新世紀能源 (NEE) 2023 Q1 法說會逐字稿

Thank you, Vishnavi. Good morning, everyone, and thank you for joining our first quarter 2023 combined earnings conference call for NextEra Energy and NextEra Energy Partners.

謝謝你，毘濕奴。大家早上好，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2023 年第一季度合併收益電話會議。

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 Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company.

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。他們都是 NextEra Energy Partners 的官員。以及佛羅里達電力與照明公司總裁兼首席執行官 Armando Pimentel。

Kirk will provide an overview of our results, and our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties.

Kirk 將概述我們的結果，然後我們的執行團隊將可以回答您的問題。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。

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, www.nexteraenergy.com and www.nexteraenergypartners.com.

實際結果可能與我們的前瞻性陳述存在重大差異。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向美國證券交易委員會提交的最新報告和文件中發表的評論。每一項都可以在我們的網站 www.nexteraenergy.com 和 www.nexteraenergypartners.com 上找到。

We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure. With that, I will turn the call over to Kirk.

我們不承擔更新任何前瞻性陳述的義務。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。有了這個，我會把電話轉給柯克。

Thank you, Kristin, and good morning, everyone. NextEra Energy is off to a strong start in 2023. Adjusted earnings per share increased by approximately 13.5% year-over-year, building on the success of last year's strong execution and financial performance.

謝謝你，克里斯汀，大家早上好。 NextEra Energy 在 2023 年開局良好。調整後每股收益同比增長約 13.5%，這得益於去年強勁的執行力和財務業績。

During the quarter, we were honored that NextEra Energy was again ranked #1 in our sector on Fortune's list of the World's Most Admired Companies for the 16th time in 17 years. We are extremely proud of the team and culture we have built that has enabled us to deliver low-cost, clean and reliable power to our customers while also providing long-term value to our shareholders.

在本季度，我們很榮幸 NextEra Energy 在 17 年內第 16 次在《財富》雜誌的全球最受讚賞公司名單中再次在我們的行業中排名第一。我們為我們建立的團隊和文化感到非常自豪，這使我們能夠為我們的客戶提供低成本、清潔和可靠的電力，同時也為我們的股東提供長期價值。

FPL is the largest electric utility in the U.S. and Florida is now officially the fastest-growing state in America. At FPL, our focus remains the same, deploying smart capital to deliver on what we believe is one of the best customer value propositions in our industry.

FPL 是美國最大的電力公司，佛羅里達州現在正式成為美國發展最快的州。在 FPL，我們的重點保持不變，部署智能資本以實現我們認為是我們行業中最佳客戶價值主張之一。

Key to that strategy is keeping customer bills affordable. And this quarter, we proposed using projected 2023 fuel savings to reduce unbilled fuel costs from 2022 to provide bill relief to customers.

該策略的關鍵是讓客戶負擔得起賬單。本季度，我們提議使用預計 2023 年節省的燃料來減少 2022 年未開票的燃料成本，從而為客戶提供賬單減免。

To further manage fuel price volatility, we are also helping customers by adding more solar to the FPL grid. This quarter, we placed into service approximately 970 megawatts of new low-cost solar. Putting FPL's owned and operated solar portfolio at nearly 4,600 megawatts, which is the largest solar portfolio of any utility in the country.

為了進一步管理燃料價格波動，我們還通過向 FPL 電網增加更多太陽能來幫助客戶。本季度，我們投入使用了大約 970 兆瓦的新型低成本太陽能。 FPL 擁有和運營的太陽能組合將近 4,600 兆瓦，這是該國所有公用事業中最大的太陽能組合。

We believe solar is now the lowest cost generation option for Florida customers, but represents only about 5% of FPL's delivered energy. In order to extend the benefits of low-cost solar to customers, FPL's recently filed 10-year site plan now includes nearly 20,000 megawatts of new solar.

我們認為太陽能現在是佛羅里達州客戶成本最低的發電選擇，但僅佔 FPL 交付能源的 5% 左右。為了將低成本太陽能的好處擴展到客戶，FPL 最近提交的 10 年場地規劃現在包括近 20,000 兆瓦的新太陽能。

Energy Resources, the world's leader in renewables and a leader in battery storage remains laser-focused on executing a strategy of decarbonizing the power sector and helping commercial and industrial customers outside the power sector reduce their energy cost and decarbonize their operations by moving to low-cost renewables and other clean energy solutions.

Energy Resources 是可再生能源領域的全球領導者和電池存儲領域的領導者，它仍然專注於執行電力行業脫碳戰略，並幫助電力行業以外的商業和工業客戶降低能源成本，並通過轉向低碳來實現脫碳運營。成本可再生能源和其他清潔能源解決方案。

This quarter, Energy Resources added approximately 2,020 megawatts of new renewables and storage projects to its backlog. Energy Resources also closed on its previously announced acquisition of a large portfolio of operating landfill gas-to-electric facilities, providing the foundation for our growing RNG business.

本季度，Energy Resources 在其積壓訂單中增加了大約 2,020 兆瓦的新可再生能源和存儲項目。 Energy Resources 還完成了其先前宣布的對大量運營中的垃圾填埋場氣電設施的收購，為我們不斷增長的 RNG 業務奠定了基礎。

We are also excited to announce a new memorandum of understanding with CF Industries to create green hydrogen, establishing what we expect will be a long-term relationship with the world's largest ammonium producer. And finally, Energy Resources continues to build what we believe is the nation's leading competitive transmission business to help support growth in renewables.

我們也很高興地宣布與 CF Industries 達成新的諒解備忘錄以製造綠色氫氣，從而與世界最大的銨生產商建立我們預期的長期合作關係。最後，Energy Resources 繼續打造我們認為是全國領先的有競爭力的輸電業務，以幫助支持可再生能源的增長。

We are pleased to announce that the California ISO recently recommended for approval approximately $400 million in new transmission and substation upgrades for NextEra Energy Transmission.

我們很高興地宣布，加利福尼亞州 ISO 最近建議批准約 4 億美元的 NextEra Energy Transmission 新輸電和變電站升級。

We believe NextEra Energy continues to be anchored by 2 great businesses that leverage each other's expertise to make them even better. We do not believe anyone in our industry has our set of skills, scale and breadth of opportunities. We believe NextEra Energy is able to buy, build, operate and finance cheaper with one of the strongest balance sheets in our sector.

我們相信 NextEra Energy 將繼續以兩家偉大的企業為基礎，它們利用彼此的專業知識使它們變得更好。我們不相信我們行業中的任何人都擁有我們的技能、規模和機會的廣度。我們相信 NextEra Energy 能夠以我們行業中最強大的資產負債表之一以更便宜的價格購買、建造、運營和融資。

We also believe our best-in-class development skills, and unparalleled data set enable us to provide innovative technology and low-cost clean energy solutions for the benefit of our customers.

我們還相信，我們一流的開發技能和無與倫比的數據集使我們能夠為客戶的利益提供創新技術和低成本清潔能源解決方案。

The opportunities and products demanded by the market are becoming more complex, requiring significant scale and a combination of skills that we believe few of our competitors can offer, further enhancing our competitive advantages and creating even more growth opportunities for our business going forward.

市場所需的機會和產品變得越來越複雜，需要我們相信很少有競爭對手能夠提供的顯著規模和技能組合，進一步增強我們的競爭優勢，並為我們未來的業務創造更多的增長機會。

We have a culture rooted and continuous improvement, always striving to be better. Along those lines, we just completed our annual employee-led productivity initiative, which we now call Velocity.

我們擁有紮根和持續改進的文化，始終努力做到更好。按照這些思路，我們剛剛完成了年度員工主導的生產力計劃，我們現在將其稱為 Velocity。

For over 11 years, our employees have generated approximately $2.6 billion in annual run rate savings ideas as part of this process. In 2023 alone, our team generated ideas expected to produce roughly $325 million in annual run rate savings, which when combined with last year's results of over $400 million, is the most productive 2-year period in this program's history, and that's after doing it for over a decade.

在超過 11 年的時間裡，作為該過程的一部分，我們的員工產生了大約 26 億美元的年度運行率節省想法。僅在 2023 年，我們的團隊就產生了一些想法，預計每年可以節省大約 3.25 億美元的運營成本，再加上去年超過 4 億美元的結果，這是該計劃歷史上最富有成效的 2 年期間，而且還是在實施之後十多年來。

We believe we have the best team in the industry, and these results are indicative of the breadth and depth of capabilities and the commitment to excellence that our team brings to our business every day and executing on behalf of our customers and shareholders. With that, let's turn to the detailed results beginning with FPL.

我們相信我們擁有業內最好的團隊，這些結果表明了我們團隊每天為我們的業務帶來的能力的廣度和深度以及對卓越的承諾，並代表我們的客戶和股東執行。有了這個，讓我們轉向從 FPL 開始的詳細結果。

For the first quarter of 2023, FPL reported net income of $1.07 billion or $0.53 per share, an increase of $0.09 year-over-year. Regulatory capital employed growth of approximately 11.2% was a significant driver of FPL's EPS growth versus the prior year comparable quarter.

2023 年第一季度，FPL 報告的淨收入為 10.7 億美元或每股 0.53 美元，同比增長 0.09 美元。與去年同期相比，監管資本使用增長約 11.2% 是 FPL 每股收益增長的重要推動力。

FPL's capital expenditures were approximately $2.3 billion for the quarter. We expect our full year 2023 capital investments at FPL to be between $8.0 billion and $9.0 billion as we continue to invest capital smartly for the continued benefit of our customers.

FPL 本季度的資本支出約為 23 億美元。我們預計我們在 FPL 的 2023 年全年資本投資將在 80 億美元至 90 億美元之間，因為我們將繼續明智地投資資本，為客戶帶來持續利益。

FPL's reported ROE for regulatory purposes will be approximately 11.8% for the 12 months ending March 2023. During the quarter, we utilized $373 million of reserve amortization to achieve our targeted regulatory ROE, leaving FPL with a balance of $1.07 billion. As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year, and we expect this trend to continue this year.

截至 2023 年 3 月的 12 個月，FPL 出於監管目的報告的 ROE 約為 11.8%。本季度，我們利用 3.73 億美元的準備金攤銷來實現我們的目標監管 ROE，使 FPL 的餘額為 10.7 億美元。正如我們之前所討論的，FPL 在今年上半年曆來使用更多的準備金攤銷，我們預計這一趨勢將在今年繼續。

Earlier this year, the Florida Public Service Commission approved FPL's proposed plan to recover approximately $2.1 billion of incremental fuel costs from 2022, partially offset by projected 2023 fuel savings of approximately $1.4 billion.

今年早些時候，佛羅里達州公共服務委員會批准了 FPL 提出的計劃，即從 2022 年起收回約 21 億美元的增量燃料成本，部分被 2023 年預計節省的約 14 億美元的燃料成本所抵消。

Amid high natural gas prices in 2022, FPL's decades-long modernization of its generation fleet has saved customers more than $2 billion in fuel costs in 2022 alone. The commission also recently approved recovery of approximately $1.3 billion of hurricane costs from 2022 over a 12-month period.

在 2022 年天然氣價格高企的情況下，FPL 長達數十年的發電車隊現代化改造僅在 2022 年就為客戶節省了超過 20 億美元的燃料成本。該委員會最近還批准從 2022 年起在 12 個月內收回約 13 億美元的颶風成本。

Taking all approved adjustments together, we anticipate that FPL's typical 1,000 kilowatt hour residential customer bills will remain well below the projected national average and among the lowest of all Florida utilities.

綜合考慮所有已批准的調整，我們預計 FPL 典型的 1,000 千瓦時住宅客戶賬單將遠低於預計的全國平均水平，並且是佛羅里達州所有公用事業中最低的。

Turning to our development planning and efforts. FPL recently filed its annual 10-year site plan that presents our generation resource plan for the next decade.

談到我們的發展規劃和努力。 FPL 最近提交了年度 10 年場地規劃，其中介紹了我們未來十年的發電資源規劃。

The 2023 plan includes roughly 20,000 megawatts of new low-cost solar capacity across our service territory over the next 10 years which would result in nearly 35% of FPL's forecasted energy delivery in 2032 coming from cost-effective solar generation, up significantly from roughly 5% in 2022.

2023 年計劃包括在未來 10 年內在我們的服務範圍內新增約 20,000 兆瓦的低成本太陽能容量，這將使 FPL 在 2032 年預測的能源交付中近 35% 來自具有成本效益的太陽能發電，大大高於大約 5% 2022 年的百分比。

Given the increasing customer benefits of low-cost renewables, FPL's post-2025 solar capacity additions and this year's plan are more than double last year's approved plan and also includes 2 gigawatts of battery storage over the next decade.

鑑於低成本可再生能源不斷增加的客戶利益，FPL 的 2025 年後太陽能容量增加和今年的計劃是去年批准計劃的兩倍多，還包括未來十年 2 吉瓦的電池存儲。

We believe the expansion of cost-effective solar and storage will provide a valuable hedge for our customers against volatile natural gas prices and meet the electricity demand of FPL's growing customer base with a low-cost generation source.

我們相信，具有成本效益的太陽能和儲能的擴展將為我們的客戶提供有價值的對沖，以抵禦波動的天然氣價格，並通過低成本的發電來源滿足 FPL 不斷增長的客戶群的電力需求。

Finally, construction of our green hydrogen pilot at our Okeechobee Clean Energy Center is on track and projected to go into service later this year.

最後，我們在 Okeechobee 清潔能源中心建設的綠色氫試點項目正在按計劃進行，預計將於今年晚些時候投入使用。

Turning now to the Florida economy. Florida became the fastest-growing state in the nation in 2022 and its population continues to increase with over 1,000 people moving to Florida every day.

現在轉向佛羅里達經濟。佛羅里達州在 2022 年成為全國增長最快的州，其人口繼續增加，每天有超過 1,000 人移居佛羅里達州。

Over the last 5 years, Florida's GDP has grown at a roughly 7% compound annual growth rate and is now approximately $1.4 trillion, which is up approximately 8% versus a year ago. Based on GDP, if Florida was a country, it would have the 14th largest economy in the world.

在過去 5 年中，佛羅里達州的 GDP 以大約 7% 的複合年增長率增長，目前約為 1.4 萬億美元，與一年前相比增長了約 8%。根據GDP，如果佛羅里達州是一個國家，它將擁有世界第14大經濟體。

FPL's first quarter retail sales increased 0.4% from the prior year comparable period, driven by continued solid underlying population growth with FPL's average number of customers increasing by approximately 65,000 even after removing roughly 15,000 inactive customers due to Hurricane Ian.

FPL 的第一季度零售額比上年同期增長 0.4%，這得益於持續穩健的基礎人口增長，FPL 的平均客戶數量增加了約 65,000，即使在因颶風伊恩移除約 15,000 名非活躍客戶後也是如此。

For the first quarter, we estimate that the positive impact of warmer weather was more than offset by a decline in underlying usage for our customers.

對於第一季度，我們估計天氣變暖的積極影響被我們客戶的基本使用量下降所抵消。

As we have often pointed out, underlying usage can be somewhat volatile on a quarterly basis, particularly during periods when temperatures deviate significantly from normal as we experienced this winter with average temperatures greater than 4 degrees above normal. Our long-term expectations of underlying usage growth continues to average between 0 and approximately negative 0.5% per year.

正如我們經常指出的那樣，基本使用量可能按季度有所波動，尤其是在氣溫明顯偏離正常水平的時期，正如我們今年冬天經歷的那樣，平均氣溫比正常水平高出 4 度以上。我們對潛在使用量增長的長期預期繼續保持平均每年 0% 到大約負 0.5% 之間。

Energy Resources report first quarter 2023 GAAP earnings of approximately $1.440 billion or $0.72 per share. Adjusted earnings for the first quarter were $732 million or $0.36 per share, up $0.04 versus the prior year comparable period.

Energy Resources 報告 2023 年第一季度 GAAP 收益約為 14.4 億美元或每股 0.72 美元。第一季度調整後收益為 7.32 億美元或每股 0.36 美元，比上年同期增加 0.04 美元。

Contributions from new investments increased $0.07 per share year-over-year. Contributions from our existing Clean Energy portfolio were lower by $0.03 per share, primarily due to less favorable wind and solar resource compared to the prior year.

新投資的貢獻每股增加 0.07 美元。我們現有清潔能源投資組合的貢獻每股減少 0.03 美元，這主要是由於與上一年相比風能和太陽能資源不太有利。

The contribution from our customer supply and trading business increased by $0.06 per share, primarily due to higher margin in our customer-facing business and compared to a relatively weaker contribution in the prior year comparable quarter.

我們的客戶供應和貿易業務的貢獻每股增加 0.06 美元，這主要是由於我們面向客戶的業務的利潤率較高，而去年同期的貢獻相對較弱。

Gas infrastructure and all other impacts reduced earnings by $0.01 and $0.05 per share, respectively, versus 2022. Energy Resources had another strong quarter of origination capitalizing on strong renewables demand environment.

與 2022 年相比，天然氣基礎設施和所有其他影響分別使每股收益減少 0.01 美元和 0.05 美元。利用強勁的可再生能源需求環境，能源資源公司又迎來了另一個強勁的發力季度。

Since the last call, we added approximately 2,020 megawatts of new renewables and storage projects to our backlog, including roughly 1,370 megawatts of solar, 450 megawatts of storage and 200 megawatts of wind.

自上次電話會議以來，我們在積壓訂單中增加了大約 2,020 兆瓦的新可再生能源和儲能項目，其中包括大約 1,370 兆瓦的太陽能、450 兆瓦的儲能和 200 兆瓦的風能。

With these additions, our renewables and storage backlog now stands at over 20.4 gigawatts, net of projects placed in service and provides strong visibility into our future growth.

通過這些新增項目，我們的可再生能源和存儲積壓現在超過 20.4 吉瓦，已投入使用的項目淨額，並為我們未來的增長提供了強有力的可見性。

With more than 1.5 years remaining before the end of 2024, we are now within the 2023 to 2024 development expectations range. Given the volatility in gas and power prices over the last 1.5 years, we continue to see economics driving long-term decision-making and renewables remain the clear low-cost option for many customers.

距離 2024 年底還有 1.5 年多的時間，我們現在處於 2023 年到 2024 年的發展預期範圍內。鑑於過去 1.5 年天然氣和電力價格的波動，我們繼續看到經濟因素推動長期決策，而可再生能源仍然是許多客戶明顯的低成本選擇。

On the supply -- solar supply chain front, we continue to take constructive steps to mitigate potential future disruption. Nearly every one of our suppliers has repositioned their supply chains to manufacture solar panels in Southeast Asia using [wafers] and cells produced outside of China and all our suppliers are expected to meet the criteria established in the Commerce Department's preliminary determination in the 2022 circumvention case by the end of 2023.

在供應——太陽能供應鏈方面，我們繼續採取建設性措施來減輕未來潛在的中斷。我們幾乎每一家供應商都重新定位了他們的供應鏈，以使用在中國境外生產的[晶圓]和電池在東南亞製造太陽能電池板，我們的所有供應商都有望滿足商務部在 2022 年規避案中初步裁定的標準到 2023 年底。

Additionally, we are focused on further diversifying our supply chain and are currently advancing discussions to support the domestic production of solar panels. Finally, we are encouraged by the improvement in the flow of panels into the U.S. as suppliers continue to provide the requested traceability documentation to U.S. customs and border protection.

此外，我們專注於進一步多元化我們的供應鏈，目前正在推進討論以支持太陽能電池板的國內生產。最後，隨著供應商繼續向美國海關和邊境保護局提供所要求的可追溯性文件，我們對進入美國的面板流量的改善感到鼓舞。

Also, during the quarter, we closed on the previously announced transaction to acquire a large portfolio of operating landfill gas-to-electric facilities that I mentioned earlier.

此外，在本季度，我們完成了之前宣布的交易，以收購我之前提到的大量運營中的垃圾填埋氣發電設施。

The approximately $1.1 billion transaction represents an attractive opportunity for energy resources to realize double-digit returns on this investment while expanding its portfolio of renewable natural gas assets and growing its in-house capabilities and rapidly expanding renewable fuel market.

這筆約 11 億美元的交易為能源資源提供了一個有吸引力的機會，可以實現這項投資的兩位數回報，同時擴大其可再生天然氣資產組合，提高其內部能力，並迅速擴大可再生燃料市場。

Turning to green hydrogen. We are excited about the role it is expected to play as a solution to help our customers cost effectively lower emissions.

轉向綠色氫。我們很高興它有望作為一種解決方案來幫助我們的客戶以經濟高效的方式減少排放。

As the world leader in renewables and a leader in battery storage, we believe we are the logical partner for green hydrogen with significant interconnection and land inventory positions and deep market expertise to help our potential partners optimize some of the best green hydrogen sites around the country.

作為可再生能源領域的全球領導者和電池存儲領域的領導者，我們相信我們是綠色氫能的合理合作夥伴，擁有重要的互連和土地庫存地位以及深厚的市場專業知識，可幫助我們的潛在合作夥伴優化全國一些最好的綠色氫能站點.

As a result, with the right regulations, we see hydrogen quickly becoming a significant technology for our customers and a new growth driver for energy resources given the number and size of the opportunities we are evaluating.

因此，根據正確的法規，鑑於我們正在評估的機會的數量和規模，我們看到氫能迅速成為我們客戶的一項重要技術和能源資源的新增長動力。

Earlier this month, NextEra Energy joined a coalition of 45 other companies with a combined approximately $1 trillion in market capitalization and sending a letter to the Secretaries of Energy & Treasury and the White House advocating for programmatic policies for the implementation of the IRAs green hydrogen production tax credit.

本月早些時候，NextEra Energy 加入了由其他 45 家公司組成的聯盟，總市值約為 1 萬億美元，並致函能源部長和財政部長以及白宮，倡導實施 IRA 綠色氫生產的計劃政策稅收抵免。

This coalition is advocating for prudent policy that will foster investment in green hydrogen technology, paving the way for the U.S. to become the world leader in hydrogen technology.

該聯盟提倡審慎的政策，以促進對綠色氫技術的投資，為美國成為氫技術的世界領導者鋪平道路。

A key aspect of this policy is for the electricity consumed for green hydrogen production to be matched to its renewable power generation on an annual rather than an hourly basis.

該政策的一個關鍵方面是，綠色氫生產消耗的電力與其可再生能源發電量相匹配，每年而不是每小時。

We believe that an annual [matching] construct has several benefits over hourly including lower green hydrogen prices, more renewables being built, a significant reduction in carbon emissions and green hydrogen achieving cost parity with gray and blue hydrogen, both of which rely on fossil fuels for their production.

我們認為，每年 [匹配] 建設比每小時建設有幾個好處，包括更低的綠色氫價格、更多可再生能源的建設、碳排放量的顯著減少以及綠色氫實現與灰色和藍色氫的成本平價，這兩者都依賴化石燃料為他們的生產。

This viewpoint is supported by numerous third-party studies from respected entities such as Wood Mackenzie, Rhodium Group, Energy Futures Initiative, Energy and Environmental Economics and MIT Energy Institute.

這一觀點得到了 Wood Mackenzie、Rhodium Group、Energy Futures Initiative、Energy and Environmental Economics 和 MIT Energy Institute 等知名實體的眾多第三方研究的支持。

As we continue to work with the industry and government representatives to progress a smart hydrogen policy, we are also advancing our green hydrogen development efforts including a recently executed memorandum of understanding for a joint venture with CF Industries, the world's largest producer of ammonia, to develop -- to deliver green hydrogen to an existing CF Industries ammonia production facility, which it intends to expand and incorporate green hydrogen into its production process.

在我們繼續與行業和政府代表合作以推進智能氫政策的同時，我們也在推進我們的綠色氫開發工作，包括最近與全球最大的氨生產商 CF Industries 簽署的合資企業諒解備忘錄，以開發——向現有的 CF Industries 氨生產設施提供綠色氫氣，它打算擴大該設施並將綠色氫氣納入其生產過程。

The proposed facility includes an approximately 450-megawatt renewable energy solution, powering a 40 tons per day hydrogen facility. This project, combined with other opportunities we are pursuing represent significant momentum for green hydrogen, which we believe will continue to be a driver of new renewables growth going forward.

擬議的設施包括一個大約 450 兆瓦的可再生能源解決方案，為一個每天 40 噸的氫設施提供動力。該項目與我們正在尋求的其他機會相結合，代表了綠色氫能的巨大動力，我們相信這將繼續成為未來新可再生能源增長的推動力。

Our team continues to engage with multiple potential partners and customers on hydrogen projects, representing over $20 billion of capital investments and requiring more than 15 gigawatts of new renewables to support.

我們的團隊繼續與多個潛在合作夥伴和客戶就氫氣項目進行接觸，代表著超過 200 億美元的資本投資，需要超過 15 吉瓦的新可再生能源來支持。

As we focus on leading the decarbonization of the U.S. economy, building additional transmission is essential to support long-term renewables deployment. We believe our ability to build, own and operate transmission as a key competitive advantage for our renewables business in addition to being a terrific investment opportunity.

在我們專注於引領美國經濟脫碳的過程中，建設額外的輸電線路對於支持長期可再生能源部署至關重要。我們相信，我們建設、擁有和運營傳輸的能力是我們可再生能源業務的一個關鍵競爭優勢，同時也是一個極好的投資機會。

We are pleased that the California ISO recently recommended for approval of approximately $400 million in transmission and substation upgrades for NextEra Energy Transmission, subject to approval, by the CAISO Board of Governors in May.

我們很高興加州 ISO 最近建議批准約 4 億美元的 NextEra Energy Transmission 輸電和變電站升級，但須經 CAISO 理事會於 5 月批准。

We believe these projects, along with others, could unlock up to 11 gigawatts of new renewable generation that could be built to support California's ambitious clean energy goals.

我們相信，這些項目以及其他項目可以釋放高達 11 吉瓦的新可再生能源發電，這些可再生能源發電可以用來支持加州雄心勃勃的清潔能源目標。

Turning now to the consolidated results for NextEra Energy. For the first quarter of 2023, GAAP earnings attributable to NextEra Energy were $2.086 billion or $1.04 per share.

現在轉向 NextEra Energy 的綜合結果。 2023 年第一季度，歸屬於 NextEra Energy 的 GAAP 收益為 20.86 億美元或每股 1.04 美元。

NextEra Energy's 2023 1st quarter adjusted earnings and adjusted EPS were approximately $1.678 billion and $0.84 per share, respectively. Adjusted earnings for the Corporate and Other segment decreased results by $0.03 per share year-over-year, primarily driven by higher interest rates.

NextEra Energy 2023 年第一季度調整後收益和調整後每股收益分別約為 16.78 億美元和 0.84 美元。公司和其他部門的調整後收益同比下降 0.03 美元，這主要是由於利率上升。

In March, S&P affirmed all its ratings for NextEra Energy and lowered its downgrade threshold for its funds from operations or FFO to debt metric from the previous level of 20% to the current level of 18%.

3 月，標準普爾確認了對 NextEra Energy 的所有評級，並將其從運營或 FFO 到債務指標的資金下調門檻從之前的 20% 水平降低到目前的 18% 水平。

In making this favorable adjustment, S&P acknowledged improvement in Energy Resources business risk following the passage of the IRA particularly noting the improved visibility and clarity into long-term cash flows.

在做出這一有利調整時，標準普爾承認 IRA 通過後能源資源業務風險有所改善，特別是長期現金流的可見性和清晰度有所提高。

At the same time, S&P adjusted its treatment of nonrecourse project debt associated with FERC regulated investments to bring it back on credit.

與此同時，標準普爾調整了對與 FERC 監管投資相關的無追索權項目債務的處理方式，以使其恢復信貸。

We believe this overall favorable adjustment, which creates roughly 50 bps of additional headroom against the downgrade threshold, highlights the attractive risk profile of renewables and acknowledges the long-term stable cash flows and Energy Resources business particularly given the benefits of the IRA.

我們認為，這一整體有利的調整，相對於降級門檻創造了大約 50 個基點的額外空間，突出了可再生能源具有吸引力的風險狀況，並承認長期穩定的現金流和能源資源業務，特別是考慮到 IRA 的好處。

Finally, as we have discussed in the past, we actively enter into various interest rate swaps products to manage interest rate exposure on future debt issuance.

最後，正如我們過去所討論的那樣，我們積極參與各種利率掉期產品，以管理未來債務發行的利率風險。

Today, we have $21 billion of interest rate swaps at NextEra Energy to help mitigate the impact of potential future increases in rates, which exceeds the notional value of our 2023 and 2024 maturities.

今天，我們在 NextEra Energy 擁有 210 億美元的利率互換，以幫助減輕未來可能加息的影響，這超過了我們 2023 年和 2024 年到期的名義價值。

And as always, the current interest rate environment is taken into account in our financial expectations. Our long-term financial expectations, which we extended earlier this year through 2026 remain unchanged.

與往常一樣，我們的財務預期會考慮當前的利率環境。我們在今年早些時候延長至 2026 年的長期財務預期保持不變。

And we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in each year from 2023 to 2026, while at the same time, maintaining our strong balance sheet and credit ratings.

如果我們無法在 2023 年至 2026 年每年的調整後每股收益預期範圍的頂端或附近提供財務業績，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。

From 2021 to 2026, we also continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range.

從 2021 年到 2026 年，我們還繼續預計我們的經營現金流量年均增長率將達到或高於我們調整後的每股收益複合年增長率範圍。

We also continue to expect to grow our dividends per share at 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.

我們還繼續預計，至少到 2024 年，我們的每股股息將在 2022 年的基礎上以每年約 10% 的速度增長。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。

Turning to NextEra Energy Partners. We believe we have never had more visible growth opportunities than we have today. We have the ability to grow in 3 ways: acquiring assets from Energy Resources, growing organically and buying assets from other third parties.

求助於 NextEra Energy Partners。我們相信，我們從未有過比今天更明顯的增長機會。我們有能力通過三種方式實現增長：從 Energy Resources 收購資產、有機增長以及從其他第三方購買資產。

With significant tailwinds from the IRA, Energy Resources' operating portfolio, combined with its backlog of projects and development expectations through 2026 total approximately 58 gigawatts, providing terrific visibility for NextEra Energy Partners, and Energy Resources is continuing to grow in innovative ways, adding new technologies and clean energy assets to its portfolio such as RNG and hydrogen.

在 IRA 的大力支持下，Energy Resources 的運營組合，加上其積壓的項目和開發預期，到 2026 年總計約 58 吉瓦，為 NextEra Energy Partners 提供了極好的知名度，Energy Resources 正在繼續以創新方式增長，增加新的技術和清潔能源資產到其投資組合，如 RNG 和氫氣。

In addition to acquiring assets from Energy Resources, NextEra Energy Partners also has the ability to repower its existing assets with approximately 1,300 megawatts of potential wind repowerings already identified and many more opportunities expected to come as well as potential to locate storage at its existing renewable assets given the new stand-alone storage ITC.

除了從 Energy Resources 收購資產外，NextEra Energy Partners 還能夠通過已經確定的大約 1,300 兆瓦的潛在風力發電重新為現有資產供電，預計還會有更多的機會出現，並有可能在其現有的可再生資產中定位存儲鑑於新的獨立存儲 ITC。

Finally, there are significant acquisition opportunities with renewable portfolios continuously being brought to market. NextEra Energy Partners also has numerous ways it can finance its growth, and we believe it can do so efficiently, given its ample liquidity and access to capital.

最後，隨著可再生能源組合不斷推向市場，存在重要的收購機會。 NextEra Energy Partners 也有多種方式為其增長提供資金，我們相信，鑑於其充足的流動性和獲得資本的渠道，它可以有效地做到這一點。

At the end of the first quarter, NextEra Energy Partners had $2.8 billion of liquidity and approximately $6 billion of interest rate swaps to manage future interest rate volatility on debt maturities through 2026.

截至第一季度末，NextEra Energy Partners 擁有 28 億美元的流動資金和約 60 億美元的利率互換，以管理到 2026 年到期債務的未來利率波動。

With regard to convertible equity portfolio financings, we can fund equity buyouts by delivering common units, or utilizing our at-the-market or ATM program or a combination of both, and we believe we have ample liquidity to fund cash payments.

關於可轉換股權投資組合融資，我們可以通過提供普通單位或利用我們的市場或 ATM 計劃或兩者的結合來為股權收購提供資金，我們相信我們有足夠的流動性來為現金支付提供資金。

Importantly, we have flexibility and we expect to leverage this flexibility to manage future buyouts to select the most efficient option.

重要的是，我們具有靈活性，我們希望利用這種靈活性來管理未來的收購以選擇最有效的選項。

Using this flexibility, NextEra Energy Partners has now bought out 50% of the STX Midstream convertible equity portfolio financing through funds generated from a combination of the ATM program where NextEra Energy Partners was able to be opportunistic and cash from a subsidiary's revolving credit facility.

利用這種靈活性，NextEra Energy Partners 現在已經通過 ATM 計劃組合產生的資金買斷了 STX Midstream 可轉換股權投資組合融資的 50%，在該計劃中，NextEra Energy Partners 能夠從子公司的循環信貸機制中獲得機會主義和現金。

With the buyouts of the 2018 convertible equity portfolio financing and 50% of the STX Midstream convertible equity portfolio financing complete, we estimate that the convertible equity portfolio financing structure has resulted in approximately 55% and 64%, respectively, or 16 million fewer units being issued compared to raising capital with underwritten block equity, all for the benefit of unitholders.

隨著 2018 年可轉換股權投資組合融資和 50% STX Midstream 可轉換股權投資組合融資的收購完成，我們估計可轉換股權投資組合融資結構分別導致約 55% 和 64%，或減少 1600 萬個單位發行與通過承銷大宗股權籌集資金相比，都是為了單位持有人的利益。

For the balance of the year, files are now expected to be limited to the remaining 50% of the STX Midstream convertible equity portfolio financing and 15% of the net renewables to convertible equity portfolio financing with the equity portion of these buyouts requiring common units of approximately $280 million and $130 million, respectively.

對於今年的餘額，文件現在預計僅限於剩餘的 50% 的 STX Midstream 可轉換股權投資組合融資和 15% 的淨可再生能源到可轉換股權投資組合融資，這些收購的股權部分需要普通單位分別約為 2.8 億美元和 1.3 億美元。

Over the next 8 months, we have flexibility and time to opportunistically manage these buyouts in the most efficient way. For each buyout, we have the flexibility to deliver common units to the convertible equity portfolio financing investor, utilize the ATM program or some combination of the 2. Ultimately, we will select the most efficient option.

在接下來的 8 個月裡，我們有靈活性和時間以最有效的方式機會主義地管理這些收購。對於每次收購，我們都可以靈活地將普通單位交付給可轉換股權投資組合融資投資者，利用 ATM 計劃或兩者的某種組合。最終，我們將選擇最有效的選擇。

In any event, the potential unit issuance from these buyouts are not expected to exceed an average of 3 days of total trading volume per quarter, which we expect will make them quite manageable.

無論如何，預計這些收購的潛在單位發行量不會超過每季度平均 3 天的總交易量，我們預計這將使它們非常易於管理。

Most importantly, NextEra Energy Partners' growth expectations through 2026 already factor in its financing plan, including convertible equity portfolio financing buyouts at current trading yields.

最重要的是，NextEra Energy Partners 到 2026 年的增長預期已經納入其融資計劃，包括以當前交易收益率進行的可轉換股權投資組合融資收購。

Turning to distribution growth. Yesterday, the NextEra Energy Partners Board declared a quarterly distribution of 84.25 cents per common unit or $3.37 per common unit on an annualized basis, up approximately 15% from a year earlier. Inclusive of this quarter, NextEra Energy Partners has grown its LP distribution per unit, up nearly 350% since the IPO.

轉向分銷增長。昨天，NextEra Energy Partners Board 宣布每季度分配 84.25 美分/普通單位，或按年化計算每普通單位 3.37 美元，較上年同期增長約 15%。包括本季度在內，NextEra Energy Partners 的單位有限合夥人發行量有所增長，自 IPO 以來增長了近 350%。

Today, we are pleased to announce that NextEra Energy Partners has entered into an agreement with Energy Resources to acquire an approximately 690-megawatt portfolio of long-term contracted operating wind and solar projects and attractive cash available for distribution yield.

今天，我們很高興地宣布，NextEra Energy Partners 已與 Energy Resources 達成協議，收購約 690 兆瓦的長期合同運營風能和太陽能項目組合以及可用於分配收益的誘人現金。

The high-quality portfolio has a cash available for distribution -- weighted average remaining contract life of approximately 16 years, an average customer credit rating of BBB at S&P and Baa2 at Moody's Investors Service.

高質量的投資組合有可供分配的現金——加權平均剩餘合同期限約為 16 年，標準普爾的平均客戶信用評級為 BBB，穆迪投資者服務公司的平均客戶信用評級為 Baa2。

NextEra Energy Partners is expected to acquire the portfolio for approximately $708 million subject to closing adjustments and is inclusive of the portfolio's existing project debt and interest rate swaps which are estimated to be approximately $142 million.

NextEra Energy Partners 預計將以約 7.08 億美元的價格收購該投資組合，具體價格視收盤調整而定，其中包括該投資組合的現有項目債務和利率掉期，估計約為 1.42 億美元。

In addition to the approximately $708 million purchase price, NextEra Energy Partners is also expected to assume the portfolio's existing tax equity financing balance. The remaining purchase price is expected to be funded by a combination of new project finance debt and the corporate revolving credit facility.

除了約 7.08 億美元的收購價格外，NextEra Energy Partners 預計還將承擔該投資組合現有的稅收股權融資餘額。剩餘的購買價格預計將由新項目融資債務和公司循環信貸額度共同提供資金。

The portfolio of assets is expected to contribute adjusted EBITDA of approximately $110 million to $130 million and cash available for distribution prior to the existing project debt service of approximately $62 million to $72 million, each on a 5-year average annual run rate basis beginning December 31, 2023.

資產組合預計將貢獻約 1.1 億至 1.3 億美元的調整後 EBITDA 和約 6200 萬至 7200 萬美元的現有項目償債前可供分配的現金，每一項均按 12 月開始的 5 年平均年運行率計算2023 年 31 日。

The transaction is expected to close in the second quarter of this year. Additional details on the portfolio of assets to be acquired by NextEnergy Partners can be found in the appendix of today's presentation.

該交易預計將於今年第二季度完成。有關 NextEnergy Partners 將收購的資產組合的更多詳細信息，請參閱今天演示文稿的附錄。

Next Energy Partners will remain opportunistic, pursuing acquisitions in 2023. And with the closing of the transaction announced today, NextEnergy Partners expects to be well positioned to meet its year-end 2023 adjusted EBITDA and cash available for distribution run rate expectations.

Next Energy Partners 將繼續投機取巧，在 2023 年尋求收購。隨著今天宣布的交易完成，NextEnergy Partners 預計將能夠很好地滿足其 2023 年底調整後的 EBITDA 和可用於分配運行率預期的現金。

Turning to the detailed results. NextEra Energy Partners delivered first quarter adjusted EBITDA and cash available for distribution results in line with management's expectations. Adjusted EBITDA of $447 million increased by $35 million versus the prior year, driven primarily by favorable contributions from the approximately 1,200 net megawatts of new projects acquired in 2022.

轉向詳細的結果。 NextEra Energy Partners 交付了第一季度調整後的 EBITDA 和可用於分配的現金，符合管理層的預期。調整後的 EBITDA 為 4.47 億美元，比上一年增加了 3500 萬美元，這主要得益於 2022 年收購的約 1,200 兆瓦淨新項目的有利貢獻。

Both adjusted EBITDA and cash available for distributions were negatively affected by lower resource from existing projects. Additionally, cash available from distribution was lower versus the prior year comparable period due to incremental debt service and timing of PAYGO payment.

調整後的 EBITDA 和可用於分配的現金都受到現有項目資源減少的負面影響。此外，由於償債增加和現收現付付款的時間安排，可從分配中獲得的現金低於去年同期。

Looking forward, in the second half of 2023, we expect strong double-digit growth in adjusted EBITDA and cash available for distribution to support NextEra Energy Partners LP distribution per unit growth expectation range of 12% to 15% for the full year 2023. Additional details are shown on the accompanying slide.

展望未來，在 2023 年下半年，我們預計調整後的 EBITDA 和可用於分配的現金將實現兩位數的強勁增長，以支持 NextEra Energy Partners LP 2023 年全年單位分配增長 12% 至 15% 的預期範圍。另外詳細信息顯示在隨附的幻燈片中。

NextEra Energy Partners continues to expect run rate contributions for adjusted EBITDA and cash available for distributions from its forecasted portfolio at December 31, 2023, to be in the ranges of $2.22 billion to $2.42 billion and $770 million to $860 million, respectively.

NextEra Energy Partners 繼續預計，截至 2023 年 12 月 31 日，調整後 EBITDA 和可用於分配的預測投資組合的運行率貢獻分別在 22.2 億美元至 24.2 億美元和 7.7 億美元至 8.6 億美元之間。

As a reminder, year-end 2023 run rate projections reflect calendar year 2024 contribution from the forecasted portfolio at year-end 2023 and include the impact of IDR fees, which we treat as an operating expense.

提醒一下，2023 年底的運行率預測反映了 2023 年底預測投資組合對 2024 日曆年的貢獻，並包括 IDR 費用的影響，我們將其視為運營費用。

As always, our expectations are subject to our usual caveats, including normal weather and operating conditions.

一如既往，我們的期望取決於我們通常的警告，包括正常天氣和運營條件。

From a base of our fourth quarter 2022 distribution per common unit at an annualized rate of $3.25, we continue to see 12% to 15% growth per year in LP distributions as being a reasonable range of expectations through at least 2026. We continue to remain comfortable with these growth expectations.

根據我們 2022 年第四季度每個普通單位的分配年化率為 3.25 美元，我們繼續認為 LP 分配每年增長 12% 至 15%，這是至少到 2026 年的合理預期範圍。我們繼續保持對這些增長預期感到滿意。

And in fact, even at the current trade yield, Energy Resources portfolio alone is just one way NextEra Energy Partners believes it can meet its growth expectations through 2026. For 2023, we expect the annualized rate of the fourth quarter 2023 distribution that is payable in February 2024 to be in a range of to $3.64 to $3.74 per common unit. We also continue to expect to achieve our 2023 distribution growth of 12% to 15%.

事實上，即使以目前的貿易收益率計算，NextEra Energy Partners 認為僅 Energy Resources 投資組合就可以滿足其到 2026 年的增長預期的一種方式。對於 2023 年，我們預計 2023 年第四季度分配的年化率將在到 2024 年 2 月，每個普通單位的價格將在 3.64 美元到 3.74 美元之間。我們還繼續預計 2023 年的分銷增長將達到 12% 至 15%。

In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners are well positioned to continue delivering on their long-term growth prospects. At FPL, that means executing on smart capital investments to deliver on its customer value proposition of low bills, high reliability and outstanding customer service.

總之，我們仍然相信 NextEra Energy 和 NextEra Energy Partners 都處於有利地位，可以繼續實現其長期增長前景。在 FPL，這意味著執行明智的資本投資，以實現其低賬單、高可靠性和出色客戶服務的客戶價值主張。

At Energy Resources, that means leading the decarbonization of both the power sector and non-power sector and leveraging its competitive advantages to capitalize on low-cost renewals and new emerging technologies like green hydrogen.

在 Energy Resources，這意味著引領電力部門和非電力部門的脫碳，並利用其競爭優勢利用低成本更新和綠色氫等新興技術。

And NextEra Eneregy Partners, we expect to capitalize on its unmatched growth visibility to further expand its best-in-class clean energy portfolio to provide long-term distribution growth for unit holders. With that, we are happy to address your questions.

和 NextEra Eneregy Partners，我們希望利用其無與倫比的增長可見性，進一步擴大其一流的清潔能源產品組合，為單位持有人提供長期的分銷增長。有了這個，我們很樂意回答您的問題。

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

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

Yes. So first, a couple of questions on the NEP drop. So just should -- I think you're looking at the CAFD yield is kind of the midpoint of the CAFD range over the $708 million, which I guess would be about 9.5%. If you were to, kind of over time, exclude the project debt and exclude the -- project debt from the base and exclude the payments of the project debt, how does that compare to the 9.5% yield?

是的。所以首先，有幾個關於 NEP 的問題。所以應該 - 我認為你正在看的 CAFD 收益率是 CAFD 範圍的中點，超過 7.08 億美元，我猜大約是 9.5%。如果你要隨著時間的推移排除項目債務並從基礎中排除--項目債務並排除項目債務的支付，這與 9.5% 的收益率相比如何？

Yes. So thank you for the question. So you're right, the math you're doing is correct. So you're taking the -- on an unlevered basis, it is 9.5% CAFD yield. So the -- at the midpoint of the CAFD that we provided is a 9.5% CAFD yield.

是的。謝謝你的提問。所以你是對的，你做的數學是正確的。所以你採用的是——在無槓桿的基礎上，CAFD 收益率為 9.5%。因此，我們提供的 CAFD 的中點是 9.5% 的 CAFD 收益率。

And the reason for that, Steve, is because the debt that is included is going to be paid off in about 3 years. And so we felt like that was the appropriate way to present the CAFD yield. If you included the debt, it would actually be a much higher CAFD yield. It would be 10.4% CAFD yield. And so -- but as you're probably aware, we've typically provided that figure as an unlevered number.

史蒂夫，這是因為所包含的債務將在大約 3 年內還清。因此，我們認為這是展示 CAFD 收益率的合適方式。如果你包括債務，它實際上是一個更高的 CAFD 收益率。 CAFD 收益率為 10.4%。所以 - 但正如您可能知道的那樣，我們通常將該數字作為無槓桿數字提供。

Okay. Great. That's helpful. And then the amount of tax equity, just to kind of round this out.

好的。偉大的。這很有幫助。然後是稅收權益的數量，只是為了解決這個問題。

Sure. Yes, the amount of tax equity is $165 million, and that will be disclosed in the 10-Q that we'll be filing either later today or tomorrow.

當然。是的，稅收權益的金額為 1.65 億美元，這將在我們今天晚些時候或明天提交的 10-Q 中披露。

Okay. And Kirk, I think you said something about the growth through '26 could just come from the -- I don't know if that was from the NEP portfolio or I guess maybe from the [NEER] portfolio. Could you just clarify what you said there?

好的。柯克，我想你說過關於 26 年的增長可能只是來自——我不知道那是來自 NEP 投資組合，還是我想可能來自 [NEER] 投資組合。你能澄清一下你在那裡說了什麼嗎？

Yes. Yes, happy to do that, Steve. So look, as I shared in our prepared remarks, we have -- NextEra Energy partners, the growth visibility that NextEra Energy Partners has, is never been better. And when you think about the visibility that has been enhanced really with the passage of the IRA and just take through the 3 steps that we go through the 3 ways that NextEra Energy Partners can grow and in Energy Resources and you look at the existing portfolio that exists today at Energy Resources and then you combine that with the current backlog, which today is 20.4 gigawatts, and then you combine that with the development expectations as we disclosed, that's 58 gigawatts.

是的。是的，很高興這樣做，史蒂夫。所以看，正如我在準備好的發言中分享的那樣，我們有——NextEra Energy Partners，NextEra Energy Partners 的增長可見度從未像現在這樣好過。當你想到隨著 IRA 的通過而真正提高的知名度，並通過我們通過 NextEra Energy Partners 可以增長的 3 種方式和在能源資源中的 3 個步驟，你會看到現有的投資組合今天存在於 Energy Resources，然後將其與當前積壓的訂單相結合，今天為 20.4 吉瓦，然後將其與我們披露的發展預期相結合，即 58 吉瓦。

And then you also consider the organic growth opportunities that NextEra Energy Partners has. And the passage of the IRA has really unlocked that optionality that exists in the portfolio at NextEra Energy Partners. And so we now have tremendous opportunity to grow organically through repowerings.

然後你還要考慮 NextEra Energy Partners 擁有的有機增長機會。 IRA 的通過確實釋放了 NextEra Energy Partners 投資組合中存在的可選性。因此，我們現在有巨大的機會通過重新啟動來實現有機增長。

And as we said, we're pursuing 1.3 gigawatts of repowerings now. And we also have the ability to look at co-locating storage within the footprint as well. And then obviously, as you will see, there's just a tremendous number of renewable portfolios coming to the market.

正如我們所說，我們現在正在追求 1.3 吉瓦的重新供電。而且我們也有能力在足跡內查看共同定位的存儲。然後很明顯，正如您將看到的，市場上出現了大量的可再生能源組合。

And NextEra Energy Partners has had a history of being able to execute on those opportunities, those third-party opportunities because of many of the advantages that we have in terms of being able to operate and cost of capital advantages.

NextEra Energy Partners 擁有能夠執行這些機會和第三方機會的歷史，因為我們在運營能力和資本成本優勢方面擁有許多優勢。

So NextEra Energy Partners has tremendous growth visibilities. But with respect to your question, the statement we made is when you're looking -- when we look at the ability to achieve the 12% to 15% LP distribution growth, we believe we can achieve that just looking at Energy Resources portfolio alone.

因此，NextEra Energy Partners 擁有巨大的增長前景。但關於你的問題，我們所做的聲明是當你正在尋找時——當我們研究實現 12% 到 15% 的 LP 分銷增長的能力時，我們相信我們可以僅通過能源資源投資組合來實現這一目標.

And that space at the current trading yield as well and includes our current financing plan that assumes the buyout of all the convertible equity portfolio financing as well.

而當前交易收益率的空間也包括我們當前的融資計劃，該計劃也假設所有可轉換股權投資組合融資的收購。

Okay. That's helpful. I'm sure others will have questions on that topic. But one other thing, I guess, just on the overall renewable development environment. Maybe Rebecca, you could just talk to what the -- we've now seen, I think, some stabilization and a lot of the pressures last year, but we've also seen lower gas prices.

好的。這很有幫助。我相信其他人會對這個話題有疑問。但我想，還有一件事與整體可再生開發環境有關。也許麗貝卡，你可以談談 - 我認為我們現在已經看到了去年的一些穩定和很多壓力，但我們也看到了較低的天然氣價格。

Just when you look at the overall environment, could you give us some kind of color on what you're seeing and conviction on hitting the development targets that you have out there or maybe hopefully better.

就在您審視整體環境時，您能否給我們一些關於您所看到的內容的顏色，以及實現您現有的發展目標或希望更好的發展目標的信念。

So we continue to see a very strong renewables development environment. And I think the 2 gigawatts that we added to the backlog is a great sign of that and it's a mix of wind, solar and battery storage in that portfolio and the conversations that we continue to have both with customers in the power sector, as well as customers outside of the power sector remain quite robust.

因此，我們繼續看到非常強大的可再生能源發展環境。我認為我們在積壓訂單中增加的 2 吉瓦是一個很好的標誌，它是該產品組合中風能、太陽能和電池存儲的組合，以及我們繼續與電力行業客戶進行的對話，以及由於電力行業以外的客戶仍然相當強勁。

And if anything, I'm concerned about, whether or not we have -- we and everybody else have enough renewables in order to support the demand in short. And of course, longer term, we are planning accordingly to make sure that we have all the projects available for our customers.

如果有的話，我擔心的是，我們和其他人是否擁有足夠的可再生能源來滿足短期需求。當然，從長遠來看，我們正在相應地進行規劃，以確保我們為客戶提供所有項目。

I'd say if there is one thing that I've seen change over the last year in our discussions with our customers, it's really an increased emphasis on partners that have the ability to execute. It's not lost on anybody inside the power sector or outside the power sector that the demand for renewables is really strong.

我想說的是，在過去一年中，如果我在與客戶的討論中看到一件事發生了變化，那就是越來越重視有執行能力的合作夥伴。電力行業內外的任何人都明白，對可再生能源的需求非常強勁。

And there are challenges to building projects successfully and ultimately operating them long term for the benefit of customers. And our conversations with customers now reflect that, I think, appropriately. And we've had some terrific engagements with customers across the board about making sure that we are building what they need for the long term and their needs are quite significant.

成功建設項目並最終為客戶的利益長期運營這些項目存在挑戰。我認為，我們現在與客戶的對話恰當地反映了這一點。我們與客戶進行了一些非常棒的接觸，以確保我們正在構建他們長期需要的東西並且他們的需求非常重要。

The other thing I would highlight that's been very significant development over the last year and really in the last 9 months since the passage of the Inflation Reduction Act is really around hydrogen. And I know we've talked about it lot.

我要強調的另一件事是，在過去一年以及自通貨膨脹減少法案通過以來的過去 9 個月中，氫氣確實取得了非常顯著的發展。我知道我們已經談了很多。

And today, we wanted to give you some additional color on what we're seeing. And I think that $20 billion of pipeline projects with partners and customers that we're now working on. And honestly, that's growing by the day and requires just for that $20 billion worth of projects over 15 gigawatts of new renewables to be built to support them.

今天，我們想為您提供一些關於我們所看到的內容的額外顏色。我認為我們正在與合作夥伴和客戶合作開展價值 200 億美元的管道項目。老實說，這一數字每天都在增長，僅需要為價值 200 億美元的項目建造超過 15 吉瓦的新可再生能源來支持它們。

This is unlike any time that we've seen in our industry and of course, in our customer -- in our company's history of being able to have significant visibility to tremendous growth and tremendous innovation across the board. We couldn't be more excited about what's ahead.

這不同於我們在我們的行業中看到的任何時候，當然，在我們的客戶中——在我們公司能夠對全面的巨大增長和巨大創新有顯著可見性的歷史中。我們對未來感到無比興奮。

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

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just first, following up with the backlog. Just can you elaborate a little bit on what you're seeing here? It seems like you're adding beyond 2026.

首先，跟進積壓。您能否詳細說明一下您在這裡看到的內容？看來您要添加到 2026 年以後。

How are you thinking about potential for acceleration here off of the numbers that you've articulated thus far in the 4-year period. And then related, how much of that is hydrogen in total, if you can kind of give us at least some initial disclosure on that front?

你如何看待你在 4 年期間到目前為止所闡述的數字中的加速潛力。然後相關的是，如果你能在這方面至少給我們一些初步的披露，總共有多少是氫？

Thanks, Julien. It's Rebecca. I'll take that. So we continue to feel, and I didn't directly answer Steve's question, so I appreciate you giving me another shot at it. I feel very good about our development expectations across the board.

謝謝，朱利安。是麗貝卡。我會接受的。所以我們繼續感受，我沒有直接回答史蒂夫的問題，所以我很感激你再給我一次機會。我對我們全面的發展預期感到非常滿意。

Obviously, we're now -- we're at the low end of the range for '23 and '24 and continue to feel very well positioned to meet the longer-term expectations across the 4-year period. And with the comments I just made and Kirk made on the call, we couldn't be more excited about what's beyond the '26 time frame.

顯然，我們現在 - 我們處於 23 年和 24 年範圍的低端，並且繼續感覺非常有能力滿足 4 年期間的長期預期。根據我剛剛發表的評論和柯克在電話會議上發表的評論，我們對 26 年時間框架之外的事情感到無比興奮。

I do think the hydrogen opportunity is probably more -- not probably, it is definitively more past 2026 than in '26 for a lot of practical reasons, not the least of which is needing clarity on the treasury guidance, which, of course, affects the customer discussions that we're having today.

我確實認為氫機會可能更多——不太可能，由於很多實際原因，它肯定比 26 年更晚於 2026 年，其中最重要的是需要明確財政部指導，這當然會影響我們今天進行的客戶討論。

It also affects the way manufacturers are committing to their ramp-up of their capabilities to produce electrolyzers in particular. And of course, as that clarity comes to fruition and hopefully, in particular, we realize the annual matching guidance for the hydrogen production tax credit, all of that will start to accelerate.

它還會影響製造商致力於提高其生產電解槽能力的方式。當然，隨著這種清晰度的實現，特別是希望我們實現氫生產稅收抵免的年度匹配指導，所有這些都將開始加速。

And then on top of that, we continue to see tremendous innovation across the clean tech space. Just over the last 2 years, I was looking at the numbers from Bloomberg New Energy Finance, and it's $100 billion invested in clean tech across the venture capital space. So just tremendously exciting innovations that we're seeing, and I think we will really make a huge difference in the latter part of this decade.

最重要的是，我們繼續看到清潔技術領域的巨大創新。就在過去 2 年裡，我一直在查看彭博新能源財經的數據，它在風險投資領域向清潔技術投資了 1000 億美元。所以我們看到的是非常令人興奮的創新，我認為我們將在這十年的後半段真正發揮巨大的作用。

Excellent. And just quickly going back to NEP quickly. How do you think about using ATM to buy out the remaining CEPFs as they come due. Further, should we assume issuing new CEPFs on a rolling basis as credit facilities are refinanced, right, again, obviously, right now, this is sort of temporary financing in some respects.

出色的。並迅速回到 NEP。您如何看待使用 ATM 買斷到期的剩餘 CEPF？此外，我們是否應該假設隨著信貸設施的再融資而滾動發行新的 CEPF，顯然，現在，這在某些方面是一種臨時融資。

And then ultimately, how do you think about the IDR potential holidays and other tools in the current environment?

最後，您如何看待當前環境下的印尼盾潛在假期和其他工具？

All right. So Julien, I'll try to work off all those questions, and the team will make sure I get to them all. So the first question was around the use of the ATM. So look, as we shared in the prepared remarks, we have the flexibility to be opportunistic to use -- to deliver to the investor, either directly units or to use the ATM on the buyouts.

好的。所以 Julien，我會嘗試解決所有這些問題，團隊會確保我解決所有問題。所以第一個問題是關於 ATM 的使用。所以看，正如我們在準備好的評論中分享的那樣，我們可以靈活地使用機會主義 - 直接向投資者交付單位或在收購時使用 ATM。

And so you should expect us to use that flexibility and to be opportunistic around that -- those options. And so if we go to the ATM, there's some value to go into the ATM at times to deliver. And there's also -- there will be times where it's just beneficial to deliver the units. So we have both those tools, and we can use them.

因此，您應該期望我們利用這種靈活性並圍繞這些選項採取機會主義態度。因此，如果我們去自動取款機，有時進入自動取款機進行交付是有一些價值的。還有——有時交付這些單位是有益的。所以我們擁有這兩種工具，我們可以使用它們。

In terms of using CEPFs in the future. As we share today, the CEPFs have provided benefits for unitholders. And when you compare it to the alternative, which is doing an underwritten block equity deal, when you compare those two, as we presented on the slide, it has saved unitholders considerably more than 16 million units.

在未來使用 CEPF 方面。正如我們今天分享的那樣，CEPF 為單位持有人帶來了好處。當你將它與進行承銷大宗股權交易的替代方案進行比較時，當你將這兩者進行比較時，正如我們在幻燈片中展示的那樣，它為單位持有人節省了超過 1600 萬個單位。

And when you compare those two, I think that slide is -- does a really nice job laying out the benefits. And so as we've always done, we will look at what's the best financing option when it's time to finance an acquisition. And we look at all the different financing tools that we have.

當你比較這兩者時，我認為這張幻燈片 - 在列出好處方面做得非常好。因此，正如我們一直所做的那樣，當需要為收購融資時，我們將研究什麼是最佳融資方案。我們研究了我們擁有的所有不同的融資工具。

And as we shared today, when we build our financing plan and when we think about delivering on our LP distribution growth, we build a financing plan into those financing expectations, and that includes the conversion of the outstanding units.

正如我們今天分享的那樣，當我們制定融資計劃並考慮實現 LP 分銷增長時，我們將融資計劃納入這些融資預期，其中包括優秀單位的轉換。

And certainly, if we're going to use a new CEPF, we will build that into the financing plan and what that means in terms of being able to continue to deliver on the expectations.

當然，如果我們要使用新的 CEPF，我們會將其納入融資計劃，以及這對能夠繼續實現預期的意義。

And I believe your third question was around what are the other -- is there going to be something around an IDR holiday or something like that. Look, as I shared in responding to Steve's comment, we have tremendous growth opportunities and tremendous growth visibility at NextEra Energy Partners. We have a lot of flexibility in terms of being able to finance that growth.

我相信你的第三個問題是關於另一個問題——是否會有關於印尼盾假期或類似的事情。看，正如我在回應史蒂夫的評論時分享的那樣，我們在 NextEra Energy Partners 擁有巨大的增長機會和巨大的增長可見度。在為這種增長提供資金方面，我們有很大的靈活性。

The acquisition that we announced today, I think, is a really strong indication of how we can acquire a very attractive set of assets for unitholders. And so we feel very good about being able to acquire assets and support growth. And so we're focused on being able to tap into that growth visibility and deliver to unitholders that way.

我認為，我們今天宣布的收購非常有力地表明了我們如何能夠為單位持有人收購一組非常有吸引力的資產。因此，我們對能夠收購資產和支持增長感到非常高興。因此，我們專注於能夠利用這種增長可見性並以這種方式向單位持有人提供服務。

Julien, this is John. Let me just add on a little bit about the ATM and the ability to issue shares directly to CEPF investors. Our first preference, I think, would be to issue shares directly to CEPF investors. This was a situation where we were able to use the ATM for the first 50% of the STX buyout very opportunistically, and we could do it basically at a 0 discount, and it made a lot of sense to be able to do it that way.

朱利安，這是約翰。讓我補充一點關於 ATM 和直接向 CEPF 投資者發行股票的能力。我認為，我們的首選是直接向 CEPF 投資者發行股票。在這種情況下，我們能夠非常有機會地使用 ATM 進行前 50% 的 STX 買斷，我們基本上可以以 0 折扣做到這一點，能夠以這種方式做到這一點很有意義.

It's great to have the flexibility when you have opportunities like that, that are presented by the ATM to be able to execute on them. So it's a nice tool to have in the toolkit.

當您有這樣的機會時，擁有靈活性是很棒的，ATM 提供這些機會以便能夠執行這些機會。所以它是工具包中的一個很好的工具。

But again, we have ultimate flexibility in terms of -- if opportunities present themselves that are very attractive under the ATM, we can explore those opportunities. But again, we always have the chance to just give the shares directly to the CEPF holder.

但同樣，我們在以下方面擁有最大的靈活性——如果在 ATM 下出現非常有吸引力的機會，我們可以探索這些機會。但同樣，我們總是有機會直接將股份提供給 CEPF 持有人。

We're always going to do whatever is most efficient for unitholders. We had a slide in the deck today that I think demonstrates the value of the CEPF, the 54% savings on the BlackRock conversion back in 2018, roughly the 65%, 66% savings in the 50% STX buyout that we've accomplished so far today.

我們總是會做對單位持有人最有效的事情。今天我們有一張幻燈片，我認為它展示了 CEPF 的價值，2018 年貝萊德轉換節省了 54%，大約是我們已經完成的 50% STX 收購中的 65%、66% 的節省，所以今天遠。

But at NEP, right now, we are very focused on execution for the things that Kirk has already gone through. We've got great growth visibility, attractive acquisition today at a 9.5% CAFD yield. And we have a lot of ways to finance the business going forward.

但在 NEP，現在，我們非常專注於執行柯克已經經歷過的事情。我們有很好的增長能見度，今天以 9.5% 的 CAFD 收益率進行有吸引力的收購。我們有很多方法為未來的業務融資。

There's never been more capital chasing renewables than there is today. There are billions and billions and billions of dollars sitting on the sidelines, waiting to find a home around renewable assets. So I feel very good about the way NEP is positioned.

追逐可再生能源的資本從未像今天這樣多。有數十億、數十億、數十億美元的資金在觀望，等待在可再生資產周圍找到歸宿。所以我對NEP的定位方式感覺很好。

NEP is also very important to NEE, it's a great way to recycle capital, provides tax optimization benefits, we continue to get distributions from assets that we drop into NEP. So the relationship between the 2 companies is very strong and has been very successful for both. We've got a lot of levers, NEP is very well positioned.

NEP 對 NEE 也非常重要，它是回收資本的好方法，提供稅收優化優勢，我們繼續從投入 NEP 的資產中獲得分配。因此，這兩家公司之間的關係非常牢固，並且都非常成功。我們有很多槓桿，NEP 的定位非常好。

Next question comes from Shar Pourreza with Guggenheim Partners.

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

Just real quick on rounding out on NEP. So I guess the latest portfolio acquisition, the midpoint CAFD yield, 9.5%. It's a bit higher than some of the prior ones.

很快就完成了 NEP。所以我猜最新的投資組合收購，中點 CAFD 收益率，9.5%。它比之前的一些要高一些。

I guess do you still see attractive economics on new acquisitions? Is it enough to balance out the dilution from the legacy CEPF conversions. So I guess I'm kind of asking a question on accretive economics versus the cost of capital there?

我想您是否仍然認為新收購具有吸引力？是否足以抵消遺留 CEPF 轉換帶來的稀釋。所以我想我是在問一個關於增值經濟學與那裡的資本成本的問題？

Shar, I think the answer very simply is, yes. We think there are tremendously attractive acquisitions for NEP. And as John just highlighted, Energy Resources often finds itself in a position of wanting to recycle capital. So there's a lot of synergy in that.

Shar，我認為答案很簡單，是的。我們認為 NEP 有極具吸引力的收購。正如 John 剛剛強調的那樣，Energy Resources 經常發現自己處於想要回收資本的境地。所以這裡面有很多協同作用。

And I think we will always continue to focus on current market conditions when we're thinking about divestitures from a NEER perspective and acquisitions from a NEP perspective.

而且我認為，當我們從 NEER 的角度考慮剝離和從 NEP 的角度考慮收購時，我們將始終關注當前的市場狀況。

And as Kirk highlighted and John emphasized, we factor all of that in as we think about the expectations for NEP going forward and remain very comfortable with NEP's ability to grow the 12% to 15% distributions per unit through '26 as we have reiterated. And having a tremendous amount of both financing flexibility and visibility to that growth through all the avenues that Kirk highlighted.

正如柯克強調和約翰強調的那樣，我們在考慮對 NEP 未來的期望時將所有這些因素都考慮在內，並且對 NEP 在 26 年之前將每單位 12% 到 15% 的分配增長的能力保持非常滿意，正如我們重申的那樣。通過柯克強調的所有途徑，擁有巨大的融資靈活性和對增長的可見性。

Got it. And then just on NextEra in general in terms of sort of the inputs we've seen, you guys have announced several earnings accretive data points since last year, right? You've got RNG acquisition, hydrogen, organic transmission growth and some incremental visibility on FPL solar deployment.

知道了。然後就 NextEra 一般而言，就我們所看到的輸入而言，你們自去年以來已經宣布了幾個收益增長數據點，對嗎？你已經獲得了 RNG 收購、氫氣、有機傳輸增長以及 FPL 太陽能部署的一些增量可見性。

Do any of these investments kind of displace the CapEx you guys embedded in plan at the Analyst Day? Is there any sort of headwinds we should be thinking about? And ultimately, do you anticipate this to start being accretive to your plan from, let's say, '25 to '26 time frame, especially as we're thinking about the [6%] to [8%].

這些投資中的任何一項是否會取代你們在分析師日計劃中嵌入的資本支出？有什麼我們應該考慮的不利因素嗎？最終，您是否預計這會開始增加您的計劃，比方說，從 25 到 26 的時間框架，尤其是當我們考慮 [6%] 到 [8%] 時。

So Shar, this is Kirk. Look, we are always -- as you know, capital is fungible. We're always looking at what all kinds of investment opportunities we have.

莎爾，這是柯克。看，我們總是——如你所知，資本是可替代的。我們一直在尋找我們擁有的各種投資機會。

We lay out -- when we laid out the plan at the investor conference, that was certainly pre-IRA. The world has changed a little bit as a result of that. But fundamentally, we feel very good about executing and delivering on the adjusted EPS expectations that we laid out.

我們制定了——當我們在投資者會議上製定計劃時，那肯定是 IRA 之前的計劃。世界因此發生了一些變化。但從根本上說，我們對執行和實現我們制定的調整後每股收益預期感到非常滿意。

We obviously are before -- at the time of the Investor Day, hydrogen wasn't an economic product. Green hydrogen was not an economic product. It is today because of the IRA and so we're running hard at it.

我們顯然是以前——在投資者日的時候，氫不是一種經濟產品。綠色氫不是一種經濟產品。今天是因為愛爾蘭共和軍，所以我們正在努力應對。

But as Rebecca also outlined, the reality is that is probably a post-2026 realization in terms of what -- how it's going to translate into benefits.

但正如 Rebecca 還概述的那樣，現實情況是，這可能是 2026 年後實現的——它將如何轉化為收益。

So there's a lot that we're running after and a lot we're looking at. But most of this is things that we were evaluating and thinking about at the time of the investor conference or things that are going to really come to fruition post-2026 and really either part of the plans -- post plans, but all things that are supporting ultimately the things that we laid out and feel comfortable about in terms of delivering adjusted EPS for '26.

所以有很多我們正在追求的東西，也有很多我們正在關注的東西。但其中大部分是我們在投資者會議期間正在評估和考慮的事情，或者是 2026 年後真正實現的事情，實際上是計劃的一部分——後計劃，但所有事情都是最終支持我們在為 26 年交付調整後的 EPS 方面所做的事情。

The next question comes from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to touch base a little bit more on supply chain, if you could. If you might be able to provide a bit more commentary on how flow panels stand today versus a few years back and also as well as bringing the supply chain onshore. Just wondering if you could provide a little bit more color on how -- what time line you see that finalizing?

如果可以的話，我只是想多了解一下供應鏈。如果您能夠提供更多關於流量面板今天與幾年前的情況以及將供應鏈帶到岸上的評論。只是想知道您是否可以提供更多顏色 - 您看到最終確定的時間線是什麼？

Sure. So as we shared in our prepared remarks, I mean, we've spent a lot of time thinking about supply chain, working with suppliers. It has been a very comprehensive effort. It's been looking both globally and then obviously, here domestically as well.

當然。因此，正如我們在準備好的發言中分享的那樣，我的意思是，我們花了很多時間思考供應鏈，與供應商合作。這是一項非常全面的工作。它一直在全球範圍內尋找，然後顯然也在國內尋找。

Look, there's lots of things to think through, domestically. We're continuing to work through that as well. It is about trying to evaluate where in the supply chain, there might be opportunities in terms of how to participate.

看，在國內有很多事情需要考慮。我們也在繼續努力解決這個問題。它是關於嘗試評估供應鏈中的哪些地方可能存在如何參與的機會。

But the way to think about that, Jeremy, is our view has always been we could be supportive through an anchor order. We could help provide support through that mechanism. That continues to be our preferred approach. And we're working with various potential partners in discussions that way. And that's continued -- those discussions continue to occur.

但是，傑里米，考慮這一點的方式是我們的觀點一直是我們可以通過錨定訂單提供支持。我們可以通過該機制幫助提供支持。這仍然是我們的首選方法。我們正以這種方式與各種潛在合作夥伴進行討論。而且這種情況還在繼續——這些討論還在繼續進行。

Got it. And just flow panels today. Just wondering how that stacks up versus where it was a few years ago?

知道了。今天只是流程面板。只是想知道這與幾年前相比如何？

Yes. This is John. So the flow of panels is going very well. As Kirk said, we've been active with Customs and Border Patrol and panels are now flowing through the ports. We really don't see any material delays to any of our projects, so we feel good about that.

是的。這是約翰。所以面板的流程非常順利。正如柯克所說，我們一直積極參與海關和邊境巡邏，小組現在正在通過港口流動。我們真的沒有看到我們的任何項目有任何重大延誤，所以我們對此感覺很好。

And as Kirk said, I mean we're in active -- the great thing about a company like NextEra with the capital spend that we have and the sophistication that we have around running a global supply chain, we have a lot of options, a lot of options, a diversified set of options globally and we're exercising those options, and we're exploring new opportunities as well. Obviously, there's a lot of interest in working directly with NextEra given the amount of buying power that we have.

正如 Kirk 所說，我的意思是我們正在積極行動——像 NextEra 這樣的公司擁有我們擁有的資本支出以及我們在運營全球供應鏈方面的成熟度，這是一件很棒的事情，我們有很多選擇，a很多選擇，全球範圍內的多樣化選擇，我們正在行使這些選擇，我們也在探索新的機會。顯然，鑑於我們擁有的購買力，人們對直接與 NextEra 合作很感興趣。

We will always be the preferred customer for each of these to (inaudible) just given the scale at which we purchase, and that allows us to drive attractive arrangements which we think will really help make the business even more competitive going forward.

鑑於我們的採購規模，我們將永遠是其中每一個（聽不清）的首選客戶，這使我們能夠推動有吸引力的安排，我們認為這將真正有助於使業務在未來更具競爭力。

And so we have launched a number of those efforts, both domestically and looking at some other diversification opportunities globally that will even better position the business than it's ever been before going forward to really capitalize on the competitive advantage we have in terms of the buying power around the supply chain.

因此，我們已經在國內開展了多項此類努力，並在全球範圍內尋找其他一些多元化機會，這將比以往任何時候都更好地定位業務，以真正利用我們在購買力方面的競爭優勢圍繞供應鏈。

The next question comes from Durgesh Chopra with Evercore ISI.

下一個問題來自 Evercore ISI 的 Durgesh Chopra。

All my other questions have been asked and answered. Just quickly, I wanted to follow up on the 10-year site plan. Maybe can you just remind us what are sort of the key milestones for us to watch from here on from a regulatory standpoint for you to get approvals, et cetera, et cetera?

我的所有其他問題都已被詢問和回答。很快，我想跟進 10 年的網站計劃。也許你能提醒我們，從監管的角度來看，我們需要關注哪些關鍵里程碑，以便獲得批准等等？

And then just second, would this be the spending here, you mentioned post-2025. Would some of this spending investment be accretive to the current plan you have through 2026?

其次，這是這裡的支出嗎，你提到了 2025 年後。到 2026 年，這些支出投資中的一部分是否會增加您當前的計劃？

So it's Armando. The way to think about it is for the rest of the time under the settlement agreement that we have at FPL, so through the end of 2025, what you see in the 10-year site plan is what we have in our plan, right? There's no additional amounts that will be added to that CapEx. So it's really about '26 moving forward.

所以是阿曼多。根據我們在 FPL 達成的和解協議，考慮剩餘時間的方式是，到 2025 年底，您在 10 年場地規劃中看到的就是我們計劃中的內容，對嗎？沒有額外的金額將添加到該資本支出中。所以這真的是關於 26 年的進步。

In terms of approval at the Public Service Commission, you'll see that as we provide the information for our next rate case, most of that -- well, all of that -- all of the big generation in there is solar and there's also some storage in there. So there's no additional CapEx through 2025 and most of that you will see when we update our expectations at some point beyond '26.

在公共服務委員會的批准方面，你會看到，當我們為下一個費率案例提供信息時，其中大部分——好吧，所有這些——所有的大一代都是太陽能，還有那裡有一些存儲空間。因此，到 2025 年不會有額外的資本支出，當我們在 26 年後的某個時候更新我們的預期時，你會看到其中的大部分。

Got it. So the approval -- Armando, thank you for that, I appreciate it, the approval of this plan comes through to the rate case process?

知道了。所以批准——阿曼多，謝謝你，我很感激，這個計劃的批准是通過費率案例流程嗎？

Well, the approval comes through either the rate case process because we've got CapEx that we've invested just as general infrastructure or it will come through one of the two solar programs that we have today.

好吧，批准要么通過費率案例流程，因為我們已經獲得了我們作為一般基礎設施投資的資本支出，要么通過我們今天擁有的兩個太陽能項目之一獲得批准。

So our SoBRA solar program and also our Solar Together solar program. The SoBRA and Solar Together solar program as long as we stick within the guidelines, that we reached in the last settlement, those will get approved on an annual basis.

所以我們的 SoBRA 太陽能計劃以及我們的 Solar Together 太陽能計劃。 SoBRA 和 Solar Together 太陽能計劃只要我們遵守我們在上次和解中達成的指導方針，這些計劃將每年獲得批准。

This concludes our question-and-answer session. The conference has also now concluded. Thank you for attending today's presentation. You may all 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。你們現在可能都斷開連接了。