桑普拉能源 (SRE) 2026 Q1 法說會逐字稿

Good day, and welcome to Sempra’s first-quarter earnings call. Today’s conference is being recorded.

大家好，歡迎參加 Sempra 第一季財報電話會議。今天的會議將進行錄音。

At this time, I’d like to turn the conference over to Louise Bick. Please go ahead.

此刻，我想將會議交給 Louise Bick。請開始。

Good morning, and welcome to Sempra’s first-quarter 2026 earnings call. A live webcast for this teleconference and slide presentation are available on our website under the Events and Presentations section. 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, Executive Vice President of Sempra; Allen Nye, Chief Executive Officer of Oncor; Dyan Wold, Vice President, Controller, and Chief Accounting Officer; and other members of our senior management team.

各位早安，歡迎參加 Sempra 2026 年第一季財報電話會議。本次電話會議的即時網路直播與簡報投影片可於我們網站「活動與簡報」專區取得。今天與會的管理團隊成員包括：董事長兼執行長 Jeff Martin；執行副總裁兼財務長 Karen Sedgwick；Sempra 執行副總裁暨 Sempra Infrastructure 執行長 Justin Bird；Sempra 執行副總裁 Caroline Winn；Oncor 執行長 Allen Nye；副總裁、財務控制長兼會計長 Dyan Wold；以及其他資深管理團隊成員。

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 Form 10-Q filed with the SEC.

在開始之前，我想提醒各位，我們將討論《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。我們今天所作任何前瞻性陳述中的預測，實際結果可能與之存在重大差異。可能導致實際結果與預期出現重大差異的因素，已在公司最近向 SEC 提交的 Form 10-Q 中討論。

Earnings per common share amounts in our presentation are shown on a diluted basis, and we will be discussing certain non-GAAP financial measures. Please refer to the presentation slides that accompany this call for reconciliations to GAAP measures. We also encourage you to review our Form 10-Q for the quarter ended March 31, 2026. I’d also like to mention forward-looking statements contained in this presentation speak only as of today, May 7, 2026, 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.

我們簡報中每股普通股盈餘金額係以稀釋後基礎呈列，且我們將討論若干非 GAAP 財務衡量指標。請參閱本次電話會議隨附的簡報投影片，以取得與 GAAP 指標的調節資訊。我們也鼓勵各位查閱截至 2026 年 3 月 31 日止季度的 Form 10-Q。我也要提及，本簡報所含之前瞻性陳述僅截至今天（2026 年 5 月 7 日）為止，並請注意，公司不承擔未來更新或修訂任何此類前瞻性陳述的義務。

With that, please turn to slide 3, and let me hand the call over to Jeff.

接下來，請翻到第 3 張投影片，讓我把電話交給 Jeff。

Thank you all for joining us today. We’re pleased with our first-quarter financial results and the progress we’ve made against our 2026 value creation initiatives. Let me start by walking through the key developments from the quarter. Recall our first initiative is to invest approximately $13 billion in T&D energy infrastructure, while also emphasizing improved financial returns. 2026 has started on a positive note, with Sempra deploying $3 billion of investment capital in the first quarter, which keeps us on track to meet our annual target.

感謝各位今天加入我們。我們對第一季的財務表現以及在 2026 年價值創造計畫上的進展感到滿意。我先帶各位回顧本季的關鍵進展。請記得，我們的第一項計畫是投資約 130 億美元於輸配電（T&D）能源基礎建設，同時也強調提升財務報酬。2026 年開局良好，Sempra 在第一季投入 30 億美元投資資本，使我們持續朝年度目標邁進。

As for improving returns, Oncor received approval from the PUCT for the settlement of its base rate review. This decision comes with higher authorized equity layer at 43.5%, higher return on equity at 9.75%, and higher cost of debt set at 4.94%. Additionally, Oncor is permitted to surcharge the difference between the new billing rates and Oncor’s current rates for the period of January 1 to June 1, 2026. Based on the final order received last month, the surcharge was made through our separate filing with recovery expected over the remainder of the year. Ultimately, this outcome is expected to better align rates with Oncor’s current cost structure and support improved financial strength and credit metrics during a period of elevated capital investment that helps support Texas’s growing energy needs. For more information on the improved decision, please refer to slide 11 in the appendix.

在提升報酬方面，Oncor 已獲德州公用事業委員會（PUCT）核准其基本費率審查和解案。該決定包含更高的核准權益比重（equity layer）43.5%、更高的股東權益報酬率（ROE）9.75%，以及更高的債務成本 4.94%。此外，Oncor 亦獲准就 2026 年 1 月 1 日至 6 月 1 日期間，新計費費率與 Oncor 現行費率之差額加收附加費。根據上月收到的最終命令，該附加費已透過我們另行申報提出，預計在今年剩餘期間回收。整體而言，預期此結果將使費率更能反映 Oncor 目前的成本結構，並在資本投資維持高檔、以支援德州日益成長能源需求的期間，強化財務實力與信用指標。如需更多關於該改善決定的資訊，請參閱附錄第 11 張投影片。

I also want to note that Oncor submitted its inaugural UTM filing last month to incorporate $4.4 billion of T&D assets that were placed into service since January 1, 2025, into rates. Importantly, the UTM helps meaningfully reduce regulatory lag by allowing recovery on these assets and, going forward, can be filed every 365 days. We anticipate a final order and updated rates in the second half of 2026. In combination, the rate case approval and periodic UTM filings put Oncor in a better position to earn closer to its authorized ROE across the planned period.

我也想補充，Oncor 上月提交其首次 UTM 申報，將自 2025 年 1 月 1 日以來投入使用的 44 億美元輸配電（T&D）資產納入費率。重要的是，UTM 透過允許就這些資產進行回收，可大幅降低監管時滯；且未來可每 365 天申報一次。我們預期在 2026 年下半年取得最終命令並更新費率。綜合而言，費率案核准與定期 UTM 申報，使 Oncor 在規劃期間更有條件讓實際 ROE 更接近其核准 ROE。

In California, SDG&E filed an uncontested offer of settlement in its TO6 proceeding with the FERC, which establishes the authorized framework for SDG&E’s cost to own, operate, and maintain high-voltage transmission infrastructure. Similar to improving financial returns at Oncor, the offer of settlement is important because it would also increase SDG&E’s authorized base return on equity to 10.28% with a hypothetical capital structure of 54% equity, among other items. The terms of the settlement remain subject to FERC approval which is expected to occur in the second half of this year. Importantly, if approved, the settlement terms would be retroactive to June 1, 2025.

在加州方面，SDG&E 已就其向 FERC 提交的 TO6 程序提出無爭議的和解提案，該提案建立 SDG&E 擁有、營運與維護高壓輸電基礎設施之成本核准架構。與提升 Oncor 財務報酬類似，該和解提案之所以重要，是因為其中亦將 SDG&E 的核准基本股東權益報酬率提高至 10.28%，並採用假設資本結構為 54% 權益等其他條款。和解條款仍須經 FERC 核准，預期將於今年下半年完成。重要的是，若獲核准，和解條款將追溯至 2025 年 6 月 1 日生效。

Now turning to Sempra Infrastructure, we declared COD at Cimarron wind during the quarter. At ECA LNG Phase 1, we introduced feed gas from the GRO pipeline into the facility and began the startup process. We continue to expect to produce first LNG next month, and we’re targeting substantial completion this summer. At that point, we will begin recognizing LNG revenues with long-term contracted sales, with full commercial operations commencing shortly thereafter. Port Arthur LNG Phase 1 and Phase 2 construction projects continue to progress on time and on budget.

接著談 Sempra Infrastructure，我們於本季宣布 Cimarron 風電達成商轉（COD）。在 ECA LNG 第一期，我們已將 GRO 管線的進料天然氣導入設施並開始啟動流程。我們仍預期下個月產出第一批 LNG，並以今年夏季達成實質完工為目標。屆時，我們將開始認列依長期合約銷售的 LNG 收入，並在不久後全面進入商業營運。Port Arthur LNG 第一期與第二期建造專案持續按期、按預算推進。

Another one of our top priorities for the year is to close the SI Partners transaction and use the associated proceeds to reinvest in our utility businesses. We’re making progress toward completing the transaction and have recently received key approvals from the FERC and antitrust regulators. We expect to close the transaction in the second or third quarter of 2026. We also remain focused on simplifying Sempra’s business model to concentrate our future investments on our utilities, which we previously projected would grow rate base at roughly 11% annually through 2030. That’s why we’re continuing to advance our capital recycling program.

我們今年另一項最優先事項，是完成 SI Partners 交易交割，並將相關款項再投資於我們的公用事業業務。我們正朝完成交易持續推進，近期已取得 FERC 與反托拉斯監管機關的關鍵核准。我們預期於 2026 年第二或第三季完成交割。我們也持續聚焦簡化 Sempra 的商業模式，將未來投資集中於公用事業；我們先前預估該等業務的費率基礎（rate base）將在 2030 年前以約 11% 的年增率成長。因此，我們將持續推進資本循環再利用（capital recycling）計畫。

Consistent with this initiative, the previously announced Ecogas sale remains on track to also close in the second or third quarter of this year. As you know, we also have a relentless focus on modernizing operations to support improving our cost structure and building out our execution capabilities. In that regard, Oncor continues to make strides, diversifying its supply chain while reducing execution risk. Currently, they’re growing their supply base across multiple sourcing categories, securing labor and materials, expanding logistics and warehousing capacity, and strengthening physical security. Lastly, we continue to prioritize community safety, affordability, and operational excellence across the enterprise.

與此計畫一致，先前已宣布的 Ecogas 出售案仍按計畫進行，亦預期於今年第二或第三季完成交割。如各位所知，我們也持續不懈地專注於營運現代化，以支援改善成本結構並強化執行能力。在這方面，Oncor 持續取得進展，透過供應鏈多元化來降低執行風險。目前，他們正於多個採購類別擴大供應商基礎、確保勞務與材料、擴充物流與倉儲能力，並強化實體安全。最後，我們持續將社區安全、可負擔性與卓越營運列為全企業的優先事項。

As an example, during January’s Winter Storm Fern, SoCalGas’ natural gas storage facilities helped both SoCalGas and SDG&E customers avoid approximately $120 million in higher potential energy costs by withdrawing natural gas purchased months earlier. The effective use of these assets highlights the clear value of natural gas storage and how it can be used successfully to support customer affordability. Additionally, the California Earthquake Authority published its Natural Catastrophe Resiliency Study in April. It outlines several potential pathways to improve affordability in the state and improve community safety. We’re encouraged by the report and will closely monitor developments informed by the study’s findings as the year progresses.

舉例來說，在 1 月的冬季風暴 Fern 期間，SoCalGas 的天然氣儲存設施透過提取數月前購買的天然氣，協助 SoCalGas 與 SDG&E 的客戶避免了約 1.2 億美元的潛在較高能源成本。這些資產的有效運用凸顯了天然氣儲存的明確價值，以及其如何能成功用於支持客戶可負擔性。此外，加州地震管理局於 4 月發布了其《自然災害韌性研究》。該研究概述了數條可能的途徑，以提升本州的可負擔性並改善社區安全。我們對該報告感到鼓舞，並將在今年進展過程中，密切關注依據研究發現所推動的後續發展。

Now please turn to next slide where Karen will walk through our financial results.

現在請翻到下一張投影片，Karen 將帶大家回顧我們的財務結果。

Thank you, Jeff. Earlier today, Sempra reported first-quarter 2026 GAAP earnings of $1.37 billion, or $1.58 per share. This compares to first-quarter 2025 GAAP earnings of $906 million, or $1.39 per share. On an adjusted basis, first-quarter earnings were $991 million, or $1.51 per share. This is an increase from our first-quarter 2025 earnings of $942 million, or $1.44 per share.

謝謝你，Jeff。今天稍早，Sempra 公布 2026 年第一季 GAAP 盈利為 13.7 億美元，或每股 1.58 美元。相較之下，2025 年第一季 GAAP 盈利為 9.06 億美元，或每股 1.39 美元。以調整後口徑計算，第一季盈利為 9.91 億美元，或每股 1.51 美元。這較我們 2025 年第一季盈利 9.42 億美元、或每股 1.44 美元有所增加。

I’d also note that the positive financial impact from the first quarter of Oncor’s base rate review will be primarily recognized in the second quarter, given the PUCT order wasn’t issued until April. We’re pleased with our financial results for the quarter and look forward to building on them for the remainder of the year. Please turn to the next slide.

我也要指出，Oncor 基本費率審查在第一季帶來的正面財務影響，將主要在第二季認列，因為 PUCT 的命令直到 4 月才發布。我們對本季的財務結果感到滿意，並期待在今年剩餘期間持續在此基礎上再接再厲。請翻到下一張投影片。

Changes in first quarter 2026 adjusted earnings compared to the same period last year can be summarized as follows. At Sempra Texas, we had $25 million of higher equity earnings from the UTM, higher invested capital and customer growth partially offset by higher interest expense, depreciation, and O&M.

2026 年第一季調整後盈利相較去年同期的變動，可概述如下。在 Sempra Texas，我們的權益法收益增加 2,500 萬美元，主要來自 UTM 較高收益、投入資本增加與客戶成長，但部分被較高的利息費用、折舊以及營運與維護費用（O&M）所抵銷。

Turning to Sempra California, we had $44 million of increased earnings, primarily from higher CPUC base operating margin, net of operating expenses. Sempra California also had $48 million of lower income tax benefits and higher net interest expense. At Sempra Infrastructure, earnings increased by $34 million, primarily from lower depreciation due to the classification as held for sale partially offset by other items. At Sempra Parent, we had $6 million of higher losses from higher net interest expense and net investment losses, partially offset by other items. Please turn to the next slide.

接著看 Sempra California，我們的盈利增加 4,400 萬美元，主要來自較高的 CPUC 基本營運毛利（扣除營運費用後）。Sempra California 亦出現 4,800 萬美元的所得稅利益減少以及淨利息費用增加。在 Sempra Infrastructure，盈利增加 3,400 萬美元，主要因分類為待售而使折舊降低，但部分被其他項目抵銷。在 Sempra 母公司層級，我們的虧損增加 600 萬美元，原因是淨利息費用較高及淨投資損失增加，但部分被其他項目抵銷。請翻到下一張投影片。

With solid first-quarter results and progress against our key initiatives, we’re affirming our full-year 2026 adjusted EPS guidance range of $4.80 to $5.30 and 2027 EPS guidance range of $5.10 to $5.70. We’re also affirming our projected long-term EPS growth rate of 7% to 9%. We remain focused on achieving the key milestones we’ve laid out for the remainder of the year, including closing the SI Partners transaction and recycling that capital back into our utilities, continuing to simplify the business with the completion of the Ecogas sale, and strengthening the balance sheet post-close through parent debt paydown and the deconsolidation of SI Partners, as well as working with the rating agencies as we continue to improve our credit profile.

憑藉穩健的第一季結果以及在關鍵倡議上的進展，我們重申 2026 年全年調整後每股盈餘（EPS）指引區間為 4.80 至 5.30 美元，並重申 2027 年 EPS 指引區間為 5.10 至 5.70 美元。我們也重申長期 EPS 成長率目標為 7% 至 9%。我們仍專注於達成今年剩餘期間所列出的關鍵里程碑，包括完成 SI Partners 交易並將該資本回收再投入我們的公用事業、透過完成 Ecogas 出售持續簡化業務，以及在交易完成後透過母公司償還債務與 SI Partners 去合併來強化資產負債表，同時在我們持續改善信用狀況的過程中與信評機構合作。

In addition, we’re executing on a record $65 billion capital plan that supports strong projected rate base growth across the planned period. Also, a central feature of our capital plan is that we’re investing more in Texas. We expect to derive a majority of our rate base by the end of the decade. What’s more, we have improving visibility into approximately $9 billion of incremental capital opportunities beyond the base plan, which are also primarily concentrated in Texas. In short, Sempra is well positioned to achieve our projected long-term EPS growth rate of 7% to 9%, which is one of the highest in the utility sector.

此外，我們正在執行創紀錄的 650 億美元資本計畫，該計畫在規劃期間內支持強勁的預期費率基礎成長。同時，我們資本計畫的一個核心特點是：我們正在加大對德州的投資。我們預期在本十年末，費率基礎的大部分將來自德州。更重要的是，除基礎計畫之外，我們對約 90 億美元的增量資本機會之可見度正在提升，而這些機會也主要集中在德州。總之，Sempra 已具備良好條件以達成我們預期的 7% 至 9% 長期 EPS 成長率，這在公用事業產業中屬於最高水準之一。

We look forward to building on our early momentum and continuing to execute our corporate strategy, which aims to provide investors with a compelling mix of current yield, durable earnings growth, and long-term capital appreciation.

我們期待延續早期動能並持續執行公司策略，該策略旨在為投資人提供兼具具吸引力的當期殖利率、穩健的盈利成長，以及長期資本增值的組合。

Now I’d like to open up for your questions.

現在我想開放大家提問。

(Operator Instructions) Shahriar Pourreza, Wells Fargo.

（接線員指示）Wells Fargo 的 Shahriar Pourreza。

Hi, good morning, team. It’s actually Constantin on for Shar. Maybe starting off on the progress at Oncor with the 127 gigawatts of qualifying load, do you view the quality as comparable to the prior 39 high‑confidence number, and do you envision any rule changes that could move that number lower, just maybe talking about how you envision a timeline for converting that into CapEx? Is that within the five‑year plan or mostly outside?

嗨，早安，各位。其實今天是 Constantin 代替 Shar 上線。或許先從 Oncor 在 127 吉瓦合格負載方面的進展談起，你們是否認為其品質可與先前 39 吉瓦的高信心數字相當？你們是否預期有任何規則變更可能使該數字下修？也請談談你們如何看待把這些轉化為資本支出（CapEx）的時間表。這會落在五年計畫內，還是多半在計畫之外？

Yeah, well, let me try to address this from a couple of different perspectives. I think that number is quite solid. You’ll recall just over a quarter ago, it was closer to 38 gigawatts. I think Allen and his team have made substantial progress in confirming and meeting the requirements for that to move into the RTP. What I’ll do is I’ll provide a little bit of high‑level commentary, and then I’ll pass it to Allen to update us on where they’re at in the Batch Zero process as well as the regional transmission plan and see if that will answer your question.

是的，我嘗試從幾個不同角度來回應。我認為那個數字相當扎實。你會記得就在一個多季度前，它還更接近 38 吉瓦。我認為 Allen 和他的團隊在確認並滿足相關要求、使其能納入 RTP 方面已取得重大進展。我會先提供一些高層次的評論，接著把問題交給 Allen，請他更新我們在 Batch Zero 流程以及區域輸電計畫（RTP）方面的進度，看看是否能回答你的問題。

My starting point here, Constantin, is I think the terminology I’ve heard a lot in our industry is the United States really is in the middle of an arms race, and it’s a race to build the infrastructure that we’re talking about, artificial intelligence, and continue to improve America’s standing as a technology leader in the world. And when you think about it and we study all the other states in the country, Texas truly is ground zero for this opportunity. And that’s why I think there will be substantial opportunities to grow Oncor’s plan beyond the base plan, beyond the incremental $10 billion of CapEx, well into the middle part of the next decade.

Constantin，我的出發點是：我在我們產業中常聽到的說法是，美國確實正處於一場軍備競賽之中，而這是一場建設我們所談論之基礎設施的競賽——人工智慧——並持續提升美國作為全球科技領導者的地位。當你思考並研究全美其他州時，德州確實是這個機會的「零點地帶」。因此，我認為在基礎計畫之外、在額外 100 億美元資本支出之上，仍將有大量機會把 Oncor 的計畫擴大，並延伸到下一個十年的中期。

That’s also why we and our Oncor friends are following the ERCOT Batch Zero process so closely as well as the regional transmission plan. So Allen, would you mind giving a little bit of a procedural update about where we’re at with Batch Zero and your views on RTP?

這也是為什麼我們以及 Oncor 的夥伴會如此密切關注 ERCOT 的 Batch Zero 流程以及區域輸電計畫（RTP）。Allen，你介意就 Batch Zero 的進度以及你對 RTP 的看法，提供一些程序面的更新嗎？

Yeah, sure, Jeff. So, as we all know, ERCOT has been developing the process for Batch Zero through the stakeholder workshops that recently concluded. Protocol revisions are now proceeding through ERCOT committees to get to board approval, hopefully on June 1, followed by PUC approval. The timeline, as we understand it right now, is we’ll finalize the inclusion criteria in July of '26. A batch study would occur between July '26 through January '27, a load commitment period beginning probably for 30 days beginning in February of 2027, followed by a refinement study from March to May of 2027, and then RTP submission in June of '27.

好的，當然，Jeff。如同大家所知，ERCOT 一直透過近期已結束的利害關係人工作坊，來制定 Batch Zero 的流程。協議修訂目前正透過 ERCOT 各委員會推進，以取得董事會核准，期望在 6 月 1 日完成，之後再取得 PUC 核准。依我們目前的理解，時間表是：我們將在 2026 年 7 月敲定納入標準。批次研究將在 2026 年 7 月至 2027 年 1 月間進行；負載承諾期間可能自 2027 年 2 月起、為期約 30 天；接著在 2027 年 3 月至 5 月進行精煉研究，並於 2027 年 6 月提交 RTP。

That’s what we know about the schedule right now. It’s obviously subject to changes, as we’ve seen. We’re obviously very involved and we’ll continue to be throughout the process, and I think it’s good, Jeff, that you kicked it to me for both these issues because they do overlap to a certain degree. In fact, there was some discussion as recently as about 30 minutes ago at the open meeting in Austin this morning about the RTP and the Batch Zero process.

這就是我們目前對時程所掌握的情況。顯然，如同我們所見，這仍可能有所變動。我們顯然深度參與，並且在整個過程中都會持續參與；而且我認為，Jeff，你把這兩個議題都交給我來回答是好的，因為它們在某種程度上確實有重疊。事實上，就在今天早上於奧斯汀的公開會議上，大約30分鐘前，才剛就RTP與Batch Zero流程進行了一些討論。

But with regard to the 2026 regional transmission plan, I said on previous calls that we had what I said was high confidence. You mentioned it with regard to 38 gigawatts, and I also said that it would likely increase by our April 1 filing for the regional transmission plan. As you’ve seen, our total queue right now for large load is at 289 gigawatts, of which 271 gigawatts are data center-related.

但就2026年區域輸電規劃而言，我在先前的電話會議上說過，我們對此有我所稱的高度信心。你提到38吉瓦，我也說過，到了我們4月1日提交區域輸電規劃申報時，這個數字很可能會上升。如你所見，我們目前大型負載的總排隊量為289吉瓦，其中271吉瓦與資料中心相關。

For our Oncor’s 2026 RTP filing, we did submit 122 gigawatts of load, and that’s load 75 megawatts or higher. We also submitted 5.2 gigawatts of medium‑sized load, which is load greater than 25 megawatts but lower than 75 megawatts. Together, that constitutes what’s known as substantiated load pursuant to the ERCOT compliance plan.

就Oncor的2026年RTP申報而言，我們確實提交了122吉瓦的負載，且這是指75兆瓦或以上的負載。我們也提交了5.2吉瓦的中型負載，也就是大於25兆瓦但低於75兆瓦的負載。兩者合計構成依ERCOT合規計畫所稱的「已證實負載」。

To your question about the quality of the variance, the quality between the 38 and the 127, they’re effectively the same. In this regard, the 127 gigawatts that we submitted as part of the RTP meets all the requirements of SB 6 as they were at the time. So we feel very good about those numbers.

針對你關於差異品質的問題，也就是38與127之間的品質差異，它們實際上是相同的。在這方面，我們作為RTP一部分所提交的127吉瓦符合當時SB 6的所有要求。因此我們對這些數字感到非常有信心。

How they can change? I mean, there’s literally a discussion this morning about what the Commission is going to do with regard to Batch and RTP, so we’ll have to see. But that’s where we are right now on large load.

它們如何可能改變？我的意思是，今天早上就有一場討論在談委員會將如何處理Batch與RTP，所以我們還得再觀察。但就大型負載而言，這就是我們目前的狀況。

And Allen, I would just follow up for Constantin and summarize a couple of things that I think are most important for investors. Recall that Oncor is growing earnings at 30% annually through the midpoint of its 2027 guidance. Second, I would remind you that they’ve got a $47.5 billion capital plan that’s solid; it doesn’t turn on whether there’s more or less large data center or large load customers coming onto the grid. Number three is, as I indicated earlier, they’ve identified $10 billion of incremental CapEx, and Allen and Don and the team have been working quite aggressively to try to firm that up. And I’m confident that we’ll be able to give you an update on that incremental CapEx bucket later this year.

Allen，我也想替Constantin補充並總結幾點我認為對投資人最重要的事項。請記得，Oncor在其2027年指引的中點之前，盈餘每年以30%的速度成長。第二，我要提醒你們，他們有一個穩健的475億美元資本計畫；這並不取決於是否有更多或更少的大型資料中心或大型負載客戶接入電網。第三，如我先前所指出，他們已辨識出100億美元的增量資本支出（CapEx），Allen、Don以及團隊一直相當積極地努力把這部分落實得更確定。我有信心我們能在今年稍晚就這個增量CapEx項目向各位提供更新。

And finally, we keep using this term of 127 gigawatts of large load customers. The bottom line is it’s going to lead to higher levels of capital spending in Texas. And interestingly, internally, Constantin, we refer to this as the incremental to the incremental. In other words, it’s beyond our incremental capital program, or what we refer to as I-squared, and we expect the I-squared will show up in continued levels of record capital spending at Oncor well into the middle part of the next decade.

最後，我們一直使用「127吉瓦的大型負載客戶」這個說法。重點是，這將帶動德州更高水準的資本支出。有趣的是，在內部，Constantin，我們把這稱為「增量中的增量」。換言之，它超出我們的增量資本計畫（我們稱之為I-squared），而我們預期I-squared將在Oncor持續創紀錄的資本支出水準中體現，並延續到下一個十年的中期。

Thanks for that. I really appreciate it, really staggering numbers here. And maybe in a little bit more detail on how you’re moving forward with some of the local transmission upgrades supporting of near term. I think you’ve announced more than $2 billion of projects already awarded. Is that upside to the current plan, is that part of that $10 billion opportunity, and maybe more holistically, how are you tracking versus that $10 billion number and maybe just the trigger for the next update?

謝謝你的說明。我非常感謝，這些數字真的很驚人。也許可以再更詳細談談，你們如何推進一些支援近期需求的在地輸電升級。我想你們已宣布超過20億美元的專案已經授標。這是現行計畫的上行空間嗎？這是否屬於那100億美元的機會之一部分？以及更整體地說，你們相對於那100億美元數字的進度追蹤如何，還有下一次更新的觸發條件是什麼？

Sure, so you’re 100% correct. I think about two weeks ago, and I referenced this on a prior call, in addition to Batch and the RTP, we’ve also been pursuing some projects that we had at ERCOT that were just going through the regular RPG process. So we had 4 gigawatts that we referred to as South Dallas 4 gigawatts, and we have about 10 gigawatts elsewhere throughout the system. And approximately two weeks ago, I don’t remember if it was Thursday or Friday, ERCOT did release those 4 gigawatts of South Dallas projects, and they had an estimated cost around $2.9 billion.

當然，所以你說得完全正確。我想大約兩週前，我在先前一次電話會議也提到，除了Batch與RTP之外，我們也在推進一些在ERCOT端、只是走一般RPG流程的專案。因此我們有4吉瓦、我們稱之為「南達拉斯4吉瓦」的專案，另外在系統其他地區還有約10吉瓦。大約兩週前，我不記得是週四還是週五，ERCOT確實釋出了這些南達拉斯4吉瓦的專案，估計成本約為29億美元。

Given that they’re not all in South Dallas, there are some other projects that they released as well. But given that the majority of them are in South Dallas where we serve, the majority of those projects would be ours. Costs associated with those projects are presently in what is our incremental opportunities bucket.

鑑於它們並非全部都在南達拉斯，他們也釋出了一些其他專案。但由於大多數位於我們服務的南達拉斯地區，這些專案中的大部分將會是我們的。與這些專案相關的成本目前納入我們的增量機會項目中。

And I think this is an important point, Constantin, because one of the things I indicated in my first response is they're working aggressively right now to firm up that $10 billion bucket. This is a great example of progress they made just two weeks ago. And certainly I’d like to be in a position later this summer, perhaps on the Q2 call, to provide more visibility on how this is firming up.

我認為這點很重要，Constantin，因為我在第一個回覆中提到的一件事是：他們目前正積極把那100億美元的項目落實得更確定。這就是他們在兩週前取得進展的一個很好的例子。而且我當然希望能在今年夏末時點、也許在第二季電話會議上，提供更多這部分逐步確定下來的能見度。

Now remember, you’ve got to get CCNs, you’ve got to get rights-of-way, there are things out there, but we have a process by which what we put into the base capital plan is firm and rock solid. And I think Allen’s making a great point, we’ve made tremendous progress on the $10 billion of incremental capital just in the last 90 days. I think there are some more things we can do between now and our Q2 call in August, and we look forward to coming back to the Street and update you.

請記得，你必須取得CCN，你必須取得路權，外面還有一些事項；但我們有一套流程，能確保我們納入基礎資本計畫的內容是確定且非常穩固的。我認為Allen提出了一個很好的觀點：在過去90天內，我們在100億美元增量資本方面已取得巨大進展。我想在現在到8月的第二季電話會議之間，我們還能做更多事情，我們也期待回到資本市場向各位更新。

Steven Fleishman, Wolfe Research.

Steven Fleishman，Wolfe Research。

Hey, excuse me, good morning. Sorry, less exciting question. Just the Sempra Infrastructure closing, what steps do you still have to achieve to close that?

嗨，不好意思，早安。抱歉，問題沒那麼令人興奮。關於Sempra Infrastructure的交割，你們還需要完成哪些步驟才能完成交割？

Sure. We’ve said a few things in our prepared remarks in terms of some of the progress we’ve made, and maybe Justin, why don’t you recap the progress we’ve made since the announcement and what the remaining items are that we’ll resolve here in short order?

當然。我們在事先準備的發言中已提到一些我們取得的進展；也許Justin，你可以回顧一下自公告以來我們的進度，以及接下來我們將在短期內解決的剩餘事項有哪些？

Yeah, thank you, Jeff, and hello, Steve. So, as Jeff said in the prepared remarks, we do remain on track for closing in the second or third quarter of this year. Thus far, we’ve gotten FERC approval, competition approval from Korea, we’ve reached the end of the HSR period, we’ve received antitrust approvals in Mexico, and we have received the majority of our third-party consents. We are currently working with the Cameron Partners and the Japanese export credit agencies who finance Cameron to get their consents.

好的，謝謝你，Jeff，也向你問好，Steve。如Jeff在事先準備的發言中所說，我們仍按計畫在今年第二季或第三季完成交割。截至目前，我們已取得FERC核准、韓國的競爭主管機關核准、HSR等待期已屆滿、已取得墨西哥的反托拉斯核准，並且已取得大多數第三方同意。我們目前正與Cameron Partners以及為Cameron提供融資的日本出口信貸機構合作，以取得他們的同意。

And Steve, at the same time, our teams are working on finalizing the pre-transition and transition services, with those closing activities remaining on track. So I’d say our relationship with KKR remains strong. We’re working closely with them to close the transaction in Q2 or Q3, and I think we’re in great shape, Steve.

同時，Steve，我們的團隊也在推進並完成轉換前與轉換期間的服務定案，相關的交割作業仍按計畫進行。所以我會說，我們與 KKR 的關係依然穩固。我們正與他們密切合作，力拚在第二季或第三季完成交易交割，我認為我們目前狀態非常好，Steve。

Just to follow up on that, when you -- I think Karen mentioned just the rating agencies and completing their review after Sempra Infrastructure, potentially, is that the key milestone or are there other things that the rating agencies are looking at related to the negative outlook maybe going away?

就此再追問一下，當你——我想 Karen 剛才提到評等機構在 Sempra Infrastructure（可能）完成後會完成他們的審查——那是關鍵里程碑嗎？還是評等機構還在看其他事項，可能與負向展望是否會解除有關？

Sure. Karen, please go ahead.

當然。Karen，請你先說。

Yeah, so Steve, that is the main catalyst to offer some changes in our thresholds from the rating agencies. I’ve spoken with all of them, and they’ve all talked about improving our thresholds once the deal is done, but I don’t expect that to be immediate. So it’s not just that. For example, Moody’s also wants to see some further progress on our construction projects, so they’re tracking pipe installation and those types of things.

好的，Steve，那確實是促使評等機構在我們門檻（thresholds）上做出一些調整的主要催化因素。我已經和他們全部都談過，他們都提到交易完成後會改善我們的門檻，但我不預期會立刻發生。所以不只如此。例如，穆迪（Moody’s）也希望看到我們建設專案有進一步進展，因此他們正在追蹤管線鋪設以及這類事項。

So I anticipate our thresholds improving post-close of the project, probably closer to the end of the year once we reach some of those construction milestones, so either the end of the year or early 2027.

因此我預期在專案交割完成後，我們的門檻會有所改善，可能更接近年底、在我們達成部分施工里程碑之後；也就是年底或 2027 年初。

So the way I think about it, Steve, is probably closing plus six months, and that’ll give us time to pay down some parent debt. Obviously, a big part of it is deconsolidating Sempra Infrastructure from our financials and obviously improving the overall credit profile of the company. That will go into what Karen was referring to as an adjustment in terms of downgrade thresholds.

所以我對這件事的看法是，Steve，大概是交割完成後再加六個月，這也會給我們時間償還一些母公司層級的債務。顯然，其中很大一部分在於將 Sempra Infrastructure 自我們的財報中去合併（deconsolidate），並且明顯改善公司的整體信用體質。這會反映到 Karen 所說的、就降評門檻（downgrade thresholds）所做的調整。

Okay. And then I guess just one last question on your confidence on moving California on getting changes to the wildfire liability law discussion?

了解。那最後一個問題，你對於推動加州在野火責任法（wildfire liability law）討論上取得變更的信心如何？

Yeah, this is something, Steve, that I’ve been personally involved in with Caroline Winn. One of the things I’ve said on prior calls is the right people that are supposed to be addressing the issues are around the table, and the right issues are being discussed. I think from my perspective, and I’ll pass it to Caroline for some additional commentary is, I can see this legislative discussion orienting around how we as a state improve the livability of the state for its citizens. I think obviously there’s a continued prioritization from the governor’s office on growing the economy.

是的，Steve，這件事我一直親自與 Caroline Winn 共同參與。我在之前的電話會議中提過，該處理這些議題的對的人都已經坐上談判桌，且正在討論正確的議題。以我的角度來看——我也會把話交給 Caroline 補充——我看到這場立法討論正朝向「我們作為一個州，如何提升本州居民的宜居性」來聚焦。我想州長辦公室也持續把發展經濟列為優先事項。

I think this session you’ll see a big focus on the affordability of housing, the availability of insurance, reductions in sales taxes in some areas, and I certainly think what you’re asking about, SB 254, falls in that category as well.

我認為本會期你會看到對住房可負擔性、保險可得性、部分地區銷售稅下調等議題有很大的關注；而你所問的 SB 254，我也確實認為同樣屬於這個範疇。

We were pleased, Steve, with the CEA laying out different paths to reduce wildfire risk and set up improved recovery mechanisms. But I have reasonable confidence that we’re going to get something done this legislative session, and I don’t think it’s going to take a couple of years. I think there’s a lot of momentum to get something done that will be helpful to our industry.

Steve，我們很高興看到 CEA 提出不同路徑來降低野火風險，並建立更完善的復原機制。但我有相當程度的信心，我們會在本次立法會期內完成一些成果，而且我不認為會拖上好幾年。我認為要做出一些對我們產業有幫助的成果，目前動能很強。

And Caroline, you could provide some commentary on what your priorities are this session?

Caroline，你能就你在本會期的優先事項提供一些評論嗎？

Sure. Maybe I’ll just highlight three areas of the report that I think were very helpful. One is that the wildfire risk is really framed appropriately as a whole-of-society problem, not just a utility problem. I think the second piece is that there’s a clear acknowledgment that the current framework isn’t durable nor adequate. And third, that there’s a significant cost of inaction.

當然。我想先點出報告中我認為非常有幫助的三個面向。第一，野火風險被適切地定位為「全社會」的問題，而不只是公用事業（utility）單一產業的問題。第二，報告清楚承認現行架構既不具持久性，也不夠充分。第三，不作為的成本非常高。

And as Jeff mentioned, the report includes a menu of different options that provides, I think, a solid base of facts that will inform the legislature. And from our perspective, we’re really focused on these three priorities. One, we need to put wildfire victims first. Two, we need to implement a more coordinated statewide approach to risk mitigation. And three, as Jeff mentioned, we need to make meaningful progress within this legislative session.

如 Jeff 所提，報告包含一系列不同選項，我認為這提供了扎實的事實基礎，能夠為立法機關提供參考。從我們的角度，我們主要聚焦三項優先事項。第一，我們需要把野火受害者放在第一位。第二，我們需要推動更協調一致的全州風險緩解（risk mitigation）作法。第三，如 Jeff 所說，我們需要在本會期內取得具實質意義的進展。

Ultimately, this is about improving California’s wildfire framework. It’s about keeping our communities that we serve safer. It’s about making California more affordable to live in and ensuring that recovery is faster and fairer when wildfires do occur. And just as I end here, we are seeing that the governor and the legislative leadership are moving, and to that point, they’ll start informational hearings next week. So I do think that there is a lot of activity and alignment on this issue.

歸根結底，這是要改善加州的野火制度架構。這是要讓我們所服務的社區更安全。這是要讓加州更可負擔、適合居住，並確保當野火發生時，復原能更快、更公平。最後補充一點，我們看到州長與立法領導層正在推進；就此而言，他們下週將開始舉行資訊性聽證會。所以我確實認為在這個議題上有很多行動與共識正在形成。

The only other thing I would add, Steve, to Caroline’s comments is I think what’s different is you don’t want to go to the legislature and be talking about bespoke issues. I think what’s really important right now is the state conversations around the dialogue of improving the liveability of the state. And what you and I are talking about on this call of 254 is just one element of that. So I think the focus is on the right issues, and I think we’ve got a lot more people aligned around action, and I think the CEA report is certainly helpful in that regard.

Steve，我對 Caroline 的評論唯一想再補充的是，我認為不同之處在於，你不希望去立法機關只談一些量身訂做的個別議題（bespoke issues）。我認為現在真正重要的是，全州層級的對話正圍繞著如何提升本州的宜居性。而你我在這通電話中談到的 254，只是其中一個元素。所以我認為焦點放在正確的議題上，也有更多人對採取行動達成一致，而 CEA 的報告在這方面確實很有幫助。

David Arcaro, Morgan Stanley.

Morgan Stanley 的 David Arcaro。

Circling back to the Texas landscape, we heard earlier today from an IPD in Texas who was more cautious really on, I guess, the physical ability for all that data center capacity to come online, so I guess I’m curious about your confidence level, what you’re seeing on the ground, the physical progress, and then the limiting factors that you see realistically for the load growth outlook.

回到德州的情勢，我們今天稍早聽到德州一位 IPD 較為保守，主要是對於所有那些資料中心容量能否實際上線的「物理可行性」有所疑慮。所以我想請教你們的信心程度：你們在第一線看到什麼、實體進度如何？以及就負載成長展望而言，你們認為現實上可能的限制因素有哪些？

Let me make a couple of comments and then I’ll pass it to Allen. I think there’s something, David, that’s unique about Sempra and the Oncor story, and you’ll be reading and following different earnings calls where people are having challenges with the RTO or people talking about leaving markets. What we’re talking about is we’ve got a base capital plan that’s largely indifferent to whether these things happen or don’t happen. So we have an industry‑leading story that is largely unrelated to the number of data centers that come online.

我先講幾點，然後再交給 Allen。David，我認為 Sempra 與 Oncor 的故事有一個獨特之處：你會在其他公司的法說或財報電話中看到，有人因為 RTO 而面臨挑戰，或有人在談退出某些市場。而我們在談的是：我們有一個基礎資本計畫（base capital plan），基本上不太受這些事情是否發生所影響。因此，我們有一個產業領先的成長故事，而它在很大程度上與實際上線的資料中心數量無關。

And the great news is Sempra is an opportunity where you can have leading growth in the data center story as it matures and becomes significant upside beyond our capital plan. So I just want to keep putting it out there. This is a plan based upon Texas’s economic activity and the need to build the superhighway of high‑voltage transmission, and that informs roughly 70% of Oncor’s existing base plan. So they have a solid plan in this area. And I do believe they have an improving view of how many data centers will come online.

而好消息是，Sempra 也提供一個機會：隨著資料中心故事逐步成熟並變得重要，我們可以在該領域取得領先成長，並成為超出我們資本計畫的顯著上行空間。所以我想持續強調這一點。這個計畫是以德州的經濟活動，以及建設高壓輸電「超級高速公路」的需求為基礎，而這大約構成 Oncor 既有基礎計畫的 70%。因此他們在這方面有一個扎實的計畫。而我也確實相信，他們對於將有多少資料中心會上線的看法正在改善。

And you're making a great point, having the right matching of generation capacity that will be choreographed with that growth will be important. And maybe Allen, you can talk about what you’re seeing on the ground and what you see in continued progress on the generation side.

而你提出了一個很重要的觀點：要把發電容量做出正確的匹配，並且能與這樣的成長相互協調，將會很關鍵。也許 Allen，你可以談談你在第一線看到的情況，以及你認為發電端持續進展的樣貌。

Yeah, sure. Thanks, Jeff. It’s a very reasonable question. The numbers, especially ours alone, but when you look at ERCOT as an aggregate, are very, very large. And I think that’s why it’s important that ERCOT and the PUC are going through the exercises they are right now with the Batch Process and how they’re handling the '26 RTP. We’re going to need as a state to coordinate and phase this very well, and there’s going to have to be, to Jeff’s point, more transmission built to serve any significant amount of this load.

好的，當然可以。謝謝你，Jeff。這是一個非常合理的問題。這些數字，尤其是我們自身的數字，但如果你把 ERCOT 作為整體來看，規模都非常、非常大。我想這也是為什麼 ERCOT 和 PUC 目前正在進行他們正在做的那些工作很重要，包括 Batch Process，以及他們如何處理「26 RTP」。作為一個州，我們需要把協調與分階段推進做得非常好；而且如 Jeff 所說，必須建設更多輸電，才能服務任何顯著規模的這些負載。

There is sufficient excess generation right now. I think it’s 164 gigawatts installed, and I know that's main point versus an 85.5‑gigawatt peak. But we have, as a state, about 450 gigawatts or so of generation somewhere in the ERCOT queue right now. So I think we have at Oncor, I think, over 164 gigawatts trying to connect to us in some manner right now. And I think, as I’ve discussed this with people on the generation side, I think they’re looking for price signals to put more steel in the ground, and this could certainly cause that.

目前確實有足夠的剩餘發電量。我想已裝置容量是 164 吉瓦，而我知道這是重點，相較之下尖峰是 85.5 吉瓦。但作為一個州，我們目前在 ERCOT 佇列中大約有 450 吉瓦左右的發電量。所以我想在 Oncor 這邊，目前有超過 164 吉瓦正試圖以某種方式接入我們的系統。而且我認為，正如我與發電端的人討論時，他們在尋找價格訊號來把更多鋼材打進地裡（加速建設），而這當然可能促成那件事。

What’s interesting, Allen, is the choreography between the RTP process, the batch process. You’re really trying to match up load with capital investment in transmission and you start unlocking that 450-gigawatt queue of generation. So there’s a loading order here, David, and certainly we continue to think that Oncor’s capital plan is really positioned on what we think is the anchor investment that unlocks this, which is high‑voltage transmission.

有趣的是，Allen，RTP 流程與 batch process 之間的協調。你其實是在努力把負載與輸電資本投資對齊，並開始解鎖那個 450 吉瓦的發電佇列。所以這裡有一個先後順序，David；而且我們當然仍然認為 Oncor 的資本計畫確實是以我們認為能解鎖這一切的錨定投資為核心，也就是高壓輸電。

Great. Yeah, thank you for that helpful color as we try to figure out what’s going on on the ground in Texas. Then maybe shifting over to California, we’re close here heading into the GRC period, and I know your filing is coming soon, but I was wondering any preview of just your maybe priorities and how you’re positioning the GRC filings and what we should expect to see there.

很好。是的，謝謝你提供這些很有幫助的補充說明，讓我們在試著理解德州第一線正在發生什麼時更有脈絡。那接著也許轉到加州，我們這邊即將進入 GRC 期間，我知道你們的申報很快就會提交，但我想問一下，是否能先預告一下你們的優先事項、你們如何定位這次 GRC 申報，以及我們應該期待看到什麼。

Yeah, Caroline and her team have been doing work on this for probably well over a year. We’re expecting to make our filing later in Q2. And Caroline, it might be helpful to talk about what your priorities are to David's question as we put the GRC together.

是的，Caroline 和她的團隊大概已經為此做了超過一年的工作。我們預期會在第二季稍晚提出申報。而 Caroline，針對 David 的問題，在我們彙整 GRC 時，談談你的優先事項可能會很有幫助。

Sure. Just as a reminder, our last rate case was filed in 2022, and we received our final decision in December '24. So as Jeff mentioned, we will be filing next month, and we’ll be taking into consideration really lessons learned from prior GRCs as well as others in the state. And you can expect our filing to focus on three key areas. One is continue necessary investments in safety and reliability, also technology innovation, and lastly modernization of our services and our infrastructure to support customer needs.

好的。提醒一下，我們上一個費率案件是在 2022 年提出申報，而我們在 24 年 12 月收到了最終決定。所以如 Jeff 所提到，我們將在下個月提出申報，並會納入先前 GRC 的經驗教訓，以及州內其他案例的經驗。你可以預期我們的申報會聚焦三個關鍵領域。第一是持續進行安全與可靠性所需的投資；第二是技術創新；最後是服務與基礎設施的現代化，以支援客戶需求。

Maybe I’d also like to note that we’ve done some really great work on the affordability of our services recently with modernizing our organizational structure and rightsizing our business. And we’re really focused on efforts that will support our ability to make critical investments while also improving the affordability of our services.

我也想補充，我們最近在服務可負擔性方面做了非常好的工作，包括現代化我們的組織架構，以及讓業務規模更貼近需求（rightsizing）。我們非常專注於能支持我們進行關鍵投資、同時也提升服務可負擔性的各項努力。

Aidan Kelly, JPMorgan.

Aidan Kelly，摩根大通。

Just one question on my end. Now with the Texas‑based rate case (technical difficulty) can you just remind us of the expectations for ROE improvement by year as far as what you contemplate in the plan, and then just high level, how should we be thinking about the key components in your UTM filing?

我這邊只有一個問題。現在有了以德州為基礎的費率案件（技術問題），你能不能提醒我們一下，依照你們計畫所設想的，ROE 每年改善的預期是什麼？另外從高層次來看，我們應該如何看待你們 UTM 申報中的關鍵組成要素？

Yeah, I’m sorry, Aidan, you came across just a little bit garbled. Would you mind repeating your question for us, please?

好的，抱歉，Aidan，你的聲音有點斷斷續續、聽不太清楚。你介意再把問題重複一次嗎？

Yeah, sorry about that. Just wanted to ask on the ROE improvement by year in Texas as far as what you contemplate in the plan, and then the UTM filing, thoughts there on the key components.

好的，抱歉。我想問的是德州這邊，依照你們計畫所設想的 ROE 每年改善情況；另外關於 UTM 申報，你們對關鍵組成要素的看法。

Yeah, so I would just start by saying that if you recall, just over 18 months ago, we had been forecasting earned ROEs at Oncor just below 8%. There was a lot of work done by Allen and his team to create the right legislative environment and the right stakeholders to support the UTM process, which was designed to reduce that regulatory lag, which was even more important in a period of much higher growth in capital deployment. And behind that, the base rate review obviously increased both the ROE, the equity layer, and the expected cost of debt.

好的，我先從這點開始：如果你還記得，就在 18 個多月前，我們對 Oncor 的實際取得 ROE（earned ROE）的預測還略低於 8%。Allen 和他的團隊做了大量工作，去建立合適的立法環境與利害關係人支持，以推動 UTM 流程；該流程的設計目的，是降低監管時滯（regulatory lag），而在資本投放成長更高的期間，這點就更重要。在此之後，基礎費率審查顯然也提高了 ROE、股權比重（equity layer），以及預期的債務成本。

And those two things in combination, what we’ve said publicly, are expected to move earned ROE on average much closer to the new authorized ROE of 9.75%. Other than that, would you like to make any other comments, Allen, in terms of the schedule for the UTM?

而這兩件事結合起來，我們公開說過，預期將使實際取得 ROE 的平均水準更接近新的核准 ROE 9.75%。除此之外，Allen，你是否想就 UTM 的時程再補充任何評論？

Yeah, sure. I’m glad to address the UTM. It’s going well. We made our filing on April 22. We got a revised procedural schedule actually yesterday, which would call for testimony of the parties, staff, and Oncor to be filed in July, with a potential hearing on August 20. We expect a final order and new rates to go into effect during the second half of 2026.

好的，當然。我很樂意說明 UTM。進展得很順利。我們在 4 月 22 日提出了申報。我們其實就在昨天收到了修訂後的程序時程，內容是各方當事人、工作人員（staff）以及 Oncor 的證詞將在 7 月提交，並可能在 8 月 20 日舉行聽證會。我們預期最終命令與新費率將在 2026 年下半年生效。

And we have the opportunity to get interim rates on or about October 4 if we don’t have an order before then. So we’re constructive on the schedule, and we’ll look forward to and we'll work with the parties moving forward. And just as a reminder, we can file once every 365 days.

如果在那之前我們還沒有收到命令，我們有機會在大約 10 月 4 日左右取得臨時費率。所以我們對這個時程持建設性看法，我們也期待並將與各方在後續持續合作。另外提醒一下，我們每 365 天可以申報一次。

Aidan, the only thing I would add is these developments were very, very important to Sempra, right? We knew there was going to be growth in the state. We knew that Oncor had an increased opportunity to deploy a lot more capital. But as we started to see these developments take place, that’s why under Justin’s leadership and Karen’s leadership, we took the opportunity to load the balance sheet.

Aidan，我唯一想補充的是，這些發展對 Sempra 來說非常、非常重要，對吧？我們知道州內會有成長。我們知道 Oncor 有更大的機會去投放更多資本。但當我們開始看到這些發展逐步發生時，這也是為什麼在 Justin 與 Karen 的領導下，我們把握機會去提高資產負債表的槓桿（load the balance sheet）。

So the timing, I think Steve Fleishman referenced this, the timing of getting the KKR transaction closed, the improvement in financial returns, which by the way was the number one priority for our value creation initiatives last year and is the number one priority this year, that progress and improved expectation of returns in Texas has really unlocked what I think is a significant leg of capital. And obviously you’re seeing that show up in the earnings growth.

所以在時點上，我認為 Steve Fleishman 提到過這點，完成 KKR 交易交割的時機、財務回報的改善——順帶一提，這是我們去年價值創造計畫的首要優先事項，也是今年的首要優先事項——這些進展以及德州回報預期的提升，確實釋放了我認為相當可觀的一大段資本。而且很明顯，你們也看到這反映在獲利成長上。

Julien Dumoulin‑Smith, Jefferies.

Julien Dumoulin‑Smith，Jefferies。

Hi, this is actually Andrew on for Julien, so thank you for the time. Just two questions from my side. One, Texas on the execution piece, I think the disclosure was very helpful that you guys have contracted slots for your base plan through 2028. Could you talk a bit more about the progress of securing that for the remainder of your base plan as well as more specifically for your upside plan? Are you looking to secure those slots throughout the rest of the year, or are you waiting for more visibility on those opportunities?

嗨，其實我是代 Julien 發言的 Andrew，謝謝你們撥冗。我這邊有兩個問題。第一個，關於德州的執行面，我認為你們揭露你們已為基準計畫一路到 2028 年都簽下了合約產能/名額，這點非常有幫助。能否再多談一些，關於為基準計畫其餘期間取得這些名額的進展，以及更具體地，針對你們的上行計畫（upside plan）？你們是打算在今年剩餘時間內把這些名額都鎖定下來，還是會等到對那些機會有更高的能見度再行動？

Well, Andrew, thank you for joining the call. And I would refer you and our listeners to slide 13. I think what we want to do here is lay out something that Allen has been leading at Oncor since the COVID days, which was, they've got the opportunity in Texas to deploy economies of scale in terms of how they resource their business. I think slide 13 does a good job of showing their progress to date, but Allen, if you could maybe talk about the work you’ve done to support the base plan and why you think we’re in good shape with the Board’s support to keep contracting forward?

Andrew，謝謝你加入這通電話會議。我也想請你和各位聽眾參考第 13 頁投影片。我想我們在這裡要說明的是 Allen 自 COVID 時期以來在 Oncor 主導的一項工作：他們在德州有機會在業務資源配置上發揮規模經濟。我認為第 13 頁很好地呈現了他們迄今的進展；不過 Allen，你是否可以談談你為支持基準計畫所做的工作，以及為什麼你認為在董事會支持下，我們持續往前簽約是很有把握的？

Yeah, you bet. Thanks, Jeff. We’re in excellent shape. As I’ve said on prior calls, we have what we need for the first three years of the base plan. The outer two years, we have a line of sight, too. We effectively have understandings or agreements that are not yet conceptualized in paper yet. They are not executed for those same suppliers to provide what we need in the outer years, and there's just some of our suppliers who will only execute three‑year contracts with us. But we have what we need for the first three, and we believe we’re in excellent shape for the outer two years for the base plan.

好的，沒問題。謝謝，Jeff。我們的狀況非常好。如同我在先前的電話會議中提過，我們已具備基準計畫前三年的所需。至於外圍的兩年，我們也有清楚的能見度。我們基本上已有一些共識或協議，只是尚未以書面形式具體化。同樣的供應商尚未就外圍年度正式簽署合約來提供我們所需，原因是部分供應商只願意與我們簽三年期合約。但前三年我們已經到位，而我們也相信基準計畫外圍兩年的準備狀況非常良好。

To Jeff’s point, we’re constantly working on the supply chain, diversifying and securing slots. And to his point to what the Board support that we’ve had is several years ago, about five years ago, the Board gave us authority to start looking at, securing things outside of what we were planning for. And so we’ve been doing that for a number of years now. That’s how we got into the good position we are right now with regard to the the 765 equipment that we have ordered or required.

呼應 Jeff 的觀點，我們持續在供應鏈上努力，進行多元化並確保產能/名額。而他提到董事會對我們的支持：幾年前，大約五年前，董事會授權我們開始評估並鎖定一些超出原先規劃範圍的項目。因此我們已經做了好幾年。這也是為什麼就我們已訂購或所需的 765 設備而言，我們目前能處於這麼有利的位置。

So we’re always looking beyond the five‑year horizon, looking into our incremental buckets to see what we need, and the Board has given us the ability to go ahead and secure those slots or products that we need for those plans.

所以我們總是把視野放在五年期以外，檢視我們的增量需求區塊，看看需要什麼；而董事會也賦予我們能力，得以提前去確保那些計畫所需的名額或產品。

Andrew, I would just add that over a long period of time, there’s been discussion in the industry about the value of scale. And I think in this case, Oncor really is a case study of that. Not only has there been proactive planning over the last five years, but they’re really in a position, I think, that has created a competitive advantage for them in the industry to be so far along in their supply chain management. But thank you for joining our call.

Andrew，我只想補充一點：長期以來，業界一直在討論規模的價值。而我認為在這個案例中，Oncor 真的就是一個很好的案例研究。不僅過去五年有前瞻性的規劃，而且我認為他們在供應鏈管理上走得這麼前面，確實讓他們在產業中建立了競爭優勢。也謝謝你加入我們的電話會議。

Yeah, no, thank you. That was very helpful. Maybe one quick one on LNG as well. Obviously given the backdrop that we’re in, can you maybe talk a bit about how you’re thinking about LNG as a long‑term component of your business strategy versus historically more so of a source of capital? Has that changed over time, and how have the conversations been with potential offtakers for your backlogged projects?

好的，謝謝。這非常有幫助。我也想再快速問一題關於 LNG。在目前這樣的背景下，你們能否談談你們如何看待 LNG：作為你們業務策略中的長期組成部分，與過去較偏向資本來源的定位相比？這個看法是否隨時間有所改變？另外，針對你們積壓（backlogged）的專案，與潛在承購方（offtakers）的對話進展如何？

Well, let me make a couple of comments, if you would Justin on the macro environment, and I can pass it to you to talk about conversations you're having with current bilateral customers as well as potentially for you at and some of your project status. But look, you may recall, Andrew, that it was back in 2018 that there were a lot of people that were challenging Sempra on its perspective on LNG, and we came out front in the industry and said, look, we firmly believe there's going to be a second wave of LNG opportunity, and we really try to build a business where we put the Mexican platform together with our LNG platform, and obviously we’ve marked the value of that business multiple times now, including most recently in the KKR transaction.

好的，如果可以的話，我先就總體環境做幾點評論，Justin，然後我再把話交給你，請你談談你與目前雙邊客戶的對話，以及可能的承購方與部分專案進度。不過你可能還記得，Andrew，早在 2018 年，當時有很多人質疑 Sempra 對 LNG 的看法，而我們在產業中率先表態：我們堅信 LNG 機會會有第二波；我們也努力打造一個把墨西哥平台與我們 LNG 平台結合的業務。顯然，我們已多次對該業務的價值進行定價/驗證（marked the value），最近一次就是在 KKR 交易中。

But I can tell you that the LNG trade today, which is about 60 million tons per annum, or about 60 Bcf actually annually really has been tipping the balance of supply and demand in both Asia and Europe. And when you see the stress that the global energy markets are under today, it really points to markets that have a competitive advantage in fundamentals, and those fundamentals we're talking about is the United States which has deep capital markets, ample natural gas reserves, probably most importantly low price volatility and the rule of law So it’s times like this that America’s competitive advantage shows up. We’re very bullish on the LNG trade long‑term because overtime, and these came out recently from comments from the IEA, buyers will continue to pay a premium for taking risk off from the supply market.

但我可以告訴你，當前的 LNG 貿易量大約是每年 6,000 萬噸，或其實約每年 60 Bcf，確實一直在左右亞洲與歐洲的供需平衡。而當你看到當今全球能源市場承受的壓力時，這其實凸顯了在基本面上具備競爭優勢的市場；我們所說的基本面是：美國擁有深厚的資本市場、充足的天然氣儲量，或許最重要的是低價格波動，以及法治。因此在這種時刻，美國的競爭優勢就會顯現。我們對 LNG 貿易的長期前景非常看多，因為隨著時間推移——這點最近也在 IEA 的評論中被提到——買方將持續願意為降低供應端風險而支付溢價。

I think the United States, this is being demonstrated with the issues that Qatar is facing, the United States will continue to not only be the largest exporter of LNG, I think they're going to take market share. And Justin, you might want to talk about how this is informing some of the conversations with buyers and then maybe cap it off with just a quick recap of where you are at with your projects.

我認為美國——而且從卡達目前面臨的問題也可看出——美國不僅會持續是最大的 LNG 出口國，我認為還會進一步取得市占。Justin，你或許可以談談這如何影響你與買方的一些對話，然後也請你簡要回顧一下你們各個專案目前的進度。

Sure. Thanks, Jeff, and hello, Andrew. As Jeff mentioned, the fundamentals of the market really matter when they’re stressed, and we think this is a key reason why US and frankly our LNG portfolio, with access to both the Pacific and Atlantic coasts, continue to be well positioned from a supply perspective. In the short term, these items are translating into positive momentum around our additional volumes at Port Arthur LNG 2 and additional LNG development opportunities around our expansion projects. We are actively engaged in discussions for the remaining offtake at PA LNG Phase 2 and are constructive on securing our remaining volumes under long‑term contracts with prices that will bolster SI's economic returns. So we, and along with our SI Partners and our Cameron partners, are very bullish on the prospects of LNG, US LNG, our dual‑coast LNG portfolio, and we really think there's an opportunity to supply the market with the demand that is going to be there.

當然。謝謝，Jeff，你好 Andrew。如 Jeff 所提到，當市場承壓時，基本面就格外重要；我們認為這也是為什麼美國、坦白說也包括我們的 LNG 資產組合——同時可通達太平洋與大西洋沿岸——在供給面仍然具備良好定位的關鍵原因。短期而言，這些因素正轉化為正向動能，體現在我們 Port Arthur LNG 2 的額外供應量，以及我們擴建專案周邊的其他 LNG 開發機會。我們正積極就 PA LNG 第二期剩餘的承購量（offtake）進行洽談，並對以能強化 SI 經濟回報的價格、透過長期合約鎖定剩餘供應量持建設性看法。因此，我們以及我們的 SI 合作夥伴與 Cameron 合作夥伴，都非常看好 LNG、看好美國 LNG、看好我們的雙海岸 LNG 資產組合；我們也確實認為有機會在需求將會存在的情況下，為市場提供供應。

Following on the project status, let me just give you an update on some of the SI projects. At ECA, as Karen mentioned, we’ve achieved mechanical completion. We’re excited to have recently introduced first gas into the system, which has begun the startup process and pre‑commissioning activities. We continue to expect to produce first LNG next month, which supports our target of achieving substantial completion this summer. Once we reach substantial completion, we’ll begin recognizing revenues from LNG cargoes, and once the commissioning process is complete, long‑term contracted sales and full commercial operations will begin. Overall, the project is moving along. We look forward to the upcoming project milestones.

延續專案進度的部分，我先就幾個 SI 專案向各位更新。在 ECA，如 Karen 所提到的，我們已達成機械完工。我們很高興近期已將首批天然氣導入系統，並已啟動開車流程與試運轉前（pre‑commissioning）作業。我們仍預期下個月可產出首批 LNG，這也支持我們在今年夏季達成實質完工的目標。一旦達到實質完工，我們將開始認列 LNG 貨載的營收；而在試運轉（commissioning）流程完成後，長期合約銷售與全面商轉將隨之展開。整體而言，專案進展順利。我們期待接下來的專案里程碑。

The only other thing I would add, Andrew, is we’ve revised our corporate strategy, right? We’ve made the decision that this will be a pure‑play utility business. So to the heart of your question, we would expect to reducing our capital allocation to the LNG space. As one example, in addition to our $65 billion capital plan, we’ve circled about $9 billion of upside, almost all of that's in Texas. About $1 billion of that could come from the LNG side.

Andrew，我唯一想再補充的是，我們已修訂公司策略，對吧？我們已決定將成為一家純公用事業（pure‑play utility）公司。因此回到你問題的核心，我們預期會降低對 LNG 領域的資本配置。舉例來說，除了我們 650 億美元的資本計畫之外，我們也圈定了約 90 億美元的上行機會，幾乎全部都在德州。其中約 10 億美元可能來自 LNG 端。

But I shall be really clear, we think the opportunity for US LNG is expanding. We think the opportunity for Sempra Infrastructure is also expanding, but Sempra’s corporate strategy is going to a lower risk profile, focused on our US utilities, with a big emphasis on Texas. And by the end of this decade, we expect to have almost 60% of our rate base in the state of Texas.

但我必須非常清楚地說，我們認為美國 LNG 的機會正在擴大。我們也認為 Sempra Infrastructure 的機會同樣在擴大，但 Sempra 的公司策略將轉向較低風險的定位，聚焦於我們在美國的公用事業，並且特別強調德州。到本十年末，我們預期在德州的費率基礎（rate base）將接近 60%。

Very clear.

非常清楚。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Hey, Jeff, thanks so much for taking my question. Just one from me. And it’s a follow‑up to an earlier question on, we’re hearing more about emerging labor constraints, and I know you’ve laid out the supply chain diversification efforts in Texas, but could you talk a little bit more about the labor side specifically beyond 2028 and then how you think about labor availability as you contemplate upside opportunities to the capital plan?

嗨，Jeff，非常感謝你回答我的問題。我這邊只有一題。這是延續先前關於勞動力限制的提問：我們聽到更多關於新興的勞動力約束；我知道你已說明在德州的供應鏈多元化努力，但你能否更具體談談 2028 年之後勞動力面向的情況，以及當你們評估資本計畫的上行機會時，如何看待勞動力的可得性？

Yeah. As you were framing that question, you think about the we have this high‑class problem, we have all this tremendous growth, which is fantastic, and you’re really on point. Supply chain becomes more and more important as you try to de‑risk your capital plan. And Allen, perhaps you could talk about some of the work that Jim Greer did and now Ellen Buck, the work they're doing with contractors.

好的。當你在鋪陳這個問題時，你會想到我們有一個高級別的「幸福的煩惱」：我們有非常可觀的成長，這很棒，而你的切入點非常到位。當你試圖降低資本計畫風險時，供應鏈就變得愈來愈重要。Allen，也許你可以談談 Jim Greer 之前做的一些工作，以及現在 Ellen Buck 與承包商合作所做的工作。

Yeah. Carly, one of the really important features of our supply chain with regard to labor is this, we have so much to build and we have so much in our pipeline that it’s very attractive to labor to come work for us and be able to know you're going to be working in one place for the next multiple years, as opposed to having to move your family or jump from region to region to do the work. Is it tight? Certainly it is.

好的。Carly，就勞動力而言，我們供應鏈的一個非常重要特點是：我們有大量建設需求，而且管線中的專案很多，這對勞工而言非常有吸引力，因為他們知道接下來好幾年都能在同一個地方工作，而不是必須搬家、帶著家人移動，或在不同地區之間跳來跳去完成工作。會緊嗎？當然會。

Have we had a tremendous response from our partners? We have, and we feel very good about where we are. We have increase the number of contract labor over the years significantly. We've almost tripled it. It helped us in a number of ways. But one of the features, I think, is very important is our backlog, our future flow of work is very attractive to people in the field to come work for us for an extended period of time.

我們的合作夥伴是否給了非常強勁的回應？是的，我們對目前的狀況感到很有信心。多年來我們大幅增加了合約勞工的人數。幾乎增加到三倍。這在多方面幫助了我們。但我認為其中一個非常重要的特點是，我們的在手訂單（backlog）與未來工作量的流入，對現場人員而言非常有吸引力，願意來為我們長期服務。

Okay, that’s really helpful color.

好的，這些補充資訊很有幫助。

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.

今天的問答環節到此結束。現在我想把會議交回 Jeff Martin，請他做任何額外的結語。

Well, as we close, I’d like to thank everyone for joining us today. We appreciate you making the time to participate, and we’re very excited to be getting on the road to meet with a lot of investors. We look forward to seeing many of you in Arizona at AGA. We also have investor trips planned to San Francisco, Los Angeles, and Boston over the next three to four weeks. If there are any follow‑up items, please don’t hesitate to reach out to our IR team with your questions. And this concludes our call.

在結束之前，我想感謝各位今天的參與。我們很感謝大家撥冗加入，也非常期待接下來外出拜訪、與許多投資人會面。我們期待在 AGA 於亞利桑那州與各位見面。未來三到四週，我們也規劃了前往舊金山、洛杉磯與波士頓的投資人行程。若有任何後續事項，請隨時聯繫我們的投資人關係（IR）團隊提出問題。本次電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位的參與。您現在可以掛線。