埃克西爾能源 (XEL) 2024 Q3 法說會逐字稿

Hello, and welcome to Xcel Energy's Third Quarter 2024 Earnings Call. My name is Melissa, and I will be your coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions) I'll will be connected to an operator. I'll now turn the call over to Paul Johnston, Vice President, Treasury, and Investor Relations. Please go ahead.

您好，歡迎參加 Xcel Energy 2024 年第三季財報電話會議。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。（接線員說明）我將連接到接線員。我現在將把電話轉給財務和投資者關係副總裁保羅·約翰斯頓 (Paul Johnston)。請繼續。

Thank you. Good morning, and welcome to Xcel Energy's 2024 Third Quarter Earnings Call. Joining me today are Bob Frenzel, President, Chairman, Chief Executive Officer; 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.

謝謝。早安，歡迎參加 Xcel Energy 2024 年第三季財報電話會議。今天與我一起出席的有總裁、董事長兼執行長鮑伯‧弗倫澤爾 (Bob Frenzel)； Brian Van Abel，執行副總裁兼財務長。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 third quarter results and highlights, share recent business and regulatory updates, update our capital and financing plans, and provide 2025 guidance. Slides that accompany today's call are available on our website.

今天早上，我們將回顧第三季的業績和亮點，分享最近的業務和監管更新，更新我們的資本和融資計劃，並提供 2025 年指導。今天電話會議附帶的幻燈片可在我們的網站上找到。

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 releases and SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on comparable GAAP measures and reconciliations are included in our earnings release.

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原則衡量指標。有關可比較 GAAP 衡量標準和調整的資訊包含在我們的收益發布中。

In the third quarter of '24 Minnesota Commission disallowed $46 million of replacement power costs associated with the extended outage at our Sherco plant in 2011. As a result, we recorded a charge of $35 million or $0.04 in the third quarter which was in addition to an $11 million or $0.02 charge that was accrued in the second quarter of 24 related to that matter.

2024 年第三季度，明尼蘇達州委員會拒絕支付與 2011 年 Sherco 工廠長期停電相關的 4,600 萬美元的替代電力成本。因此，我們在第三季記錄了 3,500 萬美元或 0.04 美元的費用，此外還包括 24 日第二季與該事項相關的 1,100 萬美元或 0.02 美元的費用。

Given the nonrecurring nature of these items, both charges have been excluded from third quarter and year-to-date earnings. As a result, our GAAP earnings for the third quarter of $24 were $1.21 per share, while our ongoing earnings, which excludes this charge, or $1.25 per share. All for the discussion in our earnings call today will focus on ongoing earnings. For more information on this, please see the disclosure in our earnings release.

鑑於這些項目的非經常性性質，這兩項費用均未計入第三季和年初至今的收益中。因此，我們第三季的 GAAP 收益為每股 1.21 美元，為 24 美元，而剔除此項費用後，我們的持續收益為每股 1.25 美元。今天我們財報電話會議上的所有討論都將集中於持續盈利。有關這方面的更多信息，請參閱我們的收益報告中的披露。

I'll now turn the call over to Bob.

我現在將把電話轉給鮑伯。

Thank you, Paul. Good morning, everyone, and thank you for joining us today. I'm pleased to report that we delivered another quarter of solid operational and financial progress. We continue to deploy capital for the benefit of our customers and communities. And we enable a future power by cleaner fuels and a more resilient and intelligent grid.

謝謝你，保羅。大家早安，感謝您今天加入我們。我很高興地報告，我們又一個季度實現了穩健的營運和財務進展。我們繼續為了客戶和社區的利益而部署資本。我們透過更清潔的燃料和更具彈性和智慧的電網來實現未來的電力。

We partner with stakeholders to encourage economic development, and we provide products and services capable of meeting our customers' most important needs. In the most recent quarter, we invested $2 billion in resilient and reliable energy infrastructure.

我們與利害關係人合作，鼓勵經濟發展，並提供能夠滿足客戶最重要需求的產品和服務。最近一個季度，我們投資了 20 億美元用於有彈性且可靠的能源基礎設施。

We delivered ongoing earnings of $1.25 per share for our owners. We provided industry-leading storm response and strong customer reliability despite challenging conditions, and we accelerated our wildfire risk reduction measures to enable safer and more resilient communities.

我們為所有者帶來了每股 1.25 美元的持續收益。儘管條件充滿挑戰，我們仍提供了業界領先的風暴響應和強大的客戶可靠性，並且我們加快了降低野火風險的措施，以實現更安全、更有彈性的社群。

Xcel Energy's commitment to our communities and investors is anchored by our core investment thesis as a clean energy leader. For more than two decades, we've provided -- we've been a leading provider of wind energy and with our filed resource plans, we expect to stay in that position.

Xcel Energy 對社區和投資者的承諾以我們作為清潔能源領導者的核心投資理念為基礎。二十多年來，我們一直是風能的領先供應商，並且透過我們提交的資源計劃，我們希望保持這一地位。

We've delivered on our earnings guidance for 19 straight years, one of the best records in the industry and looking to make it 20 this year. We have a long-term and transparent growth plan, making investments in clean generation, new and enhanced energy grids, and economic development programs to support our community's vitality.

我們已連續 19 年實現盈利指引，這是業內最好的記錄之一，並希望今年能達到第 20 年。我們制定了長期、透明的成長計劃，對清潔發電、新型和增強型能源網以及經濟發展計劃進行投資，以支持我們社區的活力。

We've deepened our commitment to serve and support customer needs efficiently. For example, since 2020, our continuous improvement programs have saved almost $0.5 billion in O&M expense while improving operating outcomes and reducing risk. In addition, we've kept our O&M costs significantly below the rate of inflation over the last 10 years. And our steel for fuel strategy has delivered more than $4 billion in customer fuel-related savings since 2017.

我們加深了對高效率服務和支援客戶需求的承諾。例如，自 2020 年以來，我們的持續改善計畫節省了近 5 億美元的維運費用，同時改善了營運成果並降低了風險。此外，在過去 10 年裡，我們的營運和維護成本遠低於通貨膨脹率。自 2017 年以來，我們的鋼鐵燃料策略已為客戶節省了超過 40 億美元的燃料相關費用。

And finally, this discipline, alongside support of state and federal policies enable us to reduce emissions and keep residential electric and natural gas bills 28% and 14% below the industry average and growth well under the rate of inflation. We're $0.16 ahead of 2023 year-to-date earnings, and as a result, we are reaffirming our 2024 guidance of $3.50 to $3.60 per share, and we are initiating our 2025 earnings guidance range of $3.75 to $3.85 per share.

最後，這項紀律以及州和聯邦政策的支持使我們能夠減少排放，並使住宅電力和天然氣費用分別低於行業平均 28% 和 14%，且成長率遠低於通貨膨脹率。我們比 2023 年年初至今的收益提前了 0.16 美元，因此，我們重申 2024 年每股收益指引為 3.50 美元至 3.60 美元，並啟動 2025 年收益指引範圍為每股 3.75 美元至 3.85 美元。

And today, we're introducing our updated five-year $45 billion capital investment plan, which centers on four key areas. Clean Energy, which continues investment in generation that provides customers with a secure and clean energy future while helping our states and our customers meet their ambitious policy goals. Customer electrification, which helps customers electrify their transportation needs, transitioning homes and businesses away from fossil fuel heating and converting fossil fuel loads to clean electric power loads.

今天，我們將介紹更新後的 450 億美元五年資本投資計劃，該計劃主要集中在四個關鍵領域。清潔能源，持續投資發電，為客戶提供安全和清潔的能源未來，同時幫助我們的州和客戶實現其雄心勃勃的政策目標。客戶電氣化，幫助客戶滿足其運輸需求，使家庭和企業擺脫化石燃料供暖，並將化石燃料負荷轉換為清潔電力負荷。

New load growth, which expands our electric system to support customers surging demand and requirements over the next decade and beyond. And safety and reliability, which modernizes and hardens our system to ensure continued safe operations and address increasing risks from severe weather. There's a lot of focus across our industry and country regarding data centers.

新的負載成長，擴展了我們的電力系統，以支援客戶在未來十年及以後不斷增長的需求和要求。安全性和可靠性，使我們的系統現代化並得到強化，以確保持續安全運作並應對惡劣天氣帶來的日益增加的風險。我們的產業和國家都非常關注資料中心。

Xcel Energy has nearly 9,000 megawatts of opportunities in our customer pipeline before 2030. The scale of this pipeline gives us the ability to thoughtfully negotiate agreements that deliver the energy and capacity needed to important new customers in the region while protecting Xcel Energy and its customers and ensuring lasting relationships with our data center customers, ensures that new data center load that's brought onto our system benefits all customers.

到 2030 年，Xcel Energy 的客戶通路將擁有近 9,000 兆瓦的機會。該管道的規模使我們能夠深思熟慮地協商協議，為該地區的重要新客戶提供所需的能源和容量，同時保護Xcel Energy 及其客戶，確保與我們的資料中心客戶的持久關係，確保新資料中心的負載引入我們的系統將使所有客戶受益。

It drives load growth to our increasingly decarbonized energy system, generates economic growth in vitality in our communities and delivers on the national imperative to support a domestic data center industry. As a result of these guiding principles, we anticipate we will secure contracts with about 25% of this pipeline in the five-year forecast period. We also expect these opportunities to continue to grow and the need extends well past the next decade.

它推動了我們日益脫碳的能源系統的負載成長，為我們的社區帶來經濟活力的成長，並履行了支持國內資料中心產業的國家要求。由於這些指導原則，我們預計在五年預測期內我們將獲得該管道中約 25% 的合約。我們也預計這些機會將繼續成長，並且需求將持續到下一個十年。

We previously signed data center agreements with Meta and QTS and completed land sales with entities, including Microsoft to support new facilities. In October, a new data center customer completed a land acquisition in our service territory, and we're in the final stages of signing service contracts with that party.

我們之前與 Meta 和 QTS 簽署了資料中心協議，並與微軟等實體完成了土地銷售，以支援新設施。十月份，一位新的資料中心客戶在我們的服務區域完成了土地收購，我們正處於與該方簽署服務合約的最後階段。

Turning to the supply side of the equation. We continued progress during the quarter on our clean energy transition through multiple resource planning and RFP processes. We reached a settlement in our Upper Midwest resource plan. And as part of that settlement, 720 megawatts of company-owned natural gas CTs and battery investments were selected.

轉向等式的供給面。本季度，我們透過多種資源規劃和 RFP 流程，在清潔能源轉型方面持續取得進展。我們就中西部上游資源計畫達成了和解。作為和解協議的一部分，該公司選擇了 720 兆瓦的天然氣 CT 和電池投資。

In addition, the agreement reflects the need for an incremental 4,200 megawatts of wind, solar and storage a portion of which is included in existing RFP solicitations. The settlement is pending a decision by the Minnesota Commission, which is expected in the first quarter of 2025.

此外，該協議還反映了對風能、太陽能和儲能增加 4,200 兆瓦的需求，其中一部分包含在現有的 RFP 招標中。和解方案正在等待明尼蘇達州委員會做出決定，預計將於 2025 年第一季做出決定。

In October, we made a new energy resource filing in Colorado called the Just Transition solicitation, our projections indicate the need for up to 14,000 megawatts of new generation to meet the phaseout of our coal plants to accommodate increasing demand from data centers and to achieve state and customer emissions goals.

10 月，我們在科羅拉多州提交了一份名為「公正過渡」徵集的新能源申請，我們的預測表明需要高達14,000 兆瓦的新一代發電量來滿足我們燃煤發電廠的逐步淘汰，以滿足資料中心不斷增長的需求並實現國家和客戶排放目標。

We anticipate a decision on that filing in fall of 2025 with RFPs to be issued in early 2026. And we're working on our solicitation and SPS which could ultimately yield more than 5,000 megawatts of renewable and firm dispatchable generation. These are due in January of next year, and we expect commission approvals in 2026.

我們預計將於 2025 年秋季對該申請做出決定，並於 2026 年初發布 RFP。我們正在進行招標和 SPS，最終可能產生超過 5,000 兆瓦的可再生和固定可調度發電量。這些將於明年 1 月到期，我們預計委員會將於 2026 年獲得批准。

Protecting our customers from the threats of extreme weather also remains a top priority. In August, severe thunderstorms brought heavy rain, hail, and winds of over 60 miles an hour to customers in Minnesota and Wisconsin. Xcel Energy employees and contractors safely and promptly restored power to over 250,000 customers who lost service during those storms.

保護我們的客戶免受極端天氣的威脅仍然是首要任務。8 月，嚴重的雷暴給明尼蘇達州和威斯康辛州的客戶帶來了大雨、冰雹和時速超過 60 英里的大風。Xcel Energy 員工和承包商安全、及時地為風暴期間失去服務的 25 萬多名客戶恢復供電。

We're thankful for the dedication of our employees and contractors that ensure that our communities continue to have safe and reliable service that they expect from Xcel Energy. In addition, we'd like to thank our crews who've worked tirelessly to provide mutual aid assistance to other utilities to support recovery and restoration efforts from the devastating hurricanes Helene and Milton.

我們感謝我們的員工和承包商的奉獻精神，確保我們的社區繼續獲得他們期望從 Xcel Energy 獲得的安全可靠的服務。此外，我們也要感謝我們的工作人員，他們孜孜不倦地為其他公用事業公司提供互助援助，以支持毀滅性颶風海倫和米爾頓的恢復和恢復工作。

And regarding wildfire risk reduction, we continue to make progress on our accelerated wildfire mitigation efforts as well as our Colorado wildfire mitigation plan filing. In the fourth quarter, we anticipate filing our Texas resiliency plan, which will include wildfire mitigation in the Southwest.

在減少野火風險方面，我們在加速野火緩解工作以及科羅拉多州野火緩解計畫備案方面繼續取得進展。我們預計在第四季度提交德克薩斯州的防災計劃，其中包括西南部的野火緩解計劃。

Finally, turning to a tradition that I'm very proud. During the third quarter, nearly 2,200 volunteers from Xcel Energy in our communities took action to support nonprofit organizations during our 14 annual day of service. Volunteers dedicated almost 8,000 hours to support 125 projects for nonprofits across our 8 states. We're grateful to the thousands of volunteers and nonprofits that come together year-after-year to put good energy into action that fuels growth influences change and lifts up our neighbours.

最後，轉向我非常自豪的傳統。第三季度，我們社區的 Xcel Energy 近 2,200 名志工在我們的第 14 個年度服務日採取行動支持非營利組織。志工投入了近 8,000 個小時來支持我們 8 個州的 125 個非營利項目。我們感謝成千上萬的志工和非營利組織年復一年地聚集在一起，將積極的精力投入到行動中，推動成長、影響變革並提升我們的鄰居。

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. Starting with our financial results. Xcel Energy had ongoing earnings of $1.25 per share for the third quarter of 2024 compared to ongoing earnings of $1.23 per share in 2023. The most significant earnings drivers for the quarter included the following: Outcomes from rate cases and nonfuel riders increased earnings by $0.25 per share and higher AFUDC increased earnings by $0.04 per share.

謝謝鮑勃，大家早安。從我們的財務表現開始。Xcel Energy 2024 年第三季的持續收益為每股 1.25 美元，而 2023 年的持續收益為每股 1.23 美元。本季最重要的獲利驅動因素包括：費率案例和非燃油附加條款的結果使每股收益增加了 0.25 美元，AFUDC 的提高使每股收益增加了 0.04 美元。

Offsetting these positive drivers were higher O&M expenses decreased earnings by $0.09 per share. Higher depreciation and amortization decreased earnings by $0.08 per share, reflecting our capital investment programs. Higher interest charges decreased earnings by $0.08 per share, driven by rising interest rates and increased debt levels to fund capital investments and other items increased earnings by $0.02 per share.

較高的營運和維護費用使每股收益減少了 0.09 美元，抵消了這些積極的推動因素。較高的折舊和攤銷使每股收益減少 0.08 美元，這反映了我們的資本投資計劃。由於利率上升和為資本投資提供資金的債務水平增加，以及其他項目使每股收益增加了 0.02 美元，利息費用增加使每股收益減少了 0.08 美元。

Turning to sales. Year-to-date weather and leap year adjusted electric sales increased 0.2%. However, third quarter weather adjusted sales increased 1.3%, based on our forecast, we are reaffirming our full year guidance of a 1% increase in weather-adjusted electric sales.

轉向銷售。年初至今，天氣因素和閏年調整後的電力銷售成長了 0.2%。然而，第三季經天氣調整的銷售量成長了 1.3%，根據我們的預測，我們重申全年指導，即經天氣調整的電力銷售成長 1%。

Our new five-year plan includes 5% per year electric sales growth of which approximately 50% is from data centers with other growth coming from the oil and gas industry and EVs. Our sales forecast only assumes contracted or high-probability data centers.

我們新的五年計畫包括每年 5% 的電力銷售成長，其中約 50% 來自資料中心，其他成長來自石油和天然氣產業以及電動車。我們的銷售預測僅假設合約或高機率資料中心。

We also expect that large data center low growth will continue beyond our five-year plan, and there is upside to what we have included. Year-to-date, O&M increased $58 million, primarily driven by increased generation maintenance, damage prevention, wildfire mitigation and storm expenses.

我們也預計大型資料中心的低成長將持續到我們的五年計畫之後，我們所包含的內容還有上行空間。今年迄今為止，維運增加了 5,800 萬美元，主要是由於發電維護、損害預防、野火緩解和風暴費用增加。

In addition, we are facing increased costs from our recent excess liability insurance renewal. As such, we are revising our full year O&M forecast to 3% to 4% increase relative to 2023. During the quarter, we also made progress in several rate cases.

此外，我們最近的超額責任保險續保還面臨著成本增加的問題。因此，我們將全年營運和維護預測修改為較 2023 年成長 3% 至 4%。本季度，我們在幾個費率案件上也取得了進展。

Earlier this month, the Colorado Commission completed deliberations on our natural gas rate case, which reflects an estimated rate increase of approximately $130 million which includes $15 million of incremental depreciation that was not included in our original request. The decision was based on a historic test year with an average rate base and a weighted average cost of capital of 7%, reflecting an ROE range of 9.2% to 9.5% and an equity ratio of 52% to 55%. Rates will go into effect in November.

本月早些時候，科羅拉多州委員會完成了對我們的天然氣費率案例的審議，其中估計費率增加了約 1.3 億美元，其中包括我們最初要求中未包括的 1500 萬美元的增量折舊。該決定基於歷史性測試年，平均利率基數和加權平均資本成本為 7%，反映 ROE 範圍為 9.2% 至 9.5%，股本比率為 52% 至 55%。費率將於 11 月生效。

In early November, we plan to file a Minnesota electric rate case, seeking a rate increase of $490 million over two years based on an ROE of 10.3% and a 52.5% equity ratio. We're also requesting interim rates of $224 million to go in effect in January of 2025.

11 月初，我們計劃提交明尼蘇達州電費案，要求在 10.3% 的 ROE 和 52.5% 的股本比率的基礎上，在兩年內將電費增加 4.9 億美元。我們也要求 2.24 億美元的臨時費率於 2025 年 1 月生效。

The final decision is expected in 2026. We continue to make progress in the Smokehouse Creek wildfire claims process. We've settled 86 of the 179 submitted claims, which we view as a positive and constructive outcome. 23 lawsuits have also been filed. In addition, there is no change to our estimated accrued liability of $215 million.

最終決定預計將於 2026 年做出。我們在 Smokehouse Creek 野火索賠流程中繼續取得進展。我們已經解決了 179 項提交的索賠中的 86 項，我們認為這是一個積極且建設性的結果。也提起了23起訴訟。此外，我們預計的 2.15 億美元的應計負債並沒有變化。

As a reminder, we have approximately $500 million of excess liability insurance coverage for this fire. Shifting to our investment plans. We provided an updated $45 billion five-year base capital expenditure forecast, which reflects annual rate base growth of 9.4%. These investments are critical to serve growing electric demand, meet clean energy goals and ensure system safety and reliability.

謹此提醒，我們為這場火災提供了約 5 億美元的超額責任保險。轉向我們的投資計劃。我們提供了最新的 450 億美元五年基本資本支出預測，反映了 9.4% 的年增長率。這些投資對於滿足不斷增長的電力需求、實現清潔能源目標以及確保系統安全性和可靠性至關重要。

We have an additional $10 billion plus pipeline of potential investment, which we view as conservative and could be significantly higher. This additional capital reflects generation from RFPs and resource plans, low growth from data centers and [beneficial] electrification and additional transmission, including opportunities from MISO Tranche two and the Southwest Power Pool.

我們還有超過 100 億美元的額外潛在投資管道，我們認為這一數字是保守的，而且可能會更高。這筆額外資本反映了 RFP 和資源計劃的發電量、資料中心的低成長以及[有益的]電氣化和額外輸電，包括來自 MISO 第二批和西南電力池的機會。

We also refreshed our base financing plan which reflects approximately $19 billion of debt and $4.5 billion of equity. We anticipate that any incremental capital investment will be funded by approximately 40% equity and 60% debt. It's important to recognize we've always maintained a balanced financing strategy, which includes a mix of debt and equity to fund accretive growth while maintaining a strong balance sheet and credit metrics.

我們也更新了基本融資計劃，其中包含約 190 億美元的債務和 45 億美元的股本。我們預計任何增量資本投資將由約 40% 的股權和 60% 的債務提供資金。重要的是要認識到我們始終保持平衡的融資策略，其中包括債務和股權的組合，為成長提供資金，同時保持強勁的資產負債表和信貸指標。

As a result, you'll notice we issued $1.1 billion of equity via our ATM program this year. This equity issuance is not part of our '25 to '29 financing plan and reflects our commitment to credit quality while delivering on our long-term financial objectives. Maintaining solid credit ratings and favourable access to capital markets are critical to fund the clean energy transition, deliver strong shareholder returns and keep customer bills low.

因此，您會注意到我們今年透過 ATM 計劃發行了 11 億美元的股票。此次股票發行並非我們「25 至 29」融資計畫的一部分，反映了我們在實現長期財務目標的同時對信貸品質的承諾。保持穩定的信用評級和有利的資本市場准入對於為清潔能源轉型提供資金、實現強勁的股東回報和保持較低的客戶帳單至關重要。

Moving to earnings. We're reaffirming our 2024 ongoing earnings guidance range of $3.50 to $3.60 per share. We're also initiating our 2025 earnings guidance range of $3.75 to $3.85 per share, which reflects 7% growth from the midpoint of 2024 guidance. Key assumptions are detailed in our earnings release.

轉向盈利。我們重申 2024 年持續獲利指引範圍為每股 3.50 美元至 3.60 美元。我們也將 2025 年獲利指引範圍設定為每股 3.75 美元至 3.85 美元，反映出較 2024 年指導中點成長 7%。我們的收益報告中詳細介紹了關鍵假設。

We are updating our long-term EPS growth objective to 6% to 8% with expectations to deliver earnings in the upper half of the range. The increase in the EPS growth rate reflects our significant investment pipeline and confidence in our financial outlook. We also modified our dividend growth objective to 4% to 6% and with the expectation to be at the low end of the range. A lower dividend growth rate allows us to retain additional cash flow to fund growth and lower equity funding needs.

我們將長期每股盈餘成長目標更新為 6% 至 8%，預計獲利將達到該範圍的上半部。每股盈餘成長率的提高反映了我們龐大的投資管道和對財務前景的信心。我們還將股息成長目標修改為 4% 至 6%，並預計處於該範圍的低端。較低的股息成長率使我們能夠保留額外的現金流來為成長提供資金並降低股權融資需求。

In addition, that will lower our dividend payout ratio over time, which provides greater financial flexibility and drive power for the future. With that, I'll wrap up with a quick summary. We reached a settlement in our Minnesota resource plan and filed our latest Colorado resource plan, which allow us to lead the clean energy transition, ensuring customer affordability and reliability while driving economic growth.

此外，隨著時間的推移，這將降低我們的股息支付率，從而為未來提供更大的財務靈活性和驅動力。至此，我將快速總結一下。我們在明尼蘇達州資源計劃中達成和解，並提交了最新的科羅拉多州資源計劃，這使我們能夠引領清潔能源轉型，確保客戶的負擔能力和可靠性，同時推動經濟成長。

We continue to make progress on our wildfire mitigation plans, which reduced risk from extreme weather. We announced an updated capital investment program that provides strong, transparent rate base growth and significant customer value. We provided a balanced financing plan to fund accretive growth while maintaining a strong balance sheet and credit metrics.

我們繼續在野火緩解計畫方面取得進展，降低了極端天氣的風險。我們宣布了更新的資本投資計劃，該計劃提供強勁、透明的利率基礎增長和顯著的客戶價值。我們提供了平衡的融資計劃，為成長提供資金，同時保持強勁的資產負債表和信貸指標。

We are on track to meet our 2024 ongoing earnings guidance and have provided 2025 guidance consistent with our growth objectives. And we revised our long-term earnings growth to the upper half of the 6% to 8% objective range and dividend growth to the low end of the 4% to 6% objective range. which is indicative of our significant capital investment pipeline. This concludes our prepared remarks. Operator, we will now take questions.

我們預計將實現 2024 年持續獲利指導，並提供了符合我們成長目標的 2025 年指導。我們將長期獲利成長修正至 6% 至 8% 目標範圍的上半部分，並將股息成長修正至 4% 至 6% 目標範圍的下限。這顯示我們有大量的資本投資管道。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) Nicholas Campanella, Barclays.

（操作員說明）尼古拉斯·坎帕內拉（Nicholas Campanella），巴克萊銀行。

I just wanted to ask, you talked in your prepared remarks, you had a customer make a large land acquisition. What specifically -- where was that exactly? Was that in Minnesota? Or could you provide more details on that? And then is that included in this 5% kind of consolidated load growth outlook long term for the company? Or is that pressure higher? And then how do we think about rate design there? I know that's a lot in one.

我只是想問一下，您在準備好的演講中談到，您有一個客戶進行了大規模的土地收購。具體來說——那到底在哪裡？那是在明尼蘇達嗎？或者您能否提供更多細節？那麼，這是否包含在公司 5% 的長期綜合負荷成長前景中？還是說壓力比較大？那我們要如何考慮那裡的費率設計呢？我知道這就是很多。

Nick, undisclosed customer, but yes, it was in Minnesota. And that's one of the, call it, as we think about high probability loads. We've been, as you can imagine, in active discussions with them and significant progress on services agreement. So great to see the continued progress we have on the data center front.

尼克，未公開的客戶，但是是的，是在明尼蘇達州。當我們考慮高機率負載時，這就是其中之一。正如您可以想像的那樣，我們一直在與他們進行積極的討論，並在服務協議方面取得了重大進展。很高興看到我們在資料中心方面取得的持續進展。

And so I mean, we're getting into as part of the negotiations, you get into rate design and in terms of pricing, but I think it's important as Bob laid out the guiding principles and how we think about it and ensuring that all of our customers benefit from these large loads that come on it helps drive economic growth for our state, but also benefits all of our customers.

所以我的意思是，作為談判的一部分，我們正在進入費率設計和定價方面，但我認為這很重要，因為鮑勃闡述了指導原則以及我們如何看待它並確保所有我們的客戶受益於這些巨大的負載，它有助於推動我們州的經濟成長，同時也使我們所有的客戶受益。

I think it's just something I'm not sure if people caught it, but there was a planning session at the Minnesota Commission on Tuesday that included the data centers, IBEW, Department of Commerce, us and other significant stakeholders talking about how do we support and move faster on the data center front. And so we're pretty excited about those conversations. It's not really constructive and look forward to working with our commission on these opportunities.

我認為這只是我不確定人們是否發現了它，但明尼蘇達州委員會週二舉行了一次規劃會議，其中包括數據中心、IBEW、商務部、我們和其他重要利益相關者，討論我們如何支持並在數據中心方面加快步伐。因此，我們對這些對話感到非常興奮。這並不是真正的建設性的，期待與我們的委員會就這些機會進行合作。

And Nick, just to answer, I think, probably part two of a three-part question was, is it included in our forecast, so we've got about 1/4 of that 9,000 megawatts are included in our five-year sales forecast. This land acquisition would be one of the projects that would be a part of that forecast.

尼克，我想，我想回答的問題可能是由三部分組成的第二部分，它是否包含在我們的預測中，所以我們的五年銷售預測中包含了 9,000 兆瓦的大約 1/4 。此次土地收購將是該預測的項目之一。

Obviously, we think that this is a trend that's likely to continue in our regions for a lot of reasons, and we have real confidence in our ability to meet that forecast as well as to continue to see sales growth transition into our regions over time.

顯然，我們認為由於多種原因，這種趨勢可能會在我們的地區持續下去，我們對實現這一預測以及隨著時間的推移繼續看到我們地區的銷售成長過渡的能力充滿信心。

Okay. That's great. I appreciate that. And maybe a one-part question. But on the financing, I know you've priced the $1.1 billion, are you done for the year? Would you derisk the five-year plan at this point? And what's the right mechanisms to do that in your mind?

好的。那太棒了。我很欣賞這一點。也許是一個單部分問題。但在融資方面，我知道你們已經定價了11億美元，今年你們完成了嗎？您現在會放棄五年計畫嗎？您認為執行此操作的正確機制是什麼？

Yes. Nick, thanks for the question. Yes, as you can see, we did about $1 billion of ATM issuance in Q3. So certainly, a very strong quarter for us. And that does fulfil our equity needs for the year. That's our plan for the year. Now it doesn't mean that we can't be opportunistic if we think through the end of the year, we like something, but we -- actually, we don't need to do anything through the end of the year.

是的。尼克，謝謝你的提問。是的，正如您所看到的，我們在第三季 ATM 發行了約 10 億美元。當然，這對我們來說是一個非常強勁的季度。這確實滿足了我們今年的股本需求。這就是我們今年的計畫。現在，這並不意味著如果我們在年底之前思考我們喜歡的東西，我們就不能投機取巧，但實際上，我們不需要在年底之前做任何事情。

Second part of your question, look, we view an ATM, and we've always talked about this, is it's an efficient mechanism to get our equity issuances one. But it doesn't mean we won't look at all other products and options on the table as we move forward.

你問題的第二部分，看，我們看到一台自動櫃員機，我們一直在談論這一點，它是一種獲得我們股票發行的有效機制。但這並不意味著我們在前進的過程中不會考慮所有其他產品和選項。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Good. So just wanted to reconcile the CapEx increase with the equity because I think CapEx went up about $6 billion of equity and we went up $0.5 billion. So it's kind of a lot less than that 40%, 60%. So is that because you prefunded some with this $1 billion? Is that because cash flows just getting better? Or just how should we think about that?

好的。因此，我只想將資本支出的成長與股本相協調，因為我認為資本支出增加了約 60 億美元，而我們的股本則增加了 5 億美元。所以比 40%、60% 少很多。是因為你用這 10 億美元預先資助了一些人嗎？這是因為現金流量剛好好轉嗎？或者我們應該如何思考這個問題？

Yes. Steve, a couple of things, and thanks for the question. One, you're right. Generally, we guide investors to a 40%, 60% mix. Part of that is we do get a little bit of benefit as we lower the dividend growth rate that I talked about that helps a little bit in the five-year, but also gives us more dry powder longer term.

是的。史蒂夫，有幾件事，謝謝你的提問。一，你是對的。一般來說，我們引導投資人採用40%、60%的組合。部分原因是，我們確實獲得了一些好處，因為我們降低了我談到的股息成長率，這在五年內有一點幫助，但從長遠來看，也為我們提供了更多的乾粉。

But it's really about kind of the cash flow and the timing of the capital and if you look at how we design it, when we put together that slide around the credit metrics, our credit metrics are very stable. So -- but generally, still going forward, we expect that 40-60 mix, but we were able to be a little bit flexible here and not have as much equity as we need it as we roll forward our five-year.

但這實際上與現金流量和資本的時間安排有關，如果你看看我們是如何設計的，當我們將信用指標放在一起時，我們的信用指標非常穩定。所以，但總的來說，我們仍然預計 40-60 的混合，但我們可以在這裡保持一點靈活性，並且在我們向前推進五年時不會擁有我們需要的那麼多股權。

Okay. Great. That's helpful. And then totally separate question, just knock on wood, we're getting, hopefully, near the end of wildfire season, if it ever ends, and we haven't seen anything happen. So maybe you could just talk to Bob, maybe just talk to the actions that you've taken on wildfire mitigation, how you feel they're working, what else you might do?

好的。偉大的。這很有幫助。然後是完全獨立的問題，只要敲木頭，我們希望野火季節即將結束，如果它真的結束的話，我們還沒有看到任何事情發生。所以也許你可以和鮑伯談談，也許只是談談你為減輕野火所採取的行動，你覺得這些行動如何發揮作用，你還可以做些什麼？

And just -- and then related, could you just clarify the insurance amount? And are you including deferral of that in your guidance? Or are you assuming you have to expense it in '25? Or yes, that would be helpful.

然後，您能澄清一下保險金額嗎？您是否將推遲這項事項納入您的指導中？還是你認為你必須在 25 年支出它？或者是的，那會很有幫助。

Yes, great questions. Appreciate it. I've said before, I'm very proud of the activities and the accomplishments that the company has executed to protect our customers and our communities since the March time frame. I think we've really built a lot of muscle around our wildfire protection mechanisms.

是的，很好的問題。欣賞它。我之前說過，我對公司自三月以來為保護我們的客戶和社區而開展的活動和所取得的成就感到非常自豪。我認為我們確實在野火防護機制方面建立了許多力量。

First and foremost is operating the system with safety and so our capabilities in both enhanced power line safety settings and our abilities to execute PSPS is first and foremost in our minds of what helps protect our customers and communities in that process. I think we built a lot of muscle and capability there.

首先也是最重要的是安全地操作系統，因此我們在增強電力線安全設定方面的能力以及執行 PSPS 的能力首先是我們認為有助於在此過程中保護我們的客戶和社區的能力。我認為我們在那裡建立了很多力量和能力。

Over time, we know that we have to harden the system and segment the system, and we take a lot of lessons learned from our peers in California and what they've done in terms of situational awareness, the ability to see whether coming sooner, the ability to alert their customers faster and more confidently in their ability to segment the system so that the impacts of EPSS or PSPS are mitigated or muted in that process.

隨著時間的推移，我們知道我們必須強化系統並對系統進行細分，我們從加州的同行那裡吸取了很多經驗教訓，以及他們在態勢感知方面所做的工作，能夠判斷是否會更快到來，能夠更快、更自信地提醒客戶對系統進行分段的能力，以便在此過程中減輕或消除 EPSS 或 PSPS 的影響。

We've been working on the -- we've been working on the intelligence side of that. We've installed AI cameras. We're starting to look at weather stations, and starting to incorporate other data feeds in this time frame. And again, huge benefits from being a fast follower here to what other people have ploughed ground on and learnings that they've had over a decade of dealing with this kind of risk.

我們一直致力於情報方面的工作。我們安裝了人工智慧攝影機。我們開始關注氣象站，並開始在這個時間範圍內納入其他資料來源。再說一遍，快速追隨其他人的研究成果以及十多年來應對此類風險的經驗教訓，將帶來巨大的好處。

And then with -- on the regulatory side, obviously, we're moving forward with our wildfire plan in Colorado in a system resiliency plant in Texas. All of those will help us to accelerate pole inspections, accelerated replacements of anything that we see out there, more aggressive vegetation management. So I think we've done a lot to protect the system in the short term.

然後，在監管方面，顯然，我們正在德克薩斯州的一個系統彈性工廠中推進科羅拉多州的野火計劃。所有這些都將幫助我們加快桿子檢查，加速更換我們看到的任何東西，以及更積極的植被管理。所以我認為我們在短期內做了很多工作來保護系統。

And I think our actions as we go forward are going to be very much focused on how we mitigate the impacts on our customers over the long term and making sure that we have a resilient and safe system into the future.

我認為我們未來的行動將非常關注如何減輕對客戶的長期影響，並確保我們在未來擁有一個有彈性和安全的系統。

Steve, I'll handle that second part of the question around just insurance deferrals. We completed our insurance renewable is this month, premiums are significantly higher as we kind of alluded to in Q2. We saw premiums triple on us capacity did shrink some.

史蒂夫，我將處理有關保險延期的問題的第二部分。我們本月完成了可續保的保險，正如我們在第二季度提到的那樣，保費明顯更高。我們看到我們的運力保費增加了三倍，確實減少了一些。

So we do have -- we have a regulatory deferral docket in front of the Colorado Commission where they have a sudden expedited schedule to get decision by the end of the year, and we're in discussions with our peer utilities and staff in Texas around the industry issue around increasing excess liability premium.

所以我們確實有- 我們在科羅拉多州委員會面前有一個監管延期清單，他們突然有一個快速的時間表，以便在今年年底前做出決定，並且我們正在與德克薩斯州的同行公用事業公司和工作人員進行討論圍繞增加超額責任保費的行業問題。

So -- we do include constructive regulatory outcomes in our 2025 guidance, and that is included getting recovery of our deferrals and constructive cost recovery around our wildfire mitigation plan is an overall part of our constructive regulatory outcomes for '25.

因此，我們確實在 2025 年指導中納入了建設性的監管成果，其中包括恢復我們的延期和圍繞我們的野火緩解計劃的建設性成本回收，這是我們 25 年建設性監管成果的整體部分。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Thanks for the updates. Maybe just on the new capital plan, I guess how should we think about the kind of $6 billion capital increase relative to the 40 basis points increase in the rate base CAGR. Is that just a function of base effects rolling forward the plan in other years? Or anything else that we should be keeping in mind there?

感謝您的更新。也許就新的資本計畫而言，我想我們應該如何看待相對於利率基礎複合年增長率增加40個基點的60億美元資本增加。這僅僅是其他年份推進該計劃的基本效應的函數嗎？或者還有什麼我們應該記住的嗎？

No, Carly, you're exactly right. It's just a function of rolling forward and having a bigger base as we roll forward to the next five years. So that's all it is a function of nothing else going on.

不，卡莉，你說得完全正確。這只是我們向前邁進並在我們邁向未來五年時擁有更大基礎的一個功能。所以這就是它的全部功能，沒有其他事情發生。

Got it. Okay. Great. And then maybe to follow up, just on the 5% new load growth forecast, you mentioned in the slides that being sort of back-end loaded due to the timing of data center load coming in. So is there any other granularity you can provide in terms of sort of when you expect to see that more significant inflection in load and any sense of the magnitude there?

知道了。好的。偉大的。然後，也許可以跟進一下，就 5% 的新負載增長預測而言，您在幻燈片中提到，由於資料中心負載進入的時間，後端負載有所增加。那麼，當您期望看到負載中更顯著的變化以及那裡的大小時，您是否可以提供任何其他粒度？

Yes, Carla, I think if you look at our 2025 guidance, our sales guidance is 3% for '25 and expect it to go up there to 5% to 8% in the years after that and really peaking in 2020 as we see it and that's really driven by, like I said, kind of a combination, which is what we view as a great to have the diversity. Half of that sales growth of the 5% is coming from data centers.

是的，卡拉，我想如果你看看我們的2025 年指導，我們的銷售指導是25 年的3%，並預計在之後的幾年裡會上升到5% 到8%，並在2020 年真正達到峰值，正如我們所看到的那樣正如我所說，這實際上是由一種組合驅動的，這就是我們認為擁有多樣性的偉大之處。5% 的銷售成長中有一半來自資料中心。

But we also have significant growth in the oil and gas region in SPS out of the Permian Basin, and we're starting to see the effects of beneficial electrification around EVs and other BE in Colorado that helps driving kind of the other part of that growth. So I think we see kind of more kind of middle to back end weighted, but also having this diversity in growth is helpful in the overall plan.

但我們在二疊紀盆地以外的 SPS 石油和天然氣地區也有顯著增長，我們開始看到科羅拉多州電動車和其他 BE 周圍有益電氣化的影響，這有助於推動成長的其他部分。因此，我認為我們看到了更多的中後端加權，但這種成長的多樣性對整體計劃也很有幫助。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Happy Halloween. Thank you for all the details that you provided on the call today. Just want to come back to kind of high-level thought process here. Historically, you've stuck to the conservative 5% to 7% EPS CAGR with the plus more recently, but noted that there's all these array of new opportunities that you talked about.

萬聖節快樂。感謝您在今天的電話會議中提供的所有詳細資訊。只是想回到這裡的高層思考過程。從歷史上看，您最近一直堅持保守的 5% 至 7% 每股收益複合年增長率，但注意到您談到的所有這些新機會。

And so just wanted to get, I guess, your thought process on moving it to 6% to 8% CAGR at this point. And it sounds like you're still at the high end there. So I just wanted to kind of walk through that a little bit more if possible.

所以我想知道您此時將複合年增長率提高到 6% 到 8% 的想法。聽起來你仍然處於高端。因此，如果可能的話，我只是想多介紹一下這個問題。

Jeremy, I think about it in two ways is one, if you just look at our base plan, the majority of that capital is investing in our wires business, right? We're focused on that kind of safety and resiliency in our wires business, and that base plan drives 9% -- 9.4% rate base growth. But then it's all about the additional steel underground related to the projects we need to deliver on retiring our coal plants, as Bob talked about, and executing on 5%-plus electric growth.

傑里米，我從兩個方面考慮，一是，如果你看看我們的基本計劃，大部分資本都投資於我們的電線業務，對嗎？我們專注於我們的電線業務的安全性和彈性，而該基本計劃推動了 9% 至 9.4% 的基本成長率。但正如鮑勃所說，這一切都與我們需要交付的項目相關的額外地下鋼鐵有關，這些項目是為了退役我們的燃煤電廠，並實現 5% 以上的電力增長。

So we view that as a tremendous opportunity. We've talked -- Bob talked about our resource plans in flight. When you add all those up, there's between 15,000 and nearly 30,000 megawatts of generation we need to add to our system to serve our customers over the call through 2030. So a huge opportunity.

所以我們認為這是一個巨大的機會。我們已經談過了——鮑勃談到了我們在飛行中的資源計劃。將所有這些加起來後，我們需要在系統中添加 15,000 到近 30,000 兆瓦的發電量，以便在 2030 年之前透過電話為客戶提供服務。這是一個巨大的機會。

And I think the other part is we've demonstrated through the RFP process recently, that can be extremely competitive in these generation procurement processes that we have a top-tier internal regulated development team that can bring projects that are very competitively priced.

我認為另一部分是我們最近透過 RFP 流程證明，在這些世代採購流程中可以極具競爭力，我們擁有頂級的內部監管開發團隊，可以帶來價格非常有競爭力的項目。

And so we expect to build a now, and I would say, at least $10 billion of those pipeline of projects. And that's why we're sitting here very confident about not only the next five years, but longer term executing at an upper half of the range and potentially going above it.

因此，我想說，我們現在預計將建造至少 100 億美元的這些項目。這就是為什麼我們坐在這裡，不僅對未來五年充滿信心，而且對長期執行在該範圍的上半部分並有可能超過該範圍充滿信心。

Got it. That's very helpful there. So with that last comment potentially going above it, I thought it might be too early to ask there, but I just wanted to dive in a little bit more. I think you talked about three buckets that feed into the incremental CapEx opportunity. Can you weigh out I guess, over the next 12 months what some of the milestones could be and kind of what would it take to move more of that into plan?

知道了。這非常有幫助。因此，最後一條評論可能會高於它，我認為現在問這個問題可能還為時過早，但我只是想再深入一點。我認為您談到了增量資本支出機會的三個方面。我想，您能否權衡一下，在接下來的 12 個月內，可能會實現哪些里程碑，以及需要採取哪些措施才能將更多里程碑納入計畫中？

Yes. So let's hit the first ones that are more near term. MISO tranche 2.1, which we should get a decision by the end of the year. Then we'll need to go through the regulatory approval processes. But that's roughly about $2 billion of transmission opportunities. We got the SPP, ITP that was just approved by the Board this month. That's another about $2 billion of projects that we expect to be awarded to us because of reliability-driven projects, meaning that the need is within a few years.

是的。因此，讓我們先討論近期的問題。MISO 2.1 部分，我們應該在年底前做出決定。然後我們需要完成監管審批流程。但這大約相當於 20 億美元的傳輸機會。我們拿到了本月董事會剛批准的 SPP、ITP。由於可靠性驅動的項目，我們預計將獲得另一個約 20 億美元的項目，這意味著幾年內就會有需求。

So those are kind of the transmission buckets. The SPS RFP is another big bucket, 5,000 to 10,000 megawatts. We'll get bids in, in January. And the first look investors will probably get is roughly probably Q2 of next year when we file our preferred portfolio of New Mexico. So that will at least get some insight into that with approvals going into 2026 for that.

這些都是傳輸桶。SPS RFP 是另一個大桶，5,000 至 10,000 兆瓦。我們將在一月份收到投標。當我們提交新墨西哥州的首選投資組合時，投資者可能會首先看到的是明年第二季。因此，隨著 2026 年的批准，至少可以對此有所了解。

The Minnesota resource plan, we should get a Q1 decision out of our commission on the overall resource plan, which includes, as Bob mentioned, 720 megawatts of storage and CTs in there, along with some additional RFPs we're working through. And then finally, related to Colorado.

明尼蘇達州資源計劃，我們應該從我們的整體資源計劃委員會中獲得第一季的決定，正如鮑勃所提到的，其中包括 720 兆瓦的存儲和 CT，以及我們正在處理的一些額外的 RFP。最後，與科羅拉多州有關。

We just filed the Colorado resource plan, which we're pretty excited about with upwards of 14,000 megawatts in that we'll work through that resource plan, call it, within a year, and then we'll file RFPs. So that will be a little bit longer dated on all the opportunities. But you'll continue to see execution opportunities throughout the next 12 to 24 months for us.

我們剛剛提交了科羅拉多州資源計劃，我們對超過 14,000 兆瓦的資源計劃感到非常興奮，因為我們將在一年內完成該資源計劃，稱之為，然後我們將提交 RFP。因此，所有機會的日期都會更長一些。但在接下來的 12 到 24 個月內，您將繼續看到我們的執行機會。

Jeremy, just to add on to Brian's comments, I'm really excited. We're starting to see this energy transition we've been talking about and working on for the past five years. really start to accelerate as we start to get to the periods where we're proactively removing our coal plants from the system and replacing them with cleaner and, in some cases, lower cost generation resources.

傑里米，補充一下布萊恩的評論，我真的很興奮。我們開始看到過去五年來我們一直在談論和努力的能源轉型。當我們開始主動將燃煤電廠從系統中移除，並用更清潔的、在某些情況下成本更低的發電資源取而代之時，這個過程真正開始加速。

Brian is right, the development team that we've built in-house, starting with our 2017 steel for fuel plan has been an incredible asset for the company. I'd be remiss if I didn't talk about our transmission capabilities. Obviously, we have a lot of transmission to build in the company and across the country. We've been the leading provider of new line miles of transmission over the last 15 years as a company.

Brian 是對的，從 2017 年的鋼鐵燃料計畫開始，我們內部建立的開發團隊對公司來說是一筆令人難以置信的資產。如果我不談論我們的傳輸能力，那就是我的失職。顯然，我們在公司和全國範圍內有很多傳輸需要建立。作為一家公司，在過去 15 年裡，我們一直是新線路傳輸里程的領先供應商。

And with all the projects we mentioned here whether it's the Colorado Power pathway, whether it's LRTP2.0, 2.1 billion the ITP process in the Southwest. We've got a terrific transmission development construction team here that are helping us execute on a very strategic asset for the company and the country.

我們在這裡提到的所有項目，無論是科羅拉多電力途徑，無論是LRTP2.0，還是西南地區的21億ITP流程。我們這裡有一支出色的變速箱開發建立團隊，他們正在幫助我們執行對公司和國家非常具有戰略意義的資產。

Julian Dumoulin Smith, Jefferies.

朱利安·杜穆蘭·史密斯，杰弗里斯。

Keep going. I'm super impressed here. Look, I wanted to follow up on the 6% to 8%. And obviously, the timing here is obviously coincident with an accelerating backdrop on sales growth here. But what does he say about confidence in wildfire outcomes in your mind?

繼續前進。這裡給我留下了深刻的印象。看，我想跟進 6% 到 8%。顯然，這個時機顯然與這裡銷售成長加速的背景相符。但他對你心中對野火結果的信心有何看法？

Is there anything implicit in the read into this? I mean, again, somewhat of an unknowable, but I'm just curious if there's anything that you see in a litany of recent developments on that front as well here, if you can.

讀到這裡有什麼隱含的內容嗎？我的意思是，這有點不可知，但我只是好奇你是否能在這方面的一系列最新進展中看到什麼，如果可以的話。

Look, I'd suggest Jerry -- sorry, Julien, it's Bob. Thanks for the question. First of all, as I think about wildfire current proceedings as well as litigation and long-term outcomes in our states. I feel confident in our wildfire position, both from my comments earlier on what we're doing to protect the customers and the community going forward as well as our position is unchanged as it pertains to our litigation matters, both in the Southwest and in Colorado regarding Marshal and Smokehouse Creek, long term, I think we're doing the right things in the system to harden it and protect our customers.

聽著，我建議傑瑞——對不起，朱利安，是鮑伯。謝謝你的提問。首先，我想到了我們各州目前的野火訴訟程序以及訴訟和長期結果。我對我們的野火立場充滿信心，這既來自我之前對我們為保護客戶和社區而採取的措施的評論，也來自我們在西南部和科羅拉多州的訴訟事務方面的立場沒有改變關於Marshal 和Smokehouse Creek ，從長遠來看，我認為我們正在系統中做正確的事情來強化它並保護我們的客戶。

There's obviously some investment that's needed there. I would suggest that obviously 6% to 8% is an ongoing earnings number. And if we had an unexpected outcome in any of the proceedings, we'd have to accommodate that. But our position has been -- we didn't work -- we didn't act negligently in our systems in the Smokehouse Creek.

顯然那裡需要一些投資。我認為 6% 到 8% 顯然是一個持續獲利數字。如果我們在任何訴訟程序中出現意外結果，我們必須適應。但我們的立場是──我們沒有工作──我們在煙屋溪的系統中沒有疏忽行事。

Our accruals are consistent quarter-over-quarter and within our limits of our insurance and we look forward to working through those proceedings and really getting behind us and starting to partner with our communities as we move forward in time with our resiliency plans.

我們的應計費用按季度保持一致，並且在我們的保險範圍內，我們期待著完成這些程序，並真正支持我們，並開始與我們的社區合作，及時推進我們的彈性計劃。

Okay. All right. Fair enough, Bob. And actually, just going back to Steve's question for earlier and for the record, I get Jeremy all the time. Just on what we said, you mentioned EPSS and PSPS. I mean these are obviously terms we know well from California.

好的。好的。很公平，鮑伯。事實上，回到史蒂夫早些時候提出的問題並記錄在案，我一直都明白傑里米的意思。剛才我們說的，你提到了EPSS和PSPS。我的意思是，這些顯然是我們在加州熟知的術語。

I mean, given -- you talked about being a fast (technical difficulty), how quickly can some of this be implemented, right, in terms of achieving meaningful derisking of the system here? I mean what kind of time frame are you looking at? I mean it seems like some fairly readily implemented kind of solutions.

我的意思是，鑑於您談到了快速（技術難度），其中的一些內容可以多快實施，對吧，就實現有意義的系統風險消除而言？我的意思是你正在考慮什麼樣的時間框架？我的意思是，這似乎是一些相當容易實施的解決方案。

So look, I think quickly, and I mean that in a -- the -- we have the capability to do the PSPS today. We have the capability to do EPSS today as we think -- and every single day, we do a wildfire risk assessment on the conditions across our system across all eight states and make decisions on how we position the system, how we set up breakers and how we set up controls.

所以看，我想很快，我的意思是，我們今天有能力進行 PSPS。今天，我們有能力按照我們的想法進行 EPSS——每一天，我們都會對所有八個州的系統狀況進行野火風險評估，並就如何定位系統、如何設置斷路器和我們如何設定控制。

I think probably the difference between where we sit and where some of our peers in California said, is the granularity with which we can do that. our protection may come at an entire feeder level, which might be a 10-mile long stretch of distribution line.

我認為我們的立場和加州一些同行的看法之間的區別可能在於我們可以做到這一點的粒度。我們的保護可能涉及整個饋線級別，這可能是一段 10 英里長的配電線路。

Our goal in the future is to be able to segment that distribution line into much more manageable, maybe one mild chunk instead of one 10-mile chunks so that we can be more targeted with the protections and more protective of customers.

我們未來的目標是能夠將配電線路分割成更易於管理的部分，也許是一個溫和的塊，而不是一個10 英里的塊，這樣我們就可以更有針對性地提供保護，並為客戶提供更多保護。

So I think as the final analysis is we have great -- we have great sort of bulk protection systems. And we need to get -- I would say, we're working with a sledgehammer today. We need a scalpel in the future, and that takes investments over time. But I think from a true protection mechanism, we've got a lot of the capabilities that we need. It's just a little bit blunter than we'd like.

所以我認為最終的分析是我們擁有很棒的批量保護系統。我們需要——我想說，我們今天正在使用大錘。未來我們需要一把手術刀，這需要長期的投資。但我認為，從真正的保護機制來看，我們已經擁有了許多我們需要的能力。只是比我們想要的簡單一點。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

Just maybe on the -- good to see the equity out of the way for this year, strong quarter, Ben, like you mentioned. Maybe just how should we think about the timing of the $4.5 billion that is in the plan? Is that ratable over basically same amount over a year annually or back-end loaded? Just any color there?

就像你提到的那樣，本，很高興看到今年強勁的季度股本擺脫困境。也許我們應該如何考慮計劃中 45 億美元的時機？每年或後端加載的金額是否基本相同？那裡有什麼顏色嗎？

Yes. I mean I think you've heard us before, we don't necessarily comment on -- or give guidance on the timing of our equity, but here's the way to think about it is if you look at the shape of our annual CapEx over the next five years, that's a good way to assume it kind of follows that shape as our annual CapEx is larger in the first few years. So that's how I'd think about it.

是的。我的意思是，我想你以前聽過我們的說法，我們不一定會對我們的股權時機發表評論或提供指導，但考慮這個問題的方法是，如果你看看我們的年度資本支出的形狀在在接下來的五年裡，這是一個很好的方式來假設它會遵循這個形狀，因為我們的年度資本支出在最初幾年會更大。所以我就是這麼想的。

That's helpful. And something that is near and dear to you, the transferability. Maybe just help out what portion of the CFO in the plan is transferability, how are you doing there versus your annual target for 2024?

這很有幫助。還有一些對你來說很親近的東西，那就是可轉移性。也許只是幫助了解計劃中 CFO 的哪一部分是可調動的，相對於 2024 年的年度目標，您在這方面做得如何？

Yes, we've executed all of our credit sales for 2024, working on 2025 significant demand. And really, it's kind of in and out, right, in terms of seeing give the customer what the offset in revenue and then we used to pick it up on the tax line. So from a cash flow perspective in and out, we've had many discussions about this, I think we lost as leaders in this in terms of the opportunity.

是的，我們已經執行了 2024 年的所有賒銷，以滿足 2025 年的巨大需求。實際上，這是一種進進出出的方式，對吧，就看到給客戶帶來的收入抵消額而言，然後我們過去常常在稅線上收取它。因此，從進進出出金流的角度來看，我們對此進行了很多討論，我認為我們在這方面失去了作為領導者的機會。

Also working with the large buyers of this. It's helpful to have -- we have 17 Fortune 500 companies in our backyard here that we know extremely well. And so we're not only looking at '25, but also longer-term deals and getting the pricing we expected. So I think, overall, we expect we'll be monetizing $700-plus millions of credits annually going forward and the markets there, and it's been a great tool to have.

也與這方面的大買家合作。我們非常熟悉 17 家財富 500 強公司，這對我們很有幫助。因此，我們不僅關注 25 年，還關注長期交易並獲得我們預期的定價。所以我認為，總體而言，我們預計未來每年將有超過 700 美元的數百萬積分貨幣化，並且在那裡的市場上，它是一個很好的工具。

How much do you do this year? Can you just remind us quickly?

今年你做了多少？你能快點提醒我們嗎？

Roughly $400 million to $500 million.

約4億至5億美元。

Ross Fowler, Bank of America.

羅斯‧福勒，美國銀行。

So just a couple of things. Maybe winding back to the margin fire a little bit. We saw the judge's order on September 30 on the 25 trial. So obviously, now we're talking a different level of multiplier from that, and we sort of bucketed it in two pieces from what I can tell. So is there any reduction or settlement of claims related to that? Or how do we think about the calendar from here given that order is out?

所以只有幾件事。也許會稍微回到邊緣火力。我們在9月30日的25號庭審中看到了法官的命令。顯然，現在我們正在談論與此不同級別的乘數，據我所知，我們將其分成兩部分。那麼與此相關的索賠是否有減少或和解呢？或者考慮到訂單已經發布，我們如何看待這裡的日曆？

Okay. Ross, it's Bob. Let me try and address what I think your question is, first of all, in Marshall, let's start with, we don't think we acted negligently. We know that the fire was started on the 12 tribes property, the first ignition occurred there, we don't believe we acted negligently in the operation of our system and we dispute the shares report that we called the second ignition.

好的。羅斯，是鮑伯。讓我試著解決我認為你的問題，首先，在馬歇爾，我們不認為我們的行為有疏忽。我們知道火災是在 12 個部落的財產上發生的，第一次著火發生在那裡，我們不相信我們在系統運作中存在疏忽，並且我們對我們稱之為第二次著火的股票報告提出異議。

Notwithstanding, obviously, the litigation persists and the structure of the trial was architected in the judge's orders about a month ago. And so the way they've constructed it is -- the first trial will determine liability and the issue did Xcel Energy's equipment start a second ignition as part of the process of the overall fire.

儘管如此，顯然訴訟仍在繼續，審判的結構是在大約一個月前法官的命令中設計的。他們的建造方式是——第一次審判將確定責任，問題是 Xcel Energy 的設備是否在整個火災過程中啟動了第二次點火。

We'll use a second trial, if necessary, to determine damages and then each individual claimant is going to have to prove up their own damages, and we're not going to have sort of a blanket claim or a blanket number applied to any challenges. So Yes, we think that the trial structure was constructive from the judge's perspective. So that's what happened in September. I'm not certain if I answered your question or not.

如有必要，我們將使用第二次審判來確定損害賠償，然後每個索賠人都必須證明自己的損害賠償，並且我們不會對任何索賠人應用一攬子索賠或一攬子數字。所以，是的，我們認為從法官的角度來看，審判結構是有建設性的。這就是九月發生的事情。我不確定我是否回答了你的問題。

Yes. And I think the other part is just that in terms of -- I think you're asking a little bit about the multiplier effect the actual jury would have to hear each award damages and can have a multiplier across all plaintiffs. So helpful. I'll come in that regard.

是的。我認為另一部分只是——我認為你問了一點關於乘數效應的問題，陪審團必須聽取每項裁決的損害賠償金，並且可以對所有原告產生乘數效應。很有幫助。我會在這方面來的。

And then next calendar steps, what should we look for as the next sort of thing to watch for here in the process?

然後是接下來的日曆步驟，在過程中我們應該尋找什麼作為下一個需要注意的事情？

So we're in diligence right now, heavy diligence, the trial set for next September for a couple of weeks. So I think we've got a while before there are any real milestones in the trial going forward.

因此，我們現在正在進行盡職調查，嚴格的盡職調查，審判定於明年 9 月進行，為期幾週。因此，我認為我們還需要一段時間才能在試驗中取得任何真正的里程碑。

Okay. And then you go through in the slides today on slide 11. You're well below the national average in most jurisdictions on bills. So maybe contextualize, there's a lot of increase in CapEx here and really good rate base growth. Have you sort of laid out what that increase would be the customer builds over the course of the forecast?

好的。然後您將瀏覽今天的幻燈片 11。在大多數司法管轄區，您的帳單遠低於全國平均水平。因此，也許結合上下文來看，這裡的資本支出大幅增加，而且利率基礎成長非常好。您是否已經列出了在預測過程中客戶會增加多少？

Yes. Look, I think that we sit in a really good starting position, as you mentioned, and it's for a host of reasons, obviously. And as we move forward through time, we actually think the bill impacts are relatively benign as well. We sit in a region that is incredibly advantaged for renewables. And so this opportunity to invest in clean generation and maybe even fractions of the cost that other parts of the country see is really what helps us keep bills low for our customers.

是的。聽著，我認為我們處於一個非常好的起點，正如您所提到的，這顯然有很多原因。隨著時間的推移，我們實際上認為該法案的影響也相對溫和。我們所處的地區在再生能源方面具有極為優越的優勢。因此，投資清潔發電的機會，甚至可能是該國其他地區成本的一小部分，確實有助於我們為客戶降低帳單。

But there's a couple of other mechanisms. Obviously, we've been very prudent in managing our operating expenses over a decade and that helps keep bills well below the average. I think we have very proactive and productive energy efficiency and demand management programs, which help our customers manage the size of their energy usage and obviously, the access to lower-cost energy helps along the way.

但還有一些其他機制。顯然，十多年來我們在管理營運費用方面一直非常謹慎，這有助於將帳單遠低於平均水平。我認為我們擁有非常積極主動且富有成效的能源效率和需求管理計劃，可以幫助我們的客戶管理其能源使用規模，顯然，獲得更低成本的能源會有所幫助。

So these are the programs that we think help keep build down. I think probably the best thing we've done is we filed in our Colorado just transition solicitation proceeding, we filed a 20-year plan in Colorado that incorporates all the investment that's expected in Colorado over that period and yielded a customer bill increase of about 2.2% over that long duration.

因此，我們認為這些計劃有助於減少建設。我認為我們所做的最好的事情可能是我們在科羅拉多州剛剛過渡徵集程序中提交了一份 20 年計劃，其中包含了科羅拉多州在此期間預期的所有投資，並導致客戶賬單增加了約在這麼長的時間內成長了2.2%。

It will be ups and downs from that number and it won't be linear along the way, but we think it's relatively manageable. And we're always looking for ways to mitigate even those types of increases through. Again, very aggressive cost management. Our 1X LNG Way program I mentioned in my remarks, has delivered real benefits, and avoided costs to our operating expense line and to our fuel line.

這個數字會有所起伏，並且不會呈線性增長，但我們認為這是相對可控的。我們一直在尋找方法來緩解這些類型的成長。再次，非常積極的成本管理。我在演講中提到的我們的 1X LNG Way 計劃帶來了真正的好處，並避免了我們的營運費用線和燃料線的成本。

Yes. I'd just add, I think that's something we're really proud of. You mentioned slide 11, but the slide before that around all residential share of wallet is something we're really proud of. Our bills on inflation-adjusted are lower than they were a decade ago. And then if you look at our two biggest jurisdictions, Colorado's second lowest of the country in share of wallet, Minnesota is fifth loss in the country in share of wallet.

是的。我想補充一點，我認為這是我們真正感到自豪的事情。您提到了幻燈片 11，但之前的幻燈片圍繞所有住宅錢包份額是我們真正感到自豪的。我們的通貨膨脹調整後的帳單比十年前低。然後，如果你看看我們兩個最大的司法管轄區，科羅拉多州的錢包份額在全國排名第二，明尼蘇達州的錢包份額在全國排名第五。

So we're starting from a really good place too, as we think about the significant investment cycle. So I appreciate the question on that.

因此，當我們考慮重要的投資週期時，我們也從一個非常好的地方開始。所以我很欣賞這個問題。

Sophie Karp, KeyBanc.

索菲·卡普，KeyBanc。

Congrats on a great update around here. A couple of questions for me. You guys have a couple of settlements in front of the Minnesota Commission. One is the resource plan gas rate case. Any reason to kind of think that some items in those two maybe controversial and caused some delay in the settlement approval?

恭喜這裡發生了重大更新。有幾個問題問我。你們在明尼蘇達州委員會面前有幾個定居點。一是資源計劃 Gas 費率案例。有什麼理由認為這兩個項目中的某些項目可能存在爭議並導致和解批准延遲？

Sophie, so let me take first one in sort of gas case, unanimous settlement, I think, is very straightforward. The ALJ recommended approval of our settlement this month. And so we expect the commission decision in Q1. So certainly optimistic that it will be approved. On the resource plan, I think, again, those a resource settlement with the major stakeholders interveners in that document.

蘇菲，所以讓我拿第一個瓦斯案件，我認為一致解決是非常簡單的。行政法官本月建議批准我們的和解協議。因此，我們預計委員會將在第一季做出決定。所以肯定樂觀地認為它會被批准。關於資源計劃，我再次認為，與該文件中主要利害關係人的資源解決方案。

I think it really demonstrates kind of our work with our stakeholders going forward, a settlement that not only addresses the resource plan into really an expeditious manner, which is great to see, but also resolves one of our RFPs outstanding. So overall, I think we're pretty excited about the work in partnership with our stakeholders and the resource plan and hopeful the Minnesota Commission, which would be a Q1 event, too.

我認為這確實展示了我們與利益相關者未來的合作，這個解決方案不僅以真正快速的方式解決了資源計劃，這是很高興看到的，而且還解決了我們的一個未完成的 RFP。因此，總的來說，我認為我們對與利益相關者的合作以及資源計劃感到非常興奮，並對明尼蘇達委員會充滿希望，這也將是第一季的活動。

Great. And then on (technical difficulty) wildfires, I know industry have been talking for a while about legislative solutions to that. I'm just kind of curious if you have any insight into which states where you operate or other states maybe in the West may take that up and come like session? Is there any kind of data points on that right now?

偉大的。然後，關於（技術難度）野火，我知道業界已經討論了一段時間的立法解決方案。我只是有點好奇，您是否知道您所在的哪些州或西方的其他州可能會採取這一行動並參加會議？現在有這方面的任何數據點嗎？

Sophie, it's Bob. From a regulatory perspective, obviously, we think Colorado will take up, and we expect a decision in our wildfire proceeding in August of this year. We -- sorry, August of next year. Our resiliency plan in Texas. The commission has been working through those dockets very efficiently. So we expect outcomes in Texas next year as well.

蘇菲，這是鮑伯。從監管角度來看，顯然，我們認為科羅拉多州將會採取行動，我們預計今年 8 月我們的野火處理程序將做出決定。我們——抱歉，明年八月。我們在德克薩斯州的彈性計劃。委員會一直非常有效地處理這些案卷。因此，我們預計明年德克薩斯州也會取得成果。

On the legislative front, I think that's probably a longer burn candle, making sure we look at the legislation in all the states, I think it's topical for certainly all the Western states as we move through time. I'm not certain -- I'd suggest there's a lot of outcomes that we expect in 2025, but a lot of dialogue around how do we protect customers and communities in those states.

在立法方面，我認為這可能是一根更長的蠟燭，確保我們關注所有州的立法，我認為隨著時間的推移，這肯定是所有西方州的熱門話題。我不確定 - 我認為我們預計 2025 年會取得很多成果，但會圍繞如何保護這些州的客戶和社區進行大量對話。

Yes. I'll just add, a lot of focus on education with our stakeholders and our legislatures partner in Colorado, and we're also working with our pure utilities in Texas on that front in terms of talking to stakeholders on Texas. It's also one of EEI's primary topics and issues that they're looking to address. So very topical for our industry, and we'll continue to work with our states to see if there's longer-term solutions.

是的。我想補充一點，我們非常關注與我們的利益相關者和科羅拉多州立法機構合作夥伴的教育，我們還在這方面與德克薩斯州的純粹公用事業公司合作，與德克薩斯州的利益相關者進行對話。這也是 EEI 的主要主題和他們希望解決的問題之一。這對我們的行業來說非常熱門，我們將繼續與我們的州合作，看看是否有長期的解決方案。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Good morning. I know this is no longer the hot topic, but green hydrogen, I wondering if you had any update on where you all stand? That was a big initiative for you at least several quarters ago. Does it show up in pluses or minuses show up in the new investment plan, hydrogen hubs, any updates just generally on the green hydrogen initiatives?

早安.我知道這不再是熱門話題，但綠氫，我想知道你們是否有關於你們立場的最新消息？至少在幾個季度前，這對您來說是一項重大舉措。它是否會在新的投資計畫、氫中心、綠色氫計畫的更新中體現出優點或缺點？

Yes. Thanks for the question. You're right. It's sort of been a bit on the back burner for the company and probably for the country as well. We're still seeing progress made in Europe around hydrogen. I saw a big energy pipeline complex get approved in Germany. This has been a big priority for the DOE, and I've been on record saying that the country needs a cleaner molecule.

是的。謝謝你的提問。你說得對。對於公司乃至整個國家來說，這有點被擱置了。我們仍然看到歐洲在氫方面的進展。我看到德國批准了一個大型能源管道綜合體。這是美國能源部的首要任務，我一直公開表示該國需要一種更乾淨的分子。

And hydrogen is probably the most flexible one that we've seen. And whether it's used in its pure form as green hydrogen or it's combined with CO2 to make something more like a clean fuel, like a green methane. I think that we're going to need a molecule like that in the country for industrial processes. It has slowed down in its initiatives. We were a recipient of a hydrogen grant with the DOE and that work continues, albeit fairly slowly.

氫可能是我們見過的最靈活的一種。無論是以其純淨形式用作綠色氫，還是與二氧化碳結合以製造更像清潔燃料的東西，例如綠色甲烷。我認為我們國內的工業流程將需要這樣的分子。它的舉措已經放緩。我們是美國能源部氫能撥款的獲得者，這項工作仍在繼續，儘管進展相當緩慢。

And we're still really waiting on regulations coming out of treasury final regulations on 45Q that would be on the production tax credit for hydrogen. So a little bit back burner for us. I still think -- I think it's a promising technology. And as you look at the increase in growth that we're seeing across the country in terms of electricity, firming up wind and solar is going to need to happen. It's likely to happen with gas and batteries in the short term.

我們仍在等待財政部 45 季最終法規的出台，該法規將涉及氫氣的生產稅收抵免。所以對我們來說有點後顧之憂。我仍然認為——我認為這是一項有前途的技術。當你看到我們在全國範圍內看到的電力成長的成長時，就需要加強風能和太陽能的發展。短期內天然氣和電池很可能會發生這種情況。

And over the longer term, maybe a combustion turbine fired on a cleaner fuel is the path forward. And so like we're seeing the acceleration in nuclear R&D, you might see some acceleration in green hydrogen, R&D, and advancements in the cost curve because I think the need is going to be higher as we move forward in time.

從長遠來看，也許使用更清潔燃料的燃氣渦輪機是前進的道路。因此，就像我們看到核子研發的加速一樣，您可能會看到綠氫、研發和成本曲線的進步有所加速，因為我認為隨著時間的推移，需求將會更高。

And nothing is included in our capital forecast for hydrogen?

我們對氫的資本預測中沒有包含任何內容？

Nothing.

沒有什麼。

Nothing . Did I hear you -- is that right?

沒有什麼。我聽到你說的話了嗎？

Correct.

正確的。

Okay. Okay. And then you kind of answered my question, but the resource plans, then it's too early to expect any kind of green hydrogen.

好的。好的。然後你回答了我的問題，但是資源計劃，那麼現在期望任何類型的綠氫還為時過早。

Yes that's correct.

是的，這是正確的。

Paul Patterson, Glenrock Associates.

保羅·帕特森，Glenrock Associates。

Just back to the, I guess, Ross's question on the rate trajectory, I guess. You guys think you guys mentioned 2.2% in Colorado. Is that over the next few years? That sounds like a long-term thing. I'm just wondering just -- I know you guys have a difference in expectation in terms of sales growth and what have you.

我想，回到羅斯關於利率軌跡的問題。你們認為你們提到了科羅拉多州的 2.2%。是未來幾年的事嗎？這聽起來像是一個長期的事情。我只是想知道——我知道你們對銷售成長的期望有所不同，你們有什麼。

And I would assume that would offset a lot of this over the next few years, is that kind of the area we should be thinking about just rough obviously, it's going to vary. But is that kind of roughly what we should be expecting around your service territories in the next three years or so just in that neighbourhood?

我認為這將在未來幾年抵消很多，這是我們應該粗略考慮的領域，顯然它會有所不同。但這是我們在未來三年左右的時間裡對您的服務區域的大致預期嗎？

Paul, this is Brian. What Bob was mentioning was in our Colorado resource plan, we filed a longer-term rate trajectory that encompasses all of our expected investments over -- it was a 5, 10, 15 and 20-year period Bob was mentioning the 20-year numbers where you had a 2.2% rate growth over that time period. So right in line with inflation. And that included rate base growth of 9%, so significant investment.

保羅，這是布萊恩。鮑勃提到的是在我們的科羅拉多州資源計劃中，我們提交了一個長期利率軌跡，其中涵蓋了我們所有預期的投資——這是一個5 年、10 年、15 年和20 年的時期，鮑伯提到了20 年的數字在此期間您的成長率為 2.2%。因此與通貨膨脹相符。其中包括 9% 的利率基數成長，因此投資龐大。

And that was the retail sales growth of roughly 5% for the time frame helped to offset that, which is really a point is those large loads can help provide customer headroom and bill headroom for all of their customers. So a good piece of analysis that we included in our Colorado resource plan. I think over the next five years, look, it's going to vary by jurisdiction.

在此期間約 5% 的零售額成長有助於抵消這一影響，這實際上是這些大負荷可以幫助為所有客戶提供客戶空間和帳單空間。這是我們在科羅拉多州資源計劃中包含的一項很好的分析。我認為在接下來的五年裡，情況會因司法管轄區而異。

Over the next five years, we're roughly seeing a 1% to 3% bill impact which we think is very manageable longer-term opportunity as we showed in the Colorado resource plan to have the large -- to have kind of customer bill headroom created from the significant growth we're seeing across different industries.

在接下來的五年裡，我們大致會看到1% 到3% 的帳單影響，我們認為這是一個非常可控的長期機會，正如我們在科羅拉多州資源計劃中所展示的那樣，擁有巨大的客戶帳單空間這是我們在不同產業看到的顯著成長所創造的。

Okay. And then just on slide 9 and the sort of the potential there on data centers. Just could you just remind me what that means. These customer requests and I guess sort of the cadence that we might see in terms of -- I mean, just there's a huge delta between the two. Just if you could -- I'm sorry, if you could just sort of elaborate a little bit more on that, what that.

好的。然後是幻燈片 9 以及資料中心的潛力。你能提醒我這代表什麼嗎？這些客戶請求和我想我們可能會看到的節奏——我的意思是，兩者之間存在著巨大的差異。如果你能——我很抱歉，如果你能詳細說明一下，那是什麼。

Sure. That's -- think of that as our pipeline of requests that we've actually taken in our -- from our economic development team. But then it's -- then we -- how we get down to the high probability lowered is what Bob talked a little bit about is through publicly announced projects, we signed agreements whether they've acquired land or purchased from us and we're close to signing maybe in the next 12 months.

當然。這就是——把它想像成我們實際上從我們的經濟發展團隊收到的一系列請求。但是，那麼我們如何降低高機率，鮑勃談到的是透過公開宣布的項目，我們簽署了協議，無論他們是購買土地還是從我們這裡購買，我們已經接近了可能會在未來12 個月內簽署。

So that's kind of how we bring that down to that 2.6% growth that we include on that slide. What this also demonstrates is if a high probability load doesn't come to a first on, there's a significant pipeline behind it. So not only do we think that's conservative, but we also see this growth extending beyond 2029.

這就是我們如何將成長率降至 2.6% 的原因，並將其納入投影片中。這也表明，如果高機率負載沒有首先出現，那麼背後有一個重要的管道。因此，我們不僅認為這是保守的，而且我們還認為這種增長將持續到 2029 年之後。

We just give you a five-year sales growth number, and we expect that to continue to build in our opportunity where we're focused on is continuing to help serve these data center customers in the long term.

我們只是給您一個五年的銷售成長數字，我們希望繼續抓住我們重點關注的機會，並繼續幫助長期為這些資料中心客戶提供服務。

That's the sort of the very specific company answer. I think what you're seeing, though, is obviously big demand across the country. And we know there's double counting in a lot of people's inbound requests as these large loads come looking for transmission and generation service, but it highlights a different need, which is we, as a country, we, as an industry, need to be accelerating our ability to develop both transmission and generation to serve the load that we think is on the come.

這就是公司非常具體的答案。不過，我認為你所看到的顯然是全國範圍內的巨大需求。我們知道，隨著這些大量負載尋求輸電和發電服務，許多人的入站請求存在重複計算，但這凸顯了不同的需求，即我們作為一個國家，我們作為一個行業，需要加速我們開發輸電和發電的能力，以滿足我們認為即將到來的負載。

And on the face of it, it's a meaningful load. It's a little more concentrated. If you can provide it across the entire country, it seems manageable as you get into very specific load pockets, it comes with a lot of need and a lot of speed that's needed. And so we think about a pace and a scale of both investments to meet this need as a company and as a country, and partnerships with our stakeholders and local communities, regulators, legislators coming together to make sure that we can solve this opportunity for the country as we see it.

從表面上看，這是一個有意義的負載。是比較集中一點。如果您可以在整個國家範圍內提供它，那麼當您進入非常特定的負載口袋時，它似乎是可以管理的，它具有大量的需求和所需的速度。因此，我們考慮兩項投資的速度和規模，以滿足作為一家公司和一個國家的這一需求，並與我們的利益相關者和當地社區、監管機構、立法者合作，以確保我們能夠為我們所看到的國家。

And as you mentioned, rising tide lifts all ships. If we have a higher load factor on our system, that brings the per unit cost down for everybody. And so today, if the country has a load factor in the 40% to 50% with high load factor customers like these with EVs charging at night with other high intensive energy loads, I think that is an opportunity for us to mitigate cost increases across the entire country as we transition both our transmission and generation footprint for the next generation.

正如你所提到的，漲潮使所有船隻升起。如果我們的系統有更高的負載係數，那麼每個人的單位成本都會降低。因此，今天，如果該國的負載率在40% 至50% 之間，且高負載率客戶（例如電動車在夜間與其他高強度能源負載一起充電），我認為這對我們來說是一個減輕成本增加的機會當我們為下一代轉變輸電和發電足跡時，整個國家都會這樣做。

I'm excited about it. I really am. It's an opportunity that we're going to have to step into very quickly and in partnership with a lot of people and some new people at the table, but I'm excited about all of it.

我對此感到很興奮。我確實是。這是一個我們必須非常迅速地抓住的機會，並與很多人和一些新人合作，但我對這一切感到興奮。

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

非常感謝。由於隊列中沒有其他問題，我想將其轉回給財務長 Brian Van Abel，讓其發表結束語。

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.

非常感謝。今天的會議到此結束。您現在可以斷開連線。