威廉斯 (WMB) 2026 Q3 法說會逐字稿

Hello and welcome to Williams third-quarter earnings 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 Williams 2026 年第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to Caroline Sardella, Director of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係總監 Caroline Sardella。請開始。

Thank you and good morning, everyone. Thank you for joining us and for your interest in Williams. Yesterday afternoon, we released our earnings press release and the presentation that our President and CEO, Chad Zamarin; and our Chief Financial Officer, John Porter, will speak to you this morning. Also joining us on the call today are Larry Larson, our Chief Operating Officer; and Rob Wingo, our Executive Vice President of Corporate Strategic Development.

謝謝，大家早安。感謝各位參與並關注 Williams。昨天下午，我們發布了財報新聞稿，以及我們的總裁兼執行長 Chad Zamarin 與財務長 John Porter 將於今天上午向各位說明的簡報。今天一同參與電話會議的還有營運長 Larry Larson，以及企業策略發展執行副總裁 Rob Wingo。

In our presentation materials, you'll find a disclaimer related to forward-looking statements. This disclaimer is important and integral to our remarks, so please review it. Also included in the presentation materials are non-GAAP measures that we reconciled with generally accepted accounting principles. These reconciliation schedules appear at the back of today's presentation materials.

在我們的簡報資料中，您會看到與前瞻性陳述相關的免責聲明。此免責聲明十分重要，且是我們發言不可分割的一部分，請務必閱讀。簡報資料亦包含我們與一般公認會計原則（GAAP）進行調節的非 GAAP 指標。這些調節表列於今日簡報資料的最後。

So with that, I'll turn it over to Chad.

那麼，接下來我把時間交給 Chad。

Thanks, Caroline, and thank you all for joining us today. This was another strong quarter for Williams. We delivered record third-quarter results, closed the Momentum acquisition to enhance our premier position in the Haynesville, and placed four more expansion projects into service. And we are excited to announce that later this week, we will bring the second phase of Socrates online. That's the story of this quarter, a team that delivers on commitments made while advancing the next set of opportunities. I and the management team are incredibly proud of how our teams are executing and building long-term value for shareholders.

謝謝你，Caroline，也謝謝各位今天加入我們。這對 Williams 來說又是一個強勁的季度。我們交出創紀錄的第三季業績，完成 Momentum 的收購以強化我們在 Haynesville 的領先地位，並讓另外四個擴建專案投入營運。我們也很高興宣布，本週稍晚我們將讓 Socrates 的第二期上線。這就是本季的故事：一支團隊在履行既有承諾的同時，也推進下一波機會。我與管理團隊對我們團隊的執行力，以及為股東創造長期價值的成果感到無比自豪。

So, starting with the numbers, third-quarter adjusted EBITDA grew 6% over the third quarter of 2025 and 9% year to date; and achieving over $2 billion in EBITDA in Q3 sets an all-time record for third-quarter earnings. Based on our performance through the first nine months of the year, we continue to track towards the upper half of our 2026 adjusted EBITDA guidance and we are well positioned to deliver on the long-term growth target we raised last quarter to 11% plus compound annual EBITDA growth through 2030.

先從數字談起，第三季調整後 EBITDA 較 2025 年第三季成長 6%，年初至今成長 9%；且第三季 EBITDA 超過 20 億美元，創下公司第三季獲利的歷史新高。根據今年前九個月的表現，我們仍朝向 2026 年調整後 EBITDA 指引區間的上半部前進，並且具備良好條件達成我們在上季上調的長期成長目標：至 2030 年調整後 EBITDA 複合年成長率 11% 以上。

On September 3, we closed our acquisition of Momentum Midstream one month ahead of schedule, and the Momentum assets integrate seamlessly into our existing Haynesville position and tie into our Transco footprint along the Gulf Coast. Integration is well underway, and our teams are already moving on the growth this combination unlocks, starting with the Shelby Connector and Delta Access pipeline projects, both of which will expand the delivery of Haynesville gas into Transco for transport to power and LNG customers along the Gulf Coast.

9 月 3 日，我們比原定時程提前一個月完成對 Momentum Midstream 的收購交割；Momentum 的資產與我們既有的 Haynesville 佈局無縫整合，並可銜接我們在墨西哥灣沿岸的 Transco 管線版圖。整合工作正順利推進，我們的團隊也已開始推動此一組合所釋放的成長機會，首先是 Shelby Connector 與 Delta Access 管線專案；兩者都將擴大 Haynesville 天然氣輸送至 Transco，進一步運送至墨西哥灣沿岸的發電與 LNG 客戶。

Also, during the quarter, we successfully placed four expansion projects into service. Gilles West, Warton West, the Huntington Connector and the Rickman Creek lateral, together adding over 400 million cubic feet per day of fully contracted take-or-pay pipeline capacity. Projects like these may not make major headlines on their own, but the growth compounds. Each project strengthens the reach and reliability of our system and together, they drive base business growth quarter after quarter.

此外，在本季期間，我們成功讓四個擴建專案投入營運。Gilles West、Warton West、Huntington Connector 以及 Rickman Creek 支線，合計新增超過每日 4 億立方英尺、且已全數簽約的 take-or-pay 管線運輸容量。像這樣的專案單獨來看或許不會成為重大新聞，但成長會持續累積。每一個專案都強化我們系統的覆蓋範圍與可靠性；合在一起，則推動核心業務一季接一季地成長。

In our Power business, you'll recall that last quarter, we brought the first phase of Socrates into full service in under 18 months from commercialization. Later this week, and again, ahead of schedule and within budget, our teams will place the second and final phase of Socrates into service. Socrates shows that when customers need comprehensive energy solutions combined with speed to power, Williams is a partner that will deliver.

在我們的電力業務方面，各位應該記得上季我們在商轉後不到 18 個月內，就讓 Socrates 第一期全面投入服務。本週稍晚，同樣提前於時程且在預算內，我們的團隊將讓 Socrates 的第二期也是最後一期投入服務。Socrates 證明，當客戶需要兼具完整能源解決方案與快速供電能力時，Williams 是能夠交付成果的合作夥伴。

And the Williams team continues to do things the right way, delivering pipeline and power projects in a way that benefits communities and customers. Our teams prove every day that we can do both. And Socrates serves as a blueprint for commercializing and scaling the next wave of power projects. On that note, we expect to announce one to two more power projects by year's end, so stay tuned and we expect those projects to expand our customer base with additional high-quality counterparties, along with significantly longer contract tenures.

Williams 團隊也持續以正確的方式做事，以有利於社區與客戶的方式交付管線與電力專案。我們的團隊每天都在證明兩者可以兼得。而 Socrates 也可作為商業化並擴大下一波電力專案的藍圖。基於此，我們預期在年底前再宣布一到兩個電力專案，敬請期待；我們也預期這些專案將以更多高品質交易對手擴大客戶基礎，並帶來顯著更長的合約年期。

Across our pipeline system, we continued to expand our growth runway during the quarter. On Transco, we announced a follow-on project to SESE, the Southeast Supply Enhancement project -- and recall, SESE will be the largest project in the company's history by earnings contribution. The follow-on project creatively referred to as SESE is a 150-plus million cubic feet per day expansion project. We also upsized our Garden Connector project to 144 million cubic feet per day, just one quarter after signing initial customer agreements. That's the power of the Transco footprint. Every expansion lays the foundation for the next.

在我們的管線系統方面，本季我們持續延伸成長跑道。在 Transco 上，我們宣布一個接續 SESE（Southeast Supply Enhancement，東南供應強化）專案的後續專案——並提醒各位，SESE 將是公司歷史上對獲利貢獻最大的專案。這個後續專案（同樣巧妙地稱為 SESE）是一個每日 1.5 億立方英尺以上的擴建專案。我們也在簽署初始客戶協議僅一季後，就將 Garden Connector 專案擴大至每日 1.44 億立方英尺。這就是 Transco 版圖的力量。每一次擴建都為下一次奠定基礎。

And now, shifting to natural gas storage, as we've discussed, gas storage becomes increasingly valuable as natural gas demand continues to grow, especially as demand increases from LNG and power customers who need gas at the moment they call for it. During the third quarter, we commercialized another gas storage expansion project a 9.4 Bcf expansion of our Mountain West Clay Basin facility. We continue to benefit from our advantaged storage footprint, and we expect storage values to continue to increase and expansion opportunities to continue to commercialize.

接著談天然氣儲存。如同我們先前討論的，隨著天然氣需求持續成長，天然氣儲存的價值愈發凸顯，尤其是來自 LNG 與電力客戶的需求增加，這些客戶需要在其提出需求的當下即可取得天然氣。在第三季，我們完成另一個天然氣儲存擴建專案的商業化：Mountain West Clay Basin 設施擴增 9.4 Bcf。我們持續受惠於具優勢的儲存資產版圖，並預期儲存價值將持續上升，擴建機會也將持續完成商業化。

So to sum it up, the team delivered record third quarter results while executing on projects that will drive growth through the end of the decade and beyond with a growing backlog that now extends well into the 2030s.

總結而言，團隊在交出創紀錄第三季成果的同時，也持續推進將帶動本十年末及更長遠成長的專案；而我們不斷增加的在手專案如今已延伸至 2030 年代中後期。

And with that, I'll turn it over to John for a deeper dive into the financials.

接下來，我把時間交給 John，請他更深入說明財務表現。

Thanks, Chad. Our third-quarter 2026 EBITDA was up 6% over '25, and we also delivered 10% growth in both adjusted EPS and AFFO for the quarter. For EBITDA, we are now up 9% over '25 for the first 9 months of the year. Bridging from last year's $1.92 billion to this year's $2.04 billion, our overall financial performance continues to be led by our transmission power and golf businesses, which improved $83 million or about 9%. Growth in this segment was led by the initial contributions from our Socrates project and continued growth from our natural gas storage businesses and pipeline expansions.

謝謝，Chad。我們 2026 年第三季 EBITDA 較 2025 年成長 6%，本季調整後 EPS 與 AFFO 也都成長 10%。就 EBITDA 而言，今年前九個月相較 2025 年已成長 9%。從去年 19.2 億美元到今年 20.4 億美元的變動來看，我們整體財務表現仍主要由我們的輸送、電力與墨西哥灣沿岸（Gulf）業務帶動，該部分改善 8,300 萬美元，約 9%。此分部的成長主要來自 Socrates 專案的初期貢獻，以及天然氣儲存業務與管線擴建的持續成長。

Our Northeast G&P business grew $37 million or 7%, primarily due to higher volumes across our major liquids-rich and dry gas systems. The West grew $34 million or about 9%, including initial contributions from the Momentum acquisition, which closed in early September as well as other higher Haynesville results, including a full quarter from our Louisiana Energy Gateway Pipeline and other Haynesville volume growth. Our sequent marketing business was a bit lower than last year with continued seasonally lower opportunities for this business.

我們的東北部 G&P（集輸與處理）業務成長 3,700 萬美元或 7%，主要由於我們主要的富液與乾氣系統整體輸送量提高。西部業務成長 3,400 萬美元或約 9%，其中包含 9 月初完成交割的 Momentum 收購案之初期貢獻，以及其他 Haynesville 業績提升，包括 Louisiana Energy Gateway Pipeline 的完整季度貢獻與 Haynesville 其他輸送量成長。我們的 Sequent 行銷業務較去年略低，原因是該業務持續面臨季節性較低的機會。

Finally, our Other segment, which includes our upstream businesses, was down about $28 million, primarily due to our divestiture of the upstream Haynesville assets, which closed in January of '26. So again, third quarter EBITDA is up 6% with 10% growth in adjusted EPS and AFFO and EBITDA now up 9% year-to-date. So now, I'll offer a few thoughts on how we expect to finish for 2026.

最後，我們的其他（Other）部門（包含我們的上游業務）約減少2,800萬美元，主要是因為我們已處分上游Haynesville資產，該交易於26年1月完成交割。因此再次說明，第三季EBITDA成長6%，調整後EPS與AFFO成長10%，而EBITDA年初至今成長已達9%。接下來，我將分享幾點我們對2026年收官的預期。

Turning to the full-year outlook, our strong financial performance and execution on the Socrates project gives us confidence in updating the full-year outlook. For full-year 2026 adjusted EBITDA, our existing businesses continue tracking toward the upper half of our $8.3 billion to $8.5 billion range. On leverage, excluding the impacts of any additional power innovation projects that we announced prior to year-end, we would expect year-end leverage to be around 3.75 times with the momentum acquisition on a full year run rate basis. And as we previously discussed, 3.75 times provides another $2 billion of incremental capacity versus our internal 4 times leverage ceiling to cover the initial spend on any additional power projects we announced before year-end.

談到全年展望，我們強勁的財務表現以及Socrates專案的執行，讓我們有信心更新全年展望。就2026年全年調整後EBITDA而言，我們既有業務持續朝向83億至85億美元區間的上半段推進。在槓桿方面，若排除我們在年底前宣布的任何額外電力創新專案之影響，我們預期在以Momentum收購案按全年運行率（run rate）計算的基礎上，年底槓桿約為3.75倍。如先前所述，3.75倍相較於我們內部4倍槓桿上限，仍提供額外約20億美元的增量容量，用以涵蓋我們在年底前宣布之任何額外電力專案的初期支出。

Most importantly, though, as we previously discussed, the balance sheet leverage tightness is primarily an issue for '26 and '27 before the historic earnings growth we expect in '28 and beyond. But before we get to '28, we also expect to see sector-leading growth in '27. So ultimately, our financing plan for '27 will be guided by the scale and speed of our next power projects. In advance of those future announcements, our growth CapEx guidance remains unchanged. We're encouraged by the performance of our base business, our Momentum acquisition, the ongoing strong execution across our project portfolio and the continued commercialization of new business and we feel well positioned with our flexibility to fund additional power innovation opportunities, which will fuel an expansion of our targeted 11% plus EBITDA CAGR through 2030.

不過最重要的是，如先前所述，資產負債表槓桿的緊縮主要是26與27年的議題，因為我們預期在28年及之後將出現歷史性的獲利成長。但在到達28年之前，我們也預期在27年看到領先同業的成長。因此，我們27年的融資計畫最終將取決於下一批電力專案的規模與推進速度。在未來公告之前，我們的成長資本支出（CapEx）指引維持不變。我們對基礎業務的表現、Momentum收購案、整體專案組合持續強勁的執行，以及新業務持續商業化感到振奮；同時我們也認為，憑藉資金運用的彈性，我們已具備良好條件為更多電力創新機會提供資金，進而推動我們目標至2030年11%以上EBITDA年複合成長率（CAGR）的擴張。

And with that, I'll turn it back over to Chad.

接下來我把時間交回給Chad。

Thanks, John. Before we open the line for questions, I want to come back to the message on slide 4. The Williams story is one of making commitments and delivering results. And while we focus on delivering a strong finish to 2026, we also remain laser-focused on driving our growth through the end of the decade and beyond. As discussed, we expect to finish 2026 in the top half of our guidance range, and we are entering the next chapter of growth from a position of strength. Natural gas remains our country's most important, most abundant and most affordable domestic energy resource. And as a result, demand for natural gas continues to accelerate.

謝謝，John。在開放提問之前，我想回到投影片4的訊息。Williams的故事，是做出承諾並交付成果。在我們專注於強勢收官2026年的同時，我們也持續高度聚焦於推動本十年末及其後的成長。如前所述，我們預期2026年將落在指引區間的上半部，並且我們正以強勢姿態進入下一個成長篇章。天然氣仍是我國最重要、最充足且最可負擔的國內能源資源。因此，天然氣需求持續加速。

LNG exports are growing along the Gulf Coast, industrial reshoring is happening and power demand is surging for the first time in decades. Our country's growth will continue to be fueled by our ability to produce low cost, low emissions and highly reliable energy. Natural gas checks those boxes better than any other energy resource in America. And with the Momentum acquisition, our expanding pipeline network, our growing storage portfolio and our unique backlog of power projects, we have more ways to capture the demand for energy and translate it into value for our shareholders.

墨西哥灣沿岸的LNG出口正在成長，製造業回流正在發生，而電力需求也在數十年來首次大幅攀升。我國的成長將持續仰賴我們生產低成本、低排放且高度可靠能源的能力。在美國所有能源資源中，天然氣最能符合這些條件。而透過Momentum收購案、我們持續擴張的管線網路、日益成長的儲存資產組合，以及我們獨特的電力專案儲備（backlog），我們有更多方式掌握能源需求，並將其轉化為股東價值。

None of this happens without the dedication of our people, to the Williams team, thank you for working safely for serving our customers reliably and for building infrastructure, our country will depend upon for generations to come and thank you to our customers, partners and investors for your continued trust in Williams.

若沒有同仁的投入，這一切都無法實現。對Williams團隊而言，感謝你們安全作業、可靠地服務客戶並建設我國世世代代都將仰賴的基礎設施；也感謝我們的客戶、合作夥伴與投資人持續對Williams的信任。

And finally, since today's election day, I want to encourage everyone on the call, including our Williams employees. If you haven't voted yet, I encourage you to make time to head to the polls. Decisions made at every level of government shape whether America can build the infrastructure it needs and whether energy will be reliable and affordable for the homes and businesses that depend on it. Our industry serves every community in this country. So all of us have a stake and should make our voices heard.

最後，既然今天是選舉日，我想鼓勵電話會議上的每一位，包括我們的Williams員工。如果你還沒投票，我鼓勵你撥空前往投票所。各級政府所做的決策，將影響美國是否能建設所需的基礎設施，以及能源是否能對仰賴它的家庭與企業而言保持可靠且可負擔。我們的產業服務這個國家的每一個社區。因此，我們每個人都攸關其中，也應該讓自己的聲音被聽見。

And with that, we'll now open the line for questions.

那麼，現在我們開放提問。

(Operator Instructions) Jeremy Tonet, JPMorgan Securities.

(接線員指示) Jeremy Tonet，JPMorgan Securities。

Just wanted to start off, I guess, talking about the behind-the-meter commercialization, as you discussed, I'm not more deals expected by year-end. Is -- how should we think about, I guess, customer conversations here? Is this broadening out your counterparties? I mean, would these customers be similar to who you've signed so far. Just wondering, I guess, about the opportunity set if it's another large customer and if that leads to the potential for subsequent deals post ease?

我想先從你們提到的表後（behind-the-meter）商業化談起；如你所說，年底前預期會有更多交易。那麼，我們應該如何看待與客戶的對話進展？這是否代表你們的交易對手方正在擴大？我的意思是，這些客戶會和你們目前已簽約的客戶類似嗎？我想了解一下機會集合：如果是另一個大型客戶，是否會帶來在後續（post）更多交易的可能性？

Yes. Thanks, Jeremy. Yes, the answer to your question is we have been advancing opportunities with additional customers -- we're only focused on really the highest quality hyperscalers and projects that we think fit really well within our strategic capabilities. And so, I mentioned in the prepared remarks that we expect to expand and diversify the customer base will continue to be large, high-quality customers. And we also expect contracts to significantly extend in term length.

是的，謝謝你，Jeremy。是的，針對你的問題，我們一直在推進與更多客戶的機會——我們只專注於最高品質的超大規模雲端業者（hyperscalers），以及我們認為非常符合我們策略能力的專案。因此，我在事先準備的發言中提到，我們預期將擴大並多元化客戶基礎，而客戶仍將是大型且高品質的客戶。同時，我們也預期合約期限將顯著拉長。

And importantly, I know we've been asked about timing of announcements. I think that we -- I think the market -- I think our customers have seen the success of the team on Socrates. So I think we've got a very credible capability and solution. And we're also working on projects now that in addition to the speed to power also provide our ability to scale over time. And so part of what I would expect us to deliver our projects that not only look a lot like what we've announced so far, but provide more clarity into the length of the backlog and the scaling of projects over time.

而且很重要的是，我知道大家一直在問公告時點。我認為——我認為市場——我認為我們的客戶已經看到了團隊在Socrates上的成功。因此我認為我們具備非常可信的能力與解決方案。此外，我們目前也在推進一些專案，這些專案除了能快速供電（speed to power）之外，也能讓我們具備隨時間擴大規模的能力。因此，我預期我們將交付的專案不僅會與我們迄今宣布的內容非常相似，也會讓大家更清楚看到儲備（backlog）的長度，以及專案隨時間擴張的路徑。

Got it. That's helpful there. Maybe just continuing. These are kind of some first-of-the-kind type of projects for Williams, and you've had Socrates running for a little bit here. Just wondering, I guess, any learning so far. Your comfort here and if you think about kind of expanding your solution offerings here, how you think about that?

了解。這很有幫助。或許再延伸一下。這些對Williams而言算是一些首創類型（first-of-the-kind）的專案，而Socrates也已運行一段時間。我想請教目前為止有沒有任何學習心得？你們目前的把握度如何？以及若你們考慮擴大解決方案的提供範圍，你們會如何思考？

Yes. Thanks, Jim. I'll start, and I'm going to let Larry fill in. I'd tell you, we are just so proud of the team. Williams has a long history.

是的，謝謝你，Jim。我先開始，然後我會請Larry補充。我想說，我們對團隊感到非常自豪。Williams有很長的歷史。

I mean, company for almost 120 years has been building complex, critical infrastructure, solving, frankly, some of the world's most challenging energy problems and the team did a great job building this business. The nice thing is it is a pretty clean extension of our existing capabilities. But yes, the team is learning every day. I mean, I've said this before, we're somewhat solving a new challenge, a new problem with existing technology, so every project will get more efficient.

我的意思是，這家公司將近120年來一直在建設複雜且關鍵的基礎設施，坦白說，也在解決一些全球最具挑戰性的能源問題，而團隊在建立這項業務上做得非常出色。好的一點是，這基本上是我們既有能力相當「乾淨」的延伸。但沒錯，團隊每天都在學習。我的意思是，我之前說過，我們某種程度上是在用既有技術去解決一個新的挑戰、新的問題，所以每個專案都會變得更有效率。

Every project will become more optimized and we're taking those lessons learned from every element of every project and deploying those to the next. But I'll let Larry speak to some of what he's seeing.

每個專案都會變得更優化，而我們正把每個專案、每個環節所累積的經驗教訓，運用到下一個專案上。不過我先讓 Larry 談談他所看到的一些情況。

Yes. Thanks, Jeremy. This is Larry. Yes, I mean, as Chad said, really proud of the team. We've done some amazing work being able to deliver these projects.

是的。謝謝你，Jeremy。我是 Larry。是的，我的意思是，正如 Chad 所說，我們真的為團隊感到非常自豪。我們做了非常了不起的工作，能夠交付這些專案。

I mean they are complex, some of the first of its kind, be able to work with our customers on be able to manage the load following, and it's been great to see these projects to deliver exactly the way that we anticipated. We've now had some run time with Plato South, and we've seen that ramp up in utilization and it's performed exactly the way we want to and really excited for the team to get through the final commissioning this week on PLAY-DOH North and have the facility fully up and operational.

我的意思是，這些專案很複雜，其中一些是首創類型；我們能與客戶合作，管理負載跟隨（load following），看到這些專案能完全如我們預期般交付，真的很棒。我們在 Plato South 已經有一段運轉時間，也看到使用率逐步提升，表現完全符合我們的期待；也非常期待團隊在本週完成 PLAY-DOH North 的最終試運轉（commissioning），讓該設施全面啟用並投入營運。

As Chad mentioned, there's always lessons learned as we go through these, both on how we commission and execute the projects, and we're taking those efficiencies into the next phase of projects, even the ones that we've commercialized to continue to further provide a better solution for our customers. And so I think you'll see that continue to play into the solutions we provide for the next wave of projects we're commercializing. And I think the great thing is counterparties are out there looking for people to work with, I think our ability to continue to deliver on projects at this scale, the speed, the complexity and navigate through all of the different things that come up on these types of projects. It's just continue to demonstrate Williams ability. And I think that's helping on the commercial front.

如 Chad 提到的，在推進這些專案的過程中總會有經驗教訓，包含我們如何試運轉以及如何執行專案；我們正把這些效率提升帶入下一階段的專案，甚至也會運用到我們已商業化的專案上，以持續為客戶提供更好的解決方案。因此我認為你會看到，這些做法會持續反映在我們為下一波正在商業化的專案所提供的解決方案中。我認為很棒的一點是，市場上的交易對手都在尋找合作夥伴；而我們能在這樣的規模、速度與複雜度下持續交付專案，並能應對這類專案中出現的各種狀況。這持續展現了 Williams 的能力。我認為這也在商務面帶來幫助。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

So I guess with election day here upon us, when you look across your power backlog, particularly the projects that are closer to commercialization, I guess how sensitive is the timing of those projects to the elections? And specifically, the governor races, I guess, I'm really curious about Texas given the size of the opportunity there and whether that has any bearing on your time lines and backlog.

我想既然選舉日就在眼前，當你們檢視電力的在手訂單（backlog），特別是那些更接近商業化的專案時，我想問這些專案的時程對選舉有多敏感？具體來說是州長選舉；我特別好奇德州，因為那裡的機會規模很大，這是否會對你們的時程與在手訂單造成任何影響？

Yes. I wouldn't say that, that's a gating issue for any of the discussions that we've been having. I think everybody is keeping an eye on the election and looking forward, I'd say, to getting through an election cycle. But I do believe, at the end of the day, places like Texas are going to be important for our country. We've got a very large energy resource.

是的。我不會說這是我們目前任何討論的關卡（gating issue）。我想大家都在關注選舉，也期待能走完這個選舉週期。但我確實相信，歸根結底，像德州這樣的地方對我們國家會很重要。我們擁有非常龐大的能源資源。

We've got a place where there's a lot of land available. And so we do think that Texas will be an important a part of the infrastructure story for data centers. But just in general, I mean, the Permian Basin, West Texas is our obviously, one of our most important energy resources in the country.

我們也有大量可用土地。因此我們確實認為，德州將會是資料中心基礎設施故事中很重要的一部分。但更一般地說，我的意思是，二疊紀盆地（Permian Basin）、西德州顯然是我們國家最重要的能源資源之一。

But we also spend a lot of time making sure we're focused on places where we can build with supportive communities. We can build projects that fit right within our existing kind of capability set. And so we feel really good about the projects that we're advancing, and we don't see the election being a gating item. Again, we've just been focused on making sure we can properly scope and design and optimize the projects that we're going to bring to market.

但我們也花很多時間確保把重點放在那些能在社區支持下建設的地方。我們能建設與我們既有能力範疇高度契合的專案。因此我們對正在推進的專案感到非常有信心，也不認為選舉會成為關卡。同樣地，我們一直專注於確保能妥善界定範疇、設計並最佳化我們要推向市場的專案。

Got it. And maybe switching gears on SESE 2 can you talk about maybe the potential to upsize this project over time? And how large it could ultimately become? And then I guess from a capital efficiency standpoint, should we think about the economics of SESE 2 similar to SESE 1, which I think, was something like a 3 to 4 times build multiple, if I remember correctly. Could this get to that level as well?

了解。另外換個話題談 SESE 2，你能否談談這個專案隨時間推進而擴大規模的可能性？它最終可能會變得多大？然後從資本效率的角度，我們是否應該把 SESE 2 的經濟性視為與 SESE 1 類似？我記得 SESE 1 好像是約 3 到 4 倍的建置倍數（build multiple）。SESE 2 也可能達到那個水準嗎？

Yes, Puneet, this is Larry. Thanks for the question. Yes, as we've announced right now, we've got 150 a day contracted on that, which is with the high credit utility counterparty. We did have a binding open season on that, that articulated the scope up to 390. We do have an additional customer for the remaining capacity on that.

是的，Puneet，我是 Larry。謝謝你的問題。是的，依我們目前公告的內容，該專案已簽約 150/日（a day）的量，對手方是信用評等很高的公用事業公司。我們確實針對該專案進行過具約束力的 open season，當時所界定的範疇最高可到 390。對於剩餘容量，我們也有另一位客戶。

We've got some things to work through with that customer to firm up. So Ideally, we think there's a project that makes a lot of sense in that [ 3.90% ] range. Could it be expanded down the road definitely, but I think that would be done in a future phase of the project from a maybe a sassy Phase III if we stay creative with our naming convention. But as far as returns, I mean, these are pretty capital-efficient projects.

我們還有一些事項需要與該客戶一起釐清，以便把細節確定下來。因此理想情況下，我們認為在那個 [ 3.90% ] 的區間內，這會是一個非常合理的專案。未來當然可以擴建，但我認為那會是在專案的後續階段進行，或許如果我們在命名慣例上保持創意，會叫作某種 SESE 第三期（Phase III）。至於報酬率，我的意思是，這些都是相當具資本效率的專案。

I would assume you would see this in a similar type of range that we've talked about in the 4 to 6x build multiple, but a lot of that's going to be dependent on once we finalize the scope and capital for this next phase of the project as we work through that final commercial contract.

我會預期你會看到它落在我們談過的、類似 4 到 6 倍建置倍數（build multiple）的區間，但其中很大一部分將取決於我們在敲定下一階段專案的範疇與資本投入後的結果，因為我們仍在推進最終的商業合約。

Spiro Dounis, Citi.

Spiro Dounis，花旗。

I want to start with the compensation framework, this new disclosure in the 10-Q seem to point to a 10% to 16% EBITDA CAGR through 2030. So first, great to see alignment there on some of these targets you said that low end is congruent with the 11% plus target, but I wanted to dig in a little bit more on that high end I suspect it's a deliberate and achievable target by 2030. So I wanted to understand, I guess, what it would take to achieve that? How much M&A is contemplated versus organic? And then John, on the leverage side, this compensation target also requires leverage to be at or below 4x.

我想先從薪酬架構談起；你們在 10-Q 裡新增的揭露似乎指向到 2030 年 EBITDA 年複合成長率（CAGR）為 10% 到 16%。首先，很高興看到在這些目標上有一致性；你們說下緣與 11% 以上的目標一致，但我想更深入了解一下上緣，我猜這是到 2030 年刻意設定且可達成的目標。所以我想了解，要達到那個水準需要什麼條件？其中預期有多少來自併購（M&A），多少來自有機成長？另外 John，在槓桿方面，這個薪酬目標也要求槓桿在 4 倍或以下。

Can you just maybe talk through the rank order of tools available to fund growth while keeping leverage in check?

你能否談談在維持槓桿受控的同時，用於資助成長的工具，其優先順序（rank order）會是什麼？

Yes. Thanks, Miro. This is Chad. I'll start and I'll let John then fill in the rest. First thing, yes, I mean, you picked up on -- we, as a management team and the Board are very focused on aligning the entire organization with the goals that we've articulated and what we think will be the sector-leading growth and delivery of shareholder value.

是的。謝謝你，Miro。我是 Chad。我先回答，然後再讓 John 補充。第一點，是的，你注意到的沒錯——我們管理團隊與董事會非常專注於讓整個組織與我們所闡述的目標對齊，也就是我們認為能在同業中領先的成長，以及為股東創造價值的交付。

And so the compensation structures are set to do that. We've talked about -- that doesn't change our existing compensation structures as well, which return on invested capital is the single most important metric that we measure for executive compensation.

因此薪酬結構就是為了達成這件事而設計。我們也談過——這並不會改變我們既有的薪酬架構；其中，投入資本報酬率（return on invested capital）是我們衡量高階主管薪酬時最重要的單一指標。

So when you think about our growth, those numbers, I think, reflect what we do believe is achievable. If you look at the business and you look at how we've grown over the last 5 years, we've had 9% compound annual growth in earnings over the last 5 years, and we've done that with high-return projects. That creates a tremendous amount of capacity to to invest capital over the next 5 years and beyond. And so I think if you run the model on Williams, we've built a platform that can invest capital at attractive returns and can generate the type of growth that we're guiding towards. And so we feel really good about that range.

所以當你思考我們的成長時，我認為那些數字反映了我們確實相信可達成的水準。如果你看這個業務、看我們過去 5 年的成長，我們過去 5 年的盈餘年複合成長率是 9%，而且是在高報酬專案的帶動下達成。這在未來 5 年及更長期間，創造了非常可觀的資本投資能力。因此我認為，如果你把 Williams 的模型跑一遍，我們已建立一個平台，能以具吸引力的報酬率投入資本，並能產生我們所指引的那種成長。所以我們對那個區間感到非常有信心。

And I would just say that we and the Board have made sure that the entire organization -- that's obviously we disclosed what was required for the officers, but the entire organization, we are making sure is highly focused on delivering the commitments that we're making to our shareholders. And John, do you want to fill in?

我只想說，我們以及董事會已確保整個組織——當然，我們已就高階主管揭露了所要求的內容——但就整個組織而言，我們正在確保大家都高度聚焦於履行我們對股東所做出的承諾。John，你要不要補充一下？

Yes. Thanks for the question, Spiro. Really excited about the financial flexibility we've got for this pathway to 2030 and all this growth that we're chasing. For one, we've talked about it, our targeted leverage is 3.5 to 4x. So you see in the new goal that there's no payout if our balance sheet is over 4x. So we have to land sub-4x in our range that we're trying to navigate to is 3.5 to 4x. And we've talked about this before that we do have some tightness up against that 4x leverage primarily in '26 and '27.

是的。謝謝你的提問，Spiro。我們對於通往2030年的這條路徑以及我們正在追求的所有成長，所具備的財務彈性，感到非常振奮。首先，我們談過，我們的目標槓桿倍數是3.5到4倍。所以你會在新的目標中看到，如果我們的資產負債表槓桿超過4倍，就不會有任何支付。因此我們必須落在4倍以下；我們試圖掌握的區間是3.5到4倍。而且我們之前也談過，我們確實在4倍槓桿附近會有些緊繃，主要是在2026年與2027年。

But importantly, I think as you give beyond '27, we see enormous capacity that opens up. Chad just mentioned it as a result of all of the projects that are coming online and the earnings growth that we're going to see. I mean we're going to start seeing pretty great earnings growth even in '27, but it picks up even from there. So I think when you think about capacity and flexibility, we're going to have a lot of internally generated cash flow and we're going to have a lot of balance sheet capacity to continue to fuel additional growth. And as we chase that 16% high end.

但更重要的是，我認為當你把時間拉到2027年之後，我們看到會有巨大的容量被釋放出來。Chad剛剛提到，這是因為所有即將上線的專案，以及我們將看到的獲利成長。我的意思是，我們甚至在2027年就會開始看到相當不錯的獲利成長，但之後還會進一步加速。所以我認為，當你思考容量與彈性時，我們將會有大量內生現金流，也會有很大的資產負債表容量，來持續推動額外成長。並且在我們追求16%上緣目標的同時。

I'd tell you, everybody on our management team is super focused on winning at a 16% level. And it could include some bolt-ons along the way. But I think as we focus in on our plan, we're most focused in on our backlog and winning more than our fair share of the backlog primarily in the pipes and power parts of the business.

我可以告訴你，我們管理團隊的每個人都非常專注於以16%的水準取勝。而這一路上也可能包含一些補強型併購（bolt-ons）。但我認為，當我們聚焦於計畫時，我們最關注的是我們的在手訂單（backlog），以及在主要是管線與電力業務板塊的在手訂單中，贏得超過我們應得份額的訂單。

We think we've got really good line of sight into enough of an opportunity set to win again, more than our fair share in those spaces and achieve that 16%. We do have things in terms of financial flexibility, the Blackstone deal proved out that there's tremendous appetite to partner with us. So if along the way, we need to bring in partners, we can certainly do that as well. So we've got a lot of financial flexibility. We got, I think, big backlog as Chad mentioned, we're going to stay super focused though on the cash returns on invested capital.

我們認為，我們對於足夠大的機會集合有非常清晰的能見度，能再次在那些領域贏得超過我們應得份額，並達成16%。就財務彈性而言，Blackstone的交易證明了市場對於與我們合作有極大的意願。因此如果在過程中我們需要引入合作夥伴，我們當然也可以這麼做。所以我們擁有很大的財務彈性。我們也有很大的在手訂單，如Chad提到的；不過我們仍會非常專注於投入資本的現金報酬率。

We don't want to get to the end of this and find that we've lost any ground in terms of the great track record we've had on cash returns on invested capital.

我們不希望走到最後才發現，在投入資本現金報酬率這方面，我們失去了任何我們過去優異紀錄的優勢。

So we're going to have the growth. We're going to have the balance sheet strength and that's going to be because we've generated really strong cash returns on the capital we're investing.

所以我們會有成長。我們會有資產負債表的強度，而這將是因為我們在所投資的資本上，創造了非常強勁的現金報酬。

Got it. That's great to hear. I appreciate color on that front. Second question, just going back to power innovation and maybe sticking with the theme of some data points in the 10-Q. It looks like I pointed out almost $6 billion of long lead equipment purchases for projects not sanctioned yet.

了解。很高興聽到這些。感謝你在這方面提供的補充說明。第二個問題，回到電力創新（power innovation），也許延續一下10-Q裡一些數據點的主題。看起來我注意到，針對尚未核准（sanctioned）的專案，長交期設備採購接近60億美元。

And so I'm trying to reconcile what that means with respect to your 6 gigawatt plus opportunity set. How to think about delivery time frames for this equipment and maybe the conversion rate so far on what's gone from an order turning into a sanctioned project.

因此我想釐清，這對你們6GW以上的機會集合意味著什麼。該如何看待這些設備的交付時間框架，以及到目前為止，從下單到專案獲得核准的轉換率。

Yes. Thanks, Spiro. Yes, those 10-Q disclosures can be sometimes a little murky. In this case, I think you're talking about the $5.9 billion that's referred to in terms of commitments. And that does sort of pick up the aggregate -- yes, the aggregate sort of overall commitments that have been made around equipment that we would use to commercialize additional projects.

是的。謝謝你，Spiro。是的，那些10-Q的揭露有時候可能有點不夠清楚。在這個案例中，我想你指的是提到的、以承諾（commitments）計的59億美元。而那確實在某種程度上反映了整體——是的，反映了為了取得我們用於商業化更多專案的設備所做出的整體承諾彙總。

. I would say there's, again, murkiness around those kinds of disclosures because some of those have cancellation fees and things like that. And so we're not absolutely committed in that kind of that kind of plays into the way we've described how we've been able to build this really strong inventory of equipment. We've done it with backstop agreements. We've done it without really exposing company to the risk of loss associated with that equipment. As far as the direct sort of relationship between the $5.9 billion and the 6 gigawatts, I wouldn't think that there's -- or 6 gigawatts plus. I don't think there's a real strong connection between those two.

.我會說，這類揭露之所以會有些模糊，是因為其中一些包含取消費用之類的條款。因此我們並非在所有情況下都屬於絕對承諾；這也呼應了我們先前所描述的，我們如何建立起非常強健的設備庫存。我們是透過保底協議（backstop agreements）來做到的。我們是在不讓公司暴露於與該設備相關的損失風險下完成的。至於59億美元與6GW——或6GW以上——之間的直接關係，我不會認為兩者之間有——我不認為兩者之間有非常強的連結。

Yes. And I would just add that those layer in our equipment that is on order and John think did a good job in describing how we've done that. We've worked collaboratively with customers to secure equipment and Frankly, I think we've said that we've got enough equipment secured on order in partnership with customers that would support the entire backlog that we've guided to and even a bit more. And those deliveries would layer in within -- from now, frankly, until, call it, the early 2030s, which when we talked about our backlog, we've kind of guided towards that being the targeted time line for projects, layering in projects in a disciplined way so that we've got predictable growth through the end of the decade. And now we're even seeing those opportunities crystallize into well into the 2030s and doing it in a way where we can be efficient in moving talent and capabilities from project to project.

是的。我也想補充，這些數字包含了我們已下單的設備，而John在描述我們如何做到這點方面做得很好。我們與客戶協同合作以確保設備；坦白說，我想我們也說過，我們已在與客戶合作的情況下，確保了足夠的設備訂單，足以支撐我們所指引的整體在手訂單，甚至還多一些。而這些交付將會在——從現在起，坦白說，一直到大約2030年代初期——逐步到位；當我們談到在手訂單時，我們的指引大致也是以那個時間軸為目標，以有紀律的方式逐步導入專案，讓我們在本十年末之前能有可預測的成長。而現在我們甚至看到，這些機會正在進一步具體化，延伸到2030年代更後期，並且以一種讓我們能有效率地把人才與能力從一個專案移轉到下一個專案的方式來執行。

And so that's how we think about the equipment that's on order and the backlog that we have guided towards.

因此，這就是我們看待已下單設備以及我們所指引之在手訂單的方式。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，RBC資本市場。

I want to pivot to the Momentum acquisition that closed ahead of schedule in September. Can you share some early integration learnings, any unexpected synergies or challenges you've encountered? And just how integration is progressing relative to your original plan?

我想把話題轉到Momentum這項收購案，它在9月提前於原定時程完成交割。你能分享一些早期整合的心得嗎？是否有任何意料之外的綜效或你們遇到的挑戰？以及整合進度相較於你們原先的計畫如何？

Yeah, sure. Thanks for the question, Elvira. No, I mean, look, integration is off to a really strong start. Really no surprises after the first two months of ownership. The performance of the business has been tracking with expectations.

好的，當然。謝謝你的提問，Elvira。不，我是說，你看，整合一開始就非常順利。在取得所有權後的前兩個月，真的沒有任何意外。業務表現一直符合預期。

No, it's still early, but we are starting to capture synergies ahead of our -- of what we modeled and commercial and business development engagement is off to a strong start, both with existing and potential customers. Look, we've got lots of experience with acquisitions and integrating and we've worked out the bugs over the years. And so far, I'd say everything is going as planned.

不，現在仍然還早，但我們已開始以快於我們——快於我們模型假設的速度在捕捉綜效，而且商務與業務開發的互動也有很強的起步，不論是面向既有客戶或潛在客戶。你看，我們在併購與整合方面有很多經驗，這些年也把一些問題都磨合解決了。到目前為止，我會說一切都按計畫進行。

Okay. Great. And then my next question, I'm going to pivot here again. So it looks like there's a bigger call on US LNG, especially given for the security of supply.

好的。太好了。接著我下一個問題，我再把話題轉一下。看起來市場對美國 LNG 的需求呼聲更高，特別是考量到供應安全。

Obviously, you benefit on the pipeline side or your Haynesville assets. But this should also increase the value of that 1.5 million tonne per annum SPA you entered into with Woodside, the Louisiana LNG facility. How are you thinking about that capacity now as we kind of move closer to that start date?

很明顯，你們在管線端或你們的 Haynesville 資產會受惠。但這也應該會提升你們與 Woodside 就路易斯安那 LNG 設施簽下的每年 150 萬噸 SPA 的價值。隨著我們逐步接近啟動日期，你們現在如何看待這部分產能？

Yes. Look, I mean, when we took that capacity as part of the Woodside investment, we did it for a couple of reasons. One, because we like the pairing of that with the pipeline and the marketing piece of the deal. We felt like the capacity was really going to be something that we could help bring additional volumes through our midstream system. And that's how we've been approaching it.

是的。你看，我的意思是，當我們把那部分產能作為 Woodside 投資的一部分納入時，我們是基於幾個原因。第一，因為我們喜歡把它與交易中的管線與行銷部分搭配起來。我們認為這些產能確實會成為我們能夠協助把更多量帶入我們中游系統的工具。而我們一直就是用這樣的方式在推進。

And with the Momentum acquisition, it really puts us in an even stronger position to be able to interface with customers and offer international pricing as a service offering. And so we've already heard and seen interest from producers in the basin. -- that want international exposure. And so one of the things we're doing is talking about pairing that with gathering and compression and those types of services.

而隨著 Momentum 的收購，這讓我們在與客戶對接、並以服務形式提供國際定價方面，處於更強的位置。因此，我們已經聽到並看到盆地內生產商的興趣。——他們希望獲得國際市場曝險。所以我們正在做的一件事，就是討論把這與集輸、壓縮以及這類服務搭配起來。

Yes. And I'll just add, I think Rob said it well. We've got time. We can be patient. I think the project is on track.

是的。我再補充一下，我覺得 Rob 說得很好。我們有時間。我們可以耐心一些。我認為這個專案進度在軌道上。

I know some of the team here actually went out to the Woodside project and got to go to site and Woodside is doing a great job on the LNG side. Our team is well underway on the pipeline side of the project. But we're going to be patient and disciplined. But I would expect, again, yes, that capacity has certainly increasing value, but our strategy will likely be to term out that capacity, make sure we capture fixed margin. We're not I think we've made it clear -- that is not an attempt to create a large international price exposure position.

我知道這裡有些團隊成員其實去過 Woodside 的專案，並到現場看過，Woodside 在 LNG 端做得非常好。我們的團隊在專案的管線端也已經進展順利。但我們會保持耐心與紀律。不過我仍然預期，是的，那些產能的價值確實在提升，但我們的策略很可能是把那部分產能做期限化（term out），確保我們鎖定固定利差。我想我們已經說得很清楚——這不是要去建立一個很大的國際價格曝險部位。

But I think Rob said it well. It's really a tool that allows us to offer more opportunity, a window into international markets for some of our producer customers that might not otherwise be able to access it. I don't know, Larry, anything you want to add on line 200 and how projects going?

但我覺得 Rob 說得很好。這其實是一個工具，讓我們能為部分生產商客戶提供更多機會，開一扇通往國際市場的窗口，而他們原本可能無法取得這樣的管道。我不知道，Larry，你在 200 號線以及專案進度方面還有什麼要補充的嗎？

Yes. I mean right now, everything is moving as planned. As the project is moving forward. We've gotten through all the permitting. Construction is online to be targeted for end of 2028 timeframe.

是的。我的意思是，目前一切都按計畫推進。隨著專案持續往前走。我們已經完成所有許可程序。施工已啟動，目標是在 2028 年底這個時間框架完成。

So on that front, everything is going well. And I think now you'll see further opportunities for us to, as you think about our Haynesville position, continue to do further expansions as we see additional LNG demand grow within that corridor. We do see additional interest. We announced the Shelby Trough Connector project last quarter.

所以在那方面，一切進展良好。而我認為，當你們思考我們在 Haynesville 的布局時，隨著該走廊內 LNG 需求增加，你們會看到我們有更多機會持續做進一步擴建。我們確實看到更多額外的興趣。我們在上一季宣布了 Shelby Trough Connector 專案。

And obviously, we're seeing a lot of additional interest on that. So I think you'll see not only with Line 200 and the Woodside LNG facility, but as we see additional LNG demand grow in that corridor, we're seeing definitely a lot more interest to get molecules from the Haynesville down into that corridor, which we're excited is going to really, I think, play into the advantage of the Premier Haynesville position that we built up.

而且很明顯，我們看到對那個專案有大量額外的興趣。所以我認為你們會看到的不僅是 200 號線與 Woodside LNG 設施；隨著該走廊內 LNG 需求成長，我們也確實看到更多把分子（天然氣）從 Haynesville 輸送到該走廊的興趣，這讓我們很振奮，因為我認為這將真正發揮我們所建立的頂級 Haynesville 布局的優勢。

John MacKay, Goldman Sachs.

高盛的 John MacKay。

I appreciate the comments on SESE Phase 2 earlier, but just wondering if you could talk broadly about kind of the remaining expansion capacity on Transco as a whole. And you kind of talked about potential later phases. Just anything you can frame up timing or maybe ultimate sizing would be helpful.

我很感謝你們先前對 SESE 第二期的評論，但我想更廣泛地請你們談談 Transco 整體剩餘的擴建容量大概如何。你們也提到可能還有後續階段。如果能就時程或最終規模提供一些框架會很有幫助。

Yes, I think as we've highlighted before, I mean, the expansion opportunity on Transco, it's almost limitless. I mean, there's so many different opportunities that you're seeing us continue to commercialized projects across the footprint on Transco. And not even just on Transco across all of our pipeline assets as we've obviously just announced the storage expansion on Mountain West earlier this year, we did the Silver spur expansion on Northwest Pipeline.

是的，我想如同我們之前強調的，Transco 的擴建機會幾乎是無上限的。你會看到我們在 Transco 的整個覆蓋範圍內持續把各種專案商業化。而且不只是 Transco；在我們所有管線資產上也是如此——我們今年稍早剛宣布 Mountain West 的儲存擴建，我們也在 Northwest Pipeline 做了 Silver Spur 擴建。

So, think on Transco, the SESE Phase 2 is just another example of ways that we can continue to optimize as our customers' demand grows in those regions, and we have very strategic bolt-on brownfield expansions that can continue to serve those markets.

所以，在 Transco 上，SESE 第二期只是另一個例子，說明當客戶在那些區域的需求成長時，我們如何持續優化；而我們也有非常具策略性的加掛式棕地擴建（bolt-on brownfield expansions），可以持續服務那些市場。

So we've definitely got more projects in the backlog that we're working on, optimistic that we'll see additional projects commercialize as we go into 2027. And there'll be probably a myriad of some of them smaller scale, like we've seen like with Leidy Access that we commercialized earlier this year to potentially some larger scale, larger capital expansions that the team is working on as well.

因此，我們確實還有更多專案在待辦清單中持續推進；我們也樂觀認為，隨著我們進入 2027 年，會看到更多專案完成商業化。其中可能有各式各樣的專案：有些規模較小，就像我們今年稍早商業化的 Leidy Access；也可能有一些規模更大、資本投入更高的擴建案，團隊也正在推進。

Yes. One of the nice things I've been mentioning to folks, and Larry mentioned it, we will continue to see some of the near-term smaller projects that can be delivered between now and the end of the decade. But we're already having really encouraging discussions regarding the next wave of large expansion projects that will help fuel growth, frankly, well beyond 2030 as we've seen a next wave of power projects that we expect our utility customers to need to supply with natural gas. Transco is the nation's most important artery for supplying utilities along that corridor, both Gulf Coast, Southeast, Mid-Atlantic, up into the Northeast.

是的。我一直跟大家提到的一個好處——Larry 也提到了——我們會持續看到一些近期、規模較小的專案，可以在現在到本十年末之間交付。但我們也已經就下一波大型擴建專案展開非常令人鼓舞的討論；坦白說，這些專案將有助於推動 2030 年之後很長一段時間的成長，因為我們看到新一波電力專案，而我們預期公用事業客戶需要以天然氣來供應這些需求。Transco 是全美最重要的動脈，用於沿著該走廊供應公用事業，涵蓋墨西哥灣沿岸、東南部、中大西洋地區，一直到東北部。

And then LNG demand, we've been watching to see kind of the next wave of capacity. And again, we're seeing really strong signs that the next round of projects will commercialize. And so not only do we feel really good about the growth through the end of the decade, but we're starting to see projects and focus a lot of energy with the team on projects into the 2030s.

另外是 LNG 需求，我們一直在觀察下一波產能會是什麼樣子。而且再一次，我們看到非常強的跡象顯示下一輪專案將會完成商業化。因此，我們不僅對本十年末之前的成長感到非常有信心，我們也開始看到一些專案，並與團隊投入大量精力聚焦在 2030 年代的專案上。

That's great. Second one for me. Can you just catch us up on where Nessy stands right now, kind of next steps to watch how you're feeling about the time line.

太好了。我第二個問題。你們能否更新一下 Nessy 目前的狀況、接下來要觀察的下一步，以及你們對時程的感受？

Yes. Thanks for the question. This is Lane Wilson. I'm sure beware the Third Circuit remanded our Jersey certificate. But there's nothing in that reman that has really jeopardize the projects.

是的，謝謝你的問題。我是 Lane Wilson。我相信你們知道，第三巡迴上訴法院把我們的新澤西證書發回重審。但那次發回並沒有任何內容真正危及這個專案。

We're reevaluating right now the direction we're going to take, but there's -- as I said, there's nothing in that opinion that we think jeopardize that project. It's probably going to depend more on the level of cooperation we get from New Jersey, and we're working with them right now to figure out the next steps.

我們目前正在重新評估接下來要採取的方向，但——如我所說，我們認為那份意見書沒有任何會危及該專案的內容。這可能更取決於我們能從新澤西州獲得多少合作程度；我們正與他們合作，釐清下一步。

Yeah, I would just say, I think this reinforces the importance of permitting reform. I think had we seen the bill that is hopefully going to make it to the floor of the Senate, and Lane can give an update on that if you want to provide additional color. But that would have addressed what happened with this third circuit decision. And frankly, what this does is it's not going to have an impact on us from a financial forecasting perspective, we feel really good about the need for the project, but it could put at risk our ability to get it online in time for next winter.

是的，我只想說，我認為這再次凸顯了許可改革的重要性。我認為，如果我們當時看到那項希望能提交參議院院會審議的法案——如果你想補充更多背景，Lane 也可以更新一下進度。但那項法案本來可以處理這次第三巡迴法院裁決所造成的情況。坦白說，這件事從財務預測的角度不會對我們造成影響，我們對專案需求非常有信心，但它可能會讓我們無法在明年冬季前及時上線的能力面臨風險。

And again, won't have a material impact on us, but will have an impact on affordability in New York and in that region. And so -- we are hopeful that the Senate is successful in voting on the bill, the bipartisan affordable affordability and Jobs Act, the BAAJA bill. And I don't know if you want to give a quick update on that, but it has some really strong provisions that would address I think a lot of the challenges that we've seen and would bring a lot more certainty and predictability to permitting projects.

再說一次，對我們不會有重大影響，但會影響紐約以及該地區的可負擔性。因此——我們希望參議院能成功就該法案進行表決，也就是兩黨的《可負擔性與就業法案》（BAAJA 法案）。我不知道你是否想快速更新一下，但它包含一些非常強而有力的條款，我認為可以解決我們看到的許多挑戰，並為專案許可帶來更多確定性與可預測性。

Yeah, I just don't think there's any doubt that had the BAAJA been in effect at the time the third circuit considered our permit, we'd still have that permit. So -- this is really critical for the country from all avenues in terms of energy, no matter where you look at it. There's a vote scheduled for November 9 closure vote in the Senate. I think it's going to get more than 60 votes. How many more than 60 votes it gets probably determines how quickly it makes it through the house.

是的，我認為毫無疑問，如果在第三巡迴法院審理我們的許可時，BAAJA 已經生效，我們現在仍會保有那張許可。所以——這對國家而言在各個面向都非常關鍵，就能源而言也是如此，無論你從哪個角度看。參議院已排定 11 月 9 日進行終止辯論表決（cloture vote）。我認為它會拿到超過 60 票。超過 60 票的幅度可能會決定它在眾議院推進的速度有多快。

So we're optimistic. This is as good a chance as we have ever had to get meaningful permitting reform kind of across the full scale of infrastructure in this country. There are Democrats and Republicans have come out in favor of this, and we think it's going to happen.

所以我們很樂觀。這是我們迄今為止最有機會在全國各類基礎建設範疇推動有意義許可改革的一次。民主黨與共和黨都已表態支持，我們認為這會成真。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Look, maybe to take a couple of different directions here. First, going back to where we started at the top of the call, as it pertains to the project coming, just the size of the projects contemplated, -- are we seeing an increase? Or is just more about the cadence here and getting one to two before the end of the year? And then related within that, some discussion out there about just obtaining the adequate gas lateral easements, et cetera. Just where are you in just executing against that side of the equation across the portfolio projects underway today? If you can just update us briefly.

我想也許可以從幾個不同方向來問。首先，回到我們在電話會議一開始談到的，關於即將到來的專案，就目前所構想的專案規模——我們是否看到規模在增加？還是說重點更多在於節奏，並在年底前推進一到兩個？另外相關地，外界也有一些討論，像是取得足夠的天然氣支線（lateral）地役權等。就你們目前整個投資組合正在進行的專案而言，在執行這一端的工作進度如何？如果可以的話，請簡要更新一下。

Yes. Thanks, Julien. First, on the size of projects. I think I alluded to the fact that we are taking some time with the next round of projects to not just scope and commercialize the front-end speed to power component similar to the size and scale in scope of what you've seen so far out of the 5 projects that we have announced. But we are taking some time on several of our projects to to plan the further phasing and scaling of those projects.

好的。謝謝你，Julien。先談專案規模。我想我先前提到過，我們在下一輪專案上會花一些時間，不只是界定範圍並商業化前端的「快速供電」（speed-to-power）部分，其規模與範疇會類似你迄今在我們已宣布的 5 個專案中看到的。但我們也正在針對其中幾個專案花時間規劃後續的分期與擴大規模。

Look, I think should even mention that on the first 5 projects we've announced, Larry was speaking to kind of the optimization lessons learned. There is also significant upside opportunity at each of those projects to unlock more capacity and scale those projects we sanctioned those projects based on very conservative assumptions to make sure that we can deliver the front-end speed to power. But there's a lot that we can unlock and scale over time.

我想也值得一提，在我們已宣布的前 5 個專案中，Larry 談到了一些最佳化的經驗教訓。此外，每個專案其實都有相當大的上行機會，可以釋放更多容量並擴大規模；我們核准（sanction）這些專案時採用的是非常保守的假設，以確保我們能交付前端的快速供電。但隨著時間推進，我們還有很多可以釋放並擴大的空間。

Now, as we look at projects where we have the time to plan, additional phases, I think you can expect that some of the projects in the backlog will have larger scale and we'll have phasing of capacity over time. Your question about easements, -- maybe just expand on that a little bit. Was that on pipeline projects that you were referring to?

現在，當我們看那些有時間做規劃、可以加入額外分期的專案時，我認為你可以預期，待開發清單（backlog）中的部分專案會有更大規模，並且會隨時間進行容量分期。你提到地役權的問題——也許請你再多說一點。你指的是管線專案方面嗎？

Or just the laterals for the will power side of the equation, right, and as much as you have a litany of these underway. Just if there's any issues, if you can be able to secure everything thus far.

或者是就供電端的支線（laterals）而言，對吧？畢竟你們同時在推進一長串這類專案。我想了解是否有任何問題，以及到目前為止你們是否都能順利取得所需的一切。

Yes. I would just say that our team does a great job of when we're citing, we're working very collaboratively. I think one of the capabilities that's really important that we bring -- and Rob has showed a slide before that shows the extent of the sequence footprint.

是的。我只能說，我們團隊在選址時做得非常好，並且以非常協作的方式推進。我認為我們帶來的一項非常重要的能力——Rob 之前也展示過一張投影片，說明我們的序列（sequence）足跡範圍之廣。

Obviously, we've got an incredible core business footprint. I think one of the unique capabilities we bring is helping hyperscaler site projects and locations where we have high confidence that we can deliver gas supplies. And so we feel really good about the projects that we've been developing and teams had a lot of success. That has not been an issue that has prevented us from advancing projects.

顯然，我們擁有非常強大的核心業務足跡。我認為我們的一項獨特能力，是協助超大規模雲端業者（hyperscaler）在我們高度有把握能供應天然氣的地點進行選址與落地。因此，我們對目前正在開發的專案感覺非常良好，團隊也取得了很多成功。這並不是阻礙我們推進專案的問題。

And when I think about the projects that are in the backlog, all of them are sited in locations where we have high degree of confidence, either we've -- we've got a location that is rightly situated or we've got what we need or would expect to need from a pipeline capacity perspective.

而當我想到待開發清單中的專案時，它們全部都位於我們高度有信心的地點：要麼——我們已經有位置本身就很合適；要麼從管線容量角度，我們已具備所需、或預期會需要的條件。

Excellent. And just to say it even more directly, you would contemplate these which these are announced that the larger -- the future scope and phases would be announced simultaneously such that we could see overall a larger project announcement to the extent to which these have been a little bit longer in the weight they should indeed at least initially be announced as a longer duration, but also larger scope and project at the outset?

很好。我再更直接地問一次：你們是否會設想，對於這些已宣布的專案，未來更大的——後續範疇與分期會同步對外宣布，讓我們看到整體上更大的專案公告？也就是說，若這些專案等待時間較長，那麼至少在初期就應該以較長期間、但同時在一開始就有較大範疇與規模的方式來宣布？

Yes. Not every project, but I think that I would expect that you will see projects from us that that make that crystallized, commercialize a larger portion of the backlog and show larger scale phases within a single project. So yes.

是的。不是每一個專案都會如此，但我認為你會看到我們有些專案會把待開發清單中更大一部分具體化並完成商業化，並在單一專案中呈現更大規模的分期。所以，是的。

Got it. And just to clarify, even amidst the backdrop, do you feel confident on return staying the course here on these larger scope projects as defined earlier.

了解。再確認一下，即便在目前這樣的背景之下，你們對於先前所定義、較大範疇專案的報酬率仍有信心能維持既定方向嗎？

We do teams doing a great job. Yes. I do think we expect return framework to hold. I will say that 1 of the nice things about scaling projects is you can layer in larger equipment and more efficient power. And over time, the speed to power units can become more of your peaking units.

我們有信心，團隊做得非常好。是的。我確實認為我們預期報酬率框架會維持不變。我也想說，擴大專案規模的一個好處是，你可以導入更大型的設備與更高效率的發電。而隨著時間推進，快速供電機組可以更偏向作為尖峰機組使用。

And so you can also drive down the cost for the customer, preserve return, become more efficient As Larry discussed, bring the lessons learned from every project we're delivering. So the goal is to keep driving down the cost for the customer while preserving returns, expanding the customer base and extending contract duration.

因此，你也能為客戶降低成本、同時維持報酬率，並提升效率；如 Larry 所說，把我們交付每個專案所累積的經驗教訓帶到下一個專案。所以目標是在維持報酬率的同時，持續為客戶降低成本、擴大客戶基礎並延長合約期間。

Robert Catellier, CIBC Capital Markets.

Robert Catellier，CIBC 資本市場。

Maybe a question here for John. I just wondered if what the ability and appetite is to the joint venture structure for future power projects. I asked the question because maybe the market's moved a tiny bit since the first agreement. So I'm curious about the level and the depth in the market given prices may have moved a little bit.

我這裡可能有個問題想問 John。我想了解未來電力專案採用合資架構的能力與意願如何。我之所以問，是因為自第一份協議以來，市場可能已經有些微變化。因此我很好奇，在價格可能略有變動的情況下，市場的參與程度與深度如何。

Yes. Thanks, Robert. Definitely, the prices have moved a bit from the 6.35% that we got on the deal with Blackstone back in July. And just the underlying movement in the 10-year treasuries has caused there to be a shift in the cost of capital for that. for that kind of arrangement.

是的。謝謝你，Robert。確實，價格相較於我們在7月與黑石（Blackstone）那筆交易拿到的6.35%已經有些變動。而且10年期美國公債殖利率的基本走勢，也導致該安排的資本成本出現變化。就這類安排而言。

So we'll keep an eye on it. It certainly remains an option. We definitely hear all the time that there's very strong demand. We ran a very competitive process. I think we could reboot something like that.

所以我們會持續關注。它當然仍然是一個選項。我們也一直聽到市場需求非常強勁。我們當時跑了一個非常具競爭性的流程。我想我們可以重新啟動類似的方案。

fairly quickly as well and again, drive toward the lowest available cost of capital for that kind of financing. But whether we decide to do that or not, I think it just depends on -- again, on the size and scale and speed of the next power projects that we are commercializing and definitely could be something that we do again but it's just one of several options, including just perhaps running the balance sheet a little bit hotter for a short period of time before all the earnings kicks in. But -- we have a lot of options. The insurance capital will continue to be something we'll be definitely looking at.

也能相當快地推進，並再次朝向為這類融資取得最低可得資本成本。但我們是否決定這麼做，我認為取決於——再次取決於——我們正在商業化的下一批電力專案的規模、量體與推進速度；這確實可能是我們會再做一次的事情，但它只是幾個選項之一，還包括也許在所有獲利開始貢獻之前，短期內讓資產負債表的槓桿稍微提高一些。不過——我們有很多選項。保險資本仍會是我們一定會持續評估的方向。

Okay. And maybe just a quick follow-up here on Momentum Midstream. It looks like it's off to a pretty good start and on a small sample size. But what do you see the most upside, the most strategic upside when you look at how it interfaces with lag of Transco and some of your other US Gulf Coast footprint.

好的。那再快速追問一下 Momentum Midstream。看起來在小樣本下它的起步相當不錯。但當你看它如何與 Transco 的延伸/銜接，以及你們在美國墨西哥灣沿岸的其他佈局互相配合時，你認為最大的上行空間、最大的策略性上行在哪裡？

Yes. I mean, look, I think the inventory and the breakeven prices and the price at which producers are going to act I mean 75% of the inventory behind that system is economic and virtually all of it is economic at 3.75. So we don't need $4 gas prices to support growth there. So as you see LNG and you see power demand continue to come online over the long term, we think that demand is going to provide a signal to bring that economic inventory into production. So it's really the strength of the inventory behind the system, combined with the demand from LNG and power that we see over the long term.

是的。我的意思是，你看，我認為庫存（inventory）、損益兩平價格，以及生產商會採取行動的價格——也就是說，該系統背後約75%的資源庫存具備經濟性，而且在3.75的價格下幾乎全部都具備經濟性。所以我們不需要4美元的天然氣價格就能支撐那裡的成長。因此，隨著你看到LNG以及電力需求在長期持續上線，我們認為那樣的需求會釋放訊號，讓那些具經濟性的資源庫存投入生產。所以關鍵在於系統背後資源庫存的強度，加上我們長期看到來自LNG與電力的需求。

Yes. And this is Larry. I'll add to it. I mean, obviously, we only got a couple of months under our belt, but we do a very good job of integrating those operations teams. The commercial team is really under the hood now and really looking at the broader opportunity set in front of it.

是的。我是Larry。我補充一下。我的意思是，顯然我們才運作了幾個月，但我們在整合那些營運團隊方面做得非常好。商務團隊現在也真正深入其中，正在仔細檢視眼前更廣泛的機會集合。

And I would say with this combined footprint and asset mix that we have across the Haynesville, both in Eastern Texas and Western Louisiana, I mean it's creating a lot of opportunities, not only on just winning new dedications and opportunities to expand, whether that's LEG or NG3, to be able to serve that growing demand, but it's also creating some great opportunities to optimize across the footprint we have.

我會說，憑藉我們在海恩斯維爾（Haynesville）橫跨東德州與西路易斯安那的整體佈局與資產組合，這正在創造很多機會；不僅是在爭取新的專屬供應（dedications）與擴張機會——不論是LEG或NG3——以服務那個成長中的需求，同時也在我們既有的佈局範圍內創造一些很好的最佳化機會。

We've got several projects right now both on our legacy system and momentum that are ramping up for growth going into next year. And so -- right now, everything is really positive. It's still early, only a couple of months in, but the integration with the team's operations organization is going extremely well. And the opportunity set that the commercial team is seeing is really robust. And so I think there's some great upside that will then, I think, layer into some hopefully downstream expansions as well as you think about Transco and the Delta Access project that hopefully will continue to upsize.

我們目前在既有系統以及Momentum上都有好幾個專案正在爬坡，為明年的成長做準備。所以——目前一切都非常正面。雖然還很早，才幾個月，但與團隊的營運組織整合進展非常順利。而商務團隊看到的機會集合也非常強勁。因此我認為有很好的上行空間，接著也會——我想——在你考量Transco與Delta Access專案、希望能持續擴大規模時，進一步疊加到一些下游擴建上。

Yeah, I'll just add credit to the team. There is a large team working the integration. Rob mentioned earlier, we're pretty conservative when we plan bolt-on transactions. We had assumed that synergies would start to materialize in 2028.

是的，我也要把功勞歸給團隊。有一個很大的團隊在做整合工作。Rob先前提到，我們在規劃加掛式（bolt-on）交易時相當保守。我們原本假設協同效益會在2028年才開始顯現。

But I can tell you, the team is focused on capturing every ounce of that now and as early as possible, synergy capture. But we've got a very large cross-functional team working every day on that integration and then also on unlocking those additional commercial opportunities. And I think been really excited to see the possibility start to emerge.

但我可以告訴你，團隊正專注於現在就把每一分協同效益都抓出來，而且越早越好地實現協同效益的捕捉。我們有一個非常龐大的跨職能團隊每天都在做整合，同時也在解鎖額外的商業機會。我想看到這些可能性開始浮現，大家都非常振奮。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Can you talk more about Clay Basin and your outlook for further storage expansions, please?

可以請你多談談Clay Basin，以及你們對進一步儲存擴建的展望嗎？

Yes, man, this is Larry. Thanks for the question. Yes, Clay Basin, I mean, this has been a nice expansion opportunity the team has been working on through the course of this year. Obviously, we've highlighted that we feel like storage capacity has lagged development over the last decade, and we're really starting to see additional interest in storage. This is a nice project on Mountain West system.

是的，老兄，我是Larry。謝謝你的問題。是的，Clay Basin——我的意思是，這是團隊今年一路在推進的一個不錯的擴建機會。顯然，我們一直強調過去十年儲存容量的發展落後了，而我們也真的開始看到市場對儲存的額外興趣。這是Mountain West系統上一個很不錯的專案。

We do have some additional projects that we're working on in the Gulf region. And I think we'll see some additional announcements on that in the upcoming quarters as the team is working through commercializing additional expansions in that space.

我們在墨西哥灣地區也還有一些額外專案正在推進。我想在接下來幾個季度，隨著團隊持續把該領域的更多擴建案商業化，我們會看到一些進一步的公告。

But I think we've seen a really strong response since we've done the acquisition of the Gulf storage business and Norte contracted rates continue to go up as demand for storage is increasing, and that's helping us facilitate some of these expansion projects.

但我認為，自從我們收購墨西哥灣儲存業務以來，市場反應非常強勁；而且隨著儲存需求增加，Norte的合約費率持續上升，這也在幫助我們推動其中一些擴建專案。

And just so that everyone kind of knows Clay Basin is the largest storage asset in the Rockies. And Larry mentioned is part of our Mountain West system. Mountain West really serves as a gateway between the Rockies and Western markets, there's really just no longer production when you go west of the Rockies, but there's tremendous demand. And that storage asset provides an incredibly important function as really a gateway between production and market. And so we think we'll continue to see the Mountain West asset has been a great asset.

另外讓大家大概知道一下，Clay Basin是落磯山脈地區最大的儲存資產。而Larry提到，它是我們Mountain West系統的一部分。Mountain West基本上扮演落磯山脈與西部市場之間的門戶；當你往落磯山脈以西走，幾乎已經沒有產量了，但需求非常龐大。而那個儲存資產提供了極其重要的功能，作為生產與市場之間的門戶。因此我們認為Mountain West資產會持續是一項很棒的資產。

That team has done a great job. We've integrated those operations with our Northwest pipeline. So we gain a lot of synergies there and we can add additional services for customers. And so -- and then as Larry mentioned, we still see strong value and growth across the Gulf Coast and our the remainder of our storage assets. So we would expect to continue to see these projects commercialize over time.

那個團隊做得非常好。我們已把那些營運與我們的Northwest管線整合。因此我們在那裡獲得了很多協同效益，也能為客戶增加額外服務。所以——然後如Larry所說，我們仍然看到在墨西哥灣沿岸以及我們其餘儲存資產上有很強的價值與成長。因此我們預期這些專案會隨時間持續完成商業化。

And how are you thinking about your remaining gathering portfolio post the divestiture of the Cook well gathering assets.

在出售Cook井口集輸（well gathering）資產之後，你們如何看待剩餘的集輸（gathering）投資組合？

Yes. I'll let Rob speak to it, but I think we really like it. So, I think we mentioned we had a couple of small divestitures that show up, I think, in the reports throughout the course of the year. I think we recorded a gain or two as a result of those sales. But those were really small, I would say, almost off-system nonstrategic divestitures.

是的。我讓Rob來回答更細，但我想我們真的很喜歡它。所以，我想我們提過，今年過程中我們做了幾筆小型處分，應該會在報告中看到。我想我們也因為那些出售認列了一兩筆收益。但那些真的都很小，我會說幾乎是系統外、非策略性的處分。

Rob and the team are always looking at portfolio optimization, but I think we feel really good about where we sit today from from a gathering footprint perspective. We're talking about 35% to 40% demand growth for natural gas over the next 10 years, that's going to drive a tremendous amount of supply response that's going to be required. And so I think team has done a really good job of making sure we're -- we've got the right assets in the right locations.

Rob 和團隊一直在檢視投資組合最佳化，但我認為，從集氣足跡（gathering footprint）的角度來看，我們對目前所處的位置感到非常滿意。我們談的是未來 10 年天然氣需求成長 35% 到 40%，這將帶動需要大量的供給端回應。因此我認為團隊在確保我們——在正確的地點擁有正確的資產方面做得非常好。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Two on the power innovation side, if I could. The one to two projects by the end of the year, does that indicate that you have a much higher degree of confidence in one project than another? Or is that more just timing and one can slip into the beginning of 2027.

如果可以的話，我想就電力創新（power innovation）方面問兩個問題。年底前的一到兩個專案，這是否表示你們對其中一個專案的信心程度遠高於另一個？或者這更多只是時程問題，其中一個可能會延後到 2027 年初？

Yes. I think importantly, thank you. That's a good question because we don't time announcements based on earnings call dates or even New Year's Eve and New Year's Day. But we feel pretty good about our ability to commercialize projects over the course of the next few months. And I think at the end of the day, that doesn't mean the projects aren't still moving. We kind of -- we don't like to get public with our announcements until we have a fully signed and executed commercial agreement.

是的。我想重要的是，謝謝你。這是個好問題，因為我們不會依照財報電話會議日期，甚至不會依照跨年夜或元旦來安排公告時點。但我們對於在接下來幾個月內將專案商業化的能力相當有信心。而且我認為，歸根結底，這並不代表專案就不再推進。我們有點——在我們拿到完整簽署並完成執行的商業協議之前，不喜歡對外公開宣布。

And also with our customer partners until we're permit ready and we've made sure we've got sites secured and we've got a lot of the derisking of the project already complete. And I think we've continued to say we expect one or two of those to hit the finish line by the end of the year. But I think that, that also means that you will see additional projects we would expect commercialized into 2027 and beyond. And so we're not just specifically targeting a date, those projects continue to advance, but we do feel pretty good that one or two of those will likely be signed by the end of the year.

同時也會與我們的客戶夥伴一起，直到我們具備申請許可（permit ready）的條件，並確認場址已確保到位，而且專案的大部分去風險（derisking）工作已經完成。我想我們也持續表示，預期其中一到兩個會在年底前抵達終點。但我認為，這也意味著你們將會看到更多我們預期在 2027 年及之後完成商業化的專案。因此我們並不是只針對某個特定日期；這些專案仍在持續推進，但我們確實相當有信心，其中一到兩個很可能會在年底前完成簽署。

Great. My other is just on the financing of these projects. And -- it sounds like you're evaluating different options and the right balance sheet size. But to the extent that you do think that financing or additional capital inflows are necessary to move projects forward. Should we expect that to be announced concurrent with positive FIDs on new power innovation projects, or is it something that we should expect after projects are sanctioned similar to what happened with the earlier -- with the financing earlier this year.

很好。我另一個問題是關於這些專案的融資。聽起來你們正在評估不同選項以及合適的資產負債表規模。但若你們確實認為，為了推動專案前進需要融資或額外資本流入，我們是否應該預期會在新的電力創新專案做出正向 FID（最終投資決定）時同步宣布？還是應該預期在專案核准（sanctioned）之後才宣布，類似於今年稍早——先前那次融資的情況？

Yes. This is John. Thanks for the question. And I think a little bit of it depends on the specific size, again, at scale and speed associated with the particular projects. But -- in a case where we're talking about a large-scale project that maybe scales over time, we'll definitely be trying to give some color about how that project scales over time.

是的。我是 John。謝謝你的問題。我想其中一部分取決於特定專案的規模——同樣地，取決於該專案的規模化與推進速度。但是——如果我們談的是一個大型專案，而且可能會隨時間逐步擴張，我們一定會嘗試提供一些說明，讓大家了解該專案如何隨時間擴張。

We'll also be trying to give some real clarity about, generally speaking, how we plan to finance the project. I can't say how specific that would be at the time, but we'll definitely try to give you a good sense of how we're thinking about financing, especially around the bigger projects.

我們也會嘗試更清楚地說明，一般而言我們打算如何為該專案進行融資。我無法說在當時會具體到什麼程度，但我們一定會讓你們對我們的融資思路有很好的掌握，特別是針對較大型的專案。

Craig Shere, Tuohy Brothers.

Craig Shere，Tuohy Brothers。

Just wanted to briefly dig into a little further the sustained 5 times economics for new power innovation projects. So the legacy projects were overengineered and the PPAs themselves have 5 times EBITDA economics outside of synergies with other assets and the ability to monetize the excess generation capacity. Is it fair to think about the potential new project announcements with much longer-term tenors as significantly derisking the assets because of longer tenors, but also to some small degree at least, minimizing some of the upside beyond 5 times because the excess capacity is called for.

我想簡短再深入一下新電力創新專案可持續的 5 倍經濟性。所以既有（legacy）專案是過度工程設計（overengineered），而 PPA 本身在不考慮與其他資產的協同效益，以及將多餘發電容量變現的能力之下，就具備 5 倍 EBITDA 的經濟性。是否可以這樣理解：潛在的新專案公告若採用更長期的合約年期（tenor），一方面因為年期更長而顯著降低資產風險，但另一方面至少在某種程度上，也會因為多餘容量被要求（called for）而使得 5 倍以上的上行空間被壓縮？

Thanks, Craig, for the question. No, I think that we're going to target maintaining economics through efficiency. But at the end of the day, our business is making sure we've got predictable fee-based take-or-pay cash flows that are the foundation for the returns that we're sanctioning and then we look to create upside beyond that.

謝謝你的問題，Craig。不，我認為我們會透過效率提升來維持經濟性目標。但歸根結底，我們的業務是確保我們擁有可預測、以費用為基礎（fee-based）、take-or-pay 的現金流，作為我們核准投資回報的基礎，然後我們再尋求在此之上創造額外上行空間。

So, we're not embedding kind of extremes speculative upside into the base economics of a project, but we are working hard to drive efficiency, drive down the cost for the customer, make the project a much more optimized design and scope and scale. But I would still expect that with each of these projects, we're creating a platform upon which we're going to find additional upside and opportunity.

因此，我們不會把那種極端、偏投機的上行空間納入專案的基礎經濟性假設中；但我們確實在努力提升效率、降低客戶成本，讓專案在設計、範疇與規模上更為最佳化。不過我仍然預期，對於每一個專案，我們都在打造一個平台，並在其上尋找額外的上行與機會。

Maybe I could just quickly ask you slightly differently. -- on these longer-term scaling projects -- prospective opportunities, would they be as proportionately overengineered as the legacy projects?

也許我可以稍微換個方式很快問一下。——就這些可長期擴張的專案——潛在機會而言，它們會像既有專案那樣在比例上同樣過度工程設計嗎？

Okay. No, I think that's a good question. I do think we'll learn over time how to be more efficient with excess capacity. So, I do think that is an opportunity for us to -- as we operate and learn load profiles, we may be able to have less of redundancy from an efficiency perspective. So I do think that that is a fair observation.

好的。不，我認為這是個好問題。我確實認為，隨著時間推進，我們會學到如何更有效率地配置多餘容量。因此我認為，當我們運行並了解負載曲線（load profiles）後，從效率角度來看，我們或許能降低冗餘程度。所以我認為這是一個合理的觀察。

This concludes our question-and-answer session. I would now like to turn the call over to Chad for closing remarks.

我們的問答環節到此結束。接下來我想把電話交給 Chad 作結語。

Great. Thanks, Haley, and thank you, everyone, for your participation in today's call. Have a great day, and we look forward to seeing you soon.

很好。謝謝你，Haley，也謝謝各位參與今天的電話會議。祝各位有美好的一天，我們期待很快再與各位見面。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本次議程到此結束。您現在可以掛線。