NRG Energy Inc (NRG) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to NRG Energy, Inc. fourth-quarter and full-year 2025 earnings call. (inaudible) Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Brendan Mulhern, Head of Investor Relations. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 NRG Energy, Inc. 2025 年第四季及全年業績電話會議。（聽不清楚）請注意，今天的會議正在錄音。現在我謹將電話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 fourth-quarter and full-year 2025 earnings call. This morning's call is being broadcast live over the phone and via webcast. The webcast presentation and our earnings release can be located in the Investors section of our website at www.nrg.com under Presentations and Webcast. 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.

謝謝。早安，歡迎參加NRG能源公司2025年第四季及全年業績電話會議。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。網路直播演示和我們的收益報告可以在我們網站 www.nrg.com 的「投資者」部分下的「演示和網路直播」中找到。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。

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. 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 the call over to Larry Coben, NRG's Chair and Chief Executive Officer.

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。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，我將把電話交給NRG董事長兼執行長拉里·科本。

Thank you, Brendan, and good morning, everyone. I'm joined today by Bruce Chung, our CFO; and Rob Gaudette, our President. Other members of our management team are also on the line and available to answer questions. Let's begin with the key messages on slide 4. We exceeded the midpoint of our raised 2025 guidance marking the third consecutive year we increased our outlook and delivered above it. We introduced stand-alone 2026 guidance in November, updated it in February to reflect 11 months of LS Power ownership and today, we are reaffirming those ranges.

謝謝你，布倫丹，大家早安。今天和我一起的有我們的財務長 Bruce Chung 和我們的總裁 Rob Gaudette。我們管理團隊的其他成員也在線，可以回答問題。讓我們先來看看第 4 張投影片上的關鍵資訊。我們超額完成了上調後的 2025 年業績預期中位數，這標誌著我們連續第三年上調預期並超額完成。我們在 11 月推出了獨立的 2026 年績效指引，並在 2 月進行了更新，以反映 LS Power 11 個月的持有情況，今天，我們再次確認這些指引範圍。

We successfully closed LS Power at the end of January. Integration is well underway, and performance is already exceeding our underwriting assumptions. With LS Power now closed, we are rolling forward our long-term outlook. We continue to target at least 14% annual growth in adjusted earnings per share and free cash flow before growth per share, now measured from 2026 through 2030 rather than the previous through 2029. We are maintaining this more than 14% trajectory despite a much higher share price than assumed at the original announcement. This is achieved through earnings from both the LS Power portfolio and our legacy businesses. Finally, as demand accelerates across our markets, affordability and reliability will define long-term success.

我們已於1月底成功完成對LS Power的收購。整合工作進展順利，績效已經超越了我們的承保預期。隨著 LS Power 的關閉，我們將推動我們的長期發展規劃。我們繼續以調整後每股盈餘和每股成長前自由現金流每年至少成長 14% 為目標，現在衡量時間為 2026 年至 2030 年，而不是之前的 2029 年。儘管股價遠高於最初宣佈時的預期，但我們仍將保持超過 14% 的漲幅。這是透過 LS Power 投資組合和我們傳統業務的收益來實現的。最後，隨著市場需求加速成長，價格合理性和可靠性將決定長期的成功。

New large loads must bring their own power and contract for the generation that supports them. Flexible demand response must scale alongside that. Otherwise, prices will rise and volatility will increase. NRG is well positioned to do both and thus meet rising demand across our markets. Let's turn to slide 5, our 2025 financial and business results. 2025 was a record year of performance at NRG Full year adjusted EPS was $8.24 per share, and adjusted EBITDA was $4.87, both above the high end of our raised guidance. Free cash flow before growth totaled $2.210 billion or $11.63 per share, above the midpoint of our revised outlook. Turning to our 2025 scoreboard.

新增的大負載必須自備電力，並與為其供電的發電廠簽訂合約。靈活的需求響應機制必須隨之擴展。否則，價格將會上漲，波動性也會加劇。NRG 具備同時滿足這兩方面需求的良好條件，從而能夠滿足我們各個市場不斷增長的需求。讓我們來看看第5張投影片，也就是我們2025年的財務和業務表現。 2025年是NRG業績創紀錄的一年。全年調整後每股收益為8.24美元，調整後EBITDA為4.87美元，均高於我們上修後的預期上限。成長前的自由現金流總計 22.1 億美元，即每股 11.63 美元，高於我們修訂後的預期中位數。讓我們來看看2025年的預測。

We delivered against the priorities we outlined at the start of that year. We achieved top decile safety performance for the 10th consecutive year and delivered our 2025 target under our $750 million organic growth plan. We signed 445 megawatts of long-term data center PPAs at attractive margins. We secured Texas energy fund loans for 1.5 gigawatts of new capacity with all construction on budget and on schedule. We've launched our Texas residential and finished the year at nearly 10 times our original objective. We also announced the LS Power transaction, which we'll cover in more detail on the next slide.

我們完成了年初制定的各項優先事項。我們連續第十年實現了安全績效排名前10%，並在7.5億美元的有機成長計畫下實現了2025年的目標。我們以優惠的利潤率簽署了 445 兆瓦的長期資料中心購電協議。我們獲得了德克薩斯州能源基金貸款，用於新增 1.5 吉瓦的發電容量，所有建設均在預算內按計劃進行。我們推出了德克薩斯州的住宅項目，並最終實現了近10倍於最初目標的業績。我們也宣布了對 LS Power 的交易，我們將在下一張投影片中詳細介紹。

In 2025, we returned $1.6 billion to shareholders through repurchases and dividends, while increasing the dividend by 8% for the sixth consecutive year. Our momentum has carried forward into 2026. During (inaudible), our Texas fleet achieved 97% in the money availability. Our assets were ready when the grid needed them. That performance reflects investments we have made in the plants in recent years and great work by our amazing people. Turning to slide 6. Beyond 2025 performance, we strengthened our competitive position with the close of the LS Power portfolio. Our generation fleet has doubled to 25 gigawatts. We added 18 natural gas assets primarily in PJM with additional positions in ERCOT, NYISO and ISO New England. The combined fleet is now more than 75% natural gas. Together with our existing generation and projects under development, we are naturally long against our residential load in our core markets. In PJM, several of the newly acquired peaking units provide a potential 1 gigawatt of upgrades through conversion to combined cycle configuration.

2025年，我們透過股票回購和分紅向股東返還了16億美元，同時連續第六年將股利提高了8%。我們的發展動能延續到了2026年。在（聽不清楚）期間，我們的德州車隊實現了 97% 的資金可用性。電網需要時，我們的資產已經準備就緒。這一業績反映了我們近年來對工廠的投資以及我們優秀員工的辛勤工作。翻到第6張投影片。展望 2025 年後的業績，隨著 LS Power 投資組合的完成，我們鞏固了自身的競爭地位。我們的發電裝置容量翻了一番，達到 25 吉瓦。我們新增了 18 項天然氣資產，主要位於 PJM，並在 ERCOT、NYISO 和 ISO New England 也持有額外股份。目前，該車隊超過 75% 的車輛使用天然氣。加上我們現有的發電量和正在開發的項目，我們在核心市場的住宅需求自然非常旺盛。在 PJM 地區，幾台新購置的調峰機組透過改用聯合循環配置，可提供 1 吉瓦的潛在升級容量。

That adds flexibility to support future large load demand. CPower, a preeminent company in the demand response space strengthens our capabilities and expand our position in this sector with both commercial and industrial customers. This transaction was immediately accretive, supports our long-term leverage targets and strengthens our credit profile. Performance is already exceeding our underwriting assumptions driven by stronger capacity and energy prices. In addition, 100% bonus depreciation enhances after-tax returns relative to our original modeling.

這樣可以增加靈活性，以滿足未來更大的負載需求。CPower 是需求回應領域的傑出公司，它的加入增強了我們的能力，並擴大了我們在該領域（包括商業和工業客戶）的地位。這項交易立即提升了我們的獲利能力，支持了我們的長期槓桿目標，並增強了我們的信用狀況。受產能增強和能源價格上漲的推動，業績已經超過我們的承保預期。此外，與我們最初的模型相比，100% 的額外折舊提高了稅後收益。

We have expanded our earnings base and strengthened our competitive position as markets tighten. Turning to slide 7. Let's discuss our near- and long-term outlook. Beginning with 2026, we are reaffirming the guidance ranges introduced in early February following the close of LS Power. Recall that the LS contribution reflects 11 months of ownership, not a full year. In 2026, we will deliver these results embedded in our outlook and integrate the LS Power portfolio. We are also targeting at least 11 gigawatt plus signed long-term data center power contract under our Bring Your Own Power Approach.

隨著市場趨緊，我們擴大了獲利基礎，並增強了競爭地位。翻到第7張投影片。讓我們來探討一下近期和長期的展望。從 2026 年開始，我們將重申 LS Power 交易完成後於 2 月初提出的績效指引範圍。請注意，LS 的貢獻反映的是 11 個月的持有期，而不是整整一年。2026年，我們將把這些成果納入我們的展望中，並整合LS Power產品組合。我們也計劃根據「自備電源」方案，簽署至少 11 吉瓦以上的長期資料中心電力合約。

Turning to the longer-term framework. We are rolling forward our outlook and continue to target at least 14% annual growth in adjusted EPS through 2030. This extends the prior five-year framework, which ended in 2029 and reflects our expanded earnings base. Consistent with our prior methodology, the outlook assumes flat power and capacity prices across the planning horizon. Detailed assumptions in Texas and PJM price sensitivities are included in the appendix.

轉向更長遠的框架。我們將繼續推進我們的展望，並繼續以 2030 年調整後每股收益年均增長至少 14% 為目標。這延續了先前的五年框架​​（該框架於 2029 年結束），並反映了我們擴大的獲利基礎。與我們先前的方法一致，該展望假設在規劃期間內電力和容量價格保持不變。附錄中包含了德克薩斯州和 PJM 價格敏感性的詳細假設。

The plan also now incorporates all three Texas energy fund projects rather than one. The first remains on track for June 2026 completion and the additional two are expected online by mid-2028 and these represent incremental value relative to the prior outlook. The plan also reflects the portion of the 445 megawatts of previously announced signed data center contracts that are expected to be online during this period.

該計劃現在也納入了德州能源基金的全部三個項目，而不是之前的其中一個。第一個項目仍按計劃於 2026 年 6 月完成，另外兩個項目預計將於 2028 年年中上線，與先前的預期相比，這些項目代表著增量價值。該計劃還反映了先前宣布簽署的 445 兆瓦數據中心合約中預計在此期間上線的部分。

I must emphasize that the outlook does not assume any additional data center contracts or higher power or capacity prices. Let me repeat that. The outlook does not assume any additional data center contracts or higher power or capacity prices. So beyond what is embedded in this plan, of course, we see significant opportunities to contract new large load natural gas generation under long-term agreements with high-quality counterparties. We have the ability today to support more than 6 gigs of long-term power agreements to serve large data center demand. At that level, it represents the potential to add more than $2.5 billion of recurring annual adjusted EBITDA on contracts of up to 20 years.

我必須強調，這項展望並未假設任何額外的資料中心合約或更高的電力或容量價格。我再說一次。該展望並未假設會有額外的資料中心合約或更高的電力或容量價格。因此，除了本計畫中已包含的內容之外，我們當然也看到了與優質交易對手簽訂長期協議，承接新的大負載天然氣發電項目的巨大機會。我們目前有能力支援超過 6G 的長期電力協議，以滿足大型資料中心的需求。依照這個水平，這意味著在長達 20 年的合約期間內，每年可增加超過 25 億美元的經常性調整 EBITDA。

These projects would provide stable contract-backed cash flows. Discussions are ongoing, so stay tuned. Turning to slide 8. I want to discuss our approach to affordability, which has two primary components: first, bring your own power. New large loads should contract directly for the generation that supports them. Data centers must pay for their required capacity additions. Cost and volatility should not be shifted to existing customers. Second, demand response. Flexible demand is an essential complement to our approach. Demand response, including virtual power plants provides dispatchable capacity when the system is tight. It lowers peak costs and strengthens reliability without adding structural cost to the system. We are executing on this model today.

這些項目將提供穩定的、有合約保障的現金流。相關討論仍在進行中，請留意。翻到第8張幻燈片。我想討論我們實現可負擔性的方法，它主要包含兩個方面：首先，自帶電源。新增大負載應直接與為其供電的發電廠簽訂合約。資料中心必須為其所需的新增容量付費。成本和波動不應轉嫁給現有客戶。其次，需求響應。靈活的需求是我們方法的必要補充。需求響應，包括虛擬電廠，可在系統負載緊張時提供可調度容量。它降低了峰值成本，提高了可靠性，而且沒有增加系統的結構成本。我們今天正在執行這一模式。

We have more than 6 gigs of natural gas generation capacity reserved for customer-backed large load projects, including 5.4 gig through our GEV and Kiewit venture and 1 gig of upgrade potential within the recently acquired LS portfolio. We are also developing new generation through the Texas Energy Fund to support grid reliability. On the residential side, we are building a 1 gig virtual power plant in Texas and preparing to extend that model into PJM. On the commercial and industrial side, CPower now anchors one of the leading demand response platforms in the country. We built all of these platforms early in anticipation of where markets were heading and what politicians and customers are now saying, it is operating today. As demand expands, this model supports significant growth without compromising affordability or reliability. With that, let me turn it over to Bruce for the financial review.

我們預留了超過 6 吉瓦的天然氣發電容量，用於客戶支援的大型負載項目，其中包括透過我們的 GEV 和 Kiewit 合資企業獲得的 5.4 吉瓦，以及最近收購的 LS 資產組合中 1 吉瓦的升級潛力。我們也透過德州能源基金開發新一代發電技術，以支持電網可靠性。在住宅方面，我們正在德克薩斯州建造一個 1 千兆虛擬電廠，並準備將該模式擴展到 PJM。在商業和工業領域，CPower 目前是國內領先的需求響應平台之一。我們很早就建立了所有這些平台，以應對市場的發展方向以及政界人士和客戶現在所說的，而這些平台如今也正在運作。隨著需求的增長，該模式能夠在不影響價格或可靠性的前提下實現顯著增長。接下來，我將把財務回顧工作交給布魯斯。

Thank you, Larry. Starting with slide 10, I am pleased to share that NRG delivered exceptional full year financial results in 2025. We achieved earnings at or above the high end of our raised financial guidance ranges, including record level performance across several key metrics. Our 2025 adjusted EPS was $8.24 and adjusted EBITDA was $4.087 billion, representing an increase of 21% and 8%, respectively, over the prior year. We delivered $1.606 billion of adjusted net income and $2.21 billion of free cash flow before growth. Our robust financial performance in 2025 marks the third year in a row where excellent execution across our businesses continues to demonstrate the durability of our integrated platform.

謝謝你，拉里。從第 10 張投影片開始，我很高興地告訴大家，NRG 在 2025 年取得了卓越的全年財務表現。我們實現了達到或超過我們上調後的財務預期範圍上限的獲利目標，並在幾個關鍵指標上取得了創紀錄的業績。我們 2025 年調整後每股收益為 8.24 美元，調整後 EBITDA 為 40.87 億美元，分別比前一年增長 21% 和 8%。我們實現了16.06億美元的調整後淨收入和22.1億美元的成長前自由現金流。2025 年我們強勁的財務表現標誌著我們各項業務連續第三年表現出色，持續證明了我們一體化平台的持久性。

Moving on to a brief discussion of segment results. Our Texas segment delivered full-year adjusted EBITDA of $1.877 billion driven by margin expansion and excellent commercial optimization throughout the year, as well as favorable weather that benefited our home energy volumes. The East segment contributed full year adjusted EBITDA of $981 million reflecting a slight decline from the prior year, primarily driven by higher regional retail power supply and planned maintenance costs and the retirement of the Indian River facility. These impacts were partially offset by strong capacity revenues at our plants, winter weather driving natural gas margin expansion and continued commercial optimization in both power and gas.

接下來簡單討論一下各細分市場的結果。我們的德州業務部門全年調整後 EBITDA 為 18.77 億美元，這得益於全年利潤率的提升和出色的商業優化，以及有利於家庭能源銷售的有利天氣。東部業務部門全年調整後 EBITDA 為 9.81 億美元，較上年略有下降，主要原因是區域零售電力供應增加、計劃維護成本上升以及印第安河設施退役。這些影響部分被我們工廠強勁的產能收入、冬季天氣推動天然氣利潤率擴張以及電力和天然氣業務的持續商業優化所抵消。

Our West and Other segment provided full year adjusted EBITDA of $137 million, a modest decline from the prior year driven by the absence of earnings from the sale of our Airtron business in September 2024 and the lease expiration at the Cottonwood facility in May 2025. These were partially offset by higher retail power margins in the West. The smart home business generated full year adjusted EBITDA of $1.092 billion driven by record new customer adds and impressive retention rates, in addition to expanded net service margins.

我們的西部及其他業務部門全年調整後 EBITDA 為 1.37 億美元，較上年略有下降，原因是 2024 年 9 月出售 Airtron 業務以及 2025 年 5 月 Cottonwood 工廠的租賃到期沒有帶來收益。西部地區較高的零售電力利潤率部分抵消了這些影響。智慧家庭業務全年調整後 EBITDA 為 10.92 億美元，這得益於創紀錄的新客戶成長和令人印象深刻的客戶留存率，以及不斷擴大的淨服務利潤率。

Free cash flow before growth for 2025 was $2.21 billion, exceeding 2024 results by $148 million or 7% year-over-year growth. This year-over-year increase is primarily driven by the strong adjusted EBITDA results, lower interest payments due to the Vivint ring-fence removal and receipt of the remaining insurance proceeds from our WA Parish unit claims. Turning to slide 11.

2025 年成長前的自由現金流為 22.1 億美元，比 2024 年的表現高出 1.48 億美元，較去年同期成長 7%。這一同比增長主要得益於強勁的調整後 EBITDA 業績、Vivint 環形圍欄拆除後利息支出減少以及收到 WA Parish 單位索賠的剩餘保險賠償金。翻到第11張幻燈片。

We are reaffirming the 2026 financial guidance announced earlier this month, which includes 11 months of earnings from our recently acquired generation assets in CPower. Midpoint for our reaffirmed guidance ranges are as follows: adjusted EBITDA is $5.575 billion. Adjusted net income is $1.9 billion. Adjusted EPS was $8.90 per share, and free cash flow before growth is $3.05 billion. As you can see on the waterfall charts at the bottom portion of the slide, we have made moderate adjustments to the pro forma guidance previously shared on the third quarter call. The updated adjusted EBITDA and free cash flow before growth disclosures now capture improved pricing and capacity values in addition to a preclosing adjustment for January 2026 financial performance for the LS Power assets.

我們重申本月稍早公佈的 2026 年財務預期，其中包括我們最近收購的 CPower 發電資產的 11 個月收益。我們重申的業績指引範圍中點如下：調整後 EBITDA 為 55.75 億美元。調整後淨收入為19億美元。調整後每股收益為 8.90 美元，成長前的自由現金流為 30.5 億美元。正如您在幻燈片底部瀑布圖中看到的那樣，我們對先前在第三季電話會議上分享的備考指導進行了適度調整。更新後的調整後 EBITDA 和成長揭露前的自由現金流現在反映了價格和產能價值的改善，此外還對 LS Power 資產 2026 年 1 月的財務業績進行了交割前調整。

You can find more details on the energy and capacity price assumptions we use in the appendix of this presentation. Moving to slide 12 for updates to our capital allocation for 2026. Starting at the left of the waterfall and moving right, our total cash for allocation has increased to $3.05 billion. This includes $2.1 billion from the legacy company free cash flow before growth midpoint together with $950 million, representing free cash flow before growth to be contributed by the recently acquired assets from LS Power rated to 11 months. As part of our ongoing commitment to a strong balance sheet, we expect to execute approximately $1 billion toward debt payments throughout the year.

您可以在本簡報的附錄中找到有關我們使用的能源和容量價格假設的更多詳細資訊。接下來請看第 12 張投影片，了解我們 2026 年的資本配置更新。從瀑布左側開始向右移動，我們可供分配的現金總額已增加到 30.5 億美元。這包括原公司成長前自由現金流的 21 億美元，以及最近從 LS Power 收購的資產在成長前將貢獻的自由現金流的 9.5 億美元，預計持續 11 個月。作為我們持續致力於維持穩健資產負債表的一部分，我們預計全年將支付約 10 億美元的債務。

As part of the integration for the acquired assets, we expect to spend $123 million of onetime costs to ensure that the assets are appropriately incorporated into our operating and commercial portfolio. We remain committed to our robust return of capital program. and plan to return at least $1.4 billion of capital to shareholders in the form of share repurchases and common dividends. Finally, we are allocating the remaining capital to continued investments in our core portfolio. with $310 million allocated towards growth initiatives.

作為收購資產整合的一部分，我們預計將投入 1.23 億美元的一次性成本，以確保這些資產能夠適當地納入我們的營運和商業組合中。我們將繼續致力於強有力的資本回報計劃，並計劃以股票回購和普通股股息的形式向股東返還至少14億美元的資本。最後，我們將剩餘資金用於繼續投資我們的核心投資組合，其中3.1億美元將用於成長計畫。

This primarily consists of spend for our new generation build in Texas, including Texas Energy fund proceeds and continued investment in our consumer platform. Turning to slide 13. We are reaffirming our long-term adjusted EPS and FCF BG per share CAGR of 14% plus while also rolling forward, the long-term outlook from 2029 to 2030. As described when we first disclosed the acquisition of assets from LS Power, we have a highly visible path to achieving more than 14% growth in our adjusted EPS and free cash flow before growth per share metrics over the next five years, underpinned by solid business expansion and disciplined capital allocation. Starting on the left side of the page with adjusted EPS.

這主要包括我們在德州新建發電廠的支出，包括德州能源基金的收益以及對我們消費者平台的持續投資。翻到第13張幻燈片。我們重申長期調整後每股收益和自由現金流複合年增長率將達到 14% 以上，同時將 2029 年至 2030 年的長期展望向前推進。正如我們首次披露從 LS Power 收購資產時所描述的那樣，在未來五年內，我們有望實現調整後每股收益和每股增長前自由現金流指標超過 14% 的增長，這得益於穩健的業務擴張和嚴謹的資本配置。從頁面左側開始，使用調整後的 EPS 格式。

We moved from the original 2025 midpoint of $7.25 to our 2026 updated midpoint of $8.90. This step-up reflected strong underlying business performance, contributions from the LS Power portfolio and the ongoing benefit of our share repurchase program. Looking ahead, we are forecasting adjusted EPS of greater than $14 per share by 2030, underpinned by existing growth programs in our core business operations and our robust return of capital program. Shifting to the chart on the right, our free cash flow before growth is similarly increasing on a per share basis. Starting with the original 2025 guidance midpoint of $11.20. We have increased the midpoint to $14.50 for 2026.

我們將 2025 年的預期中點從最初的 7.25 美元調整為 2026 年的預期中點 8.90 美元。這項調整反映了強勁的基本業務表現、LS Power 投資組合的貢獻以及我們股票回購計畫的持續效益。展望未來，我們預計到 2030 年，調整後每股盈餘將超過 14 美元，這得益於我們核心業務營運中現有的成長計畫和我們強勁的資本回報計畫。從右側的圖表可以看出，我們每股的自由現金流（不計成長）也同樣在成長。最初，我們設定 2025 年的指導目標中位數為 11.20 美元。現在，我們將 2026 年的指導目標中位數提高到 14.50 美元。

By 2030, we expect a further increase to greater than $22 per share again delivering compounded annual growth of more than 14%. The core drivers for this per share increase are similar to those for our EPS growth and reflect the strong cash generation capabilities of our platform and a disciplined capital allocation framework. It is worth highlighting that our long-term outlook holds energy and capacity prices flat through the period.

到 2030 年，我們預計每股盈餘將進一步成長至 22 美元以上，再次實現超過 14% 的複合年增長率。此次每股盈餘成長的核心驅動因素與我們的每股盈餘成長的驅動因素類似，反映了我們平台強大的現金產生能力和嚴謹的資本配置框架。值得強調的是，我們的長期展望認為，在此期間能源和產能價格將保持不變。

Our energy price assumptions reflect market prices at the end of December 2025, and our PJM capacity price assumptions reflect pricing at the $325 per megawatt day cap for the next two capacity auctions to be held in June and December 2026. Most importantly, this long-term outlook does not include any upside from rising power prices, new data center deals or the 1 gigawatt CT to CCGT conversion opportunities we have with the acquired LS portfolio.

我們的能源價格假設反映了 2025 年 12 月底的市場價格，而我們的 PJM 容量價格假設反映了 2026 年 6 月和 12 月舉行的接下來兩次容量拍賣中，每兆瓦日價格上限為 325 美元的價格。最重要的是，這項長期展望並未包括電力價格上漲、新的資料中心交易或我們收購的 LS 資產組合帶來的 1 吉瓦 CT 到 CCGT 轉換機會所帶來的任何上行收益。

We've provided more details on the assumptions in our long-term outlook in the appendix of the presentation. We have also provided updated power price sensitivity slides so that you can appropriately model the meaningful gearing our portfolio has to rising power prices. Wrapping up this slide, we believe our long-term outlook represents a derisked and outsized opportunity to enjoy above-market earnings and free cash flow per share growth, while with meaningful upside levers.

我們在簡報的附錄中提供了有關我們長期展望假設的更多詳細資訊。我們還提供了更新的電力價格敏感度分析幻燈片，以便您可以適當地模擬我們的投資組合對不斷上漲的電力價格的合理槓桿作用。綜上所述，我們認為，我們的長期展望代表著一個風險降低且規模巨大的機會，可以享受高於市場平均的每股盈餘和自由現金流成長，同時還具有顯著的上漲空間。

I look forward to updating you on our progress in achieving this long-term outlook on future earnings calls. Finally, on slide 14, we are refreshing our view of long-term capital allocation. On the left side -- left-hand side of the slide, we have updated our 2026 to 2029 view of capital allocation so that you can have an apples-to-apples comparison. Our current forecast represents an impressive 55% increase in capital available for allocation and a 32% increase in share repurchases from our original guidance in 3Q '24. We Furthermore, the current plan allocates 85% of cash available after debt reduction to return of capital compared to 80% in the original plan.

我期待在未來的財報電話會議上向您報告我們在實現這一長期目標方面取得的進展。最後，在第 14 張投影片中，我們將更新我們對長期資本配置的看法。在投影片的左側，我們更新了 2026 年至 2029 年的資本配置情況，以便您可以進行公平的比較。我們目前的預測顯示，可供分配的資本將大幅增加 55%，股票回購額將比 2024 年第三季的最初指引增加 32%。此外，目前的計劃將債務減少後可用現金的 85% 用於資本返還，而原計劃中這一比例為 80%。

Moving to the right side of the slide, we have rolled forward our plan to include 2030 cash available for allocation, bringing the total to $18.3 billion of total capital available through 2030. Including the additional year's earnings for 2030, we are increasing our return of capital program to a total of $13.2 billion, comprised of $11 billion in share repurchases and $2.2 billion of common dividends. This represents an increase of $5.3 billion and $800 million for share repurchases and dividends, respectively, relative to the original plan shown in the far left bar of the chart. Forecasted amounts for growth unallocated capital for the period increased modestly by $400 million, with most of that increase in the unallocated bucket.

移至投影片的右側，我們已將計畫提前至 2030 年，納入可供分配的現金，使 2030 年可用的總資本達到 183 億美元。加上 2030 年的額外收益，我們將資本回報計畫總額增加到 132 億美元，其中包括 110 億美元的股票回購和 22 億美元的普通股股息。與圖表最左側長條所示的原始計劃相比，這意味著股票回購和股息分別增加了 53 億美元和 8 億美元。該期間的預測成長未分配資本金額小幅增加了 4 億美元，其中大部分成長都發生在未分配資金池中。

The combination of an improved earnings profile and planned debt reduction of $2.9 billion over this five-year period will ensure that we achieve our targeted credit metric of 3 times net debt to EBITDA. Our long-term capital allocation strategy is consistent with our long-stated principles, which prioritize a strong balance sheet and robust return of capital. The significant free cash flow we generate over this period affords a meaningful amount of flexibility to put capital to work accretively. Share repurchases will always remain a strategic component of our annual capital allocation plan.

獲利狀況的改善以及未來五年計劃削減 29 億美元的債務，將確保我們實現淨債務與 EBITDA 比率為 3 倍的目標信用指標。我們的長期資本配置策略與我們長期以來堅持的原則一致，即優先考慮穩健的資產負債表和強勁的資本回報。在此期間，我們產生的可觀自由現金流為我們提供了相當大的靈活性，可以有效地利用資本進行增值投資。股票回購將始終是我們年度資本配置計畫的策略組成部分。

While we've shown much of the capital over the period devoted to share repurchases, we recognize that there may be other very accretive uses of that capital beyond share purchases particularly the development of power plants supporting data center contracts under contracts -- sorry, data centers under contracts of up to 20 years, and we will evaluate those opportunities with discipline. But rest assured that any and all of those situations will be measured against our stated hurdle rate of 12% to 15% pretax unlevered IRR and the implied return of buying back our stock.

雖然我們已經展示了這段時期內大部分資金用於股票回購，但我們也意​​識到，除了股票購買之外，這些資金可能還有其他非常有利的用途，特別是開發支持數據中心合同的發電廠——抱歉，是長達 20 年的數據中心合同，我們將謹慎地評估這些機會。但請放心，所有這些情況都將以我們設定的 12% 至 15% 的稅前無槓桿內部收益率目標以及回購我們股票的隱含收益為基準進行衡量。

In closing, NRG delivered record financial and operational execution through 2025, reflecting the resilience of our platform and the continued momentum across our core businesses. As we look ahead, the 2026 outlook and capital allocation priorities I have outlined, highlight the durability of our strategy and our commitment to disciplined growth, prudent liability management and long-term value creation. With the successful close of the assets acquired from LS Power, we have strengthened and expanded our portfolio. Integration is well underway, and the addition of these assets into our combined portfolio positions us well for continued growth and execution of our strategic and capital allocation priorities. With that, I'll turn it back to you, Larry.

最後，NRG 實現了到 2025 年創紀錄的財務和營運業績，這反映了我們平台的韌性以及我們核心業務的持續發展勢頭。展望未來，我概述的 2026 年展望和資本配置重點，凸顯了我們策略的持久性，以及我們對穩健成長、審慎負債管理和長期價值創造的承諾。透過成功完成從 LS Power 收購資產，我們加強並擴大了我們的投資組合。整合工作進展順利，這些資產的加入使我們合併後的投資組合更有利於我們繼續成長，並更好地執行我們的策略和資本配置重點。那麼，我就把麥克風交還給你了，拉里。

Thank you, Bruce. Let me close with our priorities for 2026. Demand is accelerating, led by data centers. Our priority is to serve that growth under a bring your own power framework securing long-term power agreements that support the new generation required to meet it. We will complete TH work. We will integrate LS Power. We will continue building our virtual power plant platform. Execution and capital discipline remain our load star. We will deliver the financial results embedded in our guidance, return at least $1.4 billion to shareholders grow the dividend consistent with our framework and maintain balance sheet strength.

謝謝你，布魯斯。最後，我想談談我們2026年的工作重點。資料中心引領的需求正在加速成長。我們的首要任務是在自帶電力框架下服務於這一成長，確保簽訂長期電力協議，以支持滿足成長所需的新一代電力。我們將完成TH工作。我們將整合LS Power。我們將繼續建立我們的虛擬電廠平台。執行力和資金紀律仍然是我們最重要的因素。我們將實現業績指引中所述的財務目標，向股東返還至少 14 億美元，按照我們的框架提高股息，並保持資產負債表的穩健性。

As I approach the conclusion of my time as CEO, I want to thank all of our 18,000 employees for their incredible work and commitment, our customers for their trust and our shareholders for their support. Over the past [25] months, the NRG team has reshaped the portfolio, strengthened the balance sheet and positioned NRG to compete and keep winning in the changing power market. We entered 2026 strong, disciplined and well prepared for this next phase of growth. I look forward to continuing as an adviser and long-term shareholder and to watching this incredible team built on the foundation in the years ahead. This is only the beginning and the best is yet to come. Thank you all for everything you have done. Operator, we're now ready to open the line for questions.

在我即將卸任執行長之際，我要感謝我們全體 18,000 名員工的辛勤工作和奉獻精神，感謝客戶的信任，感謝股東的支持。在過去的[25]個月裡，NRG 團隊重塑了投資組合，加強了資產負債表，使 NRG 能夠在不斷變化的電力市場中競爭並不斷取得成功。我們以強勁的勢頭、嚴明的紀律和充分的準備進入了 2026 年，迎接下一個成長階段。我期待繼續擔任顧問和長期股東，並見證這支傑出的團隊在未來幾年裡在此基礎上繼續發展壯大。這只是個開始，最好的還在後頭。感謝大家所做的一切。接線員，我們現在可以開始接受提問了。

(inaudible) Shar Pourreza, Wells Fargo Securities.

（聽不清楚）Shar Pourreza，富國銀行證券。

Larry, big congrats to you and Rob, so a terrific transition and best of luck to both of you on your Phase II. Maybe just starting off (inaudible) The CEOs are doing such a good job. We forget the CFO sometimes, but Bruce, we still love you. Maybe just starting off on the expectations now that the LF deal is closed, can you just expand on commercially contracting the combined portfolio comments you made? I mean $2.5 billion in sizable. I just want to get a sense on timing and structure, including how we should think about which party would be taken on the gas risk in these deals or risk share passed on to the counterparties? Just a little bit of a sense on the structure.

Larry，衷心祝賀你和Rob，過渡非常順利，祝你們二期工程一切順利。或許只是剛起步（聽不清楚）CEO們做得非常出色。我們有時會忘記財務官，但布魯斯，我們仍然愛你。既然LF交易已經完成，或許我們可以先談談大家的預期，您能否詳細說明一下您之前關於合併投資組合的商業合約方面的評論？我的意思是，25億美元可是一筆鉅款。我只是想了解時間和結構方面的情況，包括我們應該如何考慮在這些交易中由哪一方承擔天然氣風險，或者將風險分擔轉移給交易對手？只是對結構稍作了解。

Yes. Look, I think a little bit obviously depending on the hyperscalers, but I think we're looking at blocks in excess of a gig I think we're looking at contracts of minimum 10 in frequently 20 years with investment investment-rated entities that can actually support the kind of credit required to make this happen. We're looking at a significant fixed price component in that. And so I think you can start seeing these things come on. You can do the math, we've given you the margin. We've given you the capacity number, so you can kind of figure out when it comes I think the first power, assuming we get to the place we need to get could be on by the late '29 and then ratably probably a gig a year maybe more for each year after that.

是的。我覺得這顯然取決於超大規模資料中心運營商，但我認為我們正在考慮的是超過 1G 的容量塊，我認為我們正在考慮的是至少 10 年、通常是 20 年的合同，以及與能夠提供實現這一目標所需的信貸的投資評級機構簽訂的合同。我們看到其中有很大一部分是固定價格。所以我覺得你們可以開始看到這些事情出現了。你可以自己算算，我們已經留了空間給你。我們已經給了你容量數字，所以你可以大致估算一下。我認為，假設我們能達到目標，第一次供電可能在 2029 年底前就能實現，然後之後每年大概能實現一次，甚至更多。

Okay. And then just a fuel risk, this is a question we get from a lot of investors is who actually takes on the gas risk.

好的。然後還有燃料風險，很多投資人都問我們，究竟是誰承擔了燃料風險。

It's Rob. The contract that we're working with in the structure that we're -- the hyperscalers seem to be okay -- it's a very heavy capacity payment like Larry talked about, and then a variable component where it turns into basically a heat rate for the hyperscaler. They take the gas risk. If they want to offload the gas risk, I have a gas platform where I can help them do that. .

是羅布。我們正在合作的合約結構——超大規模資料中心運營商似乎沒問題——就像 Larry 所說的那樣，包含一筆數額巨大的容量支付，然後還有一個可變部分，基本上變成了超大規模數據中心運營商的熱負荷。他們承擔了天然氣外洩的風險。如果他們想轉移天然氣風險，我有一個天然氣平台可以幫助他們做到這一點。。

Got it. Okay. Perfect. And then just in terms of PJM and the regulatory process, do you guys see FERC PJM directive opening opportunities for energy to bring new generation to that market? Would you focus on the 1 gigawatt of uprates that you noted in the slides? Or is there opportunity beyond that similar to what you're doing in Texas under the TEF, I guess, how attractive is that reserve auction?

知道了。好的。完美的。那麼就 PJM 和監管流程而言，你們認為 FERC 的 PJM 指令是否會為能源產業帶來機遇，從而將新的發電方式引入該市場？您能否專注於您在幻燈片中提到的 1 吉瓦的升級？或者，除了這些，還有類似你在德州透過TEF所做的事情的機會嗎？我想，那種保留價拍賣有多吸引人？

I mean look, I think it's attractive, sir, but I think our focus in PJM at least initially will be the 1 gig of upgrades. It's just faster and quicker to market and the demand is there for Texas. If somebody were to come to us and say that they wanted it in PJM, obviously, we have the flexibility to do that. But I think that we would focus in PJM on the 1 gig of uprates and probably the other 5.4 outside of PJM.

我的意思是，先生，我覺得這很有吸引力，但我認為 PJM 至少在初期會把重點放在 1 GB 的升級上。這樣速度更快，上市也更便捷，而且德州的需求也很大。如果有人來找我們說他們想要 PJM 版本，顯然，我們有彈性來滿足他們的需求。但我認為，在 PJM 中，我們會專注於 1 Gbps 的升級，而 PJM 以外的其他 5.4 Gbps 可能也會被考慮。

Julien Dumoulin-Smith, Jefferies LLC.

Julien Dumoulin-Smith，Jefferies LLC。

Larry, Rob, congratulations. And Bruce, I swear we will never forget you. With that said, let me come back to a couple of things, right? So first off, on the capital allocation, the 14% here. Just to break that down a little bit further here, how much latitude do you have in that inasmuch as you're not reflecting, I don't believe the CapEx for the data center. I mean presumably, you could be foregoing buybacks in the near and medium-term sense to invest in a longer-term sense in presumably 2030 and beyond if you start to pivot into the data center. So maybe just talk about the latitude that exists within that commitment through 2030 against the buyback numbers and how you could see that shift as you allocate capital?

拉里、羅布，恭喜你們。布魯斯，我發誓我們永遠不會忘記你。說到這裡，讓我再回到幾個問題上來，好嗎？首先，關於資本配置，這裡是 14%。為了更詳細地解釋一下，如果你不考慮這一點，那麼你在這方面有多少迴旋餘地？我不相信資料中心的資本支出。我的意思是，如果你開始向資料中心轉型，那麼你或許可以放棄近期和中期的股票回購，轉而進行更長期的投資，例如在 2030 年及以後。那麼，或許可以談談在 2030 年前的承諾範圍內，回購數量方面存在的靈活性，以及​​在分配資本時如何看待這種變化？

Again, if I understand it right, the first data center here under your targets with and key it would be a 2029 in service anyway. So conceivably, you'd get some of those cash flows on a run rate basis in 2030. But again, obviously, as you continue to scale the strategy, you need to roll forward that target. So Rob, what do you do in an Analyst Day pro forma with all these data centers is really the other way to ask that. But I'll pass it to you, guys.

再說一遍，如果我理解正確的話，按照你們的目標和關鍵點，這裡的第一個資料中心無論如何都要到 2029 年才能投入使用。因此，理論上講，到 2030 年，您將按年率獲得部分現金流。但顯然，隨著你不斷擴大策略規模，你需要相應地調整目標。所以羅布，在分析師日的模擬會議上，面對所有這些資料中心，你該怎麼做？這其實是換一種問法。但我會把它交給你們。

Julien, just on the buyback question, I mean, I think as we think about the variability in that buyback number, it's probably more on the back end as opposed to the front end. The $1 billion that were sort of thinking about over the next couple of years is probably pretty set in stone, frankly, from our perspective, and we see ample opportunity to be able to fund these projects while still keeping at least $1 billion buyback program in place. So I don't think there's really any risk on that. And then it's really more about how do we think about the cash flows in the out years, particularly after we've delevered and how that can be redeployed in some of these very potentially lucrative projects.

Julien，關於股票回購的問題，我的意思是，我認為當我們考慮股票回購數量的變動性時，它可能更多地發生在後期而不是前期。坦白說，從我們的角度來看，我們之前考慮的10億美元在未來幾年內可能已經基本確定下來了，而且我們看到了充足的機會，可以在為這些項目提供資金的同時，仍然維持至少10億美元的回購計劃。所以我認為這方面沒有什麼風險。接下來，更重要的是我們如何考慮未來幾年的現金流，尤其是在我們去槓桿化之後，以及如何將這些資金重新部署到一些非常有潛力的獲利項目中。

Any sense on returns, though, maybe that's the other back-handed weight assets is like how are you thinking about what the uprate and/or new data center a counterparty in Texas would look like here?

不過，關於回報有什麼想法嗎？也許這就是另一個間接影響資產的因素，例如，您如何看待德克薩斯州的交易對手的升級和/或新建資料中心在這裡會是什麼樣子？

Yes. Look, I mean, we've always been very consistent about and transparent about what our hurdle rate is. It's 12% to 15% pretax unlevered and every project and every dollar devoted to a project is going to be held against that standard. .

是的。你看，我的意思是，我們一直以來對我們的最低收益率都非常一致和透明。稅前無槓桿率是 12% 到 15%，每個項目和投入到項目的每一美元都將以此標準來衡量。。

Got it. Excellent. I appreciate it. And then just if I can keep going slightly further here. As you think about this rollout of EPP, I mean just any -- when would you expand that? I mean it seems like you're doing very well against it. I mean I'm curious on how you think about the economics contributing to the story here. Just some brief. I saw the targets in the longer term.

知道了。出色的。謝謝。然後，如果我能再往前走一點就好了。當您考慮EPP的推廣時，我的意思是任何方案—您會在什麼時候擴大EPP的覆蓋範圍？我的意思是，看起來你對抗它做得非常好。我是說，我很好奇你如何看待經濟因素對這個故事的影響。簡單說幾句。我看到了更長遠的目標。

Yes. This is Brad speaking. I've been really pleased with our results in Texas, so we continue to scale in Texas. And then we are looking to launch a VPP like program in the east here early second quarter. That, coupled with our relationships with GoodLeap and Sunrun, we continue to scale batteries up. So we feel really good about what we've learned so far and well ahead of our targets, as Larry had mentioned, and pacing well against the 300-megawatt number we gave you for 2027.

是的。我是布拉德。我對我們在德克薩斯州的成果非常滿意，所以我們將繼續在德克薩斯州擴大規模。然後，我們計劃在第二季初在東部地區啟動一個類似 VPP 的計畫。再加上我們與 GoodLeap 和 Sunrun 的合作關係，我們將繼續擴大電池規模。因此，我們對目前為止所學到的知識感到非常滿意，並且遠遠領先於我們的目標，正如拉里所提到的那樣，並且與我們給出的 2027 年 300 兆瓦的目標相比，進展順利。

All right. Fair enough. Still, I'm asking, what do we get a robust analyst there, but you don't necessarily to commit to that. All right.

好的。很公平。不過，我還是想問，我們能不能找到一位可靠的分析師，但你不一定要做出這樣的承諾。好的。

More to come. Every day with us, Julien, is a robust day.

更多內容敬請期待。朱利安，和我們在一起的每一天都是充實的一天。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Congrats to Larry and Rob here.

恭喜 Larry 和 Rob。

Before you ask your question, would you also congratulate Bruce, please?

在你提問之前，能否也向布魯斯表示祝賀？

And congrats to Bruce. Yes. Look, good question so far. I just wanted to follow up on Shar's comments and just what's kind of underpinning the 2.5. I think in prior decks, you had this target price for signings above 180 -- or above $80 per megawatt hour. Just -- what are your updated thoughts on where that figure is now? And what's really kind of underpinning the 2.5 year?

恭喜布魯斯。是的。你看，目前為止，這個問題問得都很好。我只是想跟進 Shar 的評論，以及支撐 2.5 這個數字的因素。我認為在之前的簡報中，你們曾將簽約目標價設定在 180 美元以上——或者說每兆瓦時 80 美元以上。那麼—您對這個數字目前的最新看法是什麼？那麼，真正支撐這兩年半時間發展的是什麼呢？

So it's Rob. So the 80 -- we adjusted our targets from to an 80-plus kind of range. And as we've talked about them, we've mentioned that if you're going to build 1.2 gigawatts of GEV turbines, that number is going to be on the high end. So as you're thinking about how you get in there, think north of the $90 to $95 range where we were back in our original guidance. It's on the top end, it's got to pay for the equipment, it's got to pay for our return, and we're not going to do a deal unless it does.

原來是羅布。所以，我們將目標從 80 調整到 80 以上的範圍。正如我們之前討論過的，如果你要建造 1.2 吉瓦的 GEV 渦輪機，那麼這個數字將會非常高。所以，當你考慮如何進入這個領域時，想想我們最初指導價位在 90 到 95 美元以上的區間。它屬於高端產品，它必須支付設備費用，必須支付我們的回報，除非它能做到這一點，否則我們不會達成交易。

Okay, that's helpful. And then maybe just understand the share repurchases, they were going to be affected at all from new build. It sounds like it's more in the back end of the plan. But I guess you have a strategic advantage on costs and securing these turbines early I assume they're going to be project financed. So just what would your kind of targeted equity contribution be? Would it be in the 20% to 30% range? And maybe that's just one way to understand how that could pressure the buybacks.

好的，這很有幫助。然後或許應該了解股票回購的情況，它們是否會受到新建專案的影響。聽起來像是計劃的後期部分。但我認為你們在成本和提前鎖定這些渦輪機方面具有戰略優勢，我估計它們將透過專案融資獲得。那麼，您具體會以何種定向股權出資方式進行投資呢？會是20%到30%之間嗎？也許這只是理解這種情況如何給股票回購帶來壓力的其中一種方法。

Yes. Nick, from our perspective, project financing comes -- sometimes it can be great. Other times, it can be not so great. And I think in this particular instance, we really see value and simplicity. We see value in transparency. And so I don't think you should assume that project financing is the way that we would go. I think we would probably err on the side of corporate style balance sheet financing. And on that basis, that means you should be thinking about the capitalization for these projects consistent with what our corporate capitalization would be, which is like that 3 times leverage level. .

是的。尼克，從我們的角度來看，專案融資——有時候可能很棒。有時候，情況可能就沒那麼好了。我認為在這個具體例子中，我們真正看到了價值和簡潔。我們認為透明度很有價值。所以我認為你不應該想當然地認為專案融資是我們一定會採取的方式。我認為我們可能傾向於採用公司式的資產負債表融資方式。基於此，這意味著你應該考慮這些專案的資本化，使其與我們公司的資本化水準保持一致，也就是 3 倍槓桿水準。。

Michael Sullivan, Wolfe.

麥可·沙利文，沃爾夫。

I was just hoping maybe we could refresh a little on what the key components of the organic growth beyond 2026, I know you kind of laid that out in bits and pieces over the last year or so. But can you maybe just frame that up between like the test, the VPP, some of the other things, what are kind of the core drivers? And then how much of it is the buyback? I know that's become smaller as your stock has done well.

我只是希望我們能稍微回顧一下 2026 年以後有機成長的關鍵組成部分，我知道你在過去一年左右的時間裡已經零零散散地闡述過這些內容。但是，您能否把測驗、VPP 以及其他一些因素連結起來，說說哪些是核心驅動因素？那麼，其中有多少是回購款項呢？我知道隨著你的股票表現良好，這個數字已經縮小了。

So in terms of the components that are driving the underlying earnings growth for the business, Mike, it's -- first, it's the $750 million growth program that we had announced back in 2023. We are well on the path towards achieving that. We feel very confident that we're going to be able to get there. And if you recall, about half of that was from just regular way organic growth in the smart home business underpinned by like 6% net subscriber growth. And as you saw, we delivered 9% this past year. So the team is executing very well in that regard. And the other half is really from related growth investments in both the C&I business and the retail energy business.

所以，就推動公司基本獲利成長的因素而言，麥克，首先是我們在 2023 年宣布的 7.5 億美元成長計畫。我們正朝著這個目標穩步前進。我們非常有信心能夠實現目標。如果你還記得的話，其中大約一半的成長來自智慧家庭業務的正常有機成長，淨用戶成長率約為 6%。正如你所看到的，我們去年實現了 9% 的成長率。所以，球隊在這方面做得非常好。另一半則來自對工商業和零售能源業務的相關成長投資。

So again, we feel very confident about that $750 million. The other levers that are embedded in the plan right now are all three test plants. Remember, in the past, we did not have all 3 test plants in the plan, but we now have those -- the last of which comes online in. And then finally, we have the 400 change of megawatts of the smaller data center deals that we had previously announced, also embedded in the plan. If you think about what that means in terms of how that shapes our growth in that 14% plus, we talked about when we announced the transaction that was about an 80-20 split of organic growth versus share repurchases driving that growth rate and it's pretty much the same as we sit here today.

所以，我們對這7.5億美元非常有信心。目前計劃中包含的其他槓桿是所有三個試驗工廠。請記住，過去我們的計畫中並沒有全部 3 個試驗工廠，但現在我們有了這些工廠——最後一個工廠即將上線。最後，我們還有先前宣布的 400 兆瓦小型資料中心交易，這些交易也已納入計畫。如果你思考這對我們實現 14% 以上的成長意味著什麼，我們在宣布交易時就談到過，推動這一增長率的有機增長與股票回購的比例約為 80:20，而我們今天的情況也基本相同。

And then just in terms of the upgrade opportunities at the LS assets in PJM, any sense of timing there just in terms of -- what we're going to do, particularly with the RBA going on in the background, but also the value of kind of speed and what you could do there, just a sense of timing, that would be great.

然後，就 PJM 的 LS 資產的升級機會而言，能否就時機有所把握——我們將要做什麼，尤其是在 RBA 正在進行的情況下，但速度的價值以及您可以在那裡做什麼，如果能對時機有所把握，那就太好了。

Sully, it's Rob. So we already have engineers at every plant running around and assessing not just the 1,000 megawatts of uprates that we mentioned when we did the transaction. we're obviously looking at that. But we're also running around, given the RBA and the need for additionality or bringing more power to the markets. we're running around to see if there's 25 or 50-megawatt clips that we can add on to the back of other assets. So we're out there looking -- expect to hear from us later when we actually have some math. But given the timing of the RBA and kind of how that plays out, we're working very hard to know what we can bring to serve that market and serve our customers. And data centers want to get built up there, too. So we'll be looking for opportunities to monetize that through hyperscalers.

薩利，我是羅布。所以我們已經派工程師到每個工廠進行實地考察，評估的不僅是我們在交易時提到的1000兆瓦的升級改造。我們顯然也在關注這一點。但鑑於澳儲行政策以及市場需要增加電力供應或註入更多電力，我們也在四處奔走，尋找可以附加到其他資產上的25或50兆瓦的電力模組。所以我們正在四處尋找——等我們真正有了數學結果後，敬請期待我們的消息。但考慮到澳聯儲的時機以及其具體影響，我們正在努力了解我們能為市場和我們的客戶帶來什麼。資料中心也想在那裡建造。因此，我們將尋找透過超大規模資料中心來實現獲利的機會。

The next question comes from the line of (inaudible) with Evercore ISI.

下一個問題來自 Evercore ISI 的（聽不清楚）電話線。

Bruce, congratulations. I got 3 quarters worth of questions that I got to ask. Just kind of considering -- I mean, it's another kind of strong fridge, strong guidance. you've now kind of beaten and raised 3 straight times. Just anything that we could kind of pinpoint like really what's gone well? What kind of exceeded the expectations just over the past -- the recent past?

布魯斯，恭喜你。我收到了相當於四分之三節課的問題要問。我只是在考慮——我的意思是，這是另一個強大的冰箱，強而有力的指導。你現在已經連續三次戰勝對手並取得進步了。有沒有什麼我們可以具體指出來，例如哪些方面做得比較好？在過去——最近一段時間——哪些方面超出了預期？

I mean, with a slight amount of humility, Nick, I'll say it's just we have a great team, and we have great employees, and we just execute really well. I mean, that's really what it boils down to is just execution, execution, execution. We took our lumps in years past. We learned a lot from those. We made a lot of significant operational changes and that is really what's bearing fruit for us. I mean, bear in mind, too, that when we budget and we put out guidance, we plan for weather normalized and depending on what happens with weather, that can also influence the results. And for us, we've had situations where the weather has been favorable for us, and we've been able to take advantage of that.

我的意思是，尼克，我謙虛一點說，我們擁有一個很棒的團隊，我們有優秀的員工，而且我們執行得非常好。我的意思是，歸根究底就是執行、執行、再執行。過去幾年我們遭受了不少挫折。我們從中學到了很多。我們進行了許多重要的營運改革，而這些改革也確實為我們帶來了成效。我的意思是，也要記住，我們在製定預算和發布指導意見時，都是按照正常天氣狀況進行規劃的，而天氣的實際情況也會影響最終結果。對我們來說，我們也遇到過天氣對我們有利的情況，並且能夠充分利用這一點。

Nick, I would only add to that, we've created a culture where our employees are always looking to improve, bringing improvements to the table and sharing them in ways probably we've never done before. We are really on NRG across all of our businesses, and that kind of collaboration just we keep finding new ways to do everything we do better and more profitably.

尼克，我只想補充一點，我們創造了一種文化，在這種文化中，我們的員工總是尋求進步，提出改進方案，並以我們以前可能從未做過的方式分享這些方案。我們所有業務都真正實踐了 NRG 理念，這種協作讓我們不斷找到新的方法，以更有效率、更盈利的方式完成我們所做的一切。

Great. That makes a ton of sense. And then I just wanted to kind of triangulate a little bit, too. So just with the VPP opportunity and now having kind of the RTC +B initiative in ERCOT in Texas, kind of up and running now for about two to three months. I mean, is there incremental kind of upside for you guys in particularly, just given the amount of data points, whether it be through Vivint or just incremental kind of touch points and able to arbitrage that? Is there kind of -- should we be viewing that as kind of an incremental type of opportunity for you guys?

偉大的。這很有道理。然後，我也想稍微進行一下三角測量。所以，憑藉 VPP 的機會，以及德克薩斯州 ERCOT 的 RTC +B 計劃，現在已經運行了大約兩到三個月。我的意思是，考慮到數據點的數量，無論是透過 Vivint 還是其他增量接觸點，你們是否有可能從中獲得一些額外的收益，並利用這些數據進行套利？我們是否應該把這看作是你們的漸進式發展機會？

Yes. I mean it's early days, but we look at this as an enormous opportunity and one that nobody is as well positioned to capture as we are. And when I said at the end of my remarks that the best is yet to come. That's one of the things I think is yet to come. But I think it's an extraordinary opportunity that we're just really beginning to quantify and understand.

是的。我的意思是，現在還處於早期階段，但我們認為這是一個巨大的機遇，沒有人比我們更有能力抓住這個機會。當我在演講結束時說，最好的還在後頭。我認為這是未來還會出現的事情之一。但我認為這是一個千載難逢的機會，我們才剛開始對其進行量化和理解。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Congrats to everybody in the room. Just a question around how you guys are evaluating the creditworthiness of the counterparties on some of these data on our deals guys exclusively targeting Tier 1 hyperscalers? Or how are you thinking about evaluating that risk?

恭喜在座各位。請問你們是如何評估我們專門針對一級超大規模資料中心的交易對手的信用度的？或者，您打算如何評估這種風險？

Yes. We are -- in fact, I would say that we're targeting even inside of the universe of hyperscalers. We watch all the same credit reports you do.

是的。事實上，我認為我們的目標甚至遠不止於超大規模資料中心領域。我們和你們一樣，會查看所有信用報告。

Okay. And then I guess on the retail channel, you you've rolled in the 400 change of megawatts. I think you had talked about maybe potentially an incremental 500 megawatts within that channel. Is that still an opportunity for you? .

好的。然後我猜在零售通路上，你們已經投入了 400 兆瓦左右的電力。我想你之前提到過，或許可以在該頻道內增加 500 兆瓦的功率。你覺得那仍然是一個機會嗎？。

Yes. Look, I think we will still see some of those -- I hate to think of 445 megawatts of smaller transactions, but they're smaller than the other ones they've been discussing. And those are ones that won't be targeted to the folks we were just discussing. So yes, we still think that's a great channel that we'll continue to pursue, and you'll hear more about those going forward. But that's those we're trying to distinguish for these purposes between the large gig plus hyperscaler deals and the smaller ones of the type that we've already -- we announced during the year.

是的。你看，我認為我們仍然會看到一些這樣的交易——我不願意去想 445 兆瓦的小額交易，但它們比他們一直在討論的其他交易要小。而且這些措施不會針對我們剛才討論的那部分族群。所以，是的，我們仍然認為這是一個很棒的管道，我們會繼續努力，以後你們會聽到更多相關消息。但為了這些目的，我們試圖區分大型千兆級及超大規模資料中心交易和我們今年已經宣布的較小規模的交易。

Okay. And then just one last one. On the $2.2 billion of growth in unallocated through 2030, can you maybe just unpack a little bit of how much of that is actually unallocated and so we could just maybe understand a little bit of on the back end of this plan when you start to announce some of these contracts, how much of that is available to be allocated towards servicing the data center projects versus maybe having to pull in from some of the share repurchase bucket?

好的。最後還有一個。關於 2030 年未分配的 22 億美元增長，您能否稍微解釋一下其中有多少是實際未分配的，以便我們能夠更好地了解該計劃後期，當您開始宣布這些合約時，有多少資金可以分配給數據中心項目，而不是需要從股票回購資金池中提取？

I wouldn't necessarily -- I'd say if you think about the $2.2 billion, a good chunk of that is devoted to the growth plans that we have, the organic growth plans over the years. I wouldn't necessarily look at that bucket as a significant lever towards being able to contribute to the funding of these data center projects. At the end of the day, it's not like massive dollars that would be able to be redeployed anyway. So I don't think you should be thinking about it that way.

我倒不一定會——我想說，如果你想想這 22 億美元，其中很大一部分都投入了我們現有的成長計畫中，也就是我們多年來的有機成長計畫。我並不認為這個資金池是為這些資料中心專案提供資金的重要槓桿。歸根究底，這又不是能重新調配的龐大資金。所以我覺得你不應該那樣想。

The question comes from the line of Angie Storozynski with Seaport.

這個問題來自安吉·斯托羅津斯基 (Angie Storozynski) 與海港 (Seaport) 的對話。

So my main question is about your upcoming gas-fired new build. I think I'm still recovering from the PTSD associated with (inaudible) from the early 2000s and the assumptions that were made back then. I mean, I understand that your contracts will be mainly driven by capacity payments. But I still have only about a 10- to 15-year contract for an asset that has a 40-year useful life. And I'm sure you run the same math that I did. It's not actually so obvious to see that double-digit return over the life of the assets, again, given the short duration of the contract. So how do you address this risk as you park on the gas-fired newbuilds? .

所以我的主要問題是關於您即將建造的燃氣新建築。我覺得我還在從2000年代初期的（聽不清楚）事件以及當時人們所做的種種假設所帶來的創傷後壓力症候群中恢復過來。我的意思是，我明白你們的合約主要將由產能支付驅動。但我現在只有一份大約 10 到 15 年的合同，而這項資產的使用壽命卻有 40 年。我相信你也做了跟我一樣的計算。考慮到合約期限較短，在資產存續期內獲得兩位數的收益實際上並不那麼顯而易見。那麼，在新建的燃氣動力房屋上停車時，您該如何應對這種風險？。

I think there's a few things, Angie. One is length of contract. I think we're looking probably past 10. But if you're looking at the pricing that we're getting and the cost that we're paying. We are not going to do anything that doesn't meet our unlevered hurdle rate that we've announced full stop. I promise you that. And Rob promises to do that, and Bruce promises you that. I'm going to promise for everybody else in the room. But I mean, Angie, I lived through that same period that you did we have 0 interest in being in the speculative new capacity build business, 0% interest. And so the math -- we work on the math all the time and people who want power at a cost less than that. Maybe they'll get it from somebody else, but they won't be getting it from us.

安吉，我覺得有幾件事。一是合約期限。我認為我們可能會看到超過 10 年的成績。但如果你看看我們得到的價格和我們支付的成本。我們絕不會做任何不符合我們已宣布的無槓桿最低收益率目標的事情。我向你保證。羅布承諾會這樣做，布魯斯也向你保證過。我將代表房間裡的其他人做出承諾。但我的意思是，安吉，我和你經歷過同樣的時期，我們對投機性的新建產能業務沒有任何興趣，一點興趣都沒有。所以，數學——我們一直在研究數學，而那些想要以低於這個成本獲得電力的人。或許他們會從別人那裡得到，但他們絕對不會從我們身上得到。

Okay. And those prices that you guys quote for those future contracts, do they incorporate payments for the site. So for example, that would have a $95 plus number that Rob is referring to, does it incorporate a site lease? Or is there an incremental payment, for example, the land itself on top of that. So is $95 just energy or capacity, energy and capacity?

好的。你們報出的未來合約價格是否包含網站建置費用？例如，羅布提到的95美元以上的部分，是否包含場地租賃費用？或有其他額外付款方式，例如，除了上述費用之外，還包括土地本身。那麼，95美元只是能量還是容量，能量和容量？

$95 is -- so Angie, it's Rob. $95 is a representation of the bottom end of what the total value looks like from a capacity and variable component, we it's going to be very, very, very heavy capacity. So it doesn't really translate into a dollar per megawatt hour basis. For each of these transactions that we've looked at, the ones that are on our sites also involve a land transaction, which is not incorporated in the number, right? So the way to think about these is that we are going to get our return and our capital back inside of that 20-year contract as we -- that's how we structure it, that's how we think about it, and that's what we're requiring because we're one of the few people who've got nine turbines that people can go put on the ground and put next to their data center provide affordability and stay out of regulatory hot water.

95 美元是——所以安吉，我是羅布。 95 美元代表了總價值的下限，考慮到容量和可變組件，我們的容量將非常非常非常大。所以它並不能真正轉化為每兆瓦時一美元的價格。在我們查看的每一筆交易中，我們網站上列出的交易都涉及土地交易，而土地交易並未計入交易總數，對嗎？所以，我們應該這樣想：我們將在20年的合約期間收回我們的回報和資本，因為我們——這就是我們的結構，這就是我們的思考方式，也是我們的要求，因為我們是少數擁有九台渦輪機的公司之一，人們可以把這些渦輪機安裝在地面上，放在他們的數據中心旁邊，從而提供經濟實惠的價格，並避免監管方面的麻煩。

Okay. Understood. And then just the last one. The $2.5 billion of an EBITDA upside that you're showing me does that directly correspond with that 5.4 gig in gas-fired new build plus the 1 gigawatt of uprates or is there something else included in that $2.5 billion of EBITDA?

好的。明白了。然後就只剩下最後一個了。您向我展示的 25 億美元 EBITDA 成長潛力，是否直接對應於 5.4 吉瓦的新建燃氣發電廠加上 1 吉瓦的升級改造，還是這 25 億美元 EBITDA 中還包含其他內容？

No, it's exactly what you said, Angie. It's roughly 6 gigs.

不，就像你說的那樣，安吉。大約有 6 GB。

The next question comes from the line of Carly Davenport with Goldman Sachs.

下一個問題來自高盛的卡莉·達文波特。

You highlighted in the slides several hundred megawatts of bridge power available beginning in 2028. Can you just talk a little bit about that opportunity in terms of maybe key suppliers, what technologies you're looking at and just how you view the duration of that opportunity?

您在幻燈片中重點提到，從 2028 年開始，將有數百兆瓦的橋樑電力可供使用。您能否就這個機會談談一些細節，例如關鍵供應商、您正在關注的技術以及您如何看待這個機會的持續時間？

Sure. So you know as well as I do that Bridge Power that works is a limited resource out there today. I'm not going to go through names, but I can tell you the technology that we look at as most successful is overengineered reciprocating engines. There's a lot of need for spending steel on systems. And what Bridge Power does is gives an opportunity for scale to scale up their capacity as the CCGT is being built so that they could get on the ground earlier. And I've mentioned before, but when you think of the hyperscalers that we speak to, their desire for Bridge power ranges.

當然。所以你我都清楚，如今真正有效的橋樑電力資源非常有限。我不打算點名，但我可以告訴你，我們認為最成功的技術是過度設計的往復式引擎。系統建置中需要大量鋼材。Bridge Power 所做的，是為 CCGT 的建設提供規模化的機會，以便他們能夠更早地投入營運。我之前也提到過，但想想我們接觸過的超大規模資料中心營運商，他們對 Bridge 的功率範圍有著怎樣的需求。

Some people want it, some people don't. And it's all a matter of where they fit kind of in their data center build plan and how fast they need generation on the ground. So we have agreements with Bridge power providers. So we have that limited resource that we can offer as part of a package to hyperscalers and like I said, Carly, of some of our hyperscaler clients want it. Some of them are going down a path where their portfolio will just absorb the CCGTs when they come on. So it ranges but it's a good piece of equipment to have to solve the solution for our customers.

有些人想要，有些人不要。這一切都取決於它們在資料中心建設規劃中的位置，以及他們需要多快的現場發電速度。因此，我們與橋樑電力供應商簽訂了協議。因此，我們可以將這種有限的資源作為套餐的一部分提供給超大規模資料中心，就像我剛才說的，卡莉，我們的一些超大規模資料中心客戶需要它。他們中的一些人正在走一條道路，即他們的投資組合將在資本利得稅生效時將其吸收。雖然它的功能範圍很廣，但它確實是能為我們的客戶解決問題的好設備。

Got it. Okay. That's really helpful. And then I think you also noted a new battery storage contract in at just a gigawatt, I think, expected to be online at the end of this year. Can you maybe just talk a bit about that opportunity and how you could see the battery portion sort of scaling over time?

知道了。好的。這真的很有幫助。然後，我想你也提到了一個新的電池儲能合同，容量只有1吉瓦，預計將於今年年底上線。您能否談談這個機會，以及您認為電池部分會如何隨著時間的推移而擴展？

Sure. So it's a series of contracts that make up over a gig batteries in Texas with their PPAs, right? So it's -- or tolls, sorry. so that we have them in our portfolio. We can use them in the portfolio and use it as part of how we serve our retail customers here in Texas. As we use those and as we operate them, that will help define what our strategy is over the long haul. Batteries provide short-term bursts of power, if you need it. It also provides ways for us to shift renewable power between hours. And so as the customer demand changes or it goes up, we'll look to scale that portfolio if it makes sense. .

當然。所以，這是一系列合同，它們透過與德克薩斯州的電力購買協議 (PPA) 簽訂合同，構成了超過 10 億兆瓦的電池，對嗎？所以，或者更準確地說，是通行費，這樣我們才能把它們納入我們的投資組合。我們可以將它們納入產品組合，並將其作為我們在德克薩斯州服務零售客戶的方式之一。在使用和營運這些工具的過程中，這將有助於確定我們的長期策略。電池可在需要時提供短時電力。它還為我們提供了在不同時間段之間轉移再生能源的方法。因此，隨著客戶需求的變化或成長，如果合適，我們將考慮擴大產品組合。。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，加拿大豐業銀行。

I think I'll take a different approach. I'm going to say congrats to Brendan and the IR team. I'm just kidding. Congrats to everybody. Just a couple of follow-ups. You covered a lot of ground today, but is you talked pretty positively about the outlook for ERCOT and opportunities for your gigawatt signing homes there. How are you thinking about the banking proposal? Do you worry that might slow things down? Or I think you've had some pretty positive comments here, but how do you see that impacting the pace of signing contracts in ERCOT?

我想我會採取不同的方法。我要向布倫丹和IR團隊表示祝賀。我只是在開玩笑。恭喜大家。還有幾個後續問題。今天你們談了很多內容，但你們對ERCOT的前景以及你們在那裡簽約的千兆瓦項目的機會都發表了相當積極的看法。您對銀行提案有何看法？你擔心這會拖慢進度嗎？或者說，我認為你在這裡收到了一些相當積極的評論，但你認為這會對ERCOT的合約簽署速度產生什麼影響？

I think the batching work that ERCOT is doing is perfect for the market. It is a great step forward to accelerate the process for people to get data centers and large loads interconnected to the grid. It's actually a very thoughtful approach, and we're I'm very happy that the PUC and ERCOT are making it happen in that way. It makes a lot more sense than a serial process that just stacks up forever. This is a very good thing for us and all of our customers as well as those who want to serve them.

我認為ERCOT正在進行的批量處理工作非常適合市場需求。這是加快資料中心和大負載併入電網進程的一大進步。這確實是一個非常周全的做法，我很高興公共事業委員會和德州電力可靠性委員會以這種方式促成此事。這比那種無限循環的串行處理方式要合理得多。這對我們、我們的所有客戶以及想要為他們服務的人來說都是一件非常好的事情。

Accelerate, did you say?

你說加速？

I'm sorry? (inaudible) versus serial processes of do loops and like reevaluating every time somebody puts something in, yes, this will accelerate it versus that. .

對不起？（聽不清楚）與 do 循環的串行處理以及每次有人輸入內容時都重新評估相比，是的，這將比那樣更快。。

Great. And then one more. Just to be really explicit. The guidance, you talked about you're targeting 1 gigawatt of an announcement for 2026. Is your goal to announce the gigawatt, but the financial impact would be upside? Or does the guidance include that gigawatt but not incremental projects? I just want to specify that.

偉大的。然後又來了一個。只是為了說得更清楚。您剛才提到的指導方針是，您計劃在 2026 年宣布實現 1 吉瓦的裝置容量目標。你們的目標是宣布實現千兆瓦的目標，但財務影響將是利好嗎？或者，該指導意見是否包括千兆瓦項目，但不包括增量項目？我只是想特別說明這一點。

First of all, it's at least or a minimum of 1 gigawatt. I want to make that really clear. And that gigawatt or more than gigawatt is not included in the guidance or in the roll forward outlook.

首先，它的容量至少是 1 吉瓦。我想把這一點說清楚。而且，這10億瓦或超過10億瓦的電力並未包含在指導意見或未來展望中。

Final question will come from the line of David Arcaro with Morgan Stanley.

最後一個問題將來自摩根士丹利的戴維·阿卡羅。

Congratulations, Larry, Rob and Bruce. Let me see -- just one question from me. I was just wondering, in the PJM market, I was -- how has activity in PJM been impacted by the whole backstop auction process and the general policy uncertainty that we've had over the last several months? Has that changed the pace of conversations with data centers and contracting opportunities just given the policy that's in flux there? .

恭喜 Larry、Rob 和 Bruce。讓我想想──我還有一個問題。我只是想知道，在PJM市場，過去幾個月來，整個擔保拍賣過程和普遍的政策不確定性對PJM市場的活動產生了怎樣的影響？鑑於目前政策的不斷變化，這是否改變了與資料中心進行對話和洽談合作機會的節奏？。

There's a lot of conversations. I mean we've known -- it's always what we've been talking about for a while ago, it was going to be slower than Texas. It's still going to be slower than Texas. They're making progress going forward. But when you're looking at a 20-year investment, there's a lot to put in place anyway. So I think while we'd all like it to be somewhat faster, it's still progress is being made. It's just faster outside of PJM at this moment.

有很多對話。我的意思是，我們早就知道——這也是我們之前一直在討論的，它的速度會比德克薩斯州慢。速度還是會比德州慢。他們正在取得進展。但是，如果是一項長達 20 年的投資，無論如何都需要做很多準備工作。所以我覺得，雖然我們都希望速度能更快一些，但目前仍在取得進展。目前來看，在 PJM 以外的地方速度更快。

This concludes the question-and-answer session. I would now like to turn it back to Larry Coben for closing remarks.

問答環節到此結束。現在我謹將發言權交還給拉里·科本，請他作總結發言。

I want to thank you all again for all of your support. When I arrived, you came on these calls with an open mind, and we're willing to kind of look at NRG freshly. We made you a lot of promises that we kept, and we really appreciate the challenges that you gave us, the feedback that you gave us and the support that you've given us over this last time. And I do mean it when I say the best is yet to come. So thank you all very, very much.

再次感謝大家的支持。當我剛來的時候，你以開放的心態參與了這些電話會議，我們也願意以全新的視角來看待 NRG。我們向你們做出了許多承諾，而且都兌現了。我們非常感謝你們在過去這段時間給予我們的挑戰、回饋和支持。我說最好的還在後頭，這話可不是開玩笑。所以，非常非常感謝大家。

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。