Constellation Energy Corp (CEG) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to Constellation Energy Corporation's third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call may be recorded.

感謝您的耐心等待，歡迎參加 Constellation Energy Corporation 的 2024 年第三季財報電話會議。（操作員說明）謹此提醒，此通話可能會被錄音。

I would now like to hand the call over to Emily Duncan, Senior Vice President, Investor Relations and Strategic Growth. Please, you may begin.

我現在想將電話轉交給投資者關係和策略成長資深副總裁艾米麗鄧肯 (Emily Duncan)。請您開始吧。

Thank you, Latif. Good morning, everyone, and thank you for joining Constellation Energy Corporation's Third 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.

謝謝你，拉蒂夫。大家早安，感謝您參加星座能源公司第三季收益電話會議。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。

They are joined by other members of Constellation senior management team who will be available to answer your questions following our prepared remarks. 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.

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。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。

The earnings release and other matters, which we discuss during today's call contain forward-looking statements and estimates regarding Constellation and its subsidiaries that respect to various risks and uncertainties. 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.

我們在今天的電話會議中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陳述和估計，涉及各種風險和不確定性。根據今天的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。

Please refer to today's 8-K and Constellation's other SEC filings for discussions of risk factors and other circumstances and considerations that may cause results to differ from management's projections, forecasts and expectations. 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.

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。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 Joe Dominguez.

我現在將把電話轉給喬·多明格斯。

Thanks, Emily. Good morning, everyone. Thank you for joining us today, and a big thank you to our amazingly talented team at Constellation. Today, Dan and I once again have the privilege to share their results, results that outperform our plan, your expectations and require us to raise guidance. But before I do that, I want to touch upon Friday's FERC ruling that I know is top of mind for many folks.

謝謝，艾米麗。大家早安。感謝您今天加入我們，並非常感謝我們才華橫溢的 Constellation 團隊。今天，丹和我再次有幸分享他們的結果，這些結果超出了我們的計劃、您的期望並要求我們提出指導。但在此之前，我想先談談 FERC 週五的裁決，我知道這是許多人最關心的問題。

In Constellation's view the 2 to 1 ruling rejecting Talend's ISA by a fraction of the commission is not the final word from FERC on colocation. The ruling as many of you know, is very narrow, and we believe that all of the commissioners, including the two who recuse themselves from Friday's decision, understand the critical importance of providing additional guidance. Now how that's going to come, could occur in a number of different ways. We could see the commission take action, we could see PJM take action or parties like ourselves could take action. It's premature at this point to say which of those pathways we are going to pursue.

Constellation 認為，以 2 比 1 的比例拒絕 Talend 的 ISA 的委員會的一小部分並不是 FERC 關於託管的最終決定。正如你們許多人所知，這項裁決的範圍非常狹窄，我們相信所有委員，包括迴避週五決定的兩位委員，都明白提供額外指導的至關重要性。現在這將如何發生，可能會以多種不同的方式發生。我們可以看到委員會採取行動，我們可以看到 PJM 採取行動，或者像我們這樣的政黨可以採取行動。現在說我們將採取哪一條途徑還為時過早。

But we know this. Colocation and competitive markets remains one of the best ways for the US to quickly build large data centers that are necessary to lead on AI. As Chairman Philips explained, our nation's entire economy and national security is at stake if we do not lead in AI. That sentiment is shared by both presidential candidates.

但我們知道這一點。託管和競爭市場仍然是美國快速建立領先人工智慧所需的大型資料中心的最佳方式之一。正如飛利浦董事長所解釋的那樣，如果我們不在人工智慧領域處於領先地位，我們國家的整個經濟和國家安全都會受到威脅。兩位總統候選人都有同樣的看法。

As National Security Adviser Jake Sullivan, worn just two weeks ago, even if we have the best AI models, but our competitors are faster to deploy, we could see them seize the advantage in using AI capabilities against our people, our forces and our partners and allies. We all know that Power has emerged as the key to America's ability to meet the challenge and Constellation uniquely is positioned to help. There are multiple regulatory and commercial pathways to resolve the colocation issues, and we will work quickly with customers and other stakeholders to put these in place. In PJM, we have abundant baseload power almost all times of the year. We can power AI.

正如國家安全顧問傑克·沙利文（Jake Sullivan）兩週前所言，即使我們擁有最好的人工智慧模型，但我們的競爭對手部署速度更快，我們也可以看到他們在利用人工智慧能力來對付我們的人民、我們的軍隊和我們的合作夥伴方面佔據優勢。我們都知道，「權力」已成為美國應對挑戰的關鍵，而「星座」則有獨特的優勢可以提供幫助。有多種監管和商業途徑可以解決託管問題，我們將與客戶和其他利害關係人迅速合作，將這些途徑落實到位。在 PJM，我們幾乎全年都擁有充足的基本負載電力。我們可以為人工智慧提供動力。

I think sometimes we get sloppy and say we have energy issues with AI growth. We don't. We have a capacity issue that manifests itself just a few hours of the year. This problem is fairly simple to address with demand response, peakers and batteries all provided that we have the right market price signals. But to be fair, we have been a bit challenged on the issue of getting the capacity market moving.

我認為有時我們會草率地說我們在人工智慧的成長方面有能源問題。我們不這樣做。我們面臨著一年中只有幾個小時會出現的容量問題。如果我們有正確的市場價格訊號，這個問題很容易透過需求響應、峰值器和電池來解決。但公平地說，我們在推動容量市場發展的問題上遇到了一些挑戰。

Now we agree with PJM's to decision to delay the latest auction, and we encourage PJM to do that because we support changing the reference unit and addressing the RMR units. Those narrow reforms should provide clarity, fair pricing and price stability for customers and generators alike. PJM should also proceed with streamlining the process for adding generation like our crane restart. We're happy to see PJM progressing on this front, and we're working hard to bring Crane on in 2027. We trust that FERC will prioritize these RPM matters and urge FERC to act on them quickly.

現在，我們同意 PJM 推遲最新拍賣的決定，我們鼓勵 PJM 這樣做，因為我們支持更改參考單位並解決 RMR 單位問題。這些狹隘的改革應該為客戶和發電商提供透明度、公平的定價和價格穩定性。PJM 也應該繼續簡化增加發電的流程，例如我們的起重機重啟。我們很高興看到 PJM 在這方面取得進展，並且我們正在努力爭取在 2027 年引入 Crane。我們相信 FERC 將優先考慮這些 RPM 問題，並敦促 FERC 迅速採取行動。

The load is going up and the market needs the price signal to react. We note that the recent utility filings with PJM already indicate another 5 to 6 gigawatts of load in the next auction that we expect PJM to implement in its planning parameters. The PJM capacity market has a long track record of being able to deliver new capacity and to drive customer demand response, but we need to let it work. Colocation will add not detract from reliability in PJM. Here, Constellation's principles have been quite simple.

負載正在上升，市場需要價格訊號來做出反應。我們注意到，最近向 PJM 提交的公用事業文件已表明在下一次拍賣中將增加 5 至 6 吉瓦的負載，我們預計 PJM 將在其規劃參數中實施。PJM 產能市場在能夠提供新產能和推動客戶需求響應方面有著悠久的歷史，但我們需要讓它發揮作用。託管將增加但不會降低 PJM 的可靠性。在這裡，Constellation 的原則非常簡單。

First, in times of emergency, our power should support the grid. To be absolutely clear about what I am saying, that means that nuclear energy supporting a co-located load will be switched to the grid when needed to prevent the reliability crisis. and it should be fairly compensated when so-called. Second, if the co-located load has backup power, it should be allowed to offer that power to the grid. Subject, of course, to state and environmental permitting rules.

第一，在緊急情況下，我們的電力應該支援電網。要完全清楚地表達我的意思，這意味著支援同一地點負載的核能將在需要時切換到電網，以防止可靠性危機。所謂的應該得到公平的補償。其次，如果位於同一位置的負載有備用電源，則應允許其向電網提供該電力。當然，須遵守國家和環境許可規則。

Third, co-located load should pay its fair share of Grid Cross for what it uses. These issues should be brought together and advanced at FERC. Frankly, I think part of the issue with the ISA proceeding is that it did not bring these issues together and understandably, some of the commissioners want to see the complete package. We will pursue this when you look at regulatory clarity while simultaneously pursuing commercial strategies for colocation that are permitted under existing rules. Now turning to our results and guidance updates.

第三，同地負載應為其使用的資源支付其公平份額的 Grid Cross 費用。這些問題應在 FERC 中匯集並推進。坦白說，我認為 ISA 程序的部分問題在於它沒有將這些問題集中在一起，可以理解的是，一些委員希望看到完整的方案。當您考慮監管清晰度時，我們將追求這一點，同時追求現有規則允許的託​​管商業策略。現在轉向我們的結果和指導更新。

In the third quarter, our 14,000-person team here at Constellation delivered GAAP earnings of $2.82 per share and adjusted operating earnings of $2.74 per share. Due to this strong performance, we are raising and narrowing our adjusted operating earnings guidance for the full year to $8 to $8.40 per share. This brings our midpoint to $8.20 per share, a whopping $0.60 per share above our original guidance midpoint. And we remain bullish on the balance of the year. Our core value proposition is strong, and our strategy remains on track.

第三季度，Constellation 的 14,000 人團隊實現了每股 GAAP 收益 2.82 美元，調整後營運收益為每股 2.74 美元。由於業績強勁，我們將全年調整後營業利潤指引上調並縮小至每股 8 美元至 8.40 美元。這使我們的中點達到每股 8.20 美元，比我們最初的指導中點高出每股 0.60 美元。我們仍然看好今年剩餘時間。我們的核心價值主張是強大的，我們的策略仍然在正確的軌道上。

We will grow our base EPS by at least 13% through 2030. And growth that is backstopped by nuclear production tax credit. We have the best operated and largest fleet of carbon-free reliable nuclear plants that run 24/7 and we will be needed by the energy system for decades to come. These assets will benefit from both increasing demand for carbon-free electricity and reliable power. Through our industry-leading C&I business, we provide the innovative products and services our customers want.

到 2030 年，我們的基本每股盈餘將成長至少 13%。核生產稅收抵免支持了成長。我們擁有運作最好、規模最大的無碳可靠核電廠，24/7 運行，未來幾十年能源系統將需要我們。這些資產將受益於對無碳電力和可靠電力不斷增長的需求。透過我們行業領先的 C&I 業務，我們提供客戶所需的創新產品和服務。

Our strong investment-grade balance sheet, along with strong free cash flows that continue to be used for growth, meet our threshold and provide valuable opportunities for you, our owners. And finally, as you've seen this year, we have the ability to do better than our base level of earnings through multiple paths, including optimizing our portfolio and getting better than average margins. It's been an incredible three years for Constellation. A remarkable journey that perhaps is best epitomized by the restart of the Crane Clean Energy Center that we announced in September. Crane validates three points that we have discussed many times before.

我們強大的投資等級資產負債表，以及繼續用於成長的強勁自由現金流，滿足了我們的門檻，並為您（我們的所有者）提供了寶貴的機會。最後，正如您今年所看到的，我們有能力透過多種途徑做得比我們的基本收益水平更好，包括優化我們的投資組合和獲得高於平均水平的利潤率。對 Constellation 來說，這是令人難以置信的三年。我們在 9 月宣布重啟克瑞清潔能源中心，這或許是一次非凡的旅程的最佳體現。克雷恩驗證了我們之前多次討論過的三點。

First, it's a powerful symbol of the rebirth of nuclear energy. And it happens at a location that once came to represent nuclear energies demise. Second, it confirms our thesis that the most valuable energy commodity in the world today is clean and reliable electricity. And third, it underscores the growing demand for 24/7 clean energy, driven by the data economy, onshoring and electrification. All of these macro points benefit our owners.

首先，它是核能重生的有力像徵。它發生在一個曾經代表核能消亡的地方。其次，它證實了我們的論點，即當今世界上最有價值的能源商品是清潔可靠的電力。第三，它強調了在數據經濟、離岸外包和電氣化的推動下，對 24/7 清潔能源的需求不斷增長。所有這些宏觀點都使我們的業主受益。

We have talked about them before, and I don't think we need to talk about it much more because by now, these points have become self-evident. In addition to Crane, we have at least 1,000 megawatts of additional nuclear generation that we could bring on to the grid through uprates. And I'm pleased to report to you that we are seeing a wave of interest from customers who are interested in these opportunities and in our relicensing and we are making significant progress on contracting. The intensity of our negotiations with hyperscalers and others keeps going up and up. Our entire team is focused on executing transactions and supporting data center development anywhere in PJM.

我們之前已經討論過它們，我認為我們不需要再討論太多，因為到現在為止，這些觀點已經變得不言而喻。除了 Crane 之外，我們還擁有至少 1,000 兆瓦的額外核能發電量，可以透過提高發電量將其併入電網。我很高興地向您報告，我們看到客戶對這些機會和我們的重新許可感興趣，並且我們在合約方面正在取得重大進展。我們與超大規模企業和其他公司的談判強度不斷加強。我們的整個團隊專注於執行交易並支援 PJM 任何地方的資料中心開發。

Now I want to emphasize the word anywhere. Recall that when Microsoft announced the Crane offtake agreement, they explained that their agreement with Constellation enables them to use the energy in four different states, not just Pennsylvania. That should tell you that Constellation easily construct transactions to sell energy, capacity and sustainability products to data economy customers anywhere in PJM and in some cases, outside of PJM. And we can make those fixed price deals for as long as our counterparties desire. That's pretty unique to us.

現在我想在任何地方強調這個詞。回想一下，當微軟宣布 Crane 承購協議時，他們解釋說，與 Constellation 的協議使他們能夠在四個不同的州使用能源，而不僅僅是賓夕法尼亞州。這應該告訴您，Constellation 可以輕鬆建立交易，向 PJM 任何地方（有時甚至在 PJM 之外）的數據經濟客戶銷售能源、容量和永續產品。只要我們的交易對手願意，我們就可以進行這些固定價格交易。這對我們來說非常獨特。

The governors in the states where we operate clean energy centers certainly understand the national security imperative and the value of economic development in their states. They want us to use the clean energy in their states, and we want that too, but we will follow the customers to all utilities and regions that are working with us to advance economic development and meet the vital national security needs of the nation. So as we look forward to the inevitable regulatory certainty and flexibility on co-location that Chairman Philips emphasized in his dissent, Constellation is continuing to hit on all cylinders on colocation opportunities, grid sales and in delivering new megawatts to the grid at attractive prices. We are proud that no one, no one is doing more to sustain an increased clean and reliable energy for America than Constellation.

我們經營清潔能源中心的各州的州長當然了解國家安全的必要性和本州經濟發展的價值。他們希望我們在他們的州使用清潔能源，我們也希望如此，但我們將跟隨客戶到與我們合作的所有公用事業公司和地區，以促進經濟發展並滿足國家的重要國家安全需求。因此，正如飛利浦董事長在其反對意見中所強調的那樣，當我們期待不可避免的監管確定性和靈活性時，星座公司將繼續在託管機會、電網銷售以及以有吸引力的價格向電網提供新兆瓦電力方面全力以赴。我們感到自豪的是，沒有人比 Constellation 為美國維持更多清潔可靠的能源所做的更多。

And we continue to lead research on new nuclear energy designs, such as SMRs and for natural gas with sequestration. Our partnership with Rolls-Royce Nuclear is advancing a very promising SMR design, and we are working with other SMR developers as well. Our pioneering investment in NET Power is poised to undergo advanced engineering tests at our facility in La Porte, Texas. And we're partnering with GE on engineering tests and a pre-FEED study for CCUS at Colorado Bend. As I've said to you many times before, natural gas is a big part of our bridging strategy and we continue to be a player in natural gas provided we have a real pathway to sustainability.

我們繼續領導新核能設計的研究，例如小型反應器和封存天然氣。我們與勞斯萊斯核能公司的合作正在推動一個非常有前途的 SMR 設計，我們也正在與其他 SMR 開發商合作。我們對 NET Power 的開創性投資準備在我們位於德克薩斯州拉波特的工廠進行先進的工程測試。我們正在與 GE 合作，在科羅拉多本德進行 CCUS 的工程測試和預 FEED 研究。正如我之前多次對大家說過的那樣，天然氣是我們過渡策略的重要組成部分，只要我們擁有真正的永續發展之路，我們就會繼續成為天然氣領域的參與者。

Because while powering the data economy is vital patient, defending the climate crisis is vital to the world. In conclusion, our people are leading on all fronts. The 13% compounded growth that we've committed to you through the end of the decade is secure and we're very confident that we will outperform this target as we layer in new opportunities, just as you have seen us continuously outperform quarter-to-quarter and year-to-year. Turning to slide 6. Nuclear performance was once again strong.

因為雖然推動數據經濟需要耐心，但應對氣候危機對世界也至關重要。總之，我們的人民在各方面都處於領先地位。我們向您承諾的到本十年末的13% 複合增長是安全的，我們非常有信心，隨著我們不斷增加新的機會，我們將超越這一目標，正如您所看到的，我們每個季度的表現都持續領先-季度和年度。轉到投影片 6。核能性能再次強勁。

We produced more than 41 million-megawatt hours of a reliable, available and carbon-free generation from our nuclear plants with a capacity factor of 95%. Our refueling beverage performance was exceptional during the quarter. We completed two refueling outages during the quarter with each lasting less than 18 days on average. Great job to Brian Hansen, David Rhodes and that team. For the year, our average is under 20 days, tracking two days are almost 10% below our historical averages and well below the industry average of 40 days.

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%。本季我們的加油飲料表現非常出色。本季我們完成了兩次加油中斷，每次平均持續時間不到 18 天。布萊恩漢森 (Brian Hansen)、大衛羅茲 (David Rhodes) 和團隊做得很好。今年，我們的平均天數低於 20 天，追蹤兩天的天數幾乎比歷史平均值低 10%，也遠低於 40 天的行業平均值。

Our renewables and natural gas fleet similarly performed very well with 96% renewable energy capture and 98.2% power dispatch matching. Turning to slide 7. We talk a lot about the advantage of creating value between our best-in-class generation fleet and our exceptional commercial business. Our results this year are further proof of the strategic advantages of the combination of these businesses. This is an area where the numbers, not the words, do most of the talking and you could see from the numbers just how spectacularly the commercial team has performed.

我們的再生能源和天然氣船隊同樣表現出色，再生能源捕獲率為 96%，電力調度匹配率為 98.2%。轉到投影片 7。我們經常談論我們一流的發電機組和卓越的商業業務之間創造價值的優勢。我們今年的業績進一步證明了這些業務合併的策略優勢。在這個領域，最重要的是數字，而不是文字，從數字中你可以看出商業團隊的表現有多麼出色。

We performed so well because our customer business is meeting demand in many ways, including through our CORe+ and CFE products, where we enable new renewable generation to be built and carbon-free electricity to be shared with our customers. Since 2020, our core plus business has grown by leaps and bounds as customers look for products to help them meet their energy and sustainability goals.

我們表現得如此出色，是因為我們的客戶業務以多種方式滿足需求，包括透過我們的 CORe+ 和 CFE 產品，我們能夠建立新的再生能源發電，並與客戶共享無碳電力。自 2020 年以來，隨著客戶尋求產品來幫助他們實現能源和永續發展目標，我們的核心業務實現了突飛猛進的成長。

As I mentioned before, through this product, 2,800 megawatts of wind and solar have been added to the system, helping to meet not only our customers' needs, but the system's needs. We think CORe+ is a great way for customers to move forward on their sustainability efforts and it's a complementary pathway to our elite CFE product that provides 24/7 time and geographically matched clean energy.

正如我之前提到的，透過該產品，系統中增加了 2,800 兆瓦的風能和太陽能，不僅有助於滿足客戶的需求，而且還滿足了系統的需求。我們認為 CORe+ 是客戶推動永續發展努力的好方法，也是我們精英 CFE 產品的補充途徑，可提供 24/7 全天候、地理匹配的清潔能源。

I'm now going to turn the call over to Dan for the financial update. Dan?

我現在要把電話轉給丹，了解最新的財務狀況。擔？

Thank you, Joe, and good morning, everyone. Beginning on slide 8, we earned $3.82 per share in GAAP earnings and $2.74 per share in adjusted operating earnings which was $0.61 higher than last year. Starting with the generation, when we look at the quarter and the year, we've seen actual power prices materialize well below the outlook at the start of the year largely given weather-driven declines in natural gas prices as well as generally good renewables performance. Fortunately, with the nuclear PTC now in place, the means-based tax credit worked like it was supposed to providing the revenue support as anticipated and helping us to meet our expectations. We also benefited from the earnings contribution from our interest in the South Texas project, which we acquired late last year.

謝謝你，喬，大家早安。從幻燈片 8 開始，我們的 GAAP 收益為每股 3.82 美元，調整後的營運收益為每股 2.74 美元，比去年增加了 0.61 美元。從發電量開始，當我們審視季度和年度時，我們發現實際電價遠低於年初的預期，這主要是由於天氣驅動的天然氣價格下跌以及可再生能源表現普遍良好。幸運的是，隨著核 PTC 現已到位，基於手段的稅收抵免發揮了應有的作用，按預期提供了收入支持，並幫助我們滿足了我們的期望。我們也受惠於去年年底收購的南德州專案的權益所帶來的收益貢獻。

Turning to the commercial business. As Joe mentioned, we continue to perform exceptionally well. The team has done an excellent job managing the variability in loads and market prices, reinforcing how it thrives in volatile markets. We're also continuing to see margins above the long-term averages we use in our forecast and above the enhanced margins we disclosed in February. Finally, as we discussed last quarter, our financial results and our stock have continued to perform very well year-to-date, which results in higher employee compensation expense year-over-year.

轉向商業業務。正如喬所提到的，我們繼續表現出色。該團隊在管理負載和市場價格的變化方面做得非常出色，加強了其在波動市場中的蓬勃發展。我們也繼續看到利潤率高於我們在預測中使用的長期平均水平以及我們在 2 月披露的增強利潤率。最後，正如我們上季度討論的那樣，我們的財務業績和股票今年迄今繼續表現良好，這導致員工薪酬費用同比增加。

Altogether, we had a strong third quarter that is contributing to our improved outlook for the year. Before I turn to guidance, given the timing of our announced crane restart and where negotiations were during the quarter following our second quarter earnings call, we were unable to be in the market and unfortunately, did not repurchase any shares during the quarter. We still have approximately $1 billion of share buybacks currently authorized by the Board. As well as $1.8 billion of unallocated capital for the 2024-2025 period, which I should remind is not updated for the increase in 2024 earnings guidance or outlook for 2025. Moving to slide 9.

總而言之，我們第三季的表現強勁，這有助於我們改善今年的前景。在我轉向指導之前，考慮到我們宣布的起重機重啟的時間以及第二季度財報電話會議後的季度進行的談判，我們無法進入市場，不幸的是，我們在本季度沒有回購任何股票。目前董事會仍授權我們進行約 10 億美元的股票回購。我應該提醒的是，2024-2025 年期間的 18 億美元未分配資本並未針對 2024 年獲利指引或 2025 年展望的增加進行更新。轉到投影片 9。

We are raising the midpoint and narrowing full year adjusted operating earnings guidance. The updated midpoint goes from $8 per share to $8.20 with a range of $8.00 to $8.40. The new range is effectively above the top end of our guidance of our original guidance range of $7.23 million to $8.03 per share. The commercial business continues to outperform plan, allowing us to increase our earnings outlook for the year once again. As you can see in the appendix on slide 21.

我們正在提高中點並縮小全年調整後營業利潤指引。更新後的中點從每股 8 美元上漲至 8.20 美元，區間為 8.00 美元至 8.40 美元。新的指導範圍實際上高於我們最初指導範圍每股 723 萬美元至 8.03 美元的上限。商業業務繼續超出計劃，使我們再次提高了今年的獲利前景。正如您在投影片 21 的附錄中看到的那樣。

We increased our enhanced gross margin by $275 million as a result of the commercial team's continued strong performance, created an additional value compared to plan through the optimization of our portfolio. As previously discussed, we are seeing higher O&M due to the strong earnings results and stock comp. On the fourth quarter call, we will roll forward our earnings guidance and other disclosures to include 2026.

由於商業團隊持續強勁的表現，我們的毛利率增加了 2.75 億美元，透過優化我們的投資組合創造了比計劃更高的價值。如同前面所討論的，由於強勁的獲利績效和股票比較，我們看到更高的營運管理費用。在第四季電話會議上，我們將把獲利指引和其他揭露內容延長至 2026 年。

As you think through your modeling and as reflected in the disclosures in this deck, I want to remind you that we'll have more refueling outages in 2026 that in 2025, and these outages will be longer than our average outages because we'll be installing the first of our planned uprates at Byron and Bradewood. As a result, we will produce less electricity and have higher O&M. In addition, we expect the PTC 4 to be flat in 2025. We still forecast at least 13% compound base EPS growth through 2030 and we'll look for ways to further enhance our opportunity from here.

當您思考您的模型並反映在本套牌的披露中時，我想提醒您，2026 年加油中斷將比 2025 年更多，而且這些中斷將比我們的平均中斷時間更長，因為我們將在拜倫和布雷德伍德安裝我們計劃的第一個升級。因此，我們將生產更少的電力並擁有更高的營運和維護。此外，我們預計 PTC 4 到 2025 年將持平。我們仍然預測到 2030 年複合基礎每股收益至少成長 13%，並且我們將尋找方法進一步增強我們的機會。

Thank you, and I'll turn the call back to Joe.

謝謝，我會把電話轉回喬。

Thanks, Dan. Good job as always. Folks Constellation is like no other company. We have a unique set of existing assets that creates opportunities that no one else has. As Dan and I both hit -- we expect to see 13% compounded growth through the end of the decade, uniquely, it's backstopped by the federal government.

謝謝，丹。一如既往的好工作。Folks Constellation 與其他公司不同。我們擁有一套獨特的現有資產，可以創造其他人沒有的機會。正如丹和我所預期的那樣，我們預計到本十年末，複合成長率將達到 13%，獨一無二的是，它得到了聯邦政府的支持。

We're the best operator of nuclear plants in the world, and our plant's performance is only getting better. We have 20% market share in competitive -- with competitive C&I customers. And that's allowed us to have the products and services that now we are uniquely using with the data economy customers. Our strategy from the beginning is to provide America solutions to its energy problems, and we're doing that. We're not done as a company, not far from done.

我們是世界上最好的核電廠營運商，而且我們核電廠的性能只會越來越好。我們在競爭激烈的 C&I 客戶中擁有 20% 的市佔率。這使我們能夠擁有現在專門供數據經濟客戶使用的產品和服務。我們從一開始的策略就是為美國的能源問題提供解決方案，而我們正在這樣做。作為一家公司，我們還沒有完成任務，距離完成任務也不遠了。

Power demand is growing and at the same on reliabilities becoming a premium product. We don't need to look further than the recent capacity auctions and the load growth projections to see that. We see increased demand from the data economy, but also from electrification and from onshoring. And it's going to mean that our resources are more important than ever. We have opportunities in the data economy for front of the meter deals.

電力需求不斷成長，同時可靠性也成為優質產品。我們不需要進一步關注最近的容量拍賣和負載成長預測就可以看到這一點。我們看到數據經濟、電氣化和離岸外包的需求不斷增加。這將意味著我們的資源比以往任何時候都更重要。我們在數據經濟中擁有進行儀表前交易的機會。

We've shown that through clean. We've shown that through our CFE product, and we continue to see opportunities behind the meter in co-location, we've got 2,000 megawatts of new nuclear that we bring to the grid beginning in 2027. So think about that. That's 2,000 megawatts, roughly the equivalent of Vogtle and we think we could get that done all within the next handful of years. We're going to benefit from government procurements from clean energy, and we're going to be able to capture energy and capacity prices above the PTC floor.

我們已經透過 clean 展示了這一點。我們已經證明，透過我們的 CFE 產品，並且我們繼續看到主機託管方面的機會，我們已經擁有 2,000 兆瓦的新核電，我們將從 2027 年開始將其引入電網。所以想一想。那是 2,000 兆瓦，大約相當於 Vogtle，我們認為我們可以在未來幾年內完成這一切。我們將受益於政府對清潔能源的採購，並且我們將能夠獲得高於 PTC 底線的能源和容量價格。

Finally, I'd just like to say something about tomorrow's election and how it could impact us at Constellation. We're proud that nuclear energy has strong and bipartisan support from federal and state policymakers and from the American people. And in fact, the majority of Americans support nuclear. Congress has passed several pieces of prone legislation in recent years, including the Advance, which passed Congress with strong bipartisan support. You'll recall, and we've told you this before that the origins of the production tax credit came from Republicans in the House and the Senate.

最後，我想談談明天的選舉以及它對我們星座公司的影響。我們感到自豪的是，核能得到了聯邦和州政策制定者以及美國人民的強有力的兩黨支持。事實上，大多數美國人支持核能。近年來，國會通過了幾項容易發生的立法，其中包括在兩黨大力支持下通過的《前進法案》。您還記得，我們​​之前已經告訴過您，生產稅收抵免的起源來自眾議院和參議院的共和黨人。

And both Vice President, Harris and former President Trump have been strong supporters of existing and new nuclear during their time and office. Politically, and unfortunately, there are deep divisions in the country. but all Americans want clean and reliable energy, and we're proud to provide what they want. We're proud to provide what our customers and our communities, what no matter who wins tomorrow, who are going to continue to do that. With that, Latif, we'll end our prepared remarks and open it up for questions.

副總統哈里斯和前總統川普在任職期間一直是現有核能和新核能的堅定支持者。不幸的是，在政治上，該國存在著深刻的分歧。但所有美國人都想要清潔可靠的能源，我們很自豪能夠提供他們想要的東西。我們很自豪能為我們的客戶和社區提供什麼，無論誰明天獲勝，誰會繼續這樣做。拉蒂夫，我們就這樣結束準備好的發言並開始提問。

(Operator Instructions) Jeremy Tonet, JPMorgan Securities.

（操作員指示）Jeremy Tonet，摩根大通證券。

Thanks for all the details on the call. Just wanted to come back to postbirthere and thoughts. Just wondering if Constellation were to pursue more front-of-the-meter deals, how do you think that, I guess, impacts value creation and speed to market relative to, I guess, behind the meter solutions here. It seems like there's still an opportunity to get to the same place, but just wondering any other thoughts that you can share?

感謝您在通話中提供的所有詳細資訊。只是想回到產後思考。只是想知道星座是否會尋求更多的儀表前交易，我想，相對於儀表解決方案背後的問題，您認為這會如何影響價值創造和上市速度。似乎仍有機會到達同一個地方，但只是想知道您還有其他想法可以分享嗎？

Yes, Jeremy, our foot is on the accelerator pressed all the way down on deals, whether they're front or behind the meter. And so we're pursuing both. I think we've, as I said, demonstrated through Crane, our ability to use our power stations to support data center development anywhere.

是的，傑里米，我們的腳踩在油門上，一直踩在交易上，無論它們是在計價器前面還是後面。所以我們兩者都追求。正如我所說，我認為我們已經透過 Crane 展示了我們使用發電站支援任何地方資料中心開發的能力。

And so I think that's going to create some real opportunities for partnering with utilities that want to ensure that customers in their region or their utility get first access to clean and reliable power so that they could meet their growth objectives, and we look forward to partnering with them and customers who want to be in those areas. Speed to market is very clearly the most important thing for customers.

因此，我認為這將為與公用事業公司合作創造一些真正的機會，這些公用事業公司希望確保其所在地區的客戶或其公用事業公司首先獲得清潔可靠的電力，以便他們能夠實現其成長目標，我們期待著合作與他們以及想要進入這些領域的客戶一起。對客戶來說，上市速度顯然是最重要的事。

And so that's going to depend on the transmission configuration in different places and certain places are going to be frankly, more attractive to others for the data economy customers, and we're going to follow them where they need to go.

因此，這將取決於不同地方的傳輸配置，坦白說，某些地方對資料經濟客戶來說對其他人更具吸引力，我們將跟隨他們前往他們需要去的地方。

Got it. That makes sense. And then I guess also looking at the state level, you see certain states out there really looking to promote the data economy development in their states. And I think there's some actions coming out of the governors to really promote, I guess, quicker speech market interconnect Q timelines and just wondering any other thoughts that you could share there as far as what could be done on the state level?

知道了。這是有道理的。然後我想在州一級，你會看到某些州確實希望促進本州數據經濟的發展。我認為州長們正在採取一些行動，以真正促進更快的語音市場互連Q時間表，並且只是想知道您可以分享的任何其他想法，就州一級可以做的事情而言？

Yes, that's the irony of it. I have not -- look, I've talked to every governor in states from which we operate clean energy centers. And I could assure you that they all want to get this economy going they understand that it's important for national security, but it's also critically important for economic development in their states.

是的，這就是它的諷刺之處。我沒有——看，我已經與我們經營清潔能源中心的各州的每一位州長進行了交談。我可以向你保證，他們都希望讓經濟繼續發展，他們明白這對國家安全很重要，但對他們州的經濟發展也至關重要。

And moreover, they understand this kind of fundamental point that they are part of an interstate grid. So that if they don't build the power from power plants that might be in their state is going to flow to different places where those data centers are going to be built and those states are going to get the economic benefits, the jobs, the taxes, all the other things that come with it.

此外，他們了解這樣一個基本點：他們是州際電網的一部分。因此，如果他們不從發電廠建立電力，這些電力可能會流向將建造這些資料中心的不同地方，而這些州將獲得經濟利益、就業機會、稅收，以及隨之而來的所有其他事情。

So I see it as a circumstance where they're all leaning into this. And I think we will see more of that lean more aggressively into trying to advance rules at FERC and trying to do things that attract data center development to their jurisdictions. And that's Republicans and Democrats alike. So we're following that closely. We -- as I said, we'll continue to meet with utilities that we have common interest with and want to really advance data economy development work in those states, and we could go anywhere.

所以我認為這是他們都傾向於這個的情況。我認為我們將看到更多的人更積極地嘗試在 FERC 推進規則，並嘗試做一些吸引資料中心開發到其管轄範圍的事情。共和黨和民主黨都是如此。所以我們正在密切關注這一點。正如我所說，我們將繼續與我們有共同利益的公用事業公司會面，並希望真正推進這些州的數據經濟發展工作，我們可以去任何地方。

We've -- we have been selling hundreds of terawatt hours every year to customers across PJM and other RTOs. We know how to do that. We know how to manage the risk. We know what our costs are going to be 10, 20 years from now. We know how to get capacity to all places.

我們每年向 PJM 和其他 RTO 的客戶銷售數百太瓦時的電力。我們知道該怎麼做。我們知道如何管理風險。我們知道 10 年、20 年後我們的成本會是多少。我們知道如何為所有地方提供容量。

And as more transmission is built, we'll be able to move even more capacity in a different place. So we'll follow the customers where they go, that's the entire focus of Jim's team and the work that Kathleen and others are doing right now. And that's what I have said before that the discussion with hyperscalers is only ramping up. It's about this sort of thing. How do they buy the energy capacity that they could deploy wherever they want.

隨著更多傳輸的建立，我們將能夠在不同的地方轉移更多的容量。因此，我們將追蹤客戶，這是吉姆團隊的全部重點，也是凱瑟琳和其他人目前正在做的工作。這就是我之前所說的，與超大規模企業的討論只會越來越激烈。就是關於這樣的事情。他們如何購買可以部署到任何他們想要的地方的能源容量。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

I appreciate sort of the color you're giving around sort of the markets and stuff. But maybe just if you could speak a little more to the transmission capacity within the ComEd and PECO zones around your plants as you see it. I mean, one of your peers has pitched capacity in its primary zone is kind of advantageous in the shift towards more front of the meter deals. And obviously, some of the stock reactions we're seeing this morning is prompting that. So I just want to get a little bit more color there.

我很欣賞你為市場和其他東西所賦予的色彩。但也許您能多談談您所看到的工廠周圍 ComEd 和 PECO 區域內的傳輸容量。我的意思是，您的一位同行已經在其主要區域投入了容量，這對於轉向更多的儀表前交易來說是一種優勢。顯然，我們今天早上看到的一些股票反應正在促使這一點。所以我只想在那裡多一點顏色。

Yes. Look, sure, I think both from a temporal standpoint, a long-term standpoint, we happen to operate in markets that have fairly robust transmission capabilities, right? When you think about the ComEd zone, as an example, it has probably the most robust export capabilities of any zone within PJM. I think numerically, that's accurate. And we're seeing new transmission being built all over the place, that's really expanding that.

是的。當然，我認為無論是從暫時的角度還是從長期的角度來看，我們碰巧在具有相當強大的傳輸能力的市場中運營，對嗎？以 ComEd 區域為例，它可能具有 PJM 內所有區域中最強大的導出功能。我認為從數字上看，這是準確的。我們看到各地都在建造新的傳輸系統，這確實擴大了這個範圍。

So the ability to move energy and capacity in different places is growing really as the plans come into fruition and transmission is built. But there's a lot of lanes right now for us to move our power. So that's what we're exploring.

因此，隨著計劃的實現和輸電線路的建設，在不同地方轉移能源和容量的能力確實在增強。但現在我們有很多途徑可以移動我們的力量。這就是我們正在探索的。

Got it. Okay. Perfect. And then just the pathways to getting some clarity on BTM tariffs. I guess what is the -- what do you see as kind of a realistic timeline?

知道了。好的。完美的。然後是明確 BTM 關稅的途徑。我想您認為現實的時間表是什麼？

I had a conference on Friday. It could be a new chair next year with the election tomorrow. I guess what is the fastest this could get resolved at this point? Do you wait for an NOPR? Can you or PJM do something to expedite? I mean there's a lot of options that are being thrown around, but nothing seems to be a quick fix besides shifting to sort of in front of the meter.

星期五我開了一個會議。明年可能會出現一位新主席，明天就會舉行選舉。我想目前這個問題最快能解決嗎？您等待 NOPR 嗎？您或 PJM 可以採取一些措施來加快速度嗎？我的意思是，有很多選擇，但除了轉移到儀表前面之外，似乎沒有什麼可以快速解決。

Yes. Look, I probably would agree with you that there's not a quick fix. But by that, I mean, it's not going to happen tomorrow, but there are a lot of parties interested in moving this forward. people are reacting to the tech conference. I think the bigger development wasn't the ISA, which was a narrow thing.

是的。聽著，我可能會同意你的觀點，沒有快速解決方法。但我的意思是，這不會發生在明天，但有很多方面有興趣推動這項進程。人們對科技會議做出了反應。我認為更大的發展不是 ISA，它是一個狹窄的東西。

But how do we deal with the comments that came out of the tech conference and craft something globally that addresses those comments. I touched a little bit on that in terms of the principles that we think would be framework for a bigger deal. How that happens I don't think we're literally, what, 72 hours away from the tech conference and still putting that together or meeting with counterparties and we'll figure out how to move forward. I don't know if FERC at this point is going to take the lead, PJM will or other parties as well, it's just too early in the game for us to say that. But look, I think there's a strong appetite.

但我們如何處理技術會議上提出的評論，並在全球範圍內制定一些解決這些評論的方案。我就我們認為將成為更大協議框架的原則談了一些。這是如何發生的，我不認為我們距離技術會議還有 72 小時，仍然在整理會議內容或與交易對手會面，然後我們將弄清楚如何繼續前進。我不知道此時 FERC 是否會帶頭，PJM 或其他各方也會帶頭，我們現在說這個還為時過早。但你看，我覺得胃口很大。

I don't care who's in the White House. AI is going to be a growing importance. I fundamentally believe this are -- this is the issue of our time. It transcends the energy business. This is the issue that will define America's success in this century, whether we lead or fall behind is going to be of critical importance.

我不在乎誰入主白宮。人工智慧將變得越來越重要。我從根本上相信這是我們這個時代的問題。它超越了能源業務。這是決定美國在本世紀成功與否的問題，無論我們領先或落後都將至關重要。

That may not be universally known to others, clearly, Chairman, Phillips, understood that with great clarity the other day in his comments. But not everybody does right now. in November of 2024. A handful of next year. I think that whole picture will change and the energy around this issue is going to intensify and FERC and others will have to clear up these rules quickly.

顯然，其他人可能並不普遍知道這一點，主席菲利普斯在前幾天的評論中非常清楚地理解了這一點。但現在並不是每個人都會這樣做。 2024 年 11 月。明年還有一把。我認為整個情況將會改變，圍繞這個問題的爭論將會加劇，聯邦能源監管委員會和其他機構將必須迅速澄清這些規則。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

I guess I'd like to -- Joe, you talked about some kind of colocation broad thematics that including the first one being that nuclear would be switched to the grid emergencies and be fairly compensated. Could you just talk more to that because that -- it seems like a little different than at least the things that we've seen so far structurally. So I'd like to give more color on how that would work? And then tied in with that, the DR aspect with the data center since that's been kind of a challenge since they run all the time. If you could talk to those two issues be helpful.

我想我想——喬，你談到了某種託管廣泛的主題，其中包括第一個主題是核電將切換到電網緊急情況並得到公平的補償。你能多談談嗎，因為它看起來至少與我們迄今為止在結構上看到的東西有點不同。所以我想更詳細地說明它是如何運作的？然後與資料中心的災難復原方面聯繫在一起，因為這一直是一個挑戰，因為它們一直在運作。如果你能談談這兩個問題會有幫助。

Yes, sure, Steve. Let me do it kind of backwards. I think we've seen historically, we have lots of megawatts show up of demand response when the price signals within PJM are consistent and sufficiently robust for commercial industrial customers like ours to pull back energy consumption during peak out and the challenge, frankly, for that DR market isn't that the thesis doesn't work, it's that prices dropped so precipitously in capacity markets that it no longer made sense for businesses to participate to be willing to disrupt their business.

是的，當然，史蒂夫。讓我倒退一下。我認為我們從歷史上看到，當PJM 內的價格訊號一致且足夠強大時，我們會出現大量兆瓦的需求響應，讓像我們這樣的商業工業客戶能夠在高峰期減少能源消耗，坦白說，災難復原市場並不是說這個論點不起作用，而是容量市場的價格急劇下跌，以至於企業參與並願意擾亂他們的業務不再有意義。

But at the price levels we saw in the last auction to the extent that prices in that vicinity are sustained, I see a reemergence of DR as an immediate resource that's going to address some of these hours of peak demand. That's what I was talking about. And I think we're in a good spot because we have those customers, those clients that could respond.

但就我們在上次拍賣中看到的價格水平而言，只要附近的價格能夠維持下去，我認為 DR 會重新出現，作為一種直接資源，將解決某些高峰需求時段的問題。這就是我所說的。我認為我們處於有利位置，因為我們擁有那些可以回應的客戶。

And so I happen to know from our commercial team that we believe that those folks will respond if the price signal is right. So that's kind of the answer to that. But we've got to get this capacity market up and running. We can't be doing hand wringing about capacity and then at the same time, keep tweaking and delaying auctions that set the price signals to the market so that market responds.

因此，我碰巧從我們的商業團隊得知，我們相信，如果價格訊號正確，這些人就會做出反應。這就是這個問題的答案。但我們必須讓這個容量市場啟動並運作。我們無法在對容量感到苦惱的同時，不斷調整和推遲向市場設定價格訊號的拍賣，以便市場做出反應。

We know historically the market always responds. So that's point one, point two, what I'm talking about in terms of the nuclear units returning is -- and I think we're seeing some of this in ERCOT at some level, right, of advanced warning when the grid reaches some level and it's kind of multi-step hierarchy of a grid crisis, the nuclear unit will shut down the co-located load and cut back to the grid.

我們知道，從歷史上看，市場總是會做出反應。所以這是第一點，第二點，我所說的核機組返回是——我認為我們在 ERCOT 中看到了一些這樣的情況，對吧，當電網達到某個水平時，會發出提前警告。級別，這是電網危機的多步驟層次結構，核機組將關閉並置負載並切回電網。

And so we can get some legs under that exactly when it will happen. But that's something we're absolutely willing to do and our customers understand we will do. So this kind of notion that we're taking the energy off the grid, and it never comes back or some kind of unrealistic fantasy that the grid is down, data center is up surrounding the nuclear plant is just -- it's a poor narrative.

因此，當它發生時，我們可以採取一些措施。但這是我們絕對願意做的事情，我們的客戶也明白我們會這麼做。因此，我們正在從電網中獲取能源，並且它永遠不會回來，或者某種不切實際的幻想，即電網已關閉，數據中心在核電站周圍建立起來，這種想法只是- 這是一個糟糕的敘述。

It's not -- doesn't accurately reflect what will happen. We will always go back to the grid as promising. In terms of being compensated, we have offered solutions that allow us to continue to participate in the capacity market and return to the grid in all configurations when needed.

它沒有——沒有準確地反映將會發生的事情。我們將一如既往地回到電網。在補償方面，我們提供了解決方案，使我們能夠繼續參與容量市場，並在需要時以所有配置返回電網。

Now unfortunately, in the past, as an isolated issue that didn't make its way through the PJM committee process. But my point in my opening comments is we've got to bring all of this back together in response to what we heard at the tech conference and provide a credible and viable pathway for the NUCs to come back when needed, but also to serve the co-located load that is vital for this AI fell.

不幸的是，在過去，作為一個孤立的問題，沒有通過 PJM 委員會的程序。但我在開場白中的觀點是，我們必須將所有這些重新整合起來，以響應我們在技術會議上聽到的內容，並為 NUC 在需要時回來提供可靠且可行的途徑，同時也為對於這次AI 下降至關重要的共置負載。

One other, I guess, follow-up question. Just in the event that you wanted to shift to co-located structures that are more, I guess, front of the meter -- could you give us a sense of just the timeline that delay that, that would cause in your kind of key regions relative to being able to do it behind the meter.

我想，還有一個後續問題。如果您想轉移到更靠近儀表的共置結構，您能否讓我們了解延遲的時間線，這將導致您所在的關鍵區域相對於能夠在儀表後面做到這一點。

Yes. Look, I don't know, Steve. It will probably require some more study process, but I think we've got -- it's going to depend on what the transmission is around the site, how long that study process will be. I think it is a bit of a longer solution, but I think it could be staged cooperatively in a manner that really doesn't cost that much time. We have some ideas about how we will do that in accordance with the existing tariffs that allow us to get to the end state fairly quickly. We're probably going to be a little careful here on an earnings call spelling out exactly how that will work.

是的。聽著，我不知道，史蒂夫。它可能需要更多的研究過程，但我認為我們已經完成了——這將取決於站點周圍的傳輸情況以及研究過程需要多長時間。我認為這是一個有點長的解決方案，但我認為它可以以一種真正不需要花費太多時間的方式合作進行。我們對如何根據現有關稅做到這一點有一些想法，使我們能夠相當快地達到最終狀態。在財報電話會議上，我們可能會小心一點，詳細說明這將如何運作。

Paul Zimbardo, Jeffries.

保羅‧津巴多，傑弗里斯。

It's Julien. I appreciate it. Just wanted to follow up a little bit on the sort of the cadence of the last two questions and asking, how do you think about -- confidence is probably pretty key here right now. How do you think about being able to come to market with whatever it is, whether it's a behind-the-meter type arrangement or some sort of portfolio in front of the meter type deal., How do you think about Friday representing any kind of setback in timeline on your front? Or do you think that you're still front foot here in terms of being able to bring something to market sooner than later?

是朱利安。我很感激。只是想跟進最後兩個問題的節奏，並問你如何看待——信心現在可能非常關鍵。您如何看待能夠以任何形式進入市場，無論是幕後類型的安排還是表前類型交易的某種投資組合。或者您認為您在能夠儘早將產品推向市場方面仍然處於領先地位嗎？

Look, I think Friday is just what I said. I think it's a narrow ruling by three commissioners. I'm not even sure that's the ruling we would have seen if the two commissioners didn't recuse themselves. So -- it's going to be dependent on how fast we always anticipated after the tech conference, there would be a process to deal with issues that came up. So that has been in our thinking from a strategic standpoint and in the thinking of our customers.

聽著，我想星期五就是我說的。我認為這是三位委員的狹隘裁決。我甚至不確定如果兩位委員沒有迴避的話我們會看到這樣的裁決。因此，這將取決於我們在技術會議之後一直預期的速度，會有一個處理出現的問題的流程。這一直是我們從策略角度和客戶的角度思考的。

And I just don't over-rotate on what happened on Friday and the ISA because I don't think that really brought the issues together in the most favorable way. So my point is, from our internal planning, it's kind of the same thing. In terms of front-end the meter deals, we're doing that already. We've done it with dozens and dozens of customers already in PJM and you'll see those numbers in our disclosures. So -- and as well as the operates and other opportunities.

我只是不會過多地談論週五發生的事情和 ISA，因為我認為這並沒有真正以最有利的方式將這些問題結合在一起。所以我的觀點是，從我們的內部規劃來看，這是同一件事。在前端儀表交易方面，我們已經在這樣做了。我們已經與 PJM 的數十家客戶做到了這一點，您將在我們的披露中看到這些數字。所以——以及營運和其他機會。

Those things are moving along at pace and if anything, have intensive after the Microsoft deal with Crane, the appetite and desire to talk to us about the uprates has gone up pretty considerably So we're moving at pace on all of those things. And I think they're all going to be additive to the 13%. We just got to get the deals done and incorporate them into our numbers, and you'll see it.

這些事情正在快速進展，如果有的話，在微軟與 Crane 達成交易後，與我們討論價格上漲的興趣和願望已經大大增加，所以我們在所有這些事情上都在快速進展。我認為它們都會成為 13% 的附加價值。我們只需完成交易並將其納入我們的數據中，您就會看到。

Yes. I appreciate all this takes some time, right. I mean obviously, TMI a lot of planning. How do you think about the upgrade structures here? I mean, obviously, there's incremental megawatts potential here.

是的。我很感激這一切需要一些時間，對吧。我的意思顯然是，TMI 有很多計劃。您如何看待這裡的升級結構？我的意思是，顯然，這裡有增量兆瓦的潛力。

But as you think about contracting here, would you think of that as being kind of an opportunity to recontract entire plants? Or would you think about this being more discrete to the additionality provided by the specific megawatt upgrades? What you think about the structure of that timing?

但當您考慮在這裡承包時，您是否認為這是重新承包整個工廠的機會？或者您認為這與特定兆瓦升級提供的額外性更加離散？您對那個時間的結構有何看法？

All of the above. But guys, I think we're seeing such interest in the operates that we want to package it with other opportunities, okay? I think I have fewer operates than I have customers to sell them to. So there's a scarcity of that product. And so that tells us we should pair it with other things that we care about.

上述所有的。但是夥計們，我認為我們看到了人們對這項業務的興趣，我們希望將其與其他機會結合起來，好嗎？我認為我的業務數量少於可供銷售的客戶數量。所以該產品很稀缺。這告訴我們應該將它與我們關心的其他事情配對。

Relicensing are another thing, that hyperscalers want to be a part of and support, right? So that makes a good pairing. So I think about the upgrades as a scarce opportunity that we have at Constellation and an opportunity we want to share with customers that are interested in a broader or strategic relationship and perhaps just the upgrades.

重新授權是另一件事，超大規模企業希望參與並支持，對嗎？所以這是一個很好的配對。因此，我認為升級是我們在 Constellation 擁有的稀有機會，也是我們希望與對更廣泛或策略關係感興趣的客戶分享的機會，也許只是升級。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Wondering what's the perspective that you're hearing from the hyperscalers? What's the urgency level? Are they worried about regulatory issues in PJM? Are they sticking with PJM and still looking for behind-the-meter approach? Any changes in their thinking?

想知道您從超大規模提供者那裡聽到的觀點是什麼？緊急程度是多少？他們是否擔心 PJM 的監管問題？他們是否堅持使用 PJM 並仍在尋找幕後方法？他們的想法有什麼改變嗎？

David, where are they going to go? Right. It's not like it's a lot better anywhere else than PJM. I think the reality everyone is facing is simply this. This power issue has become unlocking the whole deal.

大衛，他們要去哪裡？正確的。其他地方並不比 PJM 好多少。我想大家面臨的現實無非就是這樣。這個權力問題已經成為解決整個問題的關鍵。

They're investing billions and as you can see from their disclosures, they're not slowing the pace of their investment. But what they're seeing is that there's no Nervana out there. There's no place where you could easily hook up the amount of energy that they're looking to hook up. So no, I don't I don't see them as saying, "Oh, no, PJM is not the place to go. I think competitive markets and PJM very much remain on their list of priority sites.

他們正在投資數十億美元，從他們的披露中可以看出，他們並沒有放慢投資的步伐。但他們看到的是，那裡不存在 Nervana。沒有任何地方可以輕鬆地獲得他們想要獲得的能量。所以不，我不認為他們會說：「哦，不，PJM 不是一個該去的地方。我認為競爭性市場和 PJM 仍然在他們的優先站點列表中。

But the truth of all of this, and I think Philip's added exactly right, is this is going to require a degree of regulatory flexibility and creativeness that's going to stretch everybody. And that's no true, by the way, in vertically integrated markets than it is here. And you see that time and again. What won't -- I'll tell you what won't be the solution and I know this with absolute certainty. They're not going to wait around for 10 years until somebody builds a power plant transmission lines to power the data economy.

但這一切的真相是，我認為菲利普的補充完全正確，這將需要一定程度的監管靈活性和創造力，這將讓每個人都發揮作用。順便說一句，在垂直整合的市場中，情況並非如此。你會一次又一次地看到這種情況。什麼不會——我會告訴你什麼不會是解決方案，我絕對確定這一點。他們不會等待 10 年，直到有人建造發電廠傳輸線來為數據經濟提供動力。

If that's the US plan, then we've got bigger problems than picking the right RTO.

如果這是美國的計劃，那麼我們將面臨比選擇正確的 RTO 更大的問題。

Yes. Got you. I appreciate that. That makes a lot of sense. And then maybe thinking about the PJM market broadly to appreciate your comments before, and we're still waiting for this kind of supply response, but there's some stakeholders that may not be as patient here.

是的。明白你了。我很欣賞這一點。這很有意義。然後也許廣泛地考慮 PJM 市場，以欣賞您先前的評論，我們仍在等待這種供應回應，但有些利害關係人可能沒有那麼耐心。

You mentioned demand response, but, what are you thinking there about potential major market changes or like subsidized new generation or reregulation just some of these broader approaches that have started to pick up in PGM discussions.

您提到了需求響應，但是，您對潛在的重大市場變化有何看法，或者像補貼新一代或重新監管這些更廣泛的方法中的一些，這些方法已經開始在 PGM 討論中出現。

Yes, I'd give you the same answer I gave you last quarter. I don't think that's realistic. I don't think it's lost on governors or stakeholders that we've had one option and we've now delayed the second option. We don't have final rules. We have a reference unit that was creating really this enormous variability in pricing against very few megawatts.

是的，我會給你上個季度給你的相同答案。我認為這不現實。我認為州長或利益相關者不會忽視我們曾經有一個選擇而現在推遲了第二個選擇。我們沒有最終規則。我們有一個參考單位，它確實在價格上與很少兆瓦的情況下產生了巨大的變化。

That was the wrong decision. PJM is going to revisit that decision. They're going to do what they're going to do with the RMR units. And what I think the combination of those things is going to create is a more realistic pattern of pricing that's going to incentivize demand response and incentivize competitive supply options. So look, I know people talk about these things.

那是錯誤的決定。PJM 將重新考慮該決定。他們將用 RMR 裝置做他們要做的事情。我認為這些因素的結合將創造出一種更現實的定價模式，這將激勵需求響應並激勵有競爭力的供應選擇。所以看，我知道人們談論這些事情。

They've been talking about these things for 20 years and they haven't made any significant progress on these fronts. But it's not the first time we've seen high prices result in utilities saying, "Oh, we want to build -- we welcome them into the water anytime they want to create emerging part of their business and invest in power plant generation. But we got to kind of let this market work, and I think folks will want the market work.

他們已經談論這些事情20年了，但在這些方面還沒有任何重大進展。但這不是我們第一次看到高價格導致公用事業公司說：「哦，我們想要建造——我們隨時歡迎他們加入，他們想要創建新興業務並投資發電廠發電。但我們必須讓這個市場發揮作用，我認為人們會希望市場發揮作用。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

So a lot of questions have been answered. But I think a couple of quarters ago or I think it was even in the second quarter, you talked about grid charges. This is more in the face of the protest that was filed, and you argue these were in kind of like the low single digits on a dollar per megawatt hour basis.

所以很多問題都得到了解答。但我認為幾個季度前，或者我認為甚至在第二季度，您談到了電網收費。這比較是面對提出的抗議，你認為這些價格有點像每兆瓦時一美元的低個位數。

But just -- if we are shifting towards front of the meter, I'm also kind of acknowledging that every T&D operator has increased their visibility to the gigawatts that they're seeing on the grid, their queues are becoming more valuable and just -- do you see that impacting the overall front-of-the-meter charge? And how do we kind of think about how that impacts the economics and the return hurdles you're targeting? If you could just update us on what you think those front of the meter charges actually are now.

但是，如果我們轉向儀表前面，我也承認每個 T&D 運營商都提高了他們在電網上看到的千兆瓦的可見性，他們的隊列變得更有價值，而且 - - 您認為這會影響總計表收費嗎？我們如何看待這如何影響您所瞄準的經濟和回報障礙？您能否向我們通報您認為目前計價表收費的實際情況？

Yes. Nick, I haven't changed my view on what they should be. I think if they're charged for when they use the grid, I think the ranges I gave you before are still the same ranges. So that's -- there's nothing really that has changed that. Look, I think what's kind of misunderstood here is the -- as long as the interconnection is done efficiently, the more people you have using the transmission system, the more that cost will be broadly shared and that will be a mitigate.

是的。尼克，我對它們應該是什麼的看法沒有改變。我想如果他們在使用電網時收費的話，我想我之前給你的範圍仍然是相同的範圍。所以，沒有什麼能真正改變這一點。聽著，我認為這裡有一種誤解——只要有效地完成互連，使用傳輸系統的人越多，成本將被廣泛分攤，這將是一種緩解。

And that means that you have to -- that means you have to get the connection right to begin with. You can't spend a boatload of dough, locating some of these projects in places that are completely unreasonable and then trying to socialize all of those costs. That may be good for the utility, but it's not good for customers. But if you locate these things very near the data centers, who are very near the power sources on a co-located basis, you shouldn't see huge interconnection costs. And as a result, we're not going to see much higher prices than what I shared with you previously.

這意味著你必須——這意味著你必須從一開始就建立正確的連結。你不能花一大筆錢，將其中一些項目放在完全不合理的地方，然後試圖將所有這些成本社會化。這可能對公用事業有利，但對客戶不利。但是，如果您將這些設備放置在資料中心附近，而資料中心又非常靠近電源，那麼您應該不會看到巨大的互連成本。因此，我們不會看到比我之前與您分享的價格高得多的價格。

But I think I laid this out in what you're referencing that this is not a dollars issue. This is a speed issue. And if you listen very carefully to the tech conference the other day, that's what the data economy customers are saying. We're not saying they're not willing to pay their fair share. What they don't want to get this stock in as being mired in years of study processes.

但我想我在你提到的內容中已經闡述了這一點，這不是美元問題。這是一個速度問題。如果你仔細聽了前幾天的技術會議，你會發現數據經濟客戶是這麼說的。我們並不是說他們不願意支付應得的份額。他們不想讓這隻股票陷入多年研究過程的泥淖。

And I think some utilities are going to be able to distinguish themselves and get these things done faster than others.

我認為一些公用事業公司將能夠脫穎而出，並比其他公用事業公司更快完成這些事情。

I appreciate those thoughts. And then just one follow-up on the capital allocation. Do you see yourself leaning on the buyback more this year now that we've moved past this crane announcement? And then just set the table on what you're expecting to bring in the fourth quarter. Are you going to wrap in the earnings guidance to that $1.8 billion figure? And should we have kind of a wider update in the fourth quarter?

我很欣賞這些想法。然後是資本配置的一項後續行動。既然我們已經過了起重機公告，您認為今年自己會更傾向回購嗎？然後設定你期望在第四季帶來什麼。您是否會將獲利指引納入 18 億美元的數字？我們是否應該在第四季度進行更廣泛的更新？

Yes, Nick. So just to give kind of our cadence now, right, as we provide a pretty comprehensive update on our financials on the fourth quarter earnings call we'll roll forward, right, give formal '25 guidance, we'll give you the same significant inputs for '26 as we have for '25 today to give you some visibility into that multiyear view we'll refresh the kind of the extended version of those numbers in the appendix right, so we kind of go out to 28 NAV.

是的，尼克。因此，現在就給出我們的節奏，對吧，當我們在第四季度財報電話會議上提供有關我們的財務狀況的相當全面的更新時，我們將向前滾動，對吧，給出正式的25年指導，我們將為您提供同樣重要的指導'26 的輸入與我們今天對'25 的輸入一樣，為了讓您對多年視圖有一些了解，我們將在附錄右側刷新這些數字的擴展版本，因此我們會採用28 資產淨值。

So we'll probably add another year there, so you'll see even further horizon and keep supporting getting back to the growth rate we talk about out to 2030. On the two-year cash available slide, yes, we'll update that for where we are closing out the year on cash and then our outlook for '25 and '26 will all go into that math. So you'll see a full new update on all those numbers and reflective of all of our CapEx plans and any growth opportunities that we haven't talked about with you guys at this point in time.

因此，我們可能會再增加一年，這樣您就會看到更遠的前景，並繼續支持回到我們談論的 2030 年增長率。在兩年可用現金幻燈片上，是的，我們將更新我們今年結束現金的情況，然後我們對「25」和「26」的展望都將納入該數學計算。因此，您將看到所有這些數字的全新更新，並反映了我們所有的資本支出計劃以及我們目前尚未與您討論的任何成長機會。

On the buyback, we like you as long as we are not burdened by any material non-public information, we'll look to be in the market. We were bumped weren't able to do it last quarter when the stock was lower and certainly, we see opportunities. So as we relied to, we'll be there.

在回購方面，只要我們不受到任何重大非公開資訊的負擔，我們就會看好您，我們就會考慮進入市場。上個季度，當股價較低時，我們無法做到這一點，當然，我們看到了機會。正如我們所信賴的那樣，我們會在那裡。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

I just had one question. Joe, I appreciate all the color. On the FERC decision, you shared -- you mentioned the decision being narrow. When we read through the order, there's clearly a willingness from one of the commissioners to get it right. They talk about not setting a precedent. Just do you expect FERC to start a process or some sort of a docket following the technical session on Friday? Or does something has to be initiated by you or your peers IPPs.

我只有一個問題。喬，我欣賞所有的顏色。關於 FERC 的決定，您也提到了這個決定的範圍很窄。當我們通讀該命令時，一位委員顯然願意糾正它。他們談論不開創先例。您是否希望 FERC 在周五的技術會議之後啟動一個流程或某種記錄？或者某些事情必須由您或您的同儕 IPP 發起。

Yes. Look, I think that's one of the things we still don't know, right? Because there's not clarity on where FERC goes, but we could drive the agenda here. if we're unsatisfied with progress, and we know that. And so -- but we're not going to do that by ourselves.

是的。聽著，我認為這是我們仍然不知道的事情之一，對吧？因為目前尚不清楚 FERC 的去向，但我們可以推動這裡的議程。如果我們對進展不滿意，我們知道這一點。所以——但我們不會自己做這件事。

We'll do that with others better of a similar mind, and we'll get that proceeding going. But want to see where PJM is going to be. We want to see where FERC is going to be -- it was -- it's one where without hearing really from these other two commissioners who recuse themselves on it. It's kind of hard to gauge based on the opinion because we obviously didn't see their words. So we got a little bit of work to do to understand it, and we're going to be doing that this week and formulating the plan over the next couple of weeks.

我們將與志同道合的其他人一起這樣做，我們將使這一進程繼續下去。但想看看 PJM 會在哪裡。我們想看看 FERC 將會走向何方——它曾經是——在沒有真正聽到另外兩位迴避此事的委員的消息的情況下。很難根據意見來衡量，因為我們顯然沒有看到他們的話。因此，我們需要做一些工作來理解它，我們將在本週進行這項工作，並在接下來的幾週內製定計劃。

Thank you. I would now like to turn the conference back to Joe Dominguez for closing remarks. Sir?

謝謝。現在我想請喬·多明計斯 (Joe Dominguez) 致閉幕詞。先生？

Well, listen, I appreciate all of the good questions today and the discussion we're charging forward on all fronts, as I said. We think we have a pretty unique value proposition here with a 13% compounded growth and many, many opportunities not yet realized and we're quite excited for the future. So thanks again for your interest. And with that, I'll conclude the call.

好吧，聽著，正如我所說，我感謝今天提出的所有好問題以及我們在各個方面推進的討論。我們認為我們在這裡有一個非常獨特的價值主張，複合成長率為 13%，還有很多很多機會尚未實現，我們對未來感到非常興奮。再次感謝您的關注。至此，我將結束通話。

This concludes today's conference call. Thank you for participating. You may now disconnect. Have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝你有美好的一天。