埃克西爾能源 (XEL) 2025 Q3 法說會逐字稿

Hello and welcome to Xcel Energy third-quarter 2025 earnings conference call. My name is George, and I'll be a coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)

大家好，歡迎參加Xcel Energy 2025年第三季財報電話會議。我叫喬治，我將擔任今天活動的協調員。請注意，本次會議正在錄影。（操作說明）

I'd like to call you over now to Roopesh Aggarwal, Vice President, Investor Relations, to begin today's conference. Please go ahead, sir.

現在我請投資者關係副總裁魯佩什·阿加瓦爾先生開始今天的會議。請繼續，先生。

Thank you, George, and good morning. Welcome to Xcel Energy's third-quarter 2025 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.

謝謝你，喬治，早安。歡迎參加 Xcel Energy 2025 年第三季財報電話會議。今天與我一同出席的有董事長、總裁兼執行長鮑伯·弗倫澤爾，以及執行副總裁兼財務長布萊恩·範·阿貝爾。

In addition, we have other members of the management team in the room to answer your questions if needed. This morning, we will review our third quarter 2025 results and highlights, share recent business and regulatory updates, update our five-year capital and financing plan, and provide updated 2025 assumptions and 2026 guidance.

此外，我們管理團隊的其他成員也在現場，如有需要，他們可以回答您的問題。今天上午，我們將回顧 2025 年第三季業績和亮點，分享近期業務和監管方面的最新動態，更新五年資本和融資計劃，並提供更新後的 2025 年假設和 2026 年指引。

Slides that accompany today's call are available on our website. 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.

今天電話會議的幻燈片可在我們的網站上查看。今天電話會議中的一些評論可能包含前瞻性資訊。可能導致實際結果與預期結果之間存在差異的重大因素已在我們的獲利報告和提交給美國證券交易委員會的文件中進行了描述。今天，我們將討論一些非GAAP指標。可比較GAAP指標和調節表的資訊已包含在我們的獲利報告中。

In the third quarter of 2025, Xcel Energy recorded a charge of $290 million or $0.30 per share, reflecting the settlement in principle reached with plaintiffs in the Marshall wildfire. Given the non-recurring nature of this item, it has been excluded from third quarter and year-to-date ongoing earnings. As a result, our GAAP earnings for the third quarter of 2025 were $0.88 per share, while our ongoing earnings which exclude this non-recurring charge, were $1.24 per share. All further references to earnings, drivers and variances in our discussion today will refer to ongoing earnings. For more information on this, please see the disclosure in our earnings release.

2025 年第三季度，Xcel Energy 提列了 2.9 億美元或每股 0.30 美元的費用，反映了與 Marshall 山火原告達成的原則和解。鑑於該項目屬於非經常性項目，因此已將其從第三季和年初至今的持續經營收益中剔除。因此，我們 2025 年第三季的 GAAP 收益為每股 0.88 美元，而扣除這項非經常性費用後的持續收益為每股 1.24 美元。今天討論中所有關於收益、驅動因素和差異的後續提及均指持續收益。有關這方面的更多信息，請參閱我們盈利報告中的披露內容。

I will now turn the call over to Bob.

現在我將把通話轉給鮑伯。

Thank you, Roopesh, and good morning, everybody. In the third quarter of 2025, Xcel Energy continued our commitment to our customers, our investors and our communities to make energy work better. During the quarter, we delivered solid earnings of $1.24 per share. We invested over $3 billion and $8 billion year-to-date in resilient and reliable energy infrastructure for our customers.

謝謝你，Roopesh，大家早安。2025 年第三季度，Xcel Energy 繼續履行我們對客戶、投資者和社區的承諾，讓能源更好地發揮作用。本季我們實現了每股 1.24 美元的穩健收益。今年迄今為止，我們已投資超過 30 億美元至 80 億美元，為我們的客戶打造具有韌性和可靠性的能源基礎設施。

We reached a comprehensive and constructive settlement with plaintiffs in the Marshall wildfire that helped our customers and our communities to move forward. And we accelerated our wildfire risk reduction efforts to protect our communities from volatile weather.

我們與馬歇爾山火的原告達成了全面且建設性的和解，這有助於我們的客戶和社區向前發展。我們加快了降低野火風險的步伐，以保護我們的社區免受極端天氣的影響。

Based on our results through the third quarter, we are reaffirming our earnings guidance for 2025 and remain confident in our ability to deliver on earnings guidance for the 21st year in a row, one of the best track records in the industry. As per our usual Q3 rhythm, today, we are introducing our updated five-year infrastructure investment plan designed to serve increased energy demand, make needed investments to strengthen our transmission and distribution systems, provide a cleaner and more sustainable energy portfolio and to keep energy safe, reliable and affordable for all of our customers.

根據我們第三季的業績，我們重申對 2025 年的獲利預期，並對我們連續第 21 年實現獲利預期充滿信心，這是業內最佳的業績記錄之一。按照我們往常第三季的節奏，今天，我們將推出更新的五年基礎設施投資計劃，旨在滿足不斷增長的能源需求，進行必要的投資以加強我們的輸配電系統，提供更清潔、更可持續的能源組合，並確保我們所有客戶的能源安全、可靠且價格合理。

In total, we expect this plan to deliver 7,500 megawatts of zero-carbon renewable generation, 3,000 megawatts of natural gas-fired generation and almost 2,000 megawatts of energy storage to ensure system reliability, 1,500 new high-voltage transmission line miles to support demand growth in regional delivery and approximately $5 billion of investment in our distribution and transmission systems to improve resiliency and reduce future risk from wildfires.

總體而言，我們預計該計劃將提供 7,500 兆瓦的零碳可再生能源發電、3,000 兆瓦的天然氣發電和近 2,000 兆瓦的儲能，以確保系統可靠性；新建 1,500 英里高壓輸電線路，以支持區域輸送需求的增長；並對我們的配電和輸電系統進行約 50 億美元的投資，以降低未來危險性野火。

We're able to accomplish this plan because we have one of the best utility development and supply chain teams in the industry. And in combination with our strong balance sheet, we can deliver infrastructure timely and affordably for our customers.

我們之所以能夠實現這項計劃，是因為我們擁有業內最優秀的公用事業開發和供應鏈團隊之一。憑藉我們強勁的資產負債表，我們可以及時、經濟地為客戶提供基礎設施。

In connection with this forecast, we have safe harbored all renewable and storage projects in our base capital plan and expect the same for the projects in our incremental plan to ensure that we can capture available tax credits and help keep customers' bills low natural gas on order, which will provide over 4 gigawatts of natural gas generation to help ensure reliability and affordability.

有鑑於此預測，我們已將所有再生能源和儲能項目納入基本資本計劃，並預計增量計劃中的項目也將如此，以確保我們能夠獲得可用的稅收抵免，並幫助客戶降低帳單。我們已訂購天然氣，這將提供超過 4 吉瓦的天然氣發電，以幫助確保可靠性和可負擔性。

Our ability to deliver infrastructure with excellence in our strategic geographic advantage allows our customers to benefit from some of the lowest energy bills in the country. Over the past five years, our residential electric and natural gas bills have been 28% and 12% below the natural average, respectively. Our residential electric customers in Colorado have the lowest share of wallet out of all 50 states. And the average residential bills in our other states occupy 5 of the next 11 spots.

憑藉我們優越的地理策略優勢，我們能夠以卓越的能力提供基礎設施，使我們的客戶能夠享受全國最低的能源帳單。過去五年，我們的住宅用電和天然氣費用分別比正常平均低 28% 和 12%。在全美50個州中，科羅拉多州居民用電用戶的支出比例最低。其他州的平均居民帳單佔據了接下來 11 個位置中的 5 個。

Since 2014, our residential electric and natural gas bill growth has been well under the rate of inflation. In fact, a typical residential Xcel Energy electric and natural gas bill is 14% and 20% lower than it was in 2014 when adjusted for inflation.

自 2014 年以來，我們的居民用電和天然氣費用成長速度一直遠低於通貨膨脹率。事實上，經通貨膨脹調整後，典型的 Xcel Energy 住宅用電和天然氣帳單分別比 2014 年下降了 14% 和 20%。

Our steel for fuel program has saved customers nearly $6 billion through 2025. And our one Xcel Energy Way continuous improvement program has realized over $1 billion in cumulative savings since 2020, while improving customer and operating outcomes. Our industry-leading demand side management programs have saved enough energy to avoid building 30 average-sized power plants. And as customers continue to electrify transportation in other parts of their lives that can further reduce their overall monthly energy costs with lower electric rates.

到 2025 年，我們的鋼鐵換燃料計畫為客戶節省了近 60 億美元。自 2020 年以來，我們的 Xcel Energy Way 持續改善計畫已累積節省超過 10 億美元，同時改善了客戶和營運成果。我們業界領先的需求面管理方案已經節省了足夠的能源，足以避免建造 30 座中等規模的發電廠。隨著客戶在生活的其他方面不斷推動交通電氣化，更低的電價可以進一步降低他們每月的整體能源成本。

We also continue to support critical programs to help our customers who may need assistance with their energy bills. Since 2024, Xcel Energy has connected over 200,000 customers with almost $300 million in financial resources. We're also exploring new opportunities to help even more customers across our jurisdictions, including proposals in our current Minnesota, Wisconsin and upcoming Colorado rate cases.

我們也會繼續支持一些關鍵項目，以幫助那些可能需要能源帳單援助的客戶。自 2024 年以來，Xcel Energy 已為超過 20 萬名客戶提供了近 3 億美元的金融資源。我們也在探索新的機會，以幫助我們在轄區內更多的客戶，包括我們目前在明尼蘇達州、威斯康辛州和即將在科羅拉多州進行的費率案件中的提案。

Moving to the topic of artificial intelligence artificial intelligence, opportunities for Xcel Energy go well beyond our ability to power data centers. Of course, our load interconnection queue continues to grow even as we move some of our backlog into the contracted category.

談到人工智慧，Xcel Energy 的機會遠遠超出了我們為資料中心供電的能力。當然，即使我們將部分積壓訂單轉移到已簽約訂單類別，我們的負載互連隊列仍在繼續成長。

Across Xcel Energy, we are in early stages of using AI in the business to bend the cost curve and to provide improvements in both customer satisfaction and operational outcomes. We're harnessing AI to empower our people, accelerate innovation and build a smarter, more resilient energy future for our customers and communities.

在 Xcel Energy，我們正處於將人工智慧應用於業務的早期階段，旨在降低成本，並在客戶滿意度和營運成果方面取得進步。我們正在利用人工智慧賦能員工，加速創新，並為我們的客戶和社群建立一個更智慧、更具韌性的能源未來。

Automated analysis across our diverse enterprise data sources is delivering actionable insights that strengthen security, improve operations and planning and drive process improvement. We're bringing knowledge gaps in empowering faster, more informed decision-making across the organization. And we're leveraging AI built by others to advance our business, including high-resolution imagery to transform how we inspect and maintain our distribution infrastructure.

透過對我們多樣化的企業資料來源進行自動化分析，可以提供可操作的見解，從而加強安全性、改善營運和規劃並推動流程改善。我們正在彌合知識差距，從而賦能整個組織更快、更明智地做出決策。我們正在利用他人開發的 AI 技術來推進我們的業務，包括高解析度影像，以改變我們檢查和維護配送基礎設施的方式。

Through drone-based data collection and automated image analysis, AI-enabled processes can identify defects and assess risks and enable our teams to prioritize maintenance with greater speed and accuracy. And with wildfire mitigation, AI is transforming our risk models.

透過無人機數據收集和自動影像分析，人工智慧賦能的流程可以識別缺陷並評估風險，使我們的團隊能夠更快、更準確地確定維護工作的優先順序。在野火防治方面，人工智慧正在改變我們的風險模型。

By leveraging internal models and tools like Technosylva significantly improved our model coverage and accuracy as well as reduced analytical times to a fraction. This means faster, more reliable risk assessments protecting communities and infrastructure in real time. AI is truly an engine that's driving enterprise-wide innovation and transformation in Xcel Energy, making energy work better for our employees, our customers and our communities.

透過利用內部模型和 Technosylva 等工具，我們顯著提高了模型覆蓋率和準確性，並將分析時間縮短了一小部分。這意味著更快、更可靠的風險評估，從而即時保護社區和基礎設施。人工智慧確實是推動 Xcel Energy 企業級創新和轉型的重要引擎，使能源更能服務我們的員工、客戶和社區。

Moving to Marshall on September 23, Xcel Energy, Qwest and Teleport Communications America reached settlement agreements in principle that resolve all claims asserted by the subrogation insurers, the public entity plaintiffs and individual plaintiffs. And while Xcel Energy does not admit any fault or wrongdoing and disputes that our equipment caused the second ignition, we believe this provides a positive outcome for our communities and our investors.

9 月 23 日，Xcel Energy、Qwest 和 Teleport Communications America 移師馬歇爾，達成了原則性和解協議，解決了代位求償保險公司、公共實體原告和個人原告提出的所有索賠。雖然 Xcel Energy 不承認有任何過失或不當行為，並否認我們的設備導致了第二次點火，但我們相信這對我們的社區和投資者來說是一個積極的結果。

Looking forward, Xcel Energy continues to significant progress to mitigate risk from wildfires and extreme weather with public-facing wildfire mitigation plans in each of our states. This includes investments in situational awareness tools like weather stations and pane cameras, advanced meteorology, fire science and AI-enabled risk modeling tools, hardening our systems and deploying advanced wildfire safety operations and PSPS capabilities and operational actions, including daily stand-ups to address the threat from extreme weather across every part of our system and taking proactive actions as appropriate.

展望未來，Xcel Energy 將繼續取得重大進展，透過在我們每個州面向公眾的野火緩解計劃，減輕野火和極端天氣的風險。這包括投資於氣象站和全景攝影機等態勢感知工具、先進的氣象學、火災科學和人工智慧風險建模工具，強化我們的系統，部署先進的野火安全操作和公共安全斷電措施 (PSPS) 能力和操作措施，包括每日站會，以應對極端天氣對我們系統各個部分的威脅，並酌情採取積極行動。

Finally, each September, Xcel Energy employees and community members come together to honor the spirit of service. This year marked the 15th annual day of service for Xcel Energy with nearly 3,000 volunteers from across the company and the communities we serve coming together to support local non-profit organizations.

最後，每年九月，Xcel Energy 的員工和社區成員都會齊聚一堂，共同弘揚服務精神。今年是 Xcel Energy 舉辦第 15 屆年度服務日，來自公司各地和我們所服務社區的近 3000 名志工齊聚一堂，支持當地的非營利組織。

Together, volunteers dedicated almost 9,000 hours of service across more than 100 projects. This is one of my favorite days of the year and it exemplifies the spirit and dedication of our employees and partners who show up every day to provide safe, clean, reliable and affordable energy to our customers and our communities.

志工們共同參與了 100 多個項目，貢獻了近 9000 小時的服務時間。這是我一年中最喜歡的日子之一，它體現了我們員工和合作夥伴的精神和奉獻精神，他們每天都努力為我們的客戶和社區提供安全、清潔、可靠和合理價格的能源。

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

接下來，我將把麥克風交給布萊恩。

Thanks, Bob, and good morning, everyone. Starting with our financial results, Xcel Energy delivered earnings of $1.24 per share for the third quarter of 2025 compared to earnings of $1.25 per share in the third quarter of 2024. The most significant earnings drivers for the quarter include the following: Regulatory outcomes in electric and natural gas sales growth increased earnings by $0.18 and higher AFUDC increased earnings by $0.08.

謝謝你，鮑勃，大家早安。首先來看我們的財務業績，Xcel Energy 2025 年第三季的每股盈餘為 1.24 美元，而 2024 年第三季的每股盈餘為 1.25 美元。本季最重要的獲利驅動因素包括：電力和天然氣銷售成長方面的監管結果使獲利增加了 0.18 美元，而更高的 AFUDC 使獲利增加了 0.08 美元。

Offsetting these positive drivers, higher financing costs decreased earnings by $0.15, reflecting the funding of our infrastructure investments and our financial discipline of maintaining a strong balance sheet. Higher depreciation and amortization decreased earnings by $0.09, driven by increased system investments and the higher O&M expenses increased earnings by $0.05.

抵消了這些積極因素，較高的融資成本使收益減少了 0.15 美元，這反映了我們為基礎設施投資提供的資金以及我們為保持強勁的資產負債表而採取的財務紀律。較高的折舊和攤提使收益減少了 0.09 美元，這是由於系統投資增加所致；而較高的營運和維護費用使收益增加了 0.05 美元。

Turning to sales. Weather normalized and leap year adjusted electric sales increased 2.5% through the third quarter of 2025, driven by strong residential sales growth across all OpCos and increased C&I load in SPS and PSCo. During the third quarter, we also energized Meta's new data center in Minnesota that will continue to scale in the coming years.

轉向銷售。經天氣正常化和閏年調整後，截至 2025 年第三季度，電力銷售額增長了 2.5%，這主要得益於所有運營公司住宅銷售的強勁增長以及 SPS 和 PSCo 的工商業負荷增加。第三季度，我們也啟用了 Meta 在明尼蘇達州的新資料中心，該資料中心將在未來幾年繼續擴大規模。

In turn, for full year 2025, we continue to forecast 3% weather-normalized electric sales growth. In the third quarter, O&M expenses increased $37 million relative to 2024. This increase was largely driven by a $25 million increase in health and benefit costs for the quarter. For full year 2025, we now forecast that O&M expenses will increase 5%.

反過來，對於 2025 年全年，我們持續預測經天氣因素調整後的電力銷售額將成長 3%。第三季度，營運和維護費用比 2024 年增加了 3,700 萬美元。這一增長主要是由於該季度醫療和福利成本增加了 2500 萬美元。我們現在預測，2025 年全年營運維護費用將成長 5%。

Shifting to RFP and rate case activity. In Colorado, in partnership with Colorado Energy Office, UCA and commission staff, we issued a near-term procurement for 4,000 megawatts of renewable resources and 500 megawatts of thermal and firm dispatchable resources. This RFP is intended to accelerate the deployment of a portion of our Colorado IRP to capture production tax credits before they sunset. Bids were received this month, and we expect to file a recommendation in December 2025 with the commission decision by February of 2026. In SPS, we issued an all-source RFP to meet an 870-megawatt accredited capacity need.

轉向招標和費率案件活動。在科羅拉多州，我們與科羅拉多州能源辦公室、UCA 和委員會工作人員合作，發布了一項近期採購計劃，採購 4,000 兆瓦可再生能源和 500 兆瓦火力發電和可靠可調度資源。本徵求建議書旨在加快部署我們科羅拉多州綜合資源規劃的一部分，以便在生產稅收抵免政策到期前獲得這些抵免。本月已收到投標書，我們預計將於 2025 年 12 月提交建議，委員會將於 2026 年 2 月做出決定。在 SPS，我們發布了一份全方位招標書，以滿足 870 兆瓦的認證容量需求。

This represents 1,500 to 3,000 megawatts of nameplate capacity that will be online by 2032. Bids are due in January 2026 with an expected portfolio announcement by June 2026. In October, the Wisconsin commission verbally approved NSPW $725 million acquisition of the 375-megawatt Elk Creek solar storage project.

這意味著到 2032 年將有 1500 至 3000 兆瓦的額定容量投入使用。投標截止日期為 2026 年 1 月，預計投資組合將於 2026 年 6 月公佈。10 月，威斯康辛州委員會口頭批准了 NSPW 以 7.25 億美元收購 375 兆瓦 Elk Creek 太陽能儲能專案。

Tomorrow, we expect to file a natural gas rate case in Minnesota requesting a $63 million total revenue increase based on a 10.65% ROE and a 52.5% equity ratio. Interim rates of $51 million will also be requested effective January 1, 2026. Regarding future cases, we expect to file a Colorado Electric and Natural Gas and New Mexico electric rate case later this year.

明天，我們預計將在明尼蘇達州提交一份天然氣價格申請，要求根據 10.65% 的 ROE 和 52.5% 的權益比率增加 6,300 萬美元的總收入。自 2026 年 1 月 1 日起，還將申請 5,100 萬美元的臨時稅率。關於未來的案件，我們預計今年稍後提起科羅拉多州電力天然氣公司和新墨西哥州電價訴訟。

Moving to data centers. We remain on track to contract the remainder of our original 2-gigawatt base plan by the end of the year. In addition, we have updated our total base plan to include approximately 3 gigawatts of data center capacity. Additional projects included in the base case, we consider high probability and expect of contracted by 2026. This will drive 3% of the 5% assumed annual sales growth in our 2026 to 2030 capital plan.

遷移至資料中心。我們仍有望在年底前完成原定 2 吉瓦基礎計畫剩餘部分的合約簽訂。此外，我們已更新了整體基礎規劃，其中包括約 3 吉瓦的資料中心容量。基本方案中包含的其他項目，我們認為有很高的機率，預計到 2026 年將簽訂合約。這將推動我們 2026 年至 2030 年資本計畫中 5% 的預期年銷售成長目標中的 3%。

We also continue to make strong progress on the Small coast Creek wildfire claims process. We've resolved 212 of the 254 submitted claims, and we have settled our business 21 of 34 lawsuits. We've updated the low end of our estimated liability to $410 million. We have made significant progress in the third quarter with the resolution of the three largest claims by acreage. We have committed $360 million in settlement agreements.

我們在小海岸溪野火索賠程序方面也持續取得顯著進展。我們已經解決了 254 起提交的索賠中的 212 起，並且我們已經解決了 34 起訴訟中的 21 起。我們將預計負債的下限更新為 4.1 億美元。第三季度，我們在解決面積最大的三項索賠方面取得了重大進展。我們已承諾支付3.6億美元用於和解協議。

So considering the low end estimated liability of $410 million, we're estimating approximately $50 million more on top of the $360 million that has been committed based on our current information. As a reminder, we have approximately $500 million of insurance coverage.

因此，考慮到最低估計負債額為 4.1 億美元，根據我們目前掌握的信息，我們估計在已承諾的 3.6 億美元基礎上，還需要大約 5000 萬美元。再次提醒，我們擁有約 5 億美元的保險保障。

Shifting to our investment plan. Today, we are providing an updated $60 billion five-year capital expenditure forecast, which reflects annualized rate base growth of approximately 11%. These investments are critical to serving growing electric demand, meet clean energy goals and ensure safety and reliability of our system.

接下來談談我們的投資計畫。今天，我們發布了更新後的五年資本支出預測，總額達 600 億美元，這反映了年化費率基數成長約 11%。這些投資對於滿足不斷增長的電力需求、實現清潔能源目標以及確保我們系統的安全性和可靠性至關重要。

We also have an additional pipeline of investments to our $60 billion plan, specifically from our recent RFPs across jurisdictions, incremental data center load and transmission projects from future MISO and SPP tranches. We're excited about our growth opportunities and will continue to finance accretive growth in a balanced manner.

我們還有額外的投資項目，以支持我們 600 億美元的計劃，特別是來自我們最近在各個司法管轄區發布的 RFP，以及來自未來 MISO 和 SPP 批次的增量資料中心負載和傳輸項目。我們對自身的發展機會感到興奮，並將繼續以平衡的方式為增值成長提供資金。

This year, we have issued or contracted approximately $3 billion of equity and equity-related content between our ATM program and our 2025 hybrid financing. Our updated '26 through 2030 capital plan reflects an additional $23 billion of debt and $7 billion of equity content. We anticipate that any incremental capital investments would be funded by approximately 40% equity content and 60% debt. We continue to maintain a balanced financing strategy, which includes a mix of debt and equity to fund accretive growth while maintaining a strong balance sheet and credit metrics.

今年，我們透過 ATM 計畫和 2025 年混合融資，發行或簽署了約 30 億美元的股權和股權相關內容。我們更新的 2026 年至 2030 年資本計畫反映了新增 230 億美元的債務和 70 億美元的股權。我們預計任何新增資本投資將透過約 40% 的股權和 60% 的債務進行融資。我們繼續保持平衡的融資策略，包括債務和股權的組合，以資助增值成長，同時保持強勁的資產負債表和信用指標。

Moving to earnings. We're reaffirming our 2025 ongoing earnings guidance range of $3.75 to $3.85 per share. We're also initiating our 2026 earnings guidance range of $4.04 to $4.16 per share, which reflects approximately a midpoint of 8% growth from the midpoint of our 2025 guidance. Key assumptions are detailed in our earnings release. We are updating our long-term EPS growth objective to 6% to 8%-plus with expectations to deliver 9% growth on average through 2030.

接下來是獲利部分。我們重申 2025 年持續經營獲利預期範圍為每股 3.75 美元至 3.85 美元。我們還首次公佈了 2026 年每股收益預期範圍為 4.04 美元至 4.16 美元，這比我們 2025 年預期中位數增長了約 8%。關鍵假設已在我們的獲利報告中詳細說明。我們將長期每股收益成長目標更新為 6% 至 8% 以上，並預計在 2030 年平均實現 9% 的成長。

This update reflects our significant investment needs to serve our customers and drive state policies along with confidence in our financial outlook. We are maintaining our dividend growth objective of 4% to 6% with the expectation to be at the low end of the range. Over our '26 to 2030 forecast period, we expect our dividend payout ratio will trend towards the bottom end of our updated payout ratio range of 45% to 55%, which allows greater financial flexibility and dry powder for the future.

此次更新反映了我們為服務客戶和推動國家政策所需的大量投資，以及我們對財務前景的信心。我們維持4%至6%的股利成長目標，預計最終將達到該區間的下限。在我們 2026 年至 2030 年的預測期內，我們預計股息支付率將趨向於我們更新後的支付率範圍 45% 至 55% 的下限，這將為未來提供更大的財務靈活性和充足的資金。

With that, I'll wrap up with a quick summary. We continue to lead the clean energy transition, ensuring safe, clean and reliable service and keeping customer bills as low as possible. We announced an updated 5-year capital investment program provides strong, transparent rate base growth and significant customer value. We reached a constructive settlement in the Marshall wildfire and continue to make investments to reduce risk to our system and communities from extreme weather. Our customers have and will continue to enjoy some of the lowest bills in the country with our investment plan.

最後，我將做一個簡短的總結。我們將繼續引領清潔能源轉型，確保安全、清潔、可靠的服務，並盡可能降低客戶的帳單。我們宣布了一項更新的五年資本投資計劃，該計劃可提供強勁、透明的費率基礎增長和顯著的客戶價值。我們已就馬歇爾山火達成建設性解決方案，並將繼續投資以降低極端天氣對我們的系統和社區造成的風險。透過我們的投資計劃，我們的客戶已經並將繼續享受全國最低的帳單之一。

We maintain a strong balance sheet and credit metrics using a balance of debt and equity to fund accretive growth. We reaffirm our 2025 EPS guidance of $3.75 to $3.85 and have initiated 2026 EPS guidance of $4.04 to $4.16, which reflects a midpoint of 8% growth from the midpoint of our 2025 guidance. And finally, we expect to deliver 9% EPS growth on average through 2030. This concludes our prepared remarks.

我們透過平衡債務和權益來維持穩健的資產負債表和信貸指標，從而為增值成長提供資金。我們重申 2025 年每股收益預期為 3.75 美元至 3.85 美元，並發布了 2026 年每股收益預期為 4.04 美元至 4.16 美元，這反映出 2026 年預期中位數較 2025 年預期中位數增長 8%。最後，我們預計到 2030 年平均每股盈餘將成長 9%。我們的發言稿到此結束。

Operator, we will now take questions.

操作員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Hey, good morning. Thanks for all the update. Just wanted to be clear, '26 at the midpoint, you did about 8%, and I hear you on the 9% through 2030. Does that start beyond '26? Or is that how you're kind of viewing this year? Thank you.

嘿，早安。感謝您提供的所有最新資訊。我只是想確認一下，2026 年中期，你們的成長率約為 8%，我明白你們說的到 2030 年達到 9% 的成長率。那是指26年以後嗎？或者說，你就是這麼看待今年的？謝謝。

Nick, I'll take that. No, that includes 2026, so 9% over the next 5 years, inclusive of '26 guidance. So that 9% would be based off the midpoint of this year below $380 million.

尼克，我收下吧。不，這包括 2026 年，所以未來 5 年成長 9%，包括 2026 年的預期。因此，這 9% 的百分比將以今年低於 3.8 億美元的中點為基礎計算。

Okay. Great. I appreciate that. And then just one other clarification, $7 billion of equity in the plan. I know you talked about $1.3 billion already priced forward. Is that kind of net against that $7 billion? Or is it still $7 billion from here on out? Thank you.

好的。偉大的。我很感激。還有一點需要澄清，該計劃包含 70 億美元的股權。我知道你之前提到已經計價的13億美元。這能抵得上那70億美元的淨收入嗎？還是說從現在開始還是70億美元？謝謝。

No. I think of it as we do is kind of $7 billion from here on out with our new '26 to 2030 plan. So if you kind of look at what we did this year relative to last year's plan, which had $4.5 billion in it and kind of take those two pieces, we're right online with kind of what we've been messaging around incremental capital that drives about 40% incremental equity content and feel really good about kind of our equity content plans and where we are in terms of manning our credit metrics and executing on the $60 billion investment plan.

不。我認為，根據我們新的 2026 年至 2030 年計劃，從現在開始，我們需要投入約 70 億美元。所以，如果你看看我們今年相對於去年計劃（45億美元）所做的事情，並把這兩部分結合起來，我們基本上實現了我們一直以來所宣傳的關於增量資本的目標，這推動了約40%的增量股權內容，我們對我們的股權內容計劃以及我們在信貸指標和執行600億美元投資計劃方面所取得的成就感到非常滿意。

Great. Well, thank you so much.

偉大的。非常感謝。

Steven Fleishman, Wolfe Research.

Steven Fleishman，Wolfe Research。

Hi, good morning. Thanks for the updates. So I guess first on just kind of the profile of the growth rate or growth. When you look at the CapEx plan and the rate base growth, it's very heavily front-end loaded and then CapEx actually falls right now, ['29, '30], a decent amount. A lot of the other companies are kind of the opposite, where it's lower now, and it's like ramping up. Could you maybe just kind of talk to that? And is a lot of that just -- we just don't know some of these RFPs and other factors out in ['29, '30]

您好，早安。謝謝你提供的最新資訊。所以我想首先要了解的是成長率或成長的概況。從資本支出計畫和費率基礎成長來看，前期投入非常高，而資本支出實際上在[2029年，2030年]大幅下降。其他很多公司的情況則恰恰相反，現在處於低位，正處於快速成長階段。你能不能跟它說幾句？很多時候，我們只是──我們並不了解這些招標書和其他因素。['29, '30]

Yeah, Steve, I can take that. That one, I think you're exactly right in terms of -- we're always conservative of what we (inaudible) capital plan and our (inaudible) portfolio (inaudible) process in there for the projects that were approved by our Minnesota Commission in Q1 of this year. But it relates to that ['29 and '30] we launched RFPs with Colorado that we're pretty early in the process.

是的，史蒂夫，我可以接受。這一點，我認為你說得完全正確——我們始終對我們的（聽不清楚）資本計劃和（聽不清楚）投資組合（聽不清楚）流程持保守態度，這些項目已於今年第一季獲得明尼蘇達州委員會的批准。但這與我們於 2029 年和 2030 年向科羅拉多州發起 RFP 有關，我們目前還處於這個過程的早期階段。

And that sits in the kind of our additional pipeline bucket that is as we move through that process kind of into next year and even beyond that we expect there will be opportunities to fill in there, both generation to serve load growth for our customers, but also transmission that we expect to see out of SPP in the near term here. The next tranche of SPP should be a Q4 event that we get visibility in, but then also longer term on MISO Tranche 2.

而這屬於我們額外的管道儲備，隨著我們推進這一進程，進入明年甚至更遠的時期，我們預計會有機會填補這一空缺，包括發電以滿足客戶不斷增長的負載需求，以及我們預計在短期內從SPP獲得的輸電項目。下一批 SPP 應該會在第四季發生，屆時我們將能看到它的進展，但從長遠來看，MISO 第二批也會有所進展。

Okay. And I know just maybe related, the -- at times you've given kind of some rough idea of the range of spending on the upside cases and those different things that you mentioned there. Is there anything you can share on the potential capital and the upside case, things not any near?

好的。我知道這可能與——有時你對上漲案例的支出範圍以及你提到的那些不同的事情給出了一些大致的概念。關於潛在資本和上漲前景，以及目前尚未觸及的方面，您能否分享一些資訊？

Yes. I would say the slide we have in our deck here for today, that's going to be a range of 6,000 to 9,000 total megawatts, we think out of those RFPs plus some transmission. We've always guided people to being competitive in our generation processes and winning about half of that plus that transmission. So I see a $10 billion-plus sitting in that pipeline, not all will be in 2030. Some of those generation processes run through '31, '32, but really good opportunity as we look at the low growth and the transmission needs in our system.

是的。我想說，我們今天在簡報中展示的幻燈片顯示，總裝置容量將在 6,000 至 9,000 兆瓦之間，我們認為這些 RFP 加上一些輸電項目就能滿足需求。我們一直引導人們在發電過程中保持競爭力，並贏得大約一半的份額以及輸電份額。所以我認為有超過 100 億美元的專案正在籌備中，但並非所有專案都會在 2030 年完成。有些發電過程會持續到 2031 年、2032 年，但考慮到我們系統中的低成長和輸電需求，這確實是一個很好的機會。

Yeah, Steve, I think -- this is Bob. I think you're right in terms of shape. The earnings generally will follow the capital investment plan with some amount of lag in financing costs, and then we look to fill in the back part of our plan with some of the incremental opportunities that Brian had.

是的，史蒂夫，我想──這是鮑伯。我覺得你說的形狀是對的。收益通常會按照資本投資計劃執行，但融資成本會有一些滯後，然後我們會利用布萊恩提出的一些增量機會來填補計劃的後半部分。

Okay. Great. Thanks for the update.

好的。偉大的。謝謝你的更新。

Jeremy Tonet, JPMorgan. It appears that he has just moved. We'll go to Carly Davenport. Okay, Carly, same thing.

Jeremy Tonet，摩根大通。他好像剛搬家。我們將前往卡莉·達文波特那裡。好的，卡莉，一樣。

We'll go to Julien Dumoulin, Jefferies.

我們將去找傑富瑞集團的朱利安·杜穆蘭。

Can you guys hear me?

你們聽得到我說話嗎？

Yes, sir.

是的，先生。

All right. Awesome, guys. Well done. Seriously. Look, if I can, just going back to where you left off with Steve, I'll just see it this way. Of those different points that you raised here, what are the more substantive pieces? I mean it seems like the SPP element could be more substantive that seems more front-loaded, A; and then B, the acceleration of some of these renewable procurements get like tax rate expirations could be more substantive and lumpy and don't seem to be in there.

好的。太棒了，夥計們。做得好。嚴重地。聽著，如果可以的話，就讓我回到你和史蒂夫上次談話的地方，我就這麼看待這件事吧。您提出的這些觀點中，哪些比較有實質內容？我的意思是，SPP 的某些方面似乎可以更加實質性，但似乎更集中在前期；其次，加速推進一些可再生能源採購，就像稅率到期一樣，這些措施可能更加實質性，也更加分散，但似乎並沒有包含在內。

But again, you tell me what are the bigger pieces that are not yet in that $60 billion you've laid out a whole bunch of them. I'm just curious which one moves the needle more as that you see it initially.

但是，你再告訴我一下，在你列出的 600 億美元中，還有哪些更大的部分尚未實現？你已經列出了一大堆。我只是好奇，在你看來，哪一個更能引起人們的注意。

Julien, I'll start and then Brian can chime in. So a large piece of the SPP, RFP is embedded into our base capital plan. There's a second RFP for SPP capacity and energy that is not included in the plan. And then when I think about Colorado generation, we have really 2 RFPs sitting in front of the commission out there. We have a near-term procurement portfolio that's designed to accelerate and take advantage of renewable credits and that looks like a $4.5 billion -- sorry, 4.5 gigawatt plan.

Julien，我先開始，然後Brian可以再補充。因此，SPP 和 RFP 的大部分內容都已納入我們的基本資本計劃。還有一份關於SPP容量和能源的第二份RFP，該RFP不包含在計劃中。然後，當我想到科羅拉多州的發電問題時，我們實際上有兩份招標書擺在委員會面前。我們有一個近期採購組合，旨在加速利用再生能源積分，這看起來像是一個價值 45 億美元——抱歉，是 4.5 吉瓦的計劃。

And then there's the just transition solicitation that's been in progress with the commission for a while, which we expect some amount of adjudication later this year or early next, which had somewhere between 4 and 15 gigs of generation needs and it -- there's a bit of overlap between the NTP and the JTS in terms of what's needed in timing.

此外，還有一項與委員會合作的公正轉型徵求方案，我們預計今年稍後或明年初會有一些裁決結果，該方案涉及 4 到 15 吉瓦的發電需求，而且——就時間安排而言，NTP 和 JTS 之間存在一些重疊。

So I wouldn't count those as additive, but there's a big piece of Colorado generation that's likely to come in the '28, '29, '30-timeframe that's not included in our base capital plan. And then there's a handful of smaller RFPs in the upper Midwest for generation that are not included in our base plan as well.

所以我不會把這些算作新增的，但是科羅拉多州在 2028 年、2029 年、2030 年期間可能會增加很大一部分發電量，而這些發電量並沒有納入我們的基本資本計劃中。此外，中西部北部還有一些規模較小的發電項目招標，這些項目也不在我們的基本計畫之內。

Secondly, with regard to transmission, we have ITP and MISO 2.1 embedded in there, although they are longer-dated capital plans and longer-dated in service spends that will result in stuff drifting through this time period and into -- later into the early 2030s. And then there are subsequent ITPs and MISO, LRTPs that are coming that are not also embedded in this plan.

其次，關於輸電，我們有 ITP 和 MISO 2.1，儘管它們是長期資本計劃和長期服務支出，這將導致相關工作在這個時期內持續進行，甚至延續到 2030 年代初期。此外，還有後續的 ITP 和 MISO、LRTP 等項目，這些項目並未納入此計畫。

So I think about Colorado Gen being probably the biggest driver of back-end investment in this five-year plan. And transmission that's not announced out of the SPP, ITP process is sort of the second biggest. Brian, do you got anything to add to that?

所以我認為科羅拉多發電公司可能是這項五年計畫中後端投資的最大推動力。而未透過 SPP 和 ITP 流程公佈的輸電項目，可以說是第二大輸電項目。布萊恩，你還有什麼要補充的嗎？

Yeah. No. I think just absolutely in the Colorado side, we're working through the process, is a really good engaging with our stakeholders to accelerate procurement for these renewable resources given that we have the tax credit cliff in 2030 so we should get visibility into that portfolio in December with a commission decision in Q1. We've got the bids in, robust bid pool working through that. And so that's one of the big drivers.

是的。不。我認為科羅拉多州方面的情況確實如此，我們正在努力推進相關流​​程，與利益相關者進行良好的溝通，以加快這些可再生資源的採購。考慮到 2030 年我們將面臨稅收抵免懸崖，我們應該在 12 月了解該投資組合的情況，並在第一季獲得委員會的決定。我們已經收到投標書，強大的投標池正在運作中。所以這是主要驅動因素之一。

But also as we work through -- as we think about longer term, is incremental data center opportunities and working with our stakeholders in our states in terms of driving economic development and low growth, that can drive longer-term generation and transmission needs, which wouldn't be incorporated, but that's just a longer-term opportunity that I know the industry is seeing.

但同時，當我們著眼長遠，思考資料中心發展機遇，並與各州的利益相關者合作，推動經濟發展和低成長，這可以推動更長期的發電和輸電需求，這些需求目前尚未納入考慮範圍，但我知道業界正在看到這一長期機遇。

Excellent, guys. Thanks very much. And I don't mean to -- but let me ask you it this way. The 6% to 8%-plus versus the 9% that you guys have out there, is the idea that the 9% is sort of at this point in time in the 6% to 8%-plus is designed to be for any eventual records with a large -- a lot of large numbers kind of drive some deviation from the 9% that you roll forward a couple of years?

太棒了，夥計們。非常感謝。我無意冒犯——但請容許我這樣問你。你們說的 6% 到 8% 以上，和你們說的 9% 相比，是否意味著 9% 是目前比較合適的，而 6% 到 8% 以上是為了應對未來幾年可能出現的大數字，這些大數字可能會導致與 9% 的偏差？

Yeah. Julien, we think about it this way is that 6% to 8%. Well, the 6% to 8% is what would you think about a long-term view on EPS growth, when you balance the investment needs of our system, the low growth we're seeing opportunities and also affordability. But when we look at our current five-year plan and the $60 billion of infrastructure projects for our customers, serving the low growth and the needs of our system, Director communities. That plus really represents the 9% that we see over the next five years if that helps us differentiate in terms of how we're thinking about it.

是的。Julien，我們是這樣考慮的，大概是 6% 到 8%。嗯，6%到8%是您認為從長遠來看，每股盈餘成長應該是多少？這需要平衡我們系統的投資需求、我們看到的低成長機會以及負擔能力。但當我們審視我們目前的五年計劃以及為我們的客戶提供的 600 億美元的基礎設施項目時，就會發現，這些項目服務於低增長和我們系統的需求，而主管社區也是如此。如果這有助於我們區分彼此的思考方式，那麼這個「加號」實際上代表了我們預計未來五年內將成長的 9%。

Excellent. All right, guys. I'll leave it there. Thank you.

出色的。好了，各位。我就說到這兒吧。謝謝。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Hey, good morning. Thanks for taking the questions. Maybe just on the load growth outlook, looks like continued strength in SPS, which is great to see. And then a couple of the other opcos shifting a bit lower from the prior plan. So could you just talk a little bit about what's driving those moving pieces on load growth across the regions?

嘿，早安。謝謝您回答問題。或許僅從貨運成長前景來看，SPS 似乎將繼續保持強勁勢頭，這令人欣喜。然後，其他幾家營運公司也比之前的計劃略微下調了一些。那麼，您能否談談推動各地區負載成長的這些因素有哪些變化呢？

Yeah. I think when we look at it, really, SPS continues to be strength in our oil and gas sector. We've seen that for years. this year out in New Mexico. We're going to see teens type of growth at this large C&I sector. And we continue to see that with electrification out of that industry in New Mexico. So strong growth there. Also, Fermi America is down in Texas and New Mexico. There's some opportunities there that we've talked about. And so we're seeing that.

是的。我認為，從實際角度來看，SPS 仍然是我們石油和天然氣產業的優勢。多年來我們都看到了這種情況。今年在新墨西哥州也是如此。我們將看到大型工商業領域出現類似青少年時期的成長。我們看到，隨著新墨西哥州該產業的電氣化，這種情況仍在持續。所以那裡的成長勢頭很強勁。此外，Fermi America在德州和新墨西哥州也有業務。我們已經討論過那裡的一些機會。所以我們看到了這一點。

The other one is more just shifting around potentially in timing of data centers as we think about it when they're coming in. But when you look at our sales growth across all opcos all are in the, call it, 4% -- roughly 4% to 5% with SPS at 8% when we look at it. So we're pretty excited when we see our data center opportunity is really mixed across our service territory, strong opportunities in Minnesota working through some really good opportunities in Colorado and then we talked about some opportunities in Texas and New Mexico.

另一個面向更多的是資料中心建置時間上的調整，就像我們考慮它們何時投入使用一樣。但如果你看一下我們所有營運公司的銷售成長情況，你會發現它們的成長率都在 4% 左右——大約在 4% 到 5% 之間，而 SPS 的成長率則達到了 8%。所以，當我們看到資料中心的發展機會在我們的服務區域內分佈非常廣泛時，我們感到非常興奮。明尼蘇達州的發展機會強勁，科羅拉多州也有一些非常好的發展機遇，之後我們也討論了德州和新墨西哥州的一些發展機會。

The one other thing is -- thing I'd like to say is that 5% sales growth that we talked about, having the diversification is not all data centers. Only 3% of that 5% is data centers. So we also have 1.5% of that 5% is driven by the SPS oil and gas electrification, then we just have customer growth, residential customer growth. We're starting to see some electrification on the residential side. So that's about 0.5%. So really kind of diversified growth, which I think is important as we look forward.

還有一點我想說的是——我們之前提到的 5% 的銷售成長，多元化並不全是指資料中心。這5%中只有3%是資料中心。所以，這 5% 的成長中有 1.5% 是由 SPS 石油和天然氣電氣化推動的，然後就是客戶成長，住宅客戶成長。我們開始看到居民用電方面出現了一些變化。所以大約是0.5%。所以，這是一種真正多元化的成長，我認為這對我們展望未來非常重要。

Great. That's really clear. Thank you for that. And then maybe just a follow-up on kind of the financing and the balance sheet. Seems like you're targeting kind of now 16% to 17% FFO to debt targets. I guess can you just talk about sort of comfort level there with the cushion versus downgrade threshold levels? And how confident you are in the past to kind of squarely getting back to that 17% level on a longer-term basis?

偉大的。這一點很清楚。謝謝。然後或許可以跟進一下融資和資產負債表方面的情況。看來你們目前的目標是FFO與負債比率達到16%至17%。我想請您談談緩衝層與降級閾值之間的舒適度差異？你對長期恢復到 17% 的水平有多大信心？

Yeah, Carly. The way I think about it is, no, we have not changed our long-term view on our credit metrics in that 17% level. That has not changed. It's -- it's important to maintain a strong balance sheet and healthy credit metrics. Just when you look at our spending over the next few years, we kind of grow into that 17%.

是的，卡莉。我的看法是，不，我們並沒有改變對信貸指標的長期看法，仍然維持在 17% 的水平。這一點沒有改變。維持穩健的資產負債表和健康的信貸指標非常重要。只要看看我們未來幾年的支出，我們就能達到 17% 的成長率。

And so it's really just we designed our equity plan and our equity content plan to get back to that 17% in the latter part of this forecast, which -- that is our long-term view. So that has not fundamentally changed from a credit perspective, maintaining our balance sheet, protecting our metrics. Just when you have this type of elevated CapEx over the next few years, there is some pressure there.

因此，我們制定股權計劃和股權內容計劃，就是為了在預測的後半段恢復到 17% 的目標——這是我們的長期願景。所以從信貸角度來看，這並沒有根本性的變化，我們仍然要維持資產負債表，保護我們的各項指標。未來幾年，當資本支出如此高漲時，就會面臨一些壓力。

Thanks so much for the time.

非常感謝您抽出時間。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good morning. Thank you for the colors today. I just want to step into equipment availability a little bit more, if I could, such as transformers, transmission, two CGPs and components there. Just wondering if you could frame for us how long the queues are there? And I guess, how you see aligning that with new data center in tracer contracts?

您好，早安。感謝你今天帶來的色彩。如果可以的話，我想更深入地了解設備可用性，例如變壓器、輸電線路、兩台 CGP 以及相關的組件。請問您可否告知我們排隊的狀況？那麼，您認為如何將這一點與追蹤合約中的新資料中心結合起來呢？

Yeah. Great question, very timely and very strategic. I said in my prepared remarks, I'm really proud of the team here at Xcel Energy. I think we have the best team working on this. We have been very, very progressive in terms of securing the assets that we need to build the infrastructure that sits in front of us.

是的。問得好，這個問題既及時又很有策略性。我在事先準備好的演講稿中說過，我為Xcel Energy的團隊感到非常自豪。我認為我們擁有負責這項工作的最優秀的團隊。我們在取得建造眼前基礎設施所需的資產方面一直非常非常進步。

You're absolutely right. Lead times have elongated, and I'll let Brian comment on any a components. But we think that given our scale, our scope and our approach to our major vendors, that we have access to inventory and supplies maybe that others don't have.

你說得完全正確。交貨週期延長了，關於各個組成部分，我會讓布萊恩來評論。但我們認為，鑑於我們的規模、範圍以及我們與主要供應商的合作方式，我們可能擁有其他公司沒有的庫存和供應品。

We've taken a very progressive shift in how we work with our vendors, making sure that they see our entirety of our capital plan, they can plan for the work that they do with us. We find out who's best able to serve us both on the services side as well as the equipment side, and we backward integrate them into our capital plan in a way that is both we protect ourselves from pricing side as well as we get certainty of equipment and certainty of labor in a pretty tight market.

我們在與供應商的合作方式上做出了非常進步的轉變，確保他們能夠看到我們完整的資本計劃，以便他們可以規劃與我們合作的工作。我們找出最能滿足我們服務和設備需求的供應商，並將他們反向整合到我們的資本計劃中，這樣既能保護我們免受價格波動的影響，又能在一個競爭激烈的市場中獲得設備和勞動力方面的保障。

That's been the strategic focus for the team for a year or two as we saw the market start to tighten, particularly with data center build. And maybe I'll let Brian just comment on what we're seeing in turbines and transformers and things like that.

過去一兩年，隨著市場開始趨緊，特別是資料中心建立方面，這已成為團隊的策略重點。或許我可以請布萊恩談談我們在渦輪機、變壓器之類的東西上看到的情況。

Yeah. I mean, I think it's absolutely no secret in terms of where the turbine market is, call it, four years out. As Bob, mentioned though, we've gotten ahead of it in terms of having those 19 turbines on order and that's one of the benefits of scale is we can order a significant amount of equipment knowing that we will use it somewhere in our system and being able to deploy it throughout our system with the low growth we're seeing.

是的。我的意思是，就渦輪機市場而言，我認為未來四年的發展方向已經不是什麼秘密了。正如鮑勃所提到的那樣，我們在訂購這 19 台渦輪機方面已經領先一步，規模優勢之一就是我們可以訂購大量設備，因為我們知道我們會在系統的某個地方使用它，並且能夠在我們目前看到的低增長情況下將其部署到整個系統中。

Main power transformer is another one that's taken -- that's these large-scale transformer, 345 kV your outsource a few years. So it's really how do you get ahead of it and make sure that you have the right supplier relationships, working through all the potential tariffs and supply chain challenges that currently exist there. But we feel really good about where we are.

主電源變壓器是另一個被佔用的零件－就是那些大型變壓器，345千伏，你們外包了幾年。所以關鍵在於如何搶佔先機，確保與供應商建立良好的關係，並克服目前存在的所有潛在關稅和供應鏈挑戰。但我們對目前的狀況感到非常滿意。

And also, I think about that also within the context of our safe harbor strategy. In terms of having all the equipment for both our base plan and then the incremental projects that coming out of our incremental plan and ensuring that not only are the safe harbor, but compliant. So we feel really good about our overall place from a supply chain perspective.

而且，我也會結合我們的安全港策略來考慮這個問題。就擁有我們基本計劃和後續增量計劃所需的所有設備而言，確保不僅符合安全港要求，而且符合相關規定。所以從供應鏈的角度來看，我們對自身的整體地位感到非常滿意。

That's on the equipment side. There's also a labor side of it, too, from an EPC perspective and ensuring that we have top tier EPC firms lined up, not only for this year or next year, but for our five-year plan and beyond and having those key partnerships is really, really important. I think, differentiated as we go to market here in terms of executing on our plan.

那是設備方面的問題。從EPC的角度來看，還有勞動力方面的問題，要確保我們擁有頂尖的EPC公司，不僅是今年或明年，而且是我們的五年計劃及以後，擁有這些關鍵的合作夥伴關係真的非常重要。我認為，我們在執行計劃方面與市場差異化。

Got it. Very thoughtful process there. And I was just wondering if you might be able to align that a little bit more with the demand growth. It seems like the data center pipeline, as you described in the slides, stepped up quite nicely versus before. And just wondering what you see on the type of discussions and the speed to market world and how this all fits together.

知道了。這是一個非常周全的過程。我只是想問您是否能稍微調整一下，使其與需求成長更加吻合。正如您在幻燈片中所描述的那樣，資料中心管道似乎比以前有了很大的提升。我想知道您對這類討論、產品上市速度以及這一切是如何連結的看法。

Yes. Well, obviously, very strategic and timely as we watch our industry work very progressively to bring speed to power here and making sure that we energized this very critical national asset in terms of artificial intelligence and data center development. Not surprising. We've got great interest, and our pipeline continues to build, and we continue to move stuff from highly probable into the contracted categories. We have some of the most affordable energy in the country, as I mentioned in my prepared remarks, we have an incredibly good strong development team.

是的。顯然，這非常具有戰略意義且非常及時，因為我們看到我們的行業正在積極推進電力發展，並確保我們在人工智慧和數據中心發展方面為這一至關重要的國家資產注入活力。毫不奇怪。我們獲得了極大的關注，我們的專案儲備不斷增加，我們也不斷將極有可能的專案轉移到已簽約專案類別。正如我在準備好的演講稿中提到的，我們擁有全國最經濟實惠的能源，而且我們擁有一支非常優秀、實力雄厚的開發團隊。

We're working through either ESAs or large load tariffs in all of our states and making sure that we protect our existing customers from the addition of new large loads, and we've laid out in the past, our principles around this in terms of cost causation and whose funding and if we trigger a transmission investment, new generation investments, making sure that we protect our customers along the way, and there's a net benefit for the entire of the system when you bring out some of these new large loads.

我們正在所有州推行電力供應協議 (ESA) 或大負載電價，確保保護現有客戶免受新增大負載的影響。過去，我們已經闡明了這方面的原則，包括成本成因、資金來源，以及如果我們啟動輸電投資、新的發電投資，我們將確保在此過程中保護客戶。引入這些新的大負荷，對整個系統來說都是淨收益。

I think that -- it should also be noted that I mentioned sort of strategic geographic advantage in addition to low energy bills, we have enormous high clean energy content in our systems already. That's a very attractive component to these data center developers as well as their end-use customers. So I think that between our sustainability portfolio and where we're trending as a company across all of our states and making sure that we can deliver a cleaner energy product as well as a highly reliable and highly affordable product is very strategic as we approach economic development with data center developers.

我認為——還應該指出的是，除了低能源帳單之外，我還提到了某種策略性的地理優勢，我們的系統中已經含有大量的清潔能源。這對資料中心開發人員及其最終用戶來說都是一個極具吸引力的因素。所以我認為，結合我們的永續發展組合以及我們公司在所有州的發展趨勢，確保我們能夠提供更清潔的能源產品以及高度可靠且價格實惠的產品，對於我們與資料中心開發商開展經濟發展合作而言，是非常具有戰略意義的。

Got it. Helpful. Thank you.

知道了。很有幫助。謝謝。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

Hey. Good morning, team. I just have, I guess, two super quick cleanups. I think to Steve's question, I think you mentioned about $10 billion of incremental CapEx. That is an addition or would be on top of current 9% EPS growth. Is that accurate?

嘿。早安，各位同事。我大概只需要做兩件非常快速的清理工作。我認為，對於史蒂夫的問題，你提到了大約 100 億美元的新增資本支出。這是在現有 9% 的每股收益成長基礎上增加的。準確嗎？

That is accurate.

沒錯。

Great. And then this one, and I probably should wait for EEI, but just the time is right. You're currently talking 9% growth, but you've kept the guidance at 6% to 8%-plus. Just curious on why not readjusting the 6% messaging that shows all the potential upside that you have? Like it doesn't even seem likely that you hit 6% or even 7%, like I'm just curious on the thought process of keeping it 6% to 8%-plus.

偉大的。然後是這個，我可能應該等到 EEI 再做決定，但現在時機剛好。你目前所說的成長率是 9%，但你一直將預期成長率維持在 6% 到 8% 以上。我只是好奇為什麼不調整一下關於6%的宣傳訊息，以展現你們所有潛在的上漲空間？感覺你甚至不太可能達到 6% 或 7%，我只是好奇你把比例保持在 6% 到 8% 以上的想法是什麼。

Yeah. Anthony, look, we balance a lot of perspectives as we think through this in terms of what is the right long term. And when I say long term, 6% to 8% is beyond the five years about balancing affordability and anything else that goes into that. And so we thought the plus as a way to message that we do have a lot of infrastructure needs on behalf of our customers here in the next five years. But longer term, we need our role beyond 2030, we'll continue to evaluate that.

是的。安東尼，你看，我們在思考這個問題時，會權衡很多方面，以找到正確的長期發展方向。我說的長期目標是 6% 到 8%，這意味著五年後才能達到這個水平，這需要平衡可負擔性以及其他相關因素。因此，我們認為加號可以傳達這樣一個訊息：在未來五年內，我們將代表我們的客戶提供大量的基礎設施。但從長遠來看，我們需要在 2030 年後繼續發揮作用，我們將繼續評估這一點。

And then just quick on your first question, we said $10 billion-plus, but some of that could fall outside of this five-year when you think about some of the generation procurement in some of the -- particularly the MISO transmission will be longer dated. But really excited about our overall five-year opportunity and beyond that.

然後，簡單回答你的第一個問題，我們說超過 100 億美元，但考慮到某些發電採購項目，特別是 MISO 輸電項目的採購週期會更長，其中一些項目可能會超出這五年的期限。但我真的對我們未來五年甚至更長遠的發展機會感到興奮。

Great. Thanks for taking the questions.

偉大的。謝謝您回答問題。

Sophie Karp, KeyBanc.

Sophie Karp，KeyBanc。

Hi, good morning. Congrats on the strong, I guess, guidance revision guys. A couple of questions for me. So maybe if you could talk a little bit about the trends in SPS. I know you continue to flag the electrification of Permian as one of the drivers of the volume growth there. With the oil prices have been kind of where they are, is there any reason to be concerned about that trend at all at this point?

您好，早安。恭喜各位，你們的指導意見修訂工作進展順利。我有幾個問題想問一下。所以，能否稍微談談SPS的發展趨勢？我知道您一直將二疊紀盆地的電氣化視為該地區產量成長的驅動因素之一。鑑於目前的油價水平，現在有必要對這種趨勢感到擔憂嗎？

Hey, Sophie, it's Bob. I think the growth you see in the Permian is probably a function of two things. One is continued strength in mining in the Permian Basin. So just more wells, more infrastructure, more fields being open. The second is the trend towards electrification of those fields in an existing field. So I think there's two big drivers out there.

嘿，蘇菲，我是鮑伯。我認為二疊紀盆地的成長可能與兩件事有關。一是二疊紀盆地採礦業的持續強勁發展。所以就需要更多的油井、更多的基礎建設和更多的油田。第二大趨勢是現有領域內這些領域電氣化的趨勢。所以我認為目前有兩個主要的驅動因素。

When I talk to our largest customers down in the Permian and the Delaware Basins, this continues to be their lowest cost resource around the globe. And so I think even when you start to see oil and gas prices fluctuate, I think these properties in the Southwest are still varying the money for them, and they'll continue to see mining and mining growth down in the Southwest. So I don't have a lot of concern about that load growth profile. And then as we talked about the data centers, that low growth profile, we feel very confident in and see opportunity to add to it.

當我與我們在二疊紀盆地和特拉華盆地的最大客戶交談時，他們告訴我，這仍然是他們在全球範圍內成本最低的資源。所以我認為，即使石油和天然氣價格開始波動，西南地區的這些資產仍然會帶來可觀的收益，而且西南地區的採礦業將繼續發展壯大。所以我並不太擔心這種負載成長情況。然後，當我們談到資料中心時，儘管其成長勢頭較為緩慢，但我們對其充滿信心，並看到了進一步發展的機會。

Got it. Thank you. That's pretty clear. And then on the renewables versus gas, right? You guys are clearly stepping into more accelerating renewables to harvested tax credits. At the same time, a lot of your peers are actually going northwards gas and they're flagging that they need -- we will need to build more gas to firm up the system for [another set] of demand.

知道了。謝謝。這一點很清楚。然後是關於再生能源與天然氣的比較，對吧？你們顯然正在加強發展再生能源，以獲取稅收抵免。同時，你們的許多同行實際上都在向北發展天然氣，他們表示需要——我們需要建造更多的天然氣管道來穩定係統，以滿足（另一批）需求。

So I guess my question is, will we see this same trend play out in your service territories at some point? Or is it just the renewables are so attractive that you feel good by, I guess, still going full speed and renewables as opposed to more dispatchable generation?

所以我想問的是，這個趨勢是否會在你們的服務區域內出現？或者，是因為再生能源太有吸引力了，所以你覺得即使全速運轉並使用再生能源，而不是使用可調度發電方式，也是可以接受的？

Yeah. A couple of themes in there for sure. One, as I said in my prepared remarks, we sit in one of the most geographically attractive areas for both wind and solar assets. And so we see real customer benefits from continuing down a trend of investing and taking advantage of those natural resources, particularly while tax credits help make them affordable for our customers. But you also see us adding -- we've got 4.5 gigs of natural gas capability coming into the plan in the next five years.

是的。這裡面肯定包含幾個主題。第一，正如我在準備好的演講稿中所說，我們所處的地區是風能和太陽能資源最具地理吸引力的地區之一。因此，我們看到，繼續順應投資和利用這些自然資源的趨勢，能夠為客戶帶來真正的利益，尤其是在稅收抵免有助於使這些資源對我們的客戶來說更經濟實惠的情況下。但您也可以看到我們正在增加——未來五年內，我們將把 4.5 吉瓦的天然氣產能納入計劃。

as well as, I think, probably north of 5 gigs of energy storage as well. So we are affirming the system backing the wind and the solar with attractively priced backup energy and making sure that we are both reliable, affordable and sustainable for our customers to sort of the holy trinity of our business.

而且，我認為，儲能容量也可能超過 5 Gb。因此，我們正在鞏固風能和太陽能發電系統，提供價格誘人的備用能源，並確保我們能夠為客戶提供可靠、經濟實惠且可持續的能源，從而實現我們業務的三個核心要素。

All right. Thank you so much.

好的。太感謝了。

[Stephen D’Ambrisi] RBC Capital Markets.

[Stephen Dâl 不Ambrisi] RBC Capital Markets。

Hi, Bob and Brian. Thanks very much for taking my question. I just had a quick one. Just had a quick one. I appreciate the color on the 9% because one of the things, I guess, I was scratching my head out and I was hoping to get a little color on was clearly ['29] rate base moves up something in the order of 20%-plus. And so if you run the midpoint of your EPS guidance out, now at 9% versus where you were previously in the plan. It implies a pretty significant compression in earned ROEs, hard earned ROEs.

嗨，鮑伯和布萊恩。非常感謝您回答我的問題。我只是匆匆吃了一口。剛喝了一小杯。我很欣賞 9% 的色彩，因為我想，我一直在苦苦思索，希望能用一些色彩來表達的是，很明顯 ['29] 利率基數上漲了 20% 以上。因此，如果您將 EPS 指導的中點值設定為 9%，而您先前的計劃是 9%。這意味著辛苦賺來的股本回報率（ROE）出現了相當大的壓縮。

Now obviously, you're spending a lot more capital and spending it quicker. So that kind of makes sense to me, but you do have pretty good mechanisms. So can you talk about any embedded conservatism that's in the plan around assumed earned ROEs that you would get given the significant increase in rate base?

很顯然，你們現在投入的資金更多，而且消耗速度也更快。所以我覺得這有點道理，但你們的機制確實相當不錯。那麼，鑑於利率基數的大幅增長，您能否談談該計劃中關於預期已實現股本回報率的任何內嵌保守主義措施？

Hey, Steve. Yeah, I can answer that question for you. And I think that's really why I want to provide some color with 11% rate base growth that we expect 9% rate base growth or 9% earnings growth over the next five years to really highlight that we don't expect significant compression in ROEs by any means. And we actually -- if you think we've talked about some of the rate cases that we have come up in terms of driving some ROE improvement because we've delayed some rate cases for some reasons.

嘿，史蒂夫。是的，我可以回答你的問題。我認為這正是我想用 11% 的費率基礎成長率來佐證我們預期未來五年費率基礎成長率為 9% 或收益成長率為 9% 的原因，以此來強調我們絕不認為 ROE 會大幅下降。實際上——如果您認為我們已經討論過一些費率案例，這些案例旨在推動 ROE 的改善，因為我們出於某些原因推遲了一些費率案例。

And so when I think about it, it's really -- we've always talked about when you get to this kind of high growth, we're at 11% rate base growth, significant CapEx comes with financing needs that you would see about a 200 basis points delta between (inaudible) profit and your earnings growth over a five-year period. And so I think we wanted to just highlight that, that it's as we move through the next few years, our financing is lined up with kind of our CapEx spend we're working through some regulatory proceedings over the next couple of years, you start to catch up on that rate base versus EPS growth.

所以當我思考這個問題時，我們一直在討論，當達到這種高成長水準時，例如我們現在的利率基數成長率為 11%，大量的資本支出會帶來融資需求，這會導致五年內利潤和收益成長之間出現大約 200 個基點的差距。所以我覺得我們想強調的是，在接下來的幾年裡，隨著我們的融資與資本支出相匹配，我們將在未來幾年內處理一些監管程序，屆時我們將開始彌補利率基礎與每股收益增長之間的差距。

But over the five-year period, we feel really good about where we are that the long-term EPS growth, coupled with our financing plan and maintaining a strong balance sheet is we feel good about that and don't see ROE compression at all. We certainly have conservative ROEs in our plan, but we don't see ROE compression as we sit here today and look at where we are today.

但從五年期來看，我們對目前的狀況感到非常滿意，長期每股收益成長，加上我們的融資計畫和保持強勁的資產負債表，讓我們對此充滿信心，我們完全看不到淨資產收益率壓縮的跡象。我們的計劃中確實包含保守的股本回報率，但就我們目前的情況來看，我們並沒有看到股本回報率壓縮的趨勢。

Okay. That's all I had. Really appreciate it. Great results, guys, thanks very much.

好的。這就是我全部的家當。非常感謝。效果很棒，非常感謝！

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Good morning. Thank you. Questions around the transmission spend. Obviously, this has been a big thing for you for many years. But wonder as you ramp that up and think about these large customers, how easy or difficult is it to identify specific customers who might pay for some of this transmission spend, i.e. we see contracts between generation and data centers. Can you think some of this transmission spend essentially off of residential commercial customer bills and identify specific customers pay for it?

早安.謝謝。關於輸電費用的問題。顯然，這件事對你來說多年來一直意義重大。但隨著規模的擴大，考慮到這些大客戶，您可能會想，確定哪些特定客戶可能會支付部分輸電費用，這有多容易或多困難？例如，我們看到發電廠和資料中心之間簽訂了合約。你能不能想想，這部分輸電費用實際上是從居民和商業用戶的帳單中扣除的，並找出具體是哪些用戶為此付費？

Yeah. Great question. First, thanks for recognizing leadership and transmission. I'd like to say that we have been the leading builder of new transmission line miles over the last 15 years when you come from the state of hockey, you got to skate to where the puck is. And we feel like we've built a grid in an infrastructure system that is enabling us to energize data class.

是的。問得好。首先，感謝您對領導和傳播工作的認可。我想說，在過去的 15 年裡，我們一直是新建輸電線路里程的領先建造者。當你來自冰球之州時，你必須滑到冰球所在的地方。我們感覺我們已經在基礎設施系統中建立了一個網絡，使我們能夠為數據級應用注入活力。

When I think about incremental people willing to spend incremental money on transmission, I think our first principle with regard to hooking at data centers is if they require a new transmission line, particularly a lateral, usually they're paying for that 100%, and we put that into sort of a kayak bucket as opposed to net rate base spend, and it's going to be attributable directly to that customer. And when you talk about can you identify those customers.

當我想到越來越多的人願意在輸電上投入更多資金時，我認為我們在數據中心接入方面的第一個原則是，如果他們需要一條新的輸電線路，特別是一條支線，通常他們需要支付 100% 的費用，我們會把這筆費用計入一個單獨的費用項下，而不是計入淨費率基礎支出，這筆費用將直接歸於該客戶。那麼，當你談到能否辨識這些客戶呢？

Those customers are knocking our door freely and willingly to spend the money, particularly on the transmission interconnection make sure that they can get service as quickly as possible. So this is really a management of the inbound as opposed to us having to go find people that are willing to do it.

這些客戶主動聯繫我們，願意花錢，尤其是在輸電線路互聯方面，以確保他們能夠盡快獲得服務。所以這其實是對流入的資源進行管理，而不是我們需要去尋找願意做這件事的人。

I think that's a pretty common approach that the data center developers and the hyperscalers are willing and able to do. We're protecting our customers from the transmission build. And then when you think about the net benefit, if you're taking the entirety of our system cost and adding more megawatts to it. That's a net benefit on a per kilowatt hour rate on the transmission system in totality and a benefit for all customers.

我認為這是資料中心開發商和超大規模資料中心營運商願意且能夠採取的一種相當常見的做法。我們正在保護我們的客戶免受變速箱製造的影響。然後，當你考慮淨收益時，如果你把我們整個系統的成本加上更多的兆瓦容量。從整個輸電系統來看，每度電價將獲得淨收益，所有用戶都將受益。

Okay. Okay. So not all of that transmission spend then is -- would go on commercial and residential?

好的。好的。所以，並非所有的輸電支出都會用於商業和住宅用途嗎？

So that the transmission spend that we highlighted in our plan is regional, super regional. We have stuff with connecting MISO and SPP markets. We have big regional transmission coming out of the long-range transmission planning of the MISO process that is regionally allocated, not necessarily coming directly on to our customers. Same with our SPP build out, a lot of that is regional cost allocated not coming into the -- directly 100% into retail rates.

因此，我們在計劃中重點強調的輸電支出是區域性的、超區域性的。我們有一些關於連接MISO和SPP市場的內容。我們有大量來自 MISO 長期輸電規劃流程的區域輸電，這些輸電是按區域分配的，不一定直接輸送給我們的客戶。我們的SPP建設也是如此，其中許多是區域成本分攤，並沒有100%直接計入零售價格。

Okay. Great. And then how much is you talked about that lateral, just to follow-up on that. scale or kind of share of how much that specific lateral type of demand you're getting relative to like what you just talked about the regional type of trying to --

好的。偉大的。那麼，您剛才談到橫向發展時，具體佔比多少呢？例如，您提到的橫向發展需求規模或份額，相對於您剛才提到的區域性需求而言，佔比是多少？--

Yeah. Travis, those are really customer-specific system impact studies to just wherever that customer is locating on the transmission system, the size of that customer, the ramp of that customer. And so those are really specific hard to put a number on it in a general sense.

是的。特拉維斯，這些實際上是針對特定客戶的系統影響研究，研究內容包括客戶在輸電系統中的位置、客戶的規模以及客戶的坡度。所以這些問題非常具體，很難用一個概括性的數字來衡量。

Okay. I appreciate all the thoughts.

好的。感謝大家的建議。

Alex Kania, BTIG.

Alex Kania，BTIG。

Good morning. Thanks for taking my question. Maybe just a question on the regulatory side. Obviously, it's great to see all this CapEx and also the transmission as well, but I'm just kind of thinking about also your comments about relative share of wallet and rates, but I'm just wondering kind of the nature of communications that you're having with regulators just on kind of expectations for where rate trends may be going over the next five years within this within this window, maybe just kind of the balance between revenue requirements and volume growth or whatnot, but I'm just kind of curious about what the reception is to those types of conversations.

早安.謝謝您回答我的問題。或許只是監管方面的問題。顯然，看到所有這些資本支出以及輸電線路建設都令人欣喜，但我也在思考您對相對份額和費率的評論。我想知道您與監管機構就未來五年費率趨勢的預期進行了哪些溝通，例如收入需求和輸電量成長之間的平衡等等。我很好奇監管機構對這些對話的反應如何。

Yeah. Great. I think it's really fundamental and foundational for our team here to make sure that we keep our bills for our product as affordable as possible for our customers. So we wake up every day thinking about that. We have to balance that with other desires, reliability, sustainability, resiliency and safety across our system to make sure that we can meet those needs of our customers as well.

是的。偉大的。我認為，對於我們團隊來說，確保我們的產品價格盡可能低廉，讓客戶能夠負擔得起，這一點至關重要。所以我們每天醒來都會想到這件事。我們必須平衡這一點與其他需求，例如整個系統的可靠性、永續性和安全性，以確保我們也能滿足客戶的這些需求。

I mean you don't have to look any further than Jamaica or Cuba to realize the devastating effect that communities have when our system and our product isn't available. So we are spending time and energy, as you say, with our regulators, with our legislators, making sure that we recognize all of the things that we're bringing to the system and that while affordability is a hugely important piece.

我的意思是，你只需要看看牙買加或古巴的例子，就能明白當我們的系統和產品無法提供時，社區會受到多麼嚴重的破壞。正如你所說，我們正在花費時間和精力與監管機構和立法者溝通，確保我們認識到我們正在為這個體系帶來的一切，而可負擔性是其中非常重要的一部分。

e think -- we start from a very good spot. We think we've been a very good steward of our customers' money over the last decade. We'll continue to be very prudent, very focused on making sure that we can deliver the system that they need and want with the policy objectives that they need and want at a price that is as affordable as possible. So we work through that with each state and each class of customer and making sure that we keep our product very affordable and attractive.

我們認為──我們從一個非常好的起點出發。我們認為，在過去的十年裡，我們一直很好地管理客戶的資金。我們將繼續保持非常謹慎的態度，專注於確保我們能夠以盡可能實惠的價格，提供他們需要和想要的系統以及他們需要和想要的政策目標。因此，我們將與每個州和每類客戶一起解決這個問題，確保我們的產品價格實惠且具有吸引力。

Great. Thanks very much.

偉大的。非常感謝。

Thank you very much for your questions, Alex. As we have no further questions. For closing remarks, I'll turn the call back over to CFO, Brian Van Abel for closing remarks. Thank you.

非常感謝你的提問，Alex。我們沒有其他問題了。最後，我將把電話轉回給財務長布萊恩‧範‧阿貝爾，請他作總結發言。謝謝。

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

感謝各位今天上午參加我們的財報電話會議。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, sir. Ladies and gentlemen, that concludes today's conference. We wish you a very good day. You may now disconnect. Have a good day.

非常感謝您，先生。女士們、先生們，今天的會議到此結束。祝您今天過得愉快。您現在可以斷開連線了。祝你有美好的一天。