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.

早安，歡迎參加 NextEra Energy 和 NextEra Energy Partners 2021 年第四季及全年業績電話會議。 （操作員指示）請注意，此會議正在錄製中。

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

現在，我想將會議交給投資者關係總監傑西卡·奧爾德里奇（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，安德魯。大家早安，感謝大家參加 NextEra Energy 和 NextEra Energy Partners 2021 年第四季及全年合併財報電話會議。今天上午，與我一起參加會議的有 NextEra Energy 董事長兼執行長 Jim Robo、NextEra Energy 執行副總裁兼財務長 Rebecca Kujawa、NextEra Energy Resources 總裁兼執行長 John Ketchum、NextEra Energy 執行副總裁 Mark Hickson（他們都是 NextEra Energy Partners 的高階主管），以及佛羅裡達電力照明總裁兼佛羅裡達電力照明總裁的公司。 Jim 將致開幕詞，然後將電話交給 Rebecca，請她回顧我們第四季和全年的業績。屆時，我們的執行團隊將會回答大家的疑問。

We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements 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上根據目前的預期和假設做出前瞻性陳述，這些陳述受風險和不確定性的影響。如果我們的任何關鍵假設不正確，或由於今天的收益新聞稿中討論的其他因素以及本次電話會議中隨附演示文稿的風險因素部分或我們向美國證券交易委員會提交的最新報告和文件中所作的評論（這些文件可在我們的網站 nexteraenergy.com 和 nexteraenergypartners.com 上找到），實際結果可能與我們的前瞻性陳述存在重大差異。我們不承擔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.

今天的簡報中也引用了非公認會計準則 (non-GAAP) 財務指標。請參考今天簡報隨附的幻燈片中的信息，以了解非公認會計準則 (non-GAAP) 指標的定義以及歷史非公認會計準則 (non-GAAP) 指標與最接近的公認會計準則 (GAAP) 財務指標的對照表。

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，海灣電力公司 (Gulf Power) 已於 2021 年 1 月 1 日合法併入佛羅裡達電力與照明公司 (Florida Power & Light Company)。海灣電力公司將繼續作為佛羅裡達電力與照明公司和 NextEra Energy 旗下獨立的可報告部門，直至 2021 年，並以單獨的零售價格為現有客戶提供服務。在今天的演示中，除非另有說明或使用合併用語，否則我們提及的佛羅裡達電力與照明公司 (FPL) 均指佛羅裡達電力與照明公司，不包括海灣電力公司。

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

說完這些，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，大家早安。 NextEra Energy 和 NextEra Energy Partners 在 2021 年都取得了卓越的成績，並已做好準備，抓住未來的巨大機會。 NextEra Energy 在財務和營運方面都表現強勁，並且我們實施了公司歷史上規模最大的資本項目，在 2021 年向美國能源基礎設施投資了約 160 億美元，我們預計這將使 NextEra Energy 再次躋身美國各行業頂級資本投資者之列。

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.

NextEra Energy 延續了長期以來為股東創造價值的良好記錄，全年調整後每股收益達 2.55 美元，較 2020 年增長 10% 以上。在過去 10 年中，我們實現了約 9% 的複合年增長率和調整後每股收益，這在美國十大電力公司中是最高的，這些公司同期的平均複合年增長率約為 3%。

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.

在如此顯著的成長中，公司始終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%，顯著超越標普500公用事業指數，並在3年、5年、10年和15年期股東總回報率方面繼續超越標普500指數和標普500公用事業指數。在過去15年中，我們的表現幾乎超越了標普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率翻了兩番。

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.

同期，我們的業績表現優於標普500指數中80%的公司，同時股東總報酬率幾乎是該指數平均水準的三倍。我們為長期以來為股東提供成長和價值創造機會的業績感到自豪，並將在未來幾年繼續專注於執行，持續提升股東價值。

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.

FPL 的淨收入年增近 11%，同時繼續履行其對創新技術、清潔能源和加強電網進行明智、長期投資的承諾，以造福我們的客戶。我們很高興佛羅裡達州公共服務委員會在 10 月一致批准了和解協議，我們認為該協議對我們的基準利率案來說是公平、均衡的結果。 2021 年的和解協議支持繼續進行明智的資本投資，包括美國公用事業公司最大的太陽能建設，同時使 FPL 的典型住宅賬單遠低於全國平均水平，並在 2025 年底前成為佛羅裡達州最低的賬單之一。對於佛羅裡達州西北部的客戶，預計未來 4 年典型客戶帳單將會下降。

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.

在新協議預期的長期基礎設施投資中，新的太陽能發電量預計將透過擴大的 SolarTogether 社區太陽能計畫成長，預計該計畫在未來 4 年內將成長一倍以上，同時也將透過新的基準費率太陽能發電成長，其中包括在 2024 年和 2025 年投入商業營運後，根據太陽能基準費率調整 (SoBRA, 回收的近 180 兆瓦。總體而言，我們目前的太陽能建設預期是在和解協議期間新增約 4,800 兆瓦的太陽能。

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 宣布了其開創性的任務，即到 2030 年在佛羅裡達州安裝 3,000 萬塊太陽能板。根據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 年將實現這一里程碑，比之前預期的提前 5 年。

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 年新增的太陽能項目在內，這項雄心勃勃的「30-by-30」計畫預計將為客戶節省約 25 億美元的燃料成本，創造超過 20,000 個建築工作崗位，同時在資產使用壽命內為佛羅裡達州的經濟帶來超過 7 億美元的財產稅支持。

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.

2021年，FPL成功實施了其策略性舉措，包括新增671兆瓦的經濟高效太陽能專案投入運營，完成了SolarTogether社區太陽能專案第一階段約1500兆瓦的建設。此外，上個月，我們啟用了全球最大的整合式太陽能電池系統——409兆瓦的Manatee儲能中心，這將使我們的客戶即使在沒有陽光的時候也能享受低成本的太陽能。

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 持續提供卓越的服務可靠性，並在 2021 年實現了歷史最高水準的可靠性。 FPL 七年來第六次被評為全美最可靠的電力公司。此外，FPL 在 2021 年 J.D. Power 評選的美國南部大型電力供應商中，住宅和商業客戶滿意度均排名第一。我們完全致力於在未來許多年繼續為客戶提供清潔、實惠和可靠的服務。

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.

2021年，能源資源業務也取得了優異的成績，調整後獲利較上年增長13%。團隊在再生能源和儲能專案方面也創下了驕人的業績，全年新增約7,200兆瓦的淨訂單量，我們將繼續利用國家發電設施正在進行的清潔能源轉型。

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，我們的待售合約量年複合成長率超過20%，我們正穩步實現目前新簽合約的發展預期。隨著去年待售合約量的大幅增加，我們目前已簽署了實現2021年至2024年發展預期範圍中位數所需兆瓦裝置容量的近80%，並且仍有充足的時間簽署更多購電協議。

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.

我們的供應鏈、工程和施工團隊在2021年也繼續執行，調試了約3,800兆瓦的新建風電、風電改造、太陽能和儲能項目。在過去兩年中，Energy Resources已建造了超過9,500兆瓦的可再生能源和儲能項目，展現了其執行專長的實力和韌性，即使在全球疫情和全行業供應鏈中斷的情況下也是如此。

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公司進一步致力於發展成為美國領先的競爭性輸電公司，並取得了有史以來最好的一年。在這一年中，該公司的淨收入較2020年的獲利貢獻紀錄增加了近20%，創造了創紀錄的獲利貢獻。

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.

再生能源的成長意味著，在美國各地建造更多輸電線路的需求也日益增加，以支持以再生能源驅動的低成本、低碳經濟轉型。我們預計，NextEra Energy Transmission 將繼續抓住這一日益增長的機遇，既能實現資本的盈利性部署，又能進一步推動再生能源的部署。

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2021年在內，兩大業務部門的出色表現讓我們對NextEra Energy的長期前景有了清晰的認識。首先，我要談談我們的機會，我不會與業內任何人交換這些機會。在佛羅裡達電力與照明公司，和解協議使我們能夠專注於高效、可靠和經濟地經營業務，以造福我們的客戶。根據新協議，我們預計在截至2025年的四年期限內，我們使用的監管資本的年均成長率將在8%至9%之間。綜合考慮這些因素，低帳單、一流的可靠性、屢獲殊榮的客戶服務和清潔的排放狀況，正是這些因素幫助佛羅裡達電力與照明公司提供了我們認為是全國最佳的客戶價值主張之一。

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.

在能源資源部門，我們對新型再生能源和儲能發展的前景依然強勁，我們很高興能夠繼續支持產業從舊的、低效的發電方式向清潔、可靠、低成本的再生能源和儲能轉型。我們相信，美國經濟各行各業電氣化和脫碳化趨勢的快速發展，顯著擴大了新型可再生能源和儲能的潛在市場規模，甚至超出了我們幾年前的預期，並且在未來幾十年將帶來數萬億美元的資本投資機會。

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，能源資源公司在當前環境下擁有獨特的優勢，能夠提升其市場領導地位。我們深耕再生能源產業超過30年，擁有執行大規模複雜再生能源發電和儲能整合專案所需的經驗、資源、資產負債表、人才和先進的資料能力。我們相信，能源資源公司擁有持續成長的絕佳機會。我們將在即將於6月14日在紐約市舉行的投資者會議上，進一步探討能源資源公司和佛羅裡達電力與照明公司部署再生能源的長期計劃，以及該計劃對我們整體排放狀況和未來目標的影響。

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.

由於佛羅裡達電力與照明公司和 NextEra Energy Resources 的投資機會預計將持續強勁，我很高興地宣布，我們將上調 2022 年和 2023 年調整後每股收益預期，並推出 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.

2022年，我們預計調整後每股盈餘將在2.75美元至2.85美元之間，高於先前的2.55美元至2.75美元區間。 2023年至2025年，我們預期調整後每股盈餘將在2022年預期調整後每股盈餘的基礎上每年成長約6%至8%。 2023年，這意味著調整後每股盈餘將在2.93美元至3.08美元之間，高於先前的2.77美元至2.97美元區間。

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年調整後每股盈餘的最新預期為3.13美元至3.33美元，2025年調整後每股盈餘的最新預期為3.35美元至3.60美元。與以往一樣，我們的預期假設了我們慣常的注意事項，包括正常的天氣和運作條件。

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.

總而言之，我們對 NextEra Energy 的長期成長前景一如既往地充滿信心。基於我們基礎業務的實力和韌性，如果我們無法在 2022 年、2023 年、2024 年和 2025 年實現達到或接近調整後每股收益預期上限的財務業績，同時保持強勁的信用評級，我們將感到失望。

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.

現在讓我來談談 NextEra Energy Partners，該公司在 2021 年實現了約 30% 的總單位持有人回報率，使其兩年的總單位持有人回報率達到 72% 以上，並進一步推進了其自 2014 年 IPO 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.

2021年，NextEra Energy Partners 的每單位有限合夥人分紅年增15%，自IPO以來，每單位分紅已成長近280%。 NextEra Energy Partners 實現了分紅成長目標，同時截至2021年底，過去12個月的股利率維持在約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 2021 年取得了卓越的業績，我們上調了 2021 年年末的財務預期，以反映其優於預期的成長表現。 NextEra Energy Partners 的年末調整後息稅折舊攤銷前利潤 (EBITDA) 和可供分配現金均超出我們先前的預期，其中可供分配現金的年末運行率同比增長超過 13%（按中點計算）。這一業績得益於 NextEra Energy Partners 卓越的清潔能源資產組合，該組合在 2021 年進一步實現了多元化。

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.

本財年，NextEra Energy Partners 從 Energy Resources 收購了約 1,900 淨兆瓦長期合約再生能源及儲能資產的權益。此外，本財年，NextEra Energy Partners 成功完成了兩筆來自第三方的再生能源資產收購，為其投資組合增添了近 500 兆瓦的在運風電專案。這些交易表明，NextEra Energy 能夠利用 NextEra Energy Resources 的營運專長、低成本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 不斷成長的投資組合、越來越多的從第三方收購再生能源的機會以及顯著的有機成長機會，進一步增強了該合作夥伴關係的長期成長前景。

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 也繼續展現其獲取具有吸引力的資本來源以資助其成長投資的能力，包括完成其歷史上成本最低的可轉換股票組合融資。這筆約 8.2 億美元的可轉換股票組合融資為投資者帶來了較低的隱含現金票面利率，並部分資助了 NextEra Energy Partners 收購可再生能源組合 50% 的權益，該組合包含約 2,520 兆瓦的新建或在建可再生能源項目以及約 115 兆瓦的集成電池儲能係統。

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% 流通少數股權的權利，從而向 LP 單位持有人展示了可轉換股權組合融資結構的好處，為其 2018 年可轉換股權組合融資提供了支持。

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成長需求，此次融資使我們能夠將單位發行量減少 50% 以上，節省超過 1.4 億美元或約 75% 的名義現金成本，同時保持過去 3 年淨單位價格超過 80% 的漲幅。

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.

NextEra Energy Partners 的公眾持股量自 2019 年以來成長了約 50%。我們相信，我們利用低成本可轉換股票產品高效地逐步增持普通股的策略，已為現有 LP 份額持有人創造了巨大的價值。我始終相信，NextEra Energy Partners 的清潔能源投資組合、成長可預見性和融資靈活性，將為 LP 份額持有人提供獨特吸引力的投資者價值主張。與 NextEra Energy 一樣，我們將繼續專注於在未來幾年繼續執行並實現這一份額持有者價值。

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，我想就我們今天早上宣布的一些重要組織變動發表一下看法。這些變動是我和董事會在過去六年中所進行的長期繼任流程的一部分。自3月1日起，約翰·凱徹姆將接替我擔任NextEra Energy總裁兼執行長。麗貝卡將接替約翰擔任NextEra Energy Resources總裁兼執行長。現任NextEra Energy Resources業務管理副總裁的柯克·克魯斯將接替麗貝卡擔任NextEra Energy執行副總裁兼財務長。約翰、麗貝卡和柯克也將分別被任命擔任NextEra Energy Partners的相應職位。此外，佛羅裡達電力與照明公司總裁兼執行長埃里克·西拉吉被任命為佛羅裡達電力與照明公司董事長兼執行長。

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.

能夠擔任近十年的首席執行官，我深感榮幸。我對 NextEra Energy 和 NextEra Energy Partners 的未來前景充滿期待。執行長的寶貴遺產很大一部分在於下一代領導團隊的新領導人。將這家偉大公司的執行長一職移交給約翰，我感到無比激動。我知道他會像我過去二十年一樣，專注於為各位——我們的股東——創造價值。約翰是我非常優秀的合作夥伴，在公司擔任高階領導超過19年，我認為沒有人比他更適合接替我擔任執行長。約翰在公司商業、營運、財務和法律等各個方面都擁有豐富的經驗，他卓越的領導能力和遠見卓識使他能夠帶領 NextEra Energy 在未來幾年邁向更高的高度。

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.

我還要祝賀麗貝卡、艾瑞克和柯克就任新職務。過去30年來，公司最顯著的特徵之一就是其領導團隊的優秀和實力，我為即將帶領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。我們的團隊是業界最優秀的團隊，他們打造了這家卓越的公司，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.

正如公告中所提到的，我將在過渡期內繼續擔任執行董事長，以支持約翰履行其新職責。現在，我將把電話交給約翰，他想發表一些講話。

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.

謝謝吉姆，大家早安。我很榮幸在公司蓬勃發展的這段時期與吉姆共事並向他學習，也非常榮幸有機會在未來幾年領導公司。身為首席執行官，我將繼續專注於為股東創造價值，並在我們長期以來的成功基礎上再接再厲。我相信，沒有一家公司比 NextEra Energy 更適合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公司如此令人興奮的時期。

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.

我非常榮幸擁有一支經驗豐富、能力卓越的領導團隊，我相信他們也是業界翹楚。我非常高興艾瑞克、麗貝卡和柯克能夠接任公司這些擴展的新職位。他們與我們更廣泛的領導團隊以及我們約15,000名員工一起，每天孜孜不倦地工作，為佛羅裡達州乃至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，我想藉此機會感謝吉姆卓越的領導能力和友誼。吉姆在擔任執行長的近十年間，出色地管理著公司，帶領公司發展成為北美領先、盈利能力最強的電力公用事業和可再生能源公司。在吉姆任職期間，我們的股東總回報率超過500%，這充分證明了吉姆卓越的遠見卓識、領導力以及對卓越的執著追求。我謹代表全體員工，對吉姆為公司所做的一切深表感謝。

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

現在讓我把它交給麗貝卡，讓她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.

謝謝約翰，大家早安。現在我們來看看具體的業績，首先是FPL。 2021年第四季，FPL淨利為5.6億美元，即每股0.28美元，年增0.03美元。 2021年全年，FPL淨利為29.4億美元，即每股1.49美元，較2020年成長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，監理資本投入成長約11%，是FPL全年淨收入成長近11%的主要驅動力。第四季度，淨收入受到多種因素的影響，其中包括我們向慈善基金會捐贈約3,200萬美元的稅前款項，這將使其能夠繼續支持我們服務的社區。 FPL第四季的資本支出約為22億美元，使其全年資本投資總額達到約68億美元。 FPL報告的監管用途淨資產收益率（ROE）預計在截至2021年12月31日的12個月內為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，我們使用了約1.37億美元的準備金攤銷，FPL在2021年底的餘額為4.6億美元。需要提醒的是，我們新的4年和解協議已於本月生效，該協議包括在4年期限內靈活攤銷高達14.5億美元的折舊準備金盈餘，其中包括我們先前預計在FPL現已到期的2016年利率協議下，到2021年底仍將剩餘的3.46億美元準備金。

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 億美元超額準備金餘額的一半將用於減少我們未償還的資本恢復資產餘額，另一半將增加 FPL 的風暴儲備，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年的準備金攤銷額限制為2億美元，我們將在一年中的任何一個季度將此視為限制。鑑於我們客戶使用情況的歷史趨勢，我們通常在上半年使用更多準備金攤銷，並在較熱的夏季月份使用反向準備金攤銷。我們目前預計，FPL在2022年初的初始收益將低於我們的目標監管ROE。不過，就全年而言，我們的目標是達到允許範圍的上限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，我們預計FPL的獲利成長在上半年將有所下降，在下半年將有所上升。與以往一樣，我們的預期是基於我們慣常的假設，包括正常的天氣和運作條件。

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.

佛羅裡達電力與照明公司 (FPL) 的整體資本項目進展順利。我們持續推動美國規模最大的太陽能專案之一的擴張，並在 2021 年實現了 FPL 和海灣電力 (Gulf Power) 的太陽能部署目標，包括在整個聯合系統中投入使用超過 800 兆瓦的新增太陽能。

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.

除太陽能外，高效的約1200兆瓦達尼亞海灘清潔能源中心的建設仍在按計劃和預算進行，並將繼續朝著預計今年稍後投入商業運營的方向推進。北佛羅裡達彈性連結計畫也預計於2022年中期投入使用。

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公司（Gulf Power）。需要提醒的是，該公司於2021年1月1日合法併入FPL，但在2021年期間仍將作為單獨的受監管部門進行報告。海灣電力公司公佈，2021年第四季GAAP收益為6,000萬美元，即每股0.03美元。全年淨利為2.71億美元，即每股0.14美元，較去年同期成長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.

基礎運維成本的減少以及業務投資是海灣電力淨收入年增約14%的主要驅動力。海灣電力全年資本支出約為8億美元，其截至2021年12月的12個月內，監管報告的淨資產收益率預計約為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討論海灣電力的財務業績，請允許我花點時間總結團隊過去三年的執行情況。海灣電力在所有關鍵財務和營運指標上都取得了顯著提升，同時顯著提升了其客戶價值主張。海灣電力執行的NextEra Energy策略，專注於降低成本，並為客戶利益進行明智的資本投資，取得了顯著的成功。

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，海灣電力已將運維成本降低了近40%。自2018年以來，海灣電力的服務可靠性提高了近60%，並於2021年連續第二年因其在東南郊區和農村服務區的卓越可靠性表現而榮獲國家級認可。在同一時期，海灣電力員工的安全性也提高了約60%，這些員工孜孜不倦地幫助我們執行計畫。自2018年以來，監理資本投入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組的長期改善。由於海灣電力的清潔能源現代化投資，我們在過去三年中已將二氧化碳排放量減少了約25%。我們期待在未來幾年進一步擴大客戶使用清潔、低成本太陽能和儲能的機會。

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.

如此高水準的業績，離不開海灣電力全體員工的辛勤付出和奉獻。我還要感謝佛羅裡達電力照明公司所有新舊員工，感謝他們在過去三年堅持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.

我們在海灣電力公司製定的計劃的實施也為我們的股東帶來了豐厚的回報。自2018年以來，海灣電力公司的淨收入複合年增長率約為19%，這一業績甚至超出了我們宣布收購時的預期。海灣電力公司的表現充分證明了我們的策略，也印證了我們堅信清潔、可靠、經濟實惠且獲利能力兼具的信念。

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.

佛羅裡達州經濟依然強勁。過去十年，佛羅裡達州的GDP年複合成長率約為5%。佛羅裡達州的GDP約為1.2兆美元，較疫情前成長約8%，這將使佛羅裡達州成為全球第15大經濟體。同時，佛羅裡達州的人口成長速度位居全美前列。根據美國人口普查局的最新數據，2021年從美國其他地區遷入佛羅裡達州的人口數量超過了其他任何州。我們認為，這反映了佛羅裡達州獨特的氣候優勢、低稅率和親商經濟，所有這些都將支持佛羅裡達電力與照明公司持續成長的客戶數量。

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，佛羅裡達州新增了超過48.5萬個私部門就業崗位，佛羅裡達州的勞動參與率顯著提高。佛羅裡達州三個月平均建築許可數量（衡量住宅新增服務帳戶的領先指標）年增15%，比全國季度建築許可數量增加約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.

與前一年相比，佛羅裡達州經濟信心的其他指標也有顯著改善，包括佛羅裡達州零售銷售指數上漲 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上保持穩定。

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 的平均客戶成長強勁，較去年同期增加了近 82,000 名客戶。受不利天氣因素影響，FPL 第四季零售額較去年同期下降 1.5%。 2021 年，經天氣標準化後，FPL 的零售額較上年增長 1.7%，這主要得益於持續強勁的客戶增長以及每位客戶基礎使用量同比增長 1.5%。更多詳細資訊請參閱隨附幻燈片。

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.

能源資源公司公佈2021年第四季GAAP淨利為8.51億美元，合每股0.43美元。第四季調整後收益為4.14億美元，合每股0.21美元。能源資源公司第四季對調整後每股盈餘的貢獻較去年同期增加0.04美元。能源資源公司公佈全年GAAP收益為5.99億美元，合每股0.30美元，調整後收益約22.1億美元，合每股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.

能源資源全年調整後每股盈餘貢獻較2020年增加0.13美元，增幅約13%。全年成長主要得益於我們再生能源和儲能投資組合的持續新增，新增投資貢獻每股增加0.12美元。現有發電和儲能資產的貢獻較前一年減少0.04美元，主要原因是去年2月德州極端市場行情導致我們現有風電場表現不佳。

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 Energy Transmission 和天然氣基礎設施業務貢獻良多，業績年比分別成長 0.01 美元和 0.02 美元。而來自客戶供應和交易業務的貢獻則較 2020 年減少了 0.02 美元。所有其他影響因素導致業績年增 0.04 美元。正如 Jim 所提到的，Energy Resources 業務表現優異，創下了我們有史以來最佳的發電項目開工年份，新增約 7,200 淨兆瓦的可再生能源和電池儲能項目，為我們的待辦事項增添了新的項目。

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3,800兆瓦的風電、太陽能和儲能項目，其中包括一個未包含在待辦訂單中的110兆瓦的建設-擁有-移交項目。此外，自上次招標以來，我們已將約1,500兆瓦的可再生能源項目添加到待辦事項訂單中，其中包括約700兆瓦的新增風電和風電改造項目、300兆瓦的太陽能項目和500兆瓦的電池儲能項目。我們在2021年的專案啟動表現反映了各類客戶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再生能源目標，而且或許更重要的是，能夠幫助我們的客戶節省能源成本，同時轉向成本更低的發電方式，例如風電、太陽能以及太陽能+儲能。

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.

我們目前的再生能源儲備訂單量超過16,600兆瓦，大致相當於我們2017年底再生能源發電組合的規模，比2020年底的儲備訂單量高出近25%。這為未來幾年能源資源業務的強勁成長提供了清晰的前景。隨附的幻燈片詳細介紹了我們能源資源業務的開發計劃目前的情況。

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.

我們依然對美國經濟全面脫碳將為能源資源業務帶來的更多投資機會持樂觀態度。我們相信，在眾多新的市場機會中，我們領先業界的開發平台將為我們的核心長期合約再生能源和儲能業務帶來競爭優勢，進一步發展。

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.

正如我們先前所討論的，綠色氫能為能源資源公司（Energy Resources）帶來了一個極具吸引力的新市場。在第四季度，一家清潔能源技術公司獲得了美國能源部（DOE）約10億美元的有條件批准，該公司開發了一種專有工藝，能夠以經濟的價格實現工業製氫的脫碳，我們持有該公司少數股權。該貸款將用於擴建其位於內布拉斯加州的清潔氫能和炭黑生產設施。我們與該公司的協議使能源資源公司有機會成為其設施的首選再生能源供應商。我們對這筆新貸款預計將加速設施建設感到鼓舞。

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，透過將綠色氫氣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。我們與該公司的策略合作夥伴關係包括根據一項優惠能源供應協議，為能源資源公司提供高達 3,000 兆瓦的電力。

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，作為我們幫助商業和工業客戶實現節能和脫碳實質目標的努力的一部分，我們最近宣布與摩根大通達成協議，允許使用我們專有的、最先進的智慧能源軟體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 的先進軟體平台使用人工智慧和區塊鏈技術，並利用 Energy Resources 擁有和營運的業界領先的可再生能源和儲存車隊的數據，即時將能源需求與市場上可用的清潔能源資源相匹配。

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先進的軟體平台來管理和優化加州一個超過100兆瓦的太陽能+儲能專案。透過這些舉措，Energy Resources 正在利用其一流的再生能源專業知識，在具有巨大成長潛力的市場中為客戶提供巨大的價值。

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.

我們正處於建構清潔且經濟實惠的永續能源時代的先鋒，並正努力在能源產業乃至美國經濟各領域發生的顛覆性變革中保持領先地位。秉承我們長期以來的良好業績，我們將嚴謹自律，採取措施，始終站在這些發展中市場的前沿，並在清潔能源轉型中發揮領導作用，這有望在未來十年及更長時間內推動能源資源業務的強勁增長。

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.

現在來看看 NextEra Energy 的合併業績。 2021 年第四季度，歸屬於 NextEra Energy 的 GAAP 淨利潤為 12 億美元，即每股 0.61 美元。 NextEra Energy 2021 年第四季調整後盈餘和調整後每股盈餘分別為 8.14 億美元和每股 0.41 美元。 2021 年全年，歸屬於 NextEra Energy 的 GAAP 淨利潤為 35.7 億美元，即每股 1.81 美元。調整後收益為 50.2 億美元，即每股 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.

對於企業及其他部門而言，全年調整後每股收益較上年減少 0.05 美元，主要原因是第四季度為利用低利率環境而完成的某些負債管理措施導致利息和再融資成本增加。

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.

我們第四季的再融資活動使名目調整後淨收入減少了約1.4億美元。我們預計這些措施將轉化為未來幾年的良好淨收入貢獻，並全面提升股東的淨現值。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進行了再融資，並主動發行了約49億美元的替代資金。贖回和新發行相結合，使其期限延長了6年以上，預計短期內將使年度利息支出稅後減少約3000萬美元。

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.

在我們持續掌握眼前巨大成長機會之際，資本回收仍是我們融資計畫的重要組成部分。第四季度，Energy Resources 完成了先前宣布的協議，將一系列新建和在建再生能源資產組合出售給 NextEra Energy Partners 和第三方基礎設施投資者。透過出售這套 2.5 吉瓦的再生能源資產組合，Energy Resources 得以以增值方式回收近 35 億美元的資本（包括稅收股權收益），並充分利用風能、太陽能和儲能資產的強勁市場。我們相信，Energy Resources 的再生能源開發平台首屈一指，而我們持續駕馭再生能源市場需求並認可該平台價值的能力，是 NextEra Energy 的關鍵競爭優勢，因為 NextEra Energy 正在持續擴大其在 Energy Resources 的長期合約營運再生能源和儲能資產組合。

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.

現在談談我們對 NextEra Energy 的財務預期。正如 Jim 今天所討論的，我們上調了 2022 年和 2023 年調整後每股收益的預期範圍，並介紹了 2024 年和 2025 年的預期。對於 2022 年，NextEra Energy 預計調整後每股收益將在 2.75 美元至 2.85 美元之間。對於 2023 年至 2025 年，NextEra Energy 預計其調整後每股收益將比 2022 年預期範圍增長約 6% 至 8%。如果我們每年的財務表現無法達到或接近這些範圍的上限，我們將感到失望。我們新的財務預期詳情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，我們預期營運現金流量的年平均成長率將達到或超過調整後每股盈餘的複合年增長率區間。我們也預計，至少到2022年，每股股息將在2020年的基礎上以每年約10%的速度成長。與以往一樣，我們的預期是基於我們通常的假設。

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，我來介紹一下 NextEra Energy Partners 的詳細財務表現。第四季調整後 EBITDA 為 3.22 億美元，可供分配現金為 9,100 萬美元。調整後 EBITDA 較去年同期的成長主要得益於基礎投資組合的成長。

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，年增 8%，主要得益於 2020 年末收購的新項目的全部貢獻。我們現有的專案組合、NextEnergy Partners 天然氣管道投資的良好表現以及我們在 2020 年底增加的風電改造的貢獻，被 2021 年第一季度和第四季度因重大維護而停電導致的風力資源減弱和 Genesis 太陽能專案發電量下降部分抵消。全年風力資源為長期平均的 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.

全年可供分配現金為5.84億美元。公司層級利息支出降低帶來的可供分配現金收益，部分被Genesis太陽能專案及其他現有資產專案層面融資成本的相應增加所抵銷。這些現有資產已進行資本重組，用於在2020年底從能源資源公司收購約500淨兆瓦電力。

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.

過去三年，NextEra Energy Partners 的可供分配現金年複合成長率約為 20%。需要提醒的是，這些業績已包含 IDR 費用的影響，我們將其視為一項營運費用。更多詳情請參閱隨附的幻燈片。

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 Energy Partners 董事會宣布每普通股季度分配 0.7075 美元或按年率計算每單位 2.83 美元，比去年同期季度分配增長 15%，並且達到了我們討論的 2021 年範圍的最高端。

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.

本季度，NextEra Energy Partners 與 Apollo Global Management 完成了約 8.2 億美元可轉換股權投資組合的首輪融資，並將利用這些資金以及 NextEra Energy Partners 現有的債務能力，從 Energy Resources 收購約 1,300 淨兆瓦的可再生能源及儲能項目。根據協議條款，儘管 NextEra Energy Partners 僅提供購買資產所需前期資本的約 4%，但預計在前 10 年內，其隱含初始現金票面利率將較低。我們預計 NextEra Energy Partners 將在不到兩年的時間內收回其在此次收購中投入的全部資本。

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，此次融資將為 NextEra Energy 的合作夥伴提供靈活性，使其能夠在協議生效五至十年期間定期回購投資者的股權，固定稅前回報率約為 5.6%，包含所有先前的分配，這使得此次融資成為 NextEra Energy Partners 迄今為止成本最低的可轉換股票投資組合融資。 NextEra Energy Partners 將有權以發行的 NEP 普通股單位支付高達 100% 的回購價，且發行價格不得低於當時的市價。

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 也在第四季度發行了約 725 萬個新的 NEP 普通股單位，以收購與 NEP 於 2018 年達成的可轉換股權組合融資相關的 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 為收購該投資組合股權的總對價約 8.85 億美元中的剩餘約 2.65 億美元提供資金，並以部分標的資產發行項目級債務。由這些資產支持的近 6.5 億美元項目融資，也是該合作夥伴關係歷史上成本最低的項目級債務融資，反映了投資組合中標的資產的強勁表現，以及對 2021 年實施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.

根據我們2021年第四季每股普通股單位分紅（年化率為2.83美元）的最新數據，我們預計至少到2024年，有限合夥人分紅的年化成長率將維持在12%至15%之間，這在合理的預期範圍內。我們預計，2022年第四季（將於2023年2月支付）每股普通股單位分紅的年化成長率將在3.17美元至3.25美元之間。我們預計2022年的分紅成長率將達到12%至15%，同時將過去12個月的股利率維持在80%左右。

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.

鑑於近期成功完成對 Energy Resources 的收購以及從第三方購得約 100 兆瓦的營運風電設施，截至 2021 年 12 月 31 日的財年末，調整後 EBITDA 和可供分配現金的運行率超出了我們之前的預期範圍。因此，今天，我們引入了新的 2021 年財年末調整後 EBITDA 和可供分配現金的運行率預期範圍，分別為 16.35 億美元至 17.95 億美元和 6.4 億美元至 7.2 億美元。

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.

NextEra Energy Partners 現有投資組合擁有強勁的現金流，包括 2021 年新增約 2,400 兆瓦的可再生能源和儲能淨裝置容量，加上其相對較低的股息支付率，使其在未來一年的收購方面擁有極大的靈活性。儘管收購可能在 2022 年的任何時候發生，但出於建模目的，可以合理地假設任何新的、未宣布的資產增加都發生在 2022 年末，因此，這些資產對我們剛才討論的投資組合 2021 年末調整後 EBITDA 和可供分配現金的運行率所隱含的 2022 日曆年預期貢獻有限。

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 的運作率預期保持不變。 2022 年底調整後 EBITDA 預期為 17.75 億美元至 19.75 億美元，CAFD 預期為 6.75 億美元至 7.65 億美元，這反映了 2022 年底預測投資組合在 2023 日曆年的預期。需要提醒的是，我們的所有預期均受常規警告約束，並包含我們預期的 IDR 費用的影響——我們將這些費用視為營運費用。

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，我們仍然相信 NextEra Energy 和 NextEra Energy Partners 都擁有良好的短期和長期成長前景。佛羅裡達電力與照明公司 (Florida Power & Light)、能源資源公司 (Energy Resources) 和 NextEra Energy Partners 都擁有一系列卓越的發展機會。我們在 2021 年取得的進展鞏固了我們的長期成長前景。雖然我們在 2022 年還有很多工作要做，但我們相信，我們已經為下一個輝煌的一年做好了準備。

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

我們的準備演講到此結束。接下來，我們將開始提問環節。

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

（操作員指示）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?

祝賀在座的各位！這麼多人，真是當之無愧。吉姆，我們會想念你的，但我相信我們很快就會在這裡見面。現在我可以轉到一些核心問題。首先，我的指導令人印象深刻。能談談您對BBB的看法嗎？我的意思是，也許這個問題的提問方式可以反過來問。您如何看待BBB，它真的發生在我們這裡嗎？您對2025年的擴展做了哪些假設？或者坦白說，哪些最終看起來更有可能實現？或許更直接地說，您如何看待2025年數據中風能和太陽能以外的投資，例如儲能或氫能？

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，我來回答一下。這麼說，我們不需要 BBB 來實現我們剛才提出的預期了，對吧？我認為 BBB 是一個加速器，而不是我們實現我們剛才提出的獲利目標或 2024 年積壓訂單成長目標所需要的東西。

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.

關於我對 BBB 的看法，我想說兩點。我對今年某個時候會發生一些事情感到樂觀。我說「可能」——當我說「樂觀」時，我指的是「很有可能」。我覺得我——我覺得我在第四季比現在更樂觀。我認為這就是現實。但我確實認為 BBB 的清潔能源部分今年更有可能採取行動。

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.

我確實認為這需要一段時間。我們聽到的所有消息都表明，尤其是在參議院，我認為他們希望推進一些程序，而考慮到參議院的規定，這些程序需要時間。我的感覺是，這不會在第一季發生。它會在第一季之後發生，要么是在第二季度，要么是坦白說，更有可能是在選舉後的第四季度某個時候。

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，我明白了。歡迎您對2025年的業績指引發表更多意見。我知道這可能有點搶佔了6月分析師日的先機。然後，我可以簡單說一下，您有什麼想法或評論想分享一下關於FPL的一些新聞標題嗎？我知道大家已經討論過很多次了，也許有很多背景資訊可以提供。

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。關於佛羅裡達州的一些政治新聞頭條，我想說的其實很簡單。當我們收到報告和媒體報告的那些指控後，我們進行了非常廣泛和徹底的調查，包括查看公司的財務記錄。調查還包括查看公司電子郵件中提到的所有人，以及他們的——作為調查的一部分，他們都向我們提供了個人電子郵件和簡訊的訪問權限。

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，我們沒有發現任何問題的證據，也沒有發現FPL或其任何員工有任何違法或不當行為。這就是底線。我對我們所做的調查感到非常滿意，而且我確信這些指控毫無根據。

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.

所以我想我們今天要討論的大概就這些了。麗貝卡會談談2025年－你關於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，正如您可能理解的，而且我相信電話會議上的每個人都理解，當我們考慮我們的預期範圍時，特別是當我們談論幾年後的情況時，就像您問到的，特別是 2025 年，我們會考慮相當多的變量來設定這些範圍，特別是對於我們提供的評論，即如果我們沒有達到每個範圍的高端，包括 2025 年，我們會感到失望。

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，首先是關於佛羅裡達電力與照明公司，我們已經得到了四年和解協議的結果。這就是我們未來幾年的營運預期，這也創造了繼續投資業務和執行多年來為客戶帶來巨大成功的策略的機會。因此，我們可以在未來幾年繼續保持這種勢頭。我們相信，這將使我們能夠實現8%到9%的複合年增長率，假設和解協議中預期的所有投資最終都能成功投入營運。

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.

在能源資源方面，最大的驅動因素是我們在第 16 頁的幻燈片資料中討論過的，著眼於從 2021 年到 2024 年的四年期間，我們在風能、太陽能、能源儲存和風能再發電方面的所有發展範圍，這顯然將對我們 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.

正如吉姆所強調的那樣，如果監管或激勵機制發生變化，我們顯然會在未來將其納入考慮。但這並未包含在這些估算中，我們對目前到那時的執行感到非常滿意。我們確實需要做很多工作。能源資源部門也需要我們認真執行，我很高興能夠接受這個挑戰。為了繼續像佛羅裡達電力與照明公司那樣提供服務，我們還有很多工作要做，但我認為我們目前處於非常有利的位置。

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、約翰和各位。吉姆，您能否再詳細談談，身為執行主席，您接下來的工作重點是什麼？您打算擔任這個職位多久？

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。所以我認為我的重點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。你應該把我的過渡時間想像成幾個月，而不是幾年。今天我們大概就說這麼多了。但我真正的重點是讓約翰盡可能地取得成功，正如我所料。

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，關於再生能源發展，您能否簡單談談您觀察到的趨勢？第四季的積壓訂單成長似乎比前幾季有所放緩。目前市場上是否有人在觀望BBB評等的投資人？或者您還有什麼想強調的嗎？

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，我接聽。我是約翰。首先，我們剛結束了創紀錄的7.3吉瓦的年度裝機量，第四季度表現強勁，達到了約1500兆瓦。我們看到市場需求持續強勁，而且來自多個不同來源。這不僅來自投資者所有的公用事業公司、市政債券和合作社，也來自商業和工業（C&I）。由於大量資金流入ESG基金，這無疑引起了投資者的關注，並推動企業走向永續發展。

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.

過去幾年，我們投入大量時間的一件事就是拓展客戶群，以及如何針對不同的客戶群進行行銷。這並不意味著投資者所有的公用事業公司、市政公用事業公司和合作社不會永遠是我們的核心業務。它們會一直都是。但在商業和工業領域，我們也在做一些不同的事情。例如，你們可能已經看過Optos的發表會，摩根大通正在與我們合作開發一款新的軟體產品。我們能夠精準計算他們目前的能源足跡，並了解如何改進，如何從帳單中省錢，如何讓客戶更環保。這只是我們在客戶接觸方式方面所做的一些不同嘗試的一個例子。

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.

縱觀我們現有的管道、土地位置和互聯互通，我發現它們無與倫比。這無疑是我們持續推進的重點領域。我們將在分析師日上詳細討論這個問題。我們擁有最好的場地、最好的團隊、最好的人才、最好的分析能力，以及能夠管理供應鏈、降低營運成本和融資成本等常規競爭優勢，所有這些因素加在一起，讓我們對未來充滿信心。

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。太好了。最後一個問題。關於業績指引的改進，請問是什麼因素推動了2022年及以後的業績指引的提升？您認為提高業績指引的關鍵原因是什麼？

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，史蒂夫，我也接受。我想麗貝卡肯定提到了聯邦電力公司（FPL）的部分。然後你想想能源資源。過去幾年，我們的積壓訂單翻了一番，無論有沒有「重建美好未來」計劃，我們都看到能源資源領域前景光明。吉姆說，我們很有可能在今年年底前獲得一些進展。但我們的業務規劃是假設這種情況不會發生。我們的財務預測也是基於這種情況不會發生的情況。這就是為什麼我們非常堅定地提高預期，不僅要提高2022年的預期，還要將指導期限延長至2025年。而這只是基於我們對再生能源積壓訂單的觀察。

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.

想想我們為投資者設定的2021年和2022年的預期，我認為我們已經出色地實現了這些預期，並規劃了2023年和2024年。我們在實現這些預期方面取得了巨大進展。

The next question comes from Shar Pourreza with Guggenheim Partners.

下一個問題來自古根漢合夥公司的 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.

恭喜吉姆、約翰、麗貝卡和團隊取得進展。實至名歸。我的大部分問題都得到了解答。不過，我只想問一個關於近期創投的簡短問題。顯然，你們正開始將業務拓展到碳捕集與封存 (CCS)、水和廢水處理領域。顯然，在準備好的發言中，你們強調了氫能價值鏈的機會。這類投資的未來成長是否更具體地取決於聯邦政策（例如氫能前期技術合作計畫 (PTC)）的結果，以及這方面目前缺乏進展？您是否預期這類投資會出現回檔？不是基礎業務，也不是基礎新機會，而是更具體地說是在創投方面。

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，我很感謝你的提問。正如我在準備好的演講中提到的，我們確實認為有很多機會，不僅僅是在電力行業純粹地實施再生能源，還可以幫助利用清潔能源實現其他行業的脫碳。我們正在考慮其中一些投資機會，以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發展。

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.

但要直接回答您關於激勵措施的問題，我們迄今為止所做的投資並不假設激勵措施會發生變化，甚至沒有假設關於氫能PTC的具體問題。但正如約翰和他的團隊，能源資源團隊評估了許多氫能試點機會或未來商業機會一樣，氫能PTC肯定會促進和幫助這些機會，其中一些機會確實會得到推動和幫助。我知道，我們整個團隊對此保持樂觀，無論最終結果如何，無論是商業改善局（BBB）還是僅僅是透過和解達成的氣候協議，我們都樂觀地認為氫能激勵措施將包含在該計劃中。我認為，透過使用氫能，有很多機會可以進一步促進美國經濟的脫碳。

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.

所以簡而言之，投資並不假設這一點，但我認為，如果未來有像氫 PTC 這樣的激勵措施，那麼機會就會更多。

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?

然後我想問您，顯然，機會確實存在，尤其是在您考慮氫能方面。隨著業務成長，您如何看待信貸指標？隨著業務成長，是否存在潛在的壓力？我們應該如何考慮為這些業務進行股權融資？

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，也就是我們思考長期業務管理的方式，我在發言中多次強調過，而且我們一直在強調，因為對我們來說，保持強勁的資產負債表是重中之重。如您所見，儘管行業其他地區的信貸品質有所下降，但我們始終一如既往地致力於保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，也讓我們能夠更好地開展業務。為了有效利用我們所需的資本，並提供客戶期望的穩定性，我們認為強勁的資產負債表至關重要。

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，我們業務的成長仍將是我們優先考慮的事情，並且我們將其視為我們思考業務的方式的一部分，也是策略的表面部分。

The next question comes from Stephen Byrd with Morgan Stanley.

下一個問題來自摩根士丹利的史蒂芬‧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.

我只想再次祝賀吉姆、約翰、麗貝卡、柯克和艾瑞克。你們的表現真的非常出色。恭喜你們絕對理所當然。我為你們所有人感到高興。

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.

我想花點時間談談技術方面。我注意到，多年來，NextEra 內部一直在開發各種有趣的技術，有時我們並不總是能看到。但我發現，其中一些發展不僅越來越引人注目，而且可能更具商業價值，更受關注，因為你們可以透過這些技術向更廣泛的客戶群獲利。

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，但我感興趣的是您對技術（例如你們提到的一些軟體開發）對於推動盈利能力、推動 NextEra 長期增長的重要性的看法。

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。 Stephen，謝謝你的提問。我認為你完全正確。這可能是我們之前很少談論的話題，未來可能會談論更多。我們過去之所以沒有太多談論這個問題，是因為我們確實認為這是一個戰略優勢，我們仍然相信它對我們來說是一個戰略優勢，並且我們在很大程度上利用它來提高盈利能力和可再生能源開發的成功率。

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革，以及如何利用您、我們以及整個行業中看到的所有機會時，其中一個轉變就是考慮我們的商業和工業客戶，無論他們是一直對我們銷售的產品感興趣的傳統工商業客戶，還是新的客戶，或者更偏向工業或農業的客戶。他們通常需要一些額外的服務來幫助他們了解如何管理發電和負載需求，考慮他們的碳強度，並實現自己的環境、社會和治理目標。我們利用自身所有的專業知識在內部開發的一些產品非常適合這些客戶，並且對他們來說非常有價值。

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.

因此，我們看到了繼續這些投資的機會，並思考如何打包這些服務並將其出售給客戶，未來你會看到我們在這方面有更多動作。我們認為，這不僅是一個銷售這些服務的巨大機會，也是一個加深我們與客戶關係、並最終逐步部署再生能源的途徑。

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?

麗貝卡，這真的很有幫助。這是否會對計劃產生本質上的好處？換句話說，這是否超出了我們在再生能源部署等方面看到的典型數字？這是一個有利的領域嗎？或者您在考慮增長時是否已經將這部分因素考慮進去了？

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，在基本假設方面，我們納入了一些關於我們認為這類業務能夠做什麼的假設。但一如既往，有利有弊。幸運的是，對我們來說，近期的利好大多是利好，而且我們能夠實現調整後每股收益的成長，甚至超出我們先前對投資者的預期或規劃。所以，希望我們能夠隨著時間的推移再次做到這一點。但就目前而言，我認為您可以放心地假設我們的期望是我們剛才提出的那些。我們將運用所有這些槓桿來實現這些目標，並再次希望能夠如我們所願，達到每個區間的上限，這將讓我們感到非常自豪，並被視為股東價值的巨大升值。

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。也許我還有最後一個問題。我們常被問到清潔能源成長的障礙，很明顯，NextEra 並沒有遇到這些障礙。您能否再多談談這些障礙，例如認知與現實的對比，例如供應鏈、勞動力供應、許可等等。坦白說，我認為人們有時對這些成長限制有誤解。目前看來，清潔能源成長仍然非常強勁，尤其是對 NextEra 而言。您能否就這些關於成長限制的看法發表一下看法？

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，讓我來回答這個問題。我想您指出了我們正在解決的一些顯而易見的問題，當然包括供應鏈之類的問題，我想我們已經回答了這些問題。史蒂芬，我認為，當我審視當今市場時，企業成功與否的關鍵在於您剛才提出的許多問題。您是否已經為公司做好了定位，以應對客戶未來需求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.

麗貝卡舉了一個工商業客戶的例子。這可不是簡單地找到工商業客戶說：「嘿，我要賣給你100兆瓦的風能或100兆瓦的太陽能。或者你覺得50兆瓦的電池怎麼樣？」這些人賣的是糖果、瓶裝水之類的東西。他們不屬於我們的行業。他們需要專業知識，了解如何在現有能源需求的框架下，考慮新增能源。因此，需要一套全面的技能，才能提出適合該業務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.

所以，想想我們在太陽能和風能領域面臨的許多小型開發商，他們缺乏這方面的專業知識。他們缺乏提供可靠、精準的產品和真正贏得業務所需的一切的能力。這是第一點。

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.

第二部分是關於您提出的技術問題。我們在技術方面的投資一直非常積極。我們談到了2005年收購的NextEra Energy分析團隊。我們確實組建了這支團隊。這支團隊由博士、數學家、軟體開發人員和軟體工程師組成，他們不僅利用這些工具來幫助我們管理現有車隊，並利用和提升我們日常營運效率，更好地管理現有業務，而且他們現在能夠利用所有這些數據、資訊和專業知識，為客戶開發全面的軟體解決方案。這是我們在業界領先於其他公司的巨大優勢，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.

第三件事是再生能源推動者。我們正在認真思考引領能源轉型意味著什麼。你需要擅長什麼？作為一個組織，你需要具備哪些能力才能真正做到這一點？過去三、四年來，我們一直非常專注於此。對於我們正在進行的一些工作，我們很少透露。您可以在分析師日上了解更多詳情。但毋庸置疑，我們已經準備好了，請放心。

The next question comes from Michael Lapides with Goldman Sachs.

下一個問題來自高盛的邁克爾·拉皮德斯。

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?

恭喜各位領導階層變動。關於佛羅裡達州的受監管業務，我實際上有兩個問題。首先，您能否提醒我們一下，我知道您6個月後會提供更多細節。但是，您能否提醒我們未來幾年的資本支出水準是多少？是FP&L和Gulf合併後的水平，還是想單獨列出這兩個部門？

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，大概每年70億到80億美元。邁克爾，這已經包含在每年約8%到9%的監管資本使用成長中了。

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?

明白了。每年70億到80億美元。持平嗎？還是說您認為會隨著時間的推移而增加？我們應該如何考慮這筆資金中有多少比例是作為利率案件收入要求增加的一部分或透過追蹤系統收回的？有多少部分可能會累積為利率基數，並在未來的案件中收回？

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，正如你所料，情況是多種多樣的。我們當然有精心製定的計劃，這些計劃將在幾週後發布的10-K報表中作為更新後的資本支出表的一部分。關於這一點，我想說一點——顯然，正如你記得的，FPL和能源資源的資本支出表是有區別的。但在這兩種情況下，隨著營運年度的臨近，團隊往往會找到從客戶角度來看可以增值的良好投資機會，並且隨著時間的推移，這些機會可能會增減。

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.

但這些是我們根據目前所見以及和解協議的參數所做的最佳估計，其中包括作為和解協議一部分批准的SolarTogether投資。此外，我們還會預測目前對風暴加固和地下化投資的看法，正如您所知，這些投資包含在條款機制中，並將隨著時間的推移單獨收回並單獨批准。

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.

這些會隨著時間推移而變化，取決於我們觀察到的情況以及我們認為客戶價值的來源，但我們對整體前景非常樂觀。當然，我們會在6月的投資者大會上公佈更多細節。

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.

明白了。麗貝卡，我想回到你在準備好的發言中提到的一些關於財務規劃與負債部門（FP&L）以及明年及以後盈利目標的評論。考慮到你們在財務規劃與負債部門部署的規模和資本，從營運角度來看，達到獲利區間的最高點或最高點是否越來越難？你的說法是——從歷史上看，如果你回顧一下會議記錄，你總是會提到達到最高點，而且看起來——我可能理解錯了，但今天的措辭有點偏向最高點，但可能並沒有完全達到。我只是好奇，在達到11.7%的獲利目標方面，情況是否有所改變。

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。我來回答一下——我不知道你問的是不是NextEra Energy方面的完整情況，我們通常的措辭是，如果不能達到或接近高端，我們會很失望。措詞完全一樣。如果有任何變化，那隻是我的表達方式有點問題，但措辭完全一樣。

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.

如果您具體詢問的是佛羅裡達電力與照明公司的情況，如您所知，和解協議的批准範圍為9.7%至11.7%。我的評論具體針對的是我們對2022年的預期，當然，這也是新和解協議的第一年。這也包括和解協議中關於今年盈餘攤銷使用期限為一年的限制，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.

當我們綜合考慮所有因素，包括我們的投資計劃、我們繼續專注於成本改進的機會、其他客戶改進、我們計劃進行的投資以及盈餘攤銷的使用，包括長期形態時，我們相信，到今年年底，我們將能夠報告監管規定的淨資產收益率 (ROE) 達到該範圍的高端。當然，具體到哪個水平，我們會隨著時間的推移而不斷改進。當然，未來幾年，我們也會瞄準淨資產收益率的高端。

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?

您今天講了很多內容。我只想問一個問題，這個問題好像已經被提及多次了。我只是想大致談談過渡的問題。您能否再多說一下，為什麼現在是過渡的最佳時機，而不是過去或將來的任何時候。那麼，關於此次過渡，NextEra 會有什麼新的資訊嗎？在分析師日上，我們能期待一些類似的新消息嗎？

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.

傑瑞米，我是吉姆，負責公司交接事宜。我想你們在準備好的發言稿裡已經聽到了，自從2012年我第一次以首席執行官身份進行繼任計劃討論以來，董事會和我一直在認真地處理這件事。但我告訴董事會，我的目標是在2016年後退休——說實話，我的目標是在2020年利率案之後。為了完成這個利率案，我實際上稍微延長了我的時間表。

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——這是我很久以來的計劃。當然，直到我們在這裡宣布之前，我們都沒有做出任何決定。但這是我和董事會討論很久的事情。我們對已經制定的繼任計畫非常慎重，我對即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?

傑里米，我記得你在投資者會議之前還有第二個問題。你可以提醒我一下你剛剛問的是什麼嗎？

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。 Jim，這些細節非常有幫助。那麼，當我們討論分析師日時，我們是否應該預期，隨著過渡，分析師日的訊息傳遞方式會發生任何變化？或者說，目前我們並沒有預期到這些變化？

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，就分析師日而言，我們處於前所未有的有利位置。我們剛剛度過了我認為是公司發展最好的一年。這充分證明了整個領導團隊的出色表現——顯然，這不僅歸功於吉姆，也歸功於艾瑞克、麗貝卡以及我們能源資源公司現有的領導團隊。我們擁有一支經驗豐富、實力雄厚的團隊。我在這裡工作了近20年，艾瑞克也在這裡工作了近20年，麗貝卡在這裡工作了15年。我們團隊擁有豐富的經驗，這將使我們充分利用未來的機會。

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，我們將繼續加倍投入核心業務。這意味著執行力——與我們過去看到的FPL及其為客戶和股東制定的資本計劃不同。我們在這個國家擁有再生能源的機會——別忘了，再生能源成本低廉。無論有沒有激勵措施，它們都是這個國家最便宜的發電方式。所以我們在那裡也擁有巨大的機會。

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.

我要重點介紹的第三點是再生能源的推動因素。作為一家公司，我們一直在幕後努力，還能做些什麼來幫助我們成為美國能源轉型的領導者？我們將攜手業內最優秀的團隊來實現這一目標。這正是各位在分析師日將會聽到的內容。

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 的收益電話會議到此結束。感謝您參加今天的演講。現在您可以斷開連線了。