NET Power Inc (NPWR) 2024 Q2 法說會逐字稿

Greetings.

問候。

Welcome to the NET Power second-quarter 2024 earnings call.

歡迎參加 NET Power 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to Bryce Mendes, Director of Investor Relations.

我現在想將電話轉給投資者關係總監布萊斯門德斯 (Bryce Mendes)。

Please go ahead.

請繼續。

Good morning, everyone, and welcome to NET Power's second-quarter 2024 earnings conference call.

大家早安，歡迎參加 NET Power 2024 年第二季財報電話會議。

With me on the call today, we have our Chief Executive Officer, Danny Rice; our President and Chief Operating Officer, Brian Allen; and our Chief Financial Officer, Akash Patel.

今天與我一起參加電話會議的還有我們的執行長 Danny Rice；我們的總裁兼營運長布萊恩艾倫；以及我們的財務長阿卡什·帕特爾。

Today, we issued our earnings release for the second quarter of 2024, which can be found on our Investor Relations website, along with this presentation at ir.netpower.com.

今天，我們發布了 2024 年第二季的收益報告，您可以在我們的投資者關係網站上找到該報告以及 ir.netpower.com 上的簡報。

During this call, our remarks and responses to questions may include forward-looking statements.

在這次電話會議中，我們的言論和對問題的回答可能包括前瞻性陳述。

Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business.

由於與我們業務相關的風險和不確定性，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

These risks and uncertainties are discussed in our SEC filings.

我們向 SEC 提交的文件中討論了這些風險和不確定性。

Please note that we assume no obligation to update any forward-looking statements.

請注意，我們不承擔更新任何前瞻性陳述的義務。

And with that, I will now pass over to Danny Rice, NET Power's Chief Executive Officer.

接下來，我將請 NET Power 執行長 Danny Rice 發言。

Thanks, Bryce, and thanks, everybody, for joining us today.

謝謝布萊斯，也謝謝大家今天加入我們。

On the call, we'll reference several slides from our Q2 presentation, and we encourage you to have it handy.

在電話會議中，我們將引用第二季度簡報中的幾張投影片，我們鼓勵您將其放在手邊。

It was a productive quarter for the NET Power team as we continue to make steady progress across our three strategic pillars and our 2024 milestones.

對於 NET Power 團隊來說，這是一個富有成效的季度，我們繼續在三大策略支柱和 2024 年里程碑方面取得穩步進展。

As we've mentioned on previous calls, we're focused on several key initiatives.

正如我們在先前的電話會議中所提到的，我們將重點放在幾項關鍵措施。

First and foremost is commercializing improving our clean power technology at the utility scale.

首先也是最重要的是將我們的清潔能源技術在公用事業規模上​​商業化。

Our first utility scale plants remains on schedule for start-up between the back half of 2027 and first half of 2028.

我們的第一座公用事業規模工廠仍按計劃於 2027 年下半年至 2028 年上半年啟動。

To ensure our first plant performs as designed, this fall, Baker Hughes and NET Power will commence the first phase of a rigorous turbo-expander equipment validation program at our La Porte demonstration facility.

為了確保我們的第一座工廠按設計運行，今年秋天，貝克休斯和 NET Power 將在我們的 La Porte 示範工廠開始嚴格的透平膨脹機設備驗證計畫的第一階段。

Second, we're building out our project backlog through our origination efforts across competitive power markets in the US and Canada.

其次，我們正在透過美國和加拿大競爭性電力市場的發起工作來累積專案積壓。

These originated projects were originally intended to accelerate early plant deployment (inaudible) comes online.

這些發起的計畫最初旨在加速早期工廠部署（聽不清楚）上線。

But as we've seen over the last year or two, the US is entering a period of meaningful load growth that remains well short of new, affordable, clean firm power resources.

但正如我們在過去一兩年所看到的，美國正在進入一個有意義的負荷增長時期，但仍然嚴重缺乏新的、負擔得起的、清潔的固定電力資源。

And the market opportunity for NET power plants to meet the slow growth is something on our origination team is actively pursuing.

而NET電廠應對緩慢成長的市場機會是我們創始團隊正在積極追求的。

And third, we're setting up our strategic supply chain partnerships to ensure we have the ability to deploy dozens of these plants clear by the early part of next year to meet the growing demand for clean firm power.

第三，我們正在建立戰略供應鏈合作夥伴關係，以確保我們有能力在明年初部署數十個此類工廠，以滿足對清潔電力不斷增長的需求。

Let me spend a couple of minutes on the macro and our competitive positioning before turning it over to Brian and Akash for the operational and financial updates.

讓我花幾分鐘時間介紹一下宏觀經濟和我們的競爭定位，然後再將其交給 Brian 和 Akash 介紹營運和財務方面的最新情況。

For the first time in a long time, we're seeing around-the-clock load growth primarily from continued electrification of everything and new demand from things like data centers.

很長一段時間以來，我們第一次看到全天候負載成長，主要來自於所有事物的持續電氣化以及資料中心等設施的新需求。

We believe clean, 24/7 firm power solutions like ours will make or break the world's ability to achieve its energy needs economically without compromising its environmental goals.

我們相信，像我們這樣的清潔、24/7 穩定的電力解決方案將決定或破壞世界在不損害其環境目標的情況下經濟地滿足其能源需求的能力。

And as we sit here today and assess the competitive landscape, we continue to see data points and anecdotal evidence that we're designing the most cost-effective clean power solution in the world.

當我們今天坐在這裡評估競爭格局時，我們不斷看到數據點和軼事證據，表明我們正在設計世界上最具成本效益的清潔能源解決方案。

Given the IP moat we've built around this business in the decade or so the team has put into developing and refining our clean power plant, we think we should have a meaningful headstart through 2040.

鑑於我們在十年左右的時間裡圍繞這項業務建立的知識產權護城河，團隊投入開發和完善我們的清潔發電廠，我們認為到 2040 年我們應該有一個有意義的領先優勢。

The supply chain constraints facing the entire power industry, carbon emitting or not, is shifting the market's focus to '28 to 2030 and beyond, which bodes well for us to capture this demand as we scale into full-scale manufacturing mode shortly after our first plant is online.

整個電力產業面臨的供應鏈限制，無論是否排放碳，正在將市場的焦點轉移到「28」到2030年及以後，這對我們來說是個好兆頭，因為我們在首次推出後不久就進入全面製造模式，能夠抓住這一需求。

In terms of our competitive positioning, we still see net power is the most economical clean firm solution.

就我們的競爭定位而言，我們仍然認為淨電是最經濟的清潔公司解決方案。

For the first time ever, load growth for 24/7 power means that levelized cost of energy or LCOE must be assessed on a 24/7 365 basis.

有史以來第一次，24/7 電力的負載成長意味著必須在 24/7 365 的基礎上評估平準化能源成本或 LCOE。

And we believe our solution will be more economic than new nuclear renewables with long-duration energy battery storage, renewables with gas peakers, and gas plants with post-combustion carbon capture.

我們相信，我們的解決方案將比具有長期能源電池儲存的新型核可再生能源、具有天然氣調峰器的可再生能源以及具有燃燒後碳捕獲的天然氣發電廠更加經濟。

Our early plans will be our most expensive.

我們早期的計劃將是最昂貴的。

And for these, we're targeting geographies with the most favorable economics, excellent spark spreads, low cost to sequester the CO2, and robust government incentives.

對於這些，我們的目標是經濟最有利、火花擴散良好、二氧化碳封存成本較低以及政府激勵措施最有力的地區。

Regions like MISO, Alberta, and certain parts of ERCOT fit the bill.

MISO、阿爾伯塔省和 ERCOT 的某些地區等地區符合要求。

That said, we believe our first plant, which will likely be the most expensive one we ever build, will still be highly competitive with any other clean firm power alternative.

也就是說，我們相信我們的第一座工廠（可能是我們建造的最昂貴的工廠）與任何其他清潔的固定電力替代方案相比仍然具有高度競爭力。

That's a very profound and important starting point.

這是一個非常深刻和重要的起點。

And as we step into manufacturing mode, we are targeting an LCOE of $60 per megawatt hour in many places across North America, which we think unlocks an obtainable market of 800 to 1,000 NET Power plants.

當我們進入製造模式時，我們的目標是在北美許多地方實現每兆瓦時 60 美元的 LCOE，我們認為這將釋放 800 至 1,000 座淨發電廠的可用市場。

The $60 includes the 45-Q benefit, which amounts to approximately $20 per megawatt hour.

$60 包括 45-Q 效益，相當於每兆瓦時約 20 美元。

On an unsubsidized basis, we're targeting $80 per megawatt hour or less.

在無補貼的基礎上，我們的目標是每兆瓦時 80 美元或更少。

Today, average US power prices are approaching $60 per megawatt hour with unprecedented load growth coming down the pike.

如今，美國平均電價已接近每兆瓦時 60 美元，負載也出現前所未有的成長。

Without sufficient generation capacity being added, we think grid reliability becomes compromised and power prices move higher.

如果不增加足夠的發電容量，我們認為電網可靠性會受到損害，電價也會上漲。

Neither of those are great outcomes for consumers, people, and small businesses alike.

對於消費者、個人和小型企業來說，這兩種結果都不是好結果。

And we're seeing more tangible evidence across the US of the consequences of underinvestment in large-scale firm capacity.

我們在美國各地看到了更多實質的證據，證明大規模企業產能投資不足的後果。

Just two weeks ago, PJM's capacity auction, for example, for 2025 to 2026 experienced major shortfall in reliable power bidding, resulting in a 9x spike in capacity prices to over $280 per megawatt per day, the highest capacity prices PJM has ever seen.

例如，就在兩週前，PJM 的2025 年至2026 年容量拍賣經歷了可靠電力招標的嚴重短缺，導致容量價格飆升9 倍，達到每天每兆瓦280 美元以上，這是PJM 有史以來的最高容量價格。

This comes on the heels of PJM and other system operators' reliability reports indicating there's more load growth than from capacity being added.

在此之前，PJM 和其他系統營運商的可靠性報告表明，負載成長超過了容量增加。

All to say the results of the PJM auctions aren't a surprise to those following this space.

總而言之，PJM 拍賣的結果對於關注該領域的人來說並不令人意外。

But what is surprising is a disproportionate amount of resources and capital spend performing triage instead of addressing the underlying problem.

但令人驚訝的是，大量的資源和資本支出用於進行分類，而不是解決根本問題。

We also don't think that forward prices properly reflect the marginal cost of new capacity to meet baseload demand growth.

我們也不認為遠期價格正確反映了滿足基本負載需求成長的新產能的邊際成本。

Our new combined cycle gas plants, for example, we're hearing through the market costs in the $1,500 to $2,000 per kilowatt range, which is nearly two times the cost of a new gas plant compared to several years ago.

例如，我們新的複合循環天然氣發電廠的市場成本在每千瓦 1,500 至 2,000 美元範圍內，幾乎是幾年前新天然氣發電廠成本的兩倍。

That's consistent with what we've been seeing on our side.

這與我們所看到的情況是一致的。

All to say, inflation across the traditional generation sector really narrows the economic gap between a carbon-emitting plant and a clean NET Power plant.

總而言之，傳統發電產業的通貨膨脹確實縮小了碳排放工廠和清潔淨電廠之間的經濟差距。

Carbon intensity wise, the US grid today is around 370 grams per kilowatt hour.

就碳強度而言，目前美國電網的碳強度約為每千瓦時 370 克。

NET Power is 40 to 75 grams per kilowatt hour.

淨功率為每千瓦時 40 至 75 克。

We comply with the EPA's proposed Section 1-11 being deruled, and installing NET Power from here on out in the US would be a 75% reduction in US power emissions while improving grid reliability and ensuring power prices not much higher than where they are today.

我們遵守 EPA 提議的第 1-11 條的規定，從現在起在美國安裝 NET Power 將使美國的電力排放減少 75%，同時提高電網可靠性並確保電價不會比現在高出很多。

Just given the underinvestment in firm resources over the last 5 to 10 years, there's a lot of capital and attention on batteries, which is more triaged for grid reliability than it is a sustainable, low-cost solution.

鑑於過去 5 到 10 年對公司資源的投資不足，人們對電池投入了大量資金和關注，電池更多是為了電網可靠性而不是可持續的低成本解決方案。

Batteries are inherently very expensive at over $200 per megawatt hour.

電池本質上非常昂貴，每兆瓦時超過 200 美元。

But by further reducing the economic uptimes and a new 24/7 power plant needs to justify being built, batteries only make this problem worse.

但由於進一步減少了經濟正常運作時間，並且需要證明建造新的 24/7 發電廠的合理性，電池只會使這個問題變得更糟。

And if the end goal is clean, reliable, affordable power, NET Power is far and away a better, more complete solution.

如果最終目標是清潔、可靠、價格實惠的電力，那麼 NET Power 無疑是一個更好、更完整的解決方案。

But absent a total shift across policy, capital markets, and market demand, we don't see firm 24/7 resources being added fast enough, and we think power prices should be moving much higher.

但如果政策、資本市場和市場需求沒有全面轉變，我們認為 24/7 穩定資源的增加速度不夠快，而且我們認為電價應該會大幅上漲。

This in turn will only mean that our plants are more economic, thus supporting our commercial strategy to lead with origination and set the table for future deployments where our clean firm power plants can generate highly economic returns to the NET Power plant owners while delivering lower-cost power than prevailing market prices.

這反過來只會意味著我們的發電廠更加經濟，從而支持我們的商業策略，以發起為主導，並為未來的部署奠定基礎，在這種策略中，我們的清潔穩定發電廠可以為淨發電廠所有者帶來高額經濟回報，同時提供較低的成本成本能力高於現行市場價格。

On the origination front, we continue to make significant progress across North American markets.

在起源方面，我們繼續在北美市場取得重大進展。

Slide 7 highlights the regions we're spending a lot of our time originating future projects.

幻燈片 7 重點介紹了我們花費大量時間發起未來專案的地區。

As I've mentioned in the past, there are three main criteria to screen to ensure a NET Power plant's success.

正如我過去提到的，要篩選三個主要標準，以確保 NET 發電廠的成功。

First is access to natural gas.

首先是獲得天然氣。

Second is a market or designated market for the power.

二是電力市場或指定市場。

And third is ample CO2 storage, whether it's through permanent sequestration or enhanced oil recovery.

第三是充足的二氧化碳儲存，無論是透過永久封存或提高石油採收率。

Now there are multiple regions across North America that check these three boxes in addition to having supportive policies that further enhance the economic attractiveness of these prescriptive plants.

現在，北美多個地區除了製定支持政策以進一步增強這些規定工廠的經濟吸引力外，還勾選了這三個框框。

As we've mentioned before, there are approximately 22 states in the US plus several provinces in Western Canada that contain sedimentary rocks for geologic sequestration.

正如我們之前提到的，美國大約有 22 個州以及加拿大西部的幾個省份含有可進行地質封存的沉積岩。

Most of these territories happen to be in in competitive power markets, which is where we're focusing most of our origination efforts today.

這些地區中的大多數恰好位於競爭性電力市場，這也是我們今天大部分發起工作的重點。

And you can see on this slide where our team is focusing their efforts.

您可以在這張投影片上看到我們團隊正在集中精力的地方。

One of the more interesting markets is Alberta, which has the right elements for success and we believe could be one of the most attractive places in the world for us to establish some large scale NET Power clean energy hubs.

其中一個更有趣的市場是阿爾伯塔省，它擁有成功的正確要素，我們相信它可能是世界上對我們建立一些大型 NET Power 清潔能源中心最具吸引力的地方之一。

We're currently in the project feasibility phase of the origination timeline here, which includes conducting site-specific studies with our first partner in the region, commencement of our region-specific plant design, and initiating regulatory dialogue at both the provincial and federal levels.

我們目前正處於啟動時間表的專案可行性階段，其中包括與我們在該地區的第一個合作夥伴進行特定地點的研究，開始我們特定區域的工廠設計，以及在省和聯邦層級啟動監管對話。

We're really excited about the Alberta market and look forward to sharing our progress going forward.

我們對艾伯塔省市場感到非常興奮，並期待分享我們未來的進展。

Elsewhere, our Northern MISO project is progressing well.

在其他地方，我們的北部 MISO 專案進展順利。

As a reminder, we filed our MISO interconnect application in the second quarter of 2024.

謹此提醒，我們在 2024 年第二季提交了 MISO 互連申請。

Additionally, our sequestration partner has filed for its plastic CO2 sequestration permit.

此外，我們的封存合作夥伴已申請其塑膠二氧化碳封存許可證。

And with these items underway, we've begun the first phase of stakeholder engagement at the local and state levels.

隨著這些計畫的開展，我們已經開始了地方和州層級利害關係人參與的第一階段。

On a final note before turning it over to Brian, I'm excited to announce that NET Power officially opened the Tucson office in July.

在將其交給 Brian 之前，我最後要說的是，我很高興地宣布 NET Power 於 7 月正式開設了圖森辦事處。

We look forward to connect continuing to grow that power team down in Houston, which has long served as an epicenter for energy industry talent.

我們期待著繼續壯大休士頓的電力團隊，休士頓長期以來一直是能源產業人才的中心。

I'll now hand it over to Brian to give an operational update.

現在我將把它交給 Brian 來提供最新的營運情況。

Thanks, Danny.

謝謝，丹尼。

Turning to slide 9 in the presentation.

前往簡報中的投影片 9。

As we have mentioned in previous calls, the upcoming testing campaigns of La Porte will focus on validating and derisking the Baker Hughes utility-scale turbo expander and optimizing its operation within our cycle.

正如我們在先前的電話會議中提到的，La Porte 即將進行的測試活動將重點關注貝克休斯公用事業規模透平膨脹機的驗證和消除風險，以及在我們的周期內優化其運行。

The campaigns will follow four primary phases and will continue through 2026.

這些活動將分為四個主要階段，並將持續到 2026 年。

We've added the expected timing for each of the four phases on the right-hand side of this slide.

我們在這張投影片的右側加入了四個階段中每個階段的預期時間。

The first phase of testing, which will result in combustor-burner down selection is on schedule to begin in the fourth quarter of this year.

第一階段的測試將導致燃燒室-燃燒器的關閉選擇，預計今年第四季開始。

The second phase is expected to begin in 2025 and will take the selected oxy-fuel burner from Phase 1 and test it alongside a combustion liner and other hardware to form a single demonstrator-size combustor can.

第二階段預計將於 2025 年開始，將採用第一階段選定的氧燃料燃燒器，並將其與燃燒襯套和其他硬體一起進行測試，以形成單一演示尺寸的燃燒罐。

The third phase of testing is expected to begin in late 2025 or early 2026 and will involve scaling the demonstrator-size combustor can from Phase 2 to utility-scale can with clusters of burners and then testing it with the goal of learning and optimizing the design of the utility-scale combustor that will operate at Project Permian and beyond.

第三階段的測試預計將於 2025 年底或 2026 年初開始，涉及將演示尺寸的燃燒器罐從第二階段擴大到具有燃燒器集群的公用事業規模燃燒器，然後進行測試，目標是學習和優化設計將在二疊紀項目及其他地區運行的公用事業規模燃燒器。

Finally, the fourth phase is expected to start in 2026 and will test the full demonstrator turbo expander, including the validation of materials and design architecture to be used on the turbo expander for Project Permian.

最後，第四階段預計將於 2026 年開始，並將測試完整的展示渦輪膨脹機，包括驗證二疊紀專案渦輪膨脹機所使用的材料和設計架構。

Turning to slide 10.

轉到投影片 10。

The team continues to make steady progress on site upgrades to our La Porte demonstration facility in preparation for our upcoming equipment validation with Baker Hughes.

該團隊繼續在 La Porte 演示設施的現場升級方面取得穩步進展，為即將與貝克休斯進行的設備驗證做準備。

To support Baker's combustor test requirements, we have added additional natural gas, oxygen, and CO2 piping that run through our combustor test rig building, which will host Baker's combustor test rig.

為了支援貝克的燃燒器測試要求，我們增加了額外的天然氣、氧氣和二氧化碳管道，這些管道穿過我們的燃燒器測試裝置大樓，該大樓將容納貝克的燃燒器測試裝置。

Based on lessons learned from NET Power's previous report testing, we have installed upgraded flow measurement and other instrumentation to enhance our data acquisition that will ultimately help us improve our utility-scale control system.

根據 NET Power 先前報告測試的經驗教訓，我們安裝了升級的流量測量和其他儀器來增強資料收集，最終幫助我們改善公用事業規模的控制系統。

We continue to bolster NET Power's engineering team and our partner, Constellation, site operations staff ahead of the Phase 1 equipment validation set to start in the fourth quarter of this year.

在今年第四季開始的第一階段設備驗證之前，我們將繼續支援 NET Power 的工程團隊和我們的合作夥伴 Constellation、現場營運人員。

The Baker Hughes combustor test rig is shown on the right hand side of slide 10.

貝克休斯燃燒室測試裝置如幻燈片 10 的右側所示。

It is currently located at Baker's Florence facility and is expected to ship to La Porte in Q3.

它目前位於 Baker 的佛羅倫薩工廠，預計將於第三季度運送到 La Porte。

Due to the plant upgrades we are making, we can vary the pressure, temperature, and flow of the CO2, oxygen, and natural gas that feed the combustor test rig to simulate the range of operation -- operating conditions that Baker expects to see in the actual turbo expander.

由於我們正在進行工廠升級，我們可以改變供給燃燒室測試裝置的二氧化碳、氧氣和天然氣的壓力、溫度和流量，以模擬操作範圍 - 貝剋期望看到的操作條件實際的渦輪膨脹機。

Phase 1 testing will commence in Q4, beginning with ignition testing and ending when we and Baker have operated each of the candidate burners through our full range of operational mapping and have made a final down selection.

第一階段測試將於第四季度開始，從點火測試開始，到我們和貝克通過我們的全方位操作映射操作每個候選燃燒器並做出最終選擇時結束。

Phase 2 will begin next year using the selected burner and will test a La Porte-sized combustor can.

第二階段將於明年開始，使用選定的燃燒器，並將測試 La Porte 尺寸的燃燒罐。

Next, I will turn to slide 11 for the update on Project Permian.

接下來，我將轉向投影片 11，以了解二疊紀專案的最新情況。

The project remains on schedule, with initial power generation expected to occur between the second half of 2027 and first half of 2028.

該項目仍按計劃進行，預計首次發電將於 2027 年下半年至 2028 年上半年進行。

During the second quarter of 2024, we signed a limited notice to proceed with Baker Hughes for the release of all long-lead material required to maintain an on-schedule delivery of utility-scale turbo expander to Project Permian.

2024 年第二季度，我們簽署了一份有限通知，繼續與貝克休斯合作釋放所有所需的長週期材料，以維持按計劃向二疊紀項目交付公用事業規模渦輪膨脹機。

Our key upcoming 2024 milestones are highlighted on the right-hand side of the slide.

幻燈片右側突出顯示了我們即將到來的 2024 年關鍵里程碑。

We are advancing our front-end engineering design or FEED with Zachry group.

我們正在與 Zachry 集團一起推進我們的前端工程設計或 FEED。

We recently met with John Zachry and his leadership team to discuss the quarter-proved settlement between his company and the Golden Pass LNG project.

我們最近會見了 John Zachry 及其領導團隊，討論了他的公司與 Golden Pass 液化天然氣項目之間經過季度驗證的和解。

We had a constructive dialogue and are pleased that we will continue the same EPC contracting approach we initially envisioned when we started the FEED.

我們進行了建設性對話，並且很高興我們將繼續採用我們在啟動 FEED 時最初設想的相同 EPC 承包方法。

Zachry continues the FEED engineering to firm up equipment quotes and optimize the plant layout.

Zachry 繼續進行 FEED 工程，以鞏固設備報價並優化工廠佈局。

We have had several collaborative value-engineering sessions to optimize the piping design and reduce the amount of CO2 volume in the system and reduce the quantity and cost of high-pressure pipe.

我們舉行了多次協作價值工程會議，以優化管道設計、減少系統中的二氧化碳量、減少高壓管道的數量和成本。

Zachry will deliver their FEED estimate and schedule expected in Q4 of this year.

Zachry 將在今年第四季公佈其 FEED 估算和時間表。

To maintain the project schedule, we will continue to order long-lead components throughout 2024.

為了維持專案進度，我們將在 2024 年繼續訂購長週期組件。

We and Zachry are finalizing purchases for other long leads that have been identified, including 345-kV circuit breakers, a generator step-up transformer, a unit auxiliary transformer, and an air separation unit transformer.

我們和 Zachry 正在最終確定已確定的其他長引線的採購，包括 345 kV 斷路器、發電機升壓變壓器、單元輔助變壓器和空分單元變壓器。

Other items may be added to this list as necessary to ensure we preserve the Project Permian schedule.

其他項目可能會根據需要添加到此列表中，以確保我們保留二疊紀項目的時間表。

Additionally, we recently finalized our ASU pre-FEED and have begun our ASU FEED with a standard two by 50% ASU plant configuration.

此外，我們最近完成了 ASU 預供料，並開始採用標準的 2 x 50% ASU 工廠配置進行 ASU 供料。

So instead of a single, large ASU unit supplying all of our required oxygen, there will be two smaller ASUs that will together account for the full oxygen input requirements for the plant.

因此，不再是使用單一大型空分裝置來提供我們所需的所有氧氣，而是使用兩個較小的空分裝置來共同滿足工廠的全部氧氣輸入需求。

The two smaller ASUs have better operating flexibility to support our various powerplant operating modes, including ramping up and down to support grid requirements and optimizing liquid oxygen storage to serve as our backup oxygen supply and long-duration power storage.

兩個較小的空分裝置具有更好的運行靈活性，可以支援我們的各種發電廠運行模式，包括升壓和降壓以支援電網要求，以及優化液態氧儲存以用作我們的備用氧氣供應和長期電力儲存。

This ASU configuration decision was carefully made considering the trade-off with many factors and ensures success for both Project Permian and other future projects.

這項空分裝置配置決策是在考慮多種因素的權衡後謹慎做出的，確保了二疊紀專案和其他未來專案的成功。

Many of our target customer geographies are located inland, away from major ports and waterways.

我們的許多目標客戶地理位置都位於內陸，遠離主要港口和水道。

So this decision will better support trackable module shipping to a diverse range of customer project sites.

因此，這項決定將更好地支援將可追蹤模組運送到各種客戶專案網站。

This two by 50% configuration is also a better fit within ASU provider standard product offerings and should support modularization and a broader set of competition amongst their sub-suppliers for equipment like compressors and heat exchangers.

這種 2×50% 的配置也更適合 ASU 供應商的標準產品，並且應該支援模組化以及壓縮機和熱交換器等設備的子供應商之間更廣泛的競爭。

With that, I'll pass it on to Akash for the financial updates.

這樣，我會將其傳遞給 Akash 以獲取最新的財務資訊。

Thanks, Brian.

謝謝，布萊恩。

NET Power continues to prudently deploy our capital, ending the second quarter of 2024 with a strong balance sheet, including approximately $609 million of cash and investments.

NET Power 繼續謹慎部署我們的資本，到 2024 年第二季結束時擁有強勁的資產負債表，包括約 6.09 億美元的現金和投資。

Consistent with the past several quarters, the current interest rate environment has allowed us to put our balance sheet cash to work to offset our corporate spend.

與過去幾個季度一樣，當前的利率環境使我們能夠利用資產負債表上的現金來抵消我們的企業支出。

In the second quarter, our cash flow used in operations was approximately $8 million which included a cash payment of more than $3 million under the Baker Hughes JDA.

第二季度，我們的營運現金流量約為 800 萬美元，其中包括根據貝克休斯 JDA 支付的現金超過 300 萬美元。

We expect cash flow used in operations to continue increasing as we build out the organization, progress the joint development program with Baker Hughes, and ramp up activity at La Porte.

我們預計，隨著我們組建組織、推進與貝克休斯的聯合開發計劃以及增加 La Porte 的活動，營運中使用的現金流將繼續增加。

For the quarter, our total capital expenditures were approximately $8 million, comprised of approximately $4 million of capitalized costs associated with the ongoing Project Permian development activities and approximately $4 million spent on La Porte modifications and upgrades ahead of testing that is expected to begin in the fourth quarter of this year.

本季度，我們的總資本支出約為800 萬美元，其中包括與正在進行的二疊紀專案開發活動相關的約400 萬美元資本化成本，以及預計於2017 年開始測試之前用於La Porte 改造和升級的約400 萬美元。

NET Power's fully diluted share count was approximately 249 million shares as of June 30.

截至 6 月 30 日，NET Power 完全稀釋後的股票數量約為 2.49 億股。

This was comprised of approximately 214 million Class A and B invested shares; 19.5 million shares issuable upon the exercise of outstanding public and private warrants, which, if exercised, would give NET Power an additional $225 million of cash; 2.9 million shares subject to earnouts or vesting requirements; and approximately 12.4 million authorized shares issuable pursuant to the joint development agreement with Baker Hughes.

其中包括約 2.14 億股 A 類和 B 類投資股票； 1950萬股可在未行使的公開和私人認股權證行使後發行，如果行使，NET Power將額外獲得2.25億美元的現金； 290 萬股受獲利或歸屬要求限制；根據與貝克休斯的聯合開發協議，可發行約1,240萬股授權股票。

For a detailed breakdown of our diluted share count, please refer to our annual and quarterly financials on file with the SEC.

有關我們稀釋後股份數量的詳細細目，請參閱我們向 SEC 備案的年度和季度財務數據。

That concludes our prepared remarks.

我們準備好的演講到此結束。

I'll now pass it back to the operator to open up the line for Q&A.

我現在將其傳回接線員以打開問答線路。

Thank you.

謝謝。

We'll now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions) Leo Mariani, Roth.

（操作員指令）Leo Mariani，Roth。

Yeah, thanks.

是的，謝謝。

Just a quick question.

只是一個簡單的問題。

Wanted to follow up a little bit here on Project Permian.

想對二疊紀計畫進行一些跟進。

You spoke to this in your prepared remarks, but do you envision any change at all in time line as a result of Zachry's financial issues?

您在準備好的演講中談到了這一點，但是您預計扎克里的財務問題會導致時間表發生任何變化嗎？

You mentioned there are going to be some deliverables on the feed side later this year.

您提到今年稍後飼料方面將有一些可交付成果。

But as you look at the overall time line in the next year or two, did you not see any change?

但當你看未來一兩年的整體時間線時，你沒有看到任何變化嗎？

I mean, was there any change in terms of staffing that were -- that was being supplied to your project there?

我的意思是，為您的專案提供的人員配置是否有任何變更？

Can you speak a little bit more detail on that?

能更詳細地說一下嗎？

That would be great.

那太好了。

Yeah, Daniel.

是的，丹尼爾。

I'll take that.

我會接受的。

This is Brian.

這是布萊恩.

Yeah, so there's been no impact to the feed the whole time this was going on.

是的，所以在整個過程中，提要沒有受到任何影響。

We're actually embedded in their office with our project team.

我們實際上和我們的專案團隊一起融入了他們的辦公室。

No change to staffing, no change at all.

人員配置沒有變化，根本沒有變化。

So really, again, we're not in the EPC phase yet, so it's really mainly engineering taking place.

所以，實際上，我們還沒有進入 EPC 階段，因此主要是進行工程設計。

But our meeting was really more about forward-looking ability to contract the subcontractors ability to make the purchases, ability to attract [SaaS] in that future phase.

但我們的會議實際上更多的是關於與分包商簽訂合約的前瞻性能力、進行採購的能力、在未來階段吸引 [SaaS] 的能力。

And that's fully in place.

這已經完全到位了。

So yeah, no change in schedule, no slip of any sort, and the FEED has progressing as per the original schedule.

所以，是的，時間表沒有變化，沒有任何形式的失誤，而且 FEED 正在按照原來的時間表進行。

Okay.

好的。

No, that's helpful.

不，這很有幫助。

And then I wanted to jump over to OP1 real quick here.

然後我想在這裡快速跳到 OP1。

So you mentioned that you guys have a sequestration partner lined up for that.

所以你提到你們有一個為此準備的隔離夥伴。

I was hoping you could provide a little bit more detail around that in terms of who that might be.

我希望你能提供更多關於可能是誰的細節。

And then I guess just additionally, where are you guys in the process of maybe selecting the right customer for that project?

然後我想另外，你們在為該專案選擇合適的客戶的過程中處於什麼階段？

Yeah, Leo.

是的，利奧。

This is Danny.

這是丹尼。

Good to hear from you.

很高興收到你的來信。

Yeah, I think without getting too deep in the weeds on specifics of who the partner is, I think one of the things is we've started to dive deep into just these origination projects lining up both partners on the power side, but then also on the subsurface side.

是的，我認為，在不深入了解合作夥伴是誰的具體細節的情況下，我認為其中一件事是我們已經開始深入研究這些發起項目，將雙方合作夥伴放在權力方面，但隨後也在地下一側。

I think one of the things that I think everybody in this space is seeing is, on the subsurface side, you're really looking at the traditional energy industry folks with that subject matter expertise to traditional oil and gas companies that are very, very familiar with just understanding geology.

我認為這個領域的每個人都看到的一件事是，在地下方面，你真正看到的是傳統能源行業的人們，他們擁有對傳統石油和天然氣公司非常非常熟悉的主題專業知識只要了解地質學。

But I think more importantly, as you get into whether it's in Northern MISO or Southern MISO, ERCOT, CAISO, there's subject matter expertise across just local geologies in each of these areas.

但我認為更重要的是，當你了解無論是在北 MISO 還是南 MISO、ERCOT、CAISO 時，這些領域中的每一個領域都具有涉及當地地質的主題專業知識。

And so it's really finding partners that have deep experience not just with the rock, but also with being able to work with the permitting agencies with the states, with the local communities.

因此，我們真正尋找的合作夥伴不僅在岩石方面擁有豐富的經驗，而且能夠與各州和當地社區的許可機構合作。

And so with this Northern MISO project, it's not a company that's outside the basin.

因此，對於北 MISO 專案來說，它並不是一家位於盆地之外的公司。

It's one that's been in the basin for a while now, which certainly gives us a little bit of a leg up in really understanding just both the regulatory process, but also, to the point I made earlier, on engaging with the local communities and local stakeholders.

它已經在流域存在了一段時間，這無疑為我們真正理解監管流程以及我之前提出的與當地社區和當地社區互動方面提供了一點幫助。

It really is a huge advantage as you look at just being able to build that social network there.

當你考慮能夠在那裡建立社交網絡時，這確實是一個巨大的優勢。

So things are progressing nicely there, and then happy to happy to hear that second question again if you want some color there.

所以事情進展順利，如果你想要一些顏色的話，很高興再次聽到第二個問題。

Yeah.

是的。

No, that was very helpful in terms of on the color around the sequestration partner.

不，這對於隔離夥伴周圍的顏色非常有幫助。

I was just curious as to where your conversations are with a potential power partner.

我只是好奇你與潛在的權力夥伴的對話在哪裡。

I don't know if you'd maybe narrowed down some options.

我不知道你是否會縮小一些選擇範圍。

I mean, are you maybe starting with a wider funnel and then talked to a bunch of folks, and now you've got it narrowed down to a handful of partners.

我的意思是，你是否可能從一個更廣泛的管道開始，然後與一群人交談，現在你已經將範圍縮小到少數合作夥伴。

Just trying to get a high-level sense of where you are with potential customer engagement on OP-1?

只是想從高層次了解您在 OP-1 上潛在客戶參與度的情況嗎？

Yeah.

是的。

The power piece is such an interesting one because I think when we originally started getting into the origination space, we just assumed that the most logical place for us to sell this power is into the local merchant markets or under a long-term PPA.

電力部分非常有趣，因為我認為當我們最初開始進入起源領域時，我們只是假設我們出售這種電力的最合理的地方是進入當地商業市場或根據長期購電協議。

But all that's really done through the utility that would become a partner of ours in our origination projects.

但這一切實際上都是透過公用事業公司完成的，而該公用事業公司將成為我們發起專案的合作夥伴。

And I think one of the benefits of us doing origination, it gives us total creative latitude over how do we commercialize this.

我認為我們進行原創的好處之一是，它讓我們在如何將其商業化方面擁有完全的創意自由。

How do we structure each of these, for all intents and purposes, SPVs that we put around -- special purpose vehicles that we put around each of these NET Power clean energy hubs?

我們如何建造每個 NET Power 清潔能源中心周圍的特殊用途車輛（SPV）的所有意圖和目的？

And so we have total latitude over who do we want to partner with.

因此，對於我們想要與誰合作，我們擁有完全的自由。

Is there going to be the traditional utility folks in a given region?

特定地區是否會有傳統公用事業人員？

Is it going to be bringing in infrastructure capital and we stand up the team or partner with somebody on the actual operation of the plants?

是否會引入基礎設施資本，然後我們組建團隊或與某人合作進行工廠的實際運作？

I would say sitting where we are today, it really varies from region to region.

我想說的是，就我們今天的情況而言，不同地區的情況確實有所不同。

And I think the new thing that's really just popped up that I think everybody's talked about ad nauseam at this point is just the low growth in just power demand that you're seeing from just new sources of generation that -- this is really data centers that I'm talking about -- that have just this insatiable appetite for as much clean firm power as they can get their hands on.

我認為剛剛出現的新事物，我想每個人都在談論這一點，這只是電力需求的低增長，你從新的發電來源中看到 - 這實際上是數據中心我所說的——他們對盡可能多的清潔公司權力有著永不滿足的胃口。

And obviously, clean firm power is in very, very just short supply today and certainly going forward to meet their needs.

顯然，清潔能源公司的電力目前非常非常短缺，並且肯定會滿足他們的需求。

And so for us, I think what we've begun to see is it creates really, really unique opportunities for us to be able to underwrite the plants with these long-term fixed-price PPAs at really healthy prices if you put these plants in the right area, right?

因此，對我們來說，我認為我們已經開始看到，它為我們創造了真正非常獨特的機會，如果您將這些工廠放入這些工廠，我們就能夠以非常健康的價格用這些長期固定價格購電協議來承保這些工廠。

And certainly, in this first origination project, being in Northern MISO is one of those targeted areas for folks looking to procure power either on a physical basis.

當然，在第一個發起計畫中，北 MISO 是那些希望透過實體方式獲取電力的人們的目標區域之一。

So co-location behind the meter with NET Power plants, but also as a bridge until you can establish these permanent behind-the-meter solutions virtual PPAs.

因此，與 NET 發電廠共置電錶後面，同時也作為橋樑，直到您可以建立這些永久的電錶後面解決方案虛擬 PPA。

So they're just buying that power within the grid system and then allocating it to their designated data center or just designated load growth.

因此，他們只是在電網系統內購買電力，然後將其分配給指定的資料中心或指定的負載成長。

So a long way of saying, we have a lot of options with what we do with OP-1's power.

總而言之，我們對 OP-1 的功能有很多選擇。

But it's really nice to see a lot more options and a lot more flexibility starting to pop up than we expected even 12 months ago.

但很高興看到比 12 個月前我們預期的更多選擇和更多靈活性開始出現。

Okay.

好的。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thomas Meric, Janney Montgomery Scott.

湯瑪斯·梅里克，珍妮·蒙哥馬利·史考特。

Good morning, gentlemen.

早安，先生們。

Thanks for taking the time.

感謝您抽出時間。

Couple for me on Baker supply, just thinking through gas turbine demand globally, not just for NET Power turbines, but a build-out of peaker plants, et cetera.

對我來說，關於貝克的供應，只是考慮全球燃氣渦輪機的需求，不僅是NET Power渦輪機，還有調峰發電廠的建設等等。

How do you think about the surety of your turbine supply with Baker in this growing demand environment?

在這個需求不斷增長的環境下，您如何看待貝克為您提供渦輪機供應的保證？

And is there room to expand that capacity?

還有擴大容量的空間嗎？

Walk us through some of that color around the supply agreement to the extent that you can.

盡可能向我們介紹供應協議中的一些顏色。

Thanks.

謝謝。

Sure, Thomas.

當然，托馬斯。

It's Brian.

是布萊恩。

Yeah, and I think I addressed this a little last time.

是的，我想我上次已經談過這個問題了。

Certainly, they're seeing -- Baker's seeing the pressure from the aviation industry coming out of COVID.

當然，他們看到了──貝克看到了新冠疫情對航空業帶來的壓力。

You had a significant amount of airplane and jet engine orders, which compete for a similar supply chain and then, of course, the power-gen itself picking up.

你有大量的飛機和噴射發動機訂單，它們爭奪類似的供應鏈，然後，當然，發電本身也會回升。

But overall, that's a much smaller percent of just the total supply chain for things like forgings and castings that make up the components within the turbine.

但總體而言，這在構成渦輪機組件的鍛造件和鑄件等整個供應鏈中所佔的比例要小得多。

Look, we have a commercial committee partnership with Baker.

看，我們與貝克有商業委員會合作夥伴關係。

We're looking at long-term forecasting, and this is their business.

我們正在研究長期預測，這是他們的事。

They make sure, as we go through the design, that they're not sole sourcing individual sub-suppliers.

當我們進行設計時，他們確保他們不是單獨採購單一子供應商。

This is what they do day in, day out.

這就是他們日復一日所做的事情。

So we're confident, having worked with them on the sub-supply chain, that they're securing, that they're leaving themselves options, and that we're not designing something that, let's say, trends off into one-of-a-kind type designs, material, sub-suppliers.

因此，我們有信心，在與他們在子供應鏈上合作後，他們正在確保安全，他們給自己留下了選擇，而且我們設計的東西不會，比如說，趨勢之一-一種類型設計、材料、子供應商。

Yeah.

是的。

So it's really just enhancing who they already work with.

所以這其實只是增強了他們已經合作的人的能力。

It's a similar supply chain.

這是一個類似的供應鏈。

And yeah, we're confident in what they're building out right now.

是的，我們對他們現在正在建立的東西充滿信心。

Great.

偉大的。

Thank you.

謝謝。

And then Danny, on the heels of Leo's question on OP-1, just wanted to ask the same question a different way.

然後丹尼在 Leo 在 OP-1 上提出問題之後，只想以不同的方式問同樣的問題。

But is there any change to your strategy for monetizing originated projects as it relates to PJM capacity clear, MISO capacity reform, all of these things that have generally tightened the market for clean firm power?

但是，你們的原始專案貨幣化策略是否有任何變化，因為它與 PJM 產能清理、MISO 產能改革以及所有這些總體上收緊清潔公司電力市場的事情有關？

Just curious if you still expect that the vast majority of OP projects will be monetized via a promote or a sale or if there's an opportunity for you to operate them yourself.

只是好奇您是否仍然期望絕大多數 OP 項目將透過促銷或銷售來貨幣化，或者您是否有機會自己經營它們。

Yeah.

是的。

We talk about it all the time.

我們一直在談論它。

Do we get into the operator game?

我們要進入電信商遊戲了嗎？

And I think sitting at today, we don't necessarily think we need to internalize that skill set.

我認為今天我們不一定認為自己需要內化這些技能。

Certainly, we're sitting in a unique position where there's probably nobody in the world that understands this technology better than us because we're developing it.

當然，我們處於一個獨特的位置，世界上可能沒有人比我們更了解這項技術，因為我們正在開發它。

Nobody really understands the operability of this plant better than us.

沒有人比我們更了解該工廠的可操作性。

And so it's certainly a skill set that we have a head start on everybody with.

因此，這無疑是我們比每個人都領先的技能組合。

And it's -- but I think it really comes back down to like with what's going to enable us to be able to scale this thing as quickly as possible.

但我認為，歸根究底還是要讓我們能夠盡快擴展這個東西。

Is that going to be a responsibility that we can outsource to other folks?

這是我們可以外包給其他人的責任嗎？

I think as we look at origination, our original goal was -- look, origination for us is going to be a way to catalyze us into full-scale manufacturing mode.

我認為，當我們審視起源時，我們最初的目標是——看，起源對我們來說將成為催化我們進入全面製造模式的一種方式。

And I think it's just a reminder for everybody.

我認為這只是對每個人的提醒。

The goal was originally, look, let's build a shadow backlog of 30 to 40 NET Power projects that we have teed up, going through the requisite grid and subsurface permits for the first 30 to 40 plants by the time the first one comes online at the end of 2027.

最初的目標是，看，讓我們建立 30 到 40 個 NET Power 項目的影子積壓項目，我們已經準備好，在第一個項目上線時，為前 30 到 40 個項目辦理必要的電網和地下許可。 2027 年底。

And then that will really be the thing that catalyzes this into manufacturing mode.

然後這將真正催化進入製造模式。

And it allows us to come down that CapEx curve.

它使我們能夠降低資本支出曲線。

And we can take our CapEx from $1 billion, $1.1 billion down towards that $700,000 that we're targeting long term.

我們可以將資本支出從 10 億美元、11 億美元降低到長期目標的 70 萬美元。

We're sitting here today, looking at just the interconnect queues, looking at the load growth that's coming, looking at the higher values that are now being ascribed to firm power.

我們今天坐在這裡，只專注於互連隊列，關注即將到來的負載成長，專注於現在歸因於固定電力的更高價值。

And it shows up in things like just the capacity markets, like what you saw in PJM.

它出現在容量市場等方面，就像您在 PJM 中看到的那樣。

And so you're starting to see, there's major scarcity and just new front capacity being added.

所以你開始看到，存在嚴重的稀缺性，並且只是增加了新的前端容量。

It's really hard to contract just any type of firm capacity under a long-term PPA that if you have clean firm capacity, that is highly, highly valuable to a whole lot of potential strategic buyers on a long-term basis.

在長期購電協議下簽訂任何類型的公司產能確實很困難，如果你擁有乾淨的公司產能，那麼從長期來看，這對許多潛在的策略買家來說都是非常非常有價值的。

And so what that enables us to do is essentially underwrite a lot of the CapEx, if not the entirety of the CapEx, of these plants with these long-term PPAs, coupled with benefit of the 45-Q, which is essentially a 12-year fixed-price PPA with inflation escalators in it.

因此，這使我們能夠做的基本上是透過這些長期購電協議來承保這些工廠的大量資本支出（如果不是全部資本支出），再加上 45-Q（本質上是 12-Q）的好處。年度固定價格購電協議，其中包含通膨自動扶梯。

So it gets you to the really unique place where you can actually underwrite the full returns of the plant on a fully contracted basis.

因此，它讓您到達一個真正獨特的地方，您可以在完全合約的基礎上實際承保工廠的全額回報。

And that's a really unique, really powerful place to be.

這是一個非常獨特、非常強大的地方。

And so I think when you couple just those underwritten economics along with just the magnitude of load that's going to be coming to these grid systems, I think what it's really forcing us to do on the origination side is shifting to these larger scale developments.

因此，我認為，當你將這些承保的經濟因素與這些電網系統的負載大小結合起來時，我認為真正迫使我們在發起方面做的是轉向這些更大規模的開發。

Because while each of our modules at 250, 300 megawatts is fairly sizable, the load growth that's coming is in the magnitude of tens of gigawatts per year.

因為雖然我們每個 250、300 兆瓦的模組都相當大，但即將到來的負載增長量為每年數十吉瓦。

And so for us, it really lends itself to these fleet deployments.

因此，對我們來說，它確實適合這些艦隊部署。

And so that's the things that us and the team are really starting to think about is fleet deployments, two to four NET Power plants per pack.

因此，我們和團隊真正開始考慮的是車隊部署，每個包裝有兩到四個淨發電廠。

And so that's ultimately one of the ways that we're going to be able to drive that CapEx down even further.

因此，這最終是我們進一步降低資本支出的方法之一。

And so origination for us could transcend beyond just catalyzing us into manufacturing mode and really being a core staple of the business of NET Power developing that expertise of being able to pair the power market with the subsurface markets to create this really, really economic project.

因此，我們的創新可以超越僅僅催化我們進入製造模式，真正成為 NET Power 業務的核心主要內容，開發能夠將電力市場與地下市場配對的專業知識，以創建這個真正非常經濟的項目。

So I think it's still in evolution in terms of where we ultimately end up.

所以我認為就我們最終的結局而言，它仍在不斷演變。

But I think everything that we're seeing on the macro side are certainly tailwinds that will just continue to support the efforts that we're putting into the origination bucket.

但我認為，我們在宏觀方面看到的一切肯定都是順風，將繼續支持我們在創始桶中投入的努力。

And I think just the last thing on that is we just we just don't see a lot of new firm baseload showing up into these queues.

我認為最後一件事是我們只是沒有看到很多新的固定基本負載出現在這些隊列中。

I think to Brian's point to Thomas's question earlier, these supply chains are fairly constrained across the entire generation industry.

我認為布萊恩之前對托馬斯問題的指出是，這些供應鏈在整個發電行業中受到相當程度的限制。

We've continued over the last couple of years as we've had to push back the COD date of serial number one.

過去幾年我們一直在繼續這樣做，因為我們必須推遲序號一號的貨到付款日期。

And we're starting to see firsthand that it's not just us that's experiencing it, it's everybody else in the market.

我們開始親眼目睹，不僅是我們在經歷這種情況，市場上的其他人也在經歷這種情況。

And so I think all to say, if the market really starts to shift load growth because of capacity constraints into the back half of this decade, the beginning of next, it really sets us up as we enter full-scale manufacturing mode to be able to capture when that demand is really going to be there.

因此，我認為總而言之，如果市場真的開始因為產能限製而將負荷增長轉移到本十年的後半段，即下一個十年的開始，那麼當我們進入全面的製造模式時，它確實會讓我們能夠捕捉這種需求何時真正存在。

All very helpful.

一切都非常有幫助。

Thank you.

謝謝。

I'll turn it back.

我會把它轉回來。

Thank you.

謝謝。

Wade Suki, Capital One.

韋德·蘇基，《第一資本》。

Good morning, everyone.

大家早安。

Thank you all for taking my questions.

謝謝大家回答我的問題。

I think last quarter -- just to follow up I believe on Leo's question earlier.

我想上個季度——我相信只是為了跟進 Leo 早些時候提出的問題。

I think last quarter, you all mentioned that there might be another project that potentially slots in ahead of this OP-1 as we know it today.

我想上個季度，你們都提到可能有另一個項目可能排在我們今天所知的 OP-1 之前。

I mean, considering the MISO and (inaudible) filings, is that still possible?

我的意思是，考慮到 MISO 和（聽不清楚）備案，這還有可能嗎？

Are we at the point more certainty?

我們現在更有確定性了嗎？

And then just in terms of timing, still fair to think of OP-1 starting up within a couple of years of Project Permian?

那麼就時間而言，認為 OP-1 在二疊紀計畫幾年內啟動仍然公平嗎？

Yeah.

是的。

Hey, Wade.

嘿，韋德。

Yeah, the way the way we think about it with origination and the reason why origination just gives us total flexibility is because these are our projects.

是的，我們對起源的思考方式以及起源為我們帶來完全靈活性的原因是因為這些是我們的專案。

And until we've brought in strategic partners on the equity side, on the debt side, on the offtake side, we have like total flexibility around slotting order around just sequencing of these plants.

在我們在股權方面、債務方面、承購方面引入策略合作夥伴之前，我們在這些工廠的排序方面擁有完全的靈活性。

So certainly, like OP-1's ahead of these other originated projects because we're already going through the permitting.

當然，就像 OP-1 一樣領先其他發起的項目，因為我們已經獲得了許可。

We already have site control, all of those things for this to be an actionable project.

我們已經有了現場控制，所有這些都使這個專案成為一個可行的專案。

So I think we've always said we're going to try to develop the most economic projects first.

所以我認為我們總是說我們將首先嘗試開發最經濟的項目。

And so as we're looking at opportunities in some of these other regions, there's definitely the opportunity that some of these other things could flood in ahead of it if the timing works out and if the permitting and everything falls into place in.

因此，當我們在其他一些地區尋找機會時，如果時機成熟、如果情況允許並且一切都落實到位，那麼其他一些事情肯定有機會在它之前湧入。

I think one of those markets that could surprise people is probably going to be the Alberta market.

我認為可能會讓人們感到驚訝的市場之一可能是艾伯塔省市場。

It's probably the most economic place in the world to develop a NET Power project principally because of the ITC credits you have at the federal level and at the provincial level within Alberta, a favorable carbon tax pricing regime.

它可能是世界上開發 NET Power 專案最經濟的地方，主要是因為您在阿爾伯塔省的聯邦層級和省級擁有 ITC 信用，這是一個有利的碳稅定價制度。

And Alberta has been highly successful in being able to permanently sequester CO2 through a lot of really nice geologic formations over the course of the last few years.

在過去的幾年裡，艾伯塔省在透過許多非常好的地質構造永久封存二氧化碳方面取得了巨大成功。

And so that's a really unique market where we're pretty advanced on a couple of things up there in Alberta right now.

所以這是一個非常獨特的市場，我們目前在艾伯塔省的一些事情上相當先進。

And that becomes one of those markets that could leapfrog what we're doing up in the MISO area.

這將成為可能超越我們在味噌領域所做的事情的市場之一。

But I think at the end of the day, what we're really thinking of is after this first plant comes online at the end of 2027, we're quickly ramping into full-scale manufacturing mode.

但我認為歸根結底，我們真正考慮的是第一家工廠於 2027 年底上線後，我們將迅速進入全面製造模式。

And the goal isn't to deploy just one or two plants per year, but to scale into being able to deploy dozens of these plants.

我們的目標不是每年只部署一、兩個工廠，而是擴大規模，能夠部署數十個這樣的工廠。

So whether it's serial number two or serial number three or serial number 10, the expectation is we'll be able to have that backlog of originate projects that we're starting to build that queue rate.

因此，無論是序號 2、序號 3 或序號 10，我們期望我們能夠擁有積壓的原始項目，以便我們開始建立該佇列速率。

We'll have those deployed for the early part of next decade.

我們將在下一個十年初期部署這些技術。

So we're really excited about being able to have just total optionality over which project we slot as serial number two, serial number three, serial number four.

因此，我們非常高興能夠完全選擇將哪個項目定位為序號二、序號三、序號四。

But I think we're going to have probably another year, 18 months, before we really need to put a fork in what plant is going to be serial number two.

但我認為我們可能還需要一年，也就是 18 個月的時間，然後我們才真正需要對第二號工廠進行分叉。

Fantastic.

極好的。

I appreciate that.

我很欣賞這一點。

Great detail.

很棒的細節。

You led into my second question on Alberta.

你引出了我關於艾伯塔省的第二個問題。

That sounds like a very attractive market, developing up there for you all.

這聽起來是一個非常有吸引力的市場，正在為你們所有人發展。

Any hints you can give us -- I think I heard you say you have secured a partner already up there.

你可以給我們的任何提示——我想我聽到你說你已經在那裡找到了一個合作夥伴。

Did I hear you correctly?

我沒聽錯嗎？

And any color you can give on that would be fantastic.

你可以賦予它任何顏色，那就太棒了。

Yeah.

是的。

No, we're (inaudible) a few firms up there that have really great access to natural gas, really great place to be able to store the CO2.

不，我們（聽不清楚）有幾家公司擁有非常豐富的天然氣資源，是個能夠儲存二氧化碳的好地方。

I think as we're seeing across most of these places, the power piece is probably the easiest one to solve considering just about every single power market is short, firm clean capacity and everybody's really scrambling to figure out ways to be able to procure that generation capacity.

我認為，正如我們在大多數這些地方所看到的那樣，考慮到幾乎每個電力市場都短缺、穩定的清潔容量，而且每個人都在努力尋找能夠獲得這些電力的方法，電力部分可能是最容易解決的問題發電能力。

So the power piece is probably the easiest of the variables to be able to solve for.

因此，功率部件可能是最容易解決的變數。

The key things that are really being able to figure out how am I going to get access to the lowest cost gas I can.

關鍵的事情是真正能夠弄清楚我將如何獲得盡可能低的成本天然氣。

How can I get as close to the CO2 thing as possible to really minimize the CO2 transportation and sequestration costs?

我怎樣才能盡可能接近二氧化碳的事情，以真正最大限度地減少二氧化碳的運輸和封存成本？

And so in Alberta, just like within any other place in the US or really any other place in the world, for this plant to make -- these plants to make really good economic sense, you're typically going to be partnering with the oil and gas industry, especially on the gas procurement and CO2 sequestration side.

因此，在艾伯塔省，就像在美國或世界上任何其他地方一樣，為了使該工廠具有良好的經濟意義，您通常會與石油公司合作和天然氣工業，特別是在天然氣採購和二氧化碳封存方面。

So we're working with a couple of folks really close on opportunities up there.

因此，我們正在與一些非常接近那裡機會的人合作。

And certainly, as those ones evolve and become announced, we'll definitely share with you guys more details.

當然，隨著這些內容的發展和公佈，我們肯定會與大家分享更多細節。

But all to say Alberta is a really interesting one for a lot of the same reasons why some of these markets in the US are really exciting to us as well.

但總而言之，艾伯塔省是一個非常有趣的國家，原因與美國的一些市場對我們來說也非常令人興奮的原因有很多相同。

Great.

偉大的。

That's fantastic color.

那顏色太棒了。

Thanks so much.

非常感謝。

Look forward to seeing you guys next month.

期待下個月見到你們。

Thanks, Wade.

謝謝，韋德。

Thank you.

謝謝。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

Good morning.

早安.

I was wondering if you could maybe give us an update on your approach to financing the Project Permian plant and any update as far as DOE potential funding, time line, et cetera.

我想知道您是否可以向我們介紹您為二疊紀專案核電廠融資的方法的最新情況，以及能源部潛在資金、時間表等方面的最新情況。

Yeah.

是的。

Hey, Martin.

嘿，馬丁。

Thanks for the question.

謝謝你的提問。

This is Akash.

這是阿卡什。

So we've said this on previous quarters.

我們在前幾個季度已經說過這​​一點。

So we're waiting for -- there's a lot of things that have to get aligned before you announce the final financing package for the first plant.

因此，我們正在等待 - 在宣布第一家工廠的最終融資方案之前，有很多事情必須協調一致。

We're going through FEED now, right?

我們現在正在經歷 FEED，對嗎？

On the end of FEED in Q4, we're going to open book estimate.

在第四季度的 FEED 結束時，我們將進行開盤估算。

So we'll have the firm CapEx number, and that really will allow us to know the actual specific returns of the plant based on supply offtake, et cetera, that we're currently in discussions with in West Texas.

因此，我們將獲得固定的資本支出數字，這確實將使我們能夠了解基於供應承購等的工廠的實際具體回報，我們目前正在與西德克薩斯州進行討論。

We are the first $200 million into the plant.

我們是首批投入該工廠的 2 億美元資金。

We've announced that right out of our $600 million-plus dollars in cash.

我們已經用 6 億多美元現金宣布了這一消息。

We're going to be the first $200 million into the plant, and then we're working on the financing strategy with our existing lender group, led by Oxy and Baker and Constellation, for how we approach the rest of the capital for that.

我們將成為該工廠的首批 2 億美元資金，然後我們將與由 Oxy、Baker 和 Constellation 領導的現有貸款集團制定融資策略，以了解如何使用其餘資金。

We also have said that the first plant, we're approaching this as fully equity funded at the project level.

我們也說過，對於第一個工廠，我們正在將其作為專案層面的完全股權資助。

Now if there's opportunities for us to get either federal or state-level capital, we are we are evaluating that.

現在，如果我們有機會獲得聯邦或州級資本，我們正在對此進行評估。

The DOE program for the LPO, I think we're more thinking about that as potentially a really good strong opportunity for anything in (inaudible) like in MISO.

美國能源部針對 LPO 的計劃，我認為我們更認為這對於 MISO 等（聽不清楚）領域的任何事物來說都是一個潛在的非常好的機會。

And then there's other things within Texas that we're also constantly evaluating, including the Texas energy fund.

我們也在不斷評估德州的其他事情，包括德州能源基金。

But as of now, we're assuming that it's fully equity funded.

但到目前為止，我們假設它是完全股權融資的。

Great.

偉大的。

And for my follow-up question, wanted to ask about brownfield site opportunities.

對於我的後續問題，我想問棕地場地的機會。

Is there -- are you seeing any opportunities there to maybe accelerate originated projects?

您是否看到任何可能加速原創專案的機會？

Yeah, definitely.

是的，絕對是。

I think, greenfield, brownfield -- brownfield, they're just existing sites, for the listeners that haven't heard that term before.

我認為，綠地、棕地——棕地，它們只是現有的站點，對於以前從未聽說過這個詞的聽眾來說。

And so brownfield sites are really interesting to us for several reasons.

因此，我們對棕地非常感興趣，原因有幾個。

One, there, you have existing interconnects.

第一，那裡有現有的互連。

And so really, what you're doing is we've really just been repowering those existing interconnects.

事實上，您所做的是我們實際上只是在為那些現有的互連重新供電。

I think as you look at just like the thermal power industry over the last 10, 15 years, you've seen capacity rates on a lot of these baseload plants go from them serving as baseload 80% to 90% capacity factor.

我認為，就像過去 10 年、15 年的火力發電產業一樣，您會看到許多基本負載電廠的容量率從基本負載 80% 到 90% 的容量係數變化。

Now , they're trending down towards 50%, 60% on average.

現在，他們平均下降到 50%、60%。

And a lot of them have just been fully relegated to peakers, where they're operating 10% to 20% of the time and really just serving as a backup to the grid when they're needed.

其中許多已經完全降級為峰值狀態，它們運行 10% 到 20% 的時間，實際上只是在需要時充當電網的備份。

And so those are those are sites with interconnects that are highly underutilized.

這些是那些具有高度未充分利用的互連的站點。

And so it becomes really unique opportunities for us.

因此，這對我們來說成為一個真正獨特的機會。

And so that's part of our screening assessment is for originations.

所以這是我們篩選評估的一部分是針對起源的。

Are there brownfield opportunities?

是否有棕地機會？

So yeah.

所以是的。

No, it's definitely in the works.

不，它肯定正在進行中。

They're definitely interesting.

他們絕對很有趣。

I would say if we were trying to get a NET Power plant on in the next two years, brownfield sites become really, really interesting to us.

我想說，如果我們試圖在未來兩年內建立一座淨電廠，棕地對我們來說將變得非常非常有趣。

But the fact that we're talking about projects in '29, 2030, and beyond, the brownfield sites aren't as valuable to us as they might be to somebody that's trying to do something with it within the next year or two.

但事實上，我們談論的是 29 年、2030 年及以後的項目，棕地對我們來說並不像對那些試圖在未來一兩年內利用它做點什麼的人那麼有價值。

But I would say when we look at just the size of generation that you can generate from our footprint, which is a lot -- our plant is highly, highly dense.

但我想說的是，當我們只考慮我們的足跡所能產生的發電量時，這是很多——我們的工廠非常非常密集。

We're talking about 15 to 20 acres for each of these blocks.

我們討論的是每個街區的面積為 15 至 20 英畝。

And so if you're talking about (inaudible) power plant, for a gigawatt, we only need 80 acres.

因此，如果您談論的是（聽不清楚）發電廠，對於 1 千兆瓦，我們只需要 80 英畝。

And so just the siting requirements for us are much smaller than they are for any other real new thermal power plant today.

因此，我們對選址的要求比當今任何其他真正的新火力發電廠要小得多。

And so we can fit into existing spaces.

這樣我們就可以適應現有的空間。

And so as we look into some of these brownfield sites, we don't think you'll necessarily need to take away the existing plant that's there.

因此，當我們調查其中一些棕地時，我們認為您不一定需要拆除那裡現有的工廠。

We can actually co-locate and essentially repower without having to get rid of the existing power plant.

我們實際上可以在同一地點並基本上重新供電，而無需擺脫現有的發電廠。

So it creates really unique opportunities just given the dense footprint we have.

因此，考慮到我們擁有的密集足跡，它創造了真正獨特的機會。

And certainly, just those brownfield sites become interesting opportunities for us.

當然，正是這些棕地成為我們有趣的機會。

But again, it all gets back to because we're really trying to optimize for the lowest cost source of power, we can't.

但同樣，這一切又回到了因為我們確實在努力優化成本最低的電源，但我們做不到。

Being as close to the sink and as close to the natural gas are two of the more important features that really drive total project economics for the cost of electricity.

盡可能靠近水槽並盡可能靠近天然氣是真正推動整個專案的電力成本經濟性的兩個更重要的特徵。

So those are the two driving things.

這是兩個驅動因素。

And then certainly, being on a brownfield site is important, but I wouldn't say it's necessarily in the top three or four things that we're looking at as we screen for the best place to put these plants.

當然，位於棕地上很重要，但我不會說它一定是我們在篩選放置這些植物的最佳地點時所考慮的前三或四件事。

Thank you.

謝謝。

Very helpful.

非常有幫助。

I'll turn it back.

我會把它轉回來。

Thank you.

謝謝。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Yeah.

是的。

Thanks for taking the question.

感謝您提出問題。

Nice to be on your call for the first time.

很高興第一次接聽您的電話。

You touched on permitting in some of your remarks.

您在某些言論中談到了允許。

We've seen so many different infrastructure projects get delayed because of permitting over the last few years, specifically in the US.

過去幾年，我們看到許多不同的基礎設施項目因許可而被推遲，特別是在美國。

Can you just talk about how that aspect of the roadmap is going?

能談談路線圖這方面的進度嗎？

And do you envision any delays on that front?

您預計這方面會出現任何延誤嗎？

Yeah.

是的。

Pavel, that's a great question.

帕維爾，這是一個很好的問題。

I think that's certainly one of the on the issues that I think the broader power industry has faced is looking at building a new transmission, new infrastructure to be able to connect their generating assets.

我認為這肯定是更廣泛的電力產業面臨的問題之一，即考慮建造新的輸電、新的基礎設施，以便能夠連接其發電資產。

I would say the one thing that's unique -- probably more unique about NET Power, well, there's a couple of things.

我想說的是 NET Power 的獨特之處——可能更獨特，嗯，有幾件事。

First, we don't take up a lot of land.

首先，我們不佔用大量土地。

And I think if you look at just the transmission issues that you're seeing specifically on the wind and solar side, those folks need a lot of land to be able to build their generating facilities.

我認為，如果你只關注風能和太陽能方面的傳輸問題，這些人需要大量土地才能建造他們的發電設施。

You're talking about tens of thousands of acres for each of those.

你所說的每一個都有數萬英畝。

And so they're having to build out in areas where they have enough land mass to be able to build their generating assets, which inevitably means, in most cases, they're having to build further from where the existing transmission lines are and they're having to lay new transmission lines.

因此，他們必須在有足夠土地面積的地區進行建設，以便能夠建設發電資產，這不可避免地意味著，在大多數情況下，他們必須在距離現有輸電線路更遠的地方進行建設，而且他們必須鋪設新的輸電線路。

Our situation is a little bit different, where we can find 20 to 100 acres close to existing transmission lines where there's not congestion on the system in.

我們的情況有點不同，我們可以找到靠近現有輸電線路的 20 到 100 英畝的土地，那裡的系統沒有擁擠。

And I think that's certainly part of just our screening assessment as we look at where we want to -- where do we want to set up shop within these territories is really figuring out where is there not much congestion on the system that we can get into on the 100 acres or so.

我認為這當然是我們篩選評估的一部分，因為我們會考慮我們想要在哪裡開設商店，我們要在這些地區的哪裡開設商店，真正要弄清楚哪裡的系統沒有太多擁堵，我們可以進入佔地100英畝左右。

And that's certainly a screening thing that's really just afforded to our technology and not so to other forms of new clean generation.

這當然是一個篩選問題，實際上只適用於我們的技術，而不適用於其他形式的新清潔發電。

So there's that piece.

於是就有了那一塊。

So I think that's -- probably the biggest one is we're really trying to be as close to the existing grid as possible.

所以我認為——可能最大的一個是我們真的在努力盡可能接近現有的網格。

And I think just given our small footprint enables us to do that.

我認為，鑑於我們的足跡很小，我們就能做到這一點。

So we're really able to mitigate a lot of just the transmission extensions that have to happen for renewable forms of power.

因此，我們確實能夠減輕再生能源形式必須發生的許多輸電擴展。

And then the other, just real permitting consideration, is really on the subsurface side on being able to permit the CO2 infrastructure, both the wells and the pipelines.

然後另一個，只是真正的許可考慮，實際上是在地下方面能夠允許二氧化碳基礎設施，包括油井和管道。

And again, we're really targeting being as close to the sink and as close to the grid as possible.

再說一次，我們真正的目標是盡可能靠近水槽和電網。

And in an ideal scenario, we're right next to the grid interconnect and we're right on top of the sink.

在理想的情況下，我們就在電網互連旁邊，並且就在水槽的頂部。

And that's certainly what we're doing on our project up in MISO.

這當然就是我們在 MISO 專案中所做的事情。

That's what we're doing for our first project in West Texas.

這就是我們在西德克薩斯州的第一個項目所做的。

And that's how we're looking at things in Alberta and some of these other places as we go through these feasibility studies, just figuring out how can we be as close to the sink and as close to the grid as possible?

這就是我們在進行可行性研究時看待艾伯塔省和其他一些地方的事情的方式，只是弄清楚我們如何盡可能靠近水槽和電網？

Because not only is it good to shorten permitting times because we're not having to build massive new infrastructure that could take years and years and is outside of our control, but it also reduces our CapEx as well, especially on the CO2 transportation side.

因為縮短許可時間不僅有好處，因為我們不必建設可能需要數年時間且超出我們控制範圍的大規模新基礎設施，而且還可以減少我們的資本支出，特別是在二氧化碳運輸方面。

The small the CO2 pipe is, the lower the CapEx is and the higher the project returns are.

CO2 管道越小，資本支出越低，專案回報越高。

So all to say like all of this goes into just the assessment that we do.

總而言之，所有這些都屬於我們所做的評估。

And so we're mindful of the delays that we're seeing across the industry.

因此，我們注意到整個產業出現的延誤。

And we're certainly being very, very thoughtful about exciting projects in areas where we're not going to see a five to seven-year transmission line delays.

我們當然對那些我們不會看到傳輸線延遲五到七年的領域的令人興奮的項目非常非常深思熟慮。

Let me follow up on another aspect of policy risks, so to speak.

我再來談談政策風險的另一個面向。

45-Q obviously got some benefits from the Inflation Reduction Act.

45-Q 顯然從《通貨膨脹削減法案》中得到了一些好處。

And 90 days out from the election, there is some debate over whether the IRA will survive in its current form if there is a second Trump administration.

距離大選還有 90 天，如果川普連任，愛爾蘭共和軍是否會以目前的形式繼續存在，引發了一些爭論。

What's your thinking around that issue?

您對這個問題有何看法？

There's only so many so many things that we have control over, and who knows with any administration is going to do.

我們能控制的事情就這麼多，誰知道任何政府會做什麼。

I would say if there's any single technology that can survive administrative changes, if the administrations do you want to change things, I think the one thing that could -- that should survive is something like NET Power and something like the 45-Q for sequestration, both because it helps us meet our energy needs.

我想說的是，如果有任何單一技術能夠在行政管理變革中倖存下來，如果管理部門想要改變一些事情，我認為應該能夠倖存下來的一件事就是諸如NET Power 之類的技術和用於隔離的45-Q 之類的技術，因為它可以幫助我們滿足能源需求。

It helps us -- it leverages the traditional oil and gas industry on being able to procure natural gas, being sequester the CO2.

它幫助我們──它利用傳統的石油和天然氣產業來採購天然氣，封存二氧化碳。

So that certainly satisfies and one contingent.

所以這肯定滿足了一隊。

But then the other side is it helps us achieve our environmental goals as well.

但另一方面，它也有助於我們實現我們的環境目標。

And so there's not a lot of solutions, not a lot of technologies out there that cut across the aisles the way NET Power can, where it really helps us to achieve both our energy goals with affordable, reliable energy, while also, at the same time, helping us achieve our environmental goals.

因此，沒有太多的解決方案、沒有太多的技術能夠像 NET Power 那樣跨越不同的領域，真正幫助我們以負擔得起的、可靠的能源實現我們的能源目標，同時，時間，幫助我們實現我們的環境目標。

So I think if there's if there's one single technology that could survive all of this, if there was going to be change, it would be NET Power.

所以我認為，如果有一種技術能夠經得起這一切，如果要做出改變的話，那就是 NET Power。

And so I think that's ultimately, what we can hang our hat on sitting here today, knowing that we're not going to be in the administration.

所以我認為這最終是我們今天坐在這裡可以放心的，因為我們知道我們不會加入政府。

We're not going to have control over the decisions that are made.

我們將無法控制所做的決定。

We just know we're designing something that satisfies both Republicans and Democrats alike.

我們只知道我們正在設計一些讓共和黨人和民主黨人都滿意的東西。

I don't know if other folks have -- Akash, Brian, if you guys have any thoughts on this matter.

我不知道其他人是否──阿卡什、布萊恩，你們對這件事有什麼想法嗎？

Yeah.

是的。

Yeah, I agree with everything you said, Pavel.

是的，我同意你所說的一切，帕維爾。

And what I'll also add is the 45-Q was enacted under Obama.

我還要補充的是，45-Q 是在歐巴馬領導下頒布的。

It was set to expire, I believe, in 2023, and the Trump administration actually extended it.

我認為該期限原定於 2023 年到期，而川普政府實際上延長了期限。

And so there's precedent for them supporting the 45-Q.

所以他們有支持 45-Q 的先例。

And then when it was -- when the price of it was increased from $50 per ton to $85 a ton under the IRA, that was actually taken from the GOP bill.

然後，當 IRA 規定的價格從每噸 50 美元增加到每噸 85 美元時，這實際上是從共和黨法案中扣除的。

And so as Danny said, this is something that has pretty strong bipartisan support.

正如丹尼所說，這是得到兩黨強烈支持的事。

Got it.

知道了。

Thank you very much.

非常感謝。

Thanks, Pavel.

謝謝，帕維爾。

Thank you.

謝謝。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi, good morning.

嗨，早安。

I just had a couple.

我剛喝了幾個。

Going back over earlier in the call, I was a little surprised you didn't comment on oil and gas companies, and that's where you're looking for sequestration partners that are typically going to be local companies.

回顧之前的電話會議，我有點驚訝你沒有對石油和天然氣公司發表評論，而這正是你尋找封存合作夥伴的地方，這些合作夥伴通常是當地公司。

Are there -- is there any interest being expressed out there (inaudible) by legacy energy companies, but further investing outside their home base?

傳統能源公司是否表示有興趣（聽不清楚），但在其總部外進一步投資？

Just wondering maybe like -- they're investment minded looking at the 45-Q and just doing the math thinking that they'll branch out.

只是想知道也許——他們有投資意識，看著 45-Q，然後做數學思考，認為他們會拓展業務。

Yeah.

是的。

I mean, yes.

我的意思是，是的。

No, no, that's a great question.

不，不，這是一個很好的問題。

I think, yeah, we've seen a lot more companies being spun up in the energy space that are specifically focused on sequestration.

我認為，是的，我們已經看到更多的公司在能源領域成立，專門專注於封存。

So yes, in most of these territories, you have folks that already have just local geology expertise.

所以，是的，在大多數這些地區，人們已經只具備當地的地質專業知識。

And then you're seeing new teams being spun up or that have been around for a little bit of time that have now started to expand beyond just their existing home base.

然後你會看到新的團隊正在組建，或者已經存在了一段時間，現在已經開始擴展到現有的基地之外。

We've seen it from folks on the sequestration side.

我們從隔離方面的人們看到了這一點。

You've really seen it from folks coming with a deep EOR strength, enhanced oil recovery, where they're very familiar with understanding CO2 sequestration.

你確實從具有深厚 EOR 實力、提高石油採收率的人們那裡看到了這一點，他們非常熟悉二氧化碳封存。

And so you start to see those folks who have predominantly come from the Mid-Continent, Oklahoma (inaudible) and obviously West Texas in the Permian, developing those EOR skill sets and are now able to start applying it to CO2 sequestration not necessarily just for enhanced oil recovery, but now for permanent geologic sequestration.

因此，您開始看到那些主要來自中大陸、俄克拉荷馬州（聽不清楚）以及二疊紀西德克薩斯州的人正在開發這些EOR 技能，現在能夠開始將其應用於二氧化碳封存，而不僅僅是為了提高石油採收率，但現在用於永久地質封存。

And so are you're starting to see those folks do a lot more, I would say, exploration, where they're starting to go into these other territories with their land team, starting to procure acreage positions.

所以你開始看到這些人做了更多的事情，我想說，勘探，他們開始與他們的土地團隊進入這些其他地區，開始獲得土地位置。

All of it really grounded in the geology of really understanding where are the areas where you have those really thick water-bearing sandstones that are really conducive to sequestration.

所有這些都真正基於地質學，真正了解哪些區域有那些真正有利於封存的厚實含水砂岩。

So we're seeing those folks pop up, which are great.

所以我們看到這些人突然出現，這很棒。

Those folks are doing a lot of the exploration work to start to delineate and derisk a lot of these formations.

這些人正在進行大量的勘探工作，以開始描繪許多這樣的地層並消除其風險。

We're starting to see a lot more teams pop up in all parts of MISO from Northern MISO all the way down to Southern MISO.

我們開始看到更多的團隊出現在 MISO 的各個地區，從北 MISO 一直到南 MISO。

And you're starting to see more folks start to focus on PJM, which is fantastic.

您開始看到越來越多的人開始關注 PJM，這真是太棒了。

Because we're sitting here today with PJM as the largest competitive power market in the US.

因為我們今天坐在這裡，PJM 是美國最大的競爭電力市場。

That's where you're starting to see most of the load growth really constrained by new capacity additions in.

這就是您開始看到大部分負載成長實際上受到新容量增加的限制的地方。

So PJM becomes like a really, really interesting territory for us, the largest one, if we can really crack the code on sequestration.

因此，如果我們能夠真正破解封存的密碼，PJM 對我們來說將成為一個非常非常有趣的領域，也是最大的領域。

And so I've turned to see a lot of these good geology-based teams getting out there in front of it on being able to delineate sequestration resource.

因此，我看到許多優秀的地質團隊在描繪封存資源方面走在了前面。

It's really important for companies like us.

這對我們這樣的公司來說非常重要。

Because we're not going to employ the geologists per se to go out there and delineate and explore for sequestration potential, but they will.

因為我們本身不會僱用地質學家去那裡描繪和探索封存潛力，但他們會的。

And so you're starting to see again that oil and gas skill set is now being applied to sequestration and you're starting to see more teams get set up to do it.

因此，您開始再次看到石油和天然氣技能組合現在被應用於封存，並且您開始看到更多的團隊開始這樣做。

And I think that trend will just continue to play out for us.

我認為這種趨勢將繼續對我們產生影響。

But certainly, where we're starting today is you're starting with partnering with the folks that already have the existing expertise within these areas.

但當然，我們今天要開始的是與那些已經在這些領域擁有現有專業知識的人合作。

But more importantly, the existing acreage that enables you to be able to begin sequestering sooner.

但更重要的是，現有的面積使您能夠更快地開始隔離。

Okay.

好的。

Yeah, the total are.

是的，總共是。

I can picture some former people I knew reporting EOR just being just right up their alley.

我可以想像一些我認識的前人報告 EOR 正是他們的拿手好戲。

And just thinking about utilities that you've talked with in the origination process and I wonder, they must run the spectrum between those that maybe were more aggressive with wind and solar and, as a result, are facing the impact of intermittency issues, more front burner, and maybe those have held back.

想想你在發起過程中與我們交談過的公用事業公司，我想知道，他們必須在那些可能對風能和太陽能更積極的公用事業公司之間運行頻譜，因此面臨間歇性問題的影響，更多前燃燒器，也許那些已經阻礙了。

So maybe they haven't really made a lot of investment in clean energy yet, but done.

因此，也許他們還沒有真正對清潔能源進行大量投資，但已經完成了。

But for -- they don't have those intermittency problems.

但對於──他們沒有那些間歇性問題。

I just wonder as you talk to those that have done different levels of investment in alternative generation, just wondering if there any patterns you see in their thinking, their decision pace, et cetera.

我只是想知道，當你與那些在替代發電方面進行了不同程度的投資的人交談時，只是想知道你在他們的思維、決策速度等方面是否看到了任何模式。

No.

不。

I mean, I can't really give too much on the specifics around just their investment profile and risk profile and just their strategy around new energy.

我的意思是，我無法就他們的投資狀況和風險狀況以及新能源策略的具體細節給出太多資訊。

But I guess what I can say is everybody is deeply interested in seeing that power succeed, which is really, really encouraging.

但我想我能說的是每個人都對看到這種力量的成功深感興趣，這真的非常令人鼓舞。

Because I think everybody -- not everybody, but a lot of these utilities see a lot of these other things coming down the pike, and they're just so cost prohibitive versus where power prices are today and even where power prices are going, that you have almost an entire industry sitting on the sidelines, cheering for us, hoping that everything goes according to plan.

因為我認為每個人——不是每個人，但是很多公用事業公司都看到了很多其他的事情正在發生，而且與今天的電價甚至電價的走向相比，它們的成本太高了，以至於幾乎整個行業都在旁觀，為我們歡呼，希望一切照計畫進行。

And that's certainly why we're being so deliberate and rigorous with the Baker testing at La Porte ahead of the first plant coming online, as we need to ensure this thing works as designed.

這當然就是為什麼我們在第一座工廠上線之前對 La Porte 進行如此深思熟慮和嚴格的貝克測試，因為我們需要確保這件事按設計工作。

Because the industry is really looking down the pike of all potential solutions.

因為業界確實低估了所有潛在的解決方案。

And I covered it in the prepared remarks, but there's really no other like real solution coming on the pipe that's going to have any chance of being able to decarbonize and help us achieve these energy goals outlined at a at a tolerable price.

我在準備好的演講中對此進行了介紹，但確實沒有其他像真正的解決方案那樣有機會脫碳並幫助我們以可承受的價格實現這些能源目標。

New Nuclear is really, really challenging for a few reasons.

由於幾個原因，新核能確實非常具有挑戰性。

And it's not just the cost piece, but it's also just the time to be able to scale and when the industry really needs it to meet their load growth.

這不僅僅是成本部分，而且也是能夠擴展的時間，以及產業真正需要它來滿足負載成長的時間。

And I think everybody is now trying to look at batteries as just this, I call it, a triage thing, being able to help prevent prices spiked to $400 or $500 or $600 per megawatt hour.

我認為現在每個人都在嘗試將電池視為一種我稱之為分類的東西，能夠幫助防止價格飆升至每兆瓦時 400 美元、500 美元或 600 美元。

And so as people are starting to look at just what solutions are coming down the pipe that's going to enable us to be able to have clean power, but at a power price that's not much higher than where power prices are today, a gas-based solution like ours is going to be the way to get there.

因此，當人們開始考慮有哪些解決方案可以使我們能夠擁有清潔電力時，但電價不會比今天的電價高出很多，基於天然氣的像我們這樣的解決方案將是實現這一目標的方法。

And so really, what we're doing with them in origination -- because this is an entirely new type of power plant, right?

事實上，我們一開始就用它們做的事情——因為這是一種全新類型的發電廠，對嗎？

This isn't a bolt-on technology to a combined cycle.

這不是聯合循環的附加技術。

This is an entirely new natural gas power plant.

這是一座全新的天然氣發電廠。

It is going to be baby steps to bring them up to speed with NET Power.

讓他們跟上 NET Power 的步伐只是一小步。

And so what we're really doing with origination is origination becomes a gateway for them to be able to get fully up to speed with NET Power.

因此，我們真正在發起方面所做的事情是，發起成為他們能夠完全跟上 NET Power 速度的門戶。

And so with origination, yes, we're going to be bringing a lot of strategic utilities into these origination consortiums that we formed.

因此，對於發起來說，是的，我們將把許多策略公用事業帶入我們組成的這些發起聯盟中。

It allows them to have a front seat to seeing how do we go through FEED, through EPC, through commissioning, through operation of this plant so that they can get super comfortable they can develop that skill set internally to be able to operate in that power plants.

它使他們能夠坐在前排，了解我們如何透過 FEED、EPC、調試、工廠運營，這樣他們就可以非常舒服，他們可以在內部開發技能，以便能夠以這種能力進行操作植物。

And then they can say to us, we understand how this plant works.

然後他們可以對我們說，我們了解這個工廠是如何運作的。

This thing is great to sell us.

這東西賣給我們真是太好了。

We just want to buy 10 licenses to build these across our geographic footprint.

我們只想購買 10 個許可證來在我們的地理範圍內建立這些產品。

So origination is both just a commercial catalyst for us on deploying into full-scale manufacturing mode, but it's also a gateway for a lot of these utilities to get very, very comfortable with how to build on and operate in that power plant before they have to do it 100% themselves.

因此，起源不僅是我們部署到全面製造模式的商業催化劑，而且也是許多這些公用事業公司在建立發電廠之前非常非常熟悉如何在發電廠中進行建設和運營的門戶。

Great.

偉大的。

Thanks a lot.

多謝。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would now like to turn the call back over to Danny Rice for any closing comments.

我現在想將電話轉回丹尼·賴斯以徵求結束意見。

Hey.

嘿。

Thanks, everybody, for joining us today.

謝謝大家今天加入我們。

And it's becoming really clear to us that our value creation, it was determined less by our competitiveness versus the alternatives.

我們越來越清楚，我們的價值創造，更取決於我們與其他替代品的競爭力。

Our clean power solution will inherently be lower cost and more reliable in the market today versus those coming on the pike.

與市場上的其他解決方案相比，我們的清潔能源解決方案本質上成本更低，可靠性更高。

And so we really see our success will be determined by our ability to prove our technology at utility scale.

因此，我們確實看到我們的成功將取決於我們在公用事業規模上​​證明我們的技術的能力。

So thank you for your support in helping us make that happen.

感謝您的支持，幫助我們實現這一目標。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

Enjoy the rest of your day.

享受你一天剩下的時間。