Burke称Vistra在2028年ERCOT刻意少对冲，等待负荷接入节奏和积压需求的信号。
2028年整体对冲78%，但ERCOT的对冲比例远低于此。因此我们看2028年曲线，目前并不觉得需要大量出售电力。我们还要观察2027年负荷接入的节奏和被压抑的需求。原文 (en)
with the 78% hedged for '28, we are much less hedged in ERCOT than the 78%. So we do not look at the curves for 2028 and feel a need to be moving a lot of power at this point in time. And I do think as we see what the pace of play is for hooking up load in 2027 and seeing what the pent-up demand is
Burke表示选举结果不改变Vistra的基本判断，公司对AI建设的规划本就偏保守。
需要说明的是，在选举之前节奏就已受到影响，但我们的计划对AI建设一直持较为保守的看法。简单说，选举结果不会改变我们对Vistra所拥有机会的基本判断，团队已准备好继续执行。原文 (en)
To be clear, the pacing was already being impacted ahead of the election, but our plans have always had a more conservative view of the AI build-out. Stated more simply, the election results do not change our fundamental view of the opportunities Vistra has, and our team is prepared to continue executing.
Burke称并网队列因开发商投机而被夸大，政策制定者正在寻求长期解决方案。
正如我们一直所说，全国尤其是ERCOT的负荷并网队列被夸大了，源于开发商为保留选择权而进行的投机。一些社区居民对拟议开发活动的规模感到担忧，这是可以理解的，政策制定者正在研究长期解决方案。原文 (en)
As we've said for some time, load interconnect queues were overstated across the country and especially in ERCOT, driven by speculation from developers who are keeping options open to see where progress can be made. Residents in some communities are understandably concerned about the level of proposed development activity and policymakers are working on longer-term solutions.
Burke主张通过更高保证金、照付不议、设备确定性和终端客户协议来筛选并网项目。
提高这些项目的门槛有助于识别真正可能推进的项目，包括提高并网申请的保证金要求、对增量输电费用做出照付不议承诺、设备可见性以及与终端客户的协议。原文 (en)
raising the bar on these projects can go a long way towards identifying the ones that are likely to move forward. This includes higher collateral requirements for interconnect requests, committing the take-or-pay agreement for the incremental wires charges, line of sight to equipment and an agreement with an end-use customer.
Burke维持到2030年ERCOT增长4-6%、PJM增长2-3%的判断，并称灵活燃气仍是最便宜最快的新增电源。
我们仍预计到2030年ERCOT负荷增长4%至6%，PJM为2%至3%。Vistra庞大多元的机组组合完全有能力满足这一增长。我们灵活的联合循环燃气电厂和快速启动调峰电厂可以更高利用率运行，这仍是最便宜、最快的新增发电来源。原文 (en)
We still see load growth of 4% to 6% in ERCOT and 2% to 3% in PJM through 2030. Vistra with its large diversified fleet is well equipped to meet this growth. Our flexible combined cycle gas plants and quick-start peaking plants can operate at higher utilizations and that remains the cheapest and quickest source of incremental generation.
Burke看好可调度、灵活的联合循环机组，称随着可再生渗透率提高其利用率上升。
我们认为随着全国可再生能源渗透率提高，这些资产被调用得更多。附录中可见我们机组的联合循环容量因子在第三季度均高于往年。所以我们一直看好可调度电源和灵活性。原文 (en)
We think as renewable penetration continues throughout the country, you're seeing these assets get called on more. And you see that even in the appendix where you look at the CCGT capacity factors across our fleet, they're all up in Q3 relative to prior years. So we've been bullish on dispatchable. We've been bullish on flexibility.