancing the project.

總而言之，我想說亞瑟港的擴建是一個絕佳的機會，我們期待著推進這個計畫。

And then maybe just to shift quickly back to Texas and appreciate all of the commentary there so far, just as you look forward to 2025 is there anything that you'd highlight that you're looking out for in the legislative session in Texas that could impact the growth outlook there?

然後也許只是快速回到德克薩斯州並欣賞迄今為止所有的評論，就像您期待 2025 年一樣，您是否會在德克薩斯州的立法會議上強調您正在尋找的任何內容可以影響那裡的成長前景？

No, I would just say that I think that based upon the meetings we had last week, I think obviously 2025 will be the biggest capital deployment year. I think in that company's history, the team is putting together their overall legislative strategy for next year and all. And perhaps you could just mention if there's anything notable that you want to discuss.

不，我只是說，根據我們上週舉行的會議，我認為 2025 年顯然將是最大的資本部署年。我認為，在該公司的歷史上，該團隊正在製定明年的整體立法策略。也許你可以只提及是否有任何值得注意的事情想要討論。

Now, Jeff, I think you covered it. I mean, Carly, there's obviously a lot of chatter in Austin about utility issues. We've had that before. I think we are in an excellent position going into this session as Oncor. Obviously, we're going to have to deal with things like the fallout from Hurricane Beryl, but there is nothing that I am overly concerned about right now. Obviously, we'll have to wait till a few more weeks until we see what bills get filed. But we are more than ready to handle anything that comes our way and I'm confident and excited going into session to see what we can do.

現在，傑夫，我想你已經講完了。我的意思是，卡莉，奧斯汀顯然有很多關於公用事業問題的討論。我們以前也經歷過這樣的情況。我認為我們作為 Oncor 在進入本次會議時處於有利位置。顯然，我們將不得不處理諸如颶風貝裡爾的影響之類的事情，但我現在沒有什麼過度擔心的。顯然，我們還得再等幾週才能看到提交的帳單。但我們已經準備好處理我們遇到的任何事情，我有信心和興奮地參加會議，看看我們能做什麼。

Durgesh Chopra, Evercore.

德吉什喬普拉，Evercore。

Hey, just can I go back to the equity really quickly? I just wanted to clarify something. The $3 billion does, does that, is that basically all the equity that you need? As you roll forward the plan from the five year plan '25 to '29, can you clarify that and then maybe any color that you can share in terms of timing of the $3 billion equity? Does that have to be done next year or will it be spread out throughout the plan?

嘿，我能很快回到股權嗎？我只是想澄清一些事情。這 30 億美元基本上就是你所需要的全部股權了嗎？當您將該計劃從「25 年」五年計劃推進到「29 年」時，您能否澄清這一點，然後就 30 億美元股權的時間安排您可以分享一下嗎？這是否必須在明年完成，還是分散在整個計劃中？

Peter?

彼得？

Sure. I'll just start by Durgesh, what our goal is for February on our Q4 call. Our convention has been to really present our five year plan almost like an analyst conference frankly. And when we do that, we reconcile the balance sheet and do kind of a deep dive into sources and uses of funding. So that conversation is probably more appropriate for February. What we also do in February is we tend to basically go into prompt your guidance. So we will release 2026 guidance at that time, we've always felt like if we have some early visibility in the fall before you get to February where we can kind of guide the streets our expectations. We think that's always been viewed helpful. So I think we had a real opportunity today to come forward with a very bullish muscular view of our Texas capital program. We'll fine tune that and come out with more details in February and likewise on the ATM, we just view this as another financing alternative for us. Our job is to make sure we compete capital internally. We are also using hybrids as part of our overall funding mechanism and having the a team in place we think is being thoughtful.

當然。我將從 Durgesh 開始，這是我們 2 月第四季電話會議的目標。我們的慣例是像分析師會議一樣坦率地真實介紹我們的五年計劃。當我們這樣做時，我們會核對資產負債表，並深入研究資金來源和用途。所以這次談話可能比較適合二月。我們在二月所做的也是我們傾向於提示您的指導。因此，我們將在那時發布 2026 年指導，我們一直認為，如果我們在秋季之前有一些早期的可見性，那麼我們就可以在 2 月之前指導街道我們的期望。我們認為這一直被認為是有幫助的。因此，我認為我們今天有一個真正的機會對德克薩斯州的資本計劃提出非常樂觀、強有力的觀點。我們將對此進行微調，並在二月份公佈更多細節，同樣在 ATM 上，我們只是將其視為我們的另一種融資選擇。我們的工作是確保我們在內部競爭資本。我們也使用混合動力作為我們整體融資機制的一部分，並組建了一個我們認為經過深思熟慮的團隊。

I just wanted to clarify that looks like we're going to get more color. Hey, can I just quickly ask you one more question? Just any anything on the LNG permit pause given the sort of the election results previously, you kind of talked about the --

我只是想澄清一下，看起來我們會得到更多的顏色。嘿，我可以再問你一個問題嗎？考慮到之前的選舉結果，關於液化天然氣許可證暫停的任何事情，你都談到了--

No, I'm sorry, please finish your question.

不，對不起，請完成你的問題。

No, that's it. Just any updates there. You know, as it relates to the pause.

不，就是這樣。那裡只有任何更新。你知道，因為它與暫停有關。

No, I would just say that maybe it's a maybe a higher level comment. We have tended to kind of run our business as a nonpartisan business, right? We're not -- we don't focus on one party or the other. Remember about six years ago, we refocused our business from energy to energy infrastructure. And historically, that's been an area of strong bipartisan support and frankly, even under the Biden administration, there was bipartisan support for the infrastructure bill. And I think as we look forward, when we think about, you know, delivering cleaner and secure energy, it's not more about one party or another. It's about doing what's best for our country and for our customers. So when it comes to LNG, we've always had a constructive view that America has an opportunity to play a larger role in the world.

不，我只是說這可能是更高級別的評論。我們傾向於將我們的業務作為無黨派企業來經營，對吧？我們不——我們不關注某一方。還記得大約六年前，我們將業務重點從能源轉向能源基礎設施。從歷史上看，這是一個得到兩黨大力支持的領域，坦白說，即使在拜登政府領導下，基礎設施法案也得到了兩黨的支持。我認為，當我們展望未來時，當我們考慮提供更清潔、安全的能源時，這不僅僅是某一方或另一方的問題。這是為了我們的國家和我們的客戶做最好的事情。因此，在液化天然氣方面，我們一直有建設性的看法，認為美國有機會在世界上發揮更大的作用。

I think you're going to continue to see this country assert a leadership position in the production of energy. It's going to basically benefit our domestic uses. Hopefully it will continue to support a growing economy here in the United States. But look, quite frankly, we have an increasingly important role in serving our allies abroad. And LNG is a very, very important tool of American foreign policy. I think you'll continue to see us take an important role at simple infrastructure and I think we have growing confidence in getting the permits we need for Port Arthur phase two in the first half of next year.

我認為你將繼續看到這個國家在能源生產方面佔據領導地位。這基本上有利於我們的國內用途。希望它將繼續支持美國經濟的成長。但坦白說，我們在為海外盟友服務方面發揮越來越重要的作用。液化天然氣是美國外交政策非常非常重要的工具。我認為您將繼續看到我們在簡單基礎設施方面發揮重要作用，並且我認為我們對在明年上半年獲得亞瑟港第二階段所需的許可證越來越有信心。

And we now have time for one more question. Steve Fleishman, Wolfe.

現在我們還有時間再問一個問題。史蒂夫·弗萊什曼，沃爾夫。

The -- just going back to the California case you mentioned, and affordability seems to be a focus and you mentioned the tax related benefits. That could be something you suggested. Could you give a sense of just how much that could impact rates to the benefit of customers in your thinking on that?

回到您提到的加州案例，負擔能力似乎是一個焦點，您提到了與稅收相關的福利。這可能是你建議的。在您對此問題的思考中，您能否說明一下這會對費率產生多大影響，從而為客戶帶來利益？

No, I think what took place in the proposed decision was they outlined what they thought the changes in the step up in revenue requirement was for year one and then through the attrition years, and I think we're being really focused on making sure that we can operate our system safely. We work with all the different parties or part of the proceeding. And as you do that, it's important if you're trying to propose additional funding, that you're also trying to find ways to reduce costs.

不，我認為擬議的決定中發生的事情是他們概述了他們認為第一年和之後的減員年收入要求增加的變化，我認為我們真正專注於確保我們可以安全地操作系統。我們與所有不同方或訴訟程序的一部分合作。當你這樣做時，如果你想提議額外的資金，那麼重要的是你也想找到降低成本的方法。

So I think what took place in the oral argument this week was we outlined a series of opportunities where we thought that customers would benefit from additional safety investments including to our to integrity programs and to our wildfire undergrounding programs. And I think to do that, we've also proposed some additional tax benefits that would lessen the impact to customers. So this is a process in California where you try to work with all the different stakeholders to get the good outcome. And I think we have some confidence that we'll get that done this year and it will get to an outcome that people feel good about.

因此，我認為在本週的口頭辯論中，我們概述了一系列機會，我們認為客戶將從額外的安全投資中受益，包括我們的誠信計劃和野火地下計劃。我認為要做到這一點，我們也提出了一些額外的稅收優惠，以減輕對客戶的影響。因此，在加利福尼亞州，這是一個過程，您嘗試與所有不同的利益相關者合作以獲得良好的結果。我認為我們有信心今年能夠完成這項工作，並且會取得人們感覺良好的結果。

That's good. Just based on the kind of proposals you made there, like the attrition adjustments, what would they be roughly per year relative to the proposed decision?

那挺好的。僅根據您在那裡提出的提案類型（例如人員流失調整），相對於擬議的決策，每年的提案大約是多少？

Yeah. What I don't want to do is I don't really want to front run the process we're in right now. We're actually making some comment filings tomorrow. And what we want to do is let the process roll forward, give everyone the opportunity to participate in it. I think the decision itself that we have to date is proposed. There's a lot of constructive aspects to it, but we're very deeply involved in it right now, Steve, over the next couple of weeks. So I'd prefer to let the process play out in our comments tomorrow, I think will be instructive to your question.

是的。我不想做的是我真的不想提前運行我們現在所處的流程。實際上，我們明天會提交一些意見。我們想做的就是讓這個過程向前推進，讓每個人都有機會參與其中。我認為我們迄今為止所做的決定本身就是提議的。它有很多建設性的方面，但我們現在正在深入參與其中，史蒂夫，在接下來的幾週內。所以我寧願讓這個過程在明天的評論中展開，我認為這對你的問題會有啟發。

And then lastly just on Oncor, which is phenomenal. The -- I remember you raised your capital plan to $48 billion overall from I think $40 billion back, I think that was early this year or late last year. Would this be all incremental to the $48 billion for all of Sempra where some of that or including somewhat higher capital at Oncor? There's been so many capital increases. It's hard to keep track of it.

最後是Oncor，這是驚人的。我記得你將資本計畫從今年年初或去年年底的 400 億美元提高到 480 億美元。這是否會增加整個 Sempra 的 480 億美元（其中一部分或包括 Oncor 的較高資本）？增資了這麼多。很難跟踪它。

Well, thank you. Thank you for framing a high class problem, by the way. So look, we're going through a very disciplined process. This is not a process at Sempra where you just put one project on top of another project and sum up the total of the capital. We do, Steve really go through a rigorous process to make capital compete. But there's no question that the growth we're seeing at Oncor will be incremental to our $48 billion. And there's still opportunities in other two business platforms to also grow their capital needs. So that process is underway today, but clearly the Oncor program is incremental to the $48 billion.

嗯，謝謝。順便說一句，謝謝你提出了一個高級問題。所以看，我們正在經歷一個非常嚴格的過程。在 Sempra，這不是一個將一個項目放在另一個項目之上並總結總資本的過程。我們確實做到了，史蒂夫確實經歷了嚴格的流程來讓資本競爭。但毫無疑問，我們在 Oncor 看到的成長將增加到 480 億美元。其他兩個業務平台仍然有機會增加其資本需求。所以這個過程今天正在進行，但顯然 Oncor 計劃增加到 480 億美元。

Thank you. That concludes today's question and answer session at this time. I'd like to turn the conference back to Jeff Martin for any additional closing remarks.

謝謝。今天的問答環節到此結束。我想請傑夫馬丁（Jeff Martin）發表任何補充的結論。

Well, we certainly appreciate everyone joining us on the call today. I'd like to close out with a few summary comments. First, we're optimistic about finalizing our general rate cases here in California by the end of the year and we'll work with all parties to get it to a constructive outcome. Second, I was pleased that we're able to update everyone today on developments. Enor, we see significant investment opportunities in Texas from the SRP program, diverse customer growth across Oncor service territory, including connection requests from data centers totaling 82 gigawatts.

嗯，我們當然感謝今天加入我們電話會議的每個人。我想以一些總結性評論作為結束。首先，我們對今年年底前敲定加州的一般費率案件持樂觀態度，我們將與各方合作，以取得建設性的結果。其次，我很高興我們今天能夠向大家通報最新進展。嗯，我們從 SRP 計劃中看到了德克薩斯州的重大投資機會，Oncor 服務領域的多樣化客戶增長，包括來自數據中心的總計 82 吉瓦的連接請求。

We also see new investments necessary to support growth in the Permian Basin and expanding the transmission backbone for ERCOT to note that at our infrastructure business. We continue to operate a growing portfolio of assets and also are managing several major construction projects simultaneously which should together translate into higher levels of growth in the future for Sempra. And finally, the strength of our three combined growth platforms gives us a lot of confidence in continuing to grow our business while delivering shareholder value over the long term. I would also like to mention that Trevor Mihalik will be retiring at the end of the year, has served at Sempra for over a decade, held numerous leadership positions and been a great partner to me. Please join me in thanking Trevor for all of his contributions.

我們還認為需要新的投資來支持二疊紀盆地的成長並擴大 ERCOT 的傳輸骨幹網，以在我們的基礎設施業務中註意到這一點。我們繼續經營不斷成長的資產組合，同時管理多個重大建設項目，這些項目將共同轉化為 Sempra 未來更高水準的成長。最後，我們三個聯合成長平台的實力讓我們對繼續發展我們的業務充滿信心，同時長期為股東創造價值。我還想提一下 Trevor Mihalik 將於今年年底退休，他在 Sempra 工作了十多年，擔任過多個領導職位，是我的一個很好的合作夥伴。請和我一起感謝特雷弗的所有貢獻。

If there are any follow up items, please reach out to our IR team with your questions and we certainly look forward to seeing many of you at EEI in Florida next week.

如果有任何後續事項，請聯絡我們的 IR 團隊提出您的問題，我們當然期待下週在佛羅裡達州的 EEI 見到你們中的許多人。

This concludes our call. Thank you for your participation. You may now disconnect.

我們的通話到此結束。感謝您的參與。您現在可以斷開連線。