Vistra Corp (VST) 2025 Q3 法說會逐字稿

Good day, and welcome to Vistra's third quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加Vistra 2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Eric Micek, Vice President, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁埃里克·米塞克。請繼續。

Good morning, and thank you for joining Vistra's investor webcast discussing our third quarter 2025 results. Our discussion today is being broadcast live from the Investor Relations section of our website at www.vistracorp.com. There, you can also find copies of today's investor presentation and earnings release.

早安，感謝您參加Vistra的投資人網路直播，本次直播將討論我們2025年第三季的業績。我們今天的討論會正在公司網站 www.vistracorp.com 的投資者關係頁面進行現場直播。您也可以在那裡找到今天的投資者簡報和收益報告。

Leading the call today are Jim Burke, Vistra's President and Chief Executive Officer; and Kris Moldovan, Vistra's Executive Vice President and Chief Financial Officer. They are joined by other Vistra's senior executives to address questions during the second part of today's call as necessary.

今天主持電話會議的是 Vistra 總裁兼執行長 Jim Burke 和 Vistra 執行副總裁兼財務長 Kris Moldovan。如有必要，Vistra 的其他高階主管將在今天電話會議的第二部分與他們會合，回答問題。

Our earnings release, presentation and other matters discussed on the call today include references to certain non-GAAP financial measures. All references to adjusted EBITDA and adjusted free cash flow before growth throughout this presentation refer to ongoing operations adjusted EBITDA and ongoing operations adjusted free cash flow before growth. Reconciliations to the most directly comparable GAAP measures are provided in the earnings release and in the appendix to the investor presentation available in the Investor Relations section of Vistra's website.

我們今天在電話會議上討論的收益報告、簡報和其他事項中都提到了某些非GAAP財務指標。本簡報中所有提及的調整後 EBITDA 和成長前調整後自由現金流均指持續經營調整後 EBITDA 和成長前持續經營調整後自由現金流。與最直接可比較的 GAAP 指標的調整表在收益發布和投資者簡報的附錄中提供，可在 Vistra 網站的投資者關係部分取得。

Also, today's discussion contains forward-looking statements, which are based on assumptions we believe to be reasonable only as of today's date. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied. We assume no obligation to update our forward-looking statements.

此外，今天的討論包含前瞻性陳述，這些陳述是基於我們認為截至今日才合理的假設。此類前瞻性陳述存在某些風險和不確定性，可能導致實際結果與預測或暗示的結果有重大差異。我們不承擔更新前瞻性聲明的義務。

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

我鼓勵所有聽眾查看我們網站上投資者演示文稿第二頁中的“安全港聲明”，其中解釋了前瞻性聲明的風險、演示文稿中包含的某些行業和市場數據的局限性以及非GAAP財務指標的使用。

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

現在我將把電話轉交給我們的總裁兼執行長吉姆伯克。

Thank you, Eric, and good morning, everyone. I appreciate you joining us to review Vistra's third quarter 2025 results. This year continues to be a transformational one for our company, and the activity during the quarter was a key driver of our progress. We announced the landmark power purchase agreement at Comanche Peak, announced our plan to develop two gas-fired units in West Texas and successfully closed the acquisition of approximately 2.6 gigawatts of natural gas-fired assets from Lotus Infrastructure Partners.

謝謝你，艾瑞克，大家早安。感謝您參加Vistra 2025年第三季業績回顧會議。今年對我們公司而言仍然是變革之年，本季的各項活動是我們進步的關鍵驅動力。我們宣布了科曼奇峰的里程碑式購電協議，宣布了我們在西德克薩斯州開發兩個燃氣發電裝置的計劃，並成功完成了從 Lotus Infrastructure Partners 收購約 2.6 吉瓦天然氣發電資產的交易。

Importantly, while we are successfully advancing our growth efforts, we continue to be steadfastly focused on execution in our core business. As we will discuss, our core business continues to point to additional value creation in the years ahead. I'm proud of what our team has accomplished this year as we continue building the foundation for sustainable growth and value creation well into the future.

重要的是，在我們成功推動成長的同時，我們將繼續堅定不移地專注於核心業務的執行。正如我們將要討論的，我們的核心業務在未來幾年將繼續創造更多價值。我為我們團隊今年的成就感到自豪，我們將繼續為未來的永續成長和價值創造奠定基礎。

Continuing on the topic of sustainable growth on slide 5, you can see the positive impact of steps we've taken over the past several years. Combined with a more favorable demand backdrop, those actions are now translating into sustainably higher levels of profitability for our company.

繼續討論可持續成長的話題，在第 5 張投影片中，您可以看到我們在過去幾年中採取的措施所產生的正面影響。再加上更有利的需求環境，這些措施現在正轉化為我們公司可持續更高的獲利水準。

At the core of this success are the approximately 7,000 team members across the organization. Their dedication and hard work allowed us to deliver another solid quarter of financial performance. Combined with our results year-to-date, we are narrowing our guidance range for 2025 adjusted EBITDA to $5.7 billion to $5.9 billion, and our 2025 adjusted free cash flow before growth to $3.3 billion to $3.5 billion.

這項成功的核心在於公司遍布各地的約 7,000 名團隊成員。他們的奉獻和努力使我們又實現了一個穩健的季度財務表現。結合我們今年迄今的業績，我們將 2025 年調整後 EBITDA 的預期範圍縮小至 57 億美元至 59 億美元，並將 2025 年增長前調整後自由現金流的預期範圍縮小至 33 億美元至 35 億美元。

Moving to our near-term outlook. We are introducing guidance ranges for 2026 adjusted EBITDA of $6.8 billion to $7.6 billion and adjusted free cash flow before growth of $3.925 billion to $4.725 billion, including the expected contribution from the assets acquired from Lotus Infrastructure Partners.

接下來談談我們的近期展望。我們預計 2026 年調整後 EBITDA 為 68 億美元至 76 億美元，調整後成長前自由現金流為 39.25 億美元至 47.25 億美元，其中包括從 Lotus Infrastructure Partners 收購的資產的預期貢獻。

It's worth noting that excluding the benefits from the Lotus assets, the midpoint of our 2026 adjusted EBITDA guidance range is above our previously communicated 2026 adjusted EBITDA midpoint opportunity of $6.8 billion plus, another clear sign of sustainable momentum across our business. We are confident in our forecast as we expect consistent earnings from our retail business paired with strong performance from a reliable, flexible and highly hedged generation fleet.

值得注意的是，如果不計入 Lotus 資產帶來的收益，我們 2026 年調整後 EBITDA 指導範圍的中點高於我們先前公佈的 2026 年調整後 EBITDA 中點機會 68 億美元以上，這再次清楚地表明了我們業務的可持續增長勢頭。我們對我們的預測充滿信心，因為我們預計零售業務將持續獲利，同時可靠、靈活且高度對沖的發電廠也將表現出色。

Finally, for 2027, we are introducing an adjusted EBITDA midpoint opportunity range of $7.4 billion to $7.8 billion. While multiple drivers of gross margin variability remain, including the 2027, 2028 PJM capacity auction, our hedge percentage, which currently sits at approximately 70% of expected generation, provides line of sight to our adjusted EBITDA midpoint opportunity.

最後，對於 2027 年，我們引入了調整後的 EBITDA 中點機會範圍為 74 億美元至 78 億美元。儘管毛利率波動仍受多種因素影響，包括 2027 年和 2028 年 PJM 容量拍賣，但我們目前的對沖比例約為預期發電量的 70%，這為我們調整後的 EBITDA 中點機會提供了參考。

Finally, the recently announced power purchase agreement at Comanche Peak marks a major milestone for our company, for our site and for Texas. We believe this 20-year agreement, which enables our customer to energize up to 1,200 megawatts of new load ensures the Comanche Peak nuclear plant will continue to deliver power to Texans at least through the middle of this century.

最後，最近宣布的科曼奇峰購電協議對我們公司、我們的工廠和德克薩斯州來說都是一個重要的里程碑。我們相信，這項為期 20 年的協議使我們的客戶能夠新增高達 1200 兆瓦的負荷，從而確保科曼奇峰核電廠至少在本世紀中葉之前繼續為德克薩斯州人民供電。

As you may recall, we recently relicensed Comanche Peak out to the 2050s, and this agreement provides the financial backing to maintain operations through that date and potentially beyond. Further, the customer's commitment to bring significant backup generation to the site will also enhance resource adequacy while meeting their own reliability needs.

您可能還記得，我們​​最近將 Comanche Peak 的營運許可續約至 2050 年代，而這項協議提供了資金支持，以維持營運至該日期，甚至可能更久。此外，客戶承諾為該站點提供大量的備用電源，這將提高資源充足性，同時滿足其自身的可靠性需求。

I want to commend our team for their hard work and constant dedication in getting this agreement over the finish line, working, of course, very closely with our customer. We believe this is yet another example of why Vistra is a reliable and trusted partner for these types of long-term agreements needed to meet the ever-increasing power demand across the US. We continue to see multiple pathways for long-term agreements at other sites as we believe our fleet and development capabilities are well positioned to provide a variety of power solutions to meet the needs of these large load customers.

我要表揚我們的團隊，感謝他們為最終達成這項協議所付出的辛勤努力和持續奉獻，當然，這離不開我們與客戶的密切合作。我們相信，這再次證明了 Vistra 是值得信賴的合作夥伴，能夠為滿足美國日益增長的電力需求而簽署此類長期協議。我們相信，我們的車隊和研發能力足以提供各種電力解決方案，以滿足這些大負載客戶的需求，因此我們繼續看到在其他地點達成長期協議的多種途徑。

Turning to slide 6. Our four strategic priorities remain integral to our success. We believe our integrated business model and comprehensive hedging program provide our stakeholders greater visibility into our future financial performance. Our diverse fleet of generation assets, combined with our trusted retail brands and strong commercial acumen form an integrated platform that consistently delivers attractive earnings and downside protection.

翻到第6張投影片。我們的四大戰略重點仍是我們成功的關鍵。我們相信，我們的一體化商業模式和全面的對沖計劃能夠讓我們的利害關係人更清楚地了解我們未來的財務表現。我們多元化的發電資產組合，加上我們值得信賴的零售品牌和強大的商業敏銳度，構成了一個綜合平台，能夠持續提供可觀的收益和下行風險保護。

Our generation team achieved another solid quarter of commercial availability of approximately 93% for our coal and gas fleet. This included exceptional performance during the late July nationwide heat wave and the impacts of the extended outage at one of our three Martin Lake units. Nuclear also had a solid quarter of performance, achieving a capacity factor of approximately 95%.

我們的發電團隊又實現了煤炭和天然氣發電廠商業可用性在第二季達到約 93%。這其中包括在 7 月下旬全國熱浪期間的出色表現，以及我們三台馬丁湖機組之一長時間停電的影響。核能發電在本季也表現出色，容量係數達到約 95%。

Complementing our generation portfolio, our commercial team continues to deliver strong results through disciplined execution over a comprehensive hedging strategy. We've established a highly hedged position for '26 as we enter the year, providing enhanced earnings visibility and stability. Over the next 12 months, the team will continue to prudently manage our open length for '27 to further strengthen that position. As I'll discuss later, we are also making solid progress in advancing additional capacity contracts with large load customers, which will further enhance the long-term value of our company.

為了完善我們的發電組合，我們的商業團隊透過嚴格的執行和全面的對沖策略，持續取得強勁的業績。進入2026年，我們已建立了高度對沖的頭寸，從而提高了盈利的可見性和穩定性。在接下來的 12 個月裡，團隊將繼續謹慎地管理我們 2027 年的開放長度，以進一步鞏固這一地位。正如我稍後將要討論的，我們在與大型負荷客戶推進更多產能合約方面也取得了實質進展，這將進一步提升我們公司的長期價值。

On the Retail side, we continue to see strong customer count growth driven by our portfolio of brands in the Texas market. We believe the team's continuous innovation combined with strong customer service drives the consistent earnings level of the business while outperforming on customer complaint, performance versus our key competitors and maintaining our five-star ranking.

在零售方面，我們在德州市場旗下品牌組合的推動下，客戶數量持續強勁成長。我們相信，團隊的持續創新和強大的客戶服務推動了公司穩定的盈利水平，同時在客戶投訴、業績方面優於主要競爭對手，並保持了我們的五星級評級。

Switching to capital allocation, we remain disciplined in our approach by targeting a significant return of capital, executing on our attractive growth project pipeline and maintaining a strong balance sheet. Since implementing the capital return plan put in place during the fourth quarter of 2021, we have returned over $6.7 billion to our shareholders through share repurchases and common stock dividends.

轉向資本配置方面，我們將繼續秉持嚴謹的態度，力求實現顯著的資本回報，推進我們具有吸引力的成長項目儲備，並維持強勁的資產負債表。自 2021 年第四季實施資本回報計畫以來，我們已透過股票回購和普通股股息向股東返還了超過 67 億美元。

Kris will cover capital allocation in more detail later in the presentation, but you will see that we expect to return at least an additional approximately $2.9 billion through share repurchases and common dividends, including the additional $1 billion authorized this quarter by the Board for share repurchases through 2027.

Kris 將在稍後的演示中更詳細地介紹資本配置，但您將會看到，我們預計透過股票回購和普通股股息至少額外返還約 29 億美元，其中包括董事會本季度批准的用於 2027 年前股票回購的額外 10 億美元。

Turning to growth. With the increasing power needs in West Texas, including from the state's expanding oil and natural gas industries, combined with expected demand growth from data center additions, we have made the decision to move forward with developing two natural gas units totaling 860 megawatts.

轉向增長。隨著西德州電力需求的不斷增長，包括該州不斷擴張的石油和天然氣產業的需求，以及資料中心新增帶來的預期需求成長，我們決定推進兩個總裝置容量為 860 兆瓦的天然氣機組的開發。

We view these projects as attractive for our owners with projected returns in excess of our mid-teens levered return thresholds. Both units remain part of the Texas Energy Fund due diligence process, and we plan to make a final decision on financing in the coming months. Equipment and EPC procurement is progressing well, and we remain on track to deliver this West Texas capacity in early to mid-2028.

我們認為這些項目對我們的業主來說很有吸引力，預計收益將超過我們十幾個百分點的槓桿收益門檻。這兩個項目仍是德州能源基金盡職調查流程的一部分，我們計劃在未來幾個月內就融資問題做出最終決定。設備和EPC採購進展順利，我們仍有望在2028年初至年中交付西德克薩斯州的產能。

Lastly, we successfully closed on our acquisition of seven natural gas plants from Lotus Infrastructure Partners, totaling approximately 2,600 megawatts of capacity. This acquisition, which includes assets across PJM, New England, New York and California reflects our disciplined and opportunistic approach to M&A. It will enhance our already wide geographic footprint and strengthen our ability to meet the diverse needs of our customers.

最後，我們成功完成了從 Lotus Infrastructure Partners 收購七座天然氣發電廠的交易，總裝置容量約為 2,600 兆瓦。此次收購涵蓋了 PJM、新英格蘭、紐約和加州的資產，體現了我們嚴謹而又善於把握機會的併購策略。這將擴大我們已有的廣泛地域覆蓋範圍，並增強我們滿足客戶多樣化需求的能力。

We look forward to integrating these assets into the Vistra portfolio and driving operational efficiencies by running them in line with the high standards of our current large combined cycle and peaking gas fleet. We continue to target approximately $270 million of adjusted EBITDA from these assets in 2026, with potential upside in the out years driven by synergies and higher capacity revenue.

我們期待將這些資產整合到 Vistra 的資產組合中，並按照我們目前大型聯合循環和調峰天然氣機組的高標準運行它們，從而提高營運效率。我們繼續以這些資產在 2026 年實現約 2.7 億美元的調整後 EBITDA 為目標，未來幾年在協同效應和更高產能收入的推動下，還有可能實現成長。

Moving to the balance sheet. We continue to prioritize liquidity and low leverage to manage the business prudently. While we currently have a strong balance sheet with leverage of approximately 2.6 times, we expect additional deleveraging through the end of 2027 through higher earnings and continued prudent management of our debt levels. As we stated on our last call, we believe the lower leverage levels, combined with a reduction in business risk as a result of more contracted revenue sources, puts us on the path for an upgrade to investment-grade credit ratings.

接下來查看資產負債表。我們將繼續優先考慮流動性和低槓桿率，以審慎地管理業務。雖然我們目前擁有強勁的資產負債表，槓桿率約為 2.6 倍，但我們預計到 2027 年底，隨著獲利能力的提高和對債務水準的持續審慎管理，槓桿率將進一步降低。正如我們在上次電話會議中所述，我們相信較低的槓桿水平，加上由於更多合約收入來源而導致的業務風險降低，使我們走上了信用評級提升至投資級的道路。

On our strategic energy transition, we continue to execute on our strategy of utilizing existing land and interconnects to develop solar and energy storage projects. Our Oak Hill solar project in ERCOT reached commercial operations last month, bringing 200 megawatts of clean energy to the ERCOT grid. Our Pulaski and Newton sites remain on schedule for commercial operations by year-end 2026. We continue to evaluate the remainder of our development portfolio for additional opportunities as long-term power agreements materialize.

在戰略能源轉型方面，我們將繼續執行利用現有土地和互聯設施開發太陽能和儲能專案的策略。我們位於ERCOT的Oak Hill太陽能專案上個月投入商業運營，為ERCOT電網帶來了200兆瓦的清潔能源。我們的普拉斯基和牛頓工廠仍按計劃於 2026 年底投入商業營運。隨著長期電力協議的落實，我們將繼續評估剩餘的開發案組合，以尋找更多機會。

Finally, we believe nuclear, with its carbon-free profile and 24/7 availability, is a vital component in meeting the country's electricity needs for decades to come. Large load customers clearly have a preference for this type of generation. To meet these needs, we continue to evaluate upgrade opportunities at our nuclear plants with studies planned to be completed by the end of this year. Initial assessments are promising, indicating the potential to increase capacity at nuclear plants by approximately 10%, with the additional capacity starting to come online in the early 2030s.

最後，我們認為，核能具有零碳排放和全天候可用性的特點，是滿足國家未來幾十年電力需求的重要組成部分。大用電量用戶顯然更偏好這種類型的發電方式。為了滿足這些需求，我們將繼續評估核電廠的升級機會，相關研究計畫在今年底完成。初步評估結果令人鼓舞，顯示核電廠產能有可能提高約 10%，新增產能將於 2030 年代初開始投入使用。

Turning to slide 7. We continue to see a structurally improved demand environment, which carries significant positive implications for our business. As we've discussed over the past several quarters, electricity consumption across the country is undergoing a fundamental shift. Load growth in our largest markets remains well ahead of national averages. With weather-normalized load in PJM rising approximately 2% to 3% and the ERCOT market growing around 6% year over year. Importantly, customer investment continues to send stronger, more sustained market signals.

翻到第7張投影片。我們持續看到需求環境結構性改善，這對我們的業務具有重要的正面意義。正如我們在過去幾個季度中所討論的那樣，全國的電力消耗正在發生根本性的轉變。我們最大市場的貨運量成長仍遠高於全國平均。PJM 的天氣正常化負荷成長約 2% 至 3%，ERCOT 市場年增約 6%。重要的是，客戶投資持續發出更強、更持久的市場訊號。

Data center development remains robust with a number of planned facilities across the US more than doubling from 12 months ago. Our largest markets, PJM and ERCOT, continue to be targeted for a larger share of these developments. As an example, ERCOT's market share of these announcements is over double the region's market share of currently installed data centers. While it's unlikely that every announced project ultimately reaches completion, even factoring in a haircut, we believe this data indicates the load growth levels we covered at the top of the slide will materialize.

美國資料中心發展動能依然強勁，計畫興建的資料中心數量比 12 個月前增加了一倍以上。我們最大的市場 PJM 和 ERCOT 將繼續成為這些發展項目更大份額的目標市場。例如，ERCOT 在這些公告中的市佔率是該地區目前已安裝資料中心市佔率的兩倍多。儘管每個已宣布的項目最終都不太可能完成（即使考慮到預算削減），但我們相信這些數據表明，我們在幻燈片頂部提到的負載增長水平將會實現。

In fact, we continue to see the potential for even greater acceleration. This is especially evident in recent results calls from the hyperscalers where they've emphasized expanded investments in AI and data infrastructure, signaling that development activity is expected to remain strong, if not increase further, in the year ahead. This load growth is already leading to higher utilization rates for our combined cycle gas assets where capacity factors have increased from the low 50% range to the high 50s over the last several years.

事實上，我們仍然看到進一步加速發展的潛力。這一點在超大規模資料中心營運商最近的業績報告中尤其明顯，他們強調了對人工智慧和資料基礎設施的加大投資，這表明未來一年的研發活動預計將保持強勁，甚至可能進一步成長。負載成長已經導致我們聯合循環燃氣資產的利用率提高，過去幾年，其容量係數已從 50% 左右提高到 50% 以上。

Growing consumption should efficiently drive existing assets to higher utilization levels over time, potentially reaching rates in the mid-80% range for combined cycle gas plants. This is evidence that there is capacity currently on the grid capable of meeting the load growth anticipated over the next three to five years.

消費的成長應該能夠有效地推動現有資產隨著時間的推移達到更高的利用率水平，聯合循環燃氣電廠的利用率可能會達到 80% 左右。這證明目前電網的容量足以滿足未來三到五年內預期的負載成長。

In addition to supply-side solutions, there is also increasing interest in demand-side solutions. The infrequent super peak hours can also be met through practical solutions like on-site backup generation and demand response, approaches that large load customers are continuing to develop and implement. This framework supports accelerating demand growth from emerging sectors such as data centers, crypto operations and other industrial load, allowing them to integrate into our markets by leveraging existing grid investments, while improving system utilization and lowering unit costs for end customers.

除了供給側解決方案外，人們對需求側解決方案的興趣也日益濃厚。對於不常出現的超高峰時段，也可以透過現場備用發電和需求響應等切實可行的解決方案來滿足，大型用電客戶正在不斷開發和實施這些方法。該框架支援資料中心、加密貨幣營運和其他工業負載等新興產業的需求加速成長，使它們能夠利用現有的電網投資融入我們的市場，同時提高系統利用率並降低終端客戶的單位成本。

Turning to slide 8. Vistra is in the middle of a multiyear plan to drive significantly higher profitability levels against the backdrop of accelerating electricity demand growth just outlined. The team has already delivered on several initiatives that have led to our increased outlook through 2027. Our retail business consistently achieved strong margin performance and high levels of free cash flow conversion.

翻到第8張幻燈片。如前所述，在電力需求加速成長的背景下，Vistra 正在實施一項多年計劃，以大幅提高獲利水準。團隊已經完成了多項舉措，使我們對 2027 年的前景更加樂觀。我們的零售業務一直保持著強勁的利潤率和較高的自由現金流轉換率。

Our commercial team through our comprehensive hedging program, lock in benefits from stronger power markets, while our generation team looks for attractive and cost-effective ways to organically add capacity, such as our natural gas upgrades in Texas. Inorganic expansion has also been a big value driver through both the acquisitions of Energy Harbor and the natural gas plants from Lotus.

我們的商業團隊透過全面的避險計劃，鎖定電力市場走強帶來的收益，而我們的發電團隊則尋找有吸引力且經濟高效的方式來有機地增加產能，例如我們在德克薩斯州的天然氣升級改造。透過收購 Energy Harbor 和 Lotus 的天然氣工廠，非內生性擴張也成為重要的價值驅動因素。

However, we see an extensive list of near-term and long-term opportunities that are not included in our outlook that will enable us to grow our business through the end of the decade and beyond. Some of these initiatives are already underway, such as the 1,200-megawatt power purchase agreement at Comanche Peak, or the Coleto Creek coal-to-gas conversion, and these are expected to begin contributing to profitability in the next few years. Projects like the new Permian gas units and the Miami Fort coal-to-gas conversion are in the early stages of project execution.

然而，我們看到一系列近期和長期機會並未納入我們的展望，這些機會將使我們能夠在本十年末及以後發展業務。其中一些措施已經開始實施，例如科曼奇峰的 1200 兆瓦購電協議，或科萊托溪煤改氣項目，預計這些項目將在未來幾年內開始產生盈利。像二疊紀盆地天然氣裝置和邁阿密堡煤改氣計畫這樣的計畫目前還處於計畫執行的早期階段。

Others such as the nuclear uprates, while still early in the process, could provide significant additional optionality around our assets. Long-term power purchase agreements will also be a key driver of increasing our earnings visibility, and we see multiple pathways to agreements across our large diversified fleet of more than 40,000 megawatts of nuclear, gas, coal and renewable generation.

其他一些項目，例如核能升級，雖然仍處於早期階段，但可能會為我們的資產提供更多選擇。長期購電協議也將是提高我們獲利可見性的關鍵驅動因素，我們看到，在我們超過 40,000 兆瓦的核能、天然氣、煤炭和再生能源發電的多元化龐大機組中，存在多種達成協議的途徑。

We also see numerous opportunities for contracting new build capacity across our geographies and our experienced development team is actively progressing these options. We continue to see an acceleration in strong customer interest we outlined last quarter, and we believe the momentum we have today should enable us to realize multiple contracting opportunities. In fact, we set aside roughly $50 million per year over the next several years, including 2026, and increased expenses for investments in people and development activities to capture these opportunities and handle the level of customer interest.

我們也看到在各地區有許多新建產能的承包機會，我們經驗豐富的開發團隊正在積極推動這些方案。我們繼續看到上個季度以來客戶興趣的強勁成長勢頭，我們相信，我們目前的勢頭應該能夠讓我們實現多個合約機會。事實上，我們已在未來幾年（包括 2026 年）每年撥出約 5000 萬美元，並增加對人員和發展活動的投資，以抓住這些機會並應對客戶日益增長的興趣。

Importantly, all the potential future drivers I've outlined remain incremental to the core objective of delivering for our customers for running an efficient and reliable fleet that benefits from improving power market fundamentals. We believe there is significant optionality embedded in our large generation fleet, particularly our combined cycle and peaking gas fleet given that strong market fundamentals can drive higher volumes and higher revenue without significant incremental investment.

重要的是，我概述的所有潛在未來驅動因素，對於實現為客戶運營高效可靠的車隊這一核心目標而言，仍然是漸進式的，而這一目標將受益於電力市場基本面的改善。我們相信，我們的大型發電廠蘊含著巨大的選擇餘地，特別是我們的聯合循環和調峰燃氣發電廠，因為強勁的市場基本面可以在不進行大量額外投資的情況下推動更高的發電量和更高的收入。

Now I'll turn it over to Kris to provide more details on our third quarter results, outlook and capital allocation. Kris?

現在我將把發言權交給 Kris，讓他詳細介紹我們第三季的業績、展望和資本配置。克里斯？

Thank you, Jim. Turning to slide 10. Vistra delivered $1.581 billion in adjusted EBITDA in the third quarter including $1.544 billion from Generation and $37 million from retail. Consistent with last quarter, the Generation segment continued to realize material benefits from our comprehensive hedging program, with average realized prices over $10 per megawatt hour higher compared to the same quarter last year. The stronger realized price benefit, together with the higher capacity revenue in our East segment, and the expected nuclear PTC revenue recognized at Comanche Peak, more than offset the impacts of extended outages at Martin Lake Unit 1 and our battery facilities at Moss Landing.

謝謝你，吉姆。翻到第10張投影片。Vistra 第三季調整後 EBITDA 為 15.81 億美元，其中發電業務收入為 15.44 億美元，零售業務收入為 3,700 萬美元。與上個季度一致，發電部門繼續從我們全面的避險計畫中獲得實質收益，平均實現價格比去年同期高出每兆瓦時 10 美元以上。更強勁的實際價格收益，加上我們東部業務板塊更高的容量收入，以及科曼奇峰核電站確認的預期核電 PTC 收入，足以抵消馬丁湖 1 號機組和莫斯蘭丁電池設施長期停運的影響。

On a year-to-date basis, the incremental contribution from two additional months of Energy Harbor results, combined with stronger realized wholesale prices and higher capacity revenue, have more than offset the impact from the outages and are driving the strong year-over-year performance gains.

從今年迄今為止的情況來看，Energy Harbor 兩個月額外業績帶來的增量貢獻，加上更強勁的批發價格實現和更高的容量收入，已經超過了停電的影響，並推動了強勁的同比業績增長。

Moving to Retail. As a reminder, based on the shape and level of supply costs, we typically expect lower profitability in the first and third quarters, with this year being no exception. Notably, the third quarter, like the first six months of the year, benefited from strong customer count and margin performance, with results in the quarter being offset by weather-driven gains in the third quarter of last year that were not repeated this summer, and some expected intra-year timing impacts of supply costs. Importantly, the Retail business continues to generate strong earnings to our business in a variety of market conditions and remains on track to outperform 2024 results.

轉行零售業。需要提醒的是，根據供應成本的形態和水平，我們通常預期第一季和第三季的獲利能力會較低，今年也不例外。值得注意的是，與今年前六個月一樣，第三季度受益於強勁的客戶數量和利潤率表現，但本季業績被去年第三季度受天氣因素推動的增長所抵消，而今年夏季並未重現這種增長，此外，供應成本的一些預期年內時間影響也抵消了部分業績。重要的是，零售業務在各種市場條件下繼續為我們的業務帶來強勁的收益，並有望超越 2024 年的業績。

Turning to slide 11. Based on our expectations for 2025 and 2026 and the range of midpoint opportunities for 2027 that Jim outlined earlier as well as our expectation that we will continue to achieve a targeted medium-term adjusted EBITDA to adjusted free cash flow before growth conversion rate of at least 60%, we project to generate a significant amount of cash, approximately $10 billion through year-end 2027.

翻到第11張幻燈片。根據我們對 2025 年和 2026 年的預期，以及 Jim 先前概述的 2027 年中期機會範圍，以及我們預期我們將繼續實現至少 60% 的中期調整後 EBITDA 與增長前調整後自由現金流的轉化率目標，我們預計到 2027 年底將產生大量現金，約 100 億美元。

The confidence in our outlook and the cash generation of our business continues to be underpinned by our comprehensive hedging program, and the downside support provided by the nuclear PTC, resulting in a highly hedged position over the next several years. As we've highlighted in previous quarters, our share repurchase program has generated significant value for our shareholders. Since beginning the program in November 2021, we have reduced our shares outstanding by approximately 30% through repurchase of approximately 165 million shares at an average price per share under $34.

我們全面的避險計畫和核能生產稅收抵免提供的下行支撐，繼續支撐著我們對前景和業務現金流的信心，從而在未來幾年內實現高度對沖。正如我們在前幾個季度所強調的，我們的股票回購計畫為股東創造了巨大的價值。自 2021 年 11 月啟動該計劃以來，我們以平均每股低於 34 美元的價格回購約 1.65 億股股票，使我們的流通股減少了約 30%。

We continue to expect to return at least $1.3 billion to our shareholders each year through share repurchases and common dividends. With the Board's recent authorization of an additional $1 billion of share repurchases, we have approximately $2.2 billion of share repurchase authorization, enough to meet our annual share repurchase target through 2027.

我們預計每年將透過股票回購和普通股股利向股東返還至少 13 億美元。隨著董事會最近批准額外10億美元的股票回購，我們目前擁有約22億美元的股票回購授權，足以滿足我們到2027年的年度股票回購目標。

We will continue to execute the share repurchase program through our 10b5-1 plan, allowing us to stay in the market even when in possession of material non-public information. While this plan allows us to remain consistent buyers of our shares, we have designed it such that it accelerates repurchase amounts during times of market dislocation.

我們將繼續透過我們的 10b5-1 計劃執行股票回購計劃，即使我們掌握重大非公開訊息，也能繼續留在市場中。雖然該計劃使我們能夠持續買入我們的股票，但我們對其進行的設計使其能夠在市場動盪時期加快回購速度。

On the balance sheet, after increasing our net debt to reflect the closing of the Lotus transaction, and the financing activities completed in October as well as incorporate the midpoint of our 2026 guidance range for adjusted EBITDA, our net leverage ratio is approximately 2.6 times. As mentioned last quarter, we are targeting leverage metrics consistent with investment-grade credit ratings and believe the improvement in our net leverage levels, combined with the higher earnings visibility from more contracted earnings streams, could position us for an upgrade, potentially within the next 12 to 18 months.

在資產負債表上，在增加淨債務以反映 Lotus 交易的完成、10 月份完成的融資活動以及納入我們 2026 年調整後 EBITDA 指導範圍的中點之後，我們的淨槓桿率約為 2.6 倍。正如上個季度所提到的，我們的目標是達到與投資等級信用評級相符的槓桿指標，並且相信淨槓桿水平的改善，加上更多已簽訂合約的收入流帶來的更高盈利可見性，可能會使我們獲得評級提升，可能在未來 12 到 18 個月內。

Turning to growth investments. We will continue to be opportunistic, yet disciplined in the deployment of capital. In addition to our planned solar and energy storage investments, we will be allocating capital to our new gas-fired units in West Texas, which we estimate will require approximately $900 million before any offsets from project financing.

轉向成長型投資。我們將繼續抓住機遇，但同時在資本部署方面保持謹慎。除了我們計劃中的太陽能和儲能投資外，我們還將為位於西德克薩斯州的新燃氣發電廠分配資金，我們估計在專案融資抵消之前，這將需要約 9 億美元。

Finally, we expect to continue to evaluate M&A opportunities for both the generation and retail businesses. Even after allocating approximately $3.4 billion to our equity holders through share repurchases in common and preferred dividends and $2.6 billion for accretive growth investments, including closing the acquisition of the gas assets from Lotus Infrastructure Partners, we still expect to have approximately $4 billion of additional capital available to allocate through year-end 2027.

最後，我們將繼續評估發電和零售業務的併購機會。即使在透過普通股回購和優先股分紅向我們的股東分配了約 34 億美元，以及將 26 億美元用於增值成長投資（包括完成從 Lotus Infrastructure Partners 收購天然氣資產）之後，我們預計到 2027 年底仍將有約 40 億美元的額外資本可供分配。

Share repurchases remain an important capital allocation priority, and we still believe our shares are trading at an elevated free cash flow yield, especially when compared to the average free cash flow yield for companies in the S&P 500. A strong balance sheet is also important, and we see multiple benefits to achieving investment-grade credit ratings.

股票回購仍然是重要的資本配置優先事項，我們仍然相信我們的股票以較高的自由現金流收益率進行交易，特別是與標普 500 指數成分股公司的平均自由現金流收益率相比。穩健的資產負債表也很重要，我們認為獲得投資等級信用評等有許多好處。

Finally, the shift in power market fundamentals have led to a significantly wider opportunity set for growth compared to years past. Notably, while the opportunity set has changed, our approach is not. We remain disciplined, seeking to balance growth with shareholder returns and a strong balance sheet. We continue to place a high threshold on capital, targeting at least mid-teens levered returns for any opportunity we pursue.

最後，電力市場基本面的轉變帶來了比往年更為廣闊的成長機會。值得注意的是，雖然機會環境發生了變化，但我們的方法並沒有改變。我們保持嚴謹的作風，力求在成長與股東回報和穩健的資產負債表之間取得平衡。我們繼續對資本設定高門檻，目標是對我們尋求的任何機會都實現至少 15% 的槓桿回報率。

Finally, moving to slide 12. As Jim mentioned, we are in a multiyear execution plan that is leading to a sustainably higher level of earnings power for our business. This is evident in the higher adjusted EBITDA and adjusted free cash flow before growth guidance we've provided today. While these metrics have been the focus of our guidance historically and will likely continue to be going forward, at least in the short term, these metrics don't fully capture our best-in-class capital allocation demonstrated over the past several years.

最後，轉到第 12 張投影片。正如吉姆所提到的，我們正在執行一項多年計劃，該計劃將使我們的業務盈利能力持續提高。這一點在我們今天提供的調整後 EBITDA 和成長前調整後自由現金流預期中得到了體現。雖然這些指標一直是我們過去指導的重點，而且至少在短期內可能還會繼續如此，但這些指標並不能完全反映我們在過去幾年中展現出的一流的資本配置水平。

As a result, we've included a new perspective focused on adjusted free cash flow before growth per share through 2026. We view this metric as a direct indicator of long-term value creation for shareholders. It demonstrates both our ability to generate recurring cash flow and the capacity to deploy that cash toward value-enhancing initiatives.

因此，我們引入了一個新的視角，重點關注到 2026 年每股成長前的調整後自由現金流。我們認為此指標直接反映了股東的長期價值創造。這不僅展現了我們創造持續現金流的能力，也展現了我們將這些現金用於提升價值的舉措的能力。

It's also an important measure within Vistra's long-term incentive compensation framework, keeping management and shareholders aligned on how we define success. You can see from the chart on the left that based on actions taken to date, forward curves at the end of October and a stable share count as of September 30, we see a trajectory for adjusted free cash flow before growth per share to grow by approximately 50% from 2024 through 2026. We think this level of improvement over the two-year period is compelling and is a testament to both the operational excellence and disciplined capital allocation by the team.

這也是Vistra長期激勵薪酬架構中的重要措施，使管理階層和股東在成功的定義上保持一致。從左側圖表可以看出，根據迄今為止採取的行動、10 月底的遠期曲線以及截至 9 月 30 日穩定的股份數量，我們預計 2024 年至 2026 年調整後的每股自由現金流（不計增長）將增長約 50%。我們認為，兩年內取得這樣的進步是令人信服的，這證明了團隊卓越的營運能力和嚴謹的資本配置。

As Jim outlined earlier, the number of opportunities for our business have never been higher, and we continue to see heightened engagement from our customer base. These opportunities vary in the amount of capital required as well as our ability to control them. Some of these opportunities, like continued share repurchases, are fully in our control. Many of these opportunities, like the recently announced Permian gas units, the 1,200-megawatt Comanche Peak PPA or other new long-term contracts at existing or new build generation assets are highly accretive, but are not expected to begin contributing immediately to our results.

正如吉姆之前概述的那樣，我們業務的機會從未如此之多，而且我們不斷看到客戶群的參與度不斷提高。這些機會所需的資金量以及我們對它們的控制能力各不相同。其中一些機會，例如持續回購股票，完全掌握在我們自己手中。這些機會中有很多，例如最近宣布的二疊紀天然氣項目、1200兆瓦的科曼奇峰電力購買協議，以及現有或新建發電資產的其他新的長期合同，這些機會都具有很高的增值潛力，但預計不會立即開始對我們的業績做出貢獻。

The continued improvement in power markets remains a potentially significant source of future growth in our business. Collectively, we see these multiple drivers leading to a meaningfully higher adjusted free cash flow before growth per share with a compelling growth rate over the next three to five years. We will continue to deploy our excess capital to maximize the value creation from these opportunities, and we'll provide updates as they materialize.

電力市場的持續改善仍是我們業務未來成長的潛在重要來源。總的來說，我們認為這些多重因素將在未來三到五年內大幅提高每股成長前的調整後自由現金流，並帶來令人矚目的成長率。我們將繼續利用我們的盈餘資金，最大限度地發揮這些機會的價值，並將在機會實現後及時提供最新進展。

In closing, the growth and results we shared today reflect the strength of our strategy and the dedication of our entire team in consistently delivering for our customers and our shareholders. As we look to the months ahead, our focus remains on finishing the year with solid execution, ensuring reliable performance through the winter season and setting the stage for continued success in 2026.

最後，我們今天分享的成長和成果反映了我們策略的優勢以及我們整個團隊為客戶和股東持續創造價值的奉獻精神。展望未來幾個月，我們的重點仍然是穩健地完成今年的工作，確保冬季期間的可靠表現，並為 2026 年的持續成功奠定基礎。

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

好了，接線員，我們現在可以開始接受提問了。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（操作員指示）Shar Pourreza，富國銀行。

So just maybe focusing on the '27 opportunities, which is generally in line with expectations. I guess, what's currently embedded in that range? Obviously, it's a little early for the Comanche deal ramp. But I guess where do you see opportunities to improve versus the midpoint? Is it sort of market vol and locking in some of the forward curves? Or is there a more strategic dry powder just given the $4 billion of cash available for allocation?

所以或許應該專注於 2027 年的機會，這整體上符合預期。我想問的是，目前範圍內包含哪些內容？顯然，現在啟動 Comanche 交易還為時過早。但我想問的是，您認為與中點相比，還有哪些方面可以改進？這是某種市場波動，以及鎖定一些遠期曲線嗎？或者，鑑於有 40 億美元的現金可供分配，是否有更具戰略意義的「乾粉」策略？

Thank you, Shar. I think there are a number of levers still to pull. Obviously, there is an open position. We've disclosed we're still open in 2027. We disclosed about a 70% hedge percentage. So as you continue to see the markets strengthen, we have exposure to that for sure. In terms of strategic deals, obviously, contracting is one of these topics that comes up, and we see opportunities to have contracts, some of which could start in a 2027 time period. We do not have that embedded in our forward view.

謝謝你，莎爾。我認為還有很多方法可以嘗試。顯然，這裡有一個空缺職位。我們已公開表示，我們將在 2027 年繼續營業。我們揭露了約 70% 的對沖比例。因此，隨著市場持續走強，我們也肯定會從中受益。就策略交易而言，顯然，合約簽訂是其中一個重要議題，我們看到了一些簽訂合約的機會，其中一些合約可能會在 2027 年左右開始生效。我們的前瞻性規劃中並沒有包含這一點。

And so I do think, Shar, there's -- it's always difficult to put numbers that far out and make too many assumptions because we have to deliver on these opportunities, but we think there's upside in our business. That's why we have a wider range there. And our goal would obviously be to continue to do what we've done in the past, which is trend upwards as we get closer to the delivery year. And I think we've shown a track record of doing that, and I think we have quite a few levers to pull.

所以我覺得，Shar，雖然很難給出那麼長遠的數字並做出太多假設，因為我們必須抓住這些機會，但我們認為我們的業務有上升空間。這就是為什麼我們在那裡提供更廣泛選擇的原因。我們的目標顯然是繼續做我們過去一直在做的事情，那就是隨著交貨年份的臨近，保持上升趨勢。我認為我們已經證明了我們在這方面的成就，而且我認為我們有很多手段可以利用。

Perfect. I appreciate that, Jim. And then just on the '27 sort of like you talked about contracting opportunities. I mean peers have been talking about deals becoming unanimously more front of the meter for obviously, reasons including circumventing political sensitivities and reliability arguments. Is this how you're thinking about your Eastern fleet like Beaver Valley? And are you seeing converging pricing between front and behind the meter?

完美的。謝謝你，吉姆。然後就像你剛才提到的，在 27 號那天，談到了承包機會。我的意思是，同行們一直在討論，出於顯而易見的原因，交易越來越傾向於優先進行，包括規避政治敏感性和可靠性方面的爭論。你們對像比佛谷這樣的東部艦隊也是這樣看待的嗎？您是否觀察到電錶前和電錶後的價格趨於一致？

Yes, that's a really good question, Shar. There are challenges and opportunities with both co-located deals and front of the meter. The additionality concept comes up. And so folks -- some folks are doing the bridge power to then get started and potentially then later get a grid connection. Some are starting front of the meter from the get-go.

是的，莎爾，你問得真好。無論是共享辦公室還是電錶前交易，都存在著挑戰與機會。引入了額外性概念。所以，各位——有些人正在使用橋接電源來啟動項目，然後可能會在以後接入電網。有些人從一開始就站在起跑線的最前面。

I do think, ultimately, customers are going to look for a grid connection. I think that's been integral to long-term reliability from a data center point of view. The way we think about this is that each deal, and we've talked about this for over a year, each deal has unique characteristics, and that's hard, I think, to explain in advance because customers have different goals around sustainability, around speed to market, around which markets they prefer to actually support from a data center standpoint.

我認為，最終，客戶還是會尋求併網連接。我認為這對於資料中心的長期可靠性至關重要。我們認為，每一筆交易都有其獨特的特點，而且我們已經討論這個問題一年多了。我認為，這很難提前解釋清楚，因為客戶在可持續性、上市速度以及從資料中心角度來看他們更傾向於支持哪些市場等方面都有不同的目標。

So when you even think about the new build opportunities, which we're part of, that we're in discussions with parties, some of those are looking at how can they bring additional resources to the marketplace to address the long-term concerns folks have that loan growth ultimately is going to have to be met with additional generation. It doesn't have to be in the near term.

所以，即使考慮到我們正在參與的新建設機會，以及我們正在與各方討論的議題，其中一些人正在考慮如何為市場帶來更多資源，以解決人們的長期擔憂，即貸款成長最終必須透過增加發電量來滿足。不必在短期內實現。

I think one of our key messages that I think is starting to resonate is there is excess capacity on the system in most markets today, particularly the major markets we're in, ERCOT and PJM, to meet most of the load growth during these non-super peak hours. And then the super peak hours, the customers are bringing some solutions as well with their backup generation. So I really think all options are on the table from a customer standpoint, whether it's front of the meter, whether it's co-located, whether it's bridge power to then get to the grid or bridge power to then get to building an on-site generation resource that more directly supports their data center.

我認為我們傳遞的一個關鍵訊息正在引起共鳴，那就是目前大多數市場，特別是我們所在的ERCOT和PJM這兩個主要市場，其電力系統容量過剩，足以滿足非尖峰時段的大部分負載成長。然後，在高峰時段，客戶也帶來了一些解決方案，例如他們的備用發電機。所以我覺得從客戶的角度來看，所有方案都擺在桌面上，無論是電錶前的供電、共址供電、橋接電源接入電網，還是橋接電源接入電網，再到建設更直接支持其數據中心的現場發電資源。

We haven't seen any options come off the table from our discussions with customers. And I think that's what's really important is customers are being creative as well because they want to work with stakeholders like the regulators and the state leaders who want to make sure things stay reliable and affordable. So I don't see a trend yet, Shar. I still see the same variety of options on the table that we were talking about a year ago.

我們與客戶的討論中，還沒有看到任何方案被排除在外。我認為真正重要的是，客戶也發揮創造力，因為他們希望與監管機構和州領導人等利益相關者合作，以確保產品和服務保持可靠且價格合理。所以，我目前還沒有看到任何趨勢，莎爾。我仍然看到擺在我們面前的各種選擇，和我們一年前討論的一樣多。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

I just wanted to pick up on some of the comments in the prepared remarks there. I believe you talked about meaningfully higher adjusted free cash flow before growth and compelling growth rate over the next three to five years here. Just wondering if you might look to quantify that in some sense for the market in the future, given there's a lot of variables as you laid out there, but just wondering any more sense you could provide to that?

我只是想就事先準備好的發言稿中的一些評論發表一下看法。我相信您在這裡談到了未來三到五年內成長前調整後自由現金流的顯著提高以及令人矚目的成長率。我只是想知道，鑑於您提到的有很多變量，您未來是否有可能以某種方式量化市場因素？另外，您還能就此提供更多見解嗎？

Yes, Jeremy, this is Kris. I appreciate the question. And I think we talked about this, and we're expecting this question. As we look forward, there are so many opportunities that we just think it's a disservice to try to put a growth rate on there and to give a range because there's just a number of different things that could come and the timing of them and when they come could be different.

是的，傑里米，這是克里斯。感謝您的提問。我想我們之前討論過這個問題，我們也預料到會被問到。展望未來，機會眾多，我們認為試圖設定一個成長率並給出一個範圍是不明智的，因為可能會出現許多不同的情況，而且這些情況發生的時機和時間也可能各不相同。

So I think we do see -- we laid out all the opportunities on the right side of that slide, and we see a lot of those opportunities. And we feel like that the right time to announce those, we'll continue to update the growth on likely on a -- at least on an annual basis. But we're just not going to try to forecast when and at what level all these opportunities are going to become reality.

所以我覺得我們確實看到了——我們在幻燈片的右側列出了所有的機會，而且我們看到了很多這樣的機會。我們認為現在是宣布這些消息的合適時機，我們將繼續更新成長情況，可能至少每年一次。但我們不會試圖預測所有這些機會何時以及以何種程度變為現實。

Jeremy, this is -- I would just like to add that when we give you our '26 view and our '27 midpoint opportunities, we're in a highly hedged position, obviously, when we provide that. So part of our strategy has been, let's give our investors the information that we've got, the hedging and the contracting, to give you high confidence in it.

傑里米，我想補充一點，當我們給出我們對 ​​2026 年的預測和 2027 年的中點機會時，顯然，我們當時處於高度對沖的立場。因此，我們策略的一部分是，讓我們把我們掌握的資訊、對沖和合約資訊提供給我們的投資者，讓你們對此充滿信心。

As you go further out and you start looking four and five years in a cycle where there hasn't been capacity clears and auctions, you haven't necessarily hedged that far out. The degrees of variability out there are wide. And I think that's actually positive from a Vistra shareholder standpoint because the fundamentals of the business, as we talked about in our prepared remarks, are really strong.

當你把目光放得更遠，開始展望一個週期中的四五年，而這個週期中並沒有出現產能釋放和拍賣，那麼你未必已經對沖了那麼長的時間。存在的變異程度非常廣泛。我認為這對Vistra的股東來說其實是件好事，因為正如我們在準備好的發言稿中所談到的，公司的基本面非常強大。

But to just to put a number out there and put a growth rate number out there, I think, is there's too many variables at play that I think you would have many more questions about what are the assumptions underlying that. And I don't think we would be giving you enough confidence around all those assumptions to say, take that to the bank. We've been, as a company, very consistent, I think, in our view that we want to give you things you can count on, and that's our focus. And I think what we've given you in disclosures in the '26, '27 timeframe, meet that hurdle.

但是，僅僅拋出一個數字，拋出一個成長率數字，我認為，其中涉及的變數太多，你會對背後的假設產生更多疑問。我認為我們無法讓您對所有這些假設有足夠的信心，讓您放心地說，把這些都記在心裡。我認為，作為一家公司，我們一直秉持著非常一致的理念，那就是我們希望為您提供您可以信賴的產品和服務，這也是我們的關注點。我認為我們在 2026 年和 2027 年期間向你們披露的資訊已經達到了這個標準。

Got it. That's helpful. And just wanted to come back to, I guess, contracting discussions, if we could. And any color you might be able to provide here, granted deals happen when they happen. But just as far as conversations related to gas power generation relative to nuclear, wondering if you could provide any more color, I guess, on how those trend?

知道了。那很有幫助。我想，如果可以的話，還是回到合約談判的議題上來吧。至於您能提供的任何顏色，當然，前提是交易能夠達成。但就天然氣發電相對於核能發電的討論而言，我想知道您是否能提供更多關於這些趨勢的資訊？

Sure. And I'm going to ask Stacey to provide some feedback here as well. You noticed in our prepared remarks, we talked about investing in growth even (technical difficulty) which we're reluctant. I have to tell you, our business is one where we know that in a fundamentally in a commodity-driven business, you need to be a low-cost operator. But then these are unique opportunities and the pace at which we have not seen before.

當然。我也要請 Stacey 也提供一些回饋意見。正如您在我們的發言稿中看到的，我們談到了即使面臨技術困難也要投資成長，而我們對此並不情願。我必須告訴你，我們這個產業，從根本上來說，在一個以商品為主導的產業裡，你必須成為一個低成本的營運商。但這些都是千載難逢的機會，而且發展速度也是前所未有的。

In fact, this is the highest level of engagements we've been part of is what we're in right now. And so recognizing that, we're adding people, and we're adding dollars to make sure that we can handle the level of inbounds that we're getting. And it's an exciting time. It's a stressful time because there's a ton of work that customers are asking of us.

事實上，我們目前正在參與的正是我們迄今為止參與過的最高層級的專案。因此，我們認識到這一點，正在增加人手和資金，以確保我們能夠處理不斷增長的業務量。這是一個令人興奮的時刻。現在壓力很大，因為客戶給我們安排了很多工作。

But I think the range of options from gas to nuclear to doing some things that are more short term versus long term, those options are on the table. And frankly, our people are excited to see the growth opportunities they haven't seen in this industry and their whole career. So we're investing in that, not only in SG&A and O&M, but also some CapEx assumptions to capture it. But I'd like Stacey to weigh in on this.

但我認為，從天然氣到核能，再到一些更注重短期而非長期的措施，這些選擇都在考慮範圍內。坦白說，我們的員工很高興看到他們在行業內乃至整個職業生涯中從未見過的發展機會。因此，我們不僅在銷售、一般及行政費用和營運維護費用方面進行投資，而且還進行了一些資本支出假設來反映這一點。但我希望史泰西也能對此事發表意見。

Yes. Thanks, Jim. Jeremy, yes, I would just say, to echo what Jim said, all options continue to be on the table, and we continue to see sort of record levels of interest across our portfolio as well as in opportunities to do new build generation. Demand actually seems to be accelerating from our standpoint based on the conversations we're having and also lengthening into the later years of the decade, whereas I would say, a year ago, customers were very focused on 2026, 2027 power.

是的。謝謝你，吉姆。傑里米，是的，我只想重複吉姆的話，所有選項仍然擺在桌面上，我們看到我們投資組合的各個方面以及新建項目的機會都持續受到創紀錄的關注。從我們的角度來看，根據我們進行的對話，需求似乎正在加速成長，並且持續到本十年的後幾年，而一年前，客戶們主要關注的是 2026 年、2027 年的電力需求。

They're now starting to recognize that they need to layer in longer-dated deals as well and serve their needs in the later part of this decade. And so we just continue to have a number of conversations across our fleet. The number of engagements we have currently and the number of inbounds we're getting are the highest that they've ever been. So we're really excited about the opportunity, but we're also very committed to being disciplined about what opportunities we pursue, making sure that we can deliver and execute on those opportunities.

他們現在開始意識到，他們還需要簽訂期限更長的協議，以滿足他們在本十年後期的需求。因此，我們繼續在整個船隊範圍內進行多次對話。我們目前的互動量和收到的客戶諮詢量都達到了歷史最高水準。所以我們對這個機會感到非常興奮，但我們也非常致力於對我們所追求的機會保持嚴謹的態度，確保我們能夠掌握並執行這些機會。

Understood. Real quick last one, if I could. As it relates to '27 hedging price levels, are you able to provide any color there?

明白了。如果可以的話，就最後一個問題快速回答一下。關於“27 年對沖價格水平”，您能否提供一些見解？

We are not providing that at this point. We will next quarter. That's our typical cadence for providing the roll forward, if you will, of the hedge disclosures. But obviously, we've been laddering into an increasing power market through time. And so you would expect to see that increase year over year, and you've seen that from '24 to '25, '25, '26, you're going to see it again in '27.

我們目前不提供這項服務。我們下個季度會這樣做。這就是我們通常提供對沖披露資訊滾動更新的節奏。但很顯然，隨著時間的推移，我們一直在逐步進入一個日益增長的電力市場。因此，你會預期這種成長會逐年發生，而且你已經看到從 2024 年到 2025 年、2026 年都是如此，你會在 2027 年再次看到這種情況。

As you know, our philosophy isn't to try to capture the absolute peak on any of this because the volumes that we're hedging are so large that you do need to thoughtfully execute in the marketplace, both on the retail customer contract side, any of the large commercial and industrial and data center contracts as well as third-party hedging in the market. But we will provide that disclosure, Jeremy, in the next quarter.

如您所知，我們的理念並非試圖捕捉任何此類交易的絕對峰值，因為我們對沖的交易量如此之大，以至於您需要在市場上深思熟慮地執行，無論是零售客戶合約方面，還是任何大型商業、工業和數據中心合約以及市場上的第三方對沖。但傑里米，我們將在下一季披露相關資訊。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Jim, so just on that last question on the hedging, just given the kind of bullish factors you mentioned, all the demand, et cetera, and time to power, I'm just curious, though, why not have you considered maybe a little less hedging kind of than the ratable you've done in the past? And just how you're thinking about that? I guess it sounds like you -- just your volumes are so big, you just feel like you need to get a decent chunk of it put in with customers. But I'd be curious, your view?

吉姆，關於你提到的最後一個對沖問題，考慮到你提到的各種利好因素，比如需求等等，以及上市時間，我很好奇，為什麼你沒有考慮過減少一些對沖，而不是像過去那樣進行大量的對沖呢？你是怎麼看待這件事的？我猜你的情況就是這樣——你的業務量太大了，你覺得需要把相當一部分業務交給客戶。但我很好奇，你的看法是什麼？

Yes, Steve, that is a really -- it's a great question. Even if you look at this year, and I know you follow these markets very closely. You can be hedging out in the forward and even in like 2026, it can look like your hedges are out of the money because the market continues to move up after you hedge. Then you can get into like a third quarter of 2025 at ERCOT, where the weather really didn't materialize and now all those hedges settle deeply in the money.

是的，史蒂夫，這真是個——這是一個很好的問題。即使你只看今年的情況，我知道你一直密切關注這些市場。即使你進行遠期對沖，即使到了 2026 年，你的對沖看起來也可能是價外的，因為在你進行對沖之後，市場繼續上漲。然後，你可以等到 2025 年第三季度，ERCOT 的天氣預報並沒有成真，現在所有的對沖交易都變成了深度獲利。

And so I do think there is a reality that when you decide you want to hedge, it still takes some time to be moving some of these volumes. And I think that gives certainty to our investors that our share buyback program and our dividends and our CapEx plans to sustain and grow the business, debt paydown that we can deliver on all of those.

所以我認為，當你決定進行對沖時，確實需要一些時間才能轉移這些交易量，這是一個現實情況。我認為這能讓我們的投資者確信，我們的股票回購計畫、股利和資本支出計畫能夠維持和發展業務，償還債務，而所有這些目標我們都能實現。

So I don't think the idea for a fleet this size producing over 200 terawatt hours a year is easy to just back off and then say, now it's time to hit the gas pedal on the hedging. And so we do have to be thoughtful. We do use a point of view, so we're not constantly hedging in a programmatic way. We do, just like our share buyback, we have some flexibility in our program that when we like prices at certain times, we'll do more.

因此，我認為對於這樣一個規模龐大、每年發電量超過 200 太瓦時的艦隊來說，不能簡單地就此放棄，然後說，現在是時候加大對沖力度了。所以我們必須深思熟慮。我們確實會運用某種觀點，所以我們不會以程序化的方式不斷地進行避險。就像我們的股票回購計畫一樣，我們的計畫有一定的彈性，當我們認為某些時候的價格合適時，我們會加強回購力度。

But I do think it's partly a reality of the hedging dynamic of a large fleet. It's also the retail customers pulling through their pricing and their products because they too want to hedge some of their exposure. And that's part of the value add that we have as Vistra is to meet customers in their needs when they want to meet them. And we have the discussions all the time internally, how far out should we go? What's the right risk premium for going out that far? But I do think you're hitting on the key aspects, Steve, in terms of the size of the business being -- having a method to it.

但我認為這在某種程度上反映了大型船隊對沖風險的現實。零售客戶也紛紛調整價格和產品，因為他們也想對沖一些風險。而這正是Vistra的增值之處，即在客戶需要的時候滿足他們的需求。我們內部一直在討論，我們該把目光投向多遠的地方？進行如此長遠的投資，合理的風險溢酬是多少？但我認為你確實抓住了關鍵點，史蒂夫，就企業規模而言——要有條不紊。

Okay. And then just on the kind of M&A and investment-grade metrics, maybe you could talk to how to balance those -- how you're looking at balancing those things? And I know you've got $4 billion cash still available. Is that enough for the M&A opportunities you're seeing? If you saw something bigger, would you be willing to go above the metric targets a little bit on debt to do it? How should we just think about that?

好的。然後，就併購和投資等級指標而言，也許您可以談談如何平衡這些因素——您是如何看待平衡這些因素的？我知道你還有40億美元的現金可用。這些足以滿足您所看到的併購機會嗎？如果你看到了更大的機會，你是否願意為了實現這個機會而稍微超越指標目標，例如增加一些債務？我們該如何看待這個問題？

Yes, Steve, thanks. That's a good question. As we -- and we have been upfront in our discussions with the rating agencies that we think that the opportunity set for inorganic growth is at a high level right now. And we don't want to be in a position where we're not able to be opportunistic. And so one of the things why we think that it could be -- I said 12 to 18 months is we have certainly talked to the agencies about having some cushion that we don't want to just get into investment-grade land and then be at risk of missing an opportunity.

是的，史蒂夫，謝謝。這是個好問題。正如我們——而且我們在與評級機構的討論中一直坦誠地表示——我們認為目前非內生成長的機會處於很高的水平。我們不想讓自己處於無法抓住機會的情況。因此，我們認為可能需要 12 到 18 個月的原因之一是——我說過可能需要 12 到 18 個月——我們當然已經和相關機構談過，要留出一些緩衝時間，我們不想僅僅進入投資級土地市場，然後冒著錯失良機的風險。

I do think, though, that if you look at our -- where our metrics are going, even with the $4 billion and we've noted in the presentation that, that would assume a 2.3 times leverage ratio that there is a lot of dry powder there and where we'd still meet investment-grade metrics, and that leverage could probably come. As our business risk improves, that leverage -- there's probably some room there even with that to increase that leverage. So there's probably a little bit more than $4 billion.

不過，我認為，如果你看看我們的指標走向，即使投入了 40 億美元（我們在演示中已經提到，這假設槓桿率為 2.3 倍），我們仍然有很多可用資金，並且我們仍然能夠達到投資級指標，而且槓桿率可能會提高。隨著我們業務風險的改善，槓桿作用——即使在這種情況下，可能還有一些空間來提高槓桿作用。所以可能略多於40億美元。

And then the last thing I'll say is, if it's the right opportunity, we do view -- we're buyers of our stock. But the stock could be used -- our equity could be used as a currency as well. We've seen others in our industry do that. That would obviously have to be for the right opportunity, but that could be a path as well for us.

最後我想說的是，如果機會合適，我們確實會考慮——我們會買入自己的股票。但股票也可以當作貨幣－我們的股權也可以當作貨幣。我們看到業內其他人也這樣做過。這當然需要適當的時機，但對我們來說，這或許也是一條途徑。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Just a question around your views on the forward curves. You mentioned earlier about the soft weather and the forwards held up reasonably well all things considered. You highlight here about 6.5% year-to-date growth on a weather-normal basis in ERCOT. When you guys think about the potential for constructing additional generation, I know you made the decision to move forward with the peak curves. But maybe just some updated thoughts around where the curves are and as you sort of look out to the demand profile and what's your bias on the pricing level from here?

我有一個關於您對遠期曲線的看法的問題。你之前提到天氣狀況不佳，考慮到各種因素，前鋒們的表現還不錯。您在這裡重點提到，ERCOT 在正常天氣條件下今年迄今成長了約 6.5%。我知道，當你們考慮建造更多發電設施的可能性時，你們已經決定要按照尖峰曲線推進。但或許可以更新一下關於曲線位置、以及您如何看待需求前景和定價水準的看法？

Sure. Bill, great question. I'll start with our decision, obviously, for Texas because the 860 megawatts, which is in addition to almost 500 megawatts of gas augmentations and things that we've done in the ordinary course to bring more megawatts to the grid. But 860 megawatts of putting that in West Texas is a unique opportunity because of what we've been seeing in West Texas specifically. That hub out there used to trade at a discount to the north hub, which picks up the Dallas-Fort Worth area.

當然。比爾，問得好。首先，我要談談我們對德州的決定，因為這需要 860 兆瓦的電力，此外，我們還透過天然氣增產近 500 兆瓦，以及其他一些我們通常的做法，為電網增加更多兆瓦電力。但是，鑑於我們在西德克薩斯州所看到的特殊情況，在西德克薩斯州安裝 860 兆瓦的電力是一個獨特的機會。那個偏遠地區的樞紐曾經以低於北部樞紐的價格進行交易，而北部樞紐則服務於達拉斯-沃斯堡地區。

Now it's trading at a premium, a significant premium, and we're looking at fundamental supply and demand activity in West Texas, driven with the electrification of oil and gas load as well as data centers. And we think that these -- having a site there already, our Permian gas site, which we're tripling by virtue of bringing these turbines to that site, that's a unique opportunity.

現在它的交易價格溢價很高，而且溢價幅度很大，我們正在關注西德克薩斯州的基本供需活動，這是由石油和天然氣負載以及數據中心的電氣化所驅動的。我們認為，這些——我們已經在那裡擁有一個場地，我們的二疊紀天然氣場地，透過將這些渦輪機運送到該場地，我們的規模將擴大三倍，這是一個獨特的機會。

It would not have penciled in the same manner in other parts of Texas. So I think that's just an important thing to note is I don't think this is all of a sudden new build economics, and you saw we're building these at 1,100 a KW, which is lower than where a fully priced new build would be because we had preordered some of this equipment, and we have good relations on our EPC that we feel good about being able to deliver this really at a below market cost.

在德克薩斯州的其他地區，情況就不會如此了。所以我覺得需要注意的一點是，我認為這並不是突然變成了新建案的經濟效益。你們也看到了，我們建造這些項目的成本是每千瓦 1100 美元，這比完全定價的新建項目要低，因為我們已經預訂了一些設備，而且我們與 EPC 承包商關係良好，我們有信心能夠以低於市場成本的價格交付這些項目。

So that's unique. But to your forward curve aspect, we are seeing more life in ERCOT forwards than we had seen obviously a year ago. And I think that's still not fully reflective of the load growth forecast that we have, and we're conservative in our load growth forecast. And we've -- I'd say, conservative. We try to ground our forecast and our best view of physically what can come on to the grid in a certain timeframe. And we have lower numbers than where the utilities are and even where ERCOT is, and we're comfortable with our numbers, and we're comfortable the forward curves don't even reflect that level of load growth.

所以這很獨特。但就您提到的前向曲線而言，我們看到ERCOT的前向曲線比一年前明顯更加活躍。我認為這仍然沒有完全反映出我們對負載成長的預測，而我們的負載成長預測是保守的。而且我們——我認為——是保守的。我們努力使我們的預測更加務實，並儘可能準確地了解在特定時間範圍內哪些電力可以連接到電網。我們的數字比公用事業公司甚至德州電力可靠性委員會 (ERCOT) 的數字都要低，我們對自己的數字感到滿意，而且我們認為遠期曲線甚至沒有反映出這種程度的負載成長。

So we're still bullish on where we think power prices could go just on supply and demand. In PJM, that market has actually not shown as much life on the energy side. It had on capacity because it's predicting supply demand on capacity driven by load growth. But in the actual load, that's materializing and then looking at the dynamics of supply and demand, we haven't seen those curves move as much. But in the last quarter, we have seen more life in PJM.

因此，我們仍看好電力價格的走勢，認為僅從供需關係來看，電力價格的走勢會比較樂觀。在PJM市場，能源方面實際上並沒有表現出太多活力。它之所以對產能有所限制，是因為它預測了由負荷成長驅動的產能供需情況。但就實際負載而言，從供需動態來看，我們還沒有看到這些曲線有這麼大的變動。但在上個季度，我們看到了 PJM 的更多活力。

And we think that also is not reflective of where load growth is likely to take energy prices in PJM, but it is starting to, I think, recognize that tightening aspect. And we don't know if coal plant retirements and any extensions, what might happen fundamentally with supply-demand in the next three to five years.

我們認為這也不能反映出 PJM 的負載成長可能會對能源價格產生怎樣的影響，但我認為它已經開始意識到這種趨緊的趨勢。我們不知道，如果燃煤電廠退役或延期，未來三到五年內供需關係會發生怎樣的根本性變化。

But you get beyond that, you're going to have to still deal with load growth and ultimately, what new resources will come on in the 2030 plus timeframe and what do we do with some of the older assets? There's more coal to retire in PJM as a market than, say, ERCOT. And so I do think those supply-demand fundamentals over time will still show strength in the forwards that we really still don't see with today's marks.

但除此之外，你仍然需要應對負載成長，最終，在 2030 年及以後的時間範圍內，哪些新資源將投入使用，以及我們如何處理一些舊資產？PJM市場需要退役的煤炭比ERCOT等市場多得多。因此，我認為從長遠來看，供需基本面仍將展現出前鋒的強勁勢頭，而這一點我們目前還沒有從目前的得分中看到。

Okay. That's very helpful. And then just one other one around the nuclear upgrades. I think what you described sounds like potentially 600 to 700 megawatts. How would you consider pursuing that? Does that have to come with offtake agreements or contracting of that output to potentially pursue it? Or maybe just to think through, I know you're still evaluating, but maybe just how would that potentially come to fruition?

好的。那很有幫助。還有一篇是關於核能升級的。我認為你描述的情況聽起來像是可能有 600 到 700 兆瓦。您會如何考慮實現這個目標？要實現這一目標，是否必須簽訂承購協議或相關產量合約？或者，也許只是想仔細想想，我知道你還在評估，但也許這件事最終會如何實現？

Yes, Bill, that's the most (technical difficulty) That is still, while it's maybe less expensive than building new nuclear, it's still expensive. And so the market price (technical difficulty) and the clean attributes, there is interest in the uprates from support with potential data center parties.

是的，比爾，這是最大的（技術難題）。也就是說，雖然它可能比建造新的核電廠便宜，但仍然很貴。因此，考慮到市場價格（技術難度）和清潔屬性，以及潛在的資料中心合作夥伴對支援升級的興趣。

And so those are conversations that are ongoing, and those are obviously complex because they do take time to bring to market. Those things will come on beginning in the 2030s. So they're not quick capacity. And so to Stacey's earlier point, there are -- the customers are doing longer-term planning. So I think this does meet their interest levels, but we don't think the current forwards in either market would support just embarking on uprates for that reason.

因此，這些對話仍在進行中，而且顯然很複雜，因為它們確實需要時間才能推向市場。這些事情將從2030年代開始陸續發生。所以它們不是快速產能。所以，正如 Stacey 之前所說，客戶確實在進行長期規劃。所以我認為這確實符合他們的興趣水平，但我們認為目前兩個市場的遠期合約都不足以支持僅僅因為這個原因就進行提價。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was wondering, could you give an update on the other data center contracting opportunities that I think in the last quarter, you had suggested could come to fruition by year-end? Just any comments as to whether that timeframe is still looking possible for certain opportunities? And then any just directional, is it nuclear versus gas or PJM versus ERCOT? Curious any color you might be able to offer.

我想問一下，您能否介紹一下您在上個季度提到的其他資料中心合約機會的最新進展？我認為這些機會可能會在年底前實現。請問對於某些機會，這個時間框架是否仍然可行？然後，如果只考慮方向，是核能與天然氣之爭，還是PJM與ERCOT之爭？很好奇你們能提供哪些顏色。

Sure. The exact timing, I think this has come up on our previous calls and certainly some of our peers have had this question. The exact timing is hard to predict just because it's a complex contract, two parties need to reach agreement and two parties have to get through their own approval processes because these are material deals for both sides of these agreements.

當然。關於具體時間安排，我認為我們在之前的電話會議中已經討論過，而且我們的一些同行也肯定問過這個問題。確切的時間很難預測，因為這是一份複雜的合同，雙方需要達成一致，並且雙方都必須通過各自的審批程序，因為這些交易對雙方來說都意義重大。

I do think there's possibilities of that, David. I think we have stages of contracts that are much closer to execution, and we've got some that are longer in terms of the development cycle to be able to bring those to market. But I do think that, as we mentioned earlier, the activity level is the highest that it's been. I think that also drives a bit of a sense of urgency on both sides of the equation. I think we want to make sure that we're able to deliver and capture this value. But the other side of the equation is the large customers know that there aren't that many immediate opportunities with which to execute.

我覺得這有可能發生，大衛。我認為我們有一些合約階段已經接近執行，而另一些合約的開發週期較長，需要時間才能推向市場。但我認為，正如我們之前提到的，目前的活躍程度是最高的。我認為這也會讓雙方都產生一些緊迫感。我認為我們要確保能夠實現並獲得這種價值。但另一方面，大客戶也知道，目前並沒有太多可以立即執行的機會。

And so we are seeing heightened activity levels, and we certainly hope to be able to give you some more specifics and execute what we call put points on the board by year-end. But I can't predict that specifically. I mean, we're into November, we hit the holidays. But either way, whether it's right before year-end or sometime thereafter, we're signing deals that would be in the 10-, 15-, 20-year horizon. We need to get these right, and that's what we're focused on.

因此，我們看到活動水平有所提高，我們當然希望能夠在年底前向您提供更多細節，並落實我們所謂的「取得成果」。但我無法具體預測。我的意思是，現在已經是十一月了，假期也快到了。但無論如何，無論是在年底前還是之後，我們簽署的協議都將持續 10 年、15 年甚至 20 年。我們需要把這些事情做好，這也是我們目前的重點。

Yes, absolutely. I appreciate that color. And on -- well, congratulations on Comanche Peak. And I was just wondering if you could maybe touch on the further opportunities that exist on the site. What are the prospects for contracting the second unit there? And I'm just curious, is there any other infrastructure on the site that you could be involved in?

是的，絕對的。我喜歡這個顏色。還有——恭喜你登頂科曼奇峰。我只是想問您是否可以談談網站上還有哪些其他機會。在該地區承建第二套設備的前景如何？我只是好奇，網站上還有其他基礎設施你可以參與嗎？

David, it's a really good question. Thank you for actually bringing it up. We thought that might be question number one. And -- but it's always in the rearview mirror, right, once you announce it. But yes, about five weeks ago, we were very excited to announce that agreement. And we have great hope for expanding that agreement. There's been some interest on the customer's part to do so.

大衛，這真是個好問題。謝謝你提出這個問題。我們認為這可能是第一個問題。但是——一旦你宣布了，它就永遠成為過去式了，對吧。是的，大約五週前，我們非常興奮地宣布了這項協議。我們非常希望能夠擴大這項協議。客戶方面對此表現出了一定的興趣。

But I also caution that a data center gets up to 1,200 megawatts is still a very large data center. And I'm actually unaware of any data center even operating in the US today that's 1,000 megawatts in terms of actual pulling power and operating. So we want to get the first 1,200 right? It's important for the state of Texas, the state leaders, for ERCOT, for the PUC that we show leadership here on this and getting this right.

但我同時也要提醒大家，功率達到 1200 兆瓦的資料中心仍然是一個非常大的資料中心。事實上，我目前還不知道美國有任何資料中心實際運作功率達到 1000 兆瓦。所以我們希望拿下前1200名，對嗎？對於德州、州領導人、ERCOT（德州電力可靠性委員會）、PUC（德州公共事業委員會）來說，我們必須在這件事上展現領導力，把這件事做好。

But the customer conversations have talked about more capacity. They've talked about the potential for uprates. And so once you establish a beachhead like this, I think you're going to have more options, but it all depends on the quality obviously, of our execution here. And so I do think of this as a relationship and not a transaction. And I think there's going to be multiple opportunities.

但與客戶的溝通表明，他們需要更大的產能。他們討論過價格上漲的可能性。所以一旦你建立了這樣一個灘頭陣地，我認為你就會有更多的選擇，但這顯然取決於我們在這裡執行的品質。所以我認為這是一種關係，而不是一筆交易。我認為會有很多機會。

This concludes our question-and-answer session. I would like to turn the conference back over to Jim Burke for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給吉姆·伯克，請他作總結發言。

Yes. Thank you, everyone, for joining. As you can see, this has been a very active time. And we put a lot of points on the board in the third quarter as we like to call it. This is an incredibly exciting time for Vistra. We look forward to executing not only on our large and growing base business, but our growth initiatives that we talked a lot about on today's call. I want to thank our team for their service, to our customers and our communities, and we appreciate your interest in Vistra, and we hope to see you in-person soon. Have a great rest of your day.

是的。謝謝大家的參與。如您所見，這段時間非常忙碌。我們在第三節（我們喜歡這樣稱呼它）拿下了很多分。對於Vistra來說，這是一個令人無比激動人心的時刻。我們期待不僅能有效經營我們龐大且不斷成長的基礎業務，還能推進我們在今天電話會議上重點討論的成長計畫。我要感謝我們的團隊為我們的客戶和社區提供的服務，我們感謝您對Vistra的關注，我們希望很快能與您見面。祝您今天餘下的時間過得愉快。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝各位參加今天的報告會。您現在可以斷開連線了。