Hallador Energy Co (HNRG) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending Hallador Energy's first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call may be recorded. I'd now like to turn the conference over to Sean Mansouri, the company's Investor Relations adviser with Elevate IR. Please go ahead, Sean.

午安.感謝您參加 Hallador Energy 2025 年第一季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。現在，我想將會議交給 Elevate IR 的公司投資者關係顧問 Sean Mansouri。請繼續，肖恩。

Thank you, and good afternoon, everyone. We appreciate you joining us to discuss our first quarter 2025 results. With me today are President and CEO, Brent Bilsland; and CFO, Marjorie Hargrave. This afternoon, we released our first quarter 2025 financial and operating results in a press release that is now on the Hallador Investor Relations website. Today, we will discuss those results, as well as our perspective on current market conditions and our outlook.

謝謝大家，下午好。感謝您加入我們討論 2025 年第一季的業績。今天與我一起的有總裁兼執行長布倫特·比爾斯蘭 (Brent Bilsland) 和財務長瑪喬麗·哈格雷夫 (Marjorie Hargrave)。今天下午，我們在新聞稿中發布了 2025 年第一季的財務和營運業績，該新聞稿現已發佈在 Hallador 投資者關係網站上。今天，我們將討論這些結果，以及我們對當前市場狀況和前景的看法。

Following prepared remarks, we will open the call to answer your questions. Before we begin, a reminder that some of our remarks today include forward-looking statements subject to a variety of risks, uncertainties, and assumptions contained in our filings from time to time with the SEC and are also reflected in today's press release. While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize or if our underlying assumptions prove incorrect, actual results may vary materially from those we projected or expected. In providing these remarks, Hallador has no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law to do so.

在準備好發言之後，我們將開始回答您的問題。在我們開始之前，需要提醒的是，我們今天的一些言論包括前瞻性陳述，這些陳述受到我們不時向美國證券交易委員會提交的文件中所述的各種風險、不確定性和假設的影響，並且也反映在今天的新聞稿中。雖然這些前瞻性陳述是基於我們目前掌握的信息，但如果這些風險或不確定性中的一個或多個成為現實，或者我們的基本假設被證明是錯誤的，實際結果可能與我們的預測或預期存在重大差異。在提供這些評論時，Hallador 沒有義務公開更新或修改任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律要求這樣做。

And with the preliminaries out of the way, I'll turn the call over to President and CEO, Brent Bilsland.

準備工作完成後，我將把電話轉給總裁兼執行長布倫特·比爾斯蘭 (Brent Bilsland)。

Thanks, Sean, and thank you, everyone, for joining us this afternoon. We are pleased with our first quarter performance as we returned to top line growth and saw material improvements in our bottom line and cash flow generation, underscoring the strength of our strategic shift to a vertically integrated independent power producer.

謝謝，肖恩，也謝謝大家今天下午加入我們。我們對第一季的業績感到滿意，因為我們恢復了營收成長，並且獲利和現金流產生了實質的改善，這凸顯了我們向垂直整合的獨立電力生產商策略轉變的實力。

January and February offered a strong backdrop as the combination of colder weather and higher energy pricing enabled us to benefit from increased dispatch volumes. We also saw improvement in our coal production through the first three months of the year as our 2024 restructuring efforts continue to take hold. During the quarter, we leveraged our strong counterparty relationships to strategically deploy targeted firm energy sales, helping to offset price volatility and weather-related demand fluctuation.

一月和二月的業績表現強勁，寒冷天氣和能源價格上漲的雙重因素使我們受益於調度量的增加。隨著我們2024年重組計畫的持續推進，今年前三個月的煤炭產量也出現了改善。在本季度，我們利用強大的交易對手關係，策略性地部署有針對性的公司能源銷售，幫助抵消價格波動和天氣相關的需求波動。

This enabled us to maximize the value of our Merom Power Plant in a way that balances challenging periods, while also gives us flexibility to capture upside opportunities in periods of elevated pricing like what we saw in January and February. Before diving into our first quarter operational highlights, I'd like to provide an update on our ongoing negotiations with a leading global data center developer.

這使我們能夠在平衡挑戰時期的同時，最大限度地提高梅羅姆發電廠的價值，同時也使我們能夠靈活地抓住價格上漲時期的上行機會，就像我們在一月和二月看到的那樣。在深入了解我們第一季的營運亮點之前，我想先介紹一下我們與一家全球領先的資料中心開發商正在進行的談判的最新情況。

We're making meaningful progress in our negotiations for the long-term supply of capacity and energy from our facility. We understand that our partner has demonstrated their commitment to the opportunity through significant investment around land, transmission capacity and equipment, as well as the previously announced exclusivity agreement with us that runs through early June of 2025. Given the inherent complexity of these multiparty agreements, at this time, it is uncertain whether we will execute definitive agreements before the current exclusivity period expires.

我們在有關我們工廠長期供應產能和能源的談判中取得了有意義的進展。我們了解到，我們的合作夥伴已經透過在土地、輸電能力和設備方面的大量投資以及先前宣布的與我們簽署的持續到 2025 年 6 月初的獨家協議，表明了他們對這一機會的承諾。鑑於這些多方協議固有的複雜性，目前尚不確定我們是否會在目前排他期到期之前簽署最終協議。

We are actively evaluating whether to agree to our counterparty's request for an additional exclusivity period. In the event the current exclusivity period expires without definitive agreements or an additional exclusivity period, we would continue negotiations on a nonexclusive basis, while evaluating proposals from interested third parties.

我們正在積極評估是否同意對方提出的額外獨佔期的請求。如果目前的獨佔期到期而沒有達成最終協議或額外的獨佔期，我們將繼續以非獨佔的方式進行談判，同時評估感興趣的第三方的提案。

During the last several months, we have received multiple unsolicited third-party inquiries with respect to the availability of our future energy and capacity. Ultimately, we remain well positioned to execute a strategic transaction that delivers long-term value to our shareholders.

在過去的幾個月中，我們收到了多起有關我們未來能源和產能可用性的第三方主動詢問。最終，我們仍處於有利地位，可以執行一項為股東帶來長期價值的策略交易。

Stepping back to the broader market, we continue to believe that the prevailing industry trend of retiring dispatchable generators, such as coal, in favor of non-dispatchable resources, like wind and solar, will lead to an unbalanced energy equation and extended volatility in the energy markets.

回顧更廣泛的市場，我們仍然認為，淘汰煤炭等可調度發電機、轉而使用風能和太陽能等不可調度資源的當前行業趨勢將導致能源平衡失衡，並加劇能源市場的波動。

We believe this volatility makes our subsidiary, Hallador Power, much more valuable due to the enhanced reliability we provide versus non-dispatchable generators. To further capitalize on these dynamics, we are actively exploring opportunities to acquire additional dispatchable assets that would enhance our scale and diversify our revenue streams while reinforcing our position in the evolving energy market.

我們相信，這種波動性使我們的子公司 Hallador Power 更有價值，因為我們提供的可靠性比不可調度的發電機更高。為了進一步利用這些動態，我們正在積極探索收購更多可調度資產的機會，以擴大我們的規模，使我們的收入來源多樣化，同時鞏固我們在不斷發展的能源市場中的地位。

Hallador is uniquely positioned to transform underperforming or retiring assets to serve high-growth end users such as data centers and onshore manufacturing with limited impact to retail customers. This model for growth is enabling us to continue our shift away from the discounted pricing related to our 2022 plant acquisition to higher wholesale market pricing next year and ultimately, to premium pricing associated with supporting data centers and other large load end users.

Hallador 擁有獨特的優勢，能夠將表現不佳或退役的資產轉變為服務於資料中心和陸上製造業等高成長終端用戶，同時對零售客戶的影響有限。這種成長模式使我們能夠繼續從與 2022 年工廠收購相關的折扣定價轉向明年更高的批發市場定價，並最終轉向與支援資料中心和其他大負載終端用戶相關的溢價。

Notably, the positive momentum that we are seeing from the current administration on both the federal and state levels should make transactions of this sort more feasible than they would have been under prior administration.

值得注意的是，我們看到現任政府在聯邦和州兩級表現出的積極勢頭，這應該會使此類交易比前幾屆政府時期更加可行。

We are also currently evaluating the addition of natural gas co-firing at Merom. While we are still in the evaluation process, by adding the capability to co-fire with gas and or coal, we believe it will provide fuel flexibility to our counterparty, while also providing Hallador with the ability to capitalize on the best fuel cost scenario and better control our operating expenses.

我們目前也正在評估在 Merom 中添加天然氣混燒的可能性。雖然我們仍處於評估過程中，但透過增加與天然氣和/或煤炭共燃的能力，我們相信它將為我們的交易對手提供燃料靈活性，同時也使 Hallador 能夠利用最佳燃料成本方案並更好地控制我們的營運費用。

Additionally, we believe that the ability to co-fire with natural gas and/or coal will also provide increased resiliency in times where gas availability is limited, as we have seen in various winter storms across the last several years.

此外，我們相信，與天然氣和/或煤炭共燃的能力也將在天然氣供應有限的時候提供更高的彈性，正如我們在過去幾年的各種冬季風暴中所看到的那樣。

Moreover, leveraging coal supply from our own operations at Sunrise could help manage input costs by providing what is essentially an at-cost fuel supply, providing a release valve if third-party fuel pricing gets out of control, while also supporting our local workforce.

此外，利用我們在 Sunrise 自身營運中的煤炭供應，可以透過提供本質上是成本價的燃料供應來幫助管理投入成本，在第三方燃料價格失控時提供一個釋放閥，同時也支持我們當地的勞動力。

From a pricing standpoint, forward indicators continue to trend positively. The forward power curves indicate that the margins earned on energy produced at Merom and the value of accredited capacity sales assigned to the plant continue to increase, as we saw in the most recent MISO auction, where accredited capacity sold at prices in excess of $600 per megawatt day in the highest demand summer season.

從定價角度來看，遠期指標持續呈現正向趨勢。遠期功率曲線表明，Merom發電廠的發電利潤率以及分配給該電廠的認證容量銷售價值持續增長，正如我們在最近的MISO拍賣中所見，在夏季需求最高的季節，認證容量的售價超過每兆瓦日600美元。

We are seeing strong indications for both energy and capacity prices in 2025 and beyond, and we're encouraged by our negotiations related to supporting the data center development within the state of Indiana for many years to come. Subsequent to quarter-end, we completed scheduled maintenance on one of our units at the plant.

我們看到 2025 年及以後能源和容量價格的強勁跡象，我們對未來多年支持印第安納州資料中心發展的談判感到鼓舞。季度末之後，我們完成了工廠其中一個單位的定期維護。

Our second unit is currently undergoing scheduled maintenance and is expected to return online July 2. We typically schedule these outages during shoulder seasons when pricing tends to be lower, and we generally limit our firm electricity sales during these periods to guard against any unforeseen forced outages.

我們的第二台機組目前正在進行定期維護，預計將於 7 月 2 日恢復上線。我們通常會在電價較低的平季安排這些停電，我們通常會在這些期間限制我們的固定電力銷售，以防止任何不可預見的強制停電。

Despite these outages, we've already contracted approximately 3 million megawatt hours for the balance of 2025 at an average price of $37.20 and 3.4 million megawatt hours for 2026 at an average price of $44.43, reflecting strong market demand and pricing momentum. Following 2026, we are optimistic that we can sell energy at higher prices in support of data center development and or to traditional wholesale customers.

儘管有這些停電事件，我們仍已簽訂了約300萬兆瓦時的合同，用於2025年的剩餘時間，平均價格為37.20美元；以及340萬兆瓦時的合同，用於2026年的剩餘時間，平均價格為44.43美元。這反映了強勁的市場需求和價格上漲的勢頭。 2026年之後，我們樂觀地認為，我們能夠以更高的價格出售能源，以支持資料中心的建設或向傳統的批發客戶銷售。

Shifting to our coal operations. We continue to see improvements from the restructuring of our Sunrise Coal division announced in early 2024. We spent the majority of last year optimizing production, headcount, and strategy to best support our electric operations and our existing third-party contracts.

轉向我們的煤炭業務。我們繼續看到 2024 年初宣布的 Sunrise Coal 部門重組帶來的改善。去年我們大部分時間都在優化生產、員工數量和策略，以便最好地支援我們的電力營運和現有的第三方合約。

Looking ahead, this restructuring should provide us with greater flexibility to quickly scale if we see coal prices increase to a point that justifies restarting production at our more expensive units. With renewed support at both the federal and state levels for coal mining and coal-fired power generation, as well as improving market dynamics, we believe that we are well positioned to pursue growth and/or expansion opportunities, including the potential to increase our coal production in the back half of 2025 or 2026 if the market supports doing so.

展望未來，如果我們看到煤炭價格上漲到足以證明我們更昂貴的單位重新啟動生產的水平，這種重組應該為我們提供更大的靈活性，以快速擴大規模。隨著聯邦和州兩級對煤炭開採和燃煤發電的重新支持，以及市場動態的改善，我們相信我們已做好準備去尋求增長和/或擴張機會，包括在市場支持的情況下在 2025 年下半年或 2026 年增加煤炭產量的潛力。

In the meantime, we expect to produce approximately 3.8 million tons of coal this year, having delivered 1.1 million tons in the first quarter to Merom and other customers. We supplement our own coal production with low-cost third-party purchases to diversify supply, enhance sales flexibility, and optimize fuel costs and margins at Merom.

同時，我們預計今年煤炭產量約為 380 萬噸，第一季已向 Merom 和其他客戶交付了 110 萬噸。我們透過低成本的第三方採購來補充我們自己的煤炭生產，以實現供應多樣化，提高銷售靈活性，並優化 Merom 的燃料成本和利潤率。

Looking ahead, we continue to see growing demand for reliable power, particularly as grid volatility grows with the retirement of dispatchable generation and the demand growth environment. This demand, paired with supportive regulatory sentiment and Hallador's ability to deliver dependable energy, positions us well for sustained growth.

展望未來，我們持續看到對可靠電力的需求不斷增長，尤其是在可調度發電設施退役以及需求成長環境加劇電網波動的情況下。這種需求，加上積極的監管氛圍以及Hallador提供可靠能源的能力，為我們持續成長奠定了良好的基礎。

Our pursuit of dual-fuel capabilities and potential acquisitions of other dispatchable generation assets reflects our confidence in the long-term economics and viability of our platform. With a robust contracted sales book, strengthening fundamentals, and ongoing interest from high-demand end users, we believe we are well positioned to materially strengthen our opportunities for growth and cash flow generation for many years to come.

我們對雙燃料能力的追求以及對其他可調度發電資產的潛在收購反映了我們對平台長期經濟性和可行性的信心。憑藉強勁的合約銷售、不斷增強的基本面以及高需求終端用戶的持續關注，我們相信，我們有能力在未來許多年內大幅增強我們的成長和現金流創造機會。

I will now hand the call over to our CFO, Marjorie Hargrave, to take you through our financial results. Marjorie?

現在，我將把電話交給我們的財務長 Marjorie Hargrave，向你們介紹我們的財務表現。瑪喬麗？

Thank you, Brent, and good afternoon, everyone. Jumping right into first quarter results. On a segment basis, electric sales for the first quarter increased to $85.9 million compared to $69.7 million in Q4 and $60.7 million in the prior year period, while coal sales were $54.8 million for the first quarter compared to $42.4 million in Q4 and $66 million in the prior year period.

謝謝你，布倫特，大家下午好。直接進入第一季的業績。從分部來看，第一季電力銷售額增至 8,590 萬美元，而第四季為 6,970 萬美元，去年同期為 6,070 萬美元；第一季煤炭銷售額為 5,480 萬美元，而第四季為 4,240 萬美元，去年同期為 6,600 萬美元。

The increase in electric sales was primarily due to new contracts entered into in Q1 2025 that were not in effect in 2024, as well as higher energy pricing and dispatch volumes. The expected year-over-year decline in coal sales was driven by our decision to reduce coal production as part of the restructuring of our Sunrise Coal division.

電力銷售的成長主要是由於 2025 年第一季度簽訂的 2024 年尚未生效的新合同，以及能源價格和調度量的提高。煤炭銷售量預計將年減是由於我們決定在重組日出煤炭部門的過程中減少煤炭產量。

On a consolidated basis, total operating revenue increased to $117.8 million for the first quarter compared to $94.8 million in Q4 and $111.6 million in the prior year period. Net income for the first quarter improved to $10 million compared to net losses of $215.8 million in Q4 and $1.7 million in the prior year period. The large loss in Q4 was primarily driven by a noncash long-lived asset impairment for Sunrise Coal.

綜合來看，第一季總營業收入增至 1.178 億美元，而第四季為 9,480 萬美元，去年同期為 1.116 億美元。第一季淨收入增至 1,000 萬美元，而第四季淨虧損 2.158 億美元，去年同期淨虧損 170 萬美元。第四季的巨額虧損主要是由於 Sunrise Coal 的非現金長期資產減損造成的。

Operating cash flow for the first quarter increased to $38.4 million compared to $32.5 million in Q4 and $16.4 million in the prior year period, with the increase driven by higher power pricing and improved coal mining margins in the first quarter 2025.

第一季的經營現金流增至 3,840 萬美元，而第四季為 3,250 萬美元，去年同期為 1,640 萬美元，這一增長是由於 2025 年第一季電價上漲和煤炭開採利潤率提高所致。

Adjusted EBITDA, a non-GAAP measure, which is reconciled in our earnings press release issued earlier today, increased significantly to $19.3 million for the first quarter compared to $6.2 million in Q4 and $6.8 million in the prior year period, reflecting the improving trends in our power business.

調整後的 EBITDA（非 GAAP 指標）已在我們今天稍早發布的收益新聞稿中進行調整，第一季度該指標大幅增加至 1,930 萬美元，而第四季度為 620 萬美元，去年同期為 680 萬美元，這反映了我們電力業務的改善趨勢。

We invested $11.7 million in capital expenditures during the first quarter of 2025 compared to $14.9 million in the year ago period. As of March 31, 2025, our forward energy and capacity sales position was $630.4 million compared to $685.7 million at the end of Q4 and $657.5 million as of March 31, 2024.

2025 年第一季度，我們的資本支出為 1,170 萬美元，而去年同期為 1,490 萬美元。截至 2025 年 3 月 31 日，我們的遠期能源和容量銷售狀況為 6.304 億美元，而第四季末為 6.857 億美元，截至 2024 年 3 月 31 日為 6.575 億美元。

When combined with our forward fuel sales of $422.7 million as well as intercompany sales to Merom, our total forward sales book as of March 31, 2025 was approximately $1.5 billion. During the first quarter, we reduced our total bank debt to $23 million compared to $44 million at December 31, 2024, and $77 million at March 31, 2024.

加上我們 4.227 億美元的遠期燃料銷售額以及對 Merom 的內部公司銷售額，截至 2025 年 3 月 31 日，我們的遠期銷售額總額約為 15 億美元。在第一季度，我們將銀行債務總額減少至 2,300 萬美元，而 2024 年 12 月 31 日為 4,400 萬美元，2024 年 3 月 31 日為 7,700 萬美元。

Additionally, we did not utilize our ATM program in the first quarter and have not utilized it since Q2 2024. Total liquidity at March 31, 2025 was $69 million compared to $37.8 million at December 31, 2024, and $39.5 million at March 31, 2024.

此外，我們在第一季沒有使用 ATM 計劃，並且自 2024 年第二季以來就沒有使用過該計劃。 2025 年 3 月 31 日的總流動資金為 6,900 萬美元，而 2024 年 12 月 31 日為 3,780 萬美元，2024 年 3 月 31 日為 3,950 萬美元。

This concludes our prepared remarks. We will now open it up for questions from those participating in the call. Operator, back to you.

我們的準備演講到此結束。現在我們將開始接受與會人員的提問。接線員，回到你身邊。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

Brent, if I heard correctly, it sounds like there was a request for an extension of the exclusivity period, but you may consider not renewing exclusivity, given other unsolicited offers. So given that you appear to be in the late innings of a deal with the initial counterparty, how should we think about renewing versus not? What would other potential customers ultimately compete on?

布倫特，如果我沒聽錯的話，聽起來好像有人要求延長獨家期限，但考慮到其他未經請求的報價，你可能會考慮不續簽獨家期限。那麼，鑑於您似乎正處於與初始交易對手的交易的後期，我們應該如何考慮續約還是不續約？其他潛在客戶最終會在哪些方面競爭？

Yes. Thank you, Nick. Look, we're -- we said we're -- it's uncertain whether the deal gets done before the expiration. Our counterparty has requested that we agree to an extension. And we're evaluating if that's something that we want to do or not. We feel really good about this. We made a lot of progress, but we're also encouraged by the interest that we see from other parties.

是的。謝謝你，尼克。你看，我們——我們說過——不確定這筆交易是否能在到期前完成。我們的交易對手已要求我們同意延期。我們正在評估這是否是我們想做的事情。我們對此感到非常滿意。我們取得了很大進展，但其他各方表現出的興趣也令我們感到鼓舞。

And so as we continue to make progress over the next month, we'll evaluate whether it's in our shareholders' best interest to grant an extension or to continue to negotiate nonexclusively while entertaining other interest.

因此，隨著我們在接下來的一個月繼續取得進展，我們將評估是否符合股東的最佳利益，即批准延期或繼續進行非排他性談判，同時考慮其他利益。

Maybe just as a follow-up, with the EPR submitted by Hoosier having received approval, I have to imagine really a key hurdle has been cleared in reaching a definitive agreement. So just curious how you would describe final steps from here? Are there any other major considerations with the initial counterparty? Or would you describe it as down to the final details?

也許只是作為後續行動，隨著 Hoosier 提交的 EPR 獲得批准，我不得不想像在達成最終協議方面確實已經清除了一個關鍵障礙。所以只是好奇你會如何描述從這裡開始的最後步驟？與初始交易對手還有其他主要考量嗎？還是你會將其描述為細緻入微？

Yes. Again, our deal is in front of the [meter]. And so what you've seen with Hoosier is a powered land development. We'll be selling to the bus bar. And so as long as the power is taken somewhere in MISO Zone 6, which is pretty much the entire state of Indiana and the northern third of Kentucky, we don't really -- it's not of great importance to us where the power is taken off.

是的。再次，我們的交易是在[儀表]。所以，您在 Hoosier 看到的是一種動力土地開發。我們將向公車站出售。因此，只要電力是在 MISO 第 6 區某處獲取的，這幾乎是整個印第安納州和肯塔基州北部的三分之一，我們實際上並不——電力從哪裡斷掉對我們來說並不重要。

So I don't want people to get overly focused on one powered land opportunity and assume that that's us or our only opportunity. As far as where the negotiations are, yes, I think all the major -- most of the major points have been negotiated.

所以我不希望人們過度專注於單一的陸地動力機會，並認為這就是我們唯一的機會。至於談判的進展，是的，我認為所有主要問題——大多數主要問題都已經談判完畢。

And we've made great progress with the utility, with the developer. I really think it's more down to the hyperscaler negotiating the finer points of the transaction with the developer and making sure all of those points align with all four counterparties.

我們在實用性和開發方面取得了巨大進展。我確實認為，這更多的取決於超大規模企業與開發商協商交易的細節，並確保所有這些細節與四個交易對手保持一致。

Brent, that makes sense. And one more, if I could. I mean, it's good to hear an update on the potential to co-fire with natural gas. So I was just wondering if you could add any color around potential timing, capital intensity. If I remember correctly, there was a requirement to do something like this early in the 2030s, but it sounds like you may be pulling that forward now. So I appreciate any additional color.

布倫特，這很有道理。如果可以的話，再多說一句。我的意思是，很高興聽到與天然氣共燃潛力的最新消息。所以我只是想知道您是否可以對潛在時機、資本強度添加一些說明。如果我沒記錯的話，2030 年代初就有做這樣的事情的要求，但現在聽起來你可能把它提前了。因此我很欣賞任何額外的顏色。

Yes. I mean, current law says that we must co-fire by 2032. We expect the Trump administration to probably roll that back. That being said, we've said for quite some time, we feel that either the government at some point will require us to put a gas line to Merom or the customer will pay us to do so.

是的。我的意思是，現行法律規定我們必須在 2032 年前進行共燒。我們預期川普政府可能會撤銷這項規定。話雖如此，我們已經說了很長一段時間，我們覺得要么政府在某個時候會要求我們鋪設一條通往梅羅姆的天然氣管道，要么客戶會付錢給我們。

And so we feel it was appropriate to begin analyzing this process so that we can better update the shareholder on capital cost, timing, feasibility, that sort of thing. We think the project is very feasible. We've hired a contractor to analyze it that it has been successful in co-firing other coal-fired power plants across the country.

因此，我們認為開始分析這個流程是恰當的，這樣我們才能更好地向股東通報資本成本、時間安排、可行性等等。我們認為這個項目非常可行。我們聘請了一家承包商進行分析，發現它已成功與全國其他燃煤發電廠共燃。

And everything we're hearing to date is very positive towards our situation. We think it's probably something that's very feasible and probable to be able to be accomplished in a reasonable time frame.

到目前為止，我們所聽到的一切對我們的情況都是非常正面的。我們認為這可能是非常可行的事情，並且很可能在合理的時間範圍內完成。

So it's something we're evaluating from now. We expect to update the shareholders more on that in the future, but we're still in the early innings of that process.

所以我們現在正在評估這件事。我們預期未來會向股東更新更多情況，但目前我們仍處於這個過程的初期階段。

Got it. No, that's helpful. Maybe if I could, just a clarifying question. I mean, you've talked about -- you talked in the past about the advantage of contracting energy sales on a contingent basis. So I was wondering if you could clarify whether any long-term deal with a hyperscaler or the likes, should we think of this as contingent?

知道了。不，這很有幫助。如果可以的話，也許我只是想澄清一個問題。我的意思是，您曾經談論過——您過去曾談論過以附帶條件的方式簽訂能源銷售合約的優勢。所以我想知道您是否可以澄清，對於與超大規模企業或類似企業達成的任何長期交易，我們是否應該將其視為偶然事件？

Should we think about this as a firm basis? Just how should we think about structure here?

我們是否應該將此視為堅實的基礎？我們究竟該如何思考這裡的結構？

Yes. We've negotiated that structure to be a unit contingent basis for well over a decade in length.

是的。我們已經就該結構進行了十多年的協商，使其成為一個單位應急基礎。

Got it. Okay. Well, Brent, I really appreciate all the color. If there's -- I'll go ahead and jump back in the queue. But if there aren't any other analysts, then please, operator, let me know and I'll continue to ask a couple more, if that's okay.

知道了。好的。好吧，布倫特，我真的很欣賞這些顏色。如果有——我會繼續並重新加入隊列。但如果沒有其他分析師，那麼請接線生告訴我，如果可以的話，我會繼續詢問幾個分析師。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session and today's conference call. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，我們的問答環節和今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。