新世紀能源 (NEE) 2024 Q2 法說會逐字稿

Good day, and welcome to the NextEra Energy and NextEra Energy Partners LP second-quarter 2024 earnings conference call.

美好的一天，歡迎參加 NextEra Energy 和 NextEra Energy Partners LP 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Mark Eidelman, Director of Investor Relations.

我現在想將會議交給投資者關係總監馬克艾德曼 (Mark Eidelman)。

Please go ahead.

請繼續。

Thank you, Danielle.

謝謝你，丹妮爾。

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

大家早安，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2024 年第二季合併財務業績電話會議。

With me this morning are John Ketchum, Chairman, President, and Chief Executive Officer of NextEra Energy; Brian Bolster, Executive Vice President and Chief Financial Officer of NextEra Energy; Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources; Mark Hickson, Executive Vice President of NextEra Energy, all of whom are officers of NextEra Energy Partners, as well as Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company.

今天早上和我在一起的有 NextEra Energy 董事長、總裁兼執行長約翰‧凱徹姆 (John Ketchum)； NextEra Energy 執行副總裁兼財務長 Brian Bolster； Rebecca Kujawa，NextEra Energy Resources 總裁兼執行長； NextEra Energy 執行副總裁 Mark Hickson 以及佛羅裡達電力與照明公司總裁兼執行長 Armando Pimentel 都是 NextEra Energy Partners 的高階主管。

John will start with opening remarks, and then Brian will provide an overview of our results.

約翰將首先致開幕詞，然後布萊恩將概述我們的結果。

Our executive team will then be available to answer any questions.

然後我們的執行團隊將可以回答任何問題。

We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties.

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。

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, in the risk factors section of the company presentation, or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, www.nexteraenergy.com

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中討論的其他因素、本次電話會議期間的評論以及公司演示的風險因素部分中討論的其他因素，實際結果可能與我們的前瞻性陳述有重大差異，或在我們向美國證券交易委員會提交的最新報告和文件中，每份報告和文件都可以在我們的網站 www.nexteraenergy.com 上找到

We do not undertake any duty to update any forward-looking statements.

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.

今天的演示也提到了非公認會計準則財務指標。

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

您應該參考今天簡報隨附的幻燈片中包含的信息，以了解歷史非 GAAP 衡量標準與最接近的 GAAP 財務衡量標準的定義資訊和調整情況。

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

這樣，我就把電話轉給約翰。

Thanks, Mark.

謝謝，馬克。

And good morning, everyone.

大家早安。

NextEra Energy delivered strong second-quarter results with adjusted earnings per share increasing more than 9% year over year.

NextEra Energy 第二季業績強勁，調整後每股盈餘較去年同期成長超過 9%。

In addition, through the first six months of the year, our adjusted earnings per share has increased 9.4% year over year.

此外，今年前六個月，我們調整後的每股盈餘年增 9.4%。

The continued strong financial and operational performance at both FPL and Energy Resources position our company well to meet its overall needs.

FPL 和 Energy Resources 持續強勁的財務和營運業績使我們公司能夠很好地滿足其整體需求。

This is the first time we have seen an increase in our overall objectives for the year.

這是我們第一次看到今年整體目標的增加。

At FPL, we have continued to deliver for our customers on multiple fronts since the start of our most recent rate settlement in 2022.

在 FPL，自 2022 年開始最近一次費率結算以來，我們繼續在多個方面為客戶提供服務。

We are making smart capital investments in low-cost solar generation and battery storage, which are continuing to reduce our overall fuel cost, and combined with generation modernizations have saved customers nearly $16 billion since 2001.

我們正在對低成本太陽能發電和電池儲存進行明智的資本投資，這將繼續降低我們的整體燃料成本，並且自 2001 年以來，與發電現代化相結合已為客戶節省了近 160 億美元。

We are delivering best-in-class non-fuel O&M, where we're 70% better than the national average, saving our customers $3 billion every year compared to the average utility.

我們提供一流的非燃料 O&M，比全國平均高 70%，與平均公用事業公司相比，每年為客戶節省 30 億美元。

A big driver of our outperformance has been our team and culture of continuous improvement and productivity.

我們表現優異的一個重要推動因素是我們的團隊以及持續改善和生產力的文化。

Nowhere is this better demonstrated than through our annual company-wide initiative, to reimagine everything that we do, which we call Project Velocity.

沒有什麼比我們全公司範圍內的年度計劃更能體現這一點的了，該計劃旨在重新構想我們所做的一切，我們稱之為「專案速度」。

This year, we identified a record $460 million of run-rate cost savings opportunities through 2027, part of which benefit FPL and its customers.

今年，我們確定了到 2027 年可節省創紀錄的 4.6 億美元運行成本的機會，其中一部分使 FPL 及其客戶受益。

By finding opportunities to take costs out of the business and making smart capital investments to reduce its fuel costs, FPL has kept residential bills nearly 40% off. below the national average, and by far the lowest among all of the Florida investor-owned utilities.

透過尋找降低業務成本的機會並進行明智的資本投資來降低燃料成本，FPL 使住宅帳單節省了近 40%。低於全國平均水平，並且是迄今為止佛羅裡達州所有投資者擁有的公用事業公司中最低的。

FPL's reliability also ranks among the best in the industry, where we are 66% better than the national average, and the number of minutes a customer's power is interrupted per year.

FPL的可靠性也在業界名列前茅，我們比全國平均高出66%，每年客戶電源中斷的分鐘數。

I'm most proud of the fact we continue to deliver on our customer value proposition during a period of unprecedented growth in Florida.

最讓我感到自豪的是，在佛羅裡達州前所未有的成長時期，我們繼續提供顧客價值主張。

Florida continues to be one of the fastest-growing states in the US, with roughly 1,000 people moving to Florida every day.

佛羅裡達州仍然是美國發展最快的州之一，每天約有 1,000 人搬到佛羅裡達州。

And it's not just the residential sector.

這不僅僅是住宅領域。

We're seeing the commercial and industrial sector growing, too.

我們看到商業和工業部門也在成長。

As a result of this accelerated growth, FPL's regulatory capital employed has grown at a 12% compound annual growth rate since the beginning of 2022.

由於這種加速成長，自 2022 年初以來，FPL 所使用的監管資本以 12% 的複合年增長率成長。

Compared against an estimated 9% compound annual growth rate that was originally anticipated for the four-year settlement period.

相較之下，最初預計四年結算期的複合年增長率為 9%。

We have shouldered this additional growth through our reserve amortization mechanism, which enables FPL to absorb the cost for these capital investments without increasing customer bills in the interim.

我們透過準備金攤銷機制承擔了這一額外的成長，這使得 FPL 能夠吸收這些資本投資的成本，而不會在此期間增加客戶帳單。

While these efforts have helped us to meet customer growth and deliver for our Florida customers, our reserve amortization mechanism has been utilized faster than expected.

雖然這些努力幫助我們滿足客戶成長並為佛羅裡達州客戶提供服務，但我們的儲備攤銷機制的利用速度比預期更快。

FPL fully expects to seek recovery of these increased expenditures in its rate case filing next year.

FPL 完全期望在明年提交的費率案件中尋求收回這些增加的支出。

FPL ended the second quarter with a remaining reserve amortization balance of $586 million, which is expected to be sufficient to support FPL's capital investment plan and its ability to earn an 11.4% regulatory ROE is expected to and next.

FPL 第二季末的剩餘準備金攤銷餘額為 5.86 億美元，預計將足以支持 FPL 的資本投資計劃，並預計其有能力獲得 11.4% 的監管 ROE。

And 11.4% regulatory ROE is expected to have $0.06 impact in each of 2024 and 2025, which has already been taken into account in our financial expectations.

11.4% 的監管 ROE 預計將在 2024 年和 2025 年每年產生 0.06 美元的影響，這已在我們的財務預期中考慮在內。

And we will be disappointed if we are unable to deliver financial results at or near the top of our adjusted earning per share expectation ranges each year through 2027 at NextEra Energy.

如果 NextEra Energy 到 2027 年每年的財務表現無法達到或接近調整後每股盈餘預期範圍的頂部，我們將感到失望。

We expect to continue to demonstrate the benefits and protections that the reserve amortization mechanism provides customers when we file our rate case next year.

我們希望在明年提交費率案例時繼續展示準備金攤銷機制為客戶提供的好處和保護。

Our vision is for FPL to be the best utility franchise in the country by doubling down on what we do best, delivering low bills and high reliability for our customers by making smart capital investments and being an industry leader on cost.

我們的願景是讓 FPL 成為全國最好的公用事業特許經營商，加倍努力，透過明智的資本投資並成為成本方面的行業領導者，為我們的客戶提供低費用和高可靠性。

These attributes are important to our customers and regulators, and they are important to us.

這些屬性對我們的客戶和監管機構很重要，對我們也很重要。

We look forward to continuing to deliver on what we believe is an outstanding customer value proposition at FPL.

我們期待在 FPL 繼續實現我們認為的卓越客戶價值主張。

Growth is not only occurring inside Florida, but outside Florida as well.

成長不僅發生在佛羅裡達州內，而且發生在佛羅裡達州以外。

At Energy Resources, we are benefiting from two types of demand, replacement cycle and growth cycle demand.

在能源資源，我們受益於兩種類型的需求，即替代週期和成長週期需求。

With regard to the former, we have long been a beneficiary of a replacement cycle where higher cost, less efficient generation has been retired in favor of low cost renewables and battery storage.

就前者而言，我們長期以來一直是更換週期的受益者，成本較高、效率較低的發電已被淘汰，轉而採用低成本的再生能源和電池儲存。

We expect this to continue, and while replacement cycle demand has been around for a long time, growth cycle demand is new.

我們預計這種情況將持續下去，雖然更換週期需求已經存在很長時間，但成長週期需求是新的。

With the exception of a few states such as Florida, power demand from new growth has been static in our industry for decades.

除佛羅裡達州等少數州外，數十年來，我們行業的新增長所產生的電力需求一直保持不變。

That's changing as power demand is projected to grow four times faster over the next two decades compared to the prior two.

這種情況正在發生變化，因為預計未來二十年電力需求的成長速度將是前兩年的四倍。

That growth is being driven by demand across multiple sectors, which is expected to create a long-term opportunity for fast-to-deploy, low-cost generation.

這種成長是由多個行業的需求所推動的，預計這將為快速部署、低成本發電創造長期機會。

As we highlighted at our investor conference, we expect the demand for new renewables to triple over the next seven years versus the prior seven to help meet this increased power demand.

正如我們在投資者會議上所強調的那樣，我們預計未來七年對新型再生能源的需求將比前七年增加兩倍，以幫助滿足不斷增長的電力需求。

Energy resources couldn't be better positioned, as it has a 300-gigawatt pipeline, half of which is in the interconnection queue process or is already interconnection ready.

能源資源的定位再好不過了，它有一條300吉瓦的管道，其中一半正在併網隊列過程中或已經做好了併網準備。

Our scale, experience, and technology, coupled with our ability to build new transmission where required, enable us to meet the growing demands of our power and commercial and industrial customer base.

我們的規模、經驗和技術，加上我們在需要時建造新變速箱的能力，使我們能夠滿足電力以及商業和工業客戶群不斷增長的需求。

Underpinning these competitive advantages are our decades of data, analytical capabilities, and experience with system operators and relationships with utilities that position us well to get the power to where it needs to go.

這些競爭優勢的基礎是我們數十年的數據、分析能力、與系統運營商的經驗以及與公用事業公司的關係，這些使我們能夠將電力輸送到需要的地方。

Our continued ability to drive origination results speaks for itself.

我們持續推動創新成果的能力是不言而喻的。

Energy resources added over 3,000 megawatts of new renewables and storage projects to the backlog this quarter. 860 megawatts of which come from agreements with Google to meet their data center power demand.

能源資源部門本季積壓的新再生能源和儲存項目增加了超過 3,000 兆瓦。其中 860 兆瓦來自與 Google 的協議，以滿足其資料中心的電力需求。

This marks our second-best origination quarter ever.

這標誌著我們有史以來第二好的創始季度。

These results support our belief that the bulk of the growth demand will be met by a combination of new renewables and battery storage.

這些結果支持了我們的信念，即大部分成長需求將透過新的再生能源和電池儲存的結合來滿足。

The importance of renewable energy and storage to help meet our economy's growing demand for power has never been more evident.

再生能源和儲存對於幫助滿足我們經濟不斷增長的電力需求的重要性從未如此明顯。

As data center growth accelerates to facilitate our economy's shift to artificial intelligence, and as we continue to redomesticate and electrify across multiple sectors, our nation must embrace an all-of-the-above strategy to meet increasing electric demand.

隨著資料中心的加速成長以促進我們的經濟向人工智慧的轉變，以及隨著我們繼續在多個行業進行改造和電氣化，我們的國家必須採取上述所有策略來滿足不斷增長的電力需求。

Renewables and storage are energy independent as they rely on American wind and sunshine.

再生能源和儲存是能源獨立的，因為它們依賴美國的風和陽光。

They also are extremely fast to deploy compared to alternative forms of generation, making them vital to our country's success going forward.

與其他發電形式相比，它們的部署速度也非常快，這使得它們對我們國家未來的成功至關重要。

And importantly, the country has stood up a significant domestic industry to support their growth, which is driving investment in factories and is creating good-paying jobs and a tax base that is revitalizing rural communities across America.

重要的是，該國建立了一個重要的國內工業來支持其成長，這推動了對工廠的投資，創造了高薪就業機會和振興美國農村社區的稅基。

As customers increasingly demand smart, clean energy solutions, we are the company with experience in every part of the energy value chain, and we are uniquely positioned to help them make the right decisions for their business.

隨著客戶對智慧、清潔能源解決方案的需求日益增長，我們在能源價值鏈的各個環節都擁有豐富的經驗，我們擁有獨特的優勢，可以幫助他們為自己的業務做出正確的決策。

As the owner and operator of a large natural gas-fired fleet in Florida, we are also conscious of the importance of natural gas-fired generation as a bridge fuel.

作為佛羅裡達州大型天然氣發電船隊的所有者和營運商，我們也意識到天然氣發電作為過渡燃料的重要性。

Yet, we also are well aware of the realities of new-build gas-fired generation.

然而，我們也清楚新建燃氣發電的現實。

It is more expensive in most states, is subject to fuel price volatility, and takes considerable time to deploy given the need to get gas delivered to the generating unit and the three to four-year waiting period for gas turbines.

在大多數州，它的成本更高，受到燃料價格波動的影響，並且考慮到需要將天然氣輸送到發電機組以及燃氣渦輪機的三到四年的等待期，部署需要相當長的時間。

Low-cost, fast-to-deploy renewables help keep power prices down, making our economy more competitive globally.

低成本、快速部署的再生能源有助於降低電價，使我們的經濟在全球更具競爭力。

Ultimately, our country needs all forms of energy as we move forward, and the future has never been brighter for the power generation sector as a whole, and renewables in particular.

最終，我國在前進的過程中需要各種形式的能源，整個發電產業，尤其是再生能源的未來從未如此光明。

As I've been saying, next-era energy was built for this moment, and our future outlook has never been stronger.

正如我一直在說的，下一個時代的能量是為這一刻而建立的，我們的未來前景從未如此強大。

Our strategic focus is to deliver low-cost, clean energy and storage for our customers, both inside and outside Florida, while building new transmission where required to support new generation.

我們的策略重點是為佛羅裡達州內外的客戶提供低成本、清潔能源和存儲，同時在需要支援新一代的地方建造新的輸電設施。

We have the playbook and the platform to win in any environment, and most importantly, we have the team.

我們擁有在任何環境下獲勝的策略和平台，最重要的是，我們擁有團隊。

Our competitive advantages continue to grow every day, providing industry differentiation that is over two decades in the making, and difficult to replicate.

我們的競爭優勢每天都在持續成長，提供了二十多年來形成且難以複製的產業差異化。

And I firmly believe we will continue to expand that strategic distance, creating value for customers and shareholders.

我堅信我們將繼續擴大策略距離，為客戶和股東創造價值。

Nobody is better positioned to meet the demand of the energy customer of tomorrow than NextEra Energy, and I wouldn't trade our opportunity set with anyone.

沒有人比 NextEra Energy 更能滿足未來能源客戶的需求，我不會與任何人交換我們的機會。

With that, I will turn the call over to Brian to cover the detailed results, beginning with FPL.

接下來，我會將電話轉給 Brian，以介紹詳細結果（從 FPL 開始）。

Thank you, John.

謝謝你，約翰。

Good morning, everyone.

大家，早安。

For the second quarter of 2024, FPL increased earnings per share by $0.03 year over year.

2024 年第二季度，FPL 每股盈餘年增 0.03 美元。

The principal driver of this performance was FPL's regulatory capital employed growth of approximately 10.7% year over year.

這一業績的主要推動力是 FPL 的監管資本使用年增約 10.7%。

We continue to expect FPL to realize roughly 10% average annual growth in regulatory capital employed over our current rate agreements, four-year term, which runs through 2025.

我們仍然預計，在我們目前的利率協議（四年期，直至 2025 年）中，FPL 所使用的監管資本將實現約 10% 的年均增長。

FPL's capital expenditures were approximately $2.1 billion for the quarter, and we expect FPL's full-year 2024 capital investments to be between $8 billion and $8.8 billion.

FPL 本季的資本支出約為 21 億美元，我們預計 FPL 2024 年全年資本投資將在 80 億至 88 億美元之間。

Over the current four-year settlement agreement, we expect FPL's capital investments to exceed $34 billion.

在目前的四年和解協議中，我們預計 FPL 的資本投資將超過 340 億美元。

FPL's second-quarter retail sales increased 3.7% from the prior year comparable period due to warmer weather, which had a positive year-over-year impact on usage per customer of approximately 2.6%.

由於天氣變暖，FPL 第二季度零售額較上年同期增長 3.7%，這對每位客戶的使用量產生了約 2.6% 的同比積極影響。

As a result, FPL grew retail sales in the second quarter by roughly 1.1% on a weather-normalized basis.

因此，在天氣正常化的基礎上，FPL 第二季零售額成長了約 1.1%。

For the 12 months ending June 2024, FPL's reported ROE for regulatory purposes will be approximately 11.8%.

截至 2024 年 6 月的 12 個月，FPL 出於監管目的報告的 ROE 約為 11.8%。

And the 11.4% regulatory ROE mentioned previously is expected to be realized in the fourth quarter for the 12 months ending December 2024.

而先前提到的11.4%的監管ROE預計將在截至2024年12月的12個月的第四季實現。

Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 10.8% per year -- 10.8% year over year.

現在讓我們來看看能源資源公司，該公司公佈的調整後獲利每年增長約 10.8%，年增 10.8%。

At Energy Resources, adjusted earnings per share increased by $0.03 year-over-year.

Energy Resources 的調整後每股盈餘年增 0.03 美元。

Contributions from new investments increased $0.12 per share year over year, primarily driven by continued growth in our renewables portfolio.

新投資的貢獻年增了 0.12 美元，這主要是由於我們的再生能源投資組合的持續成長。

Our existing clean energy portfolio increased $0.06 per share, primarily reflecting an increase in wind resources during the quarter.

我們現有的清潔能源投資組合每股增加了 0.06 美元，主要反映了本季風能資源的增加。

Wind resource for the second quarter of 2024 was approximately 104% of the long-term average versus 88% in the second quarter of 2023.

2024 年第二季的風資源約為長期平均值的 104%，而 2023 年第二季為 88%。

The comparative contribution from our customer supply business, which you will recall had strong earnings last year, decreased by $0.03 per share.

我們的客戶供應業務去年的獲利強勁，相對貢獻每股下降了 0.03 美元。

Contributions from our gas infrastructure business decreased by $0.07 per share due to a combination of higher depletion expense related to lower production estimates, certain non-recurring items, and the sale of the Texas pipelines by NextEra Energy Partners.

我們的天然氣基礎設施業務的貢獻每股減少 0.07 美元，原因是產量預估降低、某些非經常性項目以及 NextEra Energy Partners 出售德克薩斯州管道導致的消耗費用增加。

While we may see a few pennies impact again next quarter, we expect gas infrastructure earnings growth to be effectively flat going forward as we continue to allocate more capital on a relative basis to renewables, storage, and transmission.

雖然我們可能會在下個季度再次看到幾美分的影響，但我們預計，隨著我們繼續在相對基礎上向再生能源、儲存和傳輸分配更多資本，天然氣基礎設施獲利成長實際上將持平。

Similar to what we saw this quarter, the increased contributions from new investment driven by the strength of our renewable development program are expected to more than offset any slowing in gas infrastructure growth going forward.

與我們本季看到的情況類似，由我們的再生能源發展計劃的力量推動的新投資的貢獻預計將超過抵消未來天然氣基礎設施成長放緩的影響。

All other impacts reduced earnings by $0.05 per share.

所有其他影響使每股收益減少 0.05 美元。

Energy Resources had a strong quarter of new renewables and storage origination, adding 3,000 megawatts to the backlog.

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 3,000 兆瓦。

With these additions, our backlog now totals roughly 22.6 gigawatts after taking into account more than 1,600 megawatts of new projects placed in the service since our last earnings call, providing great visibility into Energy Resources' ability to deliver on our development program expectations, which we recently extended at our investor conference.

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服務的超過1,600 兆瓦的新項目，我們的積壓項目目前總計約為22.6 吉瓦，這為能源資源公司實現我們的開發計劃預期的能力提供了良好的可見性。

We expect the backlog additions will go into service over the next few years and into 2028.

我們預計積壓的新增項目將在未來幾年至 2028 年投入使用。

Energy Resources' 300-gigawatt pipeline is years in the making and ready to respond to customer demand.

Energy Resources 的 300 吉瓦管道已醞釀多年，隨時準備滿足客戶需求。

We have competitive advantages understanding transmission and grid constraints.

我們在了解輸電和電網限制方面擁有競爭優勢。

We have strong relationships with utilities serving the growing power grid.

我們與服務於不斷發展的電網的公用事業公司有著密切的關係。

We can build system solutions across stakeholders and customer needs.

我們可以跨利害關係人和客戶需求建立系統解決方案。

And we can leverage our proprietary technology to site and deploy the best projects for our customers.

我們可以利用我們的專有技術為客戶定位和部署最佳專案。

A great example is our collaboration with Entergy, where we are targeted to build 4.5 gigawatts of renewable storage solutions to help them meet both their new increased load demand and energy transition goals.

一個很好的例子是我們與 Entergy 的合作，我們的目標是建立 4.5 吉瓦的再生能源儲存解決方案，以幫助他們滿足新增加的負載需求和能源轉型目標。

Another example is our collaboration with Google.

另一個例子是我們與Google的合作。

As John said earlier, this quarter's backlog additions include 860 megawatts signed with Google to support their data center needs.

正如 John 早些時候所說，本季新增的積壓訂單包括與 Google 簽署的 860 兆瓦電力，以支援其資料中心需求。

That brings our total renewables portfolio with technology and data center customers, including assets in operation and in backlog to 7 gigawatts.

這使得我們與技術和資料中心客戶的再生能源總投資組合（包括正在營運和積壓的資產）達到 7 吉瓦。

Our competitive position is even further advantaged by our existing portfolio.

我們現有的產品組合進一步增強了我們的競爭地位。

With interconnection timelines for new sites stretching for three to seven years or beyond, we can dramatically improve our speed to market by utilizing the existing interconnection from our operating footprint to deploy co-located solar and storage, as well as execute on wind and potentially solar repowers.

由於新站點的互連時間表長達三到七年或更長時間，我們可以利用運營足跡中的現有互連來部署同地太陽能和存儲，以及執行風能和潛在太陽能，從而顯著提高上市速度重新授權。

This optionality provides a unique resource to meet our customer needs, while also capitalizing on the embedded option value from the existing portfolio.

這種選擇性提供了獨特的資源來滿足我們的客戶需求，同時也利用現有投資組合的嵌入式選擇權價值。

Beyond renewables and storage, we're excited to say that Mountain Valley Pipeline is now in service.

除了可再生能源和儲存之外，我們很高興地說山谷管道現已投入使用。

Turning now to second quarter 2024 consolidated results, adjusted earnings from corporate and other increased by $0.02 per share year over year.

現在來看看 2024 年第二季的合併業績，調整後的企業和其他收益每股年增 0.02 美元。

During the quarter, NextEra issued $2 billion of equity units, and recently Energy Resources entered into an agreement with Blackstone to sell a partial interest in a portfolio of wind and solar projects for approximately $900 million.

本季度，NextEra 發行了 20 億美元的股權單位，最近 Energy Resources 與 Blackstone 達成協議，以約 9 億美元的價格出售風能和太陽能專案組合的部分權益。

Our long-term financial expectations, which we extended last month at our investor conference, remain unchanged.

我們上個月在投資者會議上延長的長期財務預期保持不變。

We will be disappointed if we're not able to deliver financial results at or near the top end of our adjusted EPS expectations range in 2024, 2025, 2026, and 2027.

如果我們無法在 2024 年、2025 年、2026 年和 2027 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 2023 to 2027, 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.

從2023年到2027年，我們繼續預期我們的營運現金流量年平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。

And we also continue to expect to grow our dividends per share at roughly 10% per year through at least 2026 off a 2024 base.

我們也繼續預計，至少到 2026 年，每股股息將在 2024 年的基礎上每年增長約 10%。

As always, our expectations assume our caveats.

一如既往，我們的期望包含了我們的警告。

Turning to NextEra Energy Partners.

轉向 NextEra 能源合作夥伴。

Yesterday, NextEra Energy Partners' Board declared a quarterly distribution of $0.095 per common unit, or $3.62 per common unit on an annualized basis, up approximately 6% from a year earlier.

昨天，NextEra Energy Partners 董事會宣布季度分配為每普通單位 0.095 美元，或按年化計算每普通單位 3.62 美元，比去年同期增長約 6%。

Turning to the balance sheet, since our last earnings call, the partnership completed the next NEP Renewables II equity buyout of roughly $190 million in June 2024 and paid down our 2024 convertible maturity with cash on hand.

轉向資產負債表，自我們上次財報電話會議以來，該合夥企業於2024 年6 月完成了下一次NEP Renewables II 股權收購，金額約為1.9 億美元，並用手頭現金償還了我們2024 年可轉換債券的到期金額。

After repayment of a $700 million hold [code] debt maturity earlier this month, the partnership now has approximately $2.7 billion of liquidity.

在償還本月稍早到期的 7 億美元持有債務後，合夥企業目前擁有約 27 億美元的流動性。

Let me now turn to the detailed results.

現在讓我談談詳細的結果。

Second quarter adjusted EBITDA was $560 million, and cash available for distribution was $220 million.

第二季調整後 EBITDA 為 5.6 億美元，可用於分配的現金為 2.2 億美元。

New projects, which primarily reflect contributions from approximately 780 net megawatts of new assets that either closed in the second quarter of 2023 or achieved commercial operations in 2023, contributed approximately $39 million of adjusted EBITDA and $9 million of cash available for distribution.

新項目主要反映了約780 兆瓦淨新資產的貢獻，這些新資產要么在2023 年第二季度關閉，要么在2023 年實現商業運營，貢獻了約3900 萬美元的調整後EBITDA 和900 萬美元的可分配現金。

Second-quarter adjusted EBITDA contribution from existing projects grew by approximately $62 million year over year, driven primarily by favorable wind resource during the quarter and partially offset by lower solar generation.

第二季現有專案調整後的 EBITDA 貢獻年增約 6,200 萬美元，主要受到本季有利的風能資源的推動，但部分被太陽能發電量下降所抵消。

Wind resource was approximately 103% of the long-term average versus 88% in the second quarter of 2023.

風資源約為長期平均的 103%，而 2023 年第二季為 88%。

Finally, adjusted EBITDA and cash available for distribution declined by approximately $46 million and $43 million, respectively, from the divestiture of the Texas pipeline portfolio, which is partially offset by the interest benefit of the remaining cash proceeds received from the sale of these assets.

最後，由於德州管線投資組合的剝離，調整後的EBITDA 和可供分配的現金分別減少了約4,600 萬美元和4,300 萬美元，這部分被出售這些資產所收到的剩餘現金收益的利息收益所抵銷。

From a base of our fourth-quarter 2023 distribution per common unit at an annualized rate of $3.52, the partnership continues 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.

以 2023 年第四季每普通單位分配額年化 3.52 美元為基礎，該合作夥伴關係的每單位有限合夥人分配額將繼續每年增長 5% 至 8%，目前的目標是每年增長 6%至少到2026 年是一個合理的預期範圍。

NextEra Energy Partners expects the partnership payout ratio to be in the mid to high 90s through 2026.

NextEra Energy Partners 預計，到 2026 年，合作夥伴支付率將在 90 多歲左右。

We expect the annualized rate of the fourth-quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit.

我們預計 2025 年 2 月支付的 2024 年第四季分配的年化率為每普通單位 3.73 美元。

In terms of next steps for NextEra Energy Partners, as we have discussed with you previously, the partnership is continuing to look at all options to secure a competitive cost of capital and to address the remaining convertible equity portfolio financing buyouts.

就NextEra Energy Partners 的下一步行動而言，正如我們之前與您討論的那樣，該合作夥伴關係正在繼續尋找所有選擇，以確保具有競爭力的資本成本並解決剩餘的可轉換股權投資組合融資收購問題。

At the same time, the partnership's 6% distribution growth target remains for now.

同時，該合作夥伴的 6% 分銷成長目標目前仍然不變。

NextEra Energy Partners does not need an acquisition of related financing in 2024 to meet its 6% target and does not need growth equity until 2027.

NextEra Energy Partners 不需要在 2024 年收購相關融資即可實現其 6% 的目標，並且在 2027 年之前不需要成長股權。

NextEra Energy Partners owns a large portfolio of high-quality long-term contracted clean energy assets, and the partnership has attractive organic growth from the repowering of its existing portfolio.

NextEra Energy Partners 擁有大量高品質的長期合約清潔能源資產組合，該合作夥伴關係透過對其現有投資組合的重新供電而獲得了有吸引力的有機增長。

We expect to share more in the coming quarters as we address these objectives.

當我們實現這些目標時，我們預計在未來幾季分享更多資訊。

NextEra Energy Partners expects run rate contributions for adjusted EBITDA and cash available for distribution from its forecasted portfolio at December 31, 2024, within the ranges of $1.9 billion to $2.1 billion and $730 million to $820 million, respectively.

NextEra Energy Partners 預計，到 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分別在 19 億至 21 億美元和 7.3 億至 8.2 億美元之間。

As a reminder, year-end 2024 run rate projections reflect calendar year 2025 contributions from the forecasted portfolio at year-end 2024.

提醒一下，2024 年底運行率預測反映了 2024 年底預測投資組合對 2025 年曆年的貢獻。

As a further reminder, our expectations are subject to our caveats.

進一步提醒一下，我們的期望取決於我們的警告。

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

我們準備好的演講到此結束，接下來我們將開始提問。

(Operator Instructions) Steve Fleishman, Wolfe Research.

（操作員說明）Steve Fleishman，Wolfe Research。

Just first on the comments on the kind of update on the reserve amortization and earned ROE, could you just go back through that again, John, in terms of just the what's driven the increased usage?

首先，關於準備金攤銷和賺取的股本回報率的更新類型的評論，約翰，您能否再回顧一下這一點，看看是什麼推動了使用量的增加？

Is it just that you've ramped up capital a lot quicker than initially planned, or just maybe give a little bit of color on -- a little more color on that comment?

只是因為你增加資本的速度比最初計劃的要快得多，還是只是為這個評論增添了一點色彩？

Yeah.

是的。

No.

不。

Absolutely, Steve.

當然，史蒂夫。

So we've had a lot of population growth in Florida.

所以佛羅裡達州的人口成長很快。

A lot of that has impacted our service territory.

其中很多影響了我們的服務範圍。

When we first entered into the settlement agreement back in '21, we thought our regulatory capital employed would be around 9%.

當我們在 21 年首次簽訂和解協議時，我們認為我們所使用的監管資本將在 9% 左右。

It's actually been around 12% as we have accommodated that growth, and so we've got surplus that's right around $586 million today as we look forward for this year and next based on where we are, the capital plans that we have for the FPL business, which are still very strong to take into account the further growth that we see.

實際上大約是 12%，因為我們已經適應了這種增長，所以我們今天的盈餘約為 5.86 億美元，因為我們根據我們的現狀以及我們為 FPL 制定的資本計劃來展望今年和明年考慮到我們看到的進一步成長，該業務仍然非常強勁。

We believe that with that amortization balance and those CapEx plans, we'll probably be right around an 11.4% ROE for the full year '24 and for the full year '25.

我們相信，透過攤銷餘額和資本支出計劃，我們 24 年全年和 25 年全年的 ROE 可能會達到 11.4% 左右。

And that has about a $0.06 impact here this year and a $0.06 impact next year.

今年的影響約為 0.06 美元，明年的影響約為 0.06 美元。

It's already folded into our financial expectations and not a concern in terms of our ability to cover it.

它已經納入我們的財務預期，而不是我們支付能力的問題。

And a big plus from this, Steve, is it really -- I think is a good fact heading into a refiling in '25. because it demonstrates how the surplus mechanism can really help customers.

史蒂夫，這帶來的一個很大的好處是，我認為在 25 年重新加油是一個很好的事實。因為它體現了盈餘機制如何真正幫助客戶。

And the last point that I'll make is don't forget these additional capital investments that we've made we would expect to see full recovery of in our next filing.

我要說的最後一點是，不要忘記我們所做的這些額外資本投資，我們希望在下一份文件中看到完全恢復。

So remember that the surplus mechanism is intended really just to deal with the regulatory lag as we make new investments at FPL to accommodate the additional growth.

因此請記住，盈餘機制實際上只是為了解決監管滯後問題，因為我們在 FPL 進行新投資以適應額外的成長。

So we're not worried about this.

所以我們並不擔心這個。

This is something that we feel very comfortable about addressing in our financial expectations and doesn't impact where we feel like we will end up this year and next.

我們對在財務預期中解決這個問題感到非常放心，並且不會影響我們今年和明年的最終結果。

Okay, thanks.

好的謝謝。

And then on the Blackstone financing that you mentioned, the $900 million, any information on just the size of the portfolio that was sold or the stake in that portfolio?

然後，關於您提到的 Blackstone 融資（9 億美元），有關於出售的投資組合規模或該投資組合中的股份的資訊嗎？

Yeah, it was a 1.6 gigawatt portfolio, just a mix of renewable assets.

是的，這是一個 1.6 吉瓦的投資組合，只是可再生資產的組合。

And I think the real positive takeaway here for investors is there's a real demand for NextEra assets.

我認為對投資者來說真正積極的收穫是對 NextEra 資產的真正需求。

I mean, we are recognized in the private equity market as being really the top developer.

我的意思是，我們在私募股權市場上被認為是真正的頂級開發商。

And given all the growth, and this quarter is a great example, the 3 gigawatts that we were able to do, we have a strong trajectory going forward.

鑑於所有的成長，本季就是一個很好的例子，我們能夠做到 3 吉瓦，我們有一個強勁的前進軌跡。

And as private equity has opportunities to work with us, and we have a long history of working with private equity going back the last five or six years.

由於私募股權有機會與我們合作，而且我們與私募股權合作有著悠久的歷史，可以追溯到過去五、六年。

It really is a good potential win-win for us and for them.

對我們和他們來說，這確實是一個很好的潛在雙贏。

And with the Blackstone organization, we really like the capability that they bring to the table.

對於 Blackstone 組織，我們非常喜歡他們帶來的能力。

And there's a lot of crossover between our two organizations in terms of what we do.

我們兩個組織的工作有許多交叉之處。

And so this was a good fit for us.

所以這非常適合我們。

And just -- what's -- is the percent stake a piece of the 1.6 or their stake is 1.6?

只是 - 什麼是 - 百分比股份是 1.6 的一部分還是他們的股份是 1.6？

Yeah.

是的。

They invested capital alongside us.

他們與我們一起投資。

And so they have a partial interest in that portfolio of 1.6 gigawatts.

因此，他們對 1.6 吉瓦的投資組合有部分興趣。

And then last question, just on the recent issue, I know you're not doing offshore wind, but just this recent issue with the GE turbines -- turbine at Vineyard Wind.

最後一個問題，就最近一期而言，我知道您不是在做離岸風電，而是在最近一期有關 GE 渦輪機的問題 - Vineyard Wind 的渦輪機。

And I know there was a lawsuit filed by AAP.

我知道 AAP 提起了訴訟。

Can you just maybe talk to your turbine performance with them?

您能否與他們談談您的渦輪機性能？

And just are you seeing any issues and how you're feeling about that?

您是否發現任何問題以及您對此有何感受？

Yeah.

是的。

For us, I mean, look, first I'll start with the fact that we are, a top-decile operator of wind.

對我們來說，我的意思是，首先我要從我們是頂級風電運營商這一事實開始。

I think really recognized as the best operator of wind in the business.

我認為確實是業內公認的最好的風電運營商。

And we have a real partnership with GE.

我們與通用電氣有著真正的合作關係。

And so look, wind turbines have moving parts.

看起來，風力渦輪機有移動部件。

They'll have issues from time to time.

他們時不時就會遇到問題。

Our partnership with GE runs 20 years.

我們與 GE 的合作關係已有 20 年。

And so we've really never had any issues in getting things fixed.

因此，我們在解決問題方面確實從未遇到任何問題。

And we're always able to structure win-win arrangements with them.

我們總是能夠與他們達成雙贏的安排。

So as any problems arise through the portfolio, they've always been well managed and addressed in a conciliatory way with GE and (technical difficulty) future.

因此，當產品組合中出現任何問題時，它們總是得到妥善管理，並以與 GE 和（技術困難）未來和解的方式解決。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

So just real quick, I want to start on NEP.

所以，快點，我想開始實施新經濟政策。

I mean, obviously, you guys have the standard language around continuing to evaluate all options.

我的意思是，顯然，你們有繼續評估所有選項的標準語言。

I mean, Brian obviously reiterated the current CAGR, but also used the word for now, quote, unquote, which is somewhat new language, believe it or not.

我的意思是，布萊恩顯然重申了當前的複合年增長率，但現在也使用了「引用」、「取消引用」這個詞，無論你相信與否，這都是一種新的語言。

Can we get a sense on timing, what range of options you're thinking about?

我們能否了解一下您正在考慮的選擇範圍？

And I guess how confident are you we can get something done at favorable pricing before the dividend goes under some level of pressure in '27?

我想，在 27 年股息承受一定程度的壓力之前，您對我們能夠以優惠的價格完成某些事情有多大信心？

Thanks.

謝謝。

Yeah.

是的。

Hey, thanks, Shar.

嘿，謝謝，莎爾。

Obviously, NEP is getting a lot of our attention in terms of looking at what the alternatives are to both improve the cost of capital, which really requires us to be able to successfully address the back end SEPFs.

顯然，NEP 引起了我們的廣泛關注，因為我們正在尋找可以提高資本成本的替代方案，這確實需要我們能夠成功解決後端 SEPF 問題。

And as we said in the prepared remarks, all options are on the table.

正如我們在準備好的發言中所說，所有選擇都已擺在桌面上。

And what we really are spending time on and we're looking at various solutions around this is how do you tackle those back-end SEPFs in a constructive way that makes sense in terms of the cost of capital that would be required to do that?

我們真正花時間研究的各種解決方案是如何以建設性的方式處理這些後端 SEPF，這種方式對於實現這一目標所需的資本成本是有意義的？

And then how do we put NEP in a better position for success going forward?

那麼我們該如何讓新經濟政策在未來成功呢？

So as part of that, we are obviously exploring all alternatives.

因此，作為其中的一部分，我們顯然正在探索所有替代方案。

We've mentioned private capital as one potential avenue there as well.

我們也提到私人資本也是一種潛在的途徑。

The good thing is that we have time.

好處是我們有時間。

We have time in 2024.

2024年我們還有時間。

We've said to the market we don't have to do anything.

我們已經對市場說過我們不必採取任何行動。

We don't have any drops planned for '24.

我們沒有計劃在 24 年進行任何投放。

Don't have growth equity needs until '27.

27 年之前沒有成長股權需求。

And so we are being thoughtful about our approach around NEP.

因此，我們正在認真考慮我們圍繞新經濟政策的方法。

And I think, Brian, just to not to take words out of zone, but mentioned in the next couple of quarters, is this something maybe we'll get to some sort of a definitive direction this year?

我想，布萊恩，只是為了不要把話帶出區域，但在接下來的幾季中提到，這是否是我們今年會找到某種明確方向的事情？

Yeah.

是的。

Sure.

當然。

I don't want to put a firm deadline on it.

我不想給它設定一個嚴格的期限。

But I think the language we use is over the next few quarters.

但我認為我們使用的語言是在接下來的幾個季度。

And once we have identified that solution that we think makes sense, then obviously, we will share that, but not until then.

一旦我們確定了我們認為有意義的解決方案，那麼顯然我們將分享它，但在那之前。

Okay.

好的。

Perfect.

完美的。

And then just on year, obviously just congrats on a very strong origination quarter.

然後就在今年，顯然只是祝賀一個非常強勁的創始季度。

It was definitely on the higher end.

這絕對是高端的。

Google was a key contributor.

谷歌是一個關鍵貢獻者。

I guess do your sort of existing contract protections and supply chain maybe strategy lie to kind of navigate some of the challenges in this space as you're continuing to expand development to maybe much higher levels, right?

我想，當你們繼續將開發擴展到更高的水平時，你們現有的合約保護和供應鏈策略是否能夠解決這個領域的一些挑戰，對吧？

So can supply chain kind of these bottlenecks that we've seen become a governor around backlog additions as we look through '25 and beyond, especially as you're trying to meet the needs of these large energy-intensive customers like the hyperscalers?

那麼，當我們展望 25 年及以後時，特別是當您試圖滿足超大規模企業等大型能源密集型客戶的需求時，供應鏈是否可以解決這些瓶頸，這些瓶頸已成為積壓訂單增加的限制因素？

Thanks.

謝謝。

Yeah.

是的。

Good question, Shar.

好問題，莎爾。

So here's how I think about supply chain.

這就是我對供應鏈的看法。

Number one, there's been some attention around the AD/CVD filing and tariffs and those things.

第一，人們對反傾銷/反補貼申報和關稅等方面存在一些關注。

We're not impacted.

我們沒有受到影響。

And I made the comment, and we spent a lot of time with this both in March and then at our investor conference in June.

我發表了評論，我們在三月和六月的投資者會議上花了很多時間討論這個問題。

Still matters more than ever in this business.

在這個行業中仍然比以往任何時候都更重要。

So the way I would think about it from an investor perspective is the bigger our program, the more leverage we have over our supplier.

因此，從投資者的角度來看，我們的計劃越大，我們對供應商的影響力就越大。

And in the last couple of years, we have really spent a lot of time and made investment around the data and analytical capability that we have around our supply chain.

在過去的幾年裡，我們確實花了很多時間並圍繞我們供應鏈的數據和分析能力進行了投資。

And we have also made a very conscientious effort around risk transfer and making sure that we have adequate security to provide incentive to perform.

我們也圍繞著風險轉移做出了非常認真的努力，並確保我們有足夠的安全性來提供執行誘因。

So we are in a position where we have really been able to transfer any tariff or AD/CVD or related risks over to our suppliers.

因此，我們確實能夠將任何關稅或 AD/CVD 或相關風險轉移給我們的供應商。

Why is that?

這是為什麼？

The reason for that is when you're putting numbers up like 3 gigawatts a quarter and have the type of build that we have and expect to have going forward, contractors and vendors want to work with us.

原因是，當您將數字提高到每季 3 吉瓦，並且擁有我們擁有並期望未來發展的建造類型時，承包商和供應商希望與我們合作。

And they've also seen a lot of smaller developers that ultimately haven't been able to arrange financing or for whatever reason haven't had terrific follow through on their projects.

他們還看到許多規模較小的開發商最終無法安排融資，或者由於某種原因沒有對他們的專案進行出色的跟進。

That's not the case with our company.

我們公司的情況並非如此。

And so there's been even a greater emphasis, I would say, by our suppliers to want to work with us more than ever.

因此，我想說，我們的供應商比以往任何時候都更希望與我們合作。

But what that means is making sure that we are always left in a position where we are not taking risks around the obvious things that you might put on your list.

但這意味著確保我們始終不會在您可能列在清單上的顯而易見的事情上冒險。

And so I really feel better than ever about where we stand from a supply chain perspective.

因此，從供應鏈的角度來看，我對我們的立場比以往任何時候都感覺更好。

And I'm very happy with the job that our team has done.

我對我們團隊所做的工作感到非常滿意。

And the lessons that we've learned over the last couple of years have all been folded into how we contractually approach risk in our agreements going forward.

我們在過去幾年中學到的經驗教訓都已融入我們如何在未來的協議中處理風險。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Can you speak to how you think about asset recycling here?

能談談您對資產回收的看法嗎？

I mean, I'm curious specifically on the latest portfolio sell-down with Blackstone, as mentioned earlier.

我的意思是，正如前面提到的，我特別對黑石集團最新的投資組合拋售感到好奇。

But how do you think about other assets here?

但您如何看待這裡的其他資產？

As you think about, like, for instance, some of these headlines on transmission or gas infras being in focus.

正如您所想，例如，一些有關傳輸或天然氣基礎設施的頭條新聞成為焦點。

It's notable after the FCG sale last year.

去年 FCG 出售後，這一點值得注意。

How do you think about continued monetization of renewable assets or portfolios relative to sort of the ongoing streamlining and focusing back to the core renewables business, if you will?

如果您願意的話，您如何看待可再生資產或投資組合的持續貨幣化，以及相對於正在進行的精簡和重新關注核心可再生能源業務？

And then related, how do you think about that 70-30 mix as you pair back -- as you pair these different asset sales through the forecast period?

然後相關的是，當你在預測期內將這些不同的資產銷售配對時，你如何看待 70-30 的組合？

Yeah.

是的。

No, good question, Julien.

不，問得好，朱利安。

So from a recycling standpoint, I feel better than I ever have in terms of the options that we have going forward for the portfolio.

因此，從回收的角度來看，我對我們未來的投資組合選擇感覺比以往任何時候都好。

In terms of asset mix and how we think about that, obviously, we've always had a history of being able to recycle capital around renewables, which are terrific assets, which I think we have a great reputation in the market around in our ability to attract capital on the renewable portfolio.

就資產組合以及我們的看法而言，顯然，我們一直有能夠圍繞可再生能源回收資本的歷史，這些資產是很棒的資產，我認為我們在市場上以我們的能力享有盛譽。投資組合的資本。

But look, we are also making a conscientious effort.

但你看，我們也在認真的努力。

I think I made these comments at the investor conference that we're looking at our core business.

我想我在投資者會議上發表了這些評論，我們正在研究我們的核心業務。

Our core business is wind and solar, it's battery storage, it's transmission, both inside Florida, outside of Florida.

我們的核心業務是風能和太陽能，它是電池存儲，它是傳輸，無論是在佛羅裡達州境內還是佛羅裡達州境外。

And so to the extent, we can do some targeted capital recycling around our gas infrastructure business, that will continue to be top of mind.

因此，在某種程度上，我們可以圍繞我們的天然氣基礎設施業務進行一些有針對性的資本回收，這將繼續成為首要考慮因素。

Transmission, you raised as well.

傳輸，你也提出了。

We are having a lot of success in transmission.

我們在傳播方面取得了許多成功。

And the team has done a terrific job, I think, on the competitive transmission side of identifying new opportunities.

我認為，該團隊在發現新機會的競爭性傳輸方面做得非常出色。

And just based on the return structure that we could target, there's good sense to bring in a partner on some of those deals.

僅僅基於我們可以瞄準的回報結構，在其中一些交易中引入合作夥伴是很有意義的。

And so those have been opportunities that we have been targeting as well as we think about the future.

因此，這些都是我們一直瞄準的機會，也是我們對未來的思考。

But obviously, it puts us in a position where we continue to manage those assets and those opportunities as we think about how they contribute to the future.

但顯然，這使我們能夠繼續管理這些資產和機會，同時思考它們如何為未來做出貢獻。

But those certainly are two things that we look at in addition to the renewable portfolio.

但除了再生能源投資組合之外，這些肯定是我們關注的兩件事。

And the numbers that we gave at the investor conference, I certainly don't lose any sleep over in terms of the ability to meet those capital recycling targets.

我們在投資人會議上給出的數字，在實現這些資本回收目標的能力方面，我當然不會失眠。

From a business mix perspective, I think, which was your last question, you know, and I think most folks on the phone know that we are very rigorous about looking at our five-year forecast and even go beyond that.

我認為，從業務組合的角度來看，這是你的最後一個問題，我想電話中的大多數人都知道，我們非常嚴格地審視我們的五年預測，甚至超出了這一目標。

And so we're constantly looking at our mix and what our obligations are and undertakings are with the agencies.

因此，我們不斷審視我們的組合以及我們對各機構的義務和承諾。

And we have a lot of headroom, a lot of headroom on our business mix.

我們的業務組合有很大的發展空間。

So that is not an issue.

所以這不是問題。

That is not a concern.

這不是一個問題。

And the capital recycling plan, I think, fits well with what our undertakings are there.

我認為，資本回收計劃與我們的業務非常契合。

But plenty of headroom on business mix.

但業務組合仍有充足的空間。

Excellent.

出色的。

And just clarification on the last question.

只是澄清最後一個問題。

Just with respect to getting that 3 gigawatt milestone for the quarter here in terms of booking, is that kind of a good new run rate here?

就預訂而言，本季實現 3 吉瓦的里程碑，這是一個很好的新運行率嗎？

Or again, given the size of these new counterparties, is it going to be fairly lumpy moving up and down quarter to quarter here?

或者，考慮到這些新交易對手的規模，季度與季度之間的波動是否會相當不穩定？

Just trying to set a little bit of an expectation there.

只是想在那裡設定一點期望。

Yeah.

是的。

Absolutely.

絕對地。

I'm going to turn that one over to Rebecca.

我要把那個交給麗貝卡。

Good morning, Julien.

早安，朱利安。

We couldn't be more excited about the origination, not only that we've been able to produce over the last couple of years, each of them being a record in their own right, and then the first two quarters being each of them the -- ironically, the second-best quarter, obviously this quarter topping last quarter that we've ever had.

我們對它的誕生感到非常興奮，不僅因為我們在過去幾年中能夠製作出每張專輯，而且每張專輯本身都創下了紀錄，而且前兩個季度都是它們的巔峰之作。諷刺的是，這是第二好的季度，顯然這個季度超過了我們曾經經歷過的上個季度。

I'll caveat it that origination can be a little bit lumpy.

我要警告的是，起源可能有點不穩定。

I've consistently said that in quarters where it's a little bit lower than where we are today.

我一直說，在比我們今天的水平略低的季度。

And I think I even said it today that we set the top quarterly additions a couple of quarters ago.

我想我今天甚至說過，我們在幾個季度前設定了最高的季度新增數量。

So there's always a little bit of bumpiness in there.

所以裡面總是有一點坎坷。

But what we continue to see is consistent with the comments that we all made at the investor conference just last month.

但我們繼續看到的情況與我們在上個月投資者會議上發表的評論是一致的。

And John talked about in his opening remarks today, that the combination of the replacement cycle and the growth cycle is a tremendously positive outlook for us over the very long term.

約翰在今天的開場白中談到，從長遠來看，更換週期和成長週期的結合對我們來說是一個非常積極的前景。

Some of this is going to take a little bit longer to materialize on the growth side, as we also highlighted last month.

正如我們上個月也強調的那樣，其中一些在成長方面需要更長的時間才能實現。

And so you'll see some of those the stronger additions of the 3 gigawatts that we added to our backlog, particularly notably strong in years '26 and '27, and even some megawatts added to '28 and beyond.

因此，您會看到我們在積壓訂單中添加了 3 吉瓦的強勁增量，特別是在 26 年和 27 年，甚至在 28 年及以後增加了一些兆瓦。

But overall, what we see today and the execution of our team and the value proposition that we bring to our customers is a very bright outlook.

但總的來說，我們今天看到的、我們團隊的執行力以及我們為客戶帶來的價值主張是非常光明的前景。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey, good morning, team.

嘿，早上好，團隊。

Thanks for all the information today.

感謝您今天提供的所有資訊。

I just wanted to follow up on Shar's comments.

我只是想跟進 Shar 的評論。

You talked about being able to kind of pass through some of these higher tariff costs to the extent they kind of materialize.

您談到能夠將其中一些較高的關稅成本轉移到它們具體化的程度。

Just there's also a projection for two rate cuts this year, and I'm just curious if you can kind of talk about how that changes the returns for near that you kind of communicated at the Analyst Day and previous quarters, if you could just update us on that.

還有今年兩次降息的預測，我很好奇你是否能談談這如何改變你在分析師日和前幾季溝通的回報率，如果你能更新的話我們對此。

Sure.

當然。

First of all.

首先。

As you know, we are always looking to manage risk around our capital investment decisions.

如您所知，我們始終致力於管理資本投資決策的風險。

And one of those risks is it's not only locking in equipment costs, it's not only locking in labor, but it's also locking in our cost of capital.

這些風險之一是，它不僅鎖定了設備成本，不僅鎖定了勞動力，還鎖定了我們的資本成本。

So as we approach our renewable portfolio, we've been very mindful of making sure that we are locking in our cost of capital through interest rate hedge products swaps in that regard.

因此，當我們接近再生能源投資組合時，我們一直非常注意確保我們透過利率對沖產品掉期鎖定我們的資本成本。

As I think about the future and the rate -- the one, the two rate cuts, who knows where we ultimately end up on those fronts.

當我思考未來和利率時——一次、兩次降息，誰知道我們最終在這些方面的結局如何。

Obviously, given the financing plans that we have moving forward, those would be tailwinds for the business.

顯然，考慮到我們正在推進的融資計劃，這些將成為該業務的順風車。

But at the same time, if those don't materialize, we have already taken those into account in our financial expectations.

但同時，如果這些沒有實現，我們已經在我們的財務預期中考慮到了這些。

And we're very prudent and on top of managing the risk, the interest rate risk exposure that we have across the business.

我們非常謹慎，並且管理整個業務中的利率風險敞口。

Hey, that's helpful.

嘿，這很有幫助。

Thanks a lot.

多謝。

And then John, I think you've been pretty clear about the ability to supplement this power demand inflection with new renewables.

然後約翰，我認為您已經非常清楚利用新的可再生能源來補充這種電力需求變化的能力。

And you also have this nuclear portfolio.

而且你還有這個核心投資組合。

I understand a lot of that's kind of contracted, but there were headlines about potential Duane Arnold restart.

我知道其中很多都是合同，但有關於杜安·阿諾德可能重新開始的頭條新聞。

I just, I guess, how realistic is that?

我只是，我想，這有多現實？

Is that something you'd even kind of consider at this juncture?

您此時此刻會考慮這一點嗎？

And how do we kind of think about the strategic positioning of your nuclear portfolio?

我們如何看待你們核子產品組合的策略定位？

Sure.

當然。

Thanks, Nick, for that question on nuclear.

謝謝尼克提出有關核子的問題。

With regard to Duane Arnold, I think there would be opportunities and a lot of demand from the market if we were able to do something with Duane Arnold, obviously bringing back a nuclear plant into service is not something that you can do without a lot of thought.

關於杜安·阿諾德（Duane Arnold），我認為如果我們能夠與杜安·阿諾德（Duane Arnold）合作，市場將有機會和大量需求，顯然，如果沒有大量的資源，就無法使核電站重新投入使用。

And it is something that we are looking at, but there is a lot of thought that has to go into it.

這是我們正在關注的事情，但還需要進行很多思考。

And obviously a real assessment around risks associated with that as well.

顯然，也要對與之相關的風險進行真正的評估。

And so sure, we're looking at it.

可以肯定的是，我們正在研究它。

But we would only do it if we could do it in a way that is essentially risk-free with plenty of mitigants around the approach.

但只有當我們能夠以一種基本上無風險且有大量緩解措施的方式進行時，我們才會這樣做。

And there are a few things that we would have to work through.

我們必須解決一些問題。

But yes, we are looking at it.

但是，是的，我們正在研究它。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Just wanted to get a little bit more color on the renewables market right now.

現在只是想在再生能源市場上獲得更多的色彩。

As you've discussed, very strong demand in the market.

正如您所討論的，市場需求非常強勁。

And just wondering, going back to some of the comments of Analyst Day, what trends you see in PPA pricing at this point and how -- could that potentially benefit NextEra going forward?

只是想知道，回到分析師日的一些評論，您目前看到的 PPA 定價趨勢是什麼？

Thanks, Jeremy.

謝謝，傑里米。

Appreciate the conversation and question.

欣賞對話和問題。

We've continued to see very strong returns with respect to what we think we need in order to be highly confident that we're adding shareholder value.

我們繼續看到非常強勁的回報，我們認為我們需要這樣的回報，以便我們對增加股東價值充滿信心。

And I would think about the returns that we laid out.

我會考慮我們設定的回報。

The investor conference is almost minimum thresholds that we have at this point.

投資者大會幾乎是我們目前的最低門檻。

And there are opportunities where there's significant customer demand.

客戶需求量大的地方就有機會。

We have unique positioning in the marketplace to make sure that we get even more attractive returns.

我們在市場上擁有獨特的定位，以確保我們獲得更具吸引力的回報。

I'd say it's a very positive dynamic.

我想說這是一個非常正面的動態。

It was a very difficult market over the last couple of years when we were seeing the supply chain disruption and increasing pricing, both on the capital equipment side and the rate side in our returns.

過去幾年，這是一個非常困難的市場，我們看到供應鏈中斷和定價上漲，無論是在資本設備方面還是在我們的回報率方面。

And fortunately, we've either seen slightly declining or at a minimum stable backdrop, which is certainly helpful for decreasing supply chain disruption.

幸運的是，我們要么看到了略有下降，要么處於最低穩定的背景下，這無疑有助於減少供應鏈中斷。

So I think it's a very positive dynamic.

所以我認為這是一個非常積極的動態。

And I think it's a very positive dynamic.

我認為這是一個非常積極的動態。

I think it's a very positive dynamic.

我認為這是一個非常積極的動態。

I think it's a very positive dynamic.

我認為這是一個非常積極的動態。

I think it's a very positive dynamic.

我認為這是一個非常積極的動態。

And also providing an attractive price and attractive product to our customers.

也為我們的客戶提供有吸引力的價格和有吸引力的產品。

So between the attractive price, the speed to market, the clean attribute of renewables and storage, as well as the fact, as we talked about last month in the queue across the United States today, all of the projects that are waiting to be connected, 90% of those megawatts are renewables and storage.

因此，在有吸引力的價格、上市速度、可再生能源和存儲的清潔屬性以及事實上，正如我們上個月在美國各地的排隊中談到的那樣，所有正在等待連接的項目，其中90%的兆瓦電力來自再生能源和儲存。

And we have a healthy portion of those.

我們有其中的一部分。

And I couldn't be more excited about our position.

我對我們的立場感到非常興奮。

So I think we're in a great shape to continue to add a lot of shareholder value in the many years ahead.

因此，我認為我們處於良好狀態，可以在未來許多年繼續增加大量股東價值。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Hey, good morning.

嗨，早安。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

We're hearing utilities around the country now with fast-growing pipelines, thousands of megawatts of data center requests, they seem to be moving rapidly, just month by month, they seem to be learning more, getting more demand.

我們聽到全國各地的公用事業公司現在擁有快速成長的管道，數千兆瓦的資料中心請求，他們似乎正在迅速行動，只是逐月，他們似乎正在了解更多，獲得更多需求。

I'm wondering, just do you think that's already in your numbers in your renewables targets here?

我想知道，您是否認為這已經在您的再生能源目標中？

Or could we potentially see another wave of demand as some of these utilities nail down just how much load is really coming into their service territories?

或者，隨著其中一些公用事業公司確定真正進入其服務區域的負載量，我們是否可能會看到另一波需求？

Hi, David.

嗨，大衛。

It's Rebecca.

是麗貝卡。

I'll chime in here.

我會在這裡插話。

Yeah, we certainly are hearing from our power sector customers a lot of interest from various data center customers, whether it's the data center or the power sector center. center operators or the hyperscalers.

是的，我們確實從電力部門客戶那裡聽到了各種資料中心客戶的濃厚興趣，無論是資料中心還是電力部門中心。中心運營商或超大規模運營商。

It is a little bit challenging to see how much of that is potentially multiple requests for ultimately the same data center, but there is no escaping the fact that these are very large numbers and things that -- numbers that I don't think any utility across the industry has seen before.

要了解其中有多少可能是對最終同一資料中心的多個請求有點困難，但無法迴避的事實是，這些數字非常大，而且我認為這些數字沒有任何用處。

And so it's going to take some time, not only to rationalize that and figure out how you address it, but also to procure and bring online the megawatts and the transmission over the long term that is going to be required to serve this demand if it ends up being as strong as we see it and we think it might be.

因此，這將需要一些時間，不僅要合理化這一點並弄清楚如何解決它，而且還要採購並上線兆瓦和傳輸，這是滿足這一需求的長期需求，如果最終會變得像我們看到的和我們認為的那樣強大。

From our perspective, consistent with our comments from last month, we are seeing a lot of interest, both from the power sector customers as well as hyperscalers and data center customers.

從我們的角度來看，與我們上個月的評論一致，我們看到了來自電力行業客戶以及超大規模企業和資料中心客戶的濃厚興趣。

You're clearly seeing some of that show up in our origination, but you're also seeing some of that more and more.

您清楚地看到其中一些內容出現在我們的起源中，但您也越來越多地看到其中的一些內容。

More of that show up in this '26 and '27 timeframe and now even '28 as we are lining up these projects to support when they will come online for our utility customers.

更多的內容會出現在“26”和“27”的時間範圍內，現在甚至是“28”，因為我們正在排列這些項目，以支援它們何時為我們的公用事業客戶上線。

So I think we all are very excited.

所以我想我們都非常興奮。

It is very interesting for our sector to see this growth that we haven't seen in a couple of decades.

對於我們的行業來說，看到這種幾十年來從未見過的成長是非常有趣的。

But I do think from a practical standpoint, it's going to take a couple of years for this really to materialize and utilities to be able to absorb it and serve it.

但我確實認為，從實際的角度來看，這需要幾年的時間才能真正實現，公用事業公司才能吸收並服務它。

But that's a terrific backdrop for us.

但這對我們來說是一個很棒的背景。

Some of these challenges are going to be difficult to solve, and I believe there's no better company to partner with our customers to help solve them.

其中一些挑戰將很難解決，我相信沒有更好的公司可以與我們的客戶合作來幫助解決這些挑戰。

Yeah, understood.

是的，明白了。

Thanks for that color.

謝謝那個顏色。

And then I was curious on hyperscalers deals, are there any other details you would be able to provide around the Google relationship here?

然後我對超大規模交易感到好奇，您是否可以提供有關 Google 關係的任何其他詳細資訊？

Just maybe the location or timing of when these projects are coming on?

也許只是這些項目進行的地點或時間？

Is it a single location or multiple locations?

是單一位置還是多個位置？

Are you embedding wind, solar storage, multiple technologies in terms of what product maybe makes sense for these hyperscaler deals?

您是否嵌入了風能、太陽能儲存等多種技術，哪些產品對這些超大規模交易可能有意義？

And then just along those same lines, would you be interested in some kind of a multi-gigawatt, multi-year framework?

然後，沿著同樣的思路，您會對某種數千兆瓦、多年的框架感興趣嗎？

Is that an idea that you're pursuing with these bigger hyperscaler customers?

這是您向這些大型超大規模客戶追求的想法嗎？

Sure.

當然。

Well, David, I'll answer it more broadly than just specific to one customer.

好吧，大衛，我會更廣泛地回答這個問題，而不僅僅是針對一位客戶。

Certainly, for a variety of reasons, including sensitivities, some of these comments would otherwise be sensitive for them for their own competitive positioning.

當然，出於各種原因，包括敏感性，其中一些評論對於他們自己的競爭定位來說可能是敏感的。

But these are -- those specifically were new contracts and they were to support data center demand that our customer had.

但這些都是新合同，它們是為了支持我們客戶的資料中心需求。

And then more broadly speaking from a hyperscaler's perspective, they are interested in a variety of technologies, wind, solar, and battery storage.

從超大規模企業的角度更廣泛地說，他們對各種技術、風能、太陽能和電池儲存感興趣。

And they -- I would say probably the biggest change for many of them is a shift or certainly an increasing percentage of these projects that are very specifically associated with the data centers that these hyperscalers are trying to build.

我想說，對他們中的許多人來說，最大的變化可能是這些專案的轉變，或者肯定是這些專案的比例不斷增加，這些專案與這些超大規模企業試圖建立的資料中心非常相關。

So it's less interest in just a pure virtual power purchase agreement where the project could be anywhere in the US to, I want to make sure these resources are there to support my data centers as they are getting connected to the utilities in those local jurisdictions and can come online at the same time.

因此，人們對純粹的虛擬電力購買協議不太感興趣，該協議可以在美國的任何地方進行，我想確保這些資源能夠支持我的資料中心，因為它們正在連接到這些當地司法管轄區的公用事業，並且可以同時上網。

So very much becoming a more flexible data center.

因此，它正在成為一個更靈活的資料中心。

And I think that's something that's going to be very, very important.

我認為這將是非常非常重要的事情。

And one in which it's really important that their partners show up and perform and deliver as expected because they are the load on the other side of that.

在這種情況下，他們的合作夥伴按預期出現、執行和交付非常重要，因為他們是另一方的負擔。

So that's a very attractive proposition from our perspective.

所以從我們的角度來看，這是一個非常有吸引力的提案。

As it relates to the structured agreements, listen, we are most focused on making sure that we add value for these customers.

由於它涉及結構化協議，聽著，我們最關注的是確保為這些客戶增加價值。

That could come in a variety of different forms and factors, but our primary focus is being there and delivering for them when they need us.

這可能有多種不同的形式和因素，但我們的主要重點是在他們需要我們時為他們提供服務。

And we'll update you as those structures evolve, but it's really focused around creating value with and for them.

隨著這些結構的發展，我們會向您通報最新情況，但它真正關注的是與它們一起創造價值並為它們創造價值。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Hey, good morning.

嗨，早安。

Thanks for taking the questions.

感謝您提出問題。

Maybe just to start, a lot has obviously changed in the US election landscape since your last earnings call.

也許只是開始，自從上次財報電話會議以來，美國選舉情況明顯發生了許多變化。

So can you just talk us through your latest expectations on potential implications on the IRA and what impact any modification to that legislation might have on your renewable development plans?

那麼，您能否向我們談談您對 IRA 潛在影響的最新預期，以及該立法的任何修改可能會對您的再生能源發展計劃產生什麼影響？

Sure, Carly.

當然，卡莉。

I'll go ahead and take that.

我會繼續接受它。

I start with we've always been able to work with both sides of the aisle in the 22 years that I've been at NextEra.

首先，在我 NextEra 工作的 22 年裡，我們一直能夠與雙方合作。

And I don't think this time around is any different, and I'm going to kind of go through why.

我認為這次沒有什麼不同，我將解釋一下原因。

And let's not forget that in that time, we've invested hundreds of billions of dollars in American energy infrastructure across almost every state in the country who are benefiting from those investments.

我們不要忘記，當時我們在美國能源基礎設施上投資了數千億美元，幾乎每個州都從這些投資中受益。

And we invest in American energy dominance every single day and are the quintessential all-the-above energy company.

我們每天都在投資美國的能源主導地位，是典型的綜合能源公司。

And that doesn't change from one election to the next, and I think really helps when we are working with both sides of the aisle.

從一次選舉到下一次選舉，這一點都不會改變，我認為，當我們與兩黨合作時，這確實很有幫助。

That said, let's look at where the incentive money is going.

也就是說，讓我們看看激勵資金的去向。

The incentives favor Republican states.

這些激勵措施有利於共和黨州。

And we've seen an increase in the number of Republican lawmakers that are embracing the clean energy credits within the IRA as they see the positive impact to their states and communities, which is hard to turn away from.

我們看到越來越多的共和黨議員在愛爾蘭共和軍內接受清潔能源信貸，因為他們看到清潔能源信貸對他們的州和社區的正面影響，這是很難拒絕的。

And the tax laws are very difficult to overturn, and we're very likely to have thin margins in the House and the Senate, particularly in light of some of the rules that are in place.

稅法很難推翻，而且我們在眾議院和參議院的優勢很可能很小，特別是考慮到現有的一些規則。

And so I think that's one of the things that we're going to have to look at as we look at the recent developments.

所以我認為這是我們在研究最近的發展時必須考慮的事情之一。

And let's not forget the important role that renewables play, and I made some remarks about that in my script today.

我們不要忘記再生能源發揮的重要作用，我在今天的腳本中對此做了一些評論。

But renewables create jobs.

但再生能源創造就業機會。

They create a property tax base that transforms rural communities.

他們創造了一個改變農村社區的財產稅基。

Renewables are energy independent.

再生能源是能源獨立的。

Its electricity generated from the sun and the wind.

它的電力由太陽和風產生。

It's not subject to fuel price volatility.

它不受燃油價格波動的影響。

Low-cost renewables are also bringing power bills down, which attract new investments.

低成本的再生能源也降低了電費，吸引了新的投資。

And I think that's one of the things that's going to be a huge challenge for the next few years, is the power bills that are going to drive investment in the US and other sectors that are looking to invest in the US.

我認為這將是未來幾年面臨的巨大挑戰之一，電費將推動對美國和其他尋求在美國投資的行業的投資。

And low-power bills can really dictate which states they select to make those investments in.

低電費確實可以決定他們選擇在哪些州投資。

And tariffs are going to further drive investment in the US.

關稅將進一步推動對美國的投資。

And with industrial growth across sectors, some of that driven by tariffs, power demand is only going to go up from here.

隨著各行業的工業成長（其中一些是由關稅推動的），電力需求只會從此上升。

And our country is going to need low-cost, fast-to-deploy electricity more than ever.

我們的國家將比以往任何時候都更需要低成本、快速部署的電力。

And renewables are the quickest to market and the lowest-cost option in almost every state.

幾乎每個州，再生能源都是上市最快、成本最低的選擇。

Otherwise, we're going to slow down and curtail economic growth in our own country.

否則，我們將放慢並限制我們國家的經濟成長。

And the credits all flow directly to customers in the form of lower power prices.

而這些信用都以較低電價的形式直接流向客戶。

So when you look at all that, why would you cut credits that are creating jobs, creating a much-needed property tax base in rural America, that flow to customers, that result in lower power prices, that attract new investments, and that provide a much-needed fast-to-deploy resource at a time when demand is accelerated?

因此，當你考慮到這一切時，為什麼要削減信貸，這些信貸正在創造就業機會，在美國農村創造急需的財產稅基礎，流向客戶，導致電價下降，吸引新投資，並提供在需求加速時急需的快速部署資源？

It just wouldn't make sense.

這根本沒有意義。

And for all these reasons, we expect the credits to remain in place, the wind, the solar, the battery storage.

基於所有這些原因，我們預計風能、太陽能和電池儲存的積分將保持不變。

So all in all, while we would expect to hear heated rhetoric through the fall campaign, we feel good about where things stand.

總而言之，雖然我們預計在秋季競選中聽到激烈的言論，但我們對目前的情況感到滿意。

Again, we have a long history of constructive engagement with both sides of the aisle.

同樣，我們與兩黨都有建設性接觸的悠久歷史。

Awesome.

驚人的。

Appreciate all of that color.

欣賞所有這些顏色。

It's really helpful.

這真的很有幫助。

The follow-up was just on the backlog.

後續工作只是積壓。

Wind saw a bit of an acceleration this quarter from being a bit weaker in the last several.

Wind 在過去幾季表現稍弱，但本季有所加速。

Anything in particular you'd point to in sort of driving that?

您有什麼特別要指出的推動這一點的嗎？

And do you think that's a potential sign of an inflection on the wind demand side?

您認為這是否是風電需求方面出現變化的潛在跡象？

Hi, Carly.

嗨，卡莉。

It's Rebecca.

是麗貝卡。

We were very pleased to add these projects to the backlog and excited about the partnership with the customers with whom we're going to contract them.

我們非常高興將這些項目添加到待辦事項中，並對與我們即將簽約的客戶建立合作夥伴關係感到興奮。

I wouldn't necessarily draw any additional lines as kind of consistent with the prior comments I made around backlog.

我不一定會畫出任何額外的線條，以與我之前圍繞積壓工作發表的評論保持一致。

Things are going to be lumpy over time.

隨著時間的推移，事情會變得不穩定。

It's terrific that we were able to add some additional wind projects to the backlog.

非常棒的是，我們能夠在待辦事項中添加一些額外的風電項目。

And right now, our expectations remain consistent with what we laid out last month and obviously have, again, in our presentation materials today in terms of the targets over the next four years.

目前，我們的預期與我們上個月制定的預期保持一致，並且顯然在我們今天的演示材料中就未來四年的目標而言也是如此。

But I did say as part of our comments last month, I am optimistic, hopeful maybe, that as we look back after this four-year period, that is potentially the area where we may have been too conservative and maybe on the lower side of it.

但我確實說過，作為我們上個月評論的一部分，我很樂觀，也許充滿希望，當我們在這四年之後回顧時，這可能是我們可能過於保守的領域，也許處於較低的一面它。

It is early in this cycle to make that conclusion.

現在得出這個結論還為時過早。

But we strongly believe that wind, solar, and battery storage, as complementary technologies, and low cost and fast to deploy, as John just highlighted, are immensely valuable to our customers.

但我們堅信，正如約翰剛才強調的那樣，風能、太陽能和電池儲存作為補充技術，成本低廉且部署速度快，對我們的客戶來說非常有價值。

And so having the availability of all three, we think will continue to create value for our customer base over a long period of time.

因此，擁有這三者的可用性，我們認為將在很長一段時間內繼續為我們的客戶群創造價值。

Andrew Weisel, Deutsche Bank.

安德魯‧韋塞爾，德意志銀行。

Just a quick one to clarify, please.

請快速澄清一下。

If I heard you right, I think you said you have seven gigawatts in total with tech and data center customers.

如果我沒聽錯的話，我想您說您的技術和資料中心客戶總共有 7 吉瓦。

Can you just give us a sense of the pace, maybe roughly round numbers, how many megawatts per year you've been adding or expect to add?

您能否讓我們了解您每年增加或預計增加多少兆瓦的進度，也許是大致的數字？

And then if you could also just clarify, is that purely in terms of wind, solar storage, or does that also include transmission?

那麼您是否也可以澄清一下，這純粹是風能、太陽能存儲，還是也包括傳輸？

Hi, Andrew.

嗨，安德魯。

It's Rebecca.

是麗貝卡。

So that is just projects for -- with technology companies, roughly 3 gigawatts of those are already in service, and roughly 4 gigawatts now are the ones that are in the backlog that we plan to build over the coming years.

因此，這只是科技公司的項目，其中大約 3 吉瓦已經投入使用，大約 4 吉瓦現在是我們計劃在未來幾年建造的積壓項目。

It is a mix of technologies, probably trend wise, fairly consistent with what we have seen for overall trends for renewables development.

它是多種技術的組合，可能是趨勢方面的，與我們所看到的可再生能源發展的整體趨勢相當一致。

So projects that are already in service are likely to be more heavily weighted towards wind as we've entered into those relationships over a longer period of time.

因此，隨著我們在較長一段時間內建立這些關係，已經投入使用的項目可能會更傾向於風能。

And then in terms of the backlog, for now, they're more weighted towards solar and storage, but I expect that to even out over time, particularly as these projects get more deliberately balanced with new data center demand as these hyperscalers and data center operators are starting to put projects in service.

然後就積壓而言，目前，它們更傾向於太陽能和存儲，但我預計隨著時間的推移，這種情況會趨於平衡，特別是當這些項目與新的數據中心需求更加刻意地平衡時，因為這些超大規模企業和資料中心營運商開始將專案投入使用。

So broadly speaking, roughly consistent with overall development trends.

所以從廣義來說，大致符合整體發展趨勢。

And we certainly are seeing a lot of demand, both directly.

我們確實看到了大量的直接需求。

We're reacting with them, as well as in kind of these three-way collaborations with the utilities that ultimately will need to serve them as they are, and we'll continue to be adding these new data centers and bringing them on themselves.

我們正在與他們做出反應，以及與最終需要按原樣為他們提供服務的公用事業公司進行這種三向合作，我們將繼續添加這些新的資料中心並自行引入它們。

Okay, great.

好的，太好了。

Do you see much of an opportunity on the transmission side working with data centers, or is your focus more on what you were describing?

您是否認為傳輸端與資料中心合作有很多機會，或者您更關注您所描述的內容？

I would say from a transmission perspective, all of this demand, whether it was the historical replacement cycle demand and now further accelerated by the growth demand particularly as it gets served with renewables and storage.

我想說，從輸電的角度來看，所有這些需求，無論是歷史上的更換週期需求，還是現在的成長需求進一步加速了需求，特別是當它得到再生能源和儲存的滿足時。

It is incredibly important that new transmission get built in order to be able to get the resources from which they're most optimally generated, where they're most optimally consumed and that's changing a little bit.

建立新的傳輸系統非常重要，以便能夠從最優化地產生資源、最優化地消耗資源，而這種情況正在發生一些變化。

But what's not changing is the need to build transmission.

但沒有改變的是建立傳輸的需要。

We see interest from the hyperscalers and the data center operators to understand transmission and be supportive of it getting built.

我們看到超大規模提供者和資料中心營運商有興趣了解傳輸並支援其建設。

But it is a very technically complex and you need to understand transmission and how to interact with the system operators and the transmission owners and operators themselves.

但這在技術上非常複雜，您需要了解傳輸以及如何與系統運營商以及傳輸所有者和運營商本身進行互動。

So I don't see them necessarily wanting to build transmission, but they are very interested in having us and others ensure that it gets built to support their own long-term objectives.

因此，我認為他們不一定想要建立傳輸，但他們非常有興趣讓我們和其他人確保它的建立能夠支持他們自己的長期目標。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

Hey, team.

嘿，團隊。

Good morning.

早安.

Really, really appreciate you taking the time and answering my question here.

真的非常感謝您抽出時間在這裡回答我的問題。

All my other questions have been answered.

我所有其他問題都已得到解答。

Just one quick follow-up on Carly's questions on election and y potential repeal of [higher] risks.

只是對卡莉關於選舉和可能廢除[更高]風險的問題的一個快速跟進。

How much of that -- you had a really strong quarter on renewable origination, but how much of that political instability is actually impacting your ability to sign contracts?

其中有多少——您在再生能源發電方面確實表現強勁，但政治不穩定有多少實際上影響了您簽署合約的能力？

Is that -- does that come up in your negotiations is that keeping your customers away from signing contracts into the future?

在您的談判中，這是否會阻礙您的客戶在未來簽訂合約？

Any color on that is appreciated.

任何顏色都值得讚賞。

Thank you.

謝謝。

Yeah.

是的。

Durgesh, the short answer is, is absolutely not.

簡短的回答是，杜爾吉什絕對不是。

If anything, and if they really if they really did believe that there were going to be modifications would only accelerate demand, which is certainly not something that we believe for the reasons I went through.

如果有的話，如果他們真的相信會有修改的話，只會加速需求，這肯定不是我們所相信的，因為我經歷過的原因。

But it's not curtailing demand at all.

但這根本沒有減少需求。

This concludes our question-and-answer session, and the conference is now concluded.

我們的問答環節到此結束，會議現在結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect

現在您可以斷開連接