Constellation Energy Corp (CEG) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Constellation Energy Corporation second-quarter earnings conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Constellation Energy Corporation 第二季財報電話會議。(接線員指示)

I would like to introduce your host on today's call, Tim Fottenmash, Vice President of Investor Relations, you may begin.

我想介紹今天會議的主持人，投資人關係副總裁 Tim Fottenmash，請開始。

Thank you, Kevin. 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 Chairman, President and Chief Executive Officer; and Shane Smith, Constellation's Chief Financial Officer. They are joined by other members of Constellation's Senior Management Team, who will be available to answer your questions following our prepared remarks.

謝謝你，Kevin。各位早安，感謝各位參加 Constellation Energy Corporation 第二季財報電話會議。今天由 Constellation 董事長、總裁暨執行長 Joe Dominguez，以及 Constellation 財務長 Shane Smith 主持。其他 Constellation 資深管理團隊成員也一同參與，並將在我們的準備發言後回答各位的提問。

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

我們今早發布了財報新聞稿並提供簡報，皆可於 Constellation 官網的投資人關係專區查閱。本次電話會議中討論的財報新聞稿及其他事項包含前瞻性陳述與估計，涉及 Constellation 及其子公司，並受各種風險與不確定性影響。

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

實際結果可能因今日資料中討論的因素與假設，以及本次電話會議中的評論，而與我們的前瞻性陳述有所差異。有關風險因素及其他可能導致結果與管理層之預測、預估與期望不同的情況與條件，請參閱今日提交的 8-K 以及 Constellation 其他向 SEC 提交的文件。

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 non-GAAP measures and the nearest equivalent GAAP measures.

今日簡報亦包含經調整營運盈餘及其他非 GAAP 指標的引用。有關非 GAAP 指標與最接近之 GAAP 指標之調節，請參閱簡報附錄及我們的財報新聞稿所載資訊。

I'll now turn the call over to Joe.

接下來把電話交給 Joe。

Thanks, Tim. Good morning, everyone. Thanks for joining our call and for your continued interest in constellation. We've got a terrific update for you today. Strong results, an increase in guidance, positive regulatory developments, and good progress on strategic transactions. But as always, we want to start off with the most important part of our business, our people.

謝謝，Tim。各位早安。感謝各位參加我們的電話會議，並持續關注 Constellation。今天我們有非常好的最新進展要與各位分享。強勁的業績、上調財測指引、正面的監管進展，以及策略性交易的良好進度。但一如既往，我們想先從業務中最重要的部分開始：我們的員工。

Let me begin by recognizing Bob Lawless, who this week retired from Constellation's board after more than 25 years of spectacular service to Constellation and its predecessors as a board member. From Constellation's early years as a standalone company through our time as part of Exelon and in the years since our separation, Bob has played a critical role in helping to position the company for the long-term success we enjoy today. He is one-of-a-kind.

首先我要表揚 Bob Lawless。本週他在 Constellation 董事會服務超過 25 年後退休，期間對 Constellation 及其前身公司作為董事成員提供了卓越的貢獻。從 Constellation 早期作為獨立公司，到成為 Exelon 一部分的期間，以及分拆後的這些年，Bob 一直在協助公司奠定我們今日所享有的長期成功方面扮演關鍵角色。他是獨一無二的。

On behalf of all of us at Constellation, I want to thank Bob for his leadership, his guidance, his friendship, and his dedicated service. We wish him all the best in retirement. Godspeed, Bob.

我代表 Constellation 全體同仁，感謝 Bob 的領導、指導、友誼與盡心盡力的服務。我們祝福他退休生活一切順利。一路順風，Bob。

Next, I want to thank the women and men of Constellation for delivering another strong quarter operationally and financially. During the mid-Atlantic heat wave ahead of the fourth of July holiday, our employees delivered, achieving a nuclear capacity factor above 99% while safely managing our dispatchable generation fleet through challenging operating conditions as the new organization came together effectively. Their dedication and execution helped sustain grid reliability when our customers and communities needed it most.

接著，我要感謝 Constellation 的所有同仁，在營運與財務上再度交出強勁的一季。在 7 月 4 日假期前大西洋中部地區熱浪期間，我們的員工全力以赴，在安全管理可調度發電機組、並在新組織有效整合的同時，達成核能機組容量因數超過 99% 的表現，且在具挑戰的運轉條件下維持穩健運作。他們的投入與執行力，在客戶與社區最需要的時刻，協助維持電網可靠度。

Constellation is a special company. And we pride ourselves in making our company a place where people want to spend a career doing important work for America. So we're especially gratified that Constellation has been named a great place to work for the fourth year in a row. As you know, this certification is meaningful because the recognition can only be earned through the direct input of our people.

Constellation 是一家特別的公司。我們以打造一個讓人願意投入職涯、為美國從事重要工作之處為榮。因此，我們特別欣慰 Constellation 連續第四年獲選為「最佳職場」。如各位所知，這項認證之所以有意義，是因為這份肯定只能透過我們員工的直接回饋才能獲得。

I'm also pleased to report to you that for the first time, Constellation has been recognized as a world's top business for people with disabilities. And finally, we were extraordinarily pleased to receive the Points of Light honor as one of the nation's 50 most community-minded companies based upon the positive impact we make every day through volunteerism and investment in our communities.

我也很高興向各位報告，Constellation 首次獲認可為「全球對身心障礙者最友善的頂尖企業」之一。最後，我們也非常榮幸獲得 Points of Light 的表揚，因我們透過志工服務與對社區的投資，每天帶來正向影響，而被評選為全美 50 家最具社區關懷精神的企業之一。

Now, I know that some may think that these awards and recognitions are nice but maybe not quite as important as the financial and operational results that we'll talk about in just a moment. We don't see it that way. We think our values are the most important things.

我知道有些人可能認為，這些獎項與肯定固然很好，但或許不如我們稍後要談的財務與營運成果那麼重要。我們並不這麼看。我們認為，我們的價值觀才是最重要的事。

And when I talk in a few minutes about what it takes to restart Crane and get the overwhelming public support, which we have, and do it in a place known for the worst moment in US nuclear history, then I think you will come to understand why we believe our durable community values matter so much to our business.

而當我在幾分鐘後談到重啟 Crane 需要什麼、以及我們如何獲得壓倒性的公眾支持（我們確實已獲得），並且在一個以美國核能史上最糟糕時刻聞名的地方完成這件事時，我想各位會理解，為何我們相信長久且堅實的社區價值觀對我們的業務如此重要。

Now turning to the quarter and our financial results. We delivered second-quarter GAAP earnings of $1.42 per share and adjusted operating earnings of $2.55 per share. Given our team's strong commercial and operational performance year to date, we are increasing our operational earnings guidance range by $0.50 to $11.50 to $12.50 per share.

接著談本季與我們的財務表現。我們第二季 GAAP 每股盈餘為 1.42 美元，經調整營運每股盈餘為 2.55 美元。鑑於團隊今年迄今在商務與營運上的強勁表現，我們將營運盈餘指引區間上調 0.50 美元至每股 11.50 至 12.50 美元。

Our midpoint is now what used to be the top end of the guide. And we still have many opportunities to deliver more value this year. Shane will talk through the details in his remarks.

我們的中位數現在相當於先前指引的上緣。而且今年我們仍有許多機會創造更多價值。Shane 將在他的發言中說明細節。

Since our business and earnings outlook in March, we have made meaningful progress across several key focus areas, reinforcing our confidence in delivering long-term value for our owners. In March, I candidly shared that we were behind our targeted timeline for completing long-term agreements due to new uncertainty in the regulatory environment.

自我們 3 月提出業務與獲利展望以來，我們在數個關鍵重點領域取得了實質進展，進一步強化我們為股東創造長期價值的信心。3 月時，我坦率分享，由於監管環境出現新的不確定性，我們在完成長期協議方面落後於原先目標時程。

I told you that we were hopeful that PJM, under FERC's oversight, would move quickly to provide needed clarity so that work critical to our nation's future might proceed forward. I know that many were skeptical that reforms could be accomplished quickly and feared that the PJM process would drag on for years, something we have unfortunately seen in the past.

我當時表示，我們希望 PJM 在 FERC 的監督下能迅速提供所需的明確性，讓對我國未來至關重要的工作得以向前推進。我知道許多人對改革能否快速完成抱持懷疑，並擔心 PJM 的流程會拖延多年——遺憾的是，過去我們確實曾見過這種情況。

But those concerns have not materialized. Instead, we are seeing PJM, prompted by FERC, move at the necessary speed. And while additional work remains for PJN to get the details right, I am pleased to report that the progress is giving customers greater confidence to evaluate long-term solutions and move forward with planning and contracting activities.

但這些疑慮並未成真。相反地，我們看到在 FERC 的推動下，PJM 正以必要的速度推進。雖然 PJN 仍需進一步把細節完善，但我很高興向各位報告，這些進展正讓客戶更有信心評估長期解決方案，並推動規劃與簽約活動向前進行。

Since the last call, we have signed approximately 920 megawatts of long-term nuclear deals that are consistent with our view of long-term value. These contracts have an average duration of 18 and a half years and are with investment-grade customers. Now, as we talked about, and as I explained to you last quarter, we will continue to follow our customers' lead on how and when their agreements are disclosed so that they may protect their procurement strategies.

自上次電話會議以來，我們已簽署約 920 兆瓦的長期核能合約，且符合我們對長期價值的看法。這些合約平均期限為 18 年半，且客戶皆為投資等級。如同我們所討論的，也如我在上季向各位說明的，我們將持續依循客戶的意願，決定其協議何時以及如何對外揭露，以便他們能保護其採購策略。

Turning to Crane, important progress has also been made on the restart. During the quarter, the NRC approved the Crane new fuel licensing amendment request, clearing the path. For the receipt of new fuel and representing another significant milestone towards returning the facility to service in the second half of 2027.

談到 Crane，重啟工作也取得重要進展。本季期間，NRC 核准了 Crane 新燃料許可修正申請，掃清障礙。使新燃料得以接收，並代表朝向在 2027 年下半年讓該設施恢復運轉的另一項重大里程碑。

In addition, FERC granted the waiver request to transfer the capacity injection rights from our Eddystone facility, which is slated to close, to Crane. We expect that this transfer will help clear many of the transmission contingencies identified. PJM's initial deliverability review and will pave the way for Crane to deliver full value to the grid.

此外，FERC 核准了豁免申請，允許將我們預計關閉的 Eddystone 設施之容量注入權轉移至 Crane。我們預期此一轉移將有助於排除多項已識別的輸電限制。PJM 的初步可交付性審查，並將為 Crane 向電網提供完整價值鋪路。

Further strengthening the value and unique long-term durability of our nuclear fleet, we continue to extend the lives of our clean energy centers. During the quarter, we filed subsequent license renewal applications for both the Ginet and 9 Mile.1 clean energy centers. These extensions were made possible by Governor Hochul and the New York Service Commission, recognizing the value of viable nuclear energy and extending the ZEC program, advancing our strategy to preserve these critical assets for New York and for America.

為了進一步強化我們核能機組的價值與獨特的長期耐久性，我們持續延長旗下潔淨能源中心的運轉年限。本季期間，我們已就 Ginet 與 9 Mile.1 兩座潔淨能源中心提出後續執照更新（subsequent license renewal）申請。在霍楚爾州長與紐約州公共服務委員會的支持下，這些延長得以實現；他們認可可行核能的價值並延長 ZEC 計畫，推進我們保留這些對紐約州與美國都至關重要資產的策略。

As a reminder, these programs and license extensions mean that Constellation is truly in a unique space, with the vast majority of our power generation secured through 2050 and beyond.

提醒一下，這些計畫與執照延長意味著 Constellation 確實處於非常獨特的位置——我們絕大部分的發電量已獲得保障，可延續至 2050 年及更久之後。

Integration with Calpine is progressing well, and we are seeing strong collaboration across the combined organization as teams identify opportunities to create additional value for you. In addition, we're pleased to have reached an agreement with LS Power to sell the Brazos Valley Energy Center.

與 Calpine 的整合進展順利，我們也看到合併後的組織內部展現強勁協作，各團隊正辨識可為各位創造額外價值的機會。此外，我們很高興已與 LS Power 達成協議，出售 Brazos Valley Energy Center。

Following regulatory approvals and closing, the sale will satisfy the final DOJ requirement tied to the Calpine acquisition. The fact that smart private equity buyers with long track records in competitive power markets are willing to pay over $1,400. A KW for Texas assets in a soft ERCOT market should tell you everything you need to know about the value of the efficient gas fleet that we now own.

在取得監管核准並完成交割後，該出售案將滿足與 Calpine 收購案相關的司法部（DOJ）最後一項要求。具備長期競爭性電力市場經驗的精明私募股權買家，願意支付超過 1,400 美元。在疲弱的 ERCOT 市場中，為德州資產每千瓦（kW）支付這樣的價格，足以說明我們如今所擁有之高效率燃氣機組的價值。

Finally, we continue to execute on our capital allocation strategy. Year to date, we have deployed approximately $2.2 billion toward opportunistic and accretive share repurchases. Shane will talk about it, but we already are seeing upside to our earnings from these buybacks.

最後，我們持續落實資本配置策略。年初至今，我們已投入約 22 億美元進行具機會性且具增益性的庫藏股回購。Shane 會進一步說明，但我們已經看到這些回購對盈餘帶來的上行效益。

Turning to slide six. As I mentioned at the outset, we executed this quarter on 920 megawatts of long-term contracts for nuclear power. While I can't disclose pricing, what I can say is that the deals recognize the value of existing clean and reliable nuclear energy as a premium product.

接著看第六頁投影片。如我在開場提到的，本季我們就 920 兆瓦的核能電力完成長期合約簽訂。雖然我無法揭露定價，但我可以說，這些交易將既有潔淨且可靠的核能視為高價值的優質產品。

After a successful quarter in signing deals, we have now contracted roughly 30% of our clean base load output under long-term agreements, and our transactional pipeline for future deals is both robust and active.

在本季成功簽署多項交易後，我們目前約有 30% 的潔淨基載發電量已透過長期協議完成簽約，而我們未來交易的洽談管線也相當充沛且活躍。

Taking an additional moment on the deal that was announced this quarter with our partner Walmart, I wanted to mention that Walmart has a long history of supporting clean energy development, but this agreement represents their first nuclear power purchase agreement and the first transaction of its kind for a major retailer.

再多花一點時間談談本季與合作夥伴 Walmart 公布的交易：我想提到，Walmart 長期以來支持潔淨能源發展，但這份協議是他們首次簽訂核能購電協議，也是大型零售商首見的此類交易。

Walmart is helping to define how corporate customers think about nuclear energy, reflecting a growing recognition that achieving ambitious decarbonization goals requires access to around the clock carbon-free generation.

Walmart 正在協助形塑企業客戶如何看待核能，反映出市場日益認知到：要達成雄心勃勃的去碳化目標，必須取得全天候的零碳發電資源。

This transaction is only the beginning of a wonderful partnership with this iconic American company. A Walmart deal taken together with the others this quarter reinforces the broad appeal of our products and capabilities to customers of all kinds.

這筆交易只是與這家具代表性的美國企業展開美好合作關係的起點。Walmart 的交易與本季其他交易合併來看，進一步強化我們產品與能力對各類客戶的廣泛吸引力。

Moving to slide seven, I want to provide some additional context on regulatory developments that are improving the backdrop for customer contracting. In June, we received strong validation from FERC, which made clear its desire to move more quickly in establishing new pathways for serving large loads.

接著看第七頁投影片，我想補充一些監管發展的背景，這些發展正在改善客戶簽約的整體環境。6 月，我們獲得 FERC 的強力肯定；FERC 明確表示希望更快速建立服務大型負載的新途徑。

FERC ordered every RTO to justify how their existing tariffs provide for the just and reasonable interconnection of large loads to the grid or propose revisions to their tariffs. FERC also called balls and strikes on the rules for new transmission services for co-located loads and directed PJM to explain why it cannot make those services available more quickly.

FERC 命令每一家 RTO 說明其既有電價條款（tariffs）如何確保大型負載以公正且合理的方式併網，或提出修訂其電價條款的方案。FERC 也就共址負載（co-located loads）的新輸電服務規則作出明確裁示，並要求 PJM 說明為何無法更快提供這些服務。

Beyond its support for exploring co-located solutions and pushing for speed in resolution, FERC has also demonstrated a willingness to consider innovative approaches that remove barriers to economic growth, including studying generation and load together at a common point of interconnection, something that Constellation has advocated.

除了支持探索共址解決方案並推動加速定案外，FERC 也展現願意考量能移除經濟成長障礙的創新作法，包括在同一併網點同時研究發電與負載——這也是 Constellation 一直倡議的方向。

Initiatives like these could create a meaningful pathway for customers to access affordable solutions more quickly while maintaining reliability and supporting broader economic development objectives. As these frameworks develop, the value of existing generation and infrastructure will become increasingly apparent.

這類倡議可為客戶更快速取得可負擔的解決方案開闢重要途徑，同時維持可靠度並支持更廣泛的經濟發展目標。隨著這些框架逐步成形，既有發電資產與基礎設施的價值將愈發明顯。

Our fleet is uniquely positioned to help meet these objectives by leveraging assets that are already operating, connected to the grid, and capable of supporting growing customer demand more efficiently than many other alternatives, even as we bring on new capacity to meet the growing demand.

我們的機組組合具備獨特優勢，可透過運用已在運轉、已併網、且能比許多其他替代方案更有效率支撐客戶需求成長的資產，來協助達成這些目標；同時我們也會新增容量以滿足持續成長的需求。

Last week, PJM released proposals for the Reliability Backstop Procurement or RBP. And the Interim Resource Adequacy Service, or IRAS. While aspects of PJM's proposals need clarification and further consideration, we are now on a path for resolution and certainty, which will allow customers and suppliers to make investment decisions with greater visibility and confidence in the market rules.

上週，PJM 發布了「可靠度後備採購」（Reliability Backstop Procurement，RBP）以及「臨時資源充足性服務」（Interim Resource Adequacy Service，IRAS）的提案。

PJM has also established a clear target of 6.8 gigawatts for the RBP, and we are currently in the bilateral matchmaking process, which is intended to pair customers with new supply and reduce the amount of capacity ultimately required through certain central procurement. PJM has proposed conducting the procurement auction this fall, with results expected by year end.

PJM 也為 RBP 設定了明確目標：6.8 吉瓦；目前我們正處於雙邊媒合流程中，該流程旨在將客戶與新增供給配對，並降低最終需透過特定集中採購所要求的容量規模。PJM 提議於今年秋季進行採購拍賣，預計在年底前公布結果。

Overall, we are pleased by the pace of progress. As those who have followed PJM for years understand, the speed at which FERC is requiring PJM to move is unprecedented, and many of the concerns we raised earlier this year on that front are being addressed.

整體而言，我們對進展速度感到滿意。多年關注 PJM 的人士都明白，FERC 要求 PJM 推進的速度前所未見，而我們今年稍早提出的多項疑慮也正在獲得回應。

On a parallel path with the PJM and FERC processes, Constellation and other stakeholders are urging EPA to make clear that any curtailments ultimately directed by FERC tariffs should be excluded from the 50-hour annual limit for the use of backup generators at data centers. This could unlock meaningful optionality for our data economy customers while preserving reliability and reducing energy costs for all customers.

與 PJM 與 FERC 流程並行，Constellation 與其他利害關係人正敦促 EPA 明確表示：任何最終由 FERC 電價條款所指示的限載（curtailments），應排除在資料中心備援發電機每年 50 小時使用上限之外。這可為我們資料經濟客戶釋放重要的選擇權彈性，同時維持可靠度並降低所有客戶的能源成本。

Remember what we've discussed before. We have plenty of unused capacity in generation and in the wires grid over 99% of the hours of the year. We have a peak capacity concern, not an energy concern. The secret sauce here is to deal with the handful of peak hours that present reliability concerns and at the same time to harvest the stranded capacity that exists every other hour of the year.

請記得我們之前討論過的重點。一年中超過 99% 的時數，我們在發電端與電網線路端都有大量未使用的容量。我們面臨的是尖峰容量的疑慮，而不是能源總量的疑慮。這裡的關鍵在於：一方面處理少數會引發可靠度疑慮的尖峰時段；同時把一年中其他每個小時都存在的閒置容量加以利用。

If we do this right, then we can actually bring on these critical technologies and lower energy costs for everyday families and businesses. In conclusion, we still have some wood to chop here, but the direction and the speed are very promising. We urge PJM to keep it up.

如果我們把這件事做對，就能真正導入這些關鍵技術，並降低一般家庭與企業的能源成本。總結來說，我們仍有一些工作要完成，但方向與速度都非常令人振奮。我們敦促 PJM 繼續保持。

Turning to slide eight, I'm going to conclude my remarks on this slide and return back to the point that I made at the top about business values and our focus on communities. This slide talks about the fantastic progress we've made at Crane by creating a win-win-win for Pennsylvanians, the local communities, and our customer.

接著看第八頁投影片，我將在此頁結束我的發言，並回到我一開始提到的重點：企業價值觀以及我們對社區的關注。這頁談到我們在 Crane 所取得的卓越進展，透過創造「三贏」局面，讓賓州居民、在地社區與我們的客戶都受益。

I'm not going to drain the slide. You could read the words yourself. Instead, I want to draw a parallel between what it takes to build. Operate, and start nuclear plants with what it takes to build, operate, and start data centers. And the basic point that I want you to consider is this. Like in the case of nuclear, the public reaction we are seeing to data centers in terms of moratoriums or opposition in places can be strong at times. No one can deny that.

我不打算逐字念投影片。各位可以自行閱讀。相反地，我想把建造。營運，並啟動核電廠所需的條件，與建造、營運並啟動資料中心所需的條件做一個對照。而我希望各位思考的基本重點是：如同核能一樣，我們看到社會大眾對資料中心的反應——例如某些地方的暫停令（moratoriums）或反對聲浪——有時會相當強烈。這點無可否認。

But as the Crane example shows, the concerns underlying the opposition to data centers are far from unsolvable. Indeed, I would suggest to you that if we can restart Crane at Three Mile Island and earn overwhelming political and public support, then we can certainly earn the public support to build a 21st century data economy in our communities.

但正如 Crane 的案例所示，反對資料中心背後的疑慮遠非無法解決。事實上，我想向各位建議：如果我們能在三哩島重啟 Crane 並獲得壓倒性的政治與民意支持，那麼我們當然也能爭取到民眾支持，在我們的社區打造 21 世紀的資料經濟。

It comes down to the trust we earn with the right business values focused on making our communities better and stronger. It's all about the things on this slide: jobs, tax base, and community contribution. When it's done right, it works.

歸根結底，在於我們以正確的商業價值觀、以讓社區變得更好、更強為核心所贏得的信任。重點就在這張投影片上的幾件事：就業、稅基，以及對社區的貢獻。做對了，就會奏效。

With that, I'll turn it over to Shane.

接下來，我把時間交給Shane。

Thanks, Joe, and good morning, everyone. Turning to slide nine, we earned $1.42 in GAAP earnings per share and $2.55 in adjusted operating earnings per share in the second quarter, which is $0.64 higher than the second quarter last year.

謝謝你，Joe，各位早安。請看第九張投影片，我們第二季GAAP每股盈餘為1.42美元，調整後營運每股盈餘為2.55美元，較去年第二季高出0.64美元。

The higher year-over-year quarterly results are primarily attributable to accretion from CALPINE, higher capacity prices in PJM, and strong performance. Business that has once again delivered value through higher realized customer margins and from portfolio optimization during periods of volatility. This strong performance has contributed to our improved full-year outlook, which I will cover shortly.

年對年季度結果提升，主要歸因於CALPINE帶來的增益（accretion）、PJM容量價格上升，以及強勁表現。我們的業務再次透過更高的已實現客戶毛利，以及在波動期間進行投資組合最佳化而創造價值。這項強勁表現也促成我們上調全年展望，我稍後會說明。

Our favorable quarterly drivers were partially offset by higher planned nuclear refueling outage days and the timing of revenue recognition from the Illinois ZEC program. As we've discussed on prior second quarter calls, Illinois ZEC revenue timing can vary year to year. This quarter, we recognized $85 million of banked credits compared with $200 million last year.

上述有利的季度驅動因素，部分被較多的核電計畫性換料停機天數增加，以及伊利諾伊州ZEC計畫收入認列時點所抵銷。如同我們在先前第二季電話會議中討論過的，伊利諾伊州ZEC收入的認列時點每年可能有所不同。本季我們認列了8,500萬美元的累積抵免額（banked credits），去年則為2億美元。

This timing item was already reflected in our 2026 guidance and has no impact to full year results. This true-up also reflects the final planning year adjustment before the Illinois ZEC program ends in May of 2027. Slide 19 of the appendix provides additional details on the program.

這項時點因素已反映在我們的2026年指引中，對全年結果沒有影響。此次調整也反映了在伊利諾伊州ZEC計畫於2027年5月結束前，最後一個規劃年度的最終調整。附錄第19張投影片提供該計畫的更多細節。

Moving to slide 10. Our nuclear fleet delivered a 93% capacity factor and generated 40 terawatt hours of reliable, low-carbon electricity while completing six planned refueling outages. As expected, the quarter included additional planned outage days, which reduced our capacity factor by 1.8% compared to the second quarter of 2025.

接著看第10張投影片。我們的核電機組群達成93%的容量因子，並在完成六次計畫性換料停機的同時，發電40太瓦時的可靠低碳電力。如預期，本季包含額外的計畫性停機天數，使我們的容量因子較2025年第二季降低1.8%。

Our 23-day average refueling outage duration in the quarter included. Implementation of our turbine upgrade at Byron Unit 1, and even with that longer outage, the team still outperformed the industry average duration by 40%. This outstanding result, in a quarter with elevated planned refueling activity, speaks to the consistency, discipline, and expertise of our nuclear operations team that performs this work efficiently and most importantly, safely.

本季平均23天的換料停機期間，包含我們在Byron 1號機組實施渦輪升級。即便停機時間較長，團隊仍較產業平均停機天數縮短40%。在計畫性換料活動較多的季度仍能取得如此出色的成果，展現了我們核電營運團隊在執行這項工作時的一致性、紀律與專業，且最重要的是，安全地高效率完成。

Turning to slide 11, we are raising our full-year adjusted operating earnings guidance range to $11.50 per share to $12.50 per share, up from our prior range of $11 to $12 per share. Strong commercial execution. Combined with the benefits of our disciplined capital allocation gives us the confidence to raise the midpoint of our full-year guidance by $0.50 per share just halfway through the year.

請看第11張投影片，我們將全年調整後營運每股盈餘指引區間上調至每股11.50至12.50美元，高於先前的每股11至12美元區間。強勁的商務執行，加上我們嚴謹的資本配置所帶來的效益，使我們有信心在年度過半之際，將全年指引中點上調每股0.50美元。

We will revisit our full-year outlook in the Q3 call as we put the summer behind us. We have reflected these updates in the modeling appendix on slide 25.

在第三季電話會議時，待我們度過夏季後，將再檢視全年展望。我們已在第25張投影片的模型附錄中反映這些更新。

Turning to slide 12. We continue to operate from a position of financial strength, supported by our strong investment-grade credit ratings. That financial strength gives us flexibility to best serve our customers, invest in our business, and also return capital to shareholders in a disciplined way.

接著看第12張投影片。在強勁的投資級信用評等支持下，我們持續以穩健的財務實力營運。這樣的財務實力讓我們具備彈性，能以最佳方式服務客戶、投資於業務，並以有紀律的方式回饋股東資本。

Since the first quarter call, we returned just under $2 billion of capital to our owners through share repurchases. Together, with the $335 million we shared on the Q1 call, we have allocated about $2.2 billion to accretive share repurchase in the four months since our business and earnings outlook at the end of March.

自第一季電話會議以來，我們透過庫藏股回購向股東返還了略低於20億美元的資本。加上我們在第一季電話會議中提到的3.35億美元，在3月底我們更新業務與獲利展望後的四個月內，我們已配置約22億美元用於具增益性的股票回購。

We will continue to be opportunistic as we deploy the remaining $2.8 billion of available authorization. Today, after a very competitive process, we announced an agreement with LS Power to sell the Brazos Valley Energy Center for $860 million, or about $1420 per kilowatt. It was great to see such a high level of interest for the asset in spite of recent ERCOT weakness.

在運用剩餘可用授權額度28億美元時，我們將持續把握機會、伺機而動。今天，在一個競爭非常激烈的流程後，我們宣布與LS Power達成協議，以8.6億美元（約每千瓦1,420美元）出售Brazos Valley Energy Center。即便近期ERCOT走弱，仍能看到市場對該資產有如此高的興趣，令人振奮。

It was clear from a very competitive process that buyers recognized the long-term value of gas-fired assets with the potential for even higher utilization rates. Once approved, this divestiture will satisfy the remaining DOJ settlement obligations for the CALPINE acquisition.

從高度競爭的流程中可以清楚看出，買方認可燃氣資產的長期價值，且其利用率仍有進一步提升的潛力。一旦獲得核准，這項處分將滿足CALPINE收購案中司法部（DOJ）和解協議的剩餘義務。

In total, the assets that were required to be divested by the DOJ are expected to generate approximately $5.9 billion in gross proceeds, which at a nearly $1,200 per kW basis reflects a healthy premium to the implied $960 per kilowatt purchase price of the CALPINE assets.

整體而言，司法部要求處分的資產預計將帶來約59億美元的總收益；以接近每千瓦1,200美元計算，較CALPINE資產隱含的每千瓦960美元收購價格，反映出可觀的溢價。

Moving to slide 13. As discussed in March, we see meaningful opportunities to grow our earnings and free cash flow over time. We have already started translating a few of those growth levers into tangible contributions. The sensitivities provided in March were informed by active discussions across a diverse set of customers.

接著看第13張投影片。如同我們在3月所討論的，我們看到隨時間推進，擴大獲利與自由現金流的重大機會。我們已開始將其中幾項成長槓桿轉化為具體貢獻。3月提供的敏感度分析，是基於與多元客戶群的積極討論所形成。

Now that we have executed nearly 1 gigawatt of nuclear PPAs within the range contemplated by this view, we thought it was worth revisiting this table. While the agreements announced today have later start dates and are not expected to materially impact 2029 earnings, they provide additional visibility into sustained growth in our base earnings over time.

既然我們已在此觀點所涵蓋的區間內，簽署了接近1吉瓦的核電PPA，我們認為值得重新檢視這張表。雖然今天公布的協議起始日期較晚，預期不會對2029年獲利造成重大影響，但它們為我們基礎獲利隨時間持續成長提供了更多能見度。

Separately, we are also updating our 2029 capital allocation sensitivity range to reflect the share repurchases we have completed to date. The updated range now includes a floor of $0.20 per share with potential of upside of greater than $0.75 per share.

另外，我們也更新了2029年資本配置敏感度區間，以反映截至目前已完成的股票回購。更新後的區間現在包含每股0.20美元的下限，且上行潛力可超過每股0.75美元。

The low end reflects the benefit of the repurchases already completed, while the high end reflects the meaningful optionality we still have under our buyback authorization and our ability to continue deploying. When we see attractive growth opportunities.

區間低端反映已完成回購所帶來的效益；高端則反映在我們回購授權下仍具備的顯著選擇權，以及在看到具吸引力的成長機會時，我們持續部署資本的能力。

Last, I would also like to highlight an update to the nuclear production tax credit as shown on Slide 17 in the appendix. Following the IRS publication of the 2025 inflation adjustment, we updated our forward PTC strike price assumptions. Incorporating the 2.8% adjustment for 2025 and continuing to assume 2% inflation annually in 2026 and beyond. The projected 2030 PTC strike price will increase from $49.88 to $50.88 per megawatt hour. This change will increase our view of 2030 base earnings by approximately $0.30 per share.

最後，我也想強調核電生產稅額抵免（PTC）的更新，如附錄第17張投影片所示。在美國國稅局（IRS）公布2025年通膨調整後，我們更新了對未來PTC履約價（strike price）的假設。我們納入2025年2.8%的調整，並持續假設2026年及之後每年通膨為2%。預估2030年的PTC履約價將由每兆瓦時49.88美元上調至50.88美元。此變動將使我們對2030年基礎獲利的看法提高約每股0.30美元。

More broadly, the PTC's inflation linkage continues to provide upside to our base earnings outlook should inflation exceed our 2% long-term assumption and is another factor supporting our of sustaining double-digit base earnings growth into the 2030s.

更廣泛而言，PTC與通膨連動的機制，若通膨高於我們2%的長期假設，將持續為我們的基礎獲利展望帶來上行空間；這也是支持我們在2030年代仍能維持基礎獲利雙位數成長的另一項因素。

With that, I'll turn the call back to Joe.

接下來，我把電話會議交回給Joe。

Thanks, Shane. To close out today, in practical terms, we're seeing the benefits of speed in the regulatory process. Our customers are gaining more certainty every day, and we're hopeful that PJM and FERC could remain on track and deliver regulatory clarity by year end.

謝謝你，Shane。在今天的結語，就實務面而言，我們正看到監管流程加速所帶來的效益。我們的客戶每天都獲得更多確定性，我們也希望PJM與FERC能維持進度，並在年底前提供監管上的明確性。

Our team also is actively engaged with customers and policymakers to explore different options for connecting new large load to the grid, and our conversations are strong. We're focused on what we do best, operating our assets at world-class levels, helping our customers achieve their energy and sustainability objectives, and creating long-term value for our owners, customers, and the communities where we live and work.

我們的團隊也正積極與客戶及政策制定者合作，探索將新的大型負載接入電網的不同選項，我們的對話進展良好。我們專注於最擅長的事：以世界級水準營運資產、協助客戶達成其能源與永續目標，並為我們的股東、客戶，以及我們生活與工作的社區創造長期價值。

Thanks for your time today, and the team is now ready for your questions.

感謝各位今天撥冗參與，團隊現在已準備好回答各位的提問。

(Operator Instructions)

(接線員指示)

Nick Campanella, Barclays.

Nick Campanella，巴克萊。

Hey, good morning. Thanks for taking my questions. So it's great to see the new long-term nuclear deal. I guess just can you kind of talk about if it's acceptable in your terms of long-term value, just price and term? I guess how do we think about the customer? It sounds like it's a hyperscaler, but is this just more of a traditional C&I? And is it one deal that's incremental to Walmart? Just how to think about that?

嗨，早安。感謝讓我提問。很高興看到新的長期核能合約。我想請你談談，從你們對長期價值的角度來看，就價格與年期而言是否可接受？另外我們該如何看待這位客戶？聽起來像是超大規模雲端業者（hyperscaler），但這是否更像傳統的商業與工業（C&I）客戶？以及這是一筆相對於沃爾瑪（Walmart）屬於增量的一筆交易嗎？該如何理解這件事？

Yeah, look, I'm not going to -- as I said, I'm going to adhere to the rule that we're going to let the customers explain their deals and announce them to the extent that they choose to. But Nick, it is consistent with our view of long-term value for the nuclear fleet. And I think this is one of many opportunities we're continuing to see in the market.

是的，你看，我不會——如我所說，我會遵守我們的原則：讓客戶在他們選擇的範圍內，自行說明並公告他們的交易。但 Nick，這與我們對核能機組群長期價值的看法一致。而且我認為，這只是我們在市場上持續看到的眾多機會之一。

Okay, great. And then you mentioned being engaged in the bilateral process in PJM. Can you just give detail, obviously, that'd be new capacity that would net against the 6 gigawatt figure, but could hybrid deals be in play if you could work to address the non-peak issues? And maybe talk about the five gigawatts of new capacity that could be eligible that you highlighted on the last call. Thank you.

好的，很棒。另外你提到你們正在 PJM 的雙邊流程中參與。你能否提供一些細節？顯然那會是新的容量，會與 6GW 的數字相抵，但如果你們能處理非尖峰的問題，是否可能出現混合型交易？也請談談你們在上次電話會議中提到、可能符合資格的 5GW 新增容量。謝謝。

Yeah, I'm going to -- Dan Eggers is kind of overseeing a bit of that, so I'm going to ask him to chime in here. But look, the process, the bilateral process is confidential and we'll keep it that way. But you should assume that all of the opportunities we have to add megawatts are being talked to with customers in combination with our existing capabilities.

好的，我會——Dan Eggers 有點在負責這一塊，所以我請他在這裡補充一下。不過你看，這個流程、這個雙邊流程是保密的，我們也會維持保密。但你可以假設，我們所有能增加兆瓦數的機會，都正在與客戶討論，並且會與我們既有能力結合起來。

Think about it, I mentioned this on the call. The best outcome for America is to take advantage of the stranded capacity that exists in the US grid. That's wires and generation capacity. That's fastest, and it also reduces costs. How does it reduce costs? We know on the wire side, all the fixed cost elements of the system get spread out over more hours of usage, that brings the per hour usage rate down. So that's how it works on the wire side.

想一想，我在電話會議上提過。對美國而言最好的結果，是善用美國電網中既有的閒置容量（stranded capacity）。那包含輸電線路與發電容量。這是最快的方式，也能降低成本。如何降低成本？我們知道在電網線路端，系統所有固定成本要素會分攤到更多使用小時數上，這會把每小時使用費率拉低。這就是線路端的運作方式。

On the energy side, in competitive markets, what it means is it puts downward pressure on capacity prices over time. Remember, the capacity price that generators seek in the PJM market, or the so-called missing money, is the difference between what it costs them to build and operate and what they're receiving in energy markets.

在能源端，在競爭市場中，這代表它會隨時間對容量價格形成下行壓力。記住，發電商在 PJM 市場中尋求的容量價格，或所謂的「缺口收入」（missing money），是他們建置與營運成本，與他們在能源市場中收到的收入之間的差額。

So the more the existing generators fully utilize efficiently that are fully utilized by customers, the less dependent they are on a big capacity payment. We've seen that over the years. As energy and ancillary services go up, capacity prices go down. So all of the incentives here for everyday families and businesses are aligned with tapping into this stranded capacity. Our customers know that.

因此，既有發電機組越能被客戶有效率地充分利用，它們對高額容量付款的依賴就越低。我們多年來都看到了這點。當能源與輔助服務價格上升時，容量價格就會下降。所以，對一般家庭與企業而言，所有誘因都與開發這些閒置容量一致。我們的客戶也知道這一點。

At the same time, we do have to manage the peaks. That could be managed with batteries, with demand response, with peaking resources. Other forms of generation could be a part of that, but they still have to figure out not just the peak, but what they're doing every other hour of the year. That's where our fleet becomes extraordinarily valuable, because it's a fixed-price clean energy resource that they could count on for decades, and that's what they want.

同時，我們確實必須管理尖峰。這可以透過電池、需量反應、尖峰機組資源來管理。其他形式的發電也可能是其中一部分，但他們仍必須想清楚的不只是尖峰，還包括一年中其他每一個小時要怎麼做。這就是我們的機組群變得極具價值之處，因為它是固定價格的潔淨能源資源，他們可以依賴數十年，而這正是他們想要的。

This kind of idea where we're trying to -- or this notion that existing and new are completely bifurcated and don't come together is just not the reality of the way customers look at their procurement strategies. The backstop auction is a part of that, but it's also part of what we're doing every single day in our conversations with customers.

那種認為我們試圖——或這種觀念認為既有資源與新增資源完全二分、彼此不會結合，並不符合客戶看待其採購策略的現實。後備拍賣（backstop auction）是其中一部分，但這也同樣是我們每天與客戶對話時正在做的事情的一部分。

Thanks for your thoughts.

謝謝你的分享。

Dan, I said I was going to hand it over to you, and then I went out and talked about it.

Dan，我說我要把時間交給你，結果我自己又講了一大段。

It was great. I just, Nick, what I would add to what Joe said, right, is that when we put forward the megawatts and the interconnect queue, it was a full range, anywhere from upgrades on the base load side to batteries to peakers. Our motivation here is consistently to provide our customers with what they need, right? So solutions are important. The bilateral market is clearly a place where we can get those things done. We'll see how that works out and what's left to address in the RBP when we get there.

講得很好。我想，Nick，我要補充 Joe 所說的是：當我們把兆瓦數提交到併網排隊（interconnect queue）時，那是一個完整的範圍，從基載端的升級，到電池，到尖峰機組（peakers）。我們在這裡的動機一貫是提供客戶所需要的東西，對吧？所以解決方案很重要。雙邊市場顯然是我們能把這些事情落地的地方。我們會看看結果如何，以及等我們走到那一步時，在 RBP 中還剩下哪些需要處理。

Yes, Nick, I'll just come back. Dan, thank you for that. I'll just come back, Nick, to another big piece of this. I think what EPA ends up doing here in its clarification process of its rules for the backup generation at sites is really going to matter because as resources have to be curtailed to address these few peak hours. The utilization of those backup generators may be the most effective way for us to address the peak demand and do the things we're talking about in terms of really taking advantage of the stranded capacity in the system and lowering prices for customers.

是的，Nick，我再補充一下。Dan，謝謝你的補充。Nick，我再回到這件事的另一個重要面向。我認為，EPA 在其釐清流程中，最終如何釐清其對場址備援發電（backup generation）的規則，將會非常關鍵；因為當資源必須被限發以因應少數幾個尖峰小時時，使用那些備援發電機可能是我們因應尖峰需求、並實現我們所談的——真正善用系統中的閒置容量、為客戶降低價格——最有效的方法。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

Hey, good morning. So a couple questions on the new contracts. So it's from nuclear. So most of your nuclear is in PJM. So should we assume these are in PJM?

嗨，早安。我有幾個關於新合約的問題。所以這是來自核能。你們大部分核能資產都在 PJM。所以我們是否可以假設這些合約是在 PJM？

Steve, we're not really going to pinpoint the origin, but yeah, you're right. Most of our stuff is in PJM.

Steve，我們不會真的去精確指出來源，但對，你說得沒錯。我們大部分資產都在 PJM。

And just, I think there have been some concern that, with the connected manager IRS, like whether customers can contract for existing, like whatever contracts you have they kind of incorporated? Kind of whatever outcomes could come out of that.

另外，我想外界有些擔憂，關於 Connect and Manage 與 IRS 的連結管理機制——例如客戶是否能就既有資源簽約，像是你們現有的任何合約是否會被納入？以及可能會出現的各種結果。

Yeah, Steve, I think I probably droned on about it a bit long just a moment ago, but let me give you a specific example. Let's suppose that in the context of Connect and Manage, a customer is deciding to use batteries or further rely on backup generation. They could do that and comply with what we see as the proposed rules going forward.

是的，Steve，我剛剛可能講得有點冗長，但我給你一個具體例子。假設在 Connect and Manage 的情境下，客戶決定使用電池，或更進一步依賴備援發電。他們可以這麼做，並且符合我們所理解的未來擬議規則。

But they'll still need to buy power. They'll still need to buy energy really for all of the other powers they're not managing, the other 99%. And so, that's where the existing resources are going to be able to provide quick solution sets. Otherwise, we'd be waiting for every data center to wait for every megawatt to be interconnected and built.

但他們仍然需要買電。他們仍然需要購買能源，實際上是為了他們未管理的其他所有用電，也就是另外 99%。因此，既有資源就能提供快速的解決方案組合。否則，我們就得讓每一座資料中心都等待每一個兆瓦完成併網並建置完成。

And if that's the case, we might as well hand over the keys to China. We're never going to build this economy. The outcome is going to be we got to wait for new power plants to be built before we can connect any data center. It's clearly not what FERC is thinking about. It's clearly not what Secretary Wright is thinking about.

如果是那樣，我們不如把鑰匙交給中國。我們永遠不可能建立這個經濟體。結果會變成：在任何資料中心可以併網之前，我們都得先等新的電廠蓋好。這顯然不是 FERC 在思考的方向。這也顯然不是 Wright 部長在思考的方向。

What we're trying to do is manage the peaks, a lot of devices to do that, but the bedrock of building out at least this early phase of the data economy is going to rely heavily, in my view, on existing generation as it has.

我們想做的是管理尖峰；有很多裝置可以做到這點。但在我看來，至少在資料經濟的這個早期階段，要擴建的基石仍將高度仰賴既有發電資源，就像目前一樣。

Okay, now one more question. Just your range of the potential value of contracts, I think it's $20 to $50 a megawatt hour, pretty wide. Can you give us any sense of how things are trending within that range?

好，接下來再一個問題。關於合約潛在價值的區間，我想是每兆瓦時 20 到 50 美元，範圍很大。你能否讓我們了解一下，在這個區間內目前的趨勢如何？

Hey, Steve, it's Shane. I mean, again, to the point of trying to protect customer. Sensitivity around the exact pricing, we're going to keep that range as it is. I mean, I think it is important to note that when we provided that disclosure in March, we were obviously talking with a number of different counterparties and the transactions all fit that profile. So I think we're comfortable with keeping that sensitivity as it is.

嗨，Steve，我是 Shane。我的意思是，再次回到保護客戶這點。基於對精確定價的敏感性，我們會維持這個區間不變。我的意思是，我認為重要的是要注意，當我們在 3 月提供那項揭露時，我們顯然正在與多個不同的交易對手洽談，而這些交易都符合那個輪廓。所以我想我們對維持這樣的敏感度（不進一步細分）是有把握的。

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

Thanks so much. Good morning. I was wondering if you could, maybe shifting over to the ERCOT market, wondering if you could give your view on the Batch Zero process. Do you have projects that you're partnering with in that program and curious how you see that evolving from here?

非常感謝。早安。我想請教，或許把焦點轉到 ERCOT 市場，你能否分享你對 Batch Zero 流程的看法？你們是否在該計畫中有合作的專案？也想了解你們認為接下來會如何演變？

Turn it over to Dave Dardis for comments on that. The answer is yes. We also have, by virtue of the acquisition of Calpine, some projects that were really probably first movers, I think, in Texas where we've gotten through three necessary approvals and we're proceeding with clients on it.

把這題交給 Dave Dardis 來評論。答案是有。另外，藉由收購 Calpine，我們也有一些專案——我認為在德州可能算是先行者——我們已經通過三項必要核准，並正與客戶推進。

But some of our sites are in the batch zero process, and so we're evaluating. What it means to answer the questions presented by the governor's letter, and we're hoping to see activity here from ERCOT and the Texas PUCT to clarify those things soon. David, anything to add?

不過我們的一些場址在 batch zero 流程中，所以我們正在評估。這代表要如何回應州長信函中提出的問題；我們也希望 ERCOT 與德州 PUCT 能儘快採取行動，釐清這些事項。David，還有要補充的嗎？

I guess a lot of that is Governor Abbott. Been very clear that he's a champion for responsible data center development in the state of Texas. He understands its importance for Texas competitiveness and ultimately American competitiveness. So I don't think anything has changed there where he has said Texas should be the epicenter of AI. I don't think his view has changed on that.

我想其中很大一部分與 Abbott 州長有關。他一直非常明確地表示，他支持在德州負責任地發展資料中心。他了解這對德州競爭力、最終也對美國競爭力的重要性。所以我不認為他那邊有任何改變；他曾說德州應該成為 AI 的中心。我不認為他在這方面的看法有改變。

But like all these folks, particularly coming into the midterm elections, they want to be responsive to their constituents and Governor Abbott has asked for some pretty reasonable information to be. Included as part of batch zero. We think all that information can be provided quickly and we don't think it should be a meaningful delay in ultimately moving through that process and getting answers quickly.

但就像所有這些人一樣，特別是在期中選舉前夕，他們希望對選民有所回應；Abbott 州長要求提供一些相當合理的資訊。把這些資訊納入 batch zero 的一部分。我們認為這些資訊都能很快提供，而且我們不認為這會造成實質性的延宕，最終仍能推進流程並迅速取得答案。

So we see this as a temporary measure here that we think is manageable by the industry and we look forward to working with the governor and the PUC team.

因此我們把這視為一項暫時性措施；我們認為產業可以管理得當，也期待與州長及 PUC 團隊合作。

And David, I think some of the answers here are going to be pretty darn good. There's some fanciful kind of numbers out there about the use of, for example, water. Some of the solutions that we're seeing for water usage from some of our clients are put water consumption on the level of a restaurant or a large store for data centers.

而且 David，我認為這裡的一些答案會相當不錯。外界有一些很誇張的數字，例如談到用水。我們從部分客戶看到的用水解決方案，是把資料中心的用水量控制在餐廳或大型商店的等級。

So I think it's going to be an eye-opener to people. I think they're the right questions to be asked. Not all data centers are the same, so maybe this tool is intended to ferret out those that have been less efficient with water resources. But I think there's a lot of good answers out there.

所以我想這會讓大家大開眼界。我認為這些問題問得對。並非所有資料中心都一樣，所以這個工具也許是要把那些在水資源使用上效率較差的找出來。但我認為外面有很多很好的答案。

Absolutely. Yeah, it's really helpful. Thanks. And curious if you could also maybe give your view on the outlook for just on the power market side of things for ERCOT, outlook for power prices and spark spreads from here. The market's been under pressure. And curious your view on that and maybe also just the battery storage, how that's impacting the market from here too?

完全同意。是的，這真的很有幫助。謝謝。另外也想請你談談 ERCOT 在電力市場面的展望：從現在起電價與火電價差（spark spreads）的前景如何？市場一直承壓。也想聽聽你的看法，以及電池儲能從現在起如何影響市場？

Yeah, thanks for the question, David. This was one that came up last quarter, and I think Jim and Andrew talked a bit about it. What we're seeing in Texas is what we fully anticipated. The battery storage and other things you're talking about started earlier and they're arriving on the grid earlier than the load is. And so we talk a lot about data centers in Texas, but if you really take a look at where the construction of that build-out lies, you'd find.

好的，謝謝你的問題，David。這題上季也有人問過，我想 Jim 和 Andrew 當時有談到一些。我們在德州看到的情況完全符合我們的預期。你提到的電池儲能等資源，比負載更早開始、也更早併入電網。所以我們常談德州的資料中心，但如果你仔細看這波擴建的施工分布，你會發現。

The vast majority of the data centers that are anticipated are still at some stage of construction and not on the grid. So, Andrew, I think, was the one that mentioned we would expect to see depending on weather, and if you don't have the right weather, you're not going to see a lot of price action in Texas. That's what we've seen this year.

預期中的絕大多數資料中心仍在某個施工階段，尚未併網。所以我想 Andrew 提到過，我們預期會視天氣而定；如果天氣不對，你就不會在德州看到太多價格波動。這就是我們今年看到的情況。

It was completely expected by us at Constellation, completely expected by Calpine, and we've positioned ourselves in the market accordingly. I think the market will start to tighten up as the data centers get built and you start to see the market come into more or less equilibrium.

這對我們 Constellation 來說完全在預期之內，對 Calpine 也完全在預期之內，我們也因此相應地在市場中做了布局。我認為隨著資料中心建成，你會開始看到市場逐步收緊，並走向大致的均衡。

Jeremy Tonet, JPMorgan Securities. Your line is open.

Jeremy Tonet，摩根大通證券。你的線路已開通。

Hi, good morning. Just want to turn to slide 13, if I could, and looking at the earnings in free cash flow before growth opportunities in '29 and I see the capital allocation is hold on the table, I think that might be new this quarter. I saw the share repurchases there, but just wondering on the growth investment side, is there anything kind of new to think about with regards to this table here?

嗨，早安。如果可以的話，我想轉到第 13 頁投影片，看到 2029 年在成長機會之前的自由現金流收益；我看到資本配置那欄寫著「hold on the table」，我想這可能是本季新增的。我看到有股票回購，但想請教在成長投資面，這張表有沒有什麼新的重點需要留意？

Hey, Jeremy, it's Shane. So in the initial disclosure back in March, we gave -- we didn't give a $0.04, we kind of gave a $0.50 plus as an upside. And so what the $0.20 as a four is meant to represent is the progress we've made in the last four months from those accretive $2.2 billion of buybacks. So wanted to establish that four. Naturally, that raises kind of our view of the higher end and we'll see what's beyond.

嗨，Jeremy，我是 Shane。所以在 3 月最初的揭露中，我們給的——我們不是給 0.04 美元，我們當時給的是 0.50 美元以上作為上行空間。而這裡的 0.20（作為「四」）是要反映過去四個月我們在那 22 億美元具增益性的回購上所取得的進展。所以我們想把那個「四」建立起來。當然，這也會提高我們對上緣的看法，至於更高還有多少，我們再看。

From a growth angle, obviously, we continue to explore, but there's nothing that we've disclosed that would directly inform that range at this time.

從成長角度來看，我們顯然仍在持續探索，但目前沒有任何我們已揭露的事項，能在此時直接用來支撐或調整那個區間。

Got it. That's helpful. Thank you for that. And then just wondering about customer conversations in general, how the tone might have changed over time here. PJM, you're seeing some kind of improvements in energy prices, capacity prices later dated here, and wondering how that's influenced conversations, even with like existing. Large load and the interest in derisking their power exposure, price exposure overtime, just curious how conversations might have changed overtime.

了解。這很有幫助。謝謝你的說明。另外想問整體客戶對話的情緒，隨時間是否有所改變。在 PJM，你看到較遠期的能源價格、容量價格有一些改善，想了解這如何影響對話——甚至是與既有客戶。大型負載對降低其電力曝險、價格曝險的興趣隨時間如何變化？想請你談談對話可能如何隨時間改變。

Yeah, Jeremy, I feel like I've been talking about it for 20 years, but it's probably more like two years. The worst thing for deal execution is ambiguity and uncertainty. I think I've said, and for those of you who've been on our calls for a while, remember we were talking about, oh, which components of the transmission service should large load pay and be excused from.

是的，Jeremy，我覺得我已經講這件事講了 20 年，但其實可能更像是兩年。對交易執行最糟糕的就是模糊與不確定性。我想我以前說過——也給那些跟著我們電話會議一段時間的人——你們會記得我們曾在談：喔，輸電服務的哪些組成項目應該由大型負載支付、哪些應該被豁免。

And I think I offered, you got to just tell these people what it is and then they can plan around it. I think what we'll see is very shortly the. Entirety of the data economy, investing what could be upwards of a trillion dollars in infrastructure annually when you put all the pieces together.

而我認為我已經提出過，你只要把實情告訴這些人，然後他們就能據此規劃。我認為我們很快就會看到的是。整個數據經濟體，當你把所有環節加總起來，每年在基礎設施上的投資可能高達一兆美元以上。

People want to get this stuff going. You read the Morgan Stanley report the other day, the returns for the investments they're making in data economy, and these AI models are proving out. What our customers want is to understand the rules of the road, and then they'll manage around that. Some things need to be done better.

大家都想把這些事情推動起來。你前幾天讀了摩根士丹利的報告，關於他們在數據經濟與這些 AI 模型上的投資回報，正在被驗證。我們的客戶想要的是了解遊戲規則，然後他們就會在那個框架下去管理與調整。有些事情需要做得更好。

PJM's Connect and management program needs a lot of improvement. But the reality is, at the end of the day, the rules and rule clarity are going to be the thing that are going to encourage deal flow for us and completion of these nation-critical projects for these large customers. So just over the course of this year, as we've been.

PJM 的 Connect 與管理計畫需要大幅改進。但現實是，歸根結底，規則以及規則的清晰度，才會是鼓勵我們交易流量（deal flow）以及推動這些對國家至關重要、面向大型客戶的專案完成的關鍵。所以就在今年的過程中，當我們一直在。

When we started the year, we really started from a position where the executive order that the President signed with the hyperscalers and the pledges they signed, people were trying to figure out what that would look like in actual practice. A lot of really good work has been done.

我們在年初時，確實是從這樣一個起點出發：總統簽署的行政命令，以及與超大規模雲端業者（hyperscalers）一起簽下的承諾與他們所做的誓約，大家都在試圖弄清楚這在實務上會長什麼樣子。已經做了很多非常好的工作。

And although we don't agree with everything that PJM has proposed, we applaud them for providing clarity that is needed here. And quite naturally, that is fueling kind of a resumption of contracting activity. And I believe that once we do get clarity, we're going to see here in PJM what we've seen in many places where deal flow will, kick off with a bit of a bang.

雖然我們不同意 PJM 所提出的每一件事，但我們肯定他們提供了此處所需要的清晰度。而很自然地，這正在推動某種程度的簽約活動回溫。我相信一旦我們取得清晰的規則，我們將在 PJM 看到我們在許多地方看到的情況：交易流量會以相當強勁的態勢啟動。

Sophie Karp, KBCM.

Sophie Karp，KBCM。

Hi. Good morning. Congratulations on a good quarter and announcement here, and thank you for taking my question. I was wondering, what do you guys see as the next step in the co-location process in the TGM? Will there be like a definitive document coming out of the TGM that will be the final and authoritative, I guess? Document in this process as to establish the final clarity for everyone and when will that be?

嗨。早安。恭喜本季表現不錯以及今天的公告，也謝謝你回答我的問題。我想請教，你們認為在 TGM 的共址（co-location）流程中，下一步會是什麼？TGM 是否會發布某種具決定性的文件，作為最終且具權威性的、我想說是。在這個流程中用來為所有人建立最終清晰度的文件？大概什麼時候會出來？

Yeah, Sophie, and as Constellation has been turning up the heat to get that moving more quickly. We've seen some extensions of time to answer that. In short, we think that we're going to see rural clarity in the first to second quarter of '27 in terms of co-location, far ahead of where PJM might have been before where they were targeting 2029.

是的，Sophie，隨著 Constellation 一直在加大力道、希望更快推動這件事。我們也看到為了回答這個問題，時程有一些延長。簡而言之，我們認為在共址方面，我們會在 2027 年第一到第二季看到規則的清晰化，這比 PJM 先前可能的進度要早很多，因為他們原本的目標是 2029 年。

So this is an area where FERC has put some good pressure on PJM and the RTOs to provide some clarity. We have some ideas. One of those things I mentioned in my prepared remarks was this notion of modeling load. And generation at the same point of interconnection. So there really what I'm talking about is adding batteries, adding other generation resources, add existing operating generating facilities, and then co-locating a load there.

所以這是一個 FERC 對 PJM 與各 RTO 施加了相當良性壓力、要求提供清晰度的領域。我們有一些想法。我在事先準備的發言中提到的一點，是所謂的負載（load）建模這個概念。以及在同一個併網點（point of interconnection）對發電（generation）進行建模。所以我真正要談的是：加裝電池、加入其他發電資源、把既有在運轉的發電設施納入，然後在那裡共址一個負載。

So you might have a data center next to an existing power plant, but that power plant has supplemental capacity capability through the incorporation of batteries and other devices. We think those hybrid solutions of mixing new. Capacity resources, existing generation and co-locating that with load, that's the promise we see going forward.

所以你可能會有一座資料中心在既有電廠旁邊，但那座電廠透過導入電池與其他設備，具備補充容量的能力。我們認為這些把新增。容量資源、既有發電，以及與負載共址混合在一起的混合式解決方案，是我們對未來所看到的承諾與方向。

We still, that's moving a little bit slower still than we wanted, but a lot faster than was anticipated at the beginning of the year, but in answer to your question. I think with the 90-day extensions, we're expecting response from PJM here in about the November time frame. I'm looking at David, does that sound right, David? And then an order from FERC in the first to second quarter of next year.

我們仍然覺得進度比我們想要的稍慢一些，但比年初預期快得多；回到你的問題。我想在 90 天的延期之後，我們預期 PJM 大約在 11 月左右給出回覆。我看一下 David，這樣對嗎，David？然後 FERC 會在明年第一到第二季發布命令（order）。

Thank you. Great. And then just a higher-level question. You've been allocating capital to share buybacks quite a bit, and that makes sense given the valuation and opportunistic nature of that. How do you think about jumpstarting the cycle of investing organically into maybe new builds? In addition to the nuclear start you're working on, is there a place in the U.S. That you think is where the economics work for that right now.

謝謝。很好。接著一個更高層次的問題。你們把不少資本配置到庫藏股回購上，考量到估值與機會性，這很合理。你們如何看待啟動一個週期，把資本用於有機投資、例如可能的新建案（new builds）？除了你們正在推動的核能重啟之外，在美國是否有你認為目前經濟性已經可行的地區？

We're having some good conversations in New York about the future of nuclear, but there's nothing right now that I would describe as imminently on the horizon. For investment in new nuclear. What you're seeing us do and what you'll see us continue to do here is to prepare our sites for new nuclear development because that work has got to get done anyway, the permitting, the early site permits that are needed.

我們在紐約就核能的未來進行了一些很好的對話，但目前沒有任何我會形容為即將發生的。新核能投資。你看到我們正在做、以及你將看到我們持續做的，是為新核能開發預作場址準備，因為那些工作無論如何都必須完成，包括許可申請、所需的早期場址許可（early site permits）。

So we want to -- when we've been able to figure out the construction schedule and pricing and the customers on the other side of that, we want to have a bunch of different locations where customers could come. New York is a very exciting opportunity for us, and that's something we're pursuing with Governor Hochul and her administration. But it's not yet going to show up on financial disclosures for capital. It's not that imminent.

所以我們希望——當我們能夠釐清施工時程與價格，以及對端的客戶之後——我們希望手上有一批不同地點，讓客戶可以進駐。紐約對我們而言是非常令人振奮的機會，我們正與 Hochul 州長及其團隊推進這件事。但它還不會在資本的財務揭露中出現。還沒有那麼迫近。

James West, Melius Research.

James West，Melius Research。

Hey, good morning, Joe. Joe, you've been kind of a somewhat of a alone but kind of clarion voice here in the market about some of the stranded. Generation assets for underutilized assets while a lot of people have been being the drum on new generation.

嗨，早安，Joe。Joe，你在市場上某種程度上算是相對少數、但很有號召力的聲音，談到一些被擱置（stranded）的。發電資產、以及在許多人鼓吹新發電之際，那些未充分利用的資產。

And I think you've laid out your reasons why already, but I'm curious from the customer standpoint as you're talking to them about this latent capacity. Are they, what's their view on that? Are they willing to say, hey, that's here, it's ready to go, we'll build infrastructure next to it or near it?

我想你已經說明過你的理由，但我好奇從客戶角度，當你跟他們談這些潛在容量（latent capacity）時。他們怎麼看？他們是否願意說：嘿，這些就在那裡、已經準備好了，我們會在旁邊或附近建基礎設施？

And then are they also talking about, hey, are you willing to build a little more capacity, but we'll start with the existing capacity? How is that conversation evolving with the customers?

另外，他們是否也在談：嘿，你是否願意再建一些容量，但我們會先從既有容量開始？你和客戶的對話是如何演進的？

Hey, definitely all of the above. One of the things that it really has just. Been remarkable is the level of sophistication that our clients now possess about the grid is as good as the energy companies themselves that quite honestly, not to insult anybody, wasn't true two years ago.

嘿，絕對是以上皆是。其中一件事真的。非常令人驚訝的是，我們的客戶現在對電網的理解與成熟度，幾乎和能源公司本身一樣高；坦白說，無意冒犯任何人，兩年前並不是這樣。

And so this kind of combination of resources and what batteries could do, what demand response could do, all of our sophisticated customers understand that. And I appreciate you give me a bit of a shout out for being a clear voice, but I think the most powerful voice on this subject has actually been. Department of Energy Secretary Chris Wright, who has been saying exactly what I've said on these calls now for three years.

因此，這種資源組合，以及電池能做什麼、需量反應（demand response）能做什麼，我們所有成熟的客戶都理解。我也感謝你稱我是一個清晰的聲音，但我認為在這個議題上最有力的聲音其實是。能源部部長 Chris Wright；他在這些電話會議上，三年來一直在說和我完全一樣的話。

And that's been now backed up by study after study from Duke and Brattle and many others who have talked about the same thing. So sometimes when we talk about capacity, it is for the layperson easy to confuse that. With energy, and it gets really complicated pretty quickly in our business. But our clients understand it.

而且這也已經被杜克（Duke）、Brattle 以及許多其他機構一份又一份的研究所支持，談的都是同樣的事情。所以有時候我們談到容量（capacity）時，對一般人而言很容易把它。和電能（energy）混為一談，而在我們這個行業裡很快就會變得相當複雜。但我們的客戶理解這些。

And what they seek from us is all of the above, really. I think you're seeing that basically in our contracting where we're relicensing facilities that are adding life. We're talking about operates with clients. That's exciting. You saw that in the Walmart deal. But it doesn't operate to the exclusion of. Recognizing that the existing megawatts have an important role to play in this ecosystem.

而他們向我們尋求的，其實就是以上所有內容。我想你們已經看到，基本上在我們的簽約中，我們正在為延長壽命的設施重新授權（relicensing）。我們也在和客戶談營運（operate）。這很令人振奮。你們在沃爾瑪（Walmart）的交易中也看到了。但這並不意味著要排除其他方式。我們也認知到，既有的兆瓦容量在這個生態系中扮演著重要角色。

Right, gotcha. And then you mentioned batteries as well. Has the battery technology evolved to the point now where real significant long duration storage is available to help backstop the grid?

好，了解。然後你也提到了電池。電池技術是否已經演進到現在，能提供真正顯著的長時儲能，以協助作為電網的後盾？

I think batteries are already doing that. We're talking a bit of that about the effect we're seeing in Texas of batteries. Now that's, when we talk long duration, you got to get pretty into the weeds here, but I'm talking about it just to be clear about four-hour batteries and we continue to think that four-hour batteries have a very big role.

我認為電池已經在做這件事了。我們稍早也談到我們在德州看到的電池影響。至於「長時」儲能，談起來就得深入很多細節；但為了說清楚，我這裡指的是四小時電池，而我們仍然認為四小時電池將扮演非常重要的角色。

And as Calpine has been one of the US leaders in terms of the development and integration of those batteries. And now at Constellation, we're drawing on that substantial expertise.

而且 Calpine 一直是美國在這些電池的開發與整合方面的領導者之一。現在在 Constellation，我們正運用那份深厚的專業能力。

Julien Dumoulin-Smith, Jeffries.

Julien Dumoulin-Smith，Jefferies。

Morning, Julian.

早安，Julien。

Hey, good morning, team. Hey, thanks for taking the time, Joe, team. Hey, look, a couple clarifications here. Starting with bilaterals, if you can. I know you said it was confidential, but can you speak a little bit to the timing, right? In as much as obviously the RBP is somewhat specific on when it goes down.

嘿，各位早安，團隊。Joe、各位，謝謝撥冗。我這邊有幾點想釐清。先從雙邊合約（bilaterals）開始，如果可以的話。我知道你說這是機密，但能否稍微談一下時程？因為很明顯 RBP 在何時落地是相當具體的。

How do you think about the timeline here in as much as where are you in those negotiations vis-a-vis this potential RVP coming up in the next couple months? Is it lagged by a couple months here or thereafter, or is it even prior? How do you think about that and the considerations that may be playing out therein?

你們如何看待這裡的時間軸，尤其是你們在這些談判中的進度，相對於未來幾個月可能出現的這個 RVP？會落後幾個月、或之後才發生，還是甚至更早？你們怎麼看待這點，以及其中可能正在發生的考量？

Yeah, Julian, and I'm sorry, I had intended to be clear earlier, but I think the RBP is one avenue, but it is not the exclusive avenue for customer conversations. And indeed, I think customers will consider whether they want to participate in that or do something completely separate, bilaterally separate, as they've done now for a couple of years before this PJM process was even dreamed up.

好的，Julian，很抱歉，我原本想在前面講得更清楚；但我認為 RBP 是其中一條途徑，並不是客戶對話的唯一途徑。而且確實，我想客戶會考量他們是否要參與那個機制，或是做完全分開的安排、以雙邊方式另行處理——就像他們在這個 PJM 流程甚至還沒被提出之前，過去幾年一直在做的那樣。

So I think kind of all of that is playing out. What customers want to understand is what I'm doing in contracting space going to meet the requirements in a future PJM rule such that I could be assured that I'm compliant, right? And I understand what my backup and curtailment responsibilities might be. So as we get to some clarity here in terms of what PJM is proposing.

所以我認為這些都在同步推進。客戶想弄清楚的是：我在簽約面所做的安排，是否能符合未來 PJM 規則的要求，讓我能確信自己是合規的，對吧？並且我也能理解我可能需要承擔的備援與限電（curtailment）責任。因此，隨著我們在 PJM 提案內容上逐步更清楚。

They're able to do that. They're able to say, yeah, I don't know exactly yet. It's not been rubber stamped by FERC. Not that rubber stamp is a bad phrase here, but it hasn't been approved by FERC. But I understand what PJM is proposing, and now I could start crafting a strategy to meet any requirements that come out of that. The backstop is a piece of that, but it may not be that each client is going to depend on backstop. It's just one other avenue for, meeting the requirements.

他們就能做到這些。他們能說：是的，我現在還不完全確定。它還沒有被 FERC 蓋章核准。這裡用「蓋章」不是貶義，但它確實尚未獲 FERC 批准。但我理解 PJM 正在提出什麼，現在我可以開始擬定策略，以符合未來可能由此衍生的任何要求。後盾（backstop）是其中一部分，但未必每個客戶都會依賴後盾。它只是另一條途徑，用來滿足相關要求。

Hey, Julian, if I would add this.

Julian，我補充一下。

Totally understand.

完全理解。

Yes. Hey, Julian, contracts today, those are signed contracts. So if the question was, are we dependent upon something on the FERC decisions or PJM decisions, these deals are not dependent upon those outcomes.

是的。Julian，今天的合約都是已簽署的合約。所以如果你的問題是：我們是否依賴 FERC 的決定或 PJM 的決定——這些交易並不依賴那些結果。

Yeah, sorry, I didn't.

是的，抱歉，我沒有。

Know if that part was clear. No, that wasn't, but I appreciate you confirming it regardless. And I appreciate it. Actually, if I can pivot real quickly to the other side of the equation, obviously, Illinois has a lot of interest. They've kicked off a process on nuclear procurement here this year. You all are an obvious counterparty here, and I suspect you don't want to negotiate this on the call, per se.

不確定那部分是否清楚。不，那部分不清楚，但無論如何謝謝你確認。我也很感謝。另外如果我可以很快轉到等式的另一邊：很明顯伊利諾州（Illinois）有很高的關注度。他們今年已啟動核能採購（procurement）的流程。你們顯然是潛在交易對手方之一，我也猜想你們不想在電話會議上直接談判。

But can you speak to the timeline around what the state's looking to do on procurement here, in as much as, from what I understand, that includes up rates as well as new nuclear? How would that timeline play out in tandem with anything else you have going on? And obviously, we see expiration here next year. Any considerations there and you'd care to share given where we stand today alongside the state's wider new nuclear emissions?

但你能否談談州政府在採購方面的時間表？據我了解，這包括增功率（uprates）以及新建核能。這個時間表會如何與你們其他正在進行的事項並行推進？而且我們也看到明年到期。就目前我們所處的位置，以及州政府更廣泛的新核能減排目標而言，有沒有任何你願意分享的考量？

Well, I think the state has a process here where they're going to do an IRP and then ultimately a procurement plan and we'll have a voice in those things. We don't have anything separately, that we're negotiating with the state of Illinois to be absolutely clear. We'll see what they come up with with the IRP. We think New York is a wonderful template for what Illinois should be looking to do.

我想州政府這邊有一個流程：他們會先做 IRP，然後最終制定採購計畫，而我們會在這些事項中有發聲的機會。為了非常清楚地說明，我們目前沒有任何另外與伊利諾州政府在談判的事項。我們會看看他們在 IRP 中提出什麼。我們認為紐約是一個很棒的範本，伊利諾州應該參考。

Yeah, no, that makes tons of sense. Looking forward to it. All right, guys, thanks for the time. Good luck.

是的，這非常合理。很期待。好，各位，謝謝撥冗。祝順利。

Ladies and gentlemen, so that's conclude the Q&A portion of today's conference. I'd like to turn the call back to Joe for any further remarks.

各位女士、先生，以上為今日會議的問答環節結束。我想把電話交回給 Joe，請他做進一步的結語。

Well, again, thanks for your continued interest and consolation. Our people had really a spectacular quarter. We looked at, finish off and have a spectacular year the rest of the way. I want to wish you all safe rest of the summer, and look forward to getting together at the end of the third quarter. Thanks again.

再次感謝各位持續的關注與慰問。我們的團隊交出了一個非常出色的季度。我們也期待在接下來的時間把這一年收尾，並交出同樣出色的全年表現。祝各位夏季後半段平安順利，也期待在第三季末再與各位相聚。再次感謝。

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

各位女士、先生，感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。祝各位有美好的一天。