Constellation Energy Corp (CEG) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Constellation Energy Corporation First Quarter Earnings Call. (Operator Instructions) as a reminder, this call may be recorded.

女士們、先生們，早安！歡迎參加星座能源公司第一季財報電話會議。 （接線生指示）溫馨提示：本次通話可能會被錄音。

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

現在，我想介紹今天電話會議的主持人，投資者關係和策略計劃高級副總裁艾米麗鄧肯 (Emily Duncan)。你可以開始了。

Thank you, [Tuwanda] Good morning, everyone, and thank you for joining Constellation Energy Corporation's first 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，[Tuwanda] 大家早安，謝謝你們參加 Constellation Energy Corporation 第一季財報電話會議。今天主持電話會議的是 Constellation 總裁兼執行長 Joe Dominguez 和 Constellation 財務長 Dan Eggers。

They are joined by other members of Constellation's 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進來，在我們準備好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'll discuss during today's call contain forward-looking statements and estimates regarding Constellation and its subsidiaries, that are subject to various risks and uncertainties.

我們將在今天的電話會議上討論的收益報告和其他事項包含有關 Constellation 及其子公司的前瞻性陳述和估計，這些陳述和估計受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 risk factors and other circumstances and considerations that may cause results to differ from management's projections, forecasts, and expectations.

根據今天的資料中討論的因素和假設以及本次電話會議中的評論，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，以了解有關可能導致結果與管理層的預測、預報和期望不同的風險因素和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. I'll now turn the call over to Joe Dominguez.

今天的演示還包括調整後的營業收入和其他非公認會計準則指標的參考。請參閱我們的簡報附錄和收益報告中包含的信息，以了解非 GAAP 指標與最接近的 GAAP 指標之間的對帳。現在我將把電話轉給喬·多明格斯。

Thanks, Emily. First of all, let me thank [Tuwanda] for getting it started. In our three short years, we have had a couple of occasions, where the bridge call failed. So, Tuwanda stands your toes. Hopefully, we will need you.

謝謝，艾米麗。首先，我要感謝[Tuwanda]啟動了這個計畫。在短短三年的時間裡，我們曾經遇到過幾次橋樑呼叫失敗的情況。所以，Tuwanda 站住腳趾。希望我們會需要你。

Good morning, everyone. Let me first thank the incredible team here at Constellation for getting us off to a strong operational and financial start. We are exactly where we want to be through the first quarter, and we will meet our commitments this year. We delivered GAAP earnings of $0.38 per share, and adjusted operating earnings of $2.14 per share. As usual, Dan will walk you through the details in his section.

大家早安。首先，我要感謝 Constellation 優秀的團隊，他們幫助我們在營運和財務方面取得了良好的開端。我們在第一季就達到了預期目標，今年也將履行承諾。我們的 GAAP 收益為每股 0.38 美元，調整後營業收益為每股 2.14 美元。像往常一樣，丹將在他的部分向您介紹詳細信息。

I want to spend some time providing some higher-level thoughts on what we're seeing in the market and what it means for Constellation's data economy strategy. The short story here is that we're seeing a very, very favorable environment.

我想花一些時間就我們在市場上看到的情況以及這對 Constellation 的數據經濟策略意味著什麼提供一些更高層次的想法。簡而言之，我們看到了一個非常非常有利的環境。

The business updates from the big tech companies, where they've essentially doubled down on their capital and growth strategies, reinforces Constellation's overall strategic plan, the importance of America's nuclear energy to meet the coming demand, and the strong logic of the Calpine Acquisition.

大型科技公司的業務更新實質上加倍了資本和成長策略，強化了 Constellation 的整體策略計畫、美國核能對於滿足未來需求的重要性以及 Calpine 收購的強大邏輯。

While we think there are some out there, who have overstated the amount of new demand for their own reasons, we're confident that the demand can be met, and that the markets will respond with demand response and new generation as needed. But importantly, even a more rational view of new demand will give us ample opportunity to support both in front of and behind-the-meter data center development at significant scale.

雖然我們認為有些人出於自身原因誇大了新需求的數量，但我們相信需求是可以滿足的，並且市場將根據需要透過需求回應和新一代做出反應。但重要的是，即使對新需求有更理性的看法，我們也能獲得充足的機會來支援大規模的電網側和電網後資料中心的開發。

And as we look at both the cost of new entry as well as the amount of time it takes to bring new power generation on, we believe that the options for clean and reliable energy from our assets will be a compelling and durable strategic advantage for decades. This opportunity, in turn, will allow us to make needed investments in clean and reliable nuclear energy, so that we can re-license and keep running these one-of-a-kind assets through 2060 and beyond for America.

當我們考慮新進入的成本以及產生新發電所需的時間時，我們相信，從我們的資產中獲得清潔可靠的能源選擇將成為未來幾十年引人注目且持久的戰略優勢。反過來，這個機會將使我們能夠對清潔可靠的核能進行必要的投資，以便我們能夠為美國重新授權並繼續運行這些獨一無二的資產，直到2060年及以後。

Now, in summary, here's what we're seeing in the marketplace. First, the business updates from the tech companies are telling us that Americans are putting AI technology to work in their businesses and in their lives. AI technology makes businesses stronger and helps them offer better products and services.

現在，總結一下，這就是我們在市場上看到的情況。首先，科技公司的業務更新告訴我們，美國人正在將人工智慧技術應用到他們的商業和生活中。人工智慧技術使企業更加強大，並幫助他們提供更好的產品和服務。

We're seeing that right here at Constellation. For families, it helps them manage their daily lives and educate their children. We see our data economy customers maintaining and often expanding their needs to build new data centers to provide these products and services to customers. Now, it's our job as an energy industry to provide the necessary power, and that is precisely what Constellation will make happen.

我們在 Constellation 就看到了這一點。對於家庭來說，它可以幫助他們管理日常生活和教育孩子。我們看到我們的數據經濟客戶維持並經常擴大他們的需求，以建立新的數據中心來向客戶提供這些產品和服務。現在，身為能源產業，我們的職責就是提供必要的電力，而這正是 Constellation 將要實現的目標。

In fact, we're making tremendous progress today toward reaching agreements with our customers, which I'll describe a little bit more in a moment. The second dynamic we're seeing is that it's clear that the cost of new entry, whether that be for combined cycle machines or solar with storage, has gone up substantially, as has the time to build and cite these assets.

事實上，我們在與客戶達成協議方面今天取得了巨大進展，稍後我將對此進行更詳細的描述。我們看到的第二個動態是，很明顯，新進入的成本（無論是聯合循環機器還是帶有儲存的太陽能）都已大幅上升，建造和引用這些資產的時間也已增加。

Now, at the end of the day, in a tightening market, we compete with the cost of new entry as market and new entry prices converge. And, we believe our offerings for clean and reliable generation are far more attractive from a time and pricing standpoint than any competing option, whether that's used to support on-grid data center development or behind-the-meter development.

現在，最終，在一個緊縮的市場中，隨著市場和新進入者的價格趨於一致，我們與新進入者的成本競爭。而且，我們相信，從時間和價格的角度來看，我們提供的清潔可靠的發電產品比任何競爭選項都更具吸引力，無論是用於支援併網資料中心開發還是電錶後開發。

Locating AI facilities proximate to large, clean, and reliable power plants continues to make all the sense in the world. But critically, we do not need to have load co-located or behind-the-meter for us to achieve compelling pricing. To be perfectly candid, we weren't sure about that at the beginning of this strategic effort.

將人工智慧設施設在大型、清潔、可靠的發電廠附近仍然是世界上最有意義的事情。但至關重要的是，我們不需要將負載放在同一地點或放置在電錶後面，就能實現有吸引力的定價。坦白說，在開始這項策略努力時我們對此並不確定。

Initially, we were somewhat concerned that fair pricing might only be available in behind-the-meter transactions structured like the [Talen] deal. But, we are now convinced that we could achieve fair pricing at levels consistent with our owner's expectations, regardless of whether a client chooses to be in front-of-the-meter or behind it, whether a client chooses to be near our plant or in a remote area.

最初，我們有點擔心公平定價可能只適用於像 [Talen] 交易這樣的用戶側交易。但是，我們現在確信，我們可以實現符合業主期望的公平定價，無論客戶選擇位於電錶前還是電錶後，無論客戶選擇位於我們工廠附近還是偏遠地區。

We demonstrated that when we achieved the Crane Clean Energy Center restore. We demonstrated that when we achieved the landmark GSA transaction that we announced in January. And we've demonstrated that time and again with CFE deals. And we certainly see further evidence in the deals we're working on now.

當我們實現克蘭清潔能源中心的恢復時，我們證明了這一點。當我們在一月份宣布完成具有里程碑意義的 GSA 交易時，我們就證明了這一點。我們已經透過 CFE 交易一次又一次證明了這一點。我們當然在目前正在進行的交易中看到了進一步的證據。

On-grid sales are increasingly attractive to us and to our customers for other reasons too. The behind-the-meter approach depends on the cooperation of the local utility, where our assets are part of the grid, and their willingness to facilitate studies and collaborate. Now, it's been no secret that hasn't happened easily. And the regulatory process is presently tied up at FERC, where the industry desperately needs some clarity.

由於其他原因，上網銷售對我們和我們的客戶也越來越有吸引力。電錶後方法取決於當地公用事業公司的合作，我們的資產是電網的一部分，以及他們促進研究和合作的意願。現在，這已經不是什麼秘密了，而且這件事並不容易發生。目前，監管流程主要集中在聯邦能源管理委員會 (FERC)，而該行業迫切需要一些明確的規定。

But I will tell you, there have been some benefits from the controversy over co-location. It's caused utilities to speed up the interconnection process, because they came to understand that the studies were taking far too long. We want to take a moment to applaud the efforts of utilities to move more quickly, and we thank them.

但我可以告訴你，共置爭議也帶來了一些好處。這促使公用事業公司加快了互連進程，因為他們意識到研究耗時太長了。我們想花點時間讚揚公用事業公司為加快步伐所做的努力，並向他們表示感謝。

One of the benefits of on-grid sales for us is that we could work with utilities anywhere in the RTO. We could partner where it makes most sense, and where they could bring these grid resources online as quickly as possible. This eliminates the need for extensive regulatory processes. It eliminates the complexity around behind-the-meter co-location. And, it simply treats these customers like we've been treating all of our retail customers for decades.

對我們來說，併網銷售的好處之一是我們可以與 RTO 內任何地方的公用事業公司合作。我們可以在最有意義的地方合作，並且他們可以盡快將這些電網資源投入使用。這消除了對大量監管流程的需求。它消除了電錶後共置的複雜性。而且，它對待這些客戶就像我們幾十年來對待所有零售客戶一樣。

I do want to make clear that we still believe that behind-the-meter configurations will make sense for some customers. And, we continue to get inbound in that area. It may be the case at the end of the day that the largest and perhaps the most important data centers from a national security standpoint will involve grid configurations where part of the data center operates behind the grid, and part of it operates in front-of-the-meter.

我確實想明確表示，我們仍然相信電錶後配置對某些客戶來說是有意義的。並且，我們繼續進入該地區。最終的情況可能是，從國家安全的角度來看，最大的、也許是最重要的資料中心將涉及電網配置，其中一部分資料中心在電網後面運行，一部分在電錶前運行。

President Trump highlighted a configuration like that recently in one of his remarks. We urge FERC to provide clarity on the rules for behind-the-meter configurations, and to provide latitude so that there could be innovation here following the President's lead. The third thing we're seeing is that the encouraging data center growth updates and the cost of new entry all reinforce the strong logic of what we did with Calpine in that deal.

川普總統最近在一次演講中強調了這樣的配置。我們敦促聯邦能源管理委員會明確電錶後配置的規則，並提供自由度，以便在總統的領導下進行創新。我們看到的第三件事是，令人鼓舞的資料中心成長更新和新進入的成本都強化了我們與 Calpine 在該交易中所做舉措的強大邏輯。

As I'll discuss, that deal looks better to us every day. We acquired Calpine because it was an awesome company run by terrific people. The combination of Constellation and Calpine people and assets will create new capabilities for our customers, large and small, across America. But as we discussed, we were also mindful of value when we negotiated that Calpine deal.

正如我將要討論的，這項協議對我們來說每天都在變得更好。我們收購 Calpine 是因為它是一家由優秀人才經營的優秀公司。Constellation 和 Calpine 的人員和資產的結合將為我們遍布美國的大小客戶創造新的能力。但正如我們所討論的，我們在談判 Calpine 交易時也注意到了價值。

If you now consider the cost of new combined cycle machines that Constellation, NextEra, and many others have reported, one can easily make the argument that Calpine was worth twice as much as what we paid for it. Now, of course, you might challenge me and say that the comparison of new CCGTs to the Calpine fleet does not completely square.

如果你現在考慮一下 Constellation、NextEra 和許多其他公司報告的新型聯合循環機器的成本，你很容易就會認為 Calpine 的價值是我們支付價格的兩倍。現在，當然，您可能會質疑我，並說新的 CCGT 與 Calpine 艦隊的比較並不完全一致。

You can say that the Calpine assets aren't brand new. And, I'd have to agree with that. That is true. But you might also agree that, unlike hypothetical new assets that face an uncertain world of interconnection queues, tariffs, supply chain issues, and delivery dates that are sometimes years away, having a fleet of new plants that are up and running exceptionally well with a good team running them might offset a couple of years of age. Anyway, we love the deal.

您可以說 Calpine 資產並不是全新的。我必須同意這一點。確實如此。但您可能也會同意，與面臨互連隊列、關稅、供應鏈問題以及有時需要數年時間的交貨日期等不確定因素的假設性新資產不同，擁有一批運作良好的新工廠並由優秀的團隊運營可能會抵消幾年的老化。無論如何，我們都喜歡這筆交易。

On the other hand, we don't so much love the equity volatility that our owners have experienced this quarter. But so much of that is driven by macroeconomic factors that we cannot control. In our opinion, our stock price does not reflect the full value of the particular opportunities we have here, the double-digit-based earnings growth through the end of the decade or the prospect of securing additional above-the-PTC pricing deals.

另一方面，我們不太喜歡我們的業主本季經歷的股權波動。但其中很大一部分是由我們無法控制的宏觀經濟因素所驅動的。我們認為，我們的股價並未反映出我們所擁有的特定機會的全部價值、到本世紀末的兩位數盈利增長或獲得額外高於 PTC 定價交易的前景。

As you can see from the disclosures, we have about $1 billion left in our buyback authorization from the board. I'll tell you, we would have loved to have been in the market buying at these prices during the quarter. But as you've seen before, there are times where we have been unable to be in the market due to possessing material non-public information.

從揭露的資訊中可以看出，董事會授權的回購資金還剩下約 10 億美元。我告訴你，我們很樂意在本季以這些價格在市場上購買。但正如您之前所看到的，有時我們由於掌握重大非公開資訊而無法進入市場。

We do look forward to sharing great news with you soon and resuming our buyback program at these compelling stock price levels. Turning to slide six, at the beginning of the call, I started with the big-picture narrative we're seeing today. I now want to dig in a little bit. On slide six, we see the demand from data centers is coming and that the US will rise to meet this challenge. The Trump administration has made clear that the US must win the AI race, and the administration is taking steps to ensure that we will.

我們確實期待很快與您分享好消息，並在這些引人注目的股價水平上恢復我們的回購計劃。翻到第六張投影片，在電話會議開始時，我首先介紹了我們今天看到的宏觀敘述。我現在想深入挖掘一下。在第六張投影片上，我們看到資料中心的需求正在到來，美國將崛起以應對這項挑戰。川普政府已明確表示，美國必須贏得人工智慧競賽，政府正在採取措施確保我們能夠贏得勝利。

They understand that the data economy is critically important to national security and to our economies and will be an important driver of America's success. I can tell you that I've been in Washington a lot, and I haven't had a single conversation with anyone from the administration or any member of Congress where the importance of AI leadership has not come up.

他們明白資料經濟對國家安全和經濟至關重要，並將成為美國成功的重要推手。我可以告訴你，我去過華盛頓很多次，我與政府或國會的任何一位成員的談話中，無一不提到人工智慧領導的重要性。

And notwithstanding news and rumours to the contrary that we've seen, the major tech companies get it too. And they've increased or recommitted to their capital plans for data center build-out. They are making these investments because AI is delivering for customers, and you can see it in their business results. Businesses and families are looking at the possibility of what AI could do for them.

儘管我們看到了相反的消息和謠言，但大型科技公司也明白這一點。他們也增加或重新承諾了資料中心建設的資本計畫。他們進行這些投資是因為人工智慧正在為客戶提供服務，您可以從他們的業務成果中看到這一點。企業和家庭正在探索人工智慧能為他們做些什麼。

We have a number of projects here at Constellation where we're utilizing AI, and I could tell you the tools are marvellously effective. They're going to change operations at plants, going to change our relationship with customers. We are going to discover new ways to do things that are going to bring enormous value to our customers and to our owners.

我們在 Constellation 有許多專案都在使用人工智慧，我可以告訴你，這些工具非常有效。他們將改變工廠的運作方式，改變我們與客戶的關係。我們將探索新的方法來為我們的客戶和業主帶來巨大的價值。

We're a microcosm of the demand that is coming. There's just no doubt about that. And I've said this before, while the demand is strong, we have to be a bit cautious here that there are some claims that are a bit outsized in terms of the extent or amount of that demand, claims that are difficult to substantiate either mathematically or logically. And that's why we put slide seven in here.

我們是未來需求的縮影。毫無疑問。我以前說過，雖然需求很強烈，但我們必須謹慎一點，因為有些要求在範圍或數量上有點過大，而且很難從數學或邏輯上證實。這就是我們將第七張幻燈片放在這裡的原因。

As I said, electric demand will be big for our industry, no doubt about that. But to be fair, some of the hyperbole about the size of the growth is coming from stakeholders who have their own motivations, including a desire to keep building out the wire system or competitive market utilities that simply want the right or permission to go back and build generation in a competitive market.

正如我所說，我們的產業對電力的需求很大，這一點毫無疑問。但公平地說，一些關於成長規模的誇大說法來自有自己動機的利益相關者，包括希望繼續建造電線系統或競爭性市場公用事業，他們只是想要獲得在競爭性市場中回去建造發電的權利或許可。

We've been seeing that in a few places. But we also see policymakers becoming skeptical about these claims. That skepticism is warranted in our view. We know from conversations from our customers and end users that the same data center need is being considered in multiple jurisdictions across the United States at the same time.

我們在一些地方已經看到過這種情況。但我們也看到政策制定者對這些說法開始產生懷疑。我們認為這種懷疑是有道理的。我們從客戶和最終用戶的對話中得知，美國多個司法管轄區正在同時考慮相同的資料中心需求。

Just like fishing, if you're a fisherman, you put a bunch of lines in the water to try to catch fish. And the data center developers are doing exactly the same thing. So, sometimes the same project is showing up in multiple queues simultaneously. Same thing happens with renewable development, where we see these massive queues. But we know through experience that a fraction of what is in the queue gets built.

就像釣魚一樣，如果你是漁夫，你會把一堆魚線放入水中試圖捕魚。資料中心開發商也在做同樣的事情。因此，有時同一個項目會同時出現在多個佇列中。同樣的情況也發生在再生能源開發領域，我們看到了巨大的排隊現象。但我們透過經驗知道，排隊中的項目只有一小部分能夠建成。

I'll give you a few examples. In ERCOT, the large load interconnection queue grows from 200 or 20 gigawatts in 2025 to more than 100 gigawatts by 2030, a more than five-fold increase. Looking at the chart on the left, you can see the comparison of MISO, PJM, and ERCOT forecasts for load compared to forecasts on national load growth.

我給你舉幾個例子。在ERCOT，大負載互聯佇列從2025年的200或20千兆瓦成長到2030年的100千兆瓦以上，成長了5倍多。查看左側的圖表，您可以看到 MISO、PJM 和 ERCOT 對負荷的預測與對全國負載成長的預測的比較。

These three ISOs account for less than half of the total US power demand. But they alone are projecting demand growth notably higher than a wide range of consultants for the entirety of the US. It's hard not to conclude that the headlines are inflated. In fact, we've done the math, and if NVIDIA were able to double its output and every single chip went to ERCOT, it still wouldn't be enough chips to support some of the load forecasts in ERCOT.

這三個 ISO 占美國總電力需求的不到一半。但光是他們一家就預測出的需求成長就明顯高於整個美國的眾多顧問。很難不得出這樣的結論：這些新聞標題是誇大其詞的。事實上，我們已經做過計算，如果 NVIDIA 能夠將其產量翻一番，並且每一塊晶片都提供給 ERCOT，它仍然不足以支援 ERCOT 中的一些負載預測。

There's been a history of over-forecasting. We've seen this before with electric vehicles. We've seen it before with the Internet. And utilities have historically overestimated their load forecasts. The Rocky Mountain Institute, for example, recently put out a study based on FERC data and determined that in the last 10 years, utilities have overstated long-term demand forecasts by 23% on average compared to what actually happened.

過去一直存在過度預測的情況。我們以前在電動車上見過這種情況。我們以前在互聯網上見過這種情況。而公用事業公司歷來都高估了他們的負載預測。例如，落磯山研究所最近根據聯邦能源管理委員會的數據發布了一項研究，發現在過去 10 年裡，公用事業公司對長期需求的預測與實際情況相比平均高估了 23%。

We get it. Utilities have to plan to ensure that the system is reliable. But when I listen to some of the comments on these calls, I just have to tell you folks, I think the load is being overstated. We need to pump the brakes here.

我們明白了。公用事業公司必須制定計劃以確保系統的可靠性。但當我聽到一些關於這些電話的評論時，我不得不告訴大家，我認為負荷被誇大了。我們需要在這裡踩煞車。

Moving to slide eight, in the early days of our data economy strategy, we heard concerns that the so-called window for our strategic execution would eventually close because low-cost new resources would be added to meet the data center load and that our existing resources would lose out to these opportunities. We've also heard that we would lose out, because we weren't incremental.

翻到第八張投影片，在我們資料經濟策略的早期，我們聽過這樣的擔憂：我們策略執行的所謂視窗最終會關閉，因為需要增加低成本的新資源來滿足資料中心的負載，而我們現有的資源將失去這些機會。我們也聽說，由於我們沒有採取漸進式的行動，我們將會遭受損失。

Let me deal with that last issue first. As a number of the data center companies have noted in their plans, relicensing nuclear plants is incremental. We've seen that in policy space. Everyone gets it. We either include nuclear within the category of resources that participate in these sales or nuclear will fail to exist. But just focusing on cost of new generation, it's clear that we're in a whole new ball game on cost.

讓我先處理最後一個問題。正如許多資料中心公司在其計劃中指出的那樣，重新許可核電廠是漸進的。我們已經在政策領域看到了這一點。每個人都明白。我們要麼將核能納入參與這些銷售的資源類別，要麼核能將不復存在。但僅關注新一代的成本，很明顯我們正處於一個全新的成本領域。

The estimates for new-built CCGTs consistently exceed $2,000, with some estimates being closer to $3,000 at KW and those are higher in certain locations in which we operate. For context, this is about three times as much as we spent on Wolf Hollow and the Colorado Bend plants less than 10 years ago. So, a 300% increase in less than 10 years. And as I alluded to earlier, if we were to rebuild just the Calpine fleet, it would cost about $65 billion, significantly higher for what we paid for the best operating natural gas fleet in the country.

新建 CCGT 的估價始終超過 2,000 美元，KW 的一些估價接近 3,000 美元，而在我們運營的某些地區，這些估價更高。具體來說，這大約是不到 10 年前我們在 Wolf Hollow 和 Colorado Bend 工廠花費的三倍。因此，不到 10 年的時間就成長了 300%。正如我之前提到的，如果我們只重建 Calpine 天然氣車隊，就需要花費約 650 億美元，這比我們為該國運營最好的天然氣車隊支付的費用要高得多。

Solar is no exception to these increases. Solar Plus storage is in a similar boat with costs now exceeding $2,500 per KW. And that's even without the tariffs. If we estimate what the tariffs would do to CCGTs and Solar Plus storage, we could easily see costs going another $5 to $10 higher for CCGTs on a megawatt-hour basis and another $30 to $50 higher for storage and solar put together.

太陽能也不例外。Solar Plus 儲存的情況類似，其成本目前超過每千瓦 2,500 美元。這還不包括關稅。如果我們估算關稅對 CCGT 和太陽能+儲能的影響，我們很容易就會看到，以兆瓦時計算，CCGT 的成本將再增加 5 至 10 美元，而儲能和太陽能加起來的成本將再增加 30 至 50 美元。

The important strategic point here is that Constellation's fleet ultimately will compete with these new entrants for the right to serve the growing needs of America. Early days of the discussion of the AI-powered dynamic, and I got to tell you, I smile a little bit when I say early days. I mean, when we were talking about this last year.

這裡重要的戰略要點是，星座公司的機隊最終將與這些新進者競爭，以獲得滿足美國日益增長的需求的權利。關於人工智慧動態的討論處於早期階段，我必須告訴你，當我說早期的時候，我有點微笑。我的意思是，我們去年討論過這個問題。

We often described our competitive advantage at Constellation in terms of speed and reliability as compared to new renewables, because renewables are not reliable. And we thought our competitive advantage over new natural gas in terms of speed and sustainability, because gas emits CO2.

我們經常將 Constellation 的競爭優勢描述為與新的再生能源相比速度和可靠性，因為再生能源並不可靠。我們認為，我們在速度和永續性方面比新型天然氣更具競爭優勢，因為天然氣會排放二氧化碳。

Implicit was this unspoken assumption that new power, either renewables or CCGTs, would be less expensive for hyper scaler customers as an alternative option to our plants. But that we would be faster for new data centers and offer more reliability than renewables and more sustainability than gas. It turns out that we were just thinking about old cost data.

隱含的是一種不言而喻的假設，即作為我們工廠的替代選擇，新電力（無論是再生能源還是 CCGT）對於超大規模客戶來說都將更便宜。但我們會更快建立新的資料中心，並提供比再生能源更高的可靠性和比天然氣更高的永續性。事實證明，我們只是在考慮舊的成本數據。

With new cost data firming up, it's pretty clear that nuclear simply wins the match in every single dimension; cost, reliability, predictability of firm prices for 20 years. What other resource could offer a 20-year fixed price? I can't do that with my gas machines. I can't do that with renewables.

隨著新成本數據的確定，很明顯核能在每個方面都贏得了勝利：成本、可靠性、20 年內固定價格的可預測性。還有什麼其他資源可以提供 20 年的固定價格？我無法用我的燃氣機器做到這一點。我無法利用再生能源做到這一點。

The speed to execution, the sustainability value, the resilience value, the durability and policy support, all of that makes nuclear the clear winner, and folks, that's why I think people are wanting to contract with us and they don't care whether it's in front-of-the-meter or behind-the-meter.

執行速度、可持續性價值、彈性價值、耐用性和政策支持，所有這些都使核能成為明顯的贏家，朋友們，這就是為什麼我認為人們想要與我們簽訂合同，他們不在乎它是在電錶前還是在電錶後。

Let me turn to slide nine. One of the reasons we know that the competitive market will respond to the growing demand is because it always has. We are seeing that in response to the expedited program that FERC and PJM approved for new dispatchable generation in PJM.

讓我翻到第九張投影片。我們知道競爭激烈的市場會對日益增長的需求做出反應，原因之一是它一直都是如此。我們看到，這是對 FERC 和 PJM 批准的 PJM 新可調度發電加速計劃的回應。

And remember, a big product that historically was used to deal with peak hour demand less demand response. And we saw that go from 15 gigawatts of demand response in auctions that were held just a handful of years ago to two to six gigawatts of demand response in the recent auctions. We also know the reason that demand response didn't happen. It didn't happen because the capacity market was broken and prices were ridiculously low. But now FERC has fixed those capacity markets, and we believe that demand response once again is going to come back in the picture as early as this next auction.

請記住，這款大型產品歷史上曾用於應對高峰時段的需求較少的需求響應。我們看到，幾年前拍賣中的需求響應為 15 千兆瓦，而最近拍賣中的需求響應僅為 2 至 6 千兆瓦。我們也知道需求響應未能發生的原因。這並沒有發生，因為容量市場崩潰了，而且價格低得可笑。但現在聯邦能源管理委員會已經修復了這些容量市場，我們相信需求響應最早會在下一次拍賣中再次出現。

Remember, our grid was built for peak usage at the hottest or coldest hours of the year, but in most hours, we dramatically underutilized the grid. The chart that you have here on slide nine is what we would call low dispatch diagram. It's a pretty common diagram to everyone in the business. And the colored lines here are every one of the different RTOs.

請記住，我們的電網是為一年中最熱或最冷的時段的高峰使用而建造的，但在大多數時段，我們的電網利用率嚴重不足。第九張投影片上的圖表就是我們所說的低調度圖。對於業內每個人來說，這是一個相當常見的圖表。這裡的彩色線條代表每一個不同的 RTO。

Let me explain how it works. The X-axis is 100% of the hours of the year. So, we take 8760 hours of the year and that's the X-axis. The Y-axis is how many of the power plants or how much of the existing power gen are you using during those hours. And if you study this, what you quickly see here is that for the vast majority of time, we don't utilize the grid.

讓我解釋一下它是如何工作的。X 軸表示一年中的 100% 小時數。因此，我們取一年中的 8760 小時作為 X 軸。Y 軸表示您在這些時間內使用了多少發電廠或多少現有發電機。如果你研究一下，你很快就會發現，絕大多數時間我們都不會使用電網。

In fact, 80% of the time or so, a third of the grid is not being used. And that means we have plenty of room, most hours, to accommodate new generation. The Nicholas Institute at Duke did a pretty cool study on this just recently and it's been in the news ever since. And it basically said this, that if we got customers to shave 25% at peak, we could add 76 gigawatts of new load, right?

事實上，大約在 80% 的時間裡，三分之一的電網未被使用。這意味著我們在大多數時間都有足夠的空間來容納新一代。杜克大學尼古拉斯研究所最近對此進行了一項非常酷的研究，從那時起它就一直是新聞焦點。它基本上是說，如果我們讓客戶在高峰時削減 25%，我們可以增加 76 千兆瓦的新負載，對嗎？

Seventy-six gigawatts of data center just by getting customers curtail 25% of the time. So, DRs is an incredibly powerful tool to meet all of this data center demand. What it'll do is it will utilize the slack in the system most hours and cover those peak hours where there is a gap. We're seeing our data economy customers also pitch in with new curtailment methodologies.

僅透過讓客戶減少 25% 的時間，資料中心就能節省 76 千兆瓦的電能。因此，DR 是一種非常強大的工具，可以滿足所有資料中心的需求。它的作用是利用系統中大多數時間的空閒時間並覆蓋存在空隙的高峰時段。我們看到我們的數據經濟客戶也正在採用新的削減方法。

And I think it was just this week that we saw the EPA relax the rules on back-up generation at data centers so that back-up generation could be co-optimized for the grid and take the pressure off these key hours. The point is, there's a lot of tools out there and we expect those tools to be used. And again, I think we'll see some of that here in this upcoming auction. It'll put some downward pressure on the strain that we've seen in the prior auction, in my view.

我認為就在本週，我們看到美國環保署放寬了資料中心備用發電的規定，以便備用發電可以針對電網進行共同優化，並減輕這些關鍵時段的壓力。重點是，現在有許多工具，我們希望這些工具能夠被使用。我認為，我們將在即將舉行的拍賣會上看到一些這樣的情況。在我看來，這將對我們在之前的拍賣中看到的壓力產生一些下行壓力。

Now, let me turn to slide 10. Constellation has some unique advantages that will ensure a large player in this space. We've talked about this. But again, we have existing megawatts that are available to deliver power now. We have clean and sustainable energy, which is going to be useful just now in this environment, but also in the future as concerns about climate continue to resurface.

現在，請容許我翻到第 10 張投影片。Constellation 擁有一些獨特的優勢，可以確保其在該領域佔據重要地位。我們已經討論過這個問題了。但我們現在擁有可供供電的現有兆瓦電力。我們擁有清潔、永續的能源，這不僅在目前的環境下有用，而且在未來，隨著人們對氣候的擔憂不斷浮現，它也會很有用。

We could offer price certainty that is very different than any price certainty we could offer from any other resource. We've talked about speed. And we've talked about the ability to work anywhere with any customer, any part of the grid. We could bring additional megawatts to bear, whether that's restarting nuclear plants, life extensions, and of course, operates the plants. After Calpine closes, we're going to be able to provide this capability coast to coast.

我們可以提供的價格確定性與我們從任何其他資源提供的價格確定性截然不同。我們已經討論過速度。我們已經討論了在任何地方與任何客戶、電網的任何部分合作的能力。我們可以投入更多兆瓦的電力，無論是重啟核電廠、延長核電廠壽命，或是營運核電廠。在 Calpine 關閉後，我們將能夠在整個海岸範圍內提供這種服務。

And finally, just as we look for partners, our investment grade credit rating is a huge competitive advantage because it gives customers confidence that we will be there and stand behind our contracts in the long-term. We're well-positioned to create additional value for our owners through our role serving the data economy customers and we're super excited about that.

最後，正如我們尋找合作夥伴一樣，我們的投資等級信用評級是一個巨大的競爭優勢，因為它讓客戶相信我們會長期存在並遵守合約。我們有能力透過服務數據經濟客戶為我們的所有者創造額外的價值，我們對此感到非常興奮。

Now, let me close out with the Calpine transaction. It's been a few months since we announced the deal, so I want to tell people what we've been up to. But remember, what we're building here is the largest fleet of clean and reliable zero and low carbon resources in the nation. We believe this will enable us to better serve families and businesses with new products and services at the best prices. And as we spend more time with the Calpine team and get to know them better, we're even more excited every day about the talent, the combination of talent and skill we're going to have as a combined team.

現在，讓我來結束 Calpine 交易。我們宣布這筆交易已經有幾個月了，所以我想告訴大家我們一直在做什麼。但請記住，我們在這裡建造的是全國最大的清潔、可靠的零碳和低碳資源艦隊。我們相信這將使我們能夠以最優惠的價格為家庭和企業提供更好的新產品和服務。隨著我們與 Calpine 團隊相處的時間越來越長，對他們的了解也越來越多，我們每天都對這支團隊的才華、才華和技能的結合感到更加興奮。

We're making very good progress towards closing the deal and integrating the two companies. We have set up integration teams and we're doing the work to get ready to close this year. The teams are energized and we're looking forward to being one company and seeing what two very good companies could do when they aim to be great.

我們在完成交易和整合兩家公司方面取得了非常良好的進展。我們已經成立了整合團隊，正在為今年完成整合做好準備。團隊充滿活力，我們期待成為一家公司，並看到兩家非常優秀的公司在追求卓越時能取得怎樣的成就。

On the regulatory front, we've made all the required filings at this point. We received a deficiency notice from FERC and a second request for data from the DOJ. As in large transactions, things like that should be anticipated. We filed our answer to the FERC deficiency notice on April 28, and we remain on track to close the transaction by the end of the year, again, incredibly excited for that. With that, let me flip it over to Dan. Dan will cover the financials and then again, I'll talk to you a little bit more and we'll get to your questions. Go ahead, Dan.

在監管方面，我們目前已提交所有必要的文件。我們收到了聯邦能源管理委員會 (FERC) 的缺陷通知和司法部 (DOJ) 的第二份資料請求。就像大型交易一樣，這樣的事情是可以預料到的。我們於 4 月 28 日提交了對 FERC 缺陷通知的答复，並且我們仍有望在年底前完成交易，對此我們再次感到非常興奮。說完這些，讓我把它交給丹。丹將負責財務事宜，然後我會再和你聊一會兒，然後回答你的問題。繼續吧，丹。

Thanks, Joe. Good morning, everyone. Beginning on page 12, we're in $0.38 per share in GAAP earnings and $2.14 per share in adjusted operating earnings for the first quarter, which was $0.32 per share higher than last year. We have seen strong performance from our commercial business over the last several years and the start of this year continues that trend.

謝謝喬。大家早安。從第 12 頁開始，第一季我們的 GAAP 收益為每股 0.38 美元，調整後營業收益為每股 2.14 美元，比去年同期高出每股 0.32 美元。過去幾年，我們的商業業務表現強勁，今年年初也延續了這一趨勢。

The team did a great job positioning our portfolio at colder than average winter, captured value from serving more load versus the first quarter of 2024, and managing market prices. During the quarter, we locked in margins that exceed our 10-year average, supporting 2025 and benefiting future backlog. As expected, we also realized higher prices for the Illinois ZEC and CMC programs when compared to the first quarter of 2024, partially offset by lower nuclear PTCs recognized during the quarter.

該團隊在比平均冬季更冷的時期出色地定位了我們的投資組合，透過提供比 2024 年第一季更多的負載來獲取價值，並管理了市場價格。在本季度，我們鎖定了超過 10 年平均值的利潤率，為 2025 年提供支援並有利於未來的積壓訂單。正如預期的那樣，與 2024 年第一季相比，我們還實現了伊利諾伊州 ZEC 和 CMC 項目價格的上漲，但本季確認的核 PTC 較低部分抵消了這一上漲。

We continue to see this means-tested PTC program working as intended. As you know, the PTC is determined on an annual basis and each quarter is booked based on actual revenues plus forwards for the remainder of the year. As of March 31, we anticipate the gross receipts for the full-year will be above the PTC floor across our entire fleet, whereas at the start of the year, part of the fleet was projected to collect some PTCs.

我們繼續看到這個經過經濟狀況調查的 PTC 計劃按預期發揮作用。如您所知，PTC 是按年確定的，每個季度都是根據實際收入加上當年剩餘時間的遠期收入進行記帳。截至 3 月 31 日，我們預計全年總收入將高於整個船隊的 PTC 下限，而在年初，我們預計部分船隊將收取一些 PTC。

This full-year expectation of higher prices resulted in us not booking PTC revenues in the first quarter, whereas we did book some in the first quarter last year. While this is a good outcome on a full-year basis, it can create noise in quarterly results and impacts the year-over-year comparability. We're happy with the start of our 2025 in context of our plan and are reaffirming our full-year operating EPS guidance range of $8.90 to $9.60 per share.

由於預期全年價格上漲，我們在第一季未能實現 PTC 收入，而去年第一季我們確實實現了部分收入。雖然從全年來看這是一個好的結果，但它可能會對季度業績產生影響，並影響同比的可比性。我們對 2025 年計畫的開始感到滿意，並重申全年營運每股收益指引範圍為每股 8.90 美元至 9.60 美元。

Now, moving on to our first quarter operational performance on slide 11, nuclear performance was strong. We produced more than 41 million megawatt hours of reliable, available, and emissions-free generation from our nuclear plants with a capacity factor of 94.1%. The team continues to deliver industry-leading refueling outage performance.

現在，我們來看看投影片 11 上的第一季營運業績，核能業績表現強勁。我們的核電廠生產了超過 4,100 萬兆瓦時的可靠、可用且無排放的電力，容量係數為 94.1%。該團隊繼續提供業界領先的加油停機性能。

We completed three refueling outages during the quarter, averaging 24 days compared to the industry average of nearly 40 days. Our renewables and natural gas fleet also performed well with 96.2% renewable energy capture and 99.2% power dispatch match. As Constellation continues to do our part to bring clean, reliable, firm megawatts to the grid, last Friday, PJM announced that more than 1,150 new nuclear megawatts, including the Crane Clean Energy Center and other Constellation nuclear upgrades, were chosen for the accelerated interconnection process.

我們在本季完成了三次加油停機，平均停機時間為 24 天，而業界平均停機時間為近 40 天。我們的再生能源和天然氣機組也表現良好，再生能源捕獲率為 96.2%，電力調度匹配率為 99.2%。隨著 Constellation 繼續盡其所能為電網帶來清潔、可靠、穩定的兆瓦電力，上週五，PJM 宣布，包括 Crane 清潔能源中心和其他 Constellation 核能升級項目在內的 1,150 多兆瓦新核電項目被選中用於加速互連過程。

We are pleased that PJM recognized the importance of getting these projects on the grid quickly, and I want to thank our team for advocating for this important change. And on Crane, we are pleased with the progress we are making. Our restaffing is going more quickly than expected. We are getting multiple superb candidates applying for each position. To date, we have already over half of the roughly 600 permanent employees we will need to run the plant, and the majority of them have been working at the site.

我們很高興 PJM 意識到讓這些專案迅速並網的重要性，我要感謝我們的團隊倡導這項重要變革。在 Crane 專案中，我們對所取得的進展感到非常滿意。我們的人員調整進度比預期的快。每個職位都有多名優秀的候選人申請。到目前為止，我們已經擁有了工廠運作所需的約 600 名永久員工中的一半以上，其中大多數已經在現場工作。

I am happy to share our first operator class is underway, with the second one on course to start this fall. As the days pass and we address long lead time items, like the PJM interconnect and staff training, we are confident that we will meet, and potentially beat our targets for both total cost and time to bring this plant back online.

我很高興地告訴大家，我們的第一期操作員培訓班正在進行中，第二期培訓班預計將於今年秋季開課。隨著時間的推移，我們解決了 PJM 互連和員工培訓等長週期項目，我們有信心，我們將達到並可能超越我們的總成本和時間目標，使該工廠重新上線。

Turning to slide 14, our commercial team is off to another strong start this year, creating value by optimizing our portfolio and locking in higher than average margins, which are benefiting from continued market volatility, as well as sales of value-added products around the clean attributes of our nuclear plants. Our renewable rates remain strong with both electric and gas customers, reflecting the durable relationships we have with our customers.

翻到第 14 張投影片，我們的商業團隊今年又迎來了一次強勁的開局，透過優化我們的產品組合和鎖定高於平均水平的利潤率來創造價值，這得益於持續的市場波動，以及圍繞我們核電站清潔屬性的增值產品的銷售。我們的再生能源價格對於電力和天然氣客戶來說都保持強勁，這反映了我們與客戶之間持久的關係。

Turning to slide 15, it's understandable there is a lot of focus in the market right now on the risk of a recession. Again, certain about how power producers may fair in such an environment. Before I offer our perspective, let me start by noting that each recession is unique, and carries its own impact our demand in terms of duration and magnitude.

翻到第 15 張投影片，可以理解的是，目前市場非常關注經濟衰退的風險。再次，我們不確定電力生產商在這樣的環境下會表現如何。在提出我們的觀點之前，我首先要指出的是，每一次經濟衰退都是獨一無二的，並且在持續時間和幅度方面都會對我們的需求產生自身的影響。

More recent recessions have temporarily impacted power demand by 1% to 4%. Although, the year-over-year data is also complicated by weather, which is more complicated and normalized on a national basis. Generally, we are seeing a strong bounce back in power demand on the other side of recession.

最近的經濟衰退暫時對電力需求產生了 1% 至 4% 的影響。不過，年比數據也受到天氣因素的影響，從全國範圍來看，天氣因素更為複雜且正常化。整體而言，我們看到經濟衰退過後電力需求強勁反彈。

In today's environment, we view a temporary slowdown in the economy, and lower power demand. It is likely being offset by the variable demand growth we're seeing across the nation. Considering the impacts of ongoing electrification, on-shoring of manufacturing, and demand associated with the build-out of the data economy, we see counter balances to any temporary slowdown, our reduced power demand in other parts of the economy.

在當今環境下，我們看到經濟暫時放緩，電力需求下降。它可能被我們在全國範圍內看到的可變需求增長所抵消。考慮到正在進行的電氣化、製造業在岸化以及數據經濟建設相關需求的影響，我們看到，與任何暫時的經濟放緩形成抵消的是，經濟其他領域的電力需求減少。

The biggest risk to our business in the recessionary environment has been the power price. Fortunately, compared to last recessions, we now have the nuclear PTC, which provides downside protection from a drop in commodity prices due to a recession. As you know, the nuclear PTC credit is tested to ensure the continued operation of these critical power resources when prices are depressed, while not compensating them in higher-priced environments.

在經濟衰退的環境下，我們業務面臨的最大風險是電價。幸運的是，與上次經濟衰退相比，我們現在有了核PTC，它可以為因經濟衰退導致的大宗商品價格下跌提供下行保護。眾所周知，核能PTC信用額度經過測試，以確保這些關鍵電力資源在價格低迷時能夠繼續運行，同時在價格較高的情況下不進行補償。

We have also looked at other major potential risks associated with the recession, including lower regional volumes, bad debt, as well as debt refinancing. And we are confident in our ability to manage these collective headwinds with limited financial drag for our owners, if recession were to occur. Constellation remains in strong financial health, especially when you think about our investment grade balance sheet, ample liquidity, and cash flow supported by the nuclear PTCs, as well as existing forward customer sales.

我們也研究了與經濟衰退相關的其他主要潛在風險，包括區域交易量下降、壞帳以及債務再融資。我們有信心，如果發生經濟衰退，我們有能力應對這些集體逆風，並限制業主的財務負擔。Constellation 的財務狀況依然強勁，尤其是當您考慮到我們的投資級資產負債表、充足的流動性和由核 PTC 支持的現金流以及現有的遠期客戶銷售時。

Before moving on, I also want to comment briefly on the current tariff environment. While the ultimate impacts will depend upon trade policy that goes into effect after this 90 day pause and anticipated negotiations, we estimate a negligible impact on O&M, and roughly a 1% to 2% impact on our CapEx, including fuel for 2025 and 2026. We will continue to monitor and mitigate the impacts to both cost and our supply chain.

在繼續之前，我還想簡單評論一下當前的關稅環境。雖然最終影響將取決於 90 天暫停期後生效的貿易政策和預期的談判，但我們估計對 O&M 的影響可以忽略不計，對我們的資本支出（包括 2025 年和 2026 年的燃料）的影響約為 1% 至 2%。我們將繼續監控並減輕對成本和供應鏈的影響。

Turning to slide 16, I want to spend a little more time on the PTC now that it's been in place for a year, and we are seeing some updates to key inputs, reminding us of the inflationary protections it provides. As a reminder, we have assumed that the PTC floor and actual credit go at a 2% inflation adjustment as part of our base earnings forecasts. So, if the adjustment was more than 2%, our base earnings would increase.

翻到第 16 張投影片，我想花更多時間討論 PTC，因為它已經實施了一年，而且我們看到了一些關鍵輸入的更新，提醒我們它提供的通膨保護。提醒一下，我們假設 PTC 下限和實際信貸按照 2% 的通膨調整進行，作為我們基本獲利預測的一部分。因此，如果調整幅度超過 2%，我們的基本收入就會增加。

While the official rate used in the calculation is not yet published, we estimate the inflation adjustment for 2025 to be between 2.3% and 2.6%. With the 2025 inflation adjustment in this range, and then returning to our 2% assumption for 2026 and beyond, we will see an earlier step-up in prices that has an incremental $500 million in revenues to base earnings for 2028.

雖然計算中使用的官方利率尚未公佈，但我們估計 2025 年的通膨調整將在 2.3% 至 2.6% 之間。隨著 2025 年通膨調整至這一範圍，然後回到我們對 2026 年及以後 2% 的假設，我們將看到價格提前上漲，這將使 2028 年的收入增加 5 億美元，作為基礎收益。

This adjustment both demonstrates the benefits of the nuclear PTC in providing economic visibility for the nuclear industry, and reinforces the unique benefit of an inflation hedge in our business model, compared to most other companies in the market. With that, thank you all, and turn the call back to Joe.

這項調整既體現了核能 PTC 在為核能產業提供經濟可見度方面的優勢，也強化了我們商業模式中與市場上大多數其他公司相比通膨對沖的獨特優勢。最後，謝謝大家，並將電話轉回喬。

Thanks, Dan. Among Dan's many talents is his ability to multitask. So, while reading the script, he also wrote to me a note giving me a correction. I think I said 25% on the Duke study, met 0.25%, but the study again, demonstrates with quite modest demand response at levels that we've easily achieved in the past. We could accommodate all new load on the system from the data economy using that tool when we think about the back-up reciprocating engines at the sites, and then we see the new generation at the competitive market, will bring as needed. We see no reasonable concern in that area.

謝謝，丹。丹的眾多才能之一是他能夠同時處理多項任務。所以，他在閱讀劇本的同時，也給我寫了一張紙條，讓我修改一下。我認為我在杜克大學的研究中說過 25%，達到了 0.25%，但這項研究再次證明，需求響應相當溫和，而這在我們過去很容易達到的水平上。當我們考慮站點上的備用往復式引擎時，我們可以使用該工具來容納來自數據經濟的系統上的所有新負載，然後我們將看到競爭市場上的新一代產品將根據需要帶來。我們認為該地區不存在合理的擔憂。

So, just to recap here, we are off to a fantastic start. We're exactly where we want to be. We are focused on closing Calpine and integrating the business. We like that combination more and more each day. We have a business here that is very different, very unique and stronger than we think anything else that is out there in the industry. We produce robust cash flow and base earnings, which are protected by a nuclear PTC, a tax credit that has significant bipartisan support.

所以，簡單回顧一下，我們已經有了一個美好的開始。我們正處於我們想要的狀態。我們專注於關閉 Calpine 並整合業務。我們一天比一天更喜歡這種組合。我們的業務與業內任何其他業務都截然不同、獨特且強大。我們創造了強勁的現金流和基本收益，並受到核PTC（一項得到兩黨大力支持的稅收抵免）的保護。

Our earnings grow at 13% through the decade and any long-term deal we do from here on will be additive to that base earnings growth. I think we have demonstrated a track record of continuing to improve earnings and to surprise you from time to time with things like Crane, Calpine, and the GSA. Calpine will add at least $2 in EPS and $2 billion of free cash flow before growth starting next year.

未來十年，我們的收益將以 13% 的速度成長，從現在起，我們達成的任何長期交易都將增加基礎收益的成長。我認為我們已經證明了我們持續提高收益的記錄，並且不時用 Crane、Calpine 和 GSA 等產品給您帶來驚喜。在明年開始成長之前，Calpine 的每股盈餘將增加至少 2 美元，自由現金流將增加 20 億美元。

And not only does the PTC provide protection to the nuclear fleet, but we're beneficiaries of higher inflation through higher PTC floors and Dan just covered that. So, we're poised to build on the foundation by capturing value from the opportunities that we see in the data economy and in the overall economy as load continues to grow and industries are on short. Our existing fleet is vital to America.

PTC 不僅為核電廠提供保護，而且透過更高的 PTC 下限，我們還能從更高的通膨中受益，丹剛才已經談到了這一點。因此，隨著負載持續成長、產業資源短缺，我們準備在此基礎上進一步發展，從數據經濟和整體經濟中看到的機會中獲取價值。我們現有的艦隊對美國至關重要。

We understand that. We're going to continue to make investments in making that fleet better, longer lived and increase the output. But we're in a position right now to meet the demands of the time and to support America at this critical point. And I got to tell you; I couldn't be prouder of the team we have here. With that, we'll close down our prepared remarks and take your questions.

我們明白這一點。我們將繼續投資，使該船隊變得更好、壽命更長並提高產量。但我們現在有能力滿足時代的要求並在這個關鍵時刻支持美國。我必須告訴你們，我為我們這裡的團隊感到無比驕傲。至此，我們將結束準備好的發言並回答您的問題。

(Operator Instructions) Jeremy Tonet, J.P. Morgan Securities.

（操作員指示）摩根大通證券的 Jeremy Tonet。

Hi, good morning. Thank you for all the details this morning, especially the behind-the-meter, front-of-the-meter, and potential combinations thereof. And just wondering if you could pick up on some of the details in the slides here, if you could provide more details on the progress towards long-term customer agreements as you talked about in the slides a bit there, are you seeing incremental customer comfort around structures kind of independent of for clarity at this point, or do we still need policy clarity here to get deals inked?

嗨，早安。感謝您今天早上提供的所有細節，特別是有關電錶後、電錶前及其潛在組合的資訊。我只是想知道您是否可以了解幻燈片中的一些細節，如果您可以提供更多關於長期客戶協議進展的細節，正如您在幻燈片中提到的那樣，您是否看到客戶對結構的舒適度有所提高，這與目前的清晰度無關，還是我們仍然需要政策清晰度才能達成交易？

Jeremy, I think policy clarity would be welcome, but look, I think like anyone else, when they're trying to grow and they run into a delay or roadblock, people start figuring out ways around it. And I've indicated on earlier calls that I think some sharing of the costs made a lot of sense. I've talked about that with regard to ancillary services. And I think I indicated quite clearly that I didn't think our customers were so price-sensitive that they wanted to try to avoid all costs.

傑里米，我認為政策明確性是值得歡迎的，但是，我認為，就像其他人一樣，當他們試圖發展並遇到延誤或障礙時，人們就會開始想辦法解決這個問題。我在之前的電話中已經表示過，我認為分擔一些成本是非常有意義的。我已就輔助服務討論過這個問題。我認為我已經非常清楚地表明了，我並不認為我們的客戶對價格如此敏感，以至於他們想盡量避免所有成本。

They've always been willing to cover fair costs. So, that's not been the issue. The issue has been speed at different times and location. So, the utilities have sped up interconnection process. We see utilities out there leaning into it, and our customers have too. So, they're going to those utilities. If they could get interconnected, then they're looking to us to provide the power wherever they might be on the grid for those applications. So, it's not like they've grown disinterested in behind-the-meter.

他們一直願意承擔合理的費用。所以，這不是問題。問題在於不同時間、地點的速度。因此，公用事業公司加快了互連進程。我們看到公用事業公司傾向於此，我們的客戶也是如此。所以，他們要去那些公用設施。如果它們能夠互連，那麼他們就會希望我們為這些應用在電網上的任何地方提供電力。所以，這並不代表他們對電錶後儲能失去了興趣。

They still want to see that as an option. And if you think about every single data center that exists today, that's a perfect illustration of what I'm talking about with some combination of behind-the-meter and in front-of-the-meter. They get a lot of their power in front-of-the-meter, but at certain times they use the back-up generation at the site, which is effectively behind-the-meter generation, right?

他們仍然希望將其視為一種選擇。如果你考慮一下當今存在的每一個資料中心，這就可以完美地說明我所說的電錶後和電錶前的某種組合。他們從電錶前獲取大量電力，但在某些時候，他們會使用現場的備用發電，這實際上是電錶後發電，對嗎？

So this is not anything new. We've been doing it in the industry since the 1980s with Cogen. But for right now, given the uncertainty, our customers pivoted. And they said, okay, Constellation, let's go on grid. Let's do what you're doing with GSA. Let's do what you're doing with Crane. And let's see if we could make something happen with utilities that are inclined to move studies quickly. That's exactly what we've done.

所以這並不是什麼新鮮事。自 1980 年代以來，我們就一直與 Cogen 合作在該行業開展業務。但就目前而言，考慮到不確定性，我們的客戶已經轉變了方向。他們說，好的，星座公司，我們上電網吧。讓我們做你與 GSA 所做的事情。讓我們做你對 Crane 所做的事情。讓我們看看我們是否能夠利用那些傾向於快速推進研究的實用程式來實現一些事情。這正是我們所做的。

Got it. That's helpful. Thank you. And then, just kind of routing out here, what is the expected path and timing to resolve the FERC 206 proceeding here? And how do you think about settlement at this juncture?

知道了。這很有幫助。謝謝。然後，只是在這裡進行路由，解決 FERC 206 程式的預期路徑和時間是什麼？那麼您如何看待目前的解決方案？

Look, we think there's enough information right now in the FERC docket. There's enough robust information for the FERC to provide clarity. I'll flip it over to David for the process, but although we did ask for a settlement process, as it turns out, what we've seen in the docket should be sufficient for them to make a final decision on this.

瞧，我們認為 FERC 檔案中現在有足夠的資訊。聯邦能源管理委員會 (FERC) 擁有足夠可靠的資訊來提供清晰的解釋。我會將其交給大衛處理，但儘管我們確實要求進行解決流程，但事實證明，我們在案卷中看到的內容應該足以讓他們對此做出最終決定。

And they showed, look, when you've got the president of the United States basically saying the grid is too slow, too antiquated, that should be a kick in the pants to everybody in this business to get their act together and figure out rules of the road so that we're not having any uncertainty around what could be the most important technology of our lifetime, not only for our economy, but for our national security.

他們表示，瞧，當美國總統說電網太慢、太陳舊時，這應該給這個行業的每個人都一個警醒，讓他們齊心協力，制定交通規則，這樣我們就不會對這項可能成為我們一生中最重要的技術產生任何不確定性，這不僅對我們的經濟，而且對我們的國家安全都至關重要。

I'll give David a moment here to talk a little bit about the process, and then, I'll turn it over to you, David. I'm sure you have some thoughts going forward.

我給大衛一點時間來稍微談論這個過程，然後，我會把它交給你，大衛。我確信你有一些未來的想法。

Yes, sure. So, the vast majority of the parties in the proceeding, which is quite notable, have argued to FERC and made a case to FERC that the existing PJM tariff is not just and reasonable and needs to be amended to create the clarity and speed that Joe's been talking about. And while we said we would support a quick settlement process, we also would welcome FERC to call balls and strikes very quickly on the merits of the case pending before it.

是的，當然。因此，值得注意的是，訴訟中的絕大多數當事人都向聯邦能源管理委員會 (FERC) 提出，現有的 PJM 關稅不公正、不合理，需要進行修改，以實現喬所談論的清晰度和速度。雖然我們表示將支持快速解決程序，但我們也歡迎聯邦能源管理委員會迅速對待審案件的是非曲直做出裁決。

In either case, speed and clarity together are quite important, and we think that whether it's a settlement under a fast-track proceeding to let the parties see if they can work it out, or whether or not the commission directs PJM to amend its tariff to address the gap in some of these rules, we think all of that can be done in really a handful of months and should be done in a handful of months.

不管怎樣，速度和清晰度都非常重要，我們認為無論是透過快速程序達成和解，讓雙方看看他們是否能夠解決問題，還是委員會指示 PJM 修改其關稅以解決某些規則中的漏洞，我們認為所有這些都可以在幾個月內完成，也應該在幾個月內完成。

So, there's a path forward under either approach, and as Joe said, we think the record is quite clear for establishing the rules to allow these critically important loads and customers to get on the system as quickly as possible.

因此，無論採用哪種方法，都有一條前進的道路，正如喬所說，我們認為建立規則的記錄非常明確，以允許這些至關重要的負載和客戶盡快進入系統。

Got it. Speed would be great. No one likes the regulatory sausage-making. Thank you.

知道了。速度會很快。沒有人喜歡監管的束縛。謝謝。

Steve Fleishman, Wolfe.

史蒂夫·弗萊什曼，沃爾夫。

Hey, good morning. Hi. Just first a couple of questions on the potential new power agreements. I guess, first of all, any sense on whether the pricing we've seen is an indicator of pricing, and I assume transmission in front-of-the-meter would be paid by the customer, not by you.

嘿，早安。你好。首先我想問幾個關於潛在的新電力協議的問題。我想，首先，我們所看到的定價是否是定價指標，我認為電錶前的傳輸費用將由客戶支付，而不是由您支付。

And then, lastly, just, it sounds like when you're talking about basically selling even beyond kind of the local utility where the, in zones beyond the local utility where the plants are. So, can you just clarify that commentary and your ability to do that?

最後，聽起來，當您談論基本上銷售甚至超出當地公用事業的範圍時，在工廠所在的當地公用事業以外的區域。那麼，您能否澄清一下該評論以及您這樣做的能力？

Yeah, sure. I mean, the last one, Steve, we've been doing for 20 years, right? We sell to customers everywhere in PJM. We have national accounts with customers where we supply all of their businesses in a variety of areas. As you saw, for example, I'll give you a great example of this. When you saw us do the Crane Clean Energy Center restart, there's no data center right there in Pennsylvania.

是的，當然。我的意思是，史蒂夫，最後一個我們已經做了 20 年了，對吧？我們的產品銷往 PJM 各地的客戶。我們擁有遍佈全國的客戶帳戶，為他們在各個領域的所有業務提供服務。例如，正如您所看到的，我將為您提供一個很好的例子。當您看到我們重新啟動 Crane 清潔能源中心時，賓州還沒有資料中心。

So, Microsoft was quite clear. They were using that power in multiple states. And one of the strengths of our commercial team is being able to move power around the system. Again, this is nothing new. We've been doing it for 20 years. And because of our geographic reach, especially in areas like PJM, where we have a lot of West Hub, a lot of NIHUB power, we could kind of fill in the blanks in all different places.

所以，微軟非常清楚。他們在多個州使用這種權力。我們商業團隊的優勢之一就是能夠在系統中移動電力。再說一遍，這並不是什麼新鮮事。我們已經這樣做了20年。由於我們的地理覆蓋範圍，特別是在 PJM 等地區，我們擁有大量西部樞紐和 NIHUB 力量，因此我們可以填補所有不同地方的空白。

So, that allows us really to work with the utility that has got the most advanced projects. And when I said before that we see the same project in multiple utilities plans, it's really because we have visibility and understanding where the client may want to use the power. And that's how we understand that we have a lot of duplicates going on in the system.

因此，這使我們能夠真正與擁有最先進項目的公用事業公司合作。我之前說過，我們在多個公用事業計劃中看到同一個項目，這實際上是因為我們了解並理解客戶可能想要在哪裡使用電力。這就是我們所知道的系統中存在大量重複的情況。

In terms of your first question about level of pricing, look, we're going to have to be careful here. Our clients are pretty clear with us about two things. They don't want for their own reasons to reveal pricing, and they don't necessarily want to reveal all of the locations in which they intend to do business, because this would be tantamount to sharing with their competitors what they believe to be competitively sensitive information.

關於您關於定價水準的第一個問題，我們必須小心謹慎。我們的客戶對我們非常清楚兩件事。他們出於自身原因不願意透露定價，也不一定願意透露他們打算開展業務的所有地點，因為這等於與競爭對手分享他們認為的競爭敏感資訊。

We likewise have a concern about putting pricing data out there, which inhibits our ability to negotiate the best terms on future deals. So, look, what I'm trying to hint at in the script is, you've seen the talent pricing, you've seen what we're talking about in terms of cost of new entry. We think our pricing should be consistent with those levels.

我們同樣擔心公佈定價數據會妨礙我們在未來交易中協商最佳條款的能力。所以，你看，我在腳本中試圖暗示的是，你已經看到了人才定價，你已經看到了我們在談論的新進入成本。我們認為我們的定價應該與這些水準一致。

And beyond that, I'm just simply not going to say. As to wires charges and who bears those costs, your assumption is 100% on that. That's not a cost that we bear in any relationships with our customers today, nor will we in the future.

除此之外，我就不多說了。至於電匯費用以及誰承擔這些費用，您的假設是 100%。這不是我們今天與客戶建立關係時所承擔的成本，將來也不會。

Thank you. One other question just on the IRA and nuclear; so, obviously we have the reconciliation process and one of the issues that's come up is transferability and whether they keep transferability. I know one of the laws allowed it still for nuclear, but in the event it wasn't allowed going forward, what would that mean if at all for you monetizing credits?

謝謝。另一個問題是關於愛爾蘭共和軍和核問題的；顯然，我們有和解進程，而出現的問題之一是可轉移性以及它們是否保持可轉移性。我知道其中一項法律仍然允許核能的使用，但如果以後不允許使用，這對信用貨幣化意味著什麼？

We see that as a de minimis impact to us because in particular post-Calpine, we have plenty of tax capacity. So, I know it is for others, not a big hot issue for us. But you did raise the IRA, and you did note the strong support for nuclear. In the most recent letter, we saw 26 congressmen come out in support of the continuation of the 45 U-credit for existing nuclear, as well as 45Y to expand and re-license existing nuclear.

我們認為這對我們的影響微乎其微，因為特別是在卡爾派恩法案之後，我們擁有充足的稅收能力。所以，我知道這對其他人來說是一個大問題，但對我們來說不是一個大問題。但你確實提到了愛爾蘭共和軍，並且你確實注意到了對核能的強烈支持。在最近的一封信中，我們看到 26 名國會議員站出來支持繼續為現有核電提供 45 U 信貸，以及 45Y 擴大和重新許可現有核電。

That's 26 congressmen. You put that together with the earlier letter and there was not a complete duplication of signatures. There were 12 additional members in that earlier letter supporting the tax credits that were not included in this last letter that had 26 members. So, all told, we have 38 members of Congress, Republican members of Congress supporting the tax credit. That makes sense because if you remember, the tax credit was actually created by Republicans.

共有 26 名國會議員。將此信與之前的信件放在一起，你會發現簽名並不完全重複。在先前的信中，還有 12 名成員支持稅收抵免，但最後一封信中沒有包括這 26 名成員。總而言之，我們有 38 名國會議員，共和黨國會議員支持稅收抵免。這是有道理的，因為如果你還記得的話，稅收抵免實際上是由共和黨人創建的。

These were Republican ideas for the nuclear tax credit. And even in the bill by Senator Cramer and Congresswoman Fedorchak were saying the same thing, a recognition that it's important to keep the nuclear plants alive. So, I'm not seeing anything impacting transferability or frankly nuclear being discussed.

這些是共和黨對核稅抵免的想法。甚至參議員克萊默和眾議員費多查克在法案中也表達了同樣的觀點，承認維持核電廠運作的重要性。因此，我沒有看到任何影響可轉移性或坦率地說影響核能的討論。

And I am spending a lot of time on the Hill to make sure I got my ear to the ground on anything that might happen. So, we're very pleased with the support. The reconciliation process will no doubt be bumpy and we'll see some ups and downs and twists and turns. But I think we're as well positioned as anyone. Dan, do you have any other thoughts on?

我花了很多時間在國會山莊，以確保我能隨時了解可能發生的任何情況。因此，我們對所獲得的支持感到非常滿意。毫無疑問，和解進程將會充滿坎坷，我們會看到一些起伏和曲折。但我認為我們的地位和其他人一樣好。丹，你還有其他想法嗎？

Yes. We just clarify for clarity, Steve, when we look at the forwards where they are today, we do not a need to transfer any credits. And we actually might be with our tax position looking to buy other people's credit. So if they came available at a discount, so we feel comfortable with the forwards are they are today.

是的。史蒂夫，我們只是為了清楚起見而澄清一下，當我們看看前鋒現在的處境時，我們不需要轉移任何功勞。實際上，我們可能正在利用自己的稅務優勢來購買其他人的信用。因此，如果它們以折扣價出售，那麼我們對它們今天的前景感到滿意。

Thank you.

謝謝。

Thank you.

謝謝。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hello, thanks so much. Good morning. On behind-the-meter, and I appreciate all your comments here on the front-of-the-meter, behind-the-meter, I guess just maybe drilling into the behind-the-meter opportunity. Like, is that diminishing here? Are you seeing those conversations shift and kind of move over to front-of-the-meter? Or do you still have a significant level of interest kind of waiting for the clarity that might open up that path?

你好，非常感謝。早安.關於電錶後，我很感謝你們對電錶前、電錶後的所有評論，我想也許只是深入研究電錶後的機會。例如，這裡的情況正在減少嗎？您是否看到這些對話發生了變化並轉移到了儀表前端？或者您仍然抱有濃厚的興趣，等待可能開闢這條道路的明確訊息？

Yeah David, I'll just say, I think these folks want to get on with the show and start construction. And so, with the current situation around behind-the-meter and no one knowing exactly when we're going to have the necessary clarity, we've put the discussions are in front-of-the-meter with the utilities and with the customers.

是的，大衛，我只想說，我認為這些人想要繼續演出並開始施工。因此，鑑於目前電錶後的情況，沒有人確切知道我們何時才能獲得必要的清晰度，我們已將討論放在了電錶前，與公用事業公司和客戶進行。

The logic of behind-the-meter in particular for these massive training data centers of the kind like the president was talking about in Texas, in my view, are still going to need behind-the-meter support because you're not going to accumulate 4 gigawatts and 5 gigawatts of power on the grid; just not going to happen. So, you're going to see things, I think, in the fullness of time that are going to have front-of-the-meter connections, but you might actually supplement and build more power plants at the same site that'll never touch the grid and they'll be behind-the-meter.

我認為，特別是對於總統在德克薩斯州談到的這類大規模訓練資料中心而言，用戶側電力供應的邏輯仍然需要用戶側電力供應的支持，因為你不可能在電網上積累 4 千兆瓦和 5 千兆瓦的電力；這根本不可能發生。因此，我認為，隨著時間的推移，你會看到一些事情會發生，這些事情將會有電錶前端的連接，但你實際上可能會在同一地點補充和建造更多的發電廠，這些發電廠永遠不會接觸電網，而且它們將位於電錶後。

And that's why I was saying, this is more in the category of brainstorming, but it's important that FERC not constrain innovation for co-generation and co-location. Imagine had we done that in the 1980s and said, we're not going to consider, imagine how much Cogen we would have lost in this country. So, we're going to see some combinations, combinations that frankly we're not aware of here, but right now the conversation is where there is clarity and where there is clarity is front-of-the-meter. And because we go anywhere in the RTO, that suits us just fine.

這就是為什麼我說，這更多的是屬於腦力激盪的範疇，但重要的是聯邦能源管理委員會不能限制熱電聯產和共置的創新。想像一下，如果我們在 20 世紀 80 年代這樣做了，並說，我們不會考慮，想像一下我們在這個國家會損失多少熱電聯產。因此，我們將會看到一些組合，坦白說，這些組合我們還沒有意識到，但現在的討論重點是哪裡有清晰度，哪裡有清晰度就是儀表前端。而且因為我們可以前往 RTO 內的任何地方，所以這對我們來說非常合適。

Got it. Great. Yes, that's really helpful color. Then maybe I was curious if you could synthesize some of your thoughts on just the demand outlook for data centers, the supply outlook, as you've noted is challenging, but then considering demand response, what is your view on power prices from here, looking at the market? A number of parties have gotten concerned about affordability as an example. So, how do you kind of manage that fear, but also your underlying views of the fundamentals of the market here?

知道了。偉大的。是的，這顏色確實很有幫助。那麼我可能很好奇，您是否可以綜合一下您對資料中心需求前景的一些想法，供應前景正如您所說，充滿挑戰，但考慮到需求響應，從現在來看，您對市場電價有何看法？例如，許多政黨都對負擔能力表示擔憂。那麼，您該如何應對這種恐懼，以及您對這裡市場基本面的基本看法？

Yeah, David, when I think about affordability, if I were to flash any chart back up on the screen, it would be that low dispatch curve, because whether you're talking about affordability, reliability issues, when emissions concern actually occur in bulk, you're really talking about those peak hours in the system. You're not talking about days like today, right?

是的，大衛，當我考慮可負擔性時，如果我要在屏幕上閃現任何圖表，那將是那條低調度曲線，因為無論您談論的是可負擔性，可靠性問題，還是當排放問題實際上大量發生時，您實際上都在談論系統中的那些高峰時段。您說的不是今天這樣的日子吧？

There's no issue. You're talking about those peak events. So, having the tools available to manage those peak events, whether it's allowing the back-up gen at the data centers be a great resource during those events, I think that's a fantastic idea. We were very supportive of where EPA went. The Flex program that EPRI has spearheaded with the data economy customers, we've been deeply involved with, that's made huge progress in terms of the hyperscalers managing those events.

沒有問題。您正在談論那些高峰事件。因此，擁有可用於管理這些峰值事件的工具，無論是否允許資料中心的備用發電機在這些事件期間成為寶貴的資源，我認為這是一個絕妙的主意。我們非常支持 EPA 的行動。我們深入參與了 EPRI 與數據經濟客戶共同推動的 Flex 計劃，該計劃在超大規模企業管理這些事件方面取得了巨大進展。

And then, demand response, which simply means the hyperscalers are going to pay a little dough in addition to what the capacity market might yield to get other industrial and commercial customers to back off in critical hours. If we're able to do that, then we're going to manage the capacity market pressures on bill. We're going to manage some of the higher costs on bills, right?

然後是需求響應，這僅僅意味著超大規模企業除了容量市場可能產生的收益之外還要支付少量費用，以讓其他工業和商業客戶在關鍵時段退出。如果我們能夠做到這一點，那麼我們就能管理好容量市場對帳單的壓力。我們要管理一些較高的帳單成本，對嗎？

And we're going to manage at the same time some of the emissions issues that drive climate and other considerations. That's why we focus on that. There's a tendency I think from lay people to look at this as we need energy at all times on the grid. These charts should tell you that's absolutely not true most of the time we have an abundance of energy.

同時，我們也要處理一些影響氣候和其他問題的排放問題。這就是我們關注這一點的原因。我認為外行人傾向於認為我們需要電網隨時有能源。這些圖表應該告訴你，大多數時候我們的精力都是充沛的，這絕對不是事實。

So, I think that's part of managing the story. You want to put off to the extent possible unnecessary investments in generation. So, I think I'm a little bit of an outlier here, but as I see the world, the next five, six, seven years ought to be quite manageable. And I think storage is going to be a part of this answer. What I worry about is the period after that. What happens [15, 10, 15] years down the road?

所以，我認為這是管理故事的一部分。您希望盡可能推遲不必要的發電投資。所以，我認為我在這裡有點異類，但從我的角度來看，未來五、六、七年應該是相當容易應付的。我認為存儲將是這個問題答案的一部分。我擔心的是那之後的事。[15、10、15] 年後會發生什麼事？

What happens if we then come back and we think about things like climate differently than the administration presently is thinking about them today? What happens if we have climate events that bring that all back? And I think the answer that we offer and that we've encouraged to the administration is let's spend some money on research and development so that if we do build gas machines, they don't become stranded in an environment where climate becomes a major consideration.

如果我們回過頭來，以不同於政府目前思考的方式看待氣候等問題，會發生什麼事？如果氣候事件再次發生，會發生什麼事？我認為我們向政府提供的答案以及我們鼓勵的答案是，讓我們在研發上投入一些資金，這樣，如果我們確實製造了燃氣機器，它們就不會在氣候成為主要考慮因素的環境中陷入困境。

We continue to invest in sequestration and other technologies. So, I think, look, that's the way we're going to have to manage the cost. But the biggest and best thing we could do is not overreact and start building things that are unnecessary. And frankly, with a lot of the hyperbole in the system, I think it's aimed at exactly doing the wrong thing.

我們繼續投資碳封存和其他技術。所以，我認為，這就是我們管理成本的方式。但我們能做的最大和最好的事情是不要反應過度並開始建造不必要的東西。坦白說，由於系統中存在著許多誇張的言論，我認為它的目的正是做錯事。

Got it. Thanks so much. Appreciate your viewpoints.

知道了。非常感謝。感謝您的觀點。

Paul Zimbardo, Jefferies.

保羅‧津巴多 (Paul Zimbardo)，傑富瑞 (Jefferies)。

Hi, good morning. Thanks for squeezing me in. From your comment about having an NPI and the emphasis on not waiting for clarity, is it a fair expectation that kind of you're pretty close to a deal and maybe within the next quarter or kind of not to read too much into that commentary and it's sometime later this year?

嗨，早安。謝謝你把我擠進來。從您關於擁有 NPI 的評論以及強調不要等待澄清，您是否合理地預期您會非常接近達成交易並且可能在下個季度內達成，或者不要過多地解讀該評論並且它會在今年晚些時候達成？

Well, I'm not, I just, I don't want to touch that, because we are at a very good stage in the process. I'll simply put it that way. And the deals are getting announced when they are ready to rock and roll. And that's as far as we decided we're going to go on this call.

嗯，我不是，我只是不想觸及這個，因為我們正處於這個過程的非常好的階段。我就簡單地這樣說吧。當他們準備好採取行動時，就會宣布這些交易。這就是我們在這次通話中決定要討論的內容。

Okay, fair. And when you mentioned kind of a need to have a good partnership with the regulated utility, what's the timeline for some of the interconnection studies with your local PJM utilities? Just how the discussions of utility evolved holistically over the past few months? Thank you.

好的，公平。當您提到需要與受監管的公用事業公司建立良好的合作關係時，與當地 PJM 公用事業公司進行一些互連研究的時間表是怎樣的？在過去幾個月裡，有關實用性的討論總體上是如何演變的？謝謝。

It's still little bit all over the board, but some of them are getting done here in what, you know, I could see six months, seven months of time, and if you consider that, some of the customers that we are talking to, have started that interconnection process even before our conversations have matured to a level that's not, it doesn't seem to be the constraint at this point.

雖然一切仍處於萌芽階段，但其中一些工作已經完成，你知道，我預計需要六個月、七個月的時間，如果你考慮到這一點，我們正在交談的一些客戶甚至在我們的談話尚未成熟到一定程度之前就已經開始互連過程，這似乎不是目前的限制因素。

So, look, I want to test it some more, but I think, months instead of years is probably a good answer at this point. And the utilities, again, I give them a lot of credit. I'm seeing this with all the utilities, even ones the we haven't had agreements with in the past, every one seems to be lined to get these studies done, and get this load connected. And that makes all the sense in the world to us. And we will work with them as best we can.

所以，看，我想對它進行更多的測試，但我認為，幾個月而不是幾年可能是一個好的答案。對於公用事業，我再次給予他們很大的讚揚。我看到所有的公用事業公司都出現了這種情況，即使是那些我們過去沒有簽訂協議的公司，每個人似乎都排隊進行這些研究，並連接這些負載。這對我們來說非常有意義。我們將盡力與他們合作。

Thank you.

謝謝。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

Thank you. First, I have a question about recent demand from data centers for powers. It seems like, at least listening to the hyperscalers, there's been a shift away from training facilities more to inference. And so, it seems like location matters again. So, do you actually see that there's more demand for some of your assets closer to load centers and sort of smaller in size? And again, I don't care if it's front or back of the meter, but has there been a shift in what hyperscalers are looking for?

謝謝。首先，我有一個關於最近資料中心對電力的需求的問題。看起來，至少從超大規模企業的角度來看，他們已經從訓練設施轉向推理設施。因此，位置似乎再次變得重要。那麼，您是否真的發現，對一些更靠近負載中心、規模較小的資產的需求更大？再說一次，我不關心它是在儀表前面還是後面，但是超大規模企業所尋求的東西是否發生了轉變？

No, Angie, I wouldn't say that. I think I may have this wrong, but my recollection of the statistics is that about 85% of the expected load was always going to come from inference data centers. So, you're going to see the lion share is going to be inference data centers. But, even those data centers are getting quite large relative to the size they were. I remember when they were 5 megawatts and 10 megawatts, I thought, my God, that's huge.

不，安吉，我不會這麼說。我想我可能錯了，但我記得統計數據是，大約 85% 的預期負載總是來自推理資料中心。因此，你會看到最大的份額將是推理資料中心。但是，即使是這些資料中心，其規模也比以前大了許多。我記得當它們的功率達到 5 兆瓦和 10 兆瓦時，我想，天哪，這太大了。

Now we're talking 100 megawatts to 150 megawatts even for these inference data centers. So, to a certain extent, they're just getting bigger. And that means they have to go to where there's available power more so than the fiber concerns that I think predominated when we were talking about smaller data centers that were more easy to connect.

現在，即使對於這些推理資料中心，我們也在討論 100 兆瓦到 150 兆瓦。所以，從某種程度上來說，它們正在變得越來越大。這意味著他們必須去有更多可用電力的地方，而不是光纖問題，我認為當我們談論更容易連接的小型資料中心時，光纖問題占主導地位。

I think probably the bigger shift I've seen, Angie, and there's not enough data points to draw any firm conclusions, is I think there's been some rationalization that these like super large data centers, 10 gigawatts, 7 gigawatts to 10 gigawatts that were talked about quite liberally at the beginning of the AI phase, I find people are speaking less about that.

安吉，我認為我所看到的更大的轉變可能是，而且沒有足夠的數據點來得出任何確切的結論，我認為有一些合理化的說法，比如超大型數據中心，10 千兆瓦，7 千兆瓦到 10 千兆瓦，在人工智能階段開始時人們談論得相當自由，但我發現人們對此談論得較少。

And, thinking about how to cobble together more, still what we would think of as large 500,000 megawatt data centers and do some of the training. But I think it continues to evolve.

並且，思考如何拼湊更多，我們仍然認為是大型 500,000 兆瓦的資料中心並進行一些培訓。但我認為它會繼續發展。

Okay. And separately, just looking at forward power curves, especially in Northern Illinois, there's been quite a dramatic pullback in those curves, even post-recent recovery. We have -- it seems like a number of data centers shifted away from the state. And I'm wondering if you have a view why that is. Is there any sort of a regulatory political backlash against large loads in the state? And then what's your view on long-term power prices in Illinois?

好的。另外，僅看一下遠期功率曲線，特別是在伊利諾伊州北部，即使在最近的復甦之後，這些曲線也出現了相當劇烈的回落。我們已經—似乎有許多資料中心已經遷出該州。我想知道您是否知道為什麼會這樣。該州是否有針對大負荷的監管政治阻力？那麼您對伊利諾州的長期電價有何看法？

No, I don't think so, Angie. I just think people are going to go where they can connect the easiest. I don't see anything in particular with regard to Illinois necessarily or an opposition in Illinois that's driving folks. But, if you're a data center and you're thinking about Illinois, you probably are thinking about [Iowa] and Indiana, and Michigan too.

不，我不這麼認為，安吉。我只是認為人們會去最容易聯繫的地方。我並沒有看到與伊利諾伊州有關的任何特別的事情，也沒有看到伊利諾伊州有任何反對派在推動人們。但是，如果你是一個資料中心，並且正在考慮伊利諾伊州，那麼你可能也會考慮愛荷華州、印第安納州和密西根州。

I mean, it goes back, I think to your first question, In the early days of the data economy world, where we are seeing more modestly sized data centers, proximity to big centers, big population centers was the thing. Now that's kind of moved away, because I think power is the key element, and interconnection speed is the key element. So, I think that just widens the aperture for our customers to look at multiple locations.

我的意思是，我想這可以追溯到你的第一個問題，在資料經濟世界的早期，我們看到的是規模更適中的資料中心，靠近大型中心、大型人口中心。現在這個問題已經不再存在了，因為我認為電力是關鍵因素，互連速度也是關鍵因素。因此，我認為這只是擴大了我們的客戶查看多個位置的範圍。

And I think there is just kind of another reality here too, that data centers were going where there were data centers to take advantage, again, fiber and other things. And certainly we've seen a shift in appetite to be able to explore Pennsylvania, as an example, whereas before there was relatively wide activity in those areas. So, I just think that the world is continuing to shift.

我認為這裡面還有另一種現實情況，那就是資料中心正在向有資料中心的地方遷移，以利用光纖和其他東西。當然，我們已經看到人們對探索賓州的興趣發生了轉變，而之前這些地區的活動相對較為廣泛。所以，我只是認為世界正在繼續改變。

The geographies these customers are looking at, has broadened. And again, for us, that's actually pretty good, because of the scale, the unique scale we have and our ability to reach all of these different places, including 20 years experience, and knowing how to move power around the system, and accommodate clients like this, it should be right up our alley.

這些客戶關注的地域範圍已經擴大。對我們來說，這實際上是相當不錯的，因為我們擁有規模，獨特的規模，以及我們能夠到達所有這些不同地方的能力，包括 20 年的經驗，並且知道如何在系統中移動電力，並適應這樣的客戶，這應該很適合我們。

Great. Thank you.

偉大的。謝謝。

Ladies and gentlemen, at this time, I would like to turn the call back over to Joe for closing remarks.

女士們、先生們，現在，我想把電話轉回喬，請他作結束語。

Well, thanks everybody for participating. Again, thanks. Just give another call out to the team here at Constellation. You may consult throughout every single day. We've had a very good extensive discussion. We look forward to the opportunity to provide additional updates on our business strategy. And with that, Tuwanda, I will close the call.

好的，感謝大家的參與。再次感謝。只要再打給 Constellation 團隊即可。您可以全天進行諮詢。我們進行了非常廣泛且良好的討論。我們期待有機會提供有關我們業務策略的更多更新。好了，Tuwanda，我的通話就到此結束了。

Thank you, Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝各位，女士們、先生們，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。