威斯康辛能源 (WEC) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to WEC Energy Group's conference call for third-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年第三季業績電話會議。本次通話將會被錄音，以便重播。（操作說明）本次電話會議的詳細財務資訊包已發佈在 wecenergygroup.com 網站上。電話會議結束後約兩小時，將提供錄音回放。

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. In addition to the assumptions and other factors referred to in connection with the statements, factors described in WEC Energy Group 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.

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，涉及風險和不確定性，隨時可能發生變化。這些聲明是基於管理階層在聲明發佈時的預期。除了聲明中提到的假設和其他因素外，WEC Energy Group 最新 10-K 表格及隨後向美國證券交易委員會提交的報告中所述的因素也可能導致實際結果與預期結果有重大差異。除非另有說明，否則討論中提及的每股收益將以稀釋後每股收益為準。

This call also will include non-GAAP financial information. The company has provided reconciliations to the most directly comparable GAAP measures in the materials posted on its website for this conference call.

本次電話會議也將包含非GAAP財務資訊。本公司已在網站上發布的本次電話會議資料中提供了與最直接可比較的 GAAP 指標的調整表。

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

現在，我榮幸地向大家介紹 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 third 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.

各位下午好，感謝各位今天參加我們的節目，我們將一起回顧2025年第三季的業績。和我一起的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貝絲·斯特拉卡。

As you saw from our news release this morning, we reported third-quarter 2025 earnings of $0.83 per share. With this solid quarter, we remain on track for strong 2025 results. Our focus on executing the fundamentals of the business is creating real value for our customers and stockholders. Today, we are reaffirming our earnings guidance for the year at a range of $5.17 to $5.27 a share. Of course, this assumes normal weather through the remainder of 2025.

正如您今天早上從我們的新聞稿中看到的那樣，我們公佈了 2025 年第三季每股收益為 0.83 美元。憑藉本季穩健的表現，我們仍有望在2025年取得強勁的業績。我們專注於執行業務的基本要素，從而為客戶和股東創造真正的價值。今天，我們重申今年的獲利預期，每股盈餘預計為 5.17 美元至 5.27 美元。當然，這假設2025年剩餘時間天氣正常。

In addition, I'm excited to share our new five-year capital plan. Let's start talking by talking about the economic growth that's driving the plan. We continue to see major business building a future in our region. Overall, our electric demand is expected to grow 3.4 gigawatts between 2026 and 2030, an increase of 1.6 gigawatts compared to the prior plan. Microsoft is making good progress on its large data center complex in Mount Pleasant, Wisconsin. The company has stated that the first phase of that project is on track to go online next year.

此外，我很高興與大家分享我們新的五年資本計劃。讓我們先來談談推動這項計畫的經濟成長。我們持續看到許多大型企業在我們地區打造未來。總體而言，預計 2026 年至 2030 年間，我們的電力需求將增加 3.4 吉瓦，比先前的計畫增加 1.6 吉瓦。微軟位於威斯康辛州芒特普萊森特的大型資料中心綜合大樓建設進展順利。該公司表示，該計畫的第一階段進展順利，並將於明年上線。

In addition, Microsoft also recently announced plans for a second phase in Mount Pleasant that will be similar in size and power. Its projected investment is an incremental $4 billion on top of the original $3.3 billion investment. The economic development south of Milwaukee is supporting approximately 2.1 gigawatts of our overall 3.4 gigawatt demand growth.

此外，微軟最近還宣布了在芒特普萊森特建設第二期工程的計劃，其規模和實力將與第一期工程類似。預計此次投資將在原有的 33 億美元投資基礎上增加 40 億美元。密爾瓦基南部地區的經濟發展支撐了我們整體 3.4 吉瓦需求成長中的約 2.1 吉瓦。

And as you recall, Vantage Data Centers has signed on to develop data center facilities on approximately 1,900 acres north of Milwaukee in Port Washington. Just last week, Vantage has announced that this campus named Lighthouse will be part of open AI and Oracle's partnership on the Stargate expansion. Vantage has reported that the site has the potential to reach 3.5 gigawatts of demand over time.

您可能還記得，Vantage Data Centers 已簽約在密爾瓦基以北的華盛頓港開發約 1900 英畝的資料中心設施。就在上週，Vantage 宣布，這個名為 Lighthouse 的園區將成為 open AI 和 Oracle 在 Stargate 擴充計畫上合作的一部分。Vantage 報告稱，該站點未來有可能達到 3.5 吉瓦的需求量。

Right now, we're focused on providing generation for an estimated 1.3 gigawatts of demand at the site in the next five years. The city of Port Washington approved Vantage is planned in August for the initial development on 670 acres. Vantage has stated that it expects to invest $15 billion in the project. The campus will feature four data centers and construction is planned to start this year. Vantage has announced that the facility could go online in late 2027 with this first phase of the project scheduled for completion in 2028.

目前，我們的重點是為該站點未來五年預計 1.3 吉瓦的電力需求提供發電。華盛頓港市已批准 Vantage 計畫於 8 月啟動，該計畫將在 670 英畝的土地上進行初步開發。Vantage公司表示，預計將在該項目上投資150億美元。該園區將設有四個資料中心，計劃於今年動工。Vantage公司宣布，該設施預計將在2027年底投入使用，該項目的第一階段計劃於2028年完成。

Of course, the growth of large customers is also fostering small commercial and residential development throughout our service territory. And Wisconsin's unemployment rate stands at 3.1% continuing a long-running trend below the national average. This significant economic development is driving our capital plan. As you may have seen from our announcement this morning, we expect to invest $36.5 billion in capital projects between 2026 and 2030, an increase of $8.5 billion above our previous five-year plan. That's more than a 30% increase.

當然，大客戶的成長也促進了我們服務區域內小型商業和住宅的發展。威斯康辛州的失業率為 3.1%，繼續維持低於全國平均的長期趨勢。這一重大經濟發展正在推動我們的資本規劃。正如您今天早上從我們的公告中可能看到的那樣，我們預計在 2026 年至 2030 年間投資 365 億美元用於資本項目，比我們之前的五年計劃增加 85 億美元。這比30%的增幅還要大。

With this updated capital plan, we expect asset-based growth at an average rate of just over 11% a year. We expect that strong asset base growth to support our updated long-term projected earnings per share growth of 7% to 8% a year on a compound annual basis between 2026 and 2030, This is based on the midpoint of our 2025 guidance.

根據這項更新的資本計劃，我們預計資產成長率平均每年略高於 11%。我們預計強勁的資產基礎成長將支撐我們更新後的長期每股盈餘預測，即 2026 年至 2030 年間，以年複合成長率計算，每股盈餘每年成長 7% 至 8%。這是基於我們 2025 年業績指引的中點數值。

For the next few years, however, we expect to maintain our existing EPS growth rate of 6.5% to 7% on a compound basis and then accelerate starting in 2028 to the upper half of the new guidance range on a compound basis. As you are well aware, we're in the early stages of deploying the capital required to support the robust growth in our region, and it takes time to fully put the projects in service.

不過，在接下來的幾年裡，我們預計將保持現有的每股盈餘複合成長率在 6.5% 至 7% 之間，然後從 2028 年開始加速成長，達到新的指導範圍的上半部分。如您所知，我們目前正處於部署支援本地區強勁成長所需資金的早期階段，而要讓這些專案全面投入使用還需要時間。

The increase in our plan is driven by investments in regulated electric generation, transmission and distribution in Wisconsin and the pipe retirement program in Illinois.

我們計劃的增加主要得益於對威斯康辛州受監管的電力生產、輸送和分配的投資，以及伊利諾伊州的管道退役計劃。

Let me give you a few more details. Over the next five years, we'll utilize an all-of-the-above approach for generation to support the economic growth and reliability by investing in new natural gas, batteries and renewables. The key for reliability is dispatchable resources. Between 2026 and 2030, we expect to invest an incremental $3.4 billion in modern, efficient natural gas generation versus the prior plan. This includes combustion turbines, reciprocating internal combustion engines or race units and upgrades to existing facilities.

我再補充一些細節。未來五年，我們將採取全面全面的發電方式，透過投資新的天然氣、電池和再生能源，來支持經濟成長和提高電力可靠性。可靠性的關鍵在於可調度資源。2026 年至 2030 年間，我們預計將在現代化、高效的天然氣發電方面比先前的計畫增加 34 億美元的投資。這包括燃氣渦輪機、往復式內燃機或賽車裝置以及現有設施的升級。

We also will continue to invest in renewable generation and battery storage increasing our projected investment by $2.5 billion over our prior plan.

我們將繼續投資再生能源發電和電池儲能，預計投資額將比先前的計畫增加 25 億美元。

In addition, American Transmission Company plans to continue to invest in our transmission capabilities to serve our region's economic growth, connect new generation and strengthen the system. Part of that new transmission is planned to serve customers and new data center needs.

此外，美國輸電公司計劃繼續投資我們的輸電能力，以服務我們地區的經濟成長，連接新的發電設施並加強輸電系統。部分新增輸電線路計畫用於服務客戶和滿足新的資料中心需求。

Our plan calls for us to invest approximately $4.1 billion in ATC projects between 2026 and 2030. This represents a $900 million increase from the previous plan. And to help assure reliability and support economic growth, we're continuing to invest in our electric and natural gas distribution networks with an additional $2 billion in the plan. This includes significant investment in our pipe retirement program in Chicago.

我們的計劃是在 2026 年至 2030 年間，在空中交通管制項目上投資約 41 億美元。這比之前的計畫增加了9億美元。為了確保可靠性並支持經濟成長，我們將繼續投資電力和天然氣分銷網絡，計劃追加 20 億美元。這其中包括對我們在芝加哥的管道退役計劃的大量投資。

Recall that the Illinois Commerce Commission directed us to review -- 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 over 1,000 miles of older pipe will need to be replaced.

請記住，伊利諾伊州商業委員會指示我們審查——指示我們重點在 2035 年 1 月 1 日之前淘汰所有直徑小於 36 英寸的鑄鐵和球墨鑄鐵管道。我們預計將有超過1000英里的老舊管道需要更換。

Turning to the regulatory front. I have just a few updates across our service areas. In Wisconsin, our proposed very large -- or BLC tariff remains with the Public Service Commission for a review. As we discussed earlier this year, this tariff is designed to meet the needs of our very large customers while protecting all of our other customers and investors.

接下來談談監理方面。我這裡有一些關於我們服務區域的最新資訊。在威斯康辛州，我們提出的非常大的——或者說BLC關稅仍需公共服務委員會審查。正如我們今年稍早討論的那樣，這項關稅旨在滿足我們大客戶的需求，同時保護我們所有其他客戶和投資者的利益。

As currently proposed, and in our testimony filed earlier this month, the tariff would provide for a fixed return on equity in an updated range of 10.48% to 10.98% and an equity ratio of 57%.

根據目前的提議，以及我們本月稍早提交的證詞，該關稅將規定固定的股權回報率在更新後的 10.48% 至 10.98% 的範圍內，股權比率為 57%。

These financial terms have been agreed upon with the customers. The proposed terms of the agreements are 20 years for wind and solar and the depreciable lives for natural gas and battery storage assets. We worked with a very large customer in designing the tariff, including the financial parameters, and we believe the tariff is a key component to making Wisconsin a prime spot for data center investment.

這些財務條款已與客戶達成協議。擬議協議條款為：風能和太陽能20年，天然氣和電池儲能資產以折舊年限計算。我們在設計關稅時與一位非常大的客戶合作，包括財務參數，我們相信該關稅是使威斯康辛州成為資料中心投資首選地點的關鍵因素。

We have a procedural schedule and provided our direct testimony earlier this month. A commission order is expected by early May of next year for customers to take service in June.

我們有既定的程序安排，並且在本月初提供了直接證詞。預計明年5月初將下達佣金訂單，以便客戶在6月開始享受服務。

And in Illinois, we are continuing to coordinate with the City of Chicago and our Pipe retirement program. As we are ramping up these efforts, we will continue to have regulatory reviews of the process. This includes the forecast in the general rate case proceeding, which we are planning to file in early 2026 for test year 2027. Of course, we'll keep you updated on any further developments.

在伊利諾州，我們正繼續與芝加哥市政府和我們的管道退役計畫進行協調。隨著我們加強這些工作的力度，我們將繼續接受監管機構對流程的審查。這包括一般費率案件程序中的預測，我們計劃在 2026 年初提交該預測，以用於 2027 年的測試年度。當然，如有任何後續進展，我們會及時向您報告。

Now I'll turn it to Xia to provide you more details on the financial results and our financial plans.

現在我將把發言權交給夏，讓她為大家詳細介紹財務表現和我們的財務計劃。

Thank you, Scott. Our third-quarter 2025 earnings were $0.83 per share $0.01 over third quarter 2024 adjusted earnings. Our earnings package includes a comparison of third quarter results on page 16. I'll walk through the significant drivers. Starting with our utility operations, earnings were $0.12 higher when compared to third quarter 24 adjusted earnings.

謝謝你，斯科特。我們 2025 年第三季的每股盈餘為 0.83 美元，比 2024 年第三季調整後的收益高出 0.01 美元。我們的財報第 16 頁包含第三季業績對比。我將逐一分析其主要驅動因素。先從我們的公用事業業務來看，與 2024 年第三季調整後的收益相比，收益增加了 0.12 美元。

Weather positively impacted earnings by about $0.01 relative to last year. Compared to normal conditions, we estimate that weather had a $0.03 favorable impact in the third quarter of 2025 and compared to a $0.02 favorable impact in 2024.

與去年相比，天氣因素使收益增加了約 0.01 美元。與正常情況相比，我們估計天氣在 2025 年第三季產生了 0.03 美元的有利影響，而 2024 年則產生了 0.02 美元的有利影響。

Rate-based growth contributed $0.15 more to earnings and timing of fuel expense tax and other items added another $0.07. These positive drivers were partially offset by $0.06 from higher depreciation and amortization expense and $0.05 from higher day-to-day O&M.

基於稅率的成長使收益增加了 0.15 美元，燃油稅和其他項目的時效性又增加了 0.07 美元。這些正面因素被更高的折舊和攤提費用（0.06 美元）以及更高的日常營運和維護費用（0.05 美元）部分抵消。

In terms of our weather-normal retail electric deliveries, excluding the iron ore mine, we saw a 1.8% increase compared to the third quarter of 2024. This was led by the large commercial and industrial segment, which grew 2.9%. The residential and small commercial and industrial segments grew 1.3% and 1.4%, respectively. Overall, we are slightly ahead of our annual electric sales growth forecast.

就我們正常天氣條件下的零售電力交付量而言（不包括鐵礦），與 2024 年第三季相比成長了 1.8%。其中大型商業和工業部門成長最為顯著，達 2.9%。住宅和小型商業及工業領域分別成長了1.3%和1.4%。總體而言，我們的年度電動車銷售成長略微超過了預期。

Looking ahead, with the updated load growth, we now expect our annual electric sales growth to be between 6% and 7% for the period 2028 through 2030, that's up from the 4.5% to 5% we previously forecasted.

展望未來，隨著負載成長的更新，我們現在預計 2028 年至 2030 年期間的年度電力銷售成長率將在 6% 至 7% 之間，高於我們先前預測的 4.5% 至 5%。

Turning to American Transmission Company. Capital investment growth contributed an incremental $0.02 to Q3 earnings versus 2024. And at our Energy Infrastructure segment, earnings increased $0.01 in the third quarter of 25% from higher production tax credits.

轉向美國輸電公司。資本投資成長使第三季收益比 2024 年增加了 0.02 美元。在我們的能源基礎設施部門，由於生產稅收抵免增加，第三季收益增加了 0.01 美元，增幅達 25%。

Next, you'll see that earnings from the Corporate and Other segment increased $0.11. This was largely driven by tax timing and higher interest expense.

接下來，您會看到公司及其他業務板塊的收益增加了0.11美元。這主要是由於稅收時機和利息支出增加所致。

In terms of common equity, we issued about $800 million through the first nine months via our ATM program as well as the dividend reinvestment and employee benefit plans. This largely satisfied our common equity needs for this year.

就普通股而言，我們在前九個月透過我們的 ATM 計劃以及股息再投資和員工福利計劃發行了約 8 億美元。這基本上滿足了我們今年的普通股需求。

As Scott noted, we're reaffirming our 2025 earnings guidance of $5.17 to $5.27 per share. This includes October weather and assumes normal weather for the remainder of the year.

正如斯科特所指出的，我們重申 2025 年每股收益預期為 5.17 美元至 5.27 美元。這包括十月份的天氣狀況，並假設今年剩餘時間天氣正常。

Going forward, with the updated capital plan, we expect our EPS growth to accelerate post 2027. Overall, based off the midpoint of the 25% guidance range, our long-term growth rate CAGR is expected to be 7% to 8% through 2030.

展望未來，隨著更新後的資本計畫出台，我們預計 2027 年後每股盈餘成長將加速。總體而言，根據 25% 指導範圍的中點，我們預計到 2030 年的長期複合年增長率將達到 7% 至 8%。

Now let me comment on the financing plan that supports this growth and the new capital plan. As we have consistently guided you we expect any incremental capital will be funded with 50% equity content. When compared to the prior plan, we added $8.5 billion of capital and about $4 billion of incremental equity content equally split between incremental common equity and hybrid or icon securities.

現在讓我來談談支撐這一成長的融資計劃和新的資本計劃。正如我們一直以來向您保證的那樣，我們預計任何新增資金都將以 50% 的股權比例進行融資。與先前的計畫相比，我們增加了 85 億美元的資本，以及約 40 億美元的新增股權，其中新增普通股和混合型或標誌性證券各佔一半。

So here are the details of the funding sources. Over the next five years, we expect cash from operations to be approximately $21 billion, funding more than half of our cash needs. Approximately $14 billion of the funding is expected to come from incremental debt, and the remaining cash is expected to be funded by approximately $5 billion of common equity. As a reminder, the cadence of common equity is a function of capital expenditures. For 2026, we expect common equity issuances to be between $900 million to $1.1 billion.

以下是資金來源的詳細資訊。未來五年，我們預計營運現金流約為 210 億美元，可滿足我們一半以上的現金需求。預計約 140 億美元的資金將來自新增債務，其餘現金預計將透過約 50 億美元的普通股融資。需要提醒的是，普通股的發行節奏取決於資本支出。我們預計 2026 年普通股發行量將在 9 億美元至 11 億美元之間。

In closing, as Scott discussed previously, the strong economic development and low growth in Wisconsin is the foundation of our new five-year plan. With the asset base forecasted to grow at 11.3% a year on average, we expect to nearly double our asset base over the next five years.

最後，正如史考特之前所討論的，威斯康辛州強勁的經濟發展和低成長是我們新的五年計畫的基礎。預計資產基礎將以平均每年 11.3% 的速度成長，我們預計未來五年內資產基礎將幾乎翻倍。

It's important to note that the bespoke assets allocated to our very large customers, are projected to represent 14% of our total asset base by 2030. As a reminder, the tariff is designed so these customers pay their fair share are not being subsidized by other customers. We're very excited about our company's future and the investment opportunities ahead of us.

值得注意的是，分配給我們特大客戶的客製化資產預計到 2030 年將占我們總資產基礎的 14%。再次提醒，該資費制度旨在確保這些客戶支付其應承擔的費用，而不是由其他客戶補貼。我們對公司的未來以及未來的投資機會感到非常興奮。

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

這樣，我就把麥克風交還給史考特了。

Thank you, Xia. Finally, a quick reminder about the dividend. As usual, I expect we'll provide our 2026 dividend plan and earnings guidance in December. We continue to target a payout ratio of 65% to 70% of earnings, and we're currently positioned well within that range. We expect to grow the dividend at a rate of 6.5% to 7% and consistent with our past practice.

謝謝你，夏。最後，簡單提醒一下關於股利的事情。與往常一樣，我預計我們將在 12 月公佈 2026 年股息計劃和獲利預期。我們繼續以盈利的 65% 至 70% 為派息目標，目前我們完全處於該範圍內。我們預計股息將以每年 6.5% 至 7% 的速度成長，與我們過去的做法保持一致。

Overall, we're optimistic about our five-year plan and the longer-term outlook. I think we're in the early stages of the growth cycle as we continue to see opportunities in economic development in our region, including data centers. We look forward to providing additional details on our plan in just over a week at the EEI conference.

總體而言，我們對五年計劃和長期前景持樂觀態度。我認為我們正處於成長週期的早期階段，因為我們不斷看到本地區經濟發展的機會，包括資料中心建設。我們期待在一周多後的EEI會議上提供有關我們計劃的更多細節。

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

接線員，我們現在準備進入問答環節。

(Operator Instructions) Shahriar Pourreza, Wells Fargo.

（操作員說明）Shahriar Pourreza，富國銀行。

Just on the -- obviously, just on the updated growth outlook, I mean, there is that inflection post '27. I guess some would be surprised it's more back-end loaded. Can you maybe just walk us through how the CAGR shapes kind of in that back half of the plan? Can it be accelerated, other incrementals? Is there an opportunity to smooth this out a little bit?

顯然，就更新後的成長前景而言，我的意思是，2027 年後會出現拐點。我猜有些人會驚訝於它的後端負載更高。您能否為我們簡要介紹一下該計劃後半部分中複合年增長率 (CAGR) 的構成？能否加快速度，或採取其他漸進式方法？有沒有辦法讓這件事稍微緩和一下？

Sure, sure. Great question. And remember, as we historically have done, we've always taken the midpoint of the current year's guidance, the 2025 guidance and looked at a compound annual growth rate I think it will help if I give you a little color of what we're seeing year by year and think about it as you look at our capital plan.

當然，當然。問得好。請記住，正如我們過去所做的那樣，我們總是取當年業績指引的中點，即 2025 年業績指引的中點，併計算複合年增長率。我認為，如果我逐年向您簡要介紹我們目前看到的情況，並在您查看我們的資本計劃時加以考慮，將會對您有所幫助。

So in the first year in '26, we're seeing 6.5% to 7%. I think as you start looking in '27 then, you can see our capital plans of ramping up to a little almost 7% and over $7.7 billion. When you have that, you're going to see part of those earnings coming in. So in 2027, we're seeing 7% to 8% probably on that annual basis year-over-year growth versus looking at it on a compound basis. And then when you look at those outer years, '28 through '30, I'm seeing closer to 8%.

所以，在 2026 年的第一年，我們看到的是 6.5% 到 7%。我認為，當你開始關注 2027 年的情況時，你會發現我們的資本計畫正在逐步增加，增幅接近 7%，總額超過 77 億美元。有了這些，你會看到一部分收益到帳。因此，到 2027 年，我們預計年增長率可能達到 7% 到 8%，這是基於年增長率計算的，而不是基於複合增長率計算的。然後，當你查看 1928 年至 1930 年這些較晚的年份時，我發現接近 8%。

That's kind of where we're seeing. It just takes a while to ramp up really lines up well with what our capital plan is, and that's how you get that compound growth rate that 7% to 8% at the upper end of our plan here. Does that add a little color?

我們目前看到的情況大致如此。確實需要一段時間才能達到目標，這與我們的資本計劃非常吻合，這就是我們如何實現計劃上限 7% 到 8% 的複合增長率的原因。這樣是不是增添了一些色彩？

No, it does. And is there any opportunity, Scott, to smooth it out a little bit? Or is this the plan is the plan.

不，確實如此。史考特，還有機會稍微緩和局面嗎？或者，這就是計劃？

Well I think there's some opportunities that we could see as things potentially accelerate. There's a lot of stuff that we're asking for approvals for and the commission is doing a great job getting us approvals. There's just a lot of activity and we want to be very prudent -- what it takes to get approvals, what it takes to actually get everything to start building those plans.

我認為隨著情勢可能加速發展，我們或許能看到一些機會。我們需要審批很多東西，委員會在幫助我們獲得審批方面做得非常出色。現在有很多事情要做，我們希望非常謹慎——了解獲得批准需要什麼，並了解真正開始實施這些計劃需要什麼。

So I think there's opportunity there. We're just -- we don't like to have any white space, we want to make sure we can execute and we want to make sure we can deliver. And we feel this is very, very executable.

所以我認為這裡蘊藏著機會。我們只是——我們不喜歡留有任何空白，我們希望確保能夠執行，我們希望確保能夠交付。我們認為完全可行。

Perfect. I appreciate that. And then just my perennial question for you is just around the point Beats conversations just with NextEra. I guess any sort of sense of timing around an announcement? Are you still to have an Analyst Day coming up in early December.

完美的。我很感激。然後，我一直以來想問你的問題是關於 Beats 與 NextEra 的對話。我猜想，發佈公告的時機應該很重要吧？你們12月初還有分析師日活動嗎？

Are you still thinking about year-end? Or are the conversations kind of shifting a little bit further out?

你還在想著年末的事嗎？或者說，討論的話題逐漸轉移到更遠的地方？

Yes, that's a great question. And the conversations are still going on. They're maybe shifting a little bit further out. I just wanted you to know in this plan, we haven't assumed one way or the other. So we have no capital in here if we had to replace that capacity.

是的，這是一個很好的問題。相關討論仍在進行中。他們或許會稍微往外挪一點。我只是想讓您知道，在這個計劃中，我們沒有做出任何預設的假設。所以，如果我們需要更換產能，我們就沒有足夠的資金。

In the end, we're really looking at what's the best for our end-use customers and what value we have for the customers. We just got to be very prudent. We have a lot of opportunities, we think, in fact, -- if we don't renew something, I think there's potentially capital upside. We're just going to really look at it from the perspective of the customer and what makes sense overall.

歸根究底，我們真正關注的是什麼對我們的終端用戶最有利，以及我們能為用戶創造什麼價值。我們必須非常謹慎。我們認為，實際上我們有很多機會——如果我們不續簽某些合同，我認為可能會有資本上揚的機會。我們將真正從客戶的角度出發，考慮什麼是整體合理的。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

I am wearing the rally cap for you guys here today on this one.

今天我特地戴著這頂拉力賽帽子來和大家一起慶祝。

I appreciate that.

我很感激。

Of course. With that said, there's a lot to take on here. Let me come back to the question on this Microsoft expansion in the second phase. Obviously, they made some headlines recently. how should we interpret that as being incremental or not to the plan if eventually there's something folds in there?

當然。也就是說，這裡有很多事情要處理。讓我回到微軟第二階段擴張的問題。顯然，他們最近上了新聞頭條。如果最終計畫中出現了一些變動，我們該如何解讀這些變動是計畫的漸進式推進還是非漸進式推進呢？

I mean, to what extent is it or isn't it fully reflected here?

我的意思是，這一點在這裡得到了充分體現嗎？

So -- and we work with Microsoft, along with all the other customers in Southeast Wisconsin that we gained up to that 2.1 gigawatts for Southeastern Wisconsin. And I can't really divulge individual customer information -- but let's just say, I'm very confident in the growth we have in Southeastern Wisconsin, and I think there's more growth in the remaining five years when you think about the next five years of our plan.

所以——我們與微軟以及我們在威斯康辛州東南部的所有其他客戶合作，為威斯康辛州東南部提供了高達 2.1 吉瓦的電力。我不能透露個別客戶的資訊——但可以說，我對我們在威斯康辛州東南部的成長非常有信心，而且我認為，考慮到我們未來五年的計劃，未來五年還會有更大的成長。

And I don't know if you had a chance to listen to the Microsoft conference call, they actually called out the growth in Southeastern Wisconsin. They call the data center Fair water. It's the world you expect to go online next quarter or this quarter, they announced it expects to go online next year. And they say it could scale up to 2 gigawatts alone.

我不知道你有沒有機會聽微軟的電話會議，他們實際上提到了威斯康辛州東南部的成長。他們稱資料中心為「公平之水」。你原本以為這個季度或下個季度就能上線，但他們宣布預計明年才能上線。他們說，僅此一項就能擴展到 2 吉瓦。

So I think -- and I can't speak for them, but when you look at the overall picture, I think there's a lot of opportunities as you think about the next five years also.

所以我覺得──我不能代表他們發言，但從整體來看，我認為展望未來五年也有很多機會。

Got it. Excellent. If I can needle you on a couple of details here. One thing that stood out here, you raised the transmission CapEx by slightly less than $1 billion. But I think the Port Washington transmission project itself with ATC was 1.3%.

知道了。出色的。我可否再問您幾個細節問題？有一點很突出，你們將輸電資本支出增加了近 10 億美元。但我認為華盛頓港輸電計畫本身與ATC合作的輸電計畫佔比為1.3%。

Is that fully in there? Again, I know it's a partial ownership for you guys, et cetera, but -- just wanted to clarify that here.

完全放進去了嗎？我知道這對你們來說是部分所有權等等，但是——只是想在這裡澄清一下。

Sure. And we're a 60% owner of American Transmission Company. So it's all kind of factored in here. I think there's maybe a little bit more upside as we see other data centers in there. I think it's probably the basic is factored in our plan. So there's probably a little more upside at that $1.4 billion.

當然。我們持有美國變速箱公司 60% 的股份。所以這些因素都考慮到了。我認為隨著其他資料中心的入駐，可能還有一定的上漲空間。我認為基本因素可能已經納入我們的計劃中了。所以，14億美元可能還有一些上漲空間。

I think that even came out after the original ATC forecast has pulled together. So I think there's a little bit more runway there. Remember, there's only so much transmission you kind of do on the system at a time. So it's maybe limited a little bit by that.

我認為那甚至是在最初的空中交通管制預報匯總之後才發布的。所以我覺得還有一點發展空間。記住，系統一次只能傳輸一定量的資料。所以它可能在某種程度上受到這方面的限制。

Got it. And sorry, I need one more here. The ramp in Illinois seems a little bit more than perhaps some were expected. Again, it's a pretty healthy number here with the $1.5 billion. Can you speak a little bit to what what's taking place there?

知道了。抱歉，我還需要再補充一個。伊利諾伊州的坡道似乎比一些人預期的要多一些。再次強調，15億美元是一個相當可觀的數字。您能簡單談談那裡正在發生的事情嗎？

And also if you have any latest thoughts about what could happen with the Illinois legislation, if it has any meaningful impact for you guys?

另外，你們對伊利諾州的立法可能的發展趨勢有什麼最新想法嗎？它是否會對你們產生任何實質的影響？

Sure, sure. It's very consistent with what we've been laying out that it's going to ramp up some in 2026, then in '27, and we expect we'll be up to about that $500 million in 2028 and going forward. Remember, we had about $90 million a year on the plan. So it falls in line between that $1.4 billion and $1.6 billion. We have $1.5 billion in here.

當然，當然。這與我們一直以來的計劃非常一致，即 2026 年將有所增長，2027 年將進一步增長，我們預計到 2028 年及以後將達到 5 億美元左右。記住，我們每年在這項計劃上的預算大約是9000萬美元。所以，這個數字介於 14 億美元和 16 億美元之間。我們這裡有15億美元。

So that all is kind of consistent with what we've been saying. The Illinois legislation, we'll see where that goes is a little bit on the efficiencies in there. I don't think you'll have a significant effect on us, but we, of course, are watching it.

所以這一切和我們一直說的都差不多。伊利諾州的立法，我們拭目以待，看看它能否提高效率。我認為你不會對我們產生重大影響，但我們當然會密切注意。

Michael Sullivan, Wolfe Research.

Michael Sullivan，Wolfe Research。

Scott, I wanted to start with slide 22. If you could just help on the just bridging the asset base growth to earnings growth? Is the delta there from 11% to 7%? Is it all just equity dilution? Or is there anything else we should be thinking about it?

史考特，我想從第 22 張投影片開始。如果您能幫忙解決資產基礎成長與獲利成長之間的橋樑問題，那就太好了？11% 到 7% 之間真的有這種變化嗎？這一切都只是股權稀釋嗎？或是有其他需要考慮的地方嗎？

And then on that same slide, of asset base with the bespoke customer? Is that like a proxy for like earnings attached to those projects as well?

然後在同一張投影片上，關於客製化客戶的資產基礎呢？這是否可以作為這些項目類似收益的參考指標？

So a couple of items, and we'll let Xia address it, too. At a high level, the bespoke portion there that's to identify people had asked how much of the potential rate base in those outer years will be tied to that very large customer tariff. And that's the current projection. And it's about 14% of our asset base up in 2030, dealing with that, the renewables and other stuff that the VLC payer will cover. And then the 11.3% to our growth rate, a large of it is just dealing with Chase.

所以還有幾點要說明，我們也讓夏來談談吧。從宏觀層面來看，其中專門用於識別人們的客製化部分詢問，未來幾年潛在的費率基礎有多少將與非常高的客戶費率掛鉤。這就是目前的預測。到 2030 年，這將占我們資產基礎的 14% 左右，用於處理再生能源和其他 VLC 付款人將承擔的費用。還有，我們11.3%的成長率，很大一部分都來自於與摩根大通的合作。

I think it looks like what we do with the financing and the dilution from the equity issuance.

我認為這看起來像是我們在融資和股權發行導致的股權稀釋方面所做的工作。

Yes. I think roughly 3% is from the equity and the rest is the little bit holding company, Terry, Michael?

是的。我認為大約 3% 來自股權，其餘部分是控股公司的股份，特里，邁克爾？

Okay. That's very helpful. And then sticking with the financing plan, any sense of where you are in terms of capacity for junior subs and hybrids? Like are there any thresholds that eventually you're run into at some point or still a lot the runway?

好的。那很有幫助。那麼，就融資計劃而言，你們在小型潛艇和混合動力潛艇的產能方面有什麼想法嗎？例如，是否存在一些你最終會在某個時候遇到的閾值，或者仍然有很多跑道？

Still a lot of runway. And as you know, the agencies have a slightly different definition for the capacity, SMT uses percentage of the total capitalization and Moody's uses a percentage of the total debt capacity. The five-year plan with the planned juniors up, we still have billions of dollars capacity left. So we're good.

還有很長的跑道。如您所知，各機構對償債能力的定義略有不同，SMT 使用總資本的百分比，而穆迪使用總債務能力的百分比。五年計畫期間，即使小型核電廠建成投產，我們仍有數十億美元的產能剩餘。一切都好。

We'll take our next question from Nicholas Campanella at Barclays.

接下來，我們將回答來自巴克萊銀行的尼古拉斯·坎帕內拉提出的問題。

I wanted to ask just a very large increase in the capital plan and the rate base growth following that. That's obviously coming with a financing need, and you are in a lot of different states and jurisdictions. I noticed that you also, as part of this plan, put some capital out of WAC infrastructure. Just wondering what the appetite is to recycle capital to replace common equity needs or other financing needs in the plan?

我想問的是，能否大幅增加資本計劃，並在此基礎上提高稅率基礎。這顯然會帶來融資需求，而且你們的業務涉及許多不同的州和司法管轄區。我注意到，作為該計劃的一部分，您還投入了一些資金用於 WAC 基礎設施建設。想了解一下，對於回收現有資金以滿足普通股需求或其他融資需求，計劃的意願如何？

Sure. That's a great question. And -- if there was an attitude that came along, we, of course, would look at it. We just want to make sure that it's our financial parameters, it would be good for investors. But we really like the performance of our of some of our smaller companies, they perform very well.

當然。這是一個很好的問題。如果出現某種態度，我們當然會予以考慮。我們只是想確保這符合我們的財務參數，這對投資者來說是有利的。但我們非常滿意我們一些規模較小的公司的表現，它們表現得非常好。

They don't take a lot of work, and we continue to execute on them. We've got a great team there. So it's not like we're looking to sell them at all.

這些工作量不大，我們會繼續執行它們。我們那裡有一支很棒的團隊。所以，我們根本就沒打算出售它們。

But if an opportunity would exist we would always look at that opportunity. We just want to make sure it's good for our investors.

但如果機會出現，我們一定會抓住它。我們只是想確保這對我們的投資者有利。

Okay. Great. And then I guess just as we think about the ability for current customers to gross up commitments in your territory or potential new customers. I guess wondering referred through this earnings season from some other companies, they talked about just available turbine capacity what their advantage in the supply chain would be to kind of deliver on those incremental deals. How do you kind of think about that from the WEC side if Vantage was to come in and do an increased commitment or Microsoft was to come or other large load customers, do you have the turbines or maybe the renewable agreements to kind of execute on that?

好的。偉大的。然後，我想，就像我們考慮現有客戶能否增加您所在區域或潛在新客戶的承諾一樣。我猜想，透過本財報季的其他一些公司，大家都在討論可用的渦輪機產能，以及他們在供應鏈中的優勢，以便能夠完成這些增量交易。從 WEC 的角度來看，如果 Vantage 增加投入，或是微軟或其他大客戶加入，你們是如何考慮的？你們是否有足夠的渦輪機或再生能源協議來執行這些協議？

Sure. Great question. And we have a team that works with our very large customers and potential additional customers on how we could supply either an accelerated load on their basis or additional load or new growth. So we are working with them every day. We have a robust supply chain and working with developers to have a path to be able to serve that.

當然。問得好。我們有一個團隊負責與我們的大型客戶和潛在的新客戶合作，探討如何根據他們現有的需求加快供貨速度、增加供貨量或實現新的成長。所以我們每天都和他們一起工作。我們擁有強大的供應鏈，並且正在與開發商合作，以找到滿足此需求的方法。

So feel very confident it's a logo increase. and we could work with them. So we have been working with them behind the scenes for several years on this to stay ahead of it. What you're seeing in the plan, though, is what they have firm commitments to.

所以，請非常肯定地說，這是品牌推廣活動，我們可以與他們合作。因此，我們多年來一直在幕後與他們合作，以保持領先地位。不過，你在計畫中看到的，是他們堅定承諾的內容。

Maybe if I could just sneak one more in quickly. Just on Point Beach. Just recognizing the license extension there just recently happened in the last few months. what's just the state of urgency from state stakeholders to kind of further lock up this capacity through the end of the decade or the end of 2030 now? And is that something that you think we could see by year-end?

也許我可以偷偷再加一個進去。就在海灘岬角上。注意到許可證延期是最近幾個月才發生的，那麼州政府相關利益方為何如此迫切地希望將這一產能進一步鎖定到本十年末或2030年底呢？你認為我們能在年底前看到這種情況嗎？

So I mean, we've got the capacity, I think it's your 2030 and 2033. So we have a lot of time. We've been working with NextEra. We just got to make sure that we have the right the rate agreement for our customers. But as I said, we do have access to other abilities if we need to replace that capacity.

所以我的意思是，我們有這個能力，我認為是到 2030 年和 2033 年。所以我們有很多時間。我們一直在與 NextEra 合作。我們只需要確保為我們的客戶簽訂合適的費率協議。但正如我所說，如果我們需要彌補這一不足，我們還有其他能力可以利用。

So we're working with them. We just got to get to a right position and -- if we get there great, if we don't get there, there's a lot of opportunities for us, too.

所以我們正在與他們合作。我們只需要找到合適的位置——如果我們能做到，那就太好了；如果我們做不到，我們也有很多機會。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，加拿大豐業銀行。

First question -- sorry, if I'm getting 2Q here, but for '28 to '30, are you implying 8% or like 7.5% to 8%? And if it is the latter, doesn't the math suggest that the overall five-year period would be below the midpoint?

第一個問題——抱歉，如果我理解錯了，但對於 2028 年至 2030 年，您指的是 8% 還是 7.5% 至 8%？如果是後者，那麼根據數學計算，五年期總時長豈不是會低於中點嗎？

Well, I don't think it will be below the midpoint. I think we're going to look at probably in that 8% area that will get us to the midpoint on a compound basis.

嗯，我認為不會低於中點。我認為我們最終可能會把利率控制在 8% 左右，這樣就能達到複合成長率的中點。

I think there's a little confusion Andrew, in terms of the upper half on the slide, I think that's a compound number off the midpoint of 2025. What Scott is talking about is on an annual basis, if you look at it from '27 to '28, '28 to '29, we're seeing that range. And if you compound it back, that's the 7% to 8% off the midpoint of 2025.

安德魯，我覺得幻燈片上半部有點令人困惑，我認為那是 2025 年中點的複合數字。Scott 所說的是指以年來看，如果你看看 2027 年到 2028 年，2028 年到 2029 年，我們就會看到這個範圍。如果以複利計算，那就是比 2025 年的中點低 7% 到 8%。

Okay. Great. Just wanted to clarify. So it's about 8% for the later years, right?

好的。偉大的。我只是想確認一下。所以後期的成長率大約是 8%，對吧？

On an annual basis.

每年一次。

Okay. Great. Just wanted to clarify that. Next question, on the CapEx update, first of all, very impressive numbers, a huge increase. What I want to understand, though, is it's an $8.5 billion increase.

好的。偉大的。我只是想澄清一下。下一個問題，關於資本支出更新，首先，數字非常驚人，成長幅度龐大。不過，我想了解的是，這相當於增加了 85 億美元。

But when I add up the pieces on page 18, I'm calculating in a total of $8.1 billion. So I don't know if it's rounding or if there's some pieces missing, but can you help me bridge that gap? Where is the extra $400 million coming from?

但當我把第 18 頁的各項加起來時，我計算出的總金額為 81 億美元。所以我不知道這是四捨五入的問題還是缺少某些部分，你能幫我填補這個空白嗎？多出來的4億美元從哪裡來？

Yes. That's -- I mean, we just kind of picked out a couple of the highlights there. I guess if you do the specific reconciliation with the bar chart, you have a little bit more gas distribution of a couple of hundred million. And then I think it's kind of cats and dogs and generation and everything else. We just called out the significant ones.

是的。那——我的意思是，我們只是挑了一些亮點。我想，如果你用長條圖進行具體核對，你會發現天然氣分佈情況略有不同，大約有幾億。然後我覺得這有點像貓狗之爭、世代差異等等問題。我們只是列舉了幾個重要的例子。

Okay. That's what I thought. I just wanted to be sure. And lastly, in terms of demand, again, a big increase, you're forecasting 3.4 gigawatts by 2030, up from 1.8 gigawatts in '29 previously. Is that increase related to data center projects you've been talking about ramping up?

好的。我也是這麼想的。我只是想確認一下。最後，就需求而言，同樣出現了大幅成長，預計到 2030 年將達到 3.4 吉瓦，高於 2029 年的 1.8 吉瓦。這項成長是否與您一直提到的正在加速推進的資料中心專案有關？

Or is it some of the other manufacturing activity you've discussed in the past? I know there's a lot going on along the I-94 corridor how much of that is like existing projects ramping versus new incremental projects coming online?

還是指您過去討論過的其他一些製造業活動？我知道 I-94 走廊沿線有很多項目正在進行，其中有多少是現有項目逐步推進，又有多少是新的增量項目投入運營？

Yes, great question. So when you look at -- it's about 1.6 gigawatt growth, 1.3% is the Vantage data center in Port Washington. And then in Southeastern Wisconsin, as you can imagine, a significant part is from the data center in Southeastern Wisconsin, but it really is all the customers in that area. We have Eli Lilly expanding. We've got Amazon, we've got other companies coming to the region.

是的，問得好。所以當你查看時——大約是 1.6 吉瓦的成長，1.3% 是位於華盛頓港的 Vantage 資料中心。然後，正如你所想，威斯康辛州東南部的很大一部分流量來自威斯康辛州東南部的資料中心，但實際上，該地區的所有客戶都參與了流量消耗。禮來公司正在擴張。我們這裡已經有了亞馬遜，還有其他公司即將進駐這個地區。

And then that's not even counting all the residential load we're starting to see in new construction starting in the area. So I think -- it's all of the above, but definitely significantly related to database or data center growth.

而且這還沒算上該地區新建住宅項目帶來的所有住宅負載。所以我認為——以上所有因素都有關係，但肯定與資料庫或資料中心的成長有顯著關係。

Sophie Karp, KeyBanc.

Sophie Karp，KeyBanc。

Comprehensive update today. So if I may just dig in a little bit on the data center announcements, right? There's been a slew of announcements lately, some assets traded hands. So I think there's confusion, what's incremental, what's in the plan. So could you make it very clear to us what's actually in the plan of the recent gigawatts of announcement, and what yet is not in the plan yet?

今天進行了全面更新。那麼，我能稍微深入探討一下與資料中心相關的公告嗎？最近發布了一系列公告，一些資產也發生了交易。所以我覺得大家有點困惑，分不清什麼是漸進式的，什麼是計畫之內的。那麼，您能否非常清楚地向我們說明，最近宣布的千兆瓦計畫中究竟包含了哪些內容，又有哪些內容尚未納入計畫？

Sure. Sure. So what's in the plan, and we have Southeastern Wisconsin, so there's 2.1 gigawatts down there that includes the Microsoft of what they have told us to factor into this five-year plan. And then in Northern in that Port Washington site, it's really -- I would look at it as the Vantage and Vantage has worked with Oracle. So those are the same megawatts at 1.3 gigawatts, okay?

當然。當然。那麼計劃裡有什麼呢？我們有威斯康辛州東南部，那裡有 2.1 吉瓦的電力，其中包括微軟告訴我們要納入這個五年計畫的電力項目。然後，在北方的華盛頓港站點，我真正想說的是——Vantage，而 Vantage 曾與 Oracle 合作過。所以，這些兆瓦數和 1.3 吉瓦數是一樣的，懂嗎？

So Vantage Oracle is 1.3. That's what's in the plan. What's not in the plan is there's additional land of about 1,200 acres in Port Washington that potentially could house another 2 gigawatts plus of additional capacity -- and then in Southeastern Wisconsin, when you think about the Microsoft site, there's additional 700-plus acres that they have there that I think, could be for future development that also could add into the overall gigawatt usage. So I think there's a lot of opportunity for future growth here. I hope that helped clarifies it.

所以 Vantage Oracle 的版本是 1.3。這是計劃中的版本。計畫中沒有提到的是，華盛頓港還有大約 1200 英畝的土地，可能可以容納另外 2 吉瓦以上的額外容量——而在威斯康辛州東南部，想想微軟的所在地，那裡還有 700 多英畝的土地，我認為這些土地可以用於未來的開發，這也有可能增加總的千兆瓦使用量。所以我認為這裡未來有很多發展機會。希望這樣解釋清楚了。

Yes. So it sounds like the plan as it stands right now is just like super conservative.

是的。所以聽起來，目前的計畫簡直是超級保守。

Yes. We only put what the other -- what the customers are announced and provide us the information then.

是的。我們只發布其他方發布的內容——也就是客戶宣布並向我們提供的資訊。

Got it. Okay. And my other question was this like when you -- with very helpful color, when you talk about 14% of your rate base being under the large customer tariff by the end of 2030 or by 2030. What do you, I guess, expect and the economics of never pretty clear, right, is a premium economics on that chunk of rate base, what do you expect the economics to be for the rest of the rate base?

知道了。好的。我的另一個問題是，就像您一樣——用非常有幫助的顏色——當您談到到 2030 年底或到 2030 年，您的費率基數的 14% 將適用大客戶資費時。我想，你期望的是什麼？經濟情勢永遠不會很明朗，對吧？如果這部分利率基數的溢價經濟情勢如何？你期望其餘利率基數的經濟情勢如何？

Like when you formulate your plan, do you expect that, I guess, the overall average will be similar to what you have today in the trajectory of what you have today? Or for the lack of a better word and deterioration in the economics of the rest of the rate base? Or do you expect the take the rest to be unaffected by the presence of this like new premium product rate base?

就像你在製定計劃時，你是否預期最終的總體平均值會與你今天所取得的成就相似，並延續你今天的發展軌跡？或者，用更通俗的話來說，就是其他利率基礎的經濟狀況惡化了？還是您認為其餘部分不會受到這種類似全新優質產品價格基數的影響？

Right. So we assume the rest of the rate base earns the current authorized return that we currently have in all -- each of the jurisdictions when you look at them separately. And then when you look at Wisconsin, the Wisconsin right now, we're at that ROE and depending upon the utility, like 57.5%, 58% regulated ratio on Wisconsin Electric that each of those earn their separate return.

正確的。因此，我們假設其餘的利率基礎獲得我們目前在所有地區（單獨來看每個司法管轄區）所擁有的當前授權收益。然後，看看威斯康辛州，就目前而言，我們的 ROE 處於這個水平，具體情況取決於公用事業公司，例如威斯康辛州電力公司的監管比率為 57.5% 或 58%，每家公司都能獲得各自的回報。

Remember, the foundation of our tariffs is that the large customers don't get subsidized or subsidize the other customers, they pay their fair share. So we keep them as separate.

記住，我們關稅制度的基礎是，大客戶不會獲得補貼，也不會補貼其他客戶，他們支付的是自己應盡的份額。所以我們將它們分開存放。

Ryan Levine, Citigroup.

Ryan Levine，花旗集團。

Just two quick questions. Just in terms of the execution or state of conversations for some of the Vantage expansion beyond the 1.3. Any color you could share around maybe the engagement level or the time line that conversations are progressing through?

問兩個問題。就 Vantage 1.3 版本之後的部分擴展功能的執行情況或對話狀態而言，您能否分享一些關於參與度或對話進展時間線的信息？

Sure. So we're always in our discussions with Vantage Microsoft and potential others. But right now, Vantage, as we said in the prepared remarks, are really concentrating on that first 1.3 gigawatts. I think they had a press release out there. They're going to have construction of about 4,000 construction workers out there when they're able to start construction.

當然。所以我們一直在與 Vantage Microsoft 和其他潛在合作夥伴進行討論。但正如我們在準備好的演講稿中所說，目前 Vantage 真正專注於最初的 1.3 吉瓦。我想他們應該發布了新聞稿。一旦能夠開工建設，他們將僱用約 4000 名建築工人。

So I think everyone's concentrating on that. We'll have more discussions over the next -- probably next year.

所以我覺得大家都在關注這件事。我們將在接下來的時間裡——可能是明年——進行更多討論。

But I think everyone is just concentrating on the first part of the load, which is what we want to make sure we can achieve to -- there's opportunity long term.

但我認為大家目前都只專注在任務的第一部分，這也是我們希望確保能夠實現的——從長遠來看，這其中蘊藏著機會。

Okay. And then there was a lot of mention about Microsoft and Oracle. But beyond those two customers, the engagement level fairly broad? Or is it really focused on a more narrow group of potential customers expansion?

好的。然後，微軟和甲骨文也被多次提及。但除了這兩位客戶之外，參與度是否相當廣泛？或者，它實際上更專注於拓展較小範圍的潛在客戶群？

We have other customers that we're talking to, but those are the two main ones that are already in the area and made a public announcement. So we're talking to others. I don't want to jump that like I try to play it pretty close to let them make the announcements or them sign purchase cancellation agreements before we get ahead of our skis and potential. But we are talking to others.

我們也與其他客戶進行洽談，但目前只有這兩家主要客戶已經進入該地區並發布了公開聲明。所以我們正在和其他人交談。我不想操之過急，我盡量保持低調，讓他們先發佈公告或簽署購買取消協議，然後再讓我們搶佔先機，發揮我們的優勢和潛力。但我們正在和其他人交談。

Okay. And then unrelated, just to clarify around your plan, is the assumption embedded in the plan conservative and that doesn't assume an outcome for -- or doesn't assume the higher very large load tariff? ROE and to the extent that you were to be successful in that application that, that would be additive to plan or help provide additional buffer?

好的。另外，為了澄清一下您的計劃，與此無關，該計劃中隱含的假設是否保守，即是否不假設出現某種結果——或者說，是否不假設存在更高的超大負荷關稅？ROE（淨資產收益率）以及您在該申請中取得的成功程度，是否會對計劃起到補充作用或有助於提供額外的緩衝？

No. I mean, we're assuming the very large tariff is implemented. What we talked about on the call, there is a range of ROEs, 10.48% to 10.98%, which we really stayed with the fundamentals of making sure -- we don't have a secondary effect that hurts our other customers. And those are more on a -- we're working individually, and we can't give more details. But on a higher return on some of it to 10.98%, but more to come on that as we continue to work with our customers on it.

不。我的意思是，我們假設這項巨額關稅將會實施。我們在電話會議上討論的內容是，ROE 的範圍是 10.48% 到 10.98%，我們始終堅持確保基本原則——不會產生損害其他客戶的次要影響。這些事情更多是——我們正在單獨處理，所以無法透露更多細節。但其中一些投資的回報率更高，達到 10.98%，不過隨著我們繼續與客戶合作，這方面還有更多消息要公佈。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

First question has to do with the Microsoft announcement where they canceled the Caledonia side. But what they said, I think was that they would continue to look for alternative sites in Southeastern Wisconsin and your service territory. What other locations do they have land? Or do you potentially have land that you would be able to sell to them?

第一個問題與微軟宣布取消 Caledonia 計畫有關。但我認為他們表示，他們將繼續在威斯康辛州東南部和你們的服務區域內尋找替代地點。他們還在哪些地方擁有土地？或是您有土地可以賣給他們？

Okay. Good question. So you are correct. They're looking for a different site than what was their original plan. We really don't have that significant type of land available elsewhere.

好的。問得好。你說得對。他們正在尋找與原計劃不同的地點。我們在其他地方真的找不到那麼多這種類型的土地。

But I don't know their specific plans. But I know they said they're looking at other places in Southeastern Wisconsin, probably more to come in that area. It's just good that they're -- this is really great for the area when you think about property taxes and good paying jobs. So I know they're early in their look, so we'll see where that goes. But that once again, that's the potential for more upside on our load.

但我不知道他們的具體計劃。但我知道他們說過他們正在考察威斯康辛州東南部的其他地方，可能未來還會有更多投資。他們能來真是太好了——考慮到房產稅和高薪工作，這對該地區來說真的很好。我知道他們現在還處於造型的早期階段，所以我們拭目以待吧。但這再次表明，我們的負載還有更大的上漲空間。

Great. And the timing of how long it would take for them to find sort of a replacement type scenario, would it be like 12 months? Or what would you -- what would be sort of a reasonable assumption?

偉大的。他們需要多長時間才能找到合適的替代人選？大概需要 12 個月嗎？或者你會怎麼做──什麼樣的假設才算合理？

Yes. And I can't talk for Microsoft, but they move pretty fast. I think a year is may be reasonable, but we'll see where it goes.

是的。我不能代表微軟發言，但他們的行動速度確實很快。我認為一年時間可能比較合理，但我們拭目以待。

Okay. My next question on Point Beach would be if you're unable to reach an accommodation with NextEra, what type of generation would you build -- and when would you have to start building it?

好的。關於 Point Beach，我的下一個問題是，如果您無法與 NextEra 達成協議，您會建造哪種類型的發電設施——以及您何時必須開始建造？

Yes. That's a good question. And we'll look at it, but it would have to be something that would be dispatchable that we could cover the dispatch so it has to be some type of gas. We'll see where the EPA rules. Do we eventually look at a combined cycle maybe and maybe some renewables in there.

是的。這是個好問題。我們會考慮，但它必須是可調度的，以便我們能夠承擔調度費用，所以它必須是某種氣體。我們拭目以待美國環保署的裁決。我們最終會考慮採用聯合循環發電，或許還會加入一些再生能源。

So we like the all of the above approach and I know some people don't like renewables, but when you think of gas prices at times when they're high, renewables are very popular when gas prices are high. And also, we look at all of the above mix. So -- and you think about it, the contracts are 2030 and 2033, so there's still plenty of time. And like we said, we work with all our large customers and our planning team is looking at how do we replace this, and I'm sure we have several options available.

所以我們喜歡以上所有方法，我知道有些人不喜歡再生能源，但是當你想到天然氣價格高漲的時候，你會發現再生能源在天然氣價格高漲時非常受歡迎。此外，我們也會考慮以上所有因素。所以——你想想，合約期限是 2030 年和 2033 年，所以時間還很充裕。正如我們所說，我們與所有大客戶合作，我們的規劃團隊正在研究如何替換它，我相信我們有很多選擇。

And then last question for me. When we look at the $4.8 billion to $5.2 billion of common equity, would some of that be junior subordinated debt? Or would any junior subordinated debt issuances be incremental?

最後一個問題。當我們檢視 48 億美元至 52 億美元的普通股股權時，其中是否包含一些次級附屬債務？或者，任何次級附屬債務的發行都屬於增量發行嗎？

It's the latter. The 4.8% to 5.2% would be common equity?

是後者。4.8%至5.2%是指普通股權益嗎？

And then is there a junior subordinated debt contemplated that as part of your incremental debt?

那麼，作為新增債務的一部分，是否考慮發行次級附屬債務？

Correct. As I said in the prepared remarks, we added $4 billion of equity content. So 2 more of common and the other 2 would come from the junior subordinated debt or like-kind securities.

正確的。正如我在準備好的演講稿中所說，我們增加了 40 億美元的股權投資。所以另外 2 股是普通股，另外 2 股將來自次級附屬債務或同類證券。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

Just one quick one. I'm curious with all the load and growth that we haven't seen for years in this sector, I'm curious if this is making earnings forecasting and rate base growth forecasting easier or harder? Like is it chunkier with these large loads coming in and it's becoming more of a challenge of forecasting out? Or is this all this flow just such a tailwind and it's making life a lot easier on the forecasting?

就一個問題。我很好奇，鑑於該行業多年來未曾出現過如此巨大的增長和業務量，這究竟是讓盈利預測和費率基礎增長預測變得更容易了，還是更難了？隨著大量貨物湧入，情況是否變得更加複雜，預測未來也變得更具挑戰性？或者說，這股氣流完全是順風，讓預測工作變得輕鬆多了？

Well, it's sure nice to have load to drive the capital plan, which makes it a lot nicer, but there's a lot of stuff that we have to keep into account, including the timing of in-service, the timing of the load, and we have a whole team working at staying ahead to make sure we have the turbines and the renewable sites located.

當然，有負載來驅動資本計劃是件好事，這讓計劃制定得更加順利，但我們必須考慮很多因素，包括投入使用的時間、負載的時間，我們有一個團隊致力於提前做好準備，以確保渦輪機和可再生能源站點的選址。

So we always like growth we'll take on that challenge. It just takes a lot of people, a lot of bodies monitoring and keeping on top of everything and the key is execution. So we have a whole group executing on the capital projects as we're as we got commission approval this summer, we're working on those projects right now. So it's just different. Let's put it that way.

我們一直都喜歡發展，我們會接受這個挑戰。這需要很多人，很多機構來監控和掌控一切，關鍵在於執行。所以我們有一個團隊正在執行資本項目，因為我們在今年夏天獲得了委員會的批准，我們現在正在進行這些項目。所以它就是不一樣。這麼說吧。

Steve D'Ambrisi, RBC Capital Markets.

史蒂夫·達布里西，加拿大皇家銀行資本市場。

I just had a quick one. Just about -- a lot of the questions today have been about two existing hyperscale sites expanding and when. But I think what's interesting to me is realistically you guys are relatively unique in the fact that you don't really talk about a sales funnel of other customers.

我只是匆匆吃了一口。今天的大部分問題都圍繞著兩個現有的超大規模資料中心何時擴張。但我認為真正讓我感興趣的是，你們相對來說比較獨特，因為你們並不真正談論其他客戶的銷售漏斗。

And so I guess what I would most be interested in is, do you think that getting the VLC tariff through the Public Service Commission will help potentially broaden the customer base. Like clearly, you've had success citing some of the biggest data centers in your service territory that we've seen across the country. And so just interested to hear about potential other people?

所以，我最感興趣的是，您認為透過公共服務委員會批准 VLC 資費標準是否有助於擴大客戶群？顯然，您已經成功列舉了您服務區域內一些我們見過的全國最大的資料中心。所以，你只是想了解其他潛在的參與者？

Yeah. That's a good question. I think the very large customer chair has in fact, we attract some of our -- several of the first customer before we even had a of ariff. So I think if you think about location, the ability for WEC and American transmission company to be able to deliver and provide the generation and renewables and transmission to help energize their sites and move fastly in the Wisconsin environment and in the MISO footprint, I think that is a great advantage I think also being in Wisconsin, you got a cooler environment for air storage cooling. So I think that's an advantage. We don't have the natural disasters that other parts of the country have.

是的。這是個好問題。我認為，實際上，我們吸引了許多客戶——甚至在我們制定關稅之前，就有幾位客戶成為了我們的第一批客戶。所以我覺得，如果你考慮到地理位置，WEC 和美國輸電公司能夠提供發電、再生能源和輸電服務，幫助其站點在威斯康辛州的環境和 MISO 的覆蓋範圍內快速發展，我認為這是一個巨大的優勢。而且我認為，在威斯康辛州，空氣儲存冷卻的環境也更涼爽。所以我認為這是一個優勢。我們這裡不像國內其他地區經常遭受自然災害。

So I think all of those are positive our customers, our very large customers. We work with them as we filed the very large customer tariffs. So I think they considered -- I've heard several times how it's fair. I think that's also a plus once it gets approved, I think that would definitely be helpful.

所以我認為這些都是對我們的客戶，特別是我們的大客戶來說的正面訊號。我們與他們合作，提交了數額龐大的客戶關稅申請。所以我覺得他們考慮過了──我聽人說過好幾次，這樣做是公平的。我認為一旦獲得批准，那也是一個優勢，肯定會很有幫助。

I think the key is and all our large customers make sure that we do not affect any other customers' rates. So that was good as a foundation for it. So having it approved, I think, can only help, but we're really excited about the pipeline we are talking to now and the potential growth at the significant sites that we have already going in Wisconsin.

我認為關鍵在於，我們所有的大客戶都要確保我們不會影響其他客戶的費率。所以這為它奠定了良好的基礎。所以，我認為獲得批准只會有所幫助，但我們對目前正在洽談的管道項目以及我們在威斯康辛州已經啟動的重要項目的潛在增長感到非常興奮。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Most of the questions have been asked. Just one question for fine. Just on the step-up in the asset base growth, was there any additional offsets there or anything that came out? Just thinking because the back of the low math maybe would have supported given the $8.5 billion of CapEx, something maybe a little bit closer to 12%. So I'm just curious there's anything else different in the bridge there?

大部分問題都已經問過了。僅此一問。就資產基礎成長的加速而言，是否有任何額外的抵銷措施或出現其他情況？只是在想，因為低利率的背後邏輯或許可以支撐 85 億美元的資本支出，利率可能更接近 12%。所以我很好奇，那座橋上還有其他不同之處嗎？

No, I think the only thing we took out is we don't have any investments in WECI for the most part. But overall, I don't think there's much other changes there which is more back-end loaded. -- starting more in '27, I guess.

不，我認為我們唯一撤回的是，我們基本上沒有對 WECI 進行任何投資。但總的來說，我認為除此之外，後端方面不會有太多其他變化——我猜大概是從2027年開始。

Okay. And then just what -- from an affordability perspective, what's embedded in this plan in terms of the electric side in terms of average annual rate increases for residential customers.

好的。那麼，從可負擔性的角度來看，該計劃在電力方面究竟包含了什麼——例如，居民用戶的平均年度電價上漲幅度。

So we will be filing a rate case in Wisconsin for our biannual process. So we're pulling those numbers together now that we'll file sometime in the end of the first quarter, most likely the beginning of the second quarter. We're looking at inflation type increases, but it's early in the process.

因此，我們將向威斯康辛州提交一份費率調整申請，作為我們每兩年一次的流程的一部分。所以我們現在正在匯總這些數據，我們將在第一季末，很可能是第二季初提交報告。我們正在關注通貨膨脹類型的成長，但現在還處於早期階段。

Now the key is none of it's going to be costs that are coming in from any of the hyperscalers. They're paying their fair share.

關鍵在於，所有這些成本都不會來自任何超大規模資料中心營運商。他們支付了自己應繳的份額。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

I just had one clarification. Just on some of the other growth opportunities -- as you think about the next five years, do you see incremental capacity and potential on the system for more load to be added in the course of the current plan? Or would that be largely beyond the 2030 time frame as you think about these opportunities?

我還有一個問題需要澄清。關於其他一些成長機會——展望未來五年，您是否認為在當前計劃的框架下，系統還有增加容量和潛力來增加更多負載？或者，您認為這些機會主要會在 2030 年後出現嗎？

So I think as we work with these very large customers, I think at the end of our current five-year plan, we potentially could see additional growth come in. depending upon how they look at their individual development. So I think there's a potential for both on the current plan plus in the next five years.

所以我認為，隨著我們與這些大客戶的合作，我認為在我們目前的五年計畫結束時，我們可能會看到額外的成長，這取決於他們如何看待自己的發展。所以我認為，在目前的計畫下，未來五年內，兩者都有實現的潛力。

Sounds good. I'll leave it there.

聽起來不錯。我就說到這兒吧。

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

好的。今天的電話會議到此結束。感謝您的參與。如果您還有其他疑問，請隨時聯絡 Beth Straka，電話：(414) 221-4639。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。