新世紀能源 (NEE) 2020 Q4 法說會逐字稿

Good morning, and welcome to the NextEra Energy and NextEra Energy Partners Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 NextEra Energy 和 NextEra Energy Partners 2020 年第四季及全年業績電話會議。 （操作員指示）請注意，本次會議正在錄製中。

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, Jason. Good morning, everyone, and thank you for joining our fourth quarter and full year 2020 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.

謝謝傑森。大家早安，感謝大家參加 NextEra Energy 和 NextEra Energy Partners 2020 年第四季及全年合併財報電話會議。今天早上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 和 NextEra Energy 執行副總裁 Mark Hickson（他們也都是 NextEra Energy Partners 的高階主管），以及佛羅裡達電力與照明公司總裁 Ericagy。

Jim will provide some opening remarks, and we'll 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.

Jim 將致開幕詞，然後我們將把電話轉給 Rebecca，請她回顧我們第四季和全年的業績。屆時，我們的高階主管團隊將解答您的問題。

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中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（可在我們的網站 nexteraenergy.com 和 nexteraenergypartners.com 上查閱）中發表的評論，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。

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. 2020 was a terrific year for both NextEra Energy and NextEra Energy Partners. NextEra Energy performance was strong both financially and operationally. We had outstanding execution on our initiatives to continue to drive future growth across the company.

謝謝傑西卡，大家早安。 2020年對NextEra Energy和NextEra Energy Partners來說都是輝煌的一年。 NextEra Energy在財務和營運方面都表現強勁。我們出色地執行了各項計劃，繼續推動公司未來的成長。

Across all of our businesses, we successfully executed on the largest capital program in our history, deploying more than $14 billion in 2020 as we lead America's clean energy transformation. By successfully executing on our plans, NextEra Energy extended its long track record of delivering value for shareholders with adjusted earnings per share of $2.31, up 10.5% from 2019.

我們成功實施了公司史上規模最大的資本項目，涵蓋所有業務，在2020年投入超過140億美元，引領美國清潔能源轉型。透過成功執行這些計劃，NextEra Energy延續了其長期以來為股東創造價值的記錄，調整後每股收益達2.31美元，較2019年增長10.5%。

A key element of our value proposition in NextEra Energy is a culture focused on delivering outstanding results for our shareholders. Over the past 10 years, we've delivered compound annual growth and adjusted EPS of 8%, which is the highest among all top 10 power companies who have achieved, on average, compound annual growth of less than 3% over the same period. Amid this significant growth, the company has maintained one of the strongest balance sheets and credit positions in the industry.

NextEra Energy 價值主張的關鍵要素是專注於為股東創造卓越績效的企業文化。過去 10 年，我們實現了 8% 的複合年增長率和調整後每股收益，在同期平均複合年增長率低於 3% 的十大電力公司中，這一數字最高。在這一顯著成長的同時，公司保持著業內最強勁的資產負債表和信用狀況之一。

In 2020, we delivered a total shareholder return of approximately 30%, significantly outperforming both the S&P 500 and the S&P 500 Utilities Index, and continuing to outperform both indices in terms of total shareholder return on a 1-year, 3-year, 5-year, 7-year and 10-year basis. Over the past 15 years, we've outperformed all of the other companies in the S&P 500 Utilities Index and 86% of the companies in the S&P 500 while more than tripling the average total shareholder return of both indices. While we are proud of our long-term track record of creating shareholder value, we remain laser-focused on the future and on delivering our commitments.

2020年，我們實現了約30%的股東總回報率，顯著超越標普500指數和標普500公用事業指數，並在1年、3年、5年、7年和10年的股東總回報率方面持續超越這兩個指數。過去15年，我們的業績超越了標普500公用事業指數中的所有其他公司以及標普500指數中86%的公司，同時股東總回報率是這兩個指數平均水平的三倍多。我們為長期創造股東價值的表現感到自豪，但我們始終專注於未來，並致力於兌現我們的承諾。

NextEra Energy remains well positioned to capitalize on the disruptive forces reshaping our industry, which have expanded and accelerated over the past 2 years, even beyond what we had anticipated. The combination of low-cost renewables with low-cost storage in the form of batteries today and hydrogen in the longer term has substantially increased the total addressable market for NextEra Energy. We now believe that a substantial and economic decarbonization of the electricity, transportation and industrial sectors is possible, which represents a potential investment opportunity of trillions of dollars in the coming decades.

NextEra Energy 仍處於有利地位，能夠充分利用重塑我們產業的顛覆性力量。過去兩年，這些力量不斷擴張和加速，甚至超越了我們的預期。低成本再生能源與當今電池形式的低成本儲能以及長遠來看的氫能相結合，大幅提升了 NextEra Energy 的潛在市場規模。我們現在相信，電力、交通和工業領域實現大規模、經濟的脫碳是可能的，這代表著未來幾十年數兆美元的潛在投資機會。

In the electricity sector, we expect that older and more inefficient generation will continue to be retired and replaced with cleaner and more affordable alternatives. In the transportation sector, we believe it will be increasingly economic to replace fossil fuel vehicles with vehicles powered by fuel cells and batteries charged with renewable energy. And in the industrial sector, gray hydrogen and other high-carbon feedstocks can be replaced with green hydrogen. We believe these trends have already been put into motion driven by economics. In addition, we believe it is possible that the Biden administration, supported by a significant shift in public support towards taking action to address climate change, may act to further accelerate these shifts through the extension of existing incentives as well as initiating other forms of policy support.

在電力領域，我們預計老舊、低效率的發電設備將繼續淘汰，並被更清潔、更經濟的替代能源所取代。在交通運輸領域，我們認為用燃料電池和再生能源電池驅動的汽車取代化石燃料汽車將越來越具有經濟效益。在工業領域，綠色氫氣可以取代灰氫和其他高碳原料。我們認為，這些趨勢已經在經濟驅動下付諸實踐。此外，我們認為，在公眾支持率顯著轉向採取行動應對氣候變遷的背景下，拜登政府可能會透過延長現有激勵措施以及推出其他形式的政策支持來進一步加速這些轉變。

Importantly, we believe that no company is better equipped to take advantage of these substantial and long-term trends than NextEra Energy. In fact, NextEra Energy is already proof that you can be clean, low-cost and financially successful all at the same time. 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.

重要的是，我們相信，沒有任何一家公司比 NextEra Energy 更有能力利用這些長期且深遠的趨勢。事實上，NextEra Energy 已經證明，清潔能源、低成本能源和財務成功可以兼得。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繼續保持領先地位。

We expect that the execution of our strategy will drive meaningful CO2 emissions reductions across the country and will help advance NextEra Energy towards its goal of reducing its CO2 emissions rate by 67% by 2025 from a 2005 baseline, while simultaneously lowering generation cost for customers and maintaining best-in-class reliability. We expect the disruptive nature of renewables to be terrific for customers, terrific for the environment and terrific for shareholders by helping to drive tremendous growth for this company over the next decade and beyond.

我們期望，我們策略的實施將推動全國範圍內二氧化碳排放量的顯著減少，並助力 NextEra Energy 實現其目標：到 2025 年，將二氧化碳排放量在 2005 年的基礎上降低 67%，同時降低客戶的發電成本，並保持一流的可靠性。我們期望，再生能源的顛覆性特性將在未來十年及更長時間內推動公司實現巨大成長，從而為客戶、環境和股東帶來巨大益處。

FPL is already capitalizing on the disruption in our sector with continued focus on its grid and fleet modernization efforts. During 2020, FPL successfully executed on its strategic initiatives, including placing more than 1,100 megawatts of cost-effective solar in service on time and on budget in support of its ongoing capital plan. This solar expansion is part of FPL's SolarTogether community solar program and its groundbreaking 30-by-30 plan, which is one of the world's largest solar expansions and would result in roughly 10,000 megawatts of total solar capacity on FPL's system by 2030.

FPL 已充分利用產業變革，持續專注於電網和機組現代化建設。 2020 年，FPL 成功實施了其戰略舉措，包括按時按預算投入超過 1,100 兆瓦的經濟高效太陽能項目，以支持其正在進行的資本計劃。此次太陽能擴建是 FPL SolarTogether 社區太陽能計畫及其開創性的 30x30 計畫的一部分，該計畫是全球規模最大的太陽能擴建計畫之一，到 2030 年，FPL 系統將擁有約 10,000 兆瓦的太陽能總容量。

Additionally, the 409-megawatt Manatee Energy Storage Center, which will be the world's largest integrated solar-powered battery system, is on track and on budget to be placed in service later this year as part of the approximately $1 billion that NextEra Energy is investing in battery storage projects in 2021. Smart capital investments such as these help FPL improve its already best-in-class customer value proposition while also maintaining an emissions profile that is among the cleanest in the nation.

此外，409 兆瓦的 Manatee 能源儲存中心將成為世界上最大的整合式太陽能電池系統，該中心計劃於今年稍後投入使用，並且預算充足，是 NextEra Energy 2021 年約 10 億美元電池儲存專案投資的一部分。此類明智的資本投資有助於 FPL 提升其已經一流的客戶價值主張，同時保持全國最清潔的排放狀況。

FPL also had continued success with its cost-saving initiatives, making even further reductions to its already best-in-class dollar per retail megawatt-hour nonfuel O&M costs from 2019 to 2020. Through our unrelenting focus on cost savings and on making disciplined long-term investments for the benefit of our customers, FPL has been able to maintain typical customer bills that are the lowest in the nation when compared to the 20 largest investor-owned utilities in the country.

FPL 的成本節約措施也持續成功，在 2019 年至 2020 年期間進一步降低了其本已一流的每零售兆瓦時非燃料運營和維護成本。透過我們堅持不懈地專注於節省成本和為客戶利益進行有紀律的長期投資，與全國 20 家最大的投資者擁有的公用事業公司相比，FPL 能夠維持全國最低的典型客戶帳單。

In addition to low bills, FPL has continued to provide reliability that is by far the best in the state of Florida, achieving its best-ever reliability rate in 2020. FPL's investments to build a stronger, smarter energy grid have resulted in best-in-state reliability for the last 14 years in a row as well as earning numerous national awards. In 2020, FPL was recognized for the fifth time in 6 years as being the most reliable electric utility in the nation.

除了低廉的電費，FPL 還持續提供佛羅裡達州迄今為止最佳的電力可靠性，並在 2020 年實現了歷史最高水準的可靠性。 FPL 致力於建立更強大、更智慧的電網，這使得其在過去 14 年中連續保持全州最佳的可靠性，並斬獲了許多國家級獎項。 2020 年，FPL 六年來第五次被評為全美最可靠的電力公司。

Let me now turn to Gulf Power. In the 2 years that it has been part of the NextEra Energy family, Gulf Power has realized an approximately 30% reduction in O&M costs, a 50% improvement in service reliability, a 93% improvement in safety and a nearly 20% reduction in CO2 emissions. Gulf Power has grown regulatory capital employed at a 17% compound annual growth rate since 2018, and we are well on our way to achieving the objectives we laid out at our investor conference in 2019.

現在讓我談談海灣電力。在加入 NextEra Energy 大家庭的兩年裡，海灣電力實現了運維成本降低約 30%，服務可靠性提高 50%，安全性提高 93%，二氧化碳排放量減少近 20%。自 2018 年以來，海灣電力的監管資本使用量以 17% 的複合年增長率增長，我們正在順利實現 2019 年投資者會議上提出的目標。

In addition to the excellent operational execution that we delivered in 2020, we continued to progress our smart capital investment program that is expected to generate further customer benefits over the coming years. In the fourth quarter, we completed the Plant Crist coal-to-natural gas conversion. As a result, consistent with our commitment to remain a clean energy leader, we were able to complete the accelerated shutdown of the coal units at Plant Crist, which has now been renamed the Gulf Clean Energy Center.

除了我們在2020年取得的卓越營運執行力外，我們還持續推進智慧資本投資計劃，預計該計劃將在未來幾年為客戶帶來更多效益。第四季度，我們完成了克里斯特工廠（Plant Crist）的煤改氣工程。為此，我們秉持著繼續成為清潔能源領導者的承諾，完成了克里斯特工廠燃煤機組的加速關閉工作，該工廠現已更名為海灣清潔能源中心（Gulf Clean Energy Center）。

With the retirement of FPL's Indiantown Cogeneration facility also occurring late last year, 2021 is the first time in nearly 70 years that there are no coal-fired power plants in Florida for either FPL or Gulf Power. Earlier this month, FPL filed a test year letter with the Florida Public Service Commission to initiate a rate proceeding for new rates beginning in January 2022. The 4-year plan that we intend to propose is designed to provide continued longer-term cost certainty for customers while allowing FPL to continue investing in clean energy, storm-hardened infrastructure and other innovative technologies that are the foundation of our communities.

隨著FPL旗下印第安鎮熱電聯產設施於去年底退役，2021年將是近70年來佛羅裡達州首次沒有燃煤電廠，無論是FPL或是海灣電力。本月初，FPL向佛羅裡達州公共服務委員會提交了一份測試年函，要求啟動新的費率程序，該費率將於2022年1月開始。我們計劃提出的四年計劃旨在為客戶提供持續的長期成本確定性，同時允許FPL繼續投資清潔能源、抗風暴基礎設施和其他構成我們社區基石的創新技術。

The stability of multiyear rate plans allows FPL to focus on efficiency in the business, which is critical to keeping customer bills low while, at the same time, enabling FPL to maintain strong credit ratings and balance sheet, which allows for consistent access to the capital markets. We look forward to the opportunity to showcase our long-term track record of providing low bills, high reliability and clean energy for Floridans and plans -- and our plans to build an even more resilient and sustainable energy future for Florida in the coming years.

多年期電價計畫的穩定性使 FPL 能夠專注於業務效率，這對於維持客戶帳單低點至關重要，同時，也使 FPL 能夠維持強勁的信用評級和資產負債表，從而能夠持續進入資本市場。我們期待有機會展示我們長期以來為佛羅裡達州居民和計劃提供低賬單、高可靠性和清潔能源的業績，以及我們在未來幾年為佛羅裡達州打造更具韌性和可持續性能源未來的計劃。

Turning to Energy Resources. In 2020, we continued to advance our position as the leading developer and operator of wind, solar and battery storage projects, commissioning approximately 5,750 megawatts of new projects, more than doubling the amount of total renewables commissioned versus the previous year. This was also a record year for renewables origination in Energy Resources with the team adding a net nearly 7,000 megawatts to our backlog during the year.

能源資源方面。 2020年，我們繼續鞏固了作為風電、太陽能和電池儲能專案領先開發商和營運商的地位，新專案投運量約5,750兆瓦，再生能源投運總量較上一年翻了一番多。今年也是能源資源領域再生能源專案創紀錄的一年，團隊全年新增了近7,000兆瓦的待辦事項訂單。

As a result of the team's origination success and alongside the backdrop of the terrific market outlook I just outlined at the beginning of my remarks, we now expect to construct approximately 23 to 30 gigawatts of new renewables in the 2021 to 2024 time frame, which, if we are successful at the midpoint, would mean adding a portfolio of generation projects that is approximately 1.5x the size of Energy Resources' entire operating renewables portfolio as of year-end 2019.

由於團隊的啟動成功，加上我在發言開始時概述的極好的市場前景，我們現在預計在 2021 年至 2024 年期間建設約 23 至 30 千兆瓦的新可再生能源，如果我們在中期取得成功，這將意味著增加一個發電項目組合，其規模約為截至 2019 年底 Energy Resources 整個可再生能源組合的 1.5 倍能源組合。

Energy Resources' execution success is reflective of our ability to leverage our significant competitive advantages, including our best-in-class development skills, large pipeline of sites and interconnection queue positions, strong customer relationships, purchasing power, best-in-class construction expertise, resource assessment capabilities, cost of capital advantages and world-class operations capability to capitalize on the ongoing energy transition that is occurring in the nation's generation fleet. We believe that we are in a terrific position to be able to capture a significant share of the market opportunities going forward and what we continue to believe is the best renewables development environment we have ever seen.

能源資源公司的成功執行體現了我們充分利用自身顯著競爭優勢的能力，包括一流的開發技能、豐富的場站資源和互聯互通隊列、穩固的客戶關係、強大的購買力、一流的建設專業知識、資源評估能力、資本成本優勢以及世界一流的營運能力，從而充分利用美國發電設備市場正在發生的能源轉型。我們相信，我們處於有利地位，能夠在未來抓住巨大的市場機遇，我們始終堅信，目前我們所處的再生能源開發環境是迄今為止最佳的。

Along with the broader public shift towards calls for action to fight climate change, over the past few years, there's been an increased focus on environmental, social and governance, or ESG, on the part of many of our stakeholders. While we expect this trend to amplify demand among our traditional customers and in our core renewables business, we also believe it is opening up significant new markets and business opportunities for Energy Resources. We anticipate our development program to be further enhanced by an ability to attract new nontraditional customers, particularly in the commercial and industrial sector, as improving renewable economics are increasingly aligned with corporate objectives to procure energy from clean generation sources.

隨著公眾越來越呼籲採取行動應對氣候變遷，過去幾年來，我們的許多利害關係人也越來越關注環境、社會和治理（ESG）。我們預計這一趨勢將擴大我們傳統客戶和核心再生能源業務的需求，同時也為能源資源開闢了重要的新市場和商機。隨著再生能源經濟的改善與企業採購清潔能源的目標日益契合，我們預計，透過吸引新的非傳統客戶（尤其是商業和工業領域客戶），我們的發展計畫將進一步增強。

In summary, I continue to remain as enthusiastic as ever about NextEra Energy's long-term growth prospects. In 2020, we extended our long track record of executing for the benefit of customers and shareholders and further developed our best-in-class organic growth prospects. Based on the strength and resiliency of our underlying businesses, I 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 2021, 2022 and 2023, while at the same time, maintaining our strong credit ratings. We remain intensely focused on execution and continuing to drive shareholder value over the coming years.

總而言之，我對 NextEra Energy 的長期成長前景依然充滿熱情。 2020 年，我們延續了長期以來為客戶和股東謀福利的良好記錄，並進一步拓展了我們一流的有機成長前景。鑑於我們基礎業務的實力和韌性，如果我們無法在 2021、2022 和 2023 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，我將感到失望。我們將繼續高度關注執行力，並在未來幾年繼續推動股東價值。

Let me now turn to NextEra Energy Partners, which delivered a total unit return -- unitholder return of approximately 32% in 2020, further advancing its history of value creation since the IPO. NextEra Energy Partners is uniquely positioned to take advantage of the disruptive factors reshaping the energy industry and benefit from the enormous market opportunity in the coming decades for renewables.

現在，我來談談 NextEra Energy Partners。該公司 2020 年的總單位回報率（單位持有人回報率）約為 32%，進一步提升了其自 IPO 以來的價值創造歷史。 NextEra Energy Partners 擁有獨特的優勢，能夠利用重塑能源產業的顛覆性因素，並受益於未來幾十年再生能源的巨大市場機會。

NextEra Energy Partners also had a terrific year of execution in 2020 and continue to deliver on its commitments. That history of execution is supported by NextEra Energy Partners' outstanding portfolio of clean energy assets, which was further diversified in 2020. During the year, NextEra Energy Partners acquired interests in approximately 1,100 megawatts of high-quality renewable energy assets, including the partnership's first battery storage project from Energy Resources.

NextEra Energy Partners 在 2020 年也取得了卓越的執行力，並將繼續履行其承諾。這項卓越的執行力得益於 NextEra Energy Partners 卓越的清潔能源資產組合，該組合在 2020 年進一步實現了多元化。在這一年中，NextEra Energy Partners 收購了約 1,100 兆瓦優質再生能源資產的權益，其中包括該合作夥伴從 Energy Resources 獲得的首個電池儲能專案。

Additionally, during the year, NextEra Energy Partners successfully completed its first 3 organic growth prospects, including the repowering of 275 megawatts of wind projects. For 2020, NextEra Energy Partners grew its LP distributions by 15% year-over-year and delivered 40% year-over-year cash available for distribution growth, highlighting the strength of its operating portfolio. With this strong year-over-year growth in cash available for distribution, NextEra Energy Partners achieved its distribution growth objectives while maintaining a trailing 12-month payout ratio in the high 60% range as of year-end 2020.

此外，本年度，NextEra Energy Partners 成功完成了其首批三個有機成長項目，包括 275 兆瓦風電項目的改造。 2020 年，NextEra Energy Partners 的有限合夥人分紅年增 15%，可供分紅現金年增 40%，彰顯了其營運組合的強勁實力。憑藉著可供分紅現金的強勁同比增長，NextEra Energy Partners 實現了其分紅增長目標，同時截至 2020 年底，過去 12 個月的派息率保持在 60% 的高位。

In the fourth quarter, we published our first NextEra Energy Partners ESG report, highlighting its high-quality clean energy portfolio, visible opportunities for renewables growth and ability to leverage the operational expertise of NextEra Energy Resources. The continued origination success at Energy Resources is expected to benefit NextEra Energy Partners in meeting its future growth objectives. I continue to believe that the combination of NextEra Energy Partners' clean energy portfolio, growth visibility and flexibility to finance that growth 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.

第四季度，我們發布了首份 NextEra Energy Partners ESG 報告，重點介紹了其高品質的清潔能源投資組合、再生能源成長的明顯機會以及利用 NextEra Energy Resources 營運專長的能力。 Energy Resources 持續的資金發放成功預計將有利於 NextEra Energy Partners 實現其未來的成長目標。我始終相信，NextEra Energy Partners 的清潔能源投資組合、成長的可見性以及為成長融資的靈活性，將為有限合夥人 (LP) 的份額持有人帶來獨具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份額持有者的價值。

Finally, I would like to take a moment to thank all of NextEra Energy's employees for their continued dedication, hard work and focus during the extraordinary circumstances of the past year. Despite the significant disruption caused by the pandemic and in the midst of the most active hurricane season in the Atlantic Basin on record, our employees' unwavering focus on our customers is what enabled yet another year of flawless execution in the business while also delivering our best-ever safety results across the company. It is because of their commitment to excellence that we were able to deliver above and beyond our commitments in 2020 and why I remain as confident as ever in our ability to deliver on all our expectations moving forward.

最後，我想藉此機會感謝NextEra Energy全體員工在過去一年的特殊時期所展現出的持續奉獻、辛勤工作和專注。儘管疫情造成了巨大幹擾，且正值大西洋盆地有史以來最活躍的颶風季節，但我們員工始終如一地關注客戶，這確保了公司業務在又一年完美運行的同時，也創造了公司歷史上最佳的安全業績。正是由於他們對卓越的執著追求，我們才能夠在2020年超越承諾，這也是我對我們未來履行所有期望的能力充滿信心的原因。

With that, I'll now turn the call over to Rebecca, who will review the 2020 results in more detail.

說完這些，我現在將電話交給麗貝卡，她將更詳細地回顧 2020 年的結果。

Thank you, Jim, and good morning, everyone.

謝謝你，吉姆，大家早安。

Let's now turn to the detailed results beginning with FPL. For the fourth quarter of 2020, FPL reported net income of $502 million or $0.25 per share, up $0.05 per share year-over-year. For the full year 2020, FPL reported net income of $2.65 billion or $1.35 per share, an increase of $0.15 per share versus 2019.

現在讓我們來看看FPL的詳細業績。 2020年第四季，FPL淨利為5.02億美元，即每股0.25美元，年增0.05美元。 2020年全年，FPL淨利為26.5億美元，即每股1.35美元，較2019年成長0.15美元。

Regulatory capital employed increased by approximately 11% for 2020 and was the principal driver of FPL's net income growth of more than 13% for the year. FPL's capital expenditures were approximately $2.2 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $6.7 billion. FPL's reported ROE for regulatory purposes was 11.6% for the 12 months ended December 31, 2020, which is at the upper end of the allowed band of 9.6% to 11.6% under our current rate agreement.

2020年，監理資本投入成長約11%，是FPL全年淨收入成長超過13%的主要驅動力。 FPL第四季的資本支出約為22億美元，全年資本投資總額約67億美元。截至2020年12月31日的12個月，FPL報告的監理用股本回報率（ROE）為11.6%，處於我們現行利率協議允許的9.6%至11.6%區間的上限。

During the fourth quarter, we utilized approximately $100 million of reserve amortization, leaving FPL with a year-end 2020 balance of $894 million. Approximately $206 million of reserve amortization was used to offset the restoration costs associated with Hurricanes Isaias and Tropical Storm Eta, which FPL elected not to recover from customers through a surcharge. FPL's reserve amortization mechanism under its current settlement agreement, combined with our aggressive cost-cutting measures and the benefits of tax reform, has provided significant customer benefits, including avoided surcharges for approximately $1.7 billion in storm restoration costs since 2017.

第四季度，我們使用了約1億美元的準備金攤銷，FPL在2020年年末的餘額為8.94億美元。約2.06億美元的準備金攤銷用於抵消颶風伊薩亞斯和熱帶風暴埃塔帶來的恢復成本，FPL選擇不透過附加費向客戶追回這些成本。 FPL根據其現行和解協議制定的準備金攤銷機制，加上我們積極的成本削減措施和稅改帶來的效益，為客戶帶來了顯著的效益，包括自2017年以來避免了約17億美元風暴恢復成本的附加費。

Our overall capital program at FPL is progressing well. We continue to advance one of the nation's largest-ever solar expansions. During the year, the Florida Public Service Commission approved FPL's SolarTogether program, which is the nation's largest community solar program that is expected to generate $249 million in total net cost savings for participating and nonparticipating customers over the program's life. After commissioning over 1,100 megawatts or more than 3.5x the amount of solar capacity in 2020 versus the prior year, FPL expects to commission roughly 670 megawatts of additional SolarTogether capacity in 2021. And the customer demand for this innovative program across all customer classes remains strong.

FPL 的整體資本項目進展順利。我們繼續推進美國有史以來規模最大的太陽能計畫之一的擴張。今年，佛羅裡達州公共服務委員會批准了 FPL 的 SolarTogether 計劃，這是美國最大的社區太陽能項目，預計在整個項目生命週期內將為參與和非參與客戶節省總計 2.49 億美元的淨成本。在 2020 年投入使用超過 1,100 兆瓦（相當於上一年太陽能裝置容量的 3.5 倍以上）之後，FPL 預計在 2021 年將額外投入約 670 兆瓦的 SolarTogether 裝置容量。所有客戶群對這項創新計畫的需求依然強勁。

Beyond solar, construction of 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 in 2022. It should be noted that all of these significant accomplishments, including the deployment of nearly $7 billion in capital, were in the midst of not only a global pandemic, but also during the most active hurricane season in the Atlantic Basin on record. We've delivered our best-ever reliability results when our customers needed us the most. And we remain committed to supporting customers experiencing economic hardship as a result of the challenges caused by the pandemic. To date, FPL has provided customers with approximately $75 million in relief through various programs and initiatives. As Florida recovers, we will continue to help our customers navigate this difficult time while maintaining our best-in-class customer value proposition.

除太陽能外，高效的約 1,200 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，並繼續朝著預計的 2022 年商業運營日期邁進。值得注意的是，所有這些重大成就，包括近 70 億美元的資本部署，不僅是在全球大流行期間取得的，而且也是在大西洋盆地有史以來最活躍的颶風季節取得的。在客戶最需要我們的時候，我們提供了有史以來最好的可靠性結果。我們仍然致力於支持因疫情帶來的挑戰而遭受經濟困難的客戶。迄今為止，FPL 已透過各種計劃和舉措為客戶提供了約 7500 萬美元的救濟金。隨著佛羅裡達州的復甦，我們將繼續幫助客戶度過這段困難時期，同時保持我們一流的客戶價值主張。

Let me now turn to Gulf Power, which, as a reminder, was legally merged into FPL on January 1, 2021, but will continue to be reported as a separate regulated segment during 2021. Gulf Power reported fourth quarter 2020 GAAP earnings of $53 million or $0.03 per share, up $0.02 per share year-over-year. For the full year, Gulf Power reported net income of $238 million or $0.12 per share, an increase of $0.02 per share year-over-year on an adjusted basis. Base O&M reductions were the primary driver of Gulf Power's 19% year-over-year growth in adjusted earnings.

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年將繼續作為單獨的受監管部門進行報告。海灣電力公司公佈，2020年第四季GAAP收益為5,300萬美元，即每股0.03美元，較去年同期成長0.02美元。全年淨利為2.38億美元，即每股0.12美元，經調整後較去年同期成長0.02美元。基礎運維成本的減少是海灣電力公司調整後收益年增19%的主要驅動力。

Gulf Power's reported ROE for regulatory purposes is expected to be approximately 11.1% for the 12 months ending December 2020, which is near the upper end of the allowed band of 9.25% to 11.25% under its current rate agreement. For the full year 2021, we expect the regulatory ROE to be in the upper half of this allowed band, assuming normal weather and operating conditions.

海灣電力公司截至2020年12月的12個月內，其監管報告的ROE預計約為11.1%，接近其現行費率協議規定的9.25%至11.25%的允許區間上限。假設天氣和營運條件正常，我們預計2021年全年的監管ROE將處於該允許區間的上半部。

All of our major capital initiatives at Gulf Power are progressing well. Gulf Power's first solar development project, the roughly 75-megawatt Blue Indigo Solar Energy Center, went into service in 2020 and is expected to generate significant customer savings over its lifetime. Gulf Power anticipates bringing another 150 megawatts of cost-effective, zero-emission solar capacity online later this year.

海灣電力公司所有主要資本項目均進展順利。海灣電力公司的首個太陽能開發項目——裝置容量約為75兆瓦的藍靛太陽能中心——已於2020年投入使用，預計在其整個生命週期內將為客戶節省大量成本。海灣電力公司預計今年稍後再投入150兆瓦的經濟高效、零排放的太陽能發電。

The North Florida Resiliency Connection, which, among other things, will allow customers to benefit from greater diversity in solar output across 2 different time zones, is expected to be in service in mid-2022. Continued smart capital investments such as these renewables and core infrastructure are expected to drive customer benefits for many years to come.

北佛羅裡達彈性連接計畫預計將於2022年中期投入使用，該計畫將使客戶受益於跨越兩個不同時區的更多樣化太陽能輸出。持續的智慧資本投資，例如再生能源和核心基礎設施，預計將在未來許多年為客戶帶來收益。

The Florida economy continues to recover from the ongoing impacts of the COVID-19 pandemic. A number of current economic indicators, including retail taxable sales, new building permits and consumer confidence, have meaningfully improved since the start of the pandemic in early 2020. Additionally, Florida's most recent seasonally adjusted unemployment rate of 6.4% is below the national average. While it is unclear at this point how the economy will be impacted by the current wave of COVID-19 cases, we continue to believe that Florida offers a unique proposition in terms of housing affordability, great weather, low taxes and a pro-business economy, all of which should support ongoing FPL customer growth and economic rebound once the worst of the pandemic is behind us.

佛羅裡達州經濟正持續從新冠疫情的持續影響中復甦。自2020年初疫情爆發以來，包括零售應稅銷售額、新建築許可和消費者信心在內的多項當前經濟指標均已顯著改善。此外，佛羅裡達州最新經季節性調整後的失業率為6.4%，低於全國平均。雖然目前尚不清楚新冠疫情將如何影響佛羅裡達州的經濟，但我們仍然相信，佛羅裡達州在住房負擔能力、宜人的氣候、低稅率和利於商業的經濟方面擁有獨特的優勢，所有這些優勢都將在疫情最嚴重時期過後，支持聯邦公共服務（FPL）客戶的持續增長和經濟反彈。

We remain deeply engaged in helping Florida return from this stronger than ever, and we will continue to do our part to support that outcome, including pursuing our smart capital investment program and economic development efforts, which help create jobs, provide investment in local communities and further enhance our best-in-class customer value proposition.

我們仍然積極致力於幫助佛羅裡達州從此次疫情中恢復，使其比以往任何時候都更加強大，我們將繼續盡自己的努力來支持這一結果，包括推行我們的智能資本投資計劃和經濟發展努力，這有助於創造就業機會，為當地社區提供投資，並進一步提升我們一流的客戶價值主張。

During the quarter, FPL's average customer growth was strong, increasing by nearly 76,000 from the comparable prior year quarter. FPL's fourth quarter retail sales were up 0.9% versus the prior year period, largely driven by a 2.3% year-over-year growth in underlying usage per customer. For 2020, FPL's retail sales increased 1.5% versus the prior year, driven primarily by ongoing strong growth in customers and a favorable weather comparison. On a weather-normalized basis, FPL's retail sales increased by 0.7% for the full year 2020. The overall impacts of the pandemic on last year's retail sales were relatively muted, and FPL's underlying usage per customer was flat year-over-year.

本季度，FPL 的平均客戶成長強勁，較去年同期增加了近 76,000 名。 FPL 第四季零售額較去年同期成長 0.9%，主要原因是每位客戶的基本使用量較去年同期成長 2.3%。 2020 年，FPL 的零售額較上年增長 1.5%，主要原因是客戶數量持續強勁增長以及天氣狀況良好。以天氣標準化計算，FPL 2020 年全年零售額成長了 0.7%。疫情對去年零售額的整體影響相對較小，FPL 的每位客戶的基本使用量與去年持平。

For Gulf Power, the average number of customers increased approximately 0.9% versus the comparable prior year quarter. For 2020, Gulf Power's retail sales declined 3.3%, primarily as a result of a more favorable weather in the prior year as well as lower usage per customer, which we attribute in part to the ongoing impacts of the pandemic on our commercial and industrial customers.

海灣電力公司的平均客戶數量較去年同期增加了約0.9%。 2020年，海灣電力公司的零售額下降了3.3%，主要原因是去年的天氣狀況更為有利，以及每位客戶的用電量下降，而這部分是由於疫情對我們商業和工業客戶的持續影響。

As Jim mentioned, FPL is preparing to file a base rate adjustment proposal that would cover the next 4 years, 2022 through 2025, and provide customers longer-term visibility to the future cost of electricity. While the details are still being finalized, we expect the proposal to include base rate adjustments of approximately $1.1 billion starting in January of 2022 and $615 million starting in January of 2023. We also expect the proposal to request support for continued deployment of cost-effective solar with the continuation of our solar base rate adjustment or SoBRA mechanism to recover the revenue requirements associated with up to 900 megawatts of cost-effective solar projects in each of 2024 and 2025, which we currently estimate to be approximately $140 million each year.

正如Jim所提到的，FPL正準備提交一份涵蓋未來四年（2022年至2025年）的基準電價調整方案，為客戶提供未來電力成本的長期可視性。雖然具體細節尚待敲定，但我們預計該方案將包含約11億美元（自2022年1月起）和6.15億美元（自2023年1月起）的基準電價調整。我們也預計，該方案將要求支持繼續部署具有成本效益的太陽能項目，並繼續實施我們的太陽能基準電價調整或SoBRA機制，以收回2024年和2025年每年高達900兆瓦的具有成本效益的太陽能項目相關的收入需求，我們目前估計每年約為1.4億美元。

For the period 2019 through the end of 2022, FPL is planning to have invested approximately $29 billion, with additional significant investments expected in 2023 and beyond to meet the growing needs of Florida's economy and to continue delivering outstanding value for Florida customers by keeping reliability high and fuel and other costs low. While the benefits of building a stronger, smarter and cleaner grid, more efficient generation fleet are passed along regularly to customers through higher service reliability and lower bills. We must periodically seek recovery for these long-term investments supported by base rates.

2019年至2022年底期間，佛羅裡達州電力公司（FPL）計劃投資約290億美元，並預計在2023年及以後進行更多重大投資，以滿足佛羅裡達州日益增長的經濟需求，並通過保持高可靠性、低燃料及其他成本，繼續為佛羅裡達州客戶提供卓越的價值。建造更強大、更智慧、更乾淨的電網，以及更有效率的發電機組，其效益將透過更高的服務可靠性和更低的電費定期惠及客戶。我們必須定期尋求這些由基準電價支持的長期投資的回報。

As we've previously indicated, we plan to request the Commission to authorize unified rates and capital structure for both FPL and Gulf Power customers. We believe the combination of the 2 businesses will result in approximately $2.8 billion of savings for customers through both operational savings and overall system benefits.

正如我們之前所述，我們計劃請求委員會批准FPL和海灣電力客戶統一電價和資本結構。我們相信，兩家公司的合併將透過營運成本節省和整體系統效益為客戶節省約28億美元。

FPL expects to request an 11.5% ROE, inclusive of a 50 basis point incentive for superior performance. Compared with peer utilities in the Southeastern U.S., FPL has the most efficient -- most cost-efficient operations, the highest reliability, the lowest customer bills, all while remaining one of the cleanest utilities in the country, and is widely regarded as the top overall performer in the industry, bringing exceptional value to customers. We believe that the performance adder would reflect FPL's current superior value proposition and encourage strong -- continued strong performance.

FPL 預計將要求 11.5% 的股本回報率，其中包括 50 個基點的卓越績效獎勵。與美國東南部的同行公用事業公司相比，FPL 擁有最高效、最具成本效益的營運、最高的可靠性、最低的客戶帳單，同時仍然是美國最清潔的公用事業公司之一，並被廣泛認為是業內整體表現最佳的公司，為客戶帶來了卓越的價值。我們相信，業績加成將反映 FPL 當前卓越的價值主張，並鼓勵其持續強勁的業績。

In addition, we continue to believe that a strong balance sheet, including strong credit ratings, remains critical to ensure FPL maintains uninterrupted access to the capital markets, even in times of significant market disruption in the aftermath of hurricanes as well as to attract capital to support the investments FPL is making to further improve the value we offer customers. The total of these base rate increase requests over the 4-year period from 2022 to 2025 would result in an estimated average increase in total revenues of about 3.7% per year.

此外，我們始終堅信，強勁的資產負債表（包括良好的信用評級）對於確保FPL即使在颶風過後市場嚴重動蕩的情況下也能保持不間斷地進入資本市場，以及吸引資本支持FPL為進一步提升客戶價值而進行的投資至關重要。在2022年至2025年的四年期間，這些基準利率上調請求總計將導致總收入預計平均每年增長約3.7%。

Today, FPL's typical residential bill is about 30% lower than the national average. If the full amount of the requests were granted under our proposal and assuming other utilities experience bill increases only at their historical rate of increase, FPL's typical customer bills would remain significantly lower than the national average through 2025. To put this proposal in context, the proposal would result in a typical customer bill in January 2022 that is nearly 22% less than it was in real terms 15 years ago, even with our proposed base rate increases. Even in nominal terms, FPL bills would be only about 3.5% higher in 2022 than in 2006, a fraction of the nominal increases of 25% to 75% in the cost of groceries, medical care, health insurance and housing over the past 15 years.

如今，FPL 的典型住宅帳單比全國平均低約 30%。如果我們的提案全額批准這些請求，並假設其他公用事業的帳單僅以其歷史成長率成長，那麼到 2025 年，FPL 的典型客戶帳單仍將顯著低於全國平均水平。具體來說，即使考慮到我們提議的基準費率上調，該提案也會導致 2022 年 1 月的典型客戶帳單比 15 年前的實際帳單低近 22%。即使以名義值計算，2022 年 FPL 的帳單也僅比 2006 年高出約 3.5%，與過去 15 年食品雜貨、醫療保健、健康保險和住房成本名義增長 25% 至 75% 相比，這只是九牛一毛。

Moreover, through the consolidation of FPL and Gulf Power, the typical 1,000 kilowatt-hour residential customer bill in Northwest Florida is projected to be lower in 2025 than it was in 2019. We look forward to the opportunity to present the details of our case and expect to make our formal filing with testimony and required detailed data in March. The timing for the proceeding will ultimately be determined by the Commission, but we currently expect that we will have hearings in the third quarter and a final commission decision in the fourth quarter, in time for new rates to go into effect in January of 2022.

此外，透過FPL和Gulf Power的合併，預計到2025年，佛羅裡達州西北部地區1000千瓦時住宅用戶的平均電費將低於2019年的電費。我們期待有機會提交案件細節，並預計在3月提交正式文件，其中包含證詞和所需的詳細數據。訴訟程序的最終時間將由委員會決定，但我們目前預計將在第三季舉行聽證會，並在第四季做出最終決定，以便新電價於2022年1月生效。

As always, we are open to the possibility of resolving our rate request through a fair settlement agreement. During the course of the past 22 years, FPL has entered into 6 multiyear settlement agreements that have provided customers with a high degree of rate stability and certainty and helped FPL execute to deliver its best-in-class customer value proposition. Our core focus will be to pursue a fair and objective review of our case that supports continued execution of our successful strategy for customers, and we will continue to provide updates throughout the process.

像往常一樣，我們願意透過公平的和解協議解決我們的費率請求。在過去的22年中，FPL已達成6份多年和解協議，這些協議為客戶提供了高度的費率穩定性和確定性，並幫助FPL實現了其一流的客戶價值主張。我們的核心重點是公平客觀地審查我們的案件，以支持我們持續執行成功的客戶策略，並將在整個過程中持續提供最新進展。

Energy Resources reported fourth quarter 2020 GAAP loss of $644 million or $0.33 per share. Adjusted earnings for the fourth quarter were $342 million or $0.17 per share. Energy Resources' contribution to adjusted earnings per share in the fourth quarter is flat versus the prior year comparable period as favorable results from the continued growth and performance in our renewables portfolio were roughly offset by a number of items, none of which are particularly noteworthy. For the full year, Energy Resources reported GAAP earnings of $531 million or $0.27 per share and adjusted earnings of $1.95 billion or $0.99 per share.

能源資源公司公佈2020年第四季GAAP虧損6.44億美元，合每股0.33美元。第四季調整後收益為3.42億美元，合每股0.17美元。能源資源公司第四季度對調整後每股收益的貢獻與去年同期持平，原因是我們再生能源產品組合的持續成長和業績表現帶來的良好業績被一些項目大致抵消，但這些項目均不特別值得關注。能源資源公司公佈的全年GAAP收益為5.31億美元，合每股0.27美元，調整後收益為19.5億美元，合每股0.99美元。

Energy Resources full year adjusted earnings per share contribution increased $0.12 or approximately 14% versus 2019. For the full year, growth was driven by continued new additions to our renewables portfolio as contributions from new investments increased by $0.07 per share. Contributions from existing generation assets increased $0.03 versus 2019 due primarily to increased production tax credit volume from our repowered wind projects and an improvement in wind resource, which were partially offset by the planned nuclear outages and retirement of our Duane Arnold nuclear facility. Also contributing favorably was NextEra Energy Transmission, which increased results by $0.02 year-over-year, primarily as a result of full year contributions from Trans Bay Cable acquisition that closed in the middle of 2019. Contributions from all other impacts were flat year-over-year.

能源資源全年調整後每股盈餘貢獻較2019年增加0.12美元，增幅約14%。全年成長主要得益於我們再生能源投資組合的持續擴張，新投資貢獻每股增加0.07美元。現有發電資產的貢獻較2019年增加0.03美元，主要原因是我們重新發電的風電項目的生產稅收抵免額增加以及風力資源的改善，但這些影響被我們計劃中的核電站停電和杜安·阿諾德核電站的退役部分抵消。 NextEra Energy Transmission也做出了積極貢獻，其業績年增0.02美元，主要得益於2019年中期完成的Trans Bay Cable收購帶來的全年貢獻。所有其他影響的貢獻與去年持平。

Amid the disruption of the pandemic, Energy Resources had one of its best years ever, including successfully executing on the largest construction program in our history as well as delivering our best year ever for origination, adding a net nearly 7,000 megawatts of new renewables projects to our backlog. In 2020, we commissioned approximately 5,750 megawatts of wind, solar and storage projects on schedule and on budget.

在疫情的衝擊下，能源資源部門取得了有史以來最好的一年業績，包括成功實施了公司歷史上規模最大的建設項目，並創造了公司有史以來最好的項目啟動業績，新增近7,000兆瓦的可再生能源項目，為公司積壓項目增添了新的動力。 2020年，我們按計畫和預算完成了約5,750兆瓦的風能、太陽能和儲能項目投產。

In addition, since the last call, we have added approximately 2,000 megawatts of renewables projects to our backlog, including approximately 1,030 megawatts of new wind and wind repowerings, 670 megawatts of solar and 300 megawatts of battery storage, including 75 additional megawatts of capacity on Desert Peak Storage, which is now expected to total 400 megawatts and remains the world's largest stand-alone storage project.

此外，自上次招標以來，我們已在積壓訂單中增加了約 2,000 兆瓦的可再生能源項目，其中包括約 1,030 兆瓦的新風電和風電改造項目、670 兆瓦的太陽能項目和 300 兆瓦的電池存儲項目，其中包括沙漠峰存儲項目 75 兆瓦的額外容量，目前仍然預計將達到 400 兆瓦的獨立世界總容量。

Following the terrific origination year in 2020, our renewables backlog now stands at approximately 13,500 megawatts. Despite a record year of megawatts placed in service, Energy Resources grew its year-end backlog by approximately 1,500 megawatts year-over-year, providing terrific visibility to the strong growth that lies ahead. Since 2017, our backlog additions have grown at a roughly 25% compound annual growth rate.

繼2020年創下輝煌的發電量紀錄後，我們的再生能源儲備訂單量目前約為13,500兆瓦。儘管2020年新增發電量創歷史新高，但能源資源部門的年末儲備訂單量年增約1,500兆瓦，為未來強勁的成長動能提供了良好的可預見性。自2017年以來，我們的儲備訂單量年複合成長率約為25%。

As a result of our tremendous progress in 2020 and our strong continued origination success, we are raising our 2021 to 2022 renewables development expectations to a range of 10,525 megawatts to 12,700 megawatts, which at the midpoint is approximately 3,500 megawatts above our previous expectations. Our expectations for 2021 and 2022 are now up more than 50% at the midpoint relative to the expectations that we laid out at the 2019 investor conference, reflecting the significant acceleration of renewables activity over the past 1.5 years. We are also introducing our 2023 to 2024 renewables development expectations of 12,150 megawatts to 17,300 megawatts. This is by far the largest expected 2-year development program in our history and reflects our high level of confidence in Energy Resources' ongoing leadership position in renewable energy development. The accompanying slide provides some additional details.

鑑於我們在2020年取得的巨大進展以及持續強勁的能源項目成功，我們將2021年至2022年的可再生能源發展預期上調至10,525兆瓦至12,700兆瓦，中間值比我們之前的預期高出約3,500兆瓦。我們對2021年和2022年的預期，相對於我們在2019年投資者會議上提出的預期，中間值已上漲逾50%，這反映了過去一年半可再生能源活動的顯著加速。我們也將2023年至2024年的再生能源發展預期定為12,150兆瓦至17,300兆瓦。這是我們迄今為止最大的兩年發展計劃，也反映了我們對能源資源公司在再生能源發展領域持續領先地位的高度信心。隨附的幻燈片提供了更多詳細資訊。

As we've previously discussed, we are optimistic about the expanded investment opportunities that the broad decarbonization of the U.S. economy presents for Energy Resources, and we are pursuing a number of pilot projects to rapidly develop our capabilities across this potential investment opportunity set. Today, we are announcing a new innovative green hydrogen project in Energy Resources that includes a 12-megawatt solar array, on-site hydrogen production and storage and a hydrogen fuel cell. This emissions-free project will utilize solar energy to create green hydrogen to power the fuel cell, which will be able to provide electricity to the local grid during periods of peak demand. Subject to final terms and regulatory approvals, this approximately $20 million innovative green hydrogen project is expected to begin construction in 2022 with commercial operations in mid-2023.

正如我們先前所討論的，我們對美國經濟全面脫碳將為能源資源公司帶來的更多投資機會持樂觀態度，我們正在進行一系列試點項目，以快速提升我們在這一潛在投資機會領域的能力。今天，我們宣佈在能源資源公司啟動一個創新綠色氫能項目，該項目包括一個12兆瓦的太陽能電池陣列、現場氫氣生產和儲氫設施以及一個氫燃料電池。這個零排放計畫將利用太陽能生產綠色氫能，為燃料電池提供動力，燃料電池將在用電高峰期為當地電網供電。根據最終條款和監管部門的批准，這個耗資約2,000萬美元的創新綠色氫能計畫預計將於2022年開始建設，並於2023年中期投入商業營運。

Energy Resources is also in advanced discussions with a number of potential customers across the industrial landscape, including food processing, specialty chemicals and refineries, to continue to develop clean energy solutions for more efficient green production processes. One potential project includes a solar tracker combined with an electrolyzer at a large industrial plant. The project would deliver green hydrogen as an industrial feedstock for the facility. And when not producing hydrogen, the solar power would offset a portion of the plant's energy consumption, further decarbonizing the facility's operations.

能源資源公司也與食品加工、特種化學品和煉油廠等工業領域的眾多潛在客戶進行深入洽談，以持續開發清潔能源解決方案，從而實現更有效率的綠色生產流程。其中一個潛在項目包括在一家大型工業工廠中安裝一個與電解槽相結合的太陽能追蹤器。該項目將為該工廠提供綠色氫氣作為工業原料。在不生產氫氣時，太陽能將抵消工廠的部分能源消耗，從而進一步降低工廠運作的碳排放。

In addition, today, Energy Resources announced a planned partnership to pursue large school bus fleet conversions to electric and hydrogen with the nation's largest school bus owner and operator and transportation services provider. With its partner, Energy Resources anticipates investing in bus electrification upgrades and charging stations as well as providing energy management services. This transaction is consistent with our toe-in-the-water approach as we explore potential opportunities in the electrification of the transportation sector.

此外，Energy Resources今天宣布與美國最大的校車所有者、營運商和交通服務提供商合作，計劃將大型校車車隊升級為電動和氫動力。 Energy Resources預計將與其合作夥伴共同投資公車電氣化升級和充電站建設，並提供能源管理服務。此交易符合我們探索交通運輸領域電氣化潛在機會的試水策略。

We are excited about all of these opportunities as well as the previously announced Hydrogen Pilot Project we plan to propose at FPL's Okeechobee Clean Energy Center, which highlight the significant opportunities that the broad decarbonization of the U.S. economy presents. Consistent with our long-term track record, NextEra Energy will remain disciplined as we take steps to be at the forefront of these developing markets while taking a leadership role in the clean energy transition.

我們對所有這些機會以及先前宣布的、計劃在聯邦電力公司奧基喬比清潔能源中心提出的氫能試點計畫感到興奮不已，這些計畫凸顯了美國經濟全面脫碳所帶來的重大機會。 NextEra Energy 將秉承我們長期以來的良好業績，保持嚴謹的作風，逐步走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。

Beyond renewables and storage, since the last earnings call, Mountain Valley Pipeline made progress with its outstanding permitting issues, including receiving the Bureau of Land Management right-of-way grant, which authorizes MVP to cross the Jefferson National Forest once the stream and wetland permitting is complete. While the Fourth Circuit denied a stay request on MVP's new biological opinion, the Court did grant a stay on the Nationwide 12 permit, and the project is now pursuing an alternate path forward to permit and complete stream and wetland crossings.

除了再生能源和儲能專案外，自上次財報電話會議以來，Mountain Valley Pipeline 在其未決許可事宜上取得了進展，包括獲得美國土地管理局的通行權撥款，該撥款授權 MVP 在溪流和濕地許可審批完成後穿越杰斐遜國家森林。雖然第四巡迴上訴法院駁回了 MVP 新的生物學意見的暫緩執行請求，但最高法院批准了 Nationwide 12 號許可的暫緩執行，該項目目前正在尋求其他途徑，以獲得溪流和濕地穿越許可並最終完成。

Due to these continued legal and regulatory issues as well as the substantial delays in commercial operation and increased costs associated with those delays, the carrying value for our investment in MVP now exceeds its fair market value. And as a result, we have reflected a $1.2 billion after-tax impairment in our GAAP financial statements, which we have excluded from adjusted earnings. While we are disappointed with the extended development and construction time line due to the legal challenges that the project has faced, we intend to continue pursuing completing the project with our partners.

由於這些持續的法律和監管問題，以及商業運營的嚴重延誤和由此導致的成本增加，我們對MVP的投資帳面價值現已超過其公平市場價值。因此，我們在GAAP財務報表中反映了12億美元的稅後減值，並將其從調整後收益中剔除。雖然我們對該專案因法律挑戰而延長的開發和建設時間感到失望，但我們打算繼續與合作夥伴共同努力完成該專案。

Finally, during 2020, 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 and realized constructive rate case outcomes at Trans Bay Cable and Lone Star Transmission as well as entered into an agreement to acquire GridLiance, which owns 3 FERC-regulated transmission utilities spanning 6 states. We continue to expect to obtain all necessary regulatory approvals and close on the GridLiance acquisition in the first half of this year.

最後，在2020年，NextEra Energy Transmission 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，該公司實現了創紀錄的盈利貢獻，並在 Trans Bay Cable 和 Lone Star Transmission 的競標中取得了建設性的電價結果，並達成了收購 GridLiance 的協議，GridLiance 擁有三家受聯邦能源管理委員會 (FERC) 監管的輸電公司，業務遍及六個州。我們預計，收購 GridLiance 將在今年上半年獲得所有必要的監管批准並完成。

Turning now to the consolidated results for NextEra Energy. For the fourth quarter of 2020, GAAP net losses attributable to NextEra Energy were $5 million or $0.00 per share. NextEra Energy's 2020 fourth quarter adjusted earnings and adjusted EPS were $785 million or $0.40 per share, respectively. For the full year 2020, GAAP net income attributable to NextEra Energy was $2.92 billion or $1.48 per share. Adjusted earnings were $4.55 billion or $2.31 per share. As a reminder, all of our financial results have been adjusted to account for the 4-for-1 stock split, which became effective in the fourth quarter.

現在來看看 NextEra Energy 的合併業績。 2020 年第四季，歸屬於 NextEra Energy 的 GAAP 淨虧損為 500 萬美元，即每股虧損 0.00 美元。 NextEra Energy 2020 年第四季調整後盈餘和調整後每股盈餘分別為 7.85 億美元和每股 0.40 美元。 2020 年全年，歸屬於 NextEra Energy 的 GAAP 淨利潤為 29.2 億美元，即每股 1.48 美元。調整後收益為 45.5 億美元，即每股 2.31 美元。提醒一下，我們所有的財務業績已根據第四季度生效的 1 拆 4 股票分割進行了調整。

For the Corporate and Other segment, adjusted earnings for the full year decreased $0.07 per share compared to the 2019 prior comparable period, 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，全年調整後每股收益與 2019 年同期相比減少 0.07 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舉措導致利息和再融資成本增加。

In total for NextEra Energy, our refinancing activities reduced nominal adjusted net income by roughly $103 million during the fourth quarter, inclusive of approximately $39 million associated with Energy Resources' share of refinancing cost at NextEra Energy Partners. We expect these initiatives to translate into favorable net income contributions in future years and an overall improvement in net present value for our shareholders.

總體而言，NextEra Energy 的再融資活動導致第四季度名義調整後淨利潤減少約 1.03 億美元，其中包括 Energy Resources 在 NextEra Energy Partners 再融資成本中所佔的約 3,900 萬美元。我們預計這些舉措將在未來幾年轉化為良好的淨利潤貢獻，並全面提升股東的淨現值。

Long-term financial expectations, which we increased and extended late last year through 2023, remain unchanged. For 2021, NextEra Energy expects adjusted earnings per share to be in a range of $2.40 to $2.54. For 2022 and 2023, NextEra Energy expects to grow 6% to 8% off the expected 2021 adjusted earnings per share. And we will be disappointed if we are not able to deliver financial results at or near the top end of these ranges. 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 a roughly 10% per year rate through at least 2022 off of a 2020 base. As always, our expectations assume normal weather and operating conditions.

我們在去年年底上調並延長至2023年的長期財務預期保持不變。 NextEra Energy預計2021年的調整後每股盈餘將在2.40美元至2.54美元之間。 NextEra Energy預計2022年和2023年的調整後每股盈餘將比2021年的預期成長6%至8%。如果我們無法實現達到或接近這些區間上限的財務業績，我們將感到失望。從2018年到2023年，我們預期營運現金流量的成長速度將與調整後每股盈餘的複合年增長率區間大致一致。我們也預計，至少到2022年，我們的每股股息將在2020年的基礎上以每年約10%的速度成長。與以往一樣，我們的預期假設天氣和營運條件正常。

Let me now turn to NextEra Energy Partners, which also had a strong year of operational and financial performance in 2020. Fourth quarter adjusted EBITDA was $308 million and cash available for distribution was $106 million, an increase of 10% and 8% from the prior year period, respectively. EBITDA growth was driven primarily by favorable resource across the portfolio and the full contributions from new projects acquired in late 2019, and it was slightly offset by a planned outage at our Genesis project late in the fourth quarter.

現在，我來談談 NextEra Energy Partners，該公司在 2020 年的營運和財務表現同樣強勁。第四季調整後 EBITDA 為 3.08 億美元，可供分配現金為 1.06 億美元，分別較去年同期成長 10% 和 8%。 EBITDA 的成長主要得益於整個投資組合的良好資源以及 2019 年末收購的新項目的全部貢獻，而第四季度末 Genesis 項目的計劃停運略微抵消了這一增長。

For the full year 2020, adjusted EBITDA was $1.263 billion, up 14% year-over-year. Cash available for distribution was $570 million, an increase of 40% from the prior year. Similar to the quarterly results, full year growth in adjusted EBITDA was primarily driven by full year contributions from acquisitions in the prior year and favorable wind resource. For the full year, wind resource was 100% of the long-term average versus 97% in 2019. The benefit to cash available for distribution from lower project-level debt service was partially offset by higher corporate level interest expense. 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.

2020年全年，調整後EBITDA為12.63億美元，年增14%。可供分配現金為5.7億美元，較上年成長40%。與季度業績類似，全年調整後EBITDA的成長主要得益於上年收購帶來的全年貢獻以及良好的風力資源。全年風力資源利用率達到長期平均的100%，而2019年為97%。專案層面債務償還率降低帶來的可供分配現金收益，部分被公司層級利息支出的增加所抵銷。需要提醒的是，這些業績包含IDR費用的影響，我們將其視為一項營運支出。更多詳細資訊請參閱隨附的幻燈片。

Yesterday, the NextEra Energy Partners Board declared a quarterly distribution of $0.615 per common unit or $2.46 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 2020.

昨天，NextEra Energy Partners 董事會宣布每普通股季度分配 0.615 美元或按年率計算每單位 2.46 美元，比去年同期季度分配增長 15%，並且達到了我們討論的 2020 年範圍的最高端。

During 2020, NextEra Energy Partners executed several financing to support its ongoing growth investments and optimize its capital structure for the benefit of LP unitholders. As Jim mentioned, during the quarter, we closed on an acquisition from Energy Resources of interest in an approximately 1,100-megawatt portfolio of long-term contracted renewables projects. As part of this transaction, NextEra Energy Partners raised a 10-year, approximately $1.1 billion convertible equity portfolio financing that includes the acquired assets plus 4 existing NextEra Energy Partners wind and solar projects.

2020年，NextEra Energy Partners 進行了多項融資，以支持其持續的成長投資，並優化其資本結構，造福有限合夥人 (LP) 份額持有人。正如 Jim 所述，本季度，我們完成了對 Energy Resources 約 1,100 兆瓦長期合約再生能源專案組合權益的收購。作為交易的一部分，NextEra Energy Partners 籌集了一筆為期 10 年、約 11 億美元的可轉換股權組合融資，其中包括收購的資產以及 NextEra Energy Partners 現有的 4 個風電和太陽能專案。

Combining this acquisition with the recapitalization of 4 existing NextEra Energy Partners assets through the longest-dated and lowest-cost convertible equity portfolio financing in the partnership's history is expected to provide significant benefits for unitholders. By leveraging the strong demand for high-quality clean energy assets, NextEra Energy Partners was able to secure financing for both the current transaction and future growth while enhancing returns for LP unitholders and limiting downside risk.

此次收購與對現有四項 NextEra Energy Partners 資產的資本重組相結合，將透過該合夥企業歷史上期限最長、成本最低的可轉換股權組合融資，預計將為基金份額持有人帶來顯著收益。透過利用市場對優質清潔能源資產的強勁需求，NextEra Energy Partners 能夠為當前交易和未來成長獲得融資，同時提高有限合夥人基金份額持有人的回報並控制下行風險。

NextEra Energy Partners expects to further strengthen its balance sheet and have access to approximately $2.4 billion in available financing capacity, including capacity under its corporate revolving credit facility and commitments from investors to potential future convertible equity portfolio financings, which further supports the partnership's long-term growth.

NextEra Energy Partners 預計將進一步加強其資產負債表，並獲得約 24 億美元的可用融資能力，包括其企業循環信貸額度下的融資能力以及投資者對未來潛在可轉換股票投資組合融資的承諾，這進一步支持了合作夥伴關係的長期增長。

During the second half of the year, NextEra Energy Partners completed the successful conversion of approximately $300 million of convertible debt and the remaining balance of the convertible preferred securities that were issued in 2017 into approximately 5.7 million and 4.7 million units -- common units, respectively. These conversions helped NextEra Energy Partners achieve its goal of using low-cost financing products to efficiently issue equity over time.

下半年，NextEra Energy Partners 成功將約 3 億美元的可轉換債券和 2017 年發行的剩餘可轉換優先證券分別轉換為約 570 萬股和 470 萬股普通股。這些轉換幫助 NextEra Energy Partners 實現了其利用低成本融資產品高效發行股票的目標。

Finally, NextEra Energy Partners raised approximately $600 million in new 0% coupon convertible notes during the quarter and used the net proceeds from this offering to redeem a portion of its outstanding 4.25% senior notes due in 2024. Coincident with the issuance of the convertible notes, NextEra Energy Partners entered into a capped call structure that will result in NextEra Energy Partners retaining up to 90% of the upside in its unit price associated with the convertible note over the next 5 years.

最後，NextEra Energy Partners 在本季度籌集了約 6 億美元的新 0% 票面利率可轉換票據，並使用此次發行的淨收益贖回了其 2024 年到期的 4.25% 優先票據的部分未償還部分。在發行可轉換票據的同時，NextEra Energy Partners 簽訂了封頂贖回結構，這將導致 NextEra Energy Partners 在未來 5 年內保留與可轉換票據相關的單位價格上漲的高達 90%。

NextEra Energy Partners run rate expectations for adjusted EBITDA and CAFD at December 31, 2021, remain unchanged. Year-end 2021 run rate adjusted EBITDA expectations are $1.44 to $1.62 billion and CAFD in the range of $600 million to $680 million. 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.

NextEra Energy Partners 對 2021 年 12 月 31 日調整後 EBITDA 和 CAFD 的運作率預期保持不變。 2021 年末調整後 EBITDA 運作率預期為 14.4 億美元至 16.2 億美元，CAFD 預期為 6 億美元至 6.8 億美元。提醒一下，我們所有的預期均受常規限制，並包含預期 IDR 費用的影響，因為我們將其視為營運費用。

From an updated 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. We expect the annualized rate of the 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.

根據我們 2020 年第四季每普通股單位分配的年化利率 2.46 美元的最新基礎，我們繼續看到 LP 分配的年增長率為 12% 至 15%，這至少在 2024 年之前是合理的預期範圍。我們預計 2021 年第四季分配的年化利率（將於 2022 年 2 月支付）將在每普通股單位 2.76 美元至 2.83 美元之間。

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. FPL, Energy Resources and NextEra Energy Partners each have outstanding set of opportunities across the board. The progress we made in 2020 reinforces our longer-term growth prospects. And while we have a lot to execute on in 2021, 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 近期和長期都擁有出色的成長前景。 FPL、Energy Resources 和 NextEra Energy Partners 各自都擁有一系列卓越的機會。我們在 2020 年取得的進展鞏固了我們的長期成長前景。雖然我們在 2021 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 your questions.

我們的準備演講到此結束。接下來，我們將開始回答大家的提問。

(Operator Instructions) The first question is from Steve Fleishman from Wolfe Research.

（操作員指示）第一個問題來自 Wolfe Research 的 Steve Fleishman。

A couple of questions. Just first, just a cleanup on the MVP announcement. Could you just talk about maybe a little more color on what you need to get that done and when? And why the...

幾個問題。首先，我想簡單介紹一下MVP的發布狀況。能否再詳細說說需要做什麼、什麼時候完成？為什麼…

Sure. Thanks, Steve, and we appreciate the question. First, obviously, the project has taken longer and cost more than what we anticipated. And so the impairment is really related to reflecting not only that value that we have on our books but really in relation to what we believe is the current fair valuation for the investment, given what we do still have to accomplish. And obviously, a lot changed in the fourth quarter, including the Nationwide 12 permit stay that I mentioned in the prepared remarks as well as the various things that have happened in January and against the backdrop of obvious changes, including the change in the administration, including the change in control of the Senate, which happened here in January.

當然。謝謝史蒂夫，我們很感謝你的提問。首先，顯然，該項目耗時更長，成本也高於我們的預期。因此，減損實際上不僅反映了我們帳面上的價值，也反映了我們認為的當前投資公允估值，考慮到我們仍需完成的任務。顯然，第四季度發生了很多變化，包括我在準備好的發言中提到的Nationwide 12號許可證的暫停，以及1月份發生的各種事情，這些變化的背景顯而易見，包括政府更迭，包括1月份發生的參議院控制權更迭。

So the impairment does reflect our view of what we still need to accomplish and the associated fair values related to the chances of being able to successfully execute on that. But this was an accounting exercise. It was a lot of due diligence that we needed to evaluate, and we think we've made the appropriate changes. But it does not change our commitment to work with our partners to put this project into service. So as I noted in the comments, we do have now a path that we're going to pursue in terms of the outstanding permitting. We'll work closely with our partners to pursue that path. But we thought it was appropriate and obviously took the actions that we did with respect to the impairment.

因此，減損確實反映了我們對仍需完成的任務以及與成功完成任務的可能性相關的公允價值的看法。但這是一項會計工作。我們需要進行大量的盡職調查，並認為我們已經做出了適當的調整。但這並沒有改變我們與合作夥伴攜手將該專案投入營運的承諾。正如我在評論中提到的，就未完成的許可而言，我們現在確實有一條要走的路。我們將與合作夥伴密切合作，繼續推動這條路。我們認為這是恰當的，並且顯然已經就減損採取了行動。

Hey, Steve, just...

嘿，史蒂夫，只是…

Okay. And then just on the continued higher growth in renewables, could you maybe just touch a little bit on funding plans for that over the period? Just high level.

好的。那麼，關於再生能源的持續高速成長，您能否簡單談談這段時期的融資計畫？請高談闊論。

Sure. Super high level. As you know, we've prided ourselves in a variety of approaches to the capital markets to support our business. Retaining all of those options as circumstances change is one of the things that I think has been particularly successful for us over a long period of time. One aspect at this point I wouldn't expect to change, particularly as it relates to financing the projects of Energy Resources, is that we will continue to execute on a significant amount of tax equity given our current position and tax capacity. But I think it's all of the tools in the toolbox that you would expect us to utilize to finance the business. But our commitment to our strong balance sheet remains unchanged, and we will grow both profitably and maintaining a strong balance sheet.

當然，級別非常高。如您所知，我們一直以利用資本市場支援業務的各種方式而自豪。我認為，在情況變化時保留所有這些選擇是我們長期以來特別成功的做法之一。目前，我認為不會改變的一點是，鑑於我們目前的狀況和納稅能力，我們將繼續執行大量的稅收公平政策，尤其是在為能源資源項目融資方面。但我認為，所有工具都是您期望我們用來為業務融資的工具箱裡的工具。我們對維持強勁資產負債表的承諾保持不變，我們將在獲利成長的同時，保持強勁的資產負債表。

Great. And then last, maybe kind of a strategic question, I guess, for Jim. Just the -- as we see the continued just dramatic ramp-up in renewables growth and the revaluation of the company probably tied to that, what does it mean for some of the statements you've made in the past on utility M&A? Does it make it more likely because you need to balance the mix or less likely because there's just so much opportunity on this other side of the business?

太好了。最後一個問題，我想對吉姆來說，這可能是個策略性的問題。我們看到再生能源持續大幅成長，公司估值也可能隨之上升，這對您過去關於公用事業併購的一些言論意味著什麼？是因為您需要平衡業務組合，所以更有可能進行公用事業併購；還是因為業務的其他方面存在太多機會，所以可能性更小？

So Steve, obviously, the relative valuation of the 2 big businesses has changed over the last several years, right? And that's just accelerated, in particular, over the last 24 months. I think what that means is it's changed a bit of our analytic framework of how we think about utility M&A. On the one hand, I continue to believe there's enormous value creation that we can bring to the table, and you only need to look at what we've been able to do with Gulf in the last 24.5 months to see how much value creation, bringing our playbook and our operating platform the Bay Area can create, right? So that is -- that, I think, remains clear. And if anything, it's clearer to me.

史蒂夫，顯然，這兩家大公司的相對估值在過去幾年裡發生了變化，對吧？尤其是在過去的24個月裡，這種變化還在加速。我認為這意味著，它改變了我們對公用事業併購的分析框架。一方面，我仍然相信我們能夠創造巨大的價值，你只需要看看我們在過去24.5個月裡與海灣能源公司合作的情況，就能知道，憑藉我們的策略和營運平台，灣區能夠創造多少價值，對吧？所以，我認為這一點仍然清晰。如果有什麼不同的話，那就是對我來說更清晰了。

On the other, I think it's also clear that probably a sweet spot for us in terms of M&A is things in the less than $20 billion range that we can pay cash and finance through the normal course. And at that point, if you do that, you're not shifting the mix one way or another all that tremendously. And in our set of analytics, we're looking really more at how much value creation are we bringing to the table when we do this. And so for example, I think Santee Cooper is a great example of that. That's -- it's roughly $8 billion or $9 billion transaction and something that we can finance in the normal course in a place where we think we can create enormous value very quickly.

另一方面，我認為，就併購而言，對我們來說，一個最佳點位可能是價值低於200億美元，我們可以支付現金並透過正常管道融資的交易。在這種情況下，即使你這樣做，也不會對整體組合造成太大的影響。在我們的分析中，我們更關注的是這樣做能帶來多少價值創造。例如，我認為桑蒂庫柏就是一個很好的例子。這筆交易大約80億或90億美元，我們可以在我們認為能夠快速創造巨大價值的地方透過正常管道融資。

And so that's the kind of things that we're focused on. And -- but most importantly, we're focused on running the business and executing, staying financially disciplined as we always have been and executing against the terrific growth prospects we have in Energy Resources and then executing at FPL as we always have for the benefit of our customers and continuing and for the benefit of the state. So that, I think, is just a little bit of an overview of how our current status of our thinking on.

這就是我們關注的重點。而且——但最重要的是，我們專注於業務運營和執行，一如既往地保持財務紀律，並根據我們在能源資源領域擁有的良好增長前景進行運營，然後一如既往地在FPL開展業務，以造福我們的客戶，並持續造福國家。所以，我認為，這只是對我們目前思考狀態的簡要概述。

The next question is from Julien Dumoulin-Smith from Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

I'll make it brief. If I can, just coming back to these renewable expectations, the redefined or upsized expectations over the longer-term here. Can you talk about a few factors here? First, C&I, you guys haven't been as involved. It seems like that could be accelerating here. Can you talk about how that filtered into your expectations?

我簡單說一下。如果可以的話，我想回到這些再生能源預期，也就是重新定義或提高的長期預期。能談談這方面的幾個因素嗎？首先，商業和工業部門（C&I），你們的參與度還不夠高。現在看來，這種情況可能會加速發展。您能談談這是如何影響到你們的預期的嗎？

Secondly, the new expectations explicitly do not include any future build-own-transfer. How do you see that as incremental? And any heuristics you might offer as to how to think about value creation there?

其次，新的預期明確不包括任何未來的「建設-擁有-轉讓」模式。您如何看待這種漸進式發展？您能提供一些關於如何思考其中的價值創造的啟發嗎？

And the third one on that, if I can just throw in there, is the attach rates on storage. It seems like the bulk of the storage that you're talking about in the future is probably tied to your solar assets. How do you think about stand-alone as being incremental to what you've talked about already? I'll leave it there.

第三個問題，如果我可以補充一下的話，就是儲能的附加費率。您提到的未來儲能項目的大部分可能都與您的太陽能資產相關。您認為獨立儲能專案如何補充您先前提到的內容？我就不多說了。

Okay. Julien, thanks for the questions, and you may need to prompt me if I forgot one or more aspects of the multipart question. Let me start with C&I. As I highlighted in the prepared remarks, John and his team across Energy Resources have really cultivated a nice suite of opportunities with C&I customers. And if we look at our core base of other major investor-owned utilities, our munis and co-ops and our C&I business, other investor-owned utilities, munis and co-ops are still larger overall, but the opportunity set with C&I customers is definitely growing, not just in your standard PPA, but more in the suite of types of opportunities that I mentioned as one of the pilot projects that John and his team are pursuing, kind of a more holistic energy solution provider to these C&I customers.

好的。 Julien，謝謝你的提問。如果我忘記了這個多部分問題中的一個或多個方面，你可能需要提醒我。我先從商業和工業（C&I）開始。正如我在準備好的演講中所強調的那樣，John 和他的能源資源團隊確實為 C&I 客戶創造了一系列良好的機會。如果我們看看我們其他主要投資者所有的公用事業公司、市政債券和合作社以及 C&I 業務的核心基礎，我們會發現其他投資者所有的公用事業公司、市政債券和合作社總體上仍然更大，但與 C&I 客戶合作的機會肯定在增長，不僅僅是在標準的購電協議（PPA）方面，還包括我提到的 John 和他的團隊正在推行的這些試點。

And I think what's really changed over the last year plus, maybe it's even 2 years, is the inbound request to C&I has really expanded as they really start to look at their own carbon footprint, their own ESG messaging. How do they source energy to do their business and how do they source that from a cleaner energy solutions has become a higher topic of interest and higher priority for them and, therefore, a terrific opportunity set for us. So I think that's a growing opportunity for us that we continue to be really excited about.

我認為過去一年多，甚至可能兩年來，真正的變化是，隨著工商業（C&I）開始真正關注自身的碳足跡和ESG訊息，他們收到的入站請求確實增加了。他們如何獲得能源來開展業務，以及如何從更清潔的能源解決方案中獲取能源，已經成為他們更關注和優先考慮的議題，因此，這對我們來說是一個絕佳的機會。所以我認為這對我們來說是一個不斷增長的機會，我們對此一直感到非常興奮。

In terms of build-own-transfers, we will continue to present our expectations, both our expectations and our signed contracts consistent in the way that we've shown it in the past, that there will be some build-own-transfer that Energy Resources pursues. If it is a strict, just sell the project to somebody else. We think there's a lot of value creation there, but we won't necessarily incorporate in our backlog for purposes of reporting, unless there is a long-term operation and maintenance or other stream of revenue to us that we benefit from. So we'll consistently report that. I think the opportunity set is there for both traditional build-own-transfers as well as build-own-transfers where we provide some incremental long-term value to our customers.

關於建設-擁有-移交項目，我們將繼續以過去的方式，包括我們的預期和已簽訂的合同，表明能源資源公司將尋求一些建設-擁有-移交項目。如果條件嚴格，那就把專案賣給其他人。我們認為這其中可以創造很多價值，但我們不一定會將其納入報告的待辦事項中，除非該專案涉及長期營運和維護，或其他能為我們帶來收益的收入來源。因此，我們會持續報告這些項目。我認為，無論是傳統的建設-擁有-移交項目，還是建設-擁有-移交項目，都存在著機會，我們都能為客戶提供一些增量的長期價值。

And then finally, storage, the opportunity set is terrific. Obviously, we've had tremendous success in attaching storage to new solar facilities, existing solar facilities and even some stand-alone storage projects. If there is a stand-alone storage incentive that Congress pursues, obviously, that would support near-term growth of stand-alone storage opportunities even beyond what we've seen, but the growth is terrific. And as we outlined back in 2019, we were surprised how fast the market evolved, and I think we continue to be really supportive of that overall market.

最後，說到儲能，機會無限。顯然，我們在將儲能係統連接到新的太陽能設施、現有的太陽能設施，甚至一些獨立的儲能項目方面取得了巨大的成功。如果國會推行獨立的儲能激勵措施，這顯然將支持獨立儲能機會的短期增長，甚至超過我們所看到的水平，而且這種增長速度非常驚人。正如我們在2019年所概述的那樣，我們對市場發展速度之快感到驚訝，我認為我們將繼續大力支持整個市場。

And one last thing I'll highlight, Julien, is really the innovative nature of the FPL team in working with the SolarTogether program to work with our commercial and industrial customers in Florida to support their needs to build the most cost-effective solar. And that's what the SolarTogether program offered them is the ability to really source clean energy solutions in the most profitable way for them and in a way that we structured the benefits both for those participating customers and nonparticipating customers to meet their needs.

朱利安，最後我要強調的一點是，FPL團隊在與SolarTogether專案合作時展現出的創新精神，他們與佛羅裡達州的商業和工業客戶攜手合作，支持他們建造最具成本效益的太陽能專案。 SolarTogether專案為他們提供了以最有利可圖的方式尋找清潔能源解決方案的能力，並且我們為參與客戶和非參與客戶建立了相應的福利方案，以滿足他們的需求。

So let me stop there, Julien. Did I miss any aspect of it?

朱利安，我就講到這裡吧。我有沒有遺漏什麼細節？

Just the stand-alone piece, I mean, how incremental is that to what your view is here?

只是獨立的部分，我的意思是，這對你在這裡的觀點有多大幫助？

The stand-alone storage as an investment opportunity?

獨立儲存是投資機會嗎？

Yes, absolutely.

是的，絕對是。

Yes, over time, Julien, it could be very significant. In the short term, is it imperative for renewables growth in certain pockets? Yes. Broadly speaking? No. But as you start to see what we referenced today, trillions of dollars of renewables deployment over time, increasing storage deployment, both in the forms of batteries as well as other forms of long-duration storage, which we believe includes hydrogen, will become not only increasingly important but a very large capital investment opportunity.

是的，朱利安，隨著時間的推移，這可能會非常重要。短期內，再生能源在某些領域成長是否至關重要？是的。從廣義上講呢？並非如此。但正如你今天提到的，隨著時間的推移，數萬億美元的可再生能源部署，以及儲能部署的增加，無論是電池形式還是其他形式的長時儲能，我們認為包括氫能，不僅將變得越來越重要，而且將是一個非常大的資本投資機會。

Yes. And just adding, Julien, onto what Rebecca said, I mean, Desert Peak, which we announced today, 400 megawatts, largest stand-alone project in the world. So we are actively seeking out stand-alone opportunities. And having the largest solar fleet in North America positions us for storage add-ons. So a tremendous amount of leverage off the existing operating fleet. And with new origination, I think of attach rates being roughly 60% on all the new stuff that we do.

是的。朱利安，我想補充麗貝卡所說的，我的意思是，我們今天宣布的沙漠峰項目，裝置容量為400兆瓦，是世界上最大的獨立項目。所以我們正在積極尋找獨立專案的機會。我們擁有北美最大的太陽能發電廠群，這讓我們能夠部署儲能係統。因此，我們可以充分利用現有營運的太陽能發電廠群。考慮到新增項目，我認為我們所有新項目的附加率大約是60%。

And then one more comment on C&I. We are positioning the business to be the preferred strategic partner with C&I customers. And we are looking at the business in a holistic way where we can provide clean energy solutions across the board. It's wind, it's solar, it's storage, it's hydrogen, it's mobility. The First Student transaction that we just announced today, it's an energy management services capability. It's analytics. All the things we've done for decades, we can now offer to C&I customers, and we've got a huge head start.

關於工商業 (C&I)，我再說一點。我們將業務定位為工商業客戶的首選策略夥伴。我們以整體視角看待業務，以便能夠提供全方位的清潔能源解決方案。包括風能、太陽能、儲能、氫能和移動出行。我們今天剛宣布的 First Student 交易，是一項能源管理服務能力，也是分析能力。我們幾十年來所做的一切，現在都可以提供給工商業客戶，我們擁有巨大的領先優勢。

The next question is from Shar Pourreza from Guggenheim Partners.

下一個問題來自古根漢合夥公司的 Shar Pourreza。

Just a couple of quick questions. On the rate case, in particular, obviously, we have a March filing that's ahead of us. And one of the sort of the big moving pieces is the rate base. It's 11% year-over-year growth for FPL, 24% for Gulf. As we sort of think about like the cap structure improvement, especially for Gulf, the ROE at or the capital plan request, how do we sort of think about sort of the filings as it kind of relates to your current growth guide as it's effective well within your current trajectory? Is like -- is the filing consistent with the top end and extends the runway? Is it better? And more importantly, as we sort of think about you rolling forward the plan into '24, is that kind of a post-GRC decision?

只想問幾個簡單的問題。關於利率，我們顯然有一份3月的申請文件要提交。其中一個重要的變動因素是利率基數。 FPL年增11%，海灣石油年增24%。當我們考慮資本結構改進，尤其是海灣石油的股本回報率（ROE）或資本計劃申請時，我們如何看待這些申請文件與您目前的成長指南之間的關係，因為它是否在您目前的發展軌跡中有效？申請文件是否與最高成長目標一致，並延長了成長路徑？它是否更好？更重要的是，當我們考慮將計劃延續到2024年時，這是否是GRC會議之後的決定？

So thanks, Shar. I appreciate it. And obviously, we're at the early stages of the rate case proceeding, having only filed the test year letter. So there's a lot of additional information that we will provide to the Commission and stakeholders and obviously go through a robust process, as we should and as we look forward to do, to go through the rate case process.

謝謝，Shar。我很感激。顯然，我們目前處於利率案件審理的早期階段，只提交了測試年份函。因此，我們將向委員會和利益相關者提供大量補充信息，並且顯然會遵循一個嚴謹的程序來推進利率案件審理，這是我們應該做的，也是我們期待做的。

From an NextEra Energy perspective, as you would expect, and when we provide expectations, we do a variety of scenario planning analyses to feel comfortable with the expectations that we've laid out. So there's not one answer to what you have in your assumptions that you've laid out for expectations. There's a range, and we feel comfortable today, as we've obviously reiterated those expectations, for the 2021, '22 and '23 timeframes.

從 NextEra Energy 的角度來看，正如您所期望的，當我們提供預期時，我們會進行各種情境規劃分析，以確保我們對所提出的預期感到滿意。因此，對於您所提出的預期假設，並沒有唯一的答案。預期有一個範圍，而我們今天對此感到滿意，因為我們顯然已經重申了對 2021 年、2022 年和 2023 年時間框架的預期。

So we look forward to presenting our case to the Commission and stakeholders. We feel very confident in the decisions that we've made in terms of where we've been investing, where we plan to invest. And obviously, the results, to some measure, obviously speak for themselves in terms of low bills, high reliability, terrific customer service and a clean energy profile that is substantial. And we're obviously looking forward to not only telling that story, but also the Gulf changes over the last couple of years that Jim highlighted.

因此，我們期待向委員會和利害關係人陳述我們的方案。我們對目前投資方向和規劃投資方向的決策充滿信心。顯然，從某種程度上來說，低帳單、高可靠性、卓越的客戶服務以及顯著的清潔能源形像等結果不言而喻。我們不僅期待講述這個故事，也期待講述吉姆強調的過去幾年墨西哥灣地區的變化。

So we'll have more as the process unfolds. And obviously, when we have -- we finally have clarity on the rate case outcome or a potential settlement, if we're so fortunate as to reach a constructive agreement with interveners, we'll provide some updates once we have that information.

因此，隨著案件進展，我們將會有更多資訊。當然，當我們最終明確利率案件結果或潛在的和解方案時，如果我們有幸與調解方達成建設性協議，我們會在獲得這些資訊後提供一些更新資訊。

Got it. And then just as we think about rolling the consolidated outlook into '21, is that a post-GRC decision or settlement?

明白了。那麼，我們考慮將合併展望延續到2021年，這是GRC會議後的決定還是和解？

So 2021 obviously assumes the current rate agreements since both for FPL and Gulf, they go through the '21 time frame. And then '22 and '23, again, I'll put it in context, a variety of scenarios that we assume for both FPL and Energy Resources to support the expectations that we've laid out.

因此，2021 年顯然假設了目前的費率協議，因為 FPL 和 Gulf 都經歷了 2021 年的時間框架。然後是 2022 年和 2023 年，我會再次結合上下文，我們為 FPL 和 Energy Resources 假設了各種情景，以支持我們提出的預期。

Got it. And then just maybe a quick strategy question for Jim. I mean, Jim, obviously, with Santee Cooper in particular, the sales discussions have been steadily growing in interest in the legislator. What do you sort of think will be different in '21, either from the legislative side or the NEE side, i.e., would you sort of anticipate making a substantially similar bid if the process comes up for sale?

明白了。然後我可能想問吉姆一個關於策略的簡短問題。吉姆，顯然，尤其是關於桑蒂庫珀的出售談判，立法者對它的關註一直在穩步增長。您認為21年立法方面和NEE方面會有什麼不同？也就是說，如果流程出售，您是否預計會提出大致相同的報價？

And then just on for transmission, obviously, you highlighted the GridLiance acquisition last year. How do you sort of see that opportunity set on the FERC transmission side? How large do you want NextEra Transmission to be as part of the business mix? Do you see any -- is there more to come there?

然後說到輸電業務，您去年顯然強調了對GridLiance的收購。您如何看待聯邦能源管理委員會（FERC）輸電業務的機會？您希望NextEra Transmission在業務組合中佔據多大比例？您認為未來還會有更多發展嗎？

So first of all, on Santee Cooper, well, there's an offer on the table, and that offer remains on the table and as does our $25 million deposit, which the state still has. So it's -- the offer is there, and we're ready to negotiate whenever the state is ready to get going. And so we stand ready and are hopeful that the legislature will move forward on that process. And we'll know more, obviously, over the next 90 days or so.

首先，關於桑蒂庫柏項目，嗯，我們已經收到一份報價，而且這份報價仍然有效，我們2500萬美元的定金也仍然有效，州政府仍然持有這筆定金。所以，報價已經準備好了，只要州政府準備好了，我們隨時準備進行談判。我們已做好準備，並希望立法機構能夠推進這項進程。顯然，在接下來的90天左右，我們將獲得更多資訊。

On NextEra Energy Transmission, I think Rebecca, in her prepared remarks, had just a terrific year last year, their best year ever as a company. Remember, we started that business from scratch a little over 10 years ago. And it's a business that made over $100 million in net income last year and we think has the ability to grow mid-teens, double-digit over the next several years just organically with what they have in front of them without doing any other acquisitions. And we are pursuing other acquisitions there because we think we add an enormous amount of value through our operating model, number one.

關於NextEra Energy Transmission，我認為Rebecca在她準備好的演講中提到，去年是他們公司歷史上最好的一年。要知道，我們十多年前就白手起家創辦了這家公司。去年，這家公司的淨利潤超過1億美元，我們認為，憑藉現有資源，該公司有能力在未來幾年實現15%到兩位數的有機成長，而無需進行任何其他收購。我們正在尋求其他收購，因為我們認為，透過我們的營運模式，我們創造了巨大的價值，這是第一點。

And then number two, probably the biggest inhibitor to renewables in this country is not consumer demand or it is not interest on the part of the federal government or state governments to get renewables built. It's not that customers don't want it. It is fundamentally broken processes with the ISOs in terms of how they manage their queues and transmission and just broadly transmission planning in this country. And I think with the Biden administration and a new FERC, there is a new opportunity to fix that. And our transmission business, I think, is a great example of what FERC Order 1000 can do when you get competition going in the transmission world. And it is also, I think, every bit of transmission we build in that business is incremental and helpful to the renewable business that we have and that it makes the delivery of lower-cost renewables even more fast to come on to the grid than they otherwise would. So I'm very excited about the transmission business. We're going to continue to push it, and I think it's got a lot of runway to grow.

其次，美國再生能源發展的最大障礙可能不是消費者需求，也不是聯邦政府或州政府對建立再生能源不感興趣。並非消費者不想要，而是獨立系統營運商（ISO）在管理排隊、輸電以及美國輸電規劃方面存在根本性的流程問題。我認為，拜登政府和新成立的聯邦能源管理委員會（FERC）將帶來新的機會來解決這個問題。我認為，我們的輸電業務就是一個很好的例子，它體現了聯邦能源管理委員會第1000號令在輸電領域促進競爭時所能發揮的作用。而且，我認為，我們在該業務中建設的每一條輸電線路都是漸進式的，對我們現有的可再生能源業務都有幫助，這使得低成本可再生能源的接入電網的速度比以往更快。因此，我對輸電業務感到非常興奮。我們將繼續推動這項業務，我認為它還有很大的發展空間。

The next question is from Michael Lapides from Goldman Sachs.

下一個問題來自高盛的邁克爾·拉皮德斯。

I actually have 2. One is you posted a great 2020 with EPS growth north of 10%. Just curious, do you think you could potentially come in above the high end of your range? So is kind of the 6% to 8% target a very modest target growth when you think about the next couple of years given the run rate you hit this past year?

我其實有兩個問題。一個是你們2020年的業績非常出色，每股盈餘成長超過10%。我只是好奇，你認為你們的表現有可能超過預期上限嗎？那麼，考慮到你們去年的業績成長速度，考慮到未來幾年的預期，6%到8%的目標成長是否是一個非常保守的目標成長？

So Michael, I appreciate it. And I appreciate the optimism and the support that your question might suggest. We're really proud of the results for 2020. A couple of things to remind you. One, that does include some incremental contributions from Gulf. And obviously, we expected Gulf in the overall Florida acquisitions, and we expect some incremental benefit from that for 2021, as we highlighted in the -- when we laid out expectations initially. And then just to recall, we did raise our 2021 expectations late last year and then rebased our 6% to 8% off of that higher base.

所以邁克爾，我很感激。我也感謝你的問題所體現出的樂觀和支持。我們對2020年的業績感到非常自豪。有幾件事要提醒你。首先，這確實包含了海灣石油的一些增量貢獻。顯然，我們預計海灣石油將參與佛羅裡達的整體收購，我們預計2021年將從中獲得一些增量收益，正如我們在最初提出預期時所強調的那樣。然後，回想一下，我們確實在去年年底上調了2021年的預期，然後在更高的基數上調了6%到8%。

We're really excited about both the positioning of the regulated utilities as well as Energy Resources going into 2021. We know what we need to accomplish, and the teams are set out to go after and achieve those objectives. And of course, we'll update you over time as we go through the year. But for today, we have reiterated those expectations of the $2.40 to $2.54 for 2021.

我們對受監管公用事業公司以及能源資源公司在2021年的定位感到非常興奮。我們知道自己需要完成的目標，團隊也已做好準備，去追求並實現這些目標。當然，我們會在全年業績發布後陸續更新。但今天，我們重申了2021年每股收益2.40美元至2.54美元的預期。

Got it. And then a follow-up one, and it's more of a policy one, and I think it's more of a state policy one. There's still lots of coal generation in rate base in a lot of states, not all of which probably is economic. But the owners of that, and clearly, your Florida utilities don't have exposure to this, the owners of that benefit from having it in rate base. How do you -- from an earnings perspective, how do you think that dichotomy, Jim, gets resolved over time? And are there lessons that other states can learn from Florida that might be able to hasten the pace of fleet transformation?

明白了。接下來是後續問題，更像是一項政策，我認為更像是一項州級政策。許多州的電價基數中仍包含大量的燃煤發電，但並非所有這些發電廠都具備經濟效益。但對於這些發電廠的業主來說，顯然佛羅裡達州的公用事業公司並沒有受到這方面的影響，他們從將燃煤發電納入電價基數中獲益。吉姆，從獲利角度來看，您認為這種矛盾會如何逐漸解決？其他州能否從佛羅裡達州的經驗中汲取教訓，從而加快燃煤發電廠轉型的步伐？

So Michael, I think you're being kind, honestly, to the regulated coal fleet in this country. There is not a regulated coal plant in this country that is economic today, full period, end of stop when it's dispatched on any basis, not a single one, okay? And so why haven't it -- I think you've hit on the crux of some of the issues. Obviously, there have been, in certain states, a reluctance to let our utility customers retire the coal plant and then be able to recover their investment, right? And so, of course, if you run a utility, you don't want to retire an asset that you're going to then either have to write-off or not be able to earn on, right?

所以邁克爾，說實話，我覺得你對這個國家受監管的燃煤電廠挺客氣的。目前，這個國家沒有一家受監管的燃煤電廠在全週期、全停運的情況下還能保持經濟效益，一個也沒有，懂嗎？那為什麼呢——我覺得你抓住了一些問題的癥結。顯然，在某些州，人們不願意讓我們的公用事業客戶在關閉燃煤電廠後還能收回投資，對吧？所以，當然，如果你經營一家公用事業公司，你肯定不想關閉一項要么不得不註銷要么無法盈利的資產，對吧？

I think one of the things that has been really constructive and very smart about the Florida regulatory environment or the Commission's view on modernizing the generation fleet is that they have -- we've spread that capital recovery over a period of 5 or 10 years. And that has both, I think, moderated the impact to customer bills, on the one hand, and also on the other, given us the right incentive to do the right thing by our customers and bring on lower-cost generation.

我認為佛羅裡達州的監管環境，或者說委員會關於發電廠現代化的觀點，非常具有建設性和明智之處，在於他們——我們將資本回收期延長到了5到10年。我認為，這一方面減輕了對客戶帳單的影響，另一方面也激勵我們為客戶著想，並降低發電成本。

So I think it's about -- the other piece, I think, that's going to change is there is no question, this administration through the EPA and other means is going to make the continued operation of coal plants very difficult in this country. And so there's going to be, I think, more pressure, more federal pressure to accelerate that transition away from coal than there has been, obviously, over the last 4 years, where there's been, in fact, the opposite of federal pressure, but the complete lack of federal pressure to do anything about with your coal fleet.

所以我認為——另一個即將改變的因素是，毫無疑問，本屆政府透過環保署和其他手段，將使美國燃煤電廠的持續運作變得非常困難。因此，我認為聯邦政府將面臨比過去四年更大的壓力，要求加速煤炭轉型。過去四年，聯邦政府的壓力實際上與此相反，完全沒有對燃煤電廠施加任何壓力。

So I think the combination of that plus states becoming -- it becoming clearer and clearer the economics as we go along, that the operating cost of coal plants are higher than the new build cost of renewables with storage as that becomes even clearer as costs come down for renewables and costs continue to go up, operating costs continue to go up for coal. That's -- I mean the bottom line in Florida, we've shut our coal down, and we've saved customers literally billions of dollars of present value over the expected life of the new generation we put in place.

所以我認為，這些因素加上各州的情況——隨著我們的發展，經濟效益越來越明顯，燃煤電廠的營運成本高於新建帶儲能係統的再生能源電廠的成本。隨著再生能源成本的下降，以及成本的持續上升，這一點變得更加明顯，煤炭的營運成本也隨之上升。也就是說，在佛羅裡達州，我們已經關閉了煤炭發電廠，並且在我們投入使用的新一代發電設施的預期壽命期內，我們為客戶節省了數十億美元的現值。

So there's an enormous opportunity. There are several states in the country that are not taking advantage of that opportunity because of some of the regulatory approaches. And honestly, I think with the new administration and some of the policies there, that's going to accelerate the replacement of coal in this country. And it should be because there's no -- it's costing customers money. Leave aside the environmental benefits, just on pure economics that's costing customers' money every day, and that's bad for the country and let alone that it's terrible for the climate, it is -- and for the environment, it is bad for customers because economics are -- the coal economics are so out of whack.

所以這是一個巨大的機會。由於一些監管方式，美國有幾個州沒有利用這個機會。說實話，我認為新政府和一些政策會加速美國煤炭的替代進程。這應該如此，因為煤炭正在浪費消費者的錢。撇開環境效益不談，單從純粹的經濟角度來看，它每天都在浪費消費者的錢，這對國家不利，更不用說對氣候有害了，這對環境和消費者都不利，因為煤炭經濟已經嚴重失衡了。

Got it. Jim, much appreciated. And maybe one last one for Rebecca. Rebecca, you have raised your renewable growth targets materially. That implies higher CapEx, but obviously, you get the benefit of the tax. Every year or so, you all utilize convertible financing or equity units. Should we assume that is part of your EPS growth guidance that there is continued use of kind of new convertible units in the financing plan and maybe that level grows and scale with the change in the CapEx forecast?

明白了。吉姆，非常感謝。也許還有最後一個問題想問麗貝卡。麗貝卡，您大幅提高了再生能源的成長目標。這意味著更高的資本支出，但顯然，您獲得了稅收優惠。每年左右，你們都會使用可轉換融資或股權單位。我們是否應該假設，這是您每股收益成長預期的一部分，即在融資計劃中繼續使用某種新的可轉換單位，並且這種水平可能會隨著資本支出預測的變化而增長和擴大？

Michael, I appreciate it. And I've talked into a couple of comments that we've made in the past that I know you know, first, we keep all the tools in the toolkit. And we believe that at various times, various tools are more economic than others. But at the end of the day, our commitment to our balance sheet remains very strong and that we will finance it in a way that retains our strong balance sheet.

邁克爾，我很感激。我之前也提到過一些我們之前說過的話，我知道你知道，首先，我們會把所有工具都放在工具箱裡。我們相信，在不同時期，不同的工具會比其他工具更經濟。但最終，我們對資產負債表的承諾依然堅定，我們將以維持強勁資產負債表的方式為其融資。

One additional thing I'll remind you of that over time has certainly been very valuable to us, not only in maintaining the balance in our business, which we've talked about frequently, but it's the recycling of capital as a source of proceeds to finance that new growth. And as NEP grows and our recycling of capital grows to NEP, obviously, that's also a source of financing for the new investments that Energy Resources is making.

還有一件事，我想提醒大家，長期以來，這對我們來說確實非常寶貴，不僅在於維持了我們經常談論的業務平衡，還在於將資本循環利用作為收益來源，為新的增長提供資金。隨著NEP的成長，以及我們對NEP的資本循環利用不斷增加，這顯然也為能源資源公司正在進行的新投資提供了資金來源。

If there's one thing that I know at the beginning of the year, we have a financing plan by the end of the year and ends up being different than what we originally thought. But again, the most important thing to us is no matter what, we will remain committed to that balance sheet, and we'll finance it in a way that makes sense and is ultimately profitable for our shareholders as well.

如果說年初我就知道了什麼，那就是我們年底會有一個融資計劃，但最終結果可能與我們最初的設想不同。但同樣，對我們來說最重要的是，無論如何，我們都會繼續致力於實現資產負債表的目標，並且會以合理且最終能為股東帶來利潤的方式進行融資。

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

我們的問答環節以及本次會議到此結束。感謝您參加今天的演講。現在您可以斷開連線了。