新世紀能源 (NEE) 2024 Q1 法說會逐字稿

Good morning, and welcome to the NextEra Energy and NextEra Energy Partners LP First Quarter 2024 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Kristin Rose, Director of Investor Relations. Please go ahead.

早安，歡迎參加 NextEra Energy 和 NextEra Energy Partners LP 2024 年第一季財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資人關係總監 Kristin Rose。請繼續。

Thank you, Drew. Good morning, everyone, and thank you for joining our first quarter 2024 combined financial results conference call for NextEra Energy and NextEra Energy Partners.

謝謝你，德魯。大家早安，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2024 年第一季合併財務業績電話會議。

With me this morning, 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 first quarter 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，以審查我們第一季的業績。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 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 and 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.

我們將在本次電話會議中根據當前的預期和假設做出前瞻性聲明，這些聲明可能存在風險和不確定性。如果我們的任何關鍵假設不正確，或者由於今天的收益新聞稿中討論的其他因素以及本次電話會議和隨附演示文稿的風險因素部分或我們的評論中發表的評論，則實際結果與我們的前瞻性陳述有重大差異。

We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP financial measures to the closest GAAP financial measure.

我們不承擔更新任何前瞻性陳述的責任。今天的演示也提到了非公認會計準則財務指標。您應該參考今天簡報隨附的幻燈片中包含的信息，以了解歷史非 GAAP 財務指標與最接近的 GAAP 財務指標的定義資訊和調整。

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. NextEra Energy delivered strong first quarter results, growing adjusted earnings per share by 8.3% year-over-year. Based on FPL and Energy Resources' financial and operational performance, we're once again off to a solid start for the year. In addition, FPL placed into service 1,640 megawatts of new solar, while Energy Resources added 2,765 megawatts of new renewables and storage projects to its backlog. This quarter marks Energy Resources' second best origination quarter ever as well as its best solar and best storage origination quarter.

謝謝克里斯汀，早安。 NextEra Energy 第一季業績強勁，調整後每股收益較去年同期成長 8.3%。根據 FPL 和 Energy Resources 的財務和營運業績，我們今年再次取得了良好的開局。此外，FPL 投入使用了 1,640 兆瓦的新太陽能項目，而 Energy Resources 則在其積壓訂單中增加了 2,765 兆瓦的新再生能源和儲存項目。本季是能源資源公司有史以來第二好的創始季度，也是其最好的太陽能和最佳儲存創始季度。

As we highlighted at our March Renewables Development Day, we believe NextEra Energy is well positioned for the expected strong power demand growth through the end of the decade and beyond. After years of relatively flat U.S. power growth, numerous reports now highlight significant future load growth being driven across industries such as oil and gas, manufacturing and technology.

正如我們在三月的再生能源發展日所強調的那樣，我們相信 NextEra Energy 已做好充分準備，能夠應對本世紀末及以後電力需求的強勁增長。經過多年相對平穩的美國電力成長，現在許多報告都強調了石油和天然氣、製造和技術等行業未來負載的顯著增長。

The redomestication of industry in the U.S. supported by public policy will drive the need for more electricity. And the tech industry is going to need data centers to support the expected cloud capacity demand that come with artificial intelligence applications. Of course, increased load demand will not come all at once and will take some time to materialize. But it is clear that many new customers are concerned about power availability to meet their plans and consider power supply as a significant obstacle to business expansion.

在公共政策的支持下，美國工業的重新本土化將推動更多電力的需求。科技業將需要資料中心來支援人工智慧應用程式帶來的預期雲端容量需求。當然，負載需求的增加不會一下子出現，需要一段時間才能實現。但很明顯，許多新客戶擔心電力供應是否能夠滿足他們的計劃，並將電力供應視為業務擴張的重大障礙。

We believe renewables and storage are a key enabler to help meet this increased demand. In fact, we believe the U.S. renewables and storage market opportunity has the potential to be 3x bigger over the next 7 years compared to the last 7, growing from roughly 140 gigawatts of additions to approximately 375 to 450 gigawatts. And we believe no one is better positioned to address these power supply challenges and capitalize on this demand than NextEra Energy.

我們相信再生能源和儲存是幫助滿足這一不斷增長的需求的關鍵推動因素。事實上，我們認為，與過去 7 年相比，未來 7 年美國再生能源和儲能市場機會有可能擴大 3 倍，從約 140 吉瓦的增量增長到約 375 至 450 吉瓦。我們相信，沒有人比 NextEra Energy 更有能力應對這些電力供應挑戰並利用這項需求。

At NextEra Energy, the plan is simple. Our 2 businesses are deploying capital and renewables, storage and transmission for the benefit of customers, while also providing visible growth opportunities for shareholders. Our enterprise-wide scale, decades of experience and technology investments are key competitive advantages that allow us to drive value and meet this expected power demand.

NextEra Energy 的計畫很簡單。我們的兩項業務正在部署資本和再生能源、儲存和傳輸，以造福客戶，同時也為股東提供可見的成長機會。我們的企業規模、數十年的經驗和技術投資是關鍵的競爭優勢，使我們能夠推動價值並滿足預期的電力需求。

Scale is one of our key differentiators, and it matters more than ever. Scale allows us to buy and build with better pricing, better protections and better positioning to navigate disruption. Scale provides access to capital and cost of capital advantages, allowing us to leverage one of the strongest balance sheets in the sector and worldwide banking relationships to fund projects at beneficial terms.

規模是我們的關鍵差異化因素之一，而且比以往任何時候都更重要。規模使我們能夠以更優惠的價格、更好的保護和更好的定位進行購買和建設，以應對顛覆。規模提供了獲得資本和資本成本優勢的機會，使我們能夠利用該行業最強大的資產負債表之一和全球銀行關係以有利的條件為專案提供資金。

Scale has driven top-decile operational performance throughout our generation fleet. Today, NextEra Energy's roughly 74 gigawatt operating fleet, comprised of 35 gigawatts at FPL and 39 gigawatts at Energy Resources provide significant operational scale. As FPL continues its solar and surge build-out and Energy Resources brings new renewables and storage projects online for customers, the operating fleet could grow to over 100 gigawatts by the end of 2026. This would further extend our scale advantages and create value for customers and shareholders.

規模化推動了我們整個世代機隊的頂級營運績效。如今，NextEra Energy 的營運規模約為 74 吉瓦，其中包括 FPL 的 35 吉瓦和 Energy Resources 的 39 吉瓦，提供了巨大的營運規模。隨著FPL 繼續其太陽能和浪湧建設，以及Energy Resources 為客戶帶來新的再生能源和儲存項目，到2026 年底，營運船隊可能會成長到100 吉瓦以上。優勢，為客戶創造價值和股東。

Our scale has enabled greater supply chain diversification and flexibility. And the good news is the solar supply chain has much improved from 2 years ago. Inflationary pressures are alleviating and manufacturing capacity is significantly expanding. In the U.S., manufacturing incentives are expected to support increases in domestic module manufacturing capacity to over 50 gigawatts by 2026, from just under 8 gigawatts at the end of 2021. We have greater supplier diversity and flexibility than ever before, strengthening our ability to bring low-cost solar to American consumers and businesses.

我們的規模使供應鏈更加多元化和靈活。好消息是太陽能供應鏈比兩年前有了很大改善。通膨壓力正在緩解，製造能力正在顯著擴張。在美國，製造業激勵措施預計將支持到2026 年將國內組件製造能力從2021 年底的略低於8 吉瓦增加到50 吉瓦以上。靈活性，從而增強了我們的能力為美國消費者和企業提供低成本太陽能。

Our decades of experience is another key competitive advantage. Our experience allows us to navigate power demand challenges, delivering cost-effective, reliable generation for our growing FPL customer base and designing clean energy solutions to help our Energy Resources customers. We understand every part of the energy value chain with deep expertise in all technologies, the power markets and transmission. Our team embraces continuous improvement that drives innovation. We recognized the changing landscape in secured land, interconnects and transmission equipment years in advance.

我們數十年的經驗是另一個關鍵的競爭優勢。我們的經驗使我們能夠應對電力需求挑戰，為不斷增長的 FPL 客戶群提供經濟高效、可靠的發電，並設計清潔能源解決方案來幫助我們的能源客戶。我們了解能源價值鏈的每個部分，在所有技術、電力市場和輸電方面擁有深厚的專業知識。我們的團隊致力於推動創新的持續改善。我們提前幾年就認識到安全土地、互連和傳輸設備領域不斷變化的格局。

Technology is the next frontier for the power industry, and we believe a 2-decade start on the rest of the industry is a significant competitive advantage. Today, NextEra Energy captures $560 billion operational data points each day and has dozens of proprietary artificial intelligence tools to drive analytical, real-time decision-making. We use these tools to analyze over 100 attributes of our own data to secure and develop the best sites in Florida and across the country.

科技是電力產業的下一個​​前沿領域，我們相信，相對於產業其他產業來說，20 年的起步是一個顯著的競爭優勢。如今，NextEra Energy 每天捕獲 5,600 億美元的營運數據點，並擁有數十種專有的人工智慧工具來推動分析、即時決策。我們使用這些工具來分析我們自己資料的 100 多個屬性，以保護和開發佛羅裡達州和全國各地的最佳站點。

We use our tools to iterate millions of site layout designs based on proprietary resource data and assessments to maximize value. And we use our tools to operate nearly all our renewable storage and fossil generation fleets around the clock from our headquarters in South Florida. We are leveraging this combination of enterprise-wide scale, decades of experience and investment in technology to better position both businesses to capitalize on what we believe will be years of demand to drive long-term value for customers and shareholders.

我們使用我們的工具根據專有資源資料和評估迭代數百萬個網站佈局設計，以實現價值最大化。我們使用我們的工具從南佛羅裡達州總部全天候運作幾乎所有再生能源儲存和化石發電車隊。我們正在利用企業範圍內的規模、數十年的經驗和技術投資的結合，使兩家公司更好地定位，充分利用我們認為未來數年的需求，為客戶和股東帶來長期價值。

Today, electricity represents just 20% of overall U.S. energy consumption, and wind and solar generation represents only 16% of the U.S. electricity mix. In short, we believe the U.S. will need a significant and growing amount of electricity over the next decade and beyond, a large part of which will be powered by new renewables and storage. At FPL, as more people move into Florida, we are focused on extending the customer value proposition by keeping our bills as low as possible and delivering clean, affordable energy by investing in solar, battery storage and transmission.

如今，電力僅占美國能源消耗總量的 20%，風能和太陽能發電僅占美國電力結構的 16%。簡而言之，我們認為美國在未來十年及以後將需要大量且不斷增長的電力，其中很大一部分將由新的再生能源和儲存提供動力。在 FPL，隨著越來越多的人搬到佛羅裡達州，我們致力於透過盡可能降低帳單並透過投資太陽能、電池儲存和傳輸來提供清潔、負擔得起的能源來擴展客戶價值主張。

At Energy Resources, our business is focusing on building low-cost wind, solar, battery storage and transmission. We are using our data and proprietary technology to help power customers balance supply and demand while keeping customer bills affordable. We also use our tools with commercial and industrial customers to identify the best locations based on their physical preferences at most important variables. For both power and commercial and industrial customers, we leverage our 300 gigawatt development pipeline and transmission and market expertise to help design the lowest cost clean energy solutions.

在能源資源公司，我們的業務重點是建立低成本風能、太陽能、電池儲存和傳輸。我們正在利用我們的數據和專有技術來幫助電力客戶平衡供需，同時保持客戶的電費負擔得起。我們也與商業和工業客戶一起使用我們的工具，根據他們對最重要變數的身體偏好來確定最佳位置。對於電力和商業和工業客戶，我們利用我們的 300 吉瓦開發管道和傳輸以及市場專業知識來幫助設計成本最低的清潔能源解決方案。

Both businesses complement each other, deepen our skill sets and advantages and foster innovation. And we leverage our greatest asset, our people, who have decades of experience to drive value for our customers and shareholders. When I consider current energy demand, the long-term electricity needs and our competitive advantages, I wouldn't trade our opportunity set with anyone. I look forward to telling more of our story and explaining why NextEra Energy is uniquely positioned to lead the electrification of the U.S. economy at our Investor Day on June 11 in New York City.

兩項業務相輔相成，深化我們的技能和優勢並促進創新。我們利用我們最大的資產——我們的員工，他們擁有數十年的經驗，為我們的客戶和股東創造價值。當我考慮當前的能源需求、長期的電力需求和我們的競爭優勢時，我不會與任何人交換我們的機會。我期待在 6 月 11 日於紐約舉行的投資者日上講述更多我們的故事，並解釋為什麼 NextEra Energy 具有引領美國經濟電氣化的獨特優勢。

With that, I will turn the call over to Kurt to cover the quarterly results.

這樣，我將把電話轉給庫爾特，介紹季度業績。

Thank you, John. For the first quarter of 2024, FPL's earnings per share increased $0.04 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 11.5% year-over-year. We now expect FPL to realize roughly 10% average annual growth in regulatory capital employed over our current rate agreement 4-year term, which runs through 2025.

謝謝你，約翰。 2024 年第一季度，FPL 每股盈餘年增 0.04 美元。這一業績的主要推動力是 FPL 的監管資本使用年增約 11.5%。我們現在預計 FPL 在我們目前的利率協議 4 年期限（直至 2025 年）內所使用的監管資本將實現約 10% 的年均增長。

FPL's capital expenditures were approximately $2.3 billion for the quarter, and we expect FPL's full year 2024 capital investments to be between $7.8 billion and $8.8 billion.

FPL 本季的資本支出約為 23 億美元，我們預計 FPL 2024 年全年資本投資將在 78 億美元至 88 億美元之間。

For the 12 months ending March 2024, FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the first quarter, we utilized approximately $572 million of reserve amortization leaving FPL with a balance of roughly $651 million. As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year and we expect this trend to continue this year. Earlier this month, FPL received approval to reduce customer bills due to projected 2024 fuel savings. As a result, FPL's typical 1,000 kilowatt hour residential customer bill is expected to be roughly $14 lower in May than the start of the year, and approximately 37% lower than the current national average. Over the current 4-year settlement agreement, we now expect FPL's capital investments to be slightly above our previous range of $32 billion to $34 billion.

截至 2024 年 3 月的 12 個月，FPL 出於監管目的報告的 ROE 約為 11.8%。第一季度，我們動用了約 5.72 億美元的準備金攤銷，使 FPL 的餘額約為 6.51 億美元。正如我們之前所討論的，FPL 歷史上在上半年使用了更多的準備金攤銷，我們預計今年這一趨勢將持續下去。本月早些時候，由於預計 2024 年將節省燃料，FPL 獲得了減少客戶帳單的批准。因此，FPL 5 月典型的 1,000 千瓦時住宅客戶電費預計將比年初低約 14 美元，比目前的全國平均水平低約 37%。根據目前 4 年的和解協議，我們現在預計 FPL 的資本投資將略高於我們先前設定的 320 億美元至 340 億美元的範圍。

This quarter, FPL placed into service 1,640 megawatts of new cost-effective solar, putting FPL's owned and operated solar portfolio at over 6,400 megawatts, which is the largest utility-owned solar portfolio in the country. FPL's annual 10-year site plan continues to indicate that solar and storage are the most cost-effective answer for customers to add reliable grid capacity over the next decade. The 2024 plan includes similar levels of new solar generation capacity, 21 gigawatts across our service territory over the next 10 years compared to our 2023 plan.

本季度，FPL 投入使用了 1,640 兆瓦的新型經濟高效太陽能，使 FPL 擁有和營運的太陽能投資組合超過 6,400 兆瓦，這是該國最大的公用事業擁有的太陽能投資組合。 FPL 的年度 10 年站點計劃繼續表明，太陽能和儲存是客戶在未來十年增加可靠電網容量的最具成本效益的解決方案。與 2023 年計畫相比，2024 年計畫包括類似水準的新增太陽能發電容量，未來 10 年我們的服務區域將達到 21 吉瓦。

But our 2024 plan doubles the expected deployment of battery storage to over 4 gigawatts, some of which we expect to be needed earlier than forecasted in our 2023 plan. With this plan, we expect to increase FPL solar mix from approximately 6% of our total generation in 2023 to 38% in 2033, while continuing to provide customers with clean, affordable energy. FPL believes battery storage will play an increasingly valuable role for customers, serving as an attractive capacity complement to our growing solar generation.

但我們的 2024 年計畫將電池儲存的預期部署量增加了一倍，達到 4 吉瓦以上，其中一些我們預計比 2023 年計畫中的預測更早需要。透過這項計劃，我們預計將 FPL 太陽能組合從 2023 年佔總發電量的約 6% 增加到 2033 年的 38%，同時繼續為客戶提供清潔、負擔得起的能源。 FPL 相信電池儲存將為客戶發揮越來越重要的作用，為我們不斷增長的太陽能發電提供有吸引力的容量補充。

From providing system balancing needs and critical parts of FPL service territory, to supplying energy during any time of day or weather condition, battery storage acts as a key resource to the system that is both valuable and cost-effective for customers. Key indicators show that Florida's economy remains healthy. Florida continues to be one of the fastest-growing states in the nation and had 4 of the 5 fastest-growing U.S. metro areas between 2022 and 2023. FPL had its strongest quarter of customer growth in over 15 years, with the average number of customers increasing by more than 100,000 from the comparable prior year period.

從提供系統平衡需求和 FPL 服務區域的關鍵部分，到在一天中的任何時間或天氣條件下提供能源，電池儲存充當系統的關鍵資源，對客戶來說既有價值又具有成本效益。主要指標顯示佛羅裡達州經濟保持健康。佛羅裡達州仍然是全美成長最快的州之一，2022 年至2023 年間，佛羅裡達州擁有美國成長最快的5 個都會區中的4 個。平均客戶數量較去年同期增加超過10萬。

Although FPL's first quarter retail sales decreased by approximately 1.3% year-over-year, we estimate that weather had a negative impact on usage per customer of approximately 5.4% on a year-over-year basis. After taking weather into account, first quarter retail sales increased roughly 4.1% on a weather-normalized basis from the comparable prior year period, driven primarily by continued favorable underlying population growth and usage per customer.

儘管 FPL 第一季零售額年減約 1.3%，但我們估計天氣對每位客戶的使用量較去年同期產生約 5.4% 的負面影響。考慮到天氣因素後，第一季零售額在天氣正常化的基礎上較上年同期增長約 4.1%，這主要是由於持續良好的基礎人口增長和每位客戶的使用量推動的。

Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 13.1% year-over-year. Contributions from new investments increased $0.15 per share year-over-year, primarily reflecting continued growth in our renewables portfolio. Our existing clean energy portfolio declined $0.02 per share, primarily due to unfavorable wind resource during the quarter.

現在讓我們來看看能源資源公司，該公司報告調整後獲利年增約 13.1%。新投資的貢獻每股同比增加 0.15 美元，主要反映了我們再生能源投資組合的持續成長。我們現有的清潔能源投資組合每股下跌 0.02 美元，主要是由於本季風力資源不利。

The comparative contribution from our customer supply business increased results by $0.04 per share. All other impacts reduced earnings by $0.12 per share. This decline reflects higher interest costs of $0.07 per share, half of which related to new borrowing costs to support new investments.

我們的客戶供應業務的相對貢獻使每股業績增加了 0.04 美元。所有其他影響使每股收益減少 0.12 美元。這一下降反映了每股 0.07 美元的較高利息成本，其中一半與支持新投資的新借款成本有關。

Energy Resources had a strong quarter of new renewables and storage origination, adding approximately 2,765 megawatts to the backlog. With these additions, our backlog now totals roughly 21.5 gigawatts after taking into account 1,165 megawatts of new projects placed into service since our last earnings call, highlighting Energy Resources' ability to continue to identify attractive and accretive investment opportunities which provide strong growth visibility in the years ahead.

能源資源公司在新的再生能源和儲存發電方面表現強勁，積壓的電力增加了約 2,765 兆瓦。加上這些新增項目，考慮到自上次財報電話會議以來已投入使用的1,165 兆瓦新項目，我們的積壓項目目前總計約為21.5 吉瓦，這突顯了Energy Resources 繼續尋找有吸引力和增值投資機會的能力，這些機會為該領域提供了強勁的成長可見度。

We recently plugged 740 megawatts of new solar and storage projects into service, which are being used to support data centers located in Arizona and New Mexico. Both of these projects are now one of the largest battery storage facilities in their respective states and, in combination with our co-located solar, each project enabled the local utility to serve their customers' need for new, reliable clean energy to grow their own business operation.

我們最近將 740 兆瓦的新太陽能和儲存專案投入使用，這些專案用於支援位於亞利桑那州和新墨西哥州的資料中心。這兩個項目現在都是各自州最大的電池儲存設施之一，與我們位於同一地點的太陽能相結合，每個項目都使當地公用事業公司能夠滿足客戶對新的、可靠的清潔能源的需求，以發展自己的能源商業運作。

We are proud to continue to support our power and commercial and industrial customers to meet their growing power and capacity needs, create jobs and provide economic development in these low communities. Our origination activities across our power and commercial and industrial customers are beginning to reflect the rising power demand. We are seeing it manifest with our power customers and their state RFP processes and bilateral discussions, where we deliver cost-effective renewables and storage to their grid.

我們很自豪能夠繼續支持我們的電力和商業和工業客戶，以滿足他們不斷增長的電力和容量需求，創造就業機會並促進這些低收入社區的經濟發展。我們在電力以及商業和工業客戶中的發起活動開始反映出不斷增長的電力需求。我們在電力客戶及其州 RFP 流程和雙邊討論中看到了這一點，我們向他們的電網提供具有成本效益的可再生能源和儲存。

We are also observing it through interactions with our oil and gas and manufacturing customers, where we utilize our data and technology to help them make better siting decisions. Our technology customers have been a consistent driver of demand for many years, reflected by our roughly 3 gigawatt operating portfolio and over 3 gigawatt project backlog as we partner with them to provide various clean energy solutions based on their key business variables. We are a partner with both our power and commercial industrial customers' trust.

我們也透過與石油和天然氣以及製造業客戶的互動來觀察這一點，利用我們的數據和技術來幫助他們做出更好的選址決策。多年來，我們的技術客戶一直是需求的持續推動者，我們與他們合作，根據他們的關鍵業務變數提供各種清潔能源解決方案，這反映​​在我們大約3 吉瓦的營運組合和超過3 吉瓦的積壓項目上。我們是電力和商業工業客戶信任的合作夥伴。

We leveraged our 3-gigawatt development pipeline, our 35-gigawatt operating renewables and storage portfolio, and our transformer and switchgear procurement covering Energy Resources bill through 2027 to deliver projects for customers. As John said, the power demand growth is expected to be strong through at least the end of the decade. We expect 2024 to be another strong year for new renewables and storage origination. This is on the heels of two consecutive record origination years at Energy Resources. We continue to expect to remain on track for our overall renewable development expectations of roughly 33 to 42 gigawatts from 2023 through 2026.

我們利用 3 吉瓦的開發管道、35 吉瓦的營運再生能源和儲存產品組合，以及涵蓋 2027 年能源法案的變壓器和開關設備採購，為客戶交付專案。正如約翰所說，至少到本世紀末，電力需求預計將強勁成長。我們預計 2024 年將是新再生能源和儲能發電另一個強勁的一年。在此之前，Energy Resources 連續兩年創下創紀錄的創紀錄紀錄。我們繼續預計 2023 年至 2026 年的整體再生能源發展預期將保持在約 33 至 42 吉瓦的軌道上。

Beyond renewables and storage. NextEra Energy Transmissions was recently selected by the California ISO to develop a new A2 mile 500 kV transmission line in Southern California, with a capital investment of more than $250 million. We believe this project could unlock over 3 gigawatts of new renewable generation capacity, supporting California's ambitious clean energy goals.

超越再生能源和儲存。 NextEra Energy Transmissions 最近被加州 ISO 選擇在南加州開發一條新的 A2 英里 500 kV 輸電線路，資本投資超過 2.5 億美元。我們相信該計畫可以釋放超過 3 吉瓦的新再生能源發電能力，支持加州雄心勃勃的清潔能源目標。

This award follows a record year for NextEra Energy Transmission in 2023, and we remain excited about the opportunities ahead for this growing business. We continue to believe our ability to build, own and operate transmission is a key advantage for our Renewables business.

該獎項是繼 NextEra Energy Transmission 2023 年創紀錄的一年之後獲得的，我們對這一不斷增長的業務所面臨的機會仍然感到興奮。我們仍然相信，我們建造、擁有和經營輸電的能力是我們再生能源業務的關鍵優勢。

Turning now to our first quarter 2024 consolidated results. Adjusted earnings from Corporate and Other decreased by $0.01 per share year-over-year. This quarter, we entered into an agreement to transfer approximately $1 billion of tax credits throughout 2024, representing the bulk of our expected transfers for the year. Our long-term financial expectations remain unchanged. We will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in 2024, 2025 and 2026.

現在轉向我們 2024 年第一季的綜合業績。公司及其他調整後每股收益較去年同期下降 0.01 美元。本季度，我們簽訂了一項協議，將在 2024 年轉移約 10 億美元的稅收抵免，占我們全年預期轉移的大部分。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。

From 2021 to 2026, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And as we announced in February, the Board of Directors of NextEra Energy approved a targeted growth rate in dividends per share of roughly 10% per year through at least 2026, off a 2024 base. As always, our expectations assumes our caveat.

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將等於或高於我們調整後的每股盈餘複合年增長率範圍。正如我們在 2 月宣布的那樣，NextEra Energy 董事會批准了至少到 2026 年每股股息目標成長率在 2024 年基礎上每年約 10%。一如既往，我們的期望包含了我們的警告。

Turning to NextEra Energy Partners. We continue to focus on executing against the partnership's transition plan and delivering an LP distribution target of 6% through at least 2026. We bought out the STX Midstream convertible equity portfolio financing in 2023 and have sufficient proceeds available from the Texas pipeline portfolio sale to complete the NEP Renewables II renewables to buyout due in June 2024 and 2025. The third convertible equity portfolio financing associated with the mean natural gas pipeline assets is expected to be addressed in 2025.

轉向 NextEra 能源合作夥伴。我們繼續專注於執行合夥企業的過渡計劃，並至少在2026 年實現6% 的有限合夥人分配目標。投資組合銷售中獲得了足夠的收益來完成NEP Renewables II 再生能源收購將於2024 年6 月和2025 年到期。年解決。

With this plan for the near-term convertible equity portfolio financing is well understood, we remain focused on the partnership's cost improving, which is critical for its success. With that objective in mind, we continue to evaluate alternatives to address the remaining convertible equity portfolio financing with equity buyout obligations in 2027 and beyond.

鑑於這項近期可轉換股權投資組合融資計畫已得到充分理解，我們仍然專注於合作夥伴關係的成本改善，這對於其成功至關重要。考慮到這一目標，我們將繼續評估替代方案，以解決 2027 年及以後剩餘的可轉換股權投資組合融資以及股權收購義務問題。

Turning to the partnership's targeted 6% growth in LP distributions per unit. NextEra Energy Partners does not expect to need an acquisition this year to achieve a 6% targeted growth rate and the partnership does not expect to require growth equity until 2027. 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.

談到該合作夥伴關係的每單位 LP 分配成長 6% 的目標。 NextEra Energy Partners 預計今年不需要收購來實現 6% 的目標成長率，而該合作夥伴預計到 2027 年才需要成長股權。需要提醒的是，它涉及有機成長，特別是到 2026 年為約 1.3 吉瓦的風電項目重新供電，以及以有吸引力的收益率收購資產。

Today, we are announcing plans to repower an additional approximately 100 megawatts of wind facility through 2026. The partnership has now announced roughly 1,085 megawatts of repowers. Yesterday, NextEra Energy Partners Board declared a quarterly distribution of $0.892 per common unit or $3.57 per common unit on an annualized basis, which reflects an annualized increase of 6% from its fourth quarter 2023 distribution per common unit.

今天，我們宣布計劃在 2026 年為約 100 兆瓦的風電設施重新供電。昨天，NextEra Energy Partners 董事會宣布季度分配為每普通單位 0.892 美元，按年化計算每普通單位為 3.57 美元，這反映出其每普通單位分配比 2023 年第四季度的年化增長 6%。

Let me now turn to the detailed results. First quarter adjusted EBITDA was $462 million and cash available for distribution was $164 million. New projects, which primarily reflect contributions from approximately 840 net megawatts of new projects that either closed in the second quarter of 2023 or achieved commercial operations in 2023, contributed approximately $32 million of adjusted EBITDA and $7 million of cash available for distribution.

現在讓我談談詳細的結果。第一季調整後 EBITDA 為 4.62 億美元，可用於分配的現金為 1.64 億美元。新項目主要反映了在 2023 年第二季度關閉或在 2023 年實現商業運營的約 840 淨兆瓦新項目的貢獻，貢獻了約 3200 萬美元的調整後 EBITDA 和 700 萬美元的可分配現金。

First quarter adjusted EBITDA contribution from existing projects declined by approximately $37 million year-over-year, driven primarily by unfavorable wind resource during the quarter and lower generation at Genesis Solar project as a result of a planned outage for major maintenance. Wind resource was approximately 97% long-term average versus 102% in the first quarter of 2023. The incentive distribution rights fee suspension provided approximately $39 million of benefit this quarter for adjusted EBITDA and cash available for distribution.

第一季現有專案調整後的 EBITDA 貢獻年減約 3,700 萬美元，主要是由於本季風力資源不利以及 Genesis Solar 專案因計劃重大維護停電而導致發電量下降。風資源的長期平均水準約為 97%，而 2023 年第一季為 102%。

Finally, adjusted EBITDA and cash available for distribution declined by approximately $44 million and $38 million, respectively, for the divestiture of the Texas pipeline portfolio. From a 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 range of expectation for at least 2026. We continue to expect the partnerships payout ratio to be in the mid-90s through 2026.

最後，由於德州管道投資組合的剝離，調整後的 EBITDA 和可用於分配的現金分別減少了約 4,400 萬美元和 3,800 萬美元。以 2023 年第四季每普通單位分配年化率為 3.52 美元為基礎，我們繼續看到每單位 LP 分配每年增長 5% 至 8%，目前的目標是每年增長 6%。範圍。

We expect the annualized rate of the fourth quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit. NextEra Energy Partners expects run rate contributions for adjusted EBITDA and cash available for distribution from its forecasted portfolio at December 31, 2024, to be in the range of $1.9 billion to $2.1 billion and $730 million to $820 million, respectively. As a reminder, year-end 2024 run rate projections reflect calendar year 2025 contribution from the forecasted portfolio at year-end 2024. As a reminder, our expectations are subject to our caveat.

我們預計 2025 年 2 月應付的 2024 年第四季分配的年化率為每普通單位 3.73 美元。 NextEra Energy Partners 預計，截至2024 年12 月31 日，調整後的EBITDA 和可從其預測投資組合中分配的現金的運行率貢獻將分別在19 億至21 億美元和7.3 億至8.2 億美元之間。提醒一下，2024 年底的運行率預測反映了 2024 年年底預測投資組合對 2025 年日曆年的貢獻。

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

我們準備好的演講到此結束。接下來，我們將提出線路問題。

(Operator Instructions) The first question comes from Steve Fleishman with Wolfe Research.

（操作員說明）第一個問題來自 Wolfe Research 的 Steve Fleishman。

Yes. Just first question, just there's been press reports about potential -- another AD/CVD case to be filed related to solar panels and Biden also talking about getting rid of the protection on the bifacial panel tariff. Could you just talk a little bit more about how you're positioned to deal with those cases, if they do arise, changes as they arise?

是的。第一個問題，有媒體報告稱，另一起與太陽能板相關的 AD/CVD 案件將被提起，拜登也談到取消雙面板關稅的保護。您能否多談談您如何處理這些情況，如果它們確實出現，並隨著它們出現而改變？

Sure. Steve, this is John. I'll go ahead and take that. Let me take those in order. Let me talk about, first of all, the speculation around AD/CVD filing, which may or may not occur and then the bifacial exemption. But first, on the AD/CVD. The bottom line takeaway for folks is that we expect that any trade actions that would occur this time around will be very manageable. And for several reasons, I'm going to go through them, this is not like circumvention. This is not circumvention 2.0. The solar panel market is in a very different spot.

當然。史蒂夫，這是約翰。我會繼續接受它。讓我按順序整理一下。首先讓我談談圍繞AD/CVD備案的猜測，這可能會也可能不會發生，然後是雙面豁免。但首先，關於 AD/CVD。對人們來說，最重要的是，我們預期這次發生的任何貿易行動都將是非常可控的。出於多種原因，我將詳細介紹它們，這不像規避。這不是規避2.0。太陽能電池板市場處於一個非常不同的位置。

And the first point I want to make is we don't expect any trade action, if it were to occur, to result in delivery stoppages. And in any event, our panels are delivered well in advance of construction, which gives us a lot of time and opportunity to be able to troubleshoot any issues,, should they arise. And why do I think no stoppages are going to occur this time around? The main reason is the U.S. is the most expensive solar panel market in the world. And so there's a lot of economic reasons for deliveries to continue to occur.

我想說的第一點是，我們預計任何貿易行動（如果發生）都不會導致交貨中斷。無論如何，我們的面板在施工前就已交付，這給了我們大量的時間和機會來解決任何問題（如果出現問題）。為什麼我認為這次不會發生停工？主要原因是美國是世界上最昂貴的太陽能板市場。因此，繼續進行交付有很多經濟原因。

The second point I want to make is that given our scale, we have appropriate incentives and contractual protections that are in place and agreements with our suppliers to ensure that delivery occurs timely. And we also don't put all our eggs in one basket. We have a diversified set of suppliers, as you would all expect, and the ability to pivot from one supplier to another, should any issues occur. So I feel like in a very good spot there.

我想說的第二點是，考慮到我們的規模，我們有適當的激勵措施和合約保護，並與供應商達成協議，以確保及時交付。我們也不會把所有雞蛋放在同一個籃子裡。正如您所期望的那樣，我們擁有一組多元化的供應商，如果出現任何問題，我們能夠從一個供應商轉向另一個供應商。所以我感覺那裡處於一個非常好的位置。

Third point I want to make, and it's one that I hit in my prepared remarks, is that the U.S. and the global supply of solar panels is bigger than ever and it's growing. And let me talk, for example, about the U.S. market specifically. The U.S. domestic solar panel industry is getting stronger and stronger than it's ever been. One of the points that I made also in the prepared remarks is at the end of '21, solar panel module capacity in the U.S. was about 8 gigawatts. That's expected to be about 50 gigawatts by the time we get to 2026. So the U.S. market is in a much different spot. There's already been 150 gigawatts of new U.S. solar panel factory announcements that have been made.

我想說的第三點，也是我在準備好的發言中提到的一點，是美國和全球太陽能板的供應量比以往任何時候都大，而且還在增長。例如，讓我具體談談美國市場。美國國內太陽能板產業比以往任何時候都變得越來越強大。我在準備好的發言中也指出的一點是，截至 21 年底，美國太陽能板組件產能約為 8 吉瓦。預計到 2026 年，這一數字將達到 50 吉瓦左右。美國已經宣布新建 150 吉瓦太陽能板工廠。

If you talk to most U.S. domestic solar panel manufacturers, they're sold out through 2026. So they're certainly not having any trouble with demand, which is the other point that I want to make. So now let's speculate a little bit. So if a filing is made around antidumping, let me deal with that first. We find it hard to believe that any panels are being dumped into the U.S. market under the law that will be applied. As I said, the U.S. is the most expensive solar panel market in the world. It's 2 to 3x higher than any other market in the world. And the panels were being dumped, that could not be the case. So that's the first point I want to make on antidumping.

如果你與大多數美國國內太陽能板製造商交談，他們的產品在 2026 年之前都會售空。現在讓我們來推測一下。因此，如果有關反傾銷的備案，讓我先處理一下。我們很難相信根據即將適用的法律，任何面板都會傾銷到美國市場。正如我所說，美國是世界上最昂貴的太陽能板市場。它比世界上任何其他市場高 2 到 3 倍。而且面板正在被傾倒，情況不可能如此。這就是我想就反傾銷問題提出的第一點。

The second point I want to make, if there were a countervailing duty claim filed, the Department of Commerce would first have to look in to see if the price of solar modules in Southeast Asian countries, for example, were being subsidized. We don't really have any idea or way of knowing that until we see what gets filed. But after we see those arguments, we'll be able to make a better assessment. But countervailing duties historically. I mean, if you look at examples for countervailing duties that have been applied in the past against China suppliers, they've typically been around 10% to 15%. So even if those were to be applied in this case, quite manageable.

我想說的第二點，如果提出反補貼稅主張，商務部首先要調查東南亞國家的太陽能組件價格是否有補貼。在我們看到提交的內容之前，我們確實沒有任何想法或方法知道這一點。但在我們看到這些論點之後，我們將能夠做出更好的評估。但歷史上的反補貼稅。我的意思是，如果你看過去對中國供應商徵收的反補貼稅的例子，你會發現它們通常在 10% 到 15% 左右。因此，即使在這種情況下應用這些，也很容易管理。

And the other point I want to make is that what's different is tariffs in this situation would be prospective and not retroactive. And so for all of these reasons, even if something were to move forward, we still have no way of knowing if it will, we are very well positioned to manage through this like we always do. Our inventory position and the contractual opportunities that we have in place are expected to give us strong coverage for our backlog through 2027. And by that time, as more and more U.S. production is online as expected, these trade issues will fall away.

我想說的另一點是，不同的是，這種情況下的關稅是前瞻性的，而不是追溯性的。因此，由於所有這些原因，即使某些事情要向前發展，我們仍然無法知道它是否會向前發展，我們完全有能力像往常一樣處理好這個問題。我們的庫存狀況和現有的合約機會預計將為我們的積壓訂單提供強有力的保障，直至 2027 年。

So AD/CVD, let me just turn quickly to a couple of minor comments on the bifacial exemption. Bottom line, the bifacial exemption, even if it's removed really has no impact on NextEra. Why is that? We've contracted all of panel needs through February 26. And we have very minimal exposure to the bifacial exemption being removed. And once that bifacial exemption, even if removed, it would expire at the end of February of 2026, and it can't be brought again and reinstated for another 8 years. So we feel like we're in a very good spot. And the last point I'll make is, as more and more U.S. production capacity comes online and it's actually available by, we continue to source from U.S. suppliers. So look, when you put all those things together, feel like this is very manageable and feel like we will be fine.

AD/CVD，讓我快速談談關於雙面豁免的一些小評論。底線是，雙面豁免即使被取消，對 NextEra 也沒有任何影響。這是為什麼？我們已經承包了 2 月 26 日之前的所有面板需求。一旦雙面豁免，即使取消，也會在 2026 年 2 月底到期，並且在接下來的 8 年內無法再次提出和恢復。所以我們覺得我們處於一個非常好的位置。我要說的最後一點是，隨著越來越多的美國生產能力上線並且實際上可以透過我們繼續從美國供應商採購。所以看，當你把所有這些事情放在一起時，感覺這很容易管理，感覺我們會沒事的。

That was very thorough and hepful, John. And then I guess one other question on the data center. So you talked about the backlog edge you had this quarter. Just as we go into this year and think about this, are we -- is this going to continue to be more kind of a one-off or two-off quarter-by-quarter updates? Or is there -- should we see more kind of potential for more like long-dated partnerships or kind of larger scale agreements? How should we think about how that might develop?

約翰，這是非常徹底和有幫助的。然後我猜想還有一個關於資料中心的問題。所以你談到了本季的積壓優勢。正如我們進入今年並思考這一點一樣，我們是否會繼續採取一次性或兩次季度更新的方式？或者我們應該看到更多的潛力，例如長期合作夥伴關係或更大規模的協議？我們該如何思考它會如何發展？

I think kind of all of the above, Steve. Our opportunity set is significant around data centers at the point -- the first point that I'll make. And I think if you look historically on what we've been able to do with data center customers, I don't think anybody's had better results than we have. I mean if you look at just our gigawatts in operation, we have 3.5 gigawatts in operation today. We have another 3 -- close to 3.5 gigawatts in our backlog with technology providers.

我認為以上所有的情況都是如此，史蒂夫。我們的機會集在資料中心方面非常重要—這是我要提出的第一點。我認為，如果你從歷史上看我們對資料中心客戶所做的事情，我認為沒有人比我們取得更好的結果。我的意思是，如果您只看我們正在運行的千兆瓦容量，我們今天正在運行的容量為 3.5 吉瓦。我們與科技提供者的積壓訂單中還有另外 3 個，接近 3.5 吉瓦。

We really understand their business. We really understand what it is they need. And part of that is because we spend a lot of time with them. We do business with all the -- what I would call the top 5 hyperscalers in this country, also doing business increasingly with some of the developers of data centers as well. And we've owned data centers. And so we understand how they work, how they operate, what the CapEx and OpEx is, and how it's driven by energy and power and what the right locations are for them. We develop tools to address them.

我們非常了解他們的業務。我們真正了解他們需要什麼。部分原因是我們花了很多時間和他們在一起。我們與所有的——我稱之為這個國家排名前 5 的超大規模提供者——開展業務，也越來越多地與一些資料中心開發人員開展業務。我們擁有資料中心。因此，我們了解它們如何運作、如何運作、資本支出和營運支出是什麼，以及它如何由能源和電力驅動，以及它們的正確位置。我們開發工具來解決這些問題。

And so what do we see? We see about a 15% CAGR through the end of the decade for data center demand. I think data center developers are really focused more than anything on 3 things. They want low-cost energy. They want to be able to say that they've accomplished additionality from a decarbonization standpoint, which requires a new facility to be built, not an existing facility. And third piece is it's got to be in the right location and it's got to have speed to market.

那我們看到了什麼？我們預計到本十年末，資料中心需求的複合年增長率約為 15%。我認為資料中心開發人員實際上最關註三件事。他們想要低成本的能源。他們希望能夠說，從脫碳的角度來看，他們已經實現了額外性，這需要建造新的設施，而不是現有的設施。第三點是它必須位於正確的位置並且必須能夠快速推向市場。

And there's obviously been a lot of talk about renewables and nuclear. And I do want to -- I'm a little more of a skeptic about nukes, and let me explain why that is. They're already in the ground. You can't move them. And if you look at the nuclear fleet, there's only 15 nuclear plants in this country that are west of the Mississippi. And when you think about the 15 that are west of Mississippi, most of them already rate-regulated or long-term contracted. So that really is just creating maybe an East Coast opportunity for those that aren't rate regulated and that aren't contracted. I think that's a small subset of nuclear units that could perhaps satisfy East Coast demand.

顯然，關於再生能源和核能的討論很多。我確實想——我對核武有點懷疑，讓我解釋為什麼會這樣。他們已經在地裡了。你不能移動它們。如果你看看核電廠，你會發現這個國家只有 15 座核電廠，位於密西西比河以西。當你想到密西西比州以西的 15 個城市時，你會發現其中大多數已經受到利率管製或簽訂了長期合約。因此，這實際上只是為那些不受利率管制且未簽訂合約的人創造了東海岸的機會。我認為這只是核電機組的一小部分，也許可以滿足東海岸的需求。

But in our discussions with data center providers, getting access to cloud capacity for Silicon Valley, Santa Clara, in particular, is critical. I mean we can all count on 1 or 2 fingers, how many nuclear plants are located in those regions, not many. And you just can't move a nuclear plant. And so the thing we bring to the table is a lot of flexibility and speed to market. We can put the renewable project exactly where it needs to be.

但在我們與資料中心供應商的討論中，獲得矽谷（尤其是聖克拉拉）的雲端容量至關重要。我的意思是，我們用一兩根手指都能數得出來，這些地區有多少座核電廠，而不是很多。而且你無法移動核電廠。因此，我們帶來的是很大的彈性和上市速度。我們可以將再生能源項目準確地放置在需要的地方。

And SMRs, I hear a lot of talk about SMRs. SMRs are still a decade to 15 years away. Not only do you have 9 OEMs that are really struggling to access capital. If we pass the sanctions, go against Russia on nuclear fuel that's going to limit conversion and enrichment capacity in the U.S. for sourcing of nuclear fuel for these SMRs, which also is going to require a real step-up in technology to get them done. And you're also dealing with undercapitalized fuel providers. I'm a little skeptic on SMRs really coming into the picture to satisfy data center demand anytime in the near future.

至於中小型反應器（SMR），我聽到很多關於中小型反應器（SMR）的討論。 SMR 的出現還需要 10 到 15 年的時間。不僅有 9 家原始設備製造商正在努力獲得資金。如果我們通過制裁，就核燃料問題與俄羅斯作對，這將限制美國為這些中小型反應器採購核燃料的轉化和濃縮能力，而這也需要真正的技術進步才能完成。而且您還要與資金不足的燃料供應商打交道。我對 SMR 是否真的能在不久的將來滿足資料中心的需求持懷疑態度。

And so when you put all of that together, I think the right answer is renewables, in our discussions with data center developers and providers, their first focus is renewables. And I hear a lot about the reliability concerns and well, what do you do in the wind doesn't blow and the sun doesn't shine and the 4-hour battery is done enough. We can overbuild the battery, we can also help work with them to design a clean energy solution work. They do have a grid bio, we can green it up with [Rex] from our green desk. We have technology and tools, which we showcased back in March, where we can identify a part of the country that not only the best resource areas but also the best fiber connectivity, the best water resource. And those are the areas that we're locking up.

因此，當你把所有這些放在一起時，我認為正確的答案是可再生能源，在我們與資料中心開發人員和提供者的討論中，他們的首要關注點是可再生能源。我聽到很多關於可靠性的問題，嗯，在風不吹、陽光不照的情況下你該怎麼辦，4 小時的電池就夠了。我們可以過度建造電池，我們也可以幫助與他們一起設計清潔能源解決方案的工作。他們確實有一個網格生物，我們可以使用綠色辦公桌上的[Rex]將其綠色化。我們擁有技術和工具，我們在三月就展示過這些技術和工具，在那裡我們可以確定該國的某個地區不僅擁有最好的資源區，而且還擁有最好的光纖連接和最好的水資源。這些就是我們要封鎖的區域。

And we have sites and we have the relationships, and so I don't think anybody is better positioned to capitalize on data center demand than NextEra is, and I'm very excited about what the future opportunities hold for us there. But the other thing I would say, and we'll talk a lot more about this at our investor conference in June, is this electricity demand is real. We've been in a period of static demand for decades. And the demand is not only coming from data centers. It's coming from decoupling, creating more domestic manufacturing around industry, around chip manufacturing, oil and gas industry continues to electrify.

我們有站點，也有關係，所以我認為沒有人比 NextEra 更能充分利用資料中心的需求，而且我對我們在那裡擁有的未來機會感到非常興奮。但我要說的另一件事是，這種電力需求是真實存在的，我們將在六月的投資者會議上對此進行更多討論。幾十年來，我們一直處於需求靜態的時期。而且需求不僅來自資料中心。它來自於脫鉤，圍繞著工業、圍繞晶片製造、石油和天然氣行業創造更多的國內製造業繼續電氣化。

We continue to, even beyond data centers, see significant electric demand. We have the tools. We have the sites. We have the relationships, and we are chasing those opportunities. And look, we're coming off our second best origination quarter ever. I think the results speak for themselves.

即使在資料中心之外，我們仍然看到巨大的電力需求。我們有工具。我們有網站。我們擁有這些關係，我們正在追逐這些機會。看，我們即將迎來有史以來第二好的創始季度。我認為結果不言而喻。

The next question comes from Shar Pourreza with Guggenheim Partners.

下一個問題來自古根漢合夥人公司的 Shar Pourreza。

Just maybe starting off on NEP. Sort of given the continued pressure from capital markets and kind of the benchmark rates, are you sort of advancing any longer-term resolution plans for the CEPF? I mean have existing holders and maybe other players showed in the interest in transactions to fund and maybe simplify the cap structure for longer-term growth? What could that look like? And is this sort of an Analyst Day disclosure?

也許只是從新經濟政策開始。考慮到資本市場和基準利率的持續壓力，您是否正在推進 CEPF 的任何長期解決計劃？我的意思是，現有持有者和其他參與者是否對交易表現出興趣，以資助並簡化上限結構以實現長期成長？那會是什麼樣子呢？這是分析師日的揭露嗎？

Yes, sure. Thanks for the question. A few comments that I'll make on it. One is we have talked about private capital raise potentially being a solution to address back [in set ups] for NEP. Obviously, there's a lot of interest in that, just given NextEra's stature in the market, NextEra Energy's stature in the market. And so those discussions continue to move forward. We don't have anything to say about them right now. We may not have anything to say about them at the Analyst Day. I wouldn't expect us to make a whole lot of comments at the Analyst Day about NEP. When we do have something to say about NEP as these discussions continue to evolve, we will address them that point.

是的，當然。謝謝你的提問。我將對此發表一些評論。一是我們已經討論過私人融資可能是解決新經濟政策[在設置中]的一個解決方案。顯然，考慮到 NextEra 的市場地位和 NextEra Energy 的市場地位，人們對此很感興趣。因此，這些討論將繼續向前推進。我們現在對他們沒什麼好說的。在分析師日，我們可能對它們無話可說。我不希望我們在分析師日上就新經濟政策發表大量評論。隨著這些討論的不斷發展，當我們確實對新經濟政策有話要說時，我們將解決這一點。

Okay. Perfect. So we'll stay tuned. And then lastly, John, on sort of the FECs. Since the process disclosures have been made and obviously showed FP&L was clear of getting kind of wrongdoing. There were some kind of disagreements with the FEC commissioners on the nonprofit matters. Is there an appeals path? And would there be any further kind of information request to FP&L or NextEra or should we just close the books here?

好的。完美的。所以我們將繼續關注。最後，約翰談到了 FEC。由於流程已經披露，並且明顯表明 FP&L 明確沒有犯下某種不當行為。在非營利事務上，與 FEC 委員存在一些分歧。有申訴途徑嗎？是否還會向 FP&L 或 NextEra 提出任何進一步類型的資訊請求，還是我們應該就此結束？

Yes. I think the way I look at it, Shar, is plain and simple. FEC voted. They voted to close the matter. We're now moving on, and I think this is behind us.

是的。莎爾，我認為我的看法是簡單明了的。 FEC 投票。他們投票結束了此事。我們現在正在繼續前進，我認為這一切已經過去了。

Okay. That's it. Very comprehensive. Congrats on the results.

好的。就是這樣。非常全面。祝賀結果。

Thank you.

謝謝。

The next question comes from David Arcaro with Morgan Stanley. Mr. Arcaro, your line is open. Is your phone muted accidentally?

下一個問題來自摩根士丹利的大衛‧阿卡羅。阿卡羅先生，您的線路已接通。您的手機是否意外靜音？

I'm sorry, we'll need to go to the next questioner. The next question comes from Carly Davenport with Goldman Sachs.

抱歉，我們需要轉向下一位提問者。下一個問題來自高盛的卡莉·達文波特。

Wanted to just ask one on the backlog. Good strength in the additions this quarter, and we continue to see a lot of strength in the solar and the storage piece of it. Wind has been a little bit weaker. So I guess just as you think about the difference in the returns on those projects, are there any sort of implications for your financial guidance and your plan as you think about the mix that you've seen actually evolve versus what is in that base plan?

只是想問一下積壓的問題。本季新增產品實力強勁，我們持續看到太陽能及其儲存領域的強勁實力。風已經小了。因此，我想，當您考慮這些項目的回報差異時，當您考慮實際發展的組合與基本計劃中的內容時，對您的財務指導和計劃是否有任何影響？

Carly, it's Becca. I'll take that question. Let me start with probably the most important takeaways first. Obviously, Kirk and John highlighted our continued expectations and expressed the fact that we'd be disappointed if we didn't meet the top end of those expectations as we've outlined. So that's most important. Secondly, we continue to be comfortable with the overall development expectations as we also highlighted in the prepared remarks, and that's consistent with what we've seen over time.

卡莉，是貝卡。我來回答這個問題。讓我先從最重要的要點開始。顯然，柯克和約翰強調了我們持續的期望，並表示如果我們沒有達到我們所概述的這些期望的上限，我們將會感到失望。所以這是最重要的。其次，我們仍然對整體發展預期感到滿意，正如我們在準備好的發言中也強調的那樣，這與我們長期以來所看到的情況是一致的。

As we've long stated, obviously, there's a mix in technologies. We, 4 years in advance, are not always going to be predicting exactly where we're going to be able to develop and what our customers are going to be interested in. And notably, since we laid those expectations out for the first time, a lot did change, including the passage of the IRA and that had both an impact on engine dynamics for our customers' line wind, which was largely in advance. The expectations that the incentives would ultimately wind down, and in the IRA introduction of the production tax credit for solar, which made solar more attractive than it was even before as well as a stand-alone ITC for storage. So that really spurred demand for solar and storage.

正如我們長期以來所說，顯然，技術是混合的。我們並不總是能提前 4 年準確預測我們將能夠發展的領域以及我們的客戶會對什麼感興趣。的通過，這都對我們客戶的線路風的引擎動力產生了影響，而這在很大程度上是提前的。人們期望這些激勵措施最終會逐漸減弱，愛爾蘭共和軍引入了太陽能生產稅收抵免，這使得太陽能比以前更有吸引力，而且獨立的儲能ITC也比以前更具吸引力。這確實刺激了對太陽能和儲存的需求。

But if I can kind of take a step back and kind of pile into the question that Steve answered in some of the comments that John made earlier, we are seeing significant demand across the entire U.S. economy. That, of course, includes data centers, technology, AI-driven compute demand. But it is also manufacturing, the redomestication of the port industries in the U.S. And it is also oil and gas and chemist companies looking to get lower-cost energy solutions into their mix, that spurs a need for a lot of build. So as we look at our 300 gigawatts of products that are in development, and the integrated solutions and solutions that we're designing for our customers, I remain very optimistic about all of the technologies in various parts of the country, wind is most economic in parts of the country, it's going to be solar and storage, et cetera.

但如果我能退一步，談談史蒂夫在約翰早些時候發表的一些評論中回答的問題，我們會看到整個美國經濟的巨大需求。當然，這包括資料中心、技術、人工智慧驅動的運算需求。但製造業、美國港口工業的重新本土化以及石油、天然氣和化學公司尋求將更低成本的能源解決方案納入其組合，刺激了對大量建設的需求。所以當我們看到我們正在開發的300吉瓦產品，以及我們正在為客戶設計的整合解決方案和解決方案時，我對全國各地的所有技術仍然非常樂觀，風能是最經濟的在該國的部分地區，這將是太陽能和存儲等。

So I love the portfolio approach. And from a returns perspective, I think we continue to realize very attractive returns for all the technologies. And of course, adjusted for the types of risks that we think we take. So mid-teens for solar and above 20% full levered returns for wind and storage technologies. So I think from an investor standpoint, that's a very attractive proposition.

所以我喜歡投資組合方法。從回報的角度來看，我認為我們繼續為所有技術實現非常有吸引力的回報。當然，也根據我們認為要承擔的風險類型進行了調整。因此，太陽能的回報率為十幾歲左右，風能和儲存技術的全額槓桿回報率則超過 20%。所以我認為從投資者的角度來看，這是一個非常有吸引力的提議。

Awesome. And then you mentioned in the prepared -- or the last question, 15% CAGR for data center demand growth through the end of the decade. I guess as you think about some of these other drivers that you've mentioned of increased power demand in the U.S. How do you think that will drive kind of overall load growth? Do you have expectations there through the end of the decade?

驚人的。然後您在準備好的問題或最後一個問題中提到，到本十年末，資料中心需求的複合年增長率為 15%。我想，當您考慮您提到的美國電力需求增加的其他一些驅動因素時，您認為這將如何推動整體負載成長？您對本世紀末有期望嗎？

So we'll have a lot more to say in terms of our expectations and certainly in context of a number of third-party views at the investor conference. But I think it's safe to say at this point that we see strong drivers for a long period of time, decades into the future, driving renewables penetration in electricity and electricity penetration into overall U.S. and energy consumption, which sets up terrific dynamics for us to continue to compete and create opportunities to invest capital for our shareholders at very attractive returns. So I love our opportunity set.

因此，我們將在我們的期望方面以及投資者會議上的一些第三方觀點的背景下有更多的內容要說。但我認為現在可以肯定地說，我們在很長一段時間內、未來幾十年內看到了強勁的驅動因素，推動可再生能源在電力中的滲透以及電力在美國整體能源消費中的滲透，這為我們提供了巨大的動力繼續競爭並創造機會，為我們的股東提供極具吸引力的回報投資資本。所以我喜歡我們的機會。

The next question comes from Durgesh Chopra with Evercore ISI.

下一個問題來自 Evercore ISI 的 Durgesh Chopra。

Maybe just back on the topic of electricity demand growth. One of the questions we consistently get, and I think John hinted on this, the 15% data center growth driving it, is how quickly can you ramp up? So maybe can you just talk to that. Are there any constraints, whether it's equipment, whether it's sites? How quickly can the generation side of the renewable generation can ramp up?

也許只是回到電力需求成長的話題。我們一直收到的問題之一（我認為約翰暗示了這一點，即 15% 的資料中心成長推動了這一點）是，您能以多快的速度實現成長？所以也許你可以談談這個。是否有任何限制，是否是設備、是否為場地？再生能源發電的發電量能夠多快提升？

Yes, Durgesh, I appreciate the question. I think of a little bit of context is important. I think all of us, and ours included, have really started talking about the significant change in load growth really over the last year, maybe even the last 6 months. You all very much appreciate that a development business, anything connecting to electrical infrastructure, usually talks in terms of years. And sometimes a lot of years, depending on the market, to get something into place. In the ERC market, maybe a couple of years. And some markets in the Midwest that have had congested queues and some transmission constraints, that could be 5 to 7 years.

是的，德吉什，我很欣賞這個問題。我認為一點背景知識很重要。我認為我們所有人，包括我們自己，都已經真正開始談論去年，甚至可能是過去 6 個月中負載成長的重大變化。你們都非常欣賞開發業務，任何與電力基礎設施相關的業務，通常都是以年為單位的。有時，根據市場情況，需要很多年的時間才能將某些事情落實到位。在 ERC 市場，可能需要幾年時間。中西部的一些市場出現了排隊擁擠和傳輸限制的情況，可能需要 5 到 7 年的時間。

And obviously, we've been working for a period of time. I don't -- I think we're the least behind of anybody with our 300-gigawatt portfolio, but some of this will take some time to materialize. I feel very confident in the long-term trends. I feel really excited and pleased with our team's preparedness in terms of the development of that pipeline. And I very much think our competitive advantages that John highlighted on scale, experience and technology really position us well in the types of conversations we're having with our customers, creating this long-term visibility into the demand dynamics. You guys asked John a question about data centers and how competitive we are with them. They are not looking for projects anymore. They are looking for integrated solutions that solve long-term problems for them, and we are a perfect partner for them to work.

顯然，我們已經工作了一段時間了。我不認為——我認為我們在擁有 300 吉瓦產品組合的任何公司中是最落後的，但其中一些需要一些時間才能實現。我對長期趨勢非常有信心。我對我們團隊在開發該管道方面所做的準備感到非常興奮和高興。我非常認為約翰強調的規模、經驗和技術方面的競爭優勢確實使我們在與客戶的對話中處於有利地位，從而建立了對需求動態的長期可見性。你們向約翰詢問了有關資料中心以及我們與資料中心的競爭程度的問題。他們不再尋找項目了。他們正在尋找能夠解決他們長期問題的綜合解決方案，而我們是他們的完美合作夥伴。

That's very helpful, Rebecca. And then maybe just a quick follow-up. I think you made comments around very healthy returns. Are you seeing higher returns, higher margins with your data center clients versus your other clients? A number of your peers have highlighted high returns there. Maybe just comment on that.

這非常有幫助，麗貝卡。然後也許只是快速跟進。我認為您對非常健康的回報發表了評論。與其他客戶相比，您的資料中心客戶是否獲得了更高的回報和更高的利潤？您的許多同行都強調了那裡的高回報。也許只是對此發表評論。

I continue to believe we have very attractive returns across the board, consistent with the comments that I've made today as well as the comments we made at our development on 1 day and included in our monthly updates for investor materials. So mid-teens in solar and above 20% for both wind and storage. Of course, as we talk with customers and we have unique solutions that solve particular problems that we have, we designed the solutions to meet those needs. And always stay focused at the end of the day on what's the attractive value proposition from an investor standpoint, and we remain disciplined around that. So I love the portfolio. I love the positioning. And I believe what we ultimately deliver for investors is very attractive.

我仍然相信，我們的全面回報非常有吸引力，這與我今天發表的評論以及我們在第一天的開發中發表的評論以及我們每月更新的投資者資料中的評論一致。因此，太陽能發電量為 15% 左右，風能和儲能發電量則超過 20%。當然，當我們與客戶交談時，我們有獨特的解決方案來解決我們遇到的特定問題，我們設計了解決方案來滿足這些需求。歸根結底，始終關注從投資者的角度來看什麼是有吸引力的價值主張，我們對此保持嚴格的紀律。所以我喜歡這個作品集。我喜歡這個定位。我相信我們最終為投資者提供的東西非常有吸引力。

The next question comes from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Just want to start off on storage originations coming in quite strong. And if there's any comment (technical difficulty).

只是想從相當強勁的儲存起源開始。如果有任何評論（技術難度）。

Jeremy, it's Rebecca. I'm going to go for the presumptive close on the answer. Hopefully, it's the question you actually asked, Storage origination is very strong. As Kirk highlighted in some of the prepared remarks and John commented in Q&A, as we think about our customers' needs for energy and capacity, it remains a very attractive value proposition to incorporate storage to firm up renewables, either co-located or separate. So we're seeing terrific origination from an energy resources perspective. And we've also talked today about the attractiveness of storage FPL. So I'll hand it off to Armando to give some additional color.

傑瑞米，我是麗貝卡。我將尋求答案的推定結束。希望這是您真正問的問題，儲存起源非常強大。正如柯克在一些準備好的發言中所強調的那樣以及約翰在問答中評論的那樣，當我們考慮客戶對能源和容量的需求時，無論是同地還是分開，將存儲納入鞏固可再生能源仍然是一個非常有吸引力的價值主張。因此，從能源角度來看，我們看到了驚人的起源。今天我們也討論了儲存 FPL 的吸引力。所以我會把它交給 Armando 來提供一些額外的顏色。

Thanks, Rebecca. So I would add, if you recall in John and Kirk's comments, we filed our 10-year site plan, which we do every year. Our 10-year site plan this year had the same amount of solar that it did last year, which is a lot of solar, 21 gigawatts over the next 10 years. But we doubled the amount of storage, up to 4 gigawatts of storage that we have in our plan. We increasingly see storage as an economical addition in our service area. My expectations are that as time goes on, that we would likely add more storage to our plans going forward because it is that attractive in the overall economics, especially as we add solar, which again continues to be the best proposition from a cost standpoint for our customers.

謝謝，麗貝卡。因此，我想補充一點，如果您還記得約翰和柯克的評論，我們每年都會提交 10 年場地規劃。我們今年的 10 年站點計劃使用的太陽能量與去年相同，即未來 10 年使用大量太陽能，達到 21 吉瓦。但我們將儲存量增加了一倍，計劃中的儲存量達到 4 吉瓦。我們越來越將儲存視為我們服務領域的經濟補充。我的期望是，隨著時間的推移，我們可能會在未來的計劃中增加更多的存儲，因為它在整體經濟上具有吸引力，特別是當我們增加太陽能時，從成本的角度來看，這仍然是最好的提議我們的顧客。

And just going back to the renewable Development Day (inaudible) or for people who make particular points I wanted to highlight...

回到再生能源發展日（聽不清楚），或對於那些提出我想強調的特定觀點的人...

Jeremy, you broke up a little bit. So I'm going to again, guess a little bit on what the question was, but I'm assuming it was what were key takeaways from the Development 101 day. And I hope it was a worthwhile time for our investors. We certainly were so proud of our team in talking about what it is that we believe differentiates us as we talk to our customers. It really was around that scale, experience and technology, not just individually. All of those are important, but also how they interact with one another.

傑里米，你們分手了一點。因此，我將再次猜測問題是什麼，但我假設這是「發展 101」日的主要收穫。我希望這對我們的投資者來說是一段值得的時光。我們當然為我們的團隊感到非常自豪，因為我們在與客戶交談時談論了我們認為使我們與眾不同的東西。這確實是圍繞著規模、經驗和技術，而不僅僅是個人。所有這些都很重要，而且它們之間如何相互作用也很重要。

So as John highlighted, the scale advantage comes with the ability technologies that are unique. And with experience, we actually are able to invest in capturing that data that we get from scale and putting technologies to actually get some really cool insights. So I think the key takeaway from my perspective is significant load growth, certainly some opportunities to deploy that scale experience and technology, to deploy unique and compelling solutions to our customers. So I love our growth prospects. I love the position that we have, just as John highlighted in his comments, and we look forward to telling you more at the investor conference in June.

正如約翰所強調的，規模優勢來自於獨特的能力技術。憑藉經驗，我們實際上能夠投資於捕獲從規模中獲得的數據，並利用技術來真正獲得一些非常酷的見解。因此，我認為從我的角度來看，關鍵的收穫是負載的顯著增長，當然還有一些部署大規模經驗和技術的機會，為我們的客戶部署獨特且引人注目的解決方案。所以我喜歡我們的成長前景。我喜歡我們目前的立場，正如約翰在評論中所強調的那樣，我們期待在六月的投資者會議上告訴您更多。

This concludes our question-and-answer session and the NextEra Energy and NextEra Energy Partners LP Earnings Conference Call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節以及 NextEra Energy 和 NextEra Energy Partners LP 收益電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。