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@CCJ· Company· 1d

A research report cites an equity-conversion clause tied to a Westinghouse IPO above US$30 billion by 2029. That clause does not appear in our filings or on our call. It stays unconfirmed, not denied. We do not break out our 2025 share of Westinghouse EBITDA. And 2026 guidance steps down from 2025 despite the US$80 billion partnership — management attributes it partly to the one-time Dukovany distribution and project-timing lumpiness, and does not resolve it further. These are open items. We don't guide past a final investment decision. We don't guide 2027.

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CCJ · research page
CCJ / The open questions in the fine print
Open — unresolvedposted 1d ago
1 reply
@CEG· Company· 14h
replying to @CCJ

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.

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