埃克西爾能源 (XEL) 2024 Q4 法說會逐字稿

Hello, and welcome to Xcel Energy's 2024 year-end earnings conference 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 now turn the call over to Roopesh Aggarwal, Vice President, Investor Relations. Please go ahead.

您好，歡迎參加 Xcel Energy 2024 年年終財報電話會議。我的名字是梅麗莎，我將擔任今天活動的協調員。請注意，本次會議正在錄音。（操作員指示）現在我將電話轉給投資者關係副總裁 Roopesh Aggarwal。請繼續。

Good morning and welcome to Xcel Energy's 2024 fourth quarter earnings call. Joining me today are Bob Frenzel, President, Chairman, 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 年第四季財報電話會議。今天與我一起出席的還有總裁、董事長、執行長 Bob Frenzel；以及執行副總裁兼財務長 Brian Van Abel。此外，我們還有其他管理團隊成員在場，可以在必要時解答問題。

This morning, we will review our 2024 full-year results and highlights, provide updated 2025 assumptions, and share recent business and regulatory updates. Slides that accompany today's call are available on our website.

今天上午，我們將回顧 2024 年全年業績和亮點，提供更新的 2025 年假設，並分享最新的業務和監管更新。今天的電話會議附帶的幻燈片可在我們的網站上找到。

Some 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.

今天電話會議中的某些評論可能包含前瞻性資訊。我們的收益報告和美國證券交易委員會 (SEC) 文件中描述了可能導致結果與預期不同的重要因素。

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

今天我們將討論某些非 GAAP 指標。我們的收益報告中包含了可比較 GAAP 指標和對帳的資訊。

As a reminder, we recorded a charge of $0.06 per share in 2024 related to the disallowance of a replacement power costs associated with an extended outage at our Sherco plant in 2011. Given the outage occurred 13 years ago and non-recurring nature of this item, this charge has been excluded from full-year ongoing earnings.

提醒一下，我們在 2024 年記錄了每股 0.06 美元的費用，這與 2011 年 Sherco 工廠長時間停電導致的更換電力成本有關。鑑於停電事件發生在13年前，且該項目屬於非經常性費用，因此該費用已從全年持續收益中排除。

As a result, our GAAP earnings for 2024 were $3.44 per share, while our ongoing earnings, which exclude this non-recurring charge, were $3.50 per share. All further discussion in our earnings call will focus on our annual ongoing earnings. For more information on this, please see the disclosure in our earnings release.

因此，我們 2024 年的 GAAP 收益為每股 3.44 美元，但不包括這項非經常性費用的持續收益為每股 3.50 美元。我們的收益電話會議中的所有進一步討論將集中於我們的年度持續收益。有關更多信息，請參閱我們的收益報告中的披露。

I will now turn the call over to Bob.

我現在將電話轉給鮑伯。

Thank you, Roopesh, and good morning, everybody.

謝謝你，Roopesh，大家早安。

At Xcel Energy, we know that economic growth and prosperity of our communities and country depends on our ability to deliver energy to our customers when and where they need it while keeping their bills as low as possible, and in 2024, we delivered on another year of solid operational and financial progress to that end.

在 Xcel Energy，我們知道社區和國家的經濟成長和繁榮取決於我們隨時隨地向客戶提供能源，同時盡可能降低他們的帳單的能力，而在 2024 年，我們又實現了堅實的營運和財務進展。

Across our eight states, we invested more than $7.5 billion to build and maintain infrastructure that supports our customers' energy needs in areas like advanced technology for a smarter, more reliable grid; long haul and regional transmission to support customer growth and system reliability needs; and carbon free generation to continue our pursuit of a cleaner energy future.

在我們八個州，我們投資了超過 75 億美元來建造和維護基礎設施，以滿足客戶的能源需求，例如先進技術、更智慧、更可靠的電網；長途和區域傳輸以支援客戶成長和系統可靠性需求；以及無碳發電，繼續追求更清潔的能源未來。

We navigated considerable headwinds during the year and posted ongoing earnings of $3.50 per share, delivering within our guidance range for the 20th consecutive year, one of the best track records in our industry.

我們在這一年中克服了巨大的阻力，並實現了每股 3.50 美元的持續收益，連續 20 年達到我們的預期範圍，這是我們行業中最好的業績記錄之一。

Our long-term performance is attributable to our committed team at Xcel Energy who show up every day on behalf of our customers with safety, affordability, and reliability as their top priorities. We recognize that this is the first time we've been below the midpoint of our target range in over 15 years.

我們的長期業績歸功於 Xcel Energy 的忠誠團隊，他們每天都以客戶為中心，將安全性、可負擔性和可靠性作為首要任務。我們認識到，這是 15 年來我們首次低於目標範圍的中點。

We made decisions in 2024 to make investments to improve resiliency and protect our customers throughout the year, and we coupled with December weather that was considerably warmer than normal. But because of the operational improvements and investments we made in 2024, we remain confident in our ability to deliver on our '25 guidance range of $3.75 to $3.85 per share. The midpoint of which reflects 7% growth from the midpoint of our 2024 range.

我們在 2024 年決定進行投資，以提高彈性並全年保護我們的客戶，我們考慮到 12 月的天氣比正常情況溫暖得多。但由於我們在 2024 年進行的營運改善和投資，我們仍然有信心實現每股 3.75 美元至 3.85 美元的 25 年指引範圍。中點反映了 2024 年範圍中點 7% 的成長率。

And over the next decade, we expect to invest significantly in our infrastructure to deliver reliable, resilient, and cleaner energy for our customers as well as serve significant forecasted customer growth.

未來十年，我們預計將大力投資基礎設施，為客戶提供可靠、有彈性、更清潔的能源，並滿足預測的客戶數量的大幅成長。

Our five-year base capital plan delivers rate-based growth in excess of 9% and should deliver long-term EPS growth in the upper half of our 6% to 8% guidance range.

我們的五年期基本資本計劃實現了超過 9% 的基於利率的增長率，並應實現 6% 至 8% 指導範圍上半部分的長期每股收益增長。

At Xcel Energy, our long-term strategic model and value proposition is to make smart capital investments for the benefit of our customers, which improve reliability, resiliency, and sustainability; provide excellent customer service and to keep bills as low as possible for our customers. In 2024, we reached several important milestones towards these goals.

在 Xcel Energy，我們的長期策略模式和價值主張是為客戶利益進行明智的資本投資，從而提高可靠性、彈性和永續性；提供優質的客戶服務，並盡可能降低客戶的帳單金額。2024 年，我們朝著這些目標邁進了幾個重要的里程碑。

In November, phase one of our Sherco Solar Project started commercial operation. Two additional phases will come online in 2025 and 2026, and once complete, Sherco's total capacity of 710 megawatts will make it the largest solar facility in the upper Midwest.

11 月，我們的 Sherco 太陽能專案第一期開始商業營運。另外兩個階段將於 2025 年和 2026 年投入使用，一旦完成，Sherco 的總容量將達到 710 兆瓦，成為中西部上游最大的太陽能發電廠。

And by using existing interconnection from our retired coal unit, we save customers money and accelerated deployment by several years, providing opportunities to serve new customers, including multiple data center projects on and around the Sherco site. We're also near completion of the conversion of our 1,000-megawatt Harrington coal plant to natural gas.

透過使用我們退役煤炭機組的現有互連，我們為客戶節省了資金，並將部署速度加快了數年，並提供了服務新客戶的機會，包括在 Sherco 工廠及其周邊的多個資料中心專案。我們的 1,000 兆瓦哈靈頓煤電廠向天然氣電廠的轉換也即將完成。

Which provides essential energy, resiliency, and reliability to our customers and will benefit the local community there for years to come. In 2024, our wind fleet achieved availability of 97%, marking our best performance in five years and achieving first quartile benchmarks.

它為我們的客戶提供必要的能源、彈性和可靠性，並將在未來幾年內使當地社區受益。2024年，我們的風電場可用性達到 97%，創下五年來的最佳業績，並達到第一四分位基準。

High turbine availability ensures our customers benefit from the zero-fuel cost resource and provides production tax credits that keep their bills low. In line with our Minnesota resource plan, the NRC approved a 20-yearmm license renewal for our Monticello nuclear facility. This allows customers to continue to benefit from a critical low-cost carbon-free energy resource through 2050.

渦輪機的高可用性確保我們的客戶受益於零燃料成本資源，並提供生產稅收抵免，以保持他們的帳單保持在低水平。根據我們明尼蘇達州的資源計劃，核能管理委員會批准了我們蒙蒂塞洛核設施的 20 年許可證續約。這使得客戶能夠在 2050 年之前繼續受益於關鍵的低成本無碳能源資源。

One of the keys to energy resiliency and growth is expanding our electrical grid to ensure that customers have access to the generation resources needed to meet their daily requirements. And I'm proud to say that for the past 15 years, Xcel Energy has been the leading provider of new transmission line miles in the country.

能源彈性和成長的關鍵之一是擴大我們的電網，以確保客戶能夠獲得滿足其日常需求所需的發電資源。我很自豪地說，過去 15 年來，Xcel Energy 一直是美國新輸電線路領先的提供者。

In July we began construction on the final segment of our Colorado Power Pathway project, which started construction in 2023. The Power Pathway is a 675-mile double circuit 345 kV transmission loop that will enable Xcel Energy to connect more than 5,000 megawatts of essential energy resources in Eastern Colorado.

7 月份，我們開始動工建造科羅拉多電力通道計畫的最後一段，該計畫將於 2023 年開始動工。電力通道是一條 675 英里長的雙迴路 345 kV 輸電迴路，將使 Xcel Energy 能夠連接科羅拉多州東部超過 5,000 兆瓦的重要能源資源。

And in the fourth quarter, the MISO Board approved Tranche 2.1 of its long-term transmission portfolio, and the SPP board approved its 2024 ITP portfolio. These two portfolios will enhance transmission systems in our regions and inter-regionally, ensuring that we can meet customer growth and resiliency needs. Our portions of these transmission projects could result in $3 billion to $4 billion of capital investment in excess of our base plan.

第四季度，MISO 董事會批准了其長期輸電組合的 2.1 部分，SPP 董事會批准了其 2024 年 ITP 組合。這兩個組合將增強我們地區和跨地區的輸電系統，確保我們能夠滿足客戶的成長和彈性需求。我們參與的這些輸電項目可能導致資本投資超出我們的基本計畫 30 億至 40 億美元。

We've also made considerable progress to protect our customers, communities, and system from the increasing threats of extreme weather that we continue to see across the country. During 2024, we filed an updated wildfire mitigation plan in Colorado, a new system resiliency plan in Texas, and issued wildfire mitigation plans to each of our other states.

我們在保護我們的客戶、社區和系統免受全國範圍內日益嚴重的極端天氣威脅方面也取得了重大進展。2024 年，我們在科羅拉多州提交了更新的野火緩解計劃，在德克薩斯州提交了新的系統彈性計劃，並向其他每個州發布了野火緩解計劃。

We've also accelerated a number of risk reduction efforts including operational mitigation such as enabling public safety power shut off and wildfire safety operations across our entire system and making investments to better sectionalize and automate these capabilities.

我們還加快了一系列降低風險的舉措，包括降低營運風險等，例如在整個系統中啟用公共安全電源關閉和野火安全操作，並進行投資以更好地分段和自動化這些功能。

Physical mitigations that include the repair or replacement of priority one and two distribution poles across our system in over 600 miles of vegetation management in Colorado amongst other milestones. We've developed foundational tools completing comprehensive wildfire risk mapping of our system and deployment of advanced risk modeling tools like Technosylva.

物理緩解措施包括修復或更換科羅拉多州 600 多英里植被管理系統中的一級和二級配電桿等。我們已經開發了基礎工具，完成了我們系統的全面野火風險圖譜繪製，並部署了 Technosylva 等先進的風險建模工具。

And we've increased situational awareness, where in Colorado we completed installation of 42 AI-equipped cameras and completed the installation of 25 utility coal mounted weather stations with many more planned across our system in 2025 and beyond.

我們也提高了態勢感知能力，在科羅拉多州，我們完成了 42 個配備人工智慧的攝影機的安裝，完成了 25 個公用燃煤氣象站的安裝，併計劃在 2025 年及以後在整個系統中安裝更多氣象站。

Equally importantly, our customer bills have remained amongst the lowest in the country is attributable to our thoughtful investments, access to some of the lowest cost renewable resources in the country and focus on continuous improvement through our lien operating principles.

同樣重要的是，我們的客戶帳單一直保持在全國最低水平，這歸功於我們周到的投資、獲得全國成本最低的可再生資源，以及注重透過我們的留置權營運原則進行持續改進。

Since 2020, our continuous improvement programs have generated nearly $500 million of sustainable savings for customers while improving operations and reducing enterprise risk. Since 2017, our steel for fuel program has saved customers nearly $5 billion in avoiding fuel costs and production tax credit benefits.

自 2020 年以來，我們的持續改進計劃已為客戶創造了近 5 億美元的可持續節約，同時改善了營運並降低了企業風險。自 2017 年以來，我們的鋼鐵換燃料計畫已幫助客戶節省了近 50 億美元的燃料成本和生產稅收抵免優惠。

Our average residential electric and natural gas bills are 28% and 12% below the national average, with historical growth rates well below the rate of inflation.

我們的平均居民電費和天然氣費分別比全國平均低 28% 和 12%，歷史成長率遠低於通貨膨脹率。

In addition, we've reduced our residential electric customer share wallet by 13% since 2014. And with our low energy prices, customers have the further potential to reduce their energy expenditures by over 40% as they adopt electric vehicles.

此外，自 2014 年以來，我們已將住宅電力客戶分擔減少了 13%。而且，由於我們的能源價格低廉，客戶在使用電動車時還有潛力進一步減少 40% 以上的能源支出。

At the same time, we reduced carbon emissions on our electric system by 57% relative to 2005 levels and remain on track to meet our goal of 80% carbon reduction by 2030. Proving that our geographic advantage for renewable resources ensures that customers don't have to sacrifice costs or reliability to achieve sustainability.

同時，我們電力系統的碳排放量較 2005 年的水準減少了 57%，並有望實現到 2030 年碳排放量減少 80% 的目標。證明我們在再生資源方面的地理優勢可確保客戶不必犧牲成本或可靠性來實現永續發展。

Looking forward, we are focused in 2025, working to capture the unprecedented opportunities for growth we laid out in our base capital investment plan; to deliver on our incremental capital opportunities; to advance our clean energy leadership; and to raise the bar on delivering a compelling experience for our customers in order to make energy work better for them and the communities we serve.

展望未來，我們的重點是 2025 年，努力把握我們在基礎資本投資計畫中提出的前所未有的成長機會；實現我們的增量資本機會；提升我們在清潔能源領域的領導地位；並不斷提高為客戶提供引人注目的體驗的標準，以便讓能源更好地為他們和我們服務的社區服務。

Finally, I'd like to express my thanks to Paul Johnson. Earlier this year, Paul announced his retirement from Xcel Energy after 41 years of service. Over his career, his commitment, his integrity, and his acumen have been critical to the success of our controller, our treasury, and our investor relation programs.

最後，我要向保羅·約翰遜表示感謝。今年早些時候，保羅宣布從 Xcel Energy 退休，為該公司工作了 41 年。在他的職業生涯中，他的承諾、他的正直和他的敏銳對於我們的財務主管、我們的財務和我們的投資者關係計劃的成功至關重要。

He has mentored countless programs inside the company and across the investment community. I consider Paul more than just a cherished colleague. He's become a personal friend. I know you will all miss him, as will I.

他指導過公司內部和投資界無數的專案。我認為保羅不只是一位值得珍惜的同事。他已經成為我的私人朋友了。我知道你們都會想念他的，我也是如此。

I want to extend my sincere appreciation to Paul, his wife Renee, their two sons, and two dogs, and we wish him nothing but the best in his retirement.

我要向保羅、他的妻子蕾妮、他們的兩個兒子和兩隻狗表達最誠摯的謝意，我們祝他退休後一切順利。

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

說完這些，我會把話題交給 Brian。

Thanks, Bob, and I think everyone in this room certainly echoes your comments about Paul.

謝謝，鮑勃，我想這個房間裡的每個人都肯定贊同你對保羅的評價。

So let's turn to -- starting with our financial results. Xcel Energy had ongoing earnings of $3.50 per share for full year 2024 compared to ongoing earnings of $3.35 per share in 2023.

那麼就讓我們從財務結果開始吧。Xcel Energy 2024 年全年持續收益為每股 3.50 美元，而 2023 年持續收益為每股 3.35 美元。

The most significant earnings drivers for the year include the following. Outcomes from rate cases and riders increased earnings by $0.87 per share and higher other income, which increased earnings by $0.16 per share due to interest income on cash balances and the gain on debt repurchase that we proactively used to offset increased spend on our wildfire risk reduction measures.

本年度最重要的獲利驅動因素包括以下幾點。費率案例和附加條款的結果使每股收益增加了 0.87 美元，其他收入也增加了，由於現金餘額的利息收入和債務回購收益，每股收益增加了 0.16 美元，我們主動使用這些收益來抵消我們在野火風險降低措施上增加的支出。

Offsetting these positive drivers, higher depreciation and amortization decrease earnings by $0.40 per share, reflecting our capital investment programs. Higher interest charges, net of AFUDC debt, decreased earnings by $0.24 per share, driven by increased debt levels to fund capital investments and higher interest rates. Higher O&M decreased earnings by $0.13 per share, and other smaller items combined decreased earnings by $0.11 per share.

為了抵​​消這些積極的驅動因素，更高的折舊和攤提導致每股收益減少 0.40 美元，反映了我們的資本投資計劃。扣除 AFUDC 債務後的利息費用增加，導致每股收益減少 0.24 美元，原因是為資本投資提供資金而增加的債務水平以及更高的利率。更高的營運和維護費用導致每股收益減少 0.13 美元，其他較小項目合計導致每股收益減少 0.11 美元。

Turning the sales, fourth quarter and full-year weather adjusted electric sales increased by 3% and 1% respectively driven by increased C&I load and SPS and residential sales and PSCo. For 2025, we continue to expect full-year weather adjusted electric sales to increase 3%.

從銷售情況來看，第四季和全年經天氣調整的電力銷售分別成長了 3% 和 1%，這得益於 C&I 負載和 SPS 以及住宅銷售和 PSCo 的增加。展望 2025 年，我們繼續預期全年天氣調整後的電力銷售額將成長 3%。

Shifting to expenses, O&M expenses increased $96 million in 2024, reflecting actions we took to reduce future operational risk by increasing investment in wildfire mitigation. In addition, we experience increased costs from generation maintenance, damage prevention, and storm response. We also made progress on a light rate case calendar.

轉向費用，2024 年營運和維護費用增加了 9,600 萬美元，這反映了我們透過增加對野火緩解的投資來降低未來營運風險所採取的行動。此外，我們還面臨發電維護、損害預防和風暴響應成本的增加。我們也在輕利率案件日程表方面取得了進展。

In our Minnesota Electric rate case, interim rates of $192 million were approved effective January 2025. And in North Dakota, we filed an electric rate case, and the commission approved our settlement in our natural gas rate case.

在我們的明尼蘇達州電力費率案例中，1.92 億美元的臨時費率已獲批准，自 2025 年 1 月起生效。在北達科他州，我們提起了電費訴訟，委員會批准了我們在天然氣費率訴訟中的和解。

Moving to 2025, we're looking to several milestones as we make progress on adding 15,000 to 29,000 megawatts of generation to replace retiring capacity and serve low growth.

展望 2025 年，我們期待實現幾個里程碑，因為我們在增加 15,000 至 29,000 兆瓦的發電量以取代退役容量並滿足低成長需求方面取得了進展。

In the first quarter, we anticipate a decision from the Minnesota Commission on our RFP and IRP settlements. The RFP includes 720 megawatts of company owned firm dispatchable resources. The IRP includes an additional 4,200 megawatts of generation needs. By summer 2025, we expect to file recommendations for up to 3,500 megawatts of this need across three RFPs.

第一季度，我們預計明尼蘇達州委員會將就我們的 RFP 和 IRP 解決方案做出決定。此 RFP 包括公司自有的 720 兆瓦可調度資源。IRP 包括額外的 4,200 兆瓦發電需求。到 2025 年夏天，我們預計將在三個 RFP 中提出針對高達 3,500 兆瓦的電力需求的建議。

In the second quarter in SPS, we anticipate filing recommendations for 5,000 to 10,000 megawatts of generation from our RFP that is in flight. And finally, in the third quarter in Colorado, we anticipate the commission decision on a resource plan for the 5,000-to-14,000-megawatt resource need with RFPs to follow in late 2025 or early 2026.

在 SPS 第二季度，我們預計將從正在進行的 RFP 中提出 5,000 至 10,000 兆瓦發電量的建議。最後，我們預計科羅拉多州第三季委員會將就 5,000 至 14,000 兆瓦資源需求的資源計畫做出決定，並在 2025 年底或 2026 年初發布 RFP。

We're excited to execute on this significant opportunity and look forward to working with our stakeholders to drive economic growth for our communities and continue our clean energy leadership.

我們很高興能抓住這一重要機遇，並期待與我們的利害關係人合作，推動社區經濟成長，繼續保持我們的清潔能源領導地位。

Moving to our five-year sales forecast at data centers.

轉向我們對資料中心的五年銷售預測。

We have already signed contracts for approximately 50% of our new data center capacity included in our five-year sales forecast. These projects are under construction and will begin energization late this year. Additionally, we expect to have executed contracts for the remaining amount that is included in our five-year sales forecasts by this fall.

我們已經簽署了約 50% 新資料中心容量的合同，這些容量已包含在我們五年銷售預測中。這些項目目前正在建設中，預計將於今年稍後投入營運。此外，我們預計今年秋季將簽署五年銷售預測中所含剩餘金額的合約。

We are in active discussions with several counterparties and look forward to bringing on these large customers that will drive economic development and benefit to all of our customers.

我們正在與多家交易對手進行積極討論，期待引入這些能夠推動經濟發展並使我們所有客戶受益的大客戶。

Given our large backlog of additional opportunities, we are confident in our long-term sales forecasts. Additionally, we continue to see significant growth in other parts of the business, particularly in the oil and gas region in SPS.

鑑於我們積壓了大量額外機會，我們對我們的長期銷售預測充滿信心。此外，我們繼續看到其他業務領域的顯著成長，特別是 SPS 的石油和天然氣領域。

As a reminder, our data center growth represents only half of our 5% long-term sales growth that we are projecting. To help fund our $45 billion five-year capital plan, we issued nearly $1.4 billion in foreign equity in 2024. This issue and significantly reduces financing risk, helps maintain a strong balance sheet and credit metrics, and funds a creative growth for our customers and investors.

提醒一下，我們的資料中心成長僅占我們預期的 5% 長期銷售成長的一半。為了資助我們 450 億美元的五年資本計劃，我們在 2024 年發行了近 14 億美元的外國股權。此次發行大大降低了融資風險，有助於維持強勁的資產負債表和信用指標，並為我們的客戶和投資者提供創造性成長的資金。

We also continue to make strong progress in the Smokehouse Creek wildfire claims process. We've resolved 113 of the 199 submitted claims, which we continue to view as constructive. We've committed $73 million in settlement agreements, of which $35 million have been paid. There's no change to our estimated liability of $215 million as we describe in our disclosure.

我們也在 Smokehouse Creek 野火索賠過程中繼續取得重大進展。我們已解決已提交的 199 項索賠中的 113 項，我們繼續認為這些索賠具有建設性。我們已在和解協議中承諾支付 7,300 萬美元，其中 3,500 萬美元已支付。正如我們在披露中所描述的，我們的預計負債 2.15 億美元沒有變化。

With that, I'll wrap up with a quick summary. Xcel Energy posted ongoing 2024 earnings of $3.50 per share, navigating significant headwinds and meeting guidance for the 20th consecutive year, one of the best track records in the industry.

最後，我將做一個簡短的總結。Xcel Energy 預計 2024 年每股收益為 3.50 美元，克服了重大阻力，連續 20 年達到預期，是業內最好的業績記錄之一。

We continue to lead the clean energy transition while ensuring safe, clean, and reliable service and keeping costs bills as low as possible.

我們持續引領清潔能源轉型，同時確保安全、清潔、可靠的服務並盡可能降低成本。

We are focused on reducing operating risk in our system from extreme weather, including proactive mitigations across our system, our resiliency plan filing in Texas, and updated wildfire mitigation plan in Colorado.

我們專注於降低極端天氣對我們系統的營運風險，包括在整個系統中採取主動緩解措施、在德克薩斯州提交彈性計劃以及在科羅拉多州更新野火緩解計劃。

Going forward, we are excited to make significant progress on our $10 billion dollar pipeline of additional investment opportunities. We continue to maintain a strong balance sheet and credit metrics using a balance of debt and equity to fund the creative growth. And finally, we are reaffirming our 2025 guidance of $3.75 to $3.85 per share.

展望未來，我們很高興在 100 億美元的額外投資機會方面取得重大進展。我們持續保持強勁的資產負債表和信用指標，利用債務和股權的平衡來資助創造性成長。最後，我們重申 2025 年每股 3.75 美元至 3.85 美元的指導價格。

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

我們的準備好的演講到此結束，接線員，我們現在將回答問題。

(Operator Instructions) Nick Campanella, Barclays.

（操作員指示）巴克萊銀行的尼克·坎帕內拉 (Nick Campanella)。

Hey, thanks. Thanks for all the information today. So I just wanted to kind of get your general thoughts, I know there's been a lot of headlines in the new administration, but particularly around, renewable permitting and siding, any of your projects kind of in scope from either a federal or private permitting whole perspective and then maybe you can kind of also just remind us what's embedded in the plan from a transferability perspective. Thank you.

嘿，謝謝。感謝您今天提供的所有資訊。所以我只是想了解一下你的整體想法，我知道新政府有很多頭條新聞，特別是圍繞可再生能源許可和壁板，你的任何項目都在聯邦或私人許可的整體範圍內，然後你可能還可以從可轉移性的角度提醒我們該計劃中包含的內容。謝謝。

Hey Nick, it's Bob. Thanks for the question. Look, broadly speaking, when I think about the EOs, they support, the energy dominance goals of the administration. We're supportive of a broad and all the above energy strategy, and Brian's comments in the prepared remarks talking about, sales growth and need of our customers for our product and our electrons would suggest that we need to move.

嘿，尼克，我是鮑伯。謝謝你的提問。從廣義上講，當我想到能源行政命令時，它們支持政府的能源主導目標。我們支持廣泛的上述能源策略，布萊恩在準備好的發言中談到銷售成長以及客戶對我們的產品和電子產品的需求，這表明我們需要採取行動。

We need to be able to move very quickly on building our infrastructure and making sure that we can serve our customers. We know that the administration supports economic development. We know that they support low cost energy, and while many of the EOs are directed at oil and natural gas, and our focus area is really on the on the electricity side of the ledger.

我們需要能夠快速建立我們的基礎設施並確保能夠為客戶提供服務。我們知道政府支持經濟發展。我們知道他們支持低成本能源，雖然許多行政命令都是針對石油和天然氣的，但我們的重點領域實際上是在電力方面。

Look, we support permanent reform broadly at a national and even state and local levels in order to be able to build the infrastructure we need to meet this era of growth.

你看，我們廣泛支持國家、州和地方各級的永久性改革，以便能夠建立我們所需的基礎設施，迎接這個成長時代。

We have about 30% expected low growth over the next five years and making sure that we can deliver on that is important. So any -- we think that any of the executive orders and any of the challenges that may be embedded in there today are things that we can always work through. As a reminder, we don't have Any offshore wind, we don't have projects on federal lands, and our permitting needs are actually relatively light for wind and solar and storage assets.

我們預計未來五年的成長率將維持在30%左右，因此確保實現這一目標至關重要。所以，我們認為，任何行政命令以及今天可能存在的任何挑戰都是我們可以解決的。提醒一下，我們沒有任何離岸風電，我們在聯邦土地上沒有項目，而且我們對風電、太陽能和儲能資產的許可需求實際上相對較輕。

So I think we'll be able to work through it all, and I'm optimistic that our capital plan for '25 and beyond are going to remain intact, and we'll be able to work with the administration and all the agencies to make progress here. I don't know, Brian, you want to add anything?

因此我認為我們將能夠解決所有問題，並且我樂觀地認為我們25年及以後的資本計劃將保持完整，並且我們將能夠與政府和所有機構合作，在此取得進展。我不知道，布萊恩，你想補充什麼嗎？

Yeah, Nick, I can just add a little bit of color to that. I know there's an article yesterday around the Army Corps and our projects, we do not expect that to impact our projects in flight. And as Bob said, the other projects in flight, we feel comfortable with where we stand in the permits that we have and our continuing construction and continuing progress on all our projects in flight.

是的，尼克，我可以為其添加一點顏色。我知道昨天有一篇有關陸軍工程兵團和我們的專案的文章，我們不希望這會影響我們正在進行的專案。正如鮑勃所說，對於正在進行的其他項目，我們對所獲得的許可以及正在進行的所有項目的持續建設和持續進展感到滿意。

And obviously with the RFPs, once -- whether it's tariffs or regulations or EOs, we can certainly look at how that impacts RFPs, but we feel very good about the need and our overall pipeline and executing on both the stuff in flight and the pipeline.

顯然，有了 RFP，無論是關稅、法規還是 EO，我們當然可以看看它們如何影響 RFP，但我們對需求以及我們的整體通路以及在運產品和通路上的執行感到非常滿意。

Just quickly, yes, your other question about PTCs. We have approximately $700 million a year in transferability embedded in our forecasts, right? That's a reduction to revenue, and then we transfer the credits. And so that's been pretty consistent over the past year in terms of what we've forecasted.

很快，是的，您的另一個問題是關於 PTC 的。我們的預測中包含了每年約 7 億美元的可轉移性，對嗎？這會增加收入，然後我們會轉移信用。因此，就我們過去一年的預測而言，這是相當一致的。

Hey, I appreciate the answer on that. That's really helpful. And then, at the end of your prepared, you kind of talked about, you do seem to have some line of sight to announce additional customers this year just how do you kind of think about the cadence of pulling in those, 8.9 gigawatt customer requests and at which point do you think you would re-evaluate that sales CAGR? Is that more of a EEI later in the year item or just -- how much of that can actually fall into this 5-year time horizon and impact where you are in the 6 to 8? Thank you.

嘿，我很感激你的回答。這真的很有幫助。然後，在您準備的最後，您談到，您似乎確實有一些計劃在今年宣布增加客戶，那麼您如何看待吸引這些 8.9 千兆瓦客戶請求的節奏，以及您認為在什麼時候您會重新評估銷售複合年增長率？這是否更像是今年稍後的 EEI 項目，或者僅僅是——其中有多少實際上可以落入這個 5 年的時間範圍並影響您在 6 到 8 年內的情況？謝謝。

Yeah, and I think expect us in terms of updating capital plans, five-year sales forecasts plans, all of that generally is our Q3 earnings release so we can talk about EEI. So expect that all that the comprehensive update on a regular cadence.

是的，我認為我們將會更新資本計劃、五年銷售預測計劃，所有這些通常都是我們第三季的收益報告，所以我們可以談論 EEI。因此，我們希望定期進行全面的更新。

Now what I mentioned in my prepared remarks is we expect to be able to sign contracts that will fulfill the -- what we have in our base plan for the data centers, and we expect to we're working actively working in negotiations on several of those and we expect to have them all executed by the fall. So pretty excited about that.

我在準備好的發言中提到，我們希望能夠簽署合同，以滿足我們對資料中心的基本計劃，我們希望我們正在積極地就其中幾個進行談判，我們希望在秋季之前完成所有合約的執行。我對此感到非常興奮。

And then, yeah, as you alluded to, we have a backlog behind that which will turn to working on that as we get through these, and I think that just highlights the kind of pretty significant opportunity we have. By the time we're done and expect to talk about this in greater detail in the fall is we'll have a data center in every one of our operating companies.

是的，正如你所提到的，我們還有一些積壓工作，我們會在處理完這些工作後著手處理，我認為這凸顯了我們擁有的相當重要的機會。到那時，我們預計將在秋季更詳細地討論這個問題，我們將在每一家營運公司都建立一個資料中心。

So we have regional diversity, data center diversity. They'll be dealt with different hyperscalers, so we feel really good about the long-term sales prospect. And as we continue much forward, we'll see if there's opportunities to add more.

因此我們有區域多樣性、資料中心多樣性。他們將與不同的超大規模企業打交道，因此我們對長期銷售前景非常看好。隨著我們不斷前進，我們將看看是否還有機會增加更多。

It's not just the demand there but ensuring that we have the discussions with our stakeholders and commissions about being able to build those assets. I mean, you heard Bob say we need all the above energy strategy we need to build these. And so, it's really working with our stakeholders to drive economic development and benefit for all of our customers.

這不僅僅是那裡的需求，還要確保我們與利益相關者和委員會進行討論，以建立這些資產。我的意思是，你聽到鮑伯說我們需要上述所有能源策略來建造這些。因此，它確實與我們的利益相關者合作，推動經濟發展並為我們所有客戶帶來利益。

Thanks for all the thoughtful answers today. We'll see you soon.

感謝您今天提供的所有深思熟慮的回答。我們很快就會見到你。

Jeremy Tonet, JP Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hey, Jeremy.

嘿，傑里米。

Hi, good morning. Paul, we will certainly miss working with you. Best of best of luck in retirement.

嗨，早安。保羅，我們一定會懷念與你共事的時光。祝你退休後一切順利。

Maybe just if we could touch on the wildfires a little bit here, just given national headlines recently, it seems like developments in other states might have impacted Xcel trading recently. I'm just wondering what thoughts you could provide here incremental as far as the outlook, the possibility for federal wildfire policy changes, any views from D.C. here just in conversations within Colorado as well, just trying to get some color there.

也許我們可以在這裡稍微談談野火，鑑於最近的全國頭條新聞，似乎其他州的事態發展可能最近影響了 Xcel 的交易。我只是想知道您能就前景、聯邦野火政策變化的可能性、華盛頓特區在科羅拉多州內部對話中的任何觀點提供哪些想法，只是想了解一些情況。

Hey, good morning, Jeremy. It's Bob. Look, obviously, the California fires were a tragedy for that community, and it does bring a both a federal and a state highlight to potential solutions there. And we're going to work at both levels through EI largely at the federal level and then obviously, across our states for anything we can do to continue to protect our customers and our communities from that kind of threat and that kind of risk. I'd say the dialogues are active across the federal government and at the state level.

嘿，早上好，傑里米。是鮑伯。顯然，加州大火對那個社區來說是一場悲劇，它確實為聯邦政府和州政府帶來了關於那裡潛在解決方案的關注。我們將透過 EI 在聯邦和各州兩個層面開展工作，盡一切努力繼續保護我們的客戶和社區免受此類威脅和風險。我想說聯邦政府和州級的對話都很活躍。

Obviously, at the federal side, there's a lot going on. I think a lot on TCJA, IRA, and items like that. So I think any wildfire movement and the federal level is probably a back half of the year kind of efforts and focus. But California certainly put a bright light on the issue and national problems, the national solutions.

顯然，聯邦方面有很多事情正在發生。我對於 TCJA、IRA 以及諸如此類的事情思考了很多。因此我認為任何聯邦層面的野火防治運動都可能是今年下半年的努力和重點。但加州確實對這個問題以及國家問題和國家解決方案進行了深入的解釋。

And I think there's a big role for the federal government here to help setting standards, helping with insurance backstops, getting to functional markets. both on the insurance side and on the capital market side, as you alluded to. So I think there's a big role for the federal government here.

我認為聯邦政府在這裡可以發揮重要作用，幫助制定標準，提供保險支持，進入正常運作的市場。正如您所提到的，無論是在保險方面，還是在資本市場方面。所以我認為聯邦政府在這裡扮演著重要角色。

On a state basis, we're having great conversations, Texas, Colorado, the Dakotas, around everything from roles of the companies and roles of the states and how are we going to set standards for forestry, how we're going to set standards for building infrastructure for operations and making sure that there's a clean line of responsibility for who's doing what to make sure that we can protect our customers and our communities. I don't have anything to talk about that's advancing right now, but we're early in legislative sessions, and maybe we'll come back to you in the first quarter call.

在各州層面，我們正在與德克薩斯州、科羅拉多州、南北達科他州等州進行深入對話，討論包括公司角色和各州角色等各個方面的問題，以及如何制定林業標準、如何制定運營基礎設施建設標準，確保明確各人負責什麼工作，以確保我們能夠保護我們的客戶和社區。我目前還沒有任何進展可以談，但我們正處於立法會議的早期階段，也許我們會在第一季的電話會議上回覆您。

Got it. That's helpful there. And just going to D.C. at large, is there anything else? I know you talked about a bit with Nick there as far as changes you think going forward, especially as it relates to, I guess, transferability, is there a need to go through the federal government in any way? Do you see anything changing there?

知道了。這很有幫助。還有去華盛頓特區之類的事情嗎？我知道您與尼克討論過一些您認為未來的變化，特別是與可轉讓性相關的變化，是否需要以任何方式通過聯邦政府？你發現那裡有什麼改變嗎？

Hey Jeremy, you just broke up in the very first part of your question there. What did you say? I got the last part.

嘿，傑里米，你剛才在問題的第一部分就講到了這一點。你說什麼？我得到了最後一部分。

Just about any changes on D.C. I know you touched on it a bit there.

關於 D.C. 的任何變化，我知道你在那裡稍微談到了這一點。

Yeah. Certainly, we're working very closely with our policymakers around D.C. Obviously, one of the things we're not in working is around the IRA and what happens through legislation. And certainly, as we see it now, I think what we're hearing is that they're going to attempt to do 1 bill, but if that was on a split into 2. I think you've heard me speak before, is we believe the key tenets of the IRA are intact. When I say that, I'm talking about tax credits and transferability to kind of go hand in hand. And so we feel good about that. I mean it is -- there's an incredible amount of jobs in manufacturing and economic benefit being driven by there, right, which is primarily going into red states. So I think there's a recognition of that. So we feel good about where that stands overall, and we'll just watch a play out and continue to be plugged in.

是的。當然，我們正與華盛頓特區的政策制定者密切合作。當然，正如我們現在看到的那樣，我認為我們聽到的是，他們將嘗試制定一項法案，但如果將其分成兩份。我想你以前聽過我說過，我們相信愛爾蘭共和軍的主要原則是完整的。當我這樣說時，我指的是稅收抵免和可轉讓性是並行的。因此我們對此感到很高興。我的意思是——那裡有大量的製造業就業機會和經濟效益，對吧，主要是進入紅州。所以我認為人們已經認識到了這一點。因此，我們對整體情況感到滿意，我們只會觀看比賽並繼續參與其中。

Got it. And just the last point there, does transferability go through the federal government? Or is it bilateral?

知道了。最後一點，轉移性是否需要通過聯邦政府？還是雙邊的？

So I think the permissibility of transferability is definitely embedded within the IRA. I think the transferability themselves is a bilateral contract with us and any other tax paying entity and I think that persists.

所以我認為可轉讓性的允許性肯定是嵌入在 IRA 中的。我認為可轉讓性本身是與我們以及任何其他納稅實體之間的雙邊合同，我認為這種可轉讓性將會持續存在。

Yeah, that's exactly. We negotiate directly with our other companies. We have a number of Fortune 500 companies in our backyard here in Minneapolis that we partner with. The one caveat is co-opt municipalities that use direct pay would go directly with the government, but we don't use direct pay reason transferability.

是的，確實如此。我們直接與其他公司進行談判。在明尼亞波利斯，我們與許多財富 500 強公司都有合作。需要注意的是，使用直接支付的市政當局將直接與政府合作，但我們不使用直接支付理由轉移。

Got it. And if I could just finish up on D.C. real quick here. The new administration is more of a focus, I think, on gas and maybe there was in the past in -- at the same time, resource adequacy has been very much in focus. And just wondering your thoughts on adding incremental gas fired generation to meet higher-than-expected load growth. Is that evolved in any way based on what's coming out of DC or just higher growth expectations and have conversations with large C&I customers changed on this side as well at all?

知道了。如果我可以在這裡很快完成關於 D.C. 的事情的話。我認為，新政府更關注天然氣，也許過去也是如此——同時，資源充足性也受到高度關注。我只是想知道您對增加增量燃氣發電以滿足高於預期的負載增長的看法。這是基於 DC 的最新動向還是僅僅是更高的成長預期而發生的，與大型 C&I 客戶的對話是否也發生了變化？

Yeah. So Look, we -- I made a comment in my prepared remarks about sort of the real advantage we have across our 8-state footprint and the ability to deliver low-cost energy with wind and solar and that persists. And so we think that those are very valuable asset classes for our customers. They're very important for our hyperscaler and data center customers who are trying to have their own sustainability goals and we think that persists.

是的。所以看，我們 - 我在準備好的發言中評論了我們在 8 個州的覆蓋範圍內所擁有的真正優勢以及利用風能和太陽能提供低成本能源的能力，而且這種優勢將持續存在。因此我們認為，對於我們的客戶來說，這些都是非常有價值的資產類別。對於試圖實現自己的永續發展目標的超大規模和資料中心客戶來說，它們非常重要，我們認為這種情況會持續存在。

We've been clear that we're going to continue to focus and achieve our 80% carbon reduction by the end of the decade. But we've been clear since we made that announcement that we need dispatchable resources to support that. So gas has a real role to play in our active resource plans right now, we've got CT builds in the Upper Midwest.

我們已經明確表示，我們將繼續集中精力，在本世紀末實現 80% 的減碳目標。但我們自從宣布以來就明確表示，我們需要可調度的資源來支持這一點。因此，天然氣在我們目前的活躍資源計劃中發揮著真正的作用，我們已經在中西部上游建立了 CT 建設。

In Colorado and in the Southwest and in our resource plans that are on the come. We also have incremental gas resources in the combustion turbines. So we think we need peaking resources, and we don't think we need baseload gas because of our advantage in wind and solar and our ability to deploy solar and storage.

在科羅拉多州、西南部以及我們正在進行的資源計劃中。我們在燃氣渦輪機中還擁有增量天然氣資源。因此，我們認為我們需要尖峰資源，而我們認為我們不需要基載天然氣，因為我們在風能和太陽能方面具有優勢，而且我們有能力部署太陽能和儲存。

But we will have new gas across our systems. They'll have low-capacity factors. We've talked about having them clean fuel capable at construction and other items to make sure that we can meet sustainability goals in our states but we will have new gas coming and we are converting some of our coal stations to gas as well. So increasing importance for gas in our footprint but a maintenance of a real sustainability footprint as well, given our geographic advantage.

但我們的系統將會有新的天然氣。它們的容量因素會很低。我們已經討論過讓它們在建築和其他項目中使用清潔燃料，以確保我們能夠實現各州的可持續發展目標，但我們將引入新的天然氣，並且我們也正在將一些燃煤發電廠改造為天然氣發電廠。因此，考慮到我們的地理優勢，天然氣在我們的足跡中的重要性日益增加，同時也保持了真正的永續足跡。

Got it, understood. Thank you for that.

明白了，了解了。謝謝你。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

Hey, good morning team. Thank you, guys, very much, and Paul, it's been a real pleasure, I gotta say.

嘿，大家早安。非常感謝你們，保羅，我必須說這真是一種榮幸。

Thanks.

謝謝。

(laughter) So guys, let me talk a little bit about '24 and '25 quickly. I know we've talked about some of the bigger picture items here, but coming back to, obviously, as you say, a little bit out of the norm for you guys historically on '24, some items that, as you say, you were trying to deal with through the course of '24.

（笑聲） 那麼，夥計們，讓我快速談一談 '24 和 '25 的事情。我知道我們已經討論了一些更大的問題，但回到顯然正如你所說，在 24 年的歷史上有些不正常的一些問題上，正如你所說，你們在 24 年的過程中試圖處理一些問題。

But in addition here, when you look at the '25 drivers there's a few items that net to, I suppose, up to $40 million negative versus the prior kind of bits and pieces here, if you will. How do you think about where you're positioned on '25 and getting back on track and what I mean by that is back on track relative to what you guys have consistently delivered in terms of within your -- within or at or above your midpoint level?

但除此之外，當您查看 25 名車手時，您會發現有幾項淨收入與之前的零碎收入相比，預計高達 4,000 萬美元。您如何看待自己在 25 年所處的位置以及如何重回正軌，我的意思是相對於你們一直以來所取得的成績——在你們的中點水平之內或之上——重回正軌？

Yeah. Hey, Julien, thanks for the question. I can provide a little bit of color. I think on face it adds up to that, but I think you got to look at the property taxes are offset in regulatory mechanisms. So that doesn't have an impact, and I look at some of the other offsets. It's probably less than half of the impact that you quoted. And so when I think about 2025, we feel very comfortable with where we sit. It's early in the year.

是的。嘿，朱利安，謝謝你的提問。我可以提供一點顏色。我認為從表面上看這是合理的，但我認為你必須看看房地產稅在監管機制中的抵消情況。所以這不會產生影響，而且我還考慮了一些其他的抵消措施。其影響可能還不到您所引用的一半。因此，當我想到 2025 年時，我們對目前的狀況感到非常滿意。現在還只是年初。

We always target midpoint of guidance. So I expect that we deliver this year, like you said, last year was a little bit of an anomaly for us. But overall, I feel very comfortable with 2025, and there's just some other offsetting stuff in there that gives me that comfort.

我們始終以指導的中間點為目標。因此我預計今年我們能夠實現目標，就像你說的，去年對我們來說有點異常。但總體而言，我對 2025 年感到非常滿意，而且其中還有一些其他的抵銷因素讓我感到安心。

Got it. Right. So bottom line, back on track, '25 onwards here.

知道了。正確的。所以，歸根究底，回到正軌，『25』從這裡開始。

I appreciate it. And I don't want to work with you guys too much, but you guys have made several times your confidence in the sales growth outlook you made it in the prepared remarks, you said it in the Q&A. At the same time, how do you think about the backdrop here when I think you guys dropped the sales growth number from the slide itself, I can't discern is that -- was that purposeful? Is there some sort of update coming at some point here? I just wanted to kind of ask you to elaborate. Maybe I'm depicting too much.

我很感激。我不想和你們過多合作，但你們已經多次在準備好的發言中表達了對銷售成長前景的信心，你們在問答環節中也提到了這一點。同時，我認為你們從幻燈片本身中刪除了銷售成長數字，你們如何看待這裡的背景，我無法辨別這是不是有意的？這裡是否會有某種更新？我只是想請你詳細說明一下。我可能描繪得太多了一些。

I think you might be reading into that too much. Julie. And I mean, generally, we talk about our five-year sales growth on the Q3 call. I mean you just heard me reiterate it. In 2025, our 3% sales growth is unchanged. We feel good about that. So there has been no change.

我認為你可能對此過度解讀了。朱莉。我的意思是，一般來說，我們會在第三季電話會議上討論我們的五年銷售成長。我的意思是你剛才聽到我重申這一點。2025年，我們的銷售成長3%維持不變。我們對此感到很高興。因此，沒有變化。

I mean, basically sitting here, what we wanted to do is give a little bit more context in the data center growth because that's about half of that 5% and the fact that we already have three signed contracts in construction. All three of those plan to energize later this year. We expect to deliver the rest of that contract or the capacity that's in our base sales forecast by this fall, and we're in active negotiations exchanging term sheets right now with multiple counterparties.

我的意思是，基本上坐在這裡，我們想要做的是提供更多關於數據中心增長的背景信息，因為這大約是 5% 的一半，而且我們已經簽署了三份建設合約。這三家公司都計劃在今年稍後投入營運。我們預計將在今年秋季交付該合約的剩餘部分或基本銷售預測中的產能，目前我們正在與多個交易對手積極談判交換條款清單。

So that's where -- so I think you might be reading into it a little bit, but our 2025 sales growth is unchanged and our outlook -- five-year outlook is unchanged. And I think I'd just add -- I said this in the opening remarks is plus only half of our load is from data centers in our five-year sales forecast, having this diversity of growth is also a benefit to, I mean we continue to see very strong growth out of the oil and gas sector in the Permian and Texas in New Mexico.

所以我想你可能會對此有一點理解，但我們的 2025 年銷售成長保持不變，我們的展望——五年展望也保持不變。我想我只想補充一點——我在開場白中說過，在我們的五年銷售預測中，只有一半的負載來自數據中心，這種增長的多樣性也是一個好處，我的意思是我們繼續看到新墨西哥州二疊紀和德克薩斯的石油和天然氣行業強勁增長。

So overall, hopefully, that helps with a little bit of additional color with how we feel.

所以總的來說，希望這能為我們的感受帶來一些額外的色彩。

Yeah, absolutely. Well, thank you guys very much. I'll leave it there. Alright, we'll talk to you on this recorded call on that sales update.

是的，絕對是如此。好吧，非常感謝你們。我就把它留在那裡。好的，我們將透過這次錄音電話與您討論銷售更新。

Steve Fleishman, Wolf Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

I'll wish you a final's call. So just, I guess, just one other thing on the data centers that I can't recall the 8,900 megawatts pipeline, is that -- did that -- is that number the same as before? Did that go up? And just maybe on that topic, just a little more on the tone of conversations, any shift in the last few months.

我希望你能通過最後的考驗。所以，我想，關於資料中心還有一件事，我不記得 8,900 兆瓦的管道了，這個數字和以前一樣嗎？有漲嗎？也許就這個話題而言，我想再多談談談話的基調，以及過去幾個月的任何轉變。

You'll see that number is unchanged. We just provide additional color into kind of that what's included in our base and what we have contracted ready. So we didn't change that top side. We have a lot of discussions. But the question around tone, I guess you could you bring this back to DeepSeek and what we're hearing.

您會發現該數字沒有變化。我們只是提供額外的信息，說明我們的基礎包含哪些內容以及我們已經簽約準備了哪些內容。因此我們沒有改變頂部。我們進行了很多討論。但關於語氣的問題，我想你可以將其帶回 DeepSeek 和我們所聽到的。

So we had discussions with a number of hyperscalers post DeepSeek. And some of the common themes is the efficiency gains were expected. It didn't catch them off guard and DeepSeek was focused on training and not inferencing where we really think the long-term growth is going to be. And then in all of our discussions with the data to these active discussions around the ESA is there is no change in tone.

因此，我們在 DeepSeek 之後與許多超大規模企業進行了討論。其中一個共同的主題是預期效率將會提高。這並沒有讓他們措手不及，DeepSeek 專注於訓練，而不是推斷我們真正認為的長期成長所在。然後，在我們所有關於 ESA 的數據討論中，這些積極的討論基調都沒有變化。

There is no slowing down. So absolutely not. I think that's why we feel really good about where we are relative to the data center. So as you'd expect us to be, we are in contact with a lot of them post that news and just given the reaction it had on or the impact it had on our industry. So -- but we feel good about the growth line going forward.

沒有任何減緩的跡象。所以絕對不是。我想這就是為什麼我們對於我們相對於資料中心的現狀感到非常滿意。因此，正如您所期望的那樣，我們與發布該新聞的許多人保持聯繫，並了解該新聞對我們行業的反應或影響。所以 — — 但我們對未來的成長線感到樂觀。

Okay. Thanks. And then just a quick numbers question. SPS, I think, was basically flat on the year despite all that growth. Is that just regulatory lag?

好的。謝謝。然後只是一個簡單的數字問題。我認為，儘管 SPS 實現了大幅成長，但同比基本持平。這僅僅是監管滯後嗎？

We actually had a wholesale customer load roll-off that started last year. So you saw the full annualization of it this year is 1 of the bigger drivers of it. So that will get captured going forward.

事實上，從去年開始我們就已經開始了批發客戶負載的下降。因此，您會看到，今年的全面年化是其最大的驅動因素之一。因此這將在今後得到捕獲。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特（Carly Davenport）。

Hey, good morning. Thanks so much for taking the questions. Maybe just two quick follow-ups on a couple of the topics we've hit on so far. First, just on the data center comments. As you sign those remaining contracts that are in the five-year plan by the fall, is that something where we should expect to see any sort of announcements around those transactions or investments to support those facilities? Or is that something that more will happen in the background?

嘿，早安。非常感謝您回答這些問題。也許只是對我們迄今為止討論過的幾個主題進行兩次快速的跟進。首先，僅針對資料中心的評論。當您在秋季簽署五年計劃中剩餘的合約時，我們是否應該期待看到有關支持這些設施的交易或投資的任何公告？或者在幕後還會發生更多的事情？

Hey, Carly, good question. A little bit depends on the counterparty and potentially the regulatory filing around it. So maybe a little bit whether there'll be actual formula or not or not. But we're certainly wanting to respect the wishes of our data center customers, depending on how they want to handle this.

嘿，卡莉，好問題。有點取決於交易對手以及潛在的監管文件。所以也許有點不知道是否會有實際的公式。但我們當然希望尊重資料中心客戶的意願，這取決於他們想如何處理這個問題。

I might just add that there are times that the local economic development teams are also very happy to have supported the Governor's priorities in our states. And so sometimes, the communities or the state wants to make an announcement, too. So I would suggest that. We may have more to say as we go through the year, or it might be quiet until we give an update on the third quarter call.

我還要補充一點，有時當地經濟發展團隊也非常樂意支持州長在我們州的優先事項。所以有時候，社群或國家也想發佈公告。所以我建議這麼做。隨著時間的流逝，我們可能會有更多話要說，或者可能會保持安靜，直到我們在第三季電話會議上提供最新消息。

Got it. Great. That's very clear. I appreciate those comments. And then maybe just circling back to the wildfire mitigation front. Obviously, it's been very much in focus. Just as you think about the two proceedings on the Colorado mitigation plan and the Texas SRP. How are you guys thinking about the prospects to reach a settlement in those proceedings? Or do you think they'll go the full way.

知道了。偉大的。這非常清楚。我很感謝這些評論。然後也許就回到野火緩解方面。顯然，它一直受到高度關注。正如您所考慮的科羅拉多州緩解計劃和德克薩斯州 SRP 的兩項程序一樣。你們如何看待這些訴訟達成和解的前景？或者您認為他們會全力以赴。

Yeah, I think we're certainly -- as we look forward, we'll take Texas first. We've seen the settlement in the SRP by some of our peers in Texas. So we're certainly hopeful that we can reach a settlement. I think it's recognized in Texas by our stakeholders, the importance of wildfire mitigation and making sure that we are protecting our communities and our customers and so I think we're hopeful there in Texas.

是的，我認為我們肯定會——展望未來，我們會先拿下德克薩斯州。我們看到德克薩斯州的一些同行在 SRP 中達成了和解。因此我們當然希望能夠達成和解。我認為德州的利益相關者已經認識到減輕野火影響的重要性以及確保保護我們的社區和客戶的重要性，因此我認為我們對德克薩斯州充滿希望。

In Colorado, we'll just start to engage. We haven't received any testimony yet. We'll receive answer testimony from our stakeholders here later in Feb should be next week. I think, late next week. And then there's a settlement deadline.

在科羅拉多州，我們才剛開始參與。我們尚未收到任何證詞。我們將在二月下旬，也就是下週收到利害關係人的回覆證詞。我認為，下週晚些時候。然後有一個解決期限。

So that's the deadline to watch April, mid-April is a settlement deadline in Colorado. So we'll start to engage those conversations and certainly hopeful we can reach a settlement. But certainly, we're comfortable going through this, given the importance of this plan, the significance of this plan going through hearings in a decision deadline, which we would expect at the end of August from the commission.

因此，這是四月的最後期限，四月中旬是科羅拉多州的結算最後期限。因此，我們將開始進行這些對話，並且希望能夠達成解決方案。但當然，考慮到該計劃的重要性，以及該計劃在決策期限內進行聽證的重要性，我們很樂意進行這一進程，我們預計委員會將在 8 月底做出決定。

Great. Thank you so much for all the color.

偉大的。非常感謝你們帶來的所有色彩。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Hey, team, good morning. Thank you for taking my questions. Just maybe March so far, that's where I want to start and then I'll go back to a big picture question. Just what's the latest there? Obviously, a trial started September 2025. What should we be tracking between now and '25? Could there be sort of a settlement or some sort of a resolution between the parties -- maybe just latest thoughts there, please. Thank you.

嘿，各位同事，早安。感謝您回答我的問題。也許到三月為止我都想從這裡開始，然後再回到一個大局問題。那邊最新情況是什麼？顯然，審判將於 2025 年 9 月開始。從現在到25年我們該追蹤什麼？雙方是否能達成某種和解或解決方案？謝謝。

Durgesh, it's Bob. Thanks for the question. Look, there's not a lot going on a lot of changes in the Marshall proceeding. As you indicated, the trial is set for September and the judge reaffirmed that recently. And as we indicated in the fourth quarter, we have made some decisions, the presiding judge has made some decisions around the structure of the trial.

杜爾格甚 (Durgesh)，我是鮑伯 (Bob)。謝謝你的提問。你看，馬歇爾程式中並沒有發生太多變化。正如您所說，審判定於九月舉行，法官最近也重申了這一點。正如我們在第四季度指出的那樣，我們已經做出了一些決定，主審法官也圍繞著審判結構做出了一些決定。

We'll do a liability-only trial in September and if necessary, subsequent trials around damages. And so not much has changed. I guess the only new news out of the judge is probably the venue decision that we made was going to keep the trial in Boulder County as opposed to the adjacent county Jefferson, which is there was a venue change request. So not much going -- not much new there.

我們將於 9 月進行僅涉及責任的審判，如果有必要，還將進行涉及損害賠償的後續審判。因此，並沒有發生太大的改變。我想，法官透露的唯一新消息可能是我們做出的審判地點決定是將審判地點保留在博爾德縣，而不是相鄰的傑斐遜縣，因為這裡有一個審判地點變更請求。因此，沒有什麼進展，也沒有什麼新鮮事。

And again, back to your second question, which is really around settlement and settlement opportunities. As we said previously, we disagree with the share support and the source of the second edition and are prepared to defend that in the trial in September.

再次回到您的第二個問題，這實際上是關於解決和解決機會的問題。正如我們之前所說，我們不同意第二版的份額支持和來源，並準備在 9 月的審判中為此辯護。

Got it. Thanks, Bob. And then one big picture question on tariffs. Obviously, you have a very sizable renewable investment in the plan. and the China tariffs are now in effect. So if they're going to be sort of there for a prolonged period of time, how are you thinking that impacts your plan, how you're derisking your supply chain? Your thoughts there, please?

知道了。謝謝，鮑伯。然後是關於關稅的一個大問題。顯然，您在該計劃中投入了相當可觀的可再生能源投資。對中國的關稅現已生效。所以，如果他們要在那裡停留很長一段時間，您認為這會對您的計劃產生什麼影響，您如何降低供應鏈的風險？請問您認為呢？

Yeah, hey, good morning, Durgesh, and thanks for the question. I mean I think the China tariffs were probably well communicated. And it's not as though we haven't dealt with tariffs before, there was tariffs under the previous Trump administration. We had tariffs under the Biden administration, AD CVD investigation. So something that we've gotten pretty familiar with in working with our suppliers and the manufacturing in terms of whether there's manufacturing capacity outside of China or just ensuring we're making the right procurement decisions to deliver the best possible price to our customers. So I would say the China tariff is not unexpected and not surprising and as you would expect, given our forward-looking nature and all the renewable stuff fablights that we had planned for something like that and have taken the appropriate actions.

是的，嘿，早上好，Durgesh，謝謝你的提問。我的意思是，我認為中國的關稅可能已經被很好的傳達。我們以前也不是沒有處理過關稅問題，上一屆川普政府就徵收過關稅。在拜登政府的領導下，我們徵收了關稅，並進行了反傾銷和反補貼調查。因此，在與我們的供應商和製造商合作的過程中，我們已經非常熟悉中國以外是否有製造能力，或者只是確保我們做出正確的採購決策，為我們的客戶提供最優惠的價格。因此，我想說，中國的關稅並不出乎意料，也不令人意外，正如你所預料的那樣，考慮到我們的前瞻性以及我們為所有可再生能源工廠所做的計劃，我們已經採取了適當的行動。

Awesome. Thank you. And Paul, we will miss you greatly. All the best. Thank you.

驚人的。謝謝。保羅，我們會非常想念你。一切順利。謝謝。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Hey, good morning. I don't know if we go that far, but yeah, congrats, Paul. Thanks again. Just I guess two quick questions. I wanted to follow up on Steve's comments, I guess, more on the tone of the data center. I'm just curious if we can contrast the tone between maybe customers associated with the data centers and non-data centers. I mean is there more of a sense of urgency with maybe data center customers to hook up? Or do you see it's the same across whatever customers are coming to you?

嘿，早安。我不知道我們是否會走那麼遠，但是，是的，恭喜你，保羅。再次感謝。我猜只想問兩個簡單的問題。我想跟進史蒂夫的評論，我想更多地關注資料中心的基調。我只是好奇我們是否可以對比與資料中心和非資料中心相關的客戶之間的基調。我的意思是，資料中心客戶是否更有緊迫感？還是您發現對於您接待的任何客戶，情況都是一樣的？

Anthony, you mean like other C&I or oil and gas or just --?

安東尼，你的意思是像其他 C&I 或石油和天然氣，或者只是--？

Exactly. Yes.

確切地。是的。

I mean, I think from the data center side, it is certainly always speed to market continues to be the one of the most important factors in terms of can we deliver the transmission generation capacity on the timeline that they're looking for.

我的意思是，我認為從資料中心方面來看，上市速度始終是最重要的因素之一，決定了我們能否在他們期望的時間內提供輸電發電能力。

As for other customers, I mean, we continue to see significant growth out of the oil and gas industry. And I think that's probably reflect -- not probably, it is reflected in the resource plan that we filed in New Mexico, when you look at the upside of that RFP in Texas and New Mexico, that is 14,000 megawatts of generation, that's informed by our oil and gas customers in terms of what their electrification needs are.

至於其他客戶，我的意思是，我們繼續看到石油和天然氣行業的顯著成長。我認為這可能反映——不是可能，它反映在我們在新墨西哥州提交的資源計劃中，當你看到德克薩斯州和新墨西哥州的 RFP 的優勢時，就會知道那是 14,000 兆瓦的發電量，這是我們的石油和天然氣客戶根據他們的電氣化需求所給出的。

I also think what you saw out of SPP with the recent approval of this big portfolio of projects, including a 765 kV that is awarded to us and we'll build is that continued growth, and our customers are looking to get connected. So I wouldn't differentiate -- we don't differentiate between among customers, among customers. But overall, it hasn't changed -- the tone hasn't changed with data centers related to kind of their speed to market and how important it is for them.

我還認為，您從 SPP 中看到的是，最近批准了一系列大型項目，其中包括授予我們並由我們建造的 765 kV 項目，這說明該行業持續增長，我們的客戶也希望獲得連接。所以我不會區分——我們不會區分不同客戶。但總體而言，它並沒有改變——資料中心的基調並沒有改變，涉及其上市速度以及它對它們的重要性。

Great. And then just on that, if I think about maybe political or regulatory support that you get with new customer hookups, I'm sure it's great for all the communities, whether it's property tax offsets or what the property tax would pay, I mean, but I think there's probably more economic development associated with the non-data center customers.

偉大的。然後就這一點而言，如果我考慮到新客戶連接可能獲得的政治或監管支持，我相信這對所有社區都有好處，無論是財產稅抵免還是財產稅支付的數額，但我認為非數據中心客戶可能會帶來更多的經濟發展。

Is that fair to look at it that way and maybe that they get maybe greater continued regulatory support or political support than maybe the data centers are actually, as you said earlier, there's no differentiation between the type of customer that's getting hooked up, a hookup is great for regulators.

這樣看是否公平？ 也許他們得到的持續監管支持或政治支持可能比數據中心實際上更大，正如你之前所說的，對接入的客戶類型沒有區別，接入對於監管機構來說非常有利。

Well, I think, Anthony, I think it really depends. I mean, if you're talking about a data center that's going to build out to a gigawatt plus of capacity, you have years and years of construction jobs -- and then they may be doing other development within the community support the community's significant property tax base -- and it does provide benefit to all of our other customers.

嗯，安東尼，我認為這確實取決於情況。我的意思是，如果你談論的是一個要建設到千兆瓦以上容量的數據中心，那麼你就需要多年的建設工作 - 然後他們可能在社區內進行其他開發，以支持社區龐大的財產稅基 - 而且它確實為我們所有其他客戶帶來了利益。

And when you're talking about a data center load that large, it does drive benefit for all of our customers. So I don't think it -- I wouldn't characterize it that way. because the data centers and these large low customers understand that they need to bring economic development and benefit to all of our customers for us to get it approved in front of the commission.

當您談論如此大的資料中心負載時，它確實會為我們所有的客戶帶來利益。所以我不這麼認為——我不會那樣描述它。因為資料中心和這些大型低客戶明白，他們需要為我們所有的客戶帶來經濟發展和利益，我們才能在委員會面前獲得批准。

Great. Thanks for taking my question, guys. Thanks again.

偉大的。謝謝你們回答我的問題。再次感謝。

Travis Miller, Morningstar. Please go ahead.

崔維斯米勒，晨星。請繼續。

Good morning. I'll echo much appreciation, Paul, enjoyed over the years and appreciate all the help over the years. question on a high level, we're trying to figure out kind of what are some of the constraints really across the industry on some of the big CapEx numbers and the growth numbers coming out. What about labor, a lot of questions about equipment and tariffs and side or other, but what about labor availability, both for you and what you maybe see across the industry? Is that a constraint?

早安.保羅，我非常感謝你多年來的付出，也感謝你多年來的所有幫助。從高層次來看，我們試圖弄清楚，在整個產業中，對一些較大的資本支出數字和成長數字來說，究竟有哪些限制。那麼勞動力情況如何呢？這是一個限制嗎？

Hey, Travis. This is Bob. Great question and certainly one that we're focused on and probably have been focused on for a number of years. We've been working actively with both national and local IBEWs and other trade organizations that we work with to hire the critical talent that we need to own and operate these assets.

嘿，崔維斯。這是鮑伯。這個問題問得好，也是我們關注的焦點，而且可能已經關注好幾年了。我們一直積極與國家和地方 IBEW 以及其他貿易組織合作，以聘用擁有和經營這些資產所需的關鍵人才。

We've been working trying to give insights into our backlog of capital projects that we need to our vendor partners to make sure that they know where our growth is coming from. And so our job is really massively in terms of partnership with people who help provide us the human talent that we need to do this big build-out.

我們一直在努力向我們的供應商合作夥伴提供有關我們所需的資本項目積壓的見解，以確保他們知道我們的成長來自何處。因此，我們的工作實際上是與那些幫助我們提供完成這項大規模建設所需人才的人建立合作關係。

Now that gets pressured by other people also needing talent. And so we are in constant competition for human capital and talent both at our vendor side and for our company talent as well. So it's a great question. I think we started the process.

現在，其他人也需要人才，這給他們帶來了壓力。因此，我們在供應商和公司方面都不斷競爭人力資本和人才。這是一個很好的問題。我想我們已經開始了這個過程。

There's more work to do there everything from funding programs in developmental geo colleges and technical colleges going into high schools and recruiting at that level, trying to get folks that may want to bypass the university and go straight into a trader craft.

還有更多的工作要做，從資助發展地理學院和技術學院的計畫到高中和招生，試圖吸引那些可能想繞過大學直接進入交易行業的人。

So any and everything we can do to make sure that we've got the human capital to make sure that we can do the build-out that we need.

因此，我們會盡一切努力確保我們擁有人力資本，以確保我們能夠完成所需的建設。

Okay. Great. That's very helpful. And then just specific on the data centers, Apologies if I missed this in many of the comments, but do you anticipate any specific regulatory filings for any of the customers either you have signed or you're working with or just thinking about something that might need such a big build-out that you need some kind of preapproval or approval.

好的。偉大的。這非常有幫助。然後具體到數據中心，如果我在很多評論中遺漏了這一點，請原諒，但是您是否預計對於您已經簽約或正在合作的任何客戶的任何特定監管文件，或者只是考慮可能需要如此大規模的建設以至於您需要某種預先批准或批准的東西。

Travis, yes, we would likely expect -- we haven't disclosed which states that we're negotiating with these customers on. But yes, we'd likely expect that we would seek regulatory approval. And that's a little bit back to my comment of the data centers understand for us to get regulatory approval, it's got to show benefit to our current customers and benefit kind of the communities.

特拉維斯，是的，我們很可能會預期——我們還沒有透露我們正在與這些客戶在哪些州進行談判。但是是的，我們很可能希望尋求監管部門的批准。這又回到我對資料中心的評論，要獲得監管部門的批准，它必須對我們現有的客戶和社區有利。

Okay, great. Thanks so much. That's all I had.

好的，太好了。非常感謝。這就是我所擁有的一切。

So well, with that, I just want to lastly echo Bob's comments around Paul retiring, you can tell he's in the room with us for one last time. He's been a mentor to me, a mentor to many of us in this room and a close and personal friend to me ever since the 15 years that I've been at the company.

好吧，說了這麼多，我只想最後回應鮑勃關於保羅退休的評論，你可以看出他最後一次和我們一起在房間裡。自從我在公司工作 15 年以來，他一直是我的導師、在座許多人的導師以及我的親密朋友。

So thank you again, Paul. Rupesh. Welcome to the first earnings call. We look forward to to many more going forward. So with that, I'll wrap up. Thank you for participating in our earnings call this morning. Please contact our Investor Relations team with any follow-up questions.

再次感謝你，保羅。魯佩什。歡迎參加第一次財報電話會議。我們期待未來能有更多進展。就這樣，我就結束了。感謝您參加我們今天上午的財報電話會議。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。