艾索倫電力 (EXC) 2021 Q3 法說會逐字稿

Hello, and welcome to Exelon's third quarter earnings call. My name is Justin, and I will be your event specialist today. (Operator Instructions) Please note that today's webcast is being recorded. (Operator Instructions)

您好，歡迎參加 Exelon 第三季財報電話會議。我叫 Justin，今天將擔任本次活動專員。（接線員指示）請注意，今天的網路直播將被錄音。（接線員指示）

It is now my pleasure to turn today's program over to Emily Duncan, Vice President, Investor Relations. The floor is yours.

現在我很榮幸將今天的議程交給投資人關係副總裁 Emily Duncan。請開始。

Thank you, Justin. Good morning, everyone, and thank you for joining our third quarter 2021 earnings conference call. Leading the call today are Chris Crane, Exelon's President and Chief Executive Officer; and Joe Nigro, Exelon's Chief Financial Officer. They're joined by other members of Exelon's senior management team who will be available to answer your questions following our prepared remarks.

謝謝你，Justin。各位早安，感謝各位參加我們 2021 年第三季財報電話會議。今天由 Exelon 總裁兼執行長 Chris Crane，以及 Exelon 財務長 Joe Nigro 主持。Exelon 其他資深管理團隊成員也將一同參與，並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 this presentation, all of which can be found in the Investor Relations section of Exelon's website.

我們今天早上已發布財報新聞稿，並同步提供本簡報；相關資料皆可於 Exelon 官網的投資人關係（Investor Relations）專區查閱。

The earnings release and other matters which we discuss during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material and comments made during the call. Please refer to today's 8-K and Exelon's other SEC filings for discussions of risk factors and other factors, including uncertainties surrounding the planned separation, that may cause results to differ from management's projections, forecasts and expectations.

今天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，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所述因素與假設，以及會議中所發表之評論而與前瞻性陳述有所差異。請參閱今日提交的 8-K 以及 Exelon 其他向 SEC 提交之文件中對風險因子與其他因素的討論（包括與計畫分拆相關的不確定性），這些因素可能導致結果與管理階層的推估、預測與預期不同。

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

今天的簡報亦包含對調整後營運盈餘及其他非 GAAP 指標的引用。請參閱本簡報附錄及我們的財報新聞稿中所載資訊，以了解非 GAAP 指標與最接近之 GAAP 指標之間的調節（reconciliation）。

I'll now turn the call over to Chris Crane, Exelon's CEO.

接下來我將把電話會議交給 Exelon 執行長 Chris Crane。

Thanks, Emily, and good morning, everybody. And Emily, thank you for putting a hedge on everything we're about to say.

謝謝你，Emily，各位早安。Emily，也謝謝你替我們接下來要說的一切都加上避險條款。

We had a good quarter financially and operationally and had several very positive developments during the quarter. I'm starting on Slide 5. We earned $1.23 per share on a GAAP basis and $1.09 on a non-GAAP basis, and Joe will get into those details. Illinois passed, at the last minute, a landmark clean energy legislation which makes the state a national leader in clean energy. Illinois will achieve 100% carbon-free by 2045 by preserving and adding -- preserving the plants and adding tens of thousands of jobs. And we thank Kathleen Barrón and her team and many others for the work they've done.

本季在財務與營運方面表現良好，且在季度期間也有數項非常正面的進展。我從投影片 5 開始說明。我們以 GAAP 基礎計算的每股盈餘為 1.23 美元，非 GAAP 基礎為 1.09 美元，Joe 會進一步說明細節。伊利諾州在最後關頭通過具里程碑意義的潔淨能源法案，使該州成為全美潔淨能源的領導者。伊利諾州將透過保留既有電廠並新增數以萬計的工作機會，在 2045 年達成 100% 無碳。我們也感謝 Kathleen Barrón 及其團隊與許多其他人所做的努力。

As a result, we have reversed the retirement decision on Byron and Dresden. Our Illinois plants will continue to provide good-paying jobs, economic support to the communities and zero-carbon energy to the citizens of Illinois. We've begun to fill the 650 vacant positions, and we'll be investing more than $300 million in our plants over the next 5 years to catch up on what we pulled back from during the unknown period. The legislation also includes the provision that would transition to -- these out of the formula rates into a new multiyear, performance-based rate framework.

因此，我們已撤回對 Byron 與 Dresden 的除役決定。我們在伊利諾州的電廠將持續提供高薪工作、對社區的經濟支持，以及向伊利諾州民眾供應零碳能源。我們已開始補足 650 個空缺職位，並將在未來 5 年對電廠投資超過 3 億美元，以彌補在不確定期間我們所縮減的投入。該法案亦包含條款，將把——把這些脫離公式費率（formula rates）的機制，轉換至新的多年期、以績效為基礎的費率架構。

In August, we completed the put transaction and acquired the EDF's portion of the CENG nuclear plants, adding 17 terawatts to our own zero-emitting nuclear generation.

8 月，我們完成了賣權（put）交易，並收購 EDF 在 CENG 核電廠中的持股，為我們自有的零排放核能發電新增 17 太瓦時。

We did receive a grant from the U.S. Department of Energy to explore the potential benefits of on-site hydrogen production at our Nine Mile Point in New York, and we continue to believe that there's a very strong future for hydrogen. Hydrogen will be key in helping the nation address the climate crisis, and the nuclear plants can play a vital role in its production with its heat and capabilities. We're partnering with Nel Hydrogen and the national labs to demonstrate the integrated production storage and use of hydrogen on site to prove its commercial viability. Operations are expected to begin in 2022.

我們確實獲得美國能源部補助，用於評估在紐約 Nine Mile Point 廠區進行現場製氫的潛在效益；我們也持續相信氫能具有非常強勁的未來。氫能將是協助國家因應氣候危機的關鍵，而核電廠可憑藉其熱能與能力在氫能生產中扮演重要角色。我們正與 Nel Hydrogen 及國家實驗室合作，示範氫能在現場的整合式生產、儲存與使用，以證明其商業可行性。預計於 2022 年開始運轉。

On the regulatory front, Delaware PSC issued a constructive order in our Delmarva rate case. Last quarter, we announced our Path to Clean and our net-zero goal for the utilities, so we continue to strive to meet what our customers desire and our regulators desire. Each utility is building upon existing work and supporting a Path to Clean that aligns to the goals that are needed for their local jurisdictions and stakeholders.

在監管方面，德拉瓦州公共服務委員會（Delaware PSC）就我們的 Delmarva 費率案件發布了具建設性的命令。上季我們宣布了 Path to Clean 以及公用事業的淨零目標，因此我們持續努力滿足客戶與監管機關的期待。各家公用事業公司皆在既有工作基礎上推進，並支持與其所在地司法管轄區及利害關係人所需目標一致的 Path to Clean。

An example is PECO's climate solution. It's a 5-year action plan that will fill Pepco's -- I said PECO, Pepco's that will fill with the DC PSC's request last month. This filing outlines 62 different programs to help enable the district's road map toward decarbonization. Another example of helping our communities to meet their goals is through our energy efficiency programs, which are some of the nation's largest. Joe will talk about them in his remarks.

例如 Pepco 的氣候解決方案，這是一項 5 年行動計畫，將回應華盛頓特區公共服務委員會（DC PSC）上月的要求。這份申報文件概述 62 項不同計畫，以協助推動特區邁向去碳化的路線圖。另一個協助社區達成目標的例子，是我們的能源效率計畫，規模為全美最大之一。Joe 將在他的發言中談到這些計畫。

We're committed to serving our communities and helping to drive equity and positive change. Last week, we launched a $36 million Racial Equity Capital Fund to expand access to capital for minority-owned businesses, so they can create jobs and grow their businesses and reinvest in the neighborhoods and the communities that we serve. It's the first-of-a-kind in our sector.

我們致力於服務社區，並協助推動公平與正向改變。上週，我們推出 3,600 萬美元的「種族公平資本基金」（Racial Equity Capital Fund），以擴大少數族裔企業取得資本的管道，讓他們能創造就業、擴大營運，並回饋投資於我們所服務的街區與社區。這在本產業中屬首創。

In addition, we partnered with the UNCF to launch a $3 million Exelon fund for Corporate Scholarship Program to provide scholarships and internships that create opportunities for students attending historically Black colleges and universities that reside in the communities that we serve.

此外，我們與 UNCF 合作，推出 300 萬美元的 Exelon 企業獎學金計畫基金（Corporate Scholarship Program），提供獎學金與實習機會，為就讀於歷史性黑人學院與大學（HBCUs）、且居住在我們所服務社區的學生創造更多機會。

Finally, we are closely watching the work in Washington on the infrastructure Build Back Better Agenda. The legislation will help us address climate change crisis through incentivizing clean technologies and infrastructure investments to make the grid more resilient and ready for clean energy technologies. It is clear from the proposal that the administration and Congress recognize the critical importance of maintaining the existing nuclear fleet to ensure that the nation can cost effectively address climate change, and we're confident that when the legislation pass -- does pass, it will include a production tax credit for the existing nuclear.

最後，我們正密切關注華盛頓在基礎建設「Build Back Better」議程上的進展。該立法將透過鼓勵潔淨技術與基礎建設投資，協助我們因應氣候變遷危機，使電網更具韌性，並為潔淨能源技術做好準備。從提案內容可清楚看出，政府與國會認知到維持既有核能機組對於確保國家能以具成本效益的方式因應氣候變遷至關重要；我們也有信心，當立法通過——確實通過時，將包含針對既有核能的生產稅額抵免（production tax credit）。

Moving on to Slide 6, to our operations. Reliability remains incredibly strong. All the utilities are delivering a top decile outage frequencies and first quartile in outage durations. BGE, PECO and PHI were top decile for gas odor responses, which is very critical for us as we continue to fend gas as a source -- a bridge source to the future. Customer service is top-notch with BGE, ComEd and PECO achieving top decile and PHI top quartile.

接著看投影片 6，談我們的營運。可靠度仍然非常強勁。所有公用事業公司在停電頻率方面皆達到前十分位（top decile），在停電持續時間方面則位居第一四分位（first quartile）。BGE、PECO 與 PHI 在瓦斯異味回報（gas odor responses）方面亦為前十分位，這對我們非常關鍵，因為我們持續將天然氣視為——通往未來的過渡能源。客戶服務表現同樣一流：BGE、ComEd 與 PECO 達到前十分位，PHI 則位居前四分位。

On the generation front, our generation fleet performed well during the quarter, even in the face of uncertainty in Illinois. Our nuclear plants produced 40.5 terawatts of zero-carbon generation, avoiding approximately 21 million tons of carbon dioxide that would be generated otherwise. The fleet had a 96% capacity factor over that period of time, and we're very proud of their operations with the uncertainty they faced.

在發電方面，即使面對伊利諾州的不確定性，我們的發電機組本季仍表現良好。我們的核電廠生產了 40.5 太瓦時的零碳電力，避免了約 2,100 萬噸原本可能排放的二氧化碳。在此期間，機組容量因數達 96%；我們對團隊在不確定環境下的營運表現深感自豪。

On Slide 7, the progress on separation. We continue to make progress on separating the businesses into 2 independent Fortune 200 companies. FERC approved the separation in August. And in September, we received a private letter ruling from the IRS confirming the tax-free nature of the separation. The process for the NRC and New York PSC approvals are moving forward, as expected, and remain on track. Last week, the New York PSC staff held the first meeting of settlement negotiations. This is an important step in the process, and we've asked for authorization from the commission by December 16 on their scheduled meeting date. We have named the CEO of each company, as well as their direct reports, and we'll continue the staffing process over the course of the next few weeks and months to be ready for the close in the first quarter of next year.

在投影片 7，分拆進度方面。我們持續推進將業務分拆為兩家獨立的《財富》200 強公司。FERC 已於 8 月核准分拆。9 月，我們收到 IRS 的私人函示裁定（private letter ruling），確認分拆具免稅性質。NRC 與紐約 PSC 的核准流程正如預期推進，並仍按計畫進行。上週，紐約 PSC 的工作人員召開了首次和解協商會議。這是流程中的重要一步；我們已要求委員會在 12 月 16 日的既定會議日期前授權。我們已任命兩家公司的執行長及其直屬主管，並將在未來數週與數月持續完成編制配置，以便在明年第一季完成交割。

Joe Dominguez and I are both excited to lead our companies into the next chapter. Exelon will continue to be one of the nation's premier customer-focused energy delivery companies with more than 10 million customers. Joe is the right person to lead Constellation, will be America's leading clean energy company, producing 12% of the nation's clean energy and nearly 2x more than any other clean energy company out there. We remain focused on setting each business up to be successful for the long term.

Joe Dominguez 和我都很期待帶領各自公司邁入下一個篇章。Exelon 將持續成為全美頂尖、以客戶為核心的能源輸配公司之一，服務超過 1,000 萬名客戶。Joe 是領導 Constellation 的最佳人選；Constellation 將成為美國領先的潔淨能源公司，生產全美 12% 的潔淨能源，且幾乎是其他任何潔淨能源公司的 2 倍。我們仍專注於讓每項業務都能為長期成功做好準備。

Joe, I'll turn over to you for the financial update.

Joe，接下來請你進行財務更新。

Thank you, Chris, and good morning, everyone. Today, I'll cover our third quarter results, our quarterly financial updates and our hedge disclosures. I will also provide an update on our full year 2021 guidance.

謝謝你，Chris，各位早安。今天我將說明我們第三季業績、季度財務更新以及避險揭露。我也會更新我們對2021全年指引的看法。

Turning to Slide 8 first. We earned $1.09 per share on a non-GAAP basis for the quarter. Exelon Utilities delivered a combined $0.66 per share, net of holding company expenses, and this was primarily driven by above-normal summer weather in our non-decoupled jurisdictions, along with strong operational performance and the impacts of distribution rate cases. ExGen earned $0.44 per share in the third quarter. Generation and Constellation both performed well during the quarter. We continue to make progress on levers we identified to mitigate the Texas loss, and we expect it will take the full year to realize all of the savings. Realized gains in our decommissioning trust funds partially offset the unrealized losses from our Constellation technology venture investments which are mark to market every quarter until realized.

先看第8頁投影片。本季我們以非GAAP基礎計算的每股盈餘為1.09美元。Exelon Utilities 合計貢獻每股0.66美元（已扣除控股公司費用），主要受惠於我們未採用解耦機制（non-decoupled）的轄區出現高於常態的夏季天氣、強勁的營運表現，以及配電費率案件的影響。ExGen 在第三季貢獻每股0.44美元。發電業務與 Constellation 在本季表現皆佳。我們持續推進先前辨識的槓桿以緩解德州損失，預期需要整個年度才能實現所有節省。除役信託基金的已實現收益，部分抵銷了我們對 Constellation 科技創投投資的未實現損失；該等投資在實現前每季皆按市價評價（mark to market）。

At our holding company, we benefited from expected income tax favorability in the third quarter. And as a reminder, our holding company incurred $0.12 per share drag in the first quarter associated with how consolidated full year tax expenses are booked due to the impact of the losses incurred at ExGen in Texas. The remainder of the first quarter drag is expected to reverse in the fourth quarter and is not expected to impact our full year results.

在控股公司層面，我們於第三季受惠於符合預期的所得稅有利因素。並提醒各位，控股公司在第一季因合併全年稅費入帳方式（受 ExGen 在德州發生損失之影響）而產生每股0.12美元的拖累。第一季其餘拖累預期將於第四季回轉，且預期不會影響我們的全年結果。

Turning to guidance. We are narrowing our 2021 EPS guidance range to $2.70 to $2.90 per share from $2.60 to $3 per share previously. Our updated guidance considers reversal of the retirements of the Byron and Dresden nuclear stations as well as execution of the EDF put and our continued additional -- a disciplined approach to cost management. We are delivering on our financial commitments and are confident we will be within our revised range at year-end.

接著談指引。我們將2021年每股盈餘（EPS）指引區間由先前的每股2.60至3.00美元，縮窄至每股2.70至2.90美元。我們更新後的指引已納入撤回 Byron 與 Dresden 核電站退役決定，以及執行 EDF 賣權（put），並持續採取更為嚴謹的成本管理方式。我們正履行財務承諾，並有信心在年底落在修訂後區間內。

On Slide 9, we show our quarter-over-quarter earnings walk. The $1.09 per share in the third quarter of this year was $0.05 per share higher than the third quarter of 2020. Exelon Utilities, inclusive of holding company earnings, were $0.08 per share higher compared to last year. The earnings growth was driven primarily by higher transmission and distribution rates associated with completed rate cases relative to the third quarter of 2020 and higher treasury rates on ComEd's distribution ROE. This was partially offset by costs related to the remnants of Hurricane Ida that swept through the PECO service territory in early September. The partial reversal of the first quarter tax expense at corporate also drove favorability relative to last year's results.

在第9頁投影片，我們呈現本季相較前一年同期的獲利變動橋接。今年第三季每股1.09美元，較2020年第三季高出每股0.05美元。Exelon Utilities（含控股公司獲利）較去年增加每股0.08美元。獲利成長主要來自相較2020年第三季，已完成的費率案件帶動更高的輸電與配電費率，以及 ComEd 配電 ROE 所適用的較高財庫利率。部分被9月初橫掃 PECO 服務區域的颶風 Ida 殘餘影響所致成本抵銷。公司層面第一季稅費的部分回轉，也使得相較去年結果更為有利。

ExGen's earnings were down $0.03 per share compared with last year, and the decrease was due to net unrealized and realized losses on Constellation venture investments; lower capacity revenues, primarily in PJM; and more planned nuclear outage days. This was partially offset by realized gains in our nuclear decommissioning trust funds and higher ZEC revenue due, in part, to increased volumes resulting from fewer planned refuel outages and ZEC pricing in New York.

ExGen 的獲利較去年下降每股0.03美元，主要因 Constellation 創投投資的未實現與已實現淨損失、容量收入下降（主要在 PJM），以及較多的核電計畫性停機天數。部分被核電除役信託基金的已實現收益，以及較高的 ZEC 收入所抵銷；ZEC 收入增加部分原因在於計畫性換料停機較少帶來的發電量提升，以及紐約的 ZEC 定價。

Moving to Slide 10. Looking at our utility returns on a consolidated basis, we continue to meet our consolidated 9% to 10% target with a 9.3% trailing 12-month ROE as of the third quarter. Earned ROEs dipped modestly by 10 basis points since last quarter. Despite higher earnings driven primarily by distribution and transmission rates, the earnings were outpaced by increased equity infusions across all 4 utilities to support capital investments. Looking forward, we remain focused on delivering stronger returns at the utilities and supporting our growth targets to enable customer benefits.

接著看第10頁。以合併基礎觀察公用事業報酬率，我們在第三季仍達成合併9%至10%的目標，過去12個月（trailing 12-month）ROE 為9.3%。相較上季，已實現 ROE 小幅下滑10個基點。儘管獲利主要受配電與輸電費率帶動而提高，但為支持資本投資，我們對4家公用事業均增加股權注入，使得股權增幅超過獲利增幅。展望未來，我們仍聚焦於提升公用事業端的報酬並支持成長目標，以帶來客戶效益。

Turning to Slide 11, there were some important developments on the regulatory front since the last call. First, on September 1, Delmarva Maryland filed an electric base rate case with the Maryland Public Service Commission seeking an approximately $29 million increase in electric distribution rates and reflecting an ROE of 10.1%. The case highlights Delmarva Power's strong record of reliability, reporting the second-best reliability performance in Maryland in 2019 and '20 behind only Pepco. Delmarva Power continues to make significant investments to improve reliability and customer service for our customers and communities. DPL Maryland expects to receive an order by March 30, 2022.

轉到第11頁，自上次電話會議以來，監管面有幾項重要進展。第一，9月1日，Delmarva Maryland 向馬里蘭州公共服務委員會提出電力基本費率案件，申請電力配電費率約增加2,900萬美元，並反映10.1%的 ROE。該案件凸顯 Delmarva Power 在可靠度方面的優異紀錄：2019與2020年在馬里蘭州的可靠度表現排名第二，僅次於 Pepco。Delmarva Power 持續進行重大投資，以提升我們客戶與社區的供電可靠度與客戶服務。DPL Maryland 預期將於2022年3月30日前收到裁定。

Second, on September 15, Delmarva Delaware received a verbal order for its distribution electric rate case. The Delaware Commission approved approximately $14 million increase in annual base distribution rates, reflecting an ROE of 9.6%. As permitted by Delaware law, Delmarva Power implemented full allowable rates on October 6, 2020, subject to refund.

第二，9月15日，Delmarva Delaware 就其配電電力費率案件收到口頭裁定。德拉瓦州委員會核准年度基本配電費率約增加1,400萬美元，反映9.6%的 ROE。依德拉瓦州法律允許，Delmarva Power 已於2020年10月6日實施全部可允許費率，但須視情況退費（subject to refund）。

We also have 2 rate cases pending final orders in the fourth quarter. On October 6, the administrative law judge presiding over PECO's electric distribution base rate case recommended the settlement with all parties be approved. The settlement provides for an increase of $132 million in annual electric distribution revenues, and we expect to receive an order in the fourth quarter.

我們也有2件費率案件預計在第四季取得最終裁定。10月6日，主審 PECO 配電基本費率案件的行政法官建議核准各方和解。該和解將使年度配電收入增加1.32億美元，我們預期將於第四季收到裁定。

And then on November 2, the ALJ presiding over ComEd's 2021 distribution formula rate update issued a proposed order. There were no adjustments to ComEd's proposed revenue requirement increase of $45.8 million. We expect to receive a final order from the Illinois Commerce Commission by early December.

另外，11月2日，主審 ComEd 2021年配電公式費率更新的行政法官（ALJ）發布擬議裁定，未對 ComEd 所提收入需求增加4,580萬美元作任何調整。我們預期伊利諾伊州商務委員會將於12月初前後發布最終裁定。

We continue to have constructive regulatory relationships across our jurisdictions and are working with our regulators, states and communities to support their clean energy and climate goals. As a reminder, we expect nearly 100% of our rate base growth will be covered by alternative mechanisms by the end of our planning period, a differentiator for our utilities when compared to peers. More details on the rate cases can be found on Slides 20 through 24 of the appendix.

我們在各轄區持續維持具建設性的監管關係，並與監管機關、各州及社區合作，以支持其潔淨能源與氣候目標。提醒各位，在我們規劃期間結束前，預期近100%的費率基礎（rate base）成長將由替代機制涵蓋，這是我們公用事業相較同業的差異化優勢。更多費率案件細節請參閱附錄第20至24頁投影片。

And as Chris mentioned, our energy efficiency programs highlighted on Slide 12 is one example of how Exelon's utilities are helping their customers on the Path to Clean. Exelon Utilities are driving customer-driven emissions reductions in our communities through some of the nation's largest energy-efficiency programs and conservation efforts. These programs enable customer savings through home energy audits, lighting discounts, appliance recycling, home improvement rebates, equipment upgrade incentives and innovative programs like smart thermostats and combined heat and power programs.

如 Chris 所提，第12頁投影片所強調的能源效率計畫，是 Exelon 各公用事業如何在「通往潔淨之路（Path to Clean）」上協助客戶的例子之一。Exelon Utilities 透過全美規模最大的能源效率計畫與節能措施之一，推動社區中由客戶驅動的減排。這些計畫透過住家能源稽核、照明折扣、家電回收、居家改善補助、設備升級獎勵，以及智慧恆溫器與熱電共生等創新方案，協助客戶節省成本。

In 2020, through a combination of new and prior year investments, our utilities helped customers save over 22.3 million megawatt hours of energy. This equates to 8.1 million metric tons of CO2 emissions avoided, the equivalent of nearly 932,000 homes energy use for 1 year or the carbon sequestered by 10.5 million acres of U.S. forests in 1 year according to EPA's greenhouse gas calculator.

2020年，透過新投資與前一年度投資的結合，我們的公用事業協助客戶節省超過2,230萬兆瓦時的用電量。這相當於避免排放810萬公噸二氧化碳（CO2），等同於約932,000戶家庭1年的能源使用量，或依據 EPA 溫室氣體計算器，相當於美國森林1年可封存的碳量（約1,050萬英畝）。

Each of Exelon's utilities is building upon existing work and supporting a Path to Clean that aligns to the goals and needs of their local jurisdictions and stakeholders. Our approach allows jurisdictional flexibility, such that each utility may respond to their unique regions and markets and employ the strategies and solutions that best address their operational footprints and customer preferences.

Exelon 各家公用事業皆在既有成果上持續深化，並支持符合其所在地轄區與利害關係人目標與需求的「通往潔淨之路」。我們的方法提供轄區彈性，使各公用事業能回應其獨特的區域與市場，並採用最能符合其營運版圖與客戶偏好的策略與解決方案。

Before discussing our gross margin update on Slide 13, I want to remind you that we expect to provide 2022 hedge disclosures at Analyst Day, which will be held closer to the completion of the separation. However, what I can say now is that we have continued to hedge on our ratable plan for future years, and this includes the length from the Byron and Dresden retirement reversals until the carbon mitigation contracts begin and Exelon's full ownership of the CENG assets.

在討論第13頁投影片的毛利更新之前，我想提醒各位，我們預期將在分析師日（Analyst Day）提供2022年的避險揭露；該活動將安排在分拆接近完成時舉行。不過，我現在可以說的是，我們已持續依照未來年度的分期（ratable）計畫進行避險，其中包含從撤回 Byron 與 Dresden 退役決定起，直到碳減量合約開始，以及 Exelon 取得 CENG 資產完整所有權的這段期間。

Turning to the table. Total gross margin increased $500 million since last quarter due to the plant retirement reversals in Illinois and full ownership of the CENG assets beginning on August 7. In 2021, open gross margin is up $1.6 billion relative to the second quarter, primarily due to higher prices in all regions and higher volumes driven by execution of the EDF put and the decision to reverse Byron and Dresden's early retirements. Capacity in ZEC dollars are up $100 million due to full ownership of the CENG assets.

回到表格。自上季以來，總毛利增加5億美元，原因是伊利諾伊州電廠退役撤回，以及自8月7日起開始擁有 CENG 資產的完整所有權。2021年，相較第二季，未鎖定（open）毛利增加16億美元，主要因所有區域價格上升，以及因執行 EDF 賣權與決定撤回 Byron 與 Dresden 提前退役而帶動的更高發電量。以 ZEC 計價的容量收入因取得 CENG 資產完整所有權而增加1億美元。

Mark to market of hedges were down $1 billion due to our hedged position, partially offset by the execution of power new business. We executed $200 million of power new business and $50 million of non-power new business during the third quarter. The non-gross margin impacts of the Illinois plant reversals and the full ownership of CENG are incorporated on Page 32 of the appendix.

由於我們的避險部位，避險按市價評價下滑10億美元，但部分被電力新業務的執行所抵銷。我們在第三季執行了2億美元的電力新業務以及5,000萬美元的非電力新業務。伊利諾伊州電廠回轉以及CENG完全持有的非毛利影響已納入附錄第32頁。

Thank you, and I'll now turn the call back to Chris for his closing remarks.

謝謝，接下來我把電話交回給Chris，請他做結語。

Thanks, Joe. Turning to Slide 14, I'll close on our ongoing priorities and commitments. As we've said in the past and we'll continue, we will meet or exceed our financial commitments, delivering earnings with our guidance range and maintaining a strong balance sheet. And that goes for both companies as we split. There's a commitment on both sides to do that. We'll complete the preparations to separate the businesses, including the organization, the cost structure for each company that will set each company up for long-term success at a strong investment grade.

謝謝，Joe。翻到第14頁投影片，我將以我們持續的優先事項與承諾作結。如同我們過去所說、未來也會持續，我們將達成或超越我們的財務承諾：在指引區間內交付盈餘，並維持強健的資產負債表。公司分拆後，兩家公司都同樣適用；雙方都有這樣的承諾。我們將完成分拆業務的各項準備，包括組織架構，以及各公司各自的成本結構，讓每家公司都能以強健的投資等級為基礎，奠定長期成功。

At Exelon Utilities, we are prudently and efficiently deploying $6.6 billion of capital to benefit our customers and help meet the needs of our jurisdictions' energy policy goals. We are working with our regulators to ensure timely recovery of these investments, as Joe discussed in his talking points.

在Exelon Utilities，我們正以審慎且有效率的方式投入66億美元資本，以造福客戶並協助滿足我們各司法管轄區能源政策目標的需求。我們正與監管機構合作，確保這些投資能及時回收，正如Joe在他的重點談話中所提到的。

We continue to advocate for clean energy and climate policies with the new administration and Congress in our states to put the country on a path to meeting the carbon and air pollution reduction goals. There's more here than just carbon. We have a city in Chicago that is the third highest with lung disease. And it's not only carbon. It's the fumes from the industrial sources, and we need to do our part to help lower that. And we're partnering and supporting our customers and the communities that we serve.

我們持續與新政府及國會、以及我們所在各州倡議潔淨能源與氣候政策，讓國家走上達成碳與空氣污染減量目標的道路。這不只是碳而已。芝加哥是肺部疾病發生率第三高的城市之一，而問題不僅是碳，還包括工業來源的煙霧與排放，我們需要盡一份力協助降低這些污染。我們也正與我們服務的客戶與社區合作並提供支持。

So with that, I thank you for your time today, and I'll open up the call to questions.

因此，感謝各位今天撥冗參與，接下來我開放提問。

(Operator Instructions) And our first question comes from Stephen Byrd from Morgan Stanley.

（接線員指示）我們的第一個問題來自Morgan Stanley的Stephen Byrd。

Thanks so much for the thorough update. I wanted to step back and talk about federal legislation broadly and discuss the impacts, less on nuclear. I think you all have been very clear on that side. I'm thinking more about everything from tax policy to support for transmission. Just curious, at a high level, what are you thinking in terms about the potential impacts to your business if this legislation were to pass?

非常感謝你們詳盡的更新。我想退一步，從更宏觀的角度談談聯邦立法並討論其影響，先不聚焦在核能上；我認為你們在那一塊已經講得很清楚。我更想問的是從稅務政策到對輸電的支持等各方面。想請教在高層次上，如果這項立法通過，你們認為對你們業務可能帶來哪些影響？

I'll let Kathleen Barrón speak to it. We think there's a lot of positives that can be put in play here. I don't think we're looking for any handouts. We'd rather make the investments ourselves. And between Kathleen and Calvin Butler, they'll ham and egg it.

我讓Kathleen Barrón來回答。我們認為這裡面有很多正面因素可以發揮。我不覺得我們是在尋求任何補助；我們寧可自己投資。Kathleen和Calvin Butler會一起把這件事講清楚。

Yes. And Joe may want to jump in on the tax question. But as you pointed out, I think we're very heartened by the support for the nuclear stations and the recognition that their continued operation is essential to meeting the climate goals. But the bill goes way beyond nuclear, as you pointed out, in terms of the extensive support for electric vehicles, both personal vehicles and electric buses in transit, transmission, as you pointed out, and then significant funding on resiliency for hardening and weatherization, all of which, we think, are essential for the communities that we serve, as Chris pointed out.

是的。Joe也許會想補充稅務的問題。不過如你所說，我想我們對於核電廠獲得支持、以及外界認知其持續運轉對達成氣候目標至關重要，感到非常振奮。但正如你指出的，該法案遠不止核能，還包括對電動車（包含個人用車與大眾運輸的電動巴士）、輸電（如你所提到），以及在韌性方面的大量資金，用於強化與防風雨化（weatherization）。我們認為這些對我們服務的社區都至關重要，正如Chris所說。

The transmission program, that's always been a challenging issue, as you know, given that it's not just about funding, but it's also about citing. And so we do expect that to continue to be a challenging area but obviously essential to the clean energy build-out. So I'll stop there and let Cal jump in or Joe, as I said, on tax.

至於輸電計畫，如你所知一直是個具挑戰性的議題，因為不只是資金問題，也涉及選址。因此我們預期這仍會是困難領域，但顯然對潔淨能源擴建至關重要。我先說到這裡，讓Cal補充，或如我所說讓Joe談稅務。

I'll just add a couple of things to piggyback off of what Kathleen said. If you think about some of the specifics that the federal government is looking to partner with the states, think about the $7.5 billion they've earmarked for charging infrastructure. The $5 billion going toward zero emission and clean buses; port electrification, when you think about port electrification for our city of Baltimore and Philadelphia, what that would mean for them; and not even talking about the different grants that they are proposing where utilities could partner to do different things and creative.

我再補充幾點，延續Kathleen的說法。若你看聯邦政府希望與各州合作的一些具體項目，例如他們已編列75億美元用於充電基礎設施；50億美元投入零排放與潔淨巴士；港口電氣化——以我們的巴爾的摩與費城來說，港口電氣化對他們意味著什麼；更不用說他們提出的各類補助，公用事業可以合作做不同且具創意的事情。

And all of this is good for the customers. If that -- those monies are coming directly to the state and there's a partnership, we will continue to invest on reliability and resiliency and then take these moments. It keeps the customer bill down, and that is a concern of ours, just to keep affordability at the forefront of everything we do. So that's that partnership and how we see it playing out.

而這一切對客戶都有利。如果這些資金直接撥給州政府並形成合作夥伴關係，我們將持續在可靠度與韌性上投資，並把握這些機會。這有助於壓低客戶帳單，而這也是我們關切的重點：在我們所做的一切中，把可負擔性放在最前面。這就是我們對這種合作關係及其落地方式的看法。

Joe?

Joe？

Yes. And I'll pick up, Stephen, on the tax question. And we're studying the potential implications across our business. And as you know, we obviously have very large capital plans at our utilities for the benefit of our customers, and they also help drive the local economies and help meet the climate and clean energy goals of our communities.

好的。我來接續你關於稅務的問題，Stephen。我們正在研究其對我們整體業務可能造成的影響。如你所知，我們的公用事業部門有非常龐大的資本計畫，目的是造福客戶，同時也能帶動地方經濟，並協助社區達成氣候與潔淨能源目標。

Many of the goals -- of those same goals are shared by this Build Back Better Plan, which I think is driving the tax question. And you've heard others in the industry say the minimum tax could increase customer bills and potentially impact investment of the capital that we deploy. We are communicating with policymakers about that fact and the impacts it may have on the capital planning process, and we're continuing to work through that.

而這些目標中的許多——同樣的目標——也與「重建更好（Build Back Better）」計畫一致，我認為這正是稅務議題的背景。你也聽到產業內其他人提到，最低稅負可能會提高客戶帳單，並可能影響我們所部署資本的投資。我們正就此事實及其對資本規劃流程可能造成的影響與政策制定者溝通，並持續推進相關工作。

Very helpful. And then maybe just separately, just thinking about the utility business. You already have excellent growth, so I suppose this question is going to come across as somewhat greedy, but I am thinking about sort of other areas of upside potential there. And I was just curious, maybe for Calvin and Chris, just sort of as we think about categories of growth upside beyond the Exelon base plan that is resulting in above-average growth, but what are some of the categories of sort of additional upside as we think about the utilities growth prospects going forward?

非常有幫助。接著我想另外問一下公用事業業務。你們本來就有很好的成長，所以這個問題聽起來可能有點貪心，但我在想是否還有其他上行空間。想請教Calvin和Chris：除了Exelon的基礎計畫之外——該計畫已帶來高於平均的成長——若從未來公用事業成長前景來看，還有哪些類別可能帶來額外的上行？

I'll just start off and then punt it to Calvin. There are many case studies being done on voltage requirements, on dual-flow voltage requirements. What do we use to harden ourselves from an Internet exposure which would be our own wires, our own fiber? But Cal?

我先開個頭，然後交給Calvin。現在有很多案例研究在做電壓需求、雙向潮流的電壓需求。我們要用什麼方式來強化自己、避免網路曝險——可能涉及我們自己的線路、我們自己的光纖？但Cal？

Chris, you captured it. It really goes around building the reliability and resiliency of our system. And I think as we lay out our multiyear plans and across our jurisdictions, it's understanding and really diving in, Stephen, in terms of what the customers want in our jurisdictions. But the hardening and the resiliency of our system is coming in the forefront, in addition to fighting climate change.

Chris，你說到重點了。核心就是提升我們系統的可靠度與韌性。我認為當我們在各司法管轄區提出多年期計畫時，關鍵在於理解並深入探討——Stephen——我們各地客戶真正想要的是什麼。但在對抗氣候變遷之外，系統的強化（hardening）與韌性正被放到最前面。

That's a big part of what we're doing and along with the security-related issues, as Chris has outlined. So those are opportunities in the areas, but it's that partnership and really understanding what the jurisdictions are wanting.

這是我們正在做的很大一部分工作，另外還有Chris所提到的安全相關議題。因此這些領域都有機會，但重點在於合作夥伴關係，以及真正理解各司法管轄區的需求。

We can't run a system on the distribution side any longer at a 4,160 voltage level. We got to get up to 13,800, and that's going to take a significant investment to do that, and that's to support the distributed generation. So there's a lot more work to be done.

我們在配電端已無法再以4,160伏特的電壓等級來運行系統。我們必須提升到13,800伏特，而這將需要相當可觀的投資，以支援分散式發電。因此還有很多工作要做。

And our next question comes from Steve Fleishman from Wolfe Research.

下一個問題來自Wolfe Research的Steve Fleishman。

So I guess 2 questions. First, on the Build Back Better infra bill, just thoughts on the likelihood that, that passes. And if some reason it does not, how do you feel about opportunities to address nuclear PTCs and other bills if we somehow got there?

我有兩個問題。第一，關於「重建更好」基礎建設法案，你們怎麼看它通過的可能性？如果因某些原因沒有通過，你們如何看待在那種情況下推動核能PTC（生產稅額抵免）以及其他法案的機會？

Well, Kathleen is earning her paycheck to ensure that it gets done, so I'll let her answer the question.

嗯，Kathleen正在努力確保它能完成，所以我讓她來回答。

Kathleen, make it 2 for 2.

Kathleen，這題也請你再拿下一分，兩題都答好。

Thanks, Steve. Yes. I think we're still feeling very confident about the Democrats' ability to get both infrastructure and Build Back Better across the finish line. There's, as you know, a strong proposal put out by the President that had support last week around a top line number that the group has apparently coalesced around. They have continued to work to flesh out the meat on the bone so that they can move this package quickly. And Senator Manchin has shared that he thinks that's doable, indeed even citing agreement with the Senate majority leader that it's possible this could get done by Thanksgiving.

謝謝，Steve。是的，我想我們仍然對民主黨推動基礎建設法案與「重建更好」方案雙雙過關很有信心。如你所知，總統提出了一個強而有力的提案，上週在一個總額數字上獲得支持，該團體顯然也已在此數字上凝聚共識。他們持續努力把內容細節補齊，以便能快速推進這個方案。參議員Manchin也表示他認為這是可行的，甚至提到他與參議院多數黨領袖在此事上有共識，認為有可能在感恩節前完成。

So I think there's broad consensus that action is needed, and in particular, on the clean energy tax package that there is sufficient support for the provisions that will get the country to a place where it can come close to meeting the 2030 carbon reduction goals.

所以我認為各方普遍共識是需要採取行動，特別是在潔淨能源稅收方案方面，對於那些能讓國家接近達成 2030 年減碳目標的條款，已有足夠的支持。

If for some reason that, that does not occur, as you know, there's regularly action at the end of the year on a bipartisan basis to look at tax extenders. And we're, again, hopeful, given the amount of support that we've seen for support for the existing fleet that the nuclear provision could be considered as part of an end-of-the-year bipartisan package if the Democrat BBB bill doesn't get across the finish line.

如果因某些原因未能發生，如你所知，年底通常會以兩黨合作的方式採取行動來檢視稅務延長條款（tax extenders）。而我們也再次抱持希望，鑑於我們看到對既有機組（existing fleet）的支持力度，若民主黨的 BBB 法案未能順利過關，核能條款仍可能被納入年底的兩黨方案中加以考量。

Okay. My other question related to that is just I know there's a ton of detail of this. But just high level, how does the PTC interact with your existing state commitments for the different units or subsidies or laws and also your hedging and retail and all that as well?

好的。我另一個相關問題是，我知道這裡面細節非常多。但就高層次來看，PTC 如何與你們在各個機組既有的州層級承諾（state commitments）——例如不同單位的補貼或法律——以及你們的避險、零售等安排相互作用？

Do you want to start, and then we'll...

你要不要先開始，然後我們再……

Yes. I'll start off and pass it to Jim on the hedging question. But the short answer is that under the nuclear PTC, as drafted, revenues from a state program are not -- included at the state program would adjust to reflect the existence of the federal support. And almost all of our programs have some explicit reference to the fact that if there is subsequent federal support after the state program takes effect, that it will be reflected in the state calculation of the support under the program.

好。我先說，然後把避險的問題交給 Jim。簡短的答案是：依照目前起草的核能 PTC，來自州計畫的收入不會——州計畫會調整以反映聯邦支持的存在。而我們幾乎所有的計畫都明確提到：如果州計畫生效後又出現後續的聯邦支持，州計畫在計算該計畫下的支持金額時會將其反映進去。

So there clearly will need to be further proceedings to evaluate and have the state adjudicate how that federal support will be reflected. But assuming that the PTC passes, we would expect each of the states to take a look at that and for it to be reflected in the level of the state support. Jim?

因此，顯然還需要進一步的程序來評估，並由州政府裁定該聯邦支持將如何被反映。假設 PTC 通過，我們預期各州都會檢視此事，並將其反映在州層級支持的水準上。Jim？

Yes. And Steve, I think on the hedging, the best -- the details of implementation are going to really matter. But like for now, I think the right way to think about it is this effectively will serve as a hedge for a significant portion of our generation, right? If you take our nuclear fleet and we kind of reconcile what this -- what the PTC program will do and then kind of reflect what Kathleen just said about its impact on the state programs, the net result is you have a pretty highly hedged portfolio in the -- with the PTC.

是的。Steve，我想在避險方面，最關鍵的是——落地執行的細節會非常重要。但就目前而言，我認為正確的理解方式是：這基本上會為我們相當大一部分的發電量提供避險效果，對吧？如果把我們的核電機組群納入，並把 PTC 計畫的影響加以對帳，再結合 Kathleen 剛才提到它對州計畫的影響，最終結果就是：在 PTC 的作用下，你會得到一個避險程度相當高的投資組合。

Now we'll get into the details about the exact settlement of it and exactly how it -- the implementation plan will be settled all the way through the prices in the -- all the way through to the spot market.

接下來我們會深入細節，包括它究竟如何精確結算，以及執行方案如何一路傳導到價格——一直到現貨市場。

The best way, I think, on the retail business for us is we'll be able to still win our customer business. We'll have a portfolio that's a little bit more hedged to begin with. We'll have purchases in the market to help us where we need to go, make additional purchase to help us serve the load portfolio that we'll continue to serve.

我認為就我們的零售業務而言，最好的方式是：我們仍然能夠贏得客戶業務。我們一開始就會有一個避險程度更高的投資組合。我們也會在市場上進行採購，以在需要時補足，並進一步採購來協助我們服務我們將持續服務的負載組合（load portfolio）。

And our next question comes from Julien Dumoulin-Smith from Bank of America.

下一個問題來自美國銀行（Bank of America）的 Julien Dumoulin-Smith。

Congrats on the continued progress across all your various efforts here, so kudos again to Kathleen and team. But perhaps just to focus on one of the other topical issues of late, uranium prices have been seeing a pretty sharp uptick of late. I suspect it's not too subservient for you all, but I just want to make sure I understand how you all are thinking about that impacting sort of longer-term hedging and procurement activities and ultimately impact back to the core business.

恭喜你們在各項工作上持續取得進展，再次向 Kathleen 和團隊致意。不過或許聚焦在近期另一個熱門議題：鈾價最近出現相當明顯的上漲。我猜這對你們未必是太大的負擔，但我想確認我是否理解你們如何看待這對較長期的避險與採購活動的影響，以及最終對核心業務的回饋影響。

I think we're very well hedged through this period, and it's not like we haven't seen it before. But I'll let Bryan Hanson, our Head of the generating company -- operations of the generating company, answer that.

我認為我們在這段期間的避險做得非常到位，而且這也不是我們第一次看到這種情況。不過我會請 Bryan Hanson——我們發電公司（generating company）營運負責人——來回答。

Yes. Thanks, Chris. We think today's market fundamentals are much improved from the last uranium bull market that we saw in 2008-2010 period. Demand is lower. Primary mining supply has increased, and utility inventories are higher. We, at Exelon, we hedge with a diverse portfolio of fuel contracts that include varying pricing mechanisms or varying horizons with a diverse group of qualified and reliable suppliers.

好的，謝謝你，Chris。我們認為當前的市場基本面相較於我們在 2008–2010 年期間看到的上一輪鈾牛市已大幅改善。需求較低；一次採礦供給增加；公用事業的庫存也更高。在 Exelon，我們透過多元的燃料合約組合來進行避險，這些合約包含不同的定價機制或不同的期間，並搭配多家合格且可靠的供應商。

And we maintain a strategic inventory, both to ensure security of supply for our reactors and to provide flexibility and purchase timing in the event of a market disruption like we're seeing today. We even maintain or keep our uranium inventory in different material states such as yellowcake or uranium hexafluoride gas. So we think we're well hedged and well ready for this current bull market. We are looking in the forward part of the LRP for any opportunities, and they're all well within our expectations that we see today.

我們也維持策略性庫存，一方面確保反應爐的供應安全，另一方面在出現像今天這樣的市場擾動時，提供彈性與採購時點的選擇。我們甚至會以不同的材料形態持有鈾庫存，例如黃餅（yellowcake）或六氟化鈾氣體（uranium hexafluoride gas）。因此我們認為我們的避險很充分，也已為這一輪牛市做好準備。我們也在 LRP 的遠期部分尋找任何機會，而這些都完全在我們目前的預期範圍之內。

That would be UF level 6.

那會是 UF 第 6 級。

UF6. Very good, Chris.

UF6。非常好，Chris。

There we go. Excellent. I appreciate it. And then just on the hydrogen side, I heard the comment about partnering with Nel here, scaling into commercial opportunities to the extent available in '22. Can you talk a little bit more about what that opportunity means for you all? I mean, is this just about having a firm offtake? Or is this about having some portion of the economics over time? And I know it's early days, but I'm just curious to hear, at least as best you understand it, what that opportunity may be, especially considering the credits at hand here as well.

明白了。很好，謝謝。我再問一下氫能方面：我聽到你們提到與 Nel 合作，在 2022 年視可行性擴大到商業機會。你能多談談這個機會對你們意味著什麼嗎？我的意思是，這只是為了取得確定的承購（offtake）嗎？還是你們會在時間推移中取得部分經濟利益？我知道現在還很早，但我想聽聽你們目前的理解，這個機會可能是什麼樣子，尤其也考量到目前手上的稅收抵免（credits）。

Yes. I don't think we're ready to give a full business model on it right now. I think we've got a good partnership with the DOE. Exelon, like other utility companies, sees a great use for hydrogen if it's mixing it with natural gas to cut down the carbon loads or other ways. There's -- our strategy organization is still looking at the transportation methodology, and they're doing some metallurgical research with other labs to make sure that we -- if we were replacing natural gas pipelines with hydrogen pipelines that the embrittlement problem doesn't become severe.

是的。我想我們現在還沒準備好提供完整的商業模式。我們與 DOE 有很好的合作夥伴關係。Exelon 和其他公用事業公司一樣，看到氫能有很大的用途，例如把氫與天然氣混燒以降低碳排負荷，或其他方式。我們的策略團隊仍在研究運輸方式，也正與其他實驗室進行一些冶金研究，以確保——如果我們要用氫氣管線取代天然氣管線——材料氫脆（embrittlement）問題不會變得嚴重。

So what we need to do first is predict or perfect an efficient technology using our heat and steam to develop the hydrogen, and then from there, continue to work with other stakeholders on where we put the hydrogen. Does it go in a mixed form with natural gas at first? Does it become, what was thought about 10 years ago, the hydrogen economy? And I don't think we're there yet. I think there's a lot of work to be done before we get there.

所以我們首先需要做的是，預測或完善一種高效率技術，利用我們的熱能與蒸汽來製造氫氣；接著再與其他利害關係人持續合作，討論氫氣要放在哪裡使用。它是否先以與天然氣混合的形式導入？它是否會成為——大約 10 年前人們所設想的——氫能經濟？我認為我們還沒到那一步。在到達那裡之前，還有很多工作要做。

But just having the grants and working with the labs and the government to start using a nuclear plant for something more than electricity because you get all that waste, heat and steam that can be redirected into the development of very efficient hydrogen and then continue to move on from there.

但至少透過補助金，並與實驗室及政府合作，開始讓核電廠不只用來發電——因為你有那些廢熱與蒸汽可以重新導向，用於開發非常高效率的製氫，然後再從那裡繼續往前推進。

Got it. And sorry, just to clarify this. I imagine you wouldn't touch on the subject of capital allocation, given the rise in commodity prices here and still stated equity needs. Still too early, right?

了解。抱歉，我再釐清一下：考量到大宗商品價格上漲，以及你們仍然提到的股權需求，我想你們應該不會談到資本配置（capital allocation）這個主題。現在還太早，對吧？

Yes, yes. Too early.

是的，是的。還太早。

Fair enough. We will leave it there. Best of luck here.

可以理解。我們就先到這裡。祝你們一切順利。

And our next question comes from Shar Pourreza from Guggenheim Partners.

下一個問題來自 Guggenheim Partners 的 Shar Pourreza。

Joe, can you just maybe further unpack, I guess, the level of details and additional disclosures around the retail business that you kind of plan to talk about at the Analyst Day now that it's obviously a lot more in focus? And in the interim, maybe just further elaborate on how we should think about...

Joe，你能否再進一步說明一下，關於零售業務你們計畫在分析師日（Analyst Day）談到的細節程度與額外揭露？畢竟現在顯然更受關注了。另外在此期間，也許再多闡述一下我們應該如何看待……

Joe, talk to the interim.

Joe，先談談這段期間的部分。

Nigro, when I think about the POM year and year 2 hedge profiles, just given kind of the lack of disclosures and significant moves in the curves. I mean, a peer didn't obviously take as much advantage, as expected. So maybe just a better sense here would help, even if it's directionally.

Nigro，當我在看 POM 年以及第 2 年的避險輪廓（hedge profiles）時，考量到揭露相對不足以及曲線出現顯著變動。我的意思是，有同業顯然沒有像預期那樣充分把握機會。所以如果能更清楚一些會有幫助，即使只是方向性的。

Yes. Let me answer the first question, Shar, and then I'll turn over the hedge question to Jim McHugh. As I've said previously, as we get closer to actual separation date, we plan to have an Analyst Day for both companies where we'll update all of the financial variables, so you have a complete picture of both companies, and you'll get insight into -- on the Exelon side, all the things that we normally provide, including earnings trajectories and rate base growth and so on. And on the Constellation side, we'll give you the details with the updated hedge disclosures and all the other associated information that allows you to do your modeling. But that's not going to happen, obviously, until we get much more certainty and much closer to the actual execution of separation itself.

好的，Shar，我先回答第一個問題，然後把避險問題交給 Jim McHugh。如我先前所說，隨著我們更接近實際分拆日期，我們計畫為兩家公司各自舉辦分析師日，屆時我們會更新所有財務變數，讓你能完整掌握兩家公司的全貌；你也會獲得——在 Exelon 這一端——我們通常提供的所有資訊，包括獲利走勢、費率基礎（rate base）成長等等。而在 Constellation 這一端，我們會提供更新後的避險揭露細節，以及所有其他相關資訊，讓你能進行模型推估。但顯然，在我們對分拆本身的實際執行有更高確定性、也更接近真正執行之前，這些都不會發生。

And with that, Jim, I'll let you answer the hedge question.

那麼，Jim，我就把避險的問題交給你來回答。

Sure. I'll talk about hedging. The outer-years where we have less hedge, we've always talked about our ratable hedge program. We're still following that, right? We're not deviating a large deal from what we've historically talked about. I think the change for 2022 has to be in relation to what we saw develop over the course of this quarter with the legislation, right? We had assets that we had previously said we're going to retire, and then the legislation passed, and we unretired.

好的。我來談談避險。在較外圍的年度，我們的避險較少；我們一直在談我們的均衡避險計畫。我們仍然在遵循那個計畫，對吧？我們並沒有大幅偏離我們過去一貫所談的做法。我認為 2022 年的變化必須與我們在本季隨著立法發展所看到的情況有關，對吧？我們有一些資產先前說要退役，但後來法案通過，我們又把它們取消退役。

And what that effectively meant for 2022 is that before the contract goes into effect, it created a position that added extra generation link to our portfolio that we've been able to, since then, hedge. But beyond -- then beyond May or June when the contract starts, effectively, those megawatts are hedged through the CMC contract.

而這對 2022 年實際上意味著，在合約生效之前，它創造了一個部位，等於為我們的投資組合增加了額外的發電量連結，而我們自那之後就能對其進行避險。但在那之後——也就是超過 5 月或 6 月、當合約開始時——實際上，那些兆瓦是透過 CMC 合約完成避險的。

So the 2022 is just a little bit in a different beginning of the year, end of year story because, effectively, the contracts are providing the hedge in the long run. We hedged the length that got added back to the book, largely speaking, in the beginning of the year during this price action that we saw this quarter so that's been a generally good development. And then in the outer-years, we would still -- other than the contracted assets, we would still be following along our ratable hedge program. So there's -- the further out in time you go, the more open position areas, as we've always had historically.

所以 2022 年只是年初、年末的敘事稍微不同一些，因為從長期來看，合約實際上提供了避險。我們在本季看到的這波價格走勢期間，基本上在年初就把加回到帳簿的那段長度做了避險，整體而言這是個相當好的進展。至於更外圍的年度，我們仍會——除了已簽約的資產之外——繼續遵循我們的均衡避險計畫。因此——時間拉得越遠，未避險的開放部位區域就越多，這也一直是我們歷來的情況。

Got it. No. That's actually a pretty interesting point. And then just lastly, and I know you guys are still working through the details, but could we just touch on maybe just how you're thinking about the SpinCo capital allocation, just even briefly, right? I mean, your IPP peers have been very specific. Is this something we should -- we could see from Constellation? Just maybe some high-level thoughts on how you and the Board are thinking about approaching growth versus returning capital to shareholders.

了解。不，這其實是個相當有意思的點。最後一個問題，我知道你們還在處理細節，但我們能否稍微談一下你們對 SpinCo 資本配置的思考，即使只是簡短帶過也好？我的意思是，你們的 IPP 同業講得非常具體。這是我們應該——我們可能會從 Constellation 看到的嗎？能否分享一些高層次的想法：你和董事會如何看待在成長與回饋資本給股東之間的取捨與做法。

We're going through that modeling right now. As Joe Dominguez takes over and he puts his financial team together, they will be evaluating the best use of capital and what the opportunities are.

我們現在正在進行那方面的模型推演。Joe Dominguez 接任後，當他把財務團隊組建起來，他們將評估資本的最佳用途以及有哪些機會。

Having a good investment grade gives us a little bit more opportunity. And maybe what would somebody would call our peers that we don't think that they are our peers because of the hedged portion of the nuclear plants, but they -- we'll continue to evaluate that in the best way to create shareholder value. And Joe Dominguez, do you want to add any more?

擁有良好的投資級評等讓我們有更多一些機會。也許有人會把某些公司稱作我們的同業，但由於核電廠的避險部分，我們不認為他們是我們的同業；不過——我們會持續以最佳方式評估，以創造股東價值。Joe Dominguez，你還想補充什麼嗎？

No. I don't think I really can at this point. We're looking at it pretty carefully. As Chris said, we think we have some unique opportunities in this business around collocation of assets, hydrogen and other things that will depend on how the legislation plays out and we've covered that. I think we'll have a lot more to say on Analyst Day. But at this point, we're really just studying options, pretty excited about the opportunities in front of us.

不。我想我目前真的沒辦法多說。我們正在非常仔細地評估。正如 Chris 所說，我們認為在這個業務中，我們在資產共址、氫能以及其他領域有一些獨特機會，這將取決於立法如何發展，我們也已經談過。我想我們在分析師日會有更多可以分享。但就目前而言，我們真的只是在研究各種選項，對眼前的機會感到相當振奮。

One thing I can say is I don't see him building a new nuclear plant anytime soon.

我可以說的一件事是：我看不出他近期會去蓋一座新的核電廠。

I'll take that to the bank.

我就把這句話當作鐵口直斷了。

And our next question comes from Jeremy Tonet from JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Jeremy Tonet。

It's actually Ryan on for Jeremy. Just had one on the regulated business, and I kind of think understanding it's still early days, but the changes in kind of the framework at kind of Illinois and ComEd and how you're kind of thinking at this stage about kind of those 2 different options, the multiyear plan versus kind of the traditional rate-making, and how that might impact kind of customer bill impacts as we kind of approach that date.

其實我是代 Jeremy 的 Ryan。關於受監管業務我有一個問題；我理解現在仍是早期階段，但伊利諾伊州與 ComEd 的框架變動，以及你們現階段如何看待兩個不同選項——多年期方案 versus 傳統的費率制定——以及當我們接近那個日期時，這可能如何影響客戶帳單的影響。

Ryan, this is Calvin Butler. First and foremost, the team is really looking through and analyzing all the metrics. And as you know, we're operating with the formula rate through the end of '22, and we'll make that -- decide on early midyear what that looks like going forward. But we're really making that determination now, so we have not decided yet whether it's going to be a 4-year multiyear plan, forward-looking test year. We're doing that analysis now.

Ryan，我是 Calvin Butler。首先，團隊正在仔細檢視並分析所有指標。如你所知，我們的公式費率會運作到 2022 年底，我們會在年中前後決定未來的走向會是什麼。但我們目前正在做這個判斷，因此尚未決定是否採用 4 年期的多年期方案、前瞻性測試年度。我們正在進行分析。

Okay. Understood. And then maybe just one on ExGen. I know you guys have been very successful in achieving kind of the offsets laid out beginning of the year on the -- to offset the kind of the storm. And just kind of thinking through maybe you can provide more color on what those offsets have been and any kind of incremental thoughts on relative sustainability kind of going into kind of future years.

好的，了解。那再問一個關於 ExGen 的問題。我知道你們在達成今年年初所提出的抵銷措施方面非常成功，用以抵銷那場風暴的影響。能否再多提供一些細節：這些抵銷主要來自哪些項目？以及對於未來年度相對可持續性的任何增量想法。

Bryan, do you want to talk about what you're doing?

Bryan，你要談談你們在做什麼嗎？

Yes. On the nuclear side, where a lot of the offsets came from in our capital allocation, our capital maintenance, many of those items were like big major transformer improvements, changes, change-outs. We've just simply moved those out a year or 2. We bundle them the way we did because it streamlined our efficiencies and use of craft resources. We were able to skip a year or 2 on those. No challenges to reliability from that standpoint and a number of the other modifications included just material condition. Improvements were always kept in the plan. But some of the digital upgrades that we had planned for those years, we've moved those out a couple of years and reassessing the economic viability of some of those improvements.

好的。在核能這一端，許多抵銷來自我們的資本配置、資本維護；其中很多項目像是大型主變壓器改善、變更、汰換。我們只是把這些往後延了一到兩年。我們之所以用打包的方式來做，是因為這能提升效率並更有效運用技術工種資源。我們得以在這些項目上跳過一到兩年。從這個角度看，對可靠度沒有任何挑戰；另外一些修改則只是材料狀況相關。改善項目一直都保留在計畫中。但我們原本規劃在那些年度進行的一些數位升級，我們把它們往後移了幾年，並重新評估其中一些改善的經濟可行性。

Just bring him back, Colorado Bend from hardening for the lessons learned.

把他帶回來，Colorado Bend 的強化工作，來自經驗教訓。

Yes. In the Texas assets, we have done all the work that's required that addressed the known issues and the acute issues from Winter Storm Uri. We're finishing up at Colorado Bend, which is done -- our plant by Houston. We'll follow -- we finished that work up a couple of weeks ago, as well as a number of enhancements we made just to protect ourselves against a sustained cold weather event again in Texas; temporary improvements that we made, looking for, again, what's the long-term market signals for those plants.

是的。在德州資產方面，我們已完成所有必要工作，以解決 Winter Storm Uri 所暴露的已知問題與急迫問題。我們正在完成 Colorado Bend 的收尾工作，也就是我們在休士頓附近的電廠。我們將——我們在幾週前也完成了那項工作，同時也做了多項強化，以保護我們在德州再次遭遇持續低溫事件；這些是我們做的臨時性改善，同時也在觀察這些電廠的長期市場訊號會是什麼。

I would now like to turn the call back to President and CEO, Chris Crane, for closing remarks.

現在我想把電話交回給總裁兼執行長 Chris Crane，請他做結語。

Thank you for joining the call today. As you know, we're working hard to run the business at best-in-class levels and taking steps to step up 2 items, strong in -- 2 companies, strong, independent companies. And we look forward to seeing you at EEI, I think, next week. It's coming quick.

感謝各位今天加入電話會議。如各位所知，我們正努力以同業最佳水準來營運業務，並採取措施推進兩項事項，打造兩家強健、獨立的公司。我們期待在 EEI 與各位見面，我想是在下週。時間過得很快。

And with that, we'll close the call out and tell everybody to be safe.

那麼，我們就結束本次電話會議，也請大家注意安全。

Thanks to all participants for joining us today. This concludes our presentation. You may now disconnect. Have a great day.

感謝所有與會者今天的參與。本次簡報到此結束。您現在可以中斷連線。祝您有美好的一天。