新世紀能源 (NEE) 2025 Q3 法說會逐字稿

Good day, and welcome to NextEra Energy Inc Q3 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.

大家好，歡迎參加 NextEra Energy Inc 2025 年第三季財報電話會議。（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, Steve. Good morning, everyone, and thank you for joining our third 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，史蒂夫。大家早安，感謝您參加 NextEra Energy 2025 年第三季財務業績電話會議。今天早上與我一起出席的有 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 和 NextEra Energy 執行副總裁 Mark Hickson。

John will start with opening remarks, and then Mike will provide an overview of our third quarter results. Our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements, if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this conference call and the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, www.nexteraenergy.com.

約翰將首先致開幕詞，然後麥克將概述我們第三季的業績。我們的執行團隊將隨時解答您的問題。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。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和本次電話會議期間的評論以及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討論的其他因素（可在我們的網站 www.nexteraenergy.com 上找到），實際結果可能與我們的前瞻性陳述存在重大差異。

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

我們不承擔更新任何前瞻性陳述的義務。今天的演示也涉及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。

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

說完這些，我就把電話轉給約翰。

Thanks, Mark, and good morning, everyone. NextEra Energy delivered strong third quarter results with adjusted earnings per share increasing 9.7% year-over-year. In addition, through the first nine months of the year, our adjusted earnings per share has increased 9.3% year-over-year. The continued strong financial and operational performance at 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 第三季業績強勁，調整後每股盈餘較去年同期成長 9.7%。此外，今年前九個月，我們的調整後每股盈餘年增 9.3%。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 is in a golden age of power demand. The country needs more electricity than ever. New electrons can't get on the grid fast enough. NextEra Energy is uniquely positioned to help lead this pivotable moment for our sector. We develop, build and operate all forms of energy infrastructure. At our core, we're a development company. We have a world-class platform that enables us to quickly build low-cost generation and electric and gas transmission. We're not just recontracting around existing assets, we're also building new energy infrastructure needed to power America. Our two world-class companies, Florida Power & Light Company and NextEra Energy Resources are the perfect complement to one another.

美國正處於電力需求的黃金時代。該國對電力的需求比以往任何時候都多。新電子無法足夠快地進入電網。NextEra Energy 具有獨特的優勢，可以幫助引領我們行業的這一關鍵時刻。我們開發、建造和營運各種形式的能源基礎設施。從本質上講，我們是一家開發公司。我們擁有世界級的平台，使我們能夠快速建造低成本發電和電力及天然氣輸送系統。我們不僅重新簽訂現有資產合同，還建造為美國提供電力所需的新能源基礎設施。我們的兩家世界一流的公司——佛羅裡達電力與照明公司和 NextEra 能源資源公司是彼此的完美補充。

Day in and day out, we are powering today and building tomorrow. Importantly, we are in a terrific position to continue delivering near-term and long-term value to our customers and shareholders. As we discussed with you earlier this month, our long-term earnings growth drivers are extensive, both inside and outside Florida. Simply put, we have many ways to grow across our platform, both this decade and the next. We are excited to discuss this in much more in greater detail with you at our investor conference on December 8.

日復一日，我們為今天提供動力，建立明天。重要的是，我們處於極佳的地位，可以繼續為我們的客戶和股東提供短期和長期價值。正如我們本月早些時候與您討論的那樣，我們的長期盈利增長動力非常廣泛，無論是在佛羅裡達州內還是在佛羅裡達州外。簡而言之，無論是在本世紀還是下一個十年，我們都有許多方法可以實現平台的成長。我們很高興在 12 月 8 日的投資者會議上與您更詳細地討論這個問題。

The Florida economy continues to see significant economic growth and Florida Power & Light Company continues to make smart long-term investments to serve that growth, while keeping bills low and reliability high. We put our customers first and the results speak for themselves. FPL customers experienced top decile reliability that's nearly 60% better than the national average. And typical FPL residential bills are 20% lower than they were 20 years ago when adjusted for inflation. And that's not by accident. FPL's nonfuel O&M costs are 70% lower than the national average and over 50% lower than second best in our industry.

佛羅裡達州經濟持續呈現顯著成長，佛羅裡達電力與照明公司繼續進行明智的長期投資以服務於這一成長，同時保持低帳單和高可靠性。我們將客戶放在第一位，結果不言而喻。FPL 客戶體驗到的最高十分位可靠性比全國平均高出近 60%。經通貨膨脹調整後，典型的聯邦電力補貼 (FPL) 住宅帳單比 20 年前低 20%。這並非偶然。FPL 的非燃料營運和維護成本比全國平均低 70%，比我們行業第二低 50% 以上。

And approximately 90% of FPL's power generation comes from the nation's largest gas-fired fleet and four nuclear units. This baseload power is the backbone of our system, giving us the flexibility to meet our customers' needs with the lowest cost forms of energy right now, solar and storage. Remember, a robust gas and nuclear fleet means we don't necessarily need nighttime electrons. We need more low-cost electrons to meet our daytime peak, which is why solar and storage are the perfect complement and choice for FPL system and customers today.

FPL 約 90% 的發電量來自美國最大的燃氣發電廠和四台核電機組。這種基載電力是我們系統的支柱，使我們能夠靈活地以目前成本最低的能源形式（太陽能和儲能）來滿足客戶的需求。請記住，強大的天然氣和核能資源意味著我們不一定需要夜間電力。我們需要更多低成本的電子來滿足白天的用電高峰，這就是為什麼太陽能和儲能是當今 FPL 系統和客戶的完美補充和選擇。

FPL is also preparing for the future, which will require even more baseload gas generation and perhaps further down the road, nuclear generation. And it's all happening in a state that needs more electricity, not less, just like America. Florida is one of the nation's fastest-growing states and the world's 16th largest economy. It's why FPL plans to invest approximately $40 billion over the next four years in new all-the-above energy infrastructure, including 5.3 gigawatts in solar, 3.4 gigawatts in battery storage and a gas peaker plant that is pending regulatory approvals.

FPL 也在為未來做準備，未來將需要更多的基載天然氣發電，甚至更遠的未來還需要核能發電。而這一切都發生在一個需要更多電力而不是更少電力的州，就像美國一樣。佛羅裡達州是美國發展最快的州之一，也是世界第十六大經濟體。這就是為什麼 FPL 計劃在未來四年內投資約 400 億美元用於新的上述所有能源基礎設施，其中包括 5.3 千兆瓦的太陽能、3.4 千兆瓦的電池儲存以及正在等待監管部門批准的天然氣調峰電廠。

We look forward to continuing the successful multi-decade approach of adding low-cost generation to meet Florida's growing need for power, while also increasing reliability and keeping customer bills low. This approach is at the heart of our new four-year rate proposal. As a reminder, on February 28, we initiated FPL's 2025 base rate proceeding for new rates effective in January 2026. We reached a proposed settlement agreement in August with most of the intervenors in the proceeding, reflecting a broad set of constituents across our customer base.

我們期待繼續採用數十年來成功的方法，增加低成本發電以滿足佛羅裡達州日益增長的電力需求，同時提高可靠性並保持較低的客戶帳單。這種方法是我們新的四年利率提案的核心。提醒一下，2 月 28 日，我們啟動了 FPL 2025 年基準利率程序，新利率將於 2026 年 1 月生效。我們在 8 月與訴訟中的大多數介入者達成了一項擬議的和解協議，反映了我們客戶群中廣泛的選民群體。

The four-year proposed agreement would provide an allowed midpoint regulatory return on equity of 10.95% with a range of 9.95% to 11.95%. There would be no change to FPL's equity ratio of 59.6%. The proposed agreement also includes a rate stabilization mechanism similar to what we filed in February. The proposed settlement also includes two new large load tariffs that are designed to ensure large load customers pay for the incremental generation needed to serve them. We believe the proposed settlement is fair, balanced and constructive and supports our continued ability to provide highly reliable, low-cost service for our customers through the end of the decade.

擬議的四年協議將提供允許的中點監管股本回報率 10.95%，範圍為 9.95% 至 11.95%。FPL 的股權比例 59.6% 不會改變。擬議的協議還包括與我們二月提交的協議類似的利率穩定機制。擬議的解決方案還包括兩項新的大負載關稅，旨在確保大負載客戶支付為其提供服務所需的增量發電費用。我們相信，擬議的解決方案是公平、平衡和建設性的，並支持我們在未來十年繼續為客戶提供高度可靠、低成本的服務。

If the proposed agreement is approved, typical residential customer bills would increase only about 2% annually between 2025 and 2029. This means bills would remain well below the current national average, providing our customers with the economic certainty that comes from a four-year rate agreement. We completed evidentiary hearings earlier this month and expect the Florida Public Service Commission to provide a final decision on the proposed settlement agreement on November 20. This summer, we received a constructive outcome on federal tax credits, providing policy certainty for our renewables build at Energy Resources.

如果擬議的協議獲得批准，2025年至2029年期間，典型的住宅客戶帳單每年僅增加約2%。這意味著帳單將遠低於目前的全國平均水平，為我們的客戶提供四年利率協議帶來的經濟確定性。我們在本月稍早完成了證據聽證會，預計佛羅裡達州公共服務委員會將於 11 月 20 日就擬議的和解協議做出最終決定。今年夏天，我們在聯邦稅收抵免方面取得了建設性成果，為我們在能源資源領域的再生能源建設提供了政策確定性。

We expect to receive tax credits for our renewable development plans through 2030, while our suppliers are positioned to be FEOC compliant. We've also been able to reduce development risk for a large part of our planned build. That's because Energy Resources has approximately 1.5 times coverage of the project inventory required to support its development expectations through 2030. This provides us the runway we need to continue delivering low-cost power solutions to our customers, who need power today and tomorrow. Renewables are just the start. We also plan on delivering power through battery storage, gas-fired generation and nuclear.

我們預計到 2030 年我們的再生能源發展計畫將獲得稅收抵免，同時我們的供應商也將遵守 FEOC。我們也能夠降低大部分計劃建設的開發風險。這是因為能源資源公司擁有約 1.5 倍的專案庫存覆蓋率，可以支持其 2030 年的發展預期。這為我們提供了繼續向現在和將來需要電力的客戶提供低成本電力解決方案所需的平台。再生能源只是一個開始。我們還計劃透過電池儲存、燃氣發電和核能來提供電力。

Over the second and third quarters alone, we have originated 2.8 gigawatts of new battery storage opportunities, as we continue to grow the world's leading storage business backed by a domestic supply base with batteries made in America. We're also leading the much-needed development of linear transmission infrastructure, both electric and gas, and our customer supply business has proven integral to serving data center customers. We're tying it all together through our AI-driven world-class development platform and decades of experience. And we are doing it at a time when the combination of development capabilities and a strong balance sheet are more important than ever.

僅在第二季和第三季度，我們就創造了 2.8 千兆瓦的新電池儲存機會，我們將繼續發展世界領先的儲存業務，並以美國製造的電池國內供應基地為後盾。我們也引領著急需的電力和天然氣線性傳輸基礎設施的發展，我們的客戶供應業務已被證明對於服務資料中心客戶至關重要。我們透過人工智慧驅動的世界級開發平台和數十年的經驗將這一切結合在一起。我們這樣做的時候，開發能力和強大的資產負債表的結合比以往任何時候都更重要。

It's why we are ideally positioned to work with hyperscalers, who are increasingly looking to power their business by bridging -- by bringing their own generation. We are unique in that we combine a national footprint, a strong balance sheet, supply chain capabilities and experience in building all forms of generation and transmission, together with unmatched customer relationships and an industry-leading team on a development platform second to none and that's what we believe it takes to serve this new customer class, which is investing tens of billions of dollars per project.

這就是為什麼我們處於與超大規模企業合作的理想位置，他們越來越希望透過橋接——透過引入自己的發電來推動他們的業務。我們的獨特之處在於，我們將全國範圍的影響力、強大的資產負債表、供應鏈能力和建設各種形式發電和輸電的經驗與無與倫比的客戶關係以及行業領先的團隊融為一體，形成了一個首屈一指的開發平台，我們相信這就是我們服務於這個新客戶群體所需要的，該客戶群體在每個項目上投資數百億美元。

Hyperscalers, data center operators and load serving entities continue to tell us they need solutions for large load today and tomorrow to address growing energy demand across America. As a leader in serving this demand, I am pleased to announce that we have entered into a 25-year power purchase agreement with Google that pending regulatory approvals, enables us to recommission our Duane Arnold Energy Center nuclear plant in Palo, Iowa, just outside of Cedar Rapids. The 615-megawatt plant is just the beginning and will help power Google's growing cloud and AI infrastructure in Iowa once it returns to operation, which we expect to occur no later than the first quarter of 2029 and perhaps as early as the fourth quarter of 2028.

超大規模資料中心營運商和負載服務實體不斷告訴我們，他們需要針對當前和未來大負載的解決方案，以滿足美國日益增長的能源需求。作為滿足這一需求的領導者，我很高興地宣布，我們已與谷歌達成了一項為期 25 年的電力購買協議，等待監管部門批准後，我們將重新啟動位於愛荷華州錫達拉皮茲郊外帕洛的杜安阿諾德能源中心核電站。這座 615 兆瓦的發電廠只是個開始，一旦恢復運營，它將為谷歌在愛荷華州不斷增長的雲端運算和人工智慧基礎設施提供動力，我們預計最遲將在 2029 年第一季度，最早可能在 2028 年第四季度恢復運營。

Duane Arnold shut down in August 2020 after safely and reliably serving Eastern Iowa for decades. And because we carefully and methodically went through the decommissioning process, we have confidence in the investment required to restart it. During our evaluation of recommissioning Duane Arnold, we collaborated closely with the plant's minority owners, Central Iowa Power Cooperative, known as CIPCO, which provides power to the local community and Corn Belt Power Cooperative. As part of that collaboration, CIPCO will purchase 50 megawatts of the plant's output on terms and conditions consistent with the Google PPA, and we have signed definitive agreements to acquire CIPCO and Corn Belt's combined 30% interest in the plant, which will bring our ownership to 100%.

杜安·阿諾德 (Duane Arnold) 在安全可靠地為東愛荷華州服務了數十年後，於 2020 年 8 月關閉。由於我們認真、有條不紊地完成了退役過程，我們對重啟核電廠所需的投資充滿信心。在對重新啟用 Duane Arnold 進行評估期間，我們與該工廠的少數股東、中央愛荷華電力合作社（簡稱 CIPCO，為當地社區和玉米帶電力合作社提供電力）密切合作。作為合作的一部分，CIPCO 將按照與 Google PPA 一致的條款和條件購買該工廠 50 兆瓦的電力，並且我們已簽署最終協議，收購 CIPCO 和 Corn Belt 在該工廠的 30% 的權益，這將使我們的所有權達到 100%。

Restarting Duane Arnold marks an important milestone for NextEra Energy. Our partnership with Google not only brings nuclear energy back to Iowa, it also accelerates the development of next-generation nuclear technology. With the support of the Trump administration, Google and NextEra Energy are creating more than 1,600 jobs and adding more than $9 billion to local economy, creating a win for the US, a win for both companies and a win for Iowa. As a demonstration of the pride of working at Duane Arnold and for NextEra Energy, a significant number of Duane Arnold's previous workforce are looking to return to work at the facility.

重啟 Duane Arnold 標誌著 NextEra Energy 的一個重要里程碑。我們與Google的合作不僅將核能帶回愛荷華州，也加速了下一代核子技術的發展。在川普政府的支持下，Google和 NextEra Energy 創造了 1,600 多個就業崗位，為當地經濟增加了 90 多億美元，為美國、兩家公司以及愛荷華州帶來了雙贏。為了體現在 Duane Arnold 和 NextEra Energy 工作的自豪感，Duane Arnold 的許多前員工都希望重返該工廠工作。

And our team working to recommission Duane Arnold includes many of the same employees who decommissioned the plant five years ago. Beyond the nuclear plant, we have ample land available to provide additional power and capacity solutions, including battery storage to support data center build and potential future expansion. As part of the agreement, NextEra Energy and Google have also signed an agreement to explore the development of advanced nuclear generation to be deployed in the US, which will help power America's growing electricity needs. Of course, to move that forward, we'll be certain to appropriately mitigate and limit our financial exposure as new nuclear technologies continue to advance.

我們致力於重新啟用 Duane Arnold 的團隊中有很多員工五年前就曾參與過該工廠的停產工作。除了核電廠之外，我們還擁有充足的土地來提供額外的電力和容量解決方案，包括支援資料中心建設和未來潛在擴展的電池儲存。作為協議的一部分，NextEra Energy 和谷歌還簽署了一項協議，探索在美國部署先進核能發電，這將有助於滿足美國日益增長的電力需求。當然，為了推動這一進程，隨著新核技術的不斷進步，我們一定會適當地減輕和限制我們的財務風險。

We expect Duane Arnold will be eligible for a nuclear production tax credit with a 10% energy community bonus. And once restarted, we expect Duane Arnold to contribute up to $0.16 of annual adjusted EPS on average over its first 10 years of operation. Duane Arnold is one example of data center hubs we are developing across the country. When you put it all together, our opportunity set is not contained to a single utility service territory. NextEra Energy has a national footprint. We serve America and have relationships with all types of customers, including cooperatives, municipalities and utilities of all sizes looking to attract data center load to their service territories.

我們預計杜安·阿諾德將有資格獲得核生產稅收抵免和 10% 的能源社區獎金。一旦重新啟動，我們預計 Duane Arnold 將在其營運的前 10 年內平均貢獻高達 0.16 美元的年度調整後每股收益。杜安阿諾德 (Duane Arnold) 是我們在全國範圍內開發的資料中心樞紐的一個例子。當你把所有這些放在一起時，我們的機會集並不局限於單一的公用事業服務領域。NextEra Energy 的業務範圍遍佈全國。我們為美國提供服務，並與各種類型的客戶建立關係，包括希望吸引資料中心負載到其服務區域的各種規模的合作社、市政當局和公用事業公司。

We are committing to building new infrastructure and building energy for our customers where and when they want it. And I believe there is no team and no company in this country with a comprehensive set of skills and balance sheet better positioned to get the job done. Bottom line, we have many ways to grow, and we remain well positioned not just for the rest of the decade, but into the next decade as well. We look forward to sharing many more details with you in December.

我們致力於隨時隨地為客戶建立新的基礎設施和能源。我相信，在這個國家，沒有任何一個團隊或公司擁有比我們更全面的技能和資產負債表，能夠更好地完成這項工作。總而言之，我們有很多發展方式，而且我們不僅在當前十年中處於有利地位，而且在下一個十年中也同樣如此。我們期待在 12 月與您分享更多細節。

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. For the third quarter of 2025, FPL's earnings per share increased by $0.08 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 8% year-over-year. FPL's capital expenditures were approximately $2.5 billion for the quarter, and we expect FPL's full year capital investments to be between $9.3 billion and $9.8 billion. For the 12 months ending September 2025, FPL's reported return on equity for regulatory purposes will be approximately 11.7%.

謝謝你，約翰，大家早安。2025 年第三季度，FPL 每股盈餘年增 0.08 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%。FPL 本季的資本支出約為 25 億美元，我們預計 FPL 全年的資本投資將在 93 億美元至 98 億美元之間。截至 2025 年 9 月的 12 個月內，FPL 報告的監理目的股本報酬率將約為 11.7%。

During the third quarter, we reversed approximately $218 million of reserve amortization, leaving FPL with a balance of roughly $473 million. Looking forward, we expect to use a portion of the remaining reserve amortization balance for the remainder of the year. FPL's third quarter retail sales decreased 1.8% from the prior year comparable period due to milder weather. On a weather-normalized basis from the prior year comparable period, retail sales increased by 1.9% due to an increase in customer growth and underlying usage. Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 13% year-over-year.

在第三季度，我們撤銷了約 2.18 億美元的準備金攤銷，使 FPL 的餘額約為 4.73 億美元。展望未來，我們預計將在今年剩餘時間內使用部分剩餘儲備攤銷餘額。由於天氣變暖，FPL 第三季零售額較去年同期下降 1.8%。與去年同期相比，按天氣標準化計算，由於客戶成長和基礎使用量的增加，零售額增加了 1.9%。現在讓我們來看看能源資源，該公司報告的調整後收益年增約 13%。

At Energy Resources, adjusted earnings per share increased by $0.06 year-over-year. Contributions from new investments increased $0.09 per share, primarily driven by continued growth in our renewables portfolio. Contributions from our existing clean energy portfolio remained unchanged year-over-year despite weaker wind resource due to better performance at our nuclear fleet. Wind resource for the third quarter of 2025 was approximately 90% of the long-term average versus 93% in the third quarter of 2024.

能源資源部門調整後的每股盈餘年增 0.06 美元。新投資貢獻每股增加 0.09 美元，主要得益於我們再生能源投資組合的持續成長。儘管由於核電機組性能較好，風能資源較弱，但我們現有清潔能源組合的貢獻仍保持不變。2025 年第三季的風力資源約為長期平均值的 90%，而 2024 年第三季為 93%。

The comparative contribution from our customer supply business increased by $0.06 per share, primarily driven by timing of origination activity during the quarter. All other impacts decreased by $0.09 per share, driven by asset recycling during the third quarter last year as well as higher financing costs, mostly related to borrowing costs to support our new investments. Energy Resources had a strong quarter of new renewables and storage origination, adding 3 gigawatts to the backlog. With these additions, our backlog now totals nearly 30 gigawatts after taking into account more than 1.7 gigawatts of new projects placed into service since our last earnings call.

我們的客戶供應業務的比較貢獻增加了每股 0.06 美元，這主要受到本季發起活動時間的推動。所有其他影響每股減少 0.09 美元，原因是去年第三季的資產回收以及融資成本增加，主要與支持新投資的借貸成本有關。能源資源部門在再生能源和儲能新增裝置容量方面表現強勁，新增裝置容量 3 千兆瓦。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 1.7 千兆瓦的新項目，我們的積壓訂單總量現已接近 30 千兆瓦。

We expect the backlog additions will go into service over the next few years and into 2029. This marks the sixth consecutive quarter that Energy Resources has added three or more gigawatts to its backlog. We continue to see strong customer demand for ready now capacity solutions as we had our strongest quarter ever in battery storage origination with 1.9 gigawatts of additions to our backlog. Turning now to our third quarter 2025 consolidated results. Adjusted earnings per share from Corporate and Other decreased by $0.04 per share year-over-year.

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。這標誌著能源資源公司連續第六個季度增加 3 吉瓦或更多的積壓訂單。我們繼續看到客戶對現成容量解決方案的強勁需求，因為我們在電池儲存發起方面經歷了有史以來最強勁的季度，積壓訂單增加了 1.9 千兆瓦。現在來看看我們 2025 年第三季的綜合業績。公司及其他業務的調整後每股盈餘年減 0.04 美元。

Our long-term financial expectations remain unchanged. We will be disappointed if we're 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.

我們的長期財務預期維持不變。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，我們的期望是基於我們的警告。

This 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。

(Operator Instructions)

（操作員指示）

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Congrats on the Duane Arnold news. Maybe just on that topic, John, can you give us any sense on what the cost of restart might be and also the buy-in price of the 30% that you're buying in of Duane Arnold?

恭喜杜安·阿諾德 (Duane Arnold) 的消息。也許就這個主題而言，約翰，您能否告訴我們重啟的成本是多少，以及您購買 Duane Arnold 的 30% 的買入價格是多少？

Yes. Thanks, Steve. Appreciate the question. So first of all, just the sensitivities, we're not going to go into the CapEx number on this call. But needless to say, we feel very good about our ability to build this to recommission Duane very efficiently.

是的。謝謝，史蒂夫。感謝你的提問。因此，首先，出於敏感性考慮，我們不會在這次電話會議上討論資本支出數字。但毋庸置疑，我們對自己能夠有效率地重建 Duane 的能力感到非常滿意。

The plant is in great shape. As I said before, the team that will be doing the recommissioning is the same team that did the decommissioning. I've been out there recently tour the facility. It's in good shape. So we'll provide more details on that as we move forward.

該植物的狀況很好。正如我之前所說，負責重新調試的團隊與負責退休的團隊是同一個團隊。我最近去那裡參觀了該設施。狀況良好。因此，我們將在未來提供更多詳細資訊。

On your second question on the 30% buyout of CIPCO and Corn Belt, it's really pretty straightforward. I mean that buyout was done in exchange for us assuming their decommissioning liability. It's pretty much that straightforward. And from our standpoint, we have more than ample decommissioning funds that had already been set aside. So I think it's attractive for us. I think it's attractive for CIPCO and Corn Belt as well win-win for all parties involved.

關於您關於 CIPCO 和 Corn Belt 30% 收購的第二個問題，這其實很簡單。我的意思是，收購是為了讓我們承擔其退役責任。就這麼簡單。從我們的角度來看，我們已經預留了充足的退休資金。所以我認為這對我們來說很有吸引力。我認為這對 CIPCO 和玉米帶來說都很有吸引力，並且對所有參與者來說都是雙贏的。

Okay. And then one other question, different topic. Just -- it was great to see another 3 gigawatt quarter add, but there was a gigawatt removed from the backlog. Could you maybe just talk about that 1 gigawatt removal and what's driving that?

好的。然後是另一個問題，不同的主題。只是——很高興看到又增加了 3 千兆瓦的季度，但積壓的訂單中卻減少了 1 千兆瓦。您能否談談 1 千兆瓦的移除情況以及背後的原因？

Yes, absolutely, Steve. This is pretty straightforward. So as you said, we added 3 gigawatts. I mean, another really strong quarter of origination, and we are just seeing a lot of demand for renewables and storage in the market. And remember, so out of that 3 gigawatts, we put 1.7 gigawatts into service in the quarter.

是的，絕對是，史蒂夫。這很簡單。正如你所說，我們增加了 3 千兆瓦。我的意思是，這是另一個真正強勁的起源季度，我們看到市場對再生能源和儲存的需求很大。請記住，在這 3 千兆瓦中，我們在本季度投入了 1.7 千兆瓦。

And really, I think what you're referencing is the 900 megawatts. Let me just break that down. So we removed 650 megawatts from backlog, which was pretty conservative by us. I think you know we're pretty conservative on how we manage the backlog.

實際上，我認為您指的是 900 兆瓦。讓我來分析一下。因此，我們從積壓訂單中剔除了 650 兆瓦，這對我們來說是相當保守的。我想你知道我們在處理積壓問題上是相當保守的。

We did that for various development reasons. And this is really on some smaller projects that we are really -- that we're continuing to manage, as we move forward. I think we're going to get it all back in '26 and '27 on that 650 megawatts. So it will just come a little bit later. And then there was another 250 megawatts that we just had a little bit of a permitting delay on. So we're just shifting that from '25 to '26.

我們這樣做是出於各種開發原因。這實際上是一些我們正在繼續管理的較小的項目，隨著我們繼續前進。我認為我們將在 26 年和 27 年收回這 650 兆瓦的全部成本。所以它只會晚一點到來。然後，我們又遇到了另外 250 兆瓦的許可延遲。所以我們只是將其從 25 年推遲到 26 年。

And when you put that 900 megawatts together, it's what, call it, 130 of the backlog, but feel good about getting all of that back. It just comes a little bit later in time. Otherwise, had you included that, we would have been at the bottom end of the '24, '25 range. And I think as investors saw, we've reaffirmed our expectations through '27, including the fact we'd be disappointed not to be at the high end of the range. And so these moves really just don't have any impact on our ability to meet our financial expectations that we've communicated to investors.

當你把這 900 兆瓦加在一起時，這就是所謂的積壓的 130 兆瓦，但對於收回所有這些電力感覺很好。只是時間上稍微晚了一點而已。否則，如果將其包括在內，我們將處於 24、25 年範圍的底端。我認為，正如投資者所見，我們已經重申了對 27 年的預期，包括如果我們未能達到預期的高端，我們會感到失望。因此，這些舉措實際上不會對我們實現向投資者傳達的財務預期的能力產生任何影響。

And as you look out, a lot of positives to see in the backlog. I mean '28 and beyond are shaping up unbelievably well. We just got a great head start on those years. So overall, we're in really, really good shape where we sit now. And I have no concerns about where the backlog sits, and it's as strong as it's ever been.

如果你仔細觀察，你會發現積壓的工作有許多正面的面向。我的意思是 28 年及以後的情況會好得令人難以置信。我們剛剛在這些年裡取得了良好的開端。所以整體而言，我們現在的狀況非常非常好。我並不擔心積壓的訂單在哪裡，而且積壓的訂單數量和以前一樣多。

Shar Pourreza, Wells Fargo.

富國銀行的 Shar Pourreza。

John, I just -- I know you kind of mentioned to Steve, you didn't want to get into the actual CapEx numbers at Duane Arnold, but let me try to maybe ask it a little bit differently and just get into the qualitative part of the plant. I know there's obviously a bogey of $1.6 billion for a Pennsylvania plant that's kind of under budget now. You kind of mentioned that this current plant is in good shape. Can you just maybe directionally talk about what you're seeing with that plant and how we should view it without going into the numbers?

約翰，我只是——我知道你向史蒂夫提到過，你不想了解 Duane Arnold 的實際資本支出數字，但讓我嘗試換一種方式問這個問題，只了解工廠的品質部分。我知道，對於賓州的一家工廠來說，16 億美元的投資顯然是一個巨額預算，目前工廠的預算還不足。您提到過，目前這家工廠狀況良好。您能否直接談談您對該工廠的看法以及我們應該如何看待它而不涉及數字？

Yes. Thanks, Shar, welcome back, by the way. Good -- great to have him back.

是的。謝謝，Shar，順便說一句，歡迎回來。很好——很高興他回來。

Thanks for having me back.

謝謝你讓我回來。

Yes. Yes, it's great to hear from you. So sure. I mean I'll just kind of -- without going into the numbers, again, we've spent a lot of time going through Duane Arnold, a lot of diligence. And one -- I'm going to go back to what I said before, having the same team that did the decommissioning, leading the recommissioning is an enormous advantage because folks know exactly what was done. And so the plan that we have, we have a lot of certainty around, right? And so I think the scope is pretty well defined, and we know what needs to be done.

是的。是的，很高興收到您的來信。確實如此。我的意思是，我只是想——不談數字，我們再次花了很多時間研究杜安·阿諾德，做了很多調查。首先——我要回到我之前說過的話，由負責退休的同一團隊來領導重新調試是一個巨大的優勢，因為人們確切地知道做了什麼。因此，我們對自己的計劃非常確定，對嗎？所以我認為範圍定義得相當明確，我們知道需要做什麼。

The facility is, like I said, in really good shape. I mean when I went through it, it was like we just kind of put a lock on the door and got the keys out and opened the lock back up, and then we're going back through it. And there's obviously some things -- some work that has to be done to bring the plant back online. But the plant is in good shape, and we feel very good about our ability to execute against what's in front of us.

正如我所說，該設施狀況非常好。我的意思是，當我經歷這一切時，就像我們在門上放了一把鎖，拿出鑰匙，打開鎖，然後我們再回去一樣。顯然，為了讓工廠恢復生產，還需要做一些工作。但工廠狀況良好，我們對自己完成眼前任務的能力感到非常滿意。

Fantastic. And then, John, just one last one is just, I guess, given the lack of additional nuclear sites to kind of repower for you guys, do you see kind of the next wave of deals moving to CCGTs for energy resources? Are you seeing demand there, especially given the partnership you have with GE?

極好的。然後，約翰，最後一個問題是，考慮到您缺乏額外的核電站來重新供電，您是否認為下一波交易會轉向使用 CCGT 來獲取能源？您是否看到那裡的需求，特別是考慮到您與通用電氣的合作關係？

Yes. Thanks, Shar. So we have many ways to grow, which we talked about a month ago. And I'll talk more about those in a minute. But one of those ways to grow is through new gas-fired technology. Nobody has built more gas-fired generation in this country in the last 20 years than NextEra has. And so we've got a lot of experience at it. And we're really a natural to get back into that area because of our development platform. It's so easy for us to take what we already have in terms of land agents, permitting, all the supply chain capability that we have. You mentioned the partnership that we have with GE Vernova and the strong relationship that we have there, the customer relationships, all the things that go with that development platform, it's easy for us to pivot into gas.

是的。謝謝，莎爾。因此，我們有很多發展方式，一個月前我們就討論過了。我稍後會詳細討論這些內容。但實現成長的途徑之一是採用新的燃氣技術。在過去 20 年裡，沒有任何一家公司比 NextEra 在美國建造了更多的燃氣發電廠。我們在這方面擁有豐富的經驗。由於我們擁有開發平台，我們自然會重返該領域。我們可以輕鬆地利用我們現有的土地代理、許可證以及所有供應鏈能力。您提到了我們與 GE Vernova 的合作關係以及我們在那裡建立的牢固關係、客戶關係以及與該開發平台相關的所有事物，這讓我們可以輕鬆地轉向天然氣領域。

And I've said before, we have roughly a 20-gigawatt pipeline already developed because of that development platform and the efficiency that's built into it. And we're excited about what we're seeing on the combined cycle side and some of the opportunities that we have. And we'll talk more about this in December, but a unique advantage that we have is -- because it takes a little longer time to build gas-fired generation, call it, four, five, six years, a huge leg up that we have that we haven't talked as much about, and again, we'll focus on this in December, is all the renewables and storage that we have.

我之前說過，由於該開發平台及其內建的效率，我們已經開發了大約 20 千兆瓦的管道。我們對聯合循環方面所看到的情況以及我們所擁有的一些機會感到非常興奮。我們將在 12 月詳細討論這個問題，但我們擁有的一個獨特優勢是 - 因為建造燃氣發電廠需要更長的時間，大概需要四、五、六年，這是我們擁有的一個巨大的優勢，但我們還沒有談論太多，我們將在 12 月重點討論這個問題，那就是我們擁有的所有可再生能源和存儲。

And so when data centers want to get online now and quickly and they want to secure a load interconnect by bringing their own generation, we can accommodate that because we have the solar and the storage that's ready to go and then the gas can come behind it. So we're in a bit of a unique position there in terms of our ability to really kind of hook and anchor data center build-out, as we position our portfolio for these larger scale data center build-outs, we call, data center hubs that can be followed on by gas, maybe SMR technology going back to the collaboration nationally that we have with Google. So just a lot to be excited about.

因此，當資料中心想要立即快速上線，並希望透過自帶發電來確保負載互連時，我們可以滿足這項要求，因為我們擁有隨時可用的太陽能和儲能係統，然後天然氣也可以隨之而來。因此，就我們真正掛鉤和錨定資料中心建設的能力而言，我們處於一個獨特的位置，因為我們將我們的投資組合定位於這些更大規模的資料中心建設，我們稱之為資料中心樞紐，可以跟進天然氣，也許是 SMR 技術，這可以追溯到我們與Google在全國範圍內的合作。所以有很多事情值得興奮。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

I just wanted to ask going back on nuclear. There's a lot of momentum right now for AP1000. And just curious what your appetite would be in participating in something like that? Or if in terms of new nuclear, should we be solely kind of focused on SMR and restarts of current large-scale plants?

我只是想問一下關於核子問題的回歸問題。AP1000 目前發展勢頭強勁。我只是好奇您對參加這樣的活動有什麼興趣？或者就新核能而言，我們是否應該只專注於 SMR 和現有大型核電廠的重啟？

Yes. I think for us right now -- I mean, we have Duane Arnold that we talked about. We have Point Beach, we have Seabrook. We have -- we'll be turning our attention to those two facilities as we optimize. But one thing that's really exciting is that we probably have 6 gigawatts of SMR capacity across those three sites, not to mention back to the development platform.

是的。我認為對我們來說現在——我的意思是，我們有談論過的杜安·阿諾德。我們有 Point Beach，我們有 Seabrook。我們已經－在優化過程中將把注意力轉向這兩個設施。但真正令人興奮的是，我們在這三個站點可能擁有 6 千兆瓦的 SMR 容量，更不用說回到開發平台了。

And we are a nationwide development company, right, that has a national footprint. So we also are looking at greenfield sites as well going back to that anchor point around having existing generation ready to go that can accommodate Phase 1, 2, 3 of a data center build-out, as we wait for gas-fired generation to come or SMR technology to come behind that.

我們是一家全國性的開發公司，業務遍及全國。因此，我們也在尋找綠地場地，回到那個錨點，即準備好現有的發電設施，以適應資料中心建設的第 1、2、3 階段，同時等待燃氣發電或 SMR 技術的出現。

And we're doing a lot of work around SMRs, and we'll talk more about in December. But I also want to go back to what I said about SMRs, which is that we're going to be very disciplined in our capital allocation strategy and making sure that we have the right commercial and financial structure where we limit any financial exposure that we have, as we invest in those facilities. But when you think about NextEra, I mean, we're really unique because the hyperscaler is investing tens of billions of dollars. This is not like the business four or five years ago, competing against a lot of small developers. They can't do this, right?

我們正在圍繞 SMR 做大量工作，我們將在 12 月討論更多相關內容。但我也想回到我之前關於 SMR 的發言，那就是我們將非常嚴格地執行我們的資本配置策略，並確保我們擁有正確的商業和財務結構，以限制我們在投資這些設施時所面臨的任何財務風險。但當你想到 NextEra 時，我的意思是，我們真的很獨特，因為超大規模企業正在投資數百億美元。這與四、五年前的業務不同，需要與許多小型開發商競爭。他們不能這麼做，對吧？

The folks that can do this are large-scale developers like NextEra that have a strong balance sheet, a track record, the credibility to be able to match what the hyperscaler needs and the ability to build across generation types, whether it's renewables, whether it's storage, whether it's gas, whether it's nuclear, whether we need to bring a transmission solution to bear, whether we need to build a gas pipeline lateral to enable a gas build-out. I mean, all the things that we bring to the table are pretty unique.

能夠做到這一點的人是像 NextEra 這樣的大型開發商，他們擁有強大的資產負債表、良好的業績記錄、能夠滿足超大規模需求的信譽以及跨發電類型的建設能力，無論是可再生能源、儲能、天然氣還是核能，無論我們是否需要採用傳輸解決方案，無論我們是否需要建設天然氣管道支線以實現天然氣建設。我的意思是，我們提出的所有東西都是非常獨特的。

And again, combined with that large balance sheet, the team and the customer relationships and the ability to secure load interconnects and work with utilities and co-ops and municipalities, I mean, that really kind of puts us in a pretty small group of folks. And so as we look at the market, really, I think -- I look at the DOE letter that was sent recently over to FERC and more of a focus on bring your own generation. I mean I think that just absolutely plays to all of our strengths and advantages. And it's -- the future is exciting.

再說一次，再加上龐大的資產負債表、團隊和客戶關係以及確保負載互連和與公用事業、合作社和市政當局合作的能力，我的意思是，這確實使我們成為一個非常小的群體。因此，當我們觀察市場時，我認為——我看了最近發送給聯邦能源管理委員會的 DOE 信函，更多地關注自帶發電。我的意思是，我認為這絕對能發揮我們所有人的優勢和優勢。而且——未來是令人興奮的。

That's great. I really appreciate that. Good points. And I know that you've been doing this 6% to 8% outlook for a long time. You've basically been beating that every year. And you look at some other premium companies out there now doing 7% to 9%. What's your philosophy and how you're thinking about long-term growth? And is that a consideration at all, as we are thinking about what could be out there on the Analyst Day?

那太棒了。我真的很感激。很好的觀點。我知道您長期以來一直持有這種 6% 到 8% 的預測。你基本上每年都超越這個數字。而你看看其他一些高端公司目前的利潤率，也達到了 7% 到 9%。您的理念是什麼？您如何看待長期發展？當我們思考分析師日會發生什麼事情時，這是否是一個考慮因素？

All great questions, and we'll address those on December 8.

這些都是很好的問題，我們將在 12 月 8 日解答。

Julien Dumoulin-Smith, Jefferies.

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

Congratulations, team. Good to hear from you. Look, I just wanted to follow up on a couple of things here. First, with respect to the gas and contracted gas strategy, can you speak a little bit to what you're expecting or what success you've had thus far? I know this may be digging a little bit into the December update. But to the extent possible, can you discuss a little bit of the latest progress? And should we expect more of these hyperscaler type announcements like Google, but to be parlayed back into contracted gas?

恭喜，團隊。很高興收到你的來信。瞧，我只是想跟進這裡的幾件事。首先，關於天然氣和合約天然氣策略，您能否談談您的期望或迄今為止的成功？我知道這可能與 12 月的更新有些關聯。但在可能的範圍內，您能否討論一下最新進展？我們是否應該期待更多像谷歌這樣的超大規模公司宣布其計劃，但將其重新轉化為合約天然氣？

And is there a cadence that you'd be care to share as you think about this ramps up? I mean, I know it's early days in that longer-dated 2030-plus time frame, but how would you begin to characterize that opportunity, as it is -- as it stands today?

當您考慮這個問題時，您是否願意分享節奏？我的意思是，我知道現在距離 2030 多年這個較長的時間框架還為時過早，但就目前的情況而言，您如何描述這個機會？

Yes. So a lot in the hopper is how I would describe it, Julien. A lot of different things that we are working on. And I mentioned our data center hub strategy, which I don't want to spend too much time on today because, again, we're going to get into that in December. Obviously, building out combined cycle units is a big part of that. We think the things that we have in front of us are attractive across the class of hyperscalers that we see.

是的。所以我會這樣描述料斗裡的很多東西，朱利安。我們正在做很多不同的事情。我提到了我們的資料中心樞紐策略，但今天我不想花太多時間討論這個問題，因為我們將在 12 月討論這個問題。顯然，建造聯合循環機組是其中很重要的一環。我們認為，我們面前的事物對於我們所看到的超大規模企業而言具有吸引力。

We think the position that we have around our existing renewable portfolio is an enticing way to secure an early-stage load interconnect, as the gas comes later. And so the ability to provide gas with renewables and storage or with SMR technology, the ability to build out the infrastructure necessary to accommodate all that, whether it's transmission, whether it's gas pipelines, I think all plays to our strengths and our advantages together with the supply chain capability that we have.

我們認為，我們在現有再生能源組合中所佔據的地位是一種誘人的方式，可以確保早期負載互連，因為天然氣隨後會出現。因此，利用再生能源和儲存或 SMR 技術提供天然氣的能力，以及建造容納所有這些所需的基礎設施的能力，無論是輸送還是天然氣管道，我認為所有這些都發揮了我們的優勢和優勢，以及我們擁有的供應鏈能力。

And so in terms of cadence, look -- we look forward to kind of laying this out for you guys in December, but I feel really good about the competitive positioning that we have today because, again, I go back to the fact that there are very few folks that can actually garner the trust, the confidence, the balance sheet, all the things that you saw with the partnership that we have with Google that we're having a lot of success with other hyperscalers as well that looks promising for our future. So more to come.

因此，就節奏而言，你看——我們期待在 12 月為你們介紹這一點，但我對我們今天的競爭地位感到非常滿意，因為，我再次回到這樣一個事實：很少有人能夠真正贏得信任、信心、資產負債表，所有這些，你們在我們與谷歌的合作中看到的，我們在與其他超大規模企業的合作中也取得了很大的成功，這對我們的未來來說充滿了希望。未來還會有更多。

Excellent. I appreciate it. And then related here, just to elaborate a little bit further on that net originations discussion here. Can you elaborate a little bit? I mean, obviously, there's been some media attention around Esmeralda and Jackalope, for instance.

出色的。我很感激。然後與此相關，只是為了進一步詳細闡述這裡的網路起源討論。能詳細說明一下嗎？我的意思是，顯然，例如，埃斯梅拉達和傑克洛普已經引起了一些媒體的關注。

Can you speak a little bit how that fits in? Were they in your backlog or the position? I mean just trying to juxtapose the broader media conversation, which isn't particularly articulate about this versus what we're seeing in the quarterly update.

您能稍微講一下這是如何實現的嗎？他們在你的待辦事項或職位中嗎？我的意思是，我只是試圖將更廣泛的媒體對話與我們在季度更新中看到的內容進行對比，而媒體對此的討論並不是特別清晰。

Yes, absolutely. So Esmeralda is just a development project. It was not in our backlog. It was a development project for the future on BLM land. I think the BLM was actually pretty clear that -- while they were not looking to permit this as one large project, they were going to entertain applications around individual projects.

是的，絕對是。所以 Esmeralda 只是一個開發案。它不在我們的待辦事項中。這是 BLM 土地上的未來開發項目。我認為 BLM 實際上非常清楚——雖然他們不打算將此作為一個大型項目批准，但他們會考慮圍繞單一項目的申請。

But remember, we have a massive pipeline, right? So this was just one piece of it. We spent no money on Esmeralda. It's a project in development that we could develop someday down the road. So really, there's really nothing to see there.

但請記住，我們擁有龐大的管道，對嗎？這只是其中的一部分。我們沒有在埃斯梅拉達身上花錢。這是一個正在開發的項目，我們以後可能會開發它。所以實際上，那裡真的沒有什麼好看的。

And then on Jackalope, that project, we'll extend out a little bit more. We continue to work with the customer there. And we'll see what happens. But I mean, again, that's just one small project in the grand scheme of things for a massive backlog that we have. And again, don't forget, I mean, that's why we have 1.5 times coverage on our inventory. I don't worry about it at all. We can easily draw from other projects in our pipeline to be able to satisfy customer needs as we go forward. And that puts us in incredibly good position.

然後在 Jackalope 專案上，我們會進一步擴展。我們繼續與那裡的客戶合作。我們將拭目以待。但我的意思是，這只是我們龐大積壓工作中的一個小項目。再說一次，別忘了，這就是為什麼我們的庫存覆蓋率為 1.5 倍。我一點也不擔心。我們可以輕鬆地從我們正在進行的其他專案中汲取經驗，以便在前進的過程中滿足客戶的需求。這使我們處於非常有利的地位。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just another quick follow-up on the backlog. A lot of the additions this quarter coming beyond the 2027 time frame. So just as we think about that potential pull forward in demand related to the tax credits rolling off that you all have referred to, is that strictly a 2028 plus opportunity? Or is there any opportunity to see that impact '26, '27 as well?

也許只是對積壓問題的另一個快速跟進。本季新增的許多內容都超出了 2027 年的時間範圍。因此，正如我們所考慮的與你們所提到的稅收抵免相關的潛在需求拉動一樣，這是否嚴格來說是 2028 年以後的機會？或者是否也有機會看到 26、27 年的影響？

Yes. I think -- the pull forward of demand, Carly, I think it just escalates as you get closer to 2030. So you just continue to see step-ups there. And so for '26 and '27, we feel very good about where we sit right now. I think we've got more quarters to go in terms of filling the '27 piece. But again, we look at our financial plan for '26 and '27 in good shape.

是的。我認為——需求的提前，卡莉，我認為隨著接近 2030 年，它只會不斷升級。因此，您只會繼續看到那裡的進步。因此，對於 26 年和 27 年，我們對目前的狀況感到非常滿意。我認為我們還需要更多的時間來填補 27 個空缺。但我們再次認為 26 年和 27 年的財務計畫狀況良好。

And what I'm really focused on is that '28, '29, '30 because there's just so many opportunities, as you look to the back end of that decade and that natural pull forward that you mentioned that we've seen historically where we could see a lot of customer demand, not only in '28, but in '29 and '30, and we're so well positioned around FEOC and around our safe harbor position. I think we have some very unique competitive advantages that we will highlight and spend more time on in December. So as I look at the pipeline shaping up around 30 gigs and the way it's shaping up by year, I feel very good about where we sit.

我真正關注的是 2028、2029、2030 年，因為當你展望 2020 年末和 2021 年末時，機會實在太多了，正如你提到的，我們在歷史上看到自然的拉動，我們可以看到大量的客戶需求，不僅在 2028 年，我們在歷史上看到過自然的拉動，我們可以看到大量的客戶需求，不僅在 2028 年，而且在 2029 年和我們的位置。我認為我們有一些非常獨特的競爭優勢，我們將在 12 月重點介紹這些優勢並投入更多時間。因此，當我看到管道在 30 場演出左右形成以及它逐年形成的方式時，我對我們所處的位置感到非常滿意。

Great. And then maybe just back on Duane Arnold. The $0.16 of average accretion that you mentioned in the first 10 years of the PPA, is there any color that you can provide on the cadence or if there's significant variability year-to-year that we should be thinking about?

偉大的。然後也許再回到杜安·阿諾德 (Duane Arnold) 身上。您提到的 PPA 前 10 年平均增幅為 0.16 美元，您能否提供一些關於其節奏的詳細信息，或者我們是否應該考慮逐年出現的顯著變化？

There is not significant variability year-to-year. The reason we said that is -- remember, there's refueling outages for nuclear. And in refueling years, it's not that significant of an impact, but it moves around a little bit around refueling outages. So that's why we use that language.

每年之間沒有顯著的變化。我們這樣說的原因是──請記住，核電廠的燃料補給會出現中斷。在燃料補給年份，影響並不那麼顯著，但它會在燃料補給中斷期間產生一些影響。這就是我們使用這種語言的原因。

Bill Appicelli, UBS.

瑞銀的比爾·阿皮塞利。

Just going back to follow up on Carly's question around the pull forward. And just maybe you can speak to the development capabilities, right? You've sort of been averaging around this -- around 3 gigs a quarter on the low end of that. Where can that go potentially in terms of just from a capability, supply chain perspective?

只是回過頭來跟進卡莉關於向前拉的問題。也許您可以談談開發能力，對嗎？您的平均業績大概是這樣的——最低每季 3 場演出左右。僅從能力和供應鏈角度來看，這可能會帶來什麼結果？

Well, we're really well positioned on our -- not only on our supply chain and the things we've been able to do around batteries and the supply chain positioning we have around the rest of the parts and equipment that we plan to purchase. You guys know well, I mean, transformers, electric switchgear, other parts of the supply chain. I mean, I think that's going to create a natural competitive advantage, which goes with having a strong balance sheet and a world-class supply chain capability as we go into '28, '29, '30 that uniquely positions us for the opportunity that can come there, right, which -- because we can do some things that others can't.

嗯，我們確實處於有利地位——不僅在我們的供應鏈和我們在電池方面能夠做的事情上，而且在我們計劃購買的其他零件和設備的供應鏈定位上。你們很清楚，我的意思是變壓器、電力開關設備以及供應鏈的其他部分。我的意思是，我認為這將創造一種自然的競爭優勢，再加上強大的資產負債表和世界一流的供應鏈能力，當我們進入 28、29、30 年時，這將使我們在抓住未來機會方面處於獨特的地位，因為我們可以做一些別人做不到的事情。

So I feel very good about, and if you look historically on pull-forward years, we have fared very well on a market share basis compared to our competition there. And also, as we start thinking about being able to not only do what I call kind of the bread-and-butter business around origination, but then also adding on being able to fold in renewables and storage into large load solutions as I've mentioned a couple of times on this call, I mean, it's really an incremental opportunity that we haven't had before, as you think about serving that large load customer.

所以我感覺非常好，如果你回顧過去幾年的歷史，你會發現與競爭對手相比，我們的市佔率表現非常好。而且，當我們開始考慮不僅能夠做我所說的圍繞起源的基本業務，而且還能夠將可再生能源和存儲納入大負荷解決方案，正如我在這次電話會議上幾次提到的那樣，我的意思是，當你考慮為大負荷客戶提供服務時，這確實是一個我們以前從未有過的增量機會。

So the demand pull forward is something that we're obviously very focused on and have positioned the business around. And I think we're going to be uniquely capable and positioned to capitalize on the opportunity it's going to bring.

因此，需求的提前拉動顯然是我們非常關注的事情，並且我們已圍繞這一目標開展業務。我認為我們將擁有獨特的能力和優勢來利用它所帶來的機會。

Great. And then just shifting gears on -- at FPL, the large load growth. I guess how is the valuation of that going? I think you've talked about maybe 3 gigs of initial sites or capability. I'm sure you'll speak more to this in December, but any color there around tariff structure or sort of the work and the conversations around bringing those customers in?

偉大的。然後只需換檔即可——在 FPL，負載大幅增長。我猜它的估值怎麼樣？我認為您談論的可能是 3GB 的初始網站或容量。我相信您會在 12 月就此進行更多討論，但是您有沒有透露一些有關關稅結構或吸引這些客戶的工作和對話的細節？

Yes, I'll turn that over to Armando.

是的，我會把它交給阿曼多。

All right. Thank you. So we've got a couple of tariffs that are up for approval at the commission that we are going to hear about on November 20. Regardless of that, we've had folks that have been pinging us all year on availability of getting onto our system, when can they get on to our system and so on. So we are no different at Florida Power & Light than many of the utilities that you guys follow around the nation.

好的。謝謝。因此，我們有幾項關稅需要提交委員會批准，我們將於 11 月 20 日聽取相關意見。不管怎樣，我們全年都會有人向我們詢問是否可以進入我們的系統，以及什麼時候可以進入我們的系統等等。因此，佛羅裡達電力與照明公司與你們在全國範圍內關注的許多公用事業公司沒有什麼不同。

These hyperscalers and these data center operators are looking to figure out where they can plug in and how quickly they can plug in. I think what John and Mike Dunne have mentioned before is that this is a potential opportunity at FPL later this decade. And I think for now, that's right. That could certainly change. But we are spending a lot of time doing engineering studies for everyone that you could imagine.

這些超大規模企業和資料中心營運商正在尋求弄清楚他們可以在哪裡插入以及可以多快插入。我認為約翰和麥克鄧恩之前提到過，這是 FPL 在未來十年內的一個潛在機會。我認為就目前而言，這是正確的。這種情況肯定會改變。但我們花了大量時間為每個人進行工程研究，這是你能想像的。

And we hope that the environment here in Florida is one that the hyperscalers and data center operators will come to embrace. I mean, why not? We've got a great system at a low cost. So we feel really good about it.

我們希望佛羅裡達州的環境能夠受到超大規模企業和資料中心營運商的青睞。我的意思是，為什麼不呢？我們以低成本獲得了出色的系統。所以我們對此感覺非常好。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I was wondering if you could talk about how renewables are interacting with data centers, especially over the next couple of years for projects that you've been working on. I was curious if there's any percentage of power needs that you find are typically covered by renewables when you're powering data centers? Are you seeing any colocation opportunities? And how does battery storage get involved? So curious if you could give kind of a sense of the typical relationship or design that you're seeing there.

我想知道您是否可以談談再生能源如何與資料中心互動，特別是未來幾年您一直在從事的專案。我很好奇，當您為資料中心供電時，您是否發現再生能源通常可以滿足多少比例的電力需求？您是否看到了任何主機託管機會？電池儲存如何參與其中？我很好奇您是否可以描述一下您在那裡看到的典型關係或設計。

Yes, David, what we're seeing there is data centers want to get going immediately, right? And so they want to build out the initial phases of their campus, which could be -- end up being 1,000 -- 3,000, 4,000, 5,000-acre campuses. Every 1,000 acres is about a gigawatt of capacity. But as they think about permitting and constructing their facility, I mean, the first thing they're looking for is load interconnect. And a lot of parts of the country in securing a load interconnect, you've got to bring your own generation.

是的，大衛，我們看到的是資料中心想要立即啟動，對嗎？因此，他們希望建造校園的初始階段，最終可能建造佔地 1,000 至 3,000、4,000、5,000 英畝的校園。每 1,000 英畝的發電容量約為 1 千兆瓦。但是當他們考慮許可和建造他們的設施時，我的意思是，他們首先要尋找的是負載互連。在全國許多地方，為了確保負載互連，必須自備發電設備。

And so what's unique, I think, about what we can do around renewables is we can get them over the hump over those first few years of being able to identify a site, being able to identify a generation solution that's sufficient to get them that load interconnect, whether it's through a combination of renewables or renewables and battery storage. We've seen that in a number of places. We've also seen the ability to leverage like grid alliance, where we can do upgrades on a system that can actually free up additional megawatts needed to secure that initial load interconnect. But that's the key.

因此，我認為，我們在再生能源方面所能做的事情的獨特之處在於，我們可以在最初幾年內幫助它們克服困難，找到一個站點，找到一個足以讓它們實現負載互連的發電解決方案，無論是透過再生能源的組合還是可再生能源和電池儲存的組合。我們在很多地方都看到過這種情況。我們還看到了利用電網聯盟的能力，我們可以對系統進行升級，從而真正釋放出確保初始負載互連所需的額外兆瓦。但這就是關鍵。

You got to get the load interconnect to be able to take the power off the grid to be able to satisfy the initial phases. And many of the load serving entities are saying, well, bring your own generation to make that happen. And we're able to do that with renewables, with storage, with grid alliance. And then the plan is to bring the baseload generation behind it. And so when you can combine a comprehensive solution for the hyperscaler, that's what they're looking for and a trusted partner that they know can get it done over time. And we can grow right alongside with them as they're expanding their existing facility.

您必須獲得負載互連才能從電網中獲取電力，以滿足初始階段的要求。許多負載服務實體都在說，好吧，那就利用自己的發電能力來實現這個目標。我們能夠利用再生能源、儲存和電網聯盟來實現這一目標。然後計劃是將基載發電帶入其後。因此，當您可以為超大規模企業提供全面的解決方案時，這就是他們所尋找的，並且他們知道可以隨著時間的推移完成這項任務的值得信賴的合作夥伴。在他們擴大現有設施的同時，我們可以與他們一起成長。

Got it. Makes sense. That's helpful. And I was wondering if you could talk about what you're seeing in terms of project returns, the trajectory there? And is there a case for higher returns too as we go forward through the end of the year?

知道了。有道理。這很有幫助。我想知道您是否可以談談您所看到的項目回報和發展軌跡？到今年年底，是否也會出現更高的報酬率？

Yes, that's a great question. And I said this a month ago, returns have been higher than I've ever seen them in this industry. And I think that's due in part to the unique competitive advantage that we have, and it's exciting for us because as I think about all the opportunities that we have, not only this decade but into the next, recontracting is a big piece of that. And so we have a lot of existing generation that rolls off a contract by the end of the decade that we're going to be able to recontract into the market at much higher premiums.

是的，這是一個很好的問題。我一個月前就說過，回報率比我在這個行業見過的任何時候都要高。我認為這在某種程度上歸功於我們擁有的獨特競爭優勢，這對我們來說是令人興奮的，因為當我想到我們擁有的所有機會時，不僅是這個十年，而且是下一個十年，重新簽約是其中很重要的一部分。因此，我們有許多現有的發電廠在本十年末到期合同，我們將能夠以更高的溢價重新進入市場。

But look, it's just supply and demand. It's that simple. There's a lot of demand out there, and there's just not as much supply to match it. And so that's commanding premiums in the market and high and attractive returns. And that's why it's great to be in a position where we have a really strong pipeline and a really strong supply chain position. And I think we're going to be uniquely positioned going forward to be able to capitalize on what is going to become just a growing market demand, particularly as we get to the end of this decade and into the next.

但看看，這只是供給和需求而已。就這麼簡單。市場需求大，但供應不足以滿足需求。因此，這在市場上具有較高的溢價率，並且具有較高的吸引力。這就是為什麼我們擁有非常強大的通路和供應鏈地位是一件很棒的事。我認為，我們將在未來佔據獨特的地位，能夠利用不斷增長的市場需求，特別是當我們進入這個十年末和下一個十年時。

Nick Amicucci, Evercore ISI.

尼克‧阿米庫奇 (Nick Amicucci)，Evercore ISI。

Just wanted to touch upon kind of the evolution that we just kind of left upon. So as we kind of think about over the balance of this decade into the next, how should we be thinking about the kind of the portfolio, the kind of culmination of that and kind of if we think about it by energy and generation source, obviously, we saw storage kind of tick up here from a backlog perspective. Just interested in kind of hearing your thoughts around it.

只是想談談我們剛剛討論過的演化問題。因此，當我們思考從這個十年到下一個十年的平衡時，我們應該如何考慮投資組合的類型、其最終結果，如果我們從能源和發電源的角度來考慮，顯然，從積壓的角度來看，我們看到存儲量有所上升。只是想聽聽你對此的想法。

Yes. I mean -- so as I think about the next decade, we've always had Florida Power & Light. And Florida Power & Light benefits from being in fastest-growing state in the United States, 16th largest economy in the world, strong growth as we accommodate all that population that continues to move into Florida. Don't see that slowing down next decade. But as you think about our regulated businesses, it's not just what I call kind of the baseload Florida Power, it's the large load with the large load tariff that we have not had before. It's electric transmission.

是的。我的意思是——當我想到下一個十年時，我們一直都有佛羅裡達電力與照明公司。佛羅裡達電力與照明公司受益於其位於美國發展最快的州、世界第十六大經濟體的地位，隨著我們容納不斷遷入佛羅裡達的所有人口，公司實現了強勁增長。預計未來十年這一趨勢不會放緩。但是當你考慮我們的受監管業務時，它不僅僅是我所說的佛羅裡達電力的基本負荷，而是我們以前從未有過的大負荷和大負荷關稅。它是電力傳輸。

There's an incredible demand for transmission around the country. We have the leading competitive transmission business in NextEra Energy Transmission. So a lot of CapEx opportunities and growth opportunities for NEET as we go forward. And then you add on gas transmission as well, not only around the existing pipeline assets that we own today, but also, I think, some long-haul greenfield opportunities that we'll be talking more about gas laterals to accommodate hyperscale build-outs. So that really helps to frame even a larger regulated business than we have had historically.

全國各地對傳輸的需求非常大。我們在 NextEra Energy Transmission 擁有領先的競爭性傳輸業務。因此，隨著我們前進，NEET 將面臨許多資本支出機會和成長機會。然後你還要添加天然氣輸送，不僅圍繞我們今天擁有的現有管道資產，而且我認為，還有一些長途綠地機會，我們將更多地討論天然氣支管，以適應超大規模的建設。因此，這確實有助於建立一個比我們歷史上更大的受監管業務。

And then you think about all the other levers and ways to grow that we have on the Energy Resources side, not just the renewable business that just gets stronger and stronger as we get into the next -- the end of this decade, and then that will carry into the next, but storage as well. We are in a capacity short market. Storage is economically advantaged. It's flexible. It can be built very quickly in 16 to 18 months, whereas gas-fired peakers take four to five years in many cases. So very flexible, very low cost. And that we are the world's leader in storage and have a unique position with our battery supply agreement that's all domestic and is derisked from a FEOC standpoint.

然後，你會想到我們在能源資源方面的所有其他槓桿和增長方式，不僅僅是可再生能源業務，隨著我們進入下一個十年——這個十年的末期，可再生能源業務會變得越來越強大，然後這種業務將延續到下一個十年，存儲也是如此。我們正處於產能短缺的市場。儲存具有經濟優勢。它很靈活。它可以在 16 到 18 個月內快速建成，而燃氣調峰發電廠在許多情況下需要四到五年的時間。因此非常靈活，成本非常低。我們是全球儲存領域的領導者，並且憑藉我們的電池供應協議而擁有獨特的地位，該協議全部在國內進行，並且從 FEOC 的角度來看是無風險的。

And then I think about nuclear, the agreement that we announced today not only around Duane Arnold, but the collaboration around advanced nuclear nationwide, all the opportunities we have around Point Beach, we have around Seabrook and then greenfield advanced nuclear build-out and then gas-fired generation as well, having been the leader in gas-fired generation development over the last 20 years, leveraging the development platform that we have today, the 20-gigawatt pipeline that's in place.

然後我想到核能，我們今天宣布的協議不僅圍繞杜安·阿諾德，還圍繞著全國範圍內的先進核能合作，我們在 Point Beach 周圍擁有的所有機會，我們在 Seabrook 周圍擁有的所有機會，然後是綠地先進核能建設，然後是燃氣發電，在過去 20 年裡，我們一直是燃氣發電發展的領導者，利用我們現有的開發者，利用我們現有的發展。

And then you combine all those capabilities into serving the large load customer, which really, as I said before, creates a unique position for us when you combine all the capabilities we have around generation, all the capabilities we have around electric transmission and gas pipelines and also our customer supply business because remember, whenever you're trying to secure a load interconnect, you've got to have a retail energy capability to get that load interconnect from load-serving entities. The customer supply business plays a very important role. You have to be able to do many, many things to be able to enable a large load transaction, and you have to have the balance sheet and you have to have the team.

然後，您將所有這些能力結合起來，為大負荷客戶提供服務，正如我之前所說，當您將我們在發電方面的所有能力、我們在電力傳輸和天然氣管道方面的所有能力以及我們的客戶供應業務結合起來時，這實際上為我們創造了一個獨特的地位，因為請記住，每當您嘗試確保負載互連時，您都必須擁有零售能源容量才能從實體負載獲得該負載。客戶供應業務扮演著非常重要的角色。您必須能夠做很多很多事情才能實現大額負載交易，並且您必須擁有資產負債表並且您必須擁有團隊。

And we also have a 50-state footprint to be able to execute against that, which is really, really unique, given that we've been doing that for 20 years. And then the recontracting opportunity that I mentioned before. I mean we have a massive long power position that becomes open as we get to the end of this decade. And then all the artificial intelligence things that we're doing to really help drive efficiencies and cost savings across the business and revenue opportunities for us as well. So you put all those pieces together, we are in really good shape post 2030.

而且我們還擁有覆蓋 50 個州的業務範圍來實現這一目標，考慮到我們已經這樣做了 20 年，這真的非常獨特。然後是我之前提到的重新簽約機會。我的意思是，隨著本世紀末的到來，我們擁有巨大的長期權力地位，而這一地位將變得開放。我們所做的所有人工智慧工作確實有助於提高整個業務的效率和成本節約，並為我們帶來收入機會。所以，把所有這些因素綜合起來，2030 年後我們的狀況會非常好。

Perfect. Yes, that makes a ton of sense. And then just one last quick one for me, too. As we kind of think about now, obviously, just topic du jour with Duane Arnold and the potential restart. How are you guys seeing the nuclear fuel supply chain kind of shape up, as we kind of think about it going forward, just knowing that Russia is going to be coming offline from an enriched uranium capacity in 2028?

完美的。是的，這很有道理。最後，對我來說，也只有一個簡單的問題。我們現在想到的顯然只是與 Duane Arnold 的當日話題以及潛在的重啟。你們如何看待核燃料供應鏈的形成？我們對未來的展望是怎樣的？我們知道俄羅斯將在 2028 年停止濃縮鈾生產。

Yes. I mean I think the US government is very focused on that. The industry is very focused on that. And we've been very disciplined in terms of how we secure our long-term fuel going forward. So I feel good about where we stand. We baked into our numbers that we gave you on Google our position around where nuclear fuel sits today.

是的。我的意思是，我認為美國政府非常關注這一點。業界對此非常關注。我們在如何確保未來的長期燃料供應方面一直非常嚴格。所以我對我們的現狀感到滿意。我們在 Google 上提供的數據中已經包含了我們目前核燃料的狀況。

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

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