新世紀能源 (NEE) 2023 Q4 法說會逐字稿

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

早安，歡迎參加 NextEra Energy, Inc. 和 NextEra Energy Partners, LP 2023 年第四季財報電話會議。 （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, Andrea. Good morning, everyone, and thank you for joining our fourth quarter and full year 2023 combined financial results conference call for NextEra Energy and NextEra Energy Partners.

謝謝你，安德里亞。大家早安，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2023 年第四季和全年合併財務業績電話會議。

With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy; Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy; Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners; as well as Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company. John will provide some opening remarks, and we'll then turn the call over to Kirk for a review of our fourth quarter and full year results. Our executive team will then be available to answer your questions.

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，他們都是 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阿曼多‧皮門特爾 (Armando Pimentel)。約翰將發表一些開場白，然後我們將把電話轉給柯克，以審查我們的第四季度和全年業績。然後我們的執行團隊將可以回答您的問題。

We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release, in the comments made during this conference call and the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites, www.nexteraenergy.com and www.nexteraenergypartners.com. 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、本次電話會議期間的評論以及隨附演示文稿的風險因素部分或中討論的其他因素，實際結果可能與我們的前瞻性陳述存在重大差異。我們向美國證券交易委員會提交的最新報告和文件，每份都可以在我們的網站 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 reconciliation 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，以了解定義訊息以及歷史非 GAAP 衡量標準與最接近的 GAAP 財務衡量標準的調整。

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

這樣，我就把電話轉給約翰。

Thanks, Kristin, and good morning.

謝謝克里斯汀，早安。

NextEra Energy had strong operational and financial performance at both FPL and Energy Resources in 2023. NextEra Energy delivered full year adjusted earnings per share of $3.17, up over 9% from 2022, exceeding the high end of our adjusted EPS expectations range.

2023 年，NextEra Energy 在FPL 和Energy Resources 均擁有強勁的營運和財務業績。NextEra Energy 全年調整後每股收益為3.17 美元，較2022 年增長超過9%，超出了我們調整後每股收益預期範圍的上限。

From solar supply chain challenges to higher inflation and interest rates, NextEra Energy navigated through a challenging environment the last 2 years, delivering compound annual adjusted EPS growth of roughly 11.5% since 2021. These were unprecedented events for our sector and clear headwinds for renewables, but disruption often presents opportunity.

從太陽能供應鏈挑戰到通膨和利率上升，NextEra Energy 在過去兩年中度過了充滿挑戰的環境，自2021 年以來調整後每股收益複合年增長率約為11.5%。這些對我們行業來說是史無前例的事件，對再生能源來說是明顯的阻力，但顛覆往往也帶來機會。

At NextEra Energy, we relied on our 25 years of renewables experience and our culture of execution to navigate this tough environment. On the strengths of our scale and competitive advantages, our world-class supply chain capabilities, customer relationships, access to and cost of capital advantages, the strength of our balance sheet, our data-driven development playbook and our team, just to name a few, we successfully managed through the disruption. Our scale and competitive advantages served as key differentiators and allowed us to continue to deliver for our customers and extend our long track record of earnings and dividend growth.

在 NextEra Energy，我們依靠 25 年的再生能源經驗和執行文化來應對這個艱難的環境。憑藉我們的規模和競爭優勢、世界一流的供應鏈能力、客戶關係、資本優勢和成本優勢、資產負債表的實力、數據驅動的開發手冊和團隊，僅舉一例很少，我們成功地度過了這次混亂。我們的規模和競爭優勢是關鍵的差異化因素，使我們能夠繼續為客戶提供服務，並延續我們獲利和股息成長的長期記錄。

Over the past 10 years, we have delivered compound annual growth and adjusted EPS of roughly 10%, which is the highest among all top 10 power companies. Over that same period, the remaining top 10 power companies have achieved, on average, compound annual growth and adjusted EPS of roughly 2%.

過去10年，我們實現了年複合成長率和調整後每股收益約10%，是所有十大電力公司中最高的。同期，其餘十大電力公司平均實現了複合年增長率，調整後每股收益約為 2%。

Notwithstanding the strong adjusted EPS results, we recognize and are disappointed by the underperformance in the share price. And as we start 2024, we remain steadfast in our continued focus on execution and creating long-term value for shareholders.

儘管調整後每股盈餘業績強勁，但我們意識到股價表現不佳，並對此感到失望。在 2024 年伊始，我們將繼續堅定不移地專注於執行力並為股東創造長期價值。

We believe the disruption over the last 2 years has made NextEra Energy an even stronger company. Our business model is more resilient, our development platform is even more advanced and our supply chain is more diversified than it has ever been. Bottom line, we believe NextEra Energy is well positioned headed into 2024.

我們相信，過去兩年的顛覆使 NextEra Energy 成為更強大的公司。我們的業務模式比以往任何時候都更具彈性，我們的開發平台更加先進，我們的供應鏈更加多元化。總而言之，我們相信 NextEra Energy 在進入 2024 年時處於有利位置。

And there is good reason for optimism at NextEra Energy. Although nobody can predict with certainty what 2024 will bring, inflation and interest rates have declined from their peak, and NextEra Energy has taken steps to mitigate its exposure to interest rate volatility through its interest rate hedging program. The Commerce Department has provided the final determination around circumvention, providing solar suppliers with more certainty around the rules and expectations of importing solar equipment.

NextEra Energy 有充分的理由保持樂觀。儘管沒有人能夠準確預測 2024 年會發生什麼，但通貨膨脹和利率已從峰值下降，NextEra Energy 已採取措施，透過利率對沖計劃減輕利率波動風險。美國商務部已就規避行為做出了最終決定，為太陽能供應商提供了有關進口太陽能設備的規則和期望的更多確定性。

New solar supply chains have been established in the U.S. and internationally, leading to lower solar panel prices, and we see the continued longer-term push towards EVs as being incrementally positive for continued reductions in battery prices.

美國和國際上已經建立了新的太陽能供應鏈，導致太陽能電池板價格下降，我們認為對電動車的長期持續推動將逐漸對電池價格的持續下降產生積極影響。

Solar panel and battery prices have already declined by roughly 25% from their peak over the last 24 months heading into 2024. We have proactively procured critical electrical equipment to complete our renewable projects, securing enough transformers and breakers to cover our expected build through 2027. And due to our scale and construction partnerships, we have not experienced any labor shortages impacting project time lines.

到2024 年，太陽能電池板和電池的價格已較過去24 個月的峰值下降了約25%。我們已積極採購關鍵電氣設備來完成我們的可再生能源項目，確保有足夠的變壓器和斷路器來滿足我們到2027 年的預期建設。由於我們的規模和建設合作夥伴關係，我們沒有遇到任何影響專案時間表的勞動力短缺問題。

Ultimately, all these tailwinds are great for customers and, we believe, should drive greater renewables demand in 2024 and beyond, all on the heels of consecutive record years for new renewables originations at Energy Resources in 2022 and 2023, totaling over 17 gigawatts.

最終，所有這些有利因素對客戶來說都是有利的，我們相信，這將在2024 年及以後推動更大的可再生能源需求，所有這些都緊隨能源資源公司在2022 年和2023 年連續創紀錄的新再生能源發電量之後，總計超過17 吉瓦。

NextEra Energy offers a unique value proposition with 2 strong businesses that we believe are strategically positioned with outstanding prospects for future growth. FPL, which represents more than 2/3 of our company, is the nation's largest electric utility and continues to deliver what we believe is the best customer value proposition in one of the fastest-growing states in the U.S.

NextEra Energy 透過兩家強大的企業提供了獨特的價值主張，我們相信這兩家企業的策略定位具有良好的未來成長前景。 FPL 占我們公司 2/3 以上的股份，是美國最大的電力公司，並繼續在美國發展最快的州之一提供我們認為最佳的客戶價值主張。

Energy Resources, the world's renewables leader, has differentiated itself in an industry in which scale, experience and being well capitalized matters. At NextEra Energy, the plan is simple. Our 2 businesses are deploying capital in renewables and transmission for the benefit of customers, providing visible growth opportunities for shareholders.

Energy Resources 是全球再生能源的領導者，在規模、經驗和資本充足的行業中脫穎而出。 NextEra Energy 的計畫很簡單。我們的兩家企業正在將資本配置在再生能源和輸電領域，以造福客戶，為股東提供明顯的成長機會。

At FPL, we identify investment opportunities that drive value for customers and support Florida's growing economy while keeping bills approximately 30% lower than the national average. We focus on running the business efficiently and continue to lead the industry with the lowest nonfuel O&M per megawatt hour of any large utility in the nation.

在 FPL，我們發現投資機會，為客戶帶來價值並支持佛羅裡達州不斷增長的經濟，同時保持帳單比全國平均水平低約 30%。我們專注於高效營運業務，並繼續以全國大型公用事業公司中每兆瓦時非燃料運行維護成本最低的方式引領業界。

Our emphasis on modernizing FPL's generation fleet to improve efficiency and reduce fuel costs has saved customers over $15 billion since 2001. We continued this trend in 2023 by placing into service approximately 1,200 megawatts of cost-effective solar and expect to add roughly 4,800 megawatts over the current rate agreement. And by 2032, we expect to increase FPL Solar from 5% of our total generation today to roughly 35% by adding over 15,000 incremental megawatts.

自2001 年以來，我們專注於對FPL 發電組進行現代化改造，以提高效率並降低燃料成本，已為客戶節省了超過150 億美元。我們在2023 年延續了這一趨勢，將約1,200 兆瓦的經濟高效能太陽能投入使用，預計在2023 年增加約4,800 兆瓦。目前費率協議。到 2032 年，我們預計透過增加超過 15,000 兆瓦的增量，將 FPL Solar 從目前總發電量的 5% 增加到約 35%。

We are also continuing to invest in FPL's grid to make it stronger and more resilient for our customers. Almost all of FPL's transmission system has been hardened with concrete or steel towers or poles, and we continue to invest in undergrounding our distribution system to further enhance reliability and resiliency for customers.

我們也將繼續投資 FPL 的電網，使其更強大、更有彈性，為我們的客戶服務。 FPL 的幾乎所有輸電系統均採用混凝土或鋼塔或桿進行加固，我們繼續投資地下配電系統，以進一步提高客戶的可靠性和彈性。

The capital plan of the current rate agreement of $32 billion to $34 billion extends our customer value proposition and provides clear visibility for growth through 2025. Beyond 2025, we continue to believe FPL is strategically well positioned, as Florida remains one of the fastest-growing states in the U.S., with a population growth that is expected to roughly double the national average through 2030.

目前費率協議的資本計畫為320 億至340 億美元，擴展了我們的客戶價值主張，並為2025 年之前的成長提供了清晰的可見性。在2025 年之後，我們仍然相信FPL 處於戰略有利位置，因為佛羅裡達州仍然是增長最快的州之一到 2030 年，美國各州的人口增長預計將大約是全國平均水平的兩倍。

Florida's economy is also growing and is now the 14th largest in the world if Florida were a country. FPL is responsible for keeping the lights on for approximately $2 billion per day of Florida's GDP.

佛羅裡達州的經濟也在成長，如果佛羅裡達州是一個國家，現在是世界第 14 大經濟體。 FPL 負責維持佛羅裡達州每天約 20 億美元的 CGD。

These long-term growth prospects, coupled with investment opportunities in renewables and transmission and distribution infrastructure, enhance our best-in-class customer value proposition and support our belief that FPL is the highest-quality rate-regulated utility in the country.

這些長期成長前景，加上再生能源和輸配電基礎設施的投資機會，增強了我們一流的客戶價值主張，並支持我們的信念：FPL 是全國品質最高的費率監管公用事業公司。

Energy Resources' deep expertise in renewables and transmission serves as a key differentiator with customers. As a result of our data-driven development playbook, Energy Resources had a record year of new renewables and storage origination, adding approximately 9,000 megawatts to our backlog. Driven in part by the roughly 5,600 megawatts placed in service in 2023, Energy Resources grew adjusted earnings almost 13% versus 2022.

能源資源公司在再生能源和輸電方面的深厚專業知識是與客戶競爭的關鍵優勢。由於我們的數據驅動開發手冊，Energy Resources 在新的再生能源和儲存發電方面創下了創紀錄的成績，為我們的積壓項目增加了約 9,000 兆瓦。 Energy Resources 的調整後收益較 2022 年成長近 13%，部分原因是 2023 年投入使用的裝置容量約為 5,600 兆瓦。

Energy Resources continues to see strong demand and is well positioned to realize its development expectations over the 4-year period ending 2026. Assuming we achieve the midpoint of the range, Energy Resources will be operating a roughly 63-gigawatt renewable portfolio by the end of 2026. That would be larger than the installed renewables capacity of all but 9 countries.

Energy Resources 持續看到強勁的需求，並有能力在截至2026 年的4 年期間實現其發展預期。假設我們達到該範圍的中點，Energy Resources 將在2019 年底運營約63 吉瓦的可再生能源投資組合。2026 年。這將超過除 9 個國家以外的所有可再生能源裝置容量。

Energy Resources also is extending its excellent track record of optimizing our existing footprint to create additional shareholder value. To date, we have repowered 6 gigawatts of our existing 24-gigawatt wind operating fleet, investing roughly 50% to 80% of the cost of a new build and starting a new 10 years of production tax credits, resulting in attractive returns for shareholders. By 2026, Energy Resources wind footprint could be roughly 32 gigawatts. And with over a decade to potentially qualify for repowering, it represents a great opportunity set.

能源資源公司也正在擴大其優化現有足跡以創造額外股東價值的卓越記錄。迄今為止，我們已經對現有24 吉瓦風電運營機組中的6 吉瓦進行了改造，投資了新建成本的大約50% 至80%，並開始了新的10 年生產稅收抵免，為股東帶來了誘人的回報。到 2026 年，Energy Resources 的風能足跡可能約為 32 吉瓦。而且還有十多年的時間才有資格重新供電，這代表著一個巨大的機會。

We believe there are multiple opportunities to drive value from the existing footprint: multiple wind repowers; adding solar underneath existing wind; and co-locating battery storage with existing wind and solar, and we have dedicated teams leveraging our development playbook to optimize our existing and future fleet. We can maximize existing land, permits, interconnection capacity and operations to provide enhanced value to customers and shareholders.

我們相信，有多種機會可以從現有足跡中驅動價值：多種風力發電；在現有風能下方添加太陽能；並將電池儲存與現有的風能和太陽能放在一起，我們有專門的團隊利用我們的開發手冊來優化我們現有和未來的機隊。我們可以最大限度地利用現有土地、許可證、互連能力和運營，為客戶和股東提供更高的價值。

By 2026, Energy Resources could operate up to 53 gigawatts of generation, with the potential to co-locate battery storage, which represents a great long-term opportunity, especially considering the likely future capacity needs of customers.

到 2026 年，Energy Resources 的發電量可達 53 吉瓦，並有可能並置電池存儲，這代表著一個巨大的長期機會，特別是考慮到客戶未來可能的容量需求。

Throughout 2023, Energy Resources also continued to build what we believe is the nation's leading competitive transmission business. As growth in renewables occurs throughout the U.S., there is a growing imperative to build additional or upgrade existing transmission.

2023 年，Energy Resources 也持續打造我們認為是全國領先的、有競爭力的輸電業務。隨著美國各地再生能源的成長，建造額外或升級現有輸電系統的必要性越來越大。

2023 was a record year for our competitive transmission business. NextEra Energy Transmission was awarded projects to construct transmission in PJM, CAISO and SPP that would roughly double the investments made in the existing business. We anticipate deploying approximately $1.9 billion of capital through 2027 to complete these transmission projects, which we estimate could enable up to 12 gigawatts of new renewables.

2023 年是我們富有競爭力的變速箱業務創紀錄的一年。 NextEra Energy Transmission 獲得了在 PJM、CAISO 和 SPP 建設輸電設施的項目，這將使現有業務的投資增加一倍。我們預計到 2027 年將部署約 19 億美元的資金來完成這些輸電項目，我們估計這些項目可實現高達 12 吉瓦的新再生能源發電。

Beyond 2026, Energy Resources is strategically positioned to benefit significantly from the irreversible shift towards electrification. With renewables only comprising roughly 16% of the U.S.-generating mix, Energy Resources is just getting started.

2026 年之後，Energy Resources 的策略定位是從不可逆轉的電氣化轉變中獲益匪淺。由於再生能源僅占美國發電總量的約 16%，Energy Resources 才剛起步。

Renewable penetration is expected to double to over 30% by 2030, and Energy Resources is ready. We have a substantial development pipeline, including roughly 150 gigawatts of interconnection queue positions for new renewables and storage projects. We believe Energy Resources has the most comprehensive renewable energy business in the world and is better positioned than ever to capitalize on long-term growth prospects.

到 2030 年，再生能源滲透率預計將翻一番，達到 30% 以上，能源資源已做好準備。我們擁有大量的開發管道，包括用於新的可再生能源和儲存項目的約 150 吉瓦的互連隊列位置。我們相信能源資源公司擁有世界上最全面的再生能源業務，並且比以往任何時候都更有能力利用長期成長前景。

FPL and Energy Resources individually have executed well, delivering value for our customers. Both businesses complement each other, push one another to be better and together create scale and foster innovation. We have one of the sector's strongest balance sheets and constructed and placed into service roughly 6,800 megawatts of new renewables and storage projects in 2023.

FPL 和 Energy Resources 各自表現良好，為我們的客戶創造了價值。兩項業務相輔相成，相互促進，共同創造規模並促進創新。我們擁有該行業最強勁的資產負債表之一，並於 2023 年建成並投入使用約 6,800 兆瓦的新再生能源和儲存專案。

To put that into context, 6,800 megawatts of installed U.S. renewable generating capacity is enough on its own to rank as the 4th largest U.S. renewable energy company and the 14th largest utility.

考慮到這一點，美國再生能源裝置容量 6,800 兆瓦本身就足以躋身美國第四大再生能源公司和第十四大公用事業公司之列。

Turning to NextEra Energy Partners. We continue to focus on executing against the partnership's transition plans and delivering an LP distribution growth target of 6% through at least 2026. Last September, we made the tough decision to reduce the target distribution growth rate to 6% when NextEra Energy Partners no longer benefited from a competitive cost of capital.

轉向 NextEra 能源合作夥伴。我們繼續專注於執行合作夥伴的過渡計劃，並至少在2026 年之前實現6% 的LP 分銷增長目標。去年9 月，當NextEra Energy Partners 不再與我們合作時，我們做出了艱難的決定，將目標分銷成長率降低至6%。受益於具競爭力的資本成本。

With a growth rate now comparable to its peers, we are focused on the partnership's cost of capital improving, which is critical for its future success. Towards that end, we are evaluating alternatives to address the remaining convertible equity portfolio financings with equity buyout obligations in 2027 and beyond.

目前的成長率與同業相當，我們專注於改善合夥企業的資本成本，這對其未來的成功至關重要。為此，我們正在評估替代方案，以解決 2027 年及以後的剩餘可轉換股權投資組合融資以及股權收購義務問題。

We are executing against the transition plans and with the closing of the Texas Pipeline portfolio sale, the partnership has addressed 2 of the 3 near-term convertible equity portfolio financings. The STX Midstream convertible equity portfolio financing has been extinguished, and we have sufficient proceeds available to complete the NEP Renewables II buyouts that are due in June 2024 and 2025. The third convertible equity portfolio financing associated with the Meade natural gas pipeline assets is expected to be addressed in 2025.

我們正在執行過渡計劃，隨著德州管道投資組合銷售的結束，該合作夥伴關係已解決了 3 個近期可轉換股權投資組合融資中的 2 個。 STX Midstream 可轉換股權投資組合融資已經結束，我們有足夠的可用資金來完成將於2024 年6 月和2025 年到期的NEP Renewables II 收購。與Meade 天然氣管道資產相關的第三次可轉換股權投資組合融資預計將於 2025 年解決。

Looking ahead to 2024 and beyond, NextEra Energy Partners does not expect to need an acquisition in 2024 to meet the 6% growth in LP distributions per unit target, and the partnership does not expect to require growth equity until 2027. We are executing against the growth plans and have identified approximately 985 megawatts of wind repowers through 2026, making progress against our expectations.

展望 2024 年及以後，NextEra Energy Partners 預計不需要在 2024 年進行收購即可實現每單位 LP 分配增長 6% 的目標，並且該合作夥伴預計在 2027 年之前不需要增長股權。我們正在執行增長計劃，並已確定在2026 年重新發電約985 兆瓦，進展超出我們的預期。

As we turn the page on 2023 and head into 2024, we are optimistic about the renewable sector, a better opportunity set, about customer demand and about NextEra Energy's future. Demand for renewables has never been stronger, and yet the challenges have never been more complex, making the stakes even higher for customers. Our scale and competitive advantages are enabling us to be the partner of choice with both power and commercial and industrial customers.

當我們翻過 2023 年這一頁，邁入 2024 年時，我們對再生能源產業、更好的機會、客戶需求以及 NextEra Energy 的未來持樂觀態度。對再生能源的需求從未如此強勁，但挑戰也從未如此複雜，這使得客戶面臨更大的風險。我們的規模和競爭優勢使我們成為電力、商業和工業客戶的首選合作夥伴。

On March 14, we will discuss Energy Resources development process in greater detail at our development investor event in Juno Beach and illustrate how our proprietary tools differentiate Energy Resources with customers. And then on June 11, we will hold our NextEra Energy Investor Day in New York to discuss our long-term plans for both Energy Resources and FPL.

3 月 14 日，我們將在朱諾海灘舉行的開發投資者活動上更詳細地討論 Energy Resources 開發流程，並說明我們的專有工具如何使 Energy Resources 與客戶脫穎而出。然後，6 月 11 日，我們將在紐約舉辦 NextEra Energy 投資者日，討論我們針對 Energy Resources 和 FPL 的長期計劃。

Our optimism for NextEra Energy's future flows from the strength of our 2 world-class businesses, FPL and Energy Resources, that leverage our scale and competitive advantages to differentiate themselves as leaders. Our optimism is driven from our proven playbooks of deploying capital in renewables and transmission to create value for customers.

我們對 NextEra Energy 未來的樂觀源自於我們兩家世界級企業 FPL 和 Energy Resources 的實力，它們利用我們的規模和競爭優勢使自己成為領先者。我們的樂觀情緒源自於我們在再生能源和輸電領域部署資本以為客戶創造價值的行之有效的策略。

But I am most optimistic because we have spent the last 2 decades building a world-class team at NextEra Energy, and it is by far our greatest competitive strength. Our team lives and breathes a culture of continuous improvement, working together to solve the tough challenges of the day. We drive innovation, relying on data analytics and automation to make better decisions. And we have developed and deployed smart, low-cost clean energy solutions that lead our industry. Most importantly, our team remains hyperfocused on continuing our long track record of execution, serving our customers with excellence and providing long-term value for shareholders.

但我最樂觀的是，我們在過去的20年裡，在NextEra Energy打造了一支世界級的團隊，這是我們迄今為止最大的競爭優勢。我們的團隊生活和呼吸著持續改進的文化，共同努力解決當今的嚴峻挑戰。我們推動創新，依賴數據分析和自動化做出更好的決策。我們開發並部署了引領業界的智慧、低成本清潔能源解決方案。最重要的是，我們的團隊仍然高度專注於繼續我們長期的執行記錄，為客戶提供卓越服務並為股東提供長期價值。

With that, let me turn it over to Kirk, who will review the 2023 results in more detail.

接下來，讓我將其轉交給柯克，他將更詳細地審查 2023 年的結果。

Thanks, John.

謝謝，約翰。

Let's begin with FPL's detailed results. For the full year 2023, FPL's adjusted earnings per share increased $0.22 versus 2022. FPL's adjusted earnings results exclude the approximately $300 million after-tax gain on the sale of Florida City Gas, which closed on November 30, 2023.

讓我們從 FPL 的詳細結果開始。 2023 年全年，FPL 的調整後每股收益比 2022 年增加了 0.22 美元。FPL 的調整後收益結果不包括 2023 年 11 月 30 日完成的佛羅裡達城市天然氣出售的約 3 億美元稅後收益。

The principal driver of the 2023 full year performance was FPL's regulatory capital employed growth of approximately 12.5%. We continue to expect FPL's average annual growth and regulatory capital employed to be roughly 9% over the 4-year term of our current rate agreement, which runs through 2025.

2023 年全年業績的主要動力是 FPL 的監理資本使用成長約 12.5%。我們繼續預計，在我們目前利率協議的 4 年期限內（截至 2025 年），FPL 的平均年增長率和監管資本使用量將約為 9%。

For the full year 2023, FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the full year 2023, we used approximately $227 million of reserve amortization, leaving FPL with a year-end 2023 balance of roughly $1.2 billion.

2023 年全年，FPL 出於監管目的報告的 ROE 約為 11.8%。 2023 年全年，我們使用了約 2.27 億美元的準備金攤銷，使 FPL 2023 年年底的餘額約為 12 億美元。

FPL's capital expenditures were approximately $2 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $9.4 billion. These capital investments supported the successful commissioning of roughly 1,200 megawatts of solar in 2023, continued hardening of the grid and our efforts to underground our distribution system.

FPL第四季的資本支出約為20億美元，使其全年資本投資總額約為94億美元。這些資本投資支持了 2023 年約 1,200 兆瓦太陽能的成功調試、電網的持續加固以及我們將配電系統埋入地下的努力。

During the fourth quarter of 2023, our 25-megawatt hydrogen pilot at the Okeechobee Clean Energy Center successfully achieved commercial operations. As a reminder, we plan to utilize this facility, together with adjacent solar projects, to create green hydrogen and blend it with natural gas at our Okeechobee plant.

2023 年第四季度，我們在奧基喬比清潔能源中心的 25 兆瓦氫氣試點計畫成功實現商業營運。提醒一下，我們計劃利用該設施以及鄰近的太陽能專案來製造綠色氫氣，並將其與奧基喬比工廠的天然氣混合。

Key indicators show that the Florida economy remains strong, and Florida's population continues to be one of the fastest growing in the country. Florida's economy continues to trend upward, and its GDP is now roughly $1.6 trillion, an increase of 9.3% over last year.

關鍵指標顯示佛羅裡達州經濟依然強勁，佛羅裡達州人口仍是美國人口成長最快的州之一。佛羅裡達州經濟持續呈上升趨勢，GDP目前約1.6兆美元，比去年增長9.3%。

For the fourth quarter of 2023, FPL's retail sales increased 1.6% from the prior year on a weather-normalized basis driven primarily by continued strong customer growth, which increased by nearly 81,000 from the prior year comparable quarter. For the full year 2023, FPL retail sales increased 0.6% from the prior year on a weather-normalized basis, also driven primarily by the strong customer growth in our service territory.

2023 年第四季度，FPL 的零售額在天氣正常化的基礎上比上年增長 1.6%，這主要是由於客戶持續強勁增長，比上年同期增加了近 81,000 人。 2023 年全年，FPL 零售額在天氣正常化的基礎上較上年增長 0.6%，這主要是受到我們服務領域客戶強勁增長的推動。

Now let's turn to Energy Resources, which reported full year adjusted earnings growth of approximately 12.9% year-over-year. Contributions from new investments increased by $0.35 per share due to strong growth in our renewables and storage portfolio. Contributions from our existing clean energy assets decreased results by $0.11 per share driven primarily by the impact of weaker wind resource. 2023 was the lowest wind resource on record over the past 30 years.

現在讓我們來看看能源資源公司，該公司公佈的全年調整後獲利年增約 12.9%。由於我們的再生能源和儲存投資組合的強勁成長，新投資的貢獻每股增加了 0.35 美元。我們現有清潔能源資產的貢獻使每股業績下降 0.11 美元，這主要是由於風能資源減弱的影響。 2023年是過去30年來有記錄以來風資源量最低的一年。

Our customer supply and trading business increased results by $0.16 per share primarily due to higher margins in our customer-facing businesses. Other decreased results by $0.26 per share year-over-year. This decline reflects higher interest costs of $0.22 per share, of which $0.10 was driven by new borrowing costs to support new investments.

我們的客戶供應和貿易業務每股業績成長了 0.16 美元，主要是由於我們面向客戶的業務利潤率更高。其他業績每股年減 0.26 美元。這一下降反映了每股 0.22 美元的利息成本上升，其中 0.10 美元是由支持新投資的新借款成本驅動的。

Energy Resources delivered our best year ever for origination, adding approximately 9,000 megawatts of new renewables and battery storage projects to our backlog, which includes approximately 2,060 megawatts since our last call. Our 2023 origination performance reflects continued strong demand from power customers looking for the least-cost alternative to serve load and to replace uneconomic generation and commercial and industrial customers looking to help decarbonize their operation or meet their data center and AI demand.

能源資源公司實現了有史以來最好的一年，在我們的積壓訂單中增加了約 9,000 兆瓦的新可再生能源和電池儲存項目，其中包括自我們上次通話以來的約 2,060 兆瓦。我們2023 年的創始業績反映了電力客戶的持續強勁需求，這些客戶尋求以最低成本的替代方案來服務負載並取代不經濟的發電，而商業和工業客戶則希望幫助其運營脫碳或滿足其數據中心和人工智慧需求。

Our renewables backlog now stands at more than 20 gigawatts, after taking into account roughly 2,470 megawatts of new projects placed into service since our third quarter call. We believe our 20 gigawatt backlog provides clear visibility into Energy Resources' ability to deliver for shareholders through 2026 and beyond.

考慮到自第三季電話會議以來投入使用的約 2,470 兆瓦新項目，我們的再生能源積壓目前已超過 20 吉瓦。我們相信，我們 20 吉瓦的積壓訂單可以讓我們清楚地了解 Energy Resources 在 2026 年及以後為股東提供服務的能力。

Turning now to the consolidated results for NextEra Energy. For the full year, adjusted earnings from our Corporate and Other segment decreased by $0.08 per share year-over-year primarily driven by higher interest costs. We successfully supported the growth in our underlying businesses from our strong operating cash flows, including the sale of tax credits as well as our historical funding sources.

現在轉向 NextEra Energy 的綜合業績。全年，公司及其他部門的調整後每股收益年減 0.08 美元，主要是由於利息成本上升。我們透過強勁的營運現金流（包括銷售稅收抵免以及我們歷史上的資金來源）成功支持了基礎業務的成長。

In 2023, we grew cash flow from operations well in excess of our adjusted earnings. We transferred approximately $400 million of tax credits, establishing relationships with numerous counterparties. We believe this will prove to be a competitive advantage as buyers look first to NextEra Energy given its size, experience and the overall quality of its tax credit program.

2023 年，我們的營運現金流成長遠超過了調整後的收益。我們轉移了約 4 億美元的稅收抵免，與許多交易對手建立了關係。我們相信，鑑於 NextEra Energy 的規模、經驗和稅收抵免計劃的整體質量，買家首先會選擇 NextEra Energy，因此這將被證明是一種競爭優勢。

Overall, our funding plans for 2024 through 2026 remain consistent with the information we shared on the third quarter earnings call. We continue to believe NextEra Energy is well positioned to manage the interest rate environment. While the recent decline in interest rates is encouraging, we remain committed to managing the business to deliver value for customers and shareholders.

整體而言，我們 2024 年至 2026 年的融資計畫與我們在第三季財報電話會議上分享的資訊保持一致。我們仍然相信 NextEra Energy 在管理利率環境方面處於有利地位。儘管近期利率下降令人鼓舞，但我們仍致力於管理業務，為客戶和股東創造價值。

Overall, we believe we are well positioned with $18.5 billion of interest rate swaps, and we will continue to closely monitor the interest rate environment, as declines in rates certainly represent a tailwind for our sector and customers.

總體而言，我們相信我們已經處於有利地位，擁有 185 億美元的利率掉期，我們將繼續密切關注利率環境，因為利率下降無疑對我們的行業和客戶來說是有利的。

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 2024, 2025 and 2026. For the last 14 consecutive years, NextEra Energy has met or exceeded its financial expectation, which is a record we are proud of.

我們的長期財務預期維持不變。如果我們無法在2024 年、2025 年和2026 年實現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。在過去的連續14 年中，NextEra Energy 已經達到或超過了其財務預期，這是我們引以為傲的記錄。

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 range. And we also continue to expect to grow our dividends per share at roughly 10% per year through at least 2024 off a 2022 base. As always, our expectations assume are caveats.

從2021年到2026年，我們繼續預期我們的營運現金流年均成長將等於或高於我們調整後的每股盈餘複合年增長範圍。我們也繼續預計，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，我們的期望假設是警告。

Now let's turn to NextEra Energy Partners. In terms of the transition plan, NextEra Energy Partners closed the sale of the Texas Pipeline portfolio in late December, providing net proceeds of approximately $1.4 billion. NextEra Energy Partners expects to complete the NEP Renewables II buyout of roughly $190 million and $950 million on their stated minimum buyout date of June 2024 and 2025, respectively, as the partnerships continue to benefit from the low cash coupon through 2025.

現在讓我們轉向 NextEra Energy Partners。在過渡計畫方面，NextEra Energy Partners於12月底完成了Texas Pipeline投資組合的出售，淨收益約為14億美元。 NextEra Energy Partners 預計將在其規定的最低收購日期（2024 年6 月和2025 年）分別完成約1.9 億美元和9.5 億美元的NEP Renewables II 收購，因為合作夥伴將繼續受益於2025 年的低現金優惠券。

In terms of NextEra Energy Partners' growth plan, as a reminder, it involves organic growth, specifically repowerings of approximately 1.3 gigawatts of wind projects through 2026 as well as acquiring assets at attractive yields. Today, we are announcing plans to repower an additional approximately 245 megawatts of wind facilities through 2026. The partnership has now announced roughly 985 megawatts of repowers with strong cash available for distribution yields.

提醒一下，就 NextEra Energy Partners 的成長計畫而言，它涉及有機成長，特別是到 2026 年對約 1.3 吉瓦的風電項目進行重新供電，以及以有吸引力的收益率收購資產。今天，我們宣布計劃在 2026 年為約 245 兆瓦的風電設施重新供電。該合作夥伴現已宣布約 985 兆瓦的重新供電，並擁有可用於分配收益的大量現金。

While the partnership does not expect to need an acquisition in 2024, the LP distribution growth target of 6% is supported in part with roughly 175 megawatts of wind repowers, which are expected to generate attractive cash available for distribution yield.

雖然該合作夥伴預計不需要在2024 年進行收購，但6% 的LP 分銷成長目標在一定程度上得到了約175 兆瓦的風電重新發電的支持，預計這將產生可用於分銷收益的有吸引力的現金。

Finally, we were pleased with the high-yield note issuance of $750 million, which was completed during the fourth quarter of 2023. This opportunistic refinancing allowed the partnership to pay off its corporate revolver in mid-December.

最後，我們對 7.5 億美元高收益票據的發行感到高興，該票據於 2023 年第四季度完成。這種機會主義再融資使該合夥企業能夠在 12 月中旬還清其公司左輪手槍。

Let me now turn to the financial results for NextEra Energy Partners. Fourth quarter adjusted EBITDA was $454 million, and cash available for distribution was $86 million. Adjusted EBITDA growth versus the prior year comparable quarter was primarily due to new asset additions and the incentive distributions right fee suspension, while cash available for distribution was also impacted by incremental debt service.

現在讓我談談 NextEra Energy Partners 的財務表現。第四季調整後 EBITDA 為 4.54 億美元，可用於分配的現金為 8,600 萬美元。調整後 EBITDA 與去年同期相比的成長主要是由於新資產增加和激勵分配權費用暫停，而可用於分配的現金也受到增量償債的影響。

For the full year 2023, adjusted EBITDA was approximately $1.9 billion, up 13.6% year-over-year, and was primarily driven by the contribution from new projects acquired in late 2022 and during 2023 and the incentive distribution right fee suspension.

2023年全年，調整後EBITDA約為19億美元，年增13.6%，主要受到2022年底和2023年期間收購的新項目的貢獻以及激勵分配權費用暫停的推動。

New investments added approximately $228 million, and the incentive distribution right fee suspension added approximately $113 million of adjusted EBITDA year-over-year. This growth was partially offset by a decline from existing projects driven primarily by weaker wind resource.

新投資增加了約 2.28 億美元，激勵分配權費用暫停使調整後 EBITDA 年比增加了約 1.13 億美元。這一增長被主要由風能資源疲軟驅動的現有項目的下降所部分抵消。

Cash available for distribution was $689 million for the full year and primarily driven by contributions from new projects of approximately $42 million and the incentive distribution right fee suspension of $113 million, while being partially offset by the weaker wind resource.

全年可用於分配的現金為 6.89 億美元，主要由約 4,200 萬美元的新項目捐款和 1.13 億美元的激勵分配權費用暫停推動，但部分被風能資源疲軟所抵消。

Yesterday, the NextEra Energy Partners Board declared a quarterly distribution of $0.88 per common unit or $3.52 per unit on an annualized basis, which reflects an annualized increase of 6% from its third quarter 2023 distribution per unit. The partnership grew its LP distributions per unit by more than 8% year-over-year.

昨天，NextEra Energy Partners 董事會宣布季度分配為每普通單位 0.88 美元，按年化計算每單位 3.52 美元，這反映出其每單位分配比 2023 年第三季度的年化增長 6%。該合作夥伴的每單位有限合夥人分配額年增超過 8%。

From an updated base of our fourth quarter 2023 distribution per common unit at an annualized rate of $3.52, we continue to see 5% to 8% growth per year in LP distributions per unit, with a current target of 6% growth per year as being a reasonable range of expectations through at least 2026.

從 2023 年第四季每普通單位分配的更新基數（年化率 3.52 美元）來看，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%至少到2026年的合理預期範圍。

We continue to expect the partnership's payout ratio to be in the mid-90s through 2026. We expect the annualized rate of the fourth quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit.

我們繼續預計，到 2026 年，該合夥企業的派息率將在 90 左右。我們預計 2025 年 2 月支付的 2024 年第四季派息年化率為每普通單位 3.73 美元。

NextEra Energy Partners is introducing December 31, 2024, run rate expectation for adjusted EBITDA in a range of $1.9 billion to $2.1 billion and cash available for distribution in the range of $730 million to $820 million, reflecting calendar year 2025 expectations for the forecasted portfolio at year-end 2024. As a reminder, our expectations are subject to our caveat.

NextEra Energy Partners 介紹，截至 2024 年 12 月 31 日，調整後 EBITDA 的運行率預期為 19 億至 21 億美元，可用於分配的現金為 7.3 億至 8.2 億美元，反映了 2025 年預測投資組合的預期2024 年底。提醒一下，我們的期望取決於我們的警告。

That concludes our prepared remarks. And with that, we will open the line for questions.

我們準備好的演講到此結束。接下來，我們將開通提問專線。

(Operator Instructions) And our first question will come from Shar Pourreza of Guggenheim Partners.

（操作員說明）我們的第一個問題將來自 Guggenheim Partners 的 Shar Pourreza。

Just starting on NEP, if it's okay. Just on the higher repowering opportunities you announced, I guess, how are you sort of thinking about funding it? And really more importantly, is there any specific status on the money pool that could be looking to buy in directly into projects, whether it's drop downs or organic growth at the NEP level? Could these sort of equity investors help solve the '26 growth in financing issues? And I guess, when do you plan to update on that?

剛開始實行NEP，如果可以的話。就您宣布的更高的改造機會而言，我想您是如何考慮為其提供資金的？更重要的是，資金池是否有任何特定的狀態可以尋求直接購買項目，無論是新經濟政策層面的下降還是有機成長？這類股權投資人能否協助解決「26」成長的融資問題？我想，你打算什麼時候更新呢？

Sure. So with respect to repowering, Shar, we look at that as -- on the project level. There's really 2 options there. We can look at it from a project financing standpoint and pair that with transferability or we can look at it as tax equity. So we will look at both of those options and decide that at the time of the repowerings.

當然。因此，關於重新供電，Shar，我們將其視為專案級別的。確實有兩個選擇。我們可以從專案融資的角度來看待它，並將其與可轉讓性結合起來，或者我們可以將其視為稅收公平。因此，我們將研究這兩個選項，並在重新供電時做出決定。

With respect to your second question, there's -- we're looking at all options right now. As John said in the prepared remarks, we are exploring a number of opportunities and alternatives for addressing the convertible equity portfolio financings that are coming due in 2027 and beyond. There's really not a time frame in terms of the update now, but we are looking at all options in -- with the goal of really maximizing unitholder value.

關於你的第二個問題，我們現在正在考慮所有選項。正如約翰在準備好的演講中所說，我們正在探索多種機會和替代方案來解決 2027 年及以後到期的可轉換股權投資組合融資問題。現在確實沒有更新的時間框架，但我們正在考慮所有選項 - 目標是真正最大化單位持有人的價值。

And Shar, this is John. Just adding on to that. Again, on the repowers, just like we do at NEE, I mean, just think about it as tax equity and project finance. And again, the private capital raises provide us with a number of options, but we're looking at a lot of different alternatives. That would be one of them.

莎爾，這是約翰。只是補充一下。再次，關於重新授權，就像我們在 NEE 所做的那樣，我的意思是，只需將其視為稅收股權和專案融資。同樣，私人資本籌集為我們提供了多種選擇，但我們正在尋找許多不同的替代方案。那將是其中之一。

Okay. Perfect. And then lastly, John, we haven't had any updates from the FEC. Has anything sort of been communicated to you regarding sort of the investigation? How quickly you would look to settle, assuming they take up the case?

好的。完美的。最後，約翰，我們還沒有收到 FEC 的任何更新。是否已向您傳達了有關調查的任何訊息？假設他們受理此案，您希望多快達成和解？

And as we're kind of thinking about the process, right, it's confidential. So curious on how you're going to update investors. Would we see a press release or an 8-K from you confirming the FEC process and that you'll update investors in the future on next steps? Or could we see a single communication on the FEC pickup and a concurrent settlement, let's say?

當我們考慮這個過程時，對吧，它是保密的。我很好奇你將如何向投資者通報最新情況。我們是否會看到您確認 FEC 流程的新聞稿或 8-K，以及您將來會向投資者通報後續步驟的最新情況？或者我們可以看到 FEC 拾取的單一通信和並發結算嗎？

I'm just trying to assess how long this could be an overhang, assuming the case moves forward and whether you've already laid the groundwork for all options to get this kind of pass this quick when a ruling comes out.

我只是想評估這可能會持續多久，假設案件繼續進展，以及您是否已經為所有選項奠定了基礎，以便在裁決出來時能夠如此迅速地通過這種方式。

Yes. Thanks for the question, Shar. So let me just take those in order. First of all, there's no update. We have not been contacted by the FEC. And I think, just to remind investors of the timing, first of all, these are just guidelines I'm going to give you. I mean, there is no prescribed time line in terms of the FEC providing a response to us.

是的。謝謝你的提問，莎爾。讓我按順序排列一下。首先，沒有更新。 FEC 尚未聯繫我們。我認為，只是為了提醒投資人注意時機，首先，這些只是我要給你們的指導方針。我的意思是，FEC 沒有規定向我們回應的時間表。

But as you may recall, we originally received the FEC complaint, I guess, is what you would call it, that had been filed by a group called CREW back in November of 2022. And if you follow the historical precedent of the FEC, it's usually 12 to 18 months after you first are notified of a claim having been filed, that you would learn whether or not the FEC decides to find that there's reason to believe that they ought to conduct an investigation. We have not heard anything from the FEC in that regard.

但您可能還記得，我們​​最初收到了 FEC 投訴，我想，這就是您所說的，由一個名為 CREW 的組織於 2022 年 11 月提交。如果您遵循 FEC 的歷史先例，那麼它通常在在您首次收到已提出索賠的通知後12 至18 個月，您將了解FEC 是否決定發現有理由相信他們應該進行調查。我們還沒有收到 FEC 的任何關於這方面的消息。

The second thing I would remind investors of is this is not material. Again, these were 5 allegations, totaling political contributions of roughly $1.3 million to $1.5 million. So we're talking about smaller dollar amounts. And how and when we would update investors would depend on what exactly we hear from the FEC.

我要提醒投資人的第二件事是，這並不重要。同樣，這也是 5 項指控，政治捐款總額約 130 萬至 150 萬美元。所以我們談論的是較小的金額。我們如何以及何時向投資者通報最新情況將取決於我們從 FEC 聽到的具體資訊。

The next question comes from Steve Fleishman of Wolfe Research.

下一個問題來自沃爾夫研究公司的史蒂夫‧弗萊什曼。

I guess, a couple of big-picture questions. First, obviously, a lot more focus in the elections now as we're in '24. And curious your thoughts in the event of Republican trifecta, so to speak, just how you're thinking about the sustainability of IRA provisions.

我想，有幾個大問題。首先，顯然，現在我們正處於 24 年，人們更加關注選舉。很好奇你對共和黨三連勝的想法，可以這麼說，就是你如何看待愛爾蘭共和軍條款的可持續性。

Sure, Steve. Let me go ahead and take that. This is John. First of all, in the 21 years I've been at the company, as we've changed administrations and we've seen changes in Congress, we've never seen a change or appeal of tax credits, no matter what form they've taken. IRA is the form we're talking about here. So that's the first point I would make.

當然，史蒂夫。讓我繼續吧。這是約翰。首先，在我在公司工作的 21 年裡，我們更換了政府，也看到了國會的變化，但我們從未見過稅收抵免的變化或上訴，無論它們採取何種形式。已經採取了。 IRA 是我們在這裡討論的表格。這就是我要說的第一點。

Second, it's really hard to overturn existing law. I think ObamaCare is a very good example of that. It's just very difficult, no matter what the political winds are.

其次，推翻現行法律確實很難。我認為歐巴馬醫改就是一個很好的例子。無論政治風向如何，這都是非常困難的。

The third point I would make is that the IRA benefits both sides of the aisle. It certainly is advantageous for obvious reasons for Democrats, but it also has a big benefit to Republicans because if you think about where the investments are being made around IRA and where a lot of the benefit of IRA is flowing, it's flowing to Republican states, and it's flowing to parts of those states that are really difficult to stimulate economically. And we're talking about rural communities in these states.

我要說的第三點是愛爾蘭共和軍對兩黨都有好處。出於明顯的原因，這對民主黨人來說當然是有利的，但它對共和黨人也有很大的好處，因為如果你考慮一下IRA 周圍的投資以及IRA 的大量利益流向哪裡，它就會流向共和黨州，它流向那些確實難以刺激經濟的州的部分地區。我們正在談論這些州的農村社區。

And so when we come in and we build a wind project, we build a solar project, we build a battery storage project, it's a complete turnaround for these communities. We're providing an economic base in the form of jobs. We're providing an economic base in the form of spending that occurs in that community. We're providing an economic base in the form of property taxes and sales tax revenues.

因此，當我們進來建造風能項目、太陽能項目、電池儲存項目時，這對這些社區來說是一個徹底的轉變。我們以就業機會的形式提供經濟基礎。我們以該社區發生的支出形式提供經濟基礎。我們以財產稅和銷售稅收入的形式提供經濟基礎。

These are 180s for these rural communities and make a huge difference on their viability going forward. Just think about hospitals and staffing doctors at county hospitals or paying teacher salaries. I mean, the property tax revenues have significant benefits. And so for those reasons, we've always been able to work with both sides of the aisle. So see any repeal of IRA as being unlikely.

對於這些農村社區來說，這是 180 度的轉變，對其未來的生存能力產生了巨大的影響。想想醫院和縣立醫院的專職醫生或支付教師薪水。我的意思是，財產稅收入有顯著的好處。因此，基於這些原因，我們始終能夠與兩黨合作。因此，廢除 IRA 的可能性不大。

Okay. And I guess, 2 other big-picture questions on the renewables business. Just any kind of new thoughts, color on your data center strategy and also your thoughts on hydrogen after the -- based on the proposed rules that came out?

好的。我想還有另外兩個關於再生能源業務的大問題。根據提議的規則，您對資料中心策略有何新的想法、色彩以及您對氫的想法？

Steve, it's Rebecca. First on the data centers, clearly, there's an enormous amount of demand being driven across the U.S. economy by the growth in data centers driven by a lot of things, of course, but specifically generative AI. And that growth is pretty explosive at this point.

史蒂夫，我是麗貝卡。首先是資料中心，顯然，資料中心的成長推動了整個美國經濟的巨大需求，當然，這是由許多因素驅動的，但特別是產生人工智慧。目前這種增長是相當爆炸性的。

And I think the characteristics of that demand are a little bit unique and driving different ways in approaching the marketplace for a number of these technology companies, where it is imperative that these projects get built on time, on budget and produce the energy that they're expecting because the opportunity cost for these customers is so significant if they aren't able to power them and, of course, meet the commitments that they've made to their own stakeholders.

我認為這種需求的特徵有點獨特，並推動了許多此類技術公司進入市場的不同方式，這些項目必須按時、按預算建設並產生它們所需的能源。我們之所以期待，是因為如果他們無法為這些客戶提供動力，當然也無法履行他們對利害關係人所做的承諾，那麼他們的機會成本將會非常巨大。

So we're seeing those relationships expand and also deepen, where it's not just signing the megawatts of the day, but also working with them collaboratively over a long period of time to ensure that they get the energy and capacity that they need where they need it to support their projects.

因此，我們看到這些關係不斷擴大和深化，不僅僅是簽署當天的兆瓦電力，而且還與他們長期合作，以確保他們在需要的地方獲得所需的能源和容量它來支持他們的項目。

Just alone in our backlog, not even counting what we have installed, we have over 3 gigawatts of projects that we're building in the coming years for these customers. And I do believe that's the tip of the iceberg and, again, not even talking about what we already have installed.

僅在我們的積壓工作中，甚至不包括我們已安裝的項目，我們在未來幾年將為這些客戶建造超過 3 吉瓦的項目。我確實相信這只是冰山一角，而且，甚至沒有談論我們已經安裝的內容。

So it's pretty exciting, and our team is very ingrained in working with these customers, and we're really excited about the years ahead.

所以這非常令人興奮，我們的團隊與這些客戶的合作非常根深蒂固，我們對未來幾年感到非常興奮。

And then turning to hydrogen, obviously, the guidance that first came out, the draft guidance in December is really steering towards hydrogen projects that will be essentially from day 1 needing to match on an hourly basis. And that, of course, increases the ultimate cost of hydrogen.

然後轉向氫，顯然，最初發布的指導，12 月的指導草案實際上是針對氫項目，這些項目基本上從第一天開始就需要每小時匹配。當然，這會增加氫氣的最終成本。

And unfortunately, I think if it stands as currently drafted would limit to an extent how much will be built for the U.S. market. We're obviously advocating for more of a relaxed matching requirements and more of an annual match for a period of time and then transitioning to hourly over time, so that you can kick-start a hydrogen market.

不幸的是，我認為如果按照目前的草案，將會在一定程度上限制為美國市場建造的數量。顯然，我們提倡放寬匹配要求，在一段時間內每年進行一次匹配，然後隨著時間的推移過渡到每小時一次，這樣就可以啟動氫市場。

And hopefully, the administration will hear that and know that having a kick-started hydrogen economy will certainly further their ambitious goals, which, of course, we are very excited about meeting to see the full decarbonization of the U.S. economy over time.

希望政府能夠聽到這一點，並知道啟動氫經濟肯定會進一步推進他們雄心勃勃的目標，當然，我們非常高興能見到美國經濟隨著時間的推移實現全面脫碳。

So more work to be done, and we're excited to pursue the marketplace. Regardless, these are probably end-of-the-decade-type projects. So more of an investment in the near term for opportunities in the long term.

因此還有更多的工作要做，我們很高興能夠進入市場。無論如何，這些可能是十年末類型的項目。因此，更多的是在短期內進行投資，以獲得長期的機會。

The next question comes from David Arcaro of Morgan Stanley.

下一個問題來自摩根士丹利的大衛‧阿卡羅。

Maybe on the renewables demand side of things, could you give a little bit more detail on the origination trends that you're seeing? I guess, it looked like solar and storage quite strong in the quarter, but then wind a little bit lower in terms of the new bookings added. Maybe what's your latest confidence in achieving those '25 and '26 targets, particularly on the wind side of the business?

也許在再生能源需求方面，您能否更詳細地介紹您所看到的起源趨勢？我想，本季太陽能和儲存看起來相當強勁，但就新增預訂量而言，風速略有下降。也許您對實現「25」和「26」目標的最新信心是什麼，特別是在風電業務方面？

Dave, it's Rebecca. I'll take a first cut at that. We're obviously excited about the origination. As John and Kirk have highlighted, originating 17 gigawatts over the last 2 years and both years serving as a record. So this year, topping last year's record is very exciting.

戴夫，我是麗貝卡。我將對此進行第一次切割。我們顯然對它的起源感到興奮。正如 John 和 Kirk 所強調的那樣，過去 2 年發電量達到 17 吉瓦，這兩年都創下了紀錄。所以今年打破去年的紀錄是非常令人興奮的。

We also, of course, see the mix being more focused towards solar and storage. And as I've commented in the past, I think some of this is an aftereffect of the strong demand that we saw going into 2020, when we and others thought that the production tax credit would ultimately phase down and then ultimately go to 0 over a period of time. So there was a pull forward of demand.

當然，我們也看到這種組合更側重於太陽能和儲存。正如我過去評論的那樣，我認為這在一定程度上是我們在 2020 年看到的強勁需求的後遺症，當時我們和其他人認為生產稅收抵免最終將逐步減少，然後最終降至 0一段時間。因此需求出現了拉動。

And then the second dynamic that I think has impacted the short term is that the solar production tax credit clearly stimulated near-term demand and deployments for our customers. And obviously, we're very excited about that.

我認為影響短期的第二個動態是太陽能生產稅收抵免明顯刺激了我們客戶的近期需求和部署。顯然，我們對此感到非常興奮。

Storage is growing at least as well as we thought, perhaps exceeding even our expectations in terms of adoption, not just in the Western markets, but now really spreading in a very constructive way through the Midwest. And we've got, as John highlighted in the prepared remarks, a really advantaged position to be able to respond quickly to the demand characteristics that we're seeing where our customers need capacity quickly, where they hadn't anticipated the demand that they would see in their underlying business. And so getting to market quickly is very much a premium and a priority, and we're there to serve them well.

儲存的成長至少和我們想像的一樣，在採用方面可能超出了我們的預期，不僅在西方市場，而且現在確實以非常建設性的方式在中西部地區傳播。正如約翰在準備好的演講中所強調的那樣，我們擁有一個非常有利的地位，能夠快速響應我們所看到的需求特徵，我們的客戶在哪裡需要快速的容量，在他們沒有預料到的需求的地方會在他們的基礎業務中看到。因此，快速進入市場是非常重要且優先考慮的事情，我們會為他們提供良好的服務。

And that storage market, as we've talked about from a returns characteristic standpoint, is an awful lot like wind and is certainly complex to deliver the value that our customers are looking for in the various streams.

正如我們從回報特徵的角度所討論的那樣，儲存市場與風能非常相似，而且要提供我們的客戶在各種流中尋求的價值當然很複雜。

I'd say the other part that is at least as strong as we anticipated when we laid out the expectations is repowering. And we're excited about the economics of that, and economics specifically in context to the value that it brings to our customers, bringing some incremental generation and extending the life of these projects, often extending the contracts with our customers at the same time that we do repowering.

我想說的是，另一部分至少與我們在提出期望時所預期的一樣強大，那就是重新供電。我們對它的經濟效益感到興奮，特別是它為我們的客戶帶來的價值，帶來一些增量發電並延長這些項目的壽命，通常在延長與客戶的合約的同時我們進行重新供電。

So overall, with all those comments in context, I feel really good about meeting our development expectations in aggregate. We'll continue to look at the mix in individual technologies over time. But at this point, we're obviously leaving the ranges as we've had them now for a couple of years, in part to reflect what I'm sure you recall, wind is a very short development cycle, maybe not the actual laying the groundwork to be able to build a project.

總的來說，考慮到所有這些評論，我對整體上滿足我們的發展期望感到非常滿意。隨著時間的推移，我們將繼續研究各個技術的組合。但在這一點上，我們顯然要離開這些範圍，因為我們已經有幾年了，部分原因是為了反映我相信你還記得的，風是一個非常短的開發週期，也許不是實際的鋪設能夠構建項目的基礎。

But when we enter into a contract and acquire the turbines and put it into service can be as short as 9 months. So there's still a lot of time left between now and the end of '26 to add more wind to the -- to not only the backlog but ultimately commission.

但我們簽訂合約、購買渦輪機並將其投入使用的時間可能短至 9 個月。因此，從現在到 26 年底，仍然有很多時間來增加更多的風氣——不僅是積壓的訂單，還有最終的調試。

And when I look at the forward couple of quarters, there are a couple of chunky opportunities our teams are working on, and I feel good about bringing them -- some of those to fruition.

當我展望未來幾季時，我們的團隊正在研究一些重大機會，我對實現這些機會感到很高興——其中一些已經實現。

Excellent. Very helpful. And then maybe secondarily, just -- it sounds like the backdrop has gotten more challenging for small developers in the renewable space. Wondering if you're seeing opportunities for market share gain as a result. And potentially, any development pipelines to pick up from developers that might be struggling right now?

出色的。很有幫助。其次，聽起來對於再生能源領域的小型開發商來說，背景變得更具挑戰性。想知道您是否因此看到了增加市場份額的機會。是否有可能從目前陷入困境的開發商那裡獲得任何開發管道？

Sure. We always are out in the development rights acquisition market. In the recent couple of years, we've really prioritized our greenfield portfolio in part because of our ability to work so closely with our customers and make sure that we're building the projects over the long term where they need them. But we will always be opportunistic in the development project market to be selective and create opportunities where it may be particularly attractive.

當然。我們在開發權收購市場上始終處於領先地位。最近幾年，我們確實優先考慮了我們的綠地投資組合，部分原因是我們有能力與客戶密切合作，並確保我們在他們需要的地方長期建立專案。但我們將始終在開發專案市場中保持機會主義，選擇性地創造可能特別有吸引力的機會。

The dynamic from a couple of years ago where a number of development portfolios were acquired by folks looking to, I would say, compete with us, but certainly have a bigger presence on the development side, we haven't seen those holistically come back to market. I think that may change over time.

幾年前的動態，我想說的是，人們收購了許多開發組合，希望與我們競爭，但肯定在開發方面擁有更大的影響力，我們還沒有看到那些整體回歸市場。我認為這可能會隨著時間的推移而改變。

I know the private equity cycle of wanting to be able to turn over capital quickly and realize isn't necessarily completely aligned with the development cycle where sometimes things are a little bit faster, a little bit slower than you anticipated, and you need to be patient. So I'm optimistic there'll be opportunities.

我知道，希望能夠快速週轉資金並實現的私募股權週期並不一定與開發週期完全一致，有時事情比你預期的要快一點，慢一點，你需要病人。所以我樂觀地認為會有機會。

But most importantly, and this is one of the things that we'll focus on in March, is we want to keep our fate -- our development opportunities in our own hands. And I am super excited about what our team is working on from a greenfield development standpoint and the competitive advantages that we're investing in to make sure that we can serve our customers well, not just in the next 2 or 3 years as we often talk about for you -- with you all, but the next 5, 7, 10 years plus down the road.

但最重要的是，這是我們三月重點關注的事情之一，我們希望將我們的命運——我們的發展機會掌握在我們自己的手中。我對我們的團隊從綠地開發的角度所做的工作以及我們投資的競爭優勢感到非常興奮，以確保我們能夠為客戶提供良好的服務，而不僅僅是像我們經常那樣在未來2 或3 年內提供服務與大家一起談論未來 5 年、7 年、10 年甚至更長的時間。

The next question comes from Carly Davenport of Goldman Sachs.

下一個問題來自高盛的卡莉·達文波特。

Wanted to just ask about transmission. You highlighted the $1.9 billion of capital through 2017 at NEE. And as we look at the EBITDA contribution at NEER for 2024, that piece is moving higher as well. So could you just talk a bit about what sort of growth you could see at NEE over the next several years and then what that EBITDA contribution could be over time?

只是想問傳輸的問題。您強調了 2017 年 NEE 的資本為 19 億美元。當我們查看 2024 年 NEER 的 EBITDA 貢獻時，該部分也在走高。那麼，您能否簡單談談您在未來幾年內可以看到 NEE 的成長情況，以及隨著時間的推移，EBITDA 貢獻會是多少？

Carly, so the -- from the pipeline perspective, as no doubt you appreciate, transmission opportunities take a couple of years to come to fruition. So we're thrilled with the awards that the team has been able to secure in the last year.

卡莉，從管道的角度來看，正如您無疑所理解的那樣，傳輸機會需要幾年時間才能實現。因此，我們對團隊去年獲得的獎項感到非常興奮。

On one part of it, building on investments that we already have, so expansion opportunities that are significantly enabling new renewables development headed into the California market; and then other parts of the U.S., competitive opportunities that we won through competitive processes.

一方面，以我們已有的投資為基礎，從而顯著促進新的再生能源開發進入加州市場；然後是美國其他地區，我們透過競爭過程贏得了競爭機會。

In terms of timing, as we highlighted in the prepared remarks, the in-service dates are out to 2027. So as we invest capital, obviously, that will start to become more of a material contribution over time. And we'll give more color as we get into the investor conference, as we typically do, to give more of a breakdown by business and what those contributions will look like over time.

就時間安排而言，正如我們在準備好的發言中所強調的那樣，投入使用的日期是2027 年。因此，隨著我們的投資，顯然，隨著時間的推移，這將開始成為更多的物質貢獻。正如我們通常所做的那樣，當我們進入投資者會議時，我們將提供更多的色彩，以按業務提供更多詳細資訊以及隨著時間的推移這些貢獻將是什麼樣子。

But the momentum is terrific. And as we've highlighted, everybody understands, maybe not to the extent that we think it's going to happen. But in order to unlock the renewables opportunity that we and others see across the United States, transmission needs to be built. And we stand ready to be a part of the solution wherever we can be and bring cost-effective solutions to customers.

但勢頭卻十分驚人。正如我們所強調的，每個人都理解，但也許沒有達到我們認為它會發生的程度。但為了釋放我們和其他人在美國各地看到的再生能源機會，需要建造輸電設施。我們隨時準備好成為解決方案的一部分，無論我們身在何處，為客戶帶來具有成本效益的解決方案。

Great. And then maybe just one more on the financing side for this year. Just based on what you've seen so far in the markets, how are you thinking about the mix of the different avenues that you can use to monetize tax credits, whether through tax equity or transferability? How do we think about the sort of magnitude of each of those in your financing plans for '24?

偉大的。今年可能還會有一個融資方面的問題。根據您迄今為止在市場上看到的情況，您如何考慮可以用來將稅收抵免貨幣化的不同途徑的組合，無論是透過稅收公平還是可轉讓性？我們如何看待你們 24 年融資計畫中每一項的規模？

Yes. Carly, the -- this is Kirk. The financing plan, as we shared in our prepared remarks, is consistent with the information we shared on the third quarter call. And as we approach those options, it's -- we will use -- the historical approach is project finance and tax equity. And -- but we're also very encouraged by what we're seeing with the transferability market. We are having really good progress with -- in those conversations, we're seeing really good demand for the NextEra Energy tax credit.

是的。卡莉，這是柯克。正如我們在準備好的演講中所分享的，融資計劃與我們在第三季電話會議上分享的資訊一致。當我們處理這些選項時，我們將使用歷史方法是專案融資和稅收公平。而且——但我們對可轉讓市場的所見所聞也感到非常鼓舞。我們在這些對話中取得了非常好的進展，我們看到對 NextEra Energy 稅收抵免的需求非常大。

And ultimately, we look at all those as options, and we'll optimize between project finance and transferability and tax equity. And we'll use those within the ranges that we shared in the '24 to '26 funding plan that we provided between those -- between the disclosure that we provided. But we are seeing really, really good demand for the credits and expect to continue to utilize transferability as an option going forward.

最終，我們將所有這些視為選擇，我們將在專案融資、可轉讓性和稅收公平之間進行最佳化。我們將使用我們在 24 至 26 資助計劃中共享的範圍內的資金計劃，我們在這些計劃之間提供了這些資金計劃 - 在我們提供的披露之間。但我們看到對積分的需求非常非常大，並期望繼續利用可轉讓性作為未來的選擇。

The next question comes from Jeremy Tonet of JPMorgan.

下一個問題來自摩根大通的傑里米·託內特。

Just wanted to build off that a little bit, what you were talking about before. How do you balance, I guess, looking forward, the wealth of growth opportunities and the associated funding needs relative to dividend growth?

只是想在你之前談論的內容的基礎上再做一點補充。我想，展望未來，您如何平衡成長機會的財富和相對於股息成長的相關資金需求？

Do you look at industry trends for dividend growth at all and how that might change as utility CapEx increases? And just a final point there, just wondering how the E&P business competes for capital against everything else that you have in a lower gas price environment.

您是否研究過股息成長的行業趨勢以及隨著公用事業資本支出的增加，這種趨勢可能會如何變化？最後一點，只是想知道勘探與生產業務如何在較低的天然氣價格環境下與其他所有業務競爭資本。

Sure. So we -- when we look at capital allocation and you look at -- we shared on the third quarter call the returns that we see within the renewable business. And as we shared then at Energy Resources within -- for wind, we see returns in the low 20s on a levered ROE basis. In solar, we see returns in the mid-teens. And then storage is also in the low 20s.

當然。因此，當我們查看資本配置時，您會看到，我們在第三季分享了我們在再生能源業務中看到的回報。正如我們當時在能源資源中分享的那樣，對於風能，我們看到基於槓桿 ROE 的回報率在 20 左右。在太陽能領域，我們看到了十幾歲左右的回報。然後存儲也處於 20 左右。

And so it's great returns. And we look to get capital allocated to the renewable business. And that -- as John discussed in the prepared remarks, we are allocating capital across both businesses in renewables and transmission. And that is -- that tends -- that is the priority with the way that we allocate capital.

所以這是巨大的回報。我們希望將資金分配給再生能源業務。正如約翰在準備好的演講中所討論的那樣，我們正在可再生能源和輸電兩個業務之間分配資本。這就是——這往往是——我們分配資本的方式的優先事項。

And then in terms of the funding of that, again, it's the way that we've traditionally funded the business. It's tax equity, it's project finance, and then we also use the transferability provisions.

然後就融資而言，這也是我們傳統上為業務提供資金的方式。這是稅收公平，這是專案融資，然後我們也使用可轉讓性條款。

Got it. And then maybe just pivoting a little bit towards the backlog, a lot of additions in the quarter, but there was a little bit that fell out, I think, 3 50. And there was a little bit more in the post-2026 time frame that's in the backlog. So just wondering if you could talk a bit more on kind of some of the drivers, the puts and takes within the portfolio addition composition over time.

知道了。然後可能只是稍微轉向積壓，本季度增加了很多，但我認為有一點下降了，3 50。並且在 2026 年之後的時間範圍內還有更多這是積壓的。因此，我想知道您是否可以多談談一些驅動因素，即隨著時間的推移，投資組合中的看跌期權和拿取期權。

Sure. I'll take that. In terms of the -- obviously, the backlog additions are quite strong, and we're thrilled about that. And for this quarter, in terms of the removal that we had, it's really project specific items.

當然。我會接受的。顯然，積壓訂單的增加量相當大，我們對此感到興奮。對於本季度，就我們的刪除而言，它實際上是項目的特定項目。

In one part, it's really related to higher interconnection costs for a particular project where we need to go back and do a little bit more work. Very likely, these project megawatts will come back. In the backlog, they're good projects. But in the near term, we're removing them while we work through the issues.

在某種程度上，這確實與特定專案的更高互連成本有關，我們需要回去做更多的工作。這些兆瓦項目很可能會回來。在待辦事項中，它們是好項目。但在短期內，我們將在解決問題的同時刪除它們。

We -- I think it's important to keep in mind that as we add something to the backlog, it's tremendous visibility. And we're really excited about moving forward with the projects based on what we know at the time.

我們——我認為重要的是要記住，當我們在待辦事項中添加一些內容時，這是巨大的可見性。我們非常高興能夠根據我們當時的了解來推進這些項目。

But this is still a development business, and there are things that you have to work through before you commit significant capital to a project. And occasionally, some of those things that we work through are better. Sometimes, they're a little bit worse. And we need to make the decisions that are ultimately right for our shareholders at the time that we need to make them.

但這仍然是一項開發業務，在向專案投入大量資金之前，您必須解決一些問題。有時，我們解決的一些事情會更好。有時，他們會更糟一些。我們需要在需要時做出最終適合我們股東的決定。

So in context of a 20-plus gigawatt portfolio, I think it's de minimis for what is kind of the normal run rate for development type issues. And fortunately, we've worked through the issues that we talked about over the last 2 years around antidumping countervailing duties and the significant changes in the marketplace related to the inflationary pressures and changes in the interest rates.

因此，在 20 多吉瓦的投資組合的背景下，我認為對於開發類型問題的正常運作率來說，這是微不足道的。幸運的是，我們已經解決了過去兩年中圍繞反傾銷反補貼稅以及與通膨壓力和利率變化相關的市場重大變化所討論的問題。

So at this point, I think we're in kind of like normal development. Every once in a while, there's something that changes our view on a specific project. And we're going to do the right thing from a shareholder perspective and only commit capital where it makes sense.

所以在這一點上，我認為我們的發展有點像正常的發展。每隔一段時間，就會有一些事情改變我們對特定項目的看法。我們將從股東的角度做正確的事情，並且只在有意義的地方投入資本。

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

我們的問答環節到此結束。會議現在也結束了。感謝您參加今天的演示，您現在可以斷開連接了。