Brookfield Renewable Corp (BEPC) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brookfield Renewable Partners fourth quarter 2024 results conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Brookfield Renewable Partners 2024 年第四季業績電話會議和網路廣播。（操作員指示）請注意，今天的會議正在錄音。

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

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)。請繼續。

Thank you, Operator. And good morning, everyone, and thank you for joining us for our fourth quarter 2024 conference call. Before we begin, we would like to remind you that a copy of our news release, investor supplement and letter to unitholders can be found on our website. We also want to remind you that we may make forward-looking statements on this call.

謝謝您，接線生。大家早安，感謝您參加我們 2024 年第四季電話會議。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、投資者補充文件和給基金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上做出前瞻性陳述。

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.

這些聲明受已知和未知風險的影響，我們的未來結果可能會有重大差異。欲了解更多信息，我們鼓勵您查看我們在 SEDAR、EDGAR 和我們網站上提供的監管文件。

Before starting, we would like to welcome Patrick Taylor, our newly appointed CFO, to the call. We are thrilled to have Patrick on the team as we continue to add depth and talent to our leadership group.

在開始之前，我們歡迎新任命的財務長 Patrick Taylor 參加電話會議。我們很高興派崔克加入團隊，我們將繼續為我們的領導團隊增添深度和才華。

On today's call, we will provide a review of our 2024 performance and then why it will discuss our growth outlook in the US and globally. And then lastly, Patrick will conclude the call by discussing our operating results, recent asset recycling activities and our financial position. Following our prepared remarks, we look forward to taking your questions.

在今天的電話會議上，我們將回顧我們 2024 年的業績，然後討論我們在美國和全球的成長前景。最後，帕特里克將在電話會議結束時討論我們的營運業績、最近的資產回收活動以及我們的財務狀況。在發表完我們的準備好的發言之後，我們期待回答您的問題。

Now before going through our 2024 results, we wanted to comment briefly on the current environment. Following several decades of modest electricity demand growth, we are experiencing a dramatic shift in demand driven by the AI revolution, one of, if not the most significant advancement in technology in our lifetime.

在介紹 2024 年的業績之前，我們想先簡單評論一下當前的環境。在經歷了幾十年的溫和電力需求成長之後，我們正在經歷由人工智慧革命推動的需求急劇轉變，這是我們一生中最重要的技術進步之一。

This is driving a significant step change in demand for our, supporting our continued and accelerating growth. And while the renewable sector has traded down in the public markets on weaker sentiment stemming from the new US administration's announced executive orders and potential policy changes for renewables.

這推動了我們需求的重大轉變，支持了我們持續加速的成長。由於美國新政府宣布的行政命令和潛在的再生能源政策變化導致市場人氣低迷，再生能源產業在公開市場上的交易價格下跌。

The simple fact is that the fundamentals for energy have never been better. The low-cost renewable technologies that we have built our business on are the cheapest form of electricity production and are seeing greater demand than ever before.

簡單的事實是，能源基本面從未如此好。我們業務所依賴的低成本再生技術是最便宜的電力生產方式，其需求量比以往任何時候都要大。

As a result, we believe that low-cost renewables which are readily available to deploy, will play a leading role in the requirements for any and all increases in generation capacity that we are already seeing unfold. Our focus on the lowest cost, most mature renewables technologies that have the greatest demand from corporate customers and are not reliant on government subsidy has chinned had us well to benefit in the current environment.

因此，我們相信，易於部署的低成本再生能源將在我們已經看到的所有發電容量增加的要求中發揮主導作用。我們專注於成本最低、最成熟的再生能源技術，這些技術最受企業客戶歡迎，而且不依賴政府補貼，這使我們在當前環境下受益匪淺。

We have no exposure to the sectors of the market, which are seeing the greatest headwinds, and we feel we are best positioned across the industry to capture the accelerating corporate demand. With our extensive 200-megawatt development pipeline, which is highly concentrated in the top data center markets globally.

我們沒有涉足市場上面臨最大阻力的領域，我們認為，我們在整個行業中處於最佳位置，可以抓住不斷增長的企業需求。我們擁有廣泛的 200 兆瓦開發管道，高度集中在全球頂級資料中心市場。

Executing our business plan will create significant value in our company and as market sentiment passes, we expect to see that translate into the price of our shares. The current market dislocation is also presenting significant investment opportunities for us.

執行我們的商業計劃將為我們公司創造巨大的價值，隨著市場情緒的變化，我們預計這將轉化為我們股價的價值。當前的市場混亂也為我們帶來了重大的投資機會。

Our strong liquidity and robust funding model, combined with lower public share prices across the sector and increased uncertainty for the market investors could also create the opportunity to acquire assets for value and further grow our business.

我們強大的流動性和穩健的融資模式，加上整個行業較低的公開股價和市場投資者的不確定性增加，也可能創造收購資產以增值並進一步發展我們業務的機會。

Turning now to our results. 2024 was another record year for our business. We delivered our strongest operating and financial results ever and position the business for significant further in value creation in the future.

現在來談談我們的結果。 2024 年是我們業務又創紀錄的一年。我們取得了有史以來最強勁的營運和財務業績，並為未來進一步創造價值奠定了基礎。

We delivered 10% FFO per unit growth year-on-year as we benefited from our inflation-linked and contracted cash flows, contributions from acquisitions and the execution of various organic growth and value-creation initiatives across our business, including the sale derisked operating assets and platforms, which generated strong returns and are now very much a regular and ongoing part of our business.

我們實現了每單位 FFO 同比增長 10%，這得益於我們與通膨掛鉤的合約現金流、收購貢獻以及在整個業務中執行的各種有機增長和價值創造計劃，包括出售去風險運營資產和平台，這些舉措產生了強勁的回報，現在已成為我們業務的常規和持續組成部分。

We exceeded our capital deployment targets, investing $12.5 billion in some outstanding businesses, including our investment in global renewable operator and developer Neon. During the year, we advanced our commercial initiatives and continued to partner with the largest buyers of clean power globally.

我們超額完成了資本配置目標，向一些優秀企業投資了 125 億美元，包括對全球再生能源營運商和開發商 Neon 的投資。這一年，我們推進了商業舉措，並繼續與全球最大的清潔能源買家合作。

Signing contracts are almost 19,000 gigawatt hours per year of generation, again, another record performance and indicative of the incredible supply-demand imbalance in favor of our product. We also signed the landmark renewable energy framework agreement with Microsoft in May, agreeing to deliver 10.5 gigawatts of new renewable energy capacity between 2026 and 2030 in the US and Europe.

簽訂的合約每年的發電量接近19,000吉瓦時，這再次創下了歷史新高，顯示我們的產品存在巨大的供需不平衡。我們也在5月與微軟簽署了具有里程碑意義的再生能源框架協議，同意在2026年至2030年期間在美國和歐洲提供10.5千兆瓦的新增再生能源容量。

And today, we are on track to not only meet but exceed our delivery targets. This agreement will assist Microsoft's data center growth and support its investment in AI-powered cloud services, which continue to accelerate. The global hyperscalers are significantly ramping up investment in their data center infrastructure and are expected to continue to increase investment tremendously through the remainder of the date.

今天，我們不僅有望實現而且超越我們的交付目標。該協議將協助微軟資料中心的成長，並支持其對持續加速發展的人工智慧雲端服務的投資。全球超大規模企業正在大幅增加對其資料中心基礎設施的投資，並預計在未來一段時間內將繼續大幅增加投資。

Power is increasingly a bottleneck to this planned data center development and we are seeing these businesses ramp up their efforts to secure supply to ensure the delivery of their growth. Our agreement with Microsoft is a testament to our differentiated capabilities and we expect to continue to partner with the largest buyers of power going forward. This year, we commissioned a record 7,000 megawatts of new capacity globally almost 7 times the capacity we brought online just three years ago.

電力正日益成為這項資料中心建設計畫的瓶頸，我們看到這些企業正在加強確保電力供應，以確保成長。我們與微軟的協議證明了我們差異化的能力，我們希望未來繼續與最大的電力買家合作。今年，我們在全球投產了創紀錄的 7,000 兆瓦新發電容量，幾乎是三年前新增發電容量的 7 倍。

With our expanding development capabilities, we have also successfully grown our asset rotation activities. We generated a record $2.8 billion of proceeds in 2024 at an average return of 25% IRR and approximately 2.5 times our invested capital, crystallizing strong returns for our shareholders and generating significant capital to fund future growth.

隨著我們不斷擴展的開發能力，我們也成功地擴大了資產週轉活動。2024 年，我們創造了創紀錄的 28 億美元收益，平均內部收益率為 25%，約為投資資本的 2.5 倍，為股東帶來了豐厚的回報，並為未來成長創造了大量資本。

Again, this positions us well in the current market. We have continued to be uncompromising in how we fund our business and our balance sheet remains among the strongest in the sector. We executed record financings this past year and finished the year with $4.3 billion of liquidity to opportunistically fund our growth.

再次，這使我們在當前市場中佔據有利地位。我們在業務融資方式上始終堅持不懈，我們的資產負債表仍然是業界最強勁的。我們去年進行了創紀錄的融資，並以 43 億美元的流動資金結束了這一年，為我們的成長提供了機會。

With our record results and in conjunction with our strong liquidity and robust outlook for our business, we are pleased to announce an over 5% increase in our annual distribution $1.492 per unit. Since Brookfield Renewable was publicly listed in 2011, we have delivered 14 consecutive years of annual distribution growth of at least 5% per year.

憑藉我們創紀錄的業績以及強大的流動性和強勁的業務前景，我們很高興地宣布，我們的年度分配額增加了 5% 以上，達到每單位 1.492 美元。自 2011 年 Brookfield Renewable 上市以來，我們連續 14 年實現每年至少 5% 的年分銷成長率。

With that, we will now turn it over to Wyatt to further discuss our growth outlook in the US and globally and how we are positioned to capitalize in the current market.

現在，我們將把話題轉到懷亞特身上，進一步討論我們在美國和全球的成長前景，以及我們如何在當前市場中佔據優勢。

Thank you, Connor, and good morning, everyone. As Connor outlined in his remarks, there has been elevated volatility in public markets, reflecting uncertainty on potential regulatory changes affecting the renewable sector in the US.

謝謝你，康納，大家早安。正如康納在演講中所概述的那樣，公開市場的波動性不斷加劇，反映出對影響美國再生能源產業的潛在監管變化的不確定性。

And while we see potential for regulatory changes, we do not expect any material adjustments to the policies that have the greatest impact on our business as these are large -- largely have bipartisan support.

雖然我們看到監管變化的可能性，但我們預計對我們的業務影響最大的政策不會有任何重大調整，因為這些政策規模很大——基本上得到了兩黨的支持。

More important to our business are the current fundamentals for power. Globally and in the US specifically, the demand for electricity continues to accelerate at an incredible rate driven by broad-based electrification of major industries and the global energy grid and a generational step change in demand for power to drive the AI revolution.

對我們的業務來說更重要的是目前的電力基本面。在全球範圍內，尤其是在美國，由於主要產業和全球能源網的廣泛電氣化，以及推動人工智慧革命的電力需求的世代轉變，對電力的需求繼續以驚人的速度增長。

We also expect that supportive visco policy in the US will drive further growth in manufacturing, data center development and industry in the country, which will, in turn, drive further electricity demand. As a result, the growth prospects for low-cost, mature renewable technologies are better than at any point in history as they play a leading role in any and all increase in generation capacity.

我們也預計，美國的支持性黏度政策將推動該國製造業、資料中心發展和工業的進一步成長，進而推動進一步的電力需求。因此，低成本、成熟的再生能源技術的成長前景比歷史上任何時候都要好，因為它們在發電能力的任何增加中都發揮著主導作用。

Simply put, offtakers and power will naturally take as much of the lowest cost solutions renewable before turning to other forms of generations to meet their needs. As growing energy demand is being met with the new build capacity, it is creating two challenges: transmission availability and grid stability. We see large-scale battery systems and distributed generation as an increasingly important parts of the solution.

簡而言之，承購商和電力公司自然會盡可能採用成本最低的再生能源解決方案，然後再轉向其他形式的發電來滿足其需求。隨著不斷增長的能源需求透過新建發電廠來滿足，這也帶來了兩大挑戰：輸電可用性和電網穩定性。我們認為大規模電池系統和分散式發電是解決方案中越來越重要的部分。

The grid scale battery is being developed today are able to charge when the sun is shining and when the wind is blowing and then discharge power at other times, enabling a more consistent power supply. Further, by charging when power is cheap, and plentiful and distributing when power is scarce and in demand, batteries are increasingly lucrative.

目前正在開發的電網規模電池能夠在陽光照耀和風吹拂時充電，然後在其他時間放電，從而實現更穩定的電力供應。此外，透過在電力便宜且充足時進行充電，在電力稀缺且需求量大時進行配送，電池的利潤越來越豐厚。

Distributed generation is also able to reduce demand during peak hours and provide backup power when grids are strained. The modular nature of both these technologies also makes them relatively easy to deploy almost anywhere.

分散式發電還能減少尖峰時段的需求，並在電網緊張時提供備用電源。這兩種技術的模組化特性也使它們相對容易部署在幾乎任何地方。

As batteries become more cost effective with costs declining over 90% in the past decade, we expect that they will become a significant component of stabilizing the world's transmission grids and supported the accelerated build-out of low-cost mature renewable technologies.

隨著電池成本在過去十年中下降了90%以上，其成本效益越來越高，我們預計電池將成為穩定全球輸電網的重要組成部分，並支援低成本成熟再生能源技術的加速建設。

At the end of 2024, we made our largest investment ever in our renewable and power and transition business with our investment in Neon a leading global renewable platform with best-in-class management and market-leading positions in each of France, Australia and the Nordics.

2024 年底，我們對再生能源、電力和轉型業務進行了迄今為止最大的一筆投資，即投資 Neon，這是一個領先的全球再生能源平台，在法國、澳洲和北歐擁有一流的管理和市場領先地位。

What may not be appreciated is that Neon is also a leading global operator and developer of battery energy storage systems, a technology that we are increasingly investing in, with growing demand lower capital costs and higher potential revenues from stabilizing services, we are focused on deploying capital into battery energy storage solution in almost all markets.

可能沒有被意識到的是，Neon 還是全球領先的電池儲能係統營運商和開發商，我們正在加大對這項技術的投資，隨著需求的不斷增長，資本成本的降低和穩定服務的潛在收入的增加，我們專注於在幾乎所有市場將資本部署到電池儲能解決方案中。

And with this investment, we are one of the largest battery developers globally with 3,300 megawatts of operating and under construction capacity and additional 35,000 megawatts in our pipeline. With the supportive demand backdrop and the combination of our global scale, significant access to capital and our combined operating and development capabilities across multiple suites of technologies including hydro, wind, utility scale solar, distributed generation and storage to name a few, we can deliver differentiated solutions to our customers few others can, thereby generated significant value for our shareholders over the long term.

透過這項投資，我們成為全球最大的電池開發商之一，擁有 3,300 兆瓦的營運和在建容量，另有 35,000 兆瓦的產能正在籌備中。在有利的需求背景下，加上我們全球規模、充足的資本管道以及在水電、風電、公用事業規模太陽能、分散式發電和儲能等多種技術領域的綜合運營和開發能力，我們可以為客戶提供其他公司無法提供的差異化解決方案，從而為我們的股東創造長期的巨大價值。

And with that, I'll pass it on to Patrick to discuss our operating results, recent capital recycling initiatives and financial position.

說完這些，我將與派崔克討論我們的經營業績、最近的資本回收舉措和財務狀況。

Thanks, Wyatt, and good morning to everyone on the call. Our business performed well this year, delivering record results. In the fourth quarter, we delivered FFO of $304 million or $0.46 per unit, up from $0.38 per unit in the same quarter last year, representing a 21% increase year-on-year.

謝謝，懷亞特，祝電話中的各位早安。我們的業務今年表現良好，並取得了創紀錄的業績。第四季度，我們的 FFO 為 3.04 億美元，即每單位 0.46 美元，高於去年同期的每單位 0.38 美元，年增 21%。

On a full year basis, we delivered FFO of $1.2 billion or $1.83 per unit, up 10% year-on-year. Looking now at our segments. Our hydroelectric business generated solid results, benefiting from a strong second half of the year from our Colombian business, Ethan, helping audit weaker hydrology in North America. Our wind and solar segments generated record funds from operations, which were up 30% from last year as we benefited from a full year contribution from our recent acquisitions.

從全年來看，我們的 FFO 為 12 億美元，即每單位 1.83 美元，年增 10%。現在來看我們的細分市場。我們的水電業務取得了穩健的業績，受益於我們哥倫比亞業務 Ethan 在下半年的強勁表現，幫助審計北美較弱的水文狀況。我們的風能和太陽能部門的營運資金創下了歷史新高，比去年增長了 30%，這得益於我們最近的收購帶來的全年貢獻。

Our distributed energy storage and Sustainable Solutions segments also generated record results, up 78% year-on-year with a full year contribution from Westinghouse, where we continue to see positive momentum. On the capital recycling front, the strong fundamentals for Power are benefiting our business as we are able to sell our derisked operating assets and portfolios to lower cost of capital buyers who are looking for long life, real assets, delivering reliable cash flows.

我們的分散式能源儲存和永續解決方案部門也創造了創紀錄的業績，年成長 78%，其中西屋電氣貢獻了全年業績，我們繼續看到積極的勢頭。在資本循環方面，電力強勁的基本面使我們的業務受益，因為我們能夠將去風險的營運資產和投資組合出售給尋求長壽命、實物資產、提供可靠現金流的較低資本成本的買家。

Since 2020, we have generated almost $6 billion in proceeds at an average IRR of approximately 22% and a 2.1 times multiple on invested capital. This year, we closed the sale of Saeta where we realized the significant value we created through operational enhancements and the build-out of their development function, generating 3 times our invested capital over a relatively short hold period.

自 2020 年以來，我們已產生近 60 億美元的收益，平均內部報酬率約為 22%，投資資本倍數為 2.1 倍。今年，我們完成了 Saeta 的出售，我們意識到透過營運改進和開發功能的擴展所創造的巨大價值，在相對較短的持有期內產生了 3 倍的投資資本。

We also closed the sale of a 50% interest in Shepherds Flat, where we executed one of the largest wind repowering projects ever, crystallizing significant value. Asset recycling will continue as a reliable and consistent way for us to deliver strong returns for our shareholders and generate capital to fund growth. We expect to build off this strong momentum in 2025, and deliver even larger and more recurring monetizations in the future at similarly healthy returns.

我們還完成了 Shepherds Flat 50% 股權的出售，我們在那裡實施了有史以來最大的風力發電項目之一，實現了巨大的價值。資產回收將繼續成為我們為股東帶來豐厚回報和創造資本以支持成長的可靠且一致的方式。我們預計在 2025 年將延續這一強勁勢頭，並在未來以同樣健康的回報實現更大規模、更經常性的貨幣化。

Looking now at our financial position. Our balance sheet remains strong, and we continue to execute well within our self-funding model. We finished the year with $4.3 billion in liquidity providing us with significant flexibility to deploy capital opportunistically to support the growth of the franchise.

現在看看我們的財務狀況。我們的資產負債表依然強勁，我們在自籌資金模式下繼續表現良好。我們今年的流動資金為 43 億美元，這為我們提供了極大的靈活性，可以適時部署資本來支持特許經營的成長。

During the year, we successfully completed nearly $27 billion in financings opportunistically extending duration and optimizing our portfolio's capital structure, including executing $800 million of up financing to support growth initiatives.

本年度，我們成功完成了近 270 億美元的融資，擇機延長期限並優化我們投資組合的資本結構，其中包括執行 8 億美元的追加融資來支持成長計畫。

With our staggered contract profile, we also have a healthy pipeline of generation coming up for recontracting over the next five years. This should create significant additional (inaudible) capacity within this portfolio.

憑藉我們交錯合約的配置，我們還擁有一批在未來五年內可供重新簽訂合約的健康的發電項目。這應該會在這個投資組合中創造出大量額外的（聽不清楚）容量。

In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors, while remaining disciplined allocators of capital, leveraging our deep funding sources, and operational capabilities to enhance and derisk our business.

最後，我們將繼續專注於為投資者實現 12% 至 15% 的長期總回報，同時繼續嚴謹地分配資本，利用我們雄厚的資金來源和營運能力來增強和降低業務風險。

On behalf of the Board and management, we thank all our unitholders and shareholders for their ongoing support. We are excited about Brookfield Renewable's future and look forward to updating you on our progress throughout 2025. That concludes our formal remarks for today's call. Thank you for joining us this morning.

我謹代表董事會和管理階層感謝全體基金單位持有人和股東的持續支持。我們對 Brookfield Renewable 的未來充滿期待，並期待在 2025 年向您通報我們的進展。這就是我們今天電話會議的正式發言。感謝您今天上午加入我們。

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

然後，我會將其轉回給接線員以供提問。

(Operator Instructions) Sean Steuart, TD Cowen.

(操作員指示) Sean Steuart，TD Cowen。

Congratulations to Wyatt and Patrick. A couple of questions. Connor, with respect to the Microsoft framework agreement, you referenced exceeding targets. And I'm wondering if you can give a little more context there. Is that more capacity potentially being built into that agreement? Or is it an expedited development time line? Any detail you can give us there?

祝賀懷亞特和派崔克。幾個問題。康納，關於微軟框架協議，您提到超越目標。我想知道您是否可以提供更多背景資訊。該協議是否有可能增加更多的產能？還是這是一條加快的開發時程？您能告訴我們一些詳細資訊嗎？

Hi, Sean. Yeah, really two things there. Obviously, that agreement -- I shouldn't say obviously, that agreement is structured to deliver 10.5 gigawatts between 2026 and 2030. The first point that we would make is on the back of structuring that agreement in 2024, we expect to deliver and have and will continue to deliver significant capacity to Microsoft ahead of 2026.

你好，肖恩。是的，確實有兩件事。顯然，該協議——我不應該說顯然，該協議的結構是在 2026 年至 2030 年期間提供 10.5 千兆瓦。我們要說的第一點是，在 2024 年制定該協議的基礎上，我們預計將在 2026 年之前向微軟提供大量產能，並且已經並將繼續提供這些產能。

And that's obviously additional to the $10.5 million that will deliver over the five years in the latter half of the decade. And then secondly, just with the broader growth of our business in the latter half of the decade, we would say the 10.5 gigawatts is increasingly the floor, not the ceiling.

顯然，這筆錢也將在未來五年（也就是本世紀後半期）的 1,050 萬美元基礎上額外增加。其次，隨著我們業務在 20 世紀後半期的更廣泛增長，我們會說 10.5 千兆瓦越來越成為底線，而不是上限。

We continue to add development -- advanced development pipeline in key data center markets around the world and we are seeing tremendous demand from Microsoft and the other hyperscalers for that product and as offtake to pull those projects out of the ground. So we expect that in those five years, we'll deliver well more than 10.5 gigawatts.

我們將繼續在全球主要資料中心市場增加開發——先進的開發管道，並且我們看到微軟和其他超大規模企業對該產品有著巨大的需求，並且希望藉此推動這些專案的實施。因此，我們預計在這五年內，我們的發電量將遠超過 10.5 千兆瓦。

And further to that, it's been nine months since you announced that agreement. Can you give broader updates on efforts to replicate that type of framework deal with other corporates.

而且，距離你們宣布協議已經過了九個月。您能否詳細介紹一下與其他企業複製此類框架協議的努力。

Absolutely. And we'd probably frame it in two different ways. No doubt on the back of that agreement, we are having discussions we would say with everyone you would expect when it comes to potential broad-based power generation agreements. But I think it's important to recognize that those discussions can show up two different ways that are both beneficial for our business.

絕對地。我們可能會用兩種不同的方式來構思它。毫無疑問，在該協議的基礎上，我們正​​在與所有人就潛在的廣泛的發電協議進行討論。但我認為，重要的是認識到這些討論可以以兩種不同的方式呈現，並且都對我們的業務有利。

What we did with Microsoft is we announced an agreement that we will fill up over time over the five-year period over which that agreement governs. The other thing that we can do that's happening real time is we can just do more and more activity with the hyperscalers on a project-by-project basis, even outside of a global framework agreement. And we are absolutely seeing that in real time across our business.

我們與微軟達成的協議是，我們宣布了一項協議，我們將在該協議有效期的五年內逐步履行該協議。我們可以即時進行的另一件事是，我們可以與超大規模企業逐一專案地進行越來越多的活動，甚至在全球框架協議之外開展活動。我們確實在整個業務中實時看到了這一點。

We've delivered more projects and more power to them in 2024 than 2023. and we'll deliver more power and projects to the hyperscalers in 2025 than 2024, even absent those agreements. So while we are in discussions and may sign similar framework agreements in the future, the demand is showing up in our development activities on a project-by-project basis regardless.

與 2023 年相比，我們在 2024 年為他們提供了更多的專案和電力。因此，雖然我們正在討論並且將來可能會簽署類似的框架協議，但無論如何，需求都會在我們的每個專案開發活動中顯現出來。

Okay. And then just one last one. Asset recycling is an ongoing focus for funding. We've seen lots of valuation pressure for public equities, but it sounds like returns for your asset recycling initiatives have held in.

好的。還有最後一個。資產回收一直是融資關注的重點。我們看到公開股票面臨很大的估值壓力，但聽起來您的資產回收計劃的回報已經受到控制。

Just interested in your perspective on how that spread for returns between asset recycling and organic development could shift. Those spreads have been strong for you over the last five years and in 2024, but any expectations on how that could shift in the near to midterm?

我只是想知道您對資產回收和有機發展之間的收益差距如何轉變的看法。在過去五年以及 2024 年，這些利差對您來說一直很高，但對於這種利差在近期至中期內會如何轉變，您有何預期？

Sean, it's a very topical question, and we've come at this two different ways. Absolutely, one of the themes that we we're quite strong about in 2024 is a very, very strong bifurcation of the market where there is robust demand and incredible amounts of capital for high-quality operating cash-generative assets, particularly those that still have a growth angle to them, while there is far less capital available for construction, development, the building out and ongoing investment in the growth of platforms. That bifurcation remains very, very strong in the market today.

肖恩，這是一個非常熱門的問題，我們從兩個不同的角度來探討這個問題。當然，我們在 2024 年非常看好的主題之一是市場出現非常非常強烈的分化，對高品質營運現金產生資產的需求強勁且資本驚人，特別是那些仍然具有成長角度的資產，而用於平台建設、開發、擴建和持續成長投資的資本則少得多。如今，這種分歧在市場上依然非常強烈。

And as we've referenced in our prepared remarks, we expect our asset recycling activities to continue, and we expect to really lean into that bifurcation looking to sell those high-quality cash-generative operating derisked assets.

正如我們在準備好的評論中提到的，我們預計我們的資產回收活動將繼續進行，並且我們希望真正傾向於這種分叉，以尋求出售那些高質量的、能夠產生現金的、運營的、去風險的資產。

The other point that we would highlight that's a little bit tangential to your question is there is also a very clear market bifurcation between the demand for exposure to renewables in private markets versus public markets.

我們要強調的另一點與您的問題有些無關，那就是私人市場和公共市場對再生能源的需求也存在著非常明顯的市場分歧。

We continue to see significant private capital demand for the renewable power space despite fact that certainly sentiment in the public market is weaker today. And given our business model, we absolutely look to -- we'll look to capitalize on that in 2025.

儘管目前公開市場的情緒較弱，但我們仍然看到私人資本對再生能源領域的巨大需求。考慮到我們的商業模式，我們絕對會期待——我們會在 2025 年充分利用這一點。

Nelson Ng, RBC Capital Markets.

加拿大皇家銀行資本市場部的 Nelson Ng。

Congrats, Wyarr and Patrick. So first question, just sticking with the data center theme. So with their need for firm power and gas generation being more in favor generally in the market. Connor, what is your -- what are your thoughts in terms of developing or acquiring gas-fired generation? Can it be used to firm up your portfolio?

恭喜 Wyarr 和 Patrick。所以第一個問題只是堅持資料中心主題。因此，由於他們對穩定電力和天然氣發電的需求，市場普遍對他們更青睞。康納，對於開發或收購燃氣發電，您有什麼想法？它可以用來鞏固你的投資組合嗎？

Thanks, Nelson. So just thinking macro and then our approach to it, we believe that this step change increase in energy demand is good for all forms of power generation. You can use your token phrase any and all or all of the above. The fact of the matter is the fundamental demand for electricity generation is going to lead to support and growth across a number of different technologies, whether that's renewables, whether that's gas, whether that's nuclear.

謝謝，尼爾森。因此，僅從宏觀角度考慮，然後從我們的方法來看，我們相信能源需求的這種階躍變化增長對所有形式的發電都是有利的。您可以使用上述任何或所有或全部的標記短語。事實上，對發電的基本需求將導致對多種不同技術的支持和成長，無論是再生能源、天然氣或核能。

The thing that is very important for us and I think important to highlight on this call is off-takers and users of electricity are always going to take as much renewables as they can because it is the cheapest. And then they will look to fill out the remainder of their demand with other forms of power generation. So when we think about our business, it's obviously going to continue to be incredibly focused on renewable power.

對我們來說非常重要的一點，也是我認為在這次電話會議上需要強調的一點，就是電力購買者和用戶總是會盡可能地使用再生能源，因為這是最便宜的。然後，他們會尋求用其他形式的發電來滿足剩餘的需求。因此，當我們考慮我們的業務時，顯然我們會繼續高度關注再生能源。

We do believe that gas will have a role in the transition and is going to see greater demand. But we would only ever considering investing in gas if it would result in the acceleration of the build-out of renewables and ultimately reduce the carbon intensity of the broader grid.

我們確實相信天然氣將在轉型中發揮作用，並將看到更大的需求。但我們只會在能夠加速再生能源建設、最終降低整個電網的碳強度的情況下，才會考慮投資天然氣。

And further in any such investment, we would need to be seeing a more attractive risk-adjusted return proposition than what we are seeing in the build-out of renewables today, which is among as attractive as we've seen it at any point in history.

此外，在任何此類投資中，我們都需要看到比我們今天在再生能源建設中看到的更具吸引力的風險調整回報主張，這是我們在歷史上任何時候都看到的最具吸引力的回報主張之一。

So could we potentially invest in some thermals if it came as part of a broader portfolio? We wouldn't rule it out, but our business is going to continue to be very focused on renewables because that's simply where we're seeing the greatest amount of demand growth and the most attractive returns.

那麼，如果熱能成為更廣泛投資組合的一部分，我們是否有可能對其進行投資？我們不會排除這種可能性，但我們的業務將繼續專注於再生能源，因為這是我們看到的需求成長最多且回報最具吸引力的領域。

Great. That's great color, Conor. Next question. I understand your point in terms of renewables being the cheapest form of power even in the U.S. But with all the uncertainty in the US, can you just talk about how -- I think looking at your development pipeline, you have about, I think, 2 gigawatts of projects to be commissioned in 2025 and another like 3.4 gigawatts in '26.

偉大的。太漂亮的顏色了，康納。下一個問題。我理解你的觀點，即可再生能源即使在美國也是最便宜的電力形式。

Can you just talk about how some of these contracts are structured? Just in terms of risk allocation, if there were any changes to the tax subsidies, are they essentially pass through? Or how are they structured in general?

您能談談這些合約的結構嗎？僅就風險分配而言，如果稅收補貼有任何變化，它們是否基本上會被轉嫁出去？或者它們的整體結構是怎樣的？

Sure. So there's really two important things there. One, across our business, we've always taken an approach of only locking in contracts when we can lock in CapEx revenue, meaning PPA, EPC and financing upfront. So we don't have what we would call basis risk exposure, where we've locked in CapEx and or we've locked in revenue and one of the other variables could change and augment our returns.

當然。因此，這裡確實有兩件重要的事情。首先，在我們的業務中，我們始終採取只有在能夠鎖定資本支出收入（即 PPA、EPC 和前期融資）時才鎖定合約的方法。因此，我們沒有所謂的基礎風險敞口，我們鎖定了資本支出或鎖定了收入，而其他變數之一可能會改變並增加我們的回報。

The one place and your question is a very good one. The one thing that we are seeing in the market right now, because this is obviously very topical right now in the United States is in many of the PPAs we are locking in right now, if there is a retroactive change or a near-term change to things like the tax credits, there are -- we are increasingly putting adjusters in those PPAs to essentially keep our development margins fall.

這個地方和你的問題都非常好。我們現在在市場上看到的一件事，因為這顯然是美國目前非常關注的話題，就是在我們目前鎖定的許多電力購買協議 (PPA) 中，如果有追溯變更或近期對稅收抵免等方面的變更，那麼 - 我們將越來越多地在這些電力購買協議 (PPA) 中安排調整員，以從本質上防止我們的開發利潤率下降。

So that is increasingly becoming, I would say, market standard. And I think it's reflective of a broader dynamic that it's very simple. The off-takers simply need the power. And therefore, they're not going to let short-term uncertainty, stop them from signing contracts, and they will ensure -- and they will do what is necessary to protect the developers in order to pull those projects out of the ground.

所以我想說，這正日益成為市場標準。我認為它反映了更廣泛的動態，而且它非常簡單。承購商只是需要電力。因此，他們不會讓短期的不確定性阻止他們簽署合同，他們將確保——並且他們將採取一切必要措施保護開發商，以確保這些項目順利進行。

Great. It's good to see that it's essentially a pass-through. And so one last question. You mentioned the public market versus private market and valuations. From your perspective, you've done a lot of acquisitions and developments in the past.

偉大的。很高興看到它本質上是一種傳遞方式。最後一個問題。您提到了公開市場與私人市場以及估值。從您的角度來看，您過去已經做了很多收購和開發。

Could you just comment on your capital allocation mix in the past few years compared to kind of what you see going forward? Your development pipeline is increasing, but obviously, with some of the valuations we've seen in the public market, do you expect to see -- do you expect to kind of step up your pace in the acquisition of public entities or investments in public entities?

您能否評論一下過去幾年的資本配置組合以及您對未來的預期？您的開發管道正在增加，但顯然，根據我們在公開市場看到的一些估值，您是否預期—您是否預計會加快收購公共實體或投資公共實體的步伐？

So maybe to hit that question very bluntly and head on, we expect to be very active this year from a growth perspective, just given one, where public market valuations are and two, the current market environment very much plays to our favor in that we are fortunate to have a fortress balance sheet and lots of liquidity, and we're seeing tremendous offtake demand in our underlying business.

因此，也許可以直截了當地回答這個問題，從成長的角度來看，我們預計今年將會非常活躍，首先，考慮到公開市場的估值；其次，當前的市場環境對我們非常有利，因為我們很幸運擁有穩健的資產負債表和大量流動性，而且我們看到基礎業務中巨大的承購需求。

And others may not have the capital resources that we have available to capitalize on some of the growth opportunities at very attractive value entry points that we're seeing in the market today. So we expect 2025 to be another very attractive and very active year of activity for us on the growth front.

而其他人可能沒有像我們這樣的資本資源來利用我們今天在市場上看到的非常有吸引力的價值切入點的一些成長機會。因此，我們預計 2025 年對於我們的成長而言將又是一個極具吸引力且非常活躍的一年。

In terms of bias between public or private, that's going to be on a case-by-case basis. And we'll allocate capital where we see the best risk-adjusted returns Executability certainly comes into that. But based on what we're seeing today, public markets do look very, very attractive. And therefore, we are certainly looking at a number of things in that space.

對於公共或私人之間的偏見，這將根據具體情況而定。我們將在風險調整後回報最佳的地方分配資本，可執行性當然也包含在內。但根據我們今天看到的情況，公開市場確實看起來非常非常有吸引力。因此，我們確實正在關注該領域的許多事物。

Robert Hope, Scotiabank.

加拿大豐業銀行的羅伯特霍普 (Robert Hope)。

First question is on the development pipeline. When we take a look at the build-out of renewables in the US in your pipeline, can you help us parse out how much is wind in the near term versus the long term, just given it doesn't appear that there's a little bit more uncertainty or perceived uncertainty on wind out there in the market?

第一個問題是關於開發流程的。當我們查看您計劃中的美國再生能源建設情況時，您能否幫助我們分析短期和長期的風能份額，因為目前看來，市場上對於風能的不確定性或感知不確定性似乎並不存在？

You're absolutely right, Rob. And I'll start, and I can give you these numbers pretty clear, but if you need more specifics, we can certainly provide that. In terms of our development pipeline, over what I would call the short term, about two-third of it around the world is outside of the United States. And that obviously is seeing tremendous corporate demand and not subject to some of the regulatory uncertainty that is in the market around the more recent executive orders and things like that.

你完全正確，羅布。首先，我可以非常清楚地向您提供這些數字，但如果您需要更多具體信息，我們當然可以提供。就我們的開發管道而言，就我所說的短期而言，全球約有三分之二是在美國以外的地區。顯然，這看到了巨大的企業需求，並且不受最近行政命令等市場上的一些監管不確定性的影響。

When we look at what is in the United States, somewhere in the, call it, 25% to 30% of that is wind. So when we look at our broader portfolio, wind in the United States is a very modest portion of it. What I would highlight even beyond that -- so maybe the summary point there is while there is no doubt some uncertainty, particularly around wind in the United States, we do not expect it to change our growth trajectory or our strategic approach in the short term whatsoever.

當我們觀察美國的情況時，我們發現其中 25% 到 30% 是風能。因此，當我們審視我們更廣泛的投資組合時，美國的風能只佔其中很小的一部分。我想強調的是，也許總結的一點是，雖然毫無疑問存在一些不確定性，特別是在美國風能領域，但我們預計它不會在短期內改變我們的成長軌跡或策略方針。

Perhaps the added clarity that we just gave around US wind is we obviously have zero exposure to US offshore. And we have essentially zero exposure to projects on onshore projects on federal lands. Almost the entirety of our onshore wind exposure in the US is on private lands. There are obviously some uncertainties around federal permitting for onshore wind projects, even if they are on private lands. And we'll be prepared to manage those projects, however this plays out.

也許我們剛剛就美國風能給出的進一步澄清是，我們顯然對美國近海沒有任何投資。我們基本上沒有參與聯邦土地上的陸上計畫。美國幾乎所有的陸域風電都位於私人土地上。顯然，即使位於私人土地上的陸上風電項目，聯邦政府的許可仍存在一些不確定性。無論結果如何，我們都將做好準備來管理這些專案。

We continue to believe that no government around the world wants to deny its country access to cheap electricity, particularly in this market where that's a significant competitive advantage. So while there is some short-term uncertainty today, given we're entirely onshore and entirely on private lands, we expect it to get resolved relatively quickly. And if it doesn't, we'll manage through it, it's not a material part of our business.

我們始終相信，世界上沒有任何政府願意剝奪其國家獲得廉價電力的權利，特別是在這個具有顯著競爭優勢的市場。因此，儘管今天存在一些短期不確定性，但考慮到我們完全在陸上，完全在私人土地上，我們預計它將相對快速地解決。如果沒有的話，我們也會設法解決，這不是我們業務的重要部分。

And then maybe just keeping with the US theme. In the letter, you speak about how there could be potential regulatory changes in the renewable sector in the US However, adjustments to policies that have the greatest impact on your business. You don't think that those will occur -- can you maybe just add a little bit more color there? Like what changes do you think you could see in the US? And it seems to allude that you don't expect ITCs or PCCs to change?

然後也許只是保持美國的主題。在信中，您談到了美國再生能源領域可能出現的監管變化，然而，這些政策的調整對您的業務影響最大。您不認為這些會發生—您能否再添加一點色彩？您認為美國會發生哪些變化？這似乎暗示您不希望 ITC 或 PCC 改變？

Certainly. So the -- given that we're not in offshore and our business is heavily focused in the most mature, lowest-cost technologies, the ones that see the greatest amount of corporate demand. The thing that would impact our business the most is a change to the tax credits, as you mentioned. And obviously, thus far, there's been no changes announced to that.

當然。因此，鑑於我們不在海外開展業務，而且我們的業務主要集中在最成熟、成本最低的技術，也就是企業需求最大的技術。正如您所說，對我們的業務影響最大的是稅收抵免的變化。顯然，到目前為止，還沒有宣布任何變化。

The one thing we would highlight is even if there were changes announced, these asset classes, these technologies are the cheapest form of electricity by such a wide margin that we would very much expect to be able to pass through the loss of those tax credits through in the form of a higher PPA price and still preserve our development margins.

我們要強調的一點是，即使宣布了變更，這些資產類別、這些技術仍然是成本最低的電力形式，我們非常希望能夠透過更高的 PPA 價格來轉嫁這些稅收抵免的損失，並仍然保持我們的開發利潤率。

This is very akin to what we've seen over the last two or three years where we've been able to pass through higher funding costs in the form of a higher PPA and see no change in the demand for our offtake. So there's no question. The most important thing to our business is the most relevant thing is those tax credits. But even if there were to be a change to that, we would not expect it to change our development margins or our demand.

這與我們過去兩三年看到的情況非常相似，我們能夠以更高的電力購買協議 (PPA) 形式轉嫁更高的融資成本，而我們的採購需求並未發生任何變化。所以毫無疑問。對於我們的業務來說，最重要、最相關的是那些稅收抵免。但即使這種情況發生變化，我們也不會期望它會改變我們的開發利潤或需求。

Rupert Merer, National Bank.

魯珀特·梅勒，國家銀行。

-- I might have missed that. I think it's maybe my turn, Rupert here. Just wanted to follow up on that last question. You've talked about the potential to offset the impact from tax credit changes. How much exposure do you think you have from tariffs and potential for higher equipment costs or higher steel costs? And how are you covered off on that?

——我可能忽略了這一點。我想也許輪到我了，我是魯伯特。只是想繼續回答最後一個問題。您已經談到了抵消稅收抵免變化影響的可能性。您認為關稅以及設備成本或鋼鐵成本上漲的可能性有多大？那您是如何解決這問題的呢？

Rupert, it's a fantastic question. And you're right to piggyback on the back of the tax credit question because it's the same dynamic. If you think about what tax credits do to the economics of a renewables project today, they essentially lower the cost of it.

魯伯特，這是一個非常好的問題。你搭上稅收抵免問題的便車是正確的，因為它是相同的動態。如果你考慮一下稅收抵免對當今再生能源計畫的經濟影響，你會發現它們實際上降低了再生能源計畫的成本。

And that allows us to offer that project at attractive development returns at a lower PPA. If we were to lose the tax trips, we would have to offer a higher PPA to preserve our development returns, and we think there is plenty of cushion to do that. The same thing is true on tariffs. If incremental tariffs are added to equipment that is used to build out renewables, we would look to pass that cost through in the form of a higher PPA.

這使我們能夠以較低的 PPA 提供該項目並帶來頗具吸引力的開發回報。如果我們失去稅收優惠，我們將不得不提供更高的電力購買協議 (PPA) 來保留我們的開發回報，我們認為我們有足夠的緩衝來做到這一點。關稅方面也存在同樣的情況。如果對用於建造再生能源的設備徵收增量關稅，我們會考慮以更高的電力購買協議 (PPA) 形式轉嫁該成本。

And again, we'll keep coming back to this point, the demand what we are seeing fundamentally on the ground with our corporate offtake counterparties is the demand is stronger than ever before. And that means there is lots of capacity that should these things change the economics of a project, we will very simply push it through the PPA price.

我們將繼續回到這一點，我們從企業承購交易對手的實際需求來看，需求比以往任何時候都更加強勁。這意味著，如果這些因素改變了專案的經濟效益，我們將非常簡單地透過 PPA 價格來推動它，從而擁有很大的產能。

When it comes to potential tariffs, this is something where we feel Brookfield Renewable has a very material competitive advantage. Over the last number of years, using our centralized procurement across our broader business, we've executed a number of framework agreements with leading manufacturers, both domestic in the US and international, which will enable us to source equipment from a wide variety of sources such that no matter how the tariff discussions play out, we will be able to maximize our sourcing of equipment from the most tariff preferential areas.

當談到潛在關稅時，我們認為 Brookfield Renewable 具有非常實質的競爭優勢。過去幾年來，我們利用在更廣泛業務範圍內的集中採購，與美國國內和國際的領先製造商簽訂了多項框架協議，這將使我們能夠從各種各樣的來源採購設備，這樣無論關稅談判如何進行，我們都能夠最大限度地從關稅優惠最多的地區採購設備。

So we're obviously following that space closely. We do not expect it to change our project economics. And regardless of how the tariffs play out, we think our global procurement capabilities will ensure that we'll be on the front foot when this market settles.

因此我們顯然正在密切關注該領域。我們不希望它改變我們的專案經濟狀況。而且無論關稅如何變化，我們認為我們的全球採購能力將確保我們在市場穩定後處於領先地位。

Great. And second will be a follow-up on the data center market. So of course, we've seen a lot of market volatility driven by changing expectations for power demand growth from AI. When you talk to your corporate customers like Microsoft, how much of the data center growth that you see is driven by expectations for growth in demand from AI versus cloud and crypto? And are there any comments you can make on that changing landscape for AI power demand?

偉大的。第二是跟進資料中心市集。因此，我們當然已經看到很多市場波動，這是由人工智慧對電力需求成長的預期變化所驅動的。當您與微軟等企業客戶交談時，您看到的資料中心成長有多少是由對人工智慧、雲端運算和加密需求成長的預期所推動的？您對人工智慧電力需求的變化前景有何評論？

Yeah. So it's a very big topic, but I think probably the two most important things we would say is the biggest step change of the demand that the biggest demand driver that you mentioned there is artificial intelligence or none. It is a head of cloud. It is a head of crypto by miles.

是的。所以這是一個非常大的話題，但我認為我們可能會說的最重要的兩件事是需求的最大變化，你提到的最大的需求驅動因素是人工智慧，或者根本沒有。那是一朵雲的頭。它是加密領域的佼佼者。

This is really driven by AI, and we expect it to be driven by AI for the medium term at a minimum here. That obviously lends itself to another question, which is, in the last couple of weeks, new technologies have come out or been socialized that maybe we are more energy efficient.

這確實是由人工智慧推動的，我們預計它至少在中期內將由人工智慧推動。這顯然引出了另一個問題，在過去幾週內，新技術的問世或得到社會化推廣，或許讓我們更節能。

That's great. The important thing that we highlight from those discussions and those topics, which are early days are two things: one, the supply-demand imbalance is so strong right now. There is very simply not enough power to support all the AI growth that is forecasted. And those forecasts would need to come down unforeseeable amounts for the supply-demand and balance not to be in favor of power producers.

那太棒了。在這些討論和主題中，我們強調的重要一點是，早期的問題是兩點：第一，目前供需失衡非常嚴重。根本就沒有足夠的電力來支援所有預測的人工智慧成長。而這些預測需要下降到不可預見的水平，以使供需平衡不利於電力生產商。

So even with the new technologies, the supply-demand imbalance is still wildly in our favor. And then the second thing is any new technology, we expect will become more efficient over time. And the reality of it is if new AI technologies become more efficient that means their cost is going to go down.

因此，即使有了新技術，供需失衡仍然對我們非常有利。第二件事是，我們預計任何新技術都會隨著時間的推移而變得更有效率。事實是，如果新的人工智慧技術變得更有效率，就意味著它們的成本將會下降。

And that means they're going to become more prevalent, and they're going to be in demand for more places, and it's actually going to lead to faster growth in the sector, which is obviously good for broad-based electricity demand as well.

這意味著它們將變得更加普遍，更多地方對它們的需求將會增加，這實際上將推動該行業更快的成長，這顯然也有利於廣泛的電力需求。

So we continue to follow all the recent changes but none of them changed the fact that we see a short, medium and potentially long-term supply-demand imbalance very much in favor of those that can generate new electricity, especially those that can do it at low cost.

因此，我們繼續關注所有最近的變化，但它們都沒有改變這樣一個事實，即我們看到短期、中期和潛在的長期供需不平衡，這有利於那些能夠生產新電力的人，特別是那些能夠以低成本生產新電力的人。

Mark Jarvi, CIBC.

加拿大帝國商業銀行 (CIBC) 的馬克賈維 (Mark Jarvi)。

Maybe just following up on the tariff and the tax credit conversation. Has anything dramatically changed in terms of what you're hearing around that? And then if there is an adjustment and there's a period of sort of having to pass that through to customers, does that impact development opportunity to the next couple you think because of the safe harbor and things that are already going to go that, that would be more of a sort of a three- to five-year adjustment period in terms of any delay of projects?

也許只是跟進關稅和稅收抵免的對話。就您所聽到的而言，有什麼顯著的變化嗎？然後，如果進行調整，並且有一段時間必須將其轉嫁給客戶，您認為這是否會影響下一季的開發機會，因為安全港和已經發生的事情，就專案延遲而言，這將是一個三到五年的調整期？

So we'll take those in order. We're obviously following the situation very closely. We would never intend to be able to forecast exactly what this new administration will do. At this point, they have not said anything about those tax credits. Historically, a lot of those have gone to Republican states.

因此我們將按順序進行。我們顯然在密切關注事態發展。我們永遠無法準確預測新政府會做什麼。到目前為止，他們還沒有對這些稅收抵免發表任何評論。從歷史上看，很多選票都投給了共和黨州。

And while they've changed and issued executive orders on many other things, they have not touched the tax credits. And we'll remain flexible and follow this, but I think that's probably our best indicator of what may or may not happen in the future.

雖然他們已經改變並就許多其他事項發布了行政命令，但他們並沒有觸及稅收抵免。我們將保持靈活性並遵循這一點，但我認為這可能是我們對未來可能發生或不發生的事情的最佳指標。

The next thing we would say is just around the development pipeline, we've been preparing whether it be through how we're contracting things or how we're procuring equipment. We've been preparing for a market that could have this type of uncertainty.

接下來我們要說的是圍繞著開發流程，我們一直在做準備，無論是透過如何簽訂合約還是如何採購設備。我們一直在為可能出現這種不確定性的市場做準備。

I think it's not an unreasonable thing to say that in periods of market uncertainty that often favors larger players with more capabilities to manage this type of uncertainty. And we very much see that playing out for us in 2025.

我認為，在市場不確定時期，規模較大、更有能力管理這種不確定性的參與者往往更受青睞，這種說法並非不合理。我們非常相信這一點將在 2025 年實現。

So while there might be some very modest disruptions at individual projects, it's not going to change our growth trajectory, we don't expect -- we don't expect anything to happen that would materially change what we've outlined in terms of our forecast.

因此，雖然個別項目可能會出現一些輕微的中斷，但這不會改變我們的成長軌跡，我們預計不會發生任何會實質地改變我們在預測中概述的事情。

Okay. And then just coming back to the Microsoft agreement. Are you able to share how many megawatts you've signed today? And like what's the expected amount of volume you have contracted by the end of this year? Just to sort of gauge progress through that 10.5 gigawatts.

好的。然後回到微軟協議。能分享一下今天簽署了多少兆瓦嗎？到今年年底，預計合約量是多少？只是為了衡量一下 10.5 千兆瓦的進展。

So I'll -- we can perhaps follow up later with an exact figure. It's important to recognize that the 10.5 gigawatt agreement we have with Microsoft applies to the years of 2026 through 2030. So it actually hasn't even started yet.

因此，我們或許可以稍後再跟進，提供確切的數字。重要的是要認識到，我們與微軟達成的 10.5 千兆瓦協議適用於 2026 年至 2030 年。所以實際上它還沒有開始。

That does not mean we are not contracting significant sums of our new wind and solar capacity with Microsoft, even ahead of 2026. They are one of our largest, if not our largest off-taker, and we continue to do more and more with them on an ongoing basis even before that 2026 agreement starts.

這並不意味著我們不會與微軟簽訂大量新的風能和太陽能發電合同，即使在 2026 年之前也是如此。他們是我們最大的承購商之一，即使不是最大的，我們也在 2026 年協議生效之前繼續與他們進行越來越多的合作。

So I would say our activity prior to that agreement is already above what we would have expected, call it, 18 months ago. And as we look to that agreement of 2026 to 2030 to a five-year period, we would expect to exceed the 10.5 gigawatts.

因此我想說，我們在該協議之前的活動已經超出了我們 18 個月前的預期。當我們展望 2026 年至 2030 年的五年協議時，我們預計該目標將超過 10.5 千兆瓦。

Understood. And then Connor, you mentioned about the fact that there's dislocation between private and public markets and there's some weakness in share prices. I'm sure you see the same thing on your own. So how do you view your own share price right now in terms of a place to allocate capital and buybacks versus opportunities and other investment opportunities?

明白了。然後康納，您提到私人市場和公開市場之間存在脫節，股價存在一些疲軟現象。我確信您也會看到相同的情況。那麼，從資本分配、回購機會和其他投資機會的角度來看，您現在如何看待自己的股價？

Certainly. And if we can draw a parallel here, the current market feels somewhat similar to kind of Q3 2023, which is not that long ago, it's five quarters, 16, 18 months ago. And at the time that market sentiment was really down, select players we're seeing very significant headwinds. It was dragging the whole sector down.

當然。如果我們可以在這裡進行比較，當前市場感覺與 2023 年第三季有些相似，這並不是很久以前，而是五個季度、16、18 個月前。當市場情緒確實低迷時，我們看到部分參與者面臨非常顯著的阻力。這正在拖累整個產業。

And at the time, despite our share price being lower, we saw unbelievable fundamentals in our business. And we -- the way we approach that is if we continue to allocate capital into the best opportunities and we continued to execute on our business plan, we would add a lot of value that would eventually show up in our share price.

當時，儘管我們的股價較低，但我們看到我們的業務基本面令人難以置信。我們的做法是，如果我們繼續將資本分配到最好的機會中，並繼續執行我們的商業計劃，我們將增加大量價值，這些價值最終會體現在我們的股價上。

And if you kind of look what's happened in the 15 months or 5 quarters since then, our FFO per share is up almost 15%. And whether it's our development activity, our deployment activity, our asset recycling activity, that's all up multiples in kind of a 15- or 18-month stretch.

如果您觀察一下自那時以來 15 個月或 5 個季度發生的情況，您會發現我們的每股 FFO 上漲了近 15%。無論是我們的開發活動、部署活動或資產回收活動，在 15 個月或 18 個月的時間內都會倍增。

It feels very, very similar again today. So our focus today is absolutely continuing to execute on the same strategy that we have had as we feel it captures incredible value and captures the significant market demand we are seeing.

今天的感覺又非常非常相似。因此，我們今天的重點絕對是繼續執行我們一直以來的相同策略，因為我們認為它具有不可思議的價值，也抓住了我們所看到的巨大市場需求。

Without doubt, in this environment and with our shares trading where they're at, we will absolutely be looking at doing share buybacks the same way we did in that time period, call it, 15 months ago.

毫無疑問，在這種環境下，考慮到我們的股票交易情況，我們絕對會考慮以 15 個月前的方式進行股票回購。

Congratulations to everyone on the new promotions.

恭喜大家獲得新的晉升。

(Operator Instructions) William Grippin, UBS.

（操作員指示） William Grippin，瑞銀。

I just wanted to see if you could provide a bit more color on some of the comments made in the press release regarding framework agreements with your suppliers. To what degree are those agreements enabling you to safe harbor or US development plans as it pertains to the PTC and ITC at debt current levels.

我只是想看看您是否可以對新聞稿中有關與供應商達成的框架協議的一些評論提供更多詳細資訊。這些協議在多大程度上使您能夠在當前債務水平下實現與 PTC 和 ITC 相關的安全港或美國發展計劃。

You've talked about passing higher costs through PPA rates, but I would think some of that friction or potential friction could be eliminated with safe harboring. So just trying to understand how you're thinking about that.

您談到了透過 PPA 費率轉嫁更高的成本，但我認為，透過安全港政策可以消除一些摩擦或潛在摩擦。所以只是想了解你是如何考慮這個問題的。

Absolutely. And the point we would make here is I think this goes beyond simply framework agreements. And I'll draw back to I apologize who asked for not remembering who asked the question. But rather than whether or not it's a framework agreement or just our ongoing dialogue with our largest customers, on working with them on a project-by-project basis.

絕對地。我們在這裡要指出的是，我認為這不僅僅是框架協議。我退後一步，向提出這個問題的人道歉，因為我不記得是誰問了這個問題。但這是否是一項框架協議，或者只是我們與最大客戶之間的持續對話，而是以逐個專案為基礎與他們合作。

The point that we were trying to draw out in the press release is the size and scale of our platform or significant amount of advanced pipeline that is available in the near term to capture this market demand. And our really robust access to capital that allows us to grow as much as possible in this environment is really differentiating us from our peers.

我們在新聞稿中試圖強調的一點是，我們的平台規模或大量先進產品線可以在短期內滿足這一市場需求。我們擁有真正強大的資本管道，使我們能夠在這種環境下實現盡可能大的成長，這正是我們與同行的不同之處。

The value and scale of our platform is more of a competitive advantage today than any time in history, and we expect that only to grow going forward. And therefore, whether it is within a framework agreement or done on a project-by-project basis.

我們平台的價值和規模如今比歷史上任何時候都更具競爭優勢，我們預計這種優勢在未來只會持續成長。因此，無論是在框架協議內還是根據具體項目進行。

Our ability to engage with some of the largest corporate offtakers of green power and get incredible unmatched visibility around their demands in the next few years is allowing us to take advantage of some of the activities and value creation initiatives you mentioned.

我們有能力與一些最大的綠色能源企業承購商進行接觸，並在未來幾年內對他們的需求有極為深入的了解，這使我們能夠利用您提到的一些活動和價值創造舉措。

I guess the point I'm making is, I don't think we need a framework agreement in order to do that. It's more just something we get the benefit of, given our large-scale relationships with the largest off-takers of green power.

我想說的是，我認為我們不需要框架協議就可以做到這一點。鑑於我們與最大的綠色能源購買者建立了大規模關係，這對我們來說不僅僅是一種好處。

Yeah, I hear it. I think the question was more focused on typically referenced agreements with your equipment suppliers.

是的，我聽到了。我認為問題更集中在與設備供應商之間通常提到的協議上。

Yeah, certainly. So -- if I misunderstood. On that point, what we have been doing over the last few years, in particular in the US given the scale of our pipeline there, we've negotiated very large arrangements with them that similar to what we do elsewhere around the world, we use our scale to ensure that, one, we're getting best-in-class pricing; and two, we're essentially near the top of the order list whenever it comes to securing volumes.

是的，當然。所以——如果我誤解了的話。在這一點上，過去幾年我們一直在做的事情是，特別是在美國，考慮到我們在那裡的管道規模，我們已經與他們談判達成了非常大的安排，類似於我們在世界其他地方所做的，我們利用我們的規模來確保，第一，我們獲得一流的價格；第二，就訂單量而言，我們基本上位於訂單清單的首位。

So in an environment where tariffs kick in and the opportunity to procure domestically in the United States becomes more valuable. We will feel very, very good about our position given the framework agreements we've secured with domestic manufacturers over the last couple of years.

因此，在關稅開始生效的環境下，在美國國內採購的機會變得更有價值。鑑於我們過去幾年與國內製造商達成的框架協議，我們對自己的地位感到非常非常滿意。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Connor, -- I jumped in a little late. So if you've answered this, -- Just are you surprised when we look at the pace of data center announcements and the size of them, it appears that the pace of maybe PPAs or contracts to supply electricity to these data centers seems like it's not matching up.

康納：我來得有點晚了。所以如果你已經回答了這個問題，——當我們查看數據中心公告的速度和規模時，你是否感到驚訝，似乎 PPA 或為這些數據中心供應電力的合約的速度似乎不匹配。

I mean do you see that in any thoughts or there may be a difference in tenure that the tech companies want to sign versus what the power generators want to offer?

我的意思是，您是否認為科技公司希望簽署的合約期限與發電廠希望提供的合約期限可能有差異？

You're highlighting a good point, but I think the reason for it is something different. If we could say it this clearly, the demand for power is now and it is immense. It completely -- there is more demand for power than they are ready to build projects. And if there were more ready to build projects, the large corporate offtakers and the large tech companies would be signing them all up two days.

你強調的是一個很好的觀點，但我認為原因有所不同。如果我們可以這樣清楚地說，那麼現在對電力的需求是巨大的。這完全是——對電力的需求比他們準備建造的項目要多。如果有更多準備建造的項目，大型承購商和大型科技公司將在兩天內將其全部簽約。

The issue is there are not enough ready-to-build projects, and that's because permitting and development that takes time. And that is the bottleneck in the system, not demand, not the willingness of customers to sign PPA. The thing that is highlighting is, one, the supply-demand imbalance is going to maintain for a while because permitting and development is a long process. It does take time.

問題在於可供建設的項目不夠多，這是因為許可和開發需要時間。這就是系統的瓶頸，而不是需求，也不是客戶簽署 PPA 的意願。需要強調的是，第一，供需失衡的狀況將會持續一段時間，因為許可和開發是一個漫長的過程。這確實需要時間。

If you want to capture this demand and therefore, you start developing a project today, Well, that -- these projects take years and years and years to develop. It highlights perhaps a more important point and one we'd love to reiterate, which is advanced pipeline that is ready to be contracted and ready to be built is the most valuable thing in the market today.

如果你想抓住這種需求，因此你今天就開始開發一個項目，那麼這些項目需要花很多年的時間才能開發出來。它或許突出了更重要的一點，也是我們想重申的一點，那就是準備簽約和建造的先進管道是當今市場上最有價值的東西。

And we are fortunate that over the last number of years, we have had a strategy that has been very focused on acquiring large-scale advanced pipeline in the largest data center markets around the world. And will we be able to meet all the demand of the large hyperscalers, absolutely not.

我們很幸運，過去幾年來，我們一直致力於在全球最大的資料中心市場收購大規模先進管道。我們是否能夠滿足大型超大規模企業的所有需求？

The demand outweighs the supply but the advanced pipelines that we've been acquiring over the last two or three or four years, whether it be in the United States or in Western Europe, has incredible scarcity value today, and that's what's showing up in our development margins, which are now at an all-time high.

需求大於供應，但過去兩三年或四年來我們一直在收購的先進管道，無論是在美國還是在西歐，在今天都具有令人難以置信的稀缺價值，這就是我們的開發利潤率所體現的，目前我們的開發利潤率已達到歷史最高水平。

Great. And this one is with apologies. I know you don't enjoy talking about other companies, but one of the other like renewable companies, smaller, different model, but a YieldCo, Name Change, looks like it's really cut back their growth.

偉大的。我在此向你致以歉意。我知道您不喜歡談論其他公司，但其他再生能源公司，規模較小，模式不同，但 YieldCo 的名稱變更，似乎確實削弱了它們的成長。

Just curious if -- that's really just a separate isolated entity? Or is that maybe just the structure may be more challenging as we go forward?

只是好奇──那真的只是一個獨立的實體嗎？或者也許隨著我們前進，結構可能會變得更具挑戰性？

Yeah. So what we would say is, I would say all renewables companies are seeing incredible demand for their product. That is broad-based, that is across the sector. Everyone can participate in that. Some are more well positioned than others to take advantage of that.

是的。因此，我們要說的是，所有再生能源公司都看到了對其產品的巨大需求。這是基礎廣泛的，涉及整個行業。每個人都可以參與。有些人比其他人更有能力利用這一點。

We certainly see ourselves near the top about list. What I think is really important when we think about our business is as we've grown over the last number of years, we're thrilled with the growth we've delivered in our business, the increased cash flows, the increased profitability.

我們確實認為自己位居名單榜首。當我們考慮我們的業務時，我認為真正重要的是，隨著我們在過去幾年中的成長，我們對業務的成長、現金流的增加和獲利能力的提高感到非常興奮。

But there's two things that we're also very proud of that we've done over that time frame, and we very much reiterated that at our Investor Day last year, which is, one, we focused on the most mature, lowest risk, lowest cost technologies and we've really avoided sectors of the market that are seeing the biggest headwinds today.

但也有兩件事讓我們感到非常自豪，我們在去年的投資者日上再次重申了這一點，第一，我們專注於最成熟、風險最低、成本最低的技術，我們真正避開了目前市場上面臨最大阻力的領域。

And secondly, we've never compromised in terms of our discipline and how we fund our business. And while there is incredible tailwinds for the renewable sector more broadly. There are discrete examples of individual companies that are seeing greater headwinds because either concentrations in technologies that are out of favor, taking too much development risk or using more aggressive capital structures.

其次，我們在紀律和業務融資方面從未妥協。同時，再生能源產業也面臨更廣泛的有利條件。有一些個別公司面臨更大的阻力，因為它們要么集中在不受歡迎的技術，要么承擔了太多的開發風險，要么使用了更激進的資本結構。

We would say those are discrete and the tailwinds for the broader sector are tremendous today. But we feel very fortunate in terms of where we focused our business and the discipline that we've executed across our balance sheet.

我們會說這些都是離散的，而今天整個產業的順風是巨大的。但就我們的業務重點和我們在整個資產負債表上執行的紀律而言，我們感到非常幸運。

Great. Congrats, Patrick and why looking forward to work with you.

偉大的。恭喜你，派崔克，我期待與你合作。

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

今天的問答環節到此結束。我想請康納‧特斯基 (Connor Teskey) 作最後發言。

Great. Well, thank you, everyone, for joining our call and for your interest and support of Brookfield Renewable. We look forward to updating you on our progress throughout 2025. Have a great day.

偉大的。好吧，感謝大家加入我們的電話會議，並感謝你們對 Brookfield Renewable 的關注和支持。我們期待向您通報我們在 2025 年的進展。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。