Financial Data and Key Metrics Changes - The company reported second quarter GAAP earnings of $2.67 per share and adjusted operating earnings of $1.91 per share, an increase of $0.23 per share compared to the previous year [7][39]. - The nuclear fleet achieved a capacity factor of 94.8%, producing over 41 million megawatt hours of emissions-free power, marking the second-best fleet production ever [42]. Business Line Data and Key Metrics Changes - The commercial team successfully managed extreme market volatility, achieving higher than average margins on retail sales and selling value-added products around the clean attributes of nuclear plants [43]. - The renewables and natural gas fleets also performed well, with renewable energy capture at 96.1% and power dispatch at 98.3% [42]. Market Data and Key Metrics Changes - The company recognized $200 million from the Illinois ZEC program for bank credits, similar to the previous year, indicating effective management of the program [40]. - The latest PJM capacity auction cleared 2,700 megawatts of new and uprated generation capacity, with expectations for more than nine gigawatts of new firm reliable supply to come online by 2026 [31]. Company Strategy and Development Direction - The company is focused on closing the Calpine acquisition and integrating the two businesses, which is expected to add $2 to EPS and $2 billion of free cash flow before growth starting next year [55][38]. - The passage of the "One Big Beautiful Bill" is seen as a significant win for nuclear power, preserving and expanding nuclear credits, which will support the company's growth strategy [22][51]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued bipartisan support for nuclear energy and the importance of reliable natural gas in the data economy [25][16]. - The company anticipates earnings growth of 13% through the decade, supported by robust cash flow and base earnings protected by the nuclear PTC [54][56]. Other Important Information - The company has executed $400 million in accelerated share repurchases, totaling $2.4 billion since the start of the buyback program, with $600 million remaining under the current Board authorization [50]. - The company is optimistic about the potential for new nuclear investments, with ongoing evaluations of designs and cost structures [66][68]. Q&A Session Summary Question: Can you discuss the timeline for the potential late inning data center deal and interconnection timelines from utilities? - Management hopes to finalize the deal this year, noting that utilities have become more responsive in expediting interconnection processes [59][60]. Question: Has the strategy for new nuclear investments changed? - The strategy is evolving rather than undergoing a major shift, with growing confidence in understanding cost structures and timelines for new nuclear projects [66][68]. Question: What are the expectations for state-level action on PJM changes? - Management anticipates that state actions, like New York's RFP for nuclear, could transpire in other states, potentially leading to new nuclear opportunities [77].