新世紀能源 (NEE) 2023 Q2 法說會逐字稿

Good morning, and welcome to the NextEra Energy and NextEra Energy Partners Q2 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 NextEra Energy 和 NextEra Energy Partners 2023 年第二季度財報電話會議。 （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 Kristin Rose, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監克里斯汀·羅斯 (Kristin Rose)。請繼續。

Thank you, Anthony. Good morning, everyone, and thank you for joining our second quarter 2023 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 them are also officers of NextEra Energy Partners, as well as Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company.

謝謝你，安東尼。大家早上好，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2023 年第二季度合併收益電話會議。今天早上和我在一起的有 NextEra Energy 董事長、總裁兼首席執行官 John Ketchum； NextEra Energy 執行副總裁兼首席財務官柯克·克魯斯 (Kirk Crews)； Rebecca Kujawa，NextEra Energy Resources 總裁兼首席執行官； NextEra Energy 執行副總裁 Mark Hickson 和 NextEra Energy 執行副總裁 Mark Hickson 均是 NextEra Energy Partners 的高管，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.

柯克將概述我們的結果，然後我們的執行團隊將回答您的問題。

We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release, in the comments made during the 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 the websites, www.nexteraenergy.com and www.nexteraenergypartners.com. We do not undertake any duty to update any forward-looking statements.

我們將在本次電話會議中根據當前的預期和假設做出前瞻性聲明，這些聲明可能存在風險和不確定性。如果我們的任何關鍵假設不正確，或者由於今天的收益新聞稿、電話會議期間的評論、隨附演示文稿的風險因素部分中討論的其他因素或其他因素，實際結果可能與我們的前瞻性陳述存在重大差異。我們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 www.nexteraenergy.com 和 www.nexteraenergypartners.com 網站上找到。我們不承擔更新任何前瞻性陳述的責任。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure.

今天的演示還提到了非公認會計準則財務指標。您應該參考今天演示文稿隨附的幻燈片中包含的信息，以了解歷史非 GAAP 衡量標準與最接近的 GAAP 財務衡量標準的定義信息和調節情況。

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

這樣，我會將電話轉給柯克。

Thanks, Kristin, and good morning. NextEra Energy continued its track record of solid execution as reflected in our second quarter results. Adjusted earnings per share grew by approximately 8.6% as we deployed capital for the benefit of FPL customers and leveraged our competitive advantages to extend Energy Resources' renewable leadership position.

謝謝克里斯汀，早上好。 NextEra Energy 繼續保持穩健執行的記錄，這反映在我們第二季度的業績中。由於我們為了 FPL 客戶的利益而部署資本，並利用我們的競爭優勢擴大 Energy Resources 的可再生能源領導地位，調整後每股收益增長了約 8.6%。

As the fastest-growing state in the U.S., Florida has underlying population growth and an economy that continues to drive clear investment needs. For years, FPL's strategy has been simple: keep bills affordable, the grid reliable and our customer service exceptional. With our most recent settlement agreement, FPL has a well-established capital plan with clear visibility through 2025 to deliver on this strategy. This quarter, we executed our capital plan with new solar and transmission and distribution infrastructure investments, which led to a greater than 12% increase in regulatory capital employed versus the same quarter last year. As a result, FPL's earnings per share increased by $0.07 year-over-year. We progressed these capital initiatives while keeping customer bills affordable. We continue to run the business efficiently with multiple opportunities to reduce and manage costs. We deploy smart capital that reduces O&M and fuel costs, we embrace innovation and new technologies, and we identify cost savings through our various initiatives.

作為美國增長最快的州，佛羅里達州擁有潛在的人口增長和持續推動明確投資需求的經濟。多年來，FPL 的策略一直很簡單：保持電費負擔得起、電網可靠以及我們卓越的客戶服務。根據我們最近達成的和解協議，FPL 制定了完善的資本計劃，該計劃在 2025 年之前具有清晰的可見性，可以實現這一戰略。本季度，我們通過新的太陽能和輸配電基礎設施投資執行了資本計劃，這導致所使用的監管資本與去年同期相比增加了 12% 以上。因此，FPL 的每股收益同比增長 0.07 美元。我們推進了這些資本計劃，同時保持客戶的賬單負擔得起。我們繼續高效地運營業務，並提供多種降低和管理成本的機會。我們部署智能資本來降低運營和維護和燃料成本，我們擁抱創新和新技術，並通過各種舉措來節省成本。

Customers benefit from these actions, including bills that are among the lowest in Florida and well below the national average. FPL is uniquely positioned to extend its best-in-class customer value proposition and deliver long-term growth. Energy Resources' more than 2-decade track record of originating, developing, constructing and operating renewables remains as strong as ever. This quarter, on the strength of new investments, Energy Resources grew adjusted earnings by over 14% year-over-year. We continue to see solid renewables and storage demand. Since our first quarter call, Energy Resources placed over 1,800 megawatts into commercial operations, and has added approximately 1,665 megawatts of new renewables and storage projects to our backlog, which now stands at roughly 20 gigawatts, keeping us on track to achieve our renewable development expectations through 2026.

客戶從這些行動中受益，包括佛羅里達州最低的賬單，遠低於全國平均水平。 FPL 具有獨特的優勢，能夠擴展其一流的客戶價值主張並實現長期增長。 Energy Resources 超過 20 年在可再生能源的起源、開發、建設和運營方面的記錄一如既往地強勁。本季度，憑藉新投資的力量，Energy Resources 調整後收益同比增長超過 14%。我們繼續看到強勁的可再生能源和存儲需求。自第一季度電話會議以來，Energy Resources 將超過 1,800 兆瓦投入商業運營，並在我們的積壓訂單中增加了約 1,665 兆瓦的新可再生能源和存儲項目，目前約為 20 吉瓦，使我們能夠實現可再生能源發展預期到 2026 年。

Given all of our competitive advantages, Energy Resources is uniquely positioned to continue to lead the decarbonization of the U.S. economy and be the renewables partner of choice, supporting power, commercial and industrial and eventually, hydrogen customers. We are pleased with the progress we have made at NextEra Energy so far in 2023. For over 18 months, we have operated in a challenging macroeconomic environment with various headwinds. And yet, we have leveraged our competitive advantages to serve customers and deliver on our financial expectations. Through the first half of the year, both businesses have executed well, delivering adjusted EPS growth of approximately 11%.

鑑於我們所有的競爭優勢，能源資源公司處於獨特的地位，可以繼續引領美國經濟的脫碳，並成為首選的可再生能源合作夥伴，為電力、商業和工業以及最終的氫客戶提供支持。我們對 NextEra Energy 2023 年迄今取得的進展感到高興。18 個多月以來，我們一直在充滿挑戰的宏觀經濟環境中運營，並面臨各種不利因素。然而，我們利用我們的競爭優勢來服務客戶並實現我們的財務預期。今年上半年，兩項業務均表現良好，調整後每股收益增長約 11%。

With FPL comprising more than 2/3 of NextEra Energy's business, our well-established capital plan through 2025 provides investors with long-term growth visibility. At Energy Resources, we are leveraging our competitive advantages to continue adding new renewables and storage to our backlog, providing clear visibility to our future earnings growth through 2026. Combined, we believe we are well positioned with strong visibility to deliver on our expectations and create long-term value for shareholders.

FPL 佔 NextEra Energy 業務的 2/3 以上，我們完善的截至 2025 年的資本計劃為投資者提供了長期增長的可見性。在能源資源公司，我們正在利用我們的競爭優勢，繼續在我們的積壓訂單中增加新的可再生能源和存儲，為我們到 2026 年的未來盈利增長提供清晰的可見性。綜合起來，我們相信我們處於有利位置，具有強大的可見性，可以實現我們的期望並創造為股東帶來長期價值。

With that, let's turn to the detailed results, beginning with FPL. For the second quarter of 2023, FPL reported net income of approximately $1.152 billion or $0.57 per share, an increase of $0.07 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 12.1% year-over-year. We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current settlement agreement's 4-year term, which runs through 2025.

接下來，我們來看看詳細的結果，從 FPL 開始。 2023 年第二季度，FPL 淨利潤約為 11.52 億美元，即每股 0.57 美元，同比增長 0.07 美元。這一業績的主要推動力是 FPL 的監管資本使用同比增長約 12.1%。我們仍然預計 FPL 在我們當前和解協議的 4 年期限內（截至 2025 年）所使用的監管資本將實現約 9% 的年均增長。

FPL's capital expenditures were approximately $2.5 billion for the quarter, and we now expect FPL's full year 2023 capital investments to be between $8.5 billion and $9.5 billion. For the 12 months ending June 2023, FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the quarter, we used approximately $78 million of reserve amortization, leaving FPL with a balance of approximately $1 billion.

FPL 本季度的資本支出約為 25 億美元，我們現在預計 FPL 2023 年全年資本投資將在 85 億美元至 95 億美元之間。截至 2023 年 6 月的 12 個月，FPL 出於監管目的報告的 ROE 約為 11.8%。本季度，我們使用了約 7800 萬美元的準備金攤銷，使 FPL 的餘額約為 10 億美元。

Our capital projects continue to progress well. As we indicated in our recent Ten-Year Site Plan, solar continues to be the lowest cost alternative for our customers. FPL placed into service roughly 225 megawatts of cost-effective solar in the quarter, bringing the total year-to-date solar additions to nearly 1,200 megawatts. Over the last 2 years, FPL has commissioned over 1,600 megawatts of new solar generation. With 2.5 years remaining under the current settlement agreement, FPL expects to add roughly 3,100 megawatts of incremental solar through 2025. FPL's solar investments allow us to serve strong customer growth while providing clean, affordable generation and avoiding volatile fuel purchases.

我們的資本項目繼續進展順利。正如我們在最近的十年站點規劃中指出的那樣，太陽能仍然是我們客戶成本最低的替代方案。 FPL 在本季度投入使用了約 225 兆瓦的經濟高效太陽能，使年初至今的太陽能新增總量達到近 1,200 兆瓦。在過去 2 年裡，FPL 已投產超過 1,600 兆瓦的新太陽能發電項目。目前的和解協議還剩 2.5 年，FPL 預計到 2025 年將增加約 3,100 兆瓦的太陽能增量。FPL 的太陽能投資使我們能夠服務於強勁的客戶增長，同時提供清潔、負擔得起的發電並避免不穩定的燃料購買。

Over the current 4-year settlement agreement, we continue to expect FPL to make capital investments of between $32 billion to $34 billion. Of that total, we anticipate investing approximately $10 billion in new solar generation and approximately $14 billion to $16 billion in transmission and distribution infrastructure. We remain confident in our total capital plan through 2025 as our cumulative capital investments of approximately $14 billion through June of 2023 are a little ahead of our original time line. Our capital investment plan is well established and by executing on solar deployment and transmission and distribution investments, we are enhancing what we believe is one of the best customer value propositions in the industry.

在當前的 4 年和解協議中，我們繼續預計 FPL 將進行 320 億至 340 億美元的資本投資。其中，我們預計投資約 100 億美元用於新太陽能發電，約 140 億至 160 億美元用於輸電和配電基礎設施。我們對到 2025 年的總資本計劃仍然充滿信心，因為到 2023 年 6 月我們的累計資本投資約為 140 億美元，略高於我們最初的時間表。我們的資本投資計劃非常完善，通過執行太陽能部署以及輸電和配電投資，我們正在增強我們認為是業內最佳客戶價值主張之一。

I'll turn now to the Florida economy, which continues to demonstrate strong growth. Over the past year, Florida has created roughly 412,000 new private sector jobs, and its unemployment rate continues to decline, currently standing at approximately 2.6%, which is nearly 30% below the U.S. average. Florida consumer sentiment improved roughly 14% compared to the prior year and remains above the U.S. average, while mortgage delinquency rates declined by 55 basis points compared to the prior year. Florida's GDP continues to trend upward and increased over 9% versus a year ago.

我現在談談佛羅里達州的經濟，該州繼續表現出強勁的增長。過去一年，佛羅里達州私營部門新增約41.2萬個就業崗位，失業率持續下降，目前約為2.6%，比美國平均水平低近30%。佛羅里達州消費者信心較上年提高約 14%，仍高於美國平均水平，而抵押貸款拖欠率較上年下降 55 個基點。佛羅里達州的 GDP 繼續呈上升趨勢，與一年前相比增長了 9% 以上。

During the quarter, FPL had solid customer growth with the average number of customers increasing by more than 66,000 from the comparable prior year period. FPL's second quarter retail sales increased by approximately 0.3% year-over-year. We estimate that weather had a slightly negative impact on usage per customer of approximately 0.3% on a year-over-year basis. After taking these factors into account, second quarter retail sales increased roughly 0.6% on a weather-normalized basis from the comparable prior year period, driven primarily by continued solid underlying population growth.

本季度，FPL 的客戶增長強勁，平均客戶數量較去年同期增加超過 66,000 名。 FPL第二季度零售額同比增長約0.3%。我們估計，天氣對每位客戶的使用量同比產生了約 0.3% 的輕微負面影響。考慮到這些因素後，第二季度零售額在天氣正常化的基礎上較上年同期增長約 0.6%，這主要是由持續強勁的基礎人口增長推動的。

Now let's turn to Energy Resources, where second quarter 2023 GAAP earnings were approximately $1.462 billion, or $0.72 per share. Adjusted earnings for the second quarter were approximately $781 million or $0.39 per share, which is an increase in adjusted earnings per share of $0.04 year-over-year. Contributions from new investments increased $0.10 per share year-over-year. Contributions from our existing clean energy portfolio declined $0.06 per share. This decline was mostly due to a large swing in year-over-year wind resource. This quarter was the lowest second quarter of wind resource on record over the past 30 years, while last year was the highest.

現在讓我們轉向能源資源公司，該公司 2023 年第二季度 GAAP 收益約為 14.62 億美元，即每股 0.72 美元。第二季度調整後收益約為 7.81 億美元，即每股 0.39 美元，調整後每股收益同比增加 0.04 美元。新投資帶來的每股收益同比增加 0.10 美元。我們現有清潔能源投資組合的貢獻每股下降 0.06 美元。這一下降主要是由於風能資源同比大幅波動所致。本季度是過去30年來有記錄以來風資源量最低的第二季度，而去年是最高的。

The contribution from our customer supply and trading business increased by $0.09 per share, primarily due to higher margins in our customer-facing businesses compared to a relatively weak contribution in the prior year quarter. All other impacts reduced earnings by $0.09 per share. This decline reflects higher interest costs of $0.06 per share, half of which is driven by new borrowing costs to support new investments and half of which is due to higher interest rates.

我們的客戶供應和貿易業務的貢獻每股增加了 0.09 美元，主要是由於我們面向客戶的業務的利潤率高於去年同期的相對疲弱的貢獻。所有其他影響使每股收益減少 0.09 美元。這一下降反映了每股 0.06 美元的利息成本上升，其中一半是由支持新投資的新借貸成本驅動的，另一半是由於利率上升。

The remaining impact is due to a combination of other factors, including additional costs to support early-stage renewable development investments as we plan for growth in the latter part of the decade.

剩餘的影響是由其他因素綜合造成的，包括支持早期可再生能源開發投資的額外成本，因為我們計劃在本十年後半段實現增長。

Energy Resources had a solid quarter of new renewables and storage origination, adding approximately 1,665 megawatts to the backlog. With these additions, our backlog now totals roughly 20 gigawatts after taking into account over 1,800 megawatts of new projects placed into service since our first quarter call, which keeps us on track to achieve our renewable development expectations through 2026.

能源資源公司在新的可再生能源和存儲發電方面佔據了穩定的四分之一，積壓的電力增加了約 1,665 兆瓦。考慮到自第一季度電話會議以來已投入使用的超過 1,800 兆瓦的新項目，加上這些新增項目，我們的積壓項目目前總計約為 20 吉瓦，這使我們能夠在 2026 年實現可再生能源發展預期。

Having shared our new expectations just 6 months ago, we are already within the 2023 to 2024 development expectations range and only need roughly 15 gigawatts over the next 3.5 years to achieve the midpoint of the 2023 to 2026 development expectations range.

就在 6 個月前分享了我們的新預期後，我們已經處於 2023 年至 2024 年發展預期範圍之內，並且在未來 3.5 年內只需要大約 15 吉瓦即可實現 2023 年至 2026 年發展預期範圍的中點。

As part of our backlog additions, this quarter, we signed our first contract for a stand-alone battery storage project co-located with an existing wind facility. This 65-megawatt storage project is expected to serve our customers' growing capacity needs in the Southwest Power Pool and be available to monetize pricing arbitrage opportunities in this renewable-rich area of the country.

作為新增積壓訂單的一部分，本季度，我們簽署了第一份與現有風能設施共建的獨立電池存儲項目合同。這個 65 兆瓦的儲能項目預計將滿足客戶對西南電力池不斷增長的容量需求，並可利用該國這個可再生能源資源豐富的地區的定價套利機會貨幣化。

As we have highlighted, we believe there are many more opportunities to monetize the value of our existing 29 gigawatt operating renewables portfolio, including deploying co-located storage like we did here. We are excited to bring this facility into commercial operation.

正如我們所強調的，我們相信還有更多機會將我們現有的 29 吉瓦運營可再生能源投資組合的價值貨幣化，包括像我們在這裡那樣部署託管存儲。我們很高興將該設施投入商業運營。

During the quarter, we continue to see solid demand for renewables and storage across power and commercial and industrial customers. After a period of underlying commodity price inflation, supply chain disruption and trade policy risk premiums, we are finally seeing signs of stability, which will be helpful in our customer conversations. We believe renewables remain economically attractive to alternative forms of generation and have positioned ourselves to meet long-term customer demand by expanding our significant pipeline of renewable projects.

在本季度，我們繼續看到電力、商業和工業客戶對可再生能源和存儲的強勁需求。經過一段時期的基本商品價格通脹、供應鏈中斷和貿易政策風險溢價之後，我們終於看到了穩定的跡象，這將有助於我們與客戶的對話。我們相信可再生能源在經濟上對替代發電形式仍然具有吸引力，並通過擴大我們重要的可再生能源項目管道來滿足長期客戶需求。

Today, we have a pipeline of roughly 250 gigawatts of renewables and storage projects in various stages of development. This includes projects in early-stage diligence and our current backlog and is supported by roughly 145 gigawatts of interconnection queue positions. When you combine our significant competitive advantages with our renewable pipeline, we believe Energy Resources is well positioned for growth in our renewables business for years to come. We also remain excited about the opportunity to serve hydrogen customers by leveraging our best-in-class renewables development expertise and early-stage development position. Throughout the quarter, we continue to advocate for smart hydrogen policy that we believe would help the U.S. establish a robust green hydrogen market and drive increased renewables penetration.

如今，我們擁有大約 250 吉瓦的可再生能源和存儲項目，處於不同的開發階段。這包括早期盡職調查項目和我們當前的積壓項目，並由大約 145 吉瓦的互連隊列位置支持。當您將我們顯著的競爭優勢與我們的可再生能源管道相結合時，我們相信能源資源公司將在未來幾年內為我們的可再生能源業務的增長做好準備。我們還對利用我們一流的可再生能源開發專業知識和早期開發地位為氫客戶提供服務的機會感到興奮。在整個季度，我們繼續倡導智能氫政策，我們相信這將有助於美國建立強大的綠色氫市場並推動可再生能源滲透率的提高。

We also progressed our pipeline of potential green hydrogen opportunities by executing an additional memorandum of understanding to explore developing green hydrogen and related facilities that would integrate into our customers' operations and serve their energy needs. Hydrogen should be thought of as simply another renewables customer class as all our hydrogen-related projects could potentially translate into additional new renewables and with the appropriate regulations begin to contribute to Energy Resources' growth later this decade.

我們還通過執行額外的諒解備忘錄來探索開發綠色氫及相關設施，以融入客戶的運營並滿足他們的能源需求，從而推進了潛在的綠色氫機遇。氫應被視為另一種可再生能源客戶類別，因為我們所有與氫相關的項目都有可能轉化為更多新的可再生能源，並且通過適當的法規，開始為本十年晚些時候的能源增長做出貢獻。

Turning now to our consolidated results. For the second quarter of 2023, GAAP earnings attributed to NextEra Energy were approximately $2.795 billion, or $1.38 per share. NextEra Energy recorded approximately $1.777 billion of adjusted earnings and $0.88 of adjusted EPS in the second quarter. Adjusted earnings for -- from the Corporate and Other segment decreased results by $0.04 per share year-over-year, primarily driven by higher interest costs.

現在轉向我們的綜合業績。 2023 年第二季度，NextEra Energy 的 GAAP 收益約為 27.95 億美元，即每股 1.38 美元。 NextEra Energy 第二季度調整後收益約為 17.77 億美元，調整後每股收益約為 0.88 美元。企業及其他部門的調整後收益每股收益同比下降 0.04 美元，主要是由於利息成本上升。

We continue to proactively manage interest rates in multiple ways. First, NextEra Energy has $16 billion of various interest rate swaps to help mitigate the impact of future increases in rates. Second, FPL has features in its settlement agreement to offset higher interest rates, such as reserve amortization and the ROE adjustment mechanism, which became effective on September 1, 2022, due to a sustained rise in the 30-year U.S. Treasury yield. Finally, our focus on continuous improvement through our annual velocity productivity initiative has yielded over $725 million in annual run rate savings ideas over the last 2 years, creating cost savings opportunities to help offset higher interest costs. As always, the current interest rate environment is taken into account in our financial expectations.

我們繼續以多種方式積極主動地管理利率。首先，NextEra Energy 擁有 160 億美元的各種利率掉期，以幫助減輕未來利率上漲的影響。其次，由於30年期美國國債收益率持續上升，FPL在其和解協議中具有抵消較高利率的特點，例如準備金攤銷和2022年9月1日生效的ROE調整機制。最後，我們通過年度速度生產力計劃持續改進，在過去 2 年中實現了超過 7.25 億美元的年度運行率節約想法，創造了成本節約機會，幫助抵消更高的利息成本。一如既往，我們的財務預期考慮了當前的利率環境。

Our long-term financial expectations remain unchanged, and we will be disappointed if we're 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. From 2021 to 2026, we 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. And we 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.

我們的長期財務預期保持不變，如果我們無法在 2023 年至 2026 年每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，同時，維持我們強勁的資產負債表和信用評級。從2021年到2026年，我們繼續預計我們的經營現金流年均增長將等於或高於我們調整後的每股收益複合年增長率範圍。我們繼續預計，至少到 2024 年，每股股息將在 2022 年的基礎上每年增長約 10%。與往常一樣，我們的期望假設了我們通常的警告，包括正常天氣和操作條件。

Now I'd like to turn to NextEra Energy Partners. Second quarter adjusted EBITDA and cash available for distribution were $486 million and $200 million, respectively, reflecting weaker wind resource. NextEra Energy Partners remains well positioned to deliver on its 2023 run rate expectations for adjusted EBITDA and cash available for distribution.

現在我想向 NextEra Energy Partners 求助。第二季度調整後的 EBITDA 和可用於分配的現金分別為 4.86 億美元和 2 億美元，反映出風能資源疲軟。 NextEra Energy Partners 仍處於有利地位，能夠實現調整後 EBITDA 和可分配現金的 2023 年運行率預期。

Yesterday, NextEra Energy Partners' Board declared a quarterly distribution of $0.854 per share -- per common unit, or $3.42 per common unit on an annualized basis, up approximately 12% from a year earlier. Inclusive of this quarter, NextEra Energy Partners has grown its LP distribution per unit over 355% since the IPO.

昨天，NextEra Energy Partners 董事會宣布季度分配為每股普通單位 0.854 美元，或按年化計算每普通單位 3.42 美元，比去年同期增長約 12%。自 IPO 以來，包括本季度在內，NextEra Energy Partners 的每單位 LP 分配增長了 355% 以上。

Since our last earnings call, NextEra Energy Partners completed its previously announced acquisition of approximately 690 megawatts of wind and solar assets. With this acquisition, NextEra Energy Partners' renewable portfolio is over 10,000 megawatts, further strengthening its position as the world's seventh largest producer of electricity from the wind and sun. The partnership is well positioned to execute on its simplification plans to become a 100% renewables-focused company.

自我們上次財報電話會議以來，NextEra Energy Partners 完成了之前宣布的約 690 兆瓦風能和太陽能資產的收購。通過此次收購，NextEra Energy Partners 的可再生能源投資組合超過 10,000 兆瓦，進一步鞏固了其作為全球第七大風能和太陽能發電商的地位。該合作夥伴關係有能力執行其簡化計劃，成為一家 100% 專注於可再生能源的公司。

Regarding this simplification plans, in May, we launched the sales process for the Texas natural gas pipeline portfolio and are pleased with our progress as we remain on track to sell the assets by later this year. NextEra Energy Partners expects to use the proceeds from the planned Texas Pipeline portfolio sale, together with the Meade natural gas pipeline sale in 2025 to eliminate the equity buyouts on the 3 near-term convertible equity portfolio financings: STX Midstream, NEP Renewables II and 2019 NEP Pipelines.

關於這一簡化計劃，五月份，我們啟動了德克薩斯州天然氣管道投資組合的銷售流程，並對我們的進展感到滿意，因為我們仍有望在今年晚些時候出售資產。 NextEra Energy Partners 預計將利用計劃中的德克薩斯管道投資組合銷售以及 2025 年米德天然氣管道銷售的收益來消除 3 項近期可轉換股權投資組合融資的股權收購：STX Midstream、NEP Renewables II 和 2019 NEP 管道。

Upon successful execution of the Texas Pipeline portfolio sale, the partnership does not expect to require equity through 2024 other than opportunistic equity issuances under our at-the-market equity program to fund future growth beyond 2024.

在成功執行德克薩斯管道投資組合銷售後，除了根據我們的市場股權計劃進行機會性股票發行以資助 2024 年以後的未來增長之外，該合作夥伴預計在 2024 年之前不需要股權。

Now to the detailed results. NextEra Energy Partners delivered second quarter adjusted EBITDA and cash available for distribution of $486 million and $200 million, respectively, reflecting the adverse impacts of weaker wind resource. The adjusted EBITDA and cash available for distribution contribution from existing projects declined by approximately $99 million and $49 million, respectively, primarily driven by a large swing in year-over-year wind resource. This quarter was the lowest second quarter of wind resource on record over the past 30 years, while last year was the highest.

現在來看詳細的結果。 NextEra Energy Partners 第二季度調整後 EBITDA 和可用於分配的現金分別為 4.86 億美元和 2 億美元，反映了風能資源疲軟的不利影響。調整後的 EBITDA 和現有項目可用於分配的現金分別減少約 9900 萬美元和 4900 萬美元，主要是由於風能資源同比大幅波動。本季度是過去30年來有記錄以來風資源量最低的第二季度，而去年是最高的。

New projects contributed approximately $49 million of adjusted EBITDA and $5 million of cash available for distribution. Second quarter results for adjusted EBITDA and cash available for distribution were positively impacted by the incentive distribution rights fee suspension and provided approximately $38 million of benefit this quarter, partially offsetting the impact of poor wind resource performance.

新項目貢獻了約 4900 萬美元的調整後 EBITDA 和 500 萬美元的可供分配現金。第二季度調整後 EBITDA 和可用於分配的現金受到激勵分配權費用暫停的積極影響，並為本季度提供了約 3800 萬美元的收益，部分抵消了風能資源績效不佳的影響。

As we previously shared, we expect strong double-digit growth in the second half of the year in adjusted EBITDA and cash available for distribution to support NextEra Energy Partners' LP distribution per unit growth expectations range for the full year 2023. Additional details are shown on the accompanying slide.

正如我們之前分享的那樣，我們預計今年下半年調整後的 EBITDA 和可用於分配的現金將出現兩位數的強勁增長，以支持 NextEra Energy Partners 2023 年全年的每單位有限合夥人分配增長預期範圍。更多詳細信息如圖所示在隨附的幻燈片上。

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 per unit as being a reasonable range of expectations through at least 2026. However, as we've previously shared with you, we expect to grow at or near the bottom end of that range.

以 2022 年第四季度每普通單位分配額（年化率 3.25 美元）為基礎，我們繼續認為至少到 2026 年，每單位 LP 分配額每年將增長 12% 至 15%，這是一個合理的預期範圍。正如我們之前與您分享的那樣，我們預計增長將達到或接近該範圍的底端。

For 2023, we expect the annualized rate of the fourth quarter 2023 distribution that is payable in February of 2024 to be in a range of $3.64 to $3.74 per common unit. NextEra Energy Partners continues to expect run rate contributions for adjusted EBITDA and cash available for distribution from its forecasted portfolio at December 31, 2023, to be in the ranges of $2.2 billion to $2.42 billion and $770 million to $860 million, respectively.

對於 2023 年，我們預計 2024 年 2 月應付的 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 美元的範圍內。 NextEra Energy Partners 繼續預計，截至 2023 年 12 月 31 日，調整後 EBITDA 和可從其預測投資組合中分配的現金的運行率貢獻將分別在 22 億至 24.2 億美元和 7.7 億至 8.6 億美元之間。

As a reminder, year-end 2023 run rate projections reflect calendar year 2024 contributions from the forecasted portfolio at year-end 2023. As always, our expectations are subject to our usual caveats, including normal weather and operating conditions. In summary, we believe that NextEra Energy and NextEra Energy Partners are well positioned to continue delivering long-term value for shareholders and unitholders.

提醒一下，2023 年年底的運行率預測反映了 2023 年年底預測投資組合對 2024 年日曆年的貢獻。與往常一樣，我們的預期受到我們通常的警告的影響，包括正常天氣和運營條件。總而言之，我們相信 NextEra Energy 和 NextEra Energy Partners 處於有利地位，能夠繼續為股東和單位持有人創造長期價值。

At NextEra Energy, the plan is simple, our 2 businesses are deploying capital in renewables and transmission for the benefit of customers, providing visible growth opportunities for shareholders. At FPL, we're executing on our well-established capital investment plan, which allows us to extend our customer value proposition.

在 NextEra Energy，計劃很簡單，我們的兩家企業正在將資本部署在可再生能源和輸電領域，以造福客戶，為股東提供可見的增長機會。在 FPL，我們正在執行完善的資本投資計劃，這使我們能夠擴展我們的客戶價值主張。

Florida's strong population growth drives smart capital investment, and running the business efficiently allows us to manage costs for the benefit of both customers and shareholders. FPL comprises more than 2/3 of NextEra Energy's business and provides a significant amount of visibility into capital deployment and earnings growth.

佛羅里達州強勁的人口增長推動了明智的資本投資，高效運營業務使我們能夠管理成本，為客戶和股東帶來雙贏。 FPL 佔 NextEra Energy 業務的 2/3 以上，並提供資本部署和盈利增長的大量可見性。

At Energy Resources, we're leveraging our more than 20 years of experience and competitive advantages to grow our market share and add to our now roughly 20 gigawatt backlog, providing terrific growth visibility through 2026. We believe these competitive advantages will enable Energy Resources to serve power, commercial and industrial and eventually hydrogen customers. With an opportunity set of $20 billion of capital investment requiring more than 15 gigawatts of new renewables, Energy Resources is well positioned to be the green hydrogen partner of choice, potentially creating new opportunities toward the end of the decade.

在 Energy Resources，我們正在利用 20 多年的經驗和競爭優勢來擴大我們的市場份額，並增加我們目前約 20 吉瓦的積壓訂單，從而在 2026 年之前提供出色的增長可見性。我們相信這些競爭優勢將使 Energy Resources 能夠為電力、商業和工業以及最終的氫客戶提供服務。 Energy Resources 擁有 200 億美元的資本投資機會，需要超過 15 吉瓦的新可再生能源，因此完全有能力成為首選的綠色氫合作夥伴，有可能在本世紀末創造新的機會。

At NextEra Energy Partners, we're executing on our plans to sell our natural gas pipelines and simplify the business. We continue to add to our renewables and storage portfolio, which now stands at over 10,000 megawatts. With the sale of the Texas natural gas pipeline portfolio expected to be completed by the end of the year, NextEra Energy Partners remains on track to transition to a 100% pure-play renewables company while continuing to deliver LP distribution per unit growth for unitholders.

在 NextEra Energy Partners，我們正在執行出售天然氣管道並簡化業務的計劃。我們繼續增加可再生能源和存儲產品組合，目前容量已超過 10,000 兆瓦。隨著德克薩斯州天然氣管道投資組合的出售預計將於今年年底完成，NextEra Energy Partners 仍有望轉型為 100% 純可再生能源公司，同時繼續為單位持有人提供每單位增長的液化石油氣分配。

With that, we're happy to answer your questions.

至此，我們很高興回答您的問題。

(Operator Instructions) Our first question will come from Steve Fleishman with Wolfe Res.

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

Yes. So a couple. First, just on the quarter. The customer supply trading business continues to do well, and you mentioned higher margins. I think Constellation has been talking about that, too. Could you just talk more about what you think is driving that in the supply business?

是的。所以一對。首先，就本季度而言。客戶供應貿易業務繼續表現良好，您提到了更高的利潤率。我認為星座也一直在談論這一點。您能否更多地談談您認為推動供應業務發展的因素是什麼？

Yes. Sure, Steve. This is John Ketchum. In the customer supply and trading business, we've just seen a lot less competition, number one. And number two, remember, a lot of -- most of the business activity that we do in that group is customer-facing business.

是的。當然，史蒂夫。這是約翰·凱徹姆。在客戶供應和貿易業務中，我們剛剛看到競爭少了很多，這是第一。第二，請記住，我們在該團隊中所做的大部分業務活動都是面向客戶的業務。

Our full requirements business, for example, where we're working with municipalities and cooperatives to help provide their power needs and arrange the capacity and ancillaries and other regulatory requirements they need to manage their business, particularly up in the Northeast. That business is -- because it's had a lot less competition has benefited from significant margins.

例如，我們的全面需求業務，我們正在與市政當局和合作社合作，幫助滿足他們的電力需求，並安排他們管理業務所需的容量和輔助設施以及其他監管要求，特別是在東北部。該業務是——因為競爭少得多，所以利潤率很高。

And please, one of the points I want to make is these arrangements that we enter into in the full requirements business are typically 2 or 3 years, and we're immediately going (inaudible) back-to-back hedging those positions. So I feel great about the risk profile. And again, terrific margins that really match up well with our skill sets, our competitive advantages and our core operations. So that's really the main driver.

我想指出的一點是，我們在完整需求業務中達成的這些安排通常為期 2 或 3 年，我們將立即（聽不清）背對背對沖這些頭寸。所以我對風險狀況感覺很好。再說一遍，極高的利潤率與我們的技能、競爭優勢和核心業務非常匹配。所以這確實是主要驅動力。

And I also want to remind folks that when you think about our customer and supply business, we run it at a very, very low VaR. For example, the last quarter, we ran that business roughly at a 2% VaR. So it's a very, very small business risk exposure overall for PMI.

我還想提醒大家，當你考慮我們的客戶和供應業務時，我們的風險價值非常非常低。例如，上個季度，我們以大約 2% 的 VaR 運營該業務。因此，總體而言，PMI 面臨的商業風險非常非常小。

Okay. Next question just on...

好的。下一個問題就...

Steve, one other point I want to make, too, on the customer supply business is that, that business, historically, you can go back 10 years and the customer supply and trading business, including this year, has never contributed more than 10% of NextEra Energy's net income. And I think that's important to keep in mind as well. We run a -- we have a lot of complementary businesses. Obviously, FPL has done well. We have other complementary businesses that Energy Resources on top of our renewable business. But that business has always stayed under 10%, and that's one of the commitments that we make to the rating agencies. And that's true this year as well.

史蒂夫，關於客戶供應業務，我還想指出的另一點是，從歷史上看，該業務可以追溯到 10 年前，客戶供應和貿易業務，包括今年，貢獻從未超過 10% NextEra Energy 的淨利潤。我認為記住這一點也很重要。我們經營著——我們有很多互補的業務。顯然，FPL做得很好。除了我們的可再生能源業務之外，我們還有其他互補業務。但該業務始終保持在 10% 以下，這是我們向評級機構做出的承諾之一。今年也是如此。

Okay. Great. Just -- maybe just the latest you're hearing on the hydrogen -- green hydrogen rules from treasury, both kind of timing and any color of where they are on some of the key issues like matching and additionality.

好的。偉大的。只是——也許只是你聽到的關於氫的最新消息——來自財政部的綠色氫規則，無論是時間安排還是在匹配和額外性等一些關鍵問題上的任何顏色。

Yes. We have been very vocal around the hydrogen regulations that need to come together. And there's been a debate for those that are familiar with it between whether we have hourly matching or annual matching. And for us, it's very simple. As part of a hydrogen project, you buy an expensive asset called an electrolyzer, which everyone is familiar with.

是的。我們一直在大力倡導需要整合的氫能法規。對於那些熟悉它的人來說，我們是否進行每小時匹配還是每年匹配一直存在爭論。對於我們來說，這非常簡單。作為氫項目的一部分，您購買一種稱為電解槽的昂貴資產，這是每個人都熟悉的。

And if you have hourly matching, the net capacity factor, the number of hours a day that you use that electrolyzer are probably less than half the day in most parts of the country. If you have an annual construct, we're able to use that electrolyzer around the clock. And so it's really easy math. I mean, when you have an expensive capital asset and you can use it around the clock, the price of green hydrogen is going to be a lot lower (inaudible) you can only use it less than half the time.

如果按小時匹配，淨容量係數，在全國大部分地區，每天使用該電解槽的小時數可能還不到半天。如果您有年度建設，我們可以全天候使用該電解槽。所以這真的很簡單。我的意思是，當你擁有昂貴的資本資產並且可以全天候使用它時，綠色氫的價格會低很多（聽不清），你只能使用它不到一半的時間。

And so the industry has come forward with a very constructive proposal, which would have the hourly matching construct not kick in until 2028, you'd have annual until that time period. And we also have supported the fact that you have to have additionality if you're going to go qualify for annual.

因此，業界提出了一項非常有建設性的提案，該提案要求按小時匹配的結構要到 2028 年才會啟動，在此之前你將每年進行匹配。我們還支持這樣一個事實：如果您想獲得每年的資格，您就必須具有額外性。

So if you're qualifying for annual in the hours that the wind is not blowing or the sun is not shining, the power, the electrolyzer behind the meter and you are buying off the grid. Well, you're buying from an additional renewable asset that has been constructed and developed to provide electrons to that newly built hydrogen facility. So from an NGO perspective, you're getting additional decarbonization benefits on the grid.

因此，如果您有資格在沒有風或沒有陽光的時間內獲得年度電價，那麼電錶後面的電力、電解槽和您就可以從電網上購買。好吧，您正在購買額外的可再生資產，該資產已被建造和開發，以便為新建的氫設施提供電子。因此，從非政府組織的角度來看，您將在電網上獲得額外的脫碳效益。

So we think we've been very constructive in what we have come forward with. We think it's really important because we want to send the right price signal to OEMs to ramp up production on electrolyzers because electrolyzers being produced at scale is going to be particularly important to declines in green hydrogen prices over time.

因此，我們認為我們提出的建議非常有建設性。我們認為這非常重要，因為我們希望向原始設備製造商發出正確的價格信號，以提高電解槽的產量，因為大規模生產電解槽對於綠氫價格隨著時間的推移下降特別重要。

And so that's where we are in terms of your question around timing. We expect treasury to probably come out with regulations now. We're hoping for August, but it's starting to sound more like September or October. But again, we have built a significant hydrogen pipeline. Parts of it work under either construct and that pipeline is well over $20 billion, and we have the land team out, and we've had them out very aggressively lining up land positions for our hydrogen portfolio that -- the nice thing about that, and which Kirk said it in the remarks, that pipeline is now about 250 gigawatts when you include early due diligence sites.

這就是您關於時間安排的問題。我們預計財政部現在可能會出台法規。我們希望是八月，但聽起來更像是九月或十月。但我們再次建造了一條重要的氫氣管道。它的部分工作在任何一種結構下，管道遠超過 200 億美元，我們有土地團隊，我們已經讓他們非常積極地為我們的氫投資組合安排土地位置——這是好事，柯克在講話中表示，如果算上早期盡職調查地點，該管道目前約為 250 吉瓦。

Nobody in our industry has a pipeline like that, nobody. And what's terrific about it is it can be used for dual purpose because hydrogen customers are just a third customer class to sell renewables to. So if the site doesn't work for hydrogen, it will work for our power, C&I customers. So we feel like we're really well positioned, and hydrogen is one of those things that can really provide a nice boom to the development expectations that we've already laid out for you.

我們這個行業沒有人擁有這樣的管道，沒有人。它的厲害之處在於它可以用於雙重目的，因為氫客戶只是銷售可再生能源的第三類客戶。因此，如果該站點不適用於氫氣，它將適用於我們的電力、工商業客戶。因此，我們覺得我們處於非常有利的位置，而氫是真正能夠為我們已經為您制定的發展期望帶來良好繁榮的事物之一。

So we're eager to see what the final regulations say. But I also want to remind folks that hydrogen has a long development cycle, so the contribution that we'll see from hydrogen investments, you would expect over the latter part of the decade.

因此，我們迫切希望看到最終法規的內容。但我也想提醒人們，氫的開發週期很長，因此我們將從氫投資中看到的貢獻，您可以預期在本十年的後半段。

Okay. Last question just on the Texas sales. So I think you said you still expect to get it done by year-end. When would that -- when would you need to or expect to or need to kind of announce transaction to make the year-end? And just how should we think about the recent data points we've seen like the TransCanada, the TC sell-down, Columbia sell-down and Cove Point. I know they're different assets, but just in the context of views on valuation of NET.

好的。最後一個問題是關於德克薩斯州的銷售。所以我想你說過你仍然希望在年底前完成它。什麼時候——你什麼時候需要或期望或需要宣布交易以完成年底？我們應該如何看待我們最近看到的數據點，例如 TransCanada、TC 拋售、Columbia 拋售和 Cove Point。我知道它們是不同的資產，但只是在對 NET 估值的看法的背景下。

Yes. Thank you, Steve. So let me take those in order. So in terms of timing, we would hope to be in a position end of the third quarter, early fourth quarter in order to support that end of the year sales time line that we have earmarked. In terms of the valuation, we view these assets as unique.

是的。謝謝你，史蒂夫。讓我按順序排列一下。因此，就時間安排而言，我們希望能夠在第三季度末、第四季度初做好準備，以支持我們指定的年底銷售時間表。就估值而言，我們認為這些資產是獨一無二的。

Again, as a reminder, the Texas Pipelines provide 25% of the natural gas supply to Mexico through contracts with PEMEX and the other pipeline assets that support the Texas Pipeline are fully integrated with that pipe. And they provide gas to [Mexico's Agua Dulce], which is a very liquid trading point. And if you look around that area, these are very, very strategic for a number of players. So again, as you all know, it's hard to compare one pipe comp to another. But again, we remain pleased with the progress that we continue to make on the sales transaction.

再次提醒您，德克薩斯管道公司通過與 PEMEX 簽訂的合同向墨西哥提供 25% 的天然氣供應，而支持德克薩斯管道公司的其他管道資產已與該管道完全集成。他們還向[墨西哥的Agua Dulce]提供天然氣，這是一個流動性很強的交易點。如果你環顧一下這個區域，就會發現這些對於許多玩家來說都是非常非常具有戰略意義的。眾所周知，很難將一種管樂與另一種進行比較。但我們仍然對銷售交易繼續取得的進展感到滿意。

And Steve, I think I said 2% on the VaR, I meant $2 million on the VaR for PMI, just to correct that.

史蒂夫，我想我說的是 2% 的 VaR，我的意思是 PMI 的 VaR 為 200 萬美元，只是為了糾正這一點。

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

我們的下一個問題將來自古根海姆合夥人公司的 Shar Pourreza。

Let me just -- as we kind of look at the latest renewable portfolio transactions, the valuations have come in fairly noticeably. Do you guys see any opportunities to kind of leverage [NEER's] platform and other picking up the existing assets or developer books, especially sort of given what seems to still be a tight financing and supply chain position for some of your competitors, while you're seeing improvements with yours, right?

讓我說一下——當我們查看最新的可再生能源投資組合交易時，估值已經相當明顯。你們是否看到任何機會利用[NEER的]平台和其他方式獲取現有資產或開發人員書籍，特別是考慮到您的一些競爭對手似乎仍然處於緊張的融資和供應鏈地位，而您'看到你的改進了，對嗎？

Yes, we are. I mean, first of all, let me just comment on the valuations that you see. I mean, I think that -- look, I'm not going to be critical of some of the assets that have come to sale. But if you read through the lines into the details of the structures of those transactions, those are not characterized as high-quality renewable assets.

是的我們是。我的意思是，首先，讓我對您看到的估值發表評論。我的意思是，我認為——看，我不會批評一些已出售的資產。但如果你仔細閱讀這些交易結構的細節，就會發現它們並不被視為高質量的可再生資產。

When you look back at what we have developed over the last 20 years and what we continue to develop are very high-quality renewable assets. Most of them are bus bar, they're with high credit counterparty offtakers.

當你回顧過去 20 年我們所開發的以及我們繼續開發的都是非常高質量的可再生資產。他們中的大多數都是母線，他們有高信用的交易對手承購商。

They are well situated in areas that benefit from our data analytics around transmission congestion, wind resource, solar resource. Because we have 20 years of experience, I like to believe and look not perfect, but we don't make some of the same mistakes that you see some of the other developers make. And so I feel like we're much better positioned our portfolio is a much better position than some of the other markers that you have seen. So I'd be very, very careful in how you assess portfolio because they're very, very different.

它們位於受益於我們對輸電擁堵、風能、太陽能資源的數據分析的區域。因為我們擁有 20 年的經驗，所以我願意相信並且看起來並不完美，但我們不會犯一些其他開發人員所犯的錯誤。因此，我覺得我們的投資組合比您所看到的其他一些標記的定位要好得多。所以我在評估投資組合時會非常非常小心，因為它們非常非常不同。

The second thing I would say is we look at all third-party M&A opportunities that come available. And we feel like we do have all the competitive advantages, some of which you mentioned, and we buy cheaper, we build cheaper, we operate cheaper. We have a cost of capital advantage. We have a terrific team that really understands how to optimize the value of existing assets. That's the key piece. Repowering assets is something we've always had a very strong track record and it's something that the rest of the industry has struggled with, and that gives us a real leg up in terms of being able to see value that others don't.

我要說的第二件事是，我們會關注所有可用的第三方併購機會。我們覺得我們確實擁有所有的競爭優勢，其中一些是你提到的，我們購買更便宜，我們建造更便宜，我們運營更便宜。我們有資金成本優勢。我們擁有一支出色的團隊，真正了解如何優化現有資產的價值。這是關鍵部分。資產再造是我們一直擁有良好記錄的事情，也是行業其他公司一直在努力解決的問題，這讓我們在能夠看到其他人看不到的價值方面擁有真正的優勢。

And then as Kirk mentioned on the call today, we have a benefit and an organic asset that nobody else has, which is the largest fleet in North America that we operate. And so we have the ability to not only repower those existing assets but to find ways to pair them up with storage and take advantage of the stand-alone storage ITC.

正如柯克今天在電話會議上提到的那樣，我們擁有其他人沒有的優勢和有機資產，這是我們運營的北美最大的機隊。因此，我們不僅能夠為這些現有資產重新供電，而且能夠找到將它們與存儲配對並利用獨立存儲 ITC 的方法。

As you all know, storage used to only be a unique opportunity to pair it with solar. The rules have changed with the stand-alone storage ITC under IRA. So now we pair it with wind. We can build it stand-alone. We're making a lot of progress in that area. We announced one project today where we're starting to see an opportunity, particularly in MISO and SPP and ERCOT, where capacity values and reliability are being priced higher than we've seen them in the past, given some of the shortfalls that they have in those markets, and that just happened to coincide with where most of our wind is.

眾所周知，存儲曾經只是與太陽能結合的獨特機會。 IRA 下的獨立存儲 ITC 規則已發生變化。所以現在我們將它與風配對。我們可以獨立構建它。我們在該領域取得了很大進展。我們今天宣布了一個項目，我們開始看到機會，特別是在 MISO、SPP 和 ERCOT 領域，考慮到它們存在的一些不足，這些項目的容量值和可靠性的定價比我們過去看到的要高。在這些市場中，這恰好與我們大部分風的所在地一致。

And given the massive existing fleet that we have, which very importantly includes an existing interconnection agreement, our ability to go and pair those assets up with solar or to repower them is unique in this industry, given the 2 decade head start that we have. And so that's a value that we try to bring to M&A opportunities as well when we exercise our other competitive advantages, including our cost of capital advantage.

考慮到我們擁有龐大的現有機隊，其中非常重要的是包括現有的互連協議，考慮到我們擁有 20 年的領先優勢，我們將這些資產與太陽能配對或重新供電的能力在這個行業是獨一無二的。因此，當我們發揮其他競爭優勢（包括資本成本優勢）時，我們也試圖為併購機會帶來這種價值。

Got it. Perfect. And then -- and John, it's been a little bit quiet, and it hasn't really been a focus for a lot of investors. But is there any sort of updates around the FEC case as of today? Any change in stance as indicated by the disclosures, any opportunities to settle?

知道了。完美的。然後，約翰，事情有點安靜，並沒有真正成為很多投資者關注的焦點。但截至今天，FEC 案件有任何更新嗎？披露的信息表明立場有任何變化嗎？有和解的機會嗎？

Yes. Thank you, Shar, for the question. No new developments. There's really no news there. Again, we would expect just based on historical precedent with the FEC that we would hear back where they have a reasonable belief that they should investigate probably sometime in the first quarter of 2024.

是的。謝謝莎爾的提問。沒有新的進展。那裡確實沒有消息。同樣，我們預計，根據 FEC 的歷史先例，我們會聽到他們有合理理由認為應該在 2024 年第一季度的某個時間進行調查的回复。

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

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

So I wanted to come back to the cadence of the backlog additions just looking at '23-'24 versus '25-'26 there. Can you talk a little bit about what you're seeing out there in terms of the ability to execute in kind of the [nearer-term] sense to execute against that first bucket versus the latter here? And especially give us a little bit of an update on IRS clarity and what that means for the willingness to commit to close on contracts here, especially maybe now that you have that in hand on transferability, et cetera. How do you think about maybe biasing towards the later years there, just given where we stand already?

因此，我想回到積壓訂單添加的節奏，僅查看“23-”24 與“25-”26 之間的情況。您能否談談您所看到的在[近期]意義上針對第一個桶與後者執行的能力方面的情況？特別是請給我們提供一些有關國稅局透明度的最新信息，以及這對於承諾在此簽訂合同的意願意味著什麼，尤其是現在您已經掌握了可轉讓性等方面的信息。考慮到我們已經所處的位置，您如何看待可能會偏向那裡的晚年？

Yes. Good question, Julien. So let me just start with take that in chunks because everyone knows our development expectations are '23 to '26. So let's just start with the first 2 years, and then we'll talk about second 2 years. So for '23 through '24, we're in great shape. We're already within the range as we had expected to be. And then on '25 and '26, if you go back to the beginning of '22, and you add up where we are today, we've already added 12 gigawatts just in the last 6 quarters. That puts us in great shape against '25 and '26 because now we have 15 gigawatts to get to the midpoint.

是的。好問題，朱利安。因此，讓我首先將其分為幾個部分，因為每個人都知道我們的發展預期是“23 至 26”。我們先從前兩年開始，然後再討論後兩年。因此，從 23 年到 24 年，我們的狀態很好。我們已經在我們預期的範圍內了。然後在 25 年和 26 年，如果你回到 22 年初，將我們今天的情況加起來，我們在過去 6 個季度就已經增加了 12 吉瓦。這使我們在對抗 25 年和 26 年時處於良好狀態，因為現在我們有 15 吉瓦的電力來達到中點。

And if you kind of work backwards from '26, that's 3.5 years to get 15 gigawatts. So we feel like we are really in great position and on track on that build. And I think there's some real tailwinds that we're going to start to see come forward.

如果從 26 年開始倒推，需要 3.5 年才能達到 15 吉瓦。所以我們覺得我們確實處於有利位置並且正在朝著這個方向發展。我認為我們將開始看到一些真正的有利因素出現。

And I want to explain some dynamics just around what we've seen in the renewable industry, which was part of your question, Julien. Let's just go back to '22. I mean in '22, we saw a lot of supply chain issues that started to surface. And then we saw [here flip up], we saw circumvention that caused some delays. It also caused the shortage of supply because some developers were scrambling for panels that they thought they could get into the country, which I think for a short period of time drove prices up.

我想解釋一下我們在可再生能源行業所看到的一些動態，這也是你問題的一部分，朱利安。讓我們回到22年。我的意思是，在 22 年，我們看到很多供應鏈問題開始浮出水面。然後我們看到[這裡翻轉]，我們看到了造成一些延誤的規避行為。這也導致了供應短缺，因為一些開發商爭先恐後地購買他們認為可以進入該國的面板，我認為這在短時間內推高了價格。

The great thing is all those '22 projects that got delayed into '23 are now starting to go into commercial operation. That's a really good news for customers because those customers that were digesting that '22 build and waiting for those projects to go COD in the '23 are now coming back to the market. And so we're seeing really strong demand from those folks as we start to look forward.

令人高興的是所有那些被推遲到 23 年的 22 個項目現在都開始投入商業運營。這對客戶來說確實是個好消息，因為那些正在消化 22 年構建並等待這些項目在 23 年交付的客戶現在又回到了市場。因此，當我們開始展望未來時，我們看到這些人的需求非常強勁。

The other benefit of that is as you see you [flip up], issues start to get worked through. We're not seeing the flip up holdbacks that we used to see. So making a lot of progress on that front. When you take that into account with the clarity that we're now seeing around circumvention, we finally have this bright-line rule with the [6-part] tests and as long as you meet 4 of the 6, and you're importing from Southeast Asia, you're okay.

這樣做的另一個好處是，當你看到你[翻轉]時，問題就開始得到解決。我們沒有看到過去看到的翻轉阻力。因此在這方面取得了很大進展。當您考慮到這一點並清楚地了解我們現在圍繞規避問題所看到的情況時，我們最終通過 [6 部分] 測試得出了這條明確的規則，只要您滿足 6 項中的 4 項，您就可以導入來自東南亞，你沒問題。

And so what we've seen is a relaxation in pricing as a result of that. So now the risk premium that was being charged last year by the import market is starting to come down. The other terrific phenomenon that we're seeing around solar pricing is that Southeast Asia still sets the price for panels in the U.S., but that risk price premium is starting to come down and Southeast Asia really wants a big part of the U.S. market.

因此，我們看到的是定價的放鬆。因此，現在進口市場去年收取的風險溢價開始下降。我們在太陽能定價方面看到的另一個可怕現像是，東南亞仍然為美國的電池板定價，但風險溢價開始下降，東南亞確實希望在美國市場佔據一大部分。

Why do they want a big part of the U.S. market? They sell panels for $0.20 everywhere else, right? They've been selling panels for $0.40 roughly in the U.S. So they have a lot of room to move. And so as that risk premium comes down around, [you flip] and circumvention, it's forcing prices down in the U.S.

為什麼他們想要佔據美國市場的很大一部分？他們在其他地方以 0.20 美元的價格出售面板，對嗎？他們在美國的面板售價約為 0.40 美元，因此他們有很大的移動空間。因此，隨著風險溢價下降，[你翻轉]和規避，它迫使美國的價格下跌。

At the same time, you're seeing a lot more U.S. supply come online through new module facilities are getting announced, also through cell facilities that will come along with it. And so the bottom line is when you look at the solar picture, it's favorable from an equipment price standpoint because I think you're starting to see a lot of capacity come online that is going to force prices down over time, particularly as you see the U.S. market evolve. And it's no secret with some of the economic data coming out of China that some of those Southeast Asian markets are under pressure with capacity -- excess capacity positions.

與此同時，您會看到更多的美國供應通過正在宣布的新組件設施以及隨之而來的電池設施上線。因此，最重要的是，當您查看太陽能圖片時，從設備價格的角度來看，這是有利的，因為我認為您開始看到大量容量上線，這將迫使價格隨著時間的推移而下降，特別是如您所見美國市場不斷發展。從中國傳來的一些經濟數據來看，一些東南亞市場正面臨產能壓力——產能過剩，這已不是什麼秘密。

And so they've got batteries and panels they need to find things to do with. Battery prices are coming down as well. We've finally seen a relaxation of battery prices, really struggling to see -- really struggling in the EV market in China, which has created very much in excess capacity around batteries.

所以他們有電池和麵板，他們需要找到可以做的事情。電池價格也在下降。我們終於看到了電池價格的放鬆，這真的很難看到——中國的電動汽車市場確實很艱難，這造成了電池方面的產能嚴重過剩。

And so we're finally starting to see some relaxation there. I think there's been more of a movement around traditional lithium-ion and some of the rare mineral exposure you see there, sodium and other battery forms. And so very encouraged about the landscape there.

所以我們終於開始看到一些放鬆。我認為圍繞傳統鋰離子和一些稀有礦物、鈉和其他電池形式的運動已經發生了更多的變化。那裡的風景非常令人鼓舞。

And then on the wind OEM side, the wind folks are really one of the only ones that can reap the full benefit of domestic content in the full manufacturer incentives. So feel really good about where wind sits as well. So I think as you start to look forward and we started to move through the supply chain issues we saw in '22 of these projects coming online in '23, combined with excess capacity globally around the supply chain feel great there.

然後在風電OEM方面，風電人確實是唯一能夠在完整的製造商激勵中充分受益於國產內容的人之一。所以對風所在的位置也感覺很好。因此，我認為，當你開始展望未來時，我們開始解決供應鏈問題，我們在 22 個項目中看到了 23 年上線的情況，再加上全球供應鏈的產能過剩，感覺很棒。

And let me talk about transferability for a second. There's been a lot of discussion, and I've heard a lot of questions about folks saying, "Well, how's transferability going to be accounted for? And is it going to be part of the FFO and the FFO to debt metric?" We feel very good, and we've told investors for a long time that we feel very good that it's in accordance with GAAP, it flows through the tax line for tax credits that get transferred to be included.

讓我談談可轉移性。有很多討論，我聽到很多關於人們的問題，“那麼，如何考慮可轉讓性？它會成為 FFO 和 FFO 債務指標的一部分嗎？”我們感覺非常好，而且我們長期以來一直告訴投資者，我們感覺非常好，因為它符合公認會計原則，它流經轉移的稅收抵免的稅收額度。

And so we feel good about where that is heading and that we'll end up with -- in a good place there that FFO to debt question that has surfaced around transferability. So when you put all those pieces together, as we work through some of these headwinds that we've had, we feel very good about where things are heading, and let's just face it. We're just getting started. Renewables are here to stay. They're not going anywhere. And so while we might -- the development process isn't always going to be a straight line. We're in terrific shape and feel very optimistic about the future.

因此，我們對未來的發展方向感到滿意，而且我們最終會得到一個很好的結果——圍繞可轉讓性出現的 FFO 債務問題。因此，當你把所有這些部分放在一起時，當我們克服所遇到的一些阻力時，我們對事情的發展方向感覺非常好，讓我們面對它吧。我們才剛剛開始。可再生能源將繼續存在。他們哪兒也不去。因此，儘管我們可能會——開發過程並不總是一條直線。我們的狀態非常好，對未來感到非常樂觀。

Right. And actually, John, to that point though, a lot of the dynamics you just talked about are very like real time, if you will, versus kind of trailing into the quarter itself. How do you feel about just that contracting acceleration here in the back half? I mean a lot of the points you made would really argue that you could see an uptick versus kind of something that was more on trend in the last quarter.

正確的。事實上，約翰，就這一點而言，如果你願意的話，你剛才談到的很多動態都非常像實時的，而不是落後於季度本身。你對後半場的收縮加速感覺如何？我的意思是，您提出的很多觀點確實表明，與上個季度更流行的趨勢相比，您可能會看到上漲。

Yes. A lot of it is going to depend on -- as I said before, these '22 projects continuing to come online in 2023 and those customers that had a little bit of fatigue, so to speak, around those delays coming back to market, which we're starting to see. And so that will be the wild card. But we feel good about how the rest of the year continues to shape up.

是的。這很大程度上取決於——正如我之前所說，這些 22 個項目將在 2023 年繼續上線，以及那些對這些延遲返回市場感到有點疲勞的客戶，這我們開始看到了。所以這將是一個未知數。但我們對今年剩餘時間的持續發展感到滿意。

Got it. We'll stay tuned on that front. All right. Excellent.

知道了。我們將繼續關注這方面的情況。好的。出色的。

And Julien, one other thing to add to that is hydrogen. We get the right rules there. And again, I can't stress it enough. I mean, we've always only had 2 customer classes for renewables. It's been power sector. It's been the C&I sector. Now with the right rules, we have the potential to add a third customer class, which is the renewables for hydrogen customers, and that's exciting as well.

朱利安（Julien），另一件事要補充的是氫氣。我們在那裡制定了正確的規則。我再次強調這一點。我的意思是，我們一直只有 2 個可再生能源客戶類別。這是電力部門。這是工商業部門。現在有了正確的規則，我們就有可能增加第三個客戶類別，即氫客戶的可再生能源，這也令人興奮。

Yes. Yes. So stay tuned, maybe a quarter or 2 after you get those rules to really see that flow through in that third customer class?

是的。是的。因此，請繼續關注，也許在您獲得這些規則後四分之一或兩個季度才能真正看到第三個客戶類別的流程？

Yes, I think that's right. And then remember, those projects have longer lead time development cycles. So in terms of the contribution that investors should expect, it's going to come in the latter part of the decade.

是的，我認為這是對的。然後請記住，這些項目的開發週期較長。因此，就投資者所期望的貢獻而言，它將在本世紀後半段出現。

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

我們的下一個問題將來自摩根士丹利的大衛·阿卡羅。

Maybe shifting a little bit to NEP. I was wondering -- I know you don't -- in terms of the financing outlook, you don't need equity for some time here, but I was wondering if you could just give any latest thoughts on alternative financing approaches to hit longer-term growth projections at NEP?

也許會稍微轉向新經濟政策。我想知道——我知道你不知道——就融資前景而言，你在一段時間內不需要股權，但我想知道你是否可以就替代融資方法提供任何最新的想法，以實現更長期的目標- NEP 的長期增長預測？

Yes. I mean for NEP, first of all, the focus is on the simplification strategy, which we shared with the market back in May. And we have said that our expectation as a result of that is we don't -- assuming a successful execution on that sale that we don't expect to have equity requirements in 2024 other than opportunistic equity issuances under our ATM to help finance growth beyond 2024.

是的。我的意思是，對於新經濟政策，首先，重點是簡化策略，我們早在五月份就與市場分享了這一策略。我們已經說過，我們的預期結果是，假設此次出售成功執行，我們預計 2024 年不會有股權要求，除了在我們的 ATM 下發行機會性股票以幫助融資增長之外2024 年之後。

But if you look, and you can see in the slides here that we have a lot of flexibility under our current metrics with the agencies in terms of the ability to add additional, what I would call, traditional debt-based capital market financing mechanisms to accommodate the growth going forward. And we are very busy looking at the back end, 3 (inaudible) that we have and some ideas around how we are going to address those as well because when we move on from the simplification transaction, that's going to be the next point of focus. We're not -- but we're not waiting. We're continuing to look at [that].

但如果你看一下，你可以在此處的幻燈片中看到，根據我們當前的指標，我們與各機構在添加額外的（我所說的）傳統的基於債務的資本市場融資機制的能力方面具有很大的靈活性。適應未來的增長。我們非常忙於研究我們擁有的後端 3（聽不清）以及我們將如何解決這些問題的一些想法，因為當我們從簡化事務繼續前進時，這將是下一個焦點。我們不是——但我們不會等待。我們正在繼續關注這個問題。

And look, there continues to be a strong bid for and interest in renewable -- interest in renewable assets long term, particularly when you think about the opportunity to do that with the world's leader in renewable development with the competitive advantages that we have, the 20 gigawatt backlog, the growth visibility, the (inaudible) going forward, all very promising. And so we continue to engage in those discussions as well as we think about the future.

看，人們對可再生能源的強烈競購和興趣仍然存在——對可再生能源資產的長期興趣，特別是當你考慮到有機會與世界可再生能源開發領域的領導者一起實現這一目標時，我們擁有競爭優勢， 20 吉瓦的積壓、增長可見度、（聽不清）未來發展，一切都非常有希望。因此，我們將繼續參與這些討論並思考未來。

Got it. Got it. And then also, I just had a question related to the transmission constraints that we've seen in the industry, but you made the comment about a very large interconnection position, 145 gigawatts. I was just wondering if you could speak to the transmission queue challenges. And do you think that could potentially be a constraint on growth for the industry at any point? Or how much visibility do you have into hitting longer-term growth targets with that massive queue that you've got in place?

知道了。知道了。另外，我剛剛有一個與我們在行業中看到的傳輸限制相關的問題，但您對非常大的互連位置（145 吉瓦）發表了評論。我只是想知道您是否可以談談傳輸隊列的挑戰。您認為這是否可能在任何時候限制該行業的增長？或者，您對通過現有的大量隊列實現長期增長目標有多少可見度？

Yes. So let me take that in 2 pieces. I mean, 1 is the 145 gigawatts that you're referencing, David, around the 250 gigawatt pipeline that we have -- we already have, with the 145 interconnection position secured, I would challenge you to find anybody in the industry that has even close to that number of projects with interconnection capacity. And don't forget, given the demand we're seeing in the market, if you have a site ready to go with interconnection capacity, that's the hard part, finding the customer right now is not the hard part. And -- so that's why we have such a focus on making sure that our early-stage development program is right on track, and I feel just terrific about where we stand there today.

是的。讓我把它分成兩部分。我的意思是，大衛，你提到的 145 吉瓦，大約是我們擁有的 250 吉瓦管道——我們已經擁有了，在確保 145 互連位置的情況下，我會挑戰你找到業內任何人甚至擁有接近具有互連能力的項目數量。不要忘記，考慮到我們在市場上看到的需求，如果您有一個準備好互連能力的站點，那是困難的部分，現在找到客戶並不是困難的部分。這就是為什麼我們如此專注於確保我們的早期開發計劃步入正軌，我對我們今天所處的位置感到非常高興。

Let me take the second piece, though, that you have, which is just about transmission in general. We are not waiting. We are taking the transmission and interconnect issues into our own hands. And we're doing that through NextEra Energy Transmission. We are laser focused on competitive transmission build-out around where our renewable assets are going and where they are going to be built.

不過，讓我來談談您的第二部分，它與一般的傳輸有關。我們不等了。我們正在將傳輸和互連問題掌握在自己手中。我們正在通過 NextEra Energy Transmission 來實現這一目標。我們專注於圍繞可再生資產的去向和建設地點進行有競爭力的輸電建設。

We announced a project last quarter, another $400 million opportunity in Cal ISO. I'm not going to talk about them today, but we have a number of various other transmission projects on the board right now that we are evaluating. That business is going terrific.

上季度我們宣布了一個項目，即 Cal ISO 的另一個價值 4 億美元的機會。我今天不打算談論它們，但我們現在正在評估許多其他傳輸項目。那生意進展得非常好。

And again, the bottom line message for investors is we're not waiting. We're taking that into our own hands. That's why we bought GridLiance. That's why we continue to make investments in that space, and we intend to solve those problems ourselves as we go along.

再次，對投資者來說，最重要的信息是我們不會等待。我們正在把它掌握在我們自己手中。這就是我們購買 GridLiance 的原因。這就是為什麼我們繼續在這個領域進行投資，並且我們打算在前進的過程中自己解決這些問題。

Our next question will come from Carly Davenport with Goldman Sachs.

我們的下一個問題將來自高盛的卡莉·達文波特。

Just wanted to go back to the supply chain, and thanks for the commentary there in the earlier question. But just in terms of rate of change from a supply chain perspective relative to recent quarters, are you seeing any divergence between trends in wind projects versus solar projects?

只是想回到供應鏈，感謝您在之前問題中的評論。但僅從供應鏈角度相對於最近幾個季度的變化率來看，您是否發現風電項目與太陽能項目的趨勢之間存在任何差異？

In terms -- yes, I mean in terms of wind projects, let me just make a couple of comments there. I mean, we do almost all of our businesses with GE. We've done a little bit with Siemens. And I know there's been some press on Siemens recently. We don't have any of the Siemens Gamesa turbines in our fleet. I just want to make that very clear.

就風電項目而言，是的，我的意思是，讓我在此發表幾點評論。我的意思是，我們幾乎所有的業務都與通用電氣合作。我們已經與西門子做了一些工作。我知道最近有一些關於西​​門子的新聞報導。我們的機隊中沒有任何西門子歌美颯渦輪機。我只想說清楚這一點。

As we think about supply chain around wind versus solar, remember that wind turbines are made almost exclusively in the U.S. And so there'll be direct beneficiaries of the [manufacturer] incentives, and we hope domestic content. They have a couple of paperwork, things they have to work out with treasury, which hopefully, will get there on in terms of what kind of information they have to share with their ultimate customers and giving away the secret sauce on margins and all those things.

當我們考慮風能與太陽能的供應鏈時，請記住，風力渦輪機幾乎完全在美國製造，因此[製造商]激勵措施將是直接受益者，我們希望國內含量。他們有一些文件，他們必須與財務部門一起解決的問題，希望這些文件能夠實現他們必須與最終客戶分享什麼樣的信息，並透露利潤率的秘密以及所有這些事情。

But they continue to work through those issues. But when just doesn't have the same exposure and issues that we've had to deal with, with solar or around you flip or around circumvention. But again, as I said earlier, those issues around solar, which really plagued the industry back in '22 have been things that we've been working through in '23. And now we're starting to see a lot more capacity show up not only in the U.S., but in other markets as well. And so we are capitalizing on all those opportunities and leveraging our buying power as you would expect us to do.

但他們仍在繼續努力解決這些問題。但是，當我們沒有遇到與我們必須處理的相同的暴露和問題時，無論是太陽能還是圍繞你的翻轉或圍繞規避。但正如我之前所說，那些在 22 年真正困擾該行業的太陽能問題是我們在 23 年一直在努力解決的問題。現在我們開始看到不僅在美國，而且在其他市場也出現了更多的產能。因此，我們正在利用所有這些機會並利用我們的購買力，正如您所期望的那樣。

Great. That's helpful. And then the follow-up is just a quick one on kind of the cost environment. It seems like it's starting to improve a bit, but still challenging for many. Can you just talk about how you're managing costs in this environment and kind of what levers exist that are available to pull if needed to continue to execute at a high level from an earnings perspective?

偉大的。這很有幫助。然後後續只是對成本環境的快速了解。看起來情況已經開始有所改善，但對許多人來說仍然具有挑戰性。您能否談談在這種環境下您是如何管理成本的，以及如果需要從收益的角度繼續以高水平執行，可以使用哪些槓桿？

Yes. Thanks, Carly. So we spoke on our last call about, and I know you're familiar with this, we run a cost savings initiative every year at the company. This year, we called it Velocity that we ran under the same name last year. And we challenge every one of our business units. It's a bottoms-up process to come up with cost savings ideas for how we run our company.

是的。謝謝，卡莉。因此，我們在上次電話會議上談到，我知道您對此很熟悉，我們公司每年都會實施一項成本節約計劃。今年，我們將其稱為 Velocity，與去年的名稱相同。我們向每一個業務部門提出挑戰。這是一個自下而上的過程，為我們如何運營公司提出節省成本的想法。

And we've had amazing success through that program over the last 10 years. In the last 2 years, in fact, if you look at it, we've been able to identify over $700 million of cost savings initiatives, both at FPL and Energy Resources. So we're constantly looking for ways to continue to take cost out of the business, whether it's O&M, whether it's G&A and how do we leverage technology. Technology is a big piece of it as well.

過去 10 年來，我們通過該計劃取得了驚人的成功。事實上，在過去兩年中，如果您仔細觀察，就會發現我們在 FPL 和 Energy Resources 方面已經確定了超過 7 億美元的成本節約計劃。因此，我們不斷尋找繼續降低業務成本的方法，無論是運營和維護、一般管理費用以及我們如何利用技術。技術也是其中的重要組成部分。

We recently launched a massive generative AI program that we think also leveraging all the skills that we have around technology that we've been able to build over the last 10 to 15 years to really leverage AI in a way we never have in terms of how we run the business as well. And so all of those things, I think, are going to contribute to cost declines over time for the business. But we're laser-focused on cost.

我們最近啟動了一個大規模的生成式人工智能計劃，我們認為該計劃還利用了我們在過去 10 到 15 年中建立的技術所擁有的所有技能，以一種我們從未有過的方式真正利用人工智能。我們也經營這項業務。因此，我認為，隨著時間的推移，所有這些因素都將有助於企業成本下降。但我們非常關注成本。

And then the development business, when you're selling a commodity, electricity, it's a game of inches, you got to be better than the next developer in line in terms of buying equipment cheaper, building it cheaper, operating it cheaper, financing it cheaper and we have with the A- balance sheet, a terrific cost of capital advantage. And when we put all those things together, we feel great about our competitive position, our market share and how we continue to progress through our renewable development program.

然後是開發業務，當你銷售商品、電力時，這是一場寸土寸金的遊戲，你必須在更便宜地購買設備、更便宜地建造它、更便宜地運營它、融資方面比下一個開發商做得更好。更便宜，而且我們擁有 A 級資產負債表，具有巨大的資本成本優勢。當我們把所有這些事情放在一起時，我們對我們的競爭地位、我們的市場份額以及我們如何通過可再生能源發展計劃繼續取得進展感到非常滿意。

Our next question -- pardon me, this concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的下一個問題——請原諒，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。