新世紀能源 (NEE) 2023 Q3 法說會逐字稿

Good day, and welcome to the NextEra Energy and NextEra Energy Partners LP Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加NextEra Energy和NextEra Energy Partners LP 2023年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在我將會議交給投資者關係總監克里斯汀·羅斯女士。請開始吧。

Thank you, Vaish. Good morning, everyone, and thank you for joining our Third Quarter 2023 Combined Financial Results Conference Call for NextEra Energy and NextEra Energy Partners. With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy; Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy; Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Armando Pimentel, president and Chief Executive Officer of Florida Power & Light Company. Kirk will provide an overview of our results, and our executive team will then be available to answer your questions.

謝謝Vaish。大家早安，感謝各位參加NextEra Energy及NextEra Energy Partners 2023年第三季合併財務業績電話會議。今天早上與我一同出席的有：NextEra Energy董事長、總裁兼執行長John Ketchum；NextEra Energy執行副總裁兼財務長Kirk Crews；NextEra Energy Resources總裁兼執行長Rebecca Kujawa；NextEra Energy執行副總裁Mark Hickson（他們同時也是NextEra Energy Partners的高階主管兼執行長兼佛羅裡達電力照明公司總裁兼執行長兼執行長（Ardomentel Partners）的高階主管兼首席執行長）；以及佛羅裡達電力照明公司總裁兼執行長。 Kirk將概述我們的業績，之後我們的高階主管團隊將回答各位的問題。

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 used in today's earnings news release and the comments made during this conference call in the Risk Factors section of the accounting presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, www.nexteraenergy.com and www.nexteraenergypartners.com. We do not undertake any duty to update any forward-looking statements.

在本次電話會議中，我們將根據目前的預期和假設做出前瞻性陳述，但這些陳述存在風險和不確定性。如果我們的任何關鍵假設不正確，或者由於今天發布的盈利新聞稿和本次電話會議中會計報表「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提及的其他因素，實際結果可能與我們的前瞻性陳述存在重大差異。所有這些文件均可在我們的網站 www.nexteraenergy.com 和 www.nexteraenergypartners.com 上找到。我們不承擔更新任何前瞻性陳述的義務。

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

在今天的簡報中也提及了非公認會計準則（non-GAAP）財務指標。有關定義資訊以及歷史非公認會計準則指標與最接近的公認會計準則（GAAP）財務指標的調節表，請參閱今天簡報的配套投影片。

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

接下來，我將把電話交給柯克。

Thanks, Kristin, and good morning. NextEra Energy delivered strong third quarter results, growing adjusted earnings per share approximately 10.6% year-over-year. In the quarter, FPL continued to deliver outstanding value to its customers in what we believe has been one of the most constructive regulatory jurisdictions in the nation. FPL's bills are well below the national average, and we are relentlessly focused on reliability and running the business efficiently.

謝謝克里斯汀，早安。 NextEra Energy第三季業績表現強勁，調整後每股盈餘較去年同期成長約10.6%。本季度，FPL持續為客戶提供卓越價值，我們認為FPL所在的監管環境是全美最具建設性的地區之一。 FPL的電費遠低於全國平均水平，我們始終致力於提高供電可靠性並高效地經營業務。

Energy Resources extended its leadership position in renewable energy during the third quarter with strong adjusted earnings growth and its best renewables and storage origination quarter in its history. NextEra Energy has clear growth visibility through FPL's capital plan and Energy Resources' over 21 gigawatt renewables and storage backlog. With the strongest balance sheets in the sector and worldwide banking relationships, we believe NextEra Energy has both significant access to capital and cost of capital advantages and is well positioned to continue to deliver long-term value for shareholders.

能源資源公司第三季憑藉著強勁的調整後獲利成長和史上最佳的再生能源和儲能專案訂單量，進一步鞏固了其在再生能源領域的領先地位。 NextEra Energy受惠於FPL的資本計畫以及能源資源公司超過21吉瓦的再生能源和儲能專案儲備，擁有清晰的成長前景。憑藉著業界最強勁的資產負債表和遍布全球的銀行關係，我們相信NextEra Energy在融資管道和資本成本方面都擁有顯著優勢，並已做好充分準備，持續為股東創造長期價值。

Now let's turn to FPL's detailed results. For the third quarter of 2023, FPL's earnings per share increased $0.04 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 13.6% year-over-year. We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current rate agreement's 4-year term, which funds through 2025. FPL's capital expenditures were approximately $2.6 billion for the quarter, and we expect FPL's full year 2023 capital investments to be between $9 billion and $9.5 billion.

現在我們來看FPL的詳細業績。 2023年第三季度，FPL每股盈餘較去年同期成長0.04美元。這一業績成長的主要驅動因素是FPL的監管資本投入年增約13.6%。我們仍然預期，在目前為期四年的費率協議期限內（該協議將持續到2025年），FPL的監理資本投入將維持約9%的年平均成長率。 FPL本季的資本支出約為26億美元，我們預計FPL 2023年全年的資本投資將在90億美元至95億美元之間。

For the 12 months ending September 2023, FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the third quarter, we reversed roughly $245 million of reserve amortization, leaving FPL with a balance of over $1.2 billion. Over the current 4-year settlement agreement, we continue to expect FPL to make capital investments of between $32 billion to $34 billion. Our capital investment plan is well established and focused on enhancing what we believe is one of the best customer value propositions in the industry.

截至2023年9月的12個月內，FPL出於監管目的報告的淨資產收益率（ROE）約為11.8%。第三季度，我們衝回了約2.45億美元的準備金攤銷，使FPL的餘額超過12億美元。在目前為期4年的和解協議下，我們仍預期FPL將進行320億至340億美元的資本投資。我們的資本投資計畫已製定完善，旨在提升我們認為業界最佳的客戶價值主張之一。

Key indicators show that the Florida economy remains healthy and Florida continues to be one of the fastest-growing states in the country. FPL's third quarter retail sales increased 3% from the prior year comparable period due to warmer weather, which had a positive year-over-year impact on usage per customer of approximately 2%. As a result, FPL observed solid underlying growth in third quarter retail sales of roughly 1% on a weather-normalized basis.

關鍵指標顯示，佛羅裡達州經濟依然穩健，並繼續保持全美成長最快的州之一的地位。受天氣轉暖的影響，FPL第三季零售額較上年同期成長3%，帶動了每位用戶用電量年增約2%。因此，經過天氣因素調整後，FPL第三季零售額實現了約1%的穩健成長。

Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 21% year-over-year. Contributions from new investments increased $0.11 per share year-over-year, while our existing clean energy portfolio declined $0.02 per share which includes the impact of weaker year-over-year wind resource. The comparative contribution from our customer supply and trading and gas infrastructure businesses increased by $0.04 per share and $0.01 per share, respectively. All other impacts reduced earnings by $0.08 per share. This decline reflects higher interest costs by $0.06 per share, half of which is driven by new borrowing costs to support new investments.

現在我們來看能源資源公司，該公司公佈的調整後獲利年增約21%。新投資帶來的每股盈餘年增0.11美元，而現有清潔能源投資組合的每股盈餘下降0.02美元，其中包括風能資源年減的影響。客戶供應和交易業務以及天然氣基礎設施業務的每股收益分別成長0.04美元和0.01美元。所有其他因素導致每股收益減少0.08美元。這一下降反映了每股利息成本增加0.06美元，其中一半是由於支持新投資而產生的新增借款成本。

Energy Resources had a record quarter of new renewables and storage origination adding approximately 3,245 megawatts to the backlog, which is the first time we have exceeded 3 gigawatts in a single quarter. Although we will remind you that signings can be lumpy quarter-to-quarter, we do believe this is a terrific sign of strong underlying demand for new renewable generation.

Energy Resources公司本季新增再生能源和儲能專案數量創歷史新高，新增裝置容量約3,245兆瓦，這是我們首次單季新增裝置容量超過3吉瓦。儘管我們提醒各位，季度簽約量可能存在波動，但我們相信這充分錶明市場對新增再生能源發電的需求強勁。

With these additions, our backlog now totals over 21 gigawatts after taking into account roughly 1,025 megawatts of new projects placed into service since our second quarter call. We also removed roughly 1,180 megawatts from our backlog, including roughly 800 megawatts of projects in New York following an adverse decision by NYSERDA 2 weeks ago. We are optimistic that these projects will ultimately move forward, but are removing them from backlog for now. The remaining megawatts were removed due to permitting challenges. Overall, we remain on track to achieve our renewable development expectations of roughly 33 to 42 gigawatts through 2026.

加上這些新增項目，我們的待建項目總數已超過21吉瓦，其中包括自第二季財報電話會議以來投入營運的約1025兆瓦新項目。此外，我們也從待建計畫中移除了約1180兆瓦，其中包括紐約州能源研究與發展局（NYSERDA）兩週前做出不利決定後，紐約州約800兆瓦的計畫。我們樂觀地認為這些項目最終會推進，但目前暫時將其從待建項目中移除。其餘移除的兆瓦項目是由於審批方面的挑戰。整體而言，我們仍有望實現2026年再生能源開發裝置容量達到約33至42吉瓦的目標。

This quarter's backlog additions include roughly 455 megawatts to repower existing wind facilities, which includes Energy Resources' share of approximately 740 megawatts of repowers within the NextEra Energy Partners' portfolio, which I'm going to discuss in a few minutes. As a reminder, in a repower, we invest roughly 50% to 80% of the cost of a new build, are able to refresh and enhance the performance of the turbine equipment and start a new 10 years of production tax credits, collectively resulting in attractive returns.

本季新增訂單包括約455兆瓦的現有風電設施改造項目，其中包括Energy Resources在NextEra Energy Partners投資組合中約740兆瓦改造項目中的份額，我稍後會詳細介紹。需要說明的是，在改造工程中，我們投入的成本約為新建案的50%至80%，能夠更新並提升渦輪機設備的性能，並開始享受新的10年生產稅收抵免，最終帶來可觀的回報。

Energy Resources has previously repowered roughly 6 gigawatts of its approximately 23-gigawatt operating wind portfolio, and we believe we will be able to repower much of our existing wind portfolio in coming years. Also included in the backlog additions are roughly 250 megawatts of standalone battery storage projects co-located with existing wind and solar facilities. The combination of the standalone storage tax credit and the ability to utilize existing interconnection capacity from our operating renewables and storage footprint positions us well to serve our customers' growing needs for capacity.

能源資源公司先前已對其約23吉瓦的營運風電項目中的約6吉瓦進行了改造升級，我們相信未來幾年內能夠對大部分現有風電項目進行改造升級。此外，新增項目還包括約250兆瓦的獨立電池儲能項目，這些項目與現有的風能和太陽能設施毗鄰而建。獨立儲能稅收抵免政策以及利用現有再生能源和儲能併網容量的能力，使我們能夠更好地滿足客戶日益增長的容量需求。

Turning now to our third quarter 2023 consolidated results. Adjusted earnings from Corporate and Other decreased by $0.01 per share year-over-year. Our long-term financial expectations remain unchanged. 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 through 2026. 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 for at least 2024, off a 2022 base. As always, our expectations are subject to our caveats.

現在來看看我們2023年第三季的合併業績。經調整後的公司及其他收益年減0.01美元/股。我們的長期財務預期維持不變。如果2023年至2026年期間，我們每年的經調整每股盈餘未能達到或接近預期範圍的上限，我們將感到失望。 2021年至2026年，我們仍預期經營現金流量的年均成長率將達到或超過經調整每股盈餘的複合年增長率預期範圍。我們仍預期，至少從2024年起，每股股利將以每年約10%的速度成長（以2022年為基數）。一如既往，我們的預期受制於我們提出的各項限制條件。

Going forward, we plan to fund the business in a manner similar to how we have historically done so at both FPL and Energy Resources. This includes utilizing cash flow from operations for roughly half of our funding needs in addition to tax equity, project finance and corporate debt. Sale of tax credits is serving as a new source of capital funding for NextEra Energy. We expect to transfer roughly $400 million in tax credits in 2023 and expect this amount to grow over the next couple of years to approximately $1.6 billion to $1.8 billion in 2026. This dynamic has reduced NextEra Energy's equity and capital recycling needs, including those previously met via sales to NextEra Energy Partners, which has historically averaged roughly $1 billion of annual cash proceeds.

展望未來，我們計劃沿用以往在FPL和Energy Resources的融資方式。這包括利用營運現金流滿足約一半的資金需求，此外還包括稅收抵免、專案融資和公司債務。出售稅收抵免正成為NextEra Energy新的資金來源。我們預計2023年將轉移約4億美元的稅收抵免，並預計未來幾年這筆金額將成長至2026年的約16億至18億美元。這項動態降低了NextEra Energy的股權和資本循環需求，包括先前透過出售給NextEra Energy Partners來滿足的需求，而NextEra Energy Partners歷來平均每年可獲得約10億美元的現金收益。

Let me address future equity issuances specifically. Our balance sheet and financial discipline remain core to our strategy. As we find attractive investments for our customers and shareholders, we expect to fund those investments in a way that maintains the strength of our balance sheet. As a reminder, over the last 5 years, we have issued roughly $1.5 billion annually, on average, of equity in the form of equity units. We do not expect to issue any equity for the balance of 2023 and expect our year-end credit metrics to exceed those specified by the agencies to support our credit rating -- our current ratings.

讓我具體談談未來的股權發行。我們的資產負債表和財務紀律仍然是我們策略的核心。當我們為客戶和股東找到有吸引力的投資項目時，我們預計會以維持資產負債表穩健的方式為這些投資提供資金。需要提醒的是，過去五年，我們平均每年發行約15億美元的股權（以股權單位的形式）。我們預計2023年剩餘時間內不會發行任何股權，並預計我們年底的信用指標將超過評級機構為支持我們當前信用評級而設定的標準。

From 2024 through 2026, we would expect our total equity needs to be no more than $3 billion in total with continued reliance on equity units to satisfy our equity needs, which have no dilution for the first 3 years. We believe FPL and Energy Resources are well positioned to manage interest rate volatility in the current environment. At FPL, we primarily rely on the surplus mechanism to offset higher interest rates for the benefit of customers. In addition, FPL's rate agreement already provided for an ROE adjusted to 11.8%, enabling it to earn a higher ROE in the current higher rate environment. We expect that FPL will be able to absorb much and potentially all of the cumulative effects of the current interest rate environment through the use of the surplus mechanism over the remaining settlement period. Consistent with the expiration of the current rate agreement, FPL expects to file a rate case in early 2025 for new rates effective 2026.

從2024年至2026年，我們預期總權益需求不會超過30億美元，並將繼續依賴權益單位來滿足權益需求，且前三年不會出現股權稀釋。我們相信FPL和Energy Resources有能力應對當前環境下的利率波動。 FPL主要依靠盈餘機制來抵銷利率上升的影響，從而惠及客戶。此外，FPL的費率協議已規定調整後的股本回報率（ROE）為11.8%，使其能夠在當前高利率環境下獲得更高的ROE。我們預計，在剩餘的結算期內，FPL將能夠透過盈餘機制吸收當前利率環境的大部分甚至全部累積影響。鑑於目前費率協議即將到期，FPL預計將於2025年初提交費率調整申請，以期在2026年實施新的費率。

For Energy Resources and Corporate and Other, we now have $20.5 billion of interest rate hedges in place. While the amounts vary as we add and settle hedges, the tenor of the swaps are between 5 and 10 years and have a weighted average rate of roughly 3.75%. Swaps allow us to mitigate the impact of interest rate changes on Energy Resources' backlog returns and Capital Holdings' $12.8 billion of debt maturities from 2024 through 2026. Specifically, these swaps allow us to hedge the project level debt funding we expect to issue on our renewables backlog and as well as a portion of the $12.8 billion of near-term maturities.

目前，能源資源和公司及其他業務部門已部署了205億美元的利率對沖合約。雖然隨著對沖合約的增減和結算，合約金額會有所波動，但互換合約的期限在5至10年之間，加權平均利率約為3.75%。互換合約有助於我們降低利率變動對能源資源部門積壓訂單收益以及資本控股公司2024年至2026年間128億美元到期債務的影響。具體而言，這些互換合約使我們能夠對沖預期將用於再生能源積壓訂單的項目級債務融資，以及部分近期到期的128億美元債務。

To put this all in perspective, NextEra Energy's sensitivity for an immediate 50-basis-point upward shift in the yield curve has essentially no expected adjusted EPS impact on 2023 and 2024 and has, on average, $0.03 to $0.05 of expected adjusted EPS impact in 2025 and 2026, which is equivalent to approximately 1% of our adjusted EPS expectations. This sensitivity, of course, assumes we do not implement other offsetting initiatives, including, among others, our normal process of cost reductions and capital efficiency opportunities.

為了更全面地理解這些因素，NextEra Energy對殖利率曲線立即上移50個基點的敏感度分析表明，其對2023年和2024年調整後每股收益的影響基本上可以忽略不計，而對2025年和2026年調整後每股收益的影響平均為0.03美元至0.05美元，約我們調整後每股收益的影響平均為0.03美元至0.05美元，約佔我們調整後每股收益。當然，這項敏感度分析的前提是，我們不採取其他抵銷措施，包括但不限於我們正常的成本削減和提高資本效率等措施。

Our backlog is in good shape and is benefiting from our interest rate swaps, global supply chain management capabilities and the ability to procure equipment, materials and balance of plant services at scale across our portfolio. The expected return on equity for our backlog are mid-teens for solar and over 20% for wind and storage. As we have done historically, we price our power purchase agreements commensurate with current market conditions, including our current cost of capital in order to maintain appropriate returns. In addition, at the time of our final investment decision before we commit significant capital to our backlog projects, we are utilizing interest rate swaps on contracts that we were entered into when rates were lower to maintain our return expectations.

我們的積壓項目狀況良好，這得益於我們的利率互換、全球供應鏈管理能力以及在整個投資組合中大規模採購設備、材料和輔助設施服務的能力。我們積壓專案的預期股本回報率，太陽能專案為15%左右，風能和儲能專案超過20%。與以往一樣，我們根據當前市場狀況（包括我們目前的資本成本）對購電協議進行定價，以維持適當的回報。此外，在對積壓項目投入大量資金之前，我們會在做出最終投資決策時，利用利率互換來抵消先前簽訂的、利率較低的合約的影響，從而維持我們的回報預期。

We remain financially disciplined and pass on projects that don't meet our return expectations. Going forward, we are encouraged by the trends we are seeing in lower equipment pricing for solar panels and batteries, given increased competition globally and declining prices for materials, which we believe will help offset the impacts of higher interest rates on power purchase agreement prices. We are optimistic that demand will remain resilient due to the factors you all know well, including the continued cost competitiveness of renewable energy relative to alternative forms of generation. Importantly to date, demand has remained strong as evidenced by our substantial new additions to backlog this quarter.

我們始終堅持財務紀律，對於不符合預期回報的項目，我們會選擇放棄。展望未來，鑑於全球競爭加劇和原物料價格下降，我們對太陽能板和蓄電池設備價格走低的趨勢感到鼓舞，相信這將有助於抵消利率上升對購電協議價格的影響。我們樂觀地認為，由於大家都很了解的因素，包括再生能源相對於其他發電方式持續維持的成本競爭力，市場需求將保持強勁。值得注意的是，迄今為止，市場需求依然強勁，本季我們新增的大量訂單就證明了這一點。

Now let's turn to NextEra Energy Partners. As a reminder, the partnership is a financing vehicle that grows its distribution by acquiring assets with long-term contracted high-quality cash flows and financing those acquisitions at low cost. Over the years, NextEra Energy Partners has been able to rely on low-cost financing to help drive its distribution growth. To meet its financing needs in recent years, the partnership has relied primarily on convertible equity portfolio financing that have a low cash coupon [during] their term and convert into equity over time. A significant amount of the equity required to be issued to buy out these financings began coming due this year and over the next several years, which we believe contributed to the partnership's trading yield, almost doubling at the same time interest rates were rising.

現在我們來看看NextEra Energy Partners。需要說明的是，該合夥企業是一個融資工具，它透過收購擁有長期合約保障的高品質現金流資產，並以低成本融資的方式完成這些收購，從而增加其分紅。多年來，NextEra Energy Partners一直依靠低成本融資來推動其股利成長。近年來，為了滿足其融資需求，該合夥企業主要依賴可轉換股權組合融資，這些融資在期限內現金利息較低，並會隨著時間推移轉換為股權。今年及未來幾年，用於回購這些融資所需的大量股權開始到期，我們認為這推高了該合夥企業的交易收益率，使其在利率上升的同時幾乎翻了一番。

Consequently, the partnership's cost of capital increased, which made it difficult to support a 12% growth rate in a way that is sustainable and in the best interest of unitholders over the long term. By reducing the growth rate to 6%, NextEra Energy Partners LP distribution rate is now comparable to its peers, and the partnership does not expect to require growth equity until 2027. In order to meet these objectives, the partnership is focused on first executing against its transition plan. As a reminder, the transition plans include successfully entering into agreements to sell the Texas natural gas pipeline portfolio and Meade natural gas pipeline assets this year and in 2025, respectively.

因此，合夥企業的資本成本上升，難以在長期內以可持續的方式維持12%的成長率，因此無法最大限度地維護股東利益。透過將成長率降至6%，NextEra Energy Partners LP的分配率目前與同業相當，且該合夥企業預計在2027年之前無需追加成長股權。為了實現這些目標，該合夥企業目前專注於執行其轉型計劃。需要指出的是，該轉型計畫包括分別於今年和2025年成功達成出售德州天然氣管道資產組合和米德天然氣管道資產的協議。

Doing so will enable the partnership to address the equity buyouts associated with the STX Midstream, the 2019 NEP pipelines and net renewables to convertible equity portfolio financings fit through 2025. Through the period of our current financial expectations, that would leave a small equity buyout of roughly $147 million on the Genesis Holding convertible equity portfolio financing in 2026. The partnership is continuing its process to sell the Texas Pipeline portfolio and expect to have an update on or before our fourth quarter call in January.

這樣做將使合夥企業能夠處理與STX Midstream相關的股權收購、2019年NEP管道項目以及淨可再生能源到可轉換股權組合融資相關的事宜，直至2025年。在我們目前的財務預期範圍內，這將使Genesis Holding可轉換股權組合融資在2026年剩餘約1.47億美元的股權收購額。合夥企業正在繼續推進出售Texas Pipeline資產組合的流程，預計將在1月的第四季度電話會議上或之前發布最新進展。

NextEra Energy Partners is focused on executing against its growth plan for unitholders. That plan involves organic growth, specifically repowerings of approximately 1.3 gigawatts of wind projects as well as acquiring assets from Energy Resources or third parties at favorable yields. Importantly, NextEra Energy Partners does not expect to need an acquisition in 2024 to meet the 6% growth in distributions per unit target.

NextEra Energy Partners 專注於執行其單位持有人的成長計畫。該計劃包括內生成長，具體而言，是對約 1.3 吉瓦的風電項目進行改造升級，以及以優惠收益率從 Energy Resources 或第三方收購資產。值得注意的是，NextEra Energy Partners 預計在 2024 年無需進行任何收購即可實現每單位分紅 6% 的成長目標。

Today, we're announcing plans to repower approximately 740 megawatts of wind facilities through 2026, which require the final approval of the customer's Board of Directors, which is expected to be received in the near term. The repowerings are projected to generate attractive CAFD yields and the partnership expects to fund the repowerings with either tax equity or project-specific debt. Repowerings represent an efficient way to support the partnership's growth targets. Overall, we are pleased with this progress and remain focused on executing additional repowering opportunities in the future across NextEra Energy Partners' roughly 8 gigawatt wind portfolio.

今天，我們宣布計劃在2026年前對約740兆瓦的風電設施進行改造升級。該計劃尚需客戶董事會的最終批准，預計近期即可獲得批准。改造升級預計將帶來可觀的CAFD收益，合作方計劃透過稅務權益或專案專案債務為改造升級提供資金。改造升級是支持合作方成長目標的有效途徑。整體而言，我們對目前的進展感到滿意，並將繼續專注於未來在NextEra Energy Partners旗下約8吉瓦的風電專案中進行更多改造升級專案。

To minimize the volatility associated with changes in interest rates and support the growth plan, the partnership also executed roughly $1.9 billion to hedge refinancing costs for the 2024 and 2025 maturities. The resulting expected refinancing costs of the maturities are factored into our expectations.

為了最大限度地降低利率變動帶來的波動並支持成長計劃，該合夥企業還投入約19億美元用於對沖2024年和2025年到期債務的再融資成本。由此產生的預期再融資成本已納入我們的預期。

Turning to the detailed results. NextEra Energy Partners' third quarter adjusted EBITDA was $488 million and cash available for distribution was $247 million. New projects, which primarily reflect contributions from approximately 1,100 net megawatts of new long-term contracted renewable projects acquired in 2022 and the approximately 690 net megawatts of new projects that closed in the second quarter of this year, contributed approximately $66 million of adjusted EBITDA and $32 million of cash available for distribution. The third quarter adjusted EBITDA contribution from existing projects increased by approximately $5 million year-over-year.

接下來來看詳細業績。 NextEra Energy Partners第三季調整後EBITDA為4.88億美元，可供分配現金為2.47億美元。新項目貢獻了約6600萬美元的調整後EBITDA和3200萬美元的可供分配現金。這些新項目主要包括2022年收購的約1,100兆瓦淨新增長期合約再生能源項目，以及今年第二季完成的約690兆瓦淨新增項目。現有專案對第三季調整後EBITDA的貢獻年增約500萬美元。

Third quarter results for adjusted EBITDA and cash available for distributions were positively impacted by the incentive distribution rights fee suspension and provided approximately $39 million of benefit this quarter, more than offsetting the cash available for distribution impacts of lower PAYGO payments driven by lower wind resource at existing projects.

第三季調整後 EBITDA 和可供分配的現金業績受到激勵分配權費用暫停的正面影響，本季帶來了約 3,900 萬美元的收益，超過了現有專案風能資源減少導致的現收現付付款減少對可供分配現金的影響。

Yesterday, NextEra Energy Partners' Board declared a quarterly distribution of $0.8675 per common unit or $3.47 per common unit on an annualized basis, which reflects an annualized increase of 6% from its second quarter 2023 distribution per common unit.

昨天，NextEra Energy Partners 董事會宣布，季度分紅為每普通股單位 0.8675 美元，或按年計算為每普通股單位 3.47 美元，這比 2023 年第二季度每普通股單位的分紅年化增長了 6%。

From a base of our second quarter 2023 distribution per common unit at an annualized rate of $3.42, we continue to see 5% to 8% growth per unit per year in LP distributions per unit with a current target of 6% growth per year to being a reasonable range of expectations through at least 2026. For 2023, we expect annualized rate for the fourth quarter 2023 distribution that is payable in February of 2024 to be $3.52 per common unit.

以2023年第二季每單位普通股分紅（年化報酬率為3.42美元）為基準，我們預期有限合夥人（LP）每單位分紅將以每年5%至8%的速度成長，目前的目標是每年成長6%，這一預期至少在2026年之前都將是合理的。對於2023年，我們預計2023年第四季分紅（將於2024年2月支付）的年化報酬率為每單位普通股3.52美元。

NextEra Energy Partners expects run rate contributions for adjusted EBITDA and cash available for distributions from its forecasted portfolio at December 31, 2023, to be in the range of $1.9 billion to $2.1 billion and $730 million to $820 million, respectively. As a reminder, year-end 2023 run rate projections reflect calendar year 2024 contributions from forecasted portfolio at year-end 2023.

NextEra Energy Partners預計，截至2023年12月31日，其預測投資組合的調整後EBITDA和可用於分配的現金的年度貢獻金額將分別在19億美元至21億美元至7.3億美元至8.2億美元之間。需要注意的是，2023年底的年度貢獻金額預測反映的是2024日曆年來自2023年底預測投資組合的貢獻金額。

The adjusted EBITDA and related cash available for distributions associated with the Texas Pipeline portfolio have been excluded from these run rate financial expectations. As always, our expectations are subject to our caveat. While NextEra Energy Partners navigates through this current environment, it's important not to lose sight of the value of the underlying portfolio. NextEra Energy Partners is the seventh largest producer of electricity from the wind and the sun in the world with over 10 gigawatts of renewables in operation.

經調整的 EBITDA 以及與德克薩斯管道項目相關的可用於分配的現金已從這些年度財務預期中剔除。一如既往，我們的預期受制於我們的免責聲明。在 NextEra Energy Partners 應對當前環境的同時，重要的是不要忽視其基礎投資組合的價值。 NextEra Energy Partners 是全球第七大風力和太陽能發電企業，擁有超過 10 吉瓦的再生能源發電裝置容量。

The partnership owns renewable projects that deliver high-quality cash flows in 30 states, serving 94 customers with an average counterparty credit rating of BBB+ via contracts with an average remaining contract life of 14 years. We remain optimistic the partnership can be an attractive vehicle to own existing renewable assets over the long term. We want the partnership to be successful and separately, to address a question we've been receiving from some investors, NextEra Energy has no plans to buy back NextEra Energy Partners.

該合夥企業擁有遍布30個州的多個再生能源項目，這些項目能夠帶來高品質的現金流，服務94家客戶，平均交易對手信用評級為BBB+，合約平均剩餘期限為14年。我們仍然樂觀地認為，該合夥企業能夠成為長期持有現有再生能源資產的理想選擇。我們希望該合夥企業能取得成功。另外，針對部分投資人提出的問題，NextEra Energy目前也沒有回購NextEra Energy Partners的計畫。

With that, I'll turn the call over to John.

接下來，我會把電話交給約翰。

Thanks, Kirk. Let me briefly address NextEra Energy Partners. It's been a difficult year, and we have a lot of work to do. As Kirk shared, we are focused on executing against our transition plans and look forward to providing an update on the Texas Pipeline portfolio sales process on or before the fourth quarter earnings call. We are also focused on delivering LP distribution growth of 6% through at least 2026, and the repowerings we announced today are a good start towards achieving that objective.

謝謝柯克。我先簡單談談NextEra Energy Partners的狀況。過去一年很艱難，我們還有很多工作要做。正如柯克所說，我們正專注於執行過渡計劃，並期待在第四季度財報電話會議之前或當天，就德克薩斯管道資產組合的出售流程提供最新進展。我們也致力於實現至少2026年LP分銷6%的成長，而我們今天宣布的改造項目正是朝著這個目標邁出的良好一步。

At NextEra Energy, our foundations are rooted in FPL, the nation's largest electric utility, and NextEra Energy Resources, the world's leader in renewables. Both businesses have performed very well, complement each other and push one another to be even better. This is validated by the solid financial and operating results both continue to deliver and the excellent progress we are making against our development expectations.

NextEra Energy 的根基在於美國最大的電力公司 FPL 和全球領先的再生能源公司 NextEra Energy Resources。這兩家公司業績斐然，相輔相成，互相激勵，共同進步。我們持續穩健的財務和營運業績，以及在實現發展預期方面取得的卓越進展，都印證了這一點。

Over recent weeks, we met with many of our investors and have welcomed your feedback. In response, we addressed many of the questions we heard from you in our remarks today and in the presentation materials you now have. Along those lines, I want to reiterate the solid fundamentals on which NextEra Energy is built and our outstanding prospects for future growth, having just completed our annual strategy review process with our Board of Directors.

最近幾週，我們與許多投資者進行了會面，並收到了你們的回饋。為此，我們在今天的演講和你們現在收到的簡報資料中解答了許多你們提出的問題。在此，我想重申NextEra Energy的堅實基礎以及我們未來卓越的成長前景。我們剛剛與董事會完成了年度策略審查。

FPL remains among the best utilities in the United States, achieving top operational performance across key metrics while maintaining the industry's lowest cost structure, one of the cleanest emissions profiles and a customer bill that is roughly 30% lower than the national average. It is located in one of the fastest-growing states with what we believe is one of the country's most constructive regulatory environments. FPL has, by far, the lowest nonfuel O&M of any large utility in the nation. Over the last 20 years, our relentless focus on costs, efficiency, and low bills have saved customers nearly $15 billion in fuel cost alone.

佛羅裡達電力公司 (FPL) 始終位列美國最佳公用事業公司之列，在各項關鍵指標上均取得卓越的營運績效，同時保持著業內最低的成本結構、最清潔的排放標準之一，以及比全國平均水平低約 30% 的客戶帳單。公司位於美國經濟成長最快的州之一，我們認為該州擁有全美最積極的監管環境之一。 FPL 的非燃料營運維護成本遠低於其他大型公用事業公司。過去 20 年來，我們始終堅持成本控制、效率提升和降低帳單，僅在燃料成本方面就為客戶節省了近 150 億美元。

Year after year, FPL receives top accolades for reliability, despite operating on a peninsula and historically facing a high probability for hurricanes. It has plans to add approximately 20 gigawatts of solar over the next 10 years for the benefit of its customers while undergrounding its distribution system to lower operating costs and withstand the impacts of hurricanes to help keep the Florida economy, which is now the 16th largest in the world, running on all cylinders. We believe FPL is the highest-quality regulated utility in the country.

儘管位於半島，歷史上颶風頻繁，FPL 仍年復一年地因其可靠性而備受讚譽。未來十年，FPL 計畫新增約 20 吉瓦的太陽能發電裝置容量，造福客戶；同時，FPL 還將把配電系統地下化，以降低營運成本，增強抵禦颶風影響的能力，從而助力佛羅裡達州經濟（目前位列全球第十六大經濟體）的蓬勃發展。我們相信，FPL 是全美品質最高的受監管公用事業公司。

At Energy Resources, we are just getting started. Renewable penetration as part of the U.S. generating mix currently stands at roughly 16% and is expected to double, reaching over 30% by 2030. As the world leader in renewable energy with an approximately 20% market share in U.S. renewables origination, Energy Resources stands to benefit significantly from the unstoppable shift towards electrification.

在能源資源公司，我們才剛起步。目前，再生能源在美國發電結構中的比例約為16%，預計到2030年將翻倍，超過30%。身為全球再生能源領域的領導者，能源資源公司在美國再生能源發電市場佔有約20%的份額，必將從勢不可擋的電氣化轉型中獲益匪淺。

Experience and scale matter and with over 20 years of renewables experience, a 31 gigawatt operating portfolio, a development pipeline of roughly 300 gigawatts of renewables and storage projects and roughly 150 gigawatts of interconnection queue positions, we are well positioned for future growth. In addition to our scale and competitive advantages that you all know well, our ability to finance cheaper with one of the strongest balance sheets in our sector provides us with an access to and cost of capital advantage. We believe all of this enables us to differentiate ourselves in a complex macro environment to build even more renewables at attractive returns.

經驗和規模至關重要。憑藉超過20年的可再生能源經驗、31吉瓦的營運項目組合、約300吉瓦的可再生能源和儲能項目在建儲備以及約150吉瓦的併網排隊容量，我們已為未來的增長做好了充分準備。除了大家熟知的規模和競爭優勢外，我們擁有業界最強勁的資產負債表之一，能夠以更低的成本進行融資，從而在獲取資金和降低資本成本方面佔據優勢。我們相信，所有這些優勢將使我們能夠在複雜的宏觀經濟環境中脫穎而出，以更具吸引力的回報建造更多再生能源項目。

In short, we believe Energy Resources has built the most competitive and complete renewable energy business in the world and is better positioned than ever to lead the decarbonization of the U.S. economy. We have spent the last 2 decades building a world-class clean energy platform powered by our greatest strength, our people, and a culture of continuous improvement that drives innovation and smart clean energy solutions.

簡而言之，我們相信能源資源公司已打造出全球最具競爭力和最完善的再生能源業務，並且比以往任何時候都更有能力引領美國經濟的脫碳轉型。過去二十年來，我們致力於打造世界級的清潔能源平台，而這款平台的動力來源正是我們最大的優勢——員工，以及推動創新和智慧清潔能源解決方案的持續改進文化。

I want to extend my appreciation to our team today as we remain committed to serving our customers and providing long-term value for our shareholders.

今天，我要向我們的團隊表達感謝，我們將繼續致力於服務客戶，並為股東創造長期價值。

Thank you, and now we welcome your questions.

謝謝，現在歡迎大家提問。

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

（操作說明）我們的第一個問題來自 Wolfe Research 的 Steven Fleishman。

So just a couple of questions. First, on the slide on the tax transferability and the $1 billion effectively creating $6.5 billion of equity content. Could you just talk to that more? And just I think if I do the backward math, that's about a 15% FFO to debt kind of calculation. Is that kind of what you're using to get to that? Or is there more nuance to it?

我有幾個問題。首先，關於那張投影片上提到的稅收轉移以及10億美元實際上創造了65億美元的股權內容。能詳細解釋一下嗎？還有，如果我反向計算一下，FFO與債務的比例大約是15%。您也是用這種方法計算的嗎？還是說其中還有其他更細緻的計算方法？

Yes. Steve, on that slide -- I'll take that. This is John. We are -- the example is $1 billion. You take $1 billion, you divide by the 18% FFO to debt, that nets you about $5.5 billion. You have the $1 billion of cash that you receive and that gets you to the $6.5 billion of equity content on a $1 billion transfer.

是的。史蒂夫，關於那張幻燈片——我來看一下。這位是約翰。我們——舉個例子，金額是10億美元。你用10億美元除以18%的FFO（營運資金）與負債比率，淨值約55億美元。你收到的10億美元現金，加上這10億美元的轉讓，最終股權價值為65億美元。

Got it. Okay. And when you lay out your -- that would seem to be a key part as you talked about the transferability numbers going from $400 million to $1.7 billion. That's a key part and that would show up in your funding plan in the corporate debt issuances. Now since it's not tax equity anymore, that might be kind of matched against that? Or would it be in the tax equity and project? How do we think about where that piece shows up?

明白了。好的。當你闡述你的方案時——正如你所提到的，可轉移資金從4億美元增加到17億美元，這似乎是關鍵。這確實很關鍵，而且會反映在你的融資計畫中的公司債發行部分。既然它不再是稅收權益了，那麼它是否應該與此進行某種匹配？或者它會被納入稅務權益和專案計劃中？我們該如何考慮這部分資金的分配位置？

Yes. The way I think about it is it's going to show up in your cash flow from operations. That's the cash that you actually receive. And then there's also some equity content that benefits the rest of the sources, including corporate debt issuances.

是的。我的想法是，它會反映在你的經營活動現金流中。那是你實際收到的現金。此外，還有一些權益成分，這些成分會影響其他資金來源，包括公司債發行。

Got it. Okay. Helpful. And then one other question on the -- so the tenor of the interest rate swaps seems pretty long, which is helpful. Just -- when we think of how you're using the swaps to kind of basically limit interest rate risk of the projects, how much project -- if there's $1 billion of a project, how much is project debt going forward, percent of that, let's say, that you might be using a swap against?

明白了。好的，很有幫助。還有一個問題——利率互換的期限似乎很長，這很有幫助。只是－當我們考慮如何利用互換來限制專案的利率風險時，如果一個專案有10億美元，那麼未來專案的債務是多少？假設有10億美元的項目，您會用互換來規避這部分債務的百分之幾？

Yes. The way to think about it, Steve, is 70%. So when you think about our backlog, just some rough math, if you take the $20.5 billion, I would think about roughly $15.5 billion of that or so going against the backlog and then the balance going against near-term maturities that we have through 2026. But the interest rate sensitivity that we have given you includes our exposure on everything, right? So on the project debt, on the corporate debt issuance, it includes it all.

是的。史蒂夫，你可以這樣理解，那就是70%。所以，想想我們的積壓訂單，粗略算一下，如果用205億美元，我估計其中大約155億美元用於償還積壓訂單，剩下的部分用於償還2026年之前到期的短期債務。但是，我們之前給出的利率敏感度分析包含了我們所有的投資風險敞口，對吧？包括項目債務、公司債發行等等。

Okay. That's helpful. And then just one overall question on the renewables environment. Maybe you could just talk to just a little more color on what you're seeing because there's been a general view that the higher cost of capital environment is really slowing renewables growth. And I just -- maybe just more color on what you're seeing. And is there going to be a slowdown that comes next quarter because of the move up? Or just more color on the overall environment would be helpful.

好的，這很有幫助。那麼，關於再生能源的整體環境，我還有一個問題。您能否更詳細地談談您觀察到的情況？因為普遍認為，資本成本上升確實正在減緩再生能源的成長。我只是——能否更詳細地說明一下您觀察到的情況？由於成本上升，下個季度是否會出現成長放緩？或者，您能否更詳細地介紹一下整體環境？這將很有幫助。

Yes, Steve, I'm going to turn it over to Rebecca. But one thing I would say is the renewable business is increasingly moving more and more towards the scale players, and you can see reasons why. One of them is the ability to have a balance sheet to actually enter into the kind of interest rate hedges that we can enter into. If you can't do that, that really puts you at a significant disadvantage. And then all the other competitive advantages that you're all aware of, where we buy at scale, we build at scale, we operate at scale.

是的，史蒂夫，我這就把麥克風交給麗貝卡。不過我想說的是，再生能源產業正日益向規模化企業傾斜，原因顯而易見。其中之一是擁有足夠的資產負債表，才能進行我們這樣的利率對沖交易。如果做不到這一點，就會處於非常不利的地位。此外，你們都知道，我們還擁有其他各種競爭優勢，例如規模化採購、規模化建造和規模化營運。

And the last point I want to make is the cost of capital advantage. In today's market environment, having a strong balance sheet with an ultimate [parent] with an A- rate is really, really important and a super big competitive advantage that we have over the smaller developers that we compete against. And that's a big part of our success. But let me turn it over to Rebecca to talk more about what you're seeing she's seeing in the market.

最後我想強調的是資本優勢的成本。在當今的市場環境下，擁有穩健的資產負債表，以及一家信用評級為A-的母公司，真的非常重要，這是我們相對於規模較小的競爭對手所擁有的巨大競爭優勢。這也是我們成功的重要因素。現在，我把麥克風交給麗貝卡，讓她來詳細談談她觀察到的市場狀況。

Steve, so we are thrilled with the signings that we posted for this quarter. Obviously, Kirk highlighted that 3.2 gigawatts is a record for us. It's specifically the first time we've been over 3 gigawatts, and it represents all of those things that I think you would want to see, which is strong returns across the portfolio, a great mix of technologies, a good mix of customer type that we signed and entered into these agreements and also a mix of findings in terms of the dates and across those technologies.

史蒂夫，我們對本季公佈的簽約成果感到非常興奮。柯克特別強調，3.2吉瓦的裝置容量創下了我們的紀錄。這其實是我們首次突破3吉瓦大關，它反映了我認為大家所期待的一切：投資組合整體收益強勁，技術組合豐富多樣，簽約客戶類型多元化，而且在日期和技術領域也取得了不錯的成果。

Our first additions to the backlog in 2027, I actually think is slightly disproportionate to what we're seeing in terms of our overall backlog and a strong pipeline of projects that we see going into the fourth quarter, which are far more weighted to a little bit in '24 and a lot more in '25 and '26. But we're really excited about it. So really strong and exciting development pipeline.

我認為，我們2027年首次新增的項目數量，實際上與我們整體的積壓項目數量以及第四季度強勁的項目儲備略有不成比例。在這些項目儲備中，2024年的項目佔比較小，而2025年和2026年的項目則佔比更大。但我們對此感到非常興奮。所以，我們擁有非常強大且令人興奮的開發案儲備。

And I'll echo John's comments, and it's really what we're seeing on the ground, that after some weariness over the last couple of years, our customers are really drawn to us for our ability to execute. They understand the pipeline that we're building, and the resources that we bring to bear to get projects successfully built. And I think that increasingly matters. And we're going to continue to address it accordingly, but all signs are very positive for what I'm seeing today.

我同意約翰的觀點，我們實際觀察到的情況也確實如此：在經歷了過去幾年的些許疲倦之後，我們的客戶現在真正被我們的執行能力所吸引。他們了解我們正在建構的專案體系，以及我們為成功完成專案所投入的資源。我認為這一點越來越重要。我們將繼續採取相應的措施，但就目前來看，所有跡像都非常積極。

Our next question comes from Shar Pourreza with Guggenheim Partners.

我們的下一個問題來自古根漢合夥公司的 Shar Pourreza。

Just maybe quickly touching on the embedded expectations for NEP. I guess in terms of the Texas Pipeline sale, John, are there any more comprehensive updates on the process? And I guess, are you anticipating any delays or challenges in light of the market conditions? And kind of the reason why I ask is there's obviously a theory out there or a thesis that you're having a little bit of an issue offloading these assets. So I'd love to maybe if you can give a little bit more color in anticipation of your full disclosures.

我想簡單談談大家對NEP的預期。約翰，關於德州管道的出售，您能否提供更全面的最新進展？鑑於目前的市場狀況，您是否預計會有任何延誤或挑戰？我這麼問是因為，目前有一種說法認為您在出售這些資產方面遇到了一些問題。所以，在您正式揭露相關資訊之前，我很想聽聽您能否提供一些更詳細的說明。

Yes. Sure. Thank you. Let me start by saying, obviously, as we said in our prepared remarks, our focus is on selling these pipes, growing at 6% and putting NEP in a position to succeed going forward. So along those lines, we continue to work very diligently on the sales process. We're working with counterparties to get it done. And at the same time, look, this is a little bit more of a challenging macroeconomic environment. These are very valuable pipes. And we are looking for a transaction that maximizes value for unitholders, and we're going to continue to be disciplined. But in terms of the progress that we're making, things are continuing to advance and move forward. And we look forward to having a further update, either on the fourth quarter call or sometime before that in terms of where we are.

是的，當然，謝謝。首先，正如我們在準備好的演講稿中所述，我們的重點是出售這些管道，實現6%的成長，並確保NEP在未來取得成功。因此，我們將繼續積極推進銷售流程，並與交易對手方密切合作，力求完成交易。同時，我們也意識到當前的宏觀經濟環境更具挑戰性。這些管道價值極高，我們尋求的是能夠最大程度提升股東價值的交易，並將繼續保持謹慎的態度。就目前的進展而言，一切都在穩步推進。我們期待在第四季財報電話會議或之前某個時間，向大家報告最新進展。

Got it. And then just -- do you anticipate the repowering to sort of fully offset the Meade Pipeline sale in '25?

明白了。那麼，您預計此次改造能否完全抵銷2025年出售米德管道帶來的收益？

Shar, it's Rebecca. I'll take that one. So we're super excited about repowers as part of the longer-term growth plan within NEP, and with such an extensive pipeline of renewable projects to pursue these repowers, it will be a nice complement to continuing to acquire assets. So it doesn't meet the entire growth plan, but certainly is a nice part of it. As we talked about in May, we have a total of 1.3 gigawatts that we see in the near term. And obviously, this is the first step forward in order to make progress on that. So attractive CAFD yields, as we noted. There's still some steps to finish, but we're also not done with the opportunities to repower other assets in the portfolio.

Shar，我是Rebecca。我來回答這個問題。我們對NEP長期成長計畫中的改造計畫感到非常興奮，而且我們擁有大量再生能源專案儲備來進行改造，這將很好地補充我們持續收購資產的策略。雖然這並不能完全滿足成長計畫的要求，但無疑是其中非常重要的一部分。正如我們在五月討論的那樣，我們預計近期將有總計1.3吉瓦的改造項目。顯然，這是實現這一目標的第一步。正如我們之前提到的，這將帶來可觀的CAFD收益。雖然還有一些步驟需要完成，但我們也沒有放棄對投資組合中其他資產進行改造的機會。

Got it. Perfect. And then just lastly for me. Just on the sources and uses of cash. I think we all really appreciate the enhanced disclosures there. Just, I guess, obviously, given the capital-intensive nature of the business, do you anticipate any incremental levers to potentially offset the $3 billion of equity and the $3 billion of asset sales if the capital market conditions become a bit more challenged? I guess any reason to rethink around flexing the payout or the balance sheet metrics?

明白了，完美。最後，我想問的是現金來源和用途。我想我們都很讚賞這方面更詳細的資訊揭露。我想，鑑於貴公司業務的資本密集特點，如果資本市場環境變得更加嚴峻，您是否預計會有其他措施來抵銷30億美元的股權融資和30億美元的資產出售？您是否考慮過調整股利支付或資產負債表指標？

Yes. Listen, thank you, Shar. And obviously, we are very, very focused, as always, on costs. We're very, very focused on capital productivity and efficiency as well. So those are 2 levers we always have. And I think our shareholder base is very familiar with the success that we've had in our annual cost reduction processes that we run across the company, but those are certainly points of focus for us.

是的。謝謝你，莎爾。顯然，我們一如既往地非常非常關注成本。我們也非常非常關注資本生產力和效率。所以，這是我們始終擁有的兩大槓桿。我認為我們的股東們非常清楚我們在公司範圍內推行的年度成本削減流程所取得的成功，但這些無疑是我們關注的重點。

And look, when I think about the $3 billion of equity and the $3 billion of asset recycling and look historically at what we've been able to do, I'd be pretty disappointed if we can only do $3 billion of asset recycling. I mean not only through NEP, but third parties. And as a reminder, over the last 3 or 4 years, we've been very successful in selling renewable projects, not only to NEP, but to third parties. I mean you think about the OTPP transaction, the Apollo transaction, the KKR transaction. So we feel very good about our sources plan that we've laid out and look forward to executing against it.

你看，當我想到這30億美元的股權投資和30億美元的資產回收，再回顧我們過去的成就時，如果最終只能實現30億美元的資產回收，我會非常失望。我指的是不僅透過NEP，也透過第三方。需要提醒的是，在過去三、四年裡，我們在出售再生能源專案方面非常成功，不僅賣給了NEP，也賣給了第三方。想想OTPP交易、Apollo交易和KKR交易就知道了。所以我們對制定的資源計劃非常有信心，並期待執行該計劃。

Congrats.

恭喜。

Our next question comes from David Arcaro with Morgan Stanley.

下一個問題來自摩根士丹利的戴維·阿卡羅。

Wondering if -- you mentioned returns -- over 20% returns for storage and wind, I think that's higher than you've indicated in the past. And assuming that's driven by higher PPA pricing, I was wondering if you're seeing, just given higher PPA prices, any impacts to demand in the renewables market here? And how do you think about that level of return in terms of whether it's sustainable given the competitive dynamics in those markets?

您提到儲能和風能的回報率超過20%，我認為這比您之前提到的要高。假設這是由更高的購電協議（PPA）價格驅動的，我想知道，在購電協議價格上漲的情況下，您是否觀察到再生能源市場需求受到任何影響？考慮到這些市場的競爭格局，您如何看待這種報酬率水準的可持續性？

Dave, I'll take that. As you know, we've always characterized the backdrop for renewables as a competitive environment. So I'm very proud of how this team -- our team has executed across an ever-changing environment. I certainly think it's a strength of our team, and most importantly, the competitive advantages that John has highlighted, investment over a long period of time, the ability to work with our supply chain, the ability to work with the folks that we partner with to build the projects and ultimately operate these projects well over time. So I'd say that really contributes to our ability to maintain appropriate returns. And I also think it reflects what you expect us to do, which is adjust to all of the current cost of both building, financing and operating projects over time. And we believe that we are successfully able to achieve that.

戴夫，我接受這個觀點。如你所知，我們一直認為再生能源領域的競爭環境非常激烈。因此，我為我們團隊在不斷變化的環境中展現出的執行力感到非常自豪。我當然認為這是我們團隊的優勢，更重要的是，正如約翰所強調的，我們擁有長期投資、與供應鏈合作、與合作夥伴共同建立專案並最終長期有效運作這些專案的競爭優勢。我認為這些優勢確實有助於我們維持合理的利益。而且，我認為這也符合你對我們的期望，即隨著時間的推移，根據專案建設、融資和營運成本的變化進行調整。我們相信我們能夠成功做到這一點。

In terms of demand, obviously, we can't fully predict the future, but I can tell you that the 2 data points that I think are really top of mind and illustrated from our report today is 3.2 gigawatts. It is a fantastic sign, I think, of demand. And as I highlighted a minute ago to Steve's question, a good underlying foundation of technology, dates, locations, et cetera. So I'm really pleased. And also, in looking at the pipeline for the fourth quarter, obviously, this is a development business, things can change, but I believe that we're in a good position to continue realizing strong demand, particularly in that '24 to '26 timeframe.

就需求而言，我們顯然無法完全預測未來，但我可以告訴大家，今天報告中最值得關注的兩個數據點是3.2吉瓦。我認為這是一個非常好的訊號，表示需求旺盛。正如我剛才在回答史蒂夫的問題時所強調的那樣，這要歸功於良好的技術基礎、專案日期、地點等等。所以我非常高興。此外，展望第四季度的專案儲備，當然，這是一個發展中的行業，情況可能會發生變化，但我相信我們有能力繼續滿足強勁的需求，尤其是在2024年至2026年期間。

So based on what we see today, very exciting. And I think it's founded on the things that you all know well, which is a backdrop of increasing electrification, so increasing demand for generation and capacity value across our sector and renewables continuing to be the least-cost form of generation. So I would hope you would expect the -- what I would argue is the best positioned company to execute well against an environment like that.

所以，就我們今天所看到的，這非常令人振奮。我認為這建立在大家都很熟悉的幾個因素之上，那就是電氣化程度不斷提高，整個產業對發電和容量價值的需求不斷增長，而再生能源仍然是成本最低的發電方式。因此，我希望大家能夠期待──我認為──這家公司在這樣的環境下能夠佔據最佳位置，並且取得優異的成績。

Great. That's really helpful. And I was also curious on the tax credit transfers market. Could you touch on what you're seeing in terms of demand and interest from counterparties? How deep is that market? And what level of pricing that you're realizing when you're transferring these credits as it becomes a more important source of cash flow over the next few years?

太好了，這真的很有幫助。我對稅收抵免轉讓市場也很感興趣。您能否談談您觀察到的需求以及交易對手的興趣？這個市場有多大？隨著稅收抵免在未來幾年成為越來越重要的現金流來源，您在轉讓這些抵免額時能獲得怎樣的定價？

Yes, Dave, I'll take that question. First of all, I would argue we have an outstanding tax department. And our tax department together with our treasury group started early. And we've already reached out to 50 of the top U.S. taxpayers and are building relationships and have had terrific execution against our '23 plan. The demand is extremely robust for tax credit transfers and we're already working on '24 as we speak, having '23 pretty much behind us.

是的，戴夫，我來回答這個問題。首先，我認為我們擁有一個非常優秀的稅務部門。我們的稅務部門與財務部門很早就開始行動了。我們已經聯繫了美國50家最大的納稅人，正在建立聯繫，並且我們的2023年計劃執行得非常出色。稅收抵免轉移的需求非常強勁，我們現在已經在著手製定2024年的計劃，而2023年的工作已經基本完成。

And one of the things that really helps NextEra in the tax transfer market is the fact that we have a strong balance sheet. We have an A- rating from the parent. And we're able to underwrite the credit. And being able to underwrite the credit is really, really important because we compete against a lot of really small developers that can't, that if you go to the top 50 taxpayers, they've never heard of these companies. They don't know who they are. They don't really know what they do. They know NextEra. And we can provide an indemnity behind the tax credit that we transfer. It's sleeves off our vest, so to speak, to able to do that, and we get preferred pricing because of it. And -- so I feel great about where things stand in terms of our tax credit transfer program.

NextEra在稅收抵免轉移市場取得成功的一大優勢在於我們擁有穩健的資產負債表。我們獲得了母公司A-的信用評級，並且能夠為稅收抵免提供擔保。能夠為稅收抵免提供擔保至關重要，因為我們的競爭對手是許多規模很小的開發商，他們根本無法做到這一點。如果你去問排名前50名的納稅人，他們可能從未聽說過這些公司。他們不知道這些公司是誰，也不知道這些公司是做什麼的。但他們知道NextEra。我們可以為我們轉讓的稅收抵免提供擔保。可以說，我們完全有能力做到這一點，也正因如此，我們才能獲得優惠價格。因此，我對我們目前的稅收抵免轉讓專案進度非常滿意。

And I'd love to add one point on that because I think it's a great complement to our broader business and particularly the C&I customers that we're working with to actually buy some of the renewable energy. Some of the customers that are most active in the market in procuring renewable energy are also the ones that are most interested in buying tax credits from us. And I think they really like the value proposition. Certainly, the economics, as John highlighted, but really like the value proposition, supporting and enabling investment in renewable projects. So we see a really deep market, a lot of interest and really a cross-selling of opportunities across the portfolio.

我想就此補充一點，因為我認為這與我們的整體業務，特別是與我們正在合作購買可再生能源的工商業客戶，是一個絕佳的補充。一些在再生能源採購市場上最活躍的客戶，也正是對從我們這裡購買稅收抵免最感興趣的客戶。我認為他們非常認同我們的價值主張。當然，正如約翰所強調的那樣，經濟效益固然重要，但他們真正重視的是我們的價值主張——支持和促進對再生能源項目的投資。因此，我們看到了一個非常廣泛的市場，客戶興趣濃厚，並且在我們的產品組合中也存在著交叉銷售的機會。

Our 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 going back to the last question a bit, how do you think about the composition of the $25 billion to $35 billion of projects by tax equity and tax credit transferability? How do you think about your existing tax equity commitments? And how do you think about some of the impacts from a regulatory perspective on the tax equity market? Obviously, you're talking about a robust start to the tax credit transferability. How much does it matter? How much does it play into that $25 billion to $35 billion? And ultimately, how much TE is contemplated anyway in that range, if you will?

回到上一個問題，您如何看待這250億至350億美元項目中的稅收權益和稅收抵免轉讓組成？您如何看待您現有的稅務權益承諾？您如何看待監管方面對稅務權益市場的一些影響？顯然，您提到了稅收抵免轉讓的強勁開端。這有多重要？它在這250億至350億美元的項目中佔多大比重？最終，在這個範圍內，稅收抵免究竟佔多大比重？

Yes. I'll go ahead and take that, Julien. First of all, when you look at our tax equity, project finance split, things can move around. Let's just hypothetically think about it as kind of 50-50. I think that might be a decent starting place to think about. And we feel very good about our ability to be able to access tax equity. We -- the regulatory issues, I think, that you pointed out, I think, are going to get resolved. I think there were some unintended consequences around Basel III. And we have had significant discussions with folks involved on those issues. The administration certainly thinks this was an unintended consequence as do I think folks at the Fed. And the administration, I think, is very focused on trying to get a good resolution around it.

是的，朱利安，我來回答這個問題。首先，當我們審視我們的稅務權益和專案融資比例時，情況可能會有所改變。我們不妨假設一下，大概是五五開。我認為這或許是個不錯的切入點。我們對自身取得稅收權益的能力非常有信心。至於您提到的監管問題，我認為將會得到解決。巴塞爾協議III確實帶來了一些意想不到的後果。我們已經就這些問題與相關人士進行了深入的討論。政府和聯準會都認為這是一個意想不到的後果。我認為政府目前正致力於尋求一個妥善的解決方案。

But I don't worry about it too much. At the end of the day, for us, I think the Basel III thing gets fixed. And worst-case scenario, the banks will find other pockets to be able to issue tax equity. We'll receive our allocation off the top of the deck like we always do. And the relationships that I just spoke about with corporate parties, these 50 folks or so that we've been dealing with, there's no reason they can't step in and provide tax equity financing, and we'll be talking to them about those structures as well.

但我並不太擔心。最終，我認為巴塞爾協議III的問題會得到解決。最糟的情況是，銀行會找到其他途徑發行稅務權益。我們會像往常一樣，直接從發行的債券中獲得配額。至於我剛才提到的與企業方面建立的關係，也就是我們一直在合作的這50多家公司，他們完全可以介入並提供稅務權益融資，我們也會與他們探討這些融資方案。

And then transferability, which you've already spent some time talking about this morning, can fill any gap. So long story short, we feel terrific about our ability to source tax equity financing going forward.

此外，正如您今天早上已經談到的，可轉讓性可以彌補任何資金缺口。總而言之，我們對未來取得稅務權益融資的能力充滿信心。

Got it. So the transferability is not technically part of the $25 billion to $35 billion, but obviously, it's a smooth conversation, right, if I understand that piece.

明白了。所以，這部分資金的可轉移性嚴格來說並不包含在250億至350億美元這筆錢裡，但顯然，如果我理解正確的話，這方面的溝通會很順利，對吧。

Can you say that again, Julian? The...

朱利安，你能再說一次嗎？這……

The transferability, the credit transferability, technically not included in that $25 billion to $35 billion, as it stands, but it's a fluid question of how you finance going forward. Yes.

就目前而言，可轉讓性，也就是信用可轉讓性，並不包含在那250億至350億美元的預算中，但未來的融資方式是一個不斷變化的問題。是的。

I'm sorry. Yes, yes. Yes, the tax transferability is not in that number. Again, it shows up in cash flow from operations and then the equity content that's created really shows up in that core debt issuance line. But let's look at the corporate -- the cash flow from operations in terms of the dollars that we're receiving for tax credit transfers.

抱歉。是的，是的。是的，稅收抵免額不包含在那個數字裡。它體現在經營活動現金流中，而由此產生的權益部分則體現在核心債務發行額中。但我們來看看公司層面——從我們收到的稅收抵免額來衡量經營活動現金流。

Yes. And then just quickly, if I can, on the interest rate question here. Thank you, again, for the additional sensitivities and disclosures here. How do you think about sort of a baseline and the open impact as you as you roll to kind of 2026? I think it's notable, for instance, you guys reaffirmed through that period with your usual commentary. How do you think about sort of the puts and takes as you roll into that longer dated '26 period, considering the roll-off of the hedges here in that, [asset] period more specifically, if you will? Is there a way to kind of quantify the interest rate kind of headwind?

是的。然後，如果可以的話，我想快速回答一下利率問題。再次感謝您提供的額外敏感度分析和資訊揭露。您如何看待基準線以及在2026年到期前可能產生的未決影響？例如，值得注意的是，您在那段時間裡一直堅持您一貫的立場。考慮到對沖合約在2026年到期後到期，您如何看待到期後的選擇權交易？更具體地說，您認為在[資產]到期後，對沖合約到期後，選擇權交易會如何變化？有沒有辦法量化利率帶來的不利影響？

Yes, yes. So a couple of points I'll make. One is that you've seen the sensitivity. So 0 impact in '23 to '24, $0.03 to $0.05 in '25 and '26. With the 5- to 10-year tenors, with the average coupon of 375 basis points, we feel very good about the protection that we have there. We've talked about where FPL sits.

是的，是的。我再補充幾點。首先，你們已經看到了利率的敏感度。 2023年至2024年利率沒有變化，2025年至2026年利率變化為0.03美元至0.05美元。對於5至10年期債券，平均票面利率為375個基點，我們對目前的保障措施非常有信心。我們之前也討論過聯邦電力公司（FPL）的現況。

And then you think about the project financings that we entered into, we use those hedges. Those project financings are basically 20-year amortizing debt that have 20-year hedges that then get rolled into them that have the benefit of those swaps. And so when you think about our existing project finance portfolio that we have, there's another $4 billion of interest rate swaps that aren't even in the $20.5 billion that we mentioned to you today that protect and safeguard those as they roll and become due. So long story short, between the $20.5 billion that we have against the backlog, the fact that our existing portfolio is all already locked in and hedged, we feel very good about our interest rate exposure.

然後，想想我們參與的專案融資，我們利用了這些對沖工具。這些專案融資基本上是20年期攤銷債務，並附帶20年期對沖合約，這些對沖合約隨後會展期到這些債務中，從而享受到互換合約帶來的好處。因此，當我們考慮我們現有的專案融資組合時，還有另外40億美元的利率互換合約，這些合約甚至不包含在我們今天提到的205億美元中，它們在展期和到期時為這些債務提供保護和保障。簡而言之，憑藉我們針對積壓訂單的205億美元資金，以及我們現有投資組合全部已鎖定並進行對沖的事實，我們對自身的利率風險敞口非常有信心。

Our next question comes from Carly Davenport with Goldman Sachs.

下一個問題來自高盛的卡莉·達文波特。

I appreciate the incremental disclosure on the funding plan and the asset sales. And just a follow-up there. Are renewables the only element kind of embedded in that $3 billion in proceeds? Or are there any other non-core assets in Energy Resources that you'd consider monetizing?

我感謝您逐步揭露融資計劃和資產出售資訊。還有一個後續問題：這30億美元的收益是否只包含再生能源？或者，您是否考慮將能源資源部門的其他非核心資產變現？

Yes. So when I think about it, Carly, renewables come top of mind. We've had a history over the last several years of being able to recycle capital through renewables. But remember, too, I mean, we're a large company. There are other assets that could potentially be available for capital recycling that are non-core. The FCG transaction that we just recently announced is a good example of that. And we'll always look for opportunities. If there are situations where third parties value the assets more than we do, then sure, we'll look to be opportunistic, but it's not a core part of the plan.

是的。卡莉，仔細想想，再生能源總是最先浮現在腦海。過去幾年，我們一直能夠透過再生能源實現資本循環利用。但別忘了，我們是一家大公司。除了核心業務之外，還有其他一些資​​產也可能用於資本循環。我們最近宣布的FCG交易就是一個很好的例子。我們會一直尋找機會。如果第三方對這些資產的估值高於我們，那麼我們當然會抓住機會，但這並非我們計劃的核心部分。

Got it. Okay. Great. That's helpful. And then just as you think about the timing cadence of the backlog additions and also the dispersion across the different technologies, I think Rebecca, you alluded to the fact that the 4Q pipeline is shaping up to be kind of more weighted to the '24 to '26 timeframe versus this quarter being a little bit longer dated. But can you also just talk about the split across wind, solar and storage? It seems like there's been a step up in solar relative to wind. So just any thoughts on how you see that piece evolving going forward would be helpful.

明白了。好的。太好了。這很有幫助。然後，就像您考慮積壓訂單新增的時間節奏以及不同技術的分佈情況一樣，我想麗貝卡，您之前提到過，第四季度的訂單儲備似乎更側重於2024年至2026年的時間範圍，而不是本季度的時間範圍更長。您能否也談談風能、太陽能和儲能的佔比情況？看起來太陽能相對於風能的發展勢頭更強勁。所以，您能否談談您對這部分未來發展趨勢的看法？這將非常有幫助。

Thanks, Carly. It's a great question. Yes, I definitely support that first part of your comment, and it's consistent with what I had said before that I think this quarter was a little bit anomalous in terms of the weighting to 2027, and the pipeline is very much more weighted for what I see today for '24, '25 and '26, with much of it in the '25 and '26 timeframe, just given the fact that we're running into '24.

謝謝卡莉。這是一個很好的問題。是的，我完全同意你評論的第一部分，這和我之前說的一致，我認為本季度2027年的權重有點異常，而目前的項目儲備更側重於2024、2025和2026年，其中大部分集中在2025和2026年，這主要是因為我們即將進入2024年。

In terms of the technology, actually, we had very strong signings for storage. And as Kirk highlighted in the prepared remarks, in terms of the -- maybe not surprise, it's probably not the right word, but really pleased to see how we're starting to see adoption across a broader set of markets, not just California but into the Midwest, where our utility customers and, obviously, some of the C&I are really valuing the ability to incorporate storage for capacity value and firming and shaping the renewables product. So that's really top in my mind.

就技術而言，我們確實在儲能領域取得了非常強勁的簽約成果。正如柯克在事先準備好的演講稿中所強調的，或許用「驚喜」這個詞並不恰當，但我很高興地看到，儲能技術開始在更廣泛的市場中得到應用，不僅是加州，還包括中西部地區。在那裡，我們的公用事業客戶以及一些工商業客戶都非常重視儲能技術在提升容量價值、增強再生能源產品穩定性和優化配置方面的作用。這正是我最關注的。

On the wind side, I think we're still seeing a little bit of dynamics that shaped up as a result of the tax credits that we originally -- we and the industry thought were going to phase down after 2020. So we saw a significant amount of pull forward of demand. And I think that's still affecting the industry a little bit. And then obviously, the PTC being extended for solar significantly improved the economics from a relative standpoint, which has been super positive for demand. We still see a lot of geographies where wind is incredibly attractive. And so I feel good about long-term demand for wind. And I also feel really good about long-term demand for repowering projects.

就風電而言，我認為我們仍然看到一些因稅收抵免政策而形成的動態，我們最初——包括我們自己和整個產業——都認為這些政策會在2020年後逐步取消。因此，我們看到了大量的需求提前釋放。我認為這仍然對整個行業產生一定影響。此外，太陽能生產稅收抵免政策的延長顯然從相對角度顯著改善了其經濟效益，這對需求無疑是利好消息。我們仍然看到很多地區風電極具吸引力。因此，我對風電的長期需求持樂觀態度。同時，我也對現有設施改造計畫的長期需求充滿信心。

Obviously, we had a great start to the repowering initiative following the IR extension with over 700 megawatts we talked about today. Obviously, its share from year it's a little bit less than that. But we look across the entire tens of gigawatts now of renewable projects, there's lots of opportunities to repower as well. So overall, across the board, really excited about the opportunities that we have in front of us.

顯然，在再生能源協議延期之後，我們的改造計劃開局良好，今天我們談到了超過700兆瓦的改造項目。當然，與去年相比，目前的改造規模略小。但縱觀目前數十吉瓦的再生能源項目，改造的機會仍然很多。所以總的來說，我們對眼前的機會感到非常興奮。

Our next question comes from Andrew Weisel with Scotiabank.

下一個問題來自加拿大豐業銀行的安德魯‧韋塞爾。

Can you talk a bit about supply chains? I mean curious, your latest thoughts on the availability and status of supply chains, both for solar equipment as well as for grid-level equipment like transformers or switch gears.

能談談供應鏈嗎？我是說，我很好奇您對太陽能設備以及電網級設備（如變壓器或開關設備）的供應鏈的可用性和現狀有何最新看法。

Sure. Yes, let me take that, Andrew. So first of all, with supply chain, things are really improved a lot as Rebecca just mentioned. We had the 2 issues, right? Circumvention, which has been asked and answered, provided a lot of clarity around what can be done, what can't and with the presidential proclamation. So in very good shape there. Second was forced labor and making sure that our suppliers are working constructively with Customs and Border Patrol to get their panels cleared for importation into the country. And so for the most part, all of our solar suppliers have been able to do that. And so we are in very good shape there.

當然。好的，安德魯，讓我來回答。首先，正如麗貝卡剛才所提到的，供應鏈方面的情況確實有了很大的改善。我們之前有兩個問題，對吧？第一個是規避問題，這個問題之前已經有人問過，也得到了解答，總統的公告也明確了哪些行為可行，哪些行為不可行。所以這方面進展非常順利。第二個問題是強迫勞動，我們需要確保供應商與海關和邊境保護局積極合作，以便他們的太陽能板能夠順利進口到美國。目前，我們的大部分太陽能供應商都做到了這一點。所以這方面我們也進展順利。

I think on grid power, I actually -- the grid-level issues that you just mentioned, we're in very good shape on. We had gone long on grid-level equipment, including transformers. And so we have a significant supply in our inventory. And we've also looked forward and have planned for this in terms of trying to make sure that we have equipment available where if our customers or the transition -- transmission owner in the places that we're building renewables are short on equipment or short on grid-level equipment in particular, that we have it in our inventory and are able to offer that up as a solution.

我認為就電網供電而言，實際上——您剛才提到的電網級問題，我們目前的情況非常好。我們大量儲備了電網級設備，包括變壓器。因此，我們的庫存非常充足。我們也提前做好了規劃，確保在我們的客戶或輸電運營商（尤其是在我們正在建設再生能源項目的地區）遇到設備短缺，特別是電網級設備短缺時，我們能夠提供相應的設備作為解決方案。

And I think one of the big benefits that we have, given our scale and given our leverage and the ability to buy this equipment in very large quantities and really lock up a lot of the manufacturing lines for the equipment. So it's a true competitive advantage for our renewable business is the way I think of that.

我認為，憑藉我們的規模、議價能力以及大量採購設備並鎖定大量生產線的能力，我們所擁有的一大優勢就是：這對於我們的再生能源業務而言，是一項真正的競爭優勢。

Great. Just to clarify, NEER is buying this equipment? Or FPL? Like do you keep those separate inventories?

好的。請確認一下，這批設備是NEER購買的嗎？還是FPL採購的？你們會分別維護這兩家公司的庫存嗎？

Both are. Both are because both need it.

兩者都是。兩者都是，因為它們都需要。

Okay. Great. And one quick follow-up, if I may. I'm almost apologizing to bring this up, but the Florida State Supreme Court asked the PSC for some details on their approval of the rate case settlement. Can you just share your expectations around timing of the process and maybe potential outcomes?

好的，太好了。如果可以的話，我還有一個後續問題。我幾乎有點不好意思提起這件事，但佛羅裡達州最高法院要求公共服務委員會 (PSC) 提供一些關於其批准費率案件和解方案的細節。您能否談談您對整個流程所需時間以及可能結果的預期？

Andrew, it's Armando. You're right that the Supreme Court remanded the settlement agreement back to the Public Service Commission. Our view is that the Public Service Commission is going to take that up soon, and we'll likely be in a position early next year, I would say, first quarter of next year to be able to send that back up to the Supreme Court with the additional details that the Supreme Court is looking forward to receiving.

安德魯，我是阿曼多。你說得對，最高法院已將和解協議發回公共服務委員會重審。我們認為公共服務委員會很快就會著手處理此事，我們很可能在明年初，也就是明年第一季度，就能將和解協議連同最高法院期待收到的補充細節一起提交給最高法院。

That process would be very similar to the process, both the timeline and the materials that the Public Service Commission went through with the Duke case that was remanded by the Supreme Court back to the Public Service Commission last year where the Public Service Commission did not reopen the record. We don't expect our record to be reopened, and made sure that they put together a conclusion that would be satisfactory in their view with the Supreme Court and send it back to the Supreme Court. So we think we're on the same process as that Duke case was, and we look to having the Public Service Commission resubmit that again first quarter next year.

這個過程與公共服務委員會去年處理杜克大學案件的過程非常相似，無論是時間安排還是材料。杜克大學案被最高法院發回重審，但公共服務委員會並未重新審查案卷。我們預計我們的案卷也不會被重新審查，因此我們確保他們能夠得出令最高法院滿意的結論，並將其提交給最高法院。所以我們認為我們正在按照與杜克大學案相同的流程進行，並期待公共服務委員會在明年第一季再次提交相關資料。

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

問答環節到此結束，會議也已閉幕。感謝各位參加今天的報告。大家現在可以斷開連線了。