新世紀能源 (NEE) 2019 Q4 法說會逐字稿

Good morning, everyone, and welcome to the NextEra Energy and NextEra Energy Partners Conference Call. (Operator Instructions) Please also note, today's event is being recorded. And at this time, I'd like to turn the conference call over to Mr. Matt Roskot, Director of Investor Relations. Sir, please go ahead.

大家早安，歡迎參加 NextEra Energy 和 NextEra Energy Partners 電話會議。（操作員指示）另請注意，今天的活動正在被記錄。現在，我想將電話會議交給投資者關係總監馬特·羅斯科特先生。先生，請繼續。

Thank you, Jamie. Good morning, everyone. Thank you for joining our fourth quarter and full year 2019 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; Rebecca Kujawa, Executive Vice President and Chief Financial Officer of NextEra Energy; John Ketchum, 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.

謝謝你，傑米。大家早安。感謝您參加 NextEra Energy 和 NextEra Energy Partners 2019 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 Rebecca Kujawa、NextEra Energy Resources 總裁兼執行長 John Ketchum 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。

Jim will provide some opening remarks, and we'll then turn the call over to Rebecca for a review of our fourth quarter and full year results. Our executive team will then be available to answer your questions.

吉姆將發表一些開場白，然後我們將把電話轉給麗貝卡，讓她回顧我們的第四季度和全年業績。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 and 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 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，這些預期和假設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以及在本次電話會議中隨附演示文稿的風險因素部分中發表的評論，以及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 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. With that, I will turn the call over to Jim.

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。說完這些，我會把電話轉給吉姆。

Thank you, Matt, and good morning, everyone. 2019 was a terrific year for both NextEra Energy and NextEra Energy Partners. NextEra Energy's performance was strong, both financially and operationally, and we had outstanding execution on our initiatives to continue to drive future growth across the company. By successfully executing on our plans, NextEra Energy extended its long track record of delivering value for shareholders with adjusted earnings per share of $8.37, up 8.7% from 2018. Over the past 15 years, we've now delivered compound annual growth and adjusted EPS of nearly 8.5%, which is the highest among all top 10 power companies who have achieved, on average, compound annual growth of less than 4% over the same period, and that's the significant growth. The company has maintained one of the strongest balance sheets and credit positions in the industry.

謝謝你，馬特，大家早安。2019 年對 NextEra Energy 和 NextEra Energy Partners 來說都是豐收的一年。NextEra Energy 的財務和營運表現都很強勁，我們出色地執行了各項計劃，繼續推動整個公司的未來成長。透過成功執行我們的計劃，NextEra Energy 延續了為股東創造價值的長期記錄，調整後每股收益為 8.37 美元，較 2018 年增長 8.7%。在過去的 15 年裡，我們實現了年複合成長率和調整後每股收益近 8.5%，在同期平均年複合成長率不到 4% 的所有十大電力公司中，這一成長率是最高的，而且是顯著的成長。該公司一直保持著業內最強勁的資產負債表和信用狀況之一。

In 2019, we delivered a total shareholder return of approximately 43%, significantly outperforming both S&P 500 and the S&P 500 Utilities Index and continuing to outperform both indices in terms of total shareholder return on a 1-, 3-, 5-, 7- and 10-year basis. Over the past 15 years, we have outperformed all of the other companies in the S&P Utilities Index and 85% of the companies in the S&P 500 while more than tripling the total shareholder return of both indices. Although we are proud of our long-term track record of creating shareholder value, we remain utterly focused on the future and committed to continuing that track record going forward.

2019 年，我們實現了約 43% 的股東總回報率，大幅超越標準普爾 500 指數和標準普爾 500 公用事業指數，並且在 1 年、3 年、5 年、7 年和 10 年期股東總回報率方面繼續超越這兩個指數。在過去的 15 年裡，我們的表現優於標準普爾公用事業指數中的所有其他公司以及標準普爾 500 指數中的 85% 的公司，同時使兩個指數的股東總回報率增長了兩倍多。儘管我們為長期創造股東價值的業績感到自豪，但我們仍然完全著眼於未來，並致力於繼續保持這一業績。

During 2019, FPL successfully executed on its ongoing capital plan, including placing the highly efficient Okeechobee Clean Energy Center and an additional 300 megawatts of cost-effective solar and service on time and on budget. Smart capital investments such as these helped FPL improve its already best-in-class customer value proposition despite customer bills that were already nearly 30% below the national average and among the lowest of all 54 electric providers in the state of Florida. Earlier this month, the typical FPL residential customer bill decreased by nearly $4 or roughly 4%. FPL had continued success with its cost savings initiatives, reducing its already best-in-class dollar per retail megawatt hour nonfuel O&M costs by more than 5% year-over-year. These ongoing cost savings, combined with the flexibility afforded by FPL's current settlement agreement, enabled FPL to avoid a customer surcharge for the roughly $260 million of storm restoration costs related to Hurricane Dorian. In addition to low bills, FPL delivered its best-ever service reliability performance in 2019 and was recognized for the fourth time in 5 years as being the most reliable electric utility in the nation.

2019 年，FPL 成功執行了其正在進行的資本計劃，包括按時按預算安裝高效的奧基喬比清潔能源中心以及額外的 300 兆瓦經濟高效的太陽能和服務。儘管客戶帳單已比全國平均水平低近 30%，並且在佛羅裡達州所有 54 家電力供應商中屬於最低的，但諸如此類的明智資本投資幫助 FPL 提升了其已經一流的客戶價值主張。本月早些時候，典型的 FPL 住宅客戶帳單減少了近 4 美元，約 4%。FPL 的成本節約措施繼續取得成功，其原本就處於同類最佳水平的每兆瓦時非燃料運營和維護成本同比降低了 5% 以上。這些持續的成本節約，加上 FPL 當前和解協議所提供的靈活性，使 FPL 避免了因颶風多里安造成的約 2.6 億美元風暴恢復費用而向客戶收取附加費。除了低廉的帳單外，FPL 在 2019 年還實現了有史以來最好的服務可靠性表現，並在 5 年內第四次被評為全美最可靠的電力公司。

Finally, last quarter, we were pleased that following an extensive and thorough 18-month review, the Nuclear Regulatory Commission granted Turkey Point units 3 and 4, their second 20-year license extensions. These units are the first nuclear power plants in the United States to achieve this milestone, and this decision supports the continued production of clean, zero-emission, reliable and affordable nuclear power in Florida for many years to come.

最後，上個季度，我們很高興地看到，經過 18 個月的廣泛而徹底的審查，核管理委員會批准了土耳其角 3 號和 4 號機組第二次 20 年許可證延期。這些機組是美國首批實現這一里程碑的核電廠，這項決定支持佛羅裡達州在未來許多年繼續生產清潔、零排放、可靠且經濟實惠的核電。

Beyond executing on its strategic initiatives, during 2019, FPL positioned itself well for continued long-term growth. Early in the year, FPL announced its groundbreaking 30-by-30 plan, which is one of the world's largest solar expansions and will result in roughly 10,000 megawatts of incremental solar capacity on FPL solar system -- FPL system. This solar expansion, combined with low-cost battery storage solutions such as the Manatee energy storage center that was announced during 2019, represent the next phase of FPL's generation modernization efforts and are expected to further reduce FPL's CO2 emissions rates, which is already among the lowest in the nation and has declined more than 30% since 2005.

除了執行策略性舉措之外，FPL 在 2019 年還為持續的長期成長做好了準備。今年年初，FPL 宣布了其開創性的 30-by-30 計劃，這是世界上最大的太陽能擴建計劃之一，將為 FPL 太陽能係統（FPL 系統）帶來約 10,000 兆瓦的增量太陽能容量。此次太陽能擴張計劃，加上 2019 年宣布的 Manatee 儲能中心等低成本電池儲能解決方案，代表了 FPL 發電現代化工作的下一階段，預計將進一步降低 FPL 的二氧化碳排放率，該排放率已是全國最低的排放率之一，自 2005 年以來已下降了 30% 以上。

In addition to the terrific progress in generation, during the year, Florida passed the public utility storm protection plans law that allows for cost recovery of storm hardening investments, including undergrounding. This new law supports continued hardening of FPL's already storm-resilient energy grid and allows FPL to pursue these investments in a programmatic manner over the course of decades while deploying billions of dollars of incremental capital for the benefit of customers. We expect the final rules related to the new law to take effect later this quarter and that FPL will seek to begin costs recovery of its storm hardening investments beginning in 2021.

除了發電方面取得的巨大進步外，佛羅裡達州還於年內通過了公共事業風暴防護計畫法，允許收回包括地下化在內的風暴加固投資的成本。這項新法律支持繼續加強 FPL 已經具有抗風暴能力的能源網，並允許 FPL 在未來幾十年內以程式化的方式進行這些投資，同時為客戶利益部署數十億美元的增量資本。我們預計與新法律相關的最終規則將於本季度稍後生效，並且 FPL 將尋求從 2021 年開始收回其風暴加固投資的成本。

With terrific visibility into significant investment programs such as these, we remain as confident as ever about FPL's ability to sustain its long-term growth trajectory while further improving our customers' value proposition.

透過對這些重大投資計畫的深入了解，我們仍然對 FPL 維持長期成長軌跡同時進一步改善客戶價值主張的能力充滿信心。

The Energy Resources team also continued its long track record of strong execution in 2019. The renewables origination success remained particularly strong, with the team adding more than 5,800 megawatts to our backlog over the past year as we continue operating in what we believe to be the best renewables development environment in our history. Our ongoing renewables origination success results from our ability to leverage Energy Resources' competitive advantages, including our best-in-class development skills, large pipeline of sites and interconnection queue positions, strong customer relationships, purchasing power, best-in-class construction expertise, resource assessment capabilities, strong access to and cost of capital advantages and world-class operations capability. More than 50% of the solar megawatts that were added to our backlog in 2019 including -- included a battery storage component, and the current backlog has more than 2,000 megawatts of trifecta projects that combined wind, solar and battery storage together.

能源資源團隊在 2019 年也延續了長期以來強勁執行的記錄。再生能源的起源成功仍然特別強勁，團隊在過去一年中為我們的積壓訂單增加了超過 5,800 兆瓦，我們繼續在我們認為是歷史上最好的再生能源開發環境中運作。我們在再生能源領域的持續成功源於我們能夠利用能源資源的競爭優勢，包括我們一流的開發技能、大量的站點和互連隊列位置、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世界一流的營運能力。2019 年，我們的積壓太陽能兆瓦專案增加了 50% 以上，其中包括電池儲存組件，而目前積壓的三重專案已超過 2,000 兆瓦，這些專案將風能、太陽能和電池儲存結合在一起。

We also increasingly see storage as an important stand-alone business in its own right as we are reviewing a number of opportunities to add storage to our existing solar sites to take advantage of the ITC and enhance the value of our existing projects for customers. This highlights the rapid transition to the next phase of renewables development that pairs low-cost wind and solar energy with a low-cost battery storage solution as well as Energy Resources' unique skills to combine the 3 technologies into integrated, near-firm, low-cost products.

我們也越來越將儲存視為一項重要的獨立業務，因為我們正在審查在現有太陽能站點中增加儲存的多種機會，以利用投資稅收抵免 (ITC) 並提高現有專案對客戶的價值。這凸顯了再生能源發展下一階段的快速過渡，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，以及能源資源公司將這三種技術結合成整合的、近乎堅固的低成本產品的獨特技能。

Energy Resources' significant competitive advantages position it well to capitalize on the enormous disruption that is occurring to the nation's generation fleet. We continue to expect that by the middle of this decade, without incentives, new near-firm wind is going to be a $20 to $30 per megawatt hour product, and new near-firm solar is going to be a $30 to $40 per megawatt hour product. At these prices, new near-firm renewables will be cheaper in the operating costs of most existing coal, nuclear and less efficient oil and gas-fired generation units. We were pleased by the 60% PTC extension that was passed in 2019, and we expect that will support incremental wind demand in 2023 and 2024.

能源資源公司顯著的競爭優勢使其能夠充分利用國家發電機組正在發生的巨大變化。我們繼續預計，到本世紀中葉，如果沒有激勵措施，新的近乎穩定的風電產品價格將達到每兆瓦時 20 至 30 美元，新的近乎穩定的太陽能產品價格將達到每兆瓦時 30 至 40 美元。以這樣的價格，新的接近穩定的再生能源的營運成本將比大多數現有的煤炭、核能以及效率較低的石油和天然氣發電機組的營運成本更低。我們對 2019 年通過的 60% PTC 延期感到高興，我們預計這將支援 2023 年和 2024 年增量風電需求。

Our confidence in renewables being the low-cost generation alternative in the middle of this decade remains stronger than ever. We expect the disruptive nature of renewables to be terrific for customers, terrific for the environment and terrific for shareholders by helping to drive tremendous growth for this company over the next decade.

我們比以往任何時候都更加堅信，再生能源將成為本世紀中期低成本發電的替代方案。我們期望再生能源的顛覆性將為客戶、環境和股東帶來巨大好處，並在未來十年推動該公司實現巨大成長。

Let me now turn to Gulf Power and highlight how we executed in 2019 against some of the long-term objectives that we outlined last year. As we've often discussed, 2 of the key hallmarks of the NextEra Energy playbook are reduced operating costs and using those savings to fund smart capital investments for our customers. After 1 year of ownership, we are well on our way to executing this strategy at Gulf Power.

現在，我來談談海灣電力，並重點介紹我們在 2019 年如何實現去年概述的一些長期目標。正如我們經常討論的那樣，NextEra Energy 策略的兩個主要特點是降低營運成本，並利用節省下來的資金為我們的客戶提供明智的資本投資。擁有海灣電力一年後，我們已順利實施這項策略。

In 2019, we reduced Gulf Power's O&M costs by approximately 20% year-over-year. In addition to lowering costs, we've also identified smart investment opportunities to benefit customers. In 2019, Gulf Power invested approximately $730 million or roughly 2.5x Gulf Power's average capital investment amount over the past 5 years and was able to grow regulatory capital employed at roughly 11% year-over-year.

2019年，我們將海灣電力的營運和維護成本年減了約20%。除了降低成本之外，我們還發現了明智的投資機會，使客戶受益。2019 年，海灣電力投資約 7.3 億美元，約為過去 5 年海灣電力平均資本投資額的 2.5 倍，且監理資本使用量年增約 11%。

Beyond realizing operating efficiencies and deploying smart capital, in the past year, Gulf Power was able to meaningfully improve its customer value proposition. Gulf Power achieved its best-ever service reliability year, which was approximately 20% better than its 2018 results. Customer service was also better with notable improvements in speed of answer in Florida Public Service Commission complaints. There's nothing more important in our company than the safety of our employees. We made significant improvements in this area in 2019 as well, with an approximately 40% reduction in our OSHA rate at Gulf Power versus 2018.

除了實現營運效率和部署智慧資本之外，在過去的一年裡，海灣電力還能夠顯著改善其客戶價值主張。海灣電力公司實現了有史以來最好的服務可靠性年度，比 2018 年的業績高出約 20%。客戶服務也得到了改善，佛羅裡達州公共服務委員會投訴的答覆速度明顯提高。在我們公司，沒有什麼比員工的安全更重要。2019 年，我們在這一領域也取得了重大進展，與 2018 年相比，海灣電力公司的 OSHA 率降低了約 40%。

As the major capital investments that we advanced during 2019 came into -- come into service in 2020 and beyond, they will help achieve the other key objectives that we have outlined at Gulf Power, such as meaningful emissions reductions and perhaps, most importantly, a significant reduction in customer bills in real terms.

隨著我們在 2019 年推進的重大資本投資在 2020 年及以後投入使用，它們將有助於實現我們在海灣電力公司概述的其他關鍵目標，例如大幅減少排放，或許最重要的是，大幅降低客戶實際帳單。

In addition to creating tremendous customer value, we expect that execution of the plans we laid out at Gulf Power will also generate great outcomes for our shareholders as well. In our first year of ownership, Gulf Power's adjusted earnings increased by 25% year-over-year. This outcome was even better than our plan at the start of the year and positions us well to deliver on the financial growth objectives that we outlined when we announced the acquisition. This high level of performance across the board would not have been possible without the hard work and commitment of all Gulf Power employees. While we are pleased with the results that we've achieved at Gulf Power during 2019, we remain focused on the significant execution ahead of us here to deliver even greater value to our customers and our shareholders.

除了創造巨大的客戶價值之外，我們還期望海灣電力製定的計劃的執行也將為我們的股東帶來豐厚的回報。在我們擁有海灣電力的第一年，其調整後收益年增了 25%。這一結果甚至比我們年初的計劃還要好，使我們能夠實現宣布收購時提出的財務成長目標。如果沒有全體海灣電力員工的辛勤工作和奉獻，就不可能實現如此高水準的全面業績。雖然我們對海灣電力在 2019 年取得的成果感到滿意，但我們仍然專注於未來的重要執行，以便為我們的客戶和股東創造更大的價值。

Finally, we were once again honored to be named, for the 13th time in 14 years, #1 in the electric and gas utilities industry on Fortune's list of most admired companies as well as ranked among the top 10 companies worldwide across all industries for social responsibility. During 2019 alone, NextEra Energy made approximately $13 billion in capital investments in American energy infrastructure, making us one of the top capital investors in the U.S. in any industry. None of these recognitions, nor our track record of success, would be possible without the hard work and commitment to excellence of our people who live our core value of doing the right thing every day.

最後，我們再次榮幸地被《財富》雜誌評選為最受尊敬公司，在 14 年內第 13 次位列電力和天然氣公用事業行業第一名，並躋身全球各行業社會責任十大公司之列。光是在 2019 年，NextEra Energy 就對美國能源基礎設施進行了約 130 億美元的資本投資，使我們成為美國各行業的頂級資本投資者之一。如果沒有我們員工的辛勤工作和對卓越的承諾，以及他們每天實踐我們的核心價值“做正確的事情”，這些認可和我們的成功記錄就不可能實現。

In the last year, there has been an increasing focus on ESG on the part of many of our stakeholders. The fact is our company has been focused on all of the elements of ESG for more than 25 years. We are proud of our track record here, but there is still so much more to do as a country to decarbonize the electric transportation and industrial sectors. NextEra Energy is living proof that you can be clean and low cost and financially successful all at the same time. We will be at the vanguard of building a sustainable energy era that is both clean and affordable, and we are driving very hard to continue to be at the forefront of the disruption that is occurring within the energy sector. We expect that the execution of our strategy will drive meaningful CO2 emissions reductions across the country while simultaneously lowering generation cost for customers, and our continued investments in clean energy will help advance NextEra Energy toward its goal of reducing its CO2 emissions rate by 67% by 2025 from a 2005 baseline.

在過去的一年裡，我們的許多利害關係人越來越關注 ESG。事實上，我們公司 25 年來一直專注於 ESG 的所有要素。我們為我們在這裡取得的成績感到自豪，但作為一個國家，在實現電力運輸和工業部門脫碳方面還有很多工作要做。NextEra Energy 就是活生生的證明，證明您可以同時實現清潔、低成本和財務上的成功。我們將站在建立一個清潔且經濟實惠的永續能源時代的先鋒，並竭盡全力繼續站在能源領域變革的前沿。我們期望，我們策略的實施將推動全國範圍內二氧化碳排放量的大幅減少，同時降低客戶的發電成本，而我們對清潔能源的持續投資將有助於 NextEra Energy 實現其目標，即到 2025 年將二氧化碳排放量在 2005 年基礎上降低 67%。

In summary, I continue to remain as enthusiastic as ever about NextEra Energy's long-term growth prospects. In 2019, we extended our long-term track record of executing for the benefit of customers and shareholders and further developed our best-in-class organic growth prospects.

總而言之，我對 NextEra Energy 的長期成長前景仍然充滿熱情。2019年，我們延續了長期以來為客戶和股東謀福利的良好業績，並進一步拓展了我們一流的有機成長前景。

Based on the strength and diversity of our underlying businesses, I will be disappointed if we're not able to deliver financial results at or near the top end of our adjusted earnings per share expectation ranges in 2020, 2021 and 2022 while, at the same time, maintaining our strong credit ratings. We remain intensely focused on execution and continuing to drive shareholder value over the coming years.

基於我們基礎業務的實力和多樣性，如果我們無法在 2020 年、2021 年和 2022 年實現達到或接近調整後每股收益預期範圍上限的財務業績，同時保持強勁的信用評級，我將感到失望。我們將繼續高度重視執行，並在未來幾年繼續推動股東價值。

Let me now turn to NextEra Energy Partners, which also had a terrific year of execution in 2019. In the more than 5 years since the IPO, NextEra Energy Partners has consistently delivered on its commitments. That history of execution is supported by NextEra Energy Partners' outstanding portfolio of clean energy assets, which grew significantly and was further diversified in 2019. During the year, NextEra Energy Partners acquired a portfolio of more than 600 megawatts of wind and solar assets from Energy Resources. Additionally, during the fourth quarter, NextEra Energy Partners closed on the acquisition of Meade Pipeline Co, which owns an approximately 40% aggregate interest in Central Penn Line, an intrastate natural gas pipeline in Pennsylvania that is backed by a minimum 14-year contract with a high credit quality customer and no volumetric risk.

現在讓我來談談 NextEra Energy Partners，該公司在 2019 年的執行情況也非常出色。自 IPO 以來的五年多時間裡，NextEra Energy Partners 始終如一地履行其承諾。這項執行歷史得到了 NextEra Energy Partners 出色的清潔能源資產組合的支持，該資產組合在 2019 年大幅增長並進一步多樣化。今年，NextEra Energy Partners 從 Energy Resources 收購了超過 600 兆瓦的風能和太陽能資產組合。此外，在第四季度，NextEra Energy Partners 完成了對 Meade Pipeline Co 的收購，後者擁有 Central Penn Line 約 40% 的總權益，Central Penn Line 是賓夕法尼亞州的一條州內天然氣管道，由一份至少為期 14 年的合約支持，該合約擁有高信用品質的客戶，且沒有體積風險。

Finally, during the year, NextEra Energy Partners advanced an additional organic growth opportunity, announcing the repowering of 275 megawatts of wind projects. We are proud that 2019 is the first year that NextEra Energy Partners successfully executed on all of the 3 ways it can grow: organically, acquiring assets from third parties and acquiring assets from Energy Resources portfolio, highlighting the clear flexibility and visibility into growth going forward.

最後，在這一年中，NextEra Energy Partners 推進了額外的有機成長機會，宣布重新啟動 275 兆瓦的風力發電項目。我們很自豪，2019 年是 NextEra Energy Partners 成功實現所有三種成長方式的第一年：有機成長、從第三方收購資產以及從能源資源組合中收購資產，凸顯了未來成長的明顯靈活性和可見性。

To support the ongoing growth investments and optimize the capital structure for the benefit of LP unitholders, NextEra Energy Partners completed a number of financings and refinancings in 2019 as well. At the start of the year, Nextera Energy Partners faced headwinds related to the PG&E bankruptcy. The team immediately focused on managing and mitigating the negative impacts of this event, and we ended 2019 having favorably addressed many of the challenges. The Energy Resources portfolio acquisition and associated financing that we announced last March allowed NextEra Energy Partners to complete its original 2019 growth objectives even after excluding PG&E-related project cash flows.

為了支持持續的成長投資並優化資本結構以造福 LP 份額持有人，NextEra Energy Partners 也在 2019 年完成了多項融資和再融資。今年年初，Nextera Energy Partners 面臨 PG&E 破產的阻力。團隊立即集中精力管理和減輕這一事件的負面影響，並在 2019 年結束時順利解決了許多挑戰。我們去年 3 月宣布的能源資源組合收購及相關融資，使得 NextEra Energy Partners 在剔除 PG&E 相關專案現金流後，仍能完成其原定的 2019 年成長目標。

During the year, NextEra Energy Partners also purchased all of the outstanding holding company and operating company notes at our Genesis project. In addition to resulting in an increase in run rate cash available for distribution through the removal of project-level debt service, as a result of the purchase of the debt, NextEra Energy Partners received approximately $128 million of distributions that had been or were expected to be restricted at the project. The release of this cash was used to partially fund the debt repurchase. I remain confident about a long-term favorable resolution for our PG&E-related assets.

今年，NextEra Energy Partners 也購買了我們 Genesis 專案所有未償還的控股公司和營運公司票據。除了透過取消專案級債務服務而導致可供分配的運作現金增加之外，由於購買了債務，NextEra Energy Partners 還獲得了約 1.28 億美元的專案已限製或預計將限制的分配。此次釋放的現金部分用於債務回購。我仍然對我們的 PG&E 相關資產的長期有利解決方案充滿信心。

In addition to growing LP distributions by 15% year-over-year and achieving a run rate adjusted EBITDA range in excess of what was originally expected, NextEra Energy Partners' year-end 2019 run rate cash available for distribution expectations, assuming full contributions from PG&E-related projects, represents approximately 60% growth from the comparable year-end 2018 run rate range. With this strong year-over-year growth in cash available for distribution NextEra Energy Partners expects to be able to achieve its long-term distribution growth expectations without the need for additional asset acquisitions until 2021.

除了 LP 分配同比增長 15% 並實現超出最初預期的調整後 EBITDA 範圍之外，NextEra Energy Partners 2019 年年底可用於分配的運行率現金（假設 PG&E 相關項目的全部貢獻）比 2018 年年底的可比運行率範圍增長了約 60%。由於可供分配現金的同比強勁增長，NextEra Energy Partners 預計在 2021 年之前無需進行額外資產收購即可實現其長期分配成長預期。

As of year-end 2020, we expect to have achieved NextEra Energy Partners' distribution growth objectives while maintaining a trailing 12-month payout ratio in the mid-70s range even after excluding cash distributions from our Desert Sunlight projects.

截至 2020 年底，我們預計已實現 NextEra Energy Partners 的分銷成長目標，同時即使在排除 Desert Sunlight 專案的現金分銷後，也能將過去 12 個月的股息率保持在 70 年代中期的水平。

NEP delivered an attractive total unitholder return of approximately 28% in 2019, further advancing its history of value creation since the IPO. I continue to believe that the combination of NEP's clean energy portfolio, growth visibility and flexibility to finance that growth offer LP unitholders an attractive investor value proposition. As with NextEra Energy, we remain focused on continuing to execute and delivering that unitholder value over the coming years.

NEP 在 2019 年實現了約 28% 的頗具吸引力的總單位持有人回報率，進一步推進了其自 IPO 以來的價值創造歷史。我仍然相信，NEP 的清潔能源組合、成長可見性和為成長提供資金的靈活性相結合，為 LP 單位持有者提供了有吸引力的投資者價值主張。與 NextEra Energy 一樣，我們仍將專注於在未來幾年繼續執行並實現單位持有人價值。

I'll now turn the call over to Rebecca, who will review the 2019 results in more detail.

現在我將電話轉給麗貝卡，她將更詳細地回顧 2019 年的結果。

Thank you, Jim, and good morning, everyone. Let's now turn to the detailed results, beginning with FPL. For the fourth quarter of 2019, FPL reported net income of $400 million or $0.81 per share, down $0.04 per share year-over-year. For the full year 2019, FPL reported net income of $2.33 billion or $4.81 per share, an increase of $0.26 per share versus 2018. Regulatory capital employed increased by approximately 8.3% for 2019 and was the principal driver of FPL's net income growth of roughly 8% for the full year.

謝謝你，吉姆，大家早安。現在讓我們來看看詳細的結果，從 FPL 開始。2019 年第四季度，FPL 報告淨收入為 4 億美元，即每股 0.81 美元，年減 0.04 美元。FPL 報告 2019 年全年淨收入為 23.3 億美元，即每股 4.81 美元，較 2018 年每股增加 0.26 美元。2019 年監理資本使用量增加了約 8.3%，是 FPL 全年淨收入成長約 8% 的主要驅動力。

During the fourth quarter, growth from new investments was offset by a number of factors, including a contribution to our charitable foundation that should fund its operations for the next several years. FPL's capital expenditures were approximately $2 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $5.8 billion.

第四季度，新投資的成長被多種因素所抵消，其中包括對我們慈善基金會的捐款，該捐款將為其未來幾年的營運提供資金。FPL 第四季的資本支出約為 20 億美元，使其全年資本投資總額達到約 58 億美元。

FPL's reported ROE for regulatory purposes was 11.6% for the 12 months ending December 31, 2019, which is at the upper end of the allowed band of 9.6% to 11.6% under our current rate agreement.

截至 2019 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 utilized a total of $18 million of reserve amortization, including the approximately $260 million that was utilized to offset Hurricane Dorian storm restoration costs, leaving FPL with a year-end 2019 balance of $893 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 1 additional year and, as a result, expect to file a base rate case in the first quarter of 2021 for new rates that are effective in January of 2022. While we have not made a final decision, based on our review, we expect that the merging of FPL and Gulf Power and making a single rate case filing will result in customer benefits, and we, therefore, see this as a likely approach for the filing at this time.

在第四季度，我們總共使用了 1800 萬美元的準備金攤銷，其中包括用於抵消颶風多利安風暴恢復成本的約 2.6 億美元，這使得 FPL 2019 年年底的餘額為 8.93 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，以便根據當前基準利率和解協議再運行 1 年，因此，預計將在 2021 年第一季針對 2022 年 1 月生效的新利率提交基準利率案例。雖然我們尚未做出最終決定，但根據我們的審查，我們預計 FPL 和 Gulf Power 的合併以及單一費率案件備案將為客戶帶來利益，因此，我們認為這是目前備案的一種可能方式。

All of our major capital projects at FPL are progressing well. The 10 solar sites, totaling nearly 750 megawatts of combined capacity that are currently being built across FPL service territory, are all on track and on budget to begin providing cost-effective energy to FPL customers in early 2020. To support the significant solar expansion that FPL is leading across Florida, we have secured sites that could support 10 gigawatts of future projects.

FPL 的所有主要資本項目都進展順利。目前正在 FPL 服務區域內建造的 10 個太陽能發電場，總容量接近 750 兆瓦，全部按計劃和預算進行，將於 2020 年初開始為 FPL 客戶提供具有成本效益的能源。為了支持 FPL 在佛羅裡達州主導的大規模太陽能擴張，我們已經獲得了可以支持未來 10 千兆瓦計畫的場地。

Earlier this month, Florida Public Service Commission held hearings on FPL's proposed solar ticker program. We continue to expect a decision about the proposed program at the end of the first quarter. Beyond solar, construction on the highly efficient roughly 1,200 megawatt Dania Beach Clean Energy Center remains on schedule and on budget as it continues to advance towards its projected commercial operations date in 2022. We continue to expect that FPL's ongoing smart investment opportunities will support a compound annual growth rate of regulatory capital employed of approximately 9% from 2018 through 2022 while further enhancing our best-in-class customer value proposition.

本月初，佛羅裡達州公共服務委員會就 FPL 提出的太陽能股票行情計畫舉行了聽證會。我們仍然期待在第一季末對擬議的計劃做出決定。除了太陽能之外，高效的約 1,200 兆瓦的達尼亞海灘清潔能源中心的建設仍在按計劃和預算進行，並繼續朝著預計的 2022 年商業運營日期前進。我們繼續預計，FPL 持續的智慧投資機會將支持 2018 年至 2022 年期間監管資本的複合年增長率約為 9%，同時進一步增強我們一流的客戶價值主張。

Let me now turn to Gulf Power, which reported fourth quarter 2019 GAAP and adjusted earnings of $23 million and $26 million, respectively, or $0.05 per share. For the full year, Gulf Power reported GAAP earnings of $180 million or $0.37 per share and adjusted earnings of $200 million or $0.41 per share. As a reminder, during the first 12 months following the closing of the acquisition, we excluded onetime acquisition integration costs from adjusted earnings. Additionally, interest expense to finance the acquisition is reflected in Corporate and Other.

現在讓我來談談海灣電力公司，該公司報告 2019 年第四季的 GAAP 和調整後收益分別為 2,300 萬美元和 2,600 萬美元，即每股 0.05 美元。海灣電力公司報告的全年 GAAP 收益為 1.8 億美元或每股 0.37 美元，調整後收益為 2 億美元或每股 0.41 美元。提醒一下，在收購完成後的前 12 個月內，我們將一次性收購整合成本排除在調整後的收益之外。此外，為收購提供資金的利息支出反映在「公司及其他」部分。

Gulf Power's reported ROE for regulatory purposes will be approximately 10.8% for the 12 months ending December 2019, which is in the upper half of the allowed band of 9.25% to 11.25% under its current rate agreement. For the full year 2020, we expect to target a regulatory ROE near the upper end of this allowed band, assuming normal weather and operating conditions.

海灣電力公司報告的監管目的的 ROE 在截至 2019 年 12 月的 12 個月內約為 10.8%，處於當前利率協議允許區間 9.25% 至 11.25% 的上半部分。對於 2020 年全年而言，假設天氣和營運條件正常，我們預計監管 ROE 將接近該允許區間的上限。

As Jim discussed, the overall execution of Gulf Power's capital program is advancing well. Gulf Power's first solar development project, the roughly 75-megawatt Blue Indigo Solar Energy Center, is expected to go into service later this quarter and generate significant customer savings over its lifetime. All of the other major capital investments, including the North Florida Resiliency Connection and the Plant Crist coal-to-natural gas conversion, continue to remain on track.

正如吉姆所討論的，海灣電力資本計畫的整體執行進展順利。海灣電力公司的第一個太陽能開發項目是發電量約為 75 兆瓦的藍靛太陽能中心，預計將於本季度稍後投入使用，並在整個生命週期內為客戶節省大量成本。所有其他主要資本投資，包括北佛羅裡達彈性連接和克里斯特電廠煤轉天然氣項目，都繼續保持正常進行。

The Florida economy remains healthy as Florida's population continues to grow at one of the fastest rates in the nation. According to recent IRS data, Florida attracted a net gain of roughly $16 billion in personal taxable income in 2018, by far, the highest of any state in the country and the fastest rate of growth as well, which is a reflection of the attraction of Florida's low tax pro business policies.

佛羅裡達州的人口繼續以全國最快的速度成長，因此佛羅裡達州的經濟保持健康。根據美國國稅局的最新數據，佛羅裡達州2018年個人應稅收入淨收益約為160億美元，是迄今為止美國各州中最高的，也是增長最快的，這反映了佛羅裡達州低稅親商政策的吸引力。

Florida's most recent seasonally adjusted unemployment rate was 3.1%, below the national average and at the lowest level in the decade. Florida has now added nearly 2 million private sector jobs over the last 10 years. Leading indicators in the real estate sector have remained at a stable pace, reflecting continued strength of the Florida housing market. Other positive economic data across the state include continued strength in retail taxable sales as well as the consumer confidence index, which remains near 10-year highs.

佛羅裡達州最新經季節性調整的失業率為3.1%，低於全國平均水平，為十年來的最低水平。過去 10 年裡，佛羅裡達州增加了近 200 萬個私部門就業機會。房地產行業的領先指標保持穩定，反映出佛羅裡達州房地產市場的持續強勁。該州其他積極的經濟數據包括零售應稅銷售額持續強勁以及消費者信心指數仍保持在 10 年來的最高點附近。

During the quarter, FPL's average number of customers increased by approximately 100,000 from the comparable prior year quarter driven by continued solid underlying growth and the addition of Vero Beach's roughly 35,000 customers late last year. For 2019, FPL's retail sales increased 1.7% from the prior year driven primarily by a favorable weather comparison. On a weather-normalized basis, FPL's retail sales declined by 0.6% as customer growth was more than offset by a reduction in underlying usage per customer. The decline in underlying usage was a reversal from the trend that FPL experienced in 2018 when underlying usage increased by 1.7%. As we previously noted, usage per customer tends to exhibit significant volatility, which can be more pronounced during periods of particularly strong weather conditions similar to those experienced during 2019, which makes distinguishing between underlying usage changes and weather impacts challenging.

本季度，FPL 的平均客戶數量較去年同期增加了約 10 萬名，這得益於持續穩健的潛在成長以及去年年底 Vero Beach 增加了約 35,000 名客戶。2019 年，FPL 的零售額較上年增長 1.7%，主要原因是天氣狀況良好。以天氣正常化計算，FPL 的零售額下降了 0.6%，因為客戶成長被每位客戶的基本使用量的減少所抵消。基礎使用量的下降與 FPL 在 2018 年經歷的趨勢相反，當時基礎使用量增加了 1.7%。正如我們之前所指出的，每個客戶的使用量往往表現出很大的波動性，這種波動在類似於 2019 年經歷的特別惡劣的天氣條件下會更加明顯，這使得區分潛在的使用量變化和天氣影響變得具有挑戰性。

For Gulf Power, the average number of customers increased slightly versus the comparable prior year quarter as it moves beyond the impact of Hurricane Michael in 2018. For 2019, Gulf Power's retail sales declined slightly due to unfavorable weather and a small decline in underlying usage per customer.

對於海灣電力公司而言，由於擺脫了 2018 年颶風邁克爾的影響，平均客戶數量與去年同期相比略有增加。2019年，由於天氣惡劣以及每位客戶的基本使用量略有下降，海灣電力的零售額略有下降。

Let me now turn to Energy Resources, beginning with the reporting change in our segments. Given the Trans Bay Cable acquisition during 2019, we have reevaluated our operating segments and made a change to reflect the overall scale of our competitive transmission business and the management of these projects within our company. Our reporting for Energy Resources now includes the results of our NextEra Energy's transmission projects formerly reported in Corporate and Other segment. Our 2018 results have been adjusted accordingly for comparison purposes, resulting in increase in Energy Resources' full year 2018 adjusted EPS of $0.09 per share.

現在讓我來談談能源資源，先從我們各部門的報告變化開始。鑑於 2019 年收購了 Trans Bay Cable，我們重新評估了我們的營運部門並做出了改變，以反映我們競爭性傳輸業務的整體規模以及公司內部對這些專案的管理。我們對能源資源的報告現在包括先前在企業和其他部門報告的 NextEra Energy 輸電專案的結果。為了便於比較，我們對 2018 年的業績進行了相應調整，導致能源資源公司 2018 年全年調整後每股收益增加 0.09 美元。

Incorporating the reporting change, Energy Resources reported fourth quarter 2019 GAAP earnings of $433 million or $0.88 per share. Adjusted earnings for the fourth quarter were $326 million or $0.66 per share. Energy Resources' contributions to adjusted earnings per share in the fourth quarter decreased $0.01 versus the prior year comparable period as strong underlying growth from new and existing investments was more than offset by a number of items, including the negative $0.14 adjusted EPS impact of our refinancing activities, which were primarily related to financing breakage costs associated with several wind repowerings as well as Energy Resources' share of costs associated with the acquisition of the outstanding Genesis debt.

納入報告變更後，能源資源公司報告 2019 年第四季 GAAP 收益為 4.33 億美元，即每股 0.88 美元。第四季調整後收益為 3.26 億美元，即每股 0.66 美元。與去年同期相比，能源資源公司第四季度對調整後每股收益的貢獻減少了 0.01 美元，因為新投資和現有投資的強勁增長被許多項目所抵消，包括我們再融資活動對調整後每股收益造成的 0.14 美元的負影響，這主要與幾次風力發電相關的融資違約成本以及能源資源公司在收購未償 Genesis 債務相關的成本份額有關。

As a reminder, while these financing -- refinancing activities created a reduction in fourth quarter adjusted earnings, they are expected to translate to favorable net income contributions in future years and an overall improvement in net present value for our shareholders.

提醒一下，雖然這些融資——再融資活動導致第四季度調整後收益減少，但預計它們將轉化為未來幾年有利的淨收入貢獻，並為我們的股東帶來淨現值的整體改善。

For the full year, Energy Resources reported GAAP earnings of $1.81 billion or $3.72 per share and adjusted earnings of $1.7 billion or $3.49 per share. Energy Resources' full year adjusted earnings per share contribution increased $0.35 or approximately 11% versus 2018. For the full year, growth was driven by continued additions to our renewables portfolio as contributions from new investments increased by $0.55 per share. Contributions from our gas infrastructure business, including existing pipelines, increased by $0.13 versus the prior year. Also contributing favorably were the customer supply and trading business, where contributions increased by $0.05 versus 2018, and NextEra Energy transmission, which increased results $0.04 year-over-year, primarily as a result of the Trans Bay Cable acquisition that closed in the middle of 2019. These favorable results were partially offset by higher interest expense, reflecting the negative $0.14 adjusted EPS impact in the fourth quarter refinancing activities as well as growth in the business and lower contributions from the existing generation assets. In 2019, wind resource was 96% of the long-term average, down from 97% a year earlier. Additional details are shown on the accompanying slide.

能源資源公司報告的全年 GAAP 收益為 18.1 億美元或每股 3.72 美元，調整後收益為 17 億美元或每股 3.49 美元。能源資源全年調整後每股收益較 2018 年增加 0.35 美元，約 11%。就全年而言，成長是由我們不斷增加的可再生能源投資組合推動的，因為新投資的貢獻每股增加了 0.55 美元。我們的天然氣基礎設施業務（包括現有管道）的貢獻比去年增加了 0.13 美元。客戶供應和貿易業務也做出了積極貢獻，其貢獻比 2018 年增加了 0.05 美元，NextEra Energy 輸電業務的業績同比增長 0.04 美元，這主要得益於 2019 年中期完成的 Trans Bay Cable 收購。這些有利的結果被更高的利息支出部分抵消，反映了第四季度再融資活動對每股收益造成的 0.14 美元的負影響以及業務增長和現有發電資產貢獻的降低。2019年，風電資源利用率為長期平均的96%，低於上年的97%。更多詳細資訊請參閱隨附的幻燈片。

In 2019, Energy Resources continued to advance its position as the leading developer and operator of wind, solar and battery storage projects, commissioning approximately 2,700 megawatts of renewables projects in the U.S., including repowering. Since call, we -- since the last call, we have added 1,609 megawatts of renewables projects to our backlog, including approximately 500 megawatts of combined new wind and repowering, 700 megawatts of solar and 340 megawatts of battery storage, all of which will be paired with new solar projects.

2019年，能源資源公司繼續鞏固其作為風能、太陽能和電池儲存項目領先開發商和營運商的地位，在美國啟動了約2,700兆瓦的可再生能源項目，包括改造項目。自上次會議以來，我們已在積壓項目中增加了 1,609 兆瓦的可再生能源項目，其中包括約 500 兆瓦的新風能和可再生能源、700 兆瓦的太陽能和 340 兆瓦的電池存儲，所有這些都將與新的太陽能專案配對。

Energy Resources has now placed a total of approximately 3,700 megawatts of repowering projects in service since 2017, which represents approximately 1/3 of its operating wind portfolio as of year-end 2016. We expect that by the end of 2020, more than 60% of Energy Resources' operating wind projects will have been originally commissioned or repowered within the last 5 years, highlighting the young age of the overall fleet and the expected long-date future value creation of the portfolio.

自 2017 年以來，Energy Resources 已投入營運總計約 3,700 兆瓦的再發電項目，約佔其截至 2016 年底營運風電組合的三分之一。我們預計，到 2020 年底，Energy Resources 運營的風電項目中 60% 以上將在過去 5 年內投入使用或重新投入運營，這凸顯了整體風電項目的年輕化以及該投資組合預期的長期未來價值創造。

Following the terrific origination year in 2019 and with nearly 3 years remaining in the period, we are now within the 2019 to 2022 renewables development ranges that we introduced in the middle of last year. For the post '22 -- 2022 period, our backlog is already more than 2,400 megawatts, placing us far 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 2019 年這一出色的起源年之後，目前距離這段時期還有近 3 年的時間，我們目前正處於去年年中推出的 2019 年至 2022 年可再生能源發展範圍內。對於 2022 年至 2022 年後期，我們的積壓訂單已超過 2,400 兆瓦，這使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, as of year-end 2019, the Mountain Valley Pipeline was approximately 90% complete. We have been working with our project partners to resolve all of the outstanding permit issues for the pipeline, and we continue to make good progress on these efforts. We expect that the issues related to MVP's biological opinion and Nationwide 12 permit will be resolved in the spring, allowing construction work along much of the route to resume. We also remain hopeful that the Supreme Court will overturn the Fourth Circuit Court's original decision on Atlantic Coast Pipeline's case related to its Appalachian Trail crossing authorization, resolving similar challenges for MVP. We continue to target a full in-service date for the pipeline during 2020 and an overall project cost estimate of approximately $5.4 billion.

除再生能源外，截至 2019 年底，山谷管道已完成約 90%。我們一直在與專案合作夥伴合作解決管道所有未解決的授權問題，並且我們在這些努力上繼續取得良好進展。我們預計與 MVP 生物學意見和 Nationwide 12 許可證相關的問題將在春季得到解決，使大部分路線的施工工作能夠恢復。我們也仍然希望最高法院能夠推翻第四巡迴法院關於大西洋海岸輸油管公司阿巴拉契亞山道穿越授權案件的原始判決，從而解決 MVP 面臨的類似挑戰。我們繼續將管道全面投入使用日期定為 2020 年，專案總成本預計約為 54 億美元。

Turning now to the consolidated results for NextEra Energy. For the fourth quarter of 2019, GAAP net income attributable to NextEra Energy was $975 million or $1.99 per share. NextEra Energy's fourth quarter adjusted earnings and adjusted EPS were $706 million or $1.44 per share, respectively. For the full year 2019, GAAP net income attributable to NextEra Energy was $3.77 billion or $7.76 per share. Adjusted earnings were $4.06 billion or $8.37 per share.

現在來看看 NextEra Energy 的綜合業績。2019 年第四季度，歸屬於 NextEra Energy 的 GAAP 淨收入為 9.75 億美元，即每股 1.99 美元。NextEra Energy 在第四季度調整後收益和調整後每股收益分別為 7.06 億美元或每股 1.44 美元。2019 年全年，歸屬於 NextEra Energy 的 GAAP 淨收入為 37.7 億美元，即每股 7.76 美元。調整後收益為 40.6 億美元，即每股 8.37 美元。

For the Corporate and Other segment, adjusted earnings for the full year decreased $0.35 per share compared to the 2018 prior comparable period primarily as a result of higher interest expense related to the Gulf Power acquisition financing. NextEra Energy also delivered strong operating cash flow growth, which increased at a faster rate than the adjusted EPS growth rate.

對於企業及其他部門，全年調整後收益與 2018 年同期相比每股減少 0.35 美元，主要原因是與海灣電力收購融資相關的利息支出增加。NextEra Energy 也實現了強勁的經營現金流成長，其成長速度快於調整後的每股盈餘成長率。

As expected, during 2019, we also maintained our strong credit position. Based on the S&P methodology, we estimate that we ended the year at a 22.5% FFO-to-debt level versus our current downgrade threshold of 21%. For Moody's, we expect 2019 CFO preworking capital-to-debt was 19.6% versus our current downgrade threshold of 18%. NextEra Energy's cushion versus our credit metrics reflects the continued strength of our balance sheet and supports the record roughly $14 billion of capital investments that we expect to make in 2020.

正如預期的那樣，2019 年我們也維持了強勁的信用地位。根據標準普爾的方法，我們估計今年年底我們的 FFO 與負債比率為 22.5%，而目前的降級門檻為 21%。對於穆迪，我們預計 2019 年 CFO 工作前資本負債比率為 19.6%，而我們目前的降級門檻為 18%。NextEra Energy 相對於我們的信用指標的緩衝反映了我們資產負債表的持續強勁，並支持我們預計將在 2020 年進行的創紀錄的約 140 億美元資本投資。

The financial expectations that we extended last year through 2022 remain unchanged. We continue to expect that NextEra Energy's adjusted EPS compound annual growth rate to be in a range of 6% to 8% through 2021 off of the 2018 adjusted EPS of $7.70 plus the accretion of $0.15 and $0.20 in 2020 and 2021, respectively, from the Florida acquisitions.

我們去年延長至 2022 年的財務預期保持不變。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，以 2018 年調整後每股收益 7.70 美元為基礎，加上佛羅裡達收購分別在 2020 年和 2021 年增加 0.15 美元和 0.20 美元。

For 2020, we continue to expect our adjusted EPS to be in the range of $8.70 to $9.20. And as Jim highlighted, we will be disappointed if we are not able to deliver financial results at or near the top end of this range.

對於 2020 年，我們繼續預計調整後的每股收益將在 8.70 美元至 9.20 美元之間。正如吉姆所強調的，如果我們不能實現達到或接近這個範圍最高水準的財務業績，我們將會感到失望。

This year, we do expect that our adjusted EPS growth will be more weighted towards the second half of the year. For 2022, we expect to grow adjusted EPS in the range of 6% to 8% off 2021 adjusted EPS, translating to a range of $10 to $10.75 per share. From 2018 to 2022, we continue to expect that operating cash flow will grow roughly in line with our adjusted EPS compound annual growth rate range. As always, all of our expectations are subject to the usual caveats including, but not limited to, normal weather and operating conditions.

今年，我們確實預計調整後的每股盈餘成長將更集中在下半年。對於 2022 年，我們預計調整後每股盈餘將在 2021 年調整後每股盈餘的基礎上成長 6% 至 8%，相當於每股 10 至 10.75 美元。從 2018 年到 2022 年，我們繼續預期營運現金流量將與我們的調整後每股盈餘複合年增長率範圍大致一致。像往常一樣，我們的所有期望都受制於通常的警告，包括但不限於正常天氣和營運條件。

Let me now turn to NextEra Partners, which also had a strong year of operational and financial performance in 2019. Fourth quarter adjusted EBITDA was $280 million and cash available for distribution was $101 million, an increase of 70% and 130%, respectively. This strong growth was driven primarily by the significant year-over-year growth in NextEnergy Partners portfolio, including the 2019 acquisitions of the Energy Resources assets and the Meade Pipeline Co as well as a full quarter's contribution from the portfolio of projects that were acquired in late 2018.

現在讓我來談談 NextEra Partners，該公司在 2019 年的營運和財務表現同樣強勁。第四季調整後 EBITDA 為 2.8 億美元，可供分配現金為 1.01 億美元，分別成長 70% 和 130%。這一強勁成長主要得益於 NextEnergy Partners 投資組合的年比大幅成長，包括 2019 年收購的 Energy Resources 資產和 Meade Pipeline Co，以及 2018 年底收購的專案組合對整個季度的貢獻。

For the full year 2019, adjusted EBITDA was $1.1 billion, up 25% year-over-year. Cash available for distribution, excluding all contributions from our Desert Sunlight projects, was $366 million, an increase of 8% from the prior year. Including full contributions from the Desert Sunlight projects, NextEra Energy Partners achieved CAFD growth of 20% versus 2018. Similar to the quarterly results, full year growth in both adjusted EBITDA and CAFD was primarily driven by portfolio growth. The benefit from new projects was partially offset by the divestiture of Canadian assets during 2018.

2019年全年調整後EBITDA為11億美元，較去年同期成長25%。可供分配的現金（不包括來自沙漠陽光項目的所有貢獻）為 3.66 億美元，比上一年增長 8%。如果算上沙漠陽光計畫的全部貢獻，NextEra Energy Partners 的 CAFD 成長率將比 2018 年成長 20%。與季度業績類似，調整後 EBITDA 和 CAFD 的全年成長主要得益於投資組合的成長。2018 年，新項目帶來的收益被加拿大資產的剝離部分抵銷。

Cash available for distribution was also reduced 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.

可供分配的現金也因公司層面利息支出增加而減少。提醒一下，這些結果包括 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。

Yesterday, the NextEra Energy Partners board declared a quarterly distribution of $0.535 per common unit or $2.14 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 2019. As Jim mentioned, during 2019, NextEra Energy Partners executed several financing for the benefit of LP unitholders. In addition to raising approximately $1.2 billion of unsecured holding company notes, which priced at some of the lowest spreads ever in the sector, NextEra Energy Partners also raised $1.4 billion of low-cost project finance debt and executed $1.3 billion revolver extension.

昨天，NextEra Energy Partners 董事會宣布季度分配為每普通股 0.535 美元或年化每單位 2.14 美元，比去年同期季度分配增長 15%，並且達到了我們討論的 2019 年範圍的最高端。正如 Jim 所提到的，2019 年期間，NextEra Energy Partners 為 LP 股份持有人的利益實施了幾項融資。除了籌集約 12 億美元的無擔保控股公司票據（其定價為業內有史以來最低的利差之一）之外，NextEra Energy Partners 還籌集了 14 億美元的低成本項目融資債務，並執行了 13 億美元的循環信貸延期。

NextEra Energy Partners also raised $1.8 billion through 3 convertible equity portfolio financings. With low initial coupons, the convertible equity portfolio financings provide more cash to LP unitholders, allowing NextEra Partners to acquire fewer assets to achieve the same level of future distribution growth, which will also, as a result, lower future financing needs.

NextEra Energy Partners 也透過 3 筆可轉換股權投資組合融資籌集了 18 億美元。由於初始票面利率較低，可轉換股票投資組合融資可為 LP 份額持有人提供更多現金，從而使 NextEra Partners 可以收購更少的資產來實現相同水平的未來分銷增長，從而降低未來的融資需求。

In addition to reduced future asset and equity needs, these financings provide NextEra Energy Partners the flexibility to convert into common units at no discount over a long period of time. This should be accretive to LP unitholders who retain all of the unit price upside as NextEra Energy Partners executes on its expected distribution growth objectives. These attributes, combined with the significant flexibility that NextEra Energy Partners retains its financings, including the timing of conversion, option to convert at any price, option to pay the buyout in cash rather than units and the option to deploy the buyout amount into other assets, should generate significant value to LP unitholders while also providing significant downside protection.

除了減少未來資產和股權需求外，這些融資還為 NextEra Energy Partners 提供了在長期內以無折扣轉換為普通股的靈活性。隨著 NextEra Energy Partners 實現其預期的分銷成長目標，這應該會為保留所有單位價格上漲空間的 LP 單位持有者帶來增值。這些屬性，加上 NextEra Energy Partners 保留的融資的巨大靈活性，包括轉換時間、以任何價格轉換的選擇、以現金而不是單位支付收購款的選擇以及將收購金額部署到其他資產的選擇，應該會為 LP 單位持有人創造巨大的價值，同時也提供顯著的下行保護。

Finally, last quarter, following the achievement of certain NextEra Energy Partners' unit trading thresholds, we converted the second tranche of the convertible preferred securities that we issued in 2017 into additionally -- an additional roughly $4.7 million NextEra Energy Partners common units, further supporting our ongoing goal of using low-cost financing products to layer in equity over time.

最後，上個季度，在達到某些 NextEra Energy Partners 單位交易門檻後，我們將 2017 年發行的第二批可轉換優先證券轉換為額外的約 470 萬美元的 NextEra Energy Partners 普通股單位，進一步支持我們持續使用低成本融資產品來逐步增加股權的目標。

The NextEra Energy Partners portfolio at year-end 2019 supports the revised adjusted EBITDA and CAFD December 31, 2019, run rate expectations that we announced at the time of the Meade acquisition. Since NextEra Energy Partners' long-term distribution growth expectations are reported without the need of additional asset acquisitions until 2021, the December 31, 2020, run rate expectations for adjusted EBITDA and CAFD remain unchanged at the same levels as the year-end 2019 run rate expectations. Including full contributions from the PG&E-related projects, year-end 2020 run rate cash available for distribution is expected to be in the range of $560 million to $640 million, reflecting calendar year 2021 expectations for the forecasted portfolio at the end of 2020 and assuming normal weather and operating conditions. Excluding all contributions from the Desert Sunight projects, NextEra Energy Partners continues to expect a year-end 2020 run rate for CAFD in the range of $505 million to $585 million.

NextEra Energy Partners 2019 年底的投資組合支持我們在收購 Meade 時宣布的修訂後的 EBITDA 和 CAFD 2019 年 12 月 31 日的運行率預期。由於 NextEra Energy Partners 的長期分銷成長預期是在 2021 年之前無需額外資產收購的情況下報告的，因此 2020 年 12 月 31 日調整後的 EBITDA 和 CAFD 的運行率預期將保持不變，與 2019 年底的運行率預期處於同一水平。包括 PG&E 相關項目的全部貢獻，預計 2020 年底可供分配的運行現金將在 5.6 億美元至 6.4 億美元之間，這反映了 2021 日曆年對 2020 年底預測投資組合的預期，並假設天氣和運營條件正常。不包括 Desert Sunight 專案的所有貢獻，NextEra Energy Partners 繼續預計 CAFD 2020 年底的運作率將在 5.05 億美元至 5.85 億美元之間。

Year-end 2020 run rate adjusted EBITDA expectations, which assume full contributions from PG&E-related projects as revenue is expected to continue to be recognized, are $1.225 billion to $1.4 billion. As a reminder, all of our expectations are subject to our normal caveats and include the impact of anticipated IDR fees as we treat these as an operating expense.

2020 年底運行率調整後的 EBITDA 預期為 12.25 億美元至 14 億美元，假設 PG&E 相關項目的全部貢獻預計將繼續確認收入。提醒一下，我們的所有預期都受正常警告的約束，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 2019 distribution per common unit at an annualized rate of $2.14, we continue to see 12% to 15% growth per year in LP distributions as being a reasonable range of expectations through at least 2024. We expect that the annualized rate of the fourth quarter 2020 distribution that is payable in February of 2021 to be in the range of $2.40 to $2.46 per common unit.

根據我們 2019 年第四季每普通股單位分配額的最新基數（年化率為 2.14 美元），我們繼續認為至少到 2024 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，2021 年 2 月支付的 2020 年第四季分配的年化利率將在每股普通股 2.40 美元至 2.46 美元之間。

In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners have excellent prospects for growth. FPL, Gulf Power, Energy Resources and NextEra Energy Partners each have an outstanding set of opportunities across the board. The progress we made in 2019 reinforces our long-term growth prospects. And while we have a lot to execute on in 2020, we believe that we have the building blocks in place for another excellent year. That concludes our prepared remarks. And with that, we'll open up the line for questions.

總之，我們仍然相信 NextEra Energy 和 NextEra Energy Partners 都擁有良好的成長前景。FPL、Gulf Power、Energy Resources 和 NextEra Energy Partners 各自擁有一系列全面的絕佳機會。我們在 2019 年取得的進步增強了我們的長期成長前景。儘管我們在 2020 年還有很多事情要做，但我們相信，我們已經為另一個出色的年份打下了堅實的基礎。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) Our first question today comes from Greg Gordon from Evercore ISI.

（操作員指示）我們今天的第一個問題來自 Evercore ISI 的 Greg Gordon。

Congratulations on another very, very consistent year performance. A couple of questions for you. Based on my back-of-the-envelope math, it doesn't look like you earned the maximum allowable ROE at Florida Power & Light this year. Can you tell us what -- where you landed on a return on equity basis for fiscal year '19?

恭喜您又一年表現非常出色。我想問您幾個問題。根據我的粗略計算，看起來你今年並沒有獲得佛羅裡達電力與照明公司允許的最高 ROE。您能告訴我們 2019 財年的股本報酬率是多少嗎？

Yes. Greg, from a reported regulatory ROE standpoint, so what ultimately goes to the Florida Public Service Commission, we did earn the 11.6% ROE as allowed under our settlement agreement. You are right. We did have some below-the-line expenses, which is typical, but those below-the-line expenses are excluded from that regulatory ROE calculation.

是的。格雷格，從報告的監管 ROE 角度來看，最終歸佛羅裡達州公共服務委員會的是我們確實根據和解協議獲得了 11.6% 的 ROE。你是對的。我們確實有一些離線支出，這是很典型的，但這些離線支出不包括在監管 ROE 計算中。

Got you. Understood. And then when you -- you point out in your slide deck that the majority of your PTCs are now being allocated through tax equity, there's a very clear slide in the appendix on that, that means that we should be looking at NCI on the balance sheet flowing through the income statement is the way that that's flowing through earnings now. Is that correct?

明白了。明白了。然後，當您在幻燈片中指出，您的大部分 PTC 現在都是透過稅收公平進行分配的，附錄中有一個非常清晰的幻燈片，這意味著我們應該查看資產負債表上流經損益表的 NCI，這是它現在流經收益的方式。對嗎？

Yes, that's correct.

是的，正確。

Okay. And the average amortization of a tax equity deal for a wind project is what, approximately 10 years? Is that right?

好的。風電專案稅收股權交易的平均攤銷期間是多久？大約 10 年？是嗎？

Yes. The earnings recognition is roughly coincident with the 10-year PTC range that are for all of our wind projects that are in PTCs.

是的。收益確認與我們所有處於 PTC 中的風電項目的 10 年 PTC 範圍大致一致。

Right. And for a solar deal, that would be slightly faster?

正確的。對於太陽能交易來說，這會稍微快一點嗎？

Yes. It's typically -- relates to the recognition of the ITC period. So for many tax equity structures, that's over 5 years. Certain tax equity partners prefer a 7-year structure, and so then it would be over 7 years as opposed to 5.

是的。這通常與 ITC 時期的認可有關。因此，對於許多稅收公平結構而言，這一期限超過 5 年。某些稅收股權合夥人更喜歡 7 年期結構，因此期限將是 7 年而不是 5 年。

Great. And as you guys gear up for preparing for the rate case in 2021, are there any milestones this year? Or will the majority of the activity be happening in early '21?

偉大的。當你們為 2021 年的利率案例做準備時，今年有什麼里程碑嗎？還是大部分活動將在 21 年初發生？

Well, as you certainly appreciate, there is a ton of milestones that are largely internal for our teams as they get ready for any rate proceeding. And many of those preparation efforts started well before this year and are ongoing, and we have the incremental work this year of doing all the analysis of thinking about bringing FPL and Gulf together. But as I highlighted in the prepared remarks, based on what we know today, our expectation is that we would file a rate case in early '21 for the new rates effective in 2022. And the first start of that would be the filing of the test year letter, which we would expect to file in early '21.

嗯，正如您所知，我們的團隊在為任何速度進程做好準備時，有很多里程碑主要是內部的。許多準備工作在今年之前就已開始，並且仍在進行中，今年我們已開始逐步開展工作，並對將 FPL 和 Gulf 合併的想法進行全面分析。但正如我在準備好的發言中所強調的那樣，根據我們今天所了解的情況，我們預計將在 21 年初針對 2022 年生效的新費率提起費率訴訟。首先要做的就是提交測試年份信函，我們預計在 21 年初提交。

Great. My last question is the battery storage backlog is obviously continuing to ramp. Are you buying battery storage sort of from -- are you buying the product from another vendor? Or are you buying the components from different OEMs and building your own bespoke battery storage product that -- in other words, are you using a vendor like Fluence or one of the other sort of total product companies? Are you sourcing components and building your own battery units?

偉大的。我的最後一個問題是電池儲存積壓顯然在繼續增加。您是從其他供應商購買電池儲存產品嗎？或者您是從不同的 OEM 購買組件並構建自己的定制電池存儲產品 - 換句話說，您是否使用像 Fluence 這樣的供應商或其他類型的整體產品公司？您是否正在採購零件並製造自己的電池組？

It's much more the latter, Greg. We see a tremendous amount of value and are being able to have some nimbleness in where we procure the battery packs, but then we also are procuring separately, as you suggested, in things like the containers and the other equipment that you would ultimately use to assemble the battery facility.

格雷格，情況更偏向後者。我們看到了巨大的價值，並且能夠在採購電池組方面具有一定的靈活性，但正如您所建議的，我們也單獨採購諸如容器和其他最終用於組裝電池設施的設備。

And then also, we're designing our own management systems. We ultimately believe that some of the real value-add that we're going to be able to add to customers that will likely differentiate us from others is that battery system management because we've talked about with you guys and with others over time that there's probably not one value stream that creates the value for batteries. It's usually a couple of different applications within the same system, and that management system and optimizing that is going to be part of the secret sauce of a battery. So we've invested a lot of time and energy in thinking through that not only on the Energy Resources deployments, but also for the deployments that we've had at FPL. And we've learned a tremendous amount, and we're really excited, as we highlighted in the prepared remarks, about batteries as a terrific supplement to further renewables deployment, certainly in the middle part of the next decade and thereafter as renewables become a significant component of the generation stack in the U.S. power markets.

而且，我們還在設計自己的管理系統。我們最終相信，我們能夠為客戶增加的一些真正的附加價值可能會使我們有別於其他公司，那就是電池系統管理，因為我們已經與你們以及其他人討論過，可能沒有一個價值流可以為電池創造價值。它通常是同一系統內的幾個不同的應用程序，並且管理系統和最佳化將成為電池的秘密武器的一部分。因此，我們投入了大量的時間和精力來思考這個問題，不僅是能源資源部署，還有我們在 FPL 的部署。我們學到了很多東西，而且我們真的很高興，正如我們在準備好的發言中所強調的那樣，電池是進一步部署可再生能源的絕佳補充，肯定是在下一個十年中期，此後，隨著可再生能源成為美國電力市場發電堆疊的重要組成部分。

Our next question comes from Steve Fleishman from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steve Fleishman。

Just a question first, if you could update us on the Santee Cooper situation and your interest there. And then secondly, with JEA now gone and stock obviously doing very well, just kind of overall thought process on M&A strategy and opportunities right now.

首先問一個問題，您能否向我們介紹桑蒂庫柏的情況以及您在那裡的興趣。其次，隨著 JEA 的消失和股票明顯表現良好，現在對併購策略和機會的整體思考過程就是這樣的。

So Steve, this is Jim. I'll take that. Obviously, we're pretty limited in what we can say about the Santee Cooper situation other than what I've said previously, which is we remain very interested in Santee Cooper. We think South Carolina is a terrific place to do business, and that's probably all I can say about that.

史蒂夫，這是吉姆。我會接受的。顯然，除了我之前說過的，我們仍然對桑蒂庫珀非常感興趣之外，關於桑蒂庫珀的情況，我們能說的非常有限。我們認為南卡羅來納州是一個開展業務的好地方，這可能是我能說的全部了。

On the JEA front, I would say we're disappointed that the sale process has been terminated. We think we could have brought enormous value to the customers of -- and the citizens of Jacksonville. And we think it's unfortunate that it's been terminated, but it is -- that is what it is.

在 JEA 方面，我想說我們對銷售過程的終止感到失望。我們認為我們可以為傑克遜維爾的客戶和市民帶來巨大的價值。我們認為終止該計劃令人遺憾，但事實就是如此。

And in terms of future M&A activity, I will repeat what I've been pretty consistent in terms of what our strategy is on that front, which is we -- in terms of what we like, we've been very focused -- well, first of all, I don't think there's a utility in the country that wouldn't benefit from the application of our playbook. That said, we have been focused on opportunities in the southeast, in the Midwest as well as FERC-regulated opportunities. Those are the, from a regulatory standpoint and other opportunities -- what we think are the best fit for us, and that remains our focus. And we continue to be very interested in trying to do something.

就未來的併購活動而言，我將重複我在這方面的策略，就我們喜歡的而言，我們一直非常專注，首先，我認為該國沒有一家公用事業公司不會從我們的策略中受益。也就是說，我們一直專注於東南部、中西部以及聯邦能源管理委員會監管的機會。從監管角度和其他機會來看，這些都是我們認為最適合我們的，而這仍然是我們的重點。我們仍然非常有興趣嘗試做一些事情。

That said, M&A is always hard and there are a lot of hurdles to get over. And we will, as always, be extraordinarily financially disciplined. You will never see us announce a deal that we say is strategic and has no accretion. So anything that we do, do will have significant accretion associated with it. So I think it's probably the sum total of what I can say on that.

話雖如此，併購總是很困難，而且有很多障礙需要克服。我們將一如既往地嚴格控制財務。你永遠不會看到我們宣布一項我們認為具有戰略意義但沒有任何實際意義的協議。因此，我們所做的任何事情都會產生顯著的累積效應。所以我想這可能就是我能說的全部了。

Okay. One quick technical question. Just is there a quick and easy way you can quantify the balance sheet capacity available for these FFO-to-debt and -- metrics at Moody's and S&P in terms of just dollars?

好的。一個簡單的技術問題。有沒有一種快速簡便的方法可以量化穆迪和標準普爾這些 FFO 與債務比率指標的資產負債表容量（僅以美元計算）？

Yes. We're probably not going to quantify it exactly. Steve, as you've heard us say quite a number of times over the years, a strong balance sheet is incredibly important to us. We clearly have some room from our downgrade thresholds, which is certainly terrific and is important to us as we think about how do we make sure that we're prepared for making investments that we want to make in the future, including, especially this year, setting aside the comments that just -- Jim just made on M&A, just for our organic growth prospects alone, we have $14 billion of planned capital investment in our business. And having a strong balance sheet as we start to make those investments is incredibly important.

是的。我們可能不會準確地量化它。史蒂夫，正如這些年來你多次聽到我們說的那樣，強勁的資產負債表對我們來說極為重要。顯然，我們的降級門檻還有一定的空間，這當然非常好，而且對我們來說也很重要，因為我們正在思考如何確保我們為未來的投資做好準備，尤其是今年，拋開吉姆剛才對併購的評論，僅就我們的有機增長前景而言，我們就計劃對我們的業務進行 140 億美元的資本投資。當我們開始進行這些投資時，擁有強勁的資產負債表非常重要。

Our next question comes from Julien Dumoulin-Smith from Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Can you hear me?

你聽得到我嗎？

We can hear you just fine.

我們能清楚聽到您的聲音。

Excellent. So thanks again for all the commentary. So perhaps kicking it off, on the retiring front, would just be curious on your thoughts on the 24 opportunity now given the PTC extension. How does that shift your thinking and logic around incremental repower? And I know you provided already some fairly detailed remarks on repowering already, but I want to dig in on that specific opportunity, especially given that, that's a year already after the time line for the solar ITC here, if you can elaborate?

出色的。再次感謝大家的評論。因此，也許從退休方面開始，我只是好奇您對現在 PTC 延期後的 24 個機會的看法。這如何改變您對漸進式再造動力的思維和邏輯？我知道您已經就重新供電提供了一些相當詳細的評論，但我想深入了解這個具體的機會，特別是考慮到這已經是太陽能 ITC 時間表的一年之後了，您能詳細說明一下嗎？

Sure, of course, Shar (sic) [Julien]. As we highlighted in our development expectations that we laid out this summer for the 2019 through 2022 time frame, you'll note that the repowering opportunities that we saw were heavily and, at that time, exclusively in the 2019 to 2020 time frame. And we've continued to work on opportunities to repower assets at both an 80% PTC and a 60% PTC. So first, we'll focus on the 80% before we even think about the extensions of the -- of anything that's possible in 60%.

當然，Shar（原文如此）[Julien]。正如我們在今年夏天為 2019 年至 2022 年時間框架制定的發展預期中所強調的那樣，您會注意到，我們看到的再造動力機會非常多，而且當時僅限於 2019 年至 2020 年的時間框架內。我們一直在努力尋找以 80% PTC 和 60% PTC 為資產再發電的機會。因此，我們首先會集中精力於 80%，然後再考慮 60% 範圍內可能發生的任何情況的擴展。

But remember, there's always a trade-off in making these investment opportunities. Part of the economic value of that is getting the new set of PTCs. And so there's a balance of the cost of the investment that you need to make in that equipment and also ensuring that you can meet the IRS test of the 80/20 valuation. And as the PTC value goes down, it gets a little bit harder to justify those -- both of those requirements.

但請記住，這些投資機會總是需要權衡的。其部分經濟價值在於獲得新的一套 PTC。因此，您需要在該設備上進行的投資成本需要平衡，同時還要確保您能夠滿足 IRS 的 80/20 估值測試。隨著 PTC 值的下降，證明這兩個要求的合理性變得越來越困難。

So again, we thought it was a terrific program, create a huge amount of shareholder value, really highlights the option value embedded in our portfolio. And we'll continue to be creative and work towards creating more opportunities like that or things that are analogous to it in the future.

因此，我們再次認為這是一個了不起的計劃，創造了巨大的股東價值，真正凸顯了我們投資組合中的選擇權價值。我們將繼續發揮創造力，並努力在未來創造更多類似的機會或類似的事物。

Got it. Excellent. And just clarifying the last question a little bit. You mentioned FERC-regulated opportunities, Jim. Can you elaborate a little bit further on thought process there? Obviously, this transmission ROE question has been kind of lingering across the sector. I just want to make sure we heard you right, just how you're thinking about that FERC asset classes.

知道了。出色的。稍微澄清一下最後一個問題。吉姆，您提到了聯邦能源管理委員會 (FERC) 監管的機會。能進一步闡述那裡的思考過程嗎？顯然，傳輸 ROE 問題在整個行業中一直存在。我只是想確保我們聽對了您的意思，以及您對 FERC 資產類別的看法。

Yes. So obviously, we did the Trans Bay acquisition that's not in the Midwest or the southeast. And we do, on a long-term basis, like FERC-regulated assets, notwithstanding the recent ROE decision on the MISO transmission owners -- listen, I think there's been -- obviously, that's open docket at FERC right now. I probably can't comment on what I think the outcomes are going to be there, but other than to say I do believe FERC regulation will be constructive in the long term. And we think, in the long term, it's a good place for us to deploy capital.

是的。顯然，我們收購的 Trans Bay 並不在中西部或東南部。從長期來看，我們確實喜歡 FERC 監管的資產，儘管最近對 MISO 輸電所有者做出了 ROE 決定 - 聽著，我認為已經有了 - 顯然，這是目前 FERC 的公開案卷。我可能無法評論我認為的結果會是什麼，但除此之外，我確實相信 FERC 監管從長遠來看將是建設性的。我們認為，從長遠來看，這是我們部署資本的好地方。

And maybe, Jim, if I can, one more quickly on ESG. As you think about establishing targets and becoming perhaps more prescriptive and being a leader on this front, how do you think about being more specific on carbon? I know this has come up a little bit, but I'm curious on the thought process there. I know it's also complicated, too.

吉姆，如果可以的話，我再快速談談 ESG。當您考慮制定目標、變得更具指導性並成為這方面的領導者時，您如何考慮在碳排放問題上更具體？我知道這個問題已經出現了一點，但我很好奇那裡的思考過程。我知道這也很複雜。

Sure. I think we have been, I think, pretty specific about what our 2025 goal is, which is -- remember, there -- all of these discussions are about percent reductions. We started at an enormously lower level than the rest of the industry on just base CO2 emissions per megawatt hour generated, right? And so any of the goals that we lay out, the -- which our goal is a 67% reduction off our 2005 base by 2025 -- I think if you went back and you looked at the 2005 average, U.S. average, that -- and you compare it to our NextEra rate in 2025 to that 2005 average, I'm going to give you a number, and everyone is going to go check me on it. It's going to be -- that would be an 85% or 90% reduction relative to the 2005 U.S. average CO2 emissions rate.

當然。我認為我們已經非常明確地說明了我們的 2025 年目標，也就是說 — — 記住，所有這些討論都是關於百分比減排的。就每兆瓦時發電的二氧化碳排放量而言，我們的起點比產業其他公司低得多，對嗎？因此，我們制定的任何目標——我們的目標是到 2025 年在 2005 年基礎上減少 67%——我想，如果你回顧一下 2005 年的平均水平，即美國的平均水平——並將其與我們 2025 年的 NextEra 比率與 2005 年的平均水平進行比較，我會給你一個數字，我會給你一個數字。與 2005 年美國平均二氧化碳排放量相比，這將減少 85% 或 90%。

So we have a -- we're going to significantly decarbonize our company and our emissions. And I'm really excited about the goals we set. I think they're very doable. And what I'm most excited about is the role that we can play, both in Florida and in the rest of the country, in terms of leading the way to decarbonize not just the electric sector, but the transportation sector.

因此，我們將大幅減少我們公司和排放的碳排放。我對我們設定的目標感到非常興奮。我認為它們非常可行。而最讓我興奮的是，我們可以在佛羅裡達州和全國其他地區發揮領導作用，不僅在電力行業，而且在交通運輸行業實現脫碳。

So we have -- there's lots more to do. As I said in my prepared remarks, I think the country has a lot more to do. And the great news for the country and the economy is you can be clean and low cost at the same time. And whatever we do will be for the benefit of customers, and it will drive good economics, better GDP growth for the country, lower costs and, obviously, a better environmental profile.

所以我們還有很多事情要做。正如我在準備好的演講中所說，我認為這個國家還有很多事情要做。對於國家和經濟來說，好消息是你可以同時實現清潔和低成本。無論我們做什麼，都將以客戶的利益為出發點，推動國家經濟的良好發展、GDP 的更好成長、成本的降低，當然還有更好的環境狀況。

Our next question comes from Shar Pourreza from Guggenheim Partners.

我們的下一個問題來自古根漢合夥公司的 Shar Pourreza。

So just on the NEER backlog, it's obviously very strong again. So I'm just trying to get a sense, Rebecca, on sort of how much of that backlog increase, mainly on the wind side, was attributed to a pull-forward of projects with the modest PTC extension versus the -- versus like actual incremental opportunities you're seeing as we think about modeling forward.

因此，僅就 NEER 積壓而言，它顯然再次變得非常強勁。因此，麗貝卡，我只是想了解一下，積壓訂單的增加（主要是風能方面）有多少是由於 PTC 適度延期而導致的項目提前，而不是我們在考慮未來建模時看到的實際增量機會。

Yes. I don't think it's very much. I think it's early. Obviously, the PTC extension happened very, very late in 2019. So I don't think we've seen any impacts from it whatsoever, coupled with the fact that it's quite a number of years down the road, and it doesn't affect the profile of the PTC in the next 3 years, which is really what was driving a lot of our customers' actions.

是的。我認為不是很多。我認為還早。顯然，PTC 延期發生在 2019 年非常晚的時候。因此，我認為我們還沒有看到它帶來的任何影響，再加上這還需要很多年的時間，而且它不會影響 PTC 在未來 3 年的形象，而這才是真正推動我們許多客戶採取行動的因素。

In terms of the overall demand and how that's reflected, as we've said in the past, we thought 2020 was going to be a significant development year. Clearly, it is for wind, and that 2021 is more likely than not to be roughly comparable with where we were in 2019. And we continue to see really strong interest from our customers about wind in the long term as they should be.

就整體需求及其體現而言，正如我們過去所說，我們認為 2020 年將是重要的發展年。顯然，這是針對風能的，而且 2021 年的狀況很可能與 2019 年的狀況大致相當。我們繼續看到客戶對長期風能表現出濃厚的興趣，這也是理所當然的。

And as Jim highlighted, the cost of wind and solar projects out in the mid-2020s, assuming there are not any meaningful extensions of the incentives, which is an assumption at this point, that should be checked, but assuming those incentives are not extended, a very competitive versus existing coal nuclear plants and some less efficient gas-fired plants. So economics should continue to drive decisions for our customers for many, many years to come.

正如吉姆所強調的，假設沒有任何有意義的激勵措施延長，那麼風能和太陽能項目的成本將在 2020 年代中期達到峰值，這是目前的假設，應該進行檢查，但假設這些激勵措施沒有延長，那麼與現有的燃煤核電站和一些效率較低的燃氣電廠相比，風能和太陽能項目的成本非常具有競爭力。因此，在未來的許多年裡，經濟因素仍將影響我們客戶的決策。

Got it. And then just lastly -- thanks for the incremental disclosures around Gulf. Is there anything you can like maybe provide directionally on sort of the base assumptions you're assuming in '22 as we're thinking about your EPS guidance, i.e., maybe from a regulatory construct or even addition to spending opportunities, like the extension of SoBRA, is there anything you can provide directionally on how you're thinking about this?

知道了。最後，感謝您對海灣地區相關問題的逐步披露。當我們考慮您的 EPS 指導時，您是否可以提供一些關於您在 22 年做出的基本假設方面的指導，例如從監管結構或甚至支出機會（例如 SoBRA 的擴展）的角度，您是否可以提供一些關於您如何看待這個問題的指導？

No. Not much beyond what we've already talked about in terms of everything that's built into our expectations for 2020 through 2022. And as you recall from the investor conference materials, we did lay out a lot of the detail for both businesses through 2021 and, of course, more detail for Energy Resources out in '22. But the fundamentals are very consistent with what we've been doing for a long time on the regulated businesses, again, focusing on good capital investment that adds value for our customers and taking cost out of the business to ensure that we have very thoughtful views on customer bills and, in the case of Gulf Power, targeting a meaningful decline in the bills out to the mid-2020s. So keep doing what we're doing, and we couldn't be more excited about the growth opportunities for all the businesses that lay out in front of us.

不。就我們對 2020 年至 2022 年的預期而言，除了我們已經討論過的內容之外，沒有太多內容。正如您從投資者會議資料中記得的那樣，我們確實為 2021 年之前的兩家公司列出了許多細節，當然，也為 2022 年的能源資源業務列出了更多細節。但基本面與我們長期以來在受監管業務上的做法非常一致，再次強調，我們專注於良好的資本投資，為客戶增加價值，並從業務中降低成本，以確保我們對客戶賬單有非常深思熟慮的看法，就海灣電力而言，我們的目標是到 2020 年代中期賬單金額大幅下降。因此，請繼續做我們正在做的事情，我們對擺在我們面前的所有企業的成長機會感到無比興奮。

Got it. So stay tuned around the cap structure and the reserve amortization, how you're thinking about chewing up between the 2 utilities?

知道了。因此，請繼續關注上限結構和儲備攤銷，您如何考慮在兩家公用事業公司之間進行競爭？

Absolutely.

絕對地。

Our next question comes from Michael Weinstein from Credit Suisse.

我們的下一個問題來自瑞士信貸的麥可溫斯坦。

This is Maheep here on behalf of Mike. Just a check on the battery growth you're talking about. Can we talk about these reductions you're seeing on the battery systems for the projects in the pipe? And would it be possible to quantify the scale of opportunity for retrofits on existing sites, either at NEER or at NEP?

我是 Maheep，代表 Mike。只是檢查一下您所說的電池增長。我們可以談談您在管道項目電池系統中看到的這些減少嗎？是否有可能量化 NEER 或 NEP 現有場地改造的機會規模？

In terms of battery costs, we've laid out some of our thoughts and expectations, I think, most recently in our EEI investor presentation. We haven't broken that out between -- or broken out a lot of the detail between battery pack and the rest of the balance of system costs, but everything that we've laid out in terms of where we've seen the market declines coming from in aggregate has really started to materialize. And whereas 2 years ago, we were surprised at how much faster costs were coming down, we've gotten more aggressive with our assumptions, and now they're roughly consistent with what we were thinking. We continue to be very optimistic longer term about batteries and the whole industry has talked about. It's really not about the power sector. It's being driven much more by the electric vehicle sector. And those drivers appear to be pretty clear for quite a number of years down the road, which is really driving the manufacturing efficiencies and scale that we're seeing on the battery pack side. So really excited and optimistic about where that business is headed.

在電池成本方面，我認為，我們最近在 EEI 投資者演示中闡述了我們的一些想法和期望。我們還沒有將其分解開來——或者分解出電池組和其餘系統成本之間的許多細節，但就我們所看到的市場下滑總體而言，我們所列出的所有內容都已開始真正實現。而兩年前，我們對成本下降的速度感到驚訝，我們的假設變得更加激進，現在它們與我們的想法大致一致。我們對電池的長期前景仍然非常樂觀，整個行業都在談論這個問題。這實際上與電力行業無關。它更多地受到電動汽車行業的推動。這些驅動因素在未來相當長一段時間內似乎都相當清晰，它們真正推動了我們在電池組方面看到的製造效率和規模。因此我對該業務的發展方向感到非常興奮和樂觀。

Got it. And could you just touch upon the retrofit opportunity for either NEER or NEP for batteries? And would it be possible to get the tax credits on adding storage to an existing solar project?

知道了。能否簡單談談 NEER 或 NEP 電池的改造機會？在現有的太陽能專案中增加儲存容量是否可以獲得稅收抵免？

Yes. It could obviously be a significant opportunity. Coincident with the significant deployment of renewables, particularly where the penetration is high, adding batteries to existing solar sites could be very advantageous. To the extent that they've elected the ITC and ultimately our charge -- are being used to charge the battery system, yes, they would qualify for ITCs as long as we meet certain conditions. So it's a terrific opportunity for the team, but it's really consistent with what we've been thinking about for the overall market opportunity and what we've been highlighting for quite some time now to investors.

是的。這顯然是一個重要的機會。隨著再生能源的大規模部署，特別是在滲透率高的地方，在現有的太陽能場地添加電池可能會非常有利。如果他們選擇了 ITC，並且最終我們的收費被用於為電池系統充電，是的，只要我們滿足某些條件，他們就有資格獲得 ITC。所以這對團隊來說是一個絕佳的機會，但這與我們一直在思考的整體市場機會以及我們長期以來向投資者強調的內容是一致的。

Got it. And just one last question from me. If you could talk about the impact on interest rates on NEP's ability to execute the convertible refinancings.

知道了。我還有最後一個問題。您能否談談利率對 NEP 執行可轉換再融資能力的影響？

It's been terrific. Low interest rate environment is obviously terrific for both of our businesses. We love low cost of capital to be able to deploy these solutions as economically as possible for both our customers on the Energy Resources side as well as the regulated utilities and, of course, also for NextEra Energy Partners. So it's been terrific.

太棒了。低利率環境顯然對我們兩家公司來說都是非常有利的。我們喜歡低資本成本，以便能夠盡可能經濟地為能源資源方面的客戶以及受監管的公用事業公司以及 NextEra Energy Partners 部署這些解決方案。這真是太棒了。

And ladies and gentlemen, with that, we will conclude today's question-and-answer session and as well as today's conference. We do thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，今天的問答環節和會議就到此結束。我們非常感謝您參加今天的演講。現在您可以斷開線路了。