Talen Energy Corp (TLN) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Talen Energy Corporation third quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Ellen Liu, Senior Director, Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。歡迎參加塔倫能源公司 2024 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在將會議交給投資者關係高級總監 Ellen Liu。請繼續。

Thanks, Michelle. Welcome to Talen Energy's third quarter 2024 conference call.

謝謝，米歇爾。歡迎參加 Talen Energy 2024 年第三季電話會議。

Participating on today's call are Chief Executive Officer, Mac McFarland; and Chief Financial Officer, Terry Nutt. They are joined by other Talen senior executives to address questions during the second part of today's call as necessary. We issued our earnings release this morning along with the presentation, all of which can be found in the Investor Relations section of Talen's website, www.talenenergy.com.

參加今天電話會議的有執行長 Mac McFarland；和財務長特里·納特。其他 Talen 高級管理人員將與他們一起在今天電話會議的第二部分中根據需要回答問題。我們今天早上發布了收益報告以及演示文稿，所有這些都可以在 Talen 網站 www.talenenergy.com 的投資者關係部分找到。

Today, we are making some forward-looking statements based on current expectations and assumptions. Actual results could differ due to risk factors and other considerations described in our financial disclosures and other SEC filings.

今天，我們根據目前的預期和假設做出一些前瞻性陳述。由於我們的財務揭露和其他 SEC 文件中描述的風險因素和其他考慮因素，實際結果可能會有所不同。

Today's discussion also includes references to certain non-GAAP financial measures. We have provided information reconciling our non-GAAP measures to the most directly comparable GAAP measures in our earnings release and the appendix of our presentation.

今天的討論也涉及某些非公認會計準則財務指標。我們在收益報告和簡報附錄中提供了將我們的非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準進行協調的資訊。

With that, I will now turn the call over to Mac.

現在，我將把電話轉給 Mac。

Well, thank you, Ellen. Good morning, everyone, and thanks for joining us today.

嗯，謝謝你，艾倫。大家早安，感謝您今天加入我們。

Before we get into our quarterly results, I would like to start with a few brief remarks. Market and regulatory events over the last few months have further underscored how critical existing generation is to serving demand growth and supporting grid reliability.

在我們討論季度業績之前，我想先做一些簡短的評論。過去幾個月的市場和監管事件進一步凸顯了現有發電對於滿足需求成長和支援電網可靠性的重要性。

Since we signed the Amazon deal in March of this year, the market fundamentals for power in the United States have only become more construct for IPPs. The higher PJM capacity auction results in July, the Microsoft Green Clean Energy announcement, and increasing utility load forecast, mostly driven by data centers, the reshoring of industry, and the electrification of our economy, all support this thesis.

自從我們今年三月簽署亞馬遜協議以來，美國電力市場的基本面對獨立發電廠變得更加穩固。 7 月更高的 PJM 容量拍賣結果、微軟綠色清潔能源公告以及公用事業負載預測的增加（主要由資料中心、工業回流和經濟電氣化推動）都支持了這一論點。

The US is expected to be the fastest growing market for data centers, growing from 25 gigs of demand in '24 to more than 80 gigs by 2030. Meeting this demand will require significantly more generation to speed the market and access the long-term power have become top priorities for hyperscalers and data center customers. As I said before, serving this massive data center demand will require an all of the above approach.

預計美國將成為資料中心成長最快的市場，需求將從 24 年的 25 GB 成長到 2030 年的 80 GB 以上。和資料中心客戶的首要任務。正如我之前所說，滿足如此龐大的資料中心需求將需要採用上述所有方法。

This includes co-location like our arrangement with AWS, hybrid arrangements that co-locate primary power behind the meter while using the grid for backup, and front of the meter connections to utility transmission. While we are disappointed in first decision to reject the ISA amendment, it does not change the fact that this load growth is coming, and it will not stop our progress.

這包括像我們與 AWS 的安排那樣的共置、混合安排，將主電源放在電錶後面，同時使用電網作為備份，以及電錶前面連接到公用事業傳輸。雖然我們對拒絕 ISA 修正案的第一次決定感到失望，但這並沒有改變負載增長即將到來的事實，也不會阻止我們前進的腳步。

First, development of the data center campus will continue under the existing 300-megawatt ISA as we and AWS work together on the path forward. Talen's colocation arrangement with AWS is part of the solution to issues raised at the FERC technical conference on large co-located load. It brings service to the customers quickly and without expensive transmission upgrades that would impact a retail consumer's energy bill.

首先，隨著我們和 AWS 共同努力，資料中心園區的開發將在現有 300 兆瓦 ISA 的基礎上繼續進行。 Talen 與 AWS 的託管安排是 FERC 技術會議上提出的大型託管負載問題解決方案的一部分。它可以快速為客戶提供服務，並且無需進行昂貴的傳輸升級，以免影響零售消費者的能源帳單。

With that said, we are exploring the whole suite of commercial and legal solutions to facilitate full development of the Susquehanna campus as well as progressing other opportunities across our fleet. This includes filing a motion for FERC rehearing in parallel with AWS contract discussions. We are keeping all of our options open when it comes to co-location, front of the meter, or the hybrid solution I discussed earlier.

儘管如此，我們正在探索一整套商業和法律解決方案，以促進薩斯奎哈納園區的全面發展，並在我們的機隊中推進其他機會。這包括在 AWS 合約討論的同時提交 FERC 複審動議。當談到主機代管、儀表前端或我之前討論的混合解決方案時，我們將保留所有選擇。

I know the first questions in our Q&A today will be when are you going to have this solved? What will it look like? And what about your next data deal? The short answer to all of this is, we'll let you know when we're done. Quite frankly, this reminds me of a year-ago when we hosted our Susquehanna site day visit at our data center campus and talked about colocation as a novel concept.

我知道今天問答的第一個問題是您什麼時候能解決這個問題？它會是什麼樣子？那麼您的下一個數據交易呢？對這一切的簡短回答是，我們完成後會通知您。坦白說，這讓我想起一年前，當時我們在資料中心園區舉辦了薩斯奎哈納站點日訪問，並討論了託管作為一個新穎的概念。

Many of you asked these same questions then, and you heard me gave the same answer. You all know that we don't do commercial negotiations in public and we're not going to comment on them at this time. That said, I believe we can leverage our transaction experience, advantage grid location and strong stakeholder relationships to utilize all of the options on the table.

當時你們很多人都問了同樣的問題，你們聽到我給了同樣的答案。你們都知道，我們不會公開進行商業談判，目前我們不會對此發表評論。也就是說，我相信我們可以利用我們的交易經驗、優勢網格位置和強大的利害關係人關係來利用桌面上的所有選項。

I am confident that we as an industry can meet the challenges in front of us and seize the opportunity to power the AI economy and bring its substantial economic benefits to Pennsylvania specifically and the US more broadly.

我相信，我們這個產業能夠應對眼前的挑戰，抓住機遇，為人工智慧經濟提供動力，為賓州乃至更廣泛的美國帶來可觀的經濟效益。

So now turning to our key highlights, starting with slide 3. Talen has had an active third quarter and I'd like to highlight several of our achievements, starting with our solid operational and financial performance. In the third quarter, we generated $230 million of adjusted EBITDA $97 million of adjusted free cash flow.

現在轉向我們的主要亮點，從幻燈片 3 開始。第三季度，我們產生了 2.3 億美元的調整後 EBITDA 和 9,700 萬美元的調整後自由現金流。

Based on our strong performance year-to-date, we are raising and narrowing our guidance for 2024, and we are also affirming the 2025 financial guidance announced at our Investor Day in September. Terry will provide more details on that as well as our 2026 outlook.

基於我們今年迄今的強勁表現，我們正在提高和縮小 2024 年的指導，並且我們還確認了 9 月份投資者日宣布的 2025 年財務指導。 Terry 將提供更多相關細節以及我們 2026 年的展望。

In October, we acquired TeraWulf's 25% share in Nautilus, which provides a strategic flexibility with the building and its power use. Operational activities at Nautilus have been suspended, which releases 150 megawatts of power to be sold at more profitable levels to the PJM wholesale market and eventually to Amazon.

10 月份，我們收購了 TeraWulf 在 Nautilus 中 25% 的股份，這為該建築及其電力使用提供了戰略靈活性。 Nautilus 的營運活動已暫停，該工廠釋放 150 兆瓦的電力，以更高的利潤水平出售給 PJM 批發市場，並最終出售給亞馬遜。

Lastly, we were added to five equity indices over the last few months driving passive fund demand for our stock and continued shareholder rotation. I'm proud of what the team has accomplished this quarter while setting the stage for more long-term value creation.

最後，過去幾個月我們被納入五個股指，推動了對我們股票的被動資金需求和持續的股東輪調。我為團隊本季所取得的成就感到自豪，同時為更長期的價值創造奠定了基礎。

Turning to slide 4, you've heard me talk about the ISA and path forward. We also participated in the FERC technical conference on November 1. There was a lot of good discussion and we applaud the commission for taking up this serious matter.

轉到幻燈片 4，您已經聽到我談論 ISA 和前進的道路。我們也參加了 11 月 1 日的 FERC 技術會議。

We continue to believe the path forward is that all solutions should be on the table as long as the RTO, the generator, the transmission operator, and the state PUCs are on board or the respective state PUC.

我們仍然相信，只要 RTO、發電機、輸電運營商和州 PUC 或相應的州 PUC 參與其中，所有解決方案都應該擺在桌面上。

Turning to the PJM capacity auction. PJM has requested and the FERC has approved the six-month delay of the '26, '27 auction that was originally scheduled for next month due to complaints filed by the Sierra Club and other NGOs.

轉向 PJM 產能拍賣。由於塞拉俱樂部和其他非政府組織提出投訴，PJM 已提出請求，並且 FERC 已批准將原定於下個月舉行的 '26、'27 拍賣推遲六個月。

Subsequent auctions will occur every six months through the '28, '29 auction in December of 2026. PJM is focused on reevaluating the auction reference technology, which impacts the steepness of the supply curve as well as the treatment of RMR or reliability must run units. We are generally supportive of PJM taking another look at the supply curve.

隨後的拍賣將每六個月進行一次，直至2026 年12 月的「28」、「29」拍賣。的可靠性的處理。我們整體支持 PJM 重新審視供給曲線。

However, we think PJM should compress the time between auctions to get them back on track sooner to the original timeframe of three years in advance. Further delays in the capacity market create uncertainty in the very market that needs signals to incentivize new build. We also believe that requiring RMR units to either bid into the capacity market as a price taker or be accounted for as a phantom supply will distort price signals.

然而，我們認為 PJM 應該壓縮拍賣之間的時間，以使拍賣更快地回到原來的提前三年的時間表。容量市場的進一步延遲為需要訊號來激勵新建的市場帶來了不確定性。我們也認為，要求 RMR 機組要麼作為價格接受者進入容量市場，要麼被視為虛擬供應，將會扭曲價格訊號。

RMR units are meant to support transmission reliability not to serve as a capacity resource. Removing RMR resources from the capacity market is appropriate to send the proper signals that new generation is needed. We encourage PJM to resolve these issues as quickly as possible and look forward to engaging constructively with them on the process.

RMR 單元旨在支援傳輸可靠性，而不是充當容量資源。從容量市場中移除 RMR 資源適合發出需要新一代的正確訊號。我們鼓勵 PJM 盡快解決這些問題，並期待在過程中與他們進行建設性的接觸。

On that note, let's turn to slide 5 and put some numbers behind the supply demand situation in PJM. Since 2020, 19 gigawatts of generation assets have retired in PJM and nearly all of those are gas and coal plants. While only 10 gigawatts of new gas plants have come online, along with 13 gigawatts of renewables and batteries, which do not provide the same dispatchability as gas plants and coal plants.

關於這一點，讓我們轉向投影片 5，並在 PJM 的供需狀況背後提供一些數字。自 2020 年以來，PJM 已退役 19 吉瓦的發電資產，幾乎所有這些都是天然氣和燃煤電廠。雖然只有 10 吉瓦的新天然氣發電廠以及 13 吉瓦的可再生能源和電池已上線，但它們無法提供與天然氣發電廠和燃煤發電廠相同的可調度性。

From a demand perspective, PJM recently reported significant increases in submitted requests to the 2025 power demand forecast for anticipated large loads like data centers and manufacturing. These requests include 15 gigawatts of demand by '26 and over 50 gigs by 2030.

從需求角度來看，PJM 最近報告稱，針對資料中心和製造業等預期大型負載的 2025 年電力需求預測提交的請求大幅增加。這些請求包括到 26 年需求 15 吉瓦，到 2030 年需求超過 50 吉瓦。

PPL itself forecast that by 2030 large loads could double the peak summer demand curve -- demand in its control area and that is where most of our plants are located. These data points highlight how PGM needs more reliable dispatchable generation to meet the power demand growth that is coming.

PPL 本身預測，到 2030 年，大負載可能會使夏季尖峰需求曲線翻倍——其控制區域內的需求，也就是我們大多數工廠所在的區域。這些數據點凸顯了 PGM 如何需要更可靠的可調度發電來滿足即將到來的電力需求成長。

Moving on to slide 6, let's look at our year-to-date operational and financial results. Our team continued to deliver from an operational perspective. Our fleet ran well generating over 27 terawatt hours with an equivalent forced outage factor of only 2.4, which is an improvement to 3.5% in the same period last year.

轉到幻燈片 6，讓我們看看我們今年迄今為止的營運和財務表現。我們的團隊繼續從營運角度交付成果。我們的機組運作良好，發電量超過 27 太瓦時，等效強制停電係數僅為 2.4，比去年同期增加了 3.5%。

Roughly half of that generation came from our carbon free Susquehanna nuclear facility. Importantly, our team works safely during the busy summer months. We have a year to date TRIR of only 0.3, which is truly remarkable. This is in line with or better than our peers and we continue to emphasize safety as our first priority across the fleet.

那一代人中大約有一半來自我們的無碳薩斯奎哈納核設施。重要的是，我們的團隊在繁忙的夏季月份安全工作。今年迄今為止，我們的 TRIR 僅為 0.3，這確實非常了不起。這與我們的同行一致或更好，我們繼續強調安全是整個機隊的首要任務。

We leveraged our strong operational foundation and commercial strategy to deliver significant adjusted EBITDA and adjusted free cash flow on a year-to-date basis. We continue to prioritize capital returns and balance sheet discipline during the quarter. Terry will take you through the year to date numbers, our leverage and our liquidity later in the presentation.

我們利用強大的營運基礎和商業策略，年初至今實現了大幅調整後的 EBITDA 和調整後的自由現金流。本季我們繼續優先考慮資本回報和資產負債表紀律。特里將在稍後的演示中向您介紹今年迄今為止的數據、我們的槓桿率和流動性。

I'd like to stop and take this opportunity to recognize and thank our employees across the company who have worked safely to deliver impressive operational results across the entire portfolio. These team members are key to our overall performance as they operate, maintain, and improve our generation fleet and other assets. Without their hard work and commitment to excellence, none of this is possible.

我想停下來，藉此機會表彰並感謝我們全公司的員工，他們安全工作，在整個投資組合中取得了令人印象深刻的營運成果。這些團隊成員在運作、維護和改進我們的發電機組和其他資產時對我們的整體績效至關重要。沒有他們的辛勤工作和對卓越的承諾，這一切都是不可能的。

I'll now turn the call over to Terry. Terry?

我現在將電話轉給特里。特里？

Thank you, Matt, and good morning, everyone.

謝謝你，馬特，大家早安。

Now turning to financial results. For the third quarter of 2024, Talen reported adjusted EBITDA of $230 million and adjusted free cash flow of $97 million. Compared to the same period last year, expanded spark spreads and higher power demand drove increased generation margin across our fleet.

現在轉向財務業績。 2024 年第三季度，Talen 報告調整後 EBITDA 為 2.3 億美元，調整後自由現金流為 9,700 萬美元。與去年同期相比，火花差擴大和電力需求增加推動了我們機隊發電利潤的增加。

Generation margin along with the combined impacts of our hedging strategy and the PTC more than offset the absence of earnings from our ERCOT generation portfolio, which was sold in March of 2024. Q3 2024 adjusted free cash flow included the impact of a $40 million higher pension plan contribution, reflecting our continued commitment to our workforce and retirees. Additionally, we accelerated some raw uranium purchases during the quarter to take advantage of pricing opportunities.

發電利潤率以及我們的對沖策略和PTC 的綜合影響遠遠抵消了我們於2024 年3 月出售的ERCOT 發電投資組合的收益缺失。美元的影響計劃捐款，反映了我們對員工和退休人員的持續承諾。此外，我們在本季加速了一些原鈾採購，以利用定價機會。

These collectively resulted in lower adjusted free cash flow compared to the third quarter of 2023. For the year-to-date period, adjusted EBITDA was $606 million and adjusted free cash flow was $262 million.

與 2023 年第三季相比，這些因素共同導致調整後自由現金流下降。

Moving now to guidance on slide 8. With three quarters of performance behind us, we are raising and narrowing our 2024 adjusted EBITDA and adjusted free cash flow ranges. Our new adjusted EBITDA range is $750 million to $780 million. And our new adjusted free cash flow range is $265 million to $285 million.

現在轉向幻燈片 8 中的指引。我們新調整後的 EBITDA 範圍為 7.5 億至 7.8 億美元。我們新調整後的自由現金流範圍為 2.65 億美元至 2.85 億美元。

Looking ahead to 2025, we are reaffirming the guidance ranges we announced at our Investor Day in September. Our adjusted EBITDA range remains at $925 million to $1.175 billion and our adjusted free cash flow range is still $395 million to $595 million.

展望 2025 年，我們重申我們在 9 月投資者日宣布的指導範圍。我們調整後的 EBITDA 範圍仍為 9.25 億美元至 11.75 億美元，調整後的自由現金流範圍仍為 3.95 億美元至 5.95 億美元。

Additionally, our 2026 outlook also remains unchanged from what we disclosed at our Investor Day. These ranges continue to demonstrate Talen's significant earnings and cash flow growth profile, which includes nearly tripling adjusted free cash flow per share by 2026.

此外，我們的 2026 年展望也與我們在投資者日所揭露的內容保持不變。這些範圍繼續證明了 Talen 的顯著盈利和現金流增長狀況，其中包括到 2026 年調整後每股自由現金流將增長近兩倍。

Turning to slide 9, we remain committed to maintaining net leverage below our target of 3.5 times, along with maintaining ample liquidity. As of November 8, our forecasted net debt to 2024 EBITDA ratio was only 2.1 times, well below our target. In addition, we have nearly $1.3 billion of liquidity, including over $550 million of unrestricted cash on the balance sheet.

轉向投影片 9，我們仍然致力於將淨槓桿率維持在低於 3.5 倍目標的水平，同時保持充足的流動性。截至11月8日，我們預測的淨負債與2024年EBITDA比率僅為2.1倍，遠低於我們的目標。此外，我們還有近 13 億美元的流動資金，其中資產負債表上有超過 5.5 億美元的非限制性現金。

We continue to engage with the rating agencies, two of which have responded to our balance sheet discipline by upgrading our credit ratings. In September, our S&P corporate credit rating was upgraded to BB- and in October, our Moody's rating was upgraded to Ba3. We remain focused on unlocking value and returning capital to shareholders.

我們繼續與評級機構合作，其中兩家評級機構已透過提升我們的信用評級來回應我們的資產負債表紀律。 9月份，我們的標準普爾企業信用評等升級為BB-，10月份，我們的穆迪評等升級為Ba3。我們仍然專注於釋放價值並向股東返還資本。

In September, we announced another upsizing of our share repurchase program and have over $1.2 billion of capacity remaining through year end 2026. We have returned approximately $950 million to shareholders year-to-date by repurchasing roughly 8.3 million shares.

今年 9 月，我們宣布再次擴大股票回購計劃，到 2026 年底，我們還有超過 12 億美元的剩餘產能。

Due to the timing of our Investor Day and subsequent non-deal road show, there was limited time to repurchase shares at the end of this quarter. That said, we continue to see share repurchases as the best use of our capital and continue targeting a return of 70% of adjusted free cash flow to shareholders.

由於我們的投資者日和隨後的非交易路演的時間安排，本季末回購股票的時間有限。也就是說，我們仍然認為股票回購是我們資本的最佳利用方式，並繼續目標是將調整後自由現金流的 70% 回報給股東。

Turning to the next slide. After uplifting to the Nasdaq, Talen has become eligible to join several equity indices, which has driven substantial institutional and passive stock demand. Talen has been added to five indices resulting in passive investment funds acquiring over 6 million shares in September 11.

轉到下一張投影片。在納斯達克上市後，Talen 有資格加入多個股指，這推動了大量的機構和被動股票需求。 Talen 已被添加到五個指數中，導致被動投資基金在 9 月 11 日購買了超過 600 萬股。

Earlier this month, Talen was added to the MSCI USA Small Cap Index, which will be effective on November 25, and we anticipate additional passive fund demand from that inclusion. Further, Talen could qualify for additional value growth for sector specific indices, further enhancing stock demand and accelerating the natural shareholder rotation. With that, I'll hand the discussion back to Mac.

本月早些時候，Talen 被納入 MSCI 美國小型股指數，該指數將於 11 月 25 日生效，我們預計該指數的納入將帶來更多被動基金需求。此外，Talen 有資格獲得特定行業指數的額外價值成長，進一步增強股票需求並加速股東自然輪調。至此，我將把討論交還給 Mac。

Great. Thanks, Terry. As all of you have heard me say before, Talen remains an IPP that's focused on being an IPP, and that's at a time when reliable and flexible generation assets are more valuable than they've been in many years. We appreciate your interest in Talen for joining us on today's call.

偉大的。謝謝，特里。正如大家之前聽我說過的那樣，Talen 仍然是一家專注於成為 IPP 的 IPP，而此時可靠且靈活的發電資產比多年來更有價值。我們感謝您對 Talen 的關注並參加今天的電話會議。

We will now open the line for questions, and I'll turn it back to the operator. Michelle?

現在我們將開通提問熱線，我會將其轉回給接線生。米歇爾？

(Operator Instructions) Shar Pourreza, Guggenheim.

（操作員說明）Shar Pourreza，古根漢。

Morning. Mac, just by your prepared, it seems like there's not a lot of appetite to answer my AWS strategy question. So let me just shift gears towards resource adequacy, which is obviously very topical at EEI. Are you involved, I guess, in state level conversations in Pennsylvania at this point?

早晨。 Mac，從你的準備來看，似乎沒有太多興趣回答我的 AWS 策略問題。因此，讓我把話題轉向資源充足性，這顯然是 EEI 的熱門話題。我猜你目前正在參與賓州的州級對話嗎？

And if the PAPUC would eventually run an RFP and look for peaking PPAs or the state passes a test like mechanism, would you -- would Talen be involved in new development? I guess, how do you see this sort of unfolding the session overall? Thanks.

如果 PAPUC 最終會運行 RFP 並尋求峰值購電協議，或者國家通過類似測試的機制，Talen 會參與新的開發嗎？我想，您如何看待這次會議的整體展開？謝謝。

Sure. Well, obviously, that's a broad policy question because I understand that there are a number of people who are talking about either RFP-ing or rate basing generation. I think that there's a couple of things that are going on.

當然。嗯，顯然，這是一個廣泛的政策問題，因為我知道有很多人在談論 RFP 或基於利率的產生。我認為有幾件事正在發生。

One, first of all, for the first time in seven years, we had a higher capacity clear, a clear that was higher than $100 a megawatt day. And, I think we have a fair amount of reactive voices going on here with respect to how to solve the resource adequacy problem.

首先，七年來我們第一次獲得了更高容量的清潔能源，清潔能源的價格高於每兆瓦日 100 美元。而且，我認為對於如何解決資源充足性問題，我們有相當多的反應聲音。

I think first and foremost, the solution to that problem is, as I said in my remarks, is to get the capacity market on track so that we're providing pricing those three years out. With respect to the TEF that has been floated, we have been in conversations in Harrisburg through our company has.

我認為首先也是最重要的是，正如我在發言中所說，解決這個問題的方法是讓容量市場走上正軌，以便我們能夠在三年後提供定價。關於已經提出的 TEF，我們已經透過我們的公司在哈里斯堡進行了對話。

And look, we think that something like a TEF that provides low-cost loans to generation that can help the resource adequacy issue that we see on the horizon. And we're supportive of it, but generally, it depends on how those loans come out, what strings are attached to them, et cetera.

看，我們認為像 TEF 這樣的東西可以向發電提供低成本貸款，可以幫助解決我們即將看到的資源充足問題。我們支持它，但一般來說，這取決於這些貸款如何發放、附加什麼條件等等。

So when you ask that question, Shar, there's not a lot of specifics out there right now. There are people talking about should we rate base generation, should we do something like the TEF, a PEF, a Pennsylvania Energy Fund? Should we think about other ways to solve the resource adequacy?

所以當你問這個問題時，Shar，目前還沒有太多具體細節。有人在討論我們是否應該對基礎發電進行評級，我們是否應該做一些像 TEF、PEF、賓州能源基金這樣的事情？我們是否應該考慮其他方式來解決資源充足性？

I think what's get lost in all of this with respect to Pennsylvania is that Pennsylvania has excess reserve margins in excess of 30%. Its other states that have lower reserve margins that are quite frankly somewhat of the issue.

我認為，賓州的超額準備金率超過 30%，這就是我們在這一切中迷失的地方。坦白說，其他州的準備金率較低，這在一定程度上是問題所在。

That said, Pennsylvania has an opportunity given that it has gas, local gas, plentiful gas, a pro-fracking position on things, regardless of what side of the aisle you're on there. And so, they have the ability to export energy. I think that they can continue to do that, and I think capacity markets are the way to do that. But I'll open it to Terry, so if you have any further comments, Terry.

也就是說，賓州有機會，因為它有天然氣，當地天然氣，充足的天然氣，在事物上支持水力壓裂的立場，無論你站在哪一邊。因此，他們有能力出口能源。我認為他們可以繼續這樣做，而且我認為容量市場是做到這一點的方法。但我會向特里開放，所以如果你有任何進一步的意見，特里。

Yeah. Thanks, Mac. A couple of things to add to that response, Shar. First of all, the Pennsylvania PUC is holding a conference on resource adequacy here right before Thanksgiving and we plan on participating in that. So obviously, being a large generator in the PJM market, we definitely are engaged in those discussions, and we'll continue to be engaged.

是的。謝謝，麥克。 Shar，有幾件事要補充一下。首先，賓州公用事業委員會將在感恩節前夕在這裡召開一次關於資源充足性的會議，我們計劃參加該會議。顯然，作為 PJM 市場的大型生產商，我們肯定會參與這些討論，而且我們將繼續參與。

Back to sort of the general policy question, the other thing I would add to Mac's comments is, I think obviously a Pennsylvania Energy Fund is an interesting concept. We've seen that done in Texas. I think whether it's a Pennsylvania Energy Fund or whether it's some of these discussions around RFPs, the devil is always in the details, right? What does that asset -- if you put in that new asset, how does it participate in a capacity market?

回到一般政策問題，我要在 Mac 的評論中補充的另一件事是，我認為賓州能源基金顯然是一個有趣的概念。我們已經在德克薩斯州看到了這種情況。我認為無論是賓州能源基金還是圍繞 RFP 的一些討論，問題總是在於細節，對吧？該資產有何作用－如果您投入該新資產，它如何參與容量市場？

What is it ultimately? What economics are sort of borne by the asset itself and what can it do and what can it not do from a participation standpoint. So I think they're constructive discussions, we'll be engaged and look forward to helping solve the resource adequacy issue.

最終是什麼？哪些經濟因素是由資產本身承擔的，從參與的角度來看，它能做什麼、不能做什麼。所以我認為這是建設性的討論，我們將參與並期待幫助解決資源充足性問題。

And Shar, just one more comment on that real quick, which is as we talk about our sites which are in the PPL zone as advantage sites, we have a lot of sites that have access to gas and are in the right point on the transmission system to interconnect and we're looking to see how we can leverage those sites as redevelopment opportunities. Again, it's going to have the right kind of economics, the right kind of returns et cetera, but we are exploring it there. And if you want to ask your AWS question, feel free.

Shar，我想再多說一點，就是當我們談論我們位於 PPL 區域的站點作為優勢站點時，我們有很多站點可以使用天然氣並且位於傳輸的正確位置系統進行互連，我們正在研究如何利用這些地點作為重建機會。再說一遍，它將擁有正確的經濟學、正確的回報等等，但我們正在那裡探索。如果您想詢問 AWS 問題，請隨意。

Sorry, I could pass that to someone else. But just my only question is as legislation starts to form, is there discussions you're having with the wires companies or is the bid ask kind of too wide right now to even come to a discussion table?

抱歉，我可以把它轉給其他人。但我唯一的問題是，隨著立法開始形成，你們是否正在與電信公司進行討論，或者現在的要價太廣泛，甚至無法進入討論桌？

I think that the things that are being discussed right now are so preliminary. There's it's not like there's a bid ask that's wide or tight. It's just that everything is so preliminary. That's why I said that these have been somewhat reactive to this capacity clear again. And it's being -- quite frankly, I think that we're not even close to what it's going to take and the capacity clears to incentivize new generation, and people say we should rate base it.

我認為現在正在討論的事情只是初步的。這並不像是一個寬或窄的買價。只是一切都是那麼初步。這就是為什麼我說這些已經對這種能力再次明確做出了一些反應。坦白說，我認為我們還沒有達到激勵新一代的目標和能力，人們說我們應該對其進行評級。

Let's just be clear or go through an RFP process. Let's be clear. The reason why PJM is the most effective deregulated wholesale market in the country is because it was people didn't want to pay for stranded assets. They wanted to move to a deregulated market in PJM because they felt as though it would drive the lowest cost of supply possible. We continue to believe that, and we will participate in that.

讓我們澄清一下或透過 RFP 流程。讓我們說清楚。 PJM 之所以成為全國最有效的解除管制的批發市場，是因為人們不想為擱淺的資產買單。他們希望轉向 PJM 放鬆管制的市場，因為他們覺得這會盡可能降低供應成本。我們仍然相信這一點，並且我們將參與其中。

Got it. Perfect. I'll touch base with you guys in a little bit. I appreciate it. I'll pass it to someone else. Thanks, Mac.

知道了。完美的。稍後我將與你們取得聯繫。我很感激。我會把它傳給別人。謝謝，麥克。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good morning. Just wanted to come back to, I guess, the technical conference here, if I could. Looking at the proceeding there as a read through for the amended ISA, how do you think about that or just really any thoughts on data center development more broadly coming out of the conference here? Just wondering what your take was on the technical conference.

嗨，早安。我想，如果可以的話，我只是想回到這裡參加技術會議。將會議進程視為對修訂後的 ISA 的通讀，您對此有何看法，或者從這裡的會議中得出的更廣泛的關於資料中心開發的任何想法？只是想知道您對技術會議有何看法。

So I think in general -- and Cole is on the line who is a witness during the third panel, and he can jump in here at the end of this. But I think in general, I think there was a lot of discussions that were beneficial to thinking about how does how do we solve the growing demand from data centers. I do believe that ISAs got conflated with resource adequacy and that the distinction between so called front of the meter and behind the meter, collocated, et cetera, sort of worked its way into that conversation, and then it really should be parsed separately.

所以我認為總的來說 - 科爾在線上，他是第三次小組會議的證人，他可以在會議結束時跳到這裡。但我認為總的來說，我認為有很多討論有助於思考我們如何解決資料中心不斷增長的需求。我確實相信 ISA 與資源充足性混為一談，並且所謂的儀表前和儀表後、並置等之間的區別在某種程度上影響了這種對話，然後它確實應該單獨解析。

I think we believe that the outcome should be, and I said this in the opening remarks, Jeremy, is that if the RTO, in this case PJM, the transmission operator, in this case PPL on our specific ISA, and the generator are all in agreement as is the state level PUC being the PAPUC in this instance, this is a state level issue and that if those four parties are in agreement and they don't see that there are incremental costs, which is exactly what was found in the case of the ISA and it created reliability, we think that that's a model that should be approved.

我認為我們相信結果應該是，Jeremy，我在開場白中說過，如果 RTO（在本例中為 PJM）、傳輸運營商（在本例中為我們特定 ISA 上的 PPL）和發電機都是一致同意，因為在這種情況下，州級PUC 是PAPUC，這是一個州級問題，如果這四個方達成一致，並且他們沒有看到存在增量成本，這正是在以ISA 為例，它創造了可靠性，我們認為這是一個應該得到批准的模型。

Whatever fits and with those four parties agreeing, now, we may have colleagues that have a different view of that who I think that that's what should come out of them, you know, as we go back. And I think we'll see where this goes. There's the PJM guidelines and some other things that that need to be addressed. You started the question with, amending the ISA.

無論適合什麼，只要這四方同意，現在，我們可能會有一些對此有不同看法的同事，我認為這就是他們應該提出的，你知道，當我們回去時。我想我們會看看事情會怎樣。還有 PJM 指南和其他一些需要解決的問題。你從修改 ISA 開始提出這個問題。

We're looking at that right now. I think the current path on a regulatory front put aside the commercial, which is where we're focused for just a second. But on the regulatory path is first to file a motion for rehearing and that's the step that we're taking on that path. Cole, do you want to talk about what we're doing on the current AWS contract for a bit?

我們現在正在研究這個問題。我認為目前監管方面的路徑將商業放在一邊，這是我們暫時關注的地方。但在監管道路上，首先要提交重審動議，這就是我們在這條道路上採取的步驟。 Cole，您想談談我們在目前 AWS 合約上所做的事情嗎？

Yeah, sure. Hi, everyone. I think first on the question as Mac said, I think co-location got kind of lost between the forest and the trees during that conference and resource adequacy kind of completed co-location as Mac said. I think -- we think it's going to get sorted out. It's going to take a little bit of time here, but we're optimistic that FERC will start to set a path forward that gives clarity on the co-location in particular.

是的，當然。大家好。我認為首先就 Mac 所說的問題而言，我認為在那次會議期間，森林和樹木之間的協同定位有點迷失了，而資源充足性就像 Mac 所說的那樣完成了協同定位。我認為——我們認為這件事會得到解決。這將需要一些時間，但我們樂觀地認為 FERC 將開始製定一條前進的道路，特別是在託管方面提供明確說明。

On our commercial paths forward for our existing agreement with Amazon, I think it's important to reiterate what Mac said in the opening remarks that we have an existing ISA that's been approved for 300 megawatts, which enables us to have runway here to optimize getting to the 960 megawatts for this deal over time here.

關於我們與亞馬遜現有協議的商業路徑，我認為有必要重申 Mac 在開場白中所說的話，即我們現有的 ISA 已被批准用於 300 兆瓦，這使我們能夠在這裡擁有跑道以優化到達隨著時間的推移，這筆交易將帶來960 兆瓦的電力。

We are evaluating all of our options jointly with AWS on how to accelerate that. And folks probably saw that AWS recently publicly reiterated a commitment to the site, right? And so, the paths forward are a wide range as Mac also outlined in the opening remarks from kind of the status quo configuration all the way to a full grid connection.

我們正在與 AWS 聯合評估所有選項，以了解如何加速這一進程。人們可能已經看到 AWS 最近公開重申了對該網站的承諾，對嗎？因此，前進的道路是多種多樣的，正如 Mac 在開場白中概述的那樣，從現狀配置一直到完整的電網連接。

And there's a bunch of shades of gray in between. We're looking at each of those options and weighing those carefully. Some of those configurations may have technical and engineering adjustments that are going to require some review and analysis. So we're in process to get to an optimal answer here jointly between all the parties, and we'll provide an update when we have one.

中間有一堆灰色陰影。我們正在研究每一個選項並仔細權衡。其中一些配置可能需要進行一些審查和分析的技術和工程調整。因此，我們正在與各方共同尋求最佳答案，一旦找到答案，我們將提供更新。

I'll just add on to it -- I was just going to add on, look, we -- and I mentioned this, we've been looking at a number of different commercial arrangements across the fleet. When we signed the original 960 deal with AWS earlier this year, it's not as though we then started resting on our laurels. We've been looking at a number of different commercial arrangements and that is what allows us to sort of focus on how do we, if you want to call it, pivot, or look at a different way to get to the 960, we're actively doing that.

我想補充一點——我只是想補充一點，你看，我們——我提到過這一點，我們一直在考慮整個機隊的許多不同的商業安排。當我們今年稍早與 AWS 簽署最初的 960 協議時，我們並沒有開始滿足於現狀。我們一直在研究許多不同的商業安排，這讓我們能夠專注於我們如何（如果你想稱之為「轉向」）或尋找不同的方式來實現 960，我們「正在積極地這樣做。

We're also going to preserve our optionality with respect to colocation because we think that colocation is one of the forms to speed the market and to power the AI economy and should not be lost. And so that's why we're going to continue on that front, but we're focused on the commercial aspects of things.

我們也將保留託管方面的選擇性，因為我們認為託管是加速市場發展和推動人工智慧經濟的形式之一，不應該失去。這就是為什麼我們要繼續在這方面進行，但我們專注於事物的商業方面。

Got it. Very helpful there. Thank you. And then just pivoting here, data center is looking for firm, sources of power and there's only so much nuclear out there. So just wondering if you could provide any updated thoughts on the appetite for gas to service this demand be it behind the meter or what have you. Just any updated thoughts on that side?

知道了。那裡非常有幫助。謝謝。然後就以這裡為中心，資料中心正在尋找穩定的電力來源，而那裡的核能就這麼多。因此，我想知道您是否可以提供有關天然氣需求的任何最新想法，以滿足這種需求，無論是在儀表後面還是您有什麼。這方面有什麼最新的想法嗎？

Look, I think there's a couple there's a couple things at play here. I mean, obviously, many of the hyperscalers and those that use -- that are non-hyperscalers that use cloud services, et cetera, all have aspirations for carbon neutrality at some point and some at some point in the future. And so, weighing that, people are looking at the carbon free aspect of nuclear, obviously, because it's base load and it fits the load side of the equation, in this case, data centers, which are effectively 24/7 load.

看，我認為這裡有一些因素在起作用。我的意思是，顯然，許多超大規模企業和那些使用雲端服務的非超大規模企業等，都希望在未來的某個時刻實現碳中和。因此，權衡這一點，人們顯然正在關注核能的無碳方面，因為它是基本負荷，並且符合等式的負荷側，在這種情況下，資料中心實際上是 24/7 負荷。

That's not exactly accurate, but let's use that for now. And the use of renewables as well to meet their energy demand. But in the near term, and I think this is important over the next decade, until there is SMRs that can be put in place and so put those out in the mid-30s, that gap, if you believe that the load is coming, that gap is going to have to be served by gas units.

這並不完全準確，但我們現在就使用它。並利用再生能源來滿足他們的能源需求。但在短期內，我認為這在未來十年很重要，直到有可以部署的小型移動反應堆，並在 30 年代中期將其投入使用，如果你相信負載即將到來，那麼這個差距，這一缺口必須由天然氣裝置來填補。

And I think that if you look at PJM, PJM has a real opportunity to serve that load because of where it's geographically located for the data centers. And because and then if I wish to hone that down, we think we're in an advantage spot because Pennsylvania has abundant gas, pro fracking, pro-business. And there will be the ability to put additional electrons on the grid via new gas units.

我認為，如果你看看 PJM，你會發現 PJM 確實有機會為該負載提供服務，因為它位於資料中心的地理位置。因為如果我想進一步細化這一點，我們認為我們處於優勢地位，因為賓州擁有豐富的天然氣，有利於水力壓裂，有利於商業。並且將有能力透過新的氣體單元將額外的電子放入網格上。

And so -- and I think the appetite will get there because the need is there and it is going to be, if you want to call it this, a transition fuel till we can get more nuclear. Now anybody that's ever -- anybody that I've ever spoken with knows that I'm very much pro nuclear and think that as a energy independence, if you go to the electrical side, nothing could be better than having a lot more nuclear units along with gas units, okay?

所以——我認為人們的胃口將會達到那裡，因為需求就在那裡，如果你想稱之為過渡燃料，它將成為我們獲得更多核能之前的過渡燃料。現在，任何與我交談過的人都知道我非常支持核能，並認為作為能源獨立，如果你談到電力方面，沒有什麼比擁有更多核機組更好的了和燃氣裝置一起，好嗎？

But it's going to take some time to get there. And so, to fill that gap is going to have to be gas units. And we're looking at what opportunities we have to play to answers to go back to Shar's original question about the resource adequacy, how might we help fill that gap.

但到達那裡還需要一些時間。因此，要填補這一空白就必須使用天然氣裝置。我們正在研究我們必須利用哪些機會來回答 Shar 最初關於資源充足性的問題，我們如何幫助填補這一空白。

Got it. Very helpful there. And if I could just quickly pivot to the PJM auction, any expectations for changes there or any reforms that you would be supportive of?

知道了。那裡非常有幫助。如果我可以快速轉向 PJM 拍賣，您對那裡的變化有何期望或您支持的任何改革？

Well, I think I said in the opening remarks and then I'll bring Terry into the conversation too. Look, we've had conversations with our colleagues as well as industry working groups and things of that nature. And I think the biggest thing that most of us agree on is that we don't want very binary outcomes to where you either get a zero clearing price for [700]. Okay?

嗯，我想我在開場白中就說過了，然後我也會把特里帶入談話中。看，我們已經與我們的同事以及行業工作組和類似的事情進行了對話。我認為我們大多數人都同意的最重要的一點是，我們不希望出現非常二元的結果，即您要么獲得 [700] 的零清算價格。好的？

Because whether you believe it's price shocks, and we can talk about that because capacity is the smallest portion of anybody's bill. So the so called 5 times going from 50 to 250 is the smallest portion of the bill. It does not increase a bill that much. But put that aside politically and you hear people react to the prices going up, we don't want that volatility there.

因為無論你是否相信這是價格衝擊，我們都可以討論這一點，因為容量是任何人帳單中最小的部分。所以所謂的5次從50到250是帳單中最小的部分。它不會增加太多賬單。但拋開政治因素不談，你會聽到人們對價格上漲的反應，我們不希望有這種波動。

So that is why we are supportive of changing the curve as PJM looks with this delay to make modifications to the RPM for '26, '27, we're supportive of that in general. There's always, as Terry said earlier, devils in the detail. We also, as I said in the remarks and I'll reiterate it here and we've been pretty clear that we're willing to participate in RMR and we're having ongoing discussions with respect to RMR, but what we've always said is they should not distort the capacity and energy market.

因此，這就是為什麼我們支持改變曲線，因為 PJM 預計會延遲對 26 年、27 年的 RPM 進行修改，我們總體上支持這一點。正如特里之前所說，細節總是有問題的。正如我在演講中所說，我將在這裡重申這一點，我們已經非常明確地表示我們願意參與 RMR，並且我們正在就 RMR 進行持續的討論，但我們一直以來他們不應該扭曲產能和能源市場。

And they're there and their need is there as PJM has said, for transmission reliability, but not as a capacity resource. And so, we think those are two very important issues here as we go into this auction. Terry, you want to pick up on that?

正如 PJM 所說，它們就在那裡，它們的需求也在那裡，是為了傳輸可靠性，而不是作為容量資源。因此，我們認為當我們進入這次拍賣時，這是兩個非常重要的問題。特里，你想了解一下嗎？

Yeah. Maybe to add to Mac's comments. I think the other variable that we're paying attention to, right, we always like to do just basic sort of fundamental supply and demand analysis and a big variable that I think will be interesting is to see what the demand forecast looks like. Most people may be aware that PJM runs various subcommittees, and they had a load analysis subcommittee meet a few weeks ago.

是的。也許可以添加到 Mac 的評論中。我認為我們正在關注的另一個變量，對，我們總是喜歡進行基本的基本供需分析，我認為有趣的一個大變量是看看需求預測是什麼樣的。大多數人可能都知道 PJM 設有多個小組委員會，幾週前他們召開了一次負載分析小組委員會會議。

And some of the demand forecasts that are coming out of that committee are very interesting. And so -- and we alluded to it in the slides, if you take a look at some of the forecast, there is obviously tightness in the market, especially as we move through the next few years. So that to us is probably the biggest variable that we'll have to see how it comes out.

該委員會得出的一些需求預測非常有趣。因此，我們在幻燈片中提到了這一點，如果你看一些預測，你會發現市場明顯吃緊，尤其是在我們接下來的幾年裡。因此，對我們來說，這可能是最大的變量，我們必須看看結果如何。

Mac's comments on RMR units, so I can't agree with more. I think putting an RMR unit is in some -- if you put it in the supply stack or you just net it out of demand, what ultimately is going to happen when that RMR unit retires at the end of the RMR period, right, you're just going to see that drop off, right.

Mac 對 RMR 單位的評論，所以我不能同意更多。我認為將RMR 單位放在某些方面- 如果你將其放入供應堆棧中，或者只是將其從需求中剔除，那麼當RMR 單位在RMR 期結束時退役時，最終會發生什麼，對吧，你我們只會看到這種下降，對吧。

In some respects, it's a bit of a distortion and delaying a little bit of the inevitable. So we're obviously opposed to that. But we'll stay engaged. We'll see where PJM comes out on the parameters and then look forward to the auction as we get into next year.

在某些方面，這有點扭曲並延遲了一些不可避免的事情。所以我們顯然是反對的。但我們會繼續參與。我們將了解 PJM 的參數，然後期待明年的拍賣。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

Thank you. So just on the timing of the resolution, for Susquehanna, I mean, I know that I'm the very first one to say that I want an answer now, but I'm actually having some second thoughts here having spoken to your peers. I mean, they're making really interesting points. They're basically saying that co-locations are still the most viable option, from the speed to power argument perspective.

謝謝。因此，就決議的時間安排而言，對於薩斯奎哈納來說，我知道我是第一個說我現在想要答案的人，但實際上我在與你們的同行交談後有了一些新的想法。我的意思是，他們提出了非常有趣的觀點。他們基本上是說，從速度到功率論點的角度來看，託管仍然是最可行的選擇。

We have new administration, which is very supportive of economic growth in AI in the US. We may have some meaningful changes at FERC come next year, and you have 300 megawatts to deploy and seemingly all options available given as you said, the transmission availability, et cetera.

我們的新政府非常支持美國人工智慧的經濟成長。明年，我們可能會在 FERC 做出一些有意義的改變，並且您有 300 兆瓦的電力可供部署，而且正如您所說，傳輸可用性等等似乎都可用。

So again, I know it's surprising, but why rush with any decisions here with changes to the existing contract? Why not just take some time to actually assess the backdrop that is about to change or potentially about to change for AI in this country?

再說一遍，我知道這很令人驚訝，但為什麼要匆忙做出任何決定來更改現有合約呢？為什麼不花一些時間來實際評估這個國家即將改變或可能即將改變的人工智慧背景呢？

Well, good morning, Angie. I appreciate the question. The -- look, when we say that -- and Cole jump in here. When we say that we are looking at commercial arrangements with AWS, I would tell you that we don't think that anything is off the table. There's all sorts of possible options. And as I said in the opening remarks, co-location is one of those, and we're continuing to keep that option open by filling the motion for rehearing.

嗯，早上好，安吉。我很欣賞這個問題。聽著，當我們這麼說的時候，科爾就跳進來了。當我們說我們正在考慮與 AWS 達成商業安排時，我會告訴你，我們認為沒有什麼是不可能的。有各種可能的選擇。正如我在開場白中所說，合用辦公地點就是其中之一，我們將透過填寫重審動議來繼續保留該選項。

I think in general; I'm going to say in general, we agree with some of the points you laid out, but also there's an aspect of -- you put the time element in here. Obviously, the time element is meaningful as well. And as we go through and look at our options and we have discussions with our counterparty, our counterparty, we think about how -- what is the best way to do this going forward.

我認為總體而言；我想說的是，總的來說，我們同意你提出的一些觀點，但還有一個面向——你在這裡加入了時間因素。顯然，時間因素也很有意義。當我們仔細研究我們的選擇並與我們的交易對手進行討論時，我們會思考如何——什麼是未來實現這一目標的最佳方式。

And it is -- takes into consideration a lot of different things, including the economics. And so therefore, we will take our time. We'll be very reasoned about the amount of time we take just as I hope we're viewed as reasons with respect to our commercial activities. And so, there's no easy answer to that question, Angie, but I do appreciate. Cole, anything to add?

它確實考慮到了很多不同的因素，包括經濟因素。因此，我們會慢慢來。我們會非常理性地對待我們花費的時間，就像我希望我們被視為與我們的商業活動有關的理由一樣。所以，安吉，這個問題沒有簡單的答案，但我確實很感激。科爾，有什麼要補充的嗎？

Yeah, I would just reiterate that we're not rushing, Angie, to your question, and we are being methodical in analyzing all of our options. We do want to be responsive to our customer who does need clarity at some point to accelerate and make large investments. So that is part of the analysis. But as Mac said, we're going to look at the economics and other pros and cons of each option, and we'll let folks know when we have an answer there.

是的，我只是重申，安吉，我們並不急於回答你的問題，我們正在有條不紊地分析我們所有的選擇。我們確實希望對我們的客戶做出回應，他們在某些時候確實需要明確的資訊來加速並進行大量投資。這就是分析的一部分。但正如 Mac 所說，我們將研究每個選項的經濟性和其他利弊，當我們得到答案時，我們會讓人們知道。

Okay. And then the other thing is, there are already questions about your gas assets. I mean you have former coal plants converted to gas that are currently running as peakers but used to be a baseload assets that run 80%, 85% of the time. One could argue that if these assets were to stay on the grid, you can't necessarily ramp the output from these assets until basically power prices rise, like market power prices rise.

好的。另一件事是，您的天然氣資產已經有疑問。我的意思是，您將以前的燃煤電廠轉換為天然氣電廠，這些電廠目前作為調峰運行，但曾經是基本負載資產，運行 80%、85% 的時間。有人可能會說，如果這些資產留在電網上，你不一定能增加這些資產的輸出，直到電價基本上上漲，就像市場電價上漲一樣。

So we're having all of these discussions about additionality and how, for example, extensions of operating licenses of nuclear plants with the additionality, but how about the fact that you could increase the output from some of your gas plants? I mean, a fourfold if there were to be supported by an above market contract, again, as long as these assets are in behind the meter sort of a setup. So --?

因此，我們正在進行所有關於額外性的討論，以及如何透過額外性延長核電廠的營運許可證，但是您可以增加一些天然氣工廠的產量這一事實又如何呢？我的意思是，如果有高於市場合約的支持，只要這些資產處於儀表後面的設定中，那麼就會是四倍。所以 - ？

Yeah, Angie, I think it's a good point, whether it's behind the meter or front of the meter, the load is coming, okay? And these assets have been used, as you said, as peaking assets for the most part over the last several years. And now they're receiving higher capacity revenues, but the energy margin on them is effectively on a year-over-year basis, sparks are relatively flat, if you will, okay?

是的，安吉，我認為這是一個很好的觀點，無論是在米後還是在米前，負載都來了，好嗎？正如您所說，這些資產在過去幾年中大部分被用作高峰資產。現在他們獲得了更高的容量收入，但他們的能源利潤實際上是同比的，火花相對平坦，如果你願意的話，好嗎？

But we do have, for example, at Montour, a 105-heat rate unit, we have ample gas supply. We ran a gas lateral there. We've made the conversion. From an energy standpoint, it can provide a lot more energy. It's just there's no additionality at the peak, but there's a lot in all the other hours that it doesn't run, right?

但我們確實有，例如，在 Montour，一個 105 熱率的機組，我們有充足的天然氣供應。我們在那裡橫向通氣。我們已經完成了轉換。從能源的角度來看，它可以提供更多的能量。只是高峰期沒有額外的時間，但其他時間有很多時間不運行，對嗎？

So when it's running 10%, 15% of the time, and we're starting to see that uptick. We saw strong loads in the second quarter and Montour is starting to run more and more. And so, you will get -- to your point about -- I don't know if it's exactly fourfold, I think, is the number you used -- you will get increased dispatch even if these don't have a contract and increased sparks that should manifest themselves over time as the supply or the demand starts to show up.

因此，當它運行 10%、15% 的時間時，我們就開始看到這種上升。我們在第二季度看到了強勁的負荷，蒙圖爾開始跑得越來越多。所以，你會得到——就你的觀點而言——我不知道它是否正好是你使用的數量的四倍——你會得到增加的調度，即使這些沒有合同並且增加了隨著供應或需求開始出現，火花應該會隨著時間的推移而顯現出來。

I also think there's an opportunity at a lot of these sites, as I said before, because of the interconnections of where they're located for repowering opportunities as well. In fact, when you convert Montour over to a gas unit that is a repowering opportunity. And so, we're looking at all opportunities of expanding.

正如我之前所說，我還認為其中許多站點都存在機會，因為它們所在位置的互連也提供了重新供電的機會。事實上，當您將 Montour 轉換為燃氣裝置時，這是一個重新供電的機會。因此，我們正在尋找所有擴張機會。

Can we get incremental megawatts? And so, when people ask about resource adequacy, what are you doing to solve it? Well, the first thing that's going to happen is as we're looking at how do we run these units more, have more megawatts to get out of these units, okay? And how can we -- and that will be the first part that contributes to resource adequacy. It's not the 1,000-megawatt CCGT announcement.

我們可以獲得增量兆瓦嗎？因此，當人們詢問資源充足性時，您正在採取哪些措施來解決這個問題？好吧，首先要發生的事情是我們正在研究如何更多地運行這些設備，如何從這些設備中獲得更多兆瓦，好嗎？我們如何才能——這將是有助於資源充足的第一部分。這不是 1,000 兆瓦 CCGT 的公告。

But when you do this across our fleet and other fleets where everybody is looking to get 10, 20 megawatts more, you just start to fill some of that resource adequacy hold over time. And then you'll get to new build. So we think that those gas assets are in a prime position for increased energy margin or to be a solution to power the AI economy as well.

但是，當你在我們的艦隊和其他艦隊中這樣做時，每個人都希望獲得更多 10、20 兆瓦的電力，隨著時間的推移，你就會開始填補一些資源充足性。然後你就會進入新的構建。因此，我們認為這些天然氣資產處於提高能源利潤或成為推動人工智慧經濟的解決方案的首要位置。

Cole, Terry?

科爾、特里？

Yeah. Mac, let me jump in there real quick. Angie, it's Terry. So a couple of things to add to Mac's comments. When you take a look at the second quarter and the third quarter of this year, our gas fleet did run appreciably more. And so, as we had periods of tightness and warm weather and PJM, those assets did dispatch quite a bit more this year than we've seen in prior years.

是的。 Mac，讓我快點跳進去。安吉，這是特里。因此，有幾件事需要添加到 Mac 的評論中。當你看看今年第二季和第三季時，我們的天然氣車隊的運作量確實明顯增加。因此，由於我們經歷了供應緊張、天氣溫暖和 PJM 的時期，今年這些資產的調度量確實比我們前幾年看到的要多得多。

So we've seen some of that phenomenon come into play already in 2024. I think you look at it on a weather-adjusted basis, PJM load was higher -- has been higher this year than the prior year. And to that end, one of the things when you start, usually you have a few initial reactions to resource adequacy, and you see it in most markets. Some of that is, okay, to your point, okay, are you dispatching the existing fleet across the supply stack in an incremental basis.

因此，我們已經看到這種現像在 2024 年開始發揮作用。為此，當你開始時，通常你會對資源充足性產生一些初步反應，並且你會在大多數市場中看到它。其中一些是，好吧，就你的觀點而言，好吧，你是在增量的基礎上在供應堆疊中調度現有的車隊嗎？

The second one then becomes, okay, do you have anything that was previously announced as a notice of suspension or retirement that you're going to unretire. Some of the other things that you may see is, could there possibly be conversions of assets that previously were one technology or one fuel type, similar to what we did on our Montour plant where we converted it to burning gas.

第二個問題就變成了，好吧，你是否有任何先前宣布的停職或退休通知，你要取消退休。您可能會看到的其他一些事情是，是否可能對以前屬於一種技術或一種燃料類型的資產進行轉換，類似於我們在蒙圖爾工廠所做的事情，我們將其轉換為燃燒天然氣。

And so that resource adequacy response, there's a few steps that are usually taken first because they're quicker, they may be more economical. And then obviously, when you think about a new build and to Mac's point earlier, a brand-new utility scale combined cycle plant, it's probably going to take you sort of five to six years to get done. And so, you're going to need these incremental things that are done in the interim to help address the additional generation.

因此，資源充足性回應通常會先採取一些步驟，因為它們更快，可能更經濟。顯然，當你考慮新建一個專案時，按照 Mac 之前的觀點，一個全新的公用事業規模聯合循環工廠，可能需要五到六年的時間才能完成。因此，您將需要在此期間完成這些增量工作來幫助解決額外的問題。

And then the last thing on our fleet specifically to Talen, we had added -- given the additional dispatch that we saw in our gas plants in the second and third quarter, we've added some incremental maintenance cost into our numbers that were included on our Investor Day to make sure that those assets are there and they're hardened and they're ready to go as we move forward over the next several years. So that's sort of where we think -- how we think about the gas units today.

然後，我們車隊的最後一件事，特別是塔倫，我們補充說——考慮到我們在第二季和第三季在天然氣工廠看到的額外調度，我們在我們的數字中添加了一些增量維護成本，這些成本包括在我們的投資者日，以確保這些資產在那裡，它們得到強化，並準備好在我們未來幾年的前進中發揮作用。這就是我們的想法——我們今天如何看待天然氣裝置。

And Angie, you can see, by the way, if you look at the percent hedge in '26, you can see that the percent hedge went down. Some of that is the PTC put becoming less in the money, okay? But a lot of that's also driven by increased dispatch -- forecasted dispatch of our gas fleet. So you're right on.

安吉，順便說一句，如果你看看 26 年的對沖百分比，你會發現對沖百分比下降了。其中一部分是 PTC 投入的資金越來越少，好嗎？但其中很大一部分也是由調度增加所推動的——我們天然氣車隊的預測調度。所以你說得對。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Yeah. Hey, thanks for taking my question. So you just brought it up at the end of your remarks there, but you brought the hedges down. And I just want to confirm that's not a change in view of like freeing up additional open capacity or energy for longer-term GPA. Thanks.

是的。嘿，謝謝你回答我的問題。所以你只是在演講結束時提出了這個問題，但你卻取消了對沖。我只是想確認這並不是為了釋放額外的開放能力或精力來實現長期 GPA 的變化。謝謝。

Yeah. Maybe just to clarify, that was not an action by us to take hedges off. It's just the denominator in that calculation is expected gen and expected gen rose. And because of slight increases in sparks, particularly in periods by which the gas units are more likely to run, so around the summer and winter time frame. So when you increase that generation, if you keep the numerator the same, it just drives it down.

是的。也許只是為了澄清，這並不是我們取消樹籬的行動。這只是計算中的分母預期發電和預期發電成長。而且由於火花略有增加，特別是在燃氣裝置更有可能運行的時期，因此在夏季和冬季時間範圍內。因此，當你增加這一代時，如果你保持分子不變，它只會降低它。

So it's not -- we didn't take hedges off. It's not based off of a view. I would think if you wanted a perspective on that, we feel more comfortable given that we're moving to more contracted revenues with the PTC as a downside protection, we feel more comfortable being a little more open, particularly as we look at demand coming, as Terry mentioned, from the forecast of -- the load forecast from the subcommittee of PJM, that would be the position we've taken.

所以不是——我們沒有取消對沖。它不是基於視圖。我想，如果你想對此有一個看法，考慮到我們正在轉向更多的合約收入，並將PTC 作為下行保護，我們會感到更放心，我們會更願意更加開放，特別是當我們考慮未來的需求時正如 Terry 所提到的，根據 PJM 小組委員會的負荷預測，這將是我們所採取的立場。

But all that means is we haven't layered on additional hedges and there has been increased generation forecasted.

但這意味著我們沒有採取額外的對沖措施，並且預計發電量會增加。

That's great context. Thank you for that. And then just on the current RMR processes at FERC, I know you're in settlement discussions, but just can you reconfirm your timing there? Do you still expect that to kind of be solved by year-end?

這是很好的背景。謝謝你。然後就 FERC 目前的 RMR 流程而言，我知道您正在進行和解討論，但您能否再次確認您的時間表？您仍然希望這個問題能在年底前解決嗎？

And just wondering if there's any impact to that discussion based off of the wider kind of RMR being included in the capacity auction now discussion? And is there going to be a delay in your ability to kind of get to the settlement? Because I know that timing is of the essence on that side. Thanks.

只是想知道現在的容量拍賣討論中包含更廣泛的 RMR 類型是否會對該討論產生任何影響？您達成和解的能力是否會延遲？因為我知道時機對這方面來說至關重要。謝謝。

So I'm going to -- John Wander, our General Counsel is here, and I'll ask him to provide some context around the RMR. But let me start with this, which is even with the delay of the capacity auction and the overlay of the RMR, regardless of the intersection there, we've got a plant in brand insurers with employees, with fuel contracts, with maintenance needs, with outages and things of that nature that you cannot make a decision with respect to that RMR one day before it's supposed to shut down.

所以我要－約翰·萬德（John Wander），我們的總法律顧問在這裡，我會請他提供一些有關 RMR 的背景資訊。但讓我從這一點開始，即使產能拍賣延遲和 RMR 疊加，無論那裡的交叉點如何，我們在品牌保險公司都有一家工廠，有員工、有燃料合約、有維護需求，由於斷電和類似性質的事情，您無法在RMR 應該關閉的前一天就該RMR 做出決定。

And in fact, we have employed all constituents to come to the table and to find a solution to the RMR this year. That was our stated goal and time frame because we have to make a lot of decisions to impact or impact our fuel contracts, all the things that I just said. And you just don't flip a switch on those. And so we need time to do that. And so hopefully, we'll get to that time. Now John, do you want to provide some update on the process?

事實上，今年我們已經讓所有選民齊聚一堂，尋找 RMR 的解決方案。這是我們既定的目標和時間框架，因為我們必須做出很多決定來影響或影響我們的燃料合同，以及我剛才所說的所有事情。而你只是不打開這些開關。所以我們需要時間來做到這一點。希望我們能到那個時候。現在，約翰，您想提供有關該流程的一些最新資訊嗎？

Sure. Sure, Mac. Nick, thanks for your question. What we're really doing here in the immediate moment is focusing on those settlement negotiations. And there are settlement conferences set both in the end of November and early December, and we've made it very clear throughout the process that our objective in this is to be done by the end of December with the knowledge of what we can reach an agreement on whether that's an agreement that has a FERC order behind it or not, we won't know that probably by the end of December, but we're going to have an idea by the end of December what the parameters of a settlement will look like. We made that very clear to everybody.

當然。當然，麥克。尼克，謝謝你的問題。我們現在真正要做的就是集中精力進行和解談判。和解會議定於 11 月底和 12 月初舉行，我們在整個過程中都非常明確地表示，我們的目標是在 12 月底之前完成，並了解我們可以達成什麼目標。 ，我們可能到12 月底就不會知道，但我們將在12 月底之前知道和解的參數是什麼看起來像。我們已經跟大家說得很清楚了。

Michael Sullivan, Wolfe.

麥可·沙利文，沃爾夫。

Hey, good morning. I'm just going to pick up, right, where Nick left it there, and maybe drill down a little further. I guess how can you settle in front of what FERC is going to come with in early December, which potentially could impact how these units are treated? Or is that enough time when they come with that in early December to turn it around by year-end?

嘿，早安。我只是要繼續尼克留下的地方，也許還可以進一步深入。我想您如何能接受 FERC 將在 12 月初提出的問題，這可能會影響這些單位的處理方式？或者，當他們在 12 月初提出這個要求時，時間是否足夠在年底前扭轉局面？

Michael, I'm not sure I understand the question. I think we're targeting by the end of this period, John can go through this, having a settlement we need to, early next year, prepare for it, we said it was going to shut down May 31. We've got to start preparing and you just -- you can't flip a switch to prepare. And so that's why we're asking everybody to come to the table and resolve this now. But I'm not sure I exactly understood the timing of your question from a timing perspective. What -- could you rephrase that you are asking?

邁克爾，我不確定我是否理解這個問題。我認為我們的目標是在此期間結束時，約翰可以解決這個問題，我們需要在明年初達成和解，為此做好準備，我們說過它將在 5 月 31 日關閉。就無法按下開關來準備。這就是為什麼我們要求大家現在就坐到談判桌來解決這個問題。但我不確定從時間角度來看我是否完全理解你問題的時間安排。什麼——你能重新表達一下你在問的問題嗎？

Yeah Maybe I'm misunderstanding. My understanding is FERC or sorry, PJM was going to come to FERC with some capacity market rule changes with the 205 filing in early December. And as part of that, I think they were reevaluating how these RMR units get treated and so just if they change how they get treated, is that enough of a turnaround time for you all and how you hash out terms of a settlement?

是的，也許我誤會了。我的理解是 FERC 或抱歉，PJM 將在 12 月初向 FERC 提交 205 申請，對容量市場規則進行一些更改。作為其中的一部分，我認為他們正在重新評估這些 RMR 單位的待遇，因此，如果他們改變了他們的待遇方式，這對你們所有人來說是否有足夠的周轉時間以及如何制定和解條款？

John, do you want to pick up on that?

約翰，你想了解一下嗎？

Yeah, I can take that, Mac. Look, I think that the two things are relatively distinct, right? The inclusion in the capacity market of the RMR plants is about the capacity of the RMR plants, not about what we get paid in the RMR. Now will that be a factor, ultimately when the auction runs and if PJM gets its way and the RMR gets included and there's some offsets for people who are paying for the RMR, we'll see how that shakes out.

是的，我可以接受，麥克。你看，我覺得這兩個東西是比較有差別的，對吧？ RMR 工廠容量市場的納入涉及 RMR 工廠的產能，而不是我們在 RMR 中獲得的報酬。現在這將成為一個因素，最終當拍賣開始時，如果 PJM 順利進行，RMR 被納入其中，並且對於支付 RMR 的人來說會有一些補償，我們將看看情況如何。

But from our perspective, there are separate questions. Whether we can get to an RMR agreement that satisfies us on what it takes to run those plants into the future for the next several years is distinct from whether PJM includes the capacity for those plants in the supply side in the auction.

但從我們的角度來看，還有一些不同的問題。我們是否能夠達成一項 RMR 協議，讓我們對未來幾年運行這些工廠所需的條件感到滿意，這與 PJM 是否將這些工廠的產能納入拍賣中的供應方是不同的。

Okay. That's very clear. Thank you. And then, I guess, when you say all options are on the table and working with Amazon, maybe just to clarify, like you talked about the 960, is doing something potentially even bigger on the table and involving other plants in your fleet?

好的。這非常清楚。謝謝。然後，我想，當您說所有選項都擺在桌面上並與亞馬遜合作時，也許只是為了澄清，就像您談到960 一樣，是否正在做一些可能更大的事情並涉及您車隊中的其他工廠？

Look, I think, first, Michael, as I said, we've been looking at a number of different commercial arrangements that we think we could port from other thoughts over to how might we go forward with AWS. I think that many people asked us whether or not the second reactor because of the first arrangement, it was a backup to the first one when it was done, if you recall that arrangement, I'm sure you do. That's how it worked and how might you free up that.

聽著，我認為，首先，邁克爾，正如我所說，我們一直在考慮許多不同的商業安排，我們認為我們可以將這些安排從其他想法轉移到我們如何推進 AWS 上。我想很多人問我們第二個反應爐是否因為第一個安排，在完成時是第一個反應爐的備份，如果你還記得那個安排，我相信你會記得。這就是它的工作原理以及如何釋放它。

And we talked at that time about looking at how might other types of commercial arrangements be there. I'm not going to talk about what we're talking to Amazon about. But I do think that there are ways by which using grid as backup, grid as primary stores, co-location, all -- that's what we mean when all of those things are on the table. I hope that's helpful, but we're just not going to get into what we're discussing with AWS.

當時我們討論瞭如何進行其他類型的商業安排。我不會談論我們與亞馬遜談論的內容。但我確實認為有一些方法可以使用網格作為備份、網格作為主要儲存、協同定位等等——這就是當所有這些事情都擺在桌面上時我們的意思。我希望這對您有所幫助，但我們不會深入討論與 AWS 討論的內容。

Cole, do you have anything to add?

科爾，你還有什麼要補充的嗎？

No, I think that's right.

不，我認為這是對的。

Antoine Aurimond, Jefferies.

安托萬·奧裡蒙德，杰弗里斯。

Hey, guys. Hope you're well. Thank you for taking my questions and congrats on the quarter. So I guess, if we can talk a little bit about speed to market seems like it's one of the main factors for the hyperscalers. Can you give us a sense maybe how long it would take for a in-front-of-the-meter deal to go through the process?

嘿，夥計們。希望你一切都好。感謝您回答我的問題並祝賀本季。所以我想，如果我們能談談上市速度，這似乎是超大規模企業的主要因素之一。您能否告訴我們，計價器前交易完成該過程需要多長時間？

Say you agree on terms already, how long does it take until the contracts start contributing, going through PPL, PJM? Is there anything you can recycle from the 960-megawatt ISA and how that would change if the deal will be larger than the combined 960?

假設您已經就條款達成一致，那麼合約透過 PPL、PJM 開始出資需要多長時間？您可以從 960 兆瓦 ISA 中回收任何東西嗎？

Yes. So good morning, Antonie. That's getting too specifically with respect to Susquehanna and the AWS. So I'm not going to talk about that, but perhaps if I was just to pan out for a second and talk about what is a front of the meter solution. And as I said, we've been looking at all these different types of commercial arrangements across the fleet.

是的。早安，安東尼。對於 Susquehanna 和 AWS 來說，這太具體了。所以我不會談論這個，但也許我只是想花點時間談談什麼是儀表前端解決方案。正如我所說，我們一直在研究整個機隊的所有這些不同類型的商業安排。

The front of the meter is effectively a retail contract or the virtual PPA or PPA as was done -- as we understand was done with Microsoft and TIM or the Clean Energy Center. And that is with respect to speed to market, our understanding of the way that PPL, the zone that most of our plants are in that we've been discussing here today, that speed to market, we believe, is faster in that zone, whether it be co-located, grid back up, or front of the meter because of the advantage PPL had in that..

電錶的前端實際上​​是零售合約或虛擬購電協議或購電協議，正如我們所知，是與微軟和 TIM 或清潔能源中心完成的。這就是關於上市速度，我們對 PPL 方式的理解，我們今天在這裡討論的大多數工廠所在的區域，我們相信，該區域的上市速度更快，無論是並置、網格備份還是儀表前，因為PPL 在這方面有優勢。

It has a transmission system that can be easily attached to -- and I think you saw that when PPL put forth basically $781 million, to be exact, almost $800 million worth of transmission upgrades to serve 6 to 8 gigs of what they see as highly likely data centers coming.

它有一個可以輕鬆連接的傳輸系統，我想您已經看到，當PPL 投入7.81 億美元時，準確地說，價值近8 億美元的傳輸升級，以服務於他們認為高度的6 到8 場演出。

And so, the transmission system in PPL is advantaged. And because we have sites and assets in PPL, we believe we're also in an advantaged position. But one thing I will tell you is that people -- I think a lot of questions revolve around this concept of the front of the meter. And one of the things that I've said in conversations is the fact that no one has defined what front of the meter is, no one defined a co-location deal till we did it, and now people are talking about a front-of-the-meter deal.

因此，PPL的傳輸系統具有優勢。由於我們在 PPL 擁有場地和資產，因此我們相信我們也處於優勢地位。但我要告訴你的一件事是，人們——我認為很多問題都圍繞著儀表前端的概念。我在談話中說過的一件事是，在我們這樣做之前，沒有人定義什麼是前端，沒有人定義託管協議，現在人們正在談論前端- 按米計算的交易。

I guess, the closest and this is, by the way, I applaud Constellation for their deal with Microsoft, the Crane Center -- that's the closest that we see. But I don't know that that's necessarily been defined. But if you look at the characteristics of speed to market, I think you have to have an advantaged transmission zone, you have to have ample land, water, generation resources, et cetera, we think that we're in the right zone that has those.

我想，這是最接近的，順便說一句，我對星座公司與微軟、克蘭中心的交易表示讚賞——這是我們所看到的最接近的。但我不知道這是否已被定義。但如果你看看上市速度的特點，我認為你必須有一個有利的傳輸區域，你必須有充足的土地、水、發電資源等等，我們認為我們處於正確的區域，有那些。

Cole, anything that you would add there?

科爾，你還有什麼要補充的嗎？

I was going to reiterate or echo this comment you made about PPL. I mean maybe I would encourage folks to go look at other comments PPLs made both in our earnings and other analysts have written about. But they've discussed their timing. They think they can connect front of the meter fairly quickly.

我打算重申或呼應您對 PPL 的評論。我的意思是，也許我會鼓勵人們去看看 PPL 在我們的收益中以及其他分析師所寫的其他評論。但他們已經討論了時間安排。他們認為他們可以相當快地連接儀表前端。

And you can also look at some of the filings they've made with PJM and their subcommittees to kind of confirm the timing for large projects. So we think that's something that certainly won't delay potential opportunities across our fleet. And obviously, for Susquehanna, we have plenty of runway, as I said earlier, with the 300 megawatts under the existing ISA.

您也可以查看他們向 PJM 及其小組委員會提交的一些文件，以確認大型專案的時間表。因此，我們認為這肯定不會耽誤我們機隊的潛在機會。顯然，對於薩斯奎哈納來說，正如我之前所說，我們有足夠的跑道，現有 ISA 下的 300 兆瓦。

Great. That's helpful. Thank you very much. And just if I can on the new build side, I'm curious if there will be any appetite for you to build a new CCGT today on a merchant basis in the PGM or elsewhere.

偉大的。這很有幫助。非常感謝。如果我能在新建造方面做到這一點，我很好奇你們今天是否有興趣在 PGM 或其他地方以商業方式建造新的 CCGT。

So Antoine, it depends on how you define merchant. Merchant means all revenues are received from capacity and energy, I think that first of all, it relies on what are these capacity market changes, which have yet to be defined. It needs to have a rigorous capacity market that provides the proper signals and then it depends on, obviously, the expectations of energy margin.

所以安托萬，這取決於你如何定義商人。商家意味著所有的收入都是從容量和能源中獲得的，我認為首先取決於這些容量市場的變化是什麼，目前還沒有定義。它需要有一個嚴格的容量市場來提供適當的訊號，然後顯然取決於能源邊際的預期。

Now I will tell you that the landscape is the generation landscape and in doing this for a while, there's been a litany of project developed CCGTs that go full merchant that go bankrupt. And so, we'd have to look long and hard at that. We actually think that the model going forward will be to have, I don't know if it's that RFP, but I've said this in the past that hyperscalers can provide their balance sheet to this or a combination of a data center developer along with the generating unit that combo provides an offtake agreement.

現在我將告訴你，景觀就是一代景觀，在這樣做一段時間後，出現了一連串開發的 CCGT 項目，它們完全變成了商人，但最終破產了。因此，我們必須長期努力地研究這一點。實際上，我們認為未來的模型將是，我不知道這是否是 RFP，但我過去曾說過，超大規模企業可以為此或資料中心開發人員的組合提供其資產負債表Combo 與發電機組簽訂了承購協議。

That -- we haven't had large loads like this in a long time since sort of the industrial build-out, particularly of the Delaware River Basin with refiners and et cetera. But when you have large loads like that, that have a power need, you can match those things up and do contracts. And so, we see that as the more likely way that we might participate going forward, at least having a portion of the plant tied to contracts, if you will.

自從工業擴建以來，我們已經很長一段時間沒有遇到這樣的大負荷了，特別是特拉華河流域的煉油廠等。但是，當您有這樣的大負載時，有電力需求，您可以將這些東西匹配起來並簽訂合約。因此，我們認為這是我們未來參與的更有可能的方式，至少讓工廠的一部分與合約掛鉤，如果你願意的話。

If I just can, real quick. Can you characterize maybe the opportunity for uprates at Susquehanna there's been a bunch over the many years. I'm just curious if there's any opportunity there?

如果可以的話，快點。您能描述一下薩斯奎哈納多年來的升息機會嗎？我只是好奇那裡有機會嗎？

Yeah. We're looking at those. Obviously, that provides to the so-called additionality argument. And we're looking at those. A number of upgrades were done across the nuclear fleets in the early 2000s, and the next evolution of them becomes more expensive, imputes more, need to think about how might it impact your what we call margin and at a nuclear facility, which is safety margin. And reliability factors in there as well. We're looking at them. I don't know that it's as prevalent in our opportunity here as it might be in some others.

是的。我們正在研究這些。顯然，這提供了所謂的額外性論證。我們正在研究這些。 2000年代初，核艦隊進行了多次升級，它們的下一次演變變得更加昂貴，估算更多，需要考慮它如何影響我們所說的利潤和核設施，即安全性利潤。可靠性因素也在那裡。我們正在看著他們。我不知道這種情況在我們這裡的機會中是否像在其他一些機會中一樣普遍。

Got it. Thank you so much.

知道了。太感謝了。

So great thanks, everyone, for joining us today, and thank you for your continued interest and support of Talen. Everyone, have a good day, and we look forward to connecting with you in the future. Take care.

非常感謝大家今天加入我們，並感謝你們對 Talen 的持續關注和支持。祝大家有美好的一天，我們期待將來與您聯繫。小心。

This does conclude today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。