新世紀能源 (NEE) 2022 Q1 法說會逐字稿

Good morning and welcome to the NextEra Energy and NextEra Energy Partners First Quarter Earnings Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 NextEra Energy 和 NextEra Energy Partners 第一季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Jessica Jeffrey (sic) [Jessica Aldridge], Director of Investor Relations. Please go ahead.

我現在想把會議交給投資者關係總監 Jessica Jeffrey (原文如此) [Jessica Aldridge]。請繼續。

Thank you, Anthony. Good morning, everyone, and thank you for joining our first quarter 2022 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are John Ketchum, President and Chief Executive Officer of NextEra Energy; Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy; Rebecca Kujawa, 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, Chairman, President and Chief Executive Officer of Florida Power & Light Company. Kirk will provide an overview of our results, and our executive team will then be available to answer your questions.

謝謝你，安東尼。大家早上好，感謝您參加我們為 NextEra Energy 和 NextEra Energy Partners 舉辦的 2022 年第一季度合併收益電話會議。今天早上和我在一起的是 NextEra Energy 總裁兼首席執行官 John Ketchum； NextEra Energy 執行副總裁兼首席財務官 Kirk Crews； NextEra Energy Resources 總裁兼首席執行官 Rebecca Kujawa；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董事長、總裁兼首席執行官 Eric Silagy。 Kirk 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, in the comments made during this conference call, in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our 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、本次電話會議期間的評論、隨附演示文稿的風險因素部分中討論的其他因素，實際結果可能與我們的前瞻性陳述存在重大差異，或在我們向美國證券交易委員會提交的最新報告和文件中，每一個都可以在我們的網站 nexteraenergy.com 和 nexteraenergypartners.com 上找到。我們不承擔任何更新任何前瞻性陳述的義務。

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

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

As a reminder, Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power will no longer continue as a separate reporting segment within Florida Power & Light and NextEra Energy. For 2022 and beyond, FPL has one reporting segment and, therefore, 2021 financial results and other operational metrics have been restated for comparative purposes.

提醒一下，Florida Power & Light 根據其 2021 年基本費率結算協議完成了海灣電力的監管整合，並於 2022 年 1 月 1 日開始以統一費率為客戶提供服務。因此，海灣電力將不再作為單獨的報告部門繼續存在在佛羅里達電力與照明和 NextEra Energy 內。對於 2022 年及以後，FPL 有一個報告分部，因此，出於比較目的，已重述 2021 年財務業績和其他運營指標。

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

有了這個，我會把電話轉給柯克。

Thank you, Jessica, and good morning, everyone. NextEra Energy delivered strong first quarter results and is off to a solid start to meet its overall objectives for the year. Adjusted earnings per share increased by 10.4% year-over-year, reflecting successful performance across all of our underlying businesses.

謝謝你，傑西卡，大家早上好。 NextEra Energy 實現了強勁的第一季度業績，並為實現今年的總體目標開局良好。調整後每股收益同比增長 10.4%，反映了我們所有基礎業務的成功表現。

During the quarter, we were honored that NextEra Energy was again ranked #1 in its sector of Fortune Magazine's World's Most Admired Companies list for the 15th time in 16 years. Our culture of commitment to excellence in everything we do and our core values are what allow our team of approximately 15,000 employees to continue delivering best-in-class value to our customers and shareholders while helping build a sustainable energy era that is affordable and clean.

在本季度，我們很榮幸 NextEra Energy 16 年來第 15 次再次在《財富》雜誌的全球最受尊敬公司榜單中排名第一。我們致力於在我們所做的一切事情上追求卓越的文化和我們的核心價值觀使我們大約 15,000 名員工的團隊能夠繼續為我們的客戶和股東提供一流的價值，同時幫助建立一個負擔得起和清潔的可持續能源時代。

FPL increased net income by approximately $98 million from the prior year comparable period, which was driven by continued investment in the business for the benefit of our customers. During the quarter, FPL successfully placed in service approximately 450 megawatts of additional cost-effective solar projects that are recovered through base rates as part of its new 4-year settlement agreement, which, as a reminder, became effective on January 1 of this year.

FPL 的淨收入比上年同期增加了約 9800 萬美元，這是由於我們為客戶的利益而對業務的持續投資所推動的。在本季度，作為其新的 4 年結算協議的一部分，FPL 成功地將約 450 兆瓦的額外具有成本效益的太陽能項目投入使用，這些項目通過基本費率回收，提醒一下，該協議於今年 1 月 1 日生效.

As a result, FPL has now completed on time and within budget all of its planned solar build with 2022 in-service dates. FPL now owns and operates more than 3,600 megawatts of solar, which is the largest solar portfolio of any utility in the country. FPL's modernization investments since 2001 have saved customers more than $12 billion in fuel costs, and its customers have benefited from a 45% improvement in reliability over the last decade.

因此，FPL 現在已按時並在預算範圍內完成了所有計劃的太陽能建設，並在 2022 年投入使用。 FPL 現在擁有並運營超過 3,600 兆瓦的太陽能，這是該國所有公用事業公司中最大的太陽能產品組合。自 2001 年以來，FPL 的現代化投資已為客戶節省了超過 120 億美元的燃料成本，並且在過去十年中，其客戶的可靠性提高了 45%。

FPL's other major capital investments are progressing well, including the North Florida Resiliency Connection and the highly efficient approximately 1,200-megawatt Dania Beach Clean Energy Center, both of which are scheduled for completion later this year. By executing on smart capital investments such as these and running the business efficiently, FPL continues to deliver its best-in-class customer value proposition of clean energy, low bills, high reliability and outstanding customer service.

FPL 的其他主要資本投資進展順利，包括北佛羅里達彈性連接和高效約 1,200 兆瓦的 Dania Beach 清潔能源中心，這兩個中心都計劃在今年晚些時候完成。通過執行諸如此類的智能資本投資並有效地運營業務，FPL 繼續提供其一流的清潔能源、低賬單、高可靠性和出色的客戶服務的客戶價值主張。

At Energy Resources, adjusted earnings per share increased by nearly 7% year-over-year, primarily driven by favorable performance in our existing wind portfolio. In terms of new origination, Energy Resources had another strong quarter of renewables and storage origination, adding approximately 1,770 net megawatts to our backlog since the last call, bringing our backlog total to approximately 17,700 megawatts. Included in the additions this quarter is approximately 1,200 net megawatts of wind projects, which is the second-largest quarter of wind origination in our history.

在能源資源，調整後的每股收益同比增長近 7%，主要是由於我們現有風能投資組合的良好表現。在新發起方面，能源資源在可再生能源和存儲發起方面又一個強勁的季度，自上次電話會議以來，我們的積壓淨增加了約 1,770 兆瓦，使我們的積壓總量達到約 17,700 兆瓦。本季度新增的風電項目約為 1,200 兆瓦，這是我們歷史上第二大風能發電季度。

In the midst of inflationary pressures and uncertainty in solar supply chain, which I will discuss further in a few moments, our continued origination success in this environment is a testament to the strength of Energy Resources' competitive advantages and the ongoing demand from our customers for low-cost renewables and storage. At this early point in the year, we are very pleased with our team's execution and progress at both FPL and Energy Resources.

在太陽能供應鏈的通貨膨脹壓力和不確定性中，我將在稍後進一步討論，我們在這種環境下的持續成功證明了能源資源的競爭優勢和我們客戶的持續需求低成本的可再生能源和存儲。在今年年初，我們對我們團隊在 FPL 和 Energy Resources 的執行和進展感到非常滿意。

Now let's look at the detailed results, beginning with FPL. For the first quarter of 2022, FPL reported net income of $875 million or $0.44 per share, an increase of $0.05 year-over-year. Regulatory capital employed growth of approximately 11.3% was a significant driver of FPL's EPS growth versus the prior year comparable quarter. FPL's capital expenditures were approximately $2.2 billion for the quarter. We expect our full year 2022 capital investments at FPL to be between $7.9 billion and $8.3 billion.

現在讓我們看看詳細的結果，從 FPL 開始。 2022 年第一季度，FPL 報告的淨收入為 8.75 億美元或每股 0.44 美元，同比增長 0.05 美元。監管資本使用率增長約 11.3% 是 FPL 與去年同期相比每股收益增長的重要推動力。 FPL 本季度的資本支出約為 22 億美元。我們預計我們在 FPL 的 2022 年全年資本投資將在 79 億美元至 83 億美元之間。

FPL's reported ROE for regulatory purposes will be approximately 11.6% for the 12 months ending March 2022. Under our rate agreement, we record reserve amortization entries to achieve a predetermined regulatory ROE for each trailing 12-month period, in this case, the 11.6% that I previously mentioned. While we initially expected to earn below our targeted ROE in the early part of 2022, a combination of warm weather, operational efficiencies and outstanding execution by the team resulted in us achieving our targeted 11.6% ROE while using $124 million of reserve amortization available under our current settlement agreement during the first quarter.

截至 2022 年 3 月的 12 個月，FPL 報告的監管 ROE 約為 11.6%。根據我們的費率協議，我們記錄準備金攤銷分錄，以實現每個過去 12 個月期間的預定監管 ROE，在本例中為 11.6%我之前提到的。雖然我們最初預計 2022 年初的 ROE 將低於我們的目標 ROE，但溫暖的天氣、運營效率和團隊出色的執行使我們實現了 11.6% 的目標 ROE，同時使用了我們根據我們的可用準備金攤銷的 1.24 億美元目前第一季度的和解協議。

Turning to our development and planning efforts. FPL recently filed its annual Ten-Year Site Plan that presents our recommended generation resource plan through 2031. The recommended Ten-Year Site Plan includes roughly 9,500 megawatts of new solar capacity across our service territory over the next 10 years, which would result in nearly 20% of FPL's forecasted energy delivery in 2031 coming from solar generation. This planned solar build-out includes nearly 1,200 megawatts of base rate solar projects, inclusive of the approximately 450 megawatts placed in service during the first quarter that we plan to build over the next 2 years.

轉向我們的開發和規劃工作。 FPL 最近提交了其年度“十年場地計劃”，其中提出了我們建議的到 2031 年的發電資源計劃。建議的“十年場地計劃”包括未來 10 年我們服務區域內大約 9,500 兆瓦的新太陽能容量，這將導致近FPL 預測的 2031 年能源供應的 20% 來自太陽能發電。計劃中的太陽能建設包括近 1,200 兆瓦的基準太陽能項目，其中包括我們計劃在未來 2 年內建設的第一季度投入使用的約 450 兆瓦。

In addition, it includes approximately 1,800 megawatts under the SoBRA mechanism of our settlement agreement; approximately 1,800 megawatts of SolarTogether community solar projects that we expect to construct over the next 4 years; as well as roughly 4,700 megawatts of additional solar after 2025 that is subject to approval by the Florida Public Service Commission. FPL continues to deliver what is one of the largest-ever solar expansion in the U.S.

此外，它還包括我們和解協議的 SoBRA 機制下的約 1,800 兆瓦；我們預計在未來 4 年內將建設約 1,800 兆瓦的 SolarTogether 社區太陽能項目；以及 2025 年之後大約 4,700 兆瓦的額外太陽能，這需要得到佛羅里達州公共服務委員會的批准。 FPL 繼續提供美國有史以來最大的太陽能擴建項目之一。

Compared to current levels, the recommended plan projects an approximately 65% increase in 0-carbon emission electricity produced by the FPL system over the next decade, largely as a result of FPL's continued rapid expansion of solar energy through the execution of its 30-by-30 plan, which we now expect to complete by 2025, and the solar additions that I previously mentioned. This projected increase in 0-carbon emissions generation is significant for a utility system of our size, especially when considering that our total amount of energy delivered in 2031 is expected to be nearly 10 percentage points higher through customer growth and increased adoption of electric vehicles.

與當前水平相比，建議的計劃預計未來十年 FPL 系統產生的零碳排放電力將增加約 65%，這主要是由於 FPL 通過執行其 30-by 計劃繼續快速擴展太陽能。 -30 計劃，我們現在預計到 2025 年完成，以及我之前提到的太陽能增加。對於我們這種規模的公用事業系統而言，預計 0 碳排放量的增加意義重大，尤其是考慮到我們在 2031 年交付的能源總量預計將通過客戶增長和電動汽車的普及提高近 10 個百分點。

Our green hydrogen pilot program plans are also reiterated in the site plan. As we've previously discussed, we intend to build an approximately 25-megawatt electrolysis system at our Okeechobee Clean Energy Center that will be powered entirely by solar energy from a nearby site. The pilot is designed to test in practice the concept of replacing natural gas with green hydrogen as fuel for combined cycle unit use.

我們的綠色氫試點計劃計劃也在場地計劃中得到重申。正如我們之前所討論的，我們打算在我們的奧基喬比清潔能源中心建造一個大約 25 兆瓦的電解系統，該系統將完全由附近地點的太陽能供電。該試點旨在在實踐中測試用綠色氫代替天然氣作為聯合循環單元使用燃料的概念。

The pilot project is expected to be -- to guide the way for future use of hydrogen as a fuel source across FPL's fleet of highly efficient combined cycle units, thus lowering or eliminating carbon emissions from FPL's fleet in the future. This pilot project is projected to go into service in late 2023.

該試點項目預計將引導未來在 FPL 的高效聯合循環機組中使用氫作為燃料源的方式，從而在未來降低或消除 FPL 車隊的碳排放。該試點項目預計將於 2023 年底投入使用。

Notably, our as-filed Ten-Year Site Plan recommends a total expected deployment of approximately 3,200 megawatts of new battery storage capacity by 2031. Included in this total is approximately 1,400 megawatts of incremental battery storage to enhance readiness and reliability for our customers during potential extreme weather events. We also plan to make other smart capital investments for winterization efforts designed to support potential increased customer load during extreme winter temperature conditions while also providing additional day-to-day reliability benefits for customers.

值得注意的是，我們提交的十年站點計劃建議到 2031 年，預計總部署約 3,200 兆瓦的新電池存儲容量。其中包括約 1,400 兆瓦的增量電池存儲，以提高客戶在潛在期間的準備情況和可靠性極端天氣事件。我們還計劃為防寒工作進行其他明智的資本投資，旨在支持在極端冬季溫度條件下可能增加的客戶負載，同時還為客戶提供額外的日常可靠性優勢。

A hallmark of our culture is taking every opportunity to learn from events that happen in our industry, not just those that directly affect FPL, to ensure we continue to deliver the best possible value to our customers. Our planned targeted investments for winterization were identified as a result of our detailed assessment of our fleet following winter storm Uri last year that affected Texas and much of the South. We will provide additional detail on these programs and other capital initiatives at our June investor conference.

我們文化的一個標誌是抓住一切機會從我們行業中發生的事件中學習，而不僅僅是那些直接影響 FPL 的事件，以確保我們繼續為客戶提供盡可能好的價值。在去年影響德克薩斯州和南部大部分地區的冬季風暴烏里之後，我們對我們的船隊進行了詳細評估，從而確定了我們計劃的有針對性的防寒投資。我們將在 6 月的投資者會議上提供有關這些計劃和其他資本計劃的更多詳細信息。

The Florida economy remains healthy, and Florida's population continues to grow at one of the fastest rates in the U.S. Florida's job market continues to show healthy results with more than 700,000 new private sector jobs added over the last year. And Florida's labor force participation rate is up nearly 2% year-over-year. Other positive economic data across the state include the continued strength of Florida's real estate market with the 3-month moving average for new housing permits up nearly 20% year-over-year.

佛羅里達州的經濟保持健康，佛羅里達州的人口繼續以美國最快的速度增長。佛羅里達州的就業市場繼續顯示健康的結果，去年增加了超過 700,000 個新的私營部門工作崗位。佛羅里達州的勞動力參與率同比增長近 2%。全州其他積極的經濟數據包括佛羅里達州房地產市場的持續強勁，新住房許可的 3 個月移動平均線同比增長近 20%。

FPL's average number of customers increased by more than 91,000 or 1.6% versus the comparable prior year quarter driven by continued solid underlying population growth. FPL's first quarter retail sales increased 2.6% from the prior year comparable period, and we estimate that approximately 0.7% of this increase can be attributed to weather-related usage per customer. On a weather-normalized basis, first quarter retail sales increased 1.9% with strong continued customer growth contributing favorably.

在持續穩健的潛在人口增長的推動下，FPL 的平均客戶數量與去年同期相比增加了 91,000 多個或 1.6%。 FPL 的第一季度零售額比上年同期增長 2.6%，我們估計其中約 0.7% 的增長可歸因於每位客戶與天氣相關的使用。在天氣正常化的基礎上，第一季度零售額增長 1.9%，強勁的持續客戶增長做出了有利貢獻。

Energy Resources reported a first quarter 2022 GAAP loss of approximately $1.5 billion or $0.76 per share. Adjusted earnings for the first quarter were $628 million or $0.32 per share, up $0.02 versus the prior year comparable period.

Energy Resources 報告稱，2022 年第一季度 GAAP 虧損約為 15 億美元或每股 0.76 美元。第一季度調整後收益為 6.28 億美元或每股 0.32 美元，比去年同期增加 0.02 美元。

The effect of the mark-to-market on nonqualifying hedges, which is excluded from adjusted earnings, was the primary driver of the difference between Energy Resources' first quarter GAAP and adjusted earnings results. As a reminder, this quarter's GAAP results were also impacted by the write-off of our remaining investment in Mountain Valley Pipeline, which we have excluded from adjusted earnings. Contributions from new investments were roughly flat year-over-year, while our existing generation and storage assets added $0.05 per share due to favorable wind resource and the absence of winter storm Uri impacts.

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）是能源資源公司第一季度 GAAP 與調整後收益結果之間差異的主要驅動因素。提醒一下，本季度的 GAAP 業績也受到我們對 Mountain Valley Pipeline 剩餘投資的沖銷的影響，我們已將其排除在調整後的收益之外。新投資的貢獻與去年同期基本持平，而由於有利的風力資源和沒有冬季風暴 Uri 的影響，我們現有的發電和存儲資產每股增加了 0.05 美元。

The contribution from our customer supply and trading business decreased by $0.02 per share, and NextEra Energy Transmission increased results by $0.01 per share year-over-year. The comparative contribution from our gas infrastructure business decreased results by $0.02 per share following favorable performance in the first quarter of last year during winter storm Uri. All other impacts were roughly flat versus 2021.

我們的客戶供應和貿易業務的貢獻減少了每股 0.02 美元，而 NextEra Energy Transmission 的業績同比增長了每股 0.01 美元。在去年第一季度在冬季風暴烏里期間表現良好後，我們的天然氣基礎設施業務的相對貢獻使每股業績減少了 0.02 美元。與 2021 年相比，所有其他影響大致持平。

As I mentioned earlier, Energy Resources had another strong quarter of origination, which is reflective of our ability to continue leveraging our competitive advantages to deliver clean energy solutions to meet the ongoing market demand for renewables. Since the last call, we added approximately 1,200 net megawatts of wind projects for 2022, 2023 and 2024 commercial operation dates to our backlog. Our backlog additions also include approximately 440 megawatts of solar projects and approximately 130 megawatts of battery storage projects. With more than 2.5 years remaining before the end of 2024, we have now signed more than 85% of the megawatts needed to realize the midpoint of our 2021 to 2024 development expectations ranges.

正如我之前提到的，Energy Resources 有另一個強勁的季度，這反映了我們有能力繼續利用我們的競爭優勢來提供清潔能源解決方案，以滿足對可再生能源的持續市場需求。自上次電話會議以來，我們為 2022 年、2023 年和 2024 年的商業運營日期增加了大約 1,200 兆瓦的風電項目。我們的待辦事項還包括大約 440 兆瓦的太陽能項目和大約 130 兆瓦的電池存儲項目。距離 2024 年底還有超過 2.5 年的時間，我們現在已經簽署了超過 85% 的兆瓦，以實現我們 2021 年至 2024 年發展預期範圍的中點。

Earlier this month, the U.S. Department of Commerce initiated a review of Antidumping and Countervailing Duties circumvention claim on solar cells and panels supplied from 4 Southeast Asian countries, which in recent years sourced over 80% of all solar panel imports into the United States. As we recently highlighted, we are disappointed by the Commerce Department's decision to conduct this investigation.

本月早些時候，美國商務部對來自 4 個東南亞國家的太陽能電池和電池板的反傾銷和反補貼稅規避索賠進行了審查，這些國家近年來占美國進口太陽能電池板的 80% 以上。正如我們最近強調的那樣，我們對商務部進行這項調查的決定感到失望。

We believe the Commerce Department already settled this issue when it concluded in 2012 that the process of converting solar wafers into electricity-producing solar cells is technologically sophisticated and the most capital-intensive part of the solar panel manufacturing process. And when that occurs outside of China, the cells are not subject to the 2012 Antidumping and Countervailing Duties applicable to Chinese solar cell imports. The Commerce Department's later rulings in 2014, 2020 and 2021 are consistent with this and have been relied upon by the solar industry as it continued to invest billions of dollars in new solar-generating facilities in the United States over this period.

我們認為，商務部在 2012 年得出結論時已經解決了這個問題，即將太陽能晶片轉化為發電太陽能電池的過程技術複雜，是太陽能電池板製造過程中資本最密集的部分。當這種情況發生在中國以外時，這些電池不受適用於中國太陽能電池進口的 2012 年反傾銷和反補貼稅的約束。商務部後來在 2014 年、2020 年和 2021 年的裁決與此一致，並得到太陽能行業的信賴，因為它在此期間繼續在美國投資數十億美元用於新的太陽能發電設施。

In light of these 4 prior rulings, the reliance on them by the industry and the substantial technologically sophisticated processing that occurs in the Southeast Asian countries, we believe it will be difficult for the Commerce Department to conclude under its circumvention standards that circumvention of the 2012 tariffs is actually occurring.

鑑於這 4 項先前的裁決，以及行業對它們的依賴以及東南亞國家發生的大量技術複雜的加工，我們認為商務部將難以根據其規避標準得出規避 2012關稅實際上正在發生。

If the Commerce Department were to find circumvention in the current investigation, we believe it would be unwinding a decade of consistent trade practice across the past 3 administrations, including the current administration just last year. We believe such a decision would create significant price uncertainty as additional tariffs on panels from the 4 Southeast Asian countries would likely remain unknown until close to 2025 as final tariff amounts are not determined for about 2 years after the year of importation.

如果商務部在當前的調查中發現規避行為，我們認為這將結束過去 3 屆政府（包括去年的現任政府）十年來一貫的貿易做法。我們認為，這樣的決定將造成巨大的價格不確定性，因為在 2025 年之前對來自 4 個東南亞國家的面板的額外關稅可能仍然未知，因為最終關稅金額在進口年份後約 2 年內尚未確定。

This price uncertainty will likely result in the unintended consequence of U.S. solar panel supply once again being sourced significantly from China because the tariffs applicable to imports from China are more certain based on 10 years of assessed duty history. U.S. solar panel assemblers are, for the most part, sold out of solar panels through 2024 and even at full capacity are only capable of serving 10% to 20% of the U.S. solar panel demand in the first place.

這種價格不確定性可能會導緻美國太陽能電池板供應再次大量從中國採購的意外後果，因為根據 10 年的評估關稅歷史，適用於從中國進口的關稅更加確定。到 2024 年，美國太陽能電池板組裝商的大部分太陽能電池板都已售罄，即使滿負荷生產也只能滿足美國太陽能電池板需求的 10% 至 20%。

It should also be noted that nearly all of the large domestic solar panel assemblers in the U.S. do not support the efforts behind the circumvention claim or the Commerce Department's decision to investigate as they also primarily rely on imported cells from Southeast Asia to produce their panels in the United States. And all of the uncertainty from the investigation is occurring at a time when natural gas, coal and oil prices have increased dramatically, leaving solar and storage as one of the few ways to alleviate inflationary pressures on electricity prices. For these reasons, among others, we are optimistic that the investigation will ultimately be resolved favorably, and the Commerce Department will conclude not to impose additional Antidumping and Countervailing Duties on cells and panels sourced from these Southeast Asian countries.

還應該注意的是，幾乎所有美國國內大型太陽能電池板組裝商都不支持規避索賠背後的努力或商務部決定進行調查的決定，因為它們也主要依靠從東南亞進口的電池來生產他們的電池板。美國。調查中的所有不確定性都發生在天然氣、煤炭和石油價格急劇上漲之際，這使得太陽能和儲能成為緩解電價通脹壓力的少數方法之一。出於這些原因，除其他外，我們樂觀地認為調查最終將得到有利的解決，商務部將得出結論，不對來自這些東南亞國家的電池和麵板徵收額外的反傾銷和反補貼稅。

We believe that NextEra Energy is as well positioned as any company in the industry to manage these issues. However, given that a number of suppliers are not expected to ship panels to the U.S. until the Commerce Department makes a preliminary determination as late as August, we continue to expect some of our solar and storage projects may be adversely impacted by this delay. We are working closely with our suppliers and customers to assess the potential impacts of this investigation and are optimistic about our ability to arrive at acceptable mitigation measures.

我們相信 NextEra Energy 與業內任何一家公司一樣能夠很好地解決這些問題。然而，鑑於在商務部最遲於 8 月做出初步決定之前，預計一些供應商不會將面板運往美國，我們繼續預計我們的一些太陽能和存儲項目可能會受到這種延遲的不利影響。我們正在與我們的供應商和客戶密切合作，以評估此次調查的潛在影響，並對我們達成可接受的緩解措施的能力持樂觀態度。

Based on what we know today, we believe that approximately 2.1 to 2.8 gigawatts of our expected 2022 solar and storage build may shift from 2022 to 2023. Despite the delay, given our competitive advantages, including the strength of our supplier relationships and contracts, we remain comfortable with our current development expectations for wind, solar and storage, which are to build roughly 23 to 30 gigawatts over the 4-year period from 2021 through the end of 2024.

根據我們今天所知道的，我們認為我們預計的 2022 年太陽能和儲能建設中大約 2.1 到 2.8 吉瓦可能會從 2022 年轉移到 2023 年。儘管延遲了，但鑑於我們的競爭優勢，包括我們的供應商關係和合同的實力，我們對我們目前對風能、太陽能和儲能的發展預期感到滿意，從 2021 年到 2024 年底的 4 年內將建造大約 23 至 30 吉瓦。

We run a diversified business at Energy Resources that includes multiple renewable energy technologies and provides a natural hedge against temporary disruptions, like the one our industry is currently experiencing. In fact, in light of the uncertainty in the solar supply chain, we believe renewable demand will likely temporarily shift in part from solar to wind. And we believe Energy Resources has terrific competitive advantages in wind development. The accompanying slide provides additional details.

我們在 Energy Resources 經營多元化業務，其中包括多種可再生能源技術，並為暫時性中斷提供自然對沖，就像我們行業目前正在經歷的那樣。事實上，鑑於太陽能供應鏈的不確定性，我們認為可再生能源需求可能會暫時部分從太陽能轉向風能。我們相信能源資源在風能開發方面具有巨大的競爭優勢。隨附的幻燈片提供了更多詳細信息。

Finally, during the quarter, NextEra Energy Transmission, along with its partners, completed the construction of the East-West Tie Transmission Line Project. The 450-kilometer, 230-kilovolt transmission line runs from Wawa to Thunder Bay, Ontario and is expected to address long-standing regional transmission constraints, thereby increasing much-needed access to energy to support new economic growth in the region for years to come.

最後，在本季度，NextEra Energy Transmission 與其合作夥伴一起完成了東西聯絡線項目的建設。這條 450 公里、230 千瓦的輸電線路從 Wawa 到安大略省的桑德貝，預計將解決長期存在的區域輸電限制，從而增加急需的能源供應，以支持該地區未來幾年的新經濟增長.

Turning now to the consolidated results for NextEra Energy. For the first quarter of 2022, GAAP net loss attributable to NextEra Energy were $450 million or $0.23 per share. NextEra Energy's 2022 first quarter adjusted earnings and adjusted EPS were approximately $1.46 billion and $0.74 per share, respectively. Adjusted earnings from the Corporate and Other segment were roughly flat year-over-year.

現在轉向 NextEra Energy 的綜合結果。 2022 年第一季度，歸屬於 NextEra Energy 的 GAAP 淨虧損為 4.5 億美元或每股 0.23 美元。 NextEra Energy 2022 年第一季度調整後的收益和調整後的每股收益分別約為每股 14.6 億美元和 0.74 美元。企業和其他部門的調整後收益與去年同期基本持平。

Our long-term financial expectations, which we increased and extended earlier this year through 2025, remain unchanged. For 2022, NextEra Energy expects adjusted earnings per share to be in a range of $2.75 to $2.85. For 2023 through 2025, NextEra Energy expects to grow roughly 6% to 8% off the expected 2022 adjusted earnings per share range.

我們在今年早些時候提高並延長到 2025 年的長期財務預期保持不變。 NextEra Energy 預計 2022 年調整後的每股收益將在 2.75 美元至 2.85 美元之間。從 2023 年到 2025 年，NextEra Energy 預計將比預期的 2022 年調整後每股收益範圍增長約 6% 至 8%。

NextEra Energy is in a strong position to meet its financial expectations through 2025. And we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings expectations ranges in each of 2022, 2023, 2024 and 2025 while at the same time maintaining our strong balance sheet and credit ratings.

NextEra Energy 有能力滿足其到 2025 年的財務預期。如果我們無法在 2022 年、2023 年、2024 年和2025 年，同時保持我們強勁的資產負債表和信用評級。

A big part of NextEra Energy's culture is a focus on continuous improvement and productivity. To that end, we are currently wrapping up our company-wide productivity initiative to reimagine everything that we do, which we call Project Velocity. Project Velocity built upon the success of Project Momentum and Project Accelerate, which were launched in 2013 and 2017, respectively. The employee-generated ideas implemented through Project Momentum and Project Accelerate are projected to deliver more than $1.8 billion in average annual run rate savings versus our cost projections just 10 years ago. In fact, the ideas generated this year in Project Velocity alone are expected to reach roughly $400 million in additional run rate efficiencies in the next few years, representing the largest identified O&M cost savings in the history of these programs. This result is another example of the strength of our culture and team and highlights our continued focus on productivity and our team's willingness to embrace innovation and leverage technology.

NextEra Energy 文化的很大一部分是關注持續改進和生產力。為此，我們目前正在結束我們全公司範圍的生產力計劃，以重新構想我們所做的一切，我們稱之為 Project Velocity。 Project Velocity 建立在分別於 2013 年和 2017 年推出的 Project Momentum 和 Project Accelerate 的成功之上。通過 Project Momentum 和 Project Accelerate 實施的員工產生的想法預計將比我們 10 年前的成本預測平均每年節省超過 18 億美元的運行率。事實上，僅今年在 Project Velocity 中產生的想法預計將在未來幾年內達到約 4 億美元的額外運行效率，這是這些計劃歷史上已確定的最大的 O&M 成本節約。這一結果是我們文化和團隊實力的又一例證，凸顯了我們對生產力的持續關注以及我們團隊擁抱創新和利用技術的意願。

From 2021 to 2025, we also continue to expect that our average annual growth and operating cash flow will be at or above our adjusted EPS compound annual growth rate range. We also continue to expect to grow our dividends per share at roughly 10% per year through at least 2024 off a 2022 base. As always, our expectations assume normal weather and operating conditions.

從 2021 年到 2025 年，我們還繼續預計我們的平均年增長率和經營現金流將等於或高於我們調整後的每股收益複合年增長率範圍。我們還繼續預計，在 2022 年的基礎上，至少到 2024 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 delivered solid first quarter results with year-over-year growth in adjusted EBITDA of more than 16%, driven primarily by contributions from the approximately 2,400 net megawatts of renewables and storage added during 2021. Yesterday, the NEP Board declared a quarterly distribution of $0.7325 per common unit or $2.93 per common unit on an annualized basis, up approximately 15% from a year earlier. Inclusive of this increase, NextEra Energy Partners has grown its LP distributions per unit by more than 290% since the IPO.

現在讓我談談 NextEra Energy Partners，該公司第一季度業績穩健，調整後 EBITDA 同比增長超過 16%，這主要得益於 2021 年新增的約 2,400 兆瓦可再生能源和儲能淨額貢獻。昨天，NEP 董事會宣布季度分配為每普通單位 0.7325 美元或每普通單位 2.93 美元按年計算，比去年同期增長約 15%。包括這一增長在內，NextEra Energy Partners 自首次公開募股以來，其每單位的 LP 發行量增長了 290% 以上。

Further building upon that strength, NextEra Energy Partners today is announcing that it has entered into an agreement with Energy Resources to acquire an approximately 67% interest in an approximately 230-megawatt, 4-hour battery storage facility in California that is fully contracted with an investment-grade counterparty for 15 years. The acquisition will further diversify NextEra Energy Partners' existing portfolio with the addition of another battery storage project and is an excellent complement to NextEra Energy Partners' existing operations.

進一步鞏固這一優勢，NextEra Energy Partners 今天宣布，它已與 Energy Resources 達成協議，收購加利福尼亞州約 230 兆瓦、4 小時電池存儲設施的約 67% 權益，該設施與投資級交易對手 15 年。此次收購將通過增加另一個電池存儲項目進一步豐富 NextEra Energy Partners 的現有投資組合，是對 NextEra Energy Partners 現有業務的極好補充。

NextEra Energy Partners expects to acquire the project interest for approximately $191 million, subject to closing adjustments, which is expected to be funded with existing debt capacity. NextEra Energy Partners' share of the asset's tax equity financing is estimated to be approximately $80 million at the time of closing. The acquisition is expected to contribute adjusted EBITDA of approximately $30 million to $35 million and cash available for distribution of approximately $13 million to $18 million, each on a 5-year average annual run rate basis beginning December 31, 2022.

NextEra Energy Partners 預計將以約 1.91 億美元的價格收購該項目權益，但須進行收盤調整，預計將以現有債務能力提供資金。 NextEra Energy Partners 在該資產的稅收股權融資中的份額估計約為 8000 萬美元。此次收購預計將貢獻約 3,000 萬美元至 3,500 萬美元的調整後 EBITDA 和約 1,300 萬美元至 1,800 萬美元的可分配現金，從 2022 年 12 月 31 日開始按 5 年平均年運行率計算。

The transaction is expected to close later this year upon the project reaching its commercial operation date and supports NextEra Energy Partners' projected adjusted EBITDA and cash available for distribution growth in 2022.

該交易預計將於今年晚些時候在項目達到商業運營日期後完成，並支持 NextEra Energy Partners 預計調整後的 EBITDA 和可用於 2022 年分銷增長的現金。

Finally, NextEra Energy Partners recently closed on a transaction to sell an approximately 156-mile gas pipeline from its existing portfolio for a total consideration of approximately $203 million to a third party. The sale price of the pipeline represents an attractive and accretive EBITDA multiple and further enhances the renewable energy profile of NextEra Energy Partners. We are pleased with this transaction and look forward to redeploying the proceeds into accretive renewable energy assets, like the battery storage acquisition from Energy Resources that I just mentioned, to support NextEra Energy Partners' long-term distribution growth expectation.

最後，NextEra Energy Partners 最近完成了一項交易，將其現有投資組合中一條長約 156 英里的天然氣管道出售給第三方，總對價約為 2.03 億美元。管道的銷售價格代表了具有吸引力和增值的 EBITDA 倍數，並進一步增強了 NextEra Energy Partners 的可再生能源形象。我們對這筆交易感到滿意，並期待將收益重新部署到增值可再生能源資產中，例如我剛才提到的從 Energy Resources 收購電池存儲，以支持 NextEra Energy Partners 的長期分銷增長預期。

Turning to the detailed results. NextEra Energy Partners' first quarter adjusted EBITDA was $412 million, and cash available for distribution was $169 million. New projects, which primarily reflect the asset acquisitions that closed in the second half of 2021, contributed approximately $75 million of adjusted EBITDA and $25 million of cash available for distribution.

轉向詳細的結果。 NextEra Energy Partners 第一季度調整後的 EBITDA 為 4.12 億美元，可供分配的現金為 1.69 億美元。主要反映 2021 年下半年完成的資產收購的新項目貢獻了約 7500 萬美元的調整後 EBITDA 和 2500 萬美元的可分配現金。

The adjusted EBITDA and cash available for distribution contribution from existing projects declined $9 million and $29 million, respectively, versus the prior year comparable quarter. Favorable performance at existing projects drove an increase in adjusted EBITDA contributions of approximately $46 million year-over-year, which was more than offset by the absence of approximately $55 million in benefits realized during the last February's winter storm Uri.

與去年同期相比，現有項目的調整後 EBITDA 和可用於分配的現金分別減少了 900 萬美元和 2900 萬美元。現有項目的良好表現推動調整後的 EBITDA 貢獻同比增加約 4600 萬美元，這被去年 2 月的冬季風暴 Uri 期間未實現的約 5500 萬美元收益所抵消。

Excluding the positive impact of winter storm Uri from last year's first quarter results, this quarter's adjusted EBITDA and cash available for distribution were up nearly 38% and 31%, respectively, year-over-year. Cash available for distribution was also impacted by the timing of PAYGO payment. Wind resource for the first quarter of 2022 was 108% of the long-term average versus 98% in the first quarter of 2021. Additional details are shown on the accompanying slide.

剔除去年第一季度業績中冬季風暴烏里的積極影響，本季度調整後的 EBITDA 和可分配現金同比分別增長近 38% 和 31%。可用於分配的現金也受到 PAYGO 付款時間的影響。 2022 年第一季度的風能資源為長期平均水平的 108%，而 2021 年第一季度為 98%。其他詳細信息顯示在隨附的幻燈片中。

NextEra Energy Partners continues to expect run rate contributions for adjusted EBITDA and cash available for distribution from its forecasted portfolio at December 31, 2022, to be in the ranges of $1.775 billion to $1.975 billion and $675 million to $765 million, respectively. As a reminder, year-end 2022 run rate projections reflect calendar year 2023 contributions from the forecasted portfolio at year-end 2022 and include the impact of IDR fees, which we treat as an operating expense. As always, our expectations are subject to our usual caveats, including normal weather and operating conditions.

NextEra Energy Partners 繼續預計，截至 2022 年 12 月 31 日，調整後 EBITDA 和可從其預測投資組合中分配的現金的運行率貢獻分別在 17.75 億美元至 19.75 億美元和 6.75 億美元至 7.65 億美元之間。提醒一下，2022 年底的運行率預測反映了 2022 年底預測投資組合對 2023 日曆年的貢獻，並包括 IDR 費用的影響，我們將其視為運營費用。與往常一樣，我們的期望受制於我們通常的警告，包括正常的天氣和運行條件。

From a base of our fourth quarter 2021 distribution per common unit at an annualized rate of $2.83, 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 do not expect the recent solar supply chain disruption to impact our ability to deliver on these expectations.

從我們 2021 年第四季度每個普通單位的年化率 2.83 美元的基礎來看，我們繼續看到 LP 分配每年增長 12% 到 15%，這是至少到 2024 年的合理預期範圍。我們預計不會最近的太陽能供應鏈中斷影響了我們實現這些期望的能力。

We expect the annualized rate of the fourth quarter 2022 distribution that is payable in February of 2023 to be in a range of $3.17 to $3.25 per common unit. We also continue to expect to achieve our 2022 distribution growth of 12% to 15% while maintaining a trailing 12-month payout ratio in the low-80% range.

我們預計 2023 年 2 月支付的 2022 年第四季度分配的年化利率將在每普通單位 3.17 美元至 3.25 美元之間。我們還繼續預計 2022 年的分銷增長將達到 12% 至 15%，同時將過去 12 個月的派息率保持在 80% 的低位。

In summary, both NextEra Energy and NextEra Energy Partners are benefiting from our history of strong execution that has positioned us well to capitalize on the terrific growth opportunities available to us across our businesses. We look forward to sharing more detail with you on our growth plans for both NextEra Energy and NextEra Energy Partners at our investor conference in New York on June 14.

總而言之，NextEra Energy 和 NextEra Energy Partners 都從我們強大的執行歷史中受益，這使我們能夠很好地利用我們在整個業務中可用的極好的增長機會。我們期待在 6 月 14 日於紐約舉行的投資者會議上與您分享有關 NextEra Energy 和 NextEra Energy Partners 增長計劃的更多細節。

Before taking your questions, I'd like to turn the call over to John Ketchum.

在回答您的問題之前，我想將電話轉給 John Ketchum。

Thank you, Kirk, and good morning, everyone. I am excited for the opportunity to talk to you in my new role. Since we announced our planned leadership succession in January, we have heard from many of our shareholders and industry analysts.

謝謝你，柯克，大家早上好。我很高興有機會以我的新角色與您交談。自從我們在 1 月份宣布計劃的領導層繼任以來，我們收到了許多股東和行業分析師的來信。

Several of you have asked whether you should expect any changes in strategy under a new CEO. The short answer is that I expect our strategy to be consistent with how we have grown the company over the past several decades, but that we will continue to adapt and evolve our strategy to meet increasing customer expectations, to leverage new technologies and to lead the decarbonization of the U.S. economy.

你們中的一些人問過，在新任 CEO 的領導下，是否應該期待戰略上的任何變化。簡短的回答是，我希望我們的戰略與過去幾十年公司發展的方式保持一致，但我們將繼續調整和發展我們的戰略，以滿足日益增長的客戶期望，利用新技術並引領美國經濟的脫碳。

Now is the time for our company, our industry and our country to embrace low-cost, renewable energy like never before. We need to create more jobs, not less, and combat the impacts of higher inflation, higher oil and natural gas prices and rising electricity demand by supporting, not stymieing, solar and storage development. Our strategy going forward is to pull down on our core businesses.

現在是我們公司、我們的行業和我們的國家以前所未有的方式擁抱低成本、可再生能源的時候了。我們需要創造更多而不是更少的就業機會，並通過支持而不是阻礙太陽能和儲能發展來應對通脹上升、石油和天然氣價格上漲以及電力需求上升的影響。我們未來的戰略是減少我們的核心業務。

At FPL, we expect one of the highest population growth rates of any state in the nation to continue. In fact, at our current rate of organic customer growth, FPL would add a customer base the size of Gulf Power roughly every 5 years.

在 FPL，我們預計該國人口增長率最高的州之一將繼續下去。事實上，按照我們目前的有機客戶增長速度，FPL 大約每 5 年會增加一個海灣電力公司規模的客戶群。

FPL's undergrounding program is just getting started, and we have visibility to billions of dollars in capital investment for the next several decades to continue hardening and strengthening the grid as we deliver industry-leading reliability to our customers.

FPL 的地下工程才剛剛開始，我們可以預見未來幾十年數十億美元的資本投資，以在我們為客戶提供行業領先的可靠性的同時繼續加固和加強電網。

And we are also just getting started at decarbonizing the generation fleet at FPL as only about 5% of our generation at FPL was currently produced by renewable energy. I believe that FPL already is the best utility in the nation. And yet we see significant cost reduction and incremental capital investment opportunities at FPL over the next several decades that can further improve our industry-leading customer value proposition by delivering clean, low-cost energy solutions for Florida customers.

我們也剛剛開始對 FPL 的發電車隊進行脫碳，因為 FPL 目前只有大約 5% 的發電量是由可再生能源生產的。我相信 FPL 已經是全國最好的公用事業。然而，我們看到未來幾十年 FPL 的成本顯著降低和增加的資本投資機會可以通過為佛羅里達州客戶提供清潔、低成本的能源解決方案來進一步提高我們行業領先的客戶價值主張。

Our strategy also entails doubling down on our core at Energy Resources. We intend to build more wind, more solar and more battery storage than anybody else in this country, year in and year out, regardless of the headwinds or tailwinds in any given year.

我們的戰略還需要在能源資源方面加倍投入。我們打算年復一年地在這個國家建造更多的風能、更多的太陽能和更多的電池存儲，無論任何一年的逆風或順風如何。

We believe that we have the competitive advantages to win under any market conditions. And with recent technological advancements in green hydrogen and other forms of long-term storage, we see a total addressable market in this country for renewables, storage and transmission of around $8 trillion through 2050.

我們相信我們有競爭優勢在任何市場條件下取勝。隨著最近在綠色氫和其他形式的長期儲存方面的技術進步，我們看到，到 2050 年，該國可再生能源、儲存和傳輸的潛在市場總額約為 8 萬億美元。

We have said this before, and we believe it is never more true than it is today: The opportunity set for renewable energy in this country continues to expand rapidly. And we believe Energy Resources is in a terrific position for continued industry leadership and for long-term growth for shareholders.

我們之前已經說過，而且我們相信它從未像今天這樣真實：這個國家為可再生能源設定的機會繼續迅速擴大。我們相信能源資源在持續的行業領導地位和股東的長期增長方面處於非常有利的地位。

Both FPL and Energy Resources have multiple ways to grow, and each business continues to push the other to be even better. As FPL grows, both businesses learn what drives customer value in Florida. As Energy Resources grows, both businesses learn what drives customer value in other markets across the country. Operational excellence is a competitive advantage for us across both businesses, so is development and construction expertise, so is supply chain management, so is financial discipline. Both businesses are constantly implementing new technologies. Both businesses are constantly finding ways to do things more efficiently and to improve our cost position.

FPL 和 Energy Resources 都有多種增長方式，每個業務都在不斷推動對方變得更好。隨著 FPL 的發展，兩家企業都了解是什麼推動了佛羅里達州的客戶價值。隨著能源資源的增長，兩家公司都在了解是什麼推動了全國其他市場的客戶價值。卓越運營是我們在這兩項業務中的競爭優勢，開發和建設專業知識也是如此，供應鏈管理也是如此，財務紀律也是如此。兩家公司都在不斷實施新技術。兩家企業都在不斷尋找更有效地做事並改善我們的成本狀況的方法。

As Kirk mentioned, this year, our employees generated about 900 individual ideas translating into roughly $400 million in additional run rate O&M savings across the enterprise through Project Velocity, our best performance ever after 10 years of pursuing O&M improvement in this employee-driven annual exercise. Our strategy at NextEra Energy is to continue to do what we have done well, only better and bigger as new market opportunities present themselves.

正如柯克所提到的，今年，我們的員工提出了大約 900 個個人想法，通過 Project Velocity 為整個企業節省了大約 4 億美元的額外運行率 O&M，這是我們在這項員工驅動的年度活動中追求 O&M 改進 10 年後的最佳表現.我們在 NextEra Energy 的戰略是繼續做我們做得好的事情，只有在新的市場機會出現時做得更好、更大。

Our strategy at NextEra Energy Partners is much the same. The partnership will double down on what we have done well since our IPO in 2014. We expect to continue delivering LP distribution growth that is already best in class. We plan to continue to pursue growth in 3 ways: by acquiring assets from Energy Resources, by acquiring assets from third parties, and by additional organic capital investments in the assets we own as the portfolio grows over time.

我們在 NextEra Energy Partners 的策略大致相同。該合作夥伴關係將使我們自 2014 年首次公開募股以來的良好表現翻倍。我們預計將繼續提供已經是同類最佳的 LP 分銷增長。我們計劃繼續以 3 種方式追求增長：從 Energy Resources 收購資產，從第三方收購資產，以及隨著投資組合的增長，對我們擁有的資產進行額外的有機資本投資。

Yet as at NextEra Energy, it is the future of the partnership and its long-term growth visibility that is most exciting to us. Simply put, we believe that what is good for NextEra Energy tends to be good for NextEra Energy Partners, and what is good for decarbonization of the U.S. economy is going to be terrific for shareholders of NextEra Energy as well as for unitholders of NextEra Energy Partners. We will have more to share about our long-term growth prospects at both companies at our investor conference in June.

然而，與 NextEra Energy 一樣，我們最興奮的是合作夥伴關係的未來及其長期增長的可見性。簡而言之，我們認為對 NextEra Energy 有利的往往對 NextEra Energy Partners 有利，而對美國經濟脫碳有利的對 NextEra Energy 的股東和 NextEra Energy Partners 的單位持有人來說將是極好的.在 6 月份的投資者會議上，我們將更多地分享兩家公司的長期增長前景。

I'd like to close by once again thanking our team. In addition to the 900 Project Velocity ideas I mentioned earlier, last week, we held our annual team competition for the highest quality and innovation award at our company, followed by our Employee Expo in which 56 teams were featured. I can tell you that, as impressive as our track record has been over the last 30-plus years, our future is even brighter.

我想再次感謝我們的團隊。除了我之前提到的 900 個 Project Velocity 創意，上週我們還舉辦了年度團隊競賽，以角逐公司最高質量和創新獎，隨後舉辦了 56 支團隊參加的員工博覽會。我可以告訴你，儘管我們過去 30 多年的業績令人印象深刻，但我們的未來更加光明。

Our team continues to impress with their creativity, analytical abilities, innovation, customer focus and the will to win. I truly believe that we have the best team in the industry. I believe this team can extend our long-term track record of outperformance, and I believe this is the team that can and will lead the decarbonization of the entire U.S. economy.

我們的團隊繼續以他們的創造力、分析能力、創新、以客戶為中心和取勝的意志給人留下深刻印象。我真的相信我們擁有業內最好的團隊。我相信這支團隊可以延續我們長期表現優異的記錄，我相信這支團隊能夠並且將引領整個美國經濟的脫碳。

Thank you for your continued support of our company, and I now look forward to taking your questions.

感謝您一直以來對我們公司的支持，我現在期待您的提問。

(Operator Instructions) Our first question will come from Steve Fleishman with Wolfe Research.

（操作員說明）我們的第一個問題將來自 Wolfe Research 的 Steve Fleishman。

John, Kirk, congrats on your new roles.

約翰、柯克，恭喜你擔任新角色。

Thank you, Steve.

謝謝你，史蒂夫。

You bet. Kirk, just the AD CVD is obviously an important issue, and you made some really interesting comments here. So my question's going to focus on that. The comment about the tariffs not being known if they decided to go that route until 2025, that would seem to be incredibly disruptive to the sector. So just -- could you just talk about like how that process works and why to actually set the tariffs, to better understand why it would be that long?

你打賭。柯克，只有 AD CVD 顯然是一個重要問題，你在這裡發表了一些非常有趣的評論。所以我的問題將集中在這一點上。如果他們決定在 2025 年之前走這條路，關於關稅的評論不為人知，這似乎對該行業造成了難以置信的破壞。所以只是 - 你能不能談談這個過程是如何運作的以及為什麼要實際設定關稅，以便更好地理解為什麼它會那麼長？

Yes, Steve, let me go ahead and take that. This is John speaking. That's one of the things that we're pointing out to the Commerce Department is that when they established tariffs, say they come up with a final determination of January of 2023. Their practice has always been to impose the tariffs and calculate the actual amounts and release those 2 years later. So those tariffs would not be known until the first quarter of 2025.

是的，史蒂夫，讓我繼續吧。這是約翰說話。我們要向商務部指出的一件事是，當他們確定關稅時，說他們在 2023 年 1 月做出了最終決定。他們的做法一直是徵收關稅併計算實際金額和2年後釋放那些。因此，這些關稅要到 2025 年第一季度才能知道。

And so what the industry would be forced to do perversely is actually go back and buy panels from China because the tariffs in China are known. And China is the only country in the world that would have panels available to sell. Because as we said in our remarks, the U.S. panel manufacturing industry, which is incredibly small -- again, even at full capacity, it only has the ability to satisfy 10% to 20% of the entire U.S. demand. The U.S. industry is sold out until 2025.

所以這個行業被迫做的反常做法實際上是回去從中國購買麵板，因為中國的關稅是眾所周知的。中國是世界上唯一可以出售面板的國家。因為正如我們在評論中所說，美國的面板製造業非常小——同樣，即使在滿負荷的情況下，它也只能滿足整個美國需求的 10% 到 20% 的能力。美國工業在 2025 年之前都賣光了。

And if you don't know what the tariff rates are in Southeast Asia, it forces you back to China where the tariffs are known and have been known for the last 10 years, which is an absolutely perverse outcome, an outrageous outcome, quite frankly, and one we intend to make sure that the Commerce Department clearly understands. Because that's an unintended consequence that I don't think anybody wants.

如果你不知道東南亞的關稅稅率是多少，它會迫使你回到過去 10 年已知關稅的中國，這是一個絕對反常的結果，一個令人髮指的結果，坦率地說，我們打算確保商務部清楚地理解這一點。因為這是我認為沒有人想要的意外後果。

And the other point that goes along with it is, if we're trying to be tough on trade, we're not. China is not the one that pays the price. Who pays the price here are American companies, American workers, the American consumer that pays higher electricity costs than they ever have before in a rapidly increasing natural gas price environment, oil prices, coal prices. Solar is actually deflationary. And you actually reward the Chinese who then get to sell panels at the inflated rate. So that makes absolutely no sense at all.

隨之而來的另一點是，如果我們試圖對貿易採取強硬態度，我們就不會。付出代價的不是中國。在這裡付出代價的是美國公司、美國工人、美國消費者，他們在天然氣價格、石油價格、煤炭價格迅速上漲的環境中支付的電費比以往任何時候都高。太陽能實際上是通貨緊縮的。你實際上獎勵了中國人，然後他們以高價出售面板。所以這完全沒有意義。

When you look at our company and our business, we are in, I think, a different position than the rest of the industry is. While all those things are not good for the industry, I think our company is in a position to be able to manage these risks fortunately. We have strong contracts in place. We do have a global supply chain and sourcing capability that gives us options that others don't. But back to the strength of our contracts, I think that gives us the ability that others might not have to continue sourcing from our existing supply base even in South Korea without -- or I mean in Southeast Asia without those tariff amounts being fully known.

當您查看我們的公司和業務時，我認為我們所處的位置與業內其他公司不同。雖然所有這些事情都對行業不利，但我認為我們公司能夠幸運地管理這些風險。我們簽訂了強有力的合同。我們確實擁有全球供應鍊和採購能力，為我們提供了其他人沒有的選擇。但回到我們合同的優勢，我認為這使我們有能力即使在韓國沒有其他人也可能不必繼續從我們現有的供應基地採購——或者我的意思是在沒有完全了解這些關稅金額的情況下在東南亞。

But the problem that this creates with that 2-year delay into 2025, if Build Back Better doesn't get passed or some form of reconciliation, you're also on the ITC clock that is expiring over that same period of time. So you have to have an ability to go source those panels, find them someplace else to get your projects built. Again, we're confident in our ability to be able to do that just given the strength of our contracts.

但是，這會在 2025 年的 2 年延遲中產生的問題，如果“重建更好”沒有獲得通過或某種形式的和解，那麼您也處於同一時期到期的 ITC 時鐘上。所以你必須有能力去獲取這些面板，在其他地方找到它們來構建你的項目。同樣，鑑於我們的合同實力，我們對能夠做到這一點的能力充滿信心。

That's why -- and we're also optimistic that the outcome here is so outrageous and so ludicrous that the Commerce Department won't possibly, based on their 4 prior rulings over the last decade, 2012, 2014, 2020 and in 2021, where this exact question has been asked and answered by 3 separate administrations, including this one, how can you possibly pull the rug out from under the industry? Makes absolutely no sense to force business back to China, which is what you were trying to prevent in the first place.

這就是為什麼——我們也樂觀地認為，根據他們在過去十年（2012 年、2014 年、2020 年和 2021 年）的 4 項先前裁決，商務部不可能做出如此離譜和荒謬的結果，其中這個確切的問題已經被 3 個不同的主管部門（包括這個主管部門）提出並回答了，你怎麼可能把地毯從這個行業中拉出來？強迫業務返回中國絕對沒有意義，而這正是你一開始就試圖阻止的。

That's super helpful. Just a couple quick follow-ups on the same issue, which is, first, given everything you said, why did they initiate this in the first place? Did they not understand the implications? Second, are you seeing any better movement as a result of what's already happened to Build Back Better? And then the last one is just in that worst-case event that we have to wait till 2025 to work this out, and you reiterated back a month ago that even with this review confidence in the high end of the target, does that include that scenario?

這非常有幫助。只是對同一問題的幾個快速跟進，首先，鑑於你所說的一切，他們為什麼首先發起這個？他們不明白其中的含義嗎？其次，您是否看到由於“更好地重建”已經發生的事情而產生了更好的運動？然後最後一個是在最壞的情況下，我們必須等到 2025 年才能解決這個問題，你在一個月前重申，即使這次審查對目標的高端有信心，這是否包括設想？

Yes. Let me take those in order. So first of all, why did they take the investigation? You saw what happened in October. They had a similar filing that was made around circumvention. This same Department of Commerce decided not to take that up in the same year that they ruled that making cells and panels outside of China was okay.

是的。讓我把它們整理好。那麼首先，他們為什麼要接受調查？你看到了十月發生的事情。他們有一個類似的文件是圍繞規避提出的。同一年，商務部決定不接受這一點，他們裁定在中國境外製造電池和麵板是可以的。

Here in '22, I think they looked at it and said, "Okay. Well, this is the second one in a row. Let's take on the investigation. We don't think the investigation itself, if we just do a little bit more fact-finding will actually have an impact on the industry." They are wrong. It does. We told them it would. And you can see it in our own portfolio with 2.1 to 2.8 gigawatts potentially being moved into 2023. Luckily, we have enough cushion and enough other things that we can do where it doesn't impact our financial expectations, that movement.

在 22 年，我想他們看著它說，“好吧。好吧，這是連續第二個。讓我們進行調查。我們不認為調查本身，如果我們做一點更多的實況調查實際上會對行業產生影響。”他們錯了。確實如此。我們告訴他們會的。你可以在我們自己的投資組合中看到它，2.1 到 2.8 吉瓦可能會轉移到 2023 年。幸運的是，我們有足夠的緩沖和足夠的其他事情，我們可以在不影響我們的財務預期的情況下做這件事。

Other companies in the industry are not that fortunate. And so our hope is that they look at the information. We don't think the information has changed. And they rely on the prior 4 decisions from 2012, 2014, 2020 and 2021 to follow a consistent trade practice rather than retroactively changing the rules for an industry that has been playing by the rules for the last decade. That would make absolutely no sense in an environment where you have inflation, increasing commodity prices. And the only deflationary product and source of generation that also achieves clean energy goals and creates a ton of American jobs, you're stymieing rather than helping. So that's the rationale.

業內其他公司就沒那麼幸運了。所以我們希望他們能看到這些信息。我們認為信息沒有改變。他們依靠 2012 年、2014 年、2020 年和 2021 年的前 4 項決定來遵循一致的貿易慣例，而不是追溯改變過去十年一直遵守規則的行業的規則。在通貨膨脹、商品價格上漲的環境中，這絕對沒有意義。而唯一一種能實現清潔能源目標並創造大量美國就業機會的通縮產品和發電來源，你是在阻礙而不是幫助。這就是理由。

The second question I think you had was on where are we on BBB. So look, if you're really looking at -- if you look at BBA -- BBB in the current environment, now is the time to move forward on it like no other. Given the inflationary pressures on energy prices, now is the time to double down on renewables. Now is the time to create real manufacturing incentives if you want to redomesticate the supply chain to the U.S., which is really, really small right now. And if you want to create those manufacturing incentives, do it with a carrot rather than a stick so we can achieve our clean energy goals over time. So that gives us some optimism, number one, going in.

我認為您的第二個問題是關於我們在 BBB 上的位置。所以看，如果你真的在看 - 如果你看 BBA - 在當前環境中的 BBB，現在是時候像其他人一樣向前推進了。鑑於能源價格面臨通脹壓力，現在是加倍投資可再生能源的時候了。如果您想將供應鏈重新歸化到美國，那麼現在是製定真正的製造業激勵措施的時候了，目前美國的供應鏈非常非常小。如果您想創建這些製造激勵措施，請用胡蘿蔔而不是大棒來做，這樣我們才能隨著時間的推移實現我們的清潔能源目標。所以這給了我們一些樂觀，第一，進入。

Second, I think there's motivation going into the midterms to get our energy policy right, particularly our clean energy policy right. And I think the Democrats do need to win going into these midterms. The structure is much the same. So there wouldn't -- we're not contemplating a large change in the structure. Both sides are talking. I think for the first time in a while, we have a Supreme Court nomination behind us.

其次，我認為中期有動力讓我們的能源政策正確，特別是我們的清潔能源政策正確。我認為民主黨確實需要在這些中期選舉中獲勝。結構大致相同。所以不會 - 我們沒有考慮對結構進行重大更改。雙方都在談。我認為我們有一段時間以來第一次獲得了最高法院的提名。

Time is something we got to work with. The reconciliation for this year expires at the end of September. So we've really got to try to get something moving forward before the August resource -- recess. But remain optimistic that we will be able to get that moving forward. And if it does, a much skinnier-down package that I would expect to look like a focus really just on climate and clean energy and prescription drugs. And that would be, I think, a smaller package that might be able to move forward.

時間是我們必須處理的事情。今年的和解將於9月底到期。所以我們真的必須嘗試在 8 月資源 - 休會之前取得進展。但請保持樂觀，我們將能夠推動這一進程。如果確實如此，我希望它看起來像一個更精簡的包裝，它真的只關注氣候、清潔能源和處方藥。我認為，這將是一個可能能夠向前推進的較小的一攬子計劃。

But I think at the same time, there's going to have to be some open-mindedness from the progressives, which I think we are seeing. Senator Manchin has made no secret that we need pipeline infrastructure in this country, projects like MVP, for example, and more of an all-of-the-above approach to tackling this issue. And I think there is a rational outcome there that would make sense for all parties involved.

但我認為與此同時，進步人士必須有一些開放的心態，我認為我們正在看到這一點。曼欽參議員毫不掩飾地表示，我們需要這個國家的管道基礎設施，例如 MVP 等項目，以及解決這個問題的更多方法。我認為那裡有一個合理的結果，對所有相關方都有意義。

And then I think your last question was if we have to wait until 2025, what's the impact on our long-term expectations. Again, we have strong contracts. We have a global supply chain capability. We would not, based on what we know today, expect any changes to our long-term financial expectations.

然後我認為你的最後一個問題是，如果我們必須等到 2025 年，對我們的長期預期有何影響。同樣，我們有強有力的合同。我們擁有全球供應鏈能力。根據我們今天所知，我們不會期望我們的長期財務預期會發生任何變化。

Our next question will come from Julien Dumoulin-Smith with Bank of America.

我們的下一個問題將來自美國銀行的 Julien Dumoulin-Smith。

Congrats again on the promotions here, guys. So I just want to come back to the earnings impact on you guys. Certainly appreciate the macro that you guys have described here. But can you speak more specifically to the earnings offsets, not just in '22, but especially '23 and '24 given that the timing of these renewable and services tends to impact the subsequent year more so?

再次恭喜這裡的促銷活動，伙計們。所以我只想回到收益對你們的影響。當然感謝你們在這裡描述的宏。但是，考慮到這些可再生能源和服務的時間安排往往對下一年的影響更大，您能否更具體地說明收入抵消，不僅僅是在 22 年，尤其是在 23 年和 24 年？

And then if I'm hearing you right, again, I know you keep talking about Chinese imports, but is that the answer here in lieu of having clarity effectively? And this is a matter of timing and pivoting into a Chinese supply solution in some form or another or at least creating your own domestic supply rapidly. Just clearly, we're not going to sit here till '25. Just want to get some understanding as to what the earnings mitigation is in the near term and what that answer is in '23, '24.

然後，如果我沒聽錯的話，我知道你一直在談論中國進口，但這是否是代替有效澄清的答案？這是一個時機問題，並以某種形式轉向中國供應解決方案，或者至少迅速建立自己的國內供應。很明顯，我們要到 25 年才能坐在這裡。只是想了解一下短期內的收益緩解是什麼，以及 23 年和 24 年的答案是什麼。

Julien, thank you for the question. In terms of the way we're thinking about being able to manage this and continue to still have the confidence to reaffirm our adjusted earnings expectations and reiterate that we would be disappointed if we were not able to deliver financial results at or near the high end of the range, look, we are a very large company with a diverse set of growth drivers. FPL is performing really well. We have great visibility into the next 4 years with the settlement agreement.

朱利安，謝謝你的問題。就我們正在考慮能夠管理這一點的方式而言，我們仍然有信心重申我們調整後的盈利預期，並重申如果我們無法在高端或接近高端時交付財務業績，我們將感到失望從範圍來看，我們是一家非常大的公司，擁有多種增長動力。 FPL 的表現非常好。通過和解協議，我們對未來 4 年有很大的了解。

We run the business with a lot of financial discipline and build a conservative financial plan. We, as we discussed today, continue to find ways to run the business more efficiently and have identified, through Project Velocity, over $400 million of run rate savings that we expect to be able to receive over the next few years. When we add all that up and particularly think about how conservatively we are with the way we structure our plan, we feel very comfortable in being able to continue to deliver on our financial expectations.

我們以嚴格的財務紀律經營業務並製定保守的財務計劃。正如我們今天所討論的，我們繼續尋找更有效地運營業務的方法，並通過 Project Velocity 確定了超過 4 億美元的運營成本節約，我們預計在未來幾年內能夠獲得這些成本。當我們把所有這些加起來，特別是考慮到我們在構建計劃的方式上是多麼保守時，我們對能夠繼續實現我們的財務預期感到非常自在。

Yes. And then I'll -- Julien, I'll take the last piece on the -- I think what I understood your question to be on the supply chain. So that's the other reason why we don't think any action is required by the Department of Commerce today because the supply chain is already changing for the entire industry. Polysilicon is now being sourced out of Germany. It's being sourced out of the United States. Suppliers are quickly becoming more vertically integrated and moving their ingot- and wafer-producing capabilities outside of China where cells and modules are already made. And that will be a sourcing strategy that will be followed by us and much of the industry going forward, including, I think, by the U.S. -- the so-called U.S. panel manufacturers.

是的。然後我會-- Julien，我會講最後一段-- 我想我理解你的問題是關於供應鏈的。這就是為什麼我們認為商務部今天不需要採取任何行動的另一個原因，因為整個行業的供應鏈已經發生了變化。多晶矽現在從德國採購。它是從美國採購的。供應商正在迅速變得更加垂直整合，並將其錠和晶圓生產能力轉移到已經生產電池和模塊的中國以外。這將是我們和未來大部分行業將遵循的採購戰略，包括我認為美國——所謂的美國面板製造商。

Because one thing I want to make sure people understand, as I said before, at full capacity, the U.S. panel manufacturers could satisfy only 10% to 20% of U.S. demand. But when they make panels in the U.S., they're not really making panels in the U.S. They're importing all of the products that go into a panel from outside the U.S., mainly from the Southeast Asian countries. And they have these small assembly shops in the U.S. that employ a few hundred people that go ahead and just put it together, and then they stamp the panel made in the U.S.A. when it really isn't. And that's one of the frustrating things that we're tackling here.

因為有一件事我想確保人們理解，正如我之前所說，滿負荷生產時，美國面板製造商只能滿足美國需求的 10% 到 20%。但是當他們在美國製造面板時，他們並沒有真正在美國製造面板。他們從美國以外的地方進口所有進入面板的產品，主要來自東南亞國家。他們在美國有這些小型裝配廠，僱傭了幾百人，他們先把它組裝起來，然後他們在美國製造的面板上蓋章，當它真的不是時。這是我們在這裡解決的令人沮喪的事情之一。

But -- we are, again, as I said, moving the supply chain outside of China. And the U.S. panel manufacturers, I assume, will be looking at some more things for their continued reliance on imports as they think about their strategy going forward as well.

但是——正如我所說，我們再次將供應鏈轉移到中國以外。我認為，美國面板製造商在考慮未來戰略的同時，也會考慮更多繼續依賴進口的因素。

Got it. But just on your earnings impact, it sounds like this is about accelerating velocity, basically accelerating cost savings into the near term to offset some of the impacts as well as maybe some FPL drivers rather than saying we're going to do more win versus what the plan is kind of in near-term sense. And then actually, if you can speak to the FPL piece, just on CapEx changes versus the 10-K. It seems like the range is a little bit lower. But again, I'll let you respond holistically.

知道了。但就您的收益影響而言，這聽起來像是關於加快速度，基本上是在短期內加速節省成本以抵消一些影響以及一些 FPL 驅動因素，而不是說我們將取得更多勝利而不是什麼該計劃具有近期意義。然後實際上，如果你能談談 FPL 的部分，就談談資本支出與 10-K 的變化。範圍似乎有點低。但同樣，我會讓你全面回應。

Yes. So on the first piece of your question, cost savings is one piece of it. We have cushion in our plan. We run the business very conservatively. We have cushion in the plan. We expect to be okay.

是的。因此，在您的問題的第一部分，節省成本是其中的一部分。我們的計劃有緩衝。我們非常保守地經營業務。我們在計劃中有緩衝。我們希望沒事。

Kirk, I'll let you take the FPL question.

柯克，我會讓你回答 FPL 的問題。

Sure. Julien, as we've thought about the CapEx plan at FPL, as we discussed on the call today, the expectation is -- for this year is roughly $7.9 billion to $8.3 billion of capital that we plan to deploy. We also laid out in the discussion around the Ten-Year Site Plan what we're thinking in terms of solar that we're going to add to the system. We feel very good about the capital program that we have at FPL over the next 4 years in not just generation, but as well as T&D infrastructure, hardening and undergrounding. So we have a very good plan there at FPL.

當然。朱利安，正如我們在今天的電話會議上討論的那樣，正如我們在 FPL 的資本支出計劃所考慮的那樣，預計今年我們計劃部署的資本約為 79 億至 83 億美元。我們還在圍繞十年場地計劃的討論中闡述了我們在太陽能方面的想法，我們將把這些想法添加到系統中。我們對 FPL 未來 4 年的資本計劃感到非常滿意，不僅包括發電，還包括輸配電基礎設施、硬化和地下工程。所以我們在 FPL 有一個非常好的計劃。

Also, I think it's important to keep in mind with respect to FPL, as we discussed on -- in the prepared remarks as well, we are continuing to see just significant growth at FPL, organic growth in terms of people coming to Florida. At 91,000 additional customers added in roughly 4 or 5 years, we're going to add the size of Gulf to the system, and that's going to continue to provide us with CapEx opportunities as well.

此外，我認為重要的是要牢記 FPL，正如我們所討論的那樣 - 在準備好的評論中，我們繼續看到 FPL 的顯著增長，就來到佛羅里達的人而言，有機增長。在大約 4 或 5 年內增加了 91,000 名客戶，我們將把海灣的規模添加到系統中，這也將繼續為我們提供資本支出機會。

Our next questions will come from Shar Pourreza with Guggenheim Partners.

我們的下一個問題將來自古根海姆合作夥伴的 Shar Pourreza。

Just on the near -- the '23-'24 signed contracts. I mean obviously, they're up 11 gigs, so you're getting close to the target range for those years, which could allude obviously you guys delivering within your plan. But I just -- I want to get a little bit of a sense here. If the tail risks are longer dated, right, could we see more projects shifts than what you kind of disclosed in the footnote maybe into '24 and beyond? And if so, is there a point in time, John, you start shifting into more wind from solar and storage? I mean obviously, wind is very competitive. The returns aren't great, but I would think several players are going to follow in similar footsteps there. So I guess, how to think about the profile of the backlog if this is more longer dated and we don't get visibility?

就在附近 - '23-'24 簽訂合同。我的意思很明顯，他們增加了 11 場演出，所以你正在接近那些年的目標範圍，這顯然可以暗示你們在你的計劃內交付。但我只是——我想在這裡稍微了解一下。如果尾部風險的日期更長，對，我們是否會看到比您在腳註中披露的更多的項目轉移到 24 年及以後？如果是這樣，約翰，您是否會在某個時間點開始從太陽能和儲能轉向更多風能？我的意思是，很明顯，風是非常有競爭力的。回報不是很好，但我認為有幾位球員會跟隨類似的腳步。所以我想，如果積壓的時間更長並且我們沒有得到可見性，如何考慮積壓的概況？

Sure. Shar, I'll take that. So the first point that I would make is that this is good for the wind business. I think you could see that from the results of our origination activity this quarter, so even to the extent we might see some shifting solar from '22 to '23 or '23 to '24. Wind is coming online even faster. And remember, the development cycle for wind and the origination activity for wind is much shorter. We can originate a wind project and have it built in 10 months. And so to the extent you might see some solar activity drop off -- and really, again, I view this as a '22 and a '23 issue.

當然。夏爾，我會接受的。所以我要說的第一點是，這對風能業務有利。我認為您可以從我們本季度的發起活動的結果中看到這一點，因此即使我們可能會看到一些太陽能從 22 年到 23 年或 23 年到 24 年。 Wind 的上線速度更快。請記住，風的開發週期和風的發起活動要短得多。我們可以發起一個風能項目，並在 10 個月內建成。因此，在某種程度上，您可能會看到一些太陽活動下降——實際上，我再次將其視為 '22 和 '23 的問題。

The beauty of it is, you have wind to step in and take its place. And that's an area where we have significant competitive advantages. And being able to sell '23 wind at a 80% PTC, we can be extremely competitive in the pricing there and in the offering. And it provides us with, I think, a mitigation measure on top of the strong supplier contracts that we already have on the solar side that others in the industry don't have. It's great to have a diversified business to be able to fall back on, and that's why we feel good about our financial expectations.

它的美妙之處在於，你有風可以介入並取代它。這是我們具有顯著競爭優勢的領域。並且能夠以 80% 的 PTC 銷售 '23 wind，我們可以在定價和產品方面極具競爭力。我認為，它為我們提供了一種緩解措施，這是我們在太陽能方面已經擁有的強大供應商合同之上的，而業內其他人則沒有。能夠依靠多元化的業務真是太好了，這就是為什麼我們對自己的財務預期感覺良好的原因。

Got it. And then, John, just maybe just shifting to FPL. I mean you guys put out plans for additional winterization resiliency, 3,200 megawatts of new storage through to '31. The solar programs are kind of well defined. And I know we talked about potential delays on the NEER side. But do you see opportunities conversely to maybe accelerate some of that solar CapEx on the regulated side, especially as gas costs have put a lot of pressure on affordability and certainly help from an LCOE comparability? So could we see faster maybe solar deployment on the regulated side to reduce what you're seeing in the commodity curves?

知道了。然後，約翰，也許只是轉向 FPL。我的意思是你們提出了額外的防凍恢復計劃，3,200 兆瓦的新存儲到 31 年。太陽能項目的定義很明確。我知道我們談到了 NEER 方面的潛在延遲。但是，您是否看到相反的機會可能會加速受監管方面的一些太陽能資本支出，尤其是在天然氣成本給可負擔性帶來很大壓力的情況下，並且肯定會從 LCOE 可比性中得到幫助？那麼，我們能否在受監管方面更快地部署太陽能，以減少您在商品曲線中看到的情況？

Yes. I think, first of all, I want to say the CapEx is actually up at FPL, just back to -- I think it was Julien's earlier question. Undergrounding is a piece of that. It's really important we get our undergrounding in service on time and on budget. We continue to look to ways to shift that to the left.

是的。我想，首先，我想說的是資本支出實際上是在 FPL 上，只是回到 - 我認為這是 Julien 之前的問題。地下是其中的一部分。讓我們的地下設施按時、按預算投入使用是非常重要的。我們繼續尋找將其向左轉移的方法。

And look, as we are in an increasing natural gas price environment, the right answer for Florida customers certainly is to evaluate and look at trying to get more renewables online in Florida faster. It's a hedge against rising natural gas prices in the state. And it's a hedge for the country, which is another reason why, as I've said a couple of times already, what's happening is quite silly.

並且看，由於我們處於天然氣價格上漲的環境中，佛羅里達州客戶的正確答案當然是評估並考慮嘗試在佛羅里達州更快地在線獲得更多可再生能源。這是對該州天然氣價格上漲的一種對沖。這是國家的對沖，這也是為什麼，正如我已經說過幾次，正在發生的事情非常愚蠢的另一個原因。

The only -- this is Eric Silagy. The only thing I would add is the Ten-Year Site Plan we just filed is a pretty good road map of the future opportunities. We are going to be adding a lot more solar into the system, pending the PSC's approval. And demand for solar together continues to remain very, very strong.

唯一的——這是埃里克·西拉吉。我唯一要補充的是，我們剛剛提交的十年現場計劃是一個很好的未來機會路線圖。我們將在系統中增加更多的太陽能，等待 PSC 的批准。對太陽能的需求仍然非常非常強勁。

And so we're going to be continuing to look at the next round for SolarTogether after the current one we just filed for. So there's going to be additional opportunities. But again, this is about smartly deploying capital and doing the right thing for customers for the long term.

因此，在我們剛剛申請的當前一輪之後，我們將繼續關注 SolarTogether 的下一輪。所以會有更多的機會。但同樣，這是關於巧妙地配置資本並為客戶長期做正確的事情。

Got it. And Eric, that -- those opportunities could be incremental, right, to the current plan.

知道了。埃里克，那些機會可能是對當前計劃的增量。

Absolutely.

絕對地。

Got it. And then just really lastly, and it's unrelated to what we're talking about. But John, just on the JEA case, again, the federal case against a couple of executives. I know NextEra and FPL were subpoenaed. Is there any details you can provide there? Because we do get some questions on that from time to time.

知道了。最後，這與我們正在談論的內容無關。但約翰，就 JEA 案而言，又是針對幾位高管的聯邦案。我知道 NextEra 和 FPL 被傳喚了。您可以在那裡提供任何詳細信息嗎？因為我們確實會不時收到一些關於此的問題。

Yes. Let me just give a little bit of background there. We were asked a while back to provide some documentation in connection with that matter, which we did. We cooperated in full. We were told and have been told we are not a target of the investigation. And I think the article you're referring to, the reporter just got it flat out wrong. We have not been subpoenaed as a witness in that matter.

是的。讓我簡單介紹一下那裡的背景。不久前，我們被要求提供與該問題相關的一些文件，我們做到了。我們全力配合。我們被告知並被告知我們不是調查的目標。我認為你所指的那篇文章，記者完全搞錯了。我們沒有被傳喚作為這件事的證人。

Okay. Great. That's what I wanted to clarify. Congrats, John and Kirk, on the promotions.

好的。偉大的。這就是我想澄清的。恭喜 John 和 Kirk 升職。

Thank you.

謝謝你。

Thanks, Shar.

謝謝，夏爾。

Our next question will come from Durgesh Chopra with Evercore ISI.

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

Just maybe -- can I just a little bit more granular on the -- as you get towards the sort of the preliminary ruling here in late August on the solar panel investigation, what are the key steps that we should be watching for? And what is your and other industry sort of players' involvement going to be in that process?

只是也許 - 我可以稍微詳細一點 - 當你在八月下旬對太陽能電池板調查做出初步裁決時，我們應該注意哪些關鍵步驟？您和其他行業的參與者將如何參與該過程？

So the way to think about the process is right now, the DOC has provided questionnaires to different groups. Those questionnaires are being completed. I believe they're due this week for some. I believe others had requested some extensions and maybe have been granted. Once they have all that information, then the groups that are -- that have standing are also allowed to weigh in on the matter. We do have standing in the case, so we will be weighing in on this as well. And then the DOC has all that information and reviews -- essentially reviews the data and then reaches their preliminary determination, which is expected to happen by late August.

所以現在考慮這個過程的方式是，DOC 已經向不同的群體提供了調查問卷。這些問卷正在完成中。我相信他們將在本周到期。我相信其他人已經要求進行一些延期，並且可能已經獲得批准。一旦他們掌握了所有這些信息，那麼那些有地位的團體也被允許對此事進行權衡。我們確實有立場，所以我們也會對此進行權衡。然後 DOC 擁有所有這些信息和審查——基本上審查數據，然後做出初步決定，預計將在 8 月下旬發生。

All right. And then maybe just one quick one and see if you'll give this information. If not, that's okay because it's small. But can you maybe talk about the gas transaction -- the gas pipeline sale? And what kind of multiple and EBITDA contribution? I know it's small. So I don't know if you can share that information. I'll just follow up with IR.

好的。然後也許只是一個快速的，看看你是否會提供這些信息。如果沒有，那沒關係，因為它很小。但是你能不能談談天然氣交易——天然氣管道銷售？以及什麼樣的倍數和 EBITDA 貢獻？我知道它很小。所以我不知道你是否可以分享這些信息。我只會跟進 IR。

Yes. We're not going to share that information at this time. I understand the reason for the question. I would just say, as we included in the press release and in the script, it was a very attractive and accretive EBITDA multiple. We're very happy with it.

是的。我們目前不打算分享這些信息。我理解這個問題的原因。我只想說，正如我們在新聞稿和腳本中所包含的那樣，這是一個非常有吸引力和增值的 EBITDA 倍數。我們對此非常滿意。

Our next question will come from Stephen Byrd with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的斯蒂芬伯德。

It's Dave Arcaro on for Stephen. I was wondering if you could just talk a little bit to PPA pricing that you're seeing for new contracts, I guess, across wind, solar and storage. Is there an approximate level that you would expect PPA prices to have to rise to absorb some of the inflationary pressures that we've seen? And at the end of the day, do you expect that to happen? Do you think they'll rise enough that you can protect your returns on incrementally new signed renewables contracts?

這是斯蒂芬的戴夫阿卡羅。我想知道你是否可以談談你在風能、太陽能和存儲方面看到的新合同的 PPA 定價。您是否預計 PPA 價格必須上漲以吸收我們已經看到的一些通脹壓力？歸根結底，您是否期望會發生這種情況？您認為它們會上漲到足以保護您在新簽署的可再生能源合同上的回報嗎？

Sure. This is Rebecca and I'll take that question. As a matter of practice, what we do with our customers and as we're approaching the market is factor in whatever the current latest pricing is, which is certainly what we're doing now in terms of where we think the market is in terms of our cost as well as what the alternatives are for our customers.

當然。我是麗貝卡，我會回答這個問題。作為實踐問題，我們對客戶所做的事情以及在我們接近市場時，無論當前的最新定價是什麼，這肯定是我們現在正在做的事情，就我們認為市場的情況而言我們的成本以及對我們的客戶有什麼替代方案。

So keep in mind that, as we've talked about, some pricing pressure, whether it's consistent with the comments that Kirk and John have talked about on the solar side or on the wind side, that it's against a backdrop of costs that have gone up, other alternative costs that have also gone up, whether it's oil or natural gas, overall power prices in the marketplace. And so there is still a significant incentive for our customers to procure renewable energy.

所以請記住，正如我們所討論的，一些定價壓力，無論這是否與柯克和約翰在太陽能方面或風能方面所談論的評論一致，這是在成本已經消失的背景下上漲，其他替代成本也上漲了，無論是石油還是天然氣，市場上的整體電價。因此，我們的客戶仍然有很大的動力去採購可再生能源。

And of course, as you've seen from our signed contracts for this quarter, the demand for wind has been really strong, both in terms of signed contracts, and I'll also tell you, in terms of our ongoing conversations with customers. And customers are also still very interested in pursuing solar projects. A lot of folks were caught off guard by this decision, surprised for all the reasons that John and Kirk highlighted, that the Department of Commerce would have taken this step. And all of us would like to see the uncertainty resolved as quickly as possibly and as favorably as possible. so that our customers can move forward with deploying solar.

當然，正如您從我們本季度簽署的合同中看到的那樣，對風能的需求非常強勁，無論是就已簽署的合同而言，我也會告訴您，就我們與客戶的持續對話而言。客戶也對追求太陽能項目非常感興趣。很多人對這個決定感到措手不及，出於約翰和柯克強調的所有原因感到驚訝，商務部會採取這一步驟。我們所有人都希望看到不確定性盡快和盡可能有利地得到解決。這樣我們的客戶就可以繼續部署太陽能。

We'll talk more about where we see the market in terms of pricing and specifically pricing versus the alternatives at the investor conference. But again, the key takeaway from my perspective is they remain very attractive for customers.

我們將在投資者會議上更多地討論我們在定價方面看到的市場，特別是定價與替代品的對比。但同樣，從我的角度來看，關鍵的一點是它們對客戶仍然非常有吸引力。

Great. That's helpful color. And I was just wondering, just on the pace of new signings, has that slowed down significantly since this investigation started? And would the preliminary determination potentially be a bit of a relief valve? Or could it take longer than that to start to maybe kickstart the project signings again?

偉大的。這是有用的顏色。我只是想知道，就新簽約的速度而言，自從這項調查開始以來，這種速度是否明顯放緩？初步決定是否可能有點像安全閥？或者可能需要更長的時間才能重新啟動項目簽約？

Yes. I'm always cautious to say anything about a given quarter's signings because I think sometimes there's too much weight put on them, sometimes too little. But as a kind of an obvious point, contract signings were terrific this quarter. And I'm really proud of the execution of the team, and it very much reflects a lot of interest from customers that has not waned at all.

是的。我總是謹慎地談論某個季度的簽約，因為我認為有時對他們施加的壓力太大，有時太少。但顯而易見的是，本季度的合同簽約非常棒。我為團隊的執行感到非常自豪，這在很大程度上反映了客戶的極大興趣，而且絲毫沒有減弱。

So we're very excited about the opportunities. Nothing has changed in terms of long-term view about excitement for renewables. They remain very attractive. And as John highlighted, they should be deflationary. Absent this uncertainty and relative to the alternatives, this is a great option for customers, and we couldn't be more excited about the future.

所以我們對這些機會感到非常興奮。對可再生能源的興奮的長期觀點沒有任何改變。他們仍然非常有吸引力。正如約翰強調的那樣，它們應該是通貨緊縮的。沒有這種不確定性並且相對於替代方案，這對客戶來說是一個很好的選擇，我們對未來感到非常興奮。

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

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。