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。 （操作員指示）請注意，此事件正在記錄中。

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

現在，我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 NextEra Energy 和 NextEra Energy Partners 的 2023 年第四季和全年綜合財務業績電話會議。

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.

今天早上與我一起的有 NextEra Energy 董事長、總裁兼執行長 John Ketchum； NextEra Energy 執行副總裁兼財務長 Kirk Crews； NextEra Energy Resources 總裁兼執行長 Rebecca Kujawa；以及 NextEra Energy 執行副總裁 Mark Hickson，他們也都是 NextEra Energy Partners 的主管；以及佛羅裡達電力照明公司總裁兼執行長阿曼多·皮門特爾（Armando Pimentel）。約翰將致一些開場白，然後我們將把電話轉給柯克，讓他回顧我們的第四季度和全年業績。我們的執行團隊將會回答您的問題。

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.

我們將根據目前的預期和假設在本次電話會議中做出前瞻性陳述，這些陳述受風險和不確定性的影響。如果我們的任何關鍵假設不正確，或由於今天的收益新聞稿、本次電話會議期間的評論和隨附演示文稿的風險因素部分或我們向美國證券交易委員會提交的最新報告和文件，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 reconciliation of historical non-GAAP measures to the closest GAAP financial measure.

今天的演示中也引用了非公認會計準則財務指標。您應該參考今天簡報附帶的幻燈片中包含的信息，以獲得定義資訊以及歷史非 GAAP 指標與最接近的 GAAP 財務指標的調整。

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

說完這些，我會把電話轉給約翰。

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 和能源資源方面均取得了強勁的營運和財務表現。預期範圍的高端。

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更高的通膨和利率，NextEra Energy 在過去兩年中度過了充滿挑戰的環境，自2021 年以來實現了約11.5% 的複合年調整後每股收益增長。的產業來說是前所未有的事件，對再生能源來說也是一種明顯的阻力，但顛覆往往意味著機會。

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、我們世界一流的供應鏈能力、客戶關係、資本獲取和成本優勢、我們資產負債表的實力、我們數據驅動的發展策略和我們的團隊，等等。地度過了這次混亂。我們的規模和競爭優勢是我們的關鍵差異化因素，使我們能夠繼續為客戶提供服務，並延續我們長期的獲利和股息成長記錄。

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%，在十大電力公司中最高。在同一時期，其餘十大電力公司平均實現了複合年增長率和調整後每股收益約 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.

儘管調整後的每股盈餘表現強勁，但我們意識到股價表現不佳，並對其感到失望。在進入 2024 年之際，我們仍將堅定不移地繼續專注於執行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，過去兩年的變革使 NextEra Energy 成為一家更強大的公司。我們的商業模式更有彈性，我們的開發平台更加先進，我們的供應鏈比以往更加多元。總而言之，我們相信 NextEra Energy 在 2024 年將佔據有利地位。

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 有充分理由保持樂觀。儘管沒有人能夠準確預測 2024 年將會發生什麼，但通膨和利率已從峰值下降，NextEra Energy 已採取措施透過其利率對沖計劃來減輕其受到的利率波動影響。商務部已就規避問題作出最終裁定，為太陽能供應商提供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，我們認為持續的長期推動電動車發展將對電池價格的持續下降產生積極的推動作用。

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.

截至2024 年，太陽能板和電池的價格已從過去24 個月的峰值下降了約25%。來滿足我們到2027 年的預期建設。

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，所有這些順風因素對客戶來說都是有利的，我們相信，這些因素將推動2024 年及以後可再生能源需求的增加，而這一切都是在2022 年和2023 年能源資源部門連續兩年創下新再生能源新增發電量記錄之後實現的，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獨特的價值主張，我們相信這兩家企業具有戰略地位，並擁有出色的未來成長前景。 FPL 占我們公司股份的 2/3 以上，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好的客戶價值主張。

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.

能源資源公司是全球再生能源的領導企業，在規模、經驗和資本雄厚至關重要的行業中脫穎而出。對於 NextEra Energy 來說，這個計劃很簡單。我們的兩家企業正在再生能源和輸電領域投入資本，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，我們尋找能夠為客戶創造價值並支持佛羅裡達州不斷增長的經濟的投資機會，同時將帳單保持在比全國平均水平低約 30% 的水平。我們專注於高效運營業務，並繼續以全國大型公用事業中每兆瓦時最低的非燃料運營和維護成本引領行業。

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.

我們致力於對FPL 的發電機組進行現代化改造，以提高效率並降低燃料成本，自2001 年以來，已為客戶節省了超過150 億美元。瓦的經濟高效的太陽能，並預計在未來幾年內增加約4,800 兆瓦現行利率協議。到 2032 年，我們預計透過增加超過 15,000 兆瓦的增量，將 FPL Solar 佔目前總發電量的 5% 提升至約 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，為我們的客戶提供服務。 FPL 的幾乎所有輸電系統都已用混凝土或鋼塔或桿加固，我們將繼續投資將配電系統埋入地下，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.

目前利率協議的資本計畫為320 億美元至340 億美元，這擴展了我們的客戶價值主張，並為2025 年的成長提供了清晰的可視性。因為佛羅裡達州仍然是成長最快的地區之一美國各州的人口成長率預計到 2030 年將是全國平均值的兩倍左右。

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的話，它現在是世界第十四大經濟區。 FPL 負責維持佛羅裡達州每天約 20 億美元的 CGD 的照明。

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，即 FPL 是全國品質最高的受監管公用事業公司。

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.

Energy Resources 在再生能源和輸電領域的深厚專業知識是其與客戶脫穎而出的關鍵因素。由於我們以數據為驅動力的開發策略，能源資源部門今年的可再生能源和儲存新增產能創下了歷史新高，為我們的積壓訂單增加了約 9,000 兆瓦。部分受 2023 年投入使用的約 5,600 兆瓦發電量的推動，能源資源公司的調整後收益較 2022 年增長了近 13%。

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.

能源資源公司繼續看到強勁的需求，並預計在截至2026 年的4 年內實現其發展預期。再生能源組合。

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延續其優化現有業務足跡的優良記錄，以創造額外的股東價值。到目前為止，我們已經對現有的24 千兆瓦風電運營機組中的6 千兆瓦進行了改造，投資了新建機組成本的約50% 至80%，並啟動了新的10 年生產稅收抵免，為股東帶來了可觀的回報。到 2026 年，能源資源公司的風能足跡可能達到約 32 千兆瓦。而且由於有十多年的時間可能有資格再造，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，從現有足跡中可以獲得多個價值：多個風力發電廠的再發電；在現有風能下增加太陽能；並將電池儲存與現有的風能和太陽能放在一起，並且我們擁有專門的團隊利用我們的開發策略來優化我們現有和未來的車隊。我們可以最大限度地利用現有的土地、許可證、互連容量和運營，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，能源資源公司可運營高達 53 千兆瓦的發電量，並有可能共置電池存儲，這代表著一個巨大的長期機遇，尤其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.

在整個 2023 年，能源資源公司也將繼續打造我們認為的全國領先的競爭性輸電業務。隨著美國各地再生能源的成長，建造額外的或升級現有輸電線路的需求也日益增加。

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 年是我們競爭激烈的傳動事業創紀錄的一年。 NextEra Energy Transmission 贏得了在 PJM、CAISO 和 SPP 建設輸電線路的項目，這將使現有業務的投資額大約翻倍。我們預計到 2027 年將投入約 19 億美元資金來完成這些輸電項目，估計這些項目可以產生高達 12 千兆瓦的新再生能源。

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 年以後，能源資源將具有戰略優勢，從不可逆轉的電氣化轉變中獲益良多。再生能源僅占美國發電量的 16% 左右，能源資源才剛起步。

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，再生能源普及率預計將翻一番，達到 30% 以上，能源資源已準備就緒。我們擁有大量的開發管道，包括約 150 千兆瓦的新再生能源和儲存項目的互連隊列位置。我們相信，能源資源公司擁有全球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。兩家企業互相補充，互相推動，共同創造規模，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能專案。

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.

具體來說，美國已安裝 6,800 兆瓦的再生能源發電能力足以使其成為美國第四大再生能源公司和第十四大公用事業公司。

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 Energy Partners。我們將繼續專注於執行合作夥伴關係的過渡計劃，並至少在2026 年實現6% 的LP 分銷成長目標。因為NextEra Energy Partners 不再受益於有競爭力的資本成本。

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，其成長率與同業相當，我們專注於合作夥伴的資本成本改善，這對其未來的成功至關重要。為此，我們正在評估其他替代方案，以解決 2027 年及以後剩餘的可轉換股票投資組合融資以及股權收購義務。

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出售的結束，合作夥伴關係已經解決了 3 個近期可轉換股票投資組合融資中的 2 個。 STX Midstream 可轉換股權投資組合融資已結束，我們有足夠的收益來完成2024 年6 月和2025 年到期的NEP Renewables II 收購。將於 2025 年才能解決。

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，並且該合夥企業預計在 2027 年之前不需要增長股權。並已確定到2026 年風力發電量約為985 兆瓦，這超出了我們的預期。

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 年的新篇章並邁向 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 的未來充滿信心。對再生能源的需求從未如此強烈，但挑戰也從未如此複雜，這使得客戶面臨更高的風險。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中更詳細地討論能源資源開發流程，並說明我們的專有工具如何使能源資源與客戶區分開來。然後，6 月 11 日，我們將在紐約舉辦 NextEra 能源投資者日，討論我們對能源資源和 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 未來的樂觀態度源於我們兩家世界級企業 FPL 和能源資源的實力，它們利用我們的規模和競爭優勢來脫穎而出成為領導者。我們的樂觀源自於我們在再生能源和輸電領域部署資本、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，因為我們花了過去 20 年的時間在 NextEra Energy 打造了一支世界一流的團隊，這是迄今為止我們最大的競爭優勢。我們的團隊秉持著持續改善的文化，並齊心協力解決當今的嚴峻挑戰。我們推動創新，依靠數據分析和自動化來做出更好的決策。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延續我們長期的執行記錄，為客戶提供卓越的服務，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.

說完這些，讓我把話題交給柯克，他將更詳細地回顧 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 的調整後每股收益較 2022 年增加 0.22 美元。

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 年全年業績的主要驅動力是 FPL 的監理資本使用成長約 12.5%。我們繼續預計，在目前利率協議的 4 年期限內（至 2025 年），FPL 的平均年增長率和監管資本投入將達到約 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 報告的監管用 ROE 將約為 11.8%。在 2023 年全年，我們使用了約 2.27 億美元的準備金攤銷，FPL 的 2023 年年底餘額約為 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達到約 94 億美元。這些資本投資支持了 2023 年約 1,200 兆瓦太陽能的成功投入使用、電網的持續強化以及我們配電系統地下化的努力。

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 兆瓦氫氣試點成功實現商業營運。提醒一下，我們計劃利用該設施以及相鄰的太陽能專案在我們的奧基喬比工廠製造綠色氫氣並將其與天然氣混合。

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，佛羅裡達州人口成長速度持續位居全美前列。佛羅裡達州的經濟持續呈上升趨勢，目前其 GDP 約為 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 的零售額按天氣標準化基礎計算較上年增長 1.6%，這主要得益於客戶數量持續強勁增長，較去年同期增加了近 81,000 人。 2023 年全年，FPL 零售額按天氣標準化基礎計算較上年增長 0.6%，這也主要得益於我們服務區域內客戶的強勁增長。

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，該公司報告全年調整後獲利年增約 12.9%。由於我們的再生能源和儲存組合的強勁成長，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導致每股績效下降 0.11 美元，主要原因是風力資源減弱的影響。 2023年是過去30年來有史以來風力資源最低的一年。

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收益增加了 0.16 美元，這主要歸功於面向客戶的業務利潤率提高。其他業績年減每股 0.26 美元。這一下降反映了每股 0.22 美元的更高利息成本，其中 0.10 美元是由於支持新投資的新借款成本。

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.

能源資源部門創下了有史以來最好的一年，為我們的積壓項目增加了約 9,000 兆瓦的新再生能源和電池儲存項目，其中包括自上次招標以來的約 2,060 兆瓦。我們2023 年的發起業績反映了電力客戶持續強勁的需求，他們尋求以最低成本的替代方案來滿足負載並取代不經濟的發電，而商業和工業客戶則希望幫助實現運營脫碳或滿足其數據中心和人工智慧的需求。

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訂單目前已超過 20 吉瓦。我們相信，我們的 20 吉瓦積壓訂單清楚地表明了能源資源公司在 2026 年及以後為股東帶來回報的能力。

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.

現在來看看 NextEra Energy 的綜合業績。全年而言，我們企業及其他部門的調整後收益年減每股 0.08 美元，主要原因是利息成本上升。我們透過強勁的經營現金流（包括出售稅收抵免以及歷史資金來源）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，我們的經營現金流成長遠超過調整後的收益。我們轉移了大約 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，這將被證明是一種競爭優勢，因為買家首先會考慮 NextEra Energy，因為它的規模、經驗和稅收抵免計劃的整體品質。

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 有能力管理利率環境。儘管最近利率下降令人鼓舞，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，憑藉 185 億美元的利率互換，我們處於有利地位，並且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有利。

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 年實現達到或接近我們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。 ，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量年均成長率將等於或高於我們的調整後每股盈餘複合年增長範圍。我們也預計，至少到 2024 年，每股股息將在 2022 年的基礎上以每年約 10% 的速度成長。像往常一樣，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.

現在讓我們來看看 NextEra Energy Partners。在過渡計畫方面，NextEra Energy Partners 於 12 月下旬完成了德州管道組合的出售，提供了約 14 億美元的淨收益。 NextEra Energy Partners 預計將分別在其規定的最低收購日期2024 年6 月和2025 年6 月完成對NEP Renewables II 約1.9 億美元和9.5 億美元的收購，因為到2025 年，該合作夥伴關係將繼續受益於低現金票息。

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.

就 NextEra Energy Partners 的成長計畫而言，需要提醒的是，它涉及有機成長，特別是到 2026 年重新啟動約 1.3 千兆瓦的風電項目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 年為另外約 245 兆瓦的風力發電設施重新供電。

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.

雖然該合夥企業預計 2024 年不需要進行收購，但 LP 分銷增長 6% 的目標部分受到約 175 兆瓦風力發電的支持，預計這些風力發電將產生可觀的現金，可用於分銷收益。

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 億美元的高收益票據發行感到滿意，該票據於 2023 年第四季完成發行。

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.

現在我來介紹一下 NextEra Energy Partners 的財務表現。第四季調整後的 EBITDA 為 4.54 億美元，可供分配現金為 8,600 萬美元。調整後 EBITDA 與去年同期相比有所增長，主要由於新資產的增加和激勵分配權費用的暫停，而可供分配的現金也受到增量債務償還的影響。

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%，主要得益於2022年末和2023年期間獲得的新項目的貢獻以及激勵分銷權費用暫停。

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。由於風力資源減弱，現有項目的減少部分抵消了這一增長。

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.

全年可供分配的現金為 6.89 億美元，主要得益於新項目貢獻約 4,200 萬美元以及激勵分配權費用暫停 1.13 億美元，而風力資源的減弱則部分抵消了這一影響。

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股單位 0.88 美元或年化分配為每單位 3.52 美元，這比 2023 年第三季度每單位分配年化增長 6%。該合夥企業每單位 LP 分配年增超過 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.

根據我們 2023 年第四季每普通股單位分配的最新基數，以年率 3.52 美元計算，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%，因為至少到2026 年，這是一個合理的預期範圍。

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，合夥企業的派息率將維持在 95% 左右。

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 預計截至2024 年12 月31 日，調整後EBITDA 的運作率將在19 億美元至21 億美元之間，可供分配的現金將在7.3 億美元至8.2 億美元之間，這反映了2025 年預測投資組合的預期2024 年底。

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

我們的準備好的演講到此結束。現在，我們將開放問答熱線。

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

(操作員指示) 我們的第一個問題來自古根漢合夥人公司的 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?

如果可以的話，就從 NEP 開始。就您所宣布的更高級別的再供電機會而言，我想，您是如何考慮為其提供資金的？更重要的是，資金池中是否有任何特定的狀態，可以尋求直接購買項目，無論是 NEP 等級的下降還是有機成長？這類股權投資人能幫助解決'26年融資問題的成長嗎？我想，您打算什麼時候更新這個內容呢？

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--在專案層面。那裡確實有兩個選擇。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，並在重新授權時做出決定。

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.

關於您的第二個問題，我們現在正在考慮所有的選擇。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，以解決 2027 年及以後到期的可轉換股票投資組合融資問題。目前，更新方面確實沒有時間表，但我們正在研究所有選項，目標是真正最大化單位持有者的價值。

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。只是補充一點。再說一遍，關於重新授權，就像我們在 NEE 所做的那樣，我的意思是，把它想像成稅收公平和專案融資。再次，私募資本籌集為我們提供了許多選擇，但我們正在考慮許多不同的替代方案。那就是其中之一。

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，我們還沒有收到聯邦選舉委員會的任何最新消息。關於調查，有沒有消息通知你？如果他們受理此案，您希望多快解決？

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?

正如我們所思考的，這個過程是保密的。我很好奇您將如何向投資者通報最新情況。我們是否會看到您發布一份新聞稿或 8-K 文件來確認 FEC 流程，並且您將在未來向投資者通報後續步驟？或者說，我們是否可以看到關於 FEC 提貨的單一通信和並發結算？

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.

我只是想評估一下，假設案件繼續推進，這可能會持續多久，以及當裁決出來時，你是否已經為所有選擇做好了基礎，以便能如此迅速地獲得這樣的通過。

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，Shar。因此，讓我按順序進行。首先，沒有更新。聯邦選舉委員會尚未與我們取得聯繫。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，聯邦選舉委員會沒有規定給我們答案的時間表。

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.

但你可能還記得，我們​​最初收到了聯邦選舉委員會的投訴，我想，你會這麼稱呼它，這是由一個名為CREW 的組織於2022 年11 月提出的。先例，它通常在您首次收到索賠通知後的 12 到 18 個月內，您就會知道聯邦選舉委員會是否決定發現有理由相信他們應該進行調查。我們還沒有聽到聯邦選舉委員會就此發表任何言論。

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.

我想提醒投資人的第二件事是，這並不重要。再次重申，這是 5 項指控，政治捐款總額約 130 萬至 150 萬美元。所以我們討論的是較小的美元金額。而我們何時以及以何種方式向投資者通報最新情況，將取決於我們從聯邦選舉委員會得到的具體資訊。

The next question comes from Steve Fleishman of Wolfe Research.

下一個問題來自 Wolfe Research 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，有幾個宏觀問題。首先，顯然，由於我們已經進入24年，因此現在要更加關注選舉。我很好奇，在共和黨三連勝的情況下，您是如何看待愛爾蘭共和軍條款的可持續性的。

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，在我為公司效力的 21 年裡，儘管政府換屆，國會也經歷了變革，但我們從未見過稅收抵免有任何變化或上訴，無論它們以何種形式存在。 IRA 是我們在這裡討論的形式。這是我要說的第一點。

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.

第二，現有的法律確實很難被推翻。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。這對民主黨來說當然是有利的，原因顯而易見，但對共和黨來說也有很大的好處，因為如果你想想IRA 的投資方向以及IRA 的大量收益流向何處，你會發現這些收益都流向了共和黨州。 而這些資金正流向那些經濟上難以刺激的州的部分地區。我們正在討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，當我們來到這裡建造風電項目、太陽能項目、電池儲存項目時，這些社區的情況就徹底改變了。我們以就業的形式提供經濟基礎。我們以該社區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，這是一次徹底的轉變，對其未來的生存能力產生了巨大的影響。只需考慮一下醫院和縣醫院的醫生配備或教師薪資。我的意思是，財產稅收入具有顯著的效益。基於這些原因，我們一直能夠與雙方合作。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宏觀問題。您對於資料中心策略有什麼新的想法和看法嗎？

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，美國經濟受到資料中心成長的巨大需求的推動，當然，這種成長受到許多因素的推動，特別是生成性人工智慧。目前，這種成長相當迅猛。

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，並推動許多科技公司以不同的方式進入市場，這些項目必須按時、在預算內完成，並產生所需的能源。為這些客戶提供電力，當然不能履行他們對自己的利害關係人所做的承諾，那麼這些客戶的機會成本將非常高。

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合同，而且還與他們進行長期合作，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.

僅在我們的積壓訂單中，甚至還不包括我們已經安裝的項目，未來幾年我們將為這些客戶建造超過 3 千兆瓦的項目。我確實相信這只是冰山一角，而且我再說一遍，這還沒有提到我們已經安裝的東西。

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，我們的團隊非常熱衷於與這些客戶的合作，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.

然後談到氫氣，顯然，首先發布的指導意見，12 月的指導意見草案實際上是指導氫氣項目，從第一天起就需要按小時進行匹配。這當然會增加氫的最終成本。

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執行，將在一定程度上限制為美國市場建造多少。我們顯然主張放寬匹配要求，在一段時間內實行年度匹配，然後隨著時間的推移過渡到按小時匹配，這樣就可以啟動氫氣市場。

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個消息，並知道啟動氫經濟必將進一步促進他們雄心勃勃的目標的實現，當然，我們非常高興地看到美國經濟隨著時間的推移而全面脫碳。

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.

因此還有很多工作要做，我們很高興能夠開拓市場。無論如何，這些可能是本世紀末的項目。因此，短期投資更多是為了獲得長期機會。

The next question comes from David Arcaro of Morgan Stanley.

下一個問題來自摩根士丹利的戴維·阿卡羅（David Arcaro）。

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?

也許就再生能源需求方面而言，您能否更詳細地介紹您所看到的起源趨勢？我認為，本季太陽能和儲能看起來相當強勁，但從新增訂單量來看，風能稍微低一些。請問您對實現 25 年和 26 年目標，特別是在風能業務方面，有什麼最新的信心？

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。我將首先嘗試一下。我們顯然對這一起源感到興奮。正如約翰和柯克所強調的那樣，過去兩年共產生 17 千兆瓦的電力，並且兩年都創下了紀錄。因此今年打破去年的記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，這種組合更著重於太陽能和儲能。正如我過去所評論的那樣，我認為這在一定程度上是 2020 年強勁需求的後遺症，當時我們和其他人認為生產稅收抵免最終將逐步減少，並最終在 2021 年降至 0。因此需求被提前了。

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.

我認為在短期內產生影響的第二個動態是，太陽能生產稅收抵免顯然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好，甚至可能在採用方面超出了我們的預期，不僅僅是在西方市場，而且現在真的以非常建設性的方式在整個中西部地區傳播。正如約翰在準備好的演講中所強調的那樣，我們擁有真正有利的地位，能夠快速響應我們看到的需求特徵，即我們的客戶需要快速提高產能，而他們之前沒有預料到會有這樣的需求。將會在其基礎業務中看到。因此，快速進入市場是我們最優先考慮的事情，我們會盡力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，儲存市場非常像風能，而且要想在各個環節提供客戶所尋求的價值，其過程肯定非常複雜。

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，另一部分至少和我們在提出期望時預期的一樣強大，那就是重新賦能。我們對此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，延長這些項目的壽命，通常同時延長與客戶的合約。

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.

因此，總的來說，結合所有這些評論，我很高興我們總體上實現了發展預期。我們會持續關注隨著時間的推移各個技術的混合情況。但在這一點上，我們顯然要離開我們已經擁有了幾年的範圍，部分原因是為了反映我相信你們還記得的事情，風能是一個非常短的開發週期，可能不是實際的鋪設為建設項目打下基礎。

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.

但是，當我們簽訂合約併購買渦輪機並將其投入使用時，時間可能最短為 9 個月。因此，從現在到 26 年底，仍然有許多時間來增加更多的風能——不僅可以增加積壓訂單，還可以增加最終的委託。

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.

展望未來幾個季度，我發現我們的團隊正在努力抓住一些重大機遇，我很高興能夠抓住其中的一些機遇，並取得成果。

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。非常有幫助。然後也許是其次，只是——這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。想知道您是否看到了增加市場份額的機會。並且，是否有可能從目前可能陷入困境的開發人員那裡獲得開發管道？

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。我們始終活躍於開發權收購市場。最近幾年，我們確實優先考慮我們的綠地投資組合，部分原因是我們能夠與客戶密切合作，並確保我們在他們需要的長期專案中建立專案。但我們始終會在開發專案市場上抓住機會，精挑細選，創造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，一些開發組合被那些想與我們競爭但在開發方面佔有更大份額的人收購，我們還沒有看到他們全面回歸市場。我認為這種情況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.

我知道私募股權希望能夠快速週轉資本並實現目標的周期並不一定與開發週期完全一致，有時事情會比你預期的快一點，慢一點，你需要病人。因此我樂觀地認為將會有機會。

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，這也是我們三月要關注的事情之一，那就是我們要把我們的命運、我們的發展機會掌握在我們自己手中。我對我們的團隊在綠地開發方面的工作以及我們正在投資的競爭優勢感到非常興奮，以確保我們能夠很好地服務我們的客戶，而不僅僅是在未來2 到3 年內，就像我們經常說的那樣和你們大家一起討論，但未來 5 年、7 年、10 年甚至更久以後的事情。

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?

只是想問一下有關傳輸的問題。您強調了 NEE 在 2017 年的資本達到 19 億美元。當我們查看 2024 年 NEER 的 EBITDA 貢獻時，這一部分也在上升。那麼，您能否談談未來幾年 NEE 可能實現什麼樣的成長，以及隨著時間的推移 EBITDA 貢獻會達到多少？

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，從管道角度來看，毫無疑問您會意識到，傳輸機會需要幾年時間才能實現。因此，我們對團隊在去年獲得的獎項感到非常高興。

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，我們在已有投資的基礎上進行擴張，這將大大推動加州市場新再生能源的發展；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.

就時間而言，正如我們在準備好的評論中所強調的那樣，投入使用日期是2027 年。 。像往常一樣，我們將在投資者會議中提供更多細節，按業務進行更詳細的分析，並說明這些貢獻隨著時間的推移會是什麼樣子。

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.

但勢頭非常強勁。正如我們所強調的，每個人都明白，也許情況不會像我們想像的那麼嚴重。但為了釋放我們和其他人在美國看到的再生能源機會，需要建造輸電線路。我們隨時準備好盡我們所能成為解決方案的一部分，並為客戶提供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。今年可能還會再有一個關於融資方面的問題。僅基於您目前在市場上看到的情況，您如何考慮使用各種途徑將稅收抵免貨幣化，是透過稅收公平還是可轉讓性？我們如何看待您 2024 年融資計畫中每個項目的規模？

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評論中所分享的，融資計劃與我們在第三季電話會議上分享的資訊一致。當我們考慮這些選項時，我們將使用歷史方法是專案融資和稅收公平。而且—我們對可轉移性市場的表現也感到非常鼓舞。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好。

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，並在專案融資、可轉讓性和稅收公平之間進行最佳化。我們將在我們提供的 24 年至 26 年融資計劃中分享的範圍內使用這些資金——在我們提供的披露之間。但我們看到對這些信貸的需求確實非常旺盛，並期望今後繼續利用可轉讓性作為一種選擇。

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 (Jeremy Tonet)。

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?

只是想稍微延續一下您之前談論的內容。我想，展望未來，您如何平衡豐富的成長機會和相關的融資需求與股息成長之間的關係？

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.

您是否關注行業的股息成長趨勢以及隨著公用事業資本支出的增加，股息成長趨勢將如何變化？最後我想說的是，在較低的天然氣價格環境下，E&P 業務如何與其他業務爭奪資本。

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，我們分享了第三季在再生能源業務中看到的回報。正如我們當時在能源資源領域所分享的那樣，對於風能，我們看到以槓桿 ROE 為基礎的回報率在 20% 以下。在太陽能領域，我們看見回報率在十幾歲左右。然後儲存也處於20%以下。

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.

因此回報非常豐厚。我們希望將資本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，我們正在再生能源和輸電業務上分配資本。這就是 — — 這就是趨勢 — — 這是我們分配資本的優先事項。

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.

從資金角度來看，這仍然是我們傳統的企業融資方式。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，本季度有很多增加，但我認為有一點下降，3 50。2026年後的時間範圍內還有更多這是積壓的工作。所以我只是想問您是否可以再多談談一些驅動因素，以及隨著時間的推移投資組合增加構成的看跌和看漲因素。

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。我接受。就——顯然，積壓訂單的增加相當強勁，我們對此感到非常興奮。就本季而言，就我們的移除而言，這實際上是針對特定項目的。

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，這確實與某個特定項目的更高互連成本有關，我們需要回頭再做一些工作。很有可能，這些項目兆瓦將會回來。在積壓的工作中，它們都是很好的項目。但在短期內，我們會在解決這些問題的同時移除。

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，當我們在積壓工作中添加一些內容時，它的可見度會非常強烈。我們非常高興能夠根據目前掌握的情況來推進這些項目。

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，有些事情你必須處理好。有時，我們經過努力，一些事情會得到更好的解決。有時候，情況會更糟一些。我們需要在需要的時候做出最終對股東有利的決定。

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 多千兆瓦的投資組合中，我認為對於開發類型問題的正常運作率來說，這是最低限度的。幸運的是，我們已經解決了過去兩年來談論的有關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.

因此，目前我認為我們處於正常發展階段。有時，會發生一些事情來改變我們對某個特定項目的看法。我們將從股東的角度做正確的事情，只在合理的領域投入資本。

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。目前，會議也已結束。感謝您參加今天的演示，現在您可以斷開連接了。