埃克西爾能源 (XEL) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加Xcel Energy 2025年終業績電話會議。我叫喬丹，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 now like to turn the call over to your host today, Mr. Roopesh Aggarwal, Vice President, Investor Relations, to begin the conference. Please go ahead, sir.

現在，我謹將電話交給今天的主持人，投資者關係副總裁魯佩什·阿加瓦爾先生，由他來開始本次會議。請繼續，先生。

Thank you, Jordan. Good morning, and welcome to Xcel Energy's 2025 year-end earnings call. Joining me today are Bob Frenzel, Chairman, President, 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. This morning, we will review our 2025 full-year results and highlights, provide updated 2026 assumptions, and share recent business and regulatory updates.

謝謝你，喬丹。早安，歡迎參加Xcel Energy 2025年終業績電話會議。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。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 年全年業績和亮點，提供更新後的 2026 年假設，並分享最近的業務和監管更新。

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。

As a reminder, we recorded a charge of $300 million or $0.38 per share in 2025, reflecting the settlement in principle reached with plaintiffs in the Marshall wildfire. As a result, our GAAP earnings for 2025 were $3.42 per share, while our ongoing earnings, which exclude this nonrecurring charge, is $3.80 per share. All further discussion on our earnings call will focus on annual ongoing earnings. For more information on this, please see the disclosure in our earnings release.

提醒一下，我們已提列 2025 年 3 億美元或每股 0.38 美元的費用，這反映了與馬歇爾山火原告達成的原則和解。因此，我們 2025 年的 GAAP 收益為每股 3.42 美元，而扣除這項非經常性費用後的持續收益為每股 3.80 美元。我們財報電話會議的後續討論將主要集中在年度持續經營收益方面。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. At Xcel Energy, we continue to deliver a once-in-a-generation opportunity to meet the increasing demands of our customers as they electrify more parts of their lives to support the economic development of our communities, to fuel the rapid growth of AI and data centers, and to continue to lead a clean energy transition in the country. Over the next five years, Xcel Energy expects to invest in excess of $60 billion to modernize and expand the grid, adding advanced transmission and distribution infrastructure, new natural gas and renewable generation, smart weather-hardened infrastructure. These upgrades will strengthen sustainability, reliability, and resiliency while keeping our customer bills as low as possible.

謝謝你，Roopesh，大家早安。在 Xcel Energy，我們將繼續提供千載難逢的機會，滿足客戶日益增長的需求，幫助他們將更多生活領域電氣化，從而支持我們社區的經濟發展，推動人工智慧和數據中心的快速增長，並繼續引領全國的清潔能源轉型。未來五年，Xcel Energy 預計將投資超過 600 億美元用於電網現代化和擴建，增加先進的輸配電基礎設施、新的天然氣和再生能源發電設施以及智慧化的抗風雨基礎設施。這些升級將增強永續性、可靠性和彈性，同時盡可能降低客戶的帳單金額。

We've also continued our decades-long track record of producing strong results for our owners. In 2025, Xcel Energy delivered ongoing earnings of $3.80 per share, marking the 21st consecutive year of meeting or exceeding our initial ongoing earnings guidance. We achieved that outcome with some of the lowest electric and natural gas bills in the country. This consistency reflects the strength of our strategy, the diversity of our business, and the dedication of our Xcel Energy team who show up every day with safety, reliability, affordability, and sustainability as their top priorities. 2025 showcase what our people are capable of as we reach several important customer and operational milestones.

我們也延續了數十年來為業主創造豐厚回報的良好記錄。2025 年，Xcel Energy 的持續獲利為每股 3.80 美元，連續第 21 年達到或超過我們最初的持續獲利預期。我們以全國最低的電費和天然氣費之一實現了這一目標。這種一致性反映了我們策略的優勢、業務的多元化，以及Xcel Energy團隊的敬業精神。他們每天都將安全、可靠、經濟和永續發展作為首要任務。 2025年，我們將實現多個重要的客戶和營運里程碑，充分展現員工的實力。

With our disciplined execution and geographic advantage for renewables, we continue to deliver for our customers. Our residential electric customers in Colorado have the lowest share of wallet out of all 50 states. And average electric bills in our other states occupy 5 of the top 11 spots in the country. Since 2020, residential electric bills in Denver and Minneapolis have grown far less than inflation, and less than common expenses like groceries, gasoline, healthcare, insurance, and housing. And when compared to other national electricity providers, these bills have grown 40% and 80% less than other regions. A testament to our focus on affordability, our productive regulatory jurisdictions, and importantly, our integrated regulated utility model that allows for long-term asset investment.

憑藉我們嚴謹的執行力和在再生能源領域的地理優勢，我們將繼續為客戶提供優質服務。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。我們其他州的平均電費在全國排名前 11 位中佔據了 5 個席位。自 2020 年以來，丹佛和明尼阿波利斯的居民電費成長率遠低於通貨膨脹率，也低於食品雜貨、汽油、醫療保健、保險和住房等常見開支的成長速度。與其他國家電力供應商相比，這些地區的電費成長幅度比其他地區低 40% 到 80%。這證明了我們對可負擔性的重視、高效的監管環境，以及更重要的是，我們允許長期資產投資的綜合監管公用事業模式。

Also, a testament to our One Xcel Energy Way continuous improvement program that has realized over $1.5 billion in cumulative savings since 2020, while also improving customer and operating outcomes. As a result, when looking at our five-year average O&M expenses per megawatt hour, Xcel Energy ranked fourth lowest out of our peer utility companies. And even with some of the lowest energy bills in the country, we know some of our customers still struggle to make ends meet. In 2025, our energy assistance programs reached nearly 200,000 customers and provided nearly $200 million in funding, our highest ever one-year total.

此外，這也證明了我們的「One Xcel Energy Way」持續改善計畫自 2020 年以來已累積節省超過 15 億美元，同時也改善了客戶和營運成果。因此，當我們查看過去五年每兆瓦時的平均營運和維護費用時，Xcel Energy 在我們同行公用事業公司中排名第四低。即使我們的能源帳單是全國最低的，我們也知道有些客戶仍然難以維持生計。2025 年，我們的能源援助計畫惠及近 20 萬名客戶，提供了近 2 億美元的資金，這是我們有史以來最高的年度總額。

Our focus on reliability, affordability and customer service was recognized by J.D. Power who ranked Xcel Energy in the top quartile for the Midwest region and had the second highest score for customer satisfaction. Across our eight states, we continue to build and maintain the critical infrastructure that supports our customers' energy needs. In 2025, we invested nearly $12 billion, our largest one-year total.

我們對可靠性、價格合理性和客戶服務的重視得到了 J.D. Power 的認可，該公司將 Xcel Energy 評為中西部地區的前四分之一，並在客戶滿意度方面獲得了第二高的分數。我們在八個州持續建造和維護關鍵基礎設施，以滿足客戶的能源需求。2025 年，我們的投資額接近 120 億美元，創下單年投資總額新高。

In September, Phase 2 of our Sherco Solar project started commercial operation and the third phase will come online in 2026. And once complete, Sherco will be the largest solar facility in the Upper Midwest. We also completed the conversion of our 1,000-megawatt Harrington coal plant to natural gas, which provides essential energy resiliency and reliability to our customers, and we source and deliver that natural gas for Harrington from the Permian region. And that combination will benefit the local community for years to come.

9 月，我們的 Sherco 太陽能專案第二期工程開始商業運營，第三期工程將於 2026 年上線。建成後，Sherco 將成為美國中西部北部地區最大的太陽能發電廠。我們也完成了將 1000 兆瓦的哈靈頓燃煤電廠改用天然氣發電，這為我們的客戶提供了必要的能源彈性和可靠性，我們從二疊紀盆地採購並向哈靈頓輸送天然氣。這種組合將使當地社區在未來幾年受益。

We completed 370 megawatts of wind repowerings at our border in Pleasant Valley facilities in the Upper Midwest and expect $750 million in PTC benefits, which exceeds the investment that we made into these facilities, creating more affordable energy for our customers. We placed a 325-megawatt Rocky Mountain Solar project in service this year, our first utility-scale solar farm in Colorado, with many more to come. And we released our updated 2026 to 2030 capital plan, which includes, relative to our previous plan, initial 7,000 megawatts of company-owned renewables, natural gas generation storage across our states transition our fleet and build for growth.

我們在位於美國中西部北部普萊森特谷的邊境設施完成了 370 兆瓦的風力發電改造，預計將獲得 7.5 億美元的生產稅收抵免 (PTC) 收益，這超過了我們對這些設施的投資，為我們的客戶創造了更實惠的能源。今年，我們在科羅拉多州投產了裝置容量為 325 兆瓦的落基山太陽能項目，這是我們在科羅拉多州的第一個公用事業規模的太陽能發電廠，未來還將有更多項目投入使用。我們發布了更新後的 2026 年至 2030 年資本計劃，與先前的計劃相比，該計劃包括：公司自有可再生能源的初始 7000 兆瓦、天然氣發電儲能、覆蓋各州的儲能設施轉型升級以及為增長而建設。

Speaking of enabling growth, over the past 15 years, Xcel Energy has been the leading builder of new transmission line miles in the country. Last spring, we energized our first two segments of the Colorado Power pathway, ahead of schedule, on scope, and under budget, delivering significant value to our Colorado customers. The remaining segments will be energized in 2026 and 2027. Across SPP and MISO in '25 and '26, Xcel Energy has been awarded over 760 miles of new 765 kV transmission lines. This includes a second 765 kV line in FTP that was awarded this week, which gives us line of sight to $1.5 billion in additional investments over our base five-year plan.

說到促進成長，在過去的 15 年裡，Xcel Energy 一直是美國新建輸電線路里程數最多的企業。去年春天，我們提前、按計劃、按預算完成了科羅拉多電力管道的前兩個部分，為科羅拉多州的客戶帶來了巨大的價值。剩餘部分將於 2026 年和 2027 年通電。在 2025 年和 2026 年，Xcel Energy 在 SPP 和 MISO 獲得了超過 760 英里的新 765 千伏輸電線路的建設合約。這其中包括本週授予的第二條 765 kV FTP 線路，這將使我們預計在五年基本計劃的基礎上獲得 15 億美元的額外投資。

These will be the first voltage lines of this class in SPP and constitute 20% of the approved new ultra-high-voltage transmission in this country, recognizing Xcel Energy's expertise in building and operating transmission networks. We also reached several milestones as we continue to make investments to protect our customers and communities from the threats of extreme weather. In 2025, we rapidly accelerated system investments, including completing 8 times as many pole inspections and 25% more pole replacements than the previous year, and we installed over 250 Pano AI cameras and weather stations. In 2025, we received approvals from both Colorado and Texas Commissions for our wildfire mitigation and system resiliency plans as well as published Wildfire Mitigation Plans in each of our other states. Favorable wildfire legislation passed into law in Texas and North Dakota, and we're working on similar frameworks in other states.

這些將是 SPP 中此類電壓線路的首批線路，佔該國已批准的新建超高壓輸電線路的 20%，這體現了 Xcel Energy 在建設和運營輸電網路方面的專業知識。我們持續增加投資，保護我們的客戶和社區免受極端天氣的威脅，並在此過程中取得了多項里程碑式的成就。2025 年，我們迅速加快了系統投資，包括完成的電線桿檢查數量比前一年增加了 8 倍，電線桿更換數量增加了 25%，並且我們安裝了 250 多台 Pano AI 攝影機和氣象站。2025 年，我們的野火緩解和系統恢復計劃分別獲得了科羅拉多州和德克薩斯州委員會的批准，我們在其他各州也發布了野火緩解計劃。德州和北達科他州通過了有利於野火防治的立法，我們正在其他州制定類似的框架。

We continue to improve and refine operational measures to protect our communities, including daily wildfire risk monitoring, proactive customer communications, wildfire safety operations, and in very rare circumstances, public safety power shutoff capability. And our investments are paying off. During winter storm Fern this January, our electric and natural gas operations across NSP, PSCo, and SPS performed exceptionally well. Thanks to rigorous winter readiness, proactive fuel management, and strong coordination across our operations teams, we reliably serve customers through periods of high demand, constrained gas supply, and challenging weather. And we were able to export our generation length when the system needed us most, providing grid stability and incremental customer benefits.

我們不斷改進和完善營運措施以保護我們的社區，包括每日野火風險監測、主動與客戶溝通、野火安全行動，以及在極少數情況下，公共安全斷電能力。我們的投資正在獲得回報。今年一月冬季風暴「弗恩」期間，NSP、PSCo 和 SPS 的電力和天然氣營運表現異常出色。由於嚴格的冬季準備工作、積極主動的燃料管理以及營運團隊之間的密切協調，我們能夠在需求高峰期、天然氣供應緊張期和惡劣天氣期可靠地為客戶提供服務。我們能夠在系統最需要我們的時候輸出我們的發電量，從而提供電網穩定性並為客戶帶來更多好處。

Our operators and field crews executed cold-weather procedures flawlessly. We maintained system reliability and managed costs responsibly despite record-setting conditions. I'm very excited about our achievements in 2025. I want to turn to our strong start to 2026.

我們的操作人員和現場工作人員完美地執行了寒冷天氣作業程序。儘管面臨前所未有的挑戰，我們依然保持了系統的可靠性，並負責任地控制了成本。我對我們在2025年所取得的成就感到非常興奮。我想談談我們2026年的強勁開局。

Today, we are advancing our data center pipeline with a new recently signed ESA with a large data center in the Upper Midwest. The Springs Xcel Energy to over 2 gigawatts of new contracted data center capacity. Our goal for '26 is another 1 gigawatt bringing our total to 3 gigawatts of contracted data center service by the end of 2026.

今天，我們透過與美國中西部北部的一家大型資料中心簽署新的ESA協議，推進了我們的資料中心專案儲備。Springs Xcel Energy 新增超過 2 吉瓦的資料中心合約容量。我們2026年的目標是再增加1吉瓦，讓我們到2026年底的資料中心服務合約總量達到3吉瓦。

While we had length in the upper Midwest this winter and forecast so through the end of the decade, we also know that it's critical that we have the right resources to develop new generation infrastructure to deliver on the opportunities in our 20-plus gigawatt large load pipeline. So earlier this week, Xcel Energy announced an MOU with long-time partner NextEra Energy to co-develop generation, storage, and interconnections to serve data center projects across our operating companies. By engaging early with leading developers like NextEra, we can better anticipate system needs for new data centers. Streamlined development timelines, advanced innovative grid technologies continue to provide the network benefits that data centers bring to all of our customers.

雖然今年冬天美國中西部北部地區降雨量充足，而且預計這種情況會持續到本十年末，但我們也知道，擁有合適的資源來開發新的發電基礎設施至關重要，這樣才能抓住我們超過 20 吉瓦的大負載項目帶來的機遇。因此，本週早些時候，Xcel Energy宣布與長期合作夥伴NextEra Energy簽署諒解備忘錄，共同開發發電、儲能和互聯技術，為我們旗下各營運公司的資料中心專案提供服務。透過及早與 NextEra 等領先開發商合作，我們可以更好地預測新資料中心的系統需求。精簡的開發時程和先進的創新電網技術，持續為所有客戶提供資料中心帶來的網路優勢。

With this agreement, we now expect to have 6 gigawatts of total data center capacity contracted by the end of 2027, with electricity sales and generation investment that will ramp into the 2030s. We will deliver the benefits of two of the best development teams in the industry to meet this moment for our country and our customers. As we've talked about over the past two or three years, execution against our capital and growth plans are critical to our stakeholders. We believe that our scale and our diversity are assets that we can deliver to the benefit of our customers and our regions.

透過這項協議，我們預計到 2027 年底將簽訂 6 吉瓦資料中心總容量的合同，電力銷售和發電投資將在 2030 年代逐步增加。我們將匯聚業內兩支頂尖開發團隊的優勢，以滿足國家和客戶當前的需求。正如我們過去兩三年來一直討論的那樣，執行我們的資本和成長計劃對我們的利害關係人至關重要。我們相信，我們的規模和多樣性是我們能夠為客戶和地區帶來利益的優勢。

We have strategic agreements in place with multiple Tier 1 EPC firms across our portfolio of renewable natural gas generation prospects as well as transmission, distribution, and natural gas systems. And earlier this week, we announced a landmark strategic alliance with GE Vernova to support our growing portfolio of wind and natural gas generation, transmission, distribution, and technology projects into the 2030s. This partnership will focus on delivering key benefits to Xcel Energy's customers and stakeholders to enhance certainty of supply, operational flexibility, and cost affordability. Each of the partnership is a mutual commitment to innovation and strategic collaboration. We will work together to explore advancements in areas such as artificial intelligence, grid modernization, and joint research and development programs.

我們已與多家一級EPC公司達成策略協議，涵蓋我們再生天然氣發電專案組合以及輸送、分配和天然氣系統。本週早些時候，我們宣布與 GE Vernova 達成一項具有里程碑意義的戰略聯盟，以支持我們不斷增長的風能和天然氣發電、輸電、配電和技術項目組合，直至 2030 年代。此次合作將著重為 Xcel Energy 的客戶和利害關係人帶來關鍵利益，以提高供應的確定性、營運的靈活性和成本可負擔性。每一項合作關係都是雙方對創新和策略合作的共同承諾。我們將共同努力，探索人工智慧、電網現代化以及聯合研發項目等領域的進展。

As a first step, Xcel Energy is purchasing five additional natural gas turbines from GE Vernova, bringing our total to 24 gas CTs on order across our vendors. Additionally, we're integrating GE Vernova into our renewable energy pipeline bidding several gigawatts of wind projects with GEV turbines in our pending and upcoming RFPs. Combined with agreements with other equipment, engineering construction firms, Xcel Energy has built scalable, resilient and flexible engine to ensure delivery of critical system investments. This engine has also enabled us to safe harbor equipment for approximately 20 gigawatts of renewable generation storage, preserving a significant volume of production and investment tax credits for the benefits of our customers.

作為第一步，Xcel Energy 正在從 GE Vernova 購買五台額外的天然氣渦輪機，使我們從所有供應商訂購的天然氣渦輪機總數達到 24 台。此外，我們正在將 GE Vernova 整合到我們的可再生能源項目中，在即將發布和即將發布的 RFP 中，我們將競標數吉瓦的風電項目，這些項目都將採用 GEV 渦輪機。結合與其他設備、工程建設公司的協議，Xcel Energy 建構了一個可擴展、有彈性和靈活的引擎，以確保關鍵系統投資的交付。該引擎還使我們能夠為大約 20 吉瓦的可再生能源發電儲存設備提供安全港，為我們的客戶保留了大量的生產和投資稅收抵免。

Finally, Xcel Energy's commitment is about much more than energy. The heart of what drives our people is a deep compassion, connection, and commitment to the communities that we serve that's because these communities are not just customers who receive our energy, because our people live in the same neighborhood, our children attend the same schools, and we attend the same community events. And so it goes without saying that the tragic events across the twin cities have weighed heavily on our communities, our customers, and our employees. We've engaged extensively and proactively with senior federal, state, local, and community officials with a goal to de-escalate and identify a sustainable path forward.

最後，Xcel Energy 的承諾遠不止於能源領域。驅動我們員工的核心是對我們所服務社區的深切同情、聯繫和承諾，因為這些社區不僅僅是接受我們能源的客戶，因為我們的員工住在同一個社區，我們的孩子上同一所學校，我們參加同樣的社區活動。因此，不言而喻，雙子城發生的這些悲劇事件給我們的社區、顧客和員工都帶來了沉重的負擔。我們與聯邦、州、地方和社區的高級官員進行了廣泛而積極的溝通，目標是緩和局勢並找到一條可持續的前進道路。

I was pleased to sign on to the letter with 60 other Minnesota companies urging for a solution. And alongside other peer companies in the Twin Cities, the Xcel Energy Foundation has committed to help fund the Minneapolis Foundation to support local and small businesses impacted by recent events. I know that our Xcel Energy community will continue to do what we do best, making Energy work better for our customers while supporting our teammates and caring for our neighbors.

我很榮幸能與明尼蘇達州其他 60 家公司一起簽署這封信，敦促政府尋求解決方案。與雙子城的其他同行公司一樣，Xcel Energy 基金會承諾資助明尼阿波利斯基金會，以支持受近期事件影響的當地小型企業。我知道我們 Xcel Energy 社群將繼續做好我們最擅長的事情，讓能源更好地服務我們的客戶，同時支持我們的團隊成員並關懷我們的鄰居。

Looking at the broader community engagement in 2025, Xcel Energy initiated 15 economic development projects for our local communities, which are projected to create more than $7 billion in capital investment in nearly 1,400 jobs. Additionally, nearly 53% of our supply chain spend was local, and we spent nearly $1 billion of small and diverse suppliers. Xcel Energy employees, contractors, and retirees supported by the company's foundation provided over $14 million and over 60,000 volunteer hours to support over 400 local charitable organizations and causes in 2025.

展望 2025 年更廣泛的社區參與，Xcel Energy 為我們當地社區啟動了 15 個經濟發展項目，預計將創造超過 70 億美元的資本投資和近 1400 個就業機會。此外，我們近 53% 的供應鏈支出用於本地市場，我們向小型和多元化供應商支付了近 10 億美元。2025 年，Xcel Energy 的員工、承包商和退休人員在公司基金會的支持下，提供了超過 1,400 萬美元和超過 6 萬小時的志工服務時間，以支持 400 多個當地慈善組織和事業。

And for the 12th year, Xcel Energy was honored as one of the world's most admired companies by Fortune Magazine. We ranked first in social responsibility and placed fourth among the most admired electric and natural gas companies in the country. I continue to be thankful and grateful for each of our employees and partners who shared their time, resources, and talent this year to make energy work better.

Xcel Energy連續第12年被《財星》雜誌評為全球最受尊敬的公司之一。我們在社會責任方面排名第一，在全國最受尊敬的電力和天然氣公司中排名第四。我衷心感謝每一位員工和合作夥伴，感謝他們今年貢獻時間、資源和才華，讓能源產業更能運作。

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 reported ongoing earnings of $3.80 per share for full-year 2025 compared to ongoing earnings of $3.50 per share in 2024. The most significant earnings drivers for the year include the following: higher electric and natural gas revenues due to rate case outcomes, nonfuel riders, and sales growth, partially offset by higher fuel and purchased power expenses increased earnings by $1.21 per share and higher AFUDC increased earnings by $0.27 per share. Offsetting these positive drivers, higher interest charges and common equity financing decreased earnings by $0.46 per share, reflecting funding of our infrastructure investments and financial discipline to maintain a strong balance sheet.

謝謝你，鮑勃，大家早安。首先來看我們的財務業績。Xcel Energy 公佈 2025 年全年持續經營收益為每股 3.80 美元，而 2024 年持續經營收益為每股 3.50 美元。本年度最重要的獲利驅動因素包括：由於費率案件結果、非燃料附加費和銷售成長，電力和天然氣收入增加，部分被燃料和購電支出增加所抵消，每股收益增加 1.21 美元，以及 AFUDC 增加，每股收益增加 0.27 美元。抵消了這些積極因素，更高的利息支出和普通股融資使每股收益減少了 0.46 美元，這反映了我們為基礎設施投資提供的資金以及為保持強勁的資產負債表而採取的財務紀律。

Higher depreciation and amortization decreased earnings by $0.28 per share, reflecting our capital investment programs. Higher O&M expenses decreased earnings by $0.25 per share and other items combined to decrease earnings by $0.19 per share.

折舊和攤銷增加導致每股收益減少 0.28 美元，反映了我們的資本投資計劃。營運和維護費用增加導致每股收益減少 0.25 美元，其他項目加起來導致每股收益減少 0.19 美元。

Turning to sales. Full-year weather-adjusted electric sales increased by 2.2%, driven by increased C&I load in SPS and PSCo. For 2026, we continue to expect full-year weather-adjusted electric sales to increase 3%.

轉向銷售。經天氣調整後的全年電力銷售量成長了 2.2%，這主要得益於 SPS 和 PSCo 的工商業負荷增加。我們繼續預計，2026 年全年經天氣調整後的電力銷售將成長 3%。

Shifting to expenses. O&M expenses increased $190 million in 2025. Increases are primarily due to accelerated wildfire mitigation costs in Colorado, excess liability insurance costs, and higher benefit costs in late third and fourth-quarter 2025, and increased costs from generation maintenance.

轉向支出。2025 年營運維護費用增加 1.9 億美元。成長的主要原因是科羅拉多州野火減災成本加速增加、責任保險成本超支、2025 年第三季末和第四季福利成本增加，以及發電維護成本增加。

Moving to regulatory activity. During the fourth quarter, in Colorado, we filed both electric and natural gas rate cases. We anticipate commission decisions on each and the implementation of new rates by the end of Q3 2026. In November, we filed a New Mexico electric rate case and anticipate a commission decision in the second half of 2026. And in Wisconsin, we received final approval for our electric and natural gas rate case and implemented new rates in January.

轉入監理活動。第四季度，我們在科羅拉多州提交了電力和天然氣費率案件。我們預計各委員會將在 2026 年第三季末之前就每項決定作出決定，並實施新的費率。11 月，我們提交了新墨西哥州電力費率申請，預計委員會將在 2026 年下半年做出決定。在威斯康辛州，我們的電力和天然氣價格方案獲得了最終批准，並於 1 月實施了新的價格。

As we look to additional investments to our base capital plan, Xcel Energy has 10- to 12-plus gigawatts of additional generation RFPs and transmission opportunities in SPP and MISO. These investments align with our improved resource plans and are critical to ensure we have the energy we need to see our customers, retire legacy generation, and ensure reliability. These RFPs also help capture expiring production and investment tax credits, which will help keep customer bills well.

隨著我們對基本資本計畫進行額外投資，Xcel Energy 在 SPP 和 MISO 擁有 10 至 12 吉瓦以上的額外發電 RFP 和輸電機會。這些投資與我們改進的資源計劃一致，對於確保我們擁有所需的能源來服務客戶、淘汰舊式發電設施以及確保可靠性至關重要。這些招標書還有助於爭取即將到期的生產和投資稅收抵免，這將有助於維持客戶帳單的良好狀態。

For the recommended portfolio in Colorado near-term solicitation, we are now expecting the commission to review these resources in multiple tranches through early 2026. Additional needs under our approved IRP will be subject to RFPs later this year. In December, we issued an RFP and NSP for 4,100 megawatts of renewable generation and storage to be placed in service by 2030. Bids are due in March, and we expect a recommendation filing later this year.

對於科羅拉多州近期招標中推薦的投資組合，我們現在預計委員會將在 2026 年初之前分批審查這些資源。根據我們已批准的綜合資源計劃 (IRP) 提出的其他需求，將於今年稍後透過招標程序予以滿足。去年 12 月，我們發布了 RFP 和 NSP，計劃在 2030 年前投入使用 4,100 兆瓦的再生能源發電和儲能專案。投標截止日期為三月份，我們預計將於今年稍後提交推薦文件。

In October, we issued an RFP and SPS for 1,500 to 3,000 megawatts of additional nameplate generation. Bids were received in January, and we expect to report from the independent monitor in late Q2 2026. And finally, as Bob mentioned, in SPP, we were awarded another 765 kV transmission line, which gives line of sight to $1.5 billion of additional investment over our base five-year plan.

10 月份，我們發布了 RFP 和 SPS，尋求新增 1,500 至 3,000 兆瓦的額定發電量。1 月收到了投標書，我們預計將於 2026 年第二季末收到獨立監督員的報告。最後，正如鮑伯所提到的，在SPP計畫中，我們又獲得了一條765千伏輸電線路，這將使我們在五年基本計畫的基礎上獲得15億美元的額外投資。

We also continue to make strong progress on the Smokehouse Creek wildfire claims process. We resolved 222 of the 287 submitted claims. We've reached settlements with 79 of the 83 potential claims presented for mediation by parties represented by attorneys. And finally, 22 of 47 complaints have been settled or dismissed.

我們在煙屋溪野火索賠程序方面也持續取得顯著進展。我們解決了提交的 287 項索賠中的 222 項。我們已與 83 起由律師代理的當事人提交調解的潛在索賠中的 79 起達成了和解。最後，47起投訴中有22起已解決或駁回。

We have updated the lower end of our estimated liability to $430 million. We have committed $382 million in settlement agreements, including agreements with the subrogated insurer plaintiffs and the three largest claims by acreage. As a reminder, we have approximately $500 million of insurance coverage.

我們將預計負債的下限更新為 4.3 億美元。我們承諾支付 3.82 億美元用於和解協議，其中包括與代位求償的保險公司原告達成的協議，以及與面積最大的三起索賠案達成的協議。再次提醒，我們擁有約 5 億美元的保險保障。

Regarding the Marshall wildfire settlement, final settlement agreements have been executed with the subrogation insurers in nearly all individual plaintiffs. Xcel Energy is aware of three individual plaintiffs out of 4,000-plus who have not yet accepted a settlement or otherwise stopped prosecuting their claims.

關於馬歇爾山火賠償案，幾乎所有個人原告的代位求償保險公司都已簽署最終賠償協議。Xcel Energy 知道，在 4000 多名原告中，有三名原告尚未接受和解或停止追究其索賠。

Moving to guidance. We are reaffirming our 2026 EPS guidance range of $4.04 to $4.16. We remain confident in our ability to deliver 6% to 8%-plus long-term earnings growth and expect to deliver 9% EPS growth on average through 2030. Updates to key assumptions are included in our slides and earnings release.

進入指導環節。我們重申2026年每股盈餘預期區間為4.04美元至4.16美元。我們仍有信心實現6%至8%以上的長期獲利成長，並預計到2030年平均每股收益成長率將達到9%。關鍵假設的更新已包含在我們的幻燈片和收益報告中。

With that, I'll wrap up with a quick summary. Xcel Energy posted strong ongoing 2025 earnings of $3.80 per share, meeting or exceeding ongoing guidance for the 21st consecutive year. We continue to lead the clean energy transition while ensuring safe, clean, and reliable service and keeping customer bills as low as possible. We continue to make progress to realize our $10 billion-plus pipeline of additional investment opportunities including a new 765 kV awarded in SPP this week.

最後，我將做一個簡短的總結。Xcel Energy 公佈了強勁的 2025 年持續經營收益預期，每股收益為 3.80 美元，連續第 21 年達到或超過持續經營預期。我們將繼續引領清潔能源轉型，同時確保安全、清潔、可靠的服務，並盡可能降低客戶的帳單。我們繼續取得進展，以實現我們超過 100 億美元的額外投資機會，包括本週在 SPP 中授予的一項新的 765 kV 項目。

We've announced two strategic alliances with industry-leading development and supply chain partners to ensure we have the resources, technology, and capacity to deliver on our capital plan. We now have signed ESAs for over 2 gigawatts of data centers and remain on track to contract 3 gigawatts total by the end of 2026. In addition, we have updated our plan to contract 6 gigawatts of total data center capacity by the end of 2027. We continue to maintain a strong balance sheet and credit metrics using a balance of debt and equity to fund accretive growth. We are reaffirming our 2026 EPS guidance of $4.04 to $4.16 per share.

我們宣布與業界領先的開發和供應鏈合作夥伴建立兩個策略聯盟，以確保我們擁有資源、技術和能力來實現我們的資本計劃。我們目前已簽署超過 2 吉瓦資料中心的能源服務協議 (ESA)，並預計在 2026 年底前完成總計 3 吉瓦的合約簽訂。此外，我們已更新計劃，到 2027 年底，將簽訂 6 吉瓦資料中心總容量的合約。我們持續保持強勁的資產負債表和信貸指標，透過平衡債務和權益來為增值成長提供資金。我們重申 2026 年每股盈餘預期為 4.04 美元至 4.16 美元。

And finally, we remain confident in our ability to deliver 6% to 8%-plus long-term earnings growth and expect to deliver 9% EPS growth on average through 2030. This concludes our prepared remarks.

最後，我們仍然有信心實現 6% 至 8% 以上的長期獲利成長，並預計到 2030 年平均每股盈餘成長將達到 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。

Julien Dumoulin-Smith.

朱利安·杜穆蘭-史密斯。

Hi, good morning. It's Brian Russo on for Julien. I want to just understand more clearly what the upcoming filings in Colorado for the JTS and how that ties into the large tariff filings. Should we expect as you sign customers to the large tariff, you'll then submit the capacity need to the commission and issue an independent RFP for like each? Or will you, I don't know, group them together to make the process more efficient? And then how does that tie into that 6-gigawatt target by 2027?

您好，早安。布萊恩·魯索代替朱利安上場。我想更清楚地了解科羅拉多州即將提交的JTS文件以及它與大型關稅文件之間的聯繫。我們是否可以預期，當您與客戶簽訂高關稅協議後，您會向委員會提交容量需求，並針對每位客戶單獨發布一份招標書？或者，我不知道，你會不會把它們組合在一起，以提高效率？那麼，這與2027年實現6吉瓦的目標有何關聯呢？

Yeah. I can start with that answer. And if I didn't answer all the pieces of that question, just feel free to chime in. As we think about it, we're aiming to file that large load tariff in Colorado early in Q2 and work through that regulatory proceeding in Colorado. And once we have that kind of large low tariff in that construct, we'll seek to bring forward large loads within that framework, along with likely a package of generation to serve that large load.

是的。我可以從這個答案開始。如果我沒能回答完這個問題的所有細節，請隨時補充。我們考慮後決定，爭取在第二季初向科羅拉多州提交大額負荷關稅申請，並完成科羅拉多州的相關監管程序。一旦我們在這個框架內實現瞭如此大的低關稅，我們將尋求在該框架內引入大負荷，並可能推出一攬子發電方案來滿足這些大負載。

They're really focused on driving customer benefit for all of our current customers. So that's really the timing in terms of getting the large load tariff filing in Colorado. The kind of 6 gigawatts, right, we doubled our data center expected contracted capacity from 3 gigawatts to 6 gigawatts. That 6 gigawatts is contemplated across our system. Right now, you saw the one we just signed is focused on upper Midwest, and I think that's our focus on the Upper Midwest right now.

他們真正專注於為我們所有現有客戶帶來利益。所以，這就是科羅拉多州提交大負荷關稅申請的時間節點。沒錯，就是那種 6 吉瓦的容量，我們將資料中心的預期合約容量從 3 吉瓦增加到了 6 吉瓦。我們系統正在考慮增加 6 吉瓦的電力。您現在也看到了，我們剛剛簽署的這份合約主要針對美國中西部北部地區，我認為這也是我們目前在美國中西部北部地區的重點。

We have some really good opportunities that we're working through. And as we work through the large load tariff, like not only in Colorado, but Texas and New Mexico will seek for opportunities there, too.

我們正在努力把握一些非常好的機會。隨著我們逐步落實大額負荷關稅，不僅在科羅拉多州，德州和新墨西哥州也將尋求在那裡的機會。

Okay. Great. And then just to follow on that. The $10 billion CapEx pipeline, right? That only includes kind of that low end of the 5,000 to 14,000 gigawatts of range of potential capacity, data center-driven needs in Colorado, right? So there's notable upside even of the $10 billion?

好的。偉大的。然後，就接著說下去。100億美元的資本支出項目，對吧？這僅僅包括科羅拉多州資料中心潛在容量需求範圍（5,000 至 14,000 吉瓦）的低端部分，對吧？所以即使是100億美元也有顯著的上漲空間？

Yes, that's absolutely a fair characterization as we think about it. And really, that kind of -- that low end didn't include significant data center growth in Colorado. So as we look at data center opportunities there after the large load tariff filing, it would include additional generation to serve those resources.

是的，仔細想想，這絕對是恰當的描述。事實上，那種低端數據並沒有包括科羅拉多州數據中心的顯著增長。因此，當我們在大型負載關稅申請提交後考察那裡的資料中心機會時，它將包括為這些資源提供額外的發電量。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

This is Diana Niles on for Jeremy. So my question is considering data centers coming online in the coming years, how should we think about that ramp to sales care reaching 5% across service territories? And do you still expect 3% of this 5% from data centers?

這裡是戴安娜·奈爾斯，替傑里米報道。所以我的問題是，考慮到未來幾年資料中心將陸續上線，我們應該如何看待服務區域內銷售支援率達到 5% 的情況？你仍然期望資料中心能貢獻這 5% 中的 3% 嗎？

Yeah. Thanks for the question. This is Brian. We'll update our five-year sales forecast as we typically do on Q3. That 5% sales CAGR was based on the 3 gigawatts of data center that we had all tied in our last Q3 update.

是的。謝謝你的提問。這是布萊恩。我們將像往常一樣在第三季更新五年銷售預測。5% 的銷售複合年增長率是基於我們在上一季第三季更新中提到的 3 吉瓦資料中心計算得出的。

Clearly, we've updated that from 3 gigawatts to 6 gigawatts. But I think there's some of that when you look at the timing, and we expect to have these contracts signed by the end of 2027 and the construction cycle, a lot of those may come in kind of that '29 type period. And then it's really about energizing into 2030 and the early 2030s and about extending our capital investment opportunity, our generation need. So certainly, significant sales growth opportunity, but we think about it more in this later part of this five year of driving significant growth, significant sales growth and benefit for our other customers into the 2030s to what extent. So it's really about extending our growth opportunities, sales growth, capital investment growth, and benefit to our current customers.

顯然，我們已經將發電量從 3 吉瓦更新為 6 吉瓦。但我認為從時間安排來看，這其中確實存在一些因素。我們預計到 2027 年底將簽署這些合同，而建設週期中，許多項目可能會在 2029 年左右完成。然後，真正的重點在於為 2030 年和 2030 年代初期注入活力，並擴大我們的資本投資機會，滿足我們這一代的需求。所以，這當然是一個重要的銷售成長機會，但我們更多是在考慮，在未來五年內，如何推動顯著的成長，顯著的銷售成長，以及到 2030 年代，我們的其他客戶能從中獲得多大的利益。所以，這其實是為了拓展我們的成長機會、促進銷售成長、推動資本投資成長，並為我們現有的客戶帶來利益。

Okay. And then on the Smokehouse Creek, I saw the low-end estimate rose about the same amount as the finalized settlement agreement. So those like estimated losses to the low end, stay around $50 million. Just wondering how many lawsuits that $50 million might represent and sort of how sticky finalizing those might be?

好的。然後，在煙屋溪，我看到最低估價上漲的幅度與最終達成的和解協議的幅度大致相同。所以，像是估計的最低損失，大概在 5,000 萬美元左右。我只是想知道這 5000 萬美元可能涉及多少起訴訟，以及最終解決這些訴訟可能會有多棘手？

Maybe, I'll take a step back and try and answer that question. I think we've made really good progress. If you look at just in the number of claims we've settled. We have over 320 claims settled and about roughly 420 claims and lawsuits in total. So we've settled on a significant number, only about 90, about 100 outstanding.

或許，我應該退後一步，試著回答這個問題。我認為我們取得了非常好的進展。僅從我們已經解決的索賠數量來看。我們已經解決了 320 多起索賠案件，總共有大約 420 起索賠和訴訟案件。所以我們最終確定了一個相當可觀的數字，大約只有 90 到 100 個未完成的項目。

And I think you look at, and I've talked about it before, is we've settled some of the largest claims. We settled the three largest claims of acreage, which are high-value ranches. We settled with our subrogation insurers. So when I think about it, we've made considerable progress from this time last year to today. At this time last year, we just had over 100 settlements, and now we have 3x that amount.

我認為，正如我之前所說，我們已經解決了一些最大的索賠案件。我們解決了三起最大的土地索賠案，這些都是高價值的牧場。我們與代位求償保險公司達成了和解。所以仔細想想，從去年這個時候到現在，我們已經取得了相當大的進展。去年這個時候，我們只有 100 多起和解案件，現在這個數字是去年的 3 倍。

So we'll continue to evaluate it. We expect to get some additional claims in as we near the two-year deadline, and then we'll evaluate it like we do every quarter, but we continue to make really good progress on the overall claims. And again, it's a low-end estimate, but we feel good when we think about -- we have $380 million of that $430 million is already settled. And so it's really our low-end estimate is focused on that $50 million relative to about $120 million of insurance proceeds left when you look at our coverage amount.

所以我們會繼續評估它。我們預計在兩年期限臨近時會收到一些額外的索賠，然後我們會像每個季度一樣進行評估，但我們在整體索賠方面繼續取得非常好的進展。而且，這只是保守估計，但我們想到這 4.3 億美元中已有 3.8 億美元落實到位，就感到很欣慰。因此，我們實際的最低估計是 5000 萬美元，而根據我們的保險金額，剩餘的保險賠償金約為 1.2 億美元。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Maybe just to start on the partnership with NextEra. Could you talk a little bit more about the roles that each of you will play in developing these data center projects? And maybe if there are any time-to-market advantages given that is still the top priority for data center customers?

或許可以先從與NextEra的合作開始。能否再詳細談談你們每個人在開發這些資料中心專案時將扮演的角色？考慮到上市時間仍然是資料中心客戶的首要考慮因素，那麼如果能縮短上市時間，或許會有一定優勢？

Hey, Carly, it's Bob. The last time we got together, maybe it was in the third quarter last year sometime, we talked a lot about executing on a capital backlog plan, executing on a data center, large load plans for the company and really finding the mechanisms that allowed us to execute in totality across the company. And I think what you heard from the team today was execution across all three of those areas. With regards to NextEra in particular, you used a word that I use a lot here, which is speed.

嘿，卡莉，我是鮑伯。我們上次聚在一起，大概是去年第三季的時候，我們討論了很多關於執行資本積壓計劃、執行資料中心、公司大型負載計劃以及真正找到能夠讓我們在全公司範圍內全面執行的機制。我認為今天你們從團隊那裡聽到的，是他們在所有這三個方面都展現出了出色的執行力。關於 NextEra，你特別用到了一個我常用的詞，就是速度。

So we do think there'll be increased clock speed as we think through combining to the best sales team, to the best development teams, to the best analytical teams in the country to deliver solutions for a very sophisticated customer set. We also think that it brings scale and the ability to put an inflection point in the curve of data center delivery and signed ESAs and contracts and ultimately investment opportunities in all three of our big regions. When I think about roles and role clarity, we're still at MOU stage, although I'd tell you a lot of the terms and conditions have been really agreed upon by the organizations. We've got to get to sort of final joint development agreement type framework, which I think we'll get to quickly. I think about us having a great backlog and visibility in conversations with hyperscalers and data center developers.

因此，我們認為，隨著我們將全國最好的銷售團隊、最好的開發團隊和最好的分析團隊結合起來，為非常複雜的客戶群提供解決方案，工作節奏將會加快。我們也認為，這將帶來規模效應，並有可能在資料中心交付、已簽署的 ESA 和合約以及最終在我們三大區域的投資機會方面，使其成為轉折點。就角色和角色清晰度而言，我們仍處於諒解備忘錄階段，儘管我可以告訴你，許多條款和條件實際上已經得到了各組織的同意。我們必須達成某種最終的聯合開發協議框架，我認為我們很快就能達成。我認為我們有很多待辦事項，並且在與超大規模資料中心營運商和資料中心開發人員的對話中具有很強的可見性。

We know NextEra has a national platform of this as well, and bringing those two together and being able to sit in the room and compare notes of who we're talking to, where is the best place to do this as it pertains to our regulated footprint, and then where do we have generation that we can bring to the table that we need to bring to the table with speed, with certainty, with price transparency, and with competitiveness, I think that's what the teams are going to bring together collectively. It's not an exclusive arrangement, but we expect to do a lot of work through this agreement. And it's not fuel type limited.

我們知道 NextEra 也擁有一個全國性的平台，將這兩家公司聚集在一起，坐下來交流我們正在與哪些人洽談，在哪裡開展這項工作最適合我們受監管的業務範圍，以及我們可以在哪里以速度、確定性、價格透明度和競爭力提供我們需要的發電技術，我認為這就是團隊將共同努力的目標。這並非獨家合作協議，但我們期望透過這項協議進行大量工作。而且它不受燃料類型限制。

If you think about where we sit in sustainability goals as a company where these hyperscalers and data centers and customers of data center developers want to be, it's a highly sustainable product. And no one's delivered more wind or solar or storage development across the country than NextEra. And we've been 20-year partners with them. We signed our first PPA with them in 2006, our first PSA for a development transfer a decade ago. So this is a great working relationship.

如果你想想我們公司在永續發展目標方面所處的位置，以及這些超大規模資料中心和資料中心開發商的客戶希望達到的目標，那就是我們是一款高度永續的產品。在全國範圍內，沒有任何一家公司比 NextEra 開發的風能、太陽能或儲能專案更多。我們與他們保持了20年的合作關係。我們於 2006 年與他們簽署了第一份購電協議 (PPA)，十年前我們與他們簽署了第一份開發轉讓購電協議 (PSA)。所以，這是一種非常好的合作關係。

All we're doing, I think, here is codifying it for the purposes of speed and execution certainty.

我認為，我們在這裡所做的，只是為了提高速度和執行的確定性而對其進行標準化。

That's super helpful. And then maybe just the follow-up. Just there are a number of elections across your states this year. Any early views in particular on Minnesota and Colorado, where you have ongoing rate cases and just sort of the role that you'd expect affordability to play in the respective campaigns?

這太有幫助了。然後或許只需要後續跟進。今年你們各州將舉行多場選舉。您對明尼蘇達州和科羅拉多州有什麼初步看法嗎？這兩個州目前都有正在進行的費率調整案件，您認為住房負擔能力在各自的調整活動中會發揮什麼作用？

Yeah. Great question, something we pay a ton of attention to. And if you saw my heard my prepared remarks, I spent a lot of time talking about where I think we sit as a company in terms of affordability. In Colorado, number one, lowest energy bills, electric and gas in the country. I think that's a great starting spot. We needed to file both electric and gas cases there.

是的。問得好，我們非常關注這個問題。如果你看過我事先準備好的發言稿，就會知道我花了很多時間談論我認為我們公司在價格負擔能力方面所處的位置。科羅拉多州擁有全美最低的能源帳單，包括電費和瓦斯費。我認為那是一個很好的起點。我們需要在那裡同時提交電力和燃氣方面的案件。

We've invested substantially into that state over the last two or three years. We haven't filed a case. We did file a case at the end of last year, and I'll go through prosecution through the course of this year. The election is probably early to tell. There's a lot of great candidates in Colorado for the governor. Two big names on the Democrat side. One big name on the Republican side of the ticket and probably early innings for us to see how that's going to play out in November.

在過去兩三年裡，我們對該州進行了大量投資。我們還沒有提起訴訟。我們在去年年底提起了訴訟，我將在今年內走完訴訟程序。現在判斷選舉結果還為時過早。科羅拉多州有很多優秀的州長候選人。民主黨方面兩位重量級人物。共和黨方面出現了一位重量級人物，現在可能還只是初選階段，我們可以看看11月的選情會如何發展。

Certainly, energy and energy goals for the state have been very critical. We know that one of the things the state legislature is going to look at is 2040 legislation for some clean energy standard that's been a Governor Polis' priority for a long time. So we know that clean energy is going to be on the table. We are a huge leader here and in Colorado, and I think we got a great seat at the table when it comes to energy policy in that election.

當然，能源和能源目標對國家來說至關重要。我們知道，州立法機構將要審議的事項之一是 2040 年清潔能源標準立法，這長期以來一直是州長波利斯的優先事項。所以我們知道清潔能源將會被提上議程。我們在科羅拉多州和這裡都是巨大的領導者，我認為在這次選舉中，我們在能源政策方面獲得了非常重要的地位。

In Minnesota, obviously, Senator Klobuchar just put her hat in the ring for the governor's election, and there's a crowded field of folks on the Republican side as well. So probably early innings to tell what might happen there. We've got a rate case here in Minnesota that we've been prosecuting for about a year. We expect decisions here by, call it, midyear this year and potential to settle between now and then, so I'm not certain how much the gubernatorial cycle will affect the outcomes of the cases that we have in front of us in Minnesota.

顯然，在明尼蘇達州，克洛布查爾參議員剛宣布競選州長，共和黨方面也有許多候選人。所以現在還很難說接下來會發生什麼事。我們在明尼蘇達州有一起費率案件，我們已經起訴了大約一年。我們預計今年年中之前會做出決定，並且有可能在此之前達成和解，所以我不太確定州長選舉週期會對明尼蘇達州擺在我們面前的案件結果產生多大影響。

And Carly, just a couple of things to add. I mean, we have -- I'll echo all Bob's points on affordability. And we have a great affordability story while we're driving state energy policy in those two states. And so we're really aligned both on state energy policy and the affordability narrative. And then if you looked at our Colorado electric rate case filing, we put forth an enhanced affordability proposal, really getting at our customers that do have a higher energy burden.

卡莉，還有幾點要補充。我的意思是，我們有——我完全同意鮑勃關於價格承受能力的所有觀點。我們在推動這兩個州的能源政策的同時，也展現了極佳的能源可負擔性。因此，我們在州能源政策和能源價格承受能力方面確實立場一致。如果你查看我們提交的科羅拉多州電力費率申請，你會發現我們提出了一項增強可負擔性的提案，真正惠及了那些能源負擔較重的客戶。

And we propose something for customers that were at a 5% to 6% energy burden down to 2.5% in the combined electric and gas bill. So really looking at where can we address the affordability issues. So we're pretty excited about where we sit from our affordability story, our narrative, but also looking to address it in the pockets where we can.

我們建議將原本能源負擔佔總電費和瓦斯費 5% 至 6% 的客戶降低到 2.5%。所以，我們真正需要考慮的是如何解決價格負擔能力問題。所以，我們對目前在價格可負擔性方面所取得的成就感到非常興奮，同時也希望盡可能地在各個方面解決這個問題。

Stephen D'Ambrisi, Capital Markets.

Stephen D'Ambrisi，資本市場。

I just had a quick one about just the -- frankly, the data center pipeline update. I think on the third quarter when you rolled out your formal financial plan, you had talked about roughly 3 gigawatts between the two buckets of contracted and high probability and that those two buckets would drive 3% of the 5% total sales growth. And so can you just give me a little color about now that that combined bucket looks like it's doubling to almost 6 gigawatts, what does that mean for your sales growth?

我剛才簡單提了一下——坦白說，是關於資料中心管道更新的事。我認為在第三季度推出正式財務計劃時，您曾談到，已簽約和高機率項目兩部分加起來大約有 3 吉瓦的電力，這兩部分將推動 5% 總銷售增長中的 3%。那麼，您能否簡要說明一下，現在合併後的容量似乎要翻一番，達到近 6 吉瓦，這對您的銷售成長意味著什麼？

And then kind of the attended question would just be, as we get clarity on some of the high probability pipeline, when do we see -- do we see updated IRPs that reflect some of this incremental load growth? And just how does that filter down into capital ultimately?

然後，大家關注的問題就是，隨著我們對一些高機率管道的了解越來越清晰，我們什麼時候才能看到——我們什麼時候才能看到反映這些增量負載增長的更新的 IRP？那麼，這些最終又是如何轉化為資本的呢？

And absolutely right, in terms of everything we said on the Q3 call, 3 gigawatts of data centers in our high-probability bucket. We also said on the Q3 call that we would execute on 2 gigawatts by this time. And we did execute on 2 gigawatts by this time. So we want to ensure that we're delivering on what we tell our investors because I think that's really important. And so we feel that we have clear conviction by essentially doubling our data center opportunity from 3 gigawatts to 6 gigawatts. And so excited about that.

完全正確，就我們在第三季電話會議上所說的一切而言，3 吉瓦的資料中心屬於我們高機率專案。我們在第三季財報電話會議上也說過，到那時我們將實現 2 吉瓦的裝置容量。到那時，我們已經實現了 2 吉瓦的裝置容量。所以我們希望確保兌現我們對投資者的承諾，因為我認為這非常重要。因此，我們確信，將資料中心容量從 3 吉瓦增加到 6 吉瓦，是完全可行的。我對此感到非常興奮。

In terms of our sales forecast, that 3 gigawatts translated to 3% of the 5% growth. We'll provide a holistic update in Q3 like we normally do when we roll forward our five-year sales forecast plan, but certainly an opportunity. Although I do think if you look at the timing of when you'd execute an ESA, if we say through the end of 2027 and kind of think about that cycle, you might see a lot of these coming in, maybe that '29, '30 as they energize and then ramp up into the 2030s.

就我們的銷售預測而言，這 3 吉瓦相當於 5% 成長目標中的 3%。我們將在第三季提供全面的更新，就像我們通常在發布五年銷售預測計劃時所做的那樣，但這無疑是一個機會。不過，我認為，如果你看看執行 ESA 的時間，比如說到 2027 年底，再想想那個週期，你可能會看到很多這樣的專案出現，也許是在 2029 年、2030 年，因為它們會逐漸活躍起來，然後在 2030 年代加速發展。

So I think there's really the opportunity is how do we think about extending our growth beyond 2030. So some potential sales impact within this five years, but really, it's post 2030 as we think about these, particularly with the, call it, the very large data centers, the 1 gigawatt-plus where they ramp up over time. And then you would see there's really two ways that could come in through our -- you asked if they come in through the research planning process. Certainly could come into the research planning process, but I think more often, you'll see them come packaged with an ESA in terms of we're going to bring forward a specific data center and here's the package of resources that we'll serve it with because then that can really demonstrate to our commission that we're driving customer benefit for all of our current customers when we're looking at how we're going to serve those data centers.

所以我認為真正的機會在於我們如何思考如何將成長延續到 2030 年以後。因此，未來五年內可能會有一些潛在的銷售影響，但實際上，當我們考慮這些的時候，尤其是在 2030 年之後，特別是對於所謂的大型資料中心，1 吉瓦以上的資料中心，它們會隨著時間的推移而逐步擴大規模。然後你會發現，實際上有兩種方式可以透過我們的方式——你問他們是否透過研究計畫過程進入。當然，這可以納入研究規劃過程，但我認為更常見的情況是，你會看到它們與環境場地評估 (ESA) 一起打包出現，也就是說，我們將推進一個特定的資料中心，這是我們將為其提供服務的資源包，因為這樣可以真正向我們的委員會證明，當我們考慮如何為這些資料中心提供服務時，我們正在為所有現有客戶帶來客戶利益。

So I think that actually gives us more flexibility than kind of your standard resource planning process that can take a significant amount of time if you just go through that.

所以我認為這實際上給了我們比標準資源規劃流程更大的靈活性，因為如果按照標準流程進行，可能會花費大量時間。

Steve, it's Bob. I just add on to what Brian said is, look, we're going to expect some modest sales this decade, and we'll have to update our plan accordingly. We'd expect to start investing probably capital to build the generation to serve those sales in the later part of this decade as well. We'll update our capital plan accordingly in the third quarter. And I'd just say, give us a little bit of time with the NextEra partnership to figure out how fast we can get our feet underneath us, how fast we can run and how fast we can bring this stuff to the table.

史蒂夫，我是鮑伯。我只是想補充布萊恩剛才說的，我們預計這十年銷售額不會很高，所以我們需要相應地更新我們的計劃。我們預計在本十年後期，我們將開始投資建造新一代產品，以滿足這些銷售需求。我們將在第三季據此更新我們的資本計劃。我只想說，請給我們一些時間與 NextEra 合作，看看我們能多快站穩腳跟，多快運轉起來，以及多快把這些東西拿出來。

So give us a little bit of time and we'll keep this group informed as we go through the year, and certainly a fulsome update in the third quarter.

所以請給我們一點時間，我們會在這一年中不斷向大家通報最新情況，並在第三季度提供全面的更新。

Yeah. And I think about it, we have that $10 billion-plus pipeline slide, and you look at our current base capital plan in terms of we have very strong growth and investment for our customers in the front three years, but then it's how do we fill in and strengthen that pipeline in year '29 and '30 and beyond. So that's a really good way to think about it, deepening our pipeline of opportunities and extending that pipeline of opportunities post 2030.

是的。仔細想想，我們有超過 100 億美元的專案儲備，看看我們目前的基本資本計劃，在未來三年內，我們為客戶提供了非常強勁的成長和投資，但問題是，我們如何在 2029 年、2030 年及以後填補和加強這一儲備。所以，這是一個非常好的思考方式，就是深化我們的機會管道，並將這些機會管道擴展到 2030 年以後。

Great. That's super helpful. And then just one other one quickly. Just you had mentioned that maybe the Colorado near-term RFPs were going to get bifurcated or tranched out, I guess. And so can you just talk about -- I think it was the proposal was 2.1 gig company-owned across the portfolio of 4.9 gigawatts.

偉大的。這太有幫助了。然後又很快地吃了一頓。我猜你剛才提到科羅拉多州近期的一些招標項目可能會被拆分或分批進行。所以你能談談——我認為提案是公司在 4.9 吉瓦的投資組合中擁有 2.1 吉瓦的電力。

And so what does that look like in this tranching out and what's the timeline around some of these tranche updates, I guess?

那麼，這種分階段交付的方式是怎麼樣的呢？這些階段性更新的時間表又是怎麼樣的？

Yeah. And the commission is working through the deliberation. So kind of what -- at least as we understand sitting here today, they approved about 1 gigawatts of projects including our gas plant in the last set of deliberations. And then they asked for some additional analysis over the next, call it, one or two months that we're working on expeditiously. And so they're going to look at a new portfolio, which could potentially include up to 1 gigawatt of our company-owned solar plus storage in that next tranche.

是的。委員會正在進行審議。所以，大概情況是——至少就我們今天在這裡了解到的情況來看，他們在上一輪審議中批准了大約 1 吉瓦的項目，其中包括我們的天然氣發電廠。然後他們要求在接下來的一兩個月內進行一些額外的分析，我們正在加緊進行。因此，他們將考慮一個新的投資組合，其中下一批可能包括高達 1 吉瓦的公司自有太陽能發電加儲能專案。

And then potentially a tranche three, the timing is unclear, but likely in the first half. So we'll work with our stakeholders. Obviously, we brought forward this near-term procurement with a number of our key stakeholders in the state to really drive projects ensure they come online before the tax credits expire. So we will continue to work with the stakeholders about the importance of that from a customer affordability perspective. But if anything doesn't get picked up in the near-term procurement, it just shifts to overall resource plan, the just transition plan that is in flight.

然後可能還會有第三批，時間尚不清楚，但很可能在上半年。所以我們會與利害關係人合作。顯然，我們與州內一些主要利益相關者一起提前推進了這項近期採購計劃，以真正推動項目，確保它們在稅收抵免到期前投入使用。因此，我們將繼續與利害關係人合作，從客戶承受能力的角度探討其重要性。但如果近期採購中沒有採納任何建議，就會轉移到整體資源計劃，也就是正在進行的公正轉型計劃中。

So it's really -- this is a subset of what we expect to execute in the resource plan, which will be follow-on RFPs later this year.

所以這實際上是——這是我們預期在資源計劃中執行的一部分，後續的 RFP 將在今年稍後發布。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

I'm really sorry, I just -- I jumped on late from another call, but I just wanted to kind of clarify the 6 gigawatts now is pressure higher on the 5% long-term low growth factor. Is that correct?

非常抱歉，我剛才——我剛從另一個電話會議中趕來，但我只是想澄清一下，現在的 6 吉瓦是否對 5% 的長期低增長因素造成了更大的壓力。是這樣嗎？

Yes, Nick, that's correct. And we really think about it in terms of our -- like we said, we doubled our data center expectations here from three to six when you peel back from Q3. Obviously, I have clear conviction because what we put on our slides, we expect to execute on. And so that does provide sales growth opportunity in that. What I would expect more in the '29 to '30 time line, when you look at kind of the schedule and what it takes from an executing ESA to the energization, so the way we look at that is really later in this sales forecast are really prolonged into 2030 when you think about the ramp schedules on some of these very large data centers, multiple year ramp schedules, which means a multiple year generation build up for us as we think about it.

是的，尼克，你說得對。我們確實從我們的角度考慮過這個問題——就像我們說的，從第三季開始，我們將資料中心的預期數量從三個增加到了六個。顯然，我對此深信不疑，因為我們投影片上的內容，我們希望能夠實現。因此，這確實為銷售成長提供了機會。我預計在 2029 年至 2030 年的時間線中，當你查看進度安排以及從執行 ESA 到通電所需的時間時，我們看待這個問題的方式是，考慮到一些非常大型資料中心的爬坡計劃（多年爬坡計劃），銷售預測實際上會延長到 2030 年，這意味著我們需要多年的發電量累積。

So deepening the opportunity in late in this five year and extending our opportunity in the 2030s.

因此，我們將深化本五年後期的發展機遇，並將發展機會延續到 2030 年代。

All right. That's great. That's great. I'm sorry, if I may repeat yourself. And then maybe just like when we kind of look at the earned returns just for '25 actuals, they are pretty significantly under authorized.

好的。那太棒了。那太棒了。抱歉，請容許我重複一遍。然後，當我們查看 2025 年的實際收益時，可能會發現它們遠低於授權收益。

So can you just kind of talk a little bit about just the path you authorized and what's embedded in the plan. I'm specifically kind of thinking about Colorado as well as SPS and where you kind of see your own ROE trending as you get to -- on your side of these cases?

那麼，您能否簡單談談您授權的路徑以及計劃中包含的內容？我特別想了解科羅拉多州和SPS的情況，以及你如何看待你所在地區——在你處理這些案件的過程中——的ROE趨勢？

Yes. Thanks, Nick. I think SPS is -- we had pretty challenging weather in the Q4 in SPS and a couple of other unique items in '25. So I expect that to get back closer to where it's been in the last few years as we get ride of recovery, and we have a New Mexico rate case in flight that we filed last year. Colorado specifically, yes, significant under earnings.

是的。謝謝你，尼克。我認為 SPS 是——我們在 2025 年第四季遇到了相當嚴峻的天氣挑戰，還有其他一些特殊情況。因此，我預計隨著我們擺脫復甦的影響，這種情況會逐漸恢復到過去幾年的水平，而我們去年提交的新墨西哥州利率申請也正在審理中。科羅拉多州的情況確實如此，收入明顯低於預期。

But I think maybe refresh from that perspective, we really wanted to get through the Marshall trial and get a constructive settlement with that respect. And we did. If you didn't catch the opening remarks, we only have three known plaintiffs left to settle out of 4,000 plaintiffs. So we feel really good about where we are with that. We filed the Colorado Electric and the Colorado gas case here late last year.

但我認為，或許應該從這個角度重新審視一下，我們真的希望能夠度過馬歇爾審判，並就此達成建設性的和解。我們做到了。如果你沒聽到開場白，那麼我們目前已知的原告只剩下 3 名，而原告總數為 4000 人，需要和解。所以我們對目前的情況感到非常滿意。去年底，我們在這裡提起了科羅拉多電力公司和科羅拉多天然氣公司的訴訟。

So from an ROE improvement perspective, those cases play out and we expect revenue -- a decision in revenue late Q3 of this year. So some revenue in the door this year, but you see the full impact on annualization of those rate cases in '27. So expect significant ROE improvement from where we landed in 2025 in Colorado in '27 as we think about those rate cases.

因此，從提高淨資產收益率的角度來看，這些情況都會發生，我們預計今年第三季末將公佈營收決定。所以今年會有一些收入到賬，但這些費率案件對年度化的全部影響要到 2027 年才會顯現。因此，考慮到科羅拉多州 2027 年的利率調整，預計 2025 年的 ROE 將比我們預期的水平顯著提高。

And then the last one, if I could, and I appreciate all those answers, Brian. Just maybe clarify what's kind of embedded in the low end of this $10 billion plus incremental bucket. It just seems like there's potential for is to be well above that figure. So is there any way that you could kind of began that if we're thinking about at minimum, what could kind of be coming into the next full year update when you typically do you refresh in the third quarter?

最後一個問題，如果可以的話，非常感謝你的所有回答，布萊恩。或許應該澄清一下，這超過 100 億美元的增量中，低端部分具體包含哪些內容。看起來很有可能遠高於這個數字。那麼，您能否至少談談，如果我們考慮的是下一個全年更新（通常在第三季度進行更新）可能會包含哪些內容？

Maybe I'll walk through a couple of the markers that we're watching, Nick, to help you think about how we're going to roll forward this year into Q3. We have -- if I think through the significant RFPs that we have outstanding, we talked about the Colorado near-term plan, which the commission is looking at approving in tranches, but we should have visibility on that as we work through the next several months. The SPS RFP for 15 to 3,000 megawatts of nameplate capacity. We already received the bids, and we're working through the analysis of those bids and the independent monitor will make a filing in Q2. So we'll have visibility on that opportunity.

尼克，或許我可以帶你了解我們正在關注的幾個指標，幫助你思考我們今年第三季將如何發展。如果我回顧一下我們目前待處理的重要徵求建議書，我們討論了科羅拉多州的近期計劃，委員會正在考慮分批批准該計劃，但在接下來的幾個月裡，我們應該能夠看到該計劃的進展。SPS 招標項目，招標容量為 15 至 3,000 兆瓦。我們已經收到了投標書，目前正在對這些投標書進行分析，獨立監督員將在第二季提交報告。這樣我們就能更好地把握這個機會。

And then the significant opportunity in Minnesota with 4,100 megawatts renewables all in service by 2030 to really capture the tax benefits for the benefit of our customer. And so those were -- that's likely a filing later this year. So you'll have visibility but certainly not regulatory approval on that. But that's a really important filing as we think about accelerating projects for our benefits of our customers in the Midwest. So that's kind of the generation side on the current outstanding RFPs.

此外，明尼蘇達州還有巨大的機會，到 2030 年將有 4100 兆瓦的可再生能源全部投入使用，這將真正為我們的客戶帶來稅收優惠。所以，這些很可能是今年稍後提交的文件。所以你可以了解情況，但肯定無法獲得監管部門的批准。但考慮到我們要加快專案進度，以造福我們在中西部的客戶，這份文件非常重要。以上就是目前待決 RFP 的產生面向情況。

We just this -- earlier this week received approval of a 765 kV transmission line in SPP, in SPS, $1.5 billion for the 765 line. So clearly, we'll roll that into our plan. That's COD by the end of 2030, all within our 5-year plan. And then we think about all the data center upside we have as we look at bringing on potential data centers and the generation that would come with that. So there's a reason why we put a plus next to that $10 billion.

我們剛剛收到消息——本週早些時候，SPP 獲得了 SPS 的 765 千伏輸電線路的批准，該線路耗資 15 億美元。所以很顯然，我們會把這一點納入我們的計劃中。這就是我們在 5 年計畫內，到 2030 年底實現 COD 的目標。然後，當我們考慮建造潛在的資料中心以及隨之而來的新一代資料中心時，我們會想到資料中心帶來的所有發展潛力。所以，我們才在100億美元旁邊加了個加號。

We feel really good about these opportunities. and we think about filling in our '29 and '30 investment pipeline and then extending it into 2030 and beyond that. So I don't think there's a high-end number to put that beyond, we feel really good about these opportunities. And the partnership that we talked about with GB, the data center joint development agreement that we're working on with NextEra, just kind of strengthens that pipeline. And also when we think about these data centers, it's really about driving benefit for our current customers to really important as we think about when we bring forward some of these data center opportunities.

我們對這些機會感到非常樂觀。我們正在考慮填補2029年和2030年的投資項目空缺，然後將投資計畫擴展到2030年及以後。所以我覺得沒有一個可以設定的上限數字，我們對這些機會感到非常樂觀。我們與 GB 討論的合作關係，以及我們正在與 NextEra 合作的資料中心聯合開發協議，都進一步加強了這一發展管道。而且，當我們考慮這些資料中心時，真正重要的是要為我們現有的客戶帶來利益，因為我們在考慮提出這些資料中心機會時，這一點至關重要。

Travis Miller, MorningStar.

崔維斯米勒，晨星公司。

I wonder if you could quickly go over what's the regulatory process for some of these ESAs that either you're signing now or that you're negotiating in the upper Midwest understand the Colorado situation. But what about in the Upper Midwest?

我想請您簡要介紹一下您現在正在簽署或正在美國中西部地區談判的一些ESA的監管流程，以便了解科羅拉多州的情況。那麼美國中西部北部地區的情況又是如何呢？

Yes. So we announced an additional data center deal just on this call, as Bob talked about in his remarks. There will be a regulatory filing in upper Midwest associated with that and then commission approval associated with that. It's still confidential, so we won't -- we can't speak much about it. But we look forward to bringing those details and there'll just be a regulatory approval, really important in terms of showing overall benefit.

是的。正如鮑勃在演講中提到的那樣，我們在這次電話會議上宣布了一項額外的數據中心交易。此事將在美國中西部地區進行監管備案，然後獲得相關委員會的批准。由於此事仍屬機密，所以我們不會——我們不能多談。但我們期待公佈這些細節，也需要獲得監管部門的批准，這對於展現整體效益至關重要。

And so think about that if we have a large load tariff filing in place, we'll align with that large load tariff filing, and that should help from a regulatory approval process. So that's the best way to think about it, get the large lot tariff filings in place and then move forward with specific ESAs that align with that.

因此，請考慮一下，如果我們有一個大型負荷關稅備案，我們將與該大型負荷關稅備案保持一致，這應該有助於監管審批過程。所以最好的考慮方式就是先把大批量關稅申報做好，然後再推進與此相符的具體環境和社會評估。

And Travis, those tariffs are in process in Minnesota, Wisconsin, Colorado, Texas, and I may miss the statement there. But our goal is to get large load tariffs and then sign contracts underneath those tariffs that resemble those and that should be the sort of regular path for data center contracting.

特拉維斯，明尼蘇達州、威斯康辛州、科羅拉多州和德克薩斯州正在實施關稅，我可能錯過了那裡的聲明。但我們的目標是獲得大額負荷費率，然後根據這些費率簽訂合同，這應該是資料中心合約的常規途徑。

Okay. Can those data centers come online before those large load tariffs or not? I guess just understanding the timing here (inaudible)

好的。這些資料中心能否在大額負載電價實施前投入營運？我想，關鍵在於理解時機。（聽不清楚）

Yes, we would align, and I think it's helpful to understand we have one data center that's already energized, we have three data centers that are energizing in 2026. And we can -- we just make sure we align those ESAs with the large loan tariffs. So yes, they can. It's just important -- and we've been very clear not only with our stakeholders, both our investors about the importance of those principles and how we manage both benefit for our current customers and manage risk to our customers and the company for these large loads.

是的，我們會保持一致。我認為有必要說明，我們已經有一個資料中心投入使用，還有三個資料中心將於 2026 年投入使用。我們可以做到——我們只需確保將這些 ESA 與大額貸款關稅保持一致即可。是的，他們可以。這非常重要——我們不僅向利害關係人，也向投資者非常明確地說明了這些原則的重要性，以及我們如何管理這些大額訂單，既為現有客戶帶來利益，又管理客戶和公司面臨的風險。

Okay. Got it. And then high level, obviously hearing a lot around the country, et cetera, about bringing your own generation. What does that look like in your area? Are you seeing data centers bringing their own generation, make them proposals?

好的。知道了。然後，顯然在全國各地，等等，高層人士都在談論要培養自己的下一代。在你所在的地區，情況是怎麼樣的？您是否看到資料中心正在開發自己的新一代技術？請向他們提出方案。

And then if you're seeing that or even you anticipate seeing that, what does that mean for your system and reliability? How does that all work together?

那麼，如果你發現這種情況，甚至預料到會出現這種情況，這對你的系統和可靠性意味著什麼？這一切是如何協同運作的？

Yeah. Travis, this is Bob. I think the bring your own gen is a maybe a mnemonic construct that is sort of -- if you're -- we don't want you to take existing supply out of the stack. It doesn't necessarily mean that data centers are going to show up with their own generation per se. We think that as you think -- as you look across the country and the sort of different regulatory frameworks that are out there, we think data centers by and large in our conversations with them have affirmed this that they don't really want to own and operate their own generation. They'd rather have someone own and operate for them.

是的。崔維斯，這是鮑伯。我認為「自備發電機」可能是一種記憶技巧，意思是——如果你——我們不希望你從堆疊中取出現有的供應。但這並不一定意味著資料中心本身就會擁有自己的下一代技術。我們認為，正如您所想——當您放眼全國，觀察各種不同的監管框架時，我們認為，在與資料中心的對話中，他們普遍證實了這一點，即他們並不真正想擁有和經營自己的下一代資料中心。他們寧願讓別人為他們擁有和經營。

In a deregulated market, that means we're working with the developer to build that generation, leave it through a regulated utility, and sell it to the customer. That seems a normal path for a deregulated market. For our markets, it would be we want to bring incremental generation to our networks to support these new large loads. And in doing so, when you bring that generation, you price protect your existing customer base from any incremental costs that may come from that new generation, and then the shared benefit comes from taking this big fixed asset, we call it the grid, and spreading that across more units of production.

在非管制市場中，這意味著我們與開發商合作建造發電設施，透過受監管的公用事業公司將其出售給客戶。這似乎是放鬆管制市場發展的正常路徑。對於我們的市場而言，我們希望為我們的電網增加發電量，以支持這些新的大負載。這樣做，當你引入新的發電設施時，你就能保護現有客戶群免受新發電設施可能帶來的任何額外成本的影響，然後共享收益來自於將我們稱之為電網的大型固定資產分攤到更多生產單位上。

And that's where all customers will benefit by bringing large loads in. And if you can protect them from the price side of new generation, which we think we have the capability of in all of our states, I think that's how I think about bringing your own generation across the country. There will be some developers that will build their own generation over time, but we think that's a pretty small set of data center developers and hyperscalers.

這樣一來，所有客戶都能透過運送大宗貨物而受益。如果你能保護他們免受新一代產品價格的影響（我們認為我們所有州都有能力做到這一點），我認為這就是我理解的在全國範圍內推廣我們自己一代產品的方式。隨著時間的推移，會有一些開發人員建構自己的下一代資料中心，但我們認為這部分資料中心開發人員和超大規模資料中心營運商的規模相當小。

Okay. That makes sense. And then one real quick one. The Colorado, if you get that large load tariff in place, is that upside to the 6 gigawatts, I think you had mentioned that you could see more projects or more interest come in once you've got that? Or is that embedded in the 6 gigawatts?

好的。這很有道理。然後還有一個非常簡短的。科羅拉多河，如果能落實大負載電價，那6吉瓦的裝置容量是不是就有了優勢？我記得你之前說過，一旦有了電價，可能會有更多的項目或更多的人對此感興趣？或者說，這部分已經包含在6吉瓦的發電量裡了？

When we think we have not specified where those -- well, we have 2 gigawatts under contract, we have not specified those remaining 4 where they will come from. We have significant interest across all of our service territories and operating companies. I think we're most focused in the upper Midwest in the near term as we move forward, but interest across all operating companies. And I think we'll put that 6 gigawatts up there, but that's through 2027.

當我們認為我們沒有明確說明這些電力的來源時——好吧，我們已經簽訂了 2 吉瓦的合同，但我們還沒有明確說明剩下的 4 吉瓦將從哪裡來。我們對所有服務區域和營運公司都抱持濃厚的興趣。我認為，在短期內，我們最關注的重點是美國中西部北部地區，但我們對所有營運公司都感興趣。我認為我們會把 6 吉瓦的裝置容量提高到那個水平，但這要到 2027 年才能實現。

You don't stop there. You continue to look at how can we drive overall data center developments beyond that. So I would think we'll continue to provide updates on that, but it's just we haven't given anyone the specificity. We have a large pipeline across all of our territories.

你不能就此止步。你們繼續研究如何才能在此基礎上推動資料中心的整體發展。所以我覺得我們會繼續提供這方面的最新消息，但我們還沒有給出具體細節。我們在所有業務區域都擁有龐大的管道網路。

Paul Patterson, Glenrock Associates.

Paul Patterson，Glenrock Associates。

Just have one question left. These SPS is these power shutoffs and sort of some of the news that's come out about them on -- from the fire districts and from these lawmaker, just could you elaborate a little bit? I know you guys are working hard on this issue. And obviously, it's a safety issue that you guys are focused on. Just any thoughts on this that we've been seeing a bit of stuff coming out of Colorado on this?

還有一個問題。這些SPS指的是停電，以及​​一些關於停電的新聞報道——來自消防部門和立法者的消息，您能詳細說明一下嗎？我知道你們在這個問題上付出了很多努力。顯然，這是你們關注的安全問題。關於科羅拉多州最近出現的一些相關情況，大家有什麼看法？

Hey, Paul, it's Bob. Look, let me start with we are absolutely 100% committed to protecting the communities and our customers from the risk of volatile weather and wildfires. And we absolutely don't take lightly the need to potentially turn the power off in selected locations for short periods of time to protect them. We have spent an enormous amount of time, energy, effort, and investment in making our system harder, making our operational intelligence better, and minimizing the scope and the impact in the number of these items. And we expect that to continue as we go forward in time.

嘿，保羅，我是鮑伯。首先，我要強調的是，我們絕對百分之百致力於保護社區和我們的客戶免受惡劣天氣和野火的威脅。我們絕不會輕視在特定地點可能需要短暫斷電以保護這些地點的情況。我們投入了大量的時間、精力、努力和資金，使我們的系統更加複雜，使我們的營運情報更加完善，並最大限度地減少此類事件的數量和影響。我們預計這種情況會隨著時間的推移而持續下去。

We continue to operate under a wildfire mitigation plan in Colorado and a system reliability plan in Texas. That's going to help us continue to further segment our system, continue to build out the operational intelligence, and the ability to continue to minimize the impact of these occurrences. I will share with you though that the December outcome in Colorado was some high winds and a potentially dangerous situation in Colorado. So we stand by our decision, we took the right action. And all what we're trying to do is minimize the impact on our vulnerable customers when we have to do that.

我們在科羅拉多州繼續執行野火緩解計劃，在德克薩斯州繼續執行系統可靠性計劃。這將有助於我們繼續進一步細分系統，繼續建立營運智能，並繼續最大限度地減少這些事件的影響。不過，我要告訴大家的是，科羅拉多州12月出現了強風，情況可能比較危險。所以我們堅持我們的決定，我們採取了正確的行動。我們所做的一切都是為了在不得不這樣做的時候，盡可能減少對弱勢客戶群的影響。

And so we're working on a battery pilot for our -- for durable medical good customers. We are increasing our collaboration and partnership with our local partners, and we had enormous amounts of support from the broad community, the OEMs, the counties, everybody in the fire districts. So we feel good. It's not our preferred choice of action, but we are absolutely going to protect our customers and our communities from the risk that we cause a catastrophic wildfire.

因此，我們正在為我們的耐用醫療產品客戶開展電池試點專案。我們正在加強與當地合作夥伴的協作與夥伴關係，並得到了廣大社區、緊急管理機構、各縣以及消防區所有人的大力支持。我們感覺很好。雖然這不是我們首選的行動方案，但我們絕對會保護我們的客戶和社區免受災難性野火的風險。

Absolutely. No. I guess my question is sort of like, I guess, I'm a little bit surprised by sort of some of this reaction. Is it a communication issue, do you think? I mean, I just observe -- I mean, obviously, you guys are you're not taking this lightly.

絕對地。不。我想問的問題是，我對這種反應感到有點驚訝。你覺得這是溝通問題嗎？我的意思是，我只是觀察──我的意思是，很明顯，你們並沒有輕視這件事。

So just in terms of you're doing it to protect people. So I guess what I'm a little surprised by us is sort of this pushback or at least the coverage of it, can you follow what I'm saying of -- is this an issue of communication do you think that people don't really -- I apologize, that's what my question is.

所以，就你這麼做是為了保護人民這一點而言。所以，我有點驚訝的是，我們受到了這種抵制，或至少媒體對此事的報導。你能明白我的意思嗎？ ——這是溝通問題嗎？你認為人們真的——抱歉，這就是我的問題。

Our year-over-year performance between 2024 and 2025 was a remarkable improvement in terms of our coordination, our early warning, and our performance and our restoration times. Certainly, room for improvement. We work hard on communication. We work hard on outage maps or investing in technology to do that, all part of our roadmap. I think one of the challenging things for people just to understand is, sometimes you may be in circuit that gets turned off proactively.

2024 年至 2025 年，我們在協調、預警、績效和復原時間方面都取得了顯著進步。當然，還有改進的空間。我們非常注重溝通。我們正在努力繪製故障地圖或投資相關技術來實現這一目標，這都是我們路線圖的一部分。我認為人們難以理解的一點是，有時你可能身處在一個會被主動關閉的電路中。

Sometimes because of the weather, you might be in a circuit that gets knocked down that we didn't proactively turn off. Some people are on, some people are off, they don't know why they're on, they don't know why they're off. And so we're trying to work through sort of real information sharing with our customers to make sure that we give them the best recovery times and the best reasons for why they may be out in a certain situation, and again, trying to minimize all of those as they happen.

有時由於天氣原因，您可能會遇到電路故障，而我們沒有主動關閉該電路。有些人狀態很好，有些人狀態很差，他們不知道自己為什麼狀態很好，也不知道自己為什麼狀態很差。因此，我們正在努力與客戶進行真正的資訊共享，以確保我們能夠為他們提供最佳的恢復時間，並解釋他們可能處於某種特定情況下的原因，同時努力在發生此類情況時將其降到最低。

There are no further questions. And with that, I'd like to turn the call over to CFO, Brian Van Abel, for closing remarks.

沒有其他問題了。接下來，我將把電話交給財務長布萊恩·範·阿貝爾，請他作總結發言。

Thank you all for participating in our earnings call this morning. Please contact our Investor Relations team with 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。

That concludes today's meeting. You may disconnect.

今天的會議到此結束。您可以斷開連線。