新世紀能源 (NEE) 2022 Q3 法說會逐字稿

Good day and welcome to the NextEra Energy and NextEra Energy Partners Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded.

美好的一天，歡迎參加 NextEra Energy 和 NextEra Energy Partners 2022 年第三季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Jessica Geoffroy, Director of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係總監 Jessica Geoffroy。請繼續。

Thank you, Matt. Good morning, everyone, and thank you for joining our third quarter 2022 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are John Ketchum, Chairman, 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，馬特。大家早上好，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2022 年第三季度合併收益電話會議。今天早上和我在一起的是 NextEra Energy 董事長、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在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 is no longer 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，海灣電力不再是佛羅里達州的獨立報告部門Power & Light 和 NextEra Energy。對於 2022 年及以後，FPL 有一個報告部分。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. Before I begin today's discussion of our third quarter results, I would like to extend our deepest sympathies to all those who have been affected by the widespread destruction caused by Hurricanes Fiona and Ian over the last month. Hurricane Ian was the fifth strongest hurricane to ever make landfall in the Continental U.S. The powerful and destructive storm hit Southwest Florida as a high-end Category 4 hurricane with sustained winds of approximately 150 miles per hour, devastating storm surges and numerous tornadoes, tragically resulting in the loss of lives and causing more than 2.1 million FPL customers to lose power.

謝謝你，傑西卡，大家早上好。在我開始今天討論我們的第三季度業績之前，我想向所有在上個月受到颶風菲奧娜和伊恩造成的廣泛破壞影響的人表示最深切的同情。颶風伊恩是有史以來登陸美國大陸的第五強颶風。這場強大而具有破壞性的風暴以高端 4 級颶風的形式襲擊了佛羅里達州西南部，持續風速約為每小時 150 英里，帶來毀滅性的風暴潮和無數龍捲風，悲劇性地導致生命損失並導致超過 210 萬 FPL 客戶斷電。

In preparation for the hurricane, FPL assembled a restoration workforce of approximately 20,000 workers. This preparation and coordinated response, combined with FPL's valuable hardening and smart grid investments, enabled the company to restore service to roughly 2/3 of affected customers after the first full day of restoration following Hurricane Ian's landfall. This represents the fastest restoration rate in our history for a major hurricane. Our dedicated and resourceful workforce was able to restore essentially all FPL customers who were able to safely accept power within 8 days.

為應對颶風，FPL 組建了大約 20,000 名工人的恢復勞動力。這種準備和協調響應，再加上 FPL 寶貴的加固和智能電網投資，使該公司能夠在伊恩颶風登陸後的第一天恢復服務後，為大約 2/3 的受影響客戶恢復服務。這代表了我們歷史上一場大颶風的最快恢復速度。我們敬業且足智多謀的員工隊伍能夠在 8 天內恢復所有能夠安全接受電力的 FPL 客戶。

I would like to thank all of our employees who made personal sacrifices leaving their own homes to serve our customers, our communities and our state. It was because of their training, their preparation their dedication and their commitment that we were able to restore power to our customers so quickly. I would also like to thank other members of the restoration team, including the contractors, vendors and first responders that supported our efforts, for their dedicated assistance during this critical time.

我要感謝我們所有做出個人犧牲的員工，他們離開自己的家，為我們的客戶、我們的社區和我們的州服務。正是因為他們的培訓、他們的準備、他們的奉獻精神和他們的承諾，我們才能夠如此迅速地為我們的客戶恢復供電。我還要感謝修復團隊的其他成員，包括支持我們工作的承包商、供應商和急救人員，感謝他們在這個關鍵時刻的全力協助。

Finally, we are deeply grateful for the assistance provided by our industry partners who came from 30 different states to help support our customers.

最後，我們非常感謝來自 30 個不同州的行業合作夥伴提供的幫助，以幫助支持我們的客戶。

Mutual aid in times of disaster is one of the hallmarks of our industry, and this storm was no exception. For nearly 2 decades, FPL has invested significantly in building a stronger, smarter and more storm-resilient grid. While no energy grid is hurricane-proof, the performance of our system demonstrates that FPL's hardening and undergrounding investments are providing significant benefits to our customers.

災難時的互助是我們行業的標誌之一，這場風暴也不例外。近 2 年來，FPL 投入巨資建設更強大、更智能、更能抵御風暴的電網。雖然沒有任何電網能夠抵禦颶風，但我們系統的性能表明 FPL 的硬化和地下投資正在為我們的客戶帶來顯著的利益。

Despite sustained winds of approximately 150 miles per hour, FPL did not lose a single transmission pole or tower during Hurricane Ian. Additionally, initial performance data show that FPL's undergrounding distribution power lines performed 5x better in terms of outage rates than existing overhead distribution power lines in Southwest Florida.

儘管持續風速約為每小時 150 英里，但在伊恩颶風期間，FPL 並沒有失去一根輸電桿或輸電塔。此外，初步性能數據顯示，FPL 的地下配電線路在斷電率方面的表現是佛羅里達州西南部現有架空配電線路的 5 倍。

On a related note, we were pleased that the Florida Public Service Commission substantially approved our 2023 Storm Protection Plan earlier this month, which we expect will lead to an even stronger and more resilient grid for the benefit of our customers.

在相關的說明中，我們很高興佛羅里達州公共服務委員會本月早些時候實質性批准了我們的 2023 年風暴保護計劃，我們預計這將導致一個更強大、更有彈性的電網，以造福我們的客戶。

Finally, we are proud to report that our generation fleet, including our solar sites, sustained almost no structural damage. Despite 38 of FPL's 50 existing solar sites or approximately 12 million panels being exposed to storm conditions, less than 0.3% of our solar panels were affected, and those impacted were mostly at our older fixed racking sites. Our battery storage sites, including one of the world's largest solar power batteries at our Manati Solar Energy Center, remained available throughout the storm. We believe these investments, together with our preparation and coordinated response, have improved FPL's overall reliability and resiliency, providing significant value to our customers.

最後，我們很自豪地報告，我們的發電機隊，包括我們的太陽能站點，幾乎沒有遭受結構性損壞。儘管 FPL 現有 50 個太陽能站點中的 38 個或大約 1200 萬塊太陽能電池板暴露在風暴條件下，但受影響的太陽能電池板不到 0.3%，而受影響的主要是我們較舊的固定貨架站點。我們的電池存儲站點，包括我們馬納蒂太陽能中心的世界上最大的太陽能電池之一，在整個風暴期間仍然可用。我們相信這些投資，連同我們的準備和協調響應，提高了 FPL 的整體可靠性和彈性，為我們的客戶提供了巨大的價值。

Although FPL has not completed the final accounting, our preliminary estimate of Hurricane Ian restoration costs that we plan to recover from customers through a surcharge is approximately $1.1 billion, of which approximately $220 million will be utilized to replenish the storm reserve, subject to a review and prudence determination of our final storm cost by the Florida Public Service Commission. Under its current settlement agreement, FPL is allowed to collect an equivalent of $4 for every 1,000 kilowatt hours of usage on residential bills but can request an increase to the $4 equivalent surcharge given the cost exceeded $800 million. We anticipate discussing the surcharge amount and timing with the Florida Public Service Commission in the coming months.

雖然 FPL 尚未完成最終核算，但我們對計劃通過附加費從客戶那裡收回的颶風伊恩恢復成本的初步估計約為 11 億美元，其中約 2.2 億美元將用於補充風暴儲備，但需進行審查佛羅里達州公共服務委員會謹慎地確定我們的最終風暴成本。根據其目前的和解協議，FPL 可以每使用 1,000 千瓦時收取相當於 4 美元的住宅賬單，但如果成本超過 8 億美元，可以要求增加 4 美元的等值附加費。我們預計在未來幾個月內與佛羅里達州公共服務委員會討論附加費金額和時間。

Let me briefly comment on the Inflation Reduction Act, or IRA, and what it means for our customers, for our company and for our industry. At our investor conference in June, we announced our vision to lead the decarbonization of the U.S. economy, and we announced our industry-leading goal to deliver Real Zero emissions by no later than 2045. We discussed our strategy to get there and how every part of our strategy is focused on saving customers money on their energy bills.

讓我簡要評論一下《降低通貨膨脹法》或 IRA，以及它對我們的客戶、我們的公司和我們的行業意味著什麼。在 6 月的投資者會議上，我們宣布了引領美國經濟脫碳的願景，並宣布了我們行業領先的目標，即不遲於 2045 年實現真正的零排放。我們討論了實現這一目標的戰略以及每個部分如何實現我們的戰略重點是為客戶節省能源費用。

We also said in June that achieving our goals would require constructive governmental policies and incentives. The IRA gives us those policies and incentives at the federal level. It also gives us visibility into what those policies and incentives will look like for what we believe will be more than 2 decades. We believe that the IRA will not only help reduce carbon emissions, strengthen energy independence and security and create jobs in our industry and in our domestic supply chain, but also and most importantly will reduce the cost of energy for everyone. We can already see some of the positive impacts of the IRA on customer bills at FPL.

我們還在 6 月份表示，實現我們的目標需要建設性的政府政策和激勵措施。 IRA 在聯邦層面為我們提供了這些政策和激勵措施。它還讓我們了解這些政策和激勵措施在我們認為超過 2 年的情況下會是什麼樣子。我們相信愛爾蘭共和軍不僅將有助於減少碳排放、加強能源獨立性和安全性並在我們的行業和國內供應鏈中創造就業機會，而且最重要的是將降低每個人的能源成本。我們已經可以看到 IRA 對 FPL 客戶賬單的一些積極影響。

Last month, we filed with the Florida Public Service Commission our estimate that the solar production tax credits in the IRA are expected to save customers nearly $400 million over the course of our current rate agreement. Those savings start with a onetime $25 million refund through the capacity cost recovery clause in January 2023 to reflect the solar PTCs on our completed 2022 rate-based solar projects, subject to a review by the commission, which we expect later this year.

上個月，我們向佛羅里達州公共服務委員會提交了我們的估計，在我們目前的費率協議期間，IRA 的太陽能生產稅收抵免預計將為客戶節省近 4 億美元。這些節省從 2023 年 1 月通過容量成本回收條款一次性退款 2500 萬美元開始，以反映我們已完成的 2022 年基於費率的太陽能項目的太陽能 PTC，但有待委員會審查，我們預計今年晚些時候會進行審查。

Looking forward for our FPL customers, we believe that the IRA makes every solar project, every battery storage project, every renewable gas project and every green hydrogen project more cost-effective. And these solar, battery storage, renewable gas and green hydrogen projects are designed to reduce the impact that fuel volatility can have on customer bills. We believe the IRA will help make Florida an even better place to raise a family or build a business as we work toward our goal of delivering 100% carbon emissions free energy affordably and reliably.

展望我們的 FPL 客戶，我們相信 IRA 使每個太陽能項目、每個電池存儲項目、每個可再生氣體項目和每個綠色氫項目都更具成本效益。這些太陽能、電池存儲、可再生天然氣和綠色氫項目旨在減少燃料波動對客戶賬單的影響。我們相信 IRA 將幫助佛羅里達州成為一個更好的養家糊口或建立企業的地方，因為我們努力實現以經濟實惠且可靠的方式提供 100% 無碳排放能源的目標。

We believe the IRA will also make clean energy cheaper for our customers at Energy Resources. We have never been more excited about our opportunity to partner with customers to decarbonize the power sector as well as broader parts of the U.S. economy. The IRA provides decades of visibility to low-cost renewables, and that visibility has already encouraged our power sector customers and customers outside the power sector to think big about how they can realize the value of renewables to reduce cost and emissions.

我們相信愛爾蘭共和軍還將為我們的能源客戶提供更便宜的清潔能源。我們有機會與客戶合作，使電力部門以及美國經濟的更廣泛領域脫碳，我們感到前所未有的興奮。 IRA 為低成本可再生能源提供了數十年的可見性，這種可見性已經鼓勵我們的電力部門客戶和電力部門以外的客戶認真思考如何實現可再生能源的價值以降低成本和排放。

As a world leader in renewables with deep energy market expertise, we were having conversations with customers about large-scale opportunities unlike anything we have seen in the past. And while some will take time to develop, we cannot be more excited about the future.

作為擁有深厚能源市場專業知識的可再生能源領域的世界領導者，我們正在與客戶就我們過去見過的大規模機會進行對話。雖然有些需要時間來發展，但我們對未來感到無比興奮。

Turning now to our financial performance. NextEra Energy delivered strong third quarter results with adjusted earnings per share increasing by approximately 13% year-over-year. FPL increased earnings per share by $0.07 year-over-year, growing regulatory capital employed by approximately 11% over the prior year period.

現在轉向我們的財務業績。 NextEra Energy 第三季度業績強勁，調整後每股收益同比增長約 13%。 FPL 每股收益同比增長 0.07 美元，監管資本比去年同期增長約 11%。

We have highlighted in the past our smart capital investments in fuel efficiency, combined with our best-in-class O&M performance and productivity initiatives, provide significant benefits to customers and have allowed us to continue to deliver residential bills well below the national average and the lowest among all the Florida investor-owned utilities.

過去，我們強調了我們在燃油效率方面的明智資本投資，結合我們一流的 O&M 性能和生產力計劃，為客戶提供了顯著的利益，並使我們能夠繼續提供遠低於全國平均水平的住宅賬單和在佛羅里達州所有投資者擁有的公用事業中最低。

At Energy Resources, adjusted earnings per share increased by $0.06 year-over-year. We continue to capitalize on a terrific environment for renewables development, originating approximately 2,345 megawatts of new renewables and storage since the last call. With economics as a significant driver, Energy Resources continues to capitalize on strong renewables demand from both power and nonpower sector customers, particularly in light of high power prices and high natural gas prices. Overall, we are well positioned to achieve our long-term financial expectations, subject to our usual caveat.

在能源資源，調整後的每股收益同比增長 0.06 美元。我們繼續利用可再生能源發展的絕佳環境，自上次通話以來產生了大約 2,345 兆瓦的新可再生能源和存儲。以經濟為重要驅動力，能源資源繼續利用電力和非電力行業客戶對可再生能源的強勁需求，特別是考慮到高電價和高天然氣價格。總體而言，我們有能力實現我們的長期財務預期，但須遵守我們通常的警告。

For the third quarter of 2022, FPL reported net income of nearly $1.1 billion or $0.54 per share, which is an increase of $147 million and $0.07 per share, respectively, year-over-year. Regulatory capital employed increased by approximately 11% over the same quarter last year and was the principal driver of FPL's earnings per share growth of approximately 15%. FPL's capital expenditures were approximately $2 billion in the third quarter, and we continue to expect our full year capital investments to total roughly $8.5 billion.

2022 年第三季度，FPL 報告的淨收入接近 11 億美元或每股 0.54 美元，同比分別增加 1.47 億美元和每股 0.07 美元。使用的監管資本比去年同期增加了約 11%，是 FPL 每股收益增長約 15% 的主要驅動力。 FPL 第三季度的資本支出約為 20 億美元，我們繼續預計全年資本投資總額約為 85 億美元。

FPL's reported ROE for regulatory purposes is expected to be approximately 11.8% for the 12 months ended September 2022. Largely as a result of warm weather, we have fully restored our surplus depreciation reserve, leaving FPL with a balance of approximately $1.5 billion to use over the term of the current settlement agreement. As a reminder, our 2021 settlement agreement provided a mechanism whereby a sustained increase in 30-year treasury bond yields would trigger an increase in FPL's authorized ROE range. Accordingly, the Florida Public Service Commission approved an increase in FPL's authorized midpoint ROE from 10.6% to 10.8% with an allowed range of 9.8% to 11.8%, which became effective on September 1, 2022. Importantly, FPL will not increase base rates as a result of triggering the increased authorized ROE.

截至 2022 年 9 月的 12 個月，FPL 報告的監管 ROE 預計約為 11.8%。主要由於天氣溫暖，我們已完全恢復盈餘折舊準備金，剩餘約 15 億美元可供 FPL 使用當前和解協議的期限。提醒一下，我們的 2021 年和解協議提供了一種機制，即 30 年期國債收益率的持續增長將觸發 FPL 的授權 ROE 範圍的增加。因此，佛羅里達州公共服務委員會批准將 FPL 的授權中點 ROE 從 10.6% 提高到 10.8%，允許的範圍為 9.8% 到 11.8%，於 2022 年 9 月 1 日生效。重要的是，FPL 不會提高基準利率，因為觸發增加的授權 ROE 的結果。

For the full year 2022, FPL continues to target an 11.6% ROE but is allowed to earn at the high end of the revised range, which may occur based on, among other things, warmer-than-expected weather.

對於 2022 年全年，FPL 繼續以 11.6% 的 ROE 為目標，但允許在修訂範圍的高端賺取收益，這可能是由於天氣高於預期等原因。

The Florida economy continues to be healthy. Florida's unemployment rate of approximately 2.7% remains below the national average and at its lowest level in more than 15 years. Florida's labor force participation rate remains strong. In spite of significant inflationary pressures across many parts of the U.S., customer sentiment in Florida ticked up slightly in the third quarter. However, the August reading of the 3-month average of new building permits in Florida declined year-over-year, which is not a surprise given the significant growth we have observed since the pandemic and the recent increase in mortgage rates. We continue to believe that Florida offers a unique value proposition and will continue to show strong population growth over the coming decades.

佛羅里達州經濟繼續保持健康。佛羅里達州約 2.7% 的失業率仍低於全國平均水平，處於 15 年多以來的最低水平。佛羅里達州的勞動力參與率依然強勁。儘管美國許多地區面臨著巨大的通脹壓力，但佛羅里達州的客戶情緒在第三季度略有上升。然而，8 月份佛羅里達州 3 個月平均新建建築許可的讀數同比下降，考慮到自大流行以來我們觀察到的顯著增長以及最近抵押貸款利率的上升，這並不令人意外。我們仍然相信佛羅里達州提供了獨特的價值主張，並將在未來幾十年繼續顯示出強勁的人口增長。

FPL's average number of customers increased by nearly 83,000 or 1.5% versus the comparable prior year quarter driven by continued strong underlying population growth.

在持續強勁的潛在人口增長的推動下，FPL 的平均客戶數量與去年同期相比增加了近 83,000 人或 1.5%。

FPL's third quarter retail sales increased 3.8% from the prior year comparable period. For the third quarter, we estimate that warmer weather had a positive year-over-year impact on usage per customer of approximately 2.9% and that Hurricane Ian had a negative impact of approximately 0.4%. After taking these factors into account, third quarter retail sales increased 1.3% on a weather-normalized basis, with a strong continued customer growth contributing favorably.

FPL 第三季度零售額比去年同期增長 3.8%。對於第三季度，我們估計溫暖的天氣對每位客戶的使用量產生了約 2.9% 的積極影響，而伊恩颶風產生了約 0.4% 的負面影響。考慮到這些因素後，在天氣正常化的基礎上，第三季度的零售額增長了 1.3%，強勁的持續客戶增長做出了有利貢獻。

Energy Resources reported third quarter 2022 GAAP earnings of $655 million or $0.33 per share. Adjusted earnings for the third quarter were $729 million or $0.37 per share, which is an increase in adjusted earnings per share of more than 19% year-over-year.

Energy Resources 報告稱，2022 年第三季度 GAAP 收益為 6.55 億美元或每股 0.33 美元。第三季度調整後收益為 7.29 億美元或每股 0.37 美元，調整後每股收益同比增長超過 19%。

Contributions from new investments increased $0.02 per share versus the prior year primarily reflecting continued growth in our renewables portfolio. Our existing generation and storage assets decreased results by $0.02 per share, primarily due to unfavorable wind resource during the third quarter, which was the third lowest wind resource quarter on record over the past 30 years. Our customer supply and trading business contributed $0.06 year-over-year primarily due to higher margins in our customer-facing businesses. All other net impacts were roughly flat year-over-year. Additional details of our third quarter results are shown on the accompanying slide.

新投資的貢獻比上一年增加了每股 0.02 美元，主要反映了我們可再生能源投資組合的持續增長。我們現有的發電和存儲資產每股收益減少 0.02 美元，主要是由於第三季度風能資源不利，這是過去 30 年有記錄以來風能資源第三低的季度。我們的客戶供應和貿易業務同比貢獻了 0.06 美元，這主要是由於我們面向客戶的業務的利潤率更高。所有其他淨影響與去年同期基本持平。我們第三季度業績的其他詳細信息顯示在隨附的幻燈片中。

As I mentioned earlier, Energy Resources had another terrific quarter of origination, signing approximately 2,345 megawatts of new renewables and storage projects since our last earnings call. Specifically, we originated approximately 1,215 megawatts of wind, 965 megawatts of solar and 165 megawatts of battery storage projects. Included in these solar additions is approximately 270 megawatts of post-2025 delivery. With these new additions, net of approximately 1.3 gigawatts of projects placed in service and roughly 680 megawatts of projects removed from our backlog, our renewables and storage backlog now stands at roughly 20,000 megawatts and provides strong visibility into the significant growth that is expected at Energy Resources over the next few years.

正如我之前提到的，自上次財報電話會議以來，Energy Resources 有另一個非常棒的季度，簽署了大約 2,345 兆瓦的新可再生能源和存儲項目。具體來說，我們發起了大約 1,215 兆瓦的風能、965 兆瓦的太陽能和 165 兆瓦的電池儲能項目。這些新增的太陽能包括大約 270 兆瓦的 2025 年後交付。有了這些新增項目，扣除大約 1.3 吉瓦的投入服務項目和大約 680 兆瓦的項目從我們的積壓項目中移除，我們的可再生能源和存儲積壓項目現在約為 20,000 兆瓦，並為能源部門預期的顯著增長提供了強有力的可見性未來幾年的資源。

Our development expectations through 2025 are unchanged from what we disclosed at our investor conference in June and reflect a planned renewables and storage build that is, at the midpoint, more than 20% larger than the entire renewables operating portfolio at Energy Resources today. The accompanying slide provides additional details on where our development program at Energy Resources now stands.

我們到 2025 年的發展預期與我們在 6 月份的投資者會議上披露的相比沒有變化，並反映了計劃中的可再生能源和存儲建設，在中點處，比能源資源今天的整個可再生能源運營組合大 20% 以上。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。

As previously discussed, we believe Energy Resources is better positioned than anyone in our sector to benefit from the provisions of the IRA, particularly after 2025 when incentives were previously expected to expire or step down. With what we believe is over 2 decades of visibility for wind, solar and storage credits, the long-term growth opportunity set is expansive and [exciting.] Energy Resources is uniquely positioned to capitalize on battery storage colocation opportunities with wind and now has repowering opportunities across its existing renewables footprint. New markets and new investment opportunities are being created for renewables and renewable fuels that require wind and solar as their source. Transmission will be needed to support the significant renewables build-out, and all these opportunities support our vision of leading decarbonization of the U.S. economy.

如前所述，我們認為能源資源比我們行業中的任何人都更有能力從 IRA 的規定中受益，特別是在 2025 年之後，此前預計激勵措施將到期或下台。我們認為，風能、太陽能和儲能信用超過 2 年的可見度，長期增長機會是廣泛的和 [令人興奮的]。能源資源具有獨特的優勢，可以利用風能的電池存儲託管機會，現在已經重新供電現有可再生能源足蹟的機會。需要風能和太陽能作為來源的可再生能源和可再生燃料正在創造新的市場和新的投資機會。將需要輸電來支持可再生能源的大規模建設，所有這些機會都支持我們引領美國經濟脫碳的願景。

A key component of our vision is helping commercial and industrial customers meet their sustainability goals by providing them with comprehensive clean energy solutions, including providing renewable fuel alternatives such as hydrogen and renewable natural gas.

我們願景的一個關鍵組成部分是通過為商業和工業客戶提供全面的清潔能源解決方案（包括提供氫和可再生天然氣等可再生燃料替代品）來幫助他們實現可持續發展目標。

To that end, today, we are excited to announce we reached an agreement to acquire a large portfolio of operating landfill gas-to-electric facilities, which will become a core part of our renewable fuels and potentially hydrogen strategies. This transaction represents an attractive opportunity for Energy Resources to expand its portfolio of renewable natural gas assets and grow its in-house capabilities in this rapidly expanding market.

為此，今天，我們很高興地宣布，我們達成了一項協議，將收購大量運營中的垃圾填埋氣發電設施，這將成為我們可再生燃料和潛在氫戰略的核心部分。此次交易為 Energy Resources 提供了一個極具吸引力的機會，可以擴大其可再生天然氣資產組合，並在這個快速擴張的市場中增強其內部能力。

Energy Resources intends to purchase the portfolio for a total consideration of approximately $1.1 billion, subject to closing adjustments, plus the assumption of approximately $37 million in existing project finance debt estimated at the time of closing. Subject to regulatory approvals, the acquisition is expected to close in early 2023.

Energy Resources 打算以約 11 億美元的總對價購買該投資組合，但需進行收盤調整，加上在收盤時估計的現有項目融資債務約為 3700 萬美元。待監管部門批准後，此次收購預計將於 2023 年初完成。

In the coming years, we expect to invest roughly $400 million net of the investment tax credit benefit of additional capital into the portfolio of projects, primarily to enable production of renewable natural gas. In our base case, we expect that the acquired portfolio deliver more than $220 million of adjusted EBITDA at Energy Resources by 2025, which is included in our financial expectations. Moreover, the acquisition is expected to deliver double-digit returns.

未來幾年，我們預計將在項目組合中投資約 4 億美元（扣除額外資本的投資稅收抵免收益），主要用於生產可再生天然氣。在我們的基本情況下，我們預計到 2025 年，所收購的投資組合在能源資源部門的調整後 EBITDA 將超過 2.2 億美元，這已包含在我們的財務預期中。此外，此次收購有望帶來兩位數的回報。

We are particularly excited about additional upside opportunities the portfolio may enable that are not included in our base case and look forward to potentially deploying additional capital and new ventures that may qualify for new federal incentives.

我們對投資組合可能帶來的額外上行機會感到特別興奮，這些機會未包含在我們的基本案例中，並期待著可能部署額外的資本和可能有資格獲得新聯邦激勵措施的新企業。

Turning now to the consolidated results for NextEra Energy. For the third quarter of 2022, GAAP net income attributable to NextEra Energy was roughly $1.7 billion or $0.86 per share. NextEra Energy's 2022 third quarter adjusted earnings and adjusted EPS were approximately $1.683 billion and $0.85 per share, respectively. Adjusted results for the Corporate and Other segment decreased by $0.03 year-over-year.

現在轉向 NextEra Energy 的綜合結果。 2022 年第三季度，歸屬於 NextEra Energy 的 GAAP 淨收入約為 17 億美元或每股 0.86 美元。 NextEra Energy 2022 年第三季度調整後收益和調整後每股收益分別約為 16.83 億美元和每股 0.85 美元。企業和其他部門的調整後業績同比下降 0.03 美元。

A hallmark of our business is our financial discipline and forward planning as we grow the business, including the consideration of a range of scenarios to manage interest rate risk. In recent years, we've proactively engaged in liability management initiatives, which we expect to yield significant interest cost savings through 2025. Additionally, we have $15 billion of interest rate swaps to manage interest rate exposure on future debt issuances. With the swaps in place, we're in good shape to manage 2023 and 2024 maturities and new debt issuances despite the current interest rate environment.

我們業務的一個標誌是我們在業務發展過程中的財務紀律和前瞻性規劃，包括考慮一系列方案來管理利率風險。近年來，我們積極參與負債管理計劃，預計到 2025 年將顯著節省利息成本。此外，我們還有 150 億美元的利率互換來管理未來債務發行的利率風險。在互換到位後，儘管目前的利率環境，我們仍能很好地管理 2023 年和 2024 年到期的債券和新債發行。

Finally, the recent increase in interest rates is taken into account in our financial expectations.

最後，我們的財務預期也考慮到了近期利率的上升。

Our long-term financial expectations through 2025 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. 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.

我們到 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。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。

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 expectation ranges for 2022 through 2025 while at the same time, maintaining our strong balance sheet and credit ratings.

如果我們無法在 2022 年至 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，同時保持我們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. In addition, for 2021 to 2025, we continue to expect our average annual growth and operating cash flow will be at or above our adjusted EPS compound annual growth rate range. 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.

包括我們在今年 1 月和 6 月的預期增長，NextEra Energy 的調整後每股收益預期反映了從 2021 年到 2025 年我們範圍的高端的大約 10% 的複合年增長率。此外，對於 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。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。

Now let's turn to NextEra Energy Partners, which delivered strong financial performance for the quarter. Third quarter adjusted EBITDA and cash available for distribution were up approximately 13% and 17%, respectively, against the prior year comparable quarter. Last week, the NextEra Energy Partners Board declared a quarterly distribution of $0.7875 per common unit or $3.15 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 approximately 320% since the IPO.

現在讓我們轉向 NextEra Energy Partners，它在本季度實現了強勁的財務業績。第三季度調整後的 EBITDA 和可用於分配的現金與去年同期相比分別增長了約 13% 和 17%。上週，NextEra 能源合作夥伴董事會宣布季度分配為每普通單位 0.7875 美元或每普通單位每年 3.15 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約 320%。

NextEra Energy Partners continued to execute against its growth initiatives during the quarter. Since the last earnings call, NextEra Energy Partners completed its previously announced acquisition of an approximately 67% interest in a 230-megawatt 4-hour battery storage facility in California from Energy Resources. This acquisition further diversifies NextEra Energy Partners' portfolio into battery storage. During the quarter, NextEra Energy Partners issued approximately $145 million in new equity through its at-the-market program and used these proceeds, along with cash on hand, to fund this acquisition.

NextEra Energy Partners 在本季度繼續執行其增長計劃。自上次財報電話會議以來，NextEra Energy Partners 完成了之前宣布的從 Energy Resources 收購加利福尼亞州 230 兆瓦 4 小時電池存儲設施約 67% 的股權。此次收購進一步將 NextEra Energy Partners 的產品組合多元化到電池存儲領域。在本季度，NextEra Energy Partners 通過其市場計劃發行了約 1.45 億美元的新股本，並將這些收益與手頭現金一起用於為此次收購提供資金。

Consistent with our long-term growth prospects, today, we are also introducing year-end 2023 run rate expectations, which are built upon NextEra Energy Partners' strong existing portfolio and cash flow generation potential and continued ability to access low-cost capital to acquire accretive renewable energy projects.

根據我們的長期增長前景，今天，我們還推出了 2023 年年底的運行率預期，這些預期建立在 NextEra Energy Partners 強大的現有投資組合和現金流生成潛力以及持續獲得低成本資本的能力之上增值可再生能源項目。

At the midpoint, NextEra Energy Partners new year-end 2023 run rate expectation ranges reflect estimated growth in adjusted EBITDA and cash available for distribution of roughly 23% and 12%, respectively, from the comparable year-end 2022 run rate expectations. Overall, we are pleased with the year-to-date execution at NextEra Energy Partners and believe we are well positioned to continue delivering LP unitholder value going forward.

在中點，NextEra Energy Partners 新的 2023 年年底運行率預期範圍反映了調整後 EBITDA 和可分配現金的估計增長，分別比 2022 年年底可比運行率預期增長約 23% 和 12%。總體而言，我們對 NextEra Energy Partners 年初至今的執行情況感到滿意，並相信我們有能力在未來繼續為 LP 單位持有人提供價值。

Turning to the detailed results. NextEra Energy Partners third quarter adjusted EBITDA was $377 million, and cash available for distribution was $185 million. New projects, which primarily reflect contributions from approximately 2,400 net megawatts of new long-term contracted renewable projects acquired in 2021, contributed approximately $66 million of adjusted EBITDA and $23 million of cash available for distribution.

轉向詳細的結果。 NextEra Energy Partners 第三季度調整後的 EBITDA 為 3.77 億美元，可用於分配的現金為 1.85 億美元。新項目主要反映了 2021 年收購的約 2,400 淨兆瓦新長期合同可再生能源項目的貢獻，貢獻了約 6,600 萬美元的調整後 EBITDA 和 2,300 萬美元的可分配現金。

The third quarter adjusted EBITDA contribution from existing projects declined by approximately $18 million year-over-year driven primarily by unfavorable renewable resource. Wind resource for the third quarter of 2022 was approximately 95% of the long-term average versus 101% in the third quarter of 2021.

主要由於不利的可再生資源，現有項目的第三季度調整後 EBITDA 貢獻同比下降約 1800 萬美元。 2022 年第三季度的風能資源約為長期平均值的 95%，而 2021 年第三季度為 101%。

Third quarter cash available for distribution benefited from higher year-over-year PAYGO payments from both new and existing projects after a relatively strong wind resource period in the first half of this year. Additional details of our third quarter results are shown on the accompanying slide.

在今年上半年風能資源相對強勁的時期之後，第三季度可用於分配的現金受益於新項目和現有項目的 PAYGO 支付同比增加。我們第三季度業績的其他詳細信息顯示在隨附的幻燈片中。

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. 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.

從 2021 年第四季度每個普通單位的年化率 2.83 美元的基數來看，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。我們預計2023 年 2 月支付的 2022 年第四季度分配的年化利率在每個普通單位 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。

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 繼續預計 2022 年底運行率調整後的 EBITDA 和可供分配的現金分別在 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。

At year-end 2023, we expect the run rate for adjusted EBITDA to be in the range of $2.22 billion to $2.42 billion and run rate for cash available for distribution to be in the range of $770 million to $860 million. These new expectations highlight our continued confidence in NextEra Energy Partners' ability to deliver on its long-term distribution per common unit growth expectations.

到 2023 年底，我們預計調整後 EBITDA 的運行率將在 22.2 億美元至 24.2 億美元之間，可供分配的現金運行率將在 7.7 億美元至 8.6 億美元之間。這些新的預期突顯了我們對 NextEra Energy Partners 有能力實現其按常見單位增長預期的長期分配的持續信心。

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.

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，因為我們將這些費用視為運營費用。

NextEra Energy Partners is well positioned to manage financing costs in the current interest rate environment. Approximately 98% of NextEra Energy Partners' long-term debt, including current maturities, is not exposed to fluctuations in interest rate as it is either fixed rate debt or financially hedged. Moreover, NextEra Energy Partners has $6 billion of forward starting interest rate swaps, which will help mitigate the impact of higher interest rates on future debt issuances, whether for growth or maturities. NextEra Energy Partners also has no significant debt maturities in '23, and debt maturities over the next 5 years are manageable in -- with the forward starting swaps.

NextEra Energy Partners 在當前利率環境下能夠很好地管理融資成本。 NextEra Energy Partners 大約 98% 的長期債務（包括當前到期債務）不受利率波動的影響，因為它要么是固定利率債務，要么是經過財務對沖的。此外，NextEra Energy Partners 擁有 60 億美元的遠期起始利率掉期，這將有助於減輕更高利率對未來債務發行的影響，無論是增長還是到期。 NextEra Energy Partners 在 23 年也沒有重大債務到期，未來 5 年的債務到期是可控的——通過遠期開始掉期。

Finally, I'd like to close with a few words about how we expect the IRA may benefit NextEra Energy Partners and its LP unitholders. In response to the extension and expansion of clean energy tax credits, we anticipate an acceleration of renewables and storage deployment in the U.S. over the next few decades. In turn, we expect that NextEra Energy Partners will continue to have ample opportunities to acquire assets from both Energy Resources and from third parties. Additionally, we believe that the long-term organic growth potential for NextEra Energy Partners has increased, with potential new opportunities to repower its roughly 8 gigawatt existing wind and solar assets and to pair battery storage with this nearly 7 gigawatt existing wind portfolio.

最後，我想談談我們期望 IRA 如何使 NextEra Energy Partners 及其 LP 單位持有人受益。為了應對清潔能源稅收抵免的擴展和擴大，我們預計未來幾十年美國將加速可再生能源和儲能部署。反過來，我們預計 NextEra Energy Partners 將繼續有充足的機會從 Energy Resources 和第三方收購資產。此外，我們認為 NextEra Energy Partners 的長期有機增長潛力已經增加，潛在的新機會可以為其現有約 8 吉瓦的風能和太陽能資產重新供電，並將電池存儲與這一近 7 吉瓦的現有風能組合配對。

Considering the potential impacts of the IRA, our expectation regarding the overall tax position for NextEra Energy Partners remains largely unchanged, including that it is not expected to pay any meaningful taxes for at least the next 15 years. Combined with its current yield and the expectation of 12% to 15% annual distributions per unit growth through at least 2025, NextEra Energy Partners has the potential to deliver a total after-tax return of approximately 20% annually through this time frame.

考慮到 IRA 的潛在影響，我們對 NextEra Energy Partners 的整體稅收狀況的預期基本保持不變，包括預計至少在未來 15 年內不會支付任何有意義的稅款。結合其目前的收益率以及至少到 2025 年每單位增長 12% 至 15% 的年度分配的預期，NextEra Energy Partners 有可能在此時間框架內實現每年約 20% 的稅後總回報。

With the ongoing strength of the renewables development environment and all of the market tailwinds provided by the IRA, we believe that NextEra Energy Partners remains well positioned to continue delivering on its unitholder value proposition.

憑藉可再生能源發展環境的持續優勢和 IRA 提供的所有市場順風，我們相信 NextEra Energy Partners 仍處於有利地位，可以繼續實現其單位持有人的價值主張。

In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners have some of the best execution track records in the industry, and we are extremely excited about the long-term growth prospects for both businesses and the value we can continue to create for both customers and shareholders.

總之，我們仍然相信 NextEra Energy 和 NextEra Energy Partners 都擁有業內最佳的執行記錄，我們對雙方業務的長期增長前景以及我們可以繼續創造的價值感到非常興奮為客戶和股東。

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 will come from Steve Fleishman with Wolfe Research.

（操作員說明）我們的第一個問題將來自 Wolfe Research 的 Steve Fleishman。

So just first on the -- last quarter, you had mentioned the 2 gigawatts of potential backlog that could be at risk due to circumvention and the like. And I don't see any updated footnotes on that. So I don't know if that's resolved or -- could you give us an update on those 2 gigawatts?

因此，就在上個季度的第一次，您提到了 2 吉瓦的潛在積壓可能由於規避等而面臨風險。我沒有看到任何更新的腳註。所以我不知道這是否已經解決，或者——你能給我們介紹一下這 2 吉瓦的最新情況嗎？

Steve, it's Rebecca. And I'd be happy to start with that answer. First, let me start with the most important part, which is everything that we're seeing at this point in terms of origination at Energy Resources is just terrific. We're seeing strong demand across all of the technologies, strong demand across the different customer groups and strong demand across the country. And I feel terrific about meeting the long-term expectations that we've laid out, including reiterating today of the 27.7 to 36.9 gigawatts of new projects put into service between '22 and '25. And I think the origination for this quarter of the over 2,300 megawatts is a great sign of that, and the momentum remains very strong.

史蒂夫，我是麗貝卡。我很樂意從這個答案開始。首先，讓我從最重要的部分開始，這是我們目前在能源資源方面看到的一切都非常棒。我們看到所有技術的強勁需求，不同客戶群體的強勁需求以及全國的強勁需求。我對滿足我們制定的長期期望感到非常高興，包括今天重申 22 至 25 年間投入服務的 27.7 至 36.9 吉瓦的新項目。我認為本季度超過 2,300 兆瓦的發電量是一個很好的跡象，而且勢頭仍然非常強勁。

As you know and appreciate being involved in the development process, there's always some things that can go wrong as you move forward with developing a project where it could be unforeseen permitting or interconnection issues or something else that gets in the way. And so occasionally, we do remove projects from backlog like we did today.

如您所知並欣賞參與開發過程，當您繼續開發項目時，總會有一些事情可能會出錯，其中可能會出現無法預見的許可或互連問題或其他阻礙。所以偶爾，我們會像今天一樣從積壓中刪除項目。

We didn't include the reference to the 2 gigawatts mostly because it's going to be harder and harder as time goes by to identify what's related to issues from circumvention and supply chain versus normal development issues. So I think I'd lean more on the side of giving you context for what's going on against our expectations, what's the current momentum. And both of those are just terrific.

我們沒有提及 2 吉瓦，主要是因為隨著時間的推移，要確定與規避和供應鏈問題與正常開發問題相關的問題將變得越來越難。因此，我認為我會更傾向於為您提供背景信息，了解正在發生的事情與我們的預期背道而馳，目前的勢頭是什麼。這兩個都很棒。

Okay. That's good. And I guess just specific to supply chain, any updated things that you're seeing related to UFLPA impacts?

好的。那挺好的。而且我想只是針對供應鏈，您看到的任何與 UFLPA 影響相關的更新內容？

Yes, Steve. It continues to be an opportunity for our team to work through challenges that we're experiencing along with the rest of the industry. We've continued to work with the various agencies, most importantly, Customs and Border Control, with our suppliers to bring clarity to these implementing regulations. And while we continue to see progress, it also continues to be slower than we would like. Everything that we've laid out today in terms of our expectations reflect our latest views on when panels will be delivered to us and we'll be able to bring projects into service for our customers.

是的，史蒂夫。對於我們的團隊來說，這仍然是一個機會，可以應對我們與行業其他成員一起遇到的挑戰。我們繼續與各個機構合作，最重要的是海關和邊境管制局，以及我們的供應商，以明確這些實施條例。雖然我們繼續看到進展，但它也繼續比我們想要的慢。我們今天根據我們的期望制定的所有內容都反映了我們對何時將面板交付給我們以及我們將能夠為我們的客戶提供項目服務的最新觀點。

One of the biggest things that our team has been working on over the last year is how do we mitigate the risks related to these broader geopolitical issues, whether you focus specifically on a circumvention issue or UFLPA or whatever else it might entail. And our suppliers have made tremendous progress on derisking that. And we've gotten a lot of increased confidence longer term it will be able to mitigate the issues even if we see some disruption in the short term.

我們團隊在過去一年中一直在做的最重要的事情之一是我們如何減輕與這些更廣泛的地緣政治問題相關的風險，無論您是專門關注規避問題還是 UFLPA 或其他任何可能涉及的問題。我們的供應商在消除這種風險方面取得了巨大進展。從長遠來看，即使我們在短期內看到一些干擾，我們也對它能夠緩解這些問題充滿信心。

Okay. Great. One last question, just, I guess, on the internal investigation related to the Florida political noise. Is there any update on timing or -- and/or outcome of that?

好的。偉大的。最後一個問題，我猜是關於與佛羅里達州政治噪音有關的內部調查。是否有任何關於時間或 - 和/或結果的更新？

Steve, this is John. I'll go ahead and take that. Let me just start from the beginning. As you know, media articles have been published that allege, among other things, campaign finance violations by FPL, and we have, of course, been conducting a very thorough review of those allegations with the national law firm, Paul, Weiss.

史蒂夫，這是約翰。我會繼續接受的。讓我從頭開始。如您所知，媒體文章已經發表，其中包括 FPL 違反競選資金的行為，當然，我們已經與國家律師事務所 Paul Weiss 對這些指控進行了非常徹底的審查。

Late yesterday afternoon, a complaint was filed by a nonprofit corporation with the Federal Election Commission that appears to center around some of the same allegations as those that have appeared in a lot of the media articles. So all those allegations that have been made are within the scope of our review. We have, of course, been taking the matter very seriously, and we will continue to do so as we work towards completing our thorough review of these matters as quickly as possible. And that's really the only update I have at this point.

昨天下午晚些時候，一家非營利性公司向聯邦選舉委員會提交了一份投訴，該投訴似乎圍繞著一些與許多媒體文章中出現的指控相同的指控。因此，所有這些指控都在我們的審查範圍內。當然，我們一直非常認真地對待此事，我們將繼續這樣做，努力盡快完成對這些事項的徹底審查。這真的是我目前唯一的更新。

Our next question will come from Julien Dumoulin-Smith with Bank of America.

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

Listen, I just want to jump at the heart of the matter here. How do you think about IRA in terms of increasing your EPS through the 2025 forecast? Or is this about extending the duration of the existing growth and/or both, right? The pivot to the solar PTC from ITC for a host of products already in flight should be immediately accretive, you would think. But clearly, there could be some offsets as well.

聽著，我只想在這裡跳到問題的核心。您如何看待 IRA 在通過 2025 年預測增加每股收益方面？或者這是關於延長現有增長的持續時間和/或兩者，對嗎？您會認為，從 ITC 轉向太陽能 PTC 的大量已經投入使用的產品應該會立即增加價值。但顯然，也可能有一些抵消。

And then related, the added opportunities in the repowering and storage colocation as you guys quantified just now, in theory, should also afford an accelerated opportunity. But I just want to come back on how you guys want to tackle that from an earnings recognition perspective.

然後相關的是，正如你們剛才量化的那樣，在重新供電和存儲託管方面增加的機會，理論上也應該提供加速的機會。但我只想從收益確認的角度談談你們想如何解決這個問題。

Yes. Let me go ahead and take that, Julien. This is John. As you said, look, IRA provides a tremendous opportunity set for us across the board. Obviously, we've had some contracts that were already in place that assumed ITC on solar and obviously benefit from the production tax credit. So there's benefits certainly in the existing portfolio.

是的。讓我繼續，朱利安。這是約翰。正如你所說，看，IRA 為我們提供了一個巨大的機會。顯然，我們已經簽訂了一些合同，假設 ITC 在太陽能上，並且顯然受益於生產稅收抵免。因此，現有的投資組合肯定有好處。

I think we're also going to see some improvement going forward, as I said, I think, recently at a conference, in our 70-30, in the way things are treated on the unregulated business mix standpoint because, remember, those new PTCs that we get actually help to buy down the contribution from the unregulated side of the business. So that's a big benefit for us as well going forward.

我認為我們也將看到一些進步，正如我所說，我認為，最近在我們 70-30 的一次會議上，在不受監管的業務組合的角度處理事情的方式，因為記住，那些新的我們獲得的 PTC 實際上有助於從不受監管的業務方面購買貢獻。所以這對我們未來也是一個很大的好處。

We have transferability options now built into IRA that should help the cash flow from operations as well as we go -- as we think about the future of the business. I mean, obviously, it creates a lot of immediately in-the-money opportunities for us going forward, both on wind, on solar and on battery storage. Nobody has the existing footprint that we have. And so having not only a 20-gigawatt backlog, but you combine that with 25 gigawatts of operating renewables, and you just think about the potential opportunity of 45 gigawatts around repowerings and with regard to colocated storage because, as we all know, under the old regime, the only way you could really introduce storage into the puzzle was by combining it with solar.

我們現在在 IRA 中內置了可轉讓選項，這應該有助於我們在考慮業務的未來時從運營中獲得現金流。我的意思是，很明顯，它為我們在風能、太陽能和電池存儲方面創造了很多立即物有所值的機會。沒有人擁有我們現有的足跡。因此，不僅有 20 吉瓦的積壓，而且將其與 25 吉瓦的可再生能源運營相結合，您只需考慮 45 吉瓦在重新供電和託管存儲方面的潛在機會，因為眾所周知，在舊制度，真正將存儲引入難題的唯一方法是將其與太陽能結合起來。

Nobody has the wind footprint that we do. And so now we have the opportunity to put -- colocate storage in all of our wind sites, not only that we own today, but that we might build going forward. The same goes with solar. And then obviously, there's an opportunity now to go ahead and build storage stand-alone. And so that is terrific, not only for Energy Resources, but obviously, it provides a great opportunity set for NEP going forward as well.

沒有人有我們所做的風足跡。所以現在我們有機會在我們所有的風電場中放置存儲，不僅是我們今天擁有的，而且我們可能會在未來建造。太陽能也是如此。顯然，現在有機會繼續構建獨立存儲。所以這非常棒，不僅對能源資源而言，而且很明顯，它也為 NEP 的發展提供了一個很好的機會。

In terms of timing, which I think was the other part of your question, I think we've been very open that we plan to provide a further update on the next call in January on the Q4 call.

在時間方面，我認為這是您問題的另一部分，我認為我們一直非常開放，我們計劃在 1 月份的第四季度電話會議上提供進一步的更新。

Got it. And just to get ahead of that fourth quarter a little bit, you would have a more holistic update on just the extent that the repowering opportunities and colocated opportunities through, call it, the '25 period by fourth quarter. Again, I get that it takes some time to actually execute and decide what...

知道了。只是為了提前一點第四季度，你會得到一個更全面的更新，只是通過第四季度的 '25 時期來重新激活機會和並置機會的程度。再一次，我知道實際執行和決定什麼需要一些時間......

Yes. Julien, we'll do the best we can. Remember, too, that there are some regulations we're working on with the Treasury Department as well. So some of that update around repower and colocated storage might be tied to finalization of those, but we'll certainly try to give a view.

是的。朱利安，我們會盡力而為。請記住，我們也在與財政部合作制定一些法規。因此，圍繞重新啟動和託管存儲的一些更新可能與這些更新有關，但我們肯定會嘗試給出一個看法。

Our next question will come from Shar Pourreza with Guggenheim Partners.

我們的下一個問題將來自 Shar Pourreza 和 Guggenheim Partners。

Just a real quick follow-up on Julien's question. Just -- maybe just fine-tuning it a little bit, as we're kind of looking at just the near-term earnings guidance that you guys have out there, how do we sort of think about the IRA impact? As we're thinking about the existing PPAs, right, which predominantly don't have any reopeners, and then you couple that with sort of some of the counteracting items like higher interest rate environment, do these 2 sort of items -- are they offsetting? Are they accretive? I guess how do we think about those 2 items in the context of what you guys have just reiterated this morning?

只是對 Julien 問題的快速跟進。只是 - 也許只是稍微微調一下，因為我們只是在看你們那裡的近期收益指導，我們如何看待 IRA 的影響？當我們正在考慮現有的 PPA 時，對，它們主要沒有任何重新啟動器，然後你將其與一些抵消性項目（如高利率環境）結合起來，做這兩種項目——它們是抵消？它們是增值的嗎？我想在你們今天早上剛剛重申的背景下，我們如何看待這兩項？

Yes. I think, Shar, you've got to balance all those things together. First of all, it's really project by project. I mean some projects benefit more than others, and that really depends on which projects have been impacted by some of the supply chain issues that we have had. That's really the first piece.

是的。我認為，Shar，你必須將所有這些東西平衡在一起。首先，它真的是一個項目一個項目。我的意思是有些項目比其他項目受益更多，這實際上取決於哪些項目受到了我們遇到的一些供應鏈問題的影響。這真的是第一件。

From an interest rate standpoint, though, I think Kirk dealt with that. I mean, obviously, the current interest rate move is taken into account in our expectations. And I think we've been very prudent and careful about managing that interest rate exposure. I mean we have $15 billion of interest rate swap protection in the book. So I'd really think about it more of -- more as a -- an ITC to PTC versus supply chain trade-offs. Some projects benefit more than others. So you kind of have to go down the list and look at it on a deal-by-deal basis.

不過，從利率的角度來看，我認為柯克已經解決了這個問題。我的意思是，顯然，我們的預期考慮了當前的利率變動。而且我認為我們在管理利率風險方面一直非常謹慎和謹慎。我的意思是我們在書中有 150 億美元的利率掉期保護。所以我真的會更多地考慮 - 更多地作為 - ITC 到 PTC 與供應鏈的權衡。有些項目比其他項目受益更多。因此，您必須逐一查看清單。

Got it. Okay. That's helpful. And then just on FPL, obviously, you had a 10-year site plan adjusted for inclusion of tax legislation. I think IRA came out even better than prior proposals. So does that prompt an update for a preferred solution at FP&L, maybe going from 10 to 20 gigs? What would be the cadence for an update or to pivot resource strategy there?

知道了。好的。這很有幫助。然後就在 FPL 上，很明顯，你有一個 10 年的場地計劃，為了納入稅收立法而進行了調整。我認為愛爾蘭共和軍的結果比以前的提議更好。那麼，這是否會促使 FP&L 更新首選解決方案，可能從 10 場演出增加到 20 場演出？在那裡更新或調整資源策略的節奏是什麼？

So we'll be filing -- updating our 10-year site plan as we do every year. We're in the process now of updating that. That gets filed on April 1. Obviously, as talked before, there's opportunities going forward. We're always looking at ways to make it even more economic to be able to deploy the assets, including the solar that we're currently doing. But we're currently 5 years ahead of plan on our 10,000 megawatts of solar to be installed, and that's on file with the commission, and then we'll update our 10-year site plan and file that on April 1.

因此，我們將像每年一樣更新我們的 10 年站點計劃。我們現在正在更新它。該文件將於 4 月 1 日提交。顯然，如前所述，未來仍有機會。我們一直在尋找使部署資產（包括我們目前正在做的太陽能）變得更加經濟的方法。但我們目前比計劃安裝的 10,000 兆瓦太陽能提前了 5 年，這已提交給委員會，然後我們將更新我們的 10 年場地計劃並在 4 月 1 日提交。

Got it. Terrific. And then just one last quick one. Just curious on the move in the RNG side. Your '25 EBITDA guidance for the acquisition is based on existing operating assets or does that include a backlog of RNG &D development that would require additional funding?

知道了。了不起。然後只是最後一個快速的。只是對RNG方面的舉動感到好奇。您對收購的 25 年 EBITDA 指導是基於現有的運營資產，還是包括需要額外資金的 RNG 和 D 開發積壓？

Thanks, Shar. I appreciate the question. We're really excited about the acquisition. It is about just over 30 projects that do landfill, gas to electricity or renewable natural gas today. And that number in '25 reflects our base case. And in our base case, we are converting a number of those facilities from landfill gas to electricity to renewable natural gas. So it does include the investment that we referenced in the prepared remarks of about $400 million in order to convert them to produce renewable natural gas.

謝謝，夏爾。我很欣賞這個問題。我們對此次收購感到非常興奮。今天大約有 30 多個項目進行垃圾填埋、天然氣發電或可再生天然氣。 25 年的這個數字反映了我們的基本情況。在我們的基本案例中，我們正在將其中一些設施從垃圾填埋氣轉換為電力，再轉換為可再生天然氣。所以它確實包括我們在準備好的評論中提到的大約 4 億美元的投資，以便將它們轉化為生產可再生天然氣。

One of the reasons why we're really excited about the transaction, though, is there's a lot of optionality in it, and some of which was afforded in the Inflation Reduction Act. One is these projects now qualify for an investment tax credit, which obviously enhances the economics of the conversions. There's also the opportunity to support the further decarbonization or the improving of carbon intensity for blue hydrogen, which really opens up a whole new market for renewable natural gas that we think is going to be very attractive to blue hydrogen producers to enable the full value of the PTC where they otherwise wouldn't have been entitled to the full value of the PTC. And in doing that, we think that creates a real long-term contracted market because a blue hydrogen producer will be very motivated to lock in the value that the renewable natural gas blending will bring to their economics.

然而，我們對這筆交易感到非常興奮的原因之一是它有很多選擇權，其中一些是在《降低通脹法案》中提供的。一是這些項目現在有資格獲得投資稅收抵免，這顯然提高了轉換的經濟性。還有機會支持藍氫的進一步脫碳或提高碳強度，這確實為可再生天然氣開闢了一個全新的市場，我們認為這將對藍氫生產商非常有吸引力，以實現藍氫的全部價值PTC，否則他們將無權獲得 PTC 的全部價值。在這樣做的過程中，我們認為這會創造一個真正的長期合同市場，因為藍色氫氣生產商將非常有動力鎖定可再生天然氣混合將為他們的經濟帶來的價值。

There's also the opportunity, if it isn't a blue hydrogen contribution, actually to keep some of these assets producing electricity and utilizing what we expect are new regulations coming out of the EPA to enable a pathway for the RINs, the predominant renewable fuel credit that renewable natural gas benefits from today, that there'll be a pathway enabled for electric vehicles. So that might enable us to not invest that $400 million in some or all of those assets to convert them to renewable natural gas.

如果不是藍色氫貢獻，實際上還有機會讓其中一些資產發電並利用我們預期的來自 EPA 的新法規為 RIN（主要的可再生燃料信貸）開闢道路可再生天然氣從今天受益，將為電動汽車開闢一條道路。因此，這可能使我們不必將 4 億美元投資於部分或全部這些資產，以將其轉化為可再生天然氣。

So I think the bottom line is we're very excited about it. We think this is a great platform from which to grow our renewable fuel business, renewable energy solutions in order to help our customers across a broad set of sectors, both in the power sector and beyond, to enable their full decarbonization.

所以我認為底線是我們對此感到非常興奮。我們認為這是一個很好的平台，可以從中發展我們的可再生燃料業務和可再生能源解決方案，以幫助我們在電力行業及其他領域的廣泛領域的客戶實現全面脫碳。

Our next question will come from David Arcaro with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 David Arcaro。

Maybe continuing on that, just wondering more broadly, your thoughts on the M&A landscape. Are there priorities or attractive opportunities out there in the market right now that you might be considering?

也許繼續下去，只是想更廣泛地了解您對併購領域的看法。您現在可能正在考慮市場上的優先事項或有吸引力的機會嗎？

I'll go ahead and take that, David. This is John. We have [so many] terrific organic opportunities -- growth opportunities in front of us. M&A is not an area of focus.

我會繼續接受的，大衛。這是約翰。我們有[這麼多] 極好的有機機會——擺在我們面前的增長機會。併購不是重點領域。

Got it. That's clear. And then maybe on the renewable side of things. Wondering if you could comment on the ICC and FEMA proposal to raise the structural risk ranking of solar and wind. What could that do for your projects, your pipeline and costs for developing renewables?

知道了。這很清楚。然後也許在可再生方面。想知道您是否可以對 ICC 和 FEMA 提高太陽能和風能結構風險排名的提案發表評論。這對您的項目、管道和開發可再生能源的成本有何影響？

I'll go ahead and take that as well. So FEMA did come forward with some recent proposals. Those have not been put to a final vote yet. I think the best example as to why none of those changes are required is what we just saw with Hurricane Ian. And so when you -- Kirk had some of those remarks in the script, but I think it's worth noting, and obviously, we put this information back in front of FEMA that none of this is necessary. Because if you evaluate what happened in Hurricane Ian, which was the fifth worst most catastrophic storm to ever hit the Continental United States, it passed over 38 to 50 of our solar sites with maximum sustained winds of 150 miles per hour. We had essentially no impact to our solar generating facilities. About 0.3% of the panels were impacted.

我也會繼續這樣做。所以 FEMA 確實提出了一些最近的建議。這些尚未進行最終投票。我認為為什麼不需要這些改變的最好例子就是我們剛剛看到的颶風伊恩。所以當你-- 柯克在腳本中有一些這樣的評論時，但我認為值得注意，很明顯，我們把這些信息放回聯邦應急管理局面前，這些都是不必要的。因為如果您評估伊恩颶風中發生的事情，這是有史以來襲擊美國大陸的第五大最嚴重的災難性風暴，它以每小時 150 英里的最大持續風速掠過我們的 38 到 50 個太陽能站點。我們對我們的太陽能發電設施基本上沒有影響。大約 0.3% 的面板受到影響。

And you got to remember, that slight number of impacts that even occurred were on the older sites that have the fixed tracker technology. Now with the new tracker technology, we can move it east to west, we can pivot it to 35 degrees. The wind cuts right through it. We saw essentially no damage at those sites. The solar held up extremely well, and in some cases, I think probably better than even a gas plant, which are really rated up to only 100 miles an hour.

而且您必須記住，甚至發生的少量影響都發生在具有固定跟踪器技術的較舊站點上。現在有了新的跟踪器技術，我們可以將它從東向西移動，我們可以將它旋轉到 35 度。風直接穿過它。我們在這些地點基本上沒有看到任何損壞。太陽能保持得非常好，在某些情況下，我認為甚至可能比天然氣廠還要好，天然氣廠的額定時速只有 100 英里。

So really happy with the way it all performed. We think the FEMA changes are completely unnecessary, and we are working through that with them with terrific evidence from how our own fleet just performed a couple of weeks ago as a no better case in point.

對這一切的表現非常滿意。我們認為 FEMA 的變化是完全沒有必要的，我們正在與他們一起解決這個問題，我們自己的車隊在幾週前剛剛表現如何，這是一個很好的例子。

So this is Eric Silagy. I guess I'll just add a little bit. So when John talks about the panels that were -- the 0.3% of panels that were affected, many of those panels weren't even damaged to the point we had simply put them back on and reused them. So to put it in perspective, panels that actually had to be replaced out of 12 million panels is 0.03% or 3,000 panels out of 12 million. And so to John's point, it is immaterial. And we were up and running the next morning with output at our plants.

這就是埃里克·西拉吉。我想我會添加一點點。因此，當約翰談到受到影響的面板的 0.3% 的面板時，其中許多面板甚至沒有損壞到我們只是將它們重新裝上並重複使用它們的地步。因此，從長遠來看，實際上必須更換的面板在 1200 萬塊面板中佔 0.03%，即 1200 萬塊面板中的 3000 塊。所以在約翰看來，這無關緊要。第二天早上，我們就啟動並運行了我們工廠的產出。

Our next question will come from Michael Lapides with Goldman Sachs.

我們的下一個問題將來自高盛的 Michael Lapides。

Congrats on a good quarter. One for Eric. Talk about $8.5 billion of capital deployment this year at FP&L. How should we think about what that level looks like, call it, 2023 and 2024? And maybe what are the puts and takes that could move it in either direction for those years?

祝賀一個好季度。一個給埃里克。談論今年在 FP&L 的 85 億美元資本部署。我們應該如何思考這個水平是什麼樣的，稱之為 2023 和 2024？也許在那些年裡有哪些看跌期權可以讓它朝任何一個方向發展？

Michael, it's Eric. So look, we have a robust capital plan that continues. We've talked about it before from a standpoint of our storm hardening. That program, obviously, you could see the impacts with Ian and how beautifully it really made a difference. We're going to continue with our storm hardening program, our undergrounding program, our solar build-out. We have great visibility into our capital deployed right through the rate case settlement period and what we have filed through our 10-year site plan.

邁克爾，我是埃里克。所以看，我們有一個持續的穩健資本計劃。我們之前從風暴強化的角度討論過它。很明顯，那個節目，你可以看到伊恩的影響，以及它真正帶來的改變是多麼美妙。我們將繼續我們的風暴強化計劃，我們的地下計劃，我們的太陽能建設。我們對在費率案例結算期間部署的資本以及通過我們的 10 年場地計劃提交的資金有很好的了解。

Got it. So I'm just trying to think about this just -- is capital spend above or below 2022 levels for the next couple of years?

知道了。所以我只是想考慮一下——未來幾年的資本支出是高於還是低於 2022 年的水平？

It's basically where it is at the '22 levels. It varies a little bit, but it is exactly what we put forward for the plan here for the last 2 years that we've had going forward.

它基本上是 '22 級別的位置。它略有不同，但這正是我們在過去兩年中為計劃提出的內容。

Yes. Michael, I would just add, there's no real deviation from what we shared at the investor conference. So it's in line with the plans that we laid out in terms of roughly $8.2 billion to $8.5 billion a year over the settlement terms.

是的。邁克爾，我想補充一下，與我們在投資者會議上分享的內容沒有真正的偏差。因此，這符合我們在和解條款中每年約 82 億至 85 億美元的計劃。

Yes. The only reason I ask -- and thank you for that, is given the fact you've got the full surplus amortization back on board right now, you could actually invest more to improve reliability, and obviously, [greening the] system even more without necessarily having to: a, hurt earnings; and b, increase customer rates for the next couple of years.

是的。我問的唯一原因——謝謝你，因為你現在已經得到了全部盈餘攤銷，你實際上可以投資更多來提高可靠性，顯然，[綠化]系統更多不一定要： a、損害收益； b，提高未來幾年的客戶率。

Yes. But Michael, again, we're right now sticking with our plan. We've got a good visibility. A lot of this, remember, it's a lot of execution. And so we have a -- we've been managing the supply chain. We've been managing all the issues that have been a challenge for folks across the country, and being able to hit that CapEx plan is right now what we see as the best path forward to be able to maintain what the commission expects and, financially, what we expect.

是的。但是邁克爾，再一次，我們現在堅持我們的計劃。我們有很好的能見度。很多，記住，這是很多執行。所以我們有一個 - 我們一直在管理供應鏈。我們一直在處理對全國人民構成挑戰的所有問題，並且能夠實現該資本支出計劃是我們現在認為能夠維持委員會期望的最佳前進道路，並且在財務上，我們所期望的。

Got it. And then one for Rebecca. Just curious, what are you seeing in terms of just -- just given what's happening inflation-wise around the world, especially commodity and labor, what the cost to install new wind and solar has -- kind of how much that has changed before we kind of bake in the higher tax credit levels?

知道了。然後是給麗貝卡的。只是好奇，你看到了什麼——只是考慮到世界各地正在發生的通貨膨脹，尤其是商品和勞動力，安裝新風能和太陽能的成本——在我們之前發生了多少變化在更高的稅收抵免水平中烘烤？

Yes. Michael, I think we obviously had a number of comments around this at the investor conference. We certainly have seen increases in costs, both in the -- or the -- actually equipment prices as well as balance the system and the labor to build the projects. I don't know that it's materially changed from what we shared with you a couple of months ago. I think we were at the peak, and a lot of commodity prices and even some of the key ones that ultimately affect the inherent costs of our -- of building a project have come down since then. As we think about it long term, we obviously have views on what it's going to look like going forward, and we build those expectations into our power purchase agreement prices with our customers.

是的。邁克爾，我認為我們在投資者會議上顯然對此有很多評論。我們當然已經看到成本的增加，無論是在 - 或 - 實際設備價格以及平衡系統和構建項目的勞動力方面。我不知道它與我們幾個月前與您分享的內容有很大的不同。我認為我們正處於頂峰，從那時起，許多商品價格，甚至一些最終影響我們建設項目的固有成本的關鍵價格都下降了。從長遠來看，我們顯然對未來的前景有看法，我們將這些期望納入與客戶的電力購買協議價格中。

I think one of the key things to keep in mind, particularly as you think about the overall demand for renewables and other clean energy solutions long term, is that they have such a competitive advantage against the alternatives. So even where we've seen increases in costs, even in some areas, maybe at parity with what we've seen in terms of the strict value that the IRA incentives may have brought in terms of the difference versus prior incentives, what we've seen is that the alternatives have increased even more. And that goes from new build as well as the overall market prices.

我認為要記住的關鍵事項之一，特別是當您考慮長期對可再生能源和其他清潔能源解決方案的整體需求時，它們在替代替代品方面具有如此大的競爭優勢。因此，即使在我們看到成本增加的地方，即使在某些領域，也可能與我們所看到的 IRA 激勵措施可能帶來的與先前激勵措施之間的差異所帶來的嚴格價值相當，我們我們看到的是，替代品增加得更多。這來自新建築以及整體市場價格。

So from our customer standpoint, which is what -- who we're focused on the most, they are as compelling as they have ever been to incorporate into their solutions, whether that be a power customer to bring down electricity prices for their customers, which is clearly very top of mind for our customers today, but also our nonpower sector customers who are finding ways to not only provide a lower carbon intensity product to their customers, but they want to do it at lower cost. And we've got great solutions for them.

因此，從我們客戶的角度來看，這就是我們最關注的人，他們像以往一樣引人注目地融入他們的解決方案，無論是電力客戶為他們的客戶降低電價，這顯然是我們今天的客戶最關心的問題，也是我們的非電力部門客戶的首要考慮因素，他們正在尋找方法，不僅為他們的客戶提供更低碳強度的產品，而且他們希望以更低的成本做到這一點。我們為他們提供了很好的解決方案。

Our next question will come from Jeremy Tonet with JPMorgan.

我們的下一個問題將來自摩根大通的 Jeremy Tonet。

Just wanted to hit on RNG real quick and maybe round out the conversation a little bit more. Big acquisition here, but how do you think about the total addressable market here? And is the focus really just on landfills in certain locations or other parts of RNG could be interesting as well? And then lastly, I guess, further expansion -- it seems like you have quite a platform to work off here. But future RNG, would it be just organic? Or could there be more purchases as well?

只是想快速接觸RNG，也許可以讓對話更加圓滿。這裡的大收購，但你如何看待這裡的整個潛在市場？是否真的只關注某些地點或 RNG 其他部分的垃圾填埋場也很有趣？最後，我想，進一步擴展——看起來你有一個很好的平台可以在這里工作。但是未來的RNG，會不會只是有機的？或者還有更多的購買嗎？

Thanks for the question. Listen, we're very excited about the potential for RNG, in particular, as part of the broad set of solutions we want to offer our customers. So I would say this is just a large step forward in something we've already been working on with smaller investments and some other co-investments with other folks. And we're excited about not only adding these portfolio of projects and the value that this creates for our shareholders, but also using it as a platform for future growth.

謝謝你的問題。聽著，我們對 RNG 的潛力感到非常興奮，特別是作為我們希望為客戶提供的廣泛解決方案的一部分。所以我想說，這只是我們已經通過較小的投資和其他一些與其他人共同投資的事情向前邁出的一大步。我們不僅對添加這些項目組合及其為我們的股東創造的價值感到興奮，而且還將其用作未來增長的平台。

As part of this acquisition, we are building a services company along with it. That's part of what the existing portfolio provides, and we're excited about incorporating those capabilities into our team. And we are excited that both -- about both landfill gas and alternative forms of renewable natural gas, including dairy, long term. So we'll do it both through organic as well as through acquisitions. So -- and all of the above.

作為此次收購的一部分，我們正在與它一起建立一家服務公司。這是現有產品組合提供的一部分，我們很高興將這些功能整合到我們的團隊中。我們對垃圾填埋氣和替代形式的可再生天然氣（包括乳製品）長期感到興奮。因此，我們將通過有機和收購來做到這一點。所以 - 以及以上所有內容。

We're excited about the size of the acquisition in this space. But before I get too excited, we also need to keep in mind that as the $85 billion to $95 billion of capital we want to invest over the period we laid out at the investor conference, this is approximately $1 billion and change. So a great addition to our portfolio, but still in context, a measured step in the overall portfolio.

我們對這一領域的收購規模感到興奮。但在我太興奮之前，我們還需要記住，在我們在投資者會議上列出的期間，我們想要投資的 850 億到 950 億美元的資本，這大約是 10 億美元和變化。因此，對我們的投資組合來說，這是一個很好的補充，但仍然在整個投資組合中的一個衡量步驟。

Got it. Very helpful. And just rounding out the conversation on hydrogen. I think you touched on it a bit, but any other updated thoughts you want to share with us post-IRA here?

知道了。非常有幫助。剛剛結束了關於氫的對話。我認為您對此有所了解，但是您想在這裡與我們分享愛爾蘭共和軍後的任何其他更新想法嗎？

I'm thrilled with the prospects of hydrogen going forward and not just literally hydrogen itself, but the renewable fuels that, that creates is potential solutions for our customers, whether that's synthetic natural gas as potential solutions for customers who are looking for 24/7 fully decarbonized power, but also through synthetic jet fuels, synthetic ammonia products, other things that will help bring out of people's supply chain, manufacturing processes, et cetera, their carbon-intensive fuels that they use today.

我對氫的未來前景感到興奮，而不僅僅是氫本身，而且為我們的客戶創造的可再生燃料是潛在的解決方案，無論是合成天然氣作為尋求 24/7 客戶的潛在解決方案完全脫碳的電力，還通過合成噴氣燃料、合成氨產品以及其他有助於擺脫人們供應鏈、製造過程等的東西，以及他們今天使用的碳密集型燃料。

Some of those are not going to be economic literally today, but there's a clear pathway to them being economic in a couple of years. But some of them with the benefit of the IRA incentives are economic today.

其中一些在今天不會真正意義上的經濟，但有一條明確的途徑可以在幾年內實現經濟。但其中一些受益於 IRA 激勵措施的項目在今天是經濟的。

And at the heart of them, what the opportunity is for us is to deploy a substantial amount of renewable energy in the form of wind, solar, battery storage, the core things that we have been very successful doing for years now, if not decades, and we're continuing to invest heavily to maintain those competitive advantages going forward.

在它們的核心，我們的機會是以風能、太陽能、電池存儲的形式部署大量可再生能源，這是我們多年來（如果不是幾十年）一直非常成功地做的核心事情，我們將繼續大力投資以保持這些競爭優勢。

This concludes our question-and-answer session, which also concludes today's conference. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，今天的會議也結束了。感謝您參加今天的演講。您現在可以斷開連接。