愛依斯電力 (AES) 2025 Q1 法說會逐字稿

Hello, everybody, and welcome to the AES Corporation Q1 2025 financial review call. My name is Emily, and I'll be moderating your call today.

大家好，歡迎參加 AES 公司 2025 年第一季財務審查電話會議。我叫艾米麗，今天我將主持您的電話會議。

(Operator Instructions) I will now hand the call over to Susan Harcourt, Vice President of Investor Relations to begin. Susan, please go ahead.

（操作員指示）現在我將把電話交給投資者關係副總裁 Susan Harcourt 開始。蘇珊，請繼續。

Thank you, operator. Good morning, and welcome to our first quarter 2025 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.

謝謝您，接線生。早上好，歡迎參加我們 2025 年第一季財務審查電話會議。我們的新聞稿、簡報和相關財務資訊可在我們的網站 aes.com 上找到。今天，我們將做出前瞻性陳述。

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. Reconciliations between GAAP and non-GAAP financial measures can be found on our website along with the presentation.

有許多因素可能導致未來結果與這些聲明有重大差異，這些聲明已在我們最近向美國證券交易委員會提交的 10-K 和 10-Q 文件中揭露。您可以在我們的網站上找到 GAAP 和非 GAAP 財務指標之間的對帳以及簡報。

Joining me this morning are Andres Gluski, our President and Chief Executive Officer; Steve Coughlin, our Chief Financial Officer; Ricardo Falu, our Chief Operating Officer; and other senior members of our management team. With that, I will turn the call over to Andres.

今天早上與我一起出席的還有我們的總裁兼執行長 Andres Gluski；我們的財務長 Steve Coughlin；我們的營運長 Ricardo Falu；以及我們管理團隊的其他高級成員。說完這些，我會把電話轉給安德烈斯。

Good morning, everyone, and thank you for joining our first quarter 2025 financial review call. Today, I'm very pleased to reaffirm both our 2025 guidance and long-term growth rate targets, which reflect our strong execution to date as well as the resilience of our business overall.

大家早安，感謝您參加我們的 2025 年第一季財務審查電話會議。今天，我很高興重申我們的 2025 年指引和長期成長率目標，這反映了我們迄今為止的強勁執行力以及我們整體業務的彈性。

I will discuss this in more detail and provide an update on the robust growth program at our US utilities. Following my remarks, Steve Coughlin, our CFO, will provide additional color on our financial performance and outlook.

我將更詳細地討論這個問題，並提供有關我們美國公用事業強勁成長計劃的最新資訊。在我發言之後，我們的財務長史蒂夫‧考夫林 (Steve Coughlin) 將進一步介紹我們的財務表現和前景。

Beginning on slide 3 with our first quarter results. Our financial performance was in line with our expectations with adjusted EBITDA of $591 million and adjusted EPS of $0.27. We completed the construction of 643 megawatts and signed or were awarded 443 megawatts of new PPAs, bringing our backlog to 11.7 gigawatts.

從幻燈片 3 開始展示我們的第一季業績。我們的財務表現符合預期，調整後的 EBITDA 為 5.91 億美元，調整後的 EPS 為 0.27 美元。我們完成了 643 兆瓦的建設，並簽署或獲得了 443 兆瓦的新 PPA，使我們的積壓訂單達到 11.7 千兆瓦。

We have achieved our asset sale proceeds target for the year, including the sale of a minority stake in our global insurance company, AGIC, for $450 million. Now turning to the resilience of our business model and portfolio.

我們已實現今年的資產出售收益目標，包括以 4.5 億美元出售我們全球保險公司 AGIC 的少數股權。現在來談談我們的商業模式和投資組合的彈性。

Our execution is proceeding as planned, and we expect to hit all of our financial metrics for the year. We have positioned ourselves for success even in the face of uncertainty around tariffs, changes to the Inflation Reduction Act or potential recession.

我們的執行正在按計劃進行，我們預計將實現今年的所有財務指標。即使面臨關稅、通貨膨脹削減法案變化或潛在經濟衰退的不確定性，我們也為成功做好了準備。

Our business model is based on long-term contracted generation with creditworthy off takers as well as growth in our US regulated utilities. Our contracting, financing and supply chain strategies have all been designed to minimize the impact of economic conditions, including inflation, interest rates, energy prices and tariffs.

我們的商業模式是基於與信譽良好的承購商簽訂的長期合約發電以及美國監管公用事業的成長。我們的承包、融資和供應鏈策略均旨在最大限度地減少通貨膨脹、利率、能源價格和關稅等經濟狀況的影響。

As a result, we have clear visibility into our future financial performance. I'll first discuss the performance of our renewable business and then address the ways we have ensured that this business is resilient to macroeconomic and policy shifts.

因此，我們對未來的財務表現有清楚的了解。我將首先討論我們的再生能源業務的表現，然後討論我們如何確保該業務能夠適應宏觀經濟和政策變化。

Turning to slide 4. A major driver of our renewables EBITDA growth this year is the approximately three gigawatts of new projects we expect to bring online. I'm pleased to say that we are fully on track with more than 600 megawatts already completed, including the 250 megawatt Morris Solar project in Missouri serving Microsoft.

翻到幻燈片 4。今年再生能源 EBITDA 成長的主要驅動力是我們預計將上線的約 3 千兆瓦新項目。我很高興地說，我們的工作進展順利，已經完成了 600 多兆瓦的發電量，其中包括為微軟服務的密蘇裡州 250 兆瓦的莫里斯太陽能專案。

Our remaining projects under construction for the year are now approximately 80% complete. Our one gigawatt Bellefield one project, which includes 500 megawatts of solar and 500 megawatts of storage, is virtually complete, and we will be fully operational this summer.

我們今年剩餘在建工程目前已完成約 80%。我們的 1 千兆瓦 Bellefield 一號專案（包括 500 兆瓦的太陽能和 500 兆瓦的儲能）已基本完工，並將於今年夏天全面投入營運。

This is the first phase of what will be a two gigawatt project and the largest solar plus storage plant ever built in the United States, all of which is contracted with Amazon. Moving on to slide 5. Our supply chain strategy provides us strong protections from any current or potential future tariffs as well as from the impact of inflation.

這是一個兩千兆瓦計畫的第一階段，也是美國有史以來最大的太陽能加儲能工廠，所有工程都與亞馬遜簽訂了合約。移至投影片 5。我們的供應鏈策略為我們提供了強有力的保護，使我們免受任何當前或未來潛在的關稅以及通貨膨脹的影響。

Of the seven gigawatts in our backlog scheduled to come online in the US between 2025 and 2027, nearly all of the CapEx is protected with zero exposure to tariffs as the equipment is already in the US, in transit or contracted to be produced domestically. Our tariff exposure is limited to a small quantity of batteries that are being imported from Korea for projects coming online in 2026 with a maximum potential exposure of $50 million, which we are actively working to further mitigate.

我們計劃在 2025 年至 2027 年期間在美國上線的 7 千兆瓦積壓發電項目幾乎全部都受到保護，不受關稅影響，因為這些設備已經在美國境內、在運輸途中或已簽約在國內生產。我們的關稅風險僅限於從韓國進口的少量電池，用於 2026 年上線的項目，最大潛在風險為 5000 萬美元，我們正在積極努力進一步降低這一風險。

This represents just 0.3% of the total US CapEx and is well within the normal project contingency. I would like to emphasize that our US supply chain protects us from any potential tariffs that could be announced, including reciprocal tariffs.

這僅占美國總資本支出的 0.3%，完全在正常的專案應急範圍內。我想強調的是，我們的美國供應鏈保護我們免受任何可能宣布的關稅（包括互惠關稅）的影響。

We also serve our corporate customers outside the US where we continue to see substantial demand. Contracts that we are signing outside the US are benefiting from lower equipment prices as the result of the increase in international equipment supply, with solar panels typically one-third the cost in Chile versus the US.

我們也為美國以外的企業客戶提供服務，我們持續看到這些客戶的巨大需求。由於國際設備供應增加，我們在美國以外簽訂的合約受益於設備價格的下降，智利的太陽能板成本通常只有美國的三分之一。

Turning to slide 6. Our business is also well protected from possible changes to US renewable policy for several reasons. First, we are the top electricity provider to premier corporate clients, including data center customers that require capacity that can come online relatively quickly.

翻到幻燈片 6。由於多種原因，我們的業務也受到良好的保護，免受美國再生能源政策可能發生的變化的影響。首先，我們是頂級企業客戶的頂級電力供應商，包括需要能夠相對快速上線的容量的資料中心客戶。

We have signed agreements for 9.5 gigawatts with data center companies, more than anyone else in the sector. There are a few others in the industry who can develop, build and operate the projects we offer, which are often large, geographically diverse and with customized commercial structures.

我們已與資料中心公司簽署了 9.5 千兆瓦的協議，比該行業的任何其他公司都多。業內還有其他一些人可以開發、建造和營運我們提供的項目，這些項目通常規模龐大、地理位置分散且具有客製化的商業結構。

Furthermore, with our extensive history of working with large corporate customers, our development projects are tailored to meet their specific needs. We believe our customers will have strong demand for renewables in any scenario.

此外，憑藉我們與大型企業客戶合作的豐富經驗，我們的開發專案可以根據他們的特定需求進行客製化。我們相信，無論在何種情況下，我們的客戶對再生能源都會有強勁的需求。

Through the end of the decade, Bloomberg New Energy Finance sees increased electricity demand requiring at least 425 gigawatts of new capacity. While AES is committed to serving our customers with an all-of-the-above strategy, including new gas generation, we see renewables as the primary source of new energy to serve this demand for the following reasons.

彭博新能源財經預計，到本世紀末，電力需求將增加，需要至少 425 千兆瓦的新增容量。雖然 AES 致力於透過包括新天然氣發電在內的全方位策略為客戶提供服務，但我們認為再生能源是滿足這一需求的主要新能源來源，原因如下。

First, they offer the fastest time to power, given their short construction period and advanced permitting and interconnection positions. Second, the fact that they are a low-cost source of power, particularly considering the rapidly rising cost of gas turbines and long lead times.

首先，由於其建設週期短、許可和互連地位先進，因此能夠以最快的速度投入發電。其次，它們是一種低成本的能源，特別是考慮到燃氣渦輪機成本的快速上漲和較長的交貨時間。

And third, the price stability that they offer customers once contracted, unlike thermal power, which is subject to fluctuating fuel prices. In addition, roughly one-third of our backlog is in international markets where we develop, build and operate renewable projects without tax credits, usually with higher returns than in the US.

第三，一旦簽訂合同，它們就會為客戶提供穩定的價格，而不像火電那樣容易受到燃料價格波動的影響。此外，我們大約三分之一的積壓訂單是在國際市場，我們在這些市場開發、建造和經營再生能源項目，並且不享受稅收抵免，通常回報率高於美國。

In the absence of tax credit, projects have higher net capital needs but PPA prices are also higher to account for this funding structure. In these cases, we earn higher EBITDA per megawatt and are able to achieve our financial targets with fewer projects.

在沒有稅收抵免的情況下，專案的淨資本需求更高，但為了解釋這種融資結構，PPA 價格也會更高。在這些情況下，我們每兆瓦的 EBITDA 更高，並且能夠透過更少的專案實現我們的財務目標。

Turning to slide 7. Another reason for our confidence in the resilience of our business is that nearly our entire US backlog has safe harbor protections. Once a project starts construction or incurs 5% of the cost of materials, the project has safe harbor protections and has a period of four years to be placed in service and begin receiving tax credits.

翻到幻燈片 7。我們對業務韌性充滿信心的另一個原因是，我們幾乎所有的美國積壓訂單都受到安全港保護。一旦計畫開始建造或產生 5% 的材料成本，該計畫就享有安全港保護，並有四年的時間投入使用並開始獲得稅收抵免。

For example, any project that reaches start of construction milestones in 2025 is safe harbored through 2029. Turning to slide 8. We're also resilient to any economic downturn. Our business is heavily contracted with approximately two-third of our EBITDA coming from long-term contracted generation, essentially all of which are take-or-pay and not tied to underlying demand conditions.

例如，任何在 2025 年達到開工里程碑的專案都可以安全運作至 2029 年。翻到幻燈片 8。我們也能夠抵禦任何經濟衰退。我們的業務合約繁多，約三分之二的 EBITDA 來自長期合約發電，基本上所有合約都是照付不議，與潛在需求條件無關。

Looking to the future, nearly all of our growth through 2027 is already secured through our 11.7 gigawatt backlog of signed long-term contracts. At the same time we sign our PPAs, we contractually lock in all major capital costs, EPC arrangements and hedge our long-term financing. This approach gives us clear line of sight to our future EBITDA.

展望未來，到 2027 年，我們幾乎所有的成長都已透過已簽署的 11.7 千兆瓦長期合約積壓得到保障。在我們簽署 PPA 的同時，我們透過合約鎖定所有主要資本成本、EPC 安排並對我們的長期融資進行對沖。這種方法讓我們清楚地了解未來的 EBITDA。

We have also achieved our asset sale proceeds target for the year with the sale of a minority interest in our captive insurance company, and we have closed the sell-down of AES Ohio. Furthermore, with our March debt issuance, we have successfully completed all financings needed to address our 2025 debt maturities, and we have hedged 100% of our benchmark interest rate exposure for all corporate financings through 2027.

我們也透過出售自保保險公司的少數股權實現了今年的資產出售收益目標，並且完成了 AES Ohio 的出售。此外，透過 3 月的債務發行，我們已成功完成解決 2025 年債務到期所需的所有融資，並且已對所有企業融資的 2027 年基準利率敞口進行了 100% 的對沖。

Next, I'll discuss the robust growth program we're undertaking at our US utilities on slide 9. We are executing on the largest investment program in the history of both AES Indiana and AES Ohio as we work to improve customer reliability and support economic development.

接下來，我將在第 9 張投影片上討論我們在美國公用事業公司實施的強勁成長計畫。我們正在執行 AES 印第安納州和 AES 俄亥俄州歷史上最大的投資計劃，致力於提高客戶可靠性並支持經濟發展。

This year, we're on track to invest approximately $1.4 billion across the two utilities to support areas such as hardening the distribution network, smart grid, new generation and transmission buildout for data centers. We signed agreements for 2.1 gigawatts of new data centers in AES Ohio's service territory.

今年，我們計劃向這兩家公用事業公司投資約 14 億美元，用於支持強化配電網路、智慧電網、新一代發電和資料中心輸電建設等領域。我們簽署了在 AES 俄亥俄州服務區域內建置 2.1 千兆瓦新資料中心的協議。

We are beginning construction on new transmission to serve this load. This summer, we'll be breaking ground on the $500 million transmission investment needed to serve a new Amazon data center in Fayette County.

我們正在開始建造新的傳輸系統來滿足這一負載。今年夏天，我們將破土動工，投資 5 億美元興建費耶特縣新的亞馬遜資料中心。

Additionally, last month, we completed the sale of a 30% stake in AES Ohio for $544 million to CDPQ, a global investment partner that also owns 30% of AES Indiana. This partnership helped support capital requirements for their substantial growth programs while also strengthening our balance sheet. Now turning to AES Indiana.

此外，上個月，我們以 5.44 億美元的價格將 AES 俄亥俄州 30% 的股份出售給了全球投資合作夥伴 CDPQ，該公司還擁有 AES 印第安納州 30% 的股份。這種合作關係有助於支持其大幅成長計畫的資本需求，同時也增強了我們的資產負債表。現在轉向 AES Indiana。

We're continuing to invest in new generation to support our customers with affordable and reliable power. In March, we brought online the Pipe County Energy Storage project, which includes 200 megawatts of installed capacity and 800 megawatt hours of dispatchable energy, the largest operational battery project in MISO.

我們將繼續投資新一代技術，為客戶提供經濟實惠且可靠的電力。3 月份，我們啟動了 Pipe County 儲能項目，該項目包括 200 兆瓦的裝置容量和 800 兆瓦時的可調度能源，這是 MISO 最大的營運電池項目。

We continue to make progress on the Petersburg Energy Center, a 250 megawatt solar and 180 megawatt hour energy storage facility, which we expect to be operational by the end of the year. And in April, we received final regulatory approval for the 170 megawatt cross-buying solar plus storage project, which we expect to bring online in 2027.

我們在聖彼得堡能源中心的建設上繼續取得進展，這是一個 250 兆瓦的太陽能和 180 兆瓦時的能源儲存設施，預計今年年底投入營運。今年 4 月，我們獲得了 170 兆瓦交叉購買太陽能加儲能專案的最終監管批准，預計該專案將於 2027 年上線。

With that, I would now like to turn the call over to our CFO, Steve Coughlin.

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 first quarter results, our 2025 full year guidance and our parent capital allocation plan.

謝謝你，安德烈斯，大家早安。今天，我將討論我們的第一季業績、2025 年全年指引以及母公司資本配置計畫。

Turning to slide 11. Adjusted EBITDA was $591 million in the first quarter versus $640 million a year ago. This decline was anticipated in our guidance and was primarily driven by prior year revenues from the accelerated monetization of the Warrior Run PPA and the sale of our five gigawatt AES Brazil business but partially offset by growth in our renewables and utilities businesses.

翻到第 11 張投影片。第一季調整後的 EBITDA 為 5.91 億美元，去年同期為 6.4 億美元。這一下降在我們的預期之中，主要原因是上一年 Warrior Run PPA 加速貨幣化以及出售 5 千兆瓦 AES 巴西業務的收入，但被可再生能源和公用事業業務的成長部分抵消。

Turning to slide 12. Adjusted EPS for the quarter was $0.27 versus $0.50 last year and was also in line with our expectations. Drivers include the prior year Warrior Run PPA monetization, the timing of US renewables tax attribute recognition, higher parent interest and the prior year tax benefit associated with our transition to a more US oriented holding company structure.

翻到第 12 張投影片。本季調整後的每股收益為 0.27 美元，而去年同期為 0.50 美元，也符合我們的預期。驅動因素包括上一年的 Warrior Run PPA 貨幣化、美國可再生能源稅收屬性確認的時間、更高的母公司權益以及與我們向更面向美國的控股公司結構轉型相關的上一年稅收優惠。

This was partially offset by higher contributions from our utilities SBU. I'll cover the performance of our SBUs or strategic business units on the next 4 slides. Beginning with our renewables SBU on slide 13.

這被我們公用事業 SBU 的更高貢獻部分抵消。我將在接下來的 4 張投影片中介紹我們的 SBU 或策略業務部門的績效。從第 13 張投影片上的再生能源策略事業單位 (SBU) 開始。

Higher EBITDA of approximately 45% year-over-year was driven primarily by contributions from new projects, which includes projects brought online over the prior four quarters. In addition, the renewables segment now includes all of our renewables in Chile which were a part of the energy infrastructure SBU in prior years.

EBITDA 年成長約 45%，主要得益於新專案的貢獻，其中包括前四個季度上線的專案。此外，再生能源部門現在包括我們在智利的所有可再生能源，這些可再生能源在前幾年屬於能源基礎設施戰略業務單元的一部分。

This change was offset by the EBITDA impact from the sale of AES Brazil in the fourth quarter of last year. With this quarter's results, we are fully on track to achieve our full year renewables SBU guidance of $890 million to $960 million.

這項變更被去年第四季出售 AES 巴西公司所產生的 EBITDA 影響所抵銷。根據本季的業績，我們完全有望實現全年再生能源 SBU 指導價 8.9 億美元至 9.6 億美元的目標。

Our construction program is proceeding on schedule. Cost savings measures have been implemented and we have already seen hydrological conditions in Colombia normalize year-to-date. In other words, our main segment drivers are greatly de-risked, and we're well on our way to achieving 60% renewables growth year-over-year.

我們的建設計劃正在按計劃進行。我們已經實施了成本節約措施，我們已經看到哥倫比亞的水文條件今年迄今已恢復正常。換句話說，我們的主要細分市場驅動因素已大大降低風險，我們正在順利實現再生能源年增 60% 的目標。

Turning to slide 14. Higher adjusted PTC at our utilities SBU was mostly driven by tax attributes from the completion of the Pipe County Energy Storage project, new rates implemented in Indiana in May of last year, demand growth and favorable weather in the US.

翻到第 14 張投影片。我們公用事業 SBU 的調整後 PTC 有所提高，主要是由於 Pipe County 能源儲存項目完工帶來的稅收屬性、去年 5 月在印第安納州實施的新稅率、需求增長以及美國有利的天氣。

Lower EBITDA at our energy infrastructure SBU primarily reflects prior year revenues recognized from the accelerated monetization of the coal PPA at our Warrior Run plant as well as Chile renewables moving to the renewables segment. Finally, lower EBITDA at our new energy technologies SBU reflects lower contributions from Fluence in the first quarter.

我們能源基礎設施策略事業單位的 EBITDA 較低主要反映了去年因我們 Warrior Run 工廠的煤炭 PPA 加速貨幣化以及智利再生能源轉向再生能源部門而確認的收入。最後，我們新能源技術 SBU 的 EBITDA 較低反映了第一季 Fluence 的貢獻較低。

Now turning to our guidance beginning on slide 17. We are reaffirming our 2025 adjusted EBITDA guidance of $2.65 billion to $2.85 billion. We continue to see strong growth in our renewables SBU and expect our utilities businesses to grow approximately 7% this year despite the sell-down of AES Ohio.

現在轉到第 17 張投影片開始的指導。我們重申 2025 年調整後的 EBITDA 預期為 26.5 億美元至 28.5 億美元。儘管 AES Ohio 被出售，但我們的再生能源 SBU 繼續保持強勁成長勢頭，預計今年我們的公用事業業務仍將成長約 7%。

The cost savings actions we announced on our February call have already been implemented. We expect the $150 million cost savings in 2025 will primarily benefit the second half of the year, and we remain on track to achieve a full run rate of over $300 million of cost savings next year.

我們在二月電話會議上宣布的成本節約措施已經實施。我們預計 2025 年節省的 1.5 億美元成本將主要惠及下半年，並且我們仍有望在明年實現超過 3 億美元的成本節省。

We are also reaffirming our 2025 adjusted EPS guidance of $2.10 to $2.26. As you can see on slide 18, we expect growth in the three remaining quarters of this year to be driven by adjusted EBITDA growth in renewables and utilities and monetization of tax attributes on new renewables projects, partially offset by higher interest and a higher adjusted tax rate.

我們也重申 2025 年調整後每股盈餘預期為 2.10 美元至 2.26 美元。正如您在第 18 張幻燈片上看到的，我們預計今年剩餘三個季度的增長將受到可再生能源和公用事業的調整後 EBITDA 增長以及新可再生能源項目稅收屬性貨幣化的推動，但部分將被更高的利息和更高的調整後稅率所抵消。

Now to our 2025 parent capital allocation plan on slide 19. Sources reflect approximately $2.7 billion of total discretionary cash, including $1.2 billion of parent free cash flow, which represents more than an 8% increase versus 2024.

現在就來看看第 19 張投影片上的 2025 年母公司資本配置計畫。消息來源顯示，可自由支配現金總額約為 27 億美元，其中包括 12 億美元的母公司自由現金流，與 2024 年相比增加了 8% 以上。

We also expect $700 million of planned parent debt issuance and closed the $450 million sell-down of a minority interest in our global insurance business earlier this week. Our captive global insurance business is a valuable asset within the AES portfolio that consistently produces attractive cash flow while managing property and business interruption risk within our operating portfolio.

我們也預計將發行 7 億美元的母公司債券，並在本週稍早完成了 4.5 億美元的全球保險業務少數股權出售。我們的自保全球保險業務是 AES 投資組合中的寶貴資產，它能夠持續產生可觀的現金流，同時管理我們營運組合中的財產和業務中斷風險。

This structured transaction allows us to monetize a minority portion of this valuable business to support growth capital for renewables and utilities businesses. With this transaction, we have achieved our entire asset sale target for 2025.

透過這種結構化交易，我們可以將這項寶貴業務的少數部分貨幣化，以支持再生能源和公用事業業務的成長資本。透過此次交易，我們實現了2025年全部資產出售目標。

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 2% dividend increase announced last December. We also plan to invest approximately $1.8 billion toward new growth and have already repaid roughly $400 million of subsidiary debt.

在右側，您可以看到我們計劃使用的資本。今年我們將向股東返還約 5 億美元，以反映去年 12 月宣布的 2% 的股息成長。我們還計劃投資約 18 億美元用於新成長，並且已經償還了約 4 億美元的子公司債務。

With the sell-down of a minority interest in AES Ohio at the beginning of April, we now have CDPQ as a 30% partner in both of our US utilities. This partnership is another example of how we use private capital to help fund growth and reduce parent investment requirements into our subsidiaries.

隨著 4 月初 AES Ohio 少數股權的出售，現在 CDPQ 已成為我們兩家美國公用事業公司 30% 的股東。此次合作是我們利用私人資本幫助資助成長並減少母公司對子公司投資要求的另一個例子。

Finally, turning to slide 20. Our credit metrics are progressing in line with our expectations, benefiting from the actions we've taken since the beginning of this year. With the sell-down of our global insurance business, we have locked in our asset sales proceeds for the year.

最後，翻到第 20 張投影片。由於我們今年年初以來採取的行動，我們的信用指標正在按照我們的預期發展。隨著我們全球保險業務的出售，我們已經鎖定了今年的資產出售收益。

The sell-down of AES Ohio and subsequent debt paydown enabled S&P's recent one and two notch upgrades for DPO Inc. and AES Ohio, respectively. We have also refinanced this year's parent debt maturity and have already fully hedged the benchmark on all expected parent financing through 2027.

由於 AES Ohio 的出售和隨後的債務償還，標準普爾最近分別將 DPO Inc. 和 AES Ohio 的評級上調了一個和兩個級距。我們也對今年到期的母公司債務進行了再融資，並且已經對 2027 年之前所有預期的母公司融資基準進行了完全對沖。

Additionally, we implemented cost efficiencies and resized our development business to generate over $300 million in annual savings by next year. These actions provide us with a fully self-funded plan through 2027.

此外，我們還實施了成本效益措施並調整了開發業務規模，預計到明年每年可節省 3 億多美元。這些行動為我們提供了 2027 年完全自籌資金的計劃。

In summary, I am very pleased with our results this quarter, which were fully in line with the guidance we gave in February. We expect significant growth in the year to go that will come from projects that have already been brought online but which are still ramping to their full EBITDA, rate base investments that have already been made and cost reduction actions already implemented.

總而言之，我對本季的業績非常滿意，這完全符合我們二月給予的指導。我們預計今年將出現顯著成長，這些成長將來自已經上線但仍在努力實現全部 EBITDA 的項目、已經進行的基準投資以及已經實施的成本削減措施。

I am confident we will achieve our guidance regardless of changes in the economic environment or changes in policy due to our focus on regulated utilities and long-term contracted generation, which has minimal volume interest rate for foreign currency exposure. I look forward to providing an update on our progress on our second quarter call.

我相信，無論經濟環境或政策如何變化，我們都將實現我們的預期，因為我們專注於受監管的公用事業和長期合約發電，而這些發電對於外匯風險敞口的體積利率最低。我期待在第二季電話會議上更新我們的進度。

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

說完這些，我會把電話轉回給安德烈斯。

Thank you, Steve. In summary, our long-term contracted business model continues to demonstrate its resilience to tariffs, economic policies and business cycles. Our first quarter results are in line with our expectations, and we are reaffirming our 2025 guidance and long-term growth rate targets.

謝謝你，史蒂夫。總而言之，我們的長期合約業務模式持續展現出其對關稅、經濟政策和商業週期的抵禦能力。我們的第一季業績符合預期，我們重申 2025 年的指引和長期成長率目標。

Demand from our core corporate customers remains very strong, and we're seeing no slowdown in the energy needs of hyperscale's in any scenario. As a result of our strategy to be a first mover in creating a domestic supply chain and working with existing suppliers to onshore imported equipment, the tariff exposure on our 11.7 gigawatt backlog is de minimis.

我們核心企業客戶的需求依然強勁，而且我們在任何情況下都沒有看到超大規模能源需求的放緩。由於我們的策略是率先建立國內供應鏈並與現有供應商合作進口國內設備，因此我們 11.7 千兆瓦的積壓訂單所承受的關稅風險極小。

Similarly, our construction program of 3.2 gigawatts this year is on track and well advanced. We have completed construction of 643 megawatts and we are 80% complete for the remaining 2.6 gigawatts, including 99% complete on the one gigawatt of our Bellefield project, which will be the largest solar plus storage project in the US.

同樣，我們今年的3.2千兆瓦建設計畫也在按計畫進行，進展順利。我們已經完成了 643 兆瓦的建設，剩餘的 2.6 千兆瓦也已完成 80%，其中貝爾菲爾德項目的 1 千兆瓦已完成 99%，這將是美國最大的太陽能加儲能項目。

Our two utilities are among the fastest growing in the country, and we continue to make progress on attracting new data centers to our service territory. And lastly, we have already completed all of our major asset sales and financings for the year, solidifying our commitment to self-funding through our long-term guidance period.

我們的兩家公用事業公司是全國發展最快的公司之一，我們在吸引新的資料中心到我們的服務區域方面繼續取得進展。最後，我們已經完成了今年所有主要資產出售和融資，鞏固了我們在長期指導期內自籌資金的承諾。

With that, I would like to open up the call for questions.

現在，我想開始提問。

(Operator Instructions)

（操作員指示）

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Hey, good morning team. Thank you guys very much. Appreciate the time and the opportunity here. Nicely done on this insurance transaction. Actually, if I can just start off a little bit of housekeeping there.

嘿，大家早安。非常感謝你們。感謝在這裡度過的時間和機會。這次保險交易做得很好。實際上，如果我可以先做一點家事的話。

How do you think about that transaction just in terms of the prospective EBITDA impact, just when you think about the financials here? I mean again, innovative idea in how to raise kind of equity indirectly, right, from private capital as you say.

當您考慮這裡的財務狀況時，您如何看待該交易對預期 EBITDA 的影響？我的意思是，如何間接地從私人資本籌集股權，就像你說的，這是一個創新的想法。

Julien, I'm going to pass that question to Steve.

朱利安，我要把這個問題轉給史蒂夫。

Yeah, the EBITDA impact, expect in the $25 million to $30 million range. So overall, given that we've raised $450 million, we're reinvesting that in returns, 13%, 14%, 15%. It's very accretive for us so very pleased. This was an opportunity that we have seen quite a while ago. It had been part of the universe of potential asset sales.

是的，EBITDA 影響預計在 2500 萬至 3000 萬美元之間。因此總體而言，鑑於我們已經籌集了 4.5 億美元，我們將以 13%、14%、15% 的回報率進行再投資。這對我們來說非常有益，因此非常高興。這是我們很久以前就看到的一個機會。它曾是潛在資產出售範圍的一部分。

And so we've anticipated for some time, we did include it in our guidance in February. And it's effectively a low-cost equity financing that supports growth while also meeting our credit goal. So very happy to complete this early this year.

因此，我們已經預期了一段時間，並且確實在二月將其納入了我們的指導中。它實際上是一種低成本的股權融資，既能支持成長，又能滿足我們的信貸目標。我很高興今年早些時候完成了這件事。

Awesome. Yeah. Nicely done, Steve, I got to say. Neat idea. If I can turn more substantively, right, just to clarify your earlier comments. First, just on the tariff exposure, is it principally that you've got a recovery from your suppliers, i.e., they are taking the risk when you guys provide this 0.3% that effectively the risk burden is effectively put on the vast majority of your suppliers versus going back to your customers?

驚人的。是的。我必須說，史蒂夫，你幹得漂亮。好主意。如果我可以更實質地談談，對的，只是為了澄清你之前的評論。首先，僅就關稅風險而言，主要是你們從供應商那裡獲得了收益，也就是說，當你們提供這 0.3% 的關稅時，他們承擔了風險，實際上風險負擔落在了絕大多數供應商身上，而不是轉嫁給客戶？

I just wanted to clarify that. And then related, just given the [400 and change] megawatts of origination this quarter, given the backdrop today, would you say that this is kind of what we should be expecting for this year?

我只是想澄清這一點。然後相關的是，考慮到本季 [400 兆瓦及變化] 的發電量，考慮到今天的背景，您是否認為這是我們今年應該期待的？

Or could you see some sort of more meaningful uptick? I'm just trying to get a sense of what that cadence should be against setting expectations for further down the line.

或者你能看到某種更有意義的上升趨勢嗎？我只是想了解這個節奏應該如何與未來的期望一致。

So I'll have Ricardo answer the first question and then I'll take the second.

因此，我會讓里卡多回答第一個問題，然後我會回答第二個問題。

Thank you, Julien. I think let me provide a bit of more context on our supply chain. Three years ago, we have made the decision of basically building a reliable and USA made supply chain. And guided by that sort of decision, we implemented three actions.

謝謝你，朱利安。我想讓我提供一些有關我們供應鏈的更多背景資訊。三年前，我們決定建立一條可靠的、美國製造的供應鏈。在這項決定的指導下，我們實施了三項行動。

The first one was that we entered into strategic partnerships with suppliers with manufacturing capacity outside of China. That was the first action. The second action, we were a first mover, as Andres mentioned, in supporting US manufacturing to secure solar batteries and wind components.

第一個是我們與中國以外擁有製造能力的供應商建立了策略夥伴關係。這是第一個動作。第二項行動，如安德烈斯所提到的，我們是先驅者，支持美國製造業確保太陽能電池和風能組件的安全。

And third, to bridge the gap as local manufacturing ramps up, we accelerated the import of all the equipment coming from abroad required to support our backlog through 2027. And as a result of these actions, apart from the small quantity of batteries that Andres mentioned that these are for a few projects coming online in 2026, we have no impact on tariff for our 2025-2027 backlog.

第三，為了彌補本地製造業發展帶來的差距，我們加快了從國外進口所有設備，以滿足 2027 年的訂單需求。採取這些行動的結果是，除了安德烈斯提到的用於 2026 年上線的幾個項目的少量電池外，我們對 2025-2027 年積壓的關稅沒有影響。

I think with respect to who sort of bear the exposure, these contracts are with a Korean supplier for a very few projects. Of course, this tariff were not in place at the time we signed the contract and what we are doing, the $50 million represent the full exposure to be shared between the parties.

我認為，就誰承擔風險而言，這些合約都是與韓國供應商簽訂的，涉及的項目很少。當然，在我們簽署合約時，這個關稅還沒有到位，而我們現在的做法是，5000 萬美元代表雙方應分擔的全部風險。

And of course, the first action, as Andres mentioned, is to actively reduce that exposure, which we've been so far very successful and for the remaining impact to share it evenly. So we expect the overall impact to be well below that $50 million that is the total exposure that Andres mentioned. Other than that contract, we have no exposure to tariffs, yes.

當然，正如安德烈斯所提到的，第一步行動是積極減少這種影響，到目前為止，我們在這方面非常成功，並且剩餘的影響將平均分擔。因此，我們預計整體影響將遠低於安德烈斯提到的 5000 萬美元的總風險敞口。是的，除了那份合約之外，我們沒有受到關稅影響。

Yeah. I'd like to clarify that what we did was we imported all of the equipment, the vast majority of it. So we have all that equipment that we need, for example, for 2025 with the exception that we pointed out already in the US and most of it on site. And we have a lot of the equipment for 2026 that's imported as well.

是的。我想澄清的是，我們所做的就是進口所有設備，絕大多數設備。因此，我們擁有所需的所有設備，例如，2025 年的設備，但我們已經指出，這些設備已經在美國，而且大部分都在現場。我們也進口了許多用於 2026 年的設備。

So in 2026, we expect to shift over to domestic supply. So when we say that the exposure is de minimis, we really got ahead of this. Now I will remind you this is what we did in 2020 as well.

因此，我們預計到 2026 年將轉向國內供應。因此，當我們說風險暴露程度微乎其微時，我們確實已經領先一步了。現在我要提醒你們，這也是我們在 2020 年所做的事。

In 2020, we achieved all of our targets and we're the only large developer who did not abandon or a significant delay any large project and we intend to continue that track record. Now getting your question about the cadence of PPA signings.

2020 年，我們實現了所有目標，我們是唯一一家沒有放棄或嚴重推遲任何大型專案的大型開發商，我們打算繼續保持這項記錄。現在回答您關於 PPA 簽約節奏的問題。

As we've been saying, look, we're concentrating on fewer, larger projects that are also more financially attractive. So the 400 megawatts is not a cadence that you should expect for every quarter. We are in final negotiations of a number of large projects.

正如我們一直所說的，我們正集中精力於更少、更大、更具經濟吸引力的項目。因此，400兆瓦並不是每季都應達到的節奏。我們正在就一些大型項目進行最後的談判。

We expect it, four gigawatts roughly, that we have talked about prior to this year, to hit sort of the three year target. We had talked about of 14 to 17 gigawatts. So we remain on track.

我們預計，大約 4 千兆瓦（我們在今年之前曾討論過）將達到三年目標。我們曾討論過 14 至 17 千兆瓦。因此我們仍保持在正軌上。

And we've always said these are lumpy so it's not like we're doing a lot of small projects. We're doing a few large ones and sometimes they happen in a quarter or they happen in the next quarter or they come together. So there's nothing to be read in the 400 megawatts.

我們總是說這些都是不完整的，所以我們不是在做很多小專案。我們正在做一些重大的事情，有時它們在一個季度發生，或者在下個季度發生，或者它們同時發生。因此 400 兆瓦中沒有什麼可讀的。

Alright, excellent guys, thank you. I'll leave it there.

好的，你們太棒了，謝謝。我就把它留在那裡。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Hey, good morning everyone, thanks for taking my questions and appreciate all the color. I just wanted to come back to the insurance sale quickly. So I know you kind of disclosed the Class B dividends are like $145 million to $198 million.

嘿，大家早安，感謝你們回答我的問題並欣賞你們的精彩分享。我只是想盡快回到保險銷售工作。所以我知道您披露的 B 類股息大概是 1.45 億美元到 1.98 億美元。

Is that like a yearly number or is that a cumulative number? And I guess if you hit that call option in 2030 to 2035, what is that strike price?

這是一個年度數字還是累積數字？我想，如果你在 2030 年至 2035 年期間執行該看漲期權，那麼執行價格是多少？

And how should we kind of think of the cost of financing here that you just raised versus, I guess, deploying future CapEx at 13% to 15% returns? Maybe you could just unpack that.

那麼，我們該如何看待您剛剛提出的融資成本與未來資本支出 13% 至 15% 的回報率呢？也許你可以把它解開。

Yeah. Nick, it's Steve. So those numbers are based on the five year, the first five year target distribution. And so this would be the aggregate amount at that five year call date that needs to get met. And that's very much in line with a fairly conservative case on what this insurance business delivers.

是的。尼克，我是史蒂夫。所以這些數字是基於五年，也就是第一個五年的目標分佈。因此，這就是五年贖回日需要滿足的總金額。這與保險業務所提供的相當保守的情況非常一致。

Keep in mind, this is a business that is, it's captive but it has a reinsurance behind it. So we have a very predictable max amount of losses and then the reinsurance kicks in. So this was structured very conservatively that even in the event of max losses, we feel very comfortable servicing this financial structure.

請記住，這是一項自保業務，但背後有再保險。因此，我們可以非常準確地預測最大損失金額，然後再保險就會開始生效。因此，這種結構非常保守，即使出現最大損失，我們仍然能夠安心地維持這種財務結構。

In terms of the cost of this, I would think about it as roughly in line with like a junior subordinated debt issuance at the parent. And given that this is getting equity treatment, that effectively looks like a low-cost equity financing that is quite accretive. It will have target payments in the range of about $37 million to $40 million per year to the counterparty.

就其成本而言，我認為這大致與母公司發行次級債券的成本相當。鑑於這是股權處理，這實際上看起來像是一種具有相當增值潛力的低成本股權融資。其目標支付金額為每年約 3,700 萬美元至 4,000 萬美元。

Okay, that's helpful. Appreciate that. And I'll try not to butcher it but just the Cochrane buyout that you disclosed in the 10-Q. Can you just give us a sense of what you're purchasing and how much you paid for it, either on like a multiple basis or cash and just the rationale behind that transaction?

好的，這很有幫助。非常感謝。我會盡量不去曲解它，而只是談論你在 10-Q 中披露的 Cochrane 收購。您能否向我們介紹一下您購買的商品以及支付的金額（是按倍數還是現金），以及交易背後的理由？

Yeah. Look, I mean, this is an asset that we already own and operate. We have a minority partner that was looking to exit. So what we're doing is we're buying up the 40% minority and taking nearly complete ownership of the asset. It's very valuable.

是的。你看，我的意思是，這是我們已經擁有並經營的資產。我們有一個少數合夥人正在尋求退出。因此，我們所做的就是收購 40% 的少數股權並幾乎完全擁有該資產。這非常有價值。

It's contracted well into the next decade, serving key customers for us in Chile. And the valuation was at a very low multiple so it's quite accretive immediately this year and beyond.

該合約將持續到未來十年，為我們在智利的關鍵客戶提供服務。而且估值非常低，因此今年及以後的增值潛力很大。

So we're pleased with it. It's one of the assets that we had already guided that would be extended beyond 2027. So it's no additional new capacity, just taking advantage of an attractive financial return on owning the entire thing as opposed to just the share that we had.

所以我們對此很滿意。這是我們已經指導過的將延長至 2027 年以後的資產之一。因此，這並不是額外的新產能，只是利用擁有整個產能（而不是僅僅擁有我們擁有的份額）所帶來的有吸引力的財務回報。

Okay, thank you.

好的，謝謝。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hey, thanks so much, good morning. I was wondering on the AGIC sale, just one other follow-up there. You sold a minority stake. I'm just wondering, is there any strategic reason that you want to retain control in the remaining stake there? Or could that be a consideration for future asset sales out in the rest of the program, the financing plans going forward as (multiple speakers) further sell-down says?

嘿，非常感謝，早安。我對 AGIC 的銷售情況感到好奇，這只是另一個後續問題。您出售了少數股權。我只是想知道，您是否出於某種戰略原因想要保留對剩餘股份的控制權？或者這是否可以作為該計劃其餘部分未來資產出售的考慮，未來的融資計劃是否將進一步出售？

Yeah. No, we want to maintain our control of this asset. And as Steve said, the financial metrics are very conservative and we're coming in with considerable margin on this. So we do want to maintain it. It's been very successful.

是的。不，我們想保持對該資產的控制。正如史蒂夫所說，財務指標非常保守，我們在這方面擁有相當大的利潤空間。所以我們確實想維護它。這是非常成功的。

We've set this up about 15, 20 years ago. It was an independent business, it's a unicorn. So it's been very successful, lowered our insurance costs and improved the quality of our reinsurers.

我們大約在 15 到 20 年前就建立了這個體系。它是一家獨立企業，是一家獨角獸企業。所以它非常成功，降低了我們的保險成本並提高了我們的再保險公司的品質。

Okay, great. And I was wondering if you could comment on just what you're seeing in terms of latest renewable demand trends. Has there been any pull forward ahead of potential IRA changes here or any just general change in customer demand levels that you're seeing?

好的，太好了。我想知道您是否可以評論一下您所看到的最新可再生能源需求趨勢。這裡是否有任何潛在的 IRA 變化的提前發生，或者您是否看到客戶需求水準有任何整體變化？

Yeah, great question. Look, what we are seeing is continued strong demand. We're not seeing any sort of temporal shifts as a result. So our data center customers continued strong demand. I think the key word is time to power.

是的，很好的問題。瞧，我們看到的是持續強勁的需求。因此，我們沒有看到任何時間上的變化。因此，我們的資料中心客戶的需求持續強勁。我認為關鍵字是掌權的時間。

And that's why we mentioned that certainly, for the next five years, the predominance of this is going to be renewables because it's the fastest to power. It's also very cost effective. And so it's more sort of you can combine this with gas, in many cases, to reach the optimal solution.

這就是為什麼我們提到，未來五年，再生能源必將佔據主導地位，因為它是發電速度最快的能源。它也非常具有成本效益。因此，在許多情況下，你可以將其與氣體結合起來，以達到最佳解決方案。

I think there's too much discussion about the technology and not really what the customer wants. So we combine ways of producing energy in a way that satisfies our customers.

我認為關於技術的討論太多了，而沒有真正關注客戶的需求。因此，我們結合多種能源生產方式，以滿足客戶的需求。

So look, we're not seeing any pull forward. We are seeing, I would say, some of the contracts that we're signing today that they have provisions for, say, changes in law, changes in tariffs, et cetera, to take that into account.

所以看，我們沒有看到任何進步。我想說，我們看到我們今天簽署的一些合約中有一些條款，例如法律變更、關稅變更等，都考慮到了這一點。

Now for our backlog, as I said before, we have imported the materials or have domestic supply. We have the EPC and we have the financing. So all that's locked in.

現在說到我們的積壓訂單，正如我之前所說，我們已經進口了材料或有國內供應。我們有 EPC，也有融資。所以一切都被鎖定了。

Okay sounds good thank you.

好的，聽起來不錯，謝謝。

Durgesh Chopra, Evercore.

杜爾格甚喬普拉（Durgesh Chopra），Evercore。

Thank you, good morning team. Thanks for giving me time, Steve, congrats on this transaction. Maybe just a little bit more detail. You talked about the cash distributions being conservative. Can you just frame for us the $40 million or so average distributions a year? What is that as a percentage of total cash generated for that business?

謝謝大家，早安，團隊。謝謝你給我時間，史蒂夫，祝賀這筆交易。也許只是稍微詳細一點。您談到現金分配是保守的。您能為我們簡單算一下每年平均分配額約 4,000 萬美元嗎？這佔該企業產生的現金總額的百分比是多少？

Yeah, it's roughly around depending on the year, 35%, 40% I would say, in terms of this business reliably generates about $100 million of cash, thereabouts, even with typical losses. And that includes some amortization of the instruments so this is self-amortizing over the full 20 year life.

是的，根據年份不同，大概是 35% 或 40%，就這項業務而言，即使有典型的虧損，也能可靠地產生約 1 億美元的現金。其中包括一些工具的攤銷，因此這是在整個 20 年的使用壽命內自我攤銷的。

It's nothing like these convertible portfolio financings that you've heard about with some other yield-cos that were not amortizing and had a significant economic ownership flip. This doesn't have that kind of change. We have a call right at year five.

它與您所聽說過的可轉換投資組合融資完全不同，這些融資是其他一些收益型公司所為，它們不進行攤銷，而且經濟所有權也發生了重大轉變。這沒有那種變化。我們在第五年就接到電話了。

And otherwise, there's no incentive to have to call it. It continues along the same economics for the full 20 year potential period. So it's priced, as I said, like a junior parent note and gives us access to cheap, what I call, cheap equity capital.

否則，就沒有必要打電話了。在整個 20 年的潛在期內，它將繼續沿著相同的經濟軌跡發展。因此，正如我所說，它的定價就像次級母公司票據一樣，使我們能夠獲得廉價的股權資本。

And then we can continue to retain this so long as it's unless we had a better option down the road that's lower cost. But this one is a good way to monetize an asset that I think is perhaps underappreciated in the value that it generates.

然後我們可以繼續保留這個，除非我們將來有更好的、成本更低的選擇。但我認為這是將資產貨幣化的好方法，而它所產生的價值可能被低估了。

It's been in our disclosures around the distributions to the parent from this asset in the past, so you can see that. And this is capital that will be put to work to generate mid-teens returns. So I think it looks quite good.

我們過去曾披露過該資產向母公司分配的情況，所以您可以看到這一點。這些資本將用於產生十五六倍的回報。所以我認為它看起來相當不錯。

Got it. Accretive transaction there. Just digging on the financing topic, there's been a lot of discussion around transferability. Some legislation recently proposed or is probably doesn't get much traction.

知道了。那裡有增值交易。深入探討融資話題，關於可轉讓性已經有許多討論。最近提出的一些立法或可能沒有太多支持。

But just in terms of thinking about risks, can you talk about like in an event the transferability is eliminated, do you go back to tax equity and perhaps even frame for us what percentage of your plan is being provided by cash financing, is being provided by transferability?

但是僅從風險角度考慮，您能否談談，如果可轉讓性被消除，您是否會回到稅收公平問題，甚至可以為我們說明一下，您的計劃中有多少百分比是由現金融資提供的，有多少百分比是由可轉讓性提供的？

Yeah, absolutely, Durgesh. So look, first of all, transferability has only been around for a little over two years when the IRA was passed in 2022. It has been very good for the industry as it's opened up a broader participation in the market for monetizing tax value.

是的，絕對是，杜爾格甚。首先，自 2022 年 IRA 通過以來，可轉移性才剛出現兩年多一點。這對產業來說非常有利，因為它為稅收價值貨幣化開闢了更廣泛的市場參與空間。

And it is typically a little bit more efficient in transferring most of the tax benefit savings on to customers, just there's less friction in these types of transactions. But that said, for the IRA, we did tax equity.

而且，將大部分稅收優惠節省轉移給客戶通常效率更高一些，因為這類交易中的摩擦更少。但話雖如此，對於 IRA，我們確實實行了公平稅收。

The majority of what we continue to do is still through tax equity partnerships. And in fact, we continue to form the partnerships anyway because we need to monetize the tax depreciation to maximize the opportunity even when we are doing transfers.

我們將繼續進行的大部分工作仍然是透過稅收股權合作的方式。事實上，我們無論如何都會繼續建立合作夥伴關係，因為即使在進行轉移時，我們也需要將稅收折舊貨幣化，以最大限度地利用機會。

So we can continue to do the tax equity partnerships for all of our future projects if this were removed. We don't think it will be because we think it goes with the tax credits in terms of getting the most benefit of the tax credit to the cost of the end consumer of the energy. And then effectively, the cash benefit to AES is the same.

因此，如果取消這項規定，我們可以繼續為我們所有未來的專案建立稅收股權合作關係。我們認為不會，因為我們認為它與稅收抵免一致，以便讓能源最終消費者的成本獲得稅收抵免的最大利益。那麼實際上，AES 獲得的現金收益是相同的。

So we bridge the tax financing with debt during construction, as I walked through on the February call. And then we immediately, when the tax value comes in, either from the transfer counterparty or from the tax equity partner, we immediately monetize that at the place and service date and pay down a significant portion of the debt, typically more than 50% at that point.

因此，我們在建設期間用債務來彌補稅收融資，正如我在二月的電話會議上所說的那樣。然後，當稅收價值從轉讓對手方或稅收股權合作夥伴那裡獲得時，我們會立即在地點和服務日期將其貨幣化，並償還大部分債務，通常在那時超過 50%。

So you have a significant deleveraging from this. The fundamental cash and credit profile is really exactly the same. So I think it's been good, a lot more for some smaller developers and to sort of democratize the participation in the market.

因此，這將帶來顯著的去槓桿化。基本現金和信用狀況實際上完全相同。所以我認為這對一些小型開發商來說是件好事，可以在某種程度上實現市場參與的民主化。

But as a large-scale developer with deep relationships with sophisticated tax equity partners, we still feel very comfortable that we can monetize all of the tax value that we create with the tax equity venue if needed.

但作為一個與成熟的稅收公平合作夥伴有著深厚關係的大型開發商，我們仍然感到非常放心，如果需要的話，我們可以將透過稅收公平場所創造的所有稅收價值貨幣化。

Appreciate that discussion. Just real quick, sorry, this is my third question, I understand and realize. Just the hydrogen project that was canceled in Texas, are we still pursuing other customers for contracted the power generation that I believe it was over one gig?

感謝這次討論。只是很快，抱歉，這是我的第三個問題，我理解並意識到。就在德克薩斯州取消了氫氣項目之後，我們是否仍在尋求其他客戶簽訂合同，我相信合同發電量超過 1 千兆瓦？

The answer is yes. I mean, that was a very attractive asset of development. It's all on private land on one farm and it's very well located for the grid and for anything else. So yes, we're continuing to pursue it. It's part of our pipeline, so yes.

答案是肯定的。我的意思是，這是一個非常有吸引力的發展資產。它位於農場的私人土地上，地理位置優越，適合連接電網和其他用途。是的，我們會繼續追求它。這是我們管道的一部分，所以是的。

Thank you Andreas.

謝謝你，安德烈亞斯。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究公司。

Hey, good morning. Wanted to just ask on where we stand on the longer-term asset sale target. Are you still shooting for that $3.5 billion? Where are we against that? And what else are you looking at for potential sales?

嘿，早安。只是想問我們對長期資產出售目標的立場。您還在爭取那 35 億美元嗎？我們反對這一點嗎？您還在尋找哪些潛在的銷售機會？

Yeah, this is Steve. So no, with respect to the $3.5 billion, we're at $3.4 billion, so we're right almost there to the finish line on that target. We did talk about getting to $800 million to $1.2 billion on the February call from '25 to '27.

是的，這是史蒂夫。所以，就 35 億美元而言，我們現在的金額是 34 億美元，所以我們幾乎已經到達這個目標的終點了。在 2025 年至 2027 年 2 月的電話會議上，我們確實談到將資金規模提高到 8 億至 12 億美元。

So with this sale, and that's not including the Ohio sell-down, which went to paying down debt. This was referring to proceeds up to the parent.

因此，這次出售還不包括俄亥俄州的出售，這筆錢用於償還債務。這是指歸母公司的收益。

With this insurance sell-down, we're halfway, roughly there, close to halfway on that target. What's remaining is we have in terms of proceeds, the Vietnam sale. We have some other asset sales in the thermal portfolio that are on a smaller scale. We have partnerships of operating assets. We've done partnerships with our LNG portfolio.

隨著這次保險拋售，我們已經大致完成了目標的一半，接近目標的一半。剩下的就是我們的收益，也就是越南的銷售。我們在熱力投資組合中還有一些其他資產出售，規模較小。我們有經營資產的合作關係。我們已經與我們的液化天然氣投資組合建立了合作夥伴關係。

As you've seen, those can and may be extended. We've done partnerships, sell-downs at attractive low-cost capital of our renewable operating portfolios. So those remain an option. And our technology portfolio. At this point, Fluence is not at a value that we would tap that.

正如您所見，這些可以並且可能會擴展。我們已經建立了合作夥伴關係，並以極具吸引力的低成本資本出售了我們的再生能源營運組合。所以這些仍然是一種選擇。以及我們的技術組合。目前，Fluence 的價值還未達到我們所能利用的水準。

It is significantly undervalued, but we are optimistic down the road that, that's a potential. So we're not counting on that. We do have other assets in that portfolio like Uplight that we've talked about that may be a candidate. So the universe is larger than what's remaining.

它被嚴重低估了，但我們對未來充滿信心，認為它具有潛力。所以我們並不指望這一點。我們的投資組合中確實還有其他資產，例如我們討論過的 Uplight，它們可能是一個候選對象。因此宇宙比剩下的宇宙更大。

What's remaining is only roughly $500 million in that target through '27. And so I feel extremely comfortable that we'll be able to execute on that between now and 2027 across the range of things that I mentioned.

到 2027 年，該目標僅剩下約 5 億美元。因此，我非常有信心，從現在到 2027 年，我們將能夠實現我所提到的一系列目標。

Okay, great. That's helpful. And back to the IRA discussion here. Do you all have any view on kind of when this starts to take shape in the Reconciliation Bill? Feels like things starting to come to a head a little bit.

好的，太好了。這很有幫助。回到這裡的 IRA 討論。大家對於這項內容何時會在和解法案中開始成形有什麼看法嗎？感覺事情開始有點緊張了。

And then also just specifically on transferability, your view on whether a safe harbor would cover you on that even in a scenario where that were to go away.

然後，具體關於可轉移性，您認為即使在可轉移性消失的情況下，安全港是否仍能為您提供保障。

Okay, let's see. I spent some time up in the Hill with key senators and congressmen. What I would say is that I do expect in sort of a first draft to come out of the House and Ways Means committee, and that's to start the discussion. So that's certainly, I don't think that's the final point. That was made clear to us.

好的，讓我們看看。我與國會山上的重要參議員和眾議員一起度過了一段時間。我想說的是，我確實希望眾議院和籌款委員會能夠拿出一份初稿，然後開始討論。所以，我當然不認為這是最終的觀點。我們已經清楚這一點了。

I do think that there is, what I heard was a very pragmatic approach. One was the importance of, I would say, reliability in a sense that something like, if you look at safe harboring, I think that everybody I spoke to said that, that's a very important component to maintain because that's really the credibility of US laws or, let's say, US programs.

我確實認為有，我聽到的是一種非常務實的方法。其一是可靠性的重要性，我想說，從某種意義上說，如果你看一下安全港，我想每個與我交談過的人都會說，這是一個需要維護的非常重要的組成部分，因為這確實是美國法律或美國計劃的可信度。

So I feel very good about that. I think regarding the IRA, it's a question certainly going to be addressed certain aspects of it. I think that you might have an earlier sunset of it.

所以我對此感覺非常好。我認為關於愛爾蘭共和軍，這個問題肯定會得到解決。我認為你可能會更早看到日落。

I would say very likely, actually, that's where the majority of the savings that they would score would come from. But having said all that, I think that at the end, it's going to be quite pragmatic. There are hundreds of thousands of jobs depending on this.

我想說，實際上，他們節省的大部分錢很可能都來自於此。但儘管如此，我認為最終它會非常務實。有數十萬個工作崗位依賴於此。

A lot of people are going to be going into elections in '26. And you don't want to have a jump in unemployment in rural areas where a lot of this is getting done. And you also have the tax revenues that this is going to generate. So my feeling on this is that we will have something relatively early. That's not the final, whatever comes out, it's not final.

很多人將會參加26年選舉。你也不希望在農村地區出現失業率大幅上升的情況，因為農村地區是這類工作的主要場所。而且這也將產生稅收收入。所以我的感覺是，我們將會相對較早地取得一些成果。這不是最終結果，無論結果如何，都不是最終結果。

When can reconciliation done? Take it with a huge grain of salt, people think it's before the August recess, that people will want to have this done before they go out of town. So that's more or less the time frame. But I think the discussions were, that I had, I think, were very encouraging about thinking about what's good for the country and what can realistically be done.

什麼時候可以和解？人們對此持保留態度，認為這是在八月休會之前，人們希望在出城之前完成這件事。這就是大致的時間範圍。但我認為，我所進行的討論非常令人鼓舞，思考什麼對國家有利以及什麼可以實際做到。

Appreciate that caller. Thank you.

感謝那位來電者。謝謝。

Richard Sunderland, JPMorgan.

摩根大通的理查桑德蘭。

Hey, good morning. I just wanted to follow up on transferability one more time. On an agency metric basis, what would be the impact to your FFO without transferability and how do you expect the agencies to treat that?

嘿，早安。我只是想再一次跟進可轉移性問題。從代理商指標來看，如果沒有可轉移性，會對您的 FFO 產生什麼影響？您希望代理商如何對待這個問題？

So the transferability, as I said, Rich, is fundamentally the same cash and credit profile. The difference is the transfer credits do go through operating cash flow. So in terms of S&P and Fitch, it really has no impact to their focus on the parent free cash flow, whereas this comes in at the subsidiary level and pays down debt primarily.

因此，正如我所說，Rich，可轉移性從根本上來說與現金和信用狀況相同。不同之處在於轉移信用確實會透過經營現金流。因此，對於標準普爾和惠譽而言，這實際上對它們對母公司自由現金流的關注沒有影響，而這發生在子公司層面，主要用於償還債務。

And so it does get captured in the Moody's metric. So I think we will need to work with Moody's to ensure that this is well understood. I think they do understand it that it's fundamentally no change.

因此它確實被納入了穆迪指標中。因此我認為我們需要與穆迪合作以確保這一點得到充分理解。我認為他們確實明白這從根本上來說沒有任何改變。

The cash comes in when the project's placed in service, whether it comes from a transfer or from a tax equity partner and the debt gets paid down. So I think practically, it has no impact.

當專案投入使用時，現金就會到賬，無論是來自轉讓還是來自稅收股權合作夥伴，債務也會得到償還。所以我認為實際上它沒有影響。

And if we got to that point, we would, of course, work with Moody's as we have, and they've been very constructive in understanding how renewables works, including the adjustments that they made in the last update that they gave. So I don't see it as a negative at all for the credit profile.

如果我們到了那一步，我們當然會像現在這樣與穆迪合作，他們在理解再生能源的運作方式方面非常有建設性，包括他們在上次更新中所做的調整。因此，我並不認為這對信用狀況有任何負面影響。

Got it. That was very clear. So presumably on a Moody's basis, this would push out the improvement you've called out for '26 but you also expect Moody's to look through the impacts, given what you laid out earlier on the value through tax equities being the same?

知道了。這非常清楚。因此，大概根據穆迪的評級，這會推遲您所呼籲的 26 年改善，但考慮到您之前提到的通過稅收股權獲得的價值相同，您是否也預計穆迪會考慮其影響？

I mean, look, I can't speak for Moody's, but look, it's very logical, and we're talking about geography issue on the cash flow statement. So I have a hard time being that logic won't prevail there, that fundamentally, the credit profile is exactly the same.

我的意思是，看，我不能代表穆迪發言，但看，這是非常合乎邏輯的，我們正在討論現金流量表上的地理問題。所以我很難相信這種邏輯在那裡不會佔上風，從根本上來說，信用狀況是完全相同的。

Understood. And then maybe I'll just follow up with one more. I mean, I think there's been a lot of attention on transferability and maybe some fears out there that this first draft on the IRA could have a lot of negative headlines, then we migrate some more reasonable middle ground.

明白了。然後我可能還會再跟進一個。我的意思是，我認為人們對可轉移性給予了極大的關注，也許有人擔心愛爾蘭共和軍的初稿可能會引起很多負面新聞，然後我們會採取一些更合理的中間立場。

Do you think transferability is something that may come out in that initial draft and then goes back in? Any thoughts on sort of the magnitude of that headline risk initially versus where things might ultimately shake out in your earlier commentary?

您是否認為可轉移性可能會在初稿中出現，然後再重新出現？您在先前的評論中對最初主要風險的規模以及最終事態發展有何看法？

No. What I would say is that there are two sort of groups, one is uses of capital, and there's one that's sort of be more blunt. I think again, there's going to be a compromise. So I really have no insight in terms of what the initial language can be.

不。我想說的是，有兩種類型，一種是資本的用途，另一種是較直白的類型。我再次認為，將會有一個妥協。所以我真的不知道最初的語言是什麼。

But it's clear, bills always come out to start a discussion so it has to come from the House and then it has to be resolved with the Senate, and you have to have this reconciliation. So I just think that anything that comes out now is the start and it's not the ending point.

但很明顯，法案總是要經過討論才能提出，所以它必須來自眾議院，然後必須由參議院解決，而且必須達成這種和解。所以我認為現在發生的任何事情都只是一個開始，而不是結束。

But I also, again, from my discussions, I think they were very constructive, very, very positive in general, but I think people understand the issues, which is what's most important. Look, the most important thing is, among other things, we want two things, energy dominance and you want to, with the AI race.

但我也再次強調，從我的討論來看，我認為總體而言，討論非常有建設性，非常非常積極，但我認為人們理解這些問題，這才是最重要的。你看，最重要的是，除其他事項外，我們想要兩樣東西，能源主導地位和你想要的人工智慧競賽。

Both of those require a lot of renewable energy, well, actually, a lot of energy now. If you think about additional gas plants, if we order a new gas turbine today, the waiting period is between three to five years to say nothing that is not permitted and it's not an interconnection queue.

這兩者都需要大量的可再生能源，實際上，現在需要大量的能源。如果您考慮增加天然氣電廠，如果我們今天訂購一台新的燃氣渦輪機，等待期將達到三到五年，更不用說這是不允許的，而且這不是互連隊列。

So if you come out with something that was very negative, let's say, to new energy, well, you're forfeiting two of the most important goals of the administration. So that's why I felt that there was clarity in terms of cause and effect and what it's going to take to have energy dominant and what is going to, it's a question also of time frame.

因此，如果你提出了一些非常負面的政策，例如對新能源不利的政策，那麼，你就放棄了政府的兩個最重要的目標。所以這就是為什麼我覺得因果關係很清晰，以及需要什麼才能讓能量占主導地位，這也是一個時間框架的問題。

So this is a question that must be resolved in the next four, five years. And we have to be pragmatic what we can get accomplished in that time period. So I feel that, that is understood. So I'm, let's say, reasonably optimistic about where it's going to end up. Who knows the political path or headlines? I can't know. Your guess is as good as mine.

所以這是未來四、五年必須解決的問題。我們必須務實地考慮在這段時間內我們能夠完成什麼。所以我覺得這是可以理解的。因此，可以說，我對它的最終結果相當樂觀。誰知道政治路線或頭條新聞？我不知道。你的猜測和我的一樣好。

Thank you.

謝謝。

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

Hey, good morning. Thanks for squeezing me in. Most of my questions, Richard's taken care of in front of me. Just quickly on Ohio, some legislation passed earlier, I think, this week, multiyear rate plans but also maybe removal of OVEC revenues. Just curious the impact for AES Ohio, and does it change your plan on rate filings?

嘿，早安。謝謝你把我擠進來。我的大部分疑問，理查德都當面解答了。關於俄亥俄州，我想在本週早些時候通過了一些立法，包括多年期費率計劃，但也可能取消 OVEC 收入。只是好奇這對 AES Ohio 的影響，它會改變您的費率申報計劃嗎？

Thank you so much. This is Ricardo. So I will start saying that overall, the impact of the bill is net positive for us, while on one side eliminates the ESP. It's going to be now replaced by a three year forward-looking distribution rate case with annual true-up, which is a more constructive regulatory framework in a growing business such as AES Ohio.

太感謝了。這是里卡多。因此我要說的是，總體而言，該法案的影響對我們來說是淨正面的，而一方面它消除了 ESP。現在它將被一個帶有年度調整的三年前瞻性分銷率案例所取代，這對於像 AES Ohio 這樣成長型企業來說是一個更具建設性的監管框架。

In addition, the language clearly states that the current ESP four features will be extended from August 2026, which was the original expiration date, to May of 2027. So this will give us enough time to have the new rates coming from this three year forward-looking framework in place. I think this is very, very constructive.

此外，措詞明確指出，現行的 ESP 四項功能將從原定的到期日 2026 年 8 月延長至 2027 年 5 月。因此，這將給我們足夠的時間來製定基於這個三年前瞻性框架的新利率。我認為這非常非常有建設性。

It eliminates regulatory lags, so again, very, very positive for a growing business such as AES Ohio. I think in terms of our timing for filing the distribution rate case, more likely it's going to be by the end of this year. With respect to OVEC, the impact is estimated to be between $0 and $10 million.

它消除了監管滯後，因此，對於像 AES Ohio 這樣的成長型企業來說，這非常非常有利。我認為，就我們提交分配率案件的時間而言，更有可能是在今年年底之前。對於 OVEC 而言，影響估計在 000 至 1000 萬美元之間。

Why zero? Because it depends very much on the financial performance of the asset or assets, I should say, because we are talking about 2.3 gigawatt to coal assets that provide capacity to PJM, and we are seeing a significant increase in capacity prices where you may recall, it were like around [$29] and now $270 per megawatt per day.

為什麼是零？因為這在很大程度上取決於資產的財務表現，我應該說，因為我們正在談論為 PJM 提供容量的 2.3 千兆瓦煤炭資產，而且我們看到容量價格大幅上漲，你可能還記得，它的價格大約是 [29 美元]，現在是每兆瓦每天 270 美元。

So it's going to be within that sort of range, $0 to $10 million, depending on the financial performance and capacity prices in PJM. And as I said, all in all, net positive, and I think this regulatory framework with the three year forward-looking is extremely constructive for AES Ohio.

因此，它將在 0 到 1000 萬美元的範圍內，具體取決於 PJM 的財務表現和容量價格。正如我所說，總的來說，這是積極的，我認為這個具有三年前瞻性的監管框架對 AES Ohio 來說非常有建設性。

Oh great, thanks for taking my questions.

哦，太好了，感謝您回答我的問題。

Thank you. Those are all the questions we have for today, and so I'll hand the call back over to Susan Harcourt for closing remarks.

謝謝。這些就是我們今天要問的所有問題，因此我將把發言權交還給蘇珊·哈考特 (Susan Harcourt)，請她做最後發言。

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 團隊將隨時解答您可能遇到的任何後續問題。謝謝，祝您有愉快的一天。

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，您可以掛斷電話了。