Constellation Energy Corp (CEG) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Constellation Energy Corporation second-quarter earnings call.

女士們、先生們，早安，歡迎參加 Constellation Energy Corporation 第二季財報電話會議。

(Operator Instructions) As a reminder, this call may be recorded. I would now like to introduce your host for today's call, Emily Duncan, Senior Vice President, Investor Relations and Strategic Initiatives.

（操作員指示）提醒一下，此通話可能會被錄音。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)。

You may begin.

你可以開始了。

Thank you, Tania.

謝謝你，塔妮亞。

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

大家早安，感謝大家參加 Constellation Energy Corporation 第二季財報電話會議。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。在我們發表完準備好的發言後，Constellation 高階管理團隊的其他成員將與他們一起回答您的問題。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 will discuss during today's call contain forward-looking statements and estimates regarding Constellation and its subsidiaries that are subject to various risks and uncertainties. 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. 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.

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。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 向美國證券交易委員會提交的其他文件，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。今天的演示也提到了調整後的營業收入和其他非公認會計準則指標。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。

I'll now turn the call over to Joe.

我現在將電話轉給喬。

Thanks, Tania and Emily for getting started.

感謝 Tania 和 Emily 的開始。

Good morning, everyone. Thanks for joining our call and for your interest in Constellation. I know it's a busy time with all these earnings calls going on around the same time and you guys are hopping from call to call. We appreciate your interest in what we're doing here.

大家早安。感謝您參加我們的電話會議以及對 Constellation 的關注。我知道這是一個繁忙的時刻，所有這些收益電話會議都在同一時間舉行，你們都在從一個電話會議跳到另一個電話會議。我們感謝您對我們所做的事情感興趣。

Last but not least, I want to thank our team here at Constellation for delivering another strong operational and financial quarter. We always say this, people are the backbone of our success here. I'm really proud of the culture we have built together. It requires constant work and attention, and we're never perfect at it, but our leaders are all over it. They work at it every day.

最後但同樣重要的一點是，我要感謝 Constellation 團隊又一個季度的強勁營運和財務表現。我們總是說，人才是我們成功的支柱。我為我們共同建立的文化感到非常自豪。它需要持續不斷的工作和關注，我們永遠無法做到完美，但我們的領導者卻對此非常關注。他們每天都在努力。

And that's why I'm especially thrilled to start the call by telling you that for the third year in a row, we've been recertified as a great place to work. Now I've talked about this before. This is the only certification you get based on the input from your own folks. And when you think about them as customers, as a service leader as we want to be, getting that feedback and their appreciation for what we're trying to do is everything to me.

這就是為什麼我特別高興地告訴大家，我們連續第三年被重新認證為最佳工作場所。我之前已經談過這個問題了。這是您根據自己家人的意見獲得的唯一認證。當你把他們視為客戶時，作為我們想要成為的服務領導者，獲得他們的回饋以及他們對我們所做事情的讚賞對我來說至關重要。

Now turning to the quarter and our financial results, we delivered second-quarter GAAP earnings of $2.67 per share and adjusted operating earnings of $1.91 per share, improving on last year's second quarter performance. As always, Dan is here and he'll walk through the details.

現在回顧本季和我們的財務業績，我們實現第二季 GAAP 收益為每股 2.67 美元，調整後營業收益為每股 1.91 美元，較去年第二季的業績有所改善。像往常一樣，丹在這裡，他將詳細介紹。

Now as you'll recall, last quarter, we were a bit frustrated by our inability to be in the market buying back shares due to where we were in the Meta Clinton deal process. In fact, to let you in on it, I think we were thinking it was a horse race as to whether we were going to get the call in before the announcement or vice versa. Now since the Meta announcement, we have executed $400 million in accelerated repurchases.

大家應該還記得，上個季度，由於我們正處於 Meta Clinton 交易流程中，因此無法在市場上回購股票，這讓我們感到有些沮喪。事實上，為了讓你了解情況，我認為我們正在考慮這是一場賽馬比賽，看看我們是否能在公告發布之前接到電話，反之亦然。自 Meta 宣布以來，我們已執行了 4 億美元的加速回購。

And like the others we've done, these stock repurchases continue to generate a wonderful return. With long-term contracts like our Meta and Microsoft deals now becoming an ordinary part of our strategy and a normal course of our business, and hopefully, you think we're good at it. We don't have to pause stock repurchases. And to be crystal clear, you shouldn't assume anything about the timing of any new transaction from whether or not we're in the market purchasing shares. Outside of our strong financial performance, it's been an exciting time for the company since we last met.

就像我們所做的其他事情一樣，這些股票回購繼續產生豐厚的回報。像我們與 Meta 和 Microsoft 簽訂的長期合約現在已成為我們策略的正常組成部分和業務的正常進程，希望您認為我們在這方面做得很好。我們不必暫停股票回購。需要明確的是，無論我們是否在市場上購買股票，都不應該對任何新交易的時間做出任何假設。除了我們強勁的財務表現之外，自從我們上次見面以來，公司經歷了一段令人興奮的時光。

We saw the big beautiful bill signed into law, preserving and actually strengthening the nuclear provisions and serve as a continued demonstration of the unique and strong support for nuclear across party lines. We announced that we were bringing the restart of the Crane Clean Energy Center forward into the second half of 2027. I remember when we talked about that, people were skeptical that we would restart in 2028. They were right to be skeptical. We're going to start it in '27.

我們看到這項美麗的法案簽署成為法律，它保留並實際上加強了核條款，並繼續證明了跨黨派對核能的獨特和強有力的支持。我們宣布將克蘭清潔能源中心的重啟時間提前至 2027 年下半年。我記得當我們談論這個問題時，人們對我們是否會在 2028 年重新開始表示懷疑。他們的懷疑是正確的。我們將於 27 年開始。

We received New York, Texas and FERC approvals for the Calpine acquisition, and we remain on track to close by the end of the year. And as we just discussed, we announced a 20-year power purchase agreement with Meta for the offtake of Clinton Clean Energy Center to help them meet their clean energy needs. This transaction is a big win for everyone. The PPA ensures that over 1,100 megawatts of emissions-free nuclear energy will be around for decades to come. And it actually allows us to make investments to increase the output and bring even more megawatts to the grid in Southern Illinois at a critical moment for America, let have made this happen.

我們已獲得紐約州、德州和聯邦能源管理委員會對 Calpine 收購案的批准，並預計在今年年底前完成收購。正如我們剛才討論的那樣，我們宣布與 Meta 達成一項為期 20 年的電力購買協議，以承購克林頓清潔能源中心的電力，幫助他們滿足清潔能源需求。此次交易對每個人來說都是一場巨大的勝利。此電力購買協議確保未來幾十年將有超過 1,100 兆瓦的無排放核能供應。它實際上使我們能夠進行投資以增加產量，並在美國關鍵時刻為南伊利諾伊州的電網帶來更多的兆瓦，讓我們實現這一目標。

We love the partnership, and I'm hopeful we can continue that partnership. Beyond the Clinton transaction, we continue to make very good progress with customers to reach additional agreements to sell our clean, reliable and available megawatts from our nuclear plants. Now look, this is always going to be the part of the call where we get questions. Inevitably, of course, you want to know exactly where we are in every deal. And inevitably, of course, I'm going to tell you that we can't comment on deals until they're done.

我們熱愛這種合作關係，我希望我們能夠繼續這種合作關係。除了克林頓交易之外，我們還繼續與客戶取得良好進展，達成更多協議，出售我們核電廠清潔、可靠、可用的兆瓦電力。現在看，這始終是我們在通話過程中得到問題的部分。當然，您不可避免地想知道我們在每筆交易中的具體位置。當然，我不可避免地要告訴你們，在交易完成之前我們不能對其發表評論。

And even then, we're going to keep some of the terms confidential. So let me try to guide you here with as much as I can say. First, for those of you who are found of the baseball analogy, the described progress, I would simply say that we're in the late innings on one transaction. We're past the seventh inning stretch. We've so take me after the ballpark on that one.

即便如此，我們也會對一些條款保密。因此，讓我盡力在這裡為您提供指導。首先，對於那些喜歡用棒球類比來描述進展的人來說，我只想說，我們正處於一項交易的後期。我們已經過了第七局。我們已經就此展開了大致的討論。

And I'd say we're in the middle to early innings on other transactions. But most importantly, from my perspective, we're seeing a continued acceleration of interest from a growing number of entities. The second thing that I'd like you to remember here is that sometimes, you have the pricing and the deal terms done, but you need other things to enable a transaction, specifically in the case of front-of-the-meter deals, interconnection work with the utilities. So if you want to connect the dots here, I think on one transaction, we are well on the way to being done, but are waiting for some inputs from utilities. As we said from the start of the company, clean and reliable megawatts are the most important energy commodity in the world today.

我想說我們在其他交易上正處於中早期階段。但最重要的是，從我的角度來看，我們看到越來越多的實體對此的興趣持續增長。我希望您記住的第二件事是，有時您已經確定了定價和交易條款，但您還需要其他東西來實現交易，特別是在電錶前交易、與公用事業的互連工作的情況下。因此，如果您想將這裡的點連接起來，我認為在一筆交易中，我們已經在完成的路上了，但正在等待一些來自公用事業的輸入。正如我們在公司成立之初所說的那樣，清潔可靠的兆瓦是當今世界上最重要的能源商品。

Many customers we engage with every day believe the same thing. And that gives us great confidence that we'll be able to continue to transact, whether that be front of the meter or in co-located configure missions. When we announced the Calpine acquisition, we talked about the importance of natural gas' role in the data economy and the reliability of the system. And notably, in this regard, we were pleased to see Calpine's announcement supporting 190-megawatt data center near the Fat Hill Energy Center in Baski County. We expect to see more of these transactions in the future across the industry.

我們每天接觸的許多客戶都相信同樣的事情。這給了我們很大的信心，我們將能夠繼續進行交易，無論是在電錶前還是在同一地點配置任務中。當我們宣布收購 Calpine 時，我們談到了天然氣在數據經濟中的作用的重要性以及系統的可靠性。值得注意的是，在這方面，我們很高興看到 Calpine 宣布支持在巴斯基縣 Fat Hill 能源中心附近建造 190 兆瓦的資料中心。我們預計未來整個產業將會看到更多這樣的交易。

And with respect to Calpine, we think the combination of gas and nuclear gives us a huge competitive advantage. It allows us to provide a differentiated product that combines fast and reliable interconnection at both nuclear and gas sites and the benefits of being able to provide clean and reliable energy product to our customers. Firm, cleaning energy that is priced at a visible rate for 20 years or more if the customer desires it. That's a big deal.

就 Calpine 而言，我們認為天然氣和核能的結合為我們帶來了巨大的競爭優勢。它使我們能夠提供差異化的產品，結合核電廠和天然氣電站的快速可靠互連，以及能夠為客戶提供清潔可靠能源產品的優勢。如果客戶需要，可以提供穩定、清潔的能源，價格為 20 年或更長的可見費率。這可是件大事。

Now, let me shift gears a bit. Justifiably, given its skill, we talk a lot about data center customers. But you got to remember here that many of our businesses value and buy clean nuclear and that continues to accelerate.

現在，讓我稍微轉換一下話題。有理由相信，鑑於其技能，我們對資料中心客戶談論很多。但你必須記住，我們的許多企業都重視併購買清潔核能，而且這種趨勢還在繼續加速。

This quarter, I'm pleased to announce a significant new carbon-free energy transaction with Comcast, a company that's been a wonderful partner to Constellation for many years. As part of it, Comcast will be supporting upgrades. So again here, in this deal, we see a connection between private customer agreements and our country's objectives of preserving and growing clean and reliable energy.

本季度，我很高興宣布與康卡斯特公司達成一項重要的新的無碳能源交易，康卡斯特公司多年來一直是 Constellation 的優秀合作夥伴。作為其中的一部分，康卡斯特將支援升級。因此，在這項協議中，我們再次看到私人客戶協議與我國保護和發展清潔可靠能源的目標之間的關聯。

And finally, as we've talked about before, we see interest from governments. The interest was shown to you with the GSA deal. And while many of you have been grinding through industry calls this week and the last week, you might have missed that the New York Department of Public Service staff released an important white paper calling for a 20-year extension of the ZEC program in New York that covers over 3,000 of our megawatts.

最後，正如我們之前談到的，我們看到了政府的興趣。GSA 交易向您展示了我們的興趣。雖然你們中的許多人本周和上週一直在努力應對行業呼籲，但你們可能錯過了紐約公共服務部工作人員發布的重要白皮書，該白皮書呼籲將紐約的 ZEC 計劃延長 20 年，該計劃覆蓋超過 3,000 兆瓦。

In New York, the staff concluded that it's essential that nuclear be preserved to meet its clean energy goals and our facilities be relicensed. You remember that New York was the first state to have a policy to support existing nuclear plants, understanding their importance as clean, firm and reliable.

在紐約，工作人員得出結論，必須保留核能以實現其清潔能源目標，並且重新獲得我們的設施許可。您記得，紐約州是第一個制定政策以支持現有核電廠的州，因為它認識到核電廠清潔、堅固和可靠的重要性。

Extending the ZEC program ensures that these plants will be there to support New York for decades to come. We commend the paper to your reading. As I said, it's been an incredibly exciting quarter here at Constellation and in many respects, it's been a historically important quarter. It's a quarter where you see everything we have told you now coming to pass. The customer and bipartisan political support for nuclear getting the big beautiful bill behind us is just huge.

延長 ZEC 計劃可確保這些工廠在未來幾十年內為紐約提供支援。我們推薦您閱讀論文。正如我所說，對於 Constellation 來說這是一個令人難以置信的激動人心的季度，並且從許多方面來看，這是一個具有歷史意義的季度。在這個季度裡，你會看到我們告訴你的一切都正在實現。客戶和兩黨政治家對核能法案的支持是巨大的。

Constellation's ability to execute deals has been demonstrated. The importance of reliable natural gas to both the data economy and to America, supporting our Calpine deal is more evident now than ever. Our continued ability to grow organically and inorganically through M&A and most importantly, the strength of Constellation's commercial and operational performance, and that's, of course, the foundation for everything we do and why I always start out the calls thanking our great team here. Let me turn to Slide 6. The passage of one big beautiful bill was an undisputed win for nuclear power.

Constellation 執行交易的能力已得到證明。可靠的天然氣對於數據經濟和美國以及支持我們的 Calpine 交易的重要性現在比以往任何時候都更加明顯。我們透過併購持續實現有機和無機成長的能力，最重要的是，Constellation 的商業和營運業績強勁，這當然是我們所做的一切的基礎，也是為什麼我總是在電話會議開始時感謝我們優秀的團隊。讓我翻到第 6 張投影片。一項重大而美麗的法案的通過對於核電來說無疑是一次勝利。

Now remember here, it was passed by all replicants and it preserved and actually expanded the nuclear credits from the Inflation Reduction Act, a bill that was passed by all Democrats. So it's one of the only things the two bills have in common is that it supports existing and new nuclear plants. There's a lot of things we have a hard time agreeing on as a country. And like you, I wish we could find more. But one thing is clear, the benefits of nuclear energy for families, for local communities, for states and the economy as a whole is something that we all can agree on.

現在請記住，它是由所有複製人通過的，它保留並實際上擴大了《通貨膨脹削減法案》中的核信用額，該法案是由所有民主黨人通過的。因此，這兩項法案的唯一共同點是都支援現有和新建的核電廠。作為一個國家，我們在很多事情上都難以達成一致。和您一樣，我希望我們能找到更多。但有一點是清楚的，核能對家庭、當地社區、各州以及整個經濟的益處是我們都認同的。

And I'd like to thank President Trump and the political leaders on both sides of the aisle for acting to preserve an advanced nuclear power in this country. The bill maintains the critical 45U production tax credits for existing facilities through 2032, and it gives us great confidence that those tax credits will be renewed going into the future. It also preserves the 45 clean energy tax credit for new nuclear and uprates, providing the full credit for projects that begin construction into 2033, and partial credit through 2035, recognizing that new nuclear will take some time to get going. In addition, it adds a new nuclear energy community bonus of 10% on top of the 45 live credit. We expect the Crane Clean Energy Center as well as every one of our uprate projects to qualify for this 10% bonus.

我要感謝川普總統和兩黨政治領袖採取行動維護我國先進的核武力量。該法案將現有設施的關鍵 45U 生產稅收抵免保留至 2032 年，並且讓我們非常有信心這些稅收抵免將在未來延續。它還保留了針對新核電和升級核電的 45% 清潔能源稅收抵免，為 2033 年開始建設的項目提供全額抵免，為 2035 年開始建設的項目提供部分抵免，同時承認新核電的啟動需要一些時間。此外，在45個生存積分的基礎上，新增10%的核能社群獎勵。我們預計 Crane 清潔能源中心以及我們的每個升級項目都有資格獲得這 10% 的獎金。

Finally, the bill also extended the tax provisions that were set to expire with the Tax Cuts and Jobs Act of 2017. And I'll let Dan talk about these additional and significant positive impacts for us. Supportive nuclear from the administration did not stop, as you know, with the legislation. I was very pleased on behalf of the industry to join President Trump in the Oval office when he signed the executive orders. that signaled full support and a clear intention by his administration that they want to preserve and expand nuclear power because it's vital to the economic and national security of the United States.

最後，該法案也延長了即將隨《2017年減稅與就業法案》到期的稅收條款。我會讓丹來談談這些對我們額外的、重大的正面影響。如你所知，政府對核能的支持並沒有隨著立法的出台而停止。我非常高興代表業界在橢圓形辦公室見證川普總統簽署行政命令。這標誌著川普政府的全力支持和明確意圖，即他們希望保留和擴大核電，因為這對美國的經濟和國家安全至關重要。

The nuclear EOs rightly focus on common sense initiatives to expand the existing fleet with fast track licensing, increased domestic conversion and enrichment, and accelerate the deployment of new reactors, all while maintaining the NRC's track record of being a responsible regulator that places safety at the top of every consideration. And this administration like many policymakers on both sides of the aisle, those that American Energy is critical to winning the AI race against China. The AI action plan unveiled in July calls for streamlining permitting of data centers and energy infrastructure and developing a grid that could match the pace of AI innovation, we're going to be at the heart of that. But it's not just Republicans who are taking actions to support nuclear, both new and existing. At the end of June, in addition to supporting the continuation of the ZEC program through 2049, which we just talked about, New York Governor Hocol, called for building 1 gigawatt of nuclear in upstate New York to support a reliable and affordable electric grid while providing the necessary 0 mission to achieve a clean energy economy.

核能行政主管部門正確地將重點放在常識性舉措上，透過快速通道許可擴大現有核電站規模，增加國內核轉化和濃縮，並加速新反應器的部署，同時保持核管理委員會作為負責任的監管機構的記錄，將安全放在首位。本屆政府與兩黨的許多政策制定者一樣，認為美國能源對於贏得與中國的人工智慧競賽至關重要。7 月公佈的人工智慧行動計畫要求簡化資料中心和能源基礎設施的許可，並開發能夠跟上人工智慧創新步伐的電網，我們將成為其中的核心。但採取行動支持核能（包括新核能和現有核能）的不僅是共和黨人。6月底，除了支持將ZEC計畫延續到2049年（我們剛才談到的）之外，紐約州州長霍科爾還呼籲在紐約州北部建設1千兆瓦的核電站，以支持可靠且經濟實惠的電網，同時提供實現清潔能源經濟所必需的0級任務。

This follows our work at 9-mile point on an early site permit. And as I've said to all of you before, I think one of the unique advantages we have here at Constellation is the real estate that we own around our existing plants because it just makes sense to us that when we build out new nuclear we're going to build it out in communities that already have all of the infrastructure and the enormous support for the existing plants and most importantly, a talented workforce that could operate the new nuclear units. We're excited to participate. I know it's early innings on this work, but I think it is going to be a signpost for other states. And I'm excited for the opportunities to expand nuclear in places like Maryland, Illinois, Texas and Pennsylvania.

這是我們根據早期場地許可證在 9 英里處進行的工作。正如我之前對大家所說的那樣，我認為 Constellation 的獨特優勢之一是我們在現有核電站周圍擁有的房地產，因為當我們建造新的核電站時，我們會將其建在已經擁有所有基礎設施和對現有核電站的巨大支持的社區，最重要的是，擁有一支可以操作新核電機組的優秀勞動力，這對我們來說是合理的。我們很高興能夠參與。我知道這項工作才剛開始，但我認為這將成為其他州的路標。我很高興有機會在馬裡蘭州、伊利諾伊州、德克薩斯州和賓夕法尼亞州等地擴大核能應用。

To sum this all up, while political and customer sentiment doesn't always follow logic in fact, in this case, it clearly does. Firm, clean, reliable nuclear power is the most important energy commodity in the world today and through Constellation, you, our owners have more of it than anyone. We will do great things together for America. Turning to Slide 7. I want to talk a little bit about the PJM capacity auction and what we see going forward.

總而言之，雖然政治和客戶情緒並不總是遵循邏輯，但事實上，在這種情況下，它顯然遵循邏輯。穩定、清潔、可靠的核能是當今世界上最重要的能源商品，透過 Constellation，您，我們的所有者，將比任何人都擁有更多的核能。我們將共同為美國做出偉大的貢獻。翻到幻燈片 7。我想簡單談談 PJM 容量拍賣以及我們對未來的展望。

First, before I talk about future auctions, I think it's time to level set a little bit on the past. There's a narrative that's been building up that data centers are entirely responsible for prices going up. You got to remember here that, that narrative is false. Certainly, there's been a rise in demand driven by the growth in the data economy by things like vehicle electrification, by general economic growth and the reindustrialization of America as our nation pursues its America first strategy. All of these things are cumulatively increasing demand and prices will rise through simple supply and demand economics.

首先，在我談論未來的拍賣之前，我認為是時候對過去進行一些回顧了。有一種說法認為，資料中心對價格上漲負有全部責任。你必須記住，這種說法是錯的。當然，隨著我們國家推行「美國優先」策略，數據經濟的成長、汽車電氣化等因素、總體經濟成長以及美國的再工業化推動了需求的成長。所有這些因素都會累積增加需求，價格也會透過簡單的供需經濟學上漲。

But the principal reason that we saw a step change in the PJM capacity prices because FERC order changes to the PJM market that were absolutely necessary to address reliability gaps. Why were those changes needed? Well, remember, those changes were needed because the market design that we used to have for tended that we live in a very tail land where all megawatts had equal reliability equal to nuclear. When the analytical evidence screened at us for many years that some forms of generation are simply more reliable than others. It took longer to effectuate the changes that it should have and the delayed auctions added to the uncertainty, but the design work is completed and the market is working.

但我們看到 PJM 容量價格發生階躍變化的主要原因是 FERC 要求對 PJM 市場進行必要的改變以解決可靠性差距問題。為什麼需要這些改變？請記住，這些改變是必要的，因為我們過去的市場設計傾向於讓我們生活在一個非常末端的地區，在那裡所有兆瓦都具有與核能同等的可靠性。多年來，分析證據表明，某些發電形式比其他發電形式更可靠。實施應有的變革花費了更長的時間，拍賣的延遲也增加了不確定性，但設計工作已經完成，市場正在運作。

Already in this last auction, the market cleared 2,700 megawatts of new and operated generation capacity on what was a really short turnaround since the last auction, bringing in more supply to support the growing demand. And through PJM's RRI process, which Governor Spero and Constellation and many others supported, we know that more than 9 gigawatts of new firm reliable supply will come online by 2032. In addition, we saw more than 300 megawatts of generation participate in the auction rather than retire. We were happy to support the consumer protection price cap championed by Governor Sapiro and it worked. It starts to stabilize prices so that we could step into the higher prices that were inevitable as a result of the design changes that FERC has made.

在最近的拍賣中，市場在自上次拍賣以來的短時間內清理了 2,700 兆瓦的新建和營運發電容量，從而帶來了更多的供應來滿足不斷增長的需求。透過 PJM 的 RRI 流程（該流程得到了州長 Spero 和 Constellation 以及其他許多人的支持），我們知道到 2032 年將有超過 9 千兆瓦的新穩定可靠供電上線。此外，我們看到超過 300 兆瓦的發電量參與拍賣而不是退役。我們很高興支持薩皮羅行長倡導的消費者保護價格上限，而且它確實發揮了作用。它開始穩定價格，以便我們能夠進入由於聯邦能源管理委員會 (FERC) 所做的設計變更而不可避免的更高價格。

And we think that will continue to work to help customers transition. It's important because we understand the focus on customer costs, especially residential customers. But again, let's put this all in context. Starting with the critical fact that generation costs have actually declined 38% from where they were from 2010 and to 2024. This compares very favorably to an transmission and distribution costs, which have not declined, but instead have risen to 190% and 57%, respectively, and electric wires costs are not alone.

我們認為這將繼續幫助客戶轉型。這很重要，因為我們了解客戶成本的重點，尤其是住宅客戶。但讓我們再次把這一切放在背景中。首先，一個關鍵事實是，到 2024 年，發電成本實際上已經從 2010 年的水準下降了 38%。這與輸電和配電成本相比非常有利，輸電和配電成本不僅沒有下降，反而分別上漲了 190％ 和 57％，而且電線成本也並非個案。

Water, sewer and trash is up 77% on average car insurance, which we all pay for at least should, is up 125%. We appreciate the impact on everyone's pocket book, and we will do what we can to mitigate these things. But the competitive generation market has been a remarkable story, particularly in comparison to other aspects of the energy ecosystem. And Constellation is doing more than anyone to meet its part to deliver the reliability that is needed for America. We're investing billions of dollars to restart, operate and extend the lives of nuclear generation.

水、下水道和垃圾處理費用平均上漲了 77%，而我們至少應該支付的汽車保險費用則上漲了 125%。我們意識到這對每個人的錢包產生了影響，我們將盡一切努力減輕這些影響。但競爭激烈的發電市場一直是一個引人注目的故事，特別是與能源生態系統的其他方面相比。為了滿足美國所需的可靠性，Constellation 付出了比任何人都多的努力。我們正在投資數十億美元來重啟、運作和延長核電廠的壽命。

we had more than 1 gigawatt approved through the RI process, including Crane and the Byron and Brad wood upgrades. We're bringing Crane online earlier than planned, moving it up to the second half of 2027 with the aim to try to get it in the capacity auction for the period that begins June 1, 2027. We still got some work to do there, but I'm hopeful we could get there. We have 3 large upgrades that we are completing engineering work on totaling nearly 900 megawatts that we could bring on Atlas at, Calvert and Libre with adequate customer support. And last week, we announced our collaboration with Grid Beyond to use AI to help our customers reduce peak energy use.

我們已通過 RI 流程批准了超過 1 千兆瓦的電力，其中包括 Crane 以及 Byron 和 Brad wood 升級項目。我們將比計劃提前將 Crane 投入使用，將其提前至 2027 年下半年，目標是爭取讓它參與 2027 年 6 月 1 日開始的容量拍賣。我們還有一些工作要做，但我希望我們能夠實現目標。我們有 3 項大型升級工程正在完成，總計近 900 兆瓦，我們可以將這些工程帶到 Atlas、Calvert 和 Libre，並提供足夠的客戶支援。上週，我們宣布與 Grid Beyond 合作，利用人工智慧幫助我們的客戶減少尖峰能源使用。

This program will offer customers the opportunity to cut energy costs and unlock new revenue streams while helping the market maintain system reliability as we respond to growth. Reducing peak demand by only a small map, 25% or 22 hours a year would allow 76 gigawatts of new demand to be absorbed. That's the most effective way to deal with the new demand.

該計劃將為客戶提供降低能源成本和開闢新收入來源的機會，同時幫助市場在應對成長的同時保持系統可靠性。每年僅減少尖峰需求一小部分，即 25% 或 22 小時，就能吸收 76 千兆瓦的新需求。這是應對新需求最有效的方法。

The latest auction results once again proved how markets, not monopolies, best work to attract enormous private investment, and we all see any observer all sees the tremendous interest by so many parties to build generation in these markets. And private investment by these companies means that companies and not captive Monopoly customers take the financial risk, the market risk, the technology risk and the construction risk rather than saddling captive customers with the consequences of poor decisions for decades to come. We have no doubt how policymakers will view these issues.

最新的拍賣結果再次證明了市場（而非壟斷）如何最有效地吸引大量私人投資，我們都看到任何觀察者都看到瞭如此多的各方對在這些市場上建設發電設施的巨大興趣。這些公司的私人投資意味著，由公司而不是壟斷客戶承擔財務風險、市場風險、技術風險和建設風險，而不是讓壟斷客戶在未來幾十年內承受錯誤決策的後果。我們毫不懷疑政策制定者將如何看待這些問題。

Turning to slide 8, in June, I was incredibly proud to announce that the Crane Clean Energy Center will return faster and it was great to have Governor Shapiro at the event. To give you some follow-up details on that. We've secured the fuel.

翻到第 8 張幻燈片，6 月份，我非常自豪地宣布克蘭清潔能源中心將更快恢復，很高興夏皮羅州長出席活動。向您提供一些有關此事的後續細節。我們已經確保燃料安全。

We've got all the major equipment. We're 70% staffed, and we're walking through all aspects of the plant. And quite frankly, we're just so confident in the team there because the plant was in such phenomenal condition when Brian and the team laid it up in 2017. To say I'm proud of all the work here has been an understatement. Before I turn it over to Dan, I want to touch briefly on the Calpine transaction.

我們擁有所有主要設備。我們已到崗 70%，正在走訪工廠的各個環節。坦白說，我們對那裡的團隊非常有信心，因為當 Brian 和團隊在 2017 年停工時，工廠的狀況非常好。說我為這裡的所有工作感到自豪，這只是輕描淡寫。在將話題交給丹之前，我想先簡單談談 Calpine 交易。

Details are here for you on slide 9. The more time we spend with the Calpine team, the more I'm excited about the combination of the talented people in both companies. We've received three of the necessary approvals, and we're working with the Department of Justice on a second request for data. And hopefully, it puts us on a track to complete the work with the environment and have this transaction flows by the end of the year. The sooner we could get it closed, the sooner we could offer American families and businesses the unique capabilities of the combination of these businesses.

詳細資訊請參閱投影片 9。我們與 Calpine 團隊共事的時間越長，我就越對兩家公司人才的結合感到興奮。我們已經獲得了三項必要的批准，並且正在與司法部合作處理第二次資料請求。希望它能讓我們順利完成環境方面的工作，並在年底前實現交易流程。我們越早關閉它，就越早為美國家庭和企業提供這些業務合併後的獨特功能。

And I'm super proud of the regulatory team that has worked to get the three approvals we've gotten, and I'm hopeful that we will get the last one here shortly. With that, let me flip it over to Dan, and then I'll have some closing comments after Dan, and we'll finally take your questions.

我為監管團隊的努力為我們爭取到三項批准感到非常自豪，我希望我們很快就能獲得最後一項批准。說完這些，讓我把時間交給丹，然後我會在丹之後做一些結束語，最後我們會回答你們的問題。

Thank you, Joe.

謝謝你，喬。

Good morning, everyone. Beginning on slide 10, we are in $2.67 per share in GAAP earnings and $1.91 per share and adjusted operating earnings in the second quarter, which is $0.23 per share higher than last year. Similar to the second quarter last year, the fleet performed exceptionally well and provided critical around-the-clock supply at a time when PJM saw peak loads materially outpacing its summer demand forecast. Our commercial team once again successfully managed a period of extreme volatility, where at times we saw triple-digit real-time pricing across much of the East Coast.

大家早安。從第 10 張投影片開始，第二季我們的 GAAP 收益為每股 2.67 美元，調整後營業收益為每股 1.91 美元，比去年同期高出 0.23 美元。與去年第二季類似，在 PJM 的尖峰負載大大超過其夏季需求預測的時候，車隊表現異常出色，並提供了關鍵的全天候供應。我們的商業團隊再次成功度過了一段極端波動的時期，有時我們會看到東海岸大部分地區的即時價格達到三位數。

In addition to the strong performance from our generation and commercial teams, we also recognized $201 million from the Illinois ZEC program for banked credits. This is similar to what you saw in the second quarter of 2023. As you may recall, the Illinois ZEC program includes an overall cost cap as one of its consumer protection features, but allowed us to bank excess credits for use in future years if there was a -- of the cap, which is what we did again this year. The impact of these credits and the banking mechanism have always been included in our full year 2025 guidance. Slide 21 in the appendix provides more details on the mechanics of the Illinois ZEC program.

除了我們的發電和商業團隊的強勁表現外，我們還從伊利諾伊州 ZEC 計劃中獲得了 2.01 億美元的銀行信貸。這與 2023 年第二季看到的情況類似。您可能還記得，伊利諾伊州 ZEC 計劃將總成本上限作為其消費者保護功能之一，但允許我們將超額信用額度存起來以供未來幾年使用（如果有上限的話），而我們今年再次這樣做了。這些信貸和銀行機制的影響一直包含在我們的 2025 年全年指引中。附錄中的幻燈片 21 提供了有關伊利諾伊州 ZEC 計劃機制的更多詳細資訊。

Full year gross receipts for the majority of our fleet continue to be at or above the PTC floor, resulting in significantly fewer PTCs being accrued this quarter compared to the second quarter last year. This is a good outcome and the means tested program continues to work as expected, that will result in noise when comparing year-over-year results on a quarterly basis. The extraordinary stock performance this year translates into higher book compensation expense for us creating some earnings wins that we will continue to monitor. That said, we are reaffirming our full year operating EPS range of $8.90 to $9.60 per share.

我們大部分機隊的全年總收入持續處於或高於 PTC 底線，導致本季累積的 PTC 與去年第二季相比大幅減少。這是一個很好的結果，測試程序繼續按預期運行，這將導致在按季度比較同比結果時產生噪音。今年出色的股票表現意味著我們更高的帳面薪資支出，從而創造了一些盈利，我們將繼續關注這些盈利。話雖如此，我們仍重申全年營業每股收益範圍為 8.90 美元至 9.60 美元。

Moving to slide 11, as I mentioned before, our fleet performance was excellent during a period when it was needed to support unseasonably high demand across our operating footprint. Our nuclear team posted its second best fleet production ever in the second quarter and was ahead of plan with a capacity factor of 94.8%, producing more than 41 million-megawatt hours of reliable, available and emissions-free power. We completed 3 refueling outages in the quarter with an average duration of 19 days, beating the industry average by over 2 weeks. Being able to execute on these outages significantly better than the industry, provides incremental benefit to the grid, energy in the communities where we operate and of course, more power to sell. It truly is a testament to the operational excellence of our nuclear organization.

轉到第 11 張投影片，正如我之前提到的，在需要滿足整個營運範圍內異常高的需求的時期，我們的機隊表現非常出色。我們的核電團隊在第二季度實現了有史以來第二好的機組產量，並且提前完成了計劃，容量利用率達到 94.8%，生產了超過 4,100 萬兆瓦時的可靠、可用且無排放的電力。我們在本季完成了 3 次加油停機，平均停機時間為 19 天，比業界平均多出 2 週以上。能夠比產業更好地執行這些停電措施，為電網、我們營運所在社區的能源帶來增量效益，當然還有更多的電力可供銷售。這確實證明了我們核組織的卓越運作。

Our renewables and natural gas fleets were also ahead of plan for the quarter with renewable energy capture at 96.1% and power dispatch match 98.3%. Our plants continue to perform when they are most needed.

本季度，我們的再生能源和天然氣車隊也提前完成了計劃，再生能源捕獲率為 96.1%，電力調度匹配率為 98.3%。我們的工廠在最需要的時候繼續運作。

Turning to slide 12, our commercial team is off to another strong start this year. We're creating value from continued market volatility by optimizing our portfolio, locking in higher-than-average margins on retail sales and finding success in selling value-added products around the clean attributes of our nuclear plants.

翻到第 12 張投影片，我們的商業團隊今年又迎來了強勁的開端。我們透過優化產品組合、鎖定高於平均水平的零售利潤率以及成功銷售圍繞核電站清潔屬性的增值產品，從持續的市場波動中創造價值。

We continue to see robust renewal and new business win rates with our power and gas products reflecting the durable relationships we have with these customers. Our scale and ability to develop products to meet the needs of our customers is truly a competitive advantage. We have spent a lot of time over the last 1.5 years talking about the incredible demand for long-term clean, firm and reliable power from the data economy customers and for good reason. But it has arguably overshadowed our success in selling these same products to our traditional commercial customers. For example, through June of this year, we have sold nearly double the volume of hourly carbon-free and emission-free products than we signed all of last year.

我們的電力和天然氣產品繼續保持強勁的更新和新業務成功率，這反映了我們與這些客戶之間持久的關係。我們的規模和開發滿足客戶需求的產品的能力確實是一種競爭優勢。在過去的一年半里，我們花了很多時間討論資料經濟客戶對長期清潔、穩定和可靠電力的巨大需求，這是有充分理由的。但它無疑掩蓋了我們向傳統商業客戶銷售這些產品的成功。例如，截至今年 6 月，我們每小時銷售的無碳和無排放產品數量幾乎是去年全年簽約數量的兩倍。

Let me offer a little more to mention what we're seeing with these sales. Remember, the ability to offer Time Max Clean Power has only been around for just over two years in PJM. So we're encouraged by the growth in what is still a relatively new market. Also interesting is that our customers for these products have mostly been from industries outside of the data economy, reflecting the breadth of demand for these offerings. Their products are rightly sold at a premium to typical C&I deals compensating us for the uniqueness of a scarce firm around-the-clock carbon-free energy solution.

讓我再多提一下我們在這些銷售中看到的情況。請記住，在 PJM 提供 Time Max Clean Power 的能力才剛剛兩年多。因此，我們對這個相對較新的市場的成長感到鼓舞。同樣有趣的是，這些產品的客戶大多來自數據經濟以外的產業，這反映了對這些產品的需求廣度。他們的產品以高於典型 C&I 交易的價格出售，這補償了我們稀缺的全天候無碳能源解決方案的獨特性。

And finally, the duration of these products varies, but they are typically much longer terms than those of our traditional commodity business. Another area where we're seeing tremendous growth is with data center customers we already serve. Focusing just on the accounts we have continually served over the last three years, we have seen their usage in the first half of 2025 increased 45% compared to the first half of 2023. This step-up in usage is probably not unique to Constellation, but it is indicative of the increased demand coming from the data economy, expansion of existing sites and gains in energy density even in existing facilities.

最後，這些產品的期限各不相同，但通常比我們傳統商品業務的期限要長得多。我們看到巨大成長的另一個領域是我們已經服務的資料中心客戶。僅關注我們在過去三年中持續服務的帳戶，我們發現 2025 年上半年的使用量與 2023 年上半年相比增加了 45%。這種使用量的提升可能並非 Constellation 獨有，但它表明數據經濟、現有站點的擴展以及現有設施中能源密度的提高所帶來的需求增加。

Turning to slide 13, I want to provide some brief comments around the financial impacts of the latest capacity auction. As a reminder for everyone, help with your modeling, with the nuclear PTC now in place, calculating the benefit from higher capacity prices is admittedly a little more involved than just the P Times Q and depends on expectations for gross receipts.

轉到第 13 張投影片，我想就最新容量拍賣的財務影響提供一些簡短的評論。提醒大家，在核 PTC 到位的情況下，計算更高容量價格帶來的好處無疑比 P 乘以 Q 要複雜一些，並且取決於對總收入的預期。

When we are below the PTC floor, upside in pricing will first offset PTCs being generated and then went above the floor, we would retain the upside. Fortunately, given where the current forwards are, our nuclear fleet is above the PTC 4 for 2026 and 2027. So the uplift in capacity markets will flow to our earnings outlook, assuming prices hold.

當我們低於 PTC 下限時，定價的上行將首先抵消產生的 PTC，然後高於下限時，我們將保留上行空間。幸運的是，考慮到目前的前景，我們的核電機組在 2026 年和 2027 年將高於 PTC 4。因此，假設價格保持不變，容量市場的提升將影響我們的獲利前景。

This earnings upside above the PTC floor will show up in our enhanced earnings bucket. That said, for the three sites in Illinois that are in the CMT program through mid-2027, any revenues above the CMC price will be refunded to customers. So we will not realize any upside benefit for these 3 CMC plants in Illinois, even though they cleared the auction. So from a financial impact perspective, we'll just focus on Constellation standalone and not include Calpine given where we are in the approval process. For 2026, the net EPS impact of Constellation is approximately $0.50 per share.

高於 PTC 底線的獲利上漲將體現在我們增強的獲利範圍中。也就是說，對於伊利諾州參與 CMT 計畫的三個站點，到 2027 年中期，任何超過 CMC 價格的收入都將退還給客戶。因此，即使伊利諾伊州的這 3 家 CMC 工廠通過了拍賣，我們也不會從中獲得任何好處。因此，從財務影響的角度來看，考慮到我們所處的審批流程，我們只專注於 Constellation 獨立項目，而不是 Calpine。到 2026 年，Constellation 的淨每股盈餘影響約為每股 0.50 美元。

For 2027, assuming we carry the same capacity prices forward to the '27, '28 auction, we would expect an approximately $1.50 per share increase in EPS and help calibrate with these earnings benefits. The Delta upside did say conservatively low number around -- low 200s per megawatt day embedded in our expectations.

對於 2027 年，假設我們將相同的容量價格延續到 27 年、28 年的拍賣，我們預計每股收益將增加約 1.50 美元，並有助於校準這些獲利收益。達美航空的上行確實保守地給出了較低的數字——低於每兆瓦日 200 美元，這符合我們的預期。

Turning to slide 14, the strength of our balance sheet continues to be foundational to the company and our capital allocation. The combination of our investment-grade balance sheet and strong free cash flow create strategic flexibility to fund the Calpine acquisition as well as pursue future growth investments and return capital to our owners.

轉到第 14 張投影片，我們資產負債表的實力繼續成為公司和資本配置的基礎。我們的投資等級資產負債表和強勁的自由現金流相結合，創造了戰略靈活性，為 Calpine 收購提供資金，並追求未來的成長投資並向我們的所有者返還資本。

On our first-quarter call, we talked about our disappointment in not being able to repurchase shares on the short-lived dip. During the second quarter, following the announcement of the Meta transaction, along with reiterating that more long-term PPAs are part of our strategy, we were able to renew an accelerated share repurchase program for $400 million. We expect this view of data economy deals as now being normal forks to our business will afford us flexibility and when we can be in the market buying back stock going forward. And with this quarter's $400 million, we will have repurchased $2.4 billion for outstanding shares since the beginning of our buyback program, and still have about $600 million remaining under the current board authorization. We will remain opportunistic in returning that capital to our owners.

在第一季的電話會議上，我們談到了在短暫的下跌中無法回購股票的失望。在第二季度，在宣布 Meta 交易之後，我們重申更多長期 PPA 是我們策略的一部分，並成功續簽了一項價值 4 億美元的加速股票回購計畫。我們期望這種將數據經濟交易視為我們業務正常分支的觀點能夠為我們提供靈活性，並且我們可以在市場上回購股票。加上本季的 4 億美元，自回購計畫開始以來，我們已經回購了 24 億美元的流通股，根據目前董事會的授權，仍有大約 6 億美元的剩餘。我們將繼續抓住機會，將資本回饋給我們的所有者。

Let me now turn to the one big beautiful Bill act. Joe already talked about our excitement around the support for the nuclear PTC provisions, but there are some key other benefits from the legislation constellation. The VA includes an incremental 10% bonus on the 45 like credit for nuclear energy communities that will provide incremental tax benefits for new Nuclear megawatts. We expect the Crane Clean Energy Center as well as our other up projects to qualify for this bonus. We also benefit from the general corporate provisions included in the legislation.

現在讓我來談談《美麗的比爾法案》。喬已經談到了我們對支持核 PTC 條款的興奮之情，但該立法體係也帶來了一些其他關鍵好處。VA 為核能社區提供了 45 種類似信貸的增量 10% 獎金，這將為新的核能兆瓦提供增量稅收優惠。我們預計 Crane 清潔能源中心以及我們的其他上級項目均有資格獲得此獎金。我們也受益於立法中包含的一般公司條款。

Moving from 40% to 100% bonus depreciation on our entire capital plan, including fuel as well as an immediate deduction for research and development expenses will meaningfully benefit our cash position. These provisions create an expected $200 million to $300 million of annual tax cash favorability per year for Constellation stand-alone. We expect that benefit to grow with Calpine and the capital plans there. We're excited about Constellation's performance and our financial position as we head into closing Calpine later this year. And with that, I'll turn the call back to Joe.

將我們的整個資本計畫（包括燃料）的獎金折舊從 40% 提高到 100%，以及立即扣除研發費用，將對我們的現金狀況產生重大影響。這些規定預計將為 Constellation 獨立公司帶來每年 2 億至 3 億美元的年度稅收現金優惠。我們預計，隨著 Calpine 及其資本計畫的實施，這項效益將會成長。我們對 Constellation 的業績和財務狀況感到非常興奮，因為我們將在今年稍後關閉 Calpine。說完這些，我就把電話轉回給喬。

Thanks, Dan. Great job.

謝謝，丹。幹得好。

So, look, Dan and I have covered, we had a pretty great first half of the year from our perspective financially and operationally. Real big wins on the policy front. We have some terrific significant opportunities on the horizon to kind of continue to build on the successes you have seen us achieve already.

所以，你看，丹和我已經說過了，從財務和營運的角度來看，我們今年上半年的表現相當不錯。在政策方面取得了真正的巨大勝利。我們面臨著一些極為重要的機會，可以繼續鞏固我們已經取得的成功。

And we're focused on closing the Calpine transaction the second half of the year and really doing the work here to bring these two great companies together. Our company is really like no other, and our unique and strong foundation will create value for our owners year in and year out. So we produce robust cash flow and base earnings, which are protected by the nuclear PTC, which, as you've seen now, has tremendous bipartisan support. And I think we should reasonably expect the policy to be continued. Our earnings grow at 13% through the decade and any long-term deal we do would be additive to that growth as well as to our base earnings.

我們專注於在今年下半年完成 Calpine 交易，並真正努力將這兩家很棒的公司合併在一起。我們的公司確實與眾不同，我們獨特而強大的基礎將年復一年地為我們的所有者創造價值。因此，我們產生了強勁的現金流和基本收益，這些都受到核 PTC 的保護，正如您現在所看到的，它得到了兩黨的大力支持。我認為我們應該合理地期待這項政策能持續下去。我們的收益在未來十年內以 13% 的速度成長，我們達成的任何長期交易都會增加這一成長以及我們的基本收益。

We've had a track record finding ways to improve our earnings and just this update here, you're seeing what we're doing with the Cranes restart, we've done the deals with Meta and Microsoft, we've got the line acquisition. I think we're pretty smart about finding those things and getting them done. Calpine will add $2 in EPS and $2 billion of free cash flow before growth starting next year. And Dan, of course, covered some of the cash benefits of big, beautiful to us. We've got upgrades that we're now through the engineering process on, and we're open to partner with customers to bring to the grid.

我們一直在尋找提高收益的方法，就在這次更新中，您可以看到我們重啟 Cranes 的工作，我們已經與 Meta 和微軟達成了交易，我們還進行了生產線收購。我認為我們非常聰明，能夠找到這些事情並完成它們。在明年開始成長之前，Calpine 的每股盈餘將增加 2 美元，自由現金流將增加 20 億美元。當然，丹也向我們介紹了「大而美」為我們帶來的一些現金利益。我們現在已經完成了升級工程流程，並且願意與客戶合作將其引入電網。

And then finally, not only does the PTC provide protection for the nuclear fleet, but in a world where people are concerned about inflationary impacts, the PTC gives us some unique protection through higher PTC floors that are adjusted with higher inflation. So we feel like we have an unbelievable foundation for capturing value from all the opportunities we're seeing and for meeting the demand of the data economy and the demand of just growth here in America and capturing the value that you deserve as our owners. Our existing fleet can serve customers with clean, reliable energy that they need now for decades and decades to come. So an unbelievable platform. We think it's unmatched in the world in which you operate.

最後，PTC 不僅為核電廠提供保護，而且在人們擔心通膨影響的世界中，PTC 透過隨著通膨上升而調整的更高 PTC 下限為我們提供了一些獨特的保護。因此，我們覺得我們擁有一個令人難以置信的基礎，可以從我們看到的所有機會中獲取價值，滿足數據經濟的需求和美國的成長需求，並獲得作為我們所有者應得的價值。我們現有的車隊可以為客戶提供他們現在和未來幾十年所需的清潔、可靠的能源。這是一個令人難以置信的平台。我們認為這在你們經營的世界中是無與倫比的。

And I'm excited to take your questions.

我很高興回答你們的問題。

(Operator Instructions) Steve Fleishman, Wolfe.

（操作員指示）史蒂夫·弗萊什曼，沃爾夫。

Thanks for the updates. So I guess, first on the potential late eating data center deal. The -- you mentioned interconnection being kind of maybe a crux issue. Could you just talk to the time line for that specific one you've already had to go through? And then just generally, what are you seeing on PJM interconnection time lines from utilities? Like is this how long are they? Any thoughts there kind of high level as well?

感謝您的更新。因此我想先談談潛在的遲來的資料中心交易。您提到的互連可能是關鍵問題。您能否談談您已經經歷過的那個具體事件的時間表？那麼一般來說，您在公用事業的 PJM 互連時間表上看到了什麼？就像這樣，它們有多長？那裡也有高水準的想法嗎？

Yes. I mean, Steve, just I'll do the -- well, I'll do them in order. I'm hoping we'll get that done this year. The one I was referring to. Obviously, the work is in other hands, but we're in close contact and coordination.

是的。我的意思是，史蒂夫，我會做——好吧，我會按順序做。我希望我們今年能夠完成這個目標。我指的是那一個。顯然，這項工作由其他人負責，但我們正在保持密切聯繫和協調。

In terms of some generic statement about how long it takes to interconnect. It's -- I think it's really impossible. I think everybody is recognizing getting closer to plants and big transmission infrastructure is the key to speeding up the process. And it depends on the particular projects. But as a general rule, what we laid out a year ago to all of you has come to pass as the kind of conventional wisdom in the business of how you do this most effectively.

就互連需要多長時間這一一般性陳述而言。這——我認為這真的是不可能的。我認為每個人都認識到接近工廠和大型輸電基礎設施是加快這一進程的關鍵。這取決於具體的項目。但作為一般規則，我們一年前向大家闡述的內容已成為業界關於如何最有效地做到這一點的傳統智慧。

Thankfully, I've seen all the utilities be far more responsive to where we were a year ago. When we started this stuff out and exploring these opportunities, it wasn't uncommon to see studies and those sorts of processes take a year or more. And I think all of the utilities to their credit and to our appreciation of their work, have figured out ways to expedite the engineering work and to go through the many requests they get in kind of a principled way. We've seen some utilities group request to deal with them more quickly. But everybody seems to be responding to the need for speed.

值得慶幸的是，我看到所有公用事業的反應速度都比一年前有了顯著提高。當我們開始這些事情並探索這些機會時，經常會看到研究和這類過程需要一年甚至更長時間。我認為，所有公用事業公司都值得稱讚，並且值得我們讚賞他們的工作，他們已經找到了加快工程進度的方法，並以原則性的方式處理他們收到的眾多請求。我們看到一些公用事業集團要求更快地處理這些問題。但似乎每個人都在回應對速度的需求。

And so I'm glad to see that. But still, at the end of the day, it depends where you put this stuff and you can get a good answer at one point and a bad answer at the other. What's important here is that the utilities transparently share that information so that the customers could understand the viability of different projects in different places. And I think they're doing that.

我很高興看到這一點。但歸根結底，這取決於你把這些東西放在哪裡，你可能在某個時候得到一個好的答案，而在另一個時候得到一個壞的答案。這裡重要的是，公用事業公司透明地共享這些訊息，以便客戶可以了解不同地方不同項目的可行性。我認為他們正在這麼做。

And then, just on this late inning one, is this a matter of kind of just timing and cost? Or is this kind of like any risk of it just not being viable?

那麼，就這一後期而言，這是否只是時間和成本的問題？或者這是否存在不可行的風險？

Steve, I wouldn't be talking about it in the call if I didn't think it was a viable thing. So it's more of -- we just got to let them get through their process and figure out when the interconnection works. And then we'll tell you about it. But what I think folks on these calls tend to think is that we're sitting around debating dollars per megawatt hour for eight or nine months. There's a lot of complexity to these transactions.

史蒂夫，如果我認為這不可行，我就不會在電話中談論它。所以更重要的是——我們必須讓他們完成他們的流程並弄清楚互連何時起作用。然後我們會告訴你。但我認為參加這些電話會議的人往往認為，我們已經就每兆瓦時的電價爭論了八、九個月了。這些交易非常複雜。

You've seen that in Microsoft. You've seen that in Meta. You've seen that in the work that Talend has announced. And there's just a lot of process. And some of these things are within the control of our customer and ourselves.

您可能已經在微軟看到過這種情況。您已經在 Meta 中看到過這一點。您已經在 Talend 宣布的工作中看到了這一點。還有很多流程。其中一些事情在我們的客戶和我們自己的控制範圍內。

And when you're on the grid, you do need the involvement of other parties. And then making sure that the equipment that is needed for upgrades is available and all that stuff. So it ends up take a good bit of time as you could appreciate. But we feel we're in a pretty good spot.

當你連接到電網時，你確實需要其他方的參與。然後確保升級所需的設備以及所有這些東西都可用。因此，正如您所理解的，它最終會花費相當多的時間。但我們覺得我們處於一個相當不錯的位置。

Okay. I've got 1 million PJM questions, but I'll let other people ask those. Just other questions just on new nuclear. Has your kind of strategy change there? Like are you more willing now to invest in new nuclear?

好的。我有 100 萬個關於 PJM 的問題，但我會讓其他人來問這些問題。只是關於新核的其他問題。您的策略有改變嗎？例如，您現在是否更願意投資新的核能？

And what would be the risk reward conditions for you to do that?

那麼，您這樣做的風險回報條件是什麼？

Yes, Steve, I don't think this is going to be like big step-change, changes approach for Constellation. I think it's more of an evolution. And with time, with the work that Brian Hansen and his team at nuclear put into studying the designs. And then not only just looking at the designs from a viability and operational standpoint, but kind of getting into the nitty gritty of the cost line items for the different component parts to better understand how the thing is actually going to be manufactured, whether it's Midler in the case of an SMR, where the equipment is coming from time lines, all of that stuff that is work that we are literally refining every single day. And here's what I would say.

是的，史蒂夫，我不認為這會是 Constellation 的重大變革或方法改變。我認為這更像是一種進化。隨著時間的推移，布萊恩漢森和他的核能團隊對設計進行了深入的研究。然後，不僅從可行性和操作性的角度審視設計，而且要深入了解不同組件的成本項目，以便更好地了解產品的實際製造方式，無論是 SMR 中的 Midler，設備來自時間線，所有這些都是我們每天都在改進的工作。我想說的是：

As a general rule, I feel better with the passage of each week in terms of better understanding cost structures and the time to complete the work. And so I would say that our confidence is growing but it's growing incrementally, not in terms of major step changes. And so I think you're going to -- I think it's quite viable. I think it's very, very real. I don't think that everybody's design is going to actually work and be commercially viable.

一般來說，隨著時間一週一週地過去，我對成本結構和完成工作的時間有了更好的了解。因此我想說，我們的信心正在增長，但這種增長是逐步的，而不是重大的改變。所以我認為你會——我認為這是相當可行的。我認為這是非常非常真實的。我認為並不是每個人的設計都能真正發揮作用並具有商業可行性。

But we've got a pretty good beat on who we think the winners are going to be. We've had a lot of conversations with companies to think about how Constellation given its unique access to real estate, it's operational expertise, it's construction expertise, all of those things could be brought to bear in aid of one of these companies. So there's -- I'm pretty pumped up about where this could go. But I'm not yet at a point where I could say on a call like this, what the cost is going to be and here's when we think we're going to be able to do it. Do I think we're going to get there?

但我們對於誰將成為獲勝者已經有了相當好的預測。我們與許多公司進行對話，思考如何利用 Constellation 在房地產方面的獨特優勢、營運專業知識、建築專業知識等來幫助這些公司。所以——我對這件事的進展感到非常興奮。但我還沒有到可以在這樣的電話會議上說出成本是多少以及我們認為何時能夠做到這一點的地步。我認為我們會到達那裡嗎？

Yes, I do.

是的，我願意。

Jeremy Tonet, JPMorgan Securities LLC.

摩根大通證券有限責任公司的傑里米·託內特 (Jeremy Tonet)。

Just wanted to pick up with the auction a little bit more if I could. And you highlighted the clear benefits of demand response and the importance in the future going forward there. Just wondering if you might be able to comment a bit more on thoughts on the level that materialized in this past auction trends there and how you see this trending in the future or what would it take to get more?

如果可以的話，我只是想多了解一下拍賣情況。您強調了需求響應的明顯好處以及其在未來的重要性。只是想知道您是否可以對過去拍賣趨勢的具體水平發表更多評論，以及您如何看待未來的拍賣趨勢，或者如何獲得更多？

Look, I think one of the things it's going to take to get more is that the ELCC change. So for folks on the call who don't follow this at a granular level. PJN creates an electric load carrying capacity for every resource that gets bid into the auction demand response combined cycle machines, nuclear plants. The star of the show, of course, is always nuclear plants because they're the strongest, most reliable units in the system. And everything else gets kind of a haircut from there.

聽著，我認為要獲得更多收益需要做的事情之一就是改變 ELCC。因此，對於電話中沒有詳細了解這一點的人來說。PJN 為參與拍賣需求響應複合循環機械、核電廠等每種資源創建電力負載承載能力。當然，核電廠始終是整個電力系統中最強大、最可靠的設備。從那時起，其他一切都會被削減。

In the case of demand response going into this last auction, the ELCC, carrying capacity for peak was set at less than 70%. From a financial perspective, that means that if you bid a megawatt of demand response, your price that you got back was haircutted by over 30%, right, from the go. So that limited a bit the amount of DR that participated in the market. this next auction, that goes up to over 90%. So the economics of bidding in for demand response will change over the course of this next auction.

在最近一次拍賣的需求響應情況下，ELCC、峰值承載能力設定為不到 70%。從財務角度來看，這意味著如果您競標一兆瓦的需求回應，那麼您獲得的價格從一開始就會被削減 30% 以上。因此，這在一定程度上限制了參與市場的 DR 數量。在下一次拍賣中，這一比例將上升到 90% 以上。因此，在下一次拍賣過程中，需求響應競標的經濟性將會改變。

There requirements will also change instead of having to be available for 18 hours, it will stretch to 24 hours. But one of the reasons that we got involved with this new company to develop these AI products is because we think there's a bear there, is DR by itself going to be a solution? No, but it's got to be a unique and important contributor. And I say unique because it represents an incredible speed to deliver reliability. So as I applaud PJM for improving the LCC, I wish they had done it for the last auction, but I'm not going to cry over that spilled milk.

他們的要求也將發生變化，不再是必須待命 18 小時，而是延長至 24 小時。但是，我們與這家新公司合作開發這些人工智慧產品的原因之一是，我們認為那裡存在著一個熊市，DR 本身能成為解決方案嗎？不，但它必須是一個獨特且重要的貢獻者。我之所以說它是獨一無二的，是因為它代表著以令人難以置信的速度提供可靠性。因此，當我讚揚 PJM 改進 LCC 時，我希望他們在上次拍賣時就這樣做，但我不會為打翻的牛奶哭泣。

And I think it will deliver megawatts into the future.

我認為它將來會提供兆瓦的電力。

Just continuing with the auction, if I could. We've seen state attention from governors and other stakeholders after the last auction here. I'm just wondering what you're expecting in terms of state-level action on PJM changes going forward here, whether that's incentivizing new supply or other reforms? And could there be opportunities for constellation out of this?

如果可以的話，我就繼續拍賣。上次拍賣後，我們看到了州長和其他利害關係人的關注。我只是想知道，您對未來州一級對 PJM 變革的行動有何期待，無論是激勵新供應還是其他改革？由此是否能為星座帶來機會？

I think there will be. Look, I think what Governor Hoke is doing in terms of the New York RFP for nuclear. I could see that transpiring in other places. I mentioned other states in which we do business where new nuclear might make sense. And depending on the work that Brian and his team could do, I am quite sure we're going to not take 10 years to bring that stuff on.

我認為會有的。瞧，我認為霍克州長正在就紐約核能 RFP 採取一些行動。我看到這種情況在其他地方發生。我提到了我們開展業務的其他州，在這些州建造新的核電廠可能是合理的。根據 Brian 和他的團隊所做的工作，我確信我們不會花 10 年的時間來實現這些目標。

It will be done in a much more time-effective way. So I think that's real in the long run. But Jeremy, I think the one thing that states are going to have to evaluate one of the points that we've championed is we've got a number of states that have required fossil fuel plants to lead the system by a certain date. And I don't think it should be a surprise to you that we would recommend that they rethink those requirements. And so we have advanced some ideas.

這將以更省時的方式完成。所以我認為從長遠來看這是真的。但是傑里米，我認為各州必須評估的一件事是，我們倡導的其中一點是，我們已經有許多州要求化石燃料工廠在某個日期之前引領系統。我認為我們建議他們重新考慮這些要求，這不應該讓您感到驚訝。因此我們提出了一些想法。

I think there's some really good ideas out that would say, for example, if you scheduled to retire in 2030 maybe as a compromise, that generator starts ramping down from a historical baseline, their emissions in, call it, '27, '28, '29, so that they could bank emissions that could then allow them to operate between 2030 and the new set time to retire, right? So that they could buy their way into an extension by reducing air pollution in these interim years. We've heard that. We're supportive of that, makes complete sense to us to keep some of these generating facilities on to give the market time to respond. Now look, I know there's been a lot of discussion out there about Monopoly build versus competitive market build.

我認為有一些非常好的想法，比如說，如果你計劃在 2030 年退役，也許作為一種妥協，發電機開始從歷史基線開始減少它們的排放量，稱為 27、28、29 年，這樣它們就可以儲存排放量，然後可以讓它們在 2030 年和新的退役時間之間繼續運行，對嗎？這樣，他們就可以透過在這幾年間減少空氣污染來獲得延長合約的機會。我們聽說過。我們對此表示支持，對我們來說，保留部分發電設施以給市場做出反應的時間是完全合理的。現在看看，我知道關於壟斷建設與競爭性市場建設已經有很多討論。

There's no timing advantage to having Monopoly build. We're going to have to manage these next few years. Where the system is going to be tight. We're going to have to see DR come in. We're going to have to have states perhaps revisit some of the timing for the retirement of units, and we're going to have to spend that so that we manage this interim period.

建造大富翁遊戲並沒有什麼時間優勢。我們必須管理好接下來的幾年。系統將會變得嚴密。我們必須看到 DR 的介入。我們可能需要各州重新考慮一些部隊退役的時間，並且我們必須花費這些時間來管理這個過渡期。

And then we're going to see 9 gigawatts come into the system through PJAM's RRI. We are here not because of a failure of markets, we are here because of the failure of regulatory design that has now been addressed, but took way too long to address and cast a cloud of uncertainty over the market for too long. Again, can't get on these calls and cry about spilled milk. But if somebody is out there saying, oh, this is the failure of competitive markets or this is all the fault of the hyperscalers. I'm just calling it a bunch of hue. That's just not true.

然後我們將看到 9 千兆瓦的電力透過 PJAM 的 RRI 進入系統。我們之所以陷入困境，並不是因為市場失靈，而是因為監管設計失敗，這個問題現在已經解決，但解決的時間太長，並且給市場蒙上了一層長期的不確定性陰影。再說一次，不能接這些電話然後為打翻的牛奶而哭泣。但如果有人說，哦，這是競爭市場的失敗，或者這都是超大規模企業的錯。我只是稱它為一堆色調。事實並非如此。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I was wondering if you could touch on the direction of pricing in discussions you're having on some of these data center deals. We've seen, obviously, with the capacity auction prints coming in, higher, and it does seem like conversations and demand has been fairly elevated. What are you seeing in terms of some of these most recent discussions with regard to pricing versus previous?

我想知道您是否可以在討論這些資料中心交易時談談定價的方向。顯然，我們已經看到，隨著容量拍賣印刷量的增加，對話和需求似乎也相當高。就最近的一些定價討論而言，與之前相比，您有何看法？

Yes, David, I'm not going to talk about -- well, first of all, David, thanks for being on the call. I'm not going to talk about specific deals because I don't want to reference a particular transaction from a timing standpoint. What I think we're all seeing is the market is getting more scarce, the price of capacity is becoming more scarce. The availability of other resources in light of what happened with big beautiful on renewables. And in light of the FIAC limitations for things like storage, I think, are going to pressure those elements of supply.

是的，大衛，我不想談論——好吧，首先，大衛，感謝您接聽電話。我不會談論具體的交易，因為我不想從時間角度提及特定的交易。我認為我們都看到的是市場變得越來越稀缺，容量價格也變得越來越稀缺。鑑於再生能源領域發生的重大事件，其他資源的可用性。鑑於 FIAC 對儲存等方面的限制，我認為這將給供應要素帶來壓力。

We talked in our last call about the cost of combined cycle machines going up. So all of these things as a grouping and of course, the consumption of the available megawatts is going to make the things that exist more scarce and all things considered, that should mean that prices will continue to rise stated differently. What I would say to customers is, this is a good opportunity to begin having those discussions.

我們在上次電話會議中討論了聯合循環機器成本上漲的問題。因此，所有這些因素加在一起，當然還有可用兆瓦的消耗，將使現有的東西變得更加稀缺，從各個方面考慮，這意味著價格將繼續上漲，換句話說。我想對顧客說的是，這是一個開始進行這些討論的好機會。

Great. Appreciate that. And then how are you seeing the -- you've got a couple of different maybe structures or offerings here. How are you seeing the balance between front of the meter virtual versus co-located on-site data centers? How is the interest in -- maybe in the colocation side of things, is there a common structure for some of the deals that are moving forward?

偉大的。非常感謝。那麼您如何看待——您可能在這裡得到了幾種不同的結構或產品。您如何看待電網虛擬資料中心與同地現場資料中心之間的平衡？大家對主機託管的興趣如何？一些正在推進的交易是否有一個共同的結構？

Yes. Let me change let me change the labeling a little bit here so that I can precisely answer your question. When I think of co-locating, I think, of approximately located. I think just about everything is going to be approximately -- that is of size, right? It's going to be approximately located to major power elements, whether it be the power plant or major elements of the transmission grid, which again, are generally near power plants.

是的。讓我稍微改變一下這裡的標籤，以便我可以準確地回答你的問題。當我想到共同定位時，我想到的是大致定位。我認為幾乎所有事物都是大約——也就是大小，對嗎？它將位於主要電力元件的大致位置，無論是發電廠還是輸電網的主要元件，這些元件通常位於發電廠附近。

So I think the question you're getting to is Joe, is that going to be front of the meter or behind the meter going to kind of this broader issue that has been in front of FERC now for some time. I don't think anyone right now has given up hope that FERC is going to address and provide flexibility for true behind-the-meter configurations. And I happen to be with the President in Pittsburgh during the summit that Senate or McCormick organized, which is really a wonderful event. And one can't hear the President talk without coming to the conclusion that the President very strongly feels that things that are behind the meter and that generation built specifically for data centers has got to be a part of the solution set that is available to customers. But right now, listen, given the ambiguity on this issue at FERC and what's going on in terms of the selection and appointment of FERC leadership, we don't have an answer to that just yet.

所以我認為你要問的問題是喬，這是否是電錶前還是電錶後，這是一個更廣泛的問題，這個問題已經擺在聯邦能源管理委員會 (FERC) 面前有一段時間了。我認為現在沒有人放棄希望聯邦能源管理委員會 (FERC) 能夠解決這個問題並為真正的電錶後配置提供靈活性。我碰巧在參議院或麥考密克組織的峰會期間在匹茲堡與總統在一起，這真是一次精彩的活動。聽完總統的講話，我們肯定會得出這樣的結論：總統強烈地感覺到，電錶背後的設備和專門為資料中心建造的發電設備必須成為可供客戶使用的解決方案的一部分。但是現在，聽著，鑑於聯邦能源管理委員會在這個問題上的模糊性以及聯邦能源管理委員會領導層的選拔和任命方面的情況，我們還沒有答案。

So we continue to think about it as a longer-term option, but what we're working on right now is off front of the -- if that, David, is kind of what you were getting at.

因此，我們繼續將其視為長期選擇，但我們目前正在做的工作是——如果這就是你所要表達的意思，大衛。

Yes. No, that's helpful. I was curious if co-locating and kind of offering in your own, whether it's land, maybe transmission interconnection if that could add value versus something that's a little bit more, I guess, maybe more distant or virtual as I was thinking the Clinton deal was?

是的。不，這很有幫助。我很好奇，如果在你們自己的領域內進行共置並提供土地或傳輸互連，是否可以增加價值，而不是像我認為的克林頓協議那樣，提供更遠或更虛擬的東西？

Yes. Look, I think we could do both, but I think the land around the plants because of, again, the proximity to these major elements is going to be enormously valuable. And we've talked about that from the beginning. There's no change in my view. My conviction around that has been nothing but strengthened.

是的。聽著，我認為我們可以兩者兼顧，但我認為工廠周圍的土地由於靠近這些主要元素，將會非常有價值。我們從一開始就討論過這個問題。我的觀點沒有改變。我對此的信念更加堅定了。

And so I think that's going to be the way this thing plays out. But the thing I was trying to bring out on the call in my prepared remarks was that post Calpine, what we have is the opportunity to be approximately located and the major element there might be a gas plant and associated transmission. But because of Constellation's unique capabilities, the ownership of this nuclear fleet and our commercial ability, right? We could take that interconnection, and we could couple that with a clean energy product for 24/7 clean energy, which not only gives the customer the sustainability value that they want and we definitely see that desire for sustainability. But the other thing they want is they want certainty on pricing for a 20-year deal.

所以我認為這就是事情的最終結果。但我在電話中準備好的發言中試圖表達的是，在卡爾派恩之後，我們有機會大致定位，那裡的主要元素可能是天然氣廠和相關的輸送。但由於 Constellation 的獨特能力、對這支核動力艦隊的所有權以及我們的商業能力，對嗎？我們可以採用這種互連，並將其與清潔能源產品結合起來，提供全天候清潔能源，這不僅為客戶提供了他們想要的可持續價值，而且我們也確實看到了他們對永續性的渴望。但他們想要的另一件事是確定 20 年合約的定價。

And that's pretty hard to do with the gas plant because you don't know the input price of the natural gas. And so it's always going to be indexed to a certain extent. And it's very difficult to do because you don't know what future environmental policies might mean to the cost of CO2. So typically, when you're looking at a long-term deal at a gas plant, you're saying, hey, it's going to be indexed to something on the supply side or we need a long-term supply arrangement. You need to deal with the firmness of that supply arrangement and then you have to have a conversation with the customer around what happens if a carbon tax or a regional program comes into play or something else happens.

這對天然氣工廠來說相當困難，因為你不知道天然氣的投入價格。因此它總是會在一定程度上被索引。這非常困難，因為你不知道未來的環境政策對二氧化碳的成本意味著什麼。因此，通常情況下，當您考慮與天然氣廠達成長期交易時，您會說，嘿，它將與供應方面的某些東西掛鉤，或者我們需要長期供應安排。您需要處理供應安排的穩固性，然後您必須與客戶討論如果徵收碳稅或區域計劃或發生其他情況會發生什麼。

The beauty of having the nuclear big watts is, as you've seen, we have no trouble giving somebody a price sheet for clean firm energy that's going to be here for decades to come. That's where the part works.

如你所見，擁有核能大功率發電的美妙之處在於，我們可以毫不費力地向人們提供未來幾十年仍將存在的清潔能源的價格表。這就是該部件發揮作用的地方。

Sophie Karp, KBCM.

索菲·卡普（Sophie Karp），KBCM。

I have a question about, I guess, how utilities respond to the interconnection request and proliferation of those requests. So what -- and how that might impact you by extension. So I guess what we see is that tires increasingly requiring longer-term contracts, some take-or-pay features in those contracts or guaranteed returns and features like that. And from what we're hearing a lot of data center customers are finding these exceedingly owners, right. From your standpoint, could that have implications for your operation where you operate and maybe that -- could you see that us on your customers spend rate away from some territories that are perceived as more difficult towards more vertically integrated markets where it might be easier for them to operate -- like what is your view on that?

我有一個問題，我想問公用事業公司如何應對互連請求以及這些請求的激增。那麼——以及這可能會對你產生什麼影響。所以我想我們看到的是，輪胎越來越需要長期合同，這些合約中有一些照付不議的特點或保證回報等特點。據我們所知，很多資料中心客戶都認為這些是極其重要的所有者，對吧。從您的角度來看，這是否會對您所在地區的運營產生影響，也許 - 您是否看到我們的客戶從一些被認為更困難的地區轉向更垂直整合的市場，在那裡他們可能更容易運營 - 您對此有何看法？

Look, I think the thing that's going on in the American politics and touching on the American regulatory compact, whether that be in vertically integrated markets or in competitive markets as -- it's kind of the desire to visit upon the data centers, all of the costs associated with increases in supply-demand fundamentals. And that's kind of why I talked about what I did in the prepared remarks to dispel what I think is an inaccurate narrative. But whether that's in a vertically integrated market, we certainly see tariffs that are being created in vertically integrated markets that appear very onerous to data center developers. And each state whether it's an integrated monopoly model or a competitive market, I think, is going to have some choices that they make here that will, in effect, drive the development to particular regions that are more friendly. I've seen Pennsylvania, for example, deliberately be quite friendly or then -- deliberately be quite friendly to the data economy.

你看，我認為美國政治中正在發生的事情觸及了美國的監管契約，無論是在垂直整合市場還是在競爭性市場中——這都是一種訪問資料中心的願望，所有與供需基本面增加相關的成本。這就是為什麼我在準備好的發言中談到我所做的事情，以消除我認為不準確的敘述。但無論是在垂直整合市場中，我們肯定會看到在垂直整合市場中產生的關稅對資料中心開發商來說非常繁重。我認為，每個州，無論是綜合壟斷模式還是競爭市場，都會做出一些選擇，實際上，這些選擇將推動發展朝向更友善的特定地區發展。例如，我看到賓州故意對數據經濟表現得非常友善。

We'll watch how that unfolds. But there -- the kind of -- from my perspective, the kind of nonsensical aspect of this is that if you are in a region where you're joining state is building data centers, then whatever is going to occur to supply-demand fundamentals as a result of that growth is going to happen to your state even if you abolish data centers in your state. The grid, as we all know, doesn't stop at state orders. We don't have 50 different electrical islands were all related. And so supply and demand affects all of us.

我們將觀察事態如何發展。但是，從我的角度來看，這種現象的荒謬之處在於，如果你所在的地區正在建造資料中心，那麼由於這種增長而對供需基本面產生的影響也會發生在你的州，即使你在你的州廢除了資料中心。眾所周知，電網不會因國家命令而停止。我們沒有 50 個彼此相關的不同電力島。因此，供給和需求影響著我們所有人。

And I think most informed governors and policymakers have taken the view that we have to mitigate these impacts to the extent possible, but artificially trying to suppress data center development in order to suppress costs would be as effective as, oh, I don't know, the State of New Jersey trying to affect interstate milk prices by directing residents to no longer drink milk. It just doesn't work. And so you see a lot of activity in that area, but it just -- I think rationality will play out. We have to navigate what is going to be a tougher few years. We've made it tougher by having a bad market design to begin with that had artificially low prices, but we're all ultimately understand that, that has to be navigated in a way that works for American families and Constellation is doing its part to do it.

我認為大多數知情的州長和政策制定者都認為我們必須盡可能地減輕這些影響，但為了降低成本而人為地抑制數據中心的發展，其效果就如同新澤西州試圖通過指示居民不再喝牛奶來影響州際牛奶價格一樣。它根本不起作用。因此，您會看到該領域有很多活動，但我認為理性會發揮作用。我們必須渡過接下來幾年更艱難的時期。由於市場設計不良，人為壓低了價格，我們的情況變得更加困難，但我們最終都明白，必須採取一種適合美國家庭的方式來解決這個問題，而 Constellation 正在盡自己的一份力量來做到這一點。

And one quick one, if I may. A lot has been said about the nuclear credit in the BBB, but are there any other provisions there that you can discuss that may indirectly benefit you may be related to depreciation and something that can spur growth that maybe as a secondary we would benefit your business as well?

如果可以的話，我再簡單問一下。關於 BBB 中的核能信貸已經討論了很多，但是您是否可以討論一下其中是否有其他可能間接使您受益的條款，可能與折舊有關，也可能與刺激增長有關，也許從次要方面來說我們也會使您的業務受益？

Well, the bonus depreciation clearly was a big impact. Dan, you covered that a bit. I think you could quantify that.

嗯，獎金貶值顯然造成了很大的影響。丹，你已經講到一點了。我認為你可以量化這一點。

Yes. So we expect bonus depreciation to be between bonus and R&D expensing $200 million to $300 million favorable per year out the horizon. Calpine should be added to that, and we'll come back to you on that once we closes. Obviously, certain beyond the federal statuary tax rate provided by the bill also of value 45-45. Y credit is important and a 10% at or on 45 Y for nuclear communities incremental opportunity.

是的。因此，我們預計未來獎金折舊將在獎金和研發費用之間每年 2 億至 3 億美元。應該將 Calpine 添加到其中，一旦我們關閉，我們會再回复您。顯然，該法案規定的某些超出聯邦法定稅率45-45的價值也。Y 信貸很重要，對於核能社群來說，45 Y 或以上的 10% 增量機會。

Those are from the biggest ones from what we're focused on today.

這些是我們今天關注的最重要的問題。

And I would now like to turn the call back to Joe for closing remarks.

現在我想請喬做最後發言。

Well, look, as always, thanks for your time this morning. Again, now it's a busy time for everybody. I hope we answered your questions, and we thought it was -- the second quarter was -- at the end here of a wonderful first half for us in 2025. We look forward to continuing to execute for our owners and for all of our stakeholders. So until the next time, be well.

好吧，一如既往，感謝您今天上午抽出時間。再說了，現在對每個人來說都是忙碌的時刻。我希望我們回答了您的問題，我們認為第二季度是我們 2025 年上半年精彩表現的結束。我們期待繼續為我們的業主和所有利害關係人提供服務。所以，下次再見，祝你一切安好。

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

女士們、先生們，感謝大家參加今天的會議。今天的節目到此結束。您現在可以斷開連線。祝大家有個愉快的一天。