新世紀能源 (NEE) 2021 Q4 法說會逐字稿

Good morning and welcome to the NextEra Energy and NextEra Energy Partners Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 NextEra Energy 和 NextEra Energy Partners 第四季度和 2021 年全年收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Jessica Aldridge, Director of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係總監 Jessica Aldridge。請繼續。

Thank you, Andrew. Good morning, everyone, and thank you for joining our fourth quarter and full year 2021 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are Jim Robo, Chairman and Chief Executive Officer of NextEra Energy; Rebecca Kujawa, Executive Vice President and Chief Financial Officer of NextEra Energy; John Ketchum, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners; as well as Eric Silagy, President and Chief Executive Officer of Florida Power & Light Company. Jim will provide some opening remarks and will then turn the call over to Rebecca for a review of our fourth quarter and full year results. Our executive team will then be available to answer your questions.

謝謝你，安德魯。大家早上好，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2021 年第四季度和全年合併收益電話會議。今天早上和我在一起的是 NextEra Energy 董事長兼首席執行官 Jim Robo； NextEra Energy 執行副總裁兼首席財務官 Rebecca Kujawa； NextEra Energy Resources 總裁兼首席執行官 John Ketchum；以及 NextEra Energy 執行副總裁 Mark Hickson，他們也是 NextEra Energy Partners 的高管；以及佛羅里達電力與照明公司總裁兼首席執行官 Eric Silagy。吉姆將提供一些開場白，然後將電話轉給麗貝卡，以審查我們的第四季度和全年業績。然後，我們的執行團隊將可以回答您的問題。

We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this conference call in the risk factors 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 websites, nexteraenergy.com and nexteraenergypartners.com. We do not undertake any duty to update any forward-looking statements.

我們將在本次電話會議期間根據當前的預期和假設做出前瞻性陳述，這些預期和假設受到風險和不確定性的影響。如果我們的任何關鍵假設不正確或由於今天的收益新聞稿中討論的其他因素以及本次電話會議期間在隨附演示文稿的風險因素或我們最新的向美國證券交易委員會提交的報告和文件，每一個都可以在我們的網站 nexteraenergy.com 和 nexteraenergypartners.com 上找到。我們不承擔任何更新任何前瞻性陳述的義務。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure.

今天的演示文稿還包括對非公認會計原則財務指標的引用。您應該參考今天演示文稿隨附的幻燈片中包含的信息，以了解歷史非 GAAP 指標與最接近的 GAAP 財務指標的定義信息和對賬。

As a reminder, Gulf Power legally merged into Florida Power & Light Company effective on January 1, 2021. Gulf Power continued as a separate reportable segment within Florida Power & Light and NextEra Energy through 2021, serving its existing customers under separate retail rates. Throughout today's presentation, when we refer to FPL, we are referring to Florida Power & Light, excluding Gulf Power, unless otherwise noted or when using the term combined.

提醒一下，Gulf Power 自 2021 年 1 月 1 日起合法合併到 Florida Power & Light Company。到 2021 年，Gulf Power 繼續作為 Florida Power & Light 和 NextEra Energy 中的一個單獨的可報告部門，以單獨的零售價為其現有客戶提供服務。在今天的演講中，當我們提到 FPL 時，我們指的是佛羅里達電力和照明，不包括海灣電力，除非另有說明或在使用該術語時合併使用。

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

有了這個，我會把電話轉給吉姆。

Thanks, Jessica, and good morning, everyone. Both NextEra Energy and NextEra Energy Partners had an outstanding year in 2021 and are well positioned to capitalize on the substantial opportunities that lie ahead. NextEra Energy's performance was strong both financially and operationally, and we executed the largest capital program in our history, investing approximately $16 billion in American energy infrastructure in 2021, which we expect will again place NextEra Energy among the top capital investors in the U.S. across all industries.

謝謝，傑西卡，大家早上好。 NextEra Energy 和 NextEra Energy Partners 都在 2021 年度過了出色的一年，並做好了充分利用未來巨大機遇的準備。 NextEra Energy 在財務和運營方面的表現都很強勁，我們執行了我們歷史上最大的資本計劃，在 2021 年向美國能源基礎設施投資約 160 億美元，我們預計 NextEra Energy 將再次躋身美國頂級資本投資者之列行業。

Continuing our long track record of delivering value for shareholders, NextEra Energy achieved full year adjusted earnings per share of $2.55, up more than 10% from 2020. Over the past 10 years, we've delivered compound annual growth and adjusted EPS of approximately 9%, which is the highest among all top 10 U.S. power companies who have achieved, on average, compound annual growth of roughly 3% over the same period.

延續我們為股東創造價值的長期記錄，NextEra Energy 全年調整後每股收益為 2.55 美元，比 2020 年增長 10% 以上。在過去 10 年中，我們實現了複合年增長，調整後每股收益約為 9 %，是同期平均複合年增長率約為 3% 的所有美國前 10 大電力公司中最高的。

Amid this significant growth, the company has maintained one of the strongest balance sheets and credit positions in the industry. In 2021, we delivered a total shareholder return of more than 23%, significantly outperforming the S&P 500 Utilities Index and continuing to outperform both the S&P 500 and the S&P 500 Utilities Index in terms of total shareholder return on a 3-, 5-, 10- and 15-year basis. Over the past 15 years, we've outperformed nearly all of the other companies in the S&P 500 Utilities Index and quadrupled the average total shareholder return of the index.

在這一顯著增長中，該公司一直保持著業內最強勁的資產負債表和信用狀況之一。 2021 年，我們的股東總回報率超過 23%，顯著優於標準普爾 500 公用事業指數，並在 3-、5-、 10 年和 15 年。在過去的 15 年中，我們的表現幾乎超過了標準普爾 500 公用事業指數中的所有其他公司，並使該指數的平均股東總回報翻了兩番。

Over the same period, we've outperformed 80% of the companies in the S&P 500 while nearly tripling the average total shareholder return of the index. We are proud of our long-term track record of providing growth and value creation opportunities for our shareholders, and we remain intensely focused on execution and continuing to drive shareholder value over the coming years.

在同一時期，我們的表現超過了標準普爾 500 指數中 80% 的公司，同時該指數的平均股東總回報幾乎翻了三倍。我們為我們為股東提供增長和價值創造機會的長期記錄感到自豪，我們將繼續高度關注執行並在未來幾年繼續推動股東價值。

At FPL, net income increased nearly 11% year-over-year while continuing to deliver on its commitment to making smart, long-term investments in innovative technology, clean energy and strengthening our electric grid for the benefit of our customers. We were pleased the Florida Public Service Commission unanimously approved the settlement agreement in October, an agreement which we believe is a fair and balanced outcome in our base rate case. The 2021 settlement agreement supports continued smart capital investments, including the largest solar build-out by a utility in the U.S. while keeping FPL's typical residential bills well below the national average and among the lowest in Florida through the end of 2025. For customers in Northwest Florida, typical customer bills are projected to decline over the next 4 years.

在 FPL，淨收入同比增長近 11%，同時繼續履行其對創新技術、清潔能源和加強電網進行智能長期投資以造福客戶的承諾。我們很高興佛羅里達州公共服務委員會在 10 月一致批准了和解協議，我們認為該協議在我們的基本利率案例中是一個公平和平衡的結果。 2021 年和解協議支持持續的智能資本投資，包括美國公用事業公司最大的太陽能建設項目，同時將 FPL 的典型住宅賬單保持在遠低於全國平均水平，並且在 2025 年底前處於佛羅里達州最低水平。對於西北地區的客戶佛羅里達州，典型的客戶賬單預計將在未來 4 年內下降。

Among the long-term infrastructure investments anticipated in the new agreement, new solar generation is expected to grow through the expanded SolarTogether community solar program, which is expected to more than double over the next 4 years, as well as through new base rate solar generation, including the nearly 1,800 megawatts to be recovered under solar base rate adjustments, or SoBRA, upon reaching commercial operations in 2024 and 2025. In total, our current solar build-out expectations are for approximately 4,800 megawatts of new solar over the term of the settlement agreement.

在新協議中預期的長期基礎設施投資中，新的太陽能發電預計將通過擴大的 SolarTogether 社區太陽能計劃（預計未來 4 年將增加一倍以上）以及新的基準太陽能發電增長，包括在 2024 年和 2025 年實現商業運營後，根據太陽能基準費率調整或 SoBRA 回收的近 1,800 兆瓦。總體而言，我們目前的太陽能擴建預期是在和解協議。

In early 2019, FPL announced its groundbreaking role to install 30 million solar panels in Florida by 2030. With the anticipated solar additions approved under the settlement agreement, I am pleased to announce that we now expect to reach this milestone by 2025, 5 years earlier than previously anticipated.

2019 年初，FPL 宣布其將在 2030 年之前在佛羅里達州安裝 3000 萬塊太陽能電池板的開創性角色。隨著和解協議批准的預期太陽能增加，我很高興地宣布，我們現在預計到 2025 年，即 5 年前達到這一里程碑比之前預期的要好。

Including the solar additions anticipated through 2025, this ambitious 30-by-30 initiative is expected to have generated approximately $2.5 billion in fuel cost savings for customers and created more than 20,000 construction jobs while supporting the Florida economy with more than $700 million in property taxes over the life of the assets.

包括預計到 2025 年增加的太陽能，這項雄心勃勃的 30×30 計劃預計將為客戶節省約 25 億美元的燃料成本，並創造 20,000 多個建築工作崗位，同時以超過 7 億美元的財產稅支持佛羅里達州經濟在資產的整個生命週期內。

During 2021, FPL successfully executed on its strategic initiatives, including placing another 671 megawatts of cost-effective solar in service, completing the first roughly 1,500 megawatt phase of our SolarTogether community solar program. Additionally, last month, we commissioned the world's largest integrated solar-powered battery system, the 409-megawatt Manatee Energy Storage Center, which will allow our customers to benefit from low-cost solar energy even during times when the sun is not shining.

在 2021 年，FPL 成功執行了其戰略舉措，包括將另外 671 兆瓦的具有成本效益的太陽能投入使用，完成了我們 SolarTogether 社區太陽能計劃的第一個大約 1,500 兆瓦的階段。此外，上個月，我們啟用了世界上最大的集成太陽能電池系統，即 409 兆瓦的海牛儲能中心，這將使我們的客戶即使在沒有陽光的時候也能從低成本的太陽能中受益。

FPL has also continued to provide exceptional service reliability, achieving its best-ever reliability rate in 2021. And FPL was recognized for the sixth time in 7 years as being the most reliable electric utility in the nation. Moreover, FPL was ranked #1 in both residential and business customer satisfaction in the Southern U.S. amongst large electric providers by J.D. Power in 2021, and we are completely committed to continuing to provide clean, affordable and reliable service to our customers for many years to come.

FPL 還繼續提供卓越的服務可靠性，在 2021 年實現了有史以來最好的可靠性。FPL 在 7 年內第六次被公認為是全國最可靠的電力公司。此外，FPL 在 2021 年被 JD Power 評為美國南部大型電力供應商中住宅和商業客戶滿意度排名第一，我們完全致力於多年來繼續為我們的客戶提供清潔、負擔得起和可靠的服務，以來。

Energy Resources also had a terrific year in 2021, delivering adjusted earnings growth of 13% versus the prior year. The team also had an outstanding record year of renewables and storage origination, adding approximately 7,200 net megawatts to our backlog during the year as we continue to capitalize on the ongoing clean energy transition that is occurring in our nation's generation fleet.

能源資源在 2021 年的表現也非常出色，調整後的收益比上年增長了 13%。該團隊還創下了可再生能源和存儲創紀錄的一年，隨著我們繼續利用我們國家發電隊正在進行的清潔能源轉型，我們在這一年的積壓中增加了大約 7,200 兆瓦的淨發電量。

Our backlog additions have grown at a more than 20% compound annual growth rate since 2017, and we are well on our way to meeting our current development expectations for new signed contracts. With the significant additions to our backlog of signed contracts over the last year, we've now signed nearly 80% of the megawatts needed to realize the midpoint of our 2021 to 2024 development expectations range, with significant time remaining to sign additional power purchase agreements.

自 2017 年以來，我們的積壓訂單以超過 20% 的複合年增長率增長，我們正在努力滿足我們目前對新簽訂合同的發展預期。隨著去年我們簽署的合同積壓的顯著增加，我們現在已經簽署了實現 2021 年至 2024 年發展預期範圍中點所需的近 80% 的兆瓦，還有很長的時間來簽署額外的購電協議.

Our supply chain and engineering and construction teams also continued to execute in 2021, commissioning approximately 3,800 megawatts of new wind and wind repowerings, solar and storage projects. Over the past 2 years, Energy Resources has constructed more than 9,500 megawatts of renewables and storage projects, demonstrating the strength and resiliency of its execution expertise, even in the midst of a global pandemic and industry-wide supply chain disruptions.

我們的供應鍊和工程建設團隊也在 2021 年繼續執行，調試了大約 3,800 兆瓦的新風能和風力發電、太陽能和儲能項目。在過去 2 年中，Energy Resources 已建造了超過 9,500 兆瓦的可再生能源和存儲項目，即使在全球大流行和全行業供應鏈中斷的情況下，也展示了其執行專業知識的實力和彈性。

Finally, during 2021, NextEra Energy Transmission furthered its efforts to grow America's leading competitive transmission company and had its best year ever. During the year, the business delivered a record earnings contribution by increasing net income by nearly 20% over its previous earnings contribution record in 2020.

最後，在 2021 年，NextEra Energy Transmission 進一步努力發展成為美國領先的有競爭力的輸電公司，並迎來了有史以來最好的一年。年內，該業務實現了創紀錄的盈利貢獻，其淨收入比 2020 年的盈利貢獻記錄增加了近 20%。

Growth in renewables means that there is also a growing imperative to build additional transmission across the U.S. to support this transition to a low-cost, low-carbon economy fueled by renewable energy. We anticipate that NextEra Energy Transmission will continue to capitalize on the growing opportunity set to both deploy capital profitably as well as to enable further renewables deployment.

可再生能源的增長意味著，在美國建立額外的輸電系統以支持向可再生能源推動的低成本、低碳經濟的過渡也越來越重要。我們預計 NextEra Energy Transmission 將繼續利用不斷增長的機會，既可以盈利地部署資本，也可以進一步部署可再生能源。

The tremendous execution in both the major businesses in recent years, including '21, gives us great visibility to the longer-term outlook of NextEra Energy. Let me start with our opportunity set, which I would not trade with anyone in our industry. At Florida Power & Light, the settlement agreement allows us to focus on operating the business efficiently, reliably and affordably for the benefit of our customers. Under the new agreement, we expect our average annual growth in regulatory capital employed to be between 8% and 9% over the 4-year term through 2025. When you put it all together, low bills, best-in-class reliability, award-winning customer service and a clean emissions profile are what helped FPL provide what we believe is one of the best customer value propositions in the nation.

近年來，包括 21 年在內的兩項主要業務的巨大執行使我們對 NextEra Energy 的長期前景有了很大的了解。讓我從我們的機會集開始，我不會與我們行業的任何人進行交易。在 Florida Power & Light，和解協議使我們能夠專注於高效、可靠和經濟地運營業務，以造福客戶。根據新協議，我們預計到 2025 年的 4 年期間，我們所使用的監管資本的年均增長率將在 8% 到 9% 之間。總而言之，低賬單、一流的可靠性、獎勵- 贏得客戶服務和清潔排放概況是幫助 FPL 提供我們認為是全國最佳客戶價值主張之一的原因。

At Energy Resources, our outlook for new renewables and storage development remains as strong as ever, and we are excited to be able to continue supporting the industry's transition away from old, inefficient forms of generation and into clean, reliable, low-cost renewables and storage. We believe that the rapidly accelerating trend toward electrification and decarbonization of a broad range of sectors across the U.S. economy has significantly increased the total addressable market for new renewables and storage, even beyond our expectations just a few years ago, and is now measured in trillions of dollars of capital investment opportunity in the coming decades.

在 Energy Resources，我們對新的可再生能源和存儲開發的前景一如既往地強勁，我們很高興能夠繼續支持該行業從舊的、低效的發電方式過渡到清潔、可靠、低成本的可再生能源和貯存。我們相信，美國經濟中廣泛領域電氣化和脫碳的快速加速趨勢顯著增加了新可再生能源和存儲的潛在市場，甚至超出了我們幾年前的預期，現在以萬億計未來幾十年的資本投資機會。

We believe that Energy Resources is uniquely positioned to advance its market leadership position in this environment. We have been in the renewables business for more than 30 years and have the experience, resources, balance sheet, talent and advanced data capabilities necessary to execute complex renewable energy generation and storage integration projects at scale. We believe we have an excellent opportunity set for continued growth ahead of us at Energy Resources, and we will further discuss our long-term plans for deploying renewables at both Energy Resources and Florida Power & Light and the associated impact to our overall emissions profile and future goals at our upcoming investor conference, which we plan to hold on June 14 in New York City.

我們相信 Energy Resources 具有獨特的優勢，可以在這種環境下提升其市場領導地位。我們從事可再生能源業務已有 30 多年，擁有大規模執行複雜的可再生能源發電和存儲集成項目所需的經驗、資源、資產負債表、人才和先進的數據能力。我們相信，我們在 Energy Resources 面前有一個持續增長的絕佳機會，我們將進一步討論我們在 Energy Resources 和 Florida Power & Light 部署可再生能源的長期計劃，以及對我們整體排放狀況和我們計劃於 6 月 14 日在紐約市舉行的投資者會議上的未來目標。

With the anticipated continued strength of the investment opportunities at both Florida Power & Light and NextEra Energy Resources, I am pleased to announce that we are increasing our adjusted earnings per share expectations for 2022 and 2023 and introducing our expectations for 2024 and 2025.

隨著佛羅里達電力與照明和 NextEra Energy Resources 投資機會的預期持續強勁，我很高興地宣布，我們將提高對 2022 年和 2023 年的調整後每股收益預期，並介紹我們對 2024 年和 2025 年的預期。

For 2022, we are now expecting our adjusted earnings per share to be in a range of $2.75 to $2.85, up from our prior range of $2.55 to $2.75. For years '23 through '25, we expect to grow our adjusted earnings per share by roughly 6% to 8% per year off the expected 2022 adjusted earnings per share. For 2023, this translates to a new range of $2.93 to $3.08, up from our prior range of $2.77 to $2.97.

對於 2022 年，我們現在預計調整後的每股收益將在 2.75 美元至 2.85 美元之間，高於我們之前的 2.55 美元至 2.75 美元的範圍。在 23 年至 25 年期間，我們預計調整後的每股收益將比預期的 2022 年調整後每股收益每年增長約 6% 至 8%。對於 2023 年，這意味著從我們之前的 2.77 美元到 2.97 美元的區間上升到 2.93 美元到 3.08 美元的新區間。

Our new adjusted earnings per share expectations for 2024 are $3.13 to $3.33 and for 2025 are $3.35 to $3.60. As always, our expectations assume our usual caveats, including normal weather and operating conditions.

我們對 2024 年的新調整後每股收益預期為 3.13 至 3.33 美元，2025 年為 3.35 至 3.60 美元。與往常一樣，我們的預期假設我們通常的警告，包括正常的天氣和運行條件。

In summary, we continue to remain as enthusiastic as ever about NextEra Energy's long-term growth prospects. Based on the strength and resiliency of our underlying businesses, we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectation ranges in each of 2022, '23, '24 and 2025, while at the same time, maintaining our strong credit ratings.

總之，我們繼續對 NextEra Energy 的長期增長前景保持一如既往的熱情。基於我們基礎業務的實力和彈性，如果我們無法在 2022 年、23 年、24 年和 2025 年的調整後每股收益預期範圍的上限或附近實現財務業績，我們將感到失望，同時保持我們強大的信用評級。

Let me now turn to NextEra Energy Partners, which delivered a total unitholder return of approximately 30% in 2021, bringing its 2-year total unitholder return up to more than 72% and further advancing its history of value creation since the IPO in 2014.

現在讓我談談 NextEra Energy Partners，它在 2021 年實現了約 30% 的單位持有人總回報率，使其 2 年的單位持有人總回報率高達 72% 以上，並進一步推進了其自 2014 年首次公開募股以來的價值創造歷史。

For 2021, the NextEra Energy Partners grew its LP distributions per unit by 15% year-over-year and has now grown its distributions per unit by nearly 280% since the IPO. NextEra Energy Partners achieved its distribution growth objectives while maintaining a trailing 12-month payout ratio of approximately 80% as of year-end 2021.

到 2021 年，NextEra Energy Partners 的每單位 LP 發行量同比增長 15%，自 IPO 以來，其單位發行量現已增長近 280%。 NextEra Energy Partners 實現了其分銷增長目標，同時截至 2021 年底，過去 12 個月的派息率保持在約 80%。

NextEra Energy Partners had a terrific year of execution in '21, and we are increasing our year-end 2021 financial expectations to reflect this better-than-expected growth execution. NextEra Energy Partners delivered year-end run rate adjusted EBITDA and cash available for distribution in excess of our prior expectations, including delivering more than 13% year-over-year growth in run rate cash available for distribution at the midpoints. This execution is supported by NextEra Energy Partners' outstanding portfolio of clean energy assets, which was further diversified in 2021.

NextEra Energy Partners 在 21 年的執行情況非常出色，我們正在提高 2021 年底的財務預期，以反映這種好於預期的增長執行情況。 NextEra Energy Partners 提供的年終運行率調整後的 EBITDA 和可用於分配的現金超出了我們之前的預期，包括在中點可分配的運行率現金同比增長 13% 以上。這一執行得到了 NextEra Energy Partners 傑出的清潔能源資產組合的支持，該組合在 2021 年進一步多元化。

During the year, NextEra Energy Partners acquired interests in approximately 1,900 net megawatts of long-term contracted renewables and storage assets from Energy Resources. In addition, during the year, NextEra Energy Partners successfully completed 2 acquisitions of renewable energy assets from third parties, adding nearly 500 megawatts of operating wind projects to its portfolio. These transactions demonstrate NextEra Energy's ability to leverage the operational expertise of NextEra Energy Resources, low-cost sources of capital and our strong industry relationships to be successful in third-party acquisitions. The combination of a growing portfolio at Energy Resources and a growing set of opportunities to acquire renewables from third parties as well as significant organic growth opportunities further supports the partnership's long-term growth visibility.

年內，NextEra Energy Partners 從 Energy Resources 收購了約 1,900 淨兆瓦的長期合同可再生能源和存儲資產權益。此外，年內，NextEra Energy Partners 成功完成了 2 次第三方可再生能源資產的收購，為其投資組合增加了近 500 兆瓦的運營風電項目。這些交易表明 NextEra Energy 有能力利用 NextEra Energy Resources 的運營專業知識、低成本的資金來源以及我們強大的行業關係在第三方收購中取得成功。 Energy Resources 不斷增長的投資組合、越來越多的從第三方收購可再生能源的機會以及重要的有機增長機會進一步支持了合作夥伴關係的長期增長可見性。

NextEra Energy Partners also continued to demonstrate its ability to access attractive sources of capital to finance its growth investments, including executing on the lowest-cost convertible equity portfolio financing in its history. The roughly $820 million convertible equity portfolio financing carries a low implied cash coupon to the investor and partially funded NextEra Energy Partners' acquisition of a 50% interest in a renewables portfolio, consisting of approximately 2,520 megawatts of newly constructed or in construction renewables projects and approximately 115 megawatts of integrated battery storage.

NextEra Energy Partners 還繼續展示其獲得有吸引力的資本來源為其增長投資提供資金的能力，包括執行其歷史上成本最低的可轉換股權投資組合融資。大約 8.2 億美元的可轉換股權投資組合融資為投資者帶來了較低的隱含現金券，並為 NextEra Energy Partners 收購可再生能源投資組合 50% 的股權提供了部分資金，該投資組合包括約 2,520 兆瓦的新建或在建可再生能源項目，以及約115 兆瓦的集成電池存儲。

NextEra Energy Partners was able to demonstrate the benefits to LP unitholders of the convertible equity portfolio financing structure during the fourth quarter when the partnership exercised its right to purchase 100% of the outstanding minority equity interests in the portfolio of wind and solar assets, supporting its 2018 convertible equity portfolio financing.

NextEra Energy Partners 在第四季度行使其購買風能和太陽能資產組合中 100% 已發行少數股權的權利時，能夠向 LP 單位持有人展示可轉換股權投資組合融資結構的好處，支持其2018年可轉換股權投資組合融資。

Relative to issuing the same amount of common equity in 2018 to fund our growth needs, this financing allowed us to reduce unit issuance by more than 50% and save more than $140 million or roughly 75% in nominal cash costs while retaining the more than 80% increase in the net unit price over the last 3 years.

相對於 2018 年發行相同數量的普通股來滿足我們的增長需求，此次融資使我們能夠將單位發行量減少 50% 以上，並節省超過 1.4 億美元或大約 75% 的名義現金成本，同時保留 80 多個過去 3 年淨單價增長 %。

NextEra Energy Partners public float has increased approximately 50% since 2019. We believe our strategy of using low-cost convertible equity products to efficiently layer in common equity over time has created significant value for existing LP unitholders. I continue to believe that the combination of NextEra Energy Partners' clean energy portfolio, growth visibility and financing flexibility offers LP unitholders a uniquely attractive investor value proposition. As with NextEra Energy, we remain intensely focused on continuing to execute and deliver that unitholder value over the coming years.

自 2019 年以來，NextEra Energy Partners 的公眾持股量增加了約 50%。我們相信，隨著時間的推移，我們使用低成本可轉換股權產品有效分層普通股的戰略為現有 LP 單位持有人創造了巨大價值。我仍然相信，NextEra Energy Partners 的清潔能源投資組合、增長可見性和融資靈活性相結合，為 LP 單位持有人提供了具有獨特吸引力的投資者價值主張。與 NextEra Energy 一樣，我們仍然非常專注於在未來幾年繼續執行和交付該單位持有人的價值。

Finally, I'd like to comment on some important organizational changes that we announced this morning. These changes are part of a long-term succession process undertaken by the Board and me over the better part of the last 6 years. Effective March 1, John Ketchum will replace me as President and CEO of NextEra Energy. Rebecca will succeed John as President and CEO of NextEra Energy Resources. Kirk Crews, currently Vice President, Business Management for NextEra Energy Resources, will succeed Rebecca as Executive Vice President and Chief Financial Officer of NextEra Energy. John, Rebecca and Kirk will also be appointed to the respective roles at NextEra Energy Partners. In addition, Eric Silagy, President and Chief Executive Officer of Florida Power & Light Company, has been named Chairman and Chief Executive Officer of Florida Power & Light.

最後，我想評論一下我們今天早上宣布的一些重要的組織變革。這些變化是董事會和我在過去 6 年的大部分時間裡進行的長期繼任過程的一部分。自 3 月 1 日起，John Ketchum 將接替我擔任 NextEra Energy 總裁兼首席執行官。 Rebecca 將接替 John 擔任 NextEra Energy Resources 的總裁兼首席執行官。現任 NextEra Energy Resources 業務管理副總裁的 Kirk Crews 將接替 Rebecca 擔任 NextEra Energy 的執行副總裁兼首席財務官。約翰、麗貝卡和柯克也將被任命為 NextEra Energy Partners 的各自職位。此外，佛羅里達電力與照明公司總裁兼首席執行官 Eric Silagy 已被任命為佛羅里達電力與照明公司的董事長兼首席執行官。

It has been an honor and a privilege to serve as CEO for nearly 10 years. I'm as excited as I have ever been about the future prospects of NextEra Energy and NextEra Energy Partners. A big part of a CEO's legacy is the new leader in the next-generation leadership team that follows. And I couldn't be more thrilled about turning over the CEO role of this great company to John. I know he will be as focused on creating value for you, our owners, as I have been over the last 2 decades. John has been an incredible partner to me and a senior leader in this company for more than 19 years, and I can think of no better person to succeed me as CEO. John's breadth of experience across all aspects of our company, including commercial, operational, financial and legal, as well as the significant leadership capabilities and vision position him exceptionally well to lead NextEra Energy to even greater heights in the coming years.

擔任 CEO 近 10 年是一種榮幸和榮幸。我對 NextEra Energy 和 NextEra Energy Partners 的未來前景感到前所未有的興奮。 CEO 遺產的很大一部分是下一代領導團隊中的新領導者。將這家偉大公司的 CEO 職位交給約翰，我感到無比激動。我知道他會像過去 2 年一樣專注於為您，我們的所有者創造價值。 19 年多來，約翰一直是我不可思議的合作夥伴，也是這家公司的高級領導者，我想不出比這更好的人能接替我擔任 CEO。 John 在我們公司的各個方面擁有廣泛的經驗，包括商業、運營、財務和法律，以及顯著的領導能力和遠見，使他能夠在未來幾年帶領 NextEra Energy 達到更高的高度。

I also want to congratulate Rebecca, Eric and Kirk on their new roles. One of the defining characteristics of this company over the last 30 years has been the quality and strength of its leadership team, and I'm very proud of and excited for the team that will lead this company into the future. Most importantly, I want to thank my team and all our employees for all that they have done. Our team, the best in the business, has built this amazing company, and I can't thank them enough.

我還要祝賀 Rebecca、Eric 和 Kirk 擔任新角色。過去 30 年來，這家公司的標誌性特徵之一是其領導團隊的素質和實力，我為將帶領這家公司走向未來的團隊感到非常自豪和興奮。最重要的是，我要感謝我的團隊和所有員工所做的一切。我們的團隊，業內最優秀的團隊，建立了這家了不起的公司，我對他們感激不盡。

As the announcement mentioned, I'm going to remain as Executive Chairman for a transition period to support John in his new role. I will now turn the call over to John, who would like to make some remarks.

正如公告所述，我將在過渡期內繼續擔任執行主席，以支持約翰擔任新職務。我現在將把電話轉給約翰，他想發表一些意見。

Thank you, Jim, and good morning, everyone. I have been privileged to have worked with and learned from Jim during an incredible period of growth for our company, and I am honored to have the opportunity to lead this company in the years ahead. As CEO, I intend to remain intensely focused on delivering value for our shareholders and building upon our long track record of success. I believe there is no company better positioned to lead our country's energy transformation than NextEra Energy. And I am humbled by the opportunity to lead this team through such an exciting period for our company.

謝謝你，吉姆，大家早上好。在我們公司難以置信的發展時期，我有幸與 Jim 一起工作並向 Jim 學習，我很榮幸有機會在未來幾年領導這家公司。作為首席執行官，我打算繼續專注於為我們的股東創造價值，並在我們長期的成功記錄的基礎上再接再厲。我相信沒有哪家公司比 NextEra Energy 更能引領我們國家的能源轉型。我很榮幸有機會帶領這個團隊度過我們公司如此激動人心的時期。

I am fortunate to have a broad leadership team with the experience and capability that I, too, believe is the best in the industry. I am very excited to have Eric, Rebecca and Kirk take on these expanded and new roles in the company. They, along with our broader leadership team and all of our approximately 15,000 employees, work tirelessly every day to serve our customers in Florida and across North America.

我很幸運擁有一支擁有豐富經驗和能力的廣泛領導團隊，我也相信他們是業內最好的。我很高興 Eric、Rebecca 和 Kirk 在公司擔任這些擴展和新的角色。他們與我們更廣泛的領導團隊以及我們所有大約 15,000 名員工一起，每天不知疲倦地工作，為佛羅里達州和北美各地的客戶提供服務。

Finally, I wanted to take a moment to thank Jim for his exceptional leadership and friendship. Jim has been an unbelievable steward of this company over his nearly 10 years as CEO, growing the leading, most profitable electric utility and renewable energy company in North America. Our total shareholder return during Jim's tenure has been more than 500%, and it is great evidence of Jim's exceptional vision, leadership and commitment to excellence. I know I speak for all of our employees that we are deeply grateful for everything Jim has done for our company.

最後，我想花一點時間感謝 Jim 的傑出領導和友誼。在擔任首席執行官近 10 年期間，Jim 一直是這家公司令人難以置信的管家，發展成為北美領先、盈利能力最強的電力公司和可再生能源公司。在 Jim 任職期間，我們的股東總回報率已超過 500%，這很好地證明了 Jim 非凡的遠見、領導能力和對卓越的承諾。我知道我代表我們所有的員工，我們非常感謝吉姆為我們公司所做的一切。

Let me now turn it over to Rebecca for a more detailed review of our results.

現在讓我把它交給 Rebecca 來更詳細地審查我們的結果。

Thank you, John, and good morning, everyone. Let's now turn to the detailed results, beginning with FPL. For the fourth quarter of 2021, FPL reported net income of $560 million or $0.28 per share, up $0.03 per share year-over-year. For the full year 2021, FPL reported net income of $2.94 billion or $1.49 per share, an increase of $0.14 per share versus 2020.

謝謝你，約翰，大家早上好。現在讓我們轉向詳細的結果，從 FPL 開始。 2021 年第四季度，FPL 報告淨收入為 5.6 億美元或每股 0.28 美元，同比增長 0.03 美元。對於 2021 年全年，FPL 報告的淨收入為 29.4 億美元或每股 1.49 美元，與 2020 年相比增加了每股 0.14 美元。

Regulatory capital employed increased by approximately 11% for 2021 and was the principal driver of FPL's net income growth of nearly 11% for the full year. During the fourth quarter, net income was impacted by a number of factors, including an approximately $32 million pretax contribution to our charitable foundation that will allow it to continue to support the communities that we serve. FPL's capital expenditures were approximately $2.2 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $6.8 billion. FPL's reported ROE for regulatory purposes is expected to be 11.6% for the 12 months ended December 31, 2021.

2021 年使用的監管資本增加了約 11%，是 FPL 全年淨收入增長近 11% 的主要驅動力。在第四季度，淨收入受到多種因素的影響，包括向我們的慈善基金會提供約 3200 萬美元的稅前捐款，這將使其能夠繼續支持我們所服務的社區。 FPL 第四季度的資本支出約為 22 億美元，使其全年資本投資總額達到約 68 億美元。截至 2021 年 12 月 31 日的 12 個月，FPL 出於監管目的報告的 ROE 預計為 11.6%。

During the fourth quarter, we utilized approximately $137 million of reserve amortization, leaving FPL with a year-end 2021 balance of $460 million. As a reminder, our new 4-year settlement agreement became effective this month and includes the flexibility over the 4-year term to amortize up to $1.45 billion of depreciation reserve surplus, which is inclusive of $346 million in reserve amount that we previously anticipated to be remaining at year-end 2021 under FPL's now expired 2016 rate agreement.

在第四季度，我們使用了大約 1.37 億美元的準備金攤銷，使 FPL 到 2021 年底的餘額為 4.6 億美元。提醒一下，我們新的 4 年和解協議於本月生效，包括在 4 年期限內靈活攤銷高達 14.5 億美元的折舊準備金盈餘，其中包括我們之前預計的 3.46 億美元準備金金額根據 FPL 現已到期的 2016 年費率協議，將留在 2021 年底。

Consistent with the terms of the 2021 settlement agreement, half of the $114 million in excess reserve balance at year-end 2021 will be used to reduce our outstanding capital recovery asset balance, and the other half will increase FPL's storm reserve to offset future restoration costs.

根據 2021 年和解協議的條款，2021 年底 1.14 億美元的超額準備金餘額中的一半將用於減少我們未償還的資本回收資產餘額，另一半將增加 FPL 的風暴準備金以抵消未來的恢復成本.

As a reminder, the new agreement limits reserve amortization to $200 million in 2022, which we will treat as a limitation in any given quarter during the year. Given the historical shape of our customer usage, we typically use more reserve amortization in the first half of the year and reverse reserve amortization in the hotter summer months. We currently expect FPL to initially earn below our target regulatory ROE in the early part of 2022. Although for the full year, we are targeting the upper end of the allowed range of 9.7% to 11.7%.

提醒一下，新協議將 2022 年的準備金攤銷限制為 2 億美元，我們將在一年中的任何特定季度將其視為限制。鑑於我們客戶使用的歷史形態，我們通常在上半年使用更多的準備金攤銷，並在炎熱的夏季月份使用反向準備金攤銷。我們目前預計 FPL 在 2022 年初最初的收益將低於我們的目標監管 ROE。儘管對於全年，我們的目標是允許範圍的上限 9.7% 至 11.7%。

As a result, we also expect FPL's earnings growth to be lower in the first half of the year and higher in the second half. As always, our expectations assume our usual caveats, including normal weather and operating conditions.

因此，我們也預計 FPL 的盈利增長在上半年會較低，而在下半年會較高。與往常一樣，我們的預期假設我們通常的警告，包括正常的天氣和運行條件。

Our overall capital program at Florida Power & Light is progressing well. We continue to advance one of the nation's largest solar expansions and met our solar deployment objectives at both FPL and Gulf Power in 2021, including commissioning more than 800 megawatts of new solar across the combined system.

我們在 Florida Power & Light 的整體資本計劃進展順利。我們繼續推進全國最大的太陽能擴建項目之一，並實現了我們在 2021 年在 FPL 和海灣電力公司的太陽能部署目標，包括在聯合系統中調試超過 800 兆瓦的新太陽能。

Beyond solar, construction on the highly-efficient, roughly 1,200-megawatt Dania Beach Clean Energy Center remains on schedule and on budget as it continues to advance towards its projected commercial operations date later this year. The North Florida Resiliency Connection remains on track to be in service by mid-2022.

除了太陽能，高效、約 1,200 兆瓦的 Dania Beach 清潔能源中心的建設仍在按計劃和預算進行，因為它繼續向今年晚些時候的預計商業運營日期推進。北佛羅里達彈性連接仍有望在 2022 年年中投入使用。

Let me now turn to Gulf Power, which, as a reminder, was legally merged into FPL on January 1, 2021, but continue to be reported as a separate regulated segment during 2021. Gulf Power reported fourth quarter 2021 GAAP earnings of $60 million or $0.03 per share. For the full year, Gulf Power reported net income of $271 million or $0.14 per share, an increase of $0.02 per share year-over-year.

現在讓我談談海灣電力，作為提醒，它已於 2021 年 1 月 1 日合法合併到 FPL，但在 2021 年繼續作為一個單獨的受監管部門報告。海灣電力報告 2021 年第四季度 GAAP 收益為 6000 萬美元或每股 0.03 美元。全年，海灣電力報告的淨收入為 2.71 億美元或每股 0.14 美元，同比增長 0.02 美元。

Base O&M reductions and investments in the business were the primary drivers of Gulf Power's approximately 14% year-over-year growth in net income. Gulf Power's capital expenditures for the full year were roughly $800 million, and its reported ROE for regulatory purposes is expected to be approximately 11.25% for the 12 months ending December 2021.

基礎 O&M 的減少和對該業務的投資是海灣電力淨收入同比增長約 14% 的主要驅動力。海灣電力全年資本支出約為 8 億美元，截至 2021 年 12 月的 12 個月，其報告的監管 ROE 預計約為 11.25%。

Given that this is the last time we will be talking about Gulf Power's financial results, let me take a moment to summarize the team's execution over the past 3 years. Gulf Power has delivered significant improvements in all key financial and operational metrics while meaningfully improving its customer value proposition. The execution of the NextEra Energy playbook at Gulf Power, which is focusing on reducing costs and making smart capital investments for the benefit of customers, has been a remarkable success.

鑑於這是我們最後一次談論海灣電力的財務業績，讓我花點時間總結一下過去 3 年該團隊的執行情況。海灣電力在所有關鍵財務和運營指標方面都取得了顯著改善，同時顯著改善了其客戶價值主張。海灣電力公司的 NextEra Energy 行動手冊的執行取得了顯著成功，該手冊專注於降低成本並為客戶的利益進行明智的資本投資。

Gulf Power has realized a nearly 40% reduction in O&M costs since the acquisition. Since 2018, Gulf Power improved service reliability by nearly 60%, and it was awarded national recognition for its outstanding reliability performance in the Southeast suburban and rural service area for the second year in a row in 2021. Over the same period, Gulf Power realized an approximately 60% improvement in safety among our employees who have worked tirelessly to help us execute on our plans. Regulatory capital employed has grown by approximately 16% compound annual growth rate since 2018.

自收購以來，Gulf Power 實現了近 40% 的運維成本降低。 2018年以來，海灣電力服務可靠性提升近60%，2021年連續第二年在東南郊區和農村服務區可靠性表現突出，獲得國家認可。同期，海灣電力實現不知疲倦地幫助我們執行計劃的員工的安全性提高了大約 60%。自 2018 年以來，所用監管資本的複合年增長率約為 16%。

We have invested approximately $2.5 billion in long-term improvements to Gulf Power's existing system and generation fleet. As a result of our clean power modernization investments at Gulf Power, we have already delivered an approximately 25% reduction in CO2 emissions over the last 3 years, and we look forward to further expanding the opportunity for our customers to access clean, low-cost solar and storage in the years to come.

我們已投資約 25 億美元用於海灣電力現有系統和發電機隊的長期改進。由於我們對海灣電力的清潔能源現代化投資，我們在過去 3 年中已經將二氧化碳排放量減少了約 25%，我們期待進一步擴大我們的客戶獲得清潔、低成本的機會未來幾年的太陽能和存儲。

This high level of performance across the board could not have been possible without the hard work and commitment of all of the Gulf Power employees. And I would like to thank all of our Florida Power & Light employees, old and new, for their relentless focus on reducing costs while improving reliability and safety over the past 3 years.

如果沒有海灣電力公司所有員工的辛勤工作和承諾，這種全面的高績效是不可能實現的。我要感謝佛羅里達電力和照明公司的所有新老員工，他們在過去 3 年中不懈地致力於降低成本，同時提高可靠性和安全性。

Execution of the plans that we laid out at Gulf Power has generated great outcomes for our shareholders as well. Gulf Power's net income has grown by a compound annual growth rate of approximately 19% since 2018, an outcome that was even better than our expectations when we announced the acquisition. Our performance with Gulf Power is a clear validation of our strategy and our conviction that you can be clean, reliable, affordable and profitable at the same time.

我們在海灣電力製定的計劃的執行也為我們的股東帶來了巨大的成果。自 2018 年以來，Gulf Power 的淨收入以約 19% 的複合年增長率增長，這一結果甚至好於我們宣布收購時的預期。我們在海灣電力公司的表現清楚地證明了我們的戰略和我們的信念，即您可以同時保持清潔、可靠、負擔得起和盈利。

The Florida economy remains strong. Over the last 10 years, Florida's GDP has grown at a roughly 5% compound annual growth rate. The GDP of Florida is roughly $1.2 trillion, which is up approximately 8% from prepandemic levels and would make Florida the 15th largest economy in the world. At the same time, Florida's population continues to grow at one of the fastest rates in the nation. According to recent Census Bureau data, more people moved to Florida from other parts of the country than to any other state in 2021. We believe this is a reflection of Florida's unique proposition in terms of great weather, low taxes and a pro-business economy, all of which should support ongoing customer growth at Florida Power & Light.

佛羅里達州經濟依然強勁。在過去的 10 年裡，佛羅里達州的 GDP 以大約 5% 的複合年增長率增長。佛羅里達州的國內生產總值約為 1.2 萬億美元，比大流行前的水平增長了約 8%，將使佛羅里達州成為世界第 15 大經濟體。與此同時，佛羅里達州的人口繼續以全國最快的速度增長。根據最近的人口普查局數據，到 2021 年，從該國其他地區移居佛羅里達的人數超過了任何其他州。我們認為，這反映了佛羅里達在好天氣、低稅收和有利於商業的經濟方面的獨特主張，所有這些都應支持 Florida Power & Light 的持續客戶增長。

Over the past year, Florida has created more than 485,000 new private sector jobs, and Florida's labor force participation rate has improved significantly. Three-month average Florida building permits, a leading indicator of residential new service accounts, are up 15% year-over-year and have outpaced the nation's quarterly growth in new building permits by roughly 13%.

過去一年，佛羅里達州新增私營部門就業崗位超過48.5萬個，佛羅里達州勞動力參與率顯著提高。佛羅里達州三個月平均建築許可是住宅新服務賬戶的領先指標，同比增長 15%，超過全國新建築許可的季度增長約 13%。

Other measures of confidence in the Florida economy have meaningfully improved versus the prior year, including a 34% improvement in Florida's retail sales index and a 2.6% decline in mortgage delinquencies, while mortgage delinquencies across the U.S. have remained roughly flat.

與上一年相比，對佛羅里達州經濟的其他信心指標顯著改善，包括佛羅里達州零售銷售指數提高 34%，抵押貸款拖欠率下降 2.6%，而美國各地的抵押貸款拖欠率基本持平。

During the quarter, FPL's average customer growth was strong, increasing by nearly 82,000 customers from the comparable prior year quarter. FPL's fourth quarter retail sales were down 1.5% versus the prior year period driven by an unfavorable weather comparison. For 2021, FPL's retail sales increased 1.7% from the prior year on a weather-normalized basis driven primarily by ongoing strong customer growth and a 1.5% year-over-year increase in underlying usage per customer. Additional details are shown on the accompanying slide.

本季度，FPL 的平均客戶增長強勁，與去年同期相比增加了近 82,000 名客戶。由於不利的天氣比較，FPL 的第四季度零售額與去年同期相比下降了 1.5%。 2021 年，在天氣正常化的基礎上，FPL 的零售額比上年增長 1.7%，這主要是由於持續強勁的客戶增長和每位客戶的基本使用量同比增長 1.5%。隨附的幻燈片中顯示了其他詳細信息。

Energy Resources reported fourth quarter 2021 GAAP net income of $851 million or $0.43 per share. Adjusted earnings for the fourth quarter were $414 million or $0.21 per share. Energy Resources contribution to adjusted earnings per share in the fourth quarter is up $0.04 versus the prior year comparable period. For the full year, Energy Resources reported GAAP earnings of $599 million or $0.30 per share and adjusted earnings of approximately $2.21 billion or $1.12 per share.

Energy Resources 報告稱，2021 年第四季度 GAAP 淨收入為 8.51 億美元或每股 0.43 美元。第四季度調整後收益為 4.14 億美元或每股 0.21 美元。與去年同期相比，能源資源對第四季度調整後每股收益的貢獻增加了 0.04 美元。全年，Energy Resources 報告的 GAAP 收益為 5.99 億美元或每股 0.30 美元，調整後收益約為 22.1 億美元或每股 1.12 美元。

Energy Resources full year adjusted earnings per share contribution increased $0.13 or approximately 13% versus 2020. For the full year, growth was driven by continued new additions to our renewables and energy storage portfolio as contributions from new investments increased by $0.12 per share. Contributions from existing generation and storage assets decreased $0.04 versus the prior year due primarily to underperformance in our existing wind fleet as a result of extreme market conditions in Texas in February of last year.

與 2020 年相比，能源資源全年調整後每股收益增加了 0.13 美元或約 13%。全年的增長是由我們的可再生能源和儲能產品組合的持續新增產品推動的，因為新投資的貢獻增加了每股 0.12 美元。現有發電和存儲資產的貢獻與去年相比減少了 0.04 美元，這主要是由於去年 2 月德克薩斯州的極端市場條件導致我們現有的風力機隊表現不佳。

NextEra Energy Transmission and gas infrastructure contributed favorably, increasing results by $0.01 and $0.02, respectively, year-over-year, while the contribution from our customer supply and trading businesses decreased $0.02 versus 2020. All other impacts increased results by $0.04 year-over-year. As Jim mentioned, Energy Resources had an outstanding year, delivering our best year ever for origination, adding approximately 7,200 net megawatts of new renewables and battery storage projects to our backlog.

NextEra 能源傳輸和天然氣基礎設施做出了有利貢獻，同比分別增加了 0.01 美元和 0.02 美元，而我們的客戶供應和貿易業務的貢獻與 2020 年相比減少了 0.02 美元。所有其他影響使結果同比增加了 0.04 美元年。正如 Jim 所提到的，Energy Resources 經歷了出色的一年，創造了我們有史以來最好的一年，為我們的待辦事項增加了大約 7,200 兆瓦的新可再生能源和電池存儲項目。

In 2021, we commissioned approximately 3,800 megawatts of wind, solar and storage projects, including a 110-megawatt build-own-transfer project that was not included in our backlog. In addition, since the last call, we have added approximately 1,500 megawatts of renewable projects to our backlog, including approximately 700 megawatts of new wind and wind repowerings, 300 megawatts of solar and 500 megawatts of battery storage. Our origination performance in 2021 reflects continued high demand among all customer classes for clean energy solutions that not only help achieve their renewable energy goals but perhaps more importantly, allow our customers to save energy on -- save money on energy costs while switching to lower-cost forms of generation like wind, solar and solar plus storage.

2021 年，我們委託了約 3,800 兆瓦的風能、太陽能和儲能項目，其中包括一個 110 兆瓦的建設-擁有-轉讓項目，該項目未包含在我們的積壓項目中。此外，自上次電話會議以來，我們已在積壓中增加了約 1,500 兆瓦的可再生項目，其中包括約 700 兆瓦的新風能和風力發電、300 兆瓦的太陽能和 500 兆瓦的電池存儲。我們在 2021 年的創始業績反映了所有客戶類別對清潔能源解決方案的持續高需求，這些解決方案不僅有助於實現其可再生能源目標，而且或許更重要的是，讓我們的客戶能夠節省能源——節省能源成本，同時轉向更低的能源成本。成本形式的發電，如風能、太陽能和太陽能加存儲。

Our renewables backlog now stands at more than 16,600 megawatts, which is roughly the size of our entire renewables generation portfolio at the end of 2017 and nearly 25% larger than our backlog at year-end 2020, and this provides terrific visibility into the strong growth that lies ahead for Energy Resources over the next few years. The accompanying slide provides additional details on where our development program in Energy Resources now stands.

我們的可再生能源積壓現在超過 16,600 兆瓦，大致相當於 2017 年底我們整個可再生能源發電組合的規模，比我們在 2020 年底的積壓量高出近 25%，這為強勁增長提供了極好的可見性能源資源在未來幾年內處於領先地位。隨附的幻燈片提供了有關我們在能源資源方面的開發計劃目前所處位置的更多詳細信息。

We remain optimistic about the expanded investment opportunities that the broad decarbonization of the U.S. economy presents for Energy Resources. We believe that there are many new market opportunities where our industry-leading development platform will provide a competitive advantage to further grow our core long-term contracted renewables and storage business.

我們仍然對美國經濟的廣泛脫碳為能源資源帶來的擴大投資機會持樂觀態度。我們相信有許多新的市場機會，我們行業領先的開發平台將為進一步發展我們的核心長期合同可再生能源和存儲業務提供競爭優勢。

As we have previously discussed, green hydrogen presents a particularly compelling new market for Energy Resources. During the fourth quarter, a clean energy technology company in which we are a minority equity investor and that has developed a proprietary process to decarbonize the industrial production of hydrogen at economic prices won a conditional approval for an approximately $1 billion DOE, Department of Energy, loan to expand its clean hydrogen and carbon black production facilities in Nebraska. Our agreement with this company provides Energy Resources the opportunity to be its preferred renewable energy supplier for the facility, and we are encouraged by the acceleration of the facility build-out that is expected to occur as a result of this new loan.

正如我們之前所討論的，綠色氫為能源資源提供了一個特別引人注目的新市場。在第四季度，我們作為少數股權投資者的一家清潔能源技術公司開發了一種專有工藝，以經濟價格使工業生產的氫脫碳，獲得了能源部約 10 億美元的有條件批准，貸款以擴大其在內布拉斯加州的清潔氫氣和炭黑生產設施。我們與這家公司的協議為 Energy Resources 提供了成為該設施首選可再生能源供應商的機會，我們對預計由於這筆新貸款而加快設施建設感到鼓舞。

Similarly, early in the year, we completed the strategic investment in a liquid fuels company with a proprietary process to produce 0 emissions synthetic fuels by combining green hydrogen with concentrated carbon dioxide streams captured from industrial processes. Our strategic partnership with this company includes the opportunity for Energy Resources to provide up to 3,000 megawatts under a preferential energy supply agreement.

同樣，今年年初，我們完成了對一家液體燃料公司的戰略投資，該公司擁有專有工藝，通過將綠色氫與工業過程中捕獲的濃縮二氧化碳流相結合，生產零排放合成燃料。我們與這家公司的戰略合作夥伴關係包括能源資源根據優惠能源供應協議提供高達 3,000 兆瓦的機會。

Finally, as part of our efforts to help our commercial and industrial customers achieve their substantial goals for both energy savings and decarbonization, we recently announced an agreement with JPMorgan Chase that allows for use of our proprietary, state-of-the-art smart energy software to optimize its energy use and reduce its carbon footprint.

最後，作為我們努力幫助我們的商業和工業客戶實現其節能和脫碳的實質性目標的一部分，我們最近宣布與摩根大通達成一項協議，允許使用我們專有的、最先進的智能能源軟件來優化其能源使用並減少其碳足跡。

Energy Resources' advanced software platform uses artificial intelligence and blockchain technology and leverages data from the industry-leading renewables and storage fleet owned and operated by Energy Resources to, among other things, match energy demand with clean energy resources available on the market in real time.

Energy Resources 的先進軟件平台使用人工智能和區塊鏈技術，並利用 Energy Resources 擁有和運營的行業領先的可再生能源和存儲車隊的數據，將能源需求與市場上可用的清潔能源實時匹配.

We recently signed a similar agreement that allows a large university to use our advanced software platform to manage and optimize a more than 100-megawatt solar plus storage asset in California. Through these initiatives, Energy Resources is leveraging its best-in-class renewable energy expertise to provide significant value to its customers in a market with meaningful growth potential.

我們最近簽署了一項類似的協議，允許一所大型大學使用我們的先進軟件平台來管理和優化加利福尼亞州超過 100 兆瓦的太陽能加存儲資產。通過這些舉措，Energy Resources 正在利用其一流的可再生能源專業知識，在具有顯著增長潛力的市場中為其客戶提供重要價值。

We are at the vanguard of building a sustainable energy era that is both clean and affordable, and we are driving hard to continue to be at the forefront of the disruption that is occurring within the energy sector and broader parts of the U.S. economy. Consistent with our long-term track record, we will remain disciplined as we take steps to be at the forefront of these developing markets while taking a leadership role in clean energy transition expected to drive tremendous growth for Energy Resources over the next decade and beyond.

我們處於建設一個既清潔又負擔得起的可持續能源時代的先鋒，我們正在努力繼續站在能源部門和美國經濟更廣泛領域發生的破壞的最前沿。與我們的長期往績一致，我們將保持紀律性，採取措施站在這些發展中市場的前沿，同時在清潔能源轉型中發揮領導作用，預計將在未來十年及以後推動能源資源的巨大增長。

Turning now to the consolidated results for NextEra Energy. For the fourth quarter of 2021, GAAP net income attributable to NextEra Energy was $1.2 billion or $0.61 per share. NextEra Energy's 2021 fourth quarter adjusted earnings and adjusted EPS were $814 million or $0.41 per share, respectively. For the full year 2021, GAAP net income attributable to NextEra Energy was $3.57 billion or $1.81 per share. Adjusted earnings were $5.02 billion or $2.55 per share.

現在轉向 NextEra Energy 的綜合結果。 2021 年第四季度，歸屬於 NextEra Energy 的 GAAP 淨收入為 12 億美元或每股 0.61 美元。 NextEra Energy 2021 年第四季度調整後收益和調整後每股收益分別為 8.14 億美元或每股 0.41 美元。 2021 年全年，歸屬於 NextEra Energy 的 GAAP 淨收入為 35.7 億美元或每股 1.81 美元。調整後的收益為 50.2 億美元或每股 2.55 美元。

For the Corporate and Other segment, adjusted earnings for the full year decreased $0.05 per share compared to the prior year, primarily as a result of higher interest and refinancing costs associated with certain liability management initiatives completed during the fourth quarter to take advantage of the low interest rate environment.

對於企業和其他部門，調整後的全年每股收益較上年減少 0.05 美元，主要是由於第四季度完成的某些負債管理計劃相關的利息和再融資成本較高，以利用低利率環境。

Our fourth quarter refinancing activities reduced nominal adjusted net income by roughly $140 million. We expect these initiatives to translate into favorable net income contribution in future years and an overall improvement in net present value for our shareholders. Specifically, during the fourth quarter, NextEra Energy successfully refinanced approximately $5.2 billion in existing debt and hybrid securities and proactively issued roughly $4.9 billion in replacement funding. This combination of redemptions and new issuance extended its maturity profile by over 6 years and is expected to generate an approximately $30 million after-tax reduction in annual interest expense in the near term.

我們第四季度的再融資活動使名義調整後淨收入減少了大約 1.4 億美元。我們預計這些舉措將在未來幾年轉化為有利的淨收入貢獻，並為我們的股東帶來淨現值的整體改善。具體而言，在第四季度，NextEra Energy 成功為約 52 億美元的現有債務和混合證券再融資，並主動發行了約 49 億美元的替代資金。這種贖回和新發行的組合將其到期期限延長了 6 年以上，預計在短期內將產生約 3000 萬美元的稅後年度利息支出減少。

Capital recycling remains an important part of our financing plan as we continue to execute on the tremendous growth opportunities in front of us. During the fourth quarter, Energy Resources closed on its previously announced agreements to sell a portfolio of newly constructed and under construction renewable assets to NextEra Energy Partners and to a third-party infrastructure investor. Through the sale of this 2.5-gigawatt renewables portfolio, Energy Resources was able to recycle nearly $3.5 billion of capital, including the tax equity proceeds, in an accretive matter -- manner and take advantage of the strong market for wind, solar and storage assets. We believe that our renewables development platform at Energy Resources is second to none, and our ability to continue to harness market demand for renewables and recognize the value of that platform is a key competitive advantage for NextEra Energy as it continues to grow its portfolio of long-term contracted operating renewables and storage assets at Energy Resources.

隨著我們繼續利用擺在我們面前的巨大增長機會，資本循環仍然是我們融資計劃的重要組成部分。在第四季度，Energy Resources 完成了之前宣布的向 NextEra Energy Partners 和第三方基礎設施投資者出售新建和在建可再生資產組合的協議。通過出售這個 2.5 吉瓦的可再生能源投資組合，Energy Resources 能夠以增值方式回收近 35 億美元的資本，包括稅收股權收益——並利用風能、太陽能和存儲資產的強勁市場.我們相信，我們在 Energy Resources 的可再生能源開發平台是首屈一指的，我們能夠繼續利用市場對可再生能源的需求並認識到該平台的價值是 NextEra Energy 的關鍵競爭優勢，因為它繼續擴大其長期投資組合Energy Resources 的長期合同運營可再生能源和存儲資產。

Turning now to our financial expectations for NextEra Energy. As Jim discussed, today, we are increasing the ranges of our adjusted EPS expectations for 2022 and 2023 and introducing our expectations for 2024 and 2025. For 2022, NextEra Energy now expects adjusted earnings per share to be in a range of $2.75 to $2.85. For 2023 through 2025, NextEra Energy expects to grow roughly 6% to 8% off of the expected 2022 adjusted earnings per share range. And we will be disappointed if we are not able to deliver financial results at or near the top end of these ranges for each year. Details of our new financial expectations are included on the accompanying slide.

現在轉向我們對 NextEra Energy 的財務預期。正如吉姆所討論的，今天，我們正在擴大我們對 2022 年和 2023 年調整後每股收益的預期範圍，並引入我們對 2024 年和 2025 年的預期。對於 2022 年，NextEra Energy 現在預計調整後的每股收益將在 2.75 美元至 2.85 美元之間。從 2023 年到 2025 年，NextEra Energy 預計將比預期的 2022 年調整後每股收益範圍增長約 6% 至 8%。如果我們無法在每年或接近這些範圍的高端提供財務業績，我們將感到失望。我們新的財務預期的詳細信息包含在隨附的幻燈片中。

From 2021 to 2025, we expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. We also continue to expect to grow our dividends per share at roughly 10% through -- per year through at least 2022 off of a 2020 base. As always, our expectations assume our usual caveats.

從 2021 年到 2025 年，我們預計我們的經營現金流年均增長率將等於或高於我們調整後的每股收益複合年增長率範圍。我們還繼續預計，在 2020 年的基礎上，至少到 2022 年，我們的每股股息將每年增長約 10%。與往常一樣，我們的期望假設了我們通常的警告。

Let me now turn to the detailed financial results for NextEra Energy Partners. Fourth quarter adjusted EBITDA was $322 million, and cash available for distribution was $91 million. Adjusted EBITDA growth versus the prior year comparable quarter was primarily due to the growth in the underlying portfolio.

現在讓我談談 NextEra Energy Partners 的詳細財務結果。第四季度調整後的 EBITDA 為 3.22 億美元，可供分配的現金為 9100 萬美元。與上年同期相比，調整後的 EBITDA 增長主要是由於基礎投資組合的增長。

For the full year 2021, adjusted EBITDA was $1.36 billion, up 8% year-over-year, and was primarily driven by the full contribution from new projects acquired late in 2020. Our existing projects portfolio, favorable performance from NextEnergy Partners' natural gas pipeline investments and contributions from the wind repowerings that we added at the end of 2020 were partially offset by weaker wind resource and lower generation at our Genesis Solar Project as a result of outages for major maintenance in the first and fourth quarters of 2021. For the full year, wind resource was 98% of the long-term average versus 100% in 2020.

2021 年全年，調整後 EBITDA 為 13.6 億美元，同比增長 8%，主要受 2020 年底收購的新項目的全部貢獻推動。我們現有的項目組合，NextEnergy Partners 天然氣的良好表現我們在 2020 年底增加的管道投資和風能改造貢獻被 Genesis 太陽能項目由於 2021 年第一季度和第四季度的主要維護中斷而導致的風力資源較弱和發電量減少部分抵消。全年風能資源為長期平均水平的 98%，而 2020 年為 100%。

Cash available for distribution was $584 million for the full year. The benefit to cash available for distribution from lower corporate level interest expense was partially offset by a comparably higher project level financing costs on our Genesis Solar Project and other existing assets that were recapitalized to fund the acquisition of approximately 500 net megawatts from Energy Resources at the end of 2020.

全年可供分配的現金為 5.84 億美元。較低的公司級利息支出對可用於分配的現金的好處被我們的 Genesis 太陽能項目和其他現有資產的項目級融資成本相對較高的部分抵消，這些資產經過資本重組以資助在2020 年底。

Over the past 3 years, NextEra Energy Partners' cash available for distribution has grown at a compound annual growth rate of approximately 20%. As a reminder, these results include the impact of IDR fees, which we treat as an operating expense. Additional details are shown on the accompanying slide.

在過去 3 年中，NextEra Energy Partners 可用於分配的現金以約 20% 的複合年增長率增長。提醒一下，這些結果包括 IDR 費用的影響，我們將其視為運營費用。隨附的幻燈片中顯示了其他詳細信息。

Yesterday, the NextEra Energy Partners Board declared a quarterly distribution of $0.7075 per common unit or $2.83 per unit on an annualized basis, up 15% from the comparable quarterly distribution a year earlier and at the top end of the range we discussed going into 2021.

昨天，NextEra 能源合作夥伴董事會宣布每普通單位的季度分配為 0.7075 美元，或按年計算每單位 2.83 美元，比去年同期的可比季度分配增長 15%，處於我們討論的 2021 年範圍的上限。

During the quarter, NextEra Energy Partners closed on the initial funding of its approximately $820 million convertible equity portfolio financing with Apollo Global Management and use those proceeds along with existing NextEra Energy Partners debt capacity to fund its acquisition of approximately 1,300 net megawatts of renewables and storage from Energy Resources. Under the terms of the agreement, NextEra Energy Partners is expected to benefit from a low implied initial cash coupon over the first 10 years, despite only providing approximately 4% of the upfront capital needed to purchase the assets while we expect to allow NextEra Energy partners to achieve a full return of its capital invested into these -- into this acquisition in less than 2 years.

在本季度，NextEra Energy Partners 完成了與 Apollo Global Management 的約 8.2 億美元可轉換股權投資組合融資的初始融資，並將這些收益與 NextEra Energy Partners 現有的債務能力一起為其收購約 1,300 兆瓦淨可再生能源和存儲提供資金來自能源資源。根據協議條款，NextEra Energy Partners 預計將在前 10 年受益於較低的隱含初始現金優惠券，儘管僅提供購買資產所需的約 4% 的前期資本，而我們預計 NextEra Energy 合作夥伴將允許在不到 2 年的時間裡，在此次收購中實現投資的全部回報。

Additionally, the financing will provide NextEra Energy partners the flexibility to periodically buy out the investors' equity interest between the 5- and 10-year anniversaries of the agreement at a fixed pretax return of approximately 5.6%, inclusive of all prior distributions, making this NextEra Energy Partners' lowest cost convertible equity portfolio financing to date. NextEra Energy Partners will have the right to pay up to 100% of the buyout price in NEP common units issued at no discount to the then current market price.

此外，融資將使 NextEra Energy 合作夥伴能夠靈活地在協議的 5 年和 10 週年之間定期以大約 5.6% 的固定稅前回報率收購投資者的股權，包括所有先前的分配，使這NextEra Energy Partners 迄今為止成本最低的可轉換股權投資組合融資。 NextEra Energy Partners 將有權支付最高 100% 的 NEP 普通單位收購價格，該單位不低於當時的當前市場價格。

NextEra Energy Partners also issued approximately 7.25 million new NEP common units during the fourth quarter to acquire the remaining equity interest in a portfolio of 1,388 megawatts of wind and solar assets associated with the convertible equity portfolio financing that NEP entered into in 2018.

NextEra Energy Partners 還在第四季度發行了約 725 萬個新的 NEP 普通單位，以收購與 NEP 於 2018 年簽訂的可轉換股權投資組合融資相關的 1,388 兆瓦風能和太陽能資產組合的剩餘股權。

NextEra Energy Partners funded the remaining roughly $265 million of the approximately $885 million of total consideration for the acquisition of equity in the portfolio, with project level debt issued on a subset of the underlying assets. The nearly $650 million project financing supported by these assets, which was also the lowest cost project level debt financing in the partnership's history, is reflective of the strong performance of the underlying assets in the portfolio and also supportive financing of other growth opportunities executed in 2021.

NextEra Energy Partners 為收購投資組合股權的總對價約 8.85 億美元中剩餘的約 2.65 億美元提供了資金，並在部分基礎資產上發行了項目級債務。這些資產支持的近 6.5 億美元項目融資，也是合作夥伴歷史上成本最低的項目級債務融資，反映了投資組合中基礎資產的強勁表現，以及對 2021 年執行的其他增長機會的支持性融資.

From an updated base of our fourth quarter 2021 distribution per common unit at an annualized rate of $2.83, we continue to see 12% to 15% per -- growth per year in LP distributions as being a reasonable range of expectations through at least 2024. We expect the annualized rate of the fourth quarter 2022 distribution that is payable in February of 2023 to be in a range of $3.17 to $3.25 per common unit. We continue to expect to achieve our 2022 distribution growth of 12% to 15% while maintaining a trailing 12-month payout ratio in the low 80% range.

從我們 2021 年第四季度每個普通單位分配的年化率 2.83 美元的更新基數來看，我們繼續認為 LP 分配每年增長 12% 到 15% 是至少到 2024 年的合理預期範圍。我們預計 2023 年 2 月支付的 2022 年第四季度分配的年化利率將在每普通單位 3.17 美元至 3.25 美元之間。我們繼續預計 2022 年的分銷增長將達到 12% 至 15%，同時將過去 12 個月的派息率保持在 80% 的低位。

Given the successful execution of the recent acquisition from Energy Resources as well as the approximately 100-megawatt operating wind facility from a third party, year-end December 31, 2021, run rate adjusted EBITDA and cash available for distribution exceeded our previous expectations ranges. As a result, today, we are introducing new year-end 2021 run rate expectation ranges for adjusted EBITDA and cash available for distribution of $1.635 billion to $1.795 billion and $640 million to $720 million, respectively.

鑑於最近從 Energy Resources 的收購以及從第三方獲得的約 100 兆瓦運行風能設施的成功執行，到 2021 年 12 月 31 日年底，運行率調整後的 EBITDA 和可用於分配的現金超出了我們之前的預期範圍。因此，今天，我們針對調整後的 EBITDA 和可分配現金分別推出 16.35 億美元至 17.95 億美元和 6.4 億美元至 7.2 億美元的新的 2021 年年底運行率預期範圍。

With a combination of strong cash flow generation from existing NextEra Energy Partners portfolio, including the approximately 2,400 net megawatts of new renewables and storage added during 2021 and its relatively low payout ratio, NextEra Energy Partners has significant flexibility in terms of acquisitions in the coming year. Although acquisitions could occur at any time during 2022, for modeling purposes, it may be practical to assume that any new, unannounced asset additions occur late in 2022, and therefore, have limited contributions to the calendar year 2022 expectations implied by the year-end 2021 run rate for adjusted EBITDA and cash available for distribution for the portfolio that we just discussed.

結合現有 NextEra Energy Partners 投資組合產生的強勁現金流，包括 2021 年新增約 2,400 兆瓦的新可再生能源和儲能，以及相對較低的派息率，NextEra Energy Partners 在來年的收購方面具有很大的靈活性.儘管收購可能在 2022 年的任何時候發生，但出於建模目的，假設任何新的、未宣布的資產增加都發生在 2022 年末，因此對年底隱含的 2022 日曆年預期的貢獻有限。我們剛剛討論的投資組合的調整後 EBITDA 和可分配現金的 2021 年運行率。

NextEra Energy Partners run rate expectations for adjusted EBITDA and CAFD at December 31, 2022, remain unchanged. Year-end 2022 run rate adjusted EBITDA expectations are $1.775 billion to $1.975 billion and CAFD in the range of $675 million to $765 million, respectively, reflecting calendar year 2023 expectations for the forecasted portfolio at year-end 2022. As a reminder, all of our expectations are subject to our normal caveats and include the impact of anticipated IDR fees as we anticipate -- as we treat those as an operating expense.

NextEra Energy Partners 對 2022 年 12 月 31 日調整後 EBITDA 和 CAFD 的運行率預期保持不變。 2022 年年底運行率調整後的 EBITDA 預期分別為 17.75 億美元至 19.75 億美元，CAFD 預期分別在 6.75 億美元至 7.65 億美元之間，反映了 2023 日曆年對 2022 年底預測投資組合的預期。提醒一下，所有我們的預期受到我們正常警告的約束，並包括我們預期的預期 IDR 費用的影響——因為我們將其視為運營費用。

In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners have excellent prospects for growth, both in the near and longer term. Florida Power & Light, Energy Resources and NextEra Energy Partners each have outstanding set of opportunities across the board. The progress we made in 2021 reinforces our longer-term growth prospects. And while we have a lot to execute on in 2022, we believe that we have the building blocks in place for another excellent year.

總而言之，我們仍然認為 NextEra Energy 和 NextEra Energy Partners 在近期和長期都具有良好的增長前景。 Florida Power & Light、Energy Resources 和 NextEra Energy Partners 各自擁有一系列出色的機會。我們在 2021 年取得的進展加強了我們的長期增長前景。雖然我們在 2022 年有很多工作要做，但我們相信我們已經為又一個出色的一年做好了準備。

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

我們準備好的發言到此結束。有了這個，我們將打開問題的線路。

(Operator Instructions) The first question comes from Julien Dumoulin-Smith with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Julien Dumoulin-Smith。

Congratulations to everyone here. So many folks, so well deserved. Indeed, Jim, we'll miss you, but we'll see you soon enough here, I'm sure. If I can pivot here just to some of the core questions. First off, just impressive guidance. Can you talk about how you're thinking about BBB? I mean maybe the way to ask this is a little bit in reverse. How do you think about BBB is that it actually happened here? What assumptions are you making out in '25 on extensions? Or which frankly appear more likely than not eventually anyway? And perhaps more directly, how are you thinking about investments beyond wind and solar in those 2025 figures, for instance -- storage or hydrogen, for instance?

恭喜這裡的每一個人。這麼多人，真是當之無愧。的確，吉姆，我們會想念你的，但我們很快就會在這裡見到你，我敢肯定。如果我可以在這裡只針對一些核心問題。首先，只是令人印象深刻的指導。您能談談您對 BBB 的看法嗎？我的意思是問這個問題的方式可能有點相反。您如何看待 BBB 是否真的發生在這裡？您在 25 年對擴展做出了哪些假設？或者坦率地說，最終哪一個看起來更有可能？也許更直接地說，您如何看待 2025 年數據中風能和太陽能以外的投資——例如存儲或氫能？

So Julien, let me take that. So we don't need BBB to deliver on the expectations that we've just laid out, right? I think about BBB as an accelerator, not as something that we would need in order to deliver on what we just laid out in terms of the earnings or the backlog growth that we've projected through '24.

朱利安，讓我接受。所以我們不需要 BBB 來實現我們剛剛提出的期望，對吧？我認為 BBB 是一個加速器，而不是我們需要的東西，以實現我們剛剛在收益或我們預計到 24 年的積壓增長方面所製定的目標。

In terms of how am I feeling about BBB, I would say 2 things. I am optimistic about something happening some point this year. And I would say that might -- when I say optimistic, I would say more likely than not. I think I was -- I think I felt more optimistic in the fourth quarter than I do now. I think that's just reality. But I do think it's more likely than not that the clean energy piece of BBB gets acted on this year.

至於我對 BBB 的感覺，我想說兩件事。我對今年某個時候發生的事情感到樂觀。我會說這可能——當我說樂觀時，我會說更有可能。我想我是——我認為我在第四季度比現在更樂觀。我認為這只是現實。但我確實認為今年 BBB 的清潔能源部分更有可能採取行動。

I do think it's going to take a while. And everything we have heard says there is, particularly in the Senate, I think, a desire for some process, and process takes time, given the Senate rules. And my sense is that it's not going to be a first quarter event. It's going to be post that, either a second quarter event or honestly, probably more likely sometime in the fourth quarter after the election.

我認為這需要一段時間。我們所聽到的一切都表明，特別是在參議院，我認為，需要一些程序，並且考慮到參議院的規則，程序需要時間。我的感覺是，這不會是第一季度的活動。它將發布，無論是第二季度的事件還是老實說，可能更有可能在選舉後的第四季度的某個時候發布。

Yes. I got you there. Feel free to opine any more on the '25 guidance. I know that this is probably preempting a little bit the June Analyst Day, regardless. And then maybe if I could pivot in brief, any thoughts or comments you'd like to share around some of the headlines pertaining to FPL here? I know there's been a lot of back and forth, and perhaps there's a lot of context to provide there.

是的。我把你帶到了那裡。隨意對 '25 指南發表更多意見。我知道，無論如何，這可能會搶占 6 月分析師日的時間。然後，如果我可以簡要介紹一下，您想在這里分享與 FPL 相關的一些頭條新聞的任何想法或評論嗎？我知道有很多來回，也許有很多上下文可以提供。

Sure, Julien. I think on some of the Florida political headlines, I think what I'd like to say on that is pretty simple. When we got -- when we received the report and those allegations that have been in the press, we conducted a very extensive and thorough investigation that included looking at company financial records. It included looking at everyone who was named in its company e-mails, also looking at their -- they've all provided access to their personal e-mails and text to us as part of that investigation.

當然，朱利安。我認為關於佛羅里達州的一些政治頭條新聞，我想我想說的很簡單。當我們收到報告和媒體上的那些指控時，我們進行了非常廣泛和徹底的調查，包括查看公司財務記錄。它包括查看其公司電子郵件中提到的每個人，還查看他們的——作為調查的一部分，他們都向我們提供了對他們個人電子郵件和文本的訪問權限。

And the bottom line is we found no evidence of any issues at all, any illegality or any wrongdoing on the part of FPL or any of its employees. And so that's kind of the bottom line. And I feel very good about the investigation that we did, and I feel very good that there is no basis to any of these allegations.

最重要的是，我們沒有發現任何證據表明 FPL 或其任何員工存在任何問題、任何違法行為或任何不當行為。這就是底線。我對我們所做的調查感到非常滿意，我對這些指控都沒有根據感到非常高興。

So I think that's probably all that we're going to say on that today. And I think Rebecca is going to talk about the 2025 -- your question on 2025.

所以我認為這可能就是我們今天要說的全部內容。而且我認為麗貝卡將談論 2025 年——你對 2025 年的問題。

Julien, as you might appreciate, and I'm sure everyone does on the call, when we think about our ranges of expectations, particularly when we're talking about several years out, like you asked about, specifically 2025, there are quite a number of variables that we consider in order to set those ranges and in particular, for the comment that we provided that we'd be disappointed not to be at the high end of each of those ranges, including 2025.

朱利安，您可能會欣賞，我相信每個人都會在電話會議上這樣做，當我們考慮我們的期望範圍時，特別是當我們談論幾年後，就像你問的那樣，特別是 2025 年，有相當多的我們為設定這些範圍而考慮的變量數量，特別是對於我們提供的評論，即我們會很失望沒有處於每個範圍的高端，包括 2025 年。

I would say the key parts that we think about, first on Florida Power & Light Company, we've got the outcome from the 4-year settlement agreement. That is now the -- how we expect to operate for the next couple of years, and that creates the opportunity to continue investing in the business and executing on the strategy that's been so successful for customers over quite a number of years looking back. So we can continue that for the next couple of years. And we believe that, that will enable us to grow rate base in the range of 8% to 9% on a compound annual growth rate basis, assuming all of the investments that were anticipated in the settlement agreement, ultimately, we're able to successfully bring into service.

我想說的是我們考慮的關鍵部分，首先是佛羅里達電力和照明公司，我們已經從 4 年和解協議中得到了結果。現在，這就是我們預計未來幾年的運營方式，這創造了繼續投資業務並執行多年來對客戶如此成功的戰略的機會。所以我們可以在接下來的幾年裡繼續這樣做。我們相信，假設和解協議中預期的所有投資最終我們能夠成功投入使用。

On the Energy Resources side, the biggest drivers are the ones that we've talked about and are laid out in the slide materials on Page 16, looking at our development ranges for all of wind, solar, energy storage and wind repowering over this 4-year period from '21 through 2024, which, obviously, would have the largest impact on what our earnings look like in 2025.

在能源方面，最大的驅動因素是我們已經討論過的驅動因素，這些驅動因素在第 16 頁的幻燈片材料中進行了介紹，看看我們在這 4 -從 21 年到 2024 年，顯然，這將對我們 2025 年的收益產生最大的影響。

As Jim highlighted, if there's change in regulatory or incentive structures, we would obviously factor that in the future. But that's not anticipated in these estimates, and we feel really good about how we're positioned to execute between now and then. We do have to execute a lot. We have to execute at Energy Resources, which I'm excited to take on that challenge. We have a lot to do to continue delivering like we have at Florida Power & Light, but I think we're in a great position to do so.

正如 Jim 強調的那樣，如果監管或激勵結構發生變化，我們顯然會在未來考慮到這一點。但這在這些估計中並沒有預料到，我們對從現在到那時的執行情況感到非常滿意。我們確實必須執行很多。我們必須在能源資源公司執行，我很高興能接受這一挑戰。我們還有很多工作要做，要像佛羅里達電力和照明公司那樣繼續交付，但我認為我們處於一個很好的位置。

The next question comes from Steve Fleishman with Wolfe Research.

下一個問題來自 Wolfe Research 的 Steve Fleishman。

Congrats, Jim and John and everyone else. So maybe, Jim, could you just give us a little more color on what you are going to focus your time on as Executive Chair and how long you intend to likely be in that role?

恭喜，吉姆、約翰和其他所有人。所以，吉姆，你能否給我們更多的信息，說明你將把時間集中在擔任執行主席的工作上，以及你打算擔任該職位多長時間？

Sure, Steve. So I think my focus is going to be to help John with the transition and in particular, help John with the transition as it relates to the Board. You should think about my transition time in terms of months, not years. And that's probably all we're ready to say about it today. But my real focus is going to be on making John as successful as I know he will be.

當然，史蒂夫。因此，我認為我的重點將是幫助約翰完成過渡，特別是幫助約翰完成與董事會相關的過渡。你應該用幾個月而不是幾年來考慮我的過渡時間。這可能就是我們今天要說的全部內容。但我真正的重點是讓約翰像我知道的那樣成功。

Okay. That's helpful. Second question, just on the renewable development, maybe you could just talk a little bit to the trends that you're seeing there. It did seem like fourth quarter slowed versus the prior quarters in terms of backlog growth. And is there maybe some kind of waiting to see what happens with folks on BBB in the market right now? Or anything else that you might want to highlight?

好的。這很有幫助。第二個問題，關於可再生能源的發展，也許你可以談談你在那裡看到的趨勢。與前幾個季度相比，第四季度的積壓增長似乎確實有所放緩。是否有某種形式的等待，看看現在市場上 BBB 上的人們會發生什麼？或者您可能想要強調的其他任何內容？

Yes. Steve, I'll take this. This is John. First of all, we're coming off a record year with 7.3 gigawatts, had a strong fourth quarter, posting about 1,500 megawatts. What we are seeing in the market is continued strong demand, and that's coming from a number of different sources. It's not only coming from investor-owned utilities and munis and co-ops, but also C&I. As there's been a lot of rotation of capital into ESG funds, it's certainly getting investor attention and putting an impetus on companies to become sustainable.

是的。史蒂夫，我會接受這個的。這是約翰。首先，我們以 7.3 吉瓦的發電量打破了創紀錄的一年，第四季度表現強勁，約為 1,500 兆瓦。我們在市場上看到的是持續強勁的需求，這來自許多不同的來源。它不僅來自投資者擁有的公用事業、市政和合作社，還來自 C&I。由於大量資金流向 ESG 基金，這無疑引起了投資者的關注，並推動公司實現可持續發展。

And so one of the things that we've spent a lot of time on over the last couple of years is our customer base and how do we market to a different customer base. Not that the investor-owned utility and muni and co-op won't always be our core. It will be. But we're doing some things differently, too, around C&I. For example, some of you might have seen the Optos release where JPMorgan is partnering with us on a new software product, where we go in and we basically are able to calculate exactly what their energy footprint looks like today, how we can make it better, how we can take money out of the bill, how we can make it greener. That's just one example of some of the things that we're doing differently in terms of the ways that we approach the customer.

因此，我們在過去幾年中花費大量時間的一件事是我們的客戶群以及我們如何向不同的客戶群進行營銷。並不是說投資者擁有的公用事業、市政和合作社並不總是我們的核心。這將是。但我們也在圍繞 C&I 做一些不同的事情。例如，你們中的一些人可能已經看到了 Optos 發布，摩根大通正在與我們合作開發一種新的軟件產品，我們進入其中，我們基本上能夠準確計算出他們今天的能源足跡，我們如何使它變得更好，我們如何從賬單中取錢，如何使其更環保。這只是我們在接近客戶的方式方面所做的一些不同事情的一個例子。

And when I look at the pipeline that we have in place, the land positions, the interconnects, it's second to none. It's an area of certainly focus that we are continuing to build out. We'll talk a lot more about that at the Analyst Day. But we have the best sites, the best team, the best talent, the best analytics and the normal competitive advantages of being able to manage the supply chain, operate cheaper, finance cheaper, all those things come together, give us a lot of optimism about the future.

當我查看我們現有的管道、土地位置、互連時，它是首屈一指的。這是一個我們正在繼續建設的重點領域。我們將在分析師日對此進行更多討論。但是我們擁有最好的網站、最好的團隊、最好的人才、最好的分析以及能夠管理供應鏈、運營成本更低、融資成本更低的正常競爭優勢，所有這些都融合在一起，給了我們很多樂觀關於未來。

Okay. Great. And then one last question. Just on the guidance improvement, if I had to kind of simplify kind of what's driving the higher guidance, '22 and beyond, in terms of factors? Any just kind of key reasons, you would say, for the higher guidance?

好的。偉大的。然後是最後一個問題。就指導改進而言，如果我必須簡化驅動更高指導的因素，'22 及以後，就因素而言？你會說，對於更高的指導，有什麼關鍵原因嗎？

Yes. I'll take that as well, Steve. I think Rebecca covered certainly the FPL piece. And then you think about Energy Resources. We've doubled the backlog in the last few years, continue to see a lot of promise there with or without Build Back Better. Jim said more likely than not that we're able to get something passed there by the end of the year. But we plan our business as if it doesn't happen. And our financial forecast is based on it not happening. And that's why we were very resolute in our ability to take our expectations up not only for 2022, but to extend the guidance out through 2025. And that's just based on what we see in our renewable backlog.

是的。我也會接受的，史蒂夫。我認為 Rebecca 肯定涵蓋了 FPL 部分。然後你會想到能源。在過去的幾年裡，我們的積壓工作翻了一番，無論有沒有“Build Back Better”，我們都繼續看到很多承諾。吉姆說，我們很有可能在今年年底前通過那裡。但我們計劃我們的業務，就好像它沒有發生一樣。我們的財務預測是基於它沒有發生。這就是為什麼我們非常堅決地提高我們對 2022 年的期望，而且將指導延長到 2025 年。這只是基於我們在可再生積壓中看到的。

And when you think about the expectations that we laid out for investors for '21 and '22, I think we've done a terrific job of meeting those and then laying out '23 and '24. We've made tremendous headway against those expectations.

當您考慮我們為 21 年和 22 年為投資者制定的期望時，我認為我們在滿足這些期望方面做得非常出色，然後製定了 23 年和 24 年。與這些期望相比，我們取得了巨大的進展。

The next question comes from Shar Pourreza with Guggenheim Partners.

下一個問題來自與 Guggenheim Partners 的 Shar Pourreza。

Congrats, Jim, John, Rebecca and team on the moves. Well deserved. Just most of my questions actually just got answered. But just a quick question on near ventures. Obviously, you guys are starting to expand the playbook into CCS, water, wastewater treatment. And obviously, in the prepared remarks, you just highlighted the hydrogen value chain opportunities there. Is the future growth of any of these type of investments more specifically predicated on any outcomes of federal policy like a hydrogen PTC and seeing sort of the lack of progress on that front? Do you anticipate any pullback from these sort of opportunities? Not the base business, not the base newer opportunities, but more specifically on the venture side.

恭喜 Jim、John、Rebecca 和團隊的行動。應得的。我的大部分問題實際上剛剛得到了回答。但只是一個關於近乎風險的快速問題。顯然，你們開始將劇本擴展到 CCS、水、廢水處理領域。顯然，在準備好的評論中，您剛剛強調了那裡的氫價值鏈機會。任何此類投資的未來增長是否更具體地取決於聯邦政策的任何結果，例如氫 PTC，並且看到這方面缺乏進展？你預計這些機會會出現回調嗎？不是基礎業務，不是基礎新機會，而是更具體的風險投資方面。

Thanks, Shar, and appreciate the question. We do think there's a lot of opportunities, as I talked about in the prepared remarks, not only of purely executing our renewables for the electricity sector, but helping use clean energy to decarbonize these other industries. And we're thinking about some of these investment opportunities as a way to explore how those business models and investment opportunities are ultimately going to shape up over time.

謝謝，Shar，感謝這個問題。正如我在準備好的評論中談到的那樣，我們確實認為有很多機會，不僅可以純粹為電力部門執行可再生能源，還可以幫助使用清潔能源使這些其他行業脫碳。我們正在考慮其中一些投資機會，以此來探索這些商業模式和投資機會最終將如何隨著時間的推移而形成。

But to answer your direct question around the incentives, the investments we've made to date do not assume that there's a change of incentives or even the specific question around hydrogen that there's a hydrogen PTC. But as John and his team, the Energy Resources team has evaluated a number of hydrogen pilot opportunities or future business opportunities, they certainly would be furthered and helped, some of them would be, by hydrogen PTC. And that's one of the things that I know we, as a whole team, remain optimistic about that if something happens, whether it's the full BBB or just a climate title that happens through reconciliation, we're optimistic that a hydrogen incentive would be included in that package. I think there's a lot of opportunities to further the decarbonization of the U.S. economy through the use of hydrogen.

但是要回答您關於激勵措施的直接問題，我們迄今為止所做的投資並未假設激勵措施發生變化，甚至沒有假設存在氫 PTC 的特定問題。但正如 John 和他的團隊，能源資源團隊已經評估了許多氫試驗機會或未來的商業機會，它們肯定會得到氫 PTC 的進一步推動和幫助，其中一些會得到幫助。這是我知道的一件事在那個包裹裡。我認為有很多機會可以通過使用氫來進一步推動美國經濟的脫碳。

So short answer, investments don't assume it, but I think there's even more opportunity if there are some incentives like the hydrogen PTC in the future.

這麼簡短的回答，投資不要假設它，但我認為如果未來有像氫PTC這樣的激勵措施，機會會更多。

And then let me ask you, just obviously, the opportunity is sort of that, especially as you're thinking about on the hydrogen side. As sort of the growth starts to transpire, how are you sort of thinking about credit metrics? Any potential pressures there as that business grows and how we should be thinking about equity funding on those?

然後讓我問你，很明顯，機會就是這樣，尤其是當你考慮氫方面的時候。隨著某種增長開始顯現，您如何看待信用指標？隨著業務的增長，那裡有任何潛在的壓力，我們應該如何考慮股權融資？

Yes. One of the strategic imperatives, the way that we think about managing the business over the long term, and I highlighted a couple of times in remarks and we highlighted on a consistent basis because it's a high priority for us is maintaining that strong balance sheet. As you've seen, quality of credit degrade elsewhere in the industry, we've remained as committed as ever to maintaining that strong balance sheet. We think it's a huge differentiator for us and being able to execute our business. To deploy the capital that we deploy and to provide the stability that our customers assume and expect from us, we think a strong balance sheet is imperative.

是的。戰略要務之一，我們考慮長期管理業務的方式，我在講話中強調了幾次，我們一直強調，因為對我們來說，保持強勁的資產負債表是當務之急。如您所見，行業其他地方的信用質量下降，我們一如既往地致力於維持強勁的資產負債表。我們認為這對我們來說是一個巨大的差異化因素，並且能夠執行我們的業務。為了部署我們部署的資本並提供客戶對我們的假設和期望的穩定性，我們認為強大的資產負債表勢在必行。

So as we think about all of these investment opportunities, the growth in our business, that will remain a priority, and we will assume that as part of the way that we're thinking about the business as a prima facie part of the strategy.

因此，當我們考慮所有這些投資機會時，我們的業務增長仍將是一個優先事項，我們將假設這是我們將業務視為戰略的初步部分的方式的一部分。

The next question comes from Stephen Byrd with Morgan Stanley.

下一個問題來自摩根士丹利的斯蒂芬·伯德。

I just want to echo congratulations to Jim and to John and Rebecca and Kirk and Eric. The performance you all have achieved is really quite remarkable. So congrats are absolutely in order. So just so happy for you all.

我只想向 Jim、John、Rebecca、Kirk 和 Eric 表示祝賀。你們取得的成績真的很了不起。所以恭喜絕對是有條不紊的。所以真為你們高興。

I wanted to spend a little time on the technology side. I guess it strikes me that within NextEra, for years, you've all been developing a variety of interesting technologies, sometimes not always as visible to us. But it just strikes me that some of those developments are becoming both more visible and potentially more commercial, more of interest in terms of ways you can monetize that to a fairly broad customer base.

我想花一點時間在技術方面。我想我覺得在 NextEra 中，多年來，你們一直在開發各種有趣的技術，有時並不總是對我們可見。但令我震驚的是，其中一些發展正在變得更加明顯，並且可能更具商業性，更感興趣的是您可以通過何種方式將其貨幣化給相當廣泛的客戶群。

And then just curious, I know this is a high-level question, but just interested in your take on how important technology, such as some of the software development that you all mentioned, could be to driving earnings power, to driving growth of NextEra in the long term.

然後只是好奇，我知道這是一個高層次的問題，但只是對你對技術的重要性感興趣，比如你們都提到的一些軟件開發，對於推動盈利能力，推動 NextEra 的增長在長期。

Yes. Stephen, thank you for the question. And I think you're absolutely right. It's probably something that we have not talked about very much and probably will talk about more going forward. The reason why we had not talked about it a lot in the past is we really have thought about it as a strategic advantage to us, which we continue to believe it is a strategic advantage to us, and we've largely used as a way to further both the profitability and the win rates on developing renewables.

是的。斯蒂芬，謝謝你的問題。我認為你是絕對正確的。這可能是我們沒有談論太多的事情，並且可能會在未來談論更多。過去我們沒有經常談論它的原因是我們確實認為它對我們來說是一種戰略優勢，我們仍然認為這對我們來說是一種戰略優勢，並且我們主要將其用作一種方式進一步提高開發可再生能源的盈利能力和贏率。

As we thought about how does the business grow and change and we capitalize all of these opportunities that you and we and the industry see, one of the shifts is thinking about our commercial and industrial customers, whether they're traditional C&I customers that have been interested in the products that we sell or new ones or ones that are more industrial in nature or agricultural in nature. They often need some additional services to help them understand how to manage their generation and load needs, think about their carbon intensity, deliver on their own environmental, social and governance goals. And some of the things that we've developed internally through all of our expertise are very appropriate and enormously valuable to these customers.

當我們思考業務如何發展和變化時，我們利用您和我們以及行業看到的所有這些機會，其中一個轉變是考慮我們的商業和工業客戶，無論他們是傳統的 C&I 客戶，對我們銷售的產品或新產品或更具工業性質或農業性質的產品感興趣。他們經常需要一些額外的服務來幫助他們了解如何管理他們的發電和負荷需求，考慮他們的碳強度，實現他們自己的環境、社會和治理目標。我們通過我們所有的專業知識在內部開發的一些東西對這些客戶非常合適並且非常有價值。

So we've seen the opportunity to continue these investments, think about how we package and sell them to customers, and you'll see a lot more of that from us going forward. And we think there's a huge opportunity to sell not only those services, but also use them as a way to deepen our relationships with our customers and ultimately deploy renewables over time.

所以我們已經看到了繼續這些投資的機會，想想我們如何包裝並將它們出售給客戶，你會從我們那裡看到更多這樣的東西。我們認為，不僅可以出售這些服務，而且可以利用它們來加深我們與客戶的關係，並最終隨著時間的推移部署可再生能源，這是一個巨大的機會。

That's really helpful, Rebecca. And would that be essentially upside to the plan, in other words, sort of beyond the typical kind of numbers we see around renewables deployment, et cetera? Is this an area of upside? Or have you factored some of this into thinking about your growth?

這真的很有幫助，麗貝卡。換句話說，這是否會對該計劃有好處，換句話說，是否超出了我們在可再生能源部署等方面看到的典型數字？這是一個上行空間嗎？或者您是否在考慮您的成長時考慮了其中的一些因素？

I think for base assumptions, we're including some assumptions around what we think we can do with these types of businesses. But as always, there's pluses and minuses. Fortunately, for us, they've largely been pluses in recent history, and we've been able to deliver adjusted EPS growth in excess of even what we may have anticipated or laid out for investors prior to delivering. So hopefully, we'll be in a position to do that again over time. But for now, I think you should safely assume that our expectations are the ones we just laid out in the last couple of minutes. And we'll use all of these levers to deliver against those and again, hopefully achieve, as we expect, the high end of each of these ranges, which we would feel very proud of and see as enormously value accretive to shareholders.

我認為對於基本假設，我們包括一些關於我們認為我們可以對這些類型的業務做些什麼的假設。但一如既往，有利有弊。幸運的是，對我們來說，它們在最近的歷史中很大程度上是有利的，我們已經能夠實現調整後的每股收益增長，甚至超過我們在交付之前可能為投資者預期或佈局的水平。因此，希望隨著時間的推移，我們能夠再次做到這一點。但就目前而言，我認為您應該放心地假設我們的期望是我們在最後幾分鐘內提出的期望。我們將利用所有這些槓桿來應對這些問題，並希望再次達到我們預期的每個範圍的高端，我們會為此感到非常自豪，並認為這對股東來說具有巨大的價值增值。

Agree. Maybe just one last one for me. We're often asked about impediments to growth in clean energy, and pretty clearly, NextEra is not experiencing that. Just curious if you could talk a little bit more about just sort of some of those impediments, sort of perception versus reality, things like supply chain, labor availability, permitting, anything else. Just sort of -- I think there, frankly, is sometimes a misconception about those limits to growth. And it looks like clean energy growth remains very strong, especially for NextEra. But just curious if you could just comment on those perceptions of limits on growth.

同意。也許對我來說只是最後一個。我們經常被問到清潔能源增長的障礙，很明顯，NextEra 沒有遇到這種情況。只是好奇你是否可以多談談其中一些障礙，某種感知與現實，諸如供應鏈、勞動力可用性、許可等任何事情。有點——坦率地說，我認為有時對增長的限制存在誤解。看起來清潔能源的增長仍然非常強勁，尤其是對於 NextEra。但只是好奇你是否可以評論那些對增長限制的看法。

Yes. Yes, let me take that one. I think you identified some of the obvious ones that we are addressing, certainly, supply chain and those types of issues, and I think we've answered those. I think when I look at the market today, Stephen, the issue for companies to be successful or not successful, the biggest differentiator is going to be many of the questions that you just asked. And are you positioning your company for what is going to be a more complex energy offering that is going to be demanded by the customer?

是的。是的，讓我拿那個。我認為您確定了我們正在解決的一些明顯問題，當然，供應鍊和這些類型的問題，我認為我們已經回答了這些問題。我認為當我觀察今天的市場時，斯蒂芬，公司成功與否的問題，最大的區別將是你剛才提出的許多問題。您是否將您的公司定位為客戶需要的更複雜的能源產品？

Rebecca gave the example of a C&I customer. It's not as simple as being able to approach a C&I customer and say, "Hey, I'm going to sell you 100 megawatts of wind or 100 megawatts of solar. Or what do you think about a 50-megawatt battery?" These are people that are selling candy bars and bottles of water and things of that nature. They're not in our business. They need the expertise as to how they think about that addition with their -- within their existing energy needs. And so it takes a comprehensive skill set in order to come forward with a clean energy solution that makes sense for that business.

Rebecca 舉了一個 C&I 客戶的例子。這並不像能夠接近 C&I 客戶並說，“嘿，我要賣給你 100 兆瓦的風能或 100 兆瓦的太陽能。或者你認為 50 兆瓦的電池怎麼樣？”那麼簡單。這些人在賣糖果棒、瓶裝水和類似的東西。他們不屬於我們的業務。他們需要專業知識來了解他們如何在現有的能源需求範圍內考慮這種添加。因此，需要一套全面的技能才能提出對該業務有意義的清潔能源解決方案。

And so when you think about a lot of the small developers that we have to compete against in solar and wind, they don't have that expertise. They don't have the ability to offer firm and shape products and things that it's going to take to really win the business. That's the first piece.

因此，當您想到我們必須在太陽能和風能領域與之競爭的許多小型開發商時，他們沒有這種專業知識。他們沒有能力提供真正贏得業務所需的堅固和塑造產品和東西。這是第一塊。

The second piece is the question you asked around technology. We have been very aggressive in our investment around technology. We've talked about the NextEra Energy analytics team that we bought back in '05. We have really built that team out. It's a group of PhD, mathematicians, software developers, software engineers that not only use those tools to help manage our existing fleet and help leverage and drive operating efficiencies around what we do every day in managing our existing footprint, but they're now able to take all that data, all that information, all that know-how to develop comprehensive software solutions for customers. And that is a huge leg up that we have over the rest of the industry and one of the things that we're looking at.

第二部分是您圍繞技術提出的問題。我們在技術方面的投資一直非常積極。我們談到了我們在 05 年買回的 NextEra Energy 分析團隊。我們真的建立了這個團隊。這是一群博士、數學家、軟件開發人員、軟件工程師，他們不僅使用這些工具來幫助管理我們現有的車隊，並幫助利用和推動我們每天在管理現有足跡方面所做的工作效率，而且他們現在能夠獲取所有數據、所有信息、所有專業知識，為客戶開發全面的軟件解決方案。這是我們在行業其他領域的巨大優勢，也是我們正在關注的事情之一。

And the third thing is renewable enablers. We are really looking at what it means to lead the energy transition. What are you going to have to be good at? And what capabilities are you going to have to have as an organization to really do that. And we have been spending the last 3 or 4 years very focused on it. We don't talk a lot about some of the things that we're up to. You'll get more details at the Analyst Day. But needless to say and be self-assured, we're ready.

第三件事是可再生能源的推動者。我們真的在研究引領能源轉型意味著什麼。你要擅長什麼？作為一個組織，你需要具備哪些能力才能真正做到這一點。在過去的 3 或 4 年裡，我們一直非常專注於它。我們很少談論我們正在做的一些事情。您將在分析師日獲得更多詳細信息。但不用說和自信，我們已經準備好了。

The next question comes from Michael Lapides with Goldman Sachs.

下一個問題來自高盛的 Michael Lapides。

Congrats to everyone on all the leadership changes. I actually have 2 questions on the regulated business in Florida. First of all, can you just remind us, and I know you'll give us more detail 6 months from now. But just can you remind us what the capital spend levels for the next couple of years are, combined FP&L and Gulf or if you want to break it out and separate those 2?

祝賀所有領導層的變化。實際上，我對佛羅里達州的受監管業務有 2 個問題。首先，你能不能提醒我們一下，我知道你會在 6 個月後給我們更多細節。但是你能提醒我們未來幾年的資本支出水平是多少，結合 FP&L 和海灣，或者如果你想打破它並將這兩個分開？

Yes, it's probably about $7 billion to $8 billion per year. It's included, Michael, in the regulatory capital employed growth of roughly 8% to 9% per year.

是的，每年大概是 70 億到 80 億美元。邁克爾，其中包括每年大約 8% 到 9% 的監管資本就業增長率。

Got it. $7 billion to $8 billion per year. And kind of flat? Or do you see that escalating over time? And how should we think about what percent of that capital is either recovered as part of the rate case revenue requirement increase or via the tracker? And what part may -- would build up as rate base and you'd get it back in a future case?

知道了。每年 70 億至 80 億美元。還有那種平的？或者你是否看到隨著時間的推移而升級？我們應該如何考慮作為費率案例收入要求增加的一部分或通過跟踪器回收的資本百分比？哪一部分可能會建立為費率基礎，並且您會在未來的情況下將其取回？

There's a mix, of course, Michael, as you might expect. And we certainly have our best-laid plans that we'll include as part of the updated CapEx tables in the 10-K when we publish it in a couple of weeks. One comment on that I would make -- and obviously, there's a difference between, as you recall, from the CapEx table for FPL versus Energy Resources. But in both cases, as you get closer to that operating year, the teams tend to find good investment opportunities that are value accretive from a customer standpoint and may add and subtract to those over time.

當然，邁克爾，正如您所料，這是一個混合體。我們當然有最好的計劃，當我們在幾週內發佈時，我們將把它作為更新的 10-K 資本支出表的一部分。我會對此發表評論——顯然，正如你所記得的，FPL 與能源資源的資本支出表之間存在差異。但是在這兩種情況下，隨著您接近那個運營年度，團隊往往會發現從客戶角度來看具有增值價值的良好投資機會，並且隨著時間的推移可能會增加和減少這些機會。

But those will be our best estimates based on what we've seen so far and also under the parameters of the settlement agreement, inclusive of the SolarTogether investments that were approved as part of the settlement agreement. And also anticipate the current views around the investments on both storm hardening and undergrounding that, as you know, are included in a clause mechanism and recovered separately and approved separately over time.

但這些將是我們根據迄今為止所看到的情況以及和解協議的參數（包括作為和解協議的一部分批准的 SolarTogether 投資）的最佳估計。並且還預測當前關於風暴加固和地下投資的觀點，如您所知，這些觀點包含在條款機制中，並隨著時間的推移單獨恢復和單獨批准。

Those change over time depending on what we see and where we see the value coming for our customers, but we feel very good about the overall views. And of course, we'll give more details as we go into the investor conference in June.

這些會隨著時間的推移而變化，具體取決於我們所看到的內容以及我們看到客戶價值所在的位置，但我們對整體觀點感覺非常好。當然，我們將在 6 月份的投資者會議上提供更多細節。

Got it. And Rebecca, I just want to come back to some of the comments you made in your prepared remarks about FP&L and earnings targets for next year and beyond. Is it getting harder operationally, just given the size and the amount of capital you're deploying at FP&L, to hit the highest end or the top end of the earnings band? You're laying -- historically, if you kind of go back and skim the transcript, always kind of talk about hitting that high end and it almost seems -- and I may be misinterpreting, but the language today was kind of towards the high end, but maybe not exactly at it. And I was just curious if there's a change there in terms of being able to hit the 11.7% level.

知道了。麗貝卡，我只想回到你在準備好的關於 FP&L 和明年及以後的盈利目標的評論中發表的一些評論。僅考慮到您在 FP&L 部署的資本規模和數量，要達到收益區間的最高端或最高端，運營上是否變得越來越困難？你在說謊——從歷史上看，如果你回過頭來瀏覽一下成績單，總是談論達到那個高端，幾乎看起來——我可能會誤解，但今天的語言有點接近高端結束，但也許並不完全正確。我只是好奇在能夠達到 11.7% 的水平方面是否有變化。

Sure. Let me answer the -- I don't know if you're asking full on the NextEra Energy side where we typically have the language we'd be disappointed not to be at or near the high end. That language is exactly the same. And if anything changes, it's solely a stumble on my part in terms of speaking, but the language is exactly the same.

當然。讓我來回答——我不知道你是否在 NextEra Energy 方面問得滿滿噹噹，我們通常使用這種語言，如果不處於或接近高端，我們會感到失望。那個語言是完全一樣的。如果有什麼變化，那隻是我在口語方面的失誤，但語言完全一樣。

If you're asking specifically around Florida Power & Light Company, the approved range, as you know, for the settlement agreement is the range of 9.7% to 11.7%. And my comment was specifically around our expectations for 2022, which, of course, is the first year of the new settlement agreement. And that also includes the 1-year limitation that was included in the settlement agreement around the use of surplus amortization just in this year, which is a maximum amount of $200 million.

如果您專門詢問佛羅里達電力和照明公司，如您所知，和解協議的批准範圍是 9.7% 到 11.7%。我的評論特別針對我們對 2022 年的預期，當然，這是新和解協議的第一年。這還包括和解協議中包含的關於今年使用盈餘攤銷的 1 年限制，最高金額為 2 億美元。

When we think about everything, what our investment plans are, our opportunities for continuing to focus on cost improvements, other improvements for customers, the investments that we plan to make and the use of the surplus amortization, including the shape over time, we believe that at the end of the year, we'll be able to report a regulatory ROE at the high end of the range. Where exactly that is, of course, we'll refine it over the -- as the year progressive -- progresses. And then, of course, we'll be targeting the high end of the ROE range in future years as well.

當我們考慮所有事情時，我們的投資計劃是什麼，我們繼續關注成本改進的機會，客戶的其他改進，我們計劃進行的投資和剩餘攤銷的使用，包括隨著時間的推移，我們相信在今年年底，我們將能夠報告該範圍高端的監管 ROE。當然，具體在哪裡，我們會隨著時間的推移——隨著時間的推移——不斷完善它。然後，當然，我們還將在未來幾年瞄準 ROE 範圍的高端。

The next question comes from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

You covered a lot of ground today. Just one question for me, and it's kind of been touched on a few different times. But just diving in with the transition in general. Just wondering if you could comment a little bit more about why now is the right time versus any point in the past or in the future to make the transition. And then should we expect anything new in messaging from NextEra with the transition here? Could we expect something kind of new along these lines at the Analyst Day?

你今天涵蓋了很多領域。對我來說只有一個問題，而且有好幾次都被觸及過。但總的來說，只是潛入過渡。只是想知道您是否可以評論一下為什麼現在是正確的時間而不是過去或將來的任何時間進行過渡。那麼我們是否應該期待 NextEra 的消息傳遞中的任何新內容以及這裡的過渡？我們能在分析師日期待一些新的東西嗎？

So Jeremy, this is Jim on the transition. I think you heard in the prepared remarks, this is something that the Board and I have been working on really in earnest since -- well, honestly, in earnest, since my first succession planning discussion as CEO back in 2012. But I let the Board know that my target for retiring as CEO was after -- I let them know this in 2016, honestly, that my target was after the 2020 rate case. And I actually extended kind of my time line a bit to get through this rate case.

傑里米，這是吉姆正在過渡。我想你在準備好的發言中聽到了，這是我和董事會自 2012 年第一次討論 CEO 繼任計劃以來一直在認真努力的事情。但我讓董事會知道我作為 CEO 退休的目標是——老實說，我在 2016 年讓他們知道，我的目標是在 2020 年利率案之後。我實際上稍微延長了我的時間線來完成這個費率案例。

And so that's been -- it's been my plan for a very long time. Obviously, we didn't make any decisions about it until we announced it here. But it's been something that the Board and I have been discussing for a very long time. And we've been very deliberate about the succession planning that we've done, and I'm really pleased with the team that's going to be leading the company into the future.

所以這就是 - 這是我很長時間以來的計劃。顯然，在我們在這裡宣布之前，我們沒有對此做出任何決定。但這是董事會和我已經討論了很長時間的事情。我們對我們所做的繼任計劃非常慎重，我對將帶領公司走向未來的團隊感到非常滿意。

And I think, Jeremy, you had a second question going into the investor conference. Can you remind me what that was?

我認為，傑里米，你在投資者會議上還有第二個問題。你能提醒我那是什麼嗎？

Yes. Just Jim, that's very helpful details there. And just as we look at the Analyst Day here, should we expect, kind of with the transition, any kind of change that might materialize in messaging at that point at the Analyst Day? Or that's not really the expectation at this point?

是的。只是吉姆，那裡的細節非常有用。就像我們在這裡查看分析師日一樣，我們是否應該期待，隨著過渡，在分析師日的那個時候可能會在消息傳遞中實現任何類型的變化？或者這不是目前的期望？

Yes. For the Analyst Day, first of all, we have never been in a better position. We're coming off of what I would characterize as our best year as a company. And it's been really a testament to the entire lead team, the -- not only obviously the job Jim's done, but the job Eric's done, the job Rebecca's done and the leadership team that we have in place at Energy Resources. We have an extremely deep bench with a ton of experience. I've been here almost 2 decades. Eric's been here almost 2 decades. Rebecca has been here 15 years. And we have just a wealth of experience in the team that will bring full bear on the opportunity set that we have going forward.

是的。首先，對於分析師日，我們從未處於更好的位置。我們正在擺脫我認為是公司最好的一年。這確實是對整個領導團隊的證明，不僅是吉姆所做的工作，還有埃里克所做的工作，麗貝卡所做的工作以及我們在能源資源部門的領導團隊。我們有一個非常深的板凳，經驗豐富。我在這裡已經快 2 年了。埃里克在這裡已經快 2 年了。麗貝卡在這裡已經 15 年了。而且我們在團隊中擁有豐富的經驗，這將充分發揮我們前進的機會。

And the way I think about it is we will continue to double down on the core. That means execution like -- unlike what we've seen in the past around FPL and the capital plan that they have for customers and for shareholders. The renewable opportunity that we have in this country -- don't forget, renewables are cheap. They're the cheapest form of generation in this country with or without incentive. So we have a tremendous opportunity there as well.

我認為它的方式是我們將繼續在核心上加倍努力。這意味著執行 - 不像我們過去在 FPL 和他們為客戶和股東制定的資本計劃中看到的那樣。我們在這個國家擁有的可再生能源機會——別忘了，可再生能源很便宜。無論有沒有激勵，他們都是這個國家最便宜的一代。所以我們在那裡也有巨大的機會。

And then the third piece I would characterize is the renewable enablers. What are the other things that we can do as a company that we've been working on behind the scenes that will help position us to be the leader of the energy transition in this country? And we're going to do it with the best team in the industry. So that's really what you're going to hear about at the Analyst Day.

然後我要描述的第三部分是可再生推動因素。作為一家我們一直在幕後工作的公司，我們還可以做哪些其他事情來幫助我們成為這個國家能源轉型的領導者？我們將與業內最好的團隊合作。這就是您將在分析師日聽到的內容。

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

我們的問答環節以及 NextEra Energy 和 NextEra Energy Partners 收益電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。