威斯康辛能源 (WEC) 2025 Q2 法說會逐字稿

Good afternoon and welcome to WEC Energy Group's conference call for second-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 年第二季業績電話會議。本次通話將會被錄音以便重播。（操作員指示）配合本次電話會議，我們將在 wecenergygroup.com 上發布一系列詳細的財務資訊。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，簡報中的所有陳述（歷史事實除外）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 conjunction 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.

除了與這些聲明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，參考每股收益將基於稀釋每股收益。

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

現在我很高興介紹 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 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，感謝您今天加入我們，一起回顧 2025 年第二季的業績。和我一起的還有我們的財務長劉霞和企業傳播與投資者關係高級副總裁貝絲·斯特拉卡 (Beth Straka)。

As you saw from our news release this morning, we reported earnings of $0.76 a share for the second quarter of 2025. We remain on track to deliver another year of strong results in line with our 2025 earnings guidance of $5.17 to $5.27 a share. This, of course, assumes normal weather for the remainder of the year.

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 年第二季的每股收益為 0.76 美元。我們仍有望以每股 5.17 美元至 5.27 美元的 2025 年獲利預期，再創佳績。當然，這是假設今年剩餘時間的天氣正常。

We continue to target a 6.5% to 7% long-term compound annual earnings growth rate supported by our robust capital plan and strong economic 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 strong and significant economic development in our region, especially along the I-94 corridor between Milwaukee and Chicago.

在我們強大的資本計劃和地區強勁的經濟成長的支持下，我們繼續將長期複合年收益成長率定為 6.5% 至 7%。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，我們繼續看到我們所在地區的強勁而顯著的經濟發展，特別是沿著密爾瓦基和芝加哥之間的 I-94 走廊。

Just last month, Yaskawa, one of the world's largest manufacturers of industrial products and robotics, announced it's moving from the company's US headquarters to Wisconsin and consolidating manufacturing operations here. The company stated it plans to invest approximately $180 million to build this new campus, which is expected to create 700 jobs.

就在上個月，全球最大的工業產品和機器人製造商之一安川公司宣布，將從美國總部遷至威斯康辛州，並整合這裡的製造業務。該公司表示，計劃投資約 1.8 億美元建造這個新園區，預計將創造 700 個工作機會。

Work continues on Microsoft's data center campus south of Milwaukee. We remain confident in our five-year demand growth forecast of 1.8 gigawatts to serve the I-94 corridor. In addition, we're seeing progress for a large data center development just north of Milwaukee. Vantage Data Centers signed on to develop approximately 1,900 acres. While the project is in the early stages, the site has the potential to reach 3.5 gigawatts of demand over time.

微軟位於密爾瓦基南部的資料中心園區的建設工作仍在繼續。我們仍然對未來五年 I-94 走廊電力需求成長預測（1.8 千兆瓦）充滿信心。此外，我們看到密爾瓦基北部大型資料中心的開發正在取得進展。Vantage Data Centers 簽約開發約 1,900 英畝土地。雖然該項目尚處於早期階段，但隨著時間的推移，該站點有潛力達到 3.5 千兆瓦的需求。

As a reminder, this project is not included in our current demand forecast. These are just samples of the economic growth that we are seeing in our region. And just recently, the Wall Street Journal reported that ADP ranked Milwaukee second among metro areas in the US for college graduates landing jobs.

提醒一下，該項目不包括在我們目前的需求預測中。這些只是我們所在地區看到的經濟成長的例子。就在最近，《華爾街日報》報道稱，ADP 將密爾瓦基列為美國大學畢業生就業率第二高的都會區。

Turning to our capital plan, during the second quarter, we continue to move forward on major projects. As you know, it's the largest five-year investment plan in our history, totaling $28 billion and supporting economic growth and reliability. It's based on projects that are low risk and highly executable.

談到我們的資本計劃，在第二季度，我們繼續推進重大項目。如你們所知，這是我們歷史上最大的五年投資計劃，總額達 280 億美元，支持經濟成長和可靠性。它基於低風險且高度可執行的項目。

Many of you have asked about the potential impact of the One Big Beautiful Bill Act. On the wind and solar front, we are actively working on completing the safe harboring of the renewable projects in our five-year capital plan under the current Treasury guidance. We are awaiting further guidance from the Treasury Department to reflect the executive order issued in early July. As these rules become available, we will of course continue to work with our developers to achieve safe harbor.

你們中許多人都詢問過「一項偉大的美麗法案」的潛在影響。在風能和太陽能方面，我們正在根據當前財政部的指導方針，積極致力於完成五年資本計畫中再生能源專案的安全保衛工作。我們正在等待財政部的進一步指導，以反映 7 月初發布的行政命令。隨著這些規則的出台，我們當然會繼續與我們的開發人員合作，以實現安全港。

Now let me give you an update on projects currently underway. In May, the Public Service Commission of Wisconsin unanimously approved our applications to build modern, efficient, natural gas generation, and storage. We have started construction on 1,100 megawatts of simple cycle combustion turbines with an expected investment of $1.2 billion. These are located at our Oak Creek Power Plant site.

現在讓我向你們介紹一下目前正在進行的專案的最新情況。五月，威斯康辛州公共服務委員會一致批准了我們建造現代化、高效的天然氣發電和儲存設施的申請。我們已開始建造1,100兆瓦的簡單循環燃氣渦輪機，預計投資額為12億美元。這些位於我們的 Oak Creek 發電廠現場。

Also, near our existing Paris generation station, we plan to invest approximately $300 million for 128 megawatts of RICE generation. To support the Oak Creek site, just this month, we received verbal approval to build a 2-BCF storage facility for liquefied natural gas. We expect the investment is approximately $456 million to complete this LNG facility by the end of 2027.

此外，在我們現有的巴黎發電廠附近，我們計劃投資約 3 億美元用於 128 兆瓦的 RICE 發電。為了支持 Oak Creek 工廠，就在本月，我們獲得了口頭批准，將建造一個 2BCF 的液化天然氣儲存設施。我們預計該液化天然氣設施的投資金額約為 4.56 億美元，將於 2027 年底前完工。

These are critical projects, are part of our all-of-the-above approach to support reliable and affordable energy for our customers. To that end, we announced in June that we plan to extend the operating lives of Units 7 and 8 of our Oak Creek plant through 2026. These are coal units that continue to provide essential capacity at times of high energy demand on the hottest and coldest days of the year. In addition, we expect it will be needed to meet tightened energy supply requirements in the Midwest power market.

這些都是關鍵項目，也是我們為客戶提供可靠且負擔得起的能源的全方位方法的一部分。為此，我們在 6 月宣布，計劃將 Oak Creek 電廠 7 號和 8 號機組的運作壽命延長至 2026 年。這些煤炭機組在一年中最熱和最冷的日子裡，在能源需求旺盛的時候繼續提供必要的發電能力。此外，我們預計它還需要滿足中西部電力市場緊張的能源供應需求。

Progress continues on our renewable projects as well. In June, the battery portion of the Paris Solar Battery Park came online, providing 110 megawatts of storage. This is Wisconsin's first large-scale battery storage project. As a reminder, we are the 90% owner. Overall, we are confident in our ability to execute on our capital plan.

我們的再生能源專案也持續取得進展。6 月，巴黎太陽能電池園區的電池部分投入使用，提供 110 兆瓦的儲存容量。這是威斯康辛州首個大型電池儲存計畫。提醒一下，我們擁有 90% 的股份。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, we currently have no active rate cases. In Wisconsin, our Very Large Customer or VLC tariff remains with the Public Service Commission for review. As we discussed last quarter, the tariff is designed to meet the needs of our Very Large Load customers while protecting all of our other customers. The tariff would provide for a fixed return on equity of 10.48% and an equity ratio of 57%.

現在轉向監管方面，我們目前沒有活躍的利率案件。在威斯康辛州，我們的超大客戶或 VLC 關稅仍需由公共服務委員會審查。正如我們上個季度所討論的那樣，該關稅旨在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。該關稅將提供10.48%的固定股本回報率和57%的股本比率。

The terms of the agreement are 20 years for wind and solar and the depreciable lives for natural gas and battery storage assets. We work with our Very Large Customers in designing the tariff, including the financial parameters, and we believe the tariff is a key component to help make Wisconsin a prime spot for data center investments. We expect a commission decision by the second quarter of next year.

協議條款規定，風能和太陽能的折舊年限為 20 年，天然氣和電池儲存資產的折舊年限為 20 年。我們與我們的大型客戶合作設計關稅，包括財務參數，我們相信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。我們預計委員會將在明年第二季做出決定。

In Chicago, we are actively mapping out engineering and permitting plans and coordinating with the city for our pipe replacement program. Recall that the Illinois Commerce Commission directed us to focus on retiring all cast iron and ductile iron pipe with a diameter under 36 inches by January 1, 2035. We expect that approximately 1,100 miles of older pipe will be needed to be replaced. While planning is underway, our work continues. In fact, this April, we retired the oldest pipe in the system, a gas main that had been in service since 1861.

在芝加哥，我們正在積極制定工程和許可計劃，並與市政府協調我們的管道更換計劃。回想一下，伊利諾伊州商業委員會指示我們在 2035 年 1 月 1 日之前重點淘汰所有直徑小於 36 英吋的鑄鐵管和球墨鑄鐵管。我們預計需要更換大約 1,100 英里的舊管道。在規劃進行的同時，我們的工作仍在繼續。事實上，今年四月，我們淘汰了該系統中最古老的管道，自 1861 年以來一直投入使用的煤氣管。

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

接下來，夏將向您提供有關我們財務的更多詳細資訊。

Thank you, Scott. Our second-quarter 2025 earnings of $0.76 per share reflects a $0.09 increase compared to the second quarter of 2024. Our earnings packet includes a comparison of second-quarter results on page 15. I'll walk through the significant drivers. Starting with our utility operations, earnings were $0.16 higher versus the second quarter of 2024. Weather positively impacted quarter-over-quarter earnings by approximately $0.04. Compared to normal conditions, we estimate that weather had a $0.02 favorable impact in the second quarter of 2025 compared to a $0.02 negative impact in the second quarter of 2024.

謝謝你，斯科特。我們 2025 年第二季的每股盈餘為 0.76 美元，與 2024 年第二季相比成長了 0.09 美元。我們的收益包第 15 頁包含第二季業績的比較。我將介紹一些重要的驅動因素。從我們的公用事業業務開始，收益比 2024 年第二季高出 0.16 美元。天氣因素對季度環比收益產生了約0.04美元的正向影響。與正常情況下相比，我們估計，天氣因素在2025年第二季產生了0.02美元的正向影響，而在2024年第二季則產生了0.02美元的負向影響。

Rate-based growth contributed $0.12 more to earnings. Additionally, timing of fuel expense, tax, and other items added another $0.07. These positive drivers were partially offset by $0.05 from higher depreciation and amortization expense and $0.02 from higher day-to-day O&M. As shared before, we still expect for O&M expense to grow 8% to 10% for the full year when compared to actual O&M in 2024. As a reminder, this year-over-year growth is largely driven by a few factors, including our continued focus on Commission-approved vegetation management, new assets placed in service, and measures we took last year to offset the mild weather impact.

基於利率的成長對收益貢獻了 0.12 美元。此外，燃料費用、稅金及其他項目的時間成本又增加了0.07美元。這些正面因素被折舊攤提費用增加0.05美元以及日常營運維護費用增加0.02美元部分抵銷。如同先前所分享的，我們仍預期與 2024 年的實際維運相比，全年運維費用將增加 8% 至 10%。提醒一下，這種同比增長主要是由幾個因素推動的，包括我們持續關注委員會批准的植被管理、投入使用的新資產以及我們去年為抵消溫和天氣影響而採取的措施。

And let me also give you some color on our weather-normal retail electric deliveries. Excluding the iron ore mine, compared to the second quarter of 2024, we saw a 1.1% growth in retail electric deliveries, led by the large commercial and industrial segment, which grew 1.9% quarter over quarter. The residential and small commercial and industrial segments grew 0.4% and 1% respectively when compared to the second quarter of last year. Overall, we're on track for our annual growth forecast. Remember, we expect our annual electric sales growth to be 4.5% to 5% for the period 2027 through 2029.

我也想向您介紹我們天氣正常的零售電力配送狀況。不包括鐵礦，與 2024 年第二季相比，零售電力交付量成長了 1.1%，其中大型商業和工業部門的交付量較上季成長了 1.9%。與去年第二季相比，住宅和小型商業及工業部門分別成長了 0.4% 和 1%。總體而言，我們的年度成長預測正在順利實現。請記住，我們預計 2027 年至 2029 年期間我們的年度電力銷售成長率將達到 4.5% 至 5%。

Turning to American Transmission Company, capital investment growth contributed an incremental $0.01 to Q2 earnings compared to 2024. And at our energy infrastructure segment, earnings decreased $0.03 in the second quarter of '25 compared to the second quarter of '24. Higher production tax credits were more than offset by other factors, including a loss from storm damage recognized in the second quarter of 2025.

談到美國傳動公司，與 2024 年相比，資本投資成長為第二季收益貢獻了 0.01 美元。在我們的能源基礎設施部門，2025 年第二季的收益與 2024 年第二季相比下降了 0.03 美元。更高的生產稅收抵免被其他因素所抵消，包括 2025 年第二季確認的風暴損害損失。

Next, you'll see that earnings from the corporate and other segments decreased $0.03, driven by higher interest expense. In terms of common equity, we issued about $425 million through the first half of this year via our ATM program, as well as the dividend reinvestment and employee benefit plans.

接下來，您會看到，由於利息支出增加，企業和其他部門的收益減少了 0.03 美元。就普通股而言，今年上半年我們透過 ATM 計畫以及股息再投資和員工福利計畫發行了約 4.25 億美元的普通股。

We're on track to issue a total of $700 million to $800 million for this year. This is part of the $2.7 billion to $3.2 billion total common equity we expect to issue through 2029 to finance the capital investment. Consistent with what we shared before, as we refresh our capital plan this fall, we continue to expect any incremental capital will be funded with 50% equity content.

我們今年的發行總額預計將達到 7 億至 8 億美元。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。與我們之前分享的內容一致，隨著我們在今年秋季更新資本計劃，我們仍然預計任何增量資本都將由 50% 的股權內容提供資金。

Finally, let me comment on guidance. As Scott mentioned earlier, we are reaffirming our 2025 earnings guidance of $5.17 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 third quarter, we're expecting a range of $0.74 to $0.80 per share. This accounts for July weather and assumes normal weather for the rest of the quarter. We look forward to updating you in the fall as we refresh our capital and financing plan.

最後，讓我對指導意見進行評論。正如斯科特之前提到的，我們重申 2025 年每股收益 5.17 美元至 5.27 美元的預期，假設今年剩餘時間天氣正常。我們也重申長期每股盈餘複合年增長率為 6.5% 至 7%。對於第三季度，我們預計每股收益在 0.74 美元至 0.80 美元之間。這解釋了七月份的天氣狀況，並假設本季剩餘時間的天氣正常。我們期待在秋季更新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.

說完這些，我就把話題轉回給史考特。

Thank you, Xia. Finally, a quick reminder about the dividend. Our annualized dividend stands at $3.57 per share. 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 in our earnings per share. Overall, we're optimistic about continued growth in our region and our company's future.

謝謝你，夏。最後，簡單回顧一下股利。我們的年度股息為每股 3.57 美元。我們繼續將派息率定為收益的 65% 至 70%。我們目前正追蹤該範圍，並預計股息成長將繼續與每股收益的成長保持一致。總體而言，我們對我們所在地區和公司未來的持續成長持樂觀態度。

Operator, we are now ready for the 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) Nicholas Campanella, Barclays.

（操作員指示）巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。

Hey, good afternoon, everyone. Thanks for taking my question.

嘿，大家下午好。感謝您回答我的問題。

Absolutely, Nick. How are you?

當然，尼克。你好嗎？

I'm good. Hope you're doing well. So great to see the economic development activity, especially with Vantage. And I was just wondering if you can maybe talk about the 3.5 gigs of demand and how you're thinking about procuring generation for that. Just where does the system stand today in terms of being long or short capacity and energy? And just given the lead time to build new assets, just how are you kind of thinking about being able to supplement that demand with either a bilateral contract or maybe a newbuild asset? Thanks.

我很好。希望你一切都好。很高興看到經濟發展活動，尤其是 Vantage 的發展。我只是想知道您是否可以談談 3.5 千兆位元組的需求以及您如何考慮為此採購發電。就容量和能量而言，該系統目前處於什麼位置？考慮到建造新資產的準備時間，您如何考慮透過雙邊合約或新建資產來滿足這一需求？謝謝。

Sure. No, great question. And we are actively working with our large customers as that demand looks. And Vantage, that site, longer term is 3.5 gigawatts. That site capacity can be there. We're looking now what is the short term and working with them with our plans, and they've said they're trying to get to about 1.3 gigawatts by the end of '27. So we're actively working with them.

當然。不，這個問題問得好。鑑於這項需求，我們正在積極與大客戶合作。Vantage 站點的長期發電量為 3.5 千兆瓦。該站點容量可以在那裡。我們現在正在考慮短期目標並與他們合作制定計劃，他們表示他們正努力在 2027 年底達到約 1.3 千兆瓦的目標。因此我們正在積極與他們合作。

And we mean that is working on purchase cancellation agreements with them and how do we get orders in place. So we're looking at a variety of items here because the system here is very tight. As you can see, we extended the coal units for another year because of the tight capacity, and those coal units will be retired as we bring on those new CTs. But we're looking at all of the above, but our generation planning team is actively working with all our large customers to make sure we meet their demand needs.

我們的意思是，我們正在與他們制定購買取消協議，以及如何下訂單。因此，我們在這裡查看各種各樣的物品，因為這裡的系統非常嚴格。正如您所看到的，由於產能緊張，我們將煤炭機組的服役期限延長了一年，隨著我們推出新的 CT，這些煤炭機組將會退役。但我們正在考慮上述所有問題，但我們的發電規劃團隊正在積極與所有大客戶合作，以確保滿足他們的需求。

Okay. So still TBD, but we're looking forward to the update.

好的。因此仍有待確定，但我們期待更新。

Correct. We'll have more on our third-quarter call on our capital plan.

正確的。我們將在第三季的資本計劃會議上公佈更多消息。

Fantastic, fantastic. And then maybe as we kind of think through on that capital update, the CAGR, we all love the precision, but it is probably one of the thinner ones out there across the sector and just -- there is an upward bias to capital. I know that you have to finance that, but how are you just thinking about whether that puts you higher in the plan or not and how you're thinking about the growth rate as we get to the next quarter update?

太棒了，太棒了。然後，也許當我們仔細考慮資本更新、複合年增長率時，我們都喜歡它的精確度，但它可能是整個行業中比較薄弱的一個，而且——資本呈向上趨勢。我知道你必須為此提供資金，但你如何考慮這是否會使你在計劃中排名更高，以及在下一季更新時如何考慮成長率？

Well, that's a great question and very, like you said, really excited about the economic development we're having in the region. And it's not just the large -- Very Large Customers. It's also what we're seeing throughout the region with housing and other development. So we're pulling all that together right now. And Xia and I and the rest of the team will be looking at our growth pattern along with this fall as we present our updates to the Board, and we'll roll it out on our third quarter call. But we're feeling good with what the region is providing us.

嗯，這是一個很好的問題，正如您所說，我們對該地區的經濟發展感到非常興奮。而且不只是大客戶——非常大的客戶。我們也在整個地區的住房和其他開發項目中看到了這種情況。所以我們現在把所有這些整合在一起。夏和我以及團隊的其他成員將會關注我們的成長模式以及今年秋季向董事會提交的最新情況，我們將在第三季電話會議上公佈這一情況。但我們對該地區為我們提供的幫助感到非常滿意。

One last one, if I can, just the large load tariff docket. Is there any -- just based on the timeline for that proceeding, would you have clarity on that ahead of the third-quarter call? I guess, could you settle that proceeding, or do you expect because it's a new tariff that it goes through kind of a fully litigated outcome at the commission?

如果可以的話，我再說最後一個，就是大額負載關稅單。是否有任何——僅根據該程序的時間表，您是否能在第三季度電話會議之前明確這一點？我想，您能否解決該訴訟程序，或者您是否預計，因為這是一項新關稅，它會在委員會中經歷一種完全訴訟的結果？

Well, I'll answer it twofold. We kind of settled it because we walked in with all the large customers and all agreed that this is a proper tariff. And I think the Commission is going to take time, as they should, along with all the interveners, to make sure the processes and how we plan on allocating costs, so that makes sure that the Very Large Customers are paying their fair share.

好吧，我會從兩個方面來回答。我們解決了這個問題，因為我們與所有大客戶都進行了溝通，他們都同意這是一個合適的關稅。我認為委員會需要時間，他們應該與所有乾預者一起確保流程和我們計劃如何分配成本，以確保超大客戶支付他們應得的份額。

So I don't know if it's really contested or just being actively reviewed. But I'd say we pretty much have a settlement at this point with our Very Large Customers that it's reasonable and appropriately paying their fair share of the cost. So it's more of a process now to go through, and people can have the opportunity to ask questions on the processes and how we look at things. And the Commission has a lot in front of their plate that we've asked them to approve as we continue to build out the infrastructure here in Wisconsin.

所以我不知道它是否真的存在爭議，還是只是正在積極審查。但我想說，目前我們與我們的超大客戶已經達成了基本協議，他們支付應承擔的費用是合理且適當的。因此，現在這更像是一個需要經歷的過程，人們可以有機會就該過程以及我們如何看待事物提出問題。在我們繼續在威斯康辛州建設基礎設施的同時，我們要求委員會批准許多工作。

All right. Well, thanks so much. Have a great rest of your summer. Thank you.

好的。嗯，非常感謝。祝您有個愉快的暑假。謝謝。

Sounds good. Thank you.

聽起來不錯。謝謝。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Hi, it's Brian Russo on for Julian.

大家好，我是 Brian Russo，代替 Julian。

Hey, Brian. How are you doing?

嘿，布萊恩。你好嗎？

Good, thanks. Hey, just to follow up on the CapEx update, so I think the early indications are 1.3 gigawatts for Vantage in 2027. I suppose that could ramp up closer to that 3.5 gigawatts, maybe towards the latter half of that plan, or is that still too early in the development process?

很好，謝謝。嘿，只是為了跟進資本支出更新，所以我認為早期跡象表明 2027 年 Vantage 的產能將達到 1.3 千兆瓦。我認為這個數字可能會接近 3.5 千兆瓦，也許是在計劃的後半段，還是在開發過程中還為時過早？

I'd say it's really early in the development process yet before we can work with that. We're working with them right now every week on providing their first load and working with them for the rest of the timeframe here. So early yet in the process, but we'll have some good numbers in our five-year plan as we pull it together.

我想說，在我們能夠進行這項工作之前，這還處於開發過程的早期階段。我們現在每週都與他們合作，提供他們的第一批貨物，並在剩餘的時間內與他們合作。雖然這一進程還處於初期階段，但隨著我們逐步完成五年計劃，我們將獲得一些不錯的數據。

Okay, great. And can we talk about some of the other CapEx opportunities you have as you roll forward or update in the fall, first on the People's Gas PRP, and then also on the ATC Upside CapEx? I think it would be tied to MISO Tranche 2.1, and you could have some early CapEx on that in 2030?

好的，太好了。我們可以談談您在秋季推廣或更新時擁有的一些其他資本支出機會嗎？首先是人民天然氣 PRP，然後是 ATC Upside 資本支出？我認為它會與 MISO Tranche 2.1 掛鉤，並且您可以在 2030 年對其進行一些早期資本支出嗎？

Sure. So initially you asked about People's Gas, and you saw we retired a pipe from 1861. So there's a lot of pipe there that they asked us to retire by 12/31/2034, about 1,100 miles of that older pipe. We're going through a process and we're starting to retire some, as you saw in our prepared remarks. That's going to take a while to ramp up till we get to about a run rate. I think in about 2028, it will be about a little over $500 million in order to be completed in that timeframe based on our assumptions today. And we're fine-tuning those assumptions as we roll out the fall capital plan.

當然。所以最初你詢問了人民天然氣公司的情況，你看到我們從 1861 年開始就淘汰了一條管道。他們要求我們在 2034 年 12 月 31 日之前淘汰掉那裡的許多管道，大約有 1,100 英里的舊管道。我們正在經歷一個過程，我們正在開始淘汰一些人，正如您在我們準備好的演講中所看到的那樣。這需要一段時間才能達到運行率。我認為，根據我們今天的假設，到 2028 年左右，要在此時間內完成，所需的投資將略高於 5 億美元。我們在推出秋季資本計畫時正在對這些假設進行微調。

So right now, as you recall, we only put $90 million a year in our capital plan. So this will take a couple of years to ramp up, but it may be up to that $500 million a year. So there's some definite capital, additional capital in the five-year plan coming related to that. And then as you look at American Transmission Company, there's a couple items. We will be factoring in the remainder of that Tranche 1. They'll be looking at Tranche 2 -- as you said, it's a big capital plan in Tranche 2.

所以現在，正如你所記得的，我們每年在資本計畫中只投入 9,000 萬美元。因此，這需要幾年的時間才能實現，但每年可能達到 5 億美元。因此，五年計劃中肯定會有一些與此相關的資本和額外資本。然後，當您查看美國傳動公司時，您會發現幾件物品。我們將把第一批剩餘的部分考慮進去。他們將關注第二部分——正如你所說，這是第二部分的大型資本計畫。

The other driver, as you think of the capital plan, is the economic development when you think of substations. and other growth that's going on and hooking up the generation and renewables. So I haven't seen where that capital plan will go, but I imagine it will be slightly higher than what we saw before. So we'll see some growth in the ATC capital plan, along with the gas side of the business. And then of course, we'll look at our generation needs to meet this buildout in Wisconsin.

當您想到資本計劃時，另一個驅動因素是變電站帶來的經濟發展，以及正在進行的其他成長以及發電和再生能源的連接。因此，我還沒有看到該資本計劃的去向，但我想它會比我們之前看到的略高一些。因此，我們將看到 ATC 資本計劃以及天然氣業務方面的一些增長。當然，我們會考慮我們這一代需要滿足威斯康辛州的建設需求。

Okay, great. And just one more question. I'm curious, will the Point Beach PPA -- and also, I believe it's Port Washington Unit 1 expires in July 2030. Will those two items need to be contemplated and assessed in this upcoming CapEx update?

好的，太好了。還有一個問題。我很好奇，Point Beach PPA —— 而且我相信它的 Port Washington 1 號機組將於 2030 年 7 月到期。在即將到來的資本支出更新中，是否需要考慮和評估這兩項內容？

On the Port Washington, we are actively looking at the lease and that item and how we look at that. In fact, we are looking at opportunities. Is there even an opportunity to get more power out of the Port Washington site? So we're in the analysis of that, and that will be updated in our five-year plan. And then on the Point Beach, we've had good discussions with NextEra. They've been really productive. I expect we'll have something here by the end of the year. We'll see if we'll get it. Hopefully we get it in our five-year plan or by the end of the year, but things have been moving along really well. So more to come on that.

關於華盛頓港，我們正在積極研究租賃和該項目以及我們如何看待它。事實上，我們正在尋找機會。是否還有機會從波特華盛頓發電廠獲得更多電力？我們正在對此進行分析，並將在我們的五年計劃中進行更新。然後，在 Point Beach 問題上，我們與 NextEra 進行了很好的討論。他們確實非常有效率。我預計我們今年底就能取得一些成果。我們將看看是否能得到它。希望我們能在五年計劃或年底前實現這一目標，但事情進展得非常順利。對此我們還有更多內容。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thank you.

謝謝。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究公司。

Hey, good afternoon.

嘿，下午好。

Hi, Michael.

你好，麥可。

Hey, Scott. I wanted to just unpack the load growth a little bit more. So you spoke to what you're seeing on the Vantage side. I guess, how do we assess what you need tangibly to include it formally in your plan? And then is there anything else that's kind of crept into the plan on top of the 1.8 gigawatts that you've got embedded currently?

嘿，斯科特。我只是想進一步了解負載成長的情況。所以您談到了您在 Vantage 方面看到的情況。我想，我們如何評估您需要什麼才能將其正式納入您的計劃中？那麼，除了目前嵌入的 1.8 千兆瓦之外，還有其他內容融入計劃中嗎？

So when you look at -- on Vantage, we will -- I mean, I feel pretty comfortable we will be factoring something in our five-year plan as it relates to Vantage, what they're moving, and from Cloverleaf now to Vantage. So I feel good we'll put something in our five-year plan as it relates to Vantage. On anything else in the economic development, like we said, we've got a lot of industries that have come into Wisconsin. In our prepared remarks, we had a couple.

因此，當您查看 Vantage 時，我們會 — — 我的意思是，我感到非常放心，我們會將一些與 Vantage 相關的因素納入我們的五年計劃中，包括他們正在採取的行動以及從 Cloverleaf 到 Vantage 的轉變。因此，我感覺很好，我們將一些與 Vantage 相關的內容納入我們的五年計劃中。關於經濟發展的其他任何事情，正如我們所說，我們已經有很多行業進入威斯康辛州。在我們準備好的發言中，我們提出了幾點。

There was an article in the paper the other day about three or four other companies adding 200 to 500 jobs. So quite a bit of growth in Wisconsin, but I think when you look at it, we're also seeing good residential growth. I saw housing starting construction in 2024 and 2025, about 4,000 of them in just two counties here. So good growth that we're seeing in southeastern Wisconsin. So all that will be factored into our load forecast.

前幾天報紙上有一篇文章，說另外三、四家公司增加了 200 到 500 個工作機會。威斯康辛州的成長相當大，但我認為，當你看到它時，我們也看到了良好的住宅成長。我看到 2024 年和 2025 年開始建造住房，光是這兩個縣就有大約 4,000 棟住房。我們看到威斯康辛州東南部出現了良好的成長勢頭。因此，所有這些都將被納入我們的負載預測之中。

Okay, great. And sorry, just another one on the supply side. Do you have the ability to push out any of your planned coal shutdowns any further? And then on the newbuild side, are you still thinking mostly CTs? Or at some point, are you going to have to add a new CCGT?

好的，太好了。抱歉，這只是供應的另一個問題。您有能力進一步延後煤炭停產計畫嗎？那麼在新建方面，您是否仍主要考慮 CT 呢？或者在某個時候，您是否必須添加新的 CCGT？

Sure. And right now, we have CTs in the plan. We will probably be looking at a combined cycle as we continue to evolve here with the additional demand. So that's more to come potentially in our five-year plan here. On the coal, I mean, we extended Oak Creek 6 and -- or 7 and 8. Those two plants, in fact, have to be retired because we're using the same interconnect for the new CTs.

當然。目前，我們的計劃中有 CT。隨著我們繼續隨著額外需求而發展，我們可能會考慮聯合循環。因此，我們的五年計畫中還可能出現更多這樣的情況。關於煤炭，我的意思是，我們延長了 Oak Creek 6 號和 7 號和 8 號礦場。事實上，這兩個工廠必須退役，因為我們對新的 CT 使用相同的互連。

And actually, we really couldn't extend them much longer. We really took the time and spent looking at the plants to see if we would be able to limp them along for another year without making major capital investments. If you wanted to extend them longer, you would need a lot of capital investments. So that one, we're not going to be able to extend anymore. And then when you think about the other plants, we really have them kind of running only a couple of them, like 2030, 2031. So we'll evaluate where the EPA rules go.

事實上，我們確實無法將它們延長太久。我們確實花了時間觀察這些植物，看看我們是否能夠在不進行大量資本投資的情況下讓它們再存活一年。如果想要延長它們，就需要大量的資本投資。因此，我們將無法再延長該期限。然後，當你想到其他工廠時，我們實際上只運行其中的幾個，例如 2030 年、2031 年。因此我們將評估 EPA 規則的走向。

But remember, our big workhorse is the Ellerbe Road generating station, the Power of the Future units. We're in the process of converting those to natural gas. So those are designed that eventually we'll be able to run them on coal or gas. The key is we don't have any -- we're not losing any capacity with that. And we're also looking at gas for the Weston 4 units. So we're not losing any capacity. It's just running in a little cleaner fuel. So more to come this fall, but that's kind of our thought process when you think about the big coal units.

但請記住，我們的主要動力是埃勒比路發電站，也就是未來動力裝置。我們正在將其轉化為天然氣。因此，這些設計最終將能夠利用煤炭或天然氣來運作。關鍵是我們沒有——我們不會因此失去任何產能。我們也正在研究 Weston 4 號機組的天然氣。所以我們不會失去任何產能。它只是使用更清潔的燃料。因此今年秋天還會有更多事情發生，但當你想到大型煤炭單位時，這就是我們的思考過程。

Okay, that's really helpful. And just a quick one for Xia, the Q2 storm damage that you booked, just more color on that. Thank you.

好的，這確實很有幫助。對於 Xia 來說，我想簡單介紹一下您所記錄的 Q2 風暴造成的損失，希望能夠對此進行更詳細的說明。謝謝。

Sure. We've had several windstorms impacting the Texas solar facilities in the past several years. So in the quarter, we came to the conclusion that we couldn't just rely on insurance recovery for the storm damage, so we needed to take some accounting entry. But we're working actively with the insurance providers, contractors, and parts manufacturers fully restore the loss capacity. So as we continue to make progress there, we could recover some of the damage, the loss we recognize in the quarter. So more to come.

當然。過去幾年，德州的太陽能設施曾遭受數次風暴襲擊。因此，在本季度，我們得出結論，我們不能僅僅依靠保險來彌補風暴造成的損失，所以我們需要進行一些會計分錄。但我們正在積極與保險公司、承包商和零件製造商合作，全面恢復損失的能力。因此，隨著我們繼續取得進展，我們可以挽回本季承認的一些損失。未來還會有更多。

Thanks again.

再次感謝。

Sounds good. Thank you.

聽起來不錯。謝謝。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Hi. Thanks, everybody. Scott, I think you said in your opening remarks you're still working to safe harbor equipment to qualify for renewable tax credits under the OBDB. How much of your plan is already safe harbored? And to whatever degree you might not qualify, whether because you're unable to safe harbor equipment or maybe potential challenges related to the executive order, what would be your backup plan? And then as a follow up, does anything about the OBDB change your thinking about WEC Infrastructure or the opportunity to build renewables outside of the utility?

你好。謝謝大家。斯科特，我想你在開場白中說過，你仍在努力確保設備安全，以便有資格獲得 OBDB 下的可再生稅收抵免。您的計劃有多少已經得到安全保障？無論您在何種程度上不符合資格，無論是因為您無法安全港運設備，還是可能面臨與行政命令相關的潛在挑戰，您的備用計劃是什麼？然後作為後續問題，OBDB 是否會改變您對 WEC 基礎設施或在公用事業之外建造可再生能源的機會的看法？

Sure, good question, and we've got several vintages of safe harboring in our plan. We've got some all the way back to 2023, some in '24. We're actively there in '25. We probably have 40% to 50% under the already safe harbored and working on the rest. We really want to see what those new Treasury requirements are to make sure we're in compliance, so we don't have any surprises in the future.

當然，這是個好問題，我們的計畫中已經包含了數個安全港灣措施。我們有一些可以追溯到 2023 年，還有一些可以追溯到 2024 年。我們在 25 年積極開展工作。我們大概已經將 40% 到 50% 的資金置於安全港之下，其餘部分正在處理中。我們確實想了解財政部的新要求是什麼，以確保我們遵守規定，這樣我們將來就不會遇到任何意外。

Now when you think of that in the future, this is really saving money for customers, but we really need the energy and a lot of capacity and energy to supply the demand growth that we're seeing on the system. So we'll evaluate. Is combined cycle make sense? Is there other ways to provide it? Batteries, of course. In fact, batteries provide ITC even longer into the plan. And batteries -- the first battery we got up and running that we talked about was very beneficial during the hot spell we saw in June.

現在，當你想到未來時，這確實為客戶節省了資金，但我們確實需要能源和大量的容量和能源來滿足我們在系統中看到的需求成長。因此我們將進行評估。聯合循環有意義嗎？有其他方法可以提供嗎？當然是電池。事實上，電池在計劃實施期間提供 ITC 的時間更長。還有電池——我們談到的第一塊電池在六月的炎熱天氣中發揮了很大的作用。

So more to come as we analyze it. Of course, we'll look at every piece of information that comes in. On the WEC I side, you saw we have so much growth in utilities. So we put our last WEC Infrastructure project in earlier in the year, and now we're really concentrating on all the growth and generation of renewables and natural gas and LNG that we need in Wisconsin to support the Wisconsin economic development.

隨著我們對其進行分析，將會有更多內容。當然，我們會查看收到的每一則訊息。在 WEC I 方面，您會看到我們在公用事業方面取得了長足的發展。因此，我們在今年稍早啟動了最後一個 WEC 基礎設施項目，現在我們真正集中精力在威斯康辛州所需的所有可再生能源、天然氣和液化天然氣的增長和生產，以支持威斯康辛州的經濟發展。

Okay, very good. Then lastly, can you elaborate on the extended useful lives of the Oak Creek coal units? Was that a function of stronger-than-expected near-term demand or any delays in construction of the new supply coming online or possibly any political pressure or involvement like some of your neighbors have seen? Just hoping you can elaborate on that. And is there any CapEx related to that? I imagine that would be coming either this year or next year. But if you could comment on that, please.

好的，非常好。最後，您能詳細說明一下 Oak Creek 煤炭機組的延長使用壽命嗎？這是由於近期需求強於預期，還是新供應上線建設出現延誤，或者可能是由於您的一些鄰居所經歷的政治壓力或參與？只是希望您能詳細說明一下。是否有與此相關的資本支出？我想這會在今年或明年發生。但如果你能對此發表評論，請。

Sure. And we were looking We look at this quite a bit as we look at how do we run the units during the year, and could we get some more hours out of them without significant CapEx? So we don't anticipate significant additional CapEx to run those. And what really -- with the final decision, we saw the MISO prices come out in the summer. The summer demand, they were a little higher. So we decided, let's really pull the trigger here and extend those lives.

當然。我們正在研究這個問題，我們正在研究如何在一年內運行這些單位，我們是否可以在不產生大量資本支出的情況下從這些單位獲得更多的工作時間？因此，我們預計運行這些項目不需要大量額外的資本支出。事實上——隨著最終決定的做出，我們看到 MISO 價格在夏季出爐。夏季的需求量稍微高一些。所以我們決定，讓我們真正採取行動，延長這些生命。

We did it on our own. There was no political questions or discussions at all on what we should do. But we looked at what makes sense in the region here, specifically when we saw those [base demands] for the summer. Just to make sure everyone understands, we had these in our rate case through 2025. Now we're extending them into 2026.

我們自己做的。關於我們應該做什麼，根本沒有任何政治問題或討論。但我們研究了該地區的合理性，特別是當我們看到夏季的那些[基本需求]時。為了確保每個人都理解，我們在 2025 年的利率案例中已經包含了這些內容。現在我們將其延長至 2026 年。

So going forward in 2026, the rate order kind of contemplated this that if we had showed them early for some reason or extend the lives, we have escrow accounting for the O&M expenses. And of course, the fuel, we're working with our fuel team and our annual fuel filing to factor in these coal units into that -- for that added capacity. So it was really a decision we've been watching very closely. And with the warm spell in June and the MISO prices, it came to an easy decision.

因此，展望 2026 年，費率訂單考慮到了這一點，如果我們由於某種原因提前展示它們或延長使用壽命，我們將對 O&M 費用進行託管會計。當然，對於燃料，我們正在與我們的燃料團隊合作，並在年度燃料申報中將這些煤炭單位納入其中，以增加產能。所以我們一直在密切關注這個決定。隨著六月氣候變暖以及味噌價格的上漲，我們很容易就做出了決定。

Okay, very good. Thank you.

好的，非常好。謝謝。

Thank you.

謝謝。

Carly Davenport, Goldman Sachs. Please go ahead.

高盛的卡莉·達文波特。請繼續。

Hey, good afternoon. Thanks so much for taking the questions. Maybe just wanted to get the latest pulse check on the Microsoft ramp-up of activity at the data center site and just how you're thinking about the opportunity with them above and beyond what is baked into the current five-year plan.

嘿，下午好。非常感謝您回答這些問題。也許只是想了解微軟在資料中心網站活動增加的最新情況，以及您如何看待與他們合作的機會，超越目前五年計畫的範圍。

Sure. And we talked to Microsoft quite a bit. I can't reveal the details of our discussions, but that's why we're really comfortable with what we currently have in that southeastern Wisconsin region with what Microsoft's doing, plus the other economic development that supports that 1.8 gigawatts. I drive by the site a couple of times a month because I'm real close there. I mean, a lot of activities going on, a lot of movements going on.

當然。我們與微軟進行了多次交流。我無法透露我們討論的細節，但這就是為什麼我們對目前在威斯康辛州東南部地區以及微軟所做的事情以及支持 1.8 千兆瓦的其他經濟發展感到非常滿意。我每個月都會開車經過該地點幾次，因為那裡離我很近。我的意思是，有很多活動正在進行，有很多運動正在進行。

They're still developing and growing. And when you think about the potential, there's dirt and land being moved at about 1,360 acres, and then they own another 500 acres just north of that site and another 200 acres a couple of miles away in Kenosha. So I think there's a lot of future opportunities there as they continue or as they bought that additional land earlier in the year. So looking forward to it, and we'll update our plans this fall and continue to work with them to develop what the site and those other sites can provide.

它們仍在發展和成長。考慮到潛力，他們要遷移的泥土和土地面積約為 1,360 英畝，此外，他們還擁有該地點正北面的另外 500 英畝土地，以及幾英里外的基諾沙的另外 200 英畝土地。因此我認為，隨著他們繼續發展或在今年早些時候購買額外的土地，那裡未來將有很多機會。所以我們對此充滿期待，我們將在今年秋天更新我們的計劃，並繼續與他們合作開發網站和其他網站所能提供的內容。

Great. Thank you for that. And then I just wanted to follow up on some of the questions earlier on the Vantage site. Just with the tightness that you mentioned in the market currently and as we think about the supply chain cues for gas units, for example, being quite lengthy, do you think that end of 2027 timeframe for their power needs is achievable? And kind of just help us think about what levers WEC has available to pull to sort of meet that demand in what seems like a fairly short timeframe relative to some of the other projects that we're seeing across the US.

偉大的。謝謝你。然後我只是想跟進一下之前在 Vantage 網站上提出的一些問題。就您提到的當前市場緊張狀況，以及我們考慮到天然氣單位的供應鏈線索相當長而言，您是否認為 2027 年底滿足其電力需求的時間表是可以實現的？這只是幫助我們思考一下，WEC 可以利用哪些手段來滿足這一需求，而且與我們在美國看到的其他一些項目相比，這似乎是一個相當短的時間段。

Sure. And we've been working with Cloverleaf, now Vantage, for quite a while here. And our planning team are pulling together multiple ideas on what to do. I don't want to really reveal anything yet until we get to our five-year plan. But we do have a plan, and we're actively engaged in executing on that plan. More to come on it, but we feel we can deliver the load.

當然。我們與 Cloverleaf（現為 Vantage）合作已有相當長一段時間了。我們的規劃團隊正在匯總多種想法，以決定下一步該做什麼。在我們制定五年計畫之前，我還不想透露任何消息。但我們確實有一個計劃，我們正在積極執行該計劃。我們還將繼續討論，但我們覺得我們可以承擔這一責任。

Great. We'll keep in tune there. Thank you.

偉大的。我們會繼續關注。謝謝。

Sounds good. Thank you.

聽起來不錯。謝謝。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

Thank you very much, and congratulations on a great quarter. I wanted to follow up a little bit on Carly's question. The, I guess, Mount Washington Site 1 for Microsoft is under construction. Are any of the other three identified sites -- have they begun construction? And has Microsoft updated at all with respect to the pause that it announced in January?

非常感謝，並祝賀本季取得優異成績。我想稍微回答一下卡莉的問題。我猜，微軟的華盛頓山 1 號基地正在興建中。其餘三個已確定的工地是否已經開始施工？微軟是否就其一月份宣布的暫停計劃做出任何更新？

Sure. And the other two sites, I haven't seen any construction on those starting yet. They're really mainly concentrated at 1,300 acres. So there may be some work that's happening behind the scenes, but I haven't physically seen it. But we've been working with them. They haven't talked at all about a pause or not a pause. I know dirt's being moved on all 1,300 and some acres. And I really pay attention to the forecast that they give us, and I have confidence that they're going to deliver, and they're moving dirt to make it happen. They haven't told us specifically about a pause or unpausing something, but I can tell you that activity is happening on the site.

當然。至於另外兩個地點，我還沒看到任何動工。它們實際上主要集中在 1,300 英畝的土地上。因此，幕後可能正在進行一些工作，但我沒有親眼看到。但我們一直在與他們合作。他們根本沒有談論暫停或不暫停。我知道所有 1,300 多英畝土地上的泥土都在移動。我非常關注他們給我們的預測，我相信他們會實現目標，而且他們正在盡一切努力實現這一目標。他們沒有具體告訴我們有關暫停或取消暫停的事情，但我可以告訴你網站上正在進行活動。

Great. Thank you very much.

偉大的。非常感謝。

Thank you. All right. Well, thank you, everyone. That concludes our conference call for today. Thank you for participating. If you have any more questions, please feel free to contact Beth Straka at 414-221-4639.

謝謝。好的。好的，謝謝大家。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。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天加入我們。今天的電話會議到此結束。您現在可以斷開連線。