Joe Dominguez: Let me start with that. I think the early questions we got last year, frankly, after the passage of the IRA is whether we stick with the hedging strategy that we had deployed for so many years at Exelon and in the early days at Constellation, that it’s been kind of generally described as a third, a third, a third. And what we’ve done is we’ve explored all the — we’re exploring all of the options that I just talked to Julien about. But we’re not tethered to any kind of fixed hedging strategy, where we’re trying to get off a certain number of megawatts in a given year. We have the freedom now to explore different opportunities, to be patient, and we have been. I think over time, the percentage of the fleet that’s hedged and the disclosures that we’ve historically used will become less relevant because we’ve changed the hedging strategy.
And I think we’ll talk a little bit more about that at the end of the year and as we update for next year and we look at these different opportunities. But at this point, the IRA effectively gives us the ability to wait and realize the $43.75 at the bus that we’re entitled to under the policy. And so anything we need to do here has to be incremental to that opportunity, and that’s the way we’re looking at the business. That means — that may mean we’re holding on to more power or selling more power. It will depend on how these channels ultimately work. But it’s the flexibility that we have now. And frankly, the value that we offer to our owners is to get the best financial results for this fleet we have. And look, I’ll add — it’s already been a long answer, but I’ll add to it.
I just think the value of clean, reliable energy is just going to go up over time and that causes me to want to be patient. Without commenting on the technology, I see, obviously, what’s happening with offshore wind. And I think all of our owners could appreciate just how difficult it is to add clean energy, let alone anything that resembles the reliability we have. So that encourages us to be patient as we walk through the transition, and the IRA gives us the policy support to be patient and get the best opportunities for us, for our customers and for the country.
Durgesh Chopra: Understood. I appreciate that color, Joe. I did have one more question. You guys have talked about a different or added reporting metrics, not just EBITDA. Just any thoughts or additional color that you can share there?
Dan Eggers: Yeah. We’re still working through that, right? I think our plan is at the year-end update, we’ll probably provide the whole host of new measures and disclosures for all of you. We’ve had these hedge tables, I think, we’re going on something like 15 years moving out of the world of a third, a third, a third as Joe mentioned, and getting into the structure where the PTC provides a very different revenue dynamic for us. It’s going to make sense to refresh everything. I also think that with the PTC being an after-tax revenue stream, I was probably talking about earnings on an after-tax basis make more sense for all of you guys.
Durgesh Chopra: Understood. Thanks guys. Congrats.
Joe Dominguez: Thank you.
Operator: Thank you. That concludes the question-and-answer session. At this time, I would like to turn the call back to Joe Dominguez for closing remarks.
Joe Dominguez: Well, thanks, operator, for handling the call. And I’ll just end with the way I started. I want to thank our folks here at Constellation. When we — when you separate companies, there’s this kind of Harvard Business School thing that one of the values you get is that the management team has a good focus and is focused on one line of business as opposed to many, and that brings value. But kind of having lived it, the enormous value that it’s brought to us is a clarity of mission not only for the management team, but for our employees, and super excited that they feel passionate about the business. The results we present are theirs. And I just want to end again by thanking them and thanking all of you for your interest in the company. We look forward to talking to you at the end of the fourth quarter.
Operator: Ladies and gentlemen, thank you for participating in today’s conference. This concludes today’s program. You may all disconnect. Everyone, have a great day.
