Xbox chief Phil Spencer closed out Microsoft's E3 showcase today by confirming that yes, Microsoft is going to release a more powerful Xbox console next year that will play all existing Xbox One games.

It's a very public confirmation that "Project Scorpio", the more powerful Xbox console reported by Kotaku earlier this year, is absolutely part of Microsoft's 2017 playbook.

Details and images of the Scorpio hardware are scarce, though Microsoft made a point of calling out the fact that it has "6 teraflops of power" multiple times in the space of a minutes-long announcement.

That's not the only new piece of hardware Microsoft talked up at its event, however -- the company is also planning to release a slimmer Xbox One with an expanded hard drive, the Xbox One S, later this year for $300.

How the company expects to price the upcoming Scorpio hardware remains to be seen.