<p><strong>Constellation Energy</strong>（CEG -2.51%）是一家有趣的电力公司。最值得注意的是，它不是一家受监管的公用事业公司。这使得它在投资电网未来方面有更多的灵活性。</p>
<p>这家独特电力供应商的关键焦点是核能，未来五年将会看到公司核能业务的许多变化。</p>
<h2>Constellation Energy 是做什么的？</h2>
<p>Constellation Energy 生成并销售电力。这正是受监管的电力公用事业所做的，但它并不受监管。</p>
<p>这是一个非常重要的区别，因为受监管的公用事业在其服务的地区被授予垄断权，但必须获得政府对其资本投资计划和费率的批准。这降低了风险，但限制了增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4NzMvMjRfMTBfMDktYS1oYW5kLWhvbGRpbmctYS1udWNsZWFyLXBvd2VyLXN5bWJvbC1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM2OTUxMzkxNi05MTB4ODAwLTQ0NmViNWQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4NzMvMjRfMTBfMDktYS1oYW5kLWhvbGRpbmctYS1udWNsZWFyLXBvd2VyLXN5bWJvbC1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM2OTUxMzkxNi05MTB4ODAwLTQ0NmViNWQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>简单来说，Constellation Energy 有更多的机会来发展其业务，但这种机会伴随着更高的风险。它主要生成电力，并根据合同将其出售给其他公司，包括公用事业、个人和企业。它可以根据市场允许的价格收费，而不必担心政府的过度干预。因此，它是一家以增长为导向的电力供应商。</p>
<p>背景是，Constellation 运营着约 22.1 吉瓦的核能发电能力；而最近的竞争者只有 6.3 吉瓦。这种核能能力使其成为美国最大的无碳电力生产商。</p>
<p>公平地说，这与可再生能源并不相同，可再生能源通常指的是太阳能和风能。但核能越来越被视为对这些间歇性能源的重要支持，并且是需要不间断电力供应的最终市场（数据中心和人工智能）的可靠供应者，这通常被称为基载电力。</p>
<h2>Constellation 的未来是更多的核能</h2>
<p>对于关注 Constellation 的投资者，有两件关键事情需要注意。首先，它希望成为一家以增长为导向的电力公司。最近的一项举措是与 Calpine 达成协议，收购这家大型天然气发电公司，以及水电公司。与 Constellation 一样，它主要在监管框架之外销售电力。</p>
<p>这一举措将为其业务增加多样性，但并不改变其在核能领域的领导地位。管理层计划通过对其核反应堆舰队进行实质性投资来保持领先地位。</p>
<p>这包括寻求批准延长在役反应堆的使用寿命以及重新启用已关闭的反应堆。在合适的情况下，它甚至可能考虑建造新的反应堆。</p>
<p>Constellation 致力于核能增长，因为企业和美国政府对这种电力的需求。值得注意的是，它最近与 <strong>Meta Platforms</strong> 签署了一项为期 20 年的电力供应协议。它还与美国政府签订了一项为期 10 年的核能合同。即使 Calpine 的交易使其电力组合多样化，公司显然在大力倾向于核能。</p>
<p>这一切都很好，但大故事要更深一些。国家支持的项目今天消耗了 Constellation 的大量核能产能。然而，其中一些项目将在未来五年左右结束，使公司能够以市场价格出售更多核能。管理层相信，这将导致收益的上升，因为它可以收取更高的市场费率。</p>
<h2>Constellation 股票并不便宜</h2>
<p>总的来说，未来五年公司的故事是关于增长，特别是在核能领域的亮点。如果这引起了你的兴趣，那么你会想密切关注这项业务。</p>
<p>但要谨慎行事，因为这个增长故事并没有被其他投资者忽视。过去五年，股票上涨超过 600%，这可能已经反映了许多潜在的好消息。然而，较大的回调在这里并不罕见，可能会使这些股票再次变得有吸引力。</p>

<p>Constellation Energy (CEG) 是一家非监管电力供应商，专注于核能，计划在未来五年内实现显著增长。它运营着 22.1 吉瓦的核能发电能力，使其成为美国最大的无碳电力生产商。该公司旨在通过收购 Calpine 和投资其核电机队来实现多元化，包括延长反应堆的使用寿命和潜在建设新的反应堆。与 Meta Platforms 和美国政府的近期合同突显了对核能的需求。然而，该股票在五年内上涨超过 600%，这对潜在投资者来说意味着需要谨慎</p>

<p><strong>Constellation Energy</strong>(CEG -2.51%) is an interesting electricity company. Most notably, it isn't a regulated utility. That gives it much more leeway to invest in the future of the power grid.</p>
<div class="lb-trans"><p><strong>Constellation Energy</strong>（CEG -2.51%）是一家有趣的电力公司。最值得注意的是，它不是一家受监管的公用事业公司。这使得它在投资电网未来方面有更多的灵活性。</p>
</div><p>The key focus for this unique power provider is nuclear energy, and the next five years are going to see a lot of change in the company's nuclear business.</p>
<div class="lb-trans"><p>这家独特电力供应商的关键焦点是核能，未来五年将会看到公司核能业务的许多变化。</p>
</div><h2>What does Constellation Energy do?</h2>
<div class="lb-trans"><h2>Constellation Energy 是做什么的？</h2>
</div><p>Constellation Energy generates and sells electricity. That's exactly what a regulated electric utility does, but it isn't regulated.</p>
<div class="lb-trans"><p>Constellation Energy 生成并销售电力。这正是受监管的电力公用事业所做的，但它并不受监管。</p>
</div><p>This is a very important distinction, since regulated utilities are granted monopolies in the regions they serve but must have their capital investment plans and rates approved by the government. This reduces risk but limits growth.</p>
<div class="lb-trans"><p>这是一个非常重要的区别，因为受监管的公用事业在其服务的地区被授予垄断权，但必须获得政府对其资本投资计划和费率的批准。这降低了风险，但限制了增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4NzMvMjRfMTBfMDktYS1oYW5kLWhvbGRpbmctYS1udWNsZWFyLXBvd2VyLXN5bWJvbC1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM2OTUxMzkxNi05MTB4ODAwLTQ0NmViNWQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831873%2F24_10_09-a-hand-holding-a-nuclear-power-symbol-_mf-dload-gettyimages-1369513916-910x800-446eb5d.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Simply put, Constellation Energy has more opportunity to grow its business, but that opportunity comes with increased risk. Largely, it generates power that is sold under contract to others, including utilities, individuals, and corporations. It can charge whatever the market allows, without having to worry about the government getting too heavily involved. So, it is something of a growth-focused electricity provider.</p>
<div class="lb-trans"><p>简单来说，Constellation Energy 有更多的机会来发展其业务，但这种机会伴随着更高的风险。它主要生成电力，并根据合同将其出售给其他公司，包括公用事业、个人和企业。它可以根据市场允许的价格收费，而不必担心政府的过度干预。因此，它是一家以增长为导向的电力供应商。</p>
</div><p>The backstory is that Constellation operates around 22.1 gigawatts of nuclear power capacity; the nearest runner-up has just 6.3 gigawatts. That nuclear capacity helps to make it the largest producer of carbon-free power in the United States.</p>
<div class="lb-trans"><p>背景是，Constellation 运营着约 22.1 吉瓦的核能发电能力；而最近的竞争者只有 6.3 吉瓦。这种核能能力使其成为美国最大的无碳电力生产商。</p>
</div><p>To be fair, that isn't the same as renewable energy, which generally refers to things like solar and wind. But nuclear is increasingly seen as an important support for those intermittent energy sources and as a reliable provider for end markets (data centers and artificial intelligence) that need an uninterrupted power supply, which is often referred to as baseload power.</p>
<div class="lb-trans"><p>公平地说，这与可再生能源并不相同，可再生能源通常指的是太阳能和风能。但核能越来越被视为对这些间歇性能源的重要支持，并且是需要不间断电力供应的最终市场（数据中心和人工智能）的可靠供应者，这通常被称为基载电力。</p>
</div><h2>The future for Constellation is more nuclear</h2>
<div class="lb-trans"><h2>Constellation 的未来是更多的核能</h2>
</div><p>For investors looking at Constellation, there are two key things to note. First, it is looking to be a growth-focused power company. A recent move on this front was its agreement to buy Calpine, a large producer of electricity derived from natural gas, along with hydroelectric power. Like Constellation, it largely sells power outside of the regulated framework.</p>
<div class="lb-trans"><p>对于关注 Constellation 的投资者，有两件关键事情需要注意。首先，它希望成为一家以增长为导向的电力公司。最近的一项举措是与 Calpine 达成协议，收购这家大型天然气发电公司，以及水电公司。与 Constellation 一样，它主要在监管框架之外销售电力。</p>
</div><p>That move will add diversification to its business, but it doesn't change the fact that it is the leader in nuclear power. And management plans to stay in the pole position by making material investments in its nuclear reactor fleet.</p>
<div class="lb-trans"><p>这一举措将为其业务增加多样性，但并不改变其在核能领域的领导地位。管理层计划通过对其核反应堆舰队进行实质性投资来保持领先地位。</p>
</div><p>That includes looking for approval to extend the life of operating reactors and reopening reactors that have been shuttered. Given the right circumstances, it would likely even consider building new reactors.</p>
<div class="lb-trans"><p>这包括寻求批准延长在役反应堆的使用寿命以及重新启用已关闭的反应堆。在合适的情况下，它甚至可能考虑建造新的反应堆。</p>
</div><p>Constellation is driven toward nuclear growth because there is demand for such power from corporations and the U.S. government. Notably, it recently signed a 20-year deal with <strong>Meta Platforms</strong> to supply it with electricity. And it has a 10-year contract with the U.S. government focused on nuclear power. Even as the Calpine deal diversified its power portfolio, the company is clearly leaning into nuclear in a big way.</p>
<div class="lb-trans"><p>Constellation 致力于核能增长，因为企业和美国政府对这种电力的需求。值得注意的是，它最近与 <strong>Meta Platforms</strong> 签署了一项为期 20 年的电力供应协议。它还与美国政府签订了一项为期 10 年的核能合同。即使 Calpine 的交易使其电力组合多样化，公司显然在大力倾向于核能。</p>
</div><p>That's all well and good, but the big story is a bit deeper. State-backed programs eat up a lot of Constellation's nuclear capacity today. However, some of those programs are set to end over the next five years or so, allowing the company to sell more nuclear energy at market prices. Management believes that will lead to an uptick in earnings as it charges higher market-based rates.</p>
<div class="lb-trans"><p>这一切都很好，但大故事要更深一些。国家支持的项目今天消耗了 Constellation 的大量核能产能。然而，其中一些项目将在未来五年左右结束，使公司能够以市场价格出售更多核能。管理层相信，这将导致收益的上升，因为它可以收取更高的市场费率。</p>
</div><h2>Constellation stock is not cheap</h2>
<div class="lb-trans"><h2>Constellation 股票并不便宜</h2>
</div><p>All in, the company's story over the next five years is about growth, with a specific highlight being in the nuclear space. If that interests you, then you'll want to keep a close eye on this business.</p>
<div class="lb-trans"><p>总的来说，未来五年公司的故事是关于增长，特别是在核能领域的亮点。如果这引起了你的兴趣，那么你会想密切关注这项业务。</p>
</div><p>But tread with caution because this growth story isn't being ignored by other investors. The stock is up more than 600% over the past five years, which likely prices in a lot of the potential good news. However, a large drawdown, which isn't uncommon here, might make these shares attractive again.</p>
<div class="lb-trans"><p>但要谨慎行事，因为这个增长故事并没有被其他投资者忽视。过去五年，股票上涨超过 600%，这可能已经反映了许多潜在的好消息。然而，较大的回调在这里并不罕见，可能会使这些股票再次变得有吸引力。</p>
</div>

五年后，Constellation Energy 将会处于什么位置？