新世紀能源 (NEE) 2026 Q3 法說會逐字稿

Good morning, and welcome to the NextEra Energy Inc., third-quarter 2026 earnings call. (Operator Instructions) 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.

早安，歡迎參加 NextEra Energy Inc. 2026 年第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把電話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 third-quarter 2026 financial results conference call for NextEra Energy. With me this morning are John Ketchum, Chairman, President, and Chief Executive Officer of NextEra Energy; Mike Dunne, Executive Vice President and Chief Financial Officer of NextEra Energy; Armando Pimentel, 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.

各位早安，感謝各位參加 NextEra Energy 2026 年第三季財務結果電話會議。今天早上與我一同出席的有：NextEra Energy 董事長、總裁暨執行長 John Ketchum；NextEra Energy 執行副總裁暨財務長 Mike Dunne；NextEra Energy 副董事長 Armando Pimentel；Florida Power & Light Company（FPL）總裁暨執行長 Scott Bores；NextEra Energy Resources 總裁暨執行長 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 將概述我們的業績表現。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, in 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（包括今日財報新聞稿、此次電話會議中的評論、隨附簡報的風險因素章節，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討論者）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資訊，以取得定義說明，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'll 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 strong third-quarter results with adjusted earnings per share increasing 9.7% year over year. Through the first nine months of the year, our adjusted earnings per share has increased 9.5% year over year. The continued strong financial and operational performance at both FPL and Energy Resources positions our company well to meet its overall objectives for the year.

謝謝你，Michael，各位早安。NextEra Energy 第三季交出強勁成績，調整後每股盈餘（EPS）年增 9.7%。今年前九個月，我們的調整後每股盈餘年增 9.5%。FPL 與 Energy Resources 持續展現強勁的財務與營運表現，使公司具備良好條件以達成今年的整體目標。

Before I turn to the progress we have made executing against our broader strategy, I want to spend a moment on Hurricane Isaias. FPL continues to stand shoulder to shoulder with our communities throughout Northwest Florida devastated by this high-end Category 2 storm. While we have restored power to all customers able to safely accept service, it will undoubtedly take months for life to truly recover from the destructive wind, torrential rain, and toppled trees that ravaged many homes and businesses.

在我談到我們執行更廣泛策略所取得的進展之前，我想先花一點時間談談颶風 Isaias。FPL 持續與遭受這場高端二級風暴重創的佛羅里達州西北部社區並肩同行。雖然我們已為所有能夠安全恢復供電的客戶復電，但要讓生活真正從摧毀性的強風、豪雨以及倒塌樹木對許多住家與商家的蹂躪中復原，無疑仍需數月時間。

In preparation for the storm, FPL assembled a restoration workforce of approximately 17,000 men and women from 29 states, pre-positioning crews, equipment, and supplies ahead of the storm so that restoration could begin as soon as conditions were safe. I want to recognize our employees and the thousands of contractors, mutual assistance crews, first responders, and community partners who worked around the clock for our customers.

為因應風暴，FPL 集結了約 17,000 名來自 29 個州的復電人員，並在風暴來臨前預先部署人力、設備與物資，以便在條件安全後立即展開復電作業。我想表揚我們的員工，以及數以千計的承包商、互助支援隊伍、第一線應變人員與社區夥伴，他們日以繼夜為客戶付出。

Their preparation, dedication, commitment, and selflessness allowed us to restore power safely and quickly. The hurricane exited our service area early Saturday morning, and by Tuesday, we restored power to more than 97% of customers affected. Early forensic analysis shows investing in a stronger, smarter, and more storm-resilient grid benefited our customers. Not a single hardened transmission or distribution pole failed during Isaias.

他們的準備、奉獻、承諾與無私，讓我們得以安全且迅速地恢復供電。颶風於週六清晨離開我們的服務區域，到了週二，我們已為超過 97% 受影響的客戶復電。初步的鑑識分析顯示，投資打造更強韌、更智慧、且更具抗風暴能力的電網，確實讓客戶受益。在 Isaias 期間，沒有任何一根加固過的輸電或配電電桿倒塌。

Underground neighborhood power lines performed approximately 14 times better than overhead lines, and smart grid technology avoided approximately 140,000 outages. To be clear, these investments do not make the grid hurricane-proof, but together with our preparation and coordinated response, they have reduced both the number and duration of outages and enable us to get our customers' lives back to normal faster.

地下社區配電線路的表現約為架空線路的 14 倍，智慧電網技術則避免了約 140,000 次停電。必須說明的是，這些投資並不能讓電網完全「防颶風」，但結合我們的事前準備與協同應變，已降低停電的次數與持續時間，並讓我們能更快協助客戶恢復正常生活。

But it is our people who make the biggest difference, and I again want to say thank you to our teams and the thousands of mutual assistance crews who worked tirelessly to support our communities when they needed us most.

然而，真正帶來最大差異的是我們的人員；我再次要向我們的團隊，以及數以千計不知疲倦支援的互助支援隊伍致謝，在社區最需要我們的時候挺身而出。

A year ago, we laid out a clear plan for NextEra Energy with more than 12 ways to deliver value for our customers across our regulated and long-term contracted businesses. The backdrop then is the same as it is today. America needs more electrons on the grid. Affordability, reliability, scale, and speed to market are more important than ever.

一年前，我們提出了 NextEra Energy 的清晰計畫，透過超過 12 種方式，在受監管業務與長期合約業務中為客戶創造價值。當時的背景與今天相同。美國的電網需要更多電力。可負擔性、可靠性、規模與上市速度比以往任何時候都更重要。

But here's what is materially different between then and now. Today, we are not just talking about a plan. We have executed and continue to execute against that plan. And in many areas, we have exceeded our own expectations. In a complex environment where power demand continues to accelerate, customers cannot afford to wait.

但以下是當時與現在之間實質不同之處。今天，我們不只是談一個計畫。我們已經在執行，並持續依照該計畫推進。而且在許多領域，我們的表現超出自身預期。在電力需求持續加速的複雜環境中，客戶等不起。

They need a partner who can deliver now and do it affordably. That is exactly what we continue to do all across America. It's why we believe NextEra Energy remains one of the best-positioned companies in the sector. No company does more to build generation and energy infrastructure necessary to keep pace with the demand for power across this country.

他們需要一個能夠立即交付、且具成本效益的合作夥伴。這正是我們在全美各地持續做到的事。這也是我們相信 NextEra Energy 仍是本產業中定位最優勢的公司之一的原因。沒有任何公司比我們做得更多，去建置為滿足全國電力需求所必需的發電與能源基礎設施。

We have the scale, the balance sheet, the supply chain, the technology, the customer relationships, and the development and operating expertise to build what our customers need, when and where they need it. We are executing across the full set of growth opportunities we laid out 12 months ago by staying focused on affordability, reliability, and delivering every day for our customers. I could not be prouder of the team's execution this year, and I could not be more excited about what we have left to accomplish in 2026 and beyond.

我們具備規模、資產負債表、供應鏈、技術、客戶關係，以及開發與營運專業能力，能在客戶需要的時間與地點，建置他們所需的設施。我們聚焦於可負擔性、可靠性，並每天為客戶交付成果，持續把握 12 個月前所提出的全套成長機會並加以落實。我對團隊今年的執行成果感到無比自豪，也對我們在 2026 年及未來仍將完成的目標感到更加振奮。

At FPL, we continue to support Florida's strong and growing economy. Florida remains one of the fastest-growing states in the nation, supported by continued net in-migration, job creation, and business investment. Florida's $1.9 trillion annual economy is the 14th largest in the world. Florida's growth continues to drive the need for new energy infrastructure across the state. We are making smart capital investments to meet those customer needs. We also continue to demonstrate that serving growth can be done affordably and reliably.

在 FPL，我們持續支持佛羅里達州強勁且成長中的經濟。佛州仍是全美成長最快的州之一，受惠於持續的淨移入人口、就業創造與企業投資。佛州每年 1.9 兆美元的經濟規模在全球排名第 14。佛州的成長持續推動全州對新型能源基礎設施的需求。我們正進行明智的資本投資以滿足客戶需求。我們也持續證明，服務成長可以兼顧可負擔性與可靠性。

FPL's typical residential bill is approximately 37% 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 operating efficiency. FPL's non-fuel O&M is more than 70% lower than the industry average on a dollar per megawatt hour basis. Customers also continue to benefit from top decile reliability that's more than 60% better than the national average.

FPL 典型住宅用戶的電費約比全國平均低 37%，且預估在本十年結束前，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。以每兆瓦時美元計，FPL 的非燃料營運與維護（O&M）成本比產業平均低逾 70%。客戶也持續受益於名列前十分位的供電可靠度，表現比全國平均高出逾 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. FPL's customer service is also ranked top decile nationally for residential customer satisfaction while maintaining the lowest billing cost per customer. We've worked hard to extend this customer value proposition in Northwest Florida over the last eight years.

這些表現直接源自一項經驗證的長期策略，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，以及多元化的發電組合。同時，FPL 的客戶服務在全美住宅客戶滿意度方面亦名列前十分位，並維持每位客戶最低的帳務處理成本。過去八年來，我們也努力將這項客戶價值主張延伸至佛羅里達州西北部。

In addition to reliability investments, we've focused on customer affordability. When adjusting for inflation, FPL's typical residential bill in that part of the state is now approximately 25% lower than it was in 2018 before we acquired Gulf Power. We have also put into place a large load framework that allows us to serve new demand while ensuring existing customers are protected from the incremental costs required to serve that growth.

除了可靠性投資之外，我們也聚焦於客戶的可負擔性。在扣除通膨影響後，FPL 在該州該地區的典型住宅電費帳單，現已較 2018 年（我們收購 Gulf Power 之前）約低 25%。我們也建立了一套大型負載框架，使我們能在服務新增需求的同時，確保既有客戶免於承擔為支應該成長所需的增量成本。

FPL's large load tariff is not only one of the most customer protective in America, its protections and provisions have also been largely codified into Florida law. Needless to say, hyperscalers know exactly how we plan to serve them in Florida. As we discussed throughout the year, the interest is high. It's why we raised our large load expectations from 6 gigawatts to 8 gigawatts by 2032, and we remain confident in our ability to announce a large load transaction by the end of the year.

FPL 的大型負載費率不僅是美國最能保護客戶的方案之一，其保護機制與條款也已在很大程度上被編纂入佛羅里達州法律。不用說，超大規模業者（hyperscalers）非常清楚我們計畫如何在佛州為其提供服務。正如我們在全年多次討論的，市場興趣很高。這也是我們將 2032 年前的大型負載預期自 6 吉瓦上調至 8 吉瓦的原因，而我們仍有信心在年底前宣布一筆大型負載交易。

At Energy Resources, we have turned an extraordinary opportunity set into real execution across the board in both our regulated and long-term contracted businesses. Our regulated and invested capital, along with our secured capital expenditures across electric and gas transmission, have increased roughly 25% to approximately $12.7 billion since December 2025. In the first quarter, Lone Star Transmission received ERCOT approval to build portions of two new transmission lines in North Central Texas to improve reliability in the region.

在 Energy Resources，我們已將極為難得的機會組合，轉化為在受監管業務與長期合約業務兩方面的全面落地執行。自 2025 年 12 月以來，我們的受監管與已投資資本，以及在電力與天然氣輸電方面已確保的資本支出，合計增加約 25%，至約 127 億美元。第一季，Lone Star Transmission 取得 ERCOT 核准，在德州中北部興建兩條新輸電線路中的部分路段，以提升該區域的可靠性。

In the second quarter, MISO selected NextEra Energy Transmission to build two large-scale 765 kV transmission projects in Illinois to help deliver safe, reliable, and cost-competitive energy for decades. In addition, our gas transmission business formed a joint venture during the quarter with Chesapeake Utilities Corporation to build a $1.2 billion 97-mile intrastate gas pipeline in South Florida.

第二季，MISO 選定 NextEra Energy Transmission 在伊利諾州建置兩個大型 765 kV 輸電專案，以協助在未來數十年提供安全、可靠且具成本競爭力的能源。此外，我們的天然氣輸電業務於本季與 Chesapeake Utilities Corporation 成立合資企業，在南佛羅里達建置一條投資 12 億美元、長 97 英里的州內天然氣管線。

We continue to add renewables and storage to our backlog at a pace that underscores the strength of our customer demand and the value of our speed-to-power development platform. For the quarter, Energy Resources added 3.7 gigawatts of renewables and storage projects to its backlog. This includes another strong quarter of battery storage origination at 2.4 gigawatts. Importantly, we have multiple growth avenues for battery storage.

我們持續以能凸顯客戶需求強勁、以及我們快速併網（speed-to-power）開發平台價值的速度，將再生能源與儲能專案納入在手訂單。本季，Energy Resources 在手訂單新增 3.7 吉瓦的再生能源與儲能專案。其中包含電池儲能案源開發再度強勁的一季，達 2.4 吉瓦。更重要的是，我們在電池儲能方面有多條成長路徑。

We build standalone battery storage, co-locate storage at existing sites, develop storage as a grid solution, and expand batteries from four hours to eight hours at existing projects. In a market driven by a significant need for quick capacity solutions, Energy Resources remains well positioned to serve customers with battery storage.

我們建置獨立式電池儲能、在既有場址共址配置儲能、將儲能作為電網解決方案進行開發，並在既有專案中把電池時長由四小時擴增至八小時。在一個由快速容量解決方案龐大需求所驅動的市場中，Energy Resources 仍具備良好定位，可透過電池儲能為客戶提供服務。

Here's what's important. With these new additions to our backlog and projects that reach commercial operation, we've now achieved greater than two-thirds of the midpoint of our 2026 through 2029 development expectations, and we added approximately 15 gigawatts to the backlog in the last 12 months. We also continue to make significant progress across our large load opportunity set.

重點如下。隨著這些新增在手訂單以及達到商轉的專案，我們目前已達成 2026 至 2029 年開發預期中點的三分之二以上，且在過去 12 個月內在手訂單新增約 15 吉瓦。我們也持續在大型負載機會組合上取得顯著進展。

To date, we've advanced more than 20 gigawatts of large load projects, over 18 gigawatts of which are gas-fired generation. We expect these opportunities to derive value in two different ways. The first is our federal hubs, where Energy Resources expects to develop, build, and operate projects for fees without investing capital. The second includes projects that we expect to develop, own, and operate ourselves.

截至目前，我們已推進超過 20 吉瓦的大型負載專案，其中超過 18 吉瓦為燃氣發電。我們預期這些機會將以兩種不同方式創造價值。第一是我們的聯邦樞紐（federal hubs），Energy Resources 預期在不投入資本的情況下，以收取費用的方式開發、建置並營運專案。第二則包含我們預期由自身開發、持有並營運的專案。

Starting with the federal hubs, we have signed definitive agreements to develop, construct, and operate three projects across Texas and Pennsylvania, totaling approximately 16.5 gigawatts that have secured $5.7 billion in initial funding year to date. Energy Resources earns fees based on a predetermined schedule for development and construction of the projects and for the first 20 years of operations.

先從聯邦樞紐談起，我們已簽署具約束力的最終協議，在德州與賓夕法尼亞州開發、興建並營運三個專案，合計約 16.5 吉瓦；截至目前，這些專案今年已取得 57 億美元的初始資金。Energy Resources 依預先約定的時程，就專案的開發與建造，以及前 20 年的營運收取費用。

Across all three federal hubs, we are advancing construction and PPA solicitation in parallel to maximize speed to market while working to secure required permits and other approvals. We expect to serve significant load as early as 2028 and 2029 using behind-the-meter generation, and then ramp to the full requirements of these campuses from 2030 through 2032.

在三個聯邦樞紐中，我們正同步推進施工與 PPA（購電協議）招攬，以在取得所需許可與其他核准的同時，最大化上市速度。我們預期最早可於 2028 年與 2029 年透過表後（behind-the-meter）發電服務顯著負載，並於 2030 至 2032 年逐步提升至這些園區的完整需求。

Importantly, each of these projects are perfect examples of matching new electric load with new power generation, ensuring data centers pay for their own generation and infrastructure, not existing utility customers. While we do not put any capital into the projects, we expect federal hubs to generate approximately 50% of the expected adjusted earnings per share that Energy Resources would receive if we own the projects ourselves over the first 20 years of operation.

重要的是，這些專案都是將新增用電負載與新增發電能力相匹配的最佳範例，確保資料中心為其自身的發電與基礎設施買單，而非由既有公用事業客戶負擔。雖然我們不對這些專案投入任何資本，但我們預期聯邦樞紐在前 20 年營運期間所帶來的預期調整後每股盈餘（adjusted EPS），約為若由我們自行持有專案時 Energy Resources 可取得之預期調整後每股盈餘的 50%。

The three federal hubs, on an equivalent adjusted EPS basis, are approximately equal to the top end of our natural gas development expectations of 4 to 8 gigawatts by 2032. We also have the opportunity to build and own battery storage to support data center load at these federal hub opportunities, which could be an incremental 6 to 11 gigawatts or an approximate 15% to 30% potential upside to our storage development expectations.

以等值的調整後 EPS 口徑衡量，這三個聯邦樞紐約相當於我們到 2032 年天然氣開發預期 4 至 8 吉瓦區間的上緣。我們也有機會在這些聯邦樞紐機會中建置並持有電池儲能，以支援資料中心負載；這可能額外增加 6 至 11 吉瓦，或為我們儲能開發預期帶來約 15% 至 30% 的潛在上行空間。

We also continue to advance a significant pipeline of large load projects that we expect to own and operate ourselves. In July, we were part of a coalition of energy, infrastructure, and utility companies that announced a strategic partnership to develop a data center campus at the US Department of Energy's Paducah site in Western Kentucky. NextEra Energy expects to build and own dedicated generation resources to power the campus, including up to 2 gigawatts of natural gas and up to 2.6 gigawatts of battery storage systems.

我們也持續推進一條可觀的大型負載專案管線，這些專案預期將由我們自行持有並營運。7 月，我們參與了一個由能源、基礎設施與公用事業公司組成的聯盟，宣布建立策略夥伴關係，以在美國能源部位於肯塔基州西部的 Paducah 場址開發資料中心園區。NextEra Energy 預期將建置並持有專用發電資源為該園區供電，包括最多 2 吉瓦的天然氣發電，以及最多 2.6 吉瓦的電池儲能系統。

We also have a development pipeline of 30 potential hubs we are discussing with the market, and we continue to expect that number to rise to 40 by year end. Duane Arnold, our nuclear plant in Iowa, remains on track to be recommissioned and reenter service no later than Q1 2029. During the quarter, we closed a loan with the Department of Energy for up to $1.9 billion to support the restart.

我們也有一條由 30 個潛在樞紐組成的開發管線，正與市場進行討論，且我們仍預期該數量將在年底前上升至 40 個。位於愛荷華州的 Duane Arnold 核電廠仍按計畫推進，預計最遲於 2029 年第一季重新啟用並恢復供役。本季，我們與能源部完成一筆最高 19 億美元的貸款，以支持重啟作業。

This milestone moves us closer to restarting Iowa's only nuclear plant and adding reliable around-the-clock energy to the regional grid. We continue to evaluate advanced nuclear, closely assessing the commercial and technical 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.

這一里程碑使我們更接近重啟愛荷華州唯一的核電廠，並為區域電網新增可靠的 24 小時不間斷能源。我們也持續評估先進核能，並密切檢視各家 SMR OEM 的商業與技術能力。我們在核電場址有 6 吉瓦的 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, conditions with appropriate risk-sharing mechanisms that limit our ultimate exposure. We also continue to successfully recontract across our existing portfolio. During the quarter, we executed a 20-year power purchase agreement for approximately 1 gigawatts of our Point Beach Nuclear asset in Wisconsin at a competitive price, which remains subject to approval by the Public Service Commission of Wisconsin.

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，以限制我們最終的風險曝險。我們也持續在既有資產組合上成功完成續約。本季，我們以具競爭力的價格，為威斯康辛州 Point Beach 核能資產約 1 吉瓦的容量簽署了一份 20 年期購電協議，但仍須取得威斯康辛州公共服務委員會核准。

The full output of the plant is now contracted into the 2050s. Since the last earnings call, we also recontracted over 250 megawatts of existing renewable projects. This brings our year-to-date recontracting total to nearly 1,400 megawatts of renewables, which have been priced on average at a roughly $20 per megawatt hour premium above recent realized pricing for these projects. In total, we have recontracted nearly 2,400 megawatts to date this year.

該電廠的全部發電量目前已簽約至 2050 年代。自上次法說會以來，我們也為超過 250 兆瓦的既有再生能源專案完成續約。這使我們今年迄今的再生能源續約總量接近 1,400 兆瓦；其定價平均較這些專案近期已實現價格高出約每兆瓦時 20 美元的溢價。總計而言，我們今年迄今已完成近 2,400 兆瓦的續約。

Bottom line, we believe it is important to do what we say. Last year, we laid out our plan across 12 key growth areas. One year later, we are delivering. Our growth plan is not dependent on any single technology, customer market, or policy outcome. We have multiple ways to deliver affordable and reliable power for our customers.

總而言之，我們認為說到做到很重要。去年，我們提出涵蓋 12 個關鍵成長領域的計畫。一年後，我們正在交付成果。我們的成長計畫不依賴任何單一技術、客戶市場或政策結果。我們有多種方式為客戶提供可負擔且可靠的電力。

As proud as we are of what we've accomplished, we are not satisfied. That has always been part of the culture at NextEra Energy, never settling and constantly looking for ways to get better every day for our customers. When it comes to the opportunity set in front of us, the runway for growth is significant.

儘管我們對已取得的成就深感自豪，但我們並不滿足。這一直是 NextEra Energy 文化的一部分——永不止步，並持續尋找方法，為客戶每天都做得更好。就我們眼前的機會版圖而言，成長跑道相當可觀。

We also continue to advance our pending combination with Dominion Energy. As I have said before, this is a merger of addition, not subtraction. We are bringing together two industry leaders with a shared commitment to safety, reliability, affordability, customer service, and execution at a time when the power industry is tasked with meeting rapidly growing electricity demand.

我們也持續推進與 Dominion Energy 尚待完成的合併案。如我先前所說，這是一樁「加法」的合併，而非「減法」。在電力產業肩負滿足快速成長用電需求之際，我們將兩家產業領導者結合在一起，雙方共同致力於安全、可靠性、可負擔性、客戶服務與執行力。

America needs new generation transmission, and customers expect us to meet that growth while continuing to keep their bills affordable. That is what makes this combination so compelling. Dominion Energy brings deep local knowledge and experienced workforce, critical generation assets, a significant transmission and distribution system, and longstanding relationships with its customers and communities.

美國需要新的發電與輸電建設，而客戶也期待我們在滿足成長的同時，持續讓帳單維持可負擔。這正是使這項合併如此具吸引力的原因。Dominion Energy 帶來深厚的在地知識與經驗豐富的勞動力、關鍵發電資產、龐大的輸配電系統，以及與其客戶與社區長期建立的關係。

NextEra Energy brings additional scale, balance sheet strength, a strong credit rating, supply chain reach, and one of the largest energy infrastructure development and construction platforms in the country. In addition, the combination adds global leadership in renewables and battery storage, driving the ability to accelerate clean energy and battery storage.

NextEra Energy 則帶來更大的規模、強健的資產負債表、良好的信用評等、供應鏈觸及能力，以及全美規模最大的能源基礎設施開發與建設平台之一。此外，此次合併也將增添在再生能源與電池儲能方面的全球領導地位，提升加速推動潔淨能源與電池儲能的能力。

Bringing all of these capabilities together would give the combined company an even stronger platform to buy, build, finance, and operate the infrastructure our customers need more efficiently over time. Importantly, this combination is about preserving Dominion Energy's strengths while putting NextEra Energy's scale and capability behind them.

整合上述各項能力，將使合併後公司擁有更強大的平台，能隨時間更有效率地採購、建置、融資並營運客戶所需的基礎設施。重要的是，這項合併旨在保留 Dominion Energy 的優勢，同時以 NextEra Energy 的規模與能力作為後盾。

Dominion Energy would remain locally led and separately regulated while gaining access to NextEra Energy's experience across the full energy value chain, including renewables, battery storage, nuclear, natural gas generation, transmission, and grid infrastructure. We believe that the combination of local expertise and national scale will uniquely position the combined company to help meet unprecedented energy demand while maintaining an intense focus on reliability, affordability, and customer service that both companies share.

Dominion Energy 將維持在地領導並分別受監管，同時可取得 NextEra Energy 在完整能源價值鏈的經驗，包括再生能源、電池儲能、核能、天然氣發電、輸電與電網基礎設施。我們相信，在地專業與全國規模的結合，將使合併後公司具備獨特定位，得以在維持雙方共同高度重視的可靠性、可負擔性與客戶服務之同時，協助滿足前所未有的能源需求。

And we are backing that strategic rationale with tangible commitments to Dominion Energy's customers, employees, and communities. In September, we announced an enhanced benefits package that demonstrates our commitment to Virginia. We provided additional commitments that further demonstrate our dedication to protecting and delivering value for customers. We organized the package around affordability, jobs, and building more clean energy and battery storage faster to decrease reliance on expensive imports.

我們也以具體承諾來支持這項策略理由，對象涵蓋 Dominion Energy 的客戶、員工與社區。9 月，我們宣布一項強化的福利方案，以展現我們對維吉尼亞州的承諾。我們也提出額外承諾，進一步展現我們致力於保護並為客戶創造價值。我們將該方案聚焦於可負擔性、就業，以及更快建置更多潔淨能源與電池儲能，以降低對昂貴進口的依賴。

We have doubled the residential bill credits from two to four years, provided an additional $100 million of shareholder-funded support for Dominion Energy's customer bill assistance program through 2038, provided $100 million to directly support workforce development, created up to a $5 billion Virginia supplier program through spending commitments over five years that support cost-competitive contractors, suppliers, and service providers doing business in Virginia.

我們已將住宅用戶帳單抵減年限由兩年加倍至四年；並在 2038 年前額外提供 1 億美元由股東出資的支援，用於 Dominion Energy 的客戶帳單補助計畫；另提供 1 億美元直接支持勞動力發展；並透過五年期支出承諾，建立最高 50 億美元的維吉尼亞州供應商計畫，以支持在維吉尼亞州營運、具成本競爭力的承包商、供應商與服務提供者。

Committed to creating 600 new NextEra Energy jobs in Virginia, who will work out of a new shareholder-funded co-headquarters tower in downtown Richmond, and committed to maintaining Virginia employee headcount for the next five years. And we intend to bring others with us to Virginia. Through our extensive supplier relationships, we have already secured letters of intent for at least 400 new jobs if the combination is approved, bringing the total to 1,000 new Virginia jobs as we work to create an ecosystem of economic growth centered on energy.

我們承諾在維吉尼亞州創造 600 個新的 NextEra Energy 工作機會，員工將在里奇蒙市中心一棟由股東出資的新共同總部大樓辦公，並承諾未來五年維持維吉尼亞州員工人數。我們也打算帶動其他企業一同前往維吉尼亞州。透過我們廣泛的供應商關係，若合併獲准，我們已取得至少 400 個新工作機會的意向書，使維吉尼亞州新增工作總數達到 1,000 個；同時我們將致力打造以能源為核心的經濟成長生態系。

We believe these additional commitments deliver on those priorities and further demonstrate the tangible benefits this combination can deliver for customers and communities. We also will continue to engage in constructive dialogue with stakeholders in South Carolina and North Carolina, and we expect to share specifics as those conversations move forward. I am confident this combination will deliver benefits that matter most to each state.

我們相信，這些額外承諾可落實上述優先事項，並進一步展現此項合併能為客戶與社區帶來的具體效益。我們也將持續與南卡羅來納州與北卡羅來納州的利害關係人進行建設性對話，並預期隨著對話推進分享更具體內容。我有信心，這項合併將為各州帶來最重要的效益。

We have reached several important milestones since our last call. On September 3, shareholders of both NextEra Energy and Dominion Energy approved the pending combination, satisfying an important closing condition. The state regulatory reviews are also moving forward. In Virginia and South Carolina, procedural schedules have been set with hearings in November and December, and we expect final orders in January 2027.

自上次電話會議以來，我們已達成數個重要里程碑。9 月 3 日，NextEra Energy 與 Dominion Energy 兩家公司股東均已批准這項尚待完成的合併，滿足一項重要的交割條件。各州監管審查也在持續推進。在維吉尼亞州與南卡羅來納州，程序時程已排定，聽證會將於 11 月與 12 月舉行，我們預期最終命令將於 2027 年 1 月發布。

In North Carolina, the commission has established a procedural schedule with expert witness hearings beginning in February 2027. The federal review processes are also underway and continuing. We continue to expect the combination will close in the second half of 2027.

在北卡羅來納州，委員會已制定程序時程，專家證人聽證將於 2027 年 2 月開始。聯邦層級的審查程序也已啟動並持續進行。我們仍預期該合併將於 2027 年下半年完成交割。

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

接下來，我把電話交給 Mike。

Thank you, John, and good morning, everyone. For the third quarter of 2026, FPL's earnings per share increased by $0.06 year over year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 9.2% year over year. FPL's capital expenditures were approximately $2.4 billion for the quarter, and we expect FPL's full-year capital investments to be approximately $12 billion.

謝謝你，John，各位早安。2026 年第三季，FPL 的每股盈餘較去年同期增加 0.06 美元。此一表現的主要驅動因素為 FPL 受監管資本投入（regulatory capital employed）年增約 9.2%。本季 FPL 的資本支出約為 24 億美元，我們預期 FPL 全年資本投資約為 120 億美元。

For the 12 months ending September 2026, FPL's reported return on equity for regulatory purposes will be approximately 11.8%. During the third quarter, we reversed approximately $172 million of the rate stabilization mechanism, leaving FPL with an after-tax balance of roughly $1.5 billion.

截至 2026 年 9 月的 12 個月期間，FPL 以監管目的計算的申報股東權益報酬率（ROE）約為 11.8%。第三季期間，我們回轉（沖回）約 1.72 億美元的費率穩定機制（rate stabilization mechanism），使 FPL 稅後餘額約為 15 億美元。

FPL's third-quarter retail sales increased 2.8% from the prior year comparable period due to customer growth and weather. On a weather normalized basis from the prior year comparable period, retail sales increased by 1.4% due to an increase in customer growth.

FPL 第三季零售售電量因客戶成長與天候因素，較去年同期增加 2.8%。若以天候正常化基礎與去年同期相比，零售售電量增加 1.4%，主要因客戶成長提升。

Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 13% YoY. At Energy Resources, adjusted earnings per share increased by $0.06 year over year. To align with our 12 ways to grow, we have made select changes to certain categories that I will walk through. Contributions from new investments, which now include federal hubs, increased $0.09 per share, primarily driven by continued growth in our power generation portfolio and initial contributions from federal hubs.

接著看 Energy Resources，其調整後盈餘年增約 13%。在 Energy Resources，調整後每股盈餘較去年同期增加 0.06 美元。為了與我們的「12 種成長方式」一致，我們對部分類別做了選擇性的調整，接下來我會逐一說明。來自新投資的貢獻（目前包含聯邦樞紐）每股增加 0.09 美元，主要由我們發電資產組合持續成長，以及聯邦樞紐的初始貢獻所帶動。

Existing energy assets now include contributions from natural gas and peaking generation, which were in other, prior to this quarter. Federal hubs will move from new investments to existing energy assets after 12 months of fees earned. Contributions from our existing energy portfolio increased $0.05 year over year, primarily reflecting more normalized wind resource compared with the prior year period.

既有能源資產現在也包含天然氣與尖峰發電（peaking generation）的貢獻；在本季之前，這些項目列在其他類別。聯邦樞紐在收取費用滿 12 個月後，將由新投資移轉至既有能源資產。我們既有能源資產組合的貢獻年增 0.05 美元，主要反映相較去年同期，風資源回到較正常水準。

Wind resource for the third quarter of 2026 was approximately 101% of the long-term average versus only 90% in the third quarter of 2025. The comparative contribution from our customer supply business decreased by $0.04 per share, primarily driven by timing of origination activity last year. Regulated operations is a new category and will include contributions from NextEra Energy Transmission and regulated gas transmission assets.

2026 年第三季風資源約為長期平均的 101%，而 2025 年第三季僅為 90%。我們客戶供應（customer supply）業務的比較貢獻每股減少 0.04 美元，主要由去年承作（origination）活動時點所致。受監管營運（regulated operations）為新增類別，將包含 NextEra Energy Transmission 以及受監管的天然氣輸送資產之貢獻。

All other impacts decreased by $0.04 per share, primarily driven by interest expense and timing of capital recycling in the prior year comparable quarter. Energy Resources had a strong quarter of new renewables and storage origination, adding 3.7 gigawatts to the backlog. With these additions, our backlog now totals nearly 36.7 gigawatts after taking into account more than 1.8 gigawatts of new projects placed into service since our last earnings call.

其他所有影響合計每股減少 0.04 美元，主要由利息費用以及去年同期資本回收再投入（capital recycling）時點所驅動。Energy Resources 在本季新增再生能源與儲能承作表現強勁，待執行案量（backlog）增加 3.7 吉瓦。納入上述新增後，並考量自上次法說以來已有超過 1.8 吉瓦新專案投入商轉，我們目前待執行案量合計接近 36.7 吉瓦。

This highlights the continued strong demand for renewables and storage and marks the fourth consecutive quarter that Energy Resources has added over 3.5 gigawatts to its backlog. We only have 17.6 gigawatts left to add to our 2026 through 2029 backlog before we hit the midpoint of our development expectations over that period.

這凸顯市場對再生能源與儲能的需求持續強勁，也標誌著 Energy Resources 連續第四個季度新增超過 3.5 吉瓦至待執行案量。在 2026 至 2029 年期間的待執行案量方面，我們距離達到該期間開發預期的中點，僅剩 17.6 吉瓦需要新增。

Turning now to our third-quarter 2026 consolidated results. Adjusted earnings per share from corporate and other decreased by $0.01 per share year over year. We remain well positioned to navigate the current interest rate environment through our more than $48 billion forward starting interest rate hedging program, which has an average rate of approximately 4% and an average tenor of approximately nine years. This program allows us to lock in project economics at PPA execution and avoid window risk.

現在轉到我們 2026 年第三季的合併業績。公司及其他部門的調整後每股盈餘較去年同期下降 0.01 美元。我們透過超過 480 億美元的遠期起始利率避險計畫，仍然具備良好條件以因應目前的利率環境；該計畫的平均利率約為 4%，平均期限約為 9 年。此計畫使我們能在簽署 PPA 時鎖定專案經濟性，並避免時間窗口風險。

Additionally, this program helps support our refinancings as large portions of our near-term maturities are hedged. Our debt has a weighted average maturity of approximately 15 years with a well-staggered maturity profile. As a result of our financial discipline, a 50 basis point move in rates only has a $0.01 to $0.03 per share impact in 2028, which is less than 1% of expected 2028 adjusted earnings per share.

此外，該計畫也有助於支持我們的再融資，因為我們近期到期債務中有相當大一部分已完成避險。我們的債務加權平均到期年限約為 15 年，且到期結構分布良好、錯落有致。在我們的財務紀律之下，利率變動 50 個基點在 2028 年對每股影響僅為 0.01 至 0.03 美元，低於 2028 年預期調整後每股盈餘的 1%。

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.

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，並以該區間高端為目標。我們預期至 2032 年調整後每股盈餘將以 8% 以上的複合年成長率成長，並以 2032 年至 2035 年同樣的成長目標為準，皆以 2025 年調整後每股盈餘 3.71 美元為基礎。

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 our caveats.

從 2025 年到 2032 年，我們預期營運現金流的平均年成長將達到或高於我們調整後每股盈餘複合年成長率的區間。我們也仍預期股利每股將以約每年 10% 的速度成長至 2026 年（以 2024 年為基期），並在 2026 年底至 2028 年期間以每年 6% 的速度成長。一如既往，我們的預期均以我們的但書為前提。

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

以上為我們的事先準備發言，接下來我們將開放提問。

(Operator Instructions) Steve Fleishman, Wolfe Research.

(接線員指示) Steve Fleishman，Wolfe Research。

Just, I guess, first question on the. Looks like you are tracking already through three quarters to the high end of the range, and it looks like you are also starting to already get the income from the federal hub process that probably, if it was done through normal contracting, would have come when the plants start running down the road. Just how should we think about the potential for kind of a rebasing in the near term of the outlook, just given that new addition and how you are tracking so far?

我想，第一個問題是關於……看起來你們前三季的進度已經朝向區間高端，而且你們似乎也已開始取得來自聯邦 hub 流程的收入；若按一般合約模式，這些收入可能要等到電廠未來開始運轉時才會出現。鑑於這項新增因素以及目前的進度表現，我們應該如何看待近期展望可能出現某種「基期重設」的可能性？

Thanks, Steve. As you noted, we expect to have adjusted earnings per share of $3.92 to $4.02 this year and are targeting the high end of that range. The high end of that range also includes the El Niño impacts that we expect to occur on our wind facilities in Q4 of this year.

謝謝，Steve。如你所提，我們預期今年調整後每股盈餘為 3.92 至 4.02 美元，並以該區間高端為目標。該區間高端也已納入我們預期今年第四季聖嬰現象對我們風電設施造成的影響。

And as we look at what those wind impacts could be, we expect that generation to be anywhere between 90% to 95% of the long-term average. So we expect to be at the high end of our range despite those impacts. As we look at our long-term forecast, I would point you to the S-4, where we have provided to our Board, to Dominion's Board, and out publicly to what our expectations are for our growth of our business.

就風況影響而言，我們預期發電量可能落在長期平均的 90% 至 95%。因此，即使有這些影響，我們仍預期可達到區間高端。至於長期預測，我會請你參考 S-4 文件；我們已向董事會、向 Dominion 的董事會，以及對外公開提供我們對業務成長的預期。

And so while we maintained our existing earnings per share growth of 8%-plus on a long-term basis, in a combination with Dominion, we expect that to be 9%-plus.

因此，雖然我們在長期基礎上維持既有的每股盈餘成長 8% 以上，但在與 Dominion 合併的情境下，我們預期將達到 9% 以上。

Okay, great. And then just separately, yesterday or two days ago, we got the proposed views of the governor's office in Virginia and the Virginia staff, and the governor's office proposal seems to have a lot of pretty onerous conditions. Staff, maybe not as much, but potentially on ring fence. So maybe, John, you could give some perspective on those proposals and how do you find a path, particularly with the governor's office, to some kind of resolution there?

好的，很棒。另外，昨天或前天，我們看到了維吉尼亞州州長辦公室以及維吉尼亞州工作人員提出的建議觀點；州長辦公室的提案似乎包含不少相當嚴苛的條件。工作人員的提案可能沒那麼嚴格，但可能涉及 ring fence（隔離保護）安排。所以也許 John，你可以談談對這些提案的看法，以及你們如何找到一條路徑，特別是針對州長辦公室，來達成某種解決方案？

Yeah, Steve, thanks for the question. First of all, here's how I look at it. We have the intervener testimony in, right? We're going through all of that. And as I look at it, I really look forward to prosecuting this case as we move forward our rebuttal, and then hearings in mid-November.

是的，Steve，謝謝你的問題。首先，我是這樣看的。我們已收到介入方的證詞，對吧？我們正在逐一檢視。就我而言，我非常期待在後續提交反駁意見，以及 11 月中旬的聽證會中，持續推進並充分陳述本案。

As we have reached out across the stakeholder group, we've talked quite a bit about this. I think this case breaks down to really three things. One is affordability, the second is jobs, and the third is clean energy. And I think we have really put forward a very, very strong case in each of those areas. Of course, there'll be some nuances that we'll have to deal with as we go along.

我們已向各利害關係人群體主動接觸，也就此進行了相當多的討論。我認為本案可歸結為三件事。第一是可負擔性，第二是就業，第三是潔淨能源。我認為我們在這三個面向都提出了非常、非常有力的論述。當然，隨著進程推進，我們仍需處理一些細節上的差異。

I look at affordability, moving the residential rate credits from two to four years, and we have almost $2 billion in rate credits in front of the Virginia SCC in our current proposal. And that is by far the most of any transaction of this nature. We increase that commitment to the EnergyShare program by $100 million to help those in need.

就可負擔性而言，我們把住宅用戶費率抵減的期間從 2 年延長到 4 年；在目前的提案中，我們在維吉尼亞州 SCC（州公司委員會）面前提出近 20 億美元的費率抵減。這在同類型交易中是迄今為止最高的。我們也將對 EnergyShare 計畫的承諾增加 1 億美元，以協助有需要的人。

We have the long-term scale benefits, which I think speak for themselves, when you look at the need to add new generation and transmission to Virginia to decrease reliance on expensive imports. And then I just point to the track record of FPL, which I went through.

我們具備長期的規模效益；當你看到維吉尼亞需要新增發電與輸電，以降低對昂貴進口電力的依賴時，我認為這些效益不言自明。此外，我也想指出 FPL 的過往紀錄，我剛才已經說明過。

A bill 37% lower than the national average, a bill that's 20% lower today than it was 20 years ago while investing in generation, while investing in transmission to keep up with growth from one of the fastest-growing states in the country. On jobs, I think we just have an incredible story. First of all, Dominion will stay locally led, locally run. We're not making any changes there.

帳單水準比全國平均低 37%，而且在投資發電、投資輸電以因應全美成長最快州之一的用電成長之同時，今日的帳單仍比 20 年前低 20%。在就業方面，我認為我們有一個非常精彩的故事。首先，Dominion 將維持在地領導、在地營運。我們不會在這方面做任何改變。

We're actually bringing 1,000 jobs to Virginia and to Richmond, 600 of our own, 400 from the letters of intent from suppliers that I talked about, the new office tower. Really trying to create an ecosystem around Virginia with the $5 billion supplier program, the $100 million workforce development program. I don't know if folks saw it. Virginia Chamber put a study out here recently, not only talking about the direct economic benefits of what we put forward, but the indirect.

我們實際上將為維吉尼亞州與里奇蒙帶來 1,000 個工作機會：其中 600 個來自我們自身，另外 400 個來自我提到的供應商意向書，以及新的辦公大樓。我們也致力於透過 50 億美元的供應商計畫與 1 億美元的人才培訓計畫，在維吉尼亞打造一個生態系。我不確定大家是否有看到。維吉尼亞商會最近發布了一份研究，不僅談到我們提出方案的直接經濟效益，也談到間接效益。

I mean, this is just billions of dollars of potential investment opportunity for Virginia and just thousands of direct and indirect jobs. And they'll crystallize that report here in the middle of November. So affordability jobs. And the last one is clean energy. When I look at clean energy, we are the world's leader, right? In renewables, we are the world's leader in storage.

我的意思是，這對維吉尼亞而言是數十億美元的潛在投資機會，以及數千個直接與間接的工作機會。他們將在 11 月中旬把那份報告的內容進一步具體化。所以是可負擔性、就業。最後一項是潔淨能源。談到潔淨能源，我們是全球領導者，對吧？在再生能源方面我們是全球領導者，在儲能方面我們也是全球領導者。

If we cannot get it done, I do not know who else can in terms of meeting the requirements of the Virginia Clean Economy Act. The combined company will become the second largest in the United States in nuclear, and I think when you look at the pieces and you put them together, there's just no company better positioned to deliver on Virginia's goals and the governor's recently released energy plan than this combined company. I think that is just undeniable.

如果我們都無法完成，我不知道還有誰能做到，尤其是在滿足《維吉尼亞潔淨經濟法案》要求方面。合併後的公司將成為美國第二大核能業者；我認為當你把各個要素放在一起看，沒有任何公司比這家合併後的公司更有能力實現維吉尼亞的目標，以及州長近期發布的能源計畫。我認為這點無可否認。

So we look forward to prosecuting that case as we move forward. Again, it's going to be really, really important that we are also able to bring speed to power to the table, right? Which is what we do every single day. Look at the results of this quarter. And I'll be super disappointed if we cannot accelerate the storage build in Virginia, for example, to help alleviate some of the high import charges they're facing, both on the energy and the capacity side.

因此，隨著我們持續推進，我們期待對該案件進行起訴。再次強調，我們也必須能夠把「速度」帶到桌面上，這將非常、非常重要，對吧？這正是我們每天都在做的事。看看本季的成果。舉例來說，如果我們無法加速在維吉尼亞的儲能建置，以協助緩解他們在能源端與容量端所面臨的一些高額進口費用，我會非常失望。

Because it's very important when you have a supply-demand imbalance like we see in Virginia, that we get new generation transmission up and running as quickly as we can, but do it in an affordable way for customers, which I think our package does. And really look forward to bringing this case forward in front of the commission in mid-November and really looking forward to responding to the intervener testimony that we saw come in Monday, which we're still digesting, and in a very strong rebuttal that we will file here in a couple of weeks.

因為當你像我們在維吉尼亞看到的那樣出現供需失衡時，盡快讓新的發電與輸電上線非常重要，但同時也要以客戶可負擔的方式來做，而我認為我們的方案做到了。我們也非常期待在11月中旬把這個案子帶到委員會面前，並且非常期待回應我們在週一收到的介入方證詞；我們仍在消化中，並將在幾週內提交一份非常有力的反駁意見書。

Great. Thank you.

很好。謝謝。

Paul Zimbardo, Jefferies.

Paul Zimbardo，Jefferies。

The first one I was going to ask, obviously, there's this permitting reform bill out there. If you could kind of discuss your thoughts on it and specifically what it could mean for NextEra, whether it's the wind platform, competitive transmission, just if you have any thoughts on that.

我第一個想問的是，顯然目前有一項許可改革法案。如果你能談談你對它的看法，特別是它對 NextEra 可能意味著什麼——不論是風電平台、競爭性輸電——如果你有任何想法的話。

Yeah, absolutely. I'll take that. This is John. I mean, look, first of all, we've been trying to get permitting reform legislation moving forward for the industry for quite some time now. And I think it's great to see both sides of the aisle come together and really trying to make a conscientious effort to move a package forward that makes sense. And there are puts and takes in the bill. There's some good things.

是的，當然。我來回答。我是 John。我的意思是，首先，我們一直在努力推動產業的許可改革立法，已經有相當一段時間了。我認為看到兩黨能夠攜手合作，並真正嘗試以負責任的方式推動一個合理的方案，這很棒。這項法案有取有捨。其中有一些好的內容。

There's always going to be some things that may perhaps you don't like as much, but that's the spirit of compromise. And I think when I look at the overall features of the bill, it does a lot of great things. And we need more linear infrastructure in this country, which requires permitting reform. Whether that is new transmission to enable more generation across the United States or its new gas transmission across the US.

也總會有一些你可能沒那麼喜歡的部分，但這就是妥協的精神。而我認為，當我看這項法案的整體特點時，它做了很多很棒的事情。我們國家需要更多線性基礎設施，而這需要許可改革。不論是新的輸電，以在全美促成更多發電，或是全美新的天然氣管線輸送。

We are in a period where power demand is expected to increase sixfold across this country, and it's imperative that we do right by our customers, which means getting power to where it needs to go and having linear infrastructure available to meet those needs as we look to the future. So I think there are a lot of promising things in the bill. I applaud the efforts of Congress to really try to move this forward and looking forward to potential outcomes as we approach the end of the year.

我們正處於一個電力需求預期將在全國增加六倍的時期，我們必須為客戶做對的事，這意味著把電力送到需要的地方，並且在展望未來時，具備可用的線性基礎設施來滿足這些需求。因此，我認為這項法案有很多令人振奮的內容。我讚許國會為了真正推動此事所做的努力，也期待在接近年底時可能出現的結果。

Okay, great. Thank you. And then one other last one for me quick. Just could you frame the benefit of the federal hubs in the third quarter and just any way you'd recommend we think about it for calendar 2026 or 2027 in the interim early years? Thank you.

好的，很好。謝謝。然後我最後還有一個很快的問題。你能否說明一下第三季聯邦樞紐（federal hubs）的效益，並且建議我們在 2026 或 2027 這些過渡的早期年度該如何看待？謝謝。

In the interim early years, it's going to be a relatively modest payment that is based on the development activities that we are pursuing. As you look at that, as that grow, you can imagine a relatively modest payment in '26 and '27, and then that will grow over time through 2032 when we receive the operating fees. And those operating fees from 2032 to 2052, you'd expect those to be roughly half the earnings per share as if we owned the facilities.

在過渡的早期年度，這將是一筆相對不大的款項，並且是以我們正在推進的開發活動為基礎。隨著其成長，你可以想像在 2026 與 2027 年會是相對溫和的款項，之後會隨時間增加，直到 2032 年我們開始收取營運費。而從 2032 年到 2052 年的那些營運費，你可以預期其大約相當於若我們擁有這些設施時每股盈餘的一半。

Okay, great. Thank you very much.

好的，很好。非常感謝。

Constantine Lednev, Wells Fargo.

Constantine Lednev，Wells Fargo。

Maybe just shifting to Florida. In terms of the data center targets, the targets are up, but the deals aren't signed yet. How much visibility do you have into the advanced development stages? What does that ramp timing look like, and is there availability of turbines to serve that ramp?

也許把焦點轉到佛羅里達。就資料中心目標而言，目標上調了，但交易尚未簽署。你們對於已進入進階開發階段的可見度有多高？那個爬坡時程看起來如何？以及是否有渦輪機可用來支援那個爬坡？

It's Scott. I'll take that. I think as John said on the call this morning, we remain confident. We have a large pipeline of over 20 gigawatts of interest as we've indicated in prior quarters. That remains. These are complicated deals, multi-billion dollar deals that take some time, and given the outside environment, we're working with the local communities to build the consensus and support so we can move forward before we announce these deals.

我是 Scott。我來回答。我認為如同 John 今天早上在電話會議上所說，我們仍然有信心。如同我們在前幾季所指出的，我們有超過 20 吉瓦的龐大意向管線。這點仍然不變。這些是複雜的交易、數十億美元規模的交易，需要一些時間；而且考量外部環境，我們正與當地社區合作建立共識與支持，以便在我們宣布這些交易之前能夠推進。

I think as we said previously, as you look at our system to serve the first couple of gigawatts of large load, we really just need to build battery storage, given that we've got a strong base load gas fleet and the nuclear fleet behind that. So we're well-positioned, and again, remain confident with announcing a deal before the end of the year.

我想如同我們先前所說，當你看我們的系統要服務前幾個吉瓦的大型負載時，鑑於我們背後有強勁的基載燃氣機組與核能機組，我們基本上只需要建置電池儲能。因此我們處於有利位置，而且再次強調，我們仍有信心在年底前宣布一筆交易。

Okay, perfect. And maybe a broader question in terms of equity needs and capital markets tightening, do you see any incremental funding needs versus the equity plan announced earlier? Any thoughts around alternative instruments, alternative funding sources, especially as projects start increasing in size over time?

好的，完美。也許問一個更廣泛的問題：在股權需求與資本市場趨緊的情況下，你們是否看到相較於先前公布的股權計畫有任何額外的資金需求？對於替代性工具、替代性資金來源有何想法，特別是隨著專案規模隨時間變大？

To take that, in terms of our expected equity issuances as we look through 2032, we remain consistent in the range that we have provided of roughly $12 billion to $17 billion of total equity needs through 2032. And as we do look at the various funding plans that we have, you have seen us diversify our corporate funding across the globe.

我來回答。就我們預期在 2032 年之前的股權發行而言，我們仍與先前提供的區間一致：到 2032 年為止的總股權需求約為 120 億至 170 億美元。而當我們檢視各種資金規劃時，你也看到我們在全球範圍內分散公司的融資來源。

This year, we've been in markets such as Europe, in Australia, in Canada, and the US. So we are providing access to multiple markets to raise our financing. And then as you look at our project-level financing, we remain the tax equity providers partner of choice. Many times they're selecting us because of the stability and the confidence they have in our projects.

今年，我們進入了歐洲、澳洲、加拿大以及美國等市場。因此，我們正在提供進入多個市場的管道來籌措融資。接著就專案層級融資而言，我們仍是稅務股權（tax equity）提供者的首選合作夥伴。很多時候他們選擇我們，是因為他們對我們專案的穩定性與信心。

In addition to that, you will see that with the rise of many of our partners in the financial spectrum, those partners, such as the larger asset managers, are also looking to deploy capital with us. And so we are working with those partners in a new path of raising funds. So when you look across the broad transom, we have multiple different ways to raise our financing and feel very confident about where we sit.

此外，隨著我們在金融領域的許多合作夥伴崛起，那些合作夥伴（例如大型資產管理公司）也在尋求與我們一起部署資本。因此，我們正與這些合作夥伴合作，走出一條新的募資路徑。所以，當你從更廣的角度來看，我們有多種不同方式來籌措融資，並且對我們目前的位置非常有信心。

Okay. So no major changes versus the plan. Maybe just a quick follow up to Steve's question on the Virginia merger process. Is there a path to find any concessions through the rebuttal process or any partial settlement options, anything of the sort?

好的。所以相較於計畫沒有重大變化。也許快速追問一下 Steve 關於維吉尼亞合併流程的問題。在反駁程序中是否有途徑提出任何讓步，或任何部分和解的選項之類的？

Yeah. Constantine, this is John. I'll speak to that. Again, first of all, I think we put a very strong case forward. As I said before, I'm not going to go back through the details again. But absolutely, I mean, in the rebuttal process and through the hearings themselves, there's always opportunities for compromise on certain specific issues. But again, I stand behind the strength of the filing that we have put forward.

是的，Constantine，我是 John。我來談談。再次強調，首先，我認為我們提出了一個非常有力的案子。如我之前所說，我不會再把細節重新講一遍。但當然，在反駁程序以及聽證會本身的過程中，對某些特定議題總是存在妥協的機會。不過，我仍然支持我們所提交文件的強度。

Excellent. Really appreciate it. Thanks for the time today.

太好了。非常感謝。謝謝你今天撥冗。

Thank you.

謝謝。

Nicholas Campanella, Barclays.

Nicholas Campanella，巴克萊。

Thanks for all the information today. I just wanted to ask on follow up on the funding and financing, just given the 4 to 6 gigawatts of gas development was going to be substantial CapEx, and now that's kind of capital light, and you're getting the associated earnings for your plan.

感謝今天提供的所有資訊。我想就資金與融資再追問一下，考量到原先規劃的 4 到 6 吉瓦天然氣開發會是相當可觀的資本支出（CapEx），而現在這部分變得較為輕資本，你們也能取得與計畫相關的收益。

Can you do less asset sales, and can there be downward pressure kind of overall there from the balance sheet run that that creates? And is keeping that net income and EBITDA now upside to the plan, and is that included in the S-1 earnings power? Can you kind of talk through the asset sales? I think you had the cycling of 7 to 12 gigawatts in the last plan, and just wondering if there is downward pressure there.

你們是否可以做更少的資產出售？這是否會因資產負債表縮減所帶來的影響，而對整體造成某種下行壓力？另外，現在保留的淨利與 EBITDA 是否構成對計畫的上行空間，且是否已納入 S-1 所揭露的獲利能力（earnings power）？你能否談談資產出售的規劃？我記得你們上一版計畫中有 7 到 12 吉瓦的輪替（cycling），想了解這是否會帶來下行壓力。

Yeah. I think when we look at our assets that we invest into, we intend to hold those assets through their life because we believe that these are very attractive investments for us. Now, when we put together the asset recycling, we have based that on history where parties come to us and say that they value that more than the value that we see for our shareholders.

是的。我認為當我們檢視我們投資的資產時，我們的意圖是持有這些資產直到其全生命週期，因為我們相信這些對我們而言是非常具吸引力的投資。至於資產回收（asset recycling），我們的規劃是基於過往經驗：有時會有買方來找我們，表示他們對該資產的估值高於我們認為對股東而言的價值。

And when that happens, we will execute capital recycling. But our base plan for how we run our business is to not rely on capital recycling to meet equity needs because we believe these projects are best suited for our investors. We believe these are very attractive projects. So as we move over time, I would expect us to look to see that $7 billion to $12 billion of capital recycling and for us to look to hold on to more of that, unless there's an opportunistic opportunity where a party comes in and values it far more than we value it.

當出現這種情況時，我們就會執行資本回收（capital recycling）。但我們經營業務的基本計畫，是不依賴資本回收來滿足股權需求，因為我們相信這些專案最適合我們的投資人。我們認為這些都是非常具吸引力的專案。因此，隨著時間推進，我預期我們會檢視那 70 億到 120 億美元的資本回收規模，並傾向保留其中更多，除非出現機會性情況，有買方進場並給出遠高於我們自身估值的價格。

Okay, thanks. I appreciate that. And then -- I mean, just one follow up on getting a data center deal done in Florida this year. Is there anything that you can offer on the sizing of this? Is this getting a couple of hundred megawatts done, or could it be something more sizable, near a gigawatt?

好的，謝謝。我很感謝你的說明。另外——我再追問一題，關於今年在佛羅里達完成一筆資料中心交易。你能否提供一些規模方面的資訊？這會是完成幾百兆瓦，還是可能更大、接近 1 吉瓦？

Nick, we're not going to comment on that. Obviously, we'll announce that at the time a deal is announced.

Nick，我們不會對此發表評論。顯然，我們會在交易宣布時一併對外公告。

No problem. Have a great day. Thanks.

沒問題。祝你有美好的一天。謝謝。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Thanks so much for taking the questions and for all the updates today. Just one from me, more on the industry side. I guess on the solar front, seemed like the backlog got revised a little bit lower in certain years, and it seems like costs across the industry have been rising due to interest rates, Section 232, and some equipment constraints. I guess, could you just talk a little bit about any sort of cost pressures you might be seeing on the solar side and confidence in your ability to pass those costs through in higher PPA prices?

非常感謝你們回答問題，也謝謝今天提供的所有更新。我這邊只有一題，偏產業面。我想在太陽能方面，看起來在某些年度的在手訂單（backlog）被略微下修；而且由於利率、232 條款（Section 232）以及部分設備供應受限，整個產業的成本似乎都在上升。你們能否談談在太陽能端看到的任何成本壓力，以及你們對於能否透過更高的 PPA 價格把這些成本轉嫁出去的信心？

Yeah, sure, Carly. Let me go ahead and take it, and then Brian could fill in with anything that I might have missed. First of all, we continue to see in our discussions as we look to the future with customers, strong demand. And when I think about solar and where solar prices out against alternative technologies is a very compelling product offering.

好的，當然，Carly。我先來回答，Brian 也可以補充我可能遺漏的部分。首先，當我們與客戶討論並展望未來時，我們仍持續看到強勁需求。而當我思考太陽能，以及太陽能相對於替代技術的價格競爭力時，這是一個非常具吸引力的產品方案。

And when I think about how we are positioned around our supply chain, I think we've got a real competitive advantage there. And so, I like the outlook for our ability to continue to develop and offer solar as a competitive offering to customers. Then also when you think about combining that with storage, with four potentially going to eight hours on expansion opportunity over time, it just further adds to the appeal. So we have not changed really our views and continue to feel very good about the solar market moving forward.

再者，從我們在供應鏈的布局來看，我認為我們在這方面具有真正的競爭優勢。因此，我看好我們持續開發並向客戶提供具競爭力太陽能方案的能力。另外，若再把儲能結合進來，且未來擴充機會可能從 4 小時提升到 8 小時，將進一步增加吸引力。所以我們並未真正改變看法，仍然對未來太陽能市場的發展感到非常樂觀。

The only thing I'd add is that as we're out with customers right now, we've seen a focus on capacity. So that's why we've seen a big pickup in storage. We are starting to see our customers look for more energy products. So I do think you're going to see a shift in the coming quarters back towards more energy than capacity as you think about those products. It's very consistent with what's going on in the market.

我唯一想補充的是，我們目前與客戶接觸時，看到他們更聚焦在容量（capacity）。這也是我們看到儲能大幅增加的原因。我們也開始看到客戶在尋找更多能源（energy）型產品。因此，我確實認為未來幾季你會看到產品需求從偏容量，逐步轉回偏能源。這與市場正在發生的情況非常一致。

There's a need to fill in capacity, and when people get that sorted out, they're going to look at their energy needs. And that's what we're seeing amongst our customers. These things ebb and flow, but we feel like the mix is going to be consistent with our expectations over time.

市場需要補足容量；當大家把容量問題理順之後，就會回頭看自身的能源需求。這正是我們在客戶端看到的情況。這些需求會有起伏，但我們認為長期來看，組合（mix）會與我們的預期一致。

Got it. Great. That's really helpful context. I'll leave it there. Thank you.

了解。很好。這些背景資訊非常有幫助。我就先到這裡。謝謝。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Just wanted to ask too, just as we kind of think about the Virginia process, and obviously we don't want the truth to get in the way of good political headlines. But just kind of thinking through that, and obviously the statute says, it's a do-no-harm. Could we just kind of walk through the baseline of that when you're talking about a do-no-harm clause and kind of just how to think about any type of go forward on that?

我也想問一下，當我們思考維吉尼亞的流程時，當然我們不希望真相妨礙好的政治頭條。但就此來看，且法規顯然寫的是「不得造成損害」（do-no-harm）。你能否帶我們走一遍這個基準：當你談到「不得造成損害」條款時，應該如何理解未來可能的推進方向？

Yeah, Nick, this is John. I'll go ahead and take that. The standard is adequate service, just and reasonable rates, right? Like you said, it is a do-no-harm statute. The proposal that we have put forward around affordability with the four years of credits, almost $2 billion, the $100 million EnergyShare program step up through 2038, the long-term scale benefits that we bring, the track record of running one of the best run utilities in the United States, I would say the best run in Florida Power & Light.

好的，Nick，我是 John。我來回答。標準是提供足夠的服務（adequate service）、公正且合理的費率（just and reasonable rates），對吧？如你所說，這是一項「不得造成損害」的法規。我們提出的可負擔性方案，包括四年的抵扣（credits），總額接近 20 億美元；EnergyShare 計畫增加 1 億美元並延伸至 2038 年；以及我們帶來的長期規模效益；再加上我們營運美國管理最優良的公用事業之一的紀錄——我會說在 Florida Power & Light 是最優秀的。

I like our chances under that standard reflecting the affordability benefits there. That's not for me to decide. That's for the SCC to decide. On the jobs side, look, I think we are making a real commitment to Virginia. It's going to stay locally run, locally led, but we're also moving more roles from NextEra also to Virginia.

在該標準下、就可負擔性效益而言，我喜歡我們的勝算。但這不是由我來決定。這是由 SCC 來決定。在就業方面，我認為我們對維吉尼亞做出了真正的承諾。它將維持在地營運、在地主導，但我們也會把更多 NextEra 的職能角色移到維吉尼亞。

So I think from a job standpoint and a capability of running generation transmission and all the planning that goes into running an affordable and a reliable system for customers, I think I feel very good about where we stand there. On the clean energy point of being able to build more generation transmission affordably and reliably in Virginia to make sure that we are able to comply with that do-no-harm standard. I feel good about what we're putting forward there as well.

因此，從就業以及營運發電、輸電與所有規劃能力的角度——也就是為客戶提供可負擔且可靠系統所需的一切——我對我們目前的立場感到非常有信心。至於潔淨能源面向，能否在維吉尼亞以可負擔且可靠的方式建置更多發電與輸電，以確保我們能符合「不得造成損害」的標準，我也對我們提出的方案感到有信心。我對我們在這方面的主張也很有把握。

But again, all that's not for me to decide. It's for the SCC to decide. They will apply the law, and I have no doubt that they will look at all the facts and circumstances, the filing, and do their job at the end of the day. And that's all you can ask for.

但再次強調，這些都不是由我來決定。而是由 SCC 來決定。他們會依法辦理，我毫不懷疑他們會檢視所有事實與情況、申報文件，並在最後把工作做好。你所能要求的也就只有這些。

Great. Thanks, John. As we kind of think about too, just the Point Beach upgrades and when that's approved, how can we kind of think about the earnings uplift and what kind of start date should we be kind of pointing to?

很好。謝謝你，John。當我們也思考 Point Beach 升級案以及何時獲准時，我們應該如何看待獲利的提升幅度，以及大概應該指向什麼樣的起始日期？

On Point Beach, you said?

On Point Beach，你是說？

Yeah.

是的。

Point Beach has a current contract with Wisconsin Energy, and as those contracts roll off in 2031 to 2033, the new contract will be put in place. And I think as we mentioned in December, is that we believe the overall contribution will be roughly $0.21 on average from Point Beach under this new contract.

Point Beach 目前與 Wisconsin Energy 有一份合約；而隨著這些合約在 2031 年到 2033 年到期，新合約將會到位。而且我想如同我們在 12 月提到的，我們相信在這份新合約之下，Point Beach 的整體貢獻平均約為 0.21 美元。

Nick, just to be clear, you used the word upgrade. This is our recontracting the existing facility. This is not an upgrade. It's just taking the existing capacity and extending out the contract for 20 years when the contract rolls off.

Nick，為了釐清，你用了「升級」這個詞。這是我們對既有設施進行重新簽約。這不是升級。只是把既有容量在合約到期時，將合約延長 20 年。

Yeah. Understood. Sorry. Misspoke there. Thanks, guys.

是的。了解。抱歉。剛剛口誤了。謝謝各位。

Jeremy Tonet, JP Morgan.

Jeremy Tonet，摩根大通。

Thanks for all the details today. Just wanted to kind of come back to the nuclear side, if I will. I think you talked a bit about the SMRs earlier, and was just wondering within NextEra's strategy, if you see room for large scale in any scenario, or is it just SMR? If you could just walk us through the gives and takes there, that would be helpful. Thanks.

謝謝今天提供的所有細節。我想回到核能這一塊，如果可以的話。我想你先前談到一些 SMR（小型模組化反應爐），想請教在 NextEra 的策略中，你們是否在任何情境下都認為大型機組有空間，還是只會是 SMR？如果你能帶我們走一遍其中的利弊取捨，會很有幫助。謝謝。

Hey, Jeremy, it's Brian. I'm going to start with something that we repeat often, which is we build for customers, right? And so that's -- We're going to take that input first and foremost. And then John has said this several times, as we look at the opportunity set, we're also going to look to make sure that we've got those four walls in place.

嗨，Jeremy，我是 Brian。我先從我們常常重複的一點開始：我們是為客戶建設，對吧？所以——我們會把客戶的意見放在第一優先。然後 John 也說過好幾次，當我們看機會集合時，我們也會確保那「四面牆」都已經到位。

So as we look at any nuclear opportunity that involves new build, we're going to want to be able to look at our investors and say, we know where we are going to be able to draw the line from a capital perspective. I would say those are going to be our first two guiding lights as we look at opportunities, which is what does the customer need? And two, what is the structure that is going to protect our shareholders?

因此，當我們評估任何涉及新建的核能機會時，我們會希望能夠對投資人說：從資本角度來看，我們知道界線要畫在哪裡。我會說，當我們看機會時，前兩個指引會是：客戶需要什麼？第二，什麼樣的結構能夠保護我們的股東？

I do think we have a bias, and John talked towards SMRs because I do think there is a benefit to the scale of capital you are putting to work, especially as we start out in this industry again, rebuilding. But again, if the protections are right and the customer has a very strong preference for something of large scale, then we're obviously going to look at that. But -- we have a preference, but at the end of the day, we're building these for the customers, and we need to have the right protections in place.

我確實認為我們有偏好，John 也談到偏向 SMR，因為我認為在資本投入規模上有其好處，特別是當我們再次進入這個產業、重新建立能力的初期。但同樣地，如果保護機制到位，而且客戶對大型規模有非常強烈的偏好，那我們顯然也會去評估。不過——我們有偏好，但歸根究柢，我們是為客戶建設，而且必須具備正確的保護機制。

Got it. Understood. That's helpful. Thank you.

了解。明白。很有幫助。謝謝。

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

Wanted to ask on the electric and gas transmission side of things. You're already tracking at 25% growth rate ahead of the original plan. I was wondering, what's the potential for further extension and upside in that side of the business?

想請教電力與天然氣輸電這一塊。你們目前的成長率已經比原先計畫超前，達到 25%。我想知道，這塊業務未來進一步延伸與上行的潛力有多大？

As we look at our transmission broadly, and we looked at roughly 20% to 25% CAGR and rate base growth from 2025 through 2032, we believe that what we're doing today positions us well to hit that overall metric. And so, obviously, as we look at where could we see additional opportunities, I think as we look there, it's really on the gas transmission side.

就我們廣義來看輸電業務，我們評估 2025 年到 2032 年約 20% 到 25% 的年複合成長率（CAGR）與資產基礎（rate base）成長，我們相信目前所做的事情讓我們很有條件達成這個整體指標。因此，當然，若要看哪裡可能出現額外機會，我認為主要會在天然氣輸電端。

One of the key things that we had seen in December of 2025 was a very robust process on electric transmission. But as we look now at the opportunity set, particularly with bring your own generation and the needs that we are seeing across the gas value chain, we think that that can be an opportunity for us to expand beyond our expectations. But I would caution that our overall growth expectations for this segment are already quite high in the 20%-plus range.

我們在 2025 年 12 月看到的一個關鍵點，是電力輸電端有非常強勁的流程（機會）。但現在我們看機會集合，特別是「自備發電（bring your own generation）」以及我們在天然氣價值鏈各環節看到的需求，我們認為這可能讓我們有機會擴張、超出原先預期。不過我要提醒的是，我們對這個事業部門的整體成長預期本來就已經相當高，在 20% 以上的區間。

David, I appreciate the comment, and we're very excited about the growth that we've achieved. But I would remind everyone, just so we can put these things in perspective, because compound growth rates get skewed. We're growing effectively a small utility into a $50 billion utility if we hit our numbers from the standpoint of you just think a rate base type multiple against these. So we've had good success.

David，謝謝你的評論，我們也對已達成的成長感到非常振奮。但我也想提醒大家，為了把事情放在正確的脈絡下，因為複合成長率有時會被基期影響而失真。如果我們達成目標，從你用資產基礎類型的倍數去看，我們等於是把一家小型公用事業公司成長成一家 500 億美元規模的公用事業公司。所以我們確實取得了不錯的成果。

We're very happy with the targets that we've put out there. But just to give people a sense of the -- or the magnitude that we're talking about from the size of what we'll have when we're done, I mean, that would be on the order of a $50 billion type utility just sitting within Energy Resources. So we're staying quite busy.

我們對外提出的目標非常滿意。但只是讓大家感受一下——或我們所談規模的量級——當我們完成時，光是在 Energy Resources 裡面就會有一個約 500 億美元等級的公用事業公司。所以我們一直都非常忙碌。

Yeah. Absolutely. That makes a lot of sense. And then, just other question I had. In the broader backdrop of rising rates on the renewable side of the business, the question that we usually come to, are you able to pass through higher cost of capital in new PPA rates with new renewable contracts? And are you able to potentially see higher equity returns, going forward, to reflect that as well?

是的，完全同意。這很合理。然後我還有另一個問題。在再生能源業務面臨利率上升的大環境下，我們通常會問：你們是否能在新的再生能源合約中，透過新的 PPA（購電協議）價格把更高的資本成本轉嫁出去？以及你們未來是否也可能看到更高的股權報酬，以反映這些變化？

So as we look at today's environment, number one, when we sign our PPAs, we lock in the interest rates to lock in the economics. Then the second question is, as we look, how exposed are we to interest rate movements for our origination activities? And there are two key things that we see driving today that allow us to pass that through.

就我們看目前的環境，第一，當我們簽署 PPA 時，我們會鎖定利率，以鎖定經濟性。第二個問題是，從我們的開發／承作（origination）活動來看，我們對利率變動的曝險有多大？而我們看到目前有兩個關鍵因素，讓我們能把這些成本轉嫁出去。

Number one is that people need power. And so when you need power, people are looking for the lowest cost power and the people who can execute and deliver that. In both cases, that's us. So when we look at their comparative alternatives, they're going to be higher, and they are going to be less reliable from an execution perspective for what we're providing.

第一，人們需要電力。當你需要電力時，大家會尋找最低成本的電力，以及能夠執行並交付的人。這兩點我們都具備。因此，當我們看他們的相對替代方案，那些方案成本會更高，而且就我們所提供的內容而言，在執行可靠度上也會更差。

And then the second piece is obviously that as you look at tax credits, particularly for wind and solar, those help reduce the cost of wind and solar relative to other choices. So those two things create us in a place where we're competing against the other projects, and we're able to pass through the interest rates of those to our customers.

第二個部分，顯然是稅收抵免，特別是風電與太陽能的稅收抵免，能降低風電與太陽能相對於其他選項的成本。所以這兩點讓我們在與其他專案競爭時，能把相關的利率成本轉嫁給客戶。

Mike, the only thing I would add is, we were never the low-cost bidder in the market, and so actually this is helping us because I think others are feeling a lot more pressure because their margins were skinnier, and so they're having to get. So I actually think it's going to help us on a market share perspective as well as a return perspective because it is flushing out some of the low-cost bidders that were in the market.

Mike，我唯一想補充的是，我們從來就不是市場上最低價的投標者，所以其實這反而在幫助我們；因為我認為其他人承受的壓力更大，因為他們的利潤更薄，所以他們必須去……因此我其實認為，這會在市占率以及報酬率的角度都對我們有利，因為它正在把一些市場上的低價投標者淘汰出去。

So we're quite comfortable with our competitive position in this rate environment or anything consistent with what we have been seeing recently.

所以在這樣的利率環境下，或任何與我們近期所見一致的環境下，我們對自身的競爭地位都相當有信心。

Got it. Okay, thanks. Appreciate it.

了解。好的，謝謝。感謝。

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

謝謝。問答環節到此結束，本次電話會議也到此結束。感謝各位參加今天的簡報。各位現在可以斷線。