Vistra Corp (VST) 2024 Q3 法說會逐字稿

Too AND.

太和了。

Good morning and welcome to Vistra's Third Quarter 2024 earnings call.

早安，歡迎參加瑞致達 2024 年第三季財報電話會議。

All participants will be in listen only mode.

所有參與者將處於僅聽模式。

Should you need assistance, please signal a conference specialist by pressing star, then zero on your telephone keypad.

如果您需要協助，請按星號，然後按電話鍵盤上的零向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions.

今天的演講結束後，將有機會提問。

To ask a question.

來問一個問題。

You may press star, then one on your telephone keypad.

您可以按星號，然後按電話鍵盤上的一個。

To withdraw your question, please press star then two.

若要撤回您的問題，請按星號然後按兩顆。

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to Eric basic, Vice President, Investor Relations.

我現在想將會議交給投資者關係副總裁 Eric basic。

Please go ahead.

請繼續。

Good morning, and thank you for joining Missouri's investor webcast discussing our third quarter of 2024 results are discussing today is being broadcast live from the Investor Relations section of our website at w. w. w. dot Mr. Cor te.com.

早安，感謝您參加密蘇裡州的投資者網絡廣播，討論我們今天討論的 2024 年第三季度業績，該網絡廣播正在我們網站的投資者關係部分進行現場直播，網址為 w. w。 w。點 Mr. Cor te.com。

There.

那裡。

You can also find copies of today's investor presentation and earnings release.

您還可以找到今天的投資者演示和收益發布的副本。

Leading the call today are Jim Burke, President and Chief Executive Officer and Chris modem, and this is an Executive Vice President and Chief Financial Officer.

今天主持電話會議的是總裁兼執行長吉姆伯克 (Jim Burke) 和執行副總裁兼財務長克里斯調製解調器 (Chris modem)。

They are joined by other Mr. senior executives to address questions during the second part of today's call is necessary earnings release presentation there, Matt, as discussed in the call today include references to certain non-GAAP financial measures.

他們與其他高級管理人員一起在今天電話會議的第二部分回答問題，馬特，今天電話會議的第二部分是必要的收益發布演示，馬特，正如今天電話會議中討論的那樣，包括對某一些非公認會計準則財務指標的提及。

Reconciliations to the most directly comparable GAAP measures are provided in the earnings release and in the appendix to the investor presentation available on the Investor Relations section of Gastar's website.

收益報告和Gastar網站投資者關係部分投資者介紹的附錄中提供了與最直接可比較的公認會計準則衡量標準的對帳。

Also, today's discussion contains forward looking statements which are based on assumptions we believe to be reasonable only as of today's date.

此外，今天的討論包含前瞻性陳述，這些陳述基於我們認為僅截至今天才合理的假設。

Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied.

此類前瞻性陳述受到某些風險和不確定性的影響，可能導致實際結果與預測或暗示的結果有重大差異。

We assume no obligation to update our forward-looking statements.

我們不承擔更新前瞻性陳述的義務。

I encourage our live all listeners to review the safe harbor statements included on slide 2 of the investor presentation on our website that explain the risks and forward-looking statements, the limitations of certain industry and market data included in the presentation and the use of non-GAAP financial measures.

我鼓勵現場所有聽眾查看我們網站上投資者演示文稿幻燈片2 中包含的安全港聲明，這些聲明解釋了風險和前瞻性聲明、演示文稿中某些行業和市場數據的局限性以及非公開數據的使用。

I will now turn the call over to our President and CEO, Jim Burke.

我現在將把電話轉給我們的總裁兼執行長吉姆伯克 (Jim Burke)。

So Eric, good morning, and thank you for joining us to discuss our third quarter 2024 operational and financial results.

Eric，早安，感謝您加入我們討論我們 2024 年第三季的營運和財務表現。

It has been an active year on a number of fronts, and I'm very proud of what the Vistra team has been able to deliver so far in 2024 while setting the stage for long-term value creation.

今年在許多方面都是活躍的一年，我對瑞致達團隊在 2024 年迄今所取得的成就感到非常自豪，同時為長期價值創造奠定了基礎。

Turning to slide 5, I would like to recognize the Vistra team for another quarter of hard work and strong operational performance through their efforts.

轉向投影片 5，我要對瑞致達團隊在另一個季度的辛勤工作和透過他們的努力取得的強勁營運業績表示認可。

We achieved a solid quarterly financial results of ongoing operations, adjusted EBITDA of $1,444 million, despite the continuation of the milder Texas, whether we have experienced most of the year, the consistent execution from our team across generation, Commercial and Retail delivered reliable power customer solutions that reflect the strength of our integrated business model.

我們持續營運的季度財務表現穩健，調整後EBITDA 為14.44 億美元，儘管德州持續溫和，但無論我們經歷了一年中的大部分時間，我們的團隊跨代、商業和零售的一致執行力為電力客戶提供了可靠的服務反映我們綜合業務模式優勢的解決方案。

As you may remember from our second quarter results call, we indicated our 2020 for ongoing operations.

您可能還記得，在我們的第二季業績電話會議中，我們指出了 2020 年的持續營運。

Adjusted EBITDA was trending toward the upper end of the guidance range.

調整後的 EBITDA 正趨向指導範圍的上限。

I am pleased to report there with the results announced today.

我很高興向大家報告今天公佈的結果。

In our outlook for the fourth quarter, we are raising and narrowing our guidance range for 2020 for ongoing operations adjusted EBITDA to 5.01 billion to 5.2 billion, with a midpoint above the upper end of our previous range.

在我們對第四季度的展望中，我們上調並縮小了 2020 年持續經營業務的指導範圍，調整後的 EBITDA 至 50.1 億至 52 億，其中中點高於我們先前範圍的上限。

We are also raising and narrowing the gap guidance range for ongoing operations.

我們也提高並縮小了持續營運的差距指導範圍。

Adjusted free cash flow before growth to 2.65 billion to $2.85 billion.

成長前調整後的自由現金流為 26.5 億至 28.5 億美元。

As we noted on our previous results call, our guidance excludes any potential benefit related to the nuclear production tax credit or PTC., as we await clarity from Treasury around the interpretation of gross receipts.

正如我們在先前的業績電話會議中指出的那樣，我們的指導排除了與核生產稅收抵免或 PTC 相關的任何潛在好處，因為我們正在等待財政部對總收入的解釋作出明確說明。

However, based on year-to-date settled prices in the forward curve for the balance of the year, we believe the impact of the nuclear PT. you see or 2020 for ongoing operations, adjusted EBITDA could be approximately $500 million.

然而，根據今年剩餘時間遠期曲線中今年迄今的結算價格，我們相信核電PT的影響。您會發現，到 2020 年，對於持續營運而言，調整後的 EBITDA 可能約為 5 億美元。

Moving your longer-term outlook, we are introducing guidance ranges for 2025 ongoing operations adjusted EBITDA of 5.5 billion to $6.1 billion in ongoing operations.

為了展望您的長期前景，我們推出了 2025 年持續營運業務調整後 EBITDA 的指引範圍，即 55 億至 61 億美元的持續營運業務。

Adjusted free cash flow before growth of 3.0 billion to 3.6 billion.

調整前自由現金流增加30億至36億。

Notably, our ongoing operations adjusted EBITDA guidance, midpoint of 5.8 billion is higher than the $5.7 billion upper end of our previously communicated range for 2025.

值得注意的是，我們持續營運調整後的 EBITDA 指引中位數為 58 億美元，高於我們先前公佈的 2025 年範圍上限 57 億美元。

While our ongoing operations adjusted EBITDA guidance for 2025 is not currently expected to benefit from the nuclear power T see any significant amount due to the current level, the forward price curves.

雖然我們目前正在進行的業務調整後的 2025 年 EBITDA 指導目前預計不會從核電中受益，但由於目前的遠期價格曲線水平，預計不會有任何重大收益。

We do expect the availability of the nuclear PTC. to provide downside protection in the event prices settle lower for calendar year 2026.

我們確實期待核 PTC 的可用性。在 2026 年價格下跌時提供下行保護。

Although our current hedge percentage has increased to approximately 64% of expected generation, a meaningful amount of gross margin variability remains further, the delay in the 2026 2027 PJM capacity auction, including the potential modification of the assay associated auction parameters, create some additional uncertainty.

儘管我們目前的對沖百分比已增加至預期發電量的約64%，但毛利率波動仍然存在，但2026 年2027 年PJM 容量拍賣的延遲，包括與分析相關的拍賣參數的潛在修改，造成了一些額外的不確定性。

For these reasons, we are maintaining our outlook for 2026 ongoing operations adjusted EBITDA midpoint opportunity of over 6 billion, with line of sight to potentially be meaningfully higher

基於這些原因，我們維持對 2026 年持續營運調整後 EBITDA 中點機會超過 60 億美元的展望，視線可能會大幅提高

.

。

Finally, the third quarter marked an active period of capital allocation and capital return.

最後，第三季是資本配置和資本回報的活躍期。

On September 16th, we announced the acquisition of the distribution 15% minority interest from our minority investors.

9月16日，我們宣布從少數投資者手中收購分配的15%少數股權。

We believe this acquisition will be highly accretive to our shareholders with an implied transaction multiple of less than eight times enterprise value to EBITDA 100% ownership upon closing at year end and financial flexibility allow through an extended payment schedule.

我們相信，此次收購將為我們的股東帶來巨大的增值，年底結束時，隱含交易倍數不到 EBITDA 100% 所有權企業價值的八倍，並且財務靈活性允許延長付款計劃。

In addition, the significant share price weakness we experienced in late August early September resulted in an uptick in repurchases we were able to execute in the quarter.

此外，我們在 8 月底 9 月初經歷的股價大幅疲軟導致我們在本季能夠執行的回購增加。

In all, we repurchased approximately 400 million of shares in the open market in the third quarter at an average purchase price of approximately $83 per share, combined with the visit revision 15% minority interest acquisition, which we view as similar to a forward share repurchase program with a deferred payment schedule, will we were able to allocate it combined approximately 3.5 billion to the repurchase of our equity at an average indicative purchase price between 80 and $85 per share, roughly a 30% discount to our recent share price.

總的來說，我們第三季在公開市場上以每股約83 美元的平均購買價格回購了約4 億股股票，再加上訪問修正15% 少數股權收購，我們認為這與遠期股票回購類似如果該計劃具有延期付款計劃，我們將能夠分配約35 億美元用於回購我們的股權，平均指示性購買價格為每股80 至85 美元，比我們最近的股價大約有30% 的折扣。

Moving to Slide 6.

轉到投影片 6。

Our four key strategic priorities remain integral to our strong business performance.

我們的四個關鍵策略重點仍然是我們強勁業務績效的組成部分。

As we have previously stated, we believe our integrated business model and comprehensive hedging program provide our stakeholders increased visibility into our future financial performance.

正如我們之前所說，我們相信我們的綜合業務模式和全面的對沖計劃可以讓我們的利害關係人更了解我們未來的財務表現。

From an operational perspective, our team continues to deliver our generation team achieved overall commercial availability of approximately 96% for our gas and coal fleet for nuclear fleet also had an outstanding quarter with capacity factors averaging approximately 98% for the period as we continue to make great progress on our integration efforts.

從營運角度來看，我們的團隊繼續交付，我們的發電團隊實現了約96% 的整體商業可用性，我們的天然氣和煤炭機隊以及核機隊也有一個出色的季度，隨著我們繼續提高發電能力，該季度的容量係數平均約為98%我們的一體化工作取得了巨大進展。

On the retail side, the team continues to outperform through both strong customer count performance and the taxes and Midwest Northeast markets as well as disciplined margin management.

在零售方面，該團隊透過強勁的客戶數量表現、稅收和中西部東北市場以及嚴格的利潤管理，繼續表現出色。

Finally, we are seeing persistent growth in our large business market segment through longer-term customer relations to meet customers' goals, including sustainability objectives.

最後，我們看到透過長期的客戶關係，我們的大型業務細分市場持續成長，以滿足客戶的目標，包括永續發展目標。

Budget certainty.

預算確定性。

Switching to capital allocation.

轉向資本配置。

We remain disciplined in our approach by targeting a significant return of capital and executing on attractive growth projects like the energy Harbor acquisition, while also maintaining a strong balance sheet.

我們在方法上保持嚴格，以顯著的資本回報為目標，執行收購能源港等有吸引力的成長項目，同時保持強勁的資產負債表。

As part of this approach, we continue to execute the capital return plan put in place during the fourth quarter of 2021.

作為此方法的一部分，我們繼續執行 2021 年第四季實施的資本回報計畫。

Since that time, we have returned approximately $5.4 billion to our investors through open market share repurchases and common stock dividends.

自那時起，我們透過公開市場股票回購和普通股股息向投資者返還了約 54 億美元。

Chris will cover capital allocation in more detail later in the press plantation, but you will see that we expect at least an additional 1.5 billion of capital available to allocate through year end 2026.

克里斯將在稍後的媒體報告中更詳細地介紹資本分配，但您會看到，我們預計到 2026 年底至少還有 15 億額外的資本可用於分配。

This number is net of our current capital responsibilities, including the recently announced this revision, 15% minority interest purchase and the recent Board authorization for an additional 1 billion of share repurchases expected to be executed by year end 2026.

這一數字扣除了我們當前的資本責任，包括最近宣布的這項修訂、15% 少數股權購買以及最近董事會授權預計在 2026 年底前執行的額外 10 億股股票回購。

Speaking of the balance sheet, our financial position remains strong with net debt at the end of the third quarter at approximately 2.7 times ongoing operations adjusted EBITDA.

說到資產負債表，我們的財務狀況依然強勁，第三季末的淨債務約為持續營運調整後 EBITDA 的 2.7 倍。

Although our net leverage is expected to move slightly above three times with the closing of the best revision, 15% minority interest purchase, we expected to fall back below three times in 2025.

儘管隨著最佳修正（15%少數股權購買）的結束，我們的淨槓桿率預計將略高於三倍，但我們預計到 2025 年將回落至三倍以下。

Moving the energy transition.

推動能源轉型。

As you know, our approach continues to responsibly balance reliability, affordability and sustainability, file-sharing disciplined returns for our shareholders.

如您所知，我們的方法繼續負責任地平衡可靠性、可負擔性和可持續性，為股東提供嚴格的文件共享回報。

For this division, 15% minority interest purchase is a great example of this strategy as we view the transaction as an attractive investment in our carbon free assets and retail franchise.

對於該部門來說，購買 15% 少數股權是該策略的一個很好的例子，因為我們認為該交易是對我們的無碳資產和零售特許經營權的一項有吸引力的投資。

In addition to repurchasing the minority interest in our best in class retail business.

除了回購我們一流零售業務的少數股權。

Through this acquisition, we will increase our ownership of nuclear generation by approximately 970 megawatts across our four sites, an average price of approximately 21 hundred dollars per kilowatt.

透過此次收購，我們將在四個地點增加約 970 兆瓦的核電所有權，平均價格約為每千瓦 21,000 美元。

We believe this compares very favorably to per unit cost for other nuclear generation alternatives such as plant operates, newbuild or additional M&A.

我們相信，這與其他核能發電替代方案（例如工廠運營、新建或額外併購）的單位成本相比非常有利。

Finally, the acquisition will result in an approximately 200 megawatt increase than our solar in storage capacity assets, and we look forward to continued growth in this business through the disciplined execution of our existing project pipeline.

最後，此次收購將使我們的太陽能儲存容量資產增加約 200 兆瓦，我們期待透過嚴格執行我們現有的專案管道，使這項業務持續成長。

As highlighted on Slide 7 and this year alone, we have seen numerous announcements of major manufacturing and data center additions by companies spanning across industries.

正如幻燈片 7 所強調的那樣，僅今年一年，我們就看到跨行業的公司宣布了許多關於增加主要製造和資料中心的公告。

These announcements has spurred heightened awareness and projections of power demand growth.

這些公告提高了人們對電力需求成長的認識和預測。

Some great operators have already raised our expectations for demand growth through midyear updates.

一些優秀的營運商已經透過年中更新提高了我們對需求成長的預期。

While numerous industry observers have published forecast, reflecting an acceleration in power demand across the country.

儘管眾多產業觀察家發布了預測，反映出全國電力需求的加速成長。

We also discussed this growth dynamic on our first and second quarter calls, specifically highlighting many of the drivers of power demand growth, including the build-out of large chip manufacturing facilities, partially due to the CHIPS Act, the electrification of oil and gas load in the Permian Basin of West Texas, the reshoring of industrial activity and of course, the build-out of the data centers.

我們也在第一季和第二季的電話會議上討論了這種成長動態，特別強調了電力需求成長的許多驅動因素，包括大型晶片製造設施的建設，部分原因是《晶片法案》、石油和天然氣負載的電氣化在德州西部的二疊紀盆地，工業活動回流，當然還有資料中心的擴建。

As shown in the bar chart on the left, actual weather-adjusted load growth for 2024 in PJM and Ercot not only exceeded historical rates, but it's trending towards long-term forecasted levels.

如左側長條圖所示，PJM 和 Ercot 2024 年經天氣調整後的實際負載成長不僅超過了歷史成長率，而且正趨向於長期預測水準。

We believe the level of growth across both markets confirms our view that low growth is already occurring, and we have elected to continue.

我們相信，兩個市場的成長水準證實了我們的觀點，即低成長已經出現，我們選擇繼續下去。

While there has been a lot of focus on folks rejection of the amended Talon interconnection service agreement or ISA., we believe there will be multiple paths to resolve any issues as it relates to that project and other similar projects.

雖然人們對修訂後的 Talon 互連服務協議或 ISA 的拒絕受到很多關注，但我們相信，將有多種途徑來解決與該專案和其他類似專案相關的任何問題。

First ruling was narrowly based on the commission our view that the ISA. failed to meet previous for precedent, leaving the door open for a refiling of a streamlined ISA.

第一個裁決是基於委員會我們的觀點，即 ISA。未能滿足先前的先例，為重新提交精簡的 ISA 留下了大門。

Nothing about first ruling prevents us or other generators from contracting with customers who are seeking to co-locate for their needs.

首次裁決並不會阻止我們或其他發電商與尋求共處辦公以滿足其需求的客戶簽訂合約。

We will need to address open issues and find a path for approval of interconnection service agreements, which we believe it's doable.

我們需要解決懸而未決的問題，並找到批准互連服務協議的途徑，我們相信這是可行的。

As we've stated before, there will be many large load opportunities that will have a variety of configurations, whether located next to a generation facility for in a more traditional funded the nadir configuration.

正如我們之前所說，將會有許多具有各種配置的大型負載機會，無論是位於發電設施旁邊還是採用更傳統的資助最低點配置。

We don't believe there will be a one size fits all approach to this, and there should be as customer needs will vary.

我們認為不會有萬能的方法來解決這個問題，但應該有，因為客戶的需求會有所不同。

This transmission.

這個傳送。

It has to meet these needs and that of our broader customer base.

它必須滿足這些需求以及我們更廣泛的客戶群的需求。

Just as we do today, I'm sure we will discuss this more in the Q&A, but I will turn it over to Chris to provide a detailed review of our third quarter results, our outlook and capital allocation.

就像我們今天所做的那樣，我確信我們會在問答中更多地討論這個問題，但我會將其交給克里斯，以詳細審查我們的第三季度業績、前景和資本配置。

Chris.

克里斯.

Thank you, Jim.

謝謝你，吉姆。

Turning to Slide 9.

轉向幻燈片 9。

While the third quarter did not benefit from the same, whether opportunities with last year, which we estimate at of approximately 300 million to our earnings in the third quarter of 2023, fister was able to deliver solid results due to excellent operating performance and execution by our generation retail and commercial team gains.

雖然第三季度沒有從中受益，但無論是與去年相比的機會（我們估計 2023 年第三季度的收益約為 3 億美元），由於出色的經營業績和執行力，Fister 能夠交付穩健的業績我們這一代零售和商業團隊獲益良多。

Despite lower cleared wholesale prices compared to last year, our flexible generation fleet continued to perform extremely well and maximize available opportunities.

儘管與去年相比，批發價格較低，但我們靈活的發電機組繼續表現出色，並最大限度地利用了可用機會。

Turning to retail.

轉向零售。

As expected, third quarter results reflected higher power costs compared to 2023.

正如預期的那樣，第三季的業績反映了與 2023 年相比更高的電力成本。

However, year to date, results are meaningfully higher higher compared to 2023 as a team continues to deliver strong customer count and margin results.

然而，今年迄今為止，由於團隊繼續提供強勁的客戶數量和利潤率結果，與 2023 年相比，業績明顯更高。

Finally, our third quarter 2024 results for both generation and retail benefited from the inclusion of energy Harbor, which we estimate to be approximately $165 million for generation and approximately $35 million for retail sale.

最後，我們 2024 年第三季的發電和零售業績都受惠於將 energy Harbor 納入其中，我們估計發電收入約為 1.65 億美元，零售收入約為 3,500 萬美元。

Moving to Slide 10.

轉到投影片 10。

As Jim noted, we are raising and narrowing our 2020 for ongoing operations.

正如 Jim 指出的那樣，我們正在提高和縮小 2020 年持續營運的預期。

Adjusted EBITDA guidance range to 5 billion to $5.2 billion.

調整後的 EBITDA 指引範圍為 50 億至 52 億美元。

We are also raising and narrowing our 2020 for ongoing operations.

我們也提高並縮小了 2020 年持續營運的預期。

Adjusted free cash flow before growth guidance range to 2.65 billion to 2.85 billion.

成長指引前調整後的自由現金流範圍為26.5億至28.5億。

Although our team is executing at a high level across the business in 2020.

儘管我們的團隊在 2020 年的整個業務中表現出色。

For this latest increase, our guidance ranges is primarily related to the performance of our retail business.

對於最新的成長，我們的指導範圍主要與我們零售業務的業績相關。

Moving to 2025, the improvement in our outlook is attributable to increased expectations for both our Generation and Retail businesses.

到 2025 年，我們前景的改善歸因於對我們的發電和零售業務的期望增加。

Specifically as it relates to retail, we have previously communicated that we expected this business to contribute adjusted EBITDA in the range of 1 billion to $1.2 billion on an annual basis due to several factors, including the addition of energy Harbor and sustained growth in residential demand in Texas and large business market demand across the country, we now expect the annual adjusted EBITDA contribution from this business over the next several years to be in the range of 1.3 billion to 1.4 billion.

具體而言，與零售相關，我們之前曾表示，由於能源港的增加和住宅需求的持續增長等多種因素，我們預計該業務每年將貢獻調整後的 EBITDA 在 10 億至 12 億美元之間鑑於德州和全國大型企業市場的需求，我們現在預計未來幾年該業務的年度調整後EBITDA 貢獻將在13 億至14 億美元之間。

However, for 2024, we do project our retail results come in above that range due to a few tailwinds that are one-time in nature.

然而，到 2024 年，由於一些一次性的有利因素，我們確實預計我們的零售業績將高於該範圍。

Switching to ongoing operations.

切換到正在進行的操作。

Adjusted free cash flow before growth.

增長前調整後的自由現金流。

The midpoint of our guidance range implies a conversion ratio of approximately 50%, comfortably in our previously indicated long-term target range of approximately 55% to 60%.

我們指導範圍的中點意味著轉換率約為 50%，完全處於我們之前指出的約 55% 至 60% 的長期目標範圍內。

Of course, our guidance and long-term outlook remains supported by our comprehensive hedging program.

當然，我們的指導和長期前景仍然受到我們全面的對沖計劃的支持。

Our commercial team continues to be opportunistic in taking advantage of recent power market volatility, increasing our wholesale hedge balances to approximately 96% for calendar year 2025 and approximately 64% for calendar year 2026.

我們的商業團隊繼續抓住近期電力市場波動的機會，將我們的批發對沖餘額在 2025 年增加至約 96%，在 2026 年增加至約 64%。

Turning to capital allocation on Slide 11.

轉向投影片 11 上的資本配置。

Our share repurchase program has generated significant value for our shareholders.

我們的股票回購計劃為我們的股東創造了巨大的價值。

Since beginning the program in November 2021, we have reduced our shares outstanding by approximately 30%, repurchasing approximately 158 million shares at an average price per share below $20 million.

自 2021 年 11 月開始該計畫以來，我們已將流通股減少了約 30%，以低於 2,000 萬美元的每股平均價格回購了約 1.58 億股股票。

Notably, this reduction in our share count has led to an approximately 46% increase in our dividend policy share since Q4 2021.

值得注意的是，自 2021 年第四季以來，我們股份數量的減少導致我們的股息政策份額增加了約 46%。

Moving to the balance sheet.

轉向資產負債表。

As of the end of the third quarter, our net leverage was comfortably below our long-term target of three times ongoing operations adjusted EBITDA.

截至第三季末，我們的淨槓桿率遠低於我們三倍於持續營運調整後 EBITDA 的長期目標。

Although we expect that ratio to move slightly above three times when we closed the acquisition of a 15% minority interest, we expect to delever quickly and be comfortably below three times by year end 2025.

儘管我們預計當我們完成對 15% 少數股權的收購時，該比率將略高於三倍，但我們預計將迅速去槓桿化，並在 2025 年底前輕鬆低於三倍。

Importantly, our business remains well capitalized, and we continue to manage the balance sheet and a conservative way as evidenced by the recent upgrade of our corporate credit rating to double B plus by Standard & Poor's.

重要的是，我們的業務資本充足，我們繼續以保守的方式管理資產負債表，標準普爾最近將我們的企業信用評級提升至雙 B+ 就證明了這一點。

Finally, we will continue to be opportunistic yet disciplined and the deployment of capital towards growth.

最後，我們將繼續保持機會主義和紀律性，並部署資本以實現成長。

To that end, we expect to spend approximately 700 million in 2024 in 2025 as we execute on our development project pipeline, including the recently announced solar project for Amazon and Microsoft.

為此，我們預計在 2024 年和 2025 年執行我們的開發專案管道時將花費約 7 億美元，包括最近宣布的亞馬遜和微軟太陽能專案。

Of course, we will continue to pursue opportunities to fund those expenditures with third party capital, including non-recourse loans.

當然，我們將繼續尋找機會利用第三方資本（包括無追索權貸款）來為這些支出提供資金。

Finishing on Slide 12.

幻燈片 12 即將完成。

Based on our guidance for 2025 and our current expected 2026 ongoing operations adjusted EBITDA midpoint opportunity of at least 6 billion, as well as our expectation that we will continue to achieve our targeted long-term ongoing operations.

根據我們對 2025 年的指導和我們目前預期的 2026 年持續運營，調整後的 EBITDA 中點機會至少為 60 億美元，以及我們對繼續實現長期持續營運目標的預期。

Adjusted free cash flow before growth conversion rate, we project to generate a meaningful amount of capital through year end 2026.

在成長轉換率之前調整後的自由現金流，我們預計到 2026 年底將產生大量資本。

We also expect our net leverage, excluding our non-recourse financings to reduce materially as our earnings power improves, providing additional capital flexibility.

我們也預計，隨著我們獲利能力的提高，我們的淨槓桿率（不包括無追索權融資）將大幅減少，從而提供額外的資本彈性。

As you can see, our current capital allocation plan through year end 2026 continues to focus on shareholder return with over $6.5 billion allocated to the Vista revision, 15% minority interest purchase common and preferred dividends and expected open market share repurchases comprised of approximately 2.2 billion remaining under the existing authorization through 2026, including the additional 1 billion share repurchase authorization announced today.

正如您所看到的，我們目前在2026 年底的資本分配計劃繼續關注股東回報，為Vista 修訂版分配了超過65 億美元，15% 的少數股東權益購買普通股和優先股股息，以及預計公開市場股票回購約22 億美元到 2026 年仍保留現有授權，包括今天宣布的額外 10 億股股票回購授權。

However, despite the significant amount of capital already earmarked for shareholders, we still expect to have approximately $1.5 billion of incremental capital available for allocation through the end of 2026.

然而，儘管已經為股東指定了大量資本，但我們預計到 2026 年底仍有約 15 億美元的增量資本可用於分配。

Because this amount is based on $6 billion of ongoing operations adjusted EBITDA, we see the potential for us upside to this amount.

由於這一金額是基於 60 億美元的持續營運調整後 EBITDA 計算的，因此我們看到了這一金額的上升潛力。

As highlighted on the previous slide, over the last three years, we have been significant buyers of our common stock, including jumpstarting the repurchase by issuing preferred equity.

正如上一張投影片所強調的，在過去三年中，我們一直是普通股的重要買家，包括透過發行優先股啟動回購。

However, it is important to remember that the decision to repurchase our stock was only one aspect of our capital allocation framework, which our development capital return, maintaining a strong and resilient balance sheet and executing on opportunistic growth.

然而，重要的是要記住，回購股票的決定只是我們資本配置框架的一個方面，我們的發展資本回報、保持強勁和有彈性的資產負債表以及執行機會主義成長。

We expect this framework to continue to guide our capital allocation decisions not only through year end 2026, but also over the longer term.

我們預計該框架不僅會在 2026 年底之前，而且在較長時期內繼續指導我們的資本配置決策。

Importantly, our return thresholds for both organic and inorganic growth have not changed, and we remain disciplined in choosing the opportunities we pursue.

重要的是，我們有機和無機成長的回報門檻都沒有改變，我們在選擇我們所追求的機會時仍然遵守紀律。

I do think it is also important to note as field, especially when compared to the average free cash flow yield for companies in the S&P 500.

我確實認為這一點也很重要，特別是與標準普爾 500 指數公司的平均自由現金流收益率相比。

And we continue to believe allocating capital share repurchases is an important priority.

我們仍然認為分配資本股份回購是重要的優先事項。

With that, operator, we're ready to open the line for questions.

接線員，我們就可以開始提問了。

We will now begin the question and answer session.

我們現在開始問答環節。

To ask a question, you may press star then one on your telephone keypad.

要提問，您可以按下電話鍵盤上的星號，然後按一個。

If you're using a speaker phone, please pickup your handset before pressing the keys.

如果您使用免持電話，請在按鍵前拿起聽筒。

If at any time your question has been addressed and you would like to withdraw your question, please press star then two.

如果您的問題已解決，但您想撤回您的問題，請按星號然後按兩顆星。

At this time we will pause momentarily to assemble our roster.

此時我們將暫停片刻以集合我們的名單。

The first question comes from Shar Pourreza with Guggenheim Partners.

第一個問題來自古根漢合夥人公司的 Shar Pourreza。

Please go ahead.

請繼續。

Hey, guys.

嘿，夥計們。

Sorry, it's actually James on for sure.

抱歉，實際上肯定是詹姆斯。

Good morning, and they gave us on the Belgium.

早上好，他們給我們介紹了比利時。

So I guess maybe just coming back to the plus one ISA. and some of your prepared, I guess, how is the rejection impacted your customer conversations in the past week?

所以我想也許只是回到加一 ISA。我想，你們的一些準備人員，這次拒絕對你們過去一週的客戶對話有何影響？

one of your peers sounds committed to co-locations another maybe more focused on front of the meter.

你的一位同事聽起來致力於同地辦公，而另一位同事可能更專注於儀表前的工作。

I guess, where do you fall kind of within those to pull that up?

我想，你在這些因素中屬於什麼位置？

Maybe a little more like polos, but just any more color there would be helpful.

也許更像馬球衫，但只要有更多的顏色就會有幫助。

Thanks.

謝謝。

James it down.

詹姆斯把它放下了。

We were disappointed with the ruling last Friday, but I think if you look at our discussions on this topic in the past, we've acknowledged it.

我們對上週五的裁決感到失望，但我想如果你看看我們過去關於這個主題的討論，我們已經承認了這一點。

These are complicated deals.

這些都是複雜的交易。

They take time.

他們需要時間。

They're large, the large aided by the standards of the customers that we're talking to you could if you look at the quantity of deals that this country is going to do the vast majority of our we're going to be funded the meter.

它們很大，在我們正在與你交談的客戶標準的幫助下，如果你看看這個國家將要做的交易數量，我們將獲得資助的絕大多數交易。

You need to have the large sites that we have and have an opportunity to do a co-located deal.

您需要擁有我們擁有的大型網站，並有機會進行同地交易。

We think there are multiple paths forward on this or not 100%.

我們認為這方面有多種前進道路，但也不是 100%。

Sure how the other parties that are obviously active on that particular, I say you're going to want to pursue it, but nothing precludes us from still moving forward with our plans.

當然，其他各方在這一特定問題上顯然很活躍，我說你們會想要追求它，但沒有什麼可以阻止我們繼續推進我們的計劃。

I would acknowledge that everyone's looking at these types of issues and how do we work through them because they are they are novel.

我承認每個人都在關注這些類型的問題以及我們如何解決它們，因為它們很新穎。

I mean, some of the some of the co-located deals even that we've done and they were smaller.

我的意思是，我們已經完成了一些同地辦公的交易，而且規模較小。

And so we think are of this scale there, more questions that need to be answered, but we think there's multiple paths forward.

因此，我們認為，在如此規模的情況下，需要回答更多問題，但我們認為前進的道路有很多。

We can go into some details as to how we think that might play out.

我們可以詳細討論我們認為這可能會如何發展。

But our conversations are still continuing.

但我們的談話仍在繼續。

We still have a number of really good options, both with our nuclear sites as well as gas sites and potentially even newbuild.

我們仍然有許多非常好的選擇，包括我們的核設施、天然氣設施，甚至可能是新建設施。

And so I I don't think that this is a load profile at the customer base that is going to slow down in aggregate.

因此，我認為客戶群的負載情況總體上不會放緩。

I just think it comes down to which areas of the country are more open to this.

我只是認為這取決於該國哪些地區對此更加開放。

Are they able to attract this loads?

他們能夠吸引這些負載嗎？

It's a huge second economic development opportunity, and we'll have to see how that plays out.

這是一個巨大的第二次經濟發展機會，我們必須看看它的效果如何。

It could play out differently in different parts the country.

它在該國不同地區的表現可能會有所不同。

So I just think that's where we are.

所以我認為這就是我們現在的情況。

And it's a process and we're going to work through it with our peers in the industry, the vertically integrated utilities and obviously, the ISOs and in any of the other stakeholders as we need.

這是一個過程，我們將與行業同行、垂直整合的公用事業公司、ISO 以及我們需要的任何其他利益相關者一起完成這個過程。

Okay, great.

好的，太好了。

And then maybe just kind of piggybacking on that, if we could touch on your thoughts around additionality.

如果我們能談談您對額外性的想法，也許只是順應這一點。

Just we heard some commentary from certain members of the PCT. in recent weeks, kind of calling for the plague us at this point, do you think a co-lo and Ercot like Comanche Peak would have to come with additionality?

剛才我們聽到了PCT某些成員的一些評論。最近幾週，在這一點上有點呼籲瘟疫，你認為像科曼奇峰這樣的科洛和埃科特必須有額外的東西嗎？

Maybe just some more general thought.

也許只是一些更普遍的想法。

So thanks.

所以謝謝。

Yes, I do think there are couple of issues, obviously at play here.

是的，我確實認為有幾個問題，顯然在這裡起作用。

one is resource adequacy in general, right?

一是整體資源充足性，對嗎？

So even without the additional data center load that could come to say, Texas, in this example.

因此，即使沒有額外的資料中心負載，在本例中也可能是德克薩斯州。

James, since you mentioned that there have been questions about whether there's adequate price signal sales for new investment, regardless of of just the data center load factor, data center load over the next five to six years will probably not be the largest source of low growth in Arcata.

詹姆斯，既然您提到有人質疑新投資是否有足夠的價格訊號銷售，那麼無論資料中心負載係數如何，未來五到六年的資料中心負載可能不會是低負載的最大來源。 。

It just so happens though, when you start talking about the data centers, it looks like one big chunky load coming at a time.

但事情就是這樣，當你開始談論資料中心時，看起來就像一次出現一大堆負載。

So it gets the attention.

所以才受到關注。

As you know, we've put out our announcement of our intention to add megawatts in Ercot, both with the collateral Creek conversion as well as the augmentation of it listing gas sites.

如您所知，我們已經宣布打算在 Ercot 增加兆瓦容量，包括對附屬 Creek 進行改造以及增加其列出的天然氣站點。

Those two alone are going to bring 1,100 megawatts.

光是這兩個項目就將帶來 1,100 兆瓦的發電量。

The peakers are projects that we're still developing, still need to see some of the market reforms come to fruition to make those economic or contracts or contracts that could come from bilateral contracts with customers can make make those kinds of projects feasible.

高峰是我們仍在開發的項目，仍然需要看到一些市場改革取得成果，以使那些經濟或合約或可能來自與客戶的雙邊合約的合約能夠使此類項目變得可行。

So I don't think this is a discussion that you can solve with just a rule because we've got multiple customer classes coming that are bringing additional load requirements to Ercot.

因此，我認為這不是一個僅用規則就能解決的討論，因為我們即將迎來多個客戶類別，這些客戶類別為 Ercot 帶來了額外的負載要求。

But I do think that the objective of the customers that we're talking into, they want to see resources added there are not looking to see the grid become tighter and tighter either.

但我確實認為，我們正在交談的客戶的目標是，他們希望看到資源增加，也不希望看到網格變得越來越緊。

So we are very active in the discussion about what additional resources we can bring potentially even in addition to the ones we've already announced.

因此，我們非常積極地討論除了我們已經宣布的資源之外，我們還可以帶來哪些額外資源。

And we hope that if that is a compact, it works for all the stakeholders that that can help set up a confidence that welcoming the low-code taxes or any part of the country is actually get a sense of the investments signal for the supply side than having discussions about whether we may or may not want the load can actually create its own profit clubs.

我們希望，如果這是一個契約，它對所有利益相關者都有效，這可以幫助建立一種信心，即歡迎低代碼稅或該國任何地區實際上是了解供應方的投資信號而不是討論我們是否希望負載能夠真正創造自己的利潤俱樂部。

And so we've seen many cycles in this industry, people who are prepared to invest and build if the signals are there.

因此，我們在這個行業看到了許多周期，如果訊號出現，人們就準備好投資和建設。

I think this is more than just a typical load coming to the market.

我認為這不僅僅是進入市場的典型負載。

This is a unique opportunity for regions of the country and specifically for the U.S. to lead on this topic, I think for such a critical load, it uses artificial intelligence that I hope.

對於該國各地區，特別是美國來說，這是一個在這個主題上發揮領導作用的獨特機會，我認為對於如此關鍵的負載，它使用了我希望的人工智慧。

I hope we all see it that way.

我希望我們都這麼看。

And that's that's been our main focus of our discussions with policymakers.

這就是我們與政策制定者討論的主要焦點。

Actually, I'll leave it there.

事實上，我會​​把它留在那裡。

Thank you.

謝謝。

Thank you, James.

謝謝你，詹姆斯。

The next question comes from David or Caro with Morgan Stanley.

下一個問題來自摩根士丹利的大衛或卡羅。

Please go ahead.

請繼續。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

Good morning, David.

早安，大衛。

Hey, maybe a little bit of follow-up on that.

嘿，也許對此有一些後續行動。

Your comments there.

你的評論在那裡。

Thanks very helpful.

謝謝非常有幫助。

We heard yesterday from Encore that they're seeing over 80 gigawatts of data centers looking at just their service territory, at least in the pipeline.

昨天我們從 Encore 獲悉，他們看到超過 80 吉瓦的資料中心正在關注其服務領域，至少在管道中。

I mean, just given the scale, this is just got to be a bunch of approaches and maybe a diversity of approaches that these data centers are going to consider.

我的意思是，考慮到規模，這些資料中心必須考慮多種方法，甚至可能是多種方法。

And so maybe given that like what are you seeing as the interest in co-location at your gas plants InterCon?

因此，也許考慮到您對 InterCon 天然氣廠託管的興趣是什麼？

And then wondering if you could elaborate to on just that newbuild ideas, like are there any conversations with potential data centers that you might be able to partner with contract with our new new plant build as well?

然後想知道您是否可以詳細說明新想法，例如是否與潛在的資料中心進行任何對話，您也可以與我們的新工廠建設合約合作？

Sure.

當然。

David, great question.

大衛，好問題。

I'm going to start them and ask Stacey Dora Head of Strategy to comment on this work on these types of opportunities on a very near full time basis.

我將啟動它們，並請戰略主管 Stacey Dora 以幾乎全職的方式對此類機會的這項工作發表評論。

It's a certainly an active time for all those types of conversations.

對於所有這些類型的對話來說，這無疑是一個活躍的時期。

Start with load forecasts have been obviously extremely robust and Ercot.

從負載預測開始，Ercot 顯然非常穩健。

Centerpoint put out some information about the kinds of load growth they're seeing in their territory.

Centerpoint 發布了一些有關他們在其領土上看到的負載增長類型的信息。

Certainly Encore through the Sempra call yesterday in Arcata itself has revised middle of the summer.

當然，昨天在阿卡塔舉行的 Sempra 電話會議上的 Encore 本身已經在夏季中期進行了修改。

It's long term load forecast.

這是長期負載預測。

We've been a bit more conservative only because we believe still it's hard to understand the full duplication that could exist, not only within a state, but even across the country because folks are looking for a path to get speed to be able to I bring this load.

我們之所以更加保守，只是因為我們相信仍然很難理解可能存在的完全重複，不僅在一個州內，甚至在全國範圍內，因為人們正在尋找一種加快速度的途徑，以便能夠實現我的目標。帶來這個負載。

And so they're exploring all options.

所以他們正在探索所有的選擇。

I do think that that demand if we can satisfy it, I do think Texas is probably as well positioned as any part of the country to satisfy that demand.

我確實認為，如果我們能夠滿足這種需求，我確實認為德克薩斯州可能和全國任何地方一樣能夠很好地滿足這種需求。

And and we certainly want to be part of that, not only on providing the relationship, the load but the potential addition of resources.

我們當然希望成為其中的一部分，不僅提供關係、負載，還提供潛在的資源添加。

And so I'd like I'd like for Stacy to provide some color on the types of conversations we're having and how we're working with Encore with CenterPoint with Ercot to make sure that we can help solve this together.

因此，我希望 Stacy 能夠提供一些關於我們正在進行的對話類型的信息，以及我們如何與 Encore、CenterPoint 和 Ercot 合作，以確保我們能夠幫助共同解決這個問題。

Thanks, Ken, and thanks for the question, David.

謝謝肯，謝謝大衛的提問。

And so we are currently for scaling deals at multiple sites in our portfolio.

因此，我們目前正在擴大投資組合中多個地點的交易規模。

And we're also having settled early conversations with standard the developers about a kind of portfolio approach where with one customer, we might be able to add Kristian co-location deals at multiple sites and combine that with even buildings and new new generation.

我們還與標準開發商就一種投資組合方法進行了早期對話，對於一個客戶，我們可能能夠在多個地點添加克里斯蒂安主機代管交易，並將其與建築物和新一代相結合。

And we have learned that we’re in pretty detailed customer discussions and at some of our nuclear sites, there's a lot of interest, obviously in the nuclear sites, but we have ongoing conversations with several different development companies about a handful of our gas sites, both in PJM and an archive.

我們了解到，我們正在進行非常詳細的客戶討論，在我們的一些核電站，人們很感興趣，顯然是對核電站，但我們正在與幾家不同的開發公司就我們的一些天然氣進行對話站點，包括PJM和存檔。

And we're in early discussions with some of the hyperscalers about nuclear up rates and some newbuild as well as Jim mentioned.

我們正在與一些超大型企業就核電升級率和一些新建項目進行早期討論，正如吉姆所提到的。

And then finally, we're in discussions with two particular large companies about building new gas plants to support a data center project.

最後，我們正在與兩家特定的大公司討論建造新的天然氣工廠以支援資料中心專案。

So as you can see, these discussions is taken number.

正如您所看到的，這些討論已被記錄下來。

Our forms with multiple companies around multiple sites and of course, we're including stakeholders and those conversations as well from policymakers to a applicable transmission distribution distribution utilities.

我們與多個地點的多家公司合作，當然，我們還包括利益相關者和這些對話，以及從政策制定者到適用的輸配電公用事業的對話。

And you know, actually said before, the diligence process for these deals takes a long time and it's an intense effort because these are very long-term commitments to purchasing power.

你知道，實際上之前說過，這些交易的盡職調查過程需要很長時間，而且是一項艱苦的工作，因為這些都是對購買力的長期承諾。

And so we're devoting a lot of time and resources to these discussions that we're excited about opportunity.

因此，我們投入了大量的時間和資源來進行這些討論，我們對這些機會感到興奮。

And we believe that the whether it's Texas or any other states that we operate in Pennsylvania and Ohio, these are jurisdictions that are really interested in welcoming this low because of economic development it brings.

我們相信，無論是德克薩斯州還是我們在賓夕法尼亞州和俄亥俄州運營的任何其他州，這些司法管轄區都真正有興趣歡迎這種低水平，因為它帶來了經濟發展。

And so it's a multiparty conversation at from for all of these projects.

因此，這是所有這些項目的多方對話。

Thank you.

謝謝。

Thanks again, thanks for that.

再次感謝，謝謝。

Dose there?

那裡的劑量？

No, go ahead.

不，繼續吧。

Dave was so much for that.

戴夫對此非常感興趣。

It makes sense just given the staggering scale here that some of the options that are under consideration.

考慮到正在考慮的一些選項的規模驚人，這是有道理的。

And I guess, Sam, maybe to ask it more directly to in terms of Comanche Peak has, have you seen some Comanche Peak becoming better positioned here just after seeing the for challenges that have popped up in PJM against urgency increase there?

我想，山姆，也許更直接地問科曼奇峰，你是否看到一些科曼奇峰在看到 PJM 出現的挑戰以應對那裡的緊迫性增加後，在這裡變得更好？

And just it would be curious your latest thinking on what the timing of the deal could.

只是令人好奇的是您對交易時機的最新想法。

Yes.

是的。

Thanks, David.

謝謝，大衛。

And so we, you know, prior discussions on Comanche Peak have been ongoing for some time and there certainly is interest in that location because at the speed to market advantage it has even before the court decision, frankly, I mean archive and archive is one of the fastest interconnection processes he's in the country and the state prides itself on that, that the key to use and Ercot as well working together to get load interconnected is an advantage.

所以我們，你知道，關於科曼奇峰的先前討論已經持續了一段時間，人們肯定對該地點感興趣，因為甚至在法院判決之前，它就具有市場優勢的速度，坦率地說，我的意思是存檔和存檔是其中之一他是該國最快的互連過程之一，該州為此感到自豪，使用和 Ercot 共同工作以實現負載互連的關鍵是一個優勢。

And Texas has certainly the fact that our costs not subject to the Herc jurisdiction and the order that came out last Friday and has continue to make Comanche Peak and attractive site that it was before the first quarter as well.

德克薩斯州確實有一個事實，即我們的成本不受 Herc 管轄權和上週五發布的命令的約束，並且繼續使科曼奇峰成為第一季之前的有吸引力的地點。

So and in terms of timing, you know, it's hard to say exactly when we could conclude discussions on that side because again, and there is there's a lot of work to be done.

因此，就時間安排而言，很難確切地說我們何時可以結束這方面的討論，因為還有很多工作要做。

And there's a lot of stakeholders to involve not just scale archive, policymakers, Encore, who is the local TV at that site, that local officials as well.

而且有許多利害關係人參與，不僅僅是規模檔案、政策制定者、Encore（該網站的當地電視台）以及當地官員。

So there's a lot of lot of conversations to have, and we're well into that deeper into that process and continuing to pursue that opportunity.

因此，有許多對話需要進行，我們正在深入了解這個過程，並繼續尋求這個機會。

And it's a great opportunity for this Australia and for customers.

對於澳洲和客戶來說，這都是一個絕佳的機會。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Second question.

第二個問題。

The next question comes from Steve Fleishman with Wolfe Research.

下一個問題來自沃爾夫研究公司的史蒂夫‧弗萊什曼。

Please go ahead.

請繼續。

Yes, hi.

是的，嗨。

I guess I'll dare I ask one other question on this topic, which is just, you know, Texas has emphasized availability of resources that kind of emergency or peak times in the LIDTC. solutions in our current where where you could have the generation even if it's co-located available for kind of the more sensitive periods?

我想我敢就這個主題問另一個問題，就是，你知道，德州強調在 LIDTC 的緊急或高峰時段提供資源。在我們目前的解決方案中，即使在更敏感的時期，您可以在哪裡使用這一代，即使它位於同一位置？

Yes, we do.

是的，我們願意。

We have even noted, I think in previous discussions, customers are learning how they can also manage their load during sort of emergency conditions.

我們甚至注意到，我認為在先前的討論中，客戶正在學習如何在緊急情況下管理其負載。

So whether it's something around a load response or whether it's the backup generation that could be also configured at the site.

因此，無論是負載回應方面的問題，或是也可以在現場進行配置的備份產生。

Again, I think these large customers, I think they're responding to some of the questions that they're they're receiving and concerns around resource adequacy, and they're showing that they wanted to be part of that solution.

再說一次，我認為這些大客戶正在回答他們收到的一些問題以及對資源充足性的擔憂，並且他們表明他們希望成為解決方案的一部分。

So that is again, to Stacy's earlier point why the these discussions do take some time and they're complexes was a lot of variables that we're managing.

這又是史黛西之前指出的，為什麼這些討論確實需要一些時間，而且它們很複雜，這是我們正在管理的許多變數。

So I do think there's going to be some flexibility there, Steve and I think that'll help Pito multiple stakeholders become comfortable with it.

因此，我確實認為那裡會有一定的靈活性，史蒂夫和我認為這將有助於 Pito 的多個利益相關者對此感到滿意。

Okay.

好的。

And then on the are we just obviously had this big election result.

然後我們顯然就得到了這個重大的選舉結果。

And I'm just I know which two days in, but just the any kind of thought process on what this means for us kind of both newbuild gas and then also for your coal fleet?

我只知道是哪兩天，但這對我們新建的天然氣以及你們的煤炭船隊意味著什麼？

Yes.

是的。

Steve, I tell you the I'm election prediction business is tough.

史蒂夫，我告訴你，選舉預測業務很艱難。

And as soon as the policy prediction business, it's some, I guess, some of the thoughts that we are working through the GHG. rule, and that's already being challenged, obviously, legally and with the D.C. Circuit, there's there that could potentially be revised at some point.

我想，就政策預測業務而言，這就是我們正在研究溫室氣體的一些想法。規則，顯然，這一規則已經在法律上受到挑戰，並且在華盛頓特區巡迴法院，可能會在某個時候進行修改。

You'll see that come with this administration that are affected not only the coal units but also new gas.

你會發現本屆政府不僅影響煤炭單位，也影響新天然氣。

And so that's something that we'll have to see how that plays out.

因此，我們必須看看結果如何。

And that could still take some time to play out.

這可能仍需要一些時間才能發揮作用。

But that does appear to be more open at the moment, at least in concept.

但目前看來確實更加開放，至少在概念上是如此。

But getting back to this resource adequacy topic at all.

但回到這個資源充足性主題。

So just the administration changes, it's hard to look at 35 year assets and look at the changes that happened, policy-wise vote on a four year cadence and see through all of that.

因此，只要政府發生變化，就很難回顧 35 年的資產並審視所發生的變化，以四年為週期進行政策明智的投票並了解所有這些。

That's a that's a difficult thing for investors to do.

這對投資人來說是一件很難做到的事。

one of the things I like about our business model, and I don't think this is something we talk about a lot is that we're a pretty diversified company.

我喜歡我們的商業模式的一件事是，我們是一家相當多元化的公司，而且我認為我們不經常談​​論這一點。

We have geographic diversity across major markets in the U. S different jurisdictions.

我們在美國不同司法管轄區的主要市場擁有地理多樣性。

All, obviously competitive markets, but we have a broad technology diversity.

所有這些顯然都是競爭激烈的市場，但我們擁有廣泛的技術多樣性。

The largest part of our fleet is gas-fired generation, but then it's nuclear and coal business that's continuing to decline and a growing solar and battery business.

我們機隊的最大部分是燃氣發電，但核能和煤炭業務持續下降，而太陽能和電池業務則不斷成長。

So we have a lot of diversity and technologies that in line of business.

因此，我們擁有許多與業務相關的多樣性和技術。

As you heard today, the retail business is large and growing, and that tends to be complementary to the generation business.

正如您今天所聽到的，零售業務規模龐大且不斷成長，這往往與發電業務形成互補。

So it's really hard to look at first and second order effects of potential policy changes.

因此，很難觀察潛在政策變化的一階和二階效應。

I think we've demonstrated that we're flexible as a company and it will take the opportunities that the market presents us and execute on it.

我認為我們已經證明了我們作為一家公司的靈活性，它將抓住市場為我們提供的機會並執行它。

So I view this as you know, I wouldn't say this is normal course for this drug, but this has been a lot of our history in the competitive market as having to adapt.

所以我認為這正如你所知，我不會說這是這種藥物的正常過程，但這是我們在競爭市場上必須適應的許多歷史。

And so we are at obviously open to the technologies that you've mentioned it a big part of our portfolio.

因此，我們顯然對您提到的技術持開放態度，它是我們產品組合的重要組成部分。

And we'll have to see if that some of those get some extended life opportunities.

我們必須看看其中一些人是否能獲得延長壽命的機會。

But too early to call.

但現在打電話還太早。

Okay.

好的。

And then one for one last quick

然後一一最後快速

one.

一。

You, you've added dimension for 2026 of potentially meaningfully above the $6 billion.

您已經為 2026 年增加了 60 億美元以上的規模。

I don't know if you care to find what meaningful means like are just starting to divest assets in the event that the PJM auction, just more of a price where it did the last auction is, is there any kind of more color you could give about about that?

我不知道你是否想找到什麼有意義的手段，例如在 PJM 拍賣的情況下，剛開始剝離資產，只是更多的是上次拍賣的價格，還有其他顏色嗎？

Is that the main drivers are really more of a car pricing?

主要驅動力真的更多的是汽車定價嗎？

Just any color would be helpful.

任何顏色都會有幫助。

Thank you.

謝謝。

Yes, Steve, I'm going to let Chris take this one.

是的，史蒂夫，我會讓克里斯拿走這個。

A good good question.

一個好問題。

We know words matter and that would be one list that you pick up on.

我們知道文字很重要，這將是您選擇的一個清單。

So Chris, I say I think it's a combination of those things.

所以克里斯，我認為這是這些因素的結合。

I think obviously, as you look at it were only we're 64% as we're making progress in that area.

我認為顯然，正如你所看到的，我們只有 64%，因為我們在該領域取得了進展。

But even there or if you look at our 2025 guidance, there's there's a good range around that 5% plus or minus around our 2025 guidance and were 96% hedge there.

但即使如此，或者如果你看看我們的 2025 年指導，我們的 2025 年指導周圍也有一個很好的上下 5% 的範圍，並且在那裡進行了 96% 的對沖。

So as we look out to 2026 and we see 64% hedged, you can you can imagine that our range around that as a little bit wider.

因此，當我們展望 2026 年時，我們看到 64% 的人進行了對沖，你可以想像我們的範圍會更寬一些。

And you also mentioned the PJM auction that doesn't area.

您還提到了不存在的 PJM 拍賣。

So we think it's still prudent to say $6 billion.

所以我們認為60億美元仍然是謹慎的說法。

I think if the auction comes in and where you know where we've where it came in the last time and as we we hedge a little bit more, we have built in some of protection against those things potentially going against us.

我認為，如果拍賣開始，你知道我們上次的情況，當我們多一點對沖時，我們已經建立了一些保護措施，以防止那些可能對我們不利的事情。

So you could you could see some upside.

所以你可以看到一些好處。

And I think that we're not going to we're not going to state that the where we see the upper end.

我認為我們不會說我們看到的上限。

But I think you can imagine that we've built in a little bit of upside to that.

但我認為你可以想像我們已經在這方面建立了一些優勢。

If those things as we had more and as we see the auction results come in.

如果我們有更多這些東西，並且正如我們所看到的，拍賣結果就會出現。

Great.

偉大的。

Thank you.

謝謝。

Thanks.

謝謝。

Appreciate it.

欣賞它。

The next question comes from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

Hey, gentlemen, just wanted to pick up, I guess on the diversified footprint.

嘿，先生們，我只是想拾起，我想是在多元化的足跡上。

As you mentioned there.

正如你在那裡提到的。

Just wondering how you think about the Ercot versus PJM opportunity set this point in time, particularly in light of the talent ISA. ruling.

只是想知道您如何看待 Ercot 與 PJM 的機會，特別是考慮到人才 ISA。裁決。

Granted it's early days, but do you see things like this kind of are starting to taper Ercot more of the margin?

誠然，現在還處於早期階段，但您是否看到類似的事情開始減少 Ercot 的利潤？

I don't I don't think so, Jeremy, on their capacity, again, the ISA. is one dimension, but a capacity market construct in PJM. is something that I think creates a real opportunity to send a price signal and encourage each investment, whether that's some assets that are on the grid to not retire or to bring new new assets and obviously meeting the low growth that PJM is now forecasting, that market design does not exist in Texas.

傑里米，我不這麼認為，以 ISA 的能力而言。是一個維度，而是 PJM 中的容量市場結構。我認為這創造了一個真正的機會來發送價格信號並鼓勵每項投資，無論是電網上的一些資產不會退役，還是帶來新的新資產，並且顯然滿足 PJM 現在預測的低增長，德克薩斯州不存在市場設計。

And that's something that from a capacity market discussion where it's an energy, the only market.

這是從容量市場討論中得出的結論，它是能源，也是唯一的市場。

And so it has been a bit more volatile in terms of you might have a really strong summer in 2023, but we've had weaker clears in 2024.

因此，從 2023 年夏季可能會非常強勁的角度來看，它的波動性更大，但 2024 年的清倉情況卻較弱。

So if you were putting batteries on the grid right now and 24, you're probably wondering if you're going to get our return on those batteries, whereas you might have felt really good about it heading into the summer of 2023.

因此，如果您現在 24 小時將電池併入電網，您可能想知道是否會得到我們對這些電池的回報，而到 2023 年夏天，您可能會對此感覺非常好。

So the ISA. is only one dimension is important to note that load is load.

所以ISA。只有一個維度，重要的是要注意負載就是負載。

If this load comes into PJM, whether it's behind the meter of front of me or its load growth, tight capacity market should centers signal like it did at the end of July, but there was intervention coming on the heels of that.

如果這個負荷進入 PJM，無論是在我面前的米後面還是負荷增長，運力緊張的市場應該會像 7 月底那樣發出信號，但緊接著就會出現幹預。

That's now led to a request for a six month delay.

現在，這導致了延遲六個月的請求。

Again, as I stated earlier, if these markets would consistently run, there are opportunities for the auction in the case of PJM and for taxes has been clear about.

同樣，正如我之前所說，如果這些市場能夠持續運行，就 PJM 而言，就有拍賣的機會，而且稅收也已經很清楚了。

Secondly, wondering the load to come.

其次，想知道即將到來的負擔。

I think these price signals would be there there, the investment opportunities in both of them.

我認為這些價格訊號將會在那裡，這兩個領域都有投資機會。

But right now, PJM has a more structured way of valuing capacity in signaling in a forward curve basis.

但目前，PJM 有一種更結構化的方法來評估遠期曲線基礎上的訊號傳輸能力。

The need for that capacity, then does the aircraft market.

飛機市場需要這種能力。

Got it.

知道了。

Understood on the PJM capacity auction there, but maybe coming back to the Ercot PowerCurve, how do you see that evolving over time?

了解那裡的 PJM 容量拍賣，但也許回到 Ercot PowerCurve，您如何看待隨著時間的推移而演變？

Do you think that demand is really reflected in future pricing there?

您認為需求真的反映在未來的定價上嗎？

How do you see that kind of evolving?

您如何看待這種演變？

Yes, that would get more to sort of a fundamental view of where do we think the curves are relative to this load growth that I would say.

是的，這將更多地了解我們認為曲線與我所說的負載增長相關的位置的基本觀點。

It feels to me and Steve Scott or ahead of our wholesale engine business can chime in here, but it feels to me that the curves are not factoring in all of this load growth at this point that there's a lot of work, the points that it's actually coming to fruition.

對我和史蒂夫斯科特來說，或者在我們的批發發動機業務之前可以在這裡插話，但對我來說，曲線並沒有考慮到所有這些負載增長，此時有很多工作要做，要點是真正實現了。

And we tried to put in our presentation we're seeing and that were on this curve of load growth.

我們嘗試將我們所看到的簡報放入負載成長曲線上。

We put that in for deal that what we're seeing in 2024.

我們將其納入 2024 年的交易中。

But as noted earlier in some of the questions, there's massive load growth being forecasted by the ISO as well as the wires companies.

但正如前面一些問題所指出的，ISO 和電線公司預測負載會大幅成長。

I would not say that curbs reflect all of that coming in at this point.

我不會說限制措施反映了目前出現的所有情況。

And I think just some of the recency of this summer is also weighing on the curves.

我認為今年夏天的一些近期事件也對曲線造成壓力。

And Steve, I would like to have you add some comments to the.

史蒂夫，我想讓你添加一些評論。

Sure I agree, Jim.

我當然同意，吉姆。

I think people are extrapolating what I'll call historical loan growth from the last two or three years of between 3% to 4% over the peaks.

我認為人們正在推斷過去兩三年的歷史貸款成長，即較高峰成長 3% 至 4%。

And I think that putting that forward in their models on it really gets down to how much of I think someone mentioned the ENCORE study with 80 gigawatts of just how much that actually gets in.

我認為在他們的模型中提出這一點實際上取決於我認為有人提到的 ENCORE 研究中有多少是實際進入的 80 吉瓦。

And we'll we exceed the historical trends that we've seen before.

我們將超越我們以前見過的歷史趨勢。

I also do think there's some recency bias.

我也確實認為存在一些新近度偏差。

Unfortunately, powers only liquidity may be out until 2028, 29 and two hard to see beyond that.

不幸的是，只有流動性的權力可能會持續到 2028 年、29 年，很難看到更遠的時間。

And there's not a lot of activity.

而且活動不多。

And so the reason the recent clear, as we saw, I think the summer have weighed a little bit because I think people also trying to figure out there is a very large asymmetry in pricing in Texas that we've seen both in the winter and in the summer.

因此，正如我們所看到的，最近的原因很明顯，我認為夏季的影響有點大，因為我認為人們也在試圖弄清楚德克薩斯州的定價存在很大的不對稱性，我們在冬季和冬季都看到了這一點。

And one of the areas I think you'll see traders focus on more in the future is what kind of premium you put on winter because even if batteries continuing to come into the market, which I think they're going to be challenged because there is you mentioned earlier, Jim, cannibalizing the revenue streams right now, there's so many of them there's more batteries in the market right now than ancillary services can handle, which is their primary source of revenue, not necessarily energy arbitrage.

我認為交易者未來會更加關注的領域之一是對冬季的溢價，因為即使電池繼續進入市場，我認為他們也會面臨挑戰，因為吉姆，你之前提到過，現在正在蠶食收入流，現在市場上的電池數量超出了輔助服務的處理能力，這是他們的主要收入來源，不一定是能源套利。

And when you mix that in with a wind event, that's not just one or two hours in duration.

當你將其與風事件混合在一起時，持續時間不僅僅是一兩個小時。

I think you may see some more scarcity come into the winter currents going forward.

我想你可能會看到未來的冬季潮流會出現更多的稀缺。

And I thank you, Steve.

我謝謝你，史蒂夫。

And I want to add, Jeremy, just two other dimensions.

傑里米，我想補充另外兩個維度。

This was the 1st month that we've seen where the new additions to the queue for for solar and storage and wind or actually less than the number of projects canceled or moved into inactive status.

這是我們看到太陽能、儲能和風能隊列中新增項目數量的第一個月，或實際上少於取消或進入非活動狀態的項目數量。

So I do think markets have a way of overtime, rationalizing economics.

所以我確實認為市場有一種加班的方式，使經濟合理化。

The other thing I think that's weighed on the curves with the curves looked very attractive, but in this sort of May 2014 timeframe.

我認為曲線上的另一件事看起來非常有吸引力，但在 2014 年 5 月的時間範圍內。

And I think the task the quantity of the test interest and the discussions of continuing Taft or even having a larger task I'm sorry, I'm saying, Taft, Texas energy fund, that is something that I think the markets are struggling to figure out how to handicap and look at.

我認為測試興趣的數量以及繼續塔夫脫的討論，甚至有更大的任務，我很抱歉，我是說，塔夫脫，德克薩斯州能源基金，這是我認為市場正在努力解決的問題弄清楚如何設置障礙並查看。

Is that only going to be an incentive for new generation only or is that going to send a signal to keep existing generation online?

這只是對新一代的激勵，還是會發出一個訊號，讓現有世代保持在線上？

And so there's still a lot to sort out, I think, on the task because we're still in early stages with the due diligence process and we're going to enter a legislative session next year.

因此，我認為這項任務還有很多事情需要解決，因為我們仍處於盡職調查過程的早期階段，而且我們將在明年進入立法會議。

And I think folks are trying to figure out what is the state going to do it.

我認為人們正在試圖弄清楚國家將採取什麼措施。

They're going to actually increase that call quantity of assets qualifying for tab or if they're going to let the market send a price signal tried to bring that investment.

他們實際上會增加有資格獲得標籤的資產的通話數量，或者他們是否會讓市場發出試圖帶來該投資的價格訊號。

And I think that's still still too early to call.

我認為現在下結論還為時過早。

Got it.

知道了。

That's helpful that that was kind of get into my last question here with regards to tap and just your project development activities and our cost, especially with the tough considerations that said there, could you just, I guess, update us overall in your thought process?

這是有幫助的，這是我在這裡提出的最後一個問題，涉及點擊，只是您的項目開發活動和我們的成本，特別是考慮到那裡所說的艱難考慮，我想，您能否在您的思考過程中向我們全面介紹一下最新情況？

Sure.

當然。

Yes.

是的。

We did submit to peakers as part of the TAP application of basically each party that was selected was selected for one project.

我們確實向 Peakers 提交了申請，作為 TAP 申請的一部分，基本上每個被選中的團體都被選為一個專案。

So one of our two peakers was selected, as we stated when we made the announcement in May and it has continued to state since then we wanted to see the actual development from a from a market design standpoint, make make progress.

因此，我們選擇了兩個高峰之一，正如我們在 5 月發佈公告時所說的那樣，從那時起我們一直在聲明，我們希望從市場設計的角度看到實際的發展，取得進展。

And we with our reliability standard has been developed.

我們已經制定了我們的可靠性標準。

It's not linked to a requirement if we fall below a reserve or there are concerns around reliability is not linked to a market mechanism to procure additional resources in the market, but at least the reliability standard has been designed and will be studied on a periodic basis.

如果我們低於儲備金或擔心可靠性與在市場上採購額外資源的市場機制無關，則與要求無關，但至少已經設計了可靠性標準並將定期研究。

The PCM performance credit mechanism is now hard capped at 1 billion.

PCM績效積分機制目前硬性上限為10億。

It was a net cap.

這是一個淨上限。

So presumably that could mean a lower overall quantity of resources being dedicated to a performance credit mechanism.

因此，這可能意味著用於績效信用機制的資源總量會減少。

And there are some discussions about even that being challenged essentially in the legislative session.

甚至有一些討論甚至在立法會議上受到質疑。

So I think that the ancillary services like the dispatchable reliability reserves service are still to be figured out.

所以我認為像可調度可靠性儲備服務這樣的輔助服務還有待解決。

Real-time optimization is in flight as well for ancillaries and energy that could be bearish for some price formation.

輔助設備和能源的即時優化也在進行中，這可能對某些價格形成不利。

And that also speaks to how do we incentivize resources to come into the state to meet the load growth.

這也說明了我們如何激勵資源進入該州以滿足負載成長。

And I don't think we have all that figured out yet in Texas.

我認為德克薩斯州還沒有解決所有問題。

I think that's work that we've got to do as an industry so that we can continue to meet the need.

我認為這是我們整個產業必須要做的工作，這樣我們才能繼續滿足需求。

We've designed our projects for the peakers that we are continuing to move forward.

我們已經為高峰者設計了我們正在繼續推進的項目。

The team is working on all the efforts we need on-site as well as with our key partners.

團隊正在現場以及與我們的主要合作夥伴一起進行我們需要的所有工作。

But we also have off-ramps for both of those peakers if the market developments that we need to see don't occur.

但如果我們需要看到的市場發展沒有發生，我們也為這兩個高峰者提供了出口。

And we hope that's not the case because we'd like to bring those peakers.

我們希望情況並非如此，因為我們希望帶來這些巔峰者。

But we've got to make economic decisions and we're still not there yet.

但我們必須做出經濟決策，但我們還沒有做到這一點。

Got it.

知道了。

Thank you for that.

謝謝你。

Thank you, Jeremy.

謝謝你，傑瑞米。

The next question comes from Angie Storozynski with Seaport.

下一個問題來自 Seaport 的 Angie Storozynski。

Please go ahead.

請繼續。

Thank you.

謝謝。

Have sort of maybe first on 26, maybe even 27.

也許是26號，甚至27號的第一個。

So just wondering if by then by 26, 27, you would expect to have any meaningful EBITDA impact from the Sandoz data center deals, be co-locations of virtual PPAs?

因此，我想知道，到 26 日、27 日，您是否會期望 Sandoz 資料中心交易（虛擬購電協議的託管）對 EBITDA 產生任何有意義的影響？

And also, is that changes the way you're hedging your and especially especially baseload units in those outer years?

而且，這是否會改變您對沖您的尤其是那些外部年份的基本負載單位的方式？

Yes, Angie, thank you for the question.

是的，安吉，謝謝你的提問。

I would say it's tough to see being meaningful and 26, 27 simply because of the physics of building out what you need to on the ground.

我想說的是，很難看到 26、27 是有意義的，只是因為在實地建立你需要的東西的物理原理。

And then obviously powering the veto the site as resources servers chips become become available on installed.

然後，隨著資源伺服器晶片的安裝變得可用，顯然會對該網站進行否決。

And that's after the study processes have to be done on the front end it.

這就是前端必須完成的研究過程之後的事。

So the time line for these, you could be in a four to five year process before you're putting in a meaningful amount of power to up a co-located facility.

因此，這些的時間表，在投入大量電力來建造同一地點的設施之前，您可能需要四到五年的時間。

So I think time line-wise, it's not really affecting how we're thinking about the hedging into more near term.

因此，我認為從時間角度來看，這並沒有真正影響我們如何考慮近期的對沖。

So this 2026, 2027.

所以今年2026年、2027年。

And if it did, we'd start layering it in a more my we're pretty open still, obviously, 2027 more than 26.

如果確實如此，我們將開始將其分層，顯然，我們仍然非常開放，2027 年將超過 26。

So we hope that opportunity is there too be layering that in.

所以我們希望機會也能分層。

But I would not say from a guidance perspective or from a hedging perspective, it's in the horizon that we've been talking to the market about in terms of our direction here for earnings power.

但我不會從指導的角度或對沖的角度說，我們一直在與市場討論我們的獲利能力方向。

Okay.

好的。

And then it came to OpEx.

然後是營運支出。

So lots of discussion, obviously, an interesting in nuclear plants and you have many more gas plants.

顯然，有很多討論對核電廠很有趣，而且還有更多的天然氣工廠。

Can you just give us a sense directionally, you know, about the pricing differential for Newcastle, Texas gas assets?

您能否給我們一個方向性的了解，關於德州紐卡斯爾天然氣資產的定價差異？

Is it as simple as just the Coventry attribute you are again just even directionally and how these these prices compare and the discussions that you have with that data centers?

是不是就像考文垂屬性一樣簡單，您再次定向，這些價格如何比較以及您與該資料中心的討論？

Thank you.

謝謝。

Yes.

是的。

Thank you, Angie.

謝謝你，安吉。

I would say we aren't able and really would prefer not to share pricing differences by asset class.

我想說的是，我們無法也確實不願意以資產類別分享定價差異。

But I will say that in previous calls, I've mentioned that customers look at this as a list of preferences.

但我要說的是，在之前的電話中，我已經提到客戶將其視為偏好清單。

You know, there's things that they are seeking.

你知道，他們正在尋找一些東西。

They're more ideal, including location and what kind of energy needs there might be for cooling, right?

它們更理想，包括位置以及冷卻所需的能源類型，對嗎？

So there's all sorts of variables that are going to go into the equation of how valuable those this to a customer speed and land and water and other variables are going to play into their their willingness to pay under certain circumstances.

因此，各種各樣的變數都會影響到這些變數對客戶的價值，速度、土地和水以及其他變數將影響他們在某些情況下的支付意願。

More or less for different locations.

或多或少適用於不同的地點。

And so I would not expect it could be wrong, but I would not expect the gas assets to have the same premium as nuclear because of the carbon free 24, seven attributes of nuclear.

因此，我不認為它可能是錯誤的，但我不認為天然氣資產具有與核能相同的溢價，因為核能具有無碳 24 的七個屬性。

But there's an openness to gas that we are encouraged about.

但我們對天然氣的開放態度感到鼓舞。

And I think the flexibility of being being able to work with these assets is attractive for a number of parties, including co-location partners that aren't directly the hyperscalers themselves.

我認為能夠使用這些資產的靈活性對許多各方都有吸引力，包括本身不直接是超大規模的託管合作夥伴。

So I think I'd like to leave it at that, Angie, but I think that's a that's the way we're thinking about it.

所以我想就這樣吧，安吉，但我認為這就是我們思考這個問題的方式。

And then last one, I know, Thomas, Derek, just one question left that, that does look as good a comment about the transmission capacity around at your PGM assets, especially into especially Beaver Valley, for example, if there were to be a need for a virtual PPA and I can kind of the meter deal after that asset and the transmissions that have overbuilt around it, or do you have to wait lapse rates?

最後一個，我知道，托馬斯、德里克，只剩下一個問題了，這看起來確實是關於你們 PGM 資產周圍傳輸能力的一個很好的評論，特別是進入海狸谷，例如，如果有一個需要虛擬購電協議，我可以在該資產和圍繞它過度建設的傳輸之後進行計量交易，或者您必須等待失效率？

Yes.

是的。

I'll start and G. and I'll ask Stacey for her views.

我會開始，G.，我會詢問史黛西的意見。

But we said in a pretty balanced area where we are from a congestion point of view with the locations.

但我們說的是一個相當平衡的區域，從地點擁擠的角度來看。

We have the three locations there in PJM, there's still going to be study processes and efforts to connect load even if there is a perceived capacity available on the transmission system because there is still studying to be done about what adding loads in particular spot is going to do to the whole system.

我們在 PJM 擁有三個地點，即使傳輸系統上有可用的感知容量，仍然需要研究過程和連接負載的努力，因為仍然需要研究特定地點的負載增加情況對整個系統做。

And I don't think we view it necessarily is going to be faster or slower.

我認為我們並不認為它一定會更快或更慢。

There is some capacity or not, I think is probably going to be slower if it's funded the meter versus co-located.

無論是否有一定的容量，我認為如果為電錶提供資金，與並置的電錶相比，速度可能會更慢。

And I think that's what we need to walk away.

我認為這就是我們需要擺脫的。

And we may end up doing both in the area in that region of the country.

我們最終可能會在該國該地區的地區同時進行這兩項工作。

Stacy, anything you'd like to add to that?

史黛西，你還有什麼要補充的嗎？

And I would just add that at Beaver Valley, we do have the necessary steady agreement.

我想補充一點，在海狸谷，我們確實達成了必要的穩定協議。

It's already been studied that and alone could be co-located there without negative impact to the grid.

已經有研究表明，單獨使用 和 可以同時放置在那裡，而不會對電網產生負面影響。

And so I agree with Jim, that the benefit of co-location and there reason customers are pursuing it is for speed to market.

因此，我同意吉姆的觀點，即託管的好處以及客戶追求它的原因是為了加快上市速度。

So that will be faster than that in front of the meter.

所以這會比儀表前面的速度更快。

Having said that, again, referencing what Jim said earlier, there will be plenty in front of the meter connections as well.

話雖如此，再次參考吉姆之前所說的，儀表連接前面也會有很多。

And to the extent and as we deal with our customers that we can serve those customers with a p p a as for their friend, a meter connection, we're certainly rationale.

在某種程度上，當我們與客戶打交道時，我們可以為這些客戶提供一個與他們的朋友一樣的儀表連接，我們當然是有理由的。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Jim Burke for any closing remarks.

我想將會議轉回吉姆·伯克（Jim Burke）發表閉幕詞。

Yes.

是的。

Thank you for joining us today.

感謝您今天加入我們。

I want to thank the team for their continued execution and service to our customers and communities.

我要感謝團隊對我們的客戶和社區的持續執行和服務。

We appreciate we're having this call and a very dynamic time.

我們很高興能接到這通電話，並度過了一段充滿活力的時光。

And I can just assure you our team is focused on delivering.

我可以向您保證，我們的團隊專注於交付。

We appreciate your interest in Vistra, and we certainly hope to see in person soon.

我們感謝您對瑞致達的興趣，當然希望很快能親自見到您。

Have a great rest of your day.

祝您有個愉快的一天。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。