Constellation Energy Corp (CEG) 2025 Q3 法說會逐字稿

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

各位女士、先生，早安，歡迎參加星座能源公司第三季財報電話會議。（操作員說明）提醒您，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.

現在我謹向大家介紹今天電話會議的主持人，Emily Duncan，資深副總裁，投資人關係與策略計畫負責人。你可以開始了。

Thank you, Lydia. Good morning, everyone, and thank you for joining Constellation Energy Corporation's third quarter earnings conference call. Leading the call today are Joe Dominguez, Constellation's President and Chief Executive Officer; and Dan Eggers, Constellation's Chief Financial Officer. 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.

謝謝你，莉迪亞。各位早安，感謝各位參加星座能源公司第三季財報電話會議。今天主持電話會議的是星座集團總裁兼執行長喬·多明格斯和星座集團財務長丹·埃格斯。星座集團高階管理團隊的其他成員也將出席，在我們的演講結束後，他們將回答您的問題。今天早上我們發布了收益報告和演示文稿，所有內容都可以在 Constellation 網站的投資者關係部分找到。

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

我們今天電話會議中討論的獲利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，這些陳述和估計受到各種風險和不確定性的影響。實際結果可能與我們今天資料中討論的因素和假設以及本次電話會議中發表的評論所作出的前瞻性聲明有所不同。有關可能導致實際結果與管理層預測、預期和期望存在差異的風險因素和其他情況和考慮因素的討論，請參閱今天的 8-K 表格和 Constellation 向美國證券交易委員會提交的其他文件。

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

今天的報告還包括對調整後營業收入和其他非GAAP指標的參考。有關非GAAP指標與最接近的等效GAAP指標之間的調節情況，請參閱我們簡報和獲利公告附錄中的資訊。

I'll now turn the call over to Joe.

現在我將把電話交給喬。

Thanks, Emily, and thanks Lydia, our operator this morning for getting us started. Thanks to all of you for your continued support, for your interest in the company and for joining us today at the end of a very busy week for all of you.

謝謝艾米莉，也謝謝今天早上為我們接通的接線生莉迪亞，是她幫我們啟動了系統。感謝各位一直以來的支持，感謝各位對公司的關注，也感謝各位在忙碌的一周結束後抽出時間與我們共聚一堂。

As always, I want to start by thanking the incredible women and men at Constellation for delivering another quarter of strong operational and financial performance. Powering America is a 24/7 business, and our continued success derives from the simple fact that our folks are exceptional at what they do. This summer, our nuclear plants delivered near-perfect reliability. Our power fleet of gas and renewables answered the bell when dispatched and our commercial and retail teams have once again proven why they are some of the best in the business.

首先，我要像往常一樣感謝 Constellation 的各位傑出的男士和女士，感謝他們又一個季度取得了強勁的營運和財務業績。為美國提供電力是一項全天候的業務，我們持續成功的秘訣在於我們的員工在各自的領域都非常出色。今年夏天，我們的核電廠實現了近乎完美的可靠性。我們的天然氣和再生能源發電力量在接到調度指令後立即投入使用，我們的商業和零售團隊再次證明了他們是業內最優秀的團隊之一。

I'm going to turn to Slide 5 to get us started with our financial results. We delivered third quarter GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, higher than the third quarter of last year. Our commercial and generation teams delivered outstanding performance and the stock has performed tremendously again this year, benefiting you, our owners. But this great performance also benefits our people through stock compensation plans that we have aligned with your interest as owners. This year, because of the magnificent performance over a number of years, these plans are triggered and create some nonrecurring O&M headwinds that Dan will cover in his section.

接下來我將翻到第 5 張投影片，開始介紹我們的財務表現。我們第三季GAAP每股收益為2.97美元，調整後每股營運收益為3.04美元，均高於去年第三季。我們的商業和發電團隊表現出色，股票今年再次取得了巨大的成功，使我們的股東受益。但這項出色表現也透過我們所製定的股票薪酬計畫惠及了我們的員工，這些計畫與你們作為所有者的利益保持一致。今年，由於多年來的出色表現，這些計劃得以啟動，並造成了一些非經常性的運營和維護方面的不利因素，丹將在他的章節中對此進行介紹。

But notwithstanding these onetime events, what I don't want you to miss is the continued growth and strong performance of our business. On the data economy front, our team has never been more active with serious and knowledgeable customers. I know in the last call, I hinted that we are far along on a transaction, making use of a baseball metaphor that we were past the seventh inning stretch. That remains true, and we continue to progress. But as we have recently witnessed in real life baseball and as I'm sure, Dodgers and Blue Jays fans, especially can attest some of the later innings can seemingly drag out.

但撇開這些一次性事件不談，我不希望你們錯過的是我們業務的持續成長和強勁表現。在數據經濟領域，我們的團隊從未像現在這樣積極地與認真且知識淵博的客戶互動。我知道在上次通話中，我暗示我們這筆交易已經進展得很順利了，我用棒球比賽的比喻來形容我們已經過了第七局休息時間。這一點依然成立，我們也將繼續進步。但正如我們最近在現實棒球比賽中所看到的，我相信道奇隊和藍鳥隊的球迷尤其可以證明，比賽的後半段可能會變得異常漫長。

Nonetheless, we're confident in our ability to complete these transactions, and we will let you know just as soon as we can.

儘管如此，我們對完成這些交易的能力充滿信心，一旦有結果，我們會立即通知您。

But perhaps more important to you than any set of transactions is what we are seeing in the broader data economy market. Our general observation is that the market is hotter now than ever. And the real big difference we're seeing is buyer maturity. In the earliest days, we had a great deal of interest from a lot of customers. But I think it's fair to say in retrospect that many customers in the early days were exploring options, kicking tires, as some might say.

但對你來說，或許比任何交易都更重要的是，我們在更廣泛的數據經濟市場中看到了什麼。我們整體的觀察是，目前的市場比以往任何時候都更加火熱。我們看到的真正巨大變化是買家的成熟度。創業初期，我們受到了許多客戶的極大關注。但回過頭來看，可以說早期的許多客戶都在探索各種選擇，就像有些人可能會說的那樣，就是在試探市場。

Sometimes, they were wondering whether nuclear energy would fit into their own sustainability plans. And even the most serious buyers were still on the shallow part of the learning curve when it came to understanding our markets and the interconnection of really large [loads].

有時，他們會思考核能是否適合自己的永續發展計畫。即使是最認真的買家，在理解我們的市場以及真正大型企業之間的相互聯繫方面，也仍然處於學習曲線的淺層階段。[載入].

Today, we're seeing a far more sophisticated and aggressive customer walk through our door. They have done deals. They understand pricing and term. They know they want nuclear. They understand the accounting and the collateral needs of a large transaction.

如今，我們看到的是一群更老練、更具侵略性的顧客走進我們的店門。他們已經達成了交易。他們了解定價和條款。他們知道自己想要核武。他們了解大額交易的會計處理和抵押需求。

They understand the interconnection process. Most importantly, they walk in our door with a strong understanding of what we can offer and what we need to secure on behalf of our owners and therefore, had to best execute.

他們了解互聯互通的過程。最重要的是，當他們走進我們的大門時，對我們能夠提供的服務以及我們需要代表業主確保的利益有著深刻的理解，因此，我們必須做到最好。

At the end of the day, we are often paced by the speed of interconnection in these deals. But in terms of our own commercial terms, the negotiations move much more quickly than ever before.

歸根究底，這些交易的進展速度往往取決於互聯互通的速度。但就我們自身的商業條款而言，談判進展比以往任何時候都快得多。

Now with regard to the interconnection process, we were encouraged to see the letter from Secretary Wright to FERC, ordering FERC to initiate a rule-making proceeding to develop a standard approach for quickly connecting large loads to the transmission system. It was a clear message from the administration. If America is going to maintain a leadership position in artificial intelligence, we need practical reforms to make it easier to connect large loads to the grid. As you know, this is something we have been saying for a long time. We look forward to FERC's quick action.

關於互聯過程，我們很欣慰地看到賴特部長致函聯邦能源監管委員會，命令聯邦能源監管委員會啟動一項規則制定程序，以製定將大負荷快速連接到輸電系統的標準方法。這是政府發出的明確訊號。如果美國想要維持在人工智慧領域的領導地位，我們需要進行實際的改革，讓大負載接入電網變得更加容易。如你所知，我們一直以來都在強調這一點。我們期待聯邦能源監管委員會迅速採取行動。

They have a docket in PJM that is complete with evidence and with arguments. It's ready for decision.

他們在 PJM 有一份完整的案卷，其中包含證據和論點。現在可以做決定了。

Turning to other developments this quarter. We reached a landmark agreement with the state of Maryland and other key stakeholders that lays out the path for the continued operation of Conowingo Dam for the next 50 years. On Slide 5, you can see a picture of the stakeholders that gathered together with Governor Moore and others to celebrate this outcome. You see the handsome guy in the middle of the photograph and to my right, is Governor Moore. This was a win-win outcome.

接下來談談本季的其他進展。我們與馬裡蘭州和其他主要利益相關者達成了一項具有里程碑意義的協議，為科諾溫戈大壩未來 50 年的持續運作制定了路線圖。在第 5 張幻燈片中，您可以看到利益相關者與摩爾州長和其他人聚集在一起慶祝這一成果的照片。照片中間那位英俊的男士，在我右邊的是摩爾州長。這是一個雙贏的結果。

It brought together previously opposed coalitions to create a long-term solution that helps and protects the bay, while ensuring the continued operations of a vital source of Maryland Clean Energy for the region. I want to thank Governor Moore and Attorney General Brown for their leadership. We look forward to continuing to work with them and other elected officials to explore energy options for Maryland and the region.

它結合了先前對立的聯盟，並制定了長期解決方案，既能幫助和保護海灣，又能確保該地區重要的馬裡蘭清潔能源來源的持續運作。我要感謝摩爾州長和布朗總檢察長所扮演的領導角色。我們期待繼續與他們和其他民選官員合作，探討馬裡蘭州和該地區的能源選擇。

Lastly, Calpine remains on track to close in the fourth quarter. The DOJ is our final approval, and we presently are not seeing any effect on their work from the government shutdown. We're looking forward to getting the transaction closed, and to start working as a combined company to bring coast-to-coast solutions for our customers and to create value for you, our owners and for our communities.

最後，Calpine仍有望在第四季完成交易。司法部是我們的最終審批機構，目前我們尚未看到政府停擺對他們的工作產生任何影響。我們期待完成交易，並以合併後的公司身分開始運作，為我們的客戶提供覆蓋全國的解決方案，並為我們的所有者和社區創造價值。

Turning to Slide 6. The momentum and support for nuclear has never been stronger. Nearly 3/4 of the public now supports nuclear energy. But it doesn't stop there. 9 out of 10 people think that the licenses on existing nuclear plants should be extended, and you know we're doing that work.

翻到第6張投影片。核能的發展勢頭和支持力度從未如此強勁。現在近四分之三的公眾支持核能。但這還不是全部。十個人中有九個認為應該延長現有核電廠的許可證，而我們也正在為此努力。

And 2 out of 3 people believe we should be building more nuclear plants in the U.S. This is a tremendous level of public support. The public gets it and so do the policymakers. I'd point out to you that just in the last 10 days, the Trump administration and Westinghouse announced a public private partnership with the goal of building 10 gigawatts of new nuclear reactors. And the government is pledging $80 billion to help ensure it happens.

三分之二的人認為我們應該在美國建造更多的核電廠。這代表了極高的公眾支持率。公眾明白這一點，政策制定者也明白這一點。我想指出的是，就在過去 10 天裡，川普政府和西屋公司宣布了一項公私合作計劃，目標是建造 10 吉瓦的新核反應爐。政府承諾投入 800 億美元以確保此事得以實現。

Our nation recently announced a trade deal with Japan and the centerpiece of that was the investment of more capital in nuclear and the data economy. And then finally, Next Era, a company known for renewables announced the restart of Duane Arnold, all enabled by another contract with hyperscalers. And that's just what happened in the last 10 days, and it builds upon the bipartisan support that we've seen for nuclear tax credits that not only support new nuclear, but crucially support the existing fleet so that it could continue to operate, upgrade and relicense.

我國最近宣布與日本達成貿易協議，核心內容是加大對核能和數據經濟的投資。最後，以再生能源聞名的 Next Era 公司宣布重啟 Duane Arnold 項目，這一切都得益於與超大規模資料中心營運商簽訂的另一份合約。而這正是過去 10 天裡發生的事情，它建立在我們所看到的對核能稅收抵免的兩黨支持之上，這些抵免不僅支持新的核能項目，而且至關重要的是支持現有的核電站，使其能夠繼續運行、升級和重新獲得許可。

States are also leading the way through ZEC and other programs to ensure that clean, reliable nuclear power continues to benefit their citizens. Under Governor Hochul's leadership in New York, the state is looking to build 1 gigawatt of new nuclear built on a foundation of the new -- of the existing nuclear fleet that has been so successful for New York. The Public Service Commission has called for the extension of the ZEC programs, and we are involved in that proceeding. All of these developments are wonderful and a great affirmation of what I think has been the core principle of this company from its beginning.

各州也在透過零排放合約和其他項目發揮領導作用，以確保清潔、可靠的核能繼續造福其公民。在州長霍楚的領導下，紐約州正計劃在現有核電廠的基礎上，建造1吉瓦的新核電廠，而現有核電廠已經為紐約州帶來了巨大的成功。公共服務委員會已要求延長 ZEC 計劃，我們正在參與該程序。所有這些進展都非常棒，也充分印證了我認為這家公司自成立以來一直秉持的核心原則。

Nuclear energy is the most valuable and important energy commodity in the world today, and Constellation produces more of it than any other private sector company in the world. But our advantage doesn't just stop with the existing fleet. I think the most valuable asset that we have, that presently isn't fully recognized is the nuclear sites themselves. This is the place where nuclear was built. It's the place where we have the infrastructure, the land, the capability and the talent to build the next generation of nuclear plants.

核能是當今世界上最有價值、最重要的能源商品，而星座能源公司生產的核能比世界上任何其他私人企業都多。但我們的優勢並不僅僅體現在現有的艦隊上。我認為我們擁有的最有價值的資產，目前尚未被充分認識，就是核設施本身。這裡是核電廠的建造地。這裡擁有建造下一代核電廠所需的基礎設施、土地、能力和人才。

These land assets that Constellation owns more than anyone provides unique value that is difficult, if not impossible, to replicate. And what it means to me is that the path to new nuclear in many places is going to walk through Constellation.

Constellation 擁有的這些土地資產比任何人都多，它們具有獨特的價值，即使不是完全不可能，也很難複製。對我而言，這意味著在許多地方，通往新型核能的道路都將透過星座計畫來實現。

Turning to Slide 7. Constellation has had an excellent track record, as you know, of working with stakeholders to find solutions. And we once again stepped up to meet the needs of the grid by answering Maryland's call with options for the state to consider that would bring new dispatchable generation resources to the state as well as the continued operation and expansion of the world's best 24/7 clean energy resources. As part of the Next Generation Energy Act of 2025, the Maryland Public Service Commission solicited applications for dispatchable generation and large capacity resources that could proceed through an expedited process known as a CPCN or Certificate of Public Necessity. In response, we're providing Maryland options to potentially bring up to 800 megawatts of battery storage and more than 700 megawatts of low-carbon natural gas to help Maryland meet its future energy needs.

請翻到第7張投影片。如您所知，Constellation 在與利害關係人合作尋找解決方案方面有著良好的記錄。我們再次挺身而出，滿足電網的需求，響應馬裡蘭州的呼籲，為該州提供了多種選擇，這些選擇將為該州帶來新的可調度發電資源，並繼續運營和擴大世界上最好的全天候清潔能源資源。作為 2025 年下一代能源法案的一部分，馬裡蘭州公共服務委員會徵集可調度發電和大容量資源的申請，這些申請可以透過稱為 CPCN 或公共必要性證書的快速程序進行批准。為此，我們正在為馬裡蘭州提供多種選擇，以期引入高達 800 兆瓦的電池儲能和超過 700 兆瓦的低碳天然氣，以幫助馬裡蘭州滿足其未來的能源需求。

Being part of the solution is who we are at Constellation, and no other company is doing more to bring and secure power for our communities than Constellation. As you know, we've committed to bring 835 megawatts through the restart of the Crane Clean Energy Center. We continue to provide nearly 600 megawatts from the relicensing of Conowingo that we spoke about a moment ago. We are bringing 160 megawatts of new nuclear uprates online at Byron and Braidwood beginning next year, and we're doing far more than this.

成為解決方案的一部分是 Constellation 的使命，沒有其他公司比 Constellation 為我們的社區帶來和保障電力付出更多。如您所知，我們已承諾透過重啟克萊恩清潔能源中心，提供 835 兆瓦的電力。我們繼續透過剛才提到的 Conowingo 電廠重新獲得許可，提供近 600 兆瓦的電力。從明年開始，我們將在拜倫和布雷德伍德新增 160 兆瓦的核電裝置容量，而且我們正在做的遠不止這些。

As we talked about last quarter, we're collaborating with customers to pioneer about 1,000 megawatts of AI-enabled demand response capacity. We're targeting 500 megawatts under contract this year and another 500 next year. And we have identified an additional 900 megawatts of uprates at our sites, including 190 megawatts at Calvert Cliffs in Maryland.

正如我們上個季度所討論的，我們正在與客戶合作，率先開發約 1000 兆瓦的 AI 賦能的需求響應能力。我們今年的目標是簽訂 500 兆瓦的合同，明年再簽訂 500 兆瓦的合約。我們還在我們的站點發現了額外的 900 兆瓦增容空間，其中包括馬裡蘭州卡爾弗特懸崖的 190 兆瓦。

Constellation has and will continue to support reliability everywhere and operate in our competitive markets, effectively and performing well. And we have seen that over a decade since deregulation with generators, the competitive market has provided the best solutions to customers.

Constellation 過去一直並將繼續在各地提供可靠的服務，並在競爭激烈的市場中高效運營，表現出色。我們已經看到，自從發電機市場放鬆管制以來的十多年裡，競爭性市場為客戶提供了最佳解決方案。

With that, I'm going to turn it over to Dan for the financial results.

接下來，我將把財務績效報告交給丹。

Thank you, Joe, and good morning, everyone. Beginning on Slide 8, we earned $2.97 per share in GAAP earnings and $3.04 per share in adjusted operating earnings in the third quarter, which was $0.30 per share higher than last year. In the third quarter, we saw fewer nuclear outage days, both planned and unplanned compared to the same period last year. These results reflect the outstanding efforts of our teams whose dedication and skill have driven higher generation volumes and help us operate more efficiently than ever with lower O&M expenses on a year-over-year basis.

謝謝你，喬，大家早安。從第 8 張投影片開始，我們第三季的 GAAP 每股收益為 2.97 美元，調整後的營業收益為每股 3.04 美元，比去年同期高出 0.30 美元。第三季度，核電廠停運天數（包括計畫內和計畫外停運）均比去年同期減少。這些成果反映了我們團隊的傑出努力，他們的奉獻精神和技能推動了更高的發電量，並幫助我們以比以往更低的營運和維護費用實現了更高的營運效率。

Last quarter marked the first period where we recognized a full 3 months of higher PJM capacity revenues following the breakout 2025, 2026 capacity auction. With our plants currently near or above the top end of the PTC zone, the non-CMC units captured almost all of the benefit of higher capacity prices. This capacity upside is partially offset by a reduction in PTC revenues compared to last year when more of our plants were in the PTC zone. Additionally, ZEC prices in both the Midwest and New York were lower compared to the third quarter of last year. As a reminder, for the full year 2025, our Illinois ZEC revenues are about the same as last year, but the timing is different since we booked banked ZECs last quarter, whereas in 2024, more of the ZECs were booked across the quarters.

上個季度是自 2025 年和 2026 年容量拍賣突破以來，我們首次連續 3 個月確認 PJM 容量收入成長。由於我們的工廠目前接近或超過 PTC 區域的上限，非 CMC 裝置幾乎獲得了所有更高的產能價格的好處。產能的提升部分被 PTC 收入的減少所抵消，與去年相比，去年我們有更多工廠位於 PTC 區域。此外，中西部和紐約的ZEC價格均低於去年第三季。提醒一下，2025 年全年，我們的伊利諾伊州 ZEC 收入與去年大致相同，但時間安排有所不同，因為我們上個季度確認了已結算的 ZEC，而 2024 年，更多的 ZEC 是在各個季度確認的。

Moving to Slide 9. Our nuclear team continues to execute at levels of reliability and with a commitment to excellence that yields differentiated operating performance. During the third quarter, they once again hit that mark with a fleet-wide capacity factor of 96.8%. Our team consistently delivers a capacity factor about 4% higher than the industry average, which at our fleet size is the equivalent to having another reactor's worth of power on a full year basis.

切換到第9張投影片。我們的核能團隊持續保持高可靠性，並致力於追求卓越，從而實現了差異化的營運績效。第三季度，他們的車隊運力係數再次達到 96.8%，再次創下紀錄。我們的團隊始終保持著比行業平均高出約 4% 的容量係數，以我們目前的機組規模來看，這相當於全年擁有另一個反應爐的發電量。

Our renewable and natural gas fleets performed near plan during the quarter, with renewable energy capture at 96.8% and power dispatch match at 95.5%. Consistent, reliable and excellent operations across our generation fleet, especially during the critical summer months, are a testament to the thousands of tasks and hours of planning, our teams complete on an ongoing basis to make sure we can meet our commitment to provide clean, firm and reliable power.

本季度，我們的再生能源和天然氣發電廠基本上按照計畫運行，再生能源發電量達到 96.8%，電力調度匹配率達到 95.5%。我們發電廠的穩定、可靠和卓越的運行，尤其是在關鍵的夏季月份，證明了我們的團隊為確保我們能夠履行提供清潔、穩定、可靠電力的承諾，而持續完成了數千項任務和數小時的規劃。

Turning to Slide 10. Our commercial team continues to meet the needs of our customers, delivering tailored energy solutions that meet their evolving needs. This collaborative approach is driving strong performance with sales margins above the long-term averages we use in our forecast and above the margins we anticipated at the beginning of this year. The renewal rates for both power and gas remained strong. The quarter-over-quarter decline we experienced in our C&I gas renewal rate is almost entirely driven by the loss of one very large low-margin customer and expected part of the normal ebbs and flows of the business.

翻到第10張投影片。我們的商務團隊持續滿足客戶的需求，提供量身訂製的能源解決方案，以滿足他們不斷變化的需求。這種協作方式帶來了強勁的業績，銷售利潤率高於我們預測中使用的長期平均水平，也高於我們今年年初預期的利潤率。電力和天然氣的續約率均保持強勁。我們的工商業天然氣續約率較上月下降，幾乎完全是因為失去了一個利潤率很低的大客戶，以及業務正常波動的一部分所致。

Our relationships with long-standing customers remain strong and our scale and ability to deliver products to meet the needs of our customers remains a competitive advantage.

我們與長期客戶的關係依然牢固，我們的規模和交付產品以滿足客戶需求的能力仍然是我們的競爭優勢。

Continuing on Slide 11. We are narrowing our full year stand-alone adjusted operating earnings guidance range to $9.05 to $9.45 per share. The commercial and generation businesses have had another outstanding year. Our commercial team's ability to optimize the portfolio and deliver value beyond targets is a key driver again this year. Additionally, the world-class operating performance of our nuclear fleet has also contributed upside to our gross margin.

繼續，請看第11張投影片。我們將全年獨立調整後營業利潤預期範圍縮小至每股 9.05 美元至 9.45 美元。商業和發電產業又迎來了輝煌的一年。今年，我們商業團隊優化產品組合併創造超出預期價值的能力再次成為關鍵驅動因素。此外，我們核電廠世界一流的營運表現也提高了我們的毛利率。

This operational strength reinforces the reliability and consistency of our company's earnings profile.

這種營運實力增強了我們公司獲利狀況的可靠性和穩定性。

Our stock has appreciated over 50% year-to-date, significantly benefiting our owners, but also creating O&M headwinds from stock compensation, which is offsetting much of the gross margin favorability this year.

今年以來，我們的股票價格上漲了 50% 以上，這給我們的股東帶來了巨大的收益，但也因股票補償而造成了營運和維護方面的阻力，抵消了今年大部分的毛利率優勢。

Finally, as a reminder, our revised guidance is stand-alone to Constellation and does not include any impacts from the Calpine transaction.

最後提醒大家，我們修訂後的業績指引與 Constellation 無關，不包含 Calpine 交易的任何影響。

Speaking of guidance and looking to 2026 with the Calpine deal, we get a lot of questions on what to expect. We plan to provide combined company guidance and modeling tools on or around our typical fourth quarter call in late February. We expect to fold Calpine into our current base and enhanced EPS constructs. And as you all revisit your models in the interim, let me remind you when we announced the transaction in January, we provided preliminary expectations for EPS and free cash flow accretion. Those expectations were based on forward power prices and spreads that look relatively similar to today despite the market having moved around a lot since last December.

談到業績指引以及與 Calpine 達成的 2026 年交易，我們收到了許多關於未來發展方向的問題。我們計劃在二月下旬舉行的第四季財報電話會議上，提供公司業績指引和建模工具的綜合資訊。我們計劃將 Calpine 融入我們目前的基礎和增強型 EPS 結構中。在此期間，當你們重新審視自己的模型時，我想提醒你們，我們在 1 月宣布這筆交易時，曾對每股收益和自由現金流成長做出初步預期。這些預期是基於遠期電力價格和價差做出的，儘管自去年 12 月以來市場波動很大，但這些價格和價差與今天的情況相對相似。

Calpine also has a history of locking in sales or hedging its fleet like other generators to ensure meeting its financial commitments. So near-term open exposure is relatively limited. And the guidance included our view of expected synergies, which, as we talked about, we're not a major value driver for this deal, but were anticipated based on what we knew about putting the 2 companies together, and recognizing Calpine was long held by private equity outside of the public markets. It also reflected estimates for accounting policy harmonization adjustments and purchase accounting with fair value calculations, which are inherently difficult to model from your seats.

與其他發電公司一樣，Calpine 也有鎖定銷售或對沖其發電資產以確保履行財務承諾的慣例。因此，近期的公開市場風險敞口相對有限。該指導意見包括我們對預期協同效應的看法，正如我們所說，我們並不是這筆交易的主要價值驅動因素，而是基於我們對將兩家公司合併的了解，以及認識到 Calpine 長期以來一直由公開市場之外的私募股權持有，而對協同效應的預期。它也反映了會計政策協調調整和採用公允價值計算的購買會計的估計，這些內容從本質上來說很難從你們的座位上進行建模。

We will fill in all the details when we get to early spring. But I know it has been a little while since the deal was announced. So we thought a quick refresh back to our original conversation would be helpful for all of you.

等到早春時節，我們會完善所有細節。但我知道距離交易宣布已經過了一段時間。所以我們認為，快速回顧一下我們最初的對話對大家都會有幫助。

Turning to Slide 12. In September, we executed a renewal and upsizing of our credit facilities, positioning us for the close of the Calpine transaction. Combining the expanded revolver with the other liquidity tools that we use, we'll have $14 billion of liquidity after the deal closes, underscoring the strength of our balance sheet and the strategic flexibility afforded by our investment-grade credit rating allowing us to move forward with confidence.

翻到第12張投影片。9 月，我們完成了信貸額度的續約和擴充，為完成 Calpine 交易做好了準備。結合擴大後的循環信貸額度和我們使用的其他流動性工具，交易完成後我們將擁有 140 億美元的流動性，這凸顯了我們資產負債表的實力以及投資級信用評級所帶來的戰略靈活性，使我們能夠充滿信心地向前邁進。

We're also asked regularly about our capital allocation strategy after the deal closes, and it remains unchanged. With the significant free cash flow the combined company is expected to generate, our priorities remain clear. We will maintain a strong balance sheet and high investment-grade credit ratings targeting a return to our metrics by year-end 2027, deliver at least 10% annual dividend growth, pursue growth opportunities that meet our double-digit unlevered return threshold, and return capital to shareholders with $600 million remaining on our existing buyback program.

交易完成後，我們也常被問到我們的資本配置策略，而我們的策略始終保持不變。鑑於合併後的公司預計將產生可觀的自由現金流，我們的工作重點仍然明確。我們將保持強勁的資產負債表和高投資級信用評級，目標是在 2027 年底前恢復到我們的指標水平，實現至少 10% 的年度股息增長，尋求符合我們兩位數無槓桿回報率門檻的增長機會，並將剩餘 6 億美元的現有股票回購計劃資金返還給股東。

Our goal remains the same: to deliver long-term value for our owners. The philosophy behind our capital allocation strategy is consistent even as we evolve into a larger, more diversified company with even greater opportunities.

我們的目標始終如一：為業主創造長期價值。即使我們發展成為一家規模更大、業務更多元化、擁有更大機會的公司，我們的資本配置策略背後的理念也始終如一。

With that, I'll turn the call back to Joe for his closing remarks.

接下來，我將把電話轉回給喬，請他作總結發言。

Thanks, Dan. So folks Constellation performed very well during the third quarter and throughout the year. But we've got 2 months basically to finish it up. And so we've got a lot of work going on in the business, and we remain focused on closing the Calpine transaction and bringing together these 2 great companies. We're looking forward to proving that 1 plus 1 will equal 3.

謝謝你，丹。各位，星座集團在第三季以及全年的表現都非常出色。但我們基本上還有兩個月的時間來完成它。因此，我們在業務上有很多工作要做，我們將繼續專注於完成 Calpine 的交易，將這兩家優秀的公司合併在一起。我們期待證明 1 加 1 等於 3。

And that the size and scale of the combined company will deliver value for our customers and for our nation that neither company could have done on its own.

合併後的公司規模將為我們的客戶和國家帶來任何一家公司單獨無法實現的價值。

We're working hard to execute transactions with our customers in the data economy. And we're working with the states and regulators to provide sensible solutions for meeting this moment where new generation and new capabilities are going to be needed to allow America to lead as it should on AI.

我們正努力在數據經濟時代與客戶進行交易。我們正在與各州和監管機構合作，提供合理的解決方案，以應對當前需要新一代技術和新能力的局面，從而使美國能夠在人工智慧領域發揮其應有的領導作用。

Constellation is built on a foundation unlike any other company in the energy sector. That foundation enables us to consistently deliver value to our owners year after year. We generate strong cash flow and base earnings supported by a nuclear production tax credit, which continues to enjoy broad and growing bipartisan support. We have a strong earnings growth profile through the decade, and we are in the middle of strategic transactions or PPAs with hyperscalers, which we expect to complete, which will be additive to both our growth and our base earnings.

Constellation 的基礎與能源產業的其他任何公司都截然不同。這項基礎使我們能夠年復一年地持續為業主創造價值。我們獲得了強勁的現金流和基本收益，這得益於核能生產稅收抵免政策，該政策持續獲得廣泛且不斷增長的兩黨支持。未來十年，我們的獲利成長前景強勁，目前我們正在與超大規模資料中心營運商進行策略性交易或購電協議 (PPA)，預計這些交易將完成，這將對我們的成長和基礎收益都起到促進作用。

We benefit uniquely from higher inflation, which causes the PTC floor to automatically adjust and further strengthens the economics of our nuclear fleet. We're well positioned to capture value from the opportunities ahead, selling our megawatts at a premium through long-term contracts with customers, including those in the rapidly expanding data economy, which we've talked about quite a bit during this call.

我們獨特地受益於更高的通貨膨脹，這導致 PTC 下限自動調整，並進一步增強了我們核電廠的經濟性。我們已做好充分準備，從未來的機遇中獲取價值，透過與客戶簽訂長期合同，以溢價出售我們的兆瓦電力，其中包括那些在快速發展的數據經濟領域中的客戶，我們在本次電話會議中對此進行了相當多的討論。

As overall power demand grows and new generation resources are required, our existing fleet is ready to meet the needs with clean, reliable and available today energy, and our land gives us a great opportunity to participate in future development.

隨著整體電力需求的成長和對新型發電資源的需求，我們現有的發電廠已準備好以清潔、可靠且可立即使用的能源來滿足需求，而我們的土地也為我們參與未來的發展提供了絕佳的機會。

With that, I look forward to your questions.

那麼，我期待你們的提問。

(Operator Instructions) Shahriar Pourreza, Wells Fargo.

（操作員說明）Shahriar Pourreza，富國銀行。

Joe, just on your hyperscaler comment. I mean, obviously, we've seen a lot of BTM deals being done ironically with nonpower companies, couldn't quite tell from the baseball analogy, but are you still kind of confident with announcing another hyperscale deal by year-end? Or should we assume early next year. And despite FERC, should we still assume that this deal or any deal will be structured in front of the meter?

Joe，我只是想回應你關於超大規模資料中心的評論。我的意思是，很顯然，我們看到很多 BTM 交易諷刺地與非電力公司達成，從棒球的比喻中我看不出來，但你仍然有信心在年底前宣布另一項超大規模交易嗎？或者我們應該假設明年年初。儘管聯邦能源監管委員會（FERC）提出了反對意見，我們是否仍然應該假設這項交易或任何交易都將採用電錶前收費模式？

Yes. As to the last question, yes, right now, as I've indicated on prior calls, we're really focused exclusively on front-end meter deals, which is why this interconnection process ends up becoming to a certain extent, the gating function on these deals, and we often have to wait for other parties. Shar, my expectation is that deals will be completed soon. I think it will happen before we talk again. But I don't -- there are these approval processes that customers have to go through that sometimes are time consuming.

是的。至於最後一個問題，是的，正如我在之前的電話會議中指出的那樣，目前我們確實只專注於前端計量交易，因此這種互聯過程在某種程度上成為了這些交易的准入機制，我們經常不得不等待其他方。Shar，我預計交易很快就會完成。我覺得在我們下次談話之前這件事就會發生。但我沒有——客戶必須經過這些審批流程，有時會很耗時。

And I don't want -- I can't guarantee the work of other parties. But we're quite close here. So I'm hopeful that this stuff will get done soon and certainly before our fourth quarter call.

而且我不想——我無法保證其他方的工作品質。但我們離目標很近了。所以我希望這些事情能盡快完成，肯定要在第四季財報電話會議前完成。

Okay. No, that's actually helpful. And then just lastly, just from a contracting pricing perspective, I mean, we obviously -- we have a proxy right now in Texas for BTM deal with significant backup gen. Are you seeing FOM and BTM pricing kind of converge in your conversations, especially since you're focused more on the FOM side? And just what about gas versus nuclear, especially as you're closing the Calpine deal?

好的。不，這其實很有幫助。最後，從合約定價的角度來看，我們顯然——我們現在在德克薩斯州有一個代理 BTM 交易，擁有重要的備用發電機。在你的討論中，你是否注意到 FOM 和 BTM 定價在某種程度上趨於一致，尤其是在你更關注 FOM 方面的情況下？那麼，天然氣和核能哪個比較好呢？尤其是在你即將完成與卡爾派恩的交易之際？

Yes. I think gas has some capabilities in this space. Just to answer that part of your question. I think the real issue with gas for the customers is twofold. One is, it doesn't meet their longer-term sustainability goals for some customers, it's okay; for other customers, it isn't.

是的。我認為氣體在這方面有一定的潛力。僅回答你問題的這一部分。我認為客戶面臨的天然氣問題主要有兩個面向。一是它不符合某些客戶的長期永續發展目標，沒關係；但對其他客戶來說，這就不公平了。

And then separately, in the case of gas, it's sometimes more difficult to predict the kind of long-term pricing. So when you're asking me to compare pricing for gas, whether that's behind the meter or front of the meter or to a nuclear deal, we end up having to speculate about what future gas prices are going to be, say, over 20 years, we end up having to speculate whether or not there are going to be other compliance costs associated with carbon emissions from gas.

此外，就天然氣而言，預測其長期價格有時更加困難。所以，當你讓我比較天然氣的價格時，無論是表後價格、表前價格，還是與核能交易的價格，我們最終都不得不猜測未來 20 年的天然氣價格會是多少，我們最終都不得不猜測與天然氣碳排放相關的其他合規成本是否會產生。

So really hard to do that. Oftentimes, the gas deals leave those issues open to different inputs for either a carbon price, a change in policy and of course, for the underlying cost of gas. So hard to compare the 2 things. And generally speaking, the deals that you're alluding to that have been done really haven't been done with new clean resources that allow for the comp. So a bit hard to say.

所以這真的很難做到。天然氣交易往往會留下一些不確定因素，例如碳價格、政策變化，當然還有天然氣本身的成本。這兩件事很難比較。總的來說，你提到的那些已經完成的交易，實際上並沒有使用新的清潔資源來進行比較。所以很難說。

I do think that from an economic perspective, what we're offering, and I think it's part of the heat that we're seeing in terms of the inflow of customers through the door is very attractive pricing relative to other options, and pricing that's firm and sustainable for a long-term period and something that they know from their own environmental pledges and sustainability goals is going to be compliant for them.

我認為從經濟角度來看，我們提供的產品/服務之所以如此受歡迎，部分原因在於其價格相對於其他選擇而言非常有吸引力，而且價格穩定且可持續，能夠長期有效，客戶也知道，根據他們自身的環境承諾和可持續發展目標，我們的產品/服務符合他們的要求。

Got it. But just -- I guess, just focusing a little bit on just nuclear FOM versus BTM pricing. Is there a material difference? Are you seeing when those conversations just honing in on nuclear?

知道了。但是－我想，還是稍微關心一下核電的FOM定價與BTM定價吧。兩者之間有實質的差別嗎？你有沒有註意到，這些討論最終都集中在了核武上？

Sure. I think it's hard yet to fully understand what the new nuclear pricing is going to be. I mean, that's -- the bottom line is we do a tremendous amount of work on that. And I think it's far from settled what that's going to look like. Obviously, what we could offer is significantly more economic.

當然。我認為現在還很難完全了解新的核能定價機制。我的意思是，歸根結底，我們在這方面做了大量的工作。我認為最終結果如何，目前還遠未確定。顯然，我們能提供的方案價格便宜得多。

And most importantly, it's available right now.

最重要的是，它現在就可以買到。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

I guess, first, just a question on the Calpine. There were some stories about a potential delay in the asset sale process by you? Just anything that we should read into that?

我想，首先，請問一下關於卡爾派恩的問題。有報導稱，您可能會導致資產出售流程延誤？我們該對此作何解讀？

Probably a couple of things, Steve. One is we kicked off the asset sale process because we weren't sure how much time we were going to be given to divest needed assets. And so we're feeling more confident that we're going to have a reasonable amount of time to execute the divestiture post regulatory approvals. And secondly, as we complete the regulatory approvals, it is, as you know, DOJ and FERC utilize different tests. And so we want to make sure we're targeting the exact right assets to divest.

可能有兩個原因，史蒂夫。一是我們啟動了資產出售流程，因為我們不確定會有多少時間來剝離所需的資產。因此，我們更有信心，在獲得監管部門批准後，我們將有合理的時間來完成資產剝離。其次，如您所知，在完成監管審批時，司法部和聯邦能源監管委員會採用不同的測試方法。因此，我們希望確保我們瞄準的是真正需要剝離的資產。

The biggest point here is that we just don't feel like we need to be in a hurry to complete an asset sale transaction, and we want to take our time. The market is very supportive of sales of these assets right now.

最重要的一點是，我們並不覺得需要急於完成資產出售交易，我們希望慢慢來。目前市場對這些資產的出售非常看好。

Yes. And I guess there'll be others that have pending ones that will be done later on maybe -- that could be buyers. Okay. So the other question is more just high level, I mean for the last several months, we just keep hearing different new entrants to the Power business, whether it's oil companies, gas companies, new technologies, et cetera. And then obviously, huge focus on time to power.

是的。我猜想可能還有其他買家，他們的交易也會在稍後完成。好的。所以另一個問題更多的是高層次的，我的意思是，在過去的幾個月裡，我們不斷聽到不同的新進業者進入電力行業，無論是石油公司、天然氣公司、新技術等等。然後，很顯然，要非常重視電力供應時間。

But then at the same time, it seems to take a very long time to work out deals for those same customers with the assets that are there already. And maybe you can just help connect the dots of what's going on and your conviction level that you'll be able to kind of execute on the ability to capture these new customers?

但同時，對於這些客戶而言，利用現有資產達成交易似乎需要很長時間。或許您可以幫忙理清思路，了解正在發生的事情，並表達您有信心能夠成功獲取這些新客戶？

I think the excitement and interest in new generation is just really a reflection on how durable this growth cycle is going to be. We're seeing these -- the investment in new data centers just grow over year-over-year, and we're now seeing capital deployment projected to be (inaudible) on building data centers. And notably, that's probably twice as large as the 3 largest publicly traded power companies in the United States.

我認為人們對新一代的熱情和興趣，實際上反映了這個成長週期將如何持續。我們看到，新建資料中心的投資逐年成長，目前預計用於建造資料中心的資本部署將達到（聽不清楚）。值得注意的是，這大概是美國三大上市電力公司規模的兩倍。

So we're seeing an investment in the data economy that's simply enormous, and it's going to call for all hands on deck. And I'm always pleased to see that they believe in it so much that they're lining up power needs that are really going to come on 5 or in certain cases, maybe up to 10 years down the road. So I think that's all indicative of the size of the opportunity that we're seeing.

因此，我們看到對數據經濟的投資規模龐大，這需要所有人齊心協力。我總是很高興看到他們如此相信這一點，以至於他們正在規劃未來 5 年，甚至在某些情況下，可能長達 10 年內才會出現的電力需求。所以我認為這都顯示了我們所看到的機會有多麼巨大。

Steve, I'd just simply stand by my earlier comments that the amount of interest we have, the number of deals that are being negotiated is far different now and far bigger and more serious now than it's been before. And so that's what gives me confidence we're going to be able to continue to execute the strategy. And I think we provide something uniquely and that's available now. Power with a predictable opportunity to scale that.

史蒂夫，我只想堅持我之前的觀點，我們現在所受到的關注程度，以及正在洽談的交易數量，都與以前大不相同，規模更大，也更加嚴肅。正因如此，我才有信心我們能夠繼續執行這項策略。我認為我們提供的產品獨一無二，現在就可以購買。擁有可預見的、能夠擴大規模的權力。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

We're just wondering if you could provide a little bit of color on Three Mile Island, it seems like progress is going well there. Just wondering if you could provide any updated thoughts?

我們只是想問您能否介紹一下三里島的情況，那裡的重建工作似乎進展順利。想問您是否能提供一些最新的想法？

Well, just what you said. I mean the progress is going well there. We've had a number of critical items that we've completed just recently. The plant looks really well. We talked at the beginning of this whole project that we are going to need a couple of components, the main transformer being one of them.

嗯，正如你所說。我的意思是，那裡的進展很順利。我們最近完成了一些關鍵項目。這株植物長得很好。在整個專案開始之初，我們就討論過我們需要一些組件，主變壓器就是其中之一。

Fuel was another gating item, getting the people ready to operate the site. That was a gating item, Bryan, who's here and his entire team have just done an exceptional job getting the plant ready and really tackling some of these challenges that we identified.

燃料是另一個關鍵因素，需要讓人們做好營運該站點的準備。布萊恩，那是一個關鍵環節，他和他的整個團隊在讓工廠做好準備方面做得非常出色，並且真正解決了我們發現的一些挑戰。

Most importantly, we're not seeing new challenges emerge, right? So as we continue to do our work, there's always going to be some discovery that comes along with the inspections of the plant. And what gives me great confidence is that we're not on earth in anything that we didn't anticipate. And in point of fact, the condition of the plant is better.

最重要的是，我們沒有看到新的挑戰出現，對嗎？因此，在我們繼續進行工作的過程中，在對工廠進行檢查時總是會有一些新的發現。讓我充滿信心的是，我們所處的這個世界，一切都在我們的預料之中。事實上，這株植物的狀況更好了。

Got it. Very helpful there. And just wondering if you might be able to comment a little bit as well separately on power markets. We've seen energy prices moving up recently and just wondering thoughts you have on these moves where it could go in -- do you see this having any, I guess, impact on conversations when you're discussing contracts?

知道了。那方面幫了我很大的忙。另外，我想問您是否也能單獨談談電力市場方面的問題。我們看到最近能源價格上漲，想知道您對這些上漲趨勢有何看法——您認為這會對您在討論合約時產生任何影響嗎？

Well, I think it has 2 impacts strategically for us. One, right, is the -- questions I think we've already gotten here. Are we seeing some sort of convergence that causes us to think we're not going to achieve our pricing expectations. And I would say the opposite is true. And then secondly, we're going to have to sell some assets here to get through regulatory approvals.

我認為這對我們來說有兩方面的策略影響。沒錯，第一個問題是──我想我們已經在這裡收到的一些問題。我們是否看到某種趨同現象，導致我們認為無法實現定價預期？而我認為事實恰恰相反。其次，為了獲得監管部門的批准，我們不得不出售一些資產。

And I think the impact there, again, is favorable and that the environment for the sale of assets is more constructive now than probably when we started the -- when we announced the Calpine deal. But let me ask Jim McHugh, who's here to kind of weigh in on what he's seeing in the power markets and their durability.

而且我認為，這方面的影響再次是有利的，現在出售資產的環境可能比我們宣布 Calpine 交易之初更具建設性。但我想問吉姆·麥克休，他今天來這裡是為了談談他對電力市場及其持久性的觀察。

Yes. Yes. Thanks, Joe. I'd break it into a couple of components. One is maybe short term, we've seen a small rebound in the nearby, just kind of the nearby month, maybe gas rebound a little bit, that's had somewhat to do with power upward pressure that we've seen.

是的。是的。謝謝，喬。我會把它分成幾個部分來處理。一方面可能是短期因素，我們看到近期，也就是最近一個月，天然氣價格出現了小幅反彈，這在某種程度上與我們看到的電力價格上漲壓力有關。

But actually, the power upside has been longer duration than that, and it's been stronger in the outer years. And it's really outperformed gas. I think we're seeing expansion -- heat rates expanding and spark spreads expanding, mainly due to the data growth we're talking about, the load growth in general that we're talking about. We'll have continued -- some continued retirements down the road. There's less line of sight right now, as we've talked about 2 additional megawatts in the grid except for all these wonderful opportunities that we've talked about in -- that Joe talked about in the call earlier as well as what we're seeing in terms of our corporate PPAs, bringing on new generation 2.

但實際上，電力上漲的持續時間更長，而且在後期幾年漲幅更大。它的性能確實優於汽油。我認為我們正在看到擴張——熱效率擴張和火花擴散擴張，這主要是由於我們正在談論的數據成長，以及我們正在談論的整體負載成長。未來還會有一些人繼續退休。目前視線不太清晰，正如我們之前討論過的，電網中新增了 2 兆瓦，但除此之外，還有許多絕佳的機會——喬在之前的電話會議中也談到了這些機會，以及我們在企業購電協議方面看到的情況，這些都帶來了新的第二代電力。

But really, it's -- over the last few months, it's been the realization and positive developments on load interconnection and the reality of load growth happening where I think the power markets are pushing stronger. It's still rather tight on the supply-demand fundamentals in general. And it's really about the expectation that we'll see higher energy prices to go with some of the upward pressure we've seen on capacity prices in these markets, too.

但實際上，在過去的幾個月裡，人們逐漸意識到負載互聯的積極發展以及負載成長的現實，我認為電力市場正在加強推動這一趨勢。整體而言，供需基本面依然相當緊張。實際上，我們預期能源價格將會上漲，同時這些市場的產能價格也面臨上漲壓力。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

[Andrew Weinfeld, Scotiabank].

[安德魯溫菲爾德，豐業銀行]。

A few questions for you. First, in Maryland. You talked about the 700 megawatts of natural gas capacity. I believe that's existing assets and you maintained relocated turbines. Can you get a little more specific where would those be coming from?

我有幾個問題想問你。首先，在馬裡蘭州。你提到了700兆瓦的天然氣發電量。我認為那是現有資產，而你們維護的是已搬遷的渦輪機。能更具體地說明這些東西來自哪裡嗎？

And maybe on timing, how quickly would those be available to come online?

或許在時間安排方面，這些服務多久才能上線？

They're physically located in buildings in the Midwest and in New England. And they're -- I would describe them as incredibly lightly used assets that we could relocate relatively quickly to Maryland. But in terms of their performance capabilities are relatively speaking, state-of-the-art in terms of their heat rates. And we have taken measures to refurbish those units and get them ready for rapid redeployment. So that, I think, is the answer to your question.

它們的實際辦公地點位於美國中西部和新英格蘭的建築物內。而且——我會把它們描述為使用率極低的資產，我們可以相對快速地將它們轉移到馬裡蘭州。但就性能而言，就散熱速率而言，它們是相對最先進的。我們已採取措施翻新這些部隊，並使其做好快速重新部署的準備。所以，我想，這就是你問題的答案。

Great. Then on new nuclear. I know I'm pretty new to the story, but I know that you sounded pretty cautious about new nuclear construction, given the high cost and risks. But with the announcements from the federal government, has that changed your comfort level or given -- has that changed your appetite and what would it take you to get you to move forward? Whether you need government support and the customer contracts?

偉大的。然後是新的核能。我知道我對這件事了解不多，但我知道你之前對新建核電廠的態度相當謹慎，因為成本高且風險很大。但隨著聯邦政府的聲明發布，這是否改變了您的舒適度或意願？需要什麼條件才能促使您繼續前進？您是否需要政府支援和客戶合約？

I know you've talked about exploring potentially 2 gigawatts in your (inaudible) in Maryland. And New York is considering adding a gigawatt, as you mentioned. Maybe just high-level thoughts on all of that?

我知道你曾談到在馬裡蘭州探索建造 2 吉瓦的潛在項目（聽不清楚）。正如你所提到的，紐約正在考慮新增1吉瓦的電力供應。或許只是想就所有這些問題做一些高層次的思考？

First and foremost is a PPA, right? We need a durable PPA. And the second thing is, we need clear pricing that we're going to be able to achieve with constructability. And that means good partners that bring the technical capability and the ability to construct along with that. We also think, as I alluded to in my prepared remarks, we also think the land value that we offer is the secret sauce to this whole thing.

首先也是最重要的，就是購買價格協議（PPA），對吧？我們需要一份持久有效的購電協議。第二點是，我們需要明確的定價，而這個定價必須能夠透過施工來實現。這意味著我們需要優秀的合作夥伴，他們能夠提供技術能力和施工能力。正如我在事先準備好的演講稿中提到的，我們認為我們提供的土地價值是整個事件的秘訣。

I think you're not going to build nuclear plants in the places we do business with the exception perhaps of Texas, in communities that have never had nuclear before. And I think there's a huge value to having that talent, having the big water, the rail, all the infrastructure and most importantly, the community acceptance.

我認為，除了德州以外，在我們開展業務的地區，以及那些以前從未有過核能的社區，我們不會建造核電廠。我認為擁有這樣的人才、廣大的水資源、鐵路、所有基礎設施，以及最重要的社區認可，都具有巨大的價值。

So what I'm looking to do is to monetize the value of that land and that set of capabilities that we bring and convert that into a position that gives us some of the output of the new units.

因此，我希望將這片土地的價值以及我們所擁有的能力貨幣化，並將其轉化為能夠讓我們獲得新單位部分產出的地位。

The next thing we're trying to do is make sure that whatever gets operated on our land because we have operating units gets operated by us, not by others. So an operating services agreement will have to be part of it. In terms of what enables it, I talked about the importance of the PPA. I think the involvement of the administration and the way that they're talking about with Westinghouse likewise is going to be critically important. And I commend President Trump for his incredible leadership on nuclear.

接下來我們要做的就是確保在我們土地上進行的任何作業（因為我們有作業單位）都由我們自己進行，而不是由其他人進行。因此，運營服務協議必須是其中的一部分。至於是什麼促成了這一切，我談到了PPA的重要性。我認為政府的參與以及他們與西屋公司之間的對話方式至關重要。我讚揚川普總統在核子議題上展現出的卓越領導力。

We still need to see the details, and we still need to see, as I said, earlier, some very, very clear cost numbers and some very, very clear commitments to deliver those costs on time and on schedule with an operating unit before we are going to put significant capital at risk for these things. I like the way things are evolving. I have been cautious, and I remain cautious, and I will always be cautious because it's a lot of your money that we are talking about here. But I am gaining confidence daily as more and more qualified players are coming forward. And as we're seeing things like the Westinghouse announcement.

我們仍然需要了解細節，正如我之前所說，我們仍然需要看到非常非常明確的成本數字，以及非常非常明確的承諾，即在營運部門的領導下，按時按計劃完成這些成本，然後再將大量資金投入到這些事情中，承擔風險。我喜歡事物發展的方向。我一直很謹慎，現在依然很謹慎，將來也會一直很謹慎，因為我們談論的是你們的一大筆錢。但隨著越來越多優秀球員的湧現，我的信心也與日俱增。我們看到了像西屋電氣公司發布的公告這樣的事情。

We still need to get all of the details to really fully understand it, but it is no doubt a positive.

我們還需要了解所有細節才能真正全面地理解它，但這無疑是一件好事。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Could you maybe also reflect on your demand response efforts and the initiative that you're pursuing there? And I know you've talked about flexibility of data centers in the past. Are you seeing progress there in terms of data center willingness to go that route? And just the update on that initiative across different markets?

您能否也談談您的需求響應工作以及您正在推行的相關舉措？我知道您過去也談到過資料中心的靈活性。您認為資料中心在採用這種模式方面取得了哪些進展？這項計劃在不同市場的最新進展如何？

Well, let me start on what I'm seeing in terms of flexibility from a technical capability. And then I'm going to turn it over to Jim McHugh, again, who runs our commercial team to talk about this exciting work we're doing on demand response. So we have been, since the very beginning, one of the core participants in EPRA and their DC Flex or data center flex capability. And we're seeing a lot of great capability to use backup generation and flex compute. I don't want to overstate that, however, I don't think we're going to get to a point where we could flex on and off the full output of data centers.

好，讓我先從技術能力的彈性談起。然後，我將再次把麥克風交給我們的商業團隊負責人吉姆·麥克休，讓他來談談我們正在進行的關於按需響應的激動人心的工作。因此，從一開始，我們就一直是 EPRA 及其 DC Flex 或資料中心靈活能力的核心參與者之一。我們看到，利用備份生成和靈活運算能力方面，湧現了許多強大的功能。我不想誇大其詞，但我認為我們不可能達到可以靈活地啟用或停用資料中心全部產能的地步。

I think it's going to have a meaningful impact, but it's going to have an impact at the margins.

我認為它會產生有意義的影響，但這種影響只會局限於邊緣層面。

That's why we began to explore using AI to see if we can attract some of our other customers to actually providing the relief or the slack on the system during the key hours, and they would then use their own backup generation or curtail their own consumption of energy during peak hours. And we could play this kind of well, middleman role between the hyperscalers and the data center owners and operators and our other customers through this commercial agreement that gives them the ability to call on our other customers to curtail during high-demand events. So Jim will talk about the work that we've done to start developing that and the exciting progress we've made.

這就是為什麼我們開始探索使用人工智慧，看看能否吸引其他一些客戶在高峰時段為系統提供緩解或緩衝，然後他們可以使用自己的備用發電機或在高峰時段減少自己的能源消耗。我們可以透過這項商業協議，在超大規模資料中心營運商和我們的其他客戶之間扮演中間人的角色，使他們能夠在需求高峰期要求我們的其他客戶減少資源消耗。所以吉姆會談談我們為啟動該專案所做的工作以及我們取得的激動人心的進展。

Yes. Thanks, Joe. It kind of started with what we were doing in the market prior to kind of the recent dynamics. We still had a large amount of our customers who are interested in peak response programs and managing their energy usage. But really with the dynamic shifting towards supply needed in the capacity markets, we saw the opportunity that some of these customers may be interested in being demand response providers and supply to the capacity markets.

是的。謝謝，喬。這其實是從我們之前在市場上的運作方式開始的，跟最近的市場動態有關。我們仍然有很多客戶對高峰響應計劃和管理能源使用感興趣。但隨著容量市場動態向供應需求轉變，我們看到了這樣的機會：其中一些客戶可能有興趣成為需求響應提供者，並向容量市場提供供應。

So we're partnering with [Grid Beyond] and who is going to help us do a lot of the execution on the operations side with our demand response customers, but we're seeing interest from our industrial customer base to participate in this demand response product.

因此，我們正在與 [Grid Beyond] 合作，他們將幫助我們在營運方面為我們的需求響應客戶執行許多工作，但我們看到我們的工業客戶群對參與此需求響應產品很感興趣。

And what's a little unique about the product we're offering is we've gone to customers to get longer tenors or longer-term commitments and they're interested in potentially longer-term deals with good pricing associated with it and we're providing some floor pricing capability in that too for them to be incented to sign up for these longer duration. So we've found kind of this unique opportunity. We're trying to be innovative around the product structure itself. And the pipeline looks really strong right now. We started executing the deals that Joe talked about working towards 1,000 megawatts or so between now and the next couple of capacity auctions.

我們提供的產品的獨特之處在於，我們與客戶協商延長合約期限或達成更長期的承諾，他們對價格優惠的長期合約很感興趣，我們也提供了一些最低價格，以激勵他們簽訂更長期的合約。所以我們發現了一個難得的機會。我們正努力在產品結構本身進行創新。目前來看，這條管道的運作狀況非常良好。我們開始執行喬所說的那些交易，目標是在接下來的幾次容量拍賣之前實現大約 1000 兆瓦的裝置容量。

So things are going well.

一切進展順利。

And David, what's cool about that is when you think about that 1,000 megawatts at the electric load carrying capacity or through that computation that PJM does, that looks like a new nuclear plant. It's not like a 1,000 megawatts of battery, for example, that would look like at the end of the day, 1/10 of a new nuclear plant. But this portends to look like a full nuclear units worth of output in terms of demand response. So I think we're still in the early days of this, but I think the combination of the 2 things you talked about in your question, the ability to flex at the top of peak by the data centers themselves in combination with new commercial arrangements to get others to pull back consumption during these hours is really going to open up a lot of room on the system and really pave the way for easier interconnection.

大衛，最酷的是，當你想到1000兆瓦的電力負載承載能力，或透過PJM的計算，這看起來就像一座新的核電廠。例如，1000兆瓦的電池最終可能只相當於一座新建核電廠的十分之一。但就需求響應而言，這預示著其產量將相當於一個完整的核電廠。所以我覺得我們還處於起步階段，但我認為你在問題中提到的兩件事結合起來——數據中心本身在高峰時段的靈活性，以及​​新的商業安排促使其他人在這些時段減少用電量——真的會為系統騰出很多空間，並真正為更便捷的互聯互通鋪平道路。

Yes. Understood. Okay. Great. That's helpful color.

是的。明白了。好的。偉大的。這是個很有幫助的顏色。

Then I was wondering if you could just touch on what you're seeing in terms of retail margins in PJM. One of your peers suggested that margins in PJM might be somewhat more competitive. I'm wondering if that's reflective of what you're seeing.

那麼，我想請您談談您在 PJM 零售利潤率方面觀察到的情況。一位同事建議說，PJM 的利潤率可能更具競爭力。我想知道這是否與你所看到的相符。

Jim?

吉姆？

I think on the retail side, our margins are on the upper end of the range that we've always talked about. We've certainly seen on the wholesale load auction and polar procurement. So we've seen some new participants coming in, that's gotten a little bit more competitive, but we're still seeing stronger margins than the historical averages there. On the retail side, really on the upper end of the ranges we've always talked about. And I want to -- I would have -- I'd be remiss if I didn't add since we're seeing a lot of success with some of these sustainability products and CFE and other types of solutions that are sustainability related, those margins tend to be stronger than pure true commodity margins, too.

我認為在零售方面，我們的利潤率處於我們一直以來所討論的利潤率範圍的較高水平。我們在批發負荷拍賣和極地採購中確實看到了這一點。我們看到一些新的參與者加入，競爭變得更加激烈，但我們仍然看到利潤率高於歷史平均。在零售方面，確實屬於我們一直以來所談論的高端範圍。而且我還想——我本來——如果我不補充一點就太失職了，因為我們看到一些永續發展產品、CFE 和其他與永續發展相關的解決方案都取得了很大的成功，這些利潤率往往也比純粹的商品利潤率更高。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

I'm just wondering, and again, somewhat of a playing the devil's advocate here. I mean you have a huge portfolio of generation assets, especially pro forma Calpine. There's this growing chatter about bringing on generation. And I'm just wondering if you feeling a bit unease about how many of these units you will be able to sign and granted that solar power curves are rising, but it's not just about earnings, right? It's also about the visibility and the quality of earnings.

我只是好奇，而且，我在這裡有點像是在唱反調。我的意思是，你們擁有龐大的發電資產組合，尤其是以備考數據計算的 Calpine 資產。關於生育下一代的討論越來越多。我只是想知道，您是否對能夠簽下多少套這樣的單元感到有些不安，雖然太陽能發電曲線正在上升，但這不僅僅是收入的問題，對吧？這也關係到收入的可見性和品質。

And so we do need more of your units to have that long-term visibility into their earnings power?

所以，我們需要更多你們的單位數據，才能長期了解它們的獲利能力？

Yes, Angie, and I'll just -- my comments during the call were formed by all things, including what we're seeing in terms of policy regulatory, we still believe that we're going to be able to execute transactions. I think this product offering that Jim just talked about with demand response is a bit of an anticipation isn't it, some of what you're talking about, which is to try to make sure we have BYOG or bring your own generation equivalent as we think about demand response as we think about the turbines that we have on the sidelines as we think about our ability to offer up rates.

是的，安吉，我只想說——我在電話會議中的發言是綜合考慮各種因素而形成的，包括我們目前看到的政策監管情況，我們仍然相信我們能夠執行交易。我認為吉姆剛才提到的需求響應產品有點像是預見，不是嗎？你剛才說的有些內容，就是努力確保我們有自備發電能力（BYOG），或者說自帶發電能力，因為我們正在考慮需求響應，考慮我們閒置的渦輪機，考慮我們提供價格的能力。

And we also think that policymakers fully understand a relicensing while not exactly a new megawatt is the continuation of megawatts beyond the period that they might otherwise shut down. So we think that there's great awareness of that issue. I think in large measure, it was that issue and other compelling arguments that caused PJM to pull back from their bring-your-own generation kind of requirements that they had in other places. I think we might see some voluntary BYOG. But I'm frankly not concerned with where it is right now in the States.

我們也認為，政策制定者完全理解，重新頒發許可證雖然不意味著新增兆瓦容量，但卻意味著在原本可能關閉的時期之後，兆瓦容量得以繼續運作。所以我們認為人們對這個問題有很強的認識。我認為，很大程度上正是這個問題和其他一些令人信服的論點，導致 PJM 放棄了他們在其他地方實行的「自帶一代」的要求。我認為我們可能會看到一些自願自備設備（BYOG）的情況。但坦白說，我並不關心它目前在美國的處境。

And we're marching forward on these transactions, and that has not been an issue for us right now.

我們正在推進這些交易，目前這對我們來說不是問題。

Okay. And then so it's been mentioned by you in previous questions that we have seen a lot of announcements from other companies vaguely associated with power -- for power plants. And I'm wondering, is it -- do you think those are comparable deals like quality-wise, firmness wise, to the ones that you guys are working on? I mean some power companies suggest that those deals are more equivalent to LOIs than firm take-or-pay power contracts that public cloud companies announce?

好的。正如您在先前的問題中提到的，我們看到許多其他公司發布了與電力（發電廠）略有相關的公告。我想知道，你認為這些交易在品質、強度等方面，與你們正在做的那些交易相比，是否具有可比性？我的意思是，一些電力公司認為，這些協議更像是意向書，而不是公共雲公司宣布的正式照付不議的電力合約？

Look, I think there's probably room for a bunch of different contracting. But Angie, I feel and I could only gauge this from the customer interest in what we're offering. I feel that what we have and what we're offering outcompetes just about any other opportunity in the space.

我認為，或許可以容納多種不同的承包方式。但安吉，我覺得，而且我只能從顧客對我們所提供的產品或服務的興趣來判斷這一點。我認為我們擁有的和我們提供的，在這個領域幾乎勝過任何其他機會。

James West, Melius Research.

James West，Melius Research。

Curious, given all this demand from the data economy and the data centers, how are you thinking about the portfolio of generating assets that you would like to or would be comfortable locking into long-term PPAs versus keeping available for normal generation markets?

鑑於資料經濟和資料中心的大量需求，您如何考慮將哪些發電資產組合鎖定在長期購電協議 (PPA) 中，哪些又可以保留用於普通發電市場？

Great question. I think -- and you're certainly hearing this from Angie's question and others, I think there's more room to run on the long-term deals that we want to get executed. But there will be a point, and there will be a point where 1 or 2 things is going to happen. Either we're going to slow it up or we're going to change our pricing to more aggressive levels to reflect, frankly, the scarcity value of what we'll be able to offer. We're not quite there yet.

問得好。我認為——你肯定從安吉的問題和其他人的問題中也聽到了這一點——我認為，在我們想要執行的長期交易方面，還有更大的推進空間。但總有一天，會發生一兩件事。要嘛我們會放慢速度，要嘛我們會把價格調整到更激進的水平，坦白說，是為了反映我們所能提供的產品的稀缺價值。我們還沒完全達到目標。

But -- look, our incentive is to provide sustainable long-term and growing earnings for our owner base. That's what the company is set up to do. And so in the short term, what we're trying to do is get these deals done. We're happy with the kind of atmospherics in the market being quite positive for us. But we're not at a point where we're even entertaining the discussion of, hey, are we going to stop selling long term?

但是——你看，我們的動力是為我們的股東提供可持續的長期成長收益。這就是公司成立的宗旨。因此，短期內，我們正在努力完成這些交易。我們對目前市場氛圍的正面態勢感到滿意。但我們還沒到要討論「嘿，我們是否要停止長期銷售」這個問題的地步？

I think it's in our interest, it's in our customers' interest, it's in the nation's interest, for us to meet this demand for this incredibly important load that's coming on the system. And so we're going to continue to execute in that space. And I appreciate your question, but I think it's probably more theoretical than practical at this point.

我認為，滿足系統即將面臨的這項極為重要的負荷需求，符合我們自身的利益，符合我們客戶的利益，也符合國家的利益。因此，我們將繼續在這個領域開展業務。我很感謝你的提問，但我認為目前來看，這可能更多的是理論探討而非實際應用。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

Joe, the powerbroker, that was a nice piece recently, I got to say, nicely done. Let me talk a little bit...

喬，這位權力掮客，你最近那篇文章寫得真不錯，我得說，寫得很好。讓我簡單說幾句…

Well, it's one of those embarrassing things that happens when you're in the middle of something like this, but thank you for noting it.

嗯，這是在做這種事情時難免會遇到的尷尬事之一，不過謝謝你注意到這一點。

Absolutely, (inaudible). Look, let me follow up on a couple of things here real quickly. First, with respect to operate, you've alluded to it, both on scale and scope here. I mean can you speak to the opportunity generically. I'll take note of the Pennsylvania governor's disclosure on costs relative to the 340 megawatts at Limerick.

絕對地，（聽不清楚）聽著，我得趕緊補充幾件事。首先，關於營運方面，您已經提到了規模和範圍。我的意思是，您能否泛泛地談談這個機會？我會留意賓州州長關於利默里克340兆瓦發電計畫成本的揭露資訊。

I mean, are there more limits out there in terms of effectively providing an upgrade that's tantamount the (inaudible) and specifically, as it pertains to limit, can you elaborate a little bit on where you are on the transmission interconnect process there? I mean it seems like there's some public disclosure about some potential data center there, if you can?

我的意思是，在有效提供相當於（聽不清楚）的升級方面，是否還有其他限制？具體來說，就限製而言，您能否詳細說明您在傳輸互連過程中的進展？我的意思是，似乎有一些關於那裡可能建設數據中心的公開信息，你能告訴我嗎？

Yes. So [Julien], I apologize for the Paul thing. I now see the 2 of you guys as the same person apparently, sorry about that. We identified about 900 extra megawatts. And so the big chunky ones there are La Salle and Limerick, which are effectively kind of the same size, but have different costs.

是的。所以[朱利安]，我為保羅的事道歉。我現在看來你們兩個好像是同一個人，真抱歉。我們找到了大約900兆瓦的額外電力。因此，體型較大的兩座教堂分別是拉薩爾教堂和利默里克教堂，它們的實際大小差不多，但價格卻不同。

La Salle is a bit easier to execute than Limerick. And I don't think we've published costs on that. And then we've got Calvert Cliffs 190 megawatts that I talked about. So all told, we're looking at about 900 to 1,000 megawatts that we've completed engineering work on and feel pretty confident about. So that's the answer to the upgrade question.

拉薩爾比利默里克更容易執行一些。而且我認為我們還沒有公佈這方面的成本。然後還有我之前提到的卡爾弗特懸崖190兆瓦電站。總的來說，我們已經完成了大約 900 到 1000 兆瓦的工程工作，並且對此相當有信心。這就是升級問題的答案。

In terms of -- I think you were talking about crane interconnection. Is that what you asked about?

關於——我想你指的是起重機互連。你問的是這個嗎？

Well, I was thinking about Limerick, right? I mean it seems like there's some transmission, yes, go for it.

我當時在想利默里克，對吧？我的意思是，看起來好像有點進展，是的，那就去做吧。

Yes. So there's a good deal of demand going in that area. So we're quite hopeful that any new megawatts at Limerick would be welcomed and fairly easy to interconnect. That's a big growing area of Pennsylvania in terms of the data economy that and, of course, the PPL zone.

是的。所以這方面的需求相當大。因此，我們非常希望利默里克新增的任何兆瓦電力都能受到歡迎，並且併網也相當容易。就資料經濟而言，賓州是一個快速發展的地區，當然還有 PPL 區域。

In terms of what's being done by customers to interconnect data centers around Limerick, I think I'm going to just kind of decide not to answer that question.

至於客戶正在採取哪些措施來連接利默里克周圍的資料中心，我想我還是決定不回答這個問題。

No worry, maybe I'll give you another n to follow up on here. You talked about the cost of new nuclear here, both for yourselves as well as the industry. I mean cost of these uprates though seems to be materially cheaper than any new nuclear costs we're seeing out there, even if it's more relevant than what we've seen historically. Would it be fair to assume that the next round of efforts on your front, especially with this focus on additionality would focus on these -- leveraging these uprate sites first and foremost. I mean, obviously, we've seen your restarts here take a lot of the limelight at the outset, but the up rate seem to be the next wave here of where you could really win on additionality in contract it would seem, right?

別擔心，或許我會再給你一個n來跟進此事。你們在這裡談到了新建核電廠的成本，包括對你們本身以及對整個產業的成本。我的意思是，這些升級的成本似乎比我們目前看到的任何新的核電成本要便宜得多，即使它比我們歷史上看到的核電更具相關性。是否可以合理地假設，您下一輪的努力，尤其是在這種注重附加性的背景下，將重點放在這些方面——首先也是最重要的，是利用這些升級網站。我的意思是，很顯然，我們看到你們的重啟計劃在一開始就吸引了很多人的目光，但上漲率似乎是下一個浪潮，你們似乎真的可以在合約的額外性方面獲勝，對吧？

Yes. Although [Julien], I tend not to think about these things as binary, i.e., you're not going to not do something because you're doing upgrades. But in terms of the economic merits of the operates, you're spot on. Those are great investments for us. They have the advantage of not just being additional.

是的。雖然 [Julien]，但我傾向於不把這些事情看作是二元的，也就是說，你不會因為在進行升級就不做某事。但就營運的經濟效益而言，你的說法完全正確。這些對我們來說都是很好的投資。它們的優勢在於不僅僅是額外的。

We think the relicensing are additional as well. But they also have the ability to be something that's really well within our wheelhouse to execute. We've done a lot of this work historically. And Bryan, the team do really great work in that regard.

我們認為重新授權也是額外的。但它們也完全有可能成為我們能夠輕鬆執行的事情。我們過去做了很多這類工作。布萊恩，團隊在這方面做得非常出色。

As I said, we've done the engineering work. It's in communities that already like this stuff. And most importantly, when you're talking about an upgrade like this reason the economics are so attractive is you're not adding people, you're not adding O&M. The plant is just getting more output, but you don't have either an O&M drag from people and you don't have an O&M drag on extra fuel. So it's hard to compare kind of the capital numbers for an up rate to a brand-new plant, which would, of course, require you to have a whole bunch of additional O&M.

正如我所說，我們已經完成了工程方面的工作。它存在於那些本來就喜歡這類東西的群體中。最重要的是，像這樣的升級之所以如此具有吸引力，是因為無需增加人員，也無需增加營運和維護成本。該工廠的產量增加了，但既沒有人員帶來的維運負擔，也沒有額外燃料帶來的維運負擔。因此，很難將升級改造的資本支出與新建工廠的資本支出進行比較，當然，新建工廠還需要大量的額外營運和維護費用。

And I think let me just -- not to drag this out, but I think sometimes when people are talking about the cost of new nuclear and whether it's going to be competitive as a solution for contracts, so on and so forth. They tend to look at it from a capital cost perspective, and I certainly understand that because that's the way people have become accustomed to looking at things like renewables and storage and even new gas fire generation. But there's a huge O&M piece with nuclear that has to be carefully understood that factors into the ultimate price of that resource.

我覺得，我不想把話說得太長，但我覺得有時候人們在談論新建核電廠的成本，以及它作為合約解決方案是否具有競爭力等等問題時，就會想到這一點。他們往往從資本成本的角度來看待這個問題，我當然理解這一點，因為人們已經習慣這樣看待再生能源、儲能甚至新的燃氣發電等事物。但核能的營運和維護成本龐大，必須仔細了解，因為這會影響到該資源的最終價格。

I think that brings the end, Lydia, right? That's the end of the call list here?

我想這就結束了，莉迪亞，對吧？通話記錄到此結束了嗎？

Yes, sir, there are no further questions.

是的，先生，沒有其他問題了。

All right. Well, terrific. So we'll bring the conversation for this morning to a close. Thank you again for your interest in Constellation for your time during this busy week, and we look forward to catching up with you at the end of the fourth quarter.

好的。太好了。那麼，今天上午的討論就到此結束了。再次感謝您在繁忙的一周中抽出時間關注 Constellation，我們期待在第四季度末與您再次見面。

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

女士們、先生們，感謝各位參加今天的會議。今天的節目到此結束。你們可以斷開連結了。祝大家今天過得愉快。