愛依斯電力 (AES) 2023 Q1 法說會逐字稿

Good morning. Thank you for attending today's the AES Corporation First Quarter 2023 Financial Review. My name is Alicia, and I'll be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to your host, Susan Harcourt, Vice President of Investor Relations with AES Corporation. You may now proceed.

早上好。感謝您參加今天的 AES 公司 2023 年第一季度財務回顧。我叫 Alicia，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給你的主持人，AES 公司投資者關係副總裁 Susan Harcourt。你現在可以繼續了。

Thank you, operator. Good morning, and welcome to our first quarter 2023 financial review call. Our press release, presentation and related financial information are available on our website at aes.com. Today, we will be making forward-looking statements. There are many factors that may cause future results to differ materially from these statements, which are discussed in our most recent 10-K and 10-Q filed with the SEC. Reconciliations between GAAP and non-GAAP financial measures can be found on our website along with the presentation. Joining me this morning are Andres Gluski, our President and Chief Executive Officer; Steve Coughlin, our Chief Financial Officer; and other senior members of our management team. With that, I will turn the call over to Andres.

謝謝你，運營商。早上好，歡迎來到我們的 2023 年第一季度財務審查電話會議。我們的新聞稿、演示文稿和相關財務信息可在我們的網站 aes.com 上獲取。今天，我們將發表前瞻性聲明。有許多因素可能導致未來的結果與這些陳述產生重大差異，這些陳述在我們最近提交給美國證券交易委員會的 10-K 和 10-Q 中進行了討論。 GAAP 和非 GAAP 財務指標之間的對賬可以在我們的網站上與演示文稿一起找到。今天早上加入我的是我們的總裁兼首席執行官 Andres Gluski；我們的首席財務官 Steve Coughlin；以及我們管理團隊的其他高級成員。有了這個，我會把電話轉給安德烈斯。

Good morning, everyone. And thank you for joining our first quarter 2023 financial review call. We are very pleased with our progress so far this year. And today, I will discuss our first quarter results and provide key business updates. Steve Coughlin, our CFO, will give some more detail on our financial performance and outlook. Beginning on Slide 3. As you may have seen in our press release, we introduced new strategic business units, which better reflect the greatly simplified company that AES is today and the pillars of our future growth. We will be giving a broader strategic review at our Investor Day on Monday, including an update on our portfolio transformation and an overview of our strong growth expectations for our renewables and utility businesses.

大家，早安。感謝您加入我們 2023 年第一季度的財務審查電話會議。我們對今年迄今取得的進展感到非常滿意。今天，我將討論我們的第一季度業績並提供關鍵業務更新。我們的首席財務官 Steve Coughlin 將詳細介紹我們的財務業績和前景。從幻燈片 3 開始。正如您可能在我們的新聞稿中看到的那樣，我們引入了新的戰略業務部門，這更好地反映了 AES 今天的公司大大簡化以及我們未來增長的支柱。我們將在周一的投資者日進行更廣泛的戰略審查，包括更新我們的投資組合轉型以及我們對可再生能源和公用事業業務的強勁增長預期的概述。

Our first quarter 2023 adjusted earnings per share was $0.22 compared with $0.21 in 2022, which is in line with our expectations. With these results and the underlying performance we are seeing across our business, we are reaffirming our 2023 adjusted earnings per share guidance of $1.65 to $1.75, and our 7% to 9% annualized growth rate target through 2025. Now turning to Slide 4. We continue to see strong demand for renewables both in the U.S. and internationally, including from U.S. corporate customers with operations in international markets.

我們 2023 年第一季度的調整後每股收益為 0.22 美元，而 2022 年為 0.21 美元，這符合我們的預期。憑藉這些結果和我們在整個業務中看到的基本業績，我們重申 2023 年調整後每股收益 1.65 美元至 1.75 美元的指引，以及到 2025 年 7% 至 9% 的年化增長率目標。現在轉到幻燈片 4。我們繼續看到美國和國際上對可再生能源的強勁需求，包括來自在國際市場開展業務的美國企業客戶。

So far this year, we have signed PPAs for 309 megawatts of new renewables, including 154 megawatts of wind with a U.S. technology customer in Brazil. We're in advanced negotiations for several large additional projects and remain on track to meet our PPA signing target of 14 to 17 gigawatts over the next 3 years.

今年到目前為止，我們已經與巴西的一家美國技術客戶簽署了 309 兆瓦新可再生能源的購電協議，其中包括 154 兆瓦的風能。我們正在就幾個大型附加項目進行高級談判，並繼續按計劃在未來 3 年內實現我們簽署的 14 至 17 吉瓦的 PPA 目標。

In the U.S., key elements of the inflation Reduction Act or IRA are being clarified. This past month, the Department of Treasury and the IRS release detailed guidance on how clean energy projects located in energy communities can qualify for an additional 10% bonus tax credit. We estimate that approximately 1/3 of our 51 gigawatt pipeline of projects in the U.S. would qualify, which directly translates into a combination of higher potential returns and increased competitiveness for the projects we are developing.

在美國，通貨膨脹減少法案或 IRA 的關鍵要素正在得到澄清。上個月，財政部和美國國稅局發布了詳細指南，說明位於能源社區的清潔能源項目如何有資格獲得額外 10% 的額外稅收抵免。我們估計我們在美國的 51 吉瓦項目管道中大約有 1/3 符合條件，這直接轉化為我們正在開發的項目的更高潛在回報和更高競爭力的組合。

We are currently awaiting treasury department guidance on certain provisions of the IRA, including requirements for the clean hydrogen production tax credit. As a reminder, at our green hydrogen project in Texas, the largest advanced green hydrogen project in the U.S., which we are developing jointly with Air Products. We plan to co-locate 1.4 gigawatts of new renewables with the electrolyzers. This means that the projects would have the lowest possible carbon emissions of any known project in the U.S. Additionally, the project is located adjacent to the site of a decommissioned coal plant, which will provide significant existing infrastructure.

我們目前正在等待財政部對 IRA 某些條款的指導，包括對清潔制氫稅收抵免的要求。提醒一下，在我們德克薩斯州的綠色氫項目中，這是美國最大的先進綠色氫項目，我們正在與空氣產品公司聯合開發。我們計劃將 1.4 吉瓦的新可再生能源與電解槽放在一起。這意味著這些項目的碳排放量將是美國任何已知項目中最低的。此外，該項目毗鄰一座退役的燃煤電廠，該電廠將提供重要的現有基礎設施。

All of these attributes and the fact that the energy will include hourly matching indicate that the project should qualify for the highest possible tax credit in any scenario. Turning to Slide 5. Our backlog of projects with signed long-term contracts is now around 12 gigawatts. Of which roughly half are already under construction. We continue to maintain a robust supply chain, and we continue to hit our construction milestones without delay. We expect to bring online more than 3 gigawatts of new wind, solar and battery storage this year.

所有這些屬性以及能源將包括每小時匹配的事實表明該項目在任何情況下都應有資格獲得最高可能的稅收抵免。轉到幻燈片 5。我們已簽署長期合同的積壓項目現在約為 12 吉瓦。其中大約一半已經在建設中。我們繼續保持強大的供應鏈，我們繼續毫不拖延地達到我們的建設里程碑。我們預計今年將提供超過 3 吉瓦的新風能、太陽能和電池儲能。

As we bring projects currently in the backlog online in coming years, we will nearly double our installed renewables capacity, making us one of the fastest-growing renewable companies in the world. Turning to Slide 6. We are also happy to report a positive development at AES Ohio. Which puts us on track for unprecedented growth in the business. In April, AES Ohio signed a comprehensive settlement agreement for its Electric Security Plan, or ESP 4 which received broad support from residential, commercial, industrial and low-income customers. The settlement included the commission staff as a signatory, and we expect to receive final approval by the end of the third quarter.

隨著我們在未來幾年將目前積壓的項目上線，我們的可再生能源裝機容量將增加近一倍，使我們成為世界上發展最快的可再生能源公司之一。轉到幻燈片 6。我們也很高興地報告 AES Ohio 的積極發展。這使我們走上了業務空前增長的軌道。 4 月，AES 俄亥俄州為其電力安全計劃 (ESP 4) 簽署了全面和解協議，該計劃得到了住宅、商業、工業和低收入客戶的廣泛支持。和解協議包括委員會工作人員作為簽字人，我們預計將在第三季度末獲得最終批准。

With ESP 4 in place, along with our existing investment programs, we expect to more than double our rate base by the end of 2027. And which would make AES Ohio, one of the fastest-growing utility businesses in the country, while still having the lowest tariffs in the state. Turning to Slide 7. We also reached a major milestone towards exiting coal by the end of 2025. We agreed to terminate the PPA at the Warrior Run plant in Maryland, for which we will receive total payments of $357 million. We will retain control of the site and are exploring new uses that capitalize on its valuable location and existing infrastructure.

隨著 ESP 4 的實施以及我們現有的投資計劃，我們預計到 2027 年底我們的費率基礎將增加一倍以上。這將使 AES Ohio 成為該國增長最快的公用事業企業之一，同時仍然擁有該州最低的關稅。轉到幻燈片 7。我們還達到了到 2025 年底退出煤炭的一個重要里程碑。我們同意終止馬里蘭州 Warrior Run 工廠的 PPA，為此我們將收到總計 3.57 億美元的付款。我們將保留對該場地的控制權，並正在探索利用其寶貴位置和現有基礎設施的新用途。

We see this transaction is very beneficial for all parties involved. Moving to Slide 8. We signed agreements to extend the operations of 1.4 gigawatts of gas generation at our legacy Southland units in California for 3 more years. These plans were previously scheduled to retire at the end of this year. The extensions will lock in additional upside and will help meet the state of California's grid liability needs while supporting its efforts to transition over time to low carbon source of electricity.

我們認為這項交易對所有相關方都非常有利。轉到幻燈片 8。我們簽署了協議，將我們在加利福尼亞州南地遺留裝置的 1.4 吉瓦天然氣發電的運營再延長 3 年。這些計劃原定於今年年底退休。這些擴展將鎖定額外的上行空間，並將有助於滿足加利福尼亞州的電網責任需求，同時支持其隨著時間的推移向低碳電力來源過渡的努力。

The monetization of the contract that Warrior Run and the extension of the legacy Southland units are both good examples of how we are creating value from our existing infrastructure assets during the energy transition. Finally, as I mentioned earlier, we will be holding an Investor Day on Monday, where we will be sharing our strategic long-term view of the company, discussing our new business segments and providing long-term growth rates through 2027 for adjusted earnings per share, adjusted EBITDA and parent free cash flow. With that, I would like to turn the call over to our CFO, Steve Coughlin.

Warrior Run 合同的貨幣化和遺留 Southland 單位的擴建都是我們如何在能源轉型期間從現有基礎設施資產創造價值的好例子。最後，正如我之前提到的，我們將在周一舉行投資者日，屆時我們將分享我們對公司的戰略長期看法，討論我們的新業務部門，並提供到 2027 年調整後每股收益的長期增長率。份額、調整後的 EBITDA 和母公司自由現金流。有了這個，我想把電話轉給我們的首席財務官 Steve Coughlin。

Thank you, Andres, and good morning, everyone. Today, I will discuss our first quarter results, 2023 guidance and 2023 parent capital allocation. Turning to Slide 10. As Andres mentioned, in the first quarter, we launched our new Strategic Business Units or SBUs. This new organizational structure reflects AES very focused and simplified portfolio. It also aligns our management teams by business line to maximize our operational synergies and to continue delivering excellent customer experiences across all our markets. Our new SBU reporting segments highlight our rapidly growing renewables and utility businesses and facilitate simplified modeling of AES, which will benefit current and new potential shareholders and analysts.

謝謝你，安德烈斯，大家早上好。今天，我將討論我們的第一季度業績、2023 年指引和 2023 年母公司資本配置。轉到幻燈片 10。正如 Andres 提到的，在第一季度，我們推出了新的戰略業務部門或 SBU。這種新的組織結構反映了 AES 非常專注和簡化的產品組合。它還按業務線調整我們的管理團隊，以最大限度地發揮我們的運營協同效應，並繼續在我們所有的市場中提供卓越的客戶體驗。我們新的 SBU 報告部分突出了我們快速增長的可再生能源和公用事業業務，並促進了 AES 的簡化建模，這將使現有和新的潛在股東和分析師受益。

Our new SBUs include renewables, which includes our solar, wind, energy storage and hydro businesses, utilities, which includes AES Indiana, AES Ohio and AES El Salvador, Energy infrastructure composed of our thermal generation and LNG infrastructure businesses and new energy technologies, which includes our investments in energy technology businesses such as Fluence and Uplight as well as our green hydrogen business line and future new business innovations which support our mission.

我們的新 SBU 包括可再生能源，包括我們的太陽能、風能、儲能和水電業務，公用事業，包括 AES 印第安納州、AES 俄亥俄州和 AES 薩爾瓦多，能源基礎設施由我們的熱力發電和液化天然氣基礎設施業務以及新能源技術組成，其中包括我們對 Fluence 和 Uplight 等能源技術業務的投資，以及我們的綠色氫業務線和支持我們使命的未來新業務創新。

In addition to the SBUs, we also have a corporate reporting segment, which includes our corporate G&A our parent level debt and associated interest expense in our captive insurance program called AGIC. Turning to Slide 11. Adjusted EPS for the quarter was $0.22 versus $0.21 last year. Our business was favorable year-over-year, which I will discuss in more detail shortly. Our results were also impacted by higher parent interest expense and a lower adjusted tax rate. Now to Slide 12. We are fully on track to achieve our full year 2023 adjusted EPS guidance range of $1.65 to $1.75. We expect a significant contribution from new renewables of at least $0.27 this year.

除了 SBU，我們還有一個企業報告部門，其中包括我們的企業 G&A、我們的母公司級債務以及我們稱為 AGIC 的專屬保險計劃中的相關利息支出。轉到幻燈片 11。本季度調整後每股收益為 0.22 美元，而去年為 0.21 美元。我們的業務同比增長良好，稍後我將對此進行更詳細的討論。我們的業績還受到母公司利息支出增加和調整後稅率降低的影響。現在轉到幻燈片 12。我們完全有望實現 2023 年全年調整後的 EPS 指導範圍 1.65 美元至 1.75 美元。我們預計今年新的可再生能源將至少貢獻 0.27 美元。

This is partially offset by lower contributions from LNG sales, as we have previously mentioned, higher parent interest expense from incremental debt and higher rates on our revolving credit facility and a marginally higher tax rate this year. As is typically the case, our earnings are heavily weighted toward the second half of the year. This year, we expect approximately 3/4 of our earnings to occur in the second half. Growth in the year to go will be primarily driven by contributions from new businesses including over 3 gigawatts of projects in our backlog coming online, which remains solidly on track for completion.

正如我們之前提到的，這部分被液化天然氣銷售的貢獻減少、增量債務帶來的母公司利息支出增加、我們循環信貸額度的利率提高以及今年的稅率略高所抵消。通常情況下，我們的收益主要集中在下半年。今年，我們預計大約 3/4 的收益將出現在下半年。未來一年的增長將主要由新業務的貢獻推動，包括我們積壓的超過 3 吉瓦的項目上線，這些項目仍穩步完成。

We are also reaffirming our expected 7% to 9% average annual growth target through 2025. Turning to Slide 13. As you may have seen in our press release, while we continue to report adjusted EPS, today, we are also introducing adjusted EBITDA as a new reporting metric. As the renewables portion of our business grows at an extremely high rate, we believe adjusted EBITDA is a very informative metric in understanding our business results. First, it aligns well with the performance of our underlying business and operating cash generation.

我們還重申我們預計到 2025 年平均年增長率為 7% 至 9% 的目標。轉到幻燈片 13。正如您在我們的新聞稿中看到的，雖然我們繼續報告調整後的每股收益，但今天，我們還引入了調整後的 EBITDA 作為一個新的報告指標。由於我們業務的可再生能源部分以極高的速度增長，我們相信調整後的 EBITDA 是了解我們業務成果的一個非常有用的指標。首先，它與我們的基礎業務和經營現金產生的表現非常吻合。

And second, adjusted EBITDA is reported before the impact of U.S. renewables tax attributes so that investors and analysts can separate renewable operating earnings from the very valuable tax incentives for U.S. renewables. Beginning this quarter, I will discuss our new SBU financial results using adjusted EBITDA, with the exception of our utilities SBU, which will be measured using adjusted pretax contribution, or PTC, to facilitate comparisons with other utilities. We will provide full year guidance by SBU during our Investor Day on Monday.

其次，在美國可再生能源稅收屬性的影響之前報告調整後的 EBITDA，以便投資者和分析師可以將可再生能源運營收益與美國可再生能源非常有價值的稅收優惠分開。從本季度開始，我將使用調整後的 EBITDA 討論我們新的 SBU 財務結果，但我們的公用事業 SBU 除外，它將使用調整後的稅前貢獻或 PTC 來衡量，以便與其他公用事業進行比較。我們將在周一的投資者日期間提供 SBU 的全年指導。

Adjusted EBITDA was $628 million this quarter versus $621 million in the prior year. This was driven by higher first quarter LNG sales and growth in renewables, but was partially offset by the impact of warmer than normal weather at our U.S. utilities. I'll cover the performance of our new SBUs in the next 4 slides. Beginning with our renewables SBU on Slide 14. Higher EBITDA was driven primarily by a higher level of generation at our facilities in Panama higher wind generation and contributions from new businesses. This was partially offset by higher spend as we continue to ramp up our renewables development and lower power prices impacting our Bulgaria wind facility.

本季度調整後的 EBITDA 為 6.28 億美元，而去年同期為 6.21 億美元。這是由第一季度液化天然氣銷量增加和可再生能源增長推動的，但部分被我們美國公用事業天氣比正常天氣溫暖的影響所抵消。我將在接下來的 4 張幻燈片中介紹我們新 SBU 的性能。從我們在幻燈片 14 上的可再生能源 SBU 開始。更高的 EBITDA 主要是由於我們在巴拿馬的設施發電水平更高以及新業務的貢獻更高。隨著我們繼續加快可再生能源開發和降低影響我們保加利亞風力設施的電價，這部分被更高的支出所抵消。

Lower PTC at our Utilities SBU was mostly driven by warmer-than-normal winter weather and higher interest expense, but partially offset by higher revenues as a result of our continued investment in the rate base.

我們公用事業 SBU 較低的 PTC 主要是由於冬季天氣比正常情況溫暖和利息支出增加，但部分被我們對費率基礎的持續投資導致的收入增加所抵消。

Higher EBITDA and our energy infrastructure SBU primarily reflects higher LNG sales, partially offset by lower margins from coal PPAs, the retirement of our coal plant in Hawaii last year and lower availability at Southland Energy. Finally, higher EBITDA at our New Energy Technologies SBU reflects a significant improvement in operations and gross margins at Fluence. Now to our 2023 parent capital allocation plan on Slide 18. Sources reflect approximately $2.1 billion to $2.6 billion of total discretionary cash, including $950 million to $1 billion of parent free cash flow, $400 million to $600 million of proceeds from asset sales and $700 million to $1 billion of planned parent debt issuance.

更高的 EBITDA 和我們的能源基礎設施 SBU 主要反映了更高的 LNG 銷售額，部分被煤炭 PPA 的利潤率下降、我們去年在夏威夷的燃煤電廠退役以及 Southland Energy 的可用性降低所抵消。最後，我們新能源技術 SBU 更高的 EBITDA 反映了 Fluence 的運營和毛利率的顯著改善。現在來看我們在幻燈片 18 上的 2023 年母公司資本分配計劃。來源反映了大約 21 億至 26 億美元的可自由支配現金總額，包括 9.5 億至 10 億美元的母公司自由現金流、4 億至 6 億美元的資產出售收益和 7 億美元至 10 億美元的計劃母公司債務發行。

On the right-hand side, you can see our planned use of capital. We will return nearly $500 million to shareholders this year. This consists of our common share dividend, including the previously announced 5% increase as well as the coupon on the equity units. We plan to invest approximately $1.7 billion toward new growth, of which the majority will go to renewables and utilities.

在右側，您可以看到我們計劃使用的資金。我們今年將向股東返還近 5 億美元。這包括我們的普通股股息，包括之前宣布的 5% 的增長以及股權單位的息票。我們計劃投資約 17 億美元用於新的增長，其中大部分將用於可再生能源和公用事業。

In summary, we've made great progress on our financial commitments for the year. At our Investor Day on Monday, we will provide detail on the strategy and future of AES overall and for each of our new SBUs. We will also provide long-term growth rates through 2027 for adjusted EPS, adjusted EBITDA and parent free cash flow. I look forward to talking with many of you then. With that, I'll turn the call back over to Andres.

總而言之，我們在今年的財務承諾方面取得了很大進展。在周一的投資者日，我們將詳細介紹 AES 的整體戰略和未來以及我們每個新 SBU 的戰略和未來。我們還將提供到 2027 年調整後每股收益、調整後 EBITDA 和母公司自由現金流的長期增長率。我期待著與你們中的許多人交談。有了這個，我會把電話轉回給安德烈斯。

Thank you, Steve. In summary, we are pleased with our progress to date and remain on track to hit our 2023 adjusted earnings per share guidance of $1.65 to $1.75 and our 7% to 9% annualized growth rate target through 2025. We continue to see strong demand for renewables and especially from our corporate customers. Our supply chain is robust and our construction projects are progressing as planned. We're also encouraged by the settlement agreement at AES Ohio, which paves the way for final approval of our new electric security plan later this year and creates the framework for significant investments in the utility.

謝謝你，史蒂夫。總而言之，我們對迄今為止取得的進展感到滿意，並有望實現 2023 年調整後每股收益 1.65 美元至 1.75 美元的指導目標以及到 2025 年 7% 至 9% 的年化增長率目標。我們繼續看到對可再生能源的強勁需求尤其是來自我們的企業客戶。我們的供應鏈穩健，我們的建設項目正在按計劃進行。我們還對 AES 俄亥俄州達成的和解協議感到鼓舞，該協議為今年晚些時候最終批准我們的新電力安全計劃鋪平了道路，並為對公用事業的重大投資創建了框架。

Finally, we see our successful negotiations to terminate the Warrior Run contract and extend the operations of the 1.4 gigawatts of our legacy Southland units as indicative of the success we are having in maximizing shareholder value from our existing assets as we transform the portfolio.

最後，我們看到我們成功談判終止了 Warrior Run 合同並延長了我們遺留的 Southland 裝置的 1.4 吉瓦的運營，這表明我們在轉型投資組合時在從現有資產中最大化股東價值方面取得了成功。

We look forward to providing a broader strategic update at our Investor Day on Monday, including more details around our growth plans and guidance through 2027. With that, I would like to open up the call for questions. Thank you.

我們期待在周一的投資者日提供更廣泛的戰略更新，包括有關我們到 2027 年的增長計劃和指導的更多細節。因此，我想公開提問。謝謝。

(Operator Instructions) The first question comes from the line of David Arcaro with Morgan Stanley.

（操作員說明）第一個問題來自 David Arcaro 與摩根士丹利的對話。

One thing I wanted to check on, would there be any risk to your renewables growth outlook if the AD/CVD tariffs were to come back into effect just after we've seen the House and Senate passed some legislation there. Just curious how you view that risk and also just longer term, how you mitigate that AD/CVD tariff risk.

我想檢查的一件事是，如果 AD/CVD 關稅在我們看到眾議院和參議院通過了一些立法之後重新生效，您的可再生能源增長前景是否會有任何風險。只是好奇您如何看待這種風險，以及從長遠來看，您如何減輕 AD/CVD 關稅風險。

Yes, honestly, we don't see any risk whatsoever. First, it in the past, I believe the setting was 56 votes, and that was -- the President will be to it. And by the -- we have all the panels that we need for this year, and expect to have for next year, by June of next year when the tariff , let's say, tariff holiday rolls off. So we're in very good shape for '23 and '24. And after that, we expect to have supply coming in from the U.S. We're having no problems from our suppliers getting through under the UFLPA. So really, I think we're in the best shape of anybody. We have not delayed a single project due to solar panel supply issues to date. And I think that's something -- I don't know if anybody else can say that.

是的，老實說，我們看不到任何風險。首先，在過去，我相信設定是 56 票，那是——總統會同意的。到那時，我們已經擁有今年所需的所有面板，並預計明年將擁有，到明年 6 月關稅，比方說，關稅假期結束。所以我們在 23 和 24 年的狀態非常好。在那之後，我們希望有來自美國的供應。我們的供應商在 UFLPA 下通過沒有任何問題。所以真的，我認為我們處於最佳狀態。迄今為止，我們還沒有因為太陽能電池板供應問題而推遲過一個項目。我認為那是——我不知道是否還有其他人可以這麼說。

Excellent. That's helpful. And then I was just curious, any updates into the visibility for the 600 megawatts of projects that are potentially getting completed this year, but could get pushed to next year? Any increased visibility there at this point in the year?

出色的。這很有幫助。然後我很好奇，今年可能完成但可能推遲到明年的 600 兆瓦項目的可見性有任何更新嗎？今年這個時候那裡的能見度有提高嗎？

Look, as I said in my script, we are progressing well we have the supply chain. Everything is in place. But look, we won't know until the fourth quarter of this year, and they're going to fall in this year and they're going to follow in next. But I would remind everybody that's not value issue. If they come in a couple of weeks later, it doesn't affect the profitability of the project at all. It is an accounting issue. But as of now, we we're doing well, but we can't say -- give you any particular update with greater clarity and probably until the fourth quarter of this year.

看，正如我在劇本中所說，我們進展順利，我們擁有供應鏈。一切就緒。但是看，我們要到今年第四季度才能知道，他們今年會下降，明年也會跟進。但我要提醒大家這不是價值問題。如果他們在幾週後才來，根本不會影響項目的盈利能力。這是一個會計問題。但截至目前，我們做得很好，但我們不能說 - 更清晰地向您提供任何特定的更新，可能要到今年第四季度。

Yes. Understood. That makes sense. And just one other quick question. I was curious if with the Warrior Run project. Is there any level of EBITDA or earnings contribution that you would point to for that as that rolls off? And then curious how you think about the use of proceeds there if there's debt specifically on the project that would be paid down or if it gets used more broadly at the corporate level?

是的。明白了。這就說得通了。還有一個簡單的問題。我很好奇是否有 Warrior Run 項目。有沒有任何水平的 EBITDA 或收益貢獻，你會指出，因為它滾落？然後很好奇，如果項目有債務可以償還，或者如果它在公司層面得到更廣泛的使用，你如何看待那裡的收益使用？

Yes, this is Steve. There is definitely earnings from this. And so effectively, we're monetizing the remaining 7 roughly years of the PPA this year. And so we'll recognize earnings this year, and we expect to have an obligation for capacity through the middle of next year. So the earnings over this termination agreement will be recognized over roughly 11, 12 months following when the commission approval comes in. So say if it comes in, in June, probably about half this year and half next year.

是的，這是史蒂夫。這肯定是有收益的。如此有效，我們今年將 PPA 剩餘的大約 7 年貨幣化。因此，我們將確認今年的收益，並且我們預計到明年年中之前都有產能義務。因此，該終止協議的收益將在委員會批准通過後的大約 11、12 個月內確認。所以說，如果它在 6 月進入，可能是今年的一半和明年的一半。

And there's very little debt to pay down here. So this is -- these proceeds will likely -- this is a 7-year payment stream, but we'll likely monetize that this year. And then that's captured in our asset sale in terms of our capital sources this year, if you saw on that slide. So that will be used to fund the growth of the business.

而且這裡幾乎不需要償還債務。所以這是——這些收益很可能——這是一個為期 7 年的支付流，但我們可能會在今年將其貨幣化。然後，如果您在該幻燈片上看到的話，就我們今年的資本來源而言，這在我們的資產出售中得到了體現。因此，這將用於為業務增長提供資金。

The next question comes from the line of Angie Storozynski with Seaport Global.

下一個問題來自 Seaport Global 的 Angie Storozynski。

So I know we're going to talk about it on Monday, this transition from EPS to EBITDA. And if I understand correctly, at least that's how I see it. It's about renewables being more levered and having a higher depreciation rate than the thermal assets, for example, however. So there's only one issue here that as we're looking at the first quarter results, right, the contributions from renewables seems very small, right, to the total EBITDA.

所以我知道我們將在周一討論它，從 EPS 到 EBITDA 的轉變。如果我理解正確，至少我是這麼看的。然而，這是關於可再生能源的槓桿率更高，折舊率比熱能資產更高。所以這裡只有一個問題，當我們查看第一季度的結果時，可再生能源對總 EBITDA 的貢獻似乎很小，對吧。

So that's one. And also, as you are aware, there are different ways how your peers show adjusted EBITDA. I mean in your case, you're adjusting it for minority interest there's no inclusion of the tax benefits, which, again, might understate the EBITDA versus what your peers report. So anyway -- and I know that we're going to talk about it on Monday, but just ease us into this EBITDA transition, please?

這就是一個。而且，正如您所知，您的同行以不同的方式顯示調整後的 EBITDA。我的意思是，在您的情況下，您正在針對少數股東權益進行調整，其中不包括稅收優惠，這可能會再次低估 EBITDA 與您的同行報告的內容。所以無論如何 - 我知道我們將在周一討論它，但是讓我們輕鬆進入這個 EBITDA 過渡，好嗎？

Sure, Angie. Well, thanks for the question. Look, first, I'd say, look, we continue to provide adjusted earnings per share guidance. And as we said, we'll be providing adjusted earnings per share guidance through 2027 on Monday. So I want to make that perfectly clear, but we're adding as an additional indicator which is adjusted EBITDA that we're going to be giving. And partly, it's to give greater clarity into our performance of our renewables and partly that has to do with sort of the lumpiness of the projects.

當然，安吉。好吧，謝謝你的提問。看，首先，我會說，看，我們繼續提供調整後的每股收益指導。正如我們所說，我們將在周一提供到 2027 年的調整後每股收益指導。所以我想說得非常清楚，但我們要添加一個額外的指標，即我們將要提供的調整後的 EBITDA。部分原因是為了更清楚地了解我們在可再生能源方面的表現，部分原因與項目的笨拙性有關。

So that's the real reason that we're giving an additional one. It also helped people to do so, for example, if some of the parts of our different businesses, renewables, utilities, infrastructure. So I want to make very clear that we are providing adjusted earnings per share through 2027. Regarding the other questions that you have, I'm going to go ahead and pass that to Steve.

所以這就是我們再提供一個的真正原因。它還幫助人們這樣做，例如，如果我們不同業務的某些部分、可再生能源、公用事業、基礎設施。所以我想非常清楚地表明，我們將提供到 2027 年的調整後每股收益。關於您提出的其他問題，我將繼續將其傳遞給史蒂夫。

Yes. Thanks, Andres, and thanks, Angie. So definitely, we'll be talking some more about this on Monday. But our goal here is to really give the clarity that we think is important to understand and model the business. So as Andres said, we'll give the adjusted EPS, we'll also give the EBITDA, which is more closely aligned to the underlying business performance and cash generation from the PPAs and then we'll also give the tax attributes and then the sum of the adjusted EBITDA plus the tax attributes. So we think it's going to be a very complete view and package that helps people truly understand how the business is earning and generating cash. From the different components of the PPAs and the tax attributes.

是的。謝謝，安德烈斯，謝謝，安吉。所以毫無疑問，我們將在周一就此進行更多討論。但我們的目標是真正給出我們認為對理解和建模業務很重要的清晰度。正如安德烈斯所說，我們將給出調整後的每股收益，我們還將給出 EBITDA，它與 PPA 的基本業務績效和現金產生更緊密地結合在一起，然後我們還將給出稅收屬性，然後是調整後的 EBITDA 加上稅收屬性的總和。所以我們認為這將是一個非常完整的視圖和包，可以幫助人們真正了解企業是如何賺錢和產生現金的。來自 PPA 的不同組成部分和稅收屬性。

Okay. And then you can also help us how to allocate the corporate leverage across -- I mean, again, if we are trying to move to the sum of the part valuation from an EBITDA perspective, we need to figure out how to allocate the corporate debt, right, among these subsidiaries.

好的。然後你還可以幫助我們如何分配公司槓桿——我的意思是，再一次，如果我們試圖從 EBITDA 的角度轉向部分估值的總和，我們需要弄清楚如何分配公司債務，對，在這些子公司當中。

Yes. I mean, certainly, in our reporting now, we'll be able to separate the debt here for the business. And then as we look ahead, most all of our growth is in renewables and Utilities. About 80% of the growth is in renewables and utilities and about close to [3 quarters] 80% in the U.S. market. So I think you'll have a lot of good detail to help understand how to do that allocation.

是的。我的意思是，當然，在我們現在的報告中，我們將能夠在這里為業務分離債務。展望未來，我們的大部分增長都來自可再生能源和公用事業。大約 80% 的增長來自可再生能源和公用事業，並且在美國市場上接近 [3 個季度] 80%。所以我認為你會有很多很好的細節來幫助理解如何進行分配。

The next question comes from the line of Richard Sunderland with JPMorgan.

下一個問題來自摩根大通的理查德桑德蘭。

Maybe I'll pick it up where Angie left off on the new SBUs. Turning to the new energy technologies, SBU, can you speak more to the green hydrogen side. Curious if this represents a shift in thinking of where you like to be involved in hydrogen? Or you just specifically calling out the breakout there relative to the renewables feeding in?

也許我會在 Angie 在新的 SBU 上停下來的地方繼續。談到新能源技術，SBU，你能多談談綠色氫方面嗎？想知道這是否代表您對氫氣領域的興趣發生了轉變？或者你只是特別指出與可再生能源相關的突破？

Yes. Thanks for the question. Look, what I'd say is that we have a very interesting pipeline, which we'll be discussing on Monday of green hydrogen projects. We really think we're a leader here. We have the most advanced and lowest carbon emitting project in Texas here in the U.S. But we also have projects in Los Angeles. We have projects in Houston. We have projects in Brazil for export, and we have projects in Chile for the -- for our corporate clients or the mining sector. So we'll be providing more color there.

是的。謝謝你的問題。看，我要說的是我們有一條非常有趣的管道，我們將在周一討論綠色氫項目。我們真的認為我們是這裡的領導者。我們在美國德克薩斯州擁有最先進、碳排放量最低的項目。但我們在洛杉磯也有項目。我們在休斯頓有項目。我們在巴西有用於出口的項目，我們在智利也有用於我們的企業客戶或採礦業的項目。所以我們會在那裡提供更多的顏色。

Now in the specific case, for example, Texas, we do co-own the electrolyzers as well as the renewables with our joint venture partner of Air Products. And the reason for that is to really maximize the value of the project because even though the project will be basically co-locating all the renewables with the electrolyzers, it is interconnected with the grid. So there could be occasions just to give you a hypothetical polar vortex in Texas. Where the most profitable use of our renewables is to inject them into the grid and actually not run the electrolyzers.

現在在特定情況下，例如，德克薩斯州，我們確實與我們的合資夥伴空氣產品公司共同擁有電解槽和可再生能源。這樣做的原因是為了真正最大化項目的價值，因為儘管該項目基本上將所有可再生能源與電解槽放在一起，但它與電網互連。所以有時候可能只是給你一個假設的得克薩斯州的極地渦旋。我們的可再生能源最有利可圖的用途是將它們注入電網而不是運行電解槽。

And so we wanted to have all of our interests aligned. So there will be some projects like that where we also own the electrolyzers as well. In the case of Texas, it's a take-or-pay with Air Products, but there are other ones in which we would be selling possibly selling green hydrogen to our corporate customers to whom we're already selling renewables.

因此，我們希望讓我們所有的利益保持一致。所以會有一些這樣的項目，我們也擁有電解槽。就德克薩斯州而言，這是與空氣產品公司的照付不議，但在其他地方，我們可能會向我們已經向其銷售可再生能源的企業客戶銷售綠色氫。

So that's the reason for calling it out. Also, as you know, AES next looks at what's next in terms of technologies. So we're also, I would say, have it there so that we can look at what new technologies help us produce green hydrogen, cheaper and better for our clients. So that's the reason for calling it out there.

這就是調用它的原因。另外，如您所知，AES 接下來著眼於技術方面的下一步發展。因此，我想說，我們也將它放在那裡，以便我們可以研究哪些新技術可以幫助我們生產綠色氫氣，為我們的客戶提供更便宜、更好的服務。所以這就是在那裡調用它的原因。

Got it. That's very clear. Sticking with the SBU theme, energy infrastructure, are you able to disclose how much of that is coal today?

知道了。這很清楚。堅持 SBU 的主題，能源基礎設施，你能透露今天有多少是煤炭嗎？

Yes. So we have roughly a little bit shy of 7 gigawatts of coal today, and that includes some of the assets that we've already announced sales and retirement of including, for example, Mong Duong in Vietnam, some of the retirements in Chile, and Ventanas, for example, so that number is coming down rapidly, but that's roughly what's in the base of energy infrastructure today.

是的。所以我們今天大約有 7 吉瓦的煤炭，其中包括我們已經宣佈出售和退役的一些資產，例如越南的 Mong Duong，智利的一些退役資產，以及例如，Ventanas，所以這個數字正在迅速下降，但這大致就是當今能源基礎設施的基礎。

Just this on an EBITDA contribution basis or a percentage of SBU basis?

只是以 EBITDA 貢獻為基礎還是以 SBU 的百分比為基礎？

Yes. So on a percentage, so what we've talked about is it's about $0.30 of EPS is coming from coal today. Now what's important is that is -- that's not all necessarily going away. For example, we are converting the Petersburg 3 of 4 units in Indiana. Under the integrated utility in Indiana. So this will leave -- this will actually be a new investment to do the gas conversion, and so there'll be earnings from the rate base and the increasing rate base from that asset. And then in other cases, we are looking at some additional conversion opportunities for these. And then, of course, where there is sales, we'll have proceeds from those sales to then recycle capital into the renewable and utility growth segments.

是的。所以就百分比而言，我們所談論的是，今天約有 0.30 美元的每股收益來自煤炭。現在重要的是——這不一定都會消失。例如，我們正在轉換印第安納州 4 個單位中的 Petersburg 3。在印第安納州的綜合公用事業下。所以這將離開——這實際上將是一項進行天然氣轉換的新投資，因此將從利率基礎和該資產的利率基礎中獲得收益。然後在其他情況下，我們正在為這些尋找一些額外的轉換機會。然後，當然，在有銷售的地方，我們將從這些銷售中獲得收益，然後將資本回收到可再生能源和公用事業增長領域。

Got it. Very helpful. And then just one more for me. in consideration of the Warrior Run termination relative to the $400 million to $600 million asset sale target, where are you currently with announced and closed transactions relative to that range?

知道了。很有幫助。然後再給我一個。考慮到與 4 億至 6 億美元資產出售目標相關的 Warrior Run 終止，您目前與該範圍相關的已宣布和已完成交易在哪裡？

Yes. So we -- I mean we initially announced this exit a year ago. And -- but really prior to that, we had already been significantly reducing our coal portfolio. So our coal portfolio at one point was around 22 gigawatts and we're already down to 7%. So the reality is we've already executed on 2/3 of this program over the many years. And as we a year ago saw the pathway to meet our financial commitments and to fully exit coal, which we think is going to attract new investors to AES that have some bright line thresholds here. We saw that path.

是的。所以我們 - 我的意思是我們最初在一年前宣布退出。而且 - 但實際上在此之前，我們已經大幅減少了我們的煤炭投資組合。因此，我們的煤炭投資組合一度約為 22 吉瓦，而我們已經降至 7%。所以現實情況是，多年來我們已經執行了該程序的 2/3。正如我們一年前看到的實現我們的財務承諾和完全退出煤炭的途徑，我們認為這將吸引新的投資者加入 AES，這些投資者在這裡有一些明確的門檻。我們看到了那條路。

So I think we've made tremendous progress already, and we have visibility into how we're going to exit the remaining assets, either through sales that we've announced, additional sales that we have not yet announced and then some of these conversions and retirement that will continue. So we feel very good about the program and very good about the earnings trajectory even post coal.

所以我認為我們已經取得了巨大的進步，我們已經知道我們將如何退出剩餘資產，要么通過我們已經宣布的銷售，要么通過我們尚未宣布的額外銷售，然後是其中一些轉換和退休將繼續。因此，我們對該計劃感覺非常好，甚至對煤炭後的盈利軌跡也非常滿意。

But just on the numbers -- sorry. Sorry, Andres.

但就數字而言——抱歉。對不起，安德烈斯。

No. Just what I would add is that just like we have simplified our portfolio, getting out of different markets over time. I think we've done it in a way that maximizes shareholder value. I think we're doing the same with coal. So we could have perhaps accelerated this faster. But I think Warrior Run and for example, the monetization, some years ago, the BHP contract in Chile shows that we're really able to make money from the transition and time this in a way that we can provide renewables to meet the energy demands of our clients, in some cases, batteries or hydro to meet the capacity or dispatchable need. So I just mentioned that we feel very good about the program, and we think we're executing very well on it.

不，我要補充的是，就像我們簡化了我們的投資組合，隨著時間的推移退出不同的市場一樣。我認為我們已經以最大化股東價值的方式做到了這一點。我認為我們正在對煤炭做同樣的事情。所以我們也許可以更快地加速。但我認為 Warrior Run，例如貨幣化，幾年前，必和必拓在智利的合同表明，我們確實能夠從轉型中獲利，而且我們可以提供可再生能源來滿足能源需求。我們的客戶，在某些情況下，電池或水電以滿足容量或可調度需求。所以我剛剛提到我們對這個項目感覺很好，我們認為我們在它上面執行得很好。

Got it. But just on the Warrior Run $357 million, $400 million is the low range of the '23 targets that gets you most of the way there? And then did you receive any proceeds on the quarter? Or is the rest either, I guess, Jordan or future announcements?

知道了。但僅在 Warrior Run 上，3.57 億美元、4 億美元是 23 年目標的低端範圍，讓您大部分時間都能到達那裡？然後你在這個季度收到了任何收益嗎？或者其餘的，我猜，喬丹或未來的公告？

We had -- so also included in that number is the asset or the renewable business recycling. So we had the closure of that operating portfolio of renewable assets that capital into recycling it to new growth in renewable. So that's an important part of the program here is not just exits of coal, but also the way we recycle capital. Once we've derisked projects, we brought them online, we've recognized tax credits. We sell them down to relatively low-risk type capital and improve both our returns as well as then help us support a higher growth rate in the renewables business.

我們有——所以也包括在這個數字中的是資產或可再生業務回收。因此，我們關閉了可再生資產的運營組合，該投資組合用於將其回收利用以實現可再生能源的新增長。因此，這裡計劃的一個重要部分不僅是煤炭的出口，還有我們回收資本的方式。一旦我們對項目進行了風險評估，我們就把它們放到網上，我們就承認了稅收抵免。我們將它們出售給相對低風險的資本，提高我們的回報，然後幫助我們支持可再生能源業務的更高增長率。

So that's part of the asset sale program. And then we have the Jordan sale that has not yet been closed, but it's been announced, and then there's some additional possible sales and sell-downs in the works this year that could come into that number. But as you point out, we've already made significant progress towards the target this year. So we feel very good about the target that we've laid out.

所以這是資產出售計劃的一部分。然後我們有尚未結束的喬丹銷售，但它已經宣布，然後今年可能會有一些額外的銷售和銷售可能會達到這個數字。但正如您指出的那樣，我們今年已經在實現目標方面取得了重大進展。因此，我們對我們制定的目標感到非常滿意。

The next question comes from the line of Durgesh Chopra with Evercore ISI. You may now proceed.

下一個問題來自 Durgesh Chopra 與 Evercore ISI 的合作。你現在可以繼續了。

Andres, just -- can you comment on the new PPAs signed year-to-date. When I compare this to first quarter of last year, that is 2022, it signed over a gig you've only signed 309 megawatts. I think in your commentary, you mentioned a couple of large contracts. So just maybe a little bit more color there? And are you confident that the 4 to 4.5 to 5.5 gigs per year signage, is that -- are you still tracking well against that?

安德烈斯，你能評論一下年初至今簽署的新購電協議嗎？當我將此與去年第一季度（即 2022 年）進行比較時，它簽署了一份你只簽署了 309 兆瓦的演出。我想在您的評論中，您提到了幾份大合同。那麼那裡可能只是多了一點顏色？你是否相信每年 4 到 4.5 到 5.5 次的標牌演出，是嗎 - 你是否仍在跟踪它？

Well, thanks for the question. It's a great question. Look, we feel very good. And the one thing is, if you recall from last year, I believe we had a lot of signings in the last quarter. And so what we're seeing here, these things are lumpy. So we have been ranked 2 years running as the largest developer of renewable projects for corporations. And so when you're dealing with these corporations, these are big projects. So one project can easily be a giga.

好吧，謝謝你的提問。這是一個很好的問題。看，我們感覺很好。有一件事是，如果你還記得去年，我相信我們在上個季度簽下了很多。所以我們在這裡看到的，這些東西是塊狀的。因此，我們已連續 2 年被評為最大的企業可再生能源項目開發商。因此，當您與這些公司打交道時，這些都是大項目。所以一個項目很容易成為一個千兆。

For example, the just another case, our green hydrogen project in Texas, that's 1.4 giga. So these are lumpy. So I'm not the least bit concerned about meeting our growth targets. We're seeing a lot of interest. We're in advanced negotiations. But they don't count until you sign them. So we feel good about them. No cause for concern. And that's one of the issues we have, that they're lumpy. But when you're going for big contracts, as an example, the project -- the green hydrogen project in Texas, that's 1.4 gigawatts just in one. And we have others that are in that range. So it's going to be lumpy, but we're not concerned because we will land enough of these to keep us on track.

例如，另一個案例，我們在德克薩斯州的綠色氫項目，是 1.4 千兆。所以這些都是塊狀的。所以我一點也不擔心實現我們的增長目標。我們看到了很多興趣。我們正在進行高級談判。但在您簽署之前，它們並不重要。所以我們對他們感覺很好。無需擔心。這就是我們遇到的問題之一，它們是塊狀的。但是當你要簽訂大合同時，例如，這個項目——德克薩斯州的綠色氫能項目，一個就只有 1.4 吉瓦。我們還有其他人在這個範圍內。所以它會起伏不定，但我們並不擔心，因為我們會降落足夠多的這些來讓我們走上正軌。

Understood. That's very clear. And maybe is there a cost update on the -- on your joint venture, the hydrogen project with APD. I know their project, and I'm not -- I'm going to mispronounce this, but NEOM. They had some increases early in the year when they reported, I believe. So any update to cost there in terms of the overall project cost or cost allocated to you for that project?

明白了。這很清楚。也許有關於你的合資企業與 APD 的氫項目的成本更新。我知道他們的項目，但我不是——我會發音錯誤，但是 NEOM。我相信，他們在年初報告時有所增加。那麼，就總項目成本或為該項目分配給您的成本而言，是否有任何成本更新？

Look, we have no update for cost. It's still going to be in the range of around $4 billion, the whole project. We think it's, again, it's going to be the lowest carbon project in the states. As you know, you have a $3 per kilogram subsidy, if you have below a certain threshold of carbon intensity. So we feel we're well within that. If you have less than that, for example, if you're taking energy from the grid, then it drops to $1.

看，我們沒有成本更新。整個項目仍將在 40 億美元左右。我們再次認為，它將成為各州碳排放最低的項目。如您所知，如果您的碳強度低於某個閾值，您將獲得每公斤 3 美元的補貼。所以我們覺得我們很好。如果你的能源少於這個數量，例如，如果你從電網獲取能源，那麼它就會下降到 1 美元。

So we feel very good about that. In terms of the costs, what I'd say is what they announced on their NEOM project. And again, I'm just repeating what they put on there that they were going to make some more capital investments to lower operating costs. So it's the NEOM project in Saudi Arabia. Which is very good for us because they are using a very similar project to this one. but it's at more advanced, so we can learn from that project jointly learned from that project. But no, we have no updates, but we have no reason to think that there'd be any additional cost overruns at this point in time.

所以我們對此感覺很好。就成本而言，我想說的是他們在 NEOM 項目上宣布的。再一次，我只是重複他們在那裡放的東西，他們將進行更多的資本投資以降低運營成本。這就是沙特阿拉伯的 NEOM 項目。這對我們來說非常好，因為他們正在使用與這個非常相似的項目。但它更高級，所以我們可以從那個項目中共同學習那個項目。但是不，我們沒有更新，但我們沒有理由認為此時會有任何額外的成本超支。

The next question comes from the line of Julien Dumoulin-Smith with Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

The question here. Look, I just wanted to follow up on the ITC, PTC conversation we've been having of late. Just curious, are you guys still pretty committed to using ITCs. I know some of your peers have been evolving towards PTCs, you guys focused on the Eastern U.S. Can you talk about the thought process and philosophy there? And then also to follow up back on Angie's question to the extent to which that you are using ITCs. 70-30 split is still good. I know that, for instance, here in the quarter for tax cut, it's fairly low. So I just want to make sure that ITC heuristic of 70-30 in year 1, year 2 still applies.

這裡的問題。聽著，我只是想跟進我們最近進行的 ITC、PTC 對話。只是好奇，你們是否仍然非常致力於使用 ITC。我知道你們的一些同行一直在向 PTC 發展，你們專注於美國東部。您能談談那裡的思維過程和理念嗎？然後還要跟進 Angie 的問題，了解您使用 ITC 的程度。 70-30 分裂還是不錯的。我知道，例如，在減稅的這個季度，它相當低。所以我只想確保第 1 年和第 2 年的 ITC 啟發式 70-30 仍然適用。

Yes. Julien, it's Steve. So definitely, we have the lion's share of our tax attributes are from investment tax credits and will continue to be. So -- and I would say when we look at the investment tax credit with the profile of when projects are coming online, it is roughly fair to say about 2/3 of the investment tax credit gets recognized in the year of the commissioning and then about 1/3, 30% in the second year following commissioning. So that holds. The total volume of tax credits will grow annually, and we expect as the portfolio grows.

是的。朱利安，是史蒂夫。所以可以肯定的是，我們的大部分稅收屬性來自投資稅收抵免，並將繼續如此。所以——我想說的是，當我們根據項目何時上線的概況來審視投資稅收抵免時，可以大致公平地說，大約 2/3 的投資稅收抵免在調試當年得到認可，然後約1/3，投產後第二年30%。所以這成立。稅收抵免總額將每年增長，我們預計隨著投資組合的增長。

So we're targeting the commissioning of about 2.1 gigawatts this year of U.S. renewables, say that doubles next year, I would expect the volume of tax attributes to roughly follow that same growth rate. So a doubling of the tax credit. From this year to next year, just as it doubled from last year to this year when we went from 1 gigawatts to 2 gigawatts.

因此，我們的目標是今年美國可再生能源的投產量約為 2.1 吉瓦，假設明年翻一番，我預計稅收屬性的數量將大致遵循相同的增長率。所以稅收抵免加倍。從今年到明年，就像從去年到今年我們從 1 吉瓦到 2 吉瓦時翻了一番一樣。

The production tax credit is a good incentive in some or a better incentive in some projects. Typically, it has been in wind. But in some cases now where we see an energy community adder now that we have some clarity on that. And we see the potential for domestic content adders with the investment tax credit. Keep in mind, those adders are actually richer on the investment tax credit than they are on the production tax credit basis the way the higher was written. So we -- there's a bit of an offset there in that some projects where we have a very healthy pipeline, good opportunity to get these bonuses, the investment tax credit may still be the best option.

生產稅收抵免在某些項目中是一種很好的激勵措施，或者在某些項目中是更好的激勵措施。通常，它一直在風中。但在某些情況下，現在我們看到了一個能源社區加法器，因為我們已經對此有所了解。我們看到了通過投資稅收抵免增加國內內容的潛力。請記住，這些加法器實際上在投資稅收抵免方面比在生產稅收抵免基礎上更富有，就像上面寫的那樣。所以我們 - 在一些項目中我們有一個非常健康的管道，獲得這些獎金的好機會，投資稅收抵免可能仍然是最好的選擇。

But we'll look at that project by project and look at what yields the best returns. But I see very strong growth in our tax attribute number year-over-year going forward.

但我們將逐個項目地查看那個項目，看看什麼能產生最好的回報。但我看到我們的稅收屬性數量同比增長非常強勁。

Right. But the point is your ITC, you're still vastly weighted towards ITC versus PTC, right, as you have been and you don't intend to change that necessarily, especially given your commentary here. I just want to make sure there's been some concern otherwise.

正確的。但關鍵是你的 ITC，你仍然非常傾向於 ITC 與 PTC，對，就像你一直以來的那樣，你不打算改變這一點，特別是考慮到你在這裡的評論。我只是想確保在其他方面存在一些擔憂。

Yes. vastly. And the vastness of that will be clear on Monday when I show you the tax credit breakdown between ITC and PTC. And then also keep in mind that for our backlog we've essentially locked in already that election and who that tax equity partner is going to be. So for the next couple of years, it's pretty well decided.

是的。大大地。週一，當我向您展示 ITC 和 PTC 之間的稅收抵免明細時，這其中的廣度就會很清楚。然後還要記住，對於我們的積壓工作，我們基本上已經鎖定了那次選舉以及那個稅收股權合作夥伴將是誰。所以在接下來的幾年裡，它已經很好地決定了。

The one thing I would add on the -- Julien, so we'll be doing more wind in the states, which will be PTC. So for example, the project in Texas is 900 megawatts of wind. So yes, we've been more towards ITC partly is because we've been very heavily in solar. We're very strong in solar. Over time, we expect more of a balance.

我要補充的一件事 - 朱利安，所以我們將在各州做更多的風，這將是 PTC。例如，得克薩斯州的項目是 900 兆瓦的風能。所以，是的，我們更傾向於 ITC，部分原因是我們在太陽能方面非常投入。我們在太陽能方面非常強大。隨著時間的推移，我們期待更多的平衡。

Right. And then on just the backlog adds, I know you said it's lumpy, but is domestic content is one of the reasons why customers aren't moving because they don't have guidance from treasury yet and so therefore, holding folks back? We've heard this from some folks.

正確的。然後就積壓添加，我知道你說它是塊狀的，但國內內容是客戶不搬家的原因之一，因為他們還沒有來自財政部的指導，因此，讓人們退縮？我們從一些人那裡聽說過。

Yes. I mean in our case, not really. I think I would point to that. it's just we're in some negotiations for some whales. And when we land them, it will come through. What did happen last year because of the Auxin tariff circumvention case, that did delay projects. It did delay projects and set them off into, let's say, a longer time horizon than would otherwise. But again, since we do a lot of bilateral negotiations, and we haven't had any problems with our supply chain. That is not what's driving it. Where the domestic content issue does come in is in terms of the $6 billion contract we have for domestic manufacturer of solar panels here in the states. And so obviously, what's key there before sort of sitting on the dot line is what is domestic content.

是的。我的意思是在我們的例子中，不是真的。我想我會指出這一點。只是我們正在為一些鯨魚進行一些談判。當我們降落它們時，它就會通過。去年由於 Auxin 關稅規避案而發生的事情確實推遲了項目。它確實延遲了項目並使它們進入比其他方式更長的時間範圍。但同樣，由於我們進行了大量雙邊談判，而且我們的供應鏈沒有任何問題。那不是驅動它的原因。國內內容問題確實出現在我們與各州國內太陽能電池板製造商簽訂的 60 億美元合同方面。很明顯，坐在點線上之前的關鍵是什麼是國內內容。

And the main difference is how granular it's defined because if it's more similar to what has been done, for example, for wind, then it's much easier to comply with initially. But our plan is to move up the supply chain and have more and more of the inputs made in the states, including some of the more basic minerals, et cetera, coming in. We already have with our suppliers, the wafering is moving out of China, which was the last sort of main component. We're already buying panels that were made outside of China. And of course, all the wafering et cetera was done in Eastern China, not Western China. So we feel very good about that, and we've had no issue thus far.

主要區別在於定義的細化程度，因為如果它與已經完成的工作（例如風能）更相似，那麼最初就更容易遵守。但我們的計劃是向上移動供應鏈，並讓越來越多的投入在各州進行，包括一些更基本的礦物等。我們已經與我們的供應商合作，晶圓加工正在從中國，這是最後一種主要組成部分。我們已經在購買在中國以外製造的面板。當然，所有的晶片等等都是在華東地區完成的，而不是在華西地區。所以我們對此感覺非常好，到目前為止我們沒有遇到任何問題。

Got it. And last question just on '23 earnings. Just when you look at some of the items in the quarter, whether it was the gain on the asset sale, or whether it was LNG, was that upside relative to the plan? Are you trending better than you would have expected? Or was that gain kind of contemplated in your '23 guide earlier when you think about your positioning on the year here?

知道了。最後一個問題只是關於 23 年的收益。就在您查看本季度的某些項目時，無論是資產出售的收益，還是液化天然氣，相對於計劃是否有上升空間？您的趨勢是否比預期的要好？或者當你考慮你在今年的定位時，你的 23 指南中是否考慮過這種收益？

Yes. I would say some of these are definitely upsides, Julien. So all else being equal, yes, there's upside. Unfortunately, as is the case, I think, with most utilities, the warmer winter weather was somewhat of an offset to those upsides for the first quarter. So we still see the potential for upside above even the midpoint of our guidance, but that's not -- it remains to be seen how the rest of the year goes.

是的。朱利安，我會說其中一些絕對是有利的。因此，在其他所有條件相同的情況下，是的，還有上行空間。不幸的是，我認為，對於大多數公用事業公司來說，溫暖的冬季天氣在某種程度上抵消了第一季度的這些上行空間。因此，我們仍然看到甚至超過我們指導的中點的上行潛力，但事實並非如此——今年餘下時間的情況還有待觀察。

The next question comes from the line of Gregg Orrill with UBS.

下一個問題來自瑞銀集團的 Gregg Orrill。

I was wondering if you could -- Congratulations. I was wondering if you could touch on the financing plan, just sort of the levers that you feel are available to you for equity or equity-like and would you need that to execute at least the plan through '25, just to sort of reaffirm your thoughts there.

我想知道你是否可以——恭喜你。我想知道你是否可以談談融資計劃，只是你認為可以用於股權或類似股權的槓桿，你是否需要它來至少在 25 年前執行該計劃，只是為了重申你的想法在那裡。

Yes. No, it's Steve. So sure. So we'll definitely talk some more about the longer-term financing plan through 2027. So I think that will give additional color. So we'll hold for that. This year, I think as I laid out on the slide, we will raise additional parent debt capital largely to fund growth. In the renewables segment. And then we have the asset sale program in addition to the close to $1 billion of parent free cash flow coming up from the existing business. So there's no plan for equity this year.

是的。不，是史蒂夫。所以肯定。所以我們肯定會更多地討論到 2027 年的長期融資計劃。所以我認為這會增加更多的色彩。所以我們會堅持下去。今年，我認為正如我在幻燈片中所展示的那樣，我們將籌集額外的母公司債務資本，主要用於為增長提供資金。在可再生能源領域。然後，除了現有業務產生的近 10 億美元的母公司自由現金流外，我們還有資產出售計劃。所以今年沒有股權計劃。

Looking ahead, we'll talk some more about that in the plan for Monday. What I would say there is, certainly, we have we're well positioned for growth. We're in a leadership position, and we want to grow beyond 2025. But certainly, through 2025, we would not need equity to meet our 2025 commitments. However, we would expect to start investing in growth, including things like the green hydrogen project, which would get started before 2025. to support the second half of the decade. But we'll share more detail on that on Monday.

展望未來，我們將在周一的計劃中對此進行更多討論。我要說的是，當然，我們已經為增長做好了準備。我們處於領先地位，我們希望在 2025 年之後實現增長。但可以肯定的是，到 2025 年，我們不需要股權來實現我們 2025 年的承諾。然而，我們希望開始投資於增長，包括綠色氫項目，該項目將在 2025 年之前啟動。以支持下半個十年。但我們將在周一分享更多細節。

The next question comes from the line of Ryan Levine with Citi.

下一個問題來自花旗銀行的 Ryan Levine。

Hoping to get a better understanding of how you arrived at the new disclosure. You're using EBITDA with additional tax disclosure. How did you decide on that versus maybe CAFD or free cash flow or FFO metrics than some other peers are utilized.

希望能更好地了解您是如何得出新的披露信息的。您正在使用 EBITDA 並進行額外的稅務披露。你是如何決定與使用 CAFD 或自由現金流或 FFO 指標的，而不是使用其他一些同行。

I would say, look, part of it is that, that's what the most of our peers are using. And what we felt was most transparent is to provide EBITDA and also then the tax attributes. And so if for comparison purposes, you need to add the 2, you can do so. But it was really try to make it easier on everyone by using what's most used in the market.

我會說，看，部分原因是，這就是我們大多數同行正在使用的。我們認為最透明的是提供 EBITDA 以及稅收屬性。因此，如果出於比較目的，您需要添加 2，您可以這樣做。但它確實試圖通過使用市場上最常用的東西來讓每個人都更容易。

And then in terms of the new developments and extending contracts in California, are you anticipating that, that get extended further beyond the initial expansion that was recently announced?

然後就加利福尼亞州的新開發項目和延期合同而言，您是否預計會進一步擴展到最近宣布的初始擴展之外？

I think -- we've got a 3-year extension. It's -- those assets -- those locations are extremely valuable for the grid. So we'll see what developments there are. But right now, 3 years going forward, it's pretty good.

我認為 - 我們有 3 年的延期。它是 - 那些資產 - 那些位置對電網來說非常有價值。所以我們會看到有什麼進展。但現在，3 年後，它非常好。

There are no additional questions waiting at this time. So I will pass the conference back over to Susan Harcourt, for closing remarks.

目前沒有其他問題等待您回答。因此，我將把會議交還給 Susan Harcourt 作閉幕詞。

We thank everybody for joining us on today's call. We look forward to seeing many of you at our Investor Day on Monday. As always, the IR team will be available to answer any follow-up questions you may have. Thank you, and have a nice day.

我們感謝大家參加今天的電話會議。我們期待在周一的投資者日見到你們中的許多人。與往常一樣，IR 團隊將隨時回答您可能提出的任何後續問題。謝謝你，祝你有美好的一天。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。