威斯康辛能源 (WEC) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to WEC Energy Group's Conference Call for First Quarter 2025 Results. This call is being recorded for rebroadcast. (Operator Instructions) In conjunction with this call, a package of detailed financial information is posted at 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 2025 年第一季業績電話會議。本次通話將會被錄音以便重播。（操作員指示）配合此通話，wecenergygroup.com 上發布了一整套詳細的財務資訊。本次通話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 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，簡報中的所有陳述（除歷史事實外）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階層在做出聲明時的預期。

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 discussion, referenced earnings per share will be based on diluted earnings per share, unless otherwise noted.

除了與聲明相關的假設和其他因素外，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。在討論過程中，除非另有說明，參考每股收益將基於稀釋每股收益。

And now it is my pleasure to introduce Scott Lauber, President and Chief Executive Officer of WEC Energy Group. Please go ahead.

現在我很高興介紹 WEC 能源集團總裁兼執行長 Scott Lauber。請繼續。

Good afternoon, everyone, and thank you for joining us today as we review our results for the first quarter of 2025. Here with me are Xia Liu, our Chief Financial Officer; and Beth Straka, Senior Vice President of Corporate Communications and Investor Relations.

大家下午好，感謝大家今天加入我們，一起回顧 2025 年第一季的業績。和我一起的還有我們的財務長劉霞；以及企業傳播和投資者關係高級副總裁 Beth Straka。

As you saw from our news release this morning, we reported first quarter 2025 earnings of $2.27 a share. We're off to a solid start to the year. We remain laser focused on reliability, financial discipline and customer satisfaction. And we're on track to deliver another year of strong results in line with our 2025 earnings guidance by $5.17 to $5.27 a share.

正如您從我們今天早上的新聞稿中看到的那樣，我們報告 2025 年第一季每股收益為 2.27 美元。今年我們有一個好的開始。我們始終專注於可靠性、財務紀律和客戶滿意度。我們預計再創佳績，實現每股 5.17 美元至 5.27 美元的強勁成長，符合我們 2025 年每股收益預期。

This, of course, assumes normal weather going forward. We continue to target 5% to 7% long-term compound annual growth rate, supported by a robust capital plan, driven by strong Epic growth in our region. In Wisconsin, the unemployment rate stands at 3.2%, continuing a long-running trend below the national average. And as we've discussed, we're continuing to see significant economic development along the I-94 corridor between Milwaukee and Chicago.

當然，這是假設未來天氣正常。我們將繼續以 5% 至 7% 的長期複合年增長率為目標，並透過強勁的資本計劃提供支持，推動我們所在地區的 Epic 強勁成長。威斯康辛州的失業率為 3.2%，繼續保持低於全國平均的長期趨勢。正如我們所討論的，我們繼續看到密爾瓦基和芝加哥之間的 I-94 走廊沿線的顯著經濟發展。

Microsoft is making good progress on this large data center complex in Southeast Wisconsin. Work has continued in the first phase of the project, and we have confidence in our five-year forecast of 1.8 gigawatts of demand growth in Southeastern Wisconsin. As you recall from last quarter, just in the north of Milwaukee, Cloverleaf has announced plans to develop approximately 1,700 acres for another large data center campus.

微軟位於威斯康辛州東南部的大型資料中心綜合大樓建設進展順利。該計畫第一階段的工作仍在繼續，我們對威斯康辛州東南部 1.8 千兆瓦需求成長的五年預測充滿信心。正如大家上個季度所記得的，就在密爾瓦基北部，Cloverleaf 宣布計劃開發約 1,700 英畝的土地，用於建造另一個大型資料中心園區。

Cloverleaf has projected at least 1 gigawatt of electric demand for this development. We have not incorporated any of this investment related to Cloverleaf in our capital plan just yet. So stay tuned for the updated capital plan on our third quarter earnings call.

Cloverleaf 預計該開發案的電力需求至少為 1 千兆瓦。我們尚未將任何與 Cloverleaf 相關投資納入我們的資本計劃。因此請繼續關注我們第三季財報電話會議上更新的資本計畫。

And there is other notable growth in Wisconsin. As a reminder, Eli Lilly has announced a $3 billion expansion of its manufacturing facility in Wisconsin. And just recently, Uline announced another expansion in Southeast Wisconsin. The company plans to build a 1.2 million square foot warehouse and distribution facility. We're also off to a strong start on our current capital plan. It's the largest five-year investment plan in our history, totaling $28 billion dedicated to economic growth and reliability. As we've discussed, it's based on projects that are low risk and highly executable.

威斯康辛州也出現了其他顯著的成長。提醒一下，禮來公司已宣布斥資 30 億美元擴建位於威斯康辛州的製造工廠。就在最近，Uline 宣布將在威斯康辛州東南部再次擴張。該公司計劃建造一個120萬平方英尺的倉庫和配送設施。我們目前的資本計劃也取得了良好的開端。這是我們歷史上最大的五年投資計劃，總額達 280 億美元，用於經濟成長和可靠性。正如我們所討論的，它是基於低風險且高度可執行的專案。

On the tariff front, we're evaluating the impacts of tariffs on our supply chain and capital plan. For our $28 billion capital plan, we estimate the tariff exposure is approximately 2% to 3% overall. As you can expect, we are actively engaged to mitigate efforts and mitigation efforts through our contracts and various suppliers.

在關稅方面，我們正在評估關稅對我們的供應鏈和資本計畫的影響。對於我們的 280 億美元資本計劃，我們估計關稅風險總體約為 2% 至 3%。正如您所期望的，我們正透過我們的合約和各種供應商積極參與緩解努力和緩解措施。

Fortunately, we have diversity in our business mix, capital plan and supply chain that should help to mitigate the overall effects on our customers. Our company has successfully navigated past periods of uncertainty and challenges, and you can certainly expect us to aim to do the same for this current environment.

幸運的是，我們的業務組合、資本計畫和供應鏈具有多樣性，這有助於減輕對客戶的整體影響。我們的公司已經成功度過了過去的不確定和挑戰時期，您當然可以期待我們在當前環境下也能取得同樣的成就。

Now let me give you a few updates on our projects. In early March, the Darien solar project went into service. This adds 225 megawatts of renewable generation to our regulated portfolio with an investment of approximately $427 million. And currently, we have two solar projects in construction phase, Cash Kanan, a 300-megawatt project in Southern Wisconsin and Renegade a 100-megawatt project in the Upper Peninsula of Michigan.

現在讓我向您介紹我們的專案的一些最新進展。3月初，達里恩太陽能專案投入營運。這將為我們受監管的投資組合增加 225 兆瓦的再生能源發電，投資額約為 4.27 億美元。目前，我們有兩個太陽能專案正在建設中，一個是位於威斯康辛州南部的 300 兆瓦專案 Cash Kanan，另一個是位於密西根州上半島的 100 兆瓦專案 Renegade。

We expect both of these projects to be placed into service next year. In addition, the Wisconsin Public Service Commission has approved our purchase of 90% of the high noon solar and battery project for approximately $883 million. Construction is expected to be completed in 2027. Of course, we are closely monitoring the federal developments related to the inflation Reduction Act, and we're actively seeking to safe harbor the projects in our capital plan.

我們預計這兩個項目都將於明年投入使用。此外，威斯康辛州公共服務委員會已批准我們以約 8.83 億美元的價格購買正午太陽能和電池專案的 90%。預計工程將於 2027 年完工。當然，我們正在密切關注與通貨膨脹削減法案相關的聯邦發展，並積極尋求安全港我們的資本計劃中的項目。

At WEC infrastructure, we closed on the Harden 3 solar projects in February. We invested at approximately $406 billion for 90% ownership of the project which has a total capacity of 250 megawatts. As a reminder, this project fulfills our five-year planned investment at WEC Infrastructure. Overall, we have a lot of confidence in our ability to execute on our capital plan.

在 WEC 基礎設施方面，我們在二月完成了 Harden 3 太陽能專案。我們投資了約 4,060 億美元，擁有該專案 90% 的所有權，總容量為 250 兆瓦。提醒一下，該專案實現了我們對 WEC 基礎設施的五年計畫投資。整體而言，我們對執行資本計畫的能力充滿信心。

Now turning to the regulatory front. As a reminder, we currently have no active rate cases. In Wisconsin, at the end of March, we filed a new tariff proposal with the Public Service Commission to accommodate the economic growth we've discussed. The proposed very large customer, or VLC tariff, would meet the needs of our very large load customers while protecting all of our other customers.

現在轉向監管方面。提醒一下，我們目前沒有活躍的利率案例。在威斯康辛州，三月底，我們向公共服務委員會提交了一份新的關稅提案，以適應我們討論過的經濟成長。擬議的超大客戶或 VLC 關稅將滿足我們超大負載客戶的需求，同時保護我們所有其他客戶。

Our proposal would apply to customers with 500 megawatts or more of forecasted new load. The customer commits a subscribing to a portion of one or more dedicated generation resources. The terms of the agreements are 20 years for wind and solar and the depreciable lays for natural gas and battery storage assets.

我們的建議將適用於預計新負載為 500 兆瓦或以上的客戶。客戶承諾訂購一個或多個專用發電資源的一部分。協議期限為：風能和太陽能 20 年，天然氣和電池儲存資產折舊年限為 20 年。

As filed, the tariffs provide for a fixed return on equity of 10.48% and an equity ratio of 57%. In addition, there are several other charges these customers are responsible for, administrative charges, energy charges, transmission charges and distribution charges. The proposed tariff is designed so that no cost to serve these very large customers would be subsidized by or shifted to other customers.

根據文件，該費率規定固定股本回報率為 10.48%，股本比率為 57%。此外，這些客戶還需要承擔其他幾項費用，包括管理費、能源費、輸電費和配電費。建議的關稅設計使得為這些大客戶提供服務的成本不會由其他客戶補貼或轉嫁給其他客戶。

We work with these large customers in the design of the tariff to include the financial parameters. We believe this tariff is a key component to help make Wisconsin a prime spot for data center investments. We expect the decision by the commission by the second quarter of next year.

我們與這些大客戶合作設計關稅，將財務參數納入其中。我們相信，這項關稅是幫助威斯康辛州成為資料中心投資首選地的關鍵因素。我們預計委員會將於明年第二季做出決定。

In Illinois, we received the Illinois Comverse Commission's decision on our safety modernization program in February. The commission lifted the pause on our work and directed Peoples Gas to focus on replacing all cast iron and ductile iron pipe that is a diameter under 36 inches by January 1, 2035.

在伊利諾州，我們在二月收到了伊利諾州康維委員會關於我們的安全現代化計畫的決定。委員會取消了對我們工作的暫停，並指示 Peoples Gas 集中精力在 2035 年 1 月 1 日之前更換所有直徑小於 36 英寸的鑄鐵和球墨鑄鐵管道。

The Commission also directed its staff to appoint a safety monitor to provide oversight by July of this year. Like other capital projects, our investments in pipe replacement will be reviewed in future rate proceedings. Under this pipe replacement program, approximately 1,100 miles of older pipe some dating back to the mid-1800s will need to be replaced. We are currently developing engineering plans to execute the order. We will factor the updated pipeline replacement program capital into our fall update.

委員會還指示其工作人員在今年 7 月之前任命一名安全監察員進行監督。與其他資本項目一樣，我們在管道更換方面的投資將在未來的費率程序中進行審查。根據這項管道更換計劃，大約 1,100 英里的老舊管道需要更換，其中一些管道的歷史可以追溯到 19 世紀中期。我們目前正在製定工程計劃來執行該訂單。我們將把更新的管道更換計畫資本納入我們的秋季更新中。

Next up, Xia will provide more details on our financials.

接下來，夏將提供有關我們財務狀況的更多詳細資訊。

Thank you, Scott. Our first quarter 2025 earnings of $2.27 per share reflects a $0.30 increase compared to the first quarter of 2024. Our earnings package includes a comparison of first quarter results on page 12. I'll walk through the significant drivers.

謝謝你，斯科特。我們 2025 年第一季的每股收益為 2.27 美元，與 2024 年第一季相比成長了 0.30 美元。我們的收益包包括第 12 頁的第一季業績比較。我將介紹一些重要的驅動因素。

Starting with our utility operations, earnings were $0.28 higher versus the first quarter of 2024. Weather positively impacted quarter-over-quarter earnings by approximately $0.18. Compared to normal conditions, we estimate that weather had a $0.01 positive impact in the first quarter of 2025 compared to a $0.17 negative impact in the first quarter of 2024.

從我們的公用事業業務開始，收益比 2024 年第一季高出 0.28 美元。天氣對季度環比收益產生了約 0.18 美元的積極影響。與正常情況相比，我們估計天氣對 2025 年第一季產生了 0.01 美元的正面影響，而對 2024 年第一季產生了 0.17 美元的負面影響。

Recall that our 2024 winter was the warmest in Wisconsin history on record. Rate-based growth contributed $0.20 more to earnings. This was driven primarily by the Wisconsin rate review outcome that was effective on January 1, 2025. Tax and other items added another $0.04. These positive drivers were partially offset by a total of $0.14 from O&M expense, depreciation and amortization and timing of fuel expense.

回想一下，2024 年的冬天是威斯康辛州有史以來最溫暖的冬天。基於利率的成長為收益貢獻了 0.20 美元。這主要是受 2025 年 1 月 1 日生效的威斯康辛州利率審查結果的影響。稅金和其他項目又增加了 0.04 美元。這些積極驅動因素被營運和維護費用、折舊和攤提以及燃料費用時間總計 0.14 美元的部分抵消。

Our day-to-day O&M for the year is still expected to grow 8% to 10% when compared to actual O&M in 2024. As a reminder, this year-over-year growth is largely driven by a few factors. Our continued focus on commission-approved vegetation management, new assets coming online and measures we took last year to offset the mild weather impact. And let me give you some color on our weather-normal retail electric deliveries, excluding the iron ore mine.

與 2024 年的實際營運和維護相比，我們今年的日常營運和維護預計仍將成長 8% 至 10%。提醒一下，這種年成長主要受到幾個因素的推動。我們繼續關注委員會批准的植被管理、新資產的上線以及去年為抵消溫和天氣影響而採取的措施。讓我向您介紹我們的天氣正常零售電力交付情況（不包括鐵礦）。

Compared to last Q1 and adjusting for leap year, we saw [7/10 of 1%] growth this quarter, led by the large commercial and industrial class, which grew 2.3% in the quarter. This is right in line with our forecast. Remember, we expect our weather-normal annual electric sales growth to reach 4.5% to 5% starting in 2027 and we're on track to reach that over the next couple of years.

與去年第一季相比，並根據閏年進行調整，本季我們看到了 [1% 的 7/10] 的成長，其中大型商業和工業類別成長最快，本季成長了 2.3%。這與我們的預測完全一致。請記住，我們預計從 2027 年開始，在天氣正常的條件下，我們的年度電力銷售成長率將達到 4.5% 至 5%，並且我們預計在未來幾年內實現這一目標。

At American Transmission Company, earnings increased $0.02 compared to the first quarter of '24. $0.01 was related to continued capital investment and the other $0.01 is related to a modest gain from selling and interest has 15 transmission line in California in the first quarter of this year.

美國傳動公司的收益與 24 年第一季相比增加了 0.02 美元。 0.01 美元與持續的資本投資有關，另外 0.01 美元與今年第一季出售加州 15 條輸電線路並獲得利息的適度收益有關。

Turning to our Energy Infrastructure segment. Earnings increased $0.05 in the first quarter of '25 compared to the first quarter of 2024, largely from higher production tax credits. Remember, we completed our investment in the Maple flats and Delilah solar projects in the fourth quarter of 2024 as well as the Hearten3 solar project this February.

轉向我們的能源基礎設施部門。與 2024 年第一季相比，2025 年第一季的收益增加了 0.05 美元，主要原因是生產稅收抵免增加。請記住，我們在 2024 年第四季完成了對 Maple flats 和 Delilah 太陽能專案的投資，並在今年 2 月完成了對 Hearten3 太陽能專案的投資。

Next, you'll see that earnings from the Corporate and Other segment decreased $0.03. This was driven by higher interest expense, partially offset by favorable tax timing and other items. Finally, there was $0.02 of dilution primarily associated with our common equity issuances. We issued about $200 million in 2024 and about $140 million in Q1 this year.

接下來，您將看到企業及其他部門的收益減少了 0.03 美元。這是由於利息支出增加所致，但被有利的稅收時機和其他項目部分抵消。最後，稀釋了 0.02 美元，主要與我們的普通股發行有關。我們在 2024 年發行了約 2 億美元，今年第一季發行了約 1.4 億美元。

Including the Q1 issuances, as a reminder, we expect to raise a total of $700 million to $800 million of common equity in 2025 via our ATM program as well as the dividend reinvestment and employee benefit plans. This is a part of the $2.7 billion to $3.2 billion total common equity we expect to issue through 2029 to finance the capital investment. As we refresh our capital plan this fall, we continue to expect any incremental capital will be funded with 50% equity content.

包括第一季的發行在內，提醒一下，我們預計到 2025 年我們將透過 ATM 計畫以及股息再投資和員工福利計畫籌集總計 7 億至 8 億美元的普通股。這是我們預計到 2029 年發行的 27 億至 32 億美元普通股總額的一部分，用於資助資本投資。當我們在今年秋季更新資本計畫時，我們仍然預期任何增量資本都將由 50% 的股權內容提供資金。

Finally, let me comment on earnings guidance. As Scott mentioned earlier, we are reaffirming our 2025 earnings guidance of $5. 17 and to $5.27 per share, assuming normal weather for the rest of the year. We are also reaffirming our long-term EPS CAGR of 6.5% to 7%. For the second quarter, we are expecting a range of $0.63 to $0.69 per share. This accounts for April weather and assumes normal weather for the rest of the quarter.

最後，讓我對獲利預測進行評論。正如斯科特之前提到的，我們重申 2025 年 5 美元的盈利預期。 17 日，假設今年剩餘時間天氣正常，則每股收益為 5.27 美元。我們也重申長期每股盈餘複合年增長率為 6.5% 至 7%。對於第二季度，我們預計每股收益在 0.63 美元至 0.69 美元之間。這解釋了四月份的天氣狀況，並假設本季剩餘時間的天氣正常。

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

說完這些，我就把話題轉回給史考特。

Thank you, Xia. Now as you may recall, our Board at its January meeting increased the dividend by 6.9%. This marks the 22nd consecutive year that our shareholders will be rewarded with higher dividends. Overall, we're optimistic about continued growth in our region and our company's growth and future.

謝謝你，夏。您可能還記得，我們​​的董事會在一月份的會議上將股息提高了 6.9%。這標誌著我們的股東連續第22年獲得更高的股利報酬。總體而言，我們對我們所在地區的持續成長以及我們公司的成長和未來感到樂觀。

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

接線員，我們現在準備好進行電話問答部分。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作員指示）Julien Dumoulin-Smith，Jefferies。

It's Brian Russo on for Julian. Just on the recent MISO capacity auction results, can I -- could we get your thoughts on your base generation CapEx spend or any upside CapEx maybe for data centers? And then how that plays into the whole long-term strategy for the power of the future assets and Port Washington and maybe also the nuclear PPA negotiations.

布萊恩·魯索 (Brian Russo) 取代朱利安 (Julian)。僅根據最近的 MISO 容量拍賣結果，我們可以了解您對基礎發電資本支出或資料中心的任何上行資本支出的看法嗎？然後，這將如何影響未來資產和華盛頓港的整個長期策略，以及核 PPA 談判。

Here, there's a lot built into that. When you looked at the MISO auction, especially when you look at the summer part of the auction, it was really a tight auction. Overall, we were long on one company and a little bit short on the other, but nothing material, all in the right -- kind of all in the right direction overall. We build (technical difficulty) several years now, as we get orders in place to build new generation capacity.

這裡有很多內建內容。當您查看 MISO 拍賣時，尤其是查看夏季部分的拍賣時，您會發現這確實是一場激烈的拍賣。整體而言，我們看好一家公司，看空另一家公司，但沒有什麼實質進展，一切都朝著正確的方向發展。我們已經建造（技術難度）好幾年了，因為我們已獲得建造新一代產能的訂單。

So as we think about it, looking forward, we are looking forward to some of the decisions by the commission, and we expect end of June, early July here on some of the additional gas generation needs that we have from the combustion turbines and the right units that are at the commission to help us build that needed capacity to meet this large customer load along with the other economic development in the region.

因此，當我們思考這個問題時，展望未來，我們期待委員會做出一些決定，我們預計在 6 月底、7 月初，委員會將決定是否批准一些額外的燃氣發電需求，這些需求來自燃氣渦輪機和合適的裝置，以幫助我們建造所需的產能，滿足大量客戶負載以及該地區的其他經濟發展需求。

So we are actively working to procure. We already started talking about 2030, 2031 and how we look at the capacity needs. As you start thinking about our part of the future assets and some of the other assets that we have, we are looking at and we have successfully tested gas at about 30% blend on the power of the future coal units, and we're looking to our plans to make that 100% gas by 2029. And the same thing looking at the Weston 4 units, converting it to gas. So we're looking at how do we strategically have the capacity in the region. (technical difficulty) that help you.

因此我們正在積極努力採購。我們已經開始談論 2030 年、2031 年以及我們如何看待產能需求。當您開始考慮我們的未來資產部分以及我們擁有的其他一些資​​產時，我們正在研究並已成功測試了未來煤炭機組約 30% 混合的天然氣，並且我們計劃到 2029 年實現 100% 天然氣混合。同樣的事情也發生在 Weston 4 單元上，將其轉換為氣體。因此，我們正在研究如何在該地區擁有戰略能力。 （技術難度）對您有幫助。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

First question. In Illinois, the ICC recently concluded it for view of the pipeline safety modernization program. The red authorized you to replace a good amount of the older pipe. I know it's not exactly the same as the prior program, but it might represent some upside to the CapEx. Scott, I know you mentioned that we'll have to wait for the CapEx refresh this fall.

第一個問題。在伊利諾伊州，ICC 最近完成了對管道安全現代化計劃的審查。紅色授權您更換大量舊管道。我知道它與之前的計劃並不完全相同，但它可能代表資本支出的一些好處。史考特，我知道你提到我們必須等到今年秋天資本支出更新。

But my question is, any early thoughts on roughly how big of an opportunity that might be and how quickly you might be able to get those efforts going? I know you have to rehire, retrain and redeploy, I think, thousands of employees, so you can't just do it immediately, but when might that work start to resume?

但我的問題是，您是否想過這可能是一個多大的機會，以及您能多快開始這些努力？我知道你必須重新僱用、重新培訓和重新部署數千名員工，所以你不能立即這樣做，但什麼時候才能開始恢復這項工作？

Excellent question. And we can give you a little color what we're looking at now. So we're going through the process, and we had a couple of projects that, of course, were stale, that we're going -- running it back through some of the permitting process as you have to go through the permitting process, and we're going through to see if we can kick off a few of them this year.

非常好的問題。我們可以稍微向您介紹一下我們現在所看到的情況。所以我們正在經歷這個過程，我們有幾個項目當然已經過時了，我們正在重新運行一些許可程序，因為你必須經歷許可程序，我們正在經歷這個過程，看看我們是否可以在今年啟動其中的幾個項目。

But of course, we're going through that hiring process and our planning. We'll see the program ramp up in '26 and '27 and get to what we think will be a full run rate, and we're still pulling the numbers together in '28, but we expect that will probably be a little over $500 million a year going forward.

但當然，我們正在經歷招募流程和規劃。我們將看到該計劃在 26 年和 27 年加速發展，並達到我們認為的滿載運行率，我們仍在匯總 28 年的數字，但我們預計未來每年的投入可能會略高於 5 億美元。

And remember, our old program was about $280 million to $300 million. But in order to get this program completed by beginning of 2035, we really have a lot of spending to do because we expect to be closer to that 2040 timeframe. So it will be ramping up over; 26 and '27 with -- hopefully, we get to that run rate in 2028.

請記住，我們以前的項目花費大約是 2.8 億到 3 億美元。但為了在 2035 年初完成該計劃，我們確實需要投入大量資金，因為我們預計更接近 2040 年的時間表。因此它將逐漸增加； 26 和 27 — — 希望我們能在 2028 年達到這一運行率。

Okay. Great. Next, on Microsoft, I think you briefly mentioned that things are going smoothly there. Can you just elaborate on that, maybe what you're hearing and seeing from the company? I know there's a lot of questions among investors about pauses of various phases and potential global slowdown, all those types of questions. Maybe if you could just tell us how your latest conversations with them have been going both around the current phase 1 that goes through '26 and what the company is doing and seeing around those future phases in your neck of the woods?

好的。偉大的。接下來，關於微軟，我想您簡單提到那裡的事情進展順利。您能否詳細說明一下，您從公司聽到和看到的是什麼？我知道投資者對不同階段的暫停以及潛在的全球經濟放緩等所有這類問題有很多疑問。也許您能告訴我們，您最近與他們的談話進展如何，包括目前的第一階段（持續到 26 年），以及公司在您所在地區對這些未來階段的所作所為和看法？

Sure. And Microsoft, we've been working with them for a couple of years now, and they reiterated to us that the economic development and the demand that we have in our forecast over the five-year period, that supports that Southeastern Wisconsin that 1.8 gigawatts is still solid. We have worked with them on building substation ourselves American transmission company, and that work progresses.

當然。我們與微軟合作了幾年，他們向我們重申，經濟發展和我們對未來五年的預測表明，威斯康辛州東南部的 1.8 千兆瓦發電量仍然穩定。我們和他們合作建造我們自己的美國輸電公司變電站，而這項工作正在取得進展。

So I have no concerns that that site is still going to be very, very strong and a very core part of Microsoft's development. And I learned a lot just listening to the Microsoft conference call because they talk about timing and going in and out of some of their build cycles and how they manage it.

所以我並不擔心該網站仍然會非常強大並且是微軟發展的核心部分。我從微軟電話會議中學到了很多東西，因為他們討論了時間表、建造週期的進出以及如何管理它。

It just sounds like now with AI and all the hyperscalers being the talk and how it affects the electric utilities. People are talking about it a lot more, but I think they've always managed it. So I encourage you to listen to the Microsoft conference call. I thought it was really interesting how they described some of the things, but I have no concerns in Southeastern Wisconsin here.

這聽起來就像現在人們談論人工智慧和超大規模以及它如何影響電力事業。人們對此談論得越來越多，但我認為他們一直都能做到。所以我鼓勵你聽聽微軟的電話會議。我認為他們描述某些事物的方式真的很有趣，但我對威斯康辛州東南部這裡沒有任何擔憂。

Okay. Great. Appreciate the comment. It's on there. One last one, if I may. If I could squeeze one in for Xia. On equity, $140 million in the quarter. Obviously, that's a bit less than the 25% of the full year guidance. You mentioned that $700 million to $800 million. How should we think about that? Is that any kind of reflection on the market uncertainty in tariffs, view on your stock price or maybe a function of cash needs ramping up as the year goes on. Any thoughts on the timing there?

好的。偉大的。感謝您的評論。它就在那裡。如果可以的話，我再問最後一個問題。如果我能為夏擠進一個的話。本季股權價值為 1.4 億美元。顯然，這比全年預期的 25% 略低。您提到了 7 億到 8 億美元。我們該如何看待這個問題？這是否反映了市場對關稅的不確定性、對股票價格的看法，或者可能是隨著時間的推移現金需求的增加。對於時間安排有什麼想法嗎？

Yes. Andrew, it's all of the above. We're targeting $700 million to $800 million. And so stock price plays a role in that through the access to the ATM program. Our cash needs play a role. So we're managing it very, very tightly, but we feel very confident that through our ATM and the employee benefit plans, we could access the $700 million to $800 million fairly easily throughout the rest of the year.

是的。安德魯，以上都是。我們的目標是7億到8億美元。因此，股票價格透過 ATM 程式發揮作用。我們的現金需求發揮了作用。因此，我們對其進行了非常嚴格的管理，但我們非常有信心，透過我們的 ATM 和員工福利計劃，我們可以在今年剩餘時間內相當輕鬆地獲得 7 億至 8 億美元。

Jeremy Tonet, J.P. Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

The IRA has been in focus for the market for some time here in tax credit transferability as well. Just wondering any updated thoughts you can provide here if transferability or other products to the IRA were to be repealed and how you think about this would impact in the plan or offsets that you could offer?

一段時間以來，IRA 在稅收抵免可轉移性方面也受到市場關注。只是想知道，如果 IRA 的可轉移性或其他產品被廢除，您能否提供任何最新的想法，以及您認為這會對您所能提供的計劃或抵消產生什麼影響？

Sure. And I'll start and then Xia can walk you through a little bit more of the numbers. But when you think of the IRA and a lot of projects that we have in our plan, we've been anticipating that the IRA benefits. And I think a lot of our customers are anticipated to remember, all the PTCs and ITCs for the projects going forward go back to our customers.

當然。首先我來介紹一下，然後夏可以向大家詳細介紹一些數字。但是當你想到 IRA 和我們計劃中的許多項目時，我們一直預計 IRA 會受益。我想很多客戶都會記得，未來專案的所有 PTC 和 ITC 都會回饋給我們的客戶。

So I could see that there would be a phase out of the IRA and PTCs and ITCs in the future, but it's pretty well integrated in a lot of the projects that people had assumed going forward. And transferability, there's other ways to look at moving those tax benefits to others, whether it's tax equity or transferability. Tax equity is just a little more complicated.

因此，我可以預見，未來 IRA、PTC 和 ITC 將會逐步淘汰，但它與人們所設想的許多未來專案已經很好地融合在一起。而可轉讓性，還有其他方法可以將這些稅收優惠轉移給他人，無論是稅收公平還是可轉讓性。稅收公平稍微複雜一些。

It gets -- it ends up in the same result. I think it's a little more costly for our customers or transferability has been very lean and easy to execute. And actually, we've been able to benefit some of our local companies, too, with the benefits of those tax benefits. So hopefully, there's a transition period and transferability stays for a while because I think it's really beneficial to our customers, and Xia can give you a little more detail on some of the numbers.

它得到了——它最終得到了相同的結果。我認為這對我們的客戶來說成本有點高，或者說可轉移性非常精簡且易於執行。事實上，我們也能夠透過這些稅收優惠使一些本地公司受益。因此，希望有一個過渡期，並且可轉移性能夠保持一段時間，因為我認為這對我們的客戶確實有益，Xia 可以向您提供有關一些數字的更多細節。

Absolutely. So the -- on the phaseout point, like Scott mentioned, we're actively seeking safe harboring the upcoming renewable projects. So once we do that, we could -- hopefully, we could qualify the project for 100% of PTCs through at least 2029. So we're actively seeking that. In terms of the transferability, as you know that we have been able to transfer about $200 million of PTCs annually to third parties over the past several years. And as we build more projects, that number ramps up slightly in the plan.

絕對地。因此，正如斯科特所提到的那樣，在逐步淘汰點上，我們正​​在積極尋求對即將到來的可再生項目進行安全保護。因此，一旦我們做到這一點，我們就可以——希望我們能夠至少在 2029 年之前使該專案獲得 100% 的 PTC 資格。因此我們正在積極尋求這一點。就可轉讓性而言，如您所知，過去幾年我們每年能夠向第三方轉讓約 2 億美元的 PTC。隨著我們建設更多項目，這個數字在計劃中會略有增加。

However, if you think about the projects, we have almost 80% of the planned PTC transfer from projects already in service from 2025 and prior. So as we all know, we don't believe Congress likes to change the economics of projects already placed in service. Assume that depending on the law, obviously, but assume that transferability were to only impact projects put in service from 2026 or 2027 or later, we would have very limited credits that we would not be able to sell. So we think the impact would be pretty limited.

然而，如果你考慮這些項目，我們計劃的 PTC 轉移中有近 80% 都是從 2025 年及之前投入使用的項目中轉移的。眾所周知，我們不相信國會喜歡改變已經投入使用的項目的經濟狀況。顯然，這取決於法律，但假設可轉讓性僅影響 2026 年或 2027 年或之後投入使用的項目，我們將擁有非常有限的信用額度，而無法出售。因此我們認為影響會非常有限。

And also, like Scott mentioned, for the utility projects, if transferability were repealed, it would make renewable projects more costly for the customers. So I think we would have to take a step back and think about the optimal generation project mix from a customer affordability standpoint. So I think all in all, we're managing it just -- but watching the development and also managing very actively. We're not concerned at this point.

而且，正如斯科特所提到的，對於公用事業項目，如果可轉讓性被廢除，可再生能源項目對客戶來說將變得更加昂貴。因此我認為我們必須退一步，從客戶承受能力的角度考慮最佳發電項目組合。所以我認為總的來說，我們只是在管理它——但觀察事態發展，同時也非常積極地管理。我們目前並不擔心。

Okay. Got it. So the FFO impact is something that you think would be manageable in the grand scheme of things, everything you talk about?

好的。知道了。所以，您認為從總體上看，FFO 的影響是可以控制的，您談論的這一切是怎樣的？

Yes, depending on the law, yes, absolutely.

是的，這取決於法律，是的，絕對是如此。

We're all anxiously waiting to see at the final line.

我們都焦急地等待著看最後的結局。

Yes.

是的。

Got it. And then I just want to pivot towards the BLC tariff. And I think it's key that customers are involved in the creation here, right? Just wondering, as it stands, how you think that impacts Wisconsin. And how does -- Wisconsin stand relative to other states and trying to win this business with this tariff? Just wondering if you could expand on that.

知道了。然後我只想轉向 BLC 關稅。我認為讓顧客參與創作是關鍵，對吧？只是想知道，就目前情況而言，您認為這會對威斯康辛州產生什麼影響。那麼，威斯康辛州相對於其他州而言如何，如何透過這項關稅來贏得這項業務？只是想知道您是否可以詳細說明這一點。

I think the key is you hit it. We worked with our very large customers with the basic understanding that we cannot have this very large load gets subsidized at all by any other customers. So we worked on the fundamentals, and that's how we came up on the tariff. I think it's a fair tariff for our customers, for the very large customers and for our shareholders.

我認為關鍵是你是否擊中了它。我們與非常大的客戶合作時，有一個基本的共識，那就是我們不能讓任何其他客戶為這麼大的負荷提供補貼。因此，我們著手解決基本問題，這就是我們制定關稅的方式。我認為這對我們的客戶、大客戶和股東來說都是公平的關稅。

So we try to be a very balanced approach. I think in what we've heard from some of the developers is that it's a very fair and straightforward and clean tariffs. So I'm very happy with it. I think our team did a great job and really appreciate both sides as we balance it through with the large customers and our internal team. So I'm really optimistic with it.

因此我們嘗試採取一種非常平衡的方法。我認為，我們從一些開發商那裡聽說，這是一個非常公平、直接和乾淨的關稅。所以我對此非常滿意。我認為我們的團隊做得很好，我們非常感謝雙方，因為我們在與大客戶和內部團隊之間取得了平衡。所以我對此非常樂觀。

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

Just two quick questions. One is really strong residential electric load growth there. I think 5.5%. Just wondering if you go through some of the drivers. Or was that mainly driven by weather?

只要問兩個簡單的問題。一是那裡的住宅用電負載成長非常強勁。我認為是 5.5%。只是想知道您是否了解一些驅動程式。還是這主要是受天氣影響？

Yes. And Xia's looked at these numbers. But remember, last year was such a warm first quarter. So the growth, I think, is just getting back to normal weather. I'm happy to see normal. And I think when you look at the normalization for the quarter -- that is also an anomaly of how that weather affected last year's normalization because it was so extreme forms we had in like 134 years. So we're seeing good customer growth, good customer connections. So I'm not -- I don't think there's anything to read one way or the other, other than some pretty extreme weather between last year and this year. Xia, anything to add?

是的。夏氏看著這些數字。但請記住，去年第一季非常溫暖。所以我認為，經濟成長只是恢復正常而已。我很高興看到一切正常。我認為，當您查看本季的正常化情況時，這也是天氣影響去年正常化的異常現象，因為這是我們 134 年來遇到的極端天氣形式。因此，我們看到了良好的客戶成長和良好的客戶關係。所以我認為，除了去年和今年之間的一些極端天氣之外，沒有什麼可以解讀的。夏，還有什麼要補充的嗎？

No, it's all mostly weather-driven.

不，這主要都是由天氣決定的。

Great. And then if I could just follow up on Cloverleaf. Just you gave some acreage and maybe projected about a 1 gigawatt of demand. Just curious, would that mostly be met with gas or a combination of gas and renewables or any type of clarity you can provide on the generation needs there.

偉大的。然後我是否可以跟進 Cloverleaf 的情況。只要給一些土地面積，也許就能預測出約 1 千兆瓦的需求。只是好奇，這主要透過天然氣還是天然氣和再生能源的組合來滿足，或者您能否就那裡的發電需求提供任何澄清。

Sure. So a couple of things is, one, yes, it's about 1,700 acres of developing. They talked initially about 1 gigawatt of load. We expect -- they also say the say can hold up to probably about 3.5 gigawatts of load. So Cloverleaf is in the process of marketing the land and the location. We expect in the next couple of months to see who potentially is a longer-term purchaser of that spot or a purchaser of that location. And then we'll work on the details of the generation mix of that, that will hopefully factor in then to our fall update in the third quarter call of the capital plan.

當然。所以有幾件事，第一，是的，它有大約 1,700 英畝的開發面積。他們最初談論的是 1 千兆瓦的負載。我們預計——他們還表示可以承受大約 3.5 千兆瓦的負載。因此，Cloverleaf 目前正在行銷土地和位置。我們預計在接下來的幾個月內就會看到誰可能是該地塊的長期購買者或該位置的購買者。然後，我們將研究發電組合的細節，希望這能在我們第三季資本計畫的秋季更新中得到體現。

So things are moving along very well there. I think it will be a combination, of course, of gas and renewables just because you need that firm capacity ability. But I also think they'll have some renewables in there too, just to help with the energy part of the bill, too. So I think it will be a combination, but more to come as we continue to work with that and whoever purchased that location.

那裡的事情進展得很順利。我認為這將是天然氣和再生能源的結合，因為你需要那種穩固的產能能力。但我還認為他們也會加入一些再生能源，以幫助解決法案中的能源部分問題。所以我認為這將是一個組合，但隨著我們繼續與該地點以及購買該地點的人合作，將會有更多組合出現。

And the timing of when maybe that load would come online, that would something we get more on the third quarter call?

那麼這些負載何時可能上線，我們會在第三季的電話會議上得到更多資訊嗎？

Correct. Correct. And they're trying to move very fast to get that purchaser in the next couple of months, and then we'll have more clarity as we work with them to develop their plans. But we've been working with the potential purchasers of the sites. I can't mention any names, of course, but all high-quality companies and they're just reviewing the plans that we would have to serve those sites.

正確的。正確的。他們正試圖在接下來的幾個月內迅速採取行動來獲得買家，然後我們在與他們合作制定計劃時就會更加清晰。但我們一直在與這些網站的潛在買家合作。當然，我不能提及任何名字，但所有高品質的公司都在審查我們為這些網站提供服務的計劃。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究公司。

Scott, I wanted to start with maybe just a little more color on where you're seeing the tariff impacts in your capital plan? And it's primarily around the renewables. Just remind us kind of what the process is for updating costs on that front as you seek to recover?

史考特，我想先稍微詳細地介紹一下關稅對你的資本計畫有何影響？它主要涉及可再生能源。當您尋求恢復時，請提醒我們更新這方面成本的流程是什麼？

Sure, sure. And as you think about it, as we look at our capital plan, a lot of the electric and gas distribution is mainly domestically sourced. When you start thinking about some of the remaining part of our plan, largely in the generation.

當然，當然。正如您所想，當我們審視我們的資本計劃時，我們會發現許多電力和天然氣分配主要來自國內。當你開始思考我們計劃的剩餘部分時，主要是在一代人中。

A lot of it's labor, probably 50% to 60% is labor, but then the remaining are the materials. And -- of course, we have to see final clarity on the tariffs. The solar for the near-term projects, if we're very comfortable, those are in flight. We got processes and manufacturing and panels lined up.

其中很大一部分是勞動力，大概 50% 到 60% 是勞動力，其餘的是材料。當然，我們必須看到關稅的最終明朗化。對於近期的太陽能項目，如果我們非常滿意的話，這些項目就會順利進行。我們已經安排了流程、製造和麵板。

The farther ones out, of course, we have been working with other developers and suppliers to really onshore a lot of the production of these panels. The challenge, of course, is where do you get the polysilicon and the wafers, the cells, et cetera. So we've been working with everyone to get that. If there would be a cost increase, we would, of course, notify our regulators, the commission as soon as possible of that cost increase and then go through a prudency review process, which we've done at other projects for force majeure situation.

當然，對於更遠的地方，我們一直在與其他開發商和供應商合作，真正將這些面板的大部分生產轉移到國內。當然，挑戰在於從哪裡取得多晶矽、晶圓、電池等等。因此我們一直在與大家合作以實現這一目標。如果成本增加，我們當然會盡快通知我們的監管機構，即委員會，然後進行審慎審查程序，我們已經在其他項目中針對不可抗力情況進行了同樣的審查。

So at this time, we don't have anything that's notable to talk about. On the other aspect, probably the last item are the batteries. Remember, we have the smaller part of our generation plan is probably the battery is a little about -- a little under $1 billion. In fact, we have our first battery installation going in the end of this month, about 100 megawatts of that.

因此目前我們沒有什麼值得談論的事情。另一方面，可能最後一項是電池。請記住，我們的發電計劃中較小的部分可能是電池，投資額略低於 10 億美元。事實上，我們將在本月底安裝第一批電池，容量約為 100 兆瓦。

Those batteries are a little more tricky across the industry, and we'll just manage the batteries as we get some more clarity on the tariffs. And of course, we're working with vendors on those batteries. And of course, working with some of the very large customers also, we could see them looking at renewables and batteries too as they look at PCAs and long-term generation needs.

在整個產業中，這些電池的問題比較棘手，我們將在關稅問題更加明朗後對電池進行管理。當然，我們正在與這些電池的供應商合作。當然，在與一些非常大的客戶合作時，我們可以看到他們在考慮 PCA 和長期發電需求時也在考慮再生能源和電池。

So we're kind of looking at all of the above, but probably the biggest potential charges coming from the tariffs could relate to batteries or the solar projects.

所以我們正在考慮以上所有因素，但關稅帶來的最大潛在費用可能與電池或太陽能專案有關。

Appreciate the color there, very helpful. And then I wanted to ask also on the reconciliation bill potential impacts of a lower corporate tax rate. Can you give us any sense there if that were to happen?

欣賞那裡的色彩，非常有幫助。然後，我還想問一下降低公司稅率對和解法案的潛在影響。如果發生這種情況，您能告訴我們什麼原因嗎？

Sure, and Xia can walk you through the details. It's basically the same that we kind of went through several years ago at the lower tax rate, right? So in general, you're going to get a lot of the benefits, we'll go back to our customers for that lower tax rate through the regulatory model. And in general, then there will be a little less of a tax shield at the parent company for some of the deductions up there and the interest expense. That's kind of the high-level story. I don't think -- remember last time, there was a little bigger change in taxes.

當然，Xia 可以向您詳細介紹。這基本上和我們幾年前以較低稅率經歷的情況是一樣的，對嗎？所以總的來說，你會得到很多好處，我們會透過監管模式將較低的稅率回饋給我們的客戶。一般來說，母公司對於部分扣除額和利息費用的稅盾會減少一些。這是一個高層次的故事。我不認為——記得上次稅的變化有點大。

So I don't think it's going to be that big of effect, but Xia, any additional color?

所以我不認為會產生那麼大的影響，但是夏，還有什麼額外的顏色嗎？

Yes. I think Michael and Steve published a report, which really correctly stated the potential impact. Like Scott mentioned, long-term benefit for customers because customers would pay less under that situation, it would have some earnings impact, particularly for the tax shield earnings benefit from the noncustomer deductions at the holding company that would decrease over the longer term.

是的。我認為邁克爾和史蒂夫發表了一份報告，該報告確實正確地闡述了潛在的影響。正如斯科特所提到的那樣，對於客戶來說，長期利益在於，在這種情況下客戶支付的費用更少，這將對收益產生一定的影響，特別是對於控股公司非客戶扣除額所帶來的稅盾收益而言，這種收益會在長期內減少。

But the earnings would increase the utilities because your rate base would be higher over the longer term. So in terms of the cash flows, obviously, the lower the corporate tax rate, you would collect less from the customer. So everything else being equal, there will be slightly less cash flow for the company overall. So I think we're watching that very closely. And in case that we went that way, we would be ready to handle and deal with it.

但收益會增加公用事業費用，因為從長遠來看，您的費率基數會更高。因此，就現金流而言，顯然，企業稅率越低，從客戶收取的費用就越少。因此，在其他條件相同的情況下，公司整體的現金流量將會略有減少。所以我認為我們正在密切關注這一點。如果我們真的走上這條路，我們會做好準備去處理它。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just the commentary on the data center front in terms of your conversations with customers with super clear. Could you talk a little bit about conversations with other large load customers outside of the data center industry. Anything changing there in terms of their plans to progress on new projects either from a timing or a magnitude of their power needs perspective? And then any sort of dispersion across the diverse set of industries that you serve would be helpful.

也許只是您與客戶對話時對資料中心前端的評論非常清晰。您能否談談與資料中心產業以外的其他大負載客戶的對話。從時間或電力需求量的角度來看，他們在新專案進度計畫方面有什麼變化嗎？然後，您所服務的不同行業之間的任何形式的分散都會有所幫助。

Sure. And thanks for the question, Carly. As we look at it, and as you know, we are attracting customers at about 16, 17 sectors. And we have relationships that we talk to our large customers. I'd say right now, most of the customers are cautious on what's going on with the tariffs and what kind of clarity.

當然。謝謝你的提問，卡莉。正如我們所看到的，正如你所知，我們正在吸引大約 16、17 個行業的客戶。我們與大客戶有良好的溝通關係。我想說的是，現在大多數客戶對關稅的走向和透明度都持謹慎態度。

So I think people are cautious before they overreact one way or the other. So unemployment was constant at 3.2%, way below the national average and the large significant projects outside of the data centers are still progressing and people are the Eli Lilly, et cetera, there's still a lot of expansion in housing development in Southeastern Wisconsin. So as you drive around, it still looks very positive, constructive.

因此我認為人們在做出過度反應之前應該謹慎。因此，失業率穩定在 3.2%，遠低於全國平均水平，資料中心以外的大型重要項目仍在進展中，人們是禮來公司等等，威斯康辛州東南部的住房開發仍在大量擴張。因此，當你開車四處行駛時，它仍然看起來非常積極、有建設性。

I think the question is going to be, as people see more clarity on what's going on with tariffs, et cetera that will be a question in people's mind, but cautiously optimistic, I would say. And I think Xia has analyzed the first quarter where we're seeing, so I'll let Xia walk you through what we're seeing on the large group in the first quarter.

我認為問題在於，隨著人們對關稅等問題的了解越來越清楚，這將成為人們心中的問題，但我想說，我們對此持謹慎樂觀的態度。我認為夏已經分析了我們看到的第一季的情況，所以我會讓夏向你們介紹我們在第一季看到的整體情況。

Carly, we are all over that. So as you know, we follow about 16 different sectors in the stage. It covers from food, paper printing, all the way to health services and education. So out of the 16, 10 of those had quarter-over-quarter positive growth, some with double-digit growth.

卡莉，我們都已經知道這件事了。如您所知，我們在該階段關注大約 16 個不同的領域。其範圍涵蓋從食品、紙張印刷一直到醫療服務和教育。因此，在這 16 家公司中，有 10 家實現了季度環比正成長，其中一些公司實現了兩位數的成長。

There are two or three sectors that experienced some negative growth, I think they are not driven by macro environment, mostly driven by the individual decisions made by those customers. So overall, we remain very optimistic about the long-term growth in our region.

有兩三個行業經歷了一些負成長，我認為這不是由宏觀環境驅動的，而主要是由那些客戶的個人決策所驅動的。因此總體而言，我們對本地區的長期成長仍然非常樂觀。

And then just a quick follow-up on the conversation earlier on Illinois. Just on the future of gas, anything that you fly from the most recent series of workshops there that you think could impact the final outcome early next year?

然後我們來快速跟進一下之前關於伊利諾伊州的談話。就天然氣的未來而言，您認為最近一系列研討會上提出的任何觀點可能會對明年年初的最終結果產生影響嗎？

I would say right now, I haven't seen anything that has gone one way or the other. I mean, the workshops, as you know, we've got postponed now, not the workshops, but the final decision to next year. I think everyone is looking at the economic development and what's needed for gas. They've approved our pipe replacement program, very large pipe.

我想說的是，現在我還沒有看到任何進展。我的意思是，正如你所知，我們現在已經推遲了研討會，不是推遲研討會本身，而是推遲到明年的最終決定。我認為每個人都在關注經濟發展和天然氣需求。他們已經批准了我們的管道更換計劃，非常大的管道。

I think that's positive. So I don't -- I'm not expecting anything that I've seen recently to change that momentum.

我認為這是積極的。所以我並不認為——我並不認為最近看到的任何事情會改變這種勢頭。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Just, Scott, a lot of eyes on the tariff filing in Wisconsin, the VLT filing. Maybe just a little bit cutter on the higher ROE, how do you come up with 70 basis points higher than the current authorized and the customer feedback on that higher ROE. Just any color or thoughts there would be really appreciated.

史考特，很多人都在關注威斯康辛州的關稅申報，即 VLT 申報。也許只是對更高的 ROE 進行一點削減，您如何得出比當前授權高出 70 個基點的結果以及客戶對更高 ROE 的反饋。只要有任何顏色或想法，我們都會非常感激。

Sure. Sure. And remember, so we worked with the customers coming out with this agreement on the ROEs and the equity layers. And when you think about it, it's a long term. So we're talking 20 years to the depreciable life, which should be up to 30 years or more on some of these projects. So they're looking for certainty. And we don't know what the future would bring.

當然。當然。請記住，我們與客戶合作，就 ROE 和股權層達成了協議。如果你仔細想想，你會發現這是一個長期的過程。因此，我們討論的折舊年限是 20 年，而對於某些項目來說，折舊年限應該達到 30 年或更長。所以他們在尋求確定性。我們不知道未來會發生什麼事。

But we think the ROEs when you look at interest rates over a long period of time are near one of the lower spots now at that 9.8%. So having something locked in for a longer period of time, we came up with that 10.48% and thought it was reasonable for both of us to lock into that number. But remember, this is for 20 to 30 years. So it's a long investment, but it also gives them certainty on what they're putting into their model. Hope that's helpful.

但我們認為，從長期利率來看，ROE 目前接近較低水準之一，為 9.8%。因此，透過將某些東西鎖定較長時間，我們得出了 10.48% 的數值，並認為將這個數字鎖定在我們雙方身上是合理的。但請記住，這還要持續20到30年。所以這是一項長期投資，但它也讓他們確定了他們在模型中投入的內容。希望有幫助。

Yes, it does. And then maybe just quickly, in Illinois, can you just remind us the higher $500 million per year rate which you get to in '27, '28, that is not going to be recovered by a tracker, correct? That's slide 1. And if not, what's the rate case strategy on under covering that higher level of spending because it is indeed wrapping up quite a bit?

是的。然後也許只是快速地，在伊利諾伊州，您能否提醒我們，27 年、28 年達到的每年 5 億美元的更高利率是無法透過追蹤者收回的，對嗎？這是幻燈片 1。如果不是，那麼由於確實涵蓋了相當多的內容，那麼在涵蓋更高水準的支出方面，利率策略是什麼？

Correct. Correct. So you are correct that, that covered under our tracker. In Illinois, we'll have to file forward-looking test years on the rate case. We're evaluating right now when our next test year filing will be. But of course, we'll have to forecast that into the test year. That will -- it's forward-looking test year, but it also gives us a chance that the commission and the ICG will be able to review what our plans are, again, along with having that safety monitor on site to actually review our projects too as they go in.

正確的。正確的。所以您說得對，這涵蓋在我們的追蹤器中。在伊利諾州，我們必須針對費率案例提交前瞻性測試年份。我們現在正在評估下一次測試年度提交的時間。但當然，我們必須在測試年預測這一點。那將是前瞻性的測試年，但它也給我們提供了一個機會，讓委員會和 ICG 能夠再次審查我們的計劃，同時現場還有安全監察員在我們的專案實施過程中進行實際審查。

So I think it adds a lot of color and a lot of opportunities to improve the prudency on a front-end basis also as we go through these capital projects. So it will be more of an ongoing annual rate case in the future.

因此，我認為，當我們進行這些資本項目時，它也增加了許多色彩和許多機會來提高前端的審慎性。因此，未來這將更多地是一個持續的年度利率案例。

All right, everybody. That concludes our conference call for today. Thank you for participating. If you have any more questions, please feel free to reach out to Beth Straka at (414) 221-4639.

好的，各位。今天的電話會議到此結束。感謝您的參與。如果您還有其他問題，請隨時撥打 (414) 221-4639 聯絡 Beth Straka。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。