NRG Energy Inc (NRG) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the NRG Energy Inc. third quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加NRG能源公司2025年第三季財報電話會議。（操作說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Brendan Mulhern, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄影。現在我謹將會議交給今天的第一位發言人，投資者關係主管布倫丹·穆爾赫恩。請繼續。

Thank you. Good morning, and welcome to NRG Energy's third quarter 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能源公司2025年第三季財報電話會議。今天上午的電話會議將透過電話和網路直播進行現場解說。網路直播演示和收益發布可在我們網站 www.nrg.com 的「投資者」部分下的「演示和網路直播」中找到。

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. Actual results may differ materially. We urge everyone to review the Safe Harbor in today's presentation as well as the risk factors in our SEC filings. We undertake no obligation to update these statements as a result of future events, except as required by law.

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為止合理的假設。實際結果可能與實際情況有重大差異。我們敦促大家仔細閱讀今天簡報中的「安全港」條款以及我們提交給美國證券交易委員會文件中的風險因素。除法律另有規定外，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. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation and earnings release. With that, I will now turn it over to Larry Coben, NRG's Chair, President and Chief Executive Officer.

此外，我們將同時參考GAAP和非GAAP財務指標。有關我們的非GAAP財務指標以及與最直接可比較的GAAP指標的調節信息，請參閱今天的簡報和收益報告。接下來，我將把發言權交給NRG董事長、總裁兼執行長拉里·科本。

Thank you, Brendan. Good morning, everyone, and thank you for your continued interest in NRG. I'm joined today by Bruce Chung, our Chief Financial Officer; and other members of our management team are also on the line and available to answer questions.

謝謝你，布倫丹。各位早安，感謝大家一直以來對NRG的關注。今天與我一同連線的有我們的財務長 Bruce Chung；我們管理團隊的其他成員也在線，可以回答問題。

Let's start with the key messages on slide 4. Strong performance across all areas of the business led us to raise 2025 financial guidance by $100 million in late September. This is the third consecutive year we have increased our full year outlook, and today we are reaffirming that higher range. We are also introducing 2026 guidance that aligns with our long-term growth targets. This represents NRG's standalone outlook and excludes any contribution from the LS Power acquisition. We will provide updated guidance that includes LS Power around the time of closing.

讓我們先來看看第 4 張投影片上的關鍵資訊。公司各業務領域表現強勁，促使我們在 9 月下旬將 2025 年財務預期上調 1 億美元。這已是我們連續第三年上調全年業績預期，今天我們再次確認這一更高的預期範圍。我們同時推出了與我們的長期成長目標一致的 2026 年業績指引。這代表了NRG的獨立前景，不包括LS Power收購帶來的任何貢獻。我們將在交易完成前後提供包含 LS Power 的最新指導。

We expanded our data center power agreements this quarter, bringing total contracted capacity to 445 megawatts. We also rapidly grew our pipeline of potential projects under joint development and letters of intent to 5.4 gigawatts. Together, these actions build on the agreement announced in August and reflect rapidly growing momentum and validation of our data center strategy.

本季我們擴大了資料中心電力協議，使總簽約容量達到 445 兆瓦。我們也迅速擴大了共同開發和意向書的潛在專案儲備，達到 5.4 吉瓦。這些舉措共同建立在 8 月宣布的協議之上，反映了我們資料中心策略的快速發展勢頭和有效性。

The LS Power acquisition remains on track. Financings were executed in September on favorable terms. All regulatory filings have been submitted, and we expect it to close in the first quarter of 2026.

LS Power的收購計劃仍在按計劃進行。9月以優惠條件完成了融資。所有監管文件均已提交，我們預計將於 2026 年第一季完成交易。

Turning to slide 5. Adjusted EPS for the third quarter was 32% higher than the same period last year, and adjusted EBITDA reached the highest quarterly level in company history. I'd like to pause to congratulate all 18,000 of our employees for that achievement. Our results reflect strong performance across both energy and smart home. In energy, supply optimization and disciplined commercial execution drove margin improvement across both our home and C&I businesses.

翻到第5張投影片。第三季調整後每股盈餘比去年同期成長了 32%，調整後 EBITDA 達到公司歷史上最高的季度水準。我想藉此機會祝賀我們全體 18,000 名員工取得這項成就。我們的研究結果反映出我們在能源和智慧家庭領域均表現出色。在能源領域，供應優化和嚴格的商業執行推動了我們家庭和工商業業務的利潤率提升。

In Smart Home, growth was supported by expanding our customer base, record retention, and continued momentum in our home virtual power plant initiative. We also delivered top decile safety performance and completed the loan agreement for our second Texas Energy Fund project.

在智慧家庭領域，客戶群的擴大、客戶留存率的提升以及家庭虛擬電廠計畫的持續推​​進，都為業務成長提供了支持。我們也實現了前十分之一的安全績效，並完成了第二個德州能源基金專案的貸款協議。

Year-to-date, adjusted EPS is 36% higher than last year, reflecting strong performance across all parts of the business, as well as continued cost discipline. These results keep us firmly on track to achieve our raised full year 2025 guidance ranges.

今年迄今為止，調整後的每股盈餘比去年同期成長了 36%，反映出公司各業務部門的強勁表現以及持續的成本控制。這些業績使我們穩步朝著實現上調後的 2025 年全年業績預期目標邁進。

On the right side of the slide, we are introducing 2026 guidance on a standalone basis. This serves as an interim view ahead of a full update after the LS Power acquisition closes, when we will provide guidance for the combined company.

在投影片的右側，我們將單獨介紹 2026 年的指導方針。這是在 LS Power 收購完成後，我們將對合併後的公司進行全面更新之前的臨時展望。

Moving to slide 6 for an update on market conditions. ERCOT experienced a mild summer with moderate pricing and strong growth in overall power use. Total consumption across Texas has increased nearly 30% over the past five years, driven by residential, commercial, and industrial demand as electrification and onshoring of manufacturing accelerate.

接下來請看第6張投影片，了解市場狀況的最新情況。ERCOT經歷了溫和的夏季，電價適中，整體用電量強勁成長。過去五年，隨著電氣化和製造業回流的加速，受住宅、商業和工業需求的推動，德州的總消費量增加了近 30%。

Data center development usage remains early with ramp schedules expected to add meaningful capacity over the next several years. Looking ahead, power demand is projected to outpace new supply, keeping the market structurally tight and reinforcing the need for reliable, dispatchable generation.

資料中心開發利用仍處於早期階段，預計未來幾年將逐步增加大量容量。展望未來，電力需求預計將超過新增供應，使市場結構保持緊張狀態，並強化對可靠、可調度發電的需求。

Policymakers are responding through initiatives such as Senate Bill 6 in Texas and similar efforts in other regions focused on affordability, additionality, and reliability. We are encouraged by the focus and progress being made to strengthen ERCOT and other competitive markets across the country.

政策制定者正在透過諸如德州參議院第 6 號法案等舉措做出回應，其他地區也採取了類似的措施，重點是可負擔性、附加性和可靠性。我們對加強ERCOT和全國其他競爭性市場所取得的進展和所採取的措施感到鼓舞。

In this environment, NRG is expanding its portfolio of reliable and flexible capacity. Through the LS Power and Rockland acquisitions, the Texas Energy Fund projects, and our home virtual power plant, we are adding 15 gigawatts of natural gas and 7 gigawatts of virtual power plant capacity. We also see about 6 gigawatts of additional opportunities through the GE Vernova partnership and our final TEF project that is still under review. Together, these actions strengthen our platform and position NRG to meet rising customer demand and support large load growth including data centers across ERCOT, PJM, and other key markets.

在這種環境下，NRG正在擴大其可靠、靈活的產能組合。透過收購 LS Power 和 Rockland，以及德州能源基金專案和我們自己的虛擬電廠，我們新增了 15 吉瓦的天然氣發電能力和 7 吉瓦的虛擬電廠發電能力。我們還看到了透過與 GE Vernova 的合作以及我們仍在審查中的最後一個 TEF 項目所帶來的約 6 吉瓦的額外機會。這些舉措共同加強了我們的平台，使 NRG 能夠滿足不斷增長的客戶需求，並支援包括 ERCOT、PJM 和其他主要市場的資料中心在內的大負載成長。

Turning to slide 7, we expanded our data center customer portfolio to 150 megawatts of new premium long-term power agreements, bringing total contracted capacity to 445 megawatts across ERCOT and PJM. This builds on the framework announced last quarter with the same customer. These sites, located in Maryland and Illinois, support Edge data center development with access to high-capacity fiber and proximity to major US cities.

翻到第 7 張投影片，我們將資料中心客戶組合擴大到 150 兆瓦的新優質長期電力協議，使 ERCOT 和 PJM 的總合約容量達到 445 兆瓦。這是在上個季度與同一客戶共同宣布的框架基礎上建立起來的。這些位於馬裡蘭州和伊利諾伊州的站點，憑藉其高容量光纖網路和靠近美國主要城市的地理位置，為邊緣資料中心的發展提供了支持。

These projects will be built in PJM with operations beginning in 2028 and ramping through 2032. This agreement was signed above the midpoint of our prior $70 to $90 per megawatt hour target rates.

這些項目將在 PJM 建設，於 2028 年開始運營，並於 2032 年逐步擴大規模。該協議的簽署價格高於我們先前設定的每兆瓦時 70 至 90 美元目標價的中點。

Given continued strength in customer demand, and higher forward power curves, we are raising our target for new long-term data center agreements to above $80 per megawatt hour. This reflects sustained pricing improvement, and NRG's leadership in providing reliable long-term power solutions for large load customers.

鑑於客戶需求持續強勁，以及電力遠期曲線走高，我們將新的長期資料中心協議的目標價提高到每兆瓦時 80 美元以上。這反映了價格的持續改善，以及 NRG 在為大負荷客戶提供可靠的長期電力解決方案方面的領先地位。

We are advancing numerous additional opportunities, including up to 5.4 gigawatts of new capacity for data centers through 2032 under our GE Vernova and Kiewit partnership, supporting the principle of additionality. Since last quarter, signed letters of intent have increased 35%, underscoring customer engagement from multiple hyperscalers and data center developers as well as growing demand for new development. We also see several additional gigawatts of potential projects across our broader pipeline. As markets evolve to bring your own generation models, NRG is leading the next phase of data center growth.

我們正在推動眾多其他機遇，包括到 2032 年透過與 GE Vernova 和 Kiewit 的合作，為資料中心新增高達 5.4 吉瓦的容量，以支援增量原則。自上一季以來，簽署的意向書增加了 35%，凸顯了多家超大規模資料中心營運商和資料中心開發人員的客戶參與度，以及對新開發專案日益增長的需求。我們還看到，在我們的更廣泛的項目儲備中，還有幾個額外的吉瓦潛在項目。隨著市場不斷發展，引入自己的發電模式，NRG 正在引領資料中心發展的下一階段。

Turning to slide 8. The LS Power acquisition remains firmly on track for a first quarter 2026 close. It strengthens our platform, broadens our earnings base, and extends our reach across key competitive markets. It reinforces our position as one of the largest competitive generators in the country, and increases our leverage to long-term demand growth.

翻到第8張幻燈片。LS Power 的收購案仍按計劃穩步推進，預計將於 2026 年第一季完成。它增強了我們的平台，拓寬了我們的收入基礎，並擴大了我們在關鍵競爭市場的覆蓋範圍。它鞏固了我們作為全國最大的競爭性發電企業之一的地位，並增強了我們對長期需求成長的利用能力。

At announcement, the acquisition was immediately accretive across all key metrics, reflecting portfolio quality, and an attractive purchase multiple. We also unveiled a 14% EPS CAGR through 2029, which does not, I repeat, does not include any contribution from data centers, and reflects pricing assumptions that are below current market levels. These factors, along with other upside opportunities, underscore the significant potential ahead.

收購宣布後，所有關鍵指標立即提升了公司業績，反映了投資組合的質量，並且收購倍數也很有吸引力。我們也公佈了到 2029 年每股盈餘複合年增長率為 14%，我再次重申，這不包括資料中心的任何貢獻，並且反映了低於當前市場水準的定價假設。這些因素，以及其他潛在的成長機會，都凸顯了未來巨大的發展潛力。

Since the announcement, incremental benefits, including 100% bonus depreciation, have further enhanced the economics. All required filings have been submitted, and financing was completed on terms better than originally projected. The transaction positions NRG for stronger long-term growth, greater scale, and enhanced value creation as we bring the two platforms together. With that, I'll turn it over to Bruce for the financial review.

自公告發布以來，包括 100% 額外折舊在內的各項額外福利進一步提升了其經濟效益。所有必需的文件已提交，融資完成的條件比最初預期的還要好。這項交易將使 NRG 能夠實現更強勁的長期成長、更大的規模和更強的價值創造，因為我們將兩個平台整合在一起。接下來，我將把財務審查工作交給布魯斯。

Thank you, Larry. Beginning with slide 10, NRG delivered strong financial and operational performance in the third quarter with $2.78 in adjusted earnings per share, and $1.205 billion in adjusted EBITDA, representing a 32% and 14% increase from the same quarter of 2024 respectively.

謝謝你，拉里。從第 10 張投影片開始，NRG 在第三季實現了強勁的財務和營運業績，調整後每股收益為 2.78 美元，調整後 EBITDA 為 12.05 億美元，分別比 2024 年同期成長了 32% 和 14%。

Adjusted net income was $537 million, and free cash flow before growth was $828 million. Through the first three quarters of 2025, NRG delivered $7.17 of adjusted earnings per share, and over $3.2 billion of adjusted EBITDA, a year-over-year increase of 36% and 12% respectively. Our exceptional quarterly and year-to-date financial performance reflects continued execution in all of our businesses, driven primarily by a mix of expanded margins, favorable weather, and excellent commercial and operational execution.

調整後淨收入為 5.37 億美元，成長前自由現金流為 8.28 億美元。2025 年前三個季度，NRG 的調整後每股收益為 7.17 美元，調整後 EBITDA 超過 32 億美元，分別年增 36% 和 12%。我們卓越的季度和年初至今的財務表現反映了我們所有業務的持續執行，這主要得益於利潤率的擴大、有利的天氣以及出色的商業和營運執行。

Our Texas segment delivered third quarter and year-to-date adjusted EBITDA of $807 million and $1.618 billion respectively, representing an improvement of 38% and 29% from the same period in 2024. These results were driven by margin expansion across our operations in the region, with lower realized supply costs and excellent optimization despite low summer volatility.

我們的德州業務部門第三季和年初至今的調整後 EBITDA 分別為 8.07 億美元和 16.18 億美元，與 2024 年同期相比分別成長了 38% 和 29%。這些業績的取得得益於我們在該地區業務的利潤率擴張，以及在夏季波動性較低的情況下，實際供應成本降低和出色的優化。

The East segment contributed adjusted EBITDA of $107 million in the third quarter, and $680 million through the first three quarters of 2025. These results reflect a modest decline from the same period of 2024, primarily driven by the net impact of higher supply costs throughout the region, partially offset by increased capacity revenues at our plants, and favorable weather in the first quarter which benefited our natural gas business.

東部業務部門第三季貢獻了 1.07 億美元的調整後 EBITDA，到 2025 年前三個季度將貢獻 6.8 億美元。這些結果反映出與 2024 年同期相比略有下降，主要原因是整個地區供應成本上升的淨影響，部分被我們工廠產能收入的增加所抵消，以及第一季有利於我們天然氣業務的有利天氣。

Our West, Services, Other segment had adjusted EBITDA of $19 million in the third quarter, and $139 million for the first three quarters of 2025. The segment realized higher retail power margins, 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 periods of the prior year.

我們西部、服務、其他部門第三季的調整後 EBITDA 為 1,900 萬美元，2025 年前三個季度的調整後 EBITDA 為 1.39 億美元。該業務板塊實現了更高的零售電力利潤率，但與去年同期相比，由於 2024 年出售 Airtron 業務沒有收益，以及 Cottonwood 工廠的租賃合約於 2025 年 5 月到期，這些利潤率被抵消了。

Our Smart Home business posted another impressive quarter, and executed brilliantly through the key summer selling season, achieving adjusted EBITDA of $272 million in the third quarter, and $803 million through the first three quarters of 2025. The segment continues to see record new customer adds and retention rates, as well as expanded net service margins.

我們的智慧家庭業務又取得了令人矚目的季度業績，並在關鍵的夏季銷售旺季表現出色，第三季調整後 EBITDA 達到 2.72 億美元，到 2025 年前三個季度達到 8.03 億美元。此業務部門持續創下新增客戶數量和客戶留存率新高，同時淨服務利潤率也不斷擴大。

Our consolidated free cash flow before growth was $828 million for the quarter and $2.035 billion for the first three quarters of 2025. Year-to-date, free cash flow before growth exceeded the same period in 2024 by $597 million or 42%. The year over year increase is primarily driven by the higher year-to-date adjusted EBITDA, favorable working capital timing and receipt of the remaining insurance proceeds from our Parish Unit 8.

本季我們合併後的自由現金流（不計成長因素）為 8.28 億美元，2025 年前三個季度為 20.35 億美元。今年迄今為止，成長前的自由現金流比 2024 年同期增加了 5.97 億美元，增幅達 42%。與去年同期相比，成長主要得益於年初至今調整後的 EBITDA 較高、營運資金到位時間有利以及收到我們教區 8 號單位剩餘的保險賠償金。

We expect some of the year over year favorability to moderate as working capital timing normalizes in the first -- in the fourth quarter and as we continue to invest in our plants through our scheduled maintenance program.

我們預計，隨著營運資金周轉時間在第一季至第四季恢復正常，以及我們透過計畫維護項目繼續投資於工廠，一些同比利好因素將會減弱。

Looking to the remainder of 2025, we are reaffirming the increased financial guidance we announced last month with ranges of $7.55 to $8.15 for adjusted EPS, $3.875 billion to $4.025 billion for adjusted EBITDA, and $2.1 billion to $2.25 billion for free cash flow before growth.

展望 2025 年剩餘時間，我們重申上個月宣布的財務預期，調整後每股收益為 7.55 美元至 8.15 美元，調整後 EBITDA 為 38.75 億美元至 40.25 億美元，增長前自由現金流為 21 億美元至 22.5 億美元。

Moving to slide 11 for updates to our capital allocation for the remainder of 2025. This has been updated to reflect the new midpoint of our raised free cash flow before growth guidance target, setting the total capital available for allocation in 2025 at $2.7 billion. Note that this slide excludes proceeds received from the $4.9 billion of new debt raised in October, most of which will be allocated to fund the cash portion of the pending LS Power transaction.

接下來請看第 11 張投影片，了解我們 2025 年剩餘時間的資本配置更新。此次更新反映了我們提高後的自由現金流成長指引目標的中點，將 2025 年可供分配的總資本設定為 27 億美元。請注意，此投影片不包括 10 月籌集的 49 億美元新債務所得款項，其中大部分將用於為待決的 LS Power 交易的現金部分提供資金。

The few other updates from what I shared in our second quarter call are denoted in light blue. Starting with an update to liability management, the $52 million increase primarily reflects transaction costs and financing fees associated with the LS Power transaction. Integration costs increased by $20 million due to a shift in spend from 2024 to 2025. The net total remained largely consistent with our communicated expectation between the two years.

我在第二季電話會議上分享的其他一些更新內容以淺藍色標示。首先是負債管理方面的更新，5,200萬美元的增加主要反映了與LS Power交易相關的交易成本和融資費用。由於支出從 2024 年轉移到 2025 年，整合成本增加了 2,000 萬美元。兩年間的淨總額基本上符合我們先前公佈的預期。

We remain on track to execute the full $1.3 billion in share repurchases slated in 2025. Through October 31, we have executed $1.084 billion in share repurchases, or nearly 85% of our planned annual total at a weighted average price of $125.35 and expect to complete the full amount of share repurchases by the end of the year.

我們仍按計劃在 2025 年完成全部 13 億美元的股票回購。截至 10 月 31 日，我們已執行了 10.84 億美元的股票回購，約占我們計畫年度總額的 85%，加權平均價格為每股 125.35 美元，預計將在年底前完成全部股票回購。

Other related activities increased due to higher tax withholdings related to equity compensation, resulting from the increase in our share price. The increase in the revenue synergy growth plan reflects the strong customer growth our Smart Home segment has delivered through the year.

由於股價上漲導致與股權激勵相關的稅收預扣增加，其他相關活動也隨之增加。收入協同成長計畫的增加反映了我們智慧家居業務部門在過去一年中取得的強勁客戶成長。

Customer growth for the business was 9% year over year, well surpassing the targeted 5% to 6% net customer growth embedded in our growth plan. On other investments we are showing a net $30 million inflow of capital related to our Texas New Build program.

該業務的客戶成長率年增 9%，遠遠超過了我們成長計畫中設定的 5% 至 6% 的淨客戶成長率目標。在其他投資方面，我們與德州新建案相關的淨資本流入為 3,000 萬美元。

As you may recall, the stipulated capital structure for projects under the Texas Energy Fund program is 60/40 debt to equity. In order to get our TEF projects to that target capital structure, the initial disbursement under the loan took into account previously spent development costs. Given that catch-up mechanism under the loan, the disbursements we received in 2025 exceeded the amount of capital we expect to spend on the project, therefore resulting in a net inflow of capital for the year. Finally, we are on track to finish the year with $158 million of unallocated capital, which we currently plan to roll over into 2026 and deploy as part of our 2026 capital allocation plan.

您可能還記得，德州能源基金計畫規定的專案資本結構為 60/40 的債務與股權比例。為了使我們的 TEF 專案達到目標資本結構，貸款的初始撥款考慮了先前已支出的開發成本。鑑於貸款中的追趕機制，我們在 2025 年收到的撥款超過了我們預計在該項目上花費的資金數額，因此，當年實現了資金淨流入。最後，我們預計在年底前獲得 1.58 億美元的未分配資本，我們目前計劃將其結轉到 2026 年，並作為我們 2026 年資本分配計劃的一部分進行部署。

Turning to the next slide, we are initiating our 2026 NRG standalone financial guidance at ranges of $3.925 billion to $4.175 billion for adjusted EBITDA, representing a midpoint of $4.05 billion and free cash flow before growth of $1.975 billion to $2.225 billion representing a midpoint of $2.1 billion. We are not providing standalone EPS guidance as we acknowledge that EPS will change materially with the closing of the LS Power transaction due to associated accounting adjustments, pro forma capital allocation, and other matters impacting any per share financial metrics.

接下來，我們公佈 2026 年 NRG 獨立財務預期，調整後 EBITDA 為 39.25 億美元至 41.75 億美元，中位數為 40.5 億美元；成長前自由現金流為 19.75 億美元至 22.25 億美元，中位數為 21 億美元。我們不提供單獨的每股盈餘指引，因為我們承認，隨著 LS Power 交易的完成，由於相關的會計調整、備考資本分配以及其他影響每股財務​​指標的事項，每股盈餘將發生重大變化。

As you can see on the slide, we have included the same adjusted EBITDA and free cash flow before growth for the acquisition which we provided when we originally announced the transaction in May. This combined with the 2026 NRG standalone guidance that we are initiating today should remind people of the pro forma company's earnings profile. We will provide an updated pro forma view once the transaction is closed, which will include updates to items like energy and capacity prices, accelerated depreciation benefits, and pro forma capital allocation among others.

正如您在幻燈片中看到的，我們包含了與 5 月首次宣布該交易時提供的相同的調整後 EBITDA 和增長前自由現金流。結合我們今天發布的 2026 年 NRG 獨立業績指引，應該能讓人們想起這家備考公司的獲利狀況。交易完成後，我們將提供更新的預測財務報表，其中包括能源和容量價格、加速折舊優惠以及預測資本配置等項目的更新。

On the bottom of the page, we have provided walks from the midpoint of our original 2025 guidance to the midpoint of our new 2026 guidance on a standalone NRG basis. For adjusted EBITDA, the net $200 million increase year over year is primarily driven by the addition of the Rockland assets acquired earlier in the year, the impact of higher power pricing in our Texas segment, and the continued execution of our existing $750 million growth plan.

在頁面底部，我們提供了從我們最初的 2025 年指導方針的中點到我們新的 2026 年指導方針的中點的步行路線，這些路線是獨立 NRG 的。經調整的 EBITDA 年增 2 億美元，主要得益於今年稍早收購的 Rockland 資產的增加、德州業務板塊電力價格上漲的影響，以及我們現有 7.5 億美元成長計畫的持續執行。

The impact of higher power pricing in Texas that we are showing is consistent with the sensitivities we have provided in our previous earnings materials and reflects an increase in around the clock pricing from the $47 we previously used to $53 per megawatt hour, which reflects Texas pricing at the end of July.

我們展示的德克薩斯州電力價格上漲的影響與我們在先前的收益材料中提供的敏感性分析結果一致，反映了全天候價格從我們之前使用的每兆瓦時 47 美元上漲到 53 美元，這反映了 7 月底德克薩斯州的定價。

The sum total of these year over year increases is slightly offset by other minor drivers such as regulatory developments negatively impacting the Maryland and New York competitive retail markets and tariff impacts on our businesses.

這些同比增長的總和略微被其他一些次要因素所抵消，例如監管發展對馬裡蘭州和紐約州競爭性零售市場的負面影響以及關稅對我們業務的影響。

On free cash flow before growth, we expect strong year over year growth from core operations amounting to $2 million to $145 million comprised of the previously discussed EBITDA growth partially offset by the continued investment in our generation fleet. After taking into account higher cash interest and taxes, we forecast free cash flow before growth to be flat year over year.

在成長之前，我們預計核心業務的自由現金流將實現強勁的同比增長，達到 200 萬美元至 1.45 億美元，其中包括之前討論過的 EBITDA 增長，但部分會被我們對發電廠的持續投資所抵消。考慮到更高的現金利息和稅收，我們預測成長前的自由現金流將與前一年持平。

The higher cash interest is largely driven by refinancing of very low-cost debt that was issued when the Fed funds rate hovered near 0%. The increase in cash taxes primarily relates to fewer federal tax credits available to offset income than in prior years.

現金利息上漲主要是由於對在聯邦基金利率接近 0% 時發行的低成本債務進行再融資所致。現金稅收增加主要是由於可用於抵消收入的聯邦稅收抵免額比往年減少所致。

Just to reiterate, we will provide a more detailed update on pro forma financial metrics, once we close the acquisition. I look forward to sharing that update with you soon.

再次重申，一旦收購完成，我們將提供更詳細的預測財務指標更新。我期待盡快與您分享這一最新消息。

Moving to slide 13 for a brief discussion on 2026 NRG standalone capital allocation. The key takeaway here is that we remain committed to our return of capital program through share purchases of $1 billion and our planned 7% to 9% annualized growth of the common dividend per share. This is the case both on a standalone and pro forma basis.

接下來請看第 13 張投影片，簡單討論 2026 年 NRG 獨立資本配置。關鍵在於，我們仍致力於透過10億美元的股票回購計畫來回報資本，並計劃將普通股每股股息的年化成長率提高7%至9%。無論從獨立數據或形式數據來看，情況都是如此。

I'm also pleased to share that our Board has approved a new $3 billion share purchase authorization to be executed through 2028. As you can imagine, certain elements of this chart, such as the starting point for excess cash and liability management, will look very different after we close the acquisition. As such, I do not intend to go further into detail on this slide. We will provide a fulsome update on capital allocation alongside our key financial metrics, once we close on the LS Power assets acquisition.

我也很高興地宣布，董事會已批准一項新的 30 億美元股票購買授權，該授權將持續執行至 2028 年。您可以想像，在我們完成收購後，這張圖表中的某些元素，例如超額現金和負債管理的起點，將會截然不同。因此，我並不打算對這張投影片進行更詳細的講解。一旦完成對 LS Power 資產的收購，我們將提供關於資本配置以及我們關鍵財務指標的全面更新。

In closing, NRG has delivered outstanding financial and operational results through the first three quarters of this year, and we are poised to finish the year on a high note. The standalone 2026 financial guidance and capital allocation outlook I have shared today further demonstrates the solid growth and continued performance of our standalone-based business. I look forward to providing you updated and detailed guidance for 2026 that includes the assets we are acquiring from LS Power following the closing of the transaction. With that, I'll turn it back to you, Larry.

綜上所述，NRG 在今年前三個季度取得了出色的財務和營運業績，我們已做好準備，以優異的成績結束今年。我今天分享的2026年獨立財務指引和資本配置展望進一步證明了我們獨立業務的穩健成長和持續表現。我期待在交易完成後，向您提供 2026 年的最新詳細指導，其中包括我們將從 LS Power 收購的資產。那麼，我就把麥克風交還給你了，拉里。

Thank you, Bruce. Turning to slide 15, 2025 has been an outstanding year across every part of our business, and our outlook continues to improve. Our near-term focus is on completing the LS Power acquisition and providing you with an updated long-term outlook following the close.

謝謝你，布魯斯。翻到第 15 張投影片，2025 年是我們業務各方面都表現卓越的一年，而且我們的前景還在不斷改善。我們近期的重點是完成對 LS Power 的收購，並在交易完成後向您提供最新的長期展望。

We also continue expanding our data center portfolio, advancing our Texas Energy Fund projects, including completing the construction of the TH Wharton project, and returning at least $1.3 billion to shareholders. These priorities reflect a disciplined approach to growth and capital allocation as we position NRG for 2026 and beyond, continuing to build a company defined by consistent execution and accelerating value creation. With that, we'll now open the line for questions.

我們將繼續擴大數據中心組合，推進德克薩斯能源基金項目，包括完成 TH Wharton 項目的建設，並向股東返還至少 13 億美元。這些優先事項體現了我們在為 NRG 2026 年及以後的發展做好準備時所採取的嚴謹的成長和資本配置方法，我們將繼續打造一家以持續執行和加速價值創造為特徵的公司。接下來，我們將開放提問環節。

Shahriar Pourreza, Wells Fargo.

Shahriar Pourreza，富國銀行。

Hey guys, good morning.

嘿，各位，早安。

Sure, welcome back to the workforce.

當然，歡迎重返職場。

I'm ready to go back to garden leave, to be honest.

說實話，我已經準備好重新休帶薪休假了。

I want to see the flowers. I want to see the flowers.

我想看看花。我想看看花。

There you go. Good morning, Bruce. Good morning, Rob, too. So Larry, just -- do you think 2026 is kind of that year you're going to be able to announce a data center agreement that includes new development as part of your GEV Kiewit partnership?

好了。早安，布魯斯。早安，羅布。所以 Larry，你覺得 2026 年是你能夠宣布資料中心協議的一年嗎？該協議將包括作為你與 GEV Kiewit 合作項目的一部分的新開發項目？

Yes.

是的。

You tongue tied me again.

你又讓我說不出話來了。

Well, Shar, you'll remember the last time I gave you a one-word answer it showed up, so I'm giving you a one-word answer.

莎爾，你肯定記得上次我給你一個字的答案，結果它出現了，所以我這次也給你一個字的答案。

Any sense around timing next year? Are we thinking back half or earlier part of the year?

明年大概會有什麼時間安排嗎？我們是在回顧上半年還是上半年的事情？

It's hard to tell, Shar, as my good friend Max said yesterday, these are complex, but super excited by the process and never been more sure.

莎爾，很難說，就像我的好朋友馬克斯昨天說的那樣，這些事情很複雜，但我對這個過程感到非常興奮，也從未如此確定過。

Got it. Okay. That's helpful. And then just lastly, just maybe share a little bit more about sort of the announced data center deals, how they kind of compare to those announced by your peers. So a little bit more color around the margins given other peer deals have come with generation linkages?

知道了。好的。那很有幫助。最後，能否再多分享已公佈的資料中心交易，以及它們與同業公佈的交易有何異同？所以，考慮到其他同類交易都涉及世代關聯，邊緣地帶是否會增添一些色彩？

Yes. We've put a little slide in the appendix, which kind of talks about margin and pricing. This is very similar to the one that we announced last quarter, just locationally different. Premium margin as a result -- different things go into getting our premium margin on any deal, including land, including our commercial acumen. I mean I really need to say we have the best commercial team in the business at both gas and electricity, being able to really meet customer needs in a flexible way. All of those lead to the margin that you see on that appendix Shar.

是的。我們在附錄中放了一小張投影片，大致介紹了利潤率和定價。這與我們上個季度宣布的項目非常相似，只是地點不同。因此，我們獲得了溢價利潤——在任何交易中獲得溢價利潤都取決於不同的因素，包括土地，包括我們的商業敏銳度。我的意思是，我真的要說，我們在天然氣和電力領域都擁有業內最好的商業團隊，能夠以靈活的方式真正滿足客戶的需求。所有這些都導致​​了你在附錄 Shar 中看到的利潤率。

That is super helpful. Appreciate that, Larry. Bruce. Keep working hard. I like what I'm seeing here. Thanks, guys.

這太有幫助了。謝謝，拉里。布魯斯。繼續努力。我喜歡這裡呈現的一切。謝謝各位。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Let me jump back to the -- let me ask the same question that everybody just asked a second ago in a different way. As far as GEV goes in this Kiewit partnership, do you have a certain time frame that you need to move some of this equipment and use it or lose it, if you will? Can you speak to that a little bit? Because I think that's probably an important nuance to speak to when you talk about your confidence and the timelines under which you're operating to execute on this.

讓我回到剛才大家問的同一個問題，只是換了一種方式來問。就 GEV 與 Kiewit 的合作而言，您是否有特定的時間限制，需要在規定時間內轉移和使用部分設備，否則就會失去這些設備？能稍微談談這方面嗎？因為我認為，在談到你的信心以及你執行這項任務的時間安排時，這可能是一個需要重點討論的細微差別。

Look, Julien, we haven't disclosed any timelines, but we're -- I'm very confident that we're going to meet all of the time lines that are required under that agreement. But what you're really trying to do, Julien, I know his pin me to a month, and I'm not going to let you do that.

朱利安，我們還沒有公佈任何時間表，但是——我非常有信心，我們將滿足協議規定的所有時間表。但朱利安，我知道你真正想做的是想把我困在一個月之內，我不會讓你得逞的。

Yeah. Absolutely. You know we're all trying. I mean, Shar did his best at it too.

是的。絕對地。你知道我們都在努力。我的意思是，沙爾也盡力了。

I appreciate the effort. It was well done, but --

我很欣賞你的努力。做得很好，但是--

Not quite there. I got it. Well, let me ask you this way. As far as it goes with the Build Your Own Power, BYOP as we're calling it, right, there's clearly been an evolution in the marketplace. When you think about the scope of what's possible here, again, I know folks have been looking at co-located opportunities in the last couple of years, but now we've firmly shifted. How meaningful, right?

還沒完全達到。我得到了它。那我換個方式問你吧。就我們所謂的「自建電力」（BYOP）而言，市場顯然已經發生了演變。當你思考這裡可能發生的事情的範圍時，我知道過去幾年人們一直在關注共同工作的機會，但現在我們已經徹底轉變了方向。多麼有意義啊，對吧？

We've seen a few announcements here with a couple of hundred megawatts here, a couple of hundred megawatts this quarter. I mean when you say you're going to deliver updates next year, can you speak to BYOP and the scale of what's at hand here in terms of really building out contracted gen?

我們已經看到一些公告，其中提到本季將新增幾百兆瓦的裝置容量。我的意思是，既然您說明年將推出更新，您能否談談 BYOP 以及目前在真正建造已簽約發電設施方面所面臨的規模？

Sure. Look, just starting with the GEV Kiewit deal, Julien, that's 5.4 gigs. So that's a good place to start from. I mean there are some things that could be added to that in a variety of ways that we're looking at. But I think if we brought even 5.4 gig to the table, you would be -- and everyone would be super happy for us.

當然。聽著，朱利安，光是​​ GEV Kiewit 的交易就有 5.4 吉巴。所以，這是一個很好的起點。我的意思是，我們正在研究可以透過多種方式添加一些東西。但我認為，如果我們能拿出 5.4 GHz 的容量，你們就會——而且每個人都會為我們感到非常高興。

So I mean, the scale -- I mean, that's kind of the scale that we're focused on right now, but we are looking at opportunities to see how we can make that even greater.

所以我的意思是，規模——我的意思是，這正是我們目前關注的重點，但我們正在尋找機會，看看如何才能讓它更大。

Got it. And then let me just shift this slightly. When you think about the focus here, I mean, a lot of conversation has been around your portfolio in Texas and ERCOT specifically. Can you speak a little bit broadly.

知道了。然後我稍微調整一下位置。仔細想想，這裡的重點其實是，很多討論都圍繞著你在德州的投資組合，特別是ERCOT。你能稍微概括一下嗎？

Obviously, you guys have Illinois site, PJM's talking increasingly about bringing new assets before Illinois just passed legislation in recent weeks. For instance, is there an opportunity in the PJM portfolio to both add gas and storage specifically and perhaps tap into some of these developments that have been recently a foot to kind of quell the state's needs for new capacity?

顯然，你們有伊利諾伊州的站點，PJM 越來越多地談論在伊利諾伊州最近幾週通過立法之前引入新的資產。例如，PJM 投資組合中是否有機會增加天然氣和儲能設施，並利用最近一些正在發展中的項目來緩解該州對新增產能的需求？

Absolutely, Julian. And we are working hard on that, and we'll really accelerate those efforts, of course, once LS closes because until we own the generation assets there, that will really fault us into being a significant player, but we're -- there's no grass growing under our feet there in the meantime.

當然，朱利安。我們正在為此努力，當然，一旦 LS 完成交易，我們將真正加快這些努力，因為在我們擁有那裡的發電資產之前，這將真正使我們成為一個重要的參與者，但與此同時，我們——我們絕不會懈怠。

Got it. All right. In Illinois legislation, is there something for you guys to do there specifically to ask that more pointedly?

知道了。好的。在伊利諾州的立法方面，你們是否可以採取一些具體措施，更明確地提出這個問題？

I don't think the legislation is really going to be the driver of this, Julien. So -- but as you know, we do have sites in Illinois.

朱利安，我不認為立法會真正成為推動這件事發展的關鍵因素。所以——但正如你所知，我們在伊利諾伊州也有站點。

Absolutely. All right, I'll leave it there. Thank you, guys, very much. All the best.

絕對地。好了，我就說到這裡吧。非常感謝各位。一切順利。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

So first of all -- Good morning. No longer see the slide showing the sensitivity of your gross margin to changes in forward power curves. I mean we've had finally the move in foreign curves we had waited for. And so I'm just wondering if anything's changed there? Are you waiting to update it for your enlarged portfolio? Any comments.

首先——早安。不再顯示顯示毛利率對遠期功率曲線變化的敏感性的幻燈片。我的意思是，我們終於迎來了期待已久的外國曲線上漲行情。所以我想知道那邊情況是否有改變？您是否正在等待將其更新以用於您擴大的作品集？有什麼意見嗎？

Angie, you just hit the nail on the head. We are waiting to update it for our enlarged portfolio.

安吉，你真是說到重點了。我們正在等待更新它，以納入我們擴大後的產品組合。

Okay. And you're not going to give me any sense how, especially the PJM price is moving, how they are impacting the pro forma EBITDA of the company for now?

好的。你不打算告訴我，特別是PJM股價的走勢，是如何影響公司目前的備考EBITDA的嗎？

Not at this stage. Well, certainly, we will provide, obviously, a very fulsome update soon after we close on the transaction.

目前還不行。當然，我們會在交易完成後儘快提供非常全面的最新消息。

Okay. And then the second thing is we've had some companies new power companies or pretending to be new power companies that have aspirations to build gas plants without any prior expertise in power. So I mean it is surprising that they could be ahead of you in the pecking order, if not for the fact that you guys actually have sites have equipment know-how to hedge gas, et cetera.

好的。其次，我們發現一些公司，或自稱是新興電力公司，或假裝是新興電力公司，卻渴望建造天然氣發電廠，而它們在電力領域沒有任何專業知識。所以我的意思是，如果不是因為你們擁有對沖天然氣等的設備技術，那麼他們在競爭中領先你們確實令人驚訝。

So is it that they just talk more about their opportunities versus you guys? Or do you still feel like you have a head start over those companies?

所以，是不是他們比你們更愛談論自己的機會？還是你還是覺得你比那些公司更有優勢？

Angie, I'm convinced that we're in a great position to do what I was describing. It has this a long time so of you, there's a lot of announcements when I actually see to use Sam Altman's new term, electrons flowing, then I will actually believe that they're real, or you will see steel in the ground.

安吉，我確信我們處於非常有利的位置，可以做到我剛才描述的事情。這種情況已經持續很久了，所以對你們來說，有很多公告，當我真正看到用薩姆·奧特曼的新術語“電子流動”時，我才會相信它們是真的，或者你們會在地下看到鋼鐵。

But we're not one -- we tell you what we've done, we don't tell you what we're going to do. And that's kind of my philosophy in all this. So there's going to be a lot of announcements because a lot of people think they're data center and power developers. Some of those probably real, but I'm very, very comfortable with where we sit in the pecking order, both with respect to building power plants and with respect to hyperscalers.

但我們不是一體的——我們告訴你我們做了什麼，但我們不告訴你我們將要做什麼。這就是我做這一切的理念。所以會有很多公告發布，因為很多人認為自己是資料中心和電力開發人員。有些可能是真的，但我對我們在發電廠建設和超大規模資料中心領域的排名都非常非常滿意。

Okay. And then one more. I mean we are still seeing a lot of assets, private assets being offered to companies like you, hopefully. You do have a large pending acquisition. And I'm just wondering if you would still have interest in single-asset transactions before the LS Power transaction closes?

好的。然後又來了一個。我的意思是，我們仍然看到很多資產，特別是私人資產，被提供給像你們這樣的公司，希望如此。你們確實有一筆數額龐大的收購案正在籌備中。我只是想問一下，在 LS Power 交易完成之前，您是否仍然對單一資產交易感興趣？

We look at everything. And if there's something that's economically attractive, that's a great fit for our portfolio. We would be interested. We don't feel we need to add any additional capacity given the LS acquisition, the Rockford acquisition and the test projects, but we are always opportunistic when these things are out there.

我們會仔細查看所有方面。如果某個項目在經濟上很有吸引力，那麼它就非常適合我們的投資組合。我們對此很感興趣。鑑於 LS 收購、Rockford 收購以及測試項目，我們覺得沒有必要增加任何額外的產能，但當有這樣的機會出現時，我們總是會抓住機會。

And then lastly, Bruce, you mentioned the free cash flow guidance for '26 and the fact that you're sort of running out of the tax shield. I mean, the LS Power transaction brings the tax shield, right? So there would be presumably an improvement sort of free cash flow generation of the current business on the back of that transaction. Is that fair?

最後，布魯斯，你提到了 2026 年的自由現金流預期，以及你們的稅收優惠即將用完的事實。我的意思是，LS Power 的交易帶來了稅收優惠，對吧？因此，該交易應該會改善現有企業的自由現金流。這樣公平嗎？

Yes. I think that's generally a fair statement, Angie. The one thing that I'll just clarify for you is that uptick in cash tax that we talk about on a stand-alone basis, isn't necessarily related to our NOLs disappearing. It's really more about certain tax credits that we had from our days when we owned renewable assets that eventually expired.

是的。安吉，我覺得這說法大致上是合理的。我只想向你們澄清一點，我們單獨討論的現金稅增加，並不一定與我們的淨營業虧損消失有關。實際上，這與我們過去擁有再生能源資產時獲得的某些稅收抵免有關，這些抵免最終到期了。

And so regardless of the LS transaction, we're still going to have a very sizable NOL position. But clearly, the last transaction is going to give us even more, which should adhere to a cash flow benefit.

因此，無論 LS 交易如何進行，我們仍然會有一個非常大的淨營業虧損部位。但很顯然，最後一筆交易會為我們帶來更多收益，這應該會帶來現金流方面的好處。

James West, Melius Research.

James West，Melius Research。

Larry in your prepared comments, both at the beginning and the end, I think you made it very clear that you guys are not just standing still waiting to close LS, but you've got a lot of a lot of other things going on. If you were to kind of rank order what you're most excited about outside of that transaction, what would you say the top kind of one, two, three other things, items that you're waiting to hopefully announce to us in the near term?

Larry，你在準備好的評論中，無論是在開頭還是結尾，我認為你都非常清楚地表明，你們不僅僅是站在那裡等待關閉LS，而是還有很多其他的事情要做。如果讓你對除了這筆交易之外最讓你興奮的事情進行排序，你會說最重要的一兩件、三件事是什麼？你希望在不久的將來能向我們宣布這些事。

Well, I'm going to do them in no particular order because otherwise, that's like picking favorites among your kids. I mean we have both on the C&I and on the retail side and Energy and in Spark. We have a lot of -- people kind of lost sight of we have a very exciting growth plan where we're killing it.

嗯，我不會用任何順序來做，否則就好比在自己的孩子中偏愛誰一樣。我的意思是，我們在工商業、零售、能源和Spark領域都有業務。我們有很多——很多人似乎忽略了我們有一個非常令人興奮的成長計劃，我們正在取得巨大成功。

Second, our residential VPP excites me tremendously. And after LS close, I'm also even more excited about our demand response potential. So I look at all of those things. And I guess the fourth thing I would say is bringing our first test project online and making progress on the other two.

其次，我們的住宅虛擬電廠讓我非常興奮。LS關閉後，我對我們的需求響應潛力也更加感到興奮。所以我把所有這些因素都考慮進去了。我想說的第四點是，我們要把第一個測試項目上線，並推進其他兩個項目的進度。

So there's a lot going on here that we don't -- we haven't even begun to put into our numbers. And so even if there were no -- I just -- as a reminder, even if there were no data centers at all and no changes in power prices, we're still showing a 14% CAGR, and we still have a double-digit free cash flow discount rate.

所以這裡有很多事情我們還沒有——我們甚至還沒有開始把它們納入我們的統計中。因此，即使沒有任何——我只是提醒一下——即使完全沒有數據中心，電力價格也沒有任何變化，我們仍然實現了 14% 的複合年增長率，並且仍然擁有兩位數的自由現金流折現率。

So I'm super excited about that. I don't know where I could get in the market such with not much downside those kind of numbers, leaving out all the other great things that we're doing. So I am as bullish as I've ever been.

所以我對此感到非常興奮。我不知道在市場上哪裡能找到風險這麼小、收益卻能達到這種水準的投資機會，更何況我們還在做其他很多很棒的事情。所以我對市場的信心一如既往地高漲。

Okay. Good to hear. I'll leave it there.

好的。很高興聽到這個消息。我就說到這兒吧。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Good morning. Maybe I could just follow up on the BYOP combo. Just your conversation with policymakers at the states you operate in, how does that look in terms of BYOP? How have the customer conversations evolved over the last six months? And is it a fair assumption that all deals going forward just need some type of additionality in this space now? Or how would you kind of frame that?

早安.或許我可以繼續跟進 BYOP 組合。您與您經營所在州的政策制定者進行的對話，在自備設備辦公室（BYOP）方面是什麼樣的？在過去六個月裡，與客戶的對話發生了哪些變化？那麼，是否可以合理地假設，今後所有的交易都需要在這個領域增加某種附加條款呢？或者你會如何表達呢？

I mean I don't -- speaking to all deals is hard, but it starts with the secretary of energy, who's been very, very explicit on this. And I think as regulators more and more look at the affordability question and how to distribute the cost of this new power, the simplest way to do it and the fairest way to do it, I think, is probably bring your own gen. Now whether that's megawatt hour per megawatt hour or 75% or 50% or some other measure, I think, remains to be seen.

我的意思是，我不能——談論所有交易很難，但這要從能源部長說起，他在這方面已經非常非常明確地表態了。我認為，隨著監管機構越來越關注可負擔性問題以及如何分攤這種新能源的成本，最簡單、最公平的方法可能是自備發電機。至於這是以兆瓦時/兆瓦時計算，還是以 75%、50% 或其他方式計算，我認為還有待觀察。

But I think every policymaker is looking at this for two reasons. One is the affordability factor, and two is everyone knows they need new power, everyone knows they need new infrastructure. So to the extent if you're the governor of, say, New Jersey or Pennsylvania or somewhere like that, you would rather spread that cost across Amazon or Meta's or Google or Microsoft, billions of customers around the world rather than your own rate payers.

但我認為，每個政策制定者關注這個問題的原因有兩個。一是價格承受能力問題，二是每個人都知道他們需要新的電力，每個人都知道他們需要新的基礎設施。因此，如果你是新澤西州或賓夕法尼亞州或類似地方的州長，你寧願將成本分攤到亞馬遜、Meta、谷歌或微軟等全球數十億客戶身上，而不是由你自己的納稅人承擔。

So this is a trend that we started talking about a year ago and prepared for it with our GEV and Kiewit joint venture, and it's now really coming home to roost and accelerating in the last few months.

所以，這是我們一年前就開始討論並與我們 GEV 和 Kiewit 合資企業為此做好準備的趨勢，而現在它真的開始顯現成效，並在過去的幾個月裡加速發展。

Definitely recognize that. Thanks for the thought. Maybe just with PJM being a more important jurisdiction pro forma this LS Power deal, can you talk about the capacity auction and just the prospects and timing for the collar to potentially be extended? Or just what you're advocating for with stakeholders, where you think the industry is heading and ultimately what outcome you think would be good for the industry?

這一點務必牢記。謝謝你的建議。鑑於 PJM 在 LS Power 交易中扮演著更重要的角色，您能否談談容量拍賣以及容量限制可能延長的前景和時間安排？或者，您只是想和利害關係人談談您的主張，您認為產業的發展方向，以及您最終認為對產業有利的結果是什麼？

It's Rob. Look, nothing's changed since the last auction as far as supply and demand. So I would expect that, that means that we're going to price at the top of that cap and collar. The -- as far as long term goes, they're looking at lots of different ways to solve the equation. Ultimately, everybody is generally concerned about reliability and they're concerned about things like affordability but in order to get reliability, you have to have price signals. And so the market has to reflect something for something to get built.

是羅布。你看，從上次拍賣來看，供需關係沒有任何改變。所以我認為，這意味著我們將把價格定在上限和下限的頂端。就長遠而言，他們正在研究許多不同的方法來解決這個問題。歸根究底，大家普遍關心的是可靠性，也關心價格等因素，但要獲得可靠性，就必須有價格訊號。所以，市場必須反映出某種需求，才能促成某些事物的出現。

As far as the collar being extended, we were supportive of the collar last time. I could see it being extended again because it provides certainty for everyone in the market. Whether or not the top end of that collar is at the right place, that's yet to be determined.

至於衣領加長的問題，我們上次是支持加長的。我認為它可能會再次延期，因為它能為市場上的每個人提供確定性。衣領頂端的位置是否正確，還有待確定。

Carly Davenport, Goldman Snacks.

卡莉·達文波特，高盛零食。

Good morning. Thank you for taking the questions. Larry, you mentioned before your excitement about the resi VPP program and the pilot there. I guess any updates on how that's tracking in terms of uptake. And if that's something that we should expect to see sort of regular updates on in subsequent calls?

早安.感謝您回答這些問題。Larry，你之前提到你對住宅 VPP 計畫和那裡的試點計畫感到興奮。我想了解一下該產品的推廣情況如何。如果這是我們在後續電話會議中應該期待看到的定期更新內容的話？

Yes, I'm going to kick that over to Brad.

是的，我打算把這件事交給布萊德。

Thank you. Yeah. No, we've been very pleased with the progress on VPP. So as you're aware, we did raise guidance early this year for the balance of '25, so we went 20 megawatts to 150, and we remain on track for our 1 gig by year-end. We received a lot of going 2035. I would change things a lot by 2035.

謝謝。是的。不，我們對VPP的進展非常滿意。如您所知，我們今年年初提高了 2025 年剩餘時間的預期，將裝置容量從 20 兆瓦提高到 150 兆瓦，我們仍有望在年底前實現 1 吉瓦的目標。我們收到了很多關於2035年的預測。到2035年，我會做出很多改變。

We see a lot of good feedback from customers about the value and the experience of our offerings. So we're really excited about that, and we're actually installing more customers than anticipated.

我們看到許多客戶對我們產品的價值和體驗給予了很好的回饋。所以我們對此感到非常興奮，而且我們實際安裝的客戶數量也超過了預期。

And I think as we had shared in our last earnings, we're actually seeing the upgrade of additional equipment kind of 2x our expectations. But apart from that, we're also piloting some additional new home automation offerings which not only deliver the demand response, but will also help reduce home energy consumption, which will enable us to offer customers home energy savings.

正如我們在上次財報中分享的那樣，我們實際上看到額外設備的升級改造數量大約是我們預期數量的兩倍。但除此之外，我們還在試行一些新的家庭自動化產品，這些產品不僅可以滿足需求響應，還有助於降低家庭能源消耗，從而使我們能夠為客戶提供家庭節能服務。

So as affordability and great capacity become more critical energy, we really have the only solution to meet those needs to be able to reduce energy consumption and save customers funding. So we're really excited about piloting that, not just in Texas, but we will also be taking that out to the East early next year.

因此，隨著能源價格的可負擔性和大容量變得越來越重要，我們確實擁有唯一能夠滿足這些需求、降低能源消耗並為客戶節省金錢的解決方案。所以我們對這項試點計畫感到非常興奮，不僅在德州，而且明年年初我們還將把它推廣到東部地區。

Great. Okay. That's super helpful. And then maybe just on the data center pipeline. You have one agreement with first delivery in '26 and other in 28. I guess is there any trends that you're seeing in terms of when customers are looking to be energized on these fields?

偉大的。好的。這太有幫助了。然後或許就只牽涉到資料中心管道了。你們有一份協議，第一次交貨在 2026 年，另一次交貨在 2028 年。我想問一下，您觀察到客戶在這些領域尋求能量補充有什麼趨勢嗎？

I mean I think they're looking to be energized as quickly as possible, but there are some bottlenecks of, as you know, with interconnection and things of that nature as well as if you do really need to bring your own power plant, obviously, that doesn't occur in a day.

我的意思是，我認為他們希望盡快通電，但正如你所知，互聯互通等方面存在一些瓶頸，而且如果你真的需要自建發電廠，顯然，這不可能一天之內完成。

So I think customers would love to start ramping yesterday, and they're doing what they can to do that. But I think if I look at the graph from now through 2031, there's more and more power coming on ramping each of those years.

所以我認為客戶們都希望昨天就開始擴大生產規模，而他們也盡一切努力實現這一點。但我認為，如果我從現在到 2031 年觀察圖表，我會發現每年的發電量都會越來越大。

So I don't think anybody comes to the table thinking, well, we really want to start in 2033, but I think they're also realistic about building their own businesses and the constraints that exist.

所以我認為沒有人會抱著「我們真的想在 2033 年開始」的想法來談這件事，但我認為他們也對建立自己的企業以及存在的限制有清醒的認識。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Thanks. Good morning. When you say that you're -- let's see, on the data center power agreements increasing your kind of expectations for pricing to now be above $80 a megawatt hour, what's that reflecting? Is that a reflection of where market prices have gone and just thinking about the upper end of your prior 70 to 90 range. Like does that upper end go up as well? Kind of curious just like would you be repricing like Bring Your Own Power type deals also upward?

謝謝。早安.當你說你——嗯，關於數據中心電力協議，你對價格的預期現在已經超過每兆瓦時 80 美元時，這反映了什麼？這是否反映了市場價格的走向，以及你之前設定的 70 到 90 區間的上限？上限也會上升嗎？有點好奇，你們會不會也像「自備電源」之類的優惠活動那樣提價呢？

Well, I think everything is pricing upward as a result of increasing demand. If you look at the capital expenditure announcements by the hyperscalers, they continue to rapidly increase across the Board. I think it's a recognition from people of the commercial of our rather unique ability commercially to supply them in ways that they want to be supplied and to bring new power to the table.

我認為，由於需求增加，所有商品的價格都在上漲。如果你看一下超大規模資料中心營運商的資本支出公告，你會發現它們的支出總額仍在快速成長。我認為這體現了人們對我們商業能力的認可，我們擁有相當獨特的商業能力，能夠以他們想要的方式為他們提供服務，並帶來新的動力。

And just really heightened interest from multiple hyperscalers and developers in a very accelerating fashion, just kind of using the basic laws of supply and demand. So all of those are factors that led us to raise this really to kind of take the top off the range and raise the bottom of the range.

而且，眾多超大規模資料中心營運商和開發商的興趣也以非常快的速度高漲，這完全符合供需的基本法則。所以，所有這些因素促使我們提高了價格，實際上是降低了價格區間的上限，提高了價格區間的下限。

Got it. Okay. Great. That's helpful. Then separately, I was just wondering if you could comment on the retail competitive backdrop, retail -- your outlook for retail margins from here? Can they remain strong looking out into your forecast?

知道了。好的。偉大的。那很有幫助。另外，我還想請您談談零售業的競爭格局，您對零售業利潤率的未來前景有何看法？根據你的預測，他們能否保持強勁勢頭？

Yes. We -- this is Brad. We continue to see strong margins in Texas. And we have had -- primarily because of the competitive marketplace. And so as prices have gone up, we've been able to maintain those margins.

是的。我們是－－這位是布拉德。我們看到德州的利潤率依然強勁。而我們之所以擁有這些——主要是因為競爭激烈的市場。因此，儘管價格上漲，我們仍然能夠維持這些利潤率。

As I mentioned earlier, we are looking at solutions to help give some customers' relief in terms of helping reduce energy consumption. As we know affordability will be a challenge, as everyone does raise prices.

正如我之前提到的，我們正在尋找解決方案，以幫助一些客戶減輕能源消耗的負擔。我們知道，由於物價上漲，價格負擔將是一個挑戰。

In the East, a little bit different dynamic when we're up against the price to compare. And so that one, we have seen a little bit of margin erosion that we are managing very closely. But as I mentioned earlier, being able to bring an integrated value proposition to the consumer that gets beyond competing for price per kilowatt hour and gives them a solution that actually brings our energy consumption down and give them home protection, home automation in the home.

在東方，當我們面臨價格比較時，情況就略有不同了。因此，我們看到利潤率出現了一些下滑，我們正在密切關注並應對。但正如我之前提到的，能夠為消費者帶來超越每千瓦時價格競爭的綜合價值主張，並為他們提供真正降低能源消耗、提供家庭保護和家庭自動化的解決方案。

We believe that's a solution that we will be able to scale and slightly change the conversation. So a little bit different dynamic, as you know, between the East and what we see in Texas.

我們相信這是一個可以推廣並略微改變討論方向的解決方案。所以，正如你所知，東部和德克薩斯州的情況略有不同。

Ryan Levine, Citi.

Ryan Levine，花旗銀行。

Good morning. Hoping to follow up on the Smart Home business. Good to see the 9% annual year-over-year growth there. What are you assuming for '26 standalone business contribution for Smart Home growth? And how do you see that trend evolving into your longer-term outlook?

早安.希望繼續拓展智慧家庭業務。很高興看到該地區實現了9%的年同比增長。您對2026年智慧家居業務獨立成長的貢獻有何假設？您認為這股趨勢將如何影響您的長期展望？

Yeah. In terms of customer counts, we're assuming something very similar to what we saw this year. We've seen really strong growth across really all of our channels of distribution. We're also launching more of a good, better, best.

是的。就客戶數量而言，我們預計與今年的情況非常相似。我們看到所有分銷管道都實現了強勁成長。我們也會推出更多優秀、更好、最好的產品。

Historically, Vivint has been pushing the higher-end systems, but we're able to, as I mentioned earlier, offer a much more affordable entry-level offering that not only gives customers some security protection, but also that energy management savings that I touched on.

從歷史上看，Vivint 一直致力於推廣高端系統，但正如我之前提到的，我們現在能夠提供價格更實惠的入門級產品，該產品不僅能為客戶提供一定的安全保護，還能帶來我剛才提到的節能管理方面的節省。

So with the additional kind of good, better, best, it opens up new channels of distribution. And so we expect really strong growth in '26 as well.

因此，有了好、更好、最好的這些附加等級，就開闢了新的分銷管道。因此，我們預計2026年也將實現強勁成長。

Ryan, I just want to remind, when we announced that $750 million growth plan, we had indicated Smart Home net customer growth to be in that 5% to 6% range. And so I think when Brad alludes to the customer growth that we're assuming for '26, it's still going to be pretty consistent with that original growth plan -- probably higher.

Ryan，我只是想提醒一下，當我們宣布 7.5 億美元的成長計畫時，我們曾表示智慧家庭淨客戶成長率將在 5% 到 6% 的範圍內。所以我認為，當布拉德提到我們預計 2026 年的客戶成長時，它仍然會與最初的成長計畫非常一致——甚至可能更高。

And then in terms of the hyperscale or data center conversations, I appreciate the additional guidance around pricing and momentum. But in terms of duration of the contracts, are you seeing any change there around the tenor of contracts that the customers are looking for as demand has continued to accelerate?

至於超大規模或資料中心的討論，我很感謝有關定價和發展勢頭的額外指導。但就合約期限而言，隨著需求的持續加速，您是否看到客戶對合約期限的需求發生了任何變化？

No. We still continue to see people wanting at least 10 years some even more than that. So if anything tenure will be -- is increasing, particularly if you're going to bring your own generation, you really need a longer tenured contract in order to drive your own cost down. So we're seeing longer contracts, not shorter ones, Ryan.

不。我們仍然看到有人希望至少有 10 年的時間，有些人甚至希望有更長。所以，如果有什麼變化的話，那就是終身教職制度將會延長，特別是如果你要培養自己的下一代人才，你真的需要一份更長的終身教職合約來降低你自己的成本。所以我們看到的是更長的合同，而不是更短的合同，瑞恩。

Okay. And anything around inflation provisions? Are they becoming the more standardized around some of the other commercial terms embedded in these contracts?

好的。關於通膨條款方面有什麼規定嗎？這些合約中嵌入的其他一些商業條款是否正變得越來越標準化？

I mean we are -- most of the contracts are going to be allowing us to pass-through and allow us to keep our margins relatively fixed kind of across the board for a variety of factors.

我的意思是，我們——大多數合約都將允許我們把成本轉嫁出去，並允許我們出於各種因素在各方面保持相對固定的利潤率。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，加拿大豐業銀行。

Good morning, everyone. Thanks for including me. First question on buybacks. I see that you're guiding to a moderation in next year to $1 billion. I think you previously alluded to that, forgive me, I'm still a bit new to the story.

各位早安。謝謝邀請我。關於股票回購的第一個問題。我了解到，你們的目標是明年將規模控制在 10 億美元以內。我想你之前好像提到過這一點，請原諒，我對這件事還不太了解。

Is that a function of LS Power and TEF CapEx, which is sort of onetime in nature? Or should we think of the $1 billion as a good run rate going forward? I can do the math, $3 billion through 2028 kind of implies that, but how are you thinking about this longer term?

這是 LS Power 和 TEF CapEx 的函數嗎？這兩者本質上是一次性的。或者我們應該把10億美元視為未來合理的運行速度嗎？我可以算一下，到 2028 年達到 30 億美元大致意味著這一點，但您是如何考慮更長遠的呢？

Yes. It's really just staying consistent with what we had indicated when we announced the LS Power transaction, Andrew. We had indicated buybacks of $1 billion per year until we get through our deleveraging. And so that's all we just wanted to keep it consistent, recognizing that we were going to be updating capital allocation once we close.

是的。安德魯，這其實只是與我們在宣布 LS Power 交易時所表明的立場保持一致而已。我們曾表示，在完成去槓桿化之前，每年將回購10億美元股票。所以，我們只是想保持一致性，同時也意識到一旦交易完成，我們就會更新資本配置。

Okay. That makes sense. And similarly, on that last point there, you said that you'll update all the financials when LS Power closes. Does that mean like an 8-K or a press release as soon as it closes? Or are you talking about the 4Q update in February?

好的。這很有道理。同樣地，關於最後一點，您說過當 LS Power 關閉時，您會更新所有財務資料。那是不是指交易結束後立即發布8-K表格或新聞稿之類的文件？還是您指的是二月的第四季業績更新？

I think it's really just going to be dependent on when we actually close and how that timing lines up with when we might otherwise regularly report earnings, fourth quarter earnings. And so we'll assess based on where things are lining up with respect to close to figure out what's the best way to communicate with the investment community will be.

我認為這真的取決於我們何時真正完成交易，以及該時間點與我們通常公佈收益（第四季度收益）的時間是否吻合。因此，我們將根據目前的情況以及臨近尾聲的進展來評估，從而確定與投資界溝通的最佳方式。

Okay. That makes sense. And one last one. You covered a lot of good details. So this is kind of a nuanced one, but I'm seeing some headlines that a potential sale of the Blackstone asset in Australia.

好的。這很有道理。最後一個。你涵蓋了很多很好的細節。這事兒比較複雜，但我看到一些新聞標題說，黑石集團在澳洲的資產可能會被出售。

A lot of people might not even remember that you have that, but how are you thinking about that asset? And could there be value there?

很多人可能都忘了你擁有這項資產，但你是如何看待這項資產的呢？那其中是否蘊藏著價值呢？

Look, I mean, we don't -- to the extent that there is value, it's really more -- it's going to be nominal at best. I wouldn't necessarily think of that as being a particularly significant driver. And if anything, it's really more to just continue to simplify our portfolio and streamline our operations.

你看，我的意思是，我們沒有──如果說有什麼價值的話，那也只是──充其量只是像徵性的。我並不認為這是一個特別重要的驅動因素。如果有什麼變化的話，那就是我們將繼續簡化產品組合，精簡營運流程。

I'm showing no further questions at this time. I'd now like to turn it back to Larry Coben, for closing remarks.

我目前不再提出其他問題。現在我想把時間交還給拉里·科本，讓他做總結發言。

I want to thank you all for taking the time to listen and for your interest in NRG. I have never been more excited about our prospects as we are today, and I look forward to seeing you all on road shows and wherever so that we can discuss them in more detail. Thank you, operator, and thank you, everyone.

感謝大家抽空聆聽，也感謝大家對NRG的關注。我從未像今天這樣對我們的前景感到如此興奮，我期待在巡迴展或其他場合與大家見面，以便我們能更詳細地討論這些前景。謝謝接線員，也謝謝大家。

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。節目到此結束。