新世紀能源 (NEE) 2026 Q2 法說會逐字稿

Good day, and welcome to the NextEra Energy, Inc. second-quarter 2026 earnings conference call.

大家好，歡迎參加 NextEra Energy, Inc. 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

Please note this event is being recorded. I would now like to turn the conference over to Michael Dowling, Director of Investor Relations. Please go ahead.

請注意，本活動將被錄音。現在我想把會議交給投資人關係總監 Michael Dowling。請開始。

Good morning, everyone, and thank you for joining our second-quarter 2026 financial results conference call for NextEra Energy.

各位早安，感謝各位參加 NextEra Energy 2026 年第二季財務業績電話會議。

With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra; Mike Dunn, executive Vice President and Chief Financial Officer of NextEra Energy; Armando Pimentel, Vice Chairman of NextEra Energy; Scott Bores, 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.

今天早上與我一同出席的有：NextEra 董事長、總裁兼執行長 John Ketchum；NextEra Energy 執行副總裁兼財務長 Mike Dunn；NextEra Energy 副董事長 Armando Pimentel；Florida Power & Light Company（FPL）總裁兼執行長 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. We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties.

John 將先發表開場致詞，接著 Mike 將概述我們的業績。之後，我們的管理團隊將回答各位的提問。本次電話會議中，我們將基於目前的預期與假設發表前瞻性陳述，而這些陳述可能受到風險與不確定性的影響。

Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this conference call in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, www.nexteraenergy.com.

若我們的任何關鍵假設不正確，或因其他因素（如今日財報新聞稿與本次電話會議評論中所討論者、隨附簡報之風險因素章節，或我們近期向美國證券交易委員會提交的報告與申報文件中所述）影響，實際結果可能與前瞻性陳述存在重大差異；上述資料均可於我們網站 www.nexteraenergy.com 查閱。

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。今日簡報亦包含對非 GAAP 財務衡量指標的引用。請參閱今日簡報隨附投影片中的定義資訊，以及歷史非 GAAP 指標與最接近之 GAAP 財務衡量指標之調節表。

With that, I will turn the call over to John.

接下來，我把電話交給 John。

Thanks, Michael, and good morning, everyone. NextEra Energy delivered a strong second-quarter with adjusted earnings per share of $1.15, reflecting continued operational and financial execution across both FPL and Energy Resources. Through the first six months of the year, our adjusted earnings per share increased 9.8% year-over-year. NextEra Energy continues to be well positioned to deliver on its growth opportunities and its regulated and long-term contracted businesses in 2026 and beyond. Power demand continues to accelerate.

謝謝你，Michael，各位早安。NextEra Energy 第二季表現強勁，調整後每股盈餘為 1.15 美元，反映 FPL 與 Energy Resources 兩大業務在營運與財務執行上的持續到位。今年前六個月，我們的調整後每股盈餘年增 9.8%。NextEra Energy 仍具備良好定位，可在 2026 年及其後把握成長機會，並在受監管與長期合約業務上持續交付成果。電力需求持續加速成長。

NextEra Energy is uniquely positioned to meet the power demand needs of our customers because we have the scale, financial strength, supply chain, development expertise, and technology to build all forms of energy. Customers can't afford to wait for an energy partner to secure equipment, land, or financing. And states shouldn't have to choose between economic growth and affordable electric bills.

NextEra Energy 具備獨特優勢，可滿足客戶的電力需求，因為我們擁有規模、財務實力、供應鏈、開發專業與技術能力，能建置各種形式的能源。客戶無法承受等待能源合作夥伴去取得設備、土地或融資的時間。各州也不應在經濟成長與可負擔的電費之間被迫二選一。

Today, energy partners must deliver both. This is exactly what FPL and Energy Resources consistently do as we execute against our 12 ways to grow. Our deeply experienced teams are focused on serving our customers and delivering them the solutions they need when and where they need it. We believe FPL continues to be one of the best examples of how to serve rapid growth while keeping customer bills low and reliability high. The state remains one of the fastest growing in the nation supported by a large and increasingly diverse economy, continued net in migration, job creation, and business investment.

如今，能源合作夥伴必須同時交付兩者。這正是 FPL 與 Energy Resources 在落實我們「12 種成長方式」時一貫做到的。我們經驗深厚的團隊專注於服務客戶，並在客戶需要的時間與地點提供其所需的解決方案。我們相信，FPL 仍是如何在服務快速成長的同時維持低電費與高可靠度的最佳典範之一。在龐大且日益多元的經濟體支撐下，加上持續的淨移入人口、就業創造與企業投資，佛羅里達州仍是全美成長最快的州之一。

In fact, Florida's $1.8 trillion annual economy is now the 14 largest in the world, recently surpassing Australia and Mexico. That growth translates directly into electricity demand across our service area, including the Space Coast, and FPL is uniquely positioned to meet it. FPL added more than 90,000 customers in the second-quarter compared to the prior year comparable quarter. What differentiates FPL is that we don't choose between affordability and reliability and serving growth, we consistently deliver all three at the same time.

事實上，佛羅里達州每年 1.8 兆美元的經濟規模如今已是全球第 14 大，近期更超越澳洲與墨西哥。這樣的成長直接轉化為我們服務區域（包括太空海岸地區）的用電需求，而 FPL 具備獨特優勢可加以滿足。FPL 第二季新增客戶超過 90,000 戶，較去年同期增加。FPL 的差異化在於：我們不必在可負擔性、可靠度與服務成長之間取捨，而是能一貫同時交付三者。

Today, FPL's typical residential bill remains approximately 30% below the national average and is only projected to increase 2% annually on average through the end of the decade. We drive consistently low bills through exceptional operational efficiency. FPL's nonfuel O&M is more than 70% better than the industry average on a $1 per megawatt hour basis. Customers also continue to benefit from top decile reliability. That's more than 60% better than the national average.

目前，FPL 典型住宅用戶電費仍約比全美平均低 30%，且預估至本十年末平均每年僅增加 2%。我們透過卓越的營運效率，持續推動低電費。以每兆瓦時 1 美元為基準衡量，FPL 的非燃料營運與維護（O&M）成本表現較產業平均優異逾 70%。客戶也持續受惠於前十分位的供電可靠度。這比全美平均水準高出逾 60%。

This performance is a direct result of a proven long-term strategy centered on sustained, disciplined capital investment scale, a strong balance sheet and credit rating, a highly efficient operating model, and a diverse generation fleet. In fact, during the quarter, FPL placed into service four new cost-effective solar sites to support Florida's growth. And we remain on track to meet our full year expectations to install approximately 900 megawatts of solar and over 1.4 gigawatts of battery storage.

這些表現直接源自一套經驗證的長期策略，其核心在於持續且嚴謹的資本投資規模、強健的資產負債表與信用評等、高效率的營運模式，以及多元的發電組合。事實上，本季 FPL 已投入運轉四座具成本效益的新太陽能場址，以支援佛州成長。我們也仍按計畫達成全年目標：安裝約 900 兆瓦太陽能，以及超過 1.4 吉瓦的電池儲能。

It's why FPL continues to own and operate more solar and storage than any utility in America. Importantly, FPL is positioned to develop new cost-effective solar and storage for the benefit of its customers because approximately 90% of our generation mix is anchored and baseload gas-fired and nuclear generation, the result of sustained investments over the last 25 years to modernize our power plant fleet while meeting power demand from significant population growth.

這也是為什麼 FPL 持續成為美國擁有並營運太陽能與儲能規模最大的公用事業公司。重要的是，FPL 具備為客戶開發更多具成本效益的太陽能與儲能的條件，因為我們約 90% 的發電組合以燃氣與核能的錨定與基載發電為主；這是過去 25 年持續投資、在因應顯著人口成長帶來的用電需求同時，推動電廠機組現代化的成果。

We continue to see very strong interest from hyperscalers and other large load customers that value speed to market, reliability and competitive power pricing. That is why in May, we updated our expectations from 6 gigawatts to 8 gigawatts of large load by 2032. As part of FPL's new four-year rate agreement, we designed our large load tariff to protect our existing customers. We believe our large load tariff is industry-leading. In fact, in May, Florida's governor signed a bill that codified many aspects of FPL's large load tariff into law.

我們持續看到超大規模雲端業者（hyperscalers）及其他大型負載客戶展現非常強勁的興趣，這些客戶重視上市速度、可靠度與具競爭力的電價。因此，我們在 5 月將原先對 2032 年大型負載的預期由 6 吉瓦上調至 8 吉瓦。作為 FPL 新的四年期費率協議的一部分，我們設計了大型負載費率（tariff），以保護既有客戶。我們相信，我們的大型負載費率在業界具領先地位。事實上，5 月佛州州長簽署法案，將 FPL 大型負載費率的多項內容編入法律。

And yesterday, along with Dominion Energy and certain other utilities, we announced our support for the White House's rate payer protection pledge, which reinforces this principle of large load customers paying their fair share.

而在昨天，我們與 Dominion Energy 及其他部分公用事業公司共同宣布支持白宮的「費率支付者保護承諾」，以強化大型負載客戶應支付其公平份額的原則。

Importantly, it's aligned with how we already approach our infrastructure projects to serve large load customers. We have roughly 21 gigawatts of large load interest at FPL. Of that, we are in advanced discussions on 12 gigawatts, a portion of which we believe we could begin serving as soon as 2028. FPL is advancing negotiations with large load customers and continues to expect to announce at least one large load transaction under FPL's tariff by the end of the year. Initially, we expect every gigawatt of large load under FPL's approved tariff to be equivalent to roughly $2 billion of CapEx and to earn the same return on equity as other FPL investments.

重要的是，這也與我們一向服務大型負載客戶之基礎建設專案的做法一致。FPL 目前約有 21 吉瓦的大型負載意向。其中，我們正就 12 吉瓦進行深入洽談，且其中一部分我們相信最快可於 2028 年開始供電。FPL 正推進與大型負載客戶的談判，並仍預期在年底前，至少宣布一筆依據 FPL 費率所進行的大型負載交易。初期我們預期，在 FPL 核准費率下，每新增 1 吉瓦大型負載約相當於 20 億美元資本支出（CapEx），且可獲得與 FPL 其他投資相同的股東權益報酬率（ROE）。

Bottom line, we believe FPL's opportunity set has never been clear, a rapidly growing service area, a disciplined and constructive regulatory framework, scale complemented by a best-in-class operating model and a long runway of investment opportunities, all while continuing to do what matters most, which is delivering reliable affordable electricity for our customers every single day.

總結而言，我們認為 FPL 的機會版圖從未如此清晰：快速成長的服務區域、嚴謹且具建設性的監管架構、規模優勢搭配同級最佳的營運模式，以及長期且充足的投資機會跑道；同時，我們也持續專注於最重要的事——每天為客戶提供可靠且可負擔的電力。

Turning to NextEra Energy Transmission. During the quarter, it energized a new transmission line in New Mexico to strengthen the grid in a growing part of the state, demonstrating why it is one of America's leading independent electric transmission companies.

接著談 NextEra Energy Transmission。本季期間，該業務在新墨西哥州一個成長中的地區啟用一條新的輸電線路以強化電網，展現其為美國領先的獨立電力輸電公司之一的原因。

The team delivered the 137-mile 345 kV line ahead of schedule and on budget. This project is projected to reduce typical residential electric bills in 2031 by approximately $13 per month based on an independent study performed by the Southwest Power Pool, providing a clear and tangible example of how smart transmission investments can directly improve affordability for customers. The project took just 31 months from being awarded to be in placed in service, one of the fastest transmission development and construction projects anywhere in the industry.

團隊提前完工並在預算內交付了這條長達137英里、345 kV的輸電線路。根據西南電力池（Southwest Power Pool）所做的獨立研究預估，本專案可在2031年將典型住宅用電帳單每月降低約13美元，清楚且具體地展現了明智的輸電投資如何能直接提升客戶的可負擔性。本專案自得標到投入商轉僅用31個月，是業界最快的輸電開發與建設專案之一。

This reinforces what we believe is a core differentiator for energy resources, our ability to consistently execute and bring critical infrastructure online at a time when speed matters most for customers.

這再次印證了我們所認為能源資源業務的一項核心差異化優勢：在客戶最需要速度的時刻，我們能夠持續執行並讓關鍵基礎設施如期上線。

NextEra Energy Transmission also continues to win new competitive transmission projects across the United States. During the quarter, MISO selected NextEra Energy Transmission as part of a consortium to develop two large-scale 765 kV transmission projects in Illinois. NextEra Energy Transmission would have 43% ownership of the approximately $1.6 billion project, which aims to serve as a backbone system to deliver reliable, cost-competitive energy across the Midwest.

NextEra Energy Transmission也持續在全美各地贏得新的競爭性輸電專案。本季，MISO選定NextEra Energy Transmission作為某一聯盟的一員，在伊利諾伊州開發兩個大型765 kV輸電專案。NextEra Energy Transmission將持有該約16億美元專案的43%股權；該專案旨在作為骨幹系統，向中西部輸送可靠且具成本競爭力的能源。

As I've said many times, power generation alone can't and won't meet this unique moment. This country also needs a new transmission infrastructure to reliably deliver electricity to our communities. It's why NextEra Energy Transmission is focused on delivering the solutions for customers. Including both transmission and generation, Energy Resources has one of the strongest and differentiated energy infrastructure platforms in the country.

正如我多次提到的，僅靠發電本身無法、也不會滿足這個特殊時刻的需求。這個國家也需要新的輸電基礎設施，才能可靠地把電力送到我們的社區。這也是NextEra Energy Transmission專注於為客戶提供解決方案的原因。涵蓋輸電與發電在內，Energy Resources擁有全美最強且具差異化的能源基礎設施平台之一。

At a time when customers need tailored solutions, more capacity and speed to market, Energy Resources is uniquely positioned to deliver. For the quarter, Energy Resources added 3.6 gigawatts of renewables and storage projects to its backlog. Its second largest quarter of additions coming on the heels of last quarter's record for gigawatts. Battery storage represented 2 gigawatts of additions this quarter. Battery storage remains an important growth driver, and we believe we are exceptionally well positioned to deliver this capacity solution for customers.

在客戶需要量身打造的解決方案、更高容量與更快上市速度之際，Energy Resources具備獨特優勢能夠交付。本季，Energy Resources在其積壓訂單（backlog）中新增了3.6 GW的再生能源與儲能專案。這是其新增量第二高的一季，緊接著上一季創下GW新增量紀錄之後。本季新增量中，電池儲能占2 GW。電池儲能仍是重要的成長驅動力，我們相信我們具備極佳的條件，能為客戶交付這項容量解決方案。

That's because we have several ways to develop storage. We can build it as a stand-alone project. We can co-locate storage across our existing renewable sites. We can develop batteries as grid solutions, and we can expand four-hour batteries to eight hours at our existing storage sites. Put simply, the opportunity set for battery storage is significant. And because of the size and diversity of our asset portfolio, co-located storage is a meaningful differentiator for us.

這是因為我們有多種方式開發儲能。我們可以將其建成獨立專案。我們可以在既有的再生能源場址進行儲能共址（co-locate）。我們可以把電池作為電網解決方案來開發，也可以在既有儲能場址把四小時電池擴充為八小時。簡言之，電池儲能的機會集合相當可觀。而且由於我們資產組合的規模與多元性，共址儲能對我們而言是一項重要的差異化優勢。

Our stand-alone and co-located battery storage pipeline sits at over 110 gigawatts without including our expansion opportunities. More broadly, our backlog provides meaningful visibility into future growth and underscores the value of our long-term contracted business. We also continue to execute on recontacting projects within our operating portfolio that are coming off contract. Since the last earnings call, we recontacted over 500 megawatts of existing projects. This brings our year-to-date recontacting total to over 1,100 megawatts of renewables.

我們的獨立式與共址電池儲能管線（pipeline）超過110 GW，尚未包含擴充機會。更廣泛而言，我們的積壓訂單為未來成長提供了可觀的能見度，並凸顯我們長期合約型業務的價值。我們也持續推進對營運資產組合中即將到期的專案進行續約（recontracting）。自上次財報電話會議以來，我們已為超過500 MW的既有專案完成續約。這使我們今年迄今的續約總量超過1,100 MW的再生能源。

This quarter's recontractings have been priced on average at a premium of roughly $20 per megawatt hour above recent realized pricing for these projects. And we have also looked -- we have also locked in contracts for approximately 15 years on average, reflecting the strong electricity demand environment we're seeing today. As a reminder, Energy Resources has up to 6 gigawatts of renewables and 1.5 gigawatts of nuclear recontracting opportunities through 2032.

本季的續約平均定價，較這些專案近期已實現價格（realized pricing）每MWh約溢價20美元。此外，我們也已鎖定平均約15年的合約期限，反映出我們目前所見到的強勁用電需求環境。提醒一下，Energy Resources在2032年前，最多有6 GW的再生能源與1.5 GW的核能續約機會。

Another major area of opportunity is large load demand in our data center hub strategy. Hyperscalers and other large load customers are increasingly focused on speed, certainty, and scalability, and that plays directly to our strengths. We believe Energy Resources is one of the few companies in the country that can support these customers with a full suite of solutions from renewables and battery storage in the near term to gas-fired generation and potentially nuclear over time.

另一個主要機會領域，是我們資料中心樞紐（hub）策略中的大型負載需求。超大規模業者（hyperscalers）及其他大型負載客戶愈來愈重視速度、確定性與可擴展性，而這正好直接契合我們的強項。我們相信，Energy Resources是全美少數能為這些客戶提供完整解決方案的公司之一：從短期的再生能源與電池儲能，到中期的燃氣發電，並且隨時間推進可能納入核能。

In fact, we now have 30 potential hubs we are discussing with the market and we continue to expect that number to rise to 40 by year-end. We also have 4 origination channels feeding into our base case goal of securing 15 gigawatts of new generation to serve large load by 2035.

事實上，我們目前正與市場討論30個潛在樞紐，並且仍預期該數量在年底前提升至40個。我們也有4個案源開發（origination）渠道，支撐我們的基本情境目標：在2035年前取得15 GW的新發電資源以服務大型負載。

These 4 origination channels won't just help us achieve our base case of 15 gigawatts, they can also help us achieve our upside case of 30 gigawatts or more by 2035. Our channels include working directly with hyperscalers, with investor-owned utilities with cooperative and municipal utilities and with federal partners.

這4個案源開發渠道不僅能協助我們達成15 GW的基本情境，也能協助我們在2035年前達成30 GW或以上的上行情境。我們的渠道包括：直接與超大規模業者合作、與投資人持有型公用事業（investor-owned utilities）合作、與合作社與市政公用事業合作，以及與聯邦合作夥伴合作。

Importantly, we continue to position energy resources to where the market is moving. Our bring your own generation approach with hyperscalers resonates because it provides a way to meet incremental demand either in front of the meter or behind the meter while helping protect affordability for existing retail customers. We believe FERC Section 206 show case orders that were announced in June will create yet another market shift and generate strong demand for the ability to match load with generation.

重要的是，我們持續將能源資源業務定位在市場前進的方向。我們與超大規模業者推動的「自備發電」（bring your own generation）模式之所以引起共鳴，是因為它提供了一種方式，可在表前（in front of the meter）或表後（behind the meter）滿足新增需求，同時有助於保護既有零售客戶的可負擔性。我們相信，6月公布的FERC第206條示範案例（show case）命令將帶來另一波市場轉變，並對「以發電匹配負載」的能力產生強勁需求。

We spent the last 18 months preparing and positioning our business to deliver that solution for customers. The recommissioning of our Duane oral nuclear plant is a perfect example of matching electric load with power generation. We remain on track to bring the plant back online no later than Q1 2029. Since our last call, the Iowa Utilities Commission approved a generating certificate for the plant, and we also successfully closed on the acquisition of the final 30% minority interest in the plant held by our two cooperative partners, making us the sole owner.

過去18個月，我們一直在準備並調整業務定位，以便為客戶交付該解決方案。我們Duane oral核電廠的重新投運（recommissioning）就是將用電負載與發電相匹配的最佳例證。我們仍按計畫在不晚於2029年第一季讓該電廠重新上線。自上次電話會議以來，愛荷華州公用事業委員會核准了該電廠的發電許可證（generating certificate）；我們也成功完成收購由兩家合作社夥伴持有的該電廠最後30%少數股權，使我們成為唯一所有人。

We continue to advance development of up to 9.5 gigawatts of gas-fired generation projects in Texas and Pennsylvania. In March, the President approved the projects which are drawn from our existing inventory of data center hubs. While not yet complete, we continue to progress discussions on definitive agreements with the US to Japanese governments. We also continue to evaluate advanced nuclear, closely evaluating the capabilities of various SMR OEMs. We have 6 gigawatts of SMR co-location opportunities at our nuclear sites, and we are working to develop new greenfield sites.

我們持續推進在德州與賓夕法尼亞州、合計最高達9.5 GW的燃氣發電專案開發。3月，總統核准了這些專案；其來源為我們既有的資料中心樞紐庫存。雖然尚未完成，我們仍持續推進與美國至日本政府之間就最終協議（definitive agreements）的討論。我們也持續評估先進核能，並密切評估各家SMR原始設備製造商（OEM）的能力。我們在既有核電場址有6 GW的SMR共址機會，並正著手開發新的綠地（greenfield）場址。

Of course, any new nuclear build would have to include the right commercial terms and conditions with appropriate risk sharing mechanisms that limit our ultimate exposure. In short, we're off to a strong first half of the year, and I'm as confident and as excited as ever about our prospects to deliver on our 12 ways to grow in the second half of 2026 and beyond.

當然，任何新的核電建置都必須具備適當的商業條款與條件，並包含合宜的風險分攤機制，以限制我們最終承擔的風險曝險。總之，我們今年上半年開局強勁；對於在2026年下半年及更長期實現我們「12種成長方式」的前景，我比以往任何時候都更有信心、也更期待。

At the same time, we continue to advance our combination with Dominion Energy. On July 15, we filed for merger approval with the Virginia State Corporation Commission, North Carolina Utilities Commission, and the Public Service Commission of South Carolina. The Virginia filing initiated the state's statutory six-month review process. The company has also filed for merger approval at the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission.

同時，我們也持續推進與Dominion Energy的合併。7月15日，我們已向維吉尼亞州公司委員會（Virginia State Corporation Commission）、北卡羅來納州公用事業委員會（North Carolina Utilities Commission）以及南卡羅來納州公共服務委員會（Public Service Commission of South Carolina）提交合併核准申請。在維吉尼亞州的申請啟動了該州法定為期六個月的審查程序。公司也已向聯邦能源管理委員會（FERC）與核能管理委員會（Nuclear Regulatory Commission）提交合併核准申請。

And we filed the S-4 with the Securities and Exchange Commission on July 9, which became effective yesterday. We expect to distribute proxy materials to shareholders in the near future and expect Dominion to do the same and are anticipating both shareholder meetings to be held in early September. We believe our proposed combination is a natural extension of our capabilities and experience.

我們也於7月9日向美國證券交易委員會（SEC）提交S-4文件，並於昨日生效。我們預期在不久的將來向股東寄發委託書資料（proxy materials），並預期Dominion也將採取同樣作法；我們預計雙方股東會將於9月上旬召開。我們相信，我們所提議的合併是對我們能力與經驗的自然延伸。

We're putting a larger NextEra Energy platform behind Dominion Energy at the exact time when scale matters more than ever to face a set of challenges unlike anything the utility industry has seen in decades. As I've said before, this is a merger of addition, not subtraction.

我們正在把一個更大型的 NextEra Energy 平台置於 Dominion Energy 之後，正是在規模比以往任何時候都更重要的時刻，以因應一系列挑戰——這些挑戰與公用事業產業在過去數十年所見的任何情況都截然不同。正如我之前所說，這是一樁「加法」的合併，而不是「減法」。

The rare example of when one plus one equals three. Simply put, combining NextEra Energy and Dominion Energy would drive affordability and create local jobs and deliver all forms of energy infrastructure, including battery storage by leveraging the strengths of two industry leaders and sharing best practices and grid modernization storm restoration, customer service, workforce tools, data analytics, artificial intelligence, and process improvement, just to name a few.

這是少見的「一加一等於三」的例子。簡而言之，結合 NextEra Energy 與 Dominion Energy，將透過發揮兩家產業領導者的優勢並分享最佳實務與電網現代化、風暴復電、客戶服務、勞動力工具、資料分析、人工智慧與流程改善等（僅舉數例），來提升可負擔性、創造在地就業，並交付各類能源基礎設施（包括電池儲能）。

Let's start with affordability. As we said in May, in the near term, we are offering $2.25 billion in shareholder funded bill credits to Dominion Energy's customers in Virginia, North Carolina and South Carolina. This is a meaningful concrete and substantial benefit, but the combination also adds capabilities that will benefit customers long after we've delivered these initial bill credits.

我們先從可負擔性談起。如同我們在 5 月所說，短期內，我們將提供 22.5 億美元由股東出資的帳單抵扣（bill credits），給 Dominion Energy 在維吉尼亞州、北卡羅來納州與南卡羅來納州的客戶。這是一項重要、具體且實質的利益，但這項結合也將增添能力，使客戶在我們交付這些初始帳單抵扣之後的很長一段時間仍能受益。

The increased scale and enhanced operating platform of the two companies will help maintain affordability at a time when power demand requires more investment in generation and transmission. Buying, building, financing, and operating energy infrastructure more efficiently benefits customers over time. It's exactly what we've done at FPL, which is why our typical customer build today is 20% lower than it was 20 years ago in real dollars.

兩家公司規模的提升與營運平台的強化，將有助於在用電需求需要更多發電與輸電投資之際維持可負擔性。以更高效率採購、建置、融資與營運能源基礎設施，將隨時間推移使客戶受益。這正是我們在 FPL 所做的事，因此以實質美元計算，我們今日典型客戶的帳單比 20 年前低了 20%。

The proposed combination would also serve as an economic catalyst. We expect to more than double the size of our combined company by 2032, which have been good jobs for many years to come for our talented teams across the four states we would serve and across America where we operate. As with NextEra Energy, Dominion Energy's employees are one of the company's greatest strengths with an unmatched understanding of the customers and communities they serve.

擬議中的結合也將成為經濟催化劑。我們預期到 2032 年，合併後公司的規模將增加至目前的兩倍以上，這將在未來多年為我們在將服務的四個州、以及我們在全美營運地區的優秀團隊帶來良好的工作機會。如同 NextEra Energy 一樣，Dominion Energy 的員工是公司最重要的優勢之一，對其所服務的客戶與社區有無可匹敵的理解。

In addition, the fabric of a well-run utility is a company that's strongly embedded in the community it serves. That's exactly why the combined company will maintain dual headquarters in Richmond, Virginia, and Juno Beach, Florida, along with an operational headquarters in KC, South Carolina. We also have a retention commitment for Dominion Energy employees, but that just scratches the surface.

此外，一家運作良好的公用事業公司，其核心在於深度扎根於所服務的社區。這正是為什麼合併後公司將在維吉尼亞州里奇蒙與佛羅里達州朱諾海灘維持雙總部，並在南卡羅來納州（KC）設立營運總部。我們也對 Dominion Energy 員工做出留任承諾，但這只是冰山一角。

Remember, building new energy infrastructure creates new jobs. And building that structure while maintaining affordable and reliable power attracts new residents and businesses, which then requires new infrastructure. The cycle then repeats. Meeting this moment requires all forms of energy infrastructure. That's exactly what this combination would deliver.

請記住，建置新的能源基礎設施會創造新的工作。而在維持可負擔且可靠電力的同時建置該等設施，會吸引新的居民與企業，進而需要新的基礎設施。接著這個循環會再度重複。把握當下需要各種形式的能源基礎設施。這正是這項結合將交付的成果。

As I mentioned earlier, we are not dependent on a single piece of technology. NextEra Energy is the world's leader in renewables and storage. We're also a leader in gas-fired nuclear generation, and we're a leader in transmission, and we build and operate energy infrastructure better than anyone in our industry. We'd be taking these capabilities and pairing them up with Dominion Energy's local operations, leadership, expertise, community presence, and history of outstanding service, better positioning the company over the long term.

如我先前提到，我們不依賴單一技術。NextEra Energy 是全球再生能源與儲能的領導者。我們同時也是燃氣發電與核能發電的領導者，也是輸電領域的領導者；在建置與營運能源基礎設施方面，我們在本產業中做得比任何人都好。我們將把這些能力與 Dominion Energy 的在地營運、領導力、專業、社區能見度與卓越服務的歷史相結合，使公司在長期更具優勢。

To be clear, this isn't about changing what's worked for Dominion Energy. Rather, this combination is about Dominion Energy, adding the undeniable benefits of being part of a larger combined company with deep skill sets and experience across the energy value chain, providing access to scale and an industry-leading platform and balance sheet. Scale matters because it creates efficiencies that compound over time into lower cost, better experience and stronger outcomes for customers, which has never been more important given the challenges being faced today.

需要說清楚的是，這並不是要改變 Dominion Energy 已經行之有效的做法。相反地，這項結合是讓 Dominion Energy 在維持自身優勢的同時，加入成為更大型合併公司一部分所帶來的明確利益——在能源價值鏈各環節擁有深厚技能與經驗，並可取得規模優勢、產業領先的平台與資產負債表。規模之所以重要，是因為它能創造效率，而這些效率會隨時間累積，轉化為更低成本、更佳體驗與更強的客戶成果；在當前所面臨的挑戰下，這一點從未如此重要。

As we discussed in May, the combined company is expected to support approximately 11% annual growth in regulatory capital employed through 2032 and 9% plus adjusted EPS growth through 2032 with a 9% plus target through 2035, all off a 2025 base. Just as importantly, the opportunity set becomes broader and more diversified. We expect the combination will close in the second half of 2027. With that, I'll turn the call over to Mike.

如同我們在 5 月討論的，合併後公司預期可在 2032 年前支持受監管資本投入（regulatory capital employed）約 11% 的年成長，並在 2032 年前實現 9% 以上的調整後每股盈餘（adjusted EPS）成長，且以 2035 年前 9% 以上為目標；以上皆以 2025 年為基期。同樣重要的是，機會集合將更廣且更多元化。我們預期此項結合將於 2027 年下半年完成交割。接下來我把電話交給 Mike。

Thanks, John. Let's begin with FPL's detailed results. For the second-quarter of 2026, FPL's earnings per share increased $0.05 year-over-year. Regulatory capital employed growth of approximately 9.3% was a significant driver of FPL's earnings per share growth versus the prior year comparable quarter. FPL's capital expenditures were approximately $2.8 billion for the quarter, and we expect FPL's full year capital investments to be between $12 billion and $13 billion.

謝謝你，John。我們先從 FPL 的詳細業績開始。2026 年第二季，FPL 的每股盈餘較去年同期增加 0.05 美元。受監管資本投入成長約 9.3%，是推動 FPL 每股盈餘相較去年同期成長的重要因素。本季 FPL 的資本支出約為 28 億美元，我們預期 FPL 全年資本投資將介於 120 億至 130 億美元之間。

For the 12 months ending June 2026, FPL's reported return on equity for regulatory purposes will be approximately 11.7%. During the second-quarter, we reversed approximately $110 million of the rate stabilization mechanism, leaving FPL with an after-tax balance of approximately $1.3 billion. Key indicators show that economy -- Florida's economy remains healthy. Florida continues to be one of the fastest-growing states in the nation and is currently ranked number one in GDP growth and number one in net migration by US News.

截至 2026 年 6 月的 12 個月，FPL 以監管目的計算的申報股東權益報酬率（ROE）約為 11.7%。在第二季，我們回轉（reversed）約 1.10 億美元的費率穩定機制（rate stabilization mechanism），使 FPL 稅後餘額約為 13 億美元。關鍵指標顯示，佛羅里達州的經濟仍然健康。佛羅里達州持續是全美成長最快的州之一，並且依據《US News》目前在 GDP 成長與淨遷入（net migration）兩項指標皆排名第一。

And as John mentioned, FPL had a strong quarter of customer growth with the average number of customers increasing by over 90,000 from the comparable prior year period. FPL's second-quarter retail sales increased by approximately 0.4% year-over-year. After taking weather into account, second-quarter retail sales increased by roughly 0.6% on a weather-normalized basis from the comparable prior year period, driven primarily by continued favourable underlying population growth.

如 John 所提到，FPL 本季客戶成長強勁，平均客戶數較去年同期增加超過 90,000 戶。FPL 第二季零售售電量（retail sales）年增約 0.4%。在考量天候因素後，第二季零售售電量以天候正常化（weather-normalized）基礎計算，較去年同期約增加 0.6%，主要由持續有利的基礎人口成長所帶動。

Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 18% year-over-year. Contributions from new investments increased $0.09 per share year-over-year, primarily reflecting continued growth in our power generation portfolio.

接著看 Energy Resources，其調整後盈餘年增約 18%。新投資的貢獻使每股盈餘較去年同期增加 0.09 美元，主要反映我們發電資產組合的持續成長。

On a net basis, the remaining drivers for Energy Resources were roughly flat as various onetime items and timing impacts offset each other. We remain well positioned to navigate the current interest rate environment through our over $46 billion interest rate hedging program. We have also planned for potential trade impacts and position ourselves to deliver and execute for our customers. That's why we proactively secured supply to support both FPL and Energy Resources development plans, including the development of our national data center hub footprint.

以淨額計算，Energy Resources 其餘驅動因素大致持平，因各種一次性項目與時點影響彼此抵銷。透過超過 460 億美元的利率避險計畫，我們仍具備良好條件以因應目前的利率環境。我們也已就潛在的貿易影響做好規劃，並讓自己處於能為客戶交付與執行的有利位置。因此，我們主動確保供應，以支援 FPL 與 Energy Resources 的開發計畫，包括我們全國資料中心樞紐版圖的開發。

For solar, we've secured panels through 2029. We're also well protected for battery storage with competitively priced domestic supply also secured through 2029. We have sufficient [ wind sites ] with expected federal permits to meet development expectations through 2029. And we have sufficient transformer capacity to support our build forecast through the end of the decade. Energy Resources had a strong quarter of new renewables and storage origination with 3.6 gigawatts added to the backlog.

在太陽能方面，我們已確保太陽能板供應至 2029 年。在電池儲能方面，我們也有充分保障，且已確保具競爭力價格的國內供應至 2029 年。我們擁有足夠的[ 風電場址 ]，並預期可取得聯邦許可，以滿足至 2029 年的開發預期。此外，我們也有足夠的變壓器產能，以支援我們至本十年末的建置預測。Energy Resources 本季在新增再生能源與儲能案源（origination）方面表現強勁，新增 3.6 吉瓦至待開發案量（backlog）。

With these additions, our backlog now totals approximately 35.1 gigawatts after taking into account 1.1 gigawatts of new projects placed into service since our last earnings call. This highlights the continued strong demand for renewables and storage. Energy Resources 2026 to 2029 backlog represents approximately two-thirds of its development expectations midpoint through 2029. Overall, we are well positioned with approximately two years to add 18.6 gigawatts to a backlog to be at the midpoint of those expectations.

在納入這些新增項目後，並考量自上次財報電話會議以來已有 1.1 吉瓦的新專案投入商轉（placed into service），我們的待開發案量目前合計約 35.1 吉瓦。這凸顯市場對再生能源與儲能的需求持續強勁。Energy Resources 於 2026 至 2029 年的待開發案量，約占其至 2029 年開發預期中位數的三分之二。整體而言，我們具備良好條件，約有兩年的時間再新增 18.6 吉瓦至待開發案量，以達到該等預期的中位數。

Turning now to our second-quarter 2026 consolidated results. Adjusted earnings from Corporate and Other decreased by $0.04 per share year over a year. Our 2026 adjusted earnings per share expectations range of $3.92 to $4.02 remains unchanged. And we are targeting the high end of that range. 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 off the 2025 base of $3.71 of adjusted earnings per share.

現在轉到我們2026年第二季合併業績。企業及其他部門的調整後盈餘較去年同期每股下降0.04美元。我們對2026年調整後每股盈餘的預期區間仍維持在3.92至4.02美元不變。我們的目標是達到該區間的高端。我們預期調整後每股盈餘在2032年前將以8%以上的年複合成長率成長，並以2025年調整後每股盈餘3.71美元為基礎，目標在2032年至2035年期間也達到相同水準。

From 2025 to 2032, we 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 2026 off a 2024 base and 6% per year from year-end 2026 through 2028. As always, our expectations assume are caveats. That concludes our prepared remarks. And with that, we will open the line for questions.

從2025年至2032年，我們預期營運現金流的平均年成長率將達到或高於我們調整後每股盈餘年複合成長率的區間。此外，我們仍預期以2024年為基期，至2026年每股股利約以每年10%的速度成長，並在2026年年底至2028年期間每年成長6%。一如既往，我們的預期均以相關但書為前提。以上為我們的預先準備發言。接下來我們將開放提問。

(Operator Instructions)

(接線員指示)

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

Thanks for the update today. So just, I guess, two questions. First, on the S-4 filing. Obviously, as always, they have in there some -- an internal forecast for the company. And based on share count use it look like it might imply earnings growth for the stand-alone company, 9% or better. And then the near EBITDA, it looks like it might be even like $5 billion higher 2032 than the Analyst Day number.

感謝今天的更新。我想有兩個問題。第一個是關於S-4申報文件。很明顯，一如往常，裡面包含公司的一些內部預測。而依照股數來看，似乎暗示獨立公司（stand-alone）的盈餘成長可能達到9%或更高。另外就近端EBITDA來看，2032年似乎甚至可能比分析師日（Analyst Day）的數字高出約50億美元。

So maybe you could just give us some color on -- are you just conservative with your guidance? Is there certain things assumed in there that were different then assumed in the guidance? Just how should we think about that forecast in the S-4?

所以也許你們可以補充一些說明——你們的指引是否只是比較保守？是否在該文件中假設了某些與指引不同的事項？我們應該如何看待S-4中的那份預測？

Thanks, Steve. Mike Dunne here. Let me address those. So as we look you obviously know that we are continuously revising our forecast internally. And that's one of the things that we do well in providing new forecast 8 to 10 times per year.

謝謝你，Steve。我是Mike Dunne。我來回應這些問題。如你所知，我們內部會持續修訂預測。而我們做得很好的一點是，每年會提供8到10次新的預測。

When you look at our S-4, key pieces that you will see: One is that our adjusted EBITDA at Energy Resources is roughly $4 billion higher in 2032 than we had in our December investor conference. The key driver of that $4 billion increase is the performance that we are seeing in our originations on the renewables and storage side is better than what we had anticipated and what we had forecasted in December.

當你看我們的S-4時，你會看到幾個關鍵點：其一是，我們能源資源（Energy Resources）部門在2032年的調整後EBITDA，較我們12月投資人會議時的數字高出約40億美元。這40億美元增幅的關鍵驅動因素，是我們在再生能源與儲能端的承作（originations）表現優於我們在12月所預期與所預測的水準。

Our overall expectations in terms of development is the same development expectations. We have not made material changes to our forecast. One thing you will see is that as we've talked, FPL has increased its large load expectations from 6 gigawatts to 8 gigawatts. So the key driver of the increased performance is really the returns and earnings profile that we are seeing in our renewables and storage development and our originations as we move forward.

我們對開發（development）的整體預期仍是相同的開發預期。我們並未對預測做出重大調整。你會看到的一點是，如同我們先前提到的，FPL已將其大型負載（large load）預期從6吉瓦提高到8吉瓦。因此，帶動表現提升的關鍵，主要是我們在再生能源與儲能開發以及承作方面，隨著推進所呈現的報酬與獲利輪廓。

And I think, as you mentioned, Steve, people can do the math in terms of what that forecast looks like. We're obviously not changing our current development -- our current earnings expectation. They remain at 8% plus through 2032 with a target of 8% plus through 2035. But we also stand by the projections that those are our best forecast of what this business can achieve at the current time.

而且我想如你所提到的，Steve，大家可以自行計算那份預測大概呈現什麼樣貌。我們顯然不會改變目前的開發——也就是我們目前的盈餘預期。我們仍維持至2032年8%以上，並以至2035年8%以上為目標。但我們也支持這些預測，因為就目前而言，這是我們對這項業務所能達成的最佳預估。

Okay. That was very clear and helpful. The other question is just on the federal hub projects. John, I think you said in the last call, two to three months, hopefully, have them done and that's kind of in-house. So maybe you could just talk to what's caused any delay? Is it just more logistical timing things? Or is there some issues in terms of just actually getting them to the go line?

好的。這個說明非常清楚也很有幫助。另一個問題是關於聯邦樞紐（federal hub）專案。John，我記得你在上次電話會議中提到，希望兩到三個月內完成，而且這部分算是內部可控。所以你能否談談造成任何延遲的原因？只是更多物流與時程安排的因素嗎？還是說在實際推進到「起跑線」（go line）方面有一些問題？

Yes. Thanks for the question, Steve. Let me just talk -- start by talking about the Federal Hub program well, just the hub program in general. And then I'm going to -- I'll turn to the Federal Hub. First of all, we feel really, really good about where we are on our hub strategy in addition to the execution we've seen on the renewable origination side.

是的。謝謝你的問題，Steve。我先談一下樞紐（hub）計畫——也就是整體樞紐計畫的情況。接著我會——我再轉到聯邦樞紐。首先，除了我們在再生能源承作端看到的執行成果之外，我們對目前樞紐策略的進展感到非常、非常滿意。

I would characterize it as we feel like we're ahead of schedule. And when I look at the second half of the year and beyond, shaping up very well. You can't -- so we're making a lot of progress.

我會形容為：我們覺得進度超前。而當我看今年下半年以及之後的情況，整體態勢非常好。你不能——總之，我們正在取得很大的進展。

You can't always time these things around these calls, but I think the takeaway for investors should be ahead of schedule. Let me turn quickly to your question on hand, which is talking about the 9.5 gigawatts we're working with the United States government and the Japanese government on that continues to progress. As I said in our prepared remarks, continuing to make progress. And it's just when you bring two large nation states together, things don't always go according to schedule in terms of getting things done as fast as you might want, but I wouldn't read too much into that.

你不一定能把這些事情的時間點剛好配合每次電話會議，但我認為投資人應該帶走的重點是：進度超前。我快速回到你手上的問題，也就是我們與美國政府及日本政府合作的9.5吉瓦專案，仍在持續推進。如同我在預先準備發言中所說，我們持續取得進展。只是當你把兩個大型主權國家拉在一起合作時，事情在推進速度上不一定都能如期、如你所願那麼快完成，但我不會對此做過度解讀。

When I look at our overall origination program, Mike hit on this. But you look at where we are. Some of this is reflected in S-4, just continuing to make a lot of progress there. So if you take kind of our four-year program and you look through '29 on the renewables and storage side, we're ahead of schedule. You basically have to do over the next two years at the midpoint of our expectations over that four-year period through 2029.

當我看我們整體的承作（origination）計畫，Mike也提到了這點。你看看我們目前的位置。其中一部分也反映在S-4中，我們仍在那方面持續取得大量進展。所以如果你把我們大約四年的計畫拿來看，並把再生能源與儲能端一路看到2029年，我們是超前進度的。基本上，在接下來兩年，你只需要完成我們對截至2029年這四年期間預期中位數所隱含的工作量。

We're taking our federal hubs up from 30 to 40, which is going to give us even more opportunities in the market. And I think a lot of those hubs are located in the right areas because we have terrific data sets and technology and a lot of lessons learned on where hyperscalers want to be.

我們正把聯邦樞紐數量從30個提高到40個，這將為我們在市場上帶來更多機會。而且我認為其中許多樞紐位於正確的區域，因為我們擁有很棒的資料集與技術，也累積了許多關於超大規模業者（hyperscalers）想落腳何處的經驗教訓。

So the bottom line is things are continuing to track well and feel good about where we are and also at FPL. That's why we took our forecast up from 6 to 8 gigawatts continue to see a lot of interest in Florida and feel good about our ability to announce a large load transaction there by the end of the year, which is the expectation we continue to express to investors.

所以總結來說，事情持續按計畫推進，我們對目前的狀況感到良好，FPL那邊也是如此。這也是為什麼我們把預測從6吉瓦上調到8吉瓦——我們持續看到佛州有很高的興趣，也對我們在年底前於當地宣布一筆大型負載交易的能力感到有信心，這也是我們持續向投資人表達的預期。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Nicely done, thank you for the time. Maybe to pick up where Steve left off, really. Why don't we pick it up -- the six to eight, can you talk a little bit of what you're seeing on the ground in terms of Florida and the additional data center development. I mean this has really been a nice blossoming here. Can you speak to what you're seeing on the ground?

做得很好，謝謝你撥冗。也許接續Steve剛才的問題。我們就從6到8（吉瓦）談起，你能否多談一些你們在佛州當地看到的情況，以及額外的資料中心開發動能？我的意思是，這裡確實出現了很不錯的成長。你能談談你們在第一線看到的狀況嗎？

Also just a nuance in what you responded to a second ago, would you expect to announce these on the quarterly calls or just given the material nature would this be sort of necessitates some sort of 8-K intra-quarter?

另外，針對你剛才回應中的一個細節，你們會預期在季度電話會議上宣布這些事項嗎？還是考量其重大性，會需要在季度期間以某種形式發布8-K？

Yes. So let me just start with the first one, I'll turn it over to Scott here in a minute. But I think a lot of what we're seeing in Florida, Julien, is just a testament to a lot of what I spent my time talking about in the prepared remarks. We've just done a really solid job in execution across Florida. I think that's recognized across the hyperscale space.

是的。那我先從第一個開始，等一下我會把話交給 Scott。但我認為，我們在佛羅里達看到的很多情況，Julien，正好印證了我在事先準備的發言中花了很多時間談到的內容。我們在佛羅里達的執行面確實做得非常扎實。我想這在超大規模（hyperscale）領域也獲得了普遍認可。

I think the fact that we can build at a low cost is appealing to folks. And when you think about where the market is heading and what's happened over the last couple of years, a lot of low-hanging fruit from utilities that might have been in an excess generation position. That surplus generation has been sold off, right?

我認為我們能以低成本建置，對大家很有吸引力。而當你思考市場走向以及過去幾年發生的事，許多原本來自公用事業、可能處於發電過剩狀態的「低垂果實」。那些剩餘發電量已經被賣掉了，對吧？

And now if you look at FERC show cause order matching load with Jen and making sure large load pays her own way, I mean, it's really going to, I think, shift the scales to creating a level playing field where people are going to have to compete on cost. And I think that makes Florida very compelling because of the execution track record that we have been able to demonstrate an over a number of years. But with that, Scott, I'll turn it over to you to any additional points you want to make.

而現在如果你看 FERC 的「說明理由（show cause）」命令，要求負載與發電相匹配，並確保大型負載要自付其成本，我的意思是，我認為這真的會改變局勢，建立一個更公平的競爭環境，讓大家必須在成本上競爭。我認為這讓佛羅里達非常有吸引力，因為我們多年來已經展現出可被驗證的執行紀錄。不過就到這裡，Scott，我把時間交給你，看看你是否還有其他想補充的重點。

Yes. Thanks, John. I think the only other point I would add to this, Julien, is number one, having that legislation come in place in May, allows for a lot of certainty for these customers that are going to make multibillion-dollar investments in the state of Florida. So I think that gives us a good foundation to build upon. I think the other thing that's important is what John mentioned in his prepared remarks, having 90% of our fleet in baseload gas generation and nuclear really allows us to quickly and easily integrate additional generation to provide the speed to market that all these customers are looking at.

是的。謝謝，John。Julien，我想我唯一要補充的另一點是，第一，5 月那項立法到位，讓這些將在佛羅里達州進行數十億美元投資的客戶有了很大的確定性。所以我認為這給了我們一個很好的基礎可以繼續往上建構。另外一個重要的點是 John 在事先準備的發言中提到的，我們的機組中有 90% 是基載天然氣發電與核能，這確實讓我們能夠快速且容易地整合新增發電資源，提供所有這些客戶所追求的上市速度（speed to market）。

And so we feel really good about the 12 gigawatts that we have in advanced discussions. And as John said, we feel really confident about making a large load announcement before the end of the year.

因此，對於我們目前正在深入洽談的 12 吉瓦，我們感覺非常好。而如同 John 所說，我們也非常有信心在年底前發布一項大型負載的公告。

Even into the year.

甚至可能延伸到明年。

Yes. The last thing I'd just note there is when things are important to our business, we're going to tell the market so we won't wait until the quarter just to have a story for a quarterly call.

是的。我最後想補充的是，當某些事情對我們的業務很重要時，我們會告訴市場，因此我們不會等到季度結束才在法說會上「編一個故事」。

Excellent. Thanks for clarifying that. People just love to debate that. And then just if you can elaborate briefly here, how do you think about potentially looking at the strategic nature of your business and expanding your footprint? I know you guys have looked at, for instance, linear infrastructure at times.

很好。謝謝你澄清。大家就是很愛爭論這件事。另外，如果你能在這裡簡要延伸一下，你們如何看待你們業務的策略性，以及擴大版圖的可能性？我知道你們過去有時候也看過，例如線性基礎設施。

Just obviously, Dominion now pending here, but how do you think about leaning further into this data center opportunity and sort of the adjacencies that you guys have been dabbling with, shall we say, prior to this latest deal?

當然，Dominion 現在也還在等待中，但你們如何看待更進一步切入這個資料中心機會，以及你們在這筆最新交易之前，姑且說一直在嘗試的那些相鄰領域（adjacencies）？

Yes. Great question, Julien. When I think strategically about the business, we have put a big priority on vertical integration. And if I think you look at the vertical integration that we have at NextEra across the board, which really translates into our operating platform. We have all the pieces.

是的。好問題，Julien。當我從策略角度思考這門生意時，我們把垂直整合放在非常高的優先順序。如果你看 NextEra 全面性的垂直整合，這其實就反映在我們的營運平台上。我們具備所有拼圖。

And so when you're not only trying to solve just what I'll call more rudimentary or customary energy solutions for customers. We certainly have the capability to do that. But when you start to think about large load and all the capabilities, that have to come together, not only renewable expertise, storage, gas-fired generation, potentially nuclear under the right structure, the ability to bring transmission, the ability to build gas pipelines and laterals.

因此，當你不只是要為客戶解決我所謂較基礎或傳統的能源解決方案時，我們當然有能力做到。但當你開始思考大型負載以及所有必須整合到位的能力時——不僅是再生能源專業、儲能、燃氣發電，在合適架構下也可能包含核能；還包括能夠導入輸電、能夠建置天然氣管線與支線（laterals）。

The ability to have a retail energy business to help with the large load process. the ability to manage molecules and power flows across the country, the cemetery acquisition is a good example of improving vertical integration being the third largest gas marketer now in the country.

具備零售能源業務以協助大型負載流程的能力；在全國範圍管理天然氣分子（molecules）與電力潮流（power flows）的能力；Cemetery 的收購就是提升垂直整合的一個好例子，讓我們現在成為全美第三大天然氣行銷商。

We have a very good understanding where those gas flows occur and how they translate into valuable solutions for customers. We have some more expertise on the power marketing side as well. And there's really -- when I look across the board, and you think about that vertical integration skill set and then you couple that with who is really out there building. There really aren't that many folks out there building, right, new generation solutions because it takes experience and it takes the ability to have all those vertically integrated skill sets come together. And that is what puts us in a unique position.

我們非常了解這些天然氣流向發生在哪裡，以及它們如何轉化為對客戶有價值的解決方案。我們在電力行銷端也有更多專業。而且確實——當我放眼全局，思考這套垂直整合的能力組合，再加上到底誰真的在做建置，其實沒有那麼多人真的在建置新的發電解決方案，對吧？因為這需要經驗，也需要把所有這些垂直整合的能力整合起來。這正是讓我們處於獨特位置的原因。

And that goes back to my answer, Steve, which is I feel like we're ahead of schedule and a lot of the opportunities that we've put forward and a lot of the work we've done over the 18 months as we anticipated the shift to BYG being the right answer rather than recontracting existing assets.

這也回到我對 Steve 的回答：我覺得我們進度超前；在我們提出的許多機會上，以及在過去 18 個月裡我們所做的許多工作上——當時我們預期市場會轉向 BYG，認為這會是比重新簽約既有資產更正確的答案。

I think we have a definite first-mover advantage and very excited about the market potential that we see across the board. Obviously, all of those vertically integrated skill sets will I think, help in the Dominion merger immensely, right?

我認為我們確實具備先行者優勢（first-mover advantage），也對我們在各方面看到的市場潛力感到非常興奮。顯然，所有這些垂直整合的能力，我認為也會在 Dominion 的合併案上帶來巨大的幫助，對吧？

Because we have those vertically integrated skill sets, and we have met scale, and it really translates in the ability to deliver on affordability, to create jobs, to create economic development in those states and to be able to deliver the right growth solutions that are right for each of those jurisdictions and do it in a way that results in good outcomes for customers. But it's complicated, too. When you think about everything that's going on with PJM and the FERC show cause order.

因為我們具備這些垂直整合能力，也具備規模，這會轉化為提供可負擔性、創造就業、在那些州創造經濟發展的能力，並能為各個司法管轄區提供合適的成長解決方案，而且以能為客戶帶來良好結果的方式來完成。但這也很複雜。當你想到 PJM 正在發生的一切，以及 FERC 的「說明理由」命令。

It requires, I think, an energy thought leader that has experience across the United States. And we've seen what every ISO does. We've had 20 years of experience working across this country. And I think we'll also be a valuable thought leader being able to bring constructive ideas forward in a very economic and affordable way that will translate into affordable solution for customers over time and reliable solutions for customers over time.

我認為這需要一位在全美具有經驗的能源思想領袖。我們看過每個 ISO 的運作方式。我們有 20 年在全國各地工作的經驗。我認為我們也會成為有價值的思想領袖，能以非常具經濟性且可負擔的方式提出建設性的想法，並隨時間推進轉化為對客戶可負擔的解決方案，以及對客戶可靠的解決方案。

Nick Campanella, Barclays.

Barclays 的 Nick Campanella。

Thanks for all the details. I just wanted to maybe ask first on -- you brought up renewables recontracting average premium of $20 to realize pricing with a 15-year term. And I know you have more in the contracting side to go. So I guess just in the context of the 8% plus and the stand-alone plan that you recently updated, is that included and trending better to plan and I guess, could you maybe -- if the performance in origination is trending better on the storage and renewables side, maybe an update on where you're seeing returns?

謝謝你提供這麼多細節。我想先問一個——你提到再生能源重新簽約，平均溢價 20 美元，以 15 年期來實現定價。而我知道你們在簽約端還有更多要做。所以我想在你們最近更新的 8% 以上以及獨立計畫（stand-alone plan）的脈絡下，這是否已經納入？目前是否優於計畫？另外，如果在儲能與再生能源端的案源（origination）表現趨勢更好，你是否可以更新一下你們看到的報酬率落點？

Yes. I'll go ahead and start and then turn things over to Brian. So first of all, when you think about renewables and contract, we've always said that there's immense option value that translates in the terminal value on all the investments that we make. And so when you look at the investment footprint we have across the board on renewables, it translates into a couple -- two or three different opportunities. One is recontracting.

是的。我先開始回答，然後再把話交給 Brian。首先，談到再生能源與合約，我們一直說，我們所做的所有投資在終端價值（terminal value）上都蘊含巨大的選擇權價值（option value）。因此，當你看我們在再生能源方面的投資版圖，它會帶來幾個——兩到三種不同的機會。其中之一是重新簽約。

And obviously, we benefit from the fact that we have substantial energy demand that's trying to be met by generation solutions, but supply is not matching demand today, which has resulted in higher pricing across the board and that's creating significant opportunities that is really improving the terminal value of our entire portfolio.

而且很明顯，我們受惠於龐大的能源需求正試圖透過發電解決方案來滿足，但目前供給並未跟上需求，這導致整體價格走高，並創造了重大的機會，實際上正在提升我們整體投資組合的終端價值。

Then you think about the option value embedded in everything that we've been built. And I talked a lot about storage as being a co-location opportunity around our solar and wind portfolio. But basically, every asset that we build comes with an immense storage opportunity.

接著你會去思考我們所建構的一切之中所內嵌的選擇權價值。我也談了很多把儲能視為圍繞我們太陽能與風電資產組合的共址機會。但基本上，我們建造的每一項資產都伴隨著巨大的儲能機會。

And think about -- one of the things I don't think we probably spend enough time talking about is the hubs as well on that option value creation opportunity because when you think about building a hub that's rooted in gas-fired generation, for example, to meet NERC requirements, it's going to have to also come with a behind-the-meter reliability solution around storage. And there'll be significant -- every hub we build is a massive enabler for battery storage, which we don't really spend enough time talking about.

再想想——有一件事我認為我們可能沒有花足夠時間談的，就是樞紐（hubs）在那個選擇權價值創造機會上的角色；因為當你想到例如打造一個以燃氣發電為根基、用以滿足 NERC 要求的樞紐時，它也必須同時搭配一套表後（behind-the-meter）的儲能可靠度解決方案。而且會有相當可觀的——我們建的每一個樞紐都是電池儲能的巨大推動者，但我們確實沒有花足夠時間談這點。

And then when you think about bringing these hubs together and you think about speed to power and you think about long-term solutions as you ramp with your hyperscale customer as they grow into their compute capacity at a site. That speed to power solution, many times we're finding is starting with a renewable solution because we can get that on the market in 12 to 18 months quickly, then we're moving to gas. Then we're moving to more battery storage to provide that redundancy behind the meter.

然後當你想到把這些樞紐串聯起來，並思考快速供電（speed to power），以及當你的超大規模（hyperscale）客戶在某個站點隨著運算容量成長而逐步爬坡時所需的長期解決方案。我們發現那個快速供電方案很多時候是先從再生能源方案開始，因為我們可以在 12 到 18 個月內很快把它推向市場，接著再轉向燃氣。然後再增加更多電池儲能，以在表後提供冗餘備援。

So there's just an immense option value in what we've built. On the return side, continuing to see returns trend up across the board. And I think as you -- we move forward with these scale solutions around hubs, those command because of the ability to provide a comprehensive solution across generation types and to bring other benefits to bear through our vertical integration strategy and our operating platform, there's a premium to be paid because it's a unique skill set that nobody has, and the market is willing to pay you for that.

所以我們所建構的東西裡面有非常巨大的選擇權價值。在報酬面，我們持續看到各方面的報酬率都在走升。而我認為，隨著我們以樞紐為核心推進這些規模化解決方案，由於能夠跨不同發電型態提供完整解決方案，並透過我們的垂直整合策略與營運平台帶來其他效益，這些方案具備溢價空間；因為這是一套別人沒有的獨特技能組合，而市場也願意為此付費。

So that's kind of how I look at it, Nick. Brian, I don't know if you have anything you want to add to that?

所以，Nick，我大概是這樣看。Brian，我不知道你是否還想補充什麼？

No, I think it's the experience we're seeing in the market is that projects are getting bigger, they're getting more complex and they require, as you said earlier, builders. And so what we're seeing is obviously a need for power, a need for skill set. And I think that's being reflected in the returns that we're seeing in our project.

沒有，我想我們在市場上看到的經驗是，專案規模變得更大、也更複雜，而且如你先前所說，它們需要「建造者」。因此我們看到的顯然是對電力的需求、對技能組合的需求。我認為這也反映在我們專案所看到的報酬率上。

And Nick, just to bring this back to the financial questions that you asked, these re-contracting and these increased returns that we are seeing are all reflected in the numbers as we discussed in the S-4.

Nick，回到你問的財務問題，我們看到的這些重新簽約（re-contracting）以及報酬率提升，都已如我們在 S-4 中討論的那樣反映在數字裡。

Really appreciate it. And then maybe just moving to the transaction with Dominion. You announced it in May, you've had a lot of time to interact with state level leadership and stakeholders. Just anything you can share from your conversations and reactions from local constituents. And as you've made these filings, given the complexity, is there anywhere that you're skewing within the 12 to 18 months to get this deal closed.

非常感謝。接著也許談談與 Dominion 的交易。你們在 5 月宣布後，已經有很多時間與州層級的領導人與利害關係人互動。能否分享一下你們對話中的一些內容，以及地方選民的反應？另外，鑑於申報程序的複雜性，在 12 到 18 個月的結案時程上，你們是否有任何地方會偏向某一端，以便讓這筆交易完成交割？

Yes. I would characterize the decisions -- or the conversations is going well. And our whole philosophy and approach is much like the approach we've taken at Florida Power Light and the track record that we have in Florida Power Light. And it's a customer-first approach and what we've been able to explain local leadership is when we look at this opportunity, we really look at an opportunity to help the customer and help the customer at a time when there is accelerating power demand and the ability to meet the growth to provide the generation solutions at scale at a lower cost is extremely important to be able to drive affordability over time. And then the ability to bring a suite of generation solutions to really help drive reliability, I think, is extremely attractive.

是的。我會形容這些決策——或說這些對話——進展得很順利。而我們整體的理念與做法，很像我們在 Florida Power Light 所採取的方式，以及我們在 Florida Power Light 的既有成績。也就是以客戶為先（customer-first）的做法；我們向地方領導人所能說明的是，當我們看待這個機會時，我們真正看到的是一個能幫助客戶的機會，尤其是在用電需求加速成長的時刻，能以更低成本、以規模化方式提供發電解決方案以支撐成長，對於長期推動可負擔性極其重要。此外，能夠帶來一整套發電解決方案以真正提升可靠度，我認為也非常有吸引力。

Our track record on customer service as well. But when you really look at being able to demonstrate or the most tangible example we can bring forward for state leadership is, again, Florida Power light.

以及我們在客戶服務方面的紀錄。但若要說我們能向州政府領導層提出、最具體可感的例子，仍然是 Florida Power Light。

When you have a bill that's more than 30% lower than national average, 20% lower than it was in 2006 and in real dollars, O&M on a dollar per megawatt hour basis, that's 70% better than the industry average top decile reliability that's 60% better than the industry average so on and so forth, storm response in three states where storm response is very important.

當你的電費帳單比全國平均低 30% 以上、以實質美元計算比 2006 年還低 20%；在每兆瓦時的美元計 O&M（營運與維護）成本上，比產業平均好 70%；可靠度達到前十分位（top decile），比產業平均好 60%；等等；以及在三個州的風暴應變（storm response）能力——而風暴應變在那裡非常重要。

Our track record there, very compelling, right? And the ability to do what these three states are facing because we've done it for 20 years in Florida. We faced significant growth in Florida for 20 straight years and have been able to do it by investing in new generation while keeping bills affordable. That track record speaks volumes for what the potential could be here.

我們在那裡的成績紀錄非常有說服力，對吧？而且這三個州目前面臨的情況，我們之所以有能力做到，是因為我們在佛羅里達已經做了 20 年。我們在佛羅里達連續 20 年面對顯著成長，並且能在投資新發電的同時維持電費可負擔。這樣的成績紀錄，對於這裡的潛力意味深長。

And then being able to do that in a way that preserves what those states are accustomed to seeing, which is that local feel all that experience that the Dominion brings at the local level, being able to interact with the same folks that are wearing the same shirts, the same name on the bucket trucks.

此外，我們也能以一種保留各州既有習慣與期待的方式來做，也就是保留那種在地感，以及 Dominion 在地方層級帶來的所有經驗——仍然能與穿著同樣制服的人互動，吊斗車上仍是同樣的名字。

The interaction at the local level is not going to change. We're going to leverage what Dominion does best locally and its strong track record of operations, the cross learnings that we'll be able to have, but be able to support that local leadership with the scale and the operating platform that comes with the NextEra business, which just translates into affordability for customers across the board. So that message, I think, has been very well received. And I look at it even broader than that, which is the ability to create jobs by a company that's doubling its generation fleet by 2032, which is our expectation.

地方層級的互動不會改變。我們會善用 Dominion 在地方最擅長的部分及其強健的營運紀錄，並進行彼此的交叉學習；同時也能以 NextEra 的規模與營運平台來支持地方領導層，而這最終會轉化為全面性的客戶可負擔性。所以我認為這個訊息獲得了非常好的回應。而我看得更廣一些：也包括由一家預期在 2032 年前將其發電機組規模加倍的公司來創造就業機會——這就是我們的預期。

And then the economic development partnership that comes for all three states. When you think about a company that's number one in gas, the combined company, the number two in nuclear, a world's leader in renewables, world's leader in battery store, a leader in transmission. We have the ability to bring economic growth to those states through OEMs, through EPC contractors and whatnot that have to be there to serve our needs. And also, given the scale and the buying power that we have are going to be encouraged to help support economic development in the states where we're located. So I think when you put that whole package together, so far, it's been well received.

以及三個州都能受益的經濟發展夥伴關係。當你想到一家在燃氣方面排名第一（合併後公司）、核能排名第二、再生能源的全球領導者、電池儲能的全球領導者、輸電領域的領導者。我們有能力透過 OEM、EPC 承包商等必須到位以滿足我們需求的夥伴，為那些州帶來經濟成長。同時，基於我們的規模與採購力，也會被鼓勵去支持我們所在州的經濟發展。所以我認為把整個方案放在一起看，到目前為止反應都很正面。

But look, ultimately be up to the states to decide. But so far, the conversations at the local level have gone well. In terms of your question on timing. Look, we still are looking at, I think, the second half of 2027, but would obviously look for opportunities to move that up wherever we can.

不過你看，最終還是要由各州來決定。但到目前為止，地方層級的對話進展良好。至於你問的時程問題。我們仍然是以 2027 年下半年為目標，但也會在任何可能的地方尋找把時程提前的機會。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通（JPMorgan）。

I just want to shift gears a little bit, if I could, towards nuclear. And just wondering, there's a lot of talk out there, but I wanted to see your updated thoughts on, I guess, what the possible timeline could be for this coming to fruition in your view?

如果可以的話，我想稍微換個話題，談談核能。外界有很多討論，但我想了解你們更新後的看法：就你們的觀點，這件事可能落地實現的時間表會是什麼？

Well, when I think about nuclear, Jeremy, first of all, we are doing a lot on the nuclear front. Not only are recommissioning Dwayne, which is going very well, very happy with the execution that I've seen out of the team there, which I think benefits a lot from many of the things we spent time talking about on this call. But the focus also that we've had on SMRs and all the work we've done around the OEMs, the commercial, the technical viability assessment that we've had there.

Jeremy，談到核能，首先，我們在核能方面做了很多事。我們不僅正在重新投運 Dwayne，進展非常順利；我對那個團隊的執行表現非常滿意，而我認為這也受益於我們在這通電話中花時間討論的許多事情。此外，我們也聚焦於 SMR（小型模組化反應爐），以及我們與 OEM 所做的所有工作，包括商業面、技術可行性評估等。

Encouraging, but I think, again, I'll come back to -- anything we do on the nuclear side has to be done under the right commercial structure. And so it's find a way how do we advance from first of a kind in end of a kind in a way where we're not taking on customer overrun risk, right, which we would not do, but there are a lot of, I'll call them, the four or five wallets that come to the table. It's not only us as a developer. We would put a little bit of capital at risk but have to be sensible. It had to be capped.

令人鼓舞，但我認為，再次強調——我們在核能端所做的任何事情，都必須在正確的商業架構下進行。因此，要找到一種方式，讓我們能從「首例（first of a kind）」推進到「可複製的成熟模式（end of a kind）」，同時不承擔客戶的超支風險，對吧——我們不會承擔，但會有很多我稱之為「四、五個錢包」會一起出資參與。不只是我們作為開發商。我們會投入一點資本承擔風險，但必須理性。而且必須設有上限。

You have the hyperscale or the customer, whoever that might be, you have the US government, you have the OEM, you have potentially an EPC contractor that's working as part of that. So I do remain encouraged that we'll be able to figure out a financial structure, build what I call an insurance tower that equitably allocate risk to the right places. So again, the end result is we're not taking cost over on risk, and we're doing this in a measured way that makes sense for all of our stakeholders, including our shareholders.

你有超大規模業者或客戶（不論是誰），你有美國政府，你有OEM（原始設備製造商），你也可能有作為其中一部分的EPC承包商。所以我仍然感到鼓舞，我們將能夠設計出一個財務架構，建立我所稱的「保險塔（insurance tower）」，把風險公平地分配到正確的位置。因此，再次強調，最終結果是我們不承擔成本超支風險，而且我們會以審慎、符合所有利害關係人（包括股東）利益的方式來推進。

Got it. That's helpful. And then just wanted to shift back towards natural gas pipeline enticed. We haven't really seen meaningful new greenfield development since Mountain Valley, your JV completed a few years back, and there seems to be a lot of need for moving molecules across the country. It seems like the regulatory backdrop is more favourable than it had been in the past and there's a lot of need for new Logistics Solutions, how do you see this moving forward at this point in time? And what would NextEra look to be involved?

了解。這很有幫助。接著我想把話題轉回天然氣管線的議題。自從你們的合資案Mountain Valley在幾年前完工後，我們其實沒有看到有意義的新綠地（greenfield）開發，但全國似乎非常需要把天然氣分子運輸到各地。看起來監管環境比過去更有利，而且對新的物流解決方案需求很大，你怎麼看目前這個趨勢接下來會如何發展？NextEra會希望以什麼方式參與？

Well, we're encouraged. I think you all know, we brought a senior executive over from Energy Transfer now leads our gas pipeline effort. We have a substantial gas pipeline opportunities that already put together. Obviously, there's a lot of expansion needs around the Southeast as you start thinking about accommodating a lot of large load demand here and the need that the states in the Southeast are going to have, the expansion opportunities off of MDP.

嗯，我們感到鼓舞。我想各位都知道，我們從Energy Transfer延攬了一位資深主管，現在由他領導我們的天然氣管線業務。我們已經整理出相當多的天然氣管線機會。顯然，當你開始思考要因應東南部大量的大型負載需求，以及東南各州將面臨的需求時，圍繞著MDP的擴建需求與機會很多。

And then as we look at our hub strategy, the need for additional gas supply, whether it comes from laterals or actual gas pipeline development connected with that build that's encouraging in terms of what the investment opportunity might look like there. So I'm very happy with the way things are trending, and I think we'll have some nice opportunities as we look to the future and have a renewed focus on gas pipeline development.

另外，從我們的樞紐（hub）策略來看，對額外天然氣供應的需求——不論是透過支線（laterals）或是與該建設相連的實際天然氣管線開發——在投資機會可能呈現的樣貌上都令人鼓舞。所以我對目前的發展趨勢非常滿意，我認為展望未來，隨著我們重新聚焦天然氣管線開發，將會有一些不錯的機會。

No, John, I agree that we're seeing -- we talked about our transmission business jointly with electric and gas moving from mid-single digits into the 20s. And so I think that reflects some of our optimism. You've seen what we're doing around MVP and some of the opportunities for extensions or expansions on that. And I think John ran through it, we're participating on a number of different fronts. So our outlook is -- it feels good over the next several years to deliver against those expectations we laid out back in December.

不，John，我同意我們看到——我們談到我們的輸電業務，電力與天然氣合計，正從中個位數成長提升到20%左右。我認為這反映了我們的一些樂觀預期。你也看到我們在MVP周邊所做的事情，以及一些延伸或擴建的機會。而且如John所說，我們在多個不同面向都有參與。所以我們的展望是——未來幾年要達成我們在12月提出的那些預期，感覺是很不錯的。

And just a quick one there. With Texas development, specifically Permian egress, and servicing LNG, any of those factors be of interest to NextEra?

再快速問一個。就德州的開發而言，特別是二疊紀盆地（Permian）的外運（egress）以及服務LNG，這些因素有任何會讓NextEra感興趣嗎？

Yes. You're not going to see us participating in LNG. If that's your question.

是的。你不會看到我們參與LNG。如果你的問題是這個的話。

Yes. Jeremy, I think the key piece here is that as we're building through. We're putting together capabilities that allow us to provide solutions for our customers. And as we look at our customers, that's our customers in Florida, that's our customers in as we combine with Dominion in South Catalana, Virginia and North Carolina to our hyperscalers and to our customers across the country. We don't see things like LNG as being part of that. This is all about how do we provide solutions that allow us to grow our company and to help our customers.

是的。Jeremy，我認為這裡的關鍵在於，隨著我們持續建設推進，我們正在建立各項能力，使我們能為客戶提供解決方案。而當我們看我們的客戶——包括佛羅里達的客戶、以及我們與Dominion在南卡羅來納、維吉尼亞與北卡羅來納整合後的客戶、還有我們的超大規模客戶（hyperscalers）以及全國各地的客戶——我們不認為像LNG這樣的事情會是其中一部分。這一切的重點在於：我們如何提供解決方案，讓公司成長並協助我們的客戶。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Maybe just a couple of follow-ups. One on the FPL large load opportunity. It certainly seems like the customer interest is strong. Just curious what appetite you've seen from local communities in Florida to hosting data centers? Do you see any risks around local level pushback to kind of realizing that opportunity set?

我可能有幾個追問。一個是關於FPL的大型負載機會。看起來客戶興趣確實很強。我想了解的是，你們在佛羅里達當地社區對於承接資料中心的意願如何？你是否看到在地方層級出現反彈、進而影響這個機會落地的風險？

Carly, it's Scott. I think the important points here are finding the right locations that are going to welcome that in transparency in the process, right? I think we all saw Project Tango and West Palm Beach. I want to reiterate that was never part of our development expectations and shows the importance of site selection and transparency. So I think there are a lot of spots in the state of Florida, and we are working with those communities that are really interested and have good locations that will be the perfect host for data centers.

Carly，我是Scott。我認為這裡的重要重點是：找到願意接納的合適地點，以及在流程中保持透明，對吧？我想我們都看到了Project Tango以及西棕櫚灘（West Palm Beach）的情況。我想重申，那從來不在我們的開發預期之內，也顯示了選址與透明度的重要性。所以我認為佛羅里達州內有很多地點，我們也正在與那些真正有興趣、且具備良好區位條件的社區合作，這些地方會是資料中心的完美落腳處。

And so I think as we've said a few times on this call, we're very confident, and that's why we increased our development expectations to 8 gigawatts by 2032.

因此，如同我們在這通電話中已經說過幾次的，我們非常有信心，這也是為什麼我們把開發預期提高到2032年前達到8吉瓦。

Great. Okay. That's really clear. And then just one other follow-up on the federal hubs. I think you had previously indicated that the Texas project could start up on the earlier side, maybe late '27, early '28.

很好。好的。這非常清楚。另外再追問一個關於聯邦樞紐（federal hubs）。我記得你們之前提到德州專案可能會較早啟動，也許在27年末、28年初。

I guess just with the timing of the definitive agreements, maybe taking a bit longer, any shifts to the earlier start potential of that particular project or perhaps like used in another way, is there a time that you would need to see movement in order to hit those targets?

我想問的是，鑑於最終協議（definitive agreements）的時程似乎拉得稍久一些，這是否會影響該專案較早啟動的可能性？或者換個方式問，為了達成那些目標，你們需要在什麼時間點之前看到進展？

Yes. Our timing hasn't changed, Carly, from where the negotiations are to where we're looking for those projects to come online. So we're continuing to move the development in the background while we work out the teens with the government entities. So our expectation around when those projects will come online remains the same.

是的。Carly，我們的時程沒有改變——從目前談判進度到我們預期那些專案上線的時間點都沒有變。因此，在我們與政府單位把細節談妥的同時，我們仍在背景持續推進開發工作。所以我們對於那些專案何時上線的預期仍然相同。

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

我們的問答環節到此結束，也結束今天的電話會議。感謝各位參加今天的簡報。各位現在可以掛線。