Brookfield Renewable Partners LP (BEP) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brookfield Renewable Partners fourth quarter and full year 2025 results. (Operator Instructions)

您好，感謝您的耐心等待。歡迎收聽布魯克菲爾德再生能源合作夥伴公司2025年第四季及全年業績報告。 （操作說明）

Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your speaker today, Connor Teskey, Chief Executive Officer. Please go ahead.

請注意，今天的會議正在錄製。現在我把會議交給今天的發言人，執行長康納·特斯基。請開始吧。

Thank you, operator. Good morning, everyone, and thank you for joining us for our fourth quarter 2025 conference call.

謝謝接線生。各位早安，感謝各位參加我們2025年第四季電話會議。

Before we begin, we would like to remind you that a copy of our news release and investor supplement can be found on our website. 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 are encouraged to review our regulatory filings available on SEDAR+, EDGAR and on our website.

在會議開始之前，我們想提醒您，您可以在我們的網站上找到新聞稿和投資者補充資料。同時，我們也想提醒您，本次電話會議中我們可能會做出一些前瞻性陳述。這些陳述受到已知和未知風險的影響，我們未來的業績可能與這些陳述有重大差異。如需了解更多信息，我們建議您查閱我們在SEDAR+、EDGAR以及我們網站上發布的監管文件。

On today's call, we will provide a review of our 2025 performance, share our perspectives on the energy market today and provide an update on the growth outlook for our business. We will then turn the call over to Patrick, who will discuss our operating results and strong financial position, as well as outline how our increasingly differentiated access to capital is providing a clear advantage for our franchise today. He will then conclude our remarks with an update on our growing asset recycling program. Following our comments, we look forward to taking your questions.

在今天的電話會議上，我們將回顧2025年的業績展望，分享我們對當前能源市場的看法，並更新公司業務的成長前景。之後，我們將把電話會議交給帕特里克，他將討論我們的經營業績和穩健的財務狀況，並闡述我們日益多元化的融資管道如何為我們的業務帶來顯著優勢。最後，他將介紹我們不斷改進的資產回收計劃的最新進展。發言結束後，我們期待回答各位的問題。

2025 was another excellent year for our business. We delivered strong financial results, strengthened our balance sheet, and most importantly, further positioned the business to continue delivering strong growth and value creation for our unitholders going forward. This past year, we delivered $2.01 of FFO per unit, up 10% year-over-year and in line with our long-term growth target on the back of solid operating performance, expanded development activities, accretive acquisitions and growing capital recycling.

2025年對我們公司而言又是碩果累累的一年。我們取得了強勁的財務業績，強化了資產負債表，更重要的是，進一步鞏固了公司地位，使其能夠在未來繼續為股東創造強勁成長和價值。過去一年，我們每單位FFO為2.01美元，年增10%，符合我們的長期成長目標，這得益於穩健的營運表現、不斷擴大的開發活動、增值收購以及日益增長的資本循環利用。

We deployed or committed a record $8.9 billion or $1.9 billion in growth net to BEP, highlighted by the privatization of Neoen, our carve-out of Geronimo Power in the United States and our increased investment in Isagen, one of our strongest performing businesses over the last decade. We were successful in advancing our various commercial priorities, signing contracts on over 9 gigawatts of generation capacity. We also continue to scale our development activities bringing online over 8 gigawatts of new capacity globally, a record for our business.

我們已投入或承諾投入創紀錄的89億美元，其中淨增長19億美元將注入BEP，主要包括Neoen的私有化、美國Geronimo Power的剝離以及對Isagen的增資。 Isagen是我們過去十年表現最強勁的業務之一。我們成功推進了各項商業重點項目，並簽署了超過9吉瓦發電容量的合約。此外，我們持續擴大開發規模，在全球新增超過8吉瓦的發電容量，創下公司歷史新高。

We delivered on our asset recycling targets, reaching agreements to sell assets generating $4.5 billion of proceeds or $1.3 billion net to BEP at returns above the high end of our targets. And we accomplished this all while strengthening our balance sheet, ending the year with $4.6 billion in available liquidity.

我們實現了資產回收目標，達成了多項資產出售協議，共籌集資金45億美元，淨收益13億美元，收益率都高於預期上限。同時，我們也增強了資產負債表，年底可用流動資金達46億美元。

Stepping back and looking at the broader market today. It is now clear that power is a strategic priority around the world and is the bottleneck to growth for both governments and corporates. Investment in new generation capacity over the past several years was largely about replacing carbon-intensive generation in a world of modest or even flat electricity demand growth.

讓我們退後一步，從更廣闊的市場視角來看當今的市場。如今，電力顯然已成為全球戰略重點，也是各國政府和企業發展面臨的瓶頸。過去幾年，新建發電設施的投資主要是為了在電力需求成長緩慢甚至停滯的情況下，取代高碳排放的發電方式。

Today, that backdrop has fundamentally shifted. Energy demand is rising at a pace not seen in decades, driven by the multi-decade trends of electrification and renewed industrial activity. This demand growth is being further amplified by AI and the unprecedented investment in energy consumption from some of the largest companies in the world.

如今，這一背景已發生根本性轉變。受電氣化和工業活動復甦等數十年來持續發展的趨勢驅動，能源需求正以數十年來前所未有的速度成長。人工智慧的興起以及全球一些最大公司對能源消耗前所未有的投資，進一步加劇了這項需求成長。

As a result, we are not only transitioning the grid, but adding substantial net new generation for the first time in decades. Said another way, we have shifted from a period focused on energy transition to a period focused on energy addition. This shift is driving a move from incremental grid upgrades to large-scale expansion, prioritizing fast to deploy renewables, scale base load generation and capacity to ensure reliability. Meeting this demand will require a mix of all the scale and efficient technologies over time.

因此，我們不僅在進行電網轉型，而且幾十年來首次大幅增加了淨新增發電量。換句話說，我們已經從專注於能源轉型的時期轉向了專注於能源新增的時期。這種轉變正推動電網從漸進式升級轉向大規模擴容，優先部署再生能源，擴大基荷發電規模，並提升容量以確保可靠性。滿足這項需求需要隨著時間的推移，綜合運用各種規模化和高效的技術。

Solar and onshore wind will play a critical role, given their speed to market and low cost. Hydro and nuclear are important for their baseload and scale, natural gas for its flexibility, and battery solutions will be critical for ensuring the reliability of grids going forward. In this evolving environment, we have deliberately positioned our business at the epicenter of many of these technologies, allowing us to capitalize on the rapidly expanding opportunity set given our operating and development capabilities, strong partnerships and significant access to capital.

鑑於太陽能和陸上風能上市速度快、成本低，它們將發揮至關重要的作用。水力發電和核能發電因其基礎負載和規模優勢而重要，天然氣發電因其靈活性而重要，而電池解決方案對於確保未來電網的可靠性至關重要。在這種不斷變化的環境中，我們已將業務定位在眾多此類技術的核心地帶，憑藉我們的營運和開發能力、強大的合作夥伴關係以及充足的資金，使我們能夠充分利用快速增長的機會。

First, we are scaling our development of low-cost fast-to-market solar and onshore wind to meet the accelerating demand for power in the near term. Over the past year, we commissioned a record amount of new solar and onshore wind capacity and are on track to reach a run rate of delivering roughly 10 gigawatts of new capacity per year by 2027, all while maintaining our disciplined approach to development. Second, against the backdrop of growing demand for reliable baseload power, we are well positioned in the current market through our operating hydro assets and our ownership of Westinghouse.

首先，我們正在擴大低成本、快速上市的太陽能和陸上風電項目的開發規模，以滿足近期不斷增長的電力需求。過去一年，我們新增太陽能和陸上風電裝置容量創下歷史新高，並有望在2027年前實現每年新增約10吉瓦的裝置容量，同時保持我們嚴謹的開發策略。其次，在對可靠基荷電力需求日益增長的背景下，憑藉我們運營的水電資產以及對西屋電氣的控股，我們在當前市場中佔據了有利地位。

As power systems require more scale baseload generation, flexibility and enhanced reliability, the value of hydro is being recognized more than ever before. This has been highlighted by the execution of 3 20-year power purchase agreements at strong pricing with hyperscalers, a first for our business, as well as the signing of the framework agreement with Google to deliver up to 3 gigawatts of hydro generation in the United States.

隨著電力系統對規模更大的基荷發電、更高的靈活性和更強的可靠性提出更高的要求，水力發電的價值比以往任何時候都更加凸顯。這一點體現在我們與超大規模資料中心營運商簽署了三份為期20年的購電協議，價格極具競爭力，這在我們公司尚屬首次；此外，我們還與谷歌簽署了框架協議，將在美國提供高達3吉瓦的水力發電。

With respect to nuclear, only slightly more than two years ago, we invested in Westinghouse, gaining exposure to this critical technology for current and future electricity grids, given its scale and baseload characteristics. Our investment was underpinned by Westinghouse's highly contracted infrastructure-like cash flows from its fuel and maintenance business, its strong market share and its leading and proven technology for large-scale nuclear power reactors. The current energy demand environment has reinvigorated the nuclear sector with increasing recognition of the role nuclear can play to enable economic growth and provide energy security.

就核能而言，兩年前，我們投資了西屋公司，鑑於其規模和基荷特性，我們得以涉足這項對當前和未來電網至關重要的技術。我們投資的依據是西屋公司燃料和維護業務帶來的穩定可靠的基礎設施現金流、強大的市場份額以及其領先且成熟的大型核反應器技術。目前的能源需求環境重振了核能產業，人們越來越認識到核能在促進經濟成長和保障能源安全方面所能發揮的作用。

Perhaps the most impactful development for the sector is the recently announced landmark agreement with the US government to deliver new nuclear reactors utilizing Westinghouse technology in the United States. This agreement delivers significant economic value to Westinghouse and BEP via the development of multiple reactors and then through the long-term provision of fuel and maintenance services over the 80-plus year life of those reactors.

或許對該行業影響最大的進展是近期宣布的與美國政府達成的里程碑式協議，該協議將在美國建造採用西屋公司技術的新型核反應器。這項協議透過建造多個反應堆，並在這些反應器長達80多年的使用壽命中長期提供燃料和維護服務，為西屋公司和BEP公司帶來巨大的經濟價值。

A commitment of this scale provides long-term demand certainty, helping unlock supply chain investment and positions Westinghouse to expand deployment well beyond this initial program to both corporates and governments in the US and internationally. Since signing this agreement, all parties have been working to progress the sites to construction as quickly as possible, largely focusing on site selection and the ordering of long lead time items.

如此規模的承諾能夠確保長期需求，有助於釋放供應鏈投資，並使西屋公司能夠將部署範圍遠遠超出最初的項目，惠及美國及國際上的企業和政府機構。自簽署協議以來，各方一直在努力盡快推進專案建設，主要工作集中在選址和訂購交貨週期長的零件上。

Against this backdrop and the known development time line for nuclear, the limited new hydro capacity available and the growing backlog for natural gas plants, we are seeing batteries play an increasingly important role in the near term, with their importance set to grow over time as additional low-cost renewables come online.

在這種背景下，考慮到核能的已知發展時間表、有限的新增水力發電容量以及天然氣發電廠日益增長的積壓，我們看到電池在短期內發揮著越來越重要的作用，隨著更多低成本可再生能源的併網，其重要性必將隨著時間的推移而增長。

Battery costs have declined by an astonishing 95% since 2010, following a trajectory similar to solar panels a decade ago. And we see a growing opportunity to deploy this technology on a contracted basis at strong risk-adjusted returns.

自 2010 年以來，電池成本已驚人地下降了 95%，其下降趨勢與十年前太陽能板的成本下降趨勢類似。我們看到，以合約形式部署這項技術，並能獲得可觀的風險調整後收益，這方面的機會正在不斷增長。

Our recent acquisition of Neoen significantly expanded our operating footprint, capabilities and development pipeline in battery technology, and we expect to quadruple our battery storage capacity over the next three years to over 10 gigawatts. This growth is highlighted by one of the largest stand-alone battery storage projects globally, totaling over 1 gigawatt, which we are currently advancing through Neoen in partnership with a sovereign wealth fund. Taken together, rising energy demand across global markets is driving the need for rapid additions of renewable capacity, large-scale baseload power and battery storage.

我們近期對Neoen的收購顯著擴大了我們在電池技術領域的營運規模、能力和研發管線，預計未來三年內，我們的電池儲能容量將成長四倍，達到10吉瓦以上。這項成長的亮點之一是我們目前正與一家主權財富基金合作，透過Neoen推進的全球最大獨立電池儲能項目之一，該項目總容量超過1吉瓦。總而言之，全球市場不斷增長的能源需求正在推動再生能源裝置容量、大規模基荷電力和電池儲能的快速成長。

Backed by long-term partnerships with the world's largest corporate buyers of power and governments, we are delivering more generation than ever before. By being positioned in markets with accelerating demand, combined with our global scale, significant access to capital and our operating and development capabilities across key technologies, we are best positioned to deliver comprehensive energy solutions across all markets at scale and are entering into a period of outsized earnings growth, generating significant value for our unitholders over the long term.

憑藉與全球最大電力企業買家和政府的長期合作夥伴關係，我們的發電量比以往任何時候都高。我們佔據了需求加速成長的市場，結合我們的全球規模、雄厚的資本實力以及在關鍵技術領域的營運和開發能力，我們能夠以最佳狀態為所有市場大規模提供全面的能源解決方案，並即將迎來盈利高速增長期，從而為我們的股東創造長期的顯著價值。

And with that, I'll pass it on to Patrick to discuss our operating results, our diverse sources of scale capital, our balance sheet, as well as our recent capital recycling initiatives.

接下來，我將把發言權交給帕特里克，讓他來討論我們的經營業績、多元化的規模資本來源、資產負債表以及我們最近的資本循環利用計劃。

Thanks, Connor, and good morning to everyone on the call. As Connor noted at the outset of his remarks, 2025 was a strong year across almost every metric, with the business delivering 10% FFO per unit growth, achieving our target while maintaining our best-in-class balance sheet and further positioning ourselves to generate significant growth and value going forward.

謝謝康納，也祝各位早安。正如康納在發言伊始所指出的，2025年幾乎在所有指標上都表現強勁，公司每單位FFO增長10%，在實現目標的同時，保持了業內最佳的資產負債表，並進一步鞏固了我們未來創造顯著增長和價值的基礎。

In the fourth quarter, we delivered FFO of $346 million, up 14% year-over-year, or $0.51 per unit. On a full year basis, we delivered FFO of $1.334 billion or $2.01 per unit, up 10% year-on-year. Results were driven by the strength of our contracted inflation-linked cash flows across our diversified global operating fleet, growth from development activities, accretive acquisitions and scaling capital recycling.

第四季度，我們實現FFO（營運資金）3.46億美元，年增14%，即每單位0.51美元。全年來看，我們實現FFO 13.34億美元，每單位2.01美元，年增10%。業績成長主要得益於我們多元化全球營運船隊中與通膨掛鉤的合約現金流的強勁表現、開發活動帶來的成長、增值收購以及資本循環利用規模的擴大。

Looking across our segments, our hydroelectric segment delivered strong results this year with FFO of $607 million, up 19% from the prior year, benefiting from solid generation across our Canadian and Colombian fleets, higher revenues from commercial initiatives and gains from the sale of a noncore hydro portfolio, all of which offset weaker hydrology in the US.

從我們各個業務板塊來看，今年水力發電板塊業績強勁，FFO 達到 6.07 億美元，比上年增長 19%，這得益於我們在加拿大和哥倫比亞的發電廠發電量穩健、商業舉措帶來的更高收入以及出售非核心水力發電資產組合的收益，所有這些都抵消了美國水文狀況的疲軟。

Our wind and solar segments generated a combined $648 million of FFO, supported by contributions from the acquisitions of Neoen and Geronimo Power, as well as our investment in a portfolio of contracted offshore wind assets in the UK. This growth was offset by gains on sales recorded in last year's results, which included the sale of Saeta and the partial disposition of Shepherds Flat.

我們的風能和太陽能業務合計創造了 6.48 億美元的營運資金 (FFO)，主要得益於對 Neoen 和 Geronimo Power 的收購，以及我們在英國已簽約離岸風電資產組合的投資。但這一增長被去年業績中記錄的銷售收益所抵消，其中包括出售 Saeta 和部分處置 Shepherds Flat。

In our distributed energy storage and sustainable solutions segments, we generated record results of $614 million, up almost 90% from the prior year, driven by growth through development, the acquisition of Neoen and strong performance at Westinghouse on the back of continued momentum in the nuclear sector. In addition to the strong results, a continued focus of ours has and will always be to maintain balance sheet strength and financial flexibility. This enables us to be opportunistic when it comes to deploying capital into growth and protecting us against downside risks.

在分散式儲能和永續解決方案業務領域，我們取得了創紀錄的6.14億美元業績，較上年增長近90%，這主要得益於業務拓展、對Neoen的收購以及西屋電氣在核能領域持續增長勢頭下取得的強勁表現。除了這些亮眼的業績之外，我們始終並將繼續致力於保持穩健的資產負債表和財務靈活性。這使我們能夠靈活掌握投資機遇，將資金投入成長領域，並有效抵禦下行風險。

We ended 2025 with $4.6 billion of liquidity. And over the past year, we reaffirmed our BBB+ investment credit -- investment-grade credit rating, which we remain firmly committed to maintaining going forward. Our rating, significant liquidity and strong financial position enable us to be very opportunistic with respect to our financing activities, which further strengthens our balance sheet.

截至2025年底，我們的流動資金為46億美元。過去一年，我們重申了BBB+的投資信用評級——即投資級信用評級，我們將繼續堅定地致力於維持這項評級。憑藉這項評級、充裕的流動資金和穩健的財務狀況，我們能夠在融資活動中靈活掌握機遇，從而進一步增強我們的資產負債表。

In 2025, we executed over $37 billion in financings, a record for our franchise. These financings were highlighted by the completion of $2.2 billion in investment-grade up financings, primarily at our hydro assets, where we are seeing strong lender demand for these assets and are leveraging the benefits of newly signed long-term contracts at strong pricing.

2025年，我們完成了超過370億美元的融資，創下公司歷史新高。其中最引人注目的是完成了22億美元的投資級增資融資，主要用於我們的水力發電資產。我們看到貸款機構對這些資產的需求強勁，我們正在利用新簽署的長期合約帶來的高定價優勢。

In March of this past year, we issued CAD450 million of 10-year notes at what was our lowest spread in almost 20 years at the time. We then more recently topped this, issuing CAD500 million of 30-year notes this January at our lowest spread ever, reflecting the strong demand for our credit and our ability to be nimble and take advantage of a favorable spread environment.

去年3月，我們發行了4.5億加幣的10年期債券，當時的利差為近20年來最低。今年1月，我們以史上最低利差發行了5億加幣的30年期債券，進一步刷新了這項紀錄。這反映了市場對我們信貸的強勁需求，以及我們靈活應對並掌握有利利差環境的能力。

In November this past year, we also executed a $650 million bought deal equity raise in concurrent private placement. We were successful deploying capital ahead of our targets in the 12 months prior to the equity raise, and this financing provides capital to invest even further in the expanding opportunity set in areas where we have a differentiated ability to deploy capital, such as hydro, nuclear and battery storage.

去年11月，我們也透過私募方式完成了6.5億美元的股權融資。在股權融資前的12個月裡，我們成功地提前完成了資金部署目標。此次融資將為我們進一步投資於水力發電、核能和電池儲能等具有獨特資本部署能力的領域提供資金，從而拓展投資機會。

Our strong balance sheet is further enhanced by the fact that we deploy our capital alongside a large pool of third-party funds raised by Brookfield Asset Management. In 2025, Brookfield successfully completed fundraising of over $20 billion for its second vintage of its Global Transition Fund. This capital will support large-scale investments alongside BEP that few others can make, further enhancing our access to large, high-quality M&A opportunities that help us achieve strong and consistent growth.

我們穩健的資產負債表得益於我們與Brookfield Asset Management共同募集的大量第三方資金協同運作。 2025年，Brookfield成功完成了其全球轉型基金第二期超過200億美元的募款。這筆資金將支持我們與BEP共同進行其他機構難以企及的大規模投資，從而進一步提升我們獲得高品質大型併購機會的能力，助力我們實現強勁且持續的成長。

In addition to our financing activities across the business, we are continuing to scale our capital recycling program, which is increasingly providing significant liquidity to support our growth and crystallize value creation within our business. We continue to see robust demand from private investors for derisked infrastructure-like cash flowing operating assets.

除了在業務各個環節開展融資活動外，我們還在持續擴大資本循環利用計劃，該計劃正日益為我們的成長提供充足的流動資金，並助力我們實現業務價值的創造。我們持續看到私人投資者對風險降低的、類似基礎設施的現金流營運資產有著強勁的需求。

At the same time, with our scaling development activities, we have a growing portfolio of assets and platforms that we are selling on an annual basis. The size of our portfolio and our flexibility to sell whole platforms, stand-alone assets or minority stakes is enabling us to be active in the market, consistently selling at prices that deliver on our target returns.

同時，隨著我們開發活動的規模化，我們擁有不斷增長的資產和平台組合，並按年出售。我們龐大的資產組合以及出售整個平台、獨立資產或少數股權的靈活性，使我們能夠在市場上保持活躍，並持續以能夠實現目標回報的價格出售。

This past year, we generated record proceeds of $4.5 billion or $1.3 billion net to BEP from asset recycling alone. This year, our asset rotation activities were highlighted by the sale of a major North American distributed energy platform, a 50% interest in a portfolio of noncore hydro assets in the US and the establishment of an asset rotation program at Neoen that was successful in executing the sale of $1 billion of enterprise value of assets in our first year of ownership alone.

去年，光是資產再投資一項，我們就創造了創紀錄的45億美元收益，其中淨收益為13億美元。今年，我們的資產輪調活動亮點頗多，包括出售一家北美大型分散式能源平台、收購美國非核心水力發電資產組合50%的股權，以及在Neoen公司建立資產輪調計畫。該計劃僅在我們接管Neoen的第一年就成功出售了價值10億美元的資產。

Looking ahead, we are focusing on continuing to scale our capital recycling program and generating proceeds from sales in a more recurring manner. In January this year, we agreed to sell a 2/3 stake in a large portfolio of recently built operating and solar asset -- wind and solar assets in North America, generating proceeds of $860 million or $210 million net to BEP, and are actively progressing the sale of the remaining interest.

展望未來，我們將專注於繼續擴大資本循環利用計畫的規模，並以更穩定的方式從銷售中獲得收益。今年1月，我們同意出售其在北美新建的大型營運資產組合（包括風能和太陽能資產）中三分之二的股權，預計將獲得8.6億美元收益，其中BEP淨收益為2.1億美元。目前，我們正在積極推動剩餘股權的出售。

In conjunction with this sale, we are also establishing a framework for the future sale of select assets that meet certain criteria to the same buyers. This framework, which proposes the sale of up to $1.5 billion of additional assets, further derisks our development platforms and provides a scalable source of capital to fund future growth. We're exploring similar initiatives in other regions across our global platforms and look forward to providing updates on our progress throughout the year.

伴隨此次出售，我們也正在建立一個框架，以便未來將符合特定標準的精選資產出售給同一買家。該框架擬出售價值高達15億美元的額外資產，進一步降低我們開發平台的風險，並提供可擴展的資金來源，以支持未來的成長。我們正在全球平台的其他地區探索類似的舉措，並期待在今年持續更新進展。

We also wanted to note that after the quarter end, we announced a fully discretionary $400 million at-the-market equity issuance program for our BEPC shares. We expect to use the proceeds to repurchase BEP LP units on a one-for-one basis under our existing NCIB. The purpose of the program is to increase BEPC's float and liquidity in a non-dilutive manner, while also allowing us to capture value from the persistent premium at which those shares trade, providing incremental cash to deploy into growth or buy back even more shares.

我們也想指出，季末後，我們宣布了一項完全自主的4億美元BEPC股票以市價發行計畫。我們預計將利用所得款項，根據我們現有的正常市場發行計畫（NCIB），以一對一的方式回購BEP LP的股份。該計劃旨在以非稀釋性的方式增加BEPC的流通股數量和流動性，同時使我們能夠從這些股票持續存在的溢價中獲取價值，從而獲得額外的現金，用於投資增長或回購更多股份。

Lastly, with our record results and in conjunction with our strong liquidity and robust outlook for our business, we are pleased to announce an over 5% increase to our annual distribution to $1.468 per unit. Since Brookfield Renewable was listed in 2011, we have now delivered 15 consecutive years of annual distribution growth of at least 5% each year.

最後，鑑於我們創紀錄的業績，以及我們強勁的流動性和穩健的業務前景，我們很高興地宣布將年度分紅提高5%以上，至每單位1.468美元。自Brookfield Renewable於2011年上市以來，我們已連續15年實現年度分紅成長，且每年增幅至少達5%。

In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors while remaining disciplined allocators of capital, leveraging our scale and operational capabilities to enhance and derisk our business. On behalf of the Board and management, we thank all of our unitholders and shareholders for their ongoing support.

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，同時保持審慎的資本配置，充分利用我們的規模和營運能力來提升業務並降低風險。在此，我們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。

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.

今天的電話會議正式發言到此結束。感謝各位今天上午參加。接下來，我將把發言權交給接線員，回答大家的問題。

(Operator Instructions) Sean Steuart, TD Cowen.

（操作說明）肖恩·斯圖爾特，TD Cowen。

Thanks. Good morning, everyone. A couple of questions to start with. Connor, 2026 would be the first year where you start to feed projects into the Microsoft framework agreement. Can you give us an update on progress there and the expected cadence of capacity into that deal through 2030? How is that advancing at this point?

謝謝。大家早安。首先問幾個問題。 Connor，2026年是你們開始將計畫納入微軟框架協議的第一年。能否介紹一下目前的進展情況，以及到2030年該協議下專案的預期交付節奏？目前進展如何？

Good morning, Sean. I would make this comment more broadly on a wholesale basis beyond, very simply, our strong relationship with Microsoft. The demand we are seeing from corporates and in particular, the large hyperscalers is at an all-time high. And I recognize that we've been saying that for a number of years, but that demand just continues to accelerate and continues to grow. And we're seeing that in terms of the projects and the execution that we are doing with counterparties such as Microsoft on an ongoing basis.

早安，肖恩。我想就我們與微軟的牢固關係之外的更廣泛的問題發表一下看法。我們看到，來自企業，尤其是大型超大規模資料中心的需求正處於歷史最高水準。我知道我們多年來一直在強調這一點，但這種需求仍在持續加速成長。我們從與微軟等合作夥伴進行的持續合作專案中，以及專案執行方面，都能感受到這一點。

When we launched that program, we had a defined set of projects in our pipeline that we thought would fill the 10.5 gigawatts that was initially outlined. I would say since we announced that agreement in 2025, we are seeing counterparties such as Microsoft look for power in a broader spectrum of regions and markets, particularly across the United States, and even a broader spectrum of technologies to meet their power demand. So we will see growth in 2026, and we expect to see that growth do nothing but accelerate from 2026 through the rest of the decade.

我們啟動該專案時，已經制定了一系列專案計劃，旨在滿足最初規劃的10.5吉瓦電力需求。自2025年宣布該協議以來，我們看到像微軟這樣的合作夥伴正在更廣泛的地區和市場（尤其是在美國）尋求電力，並且採用更廣泛的技術來滿足其電力需求。因此，我們預計2026年將出現成長，並且從2026年到未來十年，這種成長勢頭只會加速。

Okay. Thanks for that perspective. And then Patrick, a question on the balance sheet. You guys were busy with financing initiatives in the fourth quarter asset recycling. When I look at the ratio of available liquidity versus the scale of the secured development pipeline versus the installed asset base, those ratios have moderated a little bit in the last 1.5 years.

好的，謝謝你的見解。派崔克，關於資產負債表我有個問題。你們在第四季忙於資產回收的融資項目。我查看了可用流動資金與已落實開發項目規模以及已建成資產規模的比率，發現這些比率在過去一年半里略有下降。

I guess, any commentary on broader comfort with the liquidity position? I appreciate you're going to be busy recycling assets. But are there ratios you're focused on to sort of sustain a comfort level with available liquidity relative to an expanding growth opportunity set?

我想問一下，您對整體流動性狀況有何看法？我知道您會忙於資產再投資。但是，在不斷擴大的成長機會範圍內，您是否專注於某些比率來維持一定的流動性，以確保資金充足？

Yes, absolutely, Sean. And I would say we're very comfortable, first of all. And when we think about our available liquidity and the business obviously having grown over the last several years, we're very focused on sort of maintaining a minimum level in and around that $4 billion mark. We're pretty fairly focused on it. It's not a hard line by any means, but we have been at or around that or above that, I should say, for the last several years at this point. It's a level given the scope of our business today that we feel quite comfortable being at.

是的，當然，肖恩。首先，我想說我們目前的情況非常穩健。考慮到我們現有的流動資金，以及過去幾年業務的成長，我們非常注重將流動資金維持在40億美元左右的最低水準。我們對此相當重視。這當然不是一條硬性規定，但過去幾年，我們的流動資金一直維持在這個水準附近，甚至更高。鑑於我們目前的業務規模，我們認為這個水平相當合適。

And to your point, as the development pipeline continues grow, we're complementing that by scaling our capital recycling as well. So that allows us to be in and around that $4 billion mark and be very comfortable with our funding availability of our liquidity, I should say.

正如您所說，隨著開發案不斷增加，我們也相應擴大資本循環利用規模。因此，我們能夠維持40億美元的資金規模，並且對資金可用性和流動性非常有信心。

Okay. But when you think about $4 billion, I mean, you've been there for a while now. Your organic growth pipeline has expanded really rapidly. Is that -- I would imagine there's sort of like a dynamic element to this is the velocity of capital deployment changes for you guys. As the organic pipeline grows, is there other thoughts to that?

好的。但是，當你想到40億美元的規模時，我的意思是，你們已經達到這個規模一段時間了。你們的自然成長管道擴張得非常迅速。我猜想，這其中肯定存在某種動態因素，那就是你們的資本部署速度會改變。隨著自然成長管道的成長，你們對此還有其他想法嗎？

No, I think it's fair that as the organic pipeline continues to grow, there will be an element where we may look to increase that over time. But we're at a level right now where as we look out over the next several years, we're quite comfortable at these levels. And part of it is just because of that visibility we see on accelerating recycling.

不，我認為隨著有機產品線的持續成長，我們未來可能會考慮逐步增加投入，這是合理的。但就目前而言，展望未來幾年，我們對目前的投入水準感到相當滿意。部分原因在於我們看到了加速回收的顯著成效。

Nelson Ng, RBC Capital Markets.

納爾遜·吳（Nelson Ng），加拿大皇家銀行資本市場部。

So quick question. In terms of the 8 gigawatts commissioned this year, I think about 2.5 were in North America. But obviously, there's a lot in the US. So when you look at developing projects in the US, are you still seeing any like headwinds or bottlenecks from the federal government from a permitting perspective for onshore wind and solar? Obviously, it's a different story for offshore wind, but you're doing onshore, but are you seeing any headwinds there?

簡單問一下。今年新增的8吉瓦裝置容量中，我認為大約有2.5吉瓦位於北美。當然，美國佔比很高。那麼，在開發美國專案時，您是否仍然看到聯邦政府在陸上風電和太陽能專案的批准方面存在任何阻力或瓶頸？離岸風電的情況顯然不同，但您目前專注於陸上項目，您是否也遇到類似的阻力？

Nelson, thank you for the question. We really put this in two buckets. What we would say is when it comes to solar, which is the broadest component of our pipeline, solar and batteries in the US, we are seeing no slowdown. We are seeing an acceleration. And this is driven by solar is quick to deploy. It's cheap. It's the lowest cost form of production. And quite frankly, the corporates need the power as quick as possible. So on solar, we are seeing no change, if anything, an acceleration. And we're trying to pull projects forward as fast as possible.

尼爾森，謝謝你的提問。我們主要從兩個方面來看這個問題。就太陽能而言，這是我們目前項目範圍最廣的部分，包括美國的太陽能和儲能項目，我們並沒有看到任何放緩的跡象，反而看到了加速成長。這主要是因為太陽能部署迅速，成本低廉，是成本最低的生產方式。坦白說，企業需要盡快獲得電力。因此，在太陽能方面，我們沒有看到任何變化，甚至可以說是加速成長。我們正在努力以最快的速度推進專案。

On wind, onshore wind, there has been some slowdown in permitting from the federal government, but projects are still getting done. And we've taken that into account into our development and execution process. That's reflected in the pipeline that we present. I would say that wind is progressing slower than onshore solar in the US market, but both are still getting done.

就陸上風電而言，聯邦政府的審批速度有所放緩，但工程仍在進行中。我們已將此因素納入開發和執行流程，這體現在我們展示的專案儲備中。我認為，在美國市場，風電的發展速度慢於陸上太陽能，但兩者都在持續進行中。

Got it. Thanks for the color. And then just switching topics a bit. So obviously, we're hearing a lot about the elevated power prices in the US and the fact that you are signing more long-term hydro contracts. But when I look at your realized power prices for the US hydro segment in the supplemental document, I think the realized hydro price has been flat year-over-year at about $83. I'm just wondering whether that's just due to the generation mix, given that it was below average in the past year? And should we be seeing an increase going forward?

明白了。謝謝您的補充說明。接下來我想稍微換個話題。顯然，我們經常聽到美國電價高企的消息，以及貴公司正在簽署更多長期水電合約。但是，當我查看補充文件中貴公司美國水電業務的實際電價時，我發現實際電價比去年同期持平，約為 83 美元。我想知道這是否只是由於發電結構的原因，因為去年的發電結構低於平均？我們是否應該看到電價在未來上漲？

You should see an increase going forward. And there's a lot of different dynamics that flow through those numbers. But the overarching point to be made is the scarcity value of hydroelectric power is at an all-time high right now. And it perhaps gets glossed over in the breadth of our broader business. But the 3 contracts, 3 20-year take-or-pay PPAs inflation linked with some of the largest corporates around the world from our perpetual hydro assets, we have never seen demand of that scale at the prices we have seen in, I'd say, the last year, but in particular, in the last six months.

預計未來還會繼續成長。這些數字背後有許多不同的因素在起作用。但最重要的是，水力發電的稀缺價值目前正處於歷史最高水準。這一點或許在我們整體業務的範疇內被忽略了。但我們與全球一些最大的企業簽訂的三份為期20年的照付不議購電協議（PPA），涉及我們永久性水力發電資產，在過去一年，尤其是過去六個月裡，我們從未見過如此規模的需求和如此高的價格。

And as those contracts get layered in, some of those contracts don't start immediately. They start in a couple of years when the existing contracts roll off. You will begin to see higher achieved contracted power prices across our hydro portfolio.

隨著這些合約陸續生效，部分新合約不會立即生效，而是在現有合約到期後的幾年內才會開始生效。屆時，您將會看到我們水電專案的實際成交電價普遍上漲。

Great. And I'll try to squeeze in one more question. In terms of capital recycling, you guys mentioned that you have a, I guess, a potential framework to sell an additional $1.5 billion to some buyers -- to some existing buyers. So when you look at recycling assets, are -- like how much of your customers or how much of the buyers are essentially repeat customers? And should that streamline your asset recycling process going forward?

好的。我再擠出一個問題。關於資本循環利用，你們提到過，你們有一個潛在的框架，可以向一些買家——一些現有買家——出售額外的15億美元資產。那麼，在考慮資產循環利用時，你們的客戶或買家中有多少是回頭客？這是否應該簡化你們未來的資產循環使用流程？

Short answer, yes, but let me provide a little bit more color. Since we started to grow our development business, I would say, in 2019 or 2020, our capital recycling activities have understandably grown on a similar trajectory, but probably on a 3-ish year lagged basis, the time it takes to pull a project out of the ground. As a result, over the past 2 or 3 years, our asset recycling proceeds have become a very consistent, recurring, predictable source of both funding and earnings for our business. And given the trajectory of our development activities and the visibility of our pipeline today, we would expect this activity to continue going forward, with 2026 being no different.

簡而言之，是的，但讓我再詳細解釋一下。自從我們開始發展開發業務以來（我估計是在2019年或2020年），我們的資本回收活動也隨之穩步增長，但可能存在大約三年的滯後，因為一個項目從開工到竣工需要一定時間。因此，在過去的兩三年裡，我們的資產回收收益已成為我們業務中非常穩定、可預測的資金和收入來源。鑑於我們開發活動的進展以及目前專案儲備的可見性，我們預計這一趨勢將持續下去，2026年也不例外。

Then when it comes to the recent, we will call them frameworks we've set up in terms of asset recycling, similar to in the past, how we have raised capital to facilitate a greater level of deployment into growth, we think about this as raising capital to facilitate a greater amount of capital recycling in the business. And we're pretty excited about what we've designed and executed here because what these frameworks -- and we've executed one and we're pursuing others in different regions around the world that we would hope to execute in the near term.

那麼，就近期而言，我們稱之為資產循環利用框架，類似於我們過去籌集資金以促進更大規模增長的方式，我們認為這是透過籌集資金來促進企業內部更大規模的資本循環。我們對目前設計和執行的框架感到非常興奮，因為這些框架——我們已經實施了一個，並且正在世界各地不同地區推進其他框架的實施，希望在不久的將來能夠實現。

What we have done is we would say we have created almost a framework or a program to recycle newly built assets at scale, quickly on a recurring basis. And the impact to our business is it significantly derisks our development platforms around the world and the business plans we're seeking to execute, and it significantly derisks our capital recycling and funding plans for our business for the next several years.

我們所做的，可以說是創建了一個框架或方案，可以大規模、快速且持續地回收新資產。這對我們業務的影響在於，它顯著降低了我們全球開發平台和正在執行的業務計劃的風險，也顯著降低了未來幾年我們業務的資本回收和融資計劃的風險。

I will go out on a limb and say I think this is going to be a huge differentiator for our franchise. Yes, we've signed one since the end of the year focused on North America, but we expect to sign others in the near term here. And these are very significant in terms of scale. And not only are they going to provide an accretive source of funding for our business, they significantly derisk our development activities that continue to grow.

我大膽預測，這將成為我們特許經營業務的一大優勢。沒錯，我們去年年底以來已經簽下了一份專注於北美地區的合同，但我們預計近期還會簽下其他合約。這些合約的規模非常龐大。它們不僅能為我們的業務帶來可觀的資金來源，還能大幅降低我們持續成長的開發活動的風險。

Robert Hope, Scotiabank.

羅伯特‧霍普，加拿大豐業銀行。

Morning, everyone. So at the recent Investor Day, you spoke quite bullishly about the battery outlook. And I believe you commented that it could be 7 gigs in a couple of years, and today, you're saying it could be 10 gigs. Is the accelerating development pipeline here or an increasingly bullish outlook here in part due to the fact that you're seeing larger opportunities? The 1-gigawatt battery project for the sovereign wealth fund, is this indicative of where you think development is going, larger projects to ensure reliability for the grid?

大家早安。在最近的投資者日上，您對電池前景持非常樂觀的態度。我記得您當時說過，幾年內電池裝置容量可能達到7吉瓦，而今天您說可能達到10吉瓦。您認為這是否意味著電池研發專案正在加速推進，或者說，您之所以對前景如此樂觀，部分原因在於您看到了更大的發展機會？您提到的為主權財富基金建設的1吉瓦電池項目，是否預示著您認為電池發展的未來方向——透過更大規模的項目來確保電網的可靠性？

Yes. And -- Hi, Rob. The short answer is yes. Make no mistake, batteries are the fastest-growing part of our platform today, and we expect that to continue. But what this is really driven by is the simple fact that battery costs have come down so dramatically over the last decade they've come down more than 60% over the last 24 months.

是的。還有——嗨，羅布。簡而言之，答案是肯定的。毋庸置疑，電池是我們平台目前成長最快的部分，而且我們預計這種趨勢還會持續下去。但真正推動這一成長的原因是一個簡單的事實：過去十年電池成本大幅下降，光在過去24個月就下降了超過60%。

And as a result, they are becoming an increasingly economic solution in more and more markets around the world. This dynamic continues. Costs continue to go down, technology advances continue to be made. And therefore, we are seeing batteries as a potential solution in more and more of our projects and in more and more of our markets.

因此，電池正成為全球越來越多市場中日益經濟的解決方案。這種趨勢仍在持續。成本不斷下降，技術不斷進步。因此，我們看到電池在越來越多的項目和市場中都具有潛在的應用價值。

The other thing we would highlight is we do all think at Brookfield Renewable, think about battery development probably a little bit different than generation development because it can be executed faster. Much of the equipment shows up pre-built on site. And because batteries and energy storage reduce grid congestion as opposed to add to it, there is significant incentive from grids to bring batteries online faster. Therefore, yes, we have accelerated or increased our outlook for batteries, but it's very simply just a reflection of what we're seeing across our business and what we're doing with our sovereign wealth fund partner. We would expect to do other similar projects like that going forward.

我們想強調的另一點是，在Brookfield Renewable，我們對電池開發的思考方式可能與發電開發略有不同，因為電池的部署速度更快。許多設備都是預先組裝好的，直接運送到現場。而且，由於電池和儲能係統能夠緩解電網擁堵，而不是加劇擁堵，因此電網公司有很大的動力加快電池的併網速度。所以，是的，我們加快了對電池的投入，但這只是反映了我們整個業務的發展趨勢以及我們與主權財富基金合作夥伴的合作。我們預計未來還會開展更多類似的項目。

All right. Appreciate that. And then maybe turning over to the M&A environment. You've been very successful monetizing assets. But on the other side, acquiring assets, what does that environment look like in a rising price environment as well as the power addition environment?

好的，謝謝。接下來我們來談談併購環境。您在資產變現方面非常成功。但另一方面，在價格上漲和能源成長的環境下，收購資產的環境又是怎麼樣的呢？

So perhaps I'll almost tie this back to Patrick's answer on funding a little bit. We've always been very opportunistic in terms of funding our business. And right now, we see scale capital as an increasing competitive advantage in today's market. And we see a very constructive market for deployment into growth. This is why we took the decision earlier this year to strengthen our already very strong capital and balance sheet position because we do believe we are at the start of a period of very attractive deployment into growth and M&A and very simply, a broader consolidation of our space where we think we can play a very significant role.

所以，我或許可以稍微呼應一下派崔克關於融資的回答。在業務融資方面，我們一直非常注重把握機會。目前，我們認為規模資本在當今市場中正日益成為一種競爭優勢。我們也看到了一個非常有利於成長的市場。正因如此，我們今年稍早決定進一步鞏固我們原本就非常強勁的資本和資產負債表狀況，因為我們相信，我們正處於一個極具吸引力的增長和併購投資時期，簡而言之，就是一個更廣泛的行業整合時期，我們認為我們可以在其中發揮非常重要的作用。

Baltej Sidhu, National Bank of Canada.

巴爾泰·西杜，加拿大國家銀行。

Thank you, and good morning, everyone. So Connor, just given that renewable infrastructure valuations remain compressed, and you've noted the largely US-based development pipeline, where are you seeing the most attractive risk-adjusted opportunities today, the operating assets, late-stage development or early-stage platforms? And how do you think that mix will evolve at the end of 2026?

謝謝大家，早安。康納，鑑於再生能源基礎設施的估值仍然偏低，而且你也提到了大部分開發案都位於美國，那麼你認為目前最具吸引力的風險調整後投資機會是什麼？是營運資產、後期開發項目還是早期平台？你認為到2026年底，這種組合會如何改變？

The opportunities we are seeing are pretty broad-based around the world. But perhaps to focus on a few themes that we are seeing right now, I would perhaps highlight three where we're seeing the greatest volume of opportunities that we view as attractive. Absolutely, yes, public companies. That would be number one in the current environment.

我們目前看到的機會遍及全球，範圍相當廣泛。但為了聚焦在幾個我們目前關注的主題，我想重點介紹三個我們認為最具吸引力、機會最多的領域。當然，上市公司絕對是首選。在當前環境下，上市公司無疑是最重要的。

The second point we would highlight would be carve-outs from broader utilities or energy businesses. Because there are such significant capital needs across the industry, market participants are needing to choose where they will allocate their capital budgets. And -- to put it bluntly, some market participants can't fund 100% of the opportunities they have at their disposal, and therefore, they may look to sell divisions that they don't expect to fund all the growth opportunities in, and that could be an opportunity with us given our robust capital position.

我們想強調的第二點是從更廣泛的公用事業或能源業務中剝離的業務。由於整個行業存在巨大的資金需求，市場參與者需要選擇如何分配他們的資本預算。坦白說，一些市場參與者無法為他們所掌握的所有機會提供100%的資金，因此，他們可能會考慮出售那些預計無法為他們所有增長機會提供資金的業務部門，而鑑於我們雄厚的資本實力，這可能為我們提供了一個機會。

The last point we would make is we are seeing a unique dynamic in the developer market where we are seeing a bifurcation between what we would call high-quality developers and maybe less high-quality developers. High-quality developers price at an absolute premium in today's environment given the growth trajectory of electricity demand and the value of projects that can be pulled out of the ground.

最後一點是，我們觀察到開發商市場出現了一種獨特的動態，即開發商群體出現了分化，一部分開發商被認為是高品質的，而另一部分則可能質量稍遜。鑑於電力需求的成長趨勢以及可立即開工建設項目的價值，高品質開發商在當今環境下的定價必然會高出許多。

However, developers that maybe don't have scale capabilities to navigate the current environment but do have large pipelines of projects. We are seeing more attractive pricing at that end of the market and would expect to be active there in order to add projects to our pipeline that we can then contract with the demand we're seeing from our customers.

然而，有些開發商可能缺乏應對當前環境的規模化能力，但卻擁有大量的專案儲備。我們發現，在這個市場細分領域，價格更具吸引力，因此我們計劃積極拓展該領域，將更多項目納入我們的儲備，並根據客戶的需求簽訂合約。

Got it. And just one more for me. Just on the CSV of hydro that you had alluded to and speaking towards the Google HFA, which could see you potentially acquiring additional hydros to facilitate the entirety of the 3 gigawatts. What are you seeing in the market? And how are you thinking about it just looking forward in that regard?

明白了。我還有一個問題。關於您之前提到的水力發電CSV文件，以及GoogleHFA（高通量融資框架），這可能意味著您需要收購更多水力發電專案才能滿足全部3吉瓦的需求。您對目前的市場狀況有何看法？展望未來，您對此有何規劃？

Sure. What we would say when it comes to hydro is it very much depends on location. As mentioned, we've seen really strong demand for our hydros and premium valuations, both in contracts and in assets in markets in the US like PJM and MISO. And our activities in 2025 reflect that.

當然。就水力發電而言，我們認為這很大程度取決於地理位置。如同前面所提到的，我們看到，在美國PJM和MISO等市場，無論是合約或資產，市場對我們的水力發電專案和溢價估值都非常強勁。我們2025年的業務活動也反映了這一點。

However, what I would say is what we are seeing is the offtakers of these hydro assets increasingly looking now beyond those two markets, which have really been their focus, I would say, for the last two years. Therefore, when we look to potentially acquire assets, we're probably looking for assets in these markets that have been viewed as noncore in the past, where we can acquire assets, execute operational improvement programs and recontract them under our framework agreements. But the biggest point I would say is it's very location specific.

然而，我想說的是，我們看到這些水電資產的承購方正越來越多地將目光投向過去兩年主要關注的兩個市場之外的其他市場。因此，當我們考慮潛在收購資產時，我們可能會在這些市場中尋找過去被視為非核心業務的資產，以便收購這些資產，實施營運改善計劃，並根據我們的框架協議重新簽訂合約。但我認為最重要的一點是，這取決於具體的地理位置。

Benjamin Pham, BMO.

Benjamin Pham，BMO。

Thanks. Good morning. I wanted to ask a couple of questions. I mean, you mentioned the battery storage opportunity. I'm curious a couple of things is, is the plan mostly greenfield development that you picked up a couple of -- actually quite a number of megawatts from Neoen? Or are there opportunities to also do M&A?

謝謝。早安.我想問幾個問題。您提到了電池儲能的機會。我比較好奇的是，您從Neoen收購的幾個兆瓦項目（實際上是相當多的兆瓦）主要是指新建項目嗎？還是也存在併購的機會？

And then I'm also secondly curious, the revenue model with storage for you specifically, is that -- do you expect to be mostly contract? Or is there an element of merchant arbitrage in there?

其次，我還想問一下，你們的儲存業務的具體收入模式是──主要依靠合約收入嗎？還是也包含一些商家套利的成分？

Good morning, Ben. Great question. So in terms of batteries, we view ourselves to be in quite a fortunate position because we do have a very large organic development pipeline. A lot of that did come through the acquisition of Neoen.

早安，本。問得好。就電池領域而言，我們認為自身處於相當有利的地位，因為我們擁有非常龐大的自主研發產品線。其中很多都得益於對Neoen的收購。

Candidly, Neoen was the largest acquisition in the history of Brookfield Renewable. We recognize that perhaps a lot of people knew Neoen as a leading global renewable power developer. We obviously saw that and the value of that, but we thought what was underappreciated in their business is the fact that they're the leading global energy storage developer as well.

坦白說，收購Neoen是Brookfield Renewable史上規模最大的一筆收購案。我們意識到，很多人可能都知道Neoen是一家全球領先的再生能源開發商。我們當然也看到了這一點及其價值，但我們認為，Neoen的另一項重要成就——同時也是全球領先的儲能開發商——卻被低估了。

And what you've seen in our first year of ownership is us really accelerating the growth in the business, but particularly on the energy storage side. We are also looking at M&A opportunities in the battery space, but we've positioned ourselves that we can be quite discerning and balance the returns we're seeing in M&A versus the returns we're seeing in organic development.

在我們接手公司的第一年，你們已經看到我們確實加快了業務成長，尤其是在儲能領域。我們也關注電池領域的併購機會，但我們已做好充分準備，能夠謹慎地權衡併購收益和自身發展帶來的回報。

To your question about contracting, we're very excited about the evolution of what we've seen in the energy storage space, where only perhaps two, maybe three years ago, a lot of the revenue models were arbitrage or merchant related. Increasingly, what we are seeing is long-term tolling or almost take-or-pay capacity contracts on newly built battery assets. And very simply, as an example of the large project that Neoen is pursuing, that would be on a 100% contracted basis for the entire life of those assets. So a development and revenue profile very much in line with or potentially even stronger than what we do all day, every day on the wind and solar side.

關於您提出的合約問題，我們對儲能領域的發展趨勢感到非常興奮。就在兩三年前，許多收入模式還停留在套利或商業交易的層面。而現在，我們看到越來越多的新建電池資產採用長期收費或類似照付不議的容量合約。舉個簡單的例子，Neoen正在推進的一個大型項目，其資產的整個生命週期都將以100%合約的形式進行。因此，這種開發和收入模式與我們在風能和太陽能領域每天開展的業務非常相似，甚至可能更勝一籌。

Okay. Understood. Thanks for that. And then can I also ask on the offshore wind side. You -- previous comments, you didn't like it for a while, maybe 7, 10 years, you got maybe more open to it, that did a deal, Ørsted. Where does Brookfield stand today then on offshore wind?

好的，明白了，謝謝。那我還能問一下關於離岸風電的問題嗎？您之前說過，您一度不太看好離岸風電，大概有七、八年吧，後來可能態度有所轉變，最終和奧旭能源達成了合作協議。那麼，布魯克菲爾德現在對離岸風電的立場是什麼？

Understandably, it would be very market-specific. But we are seeing some markets -- we won't bury the lead here. Europe, in particular, increasingly more constructive from an offshore wind perspective. And we are evaluating opportunities in the space there. That being said, as with everything, we will compare the investment profile and the risk return we see in those opportunities versus what we see elsewhere in the portfolio and only pursue them if we think we're being appropriately compensated.

當然，具體情況會因市場而異。但我們注意到一些市場——我們在此就不贅述了——尤其是歐洲，從離岸風電的角度來看，前景越來越樂觀。我們正在評估該地區的投資機會。話雖如此，就像所有投資一樣，我們會將這些投資機會的投資概況和風險回報與我們投資組合中其他投資機會進行比較，只有在我們認為能夠獲得適當回報的情況下才會進行投資。

Okay. If I may just to follow up on that. There's been maybe a trend of offshore wind assets in Europe as they reach end of contract life to become more merchant like. Is that something that maybe Brookfield could opportunistic take advantage of?

好的。如果可以的話，我想補充一點。歐洲離岸風電資產在合約到期後，似乎呈現出越來越商業化的趨勢。布魯克菲爾德公司是否可以抓住這個機會？

Certainly. And in particular, if we could bring our contracting to bear, such that we could acquire those assets based on a merchant profile but bring our power marketing capabilities to quickly derisk them through a new long-term contract. Yes, that's absolutely something we would look at. We would be clear that we've seen a couple of those opportunities, but it's not the largest opportunity set in the world today.

當然。特別是如果我們能運用我們的合約優勢，根據商家概況收購這些資產，然後利用我們強大的行銷能力，透過新的長期合約迅速降低風險。是的，這絕對是我們會考慮的。我們之前也看到過一些這樣的機會，但就目前而言，這並非全球最大的機會。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

Good morning. Just a quick one, a follow-up maybe on the previous question or two questions on PJM. Just several weeks ago, the Trump Administration created that backstop auction which is very light on details. I'm just curious if you think that plays maybe or pushes hyperscalers to focus more on Brookfield Renewables' development side where you're bringing new generation in or the company could be opportunistic with some repricing, some existing generation?

早安.我有個問題想問一下，算是對之前關於PJM的一些問題的後續。就在幾週前，川普政府推出了一項名為「後備拍賣」的機制，但具體細節非常少。我很好奇，您認為這是否會促使超大規模能源公司更加關注Brookfield Renewables的開發項目，也就是他們正在建設的新發電項目？或者該公司會伺機對現有發電項目進行重新定價？

Good morning. The activity and the announcements around PJM, we very much see this as simply a reflection of the demand for energy and quite frankly, how tight the system has become in particular, in markets with the highest levels of energy demand growth. We've been saying for years that the supply/demand imbalance has been growing materially. And this inevitable evolution leads to the immediate need for large-scale capacity to be added to grids around the world in different markets in the United States.

早安.關於PJM的種種動態和公告，我們認為這恰恰反映了能源需求，坦白說，也反映了電力系統，尤其是在能源需求成長最快的市場，已經變得多麼緊張。多年來，我們一直強調供需失衡的程度正在顯著加劇。這種不可避免的演變導致世界各地，包括美國在內的不同市場，都迫切需要大規模擴容電網。

So from our perspective, one of the most constructive outcomes of this discussion is that it should create a dialogue to facilitate an acceleration of new capacity coming online over the long term. That's obviously incredible for the market, and it's incredible for our business given our large pipeline of development opportunities.

因此，從我們的角度來看，這次討論最具建設性的成果之一是，它應該能夠促成對話，從而促進新產能的長期加速上線。這顯然對市場意義重大，鑑於我們擁有大量在建項目，這對我們公司而言也意義非凡。

All that being said, we've already contracted our hydro fleet in the PJM region with the recent Google agreement, which really insulates us from any near-term market impacts depending on how these discussions and announcements related to PJM evolve in the coming weeks. But as an existing generator with contracted assets today and a development pipeline focused on meeting the growing and incremental demand, we view this as a step towards addressing the underlying supply/demand imbalance for our business and -- sorry, addressing the underlying supply/demand imbalance in that market, and we view that as very positive for our business.

儘管如此，我們已透過近期與Google達成的協議，在PJM地區簽訂了水力發電資產合同，這實際上使我們免受近期市場波動的影響，具體情況取決於未來幾週與PJM相關的討論和公告的進展。作為一家現有發電企業，我們目前擁有已簽約資產，並且正在推進旨在滿足不斷增長的增量需求的開發項目，我們認為這是解決我們業務乃至整個市場供需失衡問題的一項重要舉措，我們認為這對我們的業務發展非常有利。

That concludes today's question-and-answer session. I'd like to turn the call back to Connor Teskey for closing remarks.

今天的問答環節到此結束。現在請康納·特斯基做總結發言。

Great. Well, thank you, everyone, for joining our Q4 conference call. We appreciate your continued support and interest in Brookfield Renewable, and we look forward to providing an update after Q1. Thank you, and have a great day.

好的。非常感謝各位參加我們的第四季電話會議。感謝您一直以來對Brookfield Renewable的支持和關注，我們期待在第一季結束後與大家分享最新進展。謝謝，祝您今天愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。