Constellation Energy Corp (CEG) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Constellation Energy Corporation third quarter earnings conference call. (Operator Instructions) As a reminder, this call may be recorded.

各位女士、先生，早安，歡迎參加 Constellation Energy Corporation 第三季財報電話會議。(接線員指示) 提醒各位，本通話可能會被錄音。

I would now like to introduce your host for today's call, Tim Flottemesch, Vice President, Investor Relations. You may begin.

現在我想介紹今天電話會議的主持人：投資人關係副總裁 Tim Flottemesch。您可以開始了。

Thank you, Liz. 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 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，Liz。各位早安，感謝各位參加 Constellation Energy Corporation 第三季財報電話會議。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。另外還有 Constellation 其他高階管理團隊成員一同參與，並將在我們的準備發言結束後回答各位的提問。

We issued our earnings release this morning along with the presentation, all of which can be found in the investor relations section of Constellation's website. The earnings release and other matters 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 risk factors and assumptions discussed in today's material and comments made during this call.

我們今天早上已發布財報新聞稿並同步提供簡報，皆可在 Constellation 官網的投資人關係專區查閱。我們在今日電話會議中討論的財報新聞稿及其他事項，包含關於 Constellation 及其子公司的前瞻性陳述與估計，並可能受到各種風險與不確定性影響。實際結果可能因今日資料中所討論的風險因素與假設，以及本次通話中的相關評論，而與我們的前瞻性陳述有所不同。

Please refer to today's 8-K and Constellation's other SEC filings for discussions of risk factors and other circumstances and considerations that may cause results to differ from management's projections, forecasts, and expectations. Today's presentation also includes references to adjusted operating earnings and other non-GAAP measures. Please refer to the information contained in the appendix of our presentation and our earnings release for reconciliations between the non-GAAP measures and the nearest equivalent GAAP measures.

請參閱今日的 8-K 以及 Constellation 其他向 SEC 提交的文件，其中包含風險因素及其他可能導致結果與管理層之推估、預測與預期不同的情況與考量之討論。今日簡報亦包含對調整後營運盈餘及其他非 GAAP 指標的引用。請參閱簡報附錄及我們的財報新聞稿所載資訊，以取得非 GAAP 指標與最接近之 GAAP 指標之間的調節表。

I will now turn the call over to Joe.

接下來我把電話交給 Joe。

Hey, thanks, Tim. Good morning, everyone. Thanks for joining us. I know it is a busy morning, and we appreciate your continued interest in Constellation. Before getting into the quarter, we want to extend our congratulations to all of the newly elected officials and to those who are returning for another term. We thank them for their public service.

嗨，謝謝，Tim。各位早安。感謝各位加入我們。我知道今天早上大家都很忙，我們也感謝各位持續關注 Constellation。在進入本季內容之前，我們想向所有新當選的公職人員，以及將續任下一任期的公職人員致上祝賀。感謝他們的公共服務。

As a company, we have enjoyed strong working relationships with Democrats and Republicans alike, and we look forward to continuing to work with policymakers at every level of government on practical solutions that support economic growth, protect reliability, and keep energy affordable for families and businesses. Constellation's policy work on the nuclear PTC is a perfect example of great energy policy that was supported by both Presidents Trump and Biden, and overwhelmingly by members of Congress on both sides of the aisle.

作為一家公司，我們與民主黨與共和黨都建立了良好的合作關係，並期待持續與各級政府的政策制定者合作，推動務實的解決方案，以支持經濟成長、維護供電可靠性，並讓家庭與企業都能負擔得起能源。Constellation 在核能 PTC 方面的政策工作，就是一個絕佳例子：這項優良的能源政策同時獲得川普總統與拜登總統支持，也在國會兩黨獲得壓倒性支持。

The PTC has helped to save plants that would have otherwise closed, led to multi-decade extensions of operating lives, triggered investments in thousands of new megawatts through nuclear uprates, and even helped to propel three plant restarts. This policy support for nuclear energy has created and preserved tens of thousands of jobs and saved customers many billions of dollars. It's a bipartisan success story, and we are confident that bipartisan solutions to the issues presented by data centers also will be implemented.

PTC 協助拯救了原本可能關閉的電廠，促成營運年限延長數十年，透過核能增容（uprates）帶動對數千兆瓦新增容量的投資，甚至推動了三座電廠重新啟動。這項對核能的政策支持，創造並保留了數以萬計的工作機會，並為客戶節省了數十億美元。這是一個兩黨合作的成功故事，我們也有信心，針對資料中心所帶來議題的兩黨解方同樣會被落實。

In that regard, I do think we've seen a bit of an overreaction in the market to the election results based upon fear that Democrats won't let data centers get built. Obviously, there already has been a great deal of data center development in jurisdictions like Illinois and Virginia, where Democrats had control before this election.

就此而言，我確實認為市場對選舉結果出現了一些過度反應，主要是擔心民主黨不會讓資料中心得以興建。但很明顯，在本次選舉之前，像伊利諾州與維吉尼亞州這些由民主黨掌控的司法管轄區，早已進行了大量資料中心開發。

The bottom line is that Democrats care deeply about economic growth, and they care very deeply about the many labor jobs that go with data center construction. Indeed, with labor such a key constituent for Democrats, it's hard to imagine that we are going to halt work. With that said, the reality is that utilities and grid operators did not do a good job estimating the real number of data centers, and that resulted in a massive overestimation that caused legitimate fears by all policymakers.

重點是，民主黨非常重視經濟成長，也非常重視資料中心建設所帶來的大量勞工工作機會。事實上，勞工是民主黨非常關鍵的支持群體，因此很難想像我們會停止相關工程。話雖如此，現實是公用事業公司與電網營運商在估算資料中心的實際數量方面做得不夠好，導致嚴重高估，進而讓所有政策制定者產生合理的擔憂。

But reasonable safeguards in places like PJM and Texas already were being implemented before this election, and the agreements we've announced this year and the exciting new deal we'll talk about today shows that we could help our clients navigate any new guardrails. Now, turning to the quarter, I want to start where I usually do, with our people.

但在 PJM 與德州等地，合理的防護措施其實在本次選舉之前就已開始推動；而我們今年宣布的協議，以及我們今天將談到的令人振奮的新交易，也顯示我們能協助客戶因應任何新的規範護欄。現在回到本季表現，我想先從我一向會談的主題開始：我們的同仁。

They delivered another very strong quarter operationally, commercially, and financially. This summer, when PJM was setting peak load records and customers needed every megawatt they could get, our nuclear fleet delivered an astonishing capacity factor of over 99.2% across the summer months. That's what great looks like, and it's what our operations team delivers quarter after quarter and year after year. I also want to recognize our commercial team this morning.

他們在營運、商務與財務面都交出另一個非常強勁的季度成績。今年夏天，當 PJM 創下尖峰負載紀錄、客戶需要每一兆瓦供電之際，我們的核能機組在整個夏季月份的容量因數高達驚人的 99.2% 以上。這就是卓越的樣貌，也是我們營運團隊一季又一季、年復一年所交出的成果。今天早上我也要表揚我們的商務團隊。

The agreements we are discussing today are complicated transactions. They take perseverance, creativity, and a deep understanding of what our customers actually need. I'm truly grateful for their hard work, and it's nice to see it pay off. As you can see, Constellation's execution across all fronts of the business show up big in the numbers.

我們今天討論的協議屬於複雜的交易。它們需要毅力、創意，以及對客戶真正需求的深刻理解。我由衷感謝他們的辛勤付出，也很高興看到努力獲得回報。如各位所見，Constellation 在各項業務面向的執行力，都在數字上有明顯體現。

We earned $5.19 per share on a GAAP basis and $5.06 per share in adjusted operating earnings in the third quarter. We are raising and narrowing full-year adjusted operating earnings guidance to $12.50 to $12.80 per share. The low end of our newly revised range is equal to the top of our prior guidance, which we had significantly revised upward in the second quarter.

第三季我們按 GAAP 基礎每股盈餘為 5.19 美元，調整後營運盈餘每股為 5.06 美元。我們上調並收斂全年調整後營運盈餘指引至每股 12.50 至 12.80 美元。我們新修訂區間的下緣，等同於先前指引的上緣；而我們在第二季已大幅上修過一次指引。

This will mark the fifth consecutive year, every year since we've been a public company, that we've exceeded the midpoint of our original guidance, and often we've exceeded the top end. Shane will cover the details later, but that consistent performance matters.

這將是連續第五年——也就是自我們成為上市公司以來的每一年——我們的表現都超過原始指引的中位數，而且往往也超過上緣。Shane 稍後會說明細節，但這種一致的表現很重要。

Customers making 15- and 20-year commitments want a partner that operates plants well, manages commodities and risk well, and flat out does what it says it will do, and that is exactly the company we have built. Importantly for you, our owners, we are vastly increasing the duration and visibility of our earnings. Last quarter, we announced 920 megawatts of long-term nuclear agreements.

願意做出 15 年與 20 年承諾的客戶，需要一個能把電廠營運好、把商品與風險管理好，並且說到做到的合作夥伴——而這正是我們打造出的公司。對各位股東而言更重要的是，我們正在大幅提升盈餘的存續期間與可見度。上個季度，我們宣布了 920 兆瓦的長期核能協議。

Since then, we have signed three additional long-term agreements totaling about 4,560 megawatts. Nearly 3,500 megawatts support our existing fleet, and roughly 1,100 megawatts support new nuclear capacity through our uprate program. Year to date, we have contracted more than 8,500 megawatts well into the 2040s at compelling economics. Two of those agreements are landmark transactions with Google and Amazon. They do two things that matter for the country.

自那之後，我們又簽署了另外三項長期協議，合計約 4,560 兆瓦。其中將近 3,500 兆瓦用於支持我們既有機組，約 1,100 兆瓦則透過我們的增容（uprate）計畫支持新增核能容量。截至目前為止，我們已以具吸引力的經濟條件，簽約超過 8,500 兆瓦，合約期限延伸至 2040 年代。其中兩項協議是與 Google 與 Amazon 的里程碑式交易。它們在兩個層面對國家很重要。

They help us support our existing plants for the long-term, and they help add new clean firm megawatts in PJM at a time when the grid needs these megawatts. Keeping today's plants running longer and timely adding output from those plants is one of the fastest and most economic ways to improve reliability and affordability.

它們協助我們長期支持既有電廠，也在電網需要這些兆瓦之際，協助在 PJM 增加新的潔淨、可調度的穩定電力（clean firm）兆瓦。讓現有電廠延長運轉年限，並及時增加這些電廠的輸出，是提升可靠性與可負擔性最快、也最具經濟效益的方法之一。

In the past few weeks, we also signed a 20-year agreement with a customer that we are not identifying today to allow them to announce a deal at a time and place of their choosing. What I can tell you is that it is yet another PJM NIHub deal with an investment-grade customer in the data economy market.

在過去幾週，我們也與一位今天不便指名的客戶簽署了一份為期 20 年的協議，讓對方可以在其自行選擇的時間與地點對外宣布這筆交易。我可以告訴各位的是，這是另一筆 PJM NIHub 交易，對手方為資料經濟市場中的投資級客戶。

The contract is part of our exciting and new Constellation Peak+ product offering, and it combines 270 megawatts of unit contingent energy capacity and clean energy attributes from our existing nuclear fleet with new generation supply and demand response designed to satisfy expected regulatory requirements. I know that there has been some chatter that once we sold the uprates, our ability to contract the existing fleet would somehow be exhausted. It is not.

該合約屬於我們令人振奮且全新的 Constellation Peak+ 產品方案的一部分，結合了來自我們既有核能機組的 270 兆瓦（MW）機組或有能源容量與潔淨能源屬性，並搭配新的發電供應與需量反應，以滿足預期的監管要求。我知道外界有些議論，認為我們一旦出售了增容（uprates），就會使我們對既有機組進行簽約的能力以某種方式耗盡。並非如此。

First, as a factual matter, we have not finished exploring uprates at plants. Design and engineering work continues. Second, while uprates are valuable and certainly in very high demand, they were never the only pathway for contracting. Through Constellation's Peak+ program, our commercial team can pair existing energy solutions with new capacity resources, whether those resources are developed by us or by somebody else.

第一，就事實而言，我們尚未完成對各電廠增容方案的探索。設計與工程工作仍在持續。第二，雖然增容很有價值且確實需求極高，但它從來不是簽約的唯一途徑。透過 Constellation 的 Peak+ 計畫，我們的商務團隊可以將既有的能源解決方案與新的容量資源配對，不論這些資源是由我們開發或由其他人開發。

That gives customers another path to get new demand online efficiently and gives us another path to capture premium value that supports the existing fleet. This initial contract that we are announcing today is one of a number of opportunities we are actively working with our clients on, and I will walk through the economics later in the deck that will explain why we think this offering is so compelling to all of our clients, large and small. Operationally, we continue to turn investments into megawatts.

這讓客戶多了一條能有效率地讓新增需求上線的途徑，也讓我們多了一條能捕捉溢價價值、以支撐既有機組的途徑。我們今天宣布的這份初始合約，是我們正與客戶積極推進的多項機會之一；我稍後會在簡報中說明其經濟性，解釋為何我們認為這項方案對所有客戶（不論規模大小）都極具吸引力。在營運面，我們持續把投資轉化為兆瓦。

We completed the Byron Unit 2 low-pressure turbine upgrade in late October after completing Unit 1 earlier this year. The fall outage finished more than a week faster than the vendor's prior world record time and came in under budget. How about that. Under budget and ahead of schedule. New words for the nuclear industry, but words that we expect to repeat consistently.

我們在 10 月下旬完成了 Byron 2 號機組的低壓渦輪升級，此前已於今年稍早完成 1 號機組。秋季停機檢修比供應商先前的世界紀錄時間還快了一週以上，且成本低於預算。怎麼樣。低於預算、提前完工。這些是核能產業的新詞彙，但也是我們預期會持續重複的詞彙。

Early production results also well exceed our expectations. It's too soon to put a number on that, but to the point I made a moment ago about uprates not being exhausted, we are looking to add new uprates, and the uprate projects we are completing already are producing materially more megawatts than expected. Our commercial team can now begin to package those new megawatts in our offerings. Crane is likewise a compelling and great story for us. The restart continues to advance very well.

初期發電成果也遠超出我們的預期。現在還太早給出具體數字，但回到我剛才提到「增容並未耗盡」的重點，我們正尋求新增的增容機會，而我們已完成的增容專案所產出的兆瓦數也顯著高於預期。我們的商務團隊現在可以開始把這些新增兆瓦納入我們的產品方案中進行打包。Crane 同樣是我們一個引人注目且非常好的故事。重啟工作持續推進得非常順利。

The first fuel assemblies and transformers are on site. The NRC issued a favorable final environmental assessment, and we remain on track to restart the plant in the second half of 2027, a full-year ahead of schedule and under budget. We also received a conditional DOE loan commitment of up to $5 billion for identified fleet upgrades and other potential nuclear investments.

第一批燃料組件與變壓器已到場。美國核能管制委員會（NRC）發布了正面的最終環境評估，我們仍按計畫在 2027 年下半年重啟該電廠，較原時程提前整整一年，且低於預算。我們也獲得美國能源部（DOE）最高達 50 億美元的有條件貸款承諾，用於已識別的機組升級及其他潛在核能投資。

Including Crane, we now have secured $6 billion of DOE support tied to projects that can help bring more than 2,000 megawatts of additional nuclear capacity to the grid. These are the kinds of projects America needs, proven technology, existing sites, existing operational expertise, and new megawatts that can arrive much faster than greenfield build. Finally, we continue to exert capital discipline.

包含 Crane 在內，我們目前已取得 60 億美元的 DOE 支持，對應的專案可協助為電網帶來超過 2,000 兆瓦的新增核能容量。這些正是美國所需要的專案：成熟技術、既有場址、既有營運專業，以及能比新建綠地案更快到位的新增兆瓦。最後，我們持續維持資本紀律。

We have repurchased about $3 billion of our stock in roughly the seven months since our March business update, including $800 million in the third quarter alone. We agreed to acquire the 609 megawattsgawatts Rhode Island State Energy Center, RISEC. We expect that transaction to be immediately accretive and credit neutral, which returns above our double-digit unlevered return threshold, while adding reliable generation that supports our customer-facing retail business.

自 3 月業務更新以來約七個月內，我們已回購約 30 億美元的自家股票，其中僅第三季就回購了 8 億美元。我們同意收購羅德島州能源中心（Rhode Island State Energy Center, RISEC），裝置容量 609 兆瓦gawatts。 我們預期該交易將立即增厚獲利且對信用評等中性，報酬率高於我們兩位數的無槓桿報酬門檻，同時增加可靠發電資源，以支援我們面向客戶的零售業務。

With the success we've enjoyed and the visible free cash flow now on the horizon, Constellation strongly believes in the compelling value of buybacks to Constellation and to its owners, and you should expect us to update our buyback plan on or before the fourth quarter call, as is our usual practice. Now, turning to slide 6, let me spend a few minutes on what these agreements we've been talking about mean for the durability of our business.

基於我們所取得的成果，以及可見的自由現金流即將到來，Constellation 堅信回購對 Constellation 及其股東具有極具吸引力的價值；依照我們一貫的做法，您應可預期我們將在第四季法說會當日或之前更新回購計畫。接著看第 6 頁投影片，我想花幾分鐘談談我們一直在討論的這些協議，對我們業務耐久性意味著什麼。

A central objective we laid out in March was to increase earnings visibility and duration by extending the portfolio through long-term contracts, and we've done exactly that. We've moved from strategy to execution and now have more than 90 million megawatt hours supported by long-term agreements with high-quality customers extending into the 2040s.

我們在 3 月提出的一項核心目標，是透過長期合約延伸投資組合，以提升獲利可見度與存續期間，而我們確實做到了。我們已從策略走向執行，目前已有超過 9,000 萬兆瓦時（MWh）由與高品質客戶簽訂、延伸至 2040 年代的長期協議所支撐。

You can see on the left, that contracted clean base load volume builds over time, reaching 91 million megawatt hours in 2032 and roughly 94 million into the 2040s. By 2032, about 45% of our clean base load fleet is supported by long-term agreements beyond the nuclear PTC price floor. Let me pause on that for a moment to let it sink in.

您可以在左側看到，已簽約的潔淨基載電量隨時間增加，於 2032 年達到 9,100 萬兆瓦時，並在 2040 年代約為 9,400 萬兆瓦時。到 2032 年，我們潔淨基載機組約有 45% 由超出核能 PTC 價格底線的長期協議所支撐。我先在這裡停一下，讓各位消化一下。

This is an industry, as all of us know, that's been characterized by volatility, where we're constantly focused on the forwards that aren't all that liquid, and so hedge percentages two or three years out become real important. But what we've created here in the span of a year is a whole different animal, where nearly half of our clean output is hedged, not for a couple of years, but for a couple of decades, and we expect to do more.

眾所周知，這個產業一向以波動性著稱，我們總是關注流動性不算高的遠期市場，因此兩到三年後的避險比例就變得非常重要。但我們在一年之內打造出的，是一個完全不同的局面：我們近一半的潔淨產出不是只避險幾年，而是避險數十年；而且我們預期還會做得更多。

This is a platform, heretofore unseen, where so much EPS growth and cash flow is divorced from the day-to-day movement in forwards through long-term contracts and the PTC price floor. Incredibly, we have a lot more opportunity ahead. The agreements we have struck have been hugely transformational, and just as important is who is on the other side of the agreements.

這是一個前所未見的平台，透過長期合約與 PTC 價格底線，使得大量每股盈餘（EPS）成長與現金流得以與遠期價格的日常波動脫鉤。令人驚訝的是，我們前方仍有更多機會。我們所達成的協議具有高度的轉型意義，而同樣重要的是，協議的另一方是誰。

While some debt market concerns have rattled the AI and power thematic recently, including our own Constellation equity, the fact is that our business reality is in opposite to this concern. As you can see, the counterparties supporting our nuclear agreements have strong investment-grade credit profiles and deep access to capital markets. Now, moving to slide 7, I want to be clear that even with our success so far this year, we're not close to being done.

儘管近期一些債券市場的疑慮擾動了 AI 與電力主題（包括我們 Constellation 自身的股價），但事實是，我們的業務現實與這些疑慮正好相反。如您所見，支撐我們核能協議的交易對手具備強勁的投資級信用體質，並能深度進入資本市場。接著看第 7 頁投影片，我想明確表示，即使我們今年迄今已取得成功，我們離完成仍差得遠。

We still have a huge opportunity ahead of us with more than 100 million megawatt hours of existing clean generation available for premium long-term agreements. Data economy customers are an important part of that opportunity, but this demand is significantly broader than AI. Customers throughout the industrial and commercial space continue to want clean, firm, reliable energy and long-term price visibility, which we have shared with you a number of times.

我們前方仍有龐大機會：超過 1 億兆瓦時的既有潔淨發電量可用於溢價的長期協議。資料經濟客戶是其中重要的一部分，但這股需求遠比 AI 更廣泛。工業與商業領域的客戶持續需要潔淨、穩定、可靠的能源，以及長期價格可見度；這點我們已多次與各位分享。

States and utilities are another pathway for contract execution. Of course, we see that in New York through the ZEC program, and when you compare existing nuclear with building new generation, the economics and the risk profile are incredibly compelling. On this slide, we use a $3,000 per KW cost for a new CCGT and show an illustration indicating that the levelized cost to justify that investment is roughly $110 to $130 per megawatt-hour.

各州政府與公用事業公司是另一條合約落地的途徑。當然，我們在紐約州透過 ZEC 計畫就看到了這一點；而當你把既有核能與新建發電相比，其經濟性與風險輪廓都極具吸引力。在這張投影片中，我們以新建燃氣複循環機組（CCGT）每千瓦 3,000 美元的成本為假設，並示意要合理化該投資，其平準化成本約為每兆瓦時 110 至 130 美元。

Some estimates in regions of the country are even higher than that. Our assets are available today for utilities in PJM that want price certainty for their customers at an enormous discount to this new build price. That's not the sole advantage. First, this energy comes without risk of construction cost overruns or construction delays.

在全國某些地區的估算甚至高於此數。我們的資產目前可供PJM中希望為其客戶取得價格確定性的公用事業使用，且相較於這一新建價格有極大的折扣。這並非唯一優勢。第一，這些能源不承擔建造成本超支或施工延誤的風險。

Second, for utilities, the assets already are interconnected, meaning customers don't have to bear the cost of new transmission at a time when affordability is the key word in everybody's mind. Third, there's no fuel price volatility to manage. The prices are fixed for years without fear of rising natural gas fuel costs, carbon taxes, and other risks that would exist with a CCGT strategy.

第二，對公用事業而言，這些資產已完成併網，意味著在「可負擔性」成為所有人心中關鍵詞之際，客戶不必承擔新增輸電的成本。第三，無需管理燃料價格波動。價格可多年固定，無須擔心天然氣燃料成本上升、碳稅以及採用CCGT策略所會面臨的其他風險。

Fourth, there's no increased air pollution. These assets produce zero emissions, and they create emissions-free energy credits and qualify as clean energy in most all jurisdictions. Fifth, no proposed regulatory requirement imposes a bring your own generation or be curtailed kind of obligation on utilities, meaning they could buy existing generation under the current regulatory scheme at a great discount to new build, and with all the advantages that I talked about.

第四，不會增加空氣污染。這些資產零排放，並可產生無排放能源憑證，且在幾乎所有司法管轄區都符合潔淨能源資格。第五，沒有任何擬議的監管要求對公用事業施加「自備發電否則被限供」之類的義務，這意味著在現行監管架構下，他們可以以相較新建大幅折扣的價格購買既有發電資產，並享有我剛才談到的所有優勢。

As in New York, these megawatts are available by Constellation to sell to any utility and any customer in PJM, and we're urging policymakers to take advantage of that opportunity. Follow the lead of New York. For our industrial and data economy customers, we also continue to have co-location and powered land opportunities that make use of our existing sites, generation, and grid infrastructure.

如同在紐約一樣，這些兆瓦容量可由Constellation提供，出售給PJM中的任何公用事業與任何客戶，我們也敦促政策制定者把握這個機會。效法紐約的做法。對於我們的工業與資料經濟客戶，我們也持續提供共址（co-location）與供電土地（powered land）機會，善用我們既有的場址、發電資產與電網基礎設施。

With FERC action on co-location expected in the first half of next year, we remain of the belief that co-locating large loads with large plants is the most cost-effective solution to bring on large load and keep societal and customer costs low. Finally, Constellation Peak+ gives us a new way to pair the existing fleet with incremental capacity, so the customer gets the complete solution.

隨著FERC預計在明年上半年就共址採取行動，我們仍相信，將大型負載與大型電廠共址，是在導入大型負載的同時、並將社會與客戶成本維持在低位的最具成本效益解決方案。最後，Constellation Peak+為我們提供一種新方式，將既有機組與增量容量配對，讓客戶獲得完整解決方案。

We could add batteries and generation supply at our plants, given the vast amount of land that we own around the plants. The point is simple. While we've had a monster year in contracting, we still see a great deal of opportunity in the market and a great deal of interest from existing and new customers. Now, turning to slide 8.

鑑於我們在電廠周邊擁有大量土地，我們可以在電廠增設電池與發電供應。重點很簡單。儘管我們在簽約方面度過了極為亮眼的一年，我們仍看到市場上大量機會，以及既有與新客戶的高度興趣。現在，轉到第8頁投影片。

Although the regulatory framework continues to take shape, enough regulatory progress has been made already to understand clearly the objective needs of our customers and communities. Our customers want to connect large loads quickly enough to support economic growth and jobs, and everyone wants to preserve reliability and protect everyday customers and businesses from costs that they do not cause.

儘管監管架構仍在成形，但目前已取得足夠的監管進展，使我們能清楚理解客戶與社區的客觀需求。我們的客戶希望能夠快速接入大型負載，以支撐經濟成長與就業；同時，每個人都希望維持可靠性，並保護一般客戶與企業免於承擔非其造成的成本。

Our recent deal activity should put to rest concerns that people have to wait for absolute PJM regulatory certainty to move forward. Indeed, while we all want the regulatory process to conclude, the delay in the PJM backstop auction actually has provided us a valuable opportunity to use this additional time to complete bilateral agreements with customers and bring new capacity solutions to bear. At the end of the day, we know what the issue is here. America has a peak capacity problem, not an energy problem.

我們近期的交易活動應可消除外界對於「必須等到PJM監管完全確定才能推進」的疑慮。確實，雖然我們都希望監管流程能夠結束，但PJM後備拍賣的延後，反而為我們提供了寶貴機會，利用這段額外時間與客戶完成雙邊協議，並推出新的容量解決方案。歸根結底，我們知道問題所在。美國面臨的是尖峰容量問題，而不是能源問題。

We can use demand response and storage to help manage a relatively small number of hours of peak demand. If we do it right, some grid experts believe that we could possibly reduce system costs to everyday customers while unleashing the stranded capacity in our system for job-producing growth.

我們可以運用需量反應與儲能，協助管理相對少數的尖峰需求時數。如果做得正確，一些電網專家認為，我們或許能在釋放系統中閒置容量、帶動創造就業的成長之際，降低一般客戶的系統成本。

Constellation's Peak+ product is designed to capture this opportunity, providing customers with solutions that combine new capacity for the small number of peak hours that they need to manage during the year with energy products that are tailored to meet the customer's energy and sustainability needs, and that will ensure that the grid is better utilized.

Constellation的Peak+產品旨在把握這個機會，為客戶提供解決方案：將一年中需要管理的少數尖峰時數所需的新容量，與量身打造、用以滿足客戶能源與永續需求的能源產品相結合，並確保電網得到更有效的利用。

By targeting new capacity for the limited number of hours when the grid is constrained, Constellation Peak+ can deliver a complete energy solution that provides a competitive alternative to a new combined cycle gas plant at the estimated cost of $110 to $130 per megawatt-hour that I showed to you a moment ago. Remember what we talked about when we talked about construction delay risks, project cost overruns, interconnection delays, long-term fuel price uncertainty, more emissions, and carbon risks.

透過鎖定在電網受限的少數時段新增容量，Constellation Peak+可提供完整的能源解決方案，並以具競爭力的方式，作為新建複循環燃氣電廠的替代方案；其估計成本為每兆瓦時110至130美元，我剛才已向各位展示。請記得我們談到的施工延誤風險、專案成本超支、併網延遲、長期燃料價格不確定性、更多排放，以及碳風險。

Well, Constellation Peak+ minimizes or completely eliminates these risks. With that said, I have to say that it's been a bit of a head-scratcher for us when people say that customers are not interested in existing nuclear energy. As the deals we've announced demonstrate, that's just not accurate.

而Constellation Peak+可將這些風險降至最低，甚至完全消除。話雖如此，我必須說，當有人表示客戶對既有核能不感興趣時，這讓我們有點摸不著頭緒。正如我們已宣布的交易所證明的，那並不準確。

Now, to be clear, I am not denying that some customers will build new large power plants or even pursue some off-grid solutions. What I am saying is simple, and it is this. Constellation's unparalleled ability to pair simpler and less risky capacity solutions with our large volume of clean energy is a compelling solution for all of our customers, and we are going to get a share of this market. This dog hunts, and we expect to have continued success going forward.

現在，為了說清楚，我並不是否認有些客戶會新建大型電廠，甚至尋求某些離網解決方案。我想說的很簡單，就是這一點。Constellation無與倫比的能力，能將更簡單且風險更低的容量解決方案，與我們大量的潔淨能源相搭配，對所有客戶而言都是極具吸引力的方案，而我們將在這個市場取得一席之地。這套方法行得通，我們預期未來仍將持續成功。

With that, I will turn it over to Shane.

接下來，我把時間交給Shane。

Thanks, Joe, and good morning, everyone. As Joe mentioned to start the call, we are excited to share another raise to our adjusted operating earnings guidance, but first, I will start with our third quarter results. Beginning on the left-hand side of slide 9, in the third quarter, we earned $5.19 in GAAP earnings per share and $5.06 in adjusted operating earnings per share, which is $2.02 higher than the third quarter of last year.

謝謝你，Joe，各位早安。正如Joe在電話會議一開始提到的，我們很高興再度上調調整後營運盈餘指引；不過首先，我將從第三季業績開始。從第9頁投影片左側開始，第三季我們的GAAP每股盈餘為5.19美元，調整後營運每股盈餘為5.06美元，較去年第三季高出2.02美元。

Accretion from Calpine is the key driver of higher year-over-year Q3 results. As expected, the summer months are some of the strongest for the Calpine portfolio, and this year was no exception. We also benefited from continued strong commercial performance and higher capacity prices in PJM.

Calpine帶來的增厚效應（accretion）是第三季年對年結果走高的關鍵驅動因素。如預期，夏季月份是Calpine投資組合表現最強的時期之一，今年也不例外。我們也受惠於持續強勁的商業表現，以及PJM更高的容量價格。

These benefits were partially offset by lower PTC revenue compared to last year, when more of our plants were in the PTC zone. Turning to the right-hand side of the slide, we are raising the midpoint and narrowing our full-year adjusted operating earnings guidance range to $12.50 per share to $12.80 per share. With this latest increase, the low end of our revised range is now at the top end of the guidance we provided at Q2, and $0.50 higher than the top end of our original guidance provided in March.

相較之下，這些利多部分被較去年更低的PTC收入所抵銷；去年我們有更多電廠位於PTC區域。轉到投影片右側，我們上調中位數並縮窄全年調整後營運盈餘指引區間至每股12.50至12.80美元。在這次最新上調後，我們修訂後區間的下緣已來到我們在第二季提供指引的上緣，並且較我們在3月提供的原始指引上緣高出0.50美元。

Our commercial team continues to outperform expectations, managing volatility across the combined portfolio. This overperformance does result in a modest O&M headwind as we recognize additional compensation-related expense. We have reflected these updates in the modeling appendix on slide 24.

我們的商業團隊持續超出預期，在合併後的投資組合中管理波動。這項超預期表現確實會帶來小幅的O&M逆風，因為我們會認列額外的薪酬相關費用。我們已在第24頁投影片的模型附錄中反映這些更新。

Looking ahead, and consistent with prior years, we will update our 2027 and 2028 guidance on our year-end call, including a refreshed growth outlook through 2030. We will also update our modeling disclosures to reflect the significant volume of long-term agreements that underpin our disclosures of contracted clean megawatts.

展望未來，並與以往年度一致，我們將在年終電話會議上更新2027年與2028年的指引，包括更新至2030年的成長展望。我們也將更新模型揭露，以反映支撐我們「已簽約潔淨兆瓦」揭露的龐大長期協議量。

Moving to slide 10. During the critical summer months of June, July, and August, our nuclear fleet ran at a 99.2% capacity factor with no unplanned outage days, as PJM set peak load records this summer. When the grid needed Constellation most, we delivered. For the third quarter, our nuclear fleet delivered a 97.2% capacity factor while completing 20 planned refueling outage days, marking the second-highest quarterly capacity factor in Constellation's history.

接著看第10頁投影片。在6月、7月與8月這幾個關鍵夏季月份，隨著PJM在今年夏天創下尖峰負載紀錄，我們的核能機組群以99.2%的容量因數運轉，且沒有任何非計畫性停機日。當電網最需要Constellation之際，我們如期交付。第三季，我們的核能機組群在完成20天的計畫性換料停機作業的同時，仍達成97.2%的容量因數，創下Constellation歷史上第二高的單季容量因數。

That kind of reliability reflects the preparation and skill our women and men bring to the job every day to fulfill our commitment to provide clean, firm, and reliable power. That consistency is something our customers and communities appreciate most.

這樣的可靠度，反映出我們的同仁每天在工作上所展現的準備與專業技能，以履行我們提供潔淨、穩定且可靠電力的承諾。這份一致性也是我們的客戶與社區最為珍視的。

Turning to slide 11. I want to provide some additional context on the quantum of investment and timing associated with our nuclear uprate projects. We have consistently said that these new megawatts were in high demand because they represent one of the fastest and most cost-effective ways to bring new, firm, carbon-free power to the grid.

接著看第11頁投影片。我想就我們核能增容（uprate）專案的投資規模與時程，提供一些補充背景。我們一向表示，這些新增的兆瓦需求非常強勁，因為它們代表將新的、穩定的零碳電力導入電網最快且最具成本效益的方法之一。

The depth of that demand gave us the confidence to begin planning and securing critical equipment early, so we would be ready to execute when prospects converted to firm customer commitments. That time has arrived.

需求的深度讓我們有信心提早開始規劃並提前採購關鍵設備，以便在潛在案源轉化為具約束力的客戶承諾時，我們能夠立即執行。而那個時刻已經到來。

In total, these projects will deliver nearly 1,200 megawatts of additional nuclear power, most of which is scheduled for completion between 2029 and 2032. This capacity will come online a decade or more ahead of some early estimates for bringing an equivalent amount of nuclear generation to the grid through new construction. We also expect to deliver these megawatts at a fraction of the cost of new build cost.

整體而言，這些專案將新增近1,200兆瓦的核能發電量，其中大部分預計於2029年至2032年間完成。相較於透過新建方式將等量核能發電併入電網的一些早期估計，這些容量將提前十年或更久上線。我們也預期能以新建成本的一小部分交付這些兆瓦。

Total project costs are expected to be approximately $4.3 billion, $3 billion of which is incremental growth capital from 2028 through 2032. $1.3 billion was already included in growth capital we shared in our March outlook. As Joe covered in his remarks, estimates for new combined cycle gas plants continue to rise. In fact, the capital cost of our nuclear uprates is not materially outside the range of current CCGT estimates.

總專案成本預估約為43億美元，其中30億美元為2028年至2032年的增量成長資本支出。另有13億美元已包含在我們於3月展望中分享的成長資本支出之內。如Joe在發言中提到，新建複循環燃氣電廠的估算成本仍在上升。事實上，我們核能增容的資本成本與目前CCGT（複循環燃氣渦輪）估算區間相比，並無實質性偏離。

Unlike new gas generation, the uprates come with little to no incremental fuel or operating and maintenance costs. These are great projects for our customers, our owners, and frankly, for America. The conditional loan commitment from the US Department of Energy's Office of Energy Dominance Financing provides additional support for bringing these valuable megawatt hours to the grid.

不同於新增燃氣發電，增容專案幾乎不會帶來額外的燃料成本或營運維護成本。這些專案對我們的客戶、股東坦白說也對美國而言，都是非常好的專案。美國能源部「能源主導融資辦公室」所提供的有條件貸款承諾，亦為將這些寶貴的兆瓦時導入電網提供額外支持。

The $5 billion would cover up to 80% of eligible project costs, supporting as much as $6 billion of potential qualified investment that can be identified from 2023 through 2035. The financing has a 30-year tenor at a rate of US Treasuries plus 37.5 basis points. Compared with our current 30-year bond spreads, that could generate approximately $40 million of annual pre-tax interest savings if fully utilized.

這50億美元可涵蓋最高達合格專案成本的80%，並支持在2023年至2035年間可辨識的、最高約60億美元的潛在合格投資。該融資期限為30年，利率為美國公債利率加37.5個基點。相較於我們目前30年期公司債利差，若能全額使用，約可帶來每年4,000萬美元的稅前利息節省。

Importantly, the commitment also provides significant flexibility. We can draw on the financing at our discretion through 2035, or as new potential projects are identified, allowing us to optimize our financing plan over time.

重要的是，這項承諾也提供了高度彈性。我們可在2035年前依自身裁量動用該融資，或在辨識出新的潛在專案時動用，使我們能隨時間推進最佳化融資規劃。

Turning to slide 12. Constellation's balance sheet is differentiated within our sector and remains a meaningful competitive advantage, both for the customers we serve and for our owners. Our financial strength and ample liquidity are particularly important when customers are evaluating agreements that may extend for 15 or 20 years. Just as we carefully evaluate a customer's ability to honor its long-term commitments, our customers expect the same financial strength and certainty from us.

接著看第12頁投影片。Constellation的資產負債表在同業中具差異化，並持續是我們的重要競爭優勢，無論對我們服務的客戶或對股東皆然。當客戶評估可能長達15年或20年的合約時，我們的財務實力與充足流動性尤其重要。正如我們會審慎評估客戶履行長期承諾的能力，我們的客戶也期待我們具備同等的財務實力與確定性。

They want confidence that we will be there to operate our assets, serve our contracts, and deliver reliable energy throughout the life of the agreement. The increasing contribution from contracted cash flows further strengthens that foundation.

他們希望確信，在協議存續期間，我們將持續營運資產、履行合約，並交付可靠能源。來自合約化現金流的貢獻提升，也進一步強化了這個基礎。

These agreements provide greater visibility into the long-term economics of our assets and help ensure that they can continue operating and creating value for our customers, communities, and owners for decades to come. The value of this progress, coupled with our balance sheet strength, is evidenced by our 30-year new issuance spreads, which have compressed roughly 140 basis points since we became a public company.

這些協議讓我們對資產的長期經濟性有更高的可視性，並有助於確保資產在未來數十年仍能持續運轉，為客戶、社區與股東創造價值。這項進展的價值，加上我們資產負債表的強度，可從我們30年期新發行債券利差得到印證：自我們成為上市公司以來，利差已收斂約140個基點。

Our capital structure also gives us the financial flexibility to pursue multiple capital allocation priorities simultaneously. We demonstrated that flexibility by maintaining our credit rating through the Calpine acquisition. In 2026, we have a $5 billion board-authorized share repurchase program and continued growth via M&A, via the agreement to purchase the Rhode Island State Energy Center, all while maintaining a clear and disciplined deleveraging plan.

我們的資本結構也讓我們具備同時推進多項資本配置優先事項的財務彈性。我們在收購Calpine期間仍維持信用評等，已展現這份彈性。在2026年，我們有董事會核准的50億美元庫藏股回購計畫，並透過併購持續成長——包括同意收購羅德島州能源中心（Rhode Island State Energy Center）——同時維持清晰且嚴謹的去槓桿計畫。

The combination of financial strength, increased contracted cash flows, and capital allocation flexibility is a competitive advantage. It gives customers confidence in our ability to fulfill our long-term commitments and gives us the capacity to continue investing in growth while creating value for our owners. Turning to slide 13. We have continued to translate the growth levers highlighted at our March business update into tangible value for our owners.

財務實力、合約化現金流增加，以及資本配置彈性的結合，構成競爭優勢。這讓客戶對我們履行長期承諾的能力更有信心，也讓我們有能力在持續投資成長的同時，為股東創造價值。接著看第13頁投影片。我們持續將3月業務更新中強調的成長動能，轉化為股東可見的具體價值。

As a reminder, the base EPS growth rate and free cash flow outlook we provided at the time did not include any assumption for additional premium deals or the impact of executing on the aforementioned $5 billion share repurchase authorization that we expect to complete by year-end 2027. Since March, we have signed approximately 5,500 megawatts of long-term agreements that support our existing nuclear fleet while bringing new, clean, firm capacity to the grid.

提醒各位，當時我們提供的基本每股盈餘（EPS）成長率與自由現金流展望，並未納入任何額外溢價交易的假設，也未納入我們預期在2027年底前完成的上述50億美元庫藏股回購授權之執行影響。自3月以來，我們已簽署約5,500兆瓦的長期協議，在支持既有核能機組群的同時，也為電網帶來新的、潔淨且穩定的容量。

For those looking to calibrate your models before the call, I would draw you back to our March disclosures that included our 2027 outlook, which is still a good starting point, and remind you that the tremendous deals we have struck this year ramp starting in 2028 and beyond. In addition to our contracting success, we have also continued to find creative ways to deploy capital.

對於希望在電話會議前校準模型的各位，我會請各位回到我們3月的揭露內容，其中包含我們對2027年的展望，這仍是很好的起點；並提醒各位，我們今年達成的這些重大交易將自2028年起及其後逐步放量。除了合約簽訂的成功之外，我們也持續尋找具創意的資本部署方式。

Given our actions to date, we have already locked in an incremental $0.25 of base earnings since our March business update while continuing to expand the opportunity ahead of us. That includes opportunistic M&A as well as our aggressive pace of share repurchases. In the roughly seven months since our March business update, we have repurchased approximately 11 million shares. We will provide a capital allocation update by our year-end call.

基於我們迄今的行動，自3月業務更新以來，我們已鎖定額外增加0.25美元的基本盈餘，同時持續擴大未來機會。這包括機會型併購，以及我們積極的庫藏股回購步伐。在自3月業務更新以來約七個月的時間裡，我們已回購約1,100萬股。我們將在年終電話會議時提供資本配置更新。

Obviously, we are not resting on our laurels. We continue to see meaningful opportunities to capture additional value, including long-term contracting, further expansion of our commercial margins, higher inflation that boosts our base EPS with PTC certainty, and increased capacity factors across the natural gas fleet as growing demand drives greater utilization of our existing assets.

顯然，我們不會自滿。我們仍看到可觀的機會以捕捉更多價值，包括長期合約簽訂、進一步擴大我們的商業利潤率、更高的通膨在PTC確定性下推升我們的基本EPS，以及隨著需求成長帶動既有資產使用率提升，使天然氣機組群的容量因數提高。

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

接下來，我把電話會議交回給Joe。

Yeah, thanks, Shane. Thanks for covering all that. Look, I am going to kind of close by just hitting a few of the key points that we want you to kind of take away from this call and the materials. It has been a phenomenal year from a performance standpoint. We have come to expect that from the Constellation team, but we should never stop praising the team here. They just have done a great job. It has positioned us really well.

好的，謝謝你，Shane。謝謝你把這些都說明得很清楚。我想我最後會用幾個重點作結，讓各位從這通電話會議與相關資料中帶走。就績效表現而言，這是一個非常出色的一年。我們已經習慣Constellation團隊的這種表現，但我們也不應停止對團隊的肯定。他們確實做得非常好。這也讓我們處於非常有利的位置。

But what this year has meant, I think in many respects, it has been the most important year for Constellation, because I think this contracting that we have done has, as I said earlier, created a really new platform. It has been a metamorphosis for Constellation, from a company that, when it started, was highly focused on forwards and what was going on moment to moment in energy prices, to something that is incredibly long duration with predictable growth and a predictable free cash flow profile for decades, all underpinned by a production tax credit and support from the federal government.

但我認為，今年對 Constellation 的意義在許多方面都是最重要的一年，因為我認為我們所做的這些簽約安排，如我先前所說，確實建立了一個全新的平台。這對 Constellation 而言是一場蛻變：從一家在成立之初高度聚焦於遠期合約、並緊盯能源價格分分秒秒變化的公司，轉變為一個期限極長、具備可預測成長與可預測自由現金流輪廓、可延續數十年的業務，而這一切都以生產稅額抵免（PTC）以及聯邦政府的支持作為基礎。

I just do not see anywhere else, not only in this industry, but anywhere else, where you have a company that has those sorts of characteristics. The second point we wanted to make is that we are not done. We think we have a very, very viable and attractive product offering in Constellation Peak+, our co-location opportunities, and we think utilities as well as data economy customers will and should take advantage of that opportunity.

我真的看不到在其他任何地方——不僅是在這個產業內，而是在任何地方——有哪家公司具備這樣的特質。我們想提出的第二點是：我們還沒有做完。我們認為 Constellation Peak+、我們的共址（co-location）機會，提供了非常可行且具吸引力的產品方案；我們也認為公用事業公司以及資料經濟（data economy）客戶將會、也應該把握這個機會。

The third point I think we are telegraphing very clearly to you here is we do not think the market, with all the churn and all the noise in the market around different things, has adequately valued the business, and we intend to address that in our capital allocation plans on or before the fourth quarter. So those are really the four points. The slide kind of covers the major themes of the business. But this has been a remarkable year, and I think a transformational year to create something never seen before.

我認為我們在這裡非常清楚地向各位傳達的第三點是：我們不認為市場在各種更迭與雜音之下，已充分反映這項業務的價值；我們打算在第四季當季或之前，於資本配置計畫中加以處理。所以這就是四個重點。這張投影片大致涵蓋了業務的主要主題。但這確實是非同凡響的一年，我認為也是具有轉型意義的一年，打造出前所未見的事物。

So we are very proud of that, and Shane and I will now answer your questions along with the rest of the management team.

因此我們對此感到非常自豪，接下來 Shane 和我將與管理團隊其他成員一起回答各位的問題。

(Operator Instructions) Michael Sullivan, Wolfe.

（接線員指示）Michael Sullivan，Wolfe。

Hey, Joe. Wanted to ask a little more on the Constellation Peak+ that you announced today and just how we should be thinking about the economics of that opportunity, and then how much of that is going to be a template for going forward, maybe ex-uprate opportunities?

嗨，Joe。我想再多問一些你們今天宣布的 Constellation Peak+，以及我們應該如何看待這個機會的經濟性；另外，這在未來會在多大程度上成為一個範本，例如不含 uprate（增功率）機會的情況？

Well, I think I talked a little bit about the economics in terms of the comparison to other options for customers, right?

嗯，我想我已經稍微談到經濟性了，主要是就與客戶其他選項的比較而言，對吧？

If you think about a completely new generation build, whether that be renewables with sufficient storage to make it 24/7 reliable or even combined cycle machines, in our view, there's a way that we could bring these Constellation Peak+ product capabilities and price the existing nuclear clean megawatts, well within the $110 to $130 range that we outlined on the slide, and still deliver great value to us relative to the PTC price floor, which we obviously use as the sensitivity in our slide here.

如果你把它想成全新發電資產的建置——不論是再生能源加上足夠的儲能以達到 24/7 可靠供電，或甚至是複循環機組——在我們看來，我們可以把這些 Constellation Peak+ 的產品能力帶進來，並將既有核能的潔淨兆瓦定價在投影片所列的每兆瓦時 110 到 130 美元區間之內，同時相較於 PTC 的價格底線，仍能為我們帶來很好的價值；而我們在這裡的投影片也顯然以 PTC 價格底線作為敏感度假設。

That's the idea of it. I think, likewise, it's a great opportunity, as New York has demonstrated, for everyday customers to have this kind of price certainty going forward. On top of that, Michael, I think these are points we haven't really talked about a whole lot, but interconnection is a challenge these days. It takes time to get large power plants built and interconnected. Who knows what's going to happen with CO2 and emissions regulation?

這就是這個概念。同樣地，我認為這也是一個很好的機會——正如紐約所示——讓一般用戶在未來能擁有這種價格確定性。此外，Michael，我想這些點我們其實沒有談太多，但如今併網（interconnection）是一項挑戰。要把大型電廠建好並完成併網需要時間。誰知道未來 CO2 與排放法規會怎麼發展？

Obviously, the political tilt in this last election brings that back into play, I think, in the long-term. From the viability of the product and its attractiveness, what we're seeing, and the first deal we've done and we talked about today, indicates that it's very viable and very attractive to our customers. In terms of how much of it we'll sell and what the uptake is on that, I did that last year, and I'm not going to do that again. I think we have some productive conversations, and we'll continue to announce deals as they come.

顯然，上一次選舉的政治風向讓這件事在長期來看又回到檯面上。就產品的可行性與吸引力而言，我們所看到的，以及我們完成的第一筆交易（我們今天也談到了），都顯示它對客戶而言非常可行、也非常有吸引力。至於我們會賣出多少、採用率會是多少，我去年做過那種預測，我不會再做一次。我想我們正在進行一些富有成效的對話，並會在交易達成時持續公告。

The one thing I said to all of you, though, in March, and I think it bears reminding, is at the time, you'll remember, we had a call that wasn't so great as the one we're having today because there was new regulatory uncertainty, and deals we thought were going to get concluded didn't get concluded. I said to you, this is a team that knows how to get across the finish line. I assured you we would work very hard to do that. I think in the intervening months, you've seen Constellation's capability to do just exactly that.

不過我在三月對各位說過一件事，我認為值得再提醒一次：當時你們會記得，我們那通電話會議不像今天這麼順利，因為出現了新的監管不確定性，而我們原本以為會完成的交易沒有完成。我當時對你們說，這是一個知道如何跨越終點線的團隊。我向你們保證我們會非常努力去做到。我想在接下來的幾個月裡，你們已經看到 Constellation 正是具備做到這件事的能力。

While I'm not going to give you projections, I think you know by now that we have a team that gets out there and gets it done in terms of meeting customers where they are and fulfilling their needs while meeting new regulatory requirements that are intended to protect everyday customers from costs they don't cause. That's been our track record, and I'll stand on that.

雖然我不會給你們預測數字，但我想你們現在應該知道，我們有一個團隊會走出去把事情做成：在滿足客戶現況與需求的同時，也符合新的監管要求——這些要求旨在保護一般用戶免於承擔非其所致的成本。這就是我們的過往紀錄，我會以此為依據。

Yeah. Hey, Michael, it's Shane. Just to kind of add to Joe's point, I think we highlighted the economics and why it's beneficial to the customers. For our existing portfolio, it's safe to assume that the sensitivities we gave you, and we've highlighted on page 13, of the $20 t0 $50 per megawatt-hour, those still exist, right? This is essentially our next lever to ensure that we're able to contract within that sensitivity range we've already provided.

對，Michael，我是 Shane。補充 Joe 的觀點，我想我們已經強調了經濟性以及為何這對客戶有利。就我們既有投資組合而言，可以合理假設我們提供給你們的敏感度——並在第 13 頁標示的每兆瓦時 20 到 50 美元——仍然存在，對吧？這基本上是我們的下一個槓桿，以確保我們能在先前已提供的敏感度區間內完成簽約。

This product will show up similar to other clean contracted megawatts when we update the disclosures in the year-end call.

當我們在年終電話會議更新揭露資訊時，這項產品的呈現方式會與其他已簽約的潔淨兆瓦類似。

Thanks, Shane.

謝謝，Shane。

Okay, perfect. That's actually exactly what I was getting at, but appreciate all the color all around. Then on the uprate opportunities, maybe if you could just share more color on, I think these came in a lot less expensive than we and probably others were thinking. I think even relative to, I think you had a Limerick number out there a little over a year ago. So, maybe just some more color on how you were able to come in so low on the cost and then what that was able to do for your returns.

好，完美。這其實正是我想問的重點，但也很感謝你們各方面提供的補充說明。那關於 uprate（增功率）機會，也許你可以再多分享一些細節：我認為這些成本比我們、以及可能其他人原先想的低很多。甚至相較於——我記得你們大約一年前對 Limerick 提過的一個數字。所以，也許再多談談你們如何能把成本壓得這麼低，以及這對你們的報酬率帶來了什麼影響。

Yeah. Look, I don't think we're coming in lower than we expected, but some of what was cited in some earlier reports we've seen in the analyst community is really combined spend for license extension as well as for the uprates. So, what we're doing today is kind of taking that apart for all of you so that you see what's related to the uprate program. So, obviously, that has a beneficial impact on the returns we expect.

對。你看，我不認為我們的實際成本低於我們自己的預期；但分析師社群一些較早的報告中所引用的數字，其實是把延長執照（license extension）以及 uprate（增功率）的支出合併在一起。所以我們今天做的，是把這兩者拆開給各位看，讓你們清楚哪些是與 uprate 計畫相關。因此，這顯然會對我們預期的報酬率帶來正面影響。

Makes sense. Okay, thank you.

了解。好，謝謝。

All right.

好。

David Arcaro, Morgan Stanley.

David Arcaro，Morgan Stanley。

I was wondering if you could elaborate maybe just a little bit more on the Constellation Peak+ product. Is this something that you would expect to customize for individual end customer contracts, or is there a predefined maybe combination of the different solutions you mentioned? And is there an upfront cost or a CapEx level that you would have to invest, for example, if there's battery storage included in there?

我想請教你們是否能再多闡述一下 Constellation Peak+ 產品。這會是你們預期針對個別終端客戶合約進行客製化的東西嗎？還是說會有一個預先定義的、你們提到的不同解決方案的組合？另外，是否會有前期成本或需要投入的資本支出（CapEx）水準——例如其中包含電池儲能的話？

Well, let me answer your first question. Constellation Peak+ is going to be broadly defined as bringing capacity solutions plus existing clean and reliable generation. As I mentioned in my prepared remarks, how we do that could be that we are out there partnering with a storage provider if that is going to be the solution set, or working with our existing customers to curtail, to provide demand response in exchange for value on a long-term basis.

好，我先回答你的第一個問題。Constellation Peak+ 將被廣泛定義為：提供容量解決方案，加上既有的潔淨且可靠的發電資源。如同我在事先準備的發言中提到的，我們的做法可能是：如果儲能供應商是解決方案組合的一部分，我們就與其合作；或是與既有客戶合作進行削減用電，透過長期的價值交換來提供需求回應。

That is where our large retail platform really works for us, because we have relationships with such a broad category of industrial and commercial customers that could curtail, so we could offer that as new demand response. Then, there will be things that will be potentially peaking solutions at the sites that will also come into play.

這正是我們大型零售平台能發揮作用之處，因為我們與非常廣泛類別的工業與商業客戶都有合作關係，他們可以進行負載削減，因此我們可以把這作為新的需求回應方案提供。此外，還可能會有一些在用戶端場址的尖峰供電解決方案也會納入考量。

It is broad, and it could go from zero capital all the way to the capital one would need to deploy for storage solutions.

範圍很廣，可能從零資本投入一路到部署儲能解決方案所需的資本投入。

Understood. Thanks. That is helpful to get a better sense there. I was wondering if you could also maybe give us an update on how you are thinking about the bilateral contracting opportunity in PJM. I guess we have seen the timeline shift here, and a couple of the rules and regulations are still kind of in flux. But where do you stand there, and has the RBP process shifted that opportunity at all for you?

了解。謝謝。這有助於更清楚掌握狀況。我也想請你更新一下，你們如何看待 PJM 的雙邊合約機會。我想我們看到時程有所延後，而且有幾項規則與法規仍在變動中。但你們目前的立場是什麼？RBP 流程是否對你們的機會有任何改變？

Well, as I said, I think the delay in the process has kind of opened up the window. We had this exciting product, but we were facing a deadline of the backstop auction where people had to absorb all the information. So I actually, I shouldn't say this, but I actually like a little bit of the regulatory delay because it has allowed us to have better conversations with customers and share with them what we are able to do in this space. That has been good.

嗯，如我所說，我認為流程延後某種程度上打開了時間窗口。我們有這個令人振奮的產品，但原本面臨後備拍賣（backstop auction）的期限，大家必須在期限前吸收所有資訊。所以其實——我不該這麼說——但我其實有點喜歡這種監管上的延遲，因為它讓我們能與客戶進行更好的對話，並向他們分享我們在這個領域能做到什麼。這點很有幫助。

I think the other thing, David, that we Again, we have been talking about this for a couple calls, so I don't want to be repetitive, but we have been saying now for a while that we think that kind of the direction of travel on the regulatory outcomes here is pretty predictable.

我想另一件事，David，我們——我們已經在幾次電話會議中談過，所以我不想重複，但我們一段時間以來一直在說，我們認為這裡監管結果的走向其實相當可預測。

And it's not like we got goose egged out of the FERC and got no information. We got some pretty good information from them, even though at the end of the day, they told PJM to go back to the details on some of it. But that gave, I think, our customers enough certainty to do what they've done, which are these very large transactions. And by the way, that's not just happening for these big mega clients, but for others that are developing data centers.

而且並不是說我們在 FERC 那邊什麼都沒得到、完全沒有資訊。我們從他們那裡得到了一些相當不錯的資訊，儘管最後他們要求 PJM 回去把其中一些細節再補齊。但我認為這已經給了我們的客戶足夠的確定性，讓他們能做出他們已經做的那些非常大型的交易。順帶一提，這不只發生在那些超大型客戶身上，也發生在其他正在開發資料中心的客戶。

I think at this point, they understand where this is going, where the bring your own capacity issues are going to land, and we're trying to craft solutions that help them address that and allow them to move forward.

我想在這個時間點，他們了解這件事會往哪裡走、「自備容量」（bring your own capacity）相關議題最終會落在哪裡，而我們正嘗試打造解決方案，幫助他們因應並讓他們能夠繼續推進。

Because it was getting to a point for them that they needed to move forward and have certainty on the energy supply piece, even though there wasn't perfect certainty on the regulations. So, look, I think regulatory uncertainty is always a bit of an overhang, but I think it's been a little bit overbaked in the market's reaction. I think, quite frankly, we probably surprised a lot of people with the amount of contracting we've been able to do in spite of the fact that we don't have final rules yet.

因為對他們而言，事情已經進展到必須往前走的階段；即使法規沒有完全確定，他們也需要在能源供應這一塊取得確定性。所以，坦白說，我認為監管不確定性永遠都會是一個壓力來源，但市場反應在某種程度上有點被過度放大了。老實講，儘管我們還沒有最終規則，我們仍能完成這麼多簽約，可能讓很多人感到意外。

Okay, excellent. Thanks so much for all the color. Appreciate it.

好的，非常好。非常感謝你提供這麼多細節。感謝。

Yep.

好的。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

It's actually Constantine here for Shar, and congrats on a great quarter. Maybe just following up on some of the commercial dynamics. As we look at the uprate costs, you highlighted increasing scarcity of nuclear electrons. Is the $20 to $50 per megawatt-hour premium to PTC levels still applicable on incremental deals? Do you see that range getting wider, I guess, depending on the attributes that would be embedded in the deal?

其實我是 Constantine，代 Shar 發問，也恭喜本季表現很出色。我想延續一下商業面的一些動態。就 uprate 成本來看，你提到核能電力的稀缺性正在提高。相對於 PTC 水準，每兆瓦時 20 到 50 美元的溢價，在新增交易上仍然適用嗎？你是否看到這個區間會變得更寬，取決於交易中會包含哪些屬性？

I think for us, that's the right sensitivity at this point in time. Remember, we're using the PTC floor as the launching point for this, and that is also going up over time, especially as interest has continued to climb, or inflation has continued to clock at a higher rate than expected before. We're seeing that in the underlying PTC escalation as well.

我認為就我們而言，以目前時間點來看，這樣的敏感度區間是合理的。請記得，我們是以 PTC 底價作為起點，而這個底價也會隨時間上升，特別是在利率持續攀升，或通膨持續以高於先前預期的速度上行的情況下。我們也在 PTC 的基礎遞增（escalation）中看到這點。

Okay. Do you find any interest to market the clean attributes independently of the generation megawatts, especially if it remains available under a deal framework? Is that an additional upside, or is that kind of embedded within that range?

了解。你們是否看到市場對於把潔淨屬性（clean attributes）與發電兆瓦數分開行銷的興趣，特別是在交易架構下仍可行的情況？那會是額外的上行空間，還是其實已經包含在那個區間裡？

Good question. The way we've crafted it here, it's embedded in that range. Some clients will lean more or less into buying those attributes, and if they don't buy the attributes, we'll sell them into the market through our other clients. But what we're providing here in this sensitivity chart is intended to be all in.

好問題。我們目前的設計方式是把它包含在那個區間裡。有些客戶會更積極或較不積極地購買那些屬性；如果他們不買，我們就會透過其他客戶把這些屬性賣到市場上。但我們在這張敏感度圖表中提供的數字，是以「全包」（all in）的概念呈現。

Okay.

好的。

Shane, I would just add that the contracted clean megawatts are all of long-term duration. We are selling, to Joe's point, some shorter-term attributes that really come through the commercial margin sensitivity. So, that's where you see additional green shoot, if you will, pun intended, of the attribute sale.

Shane，我補充一下：已簽約的潔淨兆瓦數都是長期合約。如 Joe 所說，我們也在出售一些較短期的屬性，這些主要反映在商業利潤敏感度之中。所以，如果你要說還有額外的「綠芽」（green shoot）——雙關語——那就是來自屬性銷售的部分。

Okay, got it. Just maybe quickly touching on the strong financial outcomes this year, maybe how much of the conditions driving that second guidance raise do you see becoming structural, and what would the cadence be for longer-term outlook updates, just including that long-term ramp on the agreements? It seems like there is a lot of upwards pressure versus when outlook was set.

好的，明白。再快速問一下今年強勁的財務成果：推動你們第二次上調財測指引的因素中，有多少你認為會變成結構性？另外，較長期展望更新的節奏會是如何——也包含協議長期爬坡（ramp）的部分？看起來相較於當初設定展望時，現在有不少上行壓力。

Yeah, I mean, I want to be mindful here that the long-term agreements are going to come through the base earnings profile, right? So, you are also, in the long run, as you are moving those into more of a contracted area, you are probably going to get a smaller contribution out of the enhanced. So, at the year-end call, we will update both 2027 and 2028 for the base projection, as well as what we expect from the enhanced profile.

是的，我的意思是，我想在這裡注意一點：長期協議會反映在基礎盈餘（base earnings）輪廓中，對吧？因此，從長期來看，當你把更多業務移到較多合約化的區域時，來自「增強」（enhanced）部分的貢獻可能會變小。所以在年終電話會議上，我們會更新 2027 與 2028 的基礎預測，以及我們對增強輪廓的預期。

In terms of what I spoke to today, I was trying to communicate that the enhanced bucket really performed well this year. Commercial team did a great job through the volatility, and also we had the benefit of higher generation performance, like I highlighted in the summer months. So, those two both contributed to this year, but I would not say that is transferable to all years.

就我今天提到的部分，我想傳達的是：今年「增強」這個桶（bucket）的表現確實非常好。商業團隊在波動環境中做得很出色，而且我們也受惠於更高的發電表現，就像我在夏季月份所強調的那樣。所以這兩者都對今年有所貢獻，但我不會說這可以轉移到所有年度都同樣成立。

Okay. Understood. Appreciate the questions today. Thanks for the time.

好的，了解。感謝今天的提問回覆。謝謝你撥冗。

Thanks.

謝謝。

James West, Melius Research.

James West，Melius Research。

You've been a big proponent of suggesting that there's a lot of latent capacity on the grid, and we could utilize that before a lot of new builds. You obviously have announced uprates, et cetera. But how much of that capacity do you think still exists today, even if we factor in curtailments, things like that we could better utilize our current grid, besides building a bunch of new generation?

你一直大力主張電網上其實有大量的潛在容量，我們可以在大規模新建之前先加以利用。你們顯然也已宣布增容（uprates）等措施。但你認為即使把限發（curtailments）等因素考慮進去，今天仍然還有多少這樣的容量存在，讓我們能更好地利用現有電網，而不是去建一堆新的發電資產？

Yeah, I mean, it depends where you are. But look, I mean, look at the availability factors on combined cycle machines in ERCOT, as an example. They're vastly underutilized. Vastly, vastly underutilized relative to their potential 80% or even 90% utilization rates. You're seeing utilization at, certain instances, half of that. All of that is capacity that is available to support this economic load if we can move those megawatts around a little bit. But you have a lot of plants just sitting idle on the grid.

是的，我的意思是，這取決於你所在的地區。但你看，以ERCOT的複循環機組可用率（availability factors）為例。它們被嚴重低度利用。相較於其潛在的80%甚至90%利用率，確實是大幅、非常大幅地低度利用。你會看到在某些情況下，利用率只有那個的一半。如果我們能稍微把這些兆瓦在不同地方之間調度一下，這些都是可用來支撐這波經濟負載的容量。但電網上有很多電廠就是閒置著。

It's tightened up a little bit in PJM, but even relative to historical usage, it's relatively light. In terms of where we are, I think we've done a great deal of work in this, and our view is, depending on how fast the data centers get built, we could have probably another six or seven years worth of stranded capacity, or there is presently stranded capacity, that could be brought to bear and allow data centers to come online.

PJM的情況稍微吃緊了一點，但即便如此，相對於歷史使用水準，仍然算是偏輕。就我們所處的位置而言，我認為我們在這方面做了大量工作；我們的看法是，取決於資料中心建置的速度，我們可能還有大概六到七年的「擱淺容量」（stranded capacity），或者說目前就存在擱淺容量，可以被動員起來，讓資料中心得以上線。

That's not even touching demand response, right? Because what we need to see, what we're still testing, I think, is to what extent moving away from a one-year price signal is going to make a difference for demand response customers who might be willing to do physical things at their site that'll allow them to curtail, but they need a payment stream that is going to be five, 10 years, or longer.

這甚至還沒談到需量反應（demand response），對吧？因為我們需要看到、也仍在測試的是：從一年期價格訊號轉移開來，對於那些可能願意在其場址做一些實體改造、以便能夠削減用電的需量反應客戶，究竟會有多大影響；但他們需要的是一個能持續五年、十年或更久的付款來源（payment stream）。

That's what Jim McHugh and the commercial team are exploring with our clients. Look, I think there remains a ton of available energy supply out there, and I think we're going to be able to manage through this next period. At some point, that'll run out, but it could be closer to 2035.

這正是Jim McHugh和商務團隊正在與我們客戶一起探索的。你看，我認為外面仍然有大量可用的能源供給，我也認為我們能夠管理並度過接下來這段期間。某個時間點它會用完，但可能要到接近2035年。

Right. Okay, that's very helpful. As you think about the recent elections, one of the biggest impacts, I think, is bringing labor to the table and making sure labor is appropriately compensated when we think about data centers and the AI build-out. How does that factor into your thinking and presumably your I mean, it's your labor, so presumably you're very supportive of that.

了解。好，這非常有幫助。談到最近的選舉，我認為其中一個最大的影響，是把勞工帶到談判桌上，並確保在我們思考資料中心與AI建置擴張時，勞工能獲得適當的報酬。這在你的思考中如何反映？而且我想，畢竟是你們的勞工，所以你們應該也非常支持。

Well, look, I mean, it's no secret. We have had really good, strong relationships with organized labor. I think the Democrats will focus on organized labor. As I am seeing these new policymakers who have been elected and they're bringing on transition teams, I'm comforted by the fact that labor is very present at those tables. I would expect it to continue to be. I mean, that's really the point I was making earlier. I think the market scare that people got last week was not lost on Democrats.

嗯，你看，這不是什麼秘密。我們與工會（organized labor）一直維持非常良好、穩固的關係。我認為民主黨會聚焦在工會。當我看到這些新當選的政策制定者、他們正在組建交接團隊時，我感到放心的是，勞工在那些桌上非常在場。我預期這會持續下去。我的意思是，這就是我先前提到的重點。我認為人們上週在市場上受到的驚嚇，民主黨並沒有忽視。

They do not want to be the reason that the economy takes a nosedive by halting data center development, nor do they want to halt the jobs that come with data center development, which, to your point, feeds an important constituency of the party. But they want to make sure that there are adequate guardrails in place.

他們不希望因為叫停資料中心開發而成為導致經濟急轉直下的原因；他們也不想叫停資料中心開發所帶來的工作機會，而這些工作機會——如你所說——會餵養該黨一個重要的支持群體。但他們希望確保有足夠的護欄（guardrails）到位。

Interestingly, in many respects, the election had the Republicans saying a lot of the same things that the Democrats were saying.

有趣的是，在很多方面，這次選舉中共和黨說的很多話，和民主黨說的其實很相似。

Right.

對。

I believe that the policy solutions are going to be somewhat similar. There might be some differences. Certainly, there are going to be some local areas, I think, that are not going to want data centers. What we've been able to do here this year, I think the kind of the exciting thing for us is we show all of you that it doesn't matter if the data center is right next to our plant or in a particular jurisdiction. We have reach across all of PJM to get megawatts everywhere.

我相信政策解方會在某種程度上相當類似。可能會有一些差異。當然，我認為會有一些地方層級的區域不想要資料中心。而我們今年能做到的——我覺得對我們來說令人興奮的一點——是向各位展示：資料中心是否緊鄰我們的電廠、或是否位於某個特定司法管轄區，其實並不重要。我們有能力跨越整個PJM，把兆瓦送到各處。

That's what we've been able to exploit. A big platform like ours with the geographic diversity that we have allows us to go where our clients want us to go. If that's on-grid solutions, then so be it. On-grid remote solutions, I should say.

這就是我們能夠加以運用的。像我們這樣的大型平台，加上我們具備的地理多元性，使我們能去到客戶希望我們去的地方。如果那是併網（on-grid）解決方案，那就這樣。我應該說，是併網的遠端（remote）解決方案。

Got it. All right. That's very helpful, Joe. Thanks.

了解。好。Joe，這非常有幫助。謝謝。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Morning, Carly.

早安，Carly。

Appreciate the color on the incremental CapEx related to the PPAs. Is there any color that you can share on the volume ramp schedule, and just how we should think about the split between the existing volumes that are contracted versus the uprates as those start to contribute to earnings?

感謝你分享與PPA相關的增量資本支出（CapEx）的細節。你能否再分享一下量能爬坡（volume ramp）的時程安排，以及我們應該如何看待：既有已簽約的量與增容（uprates）在開始貢獻獲利時，兩者之間的拆分？

Yeah, so we've got the ramp schedule there of how the new uprates are coming online. I think it's safe to assume on a pro rata basis that that's going to be tied with our contracting of the existing.

可以，所以我們已經有新一批增容上線的爬坡時程。我認為可以合理假設，按比例（pro rata）來看，這會與我們對既有量的簽約進度相連動。

Got it. Okay, great. Thank you. Then just maybe as you think about the incremental potential on uprate opportunities, I guess most of what you announced so far was in PJM cycle one. Any sense today on what the magnitude of that incremental opportunity could look like for subsequent cycles?

了解。好，很好。謝謝。那再問一下，當你們思考增容機會的額外潛力時，我想你們目前宣布的大多是在PJM第一輪（cycle one）。就今天而言，對於後續輪次，這個額外機會的量級可能會是什麼樣子，有沒有一些概念？

Oh, I think we're still working our way through that. As you pointed out, it's going to be in a different cycle, so we're going to have a little bit of time to sort that out. It'll be things that we will flow to our commercial team for opportunities that'll come a little bit later. We will see, however, I think, whether everything that is in this early batch really works, and I do expect some of that to drop out and maybe present opportunities for us to bring megawatts soon.

喔，我想我們還在釐清當中。如你所指出的，會是在不同的輪次，所以我們還有一點時間把它整理清楚。這些會是我們之後交由商務團隊去尋找機會的事項，會在稍晚一些時候出現。不過，我們也會觀察這一批早期項目是否都能真正落地；我確實預期其中有些會退出，並可能為我們帶來更快把兆瓦帶上來的機會。

Got it. Okay, great. Thank you so much for the time.

了解。好，很好。非常感謝你撥冗。

Thanks, Carly.

謝謝你，Carly。

Rinny Singh, Bank of America.

Rinny Singh，美國銀行。

Good morning.

早安。

Morning, guys. Thanks for taking the question. First, I guess just on PJM and the co-location proceeding and the show cause orders. Can you just talk about the process there and the directions that you guys are expecting? Obviously, you said that we should expect the FERC order, or the mandatory timeline for a FERC order is early 2027, but then with the show cause order and everything, what you're just expecting for PJM to propose?

各位早安。謝謝讓我提問。首先我想問PJM的同址設置（co-location）程序以及「說明理由」（show cause）命令。你能否談談那邊的流程，以及你們預期的方向？顯然你提到我們應該預期FERC命令，或者說FERC命令的強制時程是在2027年初；但在有show cause命令等情況下，你們預期PJM會提出什麼樣的方案？

I'm going to turn that over to David Dardis.

我把這個交給 David Dardis。

Yeah, as you said, we're expecting the compliance filings to come in from the RTOs in the next couple of weeks, and then FERC action on those filings sometime in the next year, probably in the first quarter, we'd expect. In terms of what we think we're going to see out of that is FERC has been very clear in its support for co-location and for giving direction to the RTOs to accommodate co-location, including some of the new transmission services like the interim NITS product.

是的，如你所說，我們預期在接下來幾週內會收到各家 RTO 的合規申報，之後 FERC 會在未來一年內某個時間點對這些申報採取行動，我們預期大概會在第一季。就我們認為會看到的結果而言，FERC 一直非常明確地支持共址（co-location），並指示 RTO 需配合共址安排，包括一些新的輸電服務，例如臨時 NITS 產品。

I expect that the RTOs will follow FERC's guidance there and include those opportunities in their tariffs, and we'll be participating and making sure that that happens.

我預期 RTO 會遵循 FERC 在這方面的指引，並把這些機會納入其費率表（tariffs），而我們也會參與其中並確保這件事發生。

David's team has pushed PJM pretty hard on this. Initially, I think they had proposed to make a filing in 2029, and the FERC really told them that was way too late and forced it to go forward. I think based on that, we have some sense that the commission believes co-location is a real viable alternative and something that should be studied and implemented sooner rather than later.

David 的團隊在這件事上對 PJM 施加了相當大的壓力。一開始，我想他們原本提議要到 2029 年才提出申報，而 FERC 明確告訴他們那太晚了，並要求提前推進。基於此，我們大致可以感受到委員會認為共址是一個真正可行的替代方案，且應該儘早研究並落地實施，而不是拖延。

We're hopeful that the commission is predisposed in that direction, and it should be. Co-location should be an important strategy for bringing on this load simply for the reason that it doesn't require these massive transmission lines to be built. We have land, we have industrial sites, we have places where communities want this construction to be built. It just makes sense, right?

我們希望委員會在方向上是傾向於支持的，而且也應該如此。共址應該是承接這些負載的一項重要策略，原因很簡單：它不需要興建那些龐大的輸電線路。我們有土地、有工業用地，也有社區希望進行這類建設的地點。這樣做就是合理，對吧？

Even if we have to add batteries or peakers even, this is the right place to do it, and it is the right way to think about things. We are encouraged by FERC pushing PJM on this. We will obviously have to see what the compliance filing looks like, and there are things to be worked through, but I am cautiously optimistic we will have all of our answers through the first half of next year.

即使我們必須增設電池儲能，甚至是尖峰機組（peakers），這也是最適合做這件事的地方，也是思考問題的正確方式。我們對 FERC 推動 PJM 在這方面前進感到鼓舞。當然，我們還得看看合規申報的內容長什麼樣，仍有一些事項需要釐清，但我謹慎樂觀地認為，我們會在明年上半年得到所有答案。

Perfect. Thanks. Then just on, as we look at incremental generation opportunities, how do you guys think about the hurdle rate and the kind of additionality needs when contracting for long-term customers?

很好。謝謝。接著想問，當我們看增量發電機會時，你們在與長期客戶簽約時，如何看待門檻報酬率（hurdle rate）以及所需的「額外性」（additionality）？

When we think about the hurdle rate, we have said from the beginning of the business, 10% unlevered returns. When I think about what that incremental capacity needs to come in priced at, it is all part of the broader deal, right? We think about it as part of the bigger deal, including the sale of our existing megawatts, and that has to be attractive and meet our hurdle rates, but not every individual component is going to need to be.

談到門檻報酬率，我們從這項業務一開始就說過：10% 的無槓桿報酬率（unlevered returns）。至於那部分增量容量需要以什麼價格進來，這其實都是更大整體交易的一部分，對吧？我們會把它視為整體交易的一部分來看，包括出售我們既有的兆瓦（MW）電力；整體必須具吸引力並符合我們的門檻報酬率，但不代表每一個單獨的組成部分都必須如此。

That allows us to kind of lean into storage solutions, perhaps, that others may not be interested in, because for us, it unlocks this contracting opportunity for our large portfolio of existing clean and reliable energy.

這讓我們能在某種程度上更願意採用儲能解決方案，而其他人可能不一定有興趣；因為對我們而言，這能解鎖我們龐大既有清潔且可靠能源組合的長約簽訂機會。

Perfect. Thanks so much, guys.

很好。非常感謝，各位。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Just one quick one for me. A lot's been covered today, and so thanks for all the details. Just of that 113 million megawatt hours that you guys kind of cite as available, I guess, how much of that is realistically marketable today after we kind of think about existing obligations, outage reserves, and potential delivery constraints?

我這邊只有一個很快的問題。今天已經涵蓋很多內容了，謝謝你們提供所有細節。就你們提到可用的 1.13 億兆瓦時而言，我想問，在考量既有義務、停機備轉，以及潛在的輸送限制之後，今天實際上有多少是可對外銷售的？

Well, largely all of it. I mean, we have existing obligations to commercial industrial customers, but the duration of those contracts is normally something like a three-year look, right? So, after three years, which is practically when people will want to buy that for a new data center, all of that becomes available, with some of it available almost immediately. Look, I think we've been clear today and from the beginning in this business.

嗯，基本上幾乎全部。我的意思是，我們確實對商業與工業客戶有既有義務，但那些合約的期限通常大概是三年的展望期，對吧？所以三年之後——而那也幾乎就是新資料中心客戶會想要購買的時間點——那些電量就都會釋出可用，其中一部分幾乎可以立即可用。你看，我想我們今天以及從一開始做這個業務時就說得很清楚。

We are trying to create a business that is very, very different than what we started with, that has a duration and a certainty to it that no one in this industry has ever been able to come close to putting together. We think we have already done that with what we've done this year, but we aim to continue to do more of that. The counterparties could be anyone.

我們正試圖打造一個與我們起步時非常、非常不同的業務，具備一種持續期間與確定性，是這個產業過去從未有人能接近做到的。我們認為今年透過我們所做的事情，已經做到這一點，但我們的目標是持續做得更多。交易對手可以是任何人。

It could be utility customers, like in New York, and some other things that we've been talking about. It could be data economy customers. It could be everyday commercial industrial customers. But the objective is to take the entirety of the fleet and move it to long-term contracting. How long that will take? We'll see, but that's what we're aiming for.

可以是公用事業客戶，例如紐約的客戶，以及我們一直在談的一些其他項目。也可以是資料經濟（data economy）客戶。也可以是一般的商業與工業客戶。但目標是把整個機組群（fleet）全部轉為長期合約。需要多久？我們再看看，但這就是我們努力的方向。

No, makes a ton of sense. Thanks, guys.

不，這非常合理。謝謝各位。

Thanks.

謝謝。

That concludes today's question-and-answer session. I'd like to turn the call back to Joe Dominguez for closing remarks.

今天的問答環節到此結束。我想把電話交回給 Joe Dominguez 作結語。

Well, thank you. Thanks again for your time on a busy Monday. We very much appreciate your interest in Constellation. I wish you a good rest of the day and a healthy and prosperous rest of the week, and we'll close the call.

好的，謝謝。也再次感謝各位在忙碌的週一撥冗參與。我們非常感謝各位對 Constellation 的關注。祝各位今天餘下時間愉快，也祝本週接下來的日子健康順利、事事興旺，我們就此結束電話會議。

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

各位女士先生，感謝參與今天的電話會議。今天的議程到此結束。各位可以掛線。祝大家今天愉快。