NRG Energy Inc (NRG) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the NRG Energy, Inc., second-quarter 2024 earnings call.

歡迎參加 NRG Energy, Inc. 2024 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Kevin Cole, Head of Treasury and Investor Relations.

現在我想將會議交給今天的第一位發言人，財務和投資者關係主管凱文·科爾 (Kevin Cole)。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, and welcome to NRG Energy's second-quarter 2024 earnings call.

早安，歡迎參加 NRG Energy 的 2024 年第二季財報電話會議。

This morning's call will be 45 minutes in length and is being broadcast live over the phone and via webcast, which can be located in the Investors section of our website at www.nrg.com under Presentations and Webcasts.

今天早上的電話會議時長為 45 分鐘，將透過電話和網路廣播進行現場直播，網路廣播可以在我們網站 www.nrg.com 的投資者部分的演示和網路廣播下找到。

Please note that today's discussion may contain forward-looking statements, which are based upon assumptions that we believe to be reasonable as of this date.

請注意，今天的討論可能包含前瞻性陳述，這些陳述是基於我們認為截至目前合理的假設。

Actual results may differ materially.

實際結果可能存在重大差異。

We urge everyone to review the safe harbor in today's presentation as well as the risk factors in our SEC filings.

我們敦促大家回顧今天演示中的安全港以及我們向 SEC 提交的文件中的風險因素。

We undertake no obligation to update these statements as a result of future events, except as required by law.

除非法律要求，否則我們不承擔因未來事件而更新這些聲明的義務。

In addition, we will refer to both GAAP and non-GAAP financial measures.

此外，我們將參考公認會計原則和非公認會計原則財務指標。

For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation.

有關我們的非公認會計原則財務指標以及與最直接可比較的公認會計原則指標的調節的信息，請參閱今天的演示文稿。

And with that, I'll now turn the call over to Larry Coben, NRG's Chairman and CEO.

現在，我將把電話轉給 NRG 董事長兼執行長 Larry Coben。

Thank you, Kevin.

謝謝你，凱文。

Good morning, everyone, and thank you for your interest in NRG.

大家早安，感謝您對 NRG 的興趣。

I'm joined this morning by Bruce Chung, our Chief Financial Officer.

今天早上我們的財務長 Bruce Chung 也加入了我的行列。

We also have members of the management team on the call, and they are all available to answer questions.

我們還有管理團隊成員參加電話會議，他們都可以回答問題。

First, I just want to express how excited I am to be leading NRG as Chairman, President, and CEO.

首先，我想表達能夠作為董事長、總裁兼執行長領導 NRG 感到多麼興奮。

I'm grateful for the outpouring of support I've received from the investment community, employees, and other stakeholders over the last nine months and again in the last week following the Board's announcement of August 1.

我很感謝過去 9 個月以及董事會 8 月 1 日宣布後的上週，投資界、員工和其他利害關係人給予我的大量支持。

We are laser-focused on delivering exceptional shareholder value by meeting the growing and evolving needs of our customers while returning billions of dollars in capital.

我們專注於透過滿足客戶不斷增長和不斷變化的需求，同時返還數十億美元的資本，來提供卓越的股東價值。

We believe we have the right strategy and the best team to fix the depressed valuation of our company once and for all.

我們相信，我們擁有正確的策略和最好的團隊，可以一勞永逸地解決我們公司低迷的估值問題。

Let's begin with NRG's strategic positioning.

我們先來說說NRG的策略定位。

For those new to NRG, we have the largest energy and smart home platform in North America.

對於 NRG 的新手來說，我們擁有北美最大的能源和智慧家庭平台。

We're the trusted partner to over 8 million residential customers, offering tailored energy and smart home solutions.

我們是超過 800 萬住宅客戶值得信賴的合作夥伴，提供量身訂製的能源和智慧家居解決方案。

We are also the second largest energy and energy services provider as well as the largest natural gas provider to commercial and industrial companies.

我們也是第二大能源和能源服務供應商以及最大的商業和工業公司天然氣供應商。

If there's been one take away from today's discussion that you should have is that our business and financial outlook has never been stronger.

如果您從今天的討論中獲得了一點收穫，那就是我們的業務和財務前景從未如此強勁。

We are witnessing a structural long-term tightening in power supply and demand, driving a step change improvement in fundamentals.

電力供需長期結構性趨緊，推動基本面逐漸改善。

Customers across our platform are using more of our products and increasingly requesting premium customized experiences, as well as innovative offerings focused on convenience, sustainability and cost.

我們平台上的客戶越來越多地使用我們的產品，並且越來越多地要求優質的客製化體驗，以及注重便利性、永續性和成本的創新產品。

Our integrated platform enables us to stabilize and increase our near-term earnings, while capturing medium- to long-term growth opportunities.

我們的綜合平台使我們能夠穩定並增加短期收益，同時抓住中長期成長機會。

We generate significant excess cash well beyond our current business needs, resulting in the financial flexibility to grow earnings, while at the same time, returning substantial capital to our shareholders and maintaining a strong balance sheet.

我們產生的大量超額現金遠遠超出了我們當前的業務需求，從而具有增加收益的財務靈活性，同時向股東返還大量資本並保持強勁的資產負債表。

The strength of our business and financial outlook has positioned us to capitalize on what we believe to be the beginning stages of an exceptional time for our industry and an exciting time for our company, I have never been more excited about the opportunities in front of us than I am today.

我們的業務和財務前景的實力使我們能夠充分利用我們認為是我們行業特殊時期的開始階段和我們公司激動人心的時期，我對我們面前的機會從未如此興奮比我今天。

Let's dive into the key messages on Slide 5.

讓我們深入探討幻燈片 5 中的關鍵資訊。

Our business performance exceeded expectations in the second quarter and year-to-date.

我們第二季和年初至今的業務表現超出了預期。

We are reaffirming our financial guidance ranges and trending towards the upper end of that guidance range.

我們正在重申我們的財務指導範圍，並趨向於該指導範圍的上限。

Next, electrification trends compounded by gen AI data center and other large load growth continue to materialize.

接下來，由新一代人工智慧資料中心和其他大型負載成長所加劇的電氣化趨勢持續實現。

We expect competitive markets such as ours to realize outsized benefits from this trend, driven by business-friendly policies, available resources and the ability to cite projects quickly.

我們預計，在商業友善政策、可用資源和快速引用項目的能力的推動下，像我們這樣的競爭市場將從這一趨勢中實現巨大的利益。

Additionally, we have made progress on the strategic priorities discussed in our last earnings call.

此外，我們在上次財報電話會議中討論的策略重點方面取得了進展。

This includes submitting our brownfield development projects to the Texas Energy Fund and continuing to advance with our portfolio of sites.

這包括向德克薩斯能源基金提交我們的棕地開發項目，並繼續推進我們的場地組合。

Finally, we continue to fulfill our capital allocation commitments, with our share repurchase program underway and line of sight to achieving our balance sheet targets.

最後，我們繼續履行我們的資本配置承諾，股票回購計畫正在進行中，並致力於實現我們的資產負債表目標。

Turning to Slide 6, we delivered $935 million in adjusted EBITDA in the second quarter, a 14% year-on-year increase.

轉向投影片 6，我們第二季調整後 EBITDA 為 9.35 億美元，年增 14%。

This brings year-to-date adjusted EBITDA to $1.784 billion, up 22% from last year.

這使得年初至今調整後的 EBITDA 達到 17.84 億美元，比去年成長 22%。

Following this strong first half, we are reaffirming our financial guidance ranges and again, trending towards the upper part of that range.

繼上半年的強勁表現之後，我們重申了我們的財務指導範圍，並再次趨向於該範圍的上部。

All of our businesses are excelling and demonstrating strong performance across the board.

我們所有的業務都表現出色，並全面展示了強勁的業績。

Our consumer segments demonstrated strong year-on-year growth.

我們的消費群呈現強勁的年成長。

Home energy subscribers increased by 8% at stable margins.

家庭能源用戶成長 8%，利潤穩定。

Smart home had a 5% increase in subscribers and 7% growth in revenue and delivered industry-leading retention rates and expanded margins.

智慧家庭的用戶數量增加了 5%，收入增長了 7%，並實現了行業領先的保留率和擴大的利潤。

We continue to make substantial progress toward our virtual power plant offering and look forward to sharing more about that by the time of our third-quarter earnings call.

我們繼續在虛擬發電廠產品方面取得實質進展，並期待在第三季財報電話會議上分享更多相關資訊。

On the supply side, we continue to experience significant improvements in the availability and reliability of our generation assets, thanks to the investments we have made in them in recent years.

在供應方面，由於近年來我們對發電資產的投資，我們的發電資產的可用性和可靠性繼續得到顯著改善。

We are well prepared for the summer and winter seasons across our fleet after successfully completing our spring maintenance outages.

在成功完成春季維護停駛後，我們已為整個機隊的夏季和冬季做好了充分準備。

This level of preparedness helps ensure we can meet demand and consistently deliver exceptional service to our customers.

這種程度的準備有助於確保我們能夠滿足需求並始終如一地為客戶提供卓越的服務。

A shout out to our incredible team of plant operators, as our assets delivered 97% reliability during Hurricane Beryl in July, with no storm induced or caused outages or lost generation.

向我們令人難以置信的工廠營運商團隊致敬，因為我們的資產在 7 月的颶風 Beryl 期間提供了 97% 的可靠性，沒有風暴引發或導致停電或發電損失。

I'm also happy to report that our cost and growth synergies are on track.

我還很高興地報告，我們的成本和成長協同效應已步入正軌。

Today, we're reaffirming our plan of $550 million in synergies by end of 2025, and we remain on track to achieve our 15% to 20% free cash flow before growth per share growth target, even as our rising stock price means repurchasing shares at higher prices, much higher prices than projected a year ago.

今天，我們重申到 2025 年底實現 5.5 億美元協同效應的計劃，並且我們仍有望在每股增長目標之前實現 15% 至 20% 的自由現金流，儘管我們的股價上漲意味著回購股票價格更高，比一年前預計的價格高很多。

On share repurchases, we've completed $176 million of the current buyback program with $649 million to be completed over the balance of the year.

在股票回購方面，我們已經完成了 1.76 億美元的當前回購計劃，其中 6.49 億美元將在今年剩餘時間內完成。

Lastly, we are announcing the sale of Airtron HVAC, which will result in $400 million in net cash proceeds.

最後，我們宣佈出售 Airtron HVAC，這將帶來 4 億美元的淨現金收益。

Turning to Slide 7, I'd like to provide you a little additional context on the strong demand outlook we are seeing in Texas.

轉向幻燈片 7，我想為您提供一些關於我們在德克薩斯州看到的強勁需求前景的額外背景資訊。

In the first half of the year, Texas experienced over 3% weather-normalized load growth. setting new record peaks in January, April, and May.

今年上半年，德州的天氣正常化負荷成長超過 3%。 1月、4月、5月創下新高。

Looking ahead, ERCOT continues to anticipate substantial loan growth in the coming years.

展望未來，ERCOT 繼續預計未來幾年貸款將大幅成長。

ERCOT's latest projection indicates that more than 60 gigawatts of growth through 2030 will take place, driven by onshoring, data centers, and other large load customers.

ERCOT 的最新預測表明，在岸電、資料中心和其他大負載客戶的推動下，到 2030 年，裝置容量將出現超過 60 吉瓦的成長。

Notably, many of these new load are backed by contracts with the transmission and distribution utilities in ERCOT or have been confirmed by an officer of a TDU, adding credibility to the projected growth.

值得注意的是，其中許多新負載均得到了與 ERCOT 輸電和配電公用事業公司簽訂的合約的支持，或已得到 TDU 官員的確認，從而增加了預計增長的可信度。

Within our own portfolio, we continue to advance our 1.5 gigawatts of brownfield natural gas development in Texas.

在我們自己的投資組合中，我們繼續推進德克薩斯州 1.5 吉瓦的棕地天然氣開發。

We filed applications for all three projects with the Texas Energy Fund in June.

我們在六月向德州能源基金提交了所有三個項目的申請。

We anticipate the PUCT will announce later this month which projects are advancing to the due diligence phase, which is expected to last four to eight months, depending on the quality of the projects and their applications.

我們預計 PUCT 將在本月稍後宣布哪些項目正在進入盡職調查階段，該階段預計將持續四到八個月，具體取決於項目及其申請的品質。

Following that, loan agreements will be executed.

此後，將執行貸款協議。

We believe our projects are well situated for a timely approval given their shovel-ready nature and the completeness of the applications that we submitted.

我們相信，鑑於我們的專案已準備就緒以及我們提交的申請的完整性，我們的專案完全有能力及時獲得批准。

Finally, we've received numerous questions about our site portfolio since our first-quarter call.

最後，自第一季電話會議以來，我們收到了許多有關我們網站組合的問題。

Our [senior leader] devoted development team is diligently working to maximize the value of these sites.

我們的[高階領導]敬業的開發團隊正在努力工作，以最大限度地提高這些網站的價值。

As a reminder, our portfolio includes 21 sites encompassing 21,000 acres of land in competitive markets.

請注意，我們的投資組合包括 21 個地點，佔地 21,000 英畝，位於競爭激烈的市場中。

These sites are ideally suited for new large loads and power plant development, offering co-location opportunities both behind and in front of the meter.

這些站點非常適合新的大型負載和發電廠開發，提供電錶前後的共置機會。

To identify the sites best suited for data centers, key factors include access to water for cooling, premium fiber channel access for low latency, and existing grid access and infrastructure for rapid market entry.

為了確定最適合資料中心的站點，關鍵因素包括用於冷卻的水、用於低延遲的優質光纖通道存取以及用於快速進入市場的現有電網接入和基礎設施。

As you can see, our sites possess these attributes but also have potential for other large load applications.

正如您所看到的，我們的網站擁有這些屬性，但也具有其他大負載應用程式的潛力。

In the appendix, we provide several paths to value under consideration.

在附錄中，我們提供了幾種正在考慮的實現價值的途徑。

I look forward to discussing this more with you as we progress.

隨著我們的進展，我期待與您更多地討論這個問題。

With that, let me turn it over to Bruce Chung for the financial review.

接下來，讓我將其交給 Bruce Chung 進行財務審查。

Bruce?

布魯斯？

Thank you, Larry.

謝謝你，拉里。

Turning to Slide 9.

轉向幻燈片 9。

NRG delivered another strong quarter of financial and operational performance, with adjusted EBITDA of $935 million, an increase of $116 million over the prior year.

NRG 的財務和營運業績又一個強勁的季度，調整後 EBITDA 為 9.35 億美元，比上年增加 1.16 億美元。

Free cash flow before growth was $663 million, exceeding prior-year results by $238 million.

成長前自由現金流為 6.63 億美元，較上年同期成長 2.38 億美元。

Each segment of our business performed well, with much of the performance underscored by positive momentum and growing subscriber counts, increased volumes, and margin expansion.

我們的每個業務部門都表現良好，其中大部分業績都體現在積極的勢頭、用戶數量的成長、銷量的增加和利潤率的擴大。

Starting with our results in our east, west/services/other segments, we saw strong performance producing $282 million of adjusted EBITDA, a $184 million increase over the prior year. $132 million of the year-over-year increase came from the east segment, where an increase in subscriber counts and lower realized retail supply costs were the primary drivers of performance.

從東部、西部/服務/其他部門的業績開始，我們看到了強勁的業績，調整後 EBITDA 達到 2.82 億美元，比前一年增加了 1.84 億美元。年比成長的 1.32 億美元來自東部地區，該地區訂戶數量的增加和已實現零售供應成本的降低是業績的主要驅動力。

The remainder of the year-over-year growth was driven by a decrease in realized power supply costs in the west.

同比成長的其餘部分是由西部地區實現的供電成本下降所推動的。

Adjusted EBITDA in Texas for the second quarter was $452 million, a slight decline compared to prior year.

德州第二季調整後 EBITDA 為 4.52 億美元，與去年同期相比略有下降。

Texas performance was driven by favorable hedging activity, along with increased volumes and subscriber counts in the region.

德克薩斯州的表現受到有利的對沖活動以及該地區交易量和用戶數量增加的推動。

This favorability was offset by an estimated $40 million due to the impact of last year's STP and Gregory asset sales as well as $50 million in higher maintenance costs from the extended plant outage program we deployed in the quarter to ensure our plants are well positioned for this summer's operations and beyond.

由於去年STP 和Gregory 資產出售的影響，以及我們在本季度部署的延長工廠停運計劃以確保我們的工廠為此做好準備而增加的5000 萬美元維護成本，估計有4000 萬美元抵消了這種優惠。

This marks our third year of enhanced preventative investment to improve reliability and flexibility across our fleet.

這是我們第三年加強預防性投資，以提高整個機隊的可靠性和靈活性。

Our plants have performed well through the year, and we expect them to continue to do so as the summer rolls on.

我們的工廠全年表現良好，我們預計隨著夏季的到來，它們將繼續表現良好。

Our smart home business has continued to execute well, growing subscriber count by 5% and service margins by 4% year over year, and generating $201 million of adjusted EBITDA in the quarter.

我們的智慧家庭業務持續表現良好，用戶數量年增 5%，服務利潤率年增 4%，本季調整後 EBITDA 達到 2.01 億美元。

While that represents a slight decrease from the prior year, it is important to point out the decrease was primarily driven by an expected increase in the amortization of fulfillment expenses which began impacting EBITDA after we closed on the acquisition of the business.

雖然這比前一年略有下降，但重要的是要指出，下降的主要原因是履約費用攤銷的預期增加，這在我們完成收購業務後開始影響 EBITDA。

Absent this noncash impact and other nonrecurring adjustments, adjusted EBITDA for this segment would have shown an increase of 6% year over year.

如果沒有這種非現金影響和其他非經常性調整，該部門調整後的 EBITDA 將年增 6%。

Key performance indicators for the smart home segment continued to remain strong as the average smart home subscriber interacts with their systems more than 16 times per day, and we see this high level of engagement carried through to our best-in-class retention, which is nearly 90%.

智慧家庭領域的關鍵績效指標持續保持強勁，因為平均智慧家庭用戶每天與其係統互動超過 16 次，我們看到這種高水準的參與度體現在我們一流的保留率上，即接近90%。

Our free cash flow before growth came in at $663 million, $238 million higher than the prior year and driven by our significant growth in adjusted EBITDA and favorable working capital.

我們的成長前自由現金流為 6.63 億美元，比上年增加 2.38 億美元，這得益於我們調整後 EBITDA 的顯著成長和良好的營運資本。

We are reaffirming our 2024 guidance of $3.3 billion to $3.55 billion for adjusted EBITDA, and $1.825 billion to $2.075 billion for free cash flow before growth.

我們重申 2024 年調整後 EBITDA 為 33 億至 35.5 億美元的指導，成長前自由現金流為 18.25 億至 20.75 億美元的指導。

Our strong year-to-date performance, coupled with the investments we have made in our plants, give us confidence that we are trending towards the upper end of guidance.

我們今年迄今為止的強勁業績，加上我們對工廠的投資，讓我們相信我們正在朝著指導的上限發展。

We continue to see growth and momentum in our business platforms, and the continued execution of our diversified supply strategy positions us well through the remainder of the year.

我們繼續看到我們的業務平台的成長和勢頭，並且我們多元化供應策略的持續執行使我們在今年剩餘時間內處於有利地位。

Turning to Slide 10 for our current view of our 2024 capital allocation.

請參閱投影片 10，以了解我們對 2024 年資本配置的當前看法。

As you can see, there have been a few changes since our first-quarter call.

正如您所看到的，自我們第一季電話會議以來發生了一些變化。

We are on track to deliver on nearly $600 million of liability management initiatives and $1.2 billion in return of capital through share repurchases and the common dividend.

我們預計將實現近 6 億美元的負債管理計劃，並透過股票回購和普通股息實現 12 億美元的資本回報。

As I mentioned last time, the strength of our share price performance has made our convertible notes one of the most expensive pieces of paper in our capital structure.

正如我上次提到的，我們的股價表現強勁，使我們的可轉換票據成為我們資本結構中最昂貴的票據之一。

And we subsequently see the opportunity to mitigate that through strategic repurchases as part of our liability management program.

隨後，我們看到了透過策略回購來緩解這種情況的機會，作為我們負債管理計劃的一部分。

We repurchased $343 million or approximately 60% of the original issuance.

我們回購了 3.43 億美元，約佔原始發行量的 60%。

For the remainder of these notes, we have fully hedged the premium we will pay when the notes are retired.

對於這些票據的其餘部分，我們已完全對沖票據退役時將支付的溢價。

Turning briefly to share repurchases, we have completed $176 million of the $825 million share repurchase target for 2024 via open market repurchases, bringing us to over 40% of our total $2.7 billion authorization.

簡單來說一下股票回購，我們已經透過公開市場回購完成了 2024 年 8.25 億美元股票回購目標中的 1.76 億美元，占我們 27 億美元授權總額的 40% 以上。

We see tremendous value in buying our shares, and we'll continue to take advantage of our currently depressed stock price through share repurchases.

我們看到購買股票的巨大價值，我們將繼續透過股票回購來利用目前低迷的股價。

The only substantial change to our capital available for allocation relates to the sale of our Airtron HVAC business for $500 million, which will yield approximately $400 million of net proceeds.

我們可供分配的資本的唯一重大變化涉及以 5 億美元出售 Airtron HVAC 業務，這將產生約 4 億美元的淨收益。

We expect the transaction to close before the end of the year.

我們預計該交易將在今年年底前完成。

Finally, we now show $441 million of unallocated capital available for allocation in 2024 after taking into account the incremental $400 million of net proceeds from the Airtron transaction.

最後，考慮到 Airtron 交易增加的 4 億美元淨收益，我們現在顯示 2024 年可供分配的未分配資本為 4.41 億美元。

We will evaluate the use of this unallocated capital as we move into the latter part of the year and after closing of the Airtron sale.

我們將在今年下半年以及 Airtron 銷售結束後評估這筆未分配資本的使用。

With that, I will turn it back to you, Larry.

這樣，我會把它轉回給你，拉里。

Thank you, Bruce.

謝謝你，布魯斯。

On Slide 12, I'd like to share a few closing thoughts on our 2024 priorities and expectations.

在投影片 12 上，我想分享一些關於我們 2024 年優先事項和期望的結束語。

During the quarter, we've made significant progress on our strategic initiatives, and I'm confident we have the right platform and strategy to deliver on our commitments to both our customers and our shareholders.

在本季度，我們在策略舉措上取得了重大進展，我相信我們擁有正確的平台和策略來兌現我們對客戶和股東的承諾。

As CEO, I'm deeply committed to driving NRG forward to create significant additional shareholder value.

身為首席執行官，我堅定致力於推動 NRG 向前發展，創造顯著的額外股東價值。

We are seeing a long-term step change improvement in fundamentals across our platform.

我們看到整個平台的基本面發生了長期的逐步變化。

You can expect a continued heightened focus on operational excellence, prudent growth, and being good stewards of you, our investors', capital.

您可以期待我們繼續高度關注卓越營運、審慎成長以及成為您（我們投資者）資本的好管家。

I have never been more excited about the potential of our company than I am today.

我從來沒有像今天這樣對我們公司的潛力感到更加興奮。

Thank you for your time and continued interest in NRG.

感謝您抽出寶貴的時間以及對 NRG 的持續關注。

Operator, we're now ready to open the line for questions.

接線員，我們現在可以開通提問線路了。

(Operator Instructions) Shahriar Pourreza, Guggenheim.

（操作員指示）Shahriar Pourreza，古根漢。

Larry, I know since we last spoke, we've seen something like 40 to 60 gigs get in line for the energy fund.

拉里，我知道自從我們上次談話以來，我們已經看到大約 40 到 60 個演出在排隊申請能源基金。

Do you think the state could do a second fund of this one helps meet the demand?

您認為國家可以設立第二個基金來幫助滿足需求嗎？

Do you think this means the curves could revert to backwardation?

您認為這是否意味著曲線可能會恢復現貨溢價？

And could you get involved with more generation assuming an expanded program next year?

假設明年計劃擴大，您能否讓更多一代參與其中？

So do you have more bandwidth?

那麼你有更多的頻寬嗎？

Is that one question Shar or three?

莎爾，這是一個問題還是三個問題？

But all great questions.

但都是很好的問題。

And look, this date has talked about -- I think you probably saw the Governor and the Lieutenant Governor talk about adding a second tranche to the

看，這個日期已經討論過——我想你可能看到州長和副州長討論了在

[TAP].

[輕敲]。

And I think we'll then see what happens and what the availability is.

我想我們接下來會看看會發生什麼以及可用性如何。

I think the bigger question, Shar, is, first of all, how much of these are real, and we don't know yet.

莎爾，我認為更大的問題首先是，其中有多少是真實的，而我們還不知道。

We know that ours are shovel-ready.

我們知道我們的已經準備好了。

But if you look at people who've applied for transmission studies and the like, it's an awful lot less than 40 gig.

但如果你看看那些申請了傳輸研究等的人，你會發現這個數字遠低於 40 演出。

I think it's about 12 to be exact.

我認為準確地說大約是12。

And so there's a long way to go before a lot of those projects become real and ready to go.

因此，要讓這些項目成為現實並做好準備，還有很長的路要走。

Some of them, I'm sure will, but many will not.

我確信其中一些會，但很多人不會。

So I don't see the -- while in the short term, we've seen some fluctuation in curves, I don't see what we've seen from the TEF filings to have a major impact on what the long-term market is going to look like.

所以我不認為——雖然在短期內，我們看到了曲線的一些波動，但我不認為我們從 TEF 文件中看到的內容會對長期市場產生重大影響會看起來像。

I'm sorry, there was a second half to your question, Shar, I think?

抱歉，莎爾，你的問題還有後半部分，我想是吧？

Just assuming like you see an expanded program, do you guys have like kind of bandwidth to do additional generation?

假設您看到一個擴展的程序，您有類似的頻寬來進行額外的生成嗎？

Absolutely, we do if our customers and clients continue to need it and is optimal for our portfolio strategy.

當然，如果我們的客戶和客戶繼續需要它並且最適合我們的投資組合策略，我們就會這樣做。

Though remember, as we've talked about before, the lead times for development, primarily because of turbines and other equipment, is several years.

但請記住，正如我們之前討論過的，主要由於渦輪機和其他設備的開發週期需要數年。

So if you don't have a place in the turbine queue today, there's no way you're getting a new project online before 2030 at the earliest.

因此，如果您今天在渦輪機隊列中沒有位置，那麼最早在 2030 年之前就無法在線獲得新項目。

Got it.

知道了。

Perfect.

完美的。

And then just lastly, Larry, just on transitioning to EPS, I know I asked you this on the last call, but has your thoughts evolved around just maybe changing disclosures and guidance a little bit?

最後，拉里，關於過渡到每股收益，我知道我在上次電話會議上問過你這個問題，但是你的想法是否圍繞著可能稍微改變披露和指導而發生了變化？

My thoughts have evolved.

我的思想已經進化了。

I'll let Bruce expand on how my thoughts have evolved.

我會讓布魯斯詳細闡述我的想法是如何演變的。

Shar, I guess, in short, Larry's thoughts have evolved such that there hasn't been no change in terms of what we're thinking about.

莎爾，我想，簡而言之，拉里的思想已經演變，我們的想法並沒有任何改變。

I think what we had indicated last time is that we are working towards making that transition.

我認為我們上次表示我們正在努力實現這一轉變。

We see our third-quarter earnings as being the optimal time to be able to do that, and that's what we're currently working towards.

我們認為第三季收益是實現這一目標的最佳時機，這也是我們目前正在努力的方向。

Okay.

好的。

That's perfect color.

那是完美的顏色。

Larry, big congrats.

拉里，恭喜你。

I know a couple of quarters ago, I highlighted that we didn't want you to leave and just stay as the CEO.

我知道幾個季度前，我強調我們不希望你離開並繼續擔任執行長。

So we're glad the Board listened.

所以我們很高興董事會聽取了我們的意見。

Well, Shar, the thing has taken off like a rocket ship, you want to wait until you get to the stars before you get off.

好吧，莎爾，這東西已經像火箭飛船一樣起飛了，你要等到你到達星星後再起飛。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

I We're all trying to be as excited as you are, Larry, about the prospect of power markets.

拉里，我們都在努力像你一樣對電力市場的前景感到興奮。

I mean, clearly, the curves disagree.

我的意思是，很明顯，曲線不一致。

And I'm just wondering if you can explain to us why do you think we've had this short pullback in Texas power curves given the load outlook you see and we see.

我只是想知道您是否可以向我們解釋一下，考慮到您和我們所看到的負載前景，您認為為什麼德州電力曲線出現了短暫的回調。

Sure.

當然。

Angie, I'm going to let Rob kind of take you through that because it's something we talk about a lot.

安吉（Angie），我將讓羅布（Rob）帶您了解一下，因為這是我們經常談論的話題。

But Rob, maybe?

但羅布，也許吧？

Yes.

是的。

So Angie, obviously, we've seen the same moves and curves that you have.

所以，安吉，顯然，我們已經看到了與你相同的動作和曲線。

You know as well as I do that to start with, the long-term curve gets impacted by the noise of whatever is going on in the front end of the market.

你和我一樣知道，首先，長期曲線會受到市場前端發生的任何噪音的影響。

We've had a warm but not very pricey summer, and that's kind of impacted things out the curve.

我們度過了一個溫暖但價格不是很高的夏天，這對曲線上的事物產生了影響。

What I would tell you is as we look at these curves, regardless of whether or not you see a bunch of demand come into ERCOT or not, the back end of the curve actually looks like a place where we would be buyers, right?

我要告訴你的是，當我們觀察這些曲線時，無論你是否看到大量需求進入 ERCOT，曲線的後端實際上看起來像是我們成為買家的地方，對嗎？

So '27 and '28 summers look cheap.

所以27年和28年的夏天看起來很便宜。

The market itself is constructive -- or would be constructive, and we think these are the right levels that for us to step in because we think they're undervaluing what the curve looks like.

市場本身是建設性的——或者將是建設性的，我們認為這些是我們介入的正確水平，因為我們認為他們低估了曲線的樣子。

And that's before you add demand.

那是在增加需求之前。

So I'm pretty bullish on what the market looks like.

所以我非常看好市場的情況。

We feel very strongly about where our portfolio is.

我們對我們的投資組合的現狀有非常強烈的感覺。

And we think that our retail business will continue to churn out the earnings that it's done over time.

我們認為，隨著時間的推移，我們的零售業務將繼續創造盈利。

So I'm not very concerned about that curve.

所以我不太在意那條曲線。

Speaking about retail business, if you could talk to us about what's happening in New England.

說到零售業務，您能和我們談談新英格蘭正在發生的事情嗎？

Any potential reviews to the retail electric market and how that could impact your business?

對零售電力市場有任何潛在的審查以及這會對您的業務產生什麼影響？

This is Rasesh.

這是拉塞什。

To put the context of what's happening in the Northeast, our retail business overall performed a really -- delivered a strong quarter, with 8% subscriber growth, double-digit growth in volume, and strong margin performance.

就東北地區發生的情況而言，我們的零售業務整體表現非常出色，季度表現強勁，訂戶成長 8%，銷售成長兩位數，利潤率表現強勁。

In the northeast, there are a couple of things going on that we watch very carefully.

在東北部，我們非常仔細地關注正在發生的一些事情。

The regulatory environment and some of the changes in the specific states.

監管環境和特定州的一些變化。

As an example, Massachusetts ended up not making any changes.

例如，馬薩諸塞州最終沒有做出任何改變。

In Maryland, where we have seen some changes as a result of SD-1, that's a very, very small part of our overall earnings stream.

在馬裡蘭州，我們看到 SD-1 帶來的一些變化，這只是我們整體收入流中非常非常小的一部分。

And so the impact of that will be negligible to our results.

因此，這對我們的結果的影響可以忽略不計。

But we watch the environment very closely.

但我們非常密切地關注環境。

Okay.

好的。

And then back to the generation assets.

然後回到發電資產。

I mean, this whole discussion about new build and the need to actually supply additional generation capacity.

我的意思是，整個討論都是關於新建以及實際提供額外發電能力的需要。

I'm just wondering, I mean, those are assets with four-year lives and you guys are making decisions based on two to three-year visibility into the profitability of these assets.

我只是想知道，我的意思是，這些資產的使用壽命為四年，而你們是根據這些資產的盈利能力兩到三年的可見性來做出決策的。

So one is, how you approach the new build, given that previous cycles were very painful for IPPs.

因此，其中之一是，考慮到先前的周期對於 IPP 來說非常痛苦，您如何進行新的建置。

And two, is there a way to basically maybe pursue new build through long-term contracts as opposed to a truly merchant's new build?

第二，有沒有一種方法可以基本上透過長期合約來追求新建築，而不是真正的商人的新建築？

If the demand is truly there, one could argue that the demand should be comfortable with signing PPAs to support new build as opposed to just truly merchant assets, both actually in ERCOT and PJM.

如果需求確實存在，人們可能會認為，這種需求應該願意簽署購電協議來支援新建項目，而不是僅僅真正的商業資產，實際上是在 ERCOT 和 PJM 中。

Angie, I'm going to let Rob expand on that.

安吉，我將讓羅布進一步闡述這一點。

But remember that we have the ability to contract and use all of the power -- this isn't a merchant build for us.

但請記住，我們有能力簽訂合約並使用所有權力——這不是為我們建造的商人。

We have the ability to cross it to ourselves or utilize it ourselves.

我們有能力將它傳遞給我們自己或我們自己利用它。

And so we're not doing speculative merchant build.

所以我們不會進行投機性的商業建設。

That's not the business that we're in.

那不是我們從事的業務。

This is part of the supply stack that Rob and team are really crucially putting together to meet all of our customers' needs going forward.

這是 Rob 和團隊真正至關重要的供應堆疊的一部分，以滿足我們所有客戶的未來需求。

But I don't know, Rob, do you want to?

但我不知道，羅布，你願意嗎？

Larry covered it.

拉里蓋住了它。

This is for our portfolio.

這是我們的投資組合。

Like these assets were designed, built, and planned to support the retail portfolio regardless of what we see long term.

就像這些資產的設計、建造和規劃是為了支持零售投資組合，無論我們的長期前景如何。

We have a long-term consumer-facing business, and these support that.

我們有長期面向消費者的業務，這些都支持了這一點。

And nothing about potential long-term contracts?

對潛在的長期合約一無所知？

I'm clearly fishing for some comments about those brownfield sites as the monetization of those could come through newbuilds backed by PPAs.

我顯然正在尋找有關這些棕地的一些評論，因為這些棕地的貨幣化可以透過購電協議支持的新建項目來實現。

So Angie, we consider the sites and the strategy that we do with the sites.

安吉，我們考慮這些網站以及我們對這些網站的策略。

So as we've disclosed before, two-thirds of those at least are up in PJM, where we don't play with generation quite as much as we do down in Texas.

因此，正如我們之前所披露的，其中至少有三分之二是在 PJM，在那裡我們不像德克薩斯州那樣頻繁地對待一代人。

All of the answers that Larry and I just gave were in reference to the three new build projects that are on the way.

拉里和我剛剛給出的所有答案都是針對正在進行的三個新建項目的。

When I think about the sites themselves, if we have an opportunity to build generation on one of those sites and it's for a customer, then we obviously will be thinking about PPAs and different structures to support the capital for those.

當我考慮這些站點本身時，如果我們有機會在其中一個站點上為客戶發電，那麼我們顯然會考慮購電協議和不同的結構來支援這些站點的資本。

[Antoine Oraman], Jefferies.

[安托萬·奧拉曼]，杰弗里斯。

Congrats on the results.

祝賀結果。

Larry, congrats on the permanent appointment.

拉里，恭喜你獲得永久任命。

I guess on that note, just more broadly taking a step back, how do you think about just the strategic trajectory of the company under your new leadership?

我想在這一點上，更廣泛地說，您如何看待新領導下公司的策略軌跡？

So over the past years, NRG [deemphasized] physical generation, asset-light strategy.

所以在過去的幾年裡，NRG[不再強調]物理發電、輕資產策略。

Do you think that's still the best positioning in the current market conditions?

您認為這仍然是當前市場條件下的最佳定位嗎？

And any other strategic shifts we should be considering?

我們還應該考慮其他任何戰略轉變嗎？

I mean, Antoine, I think our strategy isn't changing, but I never really like the description asset-light.

我的意思是，安托萬，我認為我們的策略沒有改變，但我從來都不喜歡輕資產這個描述。

I've always considered it to be supply optimal.

我一直認為這是供應最優的。

I mean, a good mix of our own generation and other instruments [or tolls] in order to be able to do that, and that's continuing.

我的意思是，我們這一代和其他工具（或通行費）的良好組合才能做到這一點，而且這種情況仍在繼續。

One of the reasons we would like to have more iron than we did a year or two ago is because our customers and clients are demanding more electricity.

我們希望比一兩年前擁有更多的鐵，原因之一是我們的顧客和客戶需要更多的電力。

And so as we construct the appropriate supply portfolio or supply stack up, as in we optimize that, having more hard metal in the ground is a good thing for us.

因此，當我們建立適當的供應組合或供應堆疊時，就像我們優化它一樣，擁有更多的硬金屬對我們來說是一件好事。

And so we're doing that.

所以我們正在這樣做。

But we're also going to have more of the other types of instruments that we use as well because, as you can see from this presentation, and I know you follow the industry so you don't need me to tell you, the growth in power demand is continuing and we need to be in a position to meet our clients' needs to do that.

但我們也將擁有更多我們使用的其他類型的工具，因為正如您從本次演示中看到的那樣，我知道您關注這個行業，所以您不需要我告訴您，增長電力需求持續增長，我們需要能夠滿足客戶的需求才能做到這一點。

Yes.

是的。

That makes sense.

這是有道理的。

And then I guess on the data center opportunity, could you maybe comment on status of any discussions you may have with data center providers, type of contracts that you may be contemplating, how advanced you are in negotiation process?

然後我想關於資料中心的機會，您能否評論一下您可能與資料中心提供者進行的任何討論的狀態，您可能正在考慮的合約類型，您在談判過程中的進展如何？

And how should we think about timeline potential announcements?

我們應該如何考慮潛在公告的時間表？

Antoine, one of the things we did was we were getting so many inbounds that we just kind of pulled back for a strategic review of it all.

安托萬，我們所做的一件事是我們收到了太多的界內球，以至於我們只是撤回對這一切進行戰略審查。

And you can see the kinds of things we're contemplating on that slide in the appendix, is it 18 -- or 21, sorry.

你可以在附錄的投影片上看到我們正在考慮的事情，是 18 還是 21，抱歉。

And I think as we land on a strategy, we're obviously going to share that with you, and I'm sure that will be sometime probably before the end of the year.

我認為，當我們制定一項策略時，我們顯然會與您分享，而且我確信這可能會在今年年底之前的某個時候。

But we were getting lots of people throwing us bids for our sites, and we're like, well, we know they think we're just a bunch of power guys who don't know anything about data centers.

但是，有很多人向我們競標我們的網站，我們就像，好吧，我們知道他們認為我們只是一群對資料中心一無所知的權力人物。

So that's what they're bidding us.

這就是他們對我們的要求。

We really need to look at this because it means there's a lot more value in there than the bids that we're receiving.

我們確實需要考慮這一點，因為這意味著其中的價值比我們收到的出價要高得多。

So I can't really comment too much more on it now, but look forward to sharing more with you as we have it.

所以我現在不能對此發表太多評論，但期待與您分享更多。

Fair enough.

很公平。

And then lastly, on the $400 million of net proceeds [from] HVAC divestiture, I guess, somewhat unexpected.

最後，關於 HVAC 剝離帶來的 4 億美元淨收益，我想這有點出乎意料。

Where do you expect to allocate that for cash?

您預計將其現金分配到哪裡？

Yes, from an allocation standpoint, we'll certainly provide more visibility around the allocation once we close and we get the proceeds in place, but you should expect that will remain consistent with our capital allocation principles.

是的，從分配的角度來看，一旦我們結束並獲得收益，我們肯定會提供更多有關分配的可見性，但您應該期望這將與我們的資本分配原則保持一致。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Congrats, Larry.

恭喜，拉里。

So just a couple of kind of near-term questions first.

首先是一些近期問題。

How should we think about if we do end up having a milder lower-priced summer in Texas, you've done a lot to kind of make sure you are ready for a high-priced hot summer, just protection from the opposite.

如果我們最終在德克薩斯州度過了一個溫和的低價夏季，我們應該如何考慮，你已經做了很多工作來確保你為高價炎熱的夏季做好了準備，只是防止相反的情況發生。

And I assume that's kind of embedded in saying to the upper end, but just, Larry, how should we think about that?

我認為這有點嵌入到對高端的說法中，但拉里，我們應該如何考慮這一點？

Steve, it's Rob.

史蒂夫，我是羅布。

We don't talk about it often, but we also do manage to the downside.

我們不常談論它，但我們也確實克服了負面影響。

The great thing about our portfolio is that we have those assets that we can turn down in markets that aren't constructive, like you've seen for the last two quarters.

我們投資組合的偉大之處在於，我們擁有可以在不具建設性的市場中拒絕的資產，就像您在過去兩個季度所看到的那樣。

As far as the way we look forward into the year, we contemplate both up and down scenarios and where we feel we're going to land on guidance.

就我們對今年的展望而言，我們考慮了上漲和下跌的情況，以及我們認為我們將在哪裡獲得指導。

Okay.

好的。

And then also just kind of more -- we had this PJM auction outcome.

然後還有更多 - 我們得到了 PJM 拍賣結果。

Just how should we think about that capacity price flow through the retail business?

我們該如何看待零售業務中的容量價格流動？

I don't know how much you've already contracted or it's just not enough of a scale to matter much.

我不知道你已經簽了多少，或者只是規模還不夠重要。

Yes.

是的。

So the BRA print for this last auction is indicative of kind of the supply, demand structure that we kind of see across the country.

因此，最後一次拍賣的 BRA 印刷品表明了我們在全國範圍內看到的供需結構。

So it's going to provide additional dollars towards generation.

因此，它將為發電提供額外的資金。

We don't have a very large portfolio in PJM.

我們在 PJM 方面沒有非常大的投資組合。

So it is what it is.

所以事情就是這樣。

On the C&I and retail side, think about our consumer business is very short term.

在工商業和零售方面，我們的消費者業務是非常短期的。

So don't expect a lot of impact there.

所以不要指望那裡會產生很大的影響。

And then on the C&I side, we contract with these guys.

然後在 C&I 方面，我們與這些人簽訂合約。

And depending on what changes in the markets, we can use change in law depending on what happens if we chose.

根據市場的變化，我們可以根據我們選擇的情況來使用法律變更。

But as we look at the impacts to the book, on the retail side, it's de minimis, Steve.

但當我們審視這本書對零售的影響時，史蒂夫，這是微不足道的。

It's nothing that I would even talk about.

我什至都不想談論這件事。

Okay.

好的。

And then just to go back to Texas new build, so obviously, the TEF has the low-cost loans and performance bonuses and the like.

然後回到德克薩斯州的新建項目，很明顯，TEF 擁有低成本貸款和績效獎金等。

But then you do have to kind of have a market price for return on equity.

但你確實必須有一個股本報酬率的市場價格。

I mean, is your messaging that basically, hey, this works for us at any forward curve?

我的意思是，您的訊息基本上是，嘿，這對我們在任何遠期曲線都有效嗎？

And just how should we think about kind of projecting equity?

我們應該如何考慮預測資產的類型？

I know you don't mean any forward curves, Steve.

我知道你指的不是任何向前的曲線，史蒂夫。

I don't, but I'm just trying to understand the thought process on.

我不知道，但我只是想了解其思考過程。

We actually believe that a depressed curve was reality that would (inaudible) was reality that would obviously impact our decision.

我們實際上認為，曲線下降是現實，這將（聽不清楚）是明顯影響我們決定的現實。

But as Rob discussed earlier, what we're really seeing in terms of increased demand is somewhat belies the short-term blip in the curve.

但正如羅布之前討論的那樣，我們真正看到的需求成長在某種程度上掩蓋了曲線中的短期波動。

But we look at that all the time.

但我們一直在關注這一點。

There is a place where we wouldn't do the project.

有一個地方我們不會做這個專案。

I don't think -- we're not there today.

我不認為——我們今天不在那裡。

Steve, the one thing I would add to the math, or as you think about like the value of these assets, flexible gas generation is a function of both power price, but it's also a function of volatility.

史蒂夫，我要在數學中添加的一件事，或者當你思考這些資產的價值時，靈活的天然氣發電既是電價的函數，也是波動性的函數。

And so the volatility curves, which are not very transparent, you can't see them by looking in the megawatt daily, those are still up.

因此，波動率曲線不是很透明，你無法透過每天查看兆瓦來看到它們，這些曲線仍然在上升。

And so the value of these projects as something that can move around with our load continues to support us developing them and putting them into the portfolio.

因此，這些項目作為可以隨我們的負載移動的東西的價值繼續支持我們開發它們並將它們放入投資組合中。

Got it.

知道了。

That's helpful.

這很有幫助。

And then one last quick one just on the Q3 disclosures.

最後快速介紹一下第三季的揭露情況。

You've talked about the earnings and VPPs.

您談到了收益和 VPP。

Just the site, the 21 sites, do you think we'll get some update on the kind of the Q3 call?

只是網站，21 個網站，您認為我們會得到有關第三季電話會議類型的一些更新嗎？

Or is that more late year or next year?

還是說是年底或明年更晚？

Like, what timeline on that?

例如，什麼時間表？

We're pushing to do that, but it's a slow and iterative process a bit, Steve.

我們正在努力做到這一點，但這是一個緩慢且反覆的過程，史蒂夫。

So I'm sure we'll have some updates.

所以我確信我們會有一些更新。

It may not be as complete a one as you all would like.

它可能並不像大家所希望的那樣完整。

That may have to wait until the first quarter of next year or some conference in between.

這可能要等到明年第一季或中間的一些會議。

But we are working expeditiously, but it's more important that we get it right than do it fast.

但我們正在迅速開展工作，但正確地做比快速地做更重要。

Neil Kalton, Wells Fargo.

尼爾卡爾頓，富國銀行。

Just a quick question on economic outlook.

只是一個關於經濟前景的簡單問題。

So we've seen a softening in the consumer side.

所以我們看到消費者方面的疲軟。

Like how do you think about the impacts to your business, thinking both the home security business, retail energy as well.

就像您如何看待對您業務的影響，同時考慮家庭安全業務和零售能源業務。

Are you seeing any evidence that the consumer is stepping back, weakness, et cetera?

您是否看到任何證據表明消費者正在退縮、疲軟等？

Neil, this is Rasesh.

尼爾，這是拉塞什。

We delivered a really strong quarter with 5% year-over-year subscriber growth, 7% revenue growth for the smart home business.

我們的季度表現非常強勁，用戶年增 5%，智慧家居業務收入成長 7%。

And think of that as that's in an environment where we have high interest rates and a slowdown in housing activity.

並認為這是在我們利率高且房地產活動放緩的環境中。

As that normalizes, we would expect that to potentially deliver a tailwind to the business.

隨著這種情況的正常化，我們預計這可能會為業務帶來推動力。

And I think it's largely a function of the fact that we've had a business that has a very high-quality customer base with an average FICO score of greater than 700.

我認為這很大程度上是因為我們的業務擁有非常高品質的客戶群，平均 FICO 分數超過 700 分。

And so you saw we posted near all-time record results for customer retention, which is almost at 90% on an annualized basis.

因此，您看到我們發布了接近歷史記錄的客戶保留率結果，每年計算幾乎達到 90%。

And we're still largely in an underpenetrated market.

而且我們很大程度上仍然處於一個滲透不足的市場。

And so we see opportunities to not only continue to grow the customer base at the mid-single-digit rate but also grow the number of devices and services we provide to the customer within the home.

因此，我們看到了機會，不僅可以繼續以中等個位數的速度擴大客戶群，而且可以增加我們為家庭客戶提供的設備和服務的數量。

And so we feel really, really good about our position and with the potential for a tailwind if rates normalize and housing activity picks up.

因此，我們對自己的處境感到非常非常好，如果利率正常化並且房地產活動回升，我們就有可能獲得順風車。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

Larry, congrats.

拉里，恭喜。

I've got two questions.

我有兩個問題。

First, just for housekeeping, August 29, will we guess a list of projects?

首先，只是為了整理一下，8月29日，我們會猜測一個項目清單嗎？

Will that be formally announced?

會正式宣布嗎？

Or how will we know which ones kind of made it to the second round of due diligence by the PUCT?

或者我們如何知道哪些類型進入了 PUCT 的第二輪盡職調查？

This is Chris.

這是克里斯。

Yes.

是的。

What we've been led to believe is that the PUCT will have either an order or a draft order, which would list the assets, the projects that are moving forward towards due diligence.

我們一直相信 PUCT 將有一份命令或一份草案命令，其中將列出資產以及正在進行盡職調查的項目。

And that has been targeted for the August 29 meeting.

這也是 8 月 29 日會議的目標。

Okay.

好的。

Perfect.

完美的。

And then just, Larry, back to you.

然後，拉里，回到你身邊。

As you take the permanent role, obviously, there was this transaction announced here, are there other noncore assets that we could potentially see being liquidated for cash proceeds back into the core portion of the company?

當你擔任永久角色時，顯然，這裡宣布了這項交易，我們是否可能會看到其他非核心資產被清算，以將現金收益重新註入公司的核心部分？

How are you thinking through that?

你覺得怎麼樣？

Look, I mean, we always look to optimize everything we own.

聽著，我的意思是，我們總是尋求優化我們所擁有的一切。

I guess, there's nothing on the horizon that I see that would be divestible, but sometimes people walk in the door with very attractive offers for things that we own, and we would be silly not to take a look at those, especially given we have a broad and amazing range of opportunities, number one, in which to invest capital.

我想，在我看來，沒有什麼是可以剝離的，但有時人們會帶著對我們擁有的東西非常有吸引力的報價走進大門，如果我們不去看看這些東西，那就太愚蠢了，特別是考慮到我們有第一，投資資本的機會範圍廣泛且令人驚嘆。

And number two, we have a very undervalued stock in which to invest capital as well.

第二，我們還有一隻被嚴重低估的股票可供投資。

So when we look at those two things, if we can make a transaction that makes sense, we'll obviously do that.

因此，當我們考慮這兩件事時，如果我們能夠進行有意義的交易，我們顯然會這樣做。

I don't see anything on the horizon today, but if the opportunity arises, we will certainly look at it hard and try to take advantage of it.

我今天沒有看到任何事情，但如果機會出現，我們一定會認真考慮並嘗試利用它。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was just curious on the PJM market, just reflecting on the capacity print that we just saw, is there an opportunity for you to look at new build there?

我只是對 PJM 市場感到好奇，只是反思了我們剛剛看到的產能列印，您是否有機會關注那裡的新建項目？

Like, this newbuild economics work at this point?

就像，這種新建經濟學在這一點上有效嗎？

And do you have any opportunities to look at that market in terms of power plant expansion?

您是否有機會在電廠擴建方面關注該市場？

It's Rob.

是羅布。

So the print is constructive as it comes to actually highlighting the supply-demand picture in the market.

因此，該印刷品具有建設性，因為它實際上突出了市場的供需狀況。

So I think that's a positive.

所以我認為這是積極的。

We have new build sites, which regardless -- or we have sites.

我們有新的建築工地，不管怎樣──或者我們有工地。

Regardless if we're new building or not, that print is definitely supportive in the overall value as we think about them from a development perspective, whether that's for load or for generation.

無論我們是否是新建築，當我們從開發角度考慮它們時，無論是用於負載還是發電，該印刷品絕對支持整體價值。

The one thing I would tell you, David, is that one print isn't going to get a bunch of generation running into the market.

大衛，我要告訴你的一件事是，一張印刷品不會讓一代人進入市場。

So I wouldn't expect to see a whole bunch of people applying to build generation based on one PJM print, but we do have another mark in December, which I expect would be supportive.

所以我不希望看到一大群人申請基於一張 PJM 印刷品構建一代，但我們在 12 月確實有另一個標記，我希望這會是支持性的。

And so the supply dynamics in PJM aren't going to improve anytime soon.

因此，PJM 的供應動態不會很快得到改善。

But I believe that, ultimately, competitive energy players are rational and will build when it makes sense.

但我相信，最終，有競爭力的能源參與者是理性的，並且會在有意義的時候進行建造。

That's helpful.

這很有幫助。

And just maybe expanding on that a little bit, do you have a sense as to when new gas plants could realistically get built in the PJM market, given the supply chain challenges that you mentioned in your outlook for energy prices, too, in the context of that?

考慮到您在能源價格展望中提到的供應鏈挑戰，您是否知道 PJM 市場何時可以真正建造新的天然氣工廠？

So there's two challenges in PJM.

所以 PJM 面臨兩個挑戰。

One, it's PJM-specific, and that's the interconnection queue, right?

第一，它是 PJM 特定的，那就是互連隊列，對吧？

It's very deep and very slow.

它非常深而且非常慢。

And so it's probably frustrating a lot of people.

所以這可能會讓很多人感到沮喪。

The second piece is the one that is a global issue, which Larry alluded to earlier, which is if you want to build a power plant today and you're not in the queue, you're not going to get anything on the ground before 2030.

第二件事是一個全球性問題，拉里之前提到過，如果你今天想建造一座發電廠，而你不在隊列中，那麼你之前不會得到任何東西。

So demand is coming faster than that supply window.

因此，需求的成長速度快於供應窗口。

So I expect tight markets, both from a capacity and an energy perspective, over the next several years.

因此，我預計未來幾年市場將趨緊，無論是從產能或能源角度來看。

I am showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I will turn it back over to Larry Coben for closing remarks.

我將把它轉回給拉里·科本 (Larry Coben) 作結束語。

Thank you all for being on the call and for your interest in NRG, and, on a more personal note, for all the kind words and congratulations on my appointment.

感謝大家的來電以及對 NRG 的興趣，並且，更個人地說，感謝大家對我的任命表示友好的話和祝賀。

I'm here, and we're all here because we are super excited about the future of NRG.

我在這裡，我們都在這裡，因為我們對 NRG 的未來感到非常興奮。

I think you all know that I've been here for 20 years, and I've never been more excited or more optimistic about the prospects.

我想你們都知道，我在這裡已經20年了，我對前景從未如此興奮和樂觀。

So I hope you'll stick with us and join us as we continue to execute well and take advantage of the amazing strategic opportunities and initiatives in front of us.

因此，我希望您能繼續支持我們並加入我們，我們將繼續出色地執行並利用擺在我們面前的令人驚嘆的策略機會和舉措。

Thank you all very much.

非常感謝大家。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes the program.

程式到此結束。