埃克西爾能源 (XEL) 2025 Q1 法說會逐字稿

Hello and welcome to Xcel Energy first quarter 2025 earnings conference call. My name is Melissa, and I will be your coordinator for today's event. Please note this conference is being recorded and for the duration of the call, your lines will be on listen-only. (Operator Instructions)

您好，歡迎參加 Xcel Energy 2025 年第一季財報電話會議。我叫梅麗莎，我將擔任今天活動的協調員。請注意，本次會議正在錄音，通話期間您的線路將處於僅收聽狀態。（操作員指示）

I'll now turn the call over to Roopesh Aggarwal, Vice President, Investor Relations. Please go ahead.

現在我將把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 2025 first quarter earnings call. Joining me today are Bob Frenzel, Chairman, President and Chief Executive Officer, and Brian Van Abel, Executive Vice President, and Chief Financial Officer. In addition, we have other members of the management team in the room to answer your questions if needed.

早安，歡迎參加 Xcel Energy 2025 年第一季財報電話會議。今天與我一起出席的還有董事長、總裁兼執行長 Bob Frenzel 和執行副總裁兼財務長 Brian Van Abel。此外，如果需要，我們還有其他管理團隊成員在場，可以回答您的問題。

This morning we will review our 2025 first quarter 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 2025 年第一季的業績和亮點。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以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. 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. I will now turn the call over to Bob.

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。今天我們將討論一些非 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。我現在將電話轉給鮑伯。

Thanks, Roopesh. Good morning, everybody. 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. This commitment to our communities and customers is demonstrated in our results this morning.

謝謝，Roopesh。大家早安。Xcel Energy，我們知道，我們社區和國家的經濟成長和繁榮取決於我們在客戶需要的時間和地點向他們提供能源的能力。同時盡可能降低他們的帳單。我們今天早上的成果體現了我們對社區和客戶的承諾。

In the first quarter of 2025, Xcel Energy delivered earnings of $0.84 per share. Invested $2.3 billion in resilient and reliable energy infrastructure for our customers. And accelerated our wildfire risk reduction efforts to enable safer and more resilient communities.

2025 年第一季度，Xcel Energy 每股收益為 0.84 美元。為我們的客戶投資 23 億美元建造有彈性且可靠的能源基礎設施。並加快了我們降低野火風險的措施，以使社區更加安全、更具韌性。

I'll provide more details in a minute, but based on our results for the first quarter, we remain confident in our ability to deliver on our earnings guidance for the 21 years in a row, one of the best track records in the industry.

我稍後會提供更多細節，但根據我們第一季的業績，我們仍然有信心連續 21 年實現盈利預期，這是業內最好的業績記錄之一。

As you can imagine over the past several months we've been engaging at the federal level with legislators and administration officials as executive orders, trade and tariff actions, and pending legislation will likely have impacts on future energy infrastructure. Not surprising to anyone on this call, we're in an unprecedented period of electric demand growth and believe that we need a broad scope of energy resources to meet those needs.

你可以想像，在過去的幾個月裡，我們一直在聯邦層級與立法者和政府官員接觸，因為行政命令、貿易和關稅行動以及待決立法可能會對未來的能源基礎設施產生影響。對於參加此次電話會議的任何人來說，這並不奇怪，我們正處於前所未有的電力需求成長時期，我們相信我們需要廣泛的能源資源來滿足這些需求。

We see increased electric demand from the oil and gas sector. We see demand from residential customer growth, EV adoption, and beneficial electrification across our service territories. We see demand from data centres in Texas, Colorado, Wisconsin, and Minnesota.

我們發現石油和天然氣產業的電力需求不斷增加。我們看到了來自住宅客戶成長、電動車採用以及服務區域內有益電氣化的需求。我們看到了來自德克薩斯州、科羅拉多州、威斯康辛州和明尼蘇達州的資料中心的需求。

In the medium term, we expect to see continued trends towards electrification as well as re onshoring as potential outcome of federal actions. The infrastructure to serve this demand growth needs to be thoughtfully planned as well.

從中期來看，我們預期聯邦政府採取行動的潛在結果將是電氣化和回流趨勢的持續。滿足這項需求成長的基礎設施也需要周詳規劃。

We and many in our industry have been advocating in DC for policies that allow for cost effective and rapid adoption of new energy resources, that includes preservation of tech neutral tax credits, wind, solar storage, and nuclear. Their associated transferability provisions and various loan and grant programs. That includes advocating for sighting, permitting, and other federal actions that would allow for more rapid construction of the assets needed to serve this growing demand.

我們和我們行業中的許多人一直在華盛頓特區倡導允許以經濟有效的方式快速採用新能源的政策，其中包括保留技術中立的稅收抵免、風能、太陽能儲存和核能。它們相關的可轉讓性條款以及各種貸款和贈款計劃。其中包括倡導勘察、許可和其他聯邦行動，以便更快地建立滿足日益增長的需求所需的資產。

And that includes advocating for federal actions that can mitigate the potential for wildfires and their associated financial impacts. Additionally, we're paying close attention to ongoing tariffs and other recent federal actions.

這包括倡導聯邦政府採取行動，減輕野火的可能性及其相關的財務影響。此外，我們正在密切關注正在實施的關稅和其他近期的聯邦行動。

As you are all aware, this remains a highly fluid situation. Potentially positively changing as recently as yesterday. On the front, we believe that our base capital plan remains intact, that the impacts are both modest and manageable.

眾所周知，目前局勢仍然高度不穩定。就在昨天，情況可能正在發生積極變化。一方面，我們相信我們的基本資本計畫保持不變，其影響也是適度且可控的。

While we're still evaluating, we estimate that roughly 40% to 45% of our capital expenditures are material based with the balance being labour permitting, and other items. And of this percentage, the majority is domestically sourced. There are some notable exceptions though, in particular, our industry has exposure to Chinese tariffs related to battery storage.

雖然我們仍在評估，但我們估計大約 40% 到 45% 的資本支出是基於材料的，其餘的則是勞動力許可和其他項目。其中，大部分來自國內。不過也有一些明顯的例外，特別是我們的產業受到與電池儲存相關的中國關稅的影響。

In our base capital plan, we only have one significant battery project, which we continue to work to mitigate any risks. But in our longer-term plans, we see a need for more battery and other related energy storage assets.

在我們的基本資本計劃中，我們只有一個重要的電池項目，我們將繼續努力降低任何風險。但在我們的長期計劃中，我們看到更多電池和其他相關能源儲存資產的需求。

Based on these recent tariff actions, we expect a relatively rapid evolution of the battery supply chain similar to what we've experienced in solar panels over the last three to four years. We estimate that our total tariff exposure on our $45 billion base capital plan for 2025 to 2029 is approximately 2% to 3%.

根據最近的關稅行動，我們預計電池供應鏈將出現相對快速的發展，類似於過去三到四年太陽能板所經歷的情況。我們估計，2025 年至 2029 年 450 億美元基本資本計畫的總關稅風險敞口約為 2% 至 3%。

And that's before we work through any incremental vendor mitigation actions. We remain confident in our ability to navigate this evolving environment and keep delivering for our customers and investors. We see incredible energy and demand needs across the country.

那是在我們採取任何增量供應商緩解措施之前。我們對自己駕馭不斷變化的環境以及繼續為客戶和投資者提供服務的能力充滿信心。我們看到全國各地的能源需求和需求量都驚人。

In total, Xcel Energy anticipates that we will need to deliver between 15 megawatts and 29,000 megawatts of new generation by year end 2031 to serve our customers and communities. During the first quarter, we continue to make progress on --with our various commissions on these needs, which also helps give line of sight to our $10 billion plus incremental investment pipeline.

總體而言，Xcel Energy 預計，到 2031 年底，我們需要提供 15 兆瓦至 29,000 兆瓦的新一代電力來服務我們的客戶和社區。在第一季度，我們透過各種委託繼續取得進展，以滿足這些需求，這也有助於我們了解 100 億美元以上的增量投資管道。

In February, the Minnesota PUC approved our integrated resource plan settlement for nearly 5,000 megawatts of generation. Included are 720 megawatts of company owned natural gas generation and battery storage and approximately 2,800 megawatts of wind generation which will reuse the transmission interconnect from our Sherco facility.

2 月份，明尼蘇達州公共事業委員會批准了我們近 5,000 兆瓦發電量的綜合資源計畫解決方案。其中包括該公司自有的 720 兆瓦天然氣發電和電池存儲，以及約 2,800 兆瓦風力發電，這些將重複使用我們 Sherco 工廠的傳輸互連。

RFPs for resources that make up the balance of the IRP will work their way through regulatory processes in '25 and '26. Details of which are included in our disclosures and in the attached presentation.

構成 IRP 餘額的資源的 RFP 將在 2025 年和 2026 年通過監管流程。其詳細資訊包含在我們的揭露內容和隨附簡報中。

In Texas and New Mexico, our teams continue to evaluate proposals for generation to meet growing demand. As a reminder, we're seeking 5000 megawatts to 10,000 megawatts through a competitive RFP process, including projects being proposed by the company. We're encouraged by the early results and plan to make a recommended filing in Q2.

在德州和新墨西哥州，我們的團隊繼續評估發電提案以滿足日益增長的需求。提醒一下，我們正在透過競爭性 RFP 流程尋求 5000 兆瓦至 10000 兆瓦的電力，包括公司提出的專案。我們對早期結果感到鼓舞，並計劃在第二季提出建議文件。

And in Colorado, we continue to make progress with our energy resource plan filing that we made in October of last year. We're recommending the addition of 5,000 megawatts to 14,000 megawatts of new generation to meet projected sales growth of 3% to 7% per year. The commission decision is expected in the fall of this year.

在科羅拉多州，我們去年 10 月提交的能源資源計畫申請繼續取得進展。我們建議增加 5,000 兆瓦至 14,000 兆瓦的新發電量，以滿足每年 3% 至 7% 的預計銷售成長。預計委員會將於今年秋季做出決定。

As part of these resource planning processes, I've been asked to comment on the impacts of recent executive orders on coal plants. Our generation retirement strategy is the product of long-term planning process with state commissions and other stakeholders that seeks to balance energy demand with long-term assets that we need for our customers.

作為這些資源規劃過程的一部分，我被要求評論最近的行政命令對燃煤電廠的影響。我們的發電退役策略是與國家委員會和其他利害關係人進行長期規劃過程的產物，旨在平衡能源需求和我們為客戶提供所需的長期資產。

With access to some of the country's best wind and solar resources, as well as incremental natural gas generation, we've demonstrated that we can retire these inefficient and aging coal plants while ensuring reliability and keeping customer bills low. Continue to evaluate the executive orders and work with federal and state agencies as well as our communities and customers on any next steps.

透過利用全國最好的一些風能和太陽能資源以及增量天然氣發電，我們已經證明，我們可以淘汰這些低效且老化的燃煤電廠，同時確保可靠性並保持較低的客戶帳單。繼續評估行政命令，並與聯邦和州機構以及我們的社區和客戶合作採取下一步行動。

Alongside our access to some of the country's lowest cost renewable resources, our thoughtful investments and focus on continuous improvement. Have helped keep our residential electric bill growth below the rate of inflation for the past decade and among the lowest in the country.

我們除了可以獲得國內成本最低的可再生資源外，還進行了周到的投資並專注於持續改進。幫助我們的居民電費成長在過去十年中一直低於通貨膨脹率，並且是全國最低的。

As we continue to grow, the tech neutral and nuclear PTCs have also proven a critical tool for customer affordability. Since 2018, Xcel Energy customers have saved over $5 billion in avoided fuel costs and PTCs from wind generation.

隨著我們的不斷發展，技術中立和核 PTC 也被證明是提高客戶承受能力的關鍵工具。自 2018 年以來，Xcel Energy 的客戶已節省了超過 50 億美元的風力發電燃料成本和 PTC。

And this year our upper Midwest customers will see an additional benefit of nearly $250 million on their bills from nuclear production tax credits. Continue to actively engage with elected officials in the US House and Senate and key agencies such as DOE to reinforce the critical importance that these incentives play in keeping bills low for our residential and business customers.

今年，我們中西部北部地區的客戶將因核生產稅收抵免而獲得近 2.5 億美元的額外優惠。繼續積極與美國眾議院和參議院的民選官員以及能源部等主要機構接觸，強調這些激勵措施對於降低住宅和商業客戶的帳單所起的關鍵作用。

We believe that policymakers are aligned in the belief that lowering energy costs for Americans is a key policy objective. We continue to remind them these incentives play an important role in helping us meet that objective.

我們相信，政策制定者一致認為降低美國人的能源成本是一項關鍵的政策目標。我們不斷提醒他們，這些激勵措施在幫助我們實現該目標方面發揮著重要作用。

Xcel Energy also continues to make significant progress to protect our customers and communities and systems from the threats of extreme weather. On the regulatory front in Colorado, we reached a constructive settlement on our updated $1.9 billion wildfire mitigation plan, including a securitization mechanism to manage customer bill impact.

Xcel Energy 也持續取得重大進展，保護我們的客戶、社區和系統免受極端天氣的威脅。在科羅拉多州的監管方面，我們就更新後的 19 億美元野火緩解計畫達成了建設性的解決方案，其中包括管理客戶帳單影響的證券化機制。

In Texas, we also reached a constructive settlement on our $500 million system resiliency plan. We expect commission decisions in both proceedings by third quarter 2025 and we will continue to prioritize these investments to improve resiliency and reduce risk on our systems.

在德州，我們也就 5 億美元的系統彈性計畫達成了建設性的解決方案。我們預計委員會將在 2025 年第三季之前對這兩項訴訟做出決定，我們將繼續優先考慮這些投資，以提高系統的彈性並降低風險。

And on the policy front, we've seen progress with several pieces of constructive wildfire legislation. In Texas, legislation was introduced where material compliance with an approved wildfire mitigation plan provides an affirmative defence to civil liability related to wildfire damage.

在政策方面，我們看到幾項建設性的野火立法取得了進展。德州推出了一項立法，規定實質上遵守已批准的野火緩解計畫可以為與野火損害相關的民事責任提供積極辯護。

In North Dakota, legislation that provides a utility similar protection was passed by both chambers and awaits the governor's signature. We believe these bills could also serve as frameworks in our other states for future legislation.

在北達科他州，為公用事業提供類似保護的法案已在參眾兩院通過，目前正等待州長簽署。我們相信這些法案也可以作為我們其他州未來立法的框架。

Looking forward, our focus for 2025 remains unchanged. Excel Energy is working to deliver on our earnings for the 21 year in a row to capture the unprecedented opportunities for growth we laid out in our capital plans, to deliver on our incremental capital opportunities backlog advance our clean energy leadership and raise the bar on delivering a compelling experience for our customers in order to make energy work better for them in the communities we serve. With that, let me turn over to Brian.

展望未來，我們對 2025 年的關注重點保持不變。Excel Energy 正努力實現連續 21 年的盈利，抓住我們在資本計劃中提出的前所未有的增長機會，實現增量資本機會積壓，推進我們的清潔能源領導地位，並提高為我們的客戶提供引人注目的體驗的標準，以便讓我們服務的社區中的能源更好地為他們服務。現在，請容許我把麥克風交給 Brian。

Thanks, Bob. Good morning, everyone. Starting with our financial results, Xcel Energy had earnings of $0.84 per share for the first quarter of 2025 compared to earnings of $0.88 per share in the first quarter of 2024. The most significant earnings drivers of the quarter include the following.

謝謝，鮑伯。大家早安。從我們的財務表現開始，Xcel Energy 2025 年第一季的每股收益為 0.84 美元，而 2024 年第一季的每股收益為 0.88 美元。本季最重要的獲利驅動因素包括以下幾點。

Electric and natural gas sales growth and regulatory outcomes increased earnings by $0.21 per share. Other items combined to increase earnings by $0.01 per share. Offsetting these positive drivers.

電力和天然氣銷售成長和監管結果使每股收益增加 0.21 美元。其他項目合計使每股收益增加 0.01 美元。抵消這些正面的驅動因素。

Higher O&M expenses decrease earnings by $0.11 per share, higher depreciation, and amortization, reflecting our capital investment programs, decreased earnings by $0.09 per share. And higher interest expense decrease earnings by $0.06 per share.

更高的營運和維護費用導致每股收益減少 0.11 美元，更高的折舊和攤銷（反映了我們的資本投資計劃）導致每股收益減少 0.09 美元。而更高的利息支出將使每股收益減少 0.06 美元。

Now let me comment quick in more detail on O&M expenses for the first quarter, which totalled $686 million or $81 million higher than in 2024. We expected O&M expenses to be front loaded this year with the increase due to known items such as higher nuclear outage amortization costs, increased insurance premiums, benefit costs, and the impact of a 2024 gain on land sale.

現在，讓我更詳細地評論一下第一季的 O&M 費用，該費用總計 6.86 億美元，比 2024 年高出 8,100 萬美元。我們預計今年的營運和維護費用將前期增加，原因是核電停運攤銷成本增加、保險費增加、福利成本以及 2024 年土地出售收益的影響等已知因素。

Some of the increased wildfire related expenses are subject to regulatory decisions later this year. These results are in line with our year-to-date O&M expense budget, and we reaffirm our full year guidance of a 3% increase in O&M expenses relative to 2024.

部分與野火相關的增加的費用將在今年稍後受到監管部門的決策影響。這些結果與我們今年迄今的 O&M 費用預算一致，我們重申全年 O&M 費用相對於 2024 年增加 3% 的指導。

Turning into sales, first quarter weather and leap year adjusted electric sales increased 2%, driven by growth across most operating companies and customer segments. For 2025, we continue to expect full year weather adjusted electric sales to increase 3%.

轉向銷售，第一季天氣和閏年調整後的電力銷售成長了 2%，這得益於大多數營運公司和客戶群的成長。對於 2025 年，我們繼續預計全年天氣調整後的電力銷售額將成長 3%。

As the current tariff and economic outlook evolves, we will continue to monitor any potential impacts to our sales outlook. Shifting to rate case activity. In Wisconsin we filed our 2026 to 2027 electric and natural gas ray cases requesting a total revenue increase of $151 million and $24 million respectively over two years.

隨著當前關稅和經濟前景的變化，我們將繼續監控對我們的銷售前景的任何潛在影響。轉向評估案件活動。在威斯康辛州，我們提交了 2026 年至 2027 年電力和天然氣射線案件，要求在兩年內分別增加 1.51 億美元和 2,400 萬美元的總收入。

That's based on a forward test here, a 10% ROE and an equity ratio of 53.5%. We're evaluating filing electric and natural gas ray cases in Colorado and an electric ray case in New Mexico later this year. Moving to data centres, we're making solid progress on our high probability pipeline and remain on track to meet our goal of contracting our total base plan by this fall.

這是基於前瞻性測試，即 10% 的 ROE 和 53.5% 的股權比率。我們正在評估今年稍晚在科羅拉多州提起電鰩和天然氣鰩案件，並在新墨西哥州提起電鰩案件。轉向資料中心，我們在高機率管道方面取得了堅實進展，並有望實現在今年秋季之前簽訂整體基礎計劃的目標。

Excel Energy continues to receive requests for new data centres in its service territories. We are managing a robust pipeline and remain committed to our data centre contract principles, ensuring new contracts maximize benefits to all customers and protect Xcel Energy from stranded asset risk.

Excel Energy 持續收到在其服務區域內建立新資料中心的請求。我們正在管理強大的管道，並將繼續致力於我們的資料中心合約原則，確保新合約最大限度地為所有客戶帶來利益，並保護 Xcel Energy 免受擱淺資產風險。

We also continue to make strong progress in the Smokehouse Creek Wildfire claims process. We've resolved 151 of the 225 submitted claims, which we continue to view as constructive. We have committed $113 million in settlement agreements, of which $79 million have been paid through Q1.

我們在 Smokehouse Creek 野火索賠過程中也持續取得重大進展。在提交的 225 項索賠中，我們已經解決了 151 項，我們仍然認為這些索賠具有建設性。我們承諾支付 1.13 億美元的和解協議，其中 7,900 萬美元已在第一季支付。

Based on current information and settlement activity, we have updated the low end of our estimated liability to $290 million which remains well below our insurance of $500 million as we described in our earnings disclosure.

根據目前的資訊和結算活動，我們已將估計負債的低端更新為 2.9 億美元，這仍遠低於我們在收益揭露中所述的 5 億美元的保險金額。

As part of the increase, we have reached settlements related to some previously excluded categories such as compensation for railroad claims and settled claims related to tree damage. We've also updated our disclosures in Marshall, in particular, as it relates to two new causation theories introduced by plaintiffs and expert reports that were submitted in the first quarter of 2025. We remain an expert discovery until mid-July and are preparing for a trial in late September.

作為增加的一部分，我們已經就一些以前排除在外的類別達成了和解，例如鐵路索賠賠償和與樹木損壞有關的已解決索賠。我們也更新了 Marshall 中的揭露內容，特別是涉及原告提出的兩個新的因果關係理論和 2025 年第一季提交的專家報告。我們將在七月中旬之前繼續擔任專家發現，並準備在九月下旬進行審判。

Moving to guidance, we remain confident and reaffirm our ability to deliver earnings within our $3.75 to $3.85 guidance range for the year. Updates to key assumptions are included in our slides and earnings release. With that, I'll wrap up with a quick summary.

談到指導，我們仍然充滿信心，並重申我們有能力實現今年 3.75 美元至 3.85 美元指導範圍內的收益。我們的投影片和收益報告中包含了關鍵假設的更新。最後，我將做一個簡短的總結。

Xcel Energy Pulse at first quarter 2025 earnings of $0.84 per share. We continue to lead the clean energy transition while ensuring safe, clean, and reliable service and keeping customer bills as low as possible. We're focused on reducing operating risk in our system from extreme weather, resettlements of our Texas and Colorado resiliency and wildfire mitigation plans, to see progress on constructive legislation in Texas and North Dakota.

Xcel Energy Pulse 2025 年第一季每股收益為 0.84 美元。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，並盡可能降低客戶帳單。我們致力於降低極端天氣為我們系統帶來的運作風險、德州和科羅拉多州的重新安置以及野火緩解計劃，並推動德州和北達科他州建設性立法的進展。

We have a strong line of sight with our 10 plus billion dollars investment pipeline with approval for at least 5,000 megawatts of generation resources in Minnesota and awards for $3 billion to $4 billion of transmission in MISO and SPP.

我們擁有超過 100 億美元的投資管道，已獲准在明尼蘇達州投資至少 5,000 兆瓦的發電資源，並授予 MISO 和 SPP 30 億至 40 億美元的輸電項目。

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 reaffirm our 2025 EPS guidance of $3.75 to $3.85. This concludes our prepared remarks, operator, we will now take questions.

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 年每股盈餘預期為 3.75 美元至 3.85 美元。接線員，我們的準備好的發言到此結束，我們現在將回答問題。

Thank you. (Operator Instructions) Nicholas Campanella, Barclays. Please go ahead.

謝謝。（操作員指示）巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。請繼續。

Hey, thanks so much for taking the questions.

嘿，非常感謝您回答這些問題。

Good morning, Nick.

早安，尼克。

Morning, morning. I wanted to ask, I appreciate all your comments and the prepared remarks. You are kind of a big transferability beneficiary. We're going through budget reconciliations right now, if there's any kind of outcome where the tax credits get sunsetted sooner within your five-year plan, how do you kind of think about the offsets to cash flow considering, there might be a. A positive attribution to rate base as well. Do you still see like some type of true cash impact and maybe you can kind of walk through how the plan could absorb that.

早安，早安。我想問一下，我感謝您的所有評論和準備好的評論。您是一位巨大的可轉移性受益者。我們現在正在進行預算核對，如果在您的五年計劃中，稅收抵免提前結束，您如何看待現金流的抵消，可能會有。對利率基礎也有正面影響。您是否仍然看到某種類型的實際現金影響？也許您可以介紹一下該計劃如何吸收這種影響。

Hey Nick, it's Bob, and I'll start and then I'll give Brian some time to get to some of the details. But there's been a lot of conversation around transferability in general, at least in the investor community, not actually a lot in DC and I've spent a lot of time there.

嘿，尼克，我是鮑勃，我先開始，然後我會給布萊恩一些時間來了解一些細節。但總體而言，關於可轉讓性的討論很多，至少在投資者群體中是如此，但在華盛頓特區，討論的並不多，而我在那裡花了很多時間。

Transferability was architected as part of the IRA. We think it's --explicably linked to the credit program themselves. We know there's a lot of support, as evidenced by letters that Congress and the Senate have written to their respective finance and ways and means committees around support for continuation of the credits in some fashion and form.

可轉移性是作為 IRA 的一部分而設計的。我們認為這與信貸計劃本身有著明確的關聯。我們知道有很多支持，國會和參議院寫給各自財政和籌款委員會的信件就證明了這一點，這些信件支持以某種方式和形式繼續提供信貸。

And by that measure, we think the transferability continues along with those credits. So as I see here today, I think very positively about the credits that come from our legacy projects that are in service, projects that we've safe harboured, and then depending on where the credits go in general, I think the transferability stays aligned with those credit profiles over time. But may I'll let Brian comment a little bit on some of the details you asked on. Rate base and or cash flow implications.

透過這項措施，我們認為這些信貸的可轉讓性將繼續存在。因此，正如我今天在這裡看到的，我對來自我們正在運營的遺留項目、我們安全保管的項目的信用持非常積極的看法，然後根據信用的總體去向，我認為可轉移性將與這些信用狀況保持一致。但我可以讓布萊恩就您詢問的一些細節發表一點評論。利率基準和/或現金流影響。

Yeah, Nick, and maybe I'll talk about it in two different avenues and feel free to ask further questions if I don't hit on exactly what you're thinking about. No, I think about it one is there's been a lot of discussion around the bill introduced by Representative Fedorczuk in terms of, but when you actually look at what that bill does, it doesn't impact transferability on any projects and service. And it doesn't impact transferability on projects that would have been safe harbour last year under the old regime of tax credits.

是的，尼克，也許我會從兩個不同的角度來談論這個問題，如果我沒有準確地說出你的想法，請隨時提出進一步的問題。不，我認為一方面圍繞著代表費多丘克提出的法案已經有很多討論，但當你真正看看該法案的作用時，你會發現它不會影響任何項目和服務的可轉移性。而且它不會影響去年在舊稅收抵免制度下本應屬於安全港的項目的可轉讓性。

So when we think about it in terms of what we safe harbour last year for projects, we're in a really good spot basically through 2028 when you look at the four-year safe harbour with projects last year. And so we would expect those to have credits and transferability associated with them.

因此，當我們考慮去年專案的安全港時，如果看去年專案的四年安全港，那麼到 2028 年，我們基本上處於一個非常有利的位置。因此，我們希望它們具有相關的信用和可轉讓性。

So really the door check bill would be a 2029. Impact, but how it steps down, it's a 20% credit in 2029. Now, certainly we're not advocating for that bill because there's significant long term customer impacts, but from a transferability perspective in our cash flow perspective, we are very comfortable with that in terms of how it deals with prior wind farms and what would have been safe harbour last year in the old regime.

因此，真正的門禁帳單將是 2029 年的。影響，但如何減少，2029 年的信貸額為 20%。現在，我們當然不提倡這項法案，因為它會對長期客戶產生重大影響，但從我們現金流的可轉移性角度來看，我們對此感到非常滿意，因為它可以處理以前的風力發電場，以及去年舊制度下的安全港。

Now your question I get is a little bit more what happened if transfer really went away for all projects, even in service or future projects. We do not believe, as Bob said, that will happen. Congress generally does not disturb decisions that have been made by businesses.

現在我得到的問題是，如果所有項目，甚至是服務或未來項目的轉移真的取消了，會發生什麼情況。正如鮑伯所說，我們不相信那會發生。國會通常不會干涉企業所做的決定。

They recognize the need for business certainty. But if that did happen, pick a point. You hit it on the head right rate base goes up because you're less tax efficient. We have an impact to our cash flow, so you would look at, issuing some equity to manage some of those credit impacts. But longer term it just becomes a timing issue where you're pushing those cash flows out in the future.

他們認識到業務確定性的必要性。但如果確實發生了這種情況，請選擇一個點。你說得對，稅率基數上升是因為你的稅收效率較低。我們的現金流受到影響，因此您可以考慮發行一些股權來管理其中的一些信貸影響。但從長期來看，這只是一個時間問題，你需要將這些現金流推遲到未來。

But there's also alternative ways you could look at tax equity in the re regulated environment, but one of the more interesting concepts, and we do this in one of our jurisdictions, is you can flow PGCs back in an alternative method.

但是，您也可以透過其他方式在重新監管的環境中看待稅收公平，但其中一個更有趣的概念（我們在其中一個管轄區內這樣做）是，您可以透過另一種方式將 PGC 回流。

Now everyone thinks about PGCs being flowed back over the 10-year period as they generated. In one of our jurisdictions we've flown back over the life of the project. So pick a wind farm 30 years, flown back over 30 years. That improves your cash flow in the near term, reduces the tax and efficiency and also provides a pretty stable customer profile from bill impacts.

現在每個人都認為 PGC 會在 10 年內隨著其產生而回流。在我們的一個管轄範圍內，我們已經回顧了該專案的整個生命週期。因此，選擇一個 30 年後的風力發電場，回溯 30 年。這可以在短期內改善您的現金流，降低稅收和提高效率，同時還可以提供相當穩定的客戶資料，免受帳單影響。

So there's absolutely things that we think of internally that that may not be understood externally and we think about how do we manage if that scenario, like I said, we don't expect will happen, but how we'd manage if it did happen.

因此，我們內部考慮的事情肯定是外部無法理解的，我們會考慮如果這種情況發生我們該如何應對，就像我說的，我們不希望這種情況發生，但如果它真的發生了我們該如何應對。

That's really helpful call. I appreciate that. Thank you. Just one quick question just the broader kind of tariff outlook and how it's affecting economic development in your service territory, your CNI sales that you guys put up on a weather adjusted basis still seems strong. I know that's at the end of March, maybe you can kind of comment on how activity has changed in the service territory at all in real time and clearly, you're kind of reaffirming your load outlook here. So it seems like you're comfortable, but yeah, maybe just a few more details there.

這確實是一個很有幫助的電話。我很感激。謝謝。只需問一個簡單的問題，即更廣泛的關稅前景以及它如何影響您服務區域的經濟發展，您根據天氣調整後的 CNI 銷售額似乎仍然強勁。我知道那是在三月底，也許您可以評論一下服務區域的活動是如何即時變化的，顯然，您在這裡重申了您的負載前景。看起來您很舒服，但是，也許還需要更多細節。

Thanks. Yeah, hey, Nick, let me start. Look, definitely the sentiment meter has changed over the last, 45 days. I don't think we've seen a lot of change in actual activity yet, either on the consumer or the CNI side, but what you see in here in this earnings season from a lot of people who've already announced, whether it's banks or industrial manufacturers, there's a thoughtfulness around deploying capital right now, a thoughtfulness about the certainty of the regime that we sit in.

謝謝。是的，嘿，尼克，讓我開始吧。你看，情緒指數在過去 45 天確實發生了變化。我認為，無論是在消費者方面還是在 CNI 方面，我們尚未看到實際活動發生太大變化，但在本財報季，您可以從許多已經宣布業績的人那裡看到，無論是銀行還是工業製造商，現在都在深思熟慮地部署資本，深思熟慮地考慮我們所處的製度的確定性。

And there is a lot of conversation and maybe sparked over the last couple two or three days around, how quickly could this environment change as well. We saw it hit very quickly. We've seen some peel back already. You've seen the market respond to that already and so, we use the word in our prepared remarks of dynamic or fluid, and I continue to believe that, we don't see a lot of impacts right now in the customer, but we're cautiously optimistic that we work through this through the balance of the year and obviously we've reiterated our guidance and sales forecasts accordingly.

過去兩三天裡，人們對此進行了許多討論，也許引發了這樣的討論：這種環境能改變得有多快？我們看到它襲擊得非常快。我們已經看到一些跡象開始出現。您已經看到市場對此做出了反應，因此，我們在準備好的發言中使用了動態或流動的詞，我仍然相信，我們目前沒有看到對客戶產生太大的影響，但我們謹慎樂觀地認為，我們將在今年餘下時間裡解決這個問題，顯然，我們已經重申了我們的指導和銷售預測。

Yeah, Nick, I can just try a little bit of extra colour on it too. Obviously one of the areas when you think about where the price of oil has gone, and we serve the Delaware Basin, the most prolific basin, so but we've been in contact with our large oil and gas customers in terms of expectations there, and they haven't changed.

是的，尼克，我也可以嘗試加一點顏色。顯然，當你考慮石油價格走向時，其中一個領域是我們服務於特拉華盆地，這是最豐富的盆地，但我們一直與我們的大型石油和天然氣客戶就那裡的預期保持聯繫，他們的預期沒有改變。

Well, a little bit of feedback we got though as they're watching tariffs and how that could impact their business, but so far we haven't seen that impact on us, our sales to that mining and transportation sector we're up 9% quarter year over year, so sly down on SBS. We're still seeing it there.

嗯，我們收到了一些回饋，因為他們正在關注關稅以及這可能會對他們的業務產生什麼影響，但到目前為止，我們還沒有看到它對我們的影響，我們對採礦和運輸行業的銷售額同比增長了 9%，因此 SBS 的銷售額略有下降。我們仍然在那裡看到它。

One area we saw a little bit of weakness in March was just in Colorado on the small CNI sales, but again, one month doesn't make a trend. So just something that we're watching. But overall right now we sit here feeling comfortable with reaffirming our 3% sales growth for the year.

我們發現 3 月科羅拉多州的 CNI 銷量略有疲軟，但僅憑一個月的時間並不能形成一種趨勢。這只是我們正在觀察的事情。但總體而言，現在我們坐在這裡感到很舒服，可以重申今年 3% 的銷售成長。

Thank you.

謝謝。

Thank you. Julien Dumoulin-Smith, Jefferies. Please go ahead.

謝謝。朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。請繼續。

Hey, good morning team. Thank you, guys, very much. I appreciate it. But look, if I could follow up on Nick's question, it's really been a focus from a lot of folks on this transferability stuff just to go back to the, should we say, alternative that you were talking to a second ago about the 30-year flowback.

嘿，大家早安。非常感謝你們。我很感激。但是，如果我可以跟進尼克的問題，那麼很多人確實關注的是可轉移性問題，回到剛才您談到的關於 30 年回流的替代方案。

I mean, would that suffice in most of your case I get everything is discrete and specific, but do you see that sort of meaningfully offsetting the equity risk scenario here that could emerge, from going back to shall we say the prior regime. I just want to make sure I understand kind of the total impact of what you're contemplating there as well as just to clarify your specific [doc]. I know there's several different credits here and you know the eligibility for various credits to qualify for transability it could be bifurcated it seems like you can speak to that a little bit too.

我的意思是，在大多數情況下，這是否足夠？我知道一切都是離散的和具體的，但你是否認為這種做法能夠有效地抵消可能出現的股權風險情景，從而回到我們所說的以前的製度。我只是想確保我理解你所考慮的整體影響，並澄清你的具體[文件].我知道這裡有幾種不同的學分，你知道各種學分的可轉讓資格可能會分為兩類，似乎你也可以稍微談談這一點。

Yeah, Julien, let me first, let me again reiterate that we don't expect transferability to go away, particularly for projects that are in service and for the stuff that have already been safe harboured, particularly under the old regime as we think about it when the credits change from old regime to tech neutral this year. But yeah, that an alternative mechanism significantly reduces our equity impacts.

是的，朱利安，首先，讓我再次重申，我們不希望可轉移性消失，特別是對於正在服務的項目和已經安全託管的項目，特別是在舊制度下，當我們考慮今年信貸從舊制度轉變為技術中性時。但是的，替代機制大大降低了我們對公平的影響。

We also have to remember that or how we think about financing it. We also have to remember this drives rate base goes up too when you're have tax inefficiency. So, but as we think about this alternative fallback mechanism, obviously we'd work with our regulators on approval of it, but it is what we think about a very good solution in terms of how to manage some of the credit impacts and another I'd say we have a strong balance sheet.

我們還必須記住這一點，或者我們如何考慮為其融資。我們還必須記住，當稅收效率低下時，這也會導致稅率基數上升。因此，當我們考慮這種替代的後備機制時，顯然我們會與監管機構合作以獲得批准，但就如何管理一些信貸影響而言，我們認為這是一個非常好的解決方案，另一方面，我想說我們擁有強大的資產負債表。

We maintain a strong balance sheet for a reason, if you have to manage through any of these impacts, it's a timing issue when you think about this in terms of when you can monetize it. So overall I wanted to find some colour on scenario that probably most of our investors don't understand that there are alternatives out there in terms of how you can pull back these, and there are benefits to customers and to the company and how we do it, so.

我們保持強勁的資產負債表是有原因的，如果你必須應對這些影響中的任何一個，那麼當你考慮何時可以將其貨幣化時，這是一個時機問題。所以總的來說，我想找到一些可能大多數投資者都不明白的情景，即在如何撤回這些方面還有其他選擇，並且對客戶和公司都有好處，以及我們如何做到這一點，所以。

And then your question was around bifurcating different treatment of credits. Certainly, the Fedora check bill was just focused on wind and solar. It didn't impact the storage credits or the nuclear credits, but also, we think that is just a marker out there, as Bob's comments provided.

然後你的問題是關於對信用進行不同的處理。當然，Fedora 支票法案僅關注風能和太陽能。它不會影響儲存信用額或核信用額，而且，我們認為這只是一個標記，正如鮑伯的評論所提供的那樣。

There was a lot of support across Republican states, if you think about the House letter that had 21 Republicans signed on to it, the Senate letter that had four senators signed on to it, four Republican senators, so I think there's an understanding of the importance to the economy of these credits and what they do. There's a couple of good studies out there about the economic impacts and the 14 million plus jobs that the IRA will create over the next 10 years. So that's how I think about it in terms of overall and transferability being a key part of it.

共和黨各州都給予了大力支持，如果你想想眾議院的信函上有 21 名共和黨人簽名，參議院的信函上有 4 名參議員簽名，其中 4 名是共和黨參議員，所以我認為大家已經理解這些抵免對經濟的重要性及其作用。有一些很好的研究報告探討了 IRA 的經濟影響以及未來 10 年內它將創造的 1400 多萬個就業機會。這就是我從整體上看待這個問題的觀點，而可轉移性是其中的關鍵部分。

Actually guys, hey, thank you for the details. Just following up here, nicely done, but can you provide some further, elaboration on what's in this Colorado Wildfire mitigation plan, settlement agreement? It seems like there's some good stuff in there. We just want to speak to that a little bit more if you can elaborate on what exactly is, in that total plan.

事實上，夥計們，嘿，謝謝你們提供的詳細資訊。只是跟進一下，做得很好，但是您能否進一步詳細說明一下科羅拉多州野火緩解計劃和和解協議的內容？看起來裡面有一些好東西。如果您能詳細說明一下整體計劃到底是什麼，我們只想再多談一下。

Yeah, thanks, July. I can handle that. Yeah, overall, a very constructive settlement with a unanimous settlement with all the parties in that wildfire mitigation plan. Again, if you remember, that's a three-year plan, $1.9 billion split between $1.6 billion of capital and $300 million of O&M. And how we think about it's a win-win from all sides is we get constructive cost recovery here in the near term.

是的，謝謝，七月。我可以處理。是的，總的來說，這是一個非常有建設性的解決方案，各方在野火緩解計畫中達成了一致的解決方案。再說一次，如果你還記得的話，這是一個三年計劃，19 億美元分為 16 億美元的資本和 3 億美元的營運和維護費用。我們認為這對各方來說都是雙贏的，因為我們可以在短期內獲得建設性的成本回收。

We also get an extension of our insurance deferral that we had a one-year extension that expired in October. So we have an extension of that excess liability insurance deferral, but we also agreed to securitize approximately one or seek to securitize $1.2 billion of spend by 2029.

我們的保險延期也得到了延長，原先的一年延期於十月到期。因此，我們延長了超額責任保險的延期，但我們也同意到 2029 年將大約一筆支出證券化，或尋求將 12 億美元的支出證券化。

And that's really a helpful way to manage overall customer affordability. So when we look at this total package, we think it's a really good outcome to reach a unanimous settlement with a number of parties in that proceeding was again a good outcome, and we look forward to having the hearing in front of the commission here, I think, within a month.

這確實是管理整體客戶承受能力的有效方法。因此，當我們審視整個方案時，我們認為與多方達成一致解決方案是一個非常好的結果，我們期待在一個月內在此委員會面前舉行聽證會。

Excellent thank you guys. See you soon.

非常感謝你們。再見。

Thank you. Carly Davenport, Goldman Sachs.

謝謝。高盛的卡莉·達文波特。

Hey, good morning. Thanks for taking the questions. Maybe just to start on your comments on the tariff exposure, that 2% to 3% on the capital plan, could you just talk a little bit about the process or the timeline over what you'd expect to have those discussions with vendors and any sense of where you think that exposure could potentially go post having those discussions?

嘿，早安。感謝您回答這些問題。也許只是為了開始您對關稅風險的評論，即資本計劃中的 2% 到 3%，您能否稍微談談您期望與供應商進行這些討論的過程或時間表，以及您認為在進行這些討論之後，這種風險可能會走向何方？

Yeah, hey, Carly, good morning. I didn't take that one. Some of these discussions have already happened when you think about certain project specific, contracts that that we're working on, whether it's renewable projects, storage projects, I think about that 2% to 3% being as absolutely manageable when you think about that's a five-year time period, so.

是的，嘿，卡莉，早安。我沒有拿那個。當您考慮我們正在進行的某些特定項目、合約時，其中一些討論已經發生，無論是可再生項目還是儲存項目，我認為當您考慮到這是一個五年的時間段時，2% 到 3% 是絕對可控的，所以。

It's the conversations have started working through specific ones, but also, working with various suppliers in terms of, how much do they absorb, what happens there, but we also are already looking at, how do you diversify from a supply base.

對話已經開始，不僅針對具體問題，還與各種供應商合作，討論他們吸收了多少，那裡發生了什麼，但我們也已經在研究如何從供應基礎中實現多元化。

So I'll give you a recent example. We recently signed an agreement for substation power transformers. This is, I believe, last week that we signed it. This is where scale and scope comes in. So, we signed an agreement with nine different suppliers, five US domestic manufacturers, four global manufacturers to give us that kind of ability to source where we think it is most effective for our customers.

我給你舉一個最近的例子。我們最近簽署了一份變電站電力變壓器協議。我相信這是我們上週簽署的。這就是規模和範圍發揮作用的地方。因此，我們與九家不同的供應商、五家美國國內製造商和四家全球製造商簽署了協議，以便我們能夠在我們認為對客戶最有效的地方進行採購。

So I would say these discussions have been going on and not only just recently, but there's an expectation that tariffs were coming when the election happened back in November, we expected tariffs. We included tariff impacts into the bids we made in our RFP and down in SPS in January.

所以我想說這些討論一直在進行，而且不僅僅是最近才開始，而且人們預計關稅會在 11 月大選時出台，我們預料到了關稅。我們在 RFP 中的投標中考慮了關稅影響，並在 1 月的 SPS 中進行了削減。

So, I wouldn't view it as conversations that have just started, but it's now, as we understand where they are, then it's how do you navigate.

因此，我不會將其視為剛開始的對話，但現在，當我們了解它們在哪裡時，接下來就是如何導航。

Got it. I appreciate that. That's helpful. And then maybe just a quick follow up on the liability related to Smokehouse Creek going up to $290 million. I think you had highlighted in the prepared remarks, inclusion of some previously excluded verticals, but just curious if there's anything else, that you see at this point that could pose a risk to that number continuing to move higher, or you guys still feel good, about wherever that number goes relative to the insurance coverage.

知道了。我很感激。這很有幫助。然後也許只是快速跟進與 Smokehouse Creek 相關的負債高達 2.9 億美元的情況。我認為您已經在準備好的評論中強調了包括一些以前被排除在外的垂直行業，但我只是好奇是否還有其他什麼，您現在看到可能會對該數字繼續走高構成風險，或者您仍然對該數字相對於保險覆蓋範圍的走向感到滿意。

Yeah, and I'll give you a little bit more colour. The way I think about it is we're making really good progress on the overall claims. If you look at the details, we've settled 151 of the claims that's come through our process, so we've settled more than we took in in Q1.

是的，我會給你多一點色彩。我認為我們在整體索賠方面取得了非常好的進展。如果你看一下細節，我們就已經解決了 151 起透過我們流程遇到的索賠，所以我們解決的索賠比第一季收到的還要多。

So, we're making progress in terms of closing that from our internal claims process. We also have 25 lawsuits filed against us. What I didn't say in the opening remarks is we've settled or dismissed five of those already, so we've turned to settling the represented claims.

因此，我們在透過內部索賠流程解決該問題方面取得了進展。我們還面臨 25 起訴訟。我在開場白中沒有提到的是，我們已經解決或駁回了其中五個案件，所以我們已經轉向解決所代表的索賠。

And as you said in your question and as I said in my opening remarks, we've now had settled with the railroad entities, which was not in our low-end accrual before. We settled with the utility entity that was not in our low-end accrual, and we have made some settlements for tree damages. And so we've included the settlement payments in our $290 million accrual.

正如您在問題中所說以及我在開場白中所說，我們現在已經與鐵路實體達成和解，這之前並不在我們的低端應計範圍之內。我們與不在我們低端應計項目內的公用事業實體達成了和解，並且就樹木損害做出了一些和解。因此，我們將和解金計入了 2.9 億美元的應計款項中。

There's also one other called large claim that we've gone through the discovery process and included in our accrual. So from that perspective again it is following accounting guidance. It's a low end accrual and you can see what we've excluded in our disclosures, but overall, now I always point to people that we have five approximately $500 million of insurance coverage and we are well under that policy limit as we sit here today and we'll continue to make progress over the balance of the year on these claims.

還有一項稱為大額索賠的索賠，我們已經完成了發現過程並將其納入我們的應計範圍。因此從這個角度來看，它再次遵循會計指導。這是低端應計項目，你可以看到我們在披露中排除了哪些內容，但總體而言，現在我總是向人們指出，我們有大約 5 億美元的保險金額，而我們今天坐在這裡時，我們的保險金額遠低於該保單限額，我們將在今年剩餘時間繼續在這些索賠方面取得進展。

Great to see the progress there thanks so much for all the colour.

很高興看到那裡的進展，並非常感謝所有的色彩。

Thank you. Our next question is from Durgash Chopra with Evercore ISI. Please go ahead.

謝謝。我們的下一個問題來自 Evercore ISI 的 Durgash Chopra。請繼續。

Hey team, good morning. Thank you for taking my questions. I actually just have one all of the questions I've been asked. Just, any updated thoughts on, the Marshall fire, any conversations with stakeholders as we're approaching trial here this this fall, anything new there? Thank you.

嘿，團隊，早安。感謝您回答我的問題。事實上，我只想回答大家問到的所有問題。只是，對於馬歇爾大火有什麼最新的想法嗎？今年秋天我們即將進行審判時，與利益相關者有任何對話嗎？有什麼新消息嗎？謝謝。

Hey Durgesh and, yeah, I think just as I noted, in my prepared remarks that, in the plaintiffs expert reports we received two new causation theories, one related to a partially unattached piece of telecom equipment making contact with our line and the other one that being an unidentified flying object making contact with our lines.

嘿，Durgesh，是的，我想就像我在準備好的評論中提到的那樣，在原告專家的報告中，我們收到了兩種新的因果關係理論，一種與部分未連接的電信設備接觸我們的線路有關，另一種與不明飛行物體接觸我們的線路有關。

So four theories in total when you look at the sheriff's report, the Boulder sheriff's report, which had the Ignition being our first line and then the underground coal seam. So that's where we are, I think a little bit of discussions just from a process perspective. We have mediation process in this case that's standard for trials such as this deadline for mediation is May 29, so we'll work through that process. But as we sit here today and as we said before, we're diligently preparing ourselves for trial, which starts September 26.

因此，當您查看警長的報告時，總共有四種理論，博爾德警長的報告指出點火是我們的第一道防線，然後是地下煤層。這就是我們現在的情況，我認為只是從流程的角度進行一些討論。對於此案，我們有調解程序，這是審判的標準程序，例如調解的截止日期是 5 月 29 日，因此我們將按照該程序進行。但今天我們坐在這裡，正如我們之前所說的，我們正在為 9 月 26 日開始的審判做好充分的準備。

Awesome. Thanks, Brian. Yeah, well,

驚人的。謝謝，布萊恩。嗯，

Hey, Durgesh. Just what they got to add on there that I think, is important is the, that we believe that our indemnity agreements on our pole attachments are strong, as we think about the causation theories that have been proposed, that's just an important one to think through.

嘿，杜爾格甚。我認為他們要補充的是，重要的是，我們相信，我們對電線桿附件的賠償協議是強有力的，當我們考慮已經提出的因果關係理論時，這只是一個需要深思熟慮的重要理論。

Got it. Thank you.

知道了。謝謝。

Thank you. Jeremy Tonet, JP Morgan.

謝謝。摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Hey, Jeremy, how are you?

嘿，傑里米，你好嗎？

Good, thanks. Just want to, I guess to start off, could you elaborate on the potential regulatory treatment of wildfire related O&M expense, and are you expecting to recover some of these costs and what type of, what kind of assumptions underpin your guidance at this point?

很好，謝謝。我首先想問的是，您能否詳細說明與野火相關的 O&M 費用的潛在監管處理，您是否預計會收回部分成本，以及您目前的指導基於哪些類型的假設？

Hey Jeremy, I think, underpinning our guidance assumptions is always constructive regulatory treatment, and I'll kind of hit on a couple one. We talked about the Colorado Wildfire mitigation plan. Now that's a unanimous settlement still awaiting commission, a commission hearing and approval, but that includes concurrent recovery for our O&M expenses related to our wildfire investments. And so that what I said is a very good constructive outcome in awaiting the decision by the commission there.

嘿，傑里米，我認為，支撐我們指導假設的始終是建設性的監管措施，我會談到其中的幾點。我們討論了科羅拉多州野火緩解計劃。現在，這是一項一致的解決方案，仍在等待委員會的聽證和批准，但其中包括同時收回與我們的野火投資相關的 O&M 費用。因此，我所說的是，等待委員會的決定將是一個非常好的建設性的結果。

We have filed re regulatory deferral. For regulatory referrals around our insurance premiums, we've made a filing in Wisconsin, Texas, and New Mexico, and so we expect decisions there for Q2, Q3 time frame on those three filings.

我們已經提交了監管延期申請。對於我們保險費的監管推薦，我們已經在威斯康辛州、德克薩斯州和新墨西哥州提交了申請，因此我們預計這三個州將在第二季和第三季做出決定。

And then in Minnesota that would just be part of our Ray case. We've included our wildfire O&M expenses of investments in the rate case which has a forest year for 2025 and that decision will play out that proceedings a little bit longer dated, but overall, we do assume constructive regulatory outcomes overall just as part of general guidance assumptions year in and year out.

然後在明尼蘇達州，這只是我們雷案的一部分。我們已將野火營運和維護投資費用納入了費率案例中，該案例的森林年為 2025 年，而該決定將使訴訟程序的期限稍微延長一些，但總體而言，我們確實假設總體上具有建設性的監管結果，這只是年復一年的一般指導假設的一部分。

Got it. Thank you. And then maybe pivoting towards back towards data centres here, it seems like a lot of the pipeline has been in Minnesota, but just wanted to see, I guess, how you see things developing across other service territories, especially Colorado. Could they be kind of a broadening of this?

知道了。謝謝。然後也許再回到這裡的資料中心，似乎很多管道都在明尼蘇達州，但我只是想看看你如何看待其他服務區域，特別是科羅拉多州的發展。它們能擴大這種範圍嗎？

Yeah, I think, as we've spoken about this, the last few calls, we talked about, you're absolutely right, you've heard us talk about the opportunities in Minnesota and the interests we've seen there, we've seen it expand beyond Minnesota, as you allude to.

是的，我認為，正如我們談論過的那樣，在過去的幾次通話中，我們談到了這一點，您完全正確，您聽到我們談論了明尼蘇達州的機會以及我們在那裡看到的興趣，我們已經看到它擴展到明尼蘇達州以外，正如您所提到的。

One we already have a data centre in construction in Colorado and that was one of our signed contracts and the 33 contracts we're working on right now is what I talked about in my opening remarks that we expect to have signed by this fall. One is in Colorado. We're also, we also worked on what we call a large load cluster study in Colorado, and you look at looking at called this co-location area near the Denver airport in Aurora which was not only some data centre customers but also a large industrial customer and a large distribution centre.

其中一個是，我們已經在科羅拉多州建造一個資料中心，這是我們簽署的合約之一，我們目前正在進行的 33 份合約是我在開場白中提到的，我們預計將在今年秋天簽署。其中一個在科羅拉多州。我們還在科羅拉多州進行了一項大型負載叢集研究，你可以看到奧羅拉丹佛機場附近的這個共置區，那裡不僅有一些資料中心客戶，還有一個大型工業客戶和一個大型配送中心。

So gaining interest in Colorado, but we also have a lot of interest in Wisconsin too. So as we think about it, we have signed agreements in three different states today and then we also have the three agreements that we're working on one in Wisconsin, one in Minnesota, one in Colorado.

因此，我們對科羅拉多州產生了興趣，但我們對威斯康辛州也非常感興趣。因此，當我們考慮這一點時，我們今天已經在三個不同的州簽署了協議，然後我們還有三項正在努力達成的協議，一項在威斯康辛州，一項在明尼蘇達州，一項在科羅拉多州。

So it's helpful to kind of see that interest across our states and we're also seeing. In interest in the Dakotas. There was a land sale last year in South Dakota to a data centre, so I would continue to receive inbound inquiries and have a strong pipeline.

因此，看到各州表現出這種興趣是有幫助的，我們也看到了。對達科他州有興趣。去年，南達科他州有一塊土地出售給一個資料中心，因此我會繼續收到來電諮詢，並擁有強大的管道。

So our goal is to execute on fulfilling that kind of what we call high probability pipeline by this fall for our investors and really for our customers when we look at the benefit it creates for our customers and maintaining affordability.

因此，我們的目標是在今年秋天之前為我們的投資者和我們的客戶實現我們所說的高機率管道，同時我們看到它為我們的客戶創造了利益並保持了可負擔性。

In the Southwest as well, we filed AQ studies with the Southwest Power pool for thousands of megawatts of data centre inquiries down there, a little bit further back in our probability pipeline for data centres, but we're still seeing lots of interest down there, if you think about it, our SPSC and I tariff is one of the lowest in the country and has attracted some attention as well.

在西南地區也是如此，我們向西南電力集團提交了 AQ 研究，對那裡數千兆瓦的數據中心進行了詢問，這在我們數據中心的概率管道中稍微靠後一些，但我們仍然看到那裡有很多興趣，如果你想想的話，我們的 SPSC 和 I 關稅是全國最低的關稅之一，也引起了一些關注。

Got it. That's helpful there. And just want to go back to Colorado if I could, one last one. How do you think about pacing a high Colorado investment against, high sales growth as you've outlined there? Do you see any periods of relatively elevated bill inflation as investments come in ahead of low? Just wondering, stakeholder feedback on bill inflation in Colorado.

知道了。這很有幫助。如果可以的話，我只想回到科羅拉多州，最後一次。您如何看待科羅拉多州的高投資與高銷售成長之間的平衡？隨著投資進入低谷，您是否看到過票據通膨相對上升的時期？只是想知道利益相關者對科羅拉多州賬單通膨的反饋。

Yeah, I mean, we have a significant investment plan in Colorado, and I think, we are very focused on affordability. Maybe I started from a little bit higher level is if we look at our customer bills in Colorado on the electric perspective, they're the second lowest in the nation from an affordability perspective as share of wallet. And then when you looked at the combined electric and gas that's lowest in the nation from an affordability perspective.

是的，我的意思是，我們在科羅拉多州有一個重大的投資計劃，而且我認為，我們非常注重可負擔性。也許我從更高的層次開始，如果我們從電費的角度來看科羅拉多州的客戶帳單，從可負擔性的角度來看，他們的錢包份額是全國第二低的。然後，當您從可負擔性角度查看電力和天然氣的總價格時，這是全國最低的。

So we're in a really good place in Colorado from an affordability perspective, significant investments certainly working with the commission, that's a, that's an avenue of additional. Requests we made in our current resource plan in terms of providing the longer term affordability look, so working closely with our commission and stakeholders on that.

因此，從可負擔性的角度來看，我們在科羅拉多州處於一個非常好的位置，大量的投資肯定與委員會合作，這是一個額外的途徑。我們在目前資源計劃中提出了提供長期可負擔性方面的要求，因此需要與我們的委員會和利害關係人密切合作。

And that was also part of the wildfire mitigation plan that we just settled here in terms of looking at securitization, some of these unique investments we're making to protect our customers and communities. So certainly, top of mind like you said, it could be a little bit elevated customer bills here in the near term as we work to get that load online later, call it in the five years, but certainly something we'll work with our commission and stakeholders on managing that affordability.

這也是我們剛剛制定的野火緩解計劃的一部分，該計劃涉及證券化，我們正在進行一些獨特的投資，以保護我們的客戶和社區。因此，當然，正如您所說，首先要考慮的是，短期內客戶帳單可能會略有增加，因為我們稍後會努力將這些負載上線，也就是五年內實現這一目標，但肯定會與我們的委員會和利益相關者合作來管理這種可負擔性。

The other lens of this is, we talked in our prepared remarks about $5 billion across all of Xcel Energy on savings from wind energy and tax credits. Colorado sits in one of the windiest and sunniest parts of the country. We have the ability to make an energy transition there very cost effectively, our forecast for Colorado is to be more than 80% carbon reduced by the end of this decade, tapping into those great resources, we think that that footprint allows us to be very attractive in economic development as well.

另一個角度是，我們在準備好的演講中談到了 Xcel Energy 將從風能和稅收抵免中節省 50 億美元。科羅拉多州是美國風力最強、陽光最充足的地區之一。我們有能力在那裡以非常經濟的方式實現能源轉型，我們預測到本世紀末科羅拉多州的碳排放量將減少 80% 以上，利用這些豐富的資源，我們認為這種足跡也將使我們在經濟發展中具有很大的吸引力。

When you think about low cost energy and the attraction to bring economic development, whether it's data centres, whether it's the oil and gas load in the DJ Basin, or whether it's new onshoring and reshoring, we think Colorado's a great home for economic development and as we all know, more sales is beneficial to the broad customer base.

當您考慮低成本能源和帶來經濟發展的吸引力時，無論是資料中心，還是 DJ 盆地的石油和天然氣負荷，還是新的在岸和回岸，我們都認為科羅拉多州是經濟發展的理想之地，眾所周知，更多的銷售有利於廣大客戶群。

So our continued focus on, bringing businesses to Colorado, minimizing the bill impacts from an energy transition and from a growth perspective is a real focus for the company.

因此，我們繼續致力於將企業引入科羅拉多州，最大限度地減少能源轉型和成長對帳單的影響，這是公司真正的重點。

Got it. That's very helpful. Thank you.

知道了。這非常有幫助。謝謝。

Thank you. David Arcaro, Morgan Stanley.

謝謝。摩根士丹利的戴維‧阿卡羅。

Hey, thanks so much good morning.

嘿，非常感謝，早安。

Morning David.

早安，大衛。

I wanted to clarify, is the, I think you called out 2% to 3% total tariff impact on your investment plans. Does that consider all of the renewables investment as well and like specifically the [AD CVD] ruling that we had just recently in the potential increased cost in the solar supply chain.

我想澄清的是，我認為您提到的總關稅對您的投資計劃有 2% 到 3% 的影響。這是否也考慮了所有再生能源投資，特別是我們最近做出的 [AD CVD] 裁決，即太陽能供應鏈中潛在的成本增加。

Hey David, good morning. Yeah, we're that 2% to 3% is really just focused on our base $45 billion capital plan, and we think about that, in over a five year time period, very modest and manageable in terms of AD CBD. We do not.

嘿，大衛，早安。是的，我們認為 2% 到 3% 實際上只是專注於我們 450 億美元的基礎資本計劃，我們認為，在五年以上的時間內，就 AD CBD 而言，這是非常適度且易於管理的。我們沒有。

Expect any impacts from that recent AD CVD ruling that came up from the Commerce Department on Monday. So we're comfortable that was well communicated with that investigation, and we took steps with our suppliers to ensure that we would not get impacted by it. So, as we in from, so I think longer term on the wind side in terms of our agreements with our OEMs we feel good about in terms of managing the tariff impacts on the wind side and the solar side.

預計商務部周一公佈的最新反傾銷反補貼裁決將會產生影響。因此，我們很高興與供應商就該調查進行了良好的溝通，並採取措施確保我們不會受到影響。因此，正如我們所了解的，我認為從風能的長期來看，就我們與 OEM 達成的協議而言，我們對管理風能和太陽能的關稅影響感到滿意。

Got it perfect. And then just curious on the data centre side of things, I think your longer-term kind of data centre target, or the pipeline level didn't change versus the prior quarter. It sounds like there's been activity though maybe in the earlier stage pipeline. Is that the right way to think about it where you've seen, I guess, additional gigawatts coming in the earlier stages, but, what and I guess what's the cadence of how you would update that that more from pipeline forecast.

完美了。然後我只是對資料中心方面的事情感到好奇，我認為您的長期資料中心目標或管道水準與上一季相比沒有變化。聽起來好像在早期階段就已經有一些活動了。這是正確的思考方式嗎？我想，您已經看到在早期階段會出現額外的千兆瓦，但是，我想，您將如何根據管道預測來更新這一情況？

David, yeah, I don't think it's, I don't think we've seen much of a timing in terms of pulling things earlier. What we've made really good progress, I would say with the three that we're working on to sign, and like I said, there's one in each of our states, Colorado, sorry, yeah. Colorado, Minnesota, and Wisconsin.

大衛，是的，我不認為，我不認為我們在提早採取行動方面有太多的時機。我想說的是，我們已經取得了非常好的進展，我們正在努力簽署三份協議，就像我說的，我們每個州都有一份，科羅拉多州，對不起，是的。科羅拉多州、明尼蘇達州和威斯康辛州。

But I don't think the timing of it has changed necessarily when I look at it. No, we're signing contracts for those three customers today, they're going to be a little bit backdated in our five-year forecast.

但我認為，從我的角度來看，它的時機並不一定會改變。不，我們今天要與這三位客戶簽訂合同，他們在我們的五年預測中會有些追溯。

So yeah, overall we haven't changed our kind of pipeline. Don't expect us to update that 8,900 until Q3. We'll just do it with our normal kind of five-year sales cycle, but the timing I would call it is intact with kind of within the next five years and what we expect to bring on.

所以，總體而言，我們並沒有改變我們的管道類型。不要指望我們在第三季之前更新那 8,900。我們將按照正常的五年銷售週期來實現這一目標，但我認為其時間安排在未來五年內是完整的，並且是我們預計會帶來的結果。

Yeah, got it. Okay great I appreciate it thanks so much.

是的，明白了。好的，太好了，我很感激，非常感謝。

Thank you. Anthony Crowdell, Mizuho.

謝謝。瑞穗的安東尼克勞德爾。

Hey, good morning team. It's, just, it's really nice calling Investor Relations and not hearing into sound in the background.

嘿，大家早安。只是，打電話給投資者關係部門並且聽不到背景聲音的感覺真的很好。

Just he's probably listening, Anthony.

他可能只是在聽，安東尼。

I know. So I had to make fun of him. Just, I, one clarification, one question. I think it was to Dugesh's question earlier on a new cause related to the Marshall fire. I just apologize if I heard correctly. Is a plaintiff claiming the cause of the fire was a UFO hit your wire and the wire fell and caused the fire?

我知道。所以我只好取笑他。我只是想澄清一個問題。我認為這是針對杜格甚先前提出的有關馬歇爾火災新原因的問題。如果我沒聽錯的話，我深感抱歉。原告是否聲稱火災的原因是不明飛行物撞到了你的電線，然後電線掉落並引起了火災？

The cause, so what I said was there are two theories introduced by the plaintiffs' experts in their reports that they submitted and that was their language that an unidentified flying object or something hit our lines and act and our lines again our lines did not fall to the ground.

原因，所以我說的是原告專家在他們提交的報告中提出了兩種理論，他們的說法是，一個不明飛行物或某物擊中了我們的線路，並且我們的線路再次沒有掉到地上。

We had one line that came off the insulator, but we had no down power lines, but that was the theory that they put forth and the other theory was that a piece of partially unattached telecom equipment hit our line. So those are the two theories, but you're correct in terms of how I phrased it in that first part.

我們有一條線路從絕緣體上脫落，但沒有電線掉落，但這是他們提出的理論，另一個理論是，一塊部分未連接的電信設備撞到了我們的線路。所以這就是兩種理論，但就我在第一部分的表達而言，你是對的。

Got it. Okay. And just if I could circle back, I think Bob you talked on it earlier on coal plant retirements, you highlighted just years of planning. I think you maybe have scheduled maybe one or two plant retirements this year, maybe Comanche. Just thoughts if you go, I assume they're still on schedule, just any clarity you could provide to that.

知道了。好的。如果我可以回過頭來，我想鮑勃，你之前談到過煤電廠退役的問題，你強調了多年的規劃。我認為您可能已經安排了今年一兩座工廠的退役，也許是科曼奇工廠。只是想說，如果你去的話，我認為他們仍然按照計劃進行，你能否對此提供任何澄清。

Yeah, so the way I think about it is we probably have a coal plant a year through the balance of the decade. This year is the second unit at Comanche. I think the unit, Anthony, is probably 60 years old, 50, 60 years old, and so our expectation is at the end of the year that that unit shuts down along with its sister unit which shut down two years ago. And that's the plan, and we're working towards that.

是的，所以我的想法是，在未來十年內，我們可能每年都會建造一座燃煤電廠。今年是科曼奇的第二支部隊。我認為安東尼這個單位可能有 60 年、50 年或 60 年的歷史了，因此我們預計該單位將在年底與兩年前關閉的姊妹單位一起關閉。這就是計劃，我們正在努力實現這個目標。

And when you think about the renewable buildout in the Colorado power pathway that is underway in the state right now, that's the reliability replacement for that unit that is retiring at the end of this year. So we work with our states for years, including sometimes almost decades on the transition plans.

當您想到科羅拉多州目前正在進行的電力路徑中的可再生能源建設時，這就是即將於今年年底退役的機組的可靠性替代品。因此，我們與各州合作多年，有時甚至幾十年來致力於過渡計畫。

We've been incredibly successful in maintaining reliabilities. Brian commented on in particular in Colorado, one of the lowest electric bills in the country, while we've done a significant transition away from coal in that state, and we expect that to continue.

我們在維護可靠性方面取得了令人難以置信的成功。布萊恩特別提到了科羅拉多州，該州的電費是全國最低的之一，而我們在該州已經實現了擺脫煤炭的重大轉變，我們預計這種轉變將持續下去。

Great thanks so much I appreciate you taking my question.

非常感謝，感謝您回答我的問題。

Thank you. Ryan Levine, Citi. Please go ahead.

謝謝。花旗銀行的瑞安‧萊文 (Ryan Levine)。請繼續。

Good morning. What impact do you see from the potential new Texas legislation related to wildfires in terms of its impact to your mitigation plans in the future in Texas?

早安.就德州未來應對野火的緩解計畫而言，您認為德州可能出台的新立法將產生什麼影響？

Ryan, can you be a little bit more specific which piece of legislation that you're talking about because there's several pieces of legislation that are out there.

瑞安，您能否更具體地說明您所談論的是哪一項立法，因為目前已經有幾項立法了。

Yeah, so there's a few there's a few bills being proposed by a congressman from your service territory around, different ways to reduce risk to your service territory, related to both, private EMP land in terms of whose jurisdiction it would be under and then a few others around mitigation plans. I didn't know if that had any implications for CapEx or risk reduction for the company.

是的，您所在服務區域的國會議員提出了幾項法案，其中涉及降低您所在服務區域風險的不同方法，這些方法既涉及私人 EMP 土地的管轄範圍，也涉及其他一些緩解計劃。我不知道這是否會對公司的資本支出或風險降低產生任何影響。

Yeah, let me start, and then Brian opined, but first of all, we feel really good about where our system resiliency plan conversations went with stakeholders in Texas and a unanimous settlement on that program is going to allow us to make hardening investments into the state that we think are important.

是的，讓我開始吧，然後布萊恩發表了意見，但首先，我們對與德克薩斯州利益相關者就係統彈性計劃進行的對話感到非常滿意，並且對該計劃的一致解決將使我們能夠對我們認為重要的州進行強化投資。

The legislation that's gone, there's probably two that I talked about. One is around poll inspection programs and having more of a state law around that, I think we're generally supportive of, poll inspections and poll inspection programs and reporting compliance with those programs, that, poll inspections are generally operating expenses go through regular rate cases, and I don't think it's material impact on the capital side for the business.

已經推出的立法大概有兩項是我談到的。一是圍繞民意調查檢查計劃，並製定更多的州法律，我認為我們總體上支持民意調查檢查和民意調查檢查計劃，並報告這些計劃的遵守情況，民意調查檢查通常是通過常規費率案例的運營費用，我認為這不會對企業的資本方面產生重大影響。

And the second is more around, wildfire liability and the opportunity to submit a wildfire management program and then having it done so in compliance with that program, you'd have an affirmative defence against civil lawsuits on liability side.

第二個涉及野火責任以及提交野火管理計劃的機會，然後按照該計劃進行，您將對責任方面的民事訴訟擁有積極的辯護。

So we think both pieces of legislation could be valuable. I don't think they lead to significant investment. I think that's largely being done through our SRP, which again is under a unanimous settlement and looking for commission approval later this year.

因此我們認為這兩項立法都很有價值。我認為它們不會帶來大量投資。我認為這主要是透過我們的 SRP 來實現的，該 SRP 也已達成一致，並希望在今年稍後獲得委員會的批准。

Yeah, and right now there's two more pieces I can touch on. Yeah, there is some legislation that is really directed at the oil and gas lines, and then there's other legislation that we certainly support is more around kind of Texas improving the state firefighting capabilities. That's around, funding for firefighting aircraft, funding for rural volunteer firefighting departments, new emergency management facilities, things like that which we certainly support.

是的，現在我還有兩點可以談。是的，有一些立法確實針對石油和天然氣管道，還有一些我們當然支持的立法更多的是圍繞德克薩斯州提高州消防能力。其中包括消防飛機的資金、農村志願消防部門的資金、新的緊急管理設施等，這些都是我們肯定會支持的。

But overall, if I think about our system resiliency plan and the investments we're making, whether it's in Texas, New Mexico, Colorado, Minnesota, it's all about protecting our customers and communities, and that's how we think about the plans that we put forth is really protecting them and this legislation we don't see it having an impact on how we think about the risk and how we protect our customers in terms of the investments we're making.

但總的來說，如果我考慮我們的系統彈性計劃和我們正在進行的投資，無論是在德克薩斯州、新墨西哥州、科羅拉多州還是明尼蘇達州，都是為了保護我們的客戶和社區，這就是我們認為我們提出的計劃真正在保護他們的方式，我們認為這項立法不會影響我們如何看待風險以及如何在投資方面保護我們的客戶。

Thanks. And then in terms of tax credit transferability, have you discussed or previewed the credit implications for different transferability iterations with the rating agencies and how they may view the implications as it's more of an industry-wide issue, any car you could share around how different decisions may be interpreted from your credit metrics.

謝謝。然後，在稅收抵免可轉移性方面，您是否與評級機構討論或預覽過不同可轉移性迭代對信用的影響，以及他們如何看待這些影響，因為這更像是一個全行業的問題，您是否可以分享如何從您的信用指標中解讀不同的決策。

Ryan, we, our annual meetings with the agencies are in September. Again, we think anything happening to transferability or having tax credits without transferability is a very low likelihood. So if certain, if something happened, we certainly would have a conversation with them. But again, overall our conversations back in September were good conversations but didn't focus on this, which we think is a low probability outcome.

瑞安，我們與各機構的年度會議是在九月舉行的。再次，我們認為，發生任何與可轉讓性有關的事情，或者在沒有可轉讓性的情況下獲得稅收抵免的可能性非常低。所以，如果發生某些事情，我們肯定會與他們交談。但總體而言，我們 9 月的談話是很好的，但並沒有重點關注這一點，我們認為這是一個低機率的結果。

Okay. Appreciate the time.

好的。珍惜時間。

Thank you. Travis Miller, Morningstar.

謝謝。崔維斯·米勒，晨星。

Thank you. Good morning, everyone.

謝謝。大家早安。

Hey Travis.

嘿，崔維斯。

And Ryan there teed up a little bit on Texas. That was my question. And but on a little different perspective here, obviously a lot of headlines, a lot of talk about the power generation side and given your different regulatory framework, I say outside of [UROT].

瑞安 (Ryan) 在德克薩斯州 (Texas) 稍稍準備。這就是我的問題。但從稍微不同的角度來看，顯然很多頭條新聞，很多關於發電方面的討論，考慮到你們不同的監管框架，我說的是[UROT]。

What's your take in terms of, as there's more uncertainty around the rest of the state, does that either impact you, does it give you an advantage, attracting demands any kind of implications there is there's more and more uncertainty on the power generation side, demand forecasting outside of your area in Texas, if that makes sense.

由於該州其他地區的不確定性越來越多，您對此有何看法？這是否會影響到您？是否會為您帶來優勢，吸引需求？發電方面的不確定性越來越多，對您所在的德州以外地區的需求預測有什麼影響？如果可以理解的話。

Yeah, hey, Travis the way I think about it, and Bob kind of alluded to this with the AQ studies, we have a significant amount of demand already and that's a little bit a kind of point towards the RFP we have in flight right now. We've that RFP we have in flight is between 5,000 megawatts and 10,000 megawatts of new generation. In that upper end, that 10,000 megawatts is really to serve our oil and gas customers with the demand we're seeing there.

是的，嘿，特拉維斯，我是這樣認為的，鮑勃在 AQ 研究中提到了這一點，我們已經有大量的需求，這在某種程度上指向了我們現在正在進行的 RFP。我們正在進行的 RFP 是新一代發電量在 5,000 兆瓦到 10,000 兆瓦之間。在這個上限，10,000 兆瓦實際上是為了滿足我們的石油和天然氣客戶的需求。

And again, I mean, that's so from our perspective, we have a significant amount of dam demand without even considering what's happening in the other parts of Texas. So you know our focus is on ensuring we can serve our current customers and potential data centre load that we're seeing from it. So I would say we already have robust demand there even before any impacts from all the other parts of Texas and if any entities want to locate in SPP territory.

再說一次，我的意思是，從我們的角度來看，我們對大壩的需求量很大，甚至沒有考慮德州其他地區的情況。所以您知道我們的重點是確保我們能夠為現有客戶和我們看到的潛在資料中心負載提供服務。因此我想說，即使在受到德克薩斯州其他地區的影響之前，以及任何實體想要在 SPP 領土內落戶之前，我們那裡就已經有強勁的需求。

And just take Travis, I don't know if your question was aimed at the risk side. I mean, the interconnectivity between UROT and the Southwest Power pool is relatively de minimis and it's through DC ties. So there's no contagion risk, I would say, operationally between those two systems.

就拿特拉維斯來說，我不知道你的問題是否針對風險面。我的意思是，UROT 和西南電力集團之間的互連相對較少，並且是透過 DC 連接實現的。因此，我認為從操作上來說，這兩個系統之間不存在傳染風險。

Okay, yeah, that's helpful. Anything in the state legislation that's going on again outside of what you're discussing earlier with system resilience and Wi-Fi, anything in other there's other bills out there that would impact you directly at all again, kind of the power generation focus stuff.

好的，是的，這很有幫助。除了您之前討論的系統彈性和 Wi-Fi 之外，州立法中還有什麼內容會再次對您產生直接影響，其他法案中還有什麼內容會再次對您產生直接影響，例如發電重點內容。

Yeah, so, I did talk about wildfire legislation in Texas. We also had similar legislation in North Dakota as well, which we are, we're buoyed by. I think the only thing I'd comment on really that that's broad on the generation side is really the continued trend and support for nuclear more broadly across the country and in our states.

是的，我確實談到了德州的野火立法。北達科他州也推出了類似的立法，我們對此感到振奮。我認為我真正要評論的唯一事情是，在發電方面，全國和各州對核能的持續趨勢和更廣泛的支持。

We've gotten a nuclear siding legislation in both Wisconsin and North Dakota and then in Colorado they changed the law to recognize that nuclear counts as a clean energy resource under their calculations for carbon-free generation.

威斯康辛州和北達科他州都已製定了核電立法，科羅拉多州也修改了法律，承認核電在無碳發電計算中屬於清潔能源。

So not surprising there's been a national trend towards nuclear as a preferred form of generation. We think it's years out into the next decade before nuclear becomes certainly SMR has become likely across the country, but with data centre loads and other large load growth across the country, you could see, folks looking at even large scale nuclear facilities again to serve some of this big load.

因此，全國傾向於使用核能作為發電方式也就不足為奇了。我們認為，核電要到未來十年才能在全國範圍內實現 SMR 化，但隨著全國數據中心負載和其他大負載的增長，你會看到，人們會再次考慮使用更大規模的核設施來承擔部分大負荷。

Okay, great. Well send you part up real quick. The Texas policy in terms of nuclear, do you have a stance either way?

好的，太好了。我們會盡快將您的部分發送上來。對於德州的核子政策，您有什麼立場嗎？

Well, so look, Texas has been broadly supportive of nuclear. I mean, I think they want a big piece of the nuclear supply chain and whether it's from R&D or manufacturing of large components to wholesale manufacturing of SMRs to the implementation onto the grid. So as a state, Texas has been, pro-nuclear for a host of reasons, and of course we would support that as well.

嗯，所以看，德克薩斯州一直廣泛支持核能。我的意思是，我認為他們想要佔據核能供應鏈的很大一部分，無論是從大型零件的研發或製造，到 SMR 的批發製造，再到電網的實施。因此，作為一個州，德州出於多種原因一直支持核能，當然我們也會支持這一點。

Okay, great. Thanks so much for your time.

好的，太好了。非常感謝您抽出時間。

Thanks, Travis.

謝謝，崔維斯。

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

謝謝。由於我們沒有其他問題，我想將電話轉回給財務長 Brian Van Abel 做最後演講。

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

是的，感謝大家參加我們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 does conclude 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。