新世紀能源 (NEE) 2025 Q2 法說會逐字稿

Good day and welcome to the NextEra Energy, Inc. second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 NextEra Energy, Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. [Markus] Eidelman, Director of Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資者關係總監馬庫斯·艾德爾曼先生。先生，請繼續。

Thank you, Chuck. Good morning, everyone, and thank you for joining our second-quarter 2025 financial results conference call for NextEra Energy. With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy; Mike Dunne, Executive Vice President and Chief Financial Officer of NextEra Energy; Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company; Brian Bolster, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy.

謝謝你，查克。大家早安，感謝您參加 NextEra Energy 2025 年第二季財務業績電話會議。今天早上與我一起的有 NextEra Energy 董事長、總裁兼執行長 John Ketchum；NextEra Energy 執行副總裁兼財務長 Mike Dunne；佛羅裡達電力與照明公司總裁兼執行長 Armando Pimentel；NextEra Energy Resources 總裁兼執行長 Brian Bolster；以及 NextEra Energy 執行副總裁 Mark Hickson。

John will start with opening remarks, and then Mike will provide an overview of our second-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二季業績。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. 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 company presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website www.nexteraenergy.com. We do not undertake any duty to update any forward-looking statements.

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，這些預期和假設受風險和不確定性的影響。如果我們的任何關鍵假設不正確，或由於今日收益新聞稿中討論的其他因素、本次電話會議中公司簡報「風險因素」部分的評論或我們向美國證券交易委員會提交的最新報告和文件（可在我們的網站 www.nexteraenergy.com 上查閱）中所述的其他因素，實際結果可能與我們的前瞻性陳述存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

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

今天的演示也提到了非公認會計準則財務指標。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。

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

說完這些，我會把電話轉給約翰。

Thanks, Mark, and good morning, everyone. NextEra Energy delivered strong second-quarter results with adjusted earnings per share increasing 9.4% year over year. In addition, through the first six months of the year, our adjusted earnings per share has increased 9.1% year over year. The continued strong financial and operational performance of both FPL and Energy Resources positions our company well to meet its overall objectives for the year.

謝謝，馬克，大家早安。NextEra Energy 第二季業績強勁，調整後每股盈餘較去年同期成長 9.4%。此外，今年前六個月，我們的調整後每股盈餘年增 9.1%。FPL 和 Energy Resources 持續強勁的財務和營運業績使我們公司能夠很好地實現今年的整體目標。

America continues to be at a unique moment, and our industry remains front and center. After decades of stagnant electricity demand, we're now seeing growth across sectors of the US economy. Artificial intelligence and reshoring of manufacturing grabbed most of the headlines, and for good reason. But that doesn't tell the full story. Demand for more electricity is also coming from all sectors, including residential, commercial, industrial, and oil and gas, to name a few.

美國仍然處於一個獨特的時刻，我們的產業仍然處於中心地位。經過數十年的電力需求停滯之後，我們現在看到美國經濟各個領域都在成長。人工智慧和製造業回流佔據了大部分新聞頭條，這是有充分理由的。但這還不是故事的全部。各個領域對電力的需求都在增加，包括住宅、商業、工業、石油和天然氣等。

A new study from ICF released this month described demand growth as both sudden and sharp. The report says demand growth over the next decade is expected to exceed the last three decades combined, just the latest data point, putting into perspective how unique this moment truly is.

ICF 本月發布的一項新研究表明，需求成長既突然又急劇。報告稱，預計未來十年的需求成長將超過過去三十年的總和，這只是最新的數據點，從中可以看出當前的時刻有多麼獨特。

Bottom line, America needs more electricity, not less. Importantly, America needs it now, not just in the future. We are firmly aligned with the administration's goal to unleash American energy dominance. And to do so, we need all of the electrons we can get on the grid.

歸根結底，美國需要更多的電力，而不是更少。重要的是，美國現在就需要它，而不僅僅是將來。我們堅決支持政府發揮美國能源主導地位的目標。為了做到這一點，我們需要利用電網中所有的電子。

There's truly no time to wait. We see this every day from our customers who aren't just saying they need power; they're signing contracts with us to build energy infrastructure because we can do it quickly and at a low cost.

確實沒有時間等待了。我們每天都會看到客戶這樣做，他們不只是說需要電力；他們還與我們簽訂合約來建造能源基礎設施，因為我們可以快速且低成本地完成這項工作。

Again, the need for more electricity is real. We must do more than just plan for what's on our doorstep; we must act.

再次強調，對更多電力的需求是真實存在的。我們必須做的不僅僅是為我們眼前的事情做計劃；我們必須採取行動。

As I've said many times, we're going to need all forms of energy to meet this moment. New gas and nuclear are on the way and will be critical to meeting demand over the long term. Renewables and storage can bridge the gap and will play an important role in an all-of-the-above future.

正如我多次說過的，我們需要各種形式的能量來應對這一刻。新的天然氣和核能正在開發中，這對於滿足長期需求至關重要。再生能源和儲存可以彌補這一差距，並將在未來發揮重要作用。

Storage, in particular, is a game changer. It's low cost. All forms of energy can charge it, and the grid can rely on it for capacity. Storage is also flexible and can utilize excess transmission capacity. That means it can quickly be deployed to where customers need it most.

尤其是存儲，它能夠改變遊戲規則。成本很低。所有形式的能源都可以為其充電，電網可以依靠它來提供容量。儲存也很靈活，可以利用多餘的傳輸容量。這意味著它可以快速部署到客戶最需要的地方。

Importantly, renewables and storage are ready now and can provide much needed electricity capacity. But in order to achieve our objectives, we will need to continue to navigate a challenging regulatory and policy environment.

重要的是，再生能源和儲存現已準備就緒，可以提供急需的電力容量。但為了實現我們的目標，我們需要繼續應對充滿挑戰的監管和政策環境。

The One Big Beautiful Act was tough but constructive, providing for a phase out of wind and solar tax credits over time together with a longer runway for nuclear and storage. Although there is more certainty with the passage of the bill, we will need to manage that against a backdrop of executive orders, agency rulemakings, tariffs, and trade actions.

《美麗大法案》雖然艱難，但卻具有建設性，它規定逐步取消風能和太陽能稅收抵免，同時為核能和儲能提供更長的運行時間。儘管該法案的通過具有更大的確定性，但我們需要在行政命令、機構規則制定、關稅和貿易行動的背景下進行管理。

While there are risks to be managed, we believe there are also significant opportunities given the steps we've taken to prepare for this moment as we expect a natural pull-forward of demand. We are in a constant state of construction and, over the last few years prior to the enactment of the OBBB, made substantial financial commitments to begin construction on renewable projects that we believe are sufficient to cover the projects we plan to place into service through 2029.

雖然存在需要管理的風險，但我們相信，鑑於我們為這一時刻所採取的準備措施，也存在重大機遇，因為我們預計需求會自然提前。我們一直處於持續建設狀態，在 OBBB 頒布之前的幾年中，我們做出了大量財務承諾，開始建造再生能源項目，我們認為這些資金足以涵蓋我們計劃在 2029 年之前投入使用的項目。

We have a large pipeline of early- and late-stage projects. We have a supply chain capability that I believe is the best in the sector, and we are leveraging artificial intelligence across our business, including in customer origination.

我們擁有大量早期和後期項目。我認為，我們的供應鏈能力是業內最好的，我們正在整個業務中利用人工智慧，包括客戶發起。

We have the balance sheet scale, experience, and technology. While no company is immune from all risk, we've proven time and again what I firmly believe -- that there is no company in our sector better positioned to execute through the challenges and capitalize on the opportunities that lie ahead than NextEra.

我們擁有資產負債表規模、經驗和技術。雖然沒有一家公司能夠免受所有風險的影響，但我們已經一次又一次地證明了我堅信的一點：在我們這個行業中，沒有哪家公司比 NextEra 更有能力應對挑戰並抓住未來的機會。

As the quintessential all-of-the-above energy company, we believe more energy infrastructure than anyone -- we build more energy infrastructure than anyone in the United States. From renewables and storage to gas and nuclear, we do it all. And we will continue to build what customers need, including the critical transmission to bring power from plants to communities.

作為一家典型的全方位能源公司，我們相信我們比任何人都擁有更多的能源基礎設施——我們建造的能源基礎設施比美國任何人都多。從再生能源和儲存到天然氣和核能，我們全都做。我們將繼續建造客戶所需的設施，包括將電力從電廠輸送到社區的關鍵輸電線路。

At FPL, we are going to continue to do what we have done so well for customers over the past two decades. Florida's long-standing constructive regulatory and legislative environment enables infrastructure investment to serve Florida's growing population. In fact, just last week, the Florida Supreme Court concluded that state regulators properly approved our 2021 settlement agreement by affirming the Florida Public Service Commission's final and supplemental final orders.

在 FPL，我們將繼續做過去二十年來為客戶所做的事情。佛羅裡達州長期以來建設性的監管和立法環境使基礎設施投資能夠服務佛羅裡達州不斷增長的人口。事實上，就在上週，佛羅裡達州最高法院通過確認佛羅裡達州公共服務委員會的最終命令和補充最終命令，得出結論，州監管機構正確批准了我們的 2021 年和解協議。

FPL continues to invest in infrastructure to keep reliability high and bills low, and we continue to operate and invest in the nation's largest gas-fired fleet along with four nuclear units in Florida, which provides us the flexibility to leverage cost-effective solar and storage to meet the significant demand from our state's growing population.

FPL 繼續投資基礎設施以保持高可靠性和低費用，我們繼續運營和投資美國最大的燃氣發電機組以及佛羅裡達州的四個核電機組，這使我們能夠靈活地利用具有成本效益的太陽能和儲能來滿足我們州不斷增長的人口的巨大需求。

FPL is doubling down on what we've proven benefits our customers, investing in generation to meet growing electricity demand while driving fuel costs out of the bill. FPL plans to add more than 8 gigawatts of reliable, cost-effective solar and battery storage by 2029. It's the perfect complement to our existing natural gas and nuclear fleet in Florida.

FPL 正在加倍努力，致力於已證明對客戶有利的舉措，投資發電以滿足不斷增長的電力需求，同時降低燃料成本。FPL 計劃在 2029 年之前增加超過 8 千兆瓦的可靠、經濟高效的太陽能和電池儲存。它是我們佛羅裡達州現有天然氣和核電廠的完美補充。

Together, it's how we serve our customers with a diversified energy mix. This not only further secures Florida's energy independence, it also improves system reliability and resource adequacy by delivering energy when customers need it most. FPL continues to be America's blueprint for utilizing all forms of energy to keep reliability high and electric bills low.

總之，這就是我們透過多元化能源組合為客戶提供服務的方式。這不僅進一步確保了佛羅裡達州的能源獨立，而且還透過在客戶最需要時提供能源提高了系統可靠性和資源充足性。FPL 繼續成為美國利用各種形式的能源來維持高可靠性和低電費的藍圖。

Outside of Florida, Energy Resources continues to be the nation's leading energy infrastructure developer. The team originated 3.2 gigawatts of new projects since the last earnings call, including over 1 gigawatt serving hyperscalers to help enable their AI buildout and further drive America's leadership in the space.

在佛羅裡達州以外，能源資源公司繼續成為美國領先的能源基礎設施開發商。自上次財報電話會議以來，該團隊發起了 3.2 千兆瓦的新項目，其中包括為超大規模企業提供的超過 1 千兆瓦服務，以幫助他們實現人工智慧建設並進一步推動美國在該領域的領導地位。

Our backlog alone now includes approximately 6 gigawatts of projects intended to serve technology and data center customers. If you include our operating portfolio together with the expected build-out of our backlog, we will have over 10.5 gigawatts serving technology and data center customers across the United States.

我們現在的積壓項目包括約 6 千兆瓦的項目，旨在為技術和資料中心客戶提供服務。如果將我們的營運組合與預期的積壓訂單量加在一起，我們將為美國各地的技術和資料中心客戶提供超過 10.5 千兆瓦的服務。

We continue to make progress toward the potential restart of our Duane Arnold nuclear facility while also working to advance new gas-fired generation opportunities, and we continue to build what's essentially a standalone rate-regulated utility within energy resources through NextEra energy transmission.

我們繼續朝著重啟杜安阿諾德核電廠的方向前進，同時也在努力推進新的燃氣發電機會，並且我們將繼續透過 NextEra 能源傳輸在能源資源中建造本質上獨立的受監管費率公用事業。

With our scale, experience, and technology, including our supply chain capability and balance sheet, we are positioned to meet the opportunities that increased power demand will provide. I firmly believe no one has a better team, a better culture, or a better track record of execution than NextEra Energy.

憑藉我們的規模、經驗和技術，包括我們的供應鏈能力和資產負債表，我們有能力滿足不斷增長的電力需求所帶來的機會。我堅信沒有人擁有比 NextEra Energy 更好的團隊、更好的文化或更好的執行記錄。

With that, I'll turn the call over to Mike to walk you through detailed results from the quarter.

說完這些，我將把電話轉給麥克，讓他向您介紹本季的詳細結果。

Thank you, John, and good morning, everyone.

謝謝你，約翰，大家早安。

For the second quarter of 2025, FPL's earnings per share increased by $0.02 year over year. The principal driver of this performance was FPL's regulatory capital employee growth of nearly 8% year over year.

2025 年第二季度，FPL 每股盈餘年增 0.02 美元。這一業績的主要推動力是 FPL 的監管資本員工數量年增近 8%。

FPL's capital expenditures were approximately $2 billion for the quarter, and we expect FPL's full-year capital investments to be between $8 billion and $8.8 billion. For the 12 months ending June 2025, FPL's reported return on equity for regulatory purposes will be approximately 11.6%. During the second quarter, we utilized approximately $19 million of reserve amortization, leaving FPL with a balance of roughly $254 million.

FPL 本季的資本支出約為 20 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。截至 2025 年 6 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%。在第二季度，我們使用了約 1,900 萬美元的準備金攤銷，FPL 的餘額約為 2.54 億美元。

FPL's second-quarter retail sales increased 1.7% from the prior-year comparable period, driven primarily by continued strong customer growth. Overall usage per customer grew by 0.1% year over year, which includes a decline of 0.8% due to milder weather. As a result, FPL grew retail sales in the second quarter by roughly 2.6% on a weather-normalized basis.

FPL 第二季零售額較去年同期成長 1.7%，主要得益於客戶持續強勁成長。每位客戶的總使用量年增了 0.1%，其中由於天氣變暖導致的使用量下降了 0.8%。因此，以天氣正常化計算，FPL 第二季的零售額成長了約 2.6%。

On February 28, we initiated Florida Power & Light's 2025 base rate proceeding. The four-year base rate plan we have proposed has been designed to support continued investments and cost-effective generation, long-term infrastructure, and advanced technology, which improves reliability and helps keep customer bills low.

2 月 28 日，我們啟動了佛羅裡達電力與照明公司 2025 年基準利率程序。我們提出的四年基本費率計劃旨在支持持續投資和具有成本效益的發電、長期基礎設施和先進技術，從而提高可靠性並有助於保持客戶帳單較低。

Today, FPL's typical residential bill remains well below the national average and amongst the lowest of the top 20 investor-owned utilities in the nation. With the proposed base rate adjustments and current projections for [fee] and other costs, FPL's typical residential bill is expected to be approximately 20% below the projected national average.

如今，FPL 的典型住宅電費仍遠低於全國平均水平，並且在全國前 20 名投資者擁有的公用事業公司中屬於最低的。根據擬議的基本費率調整和目前對[費用]及其他成本的預測，FPL 的典型住宅帳單預計將比預計的全國平均水平低約 20%。

A technical hearing at the Florida Public Service Commission is scheduled next month. We expect a final decision in the fourth quarter. If state regulators approve our plan, a typical FPL residential bill will grow at an annual average rate of just 2.5% from 2025 through 2029.

佛羅裡達州公共服務委員會定於下個月舉行一次技術聽證會。我們預計將在第四季度做出最終決定。如果州監管機構批准我們的計劃，那麼從 2025 年到 2029 年，典型的 FPL 住宅帳單將以年均 2.5% 的速度增長。

Now let's turn to Energy Resources, which reported an adjusted earnings per share increase of $0.11 year over year. As you'll recall, the prior comparable quarter reflected higher than expected in one-time expenses.

現在讓我們來看看能源資源公司，該公司報告調整後的每股盈餘年增 0.11 美元。您可能還記得，上一季的一次性支出高於預期。

Contributions from new investments increased $0.14 per share year over year, primarily driven by continued growth in our renewable and storage portfolios. Our existing clean energy portfolio decreased $0.02 per share, primarily reflecting weaker wind resources during the quarter. Wind resource for the second quarter of 2025 was approximately 97% of the long-term average versus 104% in the second quarter of 2024.

新投資貢獻年增 0.14 美元/股，主要得益於我們的再生能源和儲存產品組合的持續成長。我們現有的清潔能源投資組合每股下跌 0.02 美元，主要反映了本季風能資源的疲軟。2025 年第二季的風力資源約為長期平均值的 97%，而 2024 年第二季為 104%。

Our customer supply business increased $0.06 per share compared to the second quarter last year, which was impacted by higher depletion expense and certain non-recurring items. All other impacts decrease by $0.07 per share, driven by higher interest costs of $0.06 per share.

與去年第二季相比，我們的客戶供應業務每股增加了 0.06 美元，這受到更高的損耗費用和某些非經常性項目的影響。所有其他影響均減少每股 0.07 美元，原因是每股利息成本增加 0.06 美元。

Energy Resources had a strong quarter of newer renewables and storage origination, adding 3.2 gigawatts to the backlog. With these additions, our backlog now totals nearly 30 gigawatts after taking into account more than 1.1 gigawatts of new projects placed into service since our last earnings call. We expect the backlog additions will go into service over the next few years and into 2029. This marks the sixth time in the past eight quarters that Energy Resources has added more than 3 gigawatts to its backlog.

能源資源部門在新再生能源和儲能專案方面表現強勁，新增 3.2 千兆瓦的積壓訂單。加上這些新增項目，加上我們上次財報電話會議以來投入使用的超過 1.1 千兆瓦的新項目，我們的積壓訂單總量現已接近 30 千兆瓦。我們預計，這些積壓的新增設施將在未來幾年內以及 2029 年投入使用。這是過去八個季度中 Energy Resources 第六次增加超過 3 千兆瓦的積壓訂單。

We have now originated approximately 12.7 gigawatts of new renewables and battery storage projects over the last 12 months. Roughly 30% of our current backlog comes from storage, which demonstrates our customers' demand for a low-cost, ready-now solution to meet their capacity needs.

在過去的 12 個月中，我們已經啟動了約 12.7 千兆瓦的新再生能源和電池儲存專案。我們目前積壓訂單中約有 30% 來自存儲，這表明我們的客戶需要低成本、現成的解決方案來滿足他們的容量需求。

Turning now to our second-quarter 2025 consolidated results, adjusted earnings from corporate and other decreased by $0.04 per share. Our long-term financial expectations remain unchanged.

現在來看看我們 2025 年第二季的綜合業績，企業和其他業務的調整後收益每股減少了 0.04 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 earnings per share expectation ranges in 2025, 2026, and 2027. From 2023 to 2027, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted earnings per share compound annual growth rate range. And we also continue to expect to grow our dividends per share at roughly 10% per year through at least 2026 off a 2024 base. As always, our expectations assume our caveats.

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最高值的財務業績，我們將會感到失望。從 2023 年到 2027 年，我們繼續預期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。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。像往常一樣，我們的期望預設了我們的警告。

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

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。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Steve Fleischman, Wolfe Research.

史蒂夫‧弗萊施曼，沃爾夫研究公司。

Yeah. Hi. Good morning. Thanks. So first, just on the OBBB and then also the Trump executive orders, could you maybe talk to, I guess, the safe harbor start of construction issue and how much OBBB has effectively maybe codified that, and what can really the administration change at this point, and then also just how to think about some of the recent permitting kind of updates that came out and just your exposure to federal lands in your backlog? Thanks.

是的。你好。早安.謝謝。那麼首先，關於 OBBB 以及川普的行政命令，您能否談談安全港開工問題，OBBB 可能在多大程度上有效地將其編入法典，以及政府目前真正可以做出哪些改變，然後如何看待最近發布的一些許可更新，以及您積壓的聯邦土地問題？謝謝。

Yeah. Thank you, Steve, for your question. This is John. So let me just start with your question around the tax provisions of the safe harbor, in particular. I think as most folks know by now, the way the OBBBA was drafted, it basically provides that wind and solar facilities have to be placed in service by December 31, 2027.

是的。謝謝史蒂夫的提問。這是約翰。因此，讓我先回答您關於安全港稅收條款的問題。我想現在大多數人都知道，OBBBA 的起草方式基本上規定風能和太陽能設施必須在 2027 年 12 月 31 日之前投入使用。

However, there is a very important exception in that that says that projects that begin construction before July 4, 2026, are not subject to that placed in service requirement. So the issue is, what is meant by begin construction? And our view is pretty simple and pretty straightforward.

然而，有一個非常重要的例外，即2026年7月4日之前開始建造的項目不受投入使用要求的約束。那麼問題是，開始施工是什麼意思？我們的觀點非常簡單、直接。

The begin construction term has been around for well over a decade. It has a settled meaning within the industry. That meaning is informed by long-standing treasury department guidance. It's been relied upon not only by NextEra, but the solar and wind industry for years.

開始建造這個術語已經存在十多年了。它在行業內具有既定的含義。這一含義是根據財政部的長期指導得出的。多年來，不僅 NextEra 依賴它，太陽能和風能產業也依賴它。

So I start with the fact that as a plain meaning, it's also a term that's defined in the OBBA, in the FEOC provisions, and that definition is consistent with the settled meeting and the long-standing treasury guidance that I just spoke about.

因此，我首先要說明的是，從字面上來說，它也是 OBBA 和 FEOC 條款中定義的術語，而該定義與我剛才談到的和解會議和長期財政指導一致。

And importantly, the term, beginning construction has certain safe harbors for what actually constitutes starting construction, and it also has a four-year continuity of service safe harbor. So when I look at the steps that we've been taking in reliance on the settle meeting and the long-standing guidelines around the term, beginning construction, we've made significant financial commitments over the last few years, including in the first half of 2025 to begin construction under these rules that were in effect at the time those commitments were made.

重要的是，「開工」這個術語對於實際構成開工的內容有一定的安全港，並且還具有四年連續服務安全港。因此，當我回顧我們根據和解會議和圍繞開工建設期限的長期指導方針所採取的措施時，我們發現，過去幾年來，我們做出了重大的財務承諾，包括在 2025 年上半年根據做出這些承諾時生效的規則開始建設。

In doing so, we believe that we've begun construction on a sufficient number of projects to cover our development expectations through 2029. And of course, while we can't provide any guarantees, this is our interpretation, and this is our belief as to what the statute provides based on our experience in this industry over the last couple of decades.

透過這樣做，我們相信我們已經開始建造足夠數量的項目，以滿足我們到 2029 年的發展預期。當然，雖然我們不能提供任何保證，但這是我們的解釋，也是我們根據過去幾十年在這個行業的經驗對該法規的規定的看法。

Just on the citing permitting issue with the federal lands -- yeah.

僅就聯邦土地的許可問題而言——是的。

Yeah. And on the permitting on federal lands, first of all, I'll say, there was an EO and I think a response made by the Department of the Interior a couple of months ago just articulating that solar and wind projects would not be prioritized. The executive order itself that came out on July 7 directed the Department of the Interior to come up with new procedures on how it would handle wind and solar permitting to not favor them. And so they instituted an additional layer that would require Secretary or Deputy Secretary review. It's new.

是的。關於聯邦土地的許可，首先，我要說的是，有一份行政命令，我認為內政部幾個月前也做出過回應，明確表示不會優先考慮太陽能和風能項目。7 月 7 日發布的行政命令本身指示內政部製定新的程序，規定如何處理風能和太陽能許可，而不是偏袒它們。因此，他們設立了一個額外的層級，需要部長或副部長進行審查。這是新的。

Obviously, we're working with the Department of the Interior. Let's just see how it actually is applied in practice. But again I think this letter is being responsive to the EO.

顯然，我們正在與內政部合作。讓我們看看它在實踐中是如何應用的。但我再次認為這封信是對行政命令的回應。

When I looked at it and I look at our backlog, most of our backlog already has secured federal permits, but let's also just see how this gets applied. And I continue to feel comfortable with where we stand in terms of being able to navigate the federal permitting issue.

當我查看它並查看我們的積壓工作時，我們發現大多數積壓工作已經獲得了聯邦許可，但我們也看看這是如何應用的。就解決聯邦許可問題而言，我仍然對我們目前的狀況感到滿意。

One other question, just you mentioned a natural pull-forward. And maybe, could you give any sense on just have you started seeing signs from -- what have been the reaction of customers from the bill? Have you started seeing any kind of sense of natural pull-forward and just your market share expectations and thoughts given all the different things that have occurred?

還有一個問題，剛才您提到了自然前拉。也許，您能否解釋一下您是否已經開始看到一些跡象——顧客對該法案的反應是什麼？考慮到已經發生的所有不同事情，您是否開始看到任何自然的拉動感以及您的市場份額預期和想法？

Yeah. I think, Steve, customers are still digesting it. They have different levels of understanding of what what's come out. Obviously, we spent a lot of time on it.

是的。史蒂夫，我認為顧客們仍在消化它。他們對所發生的事情有著不同程度的理解。顯然，我們為此花費了大量時間。

And so I would expect to see a reaction from customers over time. Obviously, we'll inform them through our origination process, but I see some natural breaking points that could create significant opportunities for us around pull forward.

因此我希望隨著時間的推移看到客戶的反應。顯然，我們會透過我們的發起流程通知他們，但我發現一些自然的斷點可能會為我們向前邁進創造重大機會。

I mean, one is, if you break down the statute, certainly, with the 2027 place and service requirement, you could see projects that are accelerated into that year. Then it comes down to who safe harbors, right, who safe harbors before the enactment date.

我的意思是，首先，如果你分解法規，當然，根據 2027 年的地點和服務要求，你可以看到專案加速到那一年。然後就歸結為誰是安全港，對，誰在頒布日期之前是安全港。

It's hard to know with any precision who did. We know we compete against a lot of really small developers who don't have the balance sheet, the construction financing to do things around safe harbor. And so, you could also look and say based on that, we would expect to pull-forward naturally in the '28 and '29 as well, where there might be less competition from folks that have not safe harbored that could create bigger opportunities for folks like NextEra that are in a perpetual state of construction and are safe harboring all the time based on the rules that were -- in effect that could create, potentially, bigger opportunities for us in those years.

很難確切知道是誰幹的。我們知道，我們與許多小型開發商競爭，他們沒有資產負債表，沒有建造融資來圍繞安全港開展業務。因此，基於此，你也可以說，我們預計在 28 年和 29 年也會自然提前，因為來自沒有安全港的公司的競爭可能會減少，這可能會為 NextEra 等處於永久建設狀態的公司創造更大的機會，並且根據規則一直在安全港 - 實際上，這可能會在那些年為我們創造更大的機會。

Julien Smith, Jefferies.

朱利安史密斯（Julien Smith），傑富瑞集團。

Hey. Good morning, team. Thank you, guys, very much for the time. I appreciate it. Maybe to follow up on Steve's questions earlier. I mean just to crystallize our understanding under the existing OBBB that was passed here, how do you think about your EPS growth and sort of the waterfall, if you will, of credits?

嘿。早安，各位團隊。非常感謝你們抽出時間。我很感激。也許是為了跟進史蒂夫之前提出的問題。我的意思是，為了明確我們對此處通過的現有 OBBB 的理解，您如何看待 EPS 增長以及信貸的瀑布式增長（如果您願意的話）？

And especially given the dynamics you talk about, whether it's a pull-forward or otherwise having an opportunity to step in and enable other projects that you might not necessarily have envisioned today, how do you think about the ability to sustain your growth through the decade and as much as now you have visibility that's been effectively crystallized under this legislation? Obviously, barring changes with the EO; we're not ready to go there given this backdrop.

特別是考慮到您談到的動態，無論是向前推進還是有機會介入並實現您今天可能未必會想到的其他項目，您如何看待在未來十年維持增長的能力，以及現在您在這項立法下有效結晶的可見性？顯然，除非行政命令發生變化，否則在這種背景下我們還沒有準備好去那裡。

Yeah. First, I'll start with that last piece, right, which is as I said in the prepared remarks, I think the One Big Beautiful Bill Act while tough, was constructive. I think it does create some opportunities for us going forward for some of the reasons that I laid out with Steve.

是的。首先，我先從最後一部分開始，正如我在準備好的發言中所說的那樣，我認為「一項偉大的美麗法案」雖然很艱難，但卻具有建設性。我認為它確實為我們前進創造了一些機會，原因我已經向史蒂夫闡述過了。

On the EPS growth point, hold off on that until our next Analyst Day, which we will hold sometime later this year, beginning of next year. But as I think about the waterfall opportunity and that pull-forward that, again, Julien, that you were hitting on, again, the uncertainty that could be created with the '27 placed in service, and then you come down to who is safe harbored for '28 and '29, obviously, that favors large developers like NextEra that planned ahead, right?

關於每股收益成長點，我們將等到下一次分析師日再討論，該分析師日將在今年稍後或明年年初舉行。但是，朱利安，當我想到瀑布式機會和向前推進時，你再次提到了 27 年投入使用可能產生的不確定性，然後你就會想到誰會在 28 年和 29 年獲得安全保障，顯然，這有利於像 NextEra 這樣提前計劃的大型開發商，對嗎？

And if you're in a market where you have folks drop out, right, because they didn't plan ahead, they don't have the ability to get construction financing, don't have the ability to safe harbor, it obviously creates bigger opportunities for us in these natural pull-forward points. And I'm going to come back to a point that I think is important for make and for investors to understand.

如果你所在的市場中有人退出，是的，因為他們沒有提前計劃，他們沒有能力獲得建設融資，沒有能力獲得安全港，這顯然會為我們在這些自然的拉動點中創造更大的機會。我接下來要回到我認為對製造商和投資者來說都很重要的一個觀點。

I think if you look at our track record over time, not just the last three years, but going back over time. whenever there's a little bit of uncertainty, a little bit of risk, a little bit of complexity, that typically favors our business, right? Because I firmly believe that we have the capability to navigate and to plan the business in a way that helps mitigate these risks going forward.

我想，如果你看看我們過去的業績記錄，不只是過去三年，而是回顧過去。每當有一點不確定性、一點風險、一點複雜性時，這通常對我們的業務有利，對嗎？因為我堅信，我們有能力以有助於減輕未來這些風險的方式引導和規劃業務。

And look, I mean, no company is immune from everything. But I think we do -- if you look at the track record, have demonstrated an ability to really figure out how to mitigate these exposures on a go-forward basis.

我的意思是，沒有一家公司能夠免受一切影響。但我認為，如果你看過去的記錄，你會發現我們確實有能力真正弄清楚如何在未來減輕這些風險。

And the last piece I'll make is -- don't forget, if we do see some small developers kind of fall away, there'll be more projects that could potentially hit the market and come up for sale, creating more not only on our organic greenfield opportunity set, but perhaps some opportunities to step into projects that other developers have tried to advance, but for whatever reason, might struggle to get it across the finish line, given some of the backdrop of some of the challenges that we're addressing in the industry that I think we're best equipped to address.

我最後要說的是——別忘了，如果我們確實看到一些小型開發商退出市場，那麼就會有更多的項目進入市場並出售，這不僅會為我們的有機綠地機會創造更多機會，而且也許還會為我們進入其他開發商試圖推進的項目創造一些機會，但無論出於何種原因，考慮到我們正在應對的行業挑戰的背景，我認為我們最有能力應對這些挑戰，這些項目可能難以完成。

Excellent. Thanks, John. Just a quick follow-up, if I can. Smaller detail here, but not trivial at all. How is progress going on the nuclear contracting front? I mean it is certainly the theme of the day.

出色的。謝謝，約翰。如果可以的話，我只是想快速跟進。這裡的細節較少，但絕非無關緊要。核子合約方面的進展如何？我的意思是這肯定是當天的主題。

You guys have two different bites of the apple, potentially, it seems. Duane progress, just from an engineering perspective, just to kind of get a little bit of a sense on where that could land and when? And then separately here, Point Beach, obviously spoken for, but it seems like there could be some opportunity there. I mean, two different bites of the apple seem to be coming ripe here in the medium term.

看起來，你們可能有兩種不同的選擇。僅從工程角度來看，杜安的進展如何，只是想稍微了解一下它何時何地可以實現？然後另外，這裡，Point Beach，顯然已經被提及，但似乎那裡可能存在一些機會。我的意思是，從中期來看，兩種不同的機會似乎即將成熟。

Yeah. No, thanks for asking the question, Julien. Duane Arnold just continues to advance. I think any time you have a -- there's only three of them in the country, right, between Palisades and the Crane facility in Duane. These are unique opportunities because you don't face the new build costs associated with nuclear. And so these are really unicorn-type opportunities.

是的。不，謝謝你提問，朱利安。杜安·阿諾德繼續前進。我認為任何時候你有一個——全國只有三個這樣的工廠，對吧，在 Palisades 和 Duane 的 Crane 工廠之間。這些都是獨特的機會，因為您不必面對與核能相關的新建成本。所以這些確實是獨角獸類型的機會。

And so we continue to advance to Duane. I'm very pleased with the way things are going on the on-site reviews and some of the engineering analysis that we're doing. But more importantly, we continue to advance discussions with customers. So feel good where we sit now about how things are progressing on the Duane front.

因此我們繼續向杜安前進。我對現場審查和我們正在進行的一些工程分析的進展感到非常滿意。但更重要的是，我們繼續推進與客戶的討論。所以，我們現在對杜安的事情進展感到滿意。

And look, with Point Beach, it's not only the Point Beach facility, but also the opportunity to do some things around SMR. So we have the same opportunity set at Duane. If we're successful in bringing Duane forward, that obviously creates a hot bed of data center activity around that facility, the same as what you've seen in Wisconsin with Cloverleaf and the Fox facility that Microsoft is behind as well. And so I like the potential longer-term options there in addition to just the recommissioning efforts that we potentially have at Duane.

而且，Point Beach 不僅擁有 Point Beach 設施，還有機會圍繞 SMR 進行一些工作。所以我們在 Duane 也有同樣的機會。如果我們成功將 Duane 帶入市場，那麼顯然會在該設施周圍形成一個資料中心活動的熱點，就像你在威斯康辛州看到的 Cloverleaf 和微軟支持的 Fox 設施一樣。因此，除了我們在杜安可能進行的重新調試工作之外，我還喜歡那裡潛在的長期選擇。

And look, we have a -- I don't want to lose sight of the fact that not only do we have an active gas-fired generation development effort at our company, we are also very active in the development of small modular reactors and the potential that nuclear could provide going forward. And again, that goes back to my comments of being an all-of-the-above energy company.

而且，我們有一個——我不想忽視這樣一個事實，我們公司不僅積極開展燃氣發電開發工作，而且還積極開展小型模組化反應器的開發以及核能未來可能提供的潛力。再次，這又回到了我所說的「成為全方位能源公司」的評論。

Our goal is to provide the customer with what it wants, when it needs it, at the right price to help address the power demand that we see in this country. And look no further than the PJM capacity auction yesterday. I mean, there's a lot of demand out there, and there are very few companies that have the development capability that we do. A lot of companies that have an existing asset position, very few companies can develop new generation assets or have the skill sets with -- on their teams to do it, and that gives us a unique advantage in this market.

我們的目標是以合適的價格在客戶需要時提供他們想要的東西，以幫助解決這個國家的電力需求。看看昨天的 PJM 容量拍賣就知道了。我的意思是，市場需求很大，但很少有公司擁有像我們這樣的開發能力。許多公司都擁有現有的資產狀況，但很少有公司能夠開發新一代資產或擁有相應的技能組合——這讓我們在這個市場上擁有獨特的優勢。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Hey. Good morning. Thanks for all the updates. I just wanted to ask maybe just for an update on FPL. We've seen some testimonies in the rate case at this point. You kind of pointed to the fact that hearings will kick off in mid-August. Just is a settlement still on the table in any way, or are you expecting this to go right to hearing, if you can comment at all? Thanks.

嘿。早安.感謝所有的更新。我只是想問一下 FPL 的最新情況。目前我們已經看到了一些有關利率案件的證詞。您提到聽證會將於 8 月中旬開始。無論如何，和解是否仍處於討論階段，或者您是否希望直接進行聽證，如果您可以發表評論的話？謝謝。

Well, that's a great question. We always prepare like we are going to hearings, because we want to be as prepared as possible. And they're about three weeks away at this point.

嗯，這是一個很好的問題。我們總是像參加聽證會一樣做好準備，因為我們希望盡可能做好準備。目前距離他們離開還有大約三週的時間。

It doesn't mean that there is not the opportunity for discussions that would lead to a settlement. I think the notion should be that those discussions probably can happen at any time. And if it makes, from our perspective, it makes sense for our customers, that's something that we would obviously move on as we have for the last three rate cases.

這並不意味著沒有機會透過討論達成解決方案。我認為這些討論可能隨時發生。從我們的角度來看，如果這對我們的客戶有意義，我們顯然會繼續推進這項舉措，就像我們處理過去的三個利率案例一樣。

So I'm still confident that we have a great rate case to present to the Public Service Commission in the middle of August. That has been my focus really for the last six months. If there is the opportunity, if the opportunity pops up, I am going to absolutely make myself available to make sure that we can put our best foot forward for our customers in a settlement.

因此，我仍然有信心，我們將在 8 月中旬向公共服務委員會提交一份出色的費率案例。這確實是我過去六個月來關注的重點。如果有機會，如果機會出現，我絕對會盡全力確保我們能夠在和解中為客戶提供最好的服務。

Makes a lot of sense. Appreciate that. And I just wanted to take one of Julien's question a step further just on the financing side and kind of thinking about the comments about the safe harbor visibility through 2029, as I understand the current plan '24 through '27, roughly about half of the funding is tax equity and project finance.

很有道理。非常感謝。我只是想就融資方面進一步回答朱利安的一個問題，並思考一下關於 2029 年安全港可見性的評論，據我了解，目前的計劃是 24 年至 27 年，大約一半的資金來自稅收股權和專案融資。

And I'm just wondering, because you have this commentary around safe harbor visibility through '29, is that kind of the same mix that we should be expecting in financing the business through the late decade? Are there other sources of financing that you're thinking about leaning on? And I guess, maybe you can kind of talk about what's been contemplated at this point?

我只是想知道，因為您對 29 年安全港可見性有這樣的評論，這是否與我們在未來十年內為企業融資時應該期待的組合相同？您是否考慮過依賴其他融資來源？我想，也許您可以談談目前考慮的問題是什麼？

Sure. So as we look at where we sit today and as we look at what our renewable build looks like, it is a lot more of what we've done over the course of the last 20 years. And that has been building good projects that are very attractive to our tax equity providers, that are very attractive to our project finance providers and those parties looking at the quality of those projects and providing the financing for them.

當然。因此，當我們回顧我們今天所處的位置以及我們的再生能源建設情況時，我們會發現，這與我們過去 20 年所做的事情大致相同。這一直在建立對我們的稅收股權提供者非常有吸引力的優秀項目，對我們的項目融資提供者和那些關注這些項目品質並為其提供融資的各方非常有吸引力的項目。

As we look today and also look over the last two years, we have increased our tax equity providers by 50%. Just last week, I was talking to one of our long-term tax equity providers who was asking and mentioned they wanted to increase their exposure to us. So we feel very good about where we sit in terms of accessing both the tax equity and the project financing market as an attractive, low-cost way for us to finance our renewable and storage facilities.

回顧今天以及過去兩年，我們的稅收公平提供者增加了 50%。就在上週，我與我們的一位長期稅收股權提供者進行了交談，他詢問並提到他們希望增加對我們的曝光率。因此，我們對自己在稅收公平和專案融資市場方面的現狀感到非常滿意，因為這對我們來說是一種有吸引力的、低成本的方式，可以為我們的再生能源和儲存設施提供資金。

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

Hey. Good morning, team. I just have one quick one. I just have one quick one. You talked about maybe the company's gas strategy going forward. You talked about it on the Development Day. Just curious, you've seen some recent sales in the country already in service gas assets at attractive multiples. Just is that an avenue the company would pursue or a bit more of with the GEV partnership and building new build gas?

嘿。早安，各位團隊。我只有一個快速答案。我只有一個快速答案。您可能談到了公司未來的天然氣策略。您在發展日上談到了這一點。只是好奇，您看到該國最近以頗具吸引力的價格出售了一些已投入使用的天然氣資產。這是否是該公司將採取的途徑，或者透過與 GEV 合作並建造新的天然氣管道，該公司將採取更多的途徑？

Sure. It's Brian. On the gas strategy front, listen, we're going to look at new build; we'll look at opportunities in the market. I think what we need to do if we're going to look at the market is obviously the value has to make sense. I think we have to feel very good that we're going to be able to do something with that on the contracting front in the near term.

當然。我是布萊恩。在天然氣策略方面，聽著，我們將關注新建項目；我們將關注市場上的機會。我認為，如果我們要觀察市場，我們需要做的顯然是價值必須合理。我認為我們應該感到非常高興，因為我們將在短期內就承包方面採取一些行動。

So I don't think we want to just go spec long merchant generation. But we're turning over kind of every rock as we look at that, everything from other assets that are going to be interesting to fit nicely that we think we can offer back to the market, and we're going to look at greenfield opportunities. So we're pursuing it on all fronts.

所以我不認為我們只想關注長期的商人世代。但是，當我們考慮這個問題時，我們會仔細考慮每一項因素，包括其他有趣的、適合的資產，我們認為我們可以將這些資產回饋給市場，我們會尋找綠地投資機會。因此，我們正在各方面努力。

And just a quick clarity, did John say earlier that maybe an Analyst Day end of the calendar year or beginning of next calendar year? And I apologize if I did not hear that correctly.

簡單澄清一下，約翰之前是否說過分析師日可能在日曆年末或明年年初舉行？如果我沒有聽清楚，我深感抱歉。

That's what I said.

我就是這麼說的。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Hey, good morning, everybody. First question, I want to follow up a little bit on the Big Beautiful Bill. How are you thinking about the foreign entities of concern, the FEOC clause. Are you confident that you won't face exposure to that given your safe harbored equipment position?

嘿，大家早安。第一個問題，我想稍微問一下《大美麗法案》。您如何看待所關注的外國實體和 FEOC 條款。您是否確信，鑑於您的設備處於安全港位置，您不會面臨這種風險？

Feel very confident about the FEOC provisions. Again, the way they work are as long as you began construction by December 31, 2025, you're not subject to those. So with the continuity safe harbor, add four years on, you get to the end of the taxable year '25, that takes you through '29. And then when you start looking at compliance beyond 2029, we feel very comfortable with our ability to comply with those provisions.

對 FEOC 規定非常有信心。再說一次，他們的工作方式是，只要你在 2025 年 12 月 31 日之前開始施工，你就不會受到這些限制。因此，透過連續性安全港，再加上四年，您將到達 25 納稅年度的末期，這將持續到 29 年。然後，當你開始考慮 2029 年以後的合規性時，我們對自己遵守這些規定的能力感到非常有信心。

Great. Thanks for clarifying. Next on Duane Arnold. I know there's a lot of ifs, and nothing has been decided yet. But if you were to move forward with a potential restart, would I be correct in thinking that timing might be such that the earnings contribution would maybe mitigate or offset the loss of renewable tax credits? Is that phased out?

偉大的。謝謝澄清。接下來是杜安·阿諾德。我知道有很多如果，而且一切都還未決定。但是，如果您要繼續進行潛在的重啟，我是否正確地認為時機可能使得收益貢獻可能會減輕或抵消再生稅收抵免的損失？這是逐步淘汰的嗎？

Could that be a way to smooth out the earnings and offset a potential cliff in 5 years or so? I know that's far off, but people are already thinking about it today.

這是否可以成為一種平滑收益並抵消五年左右的潛在損失的方法？我知道這還很遙遠，但今天人們已經在思考這個問題了。

Yeah, I mean that's obviously pretty far off, but sure. I mean that is a -- you add Duane Arnold to the mix and that's one of many ways that we have to continue to grow the business in the future.

是的，我的意思是這顯然還很遙遠，但可以肯定。我的意思是——將 Duane Arnold 添加到組合中，這是我們未來繼續發展業務的眾多方式之一。

Just the only thing I'd comment because -- this is the second question that's kind of got this concept of a cliff, and I just want to remind everyone, while the tax laws may be changing the demand picture that we've been talking about, now going on four or five quarters, is not. The customer dialogue, whether it's in '27, '28, '29 or '30 is as robust as it's ever been. And so while the framework may be changing for some of these projects, the overall demand picture is very important to remember.

我只想評論一件事，因為——這是第二個問題，有點像懸崖的概念，我只是想提醒大家，雖然稅法可能會改變我們一直在談論的需求狀況，但現在四五個季度過去了，情況並沒有改變。無論是在 1927 年、1928 年、1929 年或 1930 年，與客戶的對話都一如既往地活躍。因此，儘管某些項目的框架可能會發生變化，但記住整體需求狀況非常重要。

Our job at Energy Resources is to build energy infrastructure for our customers. There is an outrageous amount of need for energy infrastructure in this country that's going to go well past the end of this decade. And so we feel well positioned. Duane would be an example of one of the things that we'll be looking at.

我們在能源資源部門的工作是為客戶建立能源基礎設施。這個國家對能源基礎設施的需求極為巨大，而且這種需求將持續到本世紀末。因此我們覺得自己處於有利地位。杜安就是我們要研究的事物之一的例子。

So Duane is another example of one of the things that we can bring to bear. Storage is another element of something that we're seeing a lot of focus on. So I think there's this view that the One Big Beautiful Bill is creating a sunset and a cliff. And I think the answer is it's just changing the rule set, and we'll continue to build the energy infrastructure that this country needs.

因此，杜安是我們可以發揮影響力的另一個例子。儲存是我們看到的另一個受到廣泛關注的元素。所以我認為有這樣一種觀點，即“美麗的大比爾”正在創造日落和懸崖。我認為答案是這只是改變規則，我們將繼續建立這個國家所需的能源基礎設施。

Agreed and thank you for clarifying and framing that up. One last one --

同意並感謝您對此進行澄清和闡述。最後一個--

One other point I want to add on to that, too, is don't forget about storage too, right? I mean, storage is a massive opportunity for this company and for this country, given the capacity that it provides. So don't lose sight of storage in addition to all of the other opportunities that we have around the demand picture, the ability to build gas, the ability to build nuclear, the contributions from Duane; there's a lot that goes into that.

我還想補充一點，那就是也不要忘記存儲，對吧？我的意思是，考慮到儲存所提供的容量，儲存對於這家公司和這個國家來說都是一個巨大的機會。因此，除了我們在需求方面擁有的所有其他機會、建造天然氣的能力、建設核子的能力、杜安的貢獻之外，不要忽視儲存；還有很多事情要做。

Thank you very much. Just one last brief one on the quarter. At FPL, the earnings growth was pretty modest, only like less than 3.5% despite the capital employed growing at your typical 8%-ish. Can you just talk to the delta there? What was weighing on the earnings growth? And how are you thinking about the rest of this year of the utility?

非常感謝。最後再簡單介紹一下本季的情況。在 FPL，獲利成長相當溫和，儘管所使用的資本成長率通常為 8% 左右，但獲利成長僅不到 3.5%。你能和那裡的三角洲談談嗎？哪些因素影響了獲利成長？您對於今年剩餘時間的公用事業有什麼看法？

So if you look at the $0.02 that offset the $0.04 of regulatory capital growth, there's a variety of factors that can move that across. Recall that in 2024, the return on equity was at 11.8%. And for this year, it was at 11.6%.

因此，如果您看一下抵消 0.04 美元監管資本增長的 0.02 美元，您會發現有多種因素可以影響這一變化。回想一下，2024 年，股本回報率為 11.8%。今年這一比例為 11.6%。

And so that is one factor, and there's other puts and takes that can drive that $0.02 differential. However, as we look on a go-forward basis, I wouldn't expect that differential to continue throughout the rest of the year.

這是一個因素，還有其他因素也會導致 0.02 美元的差價。然而，從長遠來看，我預計這種差異不會在今年剩餘時間內持續下去。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi. Good morning. Not to belabor the point here with the outlook post -- One Beautiful Bill, and I guess, tax credits transitioning towards the end of the decade here, but just wondering if you could talk a bit more about the dynamics in the power markets at that point in time, particularly renewable PPA pricing and just see how you think that shifts at that point and how that -- and any impacts on margins for participants across the value chain and maybe what sets NEE apart from others.

你好。早安.我並不是想在這裡用展望文章——《一份美麗的法案》和稅收抵免——來詳細闡述這一點，我想，稅收抵免將在 20 世紀 90 年代末過渡，我只是想知道您是否可以多談談當時電力市場的動態，特別是可再生能源 PPA 定價，看看您認為到那時這種情況將如何改變，以及這種情況對整個價值鏈參與者的利潤有何影響。

Yeah. First of all, we've got a large pricing advantage and -- two advantages on renewables. First of all, they're very fast to build, right? You can get a renewable project up and built 12 to 18 months. Don't forget about our early- and late-stage inventory of projects; that's very important to keep in mind.

是的。首先，我們在價格上有很大優勢，而且在再生能源方面也有兩大優勢。首先，它們的建造速度非常快，對吧？您可以在 12 到 18 個月內啟動並建造一個可再生專案。不要忘記我們早期和後期的項目清單；記住這一點非常重要。

And so when you think about all this demand for power that's here right now, we have a lot of pricing power, right, in the market, and we have a significant cost advantage over other resources that will show up later. And we need more capacity from nuclear and gas; it's just given the development pipeline being -- timeline being a little bit longer than what you see on renewables. That's why you've seen so much demand for renewables today.

因此，當你考慮到目前對電力的所有需求時，我們在市場上擁有很大的定價權，而且我們比後來出現的其他資源具有明顯的成本優勢。我們需要更多的核能和天然氣產能；只是考慮到開發管道——時間表比再生能源要長一點。這就是為什麼今天我們看到對再生能源的需求如此之大。

And then don't forget, too, we have a lot of renewable projects that continue to roll off of contract, right? And not a whole lot of attention gets paid to that. But when we're out in the market and able to recontract power purchase agreements that were entered into a decade or more ago into this new higher priced power market, there's a lot of embedded value in the existing portfolio.

然後也不要忘記，我們還有很多可再生項目在繼續履行合同，對吧？但人們對此並沒有給予太多關注。但是，當我們進入市場並能夠將十年或更久以前簽訂的購電協議重新簽訂到這個新的更高價格的電力市場時，現有的投資組合中就會蘊含著很大的價值。

And then you start thinking about layering in not only on top of renewables, the ability to continue to develop around gas-fired generation and nuclear as it comes along and our transmission business, right, where we made some comments today about how we're basically building a rate-regulated utility inside of NextEra. We've had an enormous amount of success around the competitive transmission business. So a lot of things to feel very good about as we look to the future.

然後你開始考慮不僅在可再生能源之上進行分層，還要考慮繼續圍繞燃氣發電和核能進行開發的能力以及我們的輸電業務，對的，我們今天就如何在 NextEra 內部構建一個受費率監管的公用事業發表了一些評論。我們在競爭激烈的傳輸業務方面取得了巨大的成功。當我們展望未來時，有很多事情值得我們感到非常高興。

Got it. That's helpful there. And then just want to continue, I guess, with the PJM capacity auction results yesterday. How do you think about the current price backdrop now as enough to incent generators at this point? How do you think about NextEra's opportunity set with gas builds at that point given that data point?

知道了。這很有幫助。然後我想繼續討論昨天 PJM 容量拍賣的結果。您認為目前的價格背景是否足以激勵發電廠？從這個數據點來看，您如何看待 NextEra 在那時透過天然氣建設所獲得的機會？

Yeah. I think that data point suggests that -- first of all, you look at where new build gas prices are in order to build and make them economic. And I think you see the PJM capacity market reacting to that because -- don't forget, right, and this is why I keep emphasizing development skills and capabilities and the ability to add new infrastructure to the system. Existing assets are already there to accommodate the demand that exists today, right?

是的。我認為該數據點表明——首先，您要查看新建天然氣的價格，以便進行建設並使其具有經濟性。我認為您會看到 PJM 容量市場對此做出反應，因為——別忘了，這就是我一直強調開發技能和能力以及向系統添加新基礎設施的能力的原因。現有資產已經可以滿足當前的需求了，對嗎？

And so what you're trying to do with the capacity market is incent generation that does not exist today. Somebody has got to go out and develop and build that. No matter what you do with the existing generation today, it's got to be -- if that's going to be used to serve new demand, that generation has to be replaced by something, whether it's renewables, whether it's storage, whether it's gas-fired generation, whether it's new nuclear.

因此，您試圖利用容量市場來激勵發電，而這在當今尚不存在。必須有人出去開發和建造它。不管你今天對現有發電量做什麼，都必須——如果要用它來滿足新的需求，就必須用某種能源來取代現有發電量，無論是再生能源、儲能、燃氣發電或新型核能。

And so what I would be focused on, as well, is who has the development skills and capabilities and who doesn't, because we are going to have to build new generation. There's only so much you can do around existing assets. They already exist today to accommodate the power -- demand that exists today. When you look to the future, you've got to start adding incremental generation.

因此，我也會關注誰擁有開發技能和能力，誰沒有，因為我們必須打造新一代。圍繞現有資產你能做的事情是有限的。它們如今已經存在，以滿足當今存在的電力需求。當你展望未來時，你必須開始增加增量生成。

We are uniquely advantaged and have a unique capability set in that regard because we're one of the very few companies in this country that have been building for the last two decades. And we have a development team that is up and running in 49 states across this country.

我們在這方面具有獨特的優勢和獨特的能力，因為我們是這個國家過去二十年來一直在建立的極少數公司之一。我們的開發團隊遍佈全國 49 個州。

So I'd put our development team up against anyone. We need new incremental generation. The existing stuff isn't going to get us there.

所以我會讓我們的開發團隊與任何人競爭。我們需要新的增量生成。現有的資源無法幫助我們實現這一目標。

Got it. That's helpful. And just one last quick one, if I could. You touched on SMRs briefly before. Just wondering any updated thoughts in terms of your assessment of SMRs at this point and timing for when this resource could be widely deployed?

知道了。這很有幫助。如果可以的話，我只想最後問一句。您之前簡要地談到了 SMR。只是想知道您對目前 SMR 的評估以及何時可以廣泛部署這種資源有什麼最新的想法？

We've been -- like I said, we have a whole development team on SMRs. We've been advising corporate clients. So I think our knowledge curve is probably higher than most in the market today as a result of that. And we continue to evaluate -- there's 95 OEMs and SMRs and really trying to focus on the technical reviews of who are going to be the winners and losers and how we think about cost structures against competing generation types and then cost sharing, particularly on the first few out of the gate, how we will continue to work with this new administration around supporting nuclear.

正如我所說，我們有一個完整的 SMR 開發團隊。我們一直在為企業客戶提供諮詢服務。因此我認為我們的知識曲線可能比當今市場上的大多數知識曲線都要高。我們將繼續評估——目前有 95 家 OEM 和 SMR，我們真正試圖專注於技術審查，看看誰將成為贏家和輸家，以及我們如何考慮與競爭發電類型的成本結構，然後是成本分攤，特別是在最初幾個項目上，我們將如何繼續與新政府合作支持核能。

So it's something that is a point of emphasis and focus for us. And look to us -- look for us to continue to advance those efforts in that regard on top of what we're doing on gas-fired generation development and all the opportunities that we have around renewables and storage and storage being truly a terrific capacity resource for a long time to come given how quick it could be deployed and given that it doesn't need a gas connection to make it work.

所以這是我們的重點和關注。並且期待我們——期待我們繼續在這方面推進這些努力，除了我們在燃氣發電開發方面所做的工作以及我們在可再生能源和存儲方面的所有機會之外，存儲確實是一項極好的容量資源，因為它可以快速部署，並且不需要天然氣連接即可運行。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hey. Thanks so much. Good morning. I was thinking -- I was wondering, as you book out -- I'm curious if you're booking 2029 volumes at this point. And if you are, do you have contingencies that you're incorporating into contracts for any potential tax credit risk that might arise just depending on the safe harbor provisions and the clarity from treasury?

嘿。非常感謝。早安.我在想——我在想，當你預訂完時——我很好奇你現在是否預訂了 2029 卷。如果是的話，您是否在合約中加入了應急措施，以應對可能出現的任何潛在稅收抵免風險，而這些風險僅取決於安全港條款和財政部的明確規定？

Yeah. So first of all, we feel good about our '29 builds. In all of our contracts, we have some limited protections around tax and trade measures as well as we've talked about on some of our prior calls, but we feel very good about where we stand around our '29 program.

是的。首先，我們對我們的 29 款產品感到滿意。在我們所有的合約中，我們對稅收和貿易措施都有一些有限的保護，正如我們在之前的一些電話會議中討論的那樣，但我們對我們的 29 計劃的現狀感到非常滿意。

Okay. Great. And I guess, looking out even further, I'm just curious if you're getting -- having any discussions on 2030 kind of no tax credit conversations around pricing. What does demand look like? Just any early indications or feedback from your customer base if they're looking out that far, and any feedback you're getting on what the reduction in tax credits on the renewable side could be?

好的。偉大的。我想，展望未來，我只是好奇您是否正在討論 2030 年有關定價的無稅收抵免對話。需求是什麼樣的？如果您的客戶群有那麼長遠的打算，他們是否能提供任何早期跡像或回饋？您是否收到過任何有關再生能源稅收抵免減少幅度的回饋？

Yeah. It's still a little too early on 2030. I mean, most of the focus from our customer base is '29 and in. Just given their need for power and electrons right now, that's where the demand is. And you can see that just in our originations this quarter, about 3.2 gigawatts.

是的。2030 年還為時過早。我的意思是，我們的客戶群主要關注的是‘29’及以後。考慮到他們現在對電力和電子的需求，這就是需求所在。您可以看到，僅本季的發電量就約為 3.2 千兆瓦。

So I think we'll naturally see 2030 start to become more of a point of focus probably as we move forward over the next 12 to 24 months. But right now, it's been a lot of attention paid around '27, but '28 and '29, in particular, in terms of the need for new generation.

因此我認為，隨著我們在未來 12 到 24 個月內不斷前進，我們自然會看到 2030 年開始成為關注的焦點。但現在，人們對 1927 年、1928 年和 1929 年新一代的需求給予了極大的關注。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Hey. Good morning. Thanks so much for taking the questions. Maybe just on the origination this quarter. You highlighted 1 gigawatt backlog as tied to the hyperscalers. Are you able to share any detail on those particular additions in terms of resource mix, timing, or geography, just to get a sense of what's resonating with that customer base?

嘿。早安.非常感謝您回答這些問題。可能只是本季的起源。您強調了 1 千兆瓦的積壓與超大規模相關。您能否從資源組合、時間或地理位置分享有關這些特定新增功能的任何細節，以了解哪些內容引起了該客戶群的共鳴？

Hey, Carly. It's Brian. So without going into details with regard to the specific customer or the timing, it is -- you literally kind of need to go customer by customer, region by region. They all have different needs depending on how they're looking at their demand when they're trying to bring that on.

嘿，卡莉。我是布萊恩。因此，無需詳細了解特定客戶或時間安排，您實際上需要逐一客戶、逐個地區地進行了解。他們都有不同的需求，這取決於他們在試圖實現這一目標時如何看待自己的需求。

There is a lot of focus on the next couple of years, and then -- but there's also folks who are looking to build out at the end. So I hate to say it, but it's kind of a mixed bag of really depends by the customer and where they are. And I guess that's why we're able to spend and do well with them because we can meet the customers kind of with their need.

人們把焦點放在未來幾年，但也有一些人希望在最後取得進展。所以我不想這麼說，但這確實是一種混合情況，取決於客戶及其所在位置。我想這就是我們能夠花錢並與他們合作順利的原因，因為我們可以滿足客戶的需求。

We've got a broad pipeline and portfolio that allows us to give them a little bit of every flavor that they're interested in. So it is -- there is no kind of common theme other than engaging in dialogue on a national basis over multiple years.

我們擁有廣泛的產品線和產品組合，可以滿足他們的各種口味需求。事實就是如此——除了多年來在全國範圍內進行對話之外，沒有任何共同的主題。

Got it. Okay. Great. Thank you for that. And then just back to the comments earlier on the natural pull-forward in demand, I guess, are there practical limitations to the degree to which you could accelerate development plans, whether labor supply chain or connection that could be pain points on kind of ability to get projects online by that '29, 2030 timeframe?

知道了。好的。偉大的。謝謝你。然後回到之前關於需求自然提前的評論，我想，在加速發展計劃的程度上是否存在實際限制，無論是勞動力供應鏈還是連接，都可能是在 2029 年或 2030 年的時間範圍內讓項目上線的能力的痛點？

I think all those things you just listed are actually competitive advantages and why we would do really well in a pull-forward market because we have each of the things that you listed, whether it's sites, interconnects, engineering construction, supply chain, balance sheet; all of those things are massive competitive advantages for us compared to the rest of the industry and I think creates substantial opportunities for us in a pull-forward scenario.

我認為您列出的所有這些實際上都是競爭優勢，也是我們在前拉式市場中表現出色的原因，因為我們擁有您列出的每一項，無論是站點、互連、工程建設、供應鏈還是資產負債表；與行業其他公司相比，所有這些都是我們巨大的競爭優勢，我認為在前拉式情景中為我們創造了巨大的機會。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

Good morning and thanks for taking my question. Two questions. On the gas generation front, what regions of the United States are you seeing more traction? And does the FERC ERAS decision from yesterday impact your outlook in MISO?

早上好，感謝您回答我的問題。兩個問題。在天然氣發電方面，您認為美國哪些地區的天然氣發電更具吸引力？昨天的 FERC ERAS 決定是否要影響您對 MISO 的展望？

Yeah. I think, first of all, we're seeing gas generation demand really across the country. So if you look at our gas development pipeline, it's not focused in any one region. If you're looking at getting gas online quicker, obviously, there are states that are more accommodating to be able to do that. Texas, obviously, is -- comes to mind in that regard.

是的。我認為，首先，我們看到全國對天然氣發電的需求。因此，如果你看看我們的天然氣開發管道，你會發現它並不集中在任何一個地區。如果您想更快地在網路上獲得天然氣，顯然有些州會更願意這樣做。顯然，就這一點而言，我想到的是德克薩斯州。

When I think about the ERAS decision yesterday by MISO, sure, that could create some additional opportunities, but you're going to have to be able to also monitor through where is their gas supply, how long will take to get the turbine. And more importantly, aside from gas supply and the turbine, the labor, some of the skilled labor constraints that we've seen in that sector, what does that do to timing in terms of being able to bring those assets in line. But it's certainly something that we are focused on, and that's why I think given the timing of some of those projects, we're going to continue to need an all-of-the-above solution to accommodate the demand that we are seeing in those regions.

當我想到 MISO 昨天做出的 ERAS 決定時，我確信，這可能會創造一些額外的機會，但你還必須能夠監控他們的天然氣供應在哪裡，以及需要多長時間才能獲得渦輪機。更重要的是，除了天然氣供應和渦輪機、勞動力以及我們在該領域看到的一些熟練勞動力的限制之外，這對將這些資產納入其中的時機有何影響。但這確實是我們關注的重點，因此我認為，考慮到其中一些項目的時機，我們將繼續需要一個全方位的解決方案來滿足我們在這些地區看到的需求。

Thanks. And then what are the key technical milestones remaining on Duane Arnold, and would you expect any ramp in the labor force in the coming months in order to hit the reiterated guidance around execution?

謝謝。那麼，Duane Arnold 剩下的關鍵技術里程碑是什麼？您是否預計未來幾個月勞動力數量會增加，以達到重申的執行指引？

Yeah. It's the typical work that you would expect on a recommissioning, right, doing work across the site, looking at what the condition of the site is in, looking at containment in particular, looking at the equipment, all those things we feel good about based on what we have seen so far, and things continue to progress well.

是的。這是重新調試時所期望的典型工作，對吧，在整個場地開展工作，查看場地的狀況，特別是查看遏制情況，查看設備，根據目前所看到的情況，我們對所有這些事情都感到滿意，事情繼續進展順利。

This will conclude our question-and-answer session as well as our conference call for today. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節以及今天的電話會議就到此結束。感謝您參加今天的演講。您現在可以斷開連線。