What is the ratio of PEP to average power for an unmodulated carrier?

Peak Envelope Power (PEP) is defined as the average power supplied to the transmission line by a transmitter during one complete radio frequency cycle at the crest (the highest point) of the modulation envelope. For an unmodulated carrier, such as a steady CW signal with the telegraph key held down, the amplitude of the signal never changes. Because there is no modulation, there is no varying modulation envelope—no peaks and no valleys. Consequently, the power at any hypothetical 'crest' is exactly the same as the power at any other time. Therefore, the Peak Envelope Power is identical to the overall average power, making the ratio between them exactly 1:1, or 1.00.