新世紀能源 (NEE) 2024 Q3 法說會逐字稿

Good day, and welcome to the NextEra Energy, Inc. and NextEra Energy Partners LP third quarter 2024 earnings call.

美好的一天，歡迎參加 NextEra Energy, Inc. 和 NextEra Energy Partners LP 2024 年第三季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Mark Edelman, 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 Edelman)。

Please go ahead.

請繼續。

Thank you, Dave.

謝謝你，戴夫。

Good morning, everyone, and thank you for joining our third 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 年第三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; and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company.

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

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 your questions.

然後我們的執行團隊將可以回答您的問題。

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

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 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, www.nexteraenergy.com and www.nexteraenergypartners.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的評論中發表的評論，實際結果可能與我們的前瞻性陳述有重大差異。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。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早安。

NextEra Energy delivered strong third quarter results and remains well positioned to meet its overall objectives for the year.

NextEra Energy 取得了強勁的第三季業績，並且仍然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 operational performance at both FPL and Energy Resources.

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表現。

As a sign of the robust underlying demand for new renewables generation and storage, we are pleased to announce that for the second quarter in a row, we have added approximately 3 gigawatts to our backlog, bringing our running 4-quarter total to approximately 11 gigawatts.

作為對新型再生能源發電和儲存的強勁潛在需求的標誌，我們很高興地宣布，我們已連續第二季度在積壓中增加了約3 吉瓦，使我們第四季度的總發電量達到約11吉瓦。

We are also pleased to announce incremental framework agreements with two 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.

我們也很高興地宣布與兩家《財富》50 強客戶達成增量框架協議，以開發從現在到2030 年總計達10.5 吉瓦的可再生能源和儲存項目，而這些項目目前都沒有在我們的積壓訂單中。

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 and our ability to help meet the nation's need for power.

結合我們上季度的 Entergy 聯合開發協議，我們最近宣布的框架協議目前潛在發電量總計達 15 吉瓦，展示了我們在市場中的獨特地位以及客戶的信心和我們幫助滿足國家電力需求的能力。

Before I turn it over to Brian to take you through the detailed results, I want to spend a moment on FPL and hurricanes Helene and Milton.

在我將其交給 Brian 來帶您了解詳細結果之前，我想花點時間介紹一下 FPL 以及颶風海倫和米爾頓。

I then will discuss our view of the industry at this transformative time.

然後我將討論我們對這個變革時期的產業的看法。

I would like to extend our deepest condolences to all those who have been affected by the widespread destruction caused by these two hurricanes over the last month.

我謹向所有因上個月兩場颶風造成的廣泛破壞而受到影響的人們表示最深切的哀悼。

Hurricane Helene was one of the most destructive hurricanes to ever make landfall in the Continental United States.

颶風海倫是登陸美國本土最具破壞性的颶風之一。

The powerful and destructive storm hit Florida as a high-end Category 4 hurricane with devastating storm surges and sustained wins of approximately 140 miles per hour causing approximately 680,000 FPL customers to lose power.

這場強大且具破壞性的風暴襲擊了佛羅裡達州，是一場高端 4 級颶風，伴隨著毀滅性的風暴潮，持續時速約 140 英里，導致約 68 萬名 FPL 客戶斷電。

Hurricane Milton made landfall in Florida as a high-end Category 3 hurricane with sustained wins of approximately 120 miles per hour, producing numerous tornadoes, widespread flooding and causing approximately 2 million FPL customers to lose power.

米爾頓颶風作為高端 3 級颶風在佛羅裡達州登陸，持續時速約 120 英里，產生大量龍捲風、大面積洪水，並導致約 200 萬 FPL 客戶斷電。

Hurricane Milton made landfall on the West Coast of Florida and FPL service territory in Sarasota County and exited on the East Coast of Florida and FPL service territory in Brevard County.

颶風米爾頓在佛羅裡達州西海岸和薩拉索塔縣的 FPL 服務區登陸，並在佛羅裡達州東海岸和布里瓦德縣的 FPL 服務區離開。

In preparation for the hurricanes, FPL assembled a combined restoration workforce of more than 30,000 workers across these two storms.

為了應對颶風，FPL 在這兩場風暴中集結了超過 30,000 名修復人員。

This preparation and coordinated response enabled FPL to restore service to roughly 95% of affected customers after the second full day of restoration following Hurricane Helene's landfall and 95% of affected customers after the four full day of restoration following Hurricane Milton's landfall.

這種準備和協調一致的回應使FPL 在颶風海倫登陸後的第二個全天恢復後為大約95% 的受影響客戶恢復了服務，並在颶風米爾頓登陸後的四個全天恢復後為95% 的受影響客戶恢復了服務。

I would like to thank all of our employees who made personal sacrifices leaving their own homes to serve our customers, our communities and our state.

我要感謝所有為我們的客戶、社區和國家做出個人犧牲的員工。

It was because of their training, their preparation, their dedication and their commitment that we were able to restore power to our customers so quickly.

正是由於他們的培訓、準備、奉獻精神和承諾，我們才能夠如此迅速地為客戶恢復供電。

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.

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。

Finally, I would like to express our sincere gratitude to Governor DeSantis for his unwavering leadership and support during these devastating hurricanes.

最後，我謹向州長德桑蒂斯表示衷心感謝，感謝他在這些毀滅性颶風期間堅定不移的領導和支持。

We are also deeply grateful for the resources provided by our industry partners who came from 41 different states in Canada to help support our customers during Hurricanes Helene and Milton.

我們也深深感謝來自加拿大 41 個不同州的產業合作夥伴提供的資源，在颶風海倫和米爾頓期間為我們的客戶提供支援。

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 power grid that saw significant impacts from Hurricane Helene in Georgia and the Carolinas.

災難時期的互助是我們產業的標誌之一，我們很自豪能夠協助其他公用事業公司協助重建一些受到颶風海倫在喬治亞州和卡羅萊納州造成重大影響的東南部電網。

For nearly two decades, FPL has invested significantly in building a stronger, smarter and more storm-resilient grid.

近二十年來，FPL 投入了大量資金，建造更強大、更聰明、更能抵禦風暴的電網。

The performance of our system demonstrates that FPL's hardening, undergrounding, automation and smart grid investments are providing significant benefits to our customers.

我們系統的性能表明，FPL 的加固、地下工程、自動化和智慧電網投資正在為我們的客戶帶來顯著的效益。

During sustained winds of approximately 140 miles per hour during Hurricane Helene and 120 miles per hour during Hurricane Milton, our Smart Grid technology investments avoided 185,000 outages during Hurricane Helene and avoided 554,000 outages during Hurricane Milton.

在海倫颶風期間約每小時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，我們的智慧電網技術投資在海倫颶風期間避免了185,000 次停電，並在米爾頓颶風期間避免了554,000 次停電。

Additionally, initial performance data shows that FPL's underground distribution power lines performed more than 6 times better in terms of outage rates than existing overhead distribution power lines in Florida.

此外，初步性能數據顯示，FPL 地下配電線路的停電率比佛羅裡達州現有架空配電線路高出 6 倍以上。

We are proud to report that our generation fleet, including our solar sites, sustained no significant damage.

我們很自豪地報告，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。

Despite 66 of FPL's 88 existing solar sites or approximately 16 million panels being exposed to storm conditions during hurricanes, Helene and Milton, less than 0.05% of our solar panels were affected.

儘管 FPL 88 個現有太陽能站點中的 66 個或大約 1600 萬塊電池板在颶風海倫和米爾頓期間暴露在風暴條件下，但我們的太陽能電池板只有不到 0.05% 受到影響。

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.

我們相信這些投資，加上我們的準備和協調回應，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。

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.

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。

Over the last eight years, our sector has experienced many demand cycles from growth emerging out of the World War II and the Industrial Revolution to multiple decades of essentially little to flat demand.

在過去的八年裡，我們的產業經歷了許多需求週期，從二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。

That's all changed.

這一切都改變了。

Today, there are forecasts for an approximate 6 times increase in power demand growth in the next 20 years versus the prior 20.

如今，預計未來 20 年電力需求成長將比前 20 年成長約 6 倍。

That significant projected shift in fundamental demand is across industries, driven in large part by 7 x 24 loads from data centers, reshoring the manufacturing and electrification of industry, including oil and gas and chemicals to name a few.

預計基本需求的重大轉變是跨行業的，這在很大程度上是由資料中心的 7 x 24 負載驅動的，從而回流了工業的製造和電氣化，包括石油、天然氣和化學品等。

US data center power demand alone is expected to increase substantially adding approximately 460 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.

僅美國資料中心的電力需求預計將大幅增加，從2023 年到2030 年，新增電力需求將增加約460 太瓦時，複合年增長率為22%，這可能會在同一時期帶來150 吉瓦的新增再生能源和儲存需求。

With all that power demand, it's important to consider what it will take to meet that demand.

面對如此多的電力需求，重要的是要考慮如何滿足該需求。

What type of generation will be required over the next decade or so.

未來十年左右需要什麼類型的發電？

And importantly, when can it practically be brought to market?

重要的是，它什麼時候可以真正推向市場？

If that demand is not met in 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.

如果無法以明智、審慎的方式滿足這一需求，電價可能會隨著時間的推移而上漲，人們的承受能力可能會越來越令人擔憂，從而推高通貨膨脹，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.

幸運的是，在 FPL，我們有一個適當的劇本。

We have been addressing the benefits and challenges of fundamental growth for 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 of reliability.

多年來，我們一直在解決基本成長的好處和挑戰，同時繼續提供強大的客戶價值主張，這項主張的基礎是帳單比全國平均水平低近 40%，並保持最高的可靠性。

We are making smart capital investments in low-cost solar generation and battery storage, which are continuing to reduce our overall fuel cost and when 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。

We are delivering best-in-class nonfuel 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，比全國平均高出 70%，與平均公用事業公司相比，每年為客戶節省 30 億美元。

Our experience at FPL puts energy resources in a unique position to help our customers meet their power demands.

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。

We know what it is going to take to successfully meet the challenge that is in front of our industry.

我們知道如何才能成功應對我們行業面臨的挑戰。

We need low cost, reliable energy that can also deliver the capacity needed to support grid and we need it now.

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，而我們現在就需要它。

Cost, capacity and speed are the three big issues that need to be addressed in meeting power demand.

成本、容量和速度是滿足電力需求需要解決的三大問題。

And as we have demonstrated in Florida, a mix of new renewable storage gas generation is the solution.

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 are the lowest cost generation and capacity resource for customers in many parts of the US.

就經濟而言，再生能源和儲存對於美國許多地區的客戶來說是成本最低的發電和容量資源。

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 a 4-hour battery.

我們相信，新風能比新燃氣發電便宜高達 60%，新太陽能發電便宜高達 40%，而且當與 4 小時電池搭配使用時，這一點幾乎是堅實的基礎。

Incentives for wind, solar and storage flow directly to customers in the form of lower bills.

風能、太陽能和儲能的激勵措施以降低電費的形式直接流向客戶。

Over the past several years, we have seen the customer benefits of low-cost solar and storage at FPL, where the two combined resources are currently the lowest cost option for customers, beating out new build gas-powered peakers and combined cycle units in our 10-year site plan.

在過去的幾年中，我們在 FPL 看到了低成本太陽能和儲存的客戶利益，這兩種組合資源目前是客戶成本最低的選擇，擊敗了我們的新建燃氣動力調峰器和聯合循環機組。年場地規劃。

As a result, FPL now has the largest utility-owned solar portfolio in the country.

因此，FPL 現在擁有該國最大的公用事業太陽能投資組合。

What FPL has seen in Florida is also playing out across the rest of the country.

FPL 在佛羅裡達州所看到的情況也正在全國其他地區上演。

Whether with investor-owned utilities, municipalities, cooperatives or commercial and industrial customers.

無論是投資者擁有的公用事業公司、市政當局、合作社或商業和工業客戶。

And when it comes to speed to market, no technology is quicker to deploy than renewables and storage.

就上市速度而言，沒有任何技術的部署速度比再生能源和儲存更快。

Wind, solar and storage not only can be built quicker, but they're already in the interconnection queue.

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。

But don't just take our word for it.

但不要只相信我們的話。

Look at our backlog.

看看我們的積壓工作。

We've added another approximately 3 gigawatts of renewables and storage this quarter, our second quarter in a row.

本季度，我們已連續第二季新增了約 3 吉瓦的再生能源和儲存容量。

As a top operator of all forms of power generation, we often get asked about nuclear and gas.

作為各種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.

讓我從核子開始。

Nuclear will play a role, but there are some practical limitations.

核能將發揮作用，但也存在一些實際限制。

Remember, on a national level, we expect we are going to need to add 900 gigawatts of new generation to the grid by 2040.

請記住，在國家層面上，我們預計到 2040 年將需要為電網增加 900 吉瓦的新一代發電容量。

There are only a few nuclear plants that can be recommissioned in an economic way.

只有少數核電廠能夠以經濟的方式重新投入運作。

We are currently evaluating the recommissioning of our (inaudible) nuclear plant in Iowa as one example.

作為一個例子，我們目前正在評估愛荷華州（聽不清楚）核電廠的重新調試。

But even with a 100% success rate on those recommissioning, we would still only meet less than 1% of that demand.

但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。

Existing merchant nuclear generation is also limited in its ability to meet that demand given there are only approximately 20 merchant nuclear plants in this country.

鑑於該國祇有約 20 座商用核電廠，現有商用核電滿足此需求的能力也有限。

That nuclear capacity is also not evenly spread across the US and is not in many places.

這種核能力在美國各地的分佈也不均勻，而且在許多地方也沒有。

We know hyperscalers are looking to develop data centers or manufacturing -- manufacturers are looking to expand their footprint.

我們知道超大規模企業正在尋求開發資料中心或製造業—製造商正在尋求擴大其足跡。

For example, there are only 2 merchant nuclear plants west of the Mississippi.

例如，密西西比河以西只有兩座商用核電廠。

Nuclear plants across the country are already serving existing demand.

全國各地的核電廠已經滿足現有需求。

So even if they are contracted by specific customers, new resources need to be built to meet new demand.

因此，即使它們是由特定客戶承包的，也需要建立新資源來滿足新需求。

And alternatives such as new utility scale nuclear and SMRs are unproven, expensive and again, not expected to be commercially viable at scale until the latter part of the next decade.

而新的公用事業規模核能和中小型反應器等替代方案尚未得到證實，價格昂貴，而且預計要到下個十年後半段才能大規模商業化。

Turning to gas.

轉向氣體。

When it comes to gas power generation, nobody has built more over the last two decades in NextEra Energy.

在天然氣發電方面，NextEra Energy 在過去二十年裡沒有人建造過更多的天然氣發電。

We understand the benefits and the challenges, and we know what it all costs and how long it takes to build.

我們了解好處和挑戰，也知道這一切的成本以及建造需要多長時間。

The power sector is going to need to build more gas power generation and battery storage to meet growing capacity needs over the next decade.

電力產業將需要建造更多的天然氣發電和電池存儲，以滿足未來十年不斷增長的容量需求。

And as we build more, we also enable more renewables to come to market as the lowest cost generation source of energy.

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。

Renewables will be built for energy and battery storage and gas for capacity.

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 need both, storage has an advantage because it's ready now as it can be paired with renewables at the same interconnect and there are no wait times or permitting hurdles for batteries.

話雖這麼說，雖然我們需要兩者，但儲存有一個優勢，因為它現在已經準備好了，因為它可以在同一互連中與再生能源配對，並且沒有等待時間或電池許可障礙。

And renewables and storage will only get cheaper and cheaper over time, and we believe we'll continue to make up the lion's share of new additions over the long haul.

隨著時間的推移，再生能源和儲存只會變得越來越便宜，我們相信，從長遠來看，我們將繼續佔據新增能源的最大份額。

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 now.

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，因為它們成本低廉，部署速度快，並且現在正在傳輸隊列中。

And the potential opportunity is significant.

潛在的機會是巨大的。

Forecasts are projecting a tripling in renewables growth over the next 7 years compared to what we've seen over the prior 7.

據預測，與過去 7 年相比，未來 7 年再生能源成長將成長兩倍。

No one is better positioned to capitalize on that demand growth, the NextEra Energy, and we have the track record to prove it.

沒有人比 NextEra Energy 更能充分利用這項需求成長，我們的業績記錄可以證明這一點。

Since 2021 at Energy Resources, we have originated more than 33 gigawatts of renewables and storage, while placing nearly 18 gigawatts into commercial operation.

自 2021 年以來，Energy Resources 已開發了超過 33 吉瓦的再生能源和儲存設施，同時將近 18 吉瓦投入商業營運。

We have advanced from originating on average 8 gigawatts per year from 2021 to 2023, to approximately 11 gigawatts over the last 4 quarters.

我們從 2021 年到 2023 年的平均每年 8 吉瓦發展到過去 4 個季度的約 11 吉瓦。

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.

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。

It's hard to overstate the advantage this would give us as we head into the end of the decade.

當我們進入本世紀末時，這將為我們帶來的優勢怎麼強調都不為過。

This potential growth in the portfolio 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.

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, are key examples of our leadership in power generation.

我們與財富 50 強公司的新框架協議以及上季度宣布的 Entergy 聯合開發協議，以及我們持續的創新成功，都是我們在發電領域領導地位的重要例子。

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, the build-out of renewables has had and continues to have on the US economy.

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再生能源和儲存的價值主張，但我想在結束時提醒人們，再生能源的建設已經並將繼續產生更廣泛的經濟影響。

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.

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。

Wind, solar and storage are not only ready now and fast to deploy, but also present a cost-effective solution for meeting our country's energy needs.

風能、太陽能和儲能不僅現在已經準備就緒並且可以快速部署，而且還為滿足我國的能源需求提供了一種經濟高效的解決方案。

Tens of thousands of good jobs have already been created with many more yet to come over the next several years, boosting manufacturing and helping to revitalize rural communities across America.

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，從而促進製造業發展並幫助振興美國各地的農村社區。

With scale, experience and technology across the energy value chain and sites ready to develop and interconnect today, NextEra Energy was built for this moment.

NextEra Energy 憑藉整個能源價值鏈的規模、經驗和技術，以及現已準備好開發和互連的站點，專為此時此刻而打造。

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.

謝謝約翰，大家早安。

For the third quarter of 2024, FPL increased earnings per share by $0.05 year-over-year.

2024 年第三季度，FPL 每股盈餘年增 0.05 美元。

The principal driver of this performance was FPL's regulatory capital employed growth of approximately 9.5% 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 9.5%。

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

我們仍預期 FPL 在我們目前的利率協議四年期限內（直至 2025 年）所使用的監理資本將實現約 10% 的年均成長。

FPL's capital expenditures were approximately $2 billion for the quarter, and we expect FPL's full year 2024 capital investment to be between $8 billion and $8.8 billion.

FPL 本季的資本支出約為 20 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. FPL's

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的

third quarter retail sales increased 1% from the prior year comparable period.

第三季零售額較去年同期成長1%。

FPL grew retail sales by roughly 1.6% on a weather-normalized basis, offset by milder weather.

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 and FPL ended the quarter with a balance of roughly $817 million.

本季度，FPL 沖銷了約 2.31 億美元的準備金攤銷，季度末 FPL 餘額約為 8.17 億美元。

With regard to costs associated with storm recovery, as a reminder, we have both the storm reserve and a surcharge mechanism to the extent the reserve has been fully utilized.

關於與風暴恢復相關的成本，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。

Following Hurricane Debbie, we had depleted our storm reserve and have deferred the remaining incremental costs for Hurricanes Debbie, Helene and Milton to the balance sheet.

黛比颶風過後，我們耗盡了風暴儲備，並將颶風黛比、海倫和米爾頓的剩餘增量成本推遲到資產負債表中。

We intend to recover those deferred costs and replenish the storm reserve via storm surcharge and customers' bills over the calendar year 2025.

我們打算在 2025 年收回這些遞延成本，並透過風暴附加費和客戶帳單補充風暴儲備金。

Although FPL has not completed the final accounting, our preliminary 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.

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。

Of course, the restoration costs will be subject to a final review and prudence determination by the Florida Public Service Commission.

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。

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

截至 2024 年 9 月的 12 個月，FPL 出於監管目的報告的 ROE 約為 11.8%。

We still expect the regulatory ROE for the 12 months ended December 2024 and 2025 to be 11.4%.

我們仍預期截至2024年12月及2025年12月的監管ROE為11.4%。

Now let's turn to energy resource, which reported adjusted earnings growth of approximately 11% year-over-year.

現在讓我們來看看能源資源，該公司公佈的調整後獲利年增約 11%。

At Energy Resources, adjusted earnings per share increased by $0.04 year-over-year.

Energy Resources 的調整後每股盈餘年增 0.04 美元。

Contributions from new investments increased $0.15 per share year-over-year, primarily driven by continued growth in our renewables portfolio.

新投資的貢獻每股年增 0.15 美元，這主要是由於我們再生能源投資組合的持續成長。

Comparative contribution from our customer supply and trading business, which you will recall had a strong earnings last year, decreased by $0.10 per share, driven by normalization of origination activity and margins, which is consistent with our expectations.

我們的客戶供應和貿易業務去年的盈利強勁，在發起活動和利潤正常化的推動下，每股下降了 0.10 美元，這與我們的預期一致。

Contributions from both NextEra Energy Transmission and Gas Infrastructure businesses increased by $0.01 per share year-over-year.

NextEra 能源傳輸和天然氣基礎設施業務的貢獻每股同比增長 0.01 美元。

All other impacts reduced earnings by $0.03 per share.

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 3 gigawatts to backlog.

能源資源公司的新再生能源和儲存發電量又表現強勁，積壓量增加了約 3 吉瓦。

With these additions, our backlog now totals over 24 gigawatts, after taking into account roughly 1 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.

加上這些新增項目，考慮到自上次財報電話會議以來投入使用的約1 吉瓦新項目，我們的積壓項目目前總計超過24 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 several years.

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.

現在轉向我們 2024 年第三季的合併業績。

Adjusted EPS was $1.03 per share.

調整後每股收益為 1.03 美元。

Adjusted earnings from corporate and other were flat to last year's comparable quarter.

調整後的企業收益和其他收益與去年同期持平。

At NextEra Energy, our long-term financial expectations remain unchanged.

在 NextEra Energy，我們的長期財務預期保持不變。

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 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。

In 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.

2023年至2027年，我們繼續預期營運現金流量的年均成長將等於或高於調整後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 base -- off a 2024 base.

我們也繼續預計，至少到 2026 年，每股股息將在 2024 年的基礎上以每年約 10% 的速度成長。

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

提醒一下，我們的期望取決於我們的警告。

Turning to NextEra Energy Partners.

轉向 NextEra 能源合作夥伴。

Yesterday, NextEra Energy Partners' Board declared a quarterly distribution of $91.75 per common unit or $3.67 per common unit on an annualized basis, up nearly 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 91.75 美元，按年化計算每普通單位 3.67 美元，比去年同期增長近 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.

今天，NextEra Energy Partners 很高興地宣布預計將對另外約 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。

The partnership's organic growth opportunities have expanded, and we are increasing our wind repowering 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.

這項合作關係的有機成長機會已經擴大，我們將在 2026 年將 NextEra Energy Partners 擁有的風電專案的風電改造目標提高到約 1.9 吉瓦，高於先前的 1.3 吉瓦目標。

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

NextEra Energy Partners 擁有大量優質、長期承包的清潔能源資產組合，並透過現有投資組合的重組實現了有吸引力的有機成長。

NextEra Energy Partners remains focused on executing additional wind repowering opportunities in future, which we believe would provide improved operating performance and higher generation.

NextEra Energy Partners 仍專注於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。

Let me now turn to the detailed results.

現在讓我談談詳細的結果。

Third quarter adjusted EBITDA was $453 million, and cash available for distribution was $155 million.

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。

Third quarter adjusted EBITDA and cash available for distribution declined by approximately $35 million and $92 million, respectively, from the same period last year.

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 reflect the year-over-year impact of the divestiture of the Texas pipeline portfolio.

第三季調整後的 EBITDA 和可用於分配的現金反映了德州管道投資組合剝離的同比影響。

In addition, third quarter 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 relating in large part to the 2023 acquisition financing.

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2,300 萬美元較高項目級別債務還本付息的負面影響。

NextEra Energy Partners continues 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.

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。

The year-end 2024 run rate projections reflect expected calendar year 2025 contributions from the forecasted portfolio at year-end 2024.

2024 年底運行率預測反映了 2024 年底預測投資組合對 2025 日曆年的預期貢獻。

The partnership also continues to evaluate alternatives to (inaudible) its 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.

該合作夥伴關係也繼續評估（聽不清楚）其剩餘可轉換股權投資組合融資義務和資本成本的替代方案，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。

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.

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 it (inaudible) by no later than the fourth quarter 2024 call, and intends to provide its distribution and run rate cash available for distribution expectations at that time.

NextEra Energy Partners 計劃在 2024 年第四季電話會議之前完成（聽不清楚），並打算提供其分配和運行率現金，以滿足當時的分配預期。

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

提醒一下，我們的期望取決於我們的警告。

That concludes our prepared remarks.

我們準備好的演講到此結束。

And with that, we will open the line for questions.

接下來，我們將開通提問專線。

Operator

操作員

(Operator Instructions) Steve Fleishman, Wolf Relearch.

（操作員說明）Steve Fleishman，Wolf Relearch。

Maybe if it's possible, I would love to get more color on the framework agreements.

也許如果可能的話，我希望對框架協議有更多的了解。

And I think when Brookfield announced one of these with Microsoft, you kind of downplayed wanting to do things framework fashion just due to the fact that you wanted to maximize the value of each site.

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。

So could you maybe talk to the change in kind of now having framework agreements?

那麼您能否談談現在框架協議方面的變化？

Yeah.

是的。

Sure, Steve.

當然，史蒂夫。

This is John.

這是約翰。

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 totaled over 10.5 gigawatts than 4.5% on the Entergy side, give us an enormous amount of flexibility in terms of which assets that we allocate towards those programs.

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，總裝置容量超過 10.5 吉瓦，Entergy 方佔比 4.5%，這為我們提供了巨大的靈活性，其中包括：我們分配給這些計劃的資產。

And so we're not stuck tying up inventory and it creates a close partnership arrangement with each of these 3 counterparties that gives us a huge leg up in being able to secure incremental business.

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，這使我們在獲得增量業務方面具有巨大的優勢。

And what we would look for on the Entergy side, for example, is kind of a 50-50 on BOTs 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.

例如，我們在 Entergy 方面尋求的是 BOT 和 PPA 方面的 50-50 比例，但我認為我們與財富 50 強客戶的框架協議所做的事情會更符合要求購電協議。

I'll turn it over to Rebecca to see if she has anything to add.

我會把它交給麗貝卡，看看她是否有什麼要補充的。

Sure, Steve, and I appreciate the question.

當然，史蒂夫，我很欣賞這個問題。

I think if you take a step back and you think about what's happening in our industry and you know as well as many of us on the call, the change in demand is significant, and it has changed rapidly over the last couple of years.

我認為，如果您退後一步，想一想我們行業正在發生的事情，您就會像我們許多參加電話會議的人一樣知道，需求的變化是巨大的，而且在過去幾年中變化很快。

And the customers that we're referencing today as well as quite a number of others with whom we're in discussions with, have big important and urgent energy needs that they need to have visibility to how those are going to be met.

我們今天提到的客戶以及我們正在討論的許多其他客戶都有重要且緊迫的能源需求，他們需要了解如何滿足這些需求。

And they want to make sure that we and they are aligned so that they have access to our substantial pipeline of projects.

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項目。

You know very well, there is no one else out there that has a pipeline of hundreds of gigawatts of projects in various stages of development.

您很清楚，沒有其他人擁有處於不同開發階段的數百吉瓦專案的管道。

There's no one out there that has [150] gigawatts Interconnect positions ready to go.

沒有人擁有[150]吉瓦互連位置準備就緒。

And these customers want to make sure we're focused on their business.

這些客戶希望確保我們專注於他們的業務。

And how do we do that?

我們該如何做到這一點？

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.

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。

I think the biggest takeaway that I would have if I were in your shoes, is that this is a sign of how we are differentiated from others and how we're getting incremental visibility to the significant demand that's related to the characteristics that we all know well.

我認為，如果我處於您的立場，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都知道的特徵相關的重要需求。

And I think it's also a great sign of what John and Brian just went through about specifically the demand for renewables.

我認為這也是約翰和布萊恩剛剛經歷過的關於再生能源需求的一個很好的跡象。

Low-cost ready to deploy and aligned with the goals and objectives of the customers with which we're working.

低成本，可立即部署，並與我們合作的客戶的目的和目標保持一致。

I think it's just one more sign of the great environment into operating.

我認為這只是良好營運環境的另一個標誌。

Okay.

好的。

That's helpful.

這很有幫助。

And maybe just a follow-up or two on this still.

也許只是對此的一兩個後續行動。

The -- is there a point in time when you'll be able to disclose who these agreements are with?

您是否能夠在某個時間點透露這些協議是與誰簽訂的？

And obviously can't do that now, but just -- is it fair to say these are both hyperscale or tech type customers or other industries?

顯然現在不能這樣做，但是——可以公平地說這些都是超大規模或技術類型的客戶或其他行業嗎？

So I'll take the first one, Steve.

所以我選擇第一個，史蒂夫。

Is there a point in time where we can give names, probably.

也許有一個時間點我們可以給名字。

And I think the preference of the counterparties 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.

我認為交易對手和我們的偏好是，一旦我們與他們達成協議，就立即宣布他們與交易同時進行。

Yeah.

是的。

I think the second part of it, and we were careful to write Fortune 50 companies.

我認為第二部分，我們很小心地寫財富50強公司。

These are not technology companies.

這些不是科技公司。

And I think that's another great point is, yes, absolutely we're -- so many of us are talking about demand from hyperscalers and colocation data center developers, and that demand is real and significant, and we're having quite a number of conversations with all of them.

我認為另一個重要的一點是，是的，我們中的許多人都在談論來自超大規模企業和託管資料中心開發商的需求，這種需求是真實且重要的，而且我們有相當多的需求。與他們所有人的對話。

But these are actually with customers that are outside of the technology industry.

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.

他們正在建造需要電力的設施。

They are folks that are concerned and care about ensuring that they are low cost to deploy and ideally low carbon forms of energy and capacity.

他們關心並關心確保其部署成本低以及理想的低碳形式的能源和容量。

So I think this is, again, robust sign of significant broad-based demand.

因此，我認為這再次表明了廣泛需求的強勁跡象。

Yeah.

是的。

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.

史蒂夫，我要補充一件事，我認為當投資人思考我們未來的價值主張時，這是重要的色彩。

Given all of the demand that we're seeing from data centers, it's actually in the compression of supply and available sites ready to go.

考慮到我們從資料中心看到的所有需求，實際上是在壓縮供應和準備就緒的可用站點。

It's creating more -- even more of a premium on other industries outside of data centers to try to lock up low-cost renewable generation.

它正在創造更多——甚至比資料中心以外的其他行業更高的溢價，以試圖鎖定低成本的可再生能源發電。

And so all ships are rising with the tide here, so to speak.

可以這麼說，這裡所有的船隻都隨著潮水而上升。

So as data centers are increasing 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 believe that power prices, they may be facing higher power prices down the road.

因此，隨著資料中心的需求增加，價格也隨之上漲，回報也隨之增加，您還會看到其他行業正在尋求保護和對沖其電力風險，因為他們認為電價可能會面臨更高的風險電價下跌。

And so it's kind of an across sector phenomenon that we're seeing, and it's so encouraging because it's very consistent with what we've been saying that this is not just the data center movement.

因此，我們看到這是一種跨行業的現象，這非常令人鼓舞，因為它與我們一直所說的「這不僅僅是資料中心的運動」非常一致。

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.

這是一場跨產業的運動，工業電氣化、製造業，希望與中國脫鉤，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。

Last quick question.

最後一個快速問題。

Just on the Duane Arnold.

就在杜安·阿諾德身上。

Is there any milestones or key steps that we should be watching out for on that opportunity?

在這個機會中，我們是否應該留意任何里程碑或關鍵步驟？

Yeah.

是的。

So we are very busy looking at Duane Arnold.

所以我們非常忙於觀察杜安·阿諾德。

We're very interested in recommissioning the plant.

我們對重新調試工廠非常感興趣。

We're doing all the things right now that you would expect us to do.

我們現在正在做您期望我們做的所有事情。

We're doing all the assessments, which include engineering assessments, includes working with the NRC.

我們正在進行所有評估，包括工程評估，包括與 NRC 合作。

It includes working with local stakeholders.

它包括與當地利益相關者合作。

So we are continuing to advance that project.

因此，我們正在繼續推進該項目。

And they're obviously -- it goes without saying there's very strong interest from customers, really data center customers, in particular, around that site.

很明顯，不言而喻，客戶，真正的資料中心客戶，特別是該網站周圍的客戶非常感興趣。

But we will keep all of you posted as our evaluation progresses.

但隨著我們評估的進展，我們將隨時向大家通報情況。

Next question comes from Shar Pourreza with Guggenheim Partners.

下一個問題來自古根漢合夥人公司的 Shar Pourreza。

Just on Steve's question on Duane Arnold.

關於史蒂夫關於杜安·阿諾德的問題。

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?

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？

And ultimately, if you strike a contract with a counterparty, is this an asset you'd want to own over the long term?

最終，如果您與交易對手簽訂了合同，這是您想要長期擁有的資產嗎？

Or could that be a monetization opportunity as we're thinking about your kind of ongoing balance sheet needs?

或者，當我們考慮您持續的資產負債表需求時，這可能是個貨幣化機會嗎？

Yeah.

是的。

Sure.

當然。

I'll start with the first one and then go to the second.

我將從第一個開始，然後再討論第二個。

So I'm not going to give you a cost number yet because that's part of the evaluation that we're going through currently.

所以我不會給你一個成本數字，因為這是我們目前正在進行的評估的一部分。

Remember, this is a BWR, boiling water reactor.

請記住，這是 BWR（沸水反應器）。

They are a lot less complex to bring back and to recommission.

它們的帶回和重新調試要簡單得多。

It's a simpler design because they don't have a steam generator like PWRs do.

這是一個更簡單的設計，因為它們沒有像壓水堆那樣的蒸汽發生器。

And so that gives us optimism at being able to do this at an attractive price and be able to execute it without as much risk that might be associated with recommissioning a plant that does not have a boiling water reactor but is a PWR design.

因此，這讓我們樂觀地認為，能夠以有吸引力的價格做到這一點，並且能夠在沒有重新調試沒有沸水反應器但採用壓水器設計的核電站時帶來的風險的情況下執行它。

On the second question, our desire to own versus monetize.

關於第二個問題，我們對擁有的渴望與對貨幣的渴望。

For us, look, I mean, this is be a very attractive asset to own.

對我們來說，我的意思是，這是一項非常有吸引力的資產。

We would hope to be able to get an attractive PPA.

我們希望能夠獲得有吸引力的購電協議。

And this was -- is going to be a long term asset that I think would fit nicely into our potfolio.

這將是一項長期資產，我認為它非常適合我們的投資組合。

Okay.

好的。

Perfect.

完美的。

And then, John, just on the NEP side, I mean, obviously, there's been a subtle change in language around timing, obviously, concluding the financial review by the year-end call.

然後，約翰，就新經濟政策而言，我的意思是，顯然，圍繞時間的語言發生了微妙的變化，顯然，在年底電話會議之前結束了財務審查。

I guess what's given the confidence this quarter to put that timeline out there?

我想是什麼讓我們有信心在本季公佈這個時間表？

Is there kind of a range of preferred outcomes that you can at least highlight to investors, especially as you've kind of removed the language around the distribution growth targets?

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？

I guess what should we read into that?

我想我們應該對此有何解讀？

I mean, obviously, the market is a little bit jittery around that language change.

我的意思是，顯然，市場對語言的變化有點緊張。

And can you at least confirm if you see yourself as remaining the owner of this entity into the future?

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？

Yeah.

是的。

Sure, Shar.

當然，莎爾。

Thank you for the question.

謝謝你的提問。

So as we have said to investors over the last several months, we're completing our review regarding how to address (inaudible) and NEP's cost of capital.

因此，正如我們過去幾個月對投資者所說的那樣，我們正在完成有關如何解決（聽不清楚）和 NEP 資本成本的審查。

We've been exploring a number of options as part of that.

作為其中的一部分，我們一直在探索多種選擇。

And as we said today, we're also really reflecting on the yield curve model itself and contemplating the strategic shift in how we allocate capital.

正如我們今天所說，我們也在認真反思殖利率曲線模型本身，並考慮我們如何分配資本的策略轉變。

One of the things that we are evaluating is should we put -- deploying more of our capital towards really growing the underlying cash flow of the business and maybe less towards distributions.

我們正在評估的事情之一是我們是否應該投入更多的資金來真正增加業務的基礎現金流，而可能減少分配。

And so that's one of the things that we're thinking about.

這就是我們正在考慮的事情之一。

Obviously, we have to also address the back-end convertible equity portfolio financings.

顯然，我們也必須解決後端可轉換股權投資組合融資問題。

But what we wanted to do is just be upfront with investors that this review is coming to a conclusion, and we'll be prepared to provide updated feedback on our distribution policy going forward on the fourth quarter call.

但我們想做的只是向投資者坦白，這次審查即將得出結論，我們將準備在第四季度的電話會議上提供有關我們的分配政策的最新反饋。

Got it.

知道了。

So just reflecting on sort of the yield curve model, it sounds like even NextEra remaining the ultimate owner of NEP is something that's a question mark as well too, right?

因此，只要反思一下殖利率曲線模型，聽起來即使 NextEra 仍然是 NEP 的最終所有者也是一個問號，對嗎？

Yeah.

是的。

No.

不。

Look, I think going forward, our preference would be to remain the owner of NextEra Energy Partners.

看，我認為展望未來，我們的偏好是繼續保留 NextEra Energy Partners 的所有者身分。

We've looked at -- we consider all available options and alternatives.

我們已經考慮了所有可用的選項和替代方案。

They don't discount any potential options going forward, but our base case would be to remain the owner of NEP going forward.

他們不會打折未來任何潛在的選擇，但我們的基本情況是繼續保持 NEP 的所有者地位。

And Shar, the thing I want to add is we talked a lot about on this call about the underlying dynamics in the industry.

Shar，我想補充的是，我們在這次電話會議上談論了很多關於產業潛在動態的內容。

We're in a period of substantial power demand in this industry.

我們正處於該產業電力需求旺盛的時期。

And there are many things where NextEra Energy is -- has a superior position in markets and there are going to be a number of potential growth opportunities that could favor not only NextEra Energy, but also potentially NextEra Energy Partners going forward, obviously, data centers being a big part of that as well.

NextEra Energy 在許多方面都處於領先地位，並且將有許多潛在的成長機會，這些機會不僅有利於 NextEra Energy，而且有利於 NextEra Energy 合作夥伴的發展，顯然，資料中心也是其中的重要組成部分。

And so we have a number of things that we're looking at that could potentially lead to attractive growth opportunities for NEP going forward.

因此，我們正在研究許多可能為新經濟政策帶來有吸引力的成長機會的事情。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

John, seem -- I know you guys are always a step ahead of everyone else here.

約翰，看來——我知道你們總是比這裡的其他人領先一步。

So I wanted to get ahead here, how do you frame the discussion on safe harboring assets heading into the election outcome, whatever it may be?

因此，我想在此先討論一下，無論選舉結果如何，您如何建構關於避險資產的討論？

How would you assess derisking 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's storage, solar or wind?

正如你們所談論的，甚至坦率地說，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，您如何評估在 27 年前消除計劃的風險？

Yeah.

是的。

We have fully derisked our safe harbor program.

我們已經完全消除了安全港計畫的風險。

I mean, we're bought through 2029.

我的意思是，我們的收購期限是 2029 年。

So those that are familiar with the safe harbor program that would -- the moves that we have made and the investments that we have made have protected our development program through the 4-year safe harbor through 2029.

因此，對於熟悉安全港計畫的人來說，我們所做的措施和我們所做的投資將在截至 2029 年的 4 年安全港期間保護我們的發展計畫。

First -- so that's the first thing that I would say.

首先——這是我要說的第一件事。

The second piece is, don't forget, we're always very forward-looking from a supply chain perspective.

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。

And we've also -- we're very long transformers, we're very long switchgears, other electrical equipment that have caused problems for others in the industry.

我們還有很長的變壓器、很長的開關設備以及其他電氣設備，這些設備給業內其他人帶來了問題。

So we have planned ahead.

所以我們提前計劃好了。

We've taken all the necessary steps on safe harboring 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, the small developers have fallen down.

我們已經採取了所有必要的安全庇護措施，我們也採取了所有必要的措施來鎖定關鍵的電力基礎設施，這導致了小型開發商項目的延誤，而小型開發商再次倒下了。

I think the tolerance level of our utility customer base and our C&I customer base is weathered thin and -- 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 NextEra that they know are going to get their projects built on time and that plan ahead.

我認為我們的公用事業客戶群和工商業客戶群的容忍度已經很低，所以他們現在正在尋求，他們有太多的損失，他們希望與既定的公司開展業務。按時建造他們的項目並提前計劃。

And don't get caught off guard by some of these issues that have chronically impacted the small developer in the renewable space.

不要對這些長期影響再生能源領域小型開發商的問題感到措手不及。

Excellent.

出色的。

You guys are always a step ahead as you say.

正如你們所說，你們總是領先一步。

Quick nuance here at Seabrook.

西布魯克這裡有快速的細微差別。

I'm just curious, we talk about (inaudible) here, but what's the situation there with the thoughts about New England on any further, should we say colocation or long-term offtake arrangements there with potential counterparties?

我只是很好奇，我們在這裡談論（聽不清楚），但是關於新英格蘭的進一步想法是什麼情況，我們應該說與潛在對手方的託管或長期承購安排嗎？

Yeah.

是的。

So for us, I mean, we look at our entire nuclear fleet as part of our data center strategy.

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。

So we're sort of technology agnostic as we approach it.

因此，當我們接近它時，我們對技術是不可知的。

Most of the conversations that we have with data center customers are around renewables.

我們與資料中心客戶的大部分對話都圍繞著再生能源。

But obviously, we have a comprehensive expertise across the energy value chain, whether it's wind, whether it's solar, whether it's battery storage, whether it's transmission, whether it's gas, coupled with the renewable solution and whether it's nuclear.

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、太陽能、電池儲存、輸電、天然氣、再生能源解決方案或核能。

And I think we're uniquely positioned in that regard because we do it all.

我認為我們在這方面有獨特的地位，因為我們什麼都做。

We know what it all costs.

我們知道這一切要付出什麼代價。

We have the data to support it all.

我們有數據支持這一切。

And what we try to do is have educated discussions with our customer base to provide them with the low-cost, most comprehensive clean energy solution that addresses the demands that they see going forward to satisfy their business needs.

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，以滿足他們未來的需求，從而滿足他們的業務需求。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Wondering if you could expand a little bit on your thoughts on SMRs as an asset.

想知道您是否可以擴展一下您對中小型反應器作為資產的看法。

And in particular, if you might consider that at FPL over time within your resource mix?

特別是，您是否可以考慮在您的資源組合中隨著時間的推移在 FPL 上實現這一點？

Yeah.

是的。

On SMR, so let me start with -- we have a small SMR team inside the company, right?

關於 SMR，讓我首先——我們公司內部有一個小型 SMR 團隊，對嗎？

So we have been following SMRs for a very long time.

所以我們很長時間以來一直在關注 SMR。

We actually advised a couple of Fortune 100 companies on SMRs today.

實際上，今天我們為多家財富 100 強公司提供了 SMR 的諮詢服務。

But here's what we see.

但這就是我們所看到的。

We're very close to the SMR market.

我們非常接近 SMR 市場。

There's really 9, 11, it depends on your count of how many OEMs there are in the SMR area.

其實有9個、11個，這取決於你對SMR領域有多少OEM廠商的統計。

We look at them all.

我們看看他們所有人。

We know we do technology reviews around them.

我們知道我們圍繞著它們進行技術審查。

We do financial reviews around them.

我們圍繞著他們進行財務審查。

A lot of them are very strained financially.

他們中的許多人經濟上都非常緊張。

They are or only a handful that really have capitalization that could actually carry them through the next several years.

他們是或只有少數真正擁有可以支撐他們度過未來幾年的資本。

And so that's one piece.

這是一件。

The second piece is, look, you're looking at a first-of-a-kind technology that are unproven, that comes with a ton of risk associated with that.

第二部分是，你看，你正在尋找一種未經證實的首創技術，它伴隨著大量與之相關的風險。

They're still very expensive.

它們還是很貴。

I don't see that changing.

我認為這種情況不會改變。

Really as things move forward.

確實隨著事情的進展。

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 SMRs to compete.

在那裡——特別是當你看到可再生能源變得越來越便宜時，我認為可再生能源用於能源和存儲，而天然氣用於容量，我認為，從經濟角度來看，中小型反應堆更難以競爭。

The other thing that doesn't get a lot of attention is nuclear fuel.

另一件沒有引起太多關注的是核燃料。

The nuclear fuel supply chain has a lot of repair and work that has to occur.

核燃料供應鏈有大量的維修和工作要做。

I think most of you know, we passed sanctions against Russia on enrichment and conversion.

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。

We basically have to start enrichment and conversion industry here in the U.S. It's going to take a lot of time to get that up and running.

我們基本上必須在美國啟動濃縮和轉化產業，這將需要很多時間來啟動和運行。

Some SMRs, they don't run off of low-enriched uranium, they run off of HALEU, HALEU remains a bit unproven as well.

一些中小型反應堆，它們不使用低濃縮鈾，而是使用 HALEU，HALEU 也尚未得到證實。

And so when we stack all that together, David, that's why we're just not bullish SMRs.

因此，當我們將所有這些放在一起時，大衛，這就是為什麼我們不看好 SMR。

We think it's kind of next -- end of the next decade alternative.

我們認為這是下一個十年結束時的替代方案。

But it is also something that we stay close to.

但這也是我們密切關注的事情。

And we have capacity at our existing generation facilities to be able to add SMRs.

我們現有的發電設施有能力增加 SMR。

And it's something that FPL will continue to keep a close eye on also as we move forward.

隨著我們的前進，FPL 也將繼續密切關注這一點。

But again, it's so far out in the future from a viability standpoint at scale.

但同樣，從規模化生存的角度來看，它在未來還很遙遠。

It's -- we're prioritizing other generation resources at this time, and I think renewables are, as I said in my prepared remarks, are here for the long haul.

我們目前正在優先考慮其他發電資源，正如我在準備好的發言中所說，我認為再生能源將長期存在。

Yeah.

是的。

Got it.

知道了。

Makes sense.

有道理。

And then you had mentioned renewables returns earlier, just given the strong demand backdrop.

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。

Wondering if you could just give a little bit more color on what you're seeing in terms of the trend of renewable returns for incremental projects right now?

想知道您是否可以就您目前所看到的增量項目的可再生能源回報趨勢提供更多的資訊？

Sure.

當然。

I'm going to turn that over to Rebecca.

我要把它交給麗貝卡。

Thanks, David.

謝謝，大衛。

As you might expect from our comments on not only the second quarter in a row of 3 gigawatt signings and the 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.

正如您可能從我們對第二季度連續 3 吉瓦簽約的評論以及我們對這些框架協議的真正興奮所期待的那樣，不僅是我們宣布的協議，還包括我們尚未達成共識的協議的宣布。

It is clearly a change dynamic in terms of need for what we have to offer.

就我們所提供的服務的需求而言，這顯然是一種動態變化。

And it's safe to say that there are opportunities for us to improve margin and where that makes sense, we certainly are taking advantage of that.

可以肯定地說，我們有機會提高利潤率，在有意義的情況下，我們當然會利用這一點。

So I would say it's much more of an upward trajectory than staying the same and certainly not going down.

所以我想說，這更像是一個向上的軌跡，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 in both the capital allocation as well as being aware of where cost of capital are.

您還應該期望我們將繼續在資本配置和了解資本成本方面保持嚴格的紀律。

So as we've seen changes in rates, you should also expect us to respond appropriately to that.

因此，當我們看到費率的變化時，您也應該期望我們對此做出適當的反應。

But the market dynamic for us and our unique position in this industry is a very positive tailwind for us.

但對我們來說，市場的活力和我們在這個行業的獨特地位對我們來說是一個非常積極的推動力。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Just want to turn to the near backlog additions.

只是想談談近期積壓的新增內容。

It looks like 3 gigs has been added the past few quarters here, and it looks like about [11] over the past year.

看起來過去幾個季度這裡增加了 3 場演出，過去一年看起來大約是 [11] 場。

Just wondering, I guess, your expectation for run rate backlog additions over an extended period of time.

我想只是想知道您對在很長一段時間內積壓的運行率增加的期望。

Should we be thinking kind of like 12 a year roughly?

我們應該考慮大約一年 12 次嗎？

Or do you see that increasing over time?

或者您認為這種情況會隨著時間的推移而增加嗎？

And then on slide 5, you lay out significant demand growth there for renewables.

然後在投影片 5 中，您列出了再生能源的顯著需求成長。

And just wondering how you think about NextEra market share going forward there?

只是想知道您如何看待 NextEra 未來的市場份額？

Thanks, Jeremy.

謝謝，傑里米。

I'll take the first stab at both of those.

我將首先嘗試這兩個方面。

In terms of the run rate, just in lower gigawatt signings, I'll say the similar comments in higher quarterly signings which is we shouldn't expect these to be perfectly linear.

就運行率而言，僅在較低的千兆瓦簽約中，我會在較高的季度簽約中說類似的評論，即我們不應該期望這些是完全線性的。

And there will be changes quarter-to-quarter.

而且每季都會有變化。

So I'd be hesitant to say that 3 gigawatts is the new normal for now and forever more.

因此，我不太願意說 3 吉瓦是現在乃至永遠的新常態。

But it is very clear, and we made the comments for a reason that we have seen the change in demand that we've been talking about, and we've been expecting given both the color commentary in the marketplace as well as what's actually happening in the ground for real demand of new electrons, both in the form of energy and capacity.

但這非常清楚，我們發表評論的原因是我們已經看到了我們一直在談論的需求變化，並且考慮到市場上的色彩評論以及實際發生的情況，我們一直在期待地下對新電子的實際需求，無論是能量還是容量的形式。

And I'm really proud of our team.

我真的為我們的團隊感到自豪。

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 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're getting those right projects to them at the right time, the right place and in the right price for us mutually.

多年來，我們在綠地開發計劃上投入了大量資金，並開發了大量技術和能力，以確保我們能夠有效地擴展規模，事實證明，與我們密切合作的團隊可以將高品質的專案推向市場。客戶，以確保我們在正確的時間、正確的地點以正確的價格向他們提供正確的項目。

So clearly, a positive tailwind.

很明顯，這是一個積極的推動力。

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, where we think our overall 4-year development expectations are in aggregate through 2027.

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闡述的預期感到滿意，我們認為我們的整體 4 年發展預期是到 2027 年的總體。

So I think this is a great quarter on route to being in those ranges.

因此，我認為這是進入這些範圍的一個很好的季度。

Just market share going forward.

只是未來的市佔率。

Market share.

市場占有率.

Listen, we've over a long period of time, had ranges in the market share, I would say, across the technologies, roughly a 20% market share has been a rough consistent performance over time.

聽著，我們在很長一段時間內，市場份額都有一定的範圍，我想說，在各種技術中，大約 20% 的市場份額隨著時間的推移一直是大致一致的表現。

I think that is certainly achievable and potentially higher.

我認為這當然是可以實現的，而且可能會更高。

And as you know, we'll continue to balance both higher market share and higher margin, and they are interrelated to an extent.

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互關聯的。

And we're going to make sure that we continue to optimize that.

我們將確保繼續優化這一點。

I don't want to build every single project that we could possibly sell to somebody.

我不想建造我們可能賣給某人的每一個項目。

I want to build the projects that have great returns, that create value for our shareholders and build incremental value for our platform over time.

我希望建立具有豐厚回報的項目，為我們的股東創造價值，並隨著時間的推移為我們的平台創造增量價值。

And that's what we are going to continue staying focused on.

這就是我們將繼續關注的重點。

Got it.

知道了。

That's very helpful there.

這非常有幫助。

And just quickly, I guess, on origination opportunity set, how do you see solar versus wind stacking up at this point and also big addition in batteries there.

我想，就起源機會而言，您如何看待太陽能與風能在這一點上的疊加以及電池的大量增加。

So just wondering what you're seeing currently on that front?

那麼只是想知道您目前在這方面看到了什麼？

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.

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。

There's clearly a tailwind for solar and even more so for storage, relatively speaking, over the last couple of years.

相對而言，過去幾年太陽能顯然有順風車，而儲能更是如此。

For solar, I think it's a couple of things.

對於太陽能，我認為有幾件事。

It's relatively attractive to the other generation technologies and specifically attractive with the addition of the PTC relative to what it had before, which is and therefore, made it more economic and more regions in the last five to seven years.

它對其他一代技術相對有吸引力，尤其是與之前相比，增加了 PTC，這使得它在過去五到七年中變得更加經濟且適用於更多地區。

On storage, it's really about capacity value, as John outlined in our prepared remarks.

正如約翰在我們準備好的評論中所概述的那樣，在存儲方面，這實際上與容量價值有關。

It is clear that we need both energy and capacity to meet the incremental demand that utilities are seeing for the first time in decades.

顯然，我們需要能源和產能來滿足公用事業公司數十年來首次出現的增量需求。

And storage is ready to deploy and in the places where it is needed most.

儲存已準備好部署在最需要的地方。

So our customers are really interested in seeing those storage projects come to market.

因此，我們的客戶非常有興趣看到這些儲存項目進入市場。

Wind has continued to be a little bit weaker relatively speaking to how strong it was for the first couple of decades of our renewables development program.

與我們再生能源開發計劃的前幾十年的強勁程度相比，風能仍然稍弱一些。

There's still quite a number of customers that are interested in it.

仍有相當多的客戶對此感興趣。

We have a good pipeline of projects in discussions with a variety of customers across the United States.

我們擁有大量正在與美國各地客戶討論的項目。

And we see a mix of those resources being a good complement to one another to meet these 7 by 24 solutions.

我們認為這些資源的組合可以互相補充，以滿足這些 7×24 的解決方案。

So having a pipeline of all 3 technologies has served us well, and we'll continue to pursue that path.

因此，擁有所有 3 種技術的管道對我們很有幫助，我們將繼續沿著這條道路走下去。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，豐業銀行。

Just a quick couple of follow-ups actually.

實際上只是一些快速的後續行動。

So first on (inaudible), I don't want to get too bogged down on the details, but one question I had is about transmission constraints.

首先（聽不清楚），我不想太糾結於細節，但我有一個問題是關於傳輸限制的。

I know when the nuclear unit shut down, you agreed with (inaudible) to build a lot of solar and best storage -- battery storage.

我知道當核電廠關閉時，你同意（聽不清楚）建造大量太陽能和最好的儲存空間——電池儲存。

Given that the new capacity addition will take up some of the preexisting transmission capacity, will you need to expand transmission opportunity there if you were to restart the nuke?

鑑於新容量的增加將佔用一些先前存在的傳輸容量，如果您要重新啟動核武器，是否需要擴大那裡的傳輸機會？

And if so, would that add a lot of time in addition to the cost?

如果是這樣，除了成本之外還會增加很多時間嗎？

Yeah.

是的。

Andrew, this is one of the benefits of having a very large pipeline.

安德魯，這是擁有非常大的管道的好處之一。

So because we have a very large pipeline, we have the ability to convert queue positions over to different types of technologies.

因此，由於我們擁有非常大的管道，因此我們有能力將佇列位置轉換為不同類型的技術。

So not concerned about the transmission.

所以不用擔心傳輸問題。

Okay.

好的。

Great.

偉大的。

Good to hear.

很高興聽到。

Second, on the framework agreement between Entergy and the two new ones, it's about 15 gigawatts.

其次，就Entergy和兩家新公司之間的框架協議而言，約為15吉瓦。

I understand it's kind of the outer years.

我知道這是一種外在的歲月。

My question is, would any of that come to the roughly 40 gigawatts you're planning to add between now and 2027?

我的問題是，從現在到 2027 年，您計劃增加的裝置容量是否會達到大約 40 吉瓦？

Or should we think of this as all being helping to sustain growth beyond that -- the planning period?

或者我們應該認為這一切都有助於維持規劃期之後的成長？

Yeah.

是的。

I think for now, look, we look at these opportunities as contributing to the midpoint of our expectations.

我認為，就目前而言，我們將這些機會視為對我們期望的中點的貢獻。

Obviously, we always hope to do better, and these framework agreements put us in a position to do better.

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。

Midpoint.

中點。

You don't use the word midpoint very often.

您不常使用“中點”這個詞。

Okay.

好的。

Fair enough.

很公平。

One -- sorry, go ahead.

一——抱歉，請繼續。

No, I was just going to say, midpoint is just a reference to our current development expectations.

不，我只是想說，中點只是我們當前發展預期的參考。

Obviously, we're pushing the team to do far better than the midpoint.

顯然，我們正在推動球隊做得比中點更好。

And again, the framework agreement, I think gives us opportunities that we otherwise would not have had.

我認為，框架協議再次為我們提供了原本不會有的機會。

Okay.

好的。

Sounds good.

聽起來不錯。

Then one subtle question about the quarterly results.

然後是一個關於季度業績的微妙問題。

Customer supply was a negative $0.10 year-over-year drag.

客戶供應量較去年同期下降 0.10 美元。

And I know last quarter, it was minus $0.03 as well, although it was positive in the first quarter.

我知道上個季度也為負 0.03 美元，儘管第一季為正值。

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 at near and maybe some thoughts on the outlook?

我知道這是一個比較不穩定的業務，但您能否談談近期客戶供應的動態以及對前景的一些想法？

Yeah.

是的。

I think what you're seeing at our customer supply business.

我想你在我們的客戶供應業務中看到了什麼。

Number one is you got to remember, coming off of 2022, we had very high gas prices, which created a lot of volatility and high margins in that business, not only for us, but for others that participate in that business.

第一，你必須記住，從2022 年開始，我們的汽油價格非常高，這為該業務帶來了很大的波動性和高利潤率，不僅對我們來說，而且對參與該業務的其他人來說也是如此。

Obviously, as gas prices have subsided, we've seen less volatility in that market.

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。

Some of the margins have come in a bit and more normalized.

一些利潤率已經變得更加正常化。

And I think we've seen that carry over to the origination activity as well.

我認為我們也看到了這種情況延續到了原創活動中。

So look, that business has done great, and we expect it continue to be a solid contributor going forward, but some of what we saw coming off of '22 has subsided, and that's really the commentary that we were trying to get across in our prepared remarks today.

所以看，該業務做得很好，我們希望它繼續成為未來的堅實貢獻者，但我們在 22 年看到的一些問題已經消退，這確實是我們試圖在我們的報告中傳達的評論。了發言稿。

This concludes our question-and-answer session.

我們的問答環節到此結束。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。