埃克西爾能源 (XEL) 2024 Q1 法說會逐字稿

Hello, and welcome to Xcel Energy's First Quarter 2024 Earnings Conference Call. My name is Melissa, and I will be your coordinator for today's event. Please note this conference is being recorded.

您好，歡迎參加 Xcel Energy 2024 年第一季財報電話會議。我叫梅麗莎，我將擔任今天活動的協調員。請注意，本次會議正在錄製中。

(Operator Instructions)

（操作員說明）

Questions will only be taken from institutional investors. Reporters can contact Media Relations with inquiries, and individual investors and others can reach out to Investor Relations. (Operator Instructions)

只接受機構投資人的提問。記者可以聯繫媒體關係部門進行詢問，個人投資者和其他人可以聯繫投資者關係部門。 （操作員說明）

I'll now turn the call over to Paul Johnson, Vice President, Treasurer, and Investor Relations. Please go ahead.

我現在將電話轉給副​​總裁、財務主管和投資者關係保羅·約翰遜 (Paul Johnson)。請繼續。

Good morning, and welcome to Xcel Energy's 2024 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 questions if needed.

早安，歡迎參加 Xcel Energy 2024 年第一季財報電話會議。今天與我一起出席的有董事長、總裁兼執行長鮑伯‧弗倫澤爾 (Bob Frenzel)；以及執行副總裁兼財務長 Brian Van Abel。此外，如果需要的話，我們還有管理團隊的其他成員在房間裡回答問題。

This morning, we will review our '24 first quarter results and highlights, discuss recent wildfires and our mitigation efforts and share recent business developments. Slides accompany today's call are available on our website. Please note that we changed our presentation. As a result, we no longer refer to electric and natural gas margin. Instead, we'll discuss changes in revenue and cost of goods sold from the income statement.

今天早上，我們將回顧 24 年第一季的業績和亮點，討論最近的野火和我們的緩解工作，並分享最近的業務發展。今天電話會議附帶的幻燈片可在我們的網站上找到。請注意，我們更改了簡報。因此，我們不再提及電力和天然氣利潤。相反，我們將討論損益表中收入和銷售成本的變化。

Please note that these most fluctuations in cost of electric fuel and natural gas are recovered through regulatory mechanisms and are generally earnings neutral. As a reminder, some of the comments 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 SEC filings. Today, we'll discuss certain measures that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release.

請注意，電力燃料和天然氣成本的大部分波動是透過監管機制恢復的，通常是收益中立的。提醒一下，今天電話會議中的一些評論可能包含前瞻性資訊。我們的收益報告和 SEC 文件中描述了可能導致結果與預期不同的重要因素。今天，我們將討論某些非公認會計準則衡量指標。有關可比較 GAAP 衡量標準和調整表的資訊包含在我們的收益發布中。

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

有了這個，我會把它交給鮑伯。

Thanks Paul, and good morning, and welcome, everyone. It's been 2 months since wildfires impacted our Texas neighbors and before Brian walks through our financial results, I'd like to discuss the actions we're taking to protect the public and to strengthen our systems resiliency in the states that we serve.

謝謝保羅，早安，歡迎大家。野火影響我們的德州鄰居已經過去兩個月了，在布萊恩介紹我們的財務業績之前，我想討論一下我們為保護公眾和加強我們所服務的州的系統彈性而採取的行動。

In February, multiple wildfires were ignited in Texas. And from the outset of those fires, our focus has been on the people, in the communities, and the Panhandle and on the safety and the well-being of our coworkers and their families there. I want to thank all of the first responders, emergency personnel, state and local employees and our own SPS employees who worked tirelessly in support of our customers and our communities during and after the event.

2月份，德州發生多起山火。從火災發生以來，我們的重點一直是人民、社區和狹長地帶，以及我們同事及其家人的安全和福祉。我要感謝所有急救人員、緊急人員、州和當地員工以及我們自己的 SPS 員工，他們在活動期間和活動結束後為支持我們的客戶和社區而不懈努力。

They provided wildfire response, community assistance, relief services and work tirelessly in the field to restore essential services. I've been to the panhandle and I've witnessed the impacted areas and I can see for the entire Xcel Energy team when I say that we are saddened by the losses, and we will stand with the Panhandle community as we recover, rebuild and renew that area as we have for over 100 years.

他們提供山火應對、社區援助、救援服務，並在現場努力恢復基本服務。我去過狹長地帶，親眼目睹了受影響的地區，當我說我們對損失感到悲傷時，我可以看到整個Xcel Energy 團隊的情況，我們將與狹長地帶社區站在一起，一起恢復、重建和重建。

Xcel Energy has acknowledged that our distribution poles appear to have been involved in an ignition of the Smoke House Creek fires and smaller Reamer Fire, which quickly burned into the Smokehouse Creek Fire footprint. We assume claims that Xcel Energy acted negligently in maintaining an operating infrastructure. In addition, we do not believe that our facilities caused the Windy Deuce or the Grapevine Creek fires and believe that their additions are caused by distribution lines owned by other companies.

Xcel Energy 承認，我們的配電桿似乎參與了 Smoke House Creek 火災和較小的 Reamer 火災的點燃，這場大火很快就燒毀了 Smokehouse Creek 火災的足跡。我們假設 Xcel Energy 在維護營運基礎設施方面存在疏忽行為。此外，我們不認為我們的設施引起了 Windy Deuce 或 Grapevine Creek 火災，並相信它們的增加是由其他公司擁有的配電線路引起的。

In an effort to expedite relief and recovery in the community, we've established a claims processes for those who have property or livestock loss in the Smokehouse Creek fires, and are actively settling a number of claims. So far, 46 claims have been submitted. And as on April 22, Xcel Energy and SPS have been named as defendants in 15 lawsuits.

為了加快社區的救援和恢復，我們為在 Smokehouse Creek 火災中財產或牲畜損失的人們建立了索賠程序，並正在積極解決一些索賠問題。到目前為止，已提交 46 份索賠。截至 4 月 22 日，Xcel Energy 和 SPS 已被列為 15 起訴訟的被告。

Based on the most current information, we believe it's probable that we incur a loss due to the Smokehouse Creek wildfire and accrued a liability of $215 million which is offset by an insurance receivable since it's lower than our approximately $500 million insurance.

根據最新消息，我們認為我們很可能因 Smokehouse Creek 野火而蒙受損失，並產生 2.15 億美元的負債，該負債由保險應收帳款抵消，因為它低於我們約 5 億美元的保險金額。

Please note that the $215 million loss equivalent preliminary estimate, which reflects the low end of our range and is subject to change based on new information. More information on Smokehouse Creek, please see our disclosures in our earnings release and our Form 10-Q.

請注意，相當於 2.15 億美元損失的初步估計，反映了我們範圍的下限，並可能根據新資訊進行更改。有關 Smokehouse Creek 的更多信息，請參閱我們在收益報告和 10-Q 表格中披露的信息。

On all utilities we're experiencing profound changes in weather and climate related impacts on our operations. As a result, we must continue to evolve our operations for these unparalleled dynamics. Risk mitigation and system resiliency has long been a priority for Xcel Energy in continuing into the future.

在所有公用事業中，我們正在經歷與天氣和氣候相關的深刻變化對我們營運的影響。因此，我們必須繼續發展我們的運營，以實現這些無與倫比的動態。長期以來，風險緩解和系統彈性一直是 Xcel Energy 未來的首要任務。

Our strategy consists of 3 phases: first, immediate near-term response; second, regulatory activities needed to address comprehensive wildfire mitigation and resiliency plans; third, additional state and federal legislation that could be valuable.

我們的策略分為三個階段：第一，立即做出近期反應；其次，制定全面的野火緩解和防災計畫所需的監管活動；第三，可能有價值的額外州和聯邦立法。

Part of our first phase, we've accelerated risk-reduction initiatives across our system, including accelerating portfolio inspections and replacements as well as operational actions such as proactive deenergizing the lines and adjusting reclosure settings, known as power saving, power shells and enhanced power line safety setting.

作為第一階段的一部分，我們加快了整個系統的風險降低舉措，包括加快投資組合檢查和更換以及主動斷電和調整重合閘設置等運營行動，即節電、電源外殼和增強電源線路安全設置。

We've been operating under approved wildfire plant in Colorado since 2020. As part of our second phase strategy, we will file updated wildfire mitigation plans in our respective states beginning with an updated Colorado WMP later this quarter. The plans incorporate industry learnings that are tailored to our unique geographies and risk profiles.

自2020 年以來，我們一直在科羅拉多州經批准的野火工廠下運作。野火緩解計畫。這些計劃結合了針對我們獨特的地理位置和風險狀況量身定制的行業經驗。

Newly expanded actions include increased vegetation management, accelerating pole inspections, hardening and replacements, distribution undergrounding segmentation and covered conductor programs, transition line hardening and ore rebuilds, enhanced reclosure settings and correctively energizing of lines and situational awareness programs, including weather stations, cameras, and other monitoring software.

新擴大的行動包括加強植被管理、加速電線桿檢查、硬化和更換、配電地下分段和覆蓋導線計劃、過渡線硬化和礦石重建、增強重合閘設置以及正確為線路通電和態勢感知計劃，包括氣象站、攝影機、以及其他監控軟體。

Later this year, we intend to file a system resiliency plan that will include wildfire mitigation at SPS is contemplated under recent Texas law. And the third component of our strategy is to continue to step up our efforts to innovate and plan for evolving climate wildfire risk.

今年晚些時候，我們打算提交一份系統彈性計劃，其中包括德州最近法律規定的 SPS 野火緩解措施。我們策略的第三個組成部分是繼續加強努力，針對不斷變化的氣候野火風險進行創新和規劃。

We know that our ability to enable a clean energy transition and to deliver important products to our customers is predicated on maintaining a reasonable cost of capital, and we believe that proactive legislation in a state and federal level is a potential vehicle to ensure that our customers continue to receive affordable, reliable, sustainable, and safe power service.

我們知道，我們實現清潔能源轉型和向客戶提供重要產品的能力取決於維持合理的資本成本，我們相信州和聯邦層面的積極立法是確保我們的客戶的潛在工具繼續獲得負擔得起的、可靠的、永續的和安全的電力服務。

We are doing this alone. We're working across the industry with peer utilities, industry groups such as EEI and EPRI, [partner] of Energy, federal, state, and global agencies, first responders, our labor partners, and countless others. While we need to reduce wildfire risk our core operations remain strong and our investment opportunities robust.

我們正在獨自做這件事。我們正在與整個行業的同行公用事業公司、EEI 和 EPRI 等行業團體、能源[合作夥伴]、聯邦、州和全球機構、急救人員、我們的勞工合作夥伴以及無數其他機構合作。儘管我們需要降低野火風險，但我們的核心業務依然強勁，投資機會依然強勁。

During the first quarter, we made significant progress on our clean energy transition and resource plans. In February, we filed our resource plan for the NSP system, we proposed to add 6,400 megawatts of new resources and extend the lives of our Prairie Island and Monticello nuclear facilities past 2050.

第一季度，我們在清潔能源轉型和資源計畫方面取得了重大進展。今年2月，我們提交了NSP系統的資源計劃，建議增加6,400兆瓦的新資源，並將我們的草原島和蒙蒂塞洛核設施的壽命延長到2050年以後。

The proposed plan reduces carbon emissions by more than 80% while increasing customer bills by approximately 1% annually. We anticipate a decision on our proposal by the Minister of Commission in 2025. In New Mexico, the commission accepted our resource plan and proposed approximately 5,000 to 10,000 megawatts of new generation by 2030.

擬議的計劃可減少 80% 以上的碳排放，同時每年增加約 1% 的客戶帳單。我們預計委員會部長將於 2025 年就我們的提案做出決定。

We anticipate issuing an RFP for the resource needs this summer. And finally, the Minnesota Commission recently approved our updated transportation electrification plan, and we filed an updated transportation electrification plan in New Mexico in April. We also made continued progress with several economic and commercial development projects.

我們預計今年夏天會針對資源需求發布 RFP。最後，明尼蘇達州委員會最近批准了我們更新的交通電氣化計劃，我們於四月在新墨西哥州提交了更新的交通電氣化計劃。我們的一些經濟和商業發展項目也不斷取得進展。

In February, we announced that working with Microsoft to bring a new data center to our retiring Sherco coal facility. The proposed data center is positioned to be 1 of our largest customers in Minnesota and is projected to bring jobs and investments to the community.

今年 2 月，我們宣布與 Microsoft 合作，為我們即將退役的 Sherco 煤炭設施建造一個新的資料中心。擬議的數據中心定位為我們在明尼蘇達州最大的客戶之一，預計將為社區帶來就業和投資。

In March, Meta broke ground on its previously announced data center that will be powered by NSP Minnesota. Meta will provide funding for new infrastructure upgrades, including transmission lines to support the project, and the facility is slated to open in late summer 2025. Xcel Energy proactively worked with data center developers, communities, and stakeholders across our states to ensure that we can reliably and affordably serve this new demand while providing benefits to our other customers.

今年 3 月，Meta 先前宣布的資料中心破土動工，該資料中心將由 NSP Minnesota 提供支援。 Meta 將為新基礎設施升級提供資金，包括支持該項目的輸電線路，該設施預計於 2025 年夏末開放。可靠且經濟地滿足這項新需求，同時為我們的其他客戶帶來好處。

With several additional opportunities in the pipeline, we expect data centers to drive further growth for the foreseeable future. Our employees are at the heart of these many accomplishments. Our team is composed of dedicated and hard-working and courageous employees are committed to serving our communities with safe clean, reliable, and affordable energy.

隨著一些其他機會的出現，我們預計資料中心將在可預見的未來推動進一步成長。我們的員工是這些成就的核心。我們的團隊由敬業、勤奮、勇敢的員工組成，致力於為我們的社區提供安全、清潔、可靠和負擔得起的能源。

For the 11th year in a row, Xcel Energy was honored as one of the world's most admired companies by Fortune Magazine, placing 2nd overall amongst the most admired gas electric company's in the country. For the fifth year in a row, Xcel Energy has been named one of the world's most ethical companies by Ethisphere. Xcel Energy is 1 of only 5 energy companies in the United States recognized this year. Xcel Energy also joined the Economic Opportunity Coalition, a public-private partnership with the U.S. government, where we committed to allocating 15% of our U.S.-based contract spending in the areas of energy supply, distribution, transition, and clean energy small and underserved businesses by 2025.

Xcel Energy 連續 11 年被《財星》雜誌評為全球最受尊敬的公司之一，在美國最受尊敬的瓦斯電力公司中排名第二。 Xcel Energy 連續第五年被 Ethisphere 評為全球最具道德的公司之一。 Xcel Energy 是今年美國僅有的 5 家獲得認可的能源公司之一。 Xcel Energy 也加入了經濟機會聯盟，這是一個與美國政府的公私合作夥伴關係，我們承諾將美國合約支出的 15% 用於能源供應、分配、轉型以及小型和服務不足的清潔能源領域到2025 年的企業。

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

有了這個，我會把它交給布萊恩。

Thanks, Bob, and good morning, everyone. Turning to our financial results. Xcel Energy had earnings of $0.88 per share for the first quarter of 2024 compared to $0.76 per share in 2023. The increase in earnings reflects our investment of approximately $8 billion over the last 5 quarters to improve resiliency and enable clean energy for our customers while delivering economic growth and vitality for our communities.

謝謝鮑勃，大家早安。轉向我們的財務表現。 Xcel Energy 2024 年第一季的每股收益為0.88 美元，而2023 年為每股0.76 美元。清潔能源，同時交付我們社區的經濟成長和活力。

The most significant earnings drivers for the quarter included the following: the impact of electric and natural gas rate reviews to recover our capital investments increased earnings by $0.12 per share. Lower O&M expenses increased earnings by $0.06 per share, reflecting lower labor and benefit costs, lower bad debt expenses and gains from a land sale for a data center.

本季最重要的獲利驅動因素包括：電力和天然氣費率審查對收回我們的資本投資的影響使每股盈餘增加了 0.12 美元。維運費用的降低使每股收益增加了 0.06 美元，反映出勞動力和福利成本的降低、壞帳費用的降低以及數據中心土地出售的收益。

Non-fuel riders recover capital investment increased earnings by $0.05. Offsetting these positive drivers were higher depreciation and amortization decreased earnings by $0.05 per share, reflecting our capital investment programs. Higher interest charges decreased earnings by $0.05 per share. In addition, other items combined to decrease earnings by $0.01 per share.

非燃油乘客收回資本投資的收益增加了 0.05 美元。較高的折舊和攤銷使每股收益減少 0.05 美元，抵消了這些積極的推動因素，這反映了我們的資本投資計劃。較高的利息費用使每股收益減少了 0.05 美元。此外，其他項目合計導致每股收益減少 0.01 美元。

Coming to sales, year-to-date weather and leap year adjusted electric sales decreased by 0.3% and natural gas sales increased by 1.7% as compared to 2023. Please note that we have revised our projected electric sales growth to 1% to 2% for the year, largely due to declining use per customer and timing delays for expansions for some of our large C&I customers. However, we can certainly expect long-term electric sales to grow 3% annually.

就銷售而言，與2023 年相比，今年迄今的天氣和閏年調整後的電力銷售量下降了0.3%，天然氣銷售量增長了1.7%。 1% 至2%今年，這主要是由於每個客戶的使用量下降以及我們一些大型工商業客戶的擴張時間延遲。然而，我們當然可以預期長期電力銷量每年將成長 3%。

During the quarter, we also made progress on a relatively light rate [calendar]. In April, the Texas Commission approved our electric rate case settlement without modification. The settlement reflects a rate increase of $65 million based on the black box settlement which includes an ROE of 9.55% and an equity ratio of 54.5% AFUDC process.

在本季度，我們在相對較低的利率方面也取得了進展[日曆]。 4 月，德州委員會未經修改地批准了我們的電費案件和解協議。和解反映出基於黑盒子和解的利率增加了 6,500 萬美元，其中包括 9.55% 的 ROE 和 54.5% AFUDC 流程的股權比例。

In our Minnesota Natural Gas rate case, we received intervenor testimony last week. Hearings were scheduled for July and expect the commission decision by year-end or in the first quarter of next year. And in our Colorado natural gas rate case, procedural schedule has been established that reflects intervenor testimony in July, hearings in September and a commission decision in the fourth quarter.

在我們的明尼蘇達州天然氣費率案例中，我們上週收到了乾預者的證詞。聽證會定於 7 月舉行，預計委員會將在年底或明年第一季做出決定。在我們的科羅拉多州天然氣費率案例中，已經制定了程序時間表，反映了 7 月介入者的證詞、9 月的聽證會以及第四季度的委員會決定。

Please see our earnings release for more details on our regulatory proceedings. We are reaffirming our 2024 earnings guidance range of $3.50 to $3.60 per share, which is consistent with our long-term EPS growth objective of 5% to 7%. In addition, we've updated our key assumptions to reflect the latest information, which are detailed in our earnings release.

請參閱我們的收益報告，以了解有關我們監管程序的更多詳細資訊。我們重申 2024 年每股盈餘指引範圍為 3.50 美元至 3.60 美元，這與我們 5% 至 7% 的長期每股盈餘成長目標一致。此外，我們還更新了關鍵假設以反映最新信息，這些信息在我們的收益發布中進行了詳細介紹。

With that, I'll wrap up with a brief summary. We are proactively enhancing our operational and wildfire mitigation actions, commanded risk to our systems and protect our customers from extreme weather. We continue to expect to deliver 2024 earnings within our guidance range as [we have for the past] 19 years.

至此，我將做一個簡短的總結。我們正在積極加強我們的營運和野火緩解行動，控制我們的系統風險，並保護我們的客戶免受極端天氣的影響。我們繼續預計 2024 年的盈利將保持在我們過去 19 年的指導範圍內。

We are executing on our capital investment plan, including clean generation, transmission, and distribution to support reliability and resiliency and economic development to support our communities. And we remain confident we can deliver long-term earnings growth at or above the top end of our 5% to 7% range starting in 2025 and dividend growth at the low end of our 5% to 7% objective range.

我們正在執行我們的資本投資計劃，包括清潔發電、輸電和配電，以支持可靠性和彈性以及經濟發展，以支持我們的社區。我們仍然有信心，從 2025 年開始，我們能夠實現長期盈利增長達到或高於 5% 至 7% 目標範圍的上限，並將股息增長保持在 5% 至 7% 目標範圍的下限。

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

我們準備好的演講到此結束。接線員，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Our first question is from Nick Campanella with Barclays.

我們的第一個問題來自巴克萊銀行的尼克·坎帕內拉。

Thanks for all the information today. I guess a couple of questions to kick it off. You have a lot of resource plan activity going on across SPS and the RFPs seeming like they're coming out this summer. Just how are you kind of thinking about competition for capital within the current CapEx plan now that you're seemingly accelerating some resiliency plans at SPS and NIPSCO maybe you can kind of remind us what's incremental [versus not?] And then also just touch on your financing plan and [it needs.]

感謝您今天提供的所有資訊。我想先問幾個問題。 SPS 和 RFP 正在進行大量資源規劃活動，看起來它們將於今年夏天發布。既然您似乎正在加速 SPS 和 NIPSCO 的一些彈性計劃，那麼您如何看待當前資本支出計劃中的資本競爭？ 。

Yes, certainly, Nick. If I go touch upon all that the multiple parts of that question, just please be feel free to follow up. Absolutely we're pretty excited about the upcoming RFP and SPS. We talked about it before seeking a range of generation between 5,000 and 10,000 megawatts combination of renewables and dispatchable firm capacity. And we'll look to launch that RFP in July. It's a little bit of a longer timeline. So I'll help you understand in terms of how -- what's underlying.

是的，當然，尼克。如果我觸及該問題的多個部分，請隨時跟進。當然，我們對即將到來的 RFP 和 SPS 感到非常興奮。在尋求 5,000 至 10,000 兆瓦的可再生能源和可調度固定容量的發電組合之前，我們討論過這個問題。我們將在 7 月啟動該 RFP。時間軸有點長。因此，我將幫助您了解背後的原理。

We do expect to file CPCNs in the summer of 2025. So summer of next year with decisions in Q1 of 2026. So that capital really will be kind of in the '27 to 2030 type of spend time frames. So I think [it was really elongating,] adding to the sum of the back end over 5 years but elongating our growth opportunities beyond their 5 year and what we're seeing there. So that's how I think about that capital, but really great opportunity and excited to get started on that.

我們確實預計在 2025 年夏季提交 CPCN。因此，我認為[這確實延長了]，增加了 5 年後端的總和，但將我們的成長機會延長到 5 年之外以及我們在那裡看到的情況。這就是我對這筆資本的看法，但確實是一個很好的機會，很高興能夠開始這樣做。

You touched a little bit on that. Absolutely, we're looking to continue to invest in resiliency and risk mitigation spend. Just want to note, we have about $10 billion in our current CapEx spend around distribution and transition resiliency. But as we look to file our Colorado [WNP] here later in this Q2, there will certainly be incremental investment needs related to reducing our real wildfire risk.

你觸及了一點點。當然，我們希望繼續投資於彈性和風險緩解支出。只是想指出，我們目前的資本支出中有大約 100 億美元用於分銷和轉型彈性。但當我們希望在第二季稍後在這裡提交我們的科羅拉多州 [WNP] 時，肯定會存在與降低我們真正的野火風險相關的增量投資需求。

So we'll evaluate all of that within our kind of current normal cadence when we come back in October of this year to provide a kind of roll forward for a '25 to '29 plan, and we think about competition for capital. I think as we sit here today, we're very [comfortable -- comparable] with -- I reiterated we'll be at or above the top end of the 5% to 7% range. I think just looking at all the opportunities we have in front of us with rate base of [opportunities] above 9%. And we'll let the finance that as we always have been.

因此，當我們今年 10 月回來時，我們將在當前的正常節奏內評估所有這些，為「25 至 29」計劃提供某種前滾，並且我們會考慮資本競爭。我認為，當我們今天坐在這裡時，我們非常[舒適——可比]——我重申，我們將處於或高於 5% 至 7% 範圍的上限。我認為只要看看我們面前的所有機會，[機會]的比率基數就超過 9%。我們將讓財務一如既往。

I think it's important to maintain a strong balance sheet and important to keep that going forward. And so we'll look at it financing incremental growth with accretive equity at that kind of 60%, 40% range. So I hope I touched on everything you're asking about.

我認為保持強勁的資產負債表很重要，而且保持這種狀況繼續下去也很重要。因此，我們將著眼於透過 60%、40% 範圍內的增值股權來為增量成長提供融資。所以我希望我已經回答了你所問的所有問題。

I think I'll just add 1 thing on the Brian's comment. I think you asked about sort of relative competitiveness of the company. We would expect to offer in our own development projects into the SPS proposal, and we've proven that we -- with our scale and utility-owned wind and our growing expertise in solar and storage, we think we would be very competitive for some of the generation in Southwestern Public Service RFP process.

我想我會在布萊恩的評論中添加一件事。我想你問的是公司的相對競爭力。我們希望將我們自己的開發項目納入SPS 提案中，並且我們已經證明，憑藉我們的規模和公用事業擁有的風能以及我們在太陽能和存儲方面不斷增長的專業知識，我們認為我們對於一些人來說將非常有競爭力西南公共服務 RFP 流程中的生成。

Got it. That's really helpful. And then I guess just -- and you did hit all the points. To put a finer point on the equity needs, I guess, do you just see really kind of no change to current plans, even with the multiple a little bit lower here?

知道了。這真的很有幫助。然後我想——你確實抓住了所有要點。為了更詳細地闡述股權需求，我想，即使倍數稍微低一點，您是否認為當前計劃確實沒有變化？

Yes. So the way we think about it, obviously, like I said and reiterated where we expect to be within the growth range. And that takes into account our lower multiple impacts over the past quarter, certainly. As I mentioned, we think about the significant investment opportunities going forward. And it's important to have a strong balance sheet. We try to maintain that strong balance sheet.

是的。因此，我們的思考方式顯然就像我所說並重申的那樣，我們期望在增長範圍內。當然，這考慮到了我們在過去一個季度較低的多重影響。正如我所提到的，我們考慮了未來的重大投資機會。擁有強大的資產負債表也很重要。我們努力維持強勁的資產負債表。

But obviously, you will look at what is that that's on balance sheet gives us to some timing flexibility from an equity issuance perspective. And obviously, we'll evaluate that and obviously, we'll evaluate whether there's potential timing flexibility our own capital in the near term. But I think overall, as we think fundamentally, everything is intact from a long-term perspective in terms of maintaining a strong balance sheet and funding the investment needs for the clean energy transition with equity as we need to maintain the balance sheet.

但顯然，您會看到資產負債表上的內容從股票發行的角度為我們提供了一定的時間彈性。顯然，我們將評估這一點，顯然，我們將評估我們自己的資本在短期內是否有潛在的時間彈性。但我認為，總體而言，正如我們從根本上認為的那樣，從長期角度來看，在維持強勁的資產負債表和透過股權為清潔能源轉型的投資需求提供資金方面，一切都完好無損，因為我們需要維持資產負債表。

Our next question is from Steve Fleishman with Wolfe Research.

我們的下一個問題來自沃爾夫研究公司的史蒂夫‧弗萊什曼。

So just on the Texas fire. You mentioned the legislative report coming out in May. Just what should we expect to be coming out in that? Is that -- who caused it? Or how should we think about what's going to come out in that report, like we focus on?

所以就在德州的大火上。你提到了五月發布的立法報告。我們應該期待其中會出現什麼？那是誰造成的？或者我們應該如何思考該報告中將出現什麼內容，就像我們關注的那樣？

Look, at a macro level, I was pretty encouraged by the process we went through with the Texas House and the committee. I think one of the tenets of good risk mitigation is involving all the stakeholders who have a hand in doing that. And I think the committee hearings were a pretty good example of getting all -- mostly all of the interested parties and participants in our [room] proactively talking about the issues. And on balance, I think the sessions were productive, still the committee was looking to be prospective and gathering information for future solutions.

看，從宏觀層面來看，我對我們與德州眾議院和委員會所經歷的過程感到非常鼓舞。我認為良好風險緩解的原則之一是讓所有參與其中的利害關係人參與其中。我認為委員會聽證會是一個很好的例子，讓我們[房間]中的所有利益相關者和參與者積極討論這些問題。總的來說，我認為這些會議富有成效，但委員會仍在尋求前瞻性並為未來的解決方案收集資訊。

And I think that's how I'd expect to report in May to come out. I think we'll see stuff on recommendations for utilities, emergency responders, proactive things that we're doing in the counties to mitigate fire risk. I think there's already [tend to say] for a service report on causation. I'm not certain we see something else from the committee on that. But I think the report is going to be in line with the sessions themselves with constructive recommendations for how to proceed going forward.

我認為這就是我預計五月報告的結果。我認為我們會看到有關公用事業、緊急應變人員的建議以及我們在各縣為減輕火災風險而採取的積極行動的內容。我認為已經[傾向於說]關於因果關係的服務報告。我不確定我們是否從委員會看到了其他內容。但我認為該報告將與會議本身保持一致，並就如何繼續前進提出建設性建議。

Okay. And then just on the damage estimate that you took as you've noted, I think, in your release a lot of kind of what's in there, what's not in there. One clarification just is how about not punitive damages, but noneconomic damages. Is that in your estimate or not in your estimate?

好的。然後，正如您所指出的那樣，根據您所進行的損害估計，我認為，在您發布的版本中，有很多內容，其中有哪些內容，沒有。需要澄清的一個問題是，不是懲罰性損害賠償，而是非經濟損害賠償。這是在你的估計中還是不在你的估計中？

I think, yes, Steve. I'll handle this one, and I'll give you [key helpers], obviously, we'll point to our disclosures. But I'll give you a little bit more color in terms of that $215 million in the lower end of.

我想，是的，史蒂夫。我會處理這個問題，我會給你[關鍵助手]，顯然，我們會指出我們的披露情況。但我會為您提供更多關於 2.15 億美元低端數據的資訊。

Yes, that was great.

是的，那太好了。

And here's very large that some of our pockets it includes. Residential properties and related losses, cattle and feed, agricultural structures and fencing, noneconomic damages and then a number of other items. So obviously, this is subject to changes again additional information since we're still early in the process.

這裡非常大，我們的一些口袋都包含在內。住宅財產和相關損失、牲畜和飼料、農業結構和圍欄、非經濟損失以及其他一些項目。顯然，由於我們仍處於該過程的早期階段，因此可能會再次更改其他資訊。

That's helpful. And then just on a follow-up on the question about equity. Just given some of the overhang that's been caused by this, how are you -- are you kind of revisiting like other options of getting equity than just issuing it? Are there asset sales or other things that you might consider? Or is that just not as attractive as just funding with equity?

這很有幫助。然後是關於公平問題的後續行動。考慮到由此造成的一些懸而未決的問題，你覺得怎麼樣——你是否像其他獲得股權的選擇一樣重新考慮而不僅僅是發行股權？您可能會考慮出售資產或其他事項嗎？或者說這不像股權融資那麼有吸引力？

Obviously, it's something you'd expect. Bob and I to evaluate in the normal course, what other options are there. I think we've been -- what you've seen from us is that we were a pretty straightforward conservative financing plan from a company perspective. So I don't -- I think right now, that's our current plan of action. I think I've been on record about not at all interested in minority interest sale in the line. So that's our fair plan of action as we sit here today.

顯然，這是你所期望的。鮑伯和我在正常情況下評估還有哪些其他選擇。我認為我們——你從我們身上看到的是，從公司的角度來看，我們是一個非常簡單的保守融資計劃。所以我不——我認為現在，這就是我們目前的行動計劃。我想我已經公開表示對出售少數股權完全不感興趣。這就是我們今天坐在這裡的公平行動計劃。

Okay. And then last thing on the data center growth. So just on the facility at the old Sherco site, how was that being served? And then just, Bob, you mentioned talking to a lot of others. Could you just talk to kind of how they're viewing your territory and just making sure you're able to kind of do this in a way that is kind of good for the broader customer base?

好的。最後一件事是關於資料中心的成長。那麼，在舊 Sherco 站點的設施中，服務是如何的呢？然後，鮑勃，你提到與許多其他人交談。您能否談談他們如何看待您的領域，並確保您能夠以對更廣泛的客戶群有利的方式做到這一點？

That's a great question. In the conversation and Steve, and it's very topical, both inside the walls of the building as well as around the industry. On your specific questions with regard to the Sherco site, the site get powered with grid energy. And as you know, we're the first company to commit to being a 100% carbon-free electricity.

這是一個很好的問題。在與史蒂夫的談話中，無論是在大樓內還是整個行業，這都是非常熱門的話題。關於您有關 Sherco 站點的具體問題，該站點由電網能源供電。如您所知，我們是第一家承諾提供 100% 無碳電力的公司。

So we are a significant importance in the renewable [knowledge] system, and they will benefit from all our system actions. More broadly, as we look across our footprint in the company, we think, depending on the operating company, we have really attractive dynamics for super scalers and other data center and high energy use customers. And whether it's very low-cost C&I energy in the Southwest or [knowing] weather and high renewables in Colorado or a similar footprint here in the Upper Midwest. I think that we're having conversations across our footprint. And I think we've got both access to water transition infrastructure, land and energy, and clean energy that they find attractiveness.

因此，我們在可再生[知識]系統中具有重要意義，他們將從我們所有的系統行動中受益。更廣泛地說，當我們縱觀公司的足跡時，我們認為，根據營運公司的不同，我們對超級縮放器和其他資料中心和高能耗客戶具有真正有吸引力的動力。無論是西南部非常低成本的工商業能源，還是科羅拉多州的天氣和高再生能源，或是中西部北部的類似足跡。我認為我們正在透過我們的足跡進行對話。我認為我們已經獲得了水傳輸基礎設施、土地和能源，以及他們認為有吸引力的清潔能源。

So we've got a significant amount of interest from super scalers and others and then look forward to sharing more of that as we develop our forecast.

因此，我們得到了超級擴展者和其他人的極大興趣，並期待在我們制定預測時分享更多內容。

Steve, I just want to -- just add a little bit of color to that. I think you kind of hinted that, how do we think about it from a current customer perspective [build]? I think as we bring on new data centers and is something we did with Meta and the approval of Meta in Minnesota. We make sure it's a win-win for our existing customers. That's really important as we continue to move forward with this significant opportunity.

史蒂夫，我只是想——為此添加一點色彩。我想你有點暗示，我們如何從當前客戶的角度來考慮它[構建]？我認為我們引入了新的資料中心，這是我們與 Meta 所做的事情，並得到了明尼蘇達州 Meta 的批准。我們確保這對我們現有的客戶來說是雙贏的。這非常重要，因為我們將繼續利用這一重大機會向前邁進。

And I think there's an opportunity there to work with our policymakers and regulators, to help drive economic development within the right context and then also ensuring that we can move quickly because you will need to build out infrastructure both on the generation side and the wire side that can serve some of these significant opportunities that we're seeing over the next 5 to 10 years.

我認為有機會與我們的政策制定者和監管機構合作，在正確的背景下幫助推動經濟發展，然後確保我們能夠迅速採取行動，因為您需要在發電側和電線側建設基礎設施這可以為我們在未來5 到10 年看到的一些重大機會提供服務。

Our next question is from Jeremy Tonet of JPMorgan.

我們的下一個問題來自摩根大通的傑里米·託內特。

Just want to continue with the data center question with one more finer point here, I guess, as it relates to SPS, just given the need for power and given the very cheap natural gas in that area, I don't -- wouldn't necessarily think of SPS as a place that would -- data centers would target, but just wondering if what you're seeing there if cheap Power is a draw? Just any thoughts in general?

我只是想繼續討論資料中心問題，這裡有一個更詳細的問題，我想，因為它與 SPS 相關，只是考慮到對電力的需求以及該地區非常便宜的天然氣，我不會——不會」不一定將SPS 視為資料中心的目標，但只是想知道如果廉價電力具有吸引力，您是否會在那裡看到什麼？總的來說有什麼想法嗎？

Yes. Jeremy, I think -- I mean, as Bob has mentioned, we're seeing data center interest across all our service territories. And so service are preferred to have maybe a little different point of attractiveness. And then you hit SPS as on the lowest C&I rates in the country. So interest there. But I would say the other significant growth that we continue to see in SPS, and this is really what you're seeing come through our numbers now when you look at the year-over-year growth from the C&I perspective is the oil and gas expansion in the Permian Basin there and [averaging] they're doing from an electrification perspective.

是的。傑里米，我想 - 我的意思是，正如鮑勃所提到的，我們在所有服務領域都看到了資料中心的興趣。因此，服務是首選，也許有一點不同的吸引力。然後您就可以點擊 SPS，享受全國最低的 C&I 費率。所以對那裡有興趣。但我想說的是，我們在SPS 中繼續看到的另一個顯著增長，當你從C&I 的角度來看同比增長時，這確實是你現在透過我們的數據看到的，那就是石油和天然氣那裡二疊紀盆地的擴張，[平均]他們是從電氣化的角度來看的。

So right now, that's the near-term growth of and SPS with longer-term data center opportunity we're discussing this with some data centers down there. We also have a fantastic renewable resources down there from a wind and solar perspective, a little bit leads to that. When we talk about that RFP coming out in SPS in our resource plan, those are the reason why we have a range of 5,000 to 10,000 megawatts and I'll try the range is ensure that we enable some of the growth that we're seeing.

所以現在，這就是 SPS 的近期成長以及長期資料中心機會，我們正在與那裡的一些資料中心討論這個問題。從風能和太陽能的角度來看，我們那裡還擁有極佳的可再生資源，這有點導致這一點。當我們談論我們的資源計劃中 SPS 中提出的 RFP 時，這就是我們擁有 5,000 至 10,000 兆瓦範圍的原因，我將嘗試該範圍以確保我們能夠實現我們所看到的一些增長。

Got it. Certainly, New Mexico, at the low end of the cost curve for production in North America there. So maybe continuing with Texas a little bit more and following up on the wildfires. Just wondering if Texas caps noneconomic damages or just any other details you could provide there?

知道了。當然，新墨西哥州處於北美生產成本曲線的低端。因此，也許可以繼續關注德克薩斯州的野火情況。只是想知道德克薩斯州是否限制非經濟損失或您可以在那裡提供的任何其他細節？

Yes. Right now, there is no cap on noneconomic damages in Texas. There is a cap on [punitive damages] this 2x economic damages falls up to [750k] cap for noneconomic.

是的。目前，德州的非經濟損失沒有上限。 [懲罰性賠償]有一個上限，這 2 倍的經濟損失對於非經濟損失最高可達 [750k] 上限。

Got it. And then looking forward to the Colorado Wildfire Mitigation Plan filing, there's been some press in the state around recent deenergization in Colorado. Can you speak to the opportunity for sectionalization or other efforts to reduce customer impact? Any other nuances to the filing you could share with us?

知道了。然後期待著科羅拉多州野火緩解計劃的備案，該州有一些關於科羅拉多州最近斷電的新聞報導。您能否談談部門化的機會或其他減少顧客影響的努力？您可以與我們分享申請中的任何其他細微差別嗎？

Yes. Jeremy, it's Bob. Thanks for the question. First, I'm really proud of what the team did in Colorado in executing on behalf of public safety during a volatile weather event. As you can imagine, the -- [because we have the second] file on our wildfire mitigation plan, it's going to have a lot of continuation of the existing plan and probably incremental areas that we'd be looking for. But as I think about the big buckets of opportunity there, really early warning capabilities.

是的。傑里米，這是鮑伯。謝謝你的提問。首先，我對科羅拉多州的團隊在多變的天氣事件期間代表公共安全所採取的行動感到非常自豪。正如您可以想像的那樣，[因為我們有第二個]關於我們的野火緩解計劃的文件，它將對現有計劃進行大量延續，並且可能是我們正在尋找的增量領域。但當我想到那裡蘊藏著巨大的機會時，真正的早期預警能力。

We've already sold 21 panel cameras, but I think there's a real opportunity for increased early warning capabilities with AI-powered cameras as well as weather stations in and around our territories and our equipment. Obviously, we have opportunities to improve our operating capabilities in public safety power [shutoffs], as well as even the power line enhanced power line safety settings. But we're executing those today, and we're doing a pretty good job. We have more work to do there.

我們已經售出了 21 台平板攝影機，但我認為，透過人工智慧攝影機以及我們領土內和周邊的氣象站以及我們的設備，確實有機會增強早期預警能力。顯然，我們有機會提高我們在公共安全電力[切斷]方面的營運能力，甚至是電力線增強型電力線安全設定。但我們今天正在執行這些任務，而且做得非常好。我們在那裡還有更多工作要做。

I think about the third bucket and where your question leads to is sort of asset resilience capabilities and we can continue to expect our poles and wires, replace stuff and maybe accelerating some of that. But I think [we've also] system resiliency, and this gets back to [what] your comment on sectionalizing. We've done some of that. We have a real opportunity to do that more, both our intelligence at a granular level of weather and what's happening in weather as well as our ability to control our system at a more micro level to mitigate customer impact is a real priority for us in this plan.

我想到第三個桶，你的問題導致的是資產彈性能力，我們可以繼續期待我們的電線桿和電線，更換東西，也許會加速其中的一些。但我認為[我們也]具有系統彈性，這又回到了您對分區的評論。我們已經做了一些這樣的事情。我們確實有機會做得更多，我們在天氣粒度和天氣中發生的情況方面的情報，以及我們在更微觀層面上控制系統以減輕客戶影響的能力，都是我們在這方面的真正優先事項。計劃。

And lastly, given as part of the plan is the public policy opportunity that we might have to protect our customers. So big buckets there, but hopefully, I got to your sectionalizing question as well as asset [harving] like undergrounding, covered conductors and other pieces of both transmission and distribution systems as we think about protecting public safety is a priority for us.

最後，作為該計劃的一部分，我們可能需要提供公共政策機會來保護我們的客戶。那裡有很大的桶，但希望我能回答你的分段問題以及資產[收穫]，如地下、覆蓋導體和輸電和配電系統的其他部分，因為我們認為保護公共安全是我們的首要任務。

Got it. Very helpful, there. And just a last one, if I could, as it relates to gas cases in Minnesota and Colorado, any updates there that we should be thinking about or conversations with stakeholders and regulators on those cases and how you feel about those cases.

知道了。非常有幫助，在那裡。最後，如果可以的話，因為它與明尼蘇達州和科羅拉多州的天然氣案件有關，我們應該考慮任何更新，或者與利益相關者和監管機構就這些案件進行對話，以及您對這些案件的感受。

Yes. And just I'll get on first, the Minnesota natural gas case because that's probably the one that spurred us along, given that we just received intervenor testimony and the Department of Commerce recommended a $44 million increase of a 9.4% ROE. We have hearings in mid-July, but we'll certainly look [into this] opportunity to engage with our stakeholders to see if we've reached settlement, which we did in the last Minnesota gas rate case. So we'll look to engage, like I said, here is our July. So from now until July, we'll look to engage there.

是的。我首先要談的是明尼蘇達州天然氣案，因為這可能是激勵我們前進的一個，因為我們剛剛收到了介入者的證詞，而且商務部建議增加 4400 萬美元，ROE 提高 9.4%。我們將在 7 月中旬舉行聽證會，但我們肯定會尋找與利益相關者接觸的機會，看看我們是否已達成和解，就像我們在上一次明尼蘇達州天然氣費率案件中所做的那樣。所以我們會尋求參與，就像我說的，這是我們的七月。因此，從現在到七月，我們將尋求參與其中。

On the Colorado side, we're still pretty early in the process. We haven't received intervenor testimony yet. The procedural schedule just came out. So for us, it will be that the settlement -- we get intervenor testimony in mid-July. We get opportunity, there's a settlement deadline at the end of August, and then we don't reach a settlement, we'll be hearing in mid-September for the decision in Q4.

在科羅拉多州方面，我們仍處於這個過程的早期階段。我們還沒有收到干預者的證詞。程序時間表剛剛出來。所以對我們來說，這將是和解——我們將在 7 月中旬得到干預者的證詞。我們有機會，八月底有一個和解截止日期，然後我們沒有達成和解，我們將在九月中旬聽取第四季的決定。

Our next question is from Carly Davenport with Goldman Sachs.

我們的下一個問題來自高盛的卡莉·達文波特。

Thanks for all the details so far. Maybe just on the resiliency plan filing at SPS that you expect in late '24. Can you just remind us of the timing to getting that ultimately approved and when that spend would come into play? And then I guess any early views on kind of the sizing of that potential filing or in addition to the wildfire mitigation piece that you flagged what other buckets of spend do you think will be important there.

感謝到目前為止的所有詳細資訊。也許只是在您預計 24 年底向 SPS 提交的彈性計劃中。您能否提醒我們最終獲得批准的時間以及這筆支出何時發揮作用？然後我猜想關於潛在申請規模的任何早期觀點，或者除了野火緩解部分之外，您還標記了您認為其他哪些支出也會很重要。

Carly, it's Brian. As I said, we're just looking to put that filing together, it will be late in Q4. So from a timing perspective, you probably into Q3 of the following year for it to get approved. So I think from an overall perspective, I mean, if you look at some of our kind of just distribution spend in SPS and you look at our 5-year capital plan, and what could be [albacore]. Obviously, we're currently focus on the Colorado WNP and we'll take a lot of those programs and apply it to SPS, but tailored because SPS is a very different geography than call it Texas is very different geography when we think about what should we be doing to have risk mitigation from wildfire perspective, and so we'll tailor it. But I think we'll give you more color as we get further development of that resiliency plan later this year.

卡莉，是布萊恩。正如我所說，我們只是希望將文件放在一起，這將在第四季度末進行。因此，從時間角度來看，您可能會在明年第三季獲得批准。所以我認為，從整體角度來看，我的意思是，如果你看看我們在 SPS 中的一些正義分配支出，再看看我們的 5 年資本計劃，你會發現什麼是 [albacore]。顯然，我們目前的重點是科羅拉多州 WNP，我們將採取很多這些計劃並將其應用到 SPS，但要進行定制，因為 SPS 的地理環境與德克薩斯州非常不同，當我們考慮應該做什麼時我們正在努力從野火的角度減輕風險，因此我們將對其進行調整。但我認為，隨著今年稍後我們進一步製定該彈性計劃，我們將為您提供更多資訊。

Got it. Okay. That's helpful. And then the follow-up is just on O&M, nice benefit during the quarter there. Is that just a function of kind of year-over-year timing? Or is there a potential downside to that annual guidance on O&M being up 1% to 2% for the year?

知道了。好的。這很有幫助。然後後續的工作就是運維，該季度收益不錯。這只是逐年時間的函數嗎？或者，今年 O&M 的年度指引成長 1% 至 2% 是否有潛在的負面影響？

Yes, good question. I think from our perspective, really have, as you kind of noted, we haven't changed our guidance for the year-end even though we had a significant quarter-over-quarter change. So I look at it more from where we are from a budget perspective which you don't see. And we're slightly has our budget for the first quarter. But from where we sit, I think it's early in the year, that our goal is just to land within that 1% to 2% O&M guidance range as [we sit here.]

是的，好問題。我認為從我們的角度來看，正如您所指出的，我們確實沒有改變年底的指導，儘管我們的季度環比發生了重大變化。所以我更從預算的角度來看這個問題，這是你看不到的。我們對第一季的預算略有了解。但從我們的立場來看，我認為現在還為時過早，我們的目標只是落在[我們坐在這裡]的 1% 到 2% 的運營和維護指導範圍內。

Our next question is from Anthony Crowdell with Mizuho.

我們的下一個問題來自瑞穗銀行的安東尼克勞德爾。

Just 2 quick ones. One is any major change in the company's cost to ensure the company's operations.

就2個快的。一是為保證公司運營，公司成本發生重大變化。

Anthony. Yes, that's a good question as we think about it. So I assume you're asking specifically about wildfire insurance or excess liability.

安東尼.是的，我們認為這是一個很好的問題。所以我假設您具體詢問的是野火保險或超額責任。

Yes, I do. Yes.

是的，我願意。是的。

I think yes, all our other programs, I would say, are relatively stable or don't have significant challenges. As I think about wildfire insurance and just let's say for the wildfire insurance versus the overall access liability is they are 2 different things. I think this is a very key industry issue, both at the state and federal level. And if you've been following with EEI, this is one of their top priorities this year from a federal perspective.

我認為是的，我想說的是，我們所有其他項目都相對穩定或沒有重大挑戰。當我想到野火保險時，我們可以說，野火保險與整體通行責任相比，它們是兩個不同的東西。我認為這在州和聯邦層級都是一個非常關鍵的產業問題。如果您一直關注 EEI，那麼從聯邦角度來看，這是他們今年的首要任務之一。

In terms of how we think about getting a focus on [damage] limitations? Is there insurance backstop or solution at a federal level and think about specific criteria for wildfire mitigation plans in exchange for liability protection. So those are some of the broad buckets EEI, [you're thinking about.] Obviously we're thinking about it from a state perspective as we look forward. Our legislation sessions are wrapping up here or have already wrapped up this year.

我們如何考慮關注[損害]限制？聯邦層級是否有保險支援或解決方案，並考慮野火緩解計畫的具體標準以換取責任保障。因此，這些是 EEI 的一些廣泛領域，[您正在考慮] 顯然，我們在展望未來時是從州的角度來考慮這個問題的。我們的立法會議即將結束，或者說今年已經結束。

So what we will do is we'll look to work with our policymakers in our state's kind of from here for as we think about next year's last session to see if there's any state level solutions that we think about it.

因此，我們要做的是，在考慮明年的最後一次會議時，我們將尋求與我們州的政策制定者合作，看看是否有我們考慮的任何州級解決方案。

Now specifically from a company perspective or a commercial insurance perspective, even prior to Smokehouse Creek, we were seeing [clinical] understanding that from some of the commercial carriers, they were already looking to reduce their capacity and not just for us but overall, their exposure from a wildfire insurance perspective. And so that's going into the next policy cycle. These are annual renewals.

現在，特別是從公司的角度或商業保險的角度來看，甚至在Smokehouse Creek 之前，我們就看到[臨床] 了解到，從一些商業承運人那裡，他們已經在尋求減少運力，不僅是為了我們，而且是為了整體而言，他們的運力。這將進入下一個政策週期。這些是每年續訂。

So our renewal is in [tele] Q4. So we'll give more visibility into it, but I'll give you some -- a little bit of a sense of where we sit today as we have above $500 million of coverage, and we're paying about a $40 million premium for that coverage, and that's total excess liability, including wildfire. But I would expect that covers that capacity to come down and I expect premiums to be pressured, absolutely. So like we -- like I said, we're still a ways away from our renewal. So again, we'll provide more color as we get close to, but that's where we sit today.

所以我們的續訂是在[tele]第四季。因此，我們將提供更多的信息，但我會給你們一些——我們今天所處的位置的一點感覺，因為我們有超過5 億美元的承保範圍，並且我們為它支付了大約4000 萬美元的保費。但我預計這將覆蓋容量下降，我預計保費絕對會受到壓力。就像我們一樣，就像我說的，我們距離更新還有很長的路要走。再說一次，當我們接近時，我們將提供更多的顏色，但這就是我們今天所處的位置。

Great. And then just one last one. I think, Bob, you had mentioned pursuing some proactive legislation for wildfire risk. Would you be willing to let like hey, the maybe top 3 things? Or what are your goals in getting the legislation passed, like what's -- would you like to be included in your maybe first wave of legislation pass, whether it's limits on noneconomic liability? Or I'm just curious, any color on that you would provide.

偉大的。然後只有最後一張。鮑勃，我想您曾提到要針對野火風險採取一些積極主動的立法。你願意讓這可能是最重要的三件事嗎？或者你讓立法通過的目標是什麼，例如你是否希望將其納入你可能的第一波立法通過中，無論是對非經濟責任的限制嗎？或者我只是好奇，你能提供什麼顏色。

Anthony, thanks for the question. As Brian said, this is a big and emerging national issue. And we've seen pressure both on the retail side of insurance, homeowners struggling to get homeowner insurance that protects from wildfire risk, and you're seeing it in the commercial side on the wholesale side as well.

安東尼，謝謝你的提問。正如布萊恩所說，這是一個重大且正在出現的國家問題。我們已經看到了保險零售的壓力，房主努力獲得可以防範野火風險的房屋保險，而且在商業方面和批發方面也都看到了壓力。

So we've been active at the federal level, particularly talking about sort of the national opportunity we might have here. I think about there are [precedents] at the federal level, you see something like where goods are really important for everybody like the FDIC or FEMA or for flood insurance or other type programs or even nuclear backstop insurance from the price standard [connect].

因此，我們在聯邦層面一直很活躍，特別是談論我們在這裡可能擁有的某種全國性機會。我認為聯邦層級有[先例]，你會看到商品對每個人都非常重要，例如 FDIC 或 FEMA，或對於洪水保險或其他類型的計劃，甚至是價格標準 [連接] 的核保障保險。

So there's several precedents around protecting national goods like banking access, like access to affordable electricity. So as I think about where the federal government could help, is this probably applies to the state level, too, which is having approved wildfire mitigation plan that can be reviewed by an agency of a same or federal level. And then if you're in compliance and current on that plan, then you have access to some form of backstop insurance program that provides protection and maybe access that maybe the current carriers are providing at an attractive or an affordable cost, as that group of entities comes up to speed on risk and risk mitigation.

因此，有幾個關於保護國家商品的先例，例如銀行業務，例如獲得負擔得起的電力。因此，當我想到聯邦政府可以在哪些方面提供幫助時，這可能也適用於州一級，該州已經批准了野火緩解計劃，可以由同一級別或聯邦級別的機構進行審查。然後，如果您遵守該計劃並遵守該計劃，那麼您就可以獲得某種形式的後備保險計劃，該計劃可以提供保護，並且可能可以使用當前運營商以有吸引力或負擔得起的成本提供的服務，因為該組實體加快風險和風險緩解的步伐。

So I think those are the big parameters that I would think about. And certainly, there's state precedents, you can take [UTA] or Nevada or California laws and seen programs where companies along with their regulators and legislators are coming up with programs that provide more cost-effective backstop for companies to bring down the risk.

所以我認為這些是我會考慮的重要參數。當然，各州也有先例，您可以參考[UTA]或內華達州或加利福尼亞州的法律，並看到一些計劃，公司及其監管機構和立法者正在製定計劃，為公司提供更具成本效益的支持，以降低風險。

And as I said in my prepared remarks, at the end of the day, we have an enormous energy transition that we need to fund and making sure that our cost of capital is attractive to fund that keeps the transition affordable for our customers and for the country. And so I think it's important that we manage this risk, we manage the financial cost of this risk, and those are some of the areas that I would think are most important for us to go after.

正如我在準備好的演講中所說，歸根結底，我們需要為一項巨大的能源轉型提供資金，並確保我們的資本成本對資金具有吸引力，從而使我們的客戶和客戶能夠負擔得起轉型國家。因此，我認為我們管理這種風險、管理這種風險的財務成本非常重要，而這些是我認為對我們來說最重要的領域。

Yes. Just to add a little bit to that. I think as Bob talked about importance of that insurance backstop and filling a WNP, but I think there's also an aspect there is if you're following [the plans of the WMP to the presumption of routes] which I think is important, too, and also looking at a limit job liability or limit on damages.

是的。只是補充一點。我認為鮑勃談到了保險支持和填寫 WNP 的重要性，但我認為如果你遵循 [WMP 的計劃到路線推定]，我認為這也很重要，並考慮限制工作責任或損害賠償限額。

Our next question is from Sophie Karp with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Sophie Karp。

I have a couple of questions, today. So on the Texas fire, can you clarify how, I guess, the claims system and the litigations that's been filed against you are going to well work together for [like I have a better word]. Like are people who are litigating, not filing claims or can they do both? Like how does it work?

今天我有幾個問題。因此，在德克薩斯州火災中，我想，您能否澄清一下，索賠系統和針對您提起的訴訟將如何很好地協同工作[就像我有一個更好的詞]。例如那些正在訴訟、不提出索賠的人，或者他們可以兩者兼而有之嗎？比如它是如何工作的？

Sophie, yes. I mean, so first of all, I'll talk about the claims process and still early, but we obviously encourage people to submit claims. It was [46] so far. But how it works is anyone can submit a claim, and when they submit that claim, they don't waive their right to pursue a lawsuit. But if there is a claim settlement, then that absolves or release any other potential lawsuits that they could file.

蘇菲，是的。我的意思是，首先，我將談論索賠流程，而且還為時過早，但我們顯然鼓勵人們提交索賠。到目前為止是[46]。但它的運作方式是任何人都可以提出索賠，當他們提出索賠時，他們並沒有放棄提起訴訟的權利。但如果達成索賠和解，那麼就可以免除或免除他們可能提起的任何其他潛在訴訟。

So that's how it could work, but also from a -- if someone files a lawsuit, it certainly could be an opportunity to settle through that lawsuit too. So -- but like I said we are encouraging people to enter the claims process, and we've settled a couple already that are in active settlement discussions with others.

這就是它的運作方式，但也來自於——如果有人提起訴訟，這當然也可能是解決訴訟的機會。所以，就像我說的，我們鼓勵人們進入索賠程序，我們已經解決了一些問題，他們正在與其他人進行積極的和解討論。

Got it. Got it. And then my other question on Colorado and next to the gas got this clarification from the commission there that they want the utilities to pursue non-pipeline alternatives, I guess, for gas in Colorado. Could you comment on that and just sort of how that will impact your investment in that state, particularly with gas?

知道了。知道了。然後我關於科羅拉多州和天然氣旁邊的另一個問題得到了委員會的澄清，他們希望公用事業公司在科羅拉多州尋求非管道替代品。您能否對此發表評論，以及這將如何影響您在該州的投資，特別是天然氣投資？

Sophie, it's Bob. Look, we've got a number of gas proceedings in Colorado over the last year. I think you're referring to our clean heat plan. And we think that was an industry leading or very unique filing and proactive on the company and the commissions' part to move forward that. Big picture, I think they're sitting, they're looking at the gas system as an effective delivery of energy but making sure that if we've got capacity need from a growing customer base out there that we're looking at something other than pipeline alternatives.

蘇菲，這是鮑伯。看，去年我們在科羅拉多州進行了許多天然氣訴訟。我想你指的是我們的清潔暖氣計劃。我們認為這是行業領先或非常獨特的申請，而公司和委員會積極主動地推動這一進程。從大局來看，我認為他們正在將天然氣系統視為一種有效的能源輸送方式，但要確保如果我們不斷增長的客戶群有容量需求，我們就會考慮其他的東西比管道替代品。

And we're actively engaged in that and something we've always as a company looked at. But I don't think it's going to affect necessarily us going forward in terms of significant changes in capital forecast for where we sit today. But maybe a more proactive approach with stakeholders and communities about finding maybe different types of solutions to solve the similar issues, whether that's more beneficial electrification, more powering of homes for home heating and other needs. And we're certainly engaged in that process with them.

我們正在積極參與這件事，也是我們作為一家公司一直在關注的事情。但我認為，就我們今天所處的情況而言，資本預測的重大變化不一定會影響我們的前進。但也許可以與利害關係人和社區採取更積極主動的方法，尋找不同類型的解決方案來解決類似的問題，無論是更有益的電氣化、為家庭供暖和其他需求提供更多電力。我們當然正在與他們一起參與這個過程。

So the non-pipeline alternative is basically a word for electrification? Or could that be something like increasing like compression station output or something like that? Like just kind of -- what is that?

那麼非管道替代方案基本上就是電氣化的代名詞？或者可能是增加壓縮站輸出或類似的東西？就好像──那是什麼？

Yes. Sophie, so actually, you bring up increasing compression station, it's certainly an opportunity. I think generally it's thought of -- what are the electrification opportunities. Say, there's going to be a new neighborhood builds. What is the alternative, it's -- okay, you saw that (inaudible) gas and expansion of a pipeline or what are the alternatives from electrification perspective. So that's probably the best way to think about it.

是的。蘇菲，實際上，你提出增加壓縮站，這當然是一個機會。我認為人們普遍會考慮電氣化的機會是什麼。比如說，將會有一個新的社區建成。什麼是替代方案，好吧，您看到了（聽不清楚）天然氣和管道擴張，或從電氣化的角度來看有哪些替代方案。所以這可能是最好的思考方式。

I think if I were a [bucket] out there, and it's a very important project for the governor and the geothermal whether at a district level or a residential level or community level, exploring the possibilities of geothermal in the state are something we're willing to work with or we're going to work with our customers and our stakeholders in the state. So it's not necessarily just electrification. It could be more different forms of heat for homes and communities.

我想，如果我是那裡的一個[桶]，這對州長和地熱來說是一個非常重要的項目，無論是在區一級、住宅一級還是社區一級，探索地熱在該州的可能性是我們要做的事情願意或我們將與該州的客戶和利益相關者合作。因此，這不一定只是電氣化。對於家庭和社區來說，這可能是更多不同形式的暖氣。

Our next question is from Ryan Levine with Citi.

我們的下一個問題來自花旗集團的 Ryan Levine。

What role do you see PSPS having in terms of your wildfire mitigation plans? And are there any initiatives that you could take proactively to gain more stakeholder support to be able to implement that on a go-forward basis?

您認為 PSPS 在您的野火緩解計畫中扮演什麼角色？您是否可以主動採取任何措施來獲得更多利害關係人的支持，以便能夠繼續實施？

Ryan, it's Bob. Certainly, we think of PSPS as a kind of a tool of last resort. But public safety is our priority in making sure that our communities are protected in volatile wind events and wildfire risk case is really important to us as well. So are there opportunities for us to gain more public support, of course, there are. And the ways that we can improve our own performance as we, [again] more muscle here, because this is something that I don't love to do. But when we have to do it, I think there's areas of improvement that we as a company have identified and are working with our Colorado Commission to do so. And that includes early notification, excellence in outage maps, something I talked about earlier on segmentation.

瑞安，是鮑伯。當然，我們認為 PSPS 是最後手段。但公共安全是我們的首要任務，確保我們的社區在不穩定的風事件中受到保護，野火風險案例對我們也非常重要。那我們有沒有機會獲得更多公眾的支持，當然有。當我們[再次]增加肌肉時，我們可以提高自己的表現，因為這是我不喜歡做的事情。但當我們必須這樣做時，我認為我們作為一家公司已經確定了一些需要改進的領域，並正在與科羅拉多州委員會合作來做到這一點。這包括早期通知、卓越的停電地圖，這是我之前在分段中談到的。

So all this comes as a function of our wildfire mitigation plan. If we have better early warning devices like cameras, weather stations, our ability to effect on a more localized level where the risk is and where the outage would need to can be can get better. But that's going to take some time, some effort, some partnership with our agencies and stakeholders in Colorado for sure.

因此，所有這一切都是我們野火緩解計畫的一部分。如果我們有更好的早期預警設備，如攝影機、氣象站，我們就能更好地在風險所在和需要停電的地方發揮作用。但這肯定需要一些時間、一些努力，以及與科羅拉多州我們的機構和利益相關者的一些合作。

And then shifting gears on the financing plan as security prices continue to move. How do you look at maybe assessing a time to come to market for capital raises. I think in earlier question, you suggested the avoidance of asset sales, but any color around response to maybe different security prices and how that can impact your financing plan?

然後隨著證券價格的持續變動，融資計畫也會改變。您如何看待評估上市融資的時間？我認為在先前的問題中，您建議避免資產出售，但是對可能不同的證券價格的反應是否有任何色彩，以及這如何影響您的融資計劃？

Ryan, I think a little bit as the color I provided before is obviously, overall, we believe our growth plans from an investment perspective, a long-term EPS growth perspective impact and same in our chance of maintaining a strong balance sheet. What I talked about not necessarily in avoidance, but how do we look at the timing of equity and the timing of capital, particularly on the timing of the equity, given that we have a strong balance sheet, is we can look at being flexible there. But I would expect that when we're investing $39 billion of capital at a 9% rate base growth. That does come with the financings. And generally, our prior financing year in and year out, that's aligned with the capital spend.

瑞安，我認為我之前提供的顏色顯然是，總體而言，我們相信我們的成長計劃從投資角度、長期每股收益成長角度影響以及我們維持強勁資產負債表的機會相同。我所說的不一定是在迴避，但考慮到我們擁有強大的資產負債表，我們如何看待股權時機和資本時機，特別是股權時機，我們可以考慮靈活應對。但我預計，當我們以 9% 的基礎成長率投資 390 億美元資本時。這確實是隨著融資而來的。一般來說，我們先前的融資年復一年地與資本支出一致。

So that's the best way to think about it. But obviously, we'll understand what happened to the cost of equity here. And also with the cost of that we have gone off [over] the short term in terms of our [churn] rates have gone. So but that's factored into all of our plans, as I sit here today and talk about reiterating on being at or above our 5%, 7%.

所以這是最好的思考方式。但顯然，我們會理解這裡的股本成本發生了什麼事。而且，隨著成本的增加，我們的[客戶流失]率已經在短期內消失了。所以，但這已納入我們所有計劃中，因為我今天坐在這裡並重申要達到或高於我們的 5%、7%。

Okay. And then just last question, in terms of CapEx outlook, given maybe acceleration of infrastructure build-out in North America. Are you seeing any indications that maybe costs will come higher for what's already slated to be built in the coming years. Any color you could share on that?

好的。然後是最後一個問題，就資本支出前景而言，考慮到北美基礎設施建設可能會加速。您是否看到任何跡象表明未來幾年已計劃建造的成本可能會更高？您可以分享任何顏色嗎？

Yes. Ryan, it's Bob. Look, I think as we see reindustrialization, we see data center build-out. Certainly, there can be cost pressures that come from basic materials and construction materials like concrete, steel, and things like that. I think we take our best estimates when we put our capital forecast out, but something we watch pretty closely.

是的。瑞安，是鮑伯。看，我認為當我們看到再工業化時，我們會看到資料中心的擴張。當然，基礎材料和建築材料（如混凝土、鋼材等​​）可能會帶來成本壓力。我認為，當我們做出資本預測時，我們會做出最好的估計，但我們會密切關注這一點。

Labor is another area of opportunity there. I think that one of the things we're very focused on as we see an energy sector transition, making sure that there's a pipeline of talent starting early on in trade schools and partnering with our labor unions and with business partners there, to make sure that the pipeline of [linemen] and pipe fitters and welders are capable of keeping up with the demand.

勞動力是那裡的另一個機會領域。我認為，當我們看到能源產業轉型時，我們非常關注的一件事是，確保從職業學校早期就開始培養人才，並與我們的工會和商業夥伴合作，以確保[線路工]以及管道安裝工和焊工的管道能夠滿足需求。

So we try to send early demand signals to them, and it help them recruitment processes across our territories and really partner on a national level to make sure that we're seeing enough trade come into the business broadly that we don't see a an immense amount of labor pressure.

因此，我們嘗試向他們發送早期需求訊號，這有助於他們在我們的領土上進行招聘流程，並在國家層面上真正合作，以確保我們看到足夠的貿易廣泛進入該業務，而我們不會看到巨大的勞動壓力。

Our next question is from Paul Patterson with Glenrock Associates.

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

Just -- I apologize if you guys have gone over this. But just on the [NUC] life extension, could you remind me what the impact financially is. Have you guys already -- it varies from company to company how the depreciation impact is reco -- when it's recognized, et cetera. I was just wondering if you could review that for me shortly, quickly if it's not a problem.

只是──如果你們已經討論過這個問題，我深感抱歉。但就 [NUC] 壽命延長而言，您能否提醒我這對財務有何影響。你們是否已經知道折舊影響的回收方式因公司而異，何時被認可等等。我只是想知道如果沒有問題的話你是否可以很快地幫我審查一下。

Paul. Yes, you're referencing the resource plan that we just filed here in Q1 related to the extension of Monticello. So Monticello we already extended to 2040, and we've recognized that depreciation in terms of lower customer bills. So we're looking to extend [Monticello] from 2040 to 2050. And then Prairie Island both units [20] years, so we'll go from the early 2030s to the early 2050s.

保羅.是的，您引用的是我們剛剛在第一季提交的與蒙蒂塞洛延期相關的資源計劃。因此，蒙蒂塞洛我們已經將期限延長至 2040 年，我們已經認識到客戶帳單下降帶來的折舊。因此，我們希望將 [蒙蒂塞洛] 從 2040 年延長到 2050 年。 然後將草原島延長 [20] 年，所以我們將從 2030 年代初延長到 2050 年代初。

We have not recognized those 3, call it, lower depreciation rates in the customer (inaudible) rate case. We'll wait until we get through this proceeding to get approval and like we wrap it into our next rate case. So this proceeding is probably going to take 18 months play at the very least. So it's going to be probably [held before] we can plow that back into customer rates in terms of lower depreciation.

我們還沒有認識到這 3 個因素，即客戶（聽不清楚）費率情況下的較低折舊率。我們將等到完成此程序以獲得批准，並將其納入下一個費率案例中。因此，這一進程可能至少需要 18 個月的時間。因此，我們可能會[先前]將其以較低的折舊率重新計入客戶費率中。

Okay. Great. But just is there any potential for regulatory -- sort of positive regulatory lag? Or does it -- are you guys planning on having immediately impact customer rates?

好的。偉大的。但是否存在監管的潛力——某種積極的監管滯後？或者，你們是否計劃立即影響客戶率？

No, this would likely just be captured either how to defer here or likely if we're in a multiyear plan to have a [true] mechanism part.

不，這很可能會被捕獲，或者如何在這裡推遲，或者如果我們在一個多年計劃中擁有一個[真正的]機制部分，那麼很可能會被捕獲。

Thank you. As we have no further questions in the queue, I'd like to turn it back over to CFO, Brian Van Abel for any closing remarks.

謝謝。由於隊列中沒有其他問題，我想將其轉回給財務長 Brian Van Abel 進行總結發言。

Yes. Thank you all for participating in our earnings call this morning. Please contact our Investor Relations team with any follow-up questions.

是的。感謝大家參加今天早上的財報電話會議。如有任何後續問題，請聯絡我們的投資者關係團隊。

Thank you very much. That concludes today's conference. You may now disconnect. Hosts, you may stay on the line.

非常感謝。今天的會議到此結束。您現在可以斷開連線。主持人，您可以保持在線。