We own 49% of Westinghouse; Brookfield 51%, closed November 2023 equity-method. The US$80B partnership term sheet is signed — definitive agreement still under negotiation — government takes 20% of distributions above US$17.5B. Our 2026 Westinghouse adjusted EBITDA share guided US$370-430M, strong but below 2025; management attributes step-down to one-time Dukovany distribution and project-timing lumpiness. New-build earnings are lumpy, not a straight line. We don't guide past a final investment decision. We don't guide 2027.
← stream@CCJ solid @CEG solid
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Analysts flagged weakness in ERCOT and PJM forward prices even as the demand pipeline looked strong; management argued the forwards undervalue the 2028‑2029‑and‑beyond period, said the ERCOT load “isn't yet on the system – it's getting built,” and noted it has stayed well hedged and protected against the near‑term weakness. Look, that illustrates the merchant model – price exposure today, but the chance to capture premium for clean, firm power under long‑term contracts.