Brookfield Renewable Corp (BEPC) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Brookfield Renewables third-quarter 2024 results conference call and webcast. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，並歡迎參加布魯克菲爾德再生能源公司 2024 年第三季業績電話會議和網路廣播。（操作員指示）提醒一下，今天的節目正在錄製中。

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

現在，我想介紹一下今天節目的主持人，執行長 Connor Teskey。請繼續，先生。

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

謝謝你，接線生。大家早安，感謝您參加我們的 2024 年第三季電話會議。

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

在開始之前，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。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。這些陳述面臨已知和未知的風險，我們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 third quarter performance and how we are able to both successfully monetize assets at great returns in the current environment as well as find opportunities to deploy significant capital into growth at good value. Then Ignacio Gomez from our investment team, will speak to some of our successful asset monetizations announced this past quarter. And lastly, Wyatt will conclude the call by discussing our operating results and financial position. Following our remarks, we look forward to taking your questions.

在今天的電話會議上，我們將回顧第三季度的業績，以及我們如何能夠在當前環境下成功地將資產貨幣化並獲得豐厚的回報，並找到機會以良好的價值將大量資本部署到增長中。然後，我們投資團隊的伊格納西奧·戈麥斯 (Ignacio Gomez) 將談論我們上個季度宣布的一些成功的資產貨幣化。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。在我們的發言之後，我們期待回答您的問題。

We had a successful quarter with the business performing well. We delivered record funds from operations for the third quarter, benefiting from asset development recent acquisitions and strong all-in pricing. On the back of our strong results year-to-date and our outlook for the remainder of the year, we continue to expect to achieve our 10% plus FFO per unit growth target for 2024. We have continued to diversify our business across the most attractive power markets globally while concentrating on the lowest cost mature technologies, which today represent the most promising and viable solutions to meet accelerating electricity demand growth from digitalization and electrification.

我們度過了一個成功的季度，業務表現良好。受益於資產開發最近的收購和強勁的整體定價，我們第三季的營運資金創下了紀錄。鑑於我們今年迄今的強勁業績以及對今年剩餘時間的展望，我們繼續期望實現 2024 年每單位 FFO 增長 10% 以上的目標。我們繼續在全球最具吸引力的電力市場實現業務多元化，同時專注於成本最低的成熟技術，這些技術如今代表著最有前途和可行的解決方案，可以滿足數位化和電氣化帶來的電力需求的加速成長。

The outlook for our business continues to improve, driven by increasing demand for clean power as the robust investment by the large global technology players in data centers and semiconductor chips is now extending to energy capacity. Power is increasingly the bottleneck to enable data center and AI development, and we are seeing these businesses ramp up their efforts to lock in supply to ensure that they can achieve their own growth targets.

隨著全球大型技術企業對資料中心和半導體晶片的強勁投資現已擴展到能源產能，對清潔能源的需求不斷增加，我們的業務前景持續改善。電力日益成為資料中心和人工智慧發展的瓶頸，我們看到這些企業加強鎖定供應，以確保實現自己的成長目標。

This accelerating increase in demand for new power is being driven by corporate off-takers and requires a significant build-out of renewable generation given its position as the most cost competitive source of bulk power in most markets irrespective of incentive schemes. Our scale and geographical and technologically diversified business is uniquely positioned to meet this insatiable demand in all political environments.

新電力需求的加速成長是由企業承購商推動的，考慮到再生能源發電在大多數市場中是最具成本競爭力的大宗電力來源，無論激勵計劃如何，都需要大量建造再生能源發電。我們的規模、地理和技術多元化業務具有獨特的優勢，可以滿足所有政治環境中這種永不滿足的需求。

To reinforce this point, because our business is focused on markets, which are seeing the greatest amount of corporate demand, and is focused on the technologies that are the most cost-effective electricity solutions, we are largely insulated from any potential regulatory or subsidy changes, and we do not expect the recent election results to change our business model or growth outlook.

為了強調這一點，由於我們的業務專注於企業需求最大的市場，並且專注於最具成本效益的電力解決方案技術，因此我們在很大程度上不受任何潛在的監管或補貼變化的影響，我們預計最近的選舉結果不會改變我們的商業模式或成長前景。

This past quarter saw several agreements announced by global technology players to restart or enable the development of nuclear capacity. These agreements are a powerful indication not only of the magnitude of demand for clean electricity over the coming years, but of the types of solutions that are needed. The technology leaders require reliable, low-cost, 24/7 scale power solutions and they are increasingly looking to a small number of partners who they trust to deliver what they need, where they need it, and when they need it.

上個季度，全球技術參與者宣布了幾項協議，以重啟或促進核電發展。這些協議不僅有力地表明了未來幾年對清潔電力的需求量，而且還表明了所需的解決方案類型。技術領導者需要可靠、低成本、24/7 規模的電源解決方案，並且越來越多地尋求少數值得信賴的合作夥伴，以在需要的時間和地點提供所需的服務。

This environment is very constructive for the development platforms we have acquired in recent years and we are well positioned to continue as one of the partners of choice to these companies. We are differentiated with our diverse 200,000-megawatt renewable power project development pipeline, approximately 90% of which is located in the top 10 data center markets globally.

這種環境對於我們近年來收購的開發平台非常有建設性，我們有能力繼續成為這些公司的首選合作夥伴之一。我們以多樣化的 200,000 兆瓦再生能源專案開發管道而脫穎而出，其中約 90% 位於全球十大資料中心市場。

Added to that, with our Westinghouse nuclear business, which has design and engineering capabilities to deliver micro, small modular and utility-scale nuclear solutions, we are in an enviable position globally. As outlined at our Investor Day at the end of September, this year will be our largest for both asset recycling and investment into growth. To date, we have generated approximately $2.3 billion of proceeds from asset monetizations, resulting in returns of 2.5 times our invested capital and IRRs on these investments of greater than 20%, well in excess of our corporate targets.

除此之外，我們的西屋核電業務擁有提供微型、小型模組化和公用事業規模核解決方案的設計和工程能力，我們在全球處於令人羨慕的地位。正如我們在 9 月底的投資者日所概述的那樣，今年將是我們資產回收和成長投資規模最大的一年。迄今為止，我們已從資產貨幣化中獲得了約 23 億美元的收益，回報率為我們投資資本的 2.5 倍，這些投資的 IRR 超過 20%，遠遠超出了我們的公司目標。

Given other ongoing sales processes, the bids we are seeing in the market and our pipeline of assets that will be ready for sale in the coming quarters, we expect to deliver incremental strong monetizations in the future. During the same year-to-date time frame, we have committed and deployed over $11 billion of equity into growth including our proposed acquisition of Neoen which remains on track to close on our expected timelines as we continue to progress through the regulatory approvals and anticipated undertakings, which are all well advanced.

考慮到其他正在進行的銷售流程、我們在市場上看到的出價以及我們將在未來幾季準備出售的資產管道，我們預計未來將實現增量強勁的貨幣化。在同一年至今的時間範圍內，我們已承諾並部署了超過110 億美元的股本來促進成長，其中包括我們擬議的收購Neoen，隨著我們繼續取得監管批准和預期的進展，該收購仍有望我們的預期時間表完成。

We recognize that some may question how a market can be attractive for deployment and monetization at the same time. While every transaction has its own dynamics and there will be exceptions to any broad-based generalizations, we see a simple bifurcation in the current market. High-quality, de-risked, and cash-generative assets are seeing very strong bids. While large businesses with ongoing capital needs for development and construction are seeing a scarcity of capital to fund their growth pipelines.

我們認識到，有些人可能會質疑市場如何同時對部署和貨幣化具有吸引力。雖然每筆交易都有其自身的動態，並且任何廣泛的概括都會有例外，但我們看到當前市場存在簡單的分歧。高品質、低風險且能產生現金的資產的出價非常強勁。雖然需要持續開發和建設資金的大型企業卻發現資金短缺，無法為其成長管道提供資金。

This creates a tremendous opportunity for those equipped to deploy capital at attractive value entry points to acquire growing businesses or fund existing operations. This constructive environment also allows us to monetize more mature assets and recycle the proceeds back into accretive new investments under an attractive and high-returning self-funding model. We feel this market is particularly attractive for a number of the renewable development platforms we have acquired in recent years. Last week, we announced a new partnership with Ørsted a global leader in offshore wind, making our first direct investment into this technology.

這為那些有能力在有吸引力的價值切入點部署資本來收購成長型企業或為現有業務提供資金的人創造了巨大的機會。這種建設性的環境也使我們能夠將更成熟的資產貨幣化，並在有吸引力且高回報的自籌資金模式下將收益回收到增值的新投資中。我們認為這個市場對於我們近年來收購的許多再生能源開發平台特別有吸引力。上週，我們宣布與離岸風電領域的全球領導者 rsted 建立新的合作夥伴關係，這是我們對這項技術的首次直接投資。

We have always taken a thoughtful approach to investing in technologies that are new to our platform. For example, almost a decade ago, we were consciously not a first mover into solar because we believe that much of the initial capital invested in the space was subject to return drivers outside of our control. Notably, the pace of technological improvement and cost declines, the ramp-up of supply chain and the assumed trajectory of growth.

我們始終採取深思熟慮的方法來投資我們平台的新技術。例如，大約十年前，我們有意識地不是太陽能領域的先驅，因為我們相信投資於該領域的大部分初始資本都受到我們無法控制的回報驅動因素的影響。值得注意的是，技術進步和成本下降的步伐、供應鏈的提升以及假設的成長軌跡。

While some players got these initial bets right and others wrong, we waited until we felt the sector was more appropriately derisked. Once the sector matured, we moved with conviction, securing attractive value entry points, often capitalizing on situations of capital scarcity where some of those earlier investments didn't go as planned. Despite our cautious initial approach to the asset class, we have since found no shortage of opportunities and today are one of the largest solar developers in the world, if not the largest.

雖然一些參與者最初的賭注是正確的，而另一些參與者是錯誤的，但我們一直等到我們認為該行業的風險得到了更適當的降低。一旦該行業成熟，我們就會滿懷信心地採取行動，確保具有吸引力的價值切入點，並經常利用資本稀缺的情況，即一些早期投資未能按計劃進行。儘管我們最初對該資產類別持謹慎態度，但此後我們發現了不乏機會，今天即使不是世界上最大的太陽能開發商，也是世界上最大的太陽能開發商之一。

We have taken a similar approach to investing in offshore wind. We view offshore wind as a mature, fast-growing and scale renewable technology with critical attributes for certain markets, such as providing a differentiated energy load profile, high-capacity factors, and limited onshore land requirements. However, up until recently, many of the opportunities we looked at face long lead times between capital outlays for development and project commissioning. These challenges deterred us from investing over the past several years, especially given the other opportunities we were seeing in the market.

我們採取了類似的方法來投資離岸風電。我們認為離岸風電是一種成熟、快速成長和規模化的可再生技術，對於某些市場具有關鍵屬性，例如提供差異化的能源負載概況、高容量係數和有限的陸上土地需求。然而，直到最近，我們看到的許多機會都面臨著開發資本支出和專案調試之間較長的交付週期。這些挑戰在過去幾年阻止了我們的投資，特別是考慮到我們在市場上看到的其他機會。

To date, we are seeing more opportunities to invest in projects that are operating or where the cash flows are more significantly derisked at attractive risk-adjusted returns. We agreed to partner with Ørsted a global leader in offshore wind to acquire a 12% interest in a portfolio of 3,500 megawatts of operating capacity in the UK for an enterprise value of $2.3 billion.

到目前為止，我們看到更多機會投資於正在運作的項目或現金流風險更顯著降低的項目，並獲得有吸引力的風險調整回報。我們同意與離岸風電領域的全球領導者 ärsted 合作，以 23 億美元的企業價值收購英國 3,500 兆瓦營運容量投資組合 12% 的權益。

The portfolio is one, secured by long-term government-backed inflation-linked contracts for difference; two, has approximately 90% of operating costs fixed through long-term O&M transmission and lease contracts; and three, comes with no development or construction risk. We are thrilled to partner with Ørsted, a global leader in offshore wind who will continue to own a 38% interest and operate the portfolio, which we expect to generate returns in line with our targets.

該投資組合是一個，由政府支持的長期通膨掛鉤差價合約作為擔保；二、約90%的營運成本透過長期運維輸電及租賃合約固定；第三，沒有開發或建設風險。我們很高興與全球離岸風電領域的領導者 ärsted 合作，後者將繼續擁有 38% 的權益並營運該投資組合，我們預計該投資組合將產生符合我們目標的回報。

With that, we will now turn it over to Ignacio to discuss our recent asset monetization.

現在，我們將把它交給伊格納西奧來討論我們最近的資產貨幣化。

Thank you, Connor, and good morning, everyone. As Connor noted, this will be our most successful year for asset recycling ever, as we have already generated record proceeds year-to-date and continue to see robust demand for high-quality, cash-generative operating platforms, and in particular, those with embedded growth opportunities and capabilities.

謝謝你，康納，大家早安。正如康納指出的那樣，這將是我們有史以來資產回收最成功的一年，因為我們今年迄今為止已經產生了創紀錄的收益，並且繼續看到對高品質、創收現金的營運平台的強勁需求，特別是那些具有嵌入的成長機會和能力。

While we underwrite our investments on a hold to maturity basis to deliver our target 12% to 15% returns, we can often enhance these returns by monetizing mature assets to buyers with a lower cost of capital, who value the long life, derisked infrastructure-like cash flows of renewable power projects. Asset recycling also represents a highly accretive way to fund our business and contributes to our sustainable self-funding model.

雖然我們在持有至到期的基礎上承保我們的投資，以實現12% 至15% 的目標回報，但我們通常可以透過將成熟資產貨幣化給資金成本較低的買家來提高這些回報，這些買家看重使用壽命長、無風險的基礎設施。資產回收也是我們業務融資的一種高度增值的方式，並有助於我們可持續的自籌資金模式。

Important to successful asset monetizations is the strength of our balance sheet, which enables us to be patient and sell assets when markets are constructive. Throughout 2024, we have seen a very robust bid for high-quality assets and platforms. And against this market demand, we have been successfully recycling capital from our existing asset base and returns significantly above our targets.

對於成功的資產貨幣化來說，重要的是我們的資產負債表的實力，這使我們能夠保持耐心，並在市場有建設性時出售資產。在整個 2024 年，我們看到優質資產和平台的競購非常強勁。針對這項市場需求，我們成功地從現有資產基礎中回收了資本，回報率遠高於我們的目標。

While every investment is different in each case, these results were driven by acquiring for value, improving the assets through the execution of our business plan, and monetizing opportunistically. In September, we reached an agreement to sell Saeta which we acquired in 2018 to take private during a period of market uncertainty that created an attractive value entry point. The portfolio consisted of high-quality contracted assets where we saw an opportunity to add value, leveraging our scale, and operating capabilities.

雖然每項投資的具體情況都不同，但這些結果是透過獲取價值、透過執行我們的業務計劃來改善資產以及機會性貨幣化所驅動的。9 月，我們達成協議，出售我們於 2018 年收購的 Saeta，在市場不確定時期將其私有化，這創造了一個有吸引力的價值切入點。該投資組合由高品質的合約資產組成，我們看到了利用我們的規模和營運能力來增值的機會。

Following the acquisition, which we executed on a bilateral basis, we implemented our business plan. Divesting noncore assets and bringing over best practices from our experience operating renewable assets globally to enhance operations and reduce costs. We also optimized the capital structure and established a development function to focus on growth. With the in-house development team that we built and supplemented by our access to capital, we're able to grow the business and develop a very attractive pipeline of projects. The development team remains in place, and we continue to carry out the strategic growth plan going forward with the new owners.

在我們以雙邊方式執行收購之後，我們實施了我們的業務計劃。剝離非核心資產，並藉鑒我們在全球營運再生資產的經驗中的最佳實踐，以增強營運並降低成本。優化資本結構，建立聚焦成長的發展職能。憑藉我們建立的內部開發團隊並透過我們獲得的資金進行補充，我們能夠發展業務並開發非常有吸引力的專案管道。開發團隊仍然存在，我們將繼續與新所有者一起執行策略性成長計劃。

We agreed to sell the company, excluding the contracted 350-megawatt of concentrated solar power assets, which we continue to own and operate to a leading global renewable energy company as part of their strategic entry into Iberian region for an equity value of $730 million. With the sale, we will generate total proceeds of over 3 times our invested capital over a six-year hold period crystalizing strong returns for our shareholders.

我們同意出售該公司，不包括合約規定的350 兆瓦聚光太陽能資產，我們繼續向一家全球領先的可再生能源公司擁有和運營該資產，作為其戰略進入伊比利亞地區的一部分，股權價值為7.3 億美元。透過此次出售，我們將在六年的持有期間產生超過投資資本三倍的總收益，為股東帶來豐厚的回報。

In 2017, we acquired a 25% interest in First Hydro, the leading UK hydro business, providing approximately 75% of the pumped storage capacity and 45% of the hydro capacity in the market. We recognize an opportunity to use our decades of experience in owning and operating hydro assets to implement several value-generative initiatives. Upon acquisition, we helped execute on the risk and asset refurbishment program that extended the life of the pumped storage facilities by over 40 years. We optimized the capital structure by refinancing the long-term debt of the business and enhanced the commercial strategy.

2017年，我們收購了英國領先水力發電企業First Hydro 25%的股權，提供市場上約75%的抽水蓄能容量和45%的水力發電容量。我們認識到有機會利用我們數十年擁有和運營水電資產的經驗來實施多項創造價值的措施。收購後，我們協助執行了風險和資產翻新計劃，將抽水蓄能設施的使用壽命延長了 40 多年。透過對業務長期債務進行再融資，優化資本結構，強化商業策略。

We recognized the favorable market dynamics and increasing importance of energy storage and scale dispatchable clean power which led us to an increase in revenues and record earnings under our ownership. In September, we reached an agreement to sell our interest in First Hydro for $350 million generating over 3.5 times our invested capital since acquisition and are delivering the buyer a highly strategic asset that we continue to provide critical grid services for decades to come.

我們認識到有利的市場動態以及能源儲存和規模可調度清潔電力日益增長的重要性，這導致我們的收入增加並創下了我們所有權下的收益記錄。9 月，我們達成協議，以3.5 億美元的價格出售我們在First Hydro 的權益，自收購以來產生的資金是我們投資資本的3.5 倍以上，並向買方提供了一項高度戰略性的資產，我們將在未來幾十年繼續提供關鍵的電網服務。

During the quarter, we also agreed to sell a 50% interest in our Shepherds Flat wind portfolio, where we executed one of the largest wind repowering projects globally, increasing generation by approximately 25% and extending the asset's useful life by approximately 10 years. We completed this repowering project on time and on budget during the pandemic, when the sector was being impacted by supply chain challenges, a testament to our procurement and development teams.

在本季度，我們也同意出售Shepherds Flat 風力投資組合50% 的權益，我們在該投資組合中執行了全球最大的風力發電項目之一，將發電量增加了約25%，並將資產的使用壽命延長了約10 年。在疫情期間，當該行業受到供應鏈挑戰的影響時，我們按時、按預算完成了這個改造項目，證明了我們的採購和開發團隊。

In closing, we will generate almost 2 times our invested capital on the portions sold for $415 million while still retaining a 50% interest and operating the asset, where we are completing other value-enhancing initiatives.

最後，我們將以 4.15 億美元出售的部分產生幾乎兩倍於我們投資的資本，同時仍保留 50% 的權益並經營該資產，我們正在完成其他增值計劃。

And finally, today, we're one of the leading renewable energy operators and developers in India, having prudently built a regional presence since entering the market in 2017 off the back of the broader Brookfield business in the country. This week, we signed an agreement to complete our first full cycle investment in the country by selling a 1,600-megawatt portfolio of operating and under construction wind and solar assets to a large renewable player at our target returns. We expect to close the transaction in parts in the first quarter of 2025 and 2026, subject to customary closing conditions. We were able to add value to this portfolio through the optimization of the capital structure, operational and working capital improvements, and through organic development.

最後，今天，我們是印度領先的再生能源營運商和開發商之一，自 2017 年進入市場以來，在該國更廣泛的 Brookfield 業務的支持下，我們謹慎地建立了區域業務。本週，我們簽署了一項協議，以我們的目標回報向一家大型再生能源企業出售 1,600 兆瓦的營運和在建風能和太陽能資產組合，完成我們在該國的首個全週期投資。我們預計將在符合慣例成交條件的情況下於 2025 年第一季和 2026 年部分完成交易。我們能夠透過優化資本結構、改善營運和營運資本以及透過有機發展來增加該投資組合的價值。

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

接下來，我會將其轉交給懷亞特，討論我們的經營績效和財務狀況。

Thanks, Ignacio, and good morning, everyone. Our operating business had a strong quarter, delivering record funds from operations, generating $278 million in the quarter, or $0.42 per unit, up 11% year-over-year. With an increasingly diversified portfolio of operating assets, limited off-taker concentration risk, and a strong contract profile, our cash flows are highly resilient. These results and our outlook for the remainder of the year have us positioned well to deliver on 10%-plus FFO per unit growth.

謝謝，伊格納西奧，大家早安。我們的營運業務季度表現強勁，營運資金創歷史新高，本季創收 2.78 億美元，每單位 0.42 美元，年增 11%。憑藉日益多元化的經營資產組合、有限的承購商集中風險以及強勁的合約狀況，我們的現金流具有高度彈性。這些結果以及我們對今年剩餘時間的展望使我們處於有利位置，可以實現每單位 FFO 增長 10% 以上。

Our hydroelectric segment benefited during the quarter from solid generation, and we continue to see strong demand for these assets. This quarter, we successfully executed two contracts with US utilities at an average price of almost $90 per megawatt hour for an average duration of almost 15 years. The favorable contracts will result in a significant uplift in revenue per year and are expected to result in upfinancing proceeds of up to $500 million, which when redeployed at our target returns, is expected to generate meaningful incremental annual FFO for the business. With an additional 6,000 gigawatt hours of generation available for recontracting over the next five years, and an increasingly constructive pricing environment for our hydro portfolio, we have significant capacity across our fleet to execute on similar contracts that we expect to contribute additional FFO and generate a highly accretive funding source for our growth.

我們的水力發電部門在本季度受益於穩定的發電，並且我們繼續看到對這些資產的強勁需求。本季度，我們成功與美國公用事業公司簽訂了兩份合同，平均價格接近每兆瓦時 90 美元，平均期限近 15 年。這些有利的合約將導致每年收入大幅增加，預計將帶來高達 5 億美元的融資收益，當按照我們的目標回報進行重新部署時，預計將為該業務帶來有意義的年度 FFO 增量。未來五年內將有6,000 吉瓦時的額外發電量可用於再承包，並且我們的水電投資組合的定價環境日益具有建設性，我們整個船隊擁有強大的能力來執行類似的合同，我們預計將貢獻額外的FFO 並產生為我們的發展提供高度增值的資金來源。

Our wind, solar, distributed energy, and sustainable solutions segments generated record results benefiting from our acquisitions and development activities, as well as continued tailwinds at our nuclear services business, Westinghouse.

我們的風能、太陽能、分散式能源和永續解決方案部門取得了創紀錄的業績，這得益於我們的收購和開發活動，以及我們的核子服務業務西屋電氣的持續推動。

Our balance sheet continues to strengthen as we ended the quarter with $4.6 billion of available liquidity and our funding model is working well. As Ignacio noted, we were successful in executing on our asset recycling initiatives this quarter, generating record proceeds so far this year and have a positive outlook to continue to rotate capital and generate strong returns going forward. In addition, we expect to execute a total of $30 billion in financing this year, generating $700 million in total financings, positioning us well to fund our growth activities going forward.

我們的資產負債表繼續增強，本季結束時我們擁有 46 億美元的可用流動資金，而且我們的融資模式運作良好。正如伊格納西奧指出的那樣，我們本季度成功執行了資產回報計劃，今年迄今產生了創紀錄的收益，並對未來繼續輪換資本並產生強勁回報抱有積極的前景。此外，我們預計今年將執行總計 300 億美元的融資，從而產生 7 億美元的融資總額，使我們能夠很好地為未來的成長活動提供資金。

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. On behalf of the Board and management, 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 throughout the remainder of the year.

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。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。我們對布魯克菲爾德再生能源公司的未來感到興奮，並期待在今年剩餘時間內向您通報我們的最新進展。

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

我們今天電話會議的正式演講到此結束。感謝您今天早上加入我們。然後，我會將其傳回給我們的接線員以供提問。

Sean Steuart, TD Securities.

肖恩‧史都華 (Sean Steuart)，道明證券。

Thanks. Good morning, everyone. I want to start with the US. It's a big part of your advanced organic pipeline. And Connor, you referenced comfort that growth will -- it will remain a growth focus for Brookfield Renewable. I'm wondering if you can give us more detailed thoughts on the US return profile and growth potential of tax credits or changed or appealed in the events that the Republicans take the House and Trump can advance that agenda.

謝謝。大家早安。我想從美國開始。它是您先進的有機管道的重要組成部分。康納，您提到成長將繼續是布魯克菲爾德再生能源公司的成長焦點。我想知道您是否可以向我們提供有關美國回報狀況和稅收抵免增長潛力的更詳細想法，或者在共和黨入主眾議院且特朗普可以推進該議程的事件中改變或呼籲的稅收抵免的增長潛力。

Great. Good morning, Sean. Certainly, no doubt, a big topic this week. Maybe let's come at this two different ways. We'll come at it from the macro and then we'll come at it from the perspective of our business, in particular.

偉大的。早安，肖恩。當然，毫無疑問，這是本週的一個大話題。也許讓我們從兩種不同的角度來看這個問題。我們將從宏觀角度來看待這個問題，然後我們會特別從我們業務的角度來看這個問題。

From the macro perspective, we would suggest that the government support and regulatory processes and procedures that most commonly touch our business generally have very strong bipartisan support. And yes, while a new government may tweak or make changes to that, our expectation is it would not be material. However, what's probably more important from the macro side is two things. One, any time a new administration comes in. And this one, we expect to be no different, we expect to see a period of tremendous fiscal support to drive industry and manufacturing and data centers in the United States, and all those things are going to need incremental power.

從宏觀的角度來看，我們建議最常涉及我們業務的政府支持和監管流程和程序通常得到兩黨非常強大的支持。是的，雖然新政府可能會對此進行調整或改變，但我們預計這不會是實質的。然而，從宏觀角度來看，可能更重要的是兩件事。第一，任何時候新政府上台。我們預計這次也不會有什麼不同，我們預計將看到一段時期的巨大財政支持，以推動美國的工業、製造業和資料中心，而所有這些都將需要增量動力。

And that's going to be very beneficial for renewables. That's going to be beneficial for gas, that's going to be beneficial for nuclear. Further, a Republican administration with a focus on domestic growth should no doubt provide longer-term tailwinds that will increase power demand, which, again, renewables as the lowest cost provider of that power should be well positioned to benefit from that incremental demand.

這對再生能源非常有利。這對天然氣有利，對核能有利。此外，專注於國內成長的共和黨政府無疑應該提供長期的推動力，從而增加電力需求，而再生能源作為成本最低的電力供應商，應該能夠從增量需求中受益。

Now, maybe then switching gears to talk about our business. For years now, we've been growing and diversifying our business. We're proud that we have one of, if not the most, globally diversified renewables business across both geographies and technologies. But in particular, for years, we've been positioning our business to rely on corporate demand and low-cost energy production, not government subsidy. To ensure that in periods of regulatory uncertainty, our business will continue to perform.

現在，也許可以換個話題來談談我們的業務。多年來，我們一直在不斷發展業務並使業務多元化。我們感到自豪的是，我們擁有跨地域和技術的全球多元化再生能源業務（即使不是最多元化的）之一。但特別是，多年來，我們一直將我們的業務定位為依賴企業需求和低成本能源生產，而不是政府補貼。確保在監管不確定時期，我們的業務將繼續運作。

To date, our business is highly focused in both the lowest cost technologies and the regions that are seeing the greatest growth in electricity demand, which ensures that we are largely insulated from any potential regulatory or subsidy changes and therefore, we don't expect the recent election results to change our business model, our growth outlook or the return profile we will seek to achieve when deploying capital into growth.

到目前為止，我們的業務高度集中在成本最低的技術和電力需求成長最快的地區，這確保我們在很大程度上免受任何潛在的監管或補貼變化的影響，因此，我們預計不會出現任何潛在的監管或補貼變化。

Maybe just to finish by putting it bluntly, we are the low-cost producer of a critical commodity that the world, particularly the United States, is going to need more of. And therefore, we feel that our position is very strong particularly as we move forward and see more growth in the United States.

也許坦白說，我們是一種關鍵商品的低成本生產者，世界，特別是美國，將需要更多這種商品。因此，我們認為我們的地位非常穩固，特別是當我們向前邁進並看到美國的更多成長時。

That's great detail. Thanks for that. Second question relates to offshore wind. It looks like the Ørsted transaction is, I would say, more of a focused financing deal with fixed horizon for you guys, more so that as opposed to a strategic push into the asset class. Can you speak to larger growth aspirations and offshore wind having referenced the risk profile now fitting into parameters that work for you guys?

這是非常詳細的。謝謝你。第二個問題與離岸風電有關。我想說，看起來第一次的交易對你們來說更像是一項有固定期限的集中融資交易，而不是策略性地進軍資產類別。您能否在參考目前適合你們的參數的風險狀況後，談談更大的成長願望和離岸風電？

For sure. Maybe just to put some context on the Ørsted transaction. First and foremost, we are thrilled to be partnered with Ørsted who are the global leader in offshore wind. And we are thrilled to be partnered with the global leader and perhaps what is one of their highest quality, largest, and most established offshore wind platforms around the world and the quality of the assets and the quality of the partner here is really what attracted us to the investment.

一定。也許只是為了了解最初的交易的背景。首先，我們很高興能與全球離岸風電領域的領導者奧斯特合作。我們很高興能與全球領導者合作，也許他們在全球範圍內質量最高、規模最大、最成熟的海上風電平台之一以及這裡的資產質量和合作夥伴的質量才是真正吸引我們的地方到投資。

In terms of the broader asset class, we're very bullish on offshore wind. We think it is a large, fast-growing asset class, it's critical in many markets around the world, and it needs significant amounts of capital. And perhaps some of the headwinds in the asset class over the last two or three years position us as a capital provider who can support some businesses that maybe have less access to capital today than they have in the past.

就更廣泛的資產類別而言，我們非常看好離岸風電。我們認為這是一個龐大、快速成長的資產類別，在全球許多市場中都至關重要，並且需要大量資本。也許過去兩三年資產類別中的一些不利因素使我們成為一個資本提供者，可以為一些今天獲得資本的機會可能比過去少的企業提供支持。

We will review opportunities in offshore wind, the same way we review opportunities in any asset classes, judging the risk and return. But what I would say is we see far more attractive opportunities in that asset class today than probably at any point in the last five or six years, and therefore, we hope there will be more to come.

我們將審查離岸風電的機會，就像我們審查任何資產類別的機會一樣，判斷風險和回報。但我想說的是，我們今天在該資產類別中看到的有吸引力的機會可能比過去五、六年中的任何時候都要多，因此，我們希望未來會有更多機會。

Thanks for that, Connor. That's all I have for now.

謝謝你，康納。這就是我現在所擁有的一切。

Robert Hope, Scotiabank.

羅伯特‧霍普，豐業銀行。

Good morning, everyone. I want to circle back on the US and maybe dive a little bit deeper into your comments about being the low-cost producer. We understand that the tax benefits often do pass through to customers. But can you maybe dive in a little deeper on what asset classes could be more impacted by changes to tax policy there? And could that shift more towards wind versus solar or which asset class do you think has the best cost outlook regardless of subsidies.

大家早安。我想回顧一下美國，也許更深入地探討您關於成為低成本生產商的評論。我們知道稅收優惠通常會傳遞給客戶。但您能否更深入地了解哪些資產類別可能會受到稅收政策變化的更大影響？與太陽能相比，這種情況是否會更多地轉向風能，或者您認為無論補貼如何，哪種資產類別具有最佳的成本前景。

Thanks, Rob. In terms of which asset classes are most susceptible to change, we would purely be speculating at this point. Obviously, the Republican administration has made some comments about certain asset classes. What we would say, in general, however, and how we view the business is -- if you are focused in asset classes like onshore wind and solar, which are not the cheapest cost of electricity production from renewables, but the cheapest cost of electricity production bar none.

謝謝，羅布。至於哪些資產類別最容易發生變化，我們目前純粹是在猜測。顯然，共和黨政府已經對某些資產類別發表了一些評論。然而，總的來說，我們要說的是，以及我們如何看待這項業務——如果你專注於陸上風能和太陽能等資產類別，它們不是可再生能源發電成本最便宜的，而是電力成本最便宜的生產禁止。

Today, if those asset classes benefit from tax credits or subsidies, all that allows us to do is simply offer a cheaper PPA to the end customer. In the event that any of those tax subsidies are rolled back or reduced, we will simply flow the lack of those subsidies through a higher PPA price to preserve our returns, our project returns. And the key point there is because onshore wind and solar are so much cheaper than the alternatives, there is room to do that and still be the cheapest form of bulk electricity production.

如今，如果這些資產類別受益於稅收抵免或補貼，我們所能做的就是向最終客戶提供更便宜的購電協議。如果這些稅收補貼被取消或減少，我們將透過提高購電協議價格來彌補這些補貼的不足，以維持我們的回報，我們的專案回報。關鍵是，由於陸上風能和太陽能比其他替代方案便宜得多，因此還有空間做到這一點，並且仍然是最便宜的大宗電力生產形式。

That is why we feel our -- the vast, vast majority of our business where we do almost entirely all of our renewable power development in the United States is so insulated from any changes. Clearly, the sectors that potentially could be more exposed are higher-cost sectors are sectors that are reliant on government subsidy or government support to either make them economic or to support their go-forward growth.

這就是為什麼我們覺得我們的絕大多數業務幾乎完全不受任何變化的影響，我們幾乎完全在美國進行所有再生能源開發。顯然，可能面臨更大風險的產業是成本較高的產業，這些產業依賴政府補貼或政府支持來實現經濟成長或支持其未來成長。

And there are a few of those sectors -- we are just fortunate that it's never been part of our business focus to invest in those, and that's why we're relatively calm about any change in government today.

其中有一些行業——我們很幸運，投資這些行業從來都不是我們業務重點的一部分，這就是為什麼我們對今天政府的任何變化都相對平靜。

Appreciate that color. And then maybe pivoting over to the Infinium investment. And more broadly, how are you looking at, we'll call it, non-renewable power investments with the potential to be a little bit more on the bleeding edge. And I guess, overall, with such a large renewable backlog, how do these kind of investments fit in the framework.

欣賞那個顏色。然後也許會轉向 Infinium 投資。更廣泛地說，您如何看待我們稱之為可能處於前沿的不可再生電力投資。我想，總體而言，由於再生能源積壓如此之大，此類投資如何適應該框架。

Sure. Our business today is almost entirely renewables. And that continues to be the bulk of our growth today and our expected growth going forward. What we would say, however, is while we've dramatically enhanced the growth of our renewables business over the last several years, we've been selective in investing initially into a number of asset classes that we think will be critical to clean energy grids of the future. And the most notable ones there that we've invested in are nuclear, batteries, and biofuels.

當然。我們今天的業務幾乎完全是可再生能源。這仍然是我們今天成長和未來預期成長的主要內容。然而，我們要說的是，雖然我們在過去幾年中極大地促進了可再生能源業務的成長，但我們在最初投資時一直有選擇性地投資於我們認為對清潔能源電網至關重要的一些資產類別未來的。我們投資的最引人注目的是核能、電池和生質燃料。

When it comes to assessing any investment into new asset classes, I would say our approach is pretty robust. And we have the luxury of investing billions, if not tens of billions of dollars into renewables growth each year. And that gives us a very strong benchmark or threshold against which to adjust the risk-adjusted returns of any other asset class or any other investment that we make.

當談到評估新資產類別的投資時，我想說我們的方法非常穩健。我們有幸每年投資數十億甚至數百億美元來促進再生能源的成長。這為我們提供了一個非常強大的基準或閾值，以此來調整我們進行的任何其他資產類別或任何其他投資的風險調整回報。

And if we're investing in something that has either slightly higher construction or development risk, slightly higher revenue construct risk, is a less mature technology with a less mature supply chain, we, of course, need to be significantly rewarded for taking on those exposures relative to what we could achieve by just investing further in wind and solar.

如果我們投資的項目的建設或開發風險略高，收入建設風險略高，技術不太成熟，供應鏈不太成熟，那麼我們當然需要因為承擔這些風險而獲得豐厚的回報相對於我們通過進一步投資風能和太陽能所能實現的目標而言。

And take the example of Infinium here. Infinium is a sustainable aviation fuel is a new asset class for us but really, what we're investing here is the build-out of a facility that is not the first of its kind. It's a proven technology. Similar facilities have been built out before but exactly similar to our wind and solar business, we are building a facility that is backstopped by long-term take-or-pay contracts, with high-quality corporate offtakers. And we saw a lot of similarities to producing this sustainable aviation fuel similar to how we do green power. And that's what gets us excited and gives us comfort about an investment like Infinium.

並以 Infinium 為例。Infinium 是一種永續航空燃料，對我們來說是一種新的資產類別，但實際上，我們在這裡投資的是擴大一個不是同類設施的首個設施。這是一項經過驗證的技術。類似的設施以前已經建造過，但與我們的風能和太陽能業務完全相同，我們正在與高品質的企業承購商建造一個由長期照付不議合約支持的設施。我們發現這種可持續航空燃料的生產與我們生產綠色能源的方式有許多相似之處。這就是讓我們對 Infinium 這樣的投資感到興奮和安慰的原因。

Great. Thank you for the color.

偉大的。謝謝你的顏色。

Nelson Ng, RBC Capital Markets.

納爾遜·吳（Nelson Ng），加拿大皇家銀行資本市場部。

Thanks. Connor, you've talked a lot about the US sector, and I have one more question for you in terms of the US elections. So obviously, with the elections outcome, we saw a big drop in share prices of many companies, even companies that don't have any US exposure, do you generally see like more opportunities to deploy capital now with publicly listed names or even in projects where responses may be pulling out? Like do you have a like a shopping list of companies or projects that are potentially significantly undervalued now?

謝謝。康納，您已經談論了很多關於美國行業的問題，我還有一個關於美國大選的問題要問您。很明顯，隨著選舉結果，我們看到許多公司的股價大幅下跌，甚至是那些沒有任何美國業務的公司，您是否普遍認為現在有更多機會以公開上市的名稱甚至在項目中部署資本哪些方面的回應可能會被取消？您是否有一份目前可能被嚴重低估的公司或項目的購物清單？

Perhaps the way to answer that question is very simply, our investment pipeline remains incredibly robust. And for years now, our ability to deploy scale capital has been predicated on, one, our ability to do large-scale transactions; two, our operating capabilities, particularly around power marketing; and three, are access to capital. And perhaps tying that back to your question, the variability and volatility in share prices following the election results all that will do is reduce access to capital for those that are reliant on the public markets.

也許回答這個問題的方法非常簡單，我們的投資管道仍然非常強勁。多年來，我們部署規模資本的能力一直取決於：一是我們進行大規模交易的能力；二是我們的能力。二是我們的營運能力，特別是電力行銷方面的能力；第三，獲得資本。也許將其與您的問題聯繫起來，選舉結果後股價的變化和波動只會減少那些依賴公開市場的人獲得資本的機會。

And I wouldn't say that's a new trend for us, but simply plays into a trend we've been seeing for a while. And as a result, we're very encouraged about the investment pipeline we have today. As mentioned at our Investor Day a couple of months ago, we continue to expect to deploy increasing amounts of capital into growth in the future. And that's very simply as a result of the demand we continue to see for our product and how our business model is well positioned to execute on that. I really think it just -- the volatility in the stock market after results just plays to that theme of less access to capital for some market participants.

我不會說這對我們來說是一種新趨勢，而只是我們已經看到了一段時間的趨勢。因此，我們對今天的投資管道感到非常鼓舞。正如幾個月前的投資者日所提到的，我們繼續期望將越來越多的資本投入未來的成長。這很簡單，因為我們不斷看到對我們產品的需求，以及我們的商業模式如何很好地執行這種需求。我真的認為這只是——業績公佈後股市的波動正好迎合了一些市場參與者獲得資本的機會減少的主題。

Great color. And just switching gears a bit on the hydro side, in terms of the $90 per megawatt hour and you mentioned that I think it's contracted to US utilities. Going forward, when you recontract additional facilities in the US, do you expect -- or are you seeing more direct demand from, let's say, big tech or data centers? Or do you expect recontracting to continue to be with US utilities?

顏色很棒。只是在水力發電方面稍微改變一下，每兆瓦時 90 美元，你提到我認為它是與美國公用事業公司簽訂合約的。展望未來，當您在美國重新承包更多設施時，您是否期望——或者您是否會看到來自大型技術或資料中心的更直接需求？或者您預計繼續與美國公用事業公司簽訂合約嗎？

It's a great question. The point we would highlight here is power demand is going up very, very significantly. Whether we sell that directly to an end customer, or we sell it to a utility who then passes it to an end customer or we sell it to an end customer, but through a virtual PPA that uses the electricity grid, all of this is driven by the same theme that there is more end customer demand.

這是一個很好的問題。我們在這裡要強調的一點是電力需求正在非常非常顯著地成長。無論我們直接將其出售給最終客戶，還是將其出售給公用事業公司，然後由公用事業公司將其傳遞給最終客戶，或者我們將其出售給最終客戶，但透過使用電網的虛擬購電協議，所有這一切都是驅動的同樣的主題是有更多的最終客戶需求。

And that shows up in our prices and the demand for our power, particularly the clean, dispatchable baseload power that can come from hydro or nuclear. That comes through in the contract, whether it's direct, a virtual PPA, or through a utility. Given what we're seeing in the market, I'd say we're going to see a mix of all those things. But the important takeaway from our perspective is regardless of how that power gets to the end consumer, the overwhelming things is the increase in demand, the increase in volume, and how that is driving a higher price in the contracts we are seeing.

這體現在我們的價格和對電力的需求中，特別是來自水力或核能的清潔、可調度的基荷電力。這在合約中得到體現，無論是直接合約、虛擬購電協議還是透過公用事業公司。鑑於我們在市場上看到的情況，我想說我們將看到所有這些東西的混合。但從我們的角度來看，重要的一點是，無論電力如何到達最終消費者手中，最重要的是需求的增加、數量的增加，以及這如何推動我們所看到的合約價格上漲。

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

偉大的。謝謝，康納。我會把它留在那裡。

(Operator Instructions) Rupert Merer, National Bank.

（操作員指令）Rupert Merer，國家銀行。

Hi. Good morning, everyone. Connor, you highlight the bifurcation in valuation between mature assets, more complex development assets. We're also seeing some weakness in the stock market at that you discussed, and we do seem to be seeing a wave of privatization. So I was wondering if you could quantify the difference in return expectations that you see with this bifurcation between mature and immature and between public valuations and private valuations.

你好。大家早安。康納，您強調了成熟資產和更複雜的開發資產之間估值的分歧。我們也看到您所討論的股市出現一些疲軟，而且我們似乎確實看到了一波私有化浪潮。所以我想知道您是否可以量化您所看到的成熟與不成熟以及公共估值與私人估值之間的分歧所帶來的回報預期差異。

It's a great question. And it's obviously going to differ by market, by asset class by size of transaction -- but we'll try and be as constructive as we can. And we'll share a couple of data points with you. within some of our development platforms, and we have a number of scale development platforms in core markets around the world.

這是一個很好的問題。顯然，它會因市場、資產類別和交易規模而有所不同——但我們會盡力表現出建設性。我們將與您分享一些數據點。在我們的一些開發平台內，我們在全球核心市場擁有許多規模開發平台。

Probably the easiest place to see the difference between development returns and the market price for contracted operating assets is when you look at the development margin within an individual developer. And I would say, in general, our best developers around the world are seeing developer margins north of 400 or 450 basis points. And we have some developers around the world that are consistently delivering development margins in the 500 to 600 basis point range.

也許最容易看出開發回報與合約營運資產的市場價格之間差異的地方是當您查看單一開發商的開發利潤時。我想說的是，總的來說，我們世界各地最好的開發商的開發商利潤率都在 400 或 450 個基點以上。我們在世界各地有一些開發商始終提供 500 至 600 個基點範圍內的開發利潤。

And depending on which asset class and which geography that might be, that might mean you're developing at, call it, 13% to 15% hold-to-maturity returns and selling down at 8% to 10% or in other markets, that might mean you're developing at 15% to 17% and selling down at 10% or 11%. So I would say that's probably the delta we're seeing in our most high-performing and most attractive markets.

根據資產類別和地理位置，這可能意味著你正在以 13% 至 15% 的持有至到期回報率進行開發，並以 8% 至 10% 的價格或在其他市場拋售，這可能意味著您的開發速度為15% 至17%，而銷售速度為10% 或11%。所以我想說，這可能是我們在表現最好、最具吸引力的市場中看到的三角洲。

Great. Thank you for the color. And why you've highlighted the contracts we've signed recently, some attractive prices, $90 a megawatt hour, I think you suggested. And if we look at the growth in demand in the US for power for data centers, it does seem like there's more demand than supply today. Supply is going to have a hard time keeping up how price sensitive do you think the market is? How high can power prices go before your buyers, you think will hit the pause button.

偉大的。謝謝你的顏色。為什麼你強調了我們最近簽署的合同，一些有吸引力的價格，我想你建議的是每兆瓦時 90 美元。如果我們看看美國資料中心電力需求的成長情況，就會發現今天的需求確實大於供應。供應將很難跟上您認為市場對價格的敏感度？您認為電價能漲到多高，您的買家就會按下暫停按鈕。

Yeah. Look, Rupert, what I would say is I think from our perspective, we thought that the showing the sharing the $90 per megawatt hour number was very constructive in the sense that there have been a number of transactions recently around the nuclear space that we're also in and around those numbers. Not all of it was fully publicly disclosed, but I think the market is settled around it being around those numbers.

是的。魯珀特，我想說的是，從我們的角度來看，我們認為分享每兆瓦時 90 美元的數字是非常有建設性的，因為最近圍繞我們的核領域進行了許多交易。數字之內和周圍。並非所有這些都被完全公開披露，但我認為市場已經圍繞著這些數字進行了解決。

And I think -- from our perspective, what we really want to highlight is that for a dispatchable or baseload clean generation, the demand for our product is as strong as ever. And it's -- you can see it across multiple different markets with multiple different buyers. And that is obviously a very constructive thing.

我認為，從我們的角度來看，我們真正想強調的是，對於可調度或基荷清潔發電，對我們產品的需求一如既往地強勁。你可以在多個不同的市場和多個不同的買家中看到它。這顯然是一件非常有建設性的事情。

In terms of how high the price can go, look, we don't have a crystal ball that's any better than anyone else. But I think from our perspective, we are seeing, especially for the hydros, but on a broader basis for all of our assets, there is a very constructive market out there, and that's what we're capitalizing on.

至於價格能漲到多高，你看，我們沒有比其他人更好的水晶球。但我認為，從我們的角度來看，我們看到，尤其是水力發電，但在我們所有資產的更廣泛基礎上，存在著一個非常有建設性的市場，這就是我們正在利用的市場。

Very helpful. I'll leave it there. Thanks for the color.

非常有幫助。我會把它留在那裡。謝謝你的顏色。

Mark Jarvi, CIBC.

馬克·賈維，CIBC。

Yeah. Good morning, everyone. Maybe just coming back to the US election impacts and given there's some uncertainty, what do you think will happen with M&A in the US market and being valuations on development pipeline? Is there a chance that any of your ongoing asset sales in US take a pause -- what do you think you have to see for clarity before the market maybe opens up again.

是的。大家早安。也許回到美國大選的影響，考慮到存在一些不確定性，您認為美國市場的併購和開發管道的估值會發生什麼？您在美國正在進行的資產出售是否有可能暫停—您認為在市場再次開放之前您必須看到什麼才能清楚。

Hi, Mark. If they are, we don't expect it to be material. The nature of the -- just speaking -- sorry to be redundant but going back to that bifurcation that we're seeing in the market, the things that we are selling are heavily contracted, derisked, high-quality cash-generative operating. These things are pretty embedded cash flow streams at this point that are reliant on government subsidy or support programs. So yeah, I think everyone is probably going to digest the news of this week, but we don't expect it to have a material impact on the types of assets that we are selling in the current market.

嗨，馬克。如果是的話，我們預計這不會是實質的。抱歉，我說太多了，但回到我們在市場上看到的分歧，我們銷售的產品都是高度承包的、無風險的、高品質的現金產生業務。目前，這些東西是相當嵌入的現金流，依賴政府補貼或支持計畫。所以，是的，我認為每個人可能都會消化本週的消息，但我們預計它不會對我們在當前市場上出售的資產類型產生重大影響。

Where there could be opportunity, it really ties back to the question that was asked previously, does the uncertainty of a new administration and some of the positions they might take in the future reduce access to capital for those that are reliant on it, particularly in the public markets. And that could actually lead to an increase in activity for us on the investment side. But we don't really foresee any material change in what's going to happen on our asset sales side.

在可能有機會的地方，它確實回到了先前提出的問題，即新政府的不確定性以及他們未來可能採取的一些立場是否會減少那些依賴它的人獲得資本的機會，特別是在公共市場。這實際上可能會導致我們投資方面的活動增加。但我們並沒有真正預見到我們的資產銷售方面會發生任何重大變化。

Okay. And just coming back to the US hydro assets some buyers are really focused on additionality. Microsoft deals kind of carried that way. Are you seeing any other change in tone around other large tech buyers in terms of additionality constraints? Or do you think they are willing to align to contract through US hydro to pay that premium?

好的。回到美國水電資產，一些買家真正關注的是額外性。微軟的交易就是這樣進行的。您是否發現其他大型科技買家在額外性限制方面的語氣有任何變化？或者您認為他們願意透過美國水電簽訂合約來支付溢價嗎？

It's a great question. And there's no perfect answer to this. The real key is the broader market needs more power. And yes, certain buyers are more axed to acquire power from new build. But the broader market just needs as much generation, particularly low-cost generation as it can get. So it doesn't matter if it's new build or existing power, there is still very significant demand.

這是一個很好的問題。這個問題沒有完美的答案。真正的關鍵是大盤需要更多動力。是的，某些買家更願意從新建築中獲取電力。但更廣大的市場只需要盡可能多的發電，特別是低成本發電。因此，無論是新建或現有電力，需求仍然非常大。

What we would say is, given the scale of demand that we are seeing and particularly how it is accelerating going forward, different institutions, and this extends beyond simply the technology companies. Different institutions are taking differing views on how much additionality is required. Is it a completely new build wind and solar? Or is investing hundreds of millions of dollars to enhance the capacity, extend the life of a hydro? Does that meet the additionality requirements to or need to sign a long-term corporate contract? So I would say it's not a one-size-fits-all scenario, but the broader demand is impacting both operating assets and new build assets, the same.

我們想說的是，考慮到我們所看到的需求規模，特別是未來的加速發展，不同的機構，而這不僅限於科技公司。不同的機構對於需要多少額外性持有不同的看法。它是一個全新的風能和太陽能建築嗎？還是投資數億美元來提高容量、延長水力發電的壽命？這是否滿足或需要簽署長期公司合約的額外性要求？所以我想說，這不是一刀切的情況，但更廣泛的需求正在影響營運資產和新建資產，同樣地。

Okay. And then last question, just again on the US market. Your view on nuclear and just the Westinghouse business, would you say the election outcome is neutral, positive, to be determined at this point? Any additional perspective on that business?

好的。最後一個問題，又是關於美國市場。您對核能以及西屋電氣業務的看法，您是否認為選舉結果是中性的、積極的，有待此時確定？對這項業務還有其他看法嗎？

Yeah, it's a pretty hard positive in our minds. Obviously, this administration has expressed support for nuclear. And maybe it's worth just taking a minute to explain Westinghouse's business and how it can benefit as nuclear growth going forward.

是的，這在我們看來是一個非常困難的正面因素。顯然，本屆政府已經表達了對核能的支持。也許值得花一分鐘時間解釋一下西屋電氣的業務，以及它如何隨著核電發展的發展而受益。

Westinghouse really has two components of its business model. It is the largest technology product and service supplier to the nuclear power generation fleet globally and in particular, the United States. So any growth or activity within the nuclear sector, Westinghouse will benefit, whether it's from services, capacity upgrades, life extensions, fuel supply, any growth or activity in the existing fleet is positive for Westinghouse.

西屋電氣的商業模式實際上有兩個組成部分。它是全球（尤其是美國）核電廠最大的技術產品和服務供應商。因此，核電領域的任何增長或活動，西屋電氣都將從中受益，無論是來自服務、產能升級、壽命延長、燃料供應，還是現有機隊的任何增長或活動對西屋電氣都是積極的。

But then in addition to that, Westinghouse has not only the leading large-scale nuclear reactor around the world, the AP1000, what might not be appreciated is Westinghouse also has the leading SMR, small module reactor technology. And what's unique about Westinghouse's SMR technology is almost every other, if not every other SMR technology around the world is a first of its kind. And first of its kind goes through certain struggles in permitting, in design, in construction, et cetera.

但除此之外，西屋不僅擁有全球領先的大型核反應器AP1000，令人不為人知的是西屋還擁有領先的SMR、小型模組反應器技術。西屋電氣的 SMR 技術的獨特之處在於，世界上幾乎所有其他 SMR 技術（即使不是所有其他 SMR 技術）都是同類技術中的首創。首先，它在許可、設計、施工等方面經歷了一定的鬥爭。

Westinghouse's SMR technology is the AP300. It is very simply the downsized AP1000. It is the same design, the same technology, the same fuel. And therefore, as not only the large-scale reactor market grows, as well as the SMR reactor grows, Westinghouse is exceedingly well positioned to be a leading and major participant in any new reactor growth in the United States or more broadly around the world.

西屋電氣的SMR技術是AP300。它就是 AP1000 的縮小版。它們是相同的設計、相同的技術、相同的燃料。因此，隨著大型反應器市場的成長以及 SMR 反應器的成長，西屋電氣完全有能力成為美國或更廣泛的全球任何新反應器成長的領先和主要參與者。

So, how are we viewing Westinghouse? It's not only going to benefit from the growth in nuclear in its core services business but also in terms of new reactors. And then the additional benefit for us is we are uniquely positioned as the only renewable power player globally that can offer nuclear solutions that can complement our wind and solar offering to our customers. And we feel that's a very, very enviable position to be in today, particularly with the largest corporate clients like the large tech companies.

那麼，我們如何看待西屋電氣？它不僅將受益於其核心服務業務的核能成長，而且還將受益於新反應器的成長。對我們來說，額外的好處是，我們擁有獨特的地位，是全球唯一一家能夠提供核解決方案的再生能源發電商，這些解決方案可以補充我們為客戶提供的風能和太陽能產品。我們認為今天的處境非常非常令人羨慕，尤其是對於大型科技公司等最大的企業客戶。

Okay. Thanks for the time today.

好的。謝謝你今天的時間。

William Grippin, UBS.

威廉‧格里平，瑞銀集團。

Thanks very much. Good morning. I'm sorry to do this, but just coming back to the policy point here. Obviously, there's been a lot of hand wringing on what happens to the ITC. A lot of people forget it's been around since 1978 in some form and has been extended under multiple administrations since that time, both Republican and Democratic. So I generally agree with you. I think any risk of change there is very, very low.

非常感謝。早安.我很抱歉這樣做，但只是回到這裡的政策點。顯然，人們對 ITC 發生的事情感到非常不安。很多人忘記了它自 1978 年以來就以某種形式存在，並且自那時起在共和黨和民主黨等多屆政府的領導下得到了延長。所以我基本上同意你的觀點。我認為任何改變的風險都非常非常低。

But more to the point, I think based on our conversations over the last few days, it seems like a lot of investors have actually forgotten about the IRS guidelines around safe harboring, which potentially enable developers to lock in the current ITC level through 2029. Just want to give you an opportunity to talk about maybe what you're doing on that front and help maybe sway some of these concerns about the impacts of potential policy changes.

但更重要的是，我認為根據我們過去幾天的對話，似乎很多投資者實際上已經忘記了 IRS 關於安全港的指導方針，這可能使開發商能夠在 2029 年之前鎖定當前的 ITC 水平。只是想讓您有機會談論您在這方面正在做的事情，並幫助消除一些對潛在政策變化影響的擔憂。

Yeah, certainly. It's a good point. And I think the point we would reiterate most specifically is two things. One, we would highlight your point that many of these support programs have been along a lot longer than just the previous administration. They date back far before that and importantly, have very strong bipartisan support. It's very well known that many Republican states were actually the largest beneficiaries of IRA. So while we wouldn't rule out some changes to those tax credits and things like that, if they are going to get changed, we argue is we don't expect it to be meaningful. And even if it is, as discussed previously, our business is well insulated.

是的，當然。這是一個好點。我認為我們最具體重申的一點是兩件事。第一，我們要強調你的觀點，即許多支持計畫的實施時間比上屆政府要長得多。他們的歷史可以追溯到很久以前，而且重要的是，他們得到了兩黨非常強大的支持。眾所周知，許多共和黨州實際上是愛爾蘭共和軍的最大受益者。因此，雖然我們不排除對這些稅收抵免之類的事情進行一些改變，但如果它們要改變，我們認為我們認為它不會有意義。即使是這樣，正如前面所討論的，我們的業務也能很好地隔離。

Maybe just piggybacking on your second point, I might come at it from a slightly different perspective, which is the scale of our business, both globally and in the United States, really puts us in a favorable position that we are extremely well positioned to handle any changes whatever they might be. We have globally diversified supply chains. We have one of if not the largest renewables business in the United States that can take advantage of any of the policies and procedures like the ones you mentioned.

也許只是順應你的第二點，我可能會從一個稍微不同的角度來看待這個問題，即我們在全球和美國的業務規模，確實使我們處於有利的地位，我們非常有能力處理這個問題任何改變，無論它們是什麼。我們擁有全球多元化的供應鏈。我們擁有美國最大的再生能源企業之一，可以利用您提到的任何政策和程序。

And we're always across those different initiatives to derisk our broader business. It doesn't end solely at tax credits. It goes to things like supply chain and procurement as well. And regardless of what change has come, we think our business will be well positioned, and we've just -- we really struggled to see a situation where we don't continue to grow and accelerate our growth in the United States.

我們總是透過這些不同的措施來降低我們更廣泛業務的風險。它不僅僅以稅收抵免結束。它也涉及供應鏈和採購等方面。無論發生什麼變化，我們認為我們的業務都將處於有利位置，而且我們真的很難看到我們不能繼續成長並加速我們在美國的成長。

Great. Thanks very much. And just last small one here. But -- could you talk to some of the year-on-year drivers you're expecting to contribute to what appears to be accelerating fourth quarter FFO per share growth implied by the guidance?

偉大的。非常感謝。這裡只是最後一個小。但是，您能否談談您預計對指導意見所暗示的第四季度 FFO 每股成長加速做出貢獻的一些同比驅動因素？

Yes, sure. Perhaps I'll start and then why please jump in. I would say two, three things and Wyatt if I'm missing any of the big ones, let me know.

是的，當然。也許我會開始，然後為什麼要請加入。我想說兩三件事，懷亞特，如果我遺漏了任何重要的事情，請告訴我。

One is we've obviously deployed an incredibly significant amount of capital into growth, both M&A and development over the last 12 months, and that is just increasingly run rating through our numbers. And particularly the deployment since Q4 last year and maybe even some of the transactions will get done in Q4 that will begin to contribute this year will be the biggest driver. There's no question.

一是我們在過去 12 個月顯然已經投入了大量資金用於成長、併購和開發，而這也越來越多地透過我們的數據進行評級。特別是去年第四季以來的部署，甚至可能在第四季完成的一些交易將在今年開始貢獻，這將是最大的推動力。毫無疑問。

Secondly, a number of our businesses are performing very well, in particular, some of the largest and most cash-generative businesses our hydros in Colombia, Westinghouse, they continue to provide great tailwinds to our underlying earnings.

其次，我們的一些業務表現非常好，特別是我們在哥倫比亞的水電、西屋電氣等一些最大、最能產生現金的業務，它們繼續為我們的基本盈利提供巨大的推動力。

And then the third point I would make is we have announced some asset recycling this year. There are going to be some gains on sale that will contribute in the fourth quarter that will provide an additional kind of modest uplift versus the two more significant drivers of growth, the first two things I mentioned.

我要說的第三點是我們今年宣布了一些資產回收。第四季的銷售將會帶來一些收益，與我提到的前兩件事相比，這將提供額外的適度提升。

Wyatt, I don't know, am I missing anything?

懷亞特，我不知道，我錯過了什麼嗎？

You captured the big drivers. The only thing I would add is just -- and this is very routine across our business, but we are continuing to capture stronger prices, both in terms of the inflation indexation that is built into our contracts. But then to the point we've referenced a number of times around the hydros, just incrementally capturing more value in those. And so those -- that is also expected to benefit in the fourth quarter.

你抓住了大司機。我唯一要補充的是——這在我們的業務中是非常常見的，但我們正在繼續捕捉更強勁的價格，無論是在我們合約中內建的通膨指數方面。但到目前為止，我們已經多次提到了水力發電，只是逐漸捕捉到更多的價值。因此，預計這些也將在第四季受益。

Got it. Thanks very much. That's all for me.

知道了。非常感謝。這就是我的全部。

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.

今天節目的問答環節到此結束。我想將程式交還給 Connor Teskey 以供進一步評論。

Thank you, everyone, for dialing into our earnings call. We appreciate the ongoing interest and support of our business, and we look forward to updating you with our Q4 and year-end results early in the new year. Thank you and have a great day.

謝謝大家撥打我們的財報電話會議。我們感謝我們業務的持續關注和支持，我們期待在新年伊始向您通報我們的第四季和年終業績。謝謝您，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。這確實結束了該程式。您現在可以斷開連線。再會。