Brookfield Renewable Corp (BEPC) 2024 Q2 法說會逐字稿

Good day and thank you for standing by, welcome to the Brookfield Renewables second quarter 2024 earnings conference call.

美好的一天，感謝您的耐心等待，歡迎參加布魯克菲爾德再生能源公司 2024 年第二季財報電話會議。

(Operator Instructions).

（操作員說明）。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Connor Teskey, Chief Executive Officer.

現在，我想將會議交給今天的發言人、執行長康納·特斯基 (Connor Teskey)。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone, and thank you for joining us for our second quarter 2024 conference call.

大家早安，感謝您參加我們的 2024 年第二季電話會議。

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.

在開始之前，我們想提醒您，您可以在我們的網站上找到我們的新聞稿、投資者補充資料和給單位持有人的信函的副本。

We also want to remind you that we may make forward-looking statements on this call.

我們也想提醒您，我們可能會在本次電話會議中做出前瞻性陳述。

These statements are subject to known and unknown risks and future results may differ materially, for more information you are encouraged to review our regulatory filings available on SEDAR, EDGAR and on our website.

這些聲明存在已知和未知的風險，未來的結果可能會產生重大差異，如需了解更多信息，我們鼓勵您查看 SEDAR、EDGAR 和我們網站上提供的監管文件。

On today's call, we will provide a review of our second quarter performance.

在今天的電話會議上，我們將對第二季的業績進行回顧。

The environment for renewables and how our differentiated access to capital and capabilities has positioned us to excel in the current market.

再生能源的環境以及我們獲得資本和能力的差異化方式使我們能夠在當前市場中脫穎而出。

Then, Ed Bayford from our investment team will speak to our recently announced proposed acquisition of Neoen.

然後，我們投資團隊的 Ed Bayford 將談論我們最近宣布的收購 Neoen 的提議。

And lastly, Wyatt will conclude the call by discussing our operating results and financial position.

最後，懷亞特將透過討論我們的經營業績和財務狀況來結束電話會議。

Following our remarks, we look forward to taking your questions.

在我們的發言之後，我們期待回答您的問題。

The business performed well this quarter, building on our strong start to the year.

在今年強勁開局的基礎上，本季業務表現良好。

We delivered record funds from operations for the second quarter, benefiting from our growth and development activities and we remain well positioned to deliver on our double-digit FFO per unit growth target for the year.

由於我們的成長和開發活動，我們第二季度的營運資金創下了紀錄，我們仍然有能力實現今年每單位 FFO 兩位數的成長目標。

During the quarter, we successfully deployed significant capital into growth opportunities that further enhanced our market-leading reach and scale.

在本季度，我們成功地將大量資金投入成長機會中，進一步增強了我們市場領先的影響力和規模。

We did this by adding leading platforms in attractive markets with large operating businesses and development pipelines that complement our current operations and further diversify our cash flows.

我們透過在有吸引力的市場中增加領先平台來做到這一點，這些平台擁有大型營運業務和開發管道，以補充我們當前的業務並進一步使我們的現金流多元化。

We also progressed the projects in our development pipeline and successfully commissioned approximately 1.4 gigawatts of new capacity in the quarter.

我們還推進了開發管道中的項目，並在本季度成功投產了約 1.4 吉瓦的新產能。

Altogether across our development activities and M&A capital, we deployed or committed to deploy, we invested up almost $9 billion or almost $1 billion net to Brookfield Renewable, a record for our business.

在我們的開發活動和併購資本中，我們部署或承諾部署，我們向布魯克菲爾德再生能源公司投資了近 90 億美元或近 10 億美元淨額，這是我們的業務記錄。

Our success in identifying and executing on attractive opportunities that deliver returns at or above our targets is a function of both our differentiated capabilities and access to capital at a time when funding is scarce for some players.

我們成功地識別和執行有吸引力的機會，帶來等於或高於我們目標的回報，這取決於我們的差異化能力和在某些參與者缺乏資金的情況下獲得資本的能力。

This is currently paired with a very constructive market environment for renewables, where demand is outpacing supply, driven by data center demand and broader electrification.

目前，再生能源市場環境非常有建設性，在資料中心需求和更廣泛的電氣化的推動下，需求超過供應。

Indicative of this just this past week, PJM, a top market for data center development and a market where we have significant presence had its capacity auction for 2025 and 2026 delivery. in this auction prices hit record highs, increasing almost 10 times from the last auctions, indicative of supply and demand dynamics in the market.

就在上週，PJM（資料中心開發的頂級市場，也是我們佔有重要地位的市場）舉行了 2025 年和 2026 年交付的容量拍賣。本次拍賣價格創下歷史新高，比上次拍賣上漲近10倍，反映了市場的供需動態。

Data center investment continues to accelerate globally and it is widely estimated that data centers could reach up to 10% and 20% of electricity consumption globally and in the United States, respectively, by the end of the decade.

全球資料中心投資持續加速，人們普遍估計，到本世紀末，資料中心將分別佔全球和美國電力消耗的 10% 和 20%。

This is on top of the electrification of industrial capacity, heating for houses and other uses that is driving unprecedented demand for electricity.

除此之外，工業產能、房屋供暖和其他用途的電氣化正在推動前所未有的電力需求。

To put this in perspective, the global installed capacity for electricity generation is expected to more than double over the next 20-years, while also trying to replace half of the existing capacity that will be retired as it is very carbon intensive, a truly unprecedented undertaking.

從這個角度來看，未來20年全球發電裝置容量預計將增加一倍以上，同時還試圖替換一半即將退役的現有容量，因為它是碳密集型的，這確實是前所未有的。

Coming at this dynamic from a different perspective, as recently as two decades ago, energy production from wind and solar accounted for a negligible portion of the global electricity mix, which compares to last year where it accounted for approximately 13% of the electricity consumed globally.

從不同的角度來看這項動態，就在二十年前，風能和太陽能發電在全球電力結構中所佔的比例可以忽略不計，而去年則約佔全球電力消耗的 13% 。

This means consumption from these sources has doubled every 3.5 years or grown at almost 25% compound annual growth rate for 20-years, a staggering achievement over a sustained period of time.

這意味著這些來源的消費量每 3.5 年翻一番，或在 20 年內以近 25% 的複合年增長率增長，這是在持續一段時間內取得的驚人成就。

Remarkably, this trajectory is expected to continue driven by the demand we are seeing from technology companies, electrification, and replacement of thermal capacity.

值得注意的是，我們看到科技公司、電氣化和熱容量替代的需求預計將繼續推動這一趨勢。

This sustained level of growth has resulted in the development and scaling of a supply chain for renewable energy that has helped position these technologies as the lowest cost sources of bulk power in most markets globally.

這種持續的成長水準促進了再生能源供應鏈的發展和規模化，這有助於將這些技術定位為全球大多數市場中成本最低的大容量電力來源。

We've seen the cost for solar and wind decreased 90% and 65% respectively in the last 15-years.

我們看到太陽能和風能的成本在過去 15 年分別下降了 90% 和 65%。

And while there was policy support and tax credits that help the initial growth of these technologies, it is squarely the cost competitiveness and other features such as energy, independent and clean characteristics that together with the accelerating demand from commercial and industrial customers to support digitalization and electrification are driving increased returns for these assets, both today and going forward.

雖然政策支援和稅收抵免有助於這些技術的最初發展，但正是成本競爭力和能源、獨立和清潔等其他特徵，以及商業和工業客戶對支持數位化和數位化的日益增長的需求，推動了這些技術的發展。

Renewables are fundamentally acting as an enabler of growth as increased access to clean low-cost power permits further investment from businesses, which results in increasing consumption of power like we are seeing with data center growth.

再生能源從根本上成為成長的推動者，因為越來越多的清潔低成本電力的使用允許企業進一步投資，這導致電力消耗的增加，就像我們在資料中心的成長中看到的那樣。

A side effect of the increase in demand for power is that it further reduces cost from the build-out of a larger and more competitive supply chain, creating additional economies of scale, reducing costs further and spurring even further incremental demand.

電力需求增加的一個副作用是，透過建立更大、更具競爭力的供應鏈，它進一步降低了成本，創造了額外的規模經濟，進一步降低了成本，並刺激了進一步的增量需求。

In this very constructive environment we are continuing to differentiate ourselves with a large operating fleet and expansive development pipeline, which now stands at over 230,000 megawatts, of which approximately 65,000 megawatts has advanced stage land interconnection and permitting status in core renewables markets.

在這個極具建設性的環境中，我們將繼續憑藉龐大的營運船隊和廣泛的開發管道使自己脫穎而出，目前的發電量超過230,000 兆瓦，其中約65,000 兆瓦擁有先進的土地互連和核心再生能源市場的許可狀態。

This large advanced pipeline and our credibility in delivering projects is enhancing our position as the partner of choice for the largest buyers of clean power.

這一大型先進管道和我們在交付專案方面的信譽正在增強我們作為最大清潔能源買家首選合作夥伴的地位。

To put it very simply, nobody is better placed to provide clean power on a global basis to fuel this AI revolution and the growing increase in electricity demand.

簡而言之，沒有人比在全球範圍內提供清潔電力來推動人工智慧革命和不斷增長的電力需求更好。

Our activities this quarter further enhance our position as a key enabler of the technology sector, including our acquisition of Neoen that adds a large operating and development pipeline in new core renewables markets.

我們本季的活動進一步增強了我們作為技術領域關鍵推動者的地位，包括我們收購 Neoen，該公司在新的核心再生能源市場增加了龐大的營運和開發管道。

This is an increasingly valuable pipeline as we are seeing growing near term demand for clean energy outpacing supply in these regions.

這是一條越來越有價值的管道，因為我們看到這些地區對清潔能源的近期需求不斷增長，超過了供應。

It is this pipeline, our diversity across technologies and our strong reputation and capabilities that we have built up over decades that have allowed us to secure partnerships that de-risk our future growth.

正是這條管道、我們在技術上的多樣性以及我們幾十年來建立的強大聲譽和能力，使我們能夠確保合作夥伴關係，從而降低我們未來成長的風險。

Like the framework agreement with Microsoft, where we have agreed to deliver over 10.5 gigawatts of new renewable energy capacity between 2026 and 2030.

就像與微軟的框架協議一樣，我們同意在 2026 年至 2030 年間提供超過 10.5 吉瓦的新再生能源容量。

In the past quarter, we continued to build on our strong relationships with commercial industrial customers and 90% of generation we contracted for new assets was signed with these types of buyers.

在過去的季度中，我們繼續與商業工業客戶建立牢固的關係，我們簽訂的新資產發電合約中有 90% 是與這些類型的買家簽訂的。

Looking forward, we are also seeing a similar scenario to solar play out in terms of the economics and demand for battery energy storage systems, where cost reductions are spurring increased demand, resulting in further cost reductions and again, further more incremental demand growth.

展望未來，我們在電池儲能係統的經濟性和需求方面也看到了與太陽能類似的情況，其中成本的降低刺激了需求的增加，從而導致成本進一步降低，並再次導致需求的進一步增量增長。

Cost for batteries have declined 85% in the last decade and 60% in the last six years.

電池成本在過去十年中下降了 85%，在過去六年中下降了 60%。

Batteries are benefiting from economies of scale with the growth of the electrical vehicle market from incremental demand for capacity and grid stabilizing services and from enabling increased penetration of low-cost renewables by providing a power solution for customers when the sun is not shining or the wind is not blowing.

隨著電動車市場的成長，對容量和電網穩定服務的需求不斷增加，以及透過在沒有陽光或無風時為客戶提供電力解決方案來提高低成本再生能源的滲透率，電池正受益於規模經濟。

With lower capital costs, higher potential revenues and increasing demand for this type of solution from customers.

隨著資本成本降低、潛在收入增加以及客戶對此類解決方案的需求不斷增加。

We are focused on deploying capital into battery energy storage solutions in select markets.

我們專注於將資金部署到特定市場的電池儲能解決方案中。

This quarter, inclusive of Neoen, we were awarded 20-year capacity contracts for 800 megawatts of battery storage from the grid operator in Ontario.

本季度，包括 Neoen 在內，我們從安大略省電網營運商那裡獲得了 20 年期 800 兆瓦電池儲存容量合約。

The projects have attractive risk-adjusted return profiles given the long dated fixed revenue stream and high quality off-taker.

鑑於長期的固定收入來源和高品質的承購商，這些項目具有有吸引力的風險調整回報。

We also began construction on 220 megawatts of battery storage capacity in Texas, targeting commissioning in the second half of 2025, where we expect very strong returns.

我們也開始在德州建造 220 兆瓦的電池儲存容量，目標是在 2025 年下半年投入運行，我們預計屆時將獲得非常強勁的回報。

With this development projects and the closing of the and acquisition, we will be one of the largest battery storage developers globally with over 2.3 gigawatts of operating and under-construction capacity.

隨著這些開發項目以及收購和收購的完成，我們將成為全球最大的電池儲存開發商之一，擁有超過 2.3 吉瓦的營運和在建產能。

Including our pumped storage assets, which are benefiting from the same demand drivers as batteries, we will have almost 5 gigawatts of operating and under-construction storage capacity alongside our hydro assets, which have significant reservoir capacity.

包括我們的抽水蓄能資產（受益於與電池相同的需求驅動因素），我們將擁有近 5 吉瓦的營運和在建儲存容量以及我們的水力資產（水力資產擁有龐大的水庫容量）。

These assets are increasingly critical to enabling the deployment of low cost 24/7 clean power solutions that meet customers' needs and represent a significant competitive advantage for our business.

這些資產對於部署低成本 24/7 清潔能源解決方案越來越重要，這些解決方案可以滿足客戶的需求，並為我們的業務帶來顯著的競爭優勢。

With that, I will now turn it over to Ed to discuss how we are approaching growth and speed through our acquisition of Neoen.

現在，我將把它交給 Ed，討論我們如何透過收購 Neoen 來實現成長和速度。

Thank you, Connor, and good morning, everyone.

謝謝你，康納，大家早安。

This quarter we have successfully sourced and executed several acquisitions by leveraging our global investment team access to scale, capital and experience integrating complex platforms.

本季度，我們利用我們的全球投資團隊的規模、資本和整合複雜平台的經驗，成功地尋找並執行了多項收購。

We are a customer-focused business guided by the needs of our partners.

我們是一家以客戶為中心的企業，以合作夥伴的需求為導向。

With this in mind, we were able to execute on acquisitions that bring increased scale and breadth to our portfolio, further differentiating our platform.

考慮到這一點，我們能夠執行收購，擴大我們的投資組合的規模和廣度，進一步使我們的平台脫穎而出。

In particular, enhancing our position as the global leader in servicing technology and AI driven power demand and doing so at a time when there is less funding available in the market, enabling us to secure acquisitions at good value.

特別是，在市場可用資金較少的情況下，增強我們作為服務技術和人工智慧驅動電力需求的全球領導者的地位，使我們能夠以良好的價值進行收購。

The quarter was highlighted by our proposed acquisition of publicly-listed Neoen, which values the company at a $6.7 billion equity value and is the largest investment to date within our renewable power and transmission business, we have signed an agreement to acquire 53% of the outstanding shares of the company.

本季的亮點是我們擬收購上市公司 Neoen，該公司的股權價值為 67 億美元，是我們再生能源電力和輸電業務中迄今為止最大的投資，我們已簽署協議收購 Neoen 53% 的股權公司已發行股票。

Following closing, which is subject to customary regulatory approvals, we intend to launch an all-cash tender offer for the remaining shares, which we expect we will complete in early 2025.

交割後（需獲得常規監管批准）我們打算對剩餘股份發起全現金要約收購，預計將於 2025 年初完成。

Neoen is a business that we have closely monitored since their IPO in 2018.

Neoen 是我們自 2018 年 IPO 以來一直密切關注的業務。

And we have been impressed by the pace and profitability of their growth.

他們的成長速度和獲利能力給我們留下了深刻的印象。

Enabling Neoen to consistently meet ambitious targets year-over-year.

使 Neoen 能夠逐年持續實現雄心勃勃的目標。

We secured this opportunity as we were able to offer a compelling solution to the existing anchor shareholders.

我們獲得了這個機會，因為我們能夠為現有的主要股東提供令人信服的解決方案。

Funding certainty, access to capital and underwriting capabilities across our global team were key differentiators that enabled us to acquire for good value, a high-quality platform that really complements our existing global footprint.

我們全球團隊的資金確定性、資本獲取管道和承保能力是關鍵的差異化因素，使我們能夠以高價值獲得真正補充我們現有全球足跡的高品質平台。

Neoen is a fully integrated pure-play renewables platform with best-in-class management and market-leading positions in each of France, Australia and the Nordics.

Neoen 是一個完全整合的純再生能源平台，在法國、澳洲和北歐地區擁有一流的管理和市場領先地位。

The company owns and operates a diversified portfolio of over 8 gigawatts of operating or under construction assets, across three core technologies solar, onshore wind, and battery energy storage.

該公司擁有並經營超過 8 吉瓦的營運或在建資產的多元化投資組合，涵蓋太陽能、陸上風電和電池儲能三大核心技術。

These assets are young and highly contracted through long-term offtake contracts with high-quality counterparties.

這些資產很年輕，並且透過與優質交易對手簽訂長期承購合約而高度承包。

Contributing visible cash flows and meaningful downside protection on our investment.

為我們的投資貢獻可見的現金流和有意義的下行保護。

In addition, Neoen brings over 20 gigawatts of advanced stage development pipeline and more than 10 gigawatts of additional early-stage pipeline.

此外，Neoen 還帶來了超過 20 吉瓦的高級開發管道和超過 10 吉瓦的額外早期管道。

Diversified across those same three core technologies.

在這三項相同的核心技術上實現多元化。

Neoen's growth has always been overwhelmingly organic through their leading in-house development engine.

Neoen 的成長始終是透過其領先的內部開發引擎實現的有機成長。

Which has a strong track record of launching well over 1 gigawatt of new capacity into construction in each of the last few years.

在過去的幾年裡，該公司每年都有超過 1 吉瓦的新產能投入建設，有著良好的記錄。

With enhanced access to capital and complementary capabilities, we intend to support and accelerate the build-out of Neoen's pipeline, growing the annual run rate deployment to 2 gigawatts per year or more.

透過增強資本獲取和互補能力，我們打算支援和加速 Neoen 管道的建設，將年運行率部署提高到每年 2 吉瓦或更多。

Neoen's core markets are some of the fastest growing for renewables globally with strong corporate power demand and high barriers to entry.

Neoen 的核心市場是全球再生能源成長最快的市場之一，企業電力需求強勁且進入障礙很高。

Neoen's pipeline and development capabilities perfectly fit the growing demand we are seeing for clean energy solutions.

Neoen 的管道和開發能力完全滿足我們對清潔能源解決方案不斷增長的需求。

The addition of Neoen to our portfolio immediately makes us a top player in each of its three core markets where we can supplement the company's existing end-to-end local capabilities with our global value add in areas such as procurement, corporate contracting and capital markets.

Neoen 加入我們的產品組合中，立即使我們成為三個核心市場的頂級參與者，我們可以透過採購、企業承包和資本市場等領域的全球增值來補充公司現有的端到端本地能力。

Lastly, we highlight that Neoen is a global leader in battery storage.

最後，我們強調 Neoen 是電池儲存領域的全球領導者。

As Connor discussed, we are seeing a real inflection point for this technology, driven by steep cost declines and its role as a key enabler of increased renewables penetration.

正如康納所討論的，在成本急劇下降及其作為提高再生能源滲透率的關鍵推動因素的推動下，我們看到了這項技術的真正拐點。

Today, Neoen has almost 2 gigawatts of battery storage operating or under construction and a significant global pipeline, which will further diversify and complement our technology tool kit.

如今，Neoen 擁有近 2 吉瓦的正在運行或建設中的電池儲存以及重要的全球管道，這將進一步豐富和補充我們的技術工具包。

Allowing us to service our partners with even more complete and integrated clean energy solutions.

使我們能夠為合作夥伴提供更完整、更整合的清潔能源解決方案。

Neoen is a textbook example of the type of transaction that leverages the core competencies of our business and we are very excited about its future prospects within our platform.

Neoen 是利用我們業務核心能力的交易類型的教科書範例，我們對其在我們平台內的未來前景感到非常興奮。

With that, I'll pass you on to Wyatt to discuss our operating results and financial position.

接下來，我將轉給懷亞特，討論我們的經營績效和財務狀況。

Thanks, Ed and good morning, everyone.

謝謝艾德，大家早安。

Our operating business had a strong quarter, delivering record funds from operations as we benefited from our asset development, recent acquisitions and strong all-in pricing.

我們的營運業務季度表現強勁，營運資金創歷史新高，得益於我們的資產開發、最近的收購和強勁的整體定價。

We generated FFO of $339 million in the quarter; up 9% year-over-year or $0.51 per unit.

本季我們產生了 3.39 億美元的 FFO；年增 9%，即每單位增長 0.51 美元。

These results and our outlook for the remainder of the year have us positioned to deliver on our double-digit FFO per unit growth target.

這些結果以及我們對今年剩餘時間的展望使我們能夠實現每單位 FFO 兩位數的成長目標。

Our hydro fleet continues to benefit from strong all-in pricing in the current market where demand for clean power is accelerating.

我們的水電船隊繼續受益於當前市場對清潔電力需求不斷加速的強勁綜合定價。

Our wind and solar segments benefited from recent platform additions in North America, the UK, and India and our distributed energy storage and sustainable solutions segments continue to benefit from meaningful growth.

我們的風能和太陽能部門受益於最近在北美、英國和印度增加的平台，我們的分散式能源儲存和永續解決方案部門繼續受益於有意義的成長。

Westinghouse, our nuclear services business continues to perform well and the outlook is getting stronger.

西屋電氣，我們的核子服務業務繼續表現良好，前景越來越好。

We are seeing long-term upside in the business, driven primarily by an improved outlook for the nuclear fuel business and new plant development, as the only baseload carbon-free power at scale that exists with proven technologies.

我們看到該業務的長期成長，主要是由於核燃料業務前景的改善和新工廠的開發，作為唯一具有成熟技術的大規模基本負載無碳電力。

As new nuclear generation is increasingly viewed as part of the solution to growing electricity demand both for corporate customers, including technology players and centralized utilities, we are exceedingly well positioned to benefit given Westinghouse global leadership position and leading technology offering.

隨著新型核電越來越被視為解決企業客戶（包括技術參與者和集中式公用事業公司）不斷增長的電力需求的解決方案的一部分，鑑於西屋電氣的全球領導地位和領先的技術產品，我們處於非常有利的位置，可以從中受益。

We continue to grow and advance our development pipeline, which now stands at 200 gigawatts with 65 gigawatts of that in advanced stage.

我們繼續擴大和推進我們的開發管道，目前已達到 200 吉瓦，其中 65 吉瓦處於後期階段。

We expect to commission approximately 7 gigawatts of new capacity this year, which when completed, we expect to add approximately $90 million of annual incremental FFO.

我們預計今年將投產約 7 吉瓦的新產能，完成後，我們預計每年將增加約 9,000 萬美元的 FFO 增量。

We are scaling up our development activities and expect to grow our annual commissioning capacity to approximately 10 gigawatts per annum over the next several years.

我們正在擴大我們的開發活動，並預計在未來幾年內將我們的年調試能力提高到每年約 10 吉瓦。

Our balance sheet remains very strong, with $4.4 billion of available liquidity to deploy in the current environment where we are seeing a significant volume of opportunities to invest at attractive risk-adjusted returns.

我們的資產負債表仍然非常強勁，有 44 億美元的可用流動性可供部署，在當前環境下，我們看到大量投資機會，可帶來有吸引力的風險調整回報。

We were successful in executing our asset recycling initiatives this quarter signing deals generating over $400 million of proceeds on sales, or approximately $250 million net to Brookfield Renewable, representing more than a 2 times multiple on invested capital.

本季我們成功執行了資產回收計劃，簽署了超過 4 億美元的銷售收益，即布魯克菲爾德再生能源公司淨收益約 2.5 億美元，相當於投資資本的 2 倍多。

We continue to see a strong market for right-sized de-risked operator and renewable power assets and have a number of other sales in the pipeline which we are moving forward.

我們繼續看到規模適當、風險較小的營運商和再生能源資產的強勁市場，並且我們正在推動許多其他銷售。

We expect to generate approximately $3 billion, or $1.3 billion net to Brookfield Renewable, in total proceeds this year from asset sales at strong returns and look forward to providing further updates on our activities throughout the rest of the year.

我們預計今年資產銷售總收益將為布魯克​​菲爾德再生能源帶來約 30 億美元，淨收益 13 億美元，並帶來強勁回報，並期待在今年剩餘時間內提供有關我們活動的進一步更新。

During the quarter.

本季期間。

We also took advantage of tightening spreads by executing on almost $2 billion of project level financing.

我們也利用利差收緊的機會執行了近 20 億美元的專案級融資。

We continue to execute on opportunities to refinance project level debt extending maturities in what is a constructive financing market.

我們將繼續抓住建設性融資市場上的專案級債務再融資機會，延長到期日。

In July, we opportunistically issued CAD300 million of 10-year notes and CAD100 million of 30-year notes at interest rates.

7月份，我們機會性地發行了3億加幣的10年票據和1億加幣的30年票據。

Of approximately 4.9% and 5.4%, respectively.

分別約為 4.9% 和 5.4%。

The issuances extended our average corporate debt maturity profile beyond 12-years at an attractive cost of capital.

這些發行以極具吸引力的資本成本將我們的平均企業債務期限延長至 12 年以上。

In closing we remain focused on delivering 12% to 15% long-term total return for our investors by prudently deploying capital and executing on our operating initiatives.

最後，我們仍然致力於透過審慎地部署資本和執行我們的營運計劃，為投資者提供 12% 至 15% 的長期總回報。

On behalf of the Board and management.

代表董事會和管理階層。

We thank all of our unitholders and shareholders for the ongoing support, we are excited about Brookfield Renewable’s future and look forward to updating you on our progress at our Investor Day in September.

我們感謝所有單位持有人和股東的持續支持，我們對 Brookfield Renewable 的未來感到興奮，並期待在 9 月的投資者日向您通報我們的最新進展。

That concludes our formal remarks for today's call.

我們今天電話會議的正式演講到此結束。

Thank you for joining us this morning.

感謝您今天早上加入我們。

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

然後，我會將其傳回給我們的接線員以供提問。

(Operator Instructions)

（操作員說明）

Sean Steuart, TD Securities.

肖恩‧史都華 (Sean Steuart)，道明證券。

Good morning, everyone.

大家，早安。

A couple of questions.

有幾個問題。

The advanced development pipeline increasing to 65 gigawatts from 24 gigawatts in end of Q1.

先進的開發管道從第一季末的 24 吉瓦增加到 65 吉瓦。

If we factor in the incremental pipelines from Neoen and some of the other acquisitions you guys referenced in the MD&A from India, South Korea, and Australia, we'd still fall short of reconciling that revised figure?

如果我們將 Neoen 的增量管道以及你們在 MD&A 中提到的印度、韓國和澳洲的其他一些收購考慮在內，我們仍然無法協調修訂後的數字？

Can you give us some context on where some of that extra incremental growth in the pipeline is coming from with respect to technology and region?

您能否向我們介紹一些背景信息，說明管道中的一些額外增量增長來自技術和區域方面？

And it sounds like most of these incremental projects, as opposed to a 2026 timeframe - any sense the time line for those projects coming to commercial operation?

聽起來大多數這些增量項目都是如此，而不是 2026 年的時間表 - 這些項目進入商業運營的時間表有什麼意義嗎？

Yeah.

是的。

Thanks, Sean.

謝謝，肖恩。

Look, I think the overall point, as you mentioned, that we are with the acquisitions in the quarter, we did meaningfully increase that advanced pipeline.

看，我認為總體而言，正如您所提到的，我們在本季度進行了收購，我們確實有意義地增加了先進的管道。

But we also did a finer review of the pipeline and effectively looked at how broadly the market was communicating what was advanced stage and then looking at per set and what have you and ultimately, there is also a piece of that which just defining the advanced pipeline where we have effectively a good position on securing permitting land or site control as well as interconnection that, if we have each of those components, that's what we're including in the advanced stage.

但我們也對管道進行了更精細的審查，並有效地研究了市場在多大程度上傳達了高級階段的信息，然後查看每組以及您擁有的內容，最終，還有一部分只是定義了高級管道我們在獲得許可的土地或場地控制以及互連方面擁有有效的優勢，如果我們擁有這些組件中的每一個，那麼這就是我們在高級階段所包含的內容。

So it was a mix of adding from acquisitions but also refining how we're categorizing it so that we are one providing our investors a better insight into what that looks like.

因此，這是一種結合，既增加了收購的內容，又改進了我們的分類方式，以便我們能夠為投資者提供更好的洞察。

But also aligning a bit better with what we're seeing from the peers in the market.

但也與我們從市場同行看到的情況更好地保持一致。

But ultimately, as I mentioned during our prepared remarks today, we're looking to deliver 7 gigawatts this year.

但最終，正如我在今天準備好的發言中提到的，我們希望今年交付 7 吉瓦。

We're on track to do that.

我們正在努力做到這一點。

And over the next couple of years following that, we look to kind of ramp up to be around 10 gigawatts a year as a general run rate and a lot of that will be that advanced stage pipeline that we have projected there.

在接下來的幾年裡，我們希望整體運行率能提高到每年 10 吉瓦左右，其中很大一部分將是我們預期的高階階段管道。

Thanks for that Wyatt.

謝謝你的懷亞特。

Connor, lots referenced to BEP's strategy being led by customer needs.

Connor，很多人提到 BEP 的策略是以客戶需求為主導的。

And to that point, do you have any updated thoughts on how flexible gas-fired power could fit into the company's midterm plans to complement the renewable platform and to meet accelerating data center power needs?

到目前為止，您對靈活的燃氣發電如何融入公司的中期計劃以補充可再生能源平台並滿足不斷增長的數據中心電力需求有何最新想法？

Hi, Sean, thanks for the question.

嗨，肖恩，謝謝你的提問。

In terms of our strategy, we would say that Q2 was very representative of what we've been doing for the last few years which has been looking to acquire high-quality platforms in core markets that bring one advanced pipeline that we can use to service the customer demand that we are seeing today.

就我們的策略而言，我們可以說第二季度非常代表了我們過去幾年一直在做的事情，我們一直在尋求在核心市場收購高品質的平台，從而帶來我們可以用來提供服務的先進管道我們今天看到的客戶需求。

It's not an opportunity for five years from now or seven years from now, but pipeline that we can use to service that demand today as well as high-quality development operations in those markets that can continuously add to that pipeline and add to that development activity so we can grow our ability to service that demand going forward.

這不是五年後或七年後的機會，而是我們可以用來服務當今需求的管道，以及那些可以不斷增加管道和開發活動的市場中的高品質開發業務。的能力。

In terms of your question as it pertains to broad-based energy demand and what that's going to do to the electricity mix - make no mistake, given the significant electricity demands that we are seeing, this has been driven by electrification of industry, electrification of transport, this is driven by energy security, and all those factors that have been existing for years and accelerating are now being multiplied by this tech demand being driven by AI, we are absolutely going to see more gas in the electricity mix in order to service that demand.

就你的問題而言，它涉及廣泛的能源需求以及這將對電力結構產生什麼影響——毫無疑問，考慮到我們所看到的巨大電力需求，這是由工業電氣化、工業電氣化推動的。運輸，這是由能源安全驅動的，所有這些已經存在多年並正在加速的因素現在都因人工智能驅動的技術需求而倍增，我們絕對會在電力組合中看到更多的天然氣，以便服務那個需求。

From a Brookfield Renewable perspective, that is not going to be a core part of our strategy.

從布魯克菲爾德再生能源公司的角度來看，這不會成為我們策略的核心部分。

We are going to continue to focus on the renewable technologies.

我們將繼續關注可再生技術。

From time to time, as we've done in the past, we might buy a broad-based portfolio that may come with an asset or two of efficient natural gas but our focus is going to continue to be on the wind, solar, battery and hydro generation classes.

有時，正如我們過去所做的那樣，我們可能會購買基礎廣泛的投資組合，其中可能包含一兩項高效天然氣資產，但我們的重點將繼續放在風能、太陽能和電池上和水力發電類。

Thanks for that, Connor.

謝謝你，康納。

Appreciate the context.

欣賞上下文。

That's all I have for now.

這就是我現在所擁有的一切。

Nelson Ng, RBC Capital Markets

納爾遜·吳（Nelson Ng），加拿大皇家銀行資本市場

Great, thanks.

萬分感謝。

Quick question on batteries.

關於電池的快速問題。

So just looking at your development pipeline over the years, I think solar has become a much larger part of your development pipeline outpacing wind.

因此，只要看看你們多年來的開發計劃，我認為太陽能在你們的開發計劃中所佔的比例已經超過了風能。

And then with your Neoen pending acquisition, you'll be wrapping up battery storage?

然後，隨著您的 Neoen 待收購，您將結束電池儲存？

So like from a big picture perspective in the next, call it, five years or so, do you think your development pipeline could be mostly solar and batteries and maybe like would wind be like a distant third?

因此，從未來五年左右的大局來看，您是否認為您的開發管道可能主要是太陽能和電池，而風能可能會排在第三位？

Hi, Nelson, great question.

嗨，納爾遜，好問題。

I think your question is a very, very astute one.

我認為你的問題是一個非常非常尖銳的問題。

We continue to be technology agnostic and we'll deploy capital wherever we see the best risk-adjusted returns.

我們繼續保持技術不可知論，我們將在任何看到最佳風險調整回報的地方部署資本。

In terms of the broader market, solar is increasingly with the cost declines it's seen, the lowest cost form of both electricity production in most markets and that is why it is seeing the largest amount of growth around the world and that's reflected within our portfolio as well.

就更廣泛的市場而言，太陽能的成本日益下降，是大多數市場中電力生產成本最低的形式，這就是為什麼它在全球範圍內增長幅度最大，這在我們的投資組合中反映出來：出色地。

I do think you are absolutely right that the combination of solar with batteries, given the recent cost declines in batteries and the cost declines that are expected moving forward, that is going to be a very large and growing portion of -- I would say, clean energy deployment going forward.

我確實認為太陽能與電池的結合是絕對正確的，考慮到最近電池成本的下降以及預計未來成本的下降，這將是一個非常大且不斷增長的部分——我想說，清潔能源佈局持續推進。

That pairing right now seems to, in many markets, be the lowest cost provider, it obviously can't service all markets but you are right and it certainly would be part of our strategy to lean into a dynamic where solar plus batteries is one of the most prevalent low-cost solutions.

現在，在許多市場中，這種配對似乎是成本最低的供應商，它顯然無法為所有市場提供服務，但你是對的，這肯定是我們策略的一部分，以太陽能加電池為動力之一最普遍的低成本解決方案。

Thanks for the color, Connor.

謝謝你的顏色，康納。

And then can you also elaborate on new markets and where you're seeing the opportunities.

然後您能否詳細介紹新市場以及您在哪裡看到的機會。

So obviously, with Neoen, your entering France, Australia, and the Nordics at scale.

很明顯，隨著 Neoen 的加入，你將大規模進入法國、澳洲和北歐。

You bought a, I guess, a development platform in South Korea?

我猜你在韓國買了一個開發平台？

Are there any other obvious markets to expand into?

有其他明顯的市場可以拓展嗎？

At this point, we're not actively focused on trying to enter any new markets at scale.

目前，我們還沒有積極嘗試大規模進入任何新市場。

We would like to think that we're in an incredibly unique and powerful position where we now have leading market presence in quite comfortably every major renewable market around the world.

我們認為，我們處於一個令人難以置信的獨特和強大的地位，我們現在在全球每個主要可再生能源市場中都擁有領先的市場地位。

And this is one of the nice attributes of the Neoen transaction.

這是 Neoen 交易的優點之一。

It really, in one deal, elegantly filled in a few holes on the map.

它確實透過一筆交易優雅地填補了地圖上的一些漏洞。

It actually kind of filled in all the holes on the map in one transaction.

它實際上在一筆交易中填補了地圖上的所有漏洞。

That being said, we will be opportunistic and we will be driven by where we see the best risk-adjusted returns and therefore, we could see ourselves enter a new market in the future.

話雖這麼說，我們將是機會主義的，我們將受到最佳風險調整回報的驅動，因此，我們可能會看到自己在未來進入一個新市場。

But if we do so, we're going to do it in the same way we've done it in the past.

但如果我們這樣做，我們就會像過去那樣做。

We're going to be very patient, we're going to be very disciplined.

我們將非常有耐心，我們將非常自律。

And we're only going to look to do so if we can secure a very attractive value entry point into that new region.

只有當我們能夠在該新領域獲得一個非常有吸引力的價值切入點時，我們才會這樣做。

But maybe to summarize, I think if you wanted an indication of where we expect to grow in the future, we expect the vast majority of our growth to be within the existing regions where we already have a presence as opposed to entering new regions.

但也許總結一下，我認為如果你想知道我們未來預計在哪裡成長，我們預計我們的絕大多數成長將發生在我們已經存在的現有地區，而不是進入新地區。

Okay.

好的。

And just a follow-up on that.

這只是後續行動。

So just looking at your development pipeline, I think your portfolio in the APAC region has been growing kind of very quickly.

因此，只要看看你們的開發管道，我認為你們在亞太地區的投資組合成長得非常快。

I think it's about one-third of your capacity additions this year and just looking at next year, it's close to one-half.

我認為這大約是今年新增產能的三分之一，光是看明年，就接近二分之一。

I presume it's mostly China, India, and Australia but can you just provide a bit more color in terms of what's driving the pace of growth for you in that region?

我認為主要是中國、印度和澳大利亞，但您能否提供更多關於推動該地區成長速度的因素？

Yeah, certainly.

是的，當然。

The first thing I would highlight and we appreciate you calling this out.

我要強調的第一件事是，我們感謝您指出這一點。

It is really the fantastic level of growth we've been seeing out of our India platform.

我們在印度平台上看到的成長確實是驚人的水平。

We entered the Indian market in 2017.

我們於2017年進入印度市場。

At that point, it was a new market for us as Brookfield Renewable.

那時，這對我們布魯克菲爾德再生能源公司來說是一個新市場。

But it was a country where broader Brookfield had been one of the largest investors for an extended period of time at that point.

但當時布魯克菲爾德在很長一段時間內一直是這個國家最大的投資者之一。

And we've grown that platform from our initial investment of about 300 megawatts.

我們透過約 300 兆瓦的初始投資發展了這個平台。

To now we are one of the top two or three renewables platforms in that country which is obviously one of the largest and fastest growing renewables markets in the world.

到目前為止，我們是全國排名前二或三個的可再生能源平台之一，該國顯然是世界上最大、成長最快的可再生能源市場之一。

One of the things that we're very proud of what we've done in the Indian market is we've grown very prudently at very attractive returns and we've done so without any notable missteps.

我們對在印度市場所做的事情感到非常自豪的一件事是，我們非常謹慎地成長，獲得了非常有吸引力的回報，而且我們沒有任何明顯的失誤。

That is the bulk of the increase in development in the APAC region.

這是亞太地區發展成長的大部分。

The secondary supplementing region within APAC is Australia, where obviously, we've done a few development assets in the last, say, 12-months.

亞太地區的第二個補充區域是澳大利亞，顯然，我們在過去 12 個月內完成了一些開發資產。

But in recent quarters, through Neoen and other transactions, we've had more substantive development platforms that have increased our projections for that market for the next call it one to three years.

但最近幾個季度，透過 Neoen 和其他交易，我們擁有了更多實質的開發平台，這些平台增加了我們對該市場未來一到三年的預測。

Great.

偉大的。

Thanks for the details, Connor.

謝謝你的詳細信息，康納。

I'll leave it there.

我會把它留在那裡。

Jessica Hoyle, Scotiabank

傑西卡·霍伊爾，豐業銀行

Thanks so much for taking my question.

非常感謝您提出我的問題。

So just to start, can you talk a little bit more of what you're seeing on the asset sale side?

首先，您能多談談您在資產出售方面看到的情況嗎？

You reiterated your target and it looks like you've sold some assets this quarter which are more on the development side versus operating assets.

您重申了您的目標，看起來您本季已經出售了一些資產，這些資產更多的是開發方面而不是營運資產。

So can you just talk to what dynamics you're seeing to sell assets?

那麼您能談談您看到的出售資產的動態嗎？

Thanks, Jessica.

謝謝，傑西卡。

Bear with us because we'll provide a bit of detail here and we'll come at this from two perspectives.

請耐心等待，因為我們將在這裡提供一些細節，並且我們將從兩個角度來討論這個問題。

Similar to what we've said in previous quarters is it’s a little bit of a unique market right now in that.

與我們在前幾個季度所說的類似，它現在是一個有點獨特的市場。

While we tend to always be both active investors as well as recyclers of capital.

雖然我們往往既是積極的投資者，也是資本的回收者。

It's been a long time since we've seen a market where we can lean so heavily into deployment at attractive risk-adjusted returns, but also see very attractive opportunities to monetize assets sell assets at very attractive values.

我們已經很久沒有看到這樣一個市場了，我們可以如此大力地以有吸引力的風險調整回報進行部署，但也看到了非常有吸引力的資產貨幣化機會，以非常有吸引力的價值出售資產。

And this might be a broad oversimplification, but what we would say is increasingly around the world, due to the growth in the sector, there are huge capital needs.

這可能過於簡單化了，但我們想說的是，由於該行業的成長，世界各地越來越多地存在巨大的資本需求。

And in situations where you are investing in platforms or businesses that are going to require significant capital going forward, there are still lots of opportunity to invest for value at very attractive value entry points.

當您投資未來需要大量資金的平台或企業時，仍然有很多機會在非常有吸引力的價值切入點進行價值投資。

And that's certainly where we've been focused on that side of the equation.

這當然是我們一直在關注的重點。

Similarly, however, with the stabilization and now decline in interest rates with banks increasing their lending appetite with the return of what I would call the strategic bid to the market.

然而，同樣地，隨著利率的穩定和現在的下降，銀行增加了貸款興趣，我稱之為市場策略性收購的回歸。

We are seeing very robust demand for high-quality cash generative assets or platforms that have a growth angle to them.

我們看到對高品質現金產生資產或具有成長角度的平台的需求非常強勁。

And that is where we are really seeing the opportunities to monetize assets at attractive returns.

這就是我們真正看到以有吸引力的回報將資產貨幣化的機會的地方。

In terms of the comments about us holding our forecast for the year.

關於我們維持今年預測的評論。

In terms of asset recycling, we are somewhat understanding of the skepticism.

在資產回收方面，我們對這種懷疑有些理解。

How can you invest for value and monetize for value in the same market.

如何在同一個市場中進行價值投資並實現價值變現。

That being said, we're very confident that we're going to demonstrate that through transactions in the back half of the year.

話雖這麼說，我們非常有信心我們將透過今年下半年的交易來證明這一點。

And I would say starting in the very, very short to near term here, we have a number of advanced sales processes that we expect to come to fruition in the next two or three months that I think are going to demonstrate that dynamic.

我想說的是，從非常非常短期到近期開始，我們擁有許多先進的銷售流程，我們預計將在未來兩三個月內取得成果，我認為這將展示這種活力。

And given the demand we've seen in those processes, that's what gives us such comfort to reinforce our expectation around asset monetization for 2024.

考慮到我們在這些流程中看到的需求，這讓我們更加放心，強化了我們對 2024 年資產貨幣化的預期。

Appreciate the detail there.

欣賞那裡的細節。

And then just moving on, can you provide more color on discussions with technology companies or even other companies that are interested in signing a framework similar to that of the Microsoft deal?

接下來，您能否提供更多有關與科技公司甚至其他有興趣簽署類似於微軟交易框架的公司的討論的資訊？

Just what are you seeing on this front?

你在這方面看到了什麼？

Is there more and more interest coming your way?

您的興趣是否越來越濃厚？

We like the way you frame the question.

我們喜歡你提出問題的方式。

The answer there is yes.

答案是肯定的。

There is no doubt around the world, it's important to recognize that the demand for renewables has grown exponentially in recent years not because renewables are clean, but rather because renewables are the cheapest form of electricity and increasingly around the world, electricity demand is growing and is forecasted to grow at a more rapid rate for the next 20-years than at any point in the last 20-years.

毫無疑問，在世界範圍內，重要的是要認識到近年來對再生能源的需求呈指數級增長，這並不是因為再生能源是清潔的，而是因為再生能源是最便宜的電力形式，並且在世界各地，電力需求不斷增長，並且預計未來 20 年的增長速度將超過過去 20 年的任何時候。

And essentially what we are a provider of is the lowest cost form of a commodity that the market is increasingly short of.

從本質上講，我們提供的是市場日益短缺的成本最低的商品。

So whether it's the large tech companies or other commercial or industrial users, we are increasingly seeing the largest corporate buyers of power reach out.

因此，無論是大型科技公司還是其他商業或工業用戶，我們越來越常看到最大的電力企業買家伸出援手。

We'll look to see can we either do it on an asset-by-asset deal, or can we enter into some sort of broader framework arrangement to de-risk their business plans and their power needs in the short to medium or in some cases, even long term?

我們將看看我們是否可以透過逐一資產的交易來實現這一目標，或者我們是否可以進入某種更廣泛的框架安排，以降低他們的業務計劃和中短期或某些時期的電力需求的風險。案例，甚至是長期的？

No doubt, one of the biggest impacts we've seen out of the announcement of the Microsoft transaction was simply the inbounds we've received from other corporates looking to do similar type arrangements.

毫無疑問，我們從微軟交易公告中看到的最大影響之一就是我們從其他尋求類似安排的公司收到的資訊。

Thanks very much.

非常感謝。

Rupert Merer, National Bank.

魯珀特·梅勒，國家銀行。

Hi, good morning, everyone.

嗨，大家早安。

Thanks for taking the questions.

感謝您提出問題。

I'll start with Neoen.

我將從尼奧恩開始。

What I understand the acquisition faces a competition review in Australia.

據我了解，此次收購在澳洲面臨競爭審查。

What's the outlook there, what might you need to do to get the deal over the line?

那裡的前景如何？

And I see you've also acquired an interest in the development platform in Australia.

我發現您也對澳洲的開發平台產生了興趣。

Can you give us a little color on that and how it fits into the overall plan.

您能給我們介紹一下它以及它如何融入整體計劃嗎？

Certainly.

當然。

So, on Neoen this is a very large transaction for a business that operates in many regions around the world.

因此，對於 Neoen 而言，對於一家在全球許多地區開展業務的企業來說，這是一筆非常大的交易。

It is subject to typical approvals in a number of jurisdictions.

它需要獲得許多司法管轄區的典型批准。

We are aware due to Brookfield's existing interests in other assets in Australia due to experiences we've had on past transactions.

根據我們過去交易的經驗，我們知道布魯克菲爾德在澳洲其他資產中現有的權益。

We knew that there was the potential.

我們知道這是有潛力的。

It is yet to be confirmed but there was the potential for us to need to undertake certain measures in order to achieve that approval.

目前尚未得到確認，但我們有可能需要採取某些措施才能獲得批准。

We are working through that process.

我們正在完成這個過程。

It is something that was very known to us at the time of the transaction and we are very well prepared to deal with it.

這是我們在交易時非常了解的事情，我們已經做好了應對的準備。

But it's an ongoing process and will have to see how it goes from here but it's nothing surprising to us.

但這是一個持續的過程，必須看看接下來會如何發展，但這對我們來說並不奇怪。

The other point in terms of the other acquisition in Australia, this is a transaction called Windlab.

另一點是在澳洲的另一筆收購，這是一筆名為 Windlab 的交易。

It is a developer in the country that operates in different provinces of Australia than Neoen does.

它是一家在澳洲不同省份開展業務的開發商，與 Neoen 不同。

So there's no overlap in the business models.

因此，商業模式不存在重疊。

And similar to our other transactions, that is working through an approval process before we can close it.

與我們的其他交易類似，在關閉之前需要經過審批流程。

Okay, excellent.

好的，非常好。

Thanks for the color.

謝謝你的顏色。

Excellent.

出色的。

Secondly, PJM auction, you highlighted the attractive results at that auction.

其次，PJM 拍賣，您強調了該拍賣中有吸引力的結果。

Can you give us an update on your exposure to that auction and maybe some color on your contract activities in that region?

您能否向我們介紹一下您在該拍賣中的最新情況，以及您在該地區的合約活動的一些資訊？

And what's the upside to BEP from that recent auction?

最近的拍賣對 BEP 有何好處？

Certainly.

當然。

So I'll start and Wyatt if you want to follow up with any of the specifics, please feel free to jump in.

因此，我將開始，懷亞特，如果您想跟進任何具體細節，請隨時加入。

PJM has been, I would say, a very representative submarket of what we've been trying to do for the last several years.

我想說，PJM 是我們過去幾年一直在努力做的一個非常有代表性的子市場。

We often talk in larger scale about focusing on countries and markets where we're seeing growing electricity demand.

我們經常在更大範圍內談論關注電力需求不斷增長的國家和市場。

For a number of years, PJM has been identified as one of the highest concentrations of data center and technology company energy demand growth.

多年來，PJM 一直被認定為資料中心和科技公司能源需求成長最集中的地區之一。

We are extremely fortunate with our position in that market.

我們對我們在該市場的地位感到非常幸運。

We have hydro, we have wind, we have solar and we have exceedingly large positions in that market, particularly due to some transactions we did, a few years ago before the growing electricity demand was perhaps as readily apparent to the market.

我們有水力、風能、太陽能，我們在該市場擁有非常大的地位，特別是由於幾年前我們在電力需求成長可能對市場顯而易見之前進行的一些交易。

The most notable being our urban grid transaction in late 2020 early 2021 that really focused on a high-quality development pipeline in PJM of projects that had very advanced interconnection queue positions.

最值得注意的是我們在 2020 年底 2021 年初的城市電網交易，該交易真正專注於 PJM 專案的高品質開發管道，這些專案具有非常先進的互連隊列位置。

So the growth in that market has been a very strong tailwind for us.

因此，該市場的成長對我們來說是一個非常強勁的推動力。

I would say that the recent capacity auctions, we expected them to be good.

我想說，最近的產能拍賣，我們預計會很好。

This was probably a positive surprise to even our expectations.

這可能是個超出我們預期的正面驚喜。

But in terms of the impact on our business, I would say this is going to be a very nice tailwind over the next several years.

但就對我們業務的影響而言，我想說這將是未來幾年的一個非常好的推動力。

Wyatt, is there anything you'd add to that?

懷亞特，你還有什麼要補充的嗎？

Yeah.

是的。

Rupert just to put a finer point on the numbers to your question, is the impact to our overall business from the year-on-year from where capacity is pricing is roughly $50 million to $60 million.

魯伯特（Rupert）只是想對您問題中的數字進行更詳細的說明，即產能定價約為 5000 萬至 6000 萬美元，同比對我們整體業務的影響。

Now we own roughly a third of those assets.

現在我們擁有其中大約三分之一的資產。

So the aggregate impact kind of versus the prior year is around $20 million to $25 million of additional revenue.

因此，與前一年相比，整體影響約為 2,000 萬至 2,500 萬美元的額外收入。

Excellent.

出色的。

Thank you very much.

非常感謝。

Appreciate the color.

欣賞顏色。

Moses Sutton.

摩西·薩頓.

BNP Paribas.

法國巴黎銀行。

Thanks for taking my question.

感謝您提出我的問題。

Any thoughts on potentially expanding deeper into distributed generation?

對於進一步深入分散式發電有什麼想法嗎？

So perhaps resi solar, I'm thinking there's a big market there, went through a lot of turbulence.

所以，我認為，太陽能太陽能市場可能有一個很大的市場，但經歷了許多動盪。

It's undercapitalized players, great subsidies, has exposure to the retail power inflation.

它的參與者資本不足，補貼豐厚，面臨零售電力通膨的風險。

In my mind, it seems to fit the Brookfield ability to step in as a provider of needed capital in a market that has longer-term tailwinds.

在我看來，這似乎符合佈魯克菲爾德作為所需資本提供者介入具有長期順風車的市場的能力。

Hi Moses.

嗨摩西。

We're getting a lot of questions these days on two markets where we historically have been very cautious.

這些天我們在兩個市場上收到了很多問題，我們歷來對這兩個市場都非常謹慎。

One is off-shore wind development and the other is resi DG.

一是離岸風電開發，二是餘熱發電。

These have been markets that have grown very, very quickly in recent years.

這些市場近年來成長非常非常快。

But when we looked at the investment opportunities in those markets, despite the huge growth trajectory, we struggled to find entry points that we thought were attractive on a risk-adjusted return basis.

但是，當我們審視這些市場的投資機會時，儘管成長軌跡巨大，但我們很難找到我們認為在風險調整回報基礎上具有吸引力的切入點。

On off-shore, we've been very cautious in that space with only a modest exposure.

在離岸方面，我們在該領域一直非常謹慎，風險敞口不大。

And then within DG we are very large players in that space. but we focused entirely on commercial and industrial as opposed to residential.

在 DG 內部，我們是該領域的重要參與者。但我們完全專注於商業和工業而不是住宅。

We do think we are one of the largest players in that space, certainly in the US, if not globally.

我們確實認為我們是該領域最大的參與者之一，即使不是全球範圍內，當然也是美國的。

But we just found a more attractive value proposition in C&I versus resi.

但我們剛剛發現 C&I 與 Resi 相比更具吸引力的價值主張。

In terms of where things go from here, to be clear just because we haven't done something in the past, it doesn't mean we won't do it in the future.

就事情的發展方向而言，需要明確的是，我們過去沒有做過某件事，並不意味著我們將來不會做。

And with some of the settling out that has happened in both those markets, both off-shore and resi DG, I would certainly say that we are probably closer to entry points that we view as attractive today than we have been at points in the past.

隨著這兩個市場（包括離岸市場和 Resi DG）出現的一些穩定情況，我肯定會說，我們今天可能比過去更接近我們認為有吸引力的切入點。

But the comments that you're making about resi DG, I think they would apply equally importantly, if not on a bigger scale to off-shore wind as well.

但我認為，您對再生能源發電的評論同樣重要，即使不是更大規模地適用於離岸風電。

Excellent.

出色的。

Thank you.

謝謝。

Mark Jarvi, CIBC Capital Markets.

馬克‧賈維 (Mark Jarvi)，CIBC 資本市場部。

Thanks.

謝謝。

Good morning, everyone.

大家，早安。

Would there be an appetite or capacity to do a larger M&A deal until Neoen's completed?

在 Neoen 完成之前，是否有興趣或能力進行更大規模的併購交易？

Or do you need to see that deal completed and maybe get a couple of the asset sales over the finish line before you act on something substantial?

或者，您是否需要看到該交易完成，並且可能需要在完成某些重大事項之前完成一些資產出售？

I would say there's certainly appetite to do a larger transaction.

我想說，人們肯定有興趣進行更大的交易。

We -- I come at this from two different perspectives.

我們——我從兩個不同的角度來看這個問題。

One is our funding plan is in great shape right now.

一是我們的融資計劃目前進展順利。

This is the benefit of having such a strong credit rating and such a fortress balance sheet is if we do see an influx of attractive large-scale acquisitions.

如果我們確實看到大量有吸引力的大規模收購湧入，那麼這就是擁有如此強大的信用評級和如此堅固的資產負債表的好處。

We always want to be in a position to execute those no matter when they arise.

無論何時出現，我們始終希望能夠執行這些任務。

And I would say we're well positioned to do that should such an opportunity pop up today.

我想說，如果今天出現這樣的機會，我們完全有能力做到這一點。

So, and then secondly, in terms of the asset sales, the nature of asset sales is when it comes to us deploying capital, it tends to be very opportunistic.

其次，就資產出售而言，資產出售的本質是當我們部署資本時，它往往是非常機會主義的。

It tends to be a little bit subject to what the market gives us.

它往往有點受市場給我們的影響。

But when it comes to executing asset sales, there is somewhat of a lead time.

但在執行資產出售時，存在一定的提前期。

We run auction sales processes, these often take a number of months or a number of quarters to execute.

我們運行拍賣銷售流程，這些流程通常需要數月或數個季度才能執行。

Based on where we sit today, we've initiated a number of those processes in the past and therefore, we're going to see them flow through to fruition starting in the coming quarters and rolling forward.

根據我們今天的立場，我們過去已經啟動了許多這樣的流程，因此，我們將看到它們在未來幾季開始並不斷向前發展並取得成果。

I would say even if the timing of the next investment and specific asset sales don't line up perfectly, we're very comfortable in the totality of our funding plan over the next 12, 24, 36 months and there's lots of capacity for growth.

我想說，即使下一次投資和特定資產銷售的時間表不完全一致，我們對未來 12、24、36 個月的融資計劃整體感到非常滿意，並且有很大的成長空間。

Got it.

知道了。

And then I know you know you said it's still a good spot for being able to buy and sell.

然後我知道你知道你說過它仍然是一個可以買賣的好地方。

Just curious how you think decline in interest rates and tight credit spreads are playing into the M&A activity, particularly the interest in medium to larger-sized deals.

只是好奇您認為利率下降和信貸利差收緊對併購活動有何影響，尤其是對中型至大型交易的興趣。

Are you seeing a few more people show up in those processes, access the capital, expand a little bit here over the last couple of months?

在過去的幾個月裡，您是否看到更多的人出現在這些流程中，獲得資本，並在這裡進行一點擴張？

Yeah, absolutely.

是的，絕對是。

There's no question.

毫無疑問。

We've noticed four things in the market.

我們注意到市場上有四件事。

We would say the market really turned at the beginning of the year and it's only accelerated since then.

我們可以說，市場在今年年初確實發生了轉變，而且自那時起只是加速了。

The four things that we think were driving that market and this will tie back to your comments on interest rates was at the beginning of the year, interest rates had stabilized, they weren't going down but they stopped going up.

我們認為推動該市場的四件事與您對利率的評論有關，這四件事是在年初，利率已經穩定，它們沒有下降，但停止上升。

That was driver one.

那是一號司機。

Driver two was banks, we're increasing their lending appetites.

第二個推動因素是銀行，我們正在增加他們的貸款胃口。

Driver three was we were beginning to see the strategic bid for these assets return to the market that, for a period of time, had been dominated by the financial bid.

第三個驅動因素是我們開始看到這些資產的策略性競標重返市場，而市場在一段時間內一直由金融競標主導。

And then number four, as we turned into the calendar year of 2024, I would say, across both the institutional and strategic markets, we've seen allocations to renewables increase.

第四，當我們進入 2024 年時，我想說，在機構和策略市場上，我們看到再生能源的分配增加。

Those four things have only accelerated throughout the year but the one tying back to your question, now we're in a period where rates have not only stabilized, they're actually beginning to decline.

這四件事全年都在加速，但與你的問題相關的是，現在我們正處於一個利率不僅穩定，而且實際上開始下降的時期。

So, we would think that would just be additive to the market and demand for, call it, high-quality de-risk assets and platforms.

因此，我們認為這只會增加市場和對高品質去風險資產和平台的需求。

Got it.

知道了。

And maybe taking a bit of a short-term view here.

也許在這裡採取一些短期觀點。

I think why you said the comment in your comments about the ability to hit 10% FFO per unit growth.

我想你為什麼在評論中提到每單位 FFO 增長達到 10% 的能力。

Just given where you are at the mid-year and how resources have played out this year on your portfolio, is that still something you can achieve?

考慮到您在年中的情況以及今年資源在您的投資組合中的發揮情況，這仍然是您可以實現的目標嗎？

Or is that be more on a normalized basis in terms of hitting 10% FFO per unit growth this year?

或者說，今年 FFO 每單位成長率達到 10% 是否更正常？

So I'll start and Wyatt if you want to jump in.

如果你想加入的話，我和懷亞特就開始了。

We expect to achieve it this year.

我們預計今年就能實現這個目標。

And obviously there's half a year to go.

顯然還有半年的時間。

But based on what we're seeing, we do believe it is achievable.

但根據我們所看到的情況，我們確實相信這是可以實現的。

There's one almost nuance about our Q2 numbers that is probably worth noting which is our business in Colombia, Isagen, which is a tremendous business for us that produces very consistently.

我們第二季的數據有一個幾乎值得注意的細微差別，那就是我們在哥倫比亞的業務，Isagen，這對我們來說是一項巨大的業務，生產非常穩定。

It's a large hydro business.

這是一家大型水力發電企業。

It is a very consistent performer for us.

對我們來說，這是一個非常穩定的表演者。

It came to the end of a very strong and unique El Nino in Q2.

第二季非常強烈且獨特的厄爾尼諾現象結束了。

And at the end of that El Nino season, the whole system in Colombia essentially got caught a little bit short on hydrology.

在厄爾尼諾季節結束時，哥倫比亞的整個系統基本上在水文方面有點不足。

Isagen actually far outperformed the broader system.

事實上，Isagen 的表現遠優於更廣泛的系統。

But because of that, our Q2 results for that business, were a little bit substandard versus what we come to expect.

但正因為如此，我們該業務第二季的業績與我們的預期有點不合標準。

But the reality of that dynamic is because Isagen has outperformed the broader system so much, now that that El Nino dynamic is behind it, it has better hydrology than broader system and we're going into a period of moderately higher prices.

但這種動態的現實情況是，因為Isagen 的表現遠遠優於更廣泛的系統，現在厄爾尼諾動態已經在其背後，它比更廣泛的系統具有更好的水文，我們將進入一個價格適度上漲的時期。

We're expecting Isagen to catch up a lot of that and still have potentially a record year in 2024.

我們預計 Isagen 會迎頭趕上，並且在 2024 年仍有可能創下創紀錄的成績。

So that was a little bit of a nuance in our Q2 numbers that we expect to unwind throughout the remainder of the year, and then just the growth and performance of our business, we see a path to 10%.

因此，我們第二季的數據有點細微差別，我們預計在今年剩餘時間內會有所緩解，然後我們業務的成長和業績，我們預計將達到 10%。

Great.

偉大的。

Thanks for the time today.

謝謝你今天的時間。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Yes, good morning.

是的，早安。

Thank you very much for taking our questions.

非常感謝您接受我們的提問。

Congrats on all the activity this quarter.

恭喜本季的所有活動。

I just wanted to go back to some questions on the advanced stage pipeline.

我只是想回到有關高級階段管道的一些問題。

So appreciating what you said about kind of risk-adjusted returns, just looking at the big jumps that you had in your advanced stage pipeline from the deal, if those deals are relatively more de-risked because of that pipeline, is it fair to say that the near-term or maybe medium-term accretion from those deals is -- I mean, how should we compare the accretion compared to some of your historical deals?

因此，感謝您所說的風險調整回報，只需看看您在交易的高級階段管道中的大幅躍升，如果這些交易由於該管道而相對降低了風險，那麼可以公平地說這些交易的近期或中期成長是——我的意思是，我們應該如何將成長與你們的一些歷史交易進行比較？

Sure.

當然。

So maybe getting away from the specifics of these individual deals.

因此，也許可以擺脫這些單獨交易的細節。

Where we typically see the highest near-term accretion is when we buy into operating portfolio.

我們通常會看到短期漲幅最高的時候是我們買入營運投資組合。

Those typically are the transactions that provide the greatest amount of near-term accretion to our numbers.

這些通常是為我們的數字提供最大量的近期增量的交易。

But it should be recognized that typically when you're buying a high-quality de-risked portfolio of operating assets, that's probably the type of transaction that's going to be at the lower end of our target return range.

但應該要認識到，通常當您購買高品質、去風險的營運資產投資組合時，這種交易類型可能會處於我們目標回報範圍的下限。

When we buy into a developer, obviously, we're going to put some dollars in the ground there that might not become income producing for a period of time and therefore, it drives less near-term accretion.

顯然，當我們購買開發商的股票時，我們將在那裡投入一些美元，這些美元可能在一段時間內不會產生收入，因此，它將減少近期的增值。

But over the whole of that investment, given the development exposure, we would certainly underwrite and expect those types of invested capital dollars to deliver a high-end or above target return IRR over the life of the investment.

但在整個投資中，考慮到開發風險，我們肯定會承保並期望這些類型的投資資本在投資期間內實現高端或高於目標回報的內部報酬率。

If you take those two points of the spectrum and begin to look at the deals that we've done this quarter.

如果你從光譜中的這兩點開始觀察我們本季完成的交易。

And I'll use Neoen as an example, that's probably cherry picking because it's kind of the big prominent one, but the incredible thing about Neoen it's kind of the best of both worlds.

我會以 Neoen 為例，這可能是精挑細選，因為它是最突出的一個，但 Neoen 令人難以置信的是，它是兩全其美的。

It comes with 8 gigawatts of operating or under construction assets that will be immediately additive to FFO, but it also comes with our development engine that today is producing about 1 gigawatt per year that we think can be accelerated to north of 2 gigawatts.

它配備了 8 吉瓦的營運或在建資產，將立即添加到 FFO 中，但它還配備了我們的開發引擎，目前每年生產約 1 吉瓦，我們認為可以加速到 2 吉瓦以上。

So in terms of the deals we've done this quarter that have dominated that, $1 billion net equity deployment to Brookfield Renewable, I would say on mass, they're probably a halfway house.

因此，就我們本季完成的主導的交易而言，向布魯克菲爾德再生能源公司（Brookfield Renewable）部署10 億美元的淨股權，我想說，就大規模而言，他們可能是一個中途之家。

Between buying operating portfolios and buying development portfolios because the largest transactions we've done this quarter have both.

在購買營運投資組合和購買開發投資組合之間，因為我們本季完成的最大交易同時擁有這兩種投資組合。

Very helpful.

很有幫助。

Makes sense.

說得通。

Thank you.

謝謝。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Hey, good morning, team.

嘿，早上好，團隊。

I just wanted to follow up, I think, on Rupert and Jessica's question.

我想我只是想跟進魯珀特和傑西卡的問題。

There was a little about whether you're a buyer or seller in systematic but it was more focused on, I guess, the PJM capacity auction.

系統方面有一些關於您是買家還是賣家的內容，但我猜，它更關注 PJM 產能拍賣。

If we go back maybe 10, 15-years, we had another bullish signal from the prices, it seems very quickly whether the rules changed or we got a response in building, capacity price has really been plummeted.

如果我們回到 10 年、15 年前，我們會從價格中得到另一個看漲信號，無論規則發生變化還是我們在建設方面得到回應，容量價格確實已經暴跌，看起來很快。

I mean do you think this time is different and we get a sustained level of high capacity pricing in that market?

我的意思是，您認為這次有所不同，我們在該市場上獲得了持續的高容量定價水平嗎？

Thanks, Anthony.

謝謝，安東尼。

It's a good question.

這是一個好問題。

I don't think we have a crystal ball to forecast the future here.

我認為我們沒有水晶球來預測未來。

But one thing that I would say that is going to be very different about this cycle, if I could position it that way versus what we saw as from the period of, let's say, 25-years ago until two years ago, electricity demand was essentially flat in many markets.

但我想說的是，如果我能這樣定位的話，與我們所看到的從 25 年前到兩年前的時期相比，這個週期將會非常不同，電力需求是許多市場基本上持平。

And therefore, when you saw call it, one or two-year-old anomalies, that was over an extended period of flat electricity demand.

因此，當你看到一兩年的異常現象時，那是在電力需求長期停滯的情況下發生的。

And therefore, those anomalies were driven by, call it, very short-term discrete events that could unwind quickly.

因此，這些異常現像是由非常短期的離散事件所驅動的，這些事件可能會迅速解除。

The different dynamic that we're stepping into for the next 20-years is it's going to be one of very sustained increases in electricity demand.

未來 20 年我們將面臨的不同動態是電力需求將持續成長。

Can we sit here and predict with any level of accuracy where capacity prices will come in the next auction or the auction after that, no.

我們能否坐在這裡以任何準確度預測下一次拍賣或之後的拍賣中容量價格的情況，不。

But do we think the fundamentals are robust and would drive a more sustained higher price environment, absolutely, yes.

但我們是否認為基本面強勁並且會推動更持續的更高價格環境，絕對是的。

And that's simply because there is more demand than there is supply this time.

這只是因為這次需求多於供應。

And it's expected to stay that way for a while.

預計這種情況將持續一段時間。

Great.

偉大的。

That's all I had.

這就是我所擁有的一切。

Congrats on a good quarter.

恭喜季度表現良好。

William Grippin, UBS.

威廉‧格里平，瑞銀集團。

Great.

偉大的。

Thanks, everybody.

謝謝大家。

I appreciate you squeezing me in and I'll just keep it to one here.

我很感激你把我擠進來，我就在這裡保留一件事。

Just curious on the wind and solar portfolio that we saw a pretty meaningful step down year-on-year in the average price per megawatt hour.

只是對風能和太陽能投資組合感到好奇，我們看到每兆瓦時的平均價格同比出現了相當大的下降。

Are you able to elaborate on some of those drivers underlying that change.

您能否詳細說明這項變更背後的一些驅動因素？

And is this legacy PPA roll-offs or more of a geographic mix?

這種購電協議的縮減是傳統的購電協議還是更多的地理組合？

Yeah.

是的。

Thanks for the question, Will.

謝謝你的提問，威爾。

Look there's two primary drivers.

看看有兩個主要驅動因素。

The first being that as you likely know, that good portion of that portfolio that we own is owned in Spain.

首先，正如您可能知道的那樣，我們擁有的投資組合的很大一部分是在西班牙擁有的。

It is under a regulated regime.

它處於受監管的製度之下。

And ultimately, there is a regulatory price that is a reference to a market price and it's adjusted accordingly.

最終，有一個監管價格，它參考市場價格並進行相應調整。

And so the market price in Spain year-on-year did come down.

所以西班牙的市場價格確實比去年同期下降了。

Now that meant that in the current period, we are recognizing less revenue, but given the regulatory construct of those assets, it has no impact on the return from those underlying assets.

現在，這意味著在當前時期，我們確認的收入減少，但考慮到這些資產的監管結構，它對這些基礎資產的回報沒有影響。

So it's really just a regulatory impact.

所以這其實只是監管影響。

And then the second piece is, look, as we have grown the business both through development and acquisition, the average price is of the assets we're building or acquiring was lower than our historical fleet.

第二個問題是，隨著我們透過開發和收購來發展業務，我們正在建造或收購的資產的平均價格低於我們歷史上的船隊。

And that's just representative of that in an environment where wind and solar costs have come down, that the price you need in terms of revenue, PPA price to earn a similar return has come down as well.

這只是代表，在風能和太陽能成本下降的環境中，獲得類似回報所需的收入價格、購電協議價格也下降了。

So it's really just a combination of that regulatory piece in Spain which again has no impact on return.

因此，這實際上只是西班牙監管部分的組合，這對回報沒有影響。

And then just the fact that as wind and solar has become more affordable, that the price we're realizing but earning an equal return on our growth is coming down as well.

事實上，隨著風能和太陽能變得更便宜，我們實現的但在成長中獲得同等回報的價格也在下降。

I appreciate the color.

我很欣賞它的顏色。

I'll leave it there.

我會把它留在那裡。

Thank you.

謝謝。

I would now like to turn the call back over to Connor Teskey for closing remarks.

我現在想將電話轉回給康納·泰斯基（Connor Teskey）進行結束語。

Great.

偉大的。

Thank you, everyone, for your participation in today's call and your interest and support of Brookfield Renewable.

感謝大家參加今天的電話會議以及對布魯克菲爾德再生能源公司的興趣和支持。

We look forward to not only providing an update on at next quarter's earnings, but also at our Investment Day during the third week of September.

我們不僅期待提供下一季收益的最新信息，而且還期待在九月第三週的投資日提供最新信息。

Thank you and have a great day.

謝謝您，祝您有美好的一天。

Cheers, bye.

乾杯，再見。

Thank you.

謝謝。

And this does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a wonderful day.

祝大家有美好的一天。