<p><strong>Constellation Energy</strong>（CEG -2.51%）是一家有趣的電力公司。最值得注意的是，它不是一家受監管的公用事業公司。這使得它在投資電網未來方面有更多的靈活性。</p>
<p>這家獨特電力供應商的關鍵焦點是核能，未來五年將會看到公司核能業務的許多變化。</p>
<h2>Constellation Energy 是做什麼的？</h2>
<p>Constellation Energy 生成並銷售電力。這正是受監管的電力公用事業所做的，但它並不受監管。</p>
<p>這是一個非常重要的區別，因為受監管的公用事業在其服務的地區被授予壟斷權，但必須獲得政府對其資本投資計劃和費率的批准。這降低了風險，但限制了增長。</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>圖片來源：Getty Images。</p>
<p>簡單來説，Constellation Energy 有更多的機會來發展其業務，但這種機會伴隨着更高的風險。它主要生成電力，並根據合同將其出售給其他公司，包括公用事業、個人和企業。它可以根據市場允許的價格收費，而不必擔心政府的過度干預。因此，它是一家以增長為導向的電力供應商。</p>
<p>背景是，Constellation 運營着約 22.1 吉瓦的核能發電能力；而最近的競爭者只有 6.3 吉瓦。這種核能能力使其成為美國最大的無碳電力生產商。</p>
<p>公平地説，這與可再生能源並不相同，可再生能源通常指的是太陽能和風能。但核能越來越被視為對這些間歇性能源的重要支持，並且是需要不間斷電力供應的最終市場（數據中心和人工智能）的可靠供應者，這通常被稱為基載電力。</p>
<h2>Constellation 的未來是更多的核能</h2>
<p>對於關注 Constellation 的投資者，有兩件關鍵事情需要注意。首先，它希望成為一家以增長為導向的電力公司。最近的一項舉措是與 Calpine 達成協議，收購這家大型天然氣發電公司，以及水電公司。與 Constellation 一樣，它主要在監管框架之外銷售電力。</p>
<p>這一舉措將為其業務增加多樣性，但並不改變其在核能領域的領導地位。管理層計劃通過對其核反應堆艦隊進行實質性投資來保持領先地位。</p>
<p>這包括尋求批准延長在役反應堆的使用壽命以及重新啓用已關閉的反應堆。在合適的情況下，它甚至可能考慮建造新的反應堆。</p>
<p>Constellation 致力於核能增長，因為企業和美國政府對這種電力的需求。值得注意的是，它最近與 <strong>Meta Platforms</strong> 簽署了一項為期 20 年的電力供應協議。它還與美國政府簽訂了一項為期 10 年的核能合同。即使 Calpine 的交易使其電力組合多樣化，公司顯然在大力傾向於核能。</p>
<p>這一切都很好，但大故事要更深一些。國家支持的項目今天消耗了 Constellation 的大量核能產能。然而，其中一些項目將在未來五年左右結束，使公司能夠以市場價格出售更多核能。管理層相信，這將導致收益的上升，因為它可以收取更高的市場費率。</p>
<h2>Constellation 股票並不便宜</h2>
<p>總的來説，未來五年公司的故事是關於增長，特別是在核能領域的亮點。如果這引起了你的興趣，那麼你會想密切關注這項業務。</p>
<p>但要謹慎行事，因為這個增長故事並沒有被其他投資者忽視。過去五年，股票上漲超過 600%，這可能已經反映了許多潛在的好消息。然而，較大的回調在這裏並不罕見，可能會使這些股票再次變得有吸引力。</p>

<p>Constellation Energy (CEG) 是一家非監管電力供應商，專注於核能，計劃在未來五年內實現顯著增長。它運營着 22.1 吉瓦的核能發電能力，使其成為美國最大的無碳電力生產商。該公司旨在通過收購 Calpine 和投資其核電機隊來實現多元化，包括延長反應堆的使用壽命和潛在建設新的反應堆。與 Meta Platforms 和美國政府的近期合同突顯了對核能的需求。然而，該股票在五年內上漲超過 600%，這對潛在投資者來説意味着需要謹慎</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%）是一家有趣的電力公司。最值得注意的是，它不是一家受監管的公用事業公司。這使得它在投資電網未來方面有更多的靈活性。</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>這家獨特電力供應商的關鍵焦點是核能，未來五年將會看到公司核能業務的許多變化。</p>
</div><h2>What does Constellation Energy do?</h2>
<div class="lb-trans"><h2>Constellation Energy 是做什麼的？</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 生成並銷售電力。這正是受監管的電力公用事業所做的，但它並不受監管。</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>這是一個非常重要的區別，因為受監管的公用事業在其服務的地區被授予壟斷權，但必須獲得政府對其資本投資計劃和費率的批准。這降低了風險，但限制了增長。</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>圖片來源：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>簡單來説，Constellation Energy 有更多的機會來發展其業務，但這種機會伴隨着更高的風險。它主要生成電力，並根據合同將其出售給其他公司，包括公用事業、個人和企業。它可以根據市場允許的價格收費，而不必擔心政府的過度干預。因此，它是一家以增長為導向的電力供應商。</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 運營着約 22.1 吉瓦的核能發電能力；而最近的競爭者只有 6.3 吉瓦。這種核能能力使其成為美國最大的無碳電力生產商。</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>公平地説，這與可再生能源並不相同，可再生能源通常指的是太陽能和風能。但核能越來越被視為對這些間歇性能源的重要支持，並且是需要不間斷電力供應的最終市場（數據中心和人工智能）的可靠供應者，這通常被稱為基載電力。</p>
</div><h2>The future for Constellation is more nuclear</h2>
<div class="lb-trans"><h2>Constellation 的未來是更多的核能</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>對於關注 Constellation 的投資者，有兩件關鍵事情需要注意。首先，它希望成為一家以增長為導向的電力公司。最近的一項舉措是與 Calpine 達成協議，收購這家大型天然氣發電公司，以及水電公司。與 Constellation 一樣，它主要在監管框架之外銷售電力。</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>這一舉措將為其業務增加多樣性，但並不改變其在核能領域的領導地位。管理層計劃通過對其核反應堆艦隊進行實質性投資來保持領先地位。</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>這包括尋求批准延長在役反應堆的使用壽命以及重新啓用已關閉的反應堆。在合適的情況下，它甚至可能考慮建造新的反應堆。</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 致力於核能增長，因為企業和美國政府對這種電力的需求。值得注意的是，它最近與 <strong>Meta Platforms</strong> 簽署了一項為期 20 年的電力供應協議。它還與美國政府簽訂了一項為期 10 年的核能合同。即使 Calpine 的交易使其電力組合多樣化，公司顯然在大力傾向於核能。</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>這一切都很好，但大故事要更深一些。國家支持的項目今天消耗了 Constellation 的大量核能產能。然而，其中一些項目將在未來五年左右結束，使公司能夠以市場價格出售更多核能。管理層相信，這將導致收益的上升，因為它可以收取更高的市場費率。</p>
</div><h2>Constellation stock is not cheap</h2>
<div class="lb-trans"><h2>Constellation 股票並不便宜</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>總的來説，未來五年公司的故事是關於增長，特別是在核能領域的亮點。如果這引起了你的興趣，那麼你會想密切關注這項業務。</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>但要謹慎行事，因為這個增長故事並沒有被其他投資者忽視。過去五年，股票上漲超過 600%，這可能已經反映了許多潛在的好消息。然而，較大的回調在這裏並不罕見，可能會使這些股票再次變得有吸引力。</p>
</div>

五年後，Constellation Energy 將會處於什麼位置？