新世紀能源 (NEE) 2022 Q2 法說會逐字稿

Good morning, everyone, and welcome to the NextEra Energy and NextEra Energy Partners Q2 2022 Earnings Conference Call. (Operator Instructions) Please note that today's event is being recorded.

大家早上好，歡迎參加 NextEra Energy 和 NextEra Energy Partners 2022 年第二季度收益電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

At this time, I'd like to turn the conference call over to Jessica Geoffroy, Director of Investor Relations. Ma'am, please go ahead.

此時，我想將電話會議轉交給投資者關係總監 Jessica Geoffroy。女士，請繼續。

Thank you, Jamie. Good morning, everyone, and thank you for joining our second quarter 2022 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are John Ketchum, President and Chief Executive Officer of NextEra Energy; Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy; Rebecca Kujawa, 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, Chairman, President and Chief Executive Officer of Florida Power & Light Company. Kirk will provide an overview of our results, and our executive team will then be available to answer your questions.

謝謝你，傑米。大家早上好，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2022 年第二季度合併收益電話會議。今天早上和我在一起的是 NextEra Energy 總裁兼首席執行官 John Ketchum； NextEra Energy 執行副總裁兼首席財務官 Kirk Crews； NextEra Energy Resources 總裁兼首席執行官 Rebecca Kujawa；以及 NextEra Energy 執行副總裁 Mark Hickson，他們也是 NextEra Energy Partners 的高管；以及佛羅里達電力與照明公司董事長、總裁兼首席執行官 Eric Silagy。 Kirk 將概述我們的結果，然後我們的執行團隊將回答您的問題。

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 or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites, nexteraenergy.com and nexteraenergypartners.com. We do not undertake any duty to update any forward-looking statements.

我們將在本次電話會議期間根據當前的預期和假設做出前瞻性陳述，這些預期和假設受到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本次電話會議期間在隨附演示文稿的風險因素部分或我們的向美國證券交易委員會提交的最新報告和文件，每一份都可以在我們的網站 nexteraenergy.com 和 nexteraenergypartners.com 上找到。我們不承擔任何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.

今天的演示文稿還包括對非公認會計原則財務指標的引用。您應該參考今天演示文稿隨附的幻燈片中包含的信息，以了解歷史非 GAAP 指標與最接近的 GAAP 財務指標的定義信息和對賬。

As a reminder, Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power will no longer continue as a separate reporting segment within Florida Power & Light and NextEra Energy. For 2022 and beyond, FPL has one reporting segment, and therefore, 2021 financial results and other operational metrics have been restated for comparative purposes.

提醒一下，Florida Power & Light 根據其 2021 年基本費率結算協議完成了海灣電力的監管整合，並於 2022 年 1 月 1 日開始以統一費率為客戶提供服務。因此，海灣電力將不再作為單獨的報告部門繼續存在在佛羅里達電力與照明和 NextEra Energy 內。對於 2022 年及以後，FPL 有一個報告分部，因此，出於比較目的，已重述 2021 年財務業績和其他運營指標。

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

有了這個，我會把電話轉給柯克。

Thank you, Jessica, and good morning, everyone. NextEra Energy delivered strong second quarter results and is well positioned to meet its overall objectives for the year. Adjusted earnings per share increased approximately 14% year-over-year, reflecting continued strong financial and operational performance at both FPL and Energy Resources.

謝謝你，傑西卡，大家早上好。 NextEra Energy 提供了強勁的第二季度業績，並為實現其今年的總體目標做好了準備。調整後的每股收益同比增長約 14%，反映了 FPL 和 Energy Resources 持續強勁的財務和運營業績。

FPL increased earnings per share by $0.05 year-over-year. Average regulatory capital employed increased by more than 11% versus the same quarter last year. With residential bills well below the national average and the lowest among all of the Florida investor-owned utilities, FPL's focus continues to be on identifying smart capital investments such as our planned solar expansion and T&D hardening and undergrounding projects to lower costs, improve reliability and provide clean energy for the benefit of our customers.

FPL 每股收益同比增長 0.05 美元。與去年同期相比，平均使用的監管資本增加了 11% 以上。由於住宅賬單遠低於全國平均水平，並且是佛羅里達州所有投資者擁有的公用事業中最低的，FPL 的重點仍然是確定智能資本投資，例如我們計劃的太陽能擴建和輸配電硬化和地下工程，以降低成本、提高可靠性和為客戶的利益提供清潔能源。

Having saved customers more than $12 billion in fuel costs since 2001 and with the largest owned and operated solar portfolio of any utility in the country, FPL is well positioned to execute on its goal of achieving Real Zero carbon emissions by no later than 2045, which we announced last month at our investor conference, while continuing to deliver its best-in-class customer value proposition.

自 2001 年以來，FPL 為客戶節省了超過 120 億美元的燃料成本，並且擁有該國所有公用事業公司中擁有和運營的最大的太陽能產品組合，FPL 完全有能力實現其不遲於 2045 年實現真正零碳排放的目標，即我們上個月在我們的投資者會議上宣布，同時繼續提供其一流的客戶價值主張。

At Energy Resources, adjusted earnings per share increased by $0.06 year-over-year. We continue to capitalize on a strong environment for renewables development, adding approximately 2,035 net megawatts to Energy Resources backlog since the last call. Included in these backlog additions is approximately 1,200 net megawatts of solar projects, which is the second largest quarter of solar origination in our history.

在能源資源，調整後的每股收益同比增長 0.06 美元。自上次電話會議以來，我們繼續利用可再生能源發展的強勁環境，為能源資源積壓增加了大約 2,035 兆瓦的淨電量。這些積壓的新增項目中包括大約 1,200 兆瓦的太陽能項目，這是我們歷史上太陽能發電量的第二大季度。

As we highlighted at our investor conference last month, we believe that a number of powerful tailwinds support continued strong renewables demand, particularly in the context of high power prices and high gas prices that are helping to make renewables the most economic form of generation. We expect these economic value drivers for new renewables, coupled with Energy Resources' significant competitive advantages, to translate into a tremendous opportunity set as we deliver clean energy solutions to our customers seeking to both lower their energy bills and reduce their carbon emissions.

正如我們在上個月的投資者會議上強調的那樣，我們認為，許多強大的順風支持持續強勁的可再生能源需求，特別是在高電價和高天然氣價格有助於使可再生能源成為最經濟的發電形式的背景下。我們預計這些新可再生能源的經濟價值驅動因素，加上能源資源的顯著競爭優勢，將轉化為巨大的機遇，因為我們為尋求降低能源費用和減少碳排放的客戶提供清潔能源解決方案。

We are pleased with the progress we have made at NextEra Energy so far in 2022 and heading into the second half of the year, we are well positioned to achieve the full year financial expectations that we have previously discussed, subject to our usual caveats.

我們對 2022 年迄今為止在 NextEra Energy 取得的進展感到高興，進入下半年，我們有能力實現我們之前討論過的全年財務預期，但須遵守我們通常的警告。

Now let's look at the detailed results, beginning with FPL. For the second quarter of 2022, FPL reported net income of $989 million or $0.50 per share, which is an increase of $107 million and $0.05 per share, respectively, year-over-year. Regulatory capital employed increased by approximately 11.4% over the same quarter last year and was a principal driver of FPL's net income growth of approximately 12%.

現在讓我們看看詳細的結果，從 FPL 開始。 2022 年第二季度，FPL 報告的淨收入為 9.89 億美元或每股 0.50 美元，同比分別增加 1.07 億美元和每股 0.05 美元。使用的監管資本比去年同期增加了約 11.4%，是 FPL 淨收入增長約 12% 的主要驅動力。

FPL's capital expenditures were approximately $1.9 billion in the second quarter, and we expect our full year capital investments to total roughly $8.5 billion. FPL's reported ROE for regulatory purposes is expected to be approximately 11.6% for the 12 months ended June 2022.

FPL 第二季度的資本支出約為 19 億美元，我們預計全年資本投資總額約為 85 億美元。截至 2022 年 6 月的 12 個月，FPL 出於監管目的報告的 ROE 預計約為 11.6%。

Largely as a result of warm weather during the second quarter, we reversed roughly $44 million of reserve amortization recorded earlier in the year, leaving FPL with a balance of approximately $1.37 billion to use over the term of the current settlement agreement.

主要由於第二季度的溫暖天氣，我們扭轉了今年早些時候記錄的大約 4400 萬美元的準備金攤銷，使 FPL 在當前的和解協議期限內使用約 13.7 億美元的餘額。

During the quarter, FPL successfully commissioned the highly efficient, roughly 1,200 megawatt Dania Beach Clean Energy Center. The approximately $900 million project, which was completed on time and on budget, is expected to generate nearly $350 million in net cost savings for FPL customers while reducing carbon emissions by roughly 70% compared to the previous Lauderdale Plant. Longer term, we expect to convert approximately 16 gigawatts of our highly efficient gas fleet to run on green hydrogen, which will play an important role in the decarbonization of FPL's generation fleet as part of our goal to achieve Real Zero carbon emissions by no later than 2045.

在本季度，FPL 成功調試了高效、約 1,200 兆瓦的 Dania Beach 清潔能源中心。這個價值約 9 億美元的項目按時按預算完成，預計將為 FPL 客戶節省近 3.5 億美元的淨成本，同時與之前的勞德代爾工廠相比，碳排放量減少約 70%。從長遠來看，我們預計將我們約 16 吉瓦的高效天然氣車隊轉換為使用綠色氫氣，這將在 FPL 發電車隊的脫碳中發揮重要作用，這是我們不遲於實現真正零碳排放目標的一部分2045.

Last week, FPL also placed in service the North Florida Resiliency Connection transmission line, which physically connects the FPL grid and the legacy Gulf Power grid. The new transmission line is expected to generate operational efficiencies and allow customers to benefit from both enhanced reliability and additional low-cost solar generation.

上週，FPL 還將北佛羅里達彈性連接輸電線路投入使用，該輸電線路在物理上連接了 FPL 電網和傳統的海灣電網。新的輸電線路有望提高運營效率，並使客戶能夠從增強的可靠性和額外的低成本太陽能發電中受益。

FPL also filed its updated Storm Protection Plan, which is filed every 3 years. The plan provides details on the billions of dollars of capital investment anticipated over the next 10 years to continue hardening FPL's energy grid for the benefit of customers. These hardening programs, several of which have been in progress since 2007, collectively provide increased resiliency and faster restoration times for FPL's approximately 5.8 million customer accounts when severe weather, including hurricanes, inevitably affects our service territory.

FPL 還提交了更新的風暴保護計劃，該計劃每 3 年提交一次。該計劃詳細說明了未來 10 年預計將進行數十億美元的資本投資，以繼續強化 FPL 的能源網絡，以造福客戶。這些強化計劃（其中一些自 2007 年以來一直在進行中）共同為 FPL 的大約 580 萬客戶帳戶提供了更高的彈性和更快的恢復時間，當包括颶風在內的惡劣天氣不可避免地影響我們的服務領域時。

The Florida economy remains strong. Florida's unemployment rate of approximately 3% remains below the national average and its labor force participation rate remains strong. The 3-month moving average for new housing permits is up nearly 9% year-over-year, outpacing the national rate by roughly 7%.

佛羅里達州經濟依然強勁。佛羅里達州約 3% 的失業率仍低於全國平均水平，勞動力參與率依然強勁。新住房許可的 3 個月移動平均值同比增長近 9%，超過全國約 7%。

FPL's new service accounts increased more than 15% year-over-year, demonstrating continued strong growth in Florida's economy. FPL's average number of customers increased by more than 87,000 or 1.5% versus the comparable prior year quarter driven by continued strong underlying population growth as Florida's population continues to increase at one of the fastest rates in the nation.

FPL 的新服務賬戶同比增長超過 15%，表明佛羅里達州經濟持續強勁增長。由於佛羅里達州的人口繼續以全國最快的速度增長之一，FPL 的平均客戶數量與去年同期相比增加了 87,000 多個或 1.5%，這是由於潛在人口持續強勁增長所推動的。

FPL's second quarter retail sales increased 3.2% from the prior year comparable period driven primarily by a favorable weather comparison. On a weather-normalized basis, second quarter retail sales increased 1.3% with strong continued customer growth contributing favorably.

FPL 的第二季度零售額較上年同期增長 3.2%，主要受有利天氣比較的推動。在天氣正常化的基礎上，第二季度零售額增長 1.3%，強勁的持續客戶增長做出了有利貢獻。

Energy Resources reported second quarter 2022 GAAP earnings of $133 million or $0.07 per share. Adjusted earnings for the second quarter were $683 million or $0.35 per share. The difference between Energy Resources second quarter GAAP and adjusted earnings results is primarily the effect of the mark-to-market on nonqualifying hedges, which is excluded from adjusted earnings.

Energy Resources 報告稱，2022 年第二季度 GAAP 收益為 1.33 億美元或每股 0.07 美元。第二季度的調整後收益為 6.83 億美元或每股 0.35 美元。能源資源公司第二季度公認會計原則與調整後收益結果之間的差異主要是按市值計價對不合格對沖的影響，調整後收益不包括在內。

Contributions from new investments were roughly flat versus the prior year driven by the timing of new solar and storage project additions. For the full year 2022, we anticipate the majority of our growth in new investments to occur in the fourth quarter.

受新增太陽能和儲能項目時間的推動，新投資的貢獻與上一年基本持平。對於 2022 年全年，我們預計新投資的大部分增長將發生在第四季度。

Our existing generation and storage assets added $0.03 per share primarily due to favorable wind resource during the second quarter. The second quarter adjusted earnings contributions from our customer supply and trading business increased by $0.02 year-over-year driven primarily by the absence of Winter Storm Uri impacts that negatively impacted adjusted earnings in the second quarter of last year. All other impacts increased results by $0.01 versus 2021.

我們現有的發電和存儲資產每股增加 0.03 美元，主要是由於第二季度有利的風能資源。我們的客戶供應和貿易業務第二季度調整後的收益貢獻同比增加了 0.02 美元，這主要是由於沒有冬季風暴 Uri 影響，這對去年第二季度的調整後收益產生了負面影響。與 2021 年相比，所有其他影響使結果增加了 0.01 美元。

As I mentioned earlier, Energy Resources had another strong quarter of origination, adding approximately 2,035 net megawatts of renewables and storage projects to our backlog, which is the third largest quarter of renewables and storage origination in our history. Since our last earnings call, we have added approximately 815 net megawatts of new wind, 1,200 net megawatts of solar and 20 net megawatts of battery storage to our backlog.

正如我之前提到的，能源資源有另一個強勁的季度發起，在我們的積壓中增加了大約 2,035 兆瓦的可再生能源和存儲項目，這是我們歷史上第三大可再生能源和存儲發起季度。自上次財報電話會議以來，我們的積壓訂單增加了大約 815 兆瓦的新風能、1,200 兆瓦的太陽能和 20 兆瓦的電池存儲。

With these additions, net of projects placed in service, our renewables and storage backlog now stands at approximately 19,600 megawatts and provides terrific visibility into the strong growth that is expected at Energy Resources over the next few years.

加上這些新增項目，扣除投入使用的項目，我們的可再生能源和存儲積壓現在約為 19,600 兆瓦，並為能源資源公司未來幾年的強勁增長提供了極好的可見性。

We remain confident in our long-term development expectations at Energy Resources, which we increased and extended last month. From 2022 through the end of 2025, Energy Resources expects to build roughly 28 to 37 gigawatts of renewables and storage projects. To put these numbers in context, this expected renewables and storage build at the midpoint is approximately 30% larger than the entire renewables operating portfolio at Energy Resources today.

我們對能源資源的長期發展預期仍然充滿信心，我們在上個月增加並擴展了這一預期。從 2022 年到 2025 年底，Energy Resources 預計將建造大約 28 至 37 吉瓦的可再生能源和存儲項目。將這些數字放在上下文中，這個預期的可再生能源和存儲在中點建立大約比當今能源資源公司的整個可再生能源運營組合大 30%。

We were pleased that the Biden administration made the decision last month to direct the Department of Commerce to waive additional duties for 2 years on solar panels imported from Malaysia, Thailand, Cambodia and Vietnam. The 24-month time frame is particularly important as by the end of that period, we expect our suppliers to be making ingots and wafers outside of China.

我們很高興拜登政府上個月決定指示商務部對從馬來西亞、泰國、柬埔寨和越南進口的太陽能電池板免除兩年的額外關稅。 24 個月的時間框架尤為重要，因為到該時間段結束時，我們預計我們的供應商將在中國境外生產鑄錠和晶圓。

As a reminder, the Department of Commerce staff already publicly stated that panels with wafers made outside of China are not subject to its investigation. The actions by the Biden administration have provided much-needed clarity to our suppliers to resume solar module production, recommence shipping of solar panels and for Energy Resources to restart its solar construction projects that have been halted due to the circumvention investigation.

提醒一下，商務部工作人員已經公開表示，在中國境外製造的晶圓面板不受其調查。拜登政府的行動為我們的供應商提供了急需的明確性，以恢復太陽能組件的生產，重新開始太陽能電池板的運輸，並讓 Energy Resources 重新啟動因規避調查而停止的太陽能建設項目。

These new developments since our last call reinforce our confidence in both our near-term and long-term development expectations at Energy Resources. The accompanying slide provides additional details on where our development program at Energy Resources now stands.

自上次電話會議以來的這些新發展增強了我們對能源資源公司近期和長期發展預期的信心。隨附的幻燈片提供了有關我們在 Energy Resources 的開發計劃目前所處位置的更多詳細信息。

Beyond renewables and storage, during the quarter, NextEra Energy Water entered into an agreement to purchase a rate-regulated Pennsylvania wastewater system for approximately $115 million. Subject to regulatory approvals and other customary closing conditions, we anticipate this transaction will close in mid-2023.

除了可再生能源和儲存之外，在本季度，NextEra Energy Water 還簽署了一項協議，以約 1.15 億美元的價格購買賓夕法尼亞州一個受費率管制的廢水系統。根據監管部門的批准和其他慣例成交條件，我們預計本次交易將於 2023 年年中完成。

Additionally, last week, NextEra Energy Water closed on its previously announced acquisition of a portfolio of rate-regulated water and wastewater utility assets in Texas. These strategic investments should allow us to leverage our world-class operating platform to unlock value for both customers and our shareholders as we explore potential opportunities in the regulated water utility business.

此外，上週，NextEra Energy Water 完成了其先前宣布的對德克薩斯州費率調節水和廢水公用事業資產組合的收購。這些戰略投資應使我們能夠利用我們世界一流的運營平台為客戶和股東釋放價值，同時探索受監管的水務業務的潛在機會。

At NextEra Energy Transmission, we commissioned the Empire State Transmission Line earlier this month. This project is an excellent complement to our existing operations and further expands NextEra Energy's regulated business mix through the addition of attractive rate-regulated assets to our portfolio. It is expected to improve system reliability and deliver much-needed zero carbon emissions generation to New Yorkers while supporting the state's goals to decarbonize its grid.

在 NextEra 能源傳輸公司，我們本月早些時候啟用了帝國州輸電線路。該項目是對我們現有業務的極好補充，並通過在我們的投資組合中增加有吸引力的利率監管資產，進一步擴展了 NextEra Energy 的受監管業務組合。預計它將提高系統可靠性並為紐約人提供急需的零碳排放發電，同時支持該州實現電網脫碳的目標。

So far, in 2022, NextEra Energy Transmission has completed roughly $500 million of greenfield transmission projects. The addition of high-quality transmission projects such as the East-West Tie and the Empire State Transmission Line furthers our strategy to be North America's leading competitive transmission provider, both to accretively deploy capital as well as to enable further renewables development.

到目前為止，到 2022 年，NextEra Energy Transmission 已經完成了大約 5 億美元的新建輸電項目。高質量輸電項目的增加，如東西連接和帝國州輸電線路，進一步推動了我們成為北美領先的有競爭力的輸電供應商的戰略，既可以增加資本配置，也可以促進可再生能源的進一步發展。

Turning now to the consolidated results for NextEra Energy. For the second quarter of 2022, GAAP net income attributable to NextEra Energy was $1.3 billion or $0.70 per share. NextEra Energy's 2022 second quarter adjusted earnings and adjusted EPS were roughly $1.6 billion and $0.81 per share, respectively. Adjusted results from the Corporate and Other segment decreased by $0.01 year-over-year.

現在轉向 NextEra Energy 的綜合結果。 2022 年第二季度，歸屬於 NextEra Energy 的 GAAP 淨收入為 13 億美元或每股 0.70 美元。 NextEra Energy 2022 年第二季度的調整後收益和調整後每股收益分別約為每股 16 億美元和 0.81 美元。企業和其他部門的調整後業績同比下降 0.01 美元。

At our investor conference, we highlighted roughly $400 million in run rate efficiencies identified through Project Velocity that we expect to be recognized over the next few years. This represents the largest identified cost savings in the history of our company-wide productivity initiatives. In connection with Project Velocity, during the second quarter, we recorded transition costs of approximately $52 million pretax, of which $40 million was recorded at FPL and offset with the utilization of reserve amortization. The balance was recorded at Energy Resources and reduced adjusted EPS by roughly $0.01 per share.

在我們的投資者會議上，我們強調了通過 Project Velocity 確定的大約 4 億美元的運行率效率，我們預計這些效率將在未來幾年內得到認可。這代表了我們公司範圍內的生產力計劃歷史上最大的成本節約。關於 Project Velocity，在第二季度，我們記錄了大約 5200 萬美元的稅前過渡成本，其中 4000 萬美元記錄在 FPL 中，並通過使用準備金攤銷來抵消。餘額記錄在能源資源部門，調整後每股收益減少約 0.01 美元。

Our long-term financial expectations through 2025, which we increased last month at our investor conference, remain unchanged. For 2022, NextEra Energy expects adjusted earnings per share to be in a range of $2.80 to $2.90. For 2023 and 2024, NextEra Energy expects adjusted earnings per share to be in the ranges of $2.98 to $3.13 and $3.23 to $3.43, respectively.

我們上個月在投資者會議上提高的到 2025 年的長期財務預期保持不變。 NextEra Energy 預計 2022 年調整後的每股收益將在 2.80 美元至 2.90 美元之間。 NextEra Energy 預計 2023 年和 2024 年調整後的每股收益將分別在 2.98 美元至 3.13 美元和 3.23 美元至 3.43 美元之間。

For 2025, we expect to grow 6% to 8% off the 2024 adjusted earnings per share range, which translates to a range of $3.45 to $3.70. We will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges in 2022, 2023, 2024 and 2025 while at the same time maintaining our strong balance sheet and credit ratings.

到 2025 年，我們預計將在 2024 年調整後的每股收益範圍內增長 6% 至 8%，即 3.45 美元至 3.70 美元的範圍。如果我們無法在 2022 年、2023 年、2024 年和 2025 年調整後每股收益預期範圍的上限或附近實現財務業績，同時保持強勁的資產負債表和信用評級，我們將感到失望。

Inclusive of the increases in our expectations in both January and June of this year, NextEra Energy's adjusted earnings per share expectations reflect a roughly 10% compound annual growth rate from 2021 to the high end of our range for 2025.

包括我們在今年 1 月和 6 月的預期上調，NextEra Energy 的調整後每股收益預期反映了從 2021 年到 2025 年範圍高端的約 10% 的複合年增長率。

Based upon the clear visibility into meaningful organic growth prospects across all of our businesses, we also remain confident in our near-term capital plan to deploy approximately $85 billion to $95 billion into new investments from 2022 through 2025. In addition, from 2021 to 2025, we continue to expect that our average annual growth and operating cash flow will be at or above our adjusted EPS compound annual growth rate range.

基於對我們所有業務有意義的有機增長前景的清晰可見性，我們也對我們的近期資本計劃充滿信心，即從 2022 年到 2025 年將大約 850 億美元到 950 億美元用於新投資。此外，從 2021 年到 2025 年，我們繼續預計我們的平均年增長率和經營現金流將等於或高於我們調整後的每股收益複合年增長率範圍。

We also continue to expect to grow our dividends per share at a roughly 10% rate per year through at least 2024 off a 2022 base. As always, our expectations assume normal weather and operating conditions.

我們還繼續預計，在 2022 年的基礎上，至少到 2024 年，我們的每股股息將以每年約 10% 的速度增長。與往常一樣，我們的預期假設天氣和運行條件正常。

As a reminder, Energy Resources development expectations and NextEra Energy's financial expectations through 2025 do not assume any change in current tax law. We continue to see strong market demand for renewables, especially in light of the environment of high gas and power prices that we believe will persist going forward.

提醒一下，能源資源開發預期和 NextEra Energy 到 2025 年的財務預期不假設現行稅法有任何變化。我們繼續看到對可再生能源的強勁市場需求，特別是考慮到我們認為未來將持續存在的高天然氣和電力價格的環境。

Renewables are not just the most economic form of generation. They are deflationary and countercyclical. Renewable support energy independence help stimulate economic growth, including domestic job creation. Renewables offer low-cost energy to help customers reduce their bills, and demand is being driven by a number of factors, as we discussed at our June investor conference.

可再生能源不僅僅是最經濟的發電形式。它們是通縮和反週期的。可再生能源支持能源獨立有助於刺激經濟增長，包括創造國內就業機會。正如我們在 6 月份的投資者會議上所討論的那樣，可再生能源提供低成本的能源來幫助客戶減少賬單，並且需求受到多種因素的推動。

We continue to believe that NextEra Energy is better positioned than any other company in our industry to capitalize on these market conditions and deliver low-cost renewables and storage to our customers at both FPL and Energy Resources.

我們仍然相信 NextEra Energy 比我們行業中的任何其他公司都處於更好的位置，可以利用這些市場條件，為 FPL 和 Energy Resources 的客戶提供低成本的可再生能源和存儲。

Let me now turn to NextEra Energy Partners, which delivered outstanding operational and financial performance for the quarter. Second quarter adjusted EBITDA and cash available for distribution were up approximately 43% and 37%, respectively, against the prior year comparable quarter.

現在讓我談談 NextEra Energy Partners，它在本季度提供了出色的運營和財務業績。第二季度調整後的 EBITDA 和可用於分配的現金與去年同期相比分別增長了約 43% 和 37%。

Yesterday, the NextEra Energy Partners Board declared a quarterly distribution of $0.7625 per common unit or $3.05 per common unit on an annualized basis, up approximately 15% from a year earlier. Inclusive of this increase, NextEra Energy Partners has now grown its distribution per unit by more than 300% since the IPO.

昨天，NextEra 能源合作夥伴董事會宣布季度分配為每普通單位 0.7625 美元或每普通單位每年 3.05 美元，比去年同期增長約 15%。包括這一增長在內，NextEra Energy Partners 自首次公開募股以來已將其每單位的分銷量增長了 300% 以上。

Last month at our investor conference, NextEra Energy Partners announced a modification to incentive distribution rights fees, or IDRs, with NextEra Energy. The announced modification flattens IDR payments at $157 million annually based on a minimum annualized distribution rate of $3.05 per common unit. This modified IDR structure will be effective beginning in the third quarter of this year.

上個月在我們的投資者會議上，NextEra Energy Partners 宣布對 NextEra Energy 的激勵分配權費用或 IDR 進行修改。根據每個普通單位 3.05 美元的最低年化分配率，宣布的修改將 IDR 支付平攤為每年 1.57 億美元。這一修改後的 IDR 結構將於今年第三季度開始生效。

We expect both NextEra Energy Partners' unitholders and NextEra Energy shareholders to benefit from the IDR modification. NextEra Energy Partners will need fewer asset additions to achieve its growth objectives with reduced equity needs, among other benefits. NextEra Energy expects to benefit from the potential increased value in its investment in NextEra Energy Partners while retaining an attractive incentive distribution fee stream as well as the ability to continue to recycle significant capital through NextEra Energy Partners.

我們預計 NextEra Energy Partners 的單位持有人和 NextEra Energy 股東都將從 IDR 修改中受益。 NextEra Energy Partners 將需要更少的資產增加來實現其增長目標，同時減少股權需求，以及其他好處。 NextEra Energy 預計將受益於其對 NextEra Energy Partners 投資的潛在增值，同時保留有吸引力的激勵分配費用流以及繼續通過 NextEra Energy Partners 回收大量資本的能力。

Putting it all together, these benefits are expected to provide a longer runway of LP distribution growth and support NextEra Energy Partners' best-in-class distribution per unit growth expectations that we extended last month.

總而言之，這些好處預計將為 LP 分銷增長提供更長的跑道，並支持 NextEra Energy Partners 上個月擴大的每單位增長預期的同類最佳分銷。

NextEra Energy Partners also completed multiple financings during the second quarter to further enhance its financing flexibility. In May, NextEra Energy Partners increased the size of its revolving credit facility by approximately $1.25 billion for a total of $2.5 billion in capacity, which is consistent with NextEra Energy Partners' growth since the facility was last upsized in 2019.

NextEra Energy Partners 在第二季度也完成了多項融資，以進一步增強其融資靈活性。 5 月，NextEra Energy Partners 將其循環信貸額度增加了約 12.5 億美元，總容量為 25 億美元，這與 NextEra Energy Partners 自 2019 年上次擴大規模以來的增長一致。

The facility was approximately 1.6x oversubscribed, which we believe demonstrates the strong credit quality of the NextEra Energy Partners portfolio as well as the market confidence in NextEra Energy Partners' growth outlook. Additionally, NextEra Energy Partners drew the approximately $410 million of remaining funds from its 2021 convertible equity portfolio financing. The strong demand for both the private investor and lending communities to provide NextEra Energy Partners with liquidity for growth demonstrates the partnership's continued ability to raise capital at attractive terms.

該貸款的超額認購率約為 1.6 倍，我們認為這表明 NextEra Energy Partners 投資組合的信用質量良好，以及市場對 NextEra Energy Partners 增長前景的信心。此外，NextEra Energy Partners 從其 2021 年可轉換股權投資組合融資中提取了約 4.1 億美元的剩餘資金。私人投資者和貸款社區都強烈要求為 NextEra Energy Partners 提供流動性以促進增長，這表明該夥伴關係具有以有吸引力的條件籌集資金的持續能力。

With another strong origination quarter at Energy Resources, NextEra Energy Partners' growth visibility is as strong as ever, and we remain on track to deliver on our best-in-class 12% to 15% annual distribution per unit growth expectation, which we extended through 2025 last month at our investor conference.

隨著 Energy Resources 又一個強勁的創始季度，NextEra Energy Partners 的增長能見度與以往一樣強勁，我們仍有望實現同類最佳的每單位增長預期 12% 至 15% 的年度分配，我們對此進行了擴展到 2025 年上個月在我們的投資者大會上。

Finally, last week, S&P favorably revised NextEra Energy Partners' business risk profile upward from satisfactory to strong to reflect its positive outlook on the partnership's continued growth and portfolio diversification while maintaining highly contracted revenue streams with highly rated counterparties.

最後，上週，標準普爾將 NextEra Energy Partners 的業務風險狀況從令人滿意上調至強勁，以反映其對合作夥伴關係持續增長和投資組合多元化的積極展望，同時與高評級的交易對手保持高度簽約的收入流。

S&P also affirmed all of its ratings for NextEra Energy Partners and lowered its downgrade threshold for its funds from operations, or FFO, to debt metric from the previous level of 14% to the current level of 12%. We believe these favorable adjustments reflect the strength of NextEra Energy Partners' business and the stable cash flow generation profile of its portfolio.

標準普爾還確認了對 NextEra Energy Partners 的所有評級，並將其運營資金或 FFO 的降級門檻從之前的 14% 水平降低至目前的 12% 水平。我們認為，這些有利的調整反映了 NextEra Energy Partners 的業務實力及其投資組合穩定的現金流生成狀況。

Turning to the detailed results. NextEra Energy Partners' second quarter adjusted EBITDA was $500 million, and cash available for distribution was $207 million. New projects, which primarily reflect contributions from the approximately 2,400 net megawatts of new long-term contracted renewable projects acquired in 2021, contributed approximately $106 million of adjusted EBITDA and $41 million of cash available for distribution.

轉向詳細的結果。 NextEra Energy Partners 第二季度調整後的 EBITDA 為 5 億美元，可供分配的現金為 2.07 億美元。新項目主要反映了 2021 年收購的約 2400 兆瓦新長期合同可再生能源項目的貢獻，貢獻了約 1.06 億美元的調整後 EBITDA 和 4100 萬美元的可分配現金。

Existing projects added roughly $51 million of adjusted EBITDA and $26 million of cash available for distribution in the second quarter driven primarily by favorable wind resource. Wind resource for the second quarter of 2022 was approximately 112% of the long-term average versus 93% in the second quarter of 2021. Additional details of our second quarter results are shown on the accompanying slide.

現有項目在第二季度增加了約 5100 萬美元的調整後 EBITDA 和 2600 萬美元的可用於分配的現金，主要受有利的風能資源推動。 2022 年第二季度的風能資源約為長期平均水平的 112%，而 2021 年第二季度為 93%。我們第二季度業績的更多詳細信息顯示在隨附的幻燈片中。

NextEra Energy Partners run rate adjusted EBITDA and cash available for distribution expectation for the forecasted portfolio at year-end 2022, which we increased last month at our investor conference, remain unchanged. NextEra Energy Partners continues to expect year-end 2022 run rate adjusted EBITDA and cash available for distribution in the ranges of $1.785 billion to $1.985 billion and $685 million to $775 million, respectively, reflecting calendar year 2023 contributions from the forecasted portfolio at the end of 2022.

NextEra Energy Partners 運行率調整後的 EBITDA 和可用於分配的現金對 2022 年底預測投資組合的預期（我們上個月在投資者會議上增加）保持不變。 NextEra Energy Partners 繼續預計 2022 年底運行率調整後的 EBITDA 和可用於分配的現金分別在 17.85 億美元至 19.85 億美元和 6.85 億美元至 7.75 億美元之間，這反映了 2023 日曆年對預測投資組合的貢獻。 2022 年。

As a reminder, all of our expectations are subject to our normal caveats and include the impact of anticipated IDR fees as we treat fees as an operating expense. From a base of our fourth quarter 2021 distribution per common unit at an annualized rate of $2.83, we continue to see 12% to 15% growth per year in LP distributions per unit as being a reasonable range of expectations through at least 2025.

提醒一下，我們所有的期望都受到我們正常警告的約束，並包括預期 IDR 費用的影響，因為我們將費用視為運營費用。從我們 2021 年第四季度每個普通單位的年化率 2.83 美元的基礎來看，我們繼續看到每個單位的 LP 分配每年增長 12% 到 15%，這是至少到 2025 年的合理預期範圍。

We expect the annualized rate of the fourth quarter 2022 distribution that is payable in February of 2023 to be in the range of $3.17 to $3.25 per common unit. Additional details of our long-term distribution per unit expectations are shown on the accompanying slide.

我們預計 2023 年 2 月支付的 2022 年第四季度分配的年化利率將在每普通單位 3.17 美元至 3.25 美元之間。隨附的幻燈片顯示了我們每單位預期長期分佈的其他詳細信息。

In summary, we remain as enthusiastic as ever about the long-term growth prospects at both NextEra Energy and NextEra Energy Partners. At FPL, that means continuing to deliver our best-in-class customer value proposition of low bills, high reliability and outstanding customer service. It also means pursuing our industry-leading Real Zero carbon emissions goal, which we detailed at our investor conference and in our Zero Carbon Blueprint to decarbonize FPL's operations by no later than 2045.

總之，我們對 NextEra Energy 和 NextEra Energy Partners 的長期增長前景一如既往地充滿熱情。在 FPL，這意味著繼續提供我們一流的客戶價值主張，即低賬單、高可靠性和出色的客戶服務。這也意味著追求我們行業領先的真正零碳排放目標，我們在投資者會議和我們的零碳藍圖中詳細說明了到 2045 年使 FPL 的運營脫碳。

At Energy Resources, we believe that our best-in-class development and operating platform will allow us to maintain our leadership position as we help both power and nonpower sector customers save on energy costs and decarbonize operations with the adoption of new renewables and various forms of energy storage. And we expect NextEra Energy Partners to benefit greatly from the significant growth in renewables deployment across the United States, which presents terrific opportunities for acquisitions, both from Energy Resources and from third parties.

在 Energy Resources，我們相信我們一流的開發和運營平台將使我們能夠保持我們的領先地位，因為我們通過採用新的可再生能源和各種形式幫助電力和非電力行業客戶節省能源成本和脫碳運營的能量儲存。我們預計 NextEra Energy Partners 將從美國可再生能源部署的顯著增長中受益匪淺，這為能源資源和第三方的收購提供了絕佳的機會。

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

我們準備好的發言到此結束。有了這個，我們將打開問題線。

(Operator Instructions) And our first question today comes from Steve Fleishman from Wolfe Research.

（操作員說明）我們今天的第一個問題來自 Wolfe Research 的 Steve Fleishman。

I guess a couple of questions. Just a technical one on the new backlog additions. Could you give us some sense kind of what periods the 2 gigawatts were? Is it mainly '22, '23 or '24, '25?

我猜有幾個問題。只是關於新的積壓工作的技術問題。你能告訴我們2吉瓦是什麼時期嗎？主要是'22，'23還是'24，'25？

Sure. Thank you for the question. So in terms of the new additions that we announced this morning, the wind is sort of split evenly between 2023 and then the 2024 and 2025 time period. For solar, the majority of that is in the 2024 and 2025 time period.

當然。感謝你的提問。因此，就我們今天早上宣布的新增內容而言，風向在 2023 年和 2024 年和 2025 年時間段之間平均分配。對於太陽能，其中大部分是在 2024 年和 2025 年期間。

Great. Second question, I know that your plans do not include any BBB or any extension in tax credits at all, but would be curious of just your thoughts on chances for that to happen in tax extenders or kind of separately what the Biden administration might do on renewables with respect to just the executive actions and/or through the EPA?

偉大的。第二個問題，我知道你的計劃根本不包括任何 BBB 或任何稅收抵免延期，但我只是想知道你對在稅收延期中發生這種情況的可能性的想法，或者拜登政府可能會採取的單獨措施可再生能源僅涉及行政行為和/或通過 EPA？

Sure, Steve. This is John. I'll go ahead and take that. Like you said, it's not included in our development or financial expectations. So if it happens, great. But our expectations through 2025, as Kirk said in the prepared remarks, assume current tax law.

當然，史蒂夫。這是約翰。我會繼續接受的。就像你說的，它不包括在我們的發展或財務預期中。因此，如果發生這種情況，那就太好了。但正如柯克在準備好的評論中所說，我們對 2025 年的預期假設現行稅法。

Our view is that renewables are going to continue to get cheaper and cheaper over time. Gas generation, which is what we primarily compete against for new renewables, on the other hand, continues to get more expensive. And we laid that case out, I think, in detail at the June investor conference.

我們的觀點是，隨著時間的推移，可再生能源將繼續變得越來越便宜。另一方面，天然氣發電是我們主要競爭新可再生能源的主要競爭對象，它繼續變得更加昂貴。我認為，我們在 6 月的投資者會議上詳細闡述了這個案例。

And when I think about gas prices today, we think they're going to remain elevated over a long period of time. I just think there's a lot of headwinds that gas prices are facing today. One of them is obviously the lack of pipeline.

當我想到今天的汽油價格時，我們認為它們將在很長一段時間內保持高位。我只是認為今天的天然氣價格面臨很多不利因素。其中之一顯然是缺乏管道。

Infrastructure, we see significant demand for LNG export in Western Europe. There really is no gas-to-coal switching anymore, which used to put a cap on gas prices and would limit gas demand during scarcity events. So I think for all those reasons, we're going to continue to see upward pressure on gas prices.

基礎設施方面，我們看到西歐對液化天然氣出口的需求很大。真的不再有天然氣到煤炭的轉換，這曾經限制天然氣價格，並在稀缺事件期間限制天然氣需求。所以我認為由於所有這些原因，我們將繼續看到天然氣價格的上行壓力。

And that -- when I look at our success this quarter at over 2 gigawatts for customers, they're looking at that. They're looking at that, and they know that they have significant affordability issues that they are trying to address, and they're really trying to identify anything they can to hedge natural gas prices and natural gas price volatility in the bill. And so that is creating a ton of demand for renewables.

而且——當我看到我們本季度為客戶帶來的超過 2 吉瓦的成功時，他們正在關注這一點。他們正在研究這一點，他們知道他們正在努力解決重大的負擔能力問題，他們真的在努力找出任何可以對沖天然氣價格和賬單中天然氣價格波動的東西。因此，這對可再生能源產生了大量需求。

And like I said, I don't see that really changing over time. I think we're going to be in a long-term period of heightened natural gas prices, which is really just terrific for renewables, creates a ton of demand.

就像我說的，我不認為隨著時間的推移會發生真正的變化。我認為我們將處於天然氣價格上漲的長期時期，這對可再生能源來說真的很棒，會產生大量需求。

On your questions on the views around what the options are for tax reform, first of all, I think reconciliation is somewhat unlikely, obviously, given the positions that have been taken over the last week or so. So our focus really is on extenders and more importantly, on executive actions.

關於你對稅收改革選項的看法的問題，首先，鑑於上週左右採取的立場，我認為和解顯然不太可能。因此，我們的重點實際上是擴展程序，更重要的是，執行操作。

So let me take those in order. The first, on extenders. Extenders could happen. But there are things on both sides of the aisle that they will want at the end of the year. I mean you think about the things that are important to Republicans, and I think Senator Grassley put a statement out a couple of days ago saying that all '25 or '26 extenders hinge on the full R&D expense deduction. That is going to be something that's going to be front and center, I think, on the Republican wish list, is getting that done because I think as most folks know, that R&D full expensing was eliminated at the end of '21, and it gets amortized now over 5 years. So they want to see that extended.

所以讓我把它們整理好。第一個，關於擴展器。可能會發生擴展程序。但是過道兩邊都有他們在年底想要的東西。我的意思是你考慮對共和黨人來說很重要的事情，我認為參議員格拉斯利幾天前發表了一份聲明，稱所有 '25 或 '26 擴展程序都取決於全部研發費用扣除。我認為，在共和黨的願望清單上，這將成為首要和中心的事情，因為我認為正如大多數人所知道的那樣，研發全額費用在 21 年底被取消了，而且現在按 5 年攤銷。所以他們希望看到這種擴展。

We have the interest-deductibility limitation, which converts from EBITDA to EBIT. At the end of '22, bonus depreciation starts to scale down. Those are all things that could really drive economic growth and, I think, will be high on the list and things that we may be able to trade for an extension on renewable credits. So while we're not counting on it, we will continue to do everything we can around extenders to try to support extension of tax credits for renewables.

我們有利息扣除限制，從 EBITDA 轉換為 EBIT。在 22 年底，獎金折舊開始縮減。這些都是可以真正推動經濟增長的東西，我認為，它們將在清單上名列前茅，我們可能可以用這些東西來換取可再生信貸的延期。因此，雖然我們不指望它，但我們將繼續盡我們所能圍繞擴展器嘗試支持擴展可再生能源的稅收抵免。

I think executive action, particularly given the statements that were made by the President at the end of last week, there are definitely some things that we can do there. We will continue to work it. We have a number of ideas on our list that we are pursuing at different levels. And I'd like to just leave it at that on the executive branch activity, but feel somewhat optimistic about our ability to get some exciting things done there.

我認為行政行動，特別是考慮到總統在上週末發表的聲明，我們肯定可以在那裡做一些事情。我們將繼續努力。我們的清單上有許多想法，我們正在不同層次上追求。我想把它留在行政部門活動上，但對我們在那裡完成一些令人興奮的事情的能力感到有些樂觀。

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

我們的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Maybe just a follow-up from Steve's last question. Focus here on origination, new record in the second quarter here. How are you thinking about the back half of the year? Clearly, to a certain extent, you would think that there would be some hesitancy from customers given the uncertainty on BBB. Considering that maybe those expectations have withered at this point, does that actually mean customers are now sort of in gear to make moves? And could we actually see a further acceleration of origination in the back half of the year, if you follow what I'm saying?

也許只是史蒂夫最後一個問題的後續。在這里關注原創，這裡是第二季度的新紀錄。下半年你怎麼看？顯然，在一定程度上，鑑於 BBB 的不確定性，您會認為客戶會有些猶豫。考慮到這些期望可能在這一點上已經消退，這是否真的意味著客戶現在已經準備好採取行動了？如果你按照我所說的，我們真的可以在今年下半年看到進一步加速的起源嗎？

Julien, it's Rebecca. I'll take that question. The team is doing a terrific job with ongoing conversations with customers. But as we've highlighted really since -- for a very long period of time and consistently even since the start of the year when we've been talking a lot more about disruption across the industry, interest from customers remains really robust. And that was throughout even the uncertainty around circumvention, at the height of it, even around solar.

朱利安，我是麗貝卡。我會回答這個問題。該團隊在與客戶的持續對話方面做得非常出色。但是，正如我們從那以後一直強調的那樣——在很長一段時間內，甚至自今年年初以來我們一直在談論整個行業的顛覆時，客戶的興趣仍然非常強勁。這甚至貫穿於圍繞規避的不確定性，在它的高度，甚至圍繞太陽能。

And it really goes back to the heart of what Kirk said in the prepared remarks and what John just commented on a minute or 2 ago in response to one of Steve's questions. Our customers are acutely aware of the value of renewables in their portfolio from an economic standpoint, both in the pure sense of being low cost, but also in the sense of being a terrific offset to inflationary concerns about other forms of generation in their portfolio.

這真的可以追溯到柯克在準備好的評論中所說的話以及約翰在一兩分鐘前剛剛回答史蒂夫的一個問題時發表的評論的核心。從經濟的角度來看，我們的客戶敏銳地意識到可再生能源在他們的投資組合中的價值，無論是在低成本的純粹意義上，還是從對他們投資組合中其他發電形式的通脹擔憂的巨大抵消的意義上來說。

And then on top of that, they have various commitments that they've talked to, to their own stakeholders about deploying renewables and reducing carbon in their portfolio. So I think there's this underlying current of demand that has been far less affected than you might think by the headlines in our conversations about what's going on in the industry.

最重要的是，他們與自己的利益相關者就在其投資組合中部署可再生能源和減少碳排放做出了各種承諾。因此，我認為這種潛在的需求趨勢所受到的影響遠小於我們關於行業動態的對話中的頭條新聞所想像的影響。

So I would say the fundamentals are terrific. And as you can see from our origination, I always caution you all not to look at a single quarter in isolation, to keep looking at multiple quarters over time. And you can see really strong demand for both wind and solar and battery storage throughout the portfolio.

所以我會說基本面非常好。正如您從我們的起源中看到的那樣，我總是提醒大家不要孤立地看待一個季度，而是隨著時間的推移繼續關注多個季度。您可以看到整個產品組合對風能和太陽能以及電池存儲的需求非常強勁。

So I'm thrilled with our conversations with our customers. I'm thrilled with the execution of the team and remain as excited as I've ever been about the prospects for us continuing to execute and delivering new renewables.

因此，我對我們與客戶的對話感到非常興奮。我對團隊的執行感到興奮，並且對我們繼續執行和交付新可再生能源的前景感到興奮。

Yes, it sounds more consistent, as you say. And then just -- this might seem more of a check the box, but just to clarify this, I mean, we've seen some concerns out there on court side of late and just UFLPA, et cetera. I mean I know there's some concerns, and perhaps this is more of a review process as a few things are held up here. But I just want to turn back to your prepared comments, et cetera. It sounds like this is not substantively a concern for you guys, at least per your own contracting activities.

是的，正如你所說，這聽起來更一致。然後只是 - 這似乎更像是一個複選框，但為了澄清這一點，我的意思是，我們最近在球場方面看到了一些擔憂，只是 UFLPA 等等。我的意思是我知道存在一些擔憂，也許這更像是一個審查過程，因為這裡有一些事情被擱置。但我只想回到你準備好的評論，等等。聽起來這對你們來說不是實質性的問題，至少根據你們自己的合同活動。

Julien, we continue to work through supply chain. Of course, you know all the headlines as well as anybody on circumvention. For WRO and the Uyghur Forced Labor Protection Act, obviously, we have for WRO some history already under our belt for us and for the industry. And for the UFLPA implementing regulations, we now have some time in place for those, and our conversations with our suppliers remain really constructive. So we're going to constantly be vigilant as our suppliers, but we continue to see a constructive path forward on being able to put projects in service over time.

Julien，我們將繼續通過供應鏈開展工作。當然，你知道所有的頭條新聞以及任何規避的人。對於 WRO 和《維吾爾強迫勞動保護法》，顯然，對於 WRO，我們和整個行業已經掌握了一些歷史。對於 UFLPA 實施條例，我們現在有一些時間來處理這些問題，我們與供應商的對話仍然非常具有建設性。因此，作為我們的供應商，我們將不斷保持警惕，但我們繼續看到一條建設性的前進道路，能夠隨著時間的推移將項目投入使用。

Yes. And the only thing that I would add to what Rebecca just said, Julien, is none of our suppliers are on the import panelist. None of our panels have been detained. I think as Rebecca said, the process that will be followed will be much like the WRO, which our suppliers are well versed in dealing with. And there will be a little bit of due diligence on, "Hey, where did these panels come from? What's the traceability?" just like we've seen with WRO, but we believe it's all very manageable.

是的。對於麗貝卡剛才所說的朱利安，我唯一要補充的是，我們的供應商都不是進口小組成員。我們的小組都沒有被拘留。我認為正如 Rebecca 所說，將遵循的流程將與 WRO 非常相似，我們的供應商非常精通該流程。並且會有一點盡職調查，“嘿，這些面板是從哪裡來的？可追溯性是什麼？”就像我們在 WRO 中看到的一樣，但我們相信這一切都非常易於管理。

And our next question comes from Shar Pourreza from Guggenheim Partners.

我們的下一個問題來自 Guggenheim Partners 的 Shar Pourreza。

Just what's the threshold for removing the language around the 2 gigawatts of projects that you noted in the footnotes that could still be at risk? I mean, can you maybe just elaborate on how the discussions are going with customers?

刪除您在腳註中提到的仍可能存在風險的 2 吉瓦項目的語言的門檻是多少？我的意思是，您能否詳細說明與客戶的討論情況？

And just given that you've been in discussions for some time, where are you sort of trending as we're thinking about the 1 to 2 gigawatt cancellation range that you sort of highlighted at the Analyst Day? I mean, could we end up with no cancellations? I guess when can we get an update there?

鑑於您已經討論了一段時間，當我們考慮您在分析師日強調的 1 到 2 吉瓦的取消範圍時，您的趨勢在哪裡？我的意思是，我們最終可以不取消嗎？我想我們什麼時候可以在那裡得到更新？

So it's Rebecca. I'll take that question as well. Our conversations, I would say, are across the board very constructive. And I think throughout this process, we've been very transparent, obviously, with you all and our conversations that we highlighted at the investor conference, but at least as importantly and perhaps more so from my perspective, very transparent and honest with our customers.

所以是麗貝卡。我也會回答這個問題。我會說，我們的對話是非常有建設性的。我認為在整個過程中，顯然，我們對你們所有人以及我們在投資者會議上強調的對話都非常透明，但從我的角度來看，至少同樣重要，也許更重要的是，對我們的客戶非常透明和誠實.

And it continues to be a process, particularly for the things we just talked about, both for getting back on track from the disruption related to the circumvention investigation and also understanding the implications of WRO and UFLPA as well as understanding our customers' requirements for what is most important to them in terms of timing and getting their projects in service.

它仍然是一個過程，特別是對於我們剛剛談到的事情，既要從與規避調查相關的破壞中恢復正軌，又要了解 WRO 和 UFLPA 的含義以及了解客戶對什麼的要求就時間安排和讓他們的項目投入使用而言，這對他們來說是最重要的。

I would say I'm very pleased with the progress on those conversations. I'm optimistic. I think I even said this at the investor conference, there's still a path where there is little to no cancellations across the board. We're not there yet. There's still some ongoing dialogue that we need to have.

我會說我對這些對話的進展感到非常滿意。我很樂觀。我想我什至在投資者會議上說過，仍然有一條幾乎沒有全面取消的道路。我們還沒有。我們仍然需要進行一些持續的對話。

But irrespective of that, I feel very comfortable with the development expectations that we've laid out that even if there's some disruption with a couple of those contracts, I feel very confident in being able to enter into other contracts and continue the development of other projects such that those ranges that we've provided to you and, of course, gave you again today remain very much in reach. And our origination for this quarter speaks for itself of being able to continue meaningful progress towards lining those up and creating terrific visibility to where we just need to execute.

但不管怎樣，我對我們制定的開發期望感到非常滿意，即使其中一些合同出現了一些中斷，我對能夠簽訂其他合同並繼續開發其他合同感到非常有信心那些我們已經提供給您的項目，當然，今天再次提供給您的那些範圍仍然非常觸手可及。我們本季度的起源不言而喻，能夠繼續有意義的進展，以排列這些並為我們需要執行的地方創造極好的可見性。

Got it. Got it. So just -- sorry, if I could just -- it sounds like the way the discussions are going, there could be a situation where you see no cancellations.

知道了。知道了。所以只是- 抱歉，如果我可以的話- 這聽起來像是討論的方式，可能會出現您看不到取消的情況。

That's certainly possible. But again, most importantly, even if there's some disruption, I also feel really good about being able to have alternatives in place. So I think it's both yes and.

這當然是可能的。但同樣，最重要的是，即使有一些干擾，我也對能夠有替代方案感到非常高興。所以我認為這兩者都是肯定的。

Got it. Got it. And just wanted to follow up on the transaction value of renewable projects, especially as you're kind of looking at the rising interest rate environment. Do sort of the rising rates present a challenge to monetize projects both through net or third parties? And how do you see the interest rates impacting sort of the economics on the project, the development margins, the IRRs? So is there sort of pricing flexibility to pass those costs without seeing sort of that elasticity in demand?

知道了。知道了。只是想跟進可再生能源項目的交易價值，尤其是當您正在關注不斷上升的利率環境時。利率的上升是否對通過網絡或第三方將項目貨幣化提出了挑戰？您如何看待影響項目經濟、開發利潤率和內部收益率的利率？那麼是否有某種定價靈活性來轉移這些成本，而不會看到需求的那種彈性？

So Shar, let me start with, as we've often talked about, we have a number of competitive advantages when it comes to financing the projects. But I think you also need to consider the environment in which we are contracting renewable projects right now and, as John talked about, what the alternative is for the customer.

所以夏爾，讓我開始吧，正如我們經常談到的那樣，在為項目融資時，我們有許多競爭優勢。但我認為您還需要考慮我們現在承包可再生項目的環境，正如約翰所說，對於客戶來說，替代方案是什麼。

So given the high gas price environment, it certainly provides room for us to have a higher PPA price. And that gives us the ability to offset higher interest rate costs and still maintain our margins.

所以考慮到高gas價格的環境，它肯定為我們提供了更高的PPA價格空間。這使我們有能力抵消更高的利率成本並仍然保持我們的利潤率。

With respect to NextEra Energy Partners, as we've shared before, again, a lot of financing options available at NextEra Energy Partners. We've demonstrated over the years ways to finance the growth in a very cost-efficient way. And we continue to believe that we can utilize all the different financing options that we have to continue to support the growth at NextEra Energy Partners.

關於 NextEra Energy Partners，正如我們之前所分享的，NextEra Energy Partners 提供了許多融資選擇。多年來，我們已經展示了以極具成本效益的方式為增長融資的方法。我們仍然相信，我們可以利用所有不同的融資方案來繼續支持 NextEra Energy Partners 的增長。

Congrats, John and team.

恭喜，約翰和團隊。

Our next question comes from Durgesh Chopra from Evercore.

我們的下一個問題來自 Evercore 的 Durgesh Chopra。

All my other questions have been answered. I wanted to go to sort of your water and wastewater strategy, and I appreciate it's a small part of your business. But maybe just a 2-part question there. One, can you talk about your outlook there? Obviously, the Texas deal is now closed, and you made a PA announcement or you talked about the PA wastewater system on the call today. So can you discuss your outlook there? Do you see a lot of opportunity to grow there? That's part one.

我所有的其他問題都已得到解答。我想了解一下你們的水和廢水戰略，我很感激這只是你們業務的一小部分。但也許只是一個兩部分的問題。一，你能談談你在那裡的前景嗎？顯然，德克薩斯州的交易現已結束，您發布了 PA 公告，或者您在今天的電話會議上談到了 PA 廢水系統。那麼你能在那裡討論你的前景嗎？您認為那裡有很多發展機會嗎？這是第一部分。

And then part two, how should we think about competition? Here, I'm referring to the local water utilities, as you approach these deals. And what's your competitive advantage?

然後是第二部分，我們應該如何看待競爭？在這裡，當您處理這些交易時，我指的是當地的水務公司。你的競爭優勢是什麼？

Yes. Thanks for the question. I'll take that. It's obviously Rebecca. We're very excited about it. As we've talked now a number of quarters, we see a lot of synergies from the competitive strengths that we bring to the table, our size, our approach to being able to focus on cost and on innovation and all of the -- both supply chain and execution that we can bring to the water business.

是的。謝謝你的問題。我會接受的。這顯然是麗貝卡。我們對此感到非常興奮。正如我們已經討論了幾個季度一樣，我們看到了很多來自我們帶來的競爭優勢、我們的規模、我們能夠專注於成本和創新的方法以及所有這些——兩者的協同效應。我們可以為水業務帶來的供應鍊和執行。

And of course, we find regulated earnings and cash flows very attractive. So there's lots of both structural and strategic reasons why we're interested, and we're thrilled with the progress that we've had so far, getting some initial work done in both Texas and Pennsylvania. And I feel really energized by what the team is looking at in terms of opportunities for growth going forward and building more of a platform opportunity.

當然，我們發現受監管的收益和現金流非常有吸引力。所以我們感興趣的原因有很多結構性和戰略性的原因，我們對迄今為止取得的進展感到興奮，在德克薩斯州和賓夕法尼亞州完成了一些初步工作。我對團隊在未來增長機會和建立更多平台機會方面所看到的東西感到非常興奮。

And I think it's key to think about some of the value this brings. There are local utilities out in these communities, and we can help them solve some of the challenges that they see, both the municipals and the entities that run those businesses.

我認為考慮這帶來的一些價值是關鍵。這些社區中有當地的公用事業公司，我們可以幫助他們解決他們看到的一些挑戰，包括市政當局和經營這些企業的實體。

So I think it's terrific. I do want to caveat that relative to the size of our overall business and the capital investments that we're making, it's relatively small. But in all of our broader conversations and investments in renewables and talking to these municipal entities around renewables, there's often opportunities to also bring value to them on the water side and other parts of infrastructure that is meaningful to them.

所以我認為這很棒。我確實想提醒一下，相對於我們整體業務的規模和我們正在進行的資本投資，它相對較小。但在我們對可再生能源的所有更廣泛的對話和投資以及與這些市政實體圍繞可再生能源進行的對話中，通常有機會在水方面和對他們有意義的基礎設施的其他部分為他們帶來價值。

So terrific synergies. I'm really excited about the outlook. We continue to be much more of a renewables company than necessarily a straight water company, but I'm really happy with the progress we've made so far.

如此出色的協同效應。我對前景感到非常興奮。我們仍然是一家可再生能源公司，而不是一家純水公司，但我對我們迄今為止取得的進展感到非常滿意。

Our next question comes from Jeremy Tonet from JPMorgan.

我們的下一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to pick up maybe with M&A a little bit here. How does the recently instated Real Zero goal impact your prospects around M&A going forward? And when you're looking at assets, is there more of an interest on water, as you've talked about here? Or how does the appetite vary between water, electric, gas?

只是想在這裡稍微了解一下併購。最近制定的“真正零”目標如何影響您在併購方面的前景？當您查看資產時，您是否對水更感興趣，正如您在這裡所說的那樣？或者水、電、氣之間的食慾如何變化？

Sure. So look, I think we've -- as we've discussed before on M&A, we are really excited about the organic growth opportunities we have at both FPL and Energy Resources. At FPL, it is a growing population here in the state. At Energy Resources, it's a fantastic renewable environment.

當然。所以看，我認為我們已經 - 正如我們之前在併購方面所討論的那樣，我們對我們在 FPL 和能源資源方面擁有的有機增長機會感到非常興奮。在 FPL，該州的人口不斷增長。在 Energy Resources，這是一個極好的可再生環境。

So as we think about M&A, we will always look, we're always interested, but we're really focused on the organic growth opportunities. And I think Rebecca shared with you sort of the thinking we have around water and whether or not there are opportunities there in water that we can help local municipalities. But in the context of the overall business and the organic growth that we have at both FPL and Energy Resources, it's still a small opportunity set.

因此，當我們考慮併購時，我們總是會尋找，我們總是感興趣，但我們真正關注的是有機增長機會。我認為 Rebecca 與您分享了我們對水的一些想法，以及水是否存在我們可以幫助當地市政當局的機會。但在整體業務和我們在 FPL 和 Energy Resources 的有機增長的背景下，這仍然是一個很小的機會集。

Got it. And then maybe just coming back to supply chain, a little bit more high-level question. What do you think about the prospects regarding domestic manufacturing? What are your expectations for U.S. market share multiple years down the road? What percentage of panels do you think could be domestically sourced today versus 5 years in the future?

知道了。然後也許只是回到供應鏈，一個更高級的問題。您如何看待國內製造業的前景？您對未來多年的美國市場份額有何期望？您認為今天和未來 5 年可以在國內採購的面板比例是多少？

This is John. I'll go ahead and take that. I mean what you're going to continue to see is, I think, really more of an intense focus on what's possible in the U.S. I mean I think you've certainly seen our company take a leadership position early on with what we were able to do up in Jacksonville around a panel manufacturing facility. We will continue to look for more opportunities going forward.

這是約翰。我會繼續接受的。我的意思是，您將繼續看到的是，我認為，實際上更多地關注美國的可能性。我的意思是，我認為您肯定已經看到我們公司很早就憑藉我們的能力處於領先地位在傑克遜維爾的一個面板製造工廠附近做起來。我們將繼續尋找更多的機會。

But I think it's going to be important that we have a diverse approach that looks hard at domestic production opportunities and supporting domestic production opportunities going forward. It's hard to really give you a percentage, but I think you're going to see this industry really focused on ways that we can help create more domestic jobs here on the home front.

但我認為重要的是我們有一個多樣化的方法來關注國內生產機會並支持未來的國內生產機會。很難真正給你一個百分比，但我認為你會看到這個行業真正專注於我們可以幫助在國內創造更多國內就業機會的方式。

That's one of the great things about renewables. I mean renewables are energy independent. From a national security standpoint, they're all within the boundaries of the U.S. And we will continue to focus on developing projects that are fuel independent as well, which will, as I said before, really help, I think, in taking a bite out of the bill in a high natural gas price environment.

這是可再生能源的一大優點。我的意思是可再生能源與能源無關。從國家安全的角度來看，它們都在美國境內。我們將繼續專注於開發獨立於燃料的項目，正如我之前所說，我認為這將真正有助於咬一口在高昂的天然氣價格環境中被排除在外。

Our next question comes from Stephen Byrd from Morgan Stanley.

我們的下一個問題來自摩根士丹利的斯蒂芬·伯德。

It's Dave Arcaro on for Stephen. So I was wondering, just looking at the Energy Resources development outlook, there is a big ramp in solar from the '22, '23 period into the '24, '25 period. I was wondering, is there an opportunity or any effort to kind of pull forward projects from '24, '25 into 2023? Kind of curious how generally 2023 is shaping up in terms of industry growth that year.

這是斯蒂芬的戴夫阿卡羅。所以我想知道，看看能源資源的發展前景，太陽能從 22 年 23 年到 24 年 25 年有一個很大的增長。我想知道，是否有機會或任何努力將項目從 24 年、25 年推進到 2023 年？有點好奇 2023 年在當年的行業增長方面是如何形成的。

Dave, it's Rebecca. I'll take that. One, as we just think about it from our company's perspective, obviously, we have financial expectations built around the ranges that we've already provided, which anticipates both at '22, '23 time frame and '24, '25 time frame of in-service.

戴夫，我是麗貝卡。我會接受的。一，正如我們從公司的角度考慮的那樣，顯然，我們的財務預期是圍繞我們已經提供的範圍建立的，預計在 '22,'23 時間框架和 '24,'25 時間框架在職。

But certainly, as we look out to 2025 and think about that being a substantial solar build year for us and for the industry for obvious reasons, assuming that there's no change to current tax policy, of course, we're going to think long and hard about how do you optimize that growth. We're already in conversations with our EPC contracts, our labor contracts as well as the physical supply chain needed in order to support that build to ensure that we're on top of it and tracking it accordingly.

但可以肯定的是，當我們展望 2025 年並考慮到這對我們和整個行業來說是一個重要的太陽能建設年時，出於顯而易見的原因，假設當前的稅收政策沒有變化，當然，我們會考慮很久，很難知道如何優化這種增長。我們已經在與我們的 EPC 合同、我們的勞動合同以及支持該構建所需的物理供應鏈進行對話，以確保我們處於其之上並相應地對其進行跟踪。

This is kind of what we do, right? It's -- in our industry, as you all know, there's a history of peaks as you go into a year in which the industry expects to have a change in incentives after that year. So we will prepare for it. I feel very comfortable with where we are today that we've got the right systems, thoughts and execution in place to be successful. But of course, as you highlighted, we'll look at every possible way to optimize that.

這就是我們所做的，對吧？眾所周知，在我們的行業中，當您進入行業預計該年之後激勵措施會發生變化的一年時，會有一段高峰歷史。所以我們會為此做好準備。我對我們今天所處的位置感到非常自在，因為我們擁有正確的系統、思想和執行力以取得成功。但是，當然，正如您強調的那樣，我們將研究所有可能的方法來優化它。

Okay. Got it. That's helpful. And then on Florida, I was wondering if you could talk about bill inflation and just approaches that you're pursuing to manage the pressure that we're seeing on customer builds this year. Anything kind of new in the works or creative ways to help spread that cost out or that bill inflation out?

好的。知道了。這很有幫助。然後在佛羅里達州，我想知道您是否可以談論賬單通貨膨脹以及您正在尋求的方法來管理我們今年在客戶構建中看到的壓力。有什麼新的作品或創造性的方法來幫助分散成本或消除通貨膨脹嗎？

Dave, this is Eric Silagy. I'll take that. So look, first off, we continue to be focused on being as efficient as possible. One of the advantages that we have is we have the most fuel-efficient fleet in Florida as well as among the country. but also our solar focus and our big solar build helps as well because, frankly, we just burn left gas. So when you look at how much electricity, megawatt hours we actually produce every day and look at the amount of fuel we burn, the efficiency is the best way for us to save customers.

戴夫，這是埃里克·西拉吉。我會接受的。因此，首先，我們將繼續專注於盡可能提高效率。我們擁有的優勢之一是我們擁有佛羅里達州乃至全國最省油的車隊。而且我們的太陽能重點和我們的大型太陽能建設也有幫助，因為坦率地說，我們只是燃燒剩下的氣體。因此，當您查看我們每天實際生產多少電力、兆瓦時以及我們燃燒的燃料量時，效率是我們節省客戶的最佳方式。

As Kirk said in his opening remarks, you look at how many billions of dollars that we've actually saved customers over the years by simply not charging them for fuel that we simply didn't have to buy. So that remains a key focus for us along with our productivity and our O&M. I'm proud of the continued focus across the entire organization. We have the lowest O&M per kilowatt hour of any utility in America, and we're not satisfied with that. So we're going to continue to do that. So we're tightening our belts to do everything we can to make sure our customer bills remain the lowest among all the IOUs in Florida and among the lowest in the country.

正如柯克在他的開場白中所說，你看看我們多年來實際上為客戶節省了數十億美元，因為我們只是不向他們收取我們根本不必購買的燃料。因此，這與我們的生產力和 O&M 一樣，仍然是我們關注的重點。我為整個組織的持續關注感到自豪。在美國任何公用事業公司中，我們每千瓦時的 O&M 最低，我們對此並不滿意。所以我們將繼續這樣做。因此，我們正在勒緊褲腰帶，盡我們所能確保我們的客戶賬單在佛羅里達州的所有 IOU 中保持最低，並且在全國最低。

And our next question comes from James Thalacker from BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 James Thalacker。

Just real quick question. Obviously, existing generation of storage and customer supply had a good quarter, quarter-over-quarter. I know obviously some of that was related to the above average wind resource, which rebounded quite a bit. But just wondering, post Uri, a lot of the generators had sort of restructured some of their contracts. Did you guys see any benefits in 2Q from any sort of maybe changing in your hedging strategy? And could that be something we could see kind of flowing through to the rest of the year?

只是真正的快速問題。顯然，現有存儲和客戶供應的季度環比良好。我知道其中一些顯然與上述平均風力資源有關，反彈了很多。但只是想知道，在 Uri 之後，許多生成器已經在某種程度上重組了他們的一些合同。你們是否從對沖策略的任何變化中看到了第二季度的任何好處？這可能是我們可以看到流到今年餘下時間的事情嗎？

Yes, sure. So we did not really have any change to the way that we operated our book. Obviously, Winter Storm Uri was an event where I think everyone who operated in Texas learned some information in terms of the way to position their books. And we certainly have positioned our book to help better manage extreme conditions, both in the winter and the summer, but we did not have any significant changes to the way that we run the business in Texas as a result.

是的，當然。因此，我們經營圖書的方式並沒有真正改變。顯然，Winter Storm Uri 是一個活動，我認為在德克薩斯州經營的每個人都學到了一些關於放置書籍的方式的信息。我們當然已經將我們的書定位為幫助更好地管理冬季和夏季的極端條件，但我們在德克薩斯州經營業務的方式沒有任何重大變化。

And ladies and gentlemen, with that, we'll be ending today's question-and-answer session as well as today's conference call. We do thank everyone for joining today's presentation. You may now disconnect your lines.

女士們先生們，到此，我們將結束今天的問答環節以及今天的電話會議。我們非常感謝大家參加今天的演講。您現在可以斷開線路。