新世紀能源 (NEE) 2024 Q3 法說會逐字稿

Good day and welcome to the next era, Energy and NextEra Energy Partners LP Third Quarter 2024 earnings call. All participants will be in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. You ask a question. You may press star then one on your touch tone phone. To withdraw your question, please press star then two. Please note, this event is being recorded.

美好的一天，歡迎來到下一個時代，Energy 和 NextEra Energy Partners LP 2024 年第三季財報電話會議。所有參與者將處於只聽模式。如果您需要協助，請按星號鍵和零向會議專家發出訊號。今天的演講結束後，將有機會提問。你問一個問題。您可以按按鍵式電話上的星號，然後按一個。若要撤回您的問題，請按星號然後按兩顆。請注意，此事件正在被記錄。

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

我現在想將會議交給投資者關係總監馬克‧艾德曼 (Mark Edelman)。請繼續。

Thank you, Dave. Good morning, everyone, and thank you for joining our third quarter 2024 combined financial results conference call for NextEra Energy, NextEra Energy Partners. With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy, prime bolster our Executive Vice President and Chief Financial Officer of NextEra Energy, Rebecca Qiagen, President and Chief Executive Officer of NextEra Energy Resources and markets, and 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. Dan will start with opening remarks, and then Brian will provide an overview of our results.

謝謝你，戴夫。大家早安，感謝您參加我們為 NextEra Energy、NextEra Energy Partners 舉辦的 2024 年第三季合併財務業績電話會議。今天早上與我在一起的有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、NextEra Energy 資源和市場總裁兼執行長麗貝卡卡·凱根(Rebecca Qiagen) 以及執行副總裁NextEra Energy 的副總裁，他們都是 NextEra Energy Partners 的高管，以及佛羅裡達電力與照明公司的總裁兼首席執行官 Armando Pimentel。丹將首先致開幕詞，然後布萊恩將概述我們的結果。

Our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements.

然後我們的執行團隊將可以回答您的問題。我們將在本次電話會議中根據目前的預期和假設做出前瞻性聲明，這些預期和假設存在風險和不確定性。實際結果可能與我們的前瞻性陳述有重大差異。

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 website, w. w. w. dot NextEra Energy.com and w. w. w. dot NextEra Energy Partners.com. We do not undertake any duty to update any forward-looking statements.

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向美國證券交易委員會提交的最新報告和文件中發表的評論，每一個都可以在我們的網站上找到，w. w。 w。點 NextEra Energy.com 和 w。 w。 w。點 NextEra Energy Partners.com。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. Please refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure.

今天的演示也提到了非公認會計準則財務指標。請參閱今天簡報附帶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。

Thank you, Mark, and good morning, everyone. Nextera Energy delivered strong third quarter results and remains well positioned to meet its overall objectives for the year.

謝謝你，馬克，大家早安。 Nextera Energy 取得了強勁的第三季業績，並且仍有能力實現今年的整體目標。

Adjusted earnings per share for the third quarter increased approximately 10% year over year, reflecting continued solid financial and operating operational performance at both FPL and Energy Resources assigned to the robust underlying demand for new renewables, Gener operation and storage. We are pleased to announce that for the second quarter in a row, we have added approximately three gigawatts to our backlog, bringing are running four quarter total to approximately 11 gigawatts. We are also pleased to announce incremental framework agreements with two point Fortune 50 customers for the potential development of renewables and storage projects totaling up to 10.5 gigawatts between now and 2030, none of which is in our backlog today.

第三季調整後每股收益年增約 10%，反映出 FPL 和 Energy Resources 持續穩健的財務和營運業績，歸因於對新再生能源、發電營運和儲存的強勁潛在需求。我們很高興地宣布，連續第二個季度，我們的積壓訂單增加了約 3 吉瓦，使四個季度的總運行量達到約 11 吉瓦。我們也很高興地宣布與財富50 強的兩個重點客戶達成增量框架協議，以開發從現在到2030 年總計高達10.5 吉瓦的可再生能源和存儲項目，而這些項目目前都沒有在我們的積壓工作中。

When combined with our Entergy joint development agreement from last quarter, our recent announced framework agreements now total up to a potential 15 gigawatts, demonstrating our unique position in the market and our customers' confidence in our ability to help meet the nation and the need for power. Before I turn it over to Brian to take you through the detailed results, I want to spend a moment on FPL. No hurricanes, Hallein and Milton, then we'll discuss our view of the industry at this transformative time, I would like to extend our deepest sympathies to all those who have been affected by the widespread destruction caused by these two hurricanes.

與上季的Entergy 聯合開發協議相結合，我們最近宣布的框架協議目前潛在容量總計達15 吉瓦，這證明了我們在市場中的獨特地位，以及客戶對我們幫助滿足國家和需求的能力的信心。在我把它交給 Brian 帶你了解詳細的結果之前，我想花點時間談談 FPL。哈林和米爾頓，沒有颶風，那麼我們將在這個變革的時刻討論我們對行業的看法，我想向所有受到這兩場颶風造成的廣泛破壞影響的人們致以最深切的同情。

Over the last month, hurricane Hallein was one of the most destructive hurricanes to ever make landfall in the continental United States. The powerful and destructive stuff. Storm hit Florida as a high end category for her hurricane with devastating storm surges that surges and sustained winds of approximately 140 miles per hour, causing approximately 680,000 FPL customers to lose power.

上個月，哈林颶風是登陸美國本土最具破壞性的颶風之一。強大且具有破壞性的東西。風暴襲擊了佛羅裡達州，這是一場高端颶風，帶來了毀滅性的風暴潮，風暴潮洶湧澎湃，持續風速約為每小時 140 英里，導致大約 680,000 名 FPL 客戶斷電。

Hurricane Milton made landfall all in Florida as a high end category three hurricane was sustained winds of approximately 120 miles per hour, producing numerous turn tornadoes, widespread flooding and causing approximately 2 million FPL customers to lose power. Hurricane Milton made landfall in the West Coast of Florida and FPL service territory and Sarasota County and exited on the East Coast of Florida and FPL service territory in Brevard County and preparation for hurricanes FPL assemble.

颶風米爾頓在佛羅裡達州全境登陸，屬於高端三級颶風，持續風速約每小時 120 英里，產生大量旋轉龍捲風、大面積洪水，導致約 200 萬 FPL 客戶斷電。颶風米爾頓在佛羅裡達州西海岸和 FPL 服務區以及薩拉索塔縣登陸，並在佛羅裡達州東海岸和 FPL 服務區布里瓦德縣退出，並為颶風 FPL 集結做準備。

They combine restoration workforce of more than 30,000 workers across these two storms. This preparation and core data response and enabled FPL to restore service to roughly 95% of effective customers after the second full day of restoration following Hurricane haul lanes landfall and 95% of affected customers after the fee for full day of restoration following Hurricane Milton's landfall, I would like to thank all of our employees have made personal sacrifices, leaving their own homes to serve our customers, our communities and our state. It was because of their training, their preparation, their dedication and their commitment that we were able to restore power to our customers.

他們在這兩場風暴中聯合了超過 30,000 名恢復人員。這種準備和核心數據響應使FPL 在颶風運輸通道登陸後的第二個全天恢復後能夠為大約95% 的有效客戶恢復服務，並在颶風米爾頓登陸後的全天恢復費用後為95%的受影響客戶恢復服務，我要感謝我們所有的員工做出個人犧牲，離開自己的家園為我們的客戶、我們的社區和我們的國家服務。正是由於他們的訓練、準備、奉獻和承諾，我們才能夠為客戶恢復供電。

So quickly. I would also like to thank other members of the restoration team, including the contractors, vendors and first responders that supported our efforts for their dedicated assistance during this critical time. Finally, I would like to express our sincere gratitude to Governor to Santos further unwavering leadership and support during these devastating hurricanes.

這麼快。我還要感謝修復團隊的其他成員，包括承包商、供應商和急救人員，他們在這關鍵時刻為我們的努力提供了竭誠的幫助。最後，我謹向桑托斯總督在這些毀滅性颶風期間進一步堅定不移的領導和支持表示誠摯的謝意。

We are also deeply grateful for the resources provided by our industry partners who came from 41 different states and Canada to help support our customers during her hurricane Selene and Milton mutual aid in times of disaster was one of the hallmarks of our industry, and we were proud to be able to assist other utilities to help rebuild some of the damaged Southeastern POWERGRID that saw significant impacts from Hurricane Hallein and Georgia and the Carolinas for nearly two decades, FPL has invested significantly in building a stronger, smarter and more storm resilient grid.

我們也深深感謝來自 41 個不同州和加拿大的行業合作夥伴提供的資源，在塞琳娜和米爾頓颶風期間為我們的客戶提供支持。很自豪能夠協助其他公用事業公司幫助重建一些受損的東南電網，近二十年來，該電網受到哈林颶風、喬治亞州和卡羅來納州的重大影響，FPL 已投入巨資建設更強大、更智能和更具風暴抵禦能力的電網。

The performance of our system demonstrates that FPL's hardening, undergrounding automation and smart grid investments are providing significant benefits to our culture summers during sustained winds of approximately 140 miles per hour during hurricane Elaine and 120 miles per hour during hurricane Milton, our smart grid technology investments avoided 185,000 outages during hurricane Hallein and avoided a 554,000 outages during hurricane Milton.

我們系統的性能表明，在伊萊恩颶風期間約每小時140 英里的持續風速和米爾頓颶風期間約每小時120 英里的持續風速期間，FPL 的加固、地下自動化和智慧電網投資為我們的文化夏季帶來了顯著的效益，我們的智慧電網技術投資在哈林颶風期間避免了 185,000 次停電，在米爾頓颶風期間避免了 554,000 次停電。

Additionally, initial performance data shows that FPL form or the six times better in terms of outage rates than it listing overhead distribution power lines in Florida. We are proud to report that our generation fleet, including our solar sites, sustained no significant damage despite 66 of FPL's 88 existing solar sites or approximately 16 million panels being exposed to storm conditions during hurricanes, a lane and Milton less than 0.05% of our solar panels were affected. We believe these investments, together with our preparation and coordinated response have improved FPL's overall reliability and resiliency providing significant value to our customers.

此外，初始性能數據顯示，就停電率而言，FPL 形式比列出的佛羅裡達州架空配電線路要好六倍。我們很自豪地報告，儘管FPL 88 個現有太陽能站點中的66 個或大約1600 萬塊電池板在颶風期間暴露在風暴條件下，但我們的發電設備（包括我們的太陽能站點）沒有遭受重大損壞，車道和米爾頓不到我們的0.05%太陽能板受到影響。我們相信這些投資，加上我們的準備和協調一致的回應，已經提高了 FPL 的整體可靠性和彈性，為我們的客戶提供了巨大的價值。

Yes, the recent storms underscore the importance of a reliable and resilient power grid, and this need will only intensify as we face a period of unprecedented growth in power demand. Over the last 80 years, our sector has experienced many demand cycles from growth emerging out of the World War two and the industrial revolution to multiple decades of essentially little to flat demand. That's all changed today.

是的，最近的風暴凸顯了可靠和有彈性的電網的重要性，隨著我們面臨電力需求空前增長的時期，這種需求只會加劇。在過去的 80 年裡，我們的產業經歷了許多需求週期，從第二次世界大戰和工業革命帶來的成長到幾十年來需求基本上為零甚至持平的時期。今天這一切都改變了。

There are forecasts for an approximate six X increase in power demand growth in the next 20 years versus the prior 20. That significant projected shift in fee fundamental demand is across industries driven in large part by seven by 24, loads from data centers, reshoring of manufacturing and electronic verification of industry, including oil and gas and chemicals to name a few US data center power demand alone is expected to increased substantially, adding approximately 406 terawatt hours of new electricity demand at a compound annual growth rate of 22% from 2023 to 2030, which could potentially enable 150 gigawatts of new renewables and storage demand over the same period.

預計未來 20 年電力需求成長將比前 20 年成長約六倍。僅美國資料中心的電力需求預計將大幅增加，從2023 年到2023 年以22% 的複合年增長率增加約406 太瓦時的新增電力需求。新再生能源和儲存需求。

With all of that demand up with all that power demand, it's important to consider what it will take to meet that demand and what type of generation will be required over the next decade or so. And importantly, when candidate practically be brought to market, if that demand is not met and a smart prudent way, power prices could escalate over time and affordability could become an increasing concern, driving inflation and making US industry uncompetitive on a global scale.

考慮到所有這些需求和所有電力需求，重要的是要考慮如何滿足該需求以及在未來十年左右需要什麼類型的發電。重要的是，當候選人實際上被推向市場時，如果這種需求得不到滿足，並且採取明智審慎的方式，電價可能會隨著時間的推移而上漲，而負擔能力可能會變得越來越令人擔憂的問題，從而推動通貨膨脹並使美國工業在全球範圍內失去競爭力。

Fortunately, at FPL, we have a playbook in place. We have been addressing the benefits and challenges of fundamental growth years now while continuing to deliver on our strong customer value proposition, which is anchored in bills that are nearly 40% below the national average and maintaining top decile reliably already, we are making smart capital investments and low-cost solar generation and battery storage, which are continuing to reduce our overall fuel cost.

幸運的是，在 FPL，我們有一個適當的劇本。我們現在一直在解決基本成長的好處和挑戰，同時繼續提供我們強大的客戶價值主張，該價值主張以低於全國平均水平近40% 的賬單為基礎，並且已經可靠地保持在前十分位，我們正在創造智慧資本投資以及低成本太陽能發電和電池存儲，這正在持續降低我們的整體燃料成本。

And when combined with generation modernizations have saved customers nearly $16 billion since 2001. We are delivering best in class non-fuel O&M, where we're 70% better than national average, saving our customers $3 billion every year compared to the average utility.

與發電現代化相結合，自2001 年以來已為客戶節省了近160 億美元。 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。美元。

Our experience at FPL puts energy resources in a unique position to help our customers meet their power demands. We know what it is going to take to successfully meet the challenge that is in front of our industry. We need low cost, reliable energy that can also deliver the capacity needed to support grid, and we need it. Now cost capacity and speed are the three big issues that need to be addressed in medium power demand. And as we have demonstrated in Florida, a mix of new renewable storage gas generation is the solution.

我們在 FPL 的經驗使能源資源處於獨特的地位，可以幫助我們的客戶滿足他們的電力需求。我們知道如何才能成功應對我們行業面臨的挑戰。我們需要低成本、可靠的能源，同時也能提供支援電網所需的容量，我們需要它。現在成本容量和速度是中等功率需求需要解決的三大問題。正如我們在佛羅裡達州所展示的那樣，新的可再生儲存天然氣發電的組合是解決方案。

When it comes to economics, renewables and storage of lowest cost generation and capacity resource for customers in many parts of the U.S., we believe new wind is up to 60% cheaper and new solar up to 40% cheaper than new gas power generation. And that's on a nearly firm basis when paired with for our battery incentives for a wind, solar and storage flow directly to customers in the form of lower bills. Over the past several years, we have seen the customer benefits of low-cost solar and storage at FPL were the two combined resources are currently the lowest cost option for customers beating out newbuild Gas Power peakers and combined cycle units and our 10-year site plan.

當談到經濟、再生能源以及為美國許多地區的客戶提供最低成本發電和容量資源的儲存時，我們認為新風能比新天然氣發電便宜高達 60%，新太陽能發電便宜高達 40%。當與我們對風能、太陽能和儲存的電池激勵措施相結合時，這一點幾乎是堅實的基礎，以較低的帳單形式直接流向客戶。在過去的幾年中，我們在FPL 看到了低成本太陽能和儲存為客戶帶來的好處，這兩種組合資源目前是客戶擊敗新建燃氣發電調峰器和聯合循環機組以及我們10 年站點的最低成本選擇計劃。

As a result, FPL now has the largest utility-owned solar portfolio in the country. What FPL is seen in Florida is also playing out across the rest of the country, whether with investor-owned utilities, municipalities, cooperatives or commercial and industrial customers. And when it comes to speed, the market know technology is quicker to deploy that renewables and storage, wind, solar and storage not only can be built quicker, but they're already in the interconnection queue, but don't just take our word for look at our backlog. We've added another approximately three gigawatts of renewables and storage this quarter, our second quarter in a row as a top operator of all forms of power generation. We often get asked about nuclear and gas.

因此，FPL 現在擁有該國最大的公用事業太陽能投資組合。 FPL 在佛羅裡達州的情況也正在全國其他地區上演，無論是投資者擁有的公用事業公司、市政當局、合作社還是商業和工業客戶。當談到速度時，市場知道技術的部署速度更快，可再生能源和儲存、風能、太陽能和儲存不僅可以更快地建設，而且它們已經在互連隊列中，但不要只相信我們的話看看我們的積壓工作。本季我們又增加了約 3 吉瓦的再生能源和儲存容量，這是我們連續第二個季度成為所有形式發電的頂級營運商。我們經常被問到有關核能和天然氣的問題。

Let me start with nuclear. Nuclear will play a role, but there are some practical limitations. Remember, on a national level, we expect we're going to need to add 900 gigawatts of new generation to the grid by 2040. There are only a few nuclear plants that can be recommissioned in an economic way. We are currently evaluating the recommissioning of our Duane Arnold nuclear plant in Iowa.

讓我從核子開始。核能將發揮作用，但也存在一些實際限制。請記住，在國家層面上，我們預計到 2040 年將需要向電網增加 900 吉瓦的新一代發電量。我們目前正在評估愛荷華州杜安阿諾德核電廠的重新調試。

As one example, but even with a 100% success rate on those recommissioning, we would still only meet less than 1% of that demand. Existing merchant nuclear generation is also limited and its ability to meet that demand, given there are only approximately 28 merchant nuclear plants in this country. And that nuclear capacity is also not evenly spread across the U.S. and is not in many places. We know hyperscalers are looking to develop.

舉個例子，即使重新調試的成功率達到 100%，我們仍然只能滿足不到 1% 的需求。鑑於該國祇有約 28 座商用核電廠，現有商用核電發電也有限，無法滿足這項需求。而且核子能力在美國各地的分佈也不均勻，分佈在許多地方也不多。我們知道超大規模企業正在尋求發展。

Data centers are manufacturing manufacturers are looking to expand their footprint. For example, there are only two merchant nuclear plants west of them, Mississippi nuclear plants across the country are already serving existing demand. So even if they are contracted bispecific customers, new resources need to be built to meet new demand and alternatives such as new utility scale, nuclear and SMRs are unproven expensive and again, not expected to be commercially viable at scale scale until the latter part of the next decade.

資料中心是製造業製造商尋求擴大其足跡的地方。例如，其以西只有兩座商業核電廠，密西西比州全國各地的核電廠已滿足現有需求。因此，即使他們是簽約的雙特異性客戶，也需要建立新的資源來滿足新的需求，而新的公用事業規模、核能和中小型反應器等替代方案的成本未經證明是昂貴的，並且預計直到2020年下半年才能大規模商業化。

Turning to gas. When it comes to gas power generation, nobody has built more over the last two decades and NextEra Energy. We understand the benefits and the challenges. And we know what it all cost and how long it takes to build the power sector is going to need to build more gas power generation and battery storage to meet growing capacity. It needs over the next decade. And as we build more, we also enable more renewables to come to market as the lowest cost generation source of energy. Renewables will be built for energy and battery storage and gas for capacity.

轉向氣體。就天然氣發電而言，過去二十年沒有人建造更多的天然氣發電，NextEra Energy 也是如此。我們了解好處和挑戰。我們知道建造電力產業需要花費多少成本以及需要多長時間，需要建造更多的天然氣發電和電池儲存來滿足不斷增長的容量。它需要在未來十年內。隨著我們建設更多，我們也使更多再生能源作為成本最低的發電來源進入市場。再生能源將用於能源和電池存儲，天然氣將用於容量。

That being said, while we are going to be as it's ready now as it can be paired with renewables at the same interconnect and there are no wait, times are permitting hurdles for batteries and renewables and storage will only get cheaper and cheaper for overtime and we believe will continue to make up the lion's share of new additions over the long haul. To summarize, we believe power demand is at an inflection point, and we expect much of that demand to be met by renewables and storage because they're low cost fast to deploy and in the transmission queue.

話雖這麼說，雖然我們現在已經準備好了，因為它可以在同一互連中與可再生能源配對，而且無需等待，但時間允許電池和可再生能源出現障礙，而且隨著時間的推移，存儲只會變得越來越便宜，我們相信，從長遠來看，將繼續佔據新增內容的大部分。總而言之，我們認為電力需求正處於拐點，我們預計大部分需求將透過再生能源和儲存來滿足，因為它們的部署和傳輸隊列成本低、速度快。

Now and the potential opportunity is significant. Forecasts are projecting a tripling in renewables growth over the next seven years compared to what we've seen over the prior seven. No one is better positioned to capitalize on that demand growth, the NextEra Energy that we have, the track record to prove it since 2021, one and energy resources, we have originated more than 33 gigawatts of renewables and storage, while placing nearly 18 gigawatts in the commercial operation.

現在，潛在的機會是巨大的。預測預計未來七年再生能源成長將比前七年增長兩倍。沒有人比我們更有能力利用這種需求成長，我們擁有的NextEra Energy 自2021 年以來的業績記錄證明了這一點，一是能源資源，我們已經開發了超過33 吉瓦的可再生能源和存儲，同時放置了近18 吉瓦在商業運作中。

We have advanced from originating on average eight gigawatts per year from 2021 to 2023 to approximately 11 gigawatts over the last fall quarters. If we achieve the midpoint of our development expectations, this pace of development is expected to more than double our combined renewable generation portfolio, growing from 38 gigawatts today to potentially 81 gigawatts by the end of 2027. It's hard to overstate the advantage this would give us as we head into the end of the decade. This potential growth in the portfolio, it would enable a long term co-located storage opportunity set of more than 50 gigawatts by the end of 2027, creating a meaningful opportunity for us to win new business and continue to deliver superior returns.

我們已從 2021 年至 2023 年的平均每年 8 吉瓦增至去年秋季季度的約 11 吉瓦。如果我們達到發展預期的中點，這一發展速度預計將使我們的綜合再生能源發電組合增加一倍以上，從目前的38 吉瓦增長到2027 年底的潛在81 吉瓦。帶來的優勢當我們即將進入本世紀末時。該產品組合的潛在成長將使到 2027 年底實現超過 50 吉瓦的長期託管儲存機會，為我們贏得新業務並繼續提供卓越回報創造有意義的機會。

Our new framework agreements with Fortune 50 companies, as well as our Entergy joint development agreement announced last quarter. Together with our continued origination success, our key examples of our leadership in power generation, while these additions clearly demonstrate that some of the most sophisticated customers in the country understand the value proposition of renewables and storage, I want to close with a reminder of the broader economic impact of build-out of renewables has had and continues to have on the U.S. economy. We have invested tens of billions of dollars in the nation's energy infrastructure, creating tens of thousands of jobs, increased tax revenues and economic stimulus for the communities we invest in and we are powering millions of American homes and businesses with low cost, reliable and clean electricity.

我們與財富 50 強公司的新框架協議以及我們上季度宣布的 Entergy 聯合開發協議。加上我們持續的創新成功，我們在發電領域的領先地位的關鍵例子，雖然這些新增內容清楚地表明該國一些最成熟的客戶了解可再生能源和存儲的價值主張，但我想在結束時提醒大家再生能源建設已經並將繼續對美國經濟產生更廣泛的經濟影響。我們在國家能源基礎設施上投資了數百億美元，創造了數以萬計的就業機會，增加了稅收收入，並為我們投資的社區提供了經濟刺激，我們正在以低成本、可靠和清潔的方式為數百萬美國家庭和企業提供電力電力。

The fact is that renewables are a critical part of the energy infrastructure in this country. Wind, solar and storage or not only ready now and fast to deploy, but also present a cost effective solution for meeting our country's energy needs. Tens of thousands of good jobs have already been created with many more yes to come over the next several years, boosting manufacturing and helping to revitalize rural communities across America with scale, experience and technology across the energy value chain and sites ready to develop an interconnect today, NextEra Energy was built for this moment.

事實上，再生能源是這個國家能源基礎設施的重要組成部分。風能、太陽能和儲存不僅現在已經準備好並且可以快速部署，而且還為滿足我國的能源需求提供了一個具有成本效益的解決方案。已經創造了數以萬計的好就業機會，未來幾年還將創造更多就業機會，透過整個能源價值鍊和準備開發互連的站點的規模、經驗和技術，促進製造業並幫助振興美國各地的農村社區今天，NextEra Energy 就是為了這一刻而誕生的。

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

這樣，我會將電話轉給布萊恩，以說明詳細的結果。

Thank you, John, and good morning, everyone. For the third quarter of 2020 for FPL increased earnings per share by $0.05 year over year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 9.5% year over year. We continue to expect FPL to realize roughly 10% average annual growth in regulatory capital employed of our current rate agreement four year term, which runs through 2025 fields.

謝謝約翰，大家早安。 2020 年第三季度，FPL 每股盈餘年增 0.05 美元。這一業績的主要推動力是 FPL 的監管資本使用年增約 9.5%。我們仍然預計 FPL 將在我們目前利率協議四年期（貫穿 2025 年）的監管資本中實現約 10% 的年均增長。

Capital expenditure of approximately $2 billion for the quarter. We expect that feels full year 2020 for capital investment to be between $8 billion and $8.8 billion. Over the current for your settlement agreement, we expect FPL's capital investments to exceed $34 billion. FPL's third quarter retail sales increased 1% from the prior year. Comparable period. FPL grew retail sales by roughly 1.6% on a weather-normalized basis, offset by milder weather.

本季資本支出約 20 億美元。我們預計 2020 年全年資本投資將在 80 億至 88 億美元之間。在目前的和解協議中，我們預計 FPL 的資本投資將超過 340 億美元。 FPL 第三季零售額較上年同期成長 1%。可比時期。在天氣正常化的基礎上，FPL 零售額增長了約 1.6%，但被溫和的天氣所抵消。

During the quarter, FPL reversed approximately $231 million of reserve amortization operation and Espial ended the quarter with the balance of roughly $817 million with regard to costs associated with storm recovery. As a reminder, we have both the storm reserve and a surcharge mechanism to the extent that the reserve has been fully utilized. Following Hurricane Debbie, we had depleted our storm reserve and have deferred the remaining incremental cost for hurricane Debbie lane and onto the balance sheet. We intend to recover those deferred costs and replenish the storm reserve vs. storm surcharge and customers' bills or the calendar year 2025.

本季度，FPL 沖銷了約 2.31 億美元的準備金攤銷業務，而 Espial 在本季末的風暴恢復相關成本餘額約為 8.17 億美元。提醒一下，我們既有風暴儲備金，也有在儲備金得到充分利用的情況下的附加費機制。黛比颶風過後，我們耗盡了風暴儲備，並將颶風黛比萊恩的剩餘增量成本推遲到資產負債表上。我們打算收回這些遞延成本，並根據風暴附加費和客戶帳單或 2025 年補充風暴儲備金。

Although FPL has not completed the final accounting, our preliminary estimate estimate of restoration costs that we plan to recover from customers through a surcharge is approximately $1.2 billion, inclusive of $150 million which will be utilized to replenish the storm reserve. Of course, the restoration costs will be subject to final review and prudence determination by the Florida Public Service Commission. For the 12 months ending September 2024 fields reported ROE for regulatory purposes will be approximately 11.8%. We still expect the regulatory ROE for the 12 months ended December 2024 and 2025 to 11.4%.

儘管FPL尚未完成最終核算，但我們初步估計我們計劃透過附加費向客戶收回的恢復成本約為12億美元，其中1.5億美元將用於補充風暴儲備。當然，修復費用將由佛羅裡達州公共服務委員會最終審查和審慎確定。截至 2024 年 9 月的 12 個月，油田為監管目的而報告的 ROE 約為 11.8%。我們仍預期截至 2024 年 12 月和 2025 年 12 個月的監管 ROE 為 11.4%。

Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 11% year over year. At Energy Resources, adjusted earnings per share increased by $0.04 year over year. Contributions from new investments increased $0.15 per share year over year, primarily driven by continued growth in our renewables portfolio.

現在讓我們來看看能源資源公司，該公司公佈的調整後獲利年增約 11%。 Energy Resources 的調整後每股盈餘年增 0.04 美元。新投資的貢獻同比增長了 0.15 美元，這主要是由於我們的可再生能源投資組合的持續增長。

Comparative contribution from our customer supply and trading business would you will recall had a strong had strong earnings last year decreased by $0.10 per share driven by normalization of origination activity in margins, which is consistent with our expectations. Contributions from both NextEra Energy transmission and gas infrastructure businesses increased by $0.01 per share year over year. All other impacts reduced earnings by $0.03 per share.

您還記得，我們​​的客戶供應和貿易業務的相對貢獻強勁，去年由於利潤率發起活動正常化，每股收益下降了 0.10 美元，這與我們的預期一致。 NextEra Energy 傳輸和天然氣基礎設施業務的貢獻每股增加 0.01 美元。所有其他影響使每股收益減少 0.03 美元。

Energy Resources had another strong quarter of new renewables and storage origination, adding approximately three gigawatts to backlog. With these additions are backlog now totals over 24 gigawatts after taking into account roughly one gigawatt of new projects placed into service since our last earnings call, providing great visibility into energy resources, ability to deliver on our development program expectations. We expect the backlog additions will go into service over the next several years.

能源資源公司在新的再生能源和儲存發電方面又表現強勁，增加了約 3 吉瓦的積壓。加上這些新增項目，考慮到自我們上次財報電話會議以來投入使用的大約1 吉瓦的新項目，目前積壓的總量已超過24 吉瓦，這為我們提供了能源資源的可視性，以及實現我們開發計劃預期的能力。我們預計積壓的新增項目將在未來幾年內投入使用。

Turning now to our third quarter 2024 consolidated results. Adjusted EPS was [$1.03] per share. Adjusted earnings from corporate and other were flat to last year's comparable quarter. At NextEra Energy, 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, 2026 in 2027, 2023 to 2027. We continue to expect that our average annual growth in operating cash cash flow will be at or above rate risk, and we also continue to expect to grow our dividends per share at roughly 10% per year through at least 2026 of a base of 2024 base.

現在轉向我們 2024 年第三季的合併業績。調整後每股收益為[1.03美元]。調整後的企業收益和其他收益與去年同期持平。在 NextEra Energy，我們的長期財務預期保持不變。如果我們無法在2024 年、2025 年、2026 年、2027 年、2023 年至2027 年實現財務業績達到或接近調整後每股收益預期範圍的上限，我們將感到失望。年均成長流量將處於或高於利率風險，我們也繼續預計，以 2024 年為基數，至少到 2026 年，每股股息將以每年約 10% 的速度成長。

As a reminder, our expectations are subject to our caveats. Turning to NextEra Energy Partners. Yesterday, NextEra Energy Partners Board declared a quarterly distribution of [$0.9175] per common unit, or $3.67 per common unit on an annualized basis of nearly 6% from a year earlier.

提醒一下，我們的期望取決於我們的警告。轉向 NextEra 能源合作夥伴。昨天，NextEra Energy Partners 董事會宣布季度分配為每普通單位 [0.9175 美元]，即每普通單位 3.67 美元，按年化計算，較去年同期增長近 6%。

Today, NextEra Energy Partners is pleased to announce the expected wind repowering of another approximately 225 megawatts of wind facilities, bringing its total backlog of wind repowerings to approximately 1.6 gigawatts through 2026, the Partnership's organic growth opportunities and expanded, and we are increasing our wind repowering, our target to approximately 1.9 gigawatts of wind projects owned by NextEra Energy Partners through 2026, which is up from the previous target of 1.3 gigawatts, NextEra Energy Partners on a large portfolio of high-quality, long-term contracted clean energy assets and has attractive organic growth from the repo powering of its existing portfolio.

今天，NextEra Energy Partners 很高興地宣布，預計將另外約225 兆瓦的風電設施進行風電改造，到2026 年，其風電改造的積壓總量將達到約1.6 吉瓦，該合作夥伴關係的有機增長機會和擴大，我們正在增加我們的風電改造我們的目標是到2026 年NextEra Energy Partners 擁有約1.9 吉瓦的風電項目，高於之前的1.3 吉瓦目標，NextEra Energy Partners 擁有大量高品質、長期承包的清潔能源資產和其現有投資組合的回購動力帶來了有吸引力的有機成長。

Nextera Energy Partners remains focused on executing additional wind repowering opportunities in the future, which we believe would provide improved operating performance and higher generation. Let me now turn to the detailed results. Third quarter adjusted EBITDA was $453 million and cash available for distribution was $155 million. Third quarter adjusted EBITDA and cash available for distribution declined by approximately $35 million and $92 million, respectively, from the same period last year.

Nextera Energy Partners 仍專注於在未來執行更多的風力發電機會，我們相信這將提供改善的營運績效和更高的發電量。現在讓我談談詳細的結果。第三季調整後 EBITDA 為 4.53 億美元，可用於分配的現金為 1.55 億美元。第三季調整後的 EBITDA 和可用於分配的現金較去年同期分別減少約 3,500 萬美元和 9,200 萬美元。

Third quarter. Adjusted EBITDA and cash available for distribution reflects the year-over-year impact of the divestiture of the Texas pipeline portfolio. In addition, Q3 cash available for distribution in 2024 was negatively impacted by the first interest payment on the partnership's December 2023 Holdco debt issuance, as well as $23 million of higher project level debt service related in large part to the 2023 acquisition financing.

第三季。調整後的 EBITDA 和可用於分配的現金反映了德克薩斯州管道投資組合剝離的同比影響。此外，2024 年第三季可供分配的現金受到合夥企業2023 年12 月Holdco 債務發行的首次利息支付以及很大程度上與2023 年收購融資相關的2300 萬美元較高項目級別債務償還的負面影響。

Nextera Energy Partners continue to expect the run rate contribution for adjusted EBITDA from its forecasted portfolio at December 31, 2024, to be in the range of $1.9 billion to $2.1 billion. The year end 2024 run rate projections reflect expected calendar year 2025 contribution from the forecasted portfolio at year end 2020 for the Partnership also continued to evaluate alternatives to assets remaining convertible equity portfolio financing obligations and its cost of capital, focusing on its capital structure and the potential for redeployment of more cash flow toward driving organic cash flow growth. Given the demand for power, NextEra Energy Partners has many ways in which it can seek to grow, which could include not only acquiring assets but also wind repowerings and potential other organic growth opportunities.

Nextera Energy Partners 繼續預計，截至 2024 年 12 月 31 日，其預測投資組合調整後 EBITDA 的運行率貢獻將在 19 億美元至 21 億美元之間。 2024 年底運行率預測反映了 2020 年底預測投資組合對 2025 日曆年的預期貢獻，該合夥企業還繼續評估剩餘可轉換股權投資組合融資義務資產的替代方案及其資本成本，重點關注其資本結構和重新部署更多現金流以推動有機現金流成長的潛力。鑑於對電力的需求，NextEra Energy Partners 有多種尋求成長的方式，其中不僅包括收購資產，還包括風力發電和其他潛在的有機成長機會。

Nextera Energy Partners plans to complete its review by no later than the fourth quarter 2020 for call intends to provide its distribution and run rate cash available for distribution expectations at that time. As a reminder, our expectations are subject to our caveats. That concludes our prepared remarks. And with that, we'll open the line for questions.

Nextera Energy Partners 計劃在 2020 年第四季之前完成審查，以便屆時可以提供其分配和運行率現金，以滿足分配預期。提醒一下，我們的期望取決於我們的警告。我們準備好的演講到此結束。接下來，我們將開通提問專線。

We will now begin the question and answer session. To ask a question. You may press star then one on your touch tone phone. If you're using a speakerphone, please pickup your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. Our first question comes from Steve Fleishman with Wolfe Research. Please go ahead.

我們現在開始問答環節。來問一個問題。您可以按按鍵式電話上的星號，然後按一個。如果您使用免持電話，請在按鍵前拿起聽筒。如果您的問題已解決，但您想撤回問題，請按星號，然後按兩顆。我們的第一個問題來自沃爾夫研究公司的史蒂夫‧弗萊什曼。請繼續。

Thanks and good morning. Steve, maybe if it's possible love to get more color on the framework agreements. And I think when Brookfield announced one of these with Microsoft, you kind of downplayed wanting to do things in a framework fashion just due to the fact that you wanted to maximize the value of each site. So could you maybe talk to the change in kind of now wants now having framework agreements?

謝謝，早安。史蒂夫，也許如果可能的話，希望在框架協議上獲得更多的色彩。我認為，當布魯克菲爾德與微軟宣布其中一項時，您有點淡化了想要以框架方式做事的想法，只是因為您希望最大化每個網站的價值。那麼您能否談談現在想要達成框架協議的變化？

Yes, sure, Steve. This is John. First of all, the framework agreements that we have been able to strike with Entergy and with the two Fortune 50 companies that we mentioned, that total over 10.5 gigawatts and 4.5 on the energy side give us an enormous amount of flexibility in terms of which assets that we allocate towards those programs.

是的，當然，史蒂夫。這是約翰。首先，我們與 Entergy 以及我們提到的兩家財富 50 強公司達成的框架協議，總容量超過 10.5 吉瓦，能源方面為 4.5 吉瓦，這為我們在資產方面提供了巨大的靈活性我們分配給這些計劃的資金。

And so we're not stuck tying up inventory and it creates a close partnership arrangement with each of these three counterparties that gives us a huge each leg up and being able to secure incremental business. And what we would look for on the energy side, for example, is kind of a 50 50 on BBOT.s and PPAs. But I would think what we're doing with the framework agreements with the Fortune 50 customers would be more in the lines of power purchase agreements.

因此，我們不會被困在庫存中，它與這三個交易對手建立了密切的合作夥伴關係，這為我們提供了巨大的優勢，並能夠確保增量業務。例如，我們在能源方面尋求的是 BBOT.s 和 PPA 上的 50 50。但我認為我們與財富 50 強客戶的框架協議更多的是在購電協議方面。

I'll turn it over to Rebecca to see if she has anything to add share. Stephen, and I appreciate the question. I think if you take a step back and you think about what's happening in our industry and unit-linked is that as many of us on the call on the change in demand, a significant on and it has changed rapidly over the last couple of years.

我會把它交給麗貝卡，看看她是否有什麼可以補充的。史蒂芬，我很欣賞這個問題。我認為，如果你退後一步，想想我們的行業和單位相關正在發生的事情，我們中的許多人都在呼籲需求的變化，這是一個重大的變化，並且在過去的幾年裡變化很快。

And the customers that were referencing today as well is quite a number of others with whom we're in discussions with had big important and urgent energy needs that they need to have visibility to how those are going to be met. And they want to make sure that we and they are aligned and so that they have access to our substantial pipeline of projects on, you know, very well, there is no one else out there that has a pipeline of hundreds of megawatts of projects in various stages of development.

今天提到的客戶中還有相當多的其他客戶，我們正在與之討論的客戶有大量重要且緊急的能源需求，他們需要了解如何滿足這些需求。他們希望確保我們和他們保持一致，以便他們能夠獲得我們大量的專案管道，你知道，很好，沒有其他人擁有數百兆瓦的專案管道。

There's no one out there that has 150 megawatts net Connect, compute and interconnect Q positions ready to go. And these customers want to make sure we're focused on their business and how do we do that? We get visibility to what their needs are so that we're working with them collaboratively so that ultimately we can work to put these projects into the backlog. I think the biggest takeaway that I would have if I read your she is, is that this is a sign of how we are differentiated from others and how we're getting incremental visibility to the significant demand on that's related to the characteristics that we all know.

沒有人擁有 150 兆瓦的淨連接、計算和互連 Q 位置。這些客戶希望確保我們專注於他們的業務，我們該如何做到這一點？我們了解他們的需求，以便我們與他們合作，最終我們可以努力將這些項目放入待辦事項中。我認為，如果我讀到你的《她是》，我會得到的最大收穫是，這是我們如何與其他人區分開來的標誌，以及我們如何逐漸了解與我們所有人的特徵相關的重大需求。

Well, I think it's also a great sign of let John and Brian just went through about specifically the demand for renewables, low cost ready to deploy and aligned with the goals and objectives of the customer's life virtual working. I think it's just one more sign if that's a great environment interoperating.

嗯，我認為這也是一個很好的跡象，讓約翰和布萊恩剛剛具體了解了對再生能源、低成本部署的需求，並與客戶生活虛擬工作的目標和目標保持一致。我認為這只是一個良好的互通環境的另一個跡象。

Okay, that's helpful. And maybe just a follow-up or two on this. Still the US, is there a point in time when you'll be able to disclose who these agreements are with and obviously can't do that now, but just our kids it fair to say these are both hypers scale or tech type customers or for other industries?

好的，這很有幫助。也許只是對此的一兩個後續行動。還是在美國，是否有一個時間點你能夠披露這些協議是與誰簽訂的，而現在顯然不能這樣做，但只是我們的孩子，可以公平地說，這些都是超大規模或技術類型的客戶，或者對於其他行業？

So yes, I'll take the first one, Steve, you know, is there a point of time or we can give names probably. And I think these and our preference is to go ahead and make an announcement of who they are side by side with the transaction. Once we bring a deal to the table with them and are back to. Rebecca, you want to handle the second question?

所以，是的，我會選擇第一個，史蒂夫，你知道，是否有一個時間點，或者我們可以給出名字。我認為這些和我們的偏好是繼續並在交易的同時公佈他們是誰。一旦我們與他們達成協議並返回。麗貝卡，你想回答第二個問題嗎？

Yes, I think the second part of that, and we are careful to ride a Fortune 50 companies. These are not technology companies. I think that's another great point is yes, absolutely try and many others are talking about ad demand from hyperscalers and co-location data center developers. And that demand is real and significant. And we're having quite a number of conversations with all of them. But these are actually with customers that are outside of the technology industry.

是的，我認為第二部分是，我們很小心地乘坐財富 50 強公司。這些不是科技公司。我認為另一個重要的觀點是，是的，絕對嘗試，許多其他人正在談論來自超大規模企業和託管資料中心開發人員的廣告需求。這種需求是真實且重要的。我們正在與他們所有人進行大量對話。但這些其實是科技業以外的客戶。

They are folks that are building facilities that they need to get power to other folks that are concerned and care about ensuring that they are low cost deployed and ideally low-carbon forms of energy and capacity tax basis, again, robust sign as a significant broad-based demand.

他們正在建造所需的設施，為其他關心和關心確保這些設施的部署成本低廉、理想的低碳形式的能源和容量稅基的人們提供電力，再次，這是一個重要的廣泛跡象基於需求。

Yes. And one thing I'll add to that, Steve, which I think is important color as investors think about the value proposition that we have going forward, given all all of the demand that we're seeing from data centers, it's actually and the compression of supply and available sites ready to go. It's creating more even more of a premium on other industries outside of data centers that tried a lockup, low-cost renewable generation. And so on, all ships rise are rising with the tide here, so to speak.

是的。史蒂夫，我要補充一件事，我認為這是重要的色彩，因為投資者考慮我們未來的價值主張，考慮到我們從資料中心看到的所有需求，它實際上是壓縮供應並準備好可用站點。它為資料中心以外嘗試鎖定低成本再生能源發電的其他行業創造了更多的溢價。依此類推，可以說，這裡所有的船隻都是隨著潮水而上升的。

So as data centers or are some increase in their demand, which is also increasing price, which is also increasing returns. You're also seeing other industries that are looking to secure and hedge their power exposure because they have I believe that power prices, they may be facing power, higher power prices down the road.

因此，隨著資料中心的需求增加，這也會增加價格，這也會增加回報。你也看到其他產業正在尋求保護和對沖他們的電力風險，因為他們有電力價格，他們可能會面臨電力，更高的電力價格。

And so it's kind of a cross sector phenomenon that we're seeing. And so encouraging because it's very consistent with what we've been saying that this is not just the data center movement. This is a movement across industry, the electrification of industry manufacturing looking to decouple from China, and they're all looking for ways to control energy prices at the lowest cost possible going forward.

因此，我們看到的是一種跨部門現象。如此令人鼓舞，因為這與我們一直所說的「這不僅僅是資料中心的運動」非常一致。這是一場跨行業的運動，工業製造業的電氣化尋求與中國脫鉤，他們都在尋找未來以盡可能低的成本控制能源價格的方法。

Thank you. Last quick question just on the Duane Arnold journey. Milestones are key steps that we should be watching out for on that opportunity?

謝謝。關於杜安·阿諾德之旅的最後一個快速問題。里程碑是我們應該關注這個機會的關鍵步驟嗎？

Yes. So we are very busy looking at some Duane Arnold. We're very interested in recommissioning the plant. We're doing all the things right now that you would expect us to do. We're doing all the assessments, which include engineering assessments, includes working with the NRC. It includes way working with local stakeholders. So we are we are continuing to advance that that project and they're obviously, it goes without saying there's very strong interest from customers, really datacenter customers, in particular around around that side. But we will we will keep all of you poll posted as our evaluation progresses.

是的。所以我們正忙著關註一些杜安·阿諾德。我們對重新調試工廠非常感興趣。我們現在正在做您期望我們做的所有事情。我們正在進行所有評估，包括工程評估，包括與 NRC 合作。它包括與當地利益相關者合作的方式。因此，我們正在繼續推進該項目，顯然，不言而喻，客戶，真正的資料中心客戶，特別是在這一方面，有著非常強烈的興趣。但隨著評估的進展，我們將隨時發布大家的民調。

Thank you. Next question comes from Shar Pourreza with Guggenheim Partners. Please go ahead.

謝謝。下一個問題來自古根漢合夥人公司的 Shar Pourreza。請繼續。

Hey, guys, good morning. Good morning. Wondering just on Steve's question on Duane Arnold. I guess, John, any sort of sense on the cost to restart that plant and other structural items we should be thinking about as you approach a decision? And ultimately, if you strike a contract for the counterparty, is this an asset did want to on over the long term, it could that be a monetization opportunities? We're thinking about your kind of ongoing balance sheet needs?

嘿，夥計們，早安。早安.只是想知道史蒂夫關於杜安·阿諾德的問題。約翰，我想，在您做出決定時，我們應該考慮重新啟動該工廠的成本和其他結構性項目，這有什麼意義嗎？最終，如果您與交易對手簽訂了合同，這是否是一項長期想要的資產，這可能是一個貨幣化機會嗎？我們正在考慮您的持續資產負債表需求？

Yes, sure. I'll start with the first one. The go to the second. So I'm not going to give you a cost number yet because that's that's part of the evaluation that we're going through currently a member. This is a BWR. boiling water reactor. They are a lot less complex to bring back to recommission. It's a simpler design because they don't have a a steam to us steam generator. You know, like up by PwC, ours do so that gives us optimism. You know, I have been able to do this at an attractive price and be able to execute it without as much risk that might be associated with recommissioning of plant that you know, as does not have a boiling water reactor, but you know, is a PWR design.

是的，當然。我將從第一個開始。轉到第二個。所以我不會給你一個成本數字，因為這是我們目前正在對會員進行的評估的一部分。這是沸水堆。沸水反應器。重新投入使用它們要簡單得多。這是一個更簡單的設計，因為他們沒有蒸汽發生器。你知道，就像普華永道的研究一樣，我們的做法讓我們感到樂觀。你知道，我已經能夠以有吸引力的價格做到這一點，並且能夠在沒有與你知道的工廠重新調試相關的風險的情況下執行它，因為沒有沸水反應堆，但你知道，壓水堆設計。

On the second question, our desire to own versus monetize for us luck. I mean, this is a very attractive assets to own them. We would hope to be able to get an attractive PPA. And this was this would be a lot term asset that I think would fit nicely in our portfolio.

關於第二個問題，我們對擁有的渴望與為我們的運氣而貨幣化的渴望。我的意思是，對於擁有它們來說，這是一項非常有吸引力的資產。我們希望能夠獲得有吸引力的購電協議。這將是一種長期資產，我認為它非常適合我們的投資組合。

Okay. Perfect. And then, John, just on the net side, I mean, obviously, there's been some change in language around timing, obviously concluding the financial review by the year-end call. I guess what's given the confidence this quarter to put that time line out there? Is there kind of a range of preferred outcome that you can at least highlight to investors, especially as you kind of removed the language around the distribution growth targets? I guess what should we read into that? I mean, obviously, the market's a little bit jittery around that language change. And can you at least confirm if you see yourself as remaining the owner of this entity into the future? Thanks.

好的。完美的。然後，約翰，就網路方面而言，我的意思是，顯然，圍繞時間的語言發生了一些變化，顯然是在年終電話會議之前結束了財務審查。我想是什麼讓我們有信心在本季制定這個時間表？您是否至少可以向投資者強調一系列首選結果，特別是當您刪除了圍繞分配成長目標的語言時？我想我們應該對此有何解讀？我的意思是，顯然，市場對語言的變化有點緊張。您至少可以確認一下您是否認為自己在未來仍然是該實體的所有者？謝謝。

Yes, sure, sure. Thank you. Thank you for the question. So as we have said to investors, see level at the last several months were completely in our view regarding how to address sepsis and apps cost of capital. We've been exploring a number of offices as part of that. And as we said today, we're also really reflecting on the yieldco model itself and and contemplating this strategic shift in how we allocate capital. one of the things that we are evaluating this, I'm sure we put the data point more of our capital towards really growing the underlying cash flow, no of the business and maybe less towards distributions.

是的，當然，當然。謝謝。謝謝你的提問。因此，正如我們對投資者所說的那樣，關於如何解決敗血症和應用程式資本成本，過去幾個月的水平完全符合我們的觀點。作為其中的一部分，我們一直在探索一些辦公室。正如我們今天所說，我們也在認真反思 Yieldco 模式本身，並思考我們如何分配資本的策略轉變。我們正在評估的事情之一是，我確信我們將數據點更多的資本用於真正增長基礎現金流，而不是業務，也許更少用於分配。

And so that's one of the things that we're thinking about. Obviously, we have to also address the Bakken convertible equity portfolio financing, but we wanted to do is just be upfront with investors that this reviews coming to us. Collusion will be prepared to provide updated feedback on our distribution policy going forward on the fourth quarter call.

這就是我們正在考慮的事情之一。顯然，我們還必須解決巴肯可轉換股權投資組合融資問題，但我們想做的只是向投資者坦白我們收到的評論。 Collusion 將準備在第四季度電話會議上提供有關我們未來分配政策的最新回饋。

So just just reflecting on sort of the yieldco model, it sounds like even next our remaining, you know, the ultimate owner of net is something that's a question market as well, too. Right?

因此，只要反思一下 Yieldco 模型，聽起來我們剩下的網路的最終所有者也是一個問題市場。正確的？

Yes, no, look, I think going forward, our preference would be to remain the owner of NextEra Energy Partners. We've looked at what we consider all available options and alternatives. I don't discount any potential options going forward, but our base case would be too remain the owner of NEP going forward.

是的，不，看，我認為展望未來，我們的偏好是繼續保留 NextEra Energy Partners 的所有者。我們已經研究了我們認為的所有可用選項和替代方案。我不會低估未來任何潛在的選擇，但我們的基本情況也將是未來新經濟政策的所有者。

Okay, thank you. And I might just because it could have a chart with (multiple speakers)

好的，謝謝。我可能只是因為它可以有一個圖表（多個演講者）

The other thing I want to add is we talked a lot of it on this call dynamics in the industry. We're in a period of substantial power demand in this industry. And there are many things where NextEra Energy is has a superior position in markets and they're going to be a number of potential growth opportunities that could favor not only are energy, but also potentially NextEra Energy Partners, um, you know, going forward, obviously data centers being, you know, a big part of that as well. And so up, we have a number of things that we're looking at that it could potentially lead to attractive growth opportunities for NEP going forward.

我想補充的另一件事是，我們就產業的呼叫動態進行了很多討論。我們正處於該產業電力需求旺盛的時期。 NextEra Energy 在許多方面都在市場上佔據優勢地位，它們將成為許多潛在的成長機會，不僅有利於能源，而且有利於潛在的 NextEra Energy 合作夥伴，嗯，你知道，未來的發展顯然，資料中心也是其中的重要組成部分。因此，我們正在考慮許多事情，它們可能會為新經濟政策帶來有吸引力的成長機會。

Okay, perfect. Thanks so much, and we'll see you guys appreciate it.

好的，完美。非常感謝，我們會看到你們會感激的。

Thank you. The next question comes from Julien Dumoulin-Smith with Jefferies. Please go ahead.

謝謝。下一個問題來自 Jefferies 的 Julien Dumoulin-Smith。請繼續。

Hey, good morning, team. Did you guys very much appreciate it. Hey, John team. I know you guys always a step ahead of everyone else here, so I wanted to get ahead here. How do you frame the discussion on safe harboring assets heading into this election outcome, whatever? Maybe how would you assess the risking your plans through 27 as you guys have talked about or even frankly beyond the 27 point in terms of proactively safe harboring your outlook, whether that storage, solar or wind?

嘿，早上好，團隊。你們非常欣賞嗎？嘿，約翰團隊。我知道你們總是比這裡的其他人領先一步，所以我想在這裡取得領先。不管怎樣，您如何在這次選舉結果中討論有關避險資產的討論？也許您會如何評估您的計劃在 27 日之前的風險，正如您所談論的，甚至坦率地說，在 27 點之後，在主動安全地保護您的前景方面，無論是存儲、太陽能還是風能？

Yes, we have fully de-risked our safe harbor program. I mean, we're bought through 29. So you know those that are familiar with the Safe Harbor program that would, you know, the moves that we have made and the investments that we have made have protected our development program for you. Your Safe Harbor through 2029 first, that so that's the first thing that I would say.

是的，我們已經完全消除了安全港計畫的風險。我的意思是，我們是透過 29 購買的。首先是到 2029 年的安全港，這是我要說的第一件事。

The second piece, Tom, is don't forget we're always very forward looking from a supply chain perspective. And we also were very long transformers are very long switch gears, other electrical equipment that have caused problems for others in the industry. So we have plan ahead. We've taken all the necessary steps on safe harboring.

湯姆，第二點是不要忘記，從供應鏈的角度來看，我們總是非常具有前瞻性。我們的變壓器、開關裝置和其他電氣設備也很長，給業內其他人帶來了問題。所以我們提前計劃。我們已採取一切必要的安全庇護措施。

And we've also taken all the necessary steps in terms of locking up critical electric infrastructure that is leading to delays of projects by small developers, which again, if you have a small developers have fallen down, I think the tolerance level of our utility customer base in our C&I customer bases, whether defend and so they're now looking to they have too much to lose too much on the line and they want to do business with established developers like next era that they now are going to get their projects built on time. And that plan ahead. And I don't get caught off guard by by some of these issues that have you now have chronically impacted the small developer in the renewable space.

我們還採取了所有必要的措施來鎖定關鍵的電力基礎設施，這會導緻小型開發商的項目延遲，同樣，如果小型開發商倒下了，我認為我們公用事業公司的容忍水平我們的C&I 客戶群中的客戶群，無論是防禦性的，所以他們現在希望他們有太多的損失，他們希望與成熟的開發商做生意，例如他們現在將獲得他們的專案的下一個時代按時建成。並提前計劃。我不會對這些問題感到措手不及，這些問題現在已經長期影響著再生能源領域的小型開發商。

Excellent. Thank you, guys, are is a step ahead. As you said, Hey, quick nuance here. Seabrook. I'm just curious, are we talking about doing here, but that's the situation there was the thoughts about New England on any further, shall we say, co-location or long-term offtake arrangements there with potential counterparties?

出色的。謝謝你們，夥計們，我們領先了一步。正如你所說，嘿，這裡有細微差別。西布魯克。我只是好奇，我們是否正在談論在這裡做的事情，但這就是關於新英格蘭的想法，我們可以說，與潛在對手方進行同地辦公或長期承購安排嗎？

Yes. So for us, I mean, we look at our entire nuclear fleet as part of our data center strategy. So we're sort of technology agnostic as we approach it. Most of the conversations that we have a data center customers are around renewables. But obviously, we have a comprehensive expertise across the energy value chain, whether it's wind or whether it's solar, whether it's battery storage, whether it's transmission, whether it's gas, coupled with renewables solution and whether it's nuclear. And I think we're uniquely positioned in that regard because we do do it all. We know that at all costs we have the data supported at all. And um, you know, what we tried to do is have educated discussions with our customer base to provide them with the low cost, the most comprehensive clean energy solution that addresses the demands that they see going forward to satisfy their business needs.

是的。因此，對我們來說，我的意思是，我們將整個核艦隊視為我們資料中心策略的一部分。因此，當我們接近它時，我們對技術是不可知的。我們與資料中心客戶的大部分對話都圍繞著再生能源。但顯然，我們在整個能源價值鏈上擁有全面的專業知識，無論是風能還是太陽能，無論是電池存儲，無論是傳輸，無論是天然氣，再加上可再生能源解決方案，無論是核能。我認為我們在這方面具有獨特的地位，因為我們確實做到了這一切。我們知道，我們會不惜一切代價獲得數據支援。嗯，你知道，我們試圖做的是與我們的客戶群進行有教育意義的討論，為他們提供低成本、最全面的清潔能源解決方案，以滿足他們未來的業務需求。

And the next question comes from David Arcaro with Morgan Stanley. Please go ahead.

下一個問題來自摩根士丹利的大衛‧阿卡羅。請繼續。

Thanks so much. Good morning. I'm wondering if you could expand a little bit on your thoughts on SMRs as an asset in particular, if you might consider that it SPL. at over time within your resource mix.

非常感謝。早安.我想知道您是否可以詳細闡述您對 SMR 作為一種資產的看法，尤其是您是否認為它是 SPL。隨著時間的推移，您的資源組合。

Yes, on SMR, so let me start with we have some we have a small SMR team inside the company, right? So we we have been falling SMRs for a very long time. We actually advise a couple of the Fortune 100 companies on SMRs today. But here's what we see. We're very close. The SMR market, you know, there's really nine 11 Neonode depends on your account of how many OEMs or are you know, in the SMR area we look at of all the we know we do technology reviews around them.

是的，關於 SMR，所以讓我從我們公司內部有一個小型 SMR 團隊開始，對吧？所以我們很長一段時間以來一直在下降 SMR。目前，我們實際上為多家財富 100 強公司提供了有關 SMR 的建議。但這就是我們所看到的。我們非常接近。 SMR 市場，你知道，實際上有 9 個 11 Neonode 取決於你對有多少 OEM 的描述，或者你知道，在 SMR 領域，我們關注所有我們知道的，我們圍繞它們進行技術審查。

We do financial reviews around a lot of them are very strained financially. There are only a handful that really have capitalization, um, that could actually carry them through, you know, through the next several years. And so that's one piece. The second piece is what you're looking at a first-of-a-kind technology that are unproven that comes with a ton of risk associated with that. They're still very expensive. I don't see that changing really as things move forward to, um, there, particularly as you see, renewables getting cheaper and I think renewables used for energy and storage and gas use for capacity, I think on an economic basis, tougher SMRC compete.

我們對許多財務狀況非常緊張的公司進行財務審查。只有少數公司真正擁有資本，嗯，可以真正支持他們度過接下來的幾年。這是一件。第二部分是您正在尋找的首創技術，該技術尚未得到證實，並且伴隨著大量與之相關的風險。它們還是很貴。我不認為這種情況會隨著事情的發展而真正改變，嗯，特別是正如你所看到的那樣，可再生能源變得越來越便宜，我認為可再生能源用於能源和存儲，天然氣用於容量，我認為從經濟角度來看，SMRC 更加嚴格競爭。

The other thing that doesn't get a lot of them attention is nuclear fuel. They're the nuclear fuel supply chain is, you know, has a lot of repair and work that has to has to occur. You know, I think most of you know, we passed sanctions against Russia on an enrichment and conversion. We basically have to start in Richmond and conversion industry here in this in the US. It's going to take a lot of time to get that up and running some SMRs. You don't they don't run off of low and richer rhenium, Rafa Hey, Lou. Hey, Lou, as remains a bit of improvement as well.

另一件沒有引起他們太多關注的事情是核燃料。你知道，核燃料供應鏈需要進行大量的維修和工作。你知道，我想你們大多數人都知道，我們通過了針對俄羅斯濃縮和轉換的製裁。我們基本上必須從里士滿和美國這裡的改裝行業開始。啟動並運行一些 SMR 需要花費很多時間。你不知道，他們不會消耗低而豐富的錸，拉法嘿，盧。嘿，盧，還有一些改進。

And so when we stack all that together data, and that's why we're just not bullish SMRs. So we think it's kind of a mix, the end of the next decade alternative. But it is also something that that we stay close to and we have capacity at our existing generation facilities to be able to add SMRs. And you know, it's up in the FPL will continue to keep a close eye on also as we move forward. But you know, again, it's so far out in the future from a viability standpoint at scale. It's Tom. It's or prioritize another generation resources at this time. And I think renewables are, as I said in my prepared remarks, are here for the long haul.

因此，當我們將所有這些數據疊加在一起時，這就是我們不看好 SMR 的原因。所以我們認為這是一種混合，是下一個十年末的替代方案。但這也是我們一直關注的目標，我們現有的發電設施有能力添加小型反應器。你知道，隨著我們的前進，FPL 中的情況也將繼續密切關注。但你知道，從大規模生存的角度來看，這在未來還很遙遠。是湯姆。此時它或優先考慮另一代資源。正如我在準備好的演講中所說，我認為再生能源將長期存在。

Yes. Got it. Thanks so much that perspective. It makes sense. And then you'd mentioned renewables returns at earlier, just given the strong demand backdrop. And if you could just give a little bit more color on what you're seeing in terms of the trend of renewable returns and for incremental projects right now?

是的。知道了。非常感謝這個觀點。這是有道理的。然後，您早些時候提到了再生能源的回報，只是考慮到強勁的需求背景。您是否可以就目前所看到的再生能源回報趨勢和增量項目提供更多的資訊？

Sure. I'll turn that over to Rebecca.

當然。我會把它交給麗貝卡。

Thanks, Dave, and are not only the second quarter turnaround, three gigawatt timings and real excitement for us on these framework agreements, not just the ones we announced, but also ones that we haven't gotten to the point of announcing. It is clearly a debt change dynamic in terms I have and need for what we have to offer. And it's safe to say that there are opportunities for us to improve margin and whether that makes sense, we certainly are taking advantage of that on Saturday, it's much more of an upward trajectory on than staying the same and certainly not going down.

謝謝戴夫，不僅是第二季的周轉、三吉瓦的時間安排以及對這些框架協議的真正興奮，不僅是我們宣布的協議，還有我們尚未宣布的協議。就我所擁有的以及我們所提供的服務的需求而言，這顯然是一種債務變化動態。可以肯定地說，我們有機會提高利潤率，無論這是否有意義，我們肯定會在周六利用這一點，它更像是一個上升的軌跡，而不是保持不變，當然也不會下降。

And you should also expect that we will continue to be very disciplined and thus a capital allocation as well as being aware of where cost of capital, our shares we've seen changes in rates is not to expect us to respond appropriately to that. But that market dynamic for us in a unique position in this industry is very positive tailwind for us.

您還應該期望我們將繼續非常自律，因此資本配置以及了解資本成本，我們看到的股票利率變化並不期望我們對此做出適當的反應。但對於我們在這個產業中處於獨特地位的市場動態來說，這對我們來說是非常正面的推動力。

Okay, excellent. I appreciate the color. Thanks so much. In. The next question comes from Jeremy Tonet with JPMorgan. Please go ahead.

好的，非常好。我很欣賞它的顏色。非常感謝。在。下一個問題來自摩根大通的 Jeremy Tonet。請繼續。

Hi, good morning. Good morning, Jeremy. Just wanted to turn to the near backlog additions. Looks like a three games has been added the past few quarters here on our second file 11 over the past year. Just wondering, I guess your expectation for run rate backlog additions over an extended period of time, should we be thinking kind of like 12 a year or roughly or do you see that increasing over time? And then on slide 5, you lay out a significant, you know, demand growth there for renewables. And just wondering how you think about an extra market share going forward there.

嗨，早安。早上好，傑里米。只是想談談即將增加的積壓工作。看起來過去幾個季度我們在去年的第二個文件 11 中添加了三場比賽。只是想知道，我猜您對在很長一段時間內積壓的運行率增加的期望，我們是否應該考慮每年 12 個或大約，或者您是否看到隨著時間的推移而增加？然後在投影片 5 上，您列出了再生能源的顯著需求成長。只是想知道您如何看待未來的額外市場份額。

Thanks, Jeremy. And I'll take I'll take the first stab at both of those on in terms of the run rate just and lower gigawatt signings, I'll say this in my comments and higher at quarterly signings locations, we shouldn't expect these to be perfectly linear, and that will be changes quarter to quarter. I'd be hesitant to say the three gigawatts is the new normal for now and forever more, but it is very clear.

謝謝，傑里米。我會在運行率和較低千兆瓦簽約方面首先嘗試這兩個方面，我會在我的評論中說這一點，並在季度簽約地點更高，我們不應該期望這些是完全線性的，而且每個季度都會發生變化。我不太願意說 3 吉瓦是現在和永遠的新常態，但這是非常明確的。

And we made the comments for a reason that we had seen the change in demand that we have been that we've been talking about and we've been expecting given. Does that color commentary in the marketplace as well as what's actually happening in the ground for real demand of new electrons, both in the formats of energy and capacity? I am really proud of our team on the we've invested a lot in our greenfield development program over years and developed a lot of technology and capability to ensure that we can scale that effectively.

我們發表評論的原因是我們已經看到了我們一直在談論和期待的需求變化。這種色彩評論是否反映了市場上的評論以及實際發生的情況對新電子的真正需求，無論是在能量還是容量方面？我為我們的團隊感到非常自豪，多年來我們在綠地開發專案上投入了大量資金，並開發了大量技術和能力，以確保我們能夠有效地擴展該專案。

And that is proving out to bring high-quality projects to market with teams that are working closely with our customers to ensure that we are getting those right projects today and at the right time right place and in the right price for us mutually. So clearly a positive tailwind. And at this point, I would say we continue to feel comfortable with the expectations that we laid out in greater detail at the investor conference in June at a level where we think overall for you to that and the expectations are at an aggregate actually 2020 set.

事實證明，我們的團隊與客戶密切合作，將高品質的專案推向市場，以確保我們今天能夠在正確的時間、正確的地點、以正確的價格為我們雙方提供正確的專案。顯然這是一個積極的推動力。在這一點上，我想說，我們仍然對我們在 6 月的投資者會議上更詳細地提出的預期感到滿意，我們總體上認為這一水平是 2020 年實際設定的總體預期。

And so I think is a great quarter on related to that to being in those ranges. John, in terms of at I forgot the second part of your question, actually, Jamie, did I cover deck of adjacent markets, but just market share going forward up architect? Listen, we've over a long period of time had a range of market share. I would say the cross the technology is roughly a 20% market share.

因此，我認為與處於這些範圍內相關的一個很好的季度。約翰，我忘記了你問題的第二部分，實際上，傑米，我是否涵蓋了相鄰市場的甲板，但只是未來建築師的市場份額？聽著，我們在很長一段時間內擁有一定的市場份額。我想說，這項技術的市佔率大約是 20%。

And yes, there has been rather consistent performance over time. I think that is certainly achievable, I and potentially higher on. And as you know, we'll continue to balance those higher market share and higher margin, and they are in are related to an extent and we're going to make sure that we continue to optimize that. I don't want to build every single project that we could possibly sell to somebody. I want to build the projects, the Hungary, great returns that create value for our shareholders and build incremental value for our platform of our time. And that's what we are going to continue. Staying focused on.

是的，隨著時間的推移，表現相當穩定。我認為這當然是可以實現的，我和潛在的更高。如您所知，我們將繼續平衡更高的市場份額和更高的利潤率，它們在一定程度上是相關的，我們將確保繼續優化這一點。我不想建造我們可能賣給某人的每一個項目。我想在匈牙利建造這些項目，為我們的股東創造價值，並為我們這個時代的平台創造增量價值，帶來豐厚的回報。這就是我們將繼續做的事情。保持專注。

Got it. That's very helpful. Then just quickly, I guess, on origination opportunities for how you see solar versus wind stocking up at this point and also big addition in batteries there. So I'm just wondering what you're seeing currently on that front. I would say the trends are consistent with what we've talked about for the last couple of quarters and specifically in more detail at the investor conference.

知道了。這非常有幫助。然後，我想，請快速討論一下您如何看待太陽能與風能在這一點上的儲備以及電池的大量增加的起源機會。所以我只是想知道你目前在這方面看到了什麼。我想說，這些趨勢與我們在過去幾季中討論的內容一致，特別是在投資者會議上更詳細地討論過。

And there's clearly a tailwind for First Solar and even more so for storage, relatively speaking over the last couple of years. First Solar. I think it's a couple of things are eight, it's relatively attractive onto the other generation technologies and specifically attractive with the addition of the PTC. relative to what I had before, which is ITC. and therefore made it more economic and more regions on in the last five to seven years. On store age, it's really about capacity value.

相對而言，過去幾年，First Solar 顯然面臨順風車，尤其是儲能領域。第一太陽能。我認為有八個因素，它對其他一代技術相對有吸引力，尤其是加上 PTC 後更有吸引力。相對於我之前的ITC。因此，在過去的五到七年裡，它變得更加經濟，覆蓋了更多的地區。關於儲存年齡，這實際上與容量價值有關。

As John outlined in our prepared remarks, it is clear that we need those energy and capacity to meet the incremental demand that utilities are seeing for the first time in decades. And storage is ready to deploy. And in the places where it is needed, most on sale of our customers are really interested in Tina storage projects come to market. Wind is continue to be a little bit weaker, relatively speaking to how strong it lies for the first couple of decades of our renewables development program, how they're still quite a number of customers that are interested in it. And we have a good pipeline of projects in discussions with a variety of customers across the United States. And we see a mix of those resources on being a good complement one another to meet these seven by 24 solutions. Having pipeline of all three technologies has served us well and will continue to pursue that path.

正如約翰在我們準備好的演講中所概述的那樣，很明顯，我們需要這些能源和產能來滿足公用事業公司幾十年來首次出現的增量需求。並且儲存已準備好部署。在有需要的地方，我們的大多數銷售客戶都對上市的蒂娜存儲項目非常感興趣。相對於我們再生能源開發計劃的前幾十年的強勁程度，以及仍然有相當多的客戶對其感興趣，風能仍然有點弱。我們擁有大量正在與美國各地客戶討論的項目。我們看到這些資源的組合可以互相補充，以滿足這 7×24 的解決方案。擁有這三種技術的管道對我們很有幫助，並將繼續沿著這條道路走下去。

Great. That's helpful. Thank you. Thank you. For. The next question comes from Andrew Weisel with Scotia Bank. Please go ahead.

偉大的。這很有幫助。謝謝。謝謝。為了。下一個問題來自豐業銀行的安德魯韋塞爾。請繼續。

Hi, good morning, everyone. A quick couple of follow-ups. Actually, the first on to a normal, they don't want to get too bogged down on the details, but one question I had is about transmission constraints. I know the nuclear units shut down. You agreed with aligned to build a lot of solar and storage battery storage. Given that the NewCo capacity addition will take up some of the pre-existing transmission capacity, will you need to expand transmission opportunity, though, with debt costs?

嗨，大家早安。一些快速的後續行動。實際上，首先是正常的，他們不想過度陷入細節，但我有一個問題是關於傳輸限制。我知道核電站已關閉。你們同意聯合建造大量太陽能和蓄電池。鑑於新公司容量的增加將佔用部分現有的輸電容量，您是否需要透過債務成本來擴大輸電機會？

Yes. A this is one of the benefits of having a very large pipeline. So because we have a very large pipeline, we have the ability to convert some key positions over to different types of technologies. So I'm not concerned about the transmission.

是的。這是擁有非常大的管道的好處之一。因此，由於我們擁有非常龐大的管道，因此我們有能力將一些關鍵職位轉換為不同類型的技術。所以我不關心傳輸。

Okay, great. Good to hear a second on the framework agreements between entered into two new ones, it's about 15 gigawatts. I understand it's kind of the outer years. My question is, what any of that come to the rest of the 40 gig? Or what's your plan to add between now and 2012? seven? Or should we think this is all being helping to sustain growth beyond that 20, the planning period? Yes. I think for now?

好的，太好了。很高興聽到有關兩項新協議之間達成的框架協議的消息，大約是 15 吉瓦。我知道這是一種外在的歲月。我的問題是，剩下的 40 場演出會帶來什麼？或者從現在到 2012 年您計劃添加什麼？七？或者我們應該認為這一切都有助於維持 20 年後（規劃期）的成長？是的。我想暫時？

No. Look, we look at these opportunities, as you know, contributing to the midpoint of our expectations of. Obviously, we always hope to do better. And these framework agreements push put put us in a position to do better.

不，正如你所知，我們著眼於這些機會，為我們的期望做出貢獻。顯然，我們總是希望做得更好。這些框架協議使我們能夠做得更好。

Why don't you don't use the word midpoint very often. Okay. Fair enough. Now well on settled one good, though.

為什麼不常使用「中點」這個詞呢？好的。很公平。不過，現在已經解決了一件好事。

I was just going to say, yes, midpoint is just the ITO, a reference to our current development expectations. Obviously, we're pushing the team to do far better than the midpoint. And again, the framework agreement, I think, gives us opportunities that we otherwise would not have had.

我只是想說，是的，中點就是 ITO，參考了我們目前的發展預期。顯然，我們正在推動球隊做得比中點更好。我認為，框架協議再次為我們提供了原本不會有的機會。

Okay. Then one separate question about the quarterly result. Customer Supply with a negative 10% year over year, Greg and I know last quarter was minus $0.03 as well, although it was positive in the first quarter. I know it's a bit of a more volatile business, but can you just talk a little bit about the dynamics for customer supply it?

好的。然後是一個關於季度業績的單獨問題。客戶供應量年減 10%，Greg 和我知道上一季的客戶供應量也為負 0.03 美元，儘管第一季為正值。我知道這是一個比較不穩定的業務，但您能談談客戶供應的動態嗎？

Yes. I think what you're seeing that at some at our customer supply business, number one is, yes, you got to remember coming off a vote of 2022, we had very high gas prices, which create a lot of volatility and high margins, you know, in that business not only for us, but for others that participate in that business. Obviously, as as gas prices have subsided, we've seen less volatility in that market. Some of the margins have come in, you know, a bit, you know, and more normalize. And I think we've seen that carry over to the origination activity as well. So that business has done great. And we expect it continues to be a solid contributor going forward. But some of what we saw coming off the 22 has subsided. And that's really the commentary that we were trying to get across in our prepared remarks today.

是的。我想你在我們的客戶供應業務中看到的第一件事是，是的，你必須記住，在2022 年投票結束後，我們的汽油價格非常高，這造成了很大的波動性和高利潤率，您知道，在該業務中，不僅對我們而言，而且對參與該業務的其他人也如此。顯然，隨著天然氣價格的下降，我們看到該市場的波動性較小。一些利潤已經進入，你知道，有一點，你知道，並且更加正常化。我認為我們也看到了這種情況延續到了原創活動中。所以這項生意做得很好。我們期望它繼續成為未來的堅實貢獻者。但我們在 22 日看到的一些情況已經平息。這確實是我們今天在準備好的發言中試圖表達的評論。

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

謝謝。謝謝你，安德魯。我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。主題。謝謝。