Brookfield Renewable Partners LP (BEP) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Brookfield Renewables Second Quarter 2025 Results Conference Call and Webcast. (Operator Instructions)

感謝您的支持，歡迎參加 Brookfield Renewables 2025 年第二季業績電話會議和網路廣播。（操作員指示）

As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Connor Teskey, CEO. Please go ahead, sir.

提醒一下，今天的節目正在錄製中。現在我想介紹今天節目的主持人、執行長康納特斯基 (Connor Teskey)。先生，請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for our Second Quarter 2025 conference call. Before we begin, we would like to remind you that a copy of our news release, investor supplement and letter to unitholders can be found on our website.

謝謝您，接線生。大家早安，感謝您參加我們的 2025 年第二季電話會議。在我們開始之前，我們想提醒您，您可以在我們的網站上找到我們的新聞稿、投資者補充和致單位持有人的信函的副本。

We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks, and our future results may differ materially. For more information, you're encouraged to review our regulatory filings available on SEDAR, EDGAR and on our website.

我們也想提醒您，我們可能會在本次電話會議上做出前瞻性的陳述。這些聲明受已知和未知風險的影響，我們未來的結果可能會有重大差異。欲了解更多信息，我們鼓勵您查看我們在 SEDAR、EDGAR 和我們網站上提供的監管文件。

On today's call, we will provide a review of our second quarter performance. And then Wyatt Hartley, Co-President of Brookfield Renewable and Head of our North American business, will discuss our recently announced Hydro Framework Agreement with Google and how our strategic operating portfolio and deep capabilities across renewable technologies has positioned us as the partner of choice to the largest buyers of power globally. Lastly, Patrick will conclude our remarks by discussing our operating results and the strong financing environment that we are seeing for our business and our assets today. Following our comments, we look forward to taking your questions.

在今天的電話會議上，我們將對第二季的業績進行回顧。然後，Brookfield Renewable 聯合總裁兼北美業務主管 Wyatt Hartley 將討論我們最近與 Google 宣布的水力發電框架協議，以及我們的策略營運組合和在再生技術領域的深厚能力如何使我們成為全球最大電力買家的首選合作夥伴。最後，帕特里克將透過討論我們的經營業績以及我們目前業務和資產所面臨的強勁融資環境來結束我們的演講。根據我們的評論，我們期待回答您的問題。

We had a successful quarter, delivering strong financial results and executing on our business plans and growth initiatives. Our robust operating results were driven by our large hydro fleet, which is increasingly strategic in the current environment, and the benefits of our development activities where over the past 12 months, we have commissioned 7.7 gigawatts of new renewable energy capacity globally. One highlight in the quarter was the strong results from our Nuclear Services business Westinghouse, as the momentum for nuclear power continues to build with Westinghouse well placed to benefit from continued growth in the sector given its global leadership position.

我們度過了一個成功的季度，取得了強勁的財務業績，並執行了我們的業務計劃和成長計劃。我們強勁的經營業績得益於我們龐大的水力發電資源群（在當前環境下，這些資源群的策略意義日益增強）以及我們開發活動帶來的好處。在過去 12 個月中，我們在全球範圍內投入了 7.7 千兆瓦的新再生能源產能。本季的一大亮點是我們的核子服務業務西屋電氣的強勁業績，因為核電的發展勢頭持續增強，而西屋電氣憑藉其全球領導地位，有望從該領域的持續增長中受益。

Looking at the broader market, we recently received additional clarity on policy changes in the United States with the signing of the One Big Beautiful Bill. And while we have been preparing our business for changes in tax credit eligibility for US renewables projects for some time, we are now in a position to execute with a greater level of confidence. With that, we began deploying a Safe Harboring strategy that will secure credit eligibility for nearly all of our projects in the United States through to the end of 2029.

放眼更廣闊的市場，隨著《一項偉大的美麗法案》的簽署，我們最近對美國的政策變化有了更清晰的了解。雖然我們一直在為美國再生能源專案稅收抵免資格的變化做準備，但現在我們可以更有信心地執行了。為此，我們開始部署安全港戰略，以確保到 2029 年底我們在美國幾乎所有項目都能夠獲得信貸資格。

While doing so, we are staying true to our approach to development, focusing on ensuring we have a strong line of sight on both our costs and revenues for each project. With a particular focus on minimizing the capital at risk while protecting our ability to deliver our target returns. Most importantly, the outlook for global and diversified business like ours remain exceptionally strong, driven by the most robust energy demand growth we have seen in decades.

在這個過程中，我們始終堅持自己的開發方法，並專注於確保我們對每個專案的成本和收入都有清晰的了解。特別注重最大限度地降低風險資本，同時保護我們實現目標回報的能力。最重要的是，在幾十年來最強勁的能源需求成長的推動下，像我們這樣的全球多元化企業的前景依然異常強勁。

We continue to see a significant supply demand imbalance for energy throughout the regions in which we operate. And it is becoming increasingly clear that solving this imbalance will require substantial expansion of many forms of energy generation, but with low-cost, quick-to-market renewables technology is well positioned to provide much of this needed build-out, in addition to other critical technologies that will support grid reliability. Our business is well positioned to meet -- to help meet this exponential demand and support grid reliability with our over 230 gigawatt pipeline of projects which includes significant battery storage solutions, our global fleet of operating hydro facilities and through Westinghouse, our leading nuclear service business.

我們繼續看到我們經營所在地區的能源供需嚴重失衡。越來越明顯的是，解決這種不平衡需要大幅擴大多種形式的能源生產，但低成本、快速上市的可再生能源技術除了支持電網可靠性的其他關鍵技術外，還能夠很好地滿足大部分所需的建設需求。我們的業務已做好準備，以滿足這一指數級增長的需求，並透過我們超過 230 千兆瓦的項目管道（其中包括重要的電池存儲解決方案）、我們全球運營的水電設施以及通過西屋電氣的領先核服務業務來支持電網可靠性。

Turning back to our performance during the quarter. We delivered strong financial results and executed on our commercial initiatives and growth plans, all while maintaining the strength of our balance sheet. We delivered FFO per unit that was up 10% year-over-year and continue to expect to deliver on our 10%-plus FFO per unit growth target for the year.

回顧我們本季的表現。我們取得了強勁的財務業績，並執行了我們的商業舉措和成長計劃，同時保持了資產負債表的強勁。我們實現的每單位 FFO 年成長 10%，並繼續期望實現今年每單位 FFO 成長 10% 以上的目標。

We were successful in advancing our commercial initiatives, securing contracts to deliver an incremental 4,300 gigawatt hours per year of generation in addition to signing the Hydro Framework Agreement. We progressed our development activities and commissioned approximately 2.1 gigawatts of new renewable energy capacity in the quarter and anticipate bringing on approximately 8 gigawatts in 2025, which will be a record for our business.

我們成功推進了商業計劃，除了簽署水力發電框架協議外，還簽訂了每年增加 4,300 吉瓦時的發電量的合約。我們推進了開發活動，並在本季度投入了約 2.1 千兆瓦的新可再生能源容量，預計到 2025 年將增加約 8 千兆瓦，這將是我們業務的最高紀錄。

We have also continued to execute on our asset recycling initiatives. And since the start of the second quarter, we sold assets for expected proceeds of approximately $1.5 billion or $400 million net to Brookfield Renewable, all at strong returns. Based on our advanced pipeline, we expect total asset sales proceeds in 2025 to exceed last year with returns at or above our targets, illustrative of the increasing and recurring nature of asset monetizations as a highly accretive way to fund our future growth.

我們也繼續執行資產回收計劃。自第二季開始以來，我們向 Brookfield Renewable 出售了資產，預期收益約為 15 億美元，淨收益 4 億美元，均獲得了豐厚的回報。根據我們先進的產品線，我們預計 2025 年資產銷售總收益將超過去年，回報率將達到或超過我們的目標，這說明資產貨幣化的增加和重複性是我們未來成長的一種高度增值方式。

The outlook for our business remains robust, driven by exceptionally strong demand for power that will necessitate the development of all forms of energy. With our globally diversified portfolio across hydro, wind, solar, nuclear and battery storage, we see strong potential to deepen relationships with the world's largest buyers of power, and this gives us confidence that for our business, the best is yet to come.

由於對電力的需求異常強勁，需要開發各種形式的能源，因此我們的業務前景仍然強勁。憑藉我們在水力發電、風能、太陽能、核能和電池儲存領域的全球多元化投資組合，我們看到了與全球最大電力買家深化關係的巨大潛力，這使我們相信，對於我們的業務而言，最好的還在後頭。

With that, we will now turn it over to Wyatt to speak to our recently announced Hydro Framework Agreement with Google and how our strategic operating portfolio and deep capabilities across renewables technologies has positioned us as the partner of choice to the largest buyers of power globally.

接下來，我們將把話題轉到懷亞特身上，談談我們最近與Google宣布的《水力發電框架協議》，以及我們的策略營運組合和在再生能源技術領域的深厚能力如何使我們成為全球最大電力買家的首選合作夥伴。

Thank you, Connor, and good morning, everyone.

謝謝你，康納，大家早安。

This past quarter, we reinforced our position as the energy solutions partner of choice to the global technology players with the signing of a first-of-its-kind agreement with Google to deliver up to 3 gigawatts of hydroelectric capacity across the United States. This framework agreement follows on our landmark framework agreement with Microsoft that we signed last year to deliver over 10.5 gigawatts of renewable energy capacity and is a testament to our unique capabilities while also demonstrating our credibility with the largest buyers of power in the world.

上個季度，我們與Google簽署了首份協議，向美國提供高達 3 千兆瓦的水力發電能力，鞏固了我們作為全球科技公司首選能源解決方案合作夥伴的地位。該框架協議是我們去年與微軟簽署的具有里程碑意義的框架協議的延續，該協議旨在提供超過 10.5 千兆瓦的可再生能源容量，證明了我們獨特的能力，同時也證明了我們在全球最大電力買家中的信譽。

The agreement is also notable as it reflects a trend in how the hyper scalers are procuring power. Historically, they were focused on contracting new build, wind and solar. However, in the current environment, we have seen them extend their procurement of power to include hydro and nuclear generation at scale as a complement to their continued strong demand for low-cost and quick-to-market wind and solar.

該協議也值得注意，因為它反映了超大規模企業採購電力的趨勢。從歷史上看，他們專注於承包新建專案、風能和太陽能。然而，在當前環境下，我們看到他們擴大了電力採購範圍，大規模包括水力發電和核能發電，以補充他們對低成本、快速上市的風能和太陽能持續強勁的需求。

We have already signed the first two contracts under the Google Framework Agreement for 670 megawatts of capacity from our Holtwood and Safe Harbor facilities in Pennsylvania, securing 20-year contracts that deliver strong all-in prices and provide a near-term path to up financing, which will generate significant proceeds to deploy into further accretive growth. We also have another 300 megawatts of hydro capacity we are presenting to Google this year that we expect to contract at similarly attractive terms that should provide additional up-financing opportunities. For the remaining capacity under the framework agreement, we will explore additional contracting opportunities within our existing hydro fleet as well as to pursue potential new hydro investments.

我們已經根據谷歌框架協議簽署了前兩份合同，將在賓夕法尼亞州的 Holtwood 和 Safe Harbor 工廠提供 670 兆瓦的發電容量，這些合同為期 20 年，可提供強勁的全包價格，並提供短期融資途徑，這將產生可觀的收益，用於進一步的增值增長。我們今年還將向谷歌展示另外 300 兆瓦的水電容量，我們期望以同樣有吸引力的條款簽訂合同，這將提供額外的融資機會。對於框架協議下的剩餘容量，我們將在現有水力發電項目中探索額外的承包機會，並尋求潛在的新水力發電投資。

Stepping back, as Connor spoke to in his remarks, there is an incredible growth in energy demand that will require any and all solution to deliver the electricity needed in the market. At the same time, there is also an increasing requirement to match the needs of the grid with the right mix of technologies to maintain reliability. In light of this, we continue to expand our capabilities in low-cost wind and solar generation while also placing emphasis on critical technologies that enable and support broader development of these renewables namely hydro, nuclear and batteries.

退一步來說，正如康納在演講中提到的那樣，能源需求正在以驚人的速度增長，需要採取一切解決方案來滿足市場所需的電力。同時，人們也越來越需要採用適當的技術組合來滿足電網的需求，以保持可靠性。有鑑於此，我們繼續擴大我們在低成本風能和太陽能發電方面的能力，同時也重視能夠支持這些再生能源（即水力、核能和電池）更廣泛發展的關鍵技術。

By continuing to grow our capabilities in these technologies, we are further positioning ourselves for large-scale partnerships that deliver the needs of our customers, while at the same time, earning strong risk-adjusted returns in line with our expectations.

透過不斷增強我們在這些技術方面的能力，我們進一步為滿足客戶需求的大規模合作夥伴關係做好準備，同時獲得符合我們預期的強勁風險調整回報。

Furthering our strategy of growing in critical technologies to provide clean baseload power to support the grid, in July, we reached an agreement to invest up to $1 billion to acquire an approximately 15% incremental stake in our Colombian Hydro platform, Isagen. This accretive transaction enables us to increase our interest in an irreplaceable fleet of primarily hydro assets that generate 24/7 baseload power and deliver significant, stable and contracted cash flows.

為了進一步推進我們在關鍵技術領域的發展策略，為電網提供清潔基載電力，我們在 7 月達成協議，將投資高達 10 億美元收購我們哥倫比亞水電平台 Isagen 約 15% 的增量股份。此次增值交易使我們能夠增加對主要由水力發電資產組成的不可替代的電力資源群的興趣，這些電力資源能夠全天候產生基荷電力，並提供大量、穩定且有合約約束的現金流。

The business generates almost 20% of Columbia's electricity, and we continue to identify opportunities to drive performance improvements by leveraging our commercial relationships, marketing expertise, and building out incremental renewable generation in the country. The investment is anticipated to be approximately 2% accretive to our FFO in 2026.

該業務生產了哥倫比亞近 20% 的電力，我們將繼續透過利用我們的商業關係、行銷專業知識和在該國建設增量可再生能源發電來尋找推動績效改進的機會。預計該投資將在 2026 年為我們的 FFO 帶來約 2% 的成長。

In addition to our growing hydro fleet, we own Westinghouse, which services approximately two-thirds of the world's nuclear power fleet and whose technology is the basis for approximately half the operating nuclear reactors globally, providing us exposure to another critical technology required to meet the needs of today's grid. Beyond Westinghouse core fuel and reactor services business, Westinghouse provides design and engineering for new build reactors without taking on certain nuclear-specific newbuild risks. US government recently announced executive orders to significantly grow nuclear capacity in the country and Westinghouse as the US nuclear champion with the most advanced utility scale reactor technology that is operating today is well positioned to help deliver on these objectives.

除了不斷成長的水力發電資源外，我們還擁有西屋電氣公司，該公司為全球約三分之二的核電廠提供服務，其技術是全球約一半運行核反應器的基礎，這讓我們接觸到滿足當今電網需求的另一項關鍵技術。除了西屋核心燃料和反應器服務業務外，西屋還提供新建反應器的設計和工程，但不承擔某些核能特定的新建風險。美國政府近期宣布行政命令，大幅提升該國核電產能，而西屋電氣作為美國核電巨頭，擁有目前運行的最先進公用事業規模反應器技術，完全有能力幫助實現這些目標。

Lastly, in the first quarter, we closed our acquisition of Neoen, which significantly expanded our battery capabilities and made us one of the largest operators and developers of battery storage solutions globally. This enhanced the suite of energy solutions we can offer to our customers and is leading to more opportunities across our business, both in terms of M&A opportunities, but also within our existing fleet.

最後，在第一季度，我們完成了對 Neoen 的收購，這大大擴展了我們的電池產能，使我們成為全球最大的電池儲存解決方案營運商和開發商之一。這增強了我們可以為客戶提供的能源解決方案套件，並為我們的業務帶來了更多機會，包括併購機會以及現有車隊的機會。

Going forward, we will continue to be active investing in the critical technologies that are required to support growing energy demand and the reliability of the grid. In addition to low-cost wind and solar and expect to expand our partnerships with the largest buyers of power on large-scale framework agreements, like the ones we executed with Google and Microsoft to date, as well as on a project-by-project basis.

展望未來，我們將繼續積極投資支持不斷增長的能源需求和電網可靠性所需的關鍵技術。除了低成本的風能和太陽能之外，我們還希望擴大與最大電力買家在大型框架協議方面的合作夥伴關係，就像我們迄今為止與谷歌和微軟簽訂的協議一樣，以及在逐個項目的基礎上。

With that, I will pass it on to Patrick to discuss our operating results and financial position.

說完這些，我將把它轉交給帕特里克，討論我們的經營業績和財務狀況。

Thanks, Wyatt, and good morning to everyone on the call.

謝謝，懷亞特，電話裡的各位早安。

Our business performed well this quarter, delivering funds from operations of $371 million or $0.56 per unit, an increase of 10% year-over-year driven by strong hydro generation and execution of our growth initiatives over the past year, which more than offset the impact of asset sales we completed in the last year.

本季度我們的業務表現良好，營運資金為 3.71 億美元，即每單位 0.56 美元，年增 10%，這得益於過去一年強勁的水力發電和增長計劃的執行，這足以抵消我們去年完成的資產出售的影響。

Our hydroelectric segment delivered strong growth with FFO up over 50% from the prior year on strong performance from our US and Colombian fleets with hydrology that was above the long-term average. The outperformance reflects a rebound from a challenging prior year for hydrology and is in line with our expectation of a reversion to the mean over the long term. The strong performance for our hydros bodes well for our overall results in 2025 and going into 2026, given the typical multiyear cycle we see in the hydrology of our fleet.

我們的水力發電部門實現了強勁增長，FFO 比上年增長了 50% 以上，這得益於我們美國和哥倫比亞船隊的強勁表現，其水文水平高於長期平均水平。這一優異表現反映了水文學從前一年充滿挑戰的時期開始反彈，也符合我們對長期回歸均值的預期。考慮到我們船隊水文狀況的典型多年周期，我們水力發電機組的強勁表現預示著我們 2025 年和 2026 年的整體業績將取得良好進展。

Our wind and solar segments performed well with FFO essentially flat compared to the prior year. As newly commissioned capacity and the closing of our investment in National Grid's renewables business in the US during the quarter, was offset by lower FFO due to asset dispositions and gains on the sale of development assets in the prior year.

我們的風能和太陽能部門表現良好，FFO 與前一年相比基本持平。由於本季新投產的產能和我們在美國國家電網再生能源業務的投資結束，被去年因資產處置和出售開發資產的收益導致的 FFO 下降所抵消。

Our distributed energy, storage and sustainable solutions segments delivered strong performance with FFO up almost 40% year-over-year, driven by strong results from Westinghouse. As the business continues to benefit from the growing global demand for nuclear energy. Turning to our financial position.

我們的分散式能源、儲存和永續解決方案部門表現強勁，在西屋電氣強勁業績的推動下，FFO 年成長近 40%。由於全球對核能的需求不斷增長，該業務繼續受益。談談我們的財務狀況。

We ended the quarter with $4.7 billion of available liquidity across the business. providing strong financial flexibility for the franchise. Our balance sheet continues to be top tier in the sector, and we remain committed to a prudent financing approach, enabling us to pursue growth opportunistically.

本季結束時，我們整個業務的可用流動資金為 47 億美元，為特許經營提供了強大的財務靈活性。我們的資產負債表繼續處於行業領先地位，我們仍然致力於採取審慎的融資方式，使我們能夠抓住機會追求成長。

In light of the exceptionally robust demand for our assets and businesses we are seeing today in the capital markets, we continue to proactively pull forward financings across our business, including a number of up-financing opportunities. This should provide additional liquidity earlier than expected to fund accretive growth across the franchise. Year-to-date, we have successfully completed $19 billion of financings across the business, extending maturities and optimizing our capital structure with a couple of noteworthy financings in the quarter.

鑑於目前資本市場對我們的資產和業務的需求異常強勁，我們持續積極推動整個業務的融資，包括一些追加融資機會。這應該比預期更早提供額外的流動性，以資助整個特許經營的增值成長。年初至今，我們已成功完成 190 億美元的全業務融資，延長了期限並優化了資本結構，本季有幾筆值得注意的融資。

In June, we were successful issuing CAD250 million of 30-year hybrid notes at the tightest corporate hybrid new issue spread ever in Canada in an offering that was several times oversubscribed. The issuance aligns with our strategy of conservatively accessing the market to optimize our capital structure as our cash flows increase. Also during the quarter, we successfully executed Brookfield Renewables largest-ever project financing, raising EUR6.3 billion for our offshore wind development project in Poland.

6 月份，我們成功發行了 2.5 億加元的 30 年期混合債券，發行價差達到加拿大有史以來最窄的企業混合債券新發行價差，並獲得數倍超額認購。此次發行符合我們謹慎進入市場的策略，即隨著現金流的增加，優化我們的資本結構。本季度，我們也成功執行了 Brookfield Renewables 有史以來最大的專案融資，為我們在波蘭的離岸風電開發專案籌集了 63 億歐元。

Lastly, we further demonstrated the strong demand for our high-quality assets, raising a $435 million long-term fixed rate private placement for a strategic US hydro asset at our lowest spread in five years for this type of financing. This, again, was an offering that was multiple times oversubscribed. These financings are indicative of the strong support from lenders for our derisked infrastructure assets and indicates how our significant access to capital continues to be an enduring competitive advantage.

最後，我們進一步證明了對我們優質資產的強勁需求，為美國一項戰略性水力發電資產籌集了 4.35 億美元的長期固定利率私募資金，這是五年來此類融資的最低利差。這又是超額認購數倍的發行。這些融資顯示貸款機構對我們去風險基礎設施資產的大力支持，也顯示我們強大的資本取得能力持續成為持久的競爭優勢。

In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors, while remaining disciplined allocators of capital and leveraging our strengths to access unique opportunities in the most attractive technologies and regions.

最後，我們將繼續致力於為投資者實現 12% 至 15% 的長期總回報，同時繼續嚴謹地配置資本，並利用我們的優勢在最具吸引力的技術和地區獲得獨特的機會。

On behalf of the Board and management, we thank all our unitholders and shareholders for their ongoing support. We are excited about Brookfield's Renewables future and look forward to updating you on our progress throughout the year, including at our upcoming Investor Day in Toronto on September 25.

我謹代表董事會和管理階層感謝所有單位持有人和股東的持續支持。我們對 Brookfield 再生能源的未來充滿期待，並期待向您通報我們全年的進展，包括即將於 9 月 25 日在多倫多舉行的投資者日。

That concludes our formal remarks for today's call. Thank you for joining us this morning. And with that, I'll pass it back to our operator for questions.

今天的電話會議的正式發言到此結束。感謝您今天上午加入我們。然後，我會將其轉交給我們的操作員以回答問題。

Nelson Ng, RBC Capital Markets.

納爾遜·吳（Nelson Ng），加拿大皇家銀行資本市場部。

Great. Thanks, and congrats on a strong quarter.

偉大的。謝謝，並祝賀本季業績強勁。

So the first question is like, I think it's already well known that there is a big demand for power and the lack of supply. But in light of the results from the recent PJM auction and the high-capacity payments, are you able to accelerate the pace of development in that area or are you making any changes in, in the US? And are you able to further kind of leverage your footprint in that region?

所以第一個問題是，我認為人們已經知道電力需求很大但供應不足。但是，鑑於 PJM 拍賣最近的結果和高容量支付，您是否能夠加快該領域的發展步伐，或者您是否在美國做出任何改變？您能否進一步擴大您在該地區的影響力？

Good morning and thanks for the question, Nelson.

早安，謝謝你的提問，尼爾森。

In terms of what we saw recently in the capacity auction in PJM, we would simply say it's indicative of that supply-demand imbalance that we're seeing in most of the regions we operate around the world, just with the capacity auction, the results get published, it creates a really formal portrayal of a dynamic we've been seeing on the ground in a number of places that we think is going to continue for years to come.

就我們最近在 PJM 容量拍賣中看到的情況而言，我們只想說，這表明我們在全球運營的大多數地區都存在供需失衡的情況，僅通過容量拍賣，結果就會公佈，它對我們在許多地方看到的動態進行了非常正式的描述，我們認為這種動態將在未來幾年持續下去。

In terms of how we leverage our existing position and look to pull things forward, two comments to be made there. Make no mistake. In this market where there is a supply-demand imbalance, the shortage is not capital, the shortage is not demand. The shortage is having available to build projects and we are tackling these three ways.

關於我們如何利用現有地位並推動事態發展，有兩點需要提出。別搞錯了。在這個供需失衡的市場裡，缺的不是資金，缺的不是需求。短缺的是可用於建設項目的資源，我們正在透過這三種方式來解決。

One, everything we can, we are pulling forward as quickly as possible. That has very much been true for a couple of years now, and we'll look to continue to be true for the foreseeable future. Secondly, we will continue to use our M&A capabilities and our access to capital to add more projects and more pipeline in the regions where we are seeing the greatest amount of demand. And then thirdly, I would highlight our framework agreements and partnerships with the largest buyers of power around the world because what those partnerships allow us to do is get a very intimate knowledge of where those buyers of power, where their future needs are.

第一，我們正在盡快推進一切可能的工作。幾年來，情況一直如此，我們也期待在可預見的未來繼續保持這種狀況。其次，我們將繼續利用我們的併購能力和資本管道，在需求最大的地區增加更多項目和更多管道。第三，我要強調我們與全球最大電力買家達成的框架協議和合作夥伴關係，因為這些合作夥伴關係使我們能夠非常深入地了解這些電力買家在哪裡，以及他們未來的需求在哪裡。

And really, what it does is it gives us a hunting license, if you will, to either develop or acquire with greater confidence in regions where we essentially know there is a backstop level of demand. And therefore, we're already pulling everything forward as fast as possible, but we're looking to use the growth levers as our franchise to look to do more in those markets where we see that supply demand imbalance persisting in the longer term.

實際上，它的作用是給我們狩獵許可證，讓我們可以在那些我們知道有一定需求的地區更有信心地開發或取得狩獵許可證。因此，我們已經在盡快推進一切工作，但我們希望利用成長槓桿作為我們的特許經營權，在那些供需失衡長期持續存在的市場中取得更多成就。

Great. Thanks, Connor.

偉大的。謝謝，康納。

So just to follow up on that. I noticed in your development pipeline that the amount of projects being commissioned in North America in 2025 is, I think, roughly 2.7 gigawatts that reduces a little bit to 2.4 in '26, and then it more than doubles to 5.4 gigawatts in 2027. Is that just purely timing or are there kind of other forces at work in terms of that profile?

只是為了跟進這一點。我注意到，在您的開發流程中，2025 年北美投入使用的專案數量約為 2.7 千兆瓦，到 2026 年會略微減少到 2.4 千兆瓦，然後到 2027 年會增加一倍以上，達到 5.4 千兆瓦。這僅僅是時間因素嗎，還是還有其他因素在運作？

That's purely timing. Our development pipeline is made up of -- I'll start and if Wyatt wants to add anything, he can. But our pipelines that we produce in our supplemental are really backed by list of specific projects that have various interconnection and COD dates. I make no mistake, if you were to draw a trend line across our North American region, it is very consistently kind of up and to the right, but the specifics of one year to the next are based on the individual underlying projects and when they're going to come online.

這純粹是時間問題。我們的開發流程由以下內容組成 - 我先開始，如果懷亞特想添加任何內容，他可以添加。但我們在補充資料中提供的管道實際上是由具有各種互連和 COD 日期的特定項目清單所支援的。我毫不懷疑，如果你要在我們的北美地區畫一條趨勢線，它會非常一致地向上和向右，但一年到下一年的具體情況取決於各個基礎項目以及它們何時上線。

Okay. Got it. And then just one last question. Just based on your discussion with big tech companies and the big hyper scalers, like how do they balance the need for base load versus intermittent renewable energy?

好的。知道了。最後一個問題。僅根據您與大型科技公司和大型超大規模企業的討論，他們如何平衡基本負載與間歇性再生能源的需求？

The large technology companies are undoubtedly the largest buyers of power and are certainly ones who are adding the incremental marginal demand due to the growth of AI and the growth of the data center fleet around the world, but particularly in the US. And therefore, they, without a doubt, are looking to secure as much generation as possible.

大型科技公司無疑是電力的最大買家，而且由於人工智慧的發展和全球（尤其是美國）資料中心數量的成長，它們無疑增加了增量邊際需求。因此，毫無疑問，他們正在尋求盡可能確保發電。

And while we often talk about them as a specific industry, the point we would make is the demand is broad-based. It's driven first and foremost by the tech companies, but we're seeing this across all segments of the economy.

雖然我們經常將它們視為一個特定的行業，但我們要指出的是，其需求是廣泛的。這一趨勢首先由科技公司推動，但我們在經濟的各個領域都看到了這個趨勢。

The second point we would make is we are seeing an absolutely growing sophistication and increased demand for things beyond what I will say, pay-as-produced generation. And we absolutely encourage this and think it puts Brookfield in a fantastic situation. We're seeing more demand for 24/7 power. We're increasingly seeing contracts that used to be pay-as-produced generation -- now the offtakers want the power and the REX. Increasingly, now we're seeing the contracts include the capacity component that comes with some of these revenues and some of these assets.

我們要說的第二點是，我們看到，除了按生產付費發電之外，其他事物的複雜程度和需求都在不斷增長。我們絕對鼓勵這種做法，並認為這會讓 Brookfield 處於非常有利的地位。我們發現全天候電力的需求越來越大。我們越來越多地看到，以前是按產量付費的合同，而現在承購商想要的是電力和 REX。現在我們越來越多地看到合約包括了伴隨部分收入和部分資產而來的容量部分。

And all of that plays to our strengths given our diversity across technologies and in particular, our large, flexible operating base that can be mixed with I'll call it, vanilla wind and solar to meet these evolving demands of the market. So absolutely, it is increasing. We actually encourage it and view it as a very important way that Brookfield Renewable will continue to differentiate itself.

所有這些都發揮了我們的優勢，因為我們擁有多元化的技術，特別是我們龐大而靈活的營運基礎，可以與我稱之為香草風能和太陽能的混合，以滿足市場不斷變化的需求。所以絕對而言，它正在增加。我們實際上鼓勵這樣做，並將其視為 Brookfield Renewable 繼續脫穎而出的一個非常重要的方式。

Great. Thanks, Connor. I'll leave it there.

偉大的。謝謝，康納。我就把它留在那裡。

Sean Steuart, TD Cowen.

肖恩·斯圖爾特（Sean Steuart），TD Cowen。

Thank you. Good morning, everyone.

謝謝。大家早安。

First question, Connor, you touched on feeling pretty good about your US pipelines tax credit eligibility through 2029. And I guess the question is, I suppose that's the read relative to the reconciliation bill. Do you have any thoughts on the Trump's executive order? And if any potential changes to [FIAC] criteria might change the parameters of tax credit eligibility for your pipeline?

第一個問題，康納，您提到您對到 2029 年仍有資格享受美國管道稅收抵免感到非常滿意。我想問題是，我認為這是與和解法案相關的解讀。您對川普的行政命令有何看法？如果 [FIAC] 標準發生任何潛在變化，可能會改變您的管道稅收抵免資格參數嗎？

So we continue to monitor the review that's ongoing. We feel very comfortable with our position. And perhaps more importantly, if anything unexpected came out of that review, we are extremely confident that we are as well positioned as anyone else or best positioned to leverage our global supply chain and our different relationships to evolve as needed. And we stand here very confidently that we will be able to secure tax credit eligibility for essentially the entirety of our US pipeline out through the end of the decade.

因此，我們會繼續監控正在進行的審查。我們對自己的地位感到非常滿意。或許更重要的是，如果這次審查中出現任何意外結果，我們非常有信心，我們與其他人一樣處於有利地位，或者處於最佳地位，可以利用我們的全球供應鏈和不同的關係來根據需要進行發展。我們非常有信心，到本世紀末，我們將能夠確保基本上整個美國管道都享有稅收抵免資格。

Sean, I don't know if this was part of your question, but -- after -- you mentioned we focus on out to 2029. The important thing within our business to recognize is as we have seen in recent years, -- there is -- due to the supply imbalance we are seeing in the market, we are able to pass through any changes in construction costs up or down, whether that be CapEx costs, whether that be the inclusion or removal of tax credits, whether that be funding costs. We've been able to push that through to the end customer by changing the price of the PPA. We've been able to push through cost decrease as well as cost increases always well preserving our development margin.

肖恩，我不知道這是否是你問題的一部分，但是——之後——你提到我們關注的是 2029 年。我們業務中需要認識到的重要一點是，正如我們近年來所看到的，由於我們在市場上看到的供應不平衡，我們能夠將建築成本的任何變化向上或向下轉嫁出去，無論是資本支出成本，無論是增加還是取消稅收抵免，無論是融資成本。透過改變 PPA 的價格，我們已經能夠將這一點傳達給最終客戶。我們已經能夠推動成本降低以及成本增加，始終很好地保持我們的開發利潤率。

The one place that we're very, very constructive is because of the visibility out to 2029, that gives the market and ourselves as a developer more than enough time to include any price increases as needed for projects out more than five years away now. And really what it gives us confidence is within our US business, we'll be able to preserve our development margins for the foreseeable future.

我們非常非常有建設性的一點是，因為到 2029 年，市場和我們作為開發商有足夠的時間來對五年多以後的項目進行必要的價格上漲。真正讓我們有信心的是，在我們的美國業務中，我們將能夠在可預見的未來保持我們的發展利潤率。

Thank you for that detail. That's useful.

感謝您提供的詳細資訊。這很有用。

Second question for you, Connor, for Wyatt. -- to fulfill the full 3 gigawatts under the Google framework agreement, you touched on it would require some M&A. And I'm wondering if you can speak to the hydro M&A environment in the US right now and how you expect to navigate that opportunity set going forward.

康納，懷亞特，你的第二個問題是——為了實現谷歌框架協議規定的全部 3 千兆瓦，你提到這需要一些併購。我想知道您是否可以談談目前美國水力發電併購環境，以及您預計如何掌握未來的機會。

So we're actually seeing the hydro market after I would say, an extended period of inactivity becoming more and more liquid. And obviously, hydro are scarce assets. But it's also hydro operating capabilities are scarce as well. And we've been buyers, owners, operators of hydros for four decades, and really, I'll use the same word again.

因此，我們可以說，我們實際上看到水電市場在經過一段較長時間的不活躍之後變得越來越活躍。顯然，水電是稀缺資產。但它的水力發電能力同樣匱乏。四十年來，我們一直是水力發電的購買者、所有者和營運商，實際上，我會再次使用同一個字。

What our arrangement with Google does is it gives us a hunting license, if you will, to pursue opportunities in hydro, when they become available, when they fit the parameters of that framework, we can pursue those opportunities with confidence. And one thing we would highlight is there is the opportunity, but not the obligation to deliver those incremental megawatts. So we will continue to be disciplined. But I would say it's certainly another competitive advantage for us as we look to grow our strategy.

我們與Google的協議賦予我們一張狩獵許可證，如果你願意的話，我們可以在水力發電領域尋找機會，當它們出現時，當它們符合該框架的參數時，我們就可以滿懷信心地追求這些機會。我們要強調的一點是，我們有機會，但沒有義務提供這些增量兆瓦。因此我們將繼續嚴格遵守紀律。但我想說，當我們尋求發展我們的策略時，這無疑是我們的另一個競爭優勢。

And Sean, it's Wyatt here. The only thing I would add is -- look, like with that additional capacity -- it could be that it's all fulfilled with our existing fleet. We do have that capacity that is available to contract. Really, it's just a matter of -- is it in the right region that Google would want it as an offtake. So it's not to say that it requires us to do M&A to fulfill it. It's just we have the optionality, right? And it's really predicated on meeting the needs of Google and working with them over the next number of years to figure that out, but we have the option of the existing fleet or to use it for M&A.

肖恩，我是懷亞特。我唯一想補充的是——看，有了這些額外的容量——我們現有的機隊可能就能滿足所有需求。我們確實擁有可供承包的產能。事實上，這只是一個問題——它是否位於Google想要作為承銷商的正確區域。所以並不是說需要我們透過併購來實現。只是我們有選擇權，對嗎？這實際上是以滿足谷歌的需求為前提的，並在未來幾年與他們合作解決這個問題，但我們可以選擇現有車隊或將其用於併購。

Got it. Okay. Thanks, Wyatt. That's all I have for now, guys.

知道了。好的。謝謝，懷亞特。夥計們，我現在就說這麼多。

(Operator Instructions)

（操作員指示）

Mark Jarvi, CIBC.

加拿大帝國商業銀行的馬克‧賈維 (Mark Jarvi)。

Yes. Good morning, everyone.

是的。大家早安。

Just coming back to the conversation around PJM. The pricing signals are very encouraging, but it also represents the fact where it's harder to get assets through the interconnection to improving. So I'm just thinking how you guys are adapting some of the challenges in the US market and talking to your large customers. Are you starting to prioritize other regions where transmission, land procurement, ability to build is easier, like are you shifting to places like Texas where some of the gigawatt scale data center complexes are trying to push forward?

回到有關 PJM 的討論。定價訊號非常令人鼓舞，但它也代表著透過互聯互通獲得資產的難度正在改善的事實。所以我只是在想你們如何適應美國市場的一些挑戰並與大客戶交談。您是否開始優先考慮傳輸、土地採購和建設能力更便利的其他地區，例如您是否正在轉向德克薩斯州等一些千兆瓦級資料中心綜合體正在努力推進的地方？

Hi, Mark. Thanks for the question.

你好，馬克。謝謝你的提問。

If I could perhaps answer back to you, the comment I would say is we continue -- it's not that we're starting. We continue to take into account speed of connection into our development activities and our interactions with our customers. Take a market like PJM, I know it's a little bit dated now, but we bought a platform Urban Grid, a number of years ago, purely because it had such preferential interconnection queue positions in an increasingly congested market.

如果我可以回答你的話，我想說的是我們會繼續下去——而不是我們才剛開始。我們在開發活動和與客戶的互動中繼續考慮連線速度。以 PJM 這樣的市場為例，我知道它現在有點過時了，但幾年前我們收購了 Urban Grid 平台，純粹是因為它在日益擁擠的市場中擁有如此優惠的互連隊列位置。

So I would say it's not a realization of a problem and a reaction to pursue elsewhere, it's a recognition of a dynamic that has been ongoing and will continue to exist and simply including that in both how we grow inorganically through M&A and how we look to develop as we look to meet the growing needs of our customers. It's something we've been doing for years and that we'll continue to do. Make no mistake about it. You can't start a project in some markets right now and expect it to COD for a customer anytime in the near term.

因此我想說，這不是對問題的認識和在其他地方尋求幫助的反應，而是對一種已經存在並將繼續存在的動態的認識，並將其簡單地包括在我們通過併購實現無機增長的方式中，以及在我們尋求滿足客戶日益增長的需求時如何尋求發展的方式中。這是我們多年來一直在做的事情，而且我們會繼續做下去。千萬不要誤會這一點。您現在無法在某些市場啟動一個專案並期望它在短期內隨時為客戶實現貨到付款。

Something like the Urban Grid platform, is that something you can continue to lean on or have you sort of exhausted, but largely taking advantage of their preferential interconnection queue and siding positions? Or is that a business that continues to create more upside on the competitive advantage in the PJM market for now?

像城市電網平台這樣的東西，是您可以繼續依賴的東西，還是讓您感到有些疲憊，但主要利用它們的優先互連隊列和側線位置？或者說，這項業務目前能否持續為 PJM 市場的競爭優勢創造更多優勢？

Even less specific to Urban Grid, I think buying businesses and development platforms that take into account and have really good knowledge of how interconnection grids work, how queue positions will be -- how queue positions will be turned into pulling assets out of the ground. Those capabilities are recurring.

甚至不具體到城市電網，我認為購買企業和開發平台應該考慮並真正了解互連電網如何運作，隊列位置如何 - 如何將隊列位置轉化為從地面拉出的資產。這些能力正在反覆出現。

We felt in that example that we were buying an underappreciated asset because of their existing connections, but that and our other platforms continue to add pipeline in the highest value markets across the United States. And that's what gives us that pipeline of being able to pull multiple thousand megawatts out of the ground each year. It's really based on decisions and positions that we took years ago.

在這個例子中，我們感覺到我們購買的資產由於他們現有的聯繫而被低估，但這個平台和我們的其他平台繼續在美國最高價值的市場中增加管道。這使得我們能夠每年從地下開採數千兆瓦的電力。這其實是基於我們多年前所做的決定和立場。

Okay. And then maybe turning to Europe, it seems like a cost decline on batteries and solar create some tailwinds on the economic case for deployment there. We've heard some other developers ramp-up activity. Just with Neoen and other platforms you have in Europe, are you able to grow faster on the organic side or is M&A something you'd have to look to more in Europe to take advantage of potential economic tailwinds there?

好的。然後也許轉向歐洲，電池和太陽能成本的下降似乎為那裡的部署帶來了一些經濟上的順風。我們聽說其他一些開發商也正在加強活動。僅憑 Neoen 和您在歐洲擁有的其他平台，您是否能夠在有機方面實現更快的成長，或者您是否需要在歐洲更多地關注併購，以利用那裡潛在的經濟順風？

The comment about batteries -- battery CapEx costs have gone down more than 60% in the last 24 months, while at the same time, increasing renewable penetration has created the need for more grid-stabilizing services. You have a dynamic where costs are going down at the same time as revenues are going up in almost every market around the world. And therefore, the commercial case, the economic case for batteries is pretty incredible today in most markets we look at. And therefore, across every single development platform at Brookfield, we have implemented a battery strategy over the last 12 months.

關於電池的評論——電池資本支出成本在過去 24 個月內下降了 60% 以上，同時，再生能源滲透率的提高產生了對更多電網穩定服務的需求。幾乎全球每個市場都呈現這樣的動態：成本下降，而收入卻在上升。因此，我們所觀察到的當今大多數市場的電池商業案例和經濟案例都相當令人難以置信。因此，在過去的 12 個月裡，我們在 Brookfield 的每個開發平台上都實施了電池策略。

We are, of course, doing things to supplement that, looking at either battery acquisitions or platforms that do focus on energy storage and that was undoubtedly a key feature of the acquisition of Neoen, which is the largest utility scale battery developer in the world. The one point we would highlight about Neoen, is well, they are a French company headquartered and they -- we privatized them off the French Stock Exchange -- they are a very global developer in terms of where their operations are. And we're certainly leveraging that to drive organic growth in areas outside of Europe as well.

當然，我們正在做一些補充工作，研究電池收購或專注於能源儲存的平台，這無疑是收購 Neoen 的關鍵特徵，Neoen 是世界上最大的公用事業規模電池開發商。關於 Neoen，我們要強調的一點是，他們是一家總部位於法國的公司，我們將其從法國證券交易所私有化，從業務所在地來看，他們是一家非常全球化的開發商。我們當然也會利用這一點來推動歐洲以外地區的有機成長。

So if you say today where you think the best rate of change in terms of growth on batteries can really accelerate development activities or capital deployment activities, how would you rank to the markets that are really starting to lead your focus right now?

因此，如果您今天說您認為電池成長的最佳變化率可以真正加速開發活動或資本部署活動，那麼您將如何對真正開始引起您關注的市場進行排名？

If I could frame it slightly differently, I think this will be helpful. Batteries are the fastest-growing technology within our platform today. In terms of areas where we are seeing batteries deployed at scale, candidly, I think the US would probably still be number one for us, but we continue to see opportunities in other markets, in particular areas where there's very high radiation and very high renewables penetration. So parts of the US, obviously fit that bill. Australia obviously fits that bill. Places in Europe, storage is increasingly becoming of interest in Southern Europe. The other place that I would highlight is we're actually seeing a growing number of opportunities in the Middle East as well.

如果我能稍微改變表達方式，我認為這會有所幫助。電池是我們平台目前發展最快的技術。就我們看到的大規模電池部署地區而言，坦白說，我認為美國可能仍然是我們的首選，但我們繼續看到其他市場的機會，特別是輻射非常高且可再生能源滲透率非常高的地區。因此，美國部分地區顯然符合此條件。澳洲顯然符合這項標準。在歐洲，儲存在南歐越來越受到人們的關注。我要強調的另一個地方是，我們實際上也看到中東地區的機會越來越多。

And given that economic case, would batteries be at the top end of your target IRR range for now?

考慮到經濟情況，電池目前是否處於您的目標 IRR 範圍的上限？

Yes, absolutely. It probably won't stay there forever. But right now, the returns on batteries are very attractive.

是的，絕對是。它可能不會永遠留在那裡。但目前，電池的回報非常誘人。

Okay. Thanks, Connor.

好的。謝謝，康納。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯。

Yes. Good morning. Thank you very much for taking our questions.

是的。早安.非常感謝您回答我們的問題。

Just -- I wanted to ask a couple of points on your Safe Harbor business, Connor. Just given kind of the July 7 executive order and potential changes to Safe Harbor, we'll find out what treasury says here in the next couple of weeks, hopefully. I'm curious, you talked about the -- your Safe Harboring nearly all of your US projects through year-end '29. Are you able to say how much of that was Safe Harbored in 2024 and prior Just our understanding is that the potential rule change is going to be for 2025 and beyond Safe Harbors, if there's going to be any change, so kind of breaking that down?

只是——康納，我想問幾個有關你的安全港業務的問題。鑑於 7 月 7 日的行政命令以及安全港的潛在變化，我們希望在接下來的幾週內了解財政部的說法。我很好奇，您談到了——到 29 年底，您的幾乎所有美國項目都享有安全港待遇。您能否說出其中有多少是 2024 年及之前的安全港條款？我們的理解是，潛在的規則變化將發生在 2025 年及以後的安全港條款中，如果有任何變化，那麼可以細分一下嗎？

And then secondarily, how are you thinking about that in 2025 kind of weighing? Spending money now to lock in your credits to the extent that you can maximize that. But on the other hand, not looking to overspend in the event that rule changes are draconian. Thank you.

其次，您如何看待 2025 年的這種影響？現在花錢鎖定您的信用額度，以便最大限度地提高信用額度。但另一方面，如果規則變化過於嚴厲，則不會考慮超支。謝謝。

So a few things to unpack there. What I would say is in terms of our Safe Harbor strategy for our US platform. As mentioned, we have an expectation that we will be able to Safe Harbor almost all of that -- the vast majority of that is done. I can't tell you a specific as of what date, but the vast majority of it is already completed. And some of the components of our pipeline where it's not completed are things that maybe don't need Safe Harboring, i.e., some of our battery projects and things like that, which had more favorable treatment under the latest rules.

因此，有幾件事情需要解決。我想說的是關於我們針對美國平台的安全港戰略。如上所述，我們期望能夠安全港處理幾乎所有這些事務——其中絕大多數已經完成。我無法告訴你具體的截止日期，但絕大多數已經完成。我們管道中一些尚未完成的組件可能不需要安全港保護，例如我們的一些電池項目等，根據最新規定，這些項目將受到更優惠的待遇。

The -- in terms of your comment just around the process used to execute our Safe Harboring strategy. The point we would make there is we obviously want to remain very true to our approach of only putting capital in the ground when we can lock in both revenues and costs at the same time. That has served us very well across cycles, and we want to stay true to that.

就您的評論而言，僅涉及執行我們的安全港策略的過程。我們要指出的是，我們顯然希望堅持我們的做法，即只有當我們能夠同時鎖定收入和成本時，才會將資本投入到實際中。這種方法在各個週期中都對我們非常有效，我們希望繼續堅持這種方法。

So when we look to execute this Safe Harbor strategy, we look to do it first and foremost by using the offsite on-site physical work test approach. And only secondly, by pulling forward CapEx. And therefore, the way we do that only requires a modest amount of CapEx than it otherwise would have. It's in the grand scheme of our total organic development spend, the cost of Safe Harboring -- the incremental cost of pulling forward CapEx to Safe Harbor of these projects is not particularly material.

因此，當我們尋求執行此安全港策略時，我們首先尋求採用場外現場實體工作測試方法。其次，透過提前資本支出。因此，我們這樣做只需要比其他方式少一點的資本支出。在我們的整體有機開發支出的宏偉計劃中，安全港的成本——將這些項目的資本支出提前到安全港的增量成本並不是特別重要。

Yes. Very helpful. Thank you.

是的。非常有幫助。謝謝。

Jon Windham, UBS.

瑞銀的喬恩溫德姆。

Yes. Thanks so much for taking the questions today. I would just be interested in hearing your thoughts on what the key milestones are over the next year for nuclear development, things we should keep an eye on for the Westinghouse business. Thanks.

是的。非常感謝您今天回答這些問題。我只是想聽聽您對明年核能發展的關鍵里程碑的看法，以及我們應該關注西屋電氣業務的事情。謝謝。

So in terms of the Westinghouse business and perhaps I'll start and then why it the developments in the US are certainly the most interesting, so perhaps hand to you. But the way to think about our Westinghouse business is when we made the investment, we -- we really think of it as two components.

因此，就西屋電氣的業務而言，也許我會開始，然後為什麼它在美國的發展肯定是最有趣的，所以也許交給你。但是，當我們進行投資時，我們應該這樣看待西屋電氣業務——我們實際上將其視為兩個組成部分。

One, it has an existing product services and technical capabilities to the existing nuclear operating fleet around the world and that provides incredibly long-term stable inflation-linked cash flows as nuclear reactors simply run, refuel, refurbish lifetime extensions, things like that. And all of that is, of course, trending in the right direction right now given the existing nuclear fleet around the world.

一方面，它為全球現有的核電機組提供現有的產品服務和技術能力，並且在核反應器運行、加油、翻新、延長使用壽命等過程中提供令人難以置信的長期穩定的與通膨掛鉤的現金流。當然，考慮到世界各地現有的核電廠，所有這些都在朝著正確的方向發展。

What is the new dynamic that has accelerated in the last three to four years is new build nuclear. And the joy for Westinghouse is it plays an absolute leadership role in that activity as well. That's new build of large reactors, SMRs or even micro reactors as well. And what we're seeing around the world is governments and corporates increasingly looking to large-scale nuclear to meet their electricity and their baseload demand. And in particular, we're seeing that activity most dramatic, I would say, in Europe and the United States.

過去三到四年來加速發展的新動力是新建核電。而西屋電氣的喜悅之處在於它在該領域也發揮絕對的領導作用。這也是新建的大型反應器、小型反應器甚至微型反應器。我們看到世界各地的政府和企業越來越多地尋求大規模核能來滿足其電力和基載需求。尤其是，我認為，我們看到這種活動在歐洲和美國最引人注目。

And what you saw in our results this quarter is while the ongoing business, the core services business of Westinghouse is very, very stable and growing. As we do more Westinghouse activities related to the growth of new nuclear, that will provide significant upside in our financial results as they execute on some of those types of activities. And it was certainly growth of new nuclear in Europe that drove the successful outperformance this quarter.

從本季的業績中您可以看到，西屋電氣的核心服務業務在持續經營的同時，也非常穩定且不斷成長。隨著我們開展更多與新核能發展相關的西屋活動，這將為我們的財務表現帶來顯著的上升空間，因為他們正在執行其中一些類型的活動。毫無疑問，歐洲新核電的成長推動了本季的成功表現。

In terms of key milestones, Wyatt, I'll hand to you, but I do think that the one to look for is growth in the United States as the government has been very vocal about their intention to start the build of 10 new reactors before the end of the decade, with Westinghouse as the US nuclear technology in the global champion, it certainly looks to be on the front foot of that. And we would expect that demand to come from both governments and from corporates which is probably the most notable inflection change we're seeing in the industry. Wyatt, anything you'd add to that?

就關鍵里程碑而言，懷亞特，我會交給你，但我確實認為值得關注的是美國的增長，因為政府一直非常明確地表示他們打算在2020年之前開始建造10座新反應堆，而西屋電氣作為美國核技術領域的全球領軍企業，肯定會走在前列。我們預計這種需求來自政府和企業，這可能是我們在該行業看到的最顯著的轉折點變化。懷亞特，您還有什麼要補充的嗎？

Look, I would just reemphasize that last point about the US. As Connor mentioned, we're seeing very meaningful demand on a global basis. Westinghouse has made very good progress in Europe as an example, where we're advancing projects in Poland. There's very forward momentum in Bulgaria. We have a project, or we have our technology -- underlying technology is being used in the Czech Republic. So there is very good progress on a global basis. But as Connor mentioned in the US is where we see a very meaningful focus out of the current administration.

瞧，我只想再次強調有關美國的最後一點。正如康納所提到的，我們看到全球範圍內的需求非常顯著。以西屋電氣為例，該公司在歐洲取得了非常好的進展，我們正在推進波蘭的計畫。保加利亞的發展勢頭非常強勁。我們有一個項目，或者說我們有我們的技術——底層技術正在捷克共和國使用。因此，全球範圍內都取得了非常好的進展。但正如康納在美國提到的那樣，我們看到現任政府非常重視這個問題。

Recently, there was an executive order that was issued where with the goal of starting construction, as Connor mentioned, on 10 gigawatt scale reactors by the end of the decade. And really, where that position Westinghouse is probably the most credible provider of that underlying technology is it really positions that Westinghouse very meaningfully to benefit from that. And as you may have seen around the energy innovation summit that was recently held in Pennsylvania, where President Trump and the Senator of Pennsylvania attended, the focus around those 10 large-scale gigawatt reactors is critical to the administration's goal of being a leader in AI.

最近，政府發布了一項行政命令，正如康納所提到的，目標是在2020年前開始建造10座千兆瓦級的反應器。事實上，西屋電氣可能是該基礎技術最可靠的供應商，這確實使西屋電氣從中受益匪淺。正如大家可能已經看到的，最近在賓州舉行的能源創新高峰會上，川普總統和賓州參議員出席了此次峰會，重點關注這 10 座大型千兆瓦反應堆，對於政府成為人工智慧領導者的目標至關重要。

And so from that perspective, the business as well as the shareholders being both Brookfield and Cameco, our partner in the investment are working very closely with the various stakeholders. And you can imagine that's a mix of government, that's a mix of utilities as well as the offtakes and primarily at the hyper scalers, but we are working very meaningfully to be able to bring forward something in the very near term that should give you a sense of what that could translate to in terms of Westinghouse and then the broader benefit to Brookfield.

因此，從這個角度來看，企業以及股東（包括 Brookfield 和 Cameco，我們的投資合作夥伴）正在與各個利害關係人密切合作。你可以想像這是政府的混合體，這是公用事業的混合體，也是承購商的混合體，主要是超大規模的企業，但我們正在非常有意義地工作，以便能夠在短期內提出一些建議，讓你了解這對西屋電氣公司意味著什麼，然後對布魯克菲爾德來說更廣泛的好處。

Really appreciate the color.

真的很欣賞這個顏色。

Jessica Hoyle, Scotiabank.

加拿大豐業銀行的傑西卡·霍伊爾。

Morning. Thanks so much for taking my questions.

早晨。非常感謝您回答我的問題。

So just to start, you touched on this a little bit, but just given the CapEx increases that we're seeing from the tech companies, how have discussions regarding new facilities or contractual frameworks changed in recent months.

首先，您稍微提到了這一點，但考慮到我們看到科技公司的資本支出增加，最近幾個月有關新設施或合約框架的討論發生了怎樣的變化。

Perhaps the thing that is most notable to us, we're going to sound like a broken record, is the numbers and the quantum and the demand simply continues to go up. But maybe there's two or three things to highlight.

也許對我們來說最值得注意的事情是，我們聽起來就像一張破唱片，數字和量以及需求只是繼續上升。但也許有兩三件事需要強調。

One, we're seeing much more increased appetite for new technologies beyond just wind and solar. Our hydro framework is certainly illustrative of that. And no doubt in relation to the previous question, the conversations around nuclear are certainly accelerating.

首先，我們看到人們對風能和太陽能以外的新技術的興趣日益濃厚。我們的水電框架確實可以說明這一點。毫無疑問，就上一個問題而言，有關核子問題的討論肯定正在加速。

The other point that is really showing up out of these conversations is the importance that the large tech companies, the hyper scalers are putting on broader relationships. Make no mistake that the procurement of power is now undoubtedly the bottleneck on the critical path to growth for their cloud and AI businesses. And they don't -- they increasingly want to look to derisk that growth path by partnering with the largest and most capable counterparties.

這些對話中真正體現出的另一點是大型科技公司和超級擴張者對更廣泛關係的重視。毫無疑問，電力採購現在無疑是其雲端和人工智慧業務成長關鍵道路上的瓶頸。但他們並沒有——他們越來越希望透過與最大、最有能力的交易對手合作來降低成長風險。

And therefore, when we talk about something like our hydro framework with Google, while the framework in itself is exciting, it is important to recognize that it is simply one component of an increasingly broad and integrated relationship that spans wind, solar; we have retail power agreements with some of the tech companies. Those relationships are becoming much larger and much more integrated. That's probably the biggest change we've seen in recent months.

因此，當我們談論與Google的水力發電框架之類的東西時，雖然框架本身令人興奮，但重要的是要認識到，它只是涵蓋風能、太陽能等日益廣泛和綜合的關係的一個組成部分；我們與一些科技公司簽訂了零售電力協議。這些關係正在變得越來越大，越來越緊密。這可能是我們近幾個月來看到的最大變化。

Thanks for that. And then can you talk a little bit about whether the changes in tax credits have altered the M&A market for renewable developers, specifically in the US?

謝謝。然後，您能否談談稅收抵免的變化是否改變了再生能源開發商的併購市場，特別是在美國？

It's an interesting question because we would highlight that -- we completed a transaction earlier this year, acquiring a platform of national grid in the United States that we're absolutely thrilled about and really reinforces some of the messages we've been making on this call about buying high-quality developers with advanced pipelines in the key regions around the United States.

這是一個有趣的問題，因為我們想強調的是——我們在今年早些時候完成了一項交易，收購了美國國家電網的一個平台，我們對此感到非常興奮，並且確實強化了我們在這次電話會議上傳達的一些信息，即購買在美國關鍵地區擁有先進管道的高質量開發商。

What's interesting is M&A activity in the US has been a little bit subdued year-to-date, and we would chalk that up mostly just to some of the market noise and uncertainty around the timing of new regulation and tax regimes and executive orders and reviews. We very much expect there to be a very significant increase in M&A activity within the power space, in the renewable power space in the United States over the next 12 months.

有趣的是，今年迄今為止，美國的併購活動一直有些低迷，我們認為這主要是由於市場噪音以及新法規和稅收制度以及行政命令和審查時機的不確定性。我們非常期待未來 12 個月美國電力領域和再生能源領域的併購活動將大幅增加。

We see huge demand for power, which means huge demands for CapEx, which many of the existing platforms very simply don't have access to capital to fund. And therefore, we do see a pretty large pipeline of M&A developing that we are certainly excited to review and participate in when it makes sense for our business.

我們看到對電力的巨大需求，這意味著對資本支出的巨大需求，而許多現有平台根本無法獲得資金來資助。因此，我們確實看到一個相當大的併購管道正在形成，當它對我們的業務有意義時，我們當然很高興去審查和參與。

Appreciate the color.

欣賞色彩。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Connor Teskey for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將程式交還給 Connor Teskey，以便他可以做出進一步的評論。

Thank you very much for joining our call and your interest in support of Brookfield Renewable. We look forward to updating you on our Q3 results in three months' time, but hopefully, we'll speak to you at our Investor Day at the end of September. Thank you and have a great day.

非常感謝您參加我們的電話會議並關注對 Brookfield Renewable 的支持。我們期待在三個月後向您通報我們的第三季業績，但希望我們能在九月底的投資者日與您交談。謝謝您，祝您有愉快的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。