Brookfield Renewable Corp (BEPC) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Brookfield Renewable Second Quarter 2022 Results Conference Call. (Operator Instructions) As a reminder, today's program may be recorded.

感謝您的支持，並歡迎參加 Brookfield Renewable 2022 年第二季度業績電話會議。 （操作員說明）提醒一下，今天的節目可能會被錄製。

And now I'd like to introduce your host for today's program, Connor Teskey, CEO. Please go ahead, sir.

現在我想介紹一下今天節目的主持人，首席執行官康納·泰斯基。請繼續，先生。

Thank you, operator. Good morning, everyone, and thank you for joining us for our Second Quarter 2022 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.

謝謝你，接線員。大家早上好，感謝您加入我們的 2022 年第二季度電話會議。在我們開始之前，我們想提醒您，我們的新聞稿、投資者補充和致單位持有人的信函的副本可以在我們的網站上找到。

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 our website.

我們還想提醒您，我們可能會就此次電話會議做出前瞻性陳述。這些陳述受到已知和未知風險的影響，我們未來的結果可能存在重大差異。如需更多信息，我們鼓勵您查看 SEDAR、EDGAR 和我們網站上提供的監管文件。

To kick off today's call, we will provide an update on the business and some of our recent growth initiatives. After my remarks, Ruth Kent, our Chief Operating Officer, will give an update on our development activities. And then Wyatt will provide an overview of our operating results and balance sheet and liquidity. Following our remarks, we look forward to taking your questions.

為了開始今天的電話會議，我們將提供有關業務的最新信息以及我們最近的一些增長計劃。在我發言之後，我們的首席運營官 Ruth Kent 將介紹我們的開發活動的最新情況。然後懷亞特將概述我們的經營業績、資產負債表和流動性。在我們的發言之後，我們期待著回答您的問題。

The business performed well this quarter, generating funds from operations of $294 million or $0.46 per unit, a 10% increase over the same period last year. We continue to advance our key operating priorities as well as execute on transactions from our strong pipeline of growth opportunities. The trends driving the energy transition continue to accelerate, driven by the focus on net-zero ambitions, low-cost energy and energy security.

該業務本季度表現良好，從運營中獲得 2.94 億美元或每單位 0.46 美元的資金，比去年同期增長 10%。我們繼續推進我們的關鍵運營重點，並通過我們強大的增長機會管道執行交易。在對淨零目標、低成本能源和能源安全的關注的推動下，推動能源轉型的趨勢繼續加速。

Given the nature of power as an essential service, our business remains well positioned to operate and grow irrespective of the economic situation. We feel the current environment will continue to favor investors like ourselves, who are well capitalized and globally diversified with significant development capabilities to build out renewables in scale. As always, we remain focused on growing our leading renewable power platform. Expanding the spectrum of decarbonization solutions, we can provide to our customers and building global businesses that are critical to the transition to net zero.

鑑於電力作為一項基本服務的性質，無論經濟形勢如何，我們的業務都處於良好的運營和增長狀態。我們認為，目前的環境將繼續有利於像我們這樣的投資者，他們資本充足，全球多元化，具有強大的開發能力，可以大規模建設可再生能源。與往常一樣，我們仍然專注於發展我們領先的可再生能源平台。擴大脫碳解決方案的範圍，我們可以為我們的客戶提供並建立對向淨零過渡至關重要的全球業務。

The recent growth in our business has been significant. So far this year, we have deployed or agreed to deploy $4.5 billion or $1 billion net to Brookfield Renewable. This capital spreads across a wide range of investments, including battery storage, carbon capture, distributed generation and utility scale wind and solar.

我們最近的業務增長顯著。今年到目前為止，我們已經或同意向 Brookfield Renewable 部署 45 億美元或 10 億美元的淨額。這筆資金分佈在廣泛的投資領域，包括電池存儲、碳捕獲、分佈式發電以及公用事業規模的風能和太陽能。

To date, our investments into new transition opportunities comprise only a small portion of our capital deployment, but marked valuable entry points into segments that we feel have the potential to grow significantly over time. These investments represent new and incremental growth levers for our business beyond our continued expansion in renewables.

迄今為止，我們對新轉型機會的投資僅占我們資本部署的一小部分，但在我們認為隨著時間的推移有可能顯著增長的細分市場中具有重要的切入點。除了我們在可再生能源領域的持續擴張之外，這些投資代表了我們業務的新的和增量的增長槓桿。

Our approach to investing in these new transition opportunities is similar to how we look at renewables investments. We look for opportunities that are economic without government subsidy, technologically proven and underpinned by strong macro tailwinds. We focus on situations where our key advantages of access to capital, knowledge of power markets, operating and development capabilities, extensive customer relationships, and global reach can differentiate us both as investors and as operators.

我們投資這些新的轉型機會的方法類似於我們看待可再生能源投資的方式。我們尋找在沒有政府補貼的情況下經濟的機會，技術證明並由強大的宏觀順風支撐。我們專注於我們的資本獲取、電力市場知識、運營和開發能力、廣泛的客戶關係和全球影響力等關鍵優勢可以使我們作為投資者和運營商脫穎而出的情況。

Over time, as more decarbonization products and services scale, we expect transition investments to grow within our portfolio. But that being said, investment in clean power generation remains the largest decarbonization opportunity today and we, therefore, expect it to represent the majority of our deployment for the foreseeable future. Our global distributed generation business continues to be a significant area of growth as the trends of decentralized power generation and direct customer interaction accelerate.

隨著時間的推移，隨著更多脫碳產品和服務的擴展，我們預計轉型投資將在我們的投資組合中增長。但話雖如此，對清潔發電的投資仍然是當今最大的脫碳機會，因此，我們預計它將在可預見的未來佔據我們部署的大部分。隨著分散式發電和直接客戶互動的趨勢加速，我們的全球分佈式發電業務繼續成為一個重要的增長領域。

In the past year, we have grown our U.S. DG business by 3 times to 6,500 megawatts through various organic growth initiatives. These include channel partnerships, joint development agreements and strategic partnerships like our cooperation agreement with Trane Technologies, which enables us to leverage our respective capabilities to create full suite decarbonization solutions for our customers.

在過去的一年裡，我們通過各種有機增長計劃將我們的美國分佈式發電業務增長了 3 倍，達到 6,500 兆瓦。其中包括渠道合作夥伴關係、聯合開發協議和戰略合作夥伴關係，例如我們與特靈科技的合作協議，這使我們能夠利用各自的能力為我們的客戶創建全套脫碳解決方案。

We recently agreed to acquire a leading integrated distributed generation developer in the U.S. with a proven track record of developing and operating projects. We intend to invest $700 million or $140 million net to Brookfield Renewable, representing both our equity purchase price and additional equity deployment to fund future growth. The business has in-house expertise across all stages of the development life cycle, with 500 megawatts of contracted operating and under construction assets located primarily in the U.S. Northeast, and an 1,800-megawatt identified development pipeline, of which almost 200 megawatts are derisked with long-term creditworthy counterparties.

我們最近同意收購美國領先的集成分佈式發電開發商，該開發商在開發和運營項目方面有著良好的記錄。我們打算向 Brookfield Renewable 投資 7 億美元或 1.4 億美元，這既代表了我們的股權購買價格，也代表了額外的股權部署，以資助未來的增長。該公司在開發生命週期的所有階段都擁有內部專業知識，其中 500 兆瓦的合同運營和在建資產主要位於美國東北部，以及 1,800 兆瓦的已確定開發管道，其中近 200 兆瓦已被取消風險長期信譽良好的交易對手。

With this investment, we further enhanced our position as the global leader in distributed generation with over 10,000 megawatts of operating and development assets. With capabilities and scale across all our core regions, we are well positioned to keep growing and provide our customers with innovative decarbonization solutions across multiple markets. This will help our partners meet their sustainability targets while reducing operating costs through on-site renewable energy and other decarbonization services.

通過這項投資，我們進一步鞏固了我們作為分佈式發電全球領導者的地位，擁有超過 10,000 兆瓦的運營和開發資產。憑藉在我們所有核心地區的能力和規模，我們有能力保持增長，並為我們的客戶提供跨多個市場的創新脫碳解決方案。這將幫助我們的合作夥伴實現其可持續發展目標，同時通過現場可再生能源和其他脫碳服務降低運營成本。

We also expanded our North American carbon capture and storage platform through a recently announced joint venture to establish a new carbon management business. Under an arrangement with California Resource Corporation, an independent oil and natural gas company committed to the energy transition, we will fund the development and construction of identified CCS projects in California with an initial goal of deploying up to $500 million of capital or $100 million net to Brookfield Renewable.

我們還通過最近宣布的合資企業擴展了我們的北美碳捕獲和儲存平台，以建立新的碳管理業務。根據與致力於能源轉型的獨立石油和天然氣公司 California Resource Corporation 的安排，我們將為加利福尼亞州已確定的 CCS 項目的開發和建設提供資金，初步目標是部署高達 5 億美元的資本或 1 億美元的淨額布魯克菲爾德可再生能源。

We expect that the joint venture, where we will retain the option to fund projects meeting our objectives will benefit from a first-mover advantage through CRC's ownership of prospective CO2 storage reservoirs that are a critical asset for carbon capture and storage in California, one of the most desirable jurisdictions globally given the state's low-carbon fuel standards credit system. The joint venture is targeting the injection of 5 million metric tons per annum and 200 million metric tons of total carbon dioxide storage development, which if reached, could result in an additional investment opportunity of approximately $1 billion or $200 million net to Brookfield Renewable.

我們預計，我們將保留為滿足我們目標的項目提供資金的選擇權的合資企業將受益於通過 CRC 擁有潛在的二氧化碳儲存庫的先發優勢，這些儲存庫是加利福尼亞州碳捕獲和儲存的關鍵資產之一，其中之一鑑於該州的低碳燃料標准信用體系，全球最理想的司法管轄區。該合資企業的目標是每年註入 500 萬公噸和 2 億公噸的總二氧化碳儲存開發，如果實現，可能會為 Brookfield Renewable 帶來約 10 億美元或淨 2 億美元的額外投資機會。

Lastly, as illustrated, the growth of our U.S. business continues to be significant. However, it is important to emphasize that all of our recent underwritings did not factor in the recently proposed Inflation Reduction Act, and we believe the investments will deliver excellent results regardless. However, not unexpectedly, if the bill is passed in its current form, it will, without doubt, be a net positive to the growth of these investments and our business.

最後，如圖所示，我們美國業務的增長繼續顯著。然而，重要的是要強調，我們最近的所有承銷都沒有考慮到最近提出的《通貨膨脹減少法案》，我們相信無論如何這些投資都會產生出色的結果。然而，不出所料，如果該法案以目前的形式獲得通過，毫無疑問，它將對這些投資和我們業務的增長產生積極的影響。

We are fortunate that with the recent acquisitions we have made this year, including Urban Grid, our U.S.-based utility scale solar and storage developer along with the recent acquisitions and growth of our DG business as well as our CCS joint venture and our green hydrogen development pipeline, that we are uniquely positioned to benefit from the bill. Our growth prospects in the U.S. are significant. Our in-house organic growth development pipeline in the United States alone covers a broad range of transition products consisting of 35 gigawatts of wind, solar and storage and 5 million metric tons per annum of CCS.

我們很幸運，我們今年進行了最近的收購，包括我們位於美國的公用事業規模太陽能和存儲開發商 Urban Grid，以及我們最近收購和增長的 DG 業務以及我們的 CCS 合資企業和我們的綠色氫開發管道，我們處於獨特的位置，可以從該法案中受益。我們在美國的增長前景非常可觀。僅在美國，我們的內部有機增長開發管道就涵蓋了廣泛的過渡產品，包括 35 吉瓦的風能、太陽能和儲能以及 500 萬噸/年的 CCS。

With that, I'll turn the call over to Ruth to discuss some of our recent operational activity.

有了這個，我將把電話轉給 Ruth，討論我們最近的一些運營活動。

Thank you, Connor, and good morning, everyone. I'm excited to be speaking with you today about some of our recent operational initiatives. We believe it's our global operating and development expertise, including our commercial capabilities that differentiates us as a partner of choice and decarbonization.

謝謝你，康納，大家早上好。我很高興今天能與您討論我們最近的一些運營計劃。我們相信，是我們的全球運營和開發專業知識，包括我們的商業能力，使我們成為首選合作夥伴和脫碳合作夥伴。

Our 3,200 operating professionals around the world mean we can invest and execute across the entire spectrum of renewable power and transition assets. We are end-to-end. For example, we can invest during the asset development stage and leverage our capabilities to secure grid connection, permitting, procure equipment, construct the project, contract the power with corporate offtakers and ultimately operate the asset. This end-to-end capability is not only a meaningful organic growth lever for our existing assets, but it also enables us to source a wide spectrum of opportunities where we can bring these capabilities to bear and derisk investments and earn strong returns.

我們在全球擁有 3,200 名運營專業人員，這意味著我們可以在整個可再生能源和過渡資產範圍內進行投資和執行。我們是端到端的。例如，我們可以在資產開發階段進行投資，並利用我們的能力來確保電網連接、許可、採購設備、建設項目、與公司承購商簽訂電力合同並最終運營資產。這種端到端的能力不僅是我們現有資產的一個有意義的有機增長槓桿，而且還使我們能夠找到廣泛的機會，我們可以利用這些能力來承擔和取消投資並獲得豐厚的回報。

We have a very substantial global development pipeline, which now stands at over 75 gigawatts, along with an 8 million metric tons per annum of CO2 carbon capture development pipeline. Of that, we have 17 gigawatts of advanced stage and ready to build construction projects, which we are advancing and delivering on. We continue to be well positioned from a supply chain perspective, given our globally diversified pipeline and strong global relationships.

我們有一個非常龐大的全球開發管道，現在超過 75 吉瓦，以及每年 800 萬噸的二氧化碳碳捕獲開發管道。其中，我們有 17 吉瓦的高級階段並準備建設建設項目，我們正在推進和交付。鑑於我們的全球多元化管道和強大的全球關係，我們從供應鏈的角度繼續處於有利地位。

Our cash flows have now started to meaningfully benefit from the considerable dollars in the ground that we have invested into our development projects in the past number of years. These investments will translate into higher earnings that will only accelerate for the rest of 2022 into 2023 and beyond. Our development investment has increased in recent years, and that will continue, meaning we have strong visibility into the future growth of our cash flows as more of our development projects come online.

我們的現金流現在已經開始顯著受益於我們在過去幾年中投資於我們的開發項目的大量資金。這些投資將轉化為更高的收益，只會在 2022 年剩餘時間到 2023 年及以後加速。近年來，我們的開發投資有所增加，並將繼續增加，這意味著隨著更多開發項目上線，我們對現金流的未來增長有很強的可見性。

So far this year, we have commissioned approximately 1,500 megawatts of capacity, which will contribute approximately $20 million of additional run-rate FFO. And we are on track to commission an additional 6,400 megawatts of capacity by the end of 2023. These are expected to contribute an incremental of approximately $100 million of run-rate FFO. This includes our 850-megawatt Shepherds Flat repowering project.

今年到目前為止，我們已經調試了大約 1,500 兆瓦的容量，這將貢獻大約 2,000 萬美元的額外運行率 FFO。我們有望在 2023 年底前增加 6,400 兆瓦的容量。預計這些將貢獻約 1 億美元的運行速率 FFO。這包括我們的 850 兆瓦 Shepherds Flat 改造項目。

Further, with our scale pipeline, we expect to see continued opportunities to pull forward development and accelerate the deployment of capital at accretive returns throughout the portfolio. Given this ability to execute globally and at scale, we remain a tough choice for corporates looking to procure green power. This is because we can be a flexible partner, offering a full suite of decarbonization solutions from our diverse fleet of renewable power and transition assets across the globe.

此外，憑藉我們的規模管道，我們預計將繼續看到推動發展和加速資本部署的機會，從而在整個投資組合中獲得增值回報。鑑於這種在全球範圍內大規模執行的能力，對於希望採購綠色能源的企業來說，我們仍然是一個艱難的選擇。這是因為我們可以成為一個靈活的合作夥伴，從我們遍布全球的多樣化可再生能源和過渡資產車隊中提供一整套脫碳解決方案。

And despite recent pressure on development and financing costs globally, buyers of clean energy are generally accommodating of cost increases in the form of higher PPA prices given decarbonization imperatives, energy security tailwinds, as well as the still very favorable economics that renewable power presents.

儘管最近全球發展和融資成本面臨壓力，但鑑於脫碳勢在必行、能源安全順風以及可再生能源仍然非常有利的經濟性，清潔能源的買家通常會以 PPA 價格上漲的形式接受成本增加。

Most recently, we signed several agreements of wind and solar development with multinational corporations, who are market leaders in their respective industries that includes Amazon, BASF, Johnson & Johnson and Salesforce. Each of these agreements has unique characteristics, but with the consistent underlying theme of helping these corporations decarbonize their operations.

最近，我們與跨國公司簽署了多項風能和太陽能開發協議，這些跨國公司是各自行業的市場領導者，包括亞馬遜、巴斯夫、強生和 Salesforce。這些協議中的每一項都具有獨特的特點，但始終具有幫助這些公司實現運營脫碳的基本主題。

By way of example, we are finalizing terms on one of the largest national accounts distributed generation portfolios ever awarded globally, and we signed a 25-year fixed price renewable electricity supply agreement with BASF, a multinational chemical company. We're going to power one of its largest production facilities globally that it is currently building.

例如，我們正在敲定全球有史以來最大的國民賬戶分佈式發電組合之一的條款，我們與跨國化工公司巴斯夫簽署了一項為期 25 年的固定價格可再生電力供應協議。我們將為它目前正在建設的全球最大的生產設施之一供電。

All of these agreements involve the build-out of significant clean energy and leverage our deep development expertise and centralized procurement platform and they represent opportunities to continue to enhance our long-term decarbonization relationships with these global corporations.

所有這些協議都涉及重要清潔能源的建設，並利用我們深厚的開發專業知識和集中採購平台，它們代表著繼續加強我們與這些全球公司的長期脫碳關係的機會。

With that, I'll turn over to Wyatt to discuss our operating results and financial position.

有了這個，我將轉交給懷亞特來討論我們的經營成果和財務狀況。

Thank you, Ruth. As Connor mentioned, we had strong results in the quarter as our operations benefited from strong asset availability, higher power prices and continued growth, both through development and acquisitions. In the current power price environment, we are executing on several initiatives to capture value across our business.

謝謝你，露絲。正如康納所說，我們在本季度取得了強勁的業績，因為我們的運營受益於強大的資產可用性、更高的電價和持續增長，無論是通過開發還是收購。在當前的電價環境下，我們正在執行多項舉措以在我們的業務中獲取價值。

For example, at our hydro assets in the United States and Colombia, where we have a majority of our uncontracted generation over the next 5 years, we have been executing contracts at very attractive prices. At our pumped storage assets in the U.K., we have locked in value through 2024, where we typically only do this months ahead.

例如，在我們位於美國和哥倫比亞的水電資產中，我們在未來 5 年內擁有大部分非合同發電，我們一直在以極具吸引力的價格執行合同。在我們在英國的抽水蓄能資產中，我們已經鎖定了到 2024 年的價值，而我們通常只在未來幾個月內這樣做。

Our balance sheet and liquidity remain strong. We have approximately $4 billion of available liquidity, allowing us to opportunistically fund our growth pipeline and no material near-term maturities. Additionally, with the recent $15 billion closing of Brookfield's Global Transition Fund, we have access to scale capital to invest alongside us, which is a meaningful advantage given increasingly volatile capital markets.

我們的資產負債表和流動性依然強勁。我們擁有大約 40 億美元的可用流動性，使我們能夠機會性地為我們的增長管道提供資金，並且沒有重大的近期到期。此外，隨著布魯克菲爾德全球轉型基金最近 150 億美元的關閉，我們可以獲得規模資本與我們一起投資，鑑於資本市場日益波動，這是一個有意義的優勢。

During the first half of 2022, we accelerated many of our financing activities, extending the term of our debt and locking in attractive interest rates before recent rate increases. During the quarter, we executed over $2 billion of nonrecourse financings across the business. Notably on the back of a strong outlook for our Colombian business and in anticipation of potential market volatility ahead of the recent presidential elections, we raised $630 million in our financing at an average term of over 8 years.

在 2022 年上半年，我們加快了許多融資活動，延長了債務期限，並在近期加息之前鎖定了有吸引力的利率。在本季度，我們在整個業務中執行了超過 20 億美元的無追索權融資。值得注意的是，鑑於我們哥倫比亞業務的強勁前景以及在最近的總統選舉前預期市場可能出現波動，我們以平均超過 8 年的平均期限籌集了 6.3 億美元的融資。

As a result, our balance sheet is in excellent shape with an average debt duration across our portfolio of 13 years and very limited floating rate debt, almost all of which is in Brazil and Colombia, where we have the benefit of full inflation escalation in our contracts.

因此，我們的資產負債表狀況良好，我們投資組合的平均債務期限為 13 年，浮動利率債務非常有限，幾乎所有這些債務都在巴西和哥倫比亞，我們在這些國家中受益於通脹全面升級合同。

Lastly, we also continued to advance our capital recycling initiatives, which when closed will generate $560 million of proceeds or $90 million net to Brookfield Renewable.

最後，我們還繼續推進我們的資本回收計劃，該計劃完成後將為 Brookfield Renewable 帶來 5.6 億美元的收益或 9000 萬美元的淨收益。

On behalf of the Board and management, we thank all our unitholders and shareholders for the ongoing support. That concludes our formal remarks for today's call. Thank you for joining us this morning.

我們代表董事會和管理層感謝所有單位持有人和股東的持續支持。我們今天電話會議的正式發言到此結束。感謝您今天早上加入我們。

And with that, I'll pass it back to our operator for questions.

有了這個，我會把它傳回給我們的接線員提問。

(Operator Instructions) And our first question comes from the line of Sean Steuart from TD Securities.

（操作員說明）我們的第一個問題來自道明證券的 Sean Steuart。

You touched on the developments you've made with corporate offtake or new contracts, and you touched on the duration for the BASF contract. I'm just wondering if you can give us a little bit broader context on the market for corporate PPAs what you're seeing in terms of price and duration. And if there's a sweet spot that you think about in terms of balancing corporate PPAs with traditional contracts and at the margin merchant exposure at this point?

你談到了你在公司承購或新合同方面取得的進展，你談到了巴斯夫合同的期限。我只是想知道您能否向我們介紹一下您在價格和期限方面看到的企業 PPA 市場的更廣泛背景。如果您在平衡公司 PPA 與傳統合同以及此時的保證金商家風險方面有一個最佳點？

Sure. Thanks, Sean. Perhaps I'll start, and then I'll hand to Ruth for her to add additional color.

當然。謝謝，肖恩。也許我會開始，然後我會交給露絲讓她添加額外的顏色。

Maybe breaking that down into different buckets. No doubt, the 2 most important dynamics we're seeing in the market as it pertains to corporate contracts right now is, one, demand for contracting of green power continues to accelerate. Year after year, this -- the total quantum of demand that we're seeing from large global corporates is accelerating on an exponential basis. And short term, market conditions really have done nothing to dissuade that trajectory. But perhaps what's even more important is there's no doubt been some CapEx inflation in our sector as most sectors around the world.

也許把它分解成不同的桶。毫無疑問，我們目前在市場上看到的與公司合同相關的兩個最重要的動態是，第一，對綠色電力合同的需求繼續加速。年復一年，我們從大型全球企業看到的總需求量正在呈指數級增長。短期內，市場狀況並沒有阻止這種軌跡。但也許更重要的是，與世界上大多數行業一樣，我們行業無疑存在一些資本支出通脹。

And what is really interesting, and Ruth touched upon this in her remarks is we are seeing the ability to pass along those cost increases into the corporate PPAs in the form of higher prices. And we're not really seeing other adjustments as a result. It's not short of tenor, it's not a lack of inflation linkage. It's simply we are able to pass that price increase through to customers because renewables still is cheaper than the alternative of thermals, which has gone up in price even more and decarbonization and energy security trends continue to accelerate.

真正有趣的是，露絲在她的講話中談到了這一點，我們看到了以更高價格的形式將這些成本增加轉嫁給公司 PPA 的能力。因此，我們並沒有真正看到其他調整。這不是缺乏基調，也不是缺乏通脹聯繫。只是我們能夠將價格上漲轉嫁給客戶，因為可再生能源仍然比熱能替代品便宜，熱能替代品的價格上漲得更多，脫碳和能源安全趨勢繼續加速。

Perhaps the last comment I'll make before handing to Ruth is across our business for many years, the vast majority of our growth has been tied to corporate contracting. Feed in tariffs do exist and will continue to exist for a while. They have a long tail. But the vast majority of our new growth is in corporate contracting, and we expect that trend to continue. And obviously plays to our strength given our power marketing capabilities.

也許我在交給 Ruth 之前要發表的最後一條評論涉及我們多年來的業務，我們的大部分增長都與公司承包有關。饋入關稅確實存在，並將繼續存在一段時間。他們有一條長尾巴。但我們新增長的絕大部分是在企業承包方面，我們預計這種趨勢將繼續下去。鑑於我們的強大營銷能力，顯然發揮了我們的優勢。

Ruth, I'll hand to you.

露絲，我會交給你的。

Thanks. I would reiterate some of what Connor had said, we've been doing this a long time. We have never seen such a wall of demand. It's never been stronger for clean renewable power. It's really 2 things: decarbonization as an imperative but moreover, economics. Look, this is going to be the cheapest strip of power that you will buy over the longer period and the one that you can fix in, whereas others are a lot more volatile as Connor has mentioned. And that's even before we hit this particularly high cycle of fundamental power prices.

謝謝。我要重申康納所說的一些內容，我們已經這樣做了很長時間。我們從未見過這樣的需求牆。清潔可再生能源從未如此強大。這實際上是兩件事：脫碳是當務之急，而且是經濟學。看，這將是您在較長時期內購買的最便宜的電源條，並且您可以修復它，而正如康納所提到的，其他的則更加不穩定。這甚至在我們達到這個特別高的基本電價週期之前。

The other thing I would say is, look, we've been doing this for a long time, and we are somewhat agnostic as to the nature of the contract, whether it's a new build power PPA or more traditional contracts. We look to the fundamentals, and that is what's your credit risk can we get good tenor and duration on the contract. And overall, it's a risk management proposition for us. And we have a lot of repeat customers that have journeyed from commodity type contracts with those 2 renewable new build, which has been super. And overall, I would say, you mentioned merchant's power we generally don't look to hold an of merchant power in our book. We would much rather derisk all of our positions, lock in our economics and move on to the next new builds that we have. So that tends to be how we look at things, I hope that's helpful.

我要說的另一件事是，看，我們已經這樣做了很長時間，而且我們對合同的性質有些不可知論，無論是新建電力 PPA 還是更傳統的合同。我們著眼於基本面，這就是您的信用風險，我們能否在合同上獲得良好的期限和期限。總的來說，這對我們來說是一個風險管理主張。我們有很多回頭客，他們從商品類型合同中獲得了這 2 個可再生的新建築，這是超級的。總的來說，我想說，你提到了商人的力量，我們通常不希望在我們的書中擁有商人的力量。我們寧願放棄我們所有的職位，鎖定我們的經濟並繼續我們擁有的下一個新構建。所以這往往是我們看待事物的方式，我希望這會有所幫助。

And Sean, we missed one point, which is just your question around term. We're seeing no shortage of terms. Corporates are looking for 15- or 20-year contracts or potentially even longer really what this is, is a great insurance policy for them against volatile or higher power prices in the future.

肖恩，我們錯過了一點，這只是你關於學期的問題。我們看到不乏條款。企業正在尋找 15 年或 20 年的合同，甚至可能更長，這對他們來說是一個很好的保險政策，可以應對未來波動或更高的電價。

That's great context. Second question, with respect to the energy transition investments outside renewable generation. There was a note of focus on technologies that are economic without subsidization. Can you give us a sense how you handicap those opportunities outside of traditional renewable generation opportunities? How do you think about the other energy transition options you have with respect to not needing as much subsidization?

這是很好的背景。第二個問題，關於可再生能源以外的能源轉型投資。有人注意到沒有補貼的經濟技術。您能否告訴我們您如何阻礙傳統可再生能源發電機會之外的這些機會？對於不需要那麼多補貼的其他能源轉型選項，您如何看待？

Certainly. Perhaps what we can do is look at some of the things that we've done and then look forward into some of the opportunities we're seeing. If you see the expansion of the types of opportunities we've looked at from more traditional utility scale wind solar and hydro Increasingly, our first step out was things like battery storage and DG. From there, we're seeing opportunities in carbon capture, where there's very well-defined revenue models that can support the business.

當然。也許我們能做的就是看看我們已經做過的一些事情，然後期待我們看到的一些機會。如果您看到我們從更傳統的公用事業規模的風能太陽能和水電中看到的機會類型越來越多，那麼我們的第一步就是電池存儲和 DG 之類的東西。從那裡，我們看到了碳捕獲的機會，那裡有非常明確的收入模式可以支持業務。

And the other very large energy transition asset class that is very front and center for us today is hydrogen. We remain focused on it, but we do view it as a slightly longer-term growth opportunity as the cost curve for that business comes down and ceases to rely on subsidies.

今天對我們來說非常重要和中心的另一個非常大的能源轉型資產類別是氫。我們仍然專注於它，但我們確實將其視為一個稍微長期的增長機會，因為該業務的成本曲線下降並且不再依賴補貼。

The only other point we would add as it pertains to energy transition is we increasingly are seeing opportunities in very high-quality service providers to the power sector that really provide critical functions to clean energy around the world. And as we look at that space, we'll only pursue it if we get the right value entry point at the right risk return objectives. But we are seeing more and more opportunities in that space that could represent additional growth levers for our business.

關於能源轉型，我們唯一要補充的一點是，我們越來越多地看到電力行業的高質量服務提供商的機會，這些服務提供商真正為世界各地的清潔能源提供關鍵功能。當我們審視這個空間時，只有在正確的風險回報目標上獲得正確的價值切入點，我們才會追求它。但我們在該領域看到越來越多的機會，這些機會可能代表我們業務的額外增長槓桿。

Our next question comes from the line of Mark Jarvi from CIBC Capital Markets.

我們的下一個問題來自 CIBC Capital Markets 的 Mark Jarvi。

I'm wondering if you could shed some more light on the investment in power utilities company. Just -- I know you took a direct stake in them, just maybe walk me through what point do you want to be equity investors directing entities versus providers of capital?

我想知道您是否可以進一步了解對電力公司的投資。只是 - 我知道你直接持有他們的股份，也許你想成為指導實體與資本提供者的股權投資者的哪一點？

Mark, great question. And we'll come at this from 2 perspectives. One, just highlight of the investment in general and then two, our approach to where we want to invest in the capital structure. What this opportunity is, is the opportunity to invest in what we would describe as a multi-jurisdictional multi-asset utility focused across a number of jurisdictions that we're very comfortable operating in, in Central and Latin America. The reason why we like this business is it's 100% operated in U.S. dollars and operates 100% under long-term contracts.

馬克，好問題。我們將從兩個角度來解決這個問題。一，只是突出一般的投資，然後是二，我們對資本結構的投資方法。這個機會是投資於我們所說的多司法管轄區多資產公用事業公司的機會，該公用事業公司專注於我們在中美洲和拉丁美洲非常舒適地經營的多個司法管轄區。我們喜歡這項業務的原因是它 100% 以美元運營，並且 100% 根據長期合同運營。

But what this business needs is capital to 1 grow and 2 decarbonize. And they reached out to us and we created a structure that we can help support them, both financially as a capital provider but also as an operating partner in achieving those goals. And really the near-term opportunity is facilitating the build-out of a 1.3 gigawatt renewables development pipeline that they have across their portfolio.

但是，這項業務需要的是資本來 1 增長和 2 脫碳。他們聯繫了我們，我們創建了一個結構，我們可以幫助他們支持他們，既可以作為資金提供者，也可以作為實現這些目標的運營合作夥伴。真正的短期機會是促進他們在其投資組合中擁有的 1.3 吉瓦可再生能源開發管道的建設。

As Mark alluded to, we invested both through a preferred equity structure as well as taking a minority position in the common equity. When it comes to the exact structure of how we want to invest alongside our partners, it always comes down to 2 things. Are we getting the right risk-adjusted returns? And 2, do we have the appropriate level of influence and control? And the structure we pursued in this transaction works very well. The preferred equity investment provides very nice downside protection to our returns, while the minority equity position ensures that we have the appropriate level of influence and can really bring our operating capabilities to bear to drive the decarbonization plan at the company.

正如馬克所暗示的那樣，我們既通過優先股權結構進行投資，又在普通股中持有少數股權。當談到我們希望如何與合作夥伴一起投資的確切結構時，它總是歸結為兩件事。我們是否獲得了正確的風險調整回報？ 2、我們是否有適當的影響力和控制力？而且我們在這次交易中所追求的結構運作良好。優先股投資為我們的回報提供了非常好的下行保護，而少數股權則確保我們擁有適當的影響力，並能夠真正發揮我們的運營能力來推動公司的脫碳計劃。

And then you mentioned that they came to you. I'm wondering also just what the energy transition fund out there now. You've done some stuff on CCS, different deals here, you're talking about what like -- sorry, I -- what is sort of the interest coming back into you as opposed to you guys chasing deals? Like has it changed at all in the last year or so?

然後你提到他們來找你。我也想知道現在的能源轉型基金是什麼。你在 CCS 上做過一些事情，這裡有不同的交易，你在談論什麼——對不起，我——與你們追逐交易相反，你有什麼興趣回來？就像它在過去一年左右發生了變化？

I would say it's been very significant coming back to us. No doubt, we continue to have a large team around the world that is pursuing and manufacturing transactions the way it always has in the past. But no doubt that the launch and the recent conclusion of the fundraise of BGTF has been very helpful in highlighting how we can be that very helpful provider of capital as well as operating partner for businesses, one looking to scale decarbonization solutions, but two, who need a partner and a capital provider to decarbonize their own operations. And no doubt some of that inbound interest is showing up in the level of growth we're seeing in our business today.

我會說回到我們身邊是非常重要的。毫無疑問，我們繼續在世界各地擁有一支龐大的團隊，以過去一貫的方式追求和製造交易。但毫無疑問，BGTF 籌款活動的啟動和最近結束非常有助於突出我們如何成為非常有幫助的資本提供者以及企業的運營合作夥伴，一個希望擴大脫碳解決方案，但兩個，誰需要一個合作夥伴和一個資本提供者來為自己的業務脫碳。毫無疑問，我們今天在業務中看到的增長水平已經體現了一些入境興趣。

Okay. And then just coming back to the corporate PPA. Is there any segment of the market you're missing out smaller industrial off-takers, smaller commercial entities? Or is that just not the focus for you?

好的。然後回到公司 PPA。您是否錯過了較小的工業承購商、較小的商業實體？或者這不是你的重點？

And then if power prices do fall back down, we see a little volatility, do you feel like the pace of the corporate PPA market, I guess, contracting that we've seen and you talked about being exponential growth, does that slow?

然後，如果電價確實回落，我們會看到一些波動，你覺得企業 PPA 市場的步伐，我猜，我們已經看到的收縮，你談到的是指數增長，這會慢嗎？

Certainly. So in response to your first question, this is simply a decision we have made to play to our strengths. And our strengths are we can be a scale provider of green power. We can also be a provider of green power across all major technologies, whether it's distributed generation, solar, wind. But most importantly, we can be a provider of green power to global corporates, anywhere in the world that they operate. And that is something that is very, very unique to Brookfield Renewable.

當然。因此，針對您的第一個問題，這只是我們為了發揮我們的優勢而做出的決定。我們的優勢是我們可以成為綠色電力的規模供應商。我們還可以成為所有主要技術的綠色電力供應商，無論是分佈式發電、太陽能、風能。但最重要的是，我們可以成為全球企業的綠色能源供應商，無論他們在世界任何地方運營。這是 Brookfield Renewable 非常非常獨特的東西。

The ability to follow corporates leading global corporates across all industries around the world to support the decarbonization of their operations. And our decision to do this is simply because it is where we are differentiated and we can do the largest and most attractive opportunities. No doubt, we are also doing a number of smaller deals on an ongoing basis. But our ability to differentiate on those large global partnerships is a competitive advantage that we certainly want to continue to pursue.

能夠追隨全球所有行業領先的全球企業，以支持其運營的脫碳。而我們這樣做的決定僅僅是因為它是我們與眾不同的地方，我們可以做最大和最有吸引力的機會。毫無疑問，我們還在持續進行一些較小的交易。但我們在這些大型全球合作夥伴關係上的差異化能力是我們當然希望繼續追求的競爭優勢。

To your second question around if power prices come down, do we think demand for corporate PPAs will be reduced? Absolutely not. And apologies for being redundant here, but the macro drivers of our business are far bigger than short-term power prices or short-term market volatility. The trends around decarbonization, that are often set by corporates themselves that are actually outpacing government regulation, the focus on energy security. And lastly, the point around economics, all of those just continue to be solidified. And therefore, if prices are higher, prices are low, we don't see demand decelerating at all.

關於你的第二個問題，如果電價下降，我們認為企業購電協議的需求會減少嗎？絕對不。並為這裡的冗餘道歉，但我們業務的宏觀驅動因素遠大於短期電價或短期市場波動。脫碳趨勢通常由企業自己設定，實際上超過了政府監管，重點是能源安全。最後，圍繞經濟學的觀點，所有這些都在繼續鞏固。因此，如果價格較高，價格較低，我們根本不會看到需求減速。

Our next question comes from the line of Rupert Merer from National Bank Financial.

我們的下一個問題來自 National Bank Financial 的 Rupert Merer。

Luca here filling for Rupert. So I'd like to know if you could give us more color on your edge book in the Northeast U.S. for your hydro segment?

盧卡在這里為魯珀特加油。因此，我想知道您是否可以為您在美國東北部的水電部門提供更多色彩？

Certainly. Thanks, Rupert. So -- thank you for the question because it's a very important dynamic to highlight. There's really only 2 places across our portfolio where we hold any scale amount of merchant exposure. And that is our large hydro portfolio in Colombia; and secondly, our large hydro portfolio in the United States. And there's 2 important dynamics here. One is we are absolutely not averse to contracting these portfolios. We simply haven't wanted to do it when we think power prices were low and below, call it, run rate fundamentals. And that certainly had been the case for a number of years prior to what we've seen in, call it, the last 6 or 12 months.

當然。謝謝，魯珀特。所以-- 謝謝你的問題，因為這是一個非常重要的要強調的動態。在我們的投資組合中，實際上只有 2 個地方我們持有任何規模的商家曝光。這就是我們在哥倫比亞的大型水電投資組合；其次，我們在美國的大型水電投資組合。這裡有兩個重要的動態。一是我們絕對不反對收縮這些投資組合。當我們認為電價很低或低於運行率基本面時，我們根本不想這樣做。在過去 6 個月或 12 個月之前，我們看到的情況肯定是這種情況。

The second dynamic we would highlight is when we are not long-term contracting these assets -- we do tend to enter into short-term rolling hedges just to facilitate settlement of our power sales. So therefore, we refer to it as merchant, but they're still under 6, 9 or 12-month rolling contracts. Why that's an important dynamic is when power prices began to go up in the latter part of 2021, as you move into 2022, we were already contracted under the short-term contracts well into Q1, a bit more into Q2 and on a decreasing basis into Q3 and Q4. And therefore, the benefits of the higher power prices, we are only now beginning to see flow through our results.

我們要強調的第二個動態是，當我們不長期承包這些資產時——我們確實傾向於進行短期滾動對沖，以促進我們的電力銷售結算。因此，我們將其稱為商家，但它們仍處於 6、9 或 12 個月的滾動合約之下。為什麼這是一個重要的動態，因為當電價在 2021 年下半年開始上漲時，隨著您進入 2022 年，我們已經根據短期合同簽訂了第一季度的合同，到第二季度更多一些，並且在下降的基礎上進入 Q3 和 Q4。因此，更高的電價帶來的好處，我們現在才開始看到我們的結果。

To put all of that together and come back to your question, given where power prices are today, we are moving quite consciously to lock in these high power prices as far as we can into the future. Obviously, only where there is liquidity in the market and 2, only to levels that are appropriate for our P50 generation. But at this point, we are locking in our hydros 2 to 3 years in the future in this market.

把所有這些放在一起，回到你的問題，鑑於今天的電價，我們正在非常有意識地採取行動，盡可能在未來鎖定這些高電價。顯然，只有在市場有流動性的情況下，2 才達到適合我們 P50 一代的水平。但在這一點上，我們將在未來 2 到 3 年內鎖定我們在這個市場上的水電。

And maybe, it's Wyatt here. Maybe the only thing I would just add, just to add context to the numbers is in the prior quarter, we put out a number of $120 million from the -- over the next 5 years from the benefit of doing that, and it's really 5,500 terawatt hours that we have coming off contract that's available for the benefit of pricing and locking those in on a forward basis at today's -- at the rate at the time would have led to $120 million of benefit per annum.

也許，這裡是懷亞特。也許我唯一要補充的是，只是為了增加數字的背景，在上一季度，我們從 - 在接下來的 5 年中從這樣做的好處中拿出了 1.2 億美元，實際上是 5,500我們已經解除合同的太瓦時，可用於定價並在今天的遠期基礎上鎖定這些 - 按當時的速度計算，每年將帶來 1.2 億美元的收益。

And what we say is that number has only been derisked in the sense that we have been executing. And since that point, power markets have actually seen some beneficial push upwards as well. And so there's probably a little bit of tailwinds to that as well.

我們所說的是，這個數字只是在我們一直在執行的意義上被貶低了。從那時起，電力市場實際上也出現了一些有利的上漲趨勢。因此，這可能也有一些順風。

Awesome. And now changing topics a little bit, moving to development pipeline. Are you seeing much margin pressure for the projects in the pipeline? And if yes, is there a way for you to upset? Do you have the ability to renegotiate any contract prices for some markets?

驚人的。現在稍微改變一下主題，轉向開發管道。您是否看到管道中的項目有很大的利潤壓力？如果是的話，有沒有辦法讓你心煩意亂？您是否有能力為某些市場重新談判任何合同價格？

Certainly. So Rupert, I'll take this, and then I'll hand to Ruth because some of the dynamics we're seeing with our interactions with customers are really constructive. What I would say is it's really this point that we have been able to increase the market price of the PPAs that we are executing to take into account the inflation that we're seeing in CapEx costs, whether it be wind turbines or solar panels. This has led to PPA prices going higher.

當然。所以 Rupert，我會接受這個，然後我會交給 Ruth，因為我們在與客戶的互動中看到的一些動態是非常有建設性的。我想說的是，正是在這一點上，我們已經能夠提高我們正在執行的購電協議的市場價格，以考慮到我們在資本支出成本中看到的通脹，無論是風力渦輪機還是太陽能電池板。這導致 PPA 價格走高。

But I would say that the step change up in PPA prices has almost fully offset the increase in CapEx. And essentially another way of saying that is our development returns, we're not seeing significant compression. Yes, the CapEx is higher, but the PPAs are going higher to offset that.

但我想說的是，購電協議價格的逐步上漲幾乎完全抵消了資本支出的增長。基本上另一種說法是我們的開發回報，我們沒有看到顯著的壓縮。是的，資本支出更高，但購電協議會更高以抵消這一點。

Perhaps I'll hand to Ruth to highlight some of the really constructive conversations we're having with customers around new features and PPAs.

也許我會交給 Ruth 來強調我們與客戶圍繞新功能和 PPA 進行的一些真正有建設性的對話。

Yes, it's a great question, by the way. So we are having very constructive conversations, particularly with a lot of our repeat customers that we work with across the globe and coming up with different mechanisms to support delivery of their decarbonization targets in a timely fashion. So things like indices that we are used to seeing, for example, in wind supply contracts, et cetera, moving those into our PPAs and/or allowing for reopeners at different points of the CapEx cycle.

是的，順便說一句，這是一個很好的問題。因此，我們正在進行非常有建設性的對話，特別是與我們在全球範圍內與之合作的許多回頭客，並提出不同的機制來支持他們及時實現脫碳目標。因此，我們習慣於在風能供應合同等中看到諸如指數之類的東西，將它們轉移到我們的 PPA 中和/或允許在資本支出週期的不同點重新開放。

So again, I'd reiterate a number of things we said earlier. Our customers see enormous value in the long-term PPAs and the security and pricing that they're getting from us. So any escalation in CapEx is absorbable at an economic level for them and still presents a lot of value. So they really want to work with us on that rather than a scenario where they have seen a number of smaller developers just hand back contracts. Nobody wins in that scenario.

因此，我再次重申我們之前所說的一些事情。我們的客戶在長期 PPA 以及他們從我們這裡獲得的安全性和定價中看到了巨大的價值。因此，資本支出的任何升級對他們來說都是可以在經濟層面上吸收的，並且仍然具有很大的價值。所以他們真的想在這方面與我們合作，而不是在他們看到一些較小的開發人員只是交還合同的情況下。在那種情況下沒有人會贏。

So we're working very constructively. In some cases, we're delaying slightly. In others, we're putting some mechanisms into contracts. And so that overall, we're in a good place with our economics.

所以我們的工作非常有建設性。在某些情況下，我們會稍微延遲。在其他方面，我們將一些機制放入合同中。所以總的來說，我們的經濟狀況很好。

The other point I would make is this is -- this situation is tending to be concentrated and exacerbated perhaps in the U.S. We have a global pipeline. So we can accelerate in some jurisdictions and pull back in others if the economics aren't coming towards us. So lots of options in the diversity of our book, to be honest.

我要說的另一點是——這種情況可能在美國趨於集中和惡化。我們有一個全球管道。因此，如果經濟不向我們走來，我們可以在某些司法管轄區加速並在其他司法管轄區撤退。老實說，我們這本書的多樣性有很多選擇。

(Operator Instructions) And our next question comes from the line of Ben Pham from BMO.

（操作員說明）我們的下一個問題來自 BMO 的 Ben Pham。

I wanted to ask on your development pipeline. Over the last, call it, 12 months or 18 months, how much of that increase is mostly due to acquisitions but we're just simply getting land and sites?

我想問一下你的開發管道。在過去，稱之為 12 個月或 18 個月，增長中有多少主要是由於收購，但我們只是簡單地獲得土地和場地？

Thanks, Ben. Great question. There's I want to come back at your question in kind of breaking things into 3 buckets. Unequivocally, you are correct. We have bought a number of businesses that come with large development pipelines. And that is the largest chunk of the expansion in our pipeline capacity over the last 12 months. We don't have a specific number for you here today, but no doubt, I would expect that's probably about 2/3 to 70% of the expansion in that number.

謝謝，本。好問題。我想回到你的問題，把事情分成 3 個桶。毫無疑問，你是對的。我們已經收購了許多擁有大型開發渠道的企業。這是過去 12 個月我們管道產能擴張的最大部分。我們今天在這裡沒有具體的數字，但毫無疑問，我預計這可能是該數字擴展的 2/3 到 70%。

But there's 2 other things that have also driven the remaining, call it, 1/3 or 30%. One is our operating teams around the world in every jurisdiction that we operate in now, we have a local Brookfield Renewable boots on the ground development team that is doing their own greenfield development, securing their land, getting permits, securing grid connection, that is driving that number a little bit higher.

但是還有另外兩件事也推動了剩餘的增長，稱之為 1/3 或 30%。一個是我們現在在世界各地運營的每個司法管轄區的運營團隊，我們有一個當地的布魯克菲爾德可再生能源開發團隊，他們正在做自己的綠地開發，保護他們的土地，獲得許可，確保電網連接，也就是說把這個數字推高一點。

And then the last point, which perhaps is the most relevant is a number of the businesses we have bought over the last, call it, 6 or 12 or even 24 months, we've bought development platforms that one come with an existing development pipeline, but also come with teams that continuously grow those pipelines. We've seen X-Elio, we've seen Urban Grid, we've seen Sunovis. We've seen our DG business. When we bought those businesses, they came with the development pipeline, but under our ownership, they've also organically grown those pipelines higher.

最後一點，也許是最相關的，是我們在過去 6 個月或 12 個月甚至 24 個月購買的一些業務，我們購買了帶有現有開發管道的開發平台，但也伴隨著不斷發展這些管道的團隊。我們見過 X-Elio，見過 Urban Grid，見過 Sunovis。我們已經看到了我們的 DG 業務。當我們購買這些業務時，它們帶有開發管道，但在我們的所有權下，它們也有機地將這些管道發展得更高。

So I don't know if you put that third bucket in M&A or organic. It's a bit of a mix of both, but that's a very significant amount of the increase as well.

所以我不知道你是否將第三個桶放在併購或有機中。兩者兼而有之，但這也是非常重要的增長量。

Okay. Great. And I'm just thinking to that when -- do you think that for the development projects you're acquiring, you're paying very little value for it in the initial price? But you're basically probably accelerating by years the ability to crystallize value.

好的。偉大的。我只是在想，當你認為對於你正在收購的開發項目，你在初始價格中支付的價值很少？但你基本上可能會以數年的速度加速結晶價值的能力。

Certainly. There's no doubt that the development pipelines we've acquired over the last 12 to 24 months are more valuable today than at the time that we bought them. As many of those development assets are not only worth more, but there's the opportunity to pull those assets forward and pull them out of the ground and therefore, on an NPV value basis, simply bring those cash flows forward and increase their value that way.

當然。毫無疑問，我們在過去 12 到 24 個月內獲得的開發管道在今天比我們購買它們時更有價值。由於這些開發資產中的許多不僅價值更高，而且有機會將這些資產向前推進並將它們從地下撤出，因此，在 NPV 價值的基礎上，只需將這些現金流向前推進並以這種方式增加它們的價值。

The other thing I would highlight is when we buy developers, it is probably flippant to say there's a free auction on the development pipeline that is probably unfair. But when we do our due diligence in underwriting, what we do is we look at what is operating, what is very advanced, and we look at all the different stages of assets in the development pipeline and typically go site by site to determine the probability of those assets coming through and coming out of the ground in the near term.

我要強調的另一件事是，當我們購買開發人員時，說開發管道上的免費拍賣可能是不公平的，這可能是輕率的。但是，當我們在承保方面進行盡職調查時，我們所做的是查看正在運營的、非常先進的，我們查看開發管道中資產的所有不同階段，通常逐個站點確定概率這些資產在短期內進出地下。

And what I would say is you do attribute some value to the optionality of some of the early-stage projects but I would say that the value we attribute to those is very, very low, and we've probably seen some significant gains there over the last 12 to 18 months.

我想說的是，您確實將某些價值歸因於一些早期項目的可選性，但我會說我們歸因於這些項目的價值非常非常低，而且我們可能已經看到了一些顯著的收益過去 12 到 18 個月。

Yes. I guess you got to take first on the sweat equity. I'm also wondering lastly, there was a comment earlier around, I don't know, that's redeploying capital. Maybe you can be more flexible on where you want to invest geographically. Are you -- can you talk about just areas where you've maybe pulled back from focus and other side areas where you spend a bit more time on?

是的。我想你必須首先獲得汗水資產。最後我也想知道，之前有一個評論，我不知道，那是重新部署資本。也許你可以更靈活地選擇你想在哪裡投資。你是不是——你能談談你可能從焦點中撤出的領域和你花更多時間在其他方面的領域嗎？

Certainly, it's a good question. I would say if we think about our global portfolio right now, most of our regions are really firing on all cylinders, and that's because the global trends are -- sorry, the trends driving our business are global in nature. No doubt the vast majority of our activity in the last 12 months has been in the United States. There has been a concentration there in the last 6 months.

當然，這是一個很好的問題。我想說，如果我們現在考慮我們的全球投資組合，我們的大多數地區都在全力以赴，那是因為全球趨勢是——抱歉，推動我們業務的趨勢本質上是全球性的。毫無疑問，我們過去 12 個月的大部分活動都在美國進行。在過去的 6 個月裡，那裡一直處於集中狀態。

But I would say our general rule of thumb of, call it, 75% of our business being in developed countries, primarily in North America and Europe, that largely holds. And that's because we don't necessarily do more deals in those geographies, but that certainly tends to be where we do the largest transactions, some of this is highlighted in our shareholder letter, but in just the last quarter, we continue to see growth in our Brazil business, our Indian business, our Asia Pacific business. So there's nowhere that we're really seeing things decelerate in the current environment.

但我想說我們的一般經驗法則，稱之為，我們 75% 的業務在發達國家，主要是在北美和歐洲，這在很大程度上是成立的。這是因為我們不一定在這些地區進行更多交易，但這肯定是我們進行最大交易的地方，其中一些在我們的股東信中強調，但僅在最後一個季度，我們繼續看到增長在我們的巴西業務、我們的印度業務、我們的亞太業務。因此，在當前環境中，我們沒有真正看到事情在減速。

Our next question comes from the line of David Quezada from Raymond James.

我們的下一個問題來自 Raymond James 的 David Quezada。

My first question here, just on the JV and the investment with California Resources Corporation. Just curious what kind of role you'll take there aside from an investing role? Will you help finding offtake counterparties or anything like that?

我的第一個問題是關於合資企業和與加州資源公司的投資。只是好奇除了投資角色之外，你還會在那裡擔任什麼樣的角色？你會幫助尋找承購對手或類似的東西嗎？

And just any thoughts around whether or not you could see synergies between that carbon capture investment and other ones you're making maybe down the road?

關於您是否可以看到碳捕集投資與您正在進行的其他投資之間的協同效應，您是否有任何想法？

Certainly. So maybe just to -- thank you for the question, David. Maybe to highlight why we're so attracted to the JV. We obviously made our first investment in carbon capture earlier this year, an investment in a company called Entropy in Alberta, Canada. Prior to making that investment, we did a global review in our core geographies of which markets we thought were the most attractive for CCS. And the markets we came up with were Alberta, California and some markets in Europe.

當然。所以也許只是為了-- 謝謝你的問題，大衛。也許是為了強調為什麼我們對合資企業如此著迷。我們顯然在今年早些時候對碳捕獲進行了第一筆投資，投資了位於加拿大阿爾伯塔省的一家名為 Entropy 的公司。在進行這項投資之前，我們對我們認為對 CCS 最具吸引力的核心地區進行了全球審查。我們提出的市場是阿爾伯塔省、加利福尼亞州和歐洲的一些市場。

So the first thing we really like about the partnership with CRC is we think it targets one of the most attractive markets globally for CCS. And then secondly, once we're targeting the most attractive market, we feel we are partnered with the most well-positioned counterparty. CRC is one of the largest nongovernment landowners in the state. Therefore, they have access to both land rights and mineral rights that gives them access to significant amounts of potential poor space. And they also have some of the most advanced permits for CCS in the United States.

因此，我們真正喜歡與 CRC 合作的第一件事是，我們認為它的目標是全球對 CCS 最具吸引力的市場之一。其次，一旦我們瞄準最具吸引力的市場，我們就會覺得我們與最有利的交易對手合作。 CRC 是該州最大的非政府土地所有者之一。因此，他們可以獲得土地權和礦產權，這使他們能夠獲得大量潛在的貧困空間。他們還擁有美國最先進的 CCS 許可證。

So what are we bringing to the partnership? You absolutely nailed it. It's not just capital very similar to how we leverage our relationships with corporates around green power, some of the largest potential customers of the CRC JV are some of our largest existing power customers. So we see significant overlap and synergies there.

那麼，我們為合作夥伴關係帶來了什麼？你絕對做到了。這不僅僅是資本與我們如何利用與綠色電力企業的關係非常相似，CRC JV 的一些最大潛在客戶是我們現有的一些最大電力客戶。因此，我們在那裡看到了顯著的重疊和協同作用。

And then secondly, not dissimilar to what we see across our hydro business, our solar business. As we add more platforms and more businesses in the CCS space, there is simply the ability to share best practices, share knowledge, share wins to enhance all of our investments. And we think both Entropy and CRC will benefit from that. The fact that we own both those platforms and potentially could own other CCS platforms in the future.

其次，與我們在水電業務、太陽能業務中看到的情況並無不同。隨著我們在 CCS 領域增加更多平台和更多業務，我們可以分享最佳實踐、分享知識、分享勝利，從而增強我們所有的投資。我們認為 Entropy 和 CRC 都將從中受益。事實上，我們擁有這兩個平台，並且未來可能擁有其他 CCS 平台。

That's great color. And then maybe just one more for me. There's some commentary in the release about trying to move as fast as possible to build new projects in Germany. Just curious if there are any goalposts you can provide around the size of that opportunity? And yes, just any other opportunities that maybe you could see more broadly in Europe related to that high power price environment?

這顏色真好。然後也許對我來說只是一個。新聞稿中有一些關於試圖盡快在德國建立新項目的評論。只是好奇您是否可以提供與該機會大小相關的任何球門柱？是的，您可能會在歐洲更廣泛地看到與高電價環境相關的任何其他機會嗎？

Certainly. And there's 2 things that are helping that ability to accelerate projects. One, there's obviously very, very strong demand. What is happening due to the energy environment in Europe is essentially every major government, yes, they are taking some short-term measures to try and reduce energy prices. But the long-term solution is the accelerated build-out of renewables.

當然。有兩件事可以幫助加速項目的能力。一，顯然有非常非常強勁的需求。由於歐洲的能源環境而發生的事情基本上是每個主要政府，是的，他們正在採取一些短期措施來嘗試降低能源價格。但長期解決方案是加速可再生能源的建設。

So in Germany, what I would say is our total investment in our German solar business that we bought right around the turn of this year, we probably accelerated our capital deployment in totality, about 40%. So a fairly material step change, and that's probably a good proxy of some of the opportunities we're seeing.

所以在德國，我想說的是我們在今年年初購買的德國太陽能業務的總投資，我們可能加速了我們的總資本部署，大約 40%。所以一個相當重要的步驟變化，這可能是我們看到的一些機會的一個很好的代表。

But the other point that's really helpful is that this is not just driven purely by economics. One shift we are seeing in Europe, and it absolutely has room to run is governments are working to reduce some of the obstacles around permitting and building renewables and working to accelerate the process of bringing projects out of the ground and we've seen that across a number of markets in Europe, and that's no doubt benefiting our ability to pull some of those projects forward.

但真正有用的另一點是，這不僅僅是由經濟驅動的。我們在歐洲看到的一個轉變，它絕對有運行的空間，那就是政府正在努力減少許可和建設可再生能源方面的一些障礙，並努力加速將項目帶出地面的過程，我們已經看到了這一點。歐洲的一些市場，這無疑有利於我們推進其中一些項目的能力。

And our next question comes from the line of William Grippin from UBS.

我們的下一個問題來自瑞銀的 William Grippin。

First question here. You've talked in the past and a little in the press release about locking in your component prices when you're signing contracts with customers. Just curious if you could speak to any component availability and how that's looking particularly in the U.S., just given UFLPA enforcement has taken effect and any impacts you're seeing there?

這裡的第一個問題。您在過去和新聞稿中談到了在與客戶簽訂合同時鎖定組件價格的問題。只是想知道您是否可以談論任何組件的可用性以及在美國的情況尤其如此，因為 UFLPA 執法已經生效以及您在那裡看到的任何影響？

Certainly. So I'll start, and then I'll hand to Ruth. We continue to see the very dramatic benefits of: one, the global scale of our business; and two, our centralized procurement capabilities. And what I would say is as it pertains to some of the supply issues related to equipment procurement across our portfolio. We are not immune to it in that it is taking significant amounts of our team's time and effort, but it is very manageable for us given the capabilities we have and the relationships we have.

當然。所以我會開始，然後我會交給露絲。我們繼續看到以下非常顯著的好處：第一，我們業務的全球規模；第二，我們的集中採購能力。我想說的是，它與我們投資組合中與設備採購相關的一些供應問題有關。我們也不能倖免，因為它佔用了我們團隊的大量時間和精力，但考慮到我們擁有的能力和我們擁有的關係，這對我們來說是非常易於管理的。

So it is taking a lot of effort and a lot of time, but we are managing through quite well, and it's certainly not having any noticeable or material impact on our business. Perhaps, I'll hand to Ruth to provide some more additional color.

所以這需要大量的努力和大量的時間，但我們管理得很好，而且它肯定不會對我們的業務產生任何明顯或實質性的影響。也許，我會交給 Ruth 提供更多的顏色。

Yes. Sure. Connor is right. We're staying a awful lot of time on this topic. Look, supply chain continues to be disrupted, particularly as it pertains to the U.S. That, ironically, is providing some tailwinds elsewhere in terms of being able to procure equipment. So not all bad in our book.

是的。當然。康納是對的。我們在這個話題上花了很多時間。看，供應鏈繼續被打亂，特別是因為它與美國有關。具有諷刺意味的是，這在其他地方提供了一些能夠採購設備的順風。所以在我們的書中並不全是壞事。

Our global supply chain team based out of APAC and also in North America are working their way through this. The counterparts that we were dealing with on the solar side are adjusting traceability with regard to that UFLPA is going further than they expected. And I think it will just take time for those supply chains to adjust to that new requirement.

我們位於亞太地區和北美的全球供應鏈團隊正在努力解決這個問題。我們在太陽能方面與之打交道的同行正在調整 UFLPA 的可追溯性，這比他們預期的要走得更遠。我認為這些供應鏈需要時間來適應新的要求。

As Connor mentioned, look, we're not materially affected because of our global diversification. The U.S. challenges are a tailwind to other jurisdictions. And within the U.S., it's more for us about the timing of our pipeline. That's helping. And we have some flexibility, as we mentioned earlier, with our counterparts, who are being very constructive where we need them to be.

正如康納所說，看，我們並沒有因為我們的全球多元化而受到重大影響。美國的挑戰對其他司法管轄區來說是順風。在美國，對我們來說更重要的是管道的時間安排。這很有幫助。正如我們之前提到的，我們對我們的同行有一定的靈活性，他們在我們需要他們的地方非常有建設性。

So managing our way through it, overall, not material to our business, fortuitously because we didn't have a deep concentration of activity in this period in the U.S. We're global. So that has helped. This adds more to go, I think, we'll be talking about it for a while.

因此，總體而言，管理我們的方式對我們的業務並不重要，幸運的是，因為我們在此期間在美國沒有高度集中的活動。我們是全球性的。所以這有幫助。我想這會增加更多內容，我們將討論一段時間。

(Operator Instructions) Our next question comes from the line of Andrew Kuske from Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Andrew Kuske。

Connor, if you could maybe just give us some perspective on any organizational constraints you see right now in the renewable group? And I asked the question in part because capital doesn't seem to be lacking -- opportunities doesn't seem to be lacking given the pipeline that you have, economics can vary, and that can -- ebb and flow but you've also got a global platform, supply chain issues we mentioned earlier, but that also varies by region. So maybe just step back in big picture of the organization, what constraints exist for you to really accelerate growth to even another level from where you are now?

康納，您能否就您現在在可再生能源集團中看到的任何組織限制給我們一些看法？我問這個問題的部分原因是資本似乎並不缺乏 - 機會似乎並不缺乏，因為你擁有的管道，經濟可能會有所不同，而且可能 - 潮起潮落，但你也有一個全球平台，我們前面提到的供應鏈問題，但這也因地區而異。所以也許只是從組織的大局來看，有什麼限制讓你真正將增長加速到現在的另一個水平？

Certainly. And I appreciate the question, Andrew. No doubt, a big focus from our side on the operational level is scaling up our team. And that has been both enhancing the amount of resource we have on the investment side, but you nailed it, in particular, the operating side as well. And we've been looking to scale up our resources, I would say, in all of our markets over the last 2 years. And well -- it is a competitive market out there for acquiring and retaining talent.

當然。我很欣賞這個問題，安德魯。毫無疑問，我們在運營層面上的一個重點是擴大我們的團隊。這既增加了我們在投資方面的資源數量，但你也做到了，特別是在運營方面。我想說，在過去的兩年裡，我們一直在尋求擴大我們所有市場的資源。而且——這是一個獲取和留住人才的競爭市場。

I would say we feel very, very good about our position in the number and quality of people we've brought on board. It's absolutely not going to slow down. Our capital, as you mentioned, is growing the scale of our operations is growing. So we'll continue to scale our people as well.

我想說，我們對我們在引進的人數和質量方面的地位感到非常、非常好。它絕對不會慢下來。正如你所提到的，我們的資本正在增長，我們的運營規模也在增長。因此，我們還將繼續擴大我們的人員規模。

In terms of limitations on the growth of our business, we're thrilled about this quarter. We're thrilled about how our operations were performing. We're thrilled about the level of growth. And what excites us is we have very good visibility on this level of activity continuing throughout the remainder of 2022.

就我們業務增長的限製而言，我們對本季度感到興奮。我們對我們的運營表現感到非常興奮。我們對增長水平感到興奮。令我們興奮的是，我們對這一水平的活動有很好的了解，這一活動將在 2022 年剩餘時間內持續進行。

So, while our business is growing and we are requiring a global scale up of our operations, we're certainly not seeing bottlenecks at this point, but it's something that we absolutely need to stay on top of as we take these, call it, step changes in terms of growth.

因此，雖然我們的業務正在增長並且我們需要在全球範圍內擴大我們的運營規模，但我們目前肯定沒有看到瓶頸，但我們絕對需要在採取這些措施時保持領先地位，稱之為，增長方面的階梯式變化。

Appreciate that color. And then maybe just building upon some of your comments. Does the dynamic of being inherently local in multiple markets, and then effectively, that becomes global to a certain degree, does that help your competitive offering on attracting and retaining talent?

欣賞那個顏色。然後也許只是建立在您的一些評論之上。在多個市場中本質上是本地化的，然後在一定程度上變得全球化，這是否有助於您在吸引和留住人才方面提供有競爭力的產品？

It absolutely does. And it also provides a different benefit, which is not all markets accelerate at the same pace. And we often, when we see opportunities in a specific region, we will pull resources from another region that have relevant experience or relevant knowledge to help us in either growing a business or doing due diligence on an acquisition.

絕對可以。它還提供了不同的好處，即並非所有市場都以相同的速度加速。而且我們經常，當我們在特定地區看到機會時，我們會從另一個地區提取具有相關經驗或相關知識的資源，以幫助我們發展業務或對收購進行盡職調查。

So I think the scale and growth of our platform is attractive to market participants in the space, who are looking for roles. But the other thing that we shouldn't underestimate the benefit of in terms of our global platform is the ability to pull resources from any geography or any expertise or any asset class and deploy those resources into a specific transaction if they can be useful. We've seen this all over the world, if we're entering a new asset class in a specific geography, we don't learn from 0. We pull very high-level knowledge from other parts of the organization to that region such that we can start ahead of the game and simply accelerate from there.

因此，我認為我們平台的規模和增長對正在尋找角色的該領域的市場參與者俱有吸引力。但是，就我們的全球平台而言，我們不應低估的另一件事是能夠從任何地理、任何專業知識或任何資產類別中提取資源，並將這些資源部署到特定交易中（如果它們有用的話）。我們在世界各地都看到了這一點，如果我們在特定的地理區域進入一個新的資產類別，我們不會從 0 學習。我們將組織其他部分的非常高級的知識拉到那個區域，這樣我們可以提前開始比賽，然後從那裡開始加速。

Our next question comes from the line of Naji Baydoun from IA Capital.

我們的下一個問題來自 IA Capital 的 Naji Baydoun。

To go back to the topic of M&A, clearly have good liquidity, and there's not really a rush or need to sell assets to fund growth. I'm just wondering if you can talk about bit more where you're seeing sort of large-scale opportunities? You've been very successful this year with M&A. Just wondering about the dynamics between smaller scale versus larger scale deal flow.

回到併購的話題，顯然有良好的流動性，並不急於或需要出售資產來為增長提供資金。我只是想知道你是否可以多談談你看到的大規模機會？今年你在併購方面非常成功。只是想知道小規模交易流與大規模交易流之間的動態關係。

Certainly. Thanks, Naji. Perhaps the most interesting thing in the current environment is you mentioned it, we're quite fortunate to have very significant access to capital. Our balance sheet is in a fantastic position. Over the last 12 months, we've pulled forward a lot of our financing activities we have very little to do over the next 12 months. So we are sitting on significant amounts of liquidity plus we have our partner capital through the Brookfield Global Transition and Brookfield Infrastructure funds.

當然。謝謝，納吉。也許當前環境中最有趣的事情就是您提到的，我們很幸運能夠獲得非常重要的資金。我們的資產負債表處於非常好的位置。在過去的 12 個月裡，我們已經推進了很多我們在接下來的 12 個月內幾乎無事可做的融資活動。因此，我們擁有大量流動性，而且我們通過 Brookfield Global Transition 和 Brookfield Infrastructure 基金擁有我們的合作夥伴資本。

We think this could really help in terms of M&A growth as we look forward in the short to medium term. No doubt, capital markets are a little bit more volatile and those market participants that rely on the capital markets in order to execute M&A may be a little bit less competitive or a little bit more active in the short to medium term. We are not burdened with those restrictions, and therefore, we do think M&A will remain quite active, certainly throughout the remainder of this year.

我們認為這確實有助於併購增長，因為我們展望中短期。毫無疑問，資本市場的波動性更大一些，那些依賴資本市場來執行併購的市場參與者在中短期內可能會競爭少一些或活躍一些。我們沒有受到這些限制的負擔，因此，我們確實認為併購將保持相當活躍，肯定會在今年剩下的時間裡。

Would you say that in the current market, you're seeing better returns on M&A versus development assets?

您是否會說在當前市場中，您看到併購與開發資產的回報更高？

It's a good question, perhaps what I would say is they're certainly not worse. I'm not sure we're quite at the point where we're seeing distressed sellers. I think that would be a misrepresentation of the current market. But what we are seeing is when we look at assets, there are simply less market participants due to the current economic environment. So maybe there is some small upside to returns, but perhaps better characterize it absolutely not worse.

這是一個很好的問題，也許我想說的是他們肯定不會更糟。我不確定我們是否已經到了看到苦惱賣家的地步。我認為這將是對當前市場的歪曲。但我們看到的是，當我們看資產時，由於當前的經濟環境，市場參與者只是減少了。所以也許回報有一些小的上升空間，但也許更好地描述它絕對不會更糟。

Okay. That's helpful. And maybe just staying on the topic of competition. I think SSE Renewables provided some very interesting details about your joint bid in the offshore wind market in Netherlands. Are you seeing more of these types of opportunities of being able to offer maybe more complex structures versus, let's say, a straightforward government subsidy or versus even your competitors in different markets? And where do you think that strategy of having more tools and toolbox can really play to your advantage?

好的。這很有幫助。也許只是停留在競爭的話題上。我認為 SSE Renewables 提供了一些關於你們聯合競標荷蘭海上風電市場的非常有趣的細節。與直接的政府補貼或什至與您在不同市場的競爭對手相比，您是否看到更多此類機會能夠提供更複雜的結構？您認為擁有更多工具和工具箱的策略在哪裡可以真正發揮您的優勢？

The strategy of having more tools in our toolbox, that's been our game plan for years. And there's 2 things we focus on is, one is exploiting the benefits of having those additional tools, but two, constantly adding new tools to our toolbox. And a great example of that is, now we have carbon capture as a decarbonization solution that we can offer to our biggest customers around the world. We didn't have that 12 months ago.

在我們的工具箱中擁有更多工具的策略，這是我們多年來的遊戲計劃。我們關注兩件事，一是利用擁有這些附加工具的好處，二是不斷向我們的工具箱添加新工具。一個很好的例子是，現在我們將碳捕獲作為一種脫碳解決方案，我們可以為全球最大的客戶提供這種解決方案。 12 個月前我們還沒有。

In terms of what I would say, Brookfield Renewable, our approach to growth has not changed. We don't compete on cost of capital. We look for opportunities where we can be differentiated, either by our size, our global reach, our operating capabilities or our ability to craft a unique solution that is mutually beneficial for both us and our counterparty. And in the current environment, there's certainly a lot of opportunities to do that, because both counterparties are looking for those unique solutions, and there are simply less market participants who are well positioned to execute.

就我所說的 Brookfield Renewable 而言，我們的增長方式沒有改變。我們不以資本成本競爭。我們尋找可以使我們與眾不同的機會，無論是通過我們的規模、我們的全球影響力、我們的運營能力還是我們制定一個對我們和我們的交易對手都互惠互利的獨特解決方案的能力。而在目前的環境下，肯定有很多機會這樣做，因為雙方都在尋找那些獨特的解決方案，而能夠很好地執行的市場參與者卻很少。

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.

這確實結束了今天節目的問答環節。我想把程序交還給 Connor Teskey 以作進一步評論。

Great. We thank everyone for joining the call and the support of our business, and we look forward to providing you an update at (inaudible) Thank you, and have a great day.

偉大的。我們感謝大家加入電話會議和對我們業務的支持，我們期待在（聽不清）為您提供更新，謝謝，祝您有美好的一天。

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，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。