Talen Energy Corp (TLN) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Talen Energy first quarter 2025 earnings call. (Operator Instructions) I would like now to turn the conference over to Sergio Castro, Vice President and treasurer. Sir, please go ahead.

女士們，先生們，感謝你們的支持，歡迎參加 Talen Energy 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給副總裁兼財務主管 Sergio Castro。先生，請繼續。

Thank you, Michelle. Welcome to Talen Energy's first quarter 2025 conference call. Speaking today, our Chief Executive Officer Mac McFarland, Chief Financial Officer Terry Nutt, and Chief Commercial Officer Chris Maurice.

謝謝你，米歇爾。歡迎參加 Talen Energy 2025 年第一季電話會議。今天發言的是我們的執行長 Mac McFarland、財務長 Terry Nutt 和首席商務長 Chris Maurice。

We are joined by other Talen Senior Executives to address questions during the second part of today's call as necessary. We shoot our earnings release this morning along with the presentation, all of which can be found in the investor relations section of Talon's website, talentenergy.com.

如有需要，我們與其他 Talen 高階主管一起在今天電話會議的第二部分解答問題。我們今天早上發布了收益報告並進行了演示，所有這些都可以在 Talon 網站 talentenergy.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美國證券交易委員會文件中所述的風險因素和其他考慮因素，實際結果可能有所不同。

Today's discussion also includes references to certain non-gap financial measures. We have provided information reconciling our non-gap measures to the most directly comparable GAAP measures in our earnings relief and the appendix of our presentation. With that, I will not turn the call over to Mac.

今天的討論也提到了某些非差距財務措施。我們在收益減免和簡報附錄中提供了將我們的非差距指標與最直接可比較的 GAAP 指標進行協調的資訊。這樣一來，我就不會把電話轉給麥克了。

Great, thank you, Sergio, and welcome everyone to the call. We appreciate your continued interest in Talen and energy.

太好了，謝謝你，塞爾吉奧，歡迎大家參加電話會議。感謝您對 Talen 和能源的持續關注。

In an uncertain market, we remain certain about our strategic path forward in our investment thesis. While the markets have been choppy and tariffs and trade restrictions on things like rare earth metals have introduced complexities, we remain committed to the simplicity of executing our business plan.

在不確定的市場中，我們對投資理念中的前進策略路徑仍然充滿信心。儘管市場波動較大，稀土金屬等產品的關稅和貿易限制也帶來了複雜性，但我們仍然致力於以簡單的方式執行我們的商業計劃。

Focusing on operations, commercialization of our megawatts, returning capital to shareholders, and executing our growth strategy through our contract with AWS at Susquehanna and expanding our strategy to contract megawatts at our other sites, thereby delivering the most free cash flow per megawatt, and that is how we measure ourselves.

專注於營運、兆瓦的商業化、向股東返還資本、透過與 Susquehanna 的 AWS 簽訂合約來執行我們的成長策略，並擴展我們的策略以在其他站點簽訂兆瓦合同，從而實現每兆瓦最多的自由現金流，這就是我們衡量自己的方式。

We believe the long-term prospects for the IPP business and for Talen more specifically remain strong. Our fundamental view of tightening power markets has not changed. Our belief in ever growing data center load has not changed. Our belief that Pennsylvania is a hub for data center development has not changed.

我們相信 IPP 業務以及 Talen 的長期前景仍然強勁。我們對電力市場收緊的基本觀點並沒有改變。我們對資料中心負載不斷增長的信念沒有改變。我們相信賓州是資料中心發展的中心，這信念沒有改變。

In fact, many of these beliefs have strengthened. PPL just announced 11 gigawatts of advanced data center development in their transmission territory where our plants are located. New development costs and construction timelines are escalating. Some estimates for new CCGTs are $2200 to even $2600 a KW.

事實上，許多這樣的信念已經加強。PPL 剛剛宣布將在我們工廠所在的輸電區域內開發 11 千兆瓦的先進資料中心。新的開發成本和建設時間表正在不斷增加。一些對新型 CCGT 的估計價格為每千瓦 2200 美元甚至 2600 美元。

While some uncertainty around supply chains, tariffs and tax policy have also hindered renewable development. All the while, hyper scalers continue to affirm or accelerate their capital plans, and they're showing no signs of slowing.

而供應鏈方面的一些不確定性、關稅和稅收政策也阻礙了再生能源的發展。與此同時，超大規模企業繼續確認或加速其資本計劃，並且沒有顯示出任何放緩的跡象。

All that said, market news of data center rebalancing and a lack of strength and power forwards has led some skeptics to question the underlying thesis in the IPP space and its intersection with data centers. To those skeptics, we say we are undeterred. Rebalancing is just that, rebalancing, and the foreign markets are thinly traded and don't reflect the new normal of tight power markets.

儘管如此，資料中心重新平衡的市場消息以及缺乏實力和前鋒，導致一些懷疑論者質疑 IPP 領域及其與資料中心交集的基本論點。對於那些懷疑論者，我們表示我們不會被嚇倒。再平衡就是再平衡，國外市場交易清淡，並沒有反映出電力市場緊張的新常態。

Turning to slide 2. We had a solid quarter bolstered by strong load in power prices as well as very good operations and performance by our fossil plants, Susquehanna and the commercial team, all working together to deliver $200 million of EBITDA and $87 million of free cash flow, which is ahead of our Q1 internal estimates that underpinned our 2025 guidance.

翻到幻燈片 2。本季度，我們業績表現穩健，這得益於電價強勁上漲，以及我們的化石燃料電廠、薩斯奎漢納和商業團隊的出色運營和業績，所有這些共同努力，我們實現了 2 億美元的 EBITDA 和 8700 萬美元的自由現金流，這超出了我們為 2025 年而製定的第一季內部指引。

I'd like to thank the women and men of Talen that have delivered these results who worked tirelessly through the winter cold snap and kept the lights on. During Q1, we continued to execute under our share repurchase program buying back $83 million worth of shares.

我要感謝塔倫的男男女女，是他們克服了冬季的寒流，不知疲倦地工作，讓燈火通明，取得了這些成果。在第一季度，我們繼續執行股票回購計劃，回購了價值 8,300 萬美元的股票。

The AWS campus has been electrified, and we are delivering power and receiving revenues under our existing contract. And AWS continues to build out the campus with multiple buildings under construction. We are excited about the future that this brings as we continue to execute under our current arrangement in the approved 300-megawatt ISA.

AWS 園區已實現電氣化，我們根據現有合約提供電力並獲得收入。AWS 繼續擴建園區，目前有多棟建築正在興建中。我們對此帶來的未來感到興奮，因為我們將繼續按照已批准的 300 兆瓦 ISA 中的現有安排執行。

We are moving forward and not looking back. We look forward to hosting investors at the site so they can see the activity for themselves. I'm sure you all want to know how and when we are moving past the 300 megawatts of our current ISA. As I have said before, we don't comment on commercial activities we are undertaking.

我們正在前進，不會回頭。我們期待在現場接待投資者，以便他們能夠親眼目睹活動。我確信大家都想知道我們如何以及何時超越當前 ISA 的 300 兆瓦。正如我之前所說，我們不會對正在進行的商業活動發表評論。

That said, we remain keenly focused on finding the right solution for our customers and talent. But let me add this. Last year was one of the most exciting years in my career in the IPP space, and I'd like to think talent played a role in that. And in 2025 it is shaping up to surpass last year as the intersection of power and data centers is validated.

話雖如此，我們仍然致力於為我們的客戶和人才找到正確的解決方案。但請容許我補充一點。去年是我在 IPP 領域職業生涯中最令人興奮的一年，我想天賦在其中發揮了一定作用。隨著電力和資料中心交叉的驗證，到 2025 年，這一數字有望超越去年。

While not a Q1 activity. We have extended our refueling outage on Susquehanna unit two to perform incremental maintenance. We went into this outage with a plan to gain operational efficiency through the recovery of 27 megawatts. Through a fix in the condenser. We worked and perform this we perform this work in the megawatts we do expect to recover.

雖然不是 Q1 活動。我們延長了薩斯奎漢納核電廠二號機組的加油停機時間，以進行增量維護。我們在這次停電之前製定了一項計劃，透過恢復 27 兆瓦的電力來提高營運效率。透過冷凝器中的修復。我們努力工作並完成了這項工作，我們以我們期望恢復的兆瓦數完成了這項工作。

However, while doing this work, we identified incremental maintenance we felt prudent to undertake during the spring period of low prices, and we extended our outage by just over three weeks and at an incremental cost of roughly $20 million. We believe this incremental work will restore megawatts in excess of the 27 that we originally planned to achieve.

然而，在進行這項工作的同時，我們發現在春季價格低廉期間進行增量維護是明智的，我們將停電時間延長了三週多一點，增量成本約為 2000 萬美元。我們相信，這項漸進式工作將恢復超過我們原計劃的 27 兆瓦的發電量。

All of this leads us to expect a payback approximately 1.5 years at today's prevailing market prices. This sets us up well for the future with more energy to sell, and ultimately this decision is the right thing to do at the right time.

所有這些使得我們預計以今天的市場價格大約需要 1.5 年的時間才能收回成本。這為我們未來擁有更多精力去銷售奠定了基礎，最終這個決定是在正確的時間做出的正確決定。

We have incorporated our favorable first quarter results into our guidance for 2025 and also included the incremental maintenance we are undertaking. And as a result, we are narrowing and affirming that guidance, and our 2026 outlook remains unchanged.

我們已將第一季的良好業績納入 2025 年的預期中，同時也將我們正在進行的增量維護納入其中。因此，我們縮小並確認了這一指導範圍，我們對 2026 年的展望保持不變。

We turn to slide three. Our view of the markets is not wavered. We continue to see heightening markets driven by increased demand. In Q1, we saw 7 terawatt hours, or approximately 3.5%, of incremental deliveries on a weather adjusted basis in PJM when compared to prior year.

我們翻到第三張投影片。我們對市場的看法並沒有動搖。我們繼續看到需求增加推動市場不斷升溫。在第一季度，與去年同期相比，經天氣調整後，PJM 的增量交付量為 7 太瓦時，約佔 3.5%。

This caused our fleet to be dispatched by approximately 1.6 terawatt hours more than it was in the same quarter last year. The additional generation all came from our fossil fleet and supports our view that energy demand will increase the dispatch of our flexible fleet.

這使得我們的電力調度量比去年同期增加了約 1.6 太瓦時。額外的發電量全部來自我們的化石燃料發電船隊，這支持了我們的觀點，即能源需求將增加我們靈活發電船隊的調度。

As I mentioned, we have seen PPL announce even more data center load from prior estimates last year, and we see other forms of demand further strengthening. AI continues to move forward at a significant pace, and hyper scalers continue to raise or affirm their capital investment plans. Further, cloud services and hosting activity continue to show significant growth as indicated by several earnings reports over the last few weeks.

正如我所提到的，我們看到 PPL 宣布的資料中心負載比去年的預估還要高，而且我們看到其他形式的需求進一步增強。人工智慧繼續以顯著的速度向前發展，超大規模企業繼續提高或確認其資本投資計劃。此外，過去幾週的幾份收益報告顯示，雲端服務和託管活動持續呈現顯著成長。

While data center demand and AI is somewhat of a recent phenomenon, and the markets are trying to digest a lot of discrete data points that include ship production and sales, lease terminations, and new data center announcements in the rebalancing I mentioned earlier, from where we sit, we do not see a pullback.

雖然資料中心需求和人工智慧在某種程度上是最近才出現的現象，而且市場正在試圖消化大量離散資料點，包括船舶生產和銷售、租賃終止以及我之前提到的重新平衡中的新資料中心公告，但從我們目前的情況來看，我們並沒有看到回調。

And while there will be a supply response to this increasing demand in the short term, things like the efforts I described to bring more megawatts to the grid at Susquehanna will happen across the industry. However, we don't see notable new build coming online until late in the decade.

雖然短期內供應方會對這種日益增長的需求做出反應，但像我之前描述的為薩斯奎哈納電網帶來更多兆瓦電力的努力將在整個行業中實現。然而，我們直到本世紀末才會看到引人注目的新建築投入使用。

And with supply chains tight and tariffs and trade restrictions going into place when a lot of equipment is sourced in Europe, the cost of new builds makes new supply even more challenged in the short term.

而且，由於供應鏈緊張，且許多設備在歐洲採購時會受到關稅和貿易限制，新建設備的成本使得短期內新的供應面臨更大挑戰。

In the long term, we do believe that supply will ultimately arrive in response to market demand and signals, but there is some truth to the view that current capacity pricing, as well as the foreign markets, don't support new build investment and don't reflect the tightening market.

從長遠來看，我們確實相信供應最終將根據市場需求和訊號到來，但有觀點認為，當前的產能定價以及國外市場並不支持新建投資，也沒有反映出緊縮的市場，這不無道理。

Chris will provide some additional detail on our hedging program later that demonstrates that while we believe the forwards are not representative of supply and demand fundamentals. We did take the opportunity in the first quarter to lay layer on additional hedges in '26 and '27 when the forward market was well bid.

克里斯稍後將提供有關我們的對沖計劃的更多細節，這表明我們認為遠期合約並不代表供需基本面。我們確實抓住了 26 年和 27 年第一季期貨市場報價良好時的機會，進行了額外的對沖。

Turning to slide 4, I mentioned most of this in my opening remarks. We continue to execute. AWS continues to build. We are delivering electrons and receiving dollars. And as a reminder, the schedule over the course of the year is to ramp up to 120 megawatts. With that, I'll turn it over to Terry on slide 5. Terry?

翻到投影片 4，我在開場白中提到了其中的大部分內容。我們繼續執行。AWS 繼續建造。我們正在交付電子並接收美元。提醒一下，今年的計畫是增加到 120 兆瓦。說完這些，我會把幻燈片 5 交給 Terry。特里？

Thanks, Matt, and good morning, everyone. Let's look at our first quarter financial and operating results. Our team continues to deliver from an operational perspective. During the quarter, our fleet ran well during periods of high demand, demonstrating the value of the dispatchable fleet.

謝謝，馬特，大家早安。讓我們來看看第一季的財務和經營業績。我們的團隊繼續從營運角度提供服務。本季度，我們的機隊在高需求時期運作良好，彰顯了可調度機隊的價值。

We generated 9.7 terawatt hours of power with an equivalent force status factor of 1.2%. Slightly less than half of this generation came from our carbon-free Susquehanna nuclear facility as our fossil fleet ran more in periods of high demand.

我們產生了 9.7 太瓦時的電力，等效力狀態係數為 1.2%。由於我們的化石燃料機組在高需求時期運行更多，這一發電量的略少於一半來自我們的無碳薩斯奎漢納核電廠。

While we experience higher runtime at our fossil plants, our Monto and Brunner Island facilities saw significant increases in generation during the quarter. Safety remains our first priority across the fleet, and our team works safely during the busy winter run in cold conditions.

雖然我們的化石電廠運行時間更長，但我們的蒙托和布倫納島電廠在本季度的發電量也顯著增加。安全仍然是我們整個船隊的首要任務，我們的團隊在寒冷的冬季繁忙航行中安全地工作。

Our Q1 recordable incident rate was only 0.4. This is in line with or better than our peers. Turning to slide six, I'll provide some more financial details. We had a solid start to the year with the results better than our estimates. We reported adjusted EBITDA of $200 million and adjusted free cash flow of $87 million.

我們第一季的可記錄事故率僅為 0.4。這與我們的同行一致或更好。翻到第六張投影片，我將提供更多財務細節。今年我們有一個好的開端，業績好於我們的預期。我們報告的調整後 EBITDA 為 2 億美元，調整後自由現金流為 8,700 萬美元。

The weather in PJM was cold this quarter with heating degree days in Philadelphia above the 10-year average. Below average temperatures during the first quarter of 2025 contributed to increased demand that result that resulted in higher settled on peak power prices compared with the prior year.

本季 PJM 天氣寒冷，費城的暖氣度日數高於 10 年平均值。2025 年第一季氣溫低於平均值導致需求增加，導致尖峰電價與前一年相比上漲。

On a comparative basis, our first quarter results in the prior year benefited significantly from approximately $165 million of realized hedge gains, with Q1 2025 only containing a modest hedge impact. Our fleet performed when needed, as evidenced by our low force outage rate, and our fossil fleet generated approximately 20% more power than the same period last year, despite the essence of our ERCOT assets.

相比之下，我們去年第一季的業績受益於約 1.65 億美元的已實現對沖收益，而 2025 年第一季僅受到適度對沖的影響。我們的發電機組在需要時表現出色，這從我們較低的強制停運率就可以看出，儘管我們的 ERCOT 資產至關重要，但我們的化石燃料發電機組的發電量比去年同期增加了約 20%。

As you may remember from our investor day in September of last year, our earnings in the second half of 2025 will be higher due to the inclusion of the 2025-2026 capacity pricing of approximately $270 a megawatt day and the reliability must-run impacts of our brand insurers and Wagner facilities.

您可能還記得，從我們去年 9 月的投資者日來看，由於納入了 2025-2026 年每兆瓦日約 270 美元的容量定價以及我們品牌保險公司和瓦格納設施的可靠性必運行影響，我們 2025 年下半年的收益將會更高。

As Mac mentioned earlier, we are reaffirming and narrowing our previously announced 2025 guidance ranges. The strong performance in the first quarter and expectations for the balance of the year are expected to offset the impacts of the extended Susquehanna out.

正如 Mac 之前提到的，我們正在重申並縮小我們先前宣布的 2025 年指導範圍。預計第一季的強勁表現和今年餘下的預期將抵消薩斯奎漢納停駛延長的影響。

Our narrowed adjusted EBITDA range is $975 million to $1.125 billion, and our narrowed adjusted free cash flow range is $450 million to $540 million. In the near term, market uncertainty on trade restrictions and tariffs do not have a material effect on cost. In the longer term, it is more uncertain as we evaluate tariffs and the impact throughout our supply chain.

我們的調整後 EBITDA 範圍縮小至 9.75 億美元至 11.25 億美元，調整後自由現金流範圍縮小至 4.5 億美元至 5.4 億美元。短期內，貿易限制和關稅的市場不確定性不會對成本產生實質影響。從長遠來看，當我們評估關稅及其對整個供應鏈的影響時，情況更加不確定。

Our 2026 outlook remains unchanged from what we disclosed on our investor day back in September. These ranges continue to demonstrate (al's) robust earnings and cash flow growth profile, which includes tripling adjusted free cash flow per share by 2026.

我們對 2026 年的展望與我們 9 月投資者日披露的展望相同。這些範圍繼續顯示（al）強勁的獲利和現金流成長狀況，其中包括到 2026 年每股調整後的自由現金流增加兩倍。

Turning to side eight. We continue to target a return of 70% of adjusted free cash flow to our shareholders. We view share repurchases as the first priority for excess cash, and we will use that as the benchmark to measure the return profile of any growth opportunities.

翻到第八面。我們繼續以向股東返還 70% 的調整後自由現金流為目標。我們將股票回購視為獲取過剩現金的首要任務，並以此作為衡量任何成長機會回報狀況的基準。

As Mac mentioned earlier, the pullback in the equity market allowed us to purchase $83 million or approximately 452,000 shares in the first quarter. Since the start of 2024, we have repurchased approximately $14 million or 23% of our outstanding shares. We have approximately $1 billion in buyback capacity remaining through year end 2026.

正如 Mac 之前提到的，股市的回檔讓我們在第一季購買了價值 8,300 萬美元或約 452,000 股的股票。自 2024 年初以來，我們已回購了約 1,400 萬美元，占我們流通股的 23%。到 2026 年底，我們仍有約 10 億美元的回購能力。

And balance sheet flexibility to execute our program or act strategically at the right opportunities present themselves. Moving to slide nine, we remain committed to maintaining net leverage below our target of 3.5 times along with ample liquidity. As of May 2, our forecasted net leverage ratio was approximately 2.6 times, well below our target.

資產負債表彈性使我們能夠執行計劃或在適當的機會出現時採取策略行動。轉到第九張投影片，我們仍然致力於將淨槓桿率維持在 3.5 倍的目標以下，同時保持充足的流動性。截至5月2日，我們預測的淨槓桿比率約為2.6倍，遠低於我們的目標。

In addition, we have approximately $970 million of liquidity with over $270 million of cash on the balance sheet. During the quarter, we took advantage of falling rates to execute $550 million of interest rate swaps. And since the end of the quarter, we added an additional $150 million of swaps, which reduces our floating rate exposure and allows for more predictable cash flows.

此外，我們擁有約 9.7 億美元的流動資金，資產負債表上有超過 2.7 億美元的現金。本季度，我們利用利率下降的機會執行了 5.5 億美元的利率互換。自本季末以來，我們又增加了 1.5 億美元的掉期交易，這降低了我們的浮動利率風險，並實現了更可預測的現金流。

With that, I'll now turn the call over to Chris.

說完這些，我現在將電話轉給克里斯。

Thanks, Terry, and good morning everyone. Moving to slide 10, I'd like to highlight our hedging activity this past quarter. Our hedging strategy is focused on maintaining appropriate risk tolerances with an emphasis on protecting cash flows across our generation fleet.

謝謝，特里，大家早安。轉到第 10 張投影片，我想重點介紹我們上個季度的對沖活動。我們的對沖策略著重於維持適當的風險承受能力，重點在於保護我們發電機組的現金流。

On the left there is a graph of average calendar year 2026 and 2027 PJM Westhub around the clock pricing.

左側是 2026 年和 2027 年 PJM Westhub 全天候定價的平均圖表。

On the heels of a strong winter, prices rose and our commercial team started to layer in additional hedges during the period. As a reminder, we have a pragmatic, not programmatic hedging strategy which gave our team the flexibility to add hedges during higher price periods as detailed on the right hand side.

在嚴冬過後，價格上漲，我們的商業團隊開始在此期間進行額外的對沖。提醒一下，我們有一個務實的、非程序化的對沖策略，這使我們的團隊能夠靈活地在價格較高期間增加對沖，如右側所述。

In Q1, we doubled 2026 and 2027 hedges in a rising price environment. These actions allowed us to increase certainty of the near-term cash flows for the business while still maintaining appropriate exposure to rising price fundamentals in 2027 and beyond.

在第一季度，我們在價格上漲的環境下將 2026 年和 2027 年的對沖增加了一倍。這些措施使我們能夠提高業務近期現金流的確定性，同時仍能保持對 2027 年及以後價格上漲基本面的適當敞口。

With that, I am discussion back to Mac for closing remarks.

就這樣，我回到 Mac 進行最後的總結發言。

Great, thanks. Chris. This remains an exciting time to be an IPP. Market fundamentals remain incredibly strong. Data center load growth continues to arrive. We continue to execute on our AWS contract. All of this gives a strong conviction in our investment thesis, and talent is well positioned to power the future.

太好了，謝謝。克里斯。對於 IPP 來說，這仍然是一個令人興奮的時刻。市場基本面依然異常強勁。資料中心負載成長持續到來。我們將繼續履行我們的 AWS 合約。所有這些都讓我們對投資理念充滿信心，人才有能力推動未來發展。

We appreciate everyone's interest and talent for joining us on the call today. We'll now turn it back to the operator and open the line for questions.

我們感謝大家今天參加電話會議的興趣和才華。我們現在將問題交還給接線員，並開放熱線供大家提問。

Thank you. (Operator Instructions) The first question comes from David Arcaro with Morgan Stanley. Your line is open.

謝謝。（操作員指示）第一個問題來自摩根士丹利的 David Arcaro。您的線路已開通。

Hey, thanks so much. Good morning.

嘿，非常感謝。早安.

Good morning.

早安.

Following up on maybe a few comments of your peers this week, one of your peers highlighted a shift in customer interest toward front of the meter deals. I guess I was wondering if you could maybe elaborate on your current conversations and with the backdrop of, this FERC process going on. Have there been, has there been a change in tone or strategy or, a desire to go in front of the meter versus behind the meter here in your conversations as well?

在跟進本週您的同事的一些評論時，您的一位同事強調了客戶對電錶前交易的興趣轉變。我想知道您是否可以詳細說明您當前的談話以及正在進行的 FERC 流程的背景。在您的談話中，語氣或策略是否有所改變，或者是否希望走到儀表前面而不是儀表後面？

Well, thanks I appreciate the question. The, look, I mean, I first start with we have a current transaction or contract with AWS that we're executing under and as I mentioned in the remarks earlier, we're actively delivering.

好的，謝謝，我很感謝你的提問。看起來，我的意思是，我首先要說的是，我們目前與 AWS 有一個交易或合同，我們正在執行該交易或合同，正如我之前在評論中提到的，我們正在積極交付。

Megawatts and receiving revenues, etc. And ongoing construction there since the time I think we've Sign that contract, we've mentioned to people that we've been looking at all different forms of opportunity with respect to how to power data centers and to expand our growth strategy. And you've seen a lot of activity obviously that started with the.

兆瓦並獲得收入等。自從我認為我們簽署合約以來，那裡的建設一直在進行，我們向人們提到，我們一直在尋找有關如何為資料中心供電和擴大成長策略的各種不同形式的機會。顯然你已經看到了許多由此開始的活動。

The denial by FERC of the ISA extension and then the technical conference and then the ongoing dialogue back and forth with PJM. PJM is submitting eight different alternatives and basically allowing options of ways to power data centers.

聯邦能源管理委員會 (FERC) 拒絕延長 ISA，隨後召開技術會議，並與 PJM 進行持續的反覆對話。PJM 提交了八種不同的方案，基本上提供了為資料中心供電的方式的選擇。

We think that's highly supportive and continue to support that process and in working with our counterparties we've we're looking at a number of different ways to get megawatts quickly delivered because it's feed the market and how to contract megawatts across the fleet. So, we've been working actively for over a year on that, and that's Pretty much it. Cole, anything you want to add ?

我們認為這非常有幫助，並將繼續支持這一進程，在與我們的交易對手合作時，我們正在尋找多種不同的方式來快速交付兆瓦電力，因為它可以滿足市場需求，以及如何在整個電力系統中簽訂兆瓦電力合約。因此，我們已為此積極工作了一年多，差不多就是這樣。Cole，你想補充什麼？

Think that's right, Mac. I mean, we said last September on our analyst day that for Across our fleet we're looking at a variety of different options. Obviously we had the Susquehanna behind the meter deal with Amazon, but obviously a front of the meter solution is the right solution in many cases, and so we have been working on those kind of constructs for a while and obviously with the FERC denial in November we've been, I think saying routinely that we're working on alternative, commercial solutions there as well.

我認為這是沒錯的，麥克。我的意思是，我們在去年 9 月的分析師日上說過，我們正在為整個機隊考慮各種不同的選擇。顯然，我們與亞馬遜達成了 Susquehanna 電錶後交易，但顯然，在許多情況下，電錶前端解決方案是正確的解決方案，因此我們一直在研究這類結構，顯然，隨著 11 月聯邦能源管理委員會的拒絕，我們一直在，我想我們經常說，我們也在那裡研究替代的商業解決方案。

Maybe just one further point, and I mentioned this in the opening remarks, and I think it is something to pay attention to you continue to see PPL discuss the backlog. Moving from 9 gigawatts to 11 gigawatts, and they've been advancing that. So, there are going to be a number of solutions in the territory where we have plants, land, water, access, transmission capability, etc.

也許還有一點，我在開場白中提到了這一點，我認為當你繼續看到 PPL 討論積壓問題時，這是需要注意的事情。從 9 千兆瓦增加到 11 千兆瓦，而且他們一直在推進這一目標。因此，在我們擁有工廠、土地、水、通道、傳輸能力等的地區，將會有多種解決方案。

To connect to the grid. So I think you're going to see that activity show up and now it's just a matter. Of how does it get its power source and where does it come from? And PPL is actively engaging with PJM and thinking about what is going to be needed from the transmission system. So I think that all points to the signs that the customers are there and how it's going, the contractual arrangements are going to occur.

連接到電網。所以我認為你會看到這種活動出現，現在這只是一個問題。它如何獲得動力來源以及動力來源來自哪裡？PPL 正在積極與 PJM 合作，思考輸電系統需要什麼。所以我認為所有跡像都表明客戶已經存在，而且事情進展順利，合約安排也將隨之達成。

That's going to evolve. And as I mentioned, I think it's going to be a really exciting time in 2025 when this power data center. In intersection gets validated.

這將會不斷發展。正如我所提到的，我認為 2025 年這個電力資料中心的建成將是一個非常令人興奮的時刻。在交叉口得到驗證。

Yeah, got it. No, that all makes sense. I appreciate the color, and maybe touching on the current status of the FERC process and co-location, how do you see that, playing out here in terms of the path forward? Do you see a path for a settlement process potentially opening up?

是的，明白了。不，這一切都是有道理的。我很欣賞這種色彩，也許可以觸及 FERC 流程和共置的當前狀態，您如何看待它在未來的發展道路上發揮作用？您是否認為有可能開闢一條解決進程的途徑？

So. Yes, and hard to predict, I guess is the not to bury the headline. Look at the FERC process has been evolving, okay? But they have said and Christie, Chairman Christie has said that they want to resolve it. Quickly, I think you saw there was a conference at the Pennsylvania PUC again wanting to promote the ability to serve large loads, data centers, etc.

所以。是的，而且很難預測，我猜是為了不掩蓋標題。看看 FERC 流程一直在不斷發展，好嗎？但他們和克里斯蒂主席都表示，他們希望解決這個問題。很快，我想您會看到賓州公共事業委員會再次召開了一次會議，希望提升服務大負載、資料中心等的能力。

Wanting to move quickly because people realize that there's a huge amount of economic development associated with this Pennsylvania realizes there's a huge amount of economic development and wants to become a hub, if you will, for data centers.

人們意識到這與巨大的經濟發展息息相關，因此想要快速行動。賓州意識到與此相關的是巨大的經濟發展，並希望成為資料中心的樞紐。

And so, we're obviously involved in watching this, and I think that the PJM 8 options that went to FERC and then FERC looking to resolve this matter in a quick fashion we're highly supportive of but again, so a lot of that FERC process, which we're engaged in the FERC process, we also have a legal matter pending in the Fifth Circuit with respect to our ISA and then all the commercial activity of Cole and his team.

因此，我們顯然參與了此事的關注，我認為 PJM 8 選項提交給了 FERC，然後 FERC 希望以快速的方式解決此問題，我們對此表示強烈支持，但同樣，FERC 的許多流程（我們正在參與 FERC 流程）中，我們還有一個與 ISA 相關的法律問題在第五巡迴法院待決，然後是 Cole 和他的團隊的所有商業活動。

That continues to progress because there are a number of different ways by which to resolve how to get data centers power, right? And so those are all evolving and progressing.

這個過程還在繼續，因為有很多不同的方法可以解決如何為資料中心供電，對嗎？所以這些都是不斷發展和進步的。

Okay great yeah I appreciate the comments thanks so much.

好的，太好了，是的，我很感謝您的評論，非常感謝。

Thank you.

謝謝。

And our next question comes from Angie Storzinski with Seaport. Your line is open. Thank you.

我們的下一個問題來自 Seaport 的 Angie Storzinski。您的線路已開通。謝謝。

So I wanted to follow up on the comments about PPL. So, I'm actually looking at the PPO zone, it seems to me like about 7 gigs of load of peak load, and about 13 gigs of install capacity in the PPO zone, and as you said, PPO is showing 11 gigs of potential incremental demand.

所以我想跟進有關 PPL 的評論。因此，我實際上正在查看 PPO 區域，在我看來，PPO 區域的峰值負載約為 7 千兆位元組，安裝容量約為 13 千兆位元組，正如您所說，PPO 顯示了 11 千兆位元組的潛在增量需求。

So, and PPO does not provide generation, right, so whoever joins from that queue needs to procure electricity, presumably, many of them from your plans, and yet you are staying away from making any comments about other assets, not Susquehanna, so that's number one.

因此，PPO 不提供發電，對吧，因此從該隊列加入的任何人都需要採購電力，大概其中許多電力來自您的計劃，但您卻避免對其他資產（而不是 Susquehanna）發表任何評論，所以這是第一點。

And number two is, given that again the existing load and the queue add up to more capacity than currently available in the PPO zone. Would you be open to maybe expanding some of your assets under long term contracts?

第二，考慮到現有的負載和排隊情況，總容量超過了 PPO 區域目前的可用容量。您是否願意根據長期合約擴大部分資產？

Yeah, as I said, our growth, well, first of all, good morning, Angie. How are you? I'm glad to hear from you. So look, I, as I said, our strategy when we, it was just March of last year when we signed the contract, and since that day we've been moving forward and our growth strategy is focused on leveraging our platform. So let's unpack that for just a second, which is how do we use a platform we have a number of different assets including.

是的，正如我所說，我們的成長，首先，早上好，安吉。你好嗎？我很高興收到你的來信。所以，正如我所說，我們的策略是在去年 3 月簽訂合約時制定的，從那天起，我們就一直在向前發展，我們的成長策略專注於利用我們的平台。因此，讓我們花一點時間來解釋這個問題，即我們如何使用一個擁有多種不同資產的平台。

In addition to Susquehanna, the focus has been on Susquehanna and how do we expand at Susquehanna, which we always said would have to be a change to that contract in some form of grid to provide the same reliability. So we've been looking at that. We've been looking at how do we use the rest of the assets in our portfolio.

除了薩斯奎漢納之外，我們的重點還在於薩斯奎漢納以及我們如何在薩斯奎漢納進行擴張，我們一直說這必須以某種形式的電網改變合約以提供相同的可靠性。所以我們一直在關注這個問題。我們一直在研究如何使用我們投資組合中的其餘資產。

And provide a platform solution. So when you have single assets, you don't have necessarily the same risk backstop that you do when you have a portfolio. You don't have the same balance sheet you do when you have a portfolio of assets. So we've been looking at how do we leverage that portfolio and leverage the work and the, I'll call it.

並提供平台解決方案。因此，當您擁有單一資產時，您不一定具有與擁有投資組合時相同的風險支援。當您擁有資產組合時，您的資產負債表是不一樣的。因此，我們一直在研究如何利用該投資組合和工作，我稱之為。

I, if you will, lessons learned, first mover advantage, whatever you want to call the contract with AWS we've been looking at how do we leverage that across the fleet. So while not talking specifically, I hope that gives you a flavor for what we're trying to do.

如果你願意的話，我可以吸取教訓，獲得先發優勢，無論你想如何稱呼與 AWS 簽訂的合同，我們都在研究如何在整個車隊中利用它。因此，雖然沒有具體說明，但我希望這能讓您了解我們正在做的事情。

And no comment about expansion of existing assets. I understand you don't want.

並且沒有關於現有資產擴張的評論。我明白你不想。

Oh sorry I'm sorry. I did. Yes, I forgot to say no comment on the expansion of existing assets.

噢，對不起，對不起。我做到了。是的，我忘了說對現有資產的擴張不予置評。

Okay.

好的。

That's great.

那太棒了。

Well, as and I always appreciate the questions, but I think it's fair, it's fair to ask the questions, but it's also fair for us to say, look, we don't comment on M&A activity. We don't comment on commercial arrangements that we're working on or not working on. We don't comment on MNPI having it or absence of having it, okay?

好吧，我一直很感謝這些問題，但我認為這是公平的，提出這些問題是公平的，但我們也可以公平地說，看，我們不會對併購活動發表評論。我們不會對正在進行或未進行的商業安排發表評論。我們不評論 MNPI 是否有它，好嗎？

We just don't do that as a matter of practice because we're focused on. Executing our strategy and then when we have points in time by which we can let the market know by having something executed, we will do so. It's just a matter of practice that we do.

我們只是在實踐中不這麼做，因為我們專注於此。執行我們的策略，然後當我們有時間點可以透過執行某件事讓市場知道時，我們就會這樣做。這只是我們實踐的問題。

And it's, when you, when you're working on commercial activities, whether it be contracts, acquisitions, divestitures, any of that, it doesn't behoove. Anybody in that process to have public discussion about it because it they're commercial activities and you don't want to give one side or the other leverage.

而且，當你從事商業活動時，無論是合約、收購、資產剝離或其他任何活動，這都是不合理的。任何人都不應該在過程中公開討論它，因為這是商業活動，你不想給任何一方帶來優勢。

So, as matter of I'm sorry, but it's as a matter of practice, we just don't comment on those things.

所以，很抱歉，但按照慣例，我們不對這些事情發表評論。

Okay, so just one last one, so you know you have a head start. As far as contracting of assets, if only because of Susquehanna, admittedly nobody else has a house contracts, so it's not like you've lost it. But as the time goes by, are you concerned that head start or that competitive advantage is not going to last in the sense that this time to power benefit that you currently possess is just going to go away as more well as additional deals are announced by your competitors.

好的，只剩下最後一個了，這樣您就知道自己已經領先一步了。至於資產承包，如果只是因為薩斯奎漢納，誠然沒有其他人有房屋合同，所以這並不意味著你已經失去了它。但隨著時間的推移，您是否擔心領先優勢或競爭優勢不會持續太久，因為隨著競爭對手宣布越來越多的交易，您目前擁有的這種優勢將會消失。

So, First of all, I do think we have a first mover advantage. There's hundreds of millions of dollars of infrastructure transmission infrastructure sitting on the ground at Susquehanna. There's hundreds of millions of dollars of buildings and other infrastructure that's going in and We have a contract we're executing underneath that and as we go through the ramp up as we go through billing, as we go through all of this, we're further advancing.

所以，首先，我確實認為我們擁有先發優勢。薩斯奎哈納有價值數億美元的基礎設施傳輸基礎設施。我們正在建造價值數億美元的建築和其他基礎設施，並且我們正在執行一份合同，隨著我們逐步完成計費，隨著我們完成所有這些工作，我們正在進一步推進。

What we know about how to power data centers and what that looks like. And the conversations that we have because of the 11-gigawatt backlog, etc. We're advancing our knowledge. As far as I've always, I, I've said, and sometimes I regret and sometimes, people like.

我們知道怎樣為資料中心供電以及它是什麼樣子的。由於 11 千兆瓦的積壓訂單等，我們進行了對話。我們正在推進我們的知識。就我一直以來而言，我說過，有時我會後悔，有時，人們會喜歡。

Put it back to me. I've always said I'd like to announce our second deal before somebody announces their first, and I'll stick to that. That's true. But at the same time, a rising tide lifts all boats, and I think the more that the industry can sign contracts.

把它還給我。我一直說我想在別人宣布他們的第一筆交易之前宣布我們的第二筆交易，我會堅持這一點。這是真的。但同時，水漲船高，我認為業界能夠簽訂的合約也越多。

And prove up this intersection, as I mentioned in my remarks of data centers and power and validate that, the better off the entire industry is.

並證明這個交集，正如我在數據中心和電力的評論中提到的那樣，並驗證這一點，整個行業就會更好。

But we're competitive. So yes, we don't, we want to be announcing more deals and doing it before anybody else. But it's just how these things work. We could talk about complexity, we could talk about time and contracting and legalese and all that type of stuff, but at the end of the day, we're, we are executing and there's a lot of activity. So don't think that our lack of public discussion about what we're doing is a lack of effort or progress. Cole, anything you want to add.

但我們是有競爭力的。所以是的，我們不想，我們想宣布更多交易，並在其他人之前完成。但這就是這些事物的運作方式。我們可以談論複雜性，我們可以談論時間、合約、法律術語以及所有這類東西，但最終，我們正在執行，並且有很多活動。所以，不要認為我們缺乏對所做事情的公開討論就意味著缺乏努力或進步。科爾，你想補充什麼嗎？

Yeah, I just kind of piggyback on the point around Susquehanna. We have, a couple of year head start, right? As Max said, we have substations in the ground, buildings that are actively drawing power and the campus is expanding, so we don't need to wait for an announced next contract to continue to expand that at rapid pace.

是的，我只是有點附和薩斯奎哈納的觀點。我們已經領先了幾年，對吧？正如馬克斯所說，我們在地面上設有變電站，建築物正在積極用電，而且校園也在擴大，所以我們不需要等待宣布下一份合約來繼續快速擴張。

And then back on the point around our other assets, they're in an advantaged, position, right? They have the right characteristics, water, fiber, land, etc. But also, as you noted Angie, they're in the right location, right, there's 11 gigawatts potentially coming to this zone, whether it's contracted or not. Those assets are in really good position and we're able to and have been advancing opportunities to lock that in.

然後回到關於我們其他資產的話題，它們處於優勢地位，對嗎？它們具有正確的特性，水、光纖、土地等。而且，正如你提到的安吉，它們位於正確的位置，對，無論是否簽訂了合同，都有 11 千兆瓦的潛在電力進入該區域。這些資產處於非常有利的地位，我們有能力並且一直在努力抓住機會鎖定這些資產。

And let me just add to that, which is I think that Vince and the team at PPL have been very constructive, and they have a commercial mindset.

我再補充一點，我認為 Vince 和 PPL 團隊非常有建設性，而且他們有商業思維。

That is allowing data centers to flourish in their backyard, if you will, and we have a constructive relationship with them, and they also have a transmission system that can absorb a lot of these megawatts and as they've said, Not impact residential customers. So that's a big advantage and and we like the position that we're in and we like who we're working with.

如果你願意的話，這意味著資料中心可以在他們的後院蓬勃發展，我們與他們保持著建設性的關係，他們也有一個可以吸收大量兆瓦電力的傳輸系統，正如他們所說，不會影響住宅客戶。所以這是一個很大的優勢，我們喜歡我們所處的地位，也喜歡與我們合作的人。

Good thank you.

很好，謝謝。

Thanks, Angie.

謝謝，安吉。

And our next question comes from Michael Sullivan with Wolf. Your line is open.

我們的下一個問題來自 Wolf 的 Michael Sullivan。您的線路已開通。

Hey, good morning.

嘿，早安。

Good morning, Mike.

早上好，麥克。

Hey Mac, why don't just ask for a little more detail on the Susquehanna outage, I guess how confident are we that we'll be back in the next week or so and then just in terms of what's being improved here, how should we think about that?

嘿，麥克，為什麼不直接詢問有關薩斯奎漢納停電的更多細節呢，我想我們對於下週左右恢復供電有多大信心，然後就這裡得到改進的情況而言，我們應該如何看待呢？

Yeah, so look, I like I'm glad you brought that up, but from a schedule standpoint, obviously, when you go into a nuclear outage, you have a literally minute by minute type schedule, and we've done that with the extension, so mid-May is, the target here.

是的，所以看，我很高興你提出這個問題，但是從時間表的角度來看，顯然，當你遇到核電中斷時，你有一個逐分鐘的時間表，我們已經通過延期做到了這一點，所以五月中旬是這裡的目標。

But with all things, schedules can move, but we have confidence in what the fix that we're doing, which is we went into the condenser and knew that we had some maintenance, and that was planned, and that was to get us approximately 27 megawatts for that would get us back to full capacity injection rights, which then would go into the capacity market. But when we did the upgrade over a decade ago.

但所有事情，計劃都可能變動，但我們對我們正在做的修復工作有信心，也就是我們進入冷凝器並知道我們進行了一些維護，這是計劃好的，這將使我們獲得大約 27 兆瓦的電力，這將使我們恢復全容量注入權，然後進入容量市場。但十多年前我們就進行了升級。

There was, we actually got past that from a capability of the plant, that capacity injection rating, and so we determined incremental work, and I could go through the arcane engineering stuff of the extraction steam system between the condenser and the turbine, etc.

事實上，我們已經從工廠的能力、容量注入率等方面解決了這個問題，因此我們確定了增量工作，我可以研究冷凝器和渦輪機之間的抽汽系統的神秘工程材料等。

But without getting into that, there was just some other things that we found that would further enhance effectively the steam flow. And when we did that, effective repair work, we anticipate getting incremental megawatts, and that's why when we put that in there and say the $20 million of incremental cost plus the call it lost opportunity, albeit during low price environment, in the spring here of the 3.5 weeks, we say that we're going to get payback on that over the time because we're going to get even more energy out of the system.

但即使不深入探討這一點，我們也發現有一些其他因素可以進一步有效地增強蒸汽流量。當我們進行有效的修復工作時，我們預計會獲得增量兆瓦，這就是為什麼當我們把它放在那裡並說 2000 萬美元的增量成本加上稱之為失去的機會時，儘管是在低價環境下，但在春季的 3.5 週內，我們說我們會隨著時間的推移獲得回報，因為我們將從系統中獲得更多的能量。

So that's the work we're doing. Hopefully that answers your question. Happy to take a follow up, Michael, if you have one.

這就是我們正在做的工作。希望這能回答你的問題。邁克爾，如果你有跟進的話，我很樂意跟進。

Yeah, no, that that's very helpful. So, it sounds like it's more on the generation side of things.

是的，不，這非常有幫助。因此，這聽起來更像是事物的生成方面。

Yeah, I should have I should have made that very clear. It's on the non-so we describe things as nuclear island and non-nuclear island. It's on the non-nuclear island, aspect of things. So, it's basically on balance of plant is the way that we would say it internally.

是的，我應該把這一點說清楚。因此我們將其描述為核島和非核島。從事物的角度來看，它位於無核島上。所以，這基本上是工廠的平衡，這是我們內部的說法。

Okay, very helpful, thank you, and then my second question was, oh sorry, were you about to say something back?

好的，非常有幫助，謝謝，然後我的第二個問題是，哦，對不起，您想回覆什麼嗎？

No.

不。

I was your next question.

我就是你的下一個問題。

Just, maybe level of updated level of conviction in the 2026 outlook that you gave back in September. I know you've layered on some hedges here, pricing been moving around. We've now got the cap floor construct for the auction coming up.

只是，也許您在 9 月給出的 2026 年展望的信心水平有所更新。我知道你在這裡做了一些對沖，價格一直在波動。我們現在已經得到了即將進行的拍賣的上限構造。

Yeah, sure, I'm happy to, and Terry should get in here too, and Chris as well. But look, I think Chris hit on it. That's why we actually had it as part of this presentation as we saw some opportunity to put some hedges on. We don't necessarily need to go in and hedge.

是的，當然，我很高興，特里也應該來，克里斯也應該來。但是你看，我認為克里斯已經成功了。這就是為什麼我們實際上將其作為本次演示的一部分，因為我們看到了一些進行對沖的機會。我們不一定需要進入並進行對沖。

We do it when we look at adjusting our risk tolerances. What I would say is the market was well bid in the term market '26, '27 during the first quarter cold snap, right, as Chris mentioned. And so, we layered in some additional hedges, but if you look out, the back gradation in the market does not make sense to us. I think it is the way that I would say it, if you have that fundamental view of tightening markets, the capacity market, I think is supported.

當我們考慮調整風險承受能力時，我們就會這麼做。我想說的是，正如克里斯提到的那樣，在 2026 年和 2027 年第一季寒流期間，市場出價很高。因此，我們分層進行了一些額外的對沖，但如果你仔細觀察，你會發現市場中的後級對我們來說沒有意義。我想這就是我要說的，如果你對市場緊縮有基本的看法，那麼容量市場就會得到支持。

Terry, Chris, Terry, yeah.

特里，克里斯，特里，是的。

No, Michael, just to be direct, we have a significant amount of confidence in our 26 outlook number, as you mentioned earlier. You've seen the forwards move. We've obviously seen the commodity market even in the last few days, get a bid in some of these outyears, so we've got a ton of confidence on that. We do have to see the results of the upcoming auction.

不，邁克爾，直接說吧，正如您之前提到的，我們對我們的 26 個展望數字非常有信心。您已經看到前鋒的移動。我們顯然已經看到，即使在過去幾天裡，大宗商品市場也在未來幾年裡獲得了出價，因此我們對此充滿信心。我們確實需要看看即將舉行的拍賣的結果。

There could be, maybe even potential upside from that, depending on the outcome, but that sort of dovetails with maybe a follow-up question from you or one of your colleagues on how we feel about the auction. So, but ton of confidence.

根據結果，這可能甚至可能有潛在的好處，但這與您或您的一位同事關於我們對拍賣的看法的後續問題相吻合。所以，我充滿信心。

Okay, thanks very much appreciate it.

好的，非常感謝。

And our next question will come from Jeremy Tunne with JP Morgan. Your line is open.

我們的下一個問題來自摩根大通的 Jeremy Tunne。您的線路已開通。

Hi, good morning.

嗨，早安。

Morning.

早晨。

I'm just wondering as it relates to capital allocation. I know it's been touched on a bit here before as it relates to buybacks, but just wondering, any thoughts you could share with us with regards to the pace of buybacks in a given quarter, given, we've seen a lot of share price volatility, right?

我只是想知道它是否與資本配置有關。我知道之前這裡已經提到過一些與回購有關的問題，但我只是想知道，考慮到我們已經看到了很多股價波動，您能否與我們分享一下關於特定季度回購速度的想法，對嗎？

And just wondering if, free cash flow in a given quarter impacts pace or any other considerations we might think about, just given the level of volatility we've seen out there and how that could influence the buyback pace.

我只是想知道，考慮到我們所看到的波動水平以及這可能如何影響回購速度，特定季度的自由現金流是否會影響速度或我們可能考慮的任何其他因素。

Yeah, Jeremy, happy to take that. Good morning. So, from a pay standpoint, obviously you can take a look at what we did in the first quarter as an example when market opportunities present themselves, we're going to get out there and, put our share repurchase program in place and get moving.

是的，傑里米，很高興接受這個。早安.因此，從薪酬的角度來看，顯然你可以看看我們在第一季所做的事情，例如，當市場機會出現時，我們就會採取行動，實施我們的股票回購計劃並開始行動。

Ultimately the more dollar per share from a free cash flow standpoint that we can produce, ultimately that's our goal, right. Growing that free cash flow per share, growing what that looks like for our remaining customers.

最終，從自由現金流的角度來看，我們每股能夠創造的收益越多，這最終就是我們的目標，對吧。增加每股自由現金流，為我們剩餘的客戶帶來更多利益。

We do have a little bit of seasonality in our cash, and I would tell you there there's a little bit of that just given how our debt service works, but not anything to where it keeps us out of the market for any quarter or any period of time. So, as I mentioned earlier, we've got over $270 million of cash on the balance sheet, ready and willing to transact when we can.

我們的現金確實有一點季節性，我想告訴你，考慮到我們的債務服務運作方式，確實有一點季節性，但這並不會導致我們在某個季度或某個時期無法進入市場。因此，正如我之前提到的，我們的資產負債表上有超過 2.7 億美元的現金，隨時準備好進行交易。

Got it.

知道了。

I might, hey, Jeremy, it's Mac. I might just add, look. I think there were, we filed our poxy the March19. And in there you would have seen if you looked at the share count because it's a current filing you have to put current numbers and you would have seen versus the 12,31-share count that we had bought back shares.

我可能會說，嘿，傑里米，這是麥克。我可能還會補充一點，看。我認為有，我們在 3 月 19 日提交了申請。在那裡，你會看到，如果你查看股票數量，因為這是當前的文件，你必須輸入當前的數字，你會看到，相對於我們回購的股票數量 12,31 股。

And so, if you go back to the early March time frame. That's a couple of months ago that we were in the market and we were executing trades at that point, buybacks at that point in time, and we just felt as though that was a good use of capital.

因此，如果你回顧一下三月初的時間範圍。幾個月前，我們進入了市場，當時我們正在進行交易，當時我們正在進行回購，我們只是覺得這是對資本的良好利用。

We've always said that our benchmark is returning capital to shareholders before we would go and make other alternative uses of that cash. And so, as Terry said, we're there and we're going to be supportive of the stock, when we can.

我們一直說，我們的基準是先將資本回饋給股東，然後我們才會將現金用於其他用途。因此，正如特里所說，我們在那裡，只要我們能夠，我們就會支持該股票。

No, that makes sense. I just didn't know if there could have been more in the quarter given the volatility, if there's any limiting factors, but I understand the response there. So thank you for that. Well.

不，這很有道理。我只是不知道，考慮到波動性，本季是否可以有更多成長，是否有任何限制因素，但我理解那裡的反應。謝謝你。出色地。

I wish we could have bought a billion back at 185, that's a little joke, okay, but like there's, there are limits as to what you can do on volume per day and things of that nature. It's, and I think there were people that wrote that when you get, when we got down into that $185 range or plus or minus, that was sort of a reflection, wasn't even a reflection of just pure fundamentals before you think about that of power plants, before you think about adding data centers on top of that. So, look, we're, we. I think we've shown the propensity to execute under our capital allocation program and have bought back now what, like $1.9 billion

我希望我們能以 185 美元的價格買回 10 億美元，這是個小笑話，好吧，但是就像那樣，每天的交易量和諸如此類的事情都是有限制的。我認為有人寫道，當我們降到 185 美元左右時，這是一種反映，甚至不是在考慮發電廠、在考慮在此基礎上增加資料中心之前純粹的基本面的反映。所以，你看，我們，我們。我認為我們已經展示了執行資本配置計劃的傾向，現在已經回購了大約 19 億美元

23% of the market cap.

23%市值。

So, and again we're going to continue to evaluate that strategy and that's our benchmark.

因此，我們將繼續評估該策略，這是我們的基準。

Got it. That's that's helpful. And then just want to pivot towards PGM, the market a little bit here with the PJM auction collar now approved. Just wondering how you think that sets up incentives, I guess, for, new builds in the next few years here. How did PGM's recent, approvals fast track new generation play into this? Any thoughts and proposals to re-regulate in Pennsylvania, given I guess some of the news we hear out there?

知道了。這很有幫助。然後只想轉向 PGM，市場稍微轉向 PJM 拍賣領，現在 PJM 拍賣領已經獲得批准。我只是想知道您認為這會如何激勵未來幾年的新建築。PGM 最近核准的快速新一代產品在這方面發揮了什麼作用？考慮到我們聽到的一些消息，您對於賓州重新進行監管有什麼想法和建議嗎？

Yeah, so Germany, there's a lot in that question, so maybe we can take this one step at a time from a constructive standpoint for what we see and maybe let's touch on the capacity auction real quick. We think the upcoming capacity auction will be extremely constructive. Let Chris add a few comments to that here at the end on.

是的，關於德國，這個問題有很多內容，所以也許我們可以從建設性的角度一步一步地來看待我們所看到的情況，也許我們可以快速談談容量拍賣。我們認為即將舉行的產能拍賣將極具建設性。讓克里斯在最後對此添加一些評論。

Re-regulation and policy discussions in Harrisburg and the like, obviously we're proponents of what the IPP and the merchant generation space has done over the last several decades of bringing generation to bear. Once again, when you take a look at any sort of tightening cycle, the initial supply response is usually I mean it's a very orderly process.

在哈里斯堡等地重新進行監管和政策討論，顯然我們是 IPP 和商業發電領域在過去幾十年中為發揮發電作用所做努力的支持者。再說一次，當你觀察任何類型的緊縮週期時，最初的供應反應通常是一個非常有序的過程。

You're going to get additional upgrades from existing sites first and foremost. That's usually the lowest cost of of incremental generation. Then you're going to get, potential retirements that were in the plan that are not going to be retired and we've seen some of that already, right? So you're seeing that supply response.

您首先將從現有網站獲得額外的升級。這通常是增量發電的最低成本。然後你會發現，計劃中的潛在退休人員不會退休，我們已經看到了一些這樣的情況，對吧？所以你看到了供應反應。

The question of new build outright is a challenging one because you now have two auctions where you've got a floor and a ceiling that limit the outcome from a capacity standpoint and I would tell you the combination of those capacity outcomes with the existing energy price is not enough to cover a decent return on investing $2200.

直接新建的問題是一個具有挑戰性的問題，因為現在有兩個拍賣，每個拍賣都有一個下限和一個上限，從容量的角度來看，這限制了結果，我想告訴你，這些容量結果與現有能源價格的結合不足以支付 2200 美元的投資獲得可觀的回報。

And heaven forbid $2600 or $2700 a KW for a combined cycle generation plant, and so you know that new build greenfield development is challenged from that standpoint even before you get into whether or not you can touch on it from a supply chain standpoint. Chris, you want to add anything on the capacity auction. Yeah.

但願聯合循環發電廠的電價不會達到每千瓦 2600 美元或 2700 美元，所以您知道，從這個角度來看，新建綠地開發面臨著挑戰​​，甚至在您了解是否可以從供應鏈的角度觸及它之前。克里斯，你想在容量拍賣中添加任何東西。是的。

Look, I think. To say it simply right, things still look tight. We've gotten updated parameters, reliability requirements up, ELCCs down, so some knowns and unknowns of the unknowns, DR when participation, those will be variable, but.

瞧，我認為。簡單地說，情況看起來仍然很緊張。我們已經獲得了更新的參數，可靠性要求上升，ELCC下降，因此一些已知和未知的未知數，參與時的DR，這些都是可變的，但是。

Maybe instructive, right? Let's go back and auction, as we're active in that space and trading bilaterally, you saw some prints coming across that, certainly didn't reflect where the auction cleared and so the variability on price outcomes continues to be wide. With the collar in place, the curve is steep and quite frankly we're, 1.5 to 1.6 gigs from price and floor on outcomes.

也許有啟發性，對吧？讓我們回顧拍賣，由於我們活躍於該領域並進行雙邊交易，您會看到一些印刷品，當然並沒有反映拍賣清算的位置，因此價格結果的變化仍然很大。在領圈到位的情況下，曲線很陡峭，坦白說，我們距離價格和底線有 1.5 到 1.6 千兆位元組。

So again, the price variability is certainly heightened, but given the fundamental underlay things still look tight, and things still look.

因此，價格波動肯定會加劇，但考慮到基本面，情況看起來仍然緊張，情況看起來仍然如此。

Where are you seeing trades, Chris, for '26, '27 in the bilateral market? Maybe that's a.

克里斯，您認為 26 年和 27 年雙邊市場的交易情況如何？也許那是一個。

Yeah. Again, it's varied. We coming out of the last auction, we saw some 300 prints come through. We're seeing a little more different flavor of three-year strips, two-year strips, contemplative of a high clear this year with some uncertainty in the back half.

是的。再次，它是多種多樣的。我們在上次拍賣會上看到大約 300 幅版畫。我們看到了三年期、兩年期漫畫的不同風格，預計今年將會非常清晰，但後半段會有一些不確定性。

So again, all indicators are still pretty constructive, but certainly some unknown variables vis a vis wind and VR that that could impact that.

所以，所有指標仍然相當具有建設性，但風和 VR 等一些未知變數肯定會對此產生影響。

Got it. That's very helpful. I'll leave it there. Thanks.

知道了。這非常有幫助。我就把它留在那裡。謝謝。

And our next question comes from Julian Dome and Smith with Jeffrey. Your line is open.

我們的下一個問題來自 Julian Dome 和 Smith 以及 Jeffrey。您的線路已開通。

Hey, good morning team. Thank you, guys, very much for the time. I appreciate it. Maybe to follow up on, hey Mac, thank you. So maybe just to follow up a little bit on the earlier question with, from Mr. Sullivan there, can I follow up a little bit on the non-nuclear island just what exactly, is it that you guys are upgrading if I can get a little bit more details? I mean, is it pertain to the blades here or what is the status of the generator blades?

嘿，大家早安。非常感謝你們抽出時間。我很感激。也許可以跟進一下，嘿 Mac，謝謝你。所以也許只是為了稍微跟進一下之前的問題，沙利文先生，我能否稍微跟進一下無核島的具體情況，你們是否正在升級它，如果我可以獲得更多細節？我的意思是，這是否與這裡的葉片有關，或者發電機葉片的狀態如何？

No. It's the extraction steam system that comes off of the turbine that then, eventually the steam flows down into the condenser. We knew we had work to do in the condenser, that's the 27 megawatts that we're talking, but as you went upriver, if you will, back towards the turbine, there was some additional.

不。它是從渦輪機出來的抽汽系統，然後蒸汽最終流入冷凝器。我們知道我們需要在冷凝器中做一些工作，也就是我們所說的 27 兆瓦，但是當你向上游走時，如果你願意的話，回到渦輪機，還有一些額外的工作要做。

Repairs and incremental maintenance on some of the piping effectively are there so that it's the extraction steam system. It's that simple. And when you, when we do that incremental work, what it'll do is effectively, and this is a layman's term, I am an engineer, but I quit doing that like 30 years ago, but is tightening the flow of the steam and by doing so you get for the same fuel, you get additional energy out of the system.

對一些管道進行有效的維修和增量維護，使其成為抽汽系統。就這麼簡單。當我們進行增量工作時，它會有效地（這是外行人常說的術語），我是一名工程師，但我 30 年前就不再做這個了，而是加強蒸汽的流動，通過這樣做，你就可以用同樣的燃料從系統中獲得額外的能量。

Got it. Okay, so turbine blades and the generators.

知道了。好的，渦輪葉片和發電機。

It's not, no, it's not the turbine. It's not the turbine. It's not I should, I should, I appreciate that follow up question because I should have been clear. Yeah, it's not the turbine, it's. The surrounding, yeah compound.

不是，不，這不是渦輪機。這不是渦輪機。這不是我應該，我應該，我很感謝後續問題，因為我應該說清楚。是的，這不是渦輪機，而是。周圍，是的，大院。

Thank you for saying it multiple times.

謝謝你多次這麼說。

Excellent. So, and right, and as a consequence, your confidence in the timeline of the outage, etc. I think you said a week away here is pretty.

出色的。所以，對，因此，您對停電時間表等的信心。我想您說這裡還有一週的時間。

High. Look, I just get this going into, yeah I, as again, you put together timelines and you know you put together the best of it with the best available information, but we feel good about the mid-May time frame.

高的。瞧，我剛剛明白了這一點，是的，我再次將時間表放在一起，並且您知道將最好的資訊與最好的可用資訊放在一起，但我們對 5 月中旬的時間框架感到滿意。

Got it. Okay, yeah, I don't mean to press you too much there. Appreciate it. Alright, excellent. Alright, just if I can pivot slightly here, I mean, Montour is an interesting asset you guys have, obviously a lot of focus on your Susquehanna site, and there's a certain degree of adjacency.

知道了。好的，是的，我並不是想給你太多壓力。非常感謝。好的，非常好。好吧，如果我可以在這裡稍微轉一下的話，我的意思是，蒙圖爾是你們擁有的一項有趣的資產，顯然你們對薩斯奎哈納站點的關注度很高，而且有一定程度的相鄰性。

How do you think about the concept of additionality here? I mean. Some of your peers have been commenting on this, and certainly you guys have an interesting potential play on this avenue. So again, I'm not trying not to pry on your commercial terms in as much as I'm trying to think about the scope of how you think about what could come ahead here, especially in light of this growing conversation on additionality.

您如何看待這裡的附加性概念？我是說。你們的一些同行已經對此發表了評論，當然你們在這個途徑上有著有趣的潛在作用。所以，我再次強調，我並不是想不去窺探你的商業條款，而是想思考你對未來可能發生的事情的看法，特別是考慮到關於附加性的討論越來越多。

Look, I think that in discussed this before. When I think about the markets and the tightening of the markets. I think of things in sort of a near term, midterm and longer term. And in the near term, what we have, and I said this before, and if you look at, by the way, it it's being validated in our results, because if you look at the runtime on Montour versus a year ago, we have plenty of energy in the system.

瞧，我認為我們之前討論過這個問題。當我思考市場和市場緊縮時。我從短期、中期和長期的角度來考慮問題。而在短期內，我們所擁有的，我之前說過，如果你看一下，順便說一下，它正在我們的結果中得到驗證，因為如果你看看 Montour 的運行時間與一年前相比，我們的系統中有足夠的能量。

What we have for the next five years is effectively trying to solve a capacity issue for 20 hours to 40 hours, and I think that's where the industry has started to talk about how we solve that 20 hours to 40 hours, and we have enough energy there.

未來五年我們要做的就是有效解決 20 小時到 40 小時的容量問題，我認為這也是業界開始討論如何解決 20 小時到 40 小時容量問題的地方，我們在這方面有足夠的精力。

With respect to additionality, I think what you're saying, and I hope I got it right, you're talking additionality in terms of incremental megawatts or plants on and that is the end of the decade. That next five-year period, 30 to 35, that's when we're going to need energy and capacity that is new. In my mind, we have a capacity shortage which again is just 20 hours to 40 hours for the next five years.

關於附加性，我認為您所說的（我希望我理解正確）是指增量兆瓦或發電廠方面的附加性，而這正是本世紀末的事情。在接下來的五年裡，也就是 30 到 35 年內，我們將需要新的能源和產能。在我看來，我們的產能短缺，未來五年將再次短缺 20 小時到 40 小時。

With the data center load coming, there will have to be additional megawatts brought to bear. That's just a fact as load growth, this is, as I mentioned, this is an exciting time because we're seeing load growth again in the industry, which hasn't occurred, particularly in the Northeast.

隨著資料中心負載的增加，必須提供額外的兆瓦電力。這就是負荷增長的事實，正如我所提到的，這是一個令人興奮的時刻，因為我們再次看到行業負荷增長，這種情況以前從未發生過，特別是在東北地區。

There's been in the Gulf states you've seen load growth pretty fairly substantial in Texas, Louisiana, etc. From industrial load, but data center load coming to the Northeast and particularly specifically Pennsylvania, we're excited about. But yes, there will have to be additional megawatts brought to bear.

在墨西哥灣各州，你會看到德州、路易斯安那州等地的負載成長相當可觀。從工業負荷來看，但資料中心負荷來到了東北部，特別是賓州，我們對此感到興奮。但確實，必須投入額外的電力。

But again, I think that is a 20 to 30-to-35-time frame if we as an industry and as a load can solve that 20 hours to 40 hours a year. And I think that can come through demand response.

但是，我認為，如果我們作為一個行業和一個負載，每年可以解決這個問題 20 到 40 個小時，那麼這是一個 20 到 30 到 35 個時間框架。我認為這可以透過需求響應來實現。

Things like getting incremental energy from our current megawatts, which we're looking at and doing, installed our current installed capacity across the fleet. So, when it comes to additionality, I think that's a, it's a good discussion, but it's a discussion that to me is in the out years.

我們正在研究和實施的事情包括從我們現有的兆瓦電力中獲取增量能源，從而在整個機隊中安裝我們現有的裝置容量。因此，當談到附加性時，我認為這是一個很好的討論，但對我來說這是一個未來幾年的討論。

And again, as I said in the opening, those construction costs are going up. You're looking at $2200 to $2600 a KW range is what others have said, whether it be green or brownfield, it doesn't matter. I mean, the costs are going up because of the materials, etc.

正如我在開頭所說的，這些建設成本正在上升。其他人也說了，你看到的是每千瓦 2200 到 2600 美元的範圍，無論是綠地還是棕地，都無所謂。我的意思是，由於材料等原因，成本正在上升。

And it's long lead time and so the current markets don't support that. So again, we have pricing and megawatts right now. And it's speed to market for a lot of this data center load. It's like producing it now, but then we still have to solve this short term 20 hours to 40 hours a year issue, and I think we as an industry can do that.

而且交貨時間很長，所以目前市場不支援這樣做。所以，我們現在有定價和兆瓦。這對於許多資料中心負載來說都是加速上市的速度。這就像現在生產它，但我們仍然必須解決這個短期內每年 20 小時到 40 小時的問題，我認為我們作為一個行業可以做到這一點。

Yeah, absolutely, but just to set expectations with respect to your portfolio here again, I know you're in the race to get this second deal done. It wouldn't necessarily be focused on incremental megawatts at the Montour site or what have you. It would be focused on a more conventional use of existing capacity if I'm hearing you right.

是的，絕對如此，但只是為了再次為您的投資組合設定預期，我知道您正在競相完成第二筆交易。它不一定會關注 Montour 站點的增量兆瓦數或其他什麼。如果我沒聽錯的話，它將專注於更常規地利用現有容量。

I think it could it's I think there are multiple ways to supply power to data centers.

我認為可以，我認為有多種方法可以為資料中心供電。

You got it right, sir. Good luck. I'll see you soon.

先生，您說得對。祝你好運。我很快就會見到你。

Hey, Julian.

嘿，朱利安。

And our next question comes from Ross Fowler with Bank of America. Your line is open.

我們的下一個問題來自美國銀行的羅斯福。您的線路已開通。

Morning Terry Mor mac. How are you? So, first question, just any updates on the litigation process at the Fifth Circuit around the ISA or just we are where we were?

早上好，Terry Mor mac。你好嗎？那麼，第一個問題，有關第五巡迴法院圍繞 ISA 的訴訟程序有什麼最新進展嗎？還是我們現在的進展如何？

Hey John, you want to take that John, our general counsel.

嘿，約翰，你想接替我們的總法律顧問約翰。

I'd be happy to take that, Ross. We're monitoring. Hang on a second, I'm thinking about a different issue. Give me two seconds here to think this through.

我很樂意接受這個，羅斯。我們正在監控。等一下，我在考慮另一個問題。給我兩秒鐘時間仔細思考。

Yeah, so look, the fifth circuit is proceeding. The briefing schedule is going to come out in the next couple of weeks. That appeal is a lot of technical issues.

是的，看，第五巡迴法庭正在進行。簡報時間表將在未來幾週內公佈。這項上訴涉及很多技術問題。

And I don't want to bore everybody with the lo the technical side of it, but the upshot is that that FERC decision turned on theoretical concerns about nonconforming provisions to applying those hypothetical future transactions, and we think FERC should have evaluated our transaction and not future transactions that might or might not occur. So that process is going to play out over the course of the next several months in the fifth Circuit. And as MAC has said several times, we're doing that along with other things.

我不想讓大家對它的技術方面感到厭煩，但結果是，聯邦能源管理委員會的決定是基於對不符合規定的條款在理論上的擔憂，而這些條款將應用於那些假設的未來交易，我們認為聯邦能源管理委員會應該評估我們的交易，而不是可能發生或可能不會發生的未來交易。因此，這個過程將在接下來的幾個月內在第五巡迴法院進行。正如 MAC 多次說過的那樣，我們正在做這件事以及其他事情。

So, Ross, let me just throw a little bit of additional color there. We're pursuing that option because we felt as though the denial of the ISA incremental to 960 from 300, which by the way, that ISA had been approved, amended, and approved, and then denied, that it was denied without. Prejudice, which meant that they didn't reason or argue why it was denied.

所以，羅斯，讓我再補充一點內容。我們正在尋求這種選擇，因為我們覺得 ISA 的拒絕會從 300 增加到 960，順便說一句，ISA 已經被批准、修改和批准，然後被拒絕，它被拒絕了。偏見，這意味著他們沒有推理或爭論為什麼被拒絕。

And our fifth Circuit case is basically to ask FERC through the legal process to state why this is layman's terms, it's not a legal term, to basically provide a reasoned argument as to why it was denied because we felt that that was a prudent thing to do.

我們的第五巡迴法院案件基本上是透過法律程序要求聯邦能源管理委員會說明為什麼這是外行人的術語，而不是法律術語，基本上提供一個合理的論點來解釋為什麼被拒絕，因為我們認為這是一件謹慎的事情。

That makes complete sense. And then following on Julian's questions and maybe Angie's questions too, I know you're not going to comment on specific assets, and I know, we've sort of beaten up the additionality question, but as I think about it, you have the agreement with AWS off the back of a nuclear plant on a co-location basis now. As you flip that from a 30,000 ft view to natural gas, what kind of strategic things or risk factor things, big picture things are you thinking about how a natural gas plant arrangement would have to work different from a nuclear arrangement?

這完全說得通。然後回答朱利安的問題，也許還有安吉的問題，我知道您不會對具體資產發表評論，而且我知道，我們已經解決了附加性問題，但正如我所想，您現在已經與 AWS 達成了在核電站基礎上共置的協議。當您從 30,000 英尺的高度來看待天然氣時，您會考慮哪些戰略因素或風險因素，以及宏觀因素，天然氣工廠的安排與核工廠的安排有何不同？

Yeah, that's, that again, I'm going to go back to why this is so exciting to be in the IPP space right now. If you think, if you go back, for those of us that can a couple of decades to the early 2000s. Tradelos had not only dealing with real-time spot and sort of Belmont, bow Week, etc.

是的，那是，再次，我要回顧為什麼現在處於 IPP 領域如此令人興奮。如果你想想，如果你回溯，對我們這些人來說，那可能是幾十年前到 21 世紀初。Tradelos 不僅處理即時現貨，還處理貝爾蒙特、弓週等事宜。

There was also origination, which meant longer term contracting, and that still has atrophied a lot, okay, in the industry. We're obviously rebuilding it and if you think about it, the behind the meter deal AWS or any of the other contemplated solutions that we're thinking about how to power data centers are effectively origination structured type deals. And to do that you have to, in my opinion, have a platform.

還有起源，這意味著長期合約，但這在行業中仍然萎縮了很多。我們顯然正在重建它，如果你仔細想想，那麼電錶背後的交易 AWS 或我們正在考慮的任何其他為資料中心供電的解決方案實際上都是發起結構化類型的交易。我認為，要做到這一點，你必須有一個平台。

Like Talen has, which is a trading floor, the ability to source and contract for gas, schedule gas, be able to understand the risks associated with it, being able to backstop, if you were to go sell, for example, this is an example, if you were to go sell a long term contract off of a single gas unit, you that has risk embedded in it to the counterparty and to the structure, if that unit is to go down.

就像 Talen 一樣，它是一個交易大廳，能夠採購和簽訂天然氣合同，安排天然氣，能夠了解與之相關的風險，能夠提供支持，如果你要去出售，例如，這是一個例子，如果你要出售單個天然氣單位的長期合同，如果該單位價格下跌，那麼這對交易對手和結構來說就具有風險。

But if that unit goes down and you have incremental megawatts across the fleet, you have an ability to portfolio risk that and to backstop that. So, we're excited about the platform that Talent has to be able to find creative solutions and to go back to the world of origination and structuring where you had contracts for CNI, which if you think about the Amazon contract, it is a CNI type customer, it just happens to look a lot like.

但如果該機組故障，而你的整個機組的發電量又增加了，你就有能力承擔風險並提供支援。因此，我們對 Talent 平台感到興奮，它能夠找到創造性的解決方案，並回到起源和構建的世界，在那裡你與 CNI 簽訂了合同，如果你想想亞馬遜的合同，它是一個 CNI 類型的客戶，它恰好看起來很相似。

An aluminum smelter that runs 24 by 7, but those contracts were one, three, five, seven, sometimes even 10 years or longer like our AWS contract. Coal, you want to jump in on this.

鋁冶煉廠每週 7 天、每天 24 小時不間斷地運行，但這些合約的期限是一、三、五、七年，有時甚至是十年或更長，就像我們的 AWS 合約一樣。煤炭，你想參與其中。

Yeah, so look, I mean, the question around what's different between gas really versus nuclear, if I could, cut to that. I think there's one fiscal and one financial. Broad buckets that that we've been working on, and one is just the reliability aspect, right?

是的，所以，我的意思是，如果可以的話，關於天然氣和核能之間到底有什麼區別的問題，我可以切入這個問題。我認為一個是財政，一個是金融。我們一直在研究的領域很廣泛，其中一個是可靠性方面，對吧？

We talked about Susquehanna having one unit back up the other in our current arrangement behind the meter, and I think we've come back to our analyst day last year, we've been saying, a gas deal likely looks different. We need to have some kind of grid support, because of the reliability, features and whatnot.

我們談到了薩斯奎哈納在我們目前的計量表後安排中讓一個單位支持另一個單位，我想我們回到去年的分析師日，我們一直在說，天然氣交易可能看起來有所不同。我們需要某種電網支持，因為它的可靠性、功能等等。

So, and so we've been working on this type of arrangement well before the FERC rejection in November. And you have some thoughts there as we talk with counterparties. And then on the economic side it's really around, price risk, right? Obviously there's the gas commodity risk on a long term contract and who warehouses that. There's a variety of different structures to do that.

因此，早在 11 月聯邦能源管理委員會拒絕之前，我們就一直致力於這種安排。當我們與交易對手交談時，您有一些想法。那麼從經濟面來看，這確實與價格風險有關，對嗎？顯然，長期合約中存在天然氣商品風險以及由誰來倉儲這些風險。有多種不同的結構可以實現這一點。

We certainly are built as Mac was alluding to warehouse the appropriate risk and manage that for the appropriate return. And so that's where we're at with our discussions with counterparties.

正如 Mac 所暗示的，我們確實會承擔適當的風險並對其進行管理以獲得適當的回報。這就是我們與交易對手的討論情況。

Yeah, that's well said because we When we say things like warehouse risk, we mean manage it for our customers, and we think that we're well positioned to do so we have a good balance sheet. We have a diverse portfolio of assets in addition to Susquehanna that allows us to do that.

是的，說得好，因為當我們說倉庫風險之類的事情時，我們的意思是為我們的客戶管理它，我們認為我們有能力做到這一點，所以我們有良好的資產負債表。除了 Susquehanna 之外，我們還擁有多元化的資產組合，這使我們能夠做到這一點。

So, when people start asking questions about and by the way, we use front of the meter as shorthand. No one's really defined what front of the meter or front of the meter gas is, but if we just use that as a general umbrella concept, that means that somebody is going to have to be effectively a retail provider that can provide a full solution over a long term manage risk but do so at an appropriate return and we like how we're positioned there and we like how we're positioned and where our assets are positioned as well.

因此，當人們開始詢問有關的問題時，我們會使用儀表前面作為簡寫。沒有人真正定義過什麼是電錶前端或電錶前端天然氣，但如果我們只是將其用作一般概念，那就意味著必須有人成為有效的零售供應商，能夠長期提供完整的解決方案來管理風險，但要以適當的回報來做到這一點，我們喜歡我們在那裡的定位，我們也喜歡我們的定位以及我們的資產的定位。

Yeah, that's a very comprehensive answer and Mac I say unfortunately I am old enough or maybe fortunately I'm old enough to take care. Thank you.

是的，這是一個非常全面的答案，麥克，我想說不幸的是我已經夠老了，或者幸運的是我已經夠老了，可以照顧自己。謝謝。

It's unfortunate, I think I'm going to believe, but anyway, yeah, you're in good company.

這很不幸，我想我會相信，但無論如何，是的，你並不孤單。

Take care, guys.

大家保重。

And our next question comes from Craig. Share with Tuy brothers, your line is open.

我們的下一個問題來自克雷格。分享給Tuy兄弟吧，你的線路開通了。

Good morning. Thanks for taking the questions.

早安.感謝您回答這些問題。

Hey, Craig, good morning.

嘿，克雷格，早安。

Digging a little bit further on Angie's gas fired and Julian's Motor question, a leading midstream company has coined some rapid fire, greenfield simple cycle data center deployments that look to be online in the next couple of years. Any thoughts on reconciling your 2030 to 2035 timeline for additionality given that if your comments are focused more around efficient CCGTs. But data centers are happy with seemingly perpetually simple cycle support. Does that change your math at all?

進一步深入探討安吉的燃氣和朱利安的汽車問題，一家領先的中游公司創造了一些快速、綠地簡單循環資料中心部署，這些部署有望在未來幾年內上線。如果您的評論主要集中在高效的 CCGT 上，您對於協調 2030 年至 2035 年時間表以實現附加性有何想法​​？但資料中心對看似永遠簡單的循環支援感到滿意。這會對你的數學產生任何改變嗎？

No, not really, Craig. I mean, I think the corollary here is it was interesting in the shale boom. I don't know, maybe 10 years 15 years ago, right after sort of 9 and 10, back in '08 when the Ford Strip was trading $11 in MMBTU, West Texas had a problem with electricity and there was a lot of upstream guys that said, they were deploying.

不，不是真的，克雷格。我的意思是，我認為這裡的推論是頁岩繁榮時期很有趣。我不知道，也許是 10 年前或 15 年前，就在 9 和 10 年之後，也就是 2008 年，當福特大道的百萬英熱單位交易價格為 11 美元時，西德克薩斯州出現了電力問題，很多上游人說他們正在部署。

Trailer 18-wheeler mounted a system out there to power their rigs and to power their pumps and compressors and things of that nature. I think that's a little bit of a corollary. There was a data center, I think it was in Memphis, that got plopped down and some reciprocating machines got plopped down next to it, which are probably the least efficient, but it gave a speed to market.

18 輪拖車在那裡安裝了一個系統，為他們的鑽孔機、泵浦、壓縮機和類似的東西提供動力。我認為這只是必然結果。有一個資料中心，我想它是在孟菲斯，它被安置在那裡，一些往復式機器被安置在它旁邊，這些機器可能是效率最低的，但它加快了產品上市速度。

I think that's all sort of within the realm of solutions and trying to figure out how to power data centers and that and so I don't think that's inconsistent. My comments about 20. But you can do that on a smaller scale, but when you start talking gigs, that's when I was talking 2030 to ;35 being the CCGTs. Cole.

我認為這一切都屬於解決方案的範疇，並試圖弄清楚如何為資料中心供電，因此我認為這並不矛盾。我的評論大約有 20 則。但你可以在較小的範圍內做到這一點，但是當你開始談論演出時，那就是我所說的 2030 到 35 年是 CCGT。油菜。

Yeah, no, Mac, I think you hit on it. It's a question of scale, right, as you think about that technology and what it's able to be used for the scale and the size matters. And then also the question of, what's your backup to that and is it interconnected to the grid or not? I think that's important yeah.

是的，不，麥克，我想你已經猜到了。這是一個規模的問題，對吧，當你考慮這項技術以及它能夠用於什麼用途時，規模和大小很重要。然後還有一個問題是，你的備份是什麼？它是否與電網互連？是的，我認為這很重要。

And one other thing on that, look, other companies are going to find pockets of opportunity to build, in the near term for speed to market.

還有一件事，你看，其他公司將在短期內尋找機會，以加快產品上市速度。

Our speed to market advantage is already our existing assets, right? So, we have high heat rate machines or higher heat rate machines already, in Montour and some other assets, so for us it just wouldn't be a natural fit to add more of that, if anything it would be to add the high, efficiency machines over the longer term.

我們的上市速度優勢已經是我們現有的資產了，對嗎？因此，我們在 Montour 和其他一些資​​產中已經擁有高熱率機器或更高熱率機器，因此對於我們來說，添加更多這樣的機器並不是一件自然而然的事情，如果有的話，那就是在長期內添加高效率的機器。

Yeah. And again I think Craig, it goes back to like it's going to take a portfolio to provide a portfolio of solutions.

是的。我再次認為，克雷格，這又回到了需要透過投資組合來提供解決方案組合的問題。

Understood, flipping a little bit to the auction and front of the meter, and industry peers seem to anticipate notable demand response increases in the upcoming auction that could pave the way for more front of the meter PPA solutions by by, effectively peak shaving and allowing, IPPs to tap their spare gas-fired capacity. Would you agree with that outlook both, in terms of the progression of the front of the meter market and also in terms of the pending auction?

明白了，稍微看一下拍賣和電錶前端，業內同行似乎預計在即將舉行的拍賣中需求響應將顯著增加，這可能為更多的電錶前端 PPA 解決方案鋪平道路，有效地削減峰值並允許 IPP 利用其備用燃氣發電能力。就電錶前端市場的發展以及即將進行的拍賣而言，您是否同意這種觀點？

I think what Craig, what you're hitting on is a is a growing chorus, and we've done a number of visits to DC and thinking about how to this intersection with respect to and without getting into those, private conversations, I think it's thematic in the industry that people are looking at and saying we have emergency response capability through backup generators just like backup generators at your house.

我認為克雷格，你所談論的是一個越來越普遍的呼聲，我們已經多次訪問華盛頓，思考如何解決這個問題，在不涉及這些私人談話的情況下，我認為這是行業的主題，人們正在關注並說我們通過備用發電機擁有應急響應能力，就像你家裡的備用發電機一樣。

I mean, I wouldn't suggest that we go. Aggregate all of those, but could be an option to solve things, but that are in size, and people are looking at as I described how to solve this 20 hour to 40-hour issue, not necessarily boil the ocean and try to get a bunch of new build when there's supply chains, etc.

我的意思是，我不建議我們去。把所有這些加起來，可能是解決問題的一個選擇，但這些選擇是規模性的，人們正在看我所描述的如何解決這個 20 小時到 40 小時的問題，不一定非要煮沸海洋並在有供應鏈的情況下嘗試獲得一堆新建項目，等等。

When we have energy as coal was just, we have energy capacity at Montour. We were running Montour at 7% three years ago, and we're now running it at 46% in the first quarter. I mean, that it can ramp up, and it's a gas unit, maybe it's a 10-heat rate, so it's not as efficient, but it is quick to market. It can ramp up, but it can't solve that 20 hours to 40 hours because it was already counted in those 20 hours to 40 hours. And so, demand response and the ability to solve that, we think needs to be.

當我們擁有像煤炭一樣的能源時，我們在蒙圖爾就擁有能源容量。三年前，Montour 的運作率為 7%，而今年第一季度，我們的運行率已達到 46%。我的意思是，它可以加速，它是一個燃氣裝置，也許它的熱效率是 10，所以它不是那麼高效，但它可以快速進入市場。它可以增加，但它無法解決那 20 小時到 40 小時的問題，因為它已經算在那 20 小時到 40 小時裡了。因此，我們認為需要有需求回應和解決問題的能力。

Again, that's atrophy because there wasn't the need for it. We think that needs to come back. Those muscles need to be rebuilt, and we need to get some good rules and PJM on how that works. And we need to think about how do we integrate that across the The Load, if you will.

再說一遍，這是萎縮，因為沒有必要。我們認為這需要恢復。這些肌肉需要重建，我們需要獲得一些好的規則和 PJM 來指導其如何運作。如果你願意的話，我們需要考慮如何將其整合到整個 The Load 中。

But in doing so, you can't change the reliability of the load. And when you think about things like data centers and their load, who knows what they're doing? You don't want to cut their load when they're performing. I don't know, DOD activities or they're doing things for hospitals, etc. You can't do that, but we need to think about how do you integrate that and solve this 20 hour to 40-hour issue across the system for the next 5 years, and I'm specifically talking about PJM right now.

但這樣做並不能改變負載的可靠性。當您考慮資料中心及其負載之類的事情時，誰知道它們在做什麼？當他們表演時，你不想減輕他們的負擔。我不知道，國防部的活動或他們為醫院做的事情等等。你不能那樣做，但我們需要考慮如何整合它並在未來 5 年內解決整個系統中 20 小時到 40 小時的問題，我現在特別談論的是 PJM。

Great, thank. You for that very helpful, yes.

太好了，謝謝。是的，您的幫助非常大。

I think we're just coming up on time. We got one more question.

我認為我們剛好趕上時間。我們還有一個問題。

Yes, our last question will come from Durgesh Chopra with Evercore. Your line is open.

是的，我們的最後一個問題來自 Evercore 的 Durgesh Chopra。您的線路已開通。

Good morning. Good morning. Thank you for squeezing me in. I just had a quick clarification on the first PGM discussion earlier on in the call. So, obviously one of your peers has asked for a settlement, amongst settlement talks amongst parties, just your views there, (McInary). I'm, I apologize if you, if you've discussed this earlier a couple of calls this morning, but just your views there on the alman.

早安.早安.謝謝你把我擠進來。我剛剛對通話中早些時候第一次 PGM 討論做了一個快速澄清。所以，顯然你的一位同僚已經要求在各方之間進行和解談判，這只是你的看法，（麥金納裡）。如果您今天早上已經在幾個電話中討論過這個問題，我深感抱歉，但這只是您對 alman 的看法。

(Domino Vis) yesterday their thought was that settlement actually pushes out the decision even further. So just any thoughts you can share there and how do you think this plays out.

（Domino Vis）昨天他們的想法是，和解實際上進一步推遲了決定。所以您可以分享任何想法，以及您認為這會如何發展。

Look, we weren't a party to the show cause order. It was rejected or somewhat staunchly rejected by PJM and we just, we, we're not pushing for that show cause order, nor did we. And so, PJMs pushed back on it. We think the regular course of what's going on right now in the absence of that show cause order is the most effective way to get to a resolution.

瞧，我們不是傳喚令的當事人。它被 PJM 拒絕或堅決拒絕了，我們只是，我們，我們不會推動那個出示理由令，我們也沒有。因此，PJM 對此進行了反擊。我們認為，在沒有出示說明理由令的情況下，按照目前的常規程序進行是解決問題的最有效方式。

And if I'm thank you Mac and there's no timeline right on that correct? I mean you you obviously want to get a decision as quickly as possible, but FERC is under no time like there's no set timeline for when FARC should act. They're.

如果我感謝 Mac，但上面沒有時間表，對嗎？我的意思是，你顯然希望盡快做出決定，但聯邦能源管理委員會卻沒有時間，也沒有為哥倫比亞革命武裝力量何時採取行動設定時間表。他們是。

Under, they're there's not an explicit timeline, but if you listen to the White House, if you listen to. Chairman Christie, everybody says we need to figure out, the AI dominance, which means data centers, which means we need to figure out this solution.

下面，他們沒有明確的時間表，但如果你聽白宮的話，如果你聽的話。克里斯蒂主席，每個人都說我們需要弄清楚人工智慧的主導地位，這意味著資料中心，這意味著我們需要找出這個解決方案。

So, as a practical matter, there is an overall guiding principle to solve this sooner rather than later, and so it's just going to need to take its course. Again, we want to continue to pursue that because we believe that the options, the eight options that PGM put forth need to be preserved, but that is not stopping us with respect to our other activities on the commercial front.

因此，從實際情況來看，有一個整體指導原則可以儘早解決這個問題，所以它只需要順其自然即可。再次強調，我們希望繼續追求這一目標，因為我們相信 PGM 提出的八個選項需要保留，但這並不會阻止我們在商業方面的其他活動。

Thank you. I really appreciate the time.

謝謝。我真的很感激你們給我的時間。

Okay, thanks, Durgesh. Great and thanks everyone for joining us today and for your continued supportive talent. Have a great day.

好的，謝謝，Durgesh。太棒了，感謝大家今天的加入我們，並感謝你們一直以來的支持。祝你有美好的一天。

This concludes 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。