新世紀能源 (NEE) 2022 Q4 法說會逐字稿

Good morning, and welcome to the NextEra Energy and NextEra Energy Partners Fourth Quarter 2022 Earnings Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到 NextEra Energy 和 NextEra Energy Partners 2022 年第四季度財報電話會議。 （操作員說明）請注意正在記錄此事件。

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, Jason. Good morning, everyone, and thank you for joining our fourth quarter and full year 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.

謝謝你，傑森。大家早上好，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 召開的第四季度和 2022 年全年合併收益電話會議。今天早上和我在一起的是 NextEra Energy 的董事長、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； NextEra Energy 執行副總裁 Mark Hickson（他們也是 NextEra Energy Partners 的高管）以及 Florida Power & Light Company 董事長、總裁兼首席執行官 Eric Silagy。

John will provide some opening remarks and will then turn the call over to Kirk for a review of our fourth quarter and full year results. Our executive team will then be available to answer your questions.

約翰將發表一些開場白，然後將電話轉給柯克，讓他審查我們的第四季度和全年業績。然後我們的執行團隊將可以回答您的問題。

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，這些陳述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隨附演示文稿的風險因素部分或我們的評論中發表的評論，實際結果可能與我們的前瞻性陳述存在重大差異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. 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. And as a result, Gulf Power is no longer a separate reporting segment within Florida Power & Light and NextEra Energy.

今天的演示文稿還包括對非 GAAP 財務指標的引用。您應該參考今天的演示文稿附帶的幻燈片中包含的信息，以獲取定義信息以及歷史非 GAAP 指標與最接近的 GAAP 財務指標的調節。提醒一下，Florida Power & Light 根據其 2021 年基本費率結算協議完成了 Gulf Power 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，Gulf Power 不再是一個單獨的報告部門Florida Power & Light 和 NextEra Energy。

For 2022 and beyond, FPL has 1 reporting segment, and therefore, 2021 financial results and other operational metrics have been restated for comparative purposes. With that, I will turn the call over to John.

對於 2022 年及以後，FPL 有 1 個報告部門，因此，出於比較目的，重述了 2021 年的財務業績和其他運營指標。有了這個，我會把電話轉給約翰。

Thank you, Jessica, and good morning, everyone. Before I turn to discussion of our financial results and the future growth prospects, I'd like to make some comments on the status of our review. As a reminder, we reported last quarter that we were reviewing allegations of Florida state and federal campaign finance law violations raised in the media articles and a related complaint filed in October with the Federal Election Commission. Our review of information reasonably available to us is now substantially complete.

謝謝你，傑西卡，大家早上好。在我開始討論我們的財務業績和未來增長前景之前，我想對我們的審查狀態發表一些評論。提醒一下，我們在上個季度報告說，我們正在審查媒體文章中提出的佛羅里達州和聯邦競選財務法違規行為的指控，以及 10 月份向聯邦選舉委員會提交的相關投訴。我們對我們合理獲得的信息的審查現已基本完成。

Regarding the Florida allegations, based on information in our possession, we believe that FPL would not be found liable for any of the Florida campaign finance law violations as alleged in the media articles.

關於佛羅里達州的指控，根據我們掌握的信息，我們認為 FPL 不會對媒體文章中指控的任何違反佛羅里達州競選財務法的行為承擔責任。

With respect to the FEC complaint, you may recall that it was filed by a special interest group and primarily relies on media articles that allege certain violations of the Federal Election Campaign Act by various parties, including by implication, FPL. The FEC process is a confidential civil administrative process with an investigation only commencing if the FEC votes to do so.

關於 FEC 投訴，您可能記得它是由一個特殊利益集團提出的，主要依賴於媒體文章，這些文章指控各方違反聯邦選舉活動法，包括暗示 FPL。 FEC 程序是一個保密的民事行政程序，只有在 FEC 投票同意後才會開始調查。

We plan to file a response seeking dismissal of the FEC complaint in the next few weeks and do not believe it is appropriate for a complaint such as this to move forward. The total amount of contributions referenced in the complaint is less than $1.3 million, and we do not expect that allegations of federal campaign finance law violations taken as a whole would be material to us.

我們計劃在接下來的幾週內提交一份回應，尋求駁回 FEC 的投訴，並且我們認為繼續推進此類投訴是不合適的。投訴中提到的捐款總額不到 130 萬美元，我們預計對聯邦競選財務法的指控作為一個整體對我們來說並不重要。

With that behind us, I would like to now discuss our fourth quarter and full year 2022 financial results and future growth prospects. Both NextEra Energy and NextEra Energy Partners had a terrific year in 2022, and both businesses have never been better positioned. The cost and efficiency of new renewables have improved significantly over the last 2 decades, while natural gas prices have seen an increase over the past year with volatility likely to continue going forward.

有了這些，我現在想討論我們第四季度和 2022 年全年的財務業績以及未來的增長前景。 NextEra Energy 和 NextEra Energy Partners 都在 2022 年度過了美好的一年，這兩家公司的定位從未像現在這樣好。在過去 20 年中，新可再生能源的成本和效率顯著提高，而天然氣價格在過去一年中有所上漲，波動可能會繼續向前發展。

At the same time, landmark renewables legislation was entered into law last fall. After the passage of the Inflation Reduction Act, or IRA, we often said it was transformational for our industry and our business. Before IRA, we largely qualified for 2 federal incentives, wind production tax credits and solar investment tax credits.

與此同時，具有里程碑意義的可再生能源立法於去年秋天成為法律。在通貨膨脹減少法案 (IRA) 通過後，我們經常說它對我們的行業和業務來說是變革性的。在 IRA 之前，我們基本上有資格獲得 2 項聯邦激勵措施、風能生產稅收抵免和太陽能投資稅收抵免。

We always had the challenge of planning the business with those federal incentives expected to phase down and expire in a few months or years. Some years, they were extended. Others, they were not. The uncertainty changed customer behavior and it changed our behavior.

我們總是面臨著規劃業務的挑戰，這些聯邦激勵措施預計將在幾個月或幾年內逐步減少並到期。有幾年，它們被延長了。其他人，他們不是。不確定性改變了客戶的行為，也改變了我們的行為。

Today, the incentives are clear. They support a broader range of renewable technologies. They are in place for a much longer period of time, and they incentivize the domestic supply chain that will further reduce the cost of renewables that are made in the U.S.A., creating new American jobs.

今天，動機很明確。他們支持更廣泛的可再生技術。它們存在的時間要長得多，它們會激勵國內供應鏈，這將進一步降低美國製造的可再生能源的成本，從而創造新的美國就業機會。

In short, we believe the IRA provides growth visibility for a broad range of low-cost, clean energy solutions in a predictable way and for a long time. We believe that in this environment, low-cost renewables will help NextEra Energy and NextEra Energy Partners continue to drive long-term value for our customers and our shareholders and unitholders.

簡而言之，我們認為 IRA 以可預測的方式長期為廣泛的低成本、清潔能源解決方案提供增長可見度。我們相信，在這種環境下，低成本可再生能源將幫助 NextEra Energy 和 NextEra Energy Partners 繼續為我們的客戶、股東和單位持有人創造長期價值。

So today, I am excited to share that we are extending our financial expectations for an additional year at both NextEra Energy and NextEra Energy Partners, and I look forward to sharing more details on those expectations in a few minutes.

所以今天，我很高興地宣布，我們將 NextEra Energy 和 NextEra Energy Partners 的財務預期再延長一年，我期待在幾分鐘內分享有關這些預期的更多細節。

In 2022, NextEra Energy continued its long track record of outstanding execution, delivering full year adjusted earnings per share of $2.90, up nearly 14% from 2021. As a result of strong operational and financial performance at both FPL and Energy Resources, we achieved the high end of our adjusted EPS expectations range.

2022 年，NextEra Energy 繼續其出色執行的長期記錄，全年調整後每股收益為 2.90 美元，比 2021 年增長近 14%。由於 FPL 和 Energy Resources 的強勁運營和財務業績，我們實現了我們調整後的 EPS 預期範圍的高端。

Over the past 10 years, we have delivered compound annual growth and adjusted EPS of roughly 10% for our shareholders, which is the highest among all top 10 power companies. NextEra Energy outperformed the S&P 500 Index by nearly 10% in 2022 despite a challenging year in the financial markets. In terms of total shareholder return, NextEra Energy has outperformed the S&P 500 Index and the S&P 500 Utility (sic) [Utilities] Index on a 3-, 5-, 10- and 15-year basis.

在過去的 10 年裡，我們為股東實現了約 10% 的複合年增長率和調整後每股收益，這在所有前 10 家電力公司中是最高的。儘管金融市場充滿挑戰的一年，NextEra Energy 在 2022 年的表現仍優於標準普爾 500 指數近 10%。就股東總回報而言，NextEra Energy 在 3 年、5 年、10 年和 15 年的基礎上跑贏了標準普爾 500 指數和標準普爾 500 公用事業（原文如此）[公用事業] 指數。

Over the past 15 years, we have outperformed nearly all of the other companies in the S&P 500 Utilities Index and more than tripled the average total shareholder return of the index. Over the same period, we have outperformed 75% of the companies in the S&P 500, while nearly tripling the average total shareholder return of the index.

在過去的 15 年裡，我們的表現幾乎優於標準普爾 500 公用事業指數中的所有其他公司，並且是該指數的平均股東總回報的三倍多。同期，我們的表現優於標準普爾 500 指數中 75% 的公司，同時該指數的平均股東總回報率幾乎翻了三倍。

We are proud of our long-term track record of creating shareholder value, but we remain intensely focused on execution at both FPL and Energy Resources, and we remain committed to delivering long-term growth for shareholders going forward.

我們為創造股東價值的長期記錄感到自豪，但我們仍然高度關注 FPL 和 Energy Resources 的執行，我們仍然致力於為股東實現長期增長。

We have a long history of executing and delivering on our commitments, even in periods of uncertainty and disruption, and 2022 is no exception. Despite a challenging macro environment, we invested more than $19 billion in American energy infrastructure, while maintaining our strong balance sheet and credit ratings.

我們在執行和兌現承諾方面有著悠久的歷史，即使是在不確定和混亂的時期，2022 年也不例外。儘管宏觀環境充滿挑戰，但我們在美國能源基礎設施上投資了超過 190 億美元，同時保持了我們強勁的資產負債表和信用評級。

Overcoming supply chain challenges, we constructed and placed into service roughly 5,000 megawatts of new renewables and storage projects, demonstrating the strength and resiliency of our team's expertise and competitive advantages. While disruption created some near-term challenges, it also created opportunities, and I am extremely proud of our team's execution in 2022 and delivering adjusted EPS growth of nearly 14%.

克服供應鏈挑戰，我們建造並投入使用了大約 5,000 兆瓦的新可再生能源和存儲項目，展示了我們團隊專業知識和競爭優勢的實力和彈性。雖然顛覆帶來了一些近期挑戰，但也創造了機遇，我為我們團隊在 2022 年的執行力和實現調整後每股收益近 14% 的增長而感到非常自豪。

During 2022, FPL successfully executed on its strategic initiatives while delivering on what we believe is the best customer value proposition in America. Despite inflationary pressures, we further reduced our already best-in-class nonfuel O&M cost per megawatt hour by approximately 8.6% versus 2021. We also continued our investments in solar generation that can reduce the variable fuel component of our customer bills.

在 2022 年期間，FPL 成功執行了其戰略計劃，同時實現了我們認為是美國最佳客戶價值主張。儘管存在通貨膨脹壓力，但與 2021 年相比，我們進一步將本已一流的每兆瓦時非燃料 O&M 成本降低了約 8.6%。我們還繼續投資太陽能發電，以減少客戶賬單中的可變燃料部分。

We placed into service approximately 450 megawatts of cost-effective solar during 2022, and we anticipate commissioning another roughly 1,200 megawatts of low-cost solar in 2023 bringing our total solar build-out to roughly 1.7 gigawatts within the first 2 years of our current rate agreement.

我們在 2022 年投入使用了約 450 兆瓦的具有成本效益的太陽能，我們預計在 2023 年再投產約 1,200 兆瓦的低成本太陽能，使我們的太陽能總裝機容量在我們當前速度的前兩年內達到約 1.7 吉瓦協議。

Our relentless focus on productivity and making smart capital investments for the benefit of customers is a significant part of what has kept our typical 1000-kilowatt hour residential customer bills the lowest among Florida investor-owned utilities and more than 30% below the national average. FPL has also continued to provide exceptional service reliability and was recognized for the seventh time in 8 years as being the most reliable electric utility in the nation.

我們不懈地關註生產力並為客戶的利益進行明智的資本投資，這是使我們典型的 1000 千瓦時住宅客戶賬單在佛羅里達州投資者擁有的公用事業中最低且比全國平均水平低 30% 以上的重要原因。 FPL 還繼續提供卓越的服務可靠性，並在 8 年內第七次被公認為全國最可靠的電力公司。

Our team responded exceptionally well in response to hurricanes Ian and Nicole. And during the year of high inflation and high natural gas prices, FPL used its strong balance sheet to provide bill relief for its customers.

我們的團隊在應對颶風伊恩和妮可方面表現出色。在高通脹和高天然氣價格的一年中，FPL 利用其強大的資產負債表為其客戶提供賬單減免。

Looking forward, we remain committed to providing clean, affordable and reliable service to our customers for many years to come. Energy Resources also had a terrific year in 2022, delivering adjusted earnings growth of nearly 11% versus the prior year.

展望未來，我們將繼續致力於在未來許多年內為我們的客戶提供清潔、實惠和可靠的服務。 Energy Resources 在 2022 年也表現出色，調整後的收益較上年增長近 11%。

With economics driving strong demand for renewables, Energy Resources had a record year of new renewables and storage origination, adding more than 8,000 megawatts to our backlog, as we continue to capitalize on the ongoing clean energy transition that is occurring across the United States. Within -- with the significant net additions over the last year, our renewables and storage backlog now stands at a year-end record of approximately 19 gigawatts net of projects placed in service and provides strong visibility into the growth that lies ahead.

隨著經濟推動對可再生能源的強勁需求，隨著我們繼續利用美國正在進行的清潔能源轉型，Energy Resources 創造了新的可再生能源和儲能來源創紀錄的一年，我們的積壓訂單增加了 8,000 多兆瓦。其中——隨著去年的顯著淨增加，我們的可再生能源和存儲積壓現在處於年末記錄，已投入使用的項目淨額約為 19 吉瓦，並為未來的增長提供了強有力的可見性。

Our continued execution, combined with the long-term visibility into clean energy incentives and the strong market backdrop for low-cost renewables gives us more confidence in our long-term outlook at NextEra Energy. Last June, we laid out our vision and strategy to decarbonize both ourselves and the broader U.S. economy.

我們的持續執行，加上對清潔能源激勵措施的長期可見性和低成本可再生能源的強大市場背景，使我們對 NextEra Energy 的長期前景更有信心。去年 6 月，我們制定了實現自身和更廣泛的美國經濟脫碳的願景和戰略。

In August, the IRA helped provide more certainty and flexibility to plan for growth than at any other time in our history. Over the next 2 decades, we are well positioned to continue our track record of creating long-term value for shareholders through additional renewables and storage investments, expansion into new markets and products that enable even more renewables and organic growth opportunities to optimize our existing fleet by repowering assets and co-locating storage.

8 月，IRA 幫助提供了比我們歷史上任何其他時間都更多的確定性和靈活性來規劃增長。在接下來的 20 年裡，我們有能力通過額外的可再生能源和存儲投資、擴展到新市場和新產品來繼續我們為股東創造長期價值的記錄，從而提供更多的可再生能源和有機增長機會來優化我們現有的船隊通過重新啟動資產和共同定位存儲。

At FPL, our plan is to lower cost for customers by accretively deploying capital into low-cost solar, storage and eventually hydrogen. By transforming our generation fleet and continuing our decades-long strategy of fuel switching, we will not only help customers by keeping bills low but also help the state of Florida achieve energy independence.

在 FPL，我們的計劃是通過增加將資本投入低成本太陽能、儲能和最終氫能來降低客戶的成本。通過改造我們的發電機組並繼續我們長達數十年的燃料轉換戰略，我們不僅可以通過降低電費來幫助客戶，還可以幫助佛羅里達州實現能源獨立。

Our customers have already seen the positive impacts of the IRA on their bills. We estimate that solar production tax credits are expected to save customers roughly $400 million over the term of our current rate agreement. This month, those savings started with a onetime $36 million refund on customer bills for our completed 2022 rate-based solar projects.

我們的客戶已經看到 IRA 對他們賬單的積極影響。我們估計，在我們當前的費率協議期限內，太陽能生產稅收抵免有望為客戶節省大約 4 億美元。本月，這些節省始於我們完成的 2022 年基於費率的太陽能項目的一次性 3600 萬美元客戶賬單退款。

With only about 5% of FPL's generation mix coming from solar today, we are still in the early stages of building out our low-cost solar portfolio. In April, FPL expects to file its annual Ten Year Site Plan which will present our generation resource plan through 2032.

目前 FPL 的發電組合中只有約 5% 來自太陽能，我們仍處於構建低成本太陽能產品組合的早期階段。 4 月，FPL 預計將提交其年度十年場地規劃，該規劃將展示我們到 2032 年的發電資源規劃。

Last year's plan included roughly 9,400 megawatts of new solar capacity through 2031, including roughly 4,600 megawatts of additional solar after 2025. By incorporating the IRA benefits, we expect the post-2025 new solar capacity, and this year's plan will more than double what it was last year. We believe low-cost solar will also provide a valuable hedge for our customers against rising natural gas prices in the future.

去年的計劃包括到 2031 年大約 9,400 兆瓦的新太陽能容量，包括 2025 年後大約 4,600 兆瓦的額外太陽能。通過納入 IRA 收益，我們預計 2025 年後的新太陽能容量，今年的計劃將比它增加一倍以上是去年。我們相信低成本太陽能也將為我們的客戶提供有價值的對沖未來天然氣價格上漲的風險。

At Energy Resources, the combination of low-cost renewables, higher natural gas prices and the broader push towards decarbonization across the economy, enables our strategy to serve both utilities and commercial and industrial customers with comprehensive clean energy solutions. These comprehensive clean energy solutions are often complex and in addition to new renewables can include renewable fuels, hydrogen and behind-the-meter projects, all of which are expected to ultimately create even greater demand for renewables.

在 Energy Resources，低成本可再生能源、更高的天然氣價格和更廣泛的經濟脫碳推動相結合，使我們的戰略能夠為公用事業和商業和工業客戶提供全面的清潔能源解決方案。這些全面的清潔能源解決方案通常很複雜，除了新的可再生能源外，還包括可再生燃料、氫氣和用戶側項目，所有這些最終都將對可再生能源產生更大的需求。

Customers are looking for long-term partnerships with customized solutions at a scale unlike anything we have seen in the past. And we believe that no company is better positioned than Energy Resources to serve these complex customer needs in a way that helps them both save money on their energy bills and meet their emissions-reduction goals.

客戶正在尋求與定制解決方案的長期合作夥伴關係，其規模與我們過去所見不同。我們相信，沒有哪家公司比 Energy Resources 更能滿足這些複雜的客戶需求，從而幫助他們節省能源費用並實現減排目標。

We are particularly excited about the potential for green hydrogen and the role it will play as a solution to help commercial and industrial customers cost effectively lower emissions. We are building the algorithms and tools to identify and optimize the best green hydrogen sites around the country and leverage our significant interconnection and land inventory position.

我們對綠色氫的潛力及其作為幫助商業和工業客戶經濟有效地降低排放的解決方案所發揮的作用感到特別興奮。我們正在構建算法和工具來識別和優化全國最好的綠色氫站點，並利用我們重要的互連和土地庫存地位。

We are using the skills and capabilities that we have developed over the decades that we have led the renewables industry to participate in emerging clean hydrogen markets in a big way. And we are already starting to see some of our early efforts materialize. Last week, we signed a term sheet for approximately 800 megawatts of new solar generation, which we have not included in our backlog that is expected to reach commercial operations in 2026 and is expected to support a green hydrogen related facility in development in the Central United States.

我們正在使用我們在過去幾十年中開發的技能和能力，我們帶領可再生能源行業大規模參與新興的清潔氫市場。我們已經開始看到我們的一些早期努力正在實現。上週，我們簽署了一份約 800 兆瓦的新太陽能發電的條款清單，我們沒有將其列入我們的積壓訂單中，預計將在 2026 年實現商業運營，預計將支持在美國中部開發的綠色氫相關設施狀態。

Additionally, Energy Resources is participating in the development of hydrogen hubs in the Southwest and Southeast. Earlier in the month, these hubs were encouraged to file full applications for federal funding from the U.S. Department of Energy under its $8 billion program to create networks of hydrogen producers, consumers and local connective infrastructure to accelerate the use of hydrogen as a clean energy carrier.

此外，Energy Resources 正在參與西南和東南部氫能樞紐的開發。本月早些時候，鼓勵這些中心根據其 80 億美元的計劃向美國能源部提交完整的聯邦資金申請，以建立氫生產商、消費者和當地連接基礎設施網絡，以加速氫作為清潔能源載體的使用.

In the Southeast, our plan is to support 140 tons per day clean hydrogen facility at our Gulf Clean Energy Center that would be powered by FPL solar projects. In the Southwest, our plan is to build a 120 tons per day electrolysis-based clean hydrogen project in Arizona in partnership with Linde, the world's largest industrial gases company and the largest liquid hydrogen producer in the United States, with whom we recently signed a Memorandum of Understanding.

在東南部，我們的計劃是在我們的海灣清潔能源中心支持每天 140 噸的清潔氫設施，該設施將由 FPL 太陽能項目提供動力。在西南部，我們計劃與世界上最大的工業氣體公司和美國最大的液態氫生產商林德合作，在亞利桑那州建設一個每天 120 噸電解清潔氫項目，我們最近與林德簽署了一項協議諒解備忘錄。

The clean hydrogen produced by this facility would be used to support decarbonization of the West Coast mobility and industrial end markets. These are just a few examples of clean hydrogen opportunities our team is actively pursuing. We continue to work with various partners on hydrogen solutions, and we are excited by both the number and scale of opportunities in front of us.

該設施生產的清潔氫將用於支持西海岸交通和工業終端市場的脫碳。這些只是我們團隊正在積極尋求的清潔氫機會的幾個例子。我們將繼續與各種合作夥伴合作開發氫解決方案，我們對擺在我們面前的機會的數量和規模感到興奮。

At our investor conference in June last year, we announced Energy Resources development expectations of roughly 28 to 37 gigawatts of new build renewables and storage through 2025. In sizing those expectations, we considered, among other factors, the expiration and phase down of production tax credits and investment tax credits under then existing tax law.

在去年 6 月的投資者會議上，我們宣佈到 2025 年能源資源發展預期為大約 28 至 37 吉瓦的新建可再生能源和存儲。在確定這些預期時，我們考慮了生產稅的到期和逐步削減等因素根據當時現行稅法的抵免和投資稅收抵免。

Typically, when tax credits are near the planned expiration dates, we see a spike in demand in the immediate years prior. Then after-tax credits are extended, demand weakens in the short term. Even though tax credits were extended with the IRA, we are continuing to see tremendous demand for new renewables.

通常，當稅收抵免接近計劃到期日時，我們會看到前幾年的需求激增。然後延長稅後信貸，短期內需求減弱。儘管 IRA 延長了稅收抵免，但我們繼續看到對新可再生能源的巨大需求。

It is against that backdrop of strong market demand and the continued cost advantages of renewables, combined with our unparalleled competitive advantages, that today, we are extending our development expectations at Energy Resources through 2026. We now believe that we will place into service approximately 32,700 to 41,800 megawatts of new renewables and storage projects from 2023 through the end of 2026.

正是在強勁的市場需求和可再生能源的持續成本優勢以及我們無與倫比的競爭優勢的背景下，今天，我們將 Energy Resources 的發展預期延長至 2026 年。我們現在相信，我們將投入使用約 32,700從 2023 年到 2026 年底，將有 41,800 兆瓦的新可再生能源和儲能項目。

If you compare midpoint to midpoint, our new 4-year development expectations at Energy Resources are approximately 15% higher than the previous 4-year development expectations range that we announced at our investor conference last year.

如果將中點與中點進行比較，我們對 Energy Resources 的新 4 年發展預期比我們去年在投資者會議上宣布的先前 4 年發展預期範圍高出約 15%。

To put these numbers into context, just executing at the low end of our new development expectations through 2026, would more than double the size of our current renewables and storage operating portfolio, which took us more than 20 years to complete.

將這些數字放在上下文中，只要執行我們到 2026 年的新發展預期的低端，就會使我們目前的可再生能源和存儲運營組合的規模增加一倍以上，我們花了 20 多年才完成。

Due to our long-term visibility into clean energy incentives and the significant growth opportunities of both FPL and Energy Resources, I am pleased to announce that we are extending our adjusted earnings per share growth expectations at NextEra Energy by an additional year through 2026. For 2023 and 2024, we expect our adjusted earnings per share to be in the range of $2.98 to $3.13 and $3.23 to $3.43, respectively.

由於我們對清潔能源激勵措施的長期關注以及 FPL 和 Energy Resources 的重大增長機會，我很高興地宣布，我們將 NextEra Energy 的調整後每股收益增長預期再延長一年，直至 2026 年。到 2023 年和 2024 年，我們預計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 and 2026, we expect to grow 6% to 8% of the 2024 adjusted EPS range. This equates to a range of $3.45 to $3.70 for 2025 and $3.63 to $4 for 2026. 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 in each of 2023, '24, '25 and '26, while at the same time maintaining our strong balance sheet and credit ratings. As always, our expectations assume our usual caveats, including normal weather and operating conditions.

對於 2025 年和 2026 年，我們預計在 2024 年調整後的每股收益範圍內增長 6% 至 8%。這相當於 2025 年的範圍為 3.45 美元至 3.70 美元，2026 年的範圍為 3.63 美元至 4 美元。如果我們無法在 2023 年的每一年實現調整後每股收益預期範圍的上限或接近上限，我們將感到失望， '24、'25 和 '26，同時保持我們強勁的資產負債表和信用評級。一如既往，我們的預期假設了我們通常的警告，包括正常天氣和運營條件。

Let me now turn to NextEra Energy Partners, which had another terrific year of execution while delivering on its commitments to unitholders. For 2022, NextEra Energy Partners grew its LP distributions per unit by approximately 15% year-over-year and delivered more than 20% year-over-year growth in adjusted EBITDA, highlighting the strength of its operating portfolio. This growth is supported by NextEra Energy Partners' outstanding portfolio of clean energy assets, which was further diversified in 2022.

現在讓我談談 NextEra Energy Partners，它在履行對單位持有人的承諾的同時，又經歷了一個非常出色的執行年。到 2022 年，NextEra Energy Partners 的每單位 LP 分配同比增長約 15%，調整後的 EBITDA 同比增長超過 20%，凸顯了其運營組合的實力。這一增長得到了 NextEra Energy Partners 出色的清潔能源資產組合的支持，該組合在 2022 年進一步多元化。

During the year, NextEra Energy Partners acquired interests in approximately 1,200 net megawatts of long-term contracted renewables and storage assets from Energy Resources. Our confidence in NextEra Energy Partners' long runway of growth has been further bolstered by the IRA, against a backdrop that we believe includes at least 2 decades of clean energy incentives. We expect NextEra Energy Partners' opportunity set for acquiring renewables from both Energy Resources and from third parties to continue to be robust.

年內，NextEra Energy Partners 從 Energy Resources 收購了約 1,200 兆瓦的長期合同可再生能源和存儲資產的權益。 IRA 進一步增強了我們對 NextEra Energy Partners 長期增長的信心，而我們認為其中包括至少 2 年的清潔能源激勵措施。我們預計 NextEra Energy Partners 從 Energy Resources 和第三方收購可再生能源的機會將繼續保持強勁。

NextEra Energy Partners' organic growth opportunities have also expanded significantly, and we are currently evaluating repowering investments for roughly 1.3 gigawatts of wind assets owned by NextEra Energy Partners for 2024 through 2026.

NextEra Energy Partners 的有機增長機會也顯著擴大，我們目前正在評估 2024 年至 2026 年對 NextEra Energy Partners 擁有的約 1.3 吉瓦風能資產的重新供電投資。

Additionally, earlier this month, NextEra Energy Partners leveraged its cost of capital advantages to execute early buyouts of tax equity interest on 2 of its existing asset portfolios for approximately $190 million. These transactions are intended to enable NextEra Energy Partners to take advantage of the IRA's new transferability provisions, which allow for the sale of tax credits to third parties.

此外，本月早些時候，NextEra Energy Partners 利用其資本成本優勢，以大約 1.9 億美元的價格對其 2 個現有資產組合執行了稅收股權的早期收購。這些交易旨在使 NextEra Energy Partners 能夠利用 IRA 的新可轉讓性條款，該條款允許向第三方出售稅收抵免。

With the buyouts and subsequent transfer of tax credits, NextEra Energy Partners can now fully access 2 cash flow streams for unitholders, project cash flows and cash flows that result from the transfer of PTCs. Taken together, NextEra Energy Partners expect these early tax equity investor buyouts to deliver an attractive cash available for distribution yield for unitholders.

通過收購和隨後的稅收抵免轉讓，NextEra Energy Partners 現在可以完全訪問單位持有人的 2 個現金流、項目現金流和 PTC 轉讓產生的現金流。總而言之，NextEra Energy Partners 預計這些早期的稅收股權投資者收購將為單位持有人提供可用於分配收益的有吸引力的現金。

The significant tailwinds provided by the IRA and Energy Resources' future renewables outlook, combined with NextEra Energy Partners' third-party M&A and organic growth opportunities and continued ability to raise low-cost capital even in a challenging capital markets environment, provide us with long-term growth visibility.

IRA 和 Energy Resources 未來可再生能源前景提供的重要順風，再加上 NextEra Energy Partners 的第三方併購和有機增長機會，以及即使在充滿挑戰的資本市場環境中也能持續籌集低成本資本的能力，為我們提供了長期的機會-長期增長可見度。

As a result, today, we are pleased to announce that we are extending our financial expectations for NextEra Energy Partners by another year. We now see 12% to 15% per year growth in per unit distributions as a reasonable range of expectations through at least 2026. We believe that NextEra Energy Partners' distribution per unit growth expectations are best-in-class versus any other company of its kind in the market and that the combination of NextEra Energy Partners' clean energy portfolio, growth visibility and financing flexibility offers unitholders a uniquely attractive investor value proposition.

因此，今天，我們很高興地宣布，我們將對 NextEra Energy Partners 的財務預期再延長一年。我們現在認為，至少到 2026 年，單位分銷每年增長 12% 至 15% 是一個合理的預期範圍。我們認為，NextEra Energy Partners 的單位分銷增長預期與其同類公司相比是同類最佳的NextEra Energy Partners 的清潔能源組合、增長可見度和融資靈活性相結合，為單位持有人提供了一個獨特的、有吸引力的投資者價值主張。

In summary, both NextEra Energy and NextEra Energy Partners have never been better positioned. We anticipate a tremendous acceleration of growth in renewables and storage deployment across the U.S. due in part to the IRA, particularly in the latter half of the decade. And we believe that our substantial competitive advantages will allow us to continue delivering value to shareholders and unitholders for many years to come.

總之，NextEra Energy 和 NextEra Energy Partners 都處於前所未有的有利地位。我們預計美國可再生能源和儲能部署的增長將大幅加速，部分原因是 IRA，尤其是在本世紀後半葉。我們相信，我們巨大的競爭優勢將使我們能夠在未來許多年繼續為股東和單位持有人創造價值。

Before turning the call over to Kirk, I'd like to talk about the important organizational changes we're announcing this morning. After 20 years with NextEra Energy, Eric Silagy, has notified me of his intention to retire from FPL where he has led the team for 11 years. Eric has been a passionate advocate for continuous improvement. And under his leadership, FPL has been transformed into the nation's largest and most reliable electric utility.

在將電話轉給柯克之前，我想談談我們今天早上宣布的重要組織變革。在 NextEra Energy 工作 20 年後，埃里克·西拉吉 (Eric Silagy) 通知我他打算從他領導團隊 11 年的 FPL 退休。 Eric 一直是持續改進的熱情倡導者。在他的領導下，FPL 已轉變為美國最大、最可靠的電力公司。

Over the last decade, Eric has led the efforts to modernize FPL's generating fleet, make it one of the cleanest, lowest cost and most fuel-efficient in the country. His commitment to putting customers first is demonstrated every day by FPL's award-winning customer service, bills that are significantly lower than the national average and the best reliability in the country.

在過去的十年中，Eric 領導了 FPL 發電機組的現代化改造工作，使其成為該國最清潔、成本最低和最省油的發電機組之一。 FPL 屢獲殊榮的客戶服務、遠低於全國平均水平的賬單以及該國最好的可靠性每天都證明了他將客戶放在首位的承諾。

Last year during hurricanes Ian and Nicole, I saw firsthand Eric's dedication and compassion for our customers as he steered the FPL team to quickly restore power and quickly get the state of Florida back on its feet. Over his 20 years of dedicated service to our company, Eric has also been a tremendous supporter of the communities where we do business. His advocacy across the state has helped to foster Florida's economic growth, strengthen our state university system and grow the next generation of Florida leaders, just to name a few of his many accomplishments. I want to thank Eric for his service and wish him and his family all the best on this next chapter in life.

去年颶風伊恩和妮可期間，我親眼目睹了埃里克對我們客戶的奉獻精神和同情心，他帶領 FPL 團隊迅速恢復供電並迅速讓佛羅里達州恢復正常。埃里克 (Eric) 為我們公司提供了 20 年的全心服務，同時也是我們開展業務所在社區的大力支持者。他在全州的倡導幫助促進了佛羅里達州的經濟增長，加強了我們的州立大學系統並培養了佛羅里達州的下一代領導人，這只是他眾多成就中的一小部分。我要感謝 Eric 的服務，並祝愿他和他的家人在人生的新篇章中一切順利。

With Eric's departure, we are excited to welcome Armando Pimentel, back to NextEra Energy as FPL's President and CEO. As you know, Armando previously served as NextEra Energy's and FPL's CFO and the President and CEO of NextEra Energy Resources.

隨著 Eric 的離開，我們很高興地歡迎 Armando Pimentel 回到 NextEra Energy，擔任 FPL 的總裁兼首席執行官。如您所知，Armando 曾擔任 NextEra Energy 和 FPL 的首席財務官以及 NextEra Energy Resources 的總裁兼首席執行官。

As a lifelong Floridian, Armando is a proven leader that will be relentlessly focused on serving our customers. He is also a good friend and colleague, who I've worked closely with for many years. And I am confident that under Armando's leadership, FPL will continue its long track record of delivering outstanding performance to our customers.

作為終身佛羅里達人，Armando 是一位久經考驗的領導者，他將不懈地專注於為我們的客戶提供服務。他也是一位好朋友和同事，我與他密切合作多年。我相信，在 Armando 的領導下，FPL 將繼續為我們的客戶提供卓越性能的長期記錄。

Let me now turn the call over to Eric, who will make some personal remarks.

現在讓我將電話轉給 Eric，他將發表一些個人評論。

Thank you, John. I want to start by saying what an honor and a privilege it has been to work for NextEra Energy. This company's performance has been unprecedented in our industry, and I couldn't be more proud of the results that we have delivered for our customers, our shareholders and our employees.

謝謝你，約翰。首先，我想說能為 NextEra Energy 工作是多麼榮幸和榮幸。這家公司的業績在我們的行業中是前所未有的，我為我們為客戶、股東和員工帶來的成果感到無比自豪。

When I joined NextEra Energy in 2003, FPL relied more on foreign oil to generate electricity than any other utility in America. We knew that we needed to modernize our generation portfolio, and we recognized that building a clean, low-cost and fuel-efficient fleet was a great decision for our customers as it would save them money on their fuel bill.

當我在 2003 年加入 NextEra Energy 時，FPL 比美國任何其他公用事業公司更多地依賴外國石油發電。我們知道我們需要對我們的發電組合進行現代化改造，並且我們認識到建立一個清潔、低成本和省油的車隊對我們的客戶來說是一個偉大的決定，因為這會為他們節省燃料費用。

Today, that long-term vision has saved FPL customers a cumulative $14 billion over the last 20 years. That's $14 billion that never came out of our customers' pockets, helped them pay for their kids' education, take their families on vacation or pay for any other family expenses. These efforts began by thinking of ourselves more as a technology company than a utility, finding new and innovative ways to run the grid, and it led to improved reliability, reduced operating costs and a totally different way to approach hurricane restorations.

如今，這一長期願景在過去 20 年中為 FPL 客戶累計節省了 140 億美元。這 140 億美元從來沒有從我們客戶的口袋裡掏出來，幫助他們支付孩子的教育費用、帶家人去度假或支付任何其他家庭開支。這些努力首先將我們更多地視為一家技術公司，而不是一家公用事業公司，尋找新的和創新的方式來運行電網，並提高了可靠性，降低了運營成本，並採用了一種完全不同的方式來應對颶風恢復。

Ultimately, this new way of thinking led to faster restoration times, which has saved the state of Florida billions of dollars. These are just a few examples of how we've transformed FPL into one of America's cleanest, most affordable and most reliable energy companies.

最終，這種新的思維方式加快了恢復時間，為佛羅里達州節省了數十億美元。這些只是我們如何將 FPL 轉變為美國最清潔、最實惠和最可靠的能源公司之一的幾個例子。

While saying goodbye to such a great organization is always difficult, I know that now is the right time for me to hand over the reins of FPL. The last year has been one of the most challenging of my career, given the number of distractions, including 2 hurricanes and significant supply chain and inflationary pressures, to name just a few.

雖然與這樣一個偉大的組織說再見總是很困難，但我知道現在是我交出 FPL 大權的最佳時機。去年是我職業生涯中最具挑戰性的一年，考慮到許多干擾因素，包括 2 次颶風和巨大的供應鍊和通脹壓力，僅舉幾例。

When John became CEO of NextEra Energy last year, I committed to him that I would stay in my role for at least 1 more year and have now satisfied that commitment. In April, I'll mark my 20th anniversary with NextEra Energy, at which point I will have led the FPL team for going on 12 years, which is well beyond the tenure of most CEOs.

當約翰去年成為 NextEra Energy 的首席執行官時，我向他承諾，我將至少再擔任我的職務一年，現在已經兌現了這一承諾。 4 月，我將慶祝我在 NextEra Energy 工作 20 週年，屆時我將帶領 FPL 團隊繼續工作 12 年，這遠遠超出了大多數 CEO 的任期。

We have 2 more years of execution before our next rate case proceeding, which is, as all of you know, an all-consuming process. And then I just wasn't sure that I could fully commit to. So I feel it's best for the transition to take place now and for new leadership to take the helm of FPL to ensure consistent management heading into a very busy next couple of years.

在我們進行下一個費率案件訴訟之前，我們還有 2 年的執行時間，眾所周知，這是一個耗費大量精力的過程。然後我只是不確定我是否可以完全投入。因此，我認為最好現在就進行過渡，並讓新的領導層掌舵 FPL，以確保在未來幾年非常忙碌的情況下保持一致的管理。

It's been the greatest honor of my career to lead the FPL team and I cannot thank our nearly 10,000 FPL employees, thousands more of our retirees enough for their hard work, for their dedication and for always putting the customers first. They have served our communities and our state with distinction and always challenged themselves to get better every single day.

領導 FPL 團隊是我職業生涯中最大的榮幸，我無法感謝我們近 10,000 名 FPL 員工，還有數千名退休人員，感謝他們的辛勤工作、奉獻精神以及始終將客戶放在首位。他們以優異的成績為我們的社區和我們的州服務，並且總是挑戰自己，讓自己每一天都變得更好。

In my opinion, and I'm a little biased, FPL is the best utility in the world. I'm so proud of what our team has accomplished and is extremely well positioned to continue to deliver exceptional value to both customers, shareholders and to the state. I wish John, Armando and the entire FPL team all the best in their future endeavors.

在我看來，我有點偏見，FPL 是世界上最好的實用程序。我為我們的團隊所取得的成就感到非常自豪，並且非常有能力繼續為客戶、股東和國家提供卓越的價值。我祝愿 John、Armando 和整個 FPL 團隊在未來的努力中一切順利。

And now let me turn the call over to Kirk for more details.

現在讓我把電話轉給柯克了解更多細節。

Thank you, Eric, and good morning, everyone. Let's now turn to the detailed results beginning with FPL. For the fourth quarter of 2022, FPL reported net income of $763 million or $0.38 per share, up $0.07 per share year-over-year. For the full year 2022, FPL reported net income of $3.7 billion or $1.87 per share, an increase of $0.24 per share versus 2021.

謝謝你，埃里克，大家早上好。現在讓我們來看看從 FPL 開始的詳細結果。 2022 年第四季度，FPL 報告的淨收入為 7.63 億美元或每股 0.38 美元，同比增長每股 0.07 美元。 2022 年全年，FPL 報告的淨收入為 37 億美元或每股 1.87 美元，比 2021 年每股增加 0.24 美元。

Regulatory capital employed increased by approximately 11.4% for 2022. We continue to expect FPL's average annual growth in regulatory capital employed to be roughly 9% over the 4-year term of our current rate agreement. FPL's capital expenditures were approximately $3.1 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $9.2 billion.

2022 年已動用監管資本增加了約 11.4%。我們繼續預計，在我們當前利率協議的 4 年期限內，FPL 已動用監管資本的年均增長率約為 9%。 FPL 第四季度的資本支出約為 31 億美元，使其全年資本投資總額達到約 92 億美元。

For the fourth quarter, FPL's net income was impacted by a number of factors, including favorable weather, as well as an approximately $40 million pretax contribution to charitable foundations that will allow us to continue to support the communities that we serve.

第四季度，FPL 的淨收入受到多種因素的影響，包括有利的天氣，以及向慈善基金會提供的大約 4000 萬美元的稅前捐款，這將使我們能夠繼續支持我們所服務的社區。

For the full year 2022, FPL's year-over-year net income growth of nearly $500 million was aided by favorable weather, increased customer growth and effective cost management that supported our ability to continue to deploy smart capital for the benefit of customers.

在 2022 年全年，FPL 的淨收入同比增長近 5 億美元，這得益於有利的天氣、客戶增長的增加和有效的成本管理，支持我們繼續部署智能資本以造福客戶的能力。

FPL's reported ROE for regulatory purposes is expected to be 11.74% for the 12 months ended December 31, 2022. During the fourth quarter, we did not use any reserve amortization, leaving FPL with a year-end 2022 balance of $1.45 billion.

截至 2022 年 12 月 31 日止的 12 個月，FPL 出於監管目的報告的 ROE 預計為 11.74%。在第四季度，我們沒有使用任何準備金攤銷，使 FPL 到 2022 年底的餘額為 14.5 億美元。

Our overall capital program at FPL is progressing well. We continue to advance one of the nation's largest solar expansions and successfully met our solar deployment objectives at FPL in 2022. Beyond solar, construction on our green hydrogen pilot at the Okeechobee Clean Energy Center remains on schedule as it continues to advance towards its projected commercial operation date later this year.

我們在 FPL 的整體資本計劃進展順利。我們繼續推進全國最大的太陽能擴建項目之一，並在 2022 年成功實現了我們在 FPL 的太陽能部署目標。除了太陽能，我們在奧基喬比清潔能源中心的綠色氫試點建設仍在按計劃進行，因為它繼續朝著其預計的商業化方向發展運營日期在今年晚些時候。

Earlier this week, FPL filed with the Florida Public Service Commission its proposed plan to recover approximately $2.1 billion of incremental fuel costs incurred in 2022. Under our proposed plan, FPL utilizes its strong balance sheet to spread these unrecovered 2022 fuel costs over a 21-month period beginning in April '23.

本週早些時候，FPL 向佛羅里達州公共服務委員會提交了其擬議的計劃，以收回 2022 年產生的約 21 億美元的增量燃料成本。根據我們提出的計劃，FPL 利用其強大的資產負債表將這些未收回的 2022 年燃料成本分攤到 21-從 23 年 4 月開始的月份。

Additionally, FPL's proposed plan would further benefit customers by offsetting the 2022 fuel costs recovery by approximately $1 billion this year based on the recent drop in projected natural gas prices compared to FPL's original 2023 projections made in the third quarter of 2022. We believe this proposal is a reflection of FPL's customer-centric strategy to navigate challenging environments for the benefit of customers.

此外，與 FPL 在 2022 年第三季度做出的 2023 年最初預測相比，最近預計的天然氣價格下降，FPL 提議的計劃將在今年抵消 2022 年燃料成本回收約 10 億美元，從而使客戶進一步受益。我們相信該提案反映了 FPL 以客戶為中心的戰略，即為了客戶的利益應對充滿挑戰的環境。

Separately, FPL is also seeking recovery of approximately $1.3 billion of storm costs incurred in 2022. Under FPL's proposal, the storm costs would be recovered over a 12-month period starting in April 2023 to reduce the potential customer bill impacts that could result from the simultaneous recovery of charges related to future storms.

另外，FPL 還在尋求收回 2022 年發生的大約 13 億美元的風暴成本。根據 FPL 的提議，風暴成本將從 2023 年 4 月開始的 12 個月內收回，以減少風暴可能導致的潛在客戶賬單影響。同時收回與未來風暴相關的費用。

Taking both proposals together, we anticipate that FPL's typical 1,000-kilowatt hour residential customer bills as of April 2023 will remain well below the projected national average and the projected average for Florida investor-owned utilities.

將這兩項提案放在一起，我們預計截至 2023 年 4 月，FPL 典型的 1,000 千瓦時住宅客戶賬單將仍遠低於預計的全國平均水平和佛羅里達州投資者擁有的公用事業的預計平均水平。

The Florida economy remains strong. Over the last 10 years, Florida's GDP has grown at a roughly 6% compound annual growth rate. The GDP of Florida is roughly $1.4 trillion, which is up approximately 10% from 2021. At the same time, Florida's population continues to grow at one of the fastest rates in the nation.

佛羅里達經濟依然強勁。在過去 10 年中，佛羅里達州的 GDP 以大約 6% 的複合年增長率增長。佛羅里達州的國內生產總值約為 1.4 萬億美元，比 2021 年增長約 10%。與此同時，佛羅里達州的人口繼續以全國最快的速度之一增長。

Over the past year, Florida has created roughly 600,000 new private sector jobs and Florida's labor force participation rate continues to improve at a faster rate than the rest of the country. Although we have seen the growth rates stabilize, 3-month average Florida building permits, a leading indicator of residential new service accounts have outpaced the nation's quarterly growth in new building permits by roughly 6%.

在過去的一年裡，佛羅里達州創造了大約 600,000 個新的私營部門工作崗位，並且佛羅里達州的勞動力參與率繼續以比該國其他地區更快的速度提高。儘管我們已經看到增長率趨於穩定，但佛羅里達州 3 個月的平均建築許可（住宅新服務賬戶的領先指標）已經超過全國新建築許可的季度增長約 6%。

Other measures of confidence in the Florida economy have meaningfully improved versus the prior year, including an 11% improvement in Florida's retail sales index and a roughly 2% decline in mortgage delinquencies.

與上一年相比，佛羅里達經濟的其他信心指標也有顯著改善，包括佛羅里達零售銷售指數提高 11%，抵押貸款拖欠率下降約 2%。

During the quarter, FPL's average customer growth was strong, increasing by nearly 74,000 from the comparable prior year quarter. FPL's fourth quarter retail sales were up 2.1% versus the prior year period, primarily driven by a favorable weather comparison. For 2022, FPL's retail sales increased 1% from the prior year on a weather-normalized basis, driven primarily by continued strong customer growth.

本季度，FPL 的平均客戶增長強勁，與去年同期相比增加了近 74,000 人。 FPL 的第四季度零售額比去年同期增長 2.1%，這主要是受有利天氣比較的推動。 2022 年，FPL 的零售額在天氣正常化的基礎上比上年增長 1%，這主要是由於持續強勁的客戶增長。

Energy Resources reported fourth quarter 2022 GAAP net income of $996 million or $0.50 per share. Adjusted earnings for the fourth quarter were $402 million or $0.20 per share. For the full year, Energy Resources reported GAAP earnings of $285 million or $0.14 per share and adjusted earnings of approximately $2.44 billion or $1.23 per share.

Energy Resources 報告 2022 年第四季度 GAAP 淨收入為 9.96 億美元或每股 0.50 美元。第四季度調整後收益為 4.02 億美元或每股 0.20 美元。 Energy Resources 報告的全年 GAAP 收益為 2.85 億美元或每股 0.14 美元，調整後收益約為 24.4 億美元或每股 1.23 美元。

The effect of the mark-to-market on nonqualifying hedges, which is excluded from adjusted earnings, was the primary driver of the difference between Energy Resources' full year GAAP and adjusted earnings results. Energy Resources' full year adjusted earnings per share contribution increased by $0.11 versus 2021. Contributions from new investments increased by $0.04 per share due to continued growth in our renewables and storage portfolio.

按市值計價對不包括在調整後收益中的不合格對沖的影響是能源資源全年 GAAP 與調整後收益結果之間差異的主要驅動因素。 Energy Resources 的全年調整後每股收益貢獻比 2021 年增加了 0.11 美元。由於我們的可再生能源和存儲組合的持續增長，新投資的貢獻每股增加了 0.04 美元。

As we previously highlighted, the Commerce Department's decision to investigate circumvention claims led to delays in the development of renewables, which effectively pushed out the completion of certain projects that we previously anticipated in 2022. As a result, contributions from new investments were negatively impacted in 2022. We anticipate that Energy Resources' adjusted earnings per share contributions from new investments will be much stronger in 2023, when we expect many of these delayed projects will be completed.

正如我們之前強調的那樣，商務部調查規避索賠的決定導致可再生能源的開發延遲，這有效地推遲了我們之前預計在 2022 年完成的某些項目。因此，新投資的貢獻對2022 年。我們預計 Energy Resources 新投資對調整後每股收益的貢獻將在 2023 年更加強勁，屆時我們預計其中許多延遲項目將完成。

Our customer supply and trading business increased results by $0.12 versus 2021, primarily due to high margins -- higher margins in our customer-facing businesses and the absence of Winter Storm Uri impacts. Our existing clean energy assets also increased results by $0.02 per share year-over-year.

與 2021 年相比，我們的客戶供應和貿易業務的業績增長了 0.12 美元，這主要是由於高利潤率——我們面向客戶的業務的利潤率更高，而且沒有受到冬季風暴 Uri 的影響。我們現有的清潔能源資產也使每股收益同比增長 0.02 美元。

All other net impacts decreased results by $0.07 year-over-year, driven primarily by higher debt balances, reflecting growth in the business. Additional details of our full year 2022 results at Energy Resources are shown on the accompanying slide.

所有其他淨影響使業績同比下降 0.07 美元，這主要是由於債務餘額增加，反映了業務增長。隨附的幻燈片顯示了 Energy Resources 2022 年全年業績的更多詳細信息。

As John mentioned, Energy Resources delivered our best year ever for origination, signing approximately 8,030 megawatts of new renewables and battery storage projects. Since the last call, we have originated approximately 1,700 megawatts of renewables and storage projects, including approximately 300 megawatts of wind, 730 megawatts of solar and 670 megawatts of battery storage.

正如 John 提到的那樣，Energy Resources 創造了有史以來最好的一年，簽署了大約 8,030 兆瓦的新可再生能源和電池存儲項目。自上次通話以來，我們發起了大約 1,700 兆瓦的可再生能源和存儲項目，包括大約 300 兆瓦的風能、730 兆瓦的太陽能和 670 兆瓦的電池存儲。

Our origination performance in 2022 reflects continued high demand among all customer classes, for clean energy solutions that not only help achieve their renewable energy goals, but perhaps more importantly, allow our customers to save on energy costs by switching to lower-cost forms of generation like wind, solar and solar plus storage.

我們在 2022 年的創始業績反映了所有客戶類別對清潔能源解決方案的持續高需求，這些解決方案不僅有助於實現他們的可再生能源目標，而且也許更重要的是，讓我們的客戶通過轉向成本更低的發電方式來節省能源成本比如風能、太陽能和太陽能加儲能。

Today, we are extending our renewables development expectations through 2026 as a result of our tremendous progress in 2022, strong continued origination success and the strong market demand for low-cost renewables driven in part by the IRA.

今天，由於我們在 2022 年取得的巨大進步、強勁的持續成功開發以及 IRA 部分推動的對低成本可再生能源的強勁市場需求，我們今天將可再生能源發展預期延長至 2026 年。

Our revised expectations are by far the largest expected 4-year development program in our history and reflect our high level of confidence in Energy Resources' ongoing leadership position and the continued acceleration of renewables penetration across the country. The accompanying slide provides additional details on our new expectations and where our development program at Energy Resources, now stands.

我們修改後的預期是迄今為止我們歷史上最大的預期 4 年發展計劃，反映了我們對 Energy Resources 持續的領導地位以及可再生能源在全國的持續加速滲透的高度信心。隨附的幻燈片提供了有關我們新期望的更多詳細信息以及我們在 Energy Resources 的發展計劃目前所處的位置。

As you know, the industry has faced significant supply chain challenges and disruption over the past year, and yet our integrated supply chain and engineering and construction teams demonstrated their resiliency by continuing to execute for our customers. And we have been working for over a year with our suppliers to manufacture wafers outside of China.

如您所知，該行業在過去一年中面臨著重大的供應鏈挑戰和中斷，但我們的集成供應鏈以及工程和施工團隊通過繼續為我們的客戶執行任務展示了他們的彈性。一年多來，我們一直在與我們的供應商合作，在中國境外製造晶圓。

We believe the Commerce Department's preliminary determination on circumvention of antidumping and countervailing duties late last year, clarified that solar panels manufactured in Southeast Asia, using wafers and cells produced outside of China, are not circumventing antidumping and countervailing duty laws.

我們認為，美國商務部去年底做出的規避反傾銷和反補貼稅的初裁，明確了在東南亞生產的太陽能電池板，使用在中國境外生產的矽片和電池，並未規避反傾銷和反補貼稅法。

We are confident that we can source panels consistent with these guidelines by the end of the 2-year waiver period. Finally, we continue to advance discussions to support the domestic production of solar panels.

我們有信心在 2 年豁免期結束時採購符合這些指南的面板。最後，我們繼續推進支持國內太陽能電池板生產的討論。

Turning now to the consolidated results for NextEra Energy. For the fourth quarter of 2022, GAAP net income attributable to NextEra Energy was $1.52 billion or $0.76 per share. NextEra Energy's 2022 fourth quarter adjusted earnings and adjusted EPS were approximately $1 billion or $0.51 per share, respectively.

現在轉向 NextEra Energy 的綜合結果。 2022 年第四季度，歸屬於 NextEra Energy 的 GAAP 淨收入為 15.2 億美元或每股 0.76 美元。 NextEra Energy 2022 年第四季度調整後收益和調整後每股收益分別約為 10 億美元或每股 0.51 美元。

For the full year 2022, GAAP net income attributable to NextEra Energy was $4.15 billion or $2.10 per share. Adjusted earnings were $5.74 billion or $2.90 per share. For the Corporate and Other segment, adjusted earnings for the full year were roughly flat compared to the prior year.

2022 年全年，歸屬於 NextEra Energy 的 GAAP 淨收入為 41.5 億美元或每股 2.10 美元。調整後收益為 57.4 億美元或每股 2.90 美元。對於企業和其他部門，全年調整後的收益與上一年相比大致持平。

As John mentioned, we invested more than $19 billion in our businesses in 2022, which we expect will again place NextEra Energy among the top capital investors in the U.S. across all sectors. Capital recycling remains an important part of our financing strategy. And this year, we recycled more than $5 billion of capital through asset sales and tax equity financings.

正如約翰所提到的，我們在 2022 年對我們的業務投資了超過 190 億美元，我們預計 NextEra Energy 將再次躋身美國所有行業的頂級資本投資者之列。資本回收仍然是我們融資戰略的重要組成部分。今年，我們通過資產出售和稅收股權融資回收了超過 50 億美元的資金。

Additionally, as we have often highlighted, our underlying businesses generate significant cash flow. And in 2022, our operating cash flow grew more than 9% year-over-year despite FPL being under recovered for fuel costs and incurring restoration costs for hurricanes Ian and Nicole. As a result of this strong cash generation, we proactively paid down nearly $3 billion in 2023 maturities.

此外，正如我們經常強調的那樣，我們的基礎業務產生了大量現金流。到 2022 年，儘管 FPL 因燃料成本而無法收回並且因颶風伊恩和妮可而產生恢復成本，但我們的經營現金流量同比增長超過 9%。由於產生了強勁的現金，我們主動償還了 2023 年到期的近 30 億美元。

Finally, we ended the year with $15 billion of interest rate swaps to manage interest rate exposure on future debt issuances. As a reminder, the current interest rate environment is taken into account in our financial expectations.

最後，我們以 150 億美元的利率掉期結束了這一年，以管理未來債務發行的利率風險。提醒一下，我們的財務預期考慮了當前的利率環境。

As John discussed, today, we are reaffirming our adjusted earnings per share expectations for 2023 through 2025 and introducing expectations for 2026. Details of our new financial expectations are included in the accompanying slide. We will be disappointed if we are not able to deliver financial results at or near the top end of these ranges.

正如約翰所討論的，今天，我們重申了我們對 2023 年至 2025 年的調整後每股收益預期，並引入了對 2026 年的預期。我們新的財務預期的詳細信息包含在隨附的幻燈片中。如果我們無法提供達到或接近這些範圍高端的財務業績，我們將感到失望。

For 2021 to 2026, we expect that our average annual growth in 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 roughly 10% per year through at least 2024, off a 2022 base. As always, our expectations assume our usual caveats, including normal weather and operating conditions.

對於 2021 年至 2026 年，我們預計我們的經營現金流量年均增長將達到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，至少到 2024 年，我們的每股股息將以每年約 10% 的速度增長，以 2022 年為基數。一如既往，我們的預期假設了我們通常的警告，包括正常天氣和運營條件。

Let me now turn to the detailed financial results for NextEra Energy Partners. Fourth quarter adjusted EBITDA was $360 million, up approximately 12% year-over-year. Adjusted EBITDA growth versus the prior year comparable quarter was primarily due to new asset additions. Fourth quarter cash available for distribution was $74 million. As a reminder, NextEra Energy Partners operating expenses and interest expense on project debt are typically higher in the fourth quarter versus the first 3 quarters of the year.

現在讓我談談 NextEra Energy Partners 的詳細財務業績。第四季度調整後的 EBITDA 為 3.6 億美元，同比增長約 12%。與去年同期相比，調整後的 EBITDA 增長主要是由於新資產的增加。第四季度可供分配的現金為 7400 萬美元。提醒一下，NextEra Energy Partners 的運營費用和項目債務的利息費用在第四季度通常高於今年前三個季度。

For the full year 2022, adjusted EBITDA was approximately $1.65 billion, up 21% year-over-year and was primarily driven by the full contribution from new projects acquired in late 2021. Existing projects added approximately $13 million of adjusted EBITDA year-over-year with the benefit of higher net generation for both wind and solar, partially offset by relatively higher operating and maintenance costs versus 2021.

2022 年全年，調整後的 EBITDA 約為 16.5 億美元，同比增長 21%，主要由 2021 年底收購的新項目的全部貢獻推動。現有項目使調整後的 EBITDA 同比增加約 1300 萬美元風能和太陽能的淨發電量增加，部分被與 2021 年相比較高的運營和維護成本所抵消。

NextEra Energy Partners' cash available for distribution was $634 million for the full year. Relative to the growth in NextEra Energy Partners' full year adjusted EBITDA, its cash available for distribution from existing projects was also impacted by relatively higher allocation of production tax credits to investors due to favorable wind resource versus 2021.

NextEra Energy Partners 全年可供分配的現金為 6.34 億美元。相對於 NextEra Energy Partners 全年調整後 EBITDA 的增長，其可從現有項目分配的現金也受到由於與 2021 年相比有利的風能資源而向投資者分配相對較高的生產稅收抵免的影響。

Over the past 5 years, NextEra Energy Partners' cash available for distribution has grown at a compound annual growth rate of more than 20%. As a reminder, these results include the impact of IDR fees, which we treat as an operating expense. Additional details are shown on the accompanying slide.

在過去 5 年中，NextEra Energy Partners 的可供分配現金以超過 20% 的複合年增長率增長。提醒一下，這些結果包括 IDR 費用的影響，我們將其視為運營費用。其他詳細信息顯示在隨附的幻燈片中。

Yesterday, the NextEra Energy Partners Board declared a quarterly distribution of $0.8125 per common unit or $3.25 per unit on an annualized basis, up approximately 15% year-over-year and at the top end of the range we discussed going into 2022. Inclusive of this increase, NextEra Energy Partners has grown its distribution per unit by more than 330% since the IPO.

昨天，NextEra Energy Partners 董事會宣布季度分配為每普通單位 0.8125 美元或按年化計算每單位 3.25 美元，同比增長約 15%，處於我們討論的到 2022 年範圍的上限。包括自首次公開募股以來，NextEra Energy Partners 的單位發行量增長了 330% 以上。

During 2022, NextEra Energy Partners executed several low-cost financings, continuing its successful track record of accessing attractive sources of capital to support growth for unitholders. During the fourth quarter, NextEra Energy Partners entered into a new convertible equity portfolio financing for approximately $900 million, with a low implied cash coupon of roughly 2.8% for up to 10 years to be funded by the investors' share of ongoing portfolio cash flows.

在 2022 年期間，NextEra Energy Partners 執行了幾筆低成本融資，繼續其在獲取有吸引力的資本來源以支持單位持有人增長方面的成功記錄。第四季度，NextEra Energy Partners 進行了一項新的可轉換股權投資組合融資，融資金額約為 9 億美元，隱含現金息票率低至約 2.8%，期限長達 10 年，由投資者在持續投資組合現金流中的份額提供資金。

In December, NextEra Energy Partners raised approximately $500 million in new convertible notes with a 2.5% coupon which, along with a cap call entered into at the time of the financing, provides unitholders with dilution protection for up to 50% accretion versus the net unit price at the time of issuance.

去年 12 月，NextEra Energy Partners 以 2.5% 的息票籌集了約 5 億美元的新可轉換票據，連同在融資時簽訂的上限通知，為單位持有人提供了高達 50% 的增持與淨單位相比的稀釋保護發行時的價格。

The implied total cost of the convertible notes represents the most favorable spread to an alternative debt issuance in our history. These transactions executed during the fourth quarter were a continuation of NextEra Energy Partners successful financing execution throughout 2022.

可轉換票據的隱含總成本代表了我們歷史上與替代債券發行最有利的價差。這些在第四季度執行的交易是 NextEra Energy Partners 在整個 2022 年成功執行融資的延續。

In May 2022, NextEra Energy Partners increased the size of its revolving credit facility to approximately $2.5 billion, nearly all of which is currently available. With this available revolving credit capacity and the final funding of approximately $180 million expected from the 2022 convertible equity portfolio financing, NextEra Energy Partners enters 2023 with significant financing capacity to fund future growth.

2022 年 5 月，NextEra Energy Partners 將其循環信貸額度增加至約 25 億美元，目前幾乎全部可用。憑藉這一可用的循環信貸能力和預計從 2022 年可轉換股權投資組合融資中獲得的約 1.8 億美元的最終資金，NextEra Energy Partners 進入 2023 年時將具備為未來增長提供資金的強大融資能力。

Additionally, NextEra Energy Partners still has $6 billion of forward starting interest rate swaps, which is more than enough to cover its corporate maturities through 2027 and will help mitigate the impact of higher interest rates on future debt issuance, whether for maturities or net new issuances.

此外，NextEra Energy Partners 仍有 60 億美元的遠期起始利率掉期，這足以覆蓋其到 2027 年的公司到期日，並將有助於減輕更高利率對未來債務發行的影響，無論是到期債務還是淨新發行債務.

Taken together, we believe that NextEra Energy Partners is extremely well positioned with significant interest rate protection and ample liquidity to finance future growth and to capture a meaningful share of the long-term opportunity set, which has expanded as a result of the IRA. The significant opportunity set and NextEra Energy Partners' meaningful financing flexibility provides us with confidence in our ability to continue to deliver long-term value for unitholders over the coming years.

總而言之，我們認為 NextEra Energy Partners 處於非常有利的位置，具有顯著的利率保護和充足的流動性，可以為未來的增長提供資金，並在因 IRA 而擴大的長期機會集中佔據相當大的份額。大量機會和 NextEra Energy Partners 有意義的融資靈活性使我們對未來幾年繼續為單位持有人提供長期價值的能力充滿信心。

From an updated base of our fourth quarter 2022 distribution per common unit at an annualized rate of $3.25, we now see 12% to 15% growth per year in LP distributions as being a reasonable range of expectations through at least 2026, which is an additional year beyond our prior expectations, driven by the partnership's tremendous long-term growth visibility. We expect the annualized rate of the fourth quarter 2023 distribution that is payable in February 2024 to be in a range of $3.64 and to $3.74 per common unit.

根據我們 2022 年第四季度每個普通單位分配的更新基數，年化率為 3.25 美元，我們現在認為 LP 分配每年增長 12% 至 15% 是至少到 2026 年的合理預期範圍，這是額外的在合作夥伴關係巨大的長期增長可見度的推動下，這一年超出了我們之前的預期。我們預計 2024 年 2 月支付的 2023 年第四季度分配的年化利率將在每普通單位 3.64 美元至 3.74 美元之間。

NextEra Energy Partners' run rate expectations for adjusted EBITDA and cash available for distributions at December 31, 2023, remain unchanged. Year-end 2023 run rate adjusted EBITDA expectations are $2.22 billion to $2.42 billion, and cash available for distribution of $770 million to $860 million, respectively, reflecting calendar year 2024 contributions expected from the forecasted portfolio at year-end 2023.

NextEra Energy Partners 對調整後 EBITDA 和截至 2023 年 12 月 31 日可用於分配的現金的運行率預期保持不變。 2023 年底按運行率調整後的 EBITDA 預期為 22.2 億美元至 24.2 億美元，可供分配的現金分別為 7.7 億美元至 8.6 億美元，反映了 2023 年底預測投資組合對 2024 日曆年的貢獻。

As a reminder, all our expectations are subject to our normal caveats and include the impact of anticipated IDR fees as we treat these as operating expense.

提醒一下，我們所有的預期都受到我們的正常警告，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。

In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners have excellent prospects for growth, both in the near term and long term. Near term, the progress we made in 2022 reinforces our growth outlook and sets the foundation for continuing to deliver on our financial expectations. Long term, we believe that the low cost of renewables, combined with our -- with other clean energy solutions, enabled in part by the IRA provides us with unprecedented visibility to extend our track record of delivering long-term growth for our shareholders and unitholders, and we could not be more excited about our future.

總而言之，我們仍然相信 NextEra Energy 和 NextEra Energy Partners 在短期和長期內都具有良好的增長前景。近期，我們在 2022 年取得的進展強化了我們的增長前景，並為繼續實現我們的財務預期奠定了基礎。從長遠來看，我們相信，可再生能源的低成本，加上我們的 - 以及其他清潔能源解決方案，部分由 IRA 實現，為我們提供了前所未有的知名度，以擴大我們為股東和單位持有人實現長期增長的記錄，我們對我們的未來感到無比興奮。

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，我們將打開問題熱線。

(Operator Instructions) Our first question comes from Steve Fleishman from Wolfe Research.

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

Yes. So just a couple of questions on the management changes. So you don't appear to be making any connection between the investigation and Eric's retirement. Could you just confirm if that's correct or not?

是的。所以只有幾個關於管理變化的問題。所以你似乎沒有在調查和埃里克的退休之間建立任何联系。你能確認一下這是否正確嗎？

And then, I guess, secondly, just thoughts on, often with these successions, you'd bring somebody kind of internally up. So maybe thoughts on bringing Armando back, who we know well, but just as opposed to kind of bringing someone internally up.

然後，我想，其次，只是想一想，通常隨著這些繼承，你會在內部培養一些人。所以也許考慮讓我們熟悉的 Armando 回來，但與在內部培養某人相反。

Yes. Thanks, Steve. First of all, on your first question on connection, we're not making a connection. Eric, when I was first chosen to succeed Jim, Eric and I had a conversation. Eric said, "look, I will give you a 1-year commitment, stay at the company. And we would talk about it at the end of the year." Eric satisfied that commitment to me.

是的。謝謝，史蒂夫。首先，關於你關於連接的第一個問題，我們沒有建立連接。埃里克，當我第一次被選中接替吉姆時，埃里克和我進行了交談。 Eric說，你看，我給你1年的承諾，留在公司，年底再談。埃里克滿足了對我的承諾。

2022, obviously, was a year with a lot of challenges, the distractions Eric went through in his prepared remarks. But when you think about all the challenges that he had to overcome, with the hurricanes and with high natural gas prices and inflation, and the supply chain and the media allegations and all those things, I think it took a toll on Eric that year and gave me his retirement notice.

顯然，2022 年是充滿挑戰的一年，埃里克在他準備好的演講中經歷了各種干擾。但是當你想到他必須克服的所有挑戰時，颶風、高天然氣價格和通貨膨脹、供應鍊和媒體指控以及所有這些事情，我認為那一年對埃里克造成了傷害，給了我他的退休通知。

And it's -- the way I look at it is, it's a little earlier than I would have hoped Eric would have wanted to do it. And so we have a very deep bench over at FPL, I'm going to your second question now, a very deep bench at FPL. We have a lot of terrific folks that we could move into Eric's role.

而且它——我的看法是，它比我希望埃里克想要做的要早一點。所以我們在 FPL 有一個非常深的板凳，我現在要回答你的第二個問題，在 FPL 有一個非常深的板凳。我們有很多很棒的人，我們可以接替埃里克的角色。

We have 1 individual in particular, Christopher Chapel. He is being promoted to Chief Operating Officer as part of the transition. We're bringing Armando back as well. And Armando has been just a terrific friend to me. I have a lot of respect for Armando. I had the good fortune to work with Armando for roughly 15 years.

我們特別有 1 個人，Christopher Chapel。作為過渡的一部分，他被提升為首席運營官。我們也將阿曼多帶回來。阿曼多對我來說只是一個了不起的朋友。我非常尊重阿曼多。我有幸與 Armando 共事了大約 15 年。

And I think he will do a great job of bringing Christopher along, who I think, in the future, will just make an outstanding CEO of FPL. But he -- Christopher has been running customer service. He needs to get a little bit more experience on the operations side and working with the regulatory team and then on the financial side, getting us ready for the rate case.

而且我認為他會很好地帶領克里斯托弗，我認為他在未來只會成為 FPL 的傑出首席執行官。但他——克里斯托弗一直在負責客戶服務。他需要在運營方面獲得更多經驗，並與監管團隊合作，然後在財務方面，讓我們為利率案做好準備。

And I think the combination of Armando working together with Christopher, that is a very powerful team. And they will do a tremendous job working together to execute on behalf of FPL. And I think Christopher has a very, very bright future with our company. And all of you will have a chance to get to know him and to meet him in the near future. Some of you have had that chance in the past, and I think that should be a familiar name to some of our investors.

我認為 Armando 和 Christopher 的組合是一個非常強大的團隊。他們將共同努力代表 FPL 執行一項巨大的工作。我認為克里斯托弗在我們公司擁有非常非常光明的未來。在不久的將來，你們所有人將有機會認識他並與他見面。你們中的一些人過去曾有過這樣的機會，我認為這對我們的一些投資者來說應該是一個熟悉的名字。

And Steve, I wanted just Eric to say a few words as well.

史蒂夫，我只想埃里克也說幾句話。

Steve, let me jump in here a little bit. Look, because I'm sure you can appreciate these kind of decisions are never easy, and there's no ever perfect time. As John said, with the transition of leadership last year, I gave John a commitment that I'd be here for at least a year. I didn't have any real hard time line set.

史蒂夫，讓我稍微跳一下。聽著，因為我相信您會明白做出此類決定絕非易事，而且從來沒有完美的時機。正如 John 所說，隨著去年領導層的交接，我向 John 承諾我將至少在這里工作一年。我沒有設置任何真正的困難時間線。

But I've been in the chair for 11 years. This will be going into my 12th year. And my predecessor had been on the job for 10 years. Jim had been in his job for 10 years. Before that, Lewis Hay had been in his job for 10 years. And as I look forward to, this is the kind of job that you have to plan ahead and we're getting ready to go in another rate case cycle. I mean that's a multiyear type of approach. And so, to go forward longer means I'm really committing to 2026.

但我已經擔任主席 11 年了。這將是我的第 12 個年頭。我的前任已經工作了 10 年。吉姆從事他的工作已有 10 年。在此之前，Lewis Hay 已經在他的工作崗位工作了 10 年。正如我期待的那樣，這是您必須提前計劃的工作，我們正準備進入另一個費率案例週期。我的意思是這是一種多年期的方法。因此，繼續前進意味著我真的致力於 2026 年。

So a lot of factors come into play. John touched on all of the challenges in 2022. I'm really, really proud of how the team handled them, but it's a 24-hour day job, and there were a lot of challenges that we successfully managed, but it's a decision that is not easy. But I feel good about moving forward and putting -- doing it when the company is in its strongest financial and operational position it's ever been in with a very strong leadership team, I think that's the right time to do it.

所以有很多因素在起作用。約翰談到了 2022 年的所有挑戰。我為團隊處理這些挑戰的方式感到非常非常自豪，但這是一項 24 小時的全天候工作，我們成功應對了很多挑戰，但這是一個決定不簡單。但我對前進和投入感覺很好 - 當公司處於最強大的財務和運營狀況時，它擁有一支非常強大的領導團隊，我認為這是正確的時間。

Great. I appreciate that color. That's the main question we've been getting from people. So just 1 other thing on the wind -- excuse me, on the backlog, it seems like there's a big increase in wind expectations for the next 4 years, as the main driver of the higher backlog. Could you just give more color on what's driving, is that just the extension of the credits or other things leading to more wind expectations through '26?

偉大的。我很欣賞那種顏色。這是我們從人們那裡得到的主要問題。因此，還有一件事在風中——對不起，在積壓方面，未來 4 年的風力預期似乎會大幅增加，這是積壓量增加的主要驅動因素。你能不能給正在驅動的東西更多的顏色，這只是信用的擴展或其他導致 26 年更多風力預期的事情嗎？

Steve, it's Rebecca, and I'll chime in on that. It is exactly what John and Kirk highlighted and what we've been talking about for the last couple of months following IRA. With IRA provisions, we now have extensions of incentives now through the end of the decade, well, decade plus.

史蒂夫，我是麗貝卡，我會插話的。這正是 John 和 Kirk 強調的以及我們在 IRA 之後的最後幾個月一直在談論的內容。有了 IRA 條款，我們現在可以將激勵措施延長到十年末，好吧，十年以上。

But just looking at visibility, it's exceptional now through the end of the decade and likely well beyond that. And it is a big change specifically for wind in this time frame, adding the 100% production tax credit now obviously through this expectation windows through it fully.

但僅僅看能見度，從現在到本世紀末，它都是非常出色的，而且很可能會遠遠超過這一點。在這個時間範圍內，這是一個專門針對風能的重大變化，現在顯然通過這個預期窗口完全增加了 100% 的生產稅收抵免。

And it's also supported by the backdrop of what I also have highlighted to you all. And John talked about in his remarks about all of the positive follow-on effects from strong incentives on renewables and through the introduction of a hydrogen production tax credit, we're starting to see substantial demand and positive engagement around renewables to create green hydrogen and hydrogen-related products thereafter.

它也得到了我向大家強調的背景的支持。約翰在他的講話中談到了對可再生能源的強有力激勵措施以及通過引入氫氣生產稅收抵免的所有積極後續影響，我們開始看到圍繞可再生能源的大量需求和積極參與，以創造綠色氫氣和此後與氫相關的產品。

So our development team is busy having the types of conversations we've never had before, and we can't be more excited about what's ahead. And that's for wind, solar, storage and the hydrogen products that we're talking about.

所以我們的開發團隊正忙於進行我們以前從未有過的對話類型，我們對未來感到無比興奮。這就是我們正在談論的風能、太陽能、儲能和氫產品。

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。

Congrats Eric, on your stellar career. Armando, welcome back. It feels a little bit like when [Murray] came back in 2009 here, I must admit. Maybe just related to some of the changes here, just to follow up on that super quick. First off, is Armando committing to the full process here as you alluded to, the rate case cycle being a little bit protracted.

恭喜埃里克，事業輝煌。阿曼多，歡迎回來。感覺有點像 2009 年 [穆雷] 回到這裡時，我必須承認。也許只是與這裡的一些變化有關，只是為了超快地跟進。首先，Armando 是否像您提到的那樣致力於這裡的完整流程，費率案例週期有點拖延。

And then related to that, what is the final timing in terms of this internal process that you guys had underway for the 8-K? And is that impacted at all by this pending FEC process that you alluded to taking upwards of the balance of the year here?

然後與此相關，你們為 8-K 進行的內部流程的最終時間是什麼時候？您提到的這個未決的 FEC 流程是否會影響今年的餘額？

Yes. Let me go ahead and take those, Julien. This is John. So first of all, on our -- with Armando. Armando is committed. He's coming back as our CEO and President of FPL, Armando is committed. So let me just say that. And again, as I said, he's inheriting just a terrific team. I would say easily, in my own belief, the best team in the industry.

是的。朱利安，讓我先拿走那些。這是約翰。所以首先，關於我們 - 與 Armando。阿曼多承諾。他將作為我們的首席執行官兼 FPL 總裁回來，Armando 承諾。所以讓我這麼說吧。再一次，正如我所說，他繼承了一支了不起的球隊。以我自己的信念，我會很容易地說，這是業內最好的團隊。

And it's a team Eric built and did an outstanding job building and there's just a lot of strength there. And Armando has a good fortune of being able to lead that organization. And with Christopher Chapel, as I said, too taking on that Chief Operating Officer role, I think that's quite a 1-2 punch that we're going to have over at FPL, combined with existing strength that we already have on the bench there.

這是埃里克建立的團隊，並且在建設方面做得非常出色，而且那裡有很多力量。阿曼多很幸運能夠領導該組織。正如我所說，Christopher Chapel 也擔任首席運營官一職，我認為我們將在 FPL 上取得 1 比 2 的成績，再加上我們已經在替補席上擁有的現有實力.

And the other thing I'll mention is that, in Eric, we have the good fortune of Eric staying through the middle of May, which will help ensure a very smooth transition for both Armando moving into that role and for Christopher, having a chance to step up, and Eric will do a great job on that transition and making sure all the right relationships or transition as part of that. That's the first piece.

我要提到的另一件事是，在埃里克，我們有幸在 5 月中旬留下埃里克，這將有助於確保阿曼多和克里斯托弗順利過渡到這個角色，有機會加強，埃里克將在過渡方面做得很好，並確保所有正確的關係或過渡作為其中的一部分。那是第一塊。

The second piece, you talked about the internal process and timing. First of all, let me just cover one more time. I mean, we are substantially complete. On the Florida side, as I said in my comments, we do not believe that FPL would be found liable of federal campaign finance violation based on our investigation.

第二塊，你講了內部流程和時機。首先，讓我再講一遍。我的意思是，我們基本上已經完成了。在佛羅里達方面，正如我在評論中所說，根據我們的調查，我們認為 FPL 不會因違反聯邦競選財務規定而承擔責任。

And second, with regard to the FEC process, let me just say a few words about the FEC process, just so everybody understands exactly what it is. The Federal Election Commission has civil enforcement authority. Anybody in the United States can file a claim with the FEC. And given the political environment that we're in today, I would certainly expect even an uptick in more claims being filed with the FEC. But any citizen can file a complaint. That's where we are right now. A citizen special interest group filed a complaint.

第二，關於FEC流程，我簡單說一下FEC流程，讓大家明白它到底是什麼。聯邦選舉委員會擁有民事執法權。美國的任何人都可以向 FEC 提出索賠。鑑於我們今天所處的政治環境，我當然希望向 FEC 提交的索賠數量會增加。但是任何公民都可以提出投訴。這就是我們現在所處的位置。一個公民特殊利益集團提出了申訴。

There is no formal legal proceeding or any proceeding with the FEC right now. The FEC will take 12 to 18 months to decide whether or not there is a reason to believe that they should investigate this further. And we will file a motion for dismissal. We think that a claim like this that's based solely on media reports and allegations is not the type of a claim the FEC should take up.

目前沒有正式的法律程序或 FEC 的任何程序。 FEC 將用 12 到 18 個月的時間來決定是否有理由相信他們應該對此進行進一步調查。我們將提出解僱動議。我們認為，像這樣僅基於媒體報導和指控的索賠不是 FEC 應該受理的索賠類型。

If you read the complaint, the complaint details 5 different scenarios. They -- those, if you add up all the contributions in those scenarios, they don't exceed $1.3 million. And so when we look at the FEC process as a whole and the FEC complaint as a whole, we do not believe that the federal allegations taken as a whole, as I said, would have a material impact on our business.

如果您閱讀投訴，投訴詳細說明了 5 種不同的情況。他們——那些，如果你把這些場景中的所有捐款加起來，它們不會超過 130 萬美元。因此，當我們將 FEC 流程和 FEC 投訴視為一個整體時，我們認為聯邦指控作為一個整體不會對我們的業務產生重大影響。

Got it. And then just super quickly, if I can. Just with respect to the originations here, the 1.7 gigawatts since the third quarter call, this seems a little bit down from the last quarterly call update on the slides. Can you comment a little bit about the trends? Obviously, I'm cognizant of the comments you made about the overall expectation through '26. How do you think about that materializing, and the pace and just what customer feedback is in putting in orders "now" versus in subsequent periods?

知道了。然後超級快，如果可以的話。就這裡的起源而言，自第三季度通話以來的 1.7 吉瓦，這似乎比幻燈片上的最後一個季度通話更新略有下降。你能評論一下趨勢嗎？顯然，我知道你對 26 年的整體預期所做的評論。您如何看待“現在”與後續期間下訂單的具體化、速度和客戶反饋？

Yes. Let me take that, Julien. The first thing I would say is the demand for renewables is as strong as ever. When I look at the opportunities that the development organization has right now, they are significant. I mentioned in my remarks, the term sheet we signed on the 800-megawatt facility, in the central part of the U.S. for a green hydrogen facility that we didn't even account, for example. And we have a lot of interest around hydrogen right now that's going to fuel a lot of renewable opportunities.

是的。讓我接受，朱利安。我要說的第一件事是對可再生能源的需求一如既往地強勁。當我審視開發組織現在擁有的機會時，它們意義重大。我在發言中提到，例如，我們在美國中部的 800 兆瓦設施上簽署了我們甚至沒有考慮的綠色氫設施的條款清單。我們現在對氫氣很感興趣，這將推動大量可再生能源的發展。

The C&I market is extremely strong. We are just seeing a lot of demand across the board. And so I think that's why you see with the revised development expectations, 42 gigawatts on the high end. Oh my gosh, I mean, think, those of you that have been following the company for a long time, 42 gigs, that's a 15% uptick on the last 4-year set that we had. I mean, just to put it in perspective, I mean, FPL's total generation fleet is 27 gigawatts. So to -- 42 gigs over a 4-year period, hopefully, that provides a little color and context.

C&I 市場非常強勁。我們只是看到全面的大量需求。所以我認為這就是為什麼你看到修改後的發展預期，高端 42 吉瓦。哦，我的天哪，我的意思是，想一想，那些長期關注公司的人，42 場演出，比我們過去 4 年的演出增加了 15%。我的意思是，從長遠來看，FPL 的總發電量為 27 吉瓦。因此，希望在 4 年期間進行 42 場演出，這能提供一些色彩和背景。

The next question comes from Shar Pourreza from Guggenheim Partners.

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

It's actually Constantine, here for Shar. And just wanted to wish Eric the best in the next step. Certainly, I appreciate that. Maybe as a quick follow-up instead of doing a question and maybe just on the -- then you've noted higher impacts of the IRA having some pull and push on the demand for renewables. And maybe just specifically on the details of the cadence of the growth to reach those '26 targets, front-end loaded, back-end loaded? Anything there?

實際上是康斯坦丁，為莎爾而來。並且只想祝愿埃里克在下一步中一切順利。當然，我很感激。也許作為快速跟進而不是提出問題，也許只是 - 那麼你已經註意到 IRA 的更大影響對可再生能源的需求產生了一些拉動和推動。也許只是具體關於實現 26 個目標的增長節奏的細節，前端加載，後端加載？那裡有什麼嗎？

Constantine, it's Rebecca. I think the best place to point you to is the development expectations slide that Kirk went through. It's Slide 12 in the materials, and it lays out the ranges by technology for '23 and '24 and then '25 and '26. And obviously, there's a significant increase in going into '25 and '26, really for all the things that we're talking about, the significant momentum, also a lot of resolution over the last couple of months and clarity around some of the supply chain disruption that we've seen on the solar side.

康斯坦丁，是麗貝卡。我認為最好的指向你的地方是柯克經歷的發展預期幻燈片。它是材料中的幻燈片 12，它按技術列出了 '23 和 '24，然後是 '25 和 '26 的範圍。顯然，進入 25 年和 26 年的人數顯著增加，真的是我們正在談論的所有事情，巨大的勢頭，過去幾個月的許多決議以及一些供應的清晰度我們在太陽能方面看到的連鎖中斷。

So it is building and the momentum, as John highlighted so well, remains exceptionally strong on the development and origination side. So I'm really excited about everything that we see in our traditional businesses as well as the commercial and industrial sector. And then, of course, the burgeoning opportunities that we see on the green hydrogen and related product side.

因此，正如 John 所強調的那樣，它正在建立，並且在開發和起源方面仍然非常強勁。因此，我對我們在傳統業務以及商業和工業領域看到的一切感到非常興奮。然後，當然，我們在綠色氫和相關產品方面看到了新興的機會。

Excellent. And on a related note, on the kind of upside from repowering opportunities, do you have any thoughts on kind of solar and storage type of repowering? I know that's a -- when they're starting to make an exit plan. Just curious on the other side.

出色的。與此相關的是，關於重新供電機會的好處，你對太陽能和儲能類型的重新供電有什麼想法嗎？我知道那是——當他們開始製定退出計劃時。只是好奇對面。

Yes. We're looking at it. And there's a -- we think there's opportunities over time to repower both battery storage projects as well as on the solar side. They can be a little bit more complex, and we're certainly looking for some guidance as we go through this year from treasury on this point as well as others that will be helpful in giving us context, but some of this is also timing.

是的。我們正在研究它。而且有一個 - 我們認為隨著時間的推移有機會為電池存儲項目以及太陽能方面重新供電。它們可能會稍微複雜一些，我們當然會在今年從財政部尋求一些指導，以及其他有助於為我們提供背景的指導，但其中一些也是時機。

So as you get more mature projects, obviously, 10 years on the wind side, 5-plus years on the solar side, will be opportunities then really to expand the horizon for repowering. But as I talk to our team every day, we're looking at our existing generation portfolio. And I see more opportunities today to enhance the value of our existing portfolio than we've ever seen before. That, of course, includes repowering. It includes adding battery storage. It includes thinking differently because of the exciting opportunities around green hydrogen. About even sizing some of those load opportunities, the electrolysis equipment to produce that hydrogen at existing assets.

因此，隨著您獲得更多成熟的項目，顯然，風能方面需要 10 年，太陽能方面需要 5 年以上，屆時將有機會真正擴大重新供電的範圍。但是當我每天與我們的團隊交談時，我們正在研究我們現有的發電產品組合。我今天看到了比以往任何時候都更多的機會來提升我們現有投資組合的價值。當然，這包括重新供電。它包括添加電池存儲。它包括因圍繞綠色氫的令人興奮的機會而有不同的思考。關於甚至調整其中一些負載機會的大小，即在現有資產中生產氫氣的電解設備。

And we're also making investments in transmission across a variety of the integrated system operation markets to be able to add transmission to increase the value of the existing portfolio. So we think there's tons of opportunities and so much more certainty looking forward than we've ever had before because of the clarity around the incentives.

我們還對跨各種集成系統運營市場的傳輸進行投資，以便能夠增加傳輸以增加現有產品組合的價值。因此，由於激勵措施的明確性，我們認為有大量的機會和比以往任何時候都更加確定的期待。

The next question comes from David Arcaro from Morgan Stanley.

下一個問題來自摩根士丹利的 David Arcaro。

I was wondering if you could comment on just your latest experience with access to solar panels supply, whether there's any risk that you see for executing on this year's development plan? And how the UFLPA law has been impacting projects?

我想知道您能否僅就您獲得太陽能電池板供應的最新經驗發表評論，您認為執行今年的發展計劃是否存在任何風險？ UFLPA 法律如何影響項目？

Sure. Dave, this is Kirk. I'll take that. So the last time we spoke, I believe, was on the third quarter earnings call, and we shared with you that as our integrated supply chain team had worked and certainly had a challenging year in 2022. But as we highlighted on the earnings call today, despite that challenging year, they did a really admirable job.

當然。戴夫，這是柯克。我會接受的。因此，我相信我們最後一次發言是在第三季度的財報電話會議上，我們與您分享了我們的集成供應鏈團隊的工作，並且在 2022 年肯定是充滿挑戰的一年。但正如我們在今天的財報電話會議上強調的那樣，儘管那一年充滿挑戰，但他們的工作確實令人欽佩。

We were able to still put into service, 5,000 megawatts. And I think that really speaks to their ability to navigate that disruption. And certainly, part of that disruption was what you highlighted, which was the challenges around the ports and trying to work through the panels that have been detained at the ports.

我們仍然能夠投入使用，5,000 兆瓦。我認為這確實說明了他們應對這種破壞的能力。當然，這種破壞的一部分是你強調的，這是港口周圍的挑戰，並試圖通過在港口被扣留的小組進行工作。

And as I mentioned, the challenges around the -- in the third quarter that we highlighted with some of the panels being detained there, what we've seen since the third quarter call is some positive improvement. We've seen some of the panels that had previously been detained, released.

正如我提到的那樣，我們在第三季度強調了一些挑戰，其中一些小組被拘留在那裡，自第三季度電話會議以來我們看到的是一些積極的改進。我們已經看到一些以前被扣留的專家小組被釋放。

And so I would describe it as positive movement, we continue to see each day some positive movement. So we're continuing to monitoring it. We're watching it closely. The team is actively working with our suppliers and continuing to monitor it. But compared to where we were in the third quarter, I think we are cautiously optimistic that we are seeing progress.

所以我會把它描述為積極的運動，我們每天都會繼續看到一些積極的運動。因此，我們將繼續對其進行監控。我們正在密切關注它。該團隊正在積極與我們的供應商合作並繼續對其進行監控。但與第三季度相比，我認為我們對取得進展持謹慎樂觀態度。

And at least from our perspective, we continue to feel like it's something that we can manage in terms of continuing to deliver for our customers.

至少從我們的角度來看，我們繼續覺得這是我們可以在繼續為客戶提供服務方面進行管理的事情。

Okay. Great. And on the renewables development program, I was wondering if green hydrogen is starting to have an impact on the back end of the plan in terms of influencing the renewables demand outlook, yet? Like in 2026, are you starting to kind of weave in expected demand on renewables for -- from green hydrogen at that point?

好的。偉大的。關於可再生能源發展計劃，我想知道綠色氫能是否開始在影響可再生能源需求前景方面對計劃的後端產生影響？就像在 2026 年一樣，您是否開始考慮對可再生能源的預期需求——從那時起對綠色氫的需求？

It's certainly something -- it's Rebecca, it's obviously something that we considered when we were setting the development expectations and what we laid out today for you all. I can tell you from a practical standpoint, it very much is starting to show up in the conversations that we're looking at, including the 800-megawatt term sheet that we signed in recent weeks for a project that would be expected to COD in 2026.

這肯定是一件事情——是 Rebecca，這顯然是我們在設定發展預期和今天為大家製定的計劃時考慮的事情。我可以從實際的角度告訴你，它已經開始出現在我們正在研究的對話中，包括我們最近幾週為一個項目簽署的 800 兆瓦條款清單，該項目預計將在2026.

At this point, I think there are a number of folks and ourselves included, working hard to put the right development opportunities together, but it is a very active market. We're really excited about opportunities to partner with key folks. Linde, among them, as we talked about on the call, but others as well to put forward terrific projects and really bring forward the promise of this technology that we've now been talking about, but it's really coming to reality.

在這一點上，我認為包括我們在內的許多人都在努力尋找合適的發展機會，但這是一個非常活躍的市場。我們很高興有機會與關鍵人物合作。正如我們在電話會議上談到的，林德也在其中，但其他人也提出了很棒的項目，並真正提出了我們現在一直在談論的這項技術的承諾，但它確實正在成為現實。

I think '26 is probably on the earlier side of what we ultimately will see is a significant ramp-up going into the end of the decade, where there's more opportunity to have supply ramp up for electrolyzers and as well as other related equipment for some of those green hydrogen related products. As well as working through the development opportunities and establishing the ultimate customers for these products. But everything I see is really exciting and really starting to take shape just now, a number of months after the IRA provisions were ultimately passed into law.

我認為 26 年可能處於我們最終將看到的顯著增長進入十年末的較早階段，屆時有更多機會增加電解槽和其他相關設備的供應那些綠色氫相關產品。以及利用發展機會並為這些產品建立最終客戶。但我所看到的一切都非常令人興奮，並且在 IRA 條款最終通過成為法律幾個月後才真正開始成形。

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

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