埃克西爾能源 (XEL) 2023 Q1 法說會逐字稿

Hello, and welcome to the Xcel Energy First Quarter 2023 Earnings Conference Call. My name is George, and I'll be a coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)

您好，歡迎來到 Xcel Energy 2023 年第一季度收益電話會議。我叫喬治，我將擔任今天活動的協調員。請注意，此會議正在錄製中。 （操作員說明）

I'll now hand it over to Mr. Paul Johnson, Vice President, Treasurer, and Investor Relations, to begin this conference. Please go ahead, sir.

我現在將它交給副總裁兼財務主管和投資者關係保羅約翰遜先生開始這次會議。請繼續，先生。

Thank you. Good morning, and welcome to Xcel Energy's 2023 First Quarter Earnings Call. Joining me today are Bob Frenzel, Chairman, President, and Chief Executive Officer; and Brian Van Abel, Executive Vice President and Chief Financial Officer. In addition, we have other members of the management team in the room to answer your questions if needed. This morning, we will review our '23 first quarter results and highlights and share recent business developments. Slides that accompany today's call are available on our website.

謝謝。早上好，歡迎來到 Xcel Energy 的 2023 年第一季度財報電話會議。今天加入我的是董事長、總裁兼首席執行官 Bob Frenzel；執行副總裁兼首席財務官 Brian Van Abel。此外，如果需要，我們還有其他管理團隊成員在場回答您的問題。今天上午，我們將回顧我們的 23 年第一季度業績，重點介紹和分享近期的業務發展情況。我們的網站上提供了今天電話會議的幻燈片。

As a reminder, some of the comments made during today's call may contain forward-looking information. Significant factors that could cause results to differ from those anticipated are described in our earnings release and our SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release.

提醒一下，在今天的電話會議中發表的一些評論可能包含前瞻性信息。我們的收益發布和向美國證券交易委員會提交的文件中描述了可能導致結果與預期不同的重要因素。今天，我們將討論某些非 GAAP 指標。我們的收益發布中包含有關可比較的 GAAP 措施和調節的信息。

With that, I'll turn it over to Bob.

有了這個，我會把它交給鮑勃。

Thanks, Paul, and good morning, everyone. Let's start with our first quarter results. We had another solid financial quarter, recording earnings of $0.76 per share for 2023 compared to $0.70 per share in 2022. The increase in earnings largely reflects new revenue to recover our investments in clean energy and grid systems for the benefit of our customers. Our business plan is on track for the year, and as a result, we are reaffirming our 2023 earnings guidance of $3.30 to $3.40 per share. This quarter, we continue to make progress on our industry-leading clean energy transition plans. We've received and reviewed a significant number of proposals in our pending solicitations for nearly 6,000 megawatts of new electric generation across multiple jurisdictions.

謝謝，保羅，大家早上好。讓我們從第一季度的業績開始。我們又迎來了一個穩健的財政季度，2023 年的每股收益為 0.76 美元，而 2022 年為每股收益 0.70 美元。收益的增長主要反映了新的收入，以收回我們對清潔能源和電網系統的投資，造福於我們的客戶。我們今年的業務計劃正在按計劃進行，因此，我們重申 2023 年每股 3.30 美元至 3.40 美元的收益指引。本季度，我們繼續在行業領先的清潔能源轉型計劃方面取得進展。我們在多個司法管轄區的近 6,000 兆瓦新發電量的待決招標中收到並審查了大量提案。

We anticipate commission decisions on these various proceedings in the second half of '23 and remain confident in our ability to deliver a beneficial mix of both company-owned and third-party resources across those plans. We also continue to pursue the benefits and opportunities provided by the Infrastructure Investment and Jobs Act and the Inflation Reduction Act to accelerate the clean energy transition. We recently submitted multiple projects to the Department of Energy for funding consideration, including the multiparty Heartland and Western Interstate Hydrogen Hub and grid resilience investments in Colorado.

我們預計委員會將在 23 年下半年就這些不同的程序做出決定，並對我們在這些計劃中提供公司擁有的資源和第三方資源的有益組合的能力充滿信心。我們還繼續尋求《基礎設施投資和就業法》和《降低通貨膨脹法》提供的好處和機會，以加速清潔能源轉型。我們最近向能源部提交了多個項目供資金考慮，包括多方中心地帶和西部州際氫樞紐以及科羅拉多州的電網彈性投資。

In addition, we recently applied for DOE and venture capital grants for our long-duration energy storage proposals in Colorado and Minnesota and believe we are well-positioned to receive some or all of our requests. Our country and our company need new technologies, like long-duration storage, like hydrogen and clean fuels to commercialize in order to realize a clean energy future. And at Xcel Energy, we are actively working to do our part for the regions and the customers that we serve. And while the promise of a clean energy future is bright, we are keenly aware of the financial challenges that some of our customers experienced this winter with a significant rise in gas prices that we saw in 2022, driven by macroeconomic and geopolitical issues.

此外，我們最近為我們在科羅拉多州和明尼蘇達州的長期儲能計劃申請了美國能源部和風險投資贈款，並且相信我們有能力接受我們的部分或全部請求。為了實現清潔能源的未來，我們的國家和我們的公司需要新技術，比如長期儲存，比如氫和清潔燃料的商業化。在 Xcel Energy，我們正積極努力為我們所服務的地區和客戶儘自己的一份力量。儘管清潔能源的未來前景一片光明，但我們敏銳地意識到我們的一些客戶在今年冬天經歷了財務挑戰，在宏觀經濟和地緣政治問題的推動下，我們在 2022 年看到了天然氣價格的大幅上漲。

Xcel Energy is proud of our long track record of keeping customer bills amongst the lowest in the country and to transition to a cleaner energy future with bill increases below the rate of inflation. We believe that affordability, reliability and sustainability can be realized concurrently through thoughtful energy policy and excellent operations. We've taken a number of steps in recent years that have saved customers' money and reduced exposure to commodity volatility. In our electric business, Xcel Energy's nearly 4,500 megawatts of owned wind farms continue to be a leader in capacity factor performance and generated $1.1 billion of fuel-related customer benefits in 2022 and more than $3 billion since 2017.

Xcel Energy 為我們保持客戶賬單在全國處於最低水平並過渡到更清潔的能源未來而賬單增長低於通貨膨脹率的長期記錄感到自豪。我們相信，通過深思熟慮的能源政策和卓越的運營，可以同時實現可負擔性、可靠性和可持續性。近年來，我們採取了一系列措施，為客戶節省了資金並減少了商品波動帶來的風險。在我們的電力業務中，Xcel Energy 擁有近 4,500 兆瓦的自有風電場繼續在容量因數性能方面處於領先地位，並在 2022 年創造了 11 億美元的與燃料相關的客戶利益，自 2017 年以來超過 30 億美元。

Future investments in renewable generation and clean fuels will continue to reduce our reliance on fossil fuels and add further benefits to our customers. Since 2014, we've kept our operating and maintenance expenses nearly flat and well below inflation through our continuous improvement programs, which is a benefit that accrues to our customers' bills. Our numerous energy efficiency and demand management programs have saved enough energy to avoid building approximately 25 average-sized power plants. And in 2022, we disbursed a record $216 million in state and federal payment assistance funds to customers across our states, and we expect to exceed that record in 2023.

未來對可再生能源發電和清潔燃料的投資將繼續減少我們對化石燃料的依賴，並為我們的客戶帶來更多好處。自 2014 年以來，我們通過持續改進計劃使我們的運營和維護費用幾乎持平並遠低於通貨膨脹率，這是我們客戶賬單中的一項收益。我們眾多的能源效率和需求管理計劃節省了足夠的能源，無需建造大約 25 個中等規模的發電廠。 2022 年，我們向各州的客戶支付了創紀錄的 2.16 億美元州和聯邦支付援助資金，我們預計 2023 年將超過這一記錄。

Also, in partnership with Colorado Staff, Colorado Energy Office, Energy Outreach Colorado and the Utility Consumer Advocate, we proposed to the commission to increase funding to support income-qualified customers burdened by high energy costs. We expect to provide those increased benefits to our customers throughout 2023 and beyond. And with recent declines in natural gas prices, we proactively lowered our gas recovery mechanism in Colorado 4x, reducing customers' gas costs by 58%. Our customers in our other states are seeing comparable benefits. In Colorado, we've been working with stakeholders on proposed legislation regarding customer affordability, rate stability and the regulatory process. And finally, in addition to our energy efficiency programs, we are relooking at potential long-term solutions to reduce price volatility that could include physical and financial hedging, additional natural gas storage, long-term natural gas supply contracts, multiyear rate plans, natural gas cost deferrals, energy decoupling and the use of renewable energy to generate clean fuels for blending in the natural gas LDC.

此外，我們與 Colorado Staff、Colorado Energy Office、Energy Outreach Colorado 和 Utility Consumer Advocate 合作，向委員會提議增加資金，以支持因高能源成本而負擔的收入合格客戶。我們希望在整個 2023 年及以後為我們的客戶提供這些增加的好處。隨著近期天然氣價格的下跌，我們主動將科羅拉多州的天然氣回收機制降低了 4 倍，從而將客戶的天然氣成本降低了 58%。我們其他州的客戶也看到了類似的好處。在科羅拉多州，我們一直在與利益相關者合作，制定有關客戶負擔能力、利率穩定性和監管流程的立法提案。最後，除了我們的能源效率計劃之外，我們正在重新考慮潛在的長期解決方案以減少價格波動，其中可能包括實物和金融對沖、額外的天然氣儲存、長期天然氣供應合同、多年費率計劃、自然天然氣成本延期、能源脫鉤以及使用可再生能源生產清潔燃料以混合天然氣最不發達國家。

We are confident that if implemented, these actions can help reduce natural gas volatility in the future for our customers. As I wrap up, I'm pleased to share some of the company's recent recognition. For the tenth year in a row, we've been honored as one of the world's most admired companies by Fortune Magazine. We ranked first in social responsibility and quality of management, placing second overall amongst the most admired electric and gas companies in the country. In addition, for the fourth year in a row, Xcel Energy has been named one of the world's most ethical companies by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.

我們相信，如果實施這些行動，將有助於減少我們客戶未來的天然氣波動。在結束時，我很高興分享公司最近的一些認可。我們連續第十年被《財富》雜誌評為全球最受尊敬的公司之一。我們在社會責任和管理質量方面排名第一，在全國最受尊敬的電力和天然氣公司中排名第二。此外，Xcel Energy 連續第四年被 Ethisphere 評為世界上最具道德的公司之一，Ethisphere 是定義和推進商業道德實踐標準的全球領導者。

None of this will be possible without the commitment of our employees, contractors and our partners. And while we're proud of our track record and our accolades, we will never rest on our mission to provide our customers with safe, clean, reliable energy services at a competitive price.

如果沒有我們的員工、承包商和合作夥伴的承諾，這一切都不可能實現。雖然我們為自己的業績和榮譽感到自豪，但我們永遠不會放棄以具有競爭力的價格為客戶提供安全、清潔、可靠的能源服務的使命。

With that, I'll turn it over to Brian.

有了這個，我會把它交給布賴恩。

Thanks, Bob, and good morning, everyone. We had another solid quarter, reporting earnings of $0.76 per share for the first quarter of 2023 compared with $0.70 per share in 2022. The most significant earnings drivers for the quarter included the following: higher electric and natural gas revenues increased earnings by $0.24 per share, reflecting new revenue to recover investments in our electric and natural gas systems and clean energy infrastructure. A lower effective tax rate increased earnings by $0.02 per share. But keep in mind, production tax credits lowered the ETR.

謝謝鮑勃，大家早上好。我們又迎來了一個穩定的季度，報告 2023 年第一季度每股收益為 0.76 美元，而 2022 年為每股收益 0.70 美元。本季度最重要的收益驅動因素包括：電力和天然氣收入增加使每股收益增加 0.24 美元，反映了新的收入，以收回對我們的電力和天然氣系統以及清潔能源基礎設施的投資。較低的有效稅率使每股收益增加了 0.02 美元。但請記住，生產稅收抵免降低了 ETR。

However, PTCs are flowed back to customers through lower electric margin and are largely earnings-neutral. In addition, other items combined to increase earnings by $0.01 per share. Offsetting these positive drivers were increased depreciation expense, which reduced earnings by $0.08 per share, reflecting our capital investment program, higher O&M expense, which decreased earnings by $0.06 per share and higher interest expense and other taxes which decreased earnings by $0.07 per share. Turning to sales. Weather-adjusted electric sales increased by 0.6% for the first 3 months of 2023. We continue to expect annual electric sales growth of approximately 1% in 2023, driven by C&I sales, while we expect residential sales to be down slightly for the year.

然而，PTC 通過較低的電利潤流回客戶，並且在很大程度上與收益無關。此外，其他項目合計使每股收益增加 0.01 美元。抵消這些積極驅動因素的是折舊費用增加，每股收益減少 0.08 美元，反映了我們的資本投資計劃，更高的 O&M 費用，每股收益減少 0.06 美元，利息費用和其他稅收增加，每股收益減少 0.07 美元。轉向銷售。 2023 年前 3 個月，經天氣調整後的電力銷售增長 0.6%。我們繼續預計 2023 年的年度電力銷售將增長約 1%，受 C&I 銷售的推動，而我們預計全年住宅銷售將略有下降。

O&M expenses increased $48 million for the first quarter. The increase was primarily due to timing differences associated with regulatory recovery mechanisms, generation outages and emergent work, inflationary pressures and investments in electric vehicle programs and other customer products. We continue to expect O&M to decrease approximately 2% in 2023 compared with last year. We've also made progress on a number of regulatory proceedings. The commission recently approved our settlement in the Minnesota natural gas rate case, which reflects a rate increase of $21 million, an ROE of 9.57%, an equity ratio of 52.5% in the decoupling mechanism and property tax tracker.

第一季度 O&M 費用增加了 4800 萬美元。增長的主要原因是與監管恢復機制、發電中斷和緊急工作、通貨膨脹壓力以及對電動汽車計劃和其他客戶產品的投資相關的時間差異。我們繼續預計 2023 年 O&M 將比去年下降約 2%。我們還在一些監管程序上取得了進展。委員會最近批准了我們在明尼蘇達州天然氣費率案中的和解，這反映了費率增加 2100 萬美元，淨資產收益率為 9.57%，在脫鉤機制和財產稅追踪器中的股權比率為 52.5%。

In the Minnesota electric case, we received a constructive ALJ recommendation including a 9.87% ROE and a 52.5% equity ratio. We anticipate a commission decision in June and final rates implemented in the fall. During the quarter, we filed a Texas electric rate case seeking a rate increase of $158 million based on an ROE of 10.65%, an equity ratio of 54.6% in the historic test year in the early retirement of the Tolk coal plant. We anticipate a commission decision and implementation of final rates in the first quarter of 2024. Our electric rate case in Colorado is early in the process.

在明尼蘇達電力案中，我們收到了 ALJ 的建設性建議，包括 9.87% 的 ROE 和 52.5% 的股本比率。我們預計將在 6 月做出佣金決定，並在秋季實施最終費率。在本季度，我們提交了一份德州電費案，要求根據 10.65% 的股本回報率提高 1.58 億美元的費率，在 Tolk 煤電廠提前退役的歷史性測試年度，股權比率為 54.6%。我們預計將在 2024 年第一季度做出佣金決定並實施最終費率。我們在科羅拉多州的電費案例處於早期階段。

Intervenor recommendations are due in May, and we'll see if there's a potential to reach a settlement with parties. A commission decision and implementation of final rates are expected in the fall. In our New Mexico electric rate case, intervenors filed an initial testimony. The staff recommended a forward test year with a rate increase of $37 million based on an ROE of 9.35% and an equity ratio of 54.7%. Other intervenors recommended equity ratios in the range of 45% to 54.7% and ROEs between 8.7% to 9.6%. We anticipate a decision later in the year.

干預者建議將於 5 月到期，我們將看看是否有可能與各方達成和解。預計將在秋季做出佣金決定並實施最終費率。在我們的新墨西哥州電價案中，干預者提交了初步證詞。根據 9.35% 的股本回報率和 54.7% 的股本比率，工作人員建議前瞻性測試年度增加 3700 萬美元。其他干預者建議股權比率在 45% 至 54.7% 之間，股本回報率在 8.7% 至 9.6% 之間。我們預計將在今年晚些時候做出決定。

Finally, later this month, we'll file a rate case in Wisconsin, seeking an electric rate increase of approximately $40 million and a natural gas rate increase of approximately $9 million based on a 10.25% ROE, a 52.5% equity ratio and a 2024 future test year. We expect the commission to decide on the case before year-end with new rates in effect in January. Details on these cases are included in our earnings release. We are reaffirming our 2023 earnings guidance range of $3.30 to $3.40 per share, which is consistent with our long-term EPS growth objective of 5% to 7%. We've updated our key assumptions to reflect the latest information, which are detailed in our earnings release.

最後，本月晚些時候，我們將在威斯康星州提交一份費率案，根據 10.25% 的股本回報率、52.5% 的股本比率和 2024 年的目標，尋求將電費率提高約 4000 萬美元，將天然氣費率提高約 900 萬美元未來的考試年。我們預計委員會將在年底前就此案做出決定，新利率將於 1 月生效。這些案例的詳細信息包含在我們的收益發布中。我們重申 2023 年每股收益 3.30 美元至 3.40 美元的指導範圍，這與我們 5% 至 7% 的長期每股收益增長目標一致。我們更新了我們的關鍵假設以反映最新信息，這些信息在我們的收益發布中有詳細說明。

With that, I'll wrap up with a quick summary. Our customers continue to have some of the lowest bills in the country, we remain committed to keeping long-term bill growth below the rate of inflation while leading the clean energy transition and reducing customer exposure to volatility in fossil fuel prices. We continue to achieve constructive regulatory outcomes across our operating companies with progress across multiple rate cases. We have received a significant number of generation bids in response to our RFPs with additional RFPs forthcoming. We are reaffirming our 2023 earnings guidance, and we remain confident, we continue to deliver long-term earnings and dividend growth within the upper half of our 5% to 7% objective range as we lead the clean energy transition.

有了這個，我將總結一個快速總結。我們的客戶繼續擁有該國最低的賬單，我們仍然致力於將長期賬單增長率保持在通貨膨脹率以下，同時引領清潔能源轉型並減少客戶對化石燃料價格波動的風險。隨著多費率案件的進展，我們繼續在我們的運營公司中取得建設性的監管成果。我們已經收到了大量的發電投標，以響應我們的 RFP，即將推出更多的 RFP。我們重申我們的 2023 年收益指引，並且我們仍然有信心，在我們引領清潔能源轉型的過程中，我們將繼續在 5% 至 7% 目標範圍的上半部分實現長期收益和股息增長。

This concludes our prepared remarks. Operator, we will now take questions.

我們準備好的發言到此結束。接線員，我們現在開始提問。

(Operator Instructions) Today's first question is coming from Julien Dumoulin-Smith of Bank of America.

（操作員說明）今天的第一個問題來自美國銀行的 Julien Dumoulin-Smith。

Thank you, guys, for the time. Appreciate it. Look, I wanted to talk about the proposed legislation and just efforts in Colorado to address the affordability, obviously, a lot of different comments out there. Can you set a little bit of your thoughts out there as to what the key tools and mechanisms and avenues that exist out there? And then ultimately, how to address some of the recovery issues and some of the perception issues?

伙計們，謝謝你們的時間。欣賞它。看，我想談談擬議的立法以及科羅拉多州為解決負擔能力問題所做的努力，顯然，那裡有很多不同的評論。關於現有的關鍵工具、機制和途徑，您能否談談您的想法？最後，如何解決一些恢復問題和一些認知問題？

Yes. Julien, good to hear your voice on a Thursday morning. So we've been -- I appreciate your question. Look, as I think about legislation in Colorado that got introduced last week, pretty late in the session. We've been very keenly aware, as I said in my prepared remarks around the impacts to our customers from the volatility in natural gas prices that occurred largely last year and the declines that we've seen this year. And we've taken a lot of steps, both on the communications side and on the price mitigation side to assist there and obviously more to do. The legislation itself as proposed, was introduced in the Senate.

是的。朱利安，很高興在星期四早上聽到你的聲音。所以我們一直 - 我很欣賞你的問題。看，當我想到上週在會議後期推出的科羅拉多州立法時。我們一直非常敏銳地意識到，正如我在準備好的評論中所說的那樣，天然氣價格的波動主要發生在去年，而今年我們看到的價格下跌對我們的客戶造成了影響。我們已經採取了很多措施，無論是在通信方面還是在降低價格方面，以提供幫助，顯然還有更多工作要做。提議的立法本身已提交參議院。

And with the idea that we look at both price and price volatility that we saw over the past year, really with the benefit of our customers in mind, requires the company in the PUC. And again, this is still in -- it was approved by the Senate, I believe, yesterday, and it's going to go to the house maybe today or tomorrow. But requires a company in the PUC to look at all the mechanisms that can be helpful for our customers on price and price volatility. As I think about it, I think it provides tools on both the front end and the back end of the gas procurement cycle. So think on the front end, hedging and hedging tools, thinking -- rethinking about long-term storage, physical and financial hedging and things like that on the front end of the cycle.

考慮到我們在過去一年中看到的價格和價格波動的想法，真正考慮到我們客戶的利益，需要 PUC 中的公司。再一次，這仍然在——我相信它是在昨天由參議院批准的，它可能會在今天或明天進入眾議院。但要求 PUC 中的一家公司研究所有可能對我們的客戶在價格和價格波動方面有幫助的機制。在我看來，我認為它在天然氣採購週期的前端和後端都提供了工具。所以想想前端，對沖和對沖工具，思考——重新思考長期存儲、物理和金融對沖以及週期前端的類似事情。

The legislation also takes a look at the back end of the cycle in the event that there are price volatility that exceeds a forecast, then we look at mechanisms for deferrals so that it may not be felt immediately in the pocket books of our customers. And I think those mechanisms much to be determined in the regulatory process, but the legislation contemplates those mechanisms being very beneficial to mitigate the volatility that we saw over the past year. I think the third piece of the legislation looks at something we've been already working with -- proactively with the commission on, which is incentive mechanism that provides an incentive to the company to meet or beat gas price forecast and manage the volatility for our customers.

如果價格波動超過預測，該立法還會考慮週期的後端，然後我們會研究延期機制，這樣客戶的錢包可能不會立即感受到。我認為這些機制在監管過程中很重要，但立法考慮到這些機制非常有利於減輕我們在過去一年中看到的波動。我認為立法的第三部分著眼於我們已經在努力的事情——主動與委員會合作，這是一種激勵機制，可以激勵公司達到或超過天然氣價格預測，並管理我們的波動性顧客。

Again, lots of details that have to get worked through the regulatory process. But on balance, the intention is to really protect customers from the volatility we saw over the last year with regulatory mechanisms.

同樣，許多細節必須通過監管流程來解決。但總的來說，我們的目的是通過監管機制真正保護客戶免受我們在去年看到的波動的影響。

I hear you on that front. And then ultimately, as you think about this, mean just on the electric business, I mean, does this change anything in terms of procurement? Obviously, that could feed into some of those conversations. And then related on the gas side, any initial thoughts as to what this could mean from a financial perspective, maybe too early.

我在這方面聽到你的聲音。然後最終，正如你所想的那樣，我的意思是僅在電子商務方面，這在採購方面有什麼改變嗎？顯然，這可能會影響到其中一些對話。然後與天然氣方面相關，從財務角度來看，任何關於這可能意味著什麼的初步想法可能還為時過早。

Yes. Look, I think on the gas procurement side, it applied to procurement for both the electric and the gas business. More broadly speaking, it also looks at -- it asked us to do a cost causation study around gas LDC customers and how we make future long-term investments into the gas system allows for some distributed energy resources and the ability to add those to our systems maybe in a more expeditious manner. So there's some factors like that in the electric and gas, probably a little too early to say what the long-term implications on our capital forecasting are in the state, but I don't think it will be necessarily material in totality.

是的。看，我認為在天然氣採購方面，它適用於電力和天然氣業務的採購。更廣泛地說，它還著眼於 - 它要求我們圍繞天然氣最不發達國家客戶進行成本因果關係研究，以及我們如何在未來對天然氣系統進行長期投資，以允許一些分佈式能源資源以及將這些資源添加到我們的能力系統可能以更迅速的方式。因此，在電力和天然氣方面存在一些類似的因素，現在說該州對我們的資本預測的長期影響可能還為時過早，但我認為它不一定是整體的。

Yes. And Julien, I would just add, we're scheduled to file a clean heat plant in Colorado in August, which is really -- I equate that to call it a resource planning process on the electric side. So really working through with our commission and our stakeholders is how do we do decarbonize the LDC. We have legislation with targets in 2030 and then a net zero target longer term. So we're looking forward to working with all our stakeholders about how we decarbonize our LDC, and I think that's a real opportunity as we put plans in place for a longer term.

是的。 Julien，我只想補充一點，我們計劃於 8 月在科羅拉多州提交一個清潔熱電廠，這實際上是——我將其等同於稱之為電力方面的資源規劃流程。因此，真正與我們的委員會和我們的利益相關者合作的是我們如何使最不發達國家脫碳。我們制定了 2030 年目標立法，然後是更長期的淨零目標。因此，我們期待與所有利益相關者就我們如何使最不發達國家脫碳進行合作，我認為這是一個真正的機會，因為我們制定了長期計劃。

Our next question will be coming from Durgesh Chopra calling from Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Durgesh Chopra。

Team, thanks for the update. I just wanted to -- I was going to ask you a question on Colorado, which you just answered. But just maybe can we get an update on the tax credits transferability? You have, what, $1.8 billion in the plan that is going to come from the tax credit transferability through 2027. Maybe just update us on your efforts there? And then can you remind us, I think you've disclosed this in the past, what are you assuming in terms of funds from that activity this year?

團隊，感謝更新。我只是想——我正要問你一個關於科羅拉多的問題，你剛剛回答了。但也許我們可以獲得有關稅收抵免可轉讓性的最新信息？你有什麼，18 億美元的計劃將來自到 2027 年的稅收抵免可轉讓性。也許只是向我們介紹你在那裡所做的努力？然後你能否提醒我們，我認為你過去已經披露過這一點，你對今年該活動的資金有何假設？

Durgesh, thanks for the question. Something we're very focused on, not only transferability guidance, but guidance for the other aspects of the IRA. But specific to transferability on the guidance, we expect guidance to be issued in Q2 for transferability. And for us, we're looking for a fairly straightforward guidance, right? We would call it clean, no pun intended, a clean seller of these tax credits here from wind farms that have already been in service. And so we're looking for documentation and the certification requirements, in terms of sale, registration requirements, so pretty basic stuff.

Durgesh，謝謝你的提問。我們非常關注的事情，不僅是可轉讓性指導，還有 IRA 其他方面的指導。但具體到指南的可轉讓性，我們預計將在第二季度發布可轉讓性指南。對於我們來說，我們正在尋找一個相當簡單的指導，對嗎？我們稱之為清潔，沒有雙關語的意思，是已經投入使用的風電場的這些稅收抵免的干淨賣家。因此，我們正在尋找文檔和認證要求，包括銷售、註冊要求等非常基本的內容。

So that's really what we're looking for out of the guidance from the IRS. The other aspect is we've talked to about 20 counterparties already, and there is a significant amount of interest in the purchases of our tax credits, not only this year but for a longer term. So we're pretty confident in terms of our ability to execute on this at a good price for our customers. And so I think about this, we get guidance in Q2, I would expect us to start executing in Q3. And this year, we took a pretty conservative approach. We really expected to sell about $200 million of tax credits in our financing plan. That's about of half of what we could sell this year. So -- and then we'd assume we sell the remainder of it in the year after. But that's kind of our view on transferability and I think is a great mechanism as we think about the longer-term cost of renewable projects and how we can be the most tax efficient with those tax credits.

所以這正是我們從美國國稅局的指導中尋找的。另一方面是我們已經與大約 20 個交易對手談過，並且有大量的興趣購買我們的稅收抵免，不僅是今年，而且是長期的。因此，我們對以合理的價格為客戶執行此操作的能力非常有信心。所以我想到這一點，我們在第二季度獲得指導，我希望我們在第三季度開始執行。而今年，我們採取了相當保守的方法。我們確實希望在我們的融資計劃中出售大約 2 億美元的稅收抵免。這大約是我們今年銷量的一半。所以 - 然後我們假設我們在一年後出售剩餘部分。但這是我們對可轉讓性的看法，我認為這是一個很好的機制，因為我們考慮可再生能源項目的長期成本，以及我們如何通過這些稅收抵免實現最高效的稅收。

Got it. And then just -- how will you announce like as you sell these tax credits, is that just going to be in your back half of the year earnings calls? Or are there going to be depending on how sizable these are other sort of 8-K type announcements any...

知道了。然後 - 你將如何宣布，就像你出售這些稅收抵免一樣，這只是在你今年後半年的收益電話會議上嗎？或者是否會根據這些其他類型的 8-K 類型公告的規模而定...

No, I think we just included in our quarterly earnings calls. Obviously, there may be -- depending on the counterparty, they may want to make some announcement about it if they're thinking about -- how they're thinking about they're supporting the clean energy transition by other counterparties may not want to. So -- but the expectation would be in our quarterly earnings calls.

不，我認為我們只是將其納入了季度收益電話會議。顯然，可能 - 根據交易對手的不同，他們可能想就此發表一些聲明，如果他們正在考慮 - 他們如何考慮他們正在支持其他交易對手的清潔能源轉型可能不想.所以 - 但預期會出現在我們的季度收益電話會議中。

We'll now take questions from David Arcaro from Morgan Stanley.

我們現在將接受來自摩根士丹利的 David Arcaro 的提問。

I was wondering if you could comment a little bit on what you're seeing in the RFPs that you've got outstanding right now, how Xcel is competing. And if you're seeing cost increase or decrease just in terms of inflationary pressures or if some of these project proposals are coming in at more attractive prices?

我想知道您是否可以就您在 RFP 中看到的您現在表現出色的內容、Xcel 的競爭方式發表一些評論。如果您看到成本增加或減少只是因為通貨膨脹壓力，或者其中一些項目提案的價格更具吸引力？

David, thanks for the question. So still working through the RFP processes, and I can comment on Colorado because we made a what we call a 30-day filing in Colorado that talked about the median prices that we've seen, incredible amount of interest in the projects and in the bid process. On the wind side, the median price was about $22 from an LCOE perspective. And if you think about that, that's -- if we didn't have IRA and we didn't have any tax credits that would probably be closer to $50. So a really great opportunity from a customer savings perspective with the IRA in what we're seeing. Now that's slightly above the RFP that we did 5 years ago, as you can see some inflationary pressures on CapEx.

大衛，謝謝你的提問。所以仍在通過 RFP 流程工作，我可以對科羅拉多州發表評論，因為我們在科羅拉多州提交了一份我們稱之為 30 天的文件，其中談到了我們所看到的中位數價格，以及對項目和項目的極大興趣投標過程。在風能方面，從 LCOE 的角度來看，中位價格約為 22 美元。如果你考慮一下，那就是——如果我們沒有 IRA 並且我們沒有任何可能接近 50 美元的稅收抵免。因此，從我們所看到的 IRA 客戶儲蓄的角度來看，這是一個非常好的機會。現在這略高於我們 5 年前的 RFP，因為您可以看到資本支出存在一些通脹壓力。

On the solar side, the median price is about $33. Now I'm giving you a median price. We have not disclosed the project portfolio that will happen in August when we make our filing and with our recommended portfolio to the commission. But overall, you think our project portfolio will come in well below those median prices that we've stated. So overall, I think we set ourselves up well with the number of bids we put in from a self-build perspective. We've been at the scheme for a long time from the wind side. And now we've proven with [Circle] solar and the price point we've delivered Circle solar that we can be very competitive. So I think, overall, we're excited about getting these RFPs.

在太陽能方面，中位價格約為 33 美元。現在我給你一個中間價。我們尚未披露 8 月份我們向委員會提交申請時將發生的項目組合以及我們推薦的組合。但總的來說，您認為我們的項目組合將遠低於我們所說的中位價格。所以總的來說，我認為我們從自我建設的角度來看，我們的出價數量很好。從風力方面來看，我們已經參與該計劃很長時間了。現在我們已經用 [Circle] solar 和我們交付的 Circle solar 的價格點證明我們可以非常有競爭力。所以我認為，總的來說，我們對獲得這些 RFP 感到很興奮。

I talked about Colorado because that's the one that we've at least shared some information. Minnesota expect a filing from us here in May on the Minnesota RFP. And then on the SPS, RFP, expect a filing in Q3. So we'll give everyone kind of full transparency and visibility into the opportunities later in this year. But I would say, overall, we're pretty excited and excited to execute on some of these wind and solar and storage projects for the benefit of our customers.

我談到了科羅拉多州，因為我們至少在科羅拉多州分享了一些信息。明尼蘇達州期待我們在 5 月份提交一份關於明尼蘇達州 RFP 的文件。然後在 SPS、RFP 上，預計在第三季度提交申請。因此，我們將在今年晚些時候讓每個人都完全透明和了解機會。但我要說的是，總的來說，為了我們客戶的利益，我們很高興能夠執行其中一些風能、太陽能和儲能項目。

Okay. Got it. Great. And then could you also give any more color just related to the water leak at the Monticello plant? What was the cost of the repair? Curious if you see any broader or more significant issues that popped up just in inspecting it. And then what's the status of the plant now and when it would be coming back online?

好的。知道了。偉大的。然後你能再給出與蒙蒂塞洛工廠漏水有關的更多顏色嗎？維修費用是多少？如果您看到僅在檢查它時突然出現的任何更廣泛或更重要的問題，那很好奇。那麼工廠現在的狀態是什麼，什麼時候恢復運行？

David, it's Bob. Thanks for the question. As we think about the water leak at Monticello, the repair costs were not significant. We -- as we said in our releases, we have contained the leak, repaired the pipe are in the process of removing the water from the aquifer below the plant. There was no risk to people or planet in the process. We're about halfway -- close to halfway through that water removal, expect to finish it probably end of this year, early next. So not a material increase in the cost side. It's really about pumping water out of the plants. The plants planned to shut down for refueling. We do refueling at Monticello every 2 years. And I expect they probably have 2 more weeks before they finish loading fuel and restarting the plant, but it is ready to go.

大衛，是鮑勃。謝謝你的問題。當我們考慮蒙蒂塞洛的漏水事件時，維修費用並不高。我們——正如我們在新聞稿中所說，我們已經控制了洩漏，修復了管道，正在從工廠下方的含水層中抽水。在此過程中對人類或地球沒有風險。我們大約進行了一半 - 接近排水的一半，預計可能會在今年年底或明年初完成。因此，成本方面不會有實質性增加。這實際上是關於從植物中抽水。這些工廠計劃關閉以補充燃料。我們每 2 年在蒙蒂塞洛加油一次。我預計他們可能還有 2 週的時間才能完成裝載燃料並重新啟動工廠，但它已準備就緒。

We'll now take questions from Jeremy Tonet of JPMorgan.

我們現在將接受摩根大通的 Jeremy Tonet 的提問。

Just want to pivot to Minnesota a little bit, if I could. And I didn't know if you could share any other thoughts with regards to remaining priorities out of Minnesota electric ALJ recommendation there. Are there any particular points to address in the final stages of this rate case from your perspective?

如果可以的話，我只想稍微回到明尼蘇達州。我不知道你是否可以分享關於明尼蘇達電力 ALJ 推薦中剩餘優先事項的任何其他想法。從您的角度來看，在這個費率案例的最後階段有什麼特別需要解決的問題嗎？

Sure. No, look, I appreciate the question. The process really continues. Since we last got together, we filed our -- the ALJ filed their recommendations at the end of March. We certainly didn't get all that we asked for in the ALJ filing, but as litigation goes, that's not atypical for the process. We'll file some exceptions and some things that the ALJ recommended we take up in a future proceeding or have the commission take up, I wouldn't say it's terribly material on the exception side.

當然。不，看，我很欣賞這個問題。這個過程真的在繼續。自從我們上次聚在一起以來，我們提交了我們的 - ALJ 在 3 月底提交了他們的建議。我們當然沒有得到我們在 ALJ 文件中要求的所有內容，但隨著訴訟的進行，這對流程來說並不罕見。我們將提交一些例外情況和 ALJ 建議我們在未來的程序中處理或讓委員會處理的一些事情，我不會說這在例外方面非常重要。

We haven't had a general rate case since 2016, prosecuted in the state on the electric side. And so we think that the recommendation from the ALJ was pretty thoughtful for all sides of the argument. And expect the commission to look at the ALJ's recommendation as well as some of the mitigation mechanisms that we put in place as a company to mitigate the impact to customers for having been out for a long time. We shall take it up in probably early June, and we expect the decision by the end of the second quarter.

自 2016 年以來，我們還沒有在電氣方面起訴的一般費率案件。因此，我們認為 ALJ 的建議對於爭論的所有方面都非常周到。並期望委員會考慮 ALJ 的建議以及我們作為一家公司為減輕長期停業對客戶的影響而實施的一些緩解機制。我們可能會在 6 月初處理它，我們預計會在第二季度末做出決定。

Got it. And then just kind of pivoting towards MISO. Just as far as tranche 2 is concerned, what are you hearing there? Are there any updated thoughts from your side, what kind of -- what are current timing expectations for initial thoughts on CapEx potential there?

知道了。然後就轉向 MISO。就第 2 部分而言，您在那裡聽到什麼？您是否有任何更新的想法，什麼樣的 - 當前對資本支出潛力的初步想法的時間預期是什麼？

Yes. Thanks for the question, Jeremy. I think we're thinking about it right now. And obviously, this is a little bit of a moving target with MISO, but we're thinking an announcement in the first part of next year. But like I said, that has the potential to shift as we've seen. And we're expecting kind of the next tranche or tranche 2 to be as big at lease as tranche 4, potentially bigger. And as we think about it, we'd expect a similar share as we received in tranche 1. So that's where our thoughts are today. But obviously, working with MISO and the stakeholders as we move through the process.

是的。謝謝你的問題，傑里米。我想我們現在正在考慮。顯然，這是 MISO 的一個移動目標，但我們正在考慮在明年上半年發布一個公告。但正如我所說，這有可能像我們所看到的那樣發生轉變。我們預計下一批或第 2 批的規模與第 4 批一樣大，可能更大。考慮到這一點，我們預計會收到與第一批中類似的份額。所以這就是我們今天的想法。但顯然，在我們完成流程的過程中與 MISO 和利益相關者合作。

Got it. That's helpful. Last one for me. Just didn't know if you might be able to elaborate a little bit more on the hydrogen hub now that the applications are in, just any incremental thoughts you could share with us would be great.

知道了。這很有幫助。最後一個給我。只是不知道您是否可以在應用程序進入後對氫樞紐進行更多詳細說明，只要您能與我們分享任何漸進的想法都會很棒。

It's Bob. Thanks for the question. We -- look, I think as we think about the future and the future of hydrogen, I think the country really needs as we think about decarbonization across the economy, why we need a clean molecule for some of those harder to decarbonize sectors and hydrogen appears to be the most versatile of the clean energy molecules that we've been looking at. Certainly, the Department of Energy supports that through the hydrogen hub programs and in the IIJA. So we're excited about the application process. We expect decisions by end of year, where then we would go into future proposals around the proceedings.

是鮑勃。謝謝你的問題。我們 - 看，我認為當我們考慮氫的未來和未來時，我認為這個國家真的需要當我們考慮整個經濟的脫碳時，為什麼我們需要一種清潔分子用於一些更難脫碳的行業和氫似乎是我們一直在研究的最通用的清潔能源分子。當然，能源部通過氫樞紐計劃和 IIJA 支持這一點。所以我們對申請過程感到興奮。我們希望在年底前做出決定，屆時我們將圍繞程序討論未來的提案。

So we have two, one in the Rocky Mountain region, one in the upper Midwest region, both are consortiums with our multiple states and both involve the goal of creating what I think about as an ecosystem of both producers and users of a clean molecule like hydrogen and whether that can then be converted into fertilizer for ag, process heat -- burning for process heat and from our perspective, blending into the distribution system and co-firing in our existing natural gas plants. So we're excited around the versatility that the molecule provides. We appreciate what Congress and DOE are doing, and we look forward to progressing our applications at the DOE this year.

所以我們有兩個，一個在落基山脈地區，一個在中西部上游地區，兩者都是我們多個州的聯盟，都涉及創建我認為的清潔分子生產者和用戶生態系統的目標氫氣，以及是否可以將其轉化為農業肥料、工藝熱——燃燒工藝熱，從我們的角度來看，混合到分配系統中，並在我們現有的天然氣廠中混合燃燒。因此，我們對該分子提供的多功能性感到興奮。我們感謝國會和能源部正在做的事情，我們期待著今年在能源部推進我們的申請。

Yes. And I'll just add a little bit of more color on the process. I think overall, there is about 80 concept papers that were submitted, and DOE encouraged 33 concept papers and all 3 of ours were encouraged. Ultimately, as Bob said, we've moved forward with 2 because 2 were in the Rocky Mountain region. But we feel good about our, call it, multi-application hydrogen hubs and multistate hubs. So looking forward to seeing this process play out and as Bob said, awards at the end of the year, and then it's a stage process going forward after that.

是的。我會在這個過程中添加一點顏色。我認為總體而言，提交了大約 80 份概念文件，DOE 鼓勵了 33 份概念文件，我們所有 3 人都得到了鼓勵。最終，正如 Bob 所說，我們已經推進了 2 個，因為 2 個位於落基山脈地區。但我們對我們的多應用氫樞紐和多州樞紐感覺良好。因此，期待看到這個過程發揮作用，正如 Bob 所說，在年底頒獎，然後這是一個階段性的過程。

We'll now take question from Sophie Karp calling from KeyBanc.

我們現在將接受來自 KeyBanc 的 Sophie Karp 的提問。

Just a quick follow-up on the RFP process. Could you remind us if you're also bidding into those? And what do you expect your win rates to be, if any?

只是對 RFP 流程的快速跟進。你能提醒我們你是否也參與其中嗎？如果有的話，你期望你的贏率是多少？

Sophie. Yes, thanks for the follow-up question. We do -- so the way we see this playing out is we have absolutely submitted our own self-bid -- self-build projects in all 3 of the RFPs, Minnesota, Colorado and SPS. And those range from solar to wind and storage and combinations of each of those and depends on the RFP. Minnesota was only a solar RFP. But we've spent probably the last 18 to 24 months, working on our self-build projects. As we know, we have a massive renewable build-out over the next decade in our territories. So -- not only do we see potentially our own self-build projects being selected, we have a good partnership with Vestas in the Colorado with their Colorado facility.

蘇菲。是的，感謝後續問題。我們這樣做 - 所以我們看到這種情況的方式是我們絕對提交了我們自己的自標 - 在明尼蘇達州、科羅拉多州和 SPS 的所有 3 個 RFP 中自建項目。這些範圍從太陽能到風能和存儲以及每一種的組合，取決於 RFP。明尼蘇達只是一個太陽能 RFP。但在過去的 18 到 24 個月裡，我們可能一直致力於我們的自建項目。眾所周知，未來十年我們將在我們的領土上進行大規模的可再生能源建設。所以——我們不僅看到有可能選擇我們自己的自建項目，而且我們與科羅拉多州的維斯塔斯在科羅拉多州的工廠建立了良好的合作夥伴關係。

And so we have some geographical advantages with having wind turbine -- wind blades being manufactured there, and we have a lot of opportunities around. We're using the interconnection of our retiring coal plants. So we feel really good. Now, publicly, we talk about targeting 50% ownership. Obviously, we think we'll be very cost competitive and would love to demonstrate to our commissions that we could do more than 50% ownership because we think we have really good projects that will show a lot of benefit to our customers. And I think this is just -- as I think about this, let me give you a little view of longer-term. I really think this is a start of steel for fuel 2.0 as we think about it.

因此，我們在擁有風力渦輪機方面具有一些地理優勢——在那裡製造風力葉片，我們周圍有很多機會。我們正在使用我們退休的燃煤電廠的互連。所以我們感覺非常好。現在，我們公開談論以 50% 的所有權為目標。顯然，我們認為我們將具有很強的成本競爭力，並且很樂意向我們的佣金證明我們可以擁有超過 50% 的所有權，因為我們認為我們擁有非常好的項目，將為我們的客戶帶來很多好處。而且我認為這只是 - 當我想到這一點時，讓我給你一點長期的看法。正如我們所想的那樣，我真的認為這是燃料 2.0 鋼鐵的開始。

And I don't think there are many utilities can do this clean energy transition at the price point that we can because of the solar and wind resources in our backyard. And we think that's a true competitive advantage over the longer term as being able to deliver 80% to 85% clean energy in 2030 at or below inflation. So we're excited to continue to work on these RFPs. And following these RFPs, we'll do multiple more RFPs in our jurisdictions. So I'm looking forward to giving you and everyone on this call and our stakeholders further updates as we work through the process.

而且我認為，由於我們後院的太陽能和風能資源，沒有多少公用事業公司可以以我們可以做到的價格實現這種清潔能源轉型。我們認為，從長遠來看，這是一個真正的競爭優勢，因為能夠在 2030 年或低於通貨膨脹率的情況下提供 80% 至 85% 的清潔能源。因此，我們很高興能繼續處理這些 RFP。在這些 RFP 之後，我們將在我們的管轄範圍內進行更多的 RFP。因此，我期待在我們完成整個過程時為您和本次電話會議的每個人以及我們的利益相關者提供進一步的更新。

Perfect. And then as a follow-up, maybe on the O&M. I see that the O&M has been a drag about like $0.06 maybe in the first quarter. Just wondering if that was impacted maybe by Monticello outage and repairs to a larger degree? And how do you see the shape of the O&M through the rest of the year?

完美的。然後作為後續行動，也許是在 O&M 上。我看到 O&M 在第一季度拖累了大約 0.06 美元。只是想知道這是否受到更大程度的蒙蒂塞洛停電和維修的影響？您如何看待今年餘下時間的 O&M 情況？

Yes. Thanks for the question. No, Monticello -- Monticello maybe a couple of million dollars from a repair cost perspective. So pretty immaterial relative to the quarter. As we think about it, last year, if you look at our pattern of O&M last year, it was significantly higher in the latter part of the year. Part of that is due to some regulatory deferrals that were in place of Q1 last year than unwound as we got rates in Texas. And then we also had good weather last year, so we invested in our system later in the year.

是的。謝謝你的問題。不，蒙蒂塞洛——從維修成本的角度來看，蒙蒂塞洛可能需要幾百萬美元。相對於本季度來說，這是非常無關緊要的。正如我們所考慮的那樣，去年，如果你看看我們去年的 O&M 模式，它在今年下半年明顯更高。部分原因是去年第一季度的一些監管延期，而不是隨著我們在德克薩斯州獲得利率而解除。然後我們去年也有好天氣，所以我們在今年晚些時候投資了我們的系統。

So as we think about it, we're still good with our year-end guidance, and we'll continue to work on that. Now that being said, we are facing inflationary pressures and it's something that we're very focused on internally is keeping those O&M expenses down as I think is important from a customer build perspective long term. But overall, we feel good with where we are and expect to deliver on our year-end numbers as we've done for 18 years.

因此，考慮到這一點，我們的年終指導仍然很好，我們將繼續努力。話雖這麼說，我們正面臨通貨膨脹壓力，我們內部非常關注的是降低這些運維費用，因為我認為從長期客戶構建的角度來看很重要。但總的來說，我們對自己的現狀感覺良好，並期望像我們 18 年來所做的那樣實現年終數字。

Next, we'll go to [Mr. Gregg Orrill] of UBS.

接下來，我們將去[先生。瑞銀的 Gregg Orrill]。

Just a clarification around the transferability. Is it sort of the legal basis that you're looking for? Getting the clarification enables you to move forward. Or is there something that you're looking for in terms of the content?

只是對可轉移性的澄清。這是您正在尋找的法律依據嗎？得到澄清可以讓你繼續前進。或者您是否正在尋找內容方面的內容？

Not at all in terms of the content. I would call it we're looking for more administrative guidance. Now there may be other parties that are involved in tax equity partnerships or ITC, but we're looking at transferring PTCs, as I said, we're very clean from a transferability perspective. So it's more like okay, what are the registration requirements and then just our counterparties want to see the guidance too, so they know what they need to do. So nothing of our concern beyond just getting those administrative requirements out and that's why we're waiting, and we'll be ready to pull the trigger when we give that guidance.

就內容而言完全不是。我會稱之為我們正在尋找更多的行政指導。現在可能有其他各方參與稅收股權合夥或 ITC，但我們正在考慮轉讓 PTC，正如我所說，從可轉讓性的角度來看，我們非常乾淨。所以更像是好吧，註冊要求是什麼，然後我們的交易對手也希望看到指南，這樣他們就知道他們需要做什麼。因此，除了提出這些管理要求之外，我們並不關心什麼，這就是我們等待的原因，我們將準備好在我們提供該指導時扣動扳機。

The next question is coming from Ryan Levine calling from Citigroup.

下一個問題來自花旗集團的 Ryan Levine。

On New Mexico, can you give some color as to what you're seeing in that regulatory process and compared to how the processes were with the prior commission? And is there any potential for settlement or change to the Q4 guidance, given the ramp-up of the new commission staff?

在新墨西哥州，您能否說明您在該監管流程中看到的內容，並與之前的佣金流程進行比較？考慮到新佣金工作人員的增加，第四季度的指導是否有可能得到解決或改變？

Ryan, thanks for the question. As we think about it in New Mexico, a wide range of intervenor testimony. I think some of that from large industrials is call it par for the course. Look at the staff testimony, we think it's a good starting point, the staff testimony. I think one of the key aspects is we filed the forward test year. And I think there's support from a forward test year construct perspective, which is different from historical standards. So absolutely, just got the testimony in last Friday, have digested it, and then we'll see if there is an opportunity to work with the parties and reach a balanced and constructive outcome from a settlement perspective.

瑞安，謝謝你的提問。正如我們在新墨西哥州考慮的那樣，範圍廣泛的干預者證詞。我認為來自大型工業企業的其中一些被稱為課程的標準。查看員工證詞，我們認為這是一個很好的起點，員工證詞。我認為其中一個關鍵方面是我們提交了前瞻性測試年。而且我認為從前瞻性測試年構建的角度來看，這與歷史標準不同。所以絕對是，上週五剛拿到證詞，消化了它，然後我們會看看是否有機會與各方合作，從和解的角度達成平衡和建設性的結果。

If you look at the schedule we have -- hearings are June 20. And so that would be kind of from now until June 20, and it's actually a stipulation period in their native, in terms of looking at settlement opportunities. But we've been -- we've reached a settlement in our last couple of rate cases in New Mexico and certainly look forward to working with the parties on it to get a balanced outcome for our customers. The second part of your question was around guidance. This goes into effect late in the year, so relatively small impact on 2023 guidance.

如果你看看我們的時間表——聽證會是 6 月 20 日。所以從現在到 6 月 20 日，這實際上是他們當地的一個規定期，就尋找和解機會而言。但我們已經 - 我們已經在新墨西哥州的最後幾個費率案件中達成和解，當然期待與各方合作，為我們的客戶取得平衡的結果。你問題的第二部分是關於指導的。這將在今年晚些時候生效，因此對 2023 年指導的影響相對較小。

Okay. But is the fourth quarter '23 decision, do you think that there's any risk to that timeline, from a regulatory timeline...

好的。但是，是 23 年第四季度的決定嗎，您認為該時間表是否存在監管時間表的任何風險......

No. From a timeline perspective, no, I do not. In terms of it getting pushed out.

不，從時間軸的角度來看，不，我沒有。就它被推出而言。

I mean, Ryan, the schedule has already moved out a month. So we think it's fine the way it is.

我的意思是，Ryan，日程安排已經推遲了一個月。所以我們認為這樣很好。

Okay. And then on New Mexico, what are you seeing for weather-normalized load for that region?

好的。然後在新墨西哥州，您看到該地區的天氣標準化負荷如何？

So I think overall, in SPS, if you looked at our sales is very strong sales on -- particularly on the C&I side, right? We had 7% plus C&I sales quarter -- year-over-year for the quarter. Resi sales were up about 3%. Now that was higher than expectations on the residential side. Commercial side was pretty much in line with what we expected. So really strong growth, and more of that growth is weighted towards New Mexico than Texas with what we're seeing in the oil patch region in the Delaware Basin. Now rigs are up about 10% year-over-year from the rig count in the 2 counties we serve, Eddy and Lee.

所以我認為總的來說，在 SPS 中，如果你看一下我們的銷售量非常強勁——尤其是在 C&I 方面，對吧？我們的 C&I 銷售季度同比增長 7%。 Resi 銷售額增長了約 3%。現在，這高於住宅方面的預期。商業方面幾乎符合我們的預期。如此強勁的增長，而且更多的增長集中在新墨西哥州，而不是德克薩斯州，我們在特拉華盆地的油田地區看到了這一點。現在，我們服務的 2 個縣 Eddy 和 Lee 的鑽機數量同比增長了約 10%。

And then we're also seeing a lot of electrification requests as the large oil and gas customers have their own carbon reduction targets hitting and they're obviously working with the state of New Mexico is how they can improve their overall carbon footprint. So really good growth there, and we're doing everything we can and working with our customers to make sure that we can support them with the distribution and transmission investments that we need to make.

然後我們也看到了很多電氣化請求，因為大型石油和天然氣客戶有他們自己的碳減排目標，他們顯然正在與新墨西哥州合作，以改善他們的整體碳足跡。那裡的增長非常好，我們正在盡我們所能並與我們的客戶合作，以確保我們能夠通過我們需要進行的配電和輸電投資來支持他們。

Our next question is coming from Mr. Paul Patterson calling from Glenrock Associates.

我們的下一個問題來自 Glenrock Associates 的 Paul Patterson 先生。

Can you hear me?

你能聽到我嗎？

Yes, Paul.

是的，保羅。

So just back to the Colorado bill, I apologize if I wasn't -- if I just didn't get this but are you guys -- I mean the bill is moving pretty quickly. Are you guys -- I mean, with the amendments that were done on Tuesday, are you guys okay with it at this point? Or do you look for additional changes in it? I apologize if you guys actually addressed this earlier.

回到科羅拉多州的法案，如果我沒聽懂，我深表歉意——如果我沒聽懂，但你們呢——我的意思是該法案進展得非常快。你們——我的意思是，對於週二完成的修正案，你們目前是否同意？或者您是否在尋找其他變化？如果你們真的早些時候解決了這個問題，我深表歉意。

Paul, it's Bob. I didn't comment earlier but no new concerns there. We -- the bill as it passed the Senate and the amendments that were provided make the bill workable, I think, from our perspective. We continue to watch it as it moves through the house process. But as it stands right now, I think it's something that we can work with. We think if there still leaves a lot at the commission for decision-making, and we would very much work with the CPUC and the staff to implement some of that legislation through the regulatory process.

保羅，是鮑勃。我之前沒有發表評論，但沒有新的擔憂。我們——我認為，從我們的角度來看，參議院通過的法案和所提供的修正案使該法案可行。我們將繼續關注它在內部流程中的進展。但就目前而言，我認為這是我們可以合作的事情。我們認為，如果委員會仍有很多決策權，我們將非常願意與 CPUC 和工作人員合作，通過監管程序實施部分立法。

Okay. Great. And then given some of your management experience in California, and their sort of more novel idea of the commission -- the company's proposal to bill -- at least a part of the bill associated with income. I'm just wondering if that's something that you guys have thought about in any of your jurisdictions. But particularly Colorado given the experience in California. And just if you have sort of any feedback or any thoughts you might have about that.

好的。偉大的。然後考慮到你在加利福尼亞的一些管理經驗，以及他們對佣金的更新穎的想法——公司的賬單提案——至少賬單的一部分與收入相關。我只是想知道你們是否在你們的任何司法管轄區考慮過這一點。但考慮到在加利福尼亞的經驗，科羅拉多尤其如此。如果您對此有任何反饋或想法，就可以了。

Yes. Thanks, Paul. I think you're talking about stratification of residential customers from an income perspective. I think at this point, what we do in that regard is we direct a lot of assistance through regulatory state and federal agency programs to mitigate the income-qualified customers. And that process, I think, has worked pretty well. I don't see us proposing any changes to customer stratification at this point.

是的。謝謝，保羅。我認為您是在從收入角度談論住宅客戶的分層。我認為在這一點上，我們在這方面所做的是，我們通過監管州和聯邦機構計劃提供大量援助，以減輕收入合格的客戶。我認為，這個過程運作良好。我不認為我們在這一點上提議對客戶分層進行任何更改。

As we have no further questions, at this time, I'll turn the call back over to Mr. Brian Van Abel for any additional closing remarks. Thank you.

由於我們沒有進一步的問題，此時，我將把電話轉回給 Brian Van Abel 先生，以獲得任何額外的結束語。謝謝。

Thanks, everyone, for participating in our earnings call this morning. Please contact our Investor Relations team with any follow-up questions.

感謝大家今天早上參加我們的財報電話會議。如有任何後續問題，請聯繫我們的投資者關係團隊。

Thank you very much. Ladies and gentlemen, that will conclude today's conference. Thanks for your attendance. You may now disconnect. Have a good day. Goodbye.

非常感謝。女士們，先生們，今天的會議到此結束。感謝您的出席。您現在可以斷開連接。祝你有美好的一天。再見。