NRG Energy Inc (NRG) 2025 Q2 法說會逐字稿

We can get started.

我們可以開始了。

Good day, and thank you for standing by. Welcome to the NRG Energy second quarter earnings conference call. (Operator Instructions) This conference is being recorded.

您好，感謝您的支持。歡迎參加 NRG Energy 第二季財報電話會議。（操作員指示）本次會議正在錄製。

I would now like to hand the conference over to your first speaker today, Brendon Milhem, Head of Investor Relations. Dear sir, please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係主管布倫登·米爾赫姆 (Brendon Milhem)。尊敬的先生，請繼續。

Thank you. Good morning and welcome to NRG Energy's second quarter of 2025 earnings call. This morning's call is being broadcast live over the phone and via webcast. The webcast presentation and earnings release can be located in the investors section of our website at www.nrg.com under presentations and webcast.

謝謝。早安，歡迎參加 NRG Energy 2025 年第二季財報電話會議。今天上午的電話會議將透過電話和網路直播進行。網路廣播簡報和收益報告可在我們網站 www.nrg.com 的投資者部分中的簡報和網路廣播下找到。

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. We urge everyone to review the safe harbor today's presentation, as well as the risk factors in our FCC files.

實際結果可能存在重大差異。我們敦促大家審查今天演示的安全港以及我們的 FCC 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，我們不承擔因未來事件而更新這些聲明的義務。

In addition, we'll refer to both GAAP and non-gap financial measures. For information regarding our non-gap financial measures and reconciliation to the most directly comparable GAAP measures, please refer to today's presentation and release. With that, I will now turn it over to Larry Covin, chair, President and Chief Executive Officer.

此外，我們將參考 GAAP 和非差距財務指標。有關我們的非差距財務指標以及與最直接可比較的 GAAP 指標的調節的信息，請參閱今天的介紹和發布。現在，我將把時間交給董事長、總裁兼執行長 Larry Covin。

Thank you, Brendan. Good morning, everyone, and thank you for your interest in NRG. I'm joined this morning by Bruce Chung, our Chief Financial Officer. Other members of the management team are also on the line and available for questions. Also with us, and I'd like to welcome Brad Bentley, who joined last week as our new Head of Consumer.

謝謝你，布倫丹。大家早安，感謝大家對 NRG 的關注。今天上午，我們的財務長 Bruce Chung 也和我一起出席了會議。管理團隊的其他成員也在線並可以回答問題。另外，我還要歡迎布拉德本特利 (Brad Bentley)，他上週加入我們，擔任新的消費者主管。

Brad is on the call today, but will not be taking questions unless you want to ask him why he's so excited to be here. In that case, he is more than ready, and I encourage you to do so.

布拉德今天參加了電話會議，但不會回答問題，除非你想問他為什麼這麼興奮來到這裡。在這種情況下，他已經做好了充分的準備，我也鼓勵你這麼做。

So let's begin with the key messages shown on Slide 4. First, we delivered strong second quarter results, completing an exceptional first half of 2025. We are reaffirming our full year financial guidance across all key metrics and are currently trending at the high end of the ranges.

那麼讓我們從幻燈片 4 上顯示的關鍵資訊開始。首先，我們取得了強勁的第二季業績，為 2025 年上半年畫上了圓滿的句點。我們重申了所有關鍵指標的全年財務指導，目前趨勢處於區間的高端。

Second, we are announcing long-term retail power agreements with a data center operator for 295 megawatts with the potential to grow up to 1 gigawatt over time. This validates our strategy and provides evidence of the growing interest in gas-fired power for data centers.

其次，我們宣布與一家資料中心營運商達成 295 兆瓦的長期零售電力協議，並且隨著時間的推移有可能成長到 1 千兆瓦。這驗證了我們的策略，並證明了人們對資料中心燃氣發電的興趣日益濃厚。

Third, the T.H. Wharton project has closed its Texas Energy Fund loan. Construction is well underway, and we remain on track for a mid 2026 completion. Finally, our Texas Residential Virtual Power Plant is off to a fast start. Early results have exceeded expectations, and we are increasing our 2025 target by more than sevenfold.

第三，T.H.華頓商學院計畫已經結束其德州能源基金貸款。施工正在順利進行中，預計將於 2026 年中期完工。最後，我們的德州住宅虛擬發電廠已快速啟動。早期成果已經超出預期，我們將 2025 年的目標提高了七倍以上。

Turning to Slide 5. Adjusted earnings per share for the second quarter were $1.73, reflecting an 8% growth year-over-year when normalized for asset sales and retirements. For the first half of '25, adjusted EPS was $4.42, representing an increase of 48% on the same basis.

翻到幻燈片 5。第二季調整後每股收益為 1.73 美元，以資產出售和退休標準計算，年增 8%。25 年上半年，調整後每股盈餘為 4.42 美元，年增 48%。

Our performance was driven by expanded consumer margins, strong results in the East gas business, record Smart Home retention and favorable weather early in the year. It reflects broad-based strength across our business.

我們的業績得益於消費者利潤率的擴大、東部天然氣業務的強勁業績、創紀錄的智慧家庭保留率以及年初的有利天氣。它體現了我們整個業務的廣泛實力。

On the right side of the page are some key developments in the quarter. We delivered top decile safety performance and continued executing our capital return plan. The Rockland acquisition closed during the quarter, and those Texas assets were integrated into our portfolio before the beginning of summer.

頁面右側是本季的一些關鍵發展。我們實現了最高十分之一的安全性能，並繼續執行我們的資本回報計劃。羅克蘭的收購在本季完成，這些德州的資產在夏季開始之前被整合到我們的投資組合中。

We also announced the acquisition of a 13-gigawatt natural gas generation portfolio and a 6-gigawatt commercial and industrial virtual power plant platform from LS Power. This transaction expands our footprint in PJM and ERCOT, strengthens our position in 2 of the most attractive power markets in the country and enhances our ability to serve customers in large loads.

我們也宣布從 LS Power 收購 13 千兆瓦天然氣發電組合和 6 千兆瓦商業和工業虛擬發電廠平台。此次交易擴大了我們在 PJM 和 ERCOT 的業務範圍，鞏固了我們在美國兩個最具吸引力的電力市場中的地位，並增強了我們為大負載客戶提供服務的能力。

It also meaningfully accelerates our long-term earnings growth targets, strengthens our asset portfolio and increases our exposure to upside from data center demand. Closing remains on track for the first quarter of next year. Our key growth initiatives also move forward. The Texas residential VPP launched in the spring and greatly exceeded initial expectations, and we closed the Texas Energy Fund loan with the T.H. Wharton project.

它也顯著加速了我們的長期獲利成長目標，增強了我們的資產組合，並增加了我們對資料中心需求上行空間的曝險。交易將於明年第一季按計劃完成。我們主要的成長舉措也在向前推進。德州住宅 VPP 於春季啟動，大大超出了最初的預期，我們透過 T.H. Wharton 專案完成了德州能源基金貸款。

Finally, we continue to scale our large load and data center strategy. We signed long-term power agreements with data center customers, advanced commercial discussions with multiple parties and continued development at key sites.

最後，我們繼續擴大我們的大負載和資料中心策略。我們與資料中心客戶簽署了長期電力協議，與多方進行了深入的商業洽談，並在重點站點持續發展。

Let me now turn to Slide 6. Today, we are announcing, as I said, long-term retail power agreements with a data center operator. The agreement includes an initial 295-megawatt commitment served by grid power. The deal also includes a 10-year initial term with options to extend for 20 years. Pricing is above the midpoint of our target range and features protected margins.

現在請容許我翻到第 6 張投影片。今天，正如我所說，我們宣布與資料中心營運商達成長期零售電力協議。該協議包括由電網電力提供的初始 295 兆瓦承諾。該協議還包括 10 年的初始期限，可選擇延長 20 年。定價高於我們的目標範圍的中點，且利潤率受到保護。

Operations are expected to reach full capacity in 2030. We are actively working to expand this agreement to 500 megawatts with a long-term path to 1 gigawatt across additional sites.

預計 2030 年將達到滿載營運。我們正積極努力將協議的發電量擴大至 500 兆瓦，並計劃長期在更多站點將發電量擴大至 1 千兆瓦。

Our capital requirements are limited in this regard, and the returns are compelling. Future announcements will follow the same structure with details focused on capacity, term length and indicative pricing. On the right side of the slide, we highlight the broader progress underway with respect to data centers. In addition to today's announcement, we have over 4 gigawatts of joint development agreements and letters of intent across multiple sites. Our long-term pipeline extends well beyond that.

我們在這方面的資本要求有限，而且回報也很誘人。未來的公告將遵循相同的結構，細節重點關注容量、期限長度和指示性定價。在投影片的右側，我們重點介紹了資料中心方面正在取得的更廣泛的進展。除了今天的公告之外，我們還有超過 4 千兆瓦的跨多個站點的聯合開發協議和意向書。我們的長期管道遠不止於此。

Remember also, we have 2.4 gigawatts of natural gas turbines reserve for future development, which can be activated when supported by long-term data center contracts. This is a great moment for NRG. It brings high-quality recurring cash flow and affirms our ability to serve the next generation of large power customers, and we are just getting started.

還要記住，我們有 2.4 千兆瓦的天然氣渦輪機儲備供未來開發，可以在長期資料中心合約的支持下啟動。對於 NRG 來說，這是一個偉大的時刻。它帶來了高品質的經常性現金流，並肯定了我們服務下一代大型電力客戶的能力，而我們才剛起步。

Moving to slide 7. Our T.H. Wharton project has closed its loan under the Texas Energy Fund. Construction is well underway, and the project remains on track to end commercial operations in mid-2026. NRG is proud to lead the way and will likely be the first company to bring new capacity online through this program, which supports reliability and strengthens the Texas grid.

移至幻燈片 7。我們的 T.H. 沃頓計畫已結束其在德克薩斯能源基金下的貸款。建設工作正在順利進行，該項目預計將於 2026 年中期結束商業運營。NRG 很榮幸能夠引領這一潮流，並可能成為第一家透過該計劃將新容量投入使用的公司，這將支持可靠性並加強德克薩斯州電網。

We also have two additional projects totaling 1.1 gigawatts, progressing through the TEF due diligence process. With expected commercial operation in 2028, we remain confident in their advancement. We have filed for completion bonus grants for all three projects and are on track to qualify for them.

我們還有兩個總計 1.1 千兆瓦的額外項目正在透過 TEF 盡職調查流程。預計 2028 年將實現商業運營，我們對他們的進步充滿信心。我們已經為所有三個項目申請了完工獎金補助，並且有望獲得補助。

Lastly, Texas Senate Bill 6 was signed into law in June. This legislation provides new tools to support reliability and improve long-term planning in the ERCOT market. We appreciate the continued leadership of the governor, lieutenant governor, legislature, PUCT and ERCOT and advancing policies that support system needs, enhanced planning and reinforce the long-term health of the Texas market.

最後，德州參議院第 6 號法案於 6 月簽署成為法律。該立法提供了新的工具來支持可靠性並改善 ERCOT 市場的長期規劃。我們感謝州長、副州長、立法機構、PUCT 和 ERCOT 的持續領導，以及支持系統需求、加強規劃和鞏固德州市場長期健康的推動政策。

Slide 8 provides an update on our Texas residential virtual power plant. We launched this program earlier this year through our partnership with Renew Home. It combines the reach of our retail brands, the Vivint Smart Home platform and a compelling customer offer that delivers comfort and value while supporting our supply strategy. The long-term plan targets 1 gigawatt of dispatchable capacity by 2035. The program is now active across all major brands and channels and early engagement is exceeding expectations.

幻燈片 8 提供了我們德克薩斯州住宅虛擬發電廠的最新情況。我們在今年稍早透過與 Renew Home 合作推出了該計劃。它結合了我們零售品牌的覆蓋範圍、Vivint 智慧家居平台和引人注目的客戶優惠，在提供舒適和價值的同時支持我們的供應策略。長期規劃的目標是到2035年達到1千兆瓦的可調度容量。該計劃目前已在所有主要品牌和管道上推行，早期參與度超出預期。

Adoption of Home Essentials, the bundle which leads this program is 15 percentage points ahead of plan. Uptake of additional Smart Home services is tracking near 40% in this cohort, roughly double our initial target. These are early results and may reflect loss momentum with a point to strong underlying demand. We are increasing our VPP 2025 target from 20 megawatts to 150 megawatts of curtailable capacity. This reflects faster-than-expected progress against our long-term plan.

引領該計劃的「家庭必需品」套餐的採用率比計劃高出 15 個百分點。這群人中額外智慧家庭服務的使用率接近 40%，大約是我們最初目標的兩倍。這些是早期結果，可能反映出虧損勢頭，但潛在需求強勁。我們將 VPP 2025 目標的可削減容量從 20 兆瓦提高到 150 兆瓦。這反映出我們的長期計劃的進展比預期要快。

Our focus remains on disciplined execution, long-term value creation and delivering a best-in-class customer experience. This is a 10-year road map, and I look forward to keeping you updated on our progress.

我們始終專注於嚴格的執行、長期價值創造和提供一流的客戶體驗。這是一份十年路線圖，我期待向您通報我們的進度。

With that, I will turn it over to Bruce to provide the financial review.

說完這些，我將把財務審查交給布魯斯。

Thank you, Larry. Turning to Slide 10. NRG delivered another solid quarter of financial and operational performance with $1.73 in adjusted earnings per share and $909 million in adjusted EBITDA. Adjusted net income was $339 million and free cash flow before growth was $914 million. Adjusted EBITDA and adjusted net income for the quarter were down year-over-year.

謝謝你，拉里。翻到幻燈片 10。NRG 本季再次取得穩健的財務和營運業績，調整後每股收益為 1.73 美元，調整後 EBITDA 為 9.09 億美元。調整後的淨收入為 3.39 億美元，成長前的自由現金流為 9.14 億美元。本季調整後的 EBITDA 和調整後的淨收入較去年同期下降。

However, this was primarily driven by the absence of earnings from the Airtron sale in 2024, expiration of the Cottonwood lease in May of this year, the activation of Indian River Unit 4 and higher phantom stock expense as a result of NRG's increased share price.

然而，這主要是由於 2024 年 Airtron 出售沒有收益、今年 5 月 Cottonwood 租約到期、Indian River 4 號機組投入使用以及 NRG 股價上漲導致虛擬股票費用增加。

When adjusting for these items, second quarter 2025 adjusted EBITDA and adjusted net income would have been approximately $90 million and $70 million better, respectively. NRG recorded the highest adjusted earnings in the company's history through the first half of 2025 with $4.42 of adjusted earnings per share and over $2.35 billion of adjusted EBITDA, a year-over-year increase of 40% and 11%, respectively.

調整這些項目後，2025 年第二季的調整後 EBITDA 和調整後淨收入將分別增加約 9,000 萬美元和 7,000 萬美元。截至 2025 年上半年，NRG 的調整後收益為公司歷史上的最高值，每股調整後收益為 4.42 美元，調整後 EBITDA 超過 23.5 億美元，分別年增 40% 和 11%。

Our exceptional financial performance over the first 6 months of this year reflects strong execution in each of our segments driven by a mix of expanded margins, favorable weather in the first quarter and excellent commercial optimization.

我們今年前六個月的出色財務業績反映了我們各部門的強勁執行力，這得益於利潤率的提高、第一季的有利天氣以及出色的商業優化。

Our Texas segment produced $512 million of adjusted EBITDA in the quarter and $811 million in the first half of 2025, an improvement of over 13% and 20%, respectively, from the same periods in 2024. These results were driven by strong performance at the plants, increased retail margins and favorable weather in the first quarter.

我們的德州分部在本季度實現了 5.12 億美元的調整後 EBITDA，在 2025 年上半年實現了 8.11 億美元的調整後 EBITDA，分別比 2024 年同期增長了 13% 和 20% 以上。這些業績的取得得益於工廠的強勁表現、零售利潤率的提高以及第一季有利的天氣。

These contributed adjusted EBITDA of $99 million in the second quarter and $573 million for the first half of 2025. Performance in the first half of 2025 outpaced the same period for 2024, largely driven by higher margins from our natural gas business due to favorable weather in the first quarter. Our West Services Other segment had an adjusted EBITDA of $43 million in the second quarter and $120 million in the first half of 2025.

這些貢獻在第二季度實現了 9,900 萬美元的調整後 EBITDA，在 2025 年上半年實現了 5.73 億美元的調整後 EBITDA。2025 年上半年的業績超過了 2024 年同期，這主要得益於第一季天氣良好導致天然氣業務利潤率上升。我們的西部服務其他部門第二季的調整後 EBITDA 為 4,300 萬美元，2025 年上半年的調整後 EBITDA 為 1.2 億美元。

The segment realized higher retail power margins in the West, which were offset by the absence of earnings from the sale of our Airtron business in 2024 and the lease expiration at the Cottonwood facility in May 2025 when compared to the same period of the prior year.

該部門在西部實現了更高的零售電力利潤率，但與去年同期相比，這一利潤率因 2024 年出售 Airtron 業務而沒有收益以及 2025 年 5 月 Cottonwood 工廠的租約到期而受到抵消。

Our Smart Home business continued its impressive momentum of achieving an adjusted EBITDA of $255 million in the second quarter and $531 million in the first half of 2025. The segment continues to see consistent customer growth, expansion to its recurring service margins and record customer retention at over 90%. Free cash flow before growth was $1.207 billion in the first half of 2025 and $914 million in the quarter, exceeding the same period in 2024 by $584 million and $251 million, respectively.

我們的智慧家居業務持續保持強勁勢頭，第二季度調整後息稅折舊攤銷前利潤 (EBITDA) 達到 2.55 億美元，2025 年上半年調整後息稅折舊攤銷前利潤 (EBITDA) 達到 5.31 億美元。該部門繼續保持穩定的客戶成長、經常性服務利潤率的擴大以及創紀錄的超過 90% 的客戶保留率。2025年上半年成長前的自由現金流為12.07億美元，本季為9.14億美元，分別比2024年同期高出5.84億美元和2.51億美元。

The year-over-year increase is driven by our adjusted EBITDA growth through the first 6 months of the year and the timing of certain working capital items. We expect some of the favorability related to working capital to unwind in the second half of the year as receivables and payables settle in their normal course. As we shared during our first quarter earnings update, we are reaffirming our 2025 financial guidance across all metrics, and we continue to trend at the upper end of our guidance ranges.

年比成長是由於今年前 6 個月調整後的 EBITDA 成長以及某些營運資本項目的時間表所致。我們預計，隨著應收帳款和應付帳款的正常結算，與營運資金相關的一些有利因素將在下半年消退。正如我們在第一季收益更新中分享的那樣，我們重申了所有指標的 2025 年財務指導，並且我們將繼續保持指導範圍的上限趨勢。

Moving to Slide 11 for a look at our updated 2025 capital allocation. We began the year with just over $2.6 billion, comprised of unallocated excess cash from 2024 and the midpoint of our free cash flow before growth guidance target for 2025.

請移至投影片 11 查看我們更新後的 2025 年資本配置。我們今年年初的資產規模略高於 26 億美元，其中包括 2024 年未分配的超額現金以及 2025 年成長指引目標之前的自由現金流中點。

The only change from what I shared in the first quarter call, denoted in light blue, reflects an update to our liability management for a marginal increase in amortization payments. These incremental payments relate to a $1 billion upsize in our existing Term Loan B facility executed in July.

與我在第一季電話會議上分享的內容相比，唯一的變化是用淺藍色表示的，反映了我們的負債管理的更新，攤銷支付略有增加。這些增量付款與我們 7 月執行的現有定期貸款 B 額度增加 10 億美元有關。

This increase of the facility will primarily be used for replenishment of capital employed for the acquisition of assets from Rockland Capital, redemption of principal related to our convertible senior notes and the continued development of our Texas newbuilds.

此次增加的貸款主要用於補充從 Rockland Capital 收購資產的資本、贖回與我們的可轉換優先票據相關的本金以及繼續開發我們的德克薩斯州新建船舶。

Our plan to execute $1.3 billion in share repurchases remains unchanged. Through July 31, we executed $768 million in share repurchases or nearly 60% of the annual total at a weighted average price of $112.74.

我們執行 13 億美元股票回購的計畫維持不變。截至 7 月 31 日，我們已執行了 7.68 億美元的股票回購，佔年度總額的近 60%，加權平均價格為 112.74 美元。

Finally, we are now showing $35 million of unallocated capital, which we will allocate over the remainder of the year. NRG posted impressive first half financial results, and we are laser-focused on delivering strong results for the balance of the year. I look forward to updating you in subsequent quarters on our strong execution and financial performance.

最後，我們現在有 3500 萬美元的未分配資本，我們將在今年剩餘時間內分配這筆資金。NRG 公佈了令人印象深刻的上半年財務業績，我們正全心全意致力於在今年剩餘時間內取得強勁業績。我期待在接下來的幾季向您通報我們強勁的執行力和財務表現。

With that, I'll turn it back to you, Larry.

說完這些，我就把它交還給你，拉里。

Thank you, Bruce. We've just completed the strongest first half in NRG history. Our core business continues to exceed expectations. Our people continue to perform at a high level, and our opportunities have never been greater than today. This is an exciting time for our company.

謝謝你，布魯斯。我們剛剛完成了 NRG 歷史上最強勁的上半場。我們的核心業務持續超出預期。我們的員工繼續保持高水準的表現，我們的機會也從未像今天這樣好。對我們公司來說這是一個令人興奮的時刻。

We announced the acquisition of Premier Natural Gas assets in the leading C&I virtual power plant platform. We launched a new residential VPP offering, advanced our large load strategy and signed long-term power agreements with a data center operator. We secured a Texas Energy Fund loan, closed on the Rockland transaction and made meaningful progress across our organic growth initiatives.

我們宣布收購領先的 C&I 虛擬發電廠平台 Premier Natural Gas 的資產。我們推出了新的住宅 VPP 產品，推進了我們的大負載策略，並與資料中心營運商簽署了長期電力協議。我們獲得了德克薩斯能源基金貸款，完成了 Rockland 交易，並在有機增長計劃方面取得了有意義的進展。

As my namesake, Larry David would say, keep good. We are well prepared for the balance of summer and confident in our ability to continue to deliver value to our shareholders. Operator, we are ready to open the line for questions.

正如我的同名人拉里·戴維 (Larry David) 所說，保持良好。我們已經為夏季的平衡做好了充分的準備，並有信心我們有能力繼續為股東創造價值。接線員，我們已準備好接受提問。

(Operator Instructions)

（操作員指示）

Julien Dumoulin-Smith from Jefferies.

傑富瑞 (Jefferies) 的 Julien Dumoulin-Smith。

Hey, good morning team. Thank you, guys, very much, and again, I got to say it, another quarter nicely done.

嘿，大家早安。非常感謝你們，我再次說，我們又完成了一個季度。

Larry and appreciate it.

拉里，我對此表示感謝。

How are you?

你好嗎？

Yeah, quite well. Thank you, guys. Hey, Look, I'm speaking of delivering on new and novel topics. This 295 megawatts, can you talk a little bit about the structure here? I mean this is kind of a novel subject for the industry. How do you think about the margin profile? I get it's a little bit commercially sensitive to talk about, but how do you think about this contributing to the bottom line or EBITDA?

是的，非常好。謝謝你們。嘿，看，我正在談論新的和新穎的話題。這個295兆瓦，可以稍微講一下這裡的結構嗎？我的意思是，這對業界來說是一個新穎的話題。您如何看待利潤率狀況？我知道談論這個有點商業敏感，但您認為這會對底線或 EBITDA 產生什麼影響？

I mean is this more like a residential contract in terms of margin contribution or some kind of provider of last resort C&I kind of contract? How would you frame the economics?

我的意思是，從保證金貢獻的角度來看，這是否更像是一份住宅合同，還是某種最後手段提供者 C&I 類型的合約？您會如何建構經濟學？

In general, and we're not going to get too specific as we said, Julien, as it is commercially sensitive. I think we view it closer to a C&I contract with premium margins. That's how I would think about these types of transactions, obviously, longer duration than the average C&I contract. But as you know, we have numerous C&I customers of this size and greater.

總的來說，正如我們所說的，朱利安，我們不會說得太具體，因為這涉及商業敏感度。我認為我們將其視為更接近具有溢價保證金的 C&I 合約。這就是我對這些類型交易的看法，顯然，它們的期限比一般的 C&I 合約要長。但如您所知，我們擁有眾多這種規模甚至更大的 C&I 客戶。

So, I would think of it as a C&I contract with a premium margin when we have a variety of mechanisms to protect that margin, including things like indexing, hedging and a whole slew of other things that we've developed in order to make sure that, that margin over time is maintained.

因此，我認為它是一份具有溢價保證金的 C&I 合同，而我們有各種機制來保護該保證金，包括指數化、對沖以及我們開發的一系列其他機制，以確保該保證金能夠長期維持。

Awesome. Excellent. Can you talk a little bit more about this partnership opportunity? I mean look, it's been a little quieter on that front in recent quarters. You guys have had a lot going on.

驚人的。出色的。能否進一步談談這次合作機會？我的意思是，最近幾季這方面的情況稍微平靜了一些。你們發生了很多事。

But can you talk about where you are? You guys have been, obviously, Larry, actively marketed that for over a year now. I mean is there more to come beyond this gig? Can you talk even about the specific sites that are contemplated in this gigawatt arrangement and what that scaling up might like look like if you think about like the timing?

但是你能談談你在哪裡嗎？顯然，拉里，你們已經積極推銷該產品一年多了。我的意思是，除了這場演出之外，還有其他事情嗎？您能否談談在這個千兆瓦計畫中考慮的具體站點，以及從時間角度考慮，這種擴大規模的前景如何？

When you're talking about a partnership, which -- are you talking about the data center agreement we announced a year? You're talking about the key part? We have a lot of great partnerships.

當您談到合作關係時，您指的是我們一年前宣布的資料中心協議嗎？你說的是關鍵部分嗎？我們有很多出色的合作關係。

You're right. You're right. I'm picking about it. Yes. No, the data center, leveraging your existing sites, right?

你說得對。你說得對。我正在挑剔這件事。是的。不，資料中心利用您現有的站點，對嗎？

The $295 million getting larger, right? And is there more reason beyond that as you think about your commercial activity?

2.95億美元越來越大了，對吧？當您考慮自己的商業活動時，是否還有其他原因？

Look, Julien, as I said, I think this is just the beginning. As you know, these transactions are somewhat complicated and complex, and we're working our way through it, and we're super excited about this one. I'm super excited about the potential to expand it as well as the pipeline that we put on the right side of the slide.

聽著，朱利安，正如我所說，我認為這只是個開始。如您所知，這些交易有些複雜，我們正在努力解決，我們對此感到非常興奮。我對擴展它的潛力以及我們放在幻燈片右側的管道感到非常興奮。

From a point of view of what we're going to say about where and what, as you know, even with our regular C&I clients, we don't disclose those contracts or who they are. If the clients choose to do so, we're happy to support them and confirm it.

從我們要談論的地點和內容的角度來看，如您所知，即使對於我們的常規 C&I 客戶，我們也不會透露這些合約或他們是誰。如果客戶選擇這樣做，我們很樂意支持他們並確認這一點。

But that we feel that part of our client services is really up to them to talk about themselves and their plans for the data center. It would not surprise me if at some point, these folks without a release, but I don't know if they're going to do so.

但我們認為，客戶服務的一部分實際上取決於他們談論自己以及他們對資料中心的計劃。如果在某個時候，這些人沒有得到釋放，我不會感到驚訝，但我不知道他們是否會這樣做。

Yeah, absolutely. And the 4 gigawatts of LOIs and all that as well, if any thoughts there? And I'll leave it.

是的，絕對是如此。還有 4 千兆瓦的 LOI 和所有這些，您有什麼想法嗎？我就把它留下來。

I think it's great to happen. Obviously, LOIs they're not all going to come to a successful conclusion. So I wouldn't model like you like to do, Julien, 150% of that for tomorrow. But kidding, Julien, kidding. Those are things that we're super excited about.

我認為這是件很棒的事。顯然，意向書不會全部成功。所以我不會像你那樣做模特，朱利安，明天要付出 150% 的努力。但開玩笑的，朱利安，開玩笑的。這些都是讓我們非常興奮的事情。

But due to the complexity, not all of them will get to the goal line.

但由於複雜性，並非所有方法都能達到目標。

Appreciate it. All right, guys, I'll let it be. Thank you so much. Best of luck.

非常感謝。好吧，夥計們，我就不說了。太感謝了。祝你好運。

Thank you, Julian.

謝謝你，朱利安。

Thank you. Now we're going to take our next question.

謝謝。現在我們來回答下一個問題。

Nicholas Campanella from Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

Hey, good morning, Big Larry Davidson. So I guess just taking a further step on the backlog, just what is your line of sight to kind of convert some of the 4 gigawatts to actual ESAs? Like are you expecting to have more ESAs by the third quarter or the fourth quarter? How would you kind of frame expectations there? And then.

嘿，早安，大拉里戴維森。因此，我想，只需進一步處理積壓問題，您的思路是什麼，將 4 千兆瓦中的一部分轉換為實際的 ESA？例如，您是否預計第三季或第四季會有更多的 ESA？您如何表達對那裡的期望？進而。

We're not putting -- obviously, if we have letters of intent, we're spending serious time, effort and time on this. It's always difficult to put timing on some of these things are in our control and some of them are not. Some of them have to do with when an interconnection study gets finished. And if somebody delays an interconnection study two months, there's not a darn thing we can do about it.

我們不會——顯然，如果我們有意向書，我們會在這上面投入大量時間、精力和時間。確定時間總是很困難的，有些事情我們可以控制，有些則不能。其中一些與互連研究何時完成有關。如果有人將互連研究延後兩個月，我們對此就無能為力了。

So we are pushing -- the reason we want to have a backlog of this size is to make sure that we have significant transactions to continue to tell you about we're super optimistic, but I don't want to predict quarter-by-quarter.

所以我們正在努力——我們想要有這麼大規模的積壓訂單的原因是為了確保我們有大量交易可以繼續告訴你們我們非常樂觀，但我不想逐季度進行預測。

That's just too difficult, and I've been in the development business too long. Every time in my career that I've tried to put out a development time line, I've been wrong. And I don't really like being wrong.

這實在是太難了，而且我從事開發行業已經太久了。在我的職業生涯中，每次我嘗試制定發展時間表時，我都犯了錯誤。我真的不喜歡犯錯。

Hey, fair enough. So just seems like on VPP, the adoption rates are coming in better than initially thought in Texas. And just I'm curious if you can kind of -- now that you've had a little bit more time after you've announced this transaction in the first quarter, how do you think the PJM opportunity is shaping up? .

嘿，夠公平的。因此，就 VPP 而言，德州的採用率似乎比最初預想的要好。我只是好奇，您是否可以——自從您在第一季宣布這項交易以來，您有了更多的時間，您認為 PJM 的機會如何發展？。

Yeah, I think we need to see the Texas opportunity a little more. I mean remember, it's only been about three months that we've been in market. And the results are great, but we want to make sure we have a complete shakedown crews and know everything there is to know, and then we will look at certain parts of PJM that we think are particularly ripe for this type of offering. But I wouldn't expect it to be this year.

是的，我認為我們需要更多地了解德克薩斯州的機會。我的意思是，記住，我們進入市場才三個月左右。結果很棒，但我們希望確保我們擁有完整的試運行團隊，並了解所有需要了解的信息，然後我們將研究 PJM 中我們認為特別適合此類服務的某些部分。但我並不指望它會在今年發生。

Thank you.

謝謝。

Thank you. Now we're going to take the next question.

謝謝。現在我們來回答下一個問題。

Angie Storozynski from Seaport.

來自海港的安吉·斯托羅辛斯基。

Good morning.

早安.

Thank you. So, Angie. How are you?

謝謝。所以，安吉。你好嗎？

Very good. So first about the Big Beautiful Bill and its impact on -- and the tax shield it basically brings with it, that deal in the Rockland transaction and how that impacts your free cash flow per share growth trajectory.

非常好。首先談談《美麗大法案》及其對 Rockland 交易的影響以及它帶來的稅盾，以及它對每股自由現金流成長軌跡的影響。

Angie, it's Bruce. So needless to say, the OB3 certainly is a good outcome for us as it relates to those particular transactions. We're still in the process of going through the purchase price allocation and won't obviously be done with that until we close. But based on early estimates, we would expect potential cash savings to be above and beyond what we had originally assumed in our underwriting to be close to $1 billion, if not a little bit more than that, primarily realized over the course of 2027 to 2030.

安吉，我是布魯斯。因此，毋庸置疑，OB3 對我們來說無疑是一個好的結果，因為它與這些特定的交易有關。我們仍在進行購買價格分配的過程，顯然要等到交易完成才會完成。但根據早期估計，我們預計潛在的現金節省將超出我們最初承保時假設的接近 10 億美元，甚至更多，主要在 2027 年至 2030 年期間實現。

Okay. That's good. Secondly, I mean, again, I was clearly hoping that you would say that there's a meaningful uptick in the above 14% FFO per share growth trajectory that you were. In on the back of the deal.

好的。那挺好的。其次，我的意思是，我再次明確希望您會說，您所預測的每股 FFO 成長軌跡在 14% 以上有一個有意義的上升。在交易的背後。

I didn't say 1 way or another, but we'll -- look, I mean, obviously, when it comes time for us to update you guys on that, we will do so.

我沒有說以某種方式，但我們會——看，我的意思是，顯然，當我們需要向你們更新情況時，我們會這樣做。

Okay. Then secondly, yes, you have a big transaction pending, but we do still see some asset sale in -- especially in Pennsylvania. And I'm just wondering if in light of the fact that you have a pending transaction, does it preclude you from actually potentially bidding for other assets in PJM, you still have a relatively small footprint in this power market?

好的。其次，是的，有一筆大交易正在等待處理，但我們仍然看到一些資產出售——尤其是在賓州。我只是想知道，鑑於您有一筆未決交易，這是否會妨礙您實際上競標 PJM 的其他資產，您在這個電力市場上的影響力仍然相對較小？

No, It does not preclude us, Angie. I mean I don't think we could take a bite of the same size that we did a couple of months ago. But if there's an attractive asset at the right place and the right price, you will find us there.

不，這並不排除我們，安吉。我的意思是，我認為我們無法像幾個月前那樣取得同樣的成果。但如果在合適的地點有合適的價格且有吸引力的資產，你就會在那裡找到我們。

And then lastly, the asset that just got the test commitments and the other assets are still waiting for that. I mean could we expect data center contracts for these test assets, either the ones again already awarded the loans or the future ones?

最後，剛剛獲得測試承諾的資產和其他資產仍在等待。我的意思是，我們是否可以期待這些測試資產的數據中心合同，無論是已經授予貸款的合同還是未來的合同？

The test assets are required to go into the grid. Existing assets, of course, that we already have could be directed from a fungibility point of view, but you could not direct TEF assets to a data center. They have to go into the grid.

測試資產必須進入電網。當然，我們已經擁有的現有資產可以從可替代性的角度進行引導，但不能將 TEF 資產引導到資料中心。他們必須進入電網。

Even -- I mean, you could have a front-of-the-meter contract, right, where the power does flow through the grid. Is that.

甚至——我的意思是，你可以簽訂電錶前端合同，電力確實會流經電網。是嗎？

Yeah, absolutely, Angie. I mean look, I think we can supply a data center from all of our existing plants in Texas without a problem. We simply cannot direct a test plan as if it's a behind-the-meter deal or being dedicated solely to a data center.

是的，絕對是，安吉。我的意思是，我認為我們可以毫無問題地從我們在德克薩斯州現有的所有工廠為資料中心供電。我們根本無法將測試計劃當做電錶後交易或專門針對資料中心的計劃來指導。

Okay. And then just one question, and again,maybe I'm confused. So what is it exactly -- what is the difference between the contract that you just signed and the other C&I contracts, I mean, besides the higher margin, obviously, you're not leasing the sites, right? It's not like it's co-located with one of your power plants. Why is it different than any other large-scale C&I contract?

好的。然後只有一個問題，也許我又搞糊塗了。那麼，您剛剛簽署的合約與其他 C&I 合約之間到底有什麼區別？我的意思是，除了利潤率更高之外，顯然您不是在租賃場地，對嗎？它並不像與你們的某個發電廠位於同一地點。它與其他大型 C&I 合約有何不同？

Angie, we haven't said whether it's co-located or not. So we're not going to be doing that going forward just as a rule. So I just want to be clear unless when our customer wants to announce that it's co-located, that's fine.

安吉，我們還沒有說它是否位於同一地點。因此，我們不會按照規則繼續這樣做。所以我只是想明確一點，除非我們的客戶想要宣布它是共置的，否則沒問題。

I think people are willing to pay premiums at data centers for the assurance that they can have 10 to 20 years of power at a price that they know what it's going to be, so they can plan accordingly. I mean I think the premium is in large part, a result of being able to sign up for 10 years.

我認為人們願意在資料中心支付額外費用，以確保他們能夠以他們知道的價格獲得 10 到 20 年的電力，這樣他們就可以做出相應的計劃。我的意思是，我認為保費在很大程度上是因為能夠簽約 10 年。

Okay, thank you.

好的，謝謝。

Bye-bye.

再見。

Thank you, Angie.

謝謝你，安吉。

Thank you.

謝謝。

Michael Sullivan from Wolfe.

沃爾夫的邁克爾·沙利文。

Hey, good morning guys. Hey Shey how are you? Hey, doing all right. I had another one on the data center deal you announced today. Just any more color on maybe why the load ramp is a little bit slower than maybe we would think for something in Texas? And then I get the sensitivity, but you kind of introduced Palen and Menlo on the last call. Like any reason to think they wouldn't be the ones associated with this?

嘿，大家早安。嘿 Shey 你好嗎？嘿，一切都好。我對您今天宣布的資料中心交易還有另一個疑問。能否詳細說明為什麼德州的負載坡道比我們想像的要慢一點？然後我明白了其中的敏感性，但您在上次通話中介紹了 Palen 和 Menlo。有什麼理由認為他們與此事無關嗎？

I'll let Rob take the first part of that, and then I'll grab the second. Go ahead, Rob.

我會讓 Rob 負責第一部分，然後我負責第二部分。繼續吧，羅布。

Hey. So on this particular transaction that we announced today, this data center design is more modular, and so it comes in in pieces. It's not -- to compare that to the things you guys are thinking about are the 100-megawatt clips that kind of come in on like a gigawatt site. These are design -- these are edge-type data centers. So they come in, in smaller sizes. That's why the ramp looks different than what you might have expected. Does that make sense?

嘿。因此，在我們今天宣布的這項特定交易中，這個資料中心的設計更加模組化，因此它是分段的。這不是——與你們正在考慮的事情相比，100兆瓦的剪輯就像千兆瓦站點那樣。這些是設計——這些是邊緣型資料中心。因此它們有更小的尺寸。這就是為什麼坡道看起來與您預期的不同。這樣有道理嗎？

It does, yes.

是的，確實如此。

Okay. Palen and Menlo are still in that 4 gig letter of intent number that we put out there. We're still working with both of those entities under letters of intent. Just things are -- we're not ready to announce a firm deal with either 1 of them, but we are still working actively with both of them.

好的。Palen 和 Menlo 仍然在我們發布的 4 gig 意向書中。我們仍在根據意向書與這兩個實體合作。事實是——我們還沒有準備好宣布與他們中的任何一方達成最終協議，但我們仍在積極地與他們雙方合作。

Okay. That's really helpful. And then just in terms of how you're thinking about the cadence of updating your outlook, should we be thinking about like Q3 as a stand-alone update for just '26? Are you thinking about the long-term plan? And then when do you like officially pull LS in there?

好的。這真的很有幫助。然後就您如何考慮更新展望的節奏而言，我們是否應該將第三季視為 26 年的獨立更新？你在考慮長遠計劃嗎？那你什麼時候正式將 LS 拉進去？

Do you wait for that to close or give any incremental updates along the way?

您是否等待其關閉或在此過程中提供任何增量更新？

I mean I think you'll get NRG alone in the third -- on the third quarter call, I think until we own LS, we can't really put it into our numbers. So I would expect that to be maybe on our first -- on our year-end call, assuming the transaction is closed by then, if not, it will be on the first quarter call.

我的意思是，我認為你會在第三季單獨獲得 NRG - 在第三季電話會議上，我認為在我們擁有 LS 之前，我們無法真正將其納入我們的數字中。因此，我預計這也許是在我們的第一次年終電話會議上，假設交易到那時已經完成，如果沒有，那將在第一季電話會議上。

Okay. And the NRG that's stand-alone, is that for '26 only or you're doing like a long-term refresh with Q3?

好的。獨立的 NRG 僅適用於 26 年還是會進行 Q3 的長期更新？

I mean I think so. It will probably -- will certainly do '26, where -- whether we update the outlook or not is going to be a function of what we see at the time. But certainly, you'll get '26.

我是說我是這樣認為的。它很可能——肯定會在 26 年實現——我們是否更新展望將取決於我們當時所看到的情況。但可以肯定的是，你會得到‘26’。

It may make more sense to do it after LS is closed. That's probably the more likely time so.

在 LS 關閉後執行此操作可能更有意義。那可能是更有可能發生的情況。

I think I just made my finance people very happy that they don't have to do a double update by the next quarter or 2.

我認為我讓我的財務人員非常高興，因為他們不必在下個季度或兩個季度進行雙重更新。

Okay, fair enough, thank you.

好的，夠了，謝謝。

I think I just made my finance people very happy that they don't have to do a double update by the next quarter too.

我想我讓我的財務人員非常高興，因為他們下個季度不必再進行雙重更新。

Excuse me, Michael, any further questions?

打擾一下，邁克爾，還有其他問題嗎？

I'm all good thanks.

我很好，謝謝。

Guys.

夥計們。

Thank you so much.

太感謝了。

Carly Davenport from Goldman Sachs.

高盛的卡莉·達文波特。

Hey, good morning, thanks for taking the questions.

嘿，早上好，感謝您回答問題。

Hi, how are you?

你好你好嗎？

Hey, doing well thanks how are you? Good, thank you. We wanted to just ask a couple of follow-ups. First on the VPP opportunity, obviously, raising the '25 target there. I guess any more you can expand on the drivers of that strength? And if you see any sort of read-throughs to the potential longer-term glide path.

嘿，很好，謝謝，你好嗎？好的，謝謝。我們只是想問幾個後續問題。首先是 VPP 機會，顯然，提高了 25 個目標。我想您還能進一步闡述這種優勢的驅動因素嗎？如果您看到任何有關潛在長期下滑路徑的解讀。

Yeah, I mean I think it's still early days, and so we're still really analyzing the speed of the take-up. I mean we were always super optimistic, but it's been faster than we expected, and we need to see whether this is just early start-up momentum or sustainable before we think about changing any kind of numbers or guidance.

是的，我的意思是我認為現在還為時過早，所以我們仍在分析接受的速度。我的意思是，我們一直都非常樂觀，但它的發展速度比我們預期的要快，我們需要看看這是否只是早期的啟動勢頭還是可持續的，然後我們才會考慮改變任何數字或指導。

But what we are seeing is tremendous amount of uptake of the program as well as equally interesting people who are taking additional Vivint Smart Home pieces and products and putting them into their homes. So it's great cause for optimism. I hope in maybe the next call or the 1 after that, we'll be able to give a little bit more clarity on what the drivers are.

但我們看到的是該計劃得到了巨大的採用，同時同樣有趣的是，人們正在購買更多的 Vivint 智慧家庭零件和產品並將其安裝到自己的家中。因此，這是值得樂觀的。我希望在下一次或再下一次電話會議中，我們能夠更清楚地說明驅動因素是什麼。

I'm a little reluctant to do it after only three months in the market.

我才進入市場三個月，有點不願意這麼做。

Got it. Okay. Fair enough. That all makes sense. And then any updates to share on the partnership with J Renova and Hewitt on the gas assets to kind of start up in that '29, 2030-time frame.

知道了。好的。很公平。這一切都是有道理的。然後，關於與 J Renova 和 Hewitt 就天然氣資產的合作有任何更新可以分享，以便在 2029 年至 2030 年的時間範圍內啟動。

I guess how is development progressing there? And are those plans part of the discussions that you're having with potential data center customers?

我猜那裡的發展進展如何？這些計劃是您與潛在資料中心客戶討論的一部分嗎？

I mean those -- that partnership is very closely related to the pipeline that we put on the right side of the slide there. So as though some of those letter of intent and joint development agreements advanced, we bring GE and Keywood along with us for the ones the way their power would be required to execute.

我的意思是——這種合作關係與我們放在幻燈片右側的管道密切相關。因此，如果某些意向書和聯合開發協議取得進展，我們將與通用電氣和 Keywood 一起執行這些協議，並要求他們提供必要的權力來執行。

Great, thank you for the call.

太好了，謝謝您的來電。

(Operator Instructions)

（操作員指示）

David Arcaro from Morgan Stanley.

摩根士丹利的 David Arcaro。

Hey, thanks so much. Good morning. Hi David. Congratulations. Let's see, I was wondering just on this data center agreement here. Could you clarify, is the margin fixed over the cost of supply for this agreement such that it's indexed to the market? Or is this a long-term fixed price agreement for the customer, maybe with escalators? Just any clarity there would be helpful.

嘿，非常感謝。早安.你好，大衛。恭喜。讓我們看看，我只是對這裡的資料中心協議感到好奇。您能否澄清一下，該協議的供應成本利潤是否固定，以便與市場掛鉤？或者這是針對客戶的長期固定價格協議，可能帶有自動扶梯？任何澄清都會有幫助。

No, I mean we've done a bunch of things to lock in the margin, David, to keep it at the level so that it will maintain the level as if we were pricing it at the numbers that we said today. We're not going to tell people how we do that because it's part of our secret sauce. But the margin, if you look at what we put out as a pricing number and you can -- you know pricing in Texas as well as anybody. You can see what the margin is, and that margin is well protected over the course of the agreement.

不，我的意思是我們已經做了很多事情來鎖定利潤率，大衛，將其保持在這個水平，以便它能夠維持在這個水平，就好像我們按照我們今天所說的數字定價一樣。我們不會告訴人們我們是如何做到這一點的，因為這是我們的秘密的一部分。但是，如果您看一下我們給出的定價數字，您就會發現，您和其他人一樣了解德克薩斯州的定價。您可以看到利潤是多少，並且該利潤在協議期間受到良好的保護。

Got it. Understood. Okay. That's helpful. And then, let's see, a little bit related to the prior question, but just what are you seeing in terms of interest in additionality in the market in terms of the portfolio of solutions here for data centers.

知道了。明白了。好的。這很有幫助。然後，讓我們看看，這與前面的問題有點相關，但就市場對資料中心解決方案組合的附加性興趣而言，您看到了什麼。

We've seen them go a bunch of different directions. But what's the current appetite and push for bringing additionality here?

我們看到他們走向了許多不同的方向。但是，目前對這裡帶來額外利益的興趣和動力是什麼？

Look, I think there's still a tremendous appetite for additionality, partly, for assurance from people that they can have power and partly because grids are tight, and both of those are factors that's going to lead to a stronger and stronger push for additionality going forward. We feel very good about the fact that we have the agreement with GE and Kiwit in order to and Keywit in order to. Bringing that additionality to bear. We think it will be, well received both by regulators and by end users.

看起來，我認為人們對附加價值仍然有巨大的需求，部分原因是人們希望獲得電力，部分原因是電網緊張，這兩個因素都將導致未來對附加價值的推動力越來越強。我們很高興能夠與 GE、Kiwit 以及 Keywit 達成協議。發揮這種附加作用。我們認為它會受到監管機構和最終用戶的歡迎。

Yeah, absolutely. And you're in a unique position there. And if you don't mind, can I bug you for just your current outlook for power prices in Texas? I mean we're seeing continued acceleration in data center activity load growth from different angles. But how are you expecting power price to trend as you see it today?

是的，絕對是如此。你在那裡處於一個獨特的地位。如果您不介意的話，我可以問一下您對德克薩斯州電價的當前看法嗎？我的意思是，我們從不同角度看到資料中心活動負載成長持續加速。但您認為今天的電價走勢如何？

So I'm going to sound like a broken record, David. the power prices, we've seen an upward movement in the off-peak, which would be driven by kind of the support of large industrial loads, C&I, AI, all those things. The forward curve still don't reflect what should be reflected in them. And the reason for that or at least one potential reason for that is we're waiting on data points. We're waiting on load to get announced and show up.

所以我聽起來就像一張破唱片，大衛。我們看到非尖峰時段的電價呈上升趨勢，這可能是由大型工業負荷、C&I、AI 等的支持所推動的。遠期曲線仍然沒有反映出應該反映的內容。造成這種情況的原因或至少一個潛在原因是我們正在等待數據點。我們正在等待貨物的宣布和出現。

And so the back of the curve is going to see that and then move or because of the work that got done with SV6, ERCOT's forecast will start to reflect reality again.

因此，曲線的背面將會看到這一點，然後移動，或者由於 SV6 完成的工作，ERCOT 的預測將再次開始反映現實。

And if the ERCOT report says 200 gigs of load, the market doesn't move. If a real report said 30-gigs of load, this market would jump $10. So we still see plenty of upside in the curves in Texas.

如果 ERCOT 報告稱負載為 200 千兆字節，市場就不會動。如果真實報告稱負載為 30GB，那麼這個市場的價格就會上漲 10 美元。因此，我們仍然看到德克薩斯州的曲線有很大的上升空間。

Great appreciate it thanks so much.

非常感謝。

Thank you. Dear speakers, there are no further questions for today. I would now like to hand the conference over to Larry Coben for any closing remarks.

謝謝。尊敬的發言者，今天沒有其他問題了。現在，我想將會議交給拉里·科本 (Larry Coben) 做結束語。

I want to thank you all for your interest in NRG and for being a part of this call. Again, we are super excited about where we stand and even more excited about where we're going. So thank you for your interest and look forward to seeing you all soon.

我要感謝大家對 NRG 的關注以及參與這次電話會議。再說一次，我們對現在的處境感到非常興奮，對我們未來的發展方向更加興奮。感謝您的關注，並期待很快與您見面。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program.

女士們、先生們，感謝各位參加今天的會議。本節目到此結束。