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.

美好的一天，歡迎參加 NextEra Energy 和 NextEra Energy Partners LP 2023 年第三季財報電話會議。 （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人關係總監 Kristin Rose。請繼續。

Thank you, Rach. 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.

謝謝你，瑞秋。大家早安，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2023 年第三季合併財務業績電話會議。今天早上和我在一起的還有 NextEra Energy 董事長、總裁兼執行長 John Ketchum； NextEra Energy 執行副總裁兼財務長柯克‧克魯斯 (Kirk Crews)； Rebecca Kujawa，NextEra Energy Resources 總裁兼執行長； NextEra Energy 執行副總裁 Mark Hickson 和 NextEra Energy Partners 的高階主管，以及佛羅裡達電力與照明公司總裁兼執行長 Armando Pimentel。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 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.

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中使用的其他因素以及本次電話會議期間會計演示的風險因素部分或我們的評論中發表的評論，實際結果可能與我們的前瞻性陳述有重大差異。向美國證券交易委員會提交的最新報告和文件，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.

今天的演示也提到了非公認會計準則財務指標。您應該參考今天簡報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資訊和調整情況。

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 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 第三季業績強勁，調整後每股盈餘較去年同期成長約 10.6%。本季度，FPL 繼續為其客戶提供卓越的價值，我們認為這裡是美國最具建設性的監管管轄區之一。 FPL 的帳單遠低於全國平均水平，我們不懈地專注於可靠性和高效營運業務。

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.

能源資源公司在第三季度擴大了其在再生能源領域的領導地位，調整後的盈利增長強勁，並創下了其歷史上最好的可再生能源和儲存起源季度。 NextEra Energy 透過 FPL 的資本計畫和 Energy Resources 超過 21 吉瓦的再生能源和儲存儲備，擁有清晰的成長可見度。憑藉著業界最強勁的資產負債表和全球銀行關係，我們相信 NextEra Energy 擁有顯著的資本獲取和資本成本優勢，並且處於有利地位，能夠繼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.

現在讓我們來看看 FPL 的詳細結果。 2023 年第三季度，FPL 每股盈餘年增 0.04 美元。這一業績的主要推動力是 FPL 的監管資本使用年增約 13.6%。我們仍預期FPL 在目前費率協議的4 年期限內，所使用的監管資本將實現約9% 的平均年增長率，該協議的資金將持續到2025 年。FPL 本季的資本支出約為26億美元，我們預期FPL 2023 年全年的資本支出約為26 億美元。資本投資在 90 億至 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，FPL 出於監管目的報告的 ROE 約為 11.8%。第三季度，我們沖銷了大約 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 4 年的和解協議中，我們繼續預期 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十分完善，專注於增強我們認為是業界最佳客戶價值主張之一。

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.

主要指標顯示佛羅裡達州經濟保持健康，佛羅裡達州仍然是美國成長最快的州之一。由於天氣變暖，FPL 第三季度零售額較上年同期增長 3%，這對每位客戶的使用量產生了約 2% 的同比積極影響。因此，FPL 觀察到，在天氣正常化的基礎上，第三季零售額穩定成長約 1%。

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.

現在讓我們來看看能源資源公司，該公司公佈的調整後獲利年增約 21%。新投資的貢獻每股增加 0.11 美元，而我們現有的清潔能源投資組合每股下降 0.02 美元，其中包括風能資源同比疲軟的影響。我們的客戶供應和貿易以及天然氣基礎設施業務的相對貢獻分別增加了每股 0.04 美元和每股 0.01 美元。所有其他影響使每股收益減少 0.08 美元。這一下降反映了每股利息成本增加了 0.06 美元，其中一半是由支持新投資的新借貸成本所驅動的。

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.

能源資源公司的新再生能源和儲存發電量創歷史新高，積壓的電力增加了約 3,245 兆瓦，這是我們首次在單季超過 3 吉瓦。儘管我們會提醒您，每季的簽約量可能會不穩定，但我們確實相信這是對新的再生能源發電有強勁潛在需求的絕佳跡象。

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 [prevailing] 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，考慮到自第二季度電話會議以來投入使用的約 1,025 兆瓦新項目，我們的積壓項目目前總計超過 21 吉瓦。我們也從積壓項目中刪除了約 1,180 兆瓦，其中包括在 NYSERDA 兩週前作出不利決定後紐約約 800 兆瓦的項目。我們樂觀地認為這些項目最終將取得進展，但目前正在將它們從積壓的項目中刪除。由於[普遍存在的]挑戰，剩餘的兆瓦被取消。總體而言，我們仍有望實現到 2026 年約 33 至 42 吉瓦的再生能源發展預期。

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 a new 10 years of production tax credits, collectively resulting in attractive returns.

本季新增的積壓訂單包括約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 兆瓦的改造項目中所佔的份額，我將在幾分鐘內討論這一點。提醒一下，在重新供電時，我們投資了新建成本的大約 50% 至 80%，能夠更新和增強渦輪機設備的性能以及新的 10 年生產稅收抵免，共同帶來有吸引力的回報。

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 (inaudible) 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.

Energy Resources 先前已為其約 23 吉瓦營運風電組合中的約 6 吉瓦重新供電，我們相信在未來幾年我們將能夠為我們現有的大部分風電組合重新供電。積壓訂單中還包括約 250 兆瓦的獨立電池儲存項目（聽不清楚）以及現有的風能和太陽能設施。獨立儲存稅收抵免與利用我們營運的可再生能源和儲存足跡的現有互連容量的能力相結合，使我們能夠很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.

現在轉向我們 2023 年第三季的合併業績。公司及其他調整後每股收益較去年同期下降 0.01 美元。我們的長期財務預期維持不變。如果我們無法在 2023 年至 2026 年期間每年達到或接近調整後每股收益預期範圍上限的財務業績，我們將感到失望。從 2021 年到 2026 年，我們繼續預期我們的營運現金年均成長流量將達到或高於我們調整後的每股盈餘複合年增長率範圍。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%。一如既往，我們的期望取決於我們的警告。

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 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，我們計劃以類似於 FPL 和 Energy Resources 以往的方式為該業務提供資金。除了稅收股權、專案融資和公司債務之外，這包括利用營運現金流來滿足我們大約一半的資金需求。出售稅收抵免是 NextEra Energy 的新資金來源。我們預計在2023 年將轉移約4 億美元的稅收抵免，並預計這一金額將在未來幾年內增長到2026 年約16 億至18 億美元。這種動態減少了NextEra Energy 和資本回收需求，包括先前透過向 NextEra Energy Partners 出售產品，該公司歷史上平均每年現金收益約為 10 億美元。

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 [remains] 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票發行。我們的資產負債表和財務紀律仍然是我們策略的核心。當我們發現對客戶和股東有吸引力的投資時，我們希望以[仍然]保持我們資產負債表實力的方式為這些投資提供資金。提醒一下，在過去 5 年裡，我們平均每年以股票單位的形式發行約 15 億美元的股票。我們預計 2023 年剩餘時間不會發行任何股票，並預計我們的年終信用指標將超過支持我們信用評級（即當前評級）的機構指定的指標。

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 [2] 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 (inaudible) 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 年到 2026 年，我們預計我們的總股本需要不超過 30 億美元，並繼續依賴股本單位來滿足我們的股本需求，而這些股本在前 [2] 年不會被稀釋。我們相信 FPL 和 Energy Resources 處於有利地位，能夠在當前環境下管理利率波動。在FPL，我們主要依靠盈餘機制來抵銷更高的利率，進而為客戶帶來利益。此外，FPL的費率協議已將ROE調整至11.8%，使其能夠在當前較高的費率環境下獲得更高的ROE。我們預計，FPL 將能夠透過在剩餘（聽不清楚）期間使用盈餘機制來吸收當前利率環境的大部分甚至可能全部累積影響。與目前費率協議到期一致，FPL 預計將於 2025 年初提交費率案件，要求新費率於 2026 年生效。

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.

對於能源資源、企業及其他，我們現在已實施 205 億美元的利率避險。雖然金額隨著我們添加和結算對沖而變化，但掉期的期限在 5 至 10 年之間，加權平均利率約為 3.75%。掉期使我們能夠減輕利率變化對Energy Resources 積壓回報和Capital Holdings 2024 年至2026 年128 億美元債務到期的影響。具體來說，這些掉期使我們能夠對沖我們預計在我們的項目上發行的專案級債務融資。再生能源積壓專案以及 128 億美元[近期]到期專案的一部分。

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.

從長遠來看，NextEra Energy 對殖利率曲線立即上移50 個基點的敏感度基本上不會對2023 年和2024 年預期調整後每股收益產生影響，並且平均對2025 年和2025 年預期調整後每股盈餘產生0.03 至0.05 美元的影響2026 年，相當於我們調整後每股盈餘預期的約 1%。當然，這種敏感度假設我們不實施其他抵銷舉措，其中包括我們的正常成本削減流程和資本效率機會。

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.

我們的積壓訂單狀況良好，並受益於我們的利率互換、全球供應鏈管理能力以及在我們的投資組合中大規模採購設備、材料和工廠服務平衡的能力。我們積壓的太陽能專案的預期股本回報率為十幾歲左右，風能和儲能專案的預期股本回報率超過[20%]。正如我們過去所做的那樣，我們根據當前的市場狀況（包括我們當前的資本成本）對購電協議進行定價，以維持適當的回報。此外，在我們向積壓項目投入大量資金之前做出最終投資決定時，我們正在利用利率較低時簽訂的合約的利率掉期來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.

我們保持財務紀律，並放棄不符合我們回報預期的項目。展望未來，鑑於全球競爭加劇和材料價格下降，我們看到太陽能板和電池設備價格下降的趨勢令我們感到鼓舞，我們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，由於眾所周知的因素，包括再生能源相對於替代發電形式持續的成本競爭力，需求將保持彈性。重要的是，迄今為止，需求仍然強勁，本季我們大量新增加的積壓訂單證明了這一點。

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 this 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, [stream] 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.

現在讓我們轉向 NextEra Energy Partners。需要提醒的是，該夥伴關係是一種融資工具，透過收購具有長期合約高品質現金流的資產並以低成本為這些收購融資來擴大其分配。多年來，NextEra Energy Partners 一直能夠依靠低成本融資來幫助推動分銷成長。為了滿足近年來的融資需求，該合夥企業主要依靠可轉換股權投資組合融資，這種融資的現金息票較低，[流]其期限並隨著時間的推移轉換為股權。購買這些融資所需發行的大量股權將於今年和未來幾年到期，我們認為這有助於提高合夥企業的交易收益率，在利率上升的同時幾乎翻倍。

Consequently, the partnership's cost of capital increased, which made it difficult to support a 12% growth rate in a way that is sustainable 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 this 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增加，難以以符合單位持有人長期最佳利益的可持續方式支持 12% 的成長率。透過將成長率降低至 6%，NextEra Energy Partners LP 分配率現在與同業相當，而該合作夥伴預計到 2027 年才需要成長股權。為了實現這些目標，該合作夥伴的重點是首先執行針對這個過渡計劃。需要提醒的是，過渡計畫包括分別在今年和 2025 年成功簽訂出售德州天然氣管道投資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.

這樣做將使合作夥伴關係能夠解決與STX 中游、2019 年NEP 管道和淨可再生能源到可轉換股權投資組合融資相關的股權收購，直至2025 年。在我們當前的財務預期期間，這將導緻小額股權收購到2026 年，Genesis Holding 將透過可轉換股權投資組合融資約1.47 億美元。該合作夥伴正在繼續出售德克薩斯州管道投資組合，預計將在1 月份的第四季度電話會議上或之前獲得最新情況。

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。該計劃涉及有機成長，特別是對約 1.3 吉瓦的風電項目進行重新供電，以及以有利的收益率從 Energy Resources 或第三方收購資產。重要的是，NextEra Energy Partners 預計不需要在 2024 年進行收購即可實現每單位分配成長 6% 的目標。

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 年為約 740 兆瓦的風力設施重新供電，這需要客戶董事會的最終批准，預計將在短期內收到。預計改造將產生具有吸引力的 CAFD 收益率，該合作夥伴預計透過稅收股權或特定專案債務為改造提供資金。重組是支持合作夥伴關係成長目標的有效方式。總體而言，我們對這一進展感到滿意，並將繼續專注於未來在 NextEra Energy Partners 約 8 吉瓦的風電投資組合中執行更多的重新供電機會。

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.

為了最大限度地減少利率變化帶來的波動並支持成長計劃，該合作夥伴還執行了約 19 億美元，以對沖 2024 年和 2025 年到期的再融資成本。由此產生的到期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.

轉向詳細結果。 NextEra Energy Partners 第三季調整後 EBITDA 為 4.88 億美元，可用於分配的現金為 2.47 億美元。新項目主要反映了2022 年收購的約1,100 淨兆瓦的新長期合約再生能源項目以及今年第二季度關閉的約690 淨兆瓦的新項目的貢獻，貢獻了約6,600 萬美元的調整後EBITDA和3200萬美元現金可供分配。第三季現有專案調整後的 EBITDA 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.

第三季調整後的EBITDA 和可用於分配的現金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，遠遠抵銷了風能資源減少導致的現收現付付款減少對可用於分配的現金的影響。現有項目。

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 董事會宣布季度分配為每普通單位 0.8675 美元，按年化計算每普通單位 3.47 美元，這反映出其每普通單位分配比 2023 年第二季度的年化增長 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 年第二季每普通單位分配的年化率 3.42 美元為基礎，我們繼續看到每單位 LP 分配每年增長 5% 至 8%，目前的目標是每年增長 6% 至至少到2026 年的合理預期範圍。對於2023 年，我們預計2024 年2 月應付的2023 年第四季分配的年化率為每普通單位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，調整後的 EBITDA 和可用於分配的現金的運行率貢獻將分別在 19 億至 21 億美元和 7.3 億至 8.2 億美元之間。提醒一下，2023 年底運行率預測反映了 2023 年底預測投資組合對 2024 年曆年的貢獻。

The adjusted EBITDA and related cash flow 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.

調整後的 EBITDA 和與德克薩斯州管道投資組合相關的分配的相關現金流量已被排除在這些運行率財務預期之外。一如既往，我們的期望取決於我們的警告。雖然 NextEra Energy Partners 在當前的環境中航行，但重要的是不要忽視基礎投資組合的價值。 NextEra Energy Partners 是全球第七大風能和太陽能發電商，營運超過 10 吉瓦的再生能源。

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 the questions we've been receiving from some investors, NextEra Energy has no plans to buy back NextEra Energy Partners.

該合作夥伴擁有可再生能源項目，在 30 個州提供高品質的現金流，透過平均剩餘合約期限為 14 年的合約為 94 名平均交易對手信用評級為 BBB+ 的客戶提供服務。我們仍然樂觀地認為，從長遠來看，這種合作關係可以成為擁有現有再生資產的有吸引力的工具。我們希望雙方的合作能夠成功，為了解決一些投資者提出的問題，NextEra Energy 沒有計劃回購 NextEra Energy Partners。

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

這樣，我就把電話轉給約翰。

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。讓我簡單介紹一下 NextEra Energy Partners。這是艱難的一年，我們還有很多工作要做。正如柯克所說，我們專注於執行我們的過渡計劃，並期待在第四季度財報電話會議或之前提供德克薩斯管道投資組合銷售流程的最新資訊。我們也致力於至少在 2026 年實現 LP 分銷成長 6%，而我們今天宣布的重組是實現這一目標的良好開端。

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.

在 NextEra Energy，我們的基礎植根於美國最大的電力公司 FPL 和全球再生能源領導者 NextEra Energy Resources。兩家公司的業務都表現得很好，相輔相成，互相促進，並且做得更好。持續交付的穩健財務和營運績效以及我們在發展預期方面取得的出色進展都證明了這一點。

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，我們會見了許多投資者，並歡迎您的回饋。作為回應，我們在今天的發言以及你們現在擁有的演示材料中回答了你們提出的許多問題。沿著這些思路，我想重申 NextEra Energy 的堅實基礎以及我們剛剛與董事會完成年度策略審查流程後的未來成長前景。

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.

FPL 仍然是美國最好的公用事業公司之一，在關鍵指標上實現了最高的營運績效，同時保持了行業最低的成本結構、最清潔的排放狀況之一以及比全國平均水平低約30% 的客戶帳單。它位於發展最快的州之一，我們認為這裡是全國最具建設性的監管環境之一。迄今為止，FPL 是全美大型公用事業公司中非燃料營運維護成本最低的。過去 20 年來，我們對成本、效率和低帳單的不懈關注，光是燃料成本就為客戶節省了近 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.

年復一年，FPL 因其可靠性而獲得最高讚譽，儘管該公司在半島上運作且歷來面臨颶風的可能性很高。該公司計劃在未來10 年內增加約20 吉瓦的太陽能發電量，以造福於客戶，同時將其配電系統埋入地下，以降低營運成本並抵禦颶風的影響，以幫助維持佛羅裡達州的經濟，該州目前是美國第16 大經濟體。世界全速運轉。我們相信 FPL 是全國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，我們才剛開始。作為美國發電結構一部分的再生能源滲透率目前約為16%，預計將翻一番，到2030 年達到30% 以上。作為再生能源領域的全球領導者，能源資源公司在美國再生能源發電市場中佔約20% 的市場份額。從勢不可擋的電氣化轉變中獲益匪淺。

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.

經驗和規模很重要，憑藉20 多年的可再生能源經驗、31 吉瓦的營運組合、約300 吉瓦的可再生能源和儲存項目的開發管道以及約150 吉瓦的互連隊列位置，我們為未來的成長做好了充分的準備。除了眾所周知的規模和競爭優勢之外，我們憑藉行業內最強大的資產負債表之一以更便宜的價格融資的能力為我們提供了獲得資本優勢和成本優勢的機會。我們相信，所有這些使我們能夠在複雜的宏觀環境中脫穎而出，以有吸引力的回報建立更多的再生能源。

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經建立了世界上最具競爭力和最完整的再生能源業務，並且比以往任何時候都更有能力引領美國經濟脫碳。在過去的 20 年裡，我們以我們最大的優勢、我們的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為動力，打造了一個世界一流的清潔能源平台。

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.

我今天要向我們的團隊表示感謝，因為我們仍然致力於服務客戶並為股東提供長期價值。

Thank you, and now we welcome your questions.

謝謝您，現在我們歡迎您提出問題。

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

（操作員說明）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?

所以只有幾個問題。首先，關於稅收可轉移性和 10 億美元有效創造 65 億美元股權內容的幻燈片。你能再談談這個嗎？我認為，如果我進行倒推計算，那麼 FFO 與債務之比約為 15%。你就是用這種方法來實現這個目標的嗎？還是還有更多細微差別？

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，在那張幻燈片上——我會接受的。這是約翰。我們是——例子是 10 億美元。你拿出 10 億美元，除以 18% 的 FFO 債務，淨額約 55 億美元。你擁有收到的 10 億美元現金，透過 10 億美元的轉讓，你可以獲得 65 億美元的股權內容。

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?

知道了。好的。當你列出你的——當你談到可轉讓性數字從 4 億美元到 17 億美元時，這似乎是一個關鍵部分。這是一個關鍵部分，它將出現在您的公司債務發行融資計劃中。現在，由於它不再是稅收公平，這可能與此相匹配。還是在稅收公平和專案中？我們如何看待這件作品出現在哪裡？

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，它將體現在您的營運現金流中。這就是您實際收到的現金。此外，還有一些股權內容有利於其他來源，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?

知道了。好的。有幫助。然後是關於利率互換的期限似乎相當長的另一個問題，這很有幫助。只是 - 當我們考慮如何使用掉期來基本上限制項目的利率風險時，有多少項目 - 如果有一個項目 10 億美元，未來的項目債務是多少，佔其中的百分比，比方說，您可能正在使用互換？

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，想想看，是 70%。因此，當你考慮我們的積壓訂單時，只需進行一些粗略的計算，如果你拿205 億美元，我會考慮其中大約155 億美元用於積壓訂單，然後餘額用於我們到2026 年的近期到期日.但是我們給你的利率敏感度包括了我們所有的風險敞口，對嗎？所以在專案債上，在企業債發行上，它都包含了。

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 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。然後是關於再生能源環境的一個總體問題。也許您可以對您所看到的情況進行更多的討論，因為人們普遍認為，較高的資本環境成本確實正在減緩再生能源的成長。我只是——也許只是為你所看到的內容增添更多色彩？下個季度是否會因為上漲而放緩？或者在整體環境中添加更多顏色會有所幫助。

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，我要把它交給麗貝卡。但我要說的一件事是，再生能源業務正越來越多地轉向規模企業，你可以看到原因。其中之一是能夠擁有資產負債表來實際進行我們可以進行的利率對沖。如果你做不到這一點，那確實會讓你處於明顯的劣勢。然後是你們都知道的所有其他競爭優勢，我們大規模購買、大規模建設、大規模營運。

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.

我想說的最後一點是資本成本優勢。在當今的市場環境中，擁有強大的資產負債表和最終母公司的利率確實非常重要，相對於我們的競爭對手而言，這是我們擁有的超級巨大的競爭優勢。這是我們成功的重要組成部分。但讓我把它交給麗貝卡，更多地談談你在市場上看到的情況。

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 the (inaudible) 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 date and across those technologies.

史蒂夫，我們對本季發布的簽約感到興奮。顯然，柯克強調 3.2 吉瓦對我們來說是一個記錄。這是我們第一次超過 3 吉瓦，它代表了我認為您希望看到的所有（聽不清），即整個產品組合的強勁回報、技術的完美組合、客戶的良好組合我們簽署並簽訂這些協議的類型，以及日期和這些技術方面的調查結果。

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.

我實際上認為，我們在 2027 年首次增加積壓工作，與我們所看到的整體積壓工作以及我們看到的進入第四季度的強大項目管道略有不成比例，這些項目的權重要大得多24年的一些內容，25 年和26 年的更多內容。但我們對此感到非常興奮。如此強大且令人興奮的開發管道。

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.

我同意約翰的評論，這確實是我們在實地看到的情況，在過去幾年的一些疲倦之後，我們的客戶真的被我們的執行能力所吸引。他們了解我們正在建造的管道，以及我們為成功建造專案而提供的資源。我認為這越來越重要。我們將繼續相應地解決這個問題，但所有跡象對於我今天所看到的情況來說都是非常積極的。

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人公司的 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.

也許只是快速觸及對新經濟政策的內在期望。我想就德克薩斯管道銷售而言，約翰，該過程是否有更全面的更新？我想，鑑於市場狀況，您是否預計會出現任何延誤或挑戰？我問這個問題的原因是顯然有一個理論或論文認為你在卸載這些資產時遇到了一些問題。因此，我希望您能提供更多的信息，以期待您的全面披露。

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。首先我要說的是，顯然，正如我們在準備好的演講中所說，我們的重點是銷售這些管道，以 6% 的速度增長，並使 NEP 能夠在未來取得成功。因此，沿著這些思路，我們繼續在銷售流程上非常努力地工作。我們正在與交易對手合作完成這項工作。同時，你看，這是一個更具挑戰性的宏觀經濟環境。這些是非常有價值的管道。我們正在尋找一項能夠為單位持有人帶來最大價值的交易，並且我們將繼續遵守紀律。但就我們正在取得的進展而言，事情正在繼續向前發展。我們期待在第四季度的電話會議上或在此之前的某個時候就我們的情況獲得進一步的更新。

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

知道了。然後，您是否預計 25 年的重新供電將能夠完全抵消米德管道的銷售？

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.

莎爾，我是麗貝卡。我會接受那個。因此，我們對作為 NEP 長期成長計劃一部分的重新供電感到非常興奮，並且擁有如此廣泛的可再生能源項目來實現這些重新供電，這將是繼續收購資產的一個很好的補充。因此，它並不符合整個成長計劃，但肯定是其中的一個很好的部分。正如我們在 5 月談到的，短期內我們預計總裝置容量為 1.3 吉瓦。顯然，這是在這方面取得進展的第一步。正如我們所指出的，CAFD 收益率非常有吸引力。仍有一些步驟需要完成，但我們還沒有完成對投資組合中其他資產進行重新供電的機會。

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.

知道了。完美的。最後對我來說。只是關於現金的來源和用途。我認為我們都非常讚賞那裡加強的披露。只是，我想，顯然，考慮到該業務的資本密集型性質，如果資本市場狀況變得更具挑戰性，您是否預計有任何增量槓桿可能抵消30 億美元的股本和30 億美元的資產出售？我想有任何理由重新考慮調整支出或資產負債表指標。

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。聽著，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。所以這是我們一直以來擁有的兩個槓桿。我認為我們的股東基礎非常熟悉我們在整個公司範圍內實施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焦點。

And look, when I think about the $3 billion of equity and the $3 billion of asset recycling and look historically 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 in 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.

看，當我想到 30 億美元的股本和 30 億美元的資產回收，並回顧我們過去能夠做的事情時，如果我們只能進行 30 億美元的資產回收，我會感到非常失望。我的意思不僅是透過新經濟政策，還包括第三方。提醒一下，在過去的三四年裡，我們在銷售再生能源專案方面非常成功，不僅在 NEP 中，而且向第三方銷售。我的意思是你想想 OTPP 交易、Apollo 交易、KKR 交易。因此，我們對我們所製定的資源計劃感到非常滿意，並期待著執行它。

Congrats.

恭喜。

Our next question comes from David Arcaro with Morgan Stanley.

我們的下一個問題來自摩根士丹利的大衛·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?

想知道您提到的回報率是否超過 20% 的儲能和風能回報率，我認為這比您過去表示的要高。假設這是由更高的 PPA 定價推動的，我想知道您是否看到更高的 PPA 價格會對再生能源市場的需求產生任何影響？考慮到這些市場的競爭動態，您如何看待這種回報水平是否可持續？

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，我會接受的。如您所知，我們一直將再生能源的背景描述為競爭環境。因此，我對這個團隊——我們的團隊在不斷變化的環境中的表現感到非常自豪。我當然認為這是我們團隊的優勢，最重要的是約翰強調的競爭優勢，長期投資，與我們的供應鏈合作的能力，與我們合作夥伴合作的能力建設項目並最終隨著時間的推移良好地運營這些項目。所以我想說，這確實有助於我們維持適當回報的能力。我還認為這反映了您期望我們做的事情，即隨著時間的推移，根據當前建設、融資和營運項目的所有成本進行調整。我們相信我們能夠成功實現這一目標。

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 -- and 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 (inaudible), particularly in that '24 to '26 timeframe.

就需求而言，顯然我們無法完全預測未來，但我可以告訴你，我認為真正最重要的兩個數據點是我們今天的報告中所說明的，即 3.2 吉瓦。我認為這是需求的一個極好的跡象。正如我一分鐘前針對史蒂夫的問題所強調的那樣，技術、日期、地點等的良好基礎。所以我真的很高興。而且 - 看看第四季度的管道，顯然，這是一項開發業務，事情可能會發生變化，但我相信我們處於有利位置，可以繼續實現強勁（聽不清），特別是在 '24到' 26 的時間範圍。

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, of 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.

因此，根據我們今天所看到的情況，非常令人興奮。我認為它是建立在眾所周知的基礎上的，即電氣化程度不斷提高、整個行業對發電和容量價值的需求不斷增加以及可再生能源仍然是成本最低的發電形式的背景。因此，我希望您能夠期待——我認為，在這樣的環境下，最有能力執行良好的公司。

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?

偉大的。這真的很有幫助。我對稅收抵免轉移市場也很好奇。您能否談談您所看到的交易對手的需求和興趣？這個市場有多深？當您轉移這些積分時，您會意識到什麼水準的定價，因為它將成為未來幾年更重要的現金流來源？

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，我會回答這個問題。首先，我認為我們有一個優秀的稅務部門。我們的稅務部門和財務團隊很早就開始了。我們已經與美國 50 家頂級納稅人建立了聯繫，並正在建立關係，並且對我們的 23 計劃進行了出色的執行。對稅收抵免轉移的需求非常強勁，正如我們所說，我們已經在努力實現“24”，“23”已經過去了。

And one of the things that really helps NextEra and 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 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.

真正對 NextEra 和稅務轉移市場有幫助的事情之一是我們擁有強大的資產負債表。我們得到了家長的 A- 評級。我們能夠承保信貸。能夠承保信用確實非常重要，因為我們與許多無法承保的小型開發商競爭。如果你去看看前 50 名納稅人，他們從來沒有聽說過這些公司。他們不知道自己是誰。他們並不真正知道自己在做什麼。他們知道NextEra。我們可以在我們轉讓的稅收抵免背後提供賠償。可以說，它讓我們能夠做到這一點，並且因此我們獲得了優惠價格。而且—所以我對我們的稅收抵免轉移計劃的現狀感到非常滿意。

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 were 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.

我想補充一點，因為我認為這是我們更廣泛的業務的一個很好的補充，特別是對那些正在合作實際購買一些可再生能源的工商業客戶。市場上採購再生能源最活躍的一些客戶也是最有興趣從我們這裡購買稅收抵免的客戶。我認為他們真的很喜歡這個價值主張。當然，正如約翰所強調的，經濟學，但真正喜歡的是價值主張，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深入的市場、大量的興趣以及整個投資組合中真正的交叉銷售機會。

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

我們的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?

稍微回到最後一個問題，您如何看待稅收公平和稅收抵免可轉讓性這 250 億至 350 億美元項目的組成？您如何看待現有的稅務公平承諾？您如何看待監管角度對稅收股權市場的一些影響？顯然，您談論的是稅收抵免可轉移性的強勁開端。這有多大關係？這在 250 億至 350 億美元中發揮了多大作用？最終，如果您願意的話，在該範圍內可以考慮使用多少 TE？

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。我會繼續接受的，朱利安。首先，當你看看我們的稅收公平、專案融資分割時，事情可能會改變。讓我們假設一下，大概是 50-50。我認為這可能是個不錯的思考起點。我們對獲得稅收公平的能力感到非常滿意。我認為，您指出的監管問題將會得到解決。我認為巴塞爾協議 III 產生了一些意想不到的後果。我們與參與這些問題的人們進行了​​深入的討論。政府當然認為這是一個意想不到的後果，我認為聯準會的人也是如此。我認為，政府非常專注於圍繞這個問題找到一個好的解決方案。

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.

但我不太擔心。最終，對我們來說，我認為巴塞爾協議 III 的問題得到了解決。最糟糕的情況是，銀行將找到其他資金來發行稅收股權。我們將像往常一樣從甲板頂部收到我們的分配。我剛才談到的與企業方的關係，我們一直在處理的這 50 個人左右，他們沒有理由不能介入並提供稅收股權融資，我們將與他們討論這些結構也是如此。

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.

然後，可轉移性（您今天早上已經花了一些時間談論它）可以填補任何空白。長話短說，我們對未來獲得稅收股權融資的能力感到非常滿意。

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.

知道了。因此，從技術上講，可轉讓性並不是 250 億至 350 億美元的一部分，但顯然，這是一次順利的對話，對吧，如果我理解那句話的話。

Can you say that again, Julian, the...

你能再說一次嗎，朱利安，那個…

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.

從技術上講，可轉讓性、信用可轉移性並不包含在 250 億至 350 億美元的資金中，但這是一個關於未來如何融資的不確定問題。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 corp 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.

對不起。是的是的。是的，稅收可轉移性不在這個數字之內。同樣，它顯示在營運現金流中，然後真正創建的股權內容顯示在公司債務發行中。但讓我們看看公司。以我們透過稅收抵免轉移收到的美元計算的營運現金流量。

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, as it carried 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，請快速討論一下這裡的利率問題。再次感謝您在此提出額外的敏感度和揭露資訊。當你邁向 2026 年時，你如何看待基線和開放性影響？我認為這是值得注意的，例如，你們在那個時期以平常的評論重申了這一點。當你進入那個較長的「26」時期時，考慮到這裡對沖的滾動，你如何看待看跌期權和看跌期權的種類，如果你願意的話，更具體地說？有沒有辦法量化利率的逆風？

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。所以我要提出幾點。一是你已經看到敏感性了。因此，23 年至 24 年影響為 0 美元，25 年和 26 年影響為 0.03 美元至 0.05 美元。期限為 5 至 10 年，平均票息為 375 個基點，我們對所獲得的保障感到非常滿意。我們已經討論過 FPL 的位置。

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 today that protect and safeguard those as they roll and becomes 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.

然後你想想我們簽訂的專案融資，我們使用這些對沖。這些專案融資基本上是 20 年期攤銷債務，具有 20 年期對沖，然後轉入其中，從而受益於這些掉期。因此，當你考慮我們現有的專案融資投資組合時，你會發現還有另外40 億美元的利率掉期，甚至不在我們今天提到的205 億美元的利率掉期中，這些利率掉期是在滾動和到期時保護和保障的。長話短說，我們有 205 億美元的積壓資金，而且我們現有的投資組合都已經被鎖定和對沖，我們對自己的利率風險感到非常滿意。

Our next question comes from Carly Davenport with Goldman Sachs.

我們的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? Are there any other non-core assets in Energy Resources that you'd consider monetizing?

我很欣賞對融資計劃和資產銷售的增量披露。只是後續行動。再生能源是這 30 億美元收益中唯一包含的元素嗎？您是否會考慮將能源資源中的任何其他非核心資產貨幣化？

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，當我想到這個問題時，我首先想到的是再生能源。過去幾年，我們一直能夠透過再生能源回收資本。但請記住，我的意思是，我們是一家大公司。還有其他可能可用於資本回收的非核心資產。我們最近宣布的 FCG 交易就是一個很好的例子。我們將一直尋找機會。如果存在第三方比我們更重視資產的情況，那麼當然，我們會尋求機會主義，但這不是該計劃的核心部分。

Got it. Okay. Great. That's helpful. And then just as you think about the timing cadence of the backlog additions and also 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.

知道了。好的。偉大的。這很有幫助。然後，正如您考慮積壓添加的時間節奏以及不同技術之間的分散一樣，我認為麗貝卡，您提到了第四季度管道正在變得更加註重“24 小時”這一事實26 的時間表比本季度的日期要長一些。但您能否也談談風能、太陽能和儲存之間的分歧？相對於風能，太陽能似乎有了進步。因此，任何有關您如何看待作品未來發展的想法都會有所幫助。

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，我絕對支持您評論的第一部分，這與我之前所說的一致，我認為本季度在 2027 年的權重方面有點反常，而且管道的權重比我之前所說的要高得多。今天看到“24”、“25”和“26”，其中大部分是在“25”和“26”時間範圍內，因為我們即將進入“24”。

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.

實際上，就技術而言，我們在儲存領域簽下了非常強大的合約。正如柯克在準備好的演講中所強調的那樣，就——也許並不奇怪，這可能不是正確的詞，但非常高興看到我們如何開始在更廣泛的市場中採用，不僅是加利福尼亞州，而且進入中西部，我們的公用事業客戶，顯然還有一些工商業客戶，都非常重視將儲存納入容量價值以及鞏固和塑造再生能源產品的能力。所以這在我看來確實是最重要的。

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.

在風方面，我認為我們仍然看到了一些由於稅收抵免而形成的動態，我們和業界最初認為稅收抵免將在 2020 年之後逐步取消。因此，我們看到了顯著的變化需求的前拉量。我認為這仍然對這個行業產生了一些影響。顯然，從相對的角度來看，針對太陽能的 PTC 擴展顯著提高了經濟效益，這對需求來說非常積極。我們仍然看到許多地區的風具有難以置信的吸引力。因此，我對風能的長期需求感到滿意。我也對重新供電專案的長期需求感到非常滿意。

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，在我們今天討論的超過 700 兆瓦的 IR 擴展之後，我們的重新供電計劃有了一個很好的開始。顯然，它的份額比去年要少一些。但我們縱觀現在數十吉瓦的再生能源項目，也有很多重新供電的機會。總的來說，我們對擺在我們面前的機會感到非常興奮。

Our next question comes from Andrew Weisel with Scotiabank.

我們的下一個問題來自豐業銀行的安德魯·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？我的意思是好奇，您對供應鏈的可用性和狀態的最新想法，包括太陽能設備以及變壓器或開關設備等電網級設備。

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。是的，讓我接受，安德魯。首先，正如麗貝卡剛才提到的，供應鏈確實得到了很大改善。我們有兩個問題，對吧？規避問題已經被詢問和回答，透過總統公告，清楚說明了什麼可以做、什麼不能做。所以那裡的狀況非常好。其次是強迫勞動，並確保我們的供應商與海關和邊境巡邏隊進行建設性合作，以確保其面板能夠順利進口到該國。因此，在大多數情況下，我們所有的太陽能供應商都能夠做到這一點。所以我們在那裡的狀況非常好。

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 in a plan 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.

我認為在電網電力方面，實際上，您剛才提到的電網等級問題，我們的狀況非常好。我們長期關注電網級設備，包括變壓器。因此，我們的庫存中有大量供應。我們也期待為此制定一項計劃，試圖確保我們有可用的設備，如果我們正在建造可再生能源的地方的客戶或過渡輸電所有者缺乏設備或短缺的話特別是在電網級設備上，我們的庫存中有它，並且能夠將其作為解決方案提供。

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，考慮到我們的規模、影響力以及大量購買設備並真正鎖定設備的大量生產線的能力，這是我們擁有的一大優勢。因此，我認為這對我們的再生能源業務來說是真正的競爭優勢。

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

偉大的。澄清一下，NEER 正在購買這個設備嗎？還是FPL？就像你保留這些單獨的庫存嗎？

Both are. Both are because both need it.

兩者都是。兩者都是因為兩者都需要它。

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。偉大的。如果可以的話，還有一個快速跟進。我幾乎要為提起此事而道歉，但佛羅裡達州最高法院要求 PSC 提供有關批准費率案件和解的一些細節。您能否分享一下您對流程時間安排以及潛在結果的期望？

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。你是對的，最高法院將和解協議發回公共服務委員會。我們的觀點是，公共服務委員會將很快處理這個問題，我們可能會在明年初，我想說的是，明年第一季度，能夠將其發回最高法院最高法院期待收到更多詳細資訊。

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.

該程序與去年由最高法院發回公共服務委員會重審的杜克案的公共服務委員會審查的時間安排和材料非常相似，當時公共服務委員會沒有重新開放記錄。我們不希望我們的記錄被重新公開，並確保他們得出最高法院認為滿意的結論並將其發回最高法院。因此，我們認為我們的流程與杜克大學的案例相同，我們希望公共服務委員會在明年第一季再次重新提交申請。

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.

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