桑普拉能源 (SRE) 2025 Q2 法說會逐字稿

Good day, and welcome to Sempra's second quarter earnings call. Today's conference is being recorded. At this time, I'd like to turn it over to Louise Bick. Please go ahead.

大家好，歡迎參加 Sempra 第二季財報電話會議。今天的會議正在錄製中。現在，我想把發言權交給 Louise Bick。請繼續。

Good morning, and welcome to Sempra's second quarter 2025 earnings call. A live webcast of this teleconference and slide presentation are available on our website under the Events and Presentations section.

早安，歡迎參加 Sempra 2025 年第二季財報電話會議。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」部分找到。

Many of you may know me. I'm Louise Bick, Vice President of Investor Relations. Glen has recently taken on other financial responsibilities at Sempra, and I'm excited to be leading our IR program now. I look forward to seeing you more on the road in the coming weeks and months.

你們當中很多人可能都認識我。我是投資人關係副總裁 Louise Bick。Glen 最近承擔了 Sempra 的其他財務責任，我很高興現在能夠領導我們的 IR 計劃。我期待在未來幾週和幾個月裡在路上更多地見到你們。

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 of Sempra, and Chief Executive Officer of Sempra Infrastructure; Caroline Winn, who I'd like to note, is a new Executive Vice President of Sempra, with over 35 years at our California utilities, Caroline brings extensive safety and operational expertise to her role overseeing Sempra California's dual utility platform, both SDG&E and SoCalGas; Allen Nye, Chief Executive Officer of Oncor; Don Clevenger, Chief Financial Officer of Oncor; Dyan Wold, Vice President, Controller and Chief Accounting Officer of Sempra, and other members of our senior management team.

今天，我們有幾位管理團隊成員與我們在一起，包括董事長兼執行長 Jeff Martin、執行副總裁兼財務長 Karen Sedgwick、Sempra 執行副總裁兼 Sempra Infrastructure 執行長 Justin Bird；我想指出的是，Caroline Winn 是 Sempra 的新任執行副總裁，她在加州公用事業公司工作了 35 年，在監督 SDGA.方面擁有豐富的安全和營運專業知識；Oncor 執行長 Allen Nye、Oncor 財務長 Don Clevenger、Sempra 副總裁、財務主管兼首席會計官 Dyan Wold 以及我們高級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 statements 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.

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》所定義的前瞻性陳述。實際結果可能與我們今天所做的任何前瞻性陳述中預測的結果有重大差異。本公司向美國證券交易委員會提交的最新 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。

Earnings for 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 June 30, 2025.

我們報告中的普通股收益是按稀釋基礎顯示的，我們將討論某些非公認會計準則財務指標。請參閱此呼籲中附帶的簡報幻燈片，以了解與 GAAP 指標的協調情況。我們也鼓勵您查看截至 2025 年 6 月 30 日的季度 10-Q。

I'd also like to mention that forward-looking statements contained in this presentation speak only as of today, August 7, 2025, and it's important to know that the company does not assume any obligation to update or revise any of these forward-looking statements in the future. With that, please turn to slide 4, and let me hand the call over to Jeff.

我還想提一下，本簡報中包含的前瞻性陳述僅截至 2025 年 8 月 7 日有效，重要的是要知道本公司不承擔將來更新或修改任何這些前瞻性聲明的義務。說完這些，請翻到投影片 4，讓我把電話交給 Jeff。

Thank you all for joining us today. Earlier this morning, we reported second quarter 2025 adjusted EPS of $0.89, which is in line with the prior period's results. With steady execution on our 2025 value creation initiatives, we're pleased with our first half results and remain on track to achieve our goals for the year. As a result, we're also affirming our full year 2025 adjusted EPS guidance range of $4.30 to $4.70, and we're also affirming our 2026 EPS guidance of $4.80 and to $5.30.

感謝大家今天的參與。今天早些時候，我們報告了 2025 年第二季調整後的每股收益為 0.89 美元，與上一期的結果一致。透過穩步執行我們的 2025 年價值創造計劃，我們對上半年的業績感到滿意，並將繼續保持實現全年目標的勢頭。因此，我們也確認 2025 年全年調整後每股盈餘指引範圍為 4.30 美元至 4.70 美元，我們也確認 2026 年每股盈餘指引範圍為 4.80 美元至 5.30 美元。

Next, I'd like to provide an update on the progress we've made on the five value creation initiatives announced earlier this year. As a starting point, our current capital plan targets the investment of roughly $13 billion this year, with over $10 billion allocated toward our growing US utilities.

接下來，我想介紹一下我們今年稍早宣布的五項價值創造計畫的進展。作為起點，我們目前的資本計畫目標是今年投資約 130 億美元，其中超過 100 億美元將用於我們不斷成長的美國公用事業。

Through the first half of the year, we've already deployed more than $5 billion of new capital while continuing our efforts to strengthen the regulatory compacts in the jurisdictions where we operate. This includes advocating for constructive regulatory and legislative frameworks to better serve all of our stakeholders. The recently passed House Bill 5247 in Texas is a great example, and Karen will touch on that development later in today's presentation.

今年上半年，我們已經部署了超過 50 億美元的新資本，同時繼續努力加強我們經營所在轄區的監管契約。這包括倡導建設性的監管和立法框架，以更好地服務我們所有的利害關係人。德州最近通過的第 5247 號眾議院法案就是一個很好的例子，Karen 將在今天晚些時候的演講中談到這一進展。

Next, I want to mention that we're making steady progress on our capital recycling initiatives. In the equity sale at Sempra Infrastructure, we've executed an extension to the right of first offer process that is outlined in the limited partnership agreement.

接下來我想說的是，我們的資本循環計畫正在穩步推進。在 Sempra Infrastructure 的股權出售中，我們對有限合夥協議中概述的優先購買權流程進行了延長。

With the benefit of that extension, Sempra has entered into a nonbinding letter of intent with KKR. The letter of intent contemplates an equity sell within or even above the 15% to 30% range, depending upon valuation and other considerations. Given that we're in ongoing negotiations, we're limited at this time in what we can disclose, but we'll look to provide additional updates once reaching a definitive agreement.

利用此次延期，Sempra 已與 KKR 簽署了一份不具約束力的意向書。意向書考慮以 15% 至 30% 甚至更高的價格出售股權，具體取決於估值和其他考慮因素。鑑於我們正在進行談判，目前我們能夠披露的資訊有限，但一旦達成最終協議，我們將提供更多更新資訊。

During the quarter, we also advanced the Ecogas sales process, and have received substantial interest from both strategic and financial parties. I'd refer you to slide 10 for more color on both transactions. As previously mentioned, we expect these transactions to close sometime in the middle of 2026. And in combination, we expect these transactions will be accretive to the company's EPS forecast as well as credit.

本季度，我們也推進了 Ecogas 銷售流程，並獲得了策略和金融方面的濃厚興趣。請您參閱投影片 10，以了解有關這兩筆交易的更多詳情。如前所述，我們預計這些交易將在 2026 年中期完成。綜合起來，我們預計這些交易將增加公司的每股盈餘預測和信譽。

As is our convention, we don't provide any details on M&A transactions until definitive agreements are in place. Subject to the transactions being completed next year, we expect a notably higher contribution of earnings from our regulated utilities, which we expect to improve Sempra's overall credit and business risk profile.

按照我們的慣例，在達成最終協議之前，我們不會提供有關併購交易的任何細節。如果明年交易能夠完成，我們預計受監管的公用事業公司的收益貢獻將顯著增加，這將改善 Sempra 的整體信用和業務風險狀況。

In that regard, I'd like to refer you to slide 12 of the appendix, which highlights our changing business mix. As we continue our transition toward a more utility-focused business model, this slide demonstrates two key points, number one, our utilities are anchored in the two largest economic markets in the United States, California and Texas.

在這方面，我想請您參閱附錄的第 12 張投影片，其中重點介紹了我們不斷變化的業務組合。隨著我們繼續向更以公用事業為中心的商業模式轉型，這張投影片展示了兩個關鍵點，第一，我們的公用事業紮根於美國最大的兩個經濟市場——加州和德州。

And number two, our regulated investments provide investors with broad exposure to both electric and gas utility investments in different markets with constructive regulatory compacts. Taken together, regulatory and geographic diversity across both electric and natural gas investments improves the consistency of our earnings and cash flow while also reducing financial risk.

第二，我們的受監管投資為投資者提供了在不同市場中廣泛的電力和天然氣公用事業投資機會，並具有建設性的監管契約。總的來說，電力和天然氣投資的監管和地理多樣性提高了我們的收益和現金流的一致性，同時也降低了財務風險。

Moreover, because our five year capital plan increasingly prioritizes growth in Oncor, we expect our business mix to become more weighted towards Texas through the end of the decade, a proposition that we feel strongly will enhance Sempra's value over time.

此外，由於我們的五年資本計劃越來越重視 Oncor 的增長，我們預計到本世紀末我們的業務組合將更加側重於德克薩斯州，我們強烈認為這一提議將隨著時間的推移提升 Sempra 的價值。

Moving to our Fit for 2025 campaign. We continue to make solid progress. The focus here, you'll recall is on improving customer affordability by reducing internal costs, improving productivity, and aligning Sempra's cost structure to its future business needs. To date, we've adopted new technology found innovative ways to streamline processes and realigned our organizational structure to better serve our customers.

轉向我們的「適應 2025 年」活動。我們繼續取得紮實進展。您會記得，這裡的重點是透過降低內部成本、提高生產力以及使 Sempra 的成本結構與未來業務需求保持一致來提高客戶的承受能力。迄今為止，我們已經採用了新技術，找到了創新的方法來簡化流程，並重新調整了組織結構，以便更好地服務我們的客戶。

Finally, I'd like to discuss our continued progress in mitigating enterprise risk. SDG&E, as you know, has long been a leader in operational excellence and has made significant investments in data science, technology and wildfire mitigation measures.

最後，我想討論一下我們在降低企業風險方面取得的持續進展。眾所周知，SDG&E 長期以來一直是卓越營運領域的領導者，並在數據科學、技術和野火緩解措施方面進行了大量投資。

Moreover, we're pleased to report that SDG&E has hardened 100% of its transmission system with steel structures in the highest fire-threat areas or what we call Tier 3 zones. SDG&E expects to achieve its medium-term goal of fully hardening Tier 2 zones by the end of 2028.

此外，我們很高興地報告，SDG&E 已在火災威脅最高的區域（即我們所說的 Tier 3 區域）對其輸電系統進行了 100% 的鋼結構加固。SDG&E 預計到 2028 年底將實現全面強化 Tier 2 區域的中期目標。

I'd also like to highlight that over the last 24 months, our engineering and project management teams working alongside our vendors have been successful in reducing the cost per mile of undergrounding by 40%, demonstrating again our commitment to operational efficiency and safety while also improving the affordability of our future services.

我還想強調的是，在過去的 24 個月裡，我們的工程和專案管理團隊與我們的供應商合作，成功地將每英里地下工程的成本降低了 40%，再次證明了我們對營運效率和安全的承諾，同時也提高了我們未來服務的可負擔性。

And with that, please turn to slide 5 where Karen will walk through additional business and financial updates.

接下來，請翻到投影片 5，Karen 將在這裡介紹更多業務和財務更新。

Thank you, Jeff. Across our businesses, we have a number of updates to share that demonstrate the progress we've made during the quarter. Starting with Sempra Texas, Oncor continues to present a truly compelling investment opportunity as the company continues to execute on a $36 billion five year capital plan.

謝謝你，傑夫。在我們的業務中，我們有許多更新要分享，以展示我們在本季度取得的進展。從 Sempra Texas 開始，Oncor 繼續提供真正引人注目的投資機會，因為該公司繼續執行 360 億美元的五年資本計劃。

Oncor is also evaluating incremental capital opportunities for the 2025 to 2029 period, as we've previously outlined. These opportunities are critical to supporting Texas' strong growth and are further reinforced by a series of constructive legislative bills that were recently passed and are designed to enable continued infrastructure expansion across the state.

正如我們之前概述的那樣，Oncor 還在評估 2025 年至 2029 年期間的增量資本機會。這些機會對於支持德州的強勁成長至關重要，而最近通過的一系列建設性立法法案進一步加強了這些機會，旨在推動全州基礎設施的持續擴張。

In particular, HB 5247, which established the unified tracker mechanism, or UTM, for short, was signed into law by Governor Abbott in June. This will allow us qualifying electric utilities such as Oncor, to record cost to a regulatory asset arising from eligible capital investments and apply for interim rate adjustments through an annual UTM filing. This filing occurs in place of the existing TCOS and DCRF processes.

特別是，建立統一追蹤機制（簡稱UTM）的HB 5247已於6月由州長阿博特簽署成為法律。這將允許我們合格的電力公司（例如 Oncor）記錄由合格資本投資產生的監管資產成本，並透過年度 UTM 備案申請臨時費率調整。此歸檔取代了現有的 TCOS 和 DCRF 流程。

We expect this legislation to help reduce regulatory investment lag and improve the earned return on equity, particularly during sustained periods of higher capital investment necessary to support high-growth areas in Texas.

我們預計這項立法將有助於減少監管投資落後並提高股本回報率，特別是在支持德州高成長地區所需的持續較高資本投資期間。

Oncor's earned ROE is anticipated to increase by 50 to 100 basis points over time versus the existing recovery mechanisms. Oncor has begun recognizing revenues related to assets placed into service from and after January 1, 2025, and expects to make its initial UTM filing in the first half of 2026. Other legislative outcomes from Texas are summarized on slide 14 in the appendix.

與現有的復原機制相比，Oncor 的 ROE 預計將隨著時間的推移增加 50 至 100 個基點。Oncor 已開始確認與 2025 年 1 月 1 日及以後投入使用的資產相關的收入，並預計在 2026 年上半年提交首次 UTM 申請。德州的其他立法成果總結在附錄的第 14 張投影片中。

Next, due to higher levels of growth and other drivers, Oncor's rate case is also important as the company looks to align its cost structure with the current operating environment. In June, Oncor filed a request for a comprehensive base rate review, seeking to recover past store-related costs, increased amounts recovered in rates for future store-related costs to better reflect historical costs, mitigate the impact of rising expenses and inflation and improve its credit metrics and financial strength during a time of unprecedented growth.

其次，由於更高的成長水準和其他驅動因素，Oncor 的利率情況也很重要，因為該公司希望使其成本結構與當前的營運環境保持一致。6 月份，Oncor 提交了一份全面的基準費率審查申請，尋求收回過去與商店相關的成本，增加未來商店相關成本的費率回收金額，以更好地反映歷史成本，減輕費用上漲和通貨膨脹的影響，並在前所未有的增長時期改善其信用指標和財務實力。

In its filing, Oncor requested among other items, a 45% equity layer compared to the currently authorized 42.5%, a 10.55% ROE compared to the currently authorized 9.7%, and a 4.94% cost of debt compared to the currently authorized 4.39%.

Oncor 在文件中要求，除其他事項外，股權層要求為 45%，而目前授權為 42.5%，ROE 要求為 10.55%，而目前授權為 9.7%，債務成本要求為 4.94%，而目前授權為 4.39%。

A key component of the base rate review is that it updates Oncor's O&M expenses which are currently based on a historical 2021 test year to the level experienced throughout 2024. This is intended to more closely align the costs included in rates, the realities of today's operating environment, and help improve Oncor's cost recovery and financial strength.

基準費率審查的關鍵部分是將 Oncor 的 O&M 費用（目前基於 2021 年的歷史測試年）更新為 2024 年全年的水平。這樣做的目的是使費率中包含的成本與當今營運環境的實際情況更加緊密地結合起來，並幫助提高 Oncor 的成本回收和財務實力。

In terms of timing, Oncor is expecting to receive a final order in the first quarter of 2026. I'd also refer you to slide 13 in the appendix where we present additional information relating to Oncor's base rate review.

在時間方面，Oncor 預計將在 2026 年第一季收到最終訂單。我還請您參閱附錄中的第 13 張投影片，其中提供了與 Oncor 基本費率審查相關的其他資訊。

Turning to Sempra California. We're pleased to announce SDG&E has been awarded an estimated $600 million in transmission projects as part of the Cal-ISO 2024 to 2025 transmission plan was finalized during the quarter.

轉向 Sempra California。我們很高興地宣布，作為本季最終確定的 Cal-ISO 2024 至 2025 輸電計畫的一部分，SDG&E 已獲得價值約 6 億美元的輸電項目。

While most of the related investments are expected to occur beyond the period of our current capital plan, we're excited to continue to support California's transmission system while enhancing safety and reliability across our service territory.

雖然大多數相關投資預計將發生在我們目前資本計畫的期限之後，但我們很高興繼續支持加州的輸電系統，同時提高我們服務區域的安全性和可靠性。

Next, I'd like to acknowledge the significant initiatives currently underway to enhance customer affordability. SDG&E recently filed a request with the CPUC, targeting savings of approximately $300 million by phasing out certain regulatory programs that are no longer economically beneficial to customers.

接下來，我想介紹目前正在採取的提高顧客承受能力的重要措施。SDG&E 最近向 CPUC 提交了一份申請，目標是透過逐步取消某些對客戶不再具有經濟效益的監管計劃來節省約 3 億美元。

Recall, too, this amount is incremental to the $200 million of federal tax credits that SDG&E is passing on to customers over the course of this year, further reinforcing our efforts to improve customer affordability.

還要記住的是，這個數字是聖地牙哥燃氣電力公司今年向客戶轉嫁的 2 億美元聯邦稅收抵免的增量，進一步加強了我們提高客戶負擔能力的努力。

Moving to Sempra Infrastructure. Let me start with operational updates. Cameron LNG Phase 1 recently celebrated the successful production and export of its 1,000th LNG cargo, marking a significant achievement just six years after its first commissioning cargo in 2019.

遷移至 Sempra 基礎設施。讓我先從營運更新開始。卡梅倫液化天然氣一期計畫最近慶祝其第 1,000 批液化天然氣貨物成功生產並出口，這標誌著其在 2019 年投產首批貨物僅六年後取得的重大成就。

Elsewhere, we're steadily making progress on major construction projects at ECA LNG Phase 1, Cimarrón Wind and Port Arthur LNG Phase 1. Together, these projects should help drive a step change in cash flows at Sempra Infrastructure.

在其他方面，我們的 ECA LNG 第一階段、Cimarrón Wind 和 Port Arthur LNG 第一階段等主要建設項目也在穩步推進。這些項目共同作用，將推動 Sempra Infrastructure 現金流的大幅變動。

I'm pleased to note steady progress continues at ECA LNG Phase 1. Now as the company is closer to commercial operations, we're tracking several key near-term milestones that are expected to help us meet our financial commitments for next year.

我很高興地看到，ECA LNG 第一階段繼續穩步進展。現在，隨著公司越來越接近商業運營，我們正在追蹤幾個關鍵的近期里程碑，預計這些里程碑將幫助我們履行明年的財務承諾。

As of July, the project is more than 94% complete. We expect to reach mechanical completion later this year, followed by a substantial completion in the spring of 2026. At that time, the facility is expected to begin generating revenues from LNG commissioning cargoes. We now expect sales to our long-term SBA customers to start shortly thereafter in the summer of 2026.

截至7月，該項目已完成94%以上。我們預計將於今年稍後完成機械部分，並於 2026 年春季基本完成。屆時，該設施預計將開始從液化天然氣調試貨物中產生收入。我們現在預計，面向長期 SBA 客戶的銷售將於 2026 年夏季開始。

The Cimarrón Wind project is on time and on budget with overall project completion beyond 85%. We continue to target commencement of power generation later this year with commercial operations planned for the first half of 2026.

Cimarrón Wind 專案按時按預算完成，整體專案完成率超過 85%。我們繼續計劃在今年稍後開始發電，並計劃在 2026 年上半年開始商業營運。

We also continue to work towards delivering Port Arthur LNG Phase 1, on time and on budget, targeting commercial operations for Train 1 in 2027 and Train 2 in 2028. Current construction is advancing the foundations, steel installation, LNG tank construction, ground piping and dredging activities with the overall project now surpassing 50% complete.

我們也將繼續致力於按時、按預算交付亞瑟港液化天然氣專案第一期工程，目標是 2027 年實現一號生產線的商業運營，2028 年實現二號生產線的商業營運。目前，工程正在推進地基基礎、鋼結構安裝、液化天然氣儲槽建設、地面管道鋪設和疏浚等工作，整體工程已完成50%以上。

We're also excited about some of the recent developments at Port Arthur LNG Phase 2. In May, the project received the Department of Energy non-FDA export authorization. At this point in time, Port Arthur LNG Phase 2 has received all major permits necessary for taking FID. Phase 2 also made significant commercial progress recently.

我們也對亞瑟港液化天然氣計畫二期的一些最新進展感到興奮。5月，該計畫獲得美國能源部非FDA出口授權。目前，亞瑟港液化天然氣計畫二期已獲得採取最終投資決定所需的所有主要許可證。第二階段最近也取得了重大的商業進展。

In July, we executed a 20 year SPA with Jira for 1.5 mtpa of offtake capacity. This milestone helps advance the project towards reaching FID and underscores Sempra Infrastructure's commitment to supporting energy security for our customers through stable, long-term LNG supply. We're pleased with additional strong offtake interest and remain focused on advancing commercial progress and financing the project. We're still expecting to take FID in 2025.

7 月份，我們與 Jira 簽署了一份為期 20 年的 SPA，承購能力為 150 萬噸/年。這一里程碑有助於推動專案實現最終投資決定，並強調了 Sempra Infrastructure 透過穩定、長期的液化天然氣供應來支持客戶能源安全的承諾。我們很高興看到更多強烈的承購興趣，並將繼續專注於推動商業進展和專案融資。我們仍然預計在 2025 年做出 FID。

I conclude the business update by saying there's plenty to be excited about at Sempra Infrastructure as this segment continues to advance growth in LNG, energy networks and clean energy, while posting strong financial performance.

我在總結業務更新時表示，Sempra Infrastructure 有很多令人興奮的事情，因為該部門繼續推動液化天然氣、能源網路和清潔能源的成長，同時公佈強勁的財務業績。

Please turn to the next slide where I'll review the second quarter financial results. Earlier today, Sempra reported second quarter 2025 GAAP earnings of $461 million or $0.71 per share. This compares to second quarter 2024 GAAP earnings of $713 million or $1.12 per share.

請翻到下一張投影片，我將回顧第二季的財務結果。今天早些時候，Sempra 公佈 2025 年第二季 GAAP 收益為 4.61 億美元，即每股 0.71 美元。相比之下，2024 年第二季的 GAAP 收益為 7.13 億美元，即每股 1.12 美元。

On an adjusted basis, second quarter 2025 earnings were $583 million or $0.89 per share. This compares to our second quarter 2024 earnings of $567 million, which also equated to $0.89 per share. For the first half of the year, we're pleased with our execution and Sempra is well positioned to deliver a year of solid financial performance on behalf of its shareholders.

經調整後，2025 年第二季收益為 5.83 億美元，即每股 0.89 美元。相比之下，我們 2024 年第二季的收益為 5.67 億美元，相當於每股 0.89 美元。對於今年上半年的業績，我們感到很滿意，Sempra 已準備好為股東實現穩健的財務業績。

Please turn to the next slide. Variances in the second quarter 2025 adjusted earnings as compared to the same period last year can be summarized as follows. At Sempra, California, we had $5 million, primarily from higher regulatory awards, electric transmission margin and AFUDC equity, partially offset by lower CPUC base operating margin and lower authorized cost of capital.

請翻到下一張投影片。2025 年第二季調整後收益與去年同期的差異可以概括如下。在加州的 Sempra，我們獲得了 500 萬美元，主要來自更高的監管獎勵、電力傳輸利潤和 AFUDC 股權，但 CPUC 基本營業利潤率較低和授權資本成本較低部分抵消了這一影響。

Sempra California also had $37 million of lower income tax benefits and higher net interest expense. As you may recall, we received our final GRC decision for the California utilities at the end of last year. Since then, as part of our Fit for '25 initiative, we continue making progress in managing costs within the authorized based GRC revenues. We're also prioritizing safety and reliability initiatives based on the outcome of our GRC decision while advancing efforts aimed at further reducing the cost of service.

Sempra California 也享受了 3700 萬美元的較低所得稅優惠和較高的淨利息支出。您可能還記得，我們在去年年底收到了加州公用事業的最終 GRC 決定。從那時起，作為我們「適合 25 年」計畫的一部分，我們繼續在授權的 GRC 收入範圍內管理成本方面取得進展。我們也根據 GRC 決策的結果優先考慮安全性和可靠性舉措，同時進一步努力降低服務成本。

Turning to Sempra Texas, we had $6 million of higher equity earnings primarily from higher invested capital and customer growth, partially offset by higher operating and interest expenses as well as lower consumption primarily attributable to weather.

談到 Sempra Texas，我們獲得了 600 萬美元的更高股權收益，這主要來自更高的投資資本和客戶增長，但部分被更高的營運和利息支出以及主要歸因於天氣的較低消費所抵消。

At Sempra Infrastructure, we had $26 million of higher revenues, primarily from a contract modification and higher power volumes. At the parent, the $16 million increase is primarily due to timing of higher income tax benefits, higher net investment gains, partially offset by higher net interest expense.

在 Sempra Infrastructure，我們的收入增加了 2,600 萬美元，主要來自合約修改和電力需求增加。在母公司，1600萬美元的成長主要是由於更高的所得稅優惠和更高的淨投資收益，但被更高的淨利息支出部分抵消。

Please turn to the next slide. To conclude our prepared remarks, we've made steady progress on our 2025 value creation initiatives and delivered solid financial results for the first half of the year. At Sempra Texas, we saw important milestones as Oncor filed a comprehensive base rate review and the regulatory compact significantly improved with the passage of HB 5247.

請翻到下一張投影片。總結我們的準備好的發言，我們在 2025 年價值創造計劃方面取得了穩步進展，並在上半年取得了穩健的財務業績。在 Sempra Texas，我們見證了重要的里程碑，Oncor 提交了全面的基準利率審查，並且隨著 HB 5247 的通過，監管契約得到了顯著改善。

Within Sempra California, we continue to focus on safety, reliability and customer affordability. And at Sempra Infrastructure, we're advancing two important sales transactions and steadily progressing five significant construction projects, all while moving forward on commercial development of Port Arthur LNG Phase 2.

在 Sempra California，我們繼續關注安全性、可靠性和客戶可負擔性。在 Sempra Infrastructure，我們正在推動兩項重要的銷售交易，並穩步推進五個重大建設項目，同時推進亞瑟港液化天然氣項目第二階段的商業開發。

Bottom line, the key takeaway from my perspective is this is certainly an exciting time for Sempra. 2026 should bring conclusion to the Oncor base rate review, and I'd like to take a moment to list several other potential catalysts that can provide upside, including, number one, continued improvement in earned ROE at Oncor due to the UTM. Two, incremental CapEx opportunities, which are expected to materialize in Texas.

總而言之，從我的角度來看，關鍵的一點是，對於 Sempra 來說，這無疑是一個令人興奮的時刻。 2026 年應該會結束 Oncor 基準利率的審查，我想花點時間列出其他幾個可能帶來上行潛力的催化劑，其中包括，第一，由於 UTM，Oncor 的已獲 ROE 持續改善。二是增量資本支出機會，預計在德州實現。

Three, ECA LNG Phase 1 in Cimarrón Wind earnings contributions coming online at Sempra Infrastructure. And four, conclusion of two sales transactions at Sempra Infrastructure, which are expected to unlock value, strengthen Sempra's balance sheet and provide investment capital for our growing utility platforms.

三、西馬倫的 ECA LNG 第一期風能收益貢獻即將在 Sempra Infrastructure 上線。第四，Sempra Infrastructure 完成兩筆銷售交易，預計將釋放價值，增強 Sempra 的資產負債表，並為我們不斷增長的公用事業平台提供投資資本。

With that, we'll now take a moment to open the line and answer your questions.

現在，我們將花一點時間來開通熱線並回答您的問題。

(Operator Instructions) Ross Fowler, Bank of America.

（操作員指示）美國銀行羅斯福。

Morning, Jeff, Karen. And Louise, congratulations on the full responsibilities of our IR, well deserved. Jeff, I wanted to dig in a bit on the KKR LOI around the Sempra Infrastructure partner sale process. As you said in your comments, the LOI is within or potentially above the 15% to 30% range, depending on valuation conditions.

早安，傑夫，凱倫。路易絲，恭喜你全面負責我們的 IR，這是當之無愧的。傑夫，我想深入了解 KKR LOI 中有關 Sempra Infrastructure 合作夥伴銷售流程的內容。正如您在評論中所說，意向書在 15% 到 30% 的範圍內或可能高於該範圍，具體取決於估值條件。

So does that mean to the extent you will or are discussing stake sales with third parties beyond the current investors that the strategic approach here on business mix is that the full stake is beyond that 30% level? Or how are you seeing that and where we actually go at the end of the day?

那麼，這是否意味著，在您與現有投資者以外的第三方討論股權出售的範圍內，業務組合的策略方針是全部股權超過 30% 的水平？或者您如何看待這一點以及我們最終會走向何方？

Sure. Let me just start, and I trust you understand that in the M&A deal, Ross, we're fairly limited in what we can say. Obviously, we're trying to have a great transaction. What I'll try to do is recap what we've said publicly and then maybe provide a little bit more color to the latter part of your question.

當然。讓我先開始吧，羅斯，我相信你明白，在併購交易中，我們能說的話相當有限。顯然，我們正在努力達成一項偉大的交易。我將嘗試重述我們公開說過的內容，然後可能會對你問題的後半部分提供一些更詳細的解釋。

We indicated that we've executed an extension to the right of first offer process under the existing limited partnership agreement. And similarly, we've executed a non-binding letter of intent with KKR. And also, I would note that LOI contemplates -- the LOI with KKR, by the way, it contemplates an equity sale in that 15% to 30% range. And we've also indicated it could be within or above that.

我們表示，我們已經根據現有有限合夥協議延長了優先購買權流程。同樣，我們也與 KKR 簽署了一份不具約束力的意向書。此外，我還想指出，意向書考慮——順便說一下，與 KKR 達成的意向書考慮在 15% 到 30% 的範圍內出售股權。我們還指出，它可能在此範圍內或之上。

And I would just note, that's consistent with what I said on the Q1 call in May, that the ultimate amount of equity being sold will be dependent upon a number of considerations, including valuation. I also talked about in May, Ross, I think this is probably important for the listing audience that we're focused on four value drivers.

我想指出的是，這與我在 5 月第一季電話會議上所說的一致，即最終出售的股權數量將取決於多種考慮因素，包括估值。羅斯，我在五月也談過，我認為這對上市受眾來說可能很重要，因為我們專注於四個價值驅動因素。

So we're looking to obviously optimize the implied equity value of SI from the transaction. We want to make sure we minimize tax leakage. And it's also very important as we think about that roll forward five year capital plan that we're thoughtful in the timing and use of proceeds.

因此，我們顯然希望透過交易來優化 SI 的隱含股權價值。我們希望確保最大限度地減少稅收流失。當我們考慮推進五年資本計畫時，深思熟慮的收益時間和用途也非常重要。

And finally, I've been very clear with all of our stakeholders. There's an opportunity here to improve our balance sheet and put some cushion on the balance sheet. So those are our priorities. We certainly are not trying to quote unquote, guide the street to a higher level of equity sale. It's just there's a fair amount of flexibility that we want to make sure that we're maximizing, driving the most value to our owners.

最後，我已經向我們所有的利害關係人明確表達了這一點。這裡有機會改善我們的資產負債表，並為資產負債表提供一些緩衝。這些就是我們的優先事項。我們當然不是想引用原話，引導華爾街走向更高水準的股權出售。我們只是希望擁有相當大的靈活性，以確保我們能夠最大化，為我們的業主帶來最大的價值。

And then you mentioned the capital plan, so let me touch on that for a second. The incremental capital in Oncor in Texas and the transmission rewards that you talked about in the deck. Those are still outside the base plan with CCM coming in '27.

然後您提到了資本計劃，那麼請允許我稍微談一下。您在簡報中談到的德克薩斯州 Oncor 的增量資本和傳輸獎勵。這些仍然不在基本計劃之內，CCM 將於 27 年推出。

How do you see the timing of a capital plan update related to those? And given that it's still outside the plan, can you just kind of give some color on your level of confidence that, that spending can be executed.

您如何看待與此相關的資本計畫更新的時間？鑑於這仍不在計劃之內，您能否透露一下您對這筆支出能否執行的信心程度。

Yeah, I would do a couple of things. One is, in Oncor's press release today, they go through kind of the process and recap of how they approve and roll forward the capital plan. And I'll try to touch on a little bit of that in my remarks this morning.

是的，我會做幾件事。一是，在 Oncor 今天的新聞稿中，他們介紹了批准和推進資本計劃的流程和回顧。我將在今天早上的發言中嘗試稍微談談這一點。

But you'll recall that earlier this year, they announced a base plan at the 100% level of $36 billion. And you're correct, they articulated an opportunity in 2027, '28 and '29, for an improvement to that capital plan by roughly $12 billion.

但你會記得，今年早些時候，他們宣布了一項 100% 水準的 360 億美元基本計畫。您說得對，他們明確表示，在 2027 年、2028 年和 2029 年，該資本計畫將有機會增加約 120 億美元。

What's important, I think, is Oncor has been very clear they're seeing upward pressure on their capital plan. So we're feeling more confident, obviously, about that $12 billion. And here's the three drivers they've identified.

我認為，重要的是，Oncor 已經非常清楚，他們的資本計畫面臨上行壓力。因此，我們顯然對這 120 億美元更有信心。以下是他們確定的三個驅動因素。

They've had recent legislative developments that have been constructive. They've had some supportive regulatory decisions, and they're obviously making really good progress where also the thing we identified in February, which is that $12 billion was associated with projects that needed additional permits on. They're continuing to make steady progress on permits.

他們最近取得了建設性的立法進展。他們已經做出了一些支持性的監管決定，而且顯然取得了非常好的進展，這也是我們在二月發現的事情，即 120 億美元與需要額外許可的項目有關。他們在許可證審批方面繼續取得穩步進展。

So I think in combination, we're quite comfortable confirming that we expect them to be at the high end of that $12 billion or more. And the way the process will go is at their Board meeting in October, we'll recap that roll forward five plan with the Board.

因此，我認為，綜合起來，我們可以很放心地確認，我們預計它們的規模將達到 120 億美元甚至更多。這個流程的進展方式是，在十月的董事會上，我們將與董事會一起回顧該五年計畫。

And remember, they're in the middle of a base rate review, obviously, in Austin as well. So some time in 2026, we'll look to update that plan. It could be on our February call, but it's going to be driven by resolution of their base rate review.

請記住，他們顯然也在奧斯汀進行基準利率審查。因此，我們將在 2026 年的某個時候更新該計劃。這可能是在我們二月的電話會議上，但它將由他們的基本利率審查的解決方案決定。

Maybe I might -- I was going to say if I could. It might be helpful to your question, if you allow me -- let's let Allen provide just a little bit more context on the key drivers for that capital plan because I think the growth story continues to get better, including tailwinds beyond the five year plan. But Allen, it might be helpful to Ross, if you just cover off on what you're thinking about from a growth standpoint and how that 765 overlay will help.

也許我可以——我正想說如果我可以的話。如果您允許的話，這可能對您的問題有所幫助——讓我們讓艾倫稍微介紹一下該資本計劃的關鍵驅動因素，因為我認為增長前景將繼續好轉，包括五年計劃以外的順風因素。但是艾倫，如果你只是從增長的角度來考慮問題，以及 765 覆蓋將如何提供幫助，這可能會對羅斯有所幫助。

You bet, Jeff. Yeah, thanks, Ross. As Jeff said, growth continues to be very, very strong, really all across our system. We already announced this morning we added 20,000 new premise this quarter. That's fairly consistent with the number we've been seeing for many, many quarters now.

當然，傑夫。是的，謝謝，羅斯。正如傑夫所說，我們整個系統的成長持續非常強勁。我們今天早上已經宣布，本季我們增加了 20,000 個新店面。這與我們過去多個季度看到的數字相當一致。

West Texas, we continue to see very, very strong growth out there. The Far West Texas weather zone had a new peak in May of this year, 9.2% above the prior peak. And the two transmission loops by which we serve the Permian, the Culberson stand loops both continue to see really increased peaks.

西德克薩斯州，我們繼續看到那裡非常非常強勁的成長。今年 5 月，遠西德克薩斯州氣候區出現了新的峰值，比之前的峰值高出 9.2%。我們為二疊紀盆地提供服務的兩個傳輸環路，即卡爾伯森台地環路，都繼續看到峰值的真正增加。

Culberson peaked 23.5% above where it did prior June -- in June of this year, and at Stanton was up about 6.9% over the same period. So West Texas continues to be really strong. The story remains transmission points of intersection and data centers in LC&I load.

今年 6 月，卡爾伯森 (Culberson) 股價比上年 6 月高出 23.5%，而 Stanton 股價同期上漲了約 6.9%。因此西德克薩斯州繼續保持強勁勢頭。故事仍然是 LC&I 負載中的交叉點和資料中心的傳輸點。

And as we announced this morning, our total new transmission POIs are up about 47% year-to-date with total active POIs up about 38% year-to-date and breaking that down a little further, if you look at just traditional LC&I taking data centers out of it, that's up for new about 19%, in total, are about up 2% quarter versus same quarter.

正如我們今天早上宣布的那樣，今年迄今為止，我們的新傳輸 POI 總數增長了約 47%，而活躍 POI 總數增長了約 38%，進一步細分，如果只看傳統的 LC&I（不包括數據中心），則新增 POI 總數增長了約 19%，總體而言，與去年同期相比，本季度增長了約 2%。

Breaking that down a little further, that entire queue, there's around 1,100 or so, a little over 1,100 total customers that we're dealing with there. It's about 186 gigawatts of data centers, about 7 gigawatts of what I would call traditional C&I, about 5 gigawatts of crypto, 4 gigawatts of kind of oil and gas activity, and then 3% -- or 3 rather gigawatts of service to other utilities. So that's what we're seeing there.

進一步細分一下，整個隊列中大約有 1,100 人，我們在那裡接待的客戶總數略多於 1,100 人。其中，資料中心約有 186 千兆瓦，傳統 C&I 約有 7 千兆瓦，加密約有 5 千兆瓦，石油和天然氣活動約有 4 千兆瓦，然後是 3%——或者說 3 千兆瓦的其他公用事業服務。這就是我們所看到的。

We continue to have our high confidence load number for 2031 of 38 gigawatts broken down by 9 gigawatts of signed interconnection agreements with security provided, and another 29.9 gigawatts of high confidence load that we submitted in our office related to ERCOT.

我們繼續保持 2031 年 38 千兆瓦的高置信負荷數字，其中 9 千兆瓦是已簽署的互連協議，並提供了安全保障，另外還有 29.9 千兆瓦的高置信負荷，是我們提交給 ERCOT 辦公室的。

And finally, Jeff may have mentioned this, I would just refer everyone back to page 16 of the presentation that list out the really kind of amazing transmission opportunities that a lot of this growth is providing us, both through the Permian plan as well as through the STEP program or the 765 EHV plan, both of which we've said previously we anticipate Oncor will build a significant amount of that remains true.

最後，傑夫可能提到了這一點，我只想請大家回顧一下演示文稿的第 16 頁，其中列出了這種增長為我們提供的真正令人驚嘆的傳輸機會，包括通過 Permian 計劃以及 STEP 計劃或 765 EHV 計劃，我們之前都說過，我們預計 Oncor 將建造相當一部分此類計劃，這一點至今仍然適用。

To the permitting question that Jeff mentioned earlier or stated earlier, I'd simply say this, and I've said this before, I did these for 17 years before I became General Counsel, Oncor. I think I did 60 or so of them over about a 17 year period. We're filing 24 this year, and that will continue for the next couple of years to come.

對於 Jeff 之前提到或陳述的許可問題，我只想說，而且我之前也說過，在我成為 Oncor 總法律顧問之前，我已經做了 17 年這些事情。我想我在大約 17 年的時間裡做了 60 件左右的事情。今年我們提交了 24 份申請，接下來的幾年我們將繼續提交申請。

See Ross, I wanted to just add that background because it really feeds into that story about why that $12 billion incremental is probably going to be conservative.

瞧，羅斯，我只是想補充一下背景，因為它確實解釋了為什麼 120 億美元的增量可能是保守的。

That makes a lot of sense. Jeff and Alan, thank you very much for the context. Really appreciate it.

這很有道理。傑夫和艾倫，非常感謝你們提供的背景資訊。真的很感激。

Thank you, Ross.

謝謝你，羅斯。

Steve Fleischman, Wolfe.

史蒂夫‧弗萊施曼，沃爾夫。

Yeah, hi, thanks, hi Jeff. So I guess maybe just following on from there. Can you just remind us that your plan right now does not include that $12 billion or does it include some of it?

是的，嗨，謝謝，嗨，傑夫。所以我想也許只是從那裡繼續下去。您能否提醒我們，您目前的計劃不包括這 120 億美元，還是只包括其中的一部分？

Yeah, it does not include that. We're 80% of the $36 billion plan, and all of that represents upside to our base plan, Steve.

是的，它不包括這個。我們已經完成了 360 億美元計劃的 80%，所有這些都代表著我們基本計劃的優勢，史蒂夫。

Okay. So even like that business mix, the rate base mix charge there that does not include it yet.

好的。因此，即使像那種業務組合，那裡的費率基礎組合費用還未將其包括在內。

That's correct.

沒錯。

Okay. And then just -- thanks for the update on the Sempra Infrastructure. Jeff, I don't know if you can give this answer, but just any sense on timing of moving forward this LOI with KKR? Is this something by the next call? Or is it -- what's kind of going to drive the timing of that?

好的。然後只是——感謝您對 Sempra 基礎設施的更新。傑夫，我不知道您是否可以給出這個答案，但是您對於與 KKR 推進這份意向書的時機有什麼看法嗎？這是下次通話時發生的事情嗎？還是——什麼因素將決定這一時間的發生？

No, I would just say, Steve, it's a complex structure transaction. Obviously, we're dealing with a party. We know very, very well. They're in the boardroom at SI. We're engaged on our side, KKRs actively engaged. We're not going to forecast the timing of it right now, but we're pleased with the progress we've made so far, and we'll continue to look to make an update once we reach a definitive agreement.

不，我只想說，史蒂夫，這是一項複雜的結構交易。顯然，我們正在與一個政黨打交道。我們非常非常清楚。他們在 SI 的會議室。我們正積極參與，KKR 也積極參與。我們現在不會預測具體時間，但我們對迄今為止的進展感到滿意，一旦達成最終協議，我們將繼續尋求更新。

Okay. And then I guess, just how do you feel about being able to kind of time, the sale with this kind of obviously rising CapEx at Oncor? Do you feel like you can match that up?

好的。然後我想，對於 Oncor 的資本支出明顯上升，您如何看待能夠安排銷售時間？您覺得您能達到這個水準嗎？

Well, it really is a very insightful question. Obviously, we've got a couple of things going on where we're starting our fall planning process, where we're going to do a real bottoms-up review of how we roll that capital plan forward and the timing of that capital.

嗯，這確實是一個非常有見地的問題。顯然，我們已經開始了一些事情，我們正在開始我們的秋季規劃流程，我們將對如何推進資本計劃以及資本的時間進行真正的自下而上的審查。

And then obviously, we're balancing that, Steve, with not only the timing of potential closing with our counterparty in the transaction, but also how we structure not only their proceeds but our use of proceeds. So our goal is to make sure that as we roll this plan forward, we're obviously expecting our overall capital program to increase. It will continue to be increasingly weighted toward Texas.

然後顯然，史蒂夫，我們正在平衡這一點，不僅要考慮與交易對手的潛在成交時間，還要考慮我們如何構建他們的收益以及我們對收益的使用。因此，我們的目標是確保隨著該計劃的推進，我們顯然預計我們的整體資本計劃將會增加。它將繼續越來越重視德克薩斯州。

That's the priority inside of our company. And what we want to do, we talked about this a little bit on the fourth quarter call, is make sure that this program is intended to accomplish several things, improve our overall EPS forecast, improve our credit and also make sure that we're minimizing reliance on additional equity issuances.

這是我們公司內部的首要任務。我們在第四季度電話會議上討論過這個問題，我們想要確保該計劃旨在實現幾件事，改善我們的整體每股收益預測，提高我們的信用，並確保我們盡量減少對額外股票發行的依賴。

And I think we're in a good spot to do this. But you're right, we got time this well into 2026, and our goal is to make sure we match up a really efficient use of proceeds and use those proceeds in a way where we're making investments at Wall Street will value the highest. As I indicated earlier, we certainly think that's around the quality and growth in Texas.

我認為我們現在處於一個有利的位置來做這件事。但您說得對，我們有足夠的時間到 2026 年，我們的目標是確保我們找到真正有效的收益使用方式，並以我們在華爾街進行的投資價值最高的方式使用這些收益。正如我之前指出的，我們當然認為這與德克薩斯州的品質和增長有關。

Okay. I guess one last thing just on the credit portion of that. How do you -- you mentioned, I think, in the capital recycling potentially getting to the point where you deconsolidate, just could you talk to how that might impact kind of maybe the metrics and the risk view from a credit standpoint?

好的。我想最後一件事是關於信用部分。您如何 - 我認為，您提到，在資本循環中可能會達到去整合的程度，您能否談談這可能會從信貸角度對指標和風險觀點產生什麼影響？

Sure. We provided a little bit of visibility on this in the past. Karen and her team have done a great job of meeting with all the agencies. I've also taken the time to go to New York and meet with all the agencies around not only our capital plan, but also the pending SI transactions.

當然。我們過去曾對此提供過一些說明。凱倫和她的團隊在與所有機構的會面中表現出色。我還抽出時間去紐約與所有機構會面，不僅討論我們的資本計劃，還討論待決的 SI 交易。

And there's really an opportunity here based upon where we land in the equity sale, there's an opportunity to do a couple of things. Number one, one of the thresholds we're evaluating is that when you get to a point where roughly 90% of your earnings composition comes from regulated utilities, that tends to be a signpost that could allow a reevaluation of what your downgrade threshold is.

根據我們在股權出售中的位置，這裡確實存在一個機會，我們有機會做幾件事。首先，我們正在評估的門檻之一是，當你的收入組成中大約 90% 來自受監管的公用事業時，這往往是一個標誌，可以讓你重新評估你的降級門檻。

So there's an opportunity in this transaction to move our downgrade thresholds, either one notch down or potentially two notch down. That's one point.

因此，這筆交易有機會讓我們的降級門檻降低一級，甚至可能降低兩級。這是一點。

The second point is, depending upon where you land in the equity sell, you also have the opportunity to deconsolidate your accounting as well as the debt from SI from Sempra's balance sheet.

第二點是，根據您在股權出售中所處的位置，您也有機會將您的會計以及 SI 的債務從 Sempra 的資產負債表中分離出來。

Now this one is a little bit more complex because it really goes across three dimensions. It goes across the level of equity ownership, it goes across issues relating to governance either positive or negative control and then it goes to issues of materiality.

現在這個有點複雜，因為它確實跨越了三個維度。它涉及股權所有權層面，涉及與治理相關的問題（積極控製或消極控制），然後涉及重要性問題。

And as you would expect, Steve, each of the agencies has a little bit different tests as they look at that. But that's why we talk about having a little bit of flexibility as we go forward in our transaction is we want to make sure that we're maximizing the overall value for our investors and that will be one of the criteria we'll evaluate in the end.

正如您所期望的，史蒂夫，每個機構對此的測試都略有不同。但這就是為什麼我們在交易過程中要有一點彈性，我們希望確保為投資者實現整體價值最大化，這將是我們最終評估的標準之一。

Okay. Great. Thank you. Appreciate it.

好的。偉大的。謝謝。非常感謝。

Appreciate it, Steve.

非常感謝，史蒂夫。

[Faye Shey], Barclays.

[Faye Shey]，巴克萊銀行。

Hey, good morning, good afternoon, it's Nick Campanella. Everyone's doing well. So, hey, I just wanted to ask one follow-up on the LOI. Just is there a point at which this ROFR extension expires?

嘿，早安，下午好，我是 Nick Campanella。大家都過得很好。所以，嘿，我只是想問一個有關意向書的後續問題。那麼，這個 ROFR 延長期限會在什麼時候到期呢？

No, we're not going to go into the details on it. But the way to think about it is the most important thing is that extension is designed to give the parties adequate time to do a transaction. And that's something that I think would be evergreen or rolling forward until the parties reach a definitive agreement.

不，我們不會深入討論這個細節。但思考的方式是，最重要的是延長期限是為了讓雙方有足夠的時間進行交易。我認為這將是永久性的或持續推進的，直到雙方達成最終協議。

Understood. And then just maybe on California, any high-level thoughts on your kind of participation in a potential AB 1054 solution this year as well as maybe just on some of the status of the affordability bills that are out there. I know that a lot of folks have seen the governor's proposal.

明白了。然後也許只是關於加州，您對今年參與潛在的 AB 1054 解決方案有何高層看法，以及對現有的一些可負擔性法案的現狀有何看法。我知道很多人都已經看到州長的提議了。

But just how would you kind of characterize stakeholder engagement beyond that? Do you see the state ultimately getting to kind of a constructive outcome here in September?

但除此之外，您如何描述利害關係人的參與呢？您認為該州最終會在九月取得某種建設性成果嗎？

Yeah. Let me try to tackle both these issues. I'll talk about our view on the wildfire legislation, and I'll transition to affordability. I would note, we're pleased to have Caroline Winn with us today, who oversees all of our operations in California. Certainly, Caroline, please chip in as I go forward.

是的。讓我嘗試解決這兩個問題。我將談談我們對野火立法的看法，然後我將轉向可負擔性話題。我想指出，我們很高興今天邀請到 Caroline Winn 來參加我們的活動，她負責監督我們在加州的所有業務。當然，卡羅琳，在我繼續前進的時候請幫忙。

But I would start with a wildfire legislation and we've taken, obviously, lots of questions on this when we've been on the road and on prior calls. But I'm not trucking a lot -- I can't add a lot to it publicly, Nick, except to say we have always thought that we'll get to some progress in stabilizing the AB 1054 framework this year.

但我首先要討論的是野火立法，顯然，我們在路上和之前的電話會議中已經回答了很多關於這個問題的問題。但我並沒有透露太多——尼克，我不能公開發表太多言論，只能說我們一直認為今年我們將在穩定 AB 1054 框架方面取得一些進展。

Obviously, in the draft bill that was leaked, you'll see that there's also a component to it that talks about a study bill. We also think that's important. We see that as part of any package that takes place this fall, and there will probably be opportunities to continue to improve the AB 1054 framework going into 2026.

顯然，在洩漏的法案草案中，你會看到其中還有一個部分談到了研究法案。我們也認為這很重要。我們將其視為今年秋季出台的任何一攬子計劃的一部分，並且到 2026 年可能還有機會繼續改進 AB 1054 框架。

There's several weeks left in the session. Obviously, our team is very much engaged. The one comment I would say is just as a matter of principle, we're not really supportive from a utility practice and procedure standpoint on the use of shareholder dollars.

會議還剩下幾週的時間。顯然，我們的團隊非常投入。我想說的一點是，從原則上講，從實用實踐和程序的角度來看，我們並不真正支持使用股東資金。

You may recall, this is important to Sempra because we haven't had a major wildfire in just over 18 years. I might just say, though, we're going to look at the totality of the circumstances. We realize there's a broader set of issues for all stakeholders. So that's something that we would continue to evaluate.

您可能還記得，這對 Sempra 來說很重要，因為我們已經有 18 年多沒有發生過重大山火了。不過，我只想說，我們要全面考慮所有情況。我們意識到所有利害關係人面臨更廣泛的問題。因此我們會繼續評估這一點。

Caroline, do you want to add anything else on the wildfire side other than that?

卡羅琳，除此之外，您還想補充有關野火方面的其他資訊嗎？

Yeah. I'd maybe just take an opportunity to step back and talk a little bit about how SDG&E is building a better business. As we head into our 18th year since the large wildfire due to utility infrastructure, SDG&E has continued to expand and enhance their industry-leading wildfire mitigation program.

是的。我可能只是想藉此機會退一步談談 SDG&E 如何打造更好的業務。自從因公用事業基礎設施引發特大山火以來，我們已進入第 18 個年頭，SDG&E 繼續擴大和加強其領先業界的山火緩解計畫。

And this is a team of employees who really have a growth mindset and a strong culture that we need to be better than we were yesterday. A couple of leadership areas, in my mind, is superior situational awareness. They have strong community engagement and service mindset.

這是一支真正具有成長心態和強大文化的員工團隊，我們需要比昨天做得更好。在我看來，領導力的幾個面向是卓越的態勢感知能力。他們具有很強的社區參與和服務意識。

They're a leader in data science. But maybe a few enhancements that we've done this year is expansion of the weather network, and that includes cameras and additional artificial intelligence, and that's going to improve our forecasting and our monitoring capabilities.

他們是數據科學領域的領導者。但也許我們今年所做的一些改進是擴展天氣網絡，包括攝影機和額外的人工智慧，這將提高我們的預測和監測能力。

We've deployed a dual Black Hawk helicopter strategy for rapid response and quicker inspections and controls. We've done enhanced inspection regime that includes drone inspections of our wildland urban interface areas.

我們部署了雙黑鷹直升機戰略，以便快速反應並更快地進行檢查和控制。我們已經實施了加強檢查制度，包括對我們的荒地城市交界處區域進行無人機檢查。

And we've expanded our public safety power shutoff preparedness and our capabilities. So we're ready for the season and really pleased with the conversations that we're having in Sacramento in terms of fund replenishment.

我們也擴大了公共安全斷電準備和能力。因此，我們已經為新賽季做好了準備，並且對我們在薩克拉門托就資金補充進行的對話感到非常高興。

And Nick, the reason I think this is important is, obviously, there's a big focus today on financial issues and insurance and the 1054 framework, which we think is very important. But the thing that's important inside this business every day is to keep building a better operational program, a better ability to basically mitigate wildfire.

尼克，我認為這很重要的原因是，顯然，今天人們非常關注金融問題、保險和 1054 框架，我們認為這非常重要。但這個行業每天最重要的事情是不斷建立更好的營運計劃，更好的減輕野火影響的能力。

And I think you were continuing to see this company extend the leadership position there. I'll transition real quickly over to the affordability issue, with roughly four weeks left in the legislative session, my instinct here, Nick, is you're going to see some of these bills coalesce around a single bill.

我認為你會繼續看到這家公司擴大其領導地位。我很快就會轉到可負擔性問題，立法會議還剩下大約四周的時間，尼克，我的感覺是，你會看到其中一些法案合併為一項法案。

And what we're focused on is most of these bills are talking about potential long-term impacts. And I think what Caroline deserves a lot of credit for is inside the company, we're pushing for things that have an immediate impact to customers, that continues to be our message in Sacramento.

我們關注的是，大多數法案都在談論潛在的長期影響。我認為卡羅琳值得稱讚的是，在公司內部，我們正在推動對客戶產生直接影響的事情，這仍然是我們在薩克拉門託的訊息。

So we've talked about earlier today filing for an opportunity to pull back about $300 million from regulatory programs that we think are not fully serving customers today. You may recall from the rate case, we're passing on about $200 million of tax credit benefits to our customers.

因此，我們今天稍早談到申請從我們認為目前沒有充分服務客戶的監管計劃中撤回約 3 億美元。您可能還記得，在利率案例中，我們向客戶轉嫁了約 2 億美元的稅收抵免優惠。

Caroline's led a process, Nick, to update our organizational structure in terms of improving how we officially serve customers and obviously, we want to keep pushing the edge on innovation and new technologies. And I think Caroline, in terms of public policy advocacy that your team has led, we're trying to remove the public purpose programs from customers' bills, which are important as well as make continued improvements to that metering framework.

尼克，卡羅琳領導了一個流程來更新我們的組織結構，以改善我們正式為客戶提供服務的方式，顯然，我們希望繼續推動創新和新技術的發展。我認為，卡羅琳，就您的團隊所領導的公共政策倡導而言，我們正在嘗試從客戶的帳單中刪除公共目的計劃，這很重要，同時也會持續改進計量框架。

Would you like to make any closing comments on affordability, Caroline?

卡羅琳，你想就負擔能力發表什麼最後評論嗎？

No. I mean, other than to say you're exactly right, Jeff. We are focused on immediate bill reductions that benefit customers. And I think the transition of the public purpose programs to state budget will save customers $100 annually, addressing the $1.3 billion just annual cost shift as part of net energy metering. There's a bill going on, on that.

不。我的意思是，除了說你完全正確之外，傑夫。我們專注於立即減少讓客戶受益的帳單。我認為將公共目的項目轉為國家預算將每年為客戶節省 100 美元，以解決淨能源計量中每年 13 億美元的成本轉移問題。目前有一項關於此的法案正在審議中。

And we also believe that increasing the climate credit, if we're able to double the climate credit from the state and using GHG funds to do so, especially during the summer months when built at IS, we think there's great opportunity to provide that affordability for customers.

我們也相信，如果我們能夠將來自州政府的氣候信貸增加一倍，並利用溫室氣體基金來實現這一目標，特別是在夏季在 IS 建造時，我們認為有很大機會為客戶提供這種可負擔性。

So Nick, I know that was probably a longer answer than you anticipated, but we're very engaged on both issues here in the state.

尼克，我知道這可能比你預期的要長，但我們在州內非常關注這兩個問題。

Definitely appreciate your thoughts. Have a good day.

非常感謝您的想法。祝你有美好的一天。

Thank you, Nick.

謝謝你，尼克。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hey, thanks so much for taking my questions. I'm wondering if you could give me -- Morning. Wondering if you could give an update on the LNG market and contracting opportunities that you're seeing for Port Arthur. Good to see the Jira agreement move forward. But how is the macro backdrop and maybe the current administration's efforts been impacting those discussions?

嘿，非常感謝您回答我的問題。我想知道您是否可以給我--早安。想知道您是否可以介紹一下亞瑟港液化天然氣市場和承包機會的最新情況。很高興看到 Jira 協議取得進展。但宏觀背景以及現任政府的努力對這些討論有何影響？

Yeah. I would just start, and I'll pass it to Justin. We certainly think this is one of the understated issues today in the market is the macroeconomic backdrop for LNG continues to strengthen in our view. And maybe, Justin, you can provide a little bit more color for David.

是的。我剛開始，就把它傳給賈斯汀。我們當然認為這是當今市場上被低估的問題之一，我們認為液化天然氣的宏觀經濟背景將持續加強。賈斯汀，也許你可以為大衛提供更多一些色彩。

Yeah, David. Yeah, I think we still have a very bullish view on LNG, particularly from the US We think there's probably growth for two primary reasons. Energy security and affordability in Europe and then growing demand for gas in Asia.

是的，大衛。是的，我認為我們仍然對液化天然氣持非常樂觀的看法，特別是來自美國的液化天然氣。我們認為液化天然氣的成長可能有兩個主要原因。歐洲的能源安全和可負擔性以及亞洲對天然氣的需求不斷增長。

In Europe, the EU ban on transshipments of Russian LNG from earlier this year and Ukraine's rejection of a deal to extend their gas volumes through the pipelines reflect growing confidence in the future without Russian gas and therefore, a greater reliance on US LNG.

在歐洲，歐盟自今年初起禁止轉運俄羅斯液化天然氣，烏克蘭也拒絕了透過管道增加天然氣輸送量的協議，這反映出人們對未來在沒有俄羅斯天然氣的情況下的信心日益增強，因此對美國液化天然氣的依賴程度也隨之增加。

This is part of the reason why we think the Gulf Coast assets, Cameron and Port Arthur, are well positioned to meet that demand. Asia over the long run, we, as well as many others expect LNG will continue to penetrate the overall share of the energy supply by replacing coal and meeting the growing needs of end consumers.

這就是我們認為墨西哥灣沿岸資產卡梅倫和亞瑟港能夠很好地滿足這一需求的原因之一。從長遠來看，我們和許多其他人一樣預計，在亞洲，液化天然氣將取代煤炭，滿足終端消費者日益增長的需求，並繼續佔據能源供應的整體份額。

Demand is expected to grow through the expansion of natural gas pipeline and distribution systems in the developing markets. And then also gas-fired generation load is expected to grow to meet peak demands in the summer and winter as well as support grid reliability.

隨著發展中市場天然氣管道和配送系統的擴張，需求預計還會成長。同時，預計燃氣發電負載也將成長，以滿足夏季和冬季的高峰需求並支援電網可靠性。

So this, we think, supports the Pacific Coast location as you think about ECA and future expansions at ECA. Again, our overall outlook for demand growth has not changed. We continue to believe Sempra Infrastructure's LNG assets are very well positioned to support these needs, and we're seeing that in the marketplace is.

因此，我們認為，當您考慮 ECA 和 ECA 未來的擴展時，這支持太平洋海岸的位置。再次強調，我們對需求成長的整體展望沒有改變。我們仍然相信 Sempra Infrastructure 的液化天然氣資產完全有能力滿足這些需求，而且我們在市場上也看到了這一點。

Yeah. The only thing I'd add, Dave, is just think about to the basis play, right? We have historically had remarkable production of natural gas here in the United States with very little price volatility. So it's a combination of low price and low volatility relative to the markers in both Asia and Europe. And we continue to think that thesis is intact, and we feel very good about the backdrop.

是的。戴夫，我唯一要補充的是，只考慮基礎玩法，對嗎？從歷史上看，美國的天然氣產量非常高，而且價格波動很小。因此，相對於亞洲和歐洲的市場而言，它是低價和低波動性的結合。我們仍然認為論點是完整的，我們對背景感到非常滿意。

Great, yeah, thanks for that color, very helpful. And then I had a follow-up on the Texas side of things. I appreciate all the details, as always, Allen, on the data center pipeline. Obviously, that pipeline has increased a lot, but the high confidence numbers seem to be consistent versus last quarter.

太好了，是的，謝謝你的顏色，非常有幫助。然後我對德克薩斯州方面的情況進行了跟進。艾倫，一如既往，我很感謝你提供有關資料中心管道的所有細節。顯然，該管道已經增加了很多，但高信心數字似乎與上一季一致。

So I'm wondering what the dynamic is there? Are you kind of at a limit that you see in terms of what you can connect in through 2031 or what would you see as maybe the cadence of projects getting into that high confidence band that you characterized?

所以我想知道那裡的動態是什麼？您是否認為到 2031 年可以連結的程度已經達到了極限，或者您認為專案進入您所描述的高置信度區間的節奏是怎樣的？

Yeah, David, thanks for the question. I should have clarified that earlier. It's not that there are not more projects out there. It is not that we cannot meet those projects, it's just that those numbers are updated once a year with ERCOT.

是的，大衛，謝謝你的提問。我應該早點澄清這一點。這並不意味著沒有更多的項目。並不是說我們無法滿足這些項目，只是這些數字每年都會與 ERCOT 一起更新一次。

And we continue to see increased demand in that queue and we continue to work with those parties to execute FDAs and get collateral and advance those projects. So we'll see when we update it next, but I would anticipate those numbers will continue to increase.

我們繼續看到該隊列中的需求不斷增加，我們將繼續與這些方合作執行 FDA 並獲得抵押品並推進這些專案。因此我們將在下次更新時看到結果，但我預計這些數字將繼續增加。

Just remarkable too, David, when he went through those numbers earlier on today's call, it's got over 200 gigawatts of interconnection requests, and he's got a peak load today on Oncor system of 31 gigawatts. So the opportunity is really significant, and it's not just leverage the data centers. I think it goes across what's unique for his story is how much it goes across a variety of different sectors in the C&I class of customers.

同樣引人注目的是，大衛，當他在今天早些時候的電話會議上討論這些數字時，他發現互連請求超過 200 千兆瓦，而今天 Oncor 系統的峰值負載為 31 千兆瓦。因此，這個機會確實很大，而且不僅僅是利用資料中心。我認為他的故事的獨特之處在於它涉及了 C&I 類客戶中各個不同領域。

Yeah, very clear. Okay, great, thank you so much.

是的，非常清楚。好的，太好了，非常感謝。

Thank you, David.

謝謝你，大衛。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Hey Jeff, how's it going? Thanks for taking the questions today. Maybe just a quick follow-up on Port Arthur Phase 2. Obviously, a number of progress points there since last quarter, and it seems like you're still quite constructive on the macro. So I just wanted to get a pulse check on your views on the feasibility to reach FID on that project by the end of this year?

嘿，傑夫，最近怎麼樣？感謝您今天回答這些問題。也許只是亞瑟港第二階段的快速跟進。顯然，自上個季度以來，那裡已經取得了一些進展，而且看起來您對宏觀仍然持相當建設性的態度。所以我只是想了解一下您對今年年底前就該專案達成 FID 的可行性的看法？

Sure. I'll provide some comments, and Justin, feel free to add on the back end of it. But we're continuing to see good progress, Carly, I think in the call today, we kind of summarized three points. We've had progress in getting all the major permits for Phase 2 to go forward.

當然。我會提供一些評論，賈斯汀，請隨意在後端添加。但我們繼續看到良好的進展，卡莉，我想在今天的電話會議中，我們總結了三點。我們在獲取第二階段推進所需的所有主要許可方面已經取得了進展。

We've obviously highlighted the marketing progress with Jira. That's a world-class buyer of LNG, by the way, and I think that adds a lot of credibility to the project. And we've also, with (inaudible) and Justin, we've been advancing the financing plan, which will also be reported for an FID decision.

我們顯然強調了 Jira 的營銷進展。順便說一句，這是世界級的液化天然氣買家，我認為這為該項目增加了許多可信度。我們還與 (聽不清楚) 和賈斯汀一起推進融資計劃，該計劃也將報告給 FID 決定。

I think the takeaway from my perspective is solid progress in Q2, which I think you took away from our earlier comments, I think the project has momentum, and we continue to think there's a few more remaining work streams we're tracking to make sure we're in a position to take FID this year. And Justin, you'll add anything to that?

我認為從我的角度來看，第二季度取得了穩步進展，我想您從我們之前的評論中也了解到了這一點，我認為該項目勢頭強勁，我們繼續認為我們正在跟踪一些剩餘的工作流，以確保我們能夠在今年做出最終投資決定 (FID)。賈斯汀，你還有什麼要補充的嗎？

I think you covered it, Jeff.

我想你已經講清楚了，傑夫。

Thank you.

謝謝。

Great, thank you so much for that. And then maybe just a quick follow-up on Texas as well. Just on the back of UTM, I guess as you think about that 50 to 100 basis points of improved ROE, could you just talk a little bit about the timing of those filings and how you'd expect the cadence of that improvement coming to fruition to sort of play out?

太好了，非常感謝。然後也許還要快速跟進德州的情況。僅在 UTM 的背景下，我想當您考慮提高 50 到 100 個基點的 ROE 時，您能否稍微談談這些申請的時間以及您預計這種改進的節奏將如何實現？

Sure. Let me give you a little bit more color on the UTM and I'll pass it to Don Clevenger. We've got the CFO from Oncor here, and he maybe talk about how the timing unfolds. But what I'll try to tell most people, Carly, is we put forward a fairly fulsome 8-K on the UTM, which I think does a pretty good job of explaining our expectation that over time, it should have an input -- a positive impact on the earned ROE of about 50 to 100 basis points.

當然。讓我稍微介紹一下 UTM，然後我會把它傳給 Don Clevenger。我們邀請了 Oncor 的財務官，他可能會談論時間安排如何展開。但卡莉，我想告訴大多數人的是，我們在 UTM 上提出了一個相當詳盡的 8-K，我認為這很好地解釋了我們的預期，即隨著時間的推移，它應該會對已獲 ROE 產生約 50 到 100 個基點的積極影響。

I've said several times, though, that it will depend each year on the overall amount of invested capital as well as how much goes into service each year. Given that we don't anticipate Carly making our first filing to next year, we anticipate being on the low end of that 50 to 100 basis point range this year.

不過，我已經說過好幾次了，這將取決於每年投資資本的總量以及每年投入使用的資本量。鑑於我們預計卡莉不會在明年首次提交申請，我們預計今年的利率將處於 50 至 100 個基點範圍的低端。

But as you go forward in that capital plan and more capital gets deployed, obviously, you're going to move toward the higher end or above that 100 basis points. But Don, just spend a minute, maybe talk about how you're thinking about the timing and cadence of this going forward.

但隨著資本計畫的推進和更多資本的部署，顯然你將走向更高或超過 100 個基點。但唐，請花一點時間，談談你對未來推進的時間和節奏的看法。

Sure. Thanks, Carly. And if you remember, one of the benefits of the House Bill 5247 was rolling six filings basically into one. And so we would expect, like Jeff said, to file -- make our first UTM filing in the first half of next year after our rate case is resolved, and then annually probably about the same time thereafter.

當然。謝謝，卡莉。如果你還記得的話，眾議院第 5247 號法案的好處之一就是將六份申請合併為一份。因此，就像傑夫所說的那樣，我們希望在明年上半年我們的費率案件得到解決後提交第一份 UTM 文件，然後每年大概在同一時間提交。

Great. Thanks so much for the color.

偉大的。非常感謝這個顏色。

Thanks for joining the call, Carly.

感謝您參加電話會議，卡莉。

Thank you, and 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。現在，我想將會議交還給傑夫·馬丁，請他做最後的補充發言。

Briefly, I just want to thank everyone for joining this morning. I know there's been a number of competing calls. We appreciate everyone making time to join us. If there are any follow-up items, please reach out to our IR team with your questions, and we look forward to seeing many of you over the next several weeks.

簡而言之，我只想感謝大家今天早上的參加。我知道有很多互相競爭的呼聲。我們感謝大家抽空加入我們。如果有任何後續事項，請聯繫我們的 IR 團隊並提出您的問題，我們期待在接下來的幾週內見到你們。

We have a very busy IR schedule, including Citi, UBS and Barclays Investor Conference as well as West Coast NDR toward the end of August. This concludes our call.

我們的投資者關係日程安排非常緊湊，包括花旗、瑞銀和巴克萊投資者會議以及 8 月底的西海岸 NDR。我們的通話到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。