新世紀能源 (NEE) 2025 Q1 法說會逐字稿

Good morning, and welcome to the NextEra Energy, Inc. first quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mark Eidelman, Director of Investor Relations. Please go ahead.

早安，歡迎參加 NextEra Energy, Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係總監馬克‧艾德爾曼 (Mark Eidelman)。請繼續。

Thank you, Dorovan. Good morning, everyone, and thank you for joining our first quarter 2025 financial results conference call for NextEra Energy.

謝謝你，多羅萬。大家早安，謝謝您參加 NextEra Energy 2025 年第一季財務業績電話會議。

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 & Light Company; Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources; Mark Hickson, Executive Vice President of NextEra Energy; and Mike Dunne, Treasurer of NextEra Energy.

今天早上與我一起的還有 NextEra Energy 董事長、總裁兼首席執行官 John Ketchum； NextEra Energy 執行副總裁兼首席財務官 Brian Bolster；佛羅裡達電力與照明公司總裁兼首席執行官阿曼多·皮門特爾 (Armando Pimentel)； NextEra Energy Resources 總裁兼首席執行長 Rebecca Kujawa (Armando Pimentel)；NextEra Energy Resources 總裁兼執行長 Rebecca Kujawa 財務主管 Mike Next Energy 執行副總裁兼財務主管 Mike Next Energy；

John will start with opening remarks and then Mike will provide an overview of our first quarter results. Our executive team will then be available to answer your questions.

約翰將首先致開幕詞，然後麥克將概述我們的第一季業績。我們的執行團隊將隨時解答您的問題。

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

我們將根據目前的預期和假設在本次電話會議中做出前瞻性陳述，這些陳述受風險和不確定性的影響。

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 in 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 at www.nexteraenergy.com.

如果我們的任何關鍵假設不正確，或由於今天的收益新聞稿中討論的其他因素以及在本次電話會議中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所作的評論，實際結果可能與我們的前瞻性陳述存在重大差異，這些內容可在我們的網站 www.nexteraenergy.com 上找到。

We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures.

我們不承擔更新任何前瞻性陳述的義務。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. With that, I'll turn the call over to John.

您應該參考今天簡報附帶的幻燈片中包含的信息，以獲取定義資訊以及歷史非 GAAP 指標與最接近的 GAAP 財務指標的對帳資訊。說完這些，我會把電話轉給約翰。

Thanks, Mark, and good morning, everyone. NextEra Energy is once again off to a strong start for the year, delivering solid first quarter results. Adjusted earnings per share increased by nearly 9% year over year, reflecting solid financial and operational performance across FPL and Energy Resources.

謝謝，馬克，大家早安。NextEra Energy 今年再次取得強勁開局，第一季業績穩健。調整後每股收益較去年同期成長近 9%，反映出 FPL 和能源資源部門穩健的財務和營運績效。

FPL placed into service 894 megawatts of new solar and energy resources originated approximately 3.2 gigawatts of new renewables and storage projects. We continue to see strong demand for new sources of generation across all sectors of the US economy.

FPL 投入使用 894 兆瓦的新太陽能和能源資源，衍生出約 3.2 千兆瓦的新再生能源和儲存專案。我們持續看到美國經濟各領域對新發電能源的強勁需求。

For perspective, we expect more than 450 gigawatts of cumulative demand for new generation between now and 2030 in the United States. To meet this demand, we believe it's important to exercise what I described as energy realism and energy pragmatism. Let me explain. Energy realism is about embracing all forms of energy solutions and understanding the demand for electricity in the United States is here now, and it's not slowing down.

從長遠來看，我們預計從現在到 2030 年，美國對新一代電力的累積需求將超過 450 吉瓦。為了滿足這項需求，我們認為實踐我所說的能源現實主義和能源實用主義非常重要。讓我解釋一下。能源現實主義是關於擁抱所有形式的能源解決方案，並了解美國現在對電力的需求，而這種需求不會放緩。

Frankly, it's unlike anything we've ever seen since the end of World War 2. Energy pragmatism is about recognizing some technology is ready at scale today and other technology needs more time to get there. And there will be significant trade-offs with regard to the timing and cost of each. Today, renewables and battery storage are the lowest cost form of power generation and capacity. And we can build these projects and get new electrons on the grid in 12 to 18 months.

坦白說，這與第二次世界大戰結束以來我們所見過的任何事情都不一樣。能源實用主義是指認識到某些技術今天已具備規模應用的條件，而其他技術則需要更多時間才能實現。並且，在時間和成本方面都會存在重大的權衡。如今，再生能源和電池儲存是成本最低的發電和發電容量形式。我們可以在 12 到 18 個月內建造這些項目，並在電網中獲得新的電力。

We should be thinking about renewables and battery storage as a critical bridge to win other technology is ready at scale like new gas-fired plants. We expect 75 gigawatts of new gas to come online between now and 2030. That is significant for sure, but nowhere close to meeting the over 450 gigawatts of total generation we believe are needed. It's also important to understand that gas-fired plants will come online at a higher cost than renewables and storage. That's because gas turbines are in short supply and in high demand.

我們應該將再生能源和電池儲存視為贏得其他技術（如新的燃氣發電廠）大規模應用的關鍵橋樑。我們預計從現在到 2030 年將有 75 千兆瓦的新天然氣投入使用。這當然意義重大，但遠遠達不到我們認為所需的超過 450 千兆瓦的總發電量。還需要了解的是，燃氣發電廠的上線成本將高於再生能源和儲存成本。這是因為燃氣渦輪機供應短缺，而需求量很大。

It's also proving difficult to reestablish the highly skilled workforce required to build these complex power plants. Gas-fired combined cycle plants rely on approximately 1,000 workers across dozens of niche trades. We've learned EPCs are hiring thousands of extra people to address high washout rates with some workers leaving earlier for higher-paying jobs, building, for example, LNG terminals, data centers, semiconductor chip manufacturing facilities. and other industrial facilities.

事實證明，重建建造這些複雜發電廠所需的高技能勞動力也很困難。燃氣聯合循環電廠依賴數十個細分行業的約 1,000 名工人。我們了解到，EPC 公司正在額外招聘數千名員工，以應對高流失率的問題，一些工人提前離職，去從事薪水更高的工作，例如建設液化天然氣終端、數據中心、半導體晶片製造設施。以及其他工業設施。

Other workers are showing up to job sites without the necessary skills. All of this puts upward pressure on prices and the time to build gas plants.

其他工人來到工作現場卻沒有必要的技能。所有這些都給價格和建造天然氣廠的時間帶來了上行壓力。

It's why the cost to build a gas-fired plant has tripled in the last few years and is poised to increase even further due to tariff exposure. We believe nuclear will continue to play an important role in meeting demand. But again, we need to be practical about when that will happen. There are limited opportunities to restart shuttered nuclear units. Two are underway in our sector, and we continue to evaluate bringing our own Duane Arnold facility in Iowa back online.

這就是為什麼建造燃氣發電廠的成本在過去幾年增加了兩倍，並且由於關稅的影響，成本將進一步增加。我們相信核能將繼續在滿足需求方面發揮重要作用。但同樣，我們需要切實地了解何時會發生這種情況。重啟已關閉核電機組的機會有限。我們部門正在進行兩項工作，我們將繼續評估愛荷華州杜安阿諾德工廠的恢復運作。

Beyond those limited opportunities, SMR technology is still 10 years away at scale in the best of scenarios and at a much higher price point than gas-fired generation. There's also an option to defer coal retirements to meet demand.

除了這些有限的機會之外，SMR 技術在最好的情況下仍需要 10 年才能實現規模化，而且價格比燃氣發電高得多。也可以選擇延後煤炭退役以滿足需求。

But even if we kept online every coal plant in America slated to retire, it would only add approximately 40 gigawatts to the grid. And many are months away from retirement or are already slated to be converted to gas, again, far short of the over 450 gigawatts needed between now and 2030. Bottom line, don't take this as picking winners and losers.

但即使我們讓美國所有計劃退役的燃煤電廠繼續運行，也只能為電網增加約 40 千兆瓦的發電量。其中許多核電機組距離退役還有幾個月的時間，或者已經計劃轉換為天然氣發電，這仍然遠遠達不到從現在到 2030 年所需的 450 多千兆瓦的發電量。底線是，不要將此視為挑選贏家和輸家。

It's not nor can it be. America is going to need all forms of energy to meet this enormous demand. But we need to be practical about when technologies will be available at scale and how much they'll cost when they show up, all of which factors into how much Americans pay on their electric bill each month.

事實並非如此，也不可能如此。美國將需要各種形式的能源來滿足這一巨大的需求。但我們需要實際考慮這些技術何時能夠大規模普及，以及普及後的成本是多少，所有這些都會影響美國人每個月的電費支出。

This is why energy policy in Washington is so important and why we cannot isolate ourselves to just a couple of technologies like gas and nuclear, which are much more expensive than they've ever been and take far longer to build. We say all this as a company in our space that does it all.

這就是為什麼華盛頓的能源政策如此重要，以及為什麼我們不能只局限於天然氣和核能等少數幾種技術，這些技術的成本比以往任何時候都要高得多，而且建設時間也更長。作為我們這個領域的全能型公司，我們這麼說。

NextEra Energy is the quintessential all forms of energy company. We know renewables and storage because we're a world leader in the space. We know gas because we operate the largest gas-fired fleet in America and have built more gas-fired generation than anyone over the last two decades.

NextEra Energy 是一家典型的全能型能源公司。我們了解再生能源和存儲，因為我們是該領域的全球領導者。我們了解天然氣，因為我們經營著美國最大的天然氣發電廠，並且在過去二十年中建造的天然氣發電量比任何人都多。

We know nuclear because we operate one of the largest fleets in the United States, and we know how to serve growth because we've been doing it for decades across the United States and in Florida, which brings me to Florida Power & Light Company. FPL is proof that embracing all forms of energy works, especially during periods of growth.

我們了解核能，因為我們經營著美國最大的核能車隊之一；我們知道如何服務成長，因為我們幾十年來一直在美國和佛羅裡達州從事核能業務，這讓我想到了佛羅裡達電力與照明公司。FPL 證明擁抱各種形式的能源都是有效的，特別是在成長時期。

Florida is the nation's third largest state and people continue to move here. In fact, we've added more than 1.3 million new customer accounts in the last 20 years, making us roughly 30% larger than we were in 2005. Despite the incredible growth, FPL consistently delivers high reliability, while having customer bills significantly below the national average and we continue to deliver what we believe is the best customer value proposition.

佛羅裡達州是美國第三大州，不斷有人口遷往此。事實上，我們在過去 20 年增加了 130 多萬個新客戶帳戶，比 2005 年成長了約 30%。儘管取得了驚人的成長，FPL 始終保持著高可靠性，同時客戶帳單遠低於全國平均水平，我們繼續提供我們認為最好的客戶價值主張。

As we celebrate our 100-year anniversary at FPL, our vision remains the same 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 low for our customers.

在 FPL 成立 100 週年之際，我們的願景始終如一，那就是繼續為客戶利益進行明智的資本投資，成為行業成本領導者，提供高可靠性和卓越的客戶服務，同時為客戶保持低帳單。

The continued driving customer value and to power Florida's growth, we've been deploying the most cost-effective option for customers, solar and storage, and now have approximately 8.4 gigawatts of solar and batteries installed across Florida.

為了持續推動客戶價值並推動佛羅裡達州的發展，我們一直在為客戶部署最具成本效益的選擇，即太陽能和儲能，目前佛羅裡達州已安裝了約 8.4 千兆瓦的太陽能和電池。

In all, our generation strategy has saved customers more than $16 billion and avoided fuel costs since 2001. Looking ahead at FPL, we continue to see growth in the horizon, and we are projecting to add roughly 335,000 customer accounts through 2029.

總之，自 2001 年以來，我們的發電策略已為客戶節省了超過 160 億美元並避免了燃料成本。展望 FPL，我們繼續看到成長前景，預計到 2029 年將增加約 335,000 個客戶帳戶。

To continue to meet growth and reliably serve customers, FPL plans to invest nearly $50 billion from 2025 to 2029 and add more than 25 gigawatts of new generation of battery storage by 2034. On February 28, we submitted testimony and detailed information for FPL's 2025 base rate proceeding. The overall proposal for our 2026 through 2029 base rate plan is consistent with the test year letter filed in December.

為了繼續滿足成長需求並可靠地為客戶提供服務，FPL 計劃在 2025 年至 2029 年期間投資近 500 億美元，並在 2034 年前增加超過 25 千兆瓦的新一代電池儲存。2 月 28 日，我們提交了 FPL 2025 年基準利率程序的證詞和詳細資料。我們 2026 年至 2029 年基本利率計畫的總體提案與 12 月提交的測試年信函一致。

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

多年期計畫的穩定性使 FPL 能夠專注於業務效率，這對於保持低客戶帳單至關重要，並使 FPL 能夠保持強勁的資產負債表，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. We believe FPL is strategically positioned as Florida remains one of the fastest-growing states in the US.

我們期待有機會展示我們為佛羅裡達州居民提供低帳單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。我們相信 FPL 具有戰略地位，因為佛羅裡達州仍然是美國發展最快的州之一。

And 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. Energy Resources had a strong quarter, originating approximately 3.2 gigawatts of new renewables and battery storage projects.

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。能源資源本季表現強勁，新增再生能源和電池儲存項目約 3.2 千兆瓦。

This marks the fifth time over the past seven quarters that Energy Resources has added more than 3 gigawatts to its backlog, a sign of the continued strong demand for new generation. Energy Resources also had its largest solar origination quarter and largest solar and battery storage origination quarter ever, again, demonstrating the strong demand for renewables and storage because they are low cost and can be deployed now.

這是過去七個季度中 Energy Resources 第五次增加超過 3 千兆瓦的積壓訂單，顯示對新一代電力的需求持續強勁。能源資源公司還經歷了有史以來最大的太陽能發起季度和最大的太陽能和電池儲存發起季度，再次證明了對再生能源和儲存的強勁需求，因為它們成本低並且可以立即部署。

Assuming we achieve the midpoint of our development expectations range, Energy Resources will be operating in more than 70 gigawatt generation storage portfolio by the end of 2027. Taking FPL and Energy Resources together, we believe NextEra Energy has the most comprehensive power generation business in the world and is well-positioned to capitalize on long-term growth prospects. There has been ample discussion about tariffs these last few weeks.

假設我們實現了發展預期範圍的中點，到 2027 年底，能源資源公司將運作超過 70 千兆瓦的發電儲存組合。綜合 FPL 和 Energy Resources 的業績，我們相信 NextEra Energy 擁有全球最全面的發電業務，並有能力利用長期成長前景。過去幾週，關於關稅的討論已經充分。

While this is for some companies to look at their supply chains for the first time, we've spent the last three years diversifying and domesticating hours to strategically position our supplier relationships to manage potential disruption.

雖然對一些公司來說，這是第一次審視他們的供應鏈，但過去三年來，我們一直致力於多元化和標準化時間，以策略性地定位我們的供應商關係，以應對潛在的中斷。

For perspective, we've dramatically diversified where we source our solar panels. As a result, we don't source we don't source solar panels from countries impacted by the anti-dumping and countervailing duty tariff rates announced earlier this week. Plus, we source our wind turbines from the US with manufacturing in Florida.

從長遠來看，我們已經大大多樣化了太陽能電池板的來源。因此，我們不會從受本週稍早宣布的反傾銷和反補貼關稅稅率影響的國家採購太陽能板。此外，我們的風力渦輪機來自美國，並在佛羅裡達州製造。

And because of our buying power, we have been able to significantly shift tariff risk to suppliers. After discussion with our suppliers, we currently estimate energy resources has less than $150 million in tariff exposure through 2028 on over $75 billion in expected capital spend. That's less than 0.2% of potential impact to our capital spend before exercising contractual trade measure protections in our contracts with customers. Size and scale matter more than ever in today's environment.

而且由於我們的購買力，我們能夠將關稅風險大幅轉移給供應商。經過與供應商討論，我們目前估計，到 2028 年，能源資源的關稅風險將不到 1.5 億美元，而預期資本支出將超過 750 億美元。在我們與客戶簽訂的合約中實施合約貿易措施保護之前，這對我們的資本支出的潛在影響不到 0.2%。在當今環境下，規模和範圍比以往任何時候都更加重要。

Suppliers want us to be repeat customers. And our customers want certainty, certainty that comes with doing business with an industry leader like NextEra Energy that has a long track record of delivering on its commitments.

供應商希望我們成為回頭客。我們的客戶希望獲得確定性，這種確定性是透過與 NextEra Energy 這樣的行業領導者開展業務而獲得的，NextEra Energy 長期以來一直履行其承諾。

Once we work with our customers, we expect our $150 million tariff exposure to be significantly reduced potentially down to zero. Still, we continue to look for ways to further mitigate trade risk and use our supply chain management capabilities to create new opportunities.

一旦我們與客戶合作，我們預計 1.5 億美元的關稅風險將大幅降低至零。儘管如此，我們仍在繼續尋找進一步降低貿易風險的方法，並利用我們的供應鏈管理能力創造新的機會。

Our team had the foresight last year to secure arrangements to purchase US-made batteries for a significant portion of our backlog with the remainder of the battery sourced outside of China where tariff exposure is contractually allocated to the supplier.

去年，我們的團隊有先見之明，確保購買美國製造的電池，以滿足我們積壓訂單中很大一部分的需求，其餘電池則在中國境外採購，關稅風險透過合約分配給供應商。

Batteries are already more than 2 times cheaper than gas-fired plants available now and much more flexible to interconnect to the grid. Taking most tariff exposure off the table for our customers and need a battery storage solutions is a big win and a way for us to meet demand while keeping bills low for customers.

電池的成本已經比現有的燃氣發電廠便宜兩倍多，而且與電網的互聯更加靈活。為我們的客戶消除大部分關稅風險並需要電池儲存解決方案是一個巨大的勝利，也是我們滿足需求同時為客戶保持低帳單的一種方式。

Our battery sourcing strategy gives us optionality and favorable pricing through our already secured domestic battery supply contracts. In short, our tariff exposure on batteries is expected to be negligible. And we expect our domestic sourcing options to create significant competitive advantages for us and our customers going forward as we originate new battery storage projects.

我們的電池採購策略透過我們已經獲得的國內電池供應合約為我們提供選擇性和優惠的價格。簡而言之，我們對電池的關稅影響預計可以忽略不計。我們期望，隨著我們啟動新的電池儲存項目，我們的國內採購選擇將為我們和我們的客戶創造顯著的競爭優勢。

Finally, we now have nearly $37 billion of interest rate hedges in place that allows us to flexibly manage interest rate exposure over the coming years, including interest rate hedges on 100% of our backlog and a large portion of our upcoming maturities.

最後，我們現在擁有近 370 億美元的利率對沖，這使我們能夠靈活地管理未來幾年的利率風險，包括對我們 100% 的積壓訂單和大部分即將到期的債券的利率對沖。

In fact, we entered into swaps as part of our programmatic hedging strategy when interest rates sharply declined in early April after reciprocal tariffs were announced, putting our hedged risk-free rate at roughly 3.9%.

事實上，在 4 月初宣布互惠關稅後利率急劇下降時，我們簽訂了掉期協議，作為我們程序化對沖策略的一部分，使我們的對沖無風險利率達到約 3.9%。

Our interest rate sensitivity is included in the appendix of today's presentation. Before I hand it over to Mike, I want to briefly touch on last month's planned leadership transition announcement. As we announced in March, after 18 years of service to NextEra Energy, Rebecca Kujawa will be retiring.

我們的利率敏感度包含在今天簡報的附錄中。在將時間交給麥克之前，我想簡單談談上個月計劃宣布的領導層過渡事宜。正如我們在三月宣布的那樣，在為 NextEra Energy 服務 18 年後，Rebecca Kujawa 即將退休。

Rebecca has had an incredible career at our company and has brought a strong strategic perspective and leadership approach to everything she's accomplished. Brian Bolster will succeed Rebecca as President and CEO of NextEra Energy Resources.

麗貝卡在我們公司有著令人難以置信的職業生涯，她所取得的成就都體現了強大的策略視角和領導方式。布萊恩·博爾斯特 (Brian Bolster) 將接替麗貝卡擔任 NextEra Energy Resources 總裁兼執行長。

Bryan has done an amazing job as our CFO and has the ideal combination of capabilities, experience, and customer relationships to lead one of America's largest energy infrastructure development companies. Mike Dunne has been promoted and will succeed Brian as CFO of NextEra Energy.

布萊恩作為我們的財務長表現非常出色，他將能力、經驗和客戶關係完美地結合起來，領導美國最大的能源基礎設施開發公司之一。麥克鄧恩 (Mike Dunne) 已晉升，並將接替布萊恩 (Brian) 擔任 NextEra Energy 的財務長。

Mike has deep financial acumen and vast knowledge of the energy industry, having spent his entire career in this sector. Both Brian and Mike are effectively transitioning into their new roles. We believe we have the best team in the industry with a track record of delivering day in and day out.

麥克擁有深厚的財務頭腦和豐富的能源產業知識，他的整個職業生涯都致力於這個領域。Brian 和 Mike 都在有效地適應他們的新角色。我們相信，我們擁有業內最優秀的團隊，並擁有日復一日出色完成任務的良好記錄。

There is no team better equipped or better positioned to help meet this unique moment. That's not to say it will be easy. The enormous electricity demand in the United States creates challenges and not getting this right risks, higher power prices. But this is where NextEra Energy shines. We thrive when the stakes are high.

沒有哪支球隊比我們更有裝備、更有位置來幫助迎接這一特殊時刻。這並不是說這會很容易。美國巨大的電力需求帶來了挑戰，如果無法得到正確的處理，將會導致電價上漲。但這正是 NextEra Energy 閃耀光芒的地方。當風險很高時，我們就會蓬勃發展。

We lean into complexity. It's what differentiates us. So many companies are approaching this moment from a standing start. We've been running this marathon for decades, and I couldn't be more optimistic about our prospects to deliver for our customers with the outstanding team we have in place. With that, let me turn it over to Mike, who will review first quarter results in more detail.

我們傾向於複雜性。這就是我們的不同之處。很多公司都是從零開始迎接這一刻。幾十年來，我們一直在進行這場馬拉松，憑藉我們優秀的團隊，我對我們為客戶提供服務的前景充滿信心。說完這些，讓我把麥克風交給麥克，他將更詳細地回顧第一季的業績。

Thanks, John. For the first quarter of 2025, FPL's earnings per share increased $0.07 year over year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 8.1% year over year.

謝謝，約翰。2025 年第一季度，FPL 每股盈餘年增 0.07 美元。這一業績的主要驅動力是 FPL 的監管資本使用量年增約 8.1%。

We continue to expect FPL to realize more than 10% average annual growth in regulatory capital employed over our current rate agreements four year term, which runs through 2025. FPL's capital expenditures were approximately $2.4 billion for the quarter, and we expect FPL's full year capital investments to be between $8 billion and $8.8 billion.

我們繼續預計，在目前利率協議的四年期限內（即到 2025 年），FPL 所採用的監理資本年平均成長率將超過 10%。FPL 本季的資本支出約為 24 億美元，我們預計 FPL 全年的資本投資將在 80 億美元至 88 億美元之間。

For the 12 months ending March 2025, FPL's reported return on equity for regulatory purposes will be approximately 11.6%. During the first quarter, we utilized approximately $622 million of reserve amortization, leaving FPL with a balance of roughly $274 million.

截至 2025 年 3 月的 12 個月內，FPL 報告的監管目的的股本回報率將約為 11.6%。在第一季度，我們使用了大約 6.22 億美元的準備金攤銷，FPL 的餘額約為 2.74 億美元。

As we previously discussed, FPL historically uses more reserve amortization in the first half of the year. We expect this trend to continue this year. This quarter, FPL placed into service 894 megawatts of new, cost-effective solar, putting FPL's owned and operated solar portfolio at over 7.9 gigawatts, which is the largest utility in the solar portfolio in the country.

正如我們之前所討論的，FPL 歷來在上半年使用更多的準備金攤銷。我們預計這一趨勢今年將持續下去。本季度，FPL 投入了 894 兆瓦的新型、經濟高效的太陽能，使 FPL 擁有和營運的太陽能組合超過 7.9 千兆瓦，成為該國太陽能組合中最大的公用事業。

In April, FPL filed its annual 10-year site plan, which continues to indicate that solar and storage are the most cost-effective options for customers to add reliable grid energy and capacity over the next decade.

今年 4 月，FPL 提交了其年度 10 年站點計劃，該計劃繼續表明，太陽能和儲能是未來十年客戶增加可靠電網能源和容量的最具成本效益的選擇。

The 2025 plan projects the need for over 17 gigawatts of cost-effective solar generation across our service territory over the next 10 years. And as a complement to FPL's planned solar additions, FPL is planning to deploy over 7.6 gigawatts of battery storage, which provides cost-effective capacity.

2025 年計畫預計，未來 10 年內，我們的服務區域將需要超過 17 千兆瓦的經濟高效的太陽能發電。作為 FPL 計劃增加太陽能的補充，FPL 還計劃部署超過 7.6 千兆瓦的電池存儲，以提供具有成本效益的容量。

With this plan, we expect to increase FPL's solar mix from approximately 9% of our total generation in 2024 to approximately 35% in 2034, while continuing to provide customers with low-cost and reliable energy. As John mentioned, on February 28, we submitted testimony and detailed supporting information for FPL's 2025 base rate proceeding.

透過該計劃，我們預計 FPL 的太陽能結構將從 2024 年佔總發電量的約 9% 增加到 2034 年的約 35%，同時繼續為客戶提供低成本、可靠的能源。正如約翰所提到的，2 月 28 日，我們提交了 FPL 2025 年基準利率程序的證詞和詳細的支持資訊。

We are requesting a base rate adjustment of approximately $1.5 billion starting in January 2026, $927 million in January 2027, and a solar and base rate adjustment or sober mechanism to recover revenue requirements for solar and battery storage projects in 2028 and 2029.

我們要求從 2026 年 1 月開始對基本費率進行約 15 億美元的調整，2027 年 1 月調整 9.27 億美元，並採用太陽能和基本費率調整或清醒機制來恢復 2028 年和 2029 年太陽能和電池儲存項目的收入需求。

With the proposed base rate adjustments and current projections for few and other costs, we believe that FPL's typical residential customer bill will grow at an average rate of about 2.5% from January in 2025 through the end of 2029 which is expected to result in FPL's typical residential bill being approximately 25% below the projected national average and more than 20% lower than our typical bills 20 years ago, when adjusted for inflation.

透過建議的基本費率調整和目前對少數成本和其他成本的預測，我們認為，從 2025 年 1 月到 2029 年底，FPL 的典型住宅客戶賬單將以平均約 2.5% 的速度增長，預計這將導致 FPL 的典型住宅賬單比預計的全國平均水平低約 25%，比我們 20 年前的典型通脹。

Florida Public Service Commission has established a schedule for this proceeding, beginning with quality of service hearings in May and technical hearings in mid-August. The proceedings would likely conclude in the fourth quarter with staff recommendation and commission rulings on revenue requirements and rates. We look forward to the opportunity to present our case to the commission this summer and are focused on achieving a balanced outcome that supports continued smart investments for the benefit of our customers.

佛羅裡達州公共服務委員會已為此程序制定了時間表，首先是 5 月的服務品質聽證會，然後是 8 月中旬的技術聽證會。該程序可能會在第四季度結束，屆時將由工作人員提出建議，並由委員會就收入要求和稅率做出裁決。我們期待有機會在今年夏天向委員會陳述我們的案例，並致力於實現一個平衡的結果，以支持繼續進行明智的投資，造福我們的客戶。

Key indicators show that Florida's economy remains healthy. Florida continues to be one of the fastest-growing states in the nation and had three of the five fastest-growing US metro areas between 2023 and 2024. FPL had a strong quarter of customer growth, with the average number of customers increasing by nearly 108,000 from the comparable prior year period.

關鍵指標顯示佛羅裡達州經濟保持健康。佛羅裡達州繼續成為美國發展最快的州之一，2023 年至 2024 年間，美國五個發展最快的大都會區中有三個位於佛羅裡達州。FPL 本季客戶數量成長強勁，平均客戶數量較去年同期增加了近 108,000 人。

FPL's first quarter retail sales increased by approximately 1.8% year over year. After taking weather into account, first quarter retail sales increased by roughly 0.6% on a weather-normalized basis from the comparable prior year period. driven primarily by continued favorable underlying population growth.

FPL 第一季零售額較去年同期成長約 1.8%。考慮天氣因素後，第一季零售額按天氣標準化基礎比去年同期增長了約 0.6%。主要受持續有利的人口成長推動。

Now let's turn to Energy Resources, which reported adjusted earnings growth of nearly 10% year over year. Contributions from new investments increased $0.12 per share year over year, primarily reflecting continued growth in our power generation portfolio.

現在讓我們來看看能源資源公司，該公司報告的調整後收益年增近 10%。新投資貢獻年增 0.12 美元/股，主要反映了我們發電組合的持續成長。

Our existing clean energy portfolio declined $0.03 per share during the quarter associated with various puts and takes in the business, and the comparative contribution from our customer supply business decreased by $0.01 per share.

由於業務中的各種投入和收益，我們現有的清潔能源投資組合在本季每股下跌了 0.03 美元，而我們的客戶供應業務的相對貢獻每股下降了 0.01 美元。

Contributions from NextEra Energy Transmission increased $0.01 per share year over year. All other impacts decreased by $0.05 per share, driven by higher interest costs of $0.06 per share, half of which are related to new borrowing costs to support our new investments.

NextEra Energy Transmission 的貢獻同比每股增加了 0.01 美元。所有其他影響均減少了每股 0.05 美元，這是由於每股利息成本增加了 0.06 美元，其中一半與支持我們新投資的新借貸成本有關。

As we previously disclosed and as we de-emphasized the business, we have reclassified gas infrastructure to include gas pipelines and existing clean energy and upstream gas infrastructure in customer supply. Gas pipelines and upstream gas infrastructure each had a $0.01 decline in the quarter.

正如我們先前所揭露的以及我們不再強調該業務一樣，我們已將天然氣基礎設施重新分類，包括天然氣管道和現有的清潔能源以及客戶供應中的上游天然氣基礎設施。本季度，天然氣管道和上游天然氣基礎設施均下降了 0.01 美元。

Energy Resources originated approximately 3.2 gigawatts of new renewables and storage to the backlog. With these additions, our backlog now totals roughly 28 gigawatts after taking into account 0.7 gigawatts of new projects placed in the service since our last earnings call. This highlights the continued strong growth for renewables and storage.

能源資源部門為積壓項目開發了約 3.2 千兆瓦的新再生能源和儲存。加上這些新增項目，加上我們上次財報電話會議以來投入服務的 0.7 千兆瓦新項目，我們的積壓訂單總量現在約為 28 千兆瓦。這凸顯了再生能源和儲能的持續強勁成長。

We're also excited to announce our first solar repowering project, which we expect to be completed in 2026. Going forward, we plan to include both wind and solar repowering megawatts in the newly updated repowering line of our development expectations.

我們也很高興地宣布我們的第一個太陽能再發電項目，預計將於 2026 年完成。展望未來，我們計劃將風能和太陽能再生兆瓦納入我們最新更新的發展預期再生線。

Our backlog additions represent the diverse power demand that we are seeing across industries. Roughly 40% of our backlog additions are driven by commercial and industrial customer demand, while 60% are driven by demand from power companies. As evidenced by our nearly 1 gigawatt additions, our customers continue to choose battery storage as the lowest cost ready-now solution to meet their capacity needs.

我們的積壓訂單增加反映了我們在各行業中看到的多樣化電力需求。我們的積壓訂單增加量中約有 40% 是由商業和工業客戶的需求推動的，而 60% 是由電力公司的需求推動的。正如我們增加的近 1 千兆瓦所證明的那樣，我們的客戶繼續選擇電池儲存作為滿足其容量需求的最低成本的現成解決方案。

Turning now to our first quarter 2025 consolidated results. Adjusted earnings from Corporate and Other decreased by $0.03 per share year over year. Our long-term financial expectations remain unchanged.

現在來看看我們 2025 年第一季的綜合業績。調整後的企業及其他業務每股收益年減 0.03 美元。我們的長期財務預期維持不變。

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 2025, 2026, and 2027. From 2023 to 2027, we expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range.

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。從 2023 年到 2027 年，我們預計我們的營運現金流量年均成長率將達到或超過我們的調整後每股盈餘複合年增長率範圍。

We also continue to expect to grow our dividends per share at a roughly 10% rate per year through at least 2026 off of a 2024 base. As always, our expectations assume our caveats. That concludes our prepared remarks. And with that, we will open the line for questions.

我們也預計，至少到 2026 年，我們的每股股息將在 2024 年的基礎上以每年約 10% 的速度成長。像往常一樣，我們的期望預設了我們的警告。我們的準備好的演講到此結束。接下來，我們將開放問答熱線。

(Operator Instructions) Steve Fleishman, Wolfe Research.

（操作員指示）史蒂夫·弗萊什曼，沃爾夫研究公司。

So first, just related to the tariff disclosure you provided, which sounded very good, the battery portion where you're moving a lot domestic, I assume that means you're also getting domestic battery cells as part of that. Is that right?

首先，僅與您提供的關稅揭露有關，這聽起來非常好，您在國內大量運輸的電池部分，我認為這意味著您也將獲得國內電池單元。是嗎？

The way the contract works, we get certain components. Steve, sorry, I cut off there for a minute. Let me start over. So with the battery -- the domestic battery contract that we have entered into, it is assembled here in the United States. There are certain components that come in from outside the United States, but because it's assembled here and it has enough concentration in there in the US, it qualifies for domestic content.

透過合約的運作，我們可以獲得某些組件。史蒂夫，抱歉，我打斷了一下。讓我重新開始。因此，我們簽訂的國內電池合約是在美國組裝的。有些零件來自美國境外，但由於是在美國組裝，並且在美國具有足夠的集中度，因此符合國產化標準的要求。

And we have contractual protections in the agreement in place regarding the qualification for domestic content. And also to the extent that there is any tariff exposure related to any imported parts or components related to those batteries, those are protected as well and backstopped by substantial credit. So that is a domestic contract, and that's the way investors should think about it.

我們在協議中對國內內容的資格提供了合約保護。此外，如果與這些電池相關的任何進口零件或零件存在關稅風險，這些風險也受到保護，並獲得大量信貸支持。所以這是一份國內合同，投資者應該這樣看待它。

Got it. Okay. And then just in terms of the exposure on -- the tariff exposure, which you've talked for a long time about making sure that you're protected there with your suppliers. Obviously, one of the issues can be making sure that the suppliers still supply while they absorb tariffs. Just how do you feel about the supplier health to kind of meet the commitments as well?

知道了。好的。然後就關稅風險而言，您已經談論了很長時間，以確保您和您的供應商受到保護。顯然，其中一個問題是確保供應商在吸收關稅的同時仍能供應。您如何看待供應商的健康狀況以及是否能夠履行承諾？

I feel good. I feel very good for two reasons. One, given the buying power that NextEra has, suppliers don't want to disappoint and they want to make sure they follow through. They're looking at this as a long game for their business. Second, the way our contracts are set up with our credit protections in the agreement, there's very strong incentive to follow through on those commitments.

我感覺很好。我感覺非常好，原因有二。首先，鑑於 NextEra 擁有的購買力，供應商不想讓人失望，他們希望確保自己能夠履行承諾。他們認為這對他們的業務來說是一場長期博弈。其次，我們的合約是在協議中製定的，其中規定了信用保護，因此我們有很強的動力去履行這些承諾。

And then the third point that I would make is that the US still remains an extremely attractive market to suppliers across the globe being that they have a lot of margin when they deliver into the US. And we put those three things together, I lose no sleep over whether or not our suppliers will fall through on their commitments and deliver into the US.

我想說的第三點是，美國對全球供應商來說仍然是一個極具吸引力的市場，因為他們向美國交貨時可以獲得很大的利潤。當我們把這三件事放在一起時，我不會擔心我們的供應商是否會履行承諾並向美國交貨。

Yeah. Got it. Makes sense. And then just on the -- switching to a lot of focus these days on IRA obviously, and changes and specifically on transferability. And so maybe just one clarification on transferability. In the event hypothetically, if it were to go away in the future in a bill, do you -- would it still be applicable for existing assets that were done under transferability as well as Safe Harbor assets on transferability.

是的。知道了。有道理。然後就——現在顯然將重點轉移到 IRA 上，以及變化，特別是可轉移性。因此，也許只需對可轉移性進行一點澄清。假設將來該條款在法案中消失，那麼它是否仍然適用於在可轉讓性下完成的現有資產以及可轉讓性安全港資產。

Yeah. So I mean there was a recent piece of legislation that was brought forward, that's basically Fedorchak bill, I use that as an example to answer the question. So on the Fedorchak bill, the way it was structured is that you'd see tech neutral eliminated through a phase down, but with transferability of eventually being phased out there. However, under the non-tech neutral portion, there would be an ability to continue the Safe Harbor for four years and transferability is left in place there. So it all comes down to the drafting Steve, at the end of the day.

是的。所以我的意思是最近提出了一項立法，這基本上就是 Fedorchak 法案，我用它作為例子來回答這個問題。因此，就 Fedorchak 法案而言，其結構方式是，你會看到技術中立透過逐步淘汰而消失，但具有最終逐步淘汰的可轉移性。然而，在非技術中立部分，安全港將能夠延續四年，並且可轉移性仍然存在。所以，最終一切都取決於史蒂夫的選秀。

That's how that bill was drafted. It would depend on the ultimate outcome and drafting of future bills. But let me just make a couple of comments on transferability. We spent a lot of time obviously advocating for tax credits and transferability for good reason. And the reasons are, I think, well known by investors, gas has its limitations in terms of availability for the reasons I went through in the prepared remarks, they're a lot more expensive.

該法案就是這樣起草的。這將取決於最終結果和未來法案的起草。但我只想就可轉移性發表幾點評論。我們花了很多時間倡導稅收抵免和可轉讓性，顯然這是有充分理由的。我認為，投資者都知道其中的原因，天然氣在供應方面有其局限性，原因我在準備好的發言中已經提到過，天然氣價格要貴得多。

Gas turbines have been hit by tariffs, too, and a lot of folks going to talk about that, which is actually going to I think we had put the proxy at [2,400 a kW at our development day. It's probably closer to 2,600 to 2,800 today]. When you factor in tariffs, gas turbines have actually been hit harder than, I think, solar or wind or storage in that regard.

燃氣渦輪機也受到了關稅的衝擊，很多人都會談論這個問題，實際上我認為我們已經把代理商放在了[我們開發日的價格是每千瓦 2,400 美元。今天可能更接近 2,600 到 2,800]。如果考慮到關稅，我認為燃氣渦輪機實際上比太陽能、風能或儲能受到的打擊更大。

And so we need a bridge, and that bridge has to come from renewables and storage because we have all this demand today, it's got to be met by something. And the ability to transfer credits, it goes hand in glove with the credit itself. You have to be able to monetize the credit to be able to get the benefit back to the customer.

所以我們需要一座橋樑，這座橋樑必須來自再生能源和儲存，因為我們今天有所有這些需求，必須透過某種方式來滿足。轉學分的能力與學分本身密切相關。您必須能夠將信用貨幣化，才能將利益回饋給客戶。

And I'll use a couple of examples. I mean, utilities, for example, right? And this is one of the things that we continue to stress in Washington utilities historically have struggled to use tax equity financing. Commissions want to prove it. It's -- you have to sell half the plant to qualify for tax equity financing.

我將舉幾個例子。我的意思是，例如公用事業，對吧？這是我們不斷強調的事情之一，華盛頓公用事業公司歷來難以利用稅收股權融資。委員會希望證明這一點。你必須出售一半的工廠才有資格獲得稅收股權融資。

And so how do you get the benefit, which we calculate to be a 12% increase in household income to the ultimate utility customer without the ability to transfer the credit. Nuclear, I'll use as an example. So with nuclear, a tax equity structure doesn't work, right? There's no bank that's going to take a 50% ownership interest in a nuclear plant. And so you have to have transferability for nuclear as well.

那麼如何才能獲得利益呢？我們計算得出，對於最終的公用事業客戶來說，家庭收入將增加 12%，而且無法轉移信貸。我將以核能為例。那麼對於核能來說，稅收公平結構不起作用，對嗎？沒有一家銀行願意持有核電廠 50% 的所有權。因此核能也必須具備可轉移性。

And nuclear is going to play an important part of our future. It's definitely a focus of this administration. 45x as well, if you didn't have transferability on credits for wind, solar, storage, nuclear, 45x becomes very difficult, right?

核能將在我們的未來中發揮重要作用。這絕對是本屆政府關注的重點。同樣是 45 倍，如果風能、太陽能、儲能、核能等信用額度無法轉移，那麼 45 倍就會變得非常困難，對嗎？

How do you stimulate all these investments, 80% of which are going into Republican jurisdictions when you're trying to convince the CEO to build a manufacturing facility under 45x, but if the credit is not there with the ability to transfer it on the back end for wind, solar, battery storage, the demand for the product is not there either.

當你試圖說服執行長在 45 倍以下建造一個製造工廠時，你如何刺激所有這些投資，其中 80% 都進入了共和黨管轄區，但如果沒有信貸，沒有能力將其轉移到風能、太陽能、電池儲存的後端，對產品的需求也就不存在了。

And so what's the incentive to invest billions of dollars in the manufacturing facility under a 45x credit. So when you put all of these things together, credits and transferability go together. You have to -- you can't have one without the other. That's the message we're bringing to Washington.

那麼，在 45 倍信貸額度下，有什麼動力向製造工廠投資數十億美元呢？因此，當你把所有這些事情放在一起時，信用和可轉讓性就結合在一起了。你必須——你不能只擁有其中一個而忽略另一個。這就是我們向華盛頓傳達的訊息。

It's one that's being well-understood. I think the evidence lies in the fact that we just had 21 house representatives, Republican house representatives sign on to a letter saying don't touch the credits, don't touch transferability. We have four senators say the sign on to a very similar letter. They get it. They get the two go together.

這是一個人們很好理解的現象。我認為證據在於我們剛剛有 21 名眾議院代表，共和黨眾議院代表簽署了一封信，說不要動這些抵免，不要動可轉讓性。我們有四位參議員簽署了一封非常相似的信。他們明白了。他們讓兩人一起去。

We'll be a little bit of a bumpy ride as we maybe see some proposed bill, sure. But I think at the end of the day, folks in Washington understand the transferability and tax credits or hand in glove and go together. You have to have an ability to monetize the tax credit.

當然，我們可能會看到一些擬議的法案，因此我們的旅程會有些坎坷。但我認為，最終華盛頓的人們會理解可轉讓性和稅收抵免，或者兩者相輔相成、共同進步。您必須有能力將稅收抵免貨幣化。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

John, congrats again on all the new roles here. Very well deserved. John, maybe just to start with a little bit of a more mundane question. You're talking about going to the higher end of the range here [at near]. Do you want to talk a little bit about what the contributing factors are there for '25? And then I've got a quick follow-up on what you just said there.

約翰，再次恭喜你在這裡擔任所有新角色。非常值得。約翰，也許我只是想從一個比較平凡的問題開始。你指的是達到更高的範圍[接近]。您想稍微談談造成 25 年業績下滑的因素有哪些嗎？然後我會快速跟進一下您剛才所說的內容。

Yeah. So when I think about higher end of the range, I'd start with the first quarter results, right? I mean we're already out of the gate at 9%. And we have a business plan that we feel good about. We feel good about executing against. And I don't think there's a whole lot more to say about that.

是的。因此，當我考慮範圍的高端時，我會從第一季的結果開始，對嗎？我的意思是我們已經達到了 9% 的水平。我們有一個令我們感到滿意的商業計劃。我們對執行情況感到滿意。我認為關於這一點已經沒有什麼可說的了。

Awesome. And then look, I really appreciate the details and transfer billing. I know folks have been very keen to hear from you guys on that. related here, can you speak a little bit on the timing dynamics on when and how that ultimately will work? You say in your remarks once we work with our customers.

驚人的。然後看，我真的很欣賞細節和轉帳帳單。我知道大家非常渴望聽到你們對此的看法。與此相關，您能否稍微談談最終何時以及如何發揮作用的時間動態？您在評論中說過，我們曾經與客戶合作過。

How do you think about the Impact 150 from a timing perspective on 25 versus is that really going to get to that zero in '26? It seems like this is sort of an assumption that principally the tariff impact is going to impact customers with higher PPAs and you're going to go back to them today, perhaps like what we saw before with maybe some of the COVID impacts.

從時間角度來看，您如何看待 25 年的 Impact 150？它是否真的會在 26 年達到零？這似乎是一種假設，即關稅的影響主要將影響具有較高 PPA 的客戶，而您今天將回到他們身邊，也許就像我們之前看到的一些 COVID 的影響一樣。

So Julien, your question is on tariffs, right? Not transferability.

那麼朱利安，你的問題是關於關稅的，對嗎？不可轉讓。

Yeah, sorry. I thank you on the transferability.

是的，抱歉。我感謝你的可轉讓性。

So let me make sure I got focused on transfer really. You pivoted tariffs. Can you clarify your question on tariffs? Just so I understand answer the question.

所以讓我確保我真正專注於轉學。你改變了關稅。您能否澄清一下有關關稅的問題？僅根據我的理解回答這個問題。

Yeah. So the timing of that, right? So you talk about supply chain, you say once you work with your customers, how do you think about the time line for working with your customers? And is the reason for your tariff exposure to be fairly low, principally because you are passing along those costs to your customers in revised PPAs? Or do you have existing contractual terms?

是的。那麼時間是這樣的，對嗎？所以您談到供應鏈，您說一旦與客戶合作，您如何考慮與客戶合作的時間表？你們的關稅風險相當低的原因是否主要是因為你們在修訂後的電力購買協議中將這些成本轉嫁給了客戶？或者您有現有的合約條款？

Yeah. So let me take those in pieces. Let's just start with the supplier first. So when we look at our entire backlog, right, and we look at our projected Q2 originations, and we look out at development expectations that we've told investors, we think that we're looking at around $150 million of exposure on tariffs.

是的。所以讓我把它們分成幾個部分。我們先從供應商開始吧。因此，當我們查看我們的全部積壓訂單，查看我們預計的第二季度發起情況，並查看我們告訴投資者的發展預期時，我們認為我們正在考慮約 1.5 億美元的關稅風險敞口。

That is based on the contractual protections we have in our existing contracts with suppliers and the discussions that we have had with them since Liberation Day on April 2. So that's the first piece. So that works you down to $150 million.

這是基於我們與供應商現有合約中的合約保護以及自 4 月 2 日解放日以來我們與他們進行的討論。這是第一部分。所以你的金額就是 1.5 億美元。

Then the point we were making in the prepared remarks is that not only do we have the ability to shift care for us to suppliers and supply contracts, which I just covered. We also have trade measure protection provisions in our customer contracts.

那麼，我們在準備好的發言中提出的觀點是，我們不僅有能力將對我們的照顧轉移給供應商和供應合同，我剛才已經講過了。我們的客戶合約中也有貿易措施保護條款。

So we believe we got a really good shot at working with our customers to take that $150 million exposure down significantly and perhaps even down to zero, if we use the track record we had around circumvention, a lot of lessons learned there. And these are rights that we already have embedded in our agreements. And so when I think about where we stand, I feel very good about tariffs. It's just not going to have much of an impact at all on our business.

因此，我們相信，如果我們利用規避風險的記錄，從中吸取很多教訓，我們真的有機會與客戶合作，大幅降低 1.5 億美元的風險敞口，甚至可能降至零。這些權利已經寫入我們的協議中。因此，當我考慮我們的立場時，我對關稅感到非常滿意。這根本不會對我們的業務產生太大的影響。

If I can clarify quickly, the reason there's $150 million is because you have to go back and clarify the contracts?

如果我可以快速澄清的話，那麼之所以有 1.5 億美元是因為你必須回去澄清合約嗎？

The reason that it is $150 million is that there are certain risk-sharing mechanisms and contracts. Most of the contracts, the supplier takes all the risk, some of the contracts, they take almost all of the risk except for a small sliver that we work through with them.

之所以是1.5億美元，是因為有一定的風險分擔機制和合約。在大多數合約中，供應商承擔所有風險；在部分合約中，他們承擔幾乎所有風險，除了我們與他們共同承擔的一小部分風險。

And Julien, I want to make one more point, and I want to make sure folks understand this from the remarks. That's $150 million on $75 million billion of CapEx. That's less than 0.2%, and we feel like we've got a good shot at getting that to zero.

朱利安，我想再強調一點，我想確保大家從我的評論中理解這一點。這是 7500 億美元資本支出中的 1.5 億美元。這還不到 0.2%，我們覺得我們很有可能將其降至零。

And final point I'll make is -- and Steve asked me a little bit about it, but there's been a lot written about battery exposure. We don't have better exposure, full stop. We do not have battery exposure. We are really well-positioned. We entered into a domestic contract. We have actually a real opportunity rather than a risk around batteries.

我要說的最後一點是——史蒂夫問了我一些關於這個問題的問題，但是關於電池暴露的文章已經有很多了。我們沒有更好的曝光度，僅此而已。我們沒有電池暴露。我們確實處於有利地位。我們簽訂了一份家庭合約。事實上，我們在電池領域面臨的是真正的機遇，而不是風險。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

So maybe just to close the loop on the tariff discussions, just where do you think returns are from an IRR perspective or an ROE perspective these protections that you have in place versus your competitors could make you more competitive, I would think. Does that boost your returns? Or do you see these kind of remaining flat in the post tariff world? Maybe you could address that.

因此，也許只是為了結束關稅討論，您認為從 IRR 角度或 ROE 角度來看回報如何？我認為，相對於競爭對手，您所採取的這些保護措施可以讓您更具競爭力。這會增加你的回報嗎？或者您認為在關稅之後的世界裡這些情況會保持平穩嗎？也許你可以解決這個問題。

Yeah. I mean great -- that's a great question, Nick. So I look at it a couple of different ways. I mean first of all, we're in great shape on our returns for all the obvious reasons we just covered. So I don't think I need to spend time on that.

是的。我的意思是，這是一個很好的問題，尼克。所以我從幾個不同的角度來看這個問題。我的意思是，首先，由於我們剛才提到的所有顯而易見的原因，我們的回報狀況非常好。所以我認為我不需要在這上面花時間。

I look at this as a huge opportunity for us because we compete again against a lot of small developers, and they don't have the buying power, the leverage in contracts to be able to shift risk like we can. We started looking at this three years ago. We've been at it. We didn't just wake up on November 6 and say, oh my God, what do we do about our supply chain? I mean we've been thinking about this for years.

我認為這對我們來說是一個巨大的機會，因為我們再次與許多小型開發商競爭，他們沒有購買力，也沒有合約槓桿來像我們一樣轉移風險。我們三年前就開始研究這個問題。我們一直在做這件事。我們並沒有在 11 月 6 日醒來後問自己，天哪，我們該如何處理我們的供應鏈？我的意思是我們已經思考這個問題很多年了。

And so we put the right things in place. This is going to create a lot of opportunity for us. So if circumvention is any example, what happened in circumvention is a lot of small developers blew themselves up, couldn't satisfy their commitments with their customers and a lot of demand came our way.

因此，我們把正確的事情安排好了。這將為我們創造很多機會。因此，如果以規避為例，那麼在規避過程中發生的事情就是，許多小型開發商破產了，無法履行對客戶的承諾，大量的需求湧向我們。

And so I would expect that's my point around opportunity. But given the position that we're in around tariffs, I expect a lot of opportunity to come our way as small developers just aren't in the position that we are.

所以我希望這就是我對機會的觀點。但考慮到我們在關稅方面的處境，我預計我們會有很多機會，因為小型開發商並不處於我們這樣的情況。

They're trying to absorb a significant amount of risk, particularly those that are -- that have entered into contracts for batteries because they probably are buying from Chinese manufacturers and don't have domestic contracts and don't have the position that we have.

他們試圖吸收大量風險，特別是那些已經簽訂電池合約的人，因為他們可能從中國製造商那裡購買電池，而沒有國內合同，也沒有我們這樣的地位。

And then just maybe a quick update on where you stand in the Duane Arnold contracting opportunity. I think you were working through an engineering study beforehand, how is that kind of progressing? And how have discussions been in terms of getting a contract for this site?

然後也許可以快速更新一下您在 Duane Arnold 承包機會中所處的位置。我認為您之前正在進行一項工程研究，進展如何？關於獲得該網站的合約的討論進度如何？

It's going great. We continue to make a lot of progress at Duane Arnold. We have seen no showstoppers there and continue to see a lot of demand for generation from the project. So I think it continues to be an opportunity that's exciting for us. And look, we continue to work it as we move forward.

一切進展順利。我們在 Duane Arnold 繼續取得很大進展。我們尚未看到任何重大事件，並且繼續看到該項目對發電的大量需求。所以我認為這對我們來說仍然是一個令人興奮的機會。瞧，我們在前進的過程中會繼續努力。

Jeremy Tonet, J.P. Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

I just want to touch base, I guess, on the GB partnership. And if there's any update that you can provide to us, granted, it's recent since you talked about the Developer Day, but just wondering, any updated thoughts to share there?

我只是想談談與 GB 的合作關係。如果您能向我們提供任何更新信息，當然，這是您最近談到開發者日以來的最新情況，但我只是想知道，有什麼更新的想法可以分享嗎？

Yeah. I mean things with -- under the framework agreement continue to advance. We've been doing work together on the customer origination side. As a matter of fact, we hosted an event last week that we call Deploy following Development Day, where Scott and I jointly hosted a number of companies across various sectors. And very fruitful, and we continue to try to advance opportunities on that front, particularly around large-scale load.

是的。我的意思是，框架協議下的事情將繼續向前推進。我們一直在客戶發起方面合作。事實上，我們上週舉辦了一場名為「部署開發日」的活動，史考特和我共同接待了來自不同行業的多家公司。而且非常富有成果，我們將繼續努力推進這方面的機會，特別是在大規模負載方面。

Okay. Great. And maybe just kind of continuing with this a little bit more. Just wanted to see, I guess, you talked a lot about gas development timeline for new turbines. But just as we look in the outer years here, just wondering how you think, I guess, gas power factors in for hyperscaler specifically, I guess, how conversations are going there, given decarbonization goals, but the attributes that gas can offer as well. Just any updated thoughts there would be great.

好的。偉大的。或許我們還能繼續這樣做下去。我只是想看看，您談了很多有關新渦輪機的天然氣開發時間表。但是，正如我們展望未來幾年一樣，我只是想知道您是如何看待天然氣發電對於超大規模企業的影響的，我想，考慮到脫碳目標，那裡的對話進展如何，但天然氣也能提供哪些屬性。只要有任何更新的想法就很好了。

Yeah. It's interesting because we talked a lot about this at Development Day. I mean there's three things we shoot for, right. One is achieving the development expectations, I'll call it kind of the status quo plain vanilla business that we advance every quarter. The second is large load, and that kind of falls into two camps.

是的。這很有趣，因為我們在開發日上討論了很多這個問題。我的意思是，我們追求的目標有三件，對吧。一是實現發展預期，我稱之為我們每季推進的現況普通業務。第二種是大負荷，這種負荷又分為兩種。

One is behind the meter discussions and the second is front of the meter discussions. And we continue to see a strong preference by hyperscalers for front of the meter solutions, which means ultimately a three-way conversation right between us, investor and utilities and the hyperscaler because the hyperscaler wants two things, right?

一個是電錶後面的討論，另一個是電錶前面的討論。我們繼續看到超大規模企業對電錶前解決方案的強烈偏好，這意味著最終我們、投資者、公用事業公司和超大規模企業之間將進行三方對話，因為超大規模企業想要兩樣東西，對嗎？

They want the reliability that comes with being interconnected to the grid that you don't get from behind the meter. And two, they want the optionality of being able to monetize power. if need be, which also comes by being interconnected to the grid.

他們希望獲得與電網互聯所帶來的可靠性，這是電錶後面無法獲得的。其次，他們希望能夠選擇將權力貨幣化。如果需要的話，也可以透過與電網互聯來實現。

So that's kind of how I see the market moving forward. We also do continue dialogue around behind the meter. There's a premium, obviously, that has to be paid for the additional redundancy, you have to build on the generation side.

這就是我對市場未來發展的看法。我們也在儀表後面繼續對話。顯然，必須為額外的冗餘支付額外費用，你必須在發電方面進行建造。

But for some, that's worth pursuing because the grid can be difficult to access in certain parts of the United States can take five, seven years. And is the additional premium for redundant generation worth the avoided cost of not having to go through trying to get interconnected.

但對某些人來說，這是值得追求的，因為在美國某些地區，電網存取可能很困難，可能需要五到七年的時間。冗餘發電的額外費用是否值得避免因無需嘗試互連而產生的成本？

But even in those situations, they're looking for a path ultimately to be interconnected to the grid. And from a gas standpoint, which is really your question, definitely something that they're looking at as part of the solution, but they also remain observant and cautious about wanting to understand what the carbon offset is to the emissions off the plant, which is, I think, where our skill set comes to bear perfectly because we can through vPPAs and other arrangements provide a nice combination of gas-fired generation together with renewable solutions that provide a nice large-scale fix that can leave the site essentially carbon neutral or close to carbon neutral at the end of the day, which is very attractive to these customers.

但即使在這種情況下，他們也在尋找最終與電網互聯的途徑。從天然氣的角度來看，這確實是您的問題，他們肯定將其視為解決方案的一部分，但他們也保持觀察和謹慎，希望了解碳補償對工廠排放的影響，我認為，我們的技能在這裡發揮了完美的作用，因為我們可以通過 vPPA 和其他安排，將燃氣發電與可再生能源解決方案完美結合，提供大規模的解決方案

And I think that's why we are uniquely positioned to serve that market in partnership with the terrific relationships that we've been able to build with investor on utilities over the last 20 or 30 years and with the strong relationships we have with the hyperscale market. So more to come on that.

我認為這就是為什麼我們能夠憑藉過去二三十年來與公用事業投資者建立的良好關係以及與超大規模市場建立的牢固關係，以獨特的方式服務於該市場。對此我們還有更多內容。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Wanted to go back to transferability just for a quick follow-up there. Wondering what the contingency plan might be if there were changes or restrictions on the use of tax credit transfers, what would the financing alternative be as you think about your overall kind of holistic financing plan?

想要回到可轉移性問題，只是為了快速跟進。想知道如果稅收抵免轉移的使用發生變化或受到限制，應急計劃會是什麼，當您考慮整體融資計劃時，融資替代方案會是什麼？

Yeah. Great question. So as we look and if you think about our company over two decades before 2022, we had -- we used tax equity to finance our tax credits, and we're able to do that in a very programmatic and good basis.

是的。好問題。因此，如果您回顧我們公司在 2022 年之前的二十年，我們已經利用稅收公平來為我們的稅收抵免提供資金，並且我們能夠在非常有計劃和良好的基礎上做到這一點。

If we look today, we are seeing a flight to quality from tech equity providers coming to us where they're looking because our projects get done on time because they perform and what we've seen over the course of the last two years is essentially a doubling of the tax recruiters looking to work with us. Also, a key piece of our transfer program allows us to pick the best project returns between transferability and tax equity.

如果我們今天來看，我們會看到科技股權提供者紛紛向我們尋求優質服務，因為他們希望我們的專案能夠按時完成，因為他們表現出色，而且我們在過去兩年中看到，希望與我們合作的稅務招聘人員數量基本上翻了一番。此外，我們的轉移計劃的關鍵部分使我們能夠在可轉移性和稅收公平之間選擇最佳的專案回報。

When it comes to PTC projects, the returns can be higher in times with transferability, but from a credit perspective, essentially the same outcome. So as we work through, we've done this for 20 years. We're seeing tax equity come to us. And we're -- so we're not saying that there will be no impacts. We feel very good about where we sit from a financing perspective for transferability.

對於 PTC 專案來說，在可轉移性時期回報率可能會更高，但從信用角度來看，結果基本上是一樣的。就這樣我們一直努力，已經做了 20 年了。我們看到稅收公平正在向我們走來。所以我們並不是說不會有影響。從可轉讓性的融資角度來看，我們對自己所處的位置感到非常滿意。

Got it. Okay. That's helpful. And then I appreciate the comments you gave to Jeremy's question. I was wondering, maybe a bit higher level.

知道了。好的。這很有幫助。我很感謝您對傑里米的問題所給予的評論。我想知道，也許水平更高一點。

What are you seeing in terms of renewable demand trends from tech customers, specifically in data center opportunities. Has there been, I guess, any change in the interest there or the load growth or demand growth that you're seeing from the data center side of things.

您從技術客戶的再生能源需求趨勢（特別是資料中心機會）看到了什麼？我想，您從資料中心方面看到的興趣、負載成長或需求成長是否有任何變化？

Short answer is no change. We continue to see a lot of appetite for renewables. And it fits perfectly with the discussion that we continue to have on the GE Vernova side around providing gas-fired generation as a potential solution as well. But they remain very focused, too, on renewables, right? They're ready now, they're low cost.

簡短的回答是沒有變化。我們繼續看到人們對再生能源的巨大需求。這也與我們在 GE Vernova 方面就提供燃氣發電作為潛在解決方案所進行的持續討論完全吻合。但他們仍然非常關注再生能源，對嗎？它們現在已經準備好了，而且成本很低。

They're an offset for gas if they ultimately decide to go that route in a part of the country that doesn't have excess grid capacity and the load study is taking too long to complete. And when I look at the demand and the outlook in the renewable sector going forward and we always are looking a quarter out or so. I mean, we could -- we just continue to see strong demand across the board and with hyperscalers being a nice size part of that.

如果他們最終決定在電網容量不足的地區採用這種方式，並且負載研究需要很長時間才能完成，那麼他們就可以抵消天然氣的影響。當我展望未來再生能源領域的需求和前景時，我們總是會展望一個季度左右。我的意思是，我們可以——我們只是繼續看到全面強勁的需求，而超大規模企業是其中相當大的一部分。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe a higher level one. Just as you think about the backlog additions, can you talk a bit about the 2024 to 2027 plan relative to the additions for post-2027 delivery? Do you see any risk around project slippage beyond the current plan into 2028-plus, just given the more uncertain macro environment and potentially more complex contract discussions? Or do you still feel confident in the execution there?

也許是更高等級的。正如您考慮積壓的增加一樣，您能否談談 2024 年至 2027 年計劃與 2027 年後交付的增加有關的情況？鑑於更不確定的宏觀環境和可能更加複雜的合約討論，您是否認為專案可能會超出當前計劃，推遲到 2028 年以後？或者你對那裡的執行仍然有信心嗎？

Yeah, Carly, I mean, good question. So maybe I'll start just with circumvention and remind folks that when we saw circumvention, we did see some shifting out in demand, right? And that's impacted, I think, our -- some of the near-term development expectations with us forecast to come in at the low end of the range on the '24, '25 numbers. You can see that in the development forecast write-up. But then we were also able to push those projects in the '26, '27, '28 in some of the out years. I think that dynamic was more specific to circumvention than it is here.

是的，卡莉，我的意思是，這是個好問題。因此，也許我應該從規避行為開始，並提醒大家，當我們看到規避行為時，我們確實看到需求有所轉變，對嗎？我認為這影響了我們的一些近期發展預期，我們預計 2024 年和 2025 年的數字將處於區間的低端。您可以在發展預測報告中看到這一點。但隨後我們也能夠在 26、27、28 年的一些年份推動這些項目。我認為這種動態對於規避來說比這裡更為具體。

I think here, there's just so much demand and the need for electrons right now where customers just can't afford to wait. And gas is such a long-term solution. I mean, we've gone up from 4.5 years to build the combined cycle unit to six or longer. And so needing the electrons now, I think that is forcing more near-term demand. Obviously, some of the impact, too, will ultimately depend on where we come out with Washington, but you've heard my comments there.

我認為，目前對電子產品的需求太大了，客戶根本等不起。而天然氣正是這樣的長期解決方案。我的意思是，我們建造聯合循環機組的時間從 4.5 年增加到了 6 年甚至更長。因此，現在需要電子，我認為這將迫使更多的近期需求。顯然，部分影響最終也將取決於我們與華盛頓的立場，但您已經聽到了我的評論。

Bill Appicelli, UBS.

瑞銀的比爾·阿皮塞利。

Just a couple of questions on the utility. The 10-year site plan that you guys filed, how should we think about that impacting the capital expenditure program relative to the [$34 billion to $37 billion], does that have any impact on that? And -- or is it sort of post that? And should we assume a higher run rate than the sort of [8.8 to 8.9] that you've outlined for '26, '27.

我只想問幾個有關實用程式的問題。你們提交的 10 年選址計劃，我們應該如何看待它對相對於 [340 億美元到 370 億美元] 的資本支出計劃的影響，這對此有任何影響嗎？並且——或者它是那樣的嗎？我們是否應該假設運行率高於您為 26、27 年所概述的 [8.8 到 8.9]？

It's Armando, Bill. I don't think you think about it any differently. The CapEx plan that we filed in our rate case for the next four years is roughly $50 billion of CapEx, right, over the next four years, the 8.8% or so that you just highlighted is roughly in line with our expectations would be over the next four years, and it's driven by making sure that we continue to do the best thing for our customers.

我是阿曼多，比爾。我認為你不會對此有什麼不同的看法。我們在未來四年的利率案例中提交的資本支出計劃大約是 500 億美元的資本支出，對吧，在未來四年內，您剛才強調的 8.8% 左右的增長率大致符合我們對未來四年的預期，這是為了確保我們繼續為客戶提供最好的服務。

We expect 335,000 new customers over the next four years in the FPL area, and that drives a lot of investment, one, and then the additional investment part of that $50 billion is to make sure that we can continue to make our customers' value proposition better. So I think it's more of the same.

我們預計未來四年 FPL 地區將新增 335,000 名客戶，這將推動大量投資，首先，這 500 億美元的額外投資部分是為了確保我們能夠繼續改善客戶的價值主張。所以我認為情況大體上是相同的。

Okay. And then regarding the rate case, is settlement still a preferred outcome here? And is that window of time ahead of this technical hearings in August?

好的。那麼關於利率案例，和解仍然是理想的結果嗎？這個時間窗口是在八月的技術聽證會之前嗎？

I think settlement is always something that's on the table. Obviously, it takes two sides to -- in our case, since there's a number of intervenors more than two sides to come together to get to for us, a conclusion that's good for our customers, right? This is all about our customers and making sure that we can get the best outcome for them long term.

我認為和解始終是可以考慮的事情。顯然，這需要雙方的共同努力——在我們的案例中，由於有多個介入者，需要雙方共同努力才能得出對我們的客戶有利的結論，對嗎？這一切都是為了我們的客戶，並確保我們能夠長期為他們獲得最好的結果。

If you look at historically where we've had settlements, they've generally been anywhere from six weeks before the rate case is supposed to start, which in this case would be mid-August to right before, right after the actual rate case.

如果你回顧我們歷史上的和解情況，你會發現，和解通常是在利率案件開始前的六週內進行的，在這個案例中，和解時間是在 8 月中旬，或者是實際利率案件開始之前或之後。

So if there is going to be a settlement, then that's the likely outcome. Certainly, it could happen outside of that time. It could happen at any time. But our focus right now is really on putting together the best case that we can for our customers starting mid-August.

因此，如果達成和解，那麼這就是可能的結果。當然，這也可能發生在該時間之外。這可能隨時發生。但我們現在的重點是從 8 月中旬開始盡力為我們的客戶提供最好的案例。

Okay. And then just one last quick one. The 11.6% ROE given the amount of surplus amortization that was utilized, I mean, should that trend a little bit lower over the balance of the year? Or is the expectation that can be maintained?

好的。最後再簡單說一下。考慮到已使用的盈餘攤銷額，ROE 為 11.6%，我的意思是，這一趨勢在全年餘額中是否應該略低一些？還是可以維持的預期？

So we're required at the beginning of the year to file with our commission and let them know what our expectations are for the year. Obviously, that can change. You saw that change last year. when we lowered it. But our expectation is the 11.6% is about right based on the expectations that we have for normal weather this year. We'll obviously take a look at that every quarter, but 11.6% is our expectation for the year right now.

因此，我們需要在年初向委員會提交文件，讓他們知道我們對今年的期望。顯然，這種情況可能會改變。您去年就看到了這種變化。當我們降低它時。但根據我們對今年正常天氣的預期，我們的預期是 11.6% 是正確的。我們顯然會每季都關注這一點，但目前我們對今年的預期是 11.6%。

Thank you. This concludes our question-and-answer session and our conference. Thank you for attending today's presentation. You may now disconnect.

謝謝。我們的問答環節和會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。