威斯康辛能源 (WEC) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the WEC Energy Group's conference call for second-quarter 2024 results. (Operator Instructions) In conjunction with this call, a package of detailed financial information is posted on wecenergygroup.com. A replay will be available approximately two hours after the conclusion of this call.

下午好，歡迎參加 WEC 能源集團 2024 年第二季業績電話會議。（操作員說明）與本次電話會議同時，我們也在 wecenergygroup.com 上發布了一系列詳細的財務資訊。本次電話會議結束後約兩小時將提供重播。

Before the conference call begins, please note that all statements in the presentation, other than historical facts are forward-looking statements that involve risks and uncertainties that are subject to change at any time. Such statements are based on management's expectations at the time they are made.

在電話會議開始之前，請注意，除歷史事實外，簡報中的所有陳述均為前瞻性陳述，涉及隨時可能發生變化的風險和不確定性。此類聲明是基於管理層在做出時的預期。

In addition to the assumptions and other factors referred to in connection with the statements, factors described in WEC Energy Group's latest Form 10-K and subsequent reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those contemplated. During the discussions, referenced earnings per share will be based on diluted earnings per share unless otherwise noted.

除了與報表相關的假設和其他因素之外，WEC Energy Group 最新的 10-K 表格以及隨後向美國證券交易委員會提交的報告中描述的因素可能會導致實際結果與預期結果有重大差異。在討論期間，除非另有說明，參考的每股盈餘將基於稀釋後的每股盈餘。

And it's now my pleasure to introduce Scott Lauber, President and Chief Executive Officer of WEC Energy Group.

現在我很高興向大家介紹 WEC 能源集團總裁兼執行長 Scott Lauber。

Good afternoon, everyone, and thank you for joining us today as we review our results for the second quarter of 2024. Here with me today are Xia Liu, our Chief Financial Officer; and Beth Straka, Senior Vice President of Corporate Communications and Investor Relations.

大家下午好，感謝您今天與我們一起回顧 2024 年第二季的業績。今天和我在一起的是我們的財務長劉夏；以及企業傳播與投資者關係資深副總裁 Beth Straka。

As you saw from our news release this morning, we reported second-quarter 2024 earnings of $0.67 per share. We're firmly on track to meet the full-year 2024 guidance of $4.80 to $4.90 a share. This, of course, assumes normal weather for the balance of the year. We continue to see strong foundational growth in our regional economy. The unemployment rate in Wisconsin stands at 2.9%, continuing a long-running trend below the national average.

正如您從今天早上的新聞稿中看到的，我們報告 2024 年第二季每股收益為 0.67 美元。我們堅定地朝著每股 4.80 至 4.90 美元的 2024 年全年指導目標邁進。當然，這是假設一年中其餘時間天氣正常。我們繼續看到區域經濟強勁的基礎成長。威斯康辛州的失業率為 2.9%，長期低於全國平均。

The pipeline of economic activity is particularly strong in what we call the I-94 corridor between Milwaukee and Chicago. For example, just last month, WestRock broke ground on a new facility at the former site of our retired power plants. WestRock is a leading company in paper and packaging solutions with 50,000 employees and 300 plants worldwide.

密爾瓦基和芝加哥之間的 I-94 州際公路走廊的經濟活動尤其活躍。例如，就在上個月，WestRock 在我們退役發電廠的舊址上破土動工了一座新設施。WestRock 是紙張和包裝解決方案領域的領先公司，在全球擁有 50,000 名員工和 300 家工廠。

The company called the cutting-edge facility a super plant, stating it will be one of their largest and most advanced plants. And Microsoft is making good progress on the construction of a large data center complex in Southeast Wisconsin. In May, Microsoft announced a broad investment package to strengthen our region as a hub for AI economic activity, innovation and job creation.

該公司稱這座尖端設施為超級工廠，並表示這將是他們最大、最先進的工廠之一。微軟在威斯康辛州東南部建造大型資料中心綜合體的工作也取得了良好進展。今年 5 月，微軟宣布了一項廣泛的投資計劃，以加強我們地區作為人工智慧經濟活動、創新和創造就業中心的地位。

These investments include a planned $3.3 billion to be spent in cloud computing and AI infrastructure between now and the end of 2026. Microsoft has stated that it expects to bring 2,300 construction jobs to the area by 2025 and 2,000 permanent jobs over time. These developments highlights the strength and the potential of our local economy and underscores the need for the investments in our capital plan.

這些投資包括從現在到 2026 年底計劃在雲端運算和人工智慧基礎設施上投入 33 億美元。微軟表示，預計到 2025 年將為該地區帶來 2,300 個建築工作崗位，隨著時間的推移，將帶來 2,000 個永久性工作崗位。這些發展凸顯了我們當地經濟的實力和潛力，並強調了我們資本計畫投資的必要性。

During the second quarter, we continued to move forward on major projects in our capital plan. It's the largest five-year investment plan in our history totaling $23.7 billion for efficiency, sustainability and growth. As we've discussed, the plan is based on projects that are low-risk and highly executable.

二季度，我們繼續推動資本計畫重大項目。這是我們歷史上最大的五年投資計劃，投資總額達 237 億美元，旨在提高效率、永續性和成長。正如我們所討論的，該計劃基於低風險且高度可執行的項目。

At the end of May, we closed on our second option at West Riverside Energy Center for $100 million. This adds a 100 megawatts of efficient combined-cycle natural gas generation to our portfolio. You'll recall that last year, we discussed several filings or last quarter we discussed several filings for major projects to support economic growth and reliability in Wisconsin. This includes approximately 1,200 megawatts of efficient natural gas generation at our Paris and Oak Creek sites as well as 2 billion cubic foot liquefied natural gas storage facility and a 33-mile gas lateral to serve the Oak Creek site.

五月底，我們以 1 億美元的價格完成了西河濱能源中心的第二個選擇。這為我們的產品組合增加了 100 兆瓦的高效能聯合循環天然氣發電。您會記得，去年我們討論了幾份文件，或者上個季度我們討論了支持威斯康辛州經濟成長和可靠性的重大項目的幾份文件。其中包括巴黎和橡樹溪工廠約 1,200 兆瓦的高效天然氣發電，以及為橡樹溪工廠提供 20 億立方英尺液化天然氣儲存設施和 33 英里長的天然氣支線。

In total, these projects combined represent $2.1 billion of investment. Our proposals were submitted to the Wisconsin Commission in April and we expect a decision in approximately a year. Also under review, we filed an application in February to purchase a 90% ownership interest in High Noon Solar Energy Center in Southern Wisconsin. With an expected investment of approximately $580 million, the facility is expected to provide 300 megawatts of solar generation. We have asked the commission to make a decision before the end-of-the year.

這些項目的投資總額總計達 21 億美元。我們的提案已於四月提交給威斯康辛州委員會，我們預計大約一年內就會做出決定。同樣在審查中，我們於 2 月提交了購買威斯康辛州南部 High Noon 太陽能中心 90% 所有權的申請。該設施預計投資約5.8億美元，預計可提供300兆瓦的太陽能發電。我們已要求委員會在年底前做出決定。

As a reminder, we expect these investments to earn AFUDC during the construction period after commission approval. And in our WEC Infrastructure segment, the Delilah I solar project is now expected to go into service at the end-of-the year, delayed from June due to a weather event. We plan to invest approximately $460 million for a 90% ownership interest in this project in Northeast Texas. And we still expect our Maple Flats solar project to be in service by the end-of-the year.

提醒一下，我們預計這些投資將在委員會批准後的建設期間賺取 AFUDC。在我們的 WEC 基礎設施部門，Delilah I 太陽能專案目前預計將於今年年底投入使用，由於天氣原因，該專案從 6 月推遲。我們計劃投資約 4.6 億美元，以獲得該位於德克薩斯州東北部的項目 90% 的所有權權益。我們仍然預計我們的 Maple Flats 太陽能專案將在今年年底投入使用。

As you recall, we're investing an additional $560 million this year in our Infrastructure segment. We reallocated away from our operations in Illinois a total of $800 million in our five-year capital plan.

您還記得，今年我們將在基礎建設部門追加投資 5.6 億美元。在我們的五年資本計畫中，我們從伊利諾伊州的業務中重新分配了總計 8 億美元的資金。

Overall, our plan fully supports our long-term earnings growth rate, which we project to be in the 6.5% to 7% range on a compound average annual basis. We're also on schedule with the development of our next five-year plan. And as usual, we expect to share the details with you in the fall.

總體而言，我們的計劃完全支持我們的長期盈利增長率，我們預計複合年均盈利增長率將在 6.5% 至 7% 的範圍內。我們也正在按計劃制定下一個五年計劃。和往常一樣，我們預計在秋季與您分享詳細資訊。

Now I have a few updates on the regulatory front. In Wisconsin, we filed new rate reviews for test year 2025 and 2026 on April 12. Our request focused on addressing three major areas of need. First, improving reliability and reducing outages from increased storm activity. Second, supporting Wisconsin's economic growth and job creation through investments in new-generation and distribution projects. And lastly, continue the transition from coal generation to renewables and natural gas.

現在我有一些關於監管方面的最新消息。在威斯康辛州，我們於 4 月 12 日提交了 2025 年和 2026 年測試年的新費率審查。我們的請求集中在解決三個主要需求領域。首先，提高可靠性並減少風暴活動增加造成的停電。其次，透過投資新一代和配電計畫支持威斯康辛州的經濟成長和創造就業機會。最後，繼續從煤炭發電向再生能源和天然氣轉型。

Commission staff and intervenor testimony is scheduled for August 21, we expect a decision by the end-of-the year with new rates effective January 1, 2025. We have smaller rate reviews and progress at Michigan Gas Utilities and Upper Michigan Energy Resources.

委員會工作人員和乾預者定於 8 月 21 日作證，我們預計將在年底前做出決定，新費率將於 2025 年 1 月 1 日生效。我們對密西根天然氣公用事業公司和上密西根能源資源公司進行了較小的費率審查和進展。

We also expect decisions on these reviews by the end of the year. And in Illinois, we've been engaged in three dockets. The Illinois Commerce Commission issued its decision on the first of these, a limited rehearing on the commission's rate order for Peoples Gas at the end of May.

我們也預計在今年年底前就這些審查做出決定。在伊利諾州，我們已經處理了三個案件。伊利諾伊州商業委員會就其中第一項做出了決定，即 5 月底對該委員會對 Peoples Gas 的費率命令進行了有限的複審。

The commission had agreed to reconsider our request to restore $145 million for safety modernization program in 2024. This mostly related to emergency work, unfinished projects and work driven by public entities like the City of Chicago. The commission granted $28.5 billion concentrating on what they deemed emergency work.

該委員會同意重新考慮我們在 2024 年為安全現代化計劃恢復 1.45 億美元的請求。這主要與緊急工作、未完成的項目以及芝加哥市等公共實體推動的工作有關。該委員會撥款 285 億美元，重點用於他們認為的緊急工作。

We have appealed this decision to the Illinois Appellate Court along with other items in the rate order, including the commission's previous disallowance of investments in new service centers. We are also actively involved in two remaining dockets. One is the review of the safety monetization program. Staff and intervener rebuttal testimony are expected by August 21 with a commission decision expected in the first quarter of 2025.

我們已就這項決定以及費率命令中的其他項目向伊利諾伊州上訴法院提出上訴，包括該委員會先前禁止投資新服務中心的決定。我們也積極參與剩餘的兩個待辦事項。一是安全貨幣化計劃的審查。預計工作人員和乾預者的反駁證詞將於 8 月 21 日之前出爐，委員會預計將於 2025 年第一季做出決定。

The other docket is the evaluation of the future of natural gas in Illinois, which is expected to conclude in about a year. Of course, we'll keep you updated on any further developments. Across our business, we continue to make good progress towards our goals of reducing greenhouse gas emissions.

另一個議程是對伊利諾伊州天然氣未來的評估，預計將在一年左右結束。當然，我們會隨時向您通報任何進一步的進展。在我們的整個業務中，我們繼續在減少溫室氣體排放的目標方面取得良好進展。

In May, we retired units five and six at our Oak Creek power plant. Together, those made up over 500 megawatts of coal-fired generation. Including these units since 2018, we've retired nearly 2,500 megawatts of older fossil fuel generation.

五月，我們退役了橡樹溪發電廠的五號和六號機組。這些燃煤發電總量總計超過 500 兆瓦。包括 2018 年以來的這些機組在內，我們已經淘汰了近 2,500 兆瓦的舊化石燃料發電。

Finally, a quick reminder about the dividend. We continue to target a payout ratio of 65% to 70% of earnings. We're tracking in that range now and expect the dividend growth will continue to be in line with the growth of our earnings per share.

最後，快速提醒一下股息。我們繼續將派息率設定為獲利的 65% 至 70%。我們現在正在追蹤這個範圍，並預計股息成長將繼續與每股盈餘的成長保持一致。

Now, I'll turn it to Xia to provide you more details on our financial results and our guidance for the third quarter.

現在，我將請夏向您提供有關我們第三季財務業績和指導的更多詳細資訊。

Thank you, Scott.

謝謝你，斯科特。

We earned $0.67 a share for the second quarter. While this was a decrease of $0.25 quarter over quarter, we exceeded our Q4 guidance -- Q2 guidance range of $0.60 to $0.64 per share, driven by favorable O&M and financing compared to guidance. As Scott indicated, we're on-track to meet our 2024 earnings guidance.

第二季我們每股獲利 0.67 美元。雖然這一季度環比下降了0.25 美元，但我們超出了第四季度的指導——第二季度的指導範圍為每股0.60 美元至0.64 美元，這是由於與指導相比有利的運營和維護和融資。正如斯科特指出的那樣，我們有望實現 2024 年的盈利指導。

As I reminded you on the last couple of calls, with the redesign changes at Peoples Gas, base revenues are now more concentrated in the first and fourth quarters when natural gas usage is the highest. This earnings shift has impacted our second quarter and will impact our Q3 guidance, which I will discuss in a few minutes.

正如我在過去幾次電話中提醒您的那樣，隨著人民天然氣公司的重新設計，基本收入現在更加集中在天然氣使用量最高的第一和第四季度。這種獲利變化影響了我們的第二季度，並將影響我們的第三季度指導，我將在幾分鐘內討論。

Now, let's look at our quarter-over-quarter variances. Our earnings package includes a comparison of second-quarter results on page 15. I'll walk through the significant drivers. Starting with our utility operations, earnings were $0.19 lower compared to the second quarter of 2023 as a result of higher O&M, fuel, depreciation and amortization, interest and other expenses.

現在，讓我們看看季度與季度之間的差異。我們的收益方案包括第 15 頁的第二季業績比較。我將介紹重要的驅動因素。從我們的公用事業業務開始，由於營運和維護、燃料、折舊和攤銷、利息和其他費用增加，與 2023 年第二季相比，收益減少了 0.19 美元。

A couple of drivers for the day-to-day O&M variance are worth noting. One, we experienced higher storm costs in the current quarter compared to Q2 last year. And two, we benefited in Q2 last year from a land sale at a retired plant site in Wisconsin.

日常維運差異的幾個驅動因素值得注意。第一，與去年第二季相比，本季我們經歷了更高的風暴成本。第二，去年第二季度，我們從威斯康辛州一處退役工廠的土地出售中受益。

Looking ahead, I now expect overall day-to-day O&M in 2024 to be 2% to 3% higher compared to 2023. This is a 4% improvement compared to our initial expectation due to our continued O&M savings initiatives that we expect to realize late this year.

展望未來，我現在預計 2024 年的整體日常運維將比 2023 年高出 2% 至 3%。與我們最初的預期相比，這一數字提高了 4%，因為我們預計將在今年年底實現持續的營運和維護節省計劃。

The impact of weather was flat for the quarter. Compared to normal conditions, we estimate that weather had a $0.02 negative impact for the second quarter in both 2023 and 2024. Our weather normal electric sales in Wisconsin are relatively flat quarter over quarter and are overall in line with our forecast.

本季天氣的影響持平。與正常情況相比，我們估計天氣對 2023 年和 2024 年第二季的負面影響為 0.02 美元。我們威斯康辛州天氣正常的電力銷售季度環比相對持平，整體符合我們的預測。

Looking at ATC, continued capital investment contributed an incremental penny to Q2 earnings compared to 2023. And in our Energy Infrastructure segment, earnings improved $0.02 in the second quarter of '24 compared to the second quarter of '23, driven partially by higher production tax credit at WEC Infrastructure.

從 ATC 來看，與 2023 年相比，持續的資本投資為第二季收益貢獻了增量。在我們的能源基礎設施部門，與 23 年第二季相比，24 年第二季的收益提高了 0.02 美元，部分原因是 WEC 基礎設施提高了生產稅收抵免。

Finally, you'll see that earnings at our Corporate and Other segment decreased $0.09 as a result of the impact of tax timing and higher interest expense. Now turning to guidance, for the third quarter, we are expecting a range of $0.68 to $0.70 per share. This accounts for July weather and assumes normal weather for the rest of the quarter.

最後，您會發現，由於納稅時間和較高的利息費用的影響，我們的企業和其他部門的收益減少了 0.09 美元。現在轉向指導，我們預計第三季每股收益範圍為 0.68 美元至 0.70 美元。這考慮了 7 月的天氣，並假設該季度​​剩餘時間天氣正常。

As I mentioned earlier, it also accounts for the shift in Illinois revenue recognition pattern. Our third-quarter 2023 earnings were $1 a share. Once again, we are reaffirming our 2024 earnings guidance of $4.80 to $4.90 per share, assuming normal weather for the rest of the year.

正如我之前提到的，這也解釋了伊利諾州收入確認模式的轉變。我們 2023 年第三季的收益為每股 1 美元。假設今年剩餘時間天氣正常，我們再次重申 2024 年每股盈餘指引為 4.80 至 4.90 美元。

Before I turn back to Scott, let me quickly remind you that we continue to utilize dividend reinvestment and employee benefit plans to issue common equity. Also, as we said before, we plan to set up an ATM program.

在我回到斯科特之前，讓我快速提醒您，我們繼續利用股息再投資和員工福利計劃來發行普通股。此外，正如我們之前所說，我們計劃建立 ATM 程式。

Overall, we still project that our common equity issuance will be up to $200 million for 2024. Post 2024, our equity issuances will be tied to our capital spending ratably with approximately $500 million expected per year in the current plan. We look forward to updating you in the fall as we refresh our capital and financing plans.

總體而言，我們仍然預計 2024 年我們的普通股發行規模將達到 2 億美元。2024 年後，我們的股票發行將與資本支出密切相關，目前計畫預計每年約為 5 億美元。我們期待在秋季更新我們的資本和融資計劃時向您通報最新情況。

With that, I'll turn it back to Scott.

有了這個，我會把它轉回給斯科特。

Thank you, Xia. Overall, we're on track and focused on providing value for our customers and our stockholders.

謝謝你，夏。總體而言，我們正在步入正軌，並專注於為我們的客戶和股東提供價值。

Operator, we're ready now for the question-and-answer portion of the call.

接線員，我們現在已準備好進行通話的問答部分。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

Hi, guys. Good afternoon. Hi, Scott. Starting off just on sort of the perennial Microsoft opportunity that always seems to be asked. It's obviously becoming even more kind of topical now. Just remind us on what portion of Microsoft's land acquisition and build is kind of layered in your current plan? And the reason why I ask is that it's obviously now kind of public that they bought a bit more land. And I guess, when do you see this hit your plan more materially? Thanks.

嗨，大家好。午安.嗨，斯科特。從微軟似乎總是被問到的常年機會開始。現在它顯然變得更加熱門。請提醒我們，微軟的土地收購和建設的哪一部分屬於您目前的計畫？我之所以問這個問題，是因為現在顯然他們買了更多的土地。我想，您什麼時候會看到這對您的計劃產生更大的影響？謝謝。

Thank you, Shar. So just as everyone -- update everyone, they announced spending $3.3 billion through 2024 through 2026, which is on that first about 315 acres that they purchased. And then last fall, they purchased another 1,030 acres. And of course, we pulled our capital plans together before that 1,000 acres were purchased. And then just this morning, there's been a couple announcements in the paper where they purchased another 173 acres in Southeastern Wisconsin.

謝謝你，莎爾。正如大家更新的那樣，他們宣布從 2024 年到 2026 年將花費 33 億美元，這是他們購買的第一批約 315 英畝的土地。去年秋天，他們又買了 1,030 英畝土地。當然，在購買 1,000 英畝土地之前，我們已經制定了資本計劃。就在今天早上，報紙上發布了幾則公告，表示他們在威斯康辛州東南部又購買了 173 英畝土地。

So we are currently in the process of working with Microsoft and developing our plans for our next five-year plan that we'll roll out this fall in the development. But currently, we really only have the energy and the capacity needs for that first 315 acres.

因此，我們目前正在與微軟合作，制定下一個五年計劃，我們將在今年秋天推出該計劃。但目前，我們實際上只有前 315 英畝土地的能源和產能需求。

Got it. Okay, that's perfect. So more to come there. And then just lastly on the Delilah I solar project delay, it's roughly six months. I guess, can you just -- maybe a question for Xia is how to think about the offsets around the potential headwind there versus your kind of prior assumption? Thanks.

知道了。好吧，那就完美了。所以更多的人會來這裡。最後，Delilah I 太陽能專案延遲了大約六個月。我想，你能不能──也許夏的一個問題是如何考慮潛在逆風與你先前的假設之間的抵銷？謝謝。

Yes. We took that into consideration as we reaffirmed the annual guidance of $4.80 to $4.90. So as I mentioned, we continue to focus on O&M management and financing costs and tax and others. So we're confident that we can offset the downside from the delay.

是的。我們在重申 4.80 至 4.90 美元的年度指導時考慮到了這一點。正如我所提到的，我們繼續專注於維運管理和融資成本以及稅收等。因此，我們有信心能夠抵消延遲帶來的負面影響。

Okay. That's perfect. Thanks, guys. Appreciate it. And hopefully Gale is somewhere tropical listening to this earnings call. Thanks. Appreciate it.

好的。那很完美。謝謝，夥計們。欣賞它。希望蓋爾在熱帶某個地方聆聽這次財報電話會議。謝謝。欣賞它。

He probably is.

他可能是。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hi. Good afternoon, team. I appreciate the time, guys. It's a pleasure to chat here. So perhaps just to kick things off here, look, nicely done all-around. In fact, I wanted to just focus on the infrastructure segment. Obviously, you guys are planning well against those targets. I'm curious as you think about the totality of the data center opportunities, what does that mean as you think about the opportunities that you're seeing on that side of the business? And how do you think about the scope of that business in turn? You guys are obviously focused on contracted opportunities. By contrast, a lot of these potential customers would be in a similar manner focused on these kinds of counterparties. Curious as you think about that opportunity set on that front first.

你好。下午好，團隊。我很珍惜這段時光，夥伴們。在這裡聊天很愉快。所以也許只是從這裡開始，看，各方面都做得很好。事實上，我只想專注於基礎設施領域。顯然，你們正在針對這些目標做好計劃。我很好奇，當您考慮資料中心的全部機會時，當您考慮在業務方面看到的機會時，這意味著什麼？您又如何看待該業務的範圍？你們顯然專注於合約機會。相較之下，許多潛在客戶會以類似的方式關注這些類型的交易對手。當你想到首先在這方面設定的機會時，你會感到好奇。

Sure. And we've been working with Microsoft on the needs for the area and Wisconsin has got a lot of development opportunities and we want to make sure we hit the capacity requirements we need for the area to support the growth, not just Microsoft, but all the other growth that we're seeing in the region.

當然。我們一直在與微軟合作解決該地區的需求，威斯康辛州有很多發展機會，我們希望確保我們達到該地區所需的容量要求，以支持增長，不僅僅是微軟，而是所有我們在該地區看到的其他增長。

So that's why we've added the -- and you'll see more filings shortly on renewable projects in the next month or so that we're proposing to help beat the capacity and the energy needs in the region.

這就是為什麼我們添加了 - 您很快就會在下個月左右看到更多有關可再生能源項目的申請，因此我們建議幫助滿足該地區的產能和能源需求。

So we think there's a lot of opportunity not only from generation of renewables, some capacity needs, some distribution needs also, but also American Transmission Company and investment in the transmission in the region. So we're factoring all that in as we pull together our five-year plan here.

因此，我們認為，不僅有許多機會來自再生能源發電、一些容量需求、一些配電需求，還有美國輸電公司和該地區輸電投資。因此，我們在製定五年計劃時將所有這些因素都考慮在內。

And Julien, all those filings will be in the regulated area, as you know, in Wisconsin.

朱利安，所有這些申請都將在威斯康辛州的監管區域內進行，如您所知。

Yes, absolutely. Indeed. I know you're pursuing this on multiple fronts. Absolutely. And then team, just maybe to tackle on the regulatory front, a couple of questions here. How do you think about this -- the PSC's denial in the AFUDC? Is there anything to read into that here on the pre-construction costs? And just -- I know it's a little bit nit-picky, but I'm just curious if there's anything to tease out of that in terms of direction, strategically or financial?

是的，絕對是。的確。我知道您正在多個方面追求這一目標。絕對地。然後團隊可能只是為了解決監管方面的幾個問題。您如何看待 PSC 在 AFUDC 中的否認？關於施工前的成本，有什麼需要了解的嗎？只是——我知道這有點挑剔，但我只是好奇在方向、策略或財務方面是否有什麼可以藉鏡的？

No, I don't think there's anything to read into that. We, of course, thought if we get approval on that, we'll wait and see what the final written order is. But when you look at the value we're providing our customers getting these orders in early, both from a cost-savings standpoint and a time of delivery standpoint, there's really a lot of value for our customers.

不，我認為沒有什麼好解讀的。當然，我們認為如果獲得批准，我們將等待，看看最終的書面命令是什麼。但是，當你看看我們為客戶提供的儘早獲得這些訂單的價值時，無論是從節省成本的角度還是從交貨時間的角度來看，這對我們的客戶來說確實有很多價值。

So we're going to most likely ask for reconsideration and refile that information with the additional information they're looking for. So stay tuned on that, but we think there's a lot of value. And I know the cost of the projects as the longer you wait would continue to go up as everyone across the country is looking at adding generation.

因此，我們很可能會要求重新考慮，並使用他們正在尋找的附加資訊重新提交該資訊。所以請繼續關注，但我們認為它有很多價值。我知道，隨著全國各地的每個人都在考慮增加發電量，等待的時間越長，專案的成本就會繼續上升。

Yes, that seems pretty transparent as you say. And lastly, I'll just offer this. I traded in the dog, the equity, traded him in and I got a little boy now. So I appreciate you guys looking for it all along.

是的，正如你所說，這看起來很透明。最後，我僅提供這一點。我交易了狗，股票，交易了他，現在我有了一個小男孩。所以我很感謝你們一直在尋找它。

Congratulations. Excellent to hear.

恭喜。很高興聽到。

Thank you. Absolutely. All right, guys. I'll see you soon, alright? Appreciate it.

謝謝。絕對地。好吧，夥計們。我很快就會見到你，好嗎？欣賞它。

It sounds good.

聽起來不錯。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究中心。

Hi. Good afternoon. Just as we look forward to your kind of usual plan refresh with Q3 and CapEx has usually been biased higher, how should we think about incremental equity needs associated with that? Should it just be any incremental CapEx is financed consistent with your utility capital structures or any different way to think about it?

你好。午安.正如我們預期第三季的常規計畫更新一樣，資本支出通常偏高，我們應該如何考慮與之相關的增量股本需求？任何增量資本支出是否應該根據您的公用事業資本結構進行融資，還是以任何不同的方式來思考？

No, I think you got it right in line. I mean, of course, we'll put everything together and look at it, refresh it again, but similar to what Xia has been talking about, we'll just look at the equity needs in-line with the capital spend and be very excited about the long-term growth that we have available on the capital and the insights we have looking-forward on additional capital.

不，我認為你的做法是對的。我的意思是，當然，我們會將所有內容放在一起查看，再次刷新，但與夏一直在談論的類似，我們只會根據資本支出來查看股權需求，並且非常我們對資本的長期增長以及我們對額外資本的展望感到興奮。

Okay. That makes sense. And then shifting over to Illinois, I was just maybe hoping you could frame some bookends for potential outcomes of the still pending docket, namely the pipe program review. What's the range of outcomes there? And then also really, is there anything -- any loose end still tied to like the QIP Rider reconciliations from prior years that could move numbers around at all?

好的。這是有道理的。然後轉移到伊利諾伊州，我可能只是希望你能為仍在懸而未決的案卷（即管道計劃審查）的潛在結果制定一些書立。那裡的結果範圍有多大？還有，真的有什麼——任何未解決的問題仍然與前幾年的 QIP Rider 調節有關，可以改變數字嗎？

Sure. So let's look at both of them. So the QIP Rider is from other years. Right now, 2016 Rider has been queued up I think for a decision hopefully I would expect by the end-of-the year. Decision will be made in that. As you know, it's 2016 Rider, so it's been a while. And then, of course, we have those other years under the QIP still to look at.

當然。那麼讓我們來看看他們兩個。所以 QIP Rider 是其他年份的。現在，2016 Rider 已經在排隊等待做出決定，希望能在今年年底做出決定。屆時將做出決定。如您所知，現在是 2016 年《Rider》，已經有一段時間了。當然，我們還有 QIP 下的其他年份需要關注。

So remember the requirements there is prudency and we think we've been very prudent specifically after the Integrys acquisition where we really took a look at the program and factored in a lot of information that we received from the audits of the Liberty Audit and staff recommendations from that audit. So those are still more to come on there.

因此，請記住謹慎性的要求，我們認為我們一直非常謹慎，特別是在收購 Integrys 之後，我們真正審視了該計劃，並考慮了我們從 Liberty Audit 的審計和員工建議中收到的大量信息從那次審計中。所以還有更多的事情要做。

And then under the current S&P, remember, the S&P in our last rate case, no one requested a pause in the program at all during the rate case. And now in looking at the testimony for the first set of testimony that came through, there is no one also recommending a pause in the case. The range that our people are talking about that was in the testimony is from including emergency work to working with the City of Chicago and emergency work.

然後，根據目前的標準普爾，請記住，在我們上一個利率案例中的標準普爾，在利率案例期間根本沒有人要求暫停該計劃。現在，在查看第一組證詞的證詞時，沒有人建議暫停此案。我們的人在證詞中談論的範圍包括緊急工作到與芝加哥市的合作和緊急工作。

There, the City of Chicago, I think he said he should lift the pause for at least two years with a cap of about $245 million all the way to the other extreme where I think staff recommending that you accelerate the program and actually get it done faster by 2030. So there's quite a range in the middle there. But once again, none of the interveners in the initial testimony, they all said they should lift the pause and get some work done specifically related to the emergency work and working with the City of Chicago as they do their capital work.

在那裡，芝加哥市，我認為他說他應該取消至少兩年的暫停，上限約為 2.45 億美元，一直到另一個極端，我認為工作人員建議你加快該計劃並實際完成它到2030 年會更快。所以中間有相當大的範圍。但在最初的證詞中，沒有一個幹預者表示他們應該取消暫停，完成一些與緊急工作相關的工作，並在進行基本工作時與芝加哥市合作。

Okay. Yes, just on that, I mean, I think as we've seen with some of the recent orders there, the ICC has come out worse than every single other intervener. So how do we just think about that risk in these dockets that you could get more of the same when it actually comes down to the final order?

好的。是的，就這一點而言，我的意思是，我認為正如我們最近看到的一些命令一樣，國際刑事法院的結果比其他任何干預者都糟糕。那麼，當實際落實到最終訂單時，我們如何考慮這些備件中可能會得到更多相同內容的風險呢？

Yes. And we're going to have to wait-and-see and see what they say. I think when you look at it from every intervener group though, they are saying we need to work with the City of Chicago, including the City of Chicago to help them with their capital programs and everyone even there on the rehearing talked about the emergency work. So on that low end, you're talking between $60 million and $100 million a year.

是的。我們將不得不拭目以待，看看他們會說什麼。我認為，當你從每個幹預團體的角度來看時，他們都說我們需要與芝加哥市合作，包括芝加哥市，幫助他們實施資本計劃，甚至在排練中的每個人都談到了緊急工作。所以在低端，你所說的每年 6000 萬到 1 億美元之間。

So I don't think anyone is disputing that. And I understand what the commission is, but they're taking some time. And I think when you look at that last S&P case or the rehearing we asked for, they are concentrating on purely emergency and wanted to wait for this order to look at the entire program. So I wish I knew the answer, but that's why we're going to the case.

所以我認為沒有人對此有異議。我了解佣金是什麼，但他們需要一些時間。我認為，當你看最後一個標準普爾案例或我們要求的重審時，他們專注於純粹的緊急情況，並希望等待該命令來查看整個計劃。所以我希望我知道答案，但這就是我們要處理這個案子的原因。

Okay. No, that is super helpful context. Thank you.

好的。不，這是非常有用的背景。謝謝。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

Hi. Good afternoon, Scott and Xia. Thanks for giving me time. Hi, just on the safety modernization program review in Illinois. So obviously, you had a decision on the $145 million, you got $28 million. Can you just remind us what is baked into the plan '25 and forward on that -- on the safety program?

你好。下午好，史考特和夏。謝謝你給我時間。你好，剛剛在伊利諾伊州進行安全現代化計劃審查。顯然，你對 1.45 億美元做出了決定，你得到了 2800 萬美元。您能否提醒我們 25 號計畫以及安全計畫包含哪些內容？

Sure, and I'll let Xia go through the details. But in general, we took about $800 million out. And as we look at our plan, we'll reevaluate it based on the testimony we're seeing here as we look at the next five-year plan. But Xia, can you tell us what's in the current?

當然可以，我會讓夏詳細介紹一下。但總的來說，我們拿走了大約 8 億美元。當我們審視我們的計劃時，我們將在審視下一個五年計劃時根據我們在這裡看到的證詞重新評估它。但是夏，你能告訴我們現在發生了什麼事嗎？

Yes, it's between $100 million to $120 million a year, Durgesh. And as Scott mentioned, we are in the process of refreshing the capital plan. So we're working with the team in Illinois to reflect the latest development from the commission's decision on the approval of the $28.5 million. So likely that number could potentially come down over the next five years, but we're still working through the details right now.

是的，Durgesh，每年的費用在 1 億到 1.2 億美元之間。正如斯科特所提到的，我們正在更新資本計劃。因此，我們正在與伊利諾伊州的團隊合作，反映委員會批准 2850 萬美元決定的最新進展。這個數字很可能在未來五年內下降，但我們仍在研究細節。

Got it. Thank you. That's very helpful. And just to be clear, first quarter of next year, we're going to get a decision on the spending relative to what you have in the plan, right? I'm assuming you've asked for anywhere between $100 million to $120 million and then the commission is going to come back with a recommendation. Is that fair?

知道了。謝謝。這非常有幫助。需要明確的是，明年第一季度，我們將根據計劃中的支出做出決定，對吧？我假設您要求的金額在 1 億至 1.2 億美元之間，然後委員會將提出建議。這樣公平嗎？

Yes. We expect to hear a recommendation in the first quarter of 2025 from the commission.

是的。我們預計將在 2025 年第一季聽到委員會的建議。

Yes. Okay. Thank you. And then just can I quickly follow up on Delilah I? Any color you can share? I know you mentioned weather event. I'm just wondering if it's -- it could be more than six months? Just what caused it? Was it just equipment or something else? Any color you can share there? Thank you.

是的。好的。謝謝。那我能快速跟進黛利拉一世嗎？有什麼顏色可以分享一下嗎？我知道你提到了天氣事件。我只是想知道是否可能超過六個月？到底是什麼原因造成的呢？僅僅是設備還是其他什麼？有什麼顏色可以分享嗎？謝謝。

Yes, sure. There was -- and remember, we haven't purchased it yet. We have a commitment to, but it was during construction and there was a hail event there. So there was some hail damage. We want to work with the developer as they are repairing it to make sure the fields in full shape before we purchase it. We anticipate based on all the latest discussions that it will be in by the end-of-the year. And we get weekly updates on the progress going there. And right now that is still the plan to be in by the end-of-the year assuming no other events happen.

是的，當然。有——請記住，我們還沒有購買它。我們有承諾，但那是在施工期間，那裡發生了冰雹事件。所以有一些冰雹損壞。我們希望與開發商合作，因為他們正在修復它，以確保在我們購買之前場地完好無損。根據所有最新的討論，我們預計它將在今年年底前進行。我們每週都會收到有關進展的最新資訊。目前，假設沒有其他事件發生，這仍然是今年年底的計劃。

Thank you. I appreciate it. Thanks, Scott. Thanks, Xia.

謝謝。我很感激。謝謝，斯科特。謝謝，夏。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Hi. Good afternoon. Thanks for taking the questions. Just wanted to ask a quick one on transmission and ATC. We've obviously seen the sizing of MISO Tranche 2 moving higher here. So just curious how you're thinking about the opportunities around transmission there both from a size and a timing perspective.

你好。午安.感謝您提出問題。只是想快速詢問一下有關變速箱和 ATC 的問題。我們顯然已經看到 MISO Tranche 2 的規模不斷增加。所以只是好奇你如何從規模和時間的角度考慮那裡的傳輸機會。

Sure. I think Tranche 2 from everything I've seen and heard is going to be larger than Tranche 1 and you've talked about that. I think it will be probably about proportionately larger for ATC. So a lot of good opportunities there, but that spending probably won't actually occur to like 2030 plus, right, because they're still working through Tranche 1. I think the other big driver for American transmission company is going to be the economic development in the region and putting in renewables in the system.

當然。我認為從我所看到和聽到的一切來看，第二階段將比第一階段更大，你已經談到了這一點。我認為 ATC 的比例可能會更大。所以那裡有很多好的機會，但這種支出實際上可能不會像 2030 年以後那樣出現，對吧，因為他們仍在第一階段工作。我認為美國輸電公司的另一個重要動力將是該地區的經濟發展以及在系統中投入再生能源。

So last year, Tranche 1 had an effect on our capital plan, but the biggest drivers were economic development and continuing renewables in Wisconsin. So I consider both of those to be additional drivers. And remember that Tranche 1 was in 2020. So as they go through and reprice all of that, when you think about inflation in the last several years, it's going to be -- it's going to most likely be bigger than the original amount.

所以去年，第一階段對我們的資本計畫產生了影響，但最大的推動力是威斯康辛州的經濟發展和持續的可再生能源。所以我認為這兩者都是額外的驅動因素。請記住，第一階段是在 2020 年。因此，當他們經歷並重新定價所有這些時，當你考慮過去幾年的通貨膨脹時，它很可能會比原來的金額更大。

Great. I appreciate that color. I'll leave it there. Thank you.

偉大的。我很欣賞那種顏色。我會把它留在那裡。謝謝。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，豐業銀行。

Hi, everybody. First question on Illinois. Just a question of timing. So you mentioned the uncertainty will last for about a year. At what point might you start to consider reallocating capital into this state? Could we see some CapEx go back into Illinois with the update in three months or would it be unlikely to show up until the fee update in the fall of 2025 when all of those dockets are wrapped up?

大家好。關於伊利諾州的第一個問題。只是時間問題。所以你提到不確定性將持續約一年。您什麼時候可以開始考慮將資本重新分配到該州？我們是否會看到一些資本支出在三個月內更新後重新回到伊利諾伊州，或者在 2025 年秋季所有費用更新完成後，這些資本支出不太可能出現？

Well -- and we'll look at it. When you think about Illinois, we'll know more on the S&P program in the first quarter of next year. There's also a -- there's the future of natural gas that's being looked at and there's also an IRP process where we get stakeholders involved and our first filing will be in 2025.

好吧——我們會看看。當您想到伊利諾伊州時，我們將在明年第一季了解更多有關標準普爾計劃的資訊。還有一個 - 我們正在研究天然氣的未來，還有一個 IRP 流程，我們讓利益相關者參與進來，我們的第一次提交將於 2025 年進行。

So as you know, as we pull our capital plans together in the fall of this year, we're going to be pretty conservative as we look at that until we have a little more clarity. And when we think about it, there's just a lot of opportunities outside of Illinois for the additional capital and growth.

如您所知，當我們在今年秋季整合我們的資本計劃時，我們會非常保守地看待這個問題，直到我們有更多的清晰度。當我們想到這一點時，伊利諾伊州以外的地方有很多獲得額外資本和成長的機會。

That makes sense. Next question for Xia. If I heard you right on the O&M, you're now projecting it to be up 2% to 3%. Last quarter, you said up 3% to 5%, originally it was up 6% to 7%. So this is really good progress. Can you just give us a little bit of detail on those moving parts? How is it that the outlook is getting better and better? What are some examples?

這是有道理的。下一個問題要問夏。如果我在營運和維護方面沒聽錯的話，您現在預計會成長 2% 到 3%。上季你說漲3%到5%，本來是漲6%到7%。所以這確實是一個很好的進步。能為我們介紹一下這些活動部件的一些細節嗎？怎麼前景越來越好？有哪些例子？

Oh, there -- every manager in the business unit understands that we had a very mild first quarter. So we made it very clear that we need to be highly focused on O&M to offset the weather headwind in the first quarter. Benefits are lower, expected to be lower. We're also looking at all the angles about using contractors versus internal labor and we -- it's across-the-board, I would say, so...

噢，業務部門的每位經理都知道我們第一季的業績非常溫和。所以我們非常明確地表示，我們需要高度關注運維，以抵消第一季的天氣逆風。福利較低，預計也會較低。我們還在考慮使用承包商與內部勞動力的所有角度，我想說，這是全面的，所以...

Okay. Relative to the original budgets, would you call most of these savings one time then or is some of it going to be sustainable?

好的。相對於最初的預算，您是否會一次性調用其中的大部分節省，或者其中一些將是可持續的？

I think it's a combination of one-time initiatives, but also continued focus on driving efficiency across-the-board which is also sustainable. It's a combination of both.

我認為這是一次性舉措的結合，但也持續關注全面提高效率，這也是可持續的。這是兩者的結合。

And also when you think about it, having a warm first quarter, you don't have like the number of leaks as you would in the gas system. So some things are naturally less now. So we've got a little bit less O&M in the gas system and we had some significant storms. So between the storms and the warmer weather, we've asked everyone across the business unit to really control cost and really kind of do some one-time things here.

而且當你想到這一點時，在第一季溫暖的情況下，你不會像天然氣系統那樣出現那麼多洩漏。所以現在有些東西自然少了。因此，我們在天然氣系統中的運作和維護工作有所減少，並且遇到了一些嚴重的風暴。因此，在暴風雨和溫暖的天氣之間，我們要求業務部門的每個人真正控製成本，並真正在這裡做一些一次性的事情。

On the other hand, we are making sure we are actively responding to storms because the storms have had bigger and actually continuing to work on our forestry program because of some of the damage some of the storms have had to the system. So we want to really balance customer reliability along with our savings?

另一方面，我們確保積極應對風暴，因為風暴規模更大，而且由於某些風暴對系統造成了一些損害，我們的林業計劃實際上仍在繼續進行。那麼我們想要真正平衡客戶的可靠性和我們的節省嗎？

Got it. That's very helpful. Then just one very nit-picky one. Corporate and other minus $0.06 for taxes this quarter, I think it was plus $0.09 in the first quarter. Will you just remind us what's the expectation for the full year? Should that net up to zero or something else?

知道了。這非常有幫助。然後就是一個非常挑剔的人。本季企業稅和其他稅負 0.06 美元，我認為第一季稅費增加 0.09 美元。您能否提醒我們全年的期望是什麼？淨值應該為零還是其他？

It would be slightly positive. If you think about the reason why we had a large timing -- tax timing in the first quarter and the opposite in the second quarter. Part of that is driven by the earnings pattern shift in Illinois, so tax dollars follow the earnings pattern. And two, we had a deferral -- I'm sorry, the delay of the Delilah. So part of that is reflected in the second quarter. But as we put Delilah online end-of-the year, we expect the tax dollars to follow.

這將是稍微積極的。如果你考慮為什麼我們有一個大時機的原因——第一季的納稅時機和第二季的相反。部分原因是伊利諾伊州收入模式的轉變，因此稅收遵循收入模式。第二，我們推遲了──對不起，黛利拉號的延後。因此，其中一部分反映在第二季。但當我們在年底將黛利拉上線時，我們預計稅收也會增加。

Okay, very helpful. Thank you so much.

好的，非常有幫助。太感謝了。

Neil Kalton, Wells Fargo Securities.

尼爾卡爾頓，富國銀行證券。

Yes, hi, guys. Thanks for taking my call. Two questions. Just on the Microsoft opportunity, a lot of acreage here. As we think about the CapEx refreshes going-forward, at what point in time do you think you'll have clarity to start flowing some of that potential spend related to incremental opportunities into the plan? Is that like potentially '24 we could see some or is this more like '25 or '26?

是的，嗨，夥計們。感謝您接聽我的電話。兩個問題。就在微軟的機會上，這裡有許多面積。當我們考慮未來的資本支出更新時，您認為您將在什麼時間點清楚地開始將與增量機會相關的一些潛在支出納入計劃？這是否像潛在的“24”，我們可以看到一些，或者這更像是“25”或“26”？

Sure. And actually, thanks, Neil and thanks for the question. So we're actually -- between us and American transmission company, we're actually spending some money now on some of the substations and we have those orders in for some of the generation and it's to support the economic development across-the-board.

當然。事實上，謝謝尼爾，謝謝你提出的問題。所以我們實際上 - 在我們和美國輸電公司之間，我們現在實際上在一些變電站上花了一些錢，我們已經為某些一代人下了這些訂單，這是為了支持全面的經濟發展。

So it's going to be '24, '25 and then even more in '26 as we get those orders released at the commission and approval for that generation. We're also -- in the next month or so, you'll see some filing on additional renewables that support the generation needs as we continue to add renewables to our portfolio. So that spending, it will be probably in that '26, '27 timeframe.

因此，這將是“24”、“25”，然後是“26”，因為我們將在委員會發布這些訂單並批准該代產品。我們還將在下個月左右看到一些關於支持發電需求的額外再生能源的申請，因為我們繼續將再生能源添加到我們的投資組合中。因此，支出可能會在 26 年、27 年的時間範圍內進行。

Okay. So it's kind of like broadly overall, it's not just tied to the Microsoft thing, sort of overall you have this need and kind of anticipate things happening that we start to kind of flow it in over time. And as we get more clarity, more comes in, is that right?

好的。因此，這有點像總體而言，它不僅僅與微軟的事情有關，總體而言，您有這種需求，並且預計會發生什麼事情，隨著時間的推移，我們開始將其融入其中。當我們變得更加清晰時，就會有更多的事情出現，對嗎？

Exactly, exactly. And remember, the growth that they provided us is really only through their capital plans through '26. I imagine once they get it in, they'll continue to ramp up. But we'll continue to work through it. And I think our plan is extremely long as we start adding 2029 to our five-year plan.

完全正確。請記住，他們為我們提供的成長實際上只是透過他們截至 26 年的資本計劃。我想一旦他們進入，他們就會繼續增加。但我們將繼續努力解決這個問題。我認為我們的計劃非常長，因為我們開始將 2029 年添加到我們的五年計劃中。

Okay, perfect. Thank you.

好的，完美。謝謝。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi. Good afternoon. I just wanted to come back up to Wisconsin if I could with the recent commission vote here. Just wondering with the split vote, what you take from that, I guess, any thoughts on the direction of the commission at this point?

你好。午安.如果可以的話，我只是想回到威斯康辛州，參加最近的委員會投票。只是想知道，您從分裂投票中得到了什麼，我想，對委員會目前的方向有什麼想法嗎？

No, I think it's kind of early to tell. I think they were just looking for some additional information and I don't think they had the full information on and they mentioned on the economics and the benefits of this. So this is maybe a communication between our staff and their staff and we just got to understand it.

不，我認為現在說還為時過早。我認為他們只是在尋找一些額外的信息，我認為他們沒有完整的信息，並且他們提到了經濟學和好處。所以這可能是我們的員工和他們的員工之間的溝通，我們只是要理解它。

So we'll get the order, we'll review it. We'll pull the information together and ask for a reconsideration. I'm not overly concerned on this. And in the end, when you listen to their comments, if they didn't have all the information, you know they have to make the right decision for what they think is right too. So I appreciate them really evaluating each case. So I won't over -- read into this over too much.

所以我們會收到訂單，我們會對其進行審核。我們將匯總這些資訊並要求重新考慮。我對此並不太關心。最後，當你聽到他們的評論時，如果他們沒有掌握所有訊息，你就知道他們也必須做出他們認為正確的決定。所以我很感謝他們認真評估每個案例。所以我不會過度解讀這一點。

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

知道了。這很有幫助。我會把它留在那裡。謝謝。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

Hi, guys. Thanks for taking my follow up. Scott, I know we're getting closer to the back-half of the year. Just on Point Beach PPA, I know you've talked about sort of this coming potentially too ahead as we're getting to the year-end. I guess how are sort of conversations going with NextEra and a new PPA or sort of another path forward there? Any updates?

嗨，大家好。感謝您接受我的跟進。史考特，我知道我們已經接近下半年了。就在 Point Beach PPA 上，我知道您已經談到，隨著我們接近年底，這種情況可能會提前發生。我想與 NextEra 和新的 PPA 或其他前進道路的對話進行得怎麼樣？有更新嗎？

Yes, it's really -- we've had really good productive conversations with NextEra, but really nothing to report at this time. So still in discussions, but stay-tuned to this. And we'll -- we're working on it.

是的，我們確實與 NextEra 進行了非常富有成效的對話，但目前沒有什麼可報告的。因此仍在討論中，但請繼續關注。我們正在努力解決這個問題。

Okay. I appreciate it. Thanks so much guys for taking my follow up. Appreciate it.

好的。我很感激。非常感謝大家接受我的跟進。欣賞它。

Paul Patterson, Glenrock Associates.

保羅·帕特森，Glenrock Associates。

Hi. Good afternoon. How are you doing? So just one question at this point and that is the Illinois Gas Appeal at the Appellate Court in Illinois, just any frame of timing when you think you might get a resolution to that?

你好。午安.你好嗎？因此，現在只有一個問題，那就是伊利諾伊州上訴法院的伊利諾伊州天然氣上訴案，您認為您可能會在任何時間框架內對此問題做出解決？

I apologize. It didn't come too clear on -- the future of gas?

我道歉。天然氣的未來還不太清楚？

No, no. So you guys appealed the order to the Illinois field court. And I was just wondering when you think a decision from that might be happening?

不，不。所以你們向伊利諾州現場法院對命令提出上訴。我只是想知道你認為什麼時候可能會做出決定？

I anticipate it's going to take a year or two.

我預計這需要一兩年的時間。

Okay. A long time. Okay, thank you. That's it from me.

好的。很長一段時間了。好的，謝謝。這就是我說的。

All right. Thank you. Well, that concludes our conference call for today. Thank you for participating. If you have any questions, feel free as always to call Beth Straka at 414-221-4639. Thank you.

好的。謝謝。好了，我們今天的電話會議到此結束。感謝您的參與。如果您有任何疑問，請隨時致電 Beth Straka：414-221-4639。謝謝。