新世紀能源 (NEE) 2017 Q4 法說會逐字稿

Good day, everyone, and welcome to the NextEra Energy and NextEra Energy Partners' Conference Call. Today's conference is being recorded.

大家好，歡迎參加 NextEra Energy 和 NextEra Energy Partners 電話會議。今天的會議正在錄製中。

At this time, for opening remarks, I would like to turn the conference over to Matthew Roskot. Please go ahead, sir.

現在，我想將會議的開幕致詞交給馬修·羅斯科特 (Matthew Roskot)。先生，請繼續。

Thank you, April. Good morning, everyone, and thank you for joining our fourth quarter and full year 2017 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are Jim Robo, Chairman and Chief Executive Officer of NextEra Energy; John Ketchum, Executive Vice President and Chief Financial Officer of NextEra Energy; Armando Pimentel, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners; as well as Eric Silagy, President and Chief Executive Officer of Florida Power & Light Company. Jim will provide some opening remarks and will then turn the call over to John for a review of our fourth quarter and full year results. Our executive team will then be available to answer your questions.

謝謝你，April。大家早安，感謝大家參加 NextEra Energy 和 NextEra Energy Partners 2017 年第四季和全年綜合收益電話會議。今天早上和我一起出席的還有 NextEra Energy 董事長兼執行長 Jim Robo、NextEra Energy 執行副總裁兼財務長 John Ketchum、NextEra Energy Resources 總裁兼執行長 Armando Pimentel 和 NextEra Energy 執行副總裁 Mark Hickson，他們也都是 NextEra Energy Partners 的高階主管；此外還有佛羅裡達電力照明與公司。吉姆將發表一些開場白，然後將電話轉給約翰，讓他回顧我們的第四季和全年業績。我們的執行團隊將隨時解答您的問題。

We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release, in the comments made during this conference call, in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites, nexteraenergy.com and nexteraenergypartners.com. We do not undertake any duty to update any forward-looking statements.

我們將根據目前的預期和假設在本次電話會議中做出前瞻性陳述，這些陳述受風險和不確定性的影響。如果我們的任何關鍵假設不正確，或由於今天的收益新聞稿、本次電話會議中的評論、隨附演示文稿的風險因素部分或我們向美國證券交易委員會提交的最新報告和文件中討論的其他因素（可在我們的網站 nexteraenergy.com 和 nexteraenergypartners.com 上找到），實際結果可能與我們的前瞻性陳述存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure.

今天的演示也提到了非公認會計準則財務指標。您應該參考今天簡報附帶的幻燈片中包含的信息，以獲取定義資訊以及歷史非 GAAP 指標與最接近的 GAAP 財務指標的對帳資訊。

With that, I will turn the call over to Jim.

說完這些，我會把電話轉給吉姆。

Thanks, Matt, and good morning, everyone. As John will describe in more detail later in the call, 2017 was a terrific year for both NextEra Energy and NextEra Energy Partners. Moreover, 2017 was a year in which we successfully positioned both businesses for strong growth well into the next decade.

謝謝，馬特，大家早安。正如約翰稍後將在電話會議中詳細描述的那樣，2017 年對於 NextEra Energy 和 NextEra Energy Partners 來說都是豐收的一年。此外，2017 年我們成功地為兩項業務在未來十年實現強勁成長做好了準備。

For NextEra Energy Partners, we started 2017 by structurally modifying the IDR fee, which allowed NEP to extend its distribution growth expectations through at least 2022, avoid the need to sell common equity until 2020 at the earliest other than modest sales under the ATM program and increase levered returns for unitholders to the low double digits on future acquisitions. This change, combined with other steps we took to improve NEP's investor value proposition over the past year, including governance enhancements, stand-alone credit ratings in the mid- to high-BB category and NEP's utilization of additional sources of low-cost financing, helped separate NEP from its peers. We were able to grow the NEP LP distribution by 15% year-over-year and deliver a total unitholder return of over 75%. NEP outperformed other yieldcos by more than 55% on average, and its total shareholder return was almost 90% higher than the Alerian MLP Index.

對於 NextEra Energy Partners，我們從 2017 年開始對 IDR 費用進行結構性修改，這使得 NEP 能夠將其分銷增長預期延長至至少 2022 年，避免最早在 2020 年之前出售普通股（ATM 計劃下的適度銷售除外），並將未來收購的單位持有人的槓桿回報率提高至低兩位數。這項變化，加上我們在過去一年中為提高 NEP 的投資者價值主張而採取的其他措施，包括治理增強、中高 BB 類別的獨立信用評級以及 NEP 利用額外的低成本融資來源，幫助 NEP 從同行中脫穎而出。我們能夠使 NEP LP 分配額年增 15%，並為單位持有人帶來超過 75% 的總回報。NEP 的表現平均比其他收益型公司高出 55% 以上，其股東總回報率比 Alerian MLP 指數高出近 90%。

With the flexibility to grow in 3 ways, acquiring assets from Energy Resources organically or acquiring assets from other third parties, NEP has clear visibility to support its growth going forward. As we said before, Energy Resources' portfolio as of the end of 2016 provides one potential path to support NEP's 12% to 15% growth per year through 2022. And with one of the lowest costs of capital among all yieldcos and MLPs, NEP has the currency to be competitive in acquiring long-term contracted assets from other third parties going forward.

NEP 具有三種成長方式的靈活性，即從能源資源公司內部收購資產或從其他第三方收購資產，因此 NEP 具有清晰的可視性來支持其未來的成長。正如我們之前所說，截至 2016 年底，能源資源的投資組合提供了一條潛在途徑，以支持 NEP 在 2022 年前實現每年 12% 至 15% 的成長。而且，由於 NEP 的資本成本是所有收益型公司和 MLP 中最低的之一，因此它有能力在未來從其他第三方收購長期合約資產時保持競爭力。

With tax reform and a record renewable origination year by Energy Resources in what promises to be one of the best renewables development environments in our history over the next several years, we look forward to further improving NEP's already best-in-class distribution growth visibility. I continue to believe that when NEP's growth potential is combined with its substantial financing flexibility and the strength of its underlying portfolio, with an 18-year average contract life and strong counterparty credit profile, NEP offers unitholders an investor value proposition that is second to none. For these reasons, NEP is as well positioned as it's ever been, and I look forward to strong performance in 2018 and beyond.

隨著稅收改革和能源資源公司創紀錄的再生能源起源年，未來幾年有望成為我們歷史上最好的再生能源發展環境之一，我們期待進一步提高 NEP 已經一流的分銷成長可見性。我仍然相信，當 NEP 的成長潛力與其巨大的融資靈活性和基礎投資組合的實力相結合時，憑藉 18 年的平均合約期限和強大的交易對手信用狀況，NEP 為單位持有人提供了無與倫比的投資者價值主張。由於這些原因，NEP 的地位一如既往地優越，我期待它在 2018 年及以後能有強勁表現。

Turning now to NextEra Energy. 2017 was an outstanding year of execution across the board. Financially, we were able to grow 2017 adjusted EPS by 8.2% and extend our long-term track record of delivering results for shareholders. Dating back to 2005, we've delivered compound annual growth in adjusted EPS of over 8%, which is the highest among all top 10 U.S. power companies who've achieved on the average compound annual growth of 2.9% over the same period.

現在轉向 NextEra Energy。2017 年是全面執行力卓越的一年。從財務角度來看，我們能夠將 2017 年調整後每股盈餘提高 8.2%，並延續我們為股東帶來成果的長期記錄。自 2005 年以來，我們的調整後每股盈餘年複合成長率超過 8%，在同期美國十大電力公司中位居前列，而前十大電力公司的平均年複合成長率為 2.9%。

In 2017, we delivered a total shareholder return of over 34%, outperforming the S&P 500 by roughly 15% and the S&P Utilities Index by more than 25%. Over the last 10 years, we've outperformed 79% of the S&P 500 Utilities Index and 63% of the S&P 500. We were once again honored to be named, for the 11th time in 12 years, #1 in the electric and gas utilities industry on Fortune's 2018 list of World's Most Admired Companies. The strength of our 2017 execution has set the foundation for several announcements that I'm going to make on this morning's call.

2017年，我們實現了超過34%的股東總回報率，比標準普爾500指數高出約15%，比標準普爾公用事業指數高出25%以上。在過去 10 年中，我們的表現優於標準普爾 500 公用事業指數的 79% 和標準普爾 500 指數的 63%。我們再次榮幸地被《財富》雜誌評選為 2018 年全球最受讚賞公司榜單中電力和天然氣公用事業行業第一名，這是 12 年來第 11 次被評選為該行業第一名。我們 2017 年執行力的強勁為我在今天上午的電話會議上宣布的幾項聲明奠定了基礎。

First, as we announced last week, tax reform provides an unprecedented opportunity to benefit FPL customers. Rather than seek recovery from customers of the approximately $1.3 billion in Hurricane Irma storm restoration costs, FPL plans to recover these costs through federal tax savings, generated during its current settlement agreement. During the fourth quarter, FPL expensed the approximately $1.3 billion that was recorded as a regulatory asset related to Irma cost recovery and utilized the available reserve amortization to offset nearly all of this expense, ending the year with a 0 reserve amortization balance. FPL expects to partially restore the reserve amortization utilized in the fourth quarter through tax savings and to end 2020 with a sufficient amount of surplus to potentially avoid a base rate increase for up to 2 additional years in 2021 and 2022.

首先，正如我們上週宣布的那樣，稅制改革為聯邦公共服務 (FPL) 客戶帶來了前所未有的利益。FPL 並不尋求向客戶追討颶風伊爾瑪造成的約 13 億美元恢復成本，而是計劃透過當前和解協議中產生的聯邦稅收節省來收回這些成本。在第四季度，FPL 將約 13 億美元計入與伊爾瑪成本回收相關的監管資產，並利用可用的準備金攤銷來抵消幾乎所有這筆費用，導致年底的準備金攤銷餘額為 0。FPL 預計將透過稅收節省部分恢復第四季度使用的準備金攤銷，並在 2020 年底擁有足夠的盈餘，從而有可能避免 2021 年和 2022 年最多兩年的基準利率上調。

As a reminder, FPL is currently allowed to earn within a permitted ROE band of 9.6% to 11.6%. The settlement agreement also allows FPL to access and utilize the accumulated reserve amortization available at the end of 2020 by deferring the initiation of a new base rate case. Based on what we see at this time and assuming normal weather and operating conditions, our goal is for FPL to continue operating under its current base rate settlement agreement for up to 2 additional years.

提醒一下，FPL 目前允許的 ROE 區間為 9.6% 至 11.6%。和解協議還允許 FPL 透過推遲啟動新的基準利率案件來獲取和利用 2020 年底可用的累計準備金攤銷。根據我們目前看到的情況並假設天氣和運營條件正常，我們的目標是讓 FPL 繼續按照當前基本費率結算協議運營最多 2 年。

The flexibility afforded under the settlement agreement provides FPL with the ability to return tax savings to customers in the fastest way possible. By foregoing the surcharge, FPL customers are expected to save approximately $250 on average through 2020, with a typical residential bill nearly 30% below the national average, following a $3.35 per month decrease that will take effect March 1 with the completion of cost recovery for Hurricane Matthew.

和解協議所提供的靈活性使 FPL 能夠以最快的方式將節省的稅款返還給客戶。透過取消附加費，FPL 客戶預計到 2020 年將平均節省約 250 美元，而典型的住宅帳單將比全國平均水平低近 30%，此前每月將減少 3.35 美元，該費用將於 3 月 1 日颶風馬修的成本回收完成後生效。

Moreover, by potentially operating under the settlement agreement for up to 2 additional years, customers save by avoiding a base rate increase in 2021 and 2022.

此外，根據和解協議額外營運最多 2 年，客戶可以避免 2021 年和 2022 年基準利率上漲，從而節省開支。

Second, I'm pleased to announce that we're increasing our financial expectations to take into account the favorable impact of tax reform at Energy Resources. The reduction in the corporate federal income tax rate from 35% to 21% at Energy Resources is significantly accretive to earnings. Due primarily to this favorable impact, tax reform is expected to increase NextEra Energy's adjusted EPS by roughly $0.45 in 2018. For 2018, our goal is to achieve our new $7.70 per share midpoint, which assumes we grow our 2017 adjusted EPS of $6.70 per share by 8% and add approximately $0.45 for the benefit of tax reform.

其次，我很高興地宣布，我們正在提高財務預期，以考慮到能源資源稅制改革的有利影響。能源資源公司的企業聯邦所得稅稅率從 35% 降至 21%，這對獲利產生了顯著的增值作用。主要由於這一有利影響，預計稅制改革將使 NextEra Energy 2018 年的調整後每股收益增加約 0.45 美元。對於 2018 年，我們的目標是實現新的每股 7.70 美元的中點，假設我們將 2017 年調整後的每股收益 6.70 美元增長 8%，並為稅收改革帶來約 0.45 美元的收益。

Third, with the certainty provided by the new tax reform legislation and the anticipated continued strength of the investment opportunities at both FPL and Energy Resources, I'm also pleased to announce that we're extending NextEra Energy's financial expectations by 1 year, from 2020 to 2021. With this announcement, we now expect to be able to sustain the 6% to 8% per year growth in adjusted EPS off our revised 2018 midpoint of $7.70 per share through 2021, subject to our usual caveats. Details of our new financial expectations are included in the accompanying slide.

第三，由於新稅改法案提供的確定性以及 FPL 和能源資源投資機會預期持續強勁，我很高興地宣布，我們將 NextEra Energy 的財務預期延長 1 年，從 2020 年延長至 2021 年。透過此公告，我們現在預計，到 2021 年，調整後的每股盈餘將能夠維持每年 6% 至 8% 的成長，而 2018 年的中點為每股 7.70 美元，但須遵守我們通常的警告。我們的新財務預期的詳細資訊包含在隨附的幻燈片中。

Tax reform is generally expected to result in lower operating cash flows for NextEra Energy as FPL uses tax savings to recover the Irma storm surcharges. Despite this, everything we see now suggests that our operating cash flow will continue to grow in line with our adjusted EPS growth range from 2018 through 2021. Overall, the tax reform outcome is positive and will immediately benefit FPL customers while being accretive to NextEra Energy shareholders.

人們普遍預期稅制改革將導致 NextEra Energy 的營運現金流下降，因為 FPL 使用稅收節省來收回伊爾瑪風暴附加費。儘管如此，我們現在看到的一切都表明，我們的營運現金流將繼續成長，與 2018 年至 2021 年調整後的每股盈餘成長範圍保持一致。總體而言，稅務改革的結果是積極的，將立即使 FPL 客戶受益，同時為 NextEra Energy 股東帶來增值。

Fourth, we're advancing our renewable product offerings as we prepare for the next phase of renewable development. As a result, our prospects for new renewables growth have never been stronger. As expected, Congress did not make any retroactive changes to the PTC or ITC, which were each extended under a 5-year phasedown at the end of 2015. With incentives, wind is the cheapest form of energy at $0.012 to $0.018 per kilowatt hour at high wind sites, while solar continues to be priced at a discount to other forms of generation at $0.025 to $0.035 per kilowatt hour. Taken together, we continue to be in the best renewables environment in our history, as evidenced by our 2017 results.

第四，我們正在推動再生產品的供應，為再生能源發展的下一階段做好準備。因此，我們對再生能源成長的前景從未如此強勁。正如預期的那樣，國會沒有對 PTC 或 ITC 做出任何追溯性修改，這兩項政策均在 2015 年底根據 5 年的逐步削減期限延長。在激勵措施下，風能是最便宜的能源形式，在風力發電場，其價格為每千瓦時 0.012 美元至 0.018 美元，而太陽能的價格仍然低於其他形式的發電，為每千瓦時 0.025 美元至 0.035 美元。總的來說，我們繼續處於歷史上最好的再生能源環境中，2017 年的表現證明了這一點。

The ongoing cost declines in renewables are leading to increased economic demand from customers. Wind turbine technology continues to improve through a combination of taller towers and wider rotor diameters. Today, we're installing 127-meter rotor diameter turbines. By 2021, we expect manufacturers to be selling approximately 150-meter rotor diameter turbines in the U.S. market, further increasing net capacity factors and helping reduce installed wind costs on a dollar per kilowatt basis. Over the past year, we've seen an approximate 30% reduction in turbine costs. Through the end of the decade, we expect another 10% decline per year on average. As a result, we continue to expect that without incentives, early in the next decade, wind is going to be a $0.02 to $0.025 per kilowatt hour product.

再生能源成本的持續下降導致客戶的經濟需求增加。風力渦輪機技術透過更高的塔架和更寬的轉子直徑的組合不斷改進。今天，我們正在安裝轉子直徑為 127 公尺的渦輪機。到 2021 年，我們預計製造商將在美國市場銷售約 150 公尺轉子直徑的渦輪機，進一步提高淨容量係數並有助於降低每千瓦的風電安裝成本。在過去的一年裡，我們看到渦輪機成本降低了約 30%。到本世紀末，我們預計平均每年還會下降 10%。因此，我們繼續預計，如果沒有激勵措施，在下一個十年初期，風電價格將達到每度電 0.02 美元至 0.025 美元。

For solar, we continue to see rapid price declines and efficiency improvements. And we're well positioned to mitigate any impacts of the recently announced tariffs from the ITC 201 proceeding. As we previously discussed, before any tariffs were put in place, we purchased modules for our 2017 and 2018 build. We recently completed an additional order that covers our module needs for 2019 and a significant portion of our 2020 build. Ultimately, we expect that by 2020, as the tariff steps down, the market will have adjusted to these new dynamics. By early in the next decade, as further cost declines are realized and module efficiencies continue to improve, we expect that without incentives, solar will be $0.03 to $0.04 per kilowatt hour product, below the variable costs required to operate an existing coal or nuclear generating facility of $0.035 to $0.05 per kilowatt hour.

對於太陽能，我們繼續看到價格的快速下降和效率的提高。我們已做好準備，減輕最近宣布的 ITC 201 程序關稅的影響。正如我們之前討論過的，在任何關稅實施之前，我們購買了 2017 年和 2018 年建設的模組。我們最近完成了一份額外的訂單，涵蓋了我們 2019 年的模組需求以及 2020 年建設的很大一部分。最終，我們預計到 2020 年，隨著關稅的下降，市場將適應這些新動態。到下一個十年初期，隨著成本進一步下降和模組效率不斷提高，我們預計，在沒有激勵措施的情況下，太陽能產品的成本將達到每千瓦時 0.03 至 0.04 美元，低於運營現有煤炭或核能發電設施所需的每千瓦時 0.035 至 0.05 美元的變動成本。

As the world's current leader in wind, solar and storage development, we are uniquely positioned for the next phase of renewables deployment that pairs low-cost wind and solar energy with a low-cost battery storage solution, to provide a product that can be dispatched with enough certainty to meet customer needs for a firm generation resource. We believe no other company has our expertise in all 3 products: wind, solar and battery storage, to leverage the combined technologies at the low cost we can achieve. In fact, we recently submitted a bid at a very competitive price for a combined wind, solar and battery storage product that is able to provide an around-the-clock, new firm, shaped product specifically designed to meet the customers' needs.

作為目前全球風能、太陽能和儲能開發領域的領導者，我們在再生能源部署的下一階段具有獨特的優勢，將低成本的風能和太陽能與低成本的電池儲能解決方案相結合，提供可以足夠確定地調度的產品，以滿足客戶對穩定發電資源的需求。我們相信，沒有其他公司像我們一樣，在風能、太陽能和電池儲存這三種產品方面都擁有專業知識，能夠以我們所能實現的低成本利用綜合技術。事實上，我們最近以極具競爭力的價格提交了一份投標書，競標一種風能、太陽能和電池儲存組合產品，該產品能夠提供全天候、新型、堅固、形狀的產品，專為滿足客戶需求而設計。

By leveraging Energy Resources' competitive advantages, including our development skills; purchasing power; best-in-class construction expertise; resource assessment capabilities; strong access to and cost of capital advantages; and the ability to combine wind, solar and battery storage solutions together, we remain well positioned to capture a meaningful and growing share of the renewables market going forward.

透過利用能源資源的競爭優勢，包括我們的開發技能、購買力、一流的施工專業知識、資源評估能力、強大的獲取和資本成本優勢以及將風能、太陽能和電池存儲解決方案結合在一起的能力，我們仍處於有利地位，可以在未來佔據可再生能源市場中越來越大且有意義的份額。

Finally, in addition to increasing and extending our financial expectations and having what I believe to be the best opportunity set in our industry, we continue to maintain one of the strongest balance sheets in our sector. Through the sale of noncore assets over the last 2 years, including FiberNet and our Forney, Lamar and Marcus Hook gas generation assets, we've recycled almost $4 billion of capital while advancing our strategy to become more long-term contracted and rate regulated.

最後，除了提高和擴大我們的財務預期，並擁有我認為是我們行業中最好的機會之外，我們還繼續保持著我們行業中最強勁的資產負債表之一。透過過去兩年出售非核心資產，包括 FiberNet 和我們的 Forney、Lamar 和 Marcus Hook 天然氣發電資產，我們回收了近 40 億美元的資本，同時推進了我們的策略，以實現更長期的合約和費率監管。

Based on the strength of our balance sheet and enhanced business risk profile, S&P and Moody's recently announced favorable adjustments to our credit metric thresholds. While S&P has already reduced our FFO-to-debt rating trigger to 23% from 26%, yesterday, Moody's announced its plan to reduce NextEra Energy's CFO preworking capital-to-debt rating threshold from 20% to 18% if the regulated contribution to our business mix continues to improve to approximately 70% over time. Based on this level of regulated contribution, we would also expect a further reduction to our FFO-to-debt rating trigger from S&P.

基於我們資產負債表的實力和增強的業務風險狀況，標準普爾和穆迪最近宣布對我們的信用指標門檻進行有利調整。雖然標準普爾已經將我們的 FFO 與債務評級觸發比率從 26% 降低至 23%，但昨天，穆迪宣布，如果受監管的貢獻對我們業務組合的比率隨著時間的推移繼續提高至約 70%，則計劃將 NextEra Energy 的 CFO 工作前資本與債務評級門檻從 20% 降低至 18%。基於這項受監管的貢獻水平，我們也預期標準普爾將進一步降低我們的 FFO 與債務評級觸發因素。

At our current thresholds of 23% and 20% at S&P and Moody's, respectively, we currently expect to have $5 billion to $7 billion of excess balance sheet capacity that can be utilized through 2021 to either buy back shares or opportunistically execute on profitable incremental capital investments or profitable acquisition opportunities if it makes sense to do so. Our excess balance sheet capacity serves as a cushion as its utilization is not currently assumed in our financial expectations.

按照標準普爾和穆迪目前的 23% 和 20% 的門檻計算，我們目前預計到 2021 年將有 50 億至 70 億美元的超額資產負債表容量，這些容量可用於回購股票或機會性地執行有利可圖的增量資本投資或有利可圖的收購機會（如果這樣做有意義的話）。我們的超額資產負債表容量起到了緩衝作用，因為其利用率目前並未在我們的財務預期中考慮。

Today's announcements set the foundation for growth over the next 4 years. While there certainly will be challenges that we'll have to manage due to the overall strength and diversity of our opportunity set, I will be disappointed if we're not able to continue to deliver financial results at or near the top end of our 6% to 8% compound annual growth rate range while, at the same time, maintaining our strong credit ratings. I remain as enthusiastic as ever about our future prospects, and today's announcements for NextEra Energy are a reflection of that enthusiasm.

今天的公告為未來四年的成長奠定了基礎。雖然由於我們的機會整體實力和多樣性，我們肯定會面臨一些挑戰，但如果我們不能繼續實現達到或接近 6% 至 8% 複合年增長率範圍最高水平的財務業績，同時保持強勁的信用評級，我會感到失望。我對我們的未來前景仍然充滿熱情，而今天關於 NextEra Energy 的公告就體現了這種熱情。

I'll now turn the call over to John to provide the detailed results.

現在我將把電話轉給約翰提供詳細的結果。

Thank you, Jim, and good morning, everyone. NextEra Energy delivered solid performance in the fourth quarter, capping off an outstanding year overall.

謝謝你，吉姆，大家早安。NextEra Energy 在第四季度表現穩健，為全年的出色表現畫上了圓滿的句號。

We achieved full year adjusted earnings per share of $6.70, up 8.2% from 2016, while continuing to make excellent progress on our major growth initiatives. FPL grew regulatory capital employed approximately 10.3% year-over-year as we continued investing in new and modernized generation as well as a stronger and smarter grid to further improve the already outstanding efficiency and reliability of our system. All of our major capital initiatives, including one of the largest solar expansions ever in the Eastern U.S., remain on track.

我們全年調整後每股盈餘達到 6.70 美元，較 2016 年成長 8.2%，同時我們的主要成長計畫持續取得優異進展。由於我們繼續投資新的現代化發電以及更強大、更智慧的電網，以進一步提高我們系統已經非常出色的效率和可靠性，FPL 的監管資本使用量同比增長了約 10.3%。我們所有的主要資本計劃，包括美國東部有史以來最大的太陽能擴建項目之一，都仍在按計劃進行。

In 2017, FPL continued executing on its outstanding customer value proposition, delivering its best-ever service reliability performance while maintaining a typical customer bill that is more than 25% below the national average and the lowest among the top 10 investor-owned utilities by market cap.

2017 年，FPL 繼續執行其卓越的客戶價值主張，提供有史以來最好的服務可靠性表現，同時保持典型客戶帳單比全國平均水平低 25% 以上，並且是市值排名前 10 位的投資者擁有的公用事業公司中最低的。

As Jim mentioned earlier, 2017 was the best period for new wind and solar origination in our history. The Energy Resources team added more than 2,700 megawatts of new renewables projects to our backlog, including the largest combined solar and storage facility in the United States announced to date and roughly 700 megawatts of additional wind repowering to our backlog. Over the course of the year, we commissioned roughly 2,150 megawatts of wind and solar projects in the U.S., including the first approximately 1,600 megawatts of our repowering program. All in all, 2017 was a terrific year of execution at FPL and Energy Resources.

正如吉姆之前提到的，2017 年是我們歷史上風能和太陽能發電的最佳時期。能源資源團隊在我們的待辦事項中增加了超過 2,700 兆瓦的新再生能源項目，其中包括迄今為止宣布的美國最大的太陽能和儲能綜合設施，以及大約 700 兆瓦的額外風力發電項目。在這一年中，我們在美國啟動了約 2,150 兆瓦的風能和太陽能項目，其中包括我們再發電計畫中首批約 1,600 兆瓦的項目。總而言之，2017 年是 FPL 和能源資源公司執行力極佳的一年。

Now let's look at the detailed results, beginning with FPL. For the fourth quarter of 2017, FPL reported GAAP net income of $344 million or $0.73 per share. FPL's adjusted earnings for the fourth quarter, which excludes a tax reform-related item that I will discuss in a moment, were $394 million or $0.84 per share, an increase of $23 million and $0.05 per share, respectively, year-over-year.

現在讓我們看看詳細的結果，從 FPL 開始。2017 年第四季度，FPL 報告的 GAAP 淨收入為 3.44 億美元，即每股 0.73 美元。FPL 第四季的調整後收益（不包括我稍後將討論的稅務改革相關項目）為 3.94 億美元或每股 0.84 美元，年比分別增加 2,300 萬美元和每股 0.05 美元。

For the full year 2017, FPL reported GAAP earnings of $1.88 billion or $3.98 per share. Adjusted earnings were $1.93 billion or $4.09 per share.

2017 年全年，FPL 報告的 GAAP 收益為 18.8 億美元，即每股 3.98 美元。調整後收益為 19.3 億美元，即每股 4.09 美元。

Before moving on, let me take a moment to discuss the specific tax reform impacts to FPL. For the fourth quarter, FPL is excluding from adjusted earnings the $50 million after-tax net impact that results primarily from the shortfall of available reserve amortization to offset the Irma cost recovery expense. This tax reform-related item reduced our reported ROE for regulatory purposes to approximately 11.1% for the 12 months ended December 2017.

在繼續之前，請容許我花點時間討論一下稅制改革對 FPL 的具體影響。對於第四季度，FPL 從調整後收益中排除了 5000 萬美元的稅後淨影響，這主要由於可用儲備攤銷不足以抵消伊爾瑪成本回收費用。此項稅務改革相關項目導致我們截至 2017 年 12 月的 12 個月內為監管目的報告的 ROE 降至約 11.1%。

For the full year 2018, we expect tax savings to begin restoring our reserve amortization balance. And coupled with our weather-normalized sales forecast and current CapEx and O&M expectations, we expect to target a regulatory ROE of 11.6%. Based upon our historic pattern of underlying revenues and expenses, we do not expect that the tax savings will fully offset our typical reserve amortization requirements for the first half of 2018, causing FPL to initially earn below our 11.6% target regulatory ROE. We expect FPL to earn a regulatory ROE towards the middle of a range of roughly 10.4% to 10.8% in the first quarter and roughly 10.7% to 11.1% in the second quarter before returning to more normal levels in the third and fourth quarter, all on a trailing 12-month basis and subject to our normal caveats. So while this will result in some lumpiness in our quarterly expectations, we do not expect it to impact our full year results.

對於 2018 年全年，我們預計稅收節省將開始恢復我們的儲備攤銷餘額。結合我們根據天氣標準化的銷售預測以及當前的資本支出和營運與維護預期，我們預計監管 ROE 目標為 11.6%。根據我們歷史性的收入和支出模式，我們預計稅收節省不會完全抵消我們 2018 年上半年的典型準備金攤銷要求，導致 FPL 最初的收益低於我們 11.6% 的目標監管 ROE。我們預計，FPL 第一季的監管 ROE 將達到約 10.4% 至 10.8% 的中間水平，第二季度的監管 ROE 將達到約 10.7% 至 11.1%，然後在第三季度和第四季度恢復到更正常的水平，所有這些都是基於過去 12 個月的數據，並遵守我們的正常警告。因此，雖然這會導致我們的季度預期出現一些波動，但我們預計它不會影響我們的全年業績。

During the fourth quarter, FPL was required to revalue its deferred income tax liabilities to the new 21% corporate income tax rate. The majority of the reduction in income tax liability, totaling approximately $4.5 billion, has been reclassified to a regulatory liability that we expect will be amortized over the underlying assets' remaining useful lives.

在第四季度，FPL 需要根據新的 21% 企業所得稅稅率重新評估其遞延所得稅負債。所得稅負債減少的大部分（總計約 45 億美元）已被重新歸類為監管負債，我們預計該負債將在基礎資產的剩餘使用壽命內攤銷。

Regulatory capital employed increased by approximately 10.3% for 2017 and was the principal driver of FPL's adjusted EPS growth of 10.2% for the full year. FPL built upon key successes from 2016, again being recognized as the most reliable electric utility in the Southeast. At the same time, FPL's typical customer bill has remained well below both state and national averages.

2017 年監管資本使用量增加了約 10.3%，是 FPL 全年調整後每股收益成長 10.2% 的主要驅動力。FPL 在 2016 年取得重大成功的基礎上，再次被公認為東南部最可靠的電力公司。同時，FPL 的典型客戶帳單一直遠低於州和全國平均水平。

FPL's capital expenditures were approximately $1.5 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $5.3 billion. Each of our ongoing capital deployment initiatives continues to progress well. We were pleased to complete construction of the first 4 74.5-megawatt solar energy centers, governed by the Solar Base Rate Adjustment or SoBRA mechanism of the rate case settlement agreement, on schedule and under budget. An additional 4 solar sites, totaling nearly 300 megawatts, are currently on track to begin providing cost-effective energy to FPL customers later this quarter. We also continue to advance the development of the additional 1,600 megawatts of solar projects that are planned for beyond 2018 and have secured potential sites that could support more than 5 gigawatts of FPL's ongoing solar expansion.

FPL 第四季的資本支出約為 15 億美元，使其全年資本投資總額達到約 53 億美元。我們正在進行的每項資本部署計劃都進展順利。我們很高興按時並在預算內完成了首批 4 個 74.5 兆瓦太陽能中心的建設，這些中心受費率案例和解協議的太陽能基準費率調整或 SoBRA 機制的管轄。另外 4 個太陽能電站，總計近 300 兆瓦，目前預計在本季稍後開始向 FPL 客戶提供經濟高效的能源。我們還將繼續推進計劃於 2018 年以後建造的另外 1,600 兆瓦太陽能項目，並且已經確保了可以支持 FPL 正在進行的 5 千兆瓦以上太陽能擴張項目的潛在場地。

This month, we completed the early retirement of the St. Johns River Power Park, an approximately 1,300-megawatt coal-fired plant co-owned with JEA. Construction on the approximately 1,750-megawatt Okeechobee Clean Energy Center remains on schedule and on budget. Additionally, progress on the Dania Beach Clean Energy Center continues to advance through the regulatory approval process.

本月，我們完成了聖路易紅十字會的提前退休。約翰河發電廠是一座與 JEA 共同擁有的約 1,300 兆瓦的燃煤電廠。發電量約為 1,750 兆瓦的奧基喬比清潔能源中心的建設仍在按計劃和預算進行。此外，達尼亞海灘清潔能源中心的建設正在透過監管審批程序繼續進行。

Continued smart investments such as these will allow FPL to deliver on its outstanding customer value proposition of low bills, high reliability and superior customer service, and are expected to support a compound annual growth rate in regulatory capital employed of approximately 8% from the start of the settlement agreement in January 2017 through at least December 2021.

持續的此類明智投資將使 FPL 能夠實現其卓越的客戶價值主張，即低帳單、高可靠性和卓越的客戶服務，並預計從 2017 年 1 月和解協議開始到至少 2021 年 12 月支持監管資本的複合年增長率達到約 8%。

The economy in Florida remains healthy. The current unemployment rate of 3.7% remains below the national average and near the lowest levels in a decade. Florida's consumer confidence level remains near 10-year highs. The real estate sector also continues to show strength, with new building permits remaining at healthy levels and the Case-Shiller Index for South Florida home prices up 4.4% from the prior year.

佛羅裡達州的經濟依然健康。目前3.7%的失業率仍低於全國平均水平，接近十年來的最低水平。佛羅裡達州的消費者信心水準仍然接近十年來的最高水準。房地產行業也持續表現強勁，新建築許可保持在健康水平，南佛羅裡達州房價凱斯-席勒指數較上年上漲 4.4%。

FPL's fourth quarter retail sales increased 0.5% from the prior year comparable period. We estimate that weather-related usage per customer contributed approximately 1.2% to this amount. On a weather-normalized basis, fourth quarter sales declined 0.7% as ongoing customer growth was more than offset by a decline in weather-normalized usage per customer.

FPL 第四季零售額較去年同期成長 0.5%。我們估計，每位客戶與天氣相關的使用量約佔這筆金額的 1.2%。按天氣標準化計算，第四季度銷售額下降了 0.7%，因為持續的客戶成長被按天氣標準化計算的每位客戶使用量的下降所抵消。

For 2017, we estimate that FPL's retail sales benefited from a positive year-over-year impact of 1.7% from weather, which is partially offset by a decline of 0.9% as a result of the net effects of Hurricanes Matthew and Irma. After accounting for these factors and the 2016 leap year impact, FPL's 2017 retail sales on a weather-normalized basis declined by 1.6%, which was primarily driven by a reduction in underlying usage per customer, partially offset by customer growth. While the recent trend in underlying usage is below our long-term expectations, we have not yet drawn any firm conclusions. We will continue to closely monitor and analyze underlying usage and will update you on future calls.

對於 2017 年，我們估計 FPL 的零售額受益於天氣因素的 1.7% 的同比正增長，但颶風馬修和颶風伊爾瑪的淨影響導致的 0.9% 的下降部分抵消了這一增長。考慮到這些因素和 2016 年閏年的影響後，FPL 2017 年的零售額按天氣標準化計算下降了 1.6%，這主要是由於每位客戶的基本使用量減少，但被客戶增長部分抵消。雖然近期基礎使用趨勢低於我們的長期預期，但我們尚未得出任何確切結論。我們將持續密切監控和分析基本使用情況，並在未來的通話中向您通報最新情況。

Modest changes in usage per customer are not likely to have a material effect on earnings while we operate under the current settlement agreement as we will adjust the level of reserve amortization utilization to offset any effect, which is expected to allow FPL to maintain its target regulatory ROE.

當我們按照現行和解協議運作時，每個客戶使用量的適度變化不太可能對收益產生重大影響，因為我們將調整準備金攤銷利用率水準以抵消任何影響，預計這將使 FPL 保持其目標監管 ROE。

Let me now turn to Energy Resources, which reported full year 2017 GAAP earnings of $2.963 billion or $6.27 per share. Adjusted earnings were $1.23 billion or $2.61 per share, reflecting roughly 12% year-over-year growth. For the fourth quarter, Energy Resources reported GAAP earnings of $1.894 billion or $4 per share and adjusted earnings of $230 million or $0.49 per share. This quarter's adjusted results excluded 2 items: a gain related to revaluing deferred income tax liabilities that I will discuss in a moment, and a charge associated with our Duane Arnold Energy Center.

現在讓我來談談能源資源公司，該公司報告 2017 年全年 GAAP 收益為 29.63 億美元，即每股 6.27 美元。調整後收益為 12.3 億美元，即每股 2.61 美元，年增約 12%。能源資源公司報告第四季的 GAAP 收益為 18.94 億美元，即每股 4 美元，調整後收益為 2.3 億美元，即每股 0.49 美元。本季的調整後結果不包括兩項：與重新評估遞延所得稅負債相關的收益（我稍後將討論）以及與我們的杜安阿諾德能源中心相關的費用。

For Duane Arnold, in the latter part of 2017, we concluded that it is unlikely that the facility's primary customer will extend the current contract after it expires in 2025. Without a contract extension, we will likely close the facility at the end of 2025 despite being licensed to operate until 2034. As a result, during the fourth quarter, Duane Arnold's book value and asset retirement obligation were reviewed, and an after-tax impairment of $258 million was recorded that reflects our belief it is unlikely the project will operate after 2025. That being said, we will continue to pursue a contract extension that would enable Duane Arnold to continue operations. Duane Arnold's contribution to Energy Resources net income has been and is expected to be negligible over the next several years.

對於 Duane Arnold，我們在 2017 年下半年得出結論，該設施的主要客戶不太可能在 2025 年合約到期後延長現有合約。如果不延長合同，儘管我們已獲得許可運營至 2034 年，但我們很可能會在 2025 年底關閉該設施。因此，在第四季度，我們對 Duane Arnold 的帳面價值和資產退役義務進行了審查，並記錄了 2.58 億美元的稅後減值，這反映出我們認為該專案不太可能在 2025 年後投入營運。話雖如此，我們將繼續尋求延長合同，以使 Duane Arnold 能夠繼續運營。杜安·阿諾德 (Duane Arnold) 對能源資源淨收入的貢獻一直以來都微不足道，而且預計在未來幾年內也將如此。

As a result of tax reform, Energy Resources was required to revalue its deferred income tax liability to the new 21% corporate income tax rate. This $1.925 billion reduction in income tax liability provided an income tax benefit during the fourth quarter, which has been excluded from adjusted earnings. Based upon our strong banking relationships and our position as the #1 renewables developer, we remain confident that our access to tax equity will remain robust. As an example, following the signing of the tax reform legislation, we were able to close our 4 remaining 2017 tax equity financings, totaling more than $1 billion in proceeds at economics substantially similar to what was expected before tax reform.

由於稅制改革，能源資源公司需要根據新的 21% 企業所得稅稅率重新評估其遞延所得稅負債。所得稅負債減少 19.25 億美元，為第四季度帶來了所得稅收益，但該收益已從調整後收益中剔除。基於我們強大的銀行關係以及我們作為第一大再生能源開發商的地位，我們仍然相信，我們獲得稅收公平的機會將保持強勁。例如，在稅收改革法案簽署後，我們完成了 2017 年剩餘的 4 筆稅收股權融資，總計收益超過 10 億美元，經濟效益與稅收改革前的預期基本相同。

Energy Resources' contribution to adjusted earnings per share in the fourth quarter increased by $0.08 versus the prior year comparable period. This primarily reflects contributions from new investments and increased contributions from our existing generation assets as a result of repowering, partially offset by lower contributions from our gas infrastructure business due to the absence of the Texas pipelines' earnout adjustment that was recorded in the fourth quarter of 2016.

能源資源部門第四季度對調整後每股收益的貢獻比去年同期增加了 0.08 美元。這主要反映了新投資的貢獻以及由於重新供電而增加的現有發電資產的貢獻，但因缺少 2016 年第四季度記錄的德克薩斯管道盈利調整，導致天然氣基礎設施業務的貢獻減少，從而部分抵消了這一影響。

Energy Resources full year adjusted earnings per share contribution increased $0.28 or approximately 12% year-over-year. Growth was driven by continued new additions to our renewables portfolio, including the roughly 2,500 megawatts of new wind and solar projects that we commissioned in 2016, which are included in new investments during the first 12 months of their operation. In total, new renewables investments added $0.67 per share. Contributions from new natural gas pipeline investments added $0.10 per share. Partially offsetting new investment growth was a decline of $0.11 per share in contributions from our existing generation assets, the majority of which is attributable to the sale of the Lamar, Forney and Marcus Hook natural gas-fired generating assets in 2016.

能源資源全年調整後每股收益年增 0.28 美元，約 12%。成長的動力來自於我們不斷增加的再生能源組合，包括我們在 2016 年啟動的約 2,500 兆瓦的新風能和太陽能項目，這些項目都包含在營運前 12 個月的新投資中。總體而言，新的再生能源投資每股增加 0.67 美元。新天然氣管道投資貢獻每股 0.10 美元。部分抵消了新投資成長的是現有發電資產貢獻每股下降 0.11 美元，其中大部分歸因於 2016 年出售拉馬爾、福尼和馬庫斯胡克天然氣發電資產。

Contributions from our gas infrastructure business declined by $0.19 per share, $0.16 of which is attributable to the absence of the earnout adjustment that was recognized for the Texas pipelines in 2016. All of the other effects had a negative impact of $0.19 per share, mostly driven by a year-over-year increase in interest expense. Additional details are shown on the accompanying slide.

我們的天然氣基礎設施業務貢獻每股下降 0.19 美元，其中 0.16 美元是由於缺乏 2016 年針對德克薩斯州管道確認的盈利調整。所有其他影響均產生了每股 0.19 美元的負面影響，主要是由於利息支出較去年同期成長。更多詳細資訊請參閱隨附的幻燈片。

In 2017, Energy Resources advanced its position as the leading developer and operator of wind, solar and battery storage projects. Since the last call, we have signed contracts for 736 megawatts of new renewables projects, including 512 megawatts of wind and 224 megawatts of solar. With today's announced contracts, our 2017 and 2018 wind backlog is now nearly 2,000 megawatts. With visibility to several hundred megawatts of additional projects for 2018, we continue to believe that we can achieve the range of expectations that we have previously provided for 2017 and 2018. For 2019 and 2020, we are already just below the range of expectations that we have provided for solar. And for U.S. wind, our current backlog is already almost half of the low end of our expected range.

2017年，Energy Resources 進一步提升了其作為風能、太陽能和電池儲存專案領先開發商和營運商的地位。自上次招標以來，我們已簽署了 736 兆瓦的新可再生能源項目合同，其中包括 512 兆瓦的風能和 224 兆瓦的太陽能。隨著今天宣布的合同，我們 2017 年和 2018 年的風電積壓訂單現已接近 2,000 兆瓦。隨著 2018 年數百兆瓦的額外項目的出現，我們仍然相信我們能夠實現先前對 2017 年和 2018 年設定的預期範圍。對於 2019 年和 2020 年，我們已經略低於我們對太陽能設定的預期範圍。對於美國風能而言，我們目前的積壓訂單已經幾乎達到了預期範圍低端的一半。

Additionally, our total current backlog of almost 7,000 megawatts, including repowering for 2017 through 2020, is the largest for a 4-year period in Energy Resources' history. The accompanying slide provides additional detail on where our renewables development program now stands.

此外，我們目前的積壓訂單總量接近 7,000 兆瓦，包括 2017 年至 2020 年的重新供電，是能源資源史上四年內最大的積壓訂單。隨附的幻燈片提供了有關我們的可再生能源發展計劃目前情況的更多詳細資訊。

Beyond renewables, 2017 was an excellent year for Energy Resources' natural gas pipeline activities. During the year, both the Sabal Trail Transmission and Florida Southeast Connection natural gas pipeline projects successfully achieved commercial operation on budget and on schedule. The Mountain Valley Pipeline also made excellent progress over the year, receiving its first limited notice to proceed from FERC earlier this week, and we remain on track to achieve a year-end 2018 commercial operations date.

除了再生能源之外，2017 年對於能源資源公司的天然氣管道業務來說也是輝煌的一年。本年度，薩巴爾小徑輸氣管道項目和佛羅裡達東南連接天然氣管道項目均按預算和計劃成功實現商業運營。山谷管道計畫今年也取得了巨大進展，本週稍早收到了聯邦能源管理委員會發出的第一份有限通知，我們仍有望在 2018 年底實現商業營運。

Turning now to the consolidated results for NextEra Energy. For the fourth quarter of 2017, GAAP net income attributable to NextEra Energy was $2.155 billion or $4.55 per share. NextEra Energy's 2017 fourth quarter adjusted earnings and adjusted EPS were $590 million or $1.25 per share, respectively. For the full year 2017, GAAP net income attributable to NextEra Energy was $5.378 billion or $11.38 per share. Adjusted earnings were $3 -- $3.165 billion or $6.70 per share. NextEra Energy's operating cash flow, adjusted for the impacts of certain FPL clause recoveries, storm costs and recoveries in the Indiantown acquisition, increased by almost 15% year-over-year.

現在來看看 NextEra Energy 的綜合業績。2017 年第四季度，歸屬於 NextEra Energy 的 GAAP 淨收入為 21.55 億美元，即每股 4.55 美元。NextEra Energy 2017 年第四季調整後盈餘和調整後每股盈餘分別為 5.9 億美元或每股 1.25 美元。2017 年全年，NextEra Energy 的 GAAP 淨收入為 53.78 億美元，即每股 11.38 美元。調整後收益為 30 億美元至 31.65 億美元，即每股 6.70 美元。NextEra Energy 的營運現金流經某些 FPL 條款恢復、風暴成本和 Indiantown 收購中的恢復的影響後，同比增長近 15%。

During the fourth quarter, we were able to capitalize on the ongoing favorable market conditions and completed all of the refinancing initiatives we were considering as of the third quarter call. These combined financings, which have roughly $165 million of after-tax NPV savings on a cash basis, resulted in net income reduction of approximately $33 million when they closed in the fourth quarter.

在第四季度，我們能夠利用持續有利的市場條件，並完成了截至第三季電話會議中我們正在考慮的所有再融資計劃。這些合併融資在現金基礎上節省了約 1.65 億美元的稅後淨現值，導致第四季結束時淨收入減少約 3,300 萬美元。

For the Corporate and Other segment, adjusted earnings for the full year decreased $0.15 per share compared to 2016, primary reflecting the impact of these refinancing costs.

對於企業及其他部門而言，全年調整後每股盈餘較 2016 年下降 0.15 美元，主要反映了這些再融資成本的影響。

Turning now to our financial expectations for NextEra Energy. As Jim discussed, we are increasing the range of our adjusted EPS expectations and increase -- and extending our long-term growth outlook. We now expect NextEra Energy's adjusted EPS compound annual growth rate to be in the range of 6% to 8% through 2021, off a revised base of the midpoint of our new 2018 range, or $7.70 per share. Additional details of our revised expectations are shown in the accompanying slide.

現在來談談我們對 NextEra Energy 的財務預期。正如吉姆所討論的，我們正在擴大調整後每股收益預期範圍並增加和延長我們的長期成長前景。我們現在預計，到 2021 年，NextEra Energy 的調整後每股盈餘複合年增長率將在 6% 至 8% 之間，以我們新的 2018 年範圍中點的修訂基數為基礎，即每股 7.70 美元。我們修改後的預期的更多細節在隨附的幻燈片中顯示。

For 2018, while we target the new $7.70 midpoint of our range, we expect that the majority of the growth will come in the second half of the year. As I mentioned earlier, in the first half of the year, FPL is expected to earn below its regulatory ROE of 11.6% as we do not expect that the tax savings will immediately offset our typical reserve amortization requirements. This will present a headwind to adjusted EPS growth during the first quarter, with stronger growth expected for the balance of the year as the regulatory ROE on a trailing 12-month basis increases towards our target 11.6% level by the second half of the year.

對於 2018 年，雖然我們的目標是新的 7.70 美元的中間價，但我們預計大部分成長將出現在下半年。正如我之前提到的，今年上半年，FPL 的盈利預計將低於其監管規定的 11.6% 的 ROE，因為我們預計稅收節省不會立即抵消我們典型的準備金攤銷要求。這將對第一季調整後的每股盈餘成長造成阻力，但隨著過去 12 個月的監管 ROE 在今年下半年升向我們的目標 11.6% 水平，預計今年剩餘時間的成長將更加強勁。

During the period of our financial expectations, we expect the interest on all NextEra Energy's debt to continue to be fully tax-deductible at the 21% federal corporate income tax rate despite the limit on interest deductibility in the tax reform legislation. As a reminder, due to the NEP governance changes that we implemented in 2017, NextEra Energy is required to deconsolidate NEP from its financial statements beginning January 1, 2018. These changes will be reflected in our first quarter financial results.

在我們的財務預期期間，儘管稅制改革立法對利息扣除有所限制，但我們預計 NextEra Energy 所有債務的利息將繼續以 21% 的聯邦企業所得稅稅率全額免稅。提醒一下，由於我們在 2017 年實施的 NEP 治理變革，NextEra Energy 需要從 2018 年 1 月 1 日起將 NEP 從其財務報表中分離出來。這些變化將反映在我們的第一季財務表現中。

We continue to expect to grow our dividends per share 12% to 14% per year through at least 2018, off a 2015 base of dividends per share of $3.08. We expect the board of NextEra Energy to determine the dividend policy for beyond 2018 at our next regularly scheduled board meeting in February, and we will make an announcement about the outcome of that -- of their decision at that time. As always, our expectations are subject to the usual caveats, including, but not limited to, normal weather and operating conditions.

我們預計，至少到 2018 年，每股股息將以 2015 年每股 3.08 美元的基數增加 12% 至 14%。我們預計 NextEra Energy 董事會將在 2 月的下一次定期董事會會議上確定 2018 年以後的股利政策，屆時我們將宣布其決定的結果。像往常一樣，我們的期望受到通常的警告的影響，包括但不限於正常的天氣和運作條件。

Let me now turn to NEP. Yesterday, the NEP board declared a quarterly distribution of $0.405 per common unit or $1.62 per common unit on an annualized basis, up 15% from the comparable quarterly distribution a year earlier and at the top end of the range we discussed going into 2017.

現在讓我來談談NEP。昨天，NEP 董事會宣布每普通股季度分配 0.405 美元或按年率計算每普通股 1.62 美元，比去年同期季度分配增加 15%，並且處於我們討論的 2017 年範圍的最高端。

Fourth quarter adjusted EBITDA and CAFD increased approximately 18% and 12% year-over-year, respectively. For the full year 2017, adjusted EBITDA increased 16% while CAFD was up 11% from 2016.

第四季調整後的 EBITDA 和 CAFD 分別較去年同期成長約 18% 和 12%。2017 年全年，調整後的 EBITDA 較 2016 年成長 16%，而 CAFD 成長 11%。

In regards to the impacts of tax reform for NextEra Energy Partners, NEP recorded a $101 million charge related to revaluating its deferred income taxes to the new 21% corporate income tax rate in the fourth quarter. The duration of NEP's income tax shield, which we have previously said is greater than 15 years, will remain better than 15 years following tax reform. Additionally, the expectation that NEP runs a negative earnings and profit or E&P balance for at least the next 8 years also remains unchanged. With no adverse impacts to NEP's tax shields or the ongoing strength of the renewables development environment, NEP remains well positioned to continue delivering on its unitholder value proposition.

關於稅收改革對 NextEra Energy Partners 的影響，NEP 在第四季度記錄了 1.01 億美元的費用，用於將其遞延所得稅重新評估為新的 21% 企業所得稅率。我們之前說過，NEP 的所得稅保護期限將超過 15 年，稅制改革後，該期限仍將超過 15 年。此外，NEP 至少在未來 8 年內出現負收益和利潤或 E&P 餘額的預期也保持不變。由於沒有對 NEP 的稅盾或再生能源開發環境的持續強勁產生不利影響，NEP 仍處於有利地位，可以繼續實現其單位持有人的價值主張。

NEP's fourth quarter 2017 adjusted EBITDA of approximately $199 million increased $31 million from a year earlier. Fourth quarter CAFD was approximately $76 million, an increase of $8 million year-over-year, which was driven primarily by NEP's strong portfolio growth, with a relatively modest offset from higher fees. Wind resource returned to normal after a weak third quarter as overall wind resource was 102% of the long-term average during the fourth quarter. The appendix of today's presentation includes a slide with additional details regarding 2017 wind resource for the NEP portfolio.

NEP 2017 年第四季調整後的 EBITDA 約為 1.99 億美元，較去年同期增加 3,100 萬美元。第四季的 CAFD 約為 7,600 萬美元，比去年同期增加了 800 萬美元，這主要得益於 NEP 強勁的投資組合增長，而費用上漲則相對溫和地抵消了這一影響。風電資源在經歷了疲軟的第三季後恢復正常，第四季整體風電資源量達到長期平均的102%。今天簡報的附錄包括一張幻燈片，其中詳細介紹了 2017 年 NEP 投資組合的風力資源。

For full year 2017, adjusted EBITDA and CAFD were $743 million and $246 million, up 16% and 11%, respectively, driven primarily by growth of the underlying portfolio. Additional details are shown on the accompanying slide.

2017 年全年，調整後的 EBITDA 和 CAFD 分別為 7.43 億美元和 2.46 億美元，分別成長 16% 和 11%，主要得益於基礎投資組合的成長。更多詳細資訊請參閱隨附的幻燈片。

The NEP portfolio as of year-end 2017 supports adjusted EBITDA and CAFD run rates in line with the expectations we have shared previously for December 31, 2017. Since the federal income tax rate declined from 35% to 21%, the resulting pretax value of NEP's tax credits, which are calculated by dividing 1 minus the tax rate, changes as well. While tax reform impacts the calculation of NEP's adjusted EBITDA, it has no effect on cash available for distribution. Our previous December 31, 2017, run rate expectations for adjusted EBITDA of $875 million to $975 million are now $830 million to $930 million as a result of this change. The December 31, 2017, run rate range for CAFD of $310 million to $340 million remains unchanged. Our previously announced December 31, 2018, run rate expectations, reflecting calendar year 2019 expectations for the forecasted portfolio at year-end 2018 for adjusted EBITDA of $1.05 billion to $1.2 billion are now $1 billion to $1.15 billion as a result of tax reform. The December 31, 2018, run rate range for CAFD of $360 million to $400 million is unchanged. As a reminder, our expectations are subject to our normal caveats and are net of anticipated IDR fees as we treat these as an ongoing operating expense.

截至 2017 年底的 NEP 投資組合支援調整後的 EBITDA 和 CAFD 運作率，與我們先前對 2017 年 12 月 31 日的預期一致。由於聯邦所得稅率從 35% 下降到 21%，NEP 稅收抵免的稅前價值（以 1 減去稅率計算）也發生了變化。雖然稅制改革會影響 NEP 調整後 EBITDA 的計算，但對可供分配的現金沒有影響。由於這項變化，我們先前對 2017 年 12 月 31 日調整後 EBITDA 的運行率預期為 8.75 億美元至 9.75 億美元，現在為 8.3 億美元至 9.3 億美元。2017 年 12 月 31 日，CAFD 的運作率範圍為 3.1 億美元至 3.4 億美元，維持不變。我們先前宣布的 2018 年 12 月 31 日的運行率預期反映了 2019 日曆年對預測投資組合在 2018 年底的調整後 EBITDA 10.5 億美元至 12 億美元的預期，由於稅制改革，現在為 10 億美元至 11.5 億美元。2018 年 12 月 31 日，CAFD 的運作利率範圍為 3.6 億美元至 4 億美元，維持不變。提醒一下，我們的預期受制於我們的正常警告，並且是扣除預期的 IDR 費用後的淨額，因為我們將這些費用視為持續的營運費用。

From an updated base of our fourth quarter 2017 distribution per common unit at an annualized rate of $1.62, we continue to see 12% to 15% per year growth in LP distributions as being a reasonable range of expectations through at least 2022. We expect the annualized rate of the fourth quarter 2018 distribution that is payable in February 2019 to be in a range of $1.81 to $1.86 per common unit.

根據我們 2017 年第四季每普通股單位分配額的最新基數（年化率為 1.62 美元），我們繼續認為至少到 2022 年，LP 分配額每年將增加 12% 至 15%，這是一個合理的預期範圍。我們預計 2018 年第四季分配的年化利率（將於 2019 年 2 月支付）將在每股普通股 1.81 美元至 1.86 美元之間。

Tax reform has highlighted several optimization opportunities within NEP's international portfolio, which we continue to evaluate. One such opportunity that we are exploring is the potential sale of the Canadian portfolio, which could enable the partnership to recycle capital back into U.S. assets, which benefit from a longer federal income tax shield, allowing NEP to retain more CAFD in the future for every dollar invested. We would only execute on such a transaction if it were accretive to NEP's long-term growth runway to do so, potentially positioning the partnership to extend its financial expectations and need for common equity. If we decide to move forward, we will update you on the progress of our efforts over the coming months.

稅改凸顯了 NEP 國際投資組合中的幾個最佳化機會，我們將繼續對此進行評估。我們正在探索的一個機會是出售加拿大投資組合，這可以使合夥企業將資本回收到美國資產中，從而享受更長的聯邦所得稅保護期，從而使 NEP 未來為每一美元投資保留更多的 CAFD。我們只會在交易有利於 NEP 的長期成長的情況下才會執行此類交易，這可能會使合作夥伴關係擴大其財務預期和普通股需求。如果我們決定繼續前進，我們將在未來幾個月內向您通報我們的努力進展。

With the IDR restructuring, governance enhancements, financing flexibility, competitive cost of capital and visible prospects for future growth in place, we are pleased with NEP's execution during 2017. Heading into 2018 and beyond, NEP is as well positioned as it's ever been to deliver its long-term financial expectations and best-in-class investor value proposition.

透過 IDR 重組、治理增強、融資靈活性、具競爭力的資本成本和可見的未來成長前景，我們對 NEP 在 2017 年的執行感到滿意。展望 2018 年及以後，NEP 將一如既往地做好充分準備，實現其長期財務預期和一流的投資者價值主張。

That concludes our prepared remarks. And with that, we will open the line for questions.

我們的準備好的演講到此結束。接下來，我們將開放問答熱線。

(Operator Instructions) We'll take our first question from Stephen Byrd with Morgan Stanley.

（操作員指示）我們將回答摩根士丹利的史蒂芬伯德提出的第一個問題。

I wanted to maybe hit first on the last thing, John, that you talked about on NextEra Energy Partners in terms of the -- a potential for sale of the Canadian portfolio. I'm sorry, I didn't quite follow sort of the potential benefit of that and how to think about that, what would the rationale be in terms of tax reform?

約翰，我想先談談你談到的最後一件事，即 NextEra Energy Partners 出售加拿大投資組合的可能性。抱歉，我不太明白這樣做的潛在好處以及如何看待它，從稅改的角度來看，其理由是什麼？

Yes. We are looking at -- as a result of tax reform, Stephen, we are looking at some optimization opportunities around our international portfolio. There is a difference between the federal income tax shield in the U.S. and in Canada after the results of tax reform have come through. So this has pinpointed a potential capital recycling opportunity, where we may be able to sell the assets in the Canadian portfolio and then use those proceeds to reinvest either in third-party M&A opportunities or acquisitions from Energy Resources or to support our organic growth program. And by reinvesting those proceeds in the U.S., what that does is it has the effect of actually creating more CAFD for every dollar invested. And because of that, it puts us in a position where we could extend our runway, our financial expectations and extend the need for common equity. So it's kind of a very interesting opportunity that we continue to evaluate here internally.

是的。我們正在考慮——由於稅制改革，史蒂芬，我們正在尋找圍繞我們的國際投資組合的一些優化機會。稅改結果出爐後，美國和加拿大的聯邦所得稅盾出現了差異。因此，這確定了一個潛在的資本回收機會，我們可以出售加拿大投資組合中的資產，然後利用這些收益再投資於第三方併購機會或能源資源收購，或支持我們的有機成長計畫。透過將這些收益再投資於美國，其實際效果是為每一美元的投資創造更多的CAFD。正因為如此，我們才能夠延長我們的跑道、我們的財務預期並延長對普通股的需求。因此，這是一個非常有趣的機會，我們會繼續在內部進行評估。

Okay, understood. That makes a lot of sense. At the beginning, you all mentioned some of the changes at the rating agencies in terms of targeted ratios. I just want to make sure I understood that properly. Given the most recent change from Moody's that you mentioned, moving from 20% to 18%, so long as the -- if there was a mix of the regulated assets in the 70% range, if -- am I to understand that if you have that kind of business mix, that, that would result in additional leverage capacity over the $5 billion to $7 billion? Did I get that right?

好的，明白了。這很有道理。一開始大家都提到了評級機構在目標比率上的一些變化。我只是想確保我正確理解了這一點。鑑於您提到的穆迪的最新變化，從 20% 變為 18%，只要 - 如果監管資產的組合在 70% 的範圍內，如果 - 我的理解是，如果您有這種業務組合，那將導致超過 50 億美元至 70 億美元的額外槓桿能力？我說得對嗎？

Yes. So let's walk through it. So right now, here's the state of play. We are at 23% FFO to debt with S&P. We're currently at 20% CFO to debt with Moody's. Moody's has said that we have an opportunity to move down from 18% to 20% if we -- or I'm sorry, from 20% to 18% if we're able to further improve our regulated business mix up to 70%. S&P, though, is still the gating metric. So S&P, we feel like if we could improve our regulated mix to right around the same range that Moody's is targeting, that would also result in a reduction to the S&P credit threshold. So yes, that would create additional balance sheet capacity. But right now, the $5 billion to $7 billion of balance sheet capacity we described, that's tethered to where we stand today, which is 23% at S&P and 20% at Moody's, with the opportunity to further improve upon that $5 billion to $7 billion of excess balance sheet capacity if we're able to make a slight improvement in our regulated business mix for both agencies.

是的。讓我們來看一下。現在的情況是這樣的。我們的 FFO 與標準普爾的負債比率為 23%。目前，我們的財務長與穆迪的債務比率為 20%。穆迪表示，如果我們能夠進一步將受監管的業務組合改善至 70%，我們就有機會將這一比例從 18% 降至 20%——抱歉，是從 20% 降至 18%。不過，標準普爾指數仍然是門檻指標。因此，標準普爾認為，如果我們能夠將我們的監管組合改善到與穆迪的目標範圍大致相同的水平，那麼這也將降低標準普爾的信用門檻。是的，這將創造額外的資產負債表容量。但目前，我們所描述的 50 億至 70 億美元的資產負債表容量與我們目前的水平息息相關，標準普爾為 23%，穆迪為 20%，如果我們能夠稍微改善這兩個機構的監管業務組合，那麼就有機會進一步改善 50 億至 70 億美元的超額資產負債表容量。

That's very clear. And then maybe just lastly on the utility business. In terms of tax reform, I just wanted to check whether that has any impacts on your net rate base growth. I was wondering whether it might increase your rate base growth or if you think your overall sort of rate base position over time is similar to sort of where it's been in the past pretax reform.

這非常清楚。最後再談談公用事業業務。就稅改而言，我只是想檢查這是否會對你的淨稅率基數成長產生任何影響。我想知道它是否會增加您的利率基準成長，或者您是否認為您的整體利率基準狀況隨時間推移與過去稅改前的水平相似。

Yes, no. It does impact our rate base. Again, one of the main impacts of tax reform is for rate-regulated utilities, customers and shareholders benefit because we were able to preserve in the final outcome of tax reform the ability to fully deduct interest at the utility level, but that was made as a compromise in exchange for no longer being able to take immediate expensing at the utility. So if you can't take immediate expensing at the utility, it has the impact of lowering our deferred tax liability, which is actually 0 cost equity in our capital structure. So if that goes down, it's just more equity that we're able to put into the business, which has the effect of increasing the rate base growth over time.

是的，不是。它確實影響了我們的利率基礎。再次強調，稅制改革的主要影響之一是對受費率管制的公用事業、客戶和股東有利，因為我們能夠在稅制改革的最終結果中保留在公用事業層面完全扣除利息的能力，但這是一種妥協，以換取不再能夠在公用事業上立即支出。因此，如果您無法立即在公用事業中支出費用，那麼它就會降低我們的遞延稅負債，這實際上是我們資本結構中的零成本權益。因此，如果這一數字下降，我們就能夠將更多的股權投入到業務中，從而隨著時間的推移提高利率基礎成長率。

And we'll take our next question from Steve Fleishman from Wolfe Research.

我們將回答 Wolfe Research 的 Steve Fleishman 提出的下一個問題。

So just a couple of questions. On the excess capital, the $5 billion to $7 billion, so just to clarify, in your plan on growth rate, you're just effectively keeping that as cash on the balance sheet for now, it's not being put into buybacks or any investment, it's just extra available cash?

我只有幾個問題。關於過剩資本，即 50 億至 70 億美元，因此需要澄清的是，在您的成長率計劃中，您目前只是將其作為現金保留在資產負債表上，而不是用於回購或任何投資，它只是額外的可用現金？

Yes. Exactly, Steve. We think of it as excess debt capacity that we have on the balance sheet. It is not utilizing that excess balance sheet capacity. It's not in our current financial expectations. It's really a cushion and upside. So if later on, we wanted to explore 1 of 3 options, which one of which could be a buyback; another could be something in the regulated M&A space; or third, incremental capital investment opportunities around the 2 main businesses, those are opportunities to utilize that excess balance sheet capacity.

是的。確實如此，史蒂夫。我們認為這是我們資產負債表上的過剩債務能力。它沒有利用多餘的資產負債表容量。這不符合我們目前的財務預期。這確實是一個緩衝和好處。因此，如果以後我們想要探索三個選項中的其中一個，其中一個可能是回購；另一個可能是受監管的併購領域；或者第三個，圍繞兩個主要業務的增量資本投資機會，這些都是利用過剩資產負債表容量的機會。

Okay. Second question, just a quick detail. So in your 2018 guidance, it's up about $0.65 from prior midpoint. So $0.45 of that is tax. Is there any particular item that represents the other $0.20?

好的。第二個問題，只是一個簡單的細節。因此，在您的 2018 年指導中，它比之前的中點上漲了約 0.65 美元。其中 0.45 美元是稅。是否有任何特定物品可以代表另外 0.20 美元？

Yes. It's pretty simple. What we did is we took the $6.70, and we just said, "Look, we're going to assume we're going to grow $6.70 at 8% and then add on $0.45." So really, that extra $0.20 is roughly that additional 8% off the $6.70.

是的。這很簡單。我們的做法是，拿出 6.70 美元，然後說：「你看，我們假設 6.70 美元的增長率為 8%，然後再增加 0.45 美元。」所以實際上，額外的 0.20 美元大約是 6.70 美元基礎上的 8% 的增長。

Okay. And that's just all the business? Okay.

好的。這就是全部的事情嗎？好的。

Yes. And targeting the midpoint, Steve, of the $7.70 in '18.

是的。史蒂夫，我們的目標是 18 年的中點 7.70 美元。

Great. And then can you give us a sense against these S&P, Moody's metrics, kind of where are you with tax reform? Because we have your metrics as of now, but it doesn't include with the tax reform changes in terms of FFO to debt.

偉大的。然後，您能否根據標準普爾和穆迪的指標，告訴我們您對於稅改的看法？因為我們目前有您的指標，但它不包括 FFO 對債務的稅務改革變化。

Yes, no. Yes, we do not expect tax reform to have an impact on where the metrics currently stand. So what I just told you takes into account tax reform.

是的，不是。是的，我們預期稅制改革不會對目前的指標產生影響。所以我剛才告訴你的內容考慮到了稅改。

Okay. And then just lastly, on NEP. So in terms of the communication here, the Canadian transaction might be an upside to runway and growth runway, and then you're still just assuming the NEE portfolio as a drop-down as of year-end '16. So anything you've done '17 and plan to do through 2020 would be additional potential growth for NEP?

好的。最後，關於 NEP。因此，就這裡的溝通而言，加拿大交易可能對跑道和成長跑道有利，然後你仍然只是假設 NEE 投資組合在 2016 年底出現下降。那麼，您在 2017 年所做的一切以及計劃在 2020 年所做的一切是否會為 NEP 帶來額外的潛在增長？

Exactly. I mean, Steve, NEP has terrific visibility into future growth because of that, because if you locked our portfolio down as of the end of '16, consistent with what we said at the investor conference, that locked-down portfolio as of the end of '16 was enough to support NEP's growth, 12% to 15% through 2022. And so what we've been able to add since then is incremental to that. And on the Canadian portfolio, we would only do that -- to be very clear, we will only do that transaction if it is incrementally accretive to our long-term growth runway and puts us in a position to extend our financial expectations and potentially our need for common equity.

確切地。我的意思是，史蒂夫，NEP 對未來成長有著極好的預見性，因為如果你在 2016 年底鎖定我們的投資組合，正如我們在投資者會議上所說的那樣，那麼截至 2016 年底的鎖定投資組合足以支持 NEP 的增長，到 2022 年將達到 12% 到 15%。因此，自那時起我們能夠添加的內容都是增量的。就加拿大投資組合而言，我們只會這樣做——非常明確的是，只有當交易能夠逐步增加我們長期成長空間，並使我們能夠延長我們的財務預期和潛在的普通股需求時，我們才會進行該交易。

We'll take our next question from Michael Lapides from Goldman Sachs.

我們將回答高盛的邁克爾·拉皮德斯 (Michael Lapides) 提出的下一個問題。

Two questions. One, with the onetime -- and Jim, just curious, how you're thinking about this and how you and the management team will present to the board because it's obviously a board decision. With the onetime step-up in earnings guidance for 2018, how are you thinking about the dividend and whether there's a similar kind of onetime step-up in the dividend and then continued growth from there?

兩個問題。第一，一次性——吉姆，我只是好奇，你是如何考慮這個問題的，以及你和管理團隊將如何向董事會匯報，因為這顯然是董事會的決定。隨著 2018 年獲利預期的一次性提升，您如何看待股息，以及股息是否會出現類似的一次性提升，然後持續成長？

So Michael, as you said, it's a board decision. We have been talking about some various options over the last couple of months. When we -- in 2015, when we set the 12% to 14% growth rate through at least 2018, the "at least" was not a -- that was not a mistake in 2 words that we put in front of that. And so we're going to be reviewing a variety of different options. Obviously, earnings are stepping up with the midpoint at $7.70, something like 15%. So we will have some room from a payout ratio standpoint. And we have a lower payout ratio than the rest of the industry does, and so we have some room there as well. So I'm a big believer in returning cash to shareholders. And so we'll be making a recommendation here in a few weeks, and we'll have an announcement sometime in February once we make the decision in our board meeting.

邁克爾，正如你所說，這是董事會的決定。過去幾個月我們一直在討論各種選擇。當我們在 2015 年設定至少到 2018 年的成長率為 12% 至 14% 時，「至少」並不是——我們在其前面加上的兩個字並沒有錯誤。因此我們將審查各種不同的選擇。顯然，收益正在上升，中間值為 7.70 美元，大約上升了 15%。因此，從派息率的角度來看，我們還有一定的空間。我們的派息率低於業內其他公司，因此我們也有一定的空間。所以我堅信向股東返還現金。因此，我們將在幾週內提出建議，並在董事會會議上做出決定後於二月的某個時候發佈公告。

Got it. And one quick follow-up, more strategic. Post-tax reform, how does NextEra and how do you look at the M&A market in utilities? Meaning, does tax reform make M&A more difficult for utilities? Does it make it less difficult for utilities? We've had a number of years where there's been just kind of an accelerated level of transactions. Just want to kind of get your high-level views.

知道了。並採取一次快速的後續行動，更具策略性。稅改後，NextEra如何以及您如何看待公用事業的併購市場？意思是，稅制改革是否會使公用事業的併購變得更加困難？這是否會減輕公用事業的困難？我們已經經歷了數年交易量加速成長的時期。只是想了解您的高層觀點。

Yes.

是的。

Yes. I think 2 things, Michael. One is that it obviously takes a pretty important uncertainty off the table, right? So you know at least what the rules of the world -- road are for how you finance any potential acquisition going forward and what the benefits are. And then I would just say, secondly, I think you've seen the rating agencies put a variety of our peers on negative watch over the last couple of weeks because tax reform, all else being equal, if you're 100% regulated, puts stress on your FFO-to-debt ratios. We've been very methodically moving our business mix to create balance sheet capacity and to improve our business mix over time. And I think we're in kind of a unique position relative to the rest of our peers vis-à-vis our capacity. And so that's obviously a positive for us. That said, we're going to continue to be super disciplined about what we look at, and it will have to be accretive and will have to make strategic sense for us. And that's -- as you've seen over the years, we've been very disciplined, and we haven't chased things for the sake of just getting them to close. And so we'll -- that will continue to be how we approach M&A.

是的。我認為有兩件事，麥可。一是它顯然消除了一個相當重要的不確定性，對嗎？因此，您至少知道世界的規則是什麼——關於如何為未來任何潛在的收購提供資金以及有哪些好處。然後我想說，其次，我認為你已經看到評級機構在過去幾週將我們的各種同行列入負面觀察名單，因為稅制改革，在其他條件相同的情況下，如果你受到 100% 的監管，就會對你的 FFO 與債務比率帶來壓力。我們一直在非常有條不紊地調整我們的業務組合，以創造資產負債表能力並隨著時間的推移改善我們的業務組合。我認為，就產能而言，我們與其他同行相比處於一種獨特的地位。這對我們來說顯然是件好事。也就是說，我們將繼續嚴格遵守我們所關注的事物，而且它必須具有增值性，並且必須對我們具有戰略意義。正如你們多年來所看到的，我們一直非常自律，我們不會為了盡快完成任務而追逐目標。因此，我們將繼續採用這種方式來處理併購事宜。

We'll take our next question from Greg Gordon from Evercore ISI.

我們將回答 Evercore ISI 的 Greg Gordon 提出的下一個問題。

So just a follow-up question and then a new question. On the -- your earnings were up 9%, the $0.65 that Steve Fleishman articulated, with $0.45 from tax. If I'm just thinking about the components of the other $0.20, is part of that the increased earnings power from not having bonus depreciation in '18 and beyond and the resultant increase in earnings power at the utility? And then if I do that math, clearly, the delta would come from better outcomes at Energy Resources ex tax reform. And if so, what are you seeing that's ahead of the prior plan in Energy Resources that caused you to, whatever that component is, increase it by that amount?

所以這只是一個後續問題，然後是一個新問題。您的收入上漲了 9%，即史蒂夫·弗萊什曼所說的 0.65 美元，其中稅收為 0.45 美元。如果我只是考慮另外 0.20 美元的組成部分，那麼其中的一部分是否是由於 18 年及以後沒有獎金折舊而導致的盈利能力增加，以及隨之而來的公用事業盈利能力的增加？然後，如果我進行這樣的計算，顯然，增量將來自於能源資源稅改革後的更好結果。如果是這樣，您認為能源資源方面的哪些方面領先於先前的計劃，導致您（無論是哪個部分）將其增加那麼多？

Yes. Really, what we were doing, again, is just rebasing ops. So if you took $6.70 and you said what's the right midpoint for 2018, we've been telling investors we'd be disappointed not to be able to grow '18 at 8% off of '17, right? And that's really your missing 20% or your missing $0.20 to get you to the $7.70 midpoint. Then you add on $0.45 for tax reform, and tax reform primarily reflects the reduced corporate tax rate from 35% to 21% in Energy Resources. A couple other things in there, a little bit of a deferred tax benefit at FPL as well, but that's all in the $0.45. That's really how you get to $7.70 as the midpoint. The midpoint for '18 is what we're targeting, and it's what we are then going to base our future growth expectations off of at 6% to 8%, off that 2018 $7.70 baseline going forward.

是的。事實上，我們所做的只是重新調整操作。因此，如果您拿 6.70 美元來計算 2018 年的正確中點，我們一直告訴投資者，如果 2018 年的成長率不能達到 2017 年的 8%，我們會感到失望，對嗎？這實際上是您缺少的 20% 或缺少的 0.20 美元，以達到 7.70 美元的中點。然後加上 0.45 美元用於稅收改革，稅收改革主要反映能源資源領域的企業稅率從 35% 降至 21%。其中還有其他一些東西，FPL 也有一點遞延稅收優惠，但這些都在 0.45 美元中。這就是真正得到 7.70 美元作為中點的方法。我們的目標是 2018 年的中點，我們將以此為基礎制定未來的成長預期，即 6% 至 8%，以 2018 年 7.70 美元為基準。

Great. Second question is with regard to the explanation of what you're doing with regard to helping FPL customers on Slide 7. Would you mind just walking through the steps of what happened this year, how you utilized the reserve amortization to offset the Hurricane Irma costs and then how the reserve amortization will be replenished and then how that positions you to then avoid having to ask customers for more money for another 2 years? Can you just -- apologize for asking, but if you could just take us discretely through those steps to understand this impact.

偉大的。第二個問題是關於幻燈片 7 上關於您正在做什麼來幫助 FPL 客戶的解釋。您能否介紹今年發生的事情的步驟，您如何利用準備金攤銷來抵消颶風伊爾瑪的成本，然後如何補充準備金攤銷，然後如何避免在接下來的 2 年內向客戶要求更多資金？您能否——抱歉這麼問，但您是否可以帶我們逐步了解這些步驟以了解其影響。

Yes, absolutely. Really simply, we had a $1.3 billion regulatory asset on our books, and that asset was there because we anticipated having to charge customers $4 in '18, maybe $5.50 or so in '19 and '20. And so that established a regulatory asset on our books for about $1.3 billion. We then said, "Well, tax reform has occurred. Here's an opportunity to immediately return tax savings to customers by utilizing surplus in the right way." I mean, the average savings to the customer is going to be about $250, that you can see an immediate rate reduction of $3.38 where Matthew rolls off on March 1 and potentially the ability to avoid a base rate increase up through 2022 -- I'll get to that in a minute. But -- so how did we do it? We wrote down the $1.3 billion. We had sufficient surplus to offset the majority of that $1.3 billion, and it's a permitted use of surplus under our settlement agreement to do that. That left roughly $50 million after tax that could not be recovered from surplus. We are taking that against -- excluding that from adjusted earnings as a tax reform-related item. And then as you go forward, on the second part of your question, since we start with a 0 reserve amortization balance, we're able to replenish that over time through the tax savings that we get through the -- from the reduction in the federal income tax rate of 35% to 21%. And instead of immediately returning or flowing that savings to customers over a much longer time, as you amortize that benefit out, this is a way to get the savings into customers' pockets immediately. So that's how that works. We would expect to end 2020 with a reserve amortization balance that would be sufficient to potentially allow us to stay out of a rate case for up to 2 years.

是的，絕對是。其實很簡單，我們的帳面上有 13 億美元的監管資產，之所以有這筆資產，是因為我們預計 2018 年要向客戶收取 4 美元，2019 年和 2020 年大概要收取 5.5 美元左右。這樣，我們的帳簿上就建立了約 13 億美元的監管資產。然後我們說，「好吧，稅制改革已經發生了。這是一個透過正確利用盈餘立即將稅收節省返還給客戶的機會。 「我的意思是，客戶平均可以節省約 250 美元，當 3 月 1 日馬修法案生效時，您可以看到稅率立即降低 3.38 美元，並且有可能避免到 2022 年基本稅率上調——我馬上就會講到這一點。但是──我們該如何做呢？我們減記了13億美元。我們有足夠的盈餘來抵消這 13 億美元中的大部分，並且根據我們的和解協議，可以使用盈餘來實現這一點。這就留下了大約 5000 萬美元的稅後盈餘無法彌補。我們將其視為與稅改相關的項目，從調整後的收益中排除。然後，隨著您繼續討論問題的第二部分，由於我們從 0 儲備攤銷餘額開始，因此我們能夠隨著時間的推移通過從聯邦所得稅率從 35% 降低到 21% 而獲得的稅收節省來補充這一餘額。這種方法不是立即將節省的錢立即回饋給客戶，也不是在很長一段時間內將這些收益攤銷給客戶，而是讓節省下來的錢立即進入客戶的口袋。這就是它的工作原理。我們預計，到 2020 年底，儲備攤銷餘額將足以讓我們在長達 2 年的時間內避免陷入利率困境。

We'll take our next question from Julien Dumoulin-Smith from Bank of America.

我們將回答美國銀行的 Julien Dumoulin-Smith 提出的下一個問題。

So I wanted to ask real quickly, can you comment real quickly on the payout ratios here? And just related thinking on that, I heard your earlier commentary about evaluating kind of the pace of EPS growth, but can you give us a little bit of a sense or a way to think about eventual payout ratios under the new forecast? Has it moved at all? I suppose that could give us a little bit of a sense on how you're thinking about this, if it's changed.

所以我想快速問一下，您能否快速評論一下這裡的派息率？就此而言，我聽到了您先前關於評估每股盈餘成長速度的評論，但您能否給我們一點關於新預測下最終派息率的理解或思考方法？它有移動過嗎？我想，如果情況發生了變化，這可以讓我們稍微了解一下您對此的看法。

So Julien, I think what I said is probably all I'm prepared to say. As we said, it's a board decision. Our current payout ratio is -- the industry average payout ratio is around 65%. Our current payout ratio is below that and is -- now, with the new rebasing that we've done in 2018, will be quite below that. And when we -- and as I said earlier, I'm a big believer in returning cash to shareholders. We are discussing options with the board right now, and we'll have an announcement on it in a few weeks.

所以朱利安，我想我說的可能就是我準備要說的全部了。正如我們所說，這是董事會的決定。我們目前的派息率是——行業平均派息率約為 65%。我們目前的派息率低於該水平，而且現在，隨著我們在 2018 年進行的新基準調整，派息率將遠低於該水平。當我們——正如我之前所說，我堅信向股東返還現金。我們目前正在與董事會討論各種選擇，並將在幾週後發佈公告。

Got it. All right, excellent. And then also a cash flow question real quickly if you can. As you think about sort of the financing benefits from 100% expensing with tax reform as well as, I imagine, some benefits in terms of equipment costs, how does that change your financing plan on the near side? If you could just talk about that a little bit and maybe discretely break it out. And then at the same time, on the equipment side, how has that changed your outlook for '21 and even '22 at this point in terms of the near business trajectory?

知道了。好的，非常好。如果可以的話，還可以快速回答一個現金流問題。當您考慮稅改帶來的 100% 費用化融資效益以及（我想）設備成本的一些效益時，這會如何改變您的近期融資計畫？如果您可以稍微談論一下這個問題並謹慎地將其分解開來。同時，在設備方面，就近期業務軌跡而言，這如何改變您對 21 年甚至 22 年的展望？

Yes. I mean, 2 things I'll say about that. First of all, we're not limited in terms of our interest deductibility, so it really doesn't change a whole lot the way we would approach financing those businesses. We will continue to expect tax equity dollars to be available. Again, we have always had a first call on the tax equity market. So we intend to finance the Energy Resources renewables build in much of the same way as we have in the past. In terms of tax savings and its impact on the renewables business, a lot of those tax savings from manufacturers in particular, I mean, we would expect to hopefully see some benefit and reduced prices on the equipment side as a result of the lower taxes that they will be paying. Armando, I don't know if you have anything you want to add to that.

是的。我的意思是，關於這一點我要說兩件事。首先，我們的利息扣除不受限制，因此這實際上並沒有改變我們為這些企業融資的方式。我們將繼續期待稅收公平資金的到位。再次強調，我們始終優先考慮稅收股權市場。因此，我們打算以與過去相同的方式為能源資源再生能源建設提供資金。就稅收節省及其對再生能源業務的影響而言，特別是來自製造商的大量稅收節省，我的意思是，我們希望看到由於他們繳納的稅款降低而帶來的一些好處和設備價格的降低。阿曼多，我不知道您是否還有什麼要補充的。

No. I think I'll -- I mean, I think you said this in a couple of times today. Things are going well at Energy Resources, and there's nothing really that happened in tax reform that upsets our plans going forward. I mean, we feel really good about Energy Resources in that.

不。我想我會——我的意思是，我想你今天已經說過幾次了。能源資源方面一切進展順利，稅改也沒有發生任何影響我們未來計畫的事情。我的意思是，我們對能源資源感到非常滿意。

But perhaps to clarify, in terms of wind equipment pricing itself, how much is that -- how much are you realizing the benefits that I suppose others are talking about? And how has that changed your own views on '21 to '22? Clearly, you extended the outlook by 1.

但也許需要澄清的是，就風力發電設備定價本身而言，這是多少——您實現了多少我認為其他人正在談論的好處？這如何改變了您對 21 至 22 年的看法？顯然，您將展望擴大了 1。

Yes. I mean, I think what we have said is and what is in Jim's remarks, we saw a 30% reduction last year, as much as 10% going forward. Tax reform could have some incremental benefits probably on top of that. As you get out there, we will certainly, as always, try to squeeze our supply chain to pass those benefits onto us. I mean, this is a competitive space. In order to be competitive, if you're on the equipment side, and deliver the lowest price possible while retaining your profit margin, you're probably going to be expected to relay most of those tax benefits onto your customer if you want to be competitive.

是的。我的意思是，我認為我們已經說過，正如吉姆所說，去年我們的減幅為 30%，未來將下降 10%。除此之外，稅制改革可能還會帶來一些漸進式效益。當你走出去時，我們肯定會一如既往地努力壓縮我們的供應鏈，將這些好處傳遞給我們。我的意思是，這是一個競爭激烈的領域。為了保持競爭力，如果您從事設備業務，並在保持利潤率的同時提供盡可能低的價格，那麼如果您想保持競爭力，您可能會被期望將大部分稅收優惠轉嫁給您的客戶。

And Julien, just one other thing. When we talked about 30% and 10%, that's cost per kilowatt hour or cost per megawatt hour. And we would expect that -- we'd expect the -- that's the way we think about it, and that's how we -- it's not just turbine price, it's wind capture, it's balanced plant reduction and costs, it's all of those things.

還有朱利安，還有一件事。當我們談論 30% 和 10% 時，那是每千瓦時的成本或每兆瓦時的成本。我們預計——我們預計——這就是我們對此的看法，這就是我們——這不僅僅是渦輪機的價格，而是風能捕獲，是平衡的工廠減少和成本，是所有這些事情。

And this concludes today's presentation. We thank you for your participation. You may now disconnect.

今天的演講到此結束。我們感謝您的參與。您現在可以斷開連線。