新世紀能源 (NEE) 2024 Q4 法說會逐字稿

Good morning, and welcome to the NextEra Energy Fourth Quarter and Full Year 2024 Earnings Conference Call.

早安，歡迎參加 NextEra Energy 2024 年第四季和全年財報電話會議。

(Operator Instructions) Also note, today's event is being recorded.

（操作員說明）另請注意，今天的事件正在被記錄。

At this time, I'd like to turn the floor over to Mark Eidelman, Director of Investor Relations.

現在，我想請投資者關係總監馬克艾德曼 (Mark Eidelman) 發言。

Please go ahead.

請繼續。

Thank you, Jamie.

謝謝你，傑米。

Good morning, everyone, and thank you for joining our fourth quarter and full year 2024 financial Results Conference Call for NextEra Energy.

大家早安，感謝您參加我們的 NextEra Energy 2024 年第四季和全年財務業績電話會議。

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; Armando Pimentel, President and Chief Executive Officer of Florida Power and Light Company; Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy.

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； Armando Pimentel，佛羅裡達電力和照明公司總裁兼執行長； Rebecca Kujawa，NextEra Energy Resources 總裁兼執行長；馬克‧希克森 (Mark Hickson)，NextEra Energy 執行副總裁。

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.

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

如果我們的任何關鍵假設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而不正確，則每個其中可以在我們的網站 www.nexteraenergy.com 上找到。我們不承擔更新任何前瞻性陳述的責任。

Today's presentation also includes references to non-GAAP financial measures.

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, 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，以了解定義訊息以及歷史非 GAAP 衡量標準與最接近的 GAAP 財務衡量標準的調整。

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

這樣，我就把電話轉給約翰。

Thanks, Mark, and good morning, everyone.

謝謝，馬克，大家早安。

NextEra Energy had strong operational and financial performance in 2024, delivering full year adjusted earnings per share of $3.43, up over 8% from 2023, once again at the high end of our adjusted EPS expectations range.

NextEra Energy 在 2024 年擁有強勁的營運和財務業績，全年調整後每股收益為 3.43 美元，較 2023 年增長超過 8%，再次處於我們調整後每股收益預期範圍的高端。

Since 2021, we have delivered compound annual growth and adjusted EPS of over 10%, which is the highest among all top 10 power companies.

自2021年以來，我們的複合年增長率和調整後每股收益超過10%，是所有十大電力公司中最高的。

In fact, if you looked over the last 5, 10, 15 and 20 years, you will see the same absolute and relative performance.

事實上，如果你回顧過去 5 年、10 年、15 年和 20 年，你會看到相同的絕對和相對錶現。

Our consistent financial outperformance is due, first and foremost, to the efforts and execution by our team.

我們持續的財務優異表現首先歸功於團隊的努力和執行。

I couldn't be more proud of how our team has continued to deliver, and I firmly believe that our track record of execution positions us to lead the build-out of energy infrastructure across the country in the coming years.

我對我們團隊的持續交付感到非常自豪，我堅信我們的執行記錄使我們能夠在未來幾年領導全國能源基礎設施的建設。

NextEra Energy offers a unique value proposition with two strong businesses that we believe are strategically well positioned to meet the growing needs of our customers with outstanding prospects for future growth.

NextEra Energy 透過兩家強大的企業提供了獨特的價值主張，我們相信這兩家企業在策略上處於有利地位，能夠滿足客戶不斷增長的需求，並具有良好的未來成長前景。

FPL is the largest electric utility in the US and Energy Resources is the world's leader in renewables and storage.

FPL 是美國最大的電力公司，Energy Resources 是全球再生能源和儲存領域的領導者。

Together, we operate the largest natural gas-fired generation fleet in the country, are one of the largest nuclear operators in the US, and are widely viewed as an industry leader in transmission.

我們共同經營美國最大的天然氣發電機組，是美國最大的核能運營商之一，並被廣泛視為輸電行業的領導者。

We are one of the top 5 infrastructure investors in the United States, and we have invested more than $150 billion in our nation's energy infrastructure over the last decade building everything from nuclear uprates, natural gas pipelines, and natural gas-fired generation to battery storage and renewables.

我們是美國排名前5 的基礎設施投資者之一，在過去十年中，我們在國家能源基礎設施上投資了超過1500 億美元，建設從核升級、天然氣管道、天然氣發電到電池存儲等各種項目和再生能源。

Over the next four years alone, we plan to invest roughly $120 billion across the country which would allow us to grow our combined fleet to roughly 121 gigawatts.

僅在接下來的四年裡，我們計劃在全國投資約 1,200 億美元，這將使我們的聯合機隊容量增加到約 121 吉瓦。

FPL and Energy Resources individually have executed well, delivering value for our customers and shareholders.

FPL 和 Energy Resources 各自表現良好，為我們的客戶和股東創造了價值。

We have one of the sector's strongest balance sheets.

我們擁有該行業最強勁的資產負債表之一。

And between the two companies, we placed into service approximately 8.7 gigawatts of new renewables and storage projects in 2024.

兩家公司在 2024 年將約 8.7 吉瓦的新再生能源和儲存項目投入使用。

Let me start by giving you an update on each of our businesses and then provide you with some comments on the state of our industry.

讓我先向您介紹我們每項業務的最新情況，然後向您提供有關我們行業狀況的一些評論。

FPL continue to deliver what we believe is the best customer value proposition in one of the fastest-growing states in the US.

FPL 繼續在美國發展最快的州之一提供我們認為最佳的客戶價值主張。

As we approach our 100-year anniversary at FPL, our vision remains the same.

在 FPL 成立 100 週年之際，我們的願景始終如一。

To continue making smart capital investments for the benefit of our customers, be an industry leader on cost and deliver high reliability and outstanding customer service while keeping bills as low as possible for our customers.

為了繼續為我們的客戶的利益進行明智的資本投資，成為成本方面的行業領導者，提供高可靠性和出色的客戶服務，同時為我們的客戶保持盡可能低的賬單。

In 2024, we continue to see the fruits of that smart capital spend.

2024 年，我們將繼續看到明智資本支出的成果。

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

近二十年來，FPL 一直投資建造更強大、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。

Our investments in smart grid technology enabled us to avoid more than 2.7 million outages in 2024, and those investments paid off as our team responded exceptionally well in response to Hurricanes Debbie, Helane and Milton.

我們對智慧電網技術的投資使我們能夠在 2024 年避免超過 270 萬次停電，這些投資得到了回報，因為我們的團隊在應對颶風黛比、海蘭和米爾頓方面表現出色。

We are able to deliver this performance and keep our bills 40% below the national average because of our focus on capital and operating efficiency and innovation.

由於我們注重資本、營運效率和創新，我們能夠實現這一業績並將帳單保持在全國平均以下 40%。

FPL continue to make smart capital investments in low-cost solar generation and battery storage, further reducing our overall fuel cost.

FPL 繼續在低成本太陽能發電和電池儲存方面進行明智的資本投資，進一步降低我們的整體燃料成本。

During the year, we placed into service more than 2.2 gigawatts of new cost-effective solar, and we expect to add more than 15 gigawatts by 2033.

年內，我們投入使用了超過 2.2 吉瓦的新型經濟高效太陽能，預計到 2033 年將增加超過 15 吉瓦。

When combined with generation modernizations, these additions have saved customers more than $16 billion since 2001.

與發電現代化相結合，自 2001 年以來，這些新增功能已為客戶節省了超過 160 億美元。

We also continue to focus on running the business more efficiently.

我們也繼續專注於更有效地經營業務。

In 2024, we improved upon our best-in-class nonfuel O&M cost per customer, which was already 70% better than the industry's national average, saving customers over $3 billion per year versus an average performing utility.

2024 年，我們改進了一流的每位客戶非燃料營運和維護成本，該成本已比行業全國平均水平低 70%，與平均績效公用事業公司相比，每年為客戶節省超過 30 億美元。

Innovation has been one of the keys to our operating efficiency.

創新一直是我們營運效率的關鍵之一。

FPL is the only utility in the nation to remotely operate its fossil fleet.

FPL 是美國唯一一家遠端操作其化石燃料車隊的公用事業公司。

Our fleet control center is one of the world's largest monitoring and diagnostic centers and the first in the industry to remotely operate a more than 20 gigawatt natural gas combined cycle fleet from a single location, providing real-time troubleshooting with engineering, maintenance and operations support and delivering world-class predictive analytics and diagnostics.

我們的車隊控制中心是世界上最大的監控和診斷中心之一，也是業內第一個從單一位置遠端操作超過 20 吉瓦天然氣聯合循環車隊的中心，提供即時故障排除以及工程、維護和運營支援並提供世界一流的預測分析和診斷。

This is just one example of the innovative efforts by FPL to reduce cost for our customers while continuing to provide exceptional service.

這只是 FPL 在繼續提供卓越服務的同時降低客戶成本的創新努力的一個例子。

Late last year, FPL filed a test year letter with the Florida Public Service Commission to initiate a rate proceeding for new rates beginning in January 2026.

去年年底，FPL 向佛羅裡達州公共服務委員會提交了一封測試年信函，要求從 2026 年 1 月開始啟動新費率程序。

The stability of multiyear rate plans has allowed FPL to focus on efficiency in the business, which is critical to keeping customer bills as low as possible, and has enabled FPL to maintain a strong balance sheet which allows for consistent access to the capital markets.

多年費率計畫的穩定性使 FPL 能夠專注於業務效率，這對於盡可能降低客戶帳單至關重要，並且使 FPL 能夠保持強大的資產負債表，從而能夠持續進入資本市場。

We look forward to the opportunity to showcase our long-term track record of providing low bills and high reliability for Floridians and our plans to build an even more resilient energy future for Florida.

我們期待有機會展示我們為佛羅裡達州人民提供低費用和高可靠性的長期記錄，以及我們為佛羅裡達州建立更具彈性的能源未來的計劃。

We believe FPL is strategically well positioned as Florida remains one of the fastest-growing states in the US with a population growth rate that is expected to grow 60% more than the national average by 2030.

我們相信 FPL 處於戰略有利位置，因為佛羅裡達州仍然是美國成長最快的州之一，其人口成長率預計到 2030 年將比全國平均高出 60%。

We plan to meet Florida's long-term growth outlook with investments in generation, transmission and distribution infrastructure, which we believe will further enhance our best-in-class customer value proposition.

我們計劃透過對發電、輸電和配電基礎設施的投資來滿足佛羅裡達州的長期成長前景，我們相信這將進一步增強我們一流的客戶價值主張。

Energy Resources had another record year of new renewables and storage origination, adding more than 12 gigawatts to our backlog, which includes approximately 3.3 gigawatts since our last call, a sign of the momentum of demand for new generation in renewables and storage in particular.

Energy Resources 的新再生能源和儲存發電量再創歷史新高，我們的積壓訂單增加了超過12 吉瓦，其中包括自我們上次電話會議以來的約3.3 吉瓦，這表明對新一代可再生能源和儲存的需求勢頭強勁。

These additions to our backlog increased 30% from the 9 gigawatts we originated in 2023, our second best year ever.

我們的積壓訂單比 2023 年（我們有史以來第二好的一年）最初的 9 吉瓦增加了 30%。

To put that into context, 12 gigawatts is the size of a large utility in the US.

考慮到這一點，12 吉瓦相當於美國一家大型公用事業公司的規模。

Energy Resources also had a record year in solar origination and a record year in battery storage origination, again demonstrating the strong demand for renewables and storage because they are low cost and can be deployed now.

能源資源公司在太陽能發電方面也創下了創紀錄的一年，在電池存儲方面也創下了創紀錄的一年，再次證明了對可再生能源和存儲的強勁需求，因為它們成本低廉並且可以立即部署。

Focusing for a moment on battery storage, we have deployed more than 3.4 gigawatts in total and currently have more than 7.2 gigawatts in our backlog.

我們專注於電池存儲，我們總共部署了超過 3.4 吉瓦，目前積壓的容量超過 7.2 吉瓦。

Our extensive portfolio of existing operating sites, which have excess transmission capacity, and our nearly 30 gigawatts of stand-alone storage interconnection positions, means we can dramatically speed up our deployments, a distinct competitive advantage that no one else in this industry has.

我們擁有豐富的現有營運站點組合（具有超額傳輸能力），以及近30 吉瓦的獨立儲存互連位置，這意味著我們可以顯著加快部署速度，這是該行業中其他公司所不具備的獨特競爭優勢。

We also continue to be a leader in serving data center customers with our total renewables portfolio, including assets in operation and in backlog at 8.3 gigawatts.

我們也繼續憑藉我們的整體再生能源產品組合（包括正在營運和積壓的 8.3 吉瓦資產）成為資料中心客戶服務的領導者。

However, one point that I believe is being overlooked is that power demand is everywhere, across all sectors and increasingly across utilities, municipalities and electric cooperatives as our 12-gigawatt year of backlog additions reflects.

然而，我認為被忽視的一點是，電力需求無處不在，遍及所有部門，並且越來越多地遍及公用事業、市政當局和電力合作社，正如我們一年的12 吉瓦積壓增量所反映的那樣。

And as demand for power increases across all customer classes as we advance our domestic economic agenda, so does the potential price of power unless we bring new generation online quickly to meet that demand.

隨著我們推進國內經濟議程，所有客戶階層對電力的需求都會增加，潛在的電力價格也會增加，除非我們迅速引入新一代電力來滿足這項需求。

Customers of all types are looking for low-cost ways to meet their growing power needs while reducing their exposure to higher power prices over time.

各種類型的客戶都在尋找低成本的方式來滿足他們不斷增長的電力需求，同時減少隨著時間的推移而承受更高電價的風險。

Given the current power demand environment, it is more important than ever to unleash all forms of electric generation, starting with renewables, which are ready now, as I will discuss more in a minute.

鑑於當前的電力需求環境，釋放各種形式的發電比以往任何時候都更加重要，首先是可再生能源，可再生能源現已準備就緒，我將在稍後討論更多內容。

There is no better example of this than our own portfolio.

沒有比我們自己的投資組合更好的例子了。

We have originated more than 3 gigawatts in three of the last five quarters, and assuming we achieve the midpoint of our development expectations range, Energy Resources will be operating a roughly 75 gigawatt renewables portfolio by the end of 2027, which would be larger than the installed renewables capacity of all but seven countries.

我們在過去五個季度中的三個季度發電量超過3 吉瓦，假設我們達到了發展預期範圍的中點，到2027 年底，Energy Resources 將運營約75 吉瓦的可再生能源投資組合，這將大於除七個國家外的所有國家均已安裝再生能源容量。

In 2024, we continue to demonstrate our leadership as a supplier of choice for buyers of new generation.

2024 年，我們將繼續展示我們作為新一代買家首選供應商的領導地位。

We announced two framework agreements with two Fortune 50 companies that have the potential to develop renewables and storage projects, totaling up to 10.5 gigawatts between now and 2030, as well as a joint development agreement with Entergy.

我們宣布了與兩家財富50 強公司簽署的兩項框架協議，這些公司有潛力開發從現在到2030 年總計達10.5 吉瓦的可再生能源和儲存項目，並與Entergy 簽署了一項聯合開發協議。

When combined, our announced framework agreements 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's need for power.

合併後，我們宣布的框架協議總計可能高達 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電力需求的能力的信心。

And we are not sitting still as we think about our value proposition for our customers.

我們並沒有坐以待斃，思考我們為客戶提供的價值主張。

We are constantly looking to make sure we have the most comprehensive solution set.

我們不斷尋求確保我們擁有最全面的解決方案集。

That is why today, we are pleased to announce a framework agreement with GE Vernova, where we will partner to build natural gas power generation solutions.

因此，今天我們很高興地宣布與 GE Vernova 達成框架協議，我們將合作建構天然氣發電解決方案。

This agreement has the potential to support multiple gigawatts for data centers, the reshoring of manufacturing, and the electrification of industry, as well as serve investor-owned utilities, municipalities, cooperatives and commercial and industrial customers.

該協議有可能支持數千兆瓦的資料中心、製造業回流和工業電氣化，並為投資者擁有的公用事業、市政當局、合作社以及商業和工業客戶提供服務。

Nobody has built more gas-fired generation over the last decade than NextEra Energy and nobody has sold more gas turbines than GE Vernova.

在過去十年中，沒有人比 NextEra Energy 建造了更多的燃氣發電設備，也沒有人比 GE Vernova 銷售更多的燃氣渦輪機。

This collaboration brings together the nation's leading operator of natural gas-fired generation in NextEra Energy and the world's leader in natural gas and electrification technology and GE Vernova to jointly develop opportunities that we believe will enable significantly more renewables to meet growing power demand by pairing low-cost renewables for energy with gas-fired generation for capacity.

此次合作匯集了全國領先的天然氣發電營運商NextEra Energy 以及世界領先的天然氣和電氣化技術公司以及GE Vernova，共同開發機會，我們相信這些機會將透過將低能耗配對，使更多的再生能源滿足不斷增長的電力需求。

Over the next four years, the company's plan to collaborate to identify key locations on the energy grid that would benefit from new generation.

在接下來的四年裡，該公司計劃合作確定電網上將從新一代發電中受益的關鍵位置。

GE Vernova will incorporate its world-class natural gas generation technologies and critical electric -- electrification solutions while leveraging its financial service capabilities.

GE Vernova 將整合其世界一流的天然氣發電技術和關鍵的電氣化解決方案，同時利用其金融服務能力。

NextEra Energy expects to provide customers with integrated renewable storage and gas-fired solutions for large loads, something we can uniquely deliver with our scale, experience technology and unmatched development skills.

NextEra Energy 期望為客戶提供針對大型負載的整合再生能源儲存和燃氣解決方案，我們可以憑藉我們的規模、經驗技術和無與倫比的開發技能來提供獨特的解決方案。

This framework agreement is just another example of why we believe Energy Resources has the most comprehensive power generation business in the world and is better positioned than ever to capitalize on long-term growth prospects.

該框架協議只是我們相信能源資源公司擁有世界上最全面的發電業務並且比以往任何時候都更有能力利用長期成長前景的另一個例子。

Before I turn it over to Brian, I want to take a moment to make some comments regarding the industry as we look to the years ahead.

在我把它交給布萊恩之前，我想花點時間對這個行業發表一些評論，因為我們展望了未來幾年。

The need to add to the country's power infrastructure is no longer in doubt.

增加國家電力基礎設施的必要性已不再是疑問。

Our industry's mandate is to deliver new generation and capacity solutions at the lowest cost possible in order for the US to achieve the new administration's energy dominance agenda.

我們產業的使命是以盡可能最低的成本提供新一代和容量解決方案，以便美國實現新政府的能源主導議程。

As a leading American energy producer, this is an agenda that we support and believe we are well positioned to deliver on.

作為美國領先的能源生產商，我們支持這項議程，並相信我們有能力實現這項議程。

At NextEra Energy, we know all forms of energy will be required to meet that mandate.

在 NextEra Energy，我們知道需要所有形式的能源來滿足這項要求。

If we don't build new generation to keep up with increasing demand for electricity, power prices are going to go up, or perhaps worse, new technology or manufacturing load won't be able to connect to the grid which would slow economic growth, and we can miss opportunities to further our leadership in AI.

如果我們不建造新一代來滿足不斷增長的電力需求，電價將會上漲，或者更糟的是，新技術或製造負載將無法連接到電網，這將減緩經濟增長，我們可能會錯過進一步提升我們在人工智慧領域領導地位的機會。

Renewables and storage are ready now to meet that demand and will help lower power prices.

再生能源和儲存現已準備好滿足這一需求，並將有助於降低電價。

Gas-fired generation is moving forward but won't be available at scale until 2030 and then only in certain pockets of the US.

燃氣發電正在向前發展，但要到 2030 年才能大規模使用，而且只能在美國的某些地區使用。

In addition, gas-fired generation is more expensive than it's been, with costs having more than doubled over the last five years due to the limited supply of gas turbines, a constrained supply chain and much higher EPC costs.

此外，燃氣發電的成本比以往更加昂貴，由於燃氣渦輪機供應有限、供應鏈受限以及EPC成本高得多，過去五年成本增加了一倍多。

Nuclear continues to be a much longer-term option in our opinion, due to first-of-a-kind risks and uncertainty with near-term opportunities centered on recommissioning and upgrade projects.

我們認為，由於前所未有的風險和不確定性以及以重新調試和升級項目為中心的近期機會，核電仍然是長期選擇。

Nuclear plants across the country are already serving existing demand, and there are only a few nuclear plants that could be recommissioned in the near term in an economic way.

全國各地的核電廠已經滿足現有需求，只有少數核電廠可以在短期內以經濟的方式重新投入運作。

We are continuing to make progress in evaluating the recommissioning of our Duane Arnold nuclear plant in Iowa.

我們在評估愛荷華州杜安阿諾德核電廠的重新調試方面繼續取得進展。

Recently, we filed notice with the Nuclear Regulatory Commission to request a licensing change an important first step in establishing the regulatory pathway to restore the facility's operating license and potentially restart plan operations as early as the end of 2028.

最近，我們向核管會提交了通知，要求更改許可證，這是建立監管途徑的重要第一步，以恢復該設施的營運許可證，並可能最早在 2028 年底重新啟動計畫營運。

While this is just one part of our broader efforts with regulators, government officials, potential customers and other stakeholders, we are encouraged by the positive responses we have received so far from all parties involved.

雖然這只是我們與監管機構、政府官員、潛在客戶和其他利益相關者開展的更廣泛努力的一部分，但迄今為止我們從所有相關方收到的積極回應令我們感到鼓舞。

We also continue to evaluate alternatives such as SMRs.

我們也繼續評估 SMR 等替代方案。

However, due to the risks and uncertainty, the practical reality is we are unlikely to add multiple gigawatts of new nuclear to the grid over the next decade.

然而，由於風險和不確定性，實際情況是我們不太可能在未來十年內向電網添加數千兆瓦的新核電。

That means we need renewables and storage to meet that -- to meet demand that is here today.

這意味著我們需要再生能源和儲存來滿足當今的需求。

And as we move towards the next decade, we can supplement renewables and storage with natural gas-fired generation and to a more limited extent, nuclear given the time it will take to develop and build.

隨著我們邁向下一個十年，考慮到開發和建設所需的時間，我們可以透過天然氣發電以及在更有限的範圍內補充核能來補充再生能源和儲存。

We know this because we have experience across the entire energy value chain.

我們知道這一點，因為我們擁有整個能源價值鏈的經驗。

Our mission is to provide our customers with the lowest cost, most reliable energy no matter where they are located.

我們的使命是為客戶提供成本最低、最可靠的能源，無論他們身在何處。

We've been doing it for decades in Florida and across the country and are positioned to keep doing it for years to come.

我們在佛羅裡達州和全國各地已經這樣做了幾十年，並且準備在未來幾年繼續這樣做。

Our scale and experience tells us that all forms of power generation and capacity will be needed as the US tries to keep up with demand.

我們的規模和經驗告訴我們，當美國試圖滿足需求時，將需要各種形式的發電和容量。

And that same scale and experience also tells us that renewables and storage should continue to be a critical source of new energy and capacity across the country because they are lowest cost and can be deployed now.

同樣的規模和經驗也告訴我們，再生能源和儲存應該繼續成為全國新能源和產能的關鍵來源，因為它們成本最低，而且現在就可以部署。

With that, let me turn it over to Brian, who will review the 2024 results in more detail.

接下來，讓我將其交給 Brian，他將更詳細地審查 2024 年的結果。

Thanks, John.

謝謝，約翰。

Let's begin with FPL's detailed results.

讓我們從 FPL 的詳細結果開始。

For the full year 2024, FPL's adjusted earnings per share increased $0.12 versus 2023.

2024 年全年，FPL 調整後每股盈餘較 2023 年增加 0.12 美元。

The principal driver of FPL's 2024 full year performance was regulatory capital employed growth of approximately 10%.

FPL 2024 年全年業績的主要驅動力是監理資本使用成長約 10%。

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

我們繼續預計，在我們目前利率協議的四年期限內（截至 2025 年），FPL 所使用的監管資本的年平均成長率約為 10%。

For the full year 2024, FPL's reported ROE for regulatory purposes will be approximately 11.4%.

2024 年全年，FPL 出於監管目的報告的 ROE 約為 11.4%。

During the full year 2024, we used $328 million of reserve amortization, leaving FPL with a year-end 2024 balance of $895 million. FPL's

2024 年全年，我們使用了 3.28 億美元的儲備攤銷，使 FPL 2024 年年底餘額為 8.95 億美元。 FPL的

capital expenditures were approximately $1.8 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $8.2 billion.

第四季的資本支出約為 18 億美元，全年資本投資總額約為 82 億美元。

Key indicators show that the Florida economy remains strong, and Florida's population continues to be one of the fastest growing in the country.

關鍵指標顯示佛羅裡達州經濟依然強勁，佛羅裡達州人口仍是美國人口成長最快的州之一。

Its GDP is now roughly $1.7 trillion, an increase of approximately 7% over last year.

目前其GDP約1.7兆美元，比去年增長約7%。

For the fourth quarter of 2024, FPL's retail sales increased 1.1% from the prior year on a weather-normalized basis, driven primarily by continued strong customer growth.

2024 年第四季度，FPL 的零售額在天氣正常化的基礎上較上年增長 1.1%，這主要是由持續強勁的客戶成長所推動的。

In the fourth quarter of 2024, we added nearly 119,000 customers as compared to the prior year comparable quarter, bringing our total customer accounts to over $6 million.

2024 年第四季度，與去年同期相比，我們增加了近 119,000 名客戶，使我們的客戶帳戶總額超過 600 萬美元。

For the full year 2024, FPL's retail sales increased 1.9% from the prior year on a weather-normalized basis, also driven primarily by the strong customer growth in our service territory.

2024 年全年，FPL 的零售額在天氣正常化的基礎上比上年增長 1.9%，這主要是受到我們服務領域客戶強勁增長的推動。

As John mentioned, FPL is preparing to file a base rate case proposal that would cover the four years beginning 2026 through 2029, and provide customers longer-term visibility to the cost of electricity.

正如 John 所提到的，FPL 正準備提交一份基本費率案例提案，涵蓋 2026 年至 2029 年的四年，並為客戶提供對電力成本的長期可見性。

As a reminder, for the period 2022 through the end of 2025, FPL plans to invest approximately $36 billion, with additional significant investments expected in 2026 and beyond, to continue to meet the growing needs of Florida's economy.

需要提醒的是，從 2022 年到 2025 年底，FPL 計劃投資約 360 億美元，預計 2026 年及以後還會有更多重大投資，以繼續滿足佛羅裡達州經濟不斷增長的需求。

This capital will allow FPL to continue delivering outstanding value for Florida customers, by keeping reliability high and fuel and other costs as low as possible.

這筆資金將使 FPL 能夠透過保持高可靠性以及盡可能低的燃料和其他成本，繼續為佛羅裡達州的客戶提供卓越的價值。

While the benefit of building a stronger, smarter grid and a cleaner, more efficient generation fleet are passed along regularly to customers through higher service reliability and lower bills, we must periodically seek recovery for these long-term investments through base rates.

雖然透過更高的服務可靠性和更低的費用定期將建造更強大、更智慧的電網和更清潔、更有效率的發電機組的好處傳遞給客戶，但我們必須定期透過基本費率尋求這些長期投資的回收。

While the details are still being finalized, we expect the proposal to include base rate adjustments of approximately $1.55 billion starting in January of 2026, and $930 million starting in January of 2027.

雖然細節仍在敲定中，但我們預計該提案將包括從 2026 年 1 月開始的約 15.5 億美元的基本利率調整，以及從 2027 年 1 月開始的 9.3 億美元的基本利率調整。

We also expect the proposal to request support for continued deployment of low-cost generation and capacity additions, and the continuation of our solar and battery base rate adjustment, or SoBRA mechanism, to recover the revenue requirements of these cost-effective projects.

我們也預計該提案將請求支持繼續部署低成本發電和增加容量，以及繼續我們的太陽能和電池基本費率調整（或 SoBRA 機制），以恢復這些具有成本效益的項目的收入需求。

FPL plans to propose an ROE midpoint at 11.9%, with an allowed ROE band of plus or minus 1%.

FPL 計畫提出 ROE 中點為 11.9%，允許的 ROE 範圍為正負 1%。

The 11.9% estimated cost of equity reflects appreciably higher interest rates and other capital market factors we have experienced since our last rate case, and which we expect to continue during the term of the proposed four-year rate plan.

11.9% 的估計股權成本反映了自上次利率案例以來我們經歷的明顯較高的利率和其他資本市場因素，並且我們預計在擬議的四年期利率計劃期間將持續這種情況。

FPL also expects to propose maintaining FPL's long-standing equity ratio approved in prior base rate cases, which is intended to keep it in a position to continue to access capital as needed through 2029.

FPL 還預計建議維持 FPL 在先前基本利率案例中批准的長期股權比率，旨在使其能夠在 2029 年之前繼續根據需要獲取資本。

We continue to believe that a strong balance sheet, which starts with an appropriate equity layer and which supports strong credit ratings, remains critical to ensure FPL maintains uninterrupted access to the capital markets, even in times of significant market disruption.

我們仍然相信，以適當的股權層為基礎並支持強大的信用評級的強大資產負債表對於確保 FPL 保持不間斷地進入資本市場（即使在市場嚴重混亂的時期）仍然至關重要。

It also allows us to attract capital to support the investments FPL is making to further improve the value we offer customers.

它還使我們能夠吸引資金來支持 FPL 正在進行的投資，以進一步提高我們為客戶提供的價值。

FPL estimates that its proposal, along with the projections for fuel and other costs, will grow a typical residential customer bill by an average annual rate of approximately 2.5% from January 2025 through 2029.

FPL 估計，從 2025 年 1 月到 2029 年，其提案以及對燃料和其他成本的預測將使典型住宅客戶的帳單平均年增長率約為 2.5%。

If the full amount of requests were granted under our proposal, and assuming other utilities experience bill increases only at their historical rates of increase, we expect FPL's typical customer bills will continue to remain significantly lower than the national average through 2029.

如果根據我們的提案全額請求得到批准，並假設其他公用事業公司的帳單僅按照歷史成長率成長，我們預計到 2029 年，FPL 的典型客戶帳單將繼續顯著低於全國平均水平。

To put this proposal in context, it would result in a typical customer bill in January 2026, that is nearly 21% less than it was in real terms 20 years ago, even with our proposed base rate increases.

將該提案放在具體背景下來看，即使我們提議提高基本費率，2026 年 1 月的典型客戶帳單仍將比 20 年前的實際帳單減少近 21%。

We look forward to the opportunity to present the details of our case and expect to make our formal filing with testimony and required detailed data in February.

我們期待有機會展示我們案件的細節，並期望在二月份正式提交證詞和所需的詳細數據。

The timeline for proceeding will ultimately be determined by the commission, but we currently expect that we will have hearings in the third quarter and a final commission decision in the fourth quarter, in time for new rates to go in effect in January of 2026.

訴訟的時間表最終將由委員會確定，但我們目前預計將在第三季度舉行聽證會，並在第四季度做出委員會的最終決定，以便新費率於 2026 年 1 月生效。

We're open to the possibility of resolving our rate request through a fair settlement agreement.

我們願意透過公平和解協議解決我們的費率請求。

During the course of the past 22 years, FPL has entered into five multiyear settlement agreements, that have provided customers with a high degree of rate stability and certainty, and helped FPL execute to deliver its best-in-class customer value proposition.

在過去 22 年中，FPL 簽訂了五份多年和解協議，為客戶提供了高度的費率穩定性和確定性，並幫助 FPL 執行了其一流的客戶價值主張。

Our core focus will be to pursue a fair and objective review of our case that supports continued execution of our successful strategy for customers, and we plan to continue to provide updates throughout the process.

我們的核心重點是對我們的案例進行公正和客觀的審查，以支持我們為客戶持續執行成功的策略，並且我們計劃在整個過程中繼續提供最新資訊。

Now let's turn to Energy Resources, which reported full year adjusted earnings growth of more than 13% year-over-year.

現在讓我們來看看能源資源公司，該公司公佈的全年調整後獲利年增超過 13%。

For the full year, contributions from new investments increased by $0.48 per share, reflecting continued growth of demand for our renewables and storage portfolio.

全年新投資貢獻每股增加 0.48 美元，反映出對我們的再生能源和儲存產品組合的需求持續成長。

Contributions from existing clean energy assets increased by $0.03 per share, primarily reflecting improved wind resource during the year and the impact of certain revenue and PTC escalation benefits inherent in our existing assets.

現有清潔能源資產的貢獻每股增加了 0.03 美元，主要反映了年內風力資源的改善以及我們現有資產固有的某些收入和 PTC 升級效益的影響。

Contributions from our gas infrastructure business decreased by $0.08 per share, most of which was recognized in the second quarter.

我們的天然氣基礎設施業務的貢獻每股減少 0.08 美元，其中大部分在第二季度得到確認。

As we discussed at the time, a combination of higher depletion expense related to an expectation for lower production, certain nonrecurring items and the sale of the Texas pipeline portfolio resulted in lower relative earnings in that quarter.

正如我們當時所討論的，與產量下降的預期相關的較高消耗費用、某些非經常性項目以及德克薩斯州管道投資組合的出售導致該季度的相對收益較低。

Contribution since that time have been effectively flat, consistent with the expectations we provided in the second quarter.

自那時以來，貢獻實際上持平，與我們在第二季度提供的預期一致。

Our customer supply and trading business, which you will recall had a strong earnings in 2023, decreased results by $0.04 per share, driven by normalization of origination activity and margins, which is consistent with our expectations.

您還記得，我們​​的客戶供應和交易業務在 2023 年獲得了強勁的收益，但在發起活動和利潤正常化的推動下，每股業績下降了 0.04 美元，這與我們的預期一致。

Other impacts decreased results by $0.24 per share year-over-year.

其他影響導致每股業績年減 0.24 美元。

This decline reflects higher interest costs of $0.13 per share, nearly half of which is new borrowing to support our build and half of which reflects increased borrowing cost on existing debt.

這一下降反映了每股 0.13 美元的利息成本上升，其中近一半是支持我們建設的新借款，另一半反映了現有債務借款成本的增加。

Energy Resources, again, for the third year in a row delivered our best year ever for origination, adding more than 12 gigawatts of new renewables and battery storage projects to our backlog, which includes approximately 3.3 gigawatts since our last call.

能源資源公司再次連續第三年實現了有史以來最好的一年，在我們的積壓訂單中增加了超過12 吉瓦的新可再生能源和電池存儲項目，其中包括自我們上次通話以來的約3.3 吉瓦。

Our 2024 origination performance reflects continued strong demand from power and commercial and industrial customers looking for the least cost alternative to serve load and meet increasing demand.

我們 2024 年的首發業績反映了電力和商業和工業客戶的持續強勁需求，他們正在尋找成本最低的替代方案來服務負載並滿足不斷增長的需求。

Our renewables backlog now stands at more than 25 gigawatts, after taking into account roughly 2.4 gigawatts of new projects placed into service since our third quarter call.

考慮到自第三季電話會議以來投入使用的約 2.4 吉瓦新項目，我們的再生能源積壓目前已超過 25 吉瓦。

We believe our more than 25 gigawatt backlog provides terrific visibility into Energy Resources' ability to deliver attractive growth in years ahead.

我們相信，我們超過 25 吉瓦的積壓訂單可以讓我們充分了解 Energy Resources 在未來幾年實現有吸引力成長的能力。

Turning now to the consolidated results for NextEra Energy.

現在轉向 NextEra Energy 的綜合業績。

For the full year, adjusted earnings per share from our Corporate and Other segment decreased by $0.01 per share year-over-year.

全年，公司及其他部門的調整後每股收益年減 0.01 美元。

We successfully supported the growth in our underlying businesses from our strong operating cash flows and grew 2024 cash flow from operations by more than 17%, well in excess of adjusted earnings.

我們憑藉強勁的營運現金流成功支持了基礎業務的成長，2024 年營運現金流成長了 17% 以上，遠超過調整後收益。

We also continue to focus on protecting our project economics at Energy Resources, as well as minimizing the cost of refinancing at the parent.

我們也持續致力於保護能源資源公司的專案經濟效益，並最大限度地降低母公司的再融資成本。

We now have $28.5 billion of interest rate hedges in place.

我們現在已經實施了 285 億美元的利率對沖。

To put this all in perspective, NextEra Energy's sensitivity for an immediate 50 basis point upward shift in the yield curve has, on average, $0.01 to $0.03 of expected adjusted EPS impact in 2025, 2026 and 2027, which is equivalent to less than 1% of our adjusted EPS expectations.

綜合來看，NextEra Energy 對殖利率曲線立即上移50 個基點的敏感度平均會對2025 年、2026 年和2027 年預期調整後每股收益產生0.01 美元至0.03 美元的影響，相當於不到1 %我們調整後的每股盈餘預期。

The sensitivity, of course, assumes we do not implement other offsetting initiatives, including, among others, our normal process of cost reductions and capital efficiency opportunities.

當然，這種敏感度是假設我們不實施其他抵銷舉措，其中包括我們正常的成本削減流程和資本效率機會。

As a reminder, the current interest rate environment is taking into account in our financial expectations.

提醒一下，我們的財務預期正在考慮當前的利率環境。

Overall, our funding plans for 2024 through 2027 remain consistent with the information we shared previously.

整體而言，我們 2024 年至 2027 年的融資計畫與我們先前分享的資訊保持一致。

For each of the last 15 years, NextEra Energy has met or exceeded its financial expectations, which is a record we're proud of.

在過去 15 年中，NextEra Energy 每年都達到或超過其財務預期，這是我們引以為傲的記錄。

And once again, our long-term financial expectations remain unchanged.

我們的長期財務預期再次保持不變。

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

如果我們無法在 2025 年、2026 年和 2027 年實現達到或接近調整後每股收益預期範圍上限的財務業績，我們將感到失望。

From 2023 to 2027, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range.

從2023年到2027年，我們繼續預期我們的營運現金流量年平均成長將等於或高於我們調整後的每股盈餘複合年增長率範圍。

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

我們也預計至少到 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 always, our expectations assume our caveats.

一如既往，我們的期望包含了我們的警告。

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 Instructions) Steve Fleishman, Wolfe Research.

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

Just a couple of high-level questions.

只是幾個高級問題。

So on the GEV framework agreement announcement.

那麼關於GEV框架協議的公告。

Could you maybe give a little more color on -- would you co-own projects with them?

您能否提供更多資訊—您會與他們共同擁有專案嗎？

And also just, would you only be doing contracted projects, long-term contracts?

而且，您只會做承包專案、長期合約嗎？

Or would you consider doing kind of new build merchant like in ERCOT or PJM?

或者您會考慮像 ERCOT 或 PJM 那樣新商家嗎？

Steve, thanks for the question.

史蒂夫，謝謝你的提問。

First of all, we're very excited about this framework agreement with GE Vernova.

首先，我們對與 GE Vernova 達成的框架協議感到非常興奮。

Again, as I said in the prepared remarks, Nobody has built more gas-fired generation in this country.

正如我在準備好的演講中所說，沒有人在這個國家建造更多的燃氣發電。

Really not only over the last decade, the last two decades than NextEra.

確實不只是過去十年，比NextEra最近二十年。

So we've got significant experience.

所以我們擁有豐富的經驗。

We have an 80-year relationship with GE, just terrific relationship, not only on the renewable side, but also on the gas fire generation side with all that we have historically done.

我們與 GE 有著 80 年的合作關係，這種關係非常好，不僅在再生能源方面，而且在燃氣發電方面，我們歷史上所做的一切都是如此。

So I think you're bringing two powerhouses together with experience in gas-fired generation.

因此，我認為你們將兩家擁有燃氣發電經驗的發電企業聚集在一起。

The idea would be to go after and target large load customers and do it in an integrated way where we can combine gas-fired generation with renewable battery storage solutions.

我們的想法是追求並瞄準大負載客戶，並以綜合方式實現這一目標，我們可以將燃氣發電與再生電池儲存解決方案結合。

And each party would bring the expertise that you would expect to the table.

各方都會帶來您所期望的專業知識。

In terms of the ownership, yes, they would be co-owned as part of a 50/50 joint venture.

就所有權而言，是的，他們將作為 50/50 合資企業的一部分共同擁有。

These would be long-term contracted assets as well.

這些也將是長期合約資產。

We could contemplate in the right situation with the right customer, also potentially a build-on transfer on gas-fired generation as well, that was part of a larger transaction that included renewables and other growth opportunities.

我們可以在正確的情況下與正確的客戶進行考慮，也可能對燃氣發電進行擴展轉讓，這是包括再生能源和其他成長機會的更大交易的一部分。

But we're very excited about this.

但我們對此感到非常興奮。

I think it enables us to bring a comprehensive solution set that is right down our alley.

我認為它使我們能夠帶來一套適合我們的全面解決方案。

No, it makes a lot of sense.

不，這很有意義。

I assume it gets you access to turbines kind of relatively quickly as well.

我想它也可以讓你相對快速地使用渦輪機。

Just one other question on, I think, we call it the elephant in the room, the new administration and just the, kind of, I guess the announcement on the wind -- limits on wind leases on federal lands and then also views on kind of where things stand on IRA risk?

我想，還有一個問題，我們稱之為房間裡的大象，新政府，以及，我想，關於風能的公告——對聯邦土地上的風能租賃的限制，以及對這種風能的看法IRA風險的情況如何？

Would love any commentary on those topics.

希望對這些主題有任何評論。

Sure, Steve.

當然，史蒂夫。

Let me go ahead and take that.

讓我繼續吧。

First of all, with the executive orders as a whole, very consistent with our beliefs that we need electrons.

首先，整個行政命令非常符合我們需要電子的信念。

We need electrons right now.

我們現在需要電子。

And we need to unleash the American energy industry and energy dominance.

我們需要釋放美國能源產業和能源主導地位。

So we embrace the new administration's mandates that have come out in these executive orders.

因此，我們接受新政府在這些行政命令中提出的命令。

And as part of achieving energy dominance, we're going to need all of the above solutions.

作為實現能源主導地位的一部分，我們將需要上述所有解決方案。

We can't afford to take any options off the table.

我們不能放棄任何選擇。

We're going to need gas.

我們需要汽油。

We're going to need nuclear.

我們將需要核能。

We're going to need renewables.

我們將需要再生能源。

We're going to need storage as well.

我們還需要存儲。

But we can't wait because that demand is here today.

但我們已經等不及了，因為今天就有這樣的需求。

I mean, if you think about it, power demand is higher than it's ever been in this country.

我的意思是，如果你仔細想想，這個國家的電力需求比以往任何時候都高。

The only close analogy you could draw to the last industrial revolution.

這是你可以對上一次工業革命進行的唯一相似的類比。

And we're expecting low demand to increase over 80% over the next five years, sixfold over the next 20 years.

我們預計未來五年低需求將成長 80% 以上，在未來 20 年內成長六倍。

And if you think about generation types and needing all of the above, they're not all created equally in terms of timing, which is one of the things that I hit in my prepared remarks.

如果您考慮一代類型並需要上述所有內容，那麼它們在時間上的創建並不相同，這是我在準備好的演講中提到的事情之一。

Renewables are here today.

再生能源今天就在這裡。

You can build a wind project in 12 months, a storage facility in 15, and a solar project in 18 months.

您可以在 12 個月內建造一個風能項目，在 15 個月內建造一個儲存設施，在 18 個月內建造一個太陽能項目。

With gas-fired generation, we're pleased with our announcement with GE Vernova, with gas-fired generation, the country is starting from a standing start.

對於燃氣發電，我們很高興與 GE Vernova 宣布，透過燃氣發電，該國正在從一個起點開始。

And we've got to go find the sites.

我們必須去尋找這些地點。

We've got to develop these sites.

我們必須開發這些網站。

We've got to get gas to those sites.

我們必須為這些地點提供天然氣。

We got to get hands on gas turbines.

我們必須得到燃氣渦輪機。

If you take all those things together and you think about when is gas really going to be able to contribute at scale, I mean, we're looking at 2030 in nuclear later than that.

如果你把所有這些事情放在一起，你會想到天然氣什麼時候才能真正能夠做出大規模貢獻，我的意思是，我們會在 2030 年之後考慮核能。

And we need shovels in the ground today because our customers need the power right now.

今天我們需要鏟土，因為我們的客戶現在需要電力。

I mean, if you think about it from a customer standpoint, they have already built new manufacturing facilities are well down the road that are going to need electrons.

我的意思是，如果你從客戶的角度考慮，他們已經建造了新的製造設施，這些設施將需要電子產品。

Our utility customers have already shut down existing generation.

我們的公用事業客戶已經關閉了現有發電設備。

They're counting on these renewable projects, some of which include wind to show up to be able to provide the electrons.

他們指望這些再生能源項目，其中一些項目包括風能來提供電子。

So we don't have reliability issues with their customers because right now, we are short power in this country.

因此，我們與他們的客戶之間不存在可靠性問題，因為目前我們國家電力短缺。

And so when I think about wind, and I think about our own portfolio, we don't have any offshore wind, as you all know.

因此，當我想到風電，想到我們自己的投資組合時，正如你們所知，我們沒有任何離岸風電。

We've never been in the offshore wind business.

我們從未涉足離岸風電業務。

And we -- all of our onshore projects are on private land except for one.

我們所有的陸上項目都位於私人土地上，只有一個例外。

And that's a very positive fact.

這是一個非常正面的事實。

And the permitting process is rather limited for onshore private land solutions.

對於陸上私人土地解決方案來說，許可程序相當有限。

And I go back to our customers need the power right now.

我回到我們的客戶現在需要電力。

They're building new manufacturing utilities have already planned for it.

他們正在建造新的製造設施，並且已經為此做好了規劃。

And I know this administration, they support low-cost energy.

我了解本屆政府，他們支持低成本能源。

They support domestic job creation.

他們支持國內創造就業機會。

So I remain very optimistic that we're going to be able to work through any issues that may come up along the way.

因此，我仍然非常樂觀，認為我們將能夠解決在過程中可能出現的任何問題。

And feel good about the future of our program.

並對我們計劃的未來感到滿意。

And Steve, on IRA, let me hit your last one on IRA.

史蒂夫，關於 IRA，讓我打你關於 IRA 的最後一擊。

That's really a lot of the same points.

確實有很多相同點。

I mean, obviously, we've been spending a lot of time in Washington on advocacy around IRA.

我的意思是，很明顯，我們在華盛頓花了很多時間宣傳愛爾蘭共和軍。

And what I will say there is, again, it's all about electrons and needing electrons right now.

我要再說一遍，現在一切都與電子有關並且需要電子。

The power demand is here today.

今天的電力需求就在這裡。

We need to serve it.

我們需要為它服務。

Renewables play a very important role in all forms of energy solution.

再生能源在各種形式的能源解決方案中發揮著非常重要的作用。

We're going to need gas to back up renewables.

我們將需要天然氣來支持再生能源。

We'll have nuclear later next decade.

下個十年晚些時候我們將擁有核能。

But right now, if we need -- we need solutions that are going to deliver electrons to the grid, so we don't have a power crisis.

但現在，如果我們需要的話，我們需要將電子傳送到電網的解決方案，這樣我們就不會出現電力危機。

And that is the thing that is not being overlooked at all by folks that we are meeting with in Congress.

這是我們在國會會見的人根本沒有忽視的事情。

And then there's the other factor that, look, this is a terrific American industry.

還有另一個因素，看，這是一個了不起的美國產業。

We are creating a substantial number of jobs right here in our backyard.

我們正在我們的後院創造大量就業機會。

And 80% of those jobs are -- and investments are occurring in Republican states.

其中 80% 的就業機會和投資都發生在共和黨州。

Take our own CapEx.

以我們自己的資本支出為例。

We've been top 5 infrastructure investor over the last five years, I fully expect that to be the case over the next four years.

過去五年我們一直是排名前五名的基礎設施投資者，我完全預計未來四年也會如此。

NextEra is going to invest $120 billion over the next four years.

NextEra 將在未來四年內投資 1200 億美元。

That's our expectation.

這是我們的期望。

And again, 80% of those dollars is going into Republican states.

再說一遍，其中 80% 的美元都流入了共和黨州。

That's a lot of manufacturing, a lot of job creation, a lot of property taxes, a lot of economic benefits.

這意味著大量的製造業、大量的就業機會、大量的財產稅和大量的經濟效益。

So those are the messages that we're trying to make sure we get across in Washington around the Iowa discussion.

這些就是我們試圖確保圍繞愛荷華州討論在華盛頓傳達的訊息。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Just real quick, John, I know you noted the time to market for nuclear between the '27-'30 time frame.

約翰，快點，我知道您注意到核能的上市時間是在「27-30 年」的時間範圍內。

I guess what is Duane Arnold within that time frame?

我猜杜安·阿諾德在那個時間範圍內是什麼？

And also, there's obviously one restart out there and there's a cost estimate.

而且，顯然還有一次重新啟動，並且有成本估算。

Is there anything you can provide just directionally for Duane Arnold restart versus the comp that's out there?

與現有的比賽相比，你能為杜安·阿諾德的重啟提供什麼直接的幫助嗎？

And would you potentially look to expand the site of the support from a counterparty or the federal government?

您是否可能尋求擴大交易對手或聯邦政府的支持範圍？

Yes.

是的。

Thanks, Shar, for the question.

謝謝莎爾的提問。

So happy to say that we have made our filing with the NRC around the licensing recommission that facility.

很高興地說，我們已經向 NRC 提交了有關該設施許可重新調試的文件。

We have more work to do.

我們還有更多工作要做。

Some of that work includes work with customers.

其中一些工作包括與客戶合作。

I'm certainly not going to put the cost estimate out there that would hurt our negotiating position in those discussions.

我當然不會將成本估算公佈出來，這會損害我們在這些討論中的談判地位。

And you can rest assured that we are in active discussions with customers today.

您可以放心，我們今天正在與客戶進行積極的討論。

There's a lot of interest in the plant as we look forward.

正如我們所期望的那樣，人們對該工廠很感興趣。

But my comments around nuclear are really -- look, as one of the largest nuclear operators in the country, we obviously know a lot about it.

但我對核能的評論確實是——看，作為全國最大的核能運營商之一，我們顯然對此了解很多。

I think the near-term opportunities are around the recommissioning with Palisades, of Crane, of Duane Arnold as well.

我認為近期的機會是圍繞 Palisades、Crane 和 Duane Arnold 的重新調試。

And those are really the ones that I think I would confine to the time frame of being over the next three, four, five years.

我認為這些確實是我會限制在未來三年、四年、五年內的時間框架。

As you think about next decade in my comments around next decade, those are really more around the small modular reactors, which are still a first-of-a-kind technology, have some uncertainty in terms of developing and permitting and the ability of them to be able to deliver -- be delivered to market on time and on schedule.

當你在我關於下一個十年的評論中思考下一個十年時，這些實際上更多地圍繞著小型模組化反應堆，這仍然是一種首創的技術，在開發和許可以及它們的能力方面存在一些不確定性能夠交付——按時、按計劃交付到市場。

And so as we think about small module reactors and we have a team internally at NextEra Energy that is focusing on nothing but small modular reactors.

因此，當我們考慮小型模組反應器時，我們在 NextEra Energy 內部有一個團隊，只專注於小型模組化反應器。

We'd love to be able to develop them.

我們很樂意能夠開發它們。

But as we get into them, there are some practical limitations.

但當我們深入研究它們時，就會發現存在一些實際限制。

So we're thinking as a country about their ability to contribute to all the power demand that we see that's here right now.

因此，作為一個國家，我們正在考慮他們是否有能力滿足我們目前看到的所有電力需求。

My only comment is that I would think about them more as a next decade solution, probably middle of the latter part of the next decade if we're thinking about small modular reactors at scale and cost continues to remain a wildcard.

我唯一的評論是，我將更多地將它們視為下一個十年的解決方案，如果我們正在考慮大規模的小型模組化反應堆，那麼可能是下一個十年的後半段，而成本仍然是一個通配符。

Got it.

知道了。

Maybe just -- I'll just ask in a slightly different way.

也許只是——我會以稍微不同的方式提問。

Just what's the condition of the plant right now, I guess, on Duane Arnold?

我猜杜安·阿諾德上的植物現在狀況如何？

You know, the Duane Arne plan is really in good shape.

要知道，杜安·阿恩的計畫確實進展順利。

I mean, the only issue that we had -- if I think about the facility and the condition that it's in, I mean, I think about the reactor itself and very good condition.

我的意思是，我們遇到的唯一問題是——如果我考慮一下設施及其所處的狀況，我的意思是，我會考慮反應器本身和非常好的狀況。

The only damage that we ever sustained that Duane Arnold was the derecho that took down the cooling tower.

杜安·阿諾德對我們造成的唯一傷害是摧毀冷卻水塔的德雷科。

But building a cooling tower is run of the mill.

但建造冷卻水塔是很平常的事。

I mean you build them at gas plants, you build them at nuclear facilities as well.

我的意思是你在天然氣工廠建造它們，你也在核設施建造它們。

So that's pretty conventional construction, so not a whole lot of risk there.

所以這是非常傳統的建築，所以沒有太大的風險。

Got it.

知道了。

All right.

好的。

That's perfect.

那很完美。

And then just lastly on -- just a follow-up on Steve's gas question there. 2030 plus -- to me seems a little far out, just given the hyperscalers needs including just the trends around additionality and speed to market.

最後——只是史蒂夫的天然氣問題的後續。 2030 年以後——對我來說似乎有點遙遠，考慮到超大規模企業的需求，包括圍繞額外性和上市速度的趨勢。

I think supply chains should start to ease in the next couple of years.

我認為未來幾年供應鏈應該開始緩解。

I guess just directionally, this could be pretty, I guess, a sizable opportunity for NextEra.

我想，從方向上來說，這對 NextEra 來說可能是一個相當大的機會。

I guess when can this sort of start to become accretive to growth and hit the backlog?

我想這種方式什麼時候可以開始促進成長並解決積壓問題？

Yes.

是的。

Thanks, Shar for the question.

謝謝莎爾的提問。

So my comments on gas are when you look at finding a site, getting it permitted, getting gas to the facility, getting interconnected and then the equipment limitations of actually getting a turbine slot, getting access to that turbine, and then the EPC labor -- remember, we -- this is an industry that really hasn't seen any active development or construction in years.

因此，我對天然氣的評論是，當你考慮尋找地點、獲得許可、將天然氣輸送到設施、實現互連，然後是實際獲得渦輪機槽位的設備限制、獲得渦輪機的使用權，然後是 EPC 勞動力 - - 請記住，我們- 這是一個多年來確實沒有任何積極發展或建設的行業。

And so that's my comment earlier about really beginning from a standing start.

這就是我之前關於真正從零開始的評論。

And so all of that puts pressure on cost.

因此，所有這些都給成本帶來了壓力。

I mean we've seen enormous demand, as you know, from GE Vernova's commentary for gas turbines.

我的意思是，正如您所知，從 GE Vernova 對燃氣渦輪機的評論中我們看到了巨大的需求。

And it's not only domestic, it's international, and that's more than double the cost of a gas turbine and EPC labor is in such short supply that the costs there have tripled.

這不僅是國內的，也是國際的，這比燃氣渦輪機的成本高出一倍多，而且 EPC 勞動力供應短缺，導致成本增加了兩倍。

And I look back to just our last gas-fired facility that we built here in Florida, Dania Beach.

我回顧了我們在佛羅裡達州達尼亞海灘建造的最後一個燃氣設施。

If we take the cost we paid for that facility, on a dollar per kW basis to today, I mean we -- the cost has tripled in price.

如果我們把我們為該設施支付的成本以每千瓦一美元計算到今天，我的意思是我們的成本已經增加了兩倍。

And so those are some of the sensitivities.

這些是一些敏感性。

So it's -- it's not only time but it's money as well and making sure that we can put an economic solution in front of the customer.

所以，這不僅是時間，也是金錢，並確保我們能夠提供客戶經濟的解決方案。

In terms of when it contributes, consistent with that time frame.

就其貢獻時間而言，與該時間範圍一致。

I mean, I think it's the that 2030 and beyond time frame.

我的意思是，我認為這是 2030 年及以後的時間範圍。

And don't get me wrong, there are probably some pockets of the country that would be an exception.

不要誤會我的意思，這個國家的某些地區可能是例外。

ERCOT, you can build more quickly than you can in other parts of the country.

ERCOT，您的建造速度比國內其他地區更快。

Other parts of the country are just more difficult, right, because you have to deal with the courts.

該國其他地區的情況更加困難，對吧，因為你必須與法院打交道。

We know from our own experience with what it took to get the MVP pipeline built in the Mid-Atlantic region, if you think about PJM, in particular, it's just not easy to get the gas to those facilities and to get gas infrastructure built this new administration certainly is undoubtedly going to move forward with reforms that will make that easier achieve, but there could be litigation over those things as well.

根據我們自己的經驗，我們知道在大西洋中部地區建造 MVP 管道需要什麼，特別是 PJM，將天然氣輸送到這些設施並建設天然氣基礎設施並不容易。實現，但這些事情也可能引發訴訟。

So as we put all the pieces together, we're just being practical.

因此，當我們將所有部分放在一起時，我們只是注重實用。

We're just being realistic, we see it more as a later this decade solution.

我們只是現實一點，我們更多地將其視為本十年稍後的解決方案。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

So maybe to follow up a little bit on some of the core questions here.

因此，也許可以對這裡的一些核心問題進行一些跟進。

How do you think about getting into this gas business?

您如何看待進入天然氣業務？

I know you talked about development kind of in the 2030 plus.

我知道您談到了 2030 年以後的發展。

Any thoughts about strategically entering into it in a proactive way from an acquisition perspective to create some origination prospects, right, to leverage off of?

有沒有關於從收購角度積極主動地策略性進入該領域以創造一些起源前景（對吧，可以利用）的想法？

And then related, how are you thinking about this explore pivot and having sort of a development sell-down partner.

然後相關的是，您如何看待這個探索支點以及擁有某種開發銷售合作夥伴。

I know, for instance, your comment earlier about a 50/50 development effort with JVs in their financial services effort.

例如，我知道您之前關於與合資企業在金融服務方面進行 50/50 開發工作的評論。

How do you think about the renewable side of that equation in terms of no longer having the same sell-down vehicles you did before.

您如何看待該等式的可再生能源方面，因為不再擁有以前的相同銷售車輛。

Thoughts about the monetization vector?

關於貨幣化向量的想法？

Yes.

是的。

Let me take those in pieces.

讓我把它們分成碎片。

So if I think about the gas business and your question about whether or not we would look to do something through acquisition, I don't think we need to do that.

因此，如果我考慮天然氣業務以及您關於我們是否希望透過收購來做某事的問題，我認為我們不需要這樣做。

And here's why we don't need to do that, Julian, is -- we are a giant development company, right?

這就是為什麼我們不需要這樣做，朱利安，我們是一家巨大的開發公司，對吧？

That is our business.

這是我們的事。

We are a massive development company that's been up and running for the better part of a couple of decades.

我們是一家大型開發公司，已經成立並經營了幾十年的大部分時間。

We have all the pieces in place already.

我們已經把所有的部分都準備好了。

We have a land team, we have a permitting team.

我們有一個土地團隊，我們有一個許可團隊。

We have gas infrastructure capability to build gas pipeline laterals to build new gas pipelines.

我們擁有天然氣基礎設施能力來建造天然氣管道支線以建造新的天然氣管道。

We have a transmission business.

我們有傳輸業務。

There wouldn't be a whole lot to be gained for us adding a piece through an acquisition.

透過收購增加一塊對我們來說不會獲得太多好處。

Given that we already have all those components in place, internally.

鑑於我們已經在內部準備好了所有這些組件。

It's an easy pivot for us to move into gas, and we've already been up and running in that and already have put together a nice pipeline, and we'll continue to grow that as we move forward.

對我們來說，進入天然氣領域是一個簡單的支點，我們已經啟動並運行了這一領域，並且已經建立了一條很好的管道，隨著我們的前進，我們將繼續發展它。

On the XPLR side, I really don't want to answer any questions about XPLR on this call given that we have a call scheduled for Tuesday, but I will answer your question about sell-down vehicles and recycling capital generically for NextEra Energy.

在 XPLR 方面，我真的不想在這次電話會議上回答有關 XPLR 的任何問題，因為我們安排在周二舉行電話會議，但我會回答您有關 NextEra Energy 的出售車輛和回收資本的問題。

I think as you can see with our reaffirmation of our capital recycling plan and our equity plan that we've included in today's call, there are no changes, right.

我認為，正如您所看到的，我們在今天的電話會議中重申了我們的資本回收計劃和股權計劃，沒有任何變化，對吧。

No changes at all.

完全沒有變化。

And so we feel good about where we are in terms of our ability to recycle capital and has no impact again on our equity needs.

因此，我們對自己的資本回收能力感到滿意，並且不會再次影響我們的股權需求。

And we have plenty of outlets available to be able to do that, whether that would be through XPLR or some other avenue as we've talked about in the past.

我們有很多管道可以做到這一點，無論是透過 XPLR 還是我們過去討論過的其他途徑。

Julien, I'd just remind you that over the past 18, 24 months, we recycled several billion dollars of capital that had nothing to do with Explorer.

Julien，我只想提醒你，在過去的 18、24 個月裡，我們回收了與 Explorer 無關的數十億美元資金。

So not only are we very comfortable with our expectations.

因此，我們不僅對自己的期望感到非常滿意。

We've been recycling capital now for a good several years through other avenues.

多年來我們一直透過其他途徑回收資金。

Nic Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Thanks for all the updates.

感謝您的所有更新。

So hey, just a 2% change to customers for FPL in this upcoming rate case definitely stands out in a positive way.

所以，嘿，在即將到來的費率案例中，FPL 客戶只需 2% 的變化絕對會以積極的方式脫穎而出。

Just wanted to see if you had any updated thoughts on how you're thinking about the surplus reserve mechanism?

只是想看看您對盈餘準備金機制有何最新看法？

And then also, just how are you kind of thinking about earned ROEs at FP&L in '25?

另外，您如何看待 25 年 FP&L 獲得的 ROE？

Great.

偉大的。

Thank you.

謝謝。

So we are -- the growth that we saw this last quarter, the growth that we saw in the year was certainly positive.

所以我們——我們上個季度看到的成長，我們今年看到的成長肯定是正面的。

But it's not just this past year.

但這不僅僅是過去的一年。

We've been seeing it really since the pandemic.

自大流行以來，我們確實看到了這一點。

Our expectations going into the next rate case over the next four years is that growth may come down a little bit over the next four years because of what we saw during the pandemic.

我們對未來四年下一次利率狀況的預期是，由於我們在疫情期間看到的情況，未來四年的成長可能會略有下降。

But we still believe it's going to be a fairly strong growth in our service territory.

但我們仍然相信我們的服務領域將出現相當強勁的成長。

And that's why our expectations for the '26, '29 time period for capital investing in the business, would be above the roughly $36 billion that we are going to put in over the four-year settlement agreement that ends at the end of '25.

這就是為什麼我們對 26 年、29 年期間對該業務的資本投資的預期將高於我們將在 25 年底結束的四年和解協議中投入的約 360 億美元。

So a lot of that detail will come out here in the next -- that's probably about six weeks now because we expect to follow our rate case at the end of February.

因此，許多細節將在接下來的時間內公佈——現在可能大約是六週，因為我們預計將在二月底跟進我們的利率情況。

Your question regarding the reserve mechanism.

你關於儲備金機制的問題。

We're sitting at roughly $800 million after using of $400 million or so in 2024.

2024 年使用約 4 億美元後，我們的資金規模約為 8 億美元。

So we feel good.

所以我們感覺很好。

We're certainly not going into 2025.

我們肯定不會進入 2025 年。

And believing that all of the risks that we use as the surplus mechanism are behind us.

並相信我們用作盈餘機制的所有風險都已成為過去。

We've had to tap that reserve mechanism for a lot of inflation, higher interest rates.

我們不得不利用準備金機制來應對嚴重的通貨膨脹和更高的利率。

A lot more growth in our area and therefore, a lot more CapEx expenses that we expected.

我們地區的成長速度更快，因此資本支出也比我們預期的要高得多。

So with the 11.4% ROE at the end of 2024, I expect there might be a little bit of upside to that 11.4% in 2025, but it's obviously early.

因此，鑑於 2024 年底的 ROE 為 11.4%，我預計 2025 年的 11.4% 可能會有一些上升空間，但顯然還為時過早。

We want to make sure that we get through this year in good shape.

我們希望確保我們以良好的狀態度過今年。

And we feel really positive about the case that we are going to present to our regulators in February because we've been doing the right things for our customers.

我們對二月向監管機構提交的案例感到非常積極，因為我們一直在為客戶做正確的事情。

So as long as we do that, I think we'll be okay.

所以只要我們這樣做，我想我們就會沒事的。

And then -- I'm sorry, but just a follow-up on XPLR, just you're still including the proportional share of EBITDA and earnings and your own outlook from a NEE perspective.

然後——我很抱歉，但這只是 XPLR 的後續行動，只是您仍然包括 EBITDA 和收益的比例份額以及您從 NEE 角度的展望。

And I just wanted to confirm that you just continue to see that income stream consistent and preserved kind of regardless of the outcome.

我只是想確認一下，無論結果如何，你都會繼續看到收入流一致並保持不變。

Just say the accounting is unchanged around Explore and we'll discuss the outlook for that business on Tuesday.

只是說 Explore 的會計並沒有變化，我們將在周二討論該業務的前景。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Just wanted to throw in a couple of follow-ups.

只是想補充一些後續內容。

The first one just on some of the renewables conversation.

第一個只是關於一些再生能源的對話。

Is there anything you can share on how this is or is not impacting the conversations that you're having with customers?

您可以分享這對您與客戶的對話有何影響嗎？

Are they seeing any concern about the ability to build these projects or the economics of them going forward if you see some change on the policy side?

如果您看到政策方面發生一些變化，他們是否會對建立這些項目的能力或其未來的經濟效益感到擔憂？

So Carly, the answer to that question is no, it hasn't heard any of our discussions with customers.

所以卡莉，這個問題的答案是否定的，它沒有聽到我們與客戶的任何討論。

The only thing customers are concerned about is making sure that these projects get built because they need them.

客戶唯一關心的是確保這些項目能夠因為他們需要而建成。

They have made decisions to already shut down existing generation if these projects or for any reason to be delayed, which we don't believe they will be.

如果這些項目或因任何原因被推遲，他們已經決定關閉現有發電系統，但我們認為他們不會這樣做。

That would have a significant impact on their ability to provide power to their own to their own customer base.

這將對他們向自己的客戶群提供電力的能力產生重大影響。

I'm talking about utilities and co-ops and municipalities who need these electrons right now, and then also with our C&I customers.

我說的是現在需要這些電子的公用事業公司、合作社和市政當局，還有我們的工商業客戶。

I mean these commercial industrial customers have made investments in manufacturing facilities, semiconductor chip facilities, they're chemical companies.

我的意思是這些商業工業客戶對製造設施、半導體晶片設施進行了投資，他們是化學公司。

I mean you name it, across the board, they've invested in infrastructure and are counting on the electrons to show up.

我的意思是，你能想到的，他們全面投資了基礎設施，並指望電子產品的出現。

So I think it's actually quite the opposite.

所以我認為實際上恰恰相反。

I echo that.

我同意這一點。

And we've had quite a number of conversations just this week with customers across the board that John just mentioned.

就在本週，我們與約翰剛才提到的全面客戶進行了許多對話。

And top of mind to them is time and money.

他們最關心的是時間和金錢。

They don't have time to get other resources available to them in the time frames that they need, and they know that without these renewable resources, storage resources or other things that they have in the queue, it would cost more money and cost more money for their end customers. So top of mind to them to make sure that we meet the demands of the day, and we're excited to work with them and all the stakeholders to make sure that happens.

他們沒有時間在需要的時間範圍內獲得可用的其他資源，而且他們知道，如果沒有這些可再生資源、儲存資源或隊列中的其他資源，就會花費更多的金錢和成本為最終客戶賺錢。因此，他們最關心的是確保我們滿足當今的需求，我們很高興與他們和所有利害關係人合作，以確保實現這一目標。

Great.

偉大的。

Really appreciate that color.

真的很欣賞這個顏色。

And then maybe just one on the rate side.

然後也許只是利率方面的一個。

It's become a little more topical in our conversations.

在我們的談話中，它變得更加話題化了。

Can you just refresh us on the broader interest rate hedge program?

您能否向我們介紹更廣泛的利率對沖計劃？

It looks like some of the interest rate sensitivities moved just a bit relative to prior disclosure.

看起來一些利率敏感度相對於先前的披露僅發生了一些變化。

So just can you refresh us on the strategy to manage rates exposure?

那麼能否向我們介紹一下管理利率風險的策略呢？

Yes.

是的。

So Carly, we put $32 billion of interest rate swaps in place, with an average coupon of around 3.9%.

卡莉，我們實施了 320 億美元的利率互換，平均票面利率約為 3.9%。

So we feel very good about our hedge position, and that shows up in what we communicated today. So if you look at our sensitivities for '25 and '26, it's about $0.01 to $0.03 on an EPS basis.

因此，我們對我們的對沖頭寸感覺非常好，這在我們今天所傳達的訊息中得到了體現。因此，如果你看看我們對 25 年和 26 年的敏感性，你會發現每股收益約為 0.01 至 0.03 美元。

If you look at '27, it's $0.03 to $0.05. So very manageable, and we keep a very close eye on interest rate risk exposure around the portfolio, but feel good where we are with the $32 billion of interest rate swaps in place.

如果你看看 27 年，它的價格是 0.03 美元到 0.05 美元。非常易於管理，我們非常密切地關注投資組合的利率風險敞口，但我們對 320 億美元利率互換的現狀感到滿意。

Jeremy Tonet, J.P. Morgan.

傑里米·託內特，摩根大通。

Just want to continue with some of the themes you talked about before.

只是想繼續您之前談到的一些主題。

But regarding your conversations with hyperscalers at this point.

但關於您目前與超大規模企業的對話。

Just wondering if you're seeing any kind of changes in the tone or thoughts as far as the renewables, clearly still carbon-free premiums there.

只是想知道您是否看到可再生能源的語氣或想法發生任何變化，顯然仍然是無碳溢價。

But as far as openness to gas, just wondering if there's any change in tone there or thoughts in your -- from your customers when you're talking about their -- what they're looking to achieve?

但就天然氣的開放性而言，只是想知道當您談論客戶想要實現的目標時，您的語氣或想法是否有任何變化？

Yes.

是的。

Thanks for the question, Jeremy.

謝謝你的提問，傑里米。

I certainly appreciate it.

我當然很感激。

And I think there's a lot of discussion about how do we get the resources that we need in the time frames in which we need it and matching that with some of the other goals that they may have either corporate levels or certainly state levels.

我認為，關於我們如何在需要的時間範圍內獲得所需的資源，以及如何將其與他們可能具有公司級別或當然州級別的其他一些目標相匹配，存在很多討論。

I think top of mind continues to be what John highlighted, which is speed to market, with the resources that are available today at the lowest cost with highest confidence and be able to meet those commitments, including the commitments of those customers.

我認為最重要的仍然是約翰所強調的，即加快上市速度，以最高的信心以最低的成本提供當今可用的資源，並能夠履行這些承諾，包括這些客戶的承諾。

So we see demand across the board.

所以我們看到了全面的需求。

Where we've seen a lot of increase in demand for natural gas.

我們看到天然氣需求大幅增加。

It really is to enable that capacity value, where energy still can be met in many places, lease cost in terms of resource availability from wind and solar resources.

它實際上是為了實現容量價值，在許多地方仍然可以滿足能源需求，從風能和太陽能資源的資源可用性方面租賃成本。

So there's a great pairing there that many of our customers are really interested in.

因此，我們的許多客戶都對此非常感興趣。

So it's a real pragmatic view.

所以這是一個真正務實的觀點。

I think it can't be underestimated how much this industry has changed in a very short amount of time and really the last 15 to 18 months realizing that demand is significant.

我認為不能低估這個行業在很短的時間內，尤其是在過去 15 到 18 個月內發生的巨大變化，因為我們意識到需求是巨大的。

You all are well versed in knowing that it takes three to five years to develop resources.

大家都知道，開發資源需要三、五年的時間。

And we've talked a lot about demand, but it takes time to build all this back up.

我們已經討論了很多關於需求的問題，但建立所有這些備份需要時間。

So what's available, as John highlighted, the renewables and storage is top of mind.

因此，正如約翰所強調的那樣，可再生能源和儲存是首要考慮的。

What will be needed longer term are making sure that the capacity resources are there.

從長遠來看，需要確保有足夠的能力資源。

And of course, we and others are very interested in seeing continued diverse supply options available to our customers, including small module reactors and other technologies that we hope to be more relevant and at bigger scale in the 2030 mid time frame and beyond.

當然，我們和其他人非常有興趣看到為我們的客戶提供持續多樣化的供應選擇，包括小型模組反應器和其他技術，我們希望這些技術在 2030 年中期及以後變得更加相關和更大規模。

Got it.

知道了。

That's very helpful there.

這非常有幫助。

I didn't know if behind the meter gas was coming up in conversations at all versus prior conversations.

我不知道與先前的對話相比，儀表後面的對話是否會出現天然氣問題。

It does, Jeremy.

確實如此，傑里米。

I think there's a novel -- novelness to that about whether or not that can work and speed through some of these other issues.

我認為，關於這是否可以發揮作用並加速解決其他一些問題，這是一種新穎的做法。

But you got to think about what does it take to produce reliable energy supply behind the meter without the benefit of a grid and a significantly more capacity and other things you need to add to it in order to ensure that you have that uninterrupted supply that these customers are looking for.

但是，您必須考慮如何在沒有電網和顯著增加容量的情況下在電錶後面產生可靠的能源供應以及您需要添加的其他東西，以確保您擁有這些不間斷的供應客戶正在尋找。

So in mega-scale projects, we certainly see the possibility that some of these could be developed and we've had some conversations with customers along those lines.

因此，在大型專案中，我們當然看到了開發其中一些專案的可能性，並且我們已經與客戶進行了一些對話。

But I don't know that, that's going to be the prevalent way that resources are met across the country for a variety of different customers and areas.

但我不知道，這將成為全國範圍內為各種不同客戶和地區提供資源的普遍方式。

There's a huge value to the existing electric grid.

現有電網具有巨大的價值。

There's no place better to see that than here in Florida and the low-cost power supply solutions that we can offer to our customers.

沒有比佛羅裡達州更能體現這一點的地方了，我們可以為客戶提供低成本的電源解決方案。

So there's a place for it.

所以它有一席之地。

I don't think it's the ultimate place where all demand is met, but customers need options.

我不認為這是滿足所有需求的最終場所，但客戶需要選擇。

They need them now, and we're here to provide that broad set of solutions to make that happen.

他們現在需要它們，我們在這裡提供廣泛的解決方案來實現這一目標。

Very helpful.

非常有幫助。

And if I could, just one last quick one on XPLR.

如果可以的話，請在 XPLR 上快速完成最後一篇。

Thanks for your thoughts so far.

感謝您到目前為止的想法。

Just wondering if you could provide incremental thoughts from a need perspective, non-ex PLR perspective, we would expect to hear that on Tuesday.

只是想知道您是否可以從需求角度、非前 PLR 角度提供增量想法，我們預計會在周二聽到。

But just as far as NEE views XPLR, is there any change in the strategic -- how it fits into NEE's strategic outlook going forward at this point?

但就 NEE 對 XPLR 的看法而言，戰略上是否有任何變化——它如何適應 NEE 目前的戰略前景？

Jeremy, we're going to have a full conversation around Explorer on Tuesday.

傑里米，我們將在周二圍繞 Explorer 進行一次全面的對話。

So why don't we plan on having that conversation then.

那我們為什麼不計劃進行這樣的對話呢？

And ladies and gentlemen, with that, we're going to end today's question-and-answer session as well as today's conference call.

女士們、先生們，我們將結束今天的問答環節以及今天的電話會議。

We do thank you for joining.

我們非常感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。