愛依斯電力 (AES) 2024 Q2 法說會逐字稿

Hello, everyone, and a warm welcome to the AES Corporation Q2 2024 financial review call. My name is Emily and I'll be coordinating your call today. (Operator Instructions) I will now hand over to our host, Vice President of Investor Relations, Susan Harcourt, to begin. Susan, please go ahead.

大家好，熱烈歡迎 AES 公司 2024 年第二季財務審查電話會議。我叫艾米麗，今天我將協調您的電話。（操作員指示）我現在請我們的東道主、投資者關係副總裁蘇珊·哈考特 (Susan Harcourt) 開始發言。蘇珊，請繼續。

Thank you, operator. Good morning, and welcome to our second quarter 2024 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 disclosed in our most recent 10-K and 10-Q filed with the SEC.

謝謝你，接線生。早上好，歡迎參加我們的 2024 年第二季財務回顧電話會議。我們的新聞稿、簡報和相關財務資訊可在我們的網站 aes.com 上取得。今天，我們將做出前瞻性陳述。有許多因素可能導致未來結果與我們最近向 SEC 提交的 10-K 和 10-Q 中披露的這些聲明有重大差異。

Reconciliations between GAAP and non-GAAP financial measures can be found on our website along with the presentation. Joining me this morning are Andrés Gluski, our President and Chief Executive Officer; Steve Coughlin, our Chief Financial Officer and other senior members of our management team.

您可以在我們的網站上找到 GAAP 和非 GAAP 財務指標之間的調整表以及簡報。今天早上和我一起來的還有我們的總裁兼執行長安德烈斯·格魯斯基 (Andrés Gluski)； Steve Coughlin，我們的財務長和我們管理團隊的其他高階成員。

With that, I will turn the call over to Andres.

這樣，我會將電話轉給安德烈斯。

Good morning, everyone, and thank you for joining our second quarter 2024 financial review call. We were very pleased with our financial performance so far this year. Today, I will discuss our results for significant advancements we have made with large technology customers and the work we're doing to incorporate generative AI in our portfolio to develop new competitive advantages.

大家早安，感謝您參加我們的 2024 年第二季財務審查電話會議。我們對今年迄今的財務表現感到非常滿意。今天，我將討論我們與大型技術客戶取得的重大進步的結果，以及我們正在做的將生成式人工智慧納入我們的產品組合以開發新的競爭優勢的工作。

Beginning on slide 3, with our second quarter results, we had a strong second quarter that was in line with our expectations. We've adjusted EBITDA with tax attributes of $843 million, adjusted EBITDA of $652 million and adjusted EPS of $0.38.

從幻燈片 3 開始，我們的第二季業績表現強勁，符合我們的預期。我們調整了稅收屬性的 EBITDA 為 8.43 億美元，調整後的 EBITDA 為 6.52 億美元，調整後的每股盈餘為 0.38 美元。

We're on track to meet our 2024 financial objectives, and we now expect to be in the top half of our ranges for adjusted EBITDA with tax attributes and adjusted EPS. We are also reaffirming our remaining 2024 guidance metrics and growth rates through 2027. Steve Coughlin, our CFO, will give more detail still on our financial performance and outlook.

我們預計將實現 2024 年的財務目標，現在預計調整後的 EBITDA（含稅收屬性和調整後的每股盈餘）將處於我們範圍的上半部分。我們也重申了 2024 年剩餘的指導指標和 2027 年的成長率。我們的財務長 Steve Coughlin 將提供有關我們財務業績和前景的更多詳細資訊。

I'm also pleased to report that since our last call in May, we have signed 2.5 gigawatts of new agreements in total, including 2.2 gigawatts with hyperscalers across our utilities and renewable businesses. This includes 1.2 gigawatts of new data center load growth across AES Ohio and AES Indiana. A PPA to provide 727 megawatts of new renewables in Texas and the 310 megawatt retail supply agreement in Ohio. With these arrangements, we are expanding our work with the major data center providers to new areas of business.

我還很高興地報告，自 5 月上次通話以來，我們總共簽署了 2.5 吉瓦的新協議，其中包括與我們公用事業和可再生能源業務的超大規模企業簽署的 2.2 吉瓦協議。其中包括 AES 俄亥俄州和 AES 印第安納州新資料中心負載成長 1.2 吉瓦。一項購電協議將在德克薩斯州提供 727 兆瓦的新再生能源，並在俄亥俄州提供 310 兆瓦的零售供應協議。透過這些安排，我們正在將與主要資料中心提供者的合作擴展到新的業務領域。

Turning now to data center growth at our US utilities on slide 4. Since our last call, we have signed agreements to support 1.2 gigawatts of new load across AES Ohio and AES Indiana, expected to come online in phases, beginning in 2026.

現在轉向幻燈片 4 中美國公用事業公司資料中心的成長。自上次通話以來，我們已簽署協議，支援 AES 俄亥俄州和 AES 印第安納州的 1.2 吉瓦新負載，預計從 2026 年開始分階段上線。

Additionally, we are in advanced negotiations across several sites to support another three gigawatts of new load. These agreements are transformative for both utilities with the potential to increase the peak load at both AES Ohio and AES Indiana by more than 50%.

此外，我們正在多個地點進行高級談判，以支援另外 3 吉瓦的新負載。這些協議對於兩家公用事業公司來說都是變革性的，有可能將 AES 俄亥俄州和 AES 印第安納州的尖峰負載增加 50% 以上。

As a result, AES Ohio's rate-based will consist predominantly of FERC regulated transmission assets receiving timely recovery through a formula rate. For AES Indiana, this growth creates the potential for significant investment in transmission as well as additional build out of new generation assets. These opportunities will even further increase our entry leading US utility rate base growth plans. Our service territories are particularly well positioned to serve data centers, another large loads with available interconnection, lower rates and land prices, access to water resources and local incentives.

因此，AES 俄亥俄州的費率基礎將主要由 FERC 監管的輸電資產組成，這些資產透過公式費率及時恢復。對 AES Indiana 來說，這種成長創造了在輸電方面進行大量投資以及額外建造新一代資產的潛力。這些機會甚至將進一步增加我們進入領先的美國公用事業費率基礎成長計劃。我們的服務區域特別適合為資料中心、另一個具有可用互連的大型負載、較低的費率和土地價格、水資源和當地激勵措施提供服務。

Turning to slide 5 and the generation buildout at AES Indiana. We continue to make progress in upgrading and transforming our generation fleet as we shut down or convert our coal units to gas and build our renewable fleet. I am pleased to announce that we have signed a deal to acquire 170 megawatt solar plus storage development project that AES Indiana will construct and own.

轉向幻燈片 5 和 AES Indiana 的世代建設。隨著我們關閉燃煤機組或將其轉換為天然氣機組並建造再生能源機組，我們在升級和改造發電機組方面繼續取得進展。我很高興地宣布，我們已經簽署了一項協議，收購 AES Indiana 將建造和擁有的 170 兆瓦太陽能加儲能開發項目。

The project will require approximately $350 million of CapEx with an expected completion date in late 2027. Once approved by the Indiana Utility Regulatory Commission, this will be the six projects supporting a US Indiana's recent generation growth.

該項目將需要約 3.5 億美元的資本支出，預計完成日期為 2027 年底。一旦獲得印第安納州公用事業監管委員會批准，這將是支持美國印第安納州最近發電成長的六個項目。

Now turning to our renewables business on slide 6. Since our last call in May, we have further expanded our partnership with Google, signing a 15-year PPA for 727 megawatts in Texas to power its data center growth. The agreement includes a combination of wind and solar to further Google's 24 seven carbon free energy goals. These projects are expected to come online in 2026 and 2027.

現在轉向幻燈片 6 上我們的再生能源業務。自 5 月上次通話以來，我們進一步擴大了與 Google 的合作夥伴關係，在德克薩斯州簽署了 727 兆瓦的 15 年期購電協議，為其資料中心的成長提供動力。該協議包括風能和太陽能的結合，以進一步推進 Google 的 24 7 個無碳能源目標。這些項目預計將於 2026 年和 2027 年上線。

We also recently signed a retail supply agreement with Google for 310 megawatts to support their Ohio data centers. This agreement demonstrates the strong trust and collaboration between our companies, which began with our original 2021 partnership to provide 24/7 renewable power in Virginia. We see further opportunities to add renewables to support Google's data center growth in Ohio.

我們最近也與 Google 簽署了一份 310 兆瓦的零售供應協議，以支援其俄亥俄州資料中心。該協議體現了我們公司之間的牢固信任與合作，我們最初的 2021 年合作夥伴關係始於在維吉尼亞州提供 24/7 可再生電力。我們看到了增加再生能源以支持谷歌在俄亥俄州資料中心發展的更多機會。

Turning to slide 7, with these major announcements today on our collaborations with hyperscalers, we have now signed a total of 8.1 gigawatts directly with technology companies, which is clearly a leading market positions.

轉向幻燈片 7，今天我們宣布了與超大規模企業合作的這些重大公告，我們現在已直接與科技公司簽署了總計 8.1 吉瓦的合同，這顯然處於領先的市場地位。

As you can see on slide 8, our backlog of projects under signed long-term contracts now stands at 12.6 gigawatts. Our focus remains on maximizing the quality of megawatts over the quantity, which means delivering high quality projects with higher returns and long duration PPAs. We have never felt better about our key customer relationships and the long-term market dynamics that are supporting growth and value creation in our portfolio.

正如您在投影片 8 中看到的，我們已簽署的長期合約下的積壓項目目前為 12.6 吉瓦。我們的重點仍然是最大限度地提高兆瓦的品質而不是數量，這意味著交付具有更高回報和長期購電協議的高品質專案。我們對支持我們投資組合成長和價值創造的主要客戶關係和長期市場動態感覺從未如此好過。

Turning to slide 9. The demand for power that is coming from the rise generative AI and data centers, represents a significant structural change in the power sector, and no one is better positioned than AES for sustained growth from this opportunity. Regardless of election or policy outcomes, we are confident in our ability to continue signing renewable PPAs with mid-teens IRRs. Our corporate customers value our unique record of bringing projects online on time over the past five years.

轉到投影片 9。新興的生成型人工智慧和資料中心對電力的需求代表了電力產業的重大結構性變化，沒有人比 AES 更能利用這項機會實現持續成長。無論選舉或政策結果如何，我們都對繼續簽署 IRR 為 10 左右的可再生能源購電協議的能力充滿信心。我們的企業客戶非常重視我們在過去五年中按時上線專案的獨特記錄。

Furthermore, looking at the interconnection queues, time to power and price certainty, we see renewables as the only source of new power that can meet most of the demand over the next decade. AES has a long-standing and deep relationship with hyperscaler customers.

此外，從互連隊列、供電時間和價格確定性來看，我們認為再生能源是能夠滿足未來十年大部分需求的唯一新能源來源。AES 與超大規模客戶有著長期且深厚的關係。

This includes our ability to co-create new offerings and structure innovative clean energy solutions such as hybrid PPAs, Shape products and 24/7 renewables. As you can see on slide 10 of the 3.6 gigawatts that we expect to bring online this year, we have already completed the construction of 1.6 gigawatts and expect the remainder to be weighted towards the third quarter.

這包括我們共同創造新產品和建立創新清潔能源解決方案的能力，例如混合購電協議、Shape 產品和 24/7 再生能源。正如您在幻燈片 10 中看到的，我們預計今年將上線 3.6 吉瓦裝機，我們已經完成了 1.6 吉瓦裝機的建設，預計剩餘部分將在第三季度投入使用。

I should note that for the projects coming online this year, we have all of the major equipment already on site and almost all for 2025. Additionally, we expect a significant portion of our solar panels to be domestically produced beginning in 2026. All of the above, combined with having panels on-site for 2025 projects, greatly mitigate our exposure to any potential new tariffs. Our diversified and resilient supply chain has been and will continue to be best in class.

我應該指出，對於今年上線的項目，我們已經在現場準備了所有主要設備，幾乎所有設備都是 2025 年的。此外，我們預計從 2026 年開始，我們的太陽能電池板的很大一部分將在國內生產。所有上述內容，再加上 2025 年專案的現場面板，大大減輕了我們面臨任何潛在新關稅的風險。我們多元化且富有彈性的供應鏈一直並將繼續是同類最佳的。

Finally, turning to slide 11. Not only is generative AI shaping the customer landscape, but it is also transforming how we work internally, providing new opportunities for efficiencies, customer service, and innovation that will give us new competitive advantages. As you may have seen, in June, we announced a partnership with a fund to accelerate driven energy solutions. Founded by AI leader, Andrew Ng, AI fund is a venture studio that works with entrepreneurs to rapidly build companies.

最後，翻到投影片 11。生成式人工智慧不僅塑造了客戶格局，也改變了我們內部的工作方式，為提高效率、客戶服務和創新提供了新的機會，從而為我們帶來新的競爭優勢。正如您可能已經看到的，在六月份，我們宣布與基金建立合作關係，以加速驅動能源解決方案的發展。AI 基金由人工智慧領導人物吳恩達 (Andrew Ng) 創立，是一家創投工作室，致力於與企業家合作快速創建公司。

We are collaborating with AI fund on co-building companies that leverage AI to address bottlenecks and improve efficiencies in the energy transition in areas such as developing and operating renewables and asset management.

我們正在與人工智慧基金合作共建公司，利用人工智慧來解決開發和營運再生能源以及資產管理等領域的能源轉型瓶頸並提高效率。

At the same time, we continue to leverage AI across our portfolio with our culture of innovation and continuous improvements. We are increasingly using proprietary tools across a wide range of our business operations, enabling our people to work faster and smarter.

同時，我們繼續在我們的產品組合中利用人工智慧以及我們的創新和持續改進文化。我們在廣泛的業務運營中越來越多地使用專有工具，使我們的員工能夠更快、更聰明地工作。

For example, our renewables team, he has built sophisticated tools that utilize generative AI to accurately predict the speed at which projects will move through interconnection queues, helping us more efficiently coordinate the various simultaneous development processes.

例如，我們的再生能源團隊，他建立了複雜的工具，利用生成式人工智慧來準確預測專案通過互連隊列的速度，幫助我們更有效地協調各種同步開發流程。

As you can see on slide 12, earlier this week, we launched the world's first AI powered solar installation robots, Maximo, which uses state-of-the-art AI and robotics to complement our construction crews in the installation of solar modules. Maximo enables faster construction times and reduces overall project costs. It can work three shifts even in the worst weather conditions with a more inclusive workforce. Not only does it reduce time to power, which is highly valued by our customers, but it will boost overall project returns.

正如您在幻燈片12 中看到的那樣，本週早些時候，我們推出了世界上第一個由人工智慧驅動的太陽能安裝機器人Maximo，它使用最先進的人工智慧和機器人技術來配合我們的施工人員安裝太陽能模組。Maximo 可以縮短施工時間並降低整體專案成本。即使在最惡劣的天氣條件下，它也可以實行三班倒，並擁有更具包容性的勞動力。它不僅縮短了客戶高度評價的通電時間，還將提高整體專案回報。

We plan to ramp up our use of Maximo in 2025 and are already utilizing it to construct a portion of our two gigawatt Bellefield project in California, which is the largest solar plus storage project in the US and is contracted to serve Amazon. With that, I would now like to turn on the call over to our CFO, Steve Coughlin.

我們計劃在 2025 年增加 Maximo 的使用，並且已經在利用它來建造我們位於加利福尼亞州的 2 吉瓦 Bellefield 項目的一部分，該項目是美國最大的太陽能加存儲項目，並簽約為亞馬遜提供服務。現在，我想將電話轉給我們的財務長 Steve Coughlin。

Thank you, Andres, and good morning, everyone. Today, I will discuss our second quarter results and our 2024 guidance and parent capital allocation. Turning to slide 14, adjusted EBITDA, our tax attributes was $843 million in the second quarter versus $607 million a year ago. This was driven by growth in our renewables SBU, new rates and growth investments in our US utilities and higher margins in our energy infrastructure SBU.

謝謝你，安德烈斯，大家早安。今天，我將討論我們的第二季業績以及 2024 年指導和母公司資本配置。轉向投影片 14，調整後的 EBITDA，我們第二季的稅收屬性為 8.43 億美元，而一年前為 6.07 億美元。這是由我們的再生能源 SBU 的成長、美國公用事業的新利率和成長投資以及我們的能源基礎設施 SBU 的更高利潤所推動的。

Turning to slide 15. Adjusted EPS for the quarter was $0.38 versus $0.21 last year. Drivers were similar to those of adjusted EBITDA with tax attributes for partially offset by higher depreciation and higher interest expense as a result of our growth. I'll cover the performance of our SBUs or Strategic Business Units on the next four slides.

轉到投影片 15。本季調整後每股收益為 0.38 美元，去年同期為 0.21 美元。驅動因素與調整後的 EBITDA 類似，其稅收屬性被我們的成長帶來的更高折舊和更高利息費用部分抵銷。我將在接下來的四張投影片中介紹我們的 SBU 或策略業務部門的績效。

Beginning with our renewables SBU on slide 16, higher EBITDA with tax attributes was driven primarily by contributions from new projects, but was partially offset by lower availability from a forced outage event at our 1 gigawatt Chivor hydroplant in Columbia.

從幻燈片16 上的可再生能源SBU 開始，具有稅收屬性的EBITDA 較高，主要是由新項目的貢獻推動的，但部分被我們位於哥倫比亞的1 吉瓦Chivor 水電站被迫停電事件導致的可用性降低所抵消。

The outage was caused by record water inflows in early June, which brought significant sediment into the plant and damage the units. Repairs of the plant were completed quickly in all units resumed operations by mid-July. Higher adjusted PTC at our utilities SBU was mostly driven by higher revenues from the $1.6 billion we've invested in our rate base in the past year.

這次停電是由於六月初創紀錄的水流入造成的，大量沉積物進入工廠並損壞了設備。工廠的維修工作很快完成，所有機組於7月中旬恢復運作。我們的公用事業 SBU 調整後的 PTC 較高，主要是由於我們去年在費率基礎上投資了 16 億美元，收入增加。

New rates implemented in Indiana and may year-over-year loan growth of 3.1% as well as favorable weather. Higher EBITDA at our energy infrastructure SBU primarily reflects higher revenues recognized from the accelerated monetization of the PPA at our Warrior Run plant and higher margins in Chile, partially offset by margins in the Dominican Republic and the sell-down of our gas and LNG businesses in Panama and the Dominican Republic. Finally, relatively flat EBITDA at our new energy technologies SBU reflects our continued development of early-stage technology businesses, partially offset by continued margin increases at Fluence.

印第安納州實施的新利率以及有利的天氣可能導致貸款年增 3.1%。我們的能源基礎設施SBU 的EBITDA 較高，主要反映了我們Warrior Run 工廠購電協議加速貨幣化所帶來的收入增加以及智利利潤率的提高，但部分被多明尼加共和國的利潤率以及我們在智利的天然氣和液化天然氣業務的出售所抵消。最後，我們的新能源技術 SBU 的 EBITDA 相對持平，反映出我們早期技術業務的持續發展，部分被 Fluence 利潤率的持續成長所抵消。

Now turning to our expectations on slide 20. As a result of our strong first half performance and high confidence in a strong second half, I'm very happy to share that we now expect adjusted EBITDA with tax attributes to be in the top half of our 2024 expected range of $3.66 billion to $4 billion.

現在轉向我們對投影片 20 的期望。由於我們上半年的強勁表現以及對下半年強勁表現的高度信心，我很高興與大家分享，我們現在預計帶稅收屬性的調整後 EBITDA 將位於 2024 年 36.6 億美元至 4 美元預期範圍的上半部分十億。

Drivers of adjusted EBITDA with tax attributes in a year ago include higher contributions from new renewable commissioning, contributions from growth investments and expected higher load at our US utilities, partially offset by expected closings in our asset sale program.

一年前具有稅收屬性的調整後EBITDA 的驅動因素包括新可再生能源調試的貢獻增加、增長投資的貢獻以及我們美國公用事業公司的預期更高負荷，部分被我們資產銷售計劃的預期結束所抵消。

Turning to slide 21. I am also very glad to share that we now expect our 2024 adjusted EPS to be in the upper half of our guidance range of $1.87 to $1.97. We increased our share of earnings in the first half of the year from 25% in 2023 to nearly half in 2024. Growth in the year to go will have similar drivers as adjusted EBITDA with tax attributes partially offset by higher interest expense from growth capital.

轉到投影片 21。我還很高興地告訴大家，我們現在預計 2024 年調整後每股收益將位於 1.87 美元至 1.97 美元指導範圍的上半部分。我們將上半年的獲利份額從 2023 年的 25% 增加到 2024 年的近一半。未來一年的成長將具有與調整後 EBITDA 類似的驅動力，其中稅收屬性部分被成長資本較高的利息支出所抵銷。

Now to our 2024 parent capital allocation on Slide 22, sources reflect approximately $3 billion of total discretionary cash, including $1.1 billion of parent free cash flow, $900 million to $1.1 billion of proceeds from asset sales and $950 million of hybrid debt that we issued since our last earnings call in May.

現在到投影片22 上的2024 年母公司資本分配，消息來源反映了約30 億美元的可自由支配現金總額，包括11 億美元的母公司自由現金流、9 億至11 億美元的資產出售收益以及我們自那時以來發行的9.5 億美元的混合債務我們五月份的最後一次財報電話會議。

On the right-hand side, you can see our planned use of capital. We will return approximately $500 million to shareholders this year, reflecting the previously announced 4% dividend increase. We also plan to invest $2.4 billion to $2.7 billion toward new growth, of which 85% will go to renewables and utilities.

在右側，您可以看到我們計劃的資金使用情況。今年我們將向股東返還約 5 億美元，反映了先前宣布的 4% 的股息成長。我們還計劃投資 24 億至 27 億美元用於新的成長，其中 85% 將用於再生能源和公用事業。

Turning to slide 23. We are well on our way towards achieving our long-term asset sale target of $3.5 billion from 2023 through 2027. We've signed or closed more than $2.2 billion of asset sales since the beginning of last year and we are now nearly 2/3 of the way to reaching our target. Even though we're only 1.5 years into our five year guidance period. We do not announce specific asset sales in advance, but the remaining proceeds could come from sell downs of renewables projects, our intented coal exist, monetization of our new energy technologies businesses and sales or sell downs of other non-core assets.

轉到投影片 23。我們正順利實現 2023 年至 2027 年 35 億美元的長期資產出售目標。自去年初以來，我們已簽署或完成了超過 22 億美元的資產出售，目前已完成目標的近 2/3。儘管我們的五年指導期才剛過去 1.5 年。我們不會事先宣佈具體資產出售，但剩餘收益可能來自再生能源項目的出售、我們有意向的煤炭存在、新能源技術業務的貨幣化以及其他非核心資產的出售或出售。

In summary, we've made excellent progress this quarter toward all of our strategic and financial targets. We have clear line of sight toward achieving the key drivers of our year to go earnings growth, and we are well positioned to continue delivering on our financial goals beyond this year.

總之，本季我們在實現所有策略和財務目標方面取得了巨大進展。我們對於實現今年獲利成長的主要驅動力有著清晰的目標，並且我們有能力繼續實現今年以後的財務目標。

We've also made significant headway on our long term funding plan, which allows us to continue simplifying and focusing our portfolio while we scale our leading renewables and utilities businesses. Our strategy to serve high value corporate customers, including a rapidly growing base of data center provider leaders across our renewables and utilities businesses is highly resilient and will continue to yield financial success for AES and our shareholders.

我們的長期融資計劃也取得了重大進展，這使我們能夠繼續簡化和集中我們的投資組合，同時擴大我們領先的再生能源和公用事業業務。我們為高價值企業客戶提供服務的策略，包括我們再生能源和公用事業業務中快速成長的資料中心提供者領導者群體，具有高度彈性，並將繼續為 AES 和我們的股東帶來財務成功。

With that, I'll turn the call back over to Andres.

這樣，我會將電話轉回給安德烈斯。

Thank you, Steve. For opening up the call for Q&A, I would like to summarize the highlights from today's call with more than 8 gigawatts of agreements already signed directly with large technology customers, including 2.2 gigawatts signed since our last call. We continue to be the industry leader in this segment. At the same time, we continue to deliver our projects on time and on budget. With 1.6 gigawatts completed so far this year, we are fully on track to add a total of 3.6 gigawatts by the end of 2024.

謝謝你，史蒂夫。在開始問答電話會議之前，我想總結一下今天電話會議的要點，已經與大型技術客戶直接簽署了超過 8 吉瓦的協議，其中包括自上次電話會議以來簽署的 2.2 吉瓦協議。我們繼續成為該領域的行業領導者。同時，我們繼續按時、按預算交付我們的專案。今年迄今已完成 1.6 吉瓦裝置容量，我們完全預計在 2024 年底前增加 3.6 吉瓦裝置容量。

We see demand for power from data centers in the US growing around 22% a year, and we could not be better positioned to serve these customers, from our renewable business to our utilities. I would like to reiterate that was strong demand for the projects in our 66 gigawatt development pipeline and our existing 12.6 gigawatt backlog of signed long-term PPAs. We are very confident in our ability to continue to meet or exceed our long-term objectives.

我們看到美國資料中心的電力需求每年成長約 22%，從再生能源業務到公用事業，我們有能力為這些客戶提供更好的服務。我想重申的是，對我們 66 吉瓦開發管道中的項目以及我們現有的 12.6 吉瓦已簽署的長期購電協議積壓的項目有強勁的需求。我們對繼續實現或超越我們的長期目標的能力充滿信心。

Operator, please open up the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作員說明）

Jack Ashish Chopra, Evercore ISI.

傑克·阿什什·喬普拉，Evercore ISI。

Hey, team, good morning. First off, congrats on a solid quarter and first-half. Too bad the market is risk off today. Maybe just I have one question on the numbers, and then I have just one high-level macro question. First, just to Steve, could you update us on credit metrics, where did you end up as of Q2, and then where do you expect to be at the end of 2024 on FFO to debt?

嘿，團隊，早安。首先，恭喜本季和上半場表現穩定。可惜今天市場避險。也許我只有一個關於數字的問題，然後我只有一個高級宏觀問題。首先，史蒂夫，您能否向我們介紹信用指標的最新情況？

Yeah, sure. Hi, Durgesh, it's good to hear your voice. So credit is looking very, very strong. So we continue to be on a path of improving credit. At the parent level, I expect will be even higher than last year's -- year-end. And so it looks very good. There's obviously intra movement in quarters as we have cash flow -- some cash flow lumpiness coming up, but it continues very strong. I think we'll see the year end be even better than last year.

好，當然。嗨，Durgesh，很高興聽到你的聲音。所以信用看起來非常非常強。因此，我們繼續走在改善信用的道路上。在家長層面，我預計會比去年年底更高。所以它看起來非常好。由於我們有現金流，季度內顯然會出現一些波動——一些現金流會波動，但它仍然非常強勁。我認為我們會看到年底比去年更好。

So, just to be clear there, Steve, I think the target last year was 22%, if I have those numbers right on FFO to debt basis is the S&P methodology. Is that still kind of a good goalpost?

所以，史蒂夫，我要澄清一下，我認為去年的目標是 22%，如果我在 FFO 與債務的基礎上得到的這些數字是標準普爾方法論的話。這仍然是一個好的球門柱嗎？

Yeah. So we have a threshold of 20%. So you're referring more to -- I think, where we ended, which had plenty of cushion above that. And I think we will likely see ourselves even higher than that at the end of this year.

是的。所以我們的門檻是20%。所以你更指的是——我想，我們結束的地方，上面有足夠的緩衝。我認為我們可能會在今年年底看到自己的水平甚至更高。

Okay, perfect. A lot of question on the balance sheet. Okay, then maybe just one election question. Andres, appreciate the commentary in your prepared remarks. But I'm just wondering, obviously a great quarter here. You added to the Utilities, you added on the Renewable side. But I'm just wondering if all the noise around repeal of tax credits and other policy chatter, does that hurt your ability to sign new contracts? Does that come up in your contract negotiation, is that a risk? Maybe just help us sort through that. Thank you.

好的，完美。資產負債表上有許多問題。好吧，那麼也許只是一個選舉問題。安德烈斯，感謝您準備好的評論中的評論。但我只是想知道，這裡顯然是一個很棒的季度。您添加到公用事業，您添加到可再生能源方面。但我只是想知道，圍繞廢除稅收抵免和其他政策的所有噪音是否會損害您簽署新合約的能力？這在你們的合約談判中是否出現過，這是一個風險嗎？也許只是幫助我們解決這個問題。謝謝。

Sure, Durgesh. No, it's not slowing down our signing of contracts. What we really had is a situation that we had -- to some extent foreseen a couple years ago where it's really there's a shortage of renewable power for datacenters in many markets.

當然，杜爾吉什。不，這並沒有減慢我們簽約的速度。我們真正遇到的情況是幾年前我們在某種程度上預見的情況，即許多市場的資料中心確實存在再生能源的短缺。

So what's the biggest concern of our clients is actually time to power. Can you get me the power on time to power datacenters. And that's their main constraint. So no, there has been anything holding us down or quite frankly, a major issue of conversation with them. I do think we have to step back and say, look, ITC investment tax credits, production tax credits, they've been around for 32 years.

因此，我們的客戶最關心的實際上是啟動時間。您能讓我準時為資料中心供電嗎？這是他們的主要限制。所以不，有什麼事情阻礙了我們，或者坦白說，這是與他們談話的一個主要問題。我確實認為我們必須退一步說，看，ITC 投資稅收抵免、生產稅收抵免，它們已經存在了 32 年。

Second, there's been a tremendous amount of investment related to the Inflation Reduction Act. And 85% of that investment has gone into republican districts. Today, there are 8 million people working directly or indirectly in renewables in the US.

其次，與《通貨膨脹削減法案》相關的投資金額龐大。其中 85% 的投資都投入了共和黨選區。如今，美國有 800 萬人直接或間接從事再生能源工作。

So a total dismantling is highly unlikely in any scenario, whether there are some changes around the margin, sure. But thinking about the sector, quite frankly we operate in markets where there are no subsidies. We actually make more money in those subsidies. And it would change somewhat the structure of the contracts.

因此，在任何情況下，完全拆除的可能性都極小，當然，無論邊緣是否有一些變化。但考慮到這個行業，坦白說，我們在沒有補貼的市場中運作。我們實際上透過這些補貼賺了更多的錢。這將在一定程度上改變合約的結構。

But we see a wholesale revision of this very, very unlikely. Something more likely what happened to NAFTA, where it became the USMCA, and actually was, quite frankly, updated and improved in some areas. So that's where we see the market right now.

但我們認為大規模修訂的可能性非常非常小。北美自由貿易協定（NAFTA）更可能發生的情況，它成為了美國墨西哥貿易協定（USMCA），坦白說，實際上在某些領域進行了更新和改進。這就是我們現在看到的市場。

Got it. Thanks so much for the time. I appreciate it.

知道了。非常感謝您抽出時間。我很感激。

You're welcome. Thank you.

不客氣。謝謝。

Richard Sunderland, JPMorgan.

理查桑德蘭，摩根大通。

Hi, good morning and thanks for the time today.

你好，早安，謝謝你今天抽出時間。

Good morning. Rich.

早安.富有的。

Starting on the Utility announcements, can you outline the utility load opportunity in terms of the breakdown of that 3 gigawatt in advanced negotiations between Indiana and Ohio, plus how much of that capital could fall into the transmission and generation buckets relative to what's in the plant today?

從公用事業公告開始，您能否根據印第安納州和俄亥俄州之間的高級談判中3 吉瓦的細分來概述公用事業負載機會，以及相對於工廠中的資本，有多少資本可以落入輸電和發電領域今天？

Okay, that's a great question, but -- we will give you more color on that as time passes, because these are these are multiple agreements with multiple clients, and we'd really like to see how it shakes out. We're certainly there's going to be a lot of load added a lot of transmission assets added. But this is between two utilities between multiple clients. So right now, it's a little bit too early for us to give too much color in terms of exact load growth by business.

好的，這是一個很好的問題，但是- 隨著時間的推移，我們將為您提供更多信息，因為這些是與多個客戶簽訂的多項協議，我們真的很想看看它是如何產生的。我們肯定會增加大量的負載和大量的傳輸資產。但這是在多個客戶端之間的兩個實用程式之間。因此，現在我們對業務的確切負載成長進行過多的描述還為時過早。

Yeah, and just to add to that, Rich, we had previously guided to around 10% up for the utilities combined, this is definitely upside. There's significant acceleration of discussions. So definitely upside to the plans that we've given in the past. Timing matters here though, so we'll see some within our long-term guidance period and some beyond that. But we do see a lot more growth than we saw even at the start of this year.

是的，Rich，補充一點，我們之前指導公用事業合計上漲 10% 左右，這絕對是上行空間。討論明顯加速。因此，我們過去所製定的計劃絕對有好處。不過，時機在這裡很重要，因此我們會在長期指導期內看到一些，而在長期指導期內則會看到一些。但我們確實看到了比今年年初更多的成長。

Understood. Thanks for the color there. And then your language in the slides on maximizing megawatt quality over quantity, is that message has certainly been clear. But I'm curious if this is consistent with your raise per turn assumptions, I think that was back in 4Q or do you see further upside potential to returns given the supply and demand dynamics currently?

明白了。感謝那裡的顏色。然後，您在幻燈片中關於最大化兆瓦品質而不是數量的語言是，該資訊肯定很明確。但我很好奇這是否與您的每回合加薪假設一致，我認為這是在第四季度，或者考慮到目前的供需動態，您是否認為回報有進一步的上行潛力？

Okay. Basically, I think there's several things. One, when we talk about pipeline, that means we have something in the interconnection queue. And we have some degree of land control. So I would say not all pipeline were created equal.

好的。基本上，我認為有幾件事。第一，當我們談論管道時，這意味著我們在互連隊列中有一些東西。我們對土地有一定程度的控制。所以我想說，並非所有管道都是一樣的。

And when we talk about backlog, that's actually contracts that are signed and that we have to deliver and people have to buy that energy. So we've never taken anything material out of our backlog, even during COVID.

當我們談論積壓時，這實際上是已簽署的合同，我們必須交付這些合同，人們必須購買這些能源。因此，即使在新冠疫情期間，我們也從未從積壓的訂單中取出任何材料。

So what we're saying here with the basic message is, one, yes we increased our average rate of returns on these projects. We're not talking about mid-teens. The other thing is that rather than sign like one umbrella agreement with one particular client, we're optimizing the value of this resource among various clients and among opportunities.

因此，我們在這裡要傳達的基本訊息是，第一，是的，我們提高了這些項目的平均回報率。我們不是在談論青少年。另一件事是，我們不是與某個特定客戶簽署一份總括協議，而是在不同客戶和機會之間優化這項資源的價值。

So we see this as something where we invest in, we create this real pipeline. And then, we want to optimize the value from it. Will the average returns go up further? Well, I think it would depend on market by market and the opportunity.

因此，我們將其視為我們投資的領域，我們創建了這條真正的管道。然後，我們想要優化它的價值。平均報酬率會進一步上升嗎？嗯，我認為這將取決於市場和機會。

But right now, we feel very good about the mid-teen returns that we talked about. And we also feel very good about that we're making the best use of that pipeline to create value for our shareholders.

但現在，我們對我們談論的青少年回報感到非常滿意。我們也感到非常高興，我們正在充分利用該管道為股東創造價值。

Great. Thanks for the color there. I'll leave it there.

偉大的。感謝那裡的顏色。我會把它留在那裡。

Okay. Thanks, Richard.

好的。謝謝，理查。

Antoine Aurimond, Jefferies

安托萬·奧裡蒙德，杰弗里斯

Hey, guys. Hope you're well. Thank you for taking my question. Good morning. I guess to follow-up on Durgesh on the credit side, how do you frame the prospects of going towards a mid-BBB rating and what would be the timeline, we'll be contemplating?

大家好。希望你一切都好。感謝您回答我的問題。早安.我想在信用方面跟進 Durgesh，您如何建立中等 BBB 評級的前景以及我們將考慮的時間表是什麼？

Yeah. So as I said, credit metrics are definitely continuing to improve and so I see that as a possibility in a matter of years, not this year, that will have those metrics. So we don't have a specific target to share with you at this point, but I expect to be higher than last year and I expect it to continue to improve, as the installed base of our growth continues to grow and add cash.

是的。正如我所說，信用指標肯定會繼續改善，因此我認為幾年後（而不是今年）就有可能出現這些指標。因此，我們目前沒有具體的目標可以與您分享，但我預計會高於去年，並且隨著我們成長的安裝基礎繼續增長並增加現金，我預計它會繼續改善。

Today, we do carry construction debt that's not yet yielding. But relative to the base -- the base is increasing every year significantly in this moment that we are in. So yeah, I think that's very possible, but I don't have a specific date to share with you at this point.

今天，我們確實背負著尚未產生收益的建築債務。但相對於基數而言，在我們所處的這個時刻，基數每年都在顯著增加。所以，是的，我認為這很有可能，但目前我沒有具體的日期可以與您分享。

One thing I'd like to add, as we exit countries and as we're investing primarily in long-term contracted with investment grade off takers in renewables, or our US utilities, which also with this transformation are moving more towards a transmission rate base.

我想補充的一件事是，當我們退出國家時，我們主要投資於與可再生能源投資級承購商簽訂的長期合同，或者我們的美國公用事業公司，這些公司也通過這種轉型，更多地轉向傳輸率根據。

The quality of our cash flow continues to improve. So it's not only a question of the metrics, which as Steve said are improving, but the quality of that cash flow or how it's seen by credit rating agencies is improving as well. So on both sides, we feel very good about it.

我們的現金流品質持續改善。因此，這不僅是指標的問題（正如史蒂夫所說，指標正在改善），而且現金流的品質或信用評級機構如何看待它也在改善。所以對於雙方來說，我們都感覺非常好。

Yeah, and actually, I guess we'll keep going here because I have just that reminds me of another topic really here. Keep in mind that 80% of our debt is non-recourse to the parent and nearly all of that is amortizing investment grade rated subsidiary debt.

是的，實際上，我想我們會繼續在這裡討論，因為這讓我想起了這裡的另一個主題。請記住，我們 80% 的債務對母公司無追索權，幾乎所有債務都在攤提投資等級的附屬債務。

So it's a very high quality structure and the agencies are seeing that. So I think this, both the quantified metrics as I've mentioned as well as Andres said in the quality and looking at the debt structures, amortizing investment grade, it's a very, very robust, healthy structure.

所以這是一個非常高品質的結構，各機構都看到了這一點。所以我認為，無論是我提到的量化指標，或是安德烈斯在品質上所說的，以及債務結構、攤銷投資等級，這是一個非常、非常穩健、健康的結構。

Got it. Yeah, that makes sense guys. I guess on that note, with 85% of the CapEx going towards US based businesses, where do you see the geographical mix trending towards the end of the time period?

知道了。是的，這是有道理的。我想在這一點上，85% 的資本支出流向美國企業，您認為該時期末的地理組合趨勢如何？

End of the time period, like 2027 you're speaking?

你說的這個時段的結束時間是 2027 年嗎？

Yeah.

是的。

Okay. Look, I'd say -- we can -- I think there's a transformation in terms of -- we're moving more towards US dollar based investment grade off takers? So yeah, there's going to be heavier weighting towards the US. We do have opportunities to serve the same type of clients outside the US. We serve investment grade dollar contracts, many times with the same, with the same client. So, if we serve hyperscalers in the US and they want the same services, say, in Chile or in Mexico, then we can service. And that is a competitive advantage we have.

好的。聽著，我想說 - 我們可以 - 我認為這方面有一個轉變 - 我們正在更多地轉向基於美元的投資級承購商？所以，是的，美國的權重將會更大。我們確實有機會為美國以外的同類客戶提供服務。我們多次為同一客戶提供投資等級美元合約。因此，如果我們為美國的超大規模企業提供服務，而他們想要同樣的服務（例如在智利或墨西哥），那麼我們就可以提供服務。這就是我們擁有的競爭優勢。

Got it. Okay. That makes sense. And then I guess, so you mentioned more sort of quality of megawatt versus this is just volume, we're going to do, what 3.6 gigs this year. How should we think about that number evolving? Assuming it's still going to increase, but I guess you mentioned more quality, right? So what's sort of like that number fast forward a couple years?

知道了。好的。這就說得通了。然後我想，所以你提到了更多兆瓦的質量，而這只是數量，我們今年要做的就是 3.6 場演出。我們該如何看待這個數字的演進？假設它仍然會增加，但我猜你提到了更高的質量，對嗎？那麼這個數字快轉幾年後會是什麼樣子呢？

Look, when I put it this way, we have a backlog of more than 12 gigawatts of signed PPAs, we have to deliver. The majority of that will be within the period of by 2027. So that gives you -- that's a guaranteed build out that we have to do over the next three years.

聽著，當我這樣說時，我們已經簽署了超過 12 吉瓦的購電協議積壓，我們必須交付。其中大部分將在 2027 年期間完成。這就是我們在未來三年內必須做的有保證的建設。

So over time, assuming we're signing somewhere about 4.5 gigawatts, 5.5 gigawatts of new PPAs, those numbers have to converge. Unless, we grow the number of megawatt, PPAs that we're signing, and then it'll take a little bit more time to converge. But given that gives you sort of the run rate. Yes. We'll be 4 plus in coming years, just from the backlog we have today, and expect that to grow over time past that period of time of 2027.

因此，隨著時間的推移，假設我們在某個地方簽署了約 4.5 吉瓦、5.5 吉瓦的新購電協議，這些數字必須趨於一致。除非我們增加兆瓦的數量、我們正在簽署的購電協議，然後需要更多的時間來收斂。但考慮到這會給你某種程度的運行率。是的。僅從我們今天的積壓情況來看，未來幾年我們的積壓數量將達到 4 以上，並且預計到 2027 年之後，積壓數量將繼續增長。

Yeah, that makes sense. Okay, great. Well, Andres, thank you so much.

是的，這是有道理的。好的，太好了。嗯，安德烈斯，非常感謝你。

Thank you.

謝謝。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Hey, good morning. Thank you. Maybe back on the utility side of things, it's great to see all that load growth opportunity coming. When do you think you'd have an opportunity to relook at the CapEx outlook? And then at a high level, how do you think about financing, upsides in the utility CapEx trajectory?

嗨，早安。謝謝。也許回到公用事業方面，很高興看到所有負載成長機會的到來。您認為何時有機會重新檢視資本支出前景？然後，從較高的層面來看，您如何看待融資以及公用事業資本支出軌跡的上行空間？

Yeah, hey, David. Good morning. So as we are looking through the details of the timing of what we've recently signed, we'll flesh that out in our planning process, in the second half of this year and bake that into our update of guidance for the beginning of next year.

是的，嘿，大衛。早安.因此，當我們正在研究最近簽署的時間細節時，我們將在今年下半年的規劃過程中充實這一點，並將其納入我們明年年初的指導更新中年。

So definitely, I would see in the long-term horizon that we have out there through '27. This will start to come into play in the capital plan, but our funding plan, I don't expect to change at all. We have really done well on our asset sale plan. We are 2/3 of the way through, after only 18 months on a five year plan. We've got a lot of flexibility there. We have partnership capital. So there is no shortage of capital to invest in the utility growth here. It's a very attractive profile. And so -- I see it becoming material but I see it within the funding plan that we've already released through '27.

所以，從長遠來看，我肯定會看到我們在 27 年之前的表現。這將開始在資本計劃中發揮作用，但我預計我們的融資計劃不會發生任何改變。我們的資產出售計劃確實做得很好。五年計畫只花了 18 個月，我們就已經完成了 2/3。我們在那裡有很大的靈活性。我們有合夥資本。因此，這裡並不缺乏投資於公用事業成長的資本。這是一個非常有吸引力的個人資料。所以 - 我認為它變得重要，但我認為它在我們已經發佈到 27 年的融資計劃中。

Got it. That's really helpful. Thanks for that. And then just appreciate the comments on the supply chain outlook on the renewable side. I was just curious if I could get your sense, like how much line of sight do you have right now for that domestic supply in 2026, just as we think about navigating some of the tariffs on solar panels and battery storage? How are you feeling right now in terms of the line of sight for both of those supply chain?

知道了。這真的很有幫助。感謝那。然後欣賞對再生能源方面供應鏈前景的評論。我只是好奇我是否能理解您的想法，就像您現在對 2026 年國內供應有多少視線，就像我們考慮解決太陽能電池板和電池存儲的一些關稅一樣？現在您對這兩個供應鏈的視線感覺如何？

Well, we're feeling very good. And what I would say is, as we've mentioned, we have everything we need for this year, for 2024, and most of -- vast majority of what we want for 2025. And then we have signed agreement with domestic suppliers for starting in 2026.

嗯，我們感覺很好。我想說的是，正如我們所提到的，我們已經擁有今年、2024 年所需的一切，以及 2025 年我們想要的大部分——絕大多數。然後我們與國內供應商簽署了從2026年開始的協議。

So we feel very good about our ability to execute, deliver on our backlog in the US. And I would say that again, to date, we have not had to postpone or abandon any material project in our pipeline over the last five years.

因此，我們對我們在美國執行和交付積壓訂單的能力感到非常滿意。我想再說一遍，到目前為止，我們在過去五年中尚未推遲或放棄任何正在籌備中的重大項目。

So compared to what happened to supply chains with COVID, much more predictable. So we feel very good about it. And basically, we're again going to make that switch to domestic supply starting in 2026.

因此，與新冠疫情期間供應鏈發生的情況相比，其可預測性要高得多。所以我們對此感覺非常好。基本上，我們將從 2026 年開始再次轉向國內供應。

Okay, great. Understood. Thanks so much.

好的，太好了。明白了。非常感謝。

Thank you.

謝謝。

[Fa shey], Barclays.

[Fa shey]，巴克萊銀行。

Hi, good morning. Thanks very much for taking my question. So I guess just first quickly on renewable execution, really great to see the guidance update in terms of EBITDA with tax attributes. I guess, could you maybe just talk about given the backlog, the PPA signing cadence, the ability to bring projects online, how does your EBITDA excluding tax attribute would trend? I guess given where it is now year-to-date? Seems a little light, but just wanted to see how should we think about it going deeper into the year? Thanks.

早安.非常感謝您提出我的問題。因此，我想首先要快速了解可再生執行，非常高興看到 EBITDA 與稅收屬性的指導更新。我想，您能否談談考慮到積壓、PPA 簽署節奏、專案上線的能力，您的 EBITDA（不包括稅收屬性）的趨勢如何？我想考慮到今年迄今為止的情況？看起來有點輕，但只是想看看我們應該如何思考今年更深入的事情？謝謝。

Yeah, hey, good morning. Thanks. So we do have a significant -- significant upside in our tax credits. As I mentioned in my remarks, primarily that's driven by -- we're qualifying for more energy communities than originally anticipated. And we also have seen the valuation of our tax attributes, particularly through transfers, be valued at a higher level. What's important, as I've always emphasized is that these are cash.

是的，嘿，早安。謝謝。因此，我們的稅收抵免確實有顯著的優勢。正如我在演講中提到的，這主要是由於我們有資格獲得比最初預期更多的能源社群。我們也看到我們的稅收屬性的估值，特別是透過轉移支付，得到了更高的估值。正如我一直強調的，重要的是這些都是現金。

It's a very attractive profile. This is not just earnings, but its cash coming in, which is a very early return of a significant amount of capital 30% up to 50%. So we're really, really pleased with this upside. There are a few other upsides in EBITDA as well. So we have had higher margins and higher dispatch in our gas business in the Dominican Republic.

這是一個非常有吸引力的個人資料。這不僅僅是盈利，還有現金流入，這是大量資本的早期回報，30% 到 50%。所以我們對這優勢非常非常滿意。EBITDA 還有其他一些優點。因此，我們在多明尼加共和國的天然氣業務獲得了更高的利潤和更高的調度量。

We've also continued to drive efficiency and productivity in our renewables and utilities businesses where we're very focused on growth. And in fact, growing this businesses is actually costing less than we anticipated. So we see favorability in costs going through EBITDA this year.

我們也持續提高再生能源和公用事業業務的效率和生產力，我們非常注重成長。事實上，發展這項業務的成本實際上低於我們的預期。因此，我們認為今年 EBITDA 的成本有利。

So as you caught on -- there has been an offset to that, and it's what I mentioned in my remarks, which is primarily the Columbia outage. It was a record amount of flooding and inflow that took the units out for all of the month of June and the first part of July.

正如您所了解的那樣，這種情況已經有所抵消，這就是我在演講中提到的，主要是哥倫比亞號停電。6 月整個月和 7 月上半月，洪水和流入量創歷史新高，導致這些單位停駛。

So that unfortunately did offset and is a negative driver to EBITDA this year. And then the other, and I think we mentioned this, we did have a very low wind resource in Brazil, more so in the first quarter, but that also had impacted our EBITDA this year.

因此，不幸的是，這確實抵消了，並且是今年 EBITDA 的負面驅動因素。然後另一個，我想我們提到過這一點，我們在巴西的風力資源確實非常低，第一季更是如此，但這也影響了我們今年的 EBITDA。

So we have some offsets, but overall really pleased with the growth, the cash-driven growth and that we continue to be even more efficient in our renewables and utilities growth machines.

因此，我們有一些抵消，但總體而言，我們對成長、現金驅動的成長以及我們在再生能源和公用事業成長機器方面繼續提高效率感到非常滿意。

Got it. No, that's very helpful. I guess second, we noticed a comment on being able to bring the majority of the backlog online by 2027. I guess with this year, 2024, a targeted 3.6 gigawatts of new projects online, could you talk about the cadence on bringing new projects online, just on this front, from this year through 2027, and what kind of lumpiness should we expect coming out of it?

知道了。不，這非常有幫助。我想其次，我們注意到有評論稱能夠在 2027 年之前將大部分積壓訂單上線。我想今年，即 2024 年，目標是 3.6 吉瓦的新項目上線，您能否談談從今年到 2027 年，在這方面上線新項目的節奏，以及我們預計會出現什麼樣的波動它的？

Yeah, well, I think we've very much smoothed out the cadence of bringing projects online. At the beginning where we were ramping up very fast, in fact, last year we grew 100%. The number of projects we're bringing online. So this year we're able to manage it much better in the sense that it's almost about half is being done in the first half and the third quarter is going to be quite heavy as well.

是的，我認為我們已經非常順利地將專案上線的節奏。一開始我們的成長速度非常快，事實上，去年我們成長了 100%。我們上線的項目數量。因此，今年我們能夠更好地管理它，因為幾乎一半的工作是在上半年完成的，第三季也將相當繁重。

So the cadence is going to be much more even throughout the year, as again, the growth rate is not 100% in one year. And obviously it will increase because again, we have to deliver 12.6% over the next three years. And so most of that is it gets your numbers closer to four.

因此，全年的節奏將會更加均勻，同樣，一年內的成長率也不是 100%。顯然它還會增加，因為我們必須在未來三年內交付 12.6%。所以最重要的是它讓你的數字接近四。

So we feel very good about the cadence. The biggest challenge was to ramp up 100%, and we did that, and we actually did all of our projects that we needed to get done last year on time.

所以我們對節奏感覺非常好。最大的挑戰是提高 100%，我們做到了，而且我們實際上完成了去年需要按時完成的所有專案。

That's great. Really appreciate the colors from both. Thanks.

那太棒了。真的很欣賞兩者的顏色。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究中心。

Hey, good morning.

嗨，早安。

Good morning, Michael.

早上好，麥可。

Yeah. Hey, Andres. A couple of questions, I know there's been some on the utility growth, but 50% plus load growth seems pretty eye popping. And I'm just curious, like, how you're feeling about the supply side and ability to serve that. Like, for example, if I just look at, you have an AES Indiana, I don't know, I mean, there's like a planned conversion, and then a handful of renewables and a lot of load growth coming.

是的。嘿，安德烈斯。有幾個問題，我知道有一些關於公用事業成長的問題，但 50% 以上的負載成長似乎令人大吃一驚。我只是很好奇，例如，你對供應方面以及服務能力的看法如何。舉個例子，如果我看看，你有一個 AES 印第安納州，我不知道，我的意思是，有一個計劃中的轉換，然後是一些可再生能源和大量的負載增長。

And then, obviously, in Ohio, you have less control over the supply, and we got a data point on that earlier this week. I guess, yeah, just how explosive load growth, how are you feeling about the ability for generation to serve that in those two states?

然後，顯然，在俄亥俄州，你對供應的控制較少，本週早些時候我們得到了一個數據點。我想，是的，負載成長有多麼爆炸性，您對這兩個州的發電能力有何看法？

Yeah. Look, that's a great question. This is going to be timed over the years, so it's not like all at once we have to deliver this in the next two years. So it represents opportunities, definitely, for additional generation. And as I've been saying in my remarks a good part of that's going to come from renewables. Some of that increased demand may come from gas in some locations.

是的。聽著，這是一個很好的問題。這將在未來幾年內完成，因此我們不必在未來兩年內一次完成所有任務。因此，它無疑代表著新一代的機會。正如我在演講中所說，其中很大一部分將來自再生能源。在某些地區，部分增加的需求可能來自天然氣。

So definitely all of this is we feel it will get done and the solution will be different in MISO or PJM, there will be differences and it'll be different between the two utilities, in terms of one of them will involve more direct securing the generation itself.

因此，毫無疑問，我們認為這一切都會完成，而且MISO 或PJM 中的解決方案會有所不同，這兩個實用程式之間會有差異，而且會有所不同，就其中之一而言，將涉及更直接地保護一代本身。

So this will pan out, but it's a very good question, because yes, there is quite a high number of growth. It represents a great opportunity, but we wouldn't have said it if we didn't know how this could be served.

所以這將會成功，但這是一個非常好的問題，因為是的，成長速度相當高。這是一個很好的機會，但如果我們不知道如何提供這個機會，我們就不會這麼說。

And I would just add to Andres' point in Indiana, where generation will be part of the solution keep in mind, we have multiple existing gas sites. So we have the conversion at Petersburg, but we also have space for additional gas at Eagle Valley, at Harding Street, and at the Georgetown site. So we are seeing the whole package being able to support datacenter growth there.

我想補充安德烈斯在印第安納州的觀點，發電將成為解決方案的一部分，請記住，我們有多個現有的天然氣站點。因此，我們在彼得堡進行了改造，但我們在鷹谷、哈丁街和喬治城也有額外的天然氣空間。因此，我們看到整個軟體包能夠支援資料中心的成長。

In Ohio, of course, you mentioned that that's a distribution transmission. We have a very attractive area for datacenters, our service territory is quite large, a lot of available cheap land, very centrally located to fiber networks and data load, accessible water.

當然，在俄亥俄州，您提到這是分散式傳輸。我們有一個非常有吸引力的資料中心區域，我們的服務區域相當大，有許多可用的廉價土地，位於光纖網路和資料負載的中心，還有可用的水。

So it is a very appealing area. You can see from the -- I think you're referring to the PJM capacity auction, was quite high, demonstrating how significant demand has increased. But within PJM, I think our territory in Western Ohio is one of the most attractive areas, if not the most.

所以這是一個非常有吸引力的地區。您可以從 - 我認為您指的是 PJM 容量拍賣中看到，拍賣的價格相當高，這表明需求增加了多麼顯著。但在 PJM 內部，我認為我們在俄亥俄州西部的領土即使不是最具吸引力，也是最具吸引力的地區之一。

Yeah, appreciate all that color. Just to follow up on that last point this came up on some of your peers' calls, but any appetite from your standpoint to own regulated generation in Ohio and what could that look like if it turns out that this can't be done through competitive markets?

是的，欣賞所有的顏色。只是為了跟進最後一點，這是在你的一些同行的呼籲中出現的，但是從你的角度來看，你對俄亥俄州受監管的一代有任何興趣，如果事實證明這不能通過競爭來完成，那會是什麼樣子？

Yeah. Look, right now we have no appetite for generation in Ohio directly, but again, this represents opportunities for our renewables team. So I would say stay tuned, but certainly we feel that these targets can be met, but again realize this is going to happen over time, as Steve had said in his comments.

是的。看，現在我們對直接在俄亥俄州發電沒有興趣，但這再次為我們的再生能源團隊帶來了機會。所以我想說，請繼續關注，但我們當然認為這些目標可以實現，但再次意識到這將隨著時間的推移而發生，正如史蒂夫在評論中所說的那樣。

Okay, great. And then, just one more, over to like the renewable side, I think since the last call we had the Brazil asset sale announcement, should we just think about that as fully embedded in your longer-term guidance or is there like more additions than expected that are going to kind of backfill that in terms of the longer-term growth?

好的，太好了。然後，還有一點，關於可再生能源方面，我認為自從上次電話會議以來我們宣布了巴西資產出售，我們是否應該考慮將其完全納入您的長期指導中，或者是否有更多的補充預計這會在長期成長方面有所回補？

No, that's already embedded in our guidance.

不，這已經包含在我們的指南中。

Yeah, both this year and obviously the long-term Brazil exit is included in our numbers.

是的，今年和顯然巴西的長期退出都包含在我們的數字中。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Willard Grainger, Mizuho.

威拉德·格蘭傑，瑞穗。

Hi. Good morning, everybody. Can you hear me?

你好。大家早安。你聽得到我嗎？

Yeah, good morning.

是的，早安。

Thanks for taking my question. Just maybe one, with the results of the PJM capacity auction coming out this week and just directionally higher power prices and projects coming out of the queue for next year, just how are you thinking about the cadence of your development pipeline?

感謝您提出我的問題。也許只有一個，隨著本週 PJM 產能拍賣的結果公佈，以及定向更高的電價和明年排隊的項目，您如何看待您的開發管道的節奏？

And any color on that would be super helpful. Thank you.

任何顏色都會非常有幫助。謝謝。

Look, we have been saying -- again, for several years that we were seeing shortages developing, just looking at the corporate demand, especially for renewables and the ability of suppliers to ramp up to meet that demand.

看，我們多年來一直在說，只要看看企業需求，特別是可再生能源以及供應商提高滿足該需求的能力，我們就看到短缺正在發展。

So to some extent, what is happening in the market is what we expected. This is not going to make any difference to our plans. Again, we have contracts, we have sites, we've already locked in financing, et cetera.

所以在某種程度上，市場正在發生的事情是我們所預料的。這不會對我們的計劃產生任何影響。再說一遍，我們有合同，有場地，我們已經鎖定了融資，等等。

So equipment prices, so it doesn't make any change to our plans. What it does, I think, signal is the value of our existing assets are going to go up as this shortages materialize. So no effect in the -- generally, in the shorter term, but in the longer term, it means that our assets are more valuable. And to some extent, it's what we've been planning for. So it's not, of course, a specific option, we don't intend to be clairvoyant, but the general direction of the market that's unfolding is what we expected.

所以設備價格上漲，所以它不會對我們的計劃做出任何改變。我認為，它的作用表明，隨著短缺的出現，我們現有資產的價值將會上升。因此，一般來說，在短期內沒有影響，但從長遠來看，這意味著我們的資產更有價值。在某種程度上，這就是我們一直在計劃的。所以，當然，這不是一個特定的選擇，我們無意洞察一切，但市場正在展開的整體方向是我們所預期的。

I appreciate the color there. Most of my questions have been answered. Thank you. I'll get back in queue.

我很欣賞那裡的顏色。我的大部分問題都得到了解答。謝謝。我會回到隊列中。

Okay. Thank you.

好的。謝謝。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

Thank you. So I have lots of questions. So first, maybe in this low interest rate environment, I'm just -- I'm actually wondering. So first, again, so does that actually help further boost the profitability of the projects that are yet to be built? Meaning, I mean, you have embedded certain assumptions about interest rates for like construction financing, for cost of debt, et cetera. So do I get actually an incremental benefit now that we're seeing seemingly in a lower interest rate environment?

謝謝。所以我有很多問題。首先，也許在這種低利率環境下，我只是——我實際上想知道。那麼首先，這真的有助於進一步提高尚未建造的項目的盈利能力嗎？我的意思是，你已經嵌入了有關建築融資、債務成本等利率的某些假設。那麼，既然我們似乎在較低的利率環境中看到了這一點，那麼我實際上能獲得增量收益嗎？

So Angie, this is Steve. Good morning. So look, we can't have it both ways. So we have, as I've often talked about, a very low risk way of executing, which means we lock in almost all of our costs when we sign our PPAs, including hedging the long-term financing.

安吉，這是史蒂夫。早安.所以看，我們不能兩全其美。因此，正如我經常談到的，我們有一種風險非常低的執行方式，這意味著我們在簽署購電協議時鎖定了幾乎所有成本，包括對沖長期融資。

So for anything that we've signed, we're pretty much, we've baked in the price of that financing. But on a go-forward basis, look, lower interest rates are a good thing. They reduce the cost of new infrastructure and so reduce the cost to the customer.

因此，對於我們簽署的任何協議，我們幾乎已經考慮了融資的價格。但從長遠來看，較低的利率是件好事。它們降低了新基礎設施的成本，從而降低了客戶的成本。

So overall, I think it's a further catalyst to demand and will help the whole sector. But we maintain a low risk structure in the way we execute.

因此，總的來說，我認為這是需求的進一步催化劑，並將有助於整個產業。但我們的執行方式保持低風險結構。

Obviously, we are highly contracted for future cash flows. So lower interest rates means a lower discount rate. It means those cash flows are worth more. But -- the benefits on a sort of new contract basis will be for new contracts being signed, but not for the backlog.

顯然，我們對未來的現金流量有很大的壓力。因此，較低的利率意味著較低的折現率。這意味著這些現金流更有價值。但是，基於新合約的好處將是簽署新合同，而不是積壓訂單。

Okay. So then, changing topics, so those emission reduction targets or renewable power targets for hyperscalers, so obviously, here are those points that they're making, but I also see a number of these datacenters being developed on very coal heavy grids, like Kentucky and Mississippi.

好的。那麼，改變話題，那麼超大規模企業的減排目標或可再生能源目標，很明顯，這是他們正在提出的觀點，但我也看到許多這樣的數據中心正在以煤炭為主的電網上開發，例如肯塔基州和密西西比州。

I mean -- and then the utilities that are on the other side of those transactions are basically saying that hyperscalers have eventual targets for emission reductions or carbon goals. But they're happy with just absorbing carbon heavy power early on and then dealing with that carbon footprint later. So how does that tie into this pitch that, in a sense, they have to just procure renewable power when again -- when we have these instances where they're just going for large quantities of available power, largely regardless of the carbon footprint?

我的意思是，這些交易另一方的公用事業公司基本上是在說，超大規模企業有最終的減排目標或碳目標。但他們很高興能夠儘早吸收碳重能量，然後再處理碳足跡。那麼，從某種意義上說，這與他們必須再次購買再生能源的說法有何關聯——當我們遇到這些情況時，他們只是尋求大量可用電力，很大程度上不考慮碳足跡？

That's a great question. The way I would put it is their preference is renewable power, right? So basically, you're talking about situations where they have no other alternative. So they're not happy to suck up coal power from the grid. They basically will either have offsets with a VPP or by RECs or -- and quite frankly, in most cases, will require that renewables come online in the future.

這是一個很好的問題。我想說的是他們更喜歡再生能源，對吧？所以基本上，你談論的是他們別無選擇的情況。所以他們不樂意從電網吸收煤電。它們基本上要么通過 VPP 或 REC 進行抵消，要么坦率地說，在大多數情況下，將要求可再生能源在未來上線。

So you have to put it like this is -- the last alternative. And so obviously, if you have a datacenter, the most important thing is to have power. So if you have no other alternative, you will not go for renewables. But they do have the renewables goals, and they do want that power to be as low carbon as possible. So that's in terms of the demand.

所以你必須這樣說——最後一個選擇。顯然，如果您有一個資料中心，最重要的是擁有電力。因此，如果你沒有其他選擇，你就不會選擇再生能源。但他們確實有再生能源的目標，他們確實希望這種電力盡可能低碳。這就是需求方面的情況。

Now, let's look at the supply. If you look at what's in the interconnection queue, almost all of it is renewables, if you include batteries. So the fact is what can get built, let's say, over the next five years, for sure, is going to be very heavily weighted towards renewables.

現在，我們來看看供應情況。如果您查看互連隊列中的內容，您會發現幾乎所有內容都是再生能源（如果包括電池）。所以事實是，可以說，在未來五年內，可以建造的建築肯定會非常重視再生能源。

As Steve mentioned, you have to combine these in the lowest carbon way possible. And if that means adding some gas plants, that will be done. But I think that the direction is clear, because I remember you on one call said that it's all going to be nuclear and I kind of laughed, we both laughed and said, tell me what the price of an SMR is? How can we sign a PPA with embedding nuclear?

正如史蒂夫所提到的，你必須以盡可能最低碳的方式將這些結合起來。如果這意味著增加一些天然氣工廠，那就會完成。但我認為方向很明確，因為我記得你在一次電話中說這一切都將是核的，我有點笑了，我們都笑了說，告訴我 SMR 的價格是多少？我們如何簽署嵌入核電的購電協議？

Second of all, the regulatory hurdles to bringing on nuclear are still very significant. And we really don't have price certainty on it. So renewables are going to be the bulk of that add on. That's what they want. Again, yes, they will make deals for the short run if that's the only alternative. But it's not their preferred route.

其次，發展核電的監管障礙仍然非常重大。我們確實沒有價格確定性。因此，再生能源將成為其中的大部分。這就是他們想要的。再說一遍，是的，如果這是唯一的選擇，他們會進行短期交易。但這不是他們的首選路線。

No. I understand. But again, I obviously hear your point, yes. It's just that I'm wondering if renewable power is more like a source of basically carbon free credit or is it the source of energy? Because again, one could argue that the datacenters are basically using traditional thermal power for the supply of energy. And then, renewables, again, just offset the carbon footprint. I'm not sure if that's actually bad or good. I'm debating it myself. It depends on my question. But I'm just -- again.

不。我明白。但同樣，我顯然聽到了你的觀點，是的。只是我想知道再生能源是否更像是基本無碳信貸的來源，還是能源的來源？因為，人們可能會說資料中心基本上使用傳統的火力來提供能源。然後，再生能源再次抵消了碳足跡。我不確定這實際上是壞還是好。我自己也在爭論。這取決於我的問題。但我只是——再一次。

Yeah, I think it depends on the client, quite frankly. Some clients are much more stringent. Some clients actually want hourly matched renewables. Some clients require additionality. Most of them require additionality. So it's not just one-size-fits-all. I think the renewable standards will differ among them. But the direction is very clear. So I don't see anybody sort of walking away from it at this point. And quite to the contrary, they're under pressure a lot because as they ramp up very significantly their datacenters and they're taking some power which is not renewable, their total carbon footprint goes up and that's something that they've had to address.

是的，坦白說，我認為這取決於客戶。有些客戶要求更為嚴格。一些客戶實際上想要每小時匹配的可再生能源。有些客戶需要額外性。其中大多數都需要額外性。因此，它不僅僅是一刀切的。我認為它們之間的可再生標準會有所不同。但方向非常明確。所以我認為目前沒有人會放棄它。恰恰相反，他們承受著很大的壓力，因為當他們大幅增加資料中心並且使用一些不可再生的電力時，他們的總碳足跡就會增加，這是他們必須解決的問題。

So I would say that, yes, they're being pragmatic. But in terms of their goals and desires, those remain unchanged. And it's not uniform across all of them. It's not one-size-fits-all.

所以我想說，是的，他們很務實。但就他們的目標和願望而言，這些保持不變。而且它們之間的情況並不統一。它不是一刀切的。

And then lastly, when you have this page where you mention all of these additional transactions you've entered into with hyperscalers. So is this co-location? Is it that this is sort of a set of assets located at least in the same sort of zone, like say in PJM or again, I'm just, I'm not trying to be facetious here? But I'm just wondering, so is this power really directly feeding into these hyperscalers or is it just like being commingled with other power and it's, again, this sort of a carbon attribute as opposed to the energy?

最後，當您在這個頁面上提到您與超大規模企業進行的所有這些額外交易時。那麼這是共置嗎？這是不是至少位於同一區域的一組資產，就像在 PJM 中一樣，或者再說一遍，我只是，我不想在這裡開玩笑？但我只是想知道，這種電力真的直接輸入到這些超大規模電腦中，還是就像與其他電力混合一樣，它又是一種與能源相反的碳屬性？

Yeah. So I'll just add on to what Andres said. So in almost all these cases, even you're talking about, Angie, not to say, yes, these are resulting in renewable PPAs. Some cases in the same location or nearby locations, and others where they're focused on time to power going to the grid, but then also contracting for renewables perhaps further away.

是的。所以我將補充安德烈斯所說的內容。因此，在幾乎所有這些情況下，即使你在談論安吉，也不是說，是的，這些都會產生可再生的購電協議。有些情況是在同一地點或附近地點，而另一些情況是他們專注於向電網供電的時間，但隨後也簽訂了可能更遠的可再生能源合約。

Most of what we are doing is I would say you would call more of a co-location regionally where we're supplying energy, including most of what we signed recently in the same grid and relatively close to the datacenter.

我想說，我們所做的大部分工作是在我們提供能源的區域內進行更多的託管，包括我們最近在同一電網中籤署的大部分內容，並且距離資料中心相對較近。

So that is -- that is by and large what we've -- what we've seen most looking for. But when time to power is, of course, a priority, they're looking for alternatives. But the great thing is that in all cases, the additionality of renewables, whether it's direct or through RECs, is a top demand from these customers.

所以這就是——總的來說，這就是我們——我們所看到的最尋找的東西。但當上電時間當然是首要任務時，他們就會尋找替代方案。但最棒的是，在所有情況下，再生能源的額外性，無論是直接的還是透過 REC 的方式，都是這些客戶的首要需求。

Okay. And then, lastly, so what happens, for example with AES Ohio (technical difficulty) capacity prices, most of the (technical difficulty) now that we have this kick up in key energy prices will follow. I mean, this is a wires only business. Are you concerned about the impact on electric bills and affordability and how that might suppress any sort of a T&D investment?

好的。最後，會發生什麼，例如 AES 俄亥俄州（技術困難）產能價格，現在我們關鍵能源價格上漲，大部分（技術困難）將隨之而來。我的意思是，這是一項僅限有線業務的業務。您是否擔心對電費和負擔能力的影響以及這可能如何抑制任何形式的輸配電投資？

I would say, look, first, we have the lowest rates in the state. So we're starting off from the best position of anybody. Second, realize that our new additional growth, these are people who, again, the most important thing is to find a good location and to have the power and the other services that they need.

我想說，首先，我們的利率是全州最低的。所以我們從任何人的最佳位置開始。其次，要認識到我們新的額外成長，這些人最重要的是找到一個好的位置並擁有他們需要的電力和其他服務。

So that does not concern me in terms of -- let's say, saying, well, this growth will not happen because the capacity prices went up. And as I've said before, to some extent, not this particular auction, not the extent of this one time jump. But we had been expecting this. So this is not something that's like out of left field and we have to scramble. We have been talking about and you can hear from all our earnings calls and we've been saying, look, there's going to be a shortage. And returns are going to improve over time. And so directionally, this is very much what we expected.

因此，這並不讓我擔心——讓我們說，好吧，這種增長不會發生，因為容量價格上漲。正如我之前所說，在某種程度上，不是這次特別的拍賣，也不是這次跳躍的程度。但我們一直期待著這一點。所以這並不是什麼超出範圍的事情，我們必須爭先恐後。我們一直在談論，你可以從我們所有的財報電話會議中聽到，我們一直在說，看，將會出現短缺。隨著時間的推移，回報將會提高。從方向上來說，這正是我們所期望的。

Okay. Thank you. Thanks.

好的。謝謝。謝謝。

All right. Thanks, Angie.

好的。謝謝，安吉。

Biju Perincheril, SIG

Biju Perincheril，SIG

Yeah, thanks for taking my question. A question on domestic content bonus, can you talk about when your projects might when you're targeting your projects to be eligible for that and maybe the implications for your returns? And if you could talk to separately the solar and storage projects, that would be great. And then, I have a follow-up.

是的，謝謝你回答我的問題。關於國內內容獎金的問題，您能否談談您的專案何時有資格獲得該獎金，以及對您的回報的影響？如果您可以分別討論太陽能和儲存項目，那就太好了。然後，我有一個後續行動。

Okay. So first, I'd say in terms of domestic content, in terms of our wind project, those already meet the criteria. Remember, it's a criteria based on the total cost of the project, just the solar panels, again we again, we expect to be meeting that by 2026.

好的。首先，我想說的是，就國內內容而言，就我們的風電項目而言，那些已經符合標準。請記住，這是一個基於專案總成本（僅太陽能電池板）的標準，我們再次重申，我們預計到 2026 年將達到這一目標。

In terms of batteries, our main supplier is Fluence and they should be meeting that, quite frankly, starting in 2025. So all together we feel very good about meeting domestic content requirements. And then there are other things like trackers, and I think the team's done a very good job to passage assets such that they do meet the domestic content criteria.

在電池方面，我們的主要供應商是 Fluence，坦白說，他們應該從 2025 年開始滿足這項要求。因此，我們對滿足國內內容要求感到非常滿意。還有其他東西，例如追蹤器，我認為團隊在傳遞資產方面做得非常好，使它們確實符合國內內容標準。

So it's not one-size-fits-all. It's like what's available and if you have wind, it may -- lesser, but you put it together and the total meets it. So we feel very good about that meeting the domestic content criteria.

所以它不是一刀切的。這就像可用的東西，如果有風，它可能會較小，但你把它們放在一起，總數就會滿足它。因此，我們對滿足國內內容標準感到非常滿意。

The adder is across the entire capital cost of the project, once you meet the threshold for the certain components that have to be domestically sourced. So it's a 10% across not just those components, but the whole thing, which is really attractive.

一旦達到必須在國內採購的某些組件的門檻，加法器就涵蓋了專案的整個資本成本。因此，這 10% 不僅涵蓋這些組件，而且涵蓋整個事物，這確實很有吸引力。

Yeah. And we have no trouble meeting things like prevailing wage, et cetera. So again, the team's been working very hard on this, and we feel that we're very well positioned.

是的。我們可以輕鬆滿足現行工資等要求。再說一次，團隊在這方面一直非常努力，我們覺得我們處於非常有利的位置。

And is your expectation that you would be able to retain most of that or you would have to pass along that in terms of PPA pricing, just trying to understand the impact to your returns?

您是否期望能夠保留其中的大部分，或者您必須在購電協議定價方面將其傳遞出去，只是想了解對您的回報的影響？

Again, I think it's on a case-by-case basis, it depends on the demand supply in the particular market. So I think the best answer would be shared. And then the vision of spoils will depend on the particular circumstances.

再說一次，我認為這要根據具體情況而定，取決於特定市場的需求供應。所以我認為最好的答案會被分享。然後戰利品的願景將取決於具體情況。

Got it. My follow up was and we talked about a lot about sort of time to power. So for renewables projects, can you just talk what you bring to the table specifically from a technology perspective? I think last quarter you sort of talked about DLR and batteries and that almost that or there are other solutions that you could bring to the table in terms of addressing that concern for your end customers.

知道了。我的後續行動是，我們討論了許多關於上台時間的問題。那麼對於再生能源項目，您能從技術角度具體談談您帶來的成果嗎？我認為上個季度您談到了 DLR 和電池，並且您幾乎可以提出其他解決方案來解決最終客戶的擔憂。

Yes. We really look at this sort of holistically and we tend to co-create with the client. Hey, look, what do you want? And then we'll bring the technologies to bear. We don't come and say, look, we have this really neat widget. This is what you should buy. Now given the new technologies I really do feel that we've been a leader in this. So in everything from we did invent lithium ion, the use of lithium-ion batteries for grid stability. We started that 14 years ago.

是的。我們確實從整體上看待這種情況，並且傾向於與客戶共同創造。嘿，看，你想要什麼？然後我們將應用這些技術。我們不會過來說，看，我們有這個非常漂亮的小部件。這是你該買的。現在考慮到新技術，我確實覺得我們已經成為這方面的領導者。所以從我們確實發明了鋰離子開始，利用鋰離子電池來實現電網的穩定性。我們從 14 年前就開始這麼做了。

We do have the biggest dynamic line rating project in the country. We -- Fluence is doing a number of very innovative things to use batteries to be able to get more use out of existing transmission lines. We also were the first to do hourly matched 24/7 long-term contracts for hyperscaler clients. So we continue to do that. And with Uplight, there's a number of VPP facilities that's well-managed, energy management.

我們確實擁有全國最大的動態線路評級項目。我們——Fluence 正在做一些非常創新的事情，以使用電池，以便能夠更多地利用現有的傳輸線。我們也是第一家為超大規模客戶提供按小時匹配的 24/7 長期合約的公司。所以我們繼續這樣做。借助 Uplight，許多 VPP 設施都得到了良好的能源管理管理。

And finally, I think Maximo is a great example of we are thinking about the future. One of the constraints and I am sure you've heard it, was like labor force for building solar projects. And the fact is you have lift 65 pound today solar panels.

最後，我認為 Maximo 是我們思考未來的一個很好的例子。我相信您已經聽說過，限制之一就是建立太陽能專案的勞動力。事實上，今天的太陽能電池板重達 65 磅。

In heavy heat the restrictions, crews can only work six hours for example. And it takes a very strong individual to be able to do this task at all. So with Maximo this really allows us, first, to do it much more quickly. You can work three shifts even in terrible weather or hot weather conditions.

例如，在酷熱的限制下，工作人員只能工作六個小時。需要非常強大的個人才能完成這項任務。因此，對於 Maximo，這確實讓我們首先能夠更快地完成工作。即使在惡劣的天氣或炎熱的天氣條件下，您也可以實行三班倒。

In addition to that, you don't have to be particularly physically strong to do it. You have to be able to supervise the robot. So, Maximo is an example of how we would bring projects online faster and also with cost at damages as well. So this is the first step. We are starting to use it. Next year, we will be ramping up. But after that, we can see a fleet Maximo out there, which would give us a competitive advantage.

除此之外，你不需要特別強壯就能做到這一點。你必須能夠監督機器人。因此，Maximo 是我們如何更快地將專案上線並以損害為代價的一個例子。所以這是第一步。我們正在開始使用它。明年，我們將加大力度。但在那之後，我們可以看到一支馬克西莫艦隊，這將為我們帶來競爭優勢。

In other words, that we could bring -- we wouldn't say it's labor shortages, because we can hire a much broader universe of individuals. We can work in three shifts in all weather conditions. And we can quite frankly do it faster and better. So that's another example. So again, I think our AES next and our views on technology have been really industry leading.

換句話說，我們可以帶來——我們不會說這是勞動力短缺，因為我們可以僱用更廣泛的個人。我們可以在任何天氣條件下實行三班倒工作。坦白說，我們可以做得更快更好。這是另一個例子。再說一次，我認為我們的 AES 接下來以及我們對科技的看法確實是業界領先的。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Those were the questions we have time for today. And so I'll turn the call back to Susan for any closing remarks.

這些就是我們今天有時間討論的問題。因此，我會將電話轉回給蘇珊，讓其結束語。

We thank everybody for joining us on today's call. 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。像往常一樣，IR 團隊將隨時回答您可能提出的任何後續問題。謝謝。祝你有愉快的一天。

Thank you everyone for joining us today. This concludes our call. And you may now disconnect your lines.

感謝大家今天加入我們。我們的通話到此結束。現在您可以斷開線路了。