新世紀能源 (NEE) 2025 Q4 法說會逐字稿

Good morning, and welcome to the NextEra Energy Inc., fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

早安，歡迎參加 NextEra Energy Inc. 2025 年第四季及全年財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係總監馬克·艾德爾曼。請繼續，先生。

Good morning, everyone, and thank you for joining our fourth-quarter and full-year 2025 financial results conference call for NextEra Energy.

各位早安，感謝各位參加 NextEra Energy 2025 年第四季及全年財務業績電話會議。

With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy; Mike Dunne, Executive Vice President and Chief Financial Officer of NextEra Energy; Armando Pimentel, Chief Executive Officer of Florida Power & Light Company; Scott Bores, President of Florida Power & Life Company; Brian Bolster, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy.

今天早上與我在一起的有：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；佛羅裡達電力照明公司執行長 Armando Pimentel；佛羅裡達電力照明公司總裁 Scott Bores；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 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研究結果。屆時我們的管理團隊將解答您的疑問。

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, including if any of our key assumptions are incorrect because of other factors discussed in today's earnings news release and the comments made during this conference call and the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, www.nexteraenergy.com. We do not undertake any duty to update any forward-looking statements.

我們將在本次電話會議中根據目前的預期和假設做出前瞻性陳述，但這些陳述存在風險和不確定性。實際結果可能與我們的前瞻性聲明有重大差異，包括由於今天發布的盈利新聞稿、本次電話會議中的發言以及隨附演示文稿“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，導致我們的任何關鍵假設不正確。所有這些文件均可在我們的網站 www.nexteraenergy.com 上找到。我們不承擔更新任何前瞻性聲明的義務。

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.

今天的簡報中也提到了非GAAP財務指標。有關定義資訊以及歷史非GAAP指標與最接近的GAAP財務指標的調節表，請參閱今天簡報附帶的幻燈片中的資訊。

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

接下來，我會把電話交給約翰。

Thanks, Mark, and good morning, everyone. NextEra Energy had strong operational and financial performance in 2025, delivering full year adjusted earnings per share of $3.71, up over 8% from 2024 and slightly better than what we communicated as the top end of our range at our investor conference in December. Our expectations are to grow adjusted earnings per share at a compound annual growth rate of 8% plus through 2032, and we are targeting the same from 2032 through 2035, all off the 2025 base.

謝謝馬克，大家早安。NextEra Energy 在 2025 年取得了強勁的營運和財務業績，全年調整後每股收益為 3.71 美元，比 2024 年增長超過 8%，略好於我們在 12 月投資者大會上公佈的預期範圍上限。我們預計到 2032 年，調整後每股盈餘將以 8% 以上的複合年增長率成長；我們的目標是在 2032 年至 2035 年期間保持相同的成長速度，所有這些都以 2025 年為基準。

As we enter a new year, we're focused on the opportunity in front of us. America needs more electrons on the grid, and America needs a proven energy infrastructure builder to get the job done. That's who we are, and that's what we do. NextEra Energy develops, builds, and operates energy infrastructure across the energy value chain, whether it's power generation, storage, or linear electric and gas infrastructure. It's why I believe we are well positioned for the future as we execute against our strategic plan with the over 12 ways to grow that we presented in December.

新的一年開始了，我們專注於眼前的機會。美國電網需要更多的電力，而美國需要一個經驗豐富的能源基礎設施建設者來完成這項工作。這就是我們，這就是我們所做的事。NextEra Energy 開發、建造和營運貫穿整個能源價值鏈的能源基礎設施，無論是發電、儲能或線性電力和天然氣基礎設施。正因如此，我相信我們已經為未來做好了充分準備，我們將按照戰略計劃執行，實現我們在 12 月提出的 12 種以上的增長方式。

Importantly, our forecasted growth is visible and balanced between our regulated and long-term contracted businesses. Last year was about laying the groundwork for the future of our business. This year is about execution, which is our strong suit. Let's start with FPL, which begins the year with a new four-year rate agreement that runs through the remainder of the decade.

重要的是，我們預測的成長是可見的，並且在受監管業務和長期合約業務之間保持平衡。去年我們主要致力於為公司的未來發展奠定基礎。今年重點在於執行力，而這正是我們的強項。我們先來看看FPL，該公司今年年初簽署了一份新的四年期費率協議，該協議將持續到本十年末。

The Florida Public Service Commission unanimously approved the agreement in November and issued its final order last week. The agreement allows us to make smart, long-term infrastructure investments on behalf of our customers while keeping bills well below the national average. FPL expects to invest between $90 billion and $100 billion through 2032, primarily to support Florida's growth while continuing its track record of keeping customer bills low and reliability high.

佛羅裡達州公共服務委員會於11月一致批准了該協議，並在上週發布了最終命令。該協議使我們能夠代表客戶進行明智的長期基礎設施投資，同時將帳單保持在遠低於全國平均水平的水平。FPL 預計到 2032 年將投資 900 億至 1000 億美元，主要用於支持佛羅裡達州的成長，同時繼續保持其在降低客戶帳單和提高可靠性方面的良好記錄。

While customer affordability is a major concern throughout many parts of the US, FPL's typical retail bill today is more than 30% lower than the national average. And FPL expects typical residential customer bills to increase only about 2% annually between 2025 and 2029, which is lower than the current inflation rate of about 3%.

雖然在美國許多地區，客戶的支付能力是一個主要問題，但FPL目前的典型零售帳單比全國平均低30%以上。FPL 預計，2025 年至 2029 年間，一般居民用戶的電費帳單每年只會增加約 2%，低於目前約 3% 的通貨膨脹率。

Keeping customer bills low is our number one priority, and we do that by continuously investing in and executing against the best-in-class operating model. That discipline delivers real results. FPL's nonfuel O&M is more than 71% lower than the industry average, reinforcing our position as the lowest cost electric utility operator in the country.

降低客戶帳單是我們的首要任務，我們透過不斷投資和執行一流的營運模式來實現這一目標。這種自律能帶來實實在在的成果。FPL 的非燃料營運和維護成本比行業平均低 71% 以上，鞏固了我們作為全國成本最低的電力公用事業營運商的地位。

The 4-year rate agreement also provides an allowed midpoint regulatory return on equity of 10.95% with a range of 9.95% to 11.95%. FPL's equity ratio remains at 59.6%, and the agreement includes a rate stabilization mechanism. FPL's agreement also includes a large load tariff. We believe the tariff strikes the right balance by providing hyperscalers with speed to market at a competitive price while just as importantly, protecting our existing customers from bearing infrastructure build-out costs needed to support hyperscalers.

這項為期 4 年的利率協議還規定，允許的股權回報率中點監管值為 10.95%，範圍為 9.95% 至 11.95%。FPL 的權益比率仍為 59.6%，且該協議包含一項利率穩定機制。FPL的協議還包括大負載電價。我們認為，該關稅方案在為超大規模企業提供具有競爭力的價格以快速進入市場的同時，也同樣重要的是，保護了我們現有的客戶免於承擔支持超大規模企業所需的基礎設施建設成本，從而實現了適當的平衡。

FPL's speed-to-market advantages, combined with its best-in-class service is creating significant large load interest to the tune of over 20 gigawatts to date. Of that, we are in advanced discussions on about 9 gigawatts, a portion of which we now believe we could begin serving as soon as 2028.

FPL憑藉其快速進入市場的優勢，以及一流的服務，迄今為止已吸引了超過20吉瓦的大量電力需求。其中，我們正在就約 9 吉瓦的電力進行深入討論，我們現在認為其中一部分最早可以在 2028 年開始投入使用。

For context, every gigawatt is equivalent to roughly $2 billion of CapEx and earns the same return on equity as other FPL investments. Florida's growth requires continued investment in energy infrastructure. The state is expected to surpass 26 million residents by 2040, but it's more than just people moving into the state. Today, Florida is a $1.8 trillion economy, the 15th largest economy in the world if the state were a stand-alone country. Florida leads the nation in key economic indicators like income migration, manufacturing job growth, and corporate headquarter relocations.

作為參考，每吉瓦相當於約 20 億美元的資本支出，並且與其他 FPL 投資一樣，可以獲得相同的股權回報率。佛羅裡達州的發展需要持續投資能源基礎設施。預計到 2040 年，該州居民人數將超過 2,600 萬，但這不僅僅是人們遷入該州的問題。如今，佛羅裡達州的經濟規模為 1.8 兆美元，如果該州是一個獨立的國家，其經濟規模將名列世界第 15 名。佛羅裡達州在收入遷移、製造業就業成長和企業總部搬遷等關鍵經濟指標方面領先全國。

And that's what makes Florida's growth different than in the past. A diverse set of high-growth industries is bringing new businesses to the state from the space coast to Miami and all across Florida. It's why Florida expects to add 1.5 million new jobs by 2034. This is high-quality economic development with high wage jobs and innovative industries. FPL's continued infrastructure investments help make this economic transformation possible.

而這正是佛羅裡達州的發展與過去不同的原因。從太空海岸到邁阿密，甚至整個佛羅裡達州，各種高成長產業正在為該州帶來新的企業。這就是為什麼佛羅裡達州預計到 2034 年將新增 150 萬個就業機會的原因。這是高品質的經濟發展，擁有高薪就業和創新產業。FPL持續的基礎設施投資有助於實現這一經濟轉型。

Energy Resources also continues to grow its regulated portfolio, electric and gas transmission. NextEra Energy Transmission is one of America's leading independent electric transmission companies with total regulated and secured capital of $8 billion. In fact, it's almost twice the rate base size of Gulf Power when we bought the company in 2019. Our scale and experience position us well as we execute on new transmission opportunities across America.

Energy Resources 也持續擴大其受監管的業務組合，包括電力和天然氣輸送。NextEra Energy Transmission 是美國領先的獨立電力傳輸公司之一，擁有 80 億美元的受監管和擔保資本。事實上，這幾乎是我們在 2019 年收購 Gulf Power 時其費率基礎規模的兩倍。憑藉我們的規模和經驗，我們在把握美國各地新的輸電機遭遇方面處於有利地位。

NextEra Energy Transmission has secured roughly $5 billion in new projects since 2023. This includes PJM's recommendation in December that NextEra Energy Transmission and Exelon be selected to develop a new $1.7 billion high-voltage transmission line, which is expected to enhance the flow of more than 7 gigawatts of power across the region. We expect PJM to make the decision on this project next month. We also continue to execute against our plan to grow our gas transmission business.

NextEra Energy Transmission 自 2023 年以來已獲得約 50 億美元的新項目。這其中包括 PJM 在 12 月提出的建議，即選擇 NextEra Energy Transmission 和 Exelon 開發一條新的價值 17 億美元的高壓輸電線路，預計該線路將提高該地區超過 7 吉瓦的電力輸送量。我們預計 PJM 將於下個月就該專案做出決定。我們將繼續執行發展天然氣輸送業務的計畫。

Energy Resources has ownership interest in more than 1,000 miles of FERC-regulated pipelines a portfolio with organic expansion opportunities. For example, Mountain Valley Pipeline has multiple ways to grow and is ideally positioned to bring gas from the Marcellus shale even further into the Southeast where gas demand is already high. It's why we acquired a portion of Con Ed's interest in MVP earlier this month. And we'll continue to look for opportunities to optimize and expand our regulated gas pipeline portfolio as we provide energy infrastructure solutions to enable large loads across the country.

Energy Resources 擁有超過 1000 英里受 FERC 監管的管道的所有權權益，該資產組合具有內生擴張機會。例如，Mountain Valley Pipeline 有多種發展途徑，而且地理位置優越，可以將馬塞勒斯頁岩氣進一步輸送到東南部，那裡的天然氣需求已經很高。這就是我們本月初收購 Con Ed 在 MVP 的部分股份的原因。我們將繼續尋找機會，優化和擴大我們受監管的天然氣管道組合，為全國各地提供能源基礎設施解決方案，以滿足大宗能源需求。

Putting it all together, we expect our combined electric and gas transmission business at Energy Resources to grow to $20 billion of total regulated and invested capital by 2032, a 20% compounded annual growth rate off a 2025 base. Energy Resources had another record year, originating new long-term contracted generation and storage projects. We added approximately 13.5 gigawatts to our backlog, which includes a record quarter of origination of 3.6 gigawatts since our last call.

綜合來看，我們預計到 2032 年，能源資源公司的電力和天然氣輸送業務總監管和投資資本將成長至 200 億美元，以 2025 年為基準，年複合成長率將達到 20%。能源資源公司又創下了新的紀錄，簽訂了許多新的長期發電和儲能合約項目。我們新增了約 13.5 吉瓦的待建項目，其中包括自上次報告以來創紀錄的季度新增 3.6 吉瓦。

We have now originated approximately 35 gigawatts over the last three years. To put that into context, 35 gigawatts of power generation would rank as the fourth largest public utility in the US. What's also important is adding electrons to the grid, again, that's what America needs right now and that's what Energy Resources did, putting 7.2 gigawatts of projects into commercial operations since last year and Energy Resources record for a single year. Together, FPL and Energy Resources placed into service approximately 8.7 gigawatts of new generation and storage projects in 2025.

過去三年，我們已經創造了約 35 吉瓦的發電量。為了便於理解，35 吉瓦的發電量相當於美國第四大公用事業公司。同樣重要的是向電網增加電力，這正是美國現在所需要的，而能源資源公司也正是這樣做的，自去年以來，該公司已將 7.2 吉瓦的項目投入商業運營，創下了能源資源公司單年發電量的紀錄。2025 年，FPL 和 Energy Resources 共同投入使用了約 8.7 吉瓦的新發電和儲能專案。

We continue to be well positioned to build more renewables, which remain the lowest cost and fastest solution to meet our customers' immediate needs. We've secured solar panels to meet our development expectations through 2029. We've begun construction on those projects, too. We've also secured 1.5 times our project inventory against our forecast, providing us permitting protection.

我們仍然擁有良好的發展前景，可以建立更多再生能源，這仍然是滿足客戶當前需求的成本最低、速度最快的解決方案。我們已採購太陽能板，以滿足我們到 2029 年的發展預期。這些項目我們也已經開始動工了。我們也確保了專案庫存達到預測值的 1.5 倍，這為我們提供了許可保障。

Few companies in our industry are positioned like us. We've taken the same approach for battery storage, securing a domestic battery supply through 2029. That's important because battery storage now represents almost one-third of our 30 gigawatt backlog with nearly 5 gigawatts originated over the past 12 months. We don't see this demand slowing.

業界很少公司像我們這樣定位精準。我們對電池儲能也採取了同樣的做法，確保國內電池供應持續到 2029 年。這一點很重要，因為電池儲能目前占我們 30 吉瓦積壓訂單的近三分之一，其中近 5 吉瓦是在過去 12 個月內產生的。我們預計這種需求不會放緩。

Nearly every region in the country needs capacity and battery storage is the only new capacity resource available at scale. With a national footprint and large land position, we can work with customers across the country on stand-alone storage. But that's just the beginning. We can also take advantage of our existing footprint by co-locating storage where we already have connections to the grid, effectively doubling down or doubling capacity at a site. While it's the early innings, we're looking at long duration opportunities in -- too.

全國幾乎每個地區都需要電力容量，而電池儲能是唯一可以大規模使用的新型電力容量資源。憑藉遍布全國的業務網絡和大量的土地資源，我們可以與全國各地的客戶合作，提供獨立式儲存服務。但這只是個開始。我們也可以利用現有的佔地面積，將儲能設施與電網連接點共址，有效地將儲能設施的容量提高一倍或兩倍。雖然現在還處於早期階段，但我們也關注長期機會。

In all, if you just look at stand-alone and co-located battery storage assets, we have a 95 gigawatt pipeline. If you assume we can ultimately expand each of these sites, we could potentially double our total backlog. It's a huge competitive advantage and positions us well in a market that's showing strong demand.

總的來說，如果只看獨立式和並置式電池儲能資產，我們有 95 吉瓦的在建項目。如果假設我們最終能夠擴展這些站點，我們的積壓訂單總量可能會翻倍。這是巨大的競爭優勢，使我們在需求強勁的市場中佔有有利地位。

We also continue to advance our potential gas-fired generation build with a pipeline that's now topped 20 gigawatts. To get us started, we've secured gas turbine slots with GE Vernova to support 4 gigawatts of gas-fired generation projects. We have a lot of experience building gas-fired generation as no one has built more over the last 20 years in NextEra Energy.

我們也持續推動潛在的燃氣發電專案建設，目前專案裝置容量已超過 20 吉瓦。為了啟動這個項目，我們已經與 GE Vernova 簽訂了燃氣渦輪機安裝合同，以支持 4 吉瓦的燃氣發電項目。NextEra Energy 在過去 20 年建造的燃氣發電廠數量最多，因此我們在燃氣發電方面擁有豐富的經驗。

Energy Resources remains focused on both optimizing and adding generating to its nuclear fleet. We continue to advance the recommissioning of our Duane Arnold nuclear plant in Iowa made possible by the 25-year power purchase agreement with Google we announced last year.

能源資源公司仍專注於優化和增加其核電廠的發電能力。我們正繼續推動位於愛荷華州的杜安·阿諾德核電廠的重新啟用工作，這得益於我們去年宣布與Google簽訂的為期 25 年的購電協議。

Our nuclear fleet outside Florida is also ripe for advanced nuclear development. That's why we are spending time closely evaluating the capabilities of various SMR OEMs. All told, we have 6 gigawatts of SMR colocation opportunities at our nuclear sites and are working to develop new greenfield sites. Of course, any nuclear new build would have to include the right commercial terms conditions with appropriate risk-sharing mechanisms that limit our ultimate exposure.

我們在佛羅裡達州以外的核電廠也具備發展先進核能的條件。這就是為什麼我們要花時間仔細評估各個SMR OEM廠商的能力。總的來說，我們在核電廠擁有 6 吉瓦的小型模組化反應器共址機會，並且正在努力開發新的綠地廠址。當然，任何新建核電廠都必須包含適當的商業條款和適當的風險分擔機制，以限制我們最終面臨的風險。

In addition to Duane Arnold, we have capacity available at our nuclear plants in New Hampshire and Wisconsin. Last year, Point Beach received a subsequent license renewal to operate for another 20 years in Wisconsin and then signed a PPA extension for 14% of the plant's capacity. That deal alone contributed $0.03 of annual adjusted earnings per share. Extrapolate that to the rest of the plan and you would get $0.21 of annual earnings per share, which is a meaningful increase to the annual earnings per share contribution from the current contract.

除了杜安·阿諾德核電廠外，我們在新罕布夏州和威斯康辛州的核電廠也有可用產能。去年，Point Beach 獲得了威斯康辛州 20 年的營運許可證續期，隨後又簽署了一份購電協議延期協議，延長了該電廠 14% 的發電能力。光是這筆交易就貢獻了每股年度調整後收益 0.03 美元。將此推算到計劃的其餘部分，您將獲得每股年收益 0.21 美元，這比當前合約的每股年收益貢獻有了顯著增加。

We are also seeing similar interest at our Seabrook nuclear plant in New Hampshire. Between the two of them, we have 1.7 gigawatts of capacity we're offering to the market. Our ability to build all these forms of energy infrastructure is why Energy Resources continues to be a partner of choice for hyperscalers. Remember, companies investing tens of billions of dollars in technology infrastructure, don't have time and can't afford to take a chance on a failed project.

我們在新罕布夏州的西布魯克核電廠也看到了類似的關注。我們兩家公司加起來，向市場提供的發電容量為 1.7 吉瓦。正是因為我們有能力建造所有這些形式的能源基礎設施，能源資源公司才一直是超大規模資料中心營運商的首選合作夥伴。記住，那些在技術基礎設施上投資數百億美元的公司，既沒有時間也沒有代價去冒險選擇一個失敗的項目。

We come to the table with a national footprint, decades of development experience, unmatched energy infrastructure capabilities, and a strong balance sheet to support their needs. Our breadth and depth allow us to have a multiyear, multi-gigawatt, multi-technology discussion with hyperscalers. These data center hub opportunities, as we call them, represent a powerful channel to originate large generation projects with expansion opportunities where we can grow alongside our hyperscaler partner rather than building on a project-by-project basis.

我們擁有覆蓋全國的業務網絡、數十年的發展經驗、無與倫比的能源基礎設施能力以及雄厚的財務實力，足以滿足他們的需求。我們擁有廣泛的資源和深厚的專業知識，可以與超大規模資料中心營運商進行多年、多吉瓦、多技術的討論。我們稱之為資料中心樞紐機會的這些機會，代表著一個強大的管道，可以發起大型發電項目，並有機會進行擴展，我們可以與我們的超大規模合作夥伴共同成長，而不是逐個項目地進行建設。

As we discussed in December, our data center hub strategy is all part of our new 15-by-35 origination channel and goal for Energy Resources to place in service 15 gigawatts of new generation for data center hubs by 2035. This dedicated work stream to power data center hubs is expected to help us achieve our existing development expectations through a mix of new renewables, battery storage, and gas generation. And it gives us one potential path to achieve the 6 gigawatts, the midpoint of our development expectations of new gas-fired generation build through 2032.

正如我們在 12 月討論的那樣，我們的資料中心樞紐策略是我們新的 15 乘 35 發電通路和能源資源目標的一部分，目標是到 2035 年為資料中心樞紐投入 15 吉瓦的新型發電。這項專門用於為資料中心樞紐供電的工作流程預計將透過結合新的再生能源、電池儲能和天然氣發電，幫助我們實現現有的發展預期。它為我們提供了一種實現 6 吉瓦目標的潛在途徑，這是我們到 2032 年新建燃氣發電項目預期發展目標的中點。

We currently have 20 potential hubs we are discussing with the market, and we expect that number to rise to 40% by year end. While we won't convert every single hub, I'll be disappointed if we don't double our goal and deliver at least 30 gigawatts through this channel by 2035. To get there, Energy Resources is laser-focused on positioning the company to where we see the large load market going. And that's to bring your own generation or BYOG.

我們目前有 20 個潛在的樞紐正在與市場進行討論，我們預計到年底這一數字將上升到 40%。雖然我們不可能改造每個中心，但如果到 2035 年我們無法將目標翻一番，透過這個管道輸送至少 30 吉瓦的電力，我會感到失望。為了實現這一目標，能源資源公司正全力以赴地將公司定位在我們看到的大負載市場發展方向。也就是說，要帶上自己的同儕，或是自備設備（BYOG）。

And it makes sense given affordability concerns across the US. Hyperscalers can solve that problem by bringing and paying for their own power generation infrastructure. In fact, this issue took center stage earlier this month when the White House and a bipartisan group of Mid-Atlantic governors came forward with the framework of a potential solution to address the mounting affordability challenges in the PJM market.

考慮到全美各地對住房負擔能力的擔憂，這很有道理。超大規模資料中心可以透過自建並支付費用來解決這個問題。事實上，本月初，白宮和大西洋中部兩黨州長小組提出了一個潛在解決方案框架，以應對 PJM 市場日益嚴峻的負擔能力挑戰，這個問題因此成為焦點。

We believe we are uniquely positioned to deliver for the BYOD market across America. That's because at our core, Energy Resources is a builder. We also have a strong balance sheet, and we have decades of experience and the team required to get the job done.

我們相信，我們擁有獨特的優勢，能夠為全美的自備設備辦公 (BYOD) 市場提供服務。那是因為從本質上講，能源資源是一家建設者。我們還擁有穩健的資產負債表，以及數十年的經驗和完成這項工作所需的團隊。

Here's what also separates us. We can work with hyperscalers in the local service provider, whether it's an investor-owned utility, a municipal utility, a cooperative, or retail electric provider in a competitive market. We have deep, long-standing relationships across the board. That matters.

這就是我們之間的差別所在。我們可以與本地服務提供者中的超大規模企業合作，無論是投資者擁有的公用事業公司、市政公用事業公司、合作社或競爭市場中的零售電力供應商。我們與各行各業都建立了深厚而長久的合作關係。這很重要。

On top of that, our renewables and storage portfolio provides us with the speed-to-market solution to get the initial phase of a data center off the ground and built. Think of it as a hook, so to speak, that's important for two reasons. First, it means the hyperscaler doesn't have to wait. Second, it allows us to then grow with our data center customers over time by providing additional capacity through other power generation solutions like new gas-fired generation or SMRs.

此外，我們的再生能源和儲能產品組合為我們提供了快速上市的解決方案，可以啟動並建立資料中心的初始階段。你可以把它看作是一個引子，它之所以重要，有兩個原因。首先，這意味著超大規模資料中心營運商無需等待。其次，它使我們能夠隨著時間的推移，透過其他發電解決方案（如新的燃氣發電或小型模組化反應器）提供額外的容量，從而與我們的資料中心客戶共同成長。

Importantly, we've done the work to make sure we are ready to build what our customers need when and where they need it. And we're not just building new infrastructure. We are also working to maximize the value of our existing assets. I talked about our recontracting opportunity at our nuclear sites. It's the same story across our renewables fleet, where we have up to 6 gigawatts of recontracting opportunities through 2032.

重要的是，我們已經做好充分準備，確保我們能夠隨時隨地滿足客戶的需求。我們不僅僅是在建設新的基礎設施。我們也在努力最大限度地發揮現有資產的價值。我談到了我們在核設施的重新承包機會。我們的再生能源專案也面臨著同樣的情況，到 2032 年，我們有高達 6 吉瓦的續約機會。

The PPAs for these projects were signed more than a decade ago during much different market conditions. As the PPAs begin to expire over the next several years, we believe recontracting will command a higher price.

這些項目的購電協議是在十多年前簽署的，當時的市場環境與現在大不相同。未來幾年，隨著購電協議陸續到期，我們認為重新簽訂合約的價格將會更高。

Energy Resources customer supply business also creates a key competitive advantage, providing significant market insight. And that portfolio and knowledge base is growing. On January 9, we successfully closed on our acquisition of Symmetry Energy Solutions, which is one of the leading suppliers of natural gas in the US, and an ideal addition to our footprint. Symmetry operates in 34 states and provides us access to additional physical assets, enabling us to deliver a broad range of solutions for our customers.

能源資源客戶供應業務也創造了關鍵的競爭優勢，提供了重要的市場洞察。而且，該投資組合和知識庫還在持續成長。1月9日，我們成功完成了對Symmetry Energy Solutions的收購，該公司是美國領先的天然氣供應商之一，也是我們業務版圖的理想補充。Symmetry 在 34 個州開展業務，並為我們提供了額外的實體資產，使我們能夠為客戶提供廣泛的解決方案。

We expect more gas-fired generation to be built across America, including by NextEra Energy. So having the ability to move molecules around the country is a critical skill set. We are also spending a considerable amount of time accelerating our use of artificial intelligence. In fact, I expect our team to leverage AI better than anyone in America.

我們預計美國各地將建造更多燃氣發電廠，其中包括 NextEra Energy 公司建造的發電廠。因此，具備在全國範圍內運輸分子的能力是一項至關重要的技能。我們也投入大量時間加快人工智慧的應用。事實上，我預計我們的團隊將比美國其他團隊更能利用人工智慧。

As we announced at our investor conference last month, NextEra Energy and Google Cloud have entered into a landmark strategic technology partnership to redefine the future of the electric industry. Google Cloud is helping us drive and accelerate our own enterprise-wide AI transformation called Rewire, and Rewire will also help us identify and ultimately build AI-first products leveraging Google Cloud's platform.

正如我們上個月在投資者大會上宣布的那樣，NextEra Energy 和 Google Cloud 已達成一項具有里程碑意義的策略技術合作夥伴關係，以重新定義電力產業的未來。Google Cloud 正在幫助我們推動和加速我們自己的企業級 AI 轉型，即 Rewire，Rewire 也將幫助我們識別並最終利用 Google Cloud 的平台建立 AI 優先的產品。

The plan is for our first products to help enable dynamic AI-enhanced field operations and a more reliable and resilient grid. In fact, we expect to launch our first product at an industry event in early February as our partnership with Google is off and running. As I said at our investor conference last month, past performance doesn't guarantee future results, but I believe it's a strong indicator when the road ahead looks a lot like the road NextEra Energy has already traveled.

我們的計畫是，首批產品將協助實現動態的人工智慧增強型現場作業，並建造更可靠、更具彈性的電網。事實上，我們預計將於 2 月初在一次行業活動上推出我們的首款產品，因為我們與Google的合作已經正式啟動。正如我上個月在投資者大會上所說，過去的業績並不能保證未來的結果，但我相信，當未來的道路與 NextEra Energy 已經走過的道路非常相似時，這是一個強有力的指標。

Across economic cycles, NextEra Energy's financial performance has remained consistent. The difference today is that we have more ways to grow and an opportunity like never before to build new energy infrastructure to meet growing power demand across our country. As we move forward, we will remain focused on what has long defined us, being America's leading utility company and leading energy infrastructure developer and builder of all forms of energy. I couldn't be more excited about our future.

在各個經濟週期中，NextEra Energy 的財務表現始終保持穩定。如今的不同之處在於，我們擁有更多發展途徑，並且擁有前所未有的機會來建造新的能源基礎設施，以滿足全國日益增長的電力需求。展望未來，我們將繼續專注於長期以來定義我們的目標，即成為美國領先的公用事業公司和領先的能源基礎設施開發商和各種能源建設者。我對我們的未來感到無比興奮。

With that, I'll turn it over to Mike.

接下來，我將把麥克風交給麥克。

Thanks, John. Let's begin with FPL's detailed results. For the full-year 2025, FPL's earnings per share increased $0.21 versus 2024. The principal driver of FPL's 2025 full-year performance was regulatory capital employed growth of approximately 8.1%. FPL's capital expenditures were approximately $2.1 billion in the fourth quarter, [bringing] it's full-year capital investments to a total of roughly $8.9 billion. FPL's reported return on equity for regulatory purposes is expected to be approximately 11.7% for the 12 months ending December 31, 2025.

謝謝你，約翰。讓我們先來看看FPL的詳細結果。2025 年全年，FPL 的每股盈餘比 2024 年增加了 0.21 美元。FPL 2025 年全年業績的主要驅動因素是監理資本投入成長約 8.1%。FPL第四季資本支出約21億美元，使其全年資本投資總額達到約89億美元。根據監管規定，FPL 截至 2025 年 12 月 31 日的 12 個月的股本回報率預計約為 11.7%。

During the fourth quarter, FPL utilized approximately $170 million of reserve amortization resulting in a remaining pretax balance of approximately $300 million at year-end 2025. Consistent with prior rate agreements, the Florida Public Service Commission approved a rate stabilization mechanism that allows us flexible amortization over the four-year period. Under FPL's new rate agreement, this $300 million will be available for future amortization to the approved rate stabilization mechanism.

第四季度，FPL 動用了約 1.7 億美元的儲備金攤銷，導致 2025 年底稅前餘額約為 3 億美元。根據先前的費率協議，佛羅裡達州公共服務委員會批准了一項費率穩定機制，允許我們在四年內靈活攤提。根據 FPL 的新費率協議，這 3 億美元將可用於未來透過已批准的費率穩定機制進行攤提。

When combined with the other components of the rate stabilization mechanism which are maintained on an after-tax basis, FPL will have an aggregate after-tax balance of approximately $1.5 billion available over the term of the agreement. This compares to the pretax balance of $1.45 billion that was approved in our prior four-year settlement in 2021.

加上其他以稅後為基礎維持的利率穩定機制組成部分，FPL 在協議期限內將擁有約 15 億美元的稅後餘額。這與我們在 2021 年批准的四年期和解協議中規定的稅前餘額 14.5 億美元相比有所減少。

Key indicators show that the Florida economy remains strong and Florida's population continues to be one of the fastest growing in the country. Its annual gross domestic product is now roughly $1.8 trillion or the 15th largest economy in the world, if Florida were its own country. For the fourth quarter of 2025, FPL's retail sales increased 1.7% from the prior year on a weather-normalized basis, driven primarily by continued strong customer growth.

關鍵指標顯示，佛羅裡達州的經濟依然強勁，佛羅裡達州的人口成長速度仍然是全美最快的地區之一。如果佛羅裡達州是一個獨立的國家，那麼它目前的年度國內生產總值約為 1.8 兆美元，是世界第 15 大經濟體。2025 年第四季度，FPL 的零售額按天氣因素調整後比上年同期成長 1.7%，主要得益於客戶持續強勁成長。

In the fourth quarter of 2025, we added over 90,000 customers as compared to the prior year comparable quarter. For the full-year 2025, FPL's retail sales increased 1.7% from the prior year on a weather-normalized basis, also driven primarily by the strong customer growth in our service territory.

2025 年第四季，我們新增客戶超過 9 萬，而去年同期客戶數為 9 萬。2025 年全年，FPL 的零售額按天氣因素調整後比上一年增長了 1.7%，這主要得益於我們服務區域內客戶的強勁增長。

Now let's turn to Energy Resources, which reported full -year adjusted earnings growth of approximately 13% year over year. For the full year, contributions from new investments increased by $0.47 per share, reflecting continued demand growth for our generation in storage portfolio. Contributions from our existing clean energy assets decreased $0.04 per share. Increased contributions from our nuclear fleet were more than offset by the absence of earnings due to the minority sale of certain pipeline assets in 2024 and other headwinds, including wind resource.

現在讓我們來看看能源資源公司，該公司公佈的全年調整後收益年增約 13%。全年來看，新投資帶來的收益每股增加了 0.47 美元，反映出市場對我們儲能產品組合的需求持續成長。來自我們現有清潔能源資產的貢獻每股減少了 0.04 美元。我們核電廠貢獻的增加被 2024 年出售部分管線資產所導致的收益減少以及其他不利因素（包括風能資源）所抵銷。

Our customer supply and trading business increased results by $0.04 per share, driven by increased origination activity and higher margins. Other impacts decreased results by $0.30 per share year over year. This decline reflects higher financing costs of $0.17 per share, mostly related to borrowing costs to support our new investments, as well as increased development activity to support business growth and higher state taxes.

受業務拓展活動增加和利潤率提高的推動，我們的客戶供應和貿易業務每股收益增長了 0.04 美元。其他因素導致每股收益年減 0.30 美元。這一下降反映了每股0.17美元的融資成本上升，主要與支持我們新投資的借貸成本、支持業務成長的開發活動增加以及更高的州稅有關。

For the fourth year in a row, Energy Resources again delivered our best year ever for origination, adding nearly 13.5 gigawatts of new generation and battery storage projects to our backlog. This includes approximately 3.6 gigawatts since our last call, 1.7 gigawatts or almost 50% of our fourth-quarter additions for solar projects. Our 2025 origination performance reflects growing demand, including from hyperscalers that are looking for speed-to-market power solutions.

能源資源公司連續第四年實現了有史以來最好的專案開發業績，新增發電和電池儲能專案近 13.5 吉瓦。這包括自我們上次通話以來新增的約 3.6 吉瓦，占我們第四季度新增太陽能專案 1.7 吉瓦或近 50%。我們 2025 年的業務拓展業績反映了不斷增長的需求，其中包括來自尋求快速上市電力解決方案的超大規模企業的市場需求。

Our backlog now stands at approximately 30 gigawatts after taking into account roughly 3.6 gigawatts of new projects placed into service since our third-quarter call. In 2025, we placed over 2 gigawatts of battery storage into service, increasing our annual battery storage build from 2024 by roughly 220%. We believe our 30 gigawatt backlog provides terrific visibility into Energy Resources' ability to deliver attractive growth in the years ahead.

考慮到自第三季財報發布以來投入使用的新項目約有 3.6 吉瓦，我們目前的積壓項目約為 30 吉瓦。2025 年，我們投入使用了超過 2 吉瓦的電池儲能係統，使我們的年度電池儲能建設量比 2024 年增加了約 220%。我們相信，我們30吉瓦的積壓訂單能夠很好地展現能源資源公司在未來幾年實現可觀成長的能力。

Turning now to the consolidated results for NextEra Energy. For the full year, adjusted earnings per share from our Corporate and Other segment decreased by $0.12 per share year over year, primarily driven by higher interest costs. NextEra Energy delivered three- and five-year compound annual growth rates in operating cash flow of over 14% and over 9%, respectively.

現在來看看NextEra Energy的綜合業績。全年來看，公司及其他業務部門的調整後每股盈餘較去年同期下降 0.12 美元，主要原因是利息成本上升。NextEra Energy 的三年和五年經營現金流複合年增長率分別超過 14% 和 9%。

Our 2026 adjusted earnings per share expectation ranges of $3.92 to $4.02 per share remain unchanged. And as we said in December, we are targeting the high end of that range. NextEra Energy has met or exceeded its annual financial expectations since 2010 which is a record we are proud of. This provides us confidence in our 10 years of financial visibility that we shared with you at last month's investor conference.

我們對 2026 年調整後每股盈餘的預期範圍為每股 3.92 美元至 4.02 美元，保持不變。正如我們在 12 月所說，我們的目標是達到該範圍的高端。自 2010 年以來，NextEra Energy 每年都達到或超越了其財務預期，我們為此感到自豪。這讓我們對上個月在投資者大會上與大家分享的過去 10 年的財務可見性充滿信心。

We expect to grow adjusted earnings per share at a compound annual growth rate of 8%-plus through 2032, and are targeting the same from 2032 through 2035. All of the 2025 base of $3.71 of adjusted earnings per share. From 2025 to 2032, we expect that our average 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 2026 over 2024 base and 6% per year from year-end 2026 through 2028. As always, our expectations assume our caveats.

我們預計到 2032 年，調整後每股盈餘將以 8% 以上的複合年增長率成長，並計劃在 2032 年至 2035 年期間保持同樣的成長速度。2025 年調整後每股盈餘基準為 3.71 美元。從 2025 年到 2032 年，我們預期營運現金流量的平均成長率將達到或超過我們調整後的每股盈餘複合年增長率範圍。我們也預計，到 2026 年，每股股息將以 2024 年為基準，每年增長約 10%；從 2026 年底到 2028 年，每年增長約 6%。一如既往，我們的期望建立在我們提出的種種限制之上。

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

我們的發言稿到此結束。接下來，我們將開放提問環節。

(Operator Instructions) Steve Fleishman, Wolfe Research.

（操作說明）史蒂夫‧弗萊什曼，沃爾夫研究公司。

So subsequent to your Investor Day, I think Google announced the acquisition of Intersect, the renewables developer. So I'm curious kind of how does that fit in with how you're thinking about your partnership with Google. And if we do see other hyperscalers acquired developers, kind of how do you think that -- about that as a competitive risk? Or how are you just thinking about that if that becomes a thematic?

所以，在你們的投資者日之後，我認為Google宣布收購了再生能源開發商 Intersect。所以我很好奇，這與你對與Google合作的看法有何關聯。如果我們看到其他超大規模資料中心收購開發商，您認為這會帶來什麼樣的競爭風險？或者，如果這成為一個主題，你會怎麼思考這個問題？

Yeah, Steve, it's John. Thank you for the question. And first of all, the short answer is, it has no impact on our partnership. Google called us in advance of the announcement and set as much to us. And here's why.

是的，史蒂夫，我是約翰。謝謝你的提問。首先，簡而言之，這不會對我們的合作關係產生任何影響。谷歌在正式宣布之前就聯繫我們，並向我們透露了相關資訊。原因如下。

I mean, we have a lot of respect for Intersect, but they're a smaller developer. They're really concentrated in two states, California and ERCOT. And when you buy into a smaller developer, you're buying into their existing position. And you've really got to think through what that existing position comes with. Where are they on Safe Harbor, right? Those deadlines have already passed for tax credits.

我的意思是，我們非常尊重 Intersect，但他們畢竟是一家規模較小的開發商。它們主要集中在兩個州：加利福尼亞州和ERCOT。當你投資規模較小的開發商時，你實際上是在接受他們現有的地位。你真的需要仔細考慮現有職位會帶來什麼。他們在安全港的哪個位置？這些稅收抵免的截止日期已經過了。

So you're stuck with whatever Safe Harbor position that they have as smaller developers always are going to have a small Safe Harbor position just given the obvious limitations, [FIAC] right, is another Safe Harbor where the deadline has passed as well. We are an outstanding position in both of those areas and have a ton of flexibility to add a lot of generation.

所以，由於顯而易見的限制，小型開發商只能接受他們所擁有的任何安全港立場，因為他們的安全港立場總是很小。 [FIAC] 對吧，另一個安全港，截止日期也已過了。我們在這兩個領域都處於非常有利的地位，並且擁有很大的靈活性來增加大量的發電量。

You're also kind of stuck with their inventory. Where are the permitted sites? We have permitted sites across the United States. We have 1.5 times coverage on those sites. You're also kind of stuck with their supply chain position and their relationships.

你也得接受他們的庫存。允許的拍攝地點在哪裡？我們在美國各地都有授權站點。我們在這些網站上的覆蓋率是其他網站的 1.5 倍。你也在某種程度上受制於他們的供應鏈地位和人際關係。

Have they -- remember, there's long lead time equipment that has to be secured. So if you weren't planning on an acquisition, you probably didn't have a lot of inventory to start with to go engage in a large build. And so I think that's certainly a limiting factor. We've been very vocal. I know we've been out buying equipment for -- across the energy value chain, secured our solar and storage inventory through 2029.

有嗎？記住，有些設備需要較長的交貨週期才能到位。所以，如果你原本沒有收購計劃，你可能一開始就沒有很多庫存來進行大規模建設。所以我認為這無疑是個限制因素。我們一直積極發聲。我知道我們一直在採購設備——涵蓋整個能源價值鏈，確保我們的太陽能和儲能庫存能夠持續到 2029 年。

I don't think a lot many small developers can say that. And then experience across technologies, you got to really find somebody that knows all 50 states that can do business in 50 states, understands the ISOs in and out, working with FERC, working with Washington, and experience across wind and solar and storage and transmission, whether it's electric or gas. All of those things are nuclear and gas-fired generation.

我覺得很少有小型開發商能這麼說。此外，還需要跨技術領域的經驗，你必須找到一個了解美國所有 50 個州並能在美國所有 50 個州開展業務的人，了解各個獨立系統運營商 (ISO) 的運作方式，與聯邦能源監管委員會 (FERC) 和華盛頓方面合作，並且在風能、太陽能、儲能和輸電方面擁有經驗，無論是電力還是天然氣。這些都是核能發電和燃氣發電。

It's very rare and unusual and unique the position that NextEra is in. And so I think when you put all those factors together, addressing your other question, the competitive risk, I just don't see it. We are in a period of significant power demand, needing to put electrons on the grid. We have great sites. We have 20 data center hubs on the -- that we're developing currently trying to expand that to 40. Small developers just don't have that.

NextEra 目前所處的地位非常罕見、不尋常且獨特。所以我覺得，當你把所有這些因素綜合起來考慮時，對於你提出的另一個問題——競爭風險，我真的看不到任何風險。我們正處於電力需求旺盛的時期，需要將電力輸送到電網。我們擁有很棒的網站。我們在網路上有 20 個資料中心樞紐——我們目前正在開發，並試圖將其擴展到 40 個。小型開發商根本沒有這種條件。

And so we're in a great spot, and I couldn't be less concerned.

所以我們現在處境很好，我一點也不擔心。

Understood. One other question, just on -- we've seen a little more noise just on kind of data center citing opposition or concerns about causing rates to go up and including some, I think, in Florida. Just could you maybe just talk to how you're feeling about that overall, but maybe specific in your Florida plant?

明白了。還有一個問題，關於——我們看到一些關於資料中心的噪音，有人反對或擔心會導致費率上漲，我認為其中一些發生在佛羅裡達州。您能否談談您對這件事的整體感受，特別是您對您在佛羅裡達州的工廠的具體感受？

Sure. I'll turn that over to Scott Bores to address the Florida question, then I'll come back and talk about the [nat] or what we're seeing on the national level.

當然。我將把這個問題交給斯科特·博雷斯來回答佛羅裡達州的問題，然後我再回來談談全國的情況，或者說我們在全國範圍內看到的情況。

Steve, it's Scott. In Florida, right now, we are in legislative session. There are two pieces of legislation out there, one by the House, one by the Senate. The Senate is the one that's advanced through already through a committee. I will say, is the more constructive legislation.

史蒂夫，我是史考特。目前，佛羅裡達州正在召開立法會議。目前有兩項立法提案，一項來自眾議院，一項來自參議院。參議院那邊已經通過委員會審議通過了。我認為，這是更具建設性的立法。

What that is really pushing for is, I'll say, a lot of what our tariff already does, providing protection to the general body of customers. And so we are going to continue to support that legislation as it advances. And I think ultimately, that is going to allow us to continue to move our tariff forward and hopefully continue to get some customers signed up and move that forward. But nothing we're concerned about in Florida.

可以說，它真正推動的，正是我們現行關稅制度已經實現的，也就是為廣大消費者提供保護。因此，我們將繼續支持該項立法進程。我認為最終這將使我們能夠繼續推進我們的資費方案，並希望能夠繼續吸引一些客戶簽約，從而推動這項進程。但在佛羅裡達州，我們並不擔心這些事。

Yeah. When I look at things nationally, that's what's so beneficial about what NextEra Energy brings to the table, right? One, we have a national footprint. Two, we have the ability to really help our customers design affordable and reliable solutions, given what we can bring to the table across the energy value chain, we really can help them actually come up with a solution that really threads the needle around affordability, but also bringing the necessary electrons that are required to create that job creation, create that property tax base.

是的。從全國來看，這正是 NextEra Energy 的優勢所在，對吧？第一，我們的業務遍及全國。第二，鑑於我們在整個能源價值鏈上所能提供的優勢，我們有能力真正幫助客戶設計經濟實惠且可靠的解決方案，我們確實可以幫助他們找到一個既能兼顧經濟性，又能提供創造就業機會和創造房產稅基礎所需的必要電力的解決方案。

And like I said in my prepared remarks, I mean, we really see this heading more towards bring your own generation. And I think that's how we've set up our entire pipeline in our development effort. And we are one of the very few companies that are out there building and if investors are looking for a way to get exposure to a builder, I think we're the perfect answer for that.

正如我在準備好的發言稿中所說，我們確實看到這正朝著培養我們這一代的方向發展。我認為這就是我們在研發工作中建立整個流程的方式。我們是極少數仍在進行建設的公司之一，如果投資者正在尋找投資建築公司的機會，我認為我們是完美的答案。

And I think that's where Washington is heading. I think that's where the various ISOs are heading because it's going to be really important that the hyperscaler shoulder the cost associated with the incremental generation that has to be built to power the data center. And I think we're the perfect partner to do that given the relationships that we have, given our ability to do things on a -- at a much lower cost than our competition. And so feel good about where things stand outside of (inaudible) for those reasons.

我認為華盛頓的發展方向就是如此。我認為這就是各個獨立系統營運商 (ISO) 的發展方向，因為對於超大規模資料中心營運商來說，承擔為資料中心供電而必須建造的新增發電設施的相關成本將非常重要。我認為，鑑於我們擁有的關係，以及我們能夠以比競爭對手低得多的成本完成工作，我們是完成這項工作的完美合作夥伴。因此，基於這些原因，除了（聽不清楚）之外，我對事情的現狀感到滿意。

Thank you very much.

非常感謝。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Maybe pick it up where we left off here. Look, I'd love to hear a little bit about how you think and what's the expectations on the cadence of announcements to hit these targets, whether the 15 or 30 gigawatts. And specifically, what the success in 2026 look like in order to ensure you're tracking against those 15-plus what have you?

或許我們可以從這裡繼續。我很想聽聽你們的想法，以及對於實現這些目標（無論是 15 吉瓦還是 30 吉瓦）的公告節奏有何預期。具體來說，2026 年的成功是什麼樣的，才能確保你朝著那 15 歲以上的人的目標前進？

And then within that, John, how do you think about the kind of resource mix? Is 15? What's the composition of gas versus renewables, et cetera, if you can? And then maybe a subpart to that tie back to what Steve said, how would you set milestones or expectations in FPL specifically? I know you guys talked about the (inaudible). Is that coming sooner or later relative to the new efforts on the hubs?

那麼，約翰，你認為在這種情況下，資源組合應該如何安排呢？是15嗎？如果可以的話，請介紹天然氣與再生能源等能源的組成。然後，也許可以進一步探討史蒂夫剛才提到的問題：在FPL中，你會如何設定里程碑或預期目標？我知道你們討論過…（聽不清楚）相對於樞紐站的新措施而言，這種情況是會更快出現還是更晚出現？

Yeah. Let me go ahead and take those in order, Julien. So first of all, let's just talk about the development expectations that we laid out at the investor conference. As I've said before, they're not heroic, right? I mean, they're basically -- as long as we can do through 2032, what we've done over the last 10 or 20 years, we're going to be a great shape, right.

是的。朱利安，讓我按順序來吧。首先，讓我們來談談我們在投資者大會上提出的發展預期。正如我之前所說，他們算不上英雄，對吧？我的意思是，基本上——只要我們能做到過去 10 年或 20 年所做的一切，直到 2032 年，我們就會處於非常有利的地位，對吧。

I mean, we're counting on market share that is very consistent with what we've been able to achieve over the last one to two decades. In renewables, it's about 15% to 20% and storage is about 20% to 30%. And in gas, through 2032, it's only 5% to 10% market share. So we feel very good, first of all, with the base forecast.

我的意思是，我們指望的市場份額與我們過去一二十年所取得的成就非常一致。再生能源中約佔 15% 至 20%，儲能中約佔 20% 至 30%。到 2032 年，天然氣市佔率僅為 5% 至 10%。首先，我們對基礎預測非常滿意。

Second, when you mentioned the 15 by 35, one of the things that I want to make really clear is that 15 by 35 is just an origination channel, right? That's a program that we have on the origination side to hit those very reasonable, very realistic development expectation. It's one of many ways to get there. And when you unpack that 15 to 35 gigawatts, the composition of it is roughly 6 gigawatts of gas-fired generation by 2035. And it's going COD by 2035 to hit that.

第二，當你提到 15 by 35 時，我想明確說明的一點是，15 by 35 只是一個內容發佈管道，對吧？這是我們在計畫啟動時所製定的計劃，旨在實現那些非常合理、非常現實的發展預期。這是到達那裡的眾多方法之一。當你仔細分析這 15 至 35 吉瓦的發電量時，你會發現到 2035 年，其中大約有 6 吉瓦是燃氣發電。為了達到這個目標，到 2035 年它將採用 COD 模式。

And it's a mix of renewables in storage for the balance. So we feel good about where we stand. And we hope to be able to do a little bit better than that. Actually, let me make one clarification. That's 6 gigawatts of gas by 2032. I said 2035, by 2032. And second, let me talk about the milestones for Florida real quick, and then we'll turn things over to Armando to add some points on Florida.

其餘部分則由儲能的再生能源混合供應。所以我們對目前的處境感到滿意。我們希望能夠做得更好。實際上，讓我做一點澄清。到 2032 年，這將需要 6 吉瓦的天然氣。我說的是2035年，也就是到2032年。其次，讓我快速談談佛羅裡達州的里程碑事件，然後我們將把發言權交給阿曼多，讓他補充一些關於佛羅裡達州的內容。

For FPL, we feel really good about where things stand. Right now, we have 20 gigawatts of interest in Florida. And we have advanced discussions with customers on roughly 9 gigawatts for all the reasons that I had in my prepared remarks, Florida is a terrific data center opportunity for the right partner. I think folks see that. And they realize the benefits and the growth that we're going to be seeing in Florida, the fiber latency issues that need to be close to where businesses developing in South Florida, all the development that we're seeing across the state.

對於FPL來說，我們對目前的狀況感到非常滿意。目前，我們在佛羅裡達州有 20 吉瓦的裝機需求。我們已經與客戶就大約 9 吉瓦的容量進行了深入討論，原因正如我在準備好的發言稿中所述，佛羅裡達州對於合適的合作夥伴來說是一個絕佳的數據中心機會。我想大家都能看出這一點。他們意識到佛羅裡達州將迎來許多好處和成長，也意識到南佛羅裡達州企業發展需要靠近光纖延遲問題，以及我們在全州看到的各種發展。

But second, what's really attractive and what's really appealing, I think, for hyperscalers is -- look, we have a really -- we have a low bill. We know how to get things done. We have a long track record of being able to work with the state at all levels. And -- but most importantly, from a customer standpoint, we have a large load tariff that makes sure that the hyperscaler is paying the cost of the additional build, not the customers in Florida.

但其次，我認為對超大規模資料中心營運商來說真正有吸引力的是——你看，我們的帳單真的很低。我們知道如何把事情做好。我們一直以來都與各級政府保持著良好的合作關係。而且—但最重要的是，從客戶的角度來看，我們有很高的負載費率，確保超大規模資料中心營運商支付額外的建造成本，而不是佛羅裡達州的客戶。

Armando, do you have anything you'd like to add?

阿曼多，你還有什麼要補充的嗎？

Yeah. Just real quick, Julien. So John had in the prepared remarks, a Senate had said 2025 was about laying the groundwork in 2026 is about execution. That applies to both companies and certainly to FPL.

是的。朱利安，就簡單說一句。約翰在事先準備好的演講稿中提到，參議院曾表示，2025 年是奠定基礎的一年，2026 年是執行的一年。這適用於這兩家公司，當然也適用於FPL。

To answer your question as specific as I can, my expectations is that in 2026, that there will be announcements regarding large load in our service territory. That's certainly what we are shooting for and working for, and that's what 2026 for us is all about.

為了盡可能具體地回答您的問題，我預計在 2026 年，我們服務區域內將發布有關大負荷的公告。這當然是我們努力的目標，也是我們展望 2026 年的意義。

And Julien, on the question around what does 2026 look like for us for success. I'd just go back to 13 -- comment about 13 is our expectations. This is our kind of road map that we're going to track against from the standpoint of where do we think we'll be developing. And so this is -- the channel feeds into this, as John mentioned.

還有 Julien，關於 2026 年對我們來說意味著什麼才能成功這個問題。我只想回到第 13 點——關於第 13 點的評論就是我們的期望。這是我們用來衡量未來發展方向的路線圖。所以，正如約翰所提到的，這個頻道就是為此而設的。

So we're looking at the expectation of what we're laying out here on page 13 and continue to track against those.

所以，我們正在檢視我們在第 13 頁提出的預期目標，並繼續與這些目標進行比較。

And just as a quick follow up in terms of (inaudible) maybe and not to pin down too much on '26. But how do you think about, say, chunkier announcements, say, with Google here and making specific announcements around that versus the typical quarterly announcement cadence of singles and doubles to kind of quote-unquote, chip away, against that 15-plus gigawatt target on the near side.

至於（聽不清楚）也許，也不要過度確定 '26 的情況。但是，你如何看待像谷歌這樣發布更重大公告，並圍繞該公告做出具體宣布，而不是像通常那樣每季度發布一兩項公告，以“一點一點地”實現近期超過 15 吉瓦的目標？

Should we expect bigger announcements here or is this going to be more of a regular quarterly cadence of chipping away?

我們是否應該期待會有更大的消息公佈，還是會像往常一樣，每季逐步推進？

Yeah. I mean, I'll say two things about that, Julien. I mean, first of all, we are -- we have a lot going on as a company, a lot of opportunities, a lot of discussions that we're having with customers that are in various stages. You should not expect us to wait for quarterly calls to announce those things. So as they happen, we will come forward with them on those chunkier deals as you call them.

是的。關於這一點，朱利安，我想說兩點。我的意思是，首先，我們公司有很多事情要做，有很多機會，我們正在與處於不同階段的客戶進行許多討論。你們不應該指望我們等到季度電話會議才宣布這些事情。所以，一旦有這樣的機會，我們就會就你們所說的那些大額交易提出方案。

Thank you, guys. I'll leave it there. (inaudible)

謝謝大家。我就說到這兒吧。（聽不清楚）

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

John, just in terms of the nuclear recontracting, maybe just an update in Wisconsin since the existing counterparties need to make a source decision kind of soon. I guess where do we stand on marketing the open capacity? And just given the amount of acreage that's around the site, could we see sort of a behind-the-meter deal structure there or should we continue to assume a virtual deal just given the BYOG initiatives, et cetera?

約翰，就核能再承包事宜而言，或許可以更新威斯康辛州的情況，因為現有交易對手需要盡快做出能源來源的決定。我想問一下，我們在推廣開放產能方面進展如何？考慮到場地周圍的面積，我們能否看到某種按錶計費的交易結構，或者考慮到自帶電錶計劃等因素，我們是否應該繼續假設虛擬交易？

Yeah. I mean, first of all, on Wisconsin endpoint, I'd say this about all of our nuclear plants. We saw how much interest there was around Duane Arnold. There's a lot of interest around Point Beach. Wisconsin is in a great spot for data center build-out.

是的。我的意思是，首先，就威斯康辛州終點站而言，我想對我們所有的核電廠都這麼說。我們看到了人們對杜安·阿諾德的濃厚興趣。人們對Point Beach很感興趣。威斯康辛州地理位置優越，非常適合建造資料中心。

It's no secret how much interest there's been there, [Foxconn] and Cloverleaf and some of the other expansion opportunities around the state, very conducive to data center buildout. And so with that becomes a lot of interest around power generation solutions. And given the relationships that we have with utilities in the Midwest region and with cooperatives in the area, you saw the (inaudible) deal that we announced with 14% of the generation already having been secured, as one example of that.

眾所周知，富士康、Cloverleaf 以及該州其他一些擴張機會都對資料中心建設表現出了濃厚的興趣，這些都非常有利於資料中心的建設。因此，人們對發電解決方案產生了濃厚的興趣。鑑於我們與中西部地區的公用事業公司和合作社的關係，你們可以看到我們宣布的（聽不清楚）協議，其中 14% 的發電量已經得到保障，這就是一個例子。

We feel very good about how that asset is positioned. We're going to be careful and methodical about our approach and make sure that we are doing the right thing by our shareholders in terms of what we ultimately do with that asset.

我們對這項資產的定位非常有信心。我們將採取謹慎、有條不紊的方法，確保在最終處置該資產時，我們為股東做出正確的決定。

Got it. Okay. Appreciate that. And then just on PJM, specifically, a lot of different data points there. But would you participate in the backstop auction there, just either on the renewable or gas side? Is it sort of becoming a little bit more constructive as a solution?

知道了。好的。謝謝。然後，具體來說，就 PJM 而言，有很多不同的數據點。但您會參與那裡的備用資產拍賣嗎？就算只參與再生能源或天然氣的拍賣？它作為一種解決方案，是否變得更有建設性了？

Yeah. I think Shar, the way I would answer that is still a lot to play out, right? And you got to have regulatory certainty before you allocate capital against any investment. And so we would have to have real regulatory certainty around outcomes here in order to drive new investment. And I think that is exactly what the administration is trying to do.

是的。我認為，Shar，我的回答是，還有很多事情需要發展，對吧？在將資金投入任何投資之前，必須確保監管方面的確定性。因此，我們需要對相關結果有真正的監管確定性，才能推動新的投資。我認為這正是本屆政府試圖要做的事。

And I think that's what the 13 governors that signed on to the recent framework agreement that -- or framework proposal that was announced. But PJM has more work to do in terms of coming up with what exactly they plan for the future of that market.

我認為這就是最近簽署框架協議（或框架提案）的 13 位州長的想法。但 PJM 在製定未來市場發展計畫方面還有更多工作要做。

But certainly, under the right construct, it could be attractive for new generation, but you have to have a long-term certainty around what capacity prices are going to be. They have to be at the right level in order to support new investment in that area. And as I look at it with how we're positioned to ramp BYOG, we have so many opportunities around the United States right now that we are pursuing. But certainly, we have a close keen eye on PJM as well and are watching to see how things play out.

當然，在合適的架構下，它對新一代發電公司來說可能很有吸引力，但你必須對容量價格的長期走勢有明確的預期。它們必須達到合適的水平，才能支持該領域的新投資。從我們目前在擴大自帶設備 (BYOG) 方面的位置來看，我們現在在美國各地有很多機會正在尋求發展。當然，我們也密切關注著 PJM，並密切關注事態發展。

Got it. Perfect. That's all the questions I had. Thanks.

知道了。完美的。這就是我所有的問題了。謝謝。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

I just wanted to come back in the FPL large load discussion. Just -- I wanted to just understand, you have the tariff framework in place so what is the kind of gating items more on the customer side? Like what are your customers telling you they're still trying to get done before being able to kind of move forward with an agreement? Is it like water, land permitting (inaudible)? I guess just what needs to kind of fall into place to see some announcements here in '26?

我只是想回到FPL大負載討論中來。我只是想了解一下，你們已經制定了關稅框架，那麼在客戶方面有哪些限制因素呢？例如，你的客戶告訴你，在達成協議之前，他們還需要完成哪些事情？它就像水一樣，只要土地允許。（聽不清楚）？我想，要等到 2026 年有一些消息公佈，還需要哪些條件具備呢？

Thanks. So look, customers want to make sure that when they're plopping down the $10 billion or so for all the capital that's needed for one of these, they're in a place that they feel comfortable long term. And while we have a tariff, there is current legislation being cost up in Tallahassee that may make a difference in terms of water usage, may make a difference in terms of items that the hyperscalers are large load company entities can get from local municipalities or from the state, and they're waiting to see how that shakes itself out.

謝謝。所以你看，客戶希望確保當他們投入大約 100 億美元用於此類專案所需的所有資金時，他們能夠長期感到安心。雖然我們有關稅，但塔拉哈西目前正在製定一項立法，該立法可能會對用水量產生影響，也可能會對超大規模資料中心（大型負載公司實體）可以從當地市政當局或州政府獲得的物品產生影響，他們正在等待看看最終結果如何。

Scott answered a question before on what's going on in Tallahassee. We feel quite comfortable that we are going -- we are all going to get to a very constructive outcome in terms of what test data centers have to look at in order to do business in Florida. But my expectation is, as I answered the question before, is that in 2026, based on what we are seeing, the interest that we are seeing on the ground here in Florida, and particularly in the FPL service territory, that there will be some announcements in 2026.

斯科特之前回答過一個關於塔拉哈西正在發生的事情的問題。我們很有信心，我們將會取得非常有建設性的結果，明確測試資料中心為了在佛羅裡達州開展業務需要考慮哪些因素。但正如我之前回答這個問題時所說，我的預期是，根據我們目前在佛羅裡達州，特別是FPL服務區域內所看到的情況和興趣，2026年將會有一些公告發布。

So again, I expect there to be a constructive outcome to the legislation that's being discussed up in Tallahassee. And I also think it's very likely that we will have announcements in 2026 regarding large load in our service territory.

因此，我再次期待塔拉哈西正在討論的立法能夠取得建設性成果。而且我認為，我們很可能在 2026 年會發布有關我們服務區域內大負載運輸的公告。

Great. Thanks. Sorry to make you repeat yourself. And then maybe just a quick update on supply chain. I know you have the 4 to 8 gigawatt gas target. You talked about having secured supply for 4 gigs. Just when would you kind of secure the additional 4? And where do you see pricing right now through 2032 and availability?

偉大的。謝謝。不好意思，讓你重複一遍。然後或許可以簡單回報一下供應鏈的最新情況。我知道你們的目標是4到8吉瓦的天然氣發電量。你提到已經確保了 4 個 G 級設備的供應。你打算什麼時候才能確保再增加這4個人？那麼，您認為從現在到 2032 年的價格和供貨情況會如何？

Yeah, Nicholas. So first of all, we have the 4-gig position on gas, which we would put against the opportunity set, mainly those data center hub opportunities that we see and are continuing to advance I've talked a lot about on this call.

是的，尼古拉斯。首先，我們有 4 千兆的天然氣投資頭寸，我們將它與一系列機會進行對比，主要是我們看到的、並且正在不斷推進的數據中心樞紐機會，我在這次電話會議上談了很多。

From a -- when we secure more -- as our discussions continue to advance, and we continue to have very good discussions kind of across the board on those 20 gigawatts of data center hubs that we hope to grow to 40 by the end of this year. And we always make prudent decisions around how we manage our supply chain position. I don't worry too much about it in terms of gas turbine availability though.

從 a 開始——當我們獲得更多——隨著我們的討論不斷推進，我們繼續就這 20 吉瓦的數據中心樞紐進行非常好的全面討論，我們希望到今年年底將其增加到 40 吉瓦。我們始終在供應鏈管理方面做出審慎的決策。不過，就燃氣渦輪機的可用性而言，我並不太擔心。

I mean, given the relationship, the partnership that we have with GE Vernova, getting our hands on gas turbines at an economic and competitive prices, not the top of my list of things to be concerned about. And so I think that probably also addresses the pricing point. I can't give you specific pricing terms and conditions that we would get or that we would see. But they're -- I would say they're just remain consistent with what we told you back in December.

我的意思是，考慮到我們與 GE Vernova 的關係和合作關係，以經濟且有競爭力的價格獲得燃氣渦輪機並不是我最關心的事情。所以我認為這大概也解決了定價問題。我無法提供我們將會獲得或看到的具體定價條款和條件。但是——我想說，他們只是堅持了我們在去年12月告訴你們的說法。

Thank you.

謝謝。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Just want to start off with wind additions, if I could. It looked like a little uptick there. Just wondering if you could frame a bit more what you're seeing. Are there some green shoots that could be developing there?

如果可以的話，我只想先從風力發電的改進開始。看起來情況略有改善。想問您能否更詳細地描述一下您所看到的情況。那裡是不是有一些綠色的嫩芽正在生長？

Sure. We had some wind additions that you saw in '28 and '29, if you're looking at the backlog page. And listen, we continue to see balance across our business from the standpoint of opportunities for people are looking for electrons. And so from a green shoots perspective, I do think we'll continue to see more solar, more storage and then ultimately, gas relative to wind. I think that's a trend that continues to move forward.

當然。如果您查看待辦事項頁面，您會發現我們在 2028 年和 2029 年增加了一些風力發電專案。而且，從人們尋求電子產品的機會來看，我們繼續看到我們業務的各個方面保持平衡。因此，從發展前景來看，我認為我們將繼續看到更多的太陽能、更多的儲能，最終天然氣相對於風能將會發展。我認為這是一個會繼續發展的趨勢。

But we still see interest across the various products. We've got a national footprint and a national customer base and the need for electronics kind of varies. So we're glad to add them, but I think the trend is still going to be more towards solar and batteries as we think about those various products.

但我們仍然看到消費者對各種產品的興趣。我們擁有全國性的業務佈局和客戶群，而各地對電子產品的需求也各不相同。所以我們很高興能添加這些產品，但我認為，當我們考慮這些各種產品時，未來的趨勢仍然會更傾向於太陽能和電池。

Got it. Understood. And if I could just pivot towards SMRs. I think we started to see hyperscalers and other, I guess, end users start to adopt, I guess, one technology to run with. And so granted it's ways off at this point. But just wondering your thoughts on this and whether you might look to partner with one technology here to go for as everyone tries to go from (inaudible). And just wondering rough timing around design approval and then construction time lines if you were to go in that direction.

知道了。明白了。如果我能轉型做SMR就好了。我認為我們開始看到超大規模資料中心和其他終端用戶開始採用同一種技術。所以，目前來看，這還遙遙無期。我只是想知道您對此有何看法，以及您是否會考慮與一家科技公司合作，因為大家都在嘗試從（聽不清楚）我只是想了解一下，如果選擇這種方案，設計審批和施工時間表大概需要多長時間。

Yeah, good question. And we've done a lot of work around the OEMs. I think we said back in December, we kind of took the 96% or so folks that call the SMR OEMs and called that down to about 12 and then deep dives on technology, commercial assessment around the balance. And we have a very good feel as to who may make sense to advance discussions with there. But whether or not we partner with one, partnering is not something that we've historically done.

嗯，問得好。我們已經圍繞原始設備製造商做了很多工作。我想我們在去年 12 月說過，我們把大約 96% 的 SMR OEM 廠商篩選出來，最終確定了 12 家左右，然後對剩下的廠商進行了深入的技術分析和商業評估。我們很清楚應該和哪些人推進那邊的討論。但無論我們是否與其中一家公司合作，合作都不是我們歷史上做過的事。

We like to create competition amongst our suppliers unless one particular supplier has a concentration in a specific area or has a unique technology offering, and we can enter into attractive long-term pricing arrangement that creates win-wins. But we're always careful about locking ourselves in with just one -- with one counterparty.

我們喜歡在供應商之間創造競爭，除非某家供應商在特定領域擁有集中優勢或獨特的技術產品，我們可以與其達成有吸引力且互惠互利的長期定價協議。但我們始終謹慎，避免只與一個交易對手合作。

But obviously, for us to advance on SMR, which is something we are -- we have an SMR team, first of all, I should say, we are taking this very seriously. We have a development -- a part of our development organization that is focused 100% on SMRs. So we're not only looking at development around our existing nuclear sites, but we're also looking at greenfield opportunities as well and how an SMR could fit into a long-term solution around a data center hub as we look to the future.

但很顯然，為了推進 SMR 技術的發展，我們正在——我們有一個 SMR 團隊，首先，我應該說，我們非常認真地對待這件事。我們有一個研發部門－我們研發機構的一部分，100%專注於小型模組化反應器（SMR）。因此，我們不僅在關注現有核電廠周圍的開發，而且還在關注新建核電廠的機會，以及展望未來，小型模組化反應器如何融入資料中心樞紐的長期解決方案。

But again, any movement from us on SMRs and go back to what I said in the prepared remarks, has to be under the right commercial terms and conditions where there's appropriate risk sharing capping on financial exposure because we're going to be very prudent and careful how we approach that market. But excited about the potential.

但是，正如我在準備好的發言稿中所說，我們在小型模組化反應器（SMR）方面的任何舉措，都必須在合適的商業條款和條件下進行，對財務風險敞口設定適當的風險分擔上限，因為我們將非常謹慎小心地對待這個市場。但對它的潛力感到興奮。

You also asked about some of these announcements where you see hyperscalers teaming up with one specific OEM. Not sure how much I would read into that. I think really folks are just trying to learn more and see who has viable solutions out there. We'll see which ones actually advance over time, but that's what we are keenly focused on.

您還問到了一些公告，其中提到超大規模資料中心營運商與某個特定的原始設備製造商 (OEM) 合作。我不太確定應該對此作何解讀。我認為大家其實只是想了解更多信息，看看誰能提供切實可行的解決方案。我們會看看哪些專案能夠隨著時間的推移而真正取得進展，但這正是我們目前的重點。

And in any discussion, it's not around SMRs, it's not only with the OEM, it's with the hyperscaler as well. It's with the government, right? I mean it's going to take four parties coming together to come up with the right structure that makes sense, but it's something we're very focused on.

而且在任何討論中，重點都不只是 SMR，不僅涉及 OEM，還涉及超大規模資料中心營運商。是政府那邊的事，對吧？我的意思是，這需要四個方面共同努力才能製定出合理的方案，但這是我們非常關注的事情。

Yeah. And then the only thing I'd add, which I know we said before is while we are spending a lot of time, it's not in our -- that would be upside to our plan. If we were able to put something together, we are spending all that time that John talked about it, and it would be upside to our plan.

是的。然後我唯一要補充的是，我知道我們之前說過，雖然我們花了很多時間，但這並不在我們的計劃之內——這將是我們計劃的一個優勢。如果我們能把事情辦成，我們就把約翰所說的那些時間都花在了這件事上，這對我們的計畫來說是件好事。

But our base plan doesn't have SMRs in it. And so -- but we do think it could be good upside, and we're spending real time on it because I think there's an opportunity that we're excited about.

但我們的基本方案中不包含小型模組化反應器（SMR）。所以——但我們確實認為它可能有很大的發展潛力，我們正在投入大量時間研究它，因為我認為這是一個讓我們感到興奮的機會。

Got it. Makes sense. One quick last one, if I could. It does seem like the federal government is putting in very significant billions of dollars to support SMR and nuclear development here. Just curious, I think, if there's anything missing or what more could be put in there to get the market going in this direction?

知道了。有道理。如果可以的話，再快速問最後一個問題。聯邦政府似乎正在投入數十億美元來支持這裡的小型模組化反應器和核能發展。我只是好奇，是否還有什麼不足之處，或者還可以添加哪些內容來推動市場朝著這個方向發展？

Yeah. I think -- first of all, I think the administration is doing all the right things. Like you said, I mean, they are really trying to enable American Energy dominance across board and excited about many of the programs that they're coming forward with around nuclear in particular, around SMRs and advanced nuclear. I think that just those programs that they've already established create that the opportunity for that four-way discussion that I just mentioned in a very constructive way that I think could hopefully get one of these projects off and running under the appropriate commercial structure.

是的。我認為——首先，我認為本屆政府正在做所有正確的事情。正如你所說，我的意思是，他們確實在努力使美國能源在各個領域佔據主導地位，並且對他們正在提出的許多核能項目感到興奮，特別是小型模組化反應器和先進核能項目。我認為，他們已經建立的這些項目，為我剛才提到的四方討論創造了機會，而且這種討論具有非常建設性，我認為有望使其中一個項目在適當的商業結構下啟動並運行。

But more work to do there, right? I mean, I think we've made some very good progress in that area. And I think the government is doing the right things. And so up to developers and OEMs and customers to come together to work with the government on the right framework.

但那裡還有更多工作要做，對吧？我的意思是，我認為我們在這一領域取得了非常好的進展。我認為政府正在採取正確的措施。因此，開發商、OEM廠商和客戶需要齊心協力，與政府共同製定正確的框架。

Got it. Thank you. I'll leave it there.

知道了。謝謝。我就說到這兒吧。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

You had mentioned earlier the PJM recommendation for the transmission project with [Exelon]. I guess there's been some degree of pushback in Pennsylvania on that project given the cost and some of the shifts on the PJM load forecast. Can you just talk a little bit about that and your confidence in that project moving forward?

您之前提到PJM對輸電項目的建議，[艾克塞隆]。考慮到成本以及 PJM 負載預測的一些變化，我猜想賓州對該計畫有一定程度的抵制。您能否簡單談談這個項目以及您對未來發展該項目的信心？

Sure. Listen, I think our confidence continues to be high. PJM management to recommend, and we expect them to continue to recommend for the Board and the ultimate Board meeting. We're listening to everyone, all the stakeholders, the OCA, as they continue to think about this project, but we think this is important for reliability. It's the lowest-cost answer in the region to achieve that reliability and it continues to be supported by PJM.

當然。聽著，我認為我們的信心依然很高。PJM管理層將提出建議，我們預計他們將繼續向董事會和最終的董事會會議提出建議。我們正在聽取所有人的意見，包括所有利益相關者和OCA，他們都在繼續思考這個項目，但我們認為這對於可靠性至關重要。這是該地區實現這種可靠性的最低成本解決方案，並且一直得到 PJM 的支持。

So we're -- we feel good and continue to feel good, and we'll continue to listen to all the stakeholders throughout the process.

所以我們現在感覺很好，而且這種感覺會一直持續下去，我們也會在整個過程中繼續聽取所有利害關係人的意見。

Great. Thank you. And then just on the adjusted EBITDA outlook for '26 at near, if we look at the year-over-year guidance both gas pipes and gas infrastructure that looks down year over year. So just curious, given the asset purchases in that area this year, kind of what drives that decline? And if you see any potential upside, obviously, recognizing that's a smaller piece of the pie today.

偉大的。謝謝。然後，就 2026 年近期的調整後 EBITDA 展望而言，如果我們看一下同比指引，天然氣管道和天然氣基礎設施的指引都比去年同期下降。所以我很好奇，考慮到今年該地區的資產收購，是什麼導致了這種下滑？如果你看到任何潛在的上漲空間，顯然也要意識到，目前它所佔的份額還很小。

Yeah. I think as we've mentioned on the natural gas pipelines, it's going to be an area that we continue to grow over the course of the next decade. If you look at what occurred between 2025 and what we look at for 2026 is simply as you looked at our proportionate ownership share in XPLR, they had a pipeline of mean that they divested at XPLR, and that brought down that EBITDA. But as we look on a go-forward basis, pipelines will be critical piece of our growth trajectory for 2026 and beyond.

是的。我認為正如我們在天然氣管道方面所提到的，這將是我們在未來十年中持續發展的領域。如果你看看 2025 年到 2026 年之間發生的事情，你會發現，正如你所看到的，我們持有 XPLR 的股份比例，他們剝離了 XPLR 的一系列項目，這降低了 EBITDA。但展望未來，管道將是我們 2026 年及以後成長軌蹟的關鍵組成部分。

And this as you look at gas infrastructure, I think the reduction in EBITDA is relatively small, $50-ish million or so. So as you look at that piece, we'll continue to see that have a place in our overall structure, but I wouldn't necessarily expect that to be a key piece of our growth trajectory.

從天然氣基礎設施的角度來看，我認為 EBITDA 的減少幅度相對較小，大約在 5,000 萬美元左右。所以，從這個角度來看，我們會繼續看到它在我們的整體結構中佔有一席之地，但我並不認為它會成為我們成長軌跡的關鍵部分。

Got it. Thanks so much for the color.

知道了。非常感謝您提供的顏色。

At this time, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議至此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。