新世紀能源 (NEE) 2021 Q3 法說會逐字稿

Good morning, everyone, and welcome to the NextEra Energy and NextEra Energy Partners Q3 2021 Earnings Call. (Operator Instructions) Please also note, today's event is being recorded. At this time, I'd like to turn the conference call over to Jessica Aldridge, Director of Investor Relations. Ma'am, please go ahead.

大家早上好，歡迎參加 NextEra Energy 和 NextEra Energy Partners 2021 年第三季度財報電話會議。 （操作員說明）另請注意，今天的活動正在錄製中。在這個時候，我想把電話會議交給投資者關係總監傑西卡奧爾德里奇。女士，請繼續。

Thank you, Jamie. Good morning, everyone, and thank you for joining our third quarter 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. Rebecca will provide an overview of our results, and our executive team will then be available to answer your questions.

謝謝你，傑米。大家早上好，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2021 年第三季度綜合收益電話會議。今天早上和我在一起的是 NextEra Energy 董事長兼首席執行官 Jim Robo； NextEra Energy 執行副總裁兼首席財務官 Rebecca Kujawa； NextEra Energy Resources 總裁兼首席執行官 John Ketchum；以及 NextEra Energy 執行副總裁 Mark Hickson，他們也是 NextEra Energy Partners 的高管；以及佛羅里達電力與照明公司總裁兼首席執行官 Eric Silagy。 Rebecca 將概述我們的結果，然後我們的執行團隊將回答您的問題。

We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this conference call in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites, nexteraenergy.com and nexteraenergypartners.com. We do not undertake any duty to update any forward-looking statements.

我們將在本次電話會議期間根據當前的預期和假設做出前瞻性陳述，這些預期和假設受到風險和不確定性的影響。如果我們的任何關鍵假設不正確或由於今天的收益新聞稿中討論的其他因素以及在本次電話會議期間在隨附演示文稿的風險因素部分或我們的向美國證券交易委員會提交的最新報告和文件，每一份都可以在我們的網站 nexteraenergy.com 和 nexteraenergypartners.com 上找到。我們不承擔任何更新任何前瞻性陳述的義務。

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

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

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

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

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

有了這個，我會把電話轉給 Rebecca。

Thank you, Jessica, and good morning, everyone. NextEra Energy delivered strong third quarter results, with adjusted earnings per share increasing by approximately 12% year-over-year. Both the principal businesses executed well on major initiatives, and we continue to advance our opportunity set for new renewables and storage. Building upon solid progress made in the first half of the year, NextEra Energy is well positioned to meet its overall objectives for 2021 and beyond.

謝謝你，傑西卡，大家早上好。 NextEra Energy 第三季度業績強勁，調整後每股收益同比增長約 12%。這兩項主要業務在重大舉措上都表現良好，我們繼續推進我們在新可再生能源和存儲方面的機會。在上半年取得的紮實進展的基礎上，NextEra Energy 已做好準備實現其 2021 年及以後的總體目標。

Earlier this month, we were honored to be named on Fortune's 2021 Change the World list, the only electric utility in the world to be recognized. This recognition is a testament to NextEra Energy's best-in-class position in the renewable energy sector and our continued commitment to the customers and communities that we serve.

本月早些時候，我們很榮幸入選《財富》雜誌的 2021 年改變世界名單，這是世界上唯一一家獲得認可的電力公司。這一認可證明了 NextEra Energy 在可再生能源領域的一流地位，以及我們對我們所服務的客戶和社區的持續承諾。

At FPL, net income increased approximately 10% versus the prior year comparable period, reflecting contributions from continued investment in the business. Most notably, during the quarter, we reached what we believe is a fair and constructive long-term settlement agreement with a number of intervenors in our rate case, continuing a long history of negotiated outcomes that benefit both customers and shareholders.

在 FPL，淨收入與去年同期相比增長了約 10%，這反映了對業務持續投資的貢獻。最值得注意的是，在本季度，我們在我們的費率案例中與一些干預者達成了我們認為公平和建設性的長期和解協議，延續了長期的談判結果歷史，有利於客戶和股東。

We believe the agreement, if approved, should enable us to continue to focus on operating the business efficiently while investing in the future to ensure resilience, reliability, affordability and clean energy for generations to come in Florida. We expect the Florida Public Service Commission to vote on our agreement at its agenda conference on October 26. And I'll provide more details on the proposed agreement in a few minutes.

我們相信，如果該協議獲得批准，我們應該能夠繼續專注於高效運營業務，同時投資於未來，以確保佛羅里達州後代的彈性、可靠性、可負擔性和清潔能源。我們預計佛羅里達州公共服務委員會將在 10 月 26 日的議程會議上對我們的協議進行投票。我將在幾分鐘內提供有關擬議協議的更多細節。

FPL's major capital initiatives continue to progress well, including what will be the world's largest integrated solar power battery system, the 409-megawatt FPL Manatee Energy Storage Center that is now 75% complete and on track to begin serving customers later this year.

FPL 的主要資本計劃繼續取得良好進展，包括將成為世界上最大的集成太陽能電池系統、409 兆瓦的 FPL 海牛儲能中心，該中心現已完成 75%，並有望在今年晚些時候開始為客戶提供服務。

Gulf Power also had a great quarter of execution, and its strong year-to-date financial performance is attributable to continued successful implementation of the cost reduction initiatives and smart capital investments that we previously outlined. Gulf Power's year-to-date net income contribution increased approximately 14% versus the prior year comparable period, and we remain focused on improving Gulf Power value proposition by providing lower costs, higher reliability, outstanding customer service and clean energy solutions for the benefit of our customers.

海灣電力也有一個很好的季度執行，其強勁的年初至今財務業績歸功於我們之前概述的成本降低計劃和智能資本投資的持續成功實施。海灣電力今年迄今的淨收入貢獻與去年同期相比增長了約 14%，我們仍然專注於通過提供更低的成本、更高的可靠性、出色的客戶服務和清潔能源解決方案來改善海灣電力的價值主張，以造福於我們的顧客。

At Energy Resources, adjusted earnings for the quarter increased by approximately 12% year-over-year. Our development team had another terrific quarter of new renewables and storage origination, adding approximately 2,160 megawatts to our backlog since the last earnings call, marking the best quarter of overall origination and the best quarter of new wind additions in Energy Resources history. These backlog additions include approximately 225 megawatts of combined solar and storage projects and a 500-megawatt wind project that is intended to power an adjacent new green hydrogen facility, which I'll provide some additional details on in just a few minutes.

在能源資源，本季度調整後的收益同比增長約 12%。自上次財報電話會議以來，我們的開發團隊又迎來了一個非常棒的季度新增可再生能源和存儲，為我們的積壓增加了大約 2,160 兆瓦，標誌著能源資源歷史上最好的一個季度和最好的新增風能季度。這些積壓的新增項目包括大約 225 兆瓦的太陽能和儲能聯合項目以及一個 500 兆瓦的風能項目，該項目旨在為相鄰的新綠色氫設施供電，我將在幾分鐘內提供一些額外的細節。

We continue to expect that our competitive advantages will drive meaningful growth in renewables and various forms of energy storage at Energy Resources in the coming years as the trend towards broad decarbonization across many facets of the U.S. economy takes hold. Overall, with 3 strong quarters complete in 2021, we are pleased with the progress we are making at NextEra Energy, and we are well positioned to achieve the full year financial expectations that we have previously discussed, subject to our usual caveats.

我們繼續預計，隨著美國經濟的許多方面廣泛脫碳的趨勢在未來幾年內，我們的競爭優勢將推動能源資源的可再生能源和各種形式的能源存儲的有意義的增長。總體而言，2021 年完成了 3 個強勁的季度，我們對 NextEra Energy 取得的進展感到滿意，並且我們有能力實現我們之前討論過的全年財務預期，但須遵守我們通常的警告。

Now let's look at the detailed results, beginning with FPL. For the third quarter of 2021, FPL reported net income of $836 million or $0.42 per share, which is an increase of $79 million and $0.04 per share, respectively, year-over-year. Regulatory capital employed increased by approximately 10.5% over the same quarter last year and was the principal driver of FPL's year-over-year net income growth of approximately 10%.

現在讓我們看看詳細的結果，從 FPL 開始。 2021 年第三季度，FPL 報告的淨收入為 8.36 億美元或每股 0.42 美元，同比分別增加 7900 萬美元和每股 0.04 美元。使用的監管資本比去年同期增加了約 10.5%，是 FPL 淨收入同比增長約 10% 的主要驅動力。

FPL's capital expenditures were approximately $1.5 billion in the third quarter, and we expect its full year capital investments to total between $6.6 billion and $6.8 billion. Our reported ROE for regulatory purposes will be approximately 11.6% for the 12 months ended September 2021. During the quarter, we restored $124 million of reserve amortization, leaving FPL with a balance of $597 million.

FPL 第三季度的資本支出約為 15 億美元，我們預計其全年資本投資總額將在 66 億美元至 68 億美元之間。截至 2021 年 9 月的 12 個月，我們出於監管目的報告的 ROE 約為 11.6%。在本季度，我們恢復了 1.24 億美元的準備金攤銷，使 FPL 的餘額為 5.97 億美元。

As you know, much of the East Coast of the U.S. was recently impacted by Hurricane Ida, which made landfall on the Gulf Coast as a Category 4 hurricane and also caused catastrophic flooding across the Northeastern U.S. Our deepest sympathies are with those that have been impacted by Ida's widespread destruction.

如您所知，美國東海岸的大部分地區最近都受到颶風艾達的影響，該颶風在墨西哥灣沿岸登陸並成為 4 級颶風，並在美國東北部造成了災難性洪水 我們對那些受到影響的人表示最深切的同情由於艾達的廣泛破壞。

We value deeply the industry's commitment to mutual assistance, and we were fortunate to be in a position to assist other utilities this year. As part of our assistance efforts, we sent more than 1,250 of our employees and contractors as well as transmission equipment and other supplies to help rebuild the grid to support the restoration efforts of the impacted utilities.

我們非常重視行業對互助的承諾，我們很幸運能夠在今年協助其他公用事業。作為我們援助工作的一部分，我們派遣了 1,250 多名員工和承包商以及輸電設備和其他物資來幫助重建電網，以支持受影響公用事業的恢復工作。

Let me now turn to Gulf Power, which reported third quarter 2021 net income of $91 million or $0.05 per share. Gulf Power's third quarter EPS contribution was flat versus the prior year comparable quarter. As a reminder, the third quarter of 2020 benefited from the reversal of COVID-19-related expenses that had occurred earlier in that year.

現在讓我談談海灣電力，該公司報告 2021 年第三季度的淨收入為 9100 萬美元或每股 0.05 美元。海灣電力第三季度每股收益貢獻與去年同期持平。提醒一下，2020 年第三季度受益於當年早些時候發生的 COVID-19 相關費用的逆轉。

During the quarter, Gulf Power's regulatory capital employed grew by approximately 13% year-over-year. Gulf Power's capital expenditures were approximately $200 million during the third quarter, and we expect its full year capital investments to be roughly $800 million. For the full year 2021, we continue to expect Gulf Power's regulatory ROE to be in the upper half of the allowed band of 9.25% to 11.25%.

本季度，海灣電力使用的監管資本同比增長約 13%。海灣電力第三季度的資本支出約為 2 億美元，我們預計其全年資本投資約為 8 億美元。對於 2021 年全年，我們繼續預計海灣電力的監管 ROE 將處於 9.25% 至 11.25% 的允許範圍的上半部分。

All of our major capital initiatives at Gulf Power are progressing well. Gulf Power anticipates bringing approximately 150 megawatts of cost-effective zero-emission solar capacity online within the next 6 months. The North Florida Resiliency Connection, which, among other things, will allow customers to benefit from greater diversity and solar output across the 2 different time zones, is expected to be in service in mid-2022. These continued smart capital investments in renewables and core infrastructure are expected to drive customer benefits for many years to come.

我們在海灣電力的所有主要資本計劃都進展順利。海灣電力預計將在未來 6 個月內上線約 150 兆瓦具有成本效益的零排放太陽能發電量。 North Florida Resiliency Connection 預計將在 2022 年年中投入使用，其中包括讓客戶受益於 2 個不同時區的更大多樣性和太陽能輸出。這些對可再生能源和核心基礎設施的持續智能資本投資預計將在未來許多年推動客戶受益。

During the quarter, Gulf Power was impacted by Tropical Storm Fred, which experienced an unexpected change in path before striking the service territory. Through a restoration workforce of roughly 1,700 personnel, Gulf Power was able to restore service to essentially all of the approximately 20,000 customers impacted by Fred in Northwest Florida in less than 24 hours. Moreover, the average customer outage was restored in less than 2 hours. Our culture of preparation, including our annual storm drills, and the team's focused execution helped ensure an efficient, timely and safe response to the tropical storm.

在本季度，海灣電力公司受到熱帶風暴弗雷德的影響，在襲擊服務區域之前經歷了意想不到的路徑變化。通過大約 1,700 名員工的恢復工作，Gulf Power 能夠在不到 24 小時內為佛羅里達州西北部受 Fred 影響的大約 20,000 名客戶恢復服務。此外，平均客戶中斷時間不到 2 小時就恢復了。我們的準備文化，包括我們的年度風暴演習，以及團隊的專注執行，有助於確保對熱帶風暴做出有效、及時和安全的反應。

The economy in Florida continues to grow at a healthy pace and remains among the strongest in the nation. Florida's labor force participation rate has recovered to its highest level in nearly 18 months, reflecting the ongoing recovery following the onset of the COVID-19 pandemic last year.

佛羅里達州的經濟繼續以健康的速度增長，並且仍然是全國最強勁的經濟體之一。佛羅里達州的勞動力參與率已恢復至近 18 個月以來的最高水平，這反映了去年 COVID-19 大流行爆發後的持續復甦。

The real estate sector in Florida also continues to grow, with the 3-month average new housing starts up over 40% year-over-year. In August alone, there were twice as many new housing starts in Florida than in the average over the last 10 years. Florida building permits, a leading indicator of residential new service accounts, are up 47% year-over-year and have outpaced the nation's quarterly growth by 32%. As another indicator of Florida's economic health, Florida's retail sales index is up nearly 60% versus the prior year.

佛羅里達州的房地產行業也在繼續增長，3 個月的平均新房開工率同比增長超過 40%。僅在 8 月份，佛羅里達州的新房開工數量就比過去 10 年的平均水平高出一倍。佛羅里達州建築許可是住宅新服務賬戶的領先指標，同比增長 47%，超過全國季度增長 32%。作為佛羅里達州經濟健康狀況的另一個指標，佛羅里達州的零售銷售指數較上年上漲近 60%。

During the quarter, FPL's average number of customers increased by approximately 77,500 or 1.5% from the comparable year prior quarter, driven by continued solid underlying population growth. FPL's third quarter retail sales decreased 1.4% from the prior year comparable period. A decline in weather-related usage per customer of approximately 2.7% offset the benefits of customer growth. On a weather-normalized basis, third quarter sales increased 1.3%, with continued strong underlying usage contributing favorably.

在本季度，受持續穩健的潛在人口增長的推動，FPL 的平均客戶數量比上一季度可比增長了約 77,500 人或 1.5%。 FPL 第三季度零售額比去年同期下降 1.4%。每位客戶與天氣相關的使用量下降約 2.7%，抵消了客戶增長帶來的好處。在天氣正常化的基礎上，第三季度的銷售額增長了 1.3%，持續強勁的潛在使用量帶來了有利的影響。

For Gulf Power, the average number of customers grew 1.6% versus the comparable prior year quarter. And Gulf Power's third quarter retail sales increased 0.6% year-over-year, with strong usage from increased customer growth contributing favorably.

海灣電力的平均客戶數量與去年同期相比增長了 1.6%。海灣電力第三季度的零售額同比增長 0.6%，客戶增長的強勁使用帶來了有利的貢獻。

As a reminder, on March 12, we initiated Florida Power & Light's 2021 base rate proceeding for rate relief beginning in January of 2022. After months of negotiation, we reached a proposed settlement agreement in early August with a number of intervenors in the proceeding. The Office of Public Counsel, the Florida Retail Federation, the Florida Industrial Power Users Group, the Southern Alliance for Clean Energy, Vote Solar, the CLEO Institute and the Federal Executive Agencies all joined the agreement, reflecting a broad set of constituents across our customer base.

提醒一下，3 月 12 日，我們啟動了佛羅里達電力和照明公司的 2021 年基準費率程序，以從 2022 年 1 月開始減免費率。經過數月的談判，我們在 8 月初與一些參與方達成了擬議的和解協議。公共法律顧問辦公室、佛羅里達零售聯合會、佛羅里達工業電力用戶集團、南方清潔能源聯盟、Vote Solar、CLEO 研究所和聯邦執行機構都加入了該協議，這反映了我們客戶的廣泛組成部分根據。

The 4-year proposed agreement, which begins on January 2022, provides for retail base revenue adjustments, as shown on the accompanying slide, and allowed regulatory return on equity of 10.6% with a range of 9.7% to 11.7% and no change to FPL's equity ratio from investor sources for the combined system. Should the average 30-year U.S. treasury yields be 2.49% or greater over any consecutive 6-month period during this term of the agreement, Florida Power & Light's allowed regulatory ROE would increase to 10.8% with a range of 9.8% to 11.8%. Additionally, if federal or state permanent corporate income tax changes become effective during the term of the proposed agreement, Florida Power & Light would be able to prospectively adjust base rates after a review of the impacts on base revenue requirements.

從 2022 年 1 月開始的為期 4 年的擬議協議規定了零售基礎收入的調整，如隨附的幻燈片所示，並允許監管股本回報率為 10.6%，範圍為 9.7% 至 11.7%，且 FPL 沒有變化合併系統的投資者來源的股權比率。如果在該協議期限內的任何連續 6 個月期間，美國 30 年期國債的平均收益率為 2.49% 或更高，佛羅里達電力和照明公司允許的監管 ROE 將增加到 10.8%，範圍為 9.8% 至 11.8%。此外，如果聯邦或州永久企業所得稅變更在擬議協議期限內生效，佛羅里達電力和照明公司將能夠在審查對基本收入要求的影響後前瞻性地調整基本稅率。

The proposed agreement also includes flexibility over the 4-year term to amortize up to $1.45 billion of depreciation reserve surplus. Consistent with the rate plan filed in March, the proposed settlement agreement would unify the rates and tariffs of FPL and Gulf Power by implementing a 5-year transition rider and credit mechanism to address the initial differences in cost of serving the existing FPL and Gulf Power customers.

擬議協議還包括在 4 年期限內攤銷高達 14.5 億美元的折舊準備金盈餘的靈活性。與 3 月份提交的費率計劃一致，擬議的和解協議將通過實施 5 年過渡附加條款和信貸機制來統一 FPL 和海灣電力的費率和關稅，以解決為現有 FPL 和海灣電力提供服務的成本初始差異顧客。

Additionally, the proposed settlement agreement also provides for Solar Base Rate Adjustments, or SoBRA, upon reaching commercial operations of up to 894 megawatts annually of new solar generation in each of 2024 and 2025, subject to a cost cap of $1,250 per kilowatt and showing an overall cost effectiveness for FPL's customers. FPL would also be authorized to expand its SolarTogether voluntary community solar program by constructing an additional 1,788 megawatts of solar generation through 2025, which would more than double the size of our current SolarTogether program and is expected to save our customers millions of dollars over the lifetime of the asset.

此外，擬議的和解協議還規定，在 2024 年和 2025 年每年新太陽能發電量達到 894 兆瓦的商業運營後，太陽能基準費率調整 (SoBRA) 的成本上限為每千瓦 1,250 美元，並顯示FPL 客戶的整體成本效益。 FPL 還將被授權擴展其 SolarTogether 自願社區太陽能計劃，到 2025 年再建造 1,788 兆瓦的太陽能發電，這將使我們目前的 SolarTogether 計劃規模增加一倍以上，並有望在整個生命週期內為我們的客戶節省數百萬美元的資產。

In addition to solar energy, the settlement agreement would support FPL's green hydrogen pilot project in Okeechobee County. This innovative technology could one day unlock 100% carbon-free electricity that's available 24 hours a day. The proposed settlement agreement also introduces several electric vehicle programs and pilots designed to accelerate the growth of electric vehicle adoption and charging infrastructure investment across Florida with a total capital investment of more than $200 million.

除了太陽能，和解協議還將支持 FPL 在奧基喬比縣的綠色氫試點項目。這項創新技術有朝一日可以釋放 100% 無碳電力，全天 24 小時可用。擬議的和解協議還引入了幾個電動汽車計劃和試點項目，旨在加速佛羅里達州電動汽車採用和充電基礎設施投資的增長，總資本投資超過 2 億美元。

Under the proposed agreement, FPL would continue to recover prudently incurred storm costs, consistent with the framework in the current settlement agreement. Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kilowatt hour of usage on residential bills in the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs were to exceed $800 million in any given calendar year, FPL could request an increase to the $4 surcharge.

根據提議的協議，FPL 將繼續謹慎收回風暴成本，與當前和解協議中的框架一致。未來風暴恢復成本將在提交成本回收申請後的 60 天后臨時收回，但上限為每 1,000 千瓦時使用的住宅賬單產生不超過 4 美元的附加費12個月的成本回收。任何額外費用將有資格在隨後幾年中收回。如果風暴恢復成本在任何給定日曆年超過 8 億美元，FPL 可以要求增加 4 美元的附加費。

We believe the proposed settlement is fair, balanced and constructive and supports our continued ability to provide highly reliable, low-cost service for our customers through the end of the decade. FPL's typical resident bill is lower today than it was 15 years ago and is well below the national average. The proposed agreement would keep typical residential bills well below the national average and among the lowest in Florida through 2025.

我們相信，擬議的解決方案是公平、平衡和建設性的，並支持我們在本世紀末繼續為我們的客戶提供高度可靠、低成本的服務的能力。如今，FPL 的典型居民賬單低於 15 年前，遠低於全國平均水平。擬議的協議將使典型的住宅賬單遠低於全國平均水平，並在 2025 年之前成為佛羅里達州的最低水平。

Let me now turn to Energy Resources, which reported third quarter 2021 GAAP losses of $428 million or $0.22 per share. Adjusted earnings for the third quarter were $619 million or $0.31 per share, which is an increase of $68 million and $0.03 per share, respectively, year-over-year. The effect of mark-to-market on nonqualifying hedges, which is excluded from adjusted earnings, was the primary driver of the difference between Energy Resources third quarter GAAP and adjusted earnings results.

現在讓我談談能源資源，該公司報告稱 2021 年第三季度 GAAP 虧損 4.28 億美元或每股 0.22 美元。第三季度調整後收益為 6.19 億美元或每股 0.31 美元，同比分別增加 6800 萬美元和每股 0.03 美元。按市值計價對不合格對沖的影響（不包括在調整後的收益中）是能源資源公司第三季度 GAAP 與調整後收益結果之間差異的主要驅動因素。

Contributions from new investments added $0.03 per share relative to the prior year comparable quarter primarily reflecting continued growth in our contracted renewables and battery storage program. The contribution from existing generation assets increased $0.01 per share year-over-year.

與去年同期相比，新投資的貢獻增加了每股 0.03 美元，主要反映了我們簽約的可再生能源和電池存儲計劃的持續增長。現有發電資產的貢獻同比增加了每股 0.01 美元。

Our customer supply and trading business contribution was $0.02 higher year-over-year due to favorable market conditions in our retail supply and power marketing businesses. All other impacts decreased results by $0.03 per share versus 2020 driven primarily by miscellaneous tax items.

由於我們的零售供應和電力營銷業務的有利市場條件，我們的客戶供應和貿易業務貢獻同比增長 0.02 美元。與 2020 年相比，所有其他影響導致每股收益減少 0.03 美元，主要受雜項稅收項目的推動。

As I mentioned earlier, Energy Resources development team had a record quarter of origination success, adding approximately 2,160 megawatts to our backlog. Since our last earnings call, we have added approximately 1,240 megawatts of new wind projects, 515 megawatts of new solar projects and 345 megawatts of new storage assets to our renewables and storage backlog. In addition, our backlog increased by Energy Resources' share of NextEra Energy Partners' planned acquisition of an approximately 100-megawatt operating wind project that the partnership is announcing today.

正如我之前提到的，能源資源開發團隊創造了創紀錄的四分之一成功，為我們的積壓增加了大約 2,160 兆瓦。自上次財報電話會議以來，我們在可再生能源和存儲儲備中增加了大約 1,240 兆瓦的新風能項目、515 兆瓦的新太陽能項目和 345 兆瓦的新存儲資產。此外，Energy Resources 在 NextEra Energy Partners 計劃收購該合作夥伴今天宣布的約 100 兆瓦運營風電項目中的份額增加了我們的積壓。

Through the 3 -- first 3 quarters of 2021, we have added more than 5,700 megawatts to our renewables and storage backlog. Energy Resources backlog of signed contracts now stands at approximately 18,100 megawatts. At this early stage, we have made terrific progress towards our long-term development expectations, with more than 7,600 megawatts of projects already in our post-2022 backlog.

在 2021 年的前 3 個季度中，我們的可再生能源和存儲儲備增加了 5,700 多兆瓦。已簽署合同的能源資源積壓現在約為 18,100 兆瓦。在這個早期階段，我們在實現長期發展預期方面取得了巨大進展，2022 年後的積壓項目已經超過 7,600 兆瓦。

Our backlog additions for the third quarter include a 500-megawatt wind project, the majority of which is contracted with a hydrogen fuel cell company. The project's customer intends to construct a nearby hydrogen electrolyzer facility that will use the wind energy production to supply up to 100% of the facility's load requirements. The hydrogen manufactured by the facility would enable commercial and industrial end users to replace their current gray hydrogen and fossil fuel purchases with emissions-free green hydrogen, further accelerating the decarbonization of the industrial and transportation sectors.

我們第三季度的積壓訂單包括一個 500 兆瓦的風電項目，其中大部分與一家氫燃料電池公司簽訂了合同。該項目的客戶打算在附近建造一個氫電解設施，該設施將利用風能生產來滿足該設施高達 100% 的負載需求。該設施生產的氫氣將使商業和工業最終用戶能夠用零排放的綠色氫氣代替他們目前購買的灰色氫氣和化石燃料，從而進一步加速工業和運輸部門的脫碳。

Energy Resources also added nearly 300 megawatts of battery storage projects in California, and we continued to experience significant demand from California-based utilities and commercial and industrial customers for reliable energy storage solutions. We are currently developing nearly 2,400 megawatts of additional co-located and stand-alone battery storage projects in California with the potential to be deployed in 2023 and 2024 to enhance reliability and help meet the state's energy storage capacity requirements and ambitious clean energy goals. More than 30 years, we have been investing in clean energy in California and are proud to help the state lead the country to a carbon-free, sustainable future.

Energy Resources 還在加州增加了近 300 兆瓦的電池存儲項目，我們繼續感受到加州公用事業和商業和工業客戶對可靠儲能解決方案的巨大需求。我們目前正在加利福尼亞州開發近 2,400 兆瓦的額外共址和獨立電池存儲項目，並有可能在 2023 年和 2024 年部署，以提高可靠性並幫助滿足該州的儲能容量要求和雄心勃勃的清潔能源目標。 30 多年來，我們一直在加利福尼亞州投資清潔能源，並自豪地幫助該州引領該國走向無碳、可持續的未來。

Consistent with our focus on growing our rate-regulated and long-term contracted business operations, during the third quarter, Energy Resources entered into an agreement to acquire a portfolio of rate regulated water and wastewater utility assets in 8 counties near Houston, Texas. The proposed acquisition expands our regulated utility business in an attractive market with significant expected customer growth and furthers our strategy to build a world-class water utility in the coming years. Subject to regulatory approvals, the acquisition is expected to close in 2022.

與我們專注於發展我們的費率管制和長期合同業務運營相一致，在第三季度，Energy Resources 簽訂了一項協議，收購德克薩斯州休斯頓附近 8 個縣的費率管制水和廢水公用事業資產組合。擬議的收購擴大了我們受監管的公用事業業務在一個有吸引力的市場中，預期客戶將顯著增長，並進一步推動我們在未來幾年建立世界級水務公用事業的戰略。待監管部門批准後，此次收購預計將於 2022 年完成。

Energy Resources is also currently in construction on an innovative water reuse and reclamation project that would help our customer achieve significant savings on its water supply needs and make its operations more efficient and sustainable while at the same time, delivering attractive returns to Energy Resources.

Energy Resources 目前還在建設一個創新的中水回用和再生項目，該項目將幫助我們的客戶顯著節省供水需求，使其運營更加高效和可持續，同時為 Energy Resources 帶來可觀的回報。

While the roughly $45 million total equity investment for these transactions is small in context of our overall capital program, we are optimistic about the strong growth anticipated in this new market and the potential for clean water solutions to generate additional contracted renewables opportunities going forward.

雖然在我們的整體資本計劃的背景下，這些交易的大約 4500 萬美元的總股權投資很小，但我們對這個新市場的強勁增長以及清潔水解決方案在未來產生更多合同可再生能源機會的潛力感到樂觀。

Turning now to the consolidated results for NextEra Energy. For the third quarter of 2021, GAAP net income attributable to NextEra Energy was $447 million or $0.23 per share. NextEra Energy's 2021 third quarter adjusted earnings and adjusted EPS were $1.48 billion and $0.75 per share, respectively. Adjusted results from Corporate and Other segment increased by $0.01 year-over-year.

現在轉向 NextEra Energy 的綜合結果。 2021 年第三季度，歸屬於 NextEra Energy 的 GAAP 淨收入為 4.47 億美元或每股 0.23 美元。 NextEra Energy 2021 年第三季度調整後收益和調整後每股收益分別為每股 14.8 億美元和 0.75 美元。企業和其他部門的調整後業績同比增長 0.01 美元。

Our long-term financial expectations through 2023 remain unchanged. For 2021, NextEra Energy expects adjusted earnings per share to be in a range of $2.40 to $2.54, and we would be disappointed not to be at or near the high end of this range. While we are pleased with our year-to-date results, which have exceeded the top end of our growth rate expectations so far for the year, we expect the fourth quarter results to include impacts from certain liability management activities that we are currently reviewing to take advantage of the low interest rate environment. These initiatives could generate negative adjusted EPS impacts of as much as $0.08 to $0.10 in the fourth quarter before translating to favorable net income contributions in future years and an overall improvement in net present value for our shareholders.

我們到 2023 年的長期財務預期保持不變。 NextEra Energy 預計 2021 年調整後的每股收益將在 2.40 美元至 2.54 美元之間，如果沒有達到或接近該範圍的高端，我們會感到失望。雖然我們對年初至今的業績感到滿意，該業績已超出我們今年迄今為止的增長率預期的上限，但我們預計第四季度業績將包括我們目前正在審查的某些負債管理活動的影響利用低利率環境。這些舉措可能會在第四季度產生高達 0.08 美元至 0.10 美元的負面調整後每股收益影響，然後才能轉化為未來幾年的有利淨收入貢獻以及我們股東淨現值的整體改善。

Looking further ahead, for 2022 and 2023, NextEra Energy expects to grow 6% to 8% off of the expected 2021 adjusted earnings per share. And we would be disappointed if we are not able to deliver financial results at or near the top end of these ranges in 2022 and 2023. Our earnings expectations are supported by what we believe is the most attractive organic investment opportunity set in our industry.

展望未來，對於 2022 年和 2023 年，NextEra Energy 預計將比預期的 2021 年調整後每股收益增長 6% 至 8%。如果我們無法在 2022 年和 2023 年達到或接近這些範圍的高端，我們將感到失望。我們的盈利預期得到了我們認為是我們行業中最具吸引力的有機投資機會的支持。

From 2018 to 2023, we continue to expect that operating cash flow will grow roughly in line with our adjusted EPS compound annual growth rate range. We also continue to expect to grow our dividends per share at roughly 10% rate per year through at least 2022 off of a 2020 base. As always, our expectations assume normal weather and operating conditions.

從 2018 年到 2023 年，我們繼續預計經營現金流的增長將大致符合我們調整後的每股收益複合年增長率範圍。我們還繼續預計，在 2020 年的基礎上，至少到 2022 年，我們的每股股息將以每年約 10% 的速度增長。與往常一樣，我們的預期假設天氣和運行條件正常。

Let me now turn to NextEra Energy Partners, which performed well and delivered third quarter results generally in line with our expectations. Yesterday, the NextEra Energy Partners Board declared a quarterly distribution of $0.685 per common unit or $2.74 per common unit on an annualized basis, continuing our track record of growing distributions at the top end of our 12% to 15% per year growth range. Inclusive of this increase, NextEra Energy Partners has now grown its distribution per unit by more than 265% since the IPO.

現在讓我談談 NextEra Energy Partners，它表現良好，第三季度的業績總體上符合我們的預期。昨天，NextEra 能源合作夥伴董事會宣布每普通單位的季度分配為 0.685 美元或按年計算每普通單位 2.74 美元，繼續我們在每年 12% 至 15% 的增長范圍的高端增長分配的記錄。包括這一增長在內，NextEra Energy Partners 自首次公開募股以來已將其每單位的分銷量增長了 265% 以上。

NextEra Energy Partners continues to execute against its growth initiatives during the quarter. Since the last earnings call, NextEra Energy Partners closed on its previously announced acquisitions of approximately 400 megawatts of operating wind projects from a third party and approximately 590 net megawatts of geographically diverse wind and solar projects from Energy Resources. In addition, today, we are announcing an agreement to acquire an approximately 100-megawatt operating wind asset in California from a third party to further expand NextEra Energy Partners portfolio and enhance its long-term growth visibility. The project is located in a strategic market with strong expected growth in renewables demand, and it also offers significant optionality to NextEra Energy Partners in terms of operational savings and long-term value creation.

NextEra Energy Partners 在本季度繼續執行其增長計劃。自上次財報電話會議以來，NextEra Energy Partners 完成了此前宣布的從第三方收購約 400 兆瓦的運營風電項目和來自 Energy Resources 的約 590 兆瓦的地理多樣化風能和太陽能項目的收購。此外，今天，我們宣布達成協議，從第三方收購加利福尼亞州約 100 兆瓦的運營風能資產，以進一步擴大 NextEra Energy Partners 的投資組合併提高其長期增長的可見性。該項目位於可再生能源需求強勁預期增長的戰略市場，並且在運營節省和長期價值創造方面也為 NextEra Energy Partners 提供了重要的選擇權。

NextEra Energy Partners intends to purchase the asset for a total consideration of approximately $280 million, subject to closing adjustments, which includes the assumption of approximately $150 million in existing project finance debt estimated at the time of closing. NextEra Energy Partners expects to recapitalize this project finance debt in 2022 as it executes on its overall financing plan for the year. We expect to fund the approximately $130 million balance of the purchase price using existing debt capacity. Subject to regulatory approvals, the acquisition is expected to close later this year or in 2022.

NextEra Energy Partners 打算以約 2.8 億美元的總對價購買該資產，但需進行收盤調整，其中包括在收盤時估計的現有項目融資債務約 1.5 億美元。 NextEra Energy Partners 預計將在 2022 年對該項目的融資債務進行資本重組，以執行其當年的總體融資計劃。我們預計將利用現有的債務能力為購買價格中約 1.3 億美元的餘額提供資金。待監管部門批准後，此次收購預計將於今年晚些時候或 2022 年完成。

Following the project debt paydown next year, the asset is expected to contribute adjusted EBITDA and unlevered cash available for distribution of approximately $22 million to $27 million, each on a 5-year average run rate -- annual run rate basis beginning December 31, 2022. NextEra Energy Partners continues to leverage its competitive advantages to be successful in third-party M&A and extend its long runway of growth.

在明年償還項目債務後，該資產預計將貢獻調整後的 EBITDA 和可用於分配的無槓桿現金約 2200 萬至 2700 萬美元，每項按 5 年平均運行率計算——從 2022 年 12 月 31 日開始的年運行率基礎. NextEra Energy Partners 繼續利用其競爭優勢在第三方併購中取得成功，並延長其長期增長的跑道。

Consistent with our long-term growth prospects, today, we are also introducing year-end 2022 run rate expectations, which are built upon its strong existing portfolio cash generation and continued ability to access low-cost capital to acquire accretive renewable energy projects. Overall, we are pleased with the year-to-date execution at NextEra Energy Partners, and we believe we are well positioned to continue delivering LP unitholder value going forward.

與我們的長期增長前景一致，今天，我們還推出了 2022 年年底的運行率預期，該預期建立在其強大的現有投資組合現金產生和持續獲得低成本資本以收購增值可再生能源項目的能力之上。總體而言，我們對 NextEra Energy Partners 年初至今的執行情況感到滿意，我們相信我們有能力在未來繼續為 LP 單位持有人提供價值。

Now let's look at the detailed results. Third quarter adjusted EBITDA was $334 million, up approximately 7% from the prior year comparable quarter due to growth in the underlying portfolio. New projects, which primarily reflect the asset acquisitions that closed at the end of 2020 and the recently closed acquisition of 391 megawatts of operating wind assets from a third party, contributed $23 million. Existing assets contributed $7 million primarily driven by the wind repowerings that occurred in the fourth quarter of last year and an improvement in wind resource.

現在讓我們看看詳細的結果。由於基礎投資組合的增長，第三季度調整後的 EBITDA 為 3.34 億美元，比上年可比季度增長約 7%。新項目主要反映了 2020 年底完成的資產收購以及最近從第三方完成的 391 兆瓦運營風電資產收購，貢獻了 2300 萬美元。現有資產貢獻了 700 萬美元，主要是由於去年第四季度發生的風力發電改造和風力資源的改善。

Wind resource for the third quarter was 101% of the long-term average versus 96% in the third quarter of 2020. These favorable impacts were partially offset by lower solar resource in the third quarter of this year. Cash available for distribution of $158 million for the third quarter declined by $4 million versus the prior year primarily as a result of lower year-over-year PAYGO payments after a weaker wind resource period in the second quarter of this year. As a reminder, NextEra Energy Partners recapitalized its Genesis Solar Project and other existing assets at the end of last year, and the impact of this new project level financing cost versus the prior year was offset by an associated reduction in corporate level interest expense as reflected in our other category. Additional details of our third quarter results are shown on the accompanying slide.

第三季度的風能資源為長期平均水平的 101%，而 2020 年第三季度為 96%。這些有利影響被今年第三季度太陽能資源的減少部分抵消。第三季度可用於分配的現金為 1.58 億美元，與去年同期相比減少了 400 萬美元，這主要是由於今年第二季度風能資源期疲軟後的 PAYGO 支付同比減少。提醒一下，NextEra Energy Partners 在去年底對其 Genesis 太陽能項目和其他現有資產進行了資本重組，這一新項目融資成本與上一年相比的影響被公司層面利息費用的相關減少所抵消在我們的其他類別中。我們第三季度業績的其他詳細信息顯示在隨附的幻燈片中。

On a year-to-date basis versus 2020, adjusted EBITDA and cash available for distribution have increased by roughly 9% and 6%, respectively. And NextEra Energy Partners remains well positioned to continue to deliver on its outstanding growth objectives.

與 2020 年相比，調整後的 EBITDA 和可用於分配的現金分別增長了約 9% 和 6%。 NextEra Energy Partners 仍處於有利地位，可以繼續實現其出色的增長目標。

We continue to expect NextEra Energy Partners portfolio to support an annualized rate of fourth quarter 2021 distribution that is payable in February of 2022 to be in a range of $2.76 to $2.83 per common unit. From a base of our fourth quarter 2020 distribution per common unit at an annualized rate of $2.46, we continue to see 12% to 15% growth per year in LP distributions as being a reasonable range of expectations through at least 2024.

我們繼續預計 NextEra Energy Partners 投資組合將支持 2022 年 2 月支付的 2021 年第四季度分配的年化利率，其範圍為每普通單位 2.76 美元至 2.83 美元。從我們 2020 年第四季度每個普通單位的年化率為 2.46 美元的分配基數來看，我們繼續認為 LP 分配每年增長 12% 至 15% 是至少到 2024 年的合理預期範圍。

NextEra Energy Partners continues to expect to be in the upper end of our previously disclosed year-end 2021 run rate adjusted EBITDA and cash available for distribution expectation ranges of $1.44 billion to $1.62 billion and $600 million to $680 million, respectively. We expect to achieve our 2022 distribution growth of 12% to 15% while maintaining a trailing 12-month payout ratio in the low 80% range. By year-end 2022, we expect the run rate for adjusted EBITDA to be in the range of $1.775 billion to $1.975 billion and run rate for cash available for distribution to be in the range of $675 million to $765 million.

NextEra Energy Partners 繼續預計將處於我們先前披露的 2021 年底運行率調整後 EBITDA 和可用於分配的現金預期範圍分別為 14.4 億美元至 16.2 億美元和 6 億美元至 6.8 億美元的高端。我們預計在 2022 年實現 12% 至 15% 的分銷增長，同時將過去 12 個月的派息率保持在 80% 的低位。到 2022 年底，我們預計調整後 EBITDA 的運行率將在 17.75 億美元至 19.75 億美元之間，可供分配的現金運行率將在 6.75 億美元至 7.65 億美元之間。

At the midpoint, these revised expectations ranges reflect estimated growth in adjusted EBITDA and cash available for distribution of roughly 23% and 13%, respectively, from the comparable year-end 2021 run rate expectations. These growth rates are supported by our strong execution against our long-term growth objectives in 2021, including opportunistic third-party transactions that were not previously in our plan. As a reminder, all of our expectations are subject to our normal caveats and include the impact of anticipated IDR fees as we treat these as an operating expense.

在中點，這些修訂後的預期範圍反映了調整後 EBITDA 和可用於分配的現金的估計增長，分別比 2021 年底可比運行率預期增長約 23% 和 13%。這些增長率得到了我們對 2021 年長期增長目標的強有力執行的支持，包括以前不在我們計劃中的機會主義第三方交易。提醒一下，我們所有的期望都受到我們正常警告的約束，並包括預期 IDR 費用的影響，因為我們將這些費用視為運營費用。

Finally, during the quarter, S&P updated its ratings methodology for NextEra Energy Partners. And in particular, it will now evaluate NextEra Energy Partners debt metrics on a funds from operations, or FFO, to debt basis with a downgrade threshold of 14% instead of a debt-to-EBITDA basis. We believe that the combination of S&P's updated methodology, its assessment of NextEra Energy Partners' improving diversity and its use of less conservative assumptions in the portfolios and renewable generation cash flows will allow for [$700 million] more of financing flexibility relative to our previous assumptions, providing the partnership with even greater flexibility going forward to finance accretive acquisition for the benefit of our unitholders.

最後，在本季度，標準普爾更新了 NextEra Energy Partners 的評級方法。特別是，它現在將評估 NextEra Energy Partners 的債務指標，從運營資金或 FFO 到債務基礎，降級門檻為 14%，而不是債務對 EBITDA 的基礎。我們認為，標準普爾更新的方法、其對 NextEra Energy Partners 改善多樣性的評估以及在投資組合和可再生能源現金流中使用不太保守的假設相結合，將相對於我們之前的假設增加 [7 億美元] 的融資靈活性，為合作夥伴關係提供更大的靈活性，為我們的單位持有人的利益進行增值收購融資。

In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners have some of the best opportunity sets and execution track records in the industry, and we remain as enthusiastic as ever about our future prospects. That concludes our prepared remarks. And with that, we will open up the line for questions.

總之，我們仍然相信 NextEra Energy 和 NextEra Energy Partners 都擁有業內最好的機會組合和執行記錄，我們對未來前景一如既往地充滿熱情。我們準備好的發言到此結束。有了這個，我們將打開問題的線路。

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

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

Impressive continued results here. Just if I can ask you at the outset here, can you perhaps describe how you see the backdrop here given the litany of different policy efforts underway around the availability of panel imports and just how that positions your ability to execute right now? I certainly hear it echoing through your comments, but I just want to speak to that a little bit more specifically, if we can.

令人印象深刻的持續成果在這裡。如果我可以在這裡一開始就問你，你能否描述一下你如何看待這裡的背景，因為圍繞面板進口的可用性正在進行一系列不同的政策努力，以及這如何定位你現在的執行能力？我當然從你的評論中聽到了它的迴響，但如果可以的話，我只想更具體地談談這一點。

And then subsequently, on the origination side, obviously, well done again. How do you think about just the elevated energy price backdrop that we're seeing today? How quickly is that commencing sort of a reinvigorated demand backdrop? And when could that materialize as you think about the backdrop -- in the '23, '24 backdrop or beyond?

然後隨後，在起源方面，顯然，再次做得很好。您如何看待我們今天看到的能源價格上漲的背景？這種重新振興的需求背景會以多快的速度出現？當您考慮背景時，什麼時候可以實現 - 在 '23、'24 背景或以後？

Thank you, Julien. I appreciate the questions. As you even prefaced in your set of questions, we're pretty excited about the opportunities for both of the major businesses, both Florida Power & Light and Energy Resources, and specifically on the renewable side in Energy Resources. The team just had an awesome origination quarter, and that's kind of on the heels of other awesome origination quarters going back now for quite some time, setting us up for tremendous growth in the coming years.

謝謝你，朱利安。我很欣賞這些問題。正如您在一系列問題中所言，我們對佛羅里達電力與照明和能源資源這兩個主要企業的機會感到非常興奮，特別是在能源資源的可再生能源方面。該團隊剛剛經歷了一個很棒的創始季度，這與其他很棒的創始季度相比已經有很長一段時間了，為我們在未來幾年的巨大增長做好了準備。

So in terms of demand backdrop, to kind of answer the second question first, it's terrific. And we're really excited about the value proposition of renewables looking forward, both in terms of being low cost and the ability to decarbonize both the electricity sector and other sectors as we've talked about.

因此，就需求背景而言，首先回答第二個問題，這太棒了。我們對可再生能源的價值主張感到非常興奮，無論是在低成本方面，還是在我們已經談到的電力部門和其他部門的脫碳能力方面。

It's been an exciting 18 months for our integrated supply chain and engineering construction teams. Lots of opportunities to navigate uncertainties, likes of which we and the industry probably haven't seen in quite some time. And it's also in the midst of enormous growth for us, a record year of renewables deployment last year and another terrific capital deployment year this year. So both growth and opportunities to show what we can do.

對於我們的綜合供應鍊和工程建設團隊來說，這是令人興奮的 18 個月。有很多機會來應對不確定性，我們和整個行業可能在很長一段時間內都沒有看到這樣的機會。對我們來說，它也正處於巨大的增長之中，去年是可再生能源部署創紀錄的一年，今年又是一個了不起的資本部署年。因此，增長和機會都展示了我們的能力。

It's good to be us. And we've highlighted that in the past in the sense of being large in this industry. Having significant capital dollars to put to work enables us to have strong relationships and extensive relationships with those in the supply chain to help navigate these uncertainties. We feel good about our ability to navigate them. The plan does get iterated from time to time as the circumstances change, but we feel good about the long-term view for renewables and our ability to deliver on our expectations.

能成為我們很好。我們在過去已經強調了在這個行業中做大的意義。擁有大量資金投入工作，使我們能夠與供應鏈中的各方建立牢固和廣泛的關係，以幫助應對這些不確定性。我們對自己駕馭它們的能力感到滿意。隨著情況的變化，該計劃確實會不時進行迭代，但我們對可再生能源的長期觀點以及我們實現預期的能力感到滿意。

Hey, Julien. This is Jim. Just -- the only thing I'd add is I think people don't really appreciate, the 10-year strip is up $1 since January. It's hugely positive for the renewable business, enormously positive, right? So...

嘿，朱利安。這是吉姆。只是——我唯一要補充的是，我認為人們並不真正欣賞，10 年期的債券自 1 月以來上漲了 1 美元。這對可再生能源業務非常有利，非常有利，對吧？所以...

Our next question comes from Steve Fleishman from Wolfe Research.

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

Just could you maybe just give the name of the -- who the counterparty is for the green hydrogen project?

您能否說出綠色氫項目的對手方的名稱？

Yes. We prefer not to, Steve. We're obviously really excited about the opportunity to supply them and provide this energy, and we think it is a great start to the hydrogen economy. But we'll leave that discussion for a later date.

是的。我們不願意，史蒂夫。我們顯然對有機會供應它們並提供這種能源感到非常興奮，我們認為這是氫經濟的一個良好開端。但我們將把討論留到以後。

Okay. And then just on the -- a different way to ask the supply chain question. Just within your -- obviously, you add a lot to your backlog. If you look at the existing backlog, did anything move around meaningfully between years in the backlog?

好的。然後就 - 一種不同的方式來詢問供應鏈問題。就在你的——顯然，你給你的積壓工作增加了很多。如果您查看現有的積壓工作，在積壓工作的年份之間是否有任何有意義的變化？

No. I appreciate the question. No, nothing that I would consider to be meaningful at all. There's a couple of projects that moved out and a couple of projects that moved in, in terms of time frames, but very much consistent with our expectations. And as I highlighted at a very high level in response to Julien's question, we feel good about our plans of bringing in the projects we expect to bring into service in 2021 and have good line of sight for executing on the development plans thereafter.

不，我很欣賞這個問題。不，我認為沒有任何意義。就時間框架而言，有幾個項目移出，一些項目移入，但與我們的預期非常一致。正如我在回答 Julien 的問題時高度強調的那樣，我們對我們計劃在 2021 年投入使用的項目感到滿意，並且對之後的發展計劃執行有良好的視野。

Okay. And then last question, just obviously, I have to ask about the DC and the proposed clean energy credits and the reconciliation, et cetera. Maybe just latest thoughts on what's most important to you and the likelihood and path to passage, how you're feeling about it.

好的。然後是最後一個問題，很明顯，我必須詢問有關 DC 和提議的清潔能源信用額度以及和解等問題。也許只是關於什麼對您最重要以及通過的可能性和途徑以及您對此有何感受的最新想法。

So Steve, it's Jim. I would say that we remain cautiously optimistic that something happens on that front. I think I said earlier, if there is a reconciliation bill, I would be shocked if there isn't a long-term extension of the credits embedded in that. And I think that's reasonably high odds if the Democrats can come to terms amongst themselves around what would be in the reconciliation bill. And that's not an easy -- as we've seen play out over the last several weeks, that's not an easy -- that's not easy. And there's obviously within that caucus a lot of varying views across the board.

所以史蒂夫，是吉姆。我想說，我們對在這方面發生一些事情保持謹慎樂觀。我想我之前說過，如果有一個和解法案，如果沒有長期延長其中嵌入的信用，我會感到震驚。而且我認為，如果民主黨人能夠就和解法案中的內容達成協議，那將是相當高的可能性。這並不容易——正如我們在過去幾週看到的那樣，這並不容易——這並不容易。顯然，在該核心小組中存在很多不同的觀點。

But I think -- so I remain cautiously optimistic that something happens there. And then if something happens there, we feel good about the fact that there'll be a long-term extension of the credits and that there will be support for other types of clean energy such as hydrogen, a stand-alone storage, ITC, et cetera. So yes, it would be very constructive for us. We think it's important part of the decarbonization of the U.S. economy to accelerate that. And I mean we've increasingly -- as we think about our own strategy going forward, we're increasingly thinking about ourselves as the company that's going to lead not only the clean energy transformation of the electric grid, but really the clean energy transformation of the U.S. economy and the decarbonization of the U.S. economy because the electric grid is going to be the key to decarbonizing the transport sector. It's going to be the key to decarbonizing the industrial sector. And so we're really positioning ourselves to be the leader there, and I feel very good about both the policy tailwinds that we have as well as how our business is executing along those goals.

但我認為 - 所以我對那裡發生的事情保持謹慎樂觀。然後，如果那裡發生了什麼事，我們對信用額度的長期延長以及對其他類型的清潔能源的支持感到滿意，例如氫、獨立存儲、ITC、等等。所以，是的，這對我們來說是非常有建設性的。我們認為加速這一進程是美國經濟脫碳的重要組成部分。我的意思是，當我們考慮自己的未來戰略時，我們越來越多地認為自己是一家不僅將引領電網清潔能源轉型，而且真正引領清潔能源轉型的公司美國經濟和美國經濟的脫碳，因為電網將成為運輸部門脫碳的關鍵。這將是工業部門脫碳的關鍵。因此，我們確實將自己定位為那裡的領導者，我對我們所擁有的政策順風以及我們的業務如何按照這些目標執行感到非常滿意。

And I'm sorry, just one follow-up. The -- this wind project for green hydrogen, is it -- does it depend on the hydrogen PTC passing? Or is it happening either way?

我很抱歉，只是一個後續行動。 - 這個綠色氫的風能項目，是不是 - 它取決於氫PTC通過嗎？還是以任何一種方式發生？

No. It's a contract with the customer irrespective of any sort of subsequent policy changes.

不，這是與客戶簽訂的合同，無論後續政策有何變化。

Our next question comes from Shar Pourreza from Guggenheim Partners.

我們的下一個問題來自 Guggenheim Partners 的 Shar Pourreza。

Okay. I just wanted to maybe just drill down a little bit more on the backlog there. Can you just maybe talk a little bit about what you're seeing in terms of the higher input costs for projects? I mean we've seen some headwinds from developers and manufacturers recently on the labor, steel, transportation, et cetera. What are you -- and we're hearing some commercial and utility scale projects are being pushed out. What are you seeing -- are you seeing any impact to the project economics, especially for the ones that are marginal? Is anyone kind of with signed contracts maybe bulking, especially if the PPA terms are somewhat flexible as we think about when a shovel needs to be put in the ground? So you're not seeing it right now, but is there any inkling on potential projects potentially being shifted out as buyers wait for some input cost relief?

好的。我只是想進一步深入了解那裡的積壓工作。您能否談談您所看到的項目投入成本較高的情況？我的意思是，我們最近看到開發商和製造商在勞動力、鋼鐵、運輸等方面遇到了一些不利因素。你是什麼——我們聽說一些商業和公用事業規模的項目正在被推出。您看到了什麼——您是否看到對項目經濟性的任何影響，尤其是對那些邊緣性的影響？是否有人簽署了合同可能會變大，特別是如果 PPA 條款在我們考慮何時需要將鏟子放入地下時有些靈活？所以你現在沒有看到它，但是隨著買家等待一些投入成本的降低，潛在項目是否可能被轉移出去？

Shar, I'm not sure I'm following completely the question. Are you asking whether or not there are other projects, not our projects, but other projects that might be experiencing those? Or are you asking for us? Because I wasn't sure who the buyers were in that -- in your question.

夏爾，我不確定我是否完全遵循了這個問題。您是在問是否有其他項目，不是我們的項目，而是其他可能正在經歷的項目？還是你問我們？因為我不確定買家是誰——在你的問題中。

Sorry, specifically for your projects.

抱歉，專門針對您的項目。

We are not having anything notable from a buyer perspective. And from our customers' perspective, we have a contract, and we are expecting to execute against what's laid out in those contracts. And from a supply chain standpoint, I think we're very well positioned to navigate these uncertainties and, as I highlighted, line of sight of bringing out the projects that we intend to bring in, in '21 into service and have great plans for executing against our '22 development program. And obviously, beyond that, one, there's a lot still to be seen as to what those conditions will ultimately be because now we're talking 2-plus years out. But we have a great team and a great position in the industry to be able to navigate those.

從買家的角度來看，我們沒有任何值得注意的東西。從我們客戶的角度來看，我們有一份合同，我們希望按照這些合同中的規定執行。從供應鏈的角度來看，我認為我們已經做好了應對這些不確定性的準備，並且正如我強調的那樣，將我們打算在 21 年投入使用的項目投入使用，並製定了偉大的計劃執行我們的 '22 開發計劃。顯然，除此之外，關於這些條件最終會是什麼樣子還有很多事情要做，因為現在我們談論的是 2 年多以後。但我們擁有一支優秀的團隊和在行業中的重要地位，能夠駕馭這些。

From a customer standpoint, we're continuing to see strong demand for new renewables. I think that's obvious from the contract signings that we were able to announce today. And John and his team have terrific backlog beyond that of opportunities that we have yet to sign, and the team is really excited about being out in the field and talking with our customers. It is just a terrific time for renewables in our industry.

從客戶的角度來看，我們繼續看到對新可再生能源的強勁需求。我認為從我們今天能夠宣布的合同簽約中可以明顯看出這一點。除了我們尚未簽署的機會之外，John 和他的團隊還有大量的積壓工作，團隊對於能夠在現場與我們的客戶交談感到非常興奮。對於我們行業的可再生能源來說，這只是一個極好的時代。

Got it. Maybe just quickly shifting to the regulated utility. Just wondering also, how much more headroom from incremental O&M efficiencies do you still anticipate from the legacy Gulf asset? And how is that sort of headroom impacted from the recent run-up in commodity costs, mainly natural gas, right? So a bit of an efficiency and bill headroom question embedded there.

知道了。也許只是迅速轉向受監管的公用事業。只是想知道，您還期望從傳統的海灣資產中增加多少 O&M 效率？最近商品成本（主要是天然氣）的上漲對這種淨空有什麼影響，對吧？因此，其中嵌入了一些效率和賬單淨空問題。

Sure, Shar. And obviously, we continue to work diligently at now what's going to be FPL going forward, particularly assuming the settlement agreement is approved next week by the commission. Gulf will be fully incorporated into the broader FPL enterprise. It largely is today, but obviously, from a regulatory standpoint, operates separately at least through the end of this year. We think there are continued opportunities to focus on optimization across the businesses. That's part of what we do as a company, is look for those opportunities to take opportunities to bring efficiencies to the business and, of course, invest capital to take cost out and lower fuel costs over time.

當然，夏爾。顯然，我們現在繼續努力工作，特別是假設和解協議在下週得到委員會的批准。海灣將完全納入更廣泛的 FPL 企業。它主要是今天，但顯然，從監管的角度來看，至少在今年年底之前是分開運作的。我們認為有持續的機會專注於整個業務的優化。這是我們作為一家公司所做的一部分工作，就是尋找機會，抓住機會提高業務效率，當然，隨著時間的推移，投資資本以降低成本並降低燃料成本。

One of the great ways that FPL, and that includes Gulf as part of it, will be to continue to deploy solar over the long term. Because as you all well know, not only does it have the clean energy benefits, but it has low operating costs and no fuel costs, which will be a great offset in diversification in the state of Florida from our existing generation set. So I think there's continued opportunities. There's still a lot of work to be done. We focus hard on that every day, and we think the team is -- all the cards are in the hand to be able to continue executing.

FPL（包括海灣作為其中的一部分）將繼續長期部署太陽能的好方法之一。因為眾所周知，它不僅具有清潔能源優勢，而且運營成本低且無燃料成本，這將大大抵消我們現有發電機組在佛羅里達州的多樣化。所以我認為還有持續的機會。還有很多工作要做。我們每天都專注於這一點，我們認為團隊是——所有的牌都在手中，能夠繼續執行。

Got it. So I guess just to -- not to paraphrase, but the recent jump in gas, and obviously, Jim highlighted the move in the forwards, that shouldn't really impact sort of the bill headroom just given the other leverage you have at the business?

知道了。所以我想只是--不是解釋，而是最近的天然氣價格上漲，顯然，吉姆強調了前鋒的舉動，考慮到你在業務中擁有的其他影響力，這不應該真正影響某種賬單淨空?

Yes. So Shar, I would think if you look back at where we have taken the opportunity to invest capital historically, it really is on bringing long-term value to our customers. So being able to deliver lower cost over time, higher reliability, greater resilience, greater diversification and those clean energy benefits. And it would be shortsighted to stop investing in opportunities that are really clearly good for customers. We're very mindful of customer bills. You hear that from us from every day -- in all of our communications and it's what we focus on day to day, is making sure we have a terrific value proposition for our customers, and we will do everything we can to moderate those impacts over time.

是的。所以夏爾，我想如果你回顧一下我們歷史上利用機會投資資本的地方，它確實是為我們的客戶帶來長期價值。因此，能夠隨著時間的推移提供更低的成本、更高的可靠性、更大的彈性、更大的多樣化以及這些清潔能源的好處。停止投資對客戶真正有利的機會是短視的。我們非常注意客戶的賬單。您每天都從我們那裡聽到這一點——在我們所有的溝通中，這是我們每天關注的重點，確保我們為客戶提供了極好的價值主張，我們將盡一切努力緩和這些影響時間。

Our next question comes from Michael Lapides from Goldman Sachs.

我們的下一個問題來自高盛的 Michael Lapides。

I have 1 or 2 here. First of all, the water and wastewater utility system acquisitions in Texas, can you talk about just the size and scale of the capital you're employing there for that? And then more long term, kind of more strategic, how do you think about the opportunity for growth in that business? Is it more organic? Is it more kind of continuing to roll up neighboring systems? Or are you thinking about a national strategy here?

我這裡有 1 或 2 個。首先，在德克薩斯州收購水和污水公用事業系統，你能談談你在那裡使用的資金的規模和規模嗎？然後更長期，更具戰略性，您如何看待該業務的增長機會？是不是更有機？是不是更像是繼續捲起相鄰的系統？還是您正在考慮這裡的國家戰略？

Thanks for the question. We did include in the prepared remarks, the comment about the $45 million. And that $45 million includes both the acquisition of the regulated utility assets as well as that innovative water reuse and reclamation project that we talked about at -- also at Energy Resources. So in terms of our capital program, investing $15 billion a year and more over time, it's pretty small. But we referenced it for a good reason, and that's because we're excited about the opportunities. I think it's a lot like transmission in the sense that it will be built slowly over time and create opportunities for us to continue to have that regulated and long-term contracted base of value creation for shareholders.

謝謝你的問題。我們確實在準備好的評論中包含了關於 4500 萬美元的評論。這 4500 萬美元包括收購受監管的公用事業資產以及我們在能源資源公司談到的創新的水再利用和回收項目。因此，就我們的資本計劃而言，每年投資 150 億美元甚至更多，這非常小。但我們引用它是有充分理由的，那是因為我們對這些機會感到興奮。我認為這很像傳輸，因為它將隨著時間的推移慢慢建立，並為我們創造機會，繼續為股東創造受監管和長期合同的價值基礎。

On the other part, the kind of innovative use and reclamation project that we talked about on the Energy Resources side, those also bring clean energy renewable opportunities. As we're able to bring this broad suite of clean energy and ESG-focused investment opportunities for our commercial and industrial customers, that gives us the opportunity to have a deep relationship with them, not just bring one solution but bring a portfolio of options to them. So we think it's a terrific opportunity for Energy Resources team to develop those meaningful relationships with our customers. So it's both an investment and a strategic opportunity from our perspective.

另一方面，我們談到的能源方面的創新利用和回收項目，也帶來了清潔能源可再生的機會。由於我們能夠為我們的商業和工業客戶帶來這一廣泛的清潔能源和以 ESG 為重點的投資機會，這使我們有機會與他們建立深厚的關係，不僅提供一個解決方案，而且帶來一系列選擇給他們。因此，我們認為能源團隊與我們的客戶建立有意義的關係是一個絕佳的機會。因此，從我們的角度來看，這既是投資，也是戰略機遇。

Got it. And then one question on Seabrook. And I know in the grand scheme of NEER's earnings power, Seabrook, while it's a large plant, is nowhere near the biggest contributor of that. But just curious, how should we think about how much you financially hedge Seabrook? I'm just thinking about, given the move in forward power prices, and Jim referenced the move in natural gas, the $1 increase in the strip, how we should think about whether Seabrook actually benefits from that materially. Or had you already significantly hedged it out prior?

知道了。然後是關於 Seabrook 的一個問題。而且我知道，在 NEER 盈利能力的宏偉計劃中，Seabrook 雖然是一家大型工廠，但遠不是最大的貢獻者。但只是好奇，我們應該如何考慮您在財務上對 Seabrook 進行了多少對沖？我只是在考慮，考慮到遠期電價的變動，Jim 提到了天然氣的變動，地帶增加了 1 美元，我們應該如何考慮 Seabrook 是否真的從中受益。或者您之前是否已經對它進行了重大的對沖？

Yes. So we have an ongoing hedging program that we execute ratably over time, executing a percentage of Seabrook's forward generation. So I would characterize it as pretty well hedged in the next couple of years. And then as you get out into the latter part of the 2020s and into the 2030s and beyond, less so. So it obviously would benefit that if you mark-to-market that forward position, clearly, there's been some upside with the increase in natural gas prices and some of the congestion you've seen in the Northeast in terms of electricity prices. Whether that lasts in the long term, I think, remains to be seen, but certainly an opportunity for Seabrook.

是的。因此，我們有一個持續的對沖計劃，隨著時間的推移，我們會按比例執行，執行 Seabrook 前一代的一部分。所以我認為它在接下來的幾年裡被很好地對沖。然後，當您進入 2020 年代後期和 2030 年代及以後，情況會有所不同。因此，如果您按市價計算這一遠期頭寸，顯然，天然氣價格上漲以及您在東北部看到的電價擁堵情況會帶來一些好處，這顯然會受益。我認為，這是否能長期持續還有待觀察，但對於 Seabrook 來說無疑是一個機會。

We continue to believe Seabrook is very well placed. It is in a particularly advantageous load zone. It's obviously in a region that values clean energy deeply. And you think about broad decarbonization in any part of the U.S., including the Northeast, well-positioned nuclear assets will be a key part of making that happen. So we very much appreciate the -- our nuclear team and think they do a terrific job every day, and Seabrook is a key part of that.

我們仍然相信 Seabrook 處於非常有利的位置。它處於特別有利的負載區。這顯然是在一個高度重視清潔能源的地區。你想想美國任何地區的廣泛脫碳，包括東北部，定位良好的核資產將是實現這一目標的關鍵部分。因此，我們非常感謝我們的核團隊，並認為他們每天都做得很好，Seabrook 是其中的關鍵部分。

Our next question comes from Maheep Mandloi from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

Two on NEP actually, one on the multiple for the acquisition, comes out around 11x EBITDA versus the 9x we saw for the prior 2 acquisitions, so job done. I just want to understand, has that been new normal you're seeing for asset acquisitions? Or anything specific to these projects? And just second one, on the 2022 CAFD work, just want to confirm if it includes any repayment for the first BlackRock CEPF closed in 2018.

實際上，NEP 的兩個，一個收購的倍數，大約是 11 倍 EBITDA，而我們在前兩次收購中看到的為 9 倍，所以工作完成了。我只是想了解，這是否是您在資產收購中看到的新常態？或者這些項目的特定內容？第二個，關於 2022 CAFD 的工作，只是想確認它是否包括對 2018 年關閉的第一個貝萊德 CEPF 的任何還款。

So I'll come back to the second question. In terms of the transaction, as we highlighted, it was a third-party transaction. So it reflects a negotiated outcome. And we continue to believe that the renewable sector remains of high interest for a lot of folks and expect it to be competitive over time. But I think you can see with this transaction and with a prior third-party transaction that we announced and closed earlier this year, there are some specific advantages that NextEra Energy Partners has, both in its ability to find attractive financing, but also the relationship it has with NextEra Energy Resources of being able to add value on the operating side and bring to bear all of the scale benefits that we have.

所以我會回到第二個問題。就交易而言，正如我們所強調的，這是一項第三方交易。因此，它反映了談判的結果。我們仍然相信，可再生能源行業對很多人來說仍然很感興趣，並希望隨著時間的推移它會具有競爭力。但我認為你可以從這筆交易和我們今年早些時候宣布並完成的之前的第三方交易中看到，NextEra Energy Partners 有一些具體的優勢，無論是在尋找有吸引力的融資方面，還是在關係方面它與 NextEra Energy Resources 一起能夠在運營方面增加價值並承擔我們擁有的所有規模效益。

So in terms of the second part of the question, I think you were asking about the 2018 CEPF and the -- ultimately, the conversion that will happen in the very latter part of this year. And we're still -- obviously, some significant part of that gets converted, up to 70% of it in NEP units, and the balance is paid in cash. And we are still working through what the full impacts are and how we will finance that over time. But as we've laid out in terms of our run rate expectations, we will expect that year-end '22 to be in the ranges that we outlined today.

因此，就問題的第二部分而言，我認為您是在詢問 2018 年 CEPF 以及最終將在今年下半年發生的轉換。而且我們仍然 - 顯然，其中很大一部分被轉換了，其中高達 70% 以 NEP 單位進行轉換，餘額以現金支付。我們仍在研究全面影響是什麼，以及隨著時間的推移我們將如何為其融資。但正如我們在運行率預期方面所闡述的那樣，我們預計 22 年年底將在我們今天概述的範圍內。

Our next question comes from Durgesh Chopra from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Durgesh Chopra。

I just wanted to go back to the water utility acquisition strategy a bit. Obviously, this is in Texas, but there's obviously a ton of small municipal systems across the country, which are sort of owned by small mom-and-pop type facilities. Just are you going to sort of be more aggressive throughout the country? Or is there something specific about Texas as we think about you sort of competing for these small water utility systems?

我只是想稍微回到水務公司的收購戰略。顯然，這是在德克薩斯州，但全國各地顯然有大量小型市政系統，它們屬於小型夫妻式設施。只是你會在全國范圍內變得更加激進嗎？或者當我們認為你在競爭這些小型供水系統時，德克薩斯州有什麼特別之處嗎？

Yes. I think it's a great question. As we've highlighted -- I highlighted, obviously, in the prepared remarks and Jim has highlighted elsewhere in recent months, we're really excited about building a significant presence in the water business. And we think there's a lot of skills and capabilities and, of course, the broad platform we have that we could bring real value in these acquisitions. But as you highlighted, they tend to be very small and whether they're privately owned or owned by municipalities, almost -- irregardless of the ownership structure, they tend to be small. Even the one I talked about today is incorporated with something else, and it totals up $45 million in context of our $15 billion capital program.

是的。我認為這是一個很好的問題。正如我們所強調的那樣——顯然，我在準備好的評論中強調了，而 Jim 最近幾個月在其他地方也強調了，我們對在水務行業建立重要的影響力感到非常興奮。我們認為有很多技能和能力，當然還有我們擁有的廣闊平台，我們可以在這些收購中帶來真正的價值。但正如您所強調的，它們往往非常小，無論它們是私人擁有還是由市政當局擁有，幾乎——無論所有權結構如何，它們往往都很小。甚至我今天談到的那個也與其他東西合併，在我們 150 億美元的資本計劃的背景下，它總計達到 4500 萬美元。

So I expect us to be active. There's probably some regions of the U.S. where the team in the near term will be more active than others for a variety of reasons, but it's probably not exclusively Texas, and it will build over time. And we'll let you know if the team continues to have success.

所以我希望我們能夠積極主動。由於各種原因，美國的某些地區可能會在短期內比其他地區更活躍，但可能不僅僅是德克薩斯州，它會隨著時間的推移而建立。如果團隊繼續取得成功，我們會通知您。

Our next question comes from Jeremy Tonet from JPMorgan.

我們的下一個問題來自摩根大通的 Jeremy Tonet。

Just want to pivot back to hydrogen for a minute, if we could here. And just wanted to see, on what time line do you see green hydrogen being competitive? And how much money is NEE currently spending on hydrogen in -- hydrogen projects? And where could that ramp to over time?

如果可以的話，只想轉回氫氣一分鐘。只是想看看，你認為綠色氫在什麼時間線上具有競爭力？ NEE目前在氫項目上花了多少錢？隨著時間的推移，這可能會上升到哪裡？

I think it's a great question. I think in the electricity sector, when it's going to be particularly relevant is the latter part of the 2020s, into 2030s and beyond, and for the key reason of -- for that being that you really need to have the need for long-duration storage. And it is particularly attractive when you have very, very low cost energy input and particularly low-cost renewables, which we'll inevitably have when you have substantial renewable deployment, again, probably in the latter part of the 2020s and beyond.

我認為這是一個很好的問題。我認為在電力行業，2020 年代後期，到 2030 年代及以後，這將特別相關，關鍵原因是——因為你真的需要長期貯存。當您擁有非常、非常低成本的能源投入和特別低成本的可再生能源時，它特別有吸引力，當您再次部署大量可再生能源時，我們將不可避免地擁有這種能源，可能在 2020 年代後期及以後。

What may be different is in the transportation and industrial sector, where there is already built-in use of gray hydrogen and other fossil fuels that could be supplanted with green hydrogen when it's competitive. The big question mark would be whether or not there's a hydrogen production tax credit ultimately in the final reconciliation bill. Clearly, there's one anticipated today, and at $3 a kilogram production tax credit, that really closes the gap between gray hydrogen and green hydrogen alternatives. And so that's a terrific opportunity to see growth in the nearer term. And what that would represent is using green hydrogen alternatives to supplant gray hydrogen.

可能不同的是在運輸和工業部門，其中已經內置使用灰氫和其他化石燃料，當它具有競爭力時可以被綠氫取代。最大的問號將是最終的和解法案中是否最終有製氫稅收抵免。顯然，今天有一個預期，每公斤 3 美元的生產稅收抵免，真正縮小了灰色氫和綠色氫替代品之間的差距。因此，這是在短期內看到增長的絕佳機會。這將代表使用綠色氫替代品來取代灰色氫。

From our perspective, that's opportunities clearly to build a lot of renewables. And you saw the first step in that direction in our announcement today about a power purchase agreement that we've entered into, but there would be a lot more like that in not just the renewable side but also an opportunity for us to invest in the actual hydrogen production equipment such as the electrolyzer. So we'll see. We'll know a lot more in January once we've seen the final package, if there is one, as Jim highlighted. And it will develop over time in terms of opportunities. We think it's exceptionally likely. It's really just a matter of timing.

從我們的角度來看，這顯然是建立大量可再生能源的機會。您在我們今天宣布的關於我們已經簽訂的購電協議的公告中看到了朝著這個方向邁出的第一步，但不僅在可再生能源方面，而且我們有機會投資於電解槽等實際制氫設備。所以我們拭目以待。正如 Jim 強調的那樣，一旦我們看到最終的軟件包（如果有的話），我們將在一月份了解更多信息。它會隨著時間的推移在機會方面發展。我們認為這極有可能。這真的只是時間問題。

Got it. That's very helpful. And then maybe just pivoting over real quick towards transmission, obviously, to optimize and maximize renewables deployment for the country. Transmission build-out is a key ingredient there. Yet it's, as you well know, it's difficult and timely to complete. Just wondering, I guess, your latest thoughts on what expectations you might have for transmission build-out and what role NEE could play there.

知道了。這很有幫助。然後可能只是快速轉向傳輸，顯然，以優化和最大化該國的可再生能源部署。傳輸構建是其中的關鍵因素。然而，正如你所知道的，它很難且及時地完成。只是想知道，我猜，你對傳輸擴建可能有什麼期望以及NEE可以在那裡發揮什麼作用的最新想法。

Yes. We're really excited about transmission opportunities. Our NextEra Energy transmission team has built a terrific business over the last decade with a number of organic wins as well as some acquisitions, as we've talked about in the past of not only Trans Bay Cable but GridLiance more recently. And we see a ton of opportunities going forward for us to be successful in winning some of those big opportunities to invest, realizing great returns but also the strategic side of it of ensuring that it happens so that we can continue to realize the substantial renewables build-out that we already are seeing, and we expect to only continue to grow in this opportunity size over time.

是的。我們對傳播機會感到非常興奮。我們的 NextEra Energy 傳輸團隊在過去十年中建立了一個了不起的業務，取得了一些有機的勝利以及一些收購，正如我們過去談到的不僅是 Trans Bay Cable，而且最近還談到了 GridLiance。我們看到大量的機會讓我們成功贏得其中一些重大投資機會，實現巨大的回報，但也有確保它發生的戰略方面，以便我們能夠繼續實現大量可再生能源建設- 我們已經看到了，我們預計隨著時間的推移，這個機會規模只會繼續增長。

It may not be imperative today to have new transmission, but it's really, really important to start today because it will be imperative in the next decade. And some of the policy considerations that FERC is undertaking today could be helpful to bringing that to reality over time.

今天可能不需要進行新的傳輸，但從今天開始確實非常重要，因為這將在未來十年變得勢在必行。 FERC 今天正在採取的一些政策考慮可能有助於隨著時間的推移將其變為現實。

And ladies and gentlemen, that will conclude today's question-and-answer session as well as today's conference call. We do thank you for attending the presentation. You may now disconnect your lines.

女士們，先生們，今天的問答環節以及今天的電話會議將結束。我們非常感謝您參加演示會。您現在可以斷開線路。