Constellation Energy Corp (CEG) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Constellation Energy Corporation second-quarter earnings call. (Operator Instructions) As a reminder, this call may be recorded.

美好的一天，女士們、先生們，歡迎參加星座能源公司第二季財報電話會議。（操作員說明）謹此提醒，此通話可能會被錄音。

I would now like to introduce your host for today's call, Emily Duncan, Senior Vice President, Investor Relations and Strategic Growth. You may begin.

現在我想介紹今天電話會議的主持人艾米麗鄧肯 (Emily Duncan)，她是負責投資者關係和策略成長的高級副總裁。你可以開始了。

Thank you, Michelle. Good morning, everyone, and thank you for joining Constellation Energy Corporation's second-quarter earnings conference call. Leading the call today are Joe Dominguez, Constellation's President and Chief Executive Officer; and Dan Eggers, Constellation's Chief Financial Officer. They are joined by other members of Constellation's senior management team who will be available to answer your questions following our prepared remarks.

謝謝你，米歇爾。大家早安，感謝您參加星座能源公司第二季收益電話會議。今天的電話會議由 Constellation 總裁兼執行長 Joe Dominguez 主持。以及 Constellation 財務長 Dan Eggers。Constellation 高階管理團隊的其他成員也將加入他們的行列，他們將在我們準備好的發言後回答您的問題。

We issued our earnings release this morning along with the presentation, all of which can be found in the Investor Relations section of Constellation's website. The earnings release and other matters, which we will discuss during today's call contain forward-looking statements and estimates regarding Constellation and its subsidiaries that are subject to various risks and uncertainties.

我們今天早上發布了收益報告和演示文稿，所有這些都可以在 Constellation 網站的投資者關係部分找到。我們將在今天的電話會議上討論的收益發布和其他事項包含有關星座及其子公司的前瞻性聲明和估計，這些聲明和估計受到各種風險和不確定性的影響。

Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material and comments made during this call. Please refer to today's 8-K and Constellation's other SEC filings for discussions of the risk factors and other circumstances and considerations that may cause results to differ from management's projections, forecasts, and expectations.

根據今天資料中討論的因素和假設以及本次電話會議期間發表的評論，實際結果可能與我們的前瞻性陳述有所不同。請參閱今天的 8-K 和 Constellation 向 SEC 提交的其他文件，以了解可能導致結果與管理層的預測、預測和預期不同的風險因素以及其他情況和考慮因素的討論。

Today's presentation also includes references to adjusted operating earnings and other non-GAAP measures. Please refer to the information contained in the appendix of our presentation and our earnings release for reconciliations between the non-GAAP measures and the nearest equivalent GAAP measures.

今天的演示還包括對調整後營業收益和其他非公認會計原則衡量標準的參考。請參閱我們的簡報和收益發布附錄中包含的信息，以了解非公認會計準則衡量標準與最接近的同等公認會計準則衡量標準之間的調節。

I'll now turn the call over to our CEO, Joe Dominguez.

現在我將把電話轉給我們的執行長喬·多明格斯 (Joe Dominguez)。

Thanks, Emily. Good morning, everyone. Thanks for joining us this morning and thanks for your interest in Constellation. During this incredibly hot summer, we've had, our best-in-class nuclear fleet has once again met the challenge and is delivering clean, reliable 24/7 power. Combined with our renewable and natural gas fleet, we're providing the power to keep families cool and businesses running, supporting our country's economic growth.

謝謝，艾米麗。大家早安。感謝您今天早上加入我們，並感謝您對 Constellation 的興趣。在這個異常炎熱的夏天，我們一流的核電廠再次迎接挑戰，提供清潔、可靠的 24/7 電力。與我們的再生能源和天然氣車隊相結合，我們為家庭提供涼爽和企業運作所需的電力，並支持我國的經濟成長。

Our commercial business continues to do an awesome job, providing needed products to our customers and managing our one-of-a-kind portfolio. I want to thank the women and men at Constellation for their tireless efforts and for helping our customers meet their energy and sustainability goals. At Constellation, we put our people first because they're the ones that are responsible for our success and because we think a good culture creates good results. In fact, I think it's the single most important driver of any company's success.

我們的商業業務持續表現出色，為客戶提供所需的產品並管理我們獨特的產品組合。我要感謝 Constellation 的員工們不懈的努力，並幫助我們的客戶實現他們的能源和永續發展目標。在星座，我們把員工放在第一位，因為他們是我們成功的關鍵，因為我們認為良好的文化可以創造良好的結果。事實上，我認為這是任何公司成功的最重要的驅動力。

Look, we're far from perfect but we work hard to make this place, some place where people want to come and spend a career doing important things for America and thriving. That is why we're so proud to report to you that Constellation was certified as a great place to work once again. We've been out as a separate company for about two full years, a little bit over that.

看，我們遠非完美，但我們努力工作，使這個地方成為人們願意來這裡並度過職業生涯，為美國做重要事情並繁榮發展的地方。這就是為什麼我們非常自豪地向您報告 Constellation 再次被認證為最佳工作場所。我們作為一家獨立的公司已經存在了整整兩年，有點過了。

And for two years, we've received this honor. And it's particularly impactful to us because you only get this certification through surveys and high marks by your people, independent surveys. So it's great to see that our folks are seeing the work we're doing. They believe in our mission. They're passionate and they're 100% committed. And it shows up again here in results for you, our owners.

兩年來，我們獲得了這項榮譽。這對我們影響特別大，因為您只能通過調查和您的員工的獨立調查的高分才能獲得此認證。因此，很高興看到我們的員工看到我們正在做的工作。他們相信我們的使命。他們充滿熱情並且百分之百投入。它再次出現在您（我們的所有者）的結果中。

In this quarter, we're able to provide excellent results, but also raise guidance in just the second quarter. We delivered second quarter GAAP earnings of $2.58 per share and adjusted operating earnings of $1.68 per share. We are raising our adjusted operating earnings guidance from the initial range of $7.23 to $8.03 per share to a revised range of $7.60 to $8.40 per share.

在本季度，我們能夠提供出色的業績，而且在第二季度就提高了指導。我們第二季的 GAAP 收益為每股 2.58 美元，調整後的營運收益為每股 1.68 美元。我們將調整後的營業利潤指引從最初的每股 7.23 美元至 8.03 美元提高到每股 7.60 美元至 8.40 美元。

In effect, we're resetting the midpoint of our guidance to what used to be the top end of our guidance range. The fact that we do that here in Q2 as opposed to waiting until Q3 when these updates typically are provided should tell you how strongly we feel the business is performing. It's even more remarkable when one considers the compensation headwinds associated with stock comp, where the stock has obviously performed very well over the first half. Dan will cover all of the financial details in his slides.

實際上，我們正​​在將指導的中點重置為曾經的指導範圍的上限。事實上，我們在第二季度這樣做，而不是等到第三季通常提供這些更新，這一事實應該可以告訴您我們對業務表現的感覺有多強。當考慮到與股票比較相關的薪酬阻力時，這一點就更值得注意了，該股在上半年顯然表現得非常好。丹將在他的幻燈片中介紹所有財務細節。

In terms of buybacks, we bought $500 million worth of our share during the quarter, bringing the total cash deployed on buybacks so far this year to over $1 billion -- or excuse me, to $1 billion. Although we've seen some slippage of late, we remain bullish on buybacks because our thesis is incredibly unique and compelling.

在回購方面，我們在本季購買了價值 5 億美元的股票，使今年迄今用於回購的現金總額超過 10 億美元——或者對不起，達到 10 億美元。儘管我們最近看到了一些下滑，但我們仍然看好回購，因為我們的論文非常獨特且引人注目。

We will grow base earnings by at least 10% through the decade, backstopped by the federal PTC, and that growth does not reflect the opportunities we have in front of us from adding new clean, reliable megawatts to the grid to meet reliability needs or from selling to data center customers. And as we have been throughout the year, we remain quite confident in our ability to do better each year than our base earnings, delivering even more value to our owners.

在聯邦PTC 的支持下，我們的基本收入將在十年內增長至少10%，而這種增長並不能反映我們面前的機會，即向電網增加新的清潔、可靠的兆瓦以滿足可靠性需求或從銷售給資料中心客戶。正如我們全年所做的那樣，我們仍然對自己每年比基本收入做得更好的能力充滿信心，為我們的所有者帶來更多價值。

And finally, we released our third sustainability report, highlighting our efforts to help customers achieve their goals. I encourage you to read it. It outlines the good work we're doing on so many fronts as we lead the nation in the production of clean and reliable energy and provide unique and powerful sustainability products.

最後，我們發布了第三份永續發展報告，強調了我們為幫助客戶實現目標所做的努力。我鼓勵你閱讀它。它概述了我們在生產清潔可靠的能源並提供獨特而強大的可持續產品方面處於全國領先地位時在許多方面所做的出色工作。

Now before I turn to the operational updates, I do want to spend a few minutes on two topics that are garnering a lot of attention. The PJM capacity market auction results and the data center opportunities and the FERC proceeding concerning those opportunities. First, let me talk about the PJM capacity option. We think and PJM said this in its press release, we think the same thing. It's telling us what we already know. The demand for electricity is growing and supply and demand fundamentals are tightening. We foreshadowed all of this in our lengthy 2023 Q4 call, when we walked through the market fundamentals in considerable detail.

現在，在討論營運更新之前，我確實想花幾分鐘討論兩個引起廣泛關注的主題。PJM 容量市場拍賣結果和資料中心機會以及 FERC 與這些機會相關的程序。首先，讓我談談PJM容量選項。我們認為和 PJM 在新聞稿中所說的一樣，我們也這麼認為。它告訴我們我們已經知道的事情。電力需求不斷成長，供需基本面趨緊。我們在冗長的 2023 年第四季電話會議中，相當詳細地探討了市場基本面，預示了這一切。

Fortunately, the reforms FERC recently approved for the PJM capacity market are designed to incentivize the supply that we need, namely incentivizing supply that can be counted on to operate when our customers need power. PJM proposed and FERC approved a design that provides greater compensation of the power plants like ours that historically deliver when the system needs power.

幸運的是，FERC 最近批准的 PJM 容量市場改革旨在激勵我們所需的供應，即激勵在我們的客戶需要電力時可以信賴的供應。PJM 提出並獲得 FERC 批准的一項設計，為像我們這樣的發電廠提供更大的補償，這些發電廠歷來在系統需要電力時提供電力。

We previously have shown you data on how nuclear energy performs extraordinarily well through grid emergencies, while other resources, frankly, do not, whether they are intermittent or dispatchable fossil assets. That means that nuclear is best positioned in this new market design and appropriately receives a fair level of compensation.

我們之前已經向您展示了核能如何在電網緊急情況下表現出色的數據，而坦白說，其他資源則不然，無論它們是間歇性的還是可調度的化石資產。這意味著核能在這個新的市場設計中處於最佳位置，並適當地獲得公平水準的補償。

In light of the forecasted load growth in PJM, we expect to see higher sustained pricing for capacity to address reliability needs and send more accurate price signals to retain, operate and relicense our plants as well as incentivizing the development of new resources and customer demand response.

鑑於PJM 的預測負載成長，我們預計容量的持續定價將更高，以滿足可靠性需求，並發送更準確的價格訊號來保留、運作和重新授權我們的工廠，以及激勵新資源的開發和客戶需求響應。

Over the years, the PJM market has a proven track record of attracting investment through price signals and has developed over 60 gigawatts of generation to meet all of the needs of the grid. And we're confident that the market will respond to higher prices and add more resources as needed.

多年來，PJM 市場在透過價格訊號吸引投資方面擁有良好的記錄，並已開發超過 60 吉瓦的發電量來滿足電網的所有需求。我們相信市場將對更高的價格做出反應並根據需要添加更多資源。

With that said, we know that higher prices impact families and businesses. And so our commercial team is working with these customers to provide solutions that manage the risk and smooth out bumps. But I think it's important to remember that adjusted inflammation, PJM energy and capacity prices are less today than they were 15 years ago.

話雖如此，我們知道價格上漲會影響家庭和企業。因此，我們的商業團隊正在與這些客戶合作，提供管理風險並消除障礙的解決方案。但我認為重要的是要記住，調整後的發炎、PJM 能源和容量價格現在比 15 年前要低。

Markets work folks. What has changed for the customer is that the distribution and transmission elements of the bill have gone up. They've gone up to address reliability needs on those grid systems. But thankfully, that has been largely accomplished. And now we need to focus on investments on the reliability of the supply side. And that's what the capacity market is designed to do.

市場是工作的，人們。對客戶來說發生的變化是帳單的分配和傳輸部分增加了。他們已經解決了這些電網系統的可靠性需求。但值得慶幸的是，這已經基本完成。現在我們需要專注於供給側可靠性的投資。這就是容量市場的設計目的。

Over the last two investor calls, we've emphasized that reliability is as critical as sustainability. They have to go hand-in-hand. Constellation's business is based on the thesis that the most valuable energy commodity in the world today is a reliable and zero emission megawatt of electricity.

在過去兩次投資者電話會議中，我們強調可靠性與永續性同樣重要。他們必須齊頭並進。Constellation 的業務基於這樣的理念：當今世界上最有價值的能源商品是可靠且零排放的兆瓦電力。

To us, the PJM results are just another data point that Constellation's thesis is right and that we're focused on doing the right things. First, by providing sustainability products to customers that expressly lead reliability to sustainability by time matching clean energy production to when our customers use energy. And second, by investments in relicensing and upgrading the clean energy centers that will reliably and sustainably power American families and businesses for decades to come.

對我們來說，PJM 結果只是 Constellation 的論點是另一個正確的數據點，我們專注於做正確的事情。首先，透過向客戶提供永續發展產品，透過將清潔能源生產與客戶使用能源的時間相匹配，明確實現永續發展的可靠性。其次，透過投資重新許可和升級清潔能源中心，這些中心將在未來幾十年為美國家庭和企業提供可靠和可持續的電力。

On this second point, in its recent comments concerning the auction, PJM alluded to potential efforts to speed up the interconnection of needed resources. We look forward to seeing PJM's ideas, and we certainly will support those efforts in any way that we can. The case for prompt and decisive action by PJM is manifestly clear.

關於第二點，PJM 在最近拍賣的評論中提到了加快所需資源互連的潛在努力。我們期待看到 PJM 的想法，我們當然會盡我們所能支持這些努力。PJM 採取迅速果斷行動的理由顯然是明確的。

In sum, we need to invest to grow America's economy, and we need to invest and enable the technologies that support our economies and protect our nation. We think Constellation will play a big part in these efforts. That's our mission, and it is what inspires our people to make Constellation a great place to work.

總之，我們需要投資來發展美國的經濟，我們需要投資並啟用支持我們的經濟和保護我們的國家的技術。我們認為 Constellation 將在這些努力中發揮重要作用。這是我們的使命，也激勵著我們的員工將 Constellation 打造成一個理想的工作場所。

Now turning to slide 6. We're continuing to do well in our discussions and negotiations with data center companies. The simple fact is that data centers are coming and they're essential to America's national security and economic competitiveness. We've heard this from a variety of policy bankers, a number of nations including China are buying for AI supremacy.

現在轉到投影片 6。我們與資料中心公司的討論和談判繼續取得良好進展。一個簡單的事實是，資料中心即將到來，它們對於美國的國家安全和經濟競爭力至關重要。我們從多位政策銀行家那裡聽到了這一點，包括中國在內的許多國家正在為人工智慧霸權而購買。

And it's absolutely critical that the US not fall behind it. Time is of the essence. We simply cannot wait years for the data centers that are going to bring transformations. They're going to bring transformations in medicines, bringing new cures to diseases and treatments that research alone cannot do. They'll better predict weather. They'll provide material enhancements and they'll do things for us on the energy supply system to more smartly manage the grid.

美國不要落後，這一點絕對至關重要。時間至關重要。我們根本無法等待數年才能看到將帶來改變的資料中心。他們將帶來藥物變革，為僅靠研究無法完成的疾病和療法帶來新的治療方法。他們會更好地預測天氣。他們將提供物質改進，並為我們在能源供應系統上做一些事情，以更聰明地管理電網。

Economically, data center investment means considerable construction as well as permanent jobs, tax revenue, community development and other benefits to our states. We appreciate what the utilities in our states are doing to attract this crucial economic engine. We're doing our part, too. All of our political leaders understand this and that's why states are competing with each other, Republicans and Democrats alike, to bring the development of data centers to their jurisdictions. All of the policymakers we talk to want data center development wherever it occurs on the grid or co-located.

從經濟角度來看，資料中心投資意味著大量的建設以及永久性就業機會、稅收、社區發展和對我們各州的其他好處。我們讚賞我們各州的公用事業公司為吸引這一重要的經濟引擎所做的努力。我們也在盡自己的一份心力。我們所有的政治領導人都明白這一點，這就是為什麼各州（共和黨和民主黨都一樣）相互競爭，以將資料中心的發展引入其管轄範圍。我們訪談過的所有政策制定者都希望資料中心能夠在電網上或位於同一地點的任何地方進行開發。

But as you're all closely following, there's an active conversation underway by policymakers and stakeholders, trying to understand the implications of the different ways of power and data centers. We welcome that conversation, and we're confident that any thorough examination of colocation with nuclear plants will show that it is both the fastest and most cost-effective way to develop critical digital infrastructure without burdening other customers with expensive upgrades.

但正如大家密切關注的那樣，政策制定者和利害關係人正在進行積極的對話，試圖了解不同電力和資料中心方式的影響。我們歡迎這種對話，我們相信，對核電廠託管的任何徹底檢查都將表明，它是開發關鍵數位基礎設施的最快且最具成本效益的方式，而不會給其他客戶帶來昂貴的升級負擔。

As we see it, utility connection will continue to make sense for some applications and in some parts of the grid. But where it's an option, we will continue to see customer interest in colocation, strong interest because there are just too many advantages of connecting large load directly to large forms of generation, especially clean generation. And I don't think that point is really debated.

正如我們所看到的，公用事業連接對於某些應用和電網的某些部分將繼續有意義。但只要有這種選擇，我們將繼續看到客戶對主機託管感興趣，這種濃厚的興趣是因為將大負載直接連接到大型發電形式（尤其是清潔發電）有太多優勢。我認為這一點並沒有真正引起爭議。

On slide 6, you can see some of the many quotes from key stakeholders including the utilities that oppose Talen ISA talking about the significant benefits of colocation. I'll outline four of them.

在投影片 6 上，您可以看到主要利害關係人（包括反對 Talen ISA 的公用事業公司）關於託管的顯著優勢的眾多引述中的一些內容。我將概述其中四個。

First, and behind-the-meter, configuration the data center customer, not other customers, pays for the infrastructure needed to connect to the power plant. Unlike in front of the meter projects, we're sometimes cost -- almost 90% or more of the costs are shared with other customers in these behind-the-meter configurations, the data center companies pay for the infrastructure.

首先，在電錶後面，配置資料中心的客戶（而不是其他客戶）支付連接發電廠所需的基礎設施的費用。與表前項目不同，我們有時會花費成本——在這些表後配置中，幾乎 90% 或更多的成本是與其他客戶分擔的，數據中心公司支付基礎設施費用。

Second, co-locating a data center with the power plant is just more efficient and it is faster, which can, I think the complaining utilities have acknowledged telling the FERC, significant new load can be served without having to expend resources on expensive system upgrades. That's from their filing. At a time when RTOs are struggling to integrate new resources faster and time is of the essence, this benefit is a big deal.

其次，將資料中心與發電廠放在同一地點不僅效率更​​高，而且速度更快，我認為抱怨的公用事業公司已經承認告訴FERC，可以為大量新負載提供服務，而無需在昂貴的系統升級上花費資源。這是他們的文件中的內容。在 RTO 努力更快地整合新資源且時間至關重要的情況下，這種好處意義重大。

Third, these behind-the-meter configurations are long dated. So they'll allow us to have the economic certainty to relicense nuclear plants and to operate them with all the attendant benefits that creates for the grid in our nation.

第三，這些儀表後面的配置已經過時了。因此，它們將使我們擁有經濟上的確定性來重新獲得核電廠的許可並運營它們，並為我們國家的電網創造所有隨之而來的好處。

Fourth, in terms of new clean generation, the common thesis for these forms of generation, whether they're SMRs or carbon sequestration technologies is to co-locate them with industrial and data center look. We've seen that countless number of times. For all these reasons, colocation will be an essential tool for maintaining our national security, developing new generation and our overall economic competitiveness.

第四，就新型清潔發電而言，這些發電形式的共同主題，無論是小型堆還是碳封存技術，都是將它們與工業和資料中心的外觀並置。我們已經見過無數次了。基於所有這些原因，主機託管將成為維護國家安全、發展新一代和整體經濟競爭力的重要工具。

Friday's actions at the FERC may have slowed things but ultimately will be constructive in our view. Notably, FERC did not grant requests by a small number of utilities to set the Talen Energy ISA for hearing or in the alternative to reject it outright. Instead the FERC ordered a technical conference that will provide all parties with the opportunities to talk about the benefits of colocation as well as other issues.

FERC 週五的行動可能會減緩事情的進展，但我們認為最終將具有建設性。值得注意的是，FERC 沒有批准少數公用事業公司提出的設置 Talen Energy ISA 進行聽證會的請求，也沒有直接拒絕。相反，FERC 下令召開一次技術會議，為各方提供機會討論託管的好處以及其他問題。

Likewise, we thought the language of the deficiency letter was narrow. In fact, it mirrored standard deficiency letter language about a higher burden approved for ISA modifications that we've seen in a number of other applications.

同樣，我們認為缺陷信的語言很狹窄。事實上，它反映了我們在許多其他申請中看到的關於批准 ISA 修改的更高負擔的標準缺陷信語言。

Just as an example of this, in the last 12 months, excellent subsidiary, ComEd received two deficiency letters using the exact same language about a higher burden improved that we saw in the Talen letter. In both instances, the project was approved. Of course, look, we don't know what FERC ultimately will do with the Talen ISA, but we think the benefits are compelling and we look forward to the conference and we're confident that any fair examination of costs will support colocation.

舉個例子，在過去 12 個月裡，優秀的子公司 ComEd 收到了兩封缺陷信，其語言與我們在 Talen 信中看到的關於更高負擔的改善完全相同。在這兩種情況下，該項目均獲得批准。當然，我們不知道 FERC 最終將如何處理 Talen ISA，但我們認為其好處是引人注目的，我們期待著這次會議，我們相信任何公平的成本審查都會支持託管。

So at this point, we and our customers are continuing to make progress, and we hope to execute contracts. At the same time, on a parallel path, we'll participate in the FERC proceedings or in any proceeding where these matters are discussed. But that doesn't mean we won't have conversations with utilities outside these proceedings.

所以在這一點上，我們和我們的客戶正在不斷取得進展，我們希望能夠執行合約。同時，我們將同時參與 FERC 訴訟程序或任何討論這些問題的程序。但這並不意味著我們不會在這些程序之外與公用事業公司進行對話。

In my view, transparency is part of who we are as a company and the more we could share with policymakers, utilities and all stakeholders about how these facilities will operate, how they'll interact with the grid and their benefits, the better for everyone.

在我看來，透明度是我們公司的一部分，我們越能與政策制定者、公用事業公司和所有利益相關者分享這些設施將如何運作、它們將如何與電網互動及其好處，對每個人都越好。

I just want you to remember that in the grand scheme of things, colocation is not a new idea. It's actually quite an old idea. As PSEG and others have noted, cogen or combined heat and power projects were the first co-locators since I think they were the first micro grids. And when I came into this business, those projects were a common feature of our system. And not surprisingly, utilities were not always friendly to cogen, at least not at first. But policymakers insisted on non-monopoly alternatives to power and things get better.

我只是想讓你記住，從長遠來看，託管並不是一個新想法。這其實是一個很古老的想法。正如 PSEG 和其他人所指出的，熱電聯產或熱電聯產項目是第一個共址項目，因為我認為它們是第一個微電網。當我進入這個行業時，這些專案是我們系統的一個共同特徵。毫不奇怪，公用事業公司並不總是對熱電聯產友好，至少一開始不是。但政策制定者堅持採用非壟斷的電力替代方案，情況變得更好。

Now we're dealing with a whole new generation of policymakers and regulators, including many that weren't around when the cogen policies were created. So we need to do a bit of work here to educate and inform. But importantly, we simply don't see this as a zero-sum game. There's a great opportunity for Constellation and for the utilities to work together to bring grid connected and co-located data economy growth projects to our states.

現在，我們面對的是全新一代的政策制定者和監管者，其中包括許多在製定強制政策時並不存在的人。因此，我們需要在這裡做一些工作來進行教育和宣傳。但重要的是，我們根本不認為這是一場零和遊戲。對於 Constellation 和公用事業公司來說，這是一個很好的機會共同努力，將併網和共址的數據經濟成長項目引入我們的州。

Here's what I think. In the fullness of time, those jurisdictions that have clean energy centers like ours and offer both colocation and grid connection will be the most successful in generating business development and economic growth and jobs for their states.

這是我的想法。假以時日，那些擁有像我們這樣的清潔能源中心並提供託管和電網連接的司法管轄區將在為其所在州創造商業發展、經濟成長和就業機會方面最成功。

Now look, I want to close this part out by talking about something that I think kind of got missed in the overwhelming amount of conversation about the FERC process. I understand why there is a lot of attention on that, but we don't want to leave this topic without saying that we are making great progress on power sales for on grid data centers through our 24/7 product.

現在看，我想透過談論一些我認為在關於 FERC 流程的大量討論中被遺漏的事情來結束這一部分。我理解為什麼對此有很多關注，但我們不想離開這個話題而不說我們正在透過我們的 24/7 產品在電網資料中心的電力銷售方面取得巨大進展。

Utilities across PJM, and I think you've seen this in a bunch of the earnings calls, have been highlighting the growth of data centers in their service territory. In total, as you could see on Slide 6, they now identified 50 gigawatts or more that would come in over time.

PJM 的公用事業公司一直在強調資料中心在其服務領域的成長，我想您已經在一系列財報電話會議中看到了這一點。總的來說，正如您在幻燈片 6 中看到的，他們現在確定隨著時間的推移將增加 50 吉瓦或更多。

Now look, in fairness, I think there's a bunch of duplication in those numbers and it's going to occur over a longish timeline. But the point is, I think it's powerful that everyone is seeing the same thing, growth in this area. And those growth opportunities are good for Constellation because each of these grid data center projects, whether they're located in Illinois, Ohio or anywhere else in PJM or in other regions, they present an opportunity for our commercial team to sell clean and reliable power through our 24/7 product and other offerings to these clients.

現在看，公平地說，我認為這些數字中有很多重複，而且會在相當長的時間內發生。但重點是，我認為每個人都看到同樣的事情，即該領域的成長，這是強大的。這些成長機會對Constellation 來說是有利的，因為每個電網資料中心項目，無論是位於伊利諾伊州、俄亥俄州還是PJM 或其他地區的任何其他地方，都為我們的商業團隊提供了銷售清潔可靠電力的機會透過我們為這些客戶提供的 24/7 產品和其他產品。

So in conclusion, we continue to have multiple ways to serve our data center customers, both behind-the-meter as well as grid connected and create value for all of our owners. Nothing over the last quarter has changed our outlook, how Constellation can meaningfully participate.

因此總而言之，我們將繼續以多種方式為我們的資料中心客戶提供服務，包括用戶側和電網連接，並為所有所有者創造價值。上個季度沒有任何事情改變我們對 Constellation 如何有意義地參與的看法。

Turning to slide 7, our fleet performance is laid out in this slide. And as you can see here, nuclear performance was again strong and ahead of plan for the quarter. We produced more than 41 million megawatt hours of reliable, available and carbon free generation from our nuclear plants with a capacity factor of 95.4%. That's including refueling outages, which we completed in an average of 21 days, again, industry leading as always. Our renewables and natural gas fleet also performed well and exceeded our plan, with 96.6% of renewable energy capture and a 98% power dispatch match. Congratulations to those teams. Excellent work.

轉向投影片 7，這張投影片列出了我們的機隊表現。正如您在這裡所看到的，核性能再次強勁並且超出了本季度的計劃。我們的核電廠發電量超過 4,100 萬兆瓦時，可靠、可用且無碳，容量係數高達 95.4%。其中包括加油中斷，我們平均在 21 天內完成了這項任務，一如既往地處於行業領先地位。我們的再生能源和天然氣機組也表現良好，超出了我們的計劃，再生能源捕獲率為 96.6%，電力調度匹配率為 98%。祝賀這些團隊。佳作。

Turning to slide 8. We talk a lot about the advantage of creating value because our best-in-class carbon free generation fleet is combined with an industry leading commercial business, and the results here again demonstrate the validity of that point. Our commercial business thrives in volatile and changing markets. The markets we're seeing with spot and prices going up and down a bit throughout the course of the year.

轉到投影片 8。我們經常談論創造價值的優勢，因為我們一流的無碳發電車隊與行業領先的商業業務相結合，這裡的結果再次證明了這一點的有效性。我們的商業業務在動盪和變化的市場中蓬勃發展。我們看到市場的現貨和價格在一年中略有上漲和下跌。

This quarter our team priced in higher margins to customers to manage their exposure to volatile prices through firm products that offer price certainty. They optimized not only our individual generation and load positions, but they created the best positions using both. And they sold customized sustainability solutions.

本季度，我們的團隊為客戶定價了更高的利潤，透過提供價格確定性的穩定產品來管理他們面臨的價格波動風險。他們不僅優化了我們單獨的發電和負載位置，而且還利用兩者創建了最佳位置。他們還出售客製化的永續發展解決方案。

On that point, we're seeing more evidence of our customers, not just data center customers, but customers as a whole, evolving in their sustainability journeys from buying annual clean energy products to starting to match their hourly consumption with clean energy.

在這一點上，我們看到更多證據表明我們的客戶，不僅僅是數據中心客戶，而是整個客戶，在他們的可持續發展之旅中不斷發展，從每年購買清潔能源產品到開始將他們的每小時消耗與清潔能源相符。

And again, I think the reliability to mention here plays hugely in the outstanding of customers that we need to match clean energy production with the time of use for their particular application. And they also understand that, that's the best way to ultimately make a difference in the environment and to manage the energy volatility.

再說一遍，我認為這裡提到的可靠性對於傑出客戶來說非常重要，我們需要將清潔能源生產與他們特定應用的使用時間相匹配。他們也明白，這是最終改變環境和管理能源波動的最佳方式。

A good example that came to us this quarter when John Hopkins University Applied Physics Lab joined the growing list of high-profile customers that have turned to Constellation to power their operations with 24/7 carbon free energy. As we did with the Comcast contract and the McCormick contract that we highlighted on our last call, we spotlight this agreement with John Hopkins because it shows that it's just the hyperscalers. But rather a wide range of customers that are looking at 24/7 carbon free energy matching as the best solution.

本季我們遇到了一個很好的例子，約翰霍普金斯大學應用物理實驗室加入了越來越多的知名客戶行列，這些客戶已轉向 Constellation 為其營運提供 24/7 無碳能源。正如我們在上次電話會議中強調的康卡斯特合約和麥考密克合約一樣，我們重點關注與約翰霍普金斯的這份協議，因為它表明它只是超大規模提供者。但更廣泛的客戶將 24/7 無碳能源匹配視為最佳解決方案。

With that, I'll turn it over to Dan to cover the financial update.

這樣，我將把它交給丹來報道最新的財務狀況。

Thank you, Joe, and good morning, everyone. Beginning on slide 9, we earned $2.58 per share in GAAP earnings and $1.68 in adjusted operating earnings, which is $0.04 per share higher than last year. Our commercial business continues to perform exceptionally well, creating value by optimizing our generation and load positions, demonstrating how it thrives in volatile markets.

謝謝你，喬，大家早安。從幻燈片 9 開始，我們的 GAAP 收益為每股 2.58 美元，調整後的營運收益為 1.68 美元，比去年每股增加 0.04 美元。我們的商業業務繼續表現出色，透過優化發電和負載位置創造價值，展示了其如何在動盪的市場中蓬勃發展。

We're also seeing margins above the long-term averages we use in our forecast, and above the enhanced margins we disclosed in February. This performance flowed through our quarterly results and contributed to our improved outlook for the year, which I'll discuss in a few minutes.

我們也看到利潤率高於我們在預測中使用的長期平均水平，也高於我們在 2 月披露的增強利潤率。這一業績體現在我們的季度業績中，並有助於我們改善今年的前景，我將在幾分鐘內討論這一點。

Compared to last year, we benefited from the nuclear PTC. More nuclear output combined with lower costs and refueling outages and contribution from our ownership share in the South Texas project that closed last fall. And as discussed last quarter, our stock has performed very well year-to-date, which creates higher employee stock compensation expense year over year.

與去年相比，我們受益於核PTC。更多的核產量加上更低的成本和加油中斷以及我們去年秋天關閉的南德克薩斯項目所有權份額的貢獻。正如上季所討論的，我們的股票今年迄今表現非常好，這導致員工股票薪酬費用逐年上升。

Following on the quarter, we recognized $33 million in the Illinois ZEC program in June for banked credits, which is down a bit from the $218 million recognized last year. As you may recall, the Illinois ZEC program is subject to an overall cost cap as one of its consumer protection features. In earlier years of the program, we generated more credits than we could use under this mechanism. We were able to bank those credits for future years.

在本季之後，我們於 6 月在伊利諾伊州 ZEC 計劃中確認了 3,300 萬美元的銀行信貸，比去年確認的 2.18 億美元略有下降。您可能還記得，伊利諾伊州 ZEC 計劃受總體成本上限的約束，這是其消費者保護功能之一。在該計劃的前幾年，我們產生的積分多於我們在該機制下可以使用的積分。我們能夠將這些信用存入銀行以供未來使用。

For the 2023, 2024 planning year, so last second quarter, power prices had risen to a level where the ZEC price was nearly zero and we were instead able to use our bank ZECs to get back to the cost cap. For accounting reasons, we had to book these revenues at the start of the planning year and hence, the $218 million we recognized in the second quarter of 2023. This year, the forward prices have moderated and the ZEC credits for the 2024-25 planning year will largely get us to the cap, using only $33 million of bank ZECs, which we then recognized this quarter.

對於 2023 年、2024 年規劃年，也就是上個第二季度，電價已經上漲到 ZEC 價格幾乎為零的水平，我們反而能夠使用我們的銀行 ZEC 來恢復成本上限。基於會計原因，我們必須在計畫年度開始時記入這些收入，因此我們在 2023 年第二季確認了 2.18 億美元。今年，遠期價格已經放緩，2024-25 規劃年的 ZEC 信貸將在很大程度上讓我們達到上限，僅使用 3300 萬美元的銀行 ZEC，我們隨後在本季度確認了這一點。

So taking all these impacts together, when you think about our second quarter results, our year-over-year quarterly earnings were $0.04 higher, but would have been $0.44 per share higher, if not for the timing that when we recognize the Illinois ZEC credits. Instead, we'll see these credits flow as a positive driver for the remainder of the '24-'25 planning year and have always been part of our full-year expectations.

因此，綜合考慮所有這些影響，當您考慮我們第二季度的業績時，我們的季度收益同比增加了 0.04 美元，但如果不是我們承認伊利諾伊州 ZEC 信貸的時間安排，每股收益將會增加 0.44 美元。相反，我們將把這些信貸流量視為「24-25」規劃年剩餘時間的積極驅動力，並且一直是我們全年預期的一部分。

Moving to slide 10. We are raising our full year adjusted operating earnings guidance outlook with the midpoint of guidance going from $7.63 to $8 per share with a new range of $7.60 to $8.40. Joe and I spoke about our strong commercial performance to date, and that performance enables us to increase our earnings outlook for the year.

轉到投影片 10。我們上調全年調整後營業利潤指導展望，指導中位數從每股 7.63 美元上調至 8 美元，新範圍為 7.60 美元至 8.40 美元。喬和我談到了我們迄今為止強勁的商業業績，這種業績使我們能夠提高今年的獲利前景。

As you can see in the appendix on slide 25, we increased our enhanced gross margin line by $450 million due to better optimization of our portfolio and higher commercial margins than planned. Our expectations for enhanced commercial margins improved by $0.15 to $1.90 per megawatt hour, which is on top of our base commercial margin of $3.50 to $3.60 a megawatt hour.

正如您在投影片 25 的附錄中所看到的，由於我們的投資組合得到了更好的優化，並且商業利潤率高於計劃，因此我們將增強毛利率提高了 4.5 億美元。我們對每兆瓦時商業利潤提高的預期提高了 0.15 美元至 1.90 美元，這是在我們每兆瓦時 3.50 美元至 3.60 美元的基本商業利潤之上的。

In addition to an increase in stock compensation due to our share price, we have some O&M drag due to performance-based compensation as a result of the commercial team's exceptional execution and value creation for our owners. Our ability to optimize our generation and load positions is not limited to 2024, but has extended into our 2025 outlook as well. We increased our 2025 enhanced gross margin expectation by $250 million, some of which is from strong commercial backlog creation. All the rest is due to the higher prices from the PJM capacity auction.

除了由於我們的股價而增加的股票薪酬之外，由於商業團隊卓越的執行力和為我們的所有者創造的價值，我們還因基於績效的薪酬而受到一些運營和維護的拖累。我們優化發電和負載位置的能力不僅限於 2024 年，而且還擴展到 2025 年的展望。我們將 2025 年毛利率預期提高了 2.5 億美元，其中部分來自強勁的商業積壓訂單。其餘的都是由於 PJM 容量拍賣的價格較高。

So turning to slide 11. Let's get into the financial impact of last week's capacity auction results. To level set everyone from the start, the nuclear PTC is now in place. So calculating the benefit from higher capacity prices is a little more involved than just a PxQ exercise. The nuclear PTC is a means-based credit and is calculated by filling the gap between gross receipts so all the market-based revenues coming to a plant and the PTC threshold value that we assume is $44.75 in 2025.

所以轉向投影片 11。讓我們來了解一下上週容量拍賣結果的財務影響。為了從一開始就為每個人設定水平，核 PTC 現已就位。因此，計算更高容量價格帶來的好處比 PxQ 練習更複雜。核 PTC 是一種基於手段的信貸，透過填補總收入（即所有來自工廠的基於市場的收入）與我們假設 2025 年 44.75 美元的 PTC 閾值之間的差距來計算。

What this means is that gross receipts per unit were below the PTC threshold of $44.75 in 2025. We expect to receive PTC revenues to get us to that level. For those units, the uplift from higher than anticipated capacity revenues following this auction must first replace the expected PTC that was bringing us to the PTC floor level before we're able to realize upside to earnings. For units that were already above the PTC floor, the full offside of the capacity price increase will be realized.

這意味著 2025 年每單位總收入低於 PTC 門檻 44.75 美元。我們期望獲得 PTC 收入來幫助我們達到這個水平。對於這些單位來說，此次拍賣後高於預期的容量收入所帶來的提升必須先取代預期的 PTC，從而使我們達到 PTC 下限水平，然後我們才能實現收益的上升。對於已經高於 PTC 底線的機組，將實現容量價格上漲的全部越位。

Additionally, any revenues above the CMC price will be refunded to customers. So we do not realize any upside benefit for the three CMC plants in Illinois, even though they cleared the auction. With all that clarification, capacity prices were higher than our expectations. And comparing to where power prices were for both 2025 and 2026, we are now seeing many of our PJM plants at or above the PTC floor in providing earnings upside for us. Forwards for 2025 are lower than 2026, so more of the capacity revenue upside in 2025 goes first to offset the expected PTC contribution.

此外，任何高於 CMC 價格的收入都將退還給客戶。因此，儘管伊利諾伊州的三個 CMC 工廠通過了拍賣，但我們並沒有意識到它們有任何上行收益。經過所有這些澄清，容量價格高於我們的預期。與 2025 年和 2026 年的電價相比，我們現在看到許多 PJM 工廠的電價處於或高於 PTC 底線，為我們帶來了盈利增長。2025 年的遠期收益低於 2026 年，因此 2025 年的容量收入成長將首先抵銷預期的 PTC 貢獻。

The net earnings impact to 2025 was approximately $0.25 per share, which we reflected as part of the enhanced gross margin increase on slide 25 of the appendix. For 2026, assuming that we carry through the same capacity prices in the 2026, 2027 capacity auction in December and used the end of quarter forward power prices. We would expect $1.25 per share increase in earnings against the previous assumption using $100 a megawatt day for the capacity auction. As a reminder, every penny of EPS is about $4 million pretax if trying to calibrate your forecast

對 2025 年淨利潤的影響約為每股 0.25 美元，我們將其反映為附錄第 25 幻燈片中毛利率提高的一部分。對於2026年，假設我們在12月的2026年、2027年容量拍賣中採用相同的容量價格，並使用季度末遠期電價。我們預計每股收益將增加 1.25 美元，而先前的假設是每兆瓦日 100 美元用於容量拍賣。提醒一下，如果嘗試校準您的預測，每一分 EPS 約為稅前 400 萬美元

Turning to the financing and liquidity update on slide 12. Our investment grade balance sheet remains strong, and we continue to have constructive conversations with the ratings agencies. During the second quarter, we entered into an accelerated share repurchase program, completing $500 million of repurchases on top of the $500 million of repurchases we discussed on the first-quarter call.

轉向投影片 12 上的融資和流動性更新。我們的投資等級資產負債表仍然強勁，我們繼續與評級機構進行建設性對話。第二季度，我們啟動了一項加速股票回購計劃，除了我們在第一季電話會議上討論的 5 億美元回購之外，還完成了 5 億美元的回購。

We've now completed $1 billion year-to-date and $2 billion since the program began last year for a total of more than 16 million shares. We have roughly $1 billion remaining in our Board authorized repurchase program and we have more than $2.3 billion of capital still to be allocated for 2024 and 2025, and before taking into account the improving earnings outlook for both of these years.

今年迄今為止，我們已完成 10 億美元的融資，自去年該計劃啟動以來，我們已完成 20 億美元的融資，總股數已超過 1,600 萬股。我們的董事會授權回購計畫還剩約 10 億美元，在考慮到這兩年獲利前景不斷改善的情況下，我們還有超過 23 億美元的資本有待分配給 2024 年和 2025 年。

We have considerable strategic flexibility to create further benefits for our shareholders through organic growth that meets our return thresholds or through investing directly in our company. We believe firm, clean megawatts are the most valuable commodity in the market today, and we have more nuclear generation in competitive markets than all of our peers combined. When we look at our ability to execute and create value as well as the opportunities ahead of us, we continue to view our stock as compelling and unfortunately, even more so since the last time we met. We will continue to invest directly in it through buying back our stock.

我們擁有相當大的策略靈活性，可以透過滿足回報門檻的有機成長或直接投資於我們的公司，為股東創造更多利益。我們相信，穩定、乾淨的兆瓦電力是當今市場上最有價值的商品，而且我們在競爭激烈的市場中擁有的核能發電量比所有同行的總和還要多。當我們審視我們執行和創造價值的能力以及我們面前的機會時，我們仍然認為我們的股票具有吸引力，但不幸的是，自上次見面以來更是如此。我們將繼續透過回購股票來直接投資。

I'll now turn the call back to Joe for his closing remarks.

現在我將把電話轉回給喬，讓他作結束語。

Thanks, Dan. Great job. Constellations like no other company. We have a unique set of existing assets that really can't be replicated that create opportunities for us that no one else has. At our core, we have a visible base earnings growth of 10% through the decade that is backstopped by the federal government through the nuclear PTC and has a built-in inflation adjusted. Backstop is a huge differentiator, especially as some investors start to become concerned about clouds in the economy.

謝謝，丹。幹得好。星座公司獨一無二。我們擁有一套獨特的現有資產，這些資產確實無法複製，為我們創造了其他人沒有的機會。我們的核心是，在聯邦政府透過核 PTC 提供支持的情況下，我們的基本利潤在過去十年中實現了 10% 的明顯增長，並經過了內置通膨調整。Backstop 是一個巨大的差異化因素，特別是當一些投資者開始擔心經濟中的陰雲時。

Our country needs what we have, clean and dependable power generation to drive economic growth. And the argument for that just got stronger as the year has progressed. We could support both national security and meet environmental goals. Power demand is growing and, at the same time, reliability is becoming a premium product and we have the most reliable generation in America.

我們的國家需要我們所擁有的清潔、可靠的發電量來推動經濟成長。隨著時間的推移，對此的爭論也​​越來越激烈。我們可以支持國家安全並實現環境目標。電力需求不斷增長，同時，可靠性正在成為一種優質產品，我們擁有美國最可靠的一代。

Increased demand, combined with the change of the electric system to more intermittent, non-dispatchable resources means that volatile power markets will continue. We have a commercial team that is very capable of addressing and earning margins from that volatility.

需求的增加，加上電力系統向間歇性、不可調度資源的轉變，意味著電力市場將繼續波動。我們擁有一支非常有能力應對這種波動並從中賺取利潤的商業團隊。

We think Constellation is going to be a huge part of the solution for decades to come. Our clean and reliable nuclear plants, coupled with our ability to offer customers sustainability products will drive the US energy transition and the growth in the data center economy. Politically, both Republicans and Democrats have consistently recognized that nuclear is both the backbone of our system from a reliability standpoint and is key to our sustainability goals. And that growth just -- that support just continues to grow, pardon me.

我們認為 Constellation 將成為未來幾十年解決方案的重要組成部分。我們清潔可靠的核電站，加上我們為客戶提供永續產品的能力，將推動美國能源轉型和資料中心經濟的成長。在政治上，共和黨人和民主黨人都一致認識到，從可靠性的角度來看，核能既是我們系統的支柱，也是我們永續發展目標的關鍵。原諒我，這種成長只是──這種支持繼續成長。

On top of the opportunities we have from volatile power markets, we have more than 180 million megawatt hours of carbon free generation that we produced annually that can achieve additional compensation through in front of the meter deals, behind-the-meter deals, operates and other opportunities to invest in reliable clean energy and government procurements.

除了我們從波動的電力市場中獲得的機會之外，我們每年生產超過 1.8 億兆瓦時的無碳發電，可以透過電錶前交易、電錶後交易、營運和營運獲得額外補償。和政府採購的其他機會。

Not many companies are growing at, at least 10% through the decade as their starting point with a federal backstop. But we're not satisfied with that. We think we will grow base earnings faster with both behind and in-front-of-meter customer deals and increasing our nuclear megawatts. On top of this, our commercial team is working to consistently create products and services that will capture additional value from the markets above our basis. That's our focus. That's what we do every day.

在聯邦支持下，以 10% 以上的成長率為起點的公司並不多。但我們並不滿足於此。我們認為，透過表後和表前客戶交易以及增加我們的核兆瓦，我們將更快地成長基本收入。除此之外，我們的商業團隊正在努力不斷創造產品和服務，從我們基礎之上的市場中獲得額外價值。這是我們的重點。這就是我們每天所做的事情。

So with that, let me turn it over back to you, Michelle to handle questions.

那麼，讓我把它轉回給你，米歇爾來處理問題。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

Joe, just starting with the colocation backdrop, does the FERC technical conference -- I think you kind of alluded to this, does it kind of prolong the timeline for a deal announcement at this point? And can you give us just any color on timing of a potential deal or how your potential counterpart is your view in the ISA process right now?

Joe，首先從主機託管的背景開始，FERC 技術會議——我想你提到過這一點，是否會延長目前宣布交易的時間？您能否向我們透露潛在交易的時間安排，或者您的潛在對手目前對 ISA 流程的看法如何？

Yeah, Shar, I think it could slow things down in terms of folks looking for certainty. But as we kind of think about it, right, you think about the ancillary services that people are debating here get the totality of those ancillary services is relatively small. We actually think it's zero just as PPL and Talen do in terms of the physical application we have. But even in allocation of these ancillary services is relatively a small amount. And if they're metered as PJM proposes, we're talking about really low dollars per megawatt hour, $1 to $2 to $3 a megawatt hour at most.

是的，莎爾，我認為這可能會減慢人們尋求確定性的速度。但當我們思考這個問題時，對吧，你想想人們在這裡爭論的輔助服務，這些輔助服務的總量相對較小。實際上，我們認為它為零，就像 PPL 和 Talen 就我們擁有的實體應用程式所做的那樣。但即使在這些輔助服務的分配中，金額也相對較小。如果按照 PJM 的建議進行計量，那麼每兆瓦時的費用非常低，每兆瓦時最多 1 至 2 至 3 美元。

Those kinds of charges aren't going to change the economic viability of these projects even if they're imposed. And again, we think the better argument is no charge will be imposed in terms of the configuration we're talking about. So from our customers' perspective, it's about crafting provisions in the contract that allocate those contingencies to the extent they occur, and we've had to kind of deal with that in the negotiations of the deal.

即使徵收此類費用，也不會改變這些項目的經濟可行性。再說一遍，我們認為更好的論點是我們正在討論的配置不會收取任何費用。因此，從我們客戶的角度來看，關鍵在於在合約中製定條款，將這些意外事件分配到發生的程度，我們必須在交易談判中處理這個問題。

But these things continue to march forward. I think in the long run, having clarity is going to be the most important thing and getting through this and Talen getting through its ISA and having clarity is only going to kind of speed up the process and speed up deal execution because people will then know exactly what they're contracting for.

但這些事情仍在繼續向前發展。我認為從長遠來看，明確性將是最重要的事情，完成這個任務，Talen 完成其 ISA，明確性只會加快流程並加快交易執行，因為人們會知道正是他們簽訂合約的目的。

So that's kind of the way we see it. We're continuing to work forward. I don't think we need to wait until the end of a FERC process to announce a deal. Like I said, contracting provisions will handle all contingencies that might occur with regard to that FERC proceeding. And we really don't see an outcome here where the FERC is going to say, you can't do this. I mean we've outlined the four reasons in the script. I won't go through them again.

這就是我們的看法。我們正在繼續努力。我認為我們不需要等到 FERC 流程結束才宣布達成協議。正如我所說，合約條款將處理與 FERC 程序相關的所有意外情況。我們確實沒有看到 FERC 會說你不能這樣做的結果。我的意思是我們已經在劇本中概述了四個原因。我不會再經歷它們了。

But this is kind of a -- this is important on so many levels to get done. The policymakers in the states wanted to get done. And I think that message will come through loud and clear in the process. I actually think it's a good opportunity to educate and inform people and kind of get this all out there. This is, again, not a really new idea but it's new to me. And so we've got to walk through the process. Kathleen. I don't know if you have anything to add in terms of the timing of the conference what you expect to see.

但這在很多層面上都很重要，需要完成。各州的政策制定者希望完成這項工作。我認為這一訊息將在過程中響亮而清晰地傳達出來。事實上，我認為這是一個很好的機會來教育和告知人們，並將這一切傳播出去。再說一次，這並不是一個真正的新想法，但對我來說卻是新的。所以我們必須完成這個過程。凱瑟琳。不知道您對於會議的時間安排是否有什麼需要補充的？

No. I mean, I think you covered it, Joe. This kind of meeting is the kind of meeting that for holds from time to time, when they want to learn something about a topic. Last year, they had a technical conference on the EPA proposed 111D rule. And I've participated in these on both sides, both at the commissioner and as a stakeholder.

不。我的意思是，我認為你已經涵蓋了它，喬。這種會議是當他們想了解某個主題不時舉行的會議。去年，他們就 EPA 提議的 111D 規則召開了一次技術會議。我作為專員和利害關係人參與了這些活動。

And it really is a great opportunity for there to be interaction between stakeholders and the commissioners in an informal setting like a conference as opposed to doing solo litigation. So that we can answer questions, we can talk about the benefits as we see them and get the issues out there in the open in a setting where it's less adversarial than a litigated docket.

這確實是利益相關者和委員之間在會議等非正式場合進行互動的絕佳機會，而不是進行單獨訴訟。為了回答問題，我們可以談論我們所看到的好處，並在比訴訟案卷更具對抗性的環境中公開地提出問題。

And in terms of the Talen case, when we look at the narrowness of the deficiency letter, as Joe pointed out, it's very similar in language to other deficiency letters that have been issued on ISAs that have non-conforming language, asking very narrow question about why those provisions are necessary. You contrast that to what typically happens where there are long list of questions in deficiency letters reflecting concerns from the commission or questions from the commission. That does not occur here.

就Talen 案而言，當我們審視缺陷函的狹隘性時，正如Joe 指出的那樣，它在語言上與ISA 上發出的其他缺陷函非常相似，這些缺陷函的語言不符合要求，提出的問題非常狹窄為什麼這些規定是必要的。您將其與通常發生的情況進行了對比，通常情況下，缺陷信件中會列出一長串問題，反映委員會的擔憂或委員會的問題。這裡不會發生這種情況。

So they really -- if you zoom out signaling that they intend to keep the Talen proceeding focused on the Talen fact, and then they're going to be standard tool that they have this tech conference to learn some more about the topic. So we see this as a very constructive way to move forward and, frankly, a responsible one on the FERC's behalf.

所以他們真的 - 如果你縮小信號，表明他們打算讓 Talen 進程專注於 Talen 事實，然後他們將成為他們舉行這次技術會議以了解有關該主題的更多信息的標準工具。因此，我們認為這是一種非常有建設性的前進方式，坦白說，這是代表 FERC 的負責任的方式。

And then just lastly, BRA, I mean, I guess it's open to interpretation on whether we actually do in set new entry into the market. I guess, obviously, Joe, you're in discussions, what's your view on some of the commentary out of some of the T&D utilities and it's been topical on these calls is regarding just PPA or rate basing peakers in PJM if the market doesn't move fast enough.

最後，BRA，我的意思是，我想對於我們是否真的進入市場有待解釋。我想，顯然，喬，你正在討論，你對一些 T&D 公用事業公司的一些評論有何看法，這些電話中的熱門話題只是關於 PPA 或 PJM 的利率峰值，​​如果市場不這樣做的話。不夠快。

Yeah, sure. I don't think that's really any different -- now have been in this business seemingly for so long that I remember these cycles over and over again. We've had these discussions before. But in states like Pennsylvania, states like Ohio, they've been pretty clear. A lot of alone places like Illinois, where I just think that conversation would be impossible. They've been very clear that they want the markets to work. And there's great evidence here that the PJM market has worked.

是的，當然。我不認為這真的有什麼不同——現在我在這個行業似乎已經待了很長時間了，以至於我一遍又一遍地記得這些週期。我們之前已經進行過這些討論。但在賓州、俄亥俄州等州，他們的態度非常明確。在很多像伊利諾州這樣偏僻的地方，我認為在那裡談話是不可能的。他們非常明確地表示希望市場發揮作用。有充分的證據表明 PJM 市場已經發揮作用。

We've seen high prices before in the PJM market. And in fact, even with these higher prices, the point I made in my opening remarks here is that we're still at a lower point than we were 15 years ago. And it's just -- it's a testament to the value of competition. I think stakeholders in those states get it.

我們之前在 PJM 市場上見過高價。事實上，即使價格上漲，我在開場白中指出的一點是，我們仍處於比 15 年前更低的水平。這只是——這證明了競爭的價值。我認為這些州的利益相關者明白這一點。

I think there is a genuine concern about the growth rates in terms of spending on the T&D system. And I don't see policymakers naturally going to the view that monopolization of the generation sector. Further monopolization of the generation sector is going to be the answer now, frankly, any more than I ever did.

我認為人們對輸配電系統支出的成長率確實感到擔憂。我不認為政策制定者會自然而然地認為發電產業存在壟斷。坦白說，對發電部門的進一步壟斷將是現在的答案，比我以往任何時候都多。

So we'll respond to those points. But right now, we just have a new FERC process in the capacity option. We need to give it the time to work. There's no evidence whatsoever through history or anything that's going on now, that competition isn't going to address this problem, right? So that's our view.

所以我們將對這些觀點做出回應。但目前，我們在容量選項中只有一個新的 FERC 流程。我們需要給它工作的時間。無論是歷史還是現在正在發生的事情，都沒有證據表明競爭無法解決這個問題，對吧？這就是我們的觀點。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was wondering does the outcome of the PJM auction just in terms of how high prices got, does that increase the urgency that you're hearing from potential data center counterparties to get some of these colocation deals done?

我想知道 PJM 拍賣的結果是否只是就價格有多高而言，這是否會增加您從潛在資料中心交易對手那裡聽到的完成其中一些託管交易的緊迫性？

Yeah. I think it increases urgency, both in terms of that and also urgency in terms of locking down in-front-of-the-meter deals because it is a tightening market and people are saying that, and in particular, for clean and reliable megawatts, it creates a huge opportunity, I think, for Jim's business to go and meet the demand of these customers. And we're certainly seeing that. We've reshaped the team. We've refocused the team through a lot on Jim's part to go out and meet and address the needs of these customers, and we're seeing a pretty significant appetite there.

是的。我認為這增加了緊迫性，無論是在這方面，還是在鎖定電錶前交易方面的緊迫性，因為這是一個緊縮的市場，人們都這麼說，特別是對於清潔可靠的兆瓦電力，我認為，這為吉姆的業務滿足這些客戶的需求創造了巨大的機會。我們確實看到了這一點。我們重塑了團隊。我們已經透過吉姆的大量工作重新調整了團隊的重點，以便出去滿足和解決這些客戶的需求，我們看到那裡有相當大的興趣。

I think it also signals that even with the forecasted growth, right, because the data center growth was in the forecast that PJM used when it ran the auction, its evidence that we have the supply needed in PJM to address this data center growth. So I think it was a positive on two fronts. I think now we have the forecast and the market still responded with enough generation to meet the reliability needs of the system. And -- but at the same time, we do see a tightening in the market and people need to get moving to lock up their supply. So I think it's additive.

我認為這也表明，即使有預測的增長，對吧，因為數據中心的增長是在 PJM 進行拍賣時使用的預測中的，這證明我們擁有 PJM 所需的供應來解決數據中心的增長問題。所以我認為這在兩方面都是正面的。我認為現在我們已經有了預測，市場仍然以足夠的發電量做出反應，以滿足系統的可靠性需求。但同時，我們確實看到市場緊縮，人們需要採取行動鎖定供應。所以我認為這是附加的。

And then another question that we've had is as you're working on data center deals, should we be assuming that dual unit plants make the most sense with one unit acting as backup? Or is there demand or certain structures where you could fully contract a dual unit plant? What would that structure potentially look like?

然後，我們遇到的另一個問題是，當您從事資料中心交易時，我們是否應該假設雙單元工廠最有意義，其中一個單元充當備份？或是否有需求或某些結構可以完全承包雙機組工廠？該結構可能是什麼樣子？

For us that we started with the dual units because that made the most sense, right? One, as you noted, one unit becomes the natural backup for the other unit during outages. But as we've gotten smarter in this, it really depends on the type of data center, whether it's an inference data center or a learning data center. And it really depends on what the hyperscaler intends to evolve the facility.

對我們來說，我們從雙單元開始，因為這最有意義，對嗎？一，正如您所指出的，在停電期間，一台設備成為另一台設備的自然備份。但隨著我們在這方面變得越來越聰明，它實際上取決於資料中心的類型，無論是推理資料中心還是學習資料中心。這實際上取決於超大規模企業打算如何發展該設施。

I don't think we've seen all the configurations, and I could easily see circumstances where behind-the-meter data centers are located in the same region as on-grid data centers and effectively provide reliability through fiber as opposed to through wires and backup generation, where on-grid picks up behind-the-meter data needs when the data center is in outage mode. So we could see those configurations -- I could frankly see those configurations evolving even after the unit stations.

我認為我們還沒有看到所有的配置，而且我可以很容易地看到表後資料中心與併網資料中心位於同一區域的情況，並透過光纖（而不是透過電線）有效地提供可靠性以及備份發電，當資料中心處於停電模式時，併網取得電錶後面的資料需求。所以我們可以看到這些配置——坦白說，即使在單位站之後，我也可以看到這些配置的演變。

We're learning a lot. It's -- despite the enthusiasm, we certainly feel it and we know our owners feel it. We're still fairly early innings in terms of understanding all of the different use cases and how our resources will interact with the grid, and we'll interact with these customers. Honestly, I think in talking to them, the customers are still figuring it out. So I at this point, wouldn't rule out anything. We do think the most natural place is the dual-unit site, both in terms of the volume of electricity and the natural backup, we think those are going to be the first sites to be selected. And so far, it appears to be the case.

我們學到了很多。儘管熱情高漲，我們確實感受到了這一點，我們知道我們的業主也感受到了這一點。在了解所有不同的用例以及我們的資源如何與網格互動方面，我們仍處於相當早期的階段，我們將與這些客戶互動。老實說，我認為在與他們交談時，客戶仍在弄清楚這一點。所以我在這一點上不會排除任何事情。我們確實認為最自然的地方是雙機組站點，無論是從電量還是自然備份方面，我們認為這些將是首先選擇的站點。到目前為止，情況似乎確實如此。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Sorry, I wanted to just try to kind of better clarify a little bit more on the colocation kind of timeline. So I think we'll have a technical conference in the fall, but I don't think we're going to get kind of any next step from that probably until sometime in 2025, most likely, policy statement [206] or whatever?

抱歉，我只是想嘗試更好地澄清託管類型的時間表。所以我認為我們將在秋季舉行一次技術會議，但我認為我們可能要到 2025 年的某個時候才能採取任何下一步行動，最有可能的是政策聲明 [206] 或其他什麼？

And I guess, we will have a Talen outcome by the fall. So just in terms of thinking about just a realistic time frame to kind of get the -- be helpful to get clarity, as you said. I mean is this something that we should kind of not expect to hear more until sometime next year? Or is this something that we could still see something happen even this year, even as these things are still kind of in process?

我想，到秋天我們就會得到塔倫的結果。因此，正如您所說，考慮一個現實的時間框架有助於獲得清晰度。我的意思是，我們不應該期望在明年某個時候聽到更多這樣的事情嗎？或者說，即使是今年，我們仍然可以看到一些事情發生，即使這些事情仍在進行中？

I think something you're referring to is, is a deal done, right?

我想你指的是，交易完成了嗎？

Yes.

是的。

Yeah. So Steve, I don't think we're time bounded by ultimately clarity in the FERC process. I do think the Talen ISA is going to be instructive and folks are watching that to make sure kind of it goes through or what conditions might get attached to that. But we independently are working on contractual provisions that will allow us to manage whatever outcome comes out of those proceedings. And so, at least for the moment, we're working with our customers towards finalizing deals. And I could certainly see a circumstance where those things get announced and there's still some process going on at FERC or some discussion among stakeholders.

是的。所以史蒂夫，我認為我們不會受到 FERC 流程最終清晰度的限制。我確實認為 Talen ISA 將會具有指導意義，人們正在關注它，以確保它能夠順利進行，或者可能會附加什麼條件。但我們正在獨立制定合約條款，使我們能夠管理這些程序產生的任何結果。因此，至少目前，我們正在與客戶合作完成交易。我當然可以看到這樣一種情況：在這些事情被宣布後，聯邦能源監管委員會 (FERC) 仍在進行一些流程，或者利益相關者之間仍在進行一些討論。

That's helpful. Thanks. And then just on, one, this has been a very public kind of gotten very noisy process. And I would assume some of these customers don't really love kind of seeing that inside. So just is that in a way impacting at all the ability to kind of get things done with the customers? Is that a concern?

這很有幫助。謝謝。然後，第一，這是一個非常公開的、非常吵鬧的過程。我認為其中一些顧客並不真正喜歡看到裡面的東西。那麼，這是否在某種程度上影響了與客戶合作的能力呢？這是一個問題嗎？

Not yet, Steve. But the customers are paying attention to this, and by the way, so are the policymakers. Look, if this stuff is happening, and I'll just -- Talen is not our deal, but I'll use it as an illustrate. Talen in that arrangement is bringing $10 billion-plus maybe more than $20 billion of economic development to a region that, if we're going to be honest hasn't seen a lot of sunshine from an economic development standpoint of this dimension in a long, long time.

還沒有，史蒂夫。但客戶正在關注這一點，順便說一句，政策制定者也在關注這一點。聽著，如果這種事情發生了，我會——塔倫不是我們的交易，但我會用它作為說明。塔倫在這項安排中將為一個地區帶來超過100 億美元甚至超過200 億美元的經濟發展，老實說，從經濟發展的角度來看，該地區已經很長一段時間沒有看到太多陽光了。

And I think it's fair to say that policymakers around Pennsylvania like to see that for communities like this that need jobs and economic opportunities. And I think it's fair to extrapolate from that, that they won't like it very much if people interfere with those things and cause it to come off the rails.

我認為可以公平地說，賓州各地的政策制定者希望看到這樣的社區需要就業和經濟機會。我認為可以公平地推斷，如果人們幹擾這些事情並導致其脫軌，他們不會喜歡它。

And so I think the policymaker reaction, the labor reaction, which, of course, drives policymakers in many of our jurisdictions, they're all pretty important factors. So I think we'll see that play out. I think that pushes parties to try to work these things out. The other thing is, from a customer standpoint, right, you want to be in a jurisdiction that is pro and friendly to data centers and gives these companies every option. And I think in the early innings, that probably isn't the case. And I noticed that you pointed that out in some of your research.

因此，我認為政策制定者的反應，勞工的反應，當然，這推動了我們許多司法管轄區的政策制定者，它們都是非常重要的因素。所以我想我們會看到這結果。我認為這會促使各方努力解決這些問題。另一件事是，從客戶的角度來看，你希望所在的司法管轄區對資料中心有利且友好，並為這些公司提供各種選擇。我認為在前幾局，情況可能並非如此。我注意到您在一些研究中指出了這一點。

So look, we're not at a place right now where people are signing have a circle around a particular jurisdiction with a red stripe through like ghost busters thing. But I think people are paying attention to it. Policymakers want this to happen. They want the parties to work it out. So at the end of it, we will go anywhere we need to go to have the discussion. If we could only have the discussion in proceedings state or federal, we'll have the discussions in state or federal proceedings. But we think the clear signal from what happened at FERC from the rejection of ban legislation in Maryland is to tell parties work these issues out. This economic development is important.

所以看，我們現在並沒有處於這樣一個地方：人們在特定管轄區周圍簽名，並像幽靈剋星一樣用紅色條紋劃過一圈。但我認為人們正在關注它。政策制定者希望這種情況發生。他們希望各方能夠解決這個問題。所以最後，我們會去任何我們需要去的地方進行討論。如果我們只能在州或聯邦程序中進行討論，我們將在州或聯邦程序中進行討論。但我們認為，聯邦能源監管委員會（FERC）因馬裡蘭州禁止立法被否決而發出的明確信號是告訴各方解決這些問題。這對經濟發展很重要。

I don't think we're the only ones hearing that message. And we'll strive and we do this every day to have conversations. You don't have to have every policy conversation in a proceeding. And frankly, if we did, regulators and lawmakers would never sleep. So we need to continue to have those discussions. I just -- in my view, Steve, it's this. If you have clean energy centers in your jurisdiction and you could offer that opportunity, that's a huge advantage for the incumbent utility to make the state a place that's friendly to the data economy. And what we've seen before is one data center attracts more because they kind of work together.

我不認為我們是唯一聽到這個消息的人。我們將努力，每天都這樣做來進行對話。您不必在訴訟程序中進行所有政策對話。坦白說，如果我們這樣做，監管機構和立法者將永遠不會睡覺。因此，我們需要繼續進行這些討論。我只是——在我看來，史蒂夫，就是這樣。如果您的管轄範圍內有清潔能源中心，並且可以提供這個機會，那麼這對現有公用事業公司來說是一個巨大的優勢，可以使該州成為對資料經濟友善的地方。我們之前看到的是，一個資料中心會吸引更多的資料中心，因為它們可以協同工作。

So I just think the approach here of thinking about this as a zero-sum game is really just kind of the wrong mindset. And I think we just got to kind of get through that phase, and where you're working very hard to do it. Our owners expect us every day to work on the things that bring the spectacular results that our team is announcing today. And that's what we want to be working on. We don't want to be tied up in proceedings all over the place. We will if we have to, but we prefer to resolve these issues in a way that's friendly to what policymakers want and what customers want. That's what we aim to achieve.

所以我只是認為這裡將其視為零和遊戲的方法實際上是一種錯誤的心態。我認為我們必須度過這個階段，而你正在為此付出很大的努力。我們的所有者希望我們每天都致力於帶來我們團隊今天宣布的驚人成果的事情。這就是我們想要努力的方向。我們不想陷入到處的訴訟。如果有必要，我們會這樣做，但我們更願意以有利於政策制定者和客戶需求的方式解決這些問題。這就是我們的目標。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑弗里斯。

Lots of good content today. I wanted to shift and kind of run with that last one you mentioned a little bit, I know we're all focused on FERC but you mentioned Maryland. Just holistically, what are some of your state legislative priorities to support the colocation strategy? I know Maryland has Senate Bill 1, if you could just comment more broadly, what kind of the focuses are at the state level?

今天的好內容很多。我想改變你提到的最後一個，我知道我們都關注 FERC，但你提到了馬裡蘭州。總體而言，支持託管策略的州立法重點有哪些？我知道馬裡蘭州有參議院第 1 號法案，如果您能更廣泛地評論一下，州一級的重點是什麼？

Well, I think we're going to be largely reactive to what we're seeing. But we will work with customers, with labor unions and others to make sure that all opportunities remain on the table for economic growth. But we're sitting here thinking about launching legislation. We think this is like the cogen stuff that I alluded to are the micro-grid stuff that we've talked about, largely handled in the regulatory arena.

嗯，我認為我們將對我們所看到的做出很大的反應。但我們將與客戶、工會和其他方面合作，確保所有經濟成長機會都存在。但我們坐在這裡考慮啟動立法。我們認為這就像我提到的微電網的東西，主要是在監管領域處理的。

Okay. Understood there. And I know in your prepared remarks, you talked about some of the customer bill impacts from the PJM auction, some of the benefits for all parties from the colocation strategy, but just curious if you have any initial estimate of like what the benefits would be in terms of rate returns for rate payers, if there was like a hypothetical 1-gigawatt data center colocation. Some of your peers have kind of put out some numbers, but curious if you've done the analysis there, you're willing to share?

好的。那裡明白了。我知道在您準備好的發言中，您談到了 PJM 拍賣對客戶賬單的一些影響，以及託管策略對各方帶來的一些好處，但只是好奇您是否對這些好處有任何初步估計就納稅人的費率回報而言，如果有一個假設的1 吉瓦資料中心託管。您的一些同行已經提供了一些數據，但很好奇您是否已經在那裡進行了分析，您願意分享嗎？

Well, I will point to either Kathleen or David Dardis, our General Counsel. We could talk certainly about some of what we've presented in our case, but we have generally seen billion dollars of costs associated with a gigawatt of load, right? And in jurisdictions where a lot of that is socialized, 90% or more and frankly, I think that's an underestimate because that just includes kind of direct substation market. It doesn't include the work behind the substation that may be necessary, but we see some jurisdictions where a lot of that is spread out to many other customers. In our applications, those hyperscalers are paying for the connection. Now if not $1 billion because the connection is occurring right at the plant, which is the point, right?

好吧，我會指的是我們的總法律顧問凱瑟琳或大衛·達迪斯。我們當然可以談論我們在案例中提出的一些內容，但我們通常看到與一千兆瓦負載相關的數十億美元的成本，對吧？在其中許多都是社會化的司法管轄區，90% 或更多，坦白說，我認為這是一個低估，因為這只包括直接變電站市場。它不包括可能必要的變電站背後的工作，但我們看到在某些司法管轄區，其中許多工作分散到許多其他客戶。在我們的應用程式中，這些超大規模企業正在為連線付費。現在，如果不是 10 億美元，因為連接就在工廠進行，這才是重點，對嗎？

So what we're doing is creating switchyards and other things that are 1/10th of those costs to connect the certain amount of load. But you could see easily a factor of 10x, I actually think it's more when you talk about putting a data center out on the grid somewhere. And a lot of those costs get socialized to customers that aren't the hyperscalers. And so that's the real benefit.

因此，我們正在做的是創建開關站和其他設施，這些設施的成本僅為連接一定量負載的成本的 1/10。但你可以很容易地看到 10 倍的係數，實際上，當你談論將資料中心放在網格上的某個地方時，我認為這個係數更大。其中許多成本都被分攤給了非超大規模企業的客戶。這就是真正的好處。

But the other thing that, look, Paul, when we're talking about this, we are pretending as if the grid could easily host 1 gigawatt of load. When I was at ComEd, the largest load we ever had in the system was steel mills at 150 megawatts, right?

但另一件事是，保羅，當我們談論這個時，我們假裝電網可以輕鬆承載 1 吉瓦的負載。當我在 ComEd 時，系統中最大的負載是 150 兆瓦的鋼廠，對吧？

If -- when I was General Counsel at PICO, the largest -- one of the largest loads we had were the refineries in Philadelphia, 60 megawatts, 70 megawatts. The notion that you could accumulate enough power somewhere on the grid to power 1 gigawatt data center is frankly laughable to me that you could do that in anywhere that doesn't start with decades of time, right? This is an enormous amount of power to go out and try to concentrate it. Think about it.

當我擔任 PICO 的總法律顧問時，我們最大的負載之一是費城的煉油廠，分別為 60 兆瓦、70 兆瓦。坦白說，你可以在電網的某個地方累積足夠的電力來為1 吉瓦的資料中心供電，這種想法對我來說是可笑的，因為你可以在任何不需要幾十年時間的地方做到這一點，對嗎？這是一個巨大的力量，需要出去並試圖集中它。想一想。

You're building three 345 kV lines with all the attendant substations to create all of the redundancy, each one of those substations having to draw power from an independent source. It just it has always made sense. This is not new, it's always made sense that when you're talking about large loan, you're going to bring it closer to large generation resources. And when you're talking about large load that also wants to use your own mission energy, you're going to bring it very close to nuclear power plants.

您正在建造 3 條 345 kV 線路以及所有附屬變電站，以創建所有冗餘，其中每個變電站都必須從獨立電源獲取電力。它只是它總是有道理的。這並不新鮮，當你談論大額貸款時，你會讓它更接近大型發電資源，這總是有意義的。當您談論也想使用自己的任務能源的大負載時，您將把它放在離核電站非常近的地方。

We need to make sure that policies don't inadvertently drive us to spending billions of dollars where cheaper solutions are available, quicker solutions are available. And from an electrical engineering standpoint, more prudent and, frankly, feasible solutions are available. So we're going to have those policy discussions, but I think that's what's going to be revealing in the FERC discussion. And it's powerful.

我們需要確保政策不會無意中促使我們在有更便宜、更快的解決方案的地方花費數十億美元。從電機工程的角度來看，有更謹慎、坦白說可行的解決方案。因此，我們將進行這些政策討論，但我認為這就是 FERC 討論中將揭示的內容。而且它很強大。

If you want to take a look at one document that I think lays this out pretty clearly, Mike Formo, who for many, many years, was the leader of transmission -- all things transmission at PJM published a report. He is also Senior Vice President of Transmission for Exelon for a period of time in his career, about issues I just described, the feasibility of connecting and the cost of connecting super large loads somewhere on the grid as opposed to colocation. And he lays it out pretty succinctly in his expert report. Those are the things we'll be talking about to regulators and policymakers.

如果你想看我認為非常清楚地闡述了這一點的一份文件，Mike Formo 發表了一份報告，他多年來一直是傳輸領域的領導者——PJM 的所有傳輸領域。在其職業生涯中，他還曾擔任 Exelon 輸電部門的高級副總裁，負責處理我剛才描述的問題、連接的可行性以及在電網某處連接超大型負載（而不是託管）的成本。他在專家報告中非常簡潔地闡述了這一點。這些是我們將與監管機構和政策制定者討論的事情。

There's going to be opportunities for data centers in both places, but dimensionally, the bigger we get, the closer we're going to be to the generation source if we are going to have any chance of doing this in a manner that addresses the nation's need for timely action.

這兩個地方都會有建立資料中心的機會，但從維度來看，如果我們有機會以一種能夠解決國家問題的方式做到這一點，我們的規模越大，我們就越接近發電源。及時採取行動。

Thank you. I'd like to turn the call back over to Joe Dominguez for any further remarks.

謝謝。我想將電話轉回喬·多明計斯以徵求進一步意見。

Well, thank you. We've had a great beginning to the year. And again, just want to give a shout out to all of our folks that made it happen. We really feel strongly about our performance to date, we really feel strongly about what we think we're going to be able to accomplish in the balance of the year and the work we're doing. I appreciate the robust discussions we've had today around colocation.

嗯，謝謝。今年我們有一個好的開始。再次，我想向所有促成這一切的人大聲喊叫。我們對我們迄今為止的表現有強烈的感覺，我們對我們認為在這一年餘下的時間裡能夠完成的事情以及我們正在做的工作有強烈的感覺。我很欣賞我們今天圍繞主機託管的熱烈討論。

One always gets concerned that one particular issue distracts from the overall benefits of the company that are really laid out in the last slide we have in the deck about the unique opportunities we have here. We're super excited about them. We appreciate your attention, your focus on Constellation, your ownership and I guarantee you, we'll continue to focus on the things that create value for you.

人們總是擔心某個特定問題會分散公司整體利益的注意力，這些利益在我們在幻燈片中展示的關於我們在這裡擁有的獨特機會的最後一張幻燈片中得到了真正的闡述。我們對他們感到非常興奮。我們感謝您的關注、您對 Constellation 的關注、您的主人翁精神，我向您保證，我們將繼續專注於為您創造價值的事情。

With that Michelle, end the call.

說完米歇爾，結束通話。

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may all disconnect. Everyone, have a great day.

女士們、先生們，感謝你們參加今天的會議。今天的節目到此結束。你們都可以斷開連線。大家，祝你有美好的一天。