新世紀能源 (NEE) 2018 Q4 法說會逐字稿

Good morning, and welcome to the NextEra Energy, Inc. and NextEra Energy Partners, LP Q4 and Full Year 2018 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded. And now I would like to turn the conference over to Matt Roskot, Director of Investor Relations. Please go ahead.

早安，歡迎來到 NextEra Energy, Inc.以及 NextEra Energy Partners, LP 2018 年第四季和全年財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係總監 Matt Roskot。請繼續。

Thank you, Kathy. Good morning, everyone, and thank you for joining our fourth quarter and full year 2018 combined earnings conference call for NextEra Energy and NextEra Energy Partners.

謝謝你，凱西。大家早安，感謝大家參加 NextEra Energy 和 NextEra Energy Partners 2018 年第四季和全年綜合收益電話會議。

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 over the call to John for a review of our fourth quarter and full year results.

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。

We'll 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, on our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites, nexteraenergy.com and nextenergypartners.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中討論的其他因素、本次電話會議中的評論、隨附演示文稿的風險因素部分、我們向美國證券交易委員會提交的最新報告和文件（可在我們的網站 nexteraenergy.com 和 nextenergypartners.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'll turn the call over to Jim.

說完這些，我就把電話轉給吉姆。

Thanks, Matt, and good morning, everyone. As John will detail later in the call, 2018 was a terrific year for both NextEra Energy and NextEra Energy Partners. By successfully executing on our plans at both FPL and Energy Resources, NextEra Energy was able to achieve our target 2018 adjusted EPS of $7.70, an increase of approximately 15% over our 2017 results. Dating back to 2005, we've now delivered compound annual growth and adjusted EPS of over 8.5%, which is the highest among all top 10 power companies, who have achieved on average compound annual growth of roughly 3% over the same period.

謝謝，馬特，大家早安。正如約翰稍後將在電話會議中詳細介紹的那樣，2018 年對於 NextEra Energy 和 NextEra Energy Partners 來說都是豐收的一年。透過在 FPL 和 Energy Resources 成功執行我們的計劃，NextEra Energy 實現了我們 2018 年調整後每股收益 7.70 美元的目標，比 2017 年的業績增長了約 15%。自 2005 年以來，我們已實現年複合成長率和調整後每股收益超過 8.5%，在所有十大電力公司中位居前列，而這些公司同期的平均年複合成長率約為 3%。

We delivered a total shareholder return of over 14% in 2018, outperforming the S&P 500 by nearly 19% and the S&P 500 Utilities Index by more than 10%. Since 2005, we have outperformed 86% of the S&P 500 and 100% of the other companies in the S&P 500 Utilities Index, while continuing to outperform both indices in terms of total shareholder return on a 1-, 3-, 5-, 7-, and 10-year basis. We're once again honored to be named for the 12th time in 13 years, #1 in the electric and gas utilities industry on Fortune's list of World's Most Admired Companies and to be among the top 25 of Fortune's 2018 Change The World list.

2018 年，我們實現了超過 14% 的股東總回報率，比標準普爾 500 指數高出近 19%，比標準普爾 500 公用事業指數高出 10% 以上。自 2005 年以來，我們的表現優於標準普爾 500 指數中的 86% 的公司以及標準普爾 500 公用事業指數中的 100% 的其他公司，同時在 1 年、3 年、5 年、7 年和 10 年期股東總回報率方面繼續優於這兩個指數。我們很榮幸在 13 年內第 12 次被《財富》雜誌評選為全球最受讚賞公司，位列電力和天然氣公用事業行業第一名，並躋身《財富》雜誌 2018 年改變世界的公司榜單前 25 名。

During 2018, FPL successfully executed on its ongoing capital plan, including a continuation of one of the largest solar expansions ever in the U.S. And achieved its O&M efficiency targets to further improve its already best-in-class customer value proposition.

2018 年，FPL 成功執行了其正在進行的資本計劃，包括繼續進行美國有史以來最大的太陽能擴建項目之一，並實現了其 O&M 效率目標，以進一步提高其已經一流的客戶價值主張。

As a result of continued smart investments to benefit our customers, FPL's typical residential bill is more than 30% below the national average, the lowest of all 54 electric providers in the State of Florida, and nearly 10% below the level it was in 2006. In addition to low bills, FPL delivered its best ever service reliability performance in 2018 and was recognized for the third time in four years as being the most reliable electric utility in the nation.

由於我們持續進行明智的投資以造福客戶，FPL 的典型住宅電費比全國平均水平低 30% 以上，是佛羅裡達州所有 54 家電力供應商中最低的，比 2006 年的水平低近 10%。除了低帳單外，FPL 在 2018 年還實現了有史以來最好的服務可靠性表現，並在四年內第三次被評為全國最可靠的電力公司。

Throughout the year, we were fortunate to be in a position to assist other utilities across the country in their recovery from natural disasters. And we remain grateful for the support that others have given us over the years. After a nearly 10-year process, last month FPL closed on the purchase of the City of Vero Beach's municipal electric system. We look forward to extending FPL's value proposition to Vero Beach's approximately 35,000 customers, while also generating significant long-term savings for FPL's existing customers. The benefit to both new and existing customers is reflective of FPL's collaborative efforts with city, local and regional leaders as well as other state authorities to find the best outcome for all stakeholders.

在這一年中，我們很幸運能夠幫助全國其他公用事業公司從自然災害中復原。我們仍然感謝多年來其他人給予我們的支持。經過近 10 年的時間，FPL 上個月完成了對維羅海灘市政電力系統的收購。我們期待將 FPL 的價值主張擴展到維羅海灘的約 35,000 名客戶，同時為 FPL 的現有客戶帶來顯著的長期節省。新舊客戶都受益於 FPL 與城市、地方和地區領導人以及其他州當局的合作努力，為所有利益相關者找到最佳結果。

Earlier this month, we were pleased to close on the purchase of Gulf Power and excited to welcome our new colleagues to the NextEra Energy family. We've now successfully completed all three transactions with Southern Company that we announced in the middle of last year. The acquisitions are an excellent complement to our existing operations and further expand NextEra Energy's regulated business mix through the addition of attractive, electric and natural gas franchises.

本月初，我們很高興完成對 Gulf Power 的收購，並熱烈歡迎我們的新同事加入 NextEra Energy 大家庭。我們現已成功完成去年年中宣布的與南方鐵路公司的全部三筆交易。此次收購是我們現有業務的絕佳補充，並透過增加有吸引力的電力和天然氣特許經營權進一步擴大了 NextEra Energy 的受監管業務組合。

By executing on the same long-term strategy that we've deployed at FPL, we expect the acquisitions to benefit customers, shareholders and the Florida economy.

透過執行我們在 FPL 部署的相同長期策略，我們預計此次收購將使客戶、股東和佛羅裡達州經濟受益。

The Energy Resources team also continued its long track record of strong execution in 2018. The renewables origination success was particularly strong, as the team added approximately 6,500 megawatts, including storage and repowering to our backlog over the past year. This represents the most successful origination year in our history and is nearly twice as many megawatts as we originated in 2017, our prior record year. Our ongoing renewable origination success results from operating in what we believe to be the best renewables development environment in our history and our ability to leverage Energy Resources' competitive advantages. These competitive advantages include our best-in-class development skills, strong customer relationships, 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 into integrated nearly firm low-cost products.

能源資源團隊在 2018 年也延續了長期以來強勁的執行力。再生能源的起源取得了特別大的成功，因為該團隊在過去一年中為我們的積壓訂單增加了約 6,500 兆瓦，包括儲存和重新供電。這是我們歷史上最成功的發電年，發電量幾乎是 2017 年（我們之前創紀錄的年份）的兩倍。我們在再生能源開發方面持續取得的成功源於我們認為的歷史上最好的再生能源開發環境以及我們利用能源資源競爭優勢的能力。這些競爭優勢包括我們一流的開發技能、強大的客戶關係、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、太陽能和電池存儲結合成集成的近乎穩定的低成本產品的能力。

During the year, we were pleased to receive the IRS start of construction guidance on the solar ITC, which we believe positions us well for substantial solar and storage growth well into the next decade. In 2018, more than 40% of the solar projects that were added to our backlog included a battery storage component, highlighting the beginning of the next phase of renewables development that pairs low-cost wind and solar energy with a low-cost battery storage solution.

今年，我們很高興收到美國國稅局關於太陽能投資稅收抵免 (ITC) 建設的指導意見，我們相信這將使我們在未來十年內為太陽能和儲能的大幅增長做好準備。2018 年，我們待辦事項中新增的太陽能專案中有 40% 以上包含電池儲存組件，這標誌著再生能源發展的下一階段的開始，即將低成本的風能和太陽能與低成本的電池儲存解決方案相結合。

With continued technology improvements and cost declines, we expect that without incentives, wind is going to be a $0.02 to $0.025 per kilowatt hour product, and solar is going to be $0.025 to $0.03 per kilowatt hour product early in the next decade. Combining these extremely low costs with a $0.005 to $0.0075 adder for a 4-hour storage system will create a nearly firm renewable generation resource that is cheaper than the operating cost of coal, nuclear and less fuel-efficient oil and gas-fired generation units. We continue to believe that this will be massively disruptive to the nation's generation fleet and create significant opportunities for renewable growth well into the next decade.

隨著技術的不斷進步和成本的下降，我們預計，在沒有激勵措施的情況下，未來十年初，風電產品的價格將達到每千瓦時 0.02 至 0.025 美元，太陽能產品的價格將達到每千瓦時 0.025 至 0.03 美元。將這些極低的成本與 4 小時儲存系統的 0.005 美元至 0.0075 美元附加費相結合，將創造出幾乎穩定的可再生發電資源，其成本低於煤炭、核能以及燃料效率較低的石油和天然氣發電機組的運營成本。我們仍然相信，這將對國家的發電機組造成巨大的破壞，並為未來十年再生能源的成長創造重大機會。

Consistent with our focus on growing our rate-regulated and long-term contracted business operations, during the fourth quarter, NextEra Energy transmission announced an agreement to acquire Trans Bay Cable, a 53-mile high-voltage direct-current underwater transmission cable system with utility rates set by FERC, which provides approximately 40% of San Francisco's daily electric power needs. Subject to regulatory approvals, the approximately $1 billion acquisition, including the assumption of debt is expected to close later this year and to be immediately accretive to earnings.

與我們專注於發展受監管的費率和長期合約業務運營的理念一致，在第四季度，NextEra Energy transmission 宣布了一項協議，收購 Trans Bay Cable，這是一條 53 英里長的高壓直流水下傳輸電纜系統，其公用事業費率由 FERC 設定，可滿足舊金山約 40% 的日常電力需求。經監管部門批准後，預計這項價值約 10 億美元的收購（包括承擔債務）將於今年稍後完成，並將立即增加收益。

The proposed acquisition combined with the mid-continent independent system operator selection of NextEra Energy Transmission to develop the approximately 20-mile single-circuit 500-kv Hartburg-Sabine Junction transmission line is East Texas furthers our goal of creating America's leading competitive transmission company.

擬議的收購與中部大陸獨立系統營運商 NextEra Energy Transmission 的選擇相結合，開發約 20 英里單迴路 500 kv 的 Hartburg-Sabine Junction 輸電線路，這進一步推動了東德克薩斯州創建美國領先的競爭性輸電公司的目標。

In addition to successfully growing our regulated operations, both organically and through acquisitions during 2018 we further strengthened Energy Resources' existing portfolio during the year. In December, The Connecticut Department of Energy and Environmental Protection selected approximately 20% of the Seabrook nuclear plants generation and 80 megawatts of new solar projects, which are not yet included in our backlog for long-term contracts. By operating one of the top performing nuclear plants in the nation, Energy Resources expects to provide significant amounts of carbon-free energy at prices generally in line with current forward curves, while generating attractive shareholder returns.

除了在 2018 年透過有機成長和收購成功擴大我們的受監管業務之外，我們還在年內進一步加強了能源資源的現有產品組合。12 月，康乃狄克州能源與環境保護部選定了西布魯克核電廠約 20% 的發電量和 80 兆瓦的新太陽能項目，這些項目尚未納入我們的長期合約積壓中。透過營運全國性能最好的核電廠之一，能源資源公司希望以與當前遠期曲線基本一致的價格提供大量無碳能源，同時產生可觀的股東回報。

As a result, Seabrook's contract pricing is expected to be roughly 50% lower than the cost of offshore wind, generating significant savings for Connecticut customers over the 8-year contract term.

因此，Seabrook 的合約定價預計將比離岸風電成本低約 50%，在 8 年的合約期間為康乃狄克州的客戶節省大量成本。

The Seabrook award complements Energy Resources exit of the merchant business, which we began back in 2011 and essentially completed in 2016, with the sale of our Forney, Lamar and Marcus Hook natural gas generation assets. Excluding Seabrook, the remaining merchant generation assets contribute less than 1% of NextEra Energy's consolidated adjusted EBITDA. Going forward, we expect this contribution to decline as the focus remains on regulated and long-term contracted opportunities and renewables, natural gas pipelines and regulated transmission. As always, we'll continue to opportunistically evaluate recycling capital through sales of nonstrategic assets in our portfolio, including the remaining fossil generation assets to fund the additional growth of the long-term contracted businesses.

Seabrook 獎項是對 Energy Resources 退出商業業務的補充，該業務於 2011 年開始，並於 2016 年基本完成，出售了我們的 Forney、Lamar 和 Marcus Hook 天然氣發電資產。除 Seabrook 外，其餘商業發電資產對 NextEra Energy 合併調整後 EBITDA 的貢獻不到 1%。展望未來，我們預計這一貢獻將會下降，因為重點仍放在受監管的長期合約機會以及再生能源、天然氣管道和受監管的輸送上。像往常一樣，我們將繼續透過出售投資組合中的非策略性資產（包括剩餘的化石發電資產）來機會性地評估回收資本，以資助長期合約業務的額外成長。

As a result of increasing the expected adjusted earnings contribution from rate-regulated businesses to roughly 70% and the steps that we have taken to further de-risk the Energy Resources portfolio, S&P announced earlier this month that they have revised their assessment of NextEra Energy's business risk profile upward from strong to excellent. As a result of this improvement, S&P reduced NextEra Energy's FFO-to-debt downgrade threshold from 23% to 21%. This follows Moody's announcement last year that with the expansion of the company's regulated operations to roughly 70% following the Gulf Power transaction, NextEra Energy's CFO pre-working capital-to-debt downgrade threshold would be reduced from 20% to 18%.

由於將利率管制業務的預期調整後收益貢獻提高到約 70%，以及我們採取措施進一步降低能源資源投資組合的風險，標準普爾本月早些時候宣布，他們已將對 NextEra Energy 業務風險狀況的評估從強上調至優秀。由於這項改善，標準普爾將 NextEra Energy 的 FFO 與債務降級門檻從 23% 降至 21%。先前，穆迪去年宣布，隨著海灣電力交易後該公司受監管業務擴大到約 70%，NextEra Energy 的財務長營運前資本債務降級門檻將從 20% 降至 18%。

At these revised rating agency thresholds and following some utilization of balance sheet capacity for the Trans Bay transmission acquisition, we now expect to maintain $4 billion to $6 billion of excess balance sheet capacity through 2021. While we have multiple alternatives for utilization, we expect to use approximately $2 billion of this capacity in the near term to support additional regulated capital investments at FPL.

依照這些修訂後的評級機構門檻，並在利用部分資產負債表容量用於跨灣輸電收購之後，我們預計到 2021 年將維持 40 億至 60 億美元的超額資產負債表容量。雖然我們有多種利用方案，但我們預計短期內將使用其中約 20 億美元的產能來支持 FPL 的額外受監管資本投資。

Consistent with the significant incremental smart investment opportunities that exist at FPL, last week we announced FPL's groundbreaking 30-by-30 plan to install more than 30 million solar panels by 2030, resulting in an incremental 10,000 megawatts of solar projects versus what is in operation at FPL today. We will give further details on these and other potential investments, which are mostly expected to help maintain our long-term adjusted EPS compound annual growth rate beyond 2021, at our investor conference, which we plan to hold on June 20 in New York City.

與 FPL 現有的大量增量智慧投資機會一致，上週我們宣布了 FPL 開創性的 30x30 計劃，即到 2030 年安裝超過 3000 萬塊太陽能電池板，與 FPL 目前運營的項目相比，太陽能項目增量為 10,000 兆瓦。我們將在計劃於 6 月 20 日在紐約市舉行的投資者會議上進一步介紹這些投資和其他潛在投資，這些投資大多有望幫助我們在 2021 年以後保持長期調整後的每股收益複合年增長率。

Following the strong results from 2018, I continue to believe that we have one of the best organic opportunity sets and execution track records in the industry. I remain as enthusiastic as ever about our long-term prospects and based on the strength and diversity of our underlying businesses, I will be disappointed if we are not able to deliver financial results at or near the top end of our 6% to 8% compound annual growth rate range through 2021, plus the expected deal accretion from the Florida transactions, while at the same time maintaining our strong credit ratings.

繼 2018 年取得強勁業績之後，我仍然相信我們擁有業內最好的有機機會集和執行記錄之一。我對我們的長期前景仍然充滿熱情，並且基於我們基礎業務的實力和多樣性，如果我們不能在 2021 年之前實現達到或接近 6% 至 8% 複合年增長率範圍上限的財務業績，加上佛羅裡達交易的預期交易增長，同時保持我們強勁的信用評級，我將感到失望。

Let me now turn to NEP, which also had a terrific year of execution in 2018. As John will describe later in the call, NEP successfully delivered on its growth objectives for adjusted EBITDA, CAFD and LP distributions. During the year, we recycled the proceeds from the sale of NEP's Canadian portfolio into a higher yielding U.S. portfolio that benefits from a more favorable tax position. As a result of this accretive transaction, NEP extended its expectations for 12% to 15% per year DPU growth by one additional year to 2023.

現在讓我來談談 NEP，2018 年也是 NEP 執行得非常出色的一年。正如約翰稍後在電話會議中所描述的那樣，NEP 成功實現了調整後的 EBITDA、CAFD 和 LP 分配的成長目標。在這一年中，我們將出售 NEP 加拿大投資組合所得的收益重新投入到收益更高且享受更優惠稅收政策的美國投資組合中。由於此次增值交易，NEP 將每年 12% 至 15% 的 DPU 成長率預期延長一年至 2023 年。

The 1.4-gigawatt renewable portfolio that was acquired from Energy Resources further enhanced the diversity of NEP's existing portfolio and was financed through a combination of the Canadian asset sale proceeds and a $750 million convertible equity portfolio financing with BlackRock. The financing demonstrates NEP's ability to access additional low-cost sources of capital to finance its growth and with the right to convert a minimum of 70% of the portfolio financing into NEP units issued at no discount, the transaction further reduces NEP's equity needs going forward.

從 Energy Resources 收購的 1.4 千兆瓦再生能源組合進一步增強了 NEP 現有組合的多樣性，並透過加拿大資產出售收益和與貝萊德的 7.5 億美元可轉換股票組合融資來融資。此次融資表明 NEP 有能力獲取額外的低成本資本來源來為其增長提供資金，並且有權將至少 70% 的投資組合融資轉換為無折扣發行的 NEP 單位，此次交易進一步降低了 NEP 未來的股權需求。

NEP grew the LP distribution by 15% year-over-year and delivered a total unitholder return of approximately 4% in 2018, which is on the heels of a total unitholder return of over 75% the year prior. NEP outperformed both the S&P 500 and the other yield cos by 7% on average, and its total unitholder return was more than 15% higher than the Alerian MLP Index. I continue to believe that the combination of NEP's growth visibility, along with its flexibility to finance that growth offer unitholders an attractive -- offer unitholders an attractive investor value proposition.

NEP 的 LP 分配年增了 15%，2018 年的總單位持有人回報率約為 4%，而前一年的總單位持有人回報率超過 75%。NEP 的表現平均比標準普爾 500 指數和其他收益型公司高出 7%，其總單位持有人回報率比 Alerian MLP 指數高出 15% 以上。我仍然相信，NEP 的成長可見性，加上其為成長提供資金的靈活性，為單位持有人提供了一個有吸引力的——為單位持有人提供了一個有吸引力的投資者價值主張。

For these reasons, NEP is well positioned to continue executing on its growth objectives and delivering strong performance going forward.

由於這些原因，NEP 完全有能力繼續實現其成長目標並在未來取得強勁業績。

Before turning the call over to John, I'd like to announce some important organizational changes. Armando Pimentel, President and Chief Executive Officer of NextEra Energy Resources and President and a member of the Board of Directors of NextEra Energy Partners, will retire from each of his positions on March 1 of this year, as part of a planned leadership succession process that began when Armando shared his plans with me more than a year ago. John Ketchum, currently Executive Vice President and Chief Financial Officer of NextEra Energy, will replace Armando as President and Chief Executive Officer at NextEra Energy Resources. As part of John's new responsibilities, he will continue to serve as a member of the Board of Directors of NEP and will be appointed President of NextEra Energy Partners. Rebecca Kujawa, currently Vice President, Business Management NextEra Energy Resources will succeed John as Executive Vice President and Chief Financial Officer of NextEra Energy. Rebecca will also become a member of the Board of Directors of NEP. Each of these changes will become effective on March 1 of this year.

在將電話轉給約翰之前，我想宣布一些重要的組織變更。NextEra Energy Resources 總裁兼執行長、NextEra Energy Partners 總裁兼董事會成員 Armando Pimentel 將於今年 3 月 1 日退休，這是阿曼多一年多前與我分享他的計劃時開始的領導層繼任計劃的一部分。現任 NextEra Energy 執行副總裁兼財務長的 John Ketchum 將接替 Armando 擔任 NextEra Energy Resources 總裁兼執行長。作為約翰新職責的一部分，他將繼續擔任 NEP 董事會成員，並將被任命為 NextEra Energy Partners 總裁。NextEra Energy Resources 現任業務管理副總裁 Rebecca Kujawa 將接替 John 擔任 NextEra Energy 的執行副總裁兼財務長。麗貝卡也將成為 NEP 董事會成員。這些變更均將於今年 3 月 1 日生效。

Armando has been an enormous contributor to NextEra Energy's success during his more than 10 years with the company, helping to build an industry-leading business during his tenure as CEO of Energy Resources. His leadership, his commercial judgment, his financial discipline have all guided Energy Resources through a period of a truly unprecedented growth and financial success.

阿曼多在 NextEra Energy 任職十餘年，為該公司的成功做出了巨大貢獻，在擔任能源資源執行長期間，幫助該公司建立了行業領先的業務。他的領導能力、商業判斷力和財務紀律都帶領能源資源公司度過了前所未有的成長和財務成功時期。

Armando's contribution set the company on a path to become what it is today, the world's leading renewable energy company. He's been a great friend, colleague and a truly valued counselor to me personally. And it's an understatement to say I'll miss him, but I'm also excited for Armando and what will come next for him and his family in retirement.

阿曼多的貢獻使公司走上了成為當今世界領先的可再生能源公司的道路。對我個人而言，他是一位很好的朋友、同事和真正值得信賴的顧問。說我會想念他是輕描淡寫，但我也為阿曼多感到興奮，也為他和他的家人退休後的未來感到興奮。

With regard to John's promotion, I've had the chance to work closely with John for more than 16 years, as he has successfully progressed through a variety of different roles in our company. We're fortunate to have a person of his capabilities, vision and experience. He's an exceptional leader who's emerged as one of the premier CFOs in our sector. And I've tremendous faith that John is the ideal successor to lead the Energy Resources team into the future due to his strong financial acumen, knowledge of the sector and passion for building a world-leading energy company.

關於約翰的晉升，我有幸與約翰密切合作超過 16 年，他在我們公司成功地擔任過各種不同的職位。我們很榮幸能擁有他這樣一位具有能力、遠見和經驗的人。他是一位傑出的領導者，已成為我們行業最傑出的財務長之一。我堅信約翰是帶領能源資源團隊走向未來的理想繼任者，因為他擁有敏銳的金融頭腦、對產業的了解以及打造世界領先能源公司的熱情。

Likewise, Rebecca has distinguished herself as a well-rounded executive with a proven track record of execution, outstanding finance and commercial skills and an unparalleled understanding of the NextEra Energy enterprise. She has been instrumental in helping Armando lead Energy Resources and develop our strategy for NEP over the last several years and her innovative, analytical and strategic mindset will serve us well in her new role. I'm very happy to have Rebecca as our new Chief Financial Officer.

同樣，麗貝卡也是一位全面發展的高管，擁有出色的執行力、出色的財務和商業技能以及對 NextEra Energy 企業無與倫比的了解。過去幾年來，她一直幫助阿曼多領導能源資源並制定 NEP 策略，她的創新、分析和策略思維將在她的新職位上為我們帶來良好的服務。我很高興麗貝卡成為我們的新任財務長。

I'll now turn the call over to Armando, who would like to make some personal remarks.

現在我將電話轉給阿曼多，他想發表一些個人評論。

Thank you, Jim. First I want to thank Jim for providing me the opportunity to lead Energy Resources for the last 7.5 years. And I want to thank those of you on the phone today who I've had the privilege of meeting and interacting with since I began at NextEra Energy in 2008. I thank you for the interactive dialogue and the opportunity to continue to tell our story. And today there is no doubt that Energy Resources is not only the largest developer, operator, and owner of renewable energy in the world, but also is most profitable and innovative. And as I tell our employees and customers, I believe we're just getting started. I strongly believe that the renewable energy opportunity is actually just beginning, the combination of energy storage with wind and solar is a revolution, which will expand the opportunities for renewables and is very exciting. I'm profoundly comfortable in the continued success of Energy Resources, NextEra Energy Partners and NextEra Energy.

謝謝你，吉姆。首先，我要感謝吉姆在過去 7.5 年為我提供了領導能源資源的機會。我要感謝今天透過電話與大家見面，自從 2008 年我加入 NextEra Energy 以來，我有幸與你們見面並進行交流。我感謝你們提供的互動對話和繼續講述我們的故事的機會。如今，毫無疑問，能源資源公司不僅是世界上最大的再生能源開發商、營運商和所有者，也是盈利能力最強、創新能力最強的公司。正如我告訴我們的員工和客戶一樣，我相信我們才剛剛開始。我堅信再生能源的機會實際上才剛開始，儲能與風能和太陽能的結合是一場革命，這將擴大再生能源的機會，非常令人興奮。我對 Energy Resources、NextEra Energy Partners 和 NextEra Energy 的持續成功深感欣慰。

I want to thank all of our employees at NextEra Energy for providing me the opportunity to work alongside them. I have learned and laughed much over the years and will miss the innovative, fast-pace environment in which we work. I have no concrete plans as of now, but I'm excited about pursuing new adventures and honing old skills. At the very least, retirement will allow me to pursue one of my great passions, fishing. Thanks, again, to all of you who have helped guide me and our company successfully over the years. Our company is in terrific shape, and I congratulate and applaud John and Rebecca on their new roles. Well deserved.

我要感謝 NextEra Energy 的所有員工為我提供與他們一起工作的機會。這些年來，我學到了很多，也歡笑了很多，我會懷念我們工作的創新、快節奏的環境。我目前還沒有具體的計劃，但我很高興追求新的冒險和磨練舊技能。至少，退休可以讓我追求我的一大嗜好——釣魚。再次感謝多年來幫助指導我和我們公司成功的所有人。我們的公司狀況非常好，我祝賀並讚揚約翰和麗貝卡擔任新職位。當之無愧。

I will now turn the call over to John.

現在我將把電話轉給約翰。

Thank you, Armando and Jim. Let's now turn to the detailed results beginning with FPL. For the fourth quarter of 2018, FPL reported net income of $407 million or $0.85 per share, up $0.01 per share compared to FPL's adjusted earnings in the prior year period. For the full year 2018, FPL reported net income of $2.2 billion or $4.55 per share, an increase of $0.46 per share versus FPL's adjusted earnings in 2017. Regulatory capital employed increased by approximately 12.4% for 2018 and was a principal driver of FPL's adjusted net income growth of 12.5% for the full year. FPL's capital expenditures were approximately $1.5 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $5.1 billion. FPL's reported ROE for regulatory purposes was 11.6% for the 12 months ended December 31, 2018, which is at the upper end of the allowed band of 9.6% to 11.6% under our current rate agreement.

謝謝你，阿曼多和吉姆。現在讓我們從 FPL 開始看看詳細的結果。2018 年第四季度，FPL 報告淨收入為 4.07 億美元，即每股 0.85 美元，與去年同期的調整後收益相比每股增長 0.01 美元。FPL 報告 2018 年全年淨收入為 22 億美元，即每股 4.55 美元，與 2017 年 FPL 調整後收益相比每股增加 0.46 美元。2018 年，監管資本使用量增加了約 12.4%，是 FPL 全年調整後淨收入成長 12.5% 的主要驅動力。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 51 億美元。截至 2018 年 12 月 31 日的 12 個月內，FPL 報告的監管用 ROE 為 11.6%，處於我們目前利率協議允許範圍 9.6% 至 11.6% 的上限。

During the fourth quarter, we restored an additional $240 million of reserve amortization, leaving FPL with a year-end 2018 balance of $541 million. We continue to expect that FPL will end 2020 with a sufficient amount of reserve amortization to operate under the current base rate settlement agreement for up to two additional years, creating further customer benefits by potentially avoiding a base rate increase in 2021 and perhaps 2022.

在第四季度，我們額外恢復了 2.4 億美元的準備金攤銷，使 FPL 2018 年底的餘額達到 5.41 億美元。我們繼續預計，FPL 將在 2020 年底擁有足夠的準備金攤銷額度，以便在當前基準利率結算協議下再運行最多兩年，從而有可能避免 2021 年甚至 2022 年基準利率上調，從而為客戶創造更多利益。

Before moving on, let me now take a moment to update you on some of our key capital initiatives at FPL. During 2018, FPL completed construction on schedule and on budget for the first 8 74.5-megawatt solar energy centers, developed under the Solar Base Rate Adjustment, or SoBRA, mechanism of the rate case settlement agreement. In 2018, we also deployed the first two projects under FPL's 50-megawatt battery storage pilot program, pairing battery systems with existing solar projects and highlighting FPL's innovative approach to further enhance the diversity of its clean energy solutions for customers. The next 300 megawatts of solar projects being built under the SoBRA mechanism remain on budget and on track to begin providing cost-effective energy to FPL customers in early 2019.

在繼續之前，請允許我花點時間向您介紹 FPL 的一些關鍵資本舉措。2018 年，FPL 按計畫和預算完成了首批 8 個 74.5 兆瓦太陽能中心的建設，這些中心是在電價案件和解協議的太陽能基準電價調整 (SoBRA) 機制下開發的。2018年，我們還部署了FPL 50兆瓦電池儲存試點計畫下的前兩個項目，將電池系統與現有的太陽能項目配對，並強調FPL的創新方法，以進一步增強其為客戶提供的清潔能源解決方案的多樣性。根據 SoBRA 機制建造的下一批 300 兆瓦太陽能專案仍在預算之內，並預計在 2019 年初開始為 FPL 客戶提供具有成本效益的能源。

To support the significant solar expansion that FPL is leading across Florida, we have secured sites that could potentially support more than 7 gigawatts of future projects. Beyond solar, construction on the approximately 1,750-megawatt Okeechobee Clean Energy Center remains on budget and on schedule to enter service in the middle of this year. Additionally, the roughly 1,200-megawatt Dania Beach Clean Energy Center received siting board approval during the quarter to support its projected commercial operation date in 2022. We continue to expect that FPL's ongoing smart investment opportunities will support a compound annual growth rate in regulatory capital employed, net of accumulated deferred income taxes, of approximately 9% from the start of the settlement agreement in January 2017 through at least December 2021, while further enhancing our customer value proposition.

為了支持 FPL 在佛羅裡達州主導的大規模太陽能擴張，我們已經獲得了可能支持超過 7 千兆瓦未來計畫的場地。除了太陽能之外，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預算之內，並預計將在今年年中投入使用。此外，裝置容量約為 1,200 兆瓦的達尼亞海灘清潔能源中心在本季度獲得了選址委員會的批准，以支持其預計於 2022 年投入商業運營。我們繼續預計，FPL 持續的智慧投資機會將支持監管資本使用量的複合年增長率（扣除累計遞延所得稅）從 2017 年 1 月和解協議開始到至少 2021 年 12 月約為 9%，同時進一步增強我們的客戶價值主張。

The economy in Florida remains healthy. The current unemployment rate of 3.3% remains below the national average and at 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 price is up 4.8% from the prior year.

佛羅裡達州的經濟依然健康。目前3.3%的失業率仍低於全國平均水平，處於十年來的最低水平。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 4.8%。

FPL's fourth quarter retail sales increased 4% from the prior year comparable period. We estimate that weather-related usage per customer contributed approximately 0.6% to this amount. On a weather-normalized basis, fourth quarter sales increased 3.4%, with positive contributions from both weather normalized usage per customer and ongoing customer growth, including the addition of Vero Beach's customers.

FPL 第四季零售額較去年同期成長 4%。我們估計，每位客戶與天氣相關的使用量約佔該數量的 0.6%。以天氣正常化計算，第四季銷售額成長了 3.4%，這得益於每位客戶的天氣正常化使用量以及持續的客戶成長（包括維羅海灘客戶的增加）。

For 2018, we estimate that FPL's retail sales on a weather-normalized basis increased by 2.6%. Continued customer growth and an estimated 1.7% increase in weather-normalized usage per customer, both contributed favorably.

對於 2018 年，我們估計 FPL 的零售額在天氣標準化基礎上成長了 2.6%。持續的客戶成長以及每位客戶天氣標準化使用量預計增加 1.7% 均做出了積極貢獻。

While we were encouraged by the growth in underlying usage in 2018, which was a consistent benefit during all four quarters. As we have often discussed, this measure can be volatile and we are not yet ready to draw any firm conclusions about long-term trends.

我們對 2018 年基礎使用量的成長感到鼓舞，這在四個季度中都帶來了持續的收益。正如我們經常討論的那樣，這一指標可能會出現波動，我們尚未準備好對長期趨勢得出任何確切的結論。

We'll continue to closely monitor and analyze underlying usage and will update you on future calls.

我們將繼續密切監控和分析基本使用情況，並在以後的通話中向您通報最新情況。

Let me now turn to Energy Resources, which reported fourth quarter 2018 GAAP earnings of $263 million or $0.55 per share. Adjusted earnings for the fourth quarter were $317 million or $0.66 per share. For the full year, Energy Resources reported GAAP earnings of $4.66 billion or $0.0975 per share and adjusted earnings of $1.46 billion or $3.05 per share. In the fourth quarter, Energy Resources contribution to adjusted earnings per share increased by $0.18 from the prior year comparable period. Positive contributions from new investments, customer supply and trading, our gas infrastructure business, including existing pipelines and the reduction in the corporate federal income tax rate, all supported the strong year-over-year growth.

現在讓我來談談能源資源公司，該公司報告 2018 年第四季 GAAP 收益為 2.63 億美元，即每股 0.55 美元。第四季調整後收益為 3.17 億美元，即每股 0.66 美元。能源資源公司報告的全年 GAAP 收益為 46.6 億美元或每股 0.0975 美元，調整後收益為 14.6 億美元或每股 3.05 美元。第四季度，能源資源對調整後每股盈餘的貢獻比去年同期增加了 0.18 美元。新投資、客戶供應和交易、我們的天然氣基礎設施業務（包括現有管道）以及企業聯邦所得稅稅率的降低都帶來了積極貢獻，這些都支持了強勁的同比增長。

These favorable contributions were partially offset by lower contributions from our existing generation assets as a result of particularly poor fleet-wide wind resource, which was the lowest fourth quarter on record over the last 30 years and higher interest in corporate expenses due to growth in the business.

這些有利的貢獻被我們現有發電資產的貢獻減少部分抵消，原因是整個風力資源特別差，這是過去 30 年來有記錄以來最低的第四季度，並且由於業務增長導致企業費用利息增加。

Energy Resources full year adjusted earnings per share contribution increased $0.45 or approximately 17% versus 2017. For the full year, contributions from the new investments declined by $0.04 per share, due in part to the expected smaller-than-usual 2017 renewable build.

能源資源全年調整後每股收益較 2017 年增加 0.45 美元，約 17%。就全年而言，新投資貢獻每股下降 0.04 美元，部分原因是預計 2017 年再生能源建設規模將低於往年。

In 2019 and beyond, we expect meaningful growth from new investments as we continue to execute on our renewables development backlog. Increased PTC volume from the approximately 1,600 megawatts of repowered wind projects that were commissioned in 2017, helped to increase contributions from existing generation assets by $0.10 per share. Contributions from our gas infrastructure business, including existing pipelines increased by $0.17 per share year-over-year. As expected, the reduction of corporate federal income tax rate was accretive to Energy Resources, increasing adjusted EPS by $0.45 compared to 2017. All other impacts reduced results by $0.23 per share primarily as a result of higher interest and corporate expenses driven largely by increased development activity to support the favorable renewables development environment. Additional details are shown on the accompanying slide.

在 2019 年及以後，隨著我們繼續執行再生能源開發積壓工作，我們預計新投資將實現有意義的成長。2017 年投入使用的約 1,600 兆瓦再生風電專案增加了 PTC 量，有助於將現有發電資產的貢獻提高每股 0.10 美元。我們的天然氣基礎設施業務（包括現有管道）的貢獻同比增加了每股 0.17 美元。正如預期的那樣，企業聯邦所得稅率的降低對能源資源產生了增值作用，與 2017 年相比，調整後的每股收益增加了 0.45 美元。所有其他影響導致每股收益減少 0.23 美元，主要是由於為支持有利的可再生能源開發環境而增加的開發活動導致利息和公司費用增加。更多詳細資訊請參閱隨附的幻燈片。

In 2018, Energy Resources continued to advance its position as a leading developer and operator of wind, solar and battery storage projects, commissioning nearly 2,700 megawatts of renewable projects in the U.S., including an additional 900 megawatts of repowered wind. Since the last call, we have added 1,791 megawatts of renewable projects to our backlog, including 680 megawatts of wind, 797 megawatts of solar and 215 megawatts of battery storage, all of which will be paired with new solar projects. Included in the solar megawatts we added to backlog this quarter is a 150-megawatt solar build-owned transfer project with a 10-year O&M agreement that will allow the customer to leverage Energy Resources best-in-class operating skills, while providing meaningful ongoing revenue through the contract term.

2018 年，能源資源公司繼續提升其作為風能、太陽能和電池儲存項目領先開發商和營運商的地位，在美國啟動了近 2,700 兆瓦的可再生能源項目，其中包括額外的 900 兆瓦的再發電風能項目。自上次招標以來，我們已在積壓項目中增加了 1,791 兆瓦的可再生能源項目，其中包括 680 兆瓦的風能項目、797 兆瓦的太陽能項目和 215 兆瓦的電池儲存項目，所有這些項目都將與新的太陽能項目配對。本季我們新增的太陽能兆瓦訂單中包括一個 150 兆瓦的太陽能建設自有轉讓項目，該項目簽訂了為期 10 年的營運和維護協議，使客戶能夠利用能源資源公司一流的營運技能，同時在合約期限內提供有意義的持續收入。

During the quarter, Energy Resources signed an additional 99 megawatts of wind repowering and successfully commissioned approximately 600 megawatts of repowering projects. For 2017 and 2018, this brings the total repowering projects placed in service to roughly 2,500 megawatts, near the top end of the previously outlined range for this period. We continue to expect to be in the upper half of the $2.5 billion to $3 billion in total capital deployment for repowerings for 2017 through 2020.

本季度，能源資源公司又簽署了 99 兆瓦的風力發電改造合同，並成功啟動了約 600 兆瓦的改造項目。2017 年和 2018 年，投入營運的再發電項目總數將達到約 2,500 兆瓦，接近先前預期的這段時期的最高水準。我們仍然預計，2017 年至 2020 年期間，用於再發電的總資本部署將位於 25 億美元至 30 億美元的上半部分。

Following the record origination year in 2018, and with nearly two years remaining in the development period, we are now within the previously outlined 2017 to 2020 ranges for U.S. wind, solar and wind repowering. For the post 2020 period, our backlog is already nearly 2,000 megawatts, placing us well ahead of our historical origination activity at this early stage. The accompanying slide provides additional detail on where our renewables development program now stands.

繼 2018 年創下歷史新高之後，目前開發期還剩下近兩年的時間，我們目前已處於先前概述的 2017 年至 2020 年美國風能、太陽能和風能再發電範圍內。2020 年後，我們的積壓訂單已接近 2,000 兆瓦，這讓我們遠遠領先於早期階段的歷史起源活動。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, we completed construction of approximately 175 miles of the Mountain Valley Pipeline during 2018. As planned, MVP is continuing with its scaled-back construction efforts for the winter. While we continue to target our previously announced full in-service date for the pipeline during the fourth quarter of 2019 and revised overall project cost estimate of $4.6 billion, we also continue to work through the project's outstanding legal challenges and to closely monitor developments related to the Atlantic Coast Pipeline and the current government shutdown, as the outcome of any one of these issues could impact MVP's project schedule and cost estimate.

除了再生能源之外，我們還於 2018 年完成了約 175 英里的山谷管道建設。按照計劃，MVP 將繼續縮減冬季的施工進度。我們將繼續按照先前宣布的 2019 年第四季度管道全面投入使用日期以及修訂後的 46 億美元項目總成本估算為目標，同時，我們也將繼續努力解決項目尚未解決的法律挑戰，並密切關注與大西洋海岸管道和當前政府關門有關的事態發展，因為其中任何一個問題的結果都可能影響 MVP 的項目進度和成本估算。

We also continue to evaluate mitigation alternatives to address potential adverse outcomes should they arise. MVP's expected annual contribution to NextEra Energy's ongoing adjusted EPS is approximately $0.07 to $0.09. We do not expect any material adjusted earnings impacts nor any change in NextEra Energy's financial expectations as a result of the ongoing challenges. We'll provide further updates as those proceedings evolve.

我們也將繼續評估緩解方案，以應對可能出現的不利後果。MVP 預計每年對 NextEra Energy 持續調整後每股收益的貢獻約為 0.07 美元至 0.09 美元。我們預計，持續的挑戰不會對 NextEra Energy 的調整後收益產生任何重大影響，也不會對其財務預期產生任何變化。隨著這些進程的進展，我們將提供進一步的更新。

Turning now to the consolidated results for NextEra Energy. For the fourth quarter of 2018, GAAP net income attributable to NextEra Energy was $422 million or $0.88 per share. NextEra Energy's 2018 fourth quarter adjusted earnings and adjusted EPS were $718 million or $1.49 per share respectively. For the full year 2018, GAAP net income attributable to NextEra Energy was $6.64 billion or $13.88 per share. Adjusted earnings were $3.67 billion or $7.70 per share reflecting growth of 15% off our 2017 adjusted EPS including approximately $0.45 benefit from lower federal income taxes.

現在來看看 NextEra Energy 的綜合業績。2018 年第四季度，歸屬於 NextEra Energy 的 GAAP 淨收入為 4.22 億美元，即每股 0.88 美元。NextEra Energy 2018 年第四季調整後盈餘和調整後每股盈餘分別為 7.18 億美元或每股 1.49 美元。2018 年全年，歸屬於 NextEra Energy 的 GAAP 淨收入為 66.4 億美元，即每股 13.88 美元。調整後收益為 36.7 億美元，即每股 7.70 美元，較 2017 年調整後每股收益增長 15%，其中包括聯邦所得稅降低的約 0.45 美元收益。

For the corporate and other segment adjusted earnings for the full year increased plus $0.09 per share compared to 2017 primarily due to lower interest and certain favorable tax items. We continue to expect NextEra Energy's adjusted EPS compound annual growth rate to be in a range of 6% to 8% through 2021 of our 2018 adjusted EPS OF $7.70 plus accretion of $0.15 and $0.20 in 2020 and 2021, respectively, from the Florida acquisitions.

公司及其他部門全年調整後收益較 2017 年每股增加 0.09 美元，主要由於利息降低和某些優惠稅項目。我們繼續預計，到 2021 年，NextEra Energy 的調整後每股收益複合年增長率將在 6% 至 8% 之間，2018 年調整後每股收益為 7.70 美元，加上佛羅裡達收購帶來的 2020 年和 2021 年分別增加 0.15 美元和 0.20 美元。

For 2019, we continue to expect our adjusted EPS to be in the range of $8 to $8.50. From 2018 to 2021, we expect that operating cash flow will grow roughly in line with our adjusted EPS compound annual growth rate range. We're closely following the recent developments with Pacific Gas and Electric. Projects directly affected by the potential PG&E bankruptcy have an expected annual adjusted EPS contribution of roughly $0.13 to $0.15 for NextEra Energy. Regardless of the outcome of PG&E's anticipated bankruptcy proceedings, we expect to achieve NextEra Energy's adjusted EPS expectations that I just outlined and will be disappointed if we are not able to deliver growth at or near the top of our 6% to 8% compound annual growth rate range off our 2018 base of $7.70, plus the expected deal accretion from the Florida transactions.

對於 2019 年，我們繼續預計調整後的每股盈餘將在 8 美元至 8.50 美元之間。從 2018 年到 2021 年，我們預期營運現金流量的成長速度將與我們的調整後每股盈餘複合年增長率範圍大致一致。我們正在密切關注太平洋煤氣電力公司的最新動態。受 PG&E 潛在破產直接影響的項目預計對 NextEra Energy 的年度調整後每股收益貢獻約為 0.13 美元至 0.15 美元。無論 PG&E 預期的破產程序結果如何，我們都希望實現我剛才概述的 NextEra Energy 調整後每股收益預期，如果我們不能在 2018 年 7.70 美元的基礎上實現 6% 至 8% 的複合年增長率或接近最高水平的增長，再加上佛羅裡達交易的預期交易增值，我們將感到失望。

We continue to expect to grow our dividends per share 12% to 14% per year through at least 2020, of 2017 base of dividends per share of $3.93. As always, our expectations are subjected to the usual caveats, including, but not limited to, normal weather and operating conditions.

我們預計至少到 2020 年，每股股息將以每年 12% 至 14% 的速度成長，2017 年每股股息為 3.93 美元。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, which also had a strong year of operational and financial performance in 2018. Yesterday, the NEP board declared a quarterly distribution of $0.4650 per common unit or $1.86 per 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 2018. For the full year 2018, adjusted EBITDA and CAFD increased 18% and 36%, respectively, primarily as a result of portfolio growth. In addition to meeting NEP's growth objectives with the acquisition from Energy Resources, during 2018, we were also pleased to announce the execution of a long-term contract that enables an expansion investment in the Texas pipeline. The opportunity, which is subject to regulatory approval, is expected to be in service during the fourth quarter of 2020, demonstrates the organic growth potential of NEP's underlying portfolio.

現在讓我來談談 NEP，該公司在 2018 年也取得了強勁的營運和財務表現。昨天，NEP 董事會宣布每普通股季度分配 0.4650 美元或按年率計算每單位 1.86 美元，比去年同期季度分配增加 15%，並且處於我們討論的 2018 年範圍的最高端。2018 年全年，調整後的 EBITDA 和 CAFD 分別成長了 18% 和 36%，主要得益於投資組合的成長。除了透過收購能源資源公司來滿足 NEP 的成長目標之外，2018 年，我們還很高興地宣布執行一項長期合同，可以對德克薩斯州的管道進行擴建投資。該機會尚需獲得監管部門的批准，預計將於 2020 年第四季投入使用，彰顯了 NEP 基礎投資組合的有機成長潛力。

Beyond the attractive low-cost convertible portfolio of equity financing with BlackRock, NEP took additional steps to further enhance its financing flexibility during 2018. In the fourth quarter, NEP entered into an additional $1 billion interest-rate hedge agreement to help mitigate interest rate volatility on future debt issuances. NEP's hedge agreement has a fixed rate of approximately 3.95% and could be flexibly utilized in any date until December 11, 2028. The swap is incremental to the $5 billion hedge agreement that we announced last year, providing significant protection against interest-rate risk and NEP executes on its long-term growth plan -- as NEP executes on its long-term growth plan.

除了與貝萊德合作的具有吸引力且低成本的可轉換股權融資組合之外，NEP 還在 2018 年採取了額外措施，進一步增強其融資靈活性。第四季度，NEP 又簽署了一項 10 億美元的利率對沖協議，以幫助緩解未來債務發行的利率波動。NEP 的對沖協議固定利率約為 3.95%，可在 2028 年 12 月 11 日之前的任何日期靈活使用。此次掉期是我們去年宣布的 50 億美元對沖協議的增量，為防範利率風險提供了顯著的保護，而 NEP 也在執行其長期增長計劃——正如 NEP 正在執行其長期增長計劃一樣。

Additionally, during 2018, we successfully raised approximately $85 million through the sale of roughly 1.8 million common units under NEP's ATM program. Going forward, we will continue to flexibly seek opportunities to use the ATM program depending on market conditions and other considerations.

此外，2018 年，我們透過 NEP 的 ATM 計劃出售約 180 萬個普通股成功籌集了約 8,500 萬美元。展望未來，我們將繼續根據市場狀況和其他考慮因素靈活尋找使用 ATM 計畫的機會。

Now let's look at the detailed results. Fourth quarter adjusted EBITDA was $165 million and cash available for distribution was $44 million, a decrease of $35 million and $33 million from the prior year comparable quarter, respectively. The decline was primarily driven by the sale of a Canadian portfolio earlier in the year, with those assets not replaced until the late December closing on the 1.4-gigawatt acquisition from Energy Resources. For the full year 2018, adjusted EBITDA and CAFD were $881 million and $339 million, up 18% and 36%, respectively, primarily driven by growth of the underlying portfolio. Existing projects benefited from increased contributions from Texas pipelines versus the prior year.

現在我們來看看詳細的結果。第四季調整後 EBITDA 為 1.65 億美元，可供分配現金為 4,400 萬美元，分別較去年同期減少 3,500 萬美元和 3,300 萬美元。下降的主要原因是今年稍早出售了加拿大投資組合，直到 12 月底從 Energy Resources 收購 1.4 千兆瓦資產後，這些資產才得以替換。2018 年全年，調整後的 EBITDA 和 CAFD 分別為 8.81 億美元和 3.39 億美元，分別成長 18% 和 36%，主要得益於基礎投資組合的成長。與上一年相比，現有項目受益於德克薩斯州管道貢獻的增加。

For adjusted EBITDA, this benefit was offset by the year-over-year reduction in the pretax value of NEP's tax credits as a result of the decline in the federal income tax rate. This change has no income -- no impact on CAFD. Cash available for distribution from existing projects also benefited from reduced debt service, which was roughly offset by higher corporate level interest expense. As a reminder, these results include the impact of IDR fees, which we treat as an operating expense. Additional details are shown on the accompanying slide.

對於調整後的 EBITDA，由於聯邦所得稅率下降，NEP 稅收抵免的稅前價值比去年同期減少，抵消了這一收益。這項變更不會產生收入—對 CAFD 不會產生影響。現有項目可供分配的現金也受益於債務償還減少，但公司層級利息支出的增加大致抵消了這一減少。提醒一下，這些結果包括了 IDR 費用的影響，我們將其視為營運費用。更多詳細資訊請參閱隨附的幻燈片。

For NEP, absent any impact from a PG&E bankruptcy filing, our December 31, 2018, run rate expectations for adjusted EBITDA of $1 billion to $1.15 billion and CAFD of $360 million to $400 million are unchanged, reflecting calendar year 2019 expectations for the portfolio, with which we ended the year. Our previously announced December 31, 2019, run rate expectations for adjusted EBITDA of $1.2 billion to $1.375 billion and CAFD of $410 million to $480 million are also unchanged. Our expectations are subject to our normal caveats and include the impact of anticipated IDR fees as we treat these as an operating expense.

對於 NEP，如果不受 PG&E 破產申請的影響，我們對 2018 年 12 月 31 日調整後 EBITDA 的運行率預期為 10 億美元至 11.5 億美元，CAFD 的運行率預期為 3.6 億美元至 4 億美元，保持不變，這反映了我們對 2019 年日曆我們先前宣布的 2019 年 12 月 31 日調整後 EBITDA 預計為 12 億美元至 13.75 億美元，CAFD 預計為 4.1 億美元至 4.8 億美元，這些預期均保持不變。我們的預期受制於我們的正常警告，並包括預期的 IDR 費用的影響，因為我們將其視為營運費用。

From an updated base of our fourth quarter 2018 distribution per common unit at an annualized rate of $1.86, we continue to see 12% to 15% per year growth in LP distributions as being a reasonable range of expectations through at least 2023. We expect the annualized rate of the fourth quarter 2019 distribution as payable on February 2020 to be in the range of $2.08 to $2.14 per common unit. NEP expects to be able to manage through the impacts of the anticipated PG&E bankruptcy and to achieve the growth expectations that I just outlined. As we have previously disclosed, the 420 megawatts of projects that are contracted with PG&E represent 15% to 18% of NEP's expected year-end 2018 run rate cash available for distribution.

根據我們 2018 年第四季每普通股單位分配額的最新基數（年化率為 1.86 美元），我們繼續認為至少到 2023 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 2020 年 2 月支付的 2019 年第四季分配的年化利率將在每股普通股 2.08 美元至 2.14 美元之間。NEP 預計能夠克服 PG&E 破產預期帶來的影響，並實現我剛才概述的成長預期。正如我們先前所揭露的，與 PG&E 簽約的 420 兆瓦項目佔 NEP 預計 2018 年底可供分配的營運現金的 15% 至 18%。

As a result of the PG&E Board of Directors authorizing the commitment -- commencement of a bankruptcy filing, we believe an event of default has likely occurred under the Genesis financing. The administrative agent for the Desert Sunlight 300 financing has notified us that an event of default has occurred under those agreements, which we dispute, and they are currently withholding the January distribution.

由於 PG&E 董事會授權承諾——開始申請破產，我們認為 Genesis 融資很可能已經發生違約事件。Desert Sunlight 300 融資的行政代理人已通知我們，這些協議已發生違約事件，我們對此提出異議，他們目前正在扣留 1 月份的分配。

For any financing or an event of default is determined to have occurred, cash distributions can be restricted and other remedies could be exercised, including acceleration of the debt. Additionally, due to provisions in the financings, an event of default under the Desert Sunlight 300 financing can prevent distributions from Desert Sunlight 250, which is contracted with SCE. We expect the combination of Desert Sunlight 250 and the PG&E projects to contribute roughly 18% of NEP's year-end 2019 run rate CAFD. As we execute on NEP's growth strategy, we expect this to further decline over time and that the PG&E projects and Desert Sunlight 250 will not represent a significant percentage of NEP's 2023 cash available for distribution.

對於任何融資或確定發生違約事件，可以限制現金分配並採取其他補救措施，包括加速債務。此外，由於融資中的規定，Desert Sunlight 300 融資的違約事件可能會導致與 SCE 簽約的 Desert Sunlight 250 的分配。我們預計，Desert Sunlight 250 和 PG&E 專案的組合將為 NEP 2019 年底的運作率 CAFD 貢獻約 18%。隨著我們執行 NEP 的成長策略，我們預計這一數字將隨著時間的推移進一步下降，並且 PG&E 項目和 Desert Sunlight 250 將不會佔 NEP 2023 年可供分配現金的很大一部分。

For projects where cash distributions are restricted, we expect that over time these funds will go toward paying down the principal on existing financings, which would potentially result in more distributable cash flow to NEP in the future. In each of these projects, we're reviewing our alternatives and will pursue all options to protect our interest, including vigorously defending our contracts and working with key stakeholders of each financing. Even in a worst-case scenario where we receive no further contributions from projects that are contracted with PG&E or Desert Sunlight 250, we continue to expect that NEP will achieve its annual 12% to 15% growth in distributions per unit through 2023 without the need to sell common equity until 2020 at the earliest of the modest at the market issuances.

對於現金分配受到限制的項目，我們預計隨著時間的推移，這些資金將用於償還現有融資的本金，這可能會在未來為 NEP 帶來更多可分配的現金流。在每一個專案中，我們都在審查我們的替代方案，並將採取一切選擇來保護我們的利益，包括大力捍衛我們的合約並與每個融資的主要利益相關者合作。即使在最壞的情況下，即我們不再從與 PG&E 或 Desert Sunlight 250 簽約的項目中獲得任何貢獻，我們仍然預計到 2023 年，NEP 的年單位分配額將增長 12% 至 15%，而無需在 2020 年之前以市場發行量適度的方式出售普通股。

We're pleased with NEP's strong performance in 2018 and believe it continues to provide a best-in-class investor value proposition. With the flexibility to grow in three ways: Acquiring assets from Energy Resources organically or acquiring assets from other third parties, NEP has clear visibility to support its growth going forward. Following a new record renewables origination year by Energy Resources and the continued strength of the best renewables development environment in our history, NEP's growth visibility further improved in 2018. Additionally, NEP's cost of capital and access to capital advantages further improved over the past year, providing flexibility to finance its growth over the long term. When NEP's growth potential and financing flexibility are combined with its favorable tax position and enhanced governance rights, we believe NEP is well positioned to meet its financial expectations and we look forward to delivering on NEP's strategic and growth initiatives in 2019 and beyond.

我們對 NEP 在 2018 年的強勁表現感到滿意，並相信它將繼續提供一流的投資者價值主張。NEP 可以透過三種方式靈活地發展：從能源資源公司有機收購資產或從其他第三方收購資產，從而擁有清晰的可視性來支持其未來的發展。繼能源資源公司創下再生能源起源新紀錄以及我們歷史上最佳再生能源發展環境的持續強勁發展之後，NEP 的成長前景在 2018 年進一步改善。此外，NEP 的資本成本和資本獲取優勢在過去一年中進一步改善，為其長期成長提供了靈活性。當 NEP 的成長潛力和融資靈活性與其有利的稅收狀況和增強的治理權利相結合時，我們相信 NEP 完全有能力滿足其財務預期，我們期待在 2019 年及以後實現 NEP 的策略和成長計劃。

That concludes our prepared remarks. And with that, we will open the lines 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) And we will go first to Stephen Byrd of Morgan Stanley.

（操作員指示）我們先聯絡摩根士丹利的史蒂芬‧伯德。

Armando, congratulations on your retirement, and John and Rebecca, congratulations on your new role. All very well deserved.

阿曼多，恭喜你們退休；約翰和麗貝卡，祝賀你們擔任新職務。這一切都是當之無愧的。

Thank you, Stephen.

謝謝你，史蒂芬。

I wanted to just talk, as you can imagine, about California for a minute. If all of the project debt essentially withheld cash to the -- arguably to the extent that they were -- would be permitted, I wanted to make sure I was clear how much CAFD would be restricted? You mentioned 18% related to several projects. But I wanted to check if every single piece of debt relating to PG&E sort of exercised their cash drop right. What amount of CAFD will be impacted?

正如您所想像的，我只想談一分鐘有關加州的事情。如果所有專案債務基本上都扣留了現金 - 可以說是在允許的範圍內，那麼我想確保我清楚 CAFD 會受到多少限制？您提到 18% 與幾個項目有關。但我想檢查一下與 PG&E 相關的每一項債務是否都行使了其現金下降權利。CAFD 會受到多大影響？

Yes. So again, it would comprise roughly 18% of our run rate CAFD for 2019. We have included a page in our investor materials that -- Page 41, Page 41 that details the CAFD from each of these projects, totals about $90 million.

是的。因此，它將占我們 2019 年運行率 CAFD 的約 18%。我們在投資者資料中加入了第 41 頁，第 41 頁詳細介紹了每個專案的 CAFD，總額約為 9,000 萬美元。

Understood.

明白了。

So let's go back to what I just said, which is that, first of all, even if all of that cash is trapped, we expect to be able to meet our financial expectations, 12% to 15% growth and distributions per unit through 2023. We expect we'll not have a need to issue common equity until 2020 at the earliest. So our financial expectations are not impacted by any means by this. Second, the impact of PG&E and SCE cash flow, it's going to diminish over time. So by the time we get to the end of the period of our financial expectations, the cash flows from these projects is not going to be a significant contributor to the overall CAFD. And then I think you have to take a look too, Stephen, as to what is happening in California. I mean, obviously we're not going to sit on our heels. We're going to pursue all avenues with our note holders to try to free up that cash. And we'll work vigorously to do that as I said in the prepared remarks.

所以讓我們回到我剛才所說的，首先，即使所有現金都被困住，我們預計到 2023 年也能夠實現我們的財務預期，即每單位增長和分配 12% 至 15%。我們預計最快也要到 2020 年才需要發行普通股。因此我們的財務預期不會受到任何影響。其次，PG&E 和 SCE 現金流的影響會隨著時間的推移而減弱。因此，當我們到達財務預期期末時，這些專案的現金流量將不會對整體 CAFD 做出重大貢獻。然後我認為你也必須看看，史蒂芬，加州正在發生什麼。我的意思是，顯然我們不會袖手旁觀。我們將與票據持有人一起採取一切途徑，試圖釋放這些現金。正如我在準備好的演講中所說，我們將積極努力地做到這一點。

That all makes sense. And John, in terms of any exposure to other California utilities? I'm thinking of Edison International and Sempra. Just wanted to check both at NEP and NextEra. Would you mind just speaking briefly to your other California exposure?

這一切都是有道理的。約翰，您是否接觸過其他加州公用事業？我正在考慮愛迪生國際和 Sempra。只是想檢查一下 NEP 和 NextEra。您介意簡單談談您在加州的其他經歷嗎？

Yes. So on our other California exposures with SCE, I mean, right now we don't have any because there is -- none of those financings are in default other than the SCE contract that I mentioned, which is about 250 megawatts on Desert Sunlight because that's part of the portfolio financing. But again, the impacts of that are included in the numbers that I gave you earlier, so the 250 impact is included in the $0.13 to $0.15 at NextEra Energy. It is also included in the roughly 18% of total CAFD for 2019.

是的。因此，關於我們與 SCE 在加州的其他投資，我的意思是，目前我們沒有任何投資，因為除了我提到的 SCE 合約之外，其他所有融資都沒有違約，該合約涉及 Desert Sunlight 約 250 兆瓦的電力，因為這是投資組合融資的一部分。但同樣，其影響已包含在我之前提供的數字中，因此 250 的影響已包含在 NextEra Energy 的 0.13 美元到 0.15 美元中。它還佔 2019 年 CAFD 總量的約 18%。

Okay, but do you have any CAFD exposure, not in default, but where the off-taker is a subsidiary of either Edison International or Sempra?

好的，但您是否有任何 CAFD 風險敞口，不是違約，而是承購方是愛迪生國際或 Sempra 的子公司？

No, 0.

不，0。

At NEP.

在 NEP。

At NEP. Zero.

在 NEP。零。

Okay, great, just wanted to check -- at NEP. And at NextEra, is that significant or is it relatively small?

好的，太好了，我只是想檢查一下——NEP。對於 NextEra 來說，這個影響重大還是相對較小？

It's relatively small. I mean, the contributions that we would have from SCE contracts are roughly $0.08. And that includes the Desert Sunlight 250. So without it, it's about $0.06. So small.

它相對較小。我的意思是，我們從 SCE 合約中獲得的貢獻大約是 0.08 美元。其中包括 Desert Sunlight 250。因此，如果不計入它，則約為 0.06 美元。好小啊。

Understood. Sorry for all the questions on California. Maybe just one last one, you filed at FERC to sort of secure your legal rights under the contracts, would you mind just to kind of briefly talking through your legal arguments around ensuring that you protect your rights under your contracts?

明白了。抱歉，我問了這麼多關於加州的問題。也許只是最後一個問題，您向聯邦能源管理委員會提交了申請，以確保您在合約下的合法權利，您介意簡單談談您的法律論點，以確保您在合約下保護自己的權利嗎？

Yes. The bottom line is we think majority of those contracts have Mobile-Sierra provisions and that these contracts are in the public interest and that the Federal Power Act preempts what the bankruptcy court can do. And the FERC has the final say on assumption or rejection.

是的。我們認為，最重要的是，這些合約中的大多數都包含 Mobile-Sierra 條款，而這些合約符合公眾利益，而《聯邦電力法》優先於破產法庭的權力。聯邦能源管理委員會對接受或拒絕擁有最終決定權。

We'll now go to our next question and that will come from Steve Fleishman of Wolfe Research.

我們現在進入下一個問題，這個問題來自 Wolfe Research 的 Steve Fleishman。

So just first on the NEP plan, I assume you're -- embedded in there, you're assuming that you can continue to get financing other than equity, I assume, including some of the like private financings, converts and such that you've gotten in the past. How do you feel about the ability to get those with this California uncertainty?

因此，首先關於 NEP 計劃，我假設您已經融入其中，您假設您可以繼續獲得除股權之外的融資，包括您過去獲得的一些私人融資、轉換融資等。您如何看待加州對這些不確定性的應對能力？

First of all, on the financings, like the BlackRock financing, still feel good about our ability to be able to execute against those types of financings. And again, we also have a lot of debt capacity at NEP that we can always fall back on as well.

首先，關於融資，例如貝萊德融資，我們仍然對我們執行此類融資的能力感到滿意。而且，我們在 NEP 也擁有很大的債務能力，我們可以隨時依靠這些債務。

Okay. And then just separate question, off-topic. Could you update your interest in -- thoughts and interest in Santee Cooper?

好的。然後只是單獨的問題，偏離主題。您能否更新一下您對桑蒂庫柏的想法和興趣？

Yes. Thanks, Steve. This is Jim. We did put a proposal in to acquire Santee Cooper. I think I've been very clear that we have been interested in pursuing Santee Cooper over the last 18 months or so. And we did put a proposal in to acquire it. And we look forward to the next steps of the process that the committee is going to be going through.

是的。謝謝，史蒂夫。這是吉姆。我們確實提出了收購 Santee Cooper 的提議。我想我已經非常清楚地表明，在過去的 18 個月左右的時間裡，我們一直對收購桑蒂庫柏很感興趣。我們確實提出了收購它的提案。我們期待委員會接下來的進程。

Do you have any idea when you will get an answer?

您知道什麼時候能得到答案嗎？

I think this is a process that ultimately has to -- if the legislature decides to sell Santee Cooper, it's going to have to actually pass a law to do so, essentially, and the legislative session ends at the end of May or early June, in that time period. So it's going to play out over the next several months, is the bottom line, Steve.

我認為這最終必須是一個過程——如果立法機構決定出售桑蒂庫珀，那麼它必須真正通過一項法律，而立法會議將在五月底或六月初結束。所以，底線是，史蒂夫，這一切都將在接下來的幾個月中展開。

And now we will go to Julien Dumoulin-Smith of Bank of America Merrill Lynch.

現在我們請美銀美林的 Julien Dumoulin-Smith 發言。

Congrats, Armando. Can you hear me?

恭喜，阿曼多。你聽得到我嗎？

Yes.

是的。

Just one quick clarification on the FERC strategy under NEP and then I'll move away from it. But just, if there is indeed some kind of stay, how does that impact the technical defaults on the possibility of distribution? Just want to clarify that. Or cash in PG&E for that matter?

我只想簡單澄清一下 NEP 下的 FERC 策略，然後我就不再討論了。但是，如果確實存在某種形式的暫停，那麼這會對分配可能性的技術違約產生什麼影響？我只是想澄清一下。或者就此而言，從 PG&E 獲得現金？

Yes, from a FERC standpoint, if there were a FERC -- well, first of all, if FERC were to ramp the release that we're seeking by the end of the week, I think it just would grant FERC the final say and what happens to the contract. So I don't think it really has any impact on the status of the existing financings.

是的，從聯邦能源管理委員會 (FERC) 的角度來看，如果有一個 FERC — — 嗯，首先，如果 FERC 在本週末之前加快我們尋求的釋放，我認為這只會賦予 FERC 最終決定權以及合約的最終決定權。所以我認為這對現有融資狀況不會有任何影響。

Got it. Okay. Fair enough. Excellent. And then I just want to turn back to FPL real quickly. Specifically, on the last call you talked about having, should we say, adequate reserve amortization. You also talked about usage trends, et cetera, and the ability to potentially avoid base rate increases in '21 and '22. Where does that stand now? How, if at all, is that impacted by some of the latest events? Just curious on how you're positioning FPL into the longer term here?

知道了。好的。很公平。出色的。然後我只想快速返回 FPL。具體來說，在上次電話會議上，您談到了是否有足夠的準備金攤銷。您還談到了使用趨勢等，以及在 2021 年和 2022 年避免基本費率上漲的能力。現在情況如何？如果有的話，最近發生的一些事件對此有何影響？我只是好奇您如何定位 FPL 的長期發展？

Yes. I don't think it's impacted by any of the current events. We feel very good, very good about our position in front of the OPC, if that Julien was what you're referring to as other events. We've ended the year...

是的。我認為它沒有受到任何當前事件的影響。如果朱利安 (Julien) 是您所指的其他事件，那麼我們對自己在 OPC 面前的地位感到非常滿意。我們已經結束了這一年...

Or maybe to be more specific, would you be expecting to pen something more formal about a further rate stay-out?

或者更具體地說，您是否希望寫一些關於進一步暫停利率的更正式的內容？

Well, here is where we are right now. We have $540 million of surplus ending the year. We have -- we believe and expect to have enough surplus to potentially stay out of a rate case for '21 and '22. We will make those strategic rate case decisions later. But we have a lot of flexibility and that flexibility is very good for Florida customers because the longer we are able to stay out, the longer period of time that bills stay where they are and they don't see a bill impact from another rate case.

嗯，這就是我們現在的情況。截至今年年底，我們的盈餘為 5.4 億美元。我們相信並預期我們有足夠的盈餘，從而有可能避免 21 年和 22 年的利率問題。我們稍後會做出這些戰略利率決策。但是我們具有很大的靈活性，這種靈活性對於佛羅裡達州的客戶來說非常好，因為我們能夠堅持的時間越長，賬單保持原狀的時間就越長，而且他們不會看到另一個費率案例對賬單的影響。

Julien, this is Jim. I think you can expect us to give you all some more thoughts on that front in the June investor conference.

朱利安，這是吉姆。我想您可以期待我們在六月的投資者會議上就此方面向大家提供更多的想法。

Excellent. And then maybe, Jim, this is a quick question in your direction. But as you've been kind of conceptually, especially given the commitments in the last analyst day around midstream, potentially some of the latest developments you've already alluded to around renewables, especially some of the RPS expansions that might be coming in the next 6 months prior to the June Analyst Day. Could you give us a little bit of your latest thought process around your future investment prospects, just a little bit more holistically?

出色的。那麼也許，吉姆，這是一個向你提出的快速問題。但是，正如您在概念上所說的那樣，特別是考慮到上次分析師日中期做出的承諾，您已經提到的可再生能源方面的一些最新發展，特別是在 6 月分析師日之前的 6 個月內可能即將推出的一些 RPS 擴展。您能否更全面地向我們介紹一下您對未來投資前景的最新思考過程？

Yes, sure. I mean, when you look at our capital investment plans, I think they are over $12 billion this year. When you look at what we're doing at FPL, Gulf and Energy Resources combined, something in that range. We're as of the year before last, we don't have the details yet on last year, we were the fourth largest investor of capital in The United States in any industry. Only AT&T, Verizon and Amazon invested more in this country than we did in terms of capital investment. And we're going to continue to do what we have done for more than a decade, which is invest smart capital at FPL to improve the value proposition for customers. And we're going to -- we're very excited about and we'll have more to say about what we're doing at Gulf in our June meeting. But we have hit the ground running, very excited about what we're doing in terms of what investment prospects there are on the Gulf front, and we're moving aggressively forward on that pretty much on day one. And at Energy Resources it is the best renewable environment that we've ever seen and we're going to continue to invest in renewables going forward and as we see pipeline opportunities, contracted pipeline opportunities, we will continue to invest in those as well. So I don't think you should expect a big change in our thinking in June, I think you'll just see us, frankly, roll forward our vision for the amount of investment and the amount of customer improvement that we're going to bring to our customers as well as the amount of -- what we're going to do in terms of earnings going forward.

是的，當然。我的意思是，當你查看我們的資本投資計畫時，我認為今年的投資額將超過 120 億美元。如果你看一下我們在 FPL、海灣能源和能源資源公司所做的事情，你會發現其中有些事情是這樣的。截至前年，我們還沒有去年的具體細節，我們是美國所有產業中第四大資本投資者。在資本投資方面，只有 AT&T、Verizon 和亞馬遜在這個國家的投資比我們多。我們將繼續做十多年來一直在做的事情，那就是向 FPL 投資智慧資本，以改善客戶的價值主張。我們對此感到非常興奮，我們將在 6 月的會議上更多地談論我們在海灣所做的工作。但我們已開始行動，對海灣地區的投資前景感到非常興奮，幾乎從第一天起我們就積極地向前邁進。在能源資源方面，這是我們見過的最好的再生環境，我們將繼續投資再生能源，當我們看到管道機會、合約管道機會時，我們也將繼續投資這些機會。因此，我認為您不應該期望我們的想法在六月發生重大變化，坦白說，我認為您只會看到我們推進我們對投資額和我們將為客戶帶來的客戶改進額的願景，以及我們在未來盈利方面要做的事情。

We'll now go to Greg Gordon of Evercore ISI.

我們現在請 Evercore ISI 的 Greg Gordon 發言。

Yes, congratulations to all three of you, it goes without saying you're all terrific at your jobs, and Armando someone asked me to ask you, if you could get -- circle back with people and tell us where you like to fish, that would be good. Now that you're going to have all this free time.

是的，恭喜你們三個，不用說，你們的工作都非常出色，阿曼多，有人讓我問你，如果你能回來和大家談談你喜歡在哪裡釣魚，那就太好了。現在你將擁有所有這些空閒時間。

Terrific, that's coming.

太棒了，就要來了。

Couple of questions. Can you just go back over what you said about the levelized cost of energy for battery with storage? And what I am particularly interested other than just a restatement of that is, what delivery year you see that crossover happening on sort of a large enough scale to tip this sort of disruptive transition that you're talking about?

幾個問題。您能否再重複一遍您所說的有關具有儲存功能的電池的平準化能源成本？除了重申這一點之外，我特別感興趣的是，您認為在哪一年交付時，這種交叉會發生得足夠大規模，從而顛覆您所說的這種顛覆性轉變？

Yes. So what we covered in Jim's remarks, we'll start with the wind. So wind, we are expecting to be right around $20, $25 a megawatt hour. I'd kind of put that, we're going to have some PTC help in there, this is a no-incentive look. So call it when those incentives expire, more towards the middle of the decade that 2024 time frame. So $20, $25 a megawatt for wind. And we think batteries are going to be about $0.005 to $0.0075 adder. And so that's how we're able to -- I'm sorry, per megawatt. That's how we're able to get to the ranges that Jim provided for wind. So just take the $20 to $25 add-on $0.005 to $0.0075 for battery storage. For solar, don't forget, we have the solar ITC at 30% through the end of 2023. And so when those ITC's go away, and they don't ever go away, right, they go from 30% to 10%, we're expecting that we -- solar, given how quickly panel costs are coming down, balance of plant costs are coming down, solar is a product we're going to be selling in $25 to $30 megawatt hour range and then the same adders for batteries is how you get to the math that were in Jim's remarks. And those are the expectations we have. And the solar pricing isn't really all that far off from what we're doing today. So that's not much of a leap of faith.

是的。因此，我們在吉姆的演講中所涉及的內容，我們將從風開始。因此，我們預計風能價格將在每兆瓦時約 20 至 25 美元。我想說的是，我們會在那裡獲得一些 PTC 的幫助，這是一種無激勵的做法。所以，當這些激勵措施到期時，也就是 2024 年左右的時間範圍內，就可以稱之為到期日。因此，風能價格為每兆瓦 20 至 25 美元。我們認為電池成本將增加約 0.005 美元至 0.0075 美元。這就是我們能夠做到的——抱歉，是每兆瓦。這就是我們能夠達到吉姆為風提供的範圍的方法。因此，只需花費 20 至 25 美元，再加 0.005 至 0.0075 美元用於電池儲存。對於太陽能，別忘了，到 2023 年底，我們的太陽能 ITC 將達到 30%。因此，當這些 ITC 消失時，而且它們永遠不會消失，對吧，它們會從 30% 降到 10%，我們預計 - 太陽能，考慮到電池板成本下降的速度，工廠成本的平衡也在下降，太陽能是我們將以 25 美元到 30 美元兆瓦時的價格出售的產品，然後對電池使用相同的加法講話，就可以得到的數學加法演講。這正是我們的期望。太陽能定價與我們目前的定價其實並沒有什麼差別。所以這並不是什麼大膽的嘗試。

Yes, okay, that makes sense. Last question. You didn't mention it explicitly anywhere in your comments, but the balance sheet capacity of $5 billion to $7 billion, I mean, your credit metrics and the position on the balance sheet seems unchanged from last quarter. So I would assume that you still feel like that balance sheet capacity is in place?

是的，好的，這很有道理。最後一個問題。您的評論中沒有明確提及，但資產負債表容量為 50 億美元至 70 億美元，我的意思是，您的信用指標和資產負債表上的狀況似乎與上一季相比沒有變化。所以我認為您仍然覺得資產負債表容量已經到位？

Yes, Greg, one of the things that we said there is that, we had $5 billion to 7$ billion, right. We bought Trans Bay that was $1 billion. So we took that down, call it $4 billion to $6 billion. And we're earmarking probably another $2 billion of CapEx opportunities for FPL. We'll update where exactly that will be used at our June conference, but certainly some of that money is going to go towards the 30-by-30 initiative that we already announced earlier last week.

是的，格雷格，我們說過，我們有 50 億到 70 億美元，對吧。我們斥資 10 億美元收購了 Trans Bay。所以我們把它取消了，稱之為 40 億到 60 億美元。我們也可能為 FPL 預留另外 20 億美元的資本支出機會。我們將在 6 月的會議上更新這些資金的具體用途，但其中一部分資金肯定會用於我們上週早些時候宣布的「30-by-30」計劃。

We now will go to Michael Lapides of Goldman Sachs.

現在我們請高盛的麥可‧拉皮德斯發言。

Obviously, Armando, congrats on your announcement and to the rest of the team, to John and Rebecca as well, great to see people move around and get new opportunities. One question about Florida, ballot initiative that is being pushed right now. Can you just talk about what is actually in that ballot initiative? What it would mean if it were to garner the votes and what's the process from here?

顯然，阿曼多，恭喜你的宣布，也祝賀團隊的其他成員，還有約翰和麗貝卡，很高興看到人們四處走動並獲得新的機會。一個關於佛羅裡達州目前正在推動的投票倡議的問題。您能談談該投票倡議的具體內容嗎？如果它獲得選票意味著什麼以及接下來的流程是怎樣的？

Yes. I'm going to turn that question over to Eric.

是的。我要把這個問題轉交給艾瑞克。

Yes. The ballot initiative, it's being framed it's about helping Florida customers, but it's not about that at all. When you look at it, it's really about furthering the business interests of a few folks, including a retail electric provider that's located and based out of Gainesville, that markets power currently outside of Florida. This is a group, they have tried unsuccessfully to get this proposal in front of voters through the Constitution Revision Commission and also through the -- unsuccessfully they've tried through legislation in Tallahassee. Their efforts have been unsuccessful in the past because, frankly, Florida's regulated electricity market works really well. It's our -- when you look at the state, the power prices are among the lowest in the nation with electricity that's among the cleanest and most reliable in the country. As an example, Florida Power & Light offers our customers' bills that are more than 30% lower than the national average, lower than bills in 45 states. And as John said earlier, we're just recognized third time in four years as the most reliable electric provider in the country which, as you could appreciate, in a state like this is important when our customers need us most particularly during times of storms and hurricanes. So plain and simply it's a proposal that it just -- it actually will lead to increases in electric rates across the state, reduce reliability, particularly during periods of storms, hurricanes, things of that nature, and I think it's going to compromise the clean energy goals that have been announced, including the one we just did on FPL's 30-by-30 initiative, as the unregulated power producers would -- they would have no restrictions on the type of generation that they would build. Also, I think it's important to understand on these type of things that consumer protections are removed. You'll no longer have Florida Public Service Commission role in determining what rates are. They would no longer be viewed as being just and reasonable, if that's the standard, it would go out the window, and that's going to impact reliability as well. The ability of the customers -- this language would actually prohibit customers from being able to buy power from the existing utilities, so Florida Power & Light customers would not be able to continue to be customers of Florida Power & Light. There are some other areas too that I think there could be a lot of focus on, including the fact that franchise fees, which we collect and pay to municipalities across the state would be eliminated. And that is a significant amount of revenue that would no longer be available to pay for things like first responders, firefighters, police, hospital employees of these municipalities that everybody counts on. Even if you look at it now, Attorney Generals in a number of other states have called for the end of deregulation due to all the consumer complaints and the deceptive trade practices. So there are a lot of reasons why these proposals have failed across the country since, frankly, the early 2000s. You look at, including even recently in Nevada, where it failed. There's -- when you look at other states that look at this, a lot of them backed away, particularly after the California crisis, when Enron moved into California to take advantage of their so-called market-based model, which was ultimately the catalyst for that crisis, and helped contributing to state having some of the highest power prices in the country. So I don't think it's by accident that there hasn't been a state that's passed deregulation since the California power crisis which occurred now nearly 20 years ago. So there's a number of hurdles, to answer your question that have to be cleared for this proposal to go forward, to be placed on the ballot. We're going to be very actively engaged, we're going to be educating Floridians on the true motives of the special interest groups, and we're going to also spend a lot of time educating folks on the significant negative impacts that this failed idea would have on the state and on their pocketbooks.

是的。這項投票倡議的目的原本是幫助佛羅裡達州的客戶，但事實並非如此。如果你看一下，你會發現這實際上是為了促進少數人的商業利益，其中包括一家位於蓋恩斯維爾的零售電力供應商，該公司目前在佛羅裡達州以外銷售電力。這個團體曾試圖透過憲法修訂委員會將該提案提交給選民，但他們也曾嘗試通過塔拉哈西的立法，但沒有成功。他們過去的努力沒有成功，因為坦白說，佛羅裡達州的受監管電力市場運作良好。就我們這個州而言，我們的電價是全國最低的，而且電力也是全國最乾淨、最可靠的。例如，佛羅裡達電力與照明公司為我們的客戶提供的帳單比全國平均低 30% 以上，低於 45 個州的帳單。正如約翰之前所說，我們在四年內第三次被評為全國最可靠的電力供應商，正如你所理解的，在這樣的州，當我們的客戶最需要我們時，尤其是在暴風雨和颶風期間，這一點非常重要。所以簡單來說，這是一項提議——它實際上會導致全州電價上漲，降低可靠性，特別是在暴風雨、颶風等自然災害期間，我認為這將損害已經宣布的清潔能源目標，包括我們剛剛在 FPL 的 30-by-30 計劃中實現的目標，因為不受監管的電力生產商將不會對他們建造的發電類型有任何限制。此外，我認為重要的是要了解在這類事情上消費者保護措施被取消的情況。佛羅裡達州公共服務委員會將不再負責確定費率。他們將不再被視為公正和合理，如果這是標準，那麼它就會消失，這也會影響可靠性。客戶的能力－這種語言實際上會禁止客戶從現有公用事業公司購買電力，因此佛羅裡達電力與照明公司的客戶將無法繼續成為佛羅裡達電力與照明公司的客戶。我認為還有其他一些領域也值得關注，包括取消我們向全州各市政當局收取並支付的特許經營費。這筆巨額收入將不再用於支付急救人員、消防員、警察、醫院工作人員等人們所依賴的市政人員的費用。即使現在來看，由於消費者投訴和欺騙性貿易行為，許多其他州的司法部長也呼籲結束放鬆管制。坦白說，自 21 世紀初以來，這些提議在全國範圍內失敗的原因有很多。你看，包括最近在內華達州，它都失敗了。如果你看看其他州對此的看法，你會發現很多州都退縮了，特別是在加州危機之後，安然公司進入加州，利用他們所謂的市場模式，這最終成為那場危機的催化劑，並導致該州的電價在全國名列前茅。因此，我認為，自從近 20 年前發生加州電力危機以來，沒有一個州通過放鬆管制並非偶然。因此，回答您的問題，要使這項提案能夠繼續推進並進入投票程序，必須掃除許多障礙。我們將積極參與，我們將讓佛羅裡達人民了解特殊利益團體的真實動機，我們也將花費大量時間讓大家了解這個失敗想法將對佛羅裡達州和他們的錢包造成的重大負面影響。

I have one other for either Jim, John or Armando. And this is more longer term. When you're watching what's happening in California with PG&E, with Edison International or SoCal Ed and put California in the context of being the nation's largest renewable market and with the most aggressive renewable target, how do you think this impacts the broader U.S. development of renewables, if one of the largest markets is going through some turmoil? And how do you think about that kind of longer term?

我還有另一份給 Jim、John 或 Armando。這是更為長期的。當您觀察加州 PG&E、愛迪生國際或南加州愛迪生公司的情況，並將加州置於全美最大的可再生能源市場和最積極的可再生能源目標的背景下時，您認為如果最大的市場之一正在經歷一些動盪，這會對美國可再生能源的更廣泛發展產生什麼影響？您如何看待這種長期戰略？

Great question, Michael. I think one of -- the first thing I would say is, California has some very aggressive renewable targets and some very aggressive climate change goals. The turmoil around the credit of the most important counter-parties in the state is, to say the least, is not conducive to continued capital investment to continue to further those goals. And so I think it's from an energy policy standpoint in the State of California, it's going to be very important for the state to recognize that and to recognize that there's been significant capital investment by companies from around the world to make that happen and to the extent that, that investment is somehow diminished by these credit issues. I think that's going to have a real impact on their market going forward. And I think the state understands that. And it's one of the elements of the things that they are grappling with now as they deal with the fallout from the tragic fires as well as some of the other issues that they've been facing. So the good news from a market standpoint is, California was obviously the biggest market in the country 10 years ago in the renewable business, it isn't anymore. It's an important market, but it's no longer the most important market in the country. And with the cost declines in renewables, nearly every state in the country is in the -- we have an opportunity to do business in. I mean, we have -- my last count, we have development going on in 48 states right now. We don't have operating projects in 48 states, but we have development going on in 48 states. So while I think it's very important for the state to address these issues from a climate change standpoint going forward, I think the renewable market is going to be robust going forward because it has just gotten so big, and the cost declines have expanded the market to such a dramatic fashion.

很好的問題，麥可。我認為——首先我想說的是，加州有一些非常積極的可再生能源目標和一些非常積極的氣候變遷目標。至少可以說，圍繞國家最重要交易對手的信用動盪不利於繼續進行資本投資以進一步實現這些目標。因此，我認為從加州的能源政策角度來看，認識到這一點非常重要，並認識到來自世界各地的公司已經投入了大量的資本來實現這一目標，而這些投資在某種程度上由於這些信貸問題而減少了。我認為這將對他們未來的市場產生真正的影響。我認為國家明白這一點。這是他們目前正在努力解決的問題之一，因為他們要處理悲劇火災的後果以及他們面臨的其他一些問題。因此，從市場角度來看，好消息是，加州顯然是 10 年前美國再生能源產業最大的市場，但現在不再是了。這是一個重要的市場，但它不再是該國最重要的市場。隨著再生能源成本的下降，幾乎全國每個州都有機會開展業務。我的意思是，根據我最近的統計，目前有 48 個州正在進行開發。我們在 48 個州沒有營運項目，但我們在 48 個州有開發項目正在進行。因此，雖然我認為國家從氣候變遷的角度解決這些問題非常重要，但我認為再生能源市場未來將會保持強勁，因為它已經變得如此之大，而且成本下降已經使市場擴張到如此顯著的程度。

And with that we'll go now to Jonathan Arnold of Deutsche Bank.

現在我們來談談德意志銀行的喬納森·阿諾德。

Quick question. This is how I think about your -- you talked about managing through other situations at NEP in context of the growth rate. So as we think about things you might do that would fall under that header, you mentioned pushing to have the cash released. I guess, you could drop down on other assets more quickly. You could let the dividend drift down in the range and still be within 12% to 15%. Is there anything else I'm missing, and which of those kind of alternatives would you either be planning to use or not use?

快速提問。這就是我對您的看法——您談到了在成長率的背景下管理 NEP 的其他情況。因此，當我們考慮您可能會做的事情並屬於該標題時，您提到推動釋放現金。我想，你可以更快放棄其他資產。您可以讓股息在範圍內下降，但仍在 12% 至 15% 之間。我還遺漏了什麼嗎？您打算使用或不使用哪種替代方案？

I think I'll go first of all back to the prior -- one of the prior questions about are there other attractive financing vehicles available. One, yes. We think there are. But two, even if we had the finance additional drops to meet our financial expectations with existing debt capacity that we have, we can do that. We're fine. And so really the way I would answer that question is that obviously we'll vigorously try to put -- to negotiate something with the holders that would allow us to, and the DOE, don't forget the DOE, is in all of -- is in these projects, that would allow us to free up the cash, we can't do that. We have debt capacity, plenty of debt capacity at NEP. Energy Resources is coming off the best development year in its history. We have very clear visibility to growth prospects going forward. And there are many levers in the vehicle. So we are comfortable in our ability to manage through even a worst case scenario, which would be where the cash is trapped until a final call is made on the contracts.

我想我首先要回到之前的問題——是否有其他有吸引力的融資工具可用。一，是的。我們認為有。但是第二，即使我們有額外的資金來滿足我們現有的債務能力的財務預期，我們也可以做到這一點。我們很好。因此，我真正要回答這個問題的方式是，顯然我們會積極嘗試與持有者進行談判，以便我們能夠釋放現金，而能源部，別忘了能源部，參與了所有這些項目，我們不能這樣做。我們有債務能力，NEP 有足夠的債務能力。能源資源公司正經歷史上最好的發展年。我們對未來的成長前景有著非常清晰的認知。而且車輛上有很多槓桿。因此，我們有能力應對即使是最壞的情況，也就是現金被困住，直到合約做出最終決定。

Okay, but John, I think to be clear, you said in some of them the cash is trapped just by virtue of PG&E saying that it may file, is that correct?

好的，但是約翰，我想說清楚一點，你說在其中一些案例中，現金被困住了，僅僅是因為 PG&E 說它可能會提交申請，對嗎？

Yes, not to get into the technicalities but one of the financings has a provision that basically just says if there is corporate action taken in furtherance of a bankruptcy, which our lawyers view the filing of the 8-K to be that, that would constitute -- potentially constitute an event of default.

是的，不想涉及技術細節，但其中一項融資有一項條款，基本上就是說，如果公司採取進一步破產的行動，我們的律師認為提交 8-K 表就是這樣做的，這將構成——可能構成違約事件。

So that was just on one of them.

這只是其中之一。

That's on the Genesis financing. It's on some of the other NEE financing, but the NEE financings are small, it's a series of four or five projects that don't have any meaningful contribution or earnings at NEE.

這是關於 Genesis 融資的內容。這是一些其他 NEE 融資，但 NEE 融資規模較小，是由四到五個項目組成的系列，對 NEE 沒有任何有意義的貢獻或收益。

So there would be sort of a judgment as to what would definitively constitute that not occurring, presumably.

因此，大概會有一種判斷，來明確什麼情況才算沒有發生這種情況。

Yes. I mean, if it doesn't happen then I think it's back to business as usual.

是的。我的意思是，如果沒有發生這種情況，那麼我認為一切都會恢復正常。

Jonathan, let me just add -- just let me add something. Obviously I think it's appropriate to focus on the PG&E assets and the cash flows, but we still have both at NextEra Energy Resources and at NextEra Energy Partners, we still have a lot of projects that are not PG&E as Southern California Edison Projects that have significant cash flows. And there are still many parties that are interested in attractive financings, attractive for us, and presumably for them that we're talking to. And it's not necessarily about what's the risk of PG&E in Southern California Edison, it's about what, hey, what other assets are available for us to be able to enter into those types of financing. So I think, while it's appropriate to have some focus on what's going on with PG&E we got to remember that NextEra Energy Resources has had its -- we had 6,600 megawatts of origination this year, which is a record year and that's twice the amount we had last year, which was a record year. And I got to tell you, we feel, at least internally, very comfortable. As John said, that even if these PG&E cash flows are tied up in these debt financings that we can meet our current expectations. And one of the reasons that we feel that way is because we're talking to the market, and two, origination is going very well in Energy Resources.

喬納森，讓我補充一點——讓我補充一點。顯然，我認為專注於 PG&E 資產和現金流是合適的，但在 NextEra Energy Resources 和 NextEra Energy Partners，我們仍然有很多不是 PG&E 的項目，例如南加州愛迪生項目，它們擁有大量現金流。而且，仍有許多各方對有吸引力的融資感興趣，這對我們很有吸引力，想必對他們來說也是如此，我們正在與他們進行談判。這不一定關乎南加州愛迪生公司的 PG&E 風險有多大，而是關乎我們還有哪些資產可以用來進行此類融資。因此我認為，雖然我們應該關注 PG&E 的情況，但也要記住，NextEra Energy Resources 今年的發電量為 6,600 兆瓦，創下了歷史新高，是去年發電量的兩倍，而去年也是創下了歷史新高。我必須告訴你們，我們至少從內心來說感覺非常舒服。正如約翰所說，即使這些 PG&E 現金流與這些債務融資掛鉤，我們也能滿足當前的預期。我們有這種感覺的原因之一是我們正在與市場對話，其次，能源資源領域的起源進展非常順利。

Could I just -- one other thing, with the Gulf and Florida acquisitions having closed sooner, I think, than maybe you thought, is there -- but you're not talking of any accretion in '19 that would just sort of help us understand the bump in '20, what's driving that? And why nothing there yet?

我可以再說一件事，我認為海灣石油和佛羅裡達石油的收購比你想像的要早完成，但你所說的並不是 2019 年的增長，這是否有助於我們理解 2020 年的增長，是什麼推動了這一增長？但為什麼那裡還沒有任何東西？

So Jonathan, obviously, we got it done a little earlier than we thought, but we also always assume we would have some cost to achieve this year to get there. So we're being conservative as we always are. And we feel very good about our plans at Gulf. And you can bet I am pushing the team very hard to get things done even faster than we've laid out. And so I'm really optimistic about the future for Gulf in this company, and in our ability to bring real value to their customer and real value to shareholders. So very excited about it. We'll have more to talk about it in June. But remember we don't have any cost to achieve in any of these numbers in '19.

所以喬納森，顯然，我們比我們想像的要早一點完成，但我們也一直認為今年我們需要付出一些成本才能實現這一目標。因此我們一如既往地保持保守。我們對海灣石油的計劃感到非常滿意。而且你可以肯定，我正在盡力督促團隊以比我們計劃更快的速度完成任務。因此，我對海灣石油在這家公司的未來以及我們為客戶和股東帶來真正價值的能力感到非常樂觀。我對此感到非常興奮。我們將在六月就此進行更多討論。但請記住，我們在 19 年實現這些數字不需要付出任何成本。

And with that ladies and gentlemen, that does conclude today's conference. We want to thank you, again, for attending today's presentation.

女士們、先生們，今天的會議到此結束。我們再次感謝您參加今天的演講。