Brookfield Renewable Corp (BEPC) 2025 Q3 法說會逐字稿

Hello, and welcome to the BEP third quarter 2025 results conference call and webcast. (Operator Instructions) Please be advised that today’s conference is being recorded. It is now my pleasure to introduce CEO Connor Teskey.

大家好，歡迎參加 BEP 2025 年第三季業績電話會議和網路直播。（操作員說明）請注意，今天的會議正在錄音。現在我榮幸地向大家介紹執行長康納·特斯基。

Thank you, Operator. Good morning, everyone, and thank you for joining us for our third quarter 2025 conference call. Before we begin, we would like to remind you that a copy of our news release and investor supplement can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks, and our future results may differ materially. For more information, you are encouraged to review our regulatory filings available on SEDAR, EDGAR, and on our website.

謝謝接線生。各位早安，感謝各位參加我們2025年第三季電話會議。在開始之前，我們想提醒您，您可以在我們的網站上找到新聞稿和投資者補充資料的副本。我們也要提醒各位，我們可能會在本次電話會議中發表一些前瞻性聲明。這些聲明有已知和未知的風險，我們未來的業績可能會與這些聲明有重大差異。如需了解更多信息，我們建議您查閱我們在 SEDAR、EDGAR 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, then Jen Mazin, Co-President and General Counsel, will discuss the recently announced partnership between Westinghouse and the US government and how we expect this partnership to benefit our business for years to come. Lastly, Patrick will conclude our remarks by discussing our operating results and financial position. Following our comments, 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，然後聯合總裁兼總法律顧問 Jen Mazin 將討論西屋電氣與美國政府最近宣布的合作關係，以及我們預計這種合作關係將在未來幾年如何使我們的業務受益。最後，帕特里克將總結我們的發言，討論我們的經營業績和財務狀況。在我們發言之後，期待回答各位的問題。

We had another strong quarter, delivering solid financial results and advancing our strategic initiatives across the business. We generated $302 million of FFO during the quarter, or $0.46 per unit, up 10% year over year, and we continue to expect to deliver on our 10%-plus FFO per unit growth target for 2025. We were successful advancing our commercial priorities, signing contracts to deliver another 4,000 gigawatt-hours per year of generation, and continue to deliver on our growth initiatives, commissioning 1,800 megawatts of new projects in the quarter. We also made strategic investments across our key markets in critical technologies to support both energy demand and grid reliability.

我們又迎來了一個強勁的季度，取得了穩健的財務業績，並在整個業務範圍內推進了各項策略舉措。本季度我們創造了 3.02 億美元的 FFO，即每單位 0.46 美元，年增 10%，我們繼續期望實現 2025 年每單位 FFO 增長 10% 以上的目標。我們成功推進了商業重點項目，簽署了每年新增 4,000 吉瓦時發電量的合同，並繼續推進增長計劃，在本季度投產了 1,800 兆瓦的新項目。我們也對我們主要市場的關鍵技術進行了策略性投資，以滿足能源需求並提高電網可靠性。

We continue to see accelerating demand for power across nearly all the markets in which we operate. This growth is being driven by the same three key themes we have highlighted in recent quarters. Ongoing electrification, reindustrialization across our operating regions, and the extraordinary demand for energy from hyperscalers. The hyperscalers continue to ramp up their CapEx spend on data centers to support the rapid expansion of cloud computing and artificial intelligence, and what is clear to us is that the scale and pace of investment into AI is not slowing down.

我們看到，在我們營運的幾乎所有市場中，電力需求都在持續加速成長。這一增長是由我們在最近幾季重點強調的三個關鍵主題所驅動的。我們營運區域內持續推動電氣化和再工業化，以及超大規模資料中心對能源的巨大需求。為了支持雲端運算和人工智慧的快速發展，超大規模資料中心營運商不斷增加對資料中心的資本支出，我們清楚地看到，對人工智慧的投資規模和速度並沒有放緩。

At the same time, off-takers are seeking long-term access to reliable and sustainable energy sources to power this growth. With this, it is becoming increasingly apparent that meeting the surging demand for electricity will require an any-and-all solution, leveraging solar, wind, hydro, gas, nuclear, and other technologies to ensure sufficient load and consistent delivery of electrons. As a result of this demand and the required any-and-all solution, the opportunity to deploy capital has noticeably accelerated in the past few months and is reflected in the pipeline of opportunities we are executing on today.

同時，購電方正在尋求長期獲得可靠、永續的能源，以推動這一成長。由此可見，要滿足不斷增長的電力需求，需要採取全面性的解決方案，利用太陽能、風能、水力、天然氣、核能和其他技術，以確保足夠的負載和穩定的電力供應。由於這種需求以及對全方位解決方案的迫切需要，過去幾個月來，部署資金的機會明顯加快，這反映在我們目前正在執行的專案儲備中。

In particular, we are seeing growing opportunities in nuclear, where we are exceptionally well-positioned to play a leading role in the sector’s expansion in both the United States and globally, given our ownership of Westinghouse, the US nuclear champion. In October, we announced a strategic partnership with the US government with the intention of achieving the objectives of reinvigorating the nuclear power industrial base as set out in President Trump’s executive orders. Under the partnership, the US government will support Westinghouse by, among other things, arranging financing and ordering new Westinghouse nuclear power reactors to be built in the United States with an aggregate investment value of at least $80 billion.

尤其值得注意的是，我們看到核能領域的機會正在不斷成長。鑑於我們擁有美國核能巨頭西屋電氣公司，我們在美國乃至全球核能領域的擴張中都佔據著非常有利的地位，可以發揮領導作用。10 月，我們宣布與美國政府建立戰略夥伴關係，旨在實現川普總統行政命令中提出的重振核電工業基礎的目標。根據這項合作協議，美國政府將透過安排融資和訂購在美國建造新的西屋核電反應器等方式支持西屋公司，總投資額至少為 800 億美元。

This transformational agreement, which Jen will speak to in more detail shortly, positions nuclear energy deployment as a cornerstone of America’s strategy to sustain global leadership in both artificial intelligence and advanced nuclear power technology, and will drive a step change in the growth of nuclear power generation, helping to kick-start scale deployment of new Westinghouse reactors in the US and around the world.

Jen稍後將更詳細地談到這項變革性協議，該協議將核能部署定位為美國在人工智慧和先進核電技術領域保持全球領先地位的戰略基石，並將推動核電發電量實現飛躍式增長，有助於啟動西屋公司在美國和世界各地大規模部署新型反應器。

Separate from our partnership with the US government, this past month, Brookfield signed a letter of intent to conduct six weeks of early-stage diligence on the potential development of two VC Summer nuclear reactors. The reactors are Westinghouse AP-1000s that were partially constructed until development was paused in 2017. While we are early in our diligence process, we are encouraged by our initial feedback from potential partners and hyperscaler off-takers.

除了與美國政府的合作之外，布魯克菲爾德上個月還簽署了一份意向書，對兩座VC Summer核反應器的潛在開發進行為期六週的早期盡職調查。這些反應器是西屋 AP-1000 型反應堆，在 2017 年開發暫停之前，該反應器已部分建成。雖然我們的盡職調查過程仍處於早期階段，但我們對潛在合作夥伴和超大規模承購商的初步回饋感到鼓舞。

The development of these reactors represents another growth opportunity for Westinghouse, as well as potentially for Brookfield Renewable to enhance its position as a leading supplier of scale electricity to utilities and hyperscalers to support accelerating energy demand via nuclear power. But we will only do so if the appropriate downside protections and risk-adjusted returns are available to us. Another example of how accelerating demand from the hyperscalers is impacting our business is that these players are increasingly looking to our hydro capacity as a source of power, given its scale, base load, and clean characteristics. While hyperscalers have traditionally focused on contracting our wind and solar generation and continue to do so for its low cost, additionality, and speed-to-market benefits, the scale of current demand means we are also seeing a greater opportunity to contract our hydro fleet to these off-takers.

這些反應爐的開發為西屋公司帶來了另一個成長機會，同時也為布魯克菲爾德再生能源公司提供了潛在的成長機會，使其能夠鞏固自身作為領先的電力供應商的地位，為公用事業公司和超大規模企業提供規模化電力，以支持透過核電滿足不斷增長的能源需求。但只有在我們能夠獲得適當的下行保護和風險調整後的利益的情況下，我們才會這樣做。超大規模企業加速成長的需求對我們業務的影響的另一個例子是，鑑於水力發電的規模、基本負載和清潔特性，這些企業越來越傾向於將我們的水力發電能力作為電力來源。雖然超大規模資料中心營運商歷來專注於與我們的風能和太陽能發電企業簽訂合同，並且由於其成本低、附加性強、上市速度快等優勢，他們仍然繼續這樣做，但當前的需求規模意味著我們也看到了更大的機會，可以將我們的水力發電項目與這些購電方簽訂合同。

As the largest private owners and operators of hydro assets in the United States, with approximately five terawatt-hours of generation coming up for recontracting, we are well-positioned to capture the increasing demand, which will both lift our cash flows in the form of higher pricing and also enable us to up-finance these assets, providing additional capital to deploy into growth. We have seen this play out with the hydro framework agreement we signed in July with Google and the immediate subsequent contracting of two facilities. And then more recently, we also signed a new 20-year contract with Microsoft at another one of our hydro assets in PJM as part of our renewable energy framework with that counterparty.

作為美國最大的私人水力資產所有者和運營商，我們約有 5 太瓦時的發電量即將到期需要重新簽訂合同，我們完全有能力抓住不斷增長的需求，這不僅會通過更高的價格提高我們的現金流，還會使我們能夠為這些資產提供更高的融資，從而提供額外的資金用於增長。我們已經看到這種情況在我們 7 月與谷歌簽署的水力發電框架協議以及隨後立即簽訂的兩項設施合約中得到了體現。最近，我們還與微軟就我們在 PJM 的另一處水力資產簽署了一份新的 20 年合同，這是我們與該交易對手的可再生能源框架的一部分。

We also continue to evaluate the opportunity to acquire hydros, which would fit well within our portfolio. And this quarter, we closed our previously announced incremental investment into Ethahen, increasing our stake in a world-class hydro business with a strong growth outlook.

我們也持續評估收購水力發電專案的機會，該專案與我們的投資組合非常契合。本季度，我們完成了先前宣布的對 Ethahen 的追加投資，增加了我們在這家具有強勁增長前景的世界級水力發電企業的股份。

Another area of growth for our business, driven by rising electricity demand, higher peak loads, and greater renewables penetration, is battery storage. Costs continue to come down, decreasing more than 50% in the past 12 months, and we are seeing a notable increase in counterparties willing to execute long-term capacity contracts, a key attribute of our de-risked approach to development.

受電力需求成長、尖峰負載增加以及再生能源滲透率提高的推動，電池儲能成為我們業務的另一個成長領域。成本持續下降，在過去 12 個月中下降了 50% 以上，我們看到願意執行長期產能合約的交易對手顯著增加，這是我們降低開發風險方法的關鍵特徵。

This past quarter, we advanced our global battery development strategy, highlighted by the delivery of a 340-megawatt battery in Australia, which combined with the first phase of this project, is now the largest operating battery solution in the country. We continue to see scale opportunities for partnerships with governments and corporates to help deliver energy solutions utilizing battery storage.

上個季度，我們推進了全球電池開發策略，其中最引人注目的是在澳洲交付了一個 340 兆瓦的電池，加上該專案的第一階段，現在已成為全國最大的運行電池解決方案。我們持續看到與政府和企業合作，利用電池儲能提供能源解決方案的規模機會。

Now, while we are deploying significant capital into batteries and hydro and evaluating further deployment into nuclear, our core wind and solar business also continues to grow at an accelerating pace as a result of its position as the lowest cost, fastest-to-market form of bulk power available in most major markets around the world. Today, we have a global operating fleet and scale pipeline of over 200 gigawatts, which complements our battery, hydro, and nuclear capabilities and furthers our position as the partner of choice to the largest buyers of power who are prioritizing low-cost, readily available power solutions.

現在，雖然我們正在向電池和水力發電領域投入大量資金，並評估進一步向核能領域投入資金，但由於風能和太陽能是全球大多數主要市場中成本最低、上市速度最快的電力供應方式，我們的核心風能和太陽能業務也繼續以加速的速度增長。如今，我們擁有超過 200 吉瓦的全球營運機組和規模儲備，這與我們的電池、水力和核能能力相輔相成，進一步鞏固了我們作為最大電力買家首選合作夥伴的地位，這些買家優先考慮低成本、隨時可用的電力解決方案。

In fact, we feel the ability to provide base load power and energy storage solutions enhances the value of our wind and solar development pipeline, as these technologies can be used to complement each other to meet the needs of customers. These combined capabilities across renewable technologies, including our base load power capabilities, our relationships with the largest technology players, and our access to scale capital, enable us to act quickly in environments like these, positioning us well to accelerate our growth over the next several years. As a result, we have never felt stronger about the growth prospects of our business.

事實上，我們認為提供基礎負載電力和儲能解決方案的能力提升了我們風能和太陽能開發專案的價值，因為這些技術可以相互補充，以滿足客戶的需求。我們在再生能源技術領域的綜合能力，包括我們的基礎負荷電力能力、與最大技術參與者的關係以及我們獲得規模資本的管道，使我們能夠在這樣的環境中迅速採取行動，從而為我們在未來幾年加速成長奠定良好的基礎。因此，我們對公司的發展前景從未如此充滿信心。

With that, we will now turn it over to Jen to speak in more detail to the recently announced partnership between Westinghouse and the US government.

接下來，我們將把麥克風交給 Jen，讓她更詳細地談談西屋電氣公司和美國政府最近宣布的合作關係。

Thank you, Connor, and good morning, everyone. As Connor mentioned, in October, we announced a strategic partnership between the US government and Westinghouse, where the US government will order new Westinghouse nuclear reactors to be built in the United States with an aggregate investment value of at least $80 billion. The agreement supports the government’s goal of having 10 large-scale reactors with completed designs under construction by 2030 and aligns the US government with the owners of Westinghouse to dramatically enhance the value of the business by providing for an opportunity for profit sharing in certain circumstances.

謝謝你，康納，大家早安。正如康納所提到的，我們在 10 月宣布了美國政府與西屋公司之間的戰略合作夥伴關係，美國政府將訂購西屋公司在美國建造新的核反應堆，總投資額至少為 800 億美元。該協議支持政府的目標，即在 2030 年建成 10 座設計完成的大型反應堆，並使美國政府與西屋公司的所有者保持一致，透過在某些情況下提供利潤分享的機會，大幅提高企業的價值。

Westinghouse, which we and Cameco acquired in 2023, is a leading provider of mission-critical technology, services, and products to the nuclear power industry. Westinghouse is the US nuclear champion, currently servicing over 50% of the global nuclear fleet. Over two-thirds of operating nuclear reactors in the world are derived from Westinghouse technology.

西屋電氣（Westinghouse）是我們和 Cameco 於 2023 年收購的公司，是核電行業關鍵技術、服務和產品的領先供應商。西屋公司是美國核能領域的領導企業，目前為全球超過 50% 的核電廠提供服務。全球運作的核反應器中，超過三分之二都採用了西屋公司的技術。

Westinghouse operates through three main business segments. Today, its operating plant services and nuclear fuel businesses together generate roughly 85% of the company’s earnings, driven by long-term contracts with the global fleet of operating reactors. These segments generate stable infrastructure-like cash flows anchored by Westinghouse’s position as the leading nuclear service provider. As the nuclear industry grows globally through greater usage, life extensions, and new reactors, Westinghouse’s core business of operating plant services and nuclear fuel will continue to grow alongside the broader nuclear market. This leading position and the stable growing cash flows from these two businesses formed the foundation of our original investment thesis.

西屋電氣透過三大業務部門運作。如今，該公司的營運工廠服務和核燃料業務合計貢獻了該公司約 85% 的收益，這主要得益於與全球營運反應器簽訂的長期合約。這些業務板塊能夠產生穩定的基礎設施式現金流，而西屋電氣作為領先的核能服務提供者的地位為其提供了保障。隨著全球核工業透過更廣泛的應用、延壽和新反應器而發展壯大，西屋公司的核心業務——電廠營運服務和核燃料——將與更廣泛的核子市場一起繼續成長。這一領先地位以及這兩家企業穩定成長的現金流構成了我們最初投資理念的基礎。

Westinghouse also owns the intellectual property for the world’s leading utility-scale reactor, the AP-1000, as well as the AP-300, its small modular reactor version. Through its third main business segment, the energy systems business, Westinghouse provides design, engineering, and procurement services for new nuclear power plants without assuming construction risk or operating liabilities. While we have always had strong conviction in the long-term role nuclear energy will play and the potential of this energy system segment, at the time of our acquisition, we assigned only modest growth expectations to the energy systems business, reflecting the broader market conditions at that time.

西屋公司還擁有世界領先的公用事業規模反應器 AP-1000 及其小型模組化反應器版本 AP-300 的智慧財產權。西屋電氣透過其第三大業務部門－能源系統業務，為新建核電廠提供設計、工程和採購服務，而不承擔建設風險或營運責任。雖然我們一直堅信核能將在長期內發揮重要作用，並且該能源系統領域具有巨大潛力，但在收購之時，我們僅對能源系統業務的成長預期較為溫和，這反映了當時的整體市場狀況。

Since then, in light of factors including a greater focus on energy security and the insatiable demand for base load power to support the build-out of data centers, global sentiment around new-build nuclear has changed significantly, as we have seen with new reactor builds announced primarily in Europe and also restarts in the United States. Now, the recently announced partnership with the US government represents a significant catalyst for the trajectory of growth at Westinghouse.

此後，由於更加重視能源安全以及為支持數據中心建設而對基本負載電力的巨大需求等因素，全球對新建核電的看法發生了顯著變化，正如我們所看到的，主要在歐洲宣布了新的反應堆建設，美國也重啟了反應堆。如今，最近宣布與美國政府建立合作關係，這成為西屋電氣公司發展軌跡的重要催化劑。

Under the agreement, the US government plans to invest at least $80 billion into new-build nuclear facilities in the US that will use Westinghouse reactors. The US government has also agreed to support Westinghouse by, among other things, arranging financing, facilitating permits, and the approvals required to accommodate the near-term build-out of new nuclear plants in the United States. Westinghouse will continue to undertake the same activities it has since our ownership, focused on the design, engineering, and procurement services for these new-build reactors. Once the plants are operating, we would expect to provide fuel and maintenance services for the lives of these new nuclear facilities, which is on average between 60 and 80 years each.

根據該協議，美國政府計劃投資至少 800 億美元在美國新建核設施，這些設施將使用西屋公司的反應器。美國政府也同意為西屋公司提供支持，包括安排融資、協助辦理許可證和審批手續，以適應美國近期新建核電廠的需求。西屋公司將繼續開展自我們收購以來一直從事的相同業務，專注於這些新建反應器的設計、工程和採購服務。一旦這些核電廠投入運行，我們預計將為這些新建核設施提供燃料和維護服務，其使用壽命平均為 60 至 80 年。

The partnership creates significant value for Westinghouse and Brookfield Renewable in three main ways. First. This scale investment should contribute significant earnings growth over time at Westinghouse as the reactors are constructed. Second, we expect that these orders will provide long-term recurring cash flows to the business, with Westinghouse delivering fuel and maintenance services over the course of the reactor’s lives once constructed. Third, and perhaps most importantly, orders of this magnitude should provide both a catalyst and enhance certainty to the sector that should enable investment in the supply chain for Westinghouse and the nuclear industry more broadly, resulting in greater assurances for future investment in new-build reactors and lower costs going forward as the supply chain scales.

此次合作主要透過以下三個面向為西屋電氣和布魯克菲爾德再生能源公司創造了巨大的價值。第一的。隨著反應爐的建設，這項規模投資應該會隨著時間的推移為西屋公司帶來顯著的收益成長。其次，我們預計這些訂單將為公司提供長期的經常性現金流，西屋公司將在反應爐建成後的整個生命週期中提供燃料和維護服務。第三，或許也是最重要的一點，如此規模的訂單應該能夠為該行業提供催化劑和增強確定性，從而促使西屋公司和更廣泛的核工業對供應鏈進行投資，進而為未來新建反應器的投資提供更大的保障，並隨著供應鏈規模的擴大，降低未來的成本。

This should have the added benefit of helping Westinghouse further deploy its technology both in the United States and globally, far beyond this initial order of reactors. Interestingly, even since the announcement less than two weeks ago, inbounds for new-build Westinghouse reactors have increased. It is also important to note that the terms of the strategic partnership align us with the US government to create significant near-term value at Westinghouse while maintaining the current governance structure of the business.

這應該會帶來額外的好處，即幫助西屋公司在美國和全球範圍內進一步推廣其技術，遠遠超出這最初訂購的反應器數量。有趣的是，自不到兩週前宣布以來，西屋公司新建反應爐的進口量反而增加了。值得注意的是，該戰略合作夥伴關係的條款使我們與美國政府保持一致，在西屋公司創造重大的近期價值，同時保持公司目前的治理結構。

Under our agreement, provided that the US government has made a final investment decision and entered into definitive orders to invest at least $80 billion in the construction of new Westinghouse nuclear reactors in the United States before January 2029, the US government will receive 20% of distributions from Westinghouse, but only after the current shareholders have first received $17.5 billion in distribution. In summary, the partnership and near-term development of new nuclear reactors are expected to deliver significant value for Westinghouse over the long term through reactor construction, development of the supply chain to enable further global deployment, and associated servicing and fuel contracts.

根據我們的協議，如果美國政府在 2029 年 1 月之前做出最終投資決定並下達最終指令，投資至少 800 億美元在美國建造新的西屋核反應堆，則美國政府將從西屋獲得 20% 的分配，但前提是現有股東首先獲得 175 億美元的分配。總而言之，透過反應器建設、發展供應鏈以實現進一步的全球部署以及相關的服務和燃料合同，預計與西屋公司合作並近期開發新型核反應器將在長期內為西屋公司帶來巨大的價值。

With our co-owner Cameco’s expertise across the nuclear fuel supply chain, Westinghouse’s leadership in mission-critical technology and services, and our access to capital and deep commercial relationships with the largest buyers of electricity, the business is exceptionally well-positioned to build on its leadership in the sector. This strategic partnership marks a strong start to what we believe will be a meaningful runway of growth for the business, positioning Westinghouse to far exceed our original underwriting expectations and deliver significant value for our shareholders and stakeholders over the long term.

憑藉我們共同所有者 Cameco 在核燃料供應鏈方面的專業知識、西屋電氣在關鍵任務技術和服務方面的領先地位，以及我們獲得資金和與最大電力買家建立的深厚商業關係，公司在鞏固其在該領域的領先地位方面處於非常有利的地位。我們相信，這項策略夥伴關係將為公司帶來意義深遠的成長，標誌著公司發展邁出了堅實的第一步，使西屋電氣能夠遠遠超出我們最初的承保預期，並在長期內為我們的股東和利益相關者創造巨大的價值。

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

接下來，我將把會議交給派崔克，由他來討論我們的經營績效和財務狀況。

Thanks, Jen. Good morning to everyone on the call. Our business performed well this quarter, delivering funds from operations of $302 million, or $0.46 per unit, an increase of 10% year over year, driven by contracted, inflation-linked cash flows from our diverse global operating fleet, commercial and operational execution, and contributions from recent M&A activity and project development.

謝謝你，珍。各位參加電話會議的朋友們，早安。本季我們的業務表現良好，營運資金達 3.02 億美元，即每單位 0.46 美元，年增 10%，這主要得益於我們多元化的全球營運船隊、商業和營運執行以及近期併購活動和項目開發帶來的與通貨膨脹掛鉤的合約現金流。

Our hydroelectric segment delivered another strong quarter, generating FFO of $119 million, up over 20% from the prior year on the back of solid generation from our Canadian and Colombian fleets, higher pricing across our US operations, and increased earnings from commercial and operational activities. The performance of this segment reflects growing demand for scale base load power and our ability to capture improved pricing in the current environment.

我們的水力發電業務又迎來了一個強勁的季度，FFO 達到 1.19 億美元，比上年增長超過 20%，這得益於我們在加拿大和哥倫比亞的發電量穩健增長、美國業務定價上漲以及商業和運營活動收益增加。此業務板塊的表現反映了市場對規模化基礎負載電力日益增長的需求，以及我們在當前環境下獲得更優惠價格的能力。

Our wind and solar segments generated a combined $177 million of FFO, supported by contributions from our acquisitions of Neoen, Geronimo Energy, and the portfolio of offshore wind assets in the UK that we invested in last year. The benefits of this growth and our organic development were offset by the impact of the sale of wind assets in the US, Spain, and Portugal since Q3 last year. Our distributed energy, storage, and sustainable solution segments delivered a solid quarter, generating FFO of $127 million, up from the prior year. Results were supported by growth from the Neoen acquisition and strong performance at Westinghouse.

我們的風能和太陽能業務合計產生了 1.77 億美元的 FFO，這得益於我們收購 Neoen、Geronimo Energy 以及去年我們在英國投資的離岸風電資產組合所做出的貢獻。自去年第三季以來，出售美國、西班牙和葡萄牙的風電資產的影響抵消了這種成長和我們自身發展的益處。我們的分散式能源、儲能和永續解決方案業務部門本季表現穩健，FFO 達到 1.27 億美元，高於去年同期水準。Neoen 收購帶來的成長以及 Westinghouse 的強勁表​​現支撐了業績。

Now turning to our financial position. During the quarter, we were successful in deploying significant capital into growth while maintaining strong liquidity of $4.7 billion and a sector-leading balance sheet, reaffirming our BBB+ investment-grade rating from three major rating agencies. We continue to differentiate our franchise with our access to scale capital. In the current environment, where there is increasing demand for energy and opportunities for those with the right mix of capabilities and development expertise, access to capital is becoming even more crucial.

現在來看看我們的財務狀況。本季度，我們成功地將大量資金投入成長，同時保持了 47 億美元的強勁流動性和行業領先的資產負債表，從而再次確認了三大評級機構授予我們的 BBB+ 投資級評級。我們憑藉著規模資本優勢，不斷提升我們特許經營的差異化優勢。在當前環境下，能源需求不斷增長，擁有合適能力和開發專長的人有很多機會，因此獲得資金變得更加重要。

During the quarter, we executed $7.7 billion in financings, bringing our total financings over the last 12 months alone to $38 billion. This includes $1.1 billion in up-financings across the business in the third quarter alone. We executed up-financings at our Holtwood and Safe Harbor hydro assets recently, following the first contracts under our framework agreement with Google that we signed earlier in the year. We completed an innovative up-financing at our Smoky Mountain hydro asset. These financings, sized to investment grade, attracted strong investor demand and were over five times oversubscribed at the tightest spreads we have seen for these types of financings in the past five years, reflecting the strength of the demand to lend to our high-quality assets.

本季度，我們完成了 77 億美元的融資，光是過去 12 個月，我們的融資總額就達到了 380 億美元。光是第三季度，該公司就獲得了 11 億美元的追加融資。繼今年稍早與Google簽署框架協議後的首批合約之後，我們最近對霍爾特伍德和安全港水電資產進行了追加融資。我們完成了 Smoky Mountain 水力發電資產的創新性向上融資。這些規模達到​​投資等級的融資項目吸引了投資者的強烈需求，認購倍數超過五倍，而且利差是我們過去五年中此類融資項目中最小的，這反映了投資者對我們高品質資產的貸款需求強勁。

As Connor mentioned earlier, we were also successful in the quarter advancing our commercial initiatives, signing contracts to deliver approximately 4,000 gigawatt-hours per year. This includes signing a 20-year contract with Microsoft at one of our hydro facilities in the PJM market in the US. On the back of this contract, we expect to execute another significant up-financing in the fourth quarter. Also, during the quarter, we were very active on the capital recycling front, closing sales and signing agreements that are expected to generate $2.8 billion, or $900 million net to Brookfield Renewable.

正如康納之前提到的，本季度我們在推進商業計劃方面也取得了成功，簽署了每年交付約 4,000 吉瓦時的合約。這其中包括與微軟在美國 PJM 市場的一家水力發電廠簽署了一份為期 20 年的合約。憑藉這份合同，我們預計將在第四季進行另一筆重大追加融資。此外，本季我們在資本回收方面非常活躍，完成了銷售並簽署了協議，預計將產生 28 億美元，或為 Brookfield Renewable 帶來 9 億美元的淨收益。

This includes reaching an agreement to sell a stake in a leading North American distributed generation business while retaining almost half the development business and its pipeline, maintaining exposure to growth of this platform going forward. We also sold a portfolio of de-risked operating assets within one of our US platforms, something we expect to increasingly do more of as we build out our capital recycling capabilities in all of our businesses and continue to bring long-life infrastructure assets into production, which today are in very strong demand from low-cost capital buyers.

這包括達成協議出售北美領先的分散式發電企業的部分股份，同時保留近一半的開發業務及其專案儲備，從而繼續參與該平台未來的成長。我們也出售了美國某平台內的一組去風險營運資產，隨著我們在所有業務中不斷增強資本循環利用能力，並持續將長壽命基礎設施資產投入生產（目前低成本資本買家對這些資產的需求非常旺盛），我們預計未來將越來越多地進行此類交易。

We also signed and closed the sales of solar, wind, and battery assets in Australia that we acquired within Neoen earlier this year. Since our acquisition of Neoen, we have implemented an asset recycling program and sold assets worth $1.1 billion of enterprise value in less than one year of ownership. This is up effectively from a run rate of zero before we acquired the business.

我們還簽署並完成了今年稍早從 Neoen 收購的澳洲太陽能、風能和電池資產的出售。自從我們收購 Neoen 以來，我們實施了資產回收計劃，並在不到一年的時間內出售了價值 11 億美元的企業價值資產。這比我們收購這家公司之前的零成長率有了顯著提高。

As we look ahead, we anticipate an acceleration of opportunities to deploy capital through M&A and within our existing businesses. In this environment, our approach will not waver. We will remain focused on ensuring we maintain high levels of liquidity and access to capital so that we are well-positioned to deploy scale capital when compelling opportunities arise. In closing, we remain focused on delivering 12%-15% long-term total returns for our investors while remaining disciplined allocators of capital.

展望未來，我們預計透過併購和在現有業務中部署資本的機會將會加速增加。在這種環境下，我們的方法不會動搖。我們將繼續專注於確保維持高水準的流動性和資本獲取管道，以便在出現令人振奮的機會時，能夠及時部署規模資本。最後，我們將繼續專注於為投資者帶來 12%-15% 的長期總回報，同時保持嚴謹的資本配置。

On behalf of the board and management, we thank all our unit holders and shareholders for their ongoing support. That concludes our formal remarks for today’s call. Thank you for joining us this morning.

我們謹代表董事會和管理階層，感謝所有單位持有人和股東的持續支持。今天的正式發言到此結束。感謝您今天早上收看我們的節目。

With that, I’ll pass it back to the operator for questions.

這樣，我就把電話轉回給接線生，以便他們提問。

(Operator Instructions) Nelson Ng, RBC Capital Markets.

（操作員說明）Nelson Ng，加拿大皇家銀行資本市場。

Quick question. Just in the US, obviously, there’s better visibility on tax credits, which is great. But can you talk about whether you’re seeing any improvements in the pace of permitting, whether at the state or federal level? Are you seeing any changes being made to speed up the pace of power deployment? I know we’re hearing a lot about the need for power, but are you seeing any of the changes take place? Thanks.

問個問題。顯然，僅在美國，稅收抵免方面的資訊就更加透明，這很好。但是，您能否談談您是否看到州或聯邦層級的審批速度有任何改善？您認為目前在加快電力部署速度方面有哪些變化嗎？我知道我們經常聽到關於電力需求的討論，但你看到任何變化正在發生嗎？謝謝。

You’re right. The biggest dynamic that has spoken about greatly in the United States is just the increased demand for power. In terms of are we seeing things move faster on the ground? We would say incrementally, but not dramatically, if we’re being candid. Given the size of our platform, that means we are bringing significant amounts of megawatts through into operations on an ongoing basis but the bottleneck to growth is not capital, is not demand. It’s execution on the ground level.

你說得對。在美國，人們談論最多的動態就是電力需求的成長。就實際情況而言，我們是否看到事情進展得更快了？坦白說，我們會說是逐步的，但不是劇烈的。鑑於我們平台的規模，這意味著我們正在持續地將大量的兆瓦電力投入運營，但成長的瓶頸不是資金，也不是需求。關鍵在於基層執行情況。

The one thing we would highlight, and this is consistent across the United States, and I would say markets around the world, is there is a very clear level of intent from all stakeholders to remedy this situation, to accelerate permitting, to fast-track approvals. The intent is there, progress to date limited, but we are confident it can only get better from here.

我們想強調的一點是，這一點在美國各地，乃至世界各地的市場都是一致的，那就是所有利益相關者都有非常明確的意願來糾正這種情況，加快許可審批，加快批准進程。意圖已定，但迄今為止進展有限，不過我們相信情況只會越來越好。

And then just on data centers, obviously, the US is a big focus, but given your global platform, can you just talk about regions outside of the US in terms of where you’re having discussions about adding additional power for data centers?

然後，就資料中心而言，顯然美國是重點，但鑑於你們的全球平台，能否談談美國以外的地區，例如你們正在討論為資料中心增加額外電力的情況？

We wouldn’t want to give you an oversimplified answer, but I would say it is almost everywhere but let’s go a layer deeper on that. Clearly, the largest concentration of data center buildout is in the United States. Following the United States, it would be Western Europe. We are seeing a heightened number of conversations there.

我們不想給你一個過於簡單的答案，但可以說它幾乎無所不在，不過讓我們更深入地探討一下這個問題。顯然，資料中心建設最集中的地區是美國。美國之後，就是西歐了。我們看到那裡的對話數量明顯增加。

But this does extend to almost every market around the world. We are seeing more conversations around power to data centers in Australia, in India, even in South America. It is a very consistent topic globally but to layer a size dynamic on top of that, because of the concentration of buildout that is largely in the United States and then Western Europe, that is where we are having the greatest number of those conversations.

但這幾乎適用於世界各地的所有市場。我們看到，在澳洲、印度，甚至南美洲，關於資料中心供電的討論越來越多。這是一個全球都普遍關注的議題，但在此基礎上還要考慮規模因素，因為建設主要集中在美國和西歐，所以我們在這些地區進行的此類討論最多。

Maybe just to go a layer deeper on one of the things you said. What’s interesting is clearly the biggest opportunity is building data centers for hyperscalers, the largest corporates around the world. There is also a secondary opportunity of very meaningful scale, which is to build data centers for countries. Sovereign compute is increasingly a growing source of demand and something we feel we’re equally well-positioned to support the same way we support data center demand from corporates.

或許只是想更深入地探討一下你剛才說的某件事。有趣的是，最大的機會顯然是為超大規模資料中心營運商（即全球最大的企業）建造資料中心。此外，還有一個規模非常可觀的次要機遇，那就是為各國建設資料中心。主權運算的需求日益增長，我們認為我們有能力像支援企業資料中心需求一樣支援主權運算。

Sean Stewart, TD Cowen.

Sean Stewart，TD Cowen。

First question for Connor or Jen. Can you give us an expected timeline for the US buildout associated with the Westinghouse agreement? Just trying to gauge the timeline of expected FFO contribution for that. I guess the question’s in the context of US has some ambitious timelines for this buildout. How would that compare to what’s typical for AP-1000 reactors in terms of the timeframe?

第一個問題問Connor或Jen。您能否提供一下與西屋電氣協議相關的美國建設項目的預期時間表？我只是想估算一下預計 FFO 貢獻的時間表。我想這個問題在美國的背景下，對這項建設有一些雄心勃勃的時間表。與AP-1000反應器的典型時間相比，這有何不同？

Maybe just to take a step back. What has the US government looked to do here? Typically, to pull a nuclear reactor out of the ground, you need to work to get alignment and buy-in from a large number of stakeholders, and that takes a large period of time before you can start development and construction. Essentially, what the US government has done, and our partnership is a big part of this effort, is to say, we will backstop all of that. We want to get shovels in the ground as quickly as possible. We will facilitate permits. We will facilitate financing. We will facilitate the use of federal lands.

或許應該退後一步。美國政府在這裡採取了哪些措施？通常情況下，要從地下建造一座核反應堆，需要獲得眾多利益相關者的同意和支持，這需要很長時間才能開始開發和建造。從本質上講，美國政府所做的，也是我們合作的重要組成部分，就是表示我們將為所有這些提供支援。我們希望盡快開工。我們將協助辦理許可證。我們將協助融資。我們將為聯邦土地的使用提供便利。

So when do we start seeing these reactors begin to be developed and constructed? Almost immediately. We expect the first reactors, the first projects to begin their development process, I would say, in the next quarter or two. Nobody has taken a breath. We worked from trying to close the agreement to immediately turning our attention to what can we do to pull the first project out of the ground.

那麼，我們什麼時候才能看到這些反應器開始研發和建造呢？幾乎立刻。我們預計首批反應器、首批專案將在未來一、兩個季度開始開發進程。所有人都屏住了呼吸。我們從努力達成協議開始，立即將注意力轉移到如何讓第一個專案落地生根。

We would expect contributions out of this agreement relatively quickly because as soon as that development process starts, Westinghouse does begin to generate revenues. Now let’s put some context around that. In the energy systems division of Westinghouse that Jen described, which is how Westinghouse generates profits from new-build reactors, the way to think about it is essentially in the reactor life, there’s three stages.

我們預計這項協議很快就會產生收益，因為一旦開發過程開始，西屋公司就會開始產生收入。現在讓我們來了解一下背景。Jen 所描述的西屋能源系統部門，也就是西屋如何從新建反應器中獲利的部門，其運作方式本質上是在反應器的生命週期中，分為三個階段。

For the first three to four years, it’s a development stage where Westinghouse does generate revenues and profits, but they are, I would say, candidly, a little bit more modest. Once the reactor starts construction, which we would say is probably in year three, there is a period of heightened profitability for the energy systems division of Westinghouse. That lasts anywhere from three to six years, the time it takes for the plant to be constructed and that is a very profitable, high-margin period for Westinghouse.

在前三到四年裡，這是一個發展階段，西屋公司確實會產生收入和利潤，但坦白說，這些收入和利潤要少一些。一旦反應爐開始建造（我們估計大概在第三年），西屋公司的能源系統部門就會迎來一段獲利能力顯著提升的時期。這段時間從開始建造工廠到最終建成，大約需要三到六年，對西屋公司來說，這是一段利潤非常豐厚、利潤率很高的時期。

And then the reactor turns on, and Westinghouse gets an 80-year almost annuity on fuel supply -- fuel fabrication and supply, and then operating plant maintenance and services contracts. We do expect revenues from this contract or this partnership with the US government to start as quickly as the next couple of quarters, but it will really ramp up, I would say, in the three to four-year timeframe.

然後反應爐啟動，西屋公司將獲得長達 80 年的燃料供應年金——包括燃料製造和供應，以及工廠營運維護和服務合約。我們預計與美國政府簽訂的這份合約或建立的合作關係帶來的收入將在未來幾季內開始顯現，但要真正實現快速成長，我認為需要在三到四年的時間內。

Second question is with respect to the Santee Cooper project and assets. If Brookfield invests directly, how do you hedge the basis risk around cost overruns or delays in those risks at the BEP level?

第二個問題與 Santee Cooper 項目和資產有關。如果 Brookfield 直接投資，如何對沖損益平衡點層面上的成本超支或延誤等風險所帶來的基差風險？

Maybe just for everyone’s benefit, the timing of the US Westinghouse partnership and the Santee Cooper announcement was entirely coincidental that they came a day or two apart. These are separate and distinct processes and opportunities that we are looking at. With Santee Cooper, we see an opportunity where Brookfield is potentially very well-positioned. Obviously, the construction of this facility was started with Westinghouse Technology, so it has to finish with Westinghouse Technology. We are well-positioned there.

也許對大家來說，美國西屋電氣公司與桑蒂庫柏公司達成合作協議的時間點純屬巧合，兩者只相隔一兩天。我們正在研究的是一些獨立且不同的流程和機會。我們看到，透過收購 Santee Cooper，Brookfield 擁有了非常有利的地位。顯然，這座設施的建設是由西屋技術公司開始的，所以也必須由西屋技術公司完成。我們在那裡佔據了有利位置。

But then importantly, our ability to bring both capital and offtake to the project, consistent with what we do across our broader business, differentiated us and allowed us to be positioned in preferred bidder status, which is where we are at today. In terms of us investing in the actual buildout and ownership of nuclear reactors, we are only going to do so if we can get the appropriate protections around cost overrun and key nuclear risks and generate the appropriate risk-adjusted returns for this type of activity. And as such, if we pursue an opportunity like Santee Cooper, we would look to structure our investment to ensure that we have appropriate protections around those key risks, particularly cost overrun risk and that is something that absolutely is part of our current thinking in terms of that opportunity.

但更重要的是，我們能夠為該項目帶來資金和承購權，這與我們在更廣泛的業務範圍內所做的工作一致，使我們脫穎而出，並使我們能夠處於優先競標者的地位，這就是我們今天所處的位置。就我們投資建造和擁有核反應器而言，我們只有在能夠獲得適當的保護措施來應對成本超支和關鍵核風險，並為這類活動產生適當的風險調整後收益的情況下，才會這樣做。因此，如果我們尋求像 Santee Cooper 這樣的投資機會，我們會考慮建立我們的投資結構，以確保我們針對這些關鍵風險，特別是成本超支風險，採取適當的保護措施，這絕對是我們目前對該投資機會的思考的一部分。

Robert Hope, Scotia Bank.

羅伯特‧霍普，加拿大豐業銀行。

Maybe to follow up on Sean’s question, when you think about the buildout of the next phase of nuclear with the partnership with the US government. Could Brookfield and BEP potentially be a source of capital there? Under kind of what framework or protections would you look to be a potential buyer of, we’ll call it, backstopped reactors by the US government?

也許可以接著肖恩提出的問題，當你思考與美國政府合作建造下一階段核能。Brookfield 和 BEP 有可能成為那裡的資金來源嗎？如果您有意購買由美國政府擔保的反應堆，您會希望在什麼樣的框架或保護措施下購買？

Perhaps to break it into two parts. We feel that Brookfield Renewable is extremely well-positioned to play a major and significant role in the growth of nuclear power, both in the United States and around the world. That comes from a couple of factors, but maybe to name a few of them.

或許可以把它分成兩個部分。我們認為，布魯克菲爾德再生能源公司擁有得天獨厚的優勢，能夠在美國乃至全世界的核電發展中發揮重要作用。這源自於多種因素，但或許可以列舉其中幾項。

One, our ownership of Westinghouse. We own the global nuclear champion. As Jen mentioned, 60% of reactors around the world run on Westinghouse technology. Westinghouse already services more than half the global nuclear reactor fleet today. We are very much in the flow of almost every nuclear power generation facility around the world.

第一，我們擁有西屋電氣公司。我們擁有全球核能領域的領導企業。正如Jen所提到的，全世界60%的反應爐都採用西屋公司的技術。西屋公司目前已為全球一半以上的核反應器提供服務。我們與世界各地幾乎所有核電廠都有著密切的聯繫。

Secondly, our relationships with the largest off-takers and consumers of power and our ability to source off-take for these projects, our access to capital, and ability to potentially fund these buildouts, and then Brookfield’s long-established history as a disciplined developer and constructor of large infrastructure and power projects.

其次，我們與最大的電力承購商和消費者建立了良好的關係，並且我們有能力為這些項目找到承購商，我們有能力獲得資金，並且有能力為這些建設項目提供潛在資金，此外，Brookfield 還擁有悠久的歷史，是一家嚴謹的大型基礎設施和電力項目開發商和建設者。

What we would say today is we do feel that we are well-positioned to pursue opportunities in this space. When it comes to our partnership with the US government, as previously mentioned, the US government is essentially taking the position that they will backstop everything to get these projects started. But we do think over time, these facilities probably do find a path to landing in the hands of more natural owners, whether that be utilities or IPPs in the market.

我們今天想說的是，我們確實認為我們已做好充分準備，在這個領域尋求機會。關於我們與美國政府的合作，正如先前提到的，美國政府基本上採取的立場是，他們將為這些計畫的啟動提供一切支持。但我們認為，隨著時間的推移，這些設施很可能會找到一條途徑，落入更自然的擁有者手中，無論是市場上的公用事業公司還是獨立發電商。

In terms of Brookfield’s ability to invest and get the protections that we would need in order to be comfortable investing in nuclear power, there’s a number of ways that we can do this. You can share cost overrun burdens with the off-takers, i.e., they pay a higher PPA price if the facility overruns. You can share cost overrun burdens with the technology and construction suppliers and you can also arrange financing that provides incremental liquidity in the event of cost overrun.

就布魯克菲爾德的投資能力以及獲得我們所需的保障以安心投資核能而言，我們可以透過多種方式來實現這一點。您可以與購電方分擔成本超支的負擔，即如果設施成本超支，則購電協議價格需更高。您可以與技術和施工供應商分擔成本超支的壓力，也可以安排融資，以便在成本超支的情況下提供額外的流動資金。

Those are the types of levers that we’re looking at when considering, are we comfortable investing in the construction and ownership of nuclear? Again, ensuring we’re only going to do this if we think we can get the right protections but based on what we’re seeing in the market, we do think there will be considerable opportunities for us in this space.

在考慮我們是否願意投資建設和擁有核能時，我們正在關注的就是這些類型的槓桿因素。再次強調，我們只會在認為能夠獲得適當保障的情況下才會這樣做，但根據我們目前在市場上看到的情況，我們認為在這個領域會有相當大的機會。

Maybe pivoting over to the Microsoft Renewable Energy Framework. Can you walk us through the factors that led to contracting the existing hydro asset versus building new wind and solar? Could we see some additional hydro deals with Microsoft?

或許可以轉向微軟再生能源框架。您能否詳細介紹一下導致最終選擇承包現有水力資產而不是建造新的風能和太陽能設施的因素？我們是否會看到微軟與水力發電領域達成更多合作協議？

Our Microsoft Framework Agreement from a couple of years ago always considered the inclusion of hydro. This does not feel overly unnatural. Could more hydro be introduced in the future? Absolutely. What we think it speaks more to is just the broader dynamic we’re seeing around demand for our hydro generation, whether it be through our hydro-specific framework agreement with Google or the recent contracting of a contract -- a hydro facility in PJM directly with Microsoft. Our framework agreement always included other technologies, including hydro, and we could see more of it in the future, absolutely.

我們幾年前與微軟簽訂的框架協議一直都考慮到了水力發電的納入。這感覺並不十分不自然。未來是否會引入更多水力發電？絕對地。我們認為，這更反映了我們正在看到的圍繞水力發電需求的更廣泛的動態，無論是透過我們與谷歌達成的水力發電框架協議，還是最近與微軟直接簽訂的在 PJM 建設水力發電設施的合約。我們的框架協議一直都包含其他技術，包括水力發電，我們未來肯定會看到更多水力發電的應用。

Mark Jarvi, CIBC.

Mark Jarvi，加拿大帝國商業銀行。

Connor, you mentioned having the US government backstop the new builds. Would they bid all the cost overruns? I guess since that framework’s been identified, have you had engagement with other stakeholders like EPC firms, utilities, and off-takers to say whether or not they’re on board with that framework agreement to get moving ahead?

康納，你提到要讓美國政府為新建案提供支援。他們會把所有超支費用都報銷嗎？我想既然已經確定了該框架，您是否與其他利益相關者（如EPC公司、公用事業公司和購電方）進行過溝通，以了解他們是否同意該框架協議並推進相關工作？

I think we need to separate out two things there. In the situation under the US government partnership, Westinghouse is not an owner of those facilities. We are simply the provider of the engineering, design, and technology services. We are essentially the critical component provider to the buildout of those facilities. The cost overrun risk and the financing responsibilities of those facilities fit entirely with the US government and that is the construct of the facility.

我認為我們需要把兩件事分開來看。在美國政府合作模式下，西屋公司並非這些設施的所有者。我們只是工程、設計和技術服務的提供者。我們基本上是這些設施建設的關鍵組件供應商。這些設施的成本超支風險和融資責任完全由美國政府承擔，這就是該設施的組成。

Could that create opportunities in the future? Should the US government look to bring partners into specific projects? Perhaps but that has not been discussed or agreed at this point. It's only in context of something like Santee Cooper, which is a live opportunity outside the construct of our partnership with the US government, where we are considering ways to socialize cost overruns to get the protections that we are seeking that would get us comfortable for investment. In that regard, in terms of conversations with construction companies, technology suppliers, off-takers, financing providers, yes, there has been a very warm reception to this idea of everyone participating to reduce the burden but create a large growth opportunity for a large set of market participants.

這是否會在未來創造機會？美國政府是否應該考慮在特定項目中引入合作夥伴？或許如此，但目前尚未對此進行討論或達成一致。只有在像 Santee Cooper 這樣的計畫中，我們才會考慮如何將成本超支社會化，以獲得我們所尋求的保障，讓我們安心進行投資。 Santee Cooper 是我們與美國政府的合作關係之外的現實機會。在這方面，就與建築公司、技術供應商、承購商、融資提供商的對話而言，是的，大家對這一想法反響非常熱烈，即每個人都參與進來，以減輕負擔，同時為眾多市場參與者創造巨大的增長機會。

Now, I wasn’t inferring that you would take the risk, but there’s been hesitancy by other participants to maybe get involved because they don’t want to shoulder the risk. I’m just curious if the US government has alleviated all the concerns for other stakeholders, potentially.

現在，我並不是暗示你會承擔風險，但是其他參與者可能因為不想承擔風險而猶豫是否要參與。我只是好奇美國政府是否已經消除了其他利害關係人的所有擔憂。

I wouldn’t say it’s our job to speak on behalf of the US government, but maybe to be a little bit more helpful. We are obviously very central to a lot of the discussions around new nuclear in the United States right now, given our position with Westinghouse. We would see the tone from construction providers, technology providers, off-take providers, and even capital providers, including Department of Energy and Loan Program Office of the US government, all have been very constructive and positive of the idea of participating in the buildout of new nuclear with some socialization of cost overrun protections. And we -- obviously, nothing’s been signed, and we’re early stages on these opportunities, but the demand and willingness from the necessary stakeholders is very robust.

我不會說我們的職責是代表美國政府發言，但或許我們可以提供一些幫助。鑑於我們與西屋公司的關係，我們顯然在目前美國圍繞新建核能的許多討論中處於非常核心的地位。我們可以看到，包括美國政府能源部和貸款專案辦公室在內的建築供應商、技術供應商、承購方，甚至資本供應商，都對參與新建核電站並採取一些成本超支保護措施的社會化措施這一想法持非常建設性和積極的態度。顯然，目前還沒有任何協議簽署，這些機會還處於早期階段，但相關利害關係人的需求和意願非常強烈。

In terms of moving from the term sheet to buying an agreement, is that something that could be done by year-end, or is that sort of mid to late first quarter of 2026?

從簽署意向書到最終達成協議，這能否在年底前完成，還是要等到 2026 年第一季中後期？

Perhaps just to be clear, are you speaking about the US government opportunity or the --

為了明確起見，您指的是美國政府提供的機會，還是…--

Yes. Yeah. The government opportunity. Yep.

是的。是的。政府提供的機會。是的。

Yeah. Sure. So we expect that to be done within 90 days of the signing -- of the announcement two weeks ago. I guess that positions us to right around year-end.

是的。當然。因此，我們預計這項工作將在簽署之日起 90 天內完成——也就是兩週前宣布簽署之日起 90 天內完成。我猜這大概就是年底前後的情況了。

Mark Strouse, JP Morgan.

馬克‧斯特勞斯，摩根大通。

Connor, I appreciate you don't want to speak on behalf of the US government, but to the extent that you are able to share this, do you think the government is more committed to the $80 billion backstop, or are they more committed to the 10 reactors? Basically, I appreciate that you are not taking the risk of the overruns or potential cost overruns, but to the extent that there are overruns, would the $80 billion be kind of a fixed number, but there would just be fewer reactors that get built?

康納，我知道你不想代表美國政府發言，但如果你能夠透露一些信息，你認為政府更致力於 800 億美元的保障計劃，還是更致力於 10 座反應堆？基本上，我很欣賞你們不願承擔超支或潛在成本超支的風險，但如果真的出現超支，800億美元是不是一個固定的數字，只是建造的反應爐數量會減少？

Our agreement is around $80 billion of reactor contracts. That would be the initial order prior to any cost overruns. But maybe to take a step back, and here again, it’s not our position to speak on behalf of the US government, but I think we can say with confidence this government is very committed to catalyzing the growth of nuclear power generation and the supply chain that supports it in the United States.

我們達成的協議涉及價值約800億美元的反應爐合約。那將是未計入任何成本超支之前的初始訂單。但或許應該退一步來看，再次聲明，我們不能代表美國政府發言，但我認為我們可以自信地說，美國政府非常致力於促進美國核電及其相關供應鏈的發展。

They are not -- I would be extremely confident in saying they are not focused on a specific number of reactors. They are not overly focused on is it $80 billion or $82 billion or $78 billion. What they want to see is the US be the leading provider of nuclear power generation in the world and that is going to lead to a buildout of both domestic supply chain and domestic nuclear power generation reactors, and also a very meaningful increase in the export of US nuclear technology to other regions around the world.

他們不是——我可以非常肯定地說，他們並沒有專注於特定數量的反應爐。他們不太關注具體是 800 億美元、820 億美元還是 780 億美元。他們希望看到美國成為世界領先的核電供應商，這將推動國內供應鏈和國內核電廠的建設，並顯著增加美國核子技術向世界其他地區的出口。

One thing, and apologies for being redundant, that we feel we cannot stress enough about our partnership with the US government is, yes, the $80 billion of reactor orders is very beneficial to Westinghouse. We’re thrilled with that part of the agreement. But what this really does is kickstart the flywheel of nuclear power generation growth, both in the United States and around the world and we expect it will lead to the development of a significant number of reactors outside of this partnership with the US government, with Westinghouse being the leading technology provider of those new-build reactors on a global basis. That is in Europe, that’s around the world, in addition to the $80 billion of reactors from the US government.

有一點，恕我贅述，我們覺得無論如何強調都不為過，那就是我們與美國政府的合作關係確實非常有利，800億美元的反應爐訂單對西屋公司來說非常有利。我們對協議的這一部分感到非常滿意。但這實際上啟動了核電增長的飛輪，無論是在美國還是在世界各地。我們預計，這將促使在與美國政府的合作之外，開發大量反應堆，而西屋公司將成為全球新建反應器的主要技術供應商。這指的是歐洲，指的是世界各地，此外還有美國政府投資 800 億美元的反應爐。

If I can ask a follow-up. I appreciate what you said earlier about the revenue during the different three stages. Can you talk about how we should be thinking about the margin during each of those stages, either on EBITDA or FFO? Thank you.

如果可以的話，我想問一個後續問題。我同意您之前提到的關於三個不同階段的收入狀況。您能否談談在這些階段中，我們應該如何考慮 EBITDA 或 FFO 的利潤率？謝謝。

Westinghouse, the way to think about it is the energy systems division of Westinghouse typically operates at at least a 20% margin during the development and construction period of a facility. That may fluctuate year to year, but over the life of a facility, about 20% margins historically in the energy systems division. We expect those margins to go up with economies of scale on the back of an order of this size. But historically, it’s been about 20% margins, and we would expect that to almost be the floor going forward.

西屋公司的情況是，西屋能源系統部門在設施的開發和建設期間通常至少保持 20% 的利潤率。雖然每年可能會有所波動，但從設施的整個生命週期來看，能源系統部門的歷史利潤率約為 20%。我們預計，隨著訂單規模的擴大，利潤率將會上升。但從歷史數據來看，利潤率約為 20%，我們預計未來這數字將接近底線。

Baltej Sidhu, National Bank of Canada.

巴爾泰·西杜，加拿大國家銀行。

Connor, have there been any changes in your perspective regarding the eligibility of projects in your US development pipeline through 2029 for federal tax credits?

康納，對於您在美國開發項目中，截至 2029 年的聯邦稅收抵免資格，您的看法是否有所改變？

Certainly. Two key points there. Obviously, there has been greater clarity around safe harboring. As we mentioned, I believe on our previous call, we have safe-harbored the entirety of our US development pipeline out to 2029. We feel very comfortable about our position there.

當然。這裡有兩個關鍵點。顯然，關於安全避難的規定已經更加清楚了。正如我們之前提到的，我相信在我們上次的電話會議上，我們已經為我們所有到 2029 年的美國開發項目提供了安全港保障。我們對自己在那裡的職位感到非常滿意。

The second consideration there is obviously in and around FEOC. There really isn’t much more clarity at this time around the specifics of the FEOC definitions. We continue to monitor. We do expect, as those definitions are released and in the event that those definitions do become stricter, similar to other regulatory changes, those changes will likely favor large players such as ourselves who are well-positioned with our global supply chains, our centralized procurement functions, and our relationships with domestic US suppliers.

第二個需要考慮的因素顯然是FEOC及其周邊地區。目前對於 FEOC 定義的具體細節還沒有更清楚的說明。我們會持續關注。我們預計，隨著這些定義的發布，如果這些定義變得更加嚴格，與其他監管變化類似，這些變化可能會有利於像我們這樣擁有全球供應鏈、集中採購職能以及與美國國內供應商關係的大型企業。

What we would say is, on the safe-harboring side, we feel in a great position and on the FEOC side, we continue to wait and will react accordingly. But similar to other regulatory changes, we expect it to be manageable within our portfolio.

我們想說的是，就安全港條款而言，我們感覺處境很好；而就聯邦僱員申訴委員會（FEOC）而言，我們將繼續等待，並將採取相應的行動。但與其他監管變化類似，我們預計這將在我們的投資組合範圍內得到有效控制。

Just on the asset rotation side of the business, just given the need for power and coupled with the current policy and macro backdrop, how are you seeing valuations trend in the private markets relative to the public? If you can give any color on jurisdictional breakdown, whether it's Europe and the rest of the world, that would be great.

僅就業務的資產輪動方面而言，考慮到電力需求以及當前的政策和宏觀背景，您認為私募市場的估值趨勢相對於公開市場有何變化？如果您能提供一些關於管轄範圍劃分的信息，無論是歐洲還是世界其他地區，那就太好了。

In no uncertain terms, the demand and valuations for recently built contracted high-quality operating cash-generative renewables assets is significantly higher in the private markets than the public markets right now. We would classify the demand for those assets as very robust. We feel perhaps that we’ve increased our capital recycling activities in that regard over the last 12 months. I would say we’re just getting started. We’re in the early innings of accelerating our capital recycling opportunities and capital recycling activities to take advantage of that dynamic.

毫無疑問，目前私人市場對近期建成的、已簽訂合約的高品質、可產生現金流的再生能源資產的需求和估值遠高於公開市場。我們認為對這些資產的需求非常強勁。我們感覺，在過去的 12 個月裡，我們在這方面的資本回收活動可能會增加。我認為我們才剛起步。我們正處於加速資本循環利用機會和資本循環利用活動的初期階段，以利用這種動態。

As one, we are bringing more new-build projects through COD each year through our growing development capabilities. And two, a growing demand for acquisition of these assets at attractive prices in the broader market. Obviously, this quarter, we’ve done some recycling of assets, particularly in the United States through Neoen, we’ve been doing it on a global basis. We would say with a strong degree of confidence, given processes that are currently ongoing, we would expect to see significant asset recycling activities in North America, Western Europe, Australia, and India, I would say, over the next two to three quarters. That’s probably where the bulk of our monetization activity is currently planned.

作為一家公司，我們憑藉著不斷增強的開發能力，每年都在透過COD（合約交付）方式推出更多的新建專案。第二，更廣泛的市場對這些資產以優惠價格收購的需求日益增長。顯然，本季我們進行了一些資產回收，尤其是在美國透過 Neoen 進行的資產回收，我們在全球範圍內都進行了資產回收。鑑於目前正在進行的各項工作，我們可以非常有信心地說，預計未來兩到三個季度，北美、西歐、澳洲和印度將出現大量的資產回收活動。這大概是我們目前大部分獲利活動計畫的重點。

Benjamin Vaughan, BMO.

班傑明·沃恩，BMO。

I had a couple of follow-up questions, the nuclear deployment strategy. Can you talk about potentially in the next five years’ context? What do you think nuke is going to be as a percentage of your business? Is it potentially a new business line that you can break out? Maybe just related to that, it might be a bit of an odd question, but just given what you mentioned, is there any sort of internal constraints or ESG constraints on how big that exposure could be for renewable?

我還有幾個後續問題，關於核武部署策略。您能否談談未來五年內的潛在發展前景？你認為核能業務在你們公司佔比會是多少？這是否有可能發展成為一條新的業務線？或許與此相關，這可能是一個有點奇怪的問題，但就你提到的情況而言，對於再生能源的投資規模，是否有任何內部限製或 ESG 限制？

There's certainly no constraints. As we do across our broader business, we will allocate capital to where we see the best risk-adjusted returns across our business. If that happens to be in nuclear, we could see ourselves over-allocate to that space. I would highlight, yes, there were a lot of headlines around nuclear in the quarter. I think that is probably an understatement. However, our core businesses of hydro are producing perhaps better than they ever have, and the demand we are seeing for contracting there is certainly at its highest level that we have ever seen. Our wind and solar business also continues to accelerate.

當然沒有任何限制。正如我們在整個業務範圍內所做的那樣，我們將把資金分配到我們認為在整個業務範圍內風險調整後收益最佳的領域。如果這種情況恰好發生在核能領域，我們可能會發現我們在這個領域的資源配置過剩。是的，我想強調的是，本季有很多關於核能的新聞報導。我覺得這可能還是保守的說法。然而，我們的水力發電核心業務的產量可能比以往任何時候都要好，而且我們看到的水力發電合約需求也達到了前所未有的最高水準。我們的風能和太陽能業務也持續加速發展。

Today, when we look at the FFO of Brookfield, I think Westinghouse and nuclear represents about 5%. We would expect that to grow over time. It has got a long way to run before it overtakes something like our hydro FFO that is north of 40% could we see nuclear grow from its current position? Absolutely. It is going to grow in proportion to a business that’s seeing growth across essentially every sector that we operate.

今天，當我們審視布魯克菲爾德的FFO時，我認為西屋電氣和核能業務約佔5%。我們預計隨著時間的推移，這種情況會不斷增長。核能要趕上我們水力發電 FFO 超過 40% 的水平還有很長的路要走，我們能看到核能從目前的地位發展壯大嗎？絕對地。它的成長將與我們所經營的幾乎所有行業的成長成正比。

And then switching to the Santee opportunity. Can you talk about, I know you’re looking to de-risk construction as much as you can, but can you talk high-level just for the nuclear opportunity? Where it fits in the target return? Is it that 12%-15%? Are you targeting above that? And related to that, how do you think about the synergies of Westinghouse potentially on the services side in that total return?

然後轉而關注桑蒂的機會。我知道您正在盡力降低建設風險，但您能否就核能機會談談高層看法？它在目標回報中處於什麼位置？是那12%-15%嗎？你的目標價位高於這個水準嗎？與此相關的是，您如何看待西屋電氣在服務上可能產生的綜效，以及這種綜效對總回報的影響？

Across Brookfield Renewable, we target 12%-15% returns on a blended basis. Obviously, our long-term contracted operating assets are probably at the low end or potentially even below that. When we look to do construction and development, even if it is in solar, we target north of 15% return. If we are looking at nuclear, we are certainly going to be well and meaningfully above our 12%-15% return target for the business for that sector. Absolutely higher returns relative to some of the other asset classes that we focus on.

Brookfield Renewable 的目標是實現 12%-15% 的綜合回報率。顯然，我們長期合約營運資產可能處於較低水平，甚至可能低於該水平。當我們考慮進行建造和開發時，即使是太陽能領域，我們的目標也是獲得 15% 以上的回報。如果我們著眼於核能領域，那麼我們肯定會遠遠超過該領域 12%-15% 的業務回報目標。相對於我們關注的其他一些資​​產類別，其回報率絕對更高。

In terms of Westinghouse and what it provides for us, Westinghouse, as a standalone business, is extremely well-positioned to participate in the growth of nuclear in a number of ways. Even if a reactor is not a Westinghouse technology, Westinghouse is likely to benefit from its fuel fabrication business and its operating plant services business, even if it is not a Westinghouse technology. Any growth in the nuclear segment around the world, Westinghouse benefits from. Obviously, the new build of Westinghouse reactors is incredibly beneficial to Westinghouse, which is why we are so excited about some of the ongoing opportunities.

就西屋公司及其為我們提供的服務而言，西屋公司作為一家獨立企業，在許多方面都處於非常有利的地位，可以參與核能的發展。即使反應器並非西屋公司的技術，西屋公司也可能從其燃料製造業務和營運工廠服務業務中受益，即便反應器並非西屋公司的技術。全球核能領域的任何成長，西屋電氣都會從中受益。顯然，新建西屋反應器對西屋公司來說是極其有利的，這也是我們對一些正在進行的機會感到如此興奮的原因。

But then thirdly, there are very few people, if any, who have the knowledge and experience of Westinghouse when assessing new nuclear opportunities around the world. We think our ownership of Westinghouse provides an undeniable competitive advantage and expertise when we assess new opportunities in this space. However, when we do assess those opportunities, we would not blend Westinghouse’s economics with the returns on capital that we would expect to generate as an owner and constructor of a new facility. Westinghouse would have to make an appropriate margin on its services, and we would have to make an appropriate return on capital. We would not socialize those two things in order to justify a transaction.

但第三，在評估世界各地的新核能機會方面，幾乎沒有人（如果有的話）擁有像西屋公司那樣的知識和經驗。我們認為，我們對西屋電氣的所有權為我們評估該領域的新機會提供了無可否認的競爭優勢和專業知識。然而，當我們評估這些機會時，我們不會將西屋公司的經濟效益與我們作為新設施的所有者和建造者所期望產生的資本回報混為一談。西屋公司必須從其服務中獲得適當的利潤，而我們也必須獲得適當的資本回報。我們不會為了證明交易的合理性而將這兩件事混為一談。

Okay. Got it. That’s what I was thinking. Just wanted to clarify. Maybe one last thing then. I know it’s 5% today. It’s got a lot of ways to go. Do you think, though, dollar for dollar, we look at the nuke side of things, isn’t it in a sense the best reward right now? Because it sounds like the returns are above your targets. There are not a lot of comps out there, but we’re seeing nuke exposure trade something like 20-30 times EBITDA.

好的。知道了。我也是這麼想的。我只是想確認一下。那或許還有最後一件事。我知道今天是5%。它還有很長的路要走。不過，你認為從每一美元的角度來看，核武方面，從某種意義上來說，不是目前最好的回報嗎？因為聽起來像收益高於你的預期。雖然可比案例不多，但我們看到核能相關股票的交易價格約為 EBITDA 的 20-30 倍。

Similar to how we approach every part of our business, we’re going to take a long-term view to value creation. There is certainly a lot of excitement around nuclear around the world. We think a lot of it is warranted due to the growing demand for clean dispatchable baseload power and nuclear as one of, if not the only, incremental scale provider of that type of electricity.

就像我們對待業務的每一個環節一樣，我們將以長遠的眼光看待價值創造。全世界對核能的熱情確實很高漲。我們認為，由於對清潔可調度基荷電力的需求不斷增長，而核能是這種電力增量規模供應者之一（如果不是唯一的話），因此許多投資都是合理的。

But we’re only going to put money to work where we see attractive returns on capital. We obviously will look to capitalize on opportunities in the market if we’re seeing great prices for our assets or our businesses. Right now, we think we are in the early innings of a multi-decade build-out of nuclear power generation that, fortunately, through our ownership of Westinghouse and now our partnership with the US government, we think we are in the pole position on. Our focus here is capitalizing on that position and driving long-term earnings growth in our business for years and decades to come. We think that’s the best way to create huge amounts of value to BEP in the future.

但我們只會把錢投入那些能帶來可觀資本回報的項目。如果我們的資產或業務價格非常理想，我們顯然會尋求利用市場機會。目前，我們認為我們正處於長達數十年的核電建設初期，幸運的是，透過我們擁有西屋公司以及現在與美國政府的合作，我們認為我們在這個領域處於領先地位。我們在此重點是利用這一優勢，推動公司業務在未來數年乃至數十年內實現長期盈利增長。我們認為這是未來為BEP創造巨大價值的最佳途徑。

Thank you. I’ll now hand the call back over to CEO Connor Teskey for any closing remarks.

謝謝。現在我將把電話轉回給執行長康納·特斯基，請他作總結發言。

Thank you, everyone, for joining our Q3 earnings call and your continued support and interest in Brookfield Renewable. We look forward to speaking to you at the end of the next quarter for our year-end 2025 results. Thank you and have a great day.

感謝各位參加我們的第三季財報電話會議，也感謝大家一直以來對Brookfield Renewable的支持與關注。我們期待在下一季末與您討論我們 2025 年的年度業績。謝謝，祝您今天過得愉快。

Ladies and gentlemen, thank you for participating. This does conclude today’s program, and you may now disconnect.

女士們、先生們，感謝各位的參與。今天的節目到此結束，您可以斷開連線了。