XPLR Infrastructure LP (XIFR) 2024 Q1 法說會逐字稿

Good morning, and welcome to the NextEra Energy and NextEra Energy Partners LP First Quarter 2024 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Kristin Rose, Director of Investor Relations. Please go ahead.

早安，歡迎參加 NextEra Energy 和 NextEra Energy Partners LP 2024 年第一季財報電話會議。 （操作員指示）請注意，此事件正在記錄中。現在，我想將會議交給投資者關係總監 Kristin Rose。請繼續。

Thank you, Drew. Good morning, everyone, and thank you for joining our first quarter 2024 combined financial results conference call for NextEra Energy and NextEra Energy Partners.

謝謝你，德魯。大家早安，感謝您參加 NextEra Energy 和 NextEra Energy Partners 2024 年第一季合併財務業績電話會議。

With me this morning, John Ketchum, Chairman, 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 Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company. John will provide some opening remarks, and we'll then turn the call over to Kirk for a review of our first quarter results. Our executive team will then be available to answer your questions.

今天早上與我一起的還有 NextEra Energy 董事長、總裁兼執行長 John Ketchum； NextEra Energy 執行副總裁兼財務長 Kirk Crews； NextEra Energy Resources 總裁兼執行長 Rebecca Kujawa；以及 NextEra Energy 執行副總裁 Mark Hickson，他們也都是 NextEra Energy Partners 的主管；以及佛羅裡達電力照明公司總裁兼執行長阿曼多·皮門特爾（Armando Pimentel）。約翰將致一些開場白，然後我們將把電話轉給柯克，以審查我們的第一季業績。我們的執行團隊將會回答您的問題。

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 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 and 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, www.nexteraenergy.com and www.nexteraenergypartners.com.

我們將根據目前的預期和假設在本次電話會議中做出前瞻性陳述，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，或者由於今天的收益新聞稿和本次電話會議期間的評論以及隨附演示文稿的風險因素部分中討論的其他因素，或我們向美國證券交易委員會提交的最新報告和文件中所討論的其他因素，實際結果將與我們的前瞻性陳述存在重大差異，這些都可以在我們的網站 www.nexteraenergy.com 和 www.nexteraenergy.com 和 www.nexteraenergy.com 和 www.nexteraenergy.com 上找到。

We do not undertake any duty to update any forward-looking statements. 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 financial measures to the closest GAAP financial measure.

我們不承擔更新任何前瞻性陳述的責任。今天的演示中也引用了非公認會計準則財務指標。您應該參考今天簡報附帶的幻燈片中包含的信息，以獲得定義資訊以及歷史非 GAAP 財務指標與最接近的 GAAP 財務指標的對帳。

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

說完這些，我會把電話轉給約翰。

Thanks, Kristin, and good morning. NextEra Energy delivered strong first quarter results, growing adjusted earnings per share by 8.3% year-over-year. Based on FPL and Energy Resources' financial and operational performance, we're once again off to a solid start for the year. In addition, FPL placed into service 1,640 megawatts of new solar, while Energy Resources added 2,765 megawatts of new renewables and storage projects to its backlog. This quarter marks Energy Resources' second best origination quarter ever as well as its best solar and best storage origination quarter.

謝謝，克里斯汀，早安。 NextEra Energy 第一季業績強勁，調整後每股收益較去年同期成長 8.3%。根據 FPL 和能源資源的財務和營運業績，我們今年再次取得了良好的開端。此外，FPL 投入了 1,640 兆瓦的新太陽能，而 Energy Resources 則在其積壓項目中增加了 2,765 兆瓦的新再生能源和儲能項目。本季是 Energy Resources 有史以來第二個最好的發起季度，同時也是其最好的太陽能和最佳儲存發起季度。

As we highlighted at our March Renewables Development Day, we believe NextEra Energy is well positioned for the expected strong power demand growth through the end of the decade and beyond. After years of relatively flat U.S. power growth, numerous reports now highlight significant future load growth being driven across industries such as oil and gas, manufacturing and technology.

正如我們在三月再生能源發展日所強調的那樣，我們相信 NextEra Energy 已做好準備迎接本世紀末及以後預期的強勁電力需求成長。多年來，美國電力成長相對平穩，如今許多報告都強調，未​​來石油和天然氣、製造業和技術等產業的負載將大幅成長。

The redomestication of industry in the U.S. supported by public policy will drive the need for more electricity. And the tech industry is going to need data centers to support the expected cloud capacity demand that come with artificial intelligence applications. Of course, increased load demand will not come all at once and will take some time to materialize. But it is clear that many new customers are concerned about power availability to meet their plans and consider power supply as a significant obstacle to business expansion.

美國在公共政策支持下推動的工業再本土化將推動對電力的需求增加。科技業將需要資料中心來支援人工智慧應用帶來的預期雲端容量需求。當然，負載需求的增加不會一下子出現，需要一段時間才能實現。 但顯然，許多新客戶擔心電力供應是否能滿足他們的計劃，並認為電力供應是業務擴展的重大障礙。

We believe renewables and storage are a key enabler to help meet this increased demand. In fact, we believe the U.S. renewables and storage market opportunity has the potential to be 3x bigger over the next 7 years compared to the last 7, growing from roughly 140 gigawatts of additions to approximately 375 to 450 gigawatts. And we believe no one is better positioned to address these power supply challenges and capitalize on this demand than NextEra Energy.

我們相信再生能源和儲存是滿足這一日益增長的需求的關鍵推動因素。事實上，我們相信，未來 7 年，美國再生能源和儲能市場機會有可能比過去 7 年增長 3 倍，從約 140 千兆瓦的新增容量增長到約 375 至 450 千兆瓦。我們相信，沒有人比 NextEra Energy 更有能力解決這些電力供應挑戰並利用這項需求。

At NextEra Energy, the plan is simple. Our 2 businesses are deploying capital and renewables, storage and transmission for the benefit of customers, while also providing visible growth opportunities for shareholders. Our enterprise-wide scale, decades of experience and technology investments are key competitive advantages that allow us to drive value and meet this expected power demand.

對於 NextEra Energy 來說，這個計劃很簡單。我們的兩大業務部門正在部署資本和再生能源、儲存和傳輸，以造福客戶，同時也為股東提供可見的成長機會。我們的企業規模、數十年的經驗和技術投資是我們推動價值並滿足預期電力需求的關鍵競爭優勢。

Scale is one of our key differentiators, and it matters more than ever. Scale allows us to buy and build with better pricing, better protections and better positioning to navigate disruption. Scale provides access to capital and cost of capital advantages, allowing us to leverage one of the strongest balance sheets in the sector and worldwide banking relationships to fund projects at beneficial terms.

規模是我們的主要差異化因素之一，而且它比以往任何時候都更重要。規模使我們能夠以更優惠的價格、更好的保護和更好的定位來購買和建造，以應對中斷。規模提供了獲取資本和資本成本優勢，使我們能夠利用業內最強大的資產負債表之一和全球銀行關係以有利的條件為專案提供資金。

Scale has driven top-decile operational performance throughout our generation fleet. Today, NextEra Energy's roughly 74 gigawatt operating fleet, comprised of 35 gigawatts at FPL and 39 gigawatts at Energy Resources provide significant operational scale. As FPL continues its solar and surge build-out and Energy Resources brings new renewables and storage projects online for customers, the operating fleet could grow to over 100 gigawatts by the end of 2026. This would further extend our scale advantages and create value for customers and shareholders.

規模推動了我們整個世代機組的頂級營運績效。如今，NextEra Energy 營運的發電容量約為 74 吉瓦，其中 FPL 為 35 吉瓦，Energy Resources 為 39 吉瓦，具有顯著的營運規模。隨著 FPL 繼續其太陽能和浪湧建設以及 Energy Resources 為客戶提供新的可再生能源和儲存項目，到 2026 年底，營運機組可能會成長到 100 吉瓦以上。

Our scale has enabled greater supply chain diversification and flexibility. And the good news is the solar supply chain has much improved from 2 years ago. Inflationary pressures are alleviating and manufacturing capacity is significantly expanding. In the U.S., manufacturing incentives are expected to support increases in domestic module manufacturing capacity to over 50 gigawatts by 2026, from just under 8 gigawatts at the end of 2021. We have greater supplier diversity and flexibility than ever before, strengthening our ability to bring low-cost solar to American consumers and businesses.

我們的規模使得供應鏈更加多樣化和靈活。好消息是太陽能供應鏈比兩年前有了很大的改善。通膨壓力正在緩解，製造業產能大幅擴張。在美國，製造業激勵措施預計將支持國內組件製造產能從 2021 年底的不到 8 吉瓦增加到 2026 年的 50 吉瓦以上。

Our decades of experience is another key competitive advantage. Our experience allows us to navigate power demand challenges, delivering cost-effective, reliable generation for our growing FPL customer base and designing clean energy solutions to help our Energy Resources customers. We understand every part of the energy value chain with deep expertise in all technologies, the power markets and transmission. Our team embraces continuous improvement that drives innovation. We recognized the changing landscape in secured land, interconnects and transmission equipment years in advance.

我們數十年的經驗是另一個關鍵的競爭優勢。我們的經驗使我們能夠應對電力需求挑戰，為不斷增長的 FPL 客戶群提供經濟高效、可靠的發電，並設計清潔能源解決方案來幫助我們的能源資源客戶。 我們了解能源價值鏈的每個部分，並在所有技術、電力市場和傳輸方面擁有深厚的專業知識。我們的團隊致力於持續改進，推動創新。我們提前數年就認識到了安全土地、互連和傳輸設備領域的變化。

Technology is the next frontier for the power industry, and we believe a 2-decade start on the rest of the industry is a significant competitive advantage. Today, NextEra Energy captures $560 billion operational data points each day and has dozens of proprietary artificial intelligence tools to drive analytical, real-time decision-making. We use these tools to analyze over 100 attributes of our own data to secure and develop the best sites in Florida and across the country.

科技是電力產業的下一個​​前沿，我們相信，比其他產業領先 20 年具有顯著的競爭優勢。如今，NextEra Energy 每天捕捉價值 5,600 億美元的營運數據點，並擁有數十種專有人工智慧工具來推動分析性和即時決策。我們使用這些工具來分析我們自己的數據的 100 多個屬性，以確保和開發佛羅裡達州和全國各地的最佳站點。

We use our tools to iterate millions of site layout designs based on proprietary resource data and assessments to maximize value. And we use our tools to operate nearly all our renewable storage and fossil generation fleets around the clock from our headquarters in South Florida. We are leveraging this combination of enterprise-wide scale, decades of experience and investment in technology to better position both businesses to capitalize on what we believe will be years of demand to drive long-term value for customers and shareholders.

我們使用我們的工具根據專有資源資料和評估迭代數百萬個網站佈局設計，以實現價值最大化。我們利用我們的工具從位於南佛羅裡達州的總部全天候運作幾乎所有的可再生儲存和化石發電設施。我們正在利用企業規模、數十年的經驗和技術投資的結合，使兩家企業更好地利用我們認為未來多年的需求，為客戶和股東創造長期價值。

Today, electricity represents just 20% of overall U.S. energy consumption, and wind and solar generation represents only 16% of the U.S. electricity mix. In short, we believe the U.S. will need a significant and growing amount of electricity over the next decade and beyond, a large part of which will be powered by new renewables and storage. At FPL, as more people move into Florida, we are focused on extending the customer value proposition by keeping our bills as low as possible and delivering clean, affordable energy by investing in solar, battery storage and transmission.

目前，電力僅占美國整體能源消耗的 20%，風能和太陽能發電僅占美國電力結構的 16%。簡而言之，我們認為未來十年及以後美國將需要大量且不斷增長的電力，其中很大一部分將由新的再生能源和儲能提供動力。在 FPL，隨著越來越多的人遷入佛羅裡達州，我們專注於盡可能降低帳單並透過投資太陽能、電池儲存和輸電來提供清潔、實惠的能源，從而擴展客戶價值主張。

At Energy Resources, our business is focusing on building low-cost wind, solar, battery storage and transmission. We are using our data and proprietary technology to help power customers balance supply and demand while keeping customer bills affordable. We also use our tools with commercial and industrial customers to identify the best locations based on their physical preferences at most important variables. For both power and commercial and industrial customers, we leverage our 300 gigawatt development pipeline and transmission and market expertise to help design the lowest cost clean energy solutions.

在能源資源方面，我們的業務重點是建造低成本的風能、太陽能、電池儲存和輸電。我們正在利用我們的數據和專有技術來幫助電力客戶平衡供需，同時將客戶帳單保持在可負擔的範圍內。我們也與商業和工業客戶一起使用我們的工具，根據他們在最重要的變數上的物理偏好來確定最佳位置。對於電力和商業及工業客戶，我們利用 300 吉瓦的開發管道和傳輸和市場專業知識來幫助設計成本最低的清潔能源解決方案。

Both businesses complement each other, deepen our skill sets and advantages and foster innovation. And we leverage our greatest asset, our people, who have decades of experience to drive value for our customers and shareholders. When I consider current energy demand, the long-term electricity needs and our competitive advantages, I wouldn't trade our opportunity set with anyone. I look forward to telling more of our story and explaining why NextEra Energy is uniquely positioned to lead the electrification of the U.S. economy at our Investor Day on June 11 in New York City.

兩項業務相互補充，深化了我們的技能和優勢並促進了創新。我們利用我們最寶貴的資產——擁有數十年經驗的員工來為我們的客戶和股東創造價值。當我考慮當前的能源需求、長期的電力需求和我們的競爭優勢時，我不會與任何人交易我們的機會。我期待在 6 月 11 日於紐約舉行的投資者日上講述更多我們的故事，並解釋為什麼 NextEra Energy 在引領美國經濟電氣化方面具有獨特的優勢。

With that, I will turn the call over to Kurt to cover the quarterly results.

說完這些，我將把電話轉給庫爾特來介紹季度業績。

Thank you, John. For the first quarter of 2024, FPL's earnings per share increased $0.04 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 11.5% year-over-year. We now expect FPL to realize roughly 10% average annual growth in regulatory capital employed over our current rate agreement 4-year term, which runs through 2025.

謝謝你，約翰。 2024 年第一季度，FPL 的每股盈餘年增 0.04 美元。這一業績的主要推動力是 FPL 的監管資本使用量年增約 11.5%。我們現在預計，在目前的利率協議 4 年期限內（至 2025 年），FPL 的監管資本使用量將實現年均約 10% 的成長。

FPL's capital expenditures were approximately $2.3 billion for the quarter, and we expect FPL's full year 2024 capital investments to be between $7.8 billion and $8.8 billion.

FPL 本季的資本支出約為 23 億美元，我們預計 FPL 2024 年全年的資本投資將在 78 億美元至 88 億美元之間。

For the 12 months ending March 2024, FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the first quarter, we utilized approximately $572 million of reserve amortization leaving FPL with a balance of roughly $651 million. As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year and we expect this trend to continue this year. Earlier this month, FPL received approval to reduce customer bills due to projected 2024 fuel savings. As a result, FPL's typical 1,000 kilowatt hour residential customer bill is expected to be roughly $14 lower in May than the start of the year, and approximately 37% lower than the current national average. Over the current 4-year settlement agreement, we now expect FPL's capital investments to be slightly above our previous range of $32 billion to $34 billion.

截至 2024 年 3 月的 12 個月，FPL 報告的監管目的的 ROE 將約為 11.8%。在第一季度，我們使用了約 5.72 億美元的準備金攤銷，FPL 的餘額約為 6.51 億美元。正如我們之前所討論過的，FPL 歷史上通常在上半年使用更多的準備金攤銷，我們預計這一趨勢今年將繼續下去。本月初，FPL 獲得批准，由於預計 2024 年燃料節省，可以降低客戶帳單。因此，FPL 5 月的典型 1,000 千瓦時住宅客戶電費預計比年初低約 14 美元，比目前全國平均低約 37%。在目前為期 4 年的和解協議中，我們預計 FPL 的資本投資將略高於我們之前的 320 億美元至 340 億美元的範圍。

This quarter, FPL placed into service 1,640 megawatts of new cost-effective solar, putting FPL's owned and operated solar portfolio at over 6,400 megawatts, which is the largest utility-owned solar portfolio in the country. FPL's annual 10-year site plan continues to indicate that solar and storage are the most cost-effective answer for customers to add reliable grid capacity over the next decade. The 2024 plan includes similar levels of new solar generation capacity, 21 gigawatts across our service territory over the next 10 years compared to our 2023 plan.

本季度，FPL 投入了 1,640 兆瓦新的經濟高效太陽能，使 FPL 擁有和營運的太陽能組合超過 6,400 兆瓦，這是該國最大的公用事業擁有的太陽能組合。 FPL 的年度 10 年站點計劃繼續表明，太陽能和儲能是未來十年客戶增加可靠電網容量最具成本效益的解決方案。 2024 年計畫包括類似水準的新太陽能發電能力，與我們的 2023 年計畫相比，未來 10 年內我們的服務區域內將有 21 吉瓦的新增太陽能發電能力。

But our 2024 plan doubles the expected deployment of battery storage to over 4 gigawatts, some of which we expect to be needed earlier than forecasted in our 2023 plan. With this plan, we expect to increase FPL solar mix from approximately 6% of our total generation in 2023 to 38% in 2033, while continuing to provide customers with clean, affordable energy. FPL believes battery storage will play an increasingly valuable role for customers, serving as an attractive capacity complement to our growing solar generation.

但我們的 2024 年計畫將電池儲存的預期部署量增加了一倍，達到 4 千兆瓦以上，我們預計其中一些需求將比 2023 年計畫中的預測更早。透過該計劃，我們預計 FPL 太陽能發電結構將從 2023 年佔總發電量的約 6% 增加到 2033 年的 38%，同時繼續為客戶提供清潔、實惠的能源。 FPL 相信電池儲存將對客戶發揮越來越重要的作用，成為我們不斷增長的太陽能發電的有吸引力的容量補充。

From providing system balancing needs and critical parts of FPL service territory, to supplying energy during any time of day or weather condition, battery storage acts as a key resource to the system that is both valuable and cost-effective for customers. Key indicators show that Florida's economy remains healthy. Florida continues to be one of the fastest-growing states in the nation and had 4 of the 5 fastest-growing U.S. metro areas between 2022 and 2023. FPL had its strongest quarter of customer growth in over 15 years, with the average number of customers increasing by more than 100,000 from the comparable prior year period.

從提供系統平衡需求和 FPL 服務區域的關鍵部分，到在一天中的任何時間或天氣條件下供應能源，電池儲存作為系統的關鍵資源，對客戶來說既有價值又具有成本效益。關鍵指標顯示佛羅裡達州的經濟仍然健康。佛羅裡達州繼續成為美國成長最快的州之一，在 2022 年至 2023 年期間，佛羅裡達州擁有美國成長最快的 5 個大都會區中的 4 個。

Although FPL's first quarter retail sales decreased by approximately 1.3% year-over-year, we estimate that weather had a negative impact on usage per customer of approximately 5.4% on a year-over-year basis. After taking weather into account, first quarter retail sales increased roughly 4.1% on a weather-normalized basis from the comparable prior year period, driven primarily by continued favorable underlying population growth and usage per customer.

儘管 FPL 第一季的零售額年減約 1.3%，但我們估計天氣對每位客戶的使用量產生了同比約 5.4% 的負面影響。考慮天氣因素後，第一季零售額按天氣標準化基礎較去年同期增長約 4.1%，主要得益於持續有利的基礎人口增長和每位顧客的使用量。

Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 13.1% year-over-year. Contributions from new investments increased $0.15 per share year-over-year, primarily reflecting continued growth in our renewables portfolio. Our existing clean energy portfolio declined $0.02 per share, primarily due to unfavorable wind resource during the quarter.

現在我們來看看能源資源部門，該公司報告調整後的利潤年增約 13.1%。新投資貢獻每股年增 0.15 美元，主要反映了我們再生能源投資組合的持續成長。我們現有的清潔能源投資組合每股下跌 0.02 美元，主要原因是本季風力資源不佳。

The comparative contribution from our customer supply business increased results by $0.04 per share. All other impacts reduced earnings by $0.12 per share. This decline reflects higher interest costs of $0.07 per share, half of which related to new borrowing costs to support new investments.

來自我們客戶供應業務的比較貢獻使每股業績增加 0.04 美元。所有其他影響導致每股收益減少 0.12 美元。這一下降反映了每股 0.07 美元的更高利息成本，其中一半與支持新投資的新借款成本有關。

Energy Resources had a strong quarter of new renewables and storage origination, adding approximately 2,765 megawatts to the backlog. With these additions, our backlog now totals roughly 21.5 gigawatts after taking into account 1,165 megawatts of new projects placed into service since our last earnings call, highlighting Energy Resources' ability to continue to identify attractive and accretive investment opportunities which provide strong growth visibility in the years ahead.

能源資源部門在再生能源和儲能專案建設方面表現強勁，為積壓訂單增加了約 2,765 兆瓦。加上這些新增項目，加上我們上次財報電話會議以來投入使用的 1,165 兆瓦新項目，我們的積壓訂單總量現在約為 21.5 千兆瓦，這突顯了能源資源公司繼續尋找有吸引力、增值的投資機會的能力，這些機會為未來幾年提供了強勁的增長前景。

We recently plugged 740 megawatts of new solar and storage projects into service, which are being used to support data centers located in Arizona and New Mexico. Both of these projects are now one of the largest battery storage facilities in their respective states and, in combination with our co-located solar, each project enabled the local utility to serve their customers' need for new, reliable clean energy to grow their own business operation.

我們最近啟動了 740 兆瓦的新太陽能和儲能項目，用於支援位於亞利桑那州和新墨西哥州的資料中心。這兩個項目現在都是各自州最大的電池儲存設施之一，並且與我們同地設立的太陽能相結合，每個項目都使當地公用事業公司能夠滿足客戶對新的、可靠的清潔能源的需求，以發展自己的業務。

We are proud to continue to support our power and commercial and industrial customers to meet their growing power and capacity needs, create jobs and provide economic development in these low communities. Our origination activities across our power and commercial and industrial customers are beginning to reflect the rising power demand. We are seeing it manifest with our power customers and their state RFP processes and bilateral discussions, where we deliver cost-effective renewables and storage to their grid.

我們很自豪能夠繼續支持我們的電力和商業及工業客戶，滿足他們日益增長的電力和容量需求，創造就業機會並為這些低收入社區提供經濟發展。我們針對電力、商業和工業客戶的發起活動開始反映出不斷增長的電力需求。我們看到它體現在我們的電力客戶及其所在州的 RFP 流程和雙邊討論中，我們為他們的電網提供了具有成本效益的可再生能源和儲存。

We are also observing it through interactions with our oil and gas and manufacturing customers, where we utilize our data and technology to help them make better siting decisions. Our technology customers have been a consistent driver of demand for many years, reflected by our roughly 3 gigawatt operating portfolio and over 3 gigawatt project backlog as we partner with them to provide various clean energy solutions based on their key business variables. We are a partner with both our power and commercial industrial customers' trust.

我們也透過與石油天然氣和製造業客戶的互動來觀察這一點，我們利用我們的數據和技術來幫助他們做出更好的選址決策。多年來，我們的技術客戶一直是需求的持續推動者，這反映在我們與他們合作根據他們的關鍵業務變數提供各種清潔能源解決方案的約 3 千兆瓦營運組合和超過 3 千兆瓦的專案積壓中。我們是電力和商業工業客戶信賴的合作夥伴。

We leveraged our 3-gigawatt development pipeline, our 35-gigawatt operating renewables and storage portfolio, and our transformer and switchgear procurement covering Energy Resources bill through 2027 to deliver projects for customers. As John said, the power demand growth is expected to be strong through at least the end of the decade. We expect 2024 to be another strong year for new renewables and storage origination. This is on the heels of two consecutive record origination years at Energy Resources. We continue to expect to remain on track for our overall renewable development expectations of roughly 33 to 42 gigawatts from 2023 through 2026.

我們利用 3 千兆瓦的開發管道、35 千兆瓦的可再生能源和儲存營運組合以及涵蓋 2027 年能源資源費用的變壓器和開關設備採購來為客戶交付專案。正如約翰所說，預計至少到本世紀末，電力需求成長仍將強勁。我們預計 2024 年將是再生能源和儲能專案又一個強勁發展的一年。這是能源資源公司連續兩年創下創紀錄的起源。我們預計，2023 年至 2026 年期間，再生能源整體發展目標仍將維持在約 33 至 42 千兆瓦的水平。

Beyond renewables and storage. NextEra Energy Transmissions was recently selected by the California ISO to develop a new A2 mile 500 kV transmission line in Southern California, with a capital investment of more than $250 million. We believe this project could unlock over 3 gigawatts of new renewable generation capacity, supporting California's ambitious clean energy goals.

超越再生能源和儲存。 NextEra Energy Transmissions 最近被加州 ISO 選中，在南加州開發一條新的 A2 英里 500 kV 輸電線路，資本投資超過 2.5 億美元。我們相信該計畫可以釋放超過 3 千兆瓦的新再生能源發電能力，支持加州雄心勃勃的清潔能源目標。

This award follows a record year for NextEra Energy Transmission in 2023, and we remain excited about the opportunities ahead for this growing business. We continue to believe our ability to build, own and operate transmission is a key advantage for our Renewables business.

此次獲獎是 NextEra Energy Transmission 在 2023 年創下紀錄的一年後取得的，我們對這家不斷發展的企業未來的機會仍感到興奮。我們始終相信，我們建立、擁有和營運輸電的能力是我們再生能源業務的關鍵優勢。

Turning now to our first quarter 2024 consolidated results. Adjusted earnings from Corporate and Other decreased by $0.01 per share year-over-year. This quarter, we entered into an agreement to transfer approximately $1 billion of tax credits throughout 2024, representing the bulk of our expected transfers for the year. Our long-term financial expectations remain unchanged. We will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in 2024, 2025 and 2026.

現在來談談我們 2024 年第一季的綜合業績。調整後的企業及其他業務每股收益年減 0.01 美元。本季度，我們達成了一項協議，將在 2024 年轉移約 10 億美元的稅收抵免，占我們全年預期轉移的大部分。我們的長期財務預期維持不變。如果我們無法在 2024 年、2025 年和 2026 年實現達到或接近調整後每股收益預期範圍最高水準的財務業績，我們將感到失望。

From 2021 to 2026, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And as we announced in February, the Board of Directors of NextEra Energy approved a targeted growth rate in dividends per share of roughly 10% per year through at least 2026, off a 2024 base. As always, our expectations assumes our caveat.

從 2021 年到 2026 年，我們繼續預期我們的營運現金流量年均成長率將等於或高於我們的調整後每股盈餘複合年增長率範圍。正如我們在二月宣布的那樣，NextEra Energy 董事會批准了以 2024 年為基準，至少到 2026 年每年每股股息成長率約為 10% 的目標。像往常一樣，我們的期望假定了我們的警告。

Turning to NextEra Energy Partners. We continue to focus on executing against the partnership's transition plan and delivering an LP distribution target of 6% through at least 2026. We bought out the STX Midstream convertible equity portfolio financing in 2023 and have sufficient proceeds available from the Texas pipeline portfolio sale to complete the NEP Renewables II renewables to buyout due in June 2024 and 2025. The third convertible equity portfolio financing associated with the mean natural gas pipeline assets is expected to be addressed in 2025.

轉向 NextEra Energy Partners。我們將繼續專注於執行合作夥伴關係的過渡計劃，並至少在 2026 年之前實現 6% 的 LP 分配目標。 2025 年解決。

With this plan for the near-term convertible equity portfolio financing is well understood, we remain focused on the partnership's cost improving, which is critical for its success. With that objective in mind, we continue to evaluate alternatives to address the remaining convertible equity portfolio financing with equity buyout obligations in 2027 and beyond.

透過對近期可轉換股票組合融資計劃的充分理解，我們仍然專注於合作夥伴關係的成本改善，這對其成功至關重要。秉承這一目標，我們將繼續評估其他替代方案，以解決 2027 年及以後剩餘的可轉換股票投資組合融資以及股權收購義務。

Turning to the partnership's targeted 6% growth in LP distributions per unit. NextEra Energy Partners does not expect to need an acquisition this year to achieve a 6% targeted growth rate and the partnership does not expect to require growth equity until 2027. In terms of NextEra Energy Partners' growth plan. As a reminder, it involves organic growth, specifically repowerings of approximately 1.3 gigawatts of wind projects through 2026, as well as acquiring assets at attractive yields.

談到合夥企業的目標，即每單位 LP 分配成長 6%。 NextEra Energy Partners 預計今年不需要進行收購即可實現 6% 的目標成長率，而該合夥企業預計直到 2027 年才需要成長股權。提醒一下，它涉及有機成長，特別是到 2026 年重新啟用約 1.3 千兆瓦的風電項目，以及以誘人的收益率收購資產。

Today, we are announcing plans to repower an additional approximately 100 megawatts of wind facility through 2026. The partnership has now announced roughly 1,085 megawatts of repowers. Yesterday, NextEra Energy Partners Board declared a quarterly distribution of $0.892 per common unit or $3.57 per common unit on an annualized basis, which reflects an annualized increase of 6% from its fourth quarter 2023 distribution per common unit.

今天，我們宣佈在 2026 年恢復約 100 兆瓦風力發電設施的計畫。昨天，NextEra Energy Partners 董事會宣布季度分配為每普通股 0.892 美元，或年化分配為每普通股 3.57 美元，較 2023 年第四季每普通股分配年化增長 6%。

Let me now turn to the detailed results. First quarter adjusted EBITDA was $462 million and cash available for distribution was $164 million. New projects, which primarily reflect contributions from approximately 840 net megawatts of new projects that either closed in the second quarter of 2023 or achieved commercial operations in 2023, contributed approximately $32 million of adjusted EBITDA and $7 million of cash available for distribution.

現在我來介紹一下詳細的結果。第一季調整後的 EBITDA 為 4.62 億美元，可供分配現金為 1.64 億美元。新專案主要反映 2023 年第二季完成或 2023 年實現商業營運的約 840 淨兆瓦新專案的貢獻，貢獻了約 3,200 萬美元的調整後 EBITDA 和 700 萬美元的可供分配現金。

First quarter adjusted EBITDA contribution from existing projects declined by approximately $37 million year-over-year, driven primarily by unfavorable wind resource during the quarter and lower generation at Genesis Solar project as a result of a planned outage for major maintenance. Wind resource was approximately 97% long-term average versus 102% in the first quarter of 2023. The incentive distribution rights fee suspension provided approximately $39 million of benefit this quarter for adjusted EBITDA and cash available for distribution.

第一季現有專案調整後的 EBITDA 貢獻年減約 3,700 萬美元，主要原因是本季風力資源不佳，以及因計畫停電進行重大維護導致 Genesis Solar 專案發電量下降。風能資源約為長期平均值的 97%，而 2023 年第一季為 102%。

Finally, adjusted EBITDA and cash available for distribution declined by approximately $44 million and $38 million, respectively, for the divestiture of the Texas pipeline portfolio. From a base of our fourth quarter 2023 distribution per common unit at an annualized rate of $3.52, we continue to see 5% to 8% growth per year in LP distributions per unit, with a current target of 6% growth per year as being a range of expectation for at least 2026. We continue to expect the partnerships payout ratio to be in the mid-90s through 2026.

最後，由於剝離德州管線資產組合，調整後的 EBITDA 和可供分配現金分別下降了約 4,400 萬美元和 3,800 萬美元。以我們 2023 年第四季每普通股單位分配額為基數，以年率 3.52 美元計算，我們預計每單位 LP 分配額每年將繼續增長 5% 至 8%，目前的目標是每年增長 6%，這是至少 2026 年的預期範圍。

We expect the annualized rate of the fourth quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit. NextEra Energy Partners expects run rate contributions for adjusted EBITDA and cash available for distribution from its forecasted portfolio at December 31, 2024, to be in the range of $1.9 billion to $2.1 billion and $730 million to $820 million, respectively. As a reminder, year-end 2024 run rate projections reflect calendar year 2025 contribution from the forecasted portfolio at year-end 2024. As a reminder, our expectations are subject to our caveat.

我們預計 2024 年第四季分配的年化利率為每股 3.73 美元，將於 2025 年 2 月支付。 NextEra Energy Partners 預計，截至 2024 年 12 月 31 日，其預測投資組合的調整後 EBITDA 和可供分配現金的運行率貢獻分別在 19 億美元至 21 億美元和 7.3 億美元至 8.2 億美元之間。提醒一下，2024 年底的運行率預測反映了 2024 年底預測投資組合對 2025 日曆年的貢獻。

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

我們的準備好的演講到此結束。接下來，我們將開始在線提問。

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

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

Yes. Just first question, just there's been press reports about potential -- another AD/CVD case to be filed related to solar panels and Biden also talking about getting rid of the protection on the bifacial panel tariff. Could you just talk a little bit more about how you're positioned to deal with those cases, if they do arise, changes as they arise?

是的。第一個問題，有新聞報告稱，可能會提起另一起與太陽能板有關的反傾銷/反補貼案件，拜登還談到取消雙面板關稅保護。您能否再稍微談一談您將如何處理這些案件，如果這些案件確實出現，您將會如何應對？

Sure. Steve, this is John. I'll go ahead and take that. Let me take those in order. Let me talk about, first of all, the speculation around AD/CVD filing, which may or may not occur and then the bifacial exemption. But first, on the AD/CVD. The bottom line takeaway for folks is that we expect that any trade actions that would occur this time around will be very manageable. And for several reasons, I'm going to go through them, this is not like circumvention. This is not circumvention 2.0. The solar panel market is in a very different spot.

當然。史蒂夫，這是約翰。我會繼續接受它。讓我按順序來處理它們。首先，讓我談談 AD/CVD 申報的猜測，這可能會發生也可能不會發生，然後是雙面豁免。但首先，我們來談談 AD/CVD。對大家來說，最重要的是，我們預期這次發生的任何貿易行動都將是非常可控的。出於多種原因，我將逐一介紹它們，這並不像規避。這不是規避2.0。太陽能電池板市場的情況則截然不同。

And the first point I want to make is we don't expect any trade action, if it were to occur, to result in delivery stoppages. And in any event, our panels are delivered well in advance of construction, which gives us a lot of time and opportunity to be able to troubleshoot any issues,, should they arise. And why do I think no stoppages are going to occur this time around? The main reason is the U.S. is the most expensive solar panel market in the world. And so there's a lot of economic reasons for deliveries to continue to occur.

我要指出的第一點是，我們預計，如果發生任何貿易行動，都不會導致交貨停止。無論如何，我們的面板都是在施工前提前交付的，這為我們提供了充足的時間和機會來解決任何出現的問題。為什麼我認為這次不會發生停頓呢？主要原因是美國是世界上最昂貴的太陽能板市場。因此，有許多經濟原因促使繼續進行配送。

The second point I want to make is that given our scale, we have appropriate incentives and contractual protections that are in place and agreements with our suppliers to ensure that delivery occurs timely. And we also don't put all our eggs in one basket. We have a diversified set of suppliers, as you would all expect, and the ability to pivot from one supplier to another, should any issues occur. So I feel like in a very good spot there.

我想說的第二點是，鑑於我們的規模，我們有適當的激勵措施和合約保護措施，並與供應商達成協議，以確保及時交貨。我們也不會把所有的雞蛋放在同一個籃子裡。正如大家所期望的那樣，我們擁有多元化的供應商，如果出現任何問題，我們能夠從一個供應商轉向另一個供應商。所以我覺得我處在一個非常好的位置。

Third point I want to make, and it's one that I hit in my prepared remarks, is that the U.S. and the global supply of solar panels is bigger than ever and it's growing. And let me talk, for example, about the U.S. market specifically. The U.S. domestic solar panel industry is getting stronger and stronger than it's ever been. One of the points that I made also in the prepared remarks is at the end of '21, solar panel module capacity in the U.S. was about 8 gigawatts. That's expected to be about 50 gigawatts by the time we get to 2026. So the U.S. market is in a much different spot. There's already been 150 gigawatts of new U.S. solar panel factory announcements that have been made.

我要提出的第三點，也是我在準備好的發言中提到的，那就是美國和全球的太陽能板供應量比以往任何時候都要大，而且還在增長。讓我具體談談美國市場。美國國內太陽能板產業正變得比以往更加強大。我在準備好的發言中也提到的一點是，到 21 年底，美國太陽能板模組的容量約為 8 千兆瓦。預計到 2026 年這一數字將達到約 50 千兆瓦。美國已經宣布將建造 150 千兆瓦的新太陽能電池板工廠。

If you talk to most U.S. domestic solar panel manufacturers, they're sold out through 2026. So they're certainly not having any trouble with demand, which is the other point that I want to make. So now let's speculate a little bit. So if a filing is made around antidumping, let me deal with that first. We find it hard to believe that any panels are being dumped into the U.S. market under the law that will be applied. As I said, the U.S. is the most expensive solar panel market in the world. It's 2 to 3x higher than any other market in the world. And the panels were being dumped, that could not be the case. So that's the first point I want to make on antidumping.

如果你與大多數美國國內太陽能板製造商交談，你會發現到 2026 年，他們的產品都已售罄。現在我們來稍微推測一下。因此，如果圍繞反傾銷提出申請，讓我先處理一下。我們很難相信根據即將實施的法律，有任何太陽能板被傾銷到美國市場。正如我所說，美國是世界上最昂貴的太陽能板市場。它比世界上任何其他市場都高出2到3倍。而這些面板卻被丟棄，這不可能。這是我想就反傾銷問題提出的第一點。

The second point I want to make, if there were a countervailing duty claim filed, the Department of Commerce would first have to look in to see if the price of solar modules in Southeast Asian countries, for example, were being subsidized. We don't really have any idea or way of knowing that until we see what gets filed. But after we see those arguments, we'll be able to make a better assessment. But countervailing duties historically. I mean, if you look at examples for countervailing duties that have been applied in the past against China suppliers, they've typically been around 10% to 15%. So even if those were to be applied in this case, quite manageable.

我想說的第二點是，如果提出反補貼稅索賠，商務部必須先調查東南亞國家的太陽能板價格是否有補貼。在我們看到文件內容之前，我們確實不知道或無法知道這一點。但在我們看到這些論點之後，我們將能夠做出更好的評估。但從歷史上看，反補貼稅是存在的。我的意思是，如果你看看過去針對中國供應商徵收的反補貼稅的例子，你會發現它們的稅率通常在 10% 到 15% 左右。因此，即使在這種情況下應用這些，也是相當容易管理的。

And the other point I want to make is that what's different is tariffs in this situation would be prospective and not retroactive. And so for all of these reasons, even if something were to move forward, we still have no way of knowing if it will, we are very well positioned to manage through this like we always do. Our inventory position and the contractual opportunities that we have in place are expected to give us strong coverage for our backlog through 2027. And by that time, as more and more U.S. production is online as expected, these trade issues will fall away.

我想指出的另一點是，不同之處在於，在這種情況下，關稅是前瞻性的，而不是追溯性的。因此，由於所有這些原因，即使某件事要向前發展，我們仍然無法知道它是否會成功，但我們完全有能力像往常一樣處理好這個問題。我們的庫存狀況和現有的合約機會預計將為我們的積壓訂單提供強有力的保障，直至 2027 年。

So AD/CVD, let me just turn quickly to a couple of minor comments on the bifacial exemption. Bottom line, the bifacial exemption, even if it's removed really has no impact on NextEra. Why is that? We've contracted all of panel needs through February 26. And we have very minimal exposure to the bifacial exemption being removed. And once that bifacial exemption, even if removed, it would expire at the end of February of 2026, and it can't be brought again and reinstated for another 8 years. So we feel like we're in a very good spot. And the last point I'll make is, as more and more U.S. production capacity comes online and it's actually available by, we continue to source from U.S. suppliers. So look, when you put all those things together, feel like this is very manageable and feel like we will be fine.

因此，關於 AD/CVD，讓我快速談一下對雙面豁免的幾點小評論。底線是，即使取消雙面豁免，也不會對 NextEra 產生任何影響。這是為什麼？我們已經簽訂了截至 2 月 26 日的所有太陽能電池板需求合約。一旦雙面豁免被取消，也將於 2026 年 2 月底到期，並且 8 年內不能再次恢復。因此，我們覺得我們處於一個非常好的位置。我要說的最後一點是，隨著越來越多的美國生產能力上線並實際投入使用，我們將繼續從美國供應商採購。所以看，當你把所有這些事情放在一起時，感覺這一切都很容易處理，感覺我們會沒事的。

That was very thorough and hepful, John. And then I guess one other question on the data center. So you talked about the backlog edge you had this quarter. Just as we go into this year and think about this, are we -- is this going to continue to be more kind of a one-off or two-off quarter-by-quarter updates? Or is there -- should we see more kind of potential for more like long-dated partnerships or kind of larger scale agreements? How should we think about how that might develop?

這非常詳盡且很有幫助，約翰。然後我想還有一個關於資料中心的問題。所以您談到了本季的積壓優勢。當我們進入今年並思考這個問題時，我們是否會繼續採取一次性或兩次季度更新的形式？或者——我們是否應該看到更多類似長期合作夥伴關係或更大規模協議的潛力？我們應該怎樣思考事情會如何發展？

I think kind of all of the above, Steve. Our opportunity set is significant around data centers at the point -- the first point that I'll make. And I think if you look historically on what we've been able to do with data center customers, I don't think anybody's had better results than we have. I mean if you look at just our gigawatts in operation, we have 3.5 gigawatts in operation today. We have another 3 -- close to 3.5 gigawatts in our backlog with technology providers.

我認為以上所有情況都是這樣的，史蒂夫。目前，我們在資料中心方面的機會非常重要——這是我要說的第一點。我認為，如果回顧我們為資料中心客戶所做的事情，沒有人能取得比我們更好的成績。我的意思是，如果你只看我們正在運行的千兆瓦，我們今天正在運行的千兆瓦為 3.5 千兆瓦。我們與科技供應商的積壓訂單中還有 3 至 3.5 千兆瓦的電力。

We really understand their business. We really understand what it is they need. And part of that is because we spend a lot of time with them. We do business with all the -- what I would call the top 5 hyperscalers in this country, also doing business increasingly with some of the developers of data centers as well. And we've owned data centers. And so we understand how they work, how they operate, what the CapEx and OpEx is, and how it's driven by energy and power and what the right locations are for them. We develop tools to address them.

我們確實了解他們的業務。我們確實了解他們需要什麼。部分原因是我們花了很多時間與他們在一起。我們與這個國家所有的前五大超大規模企業都有業務往來，同時也與一些資料中心開發商有越來越多的業務往來。我們也擁有自己的資料中心。因此，我們了解它們如何運作、如何運作、資本支出和營運支出是什麼、它們如何受能源和電力驅動以及適合它們的位置在哪裡。我們開發工具來解決這些問題。

And so what do we see? We see about a 15% CAGR through the end of the decade for data center demand. I think data center developers are really focused more than anything on 3 things. They want low-cost energy. They want to be able to say that they've accomplished additionality from a decarbonization standpoint, which requires a new facility to be built, not an existing facility. And third piece is it's got to be in the right location and it's got to have speed to market.

那我們看到了什麼？我們預計到本世紀末資料中心需求的複合年增長率約為 15%。我認為資料中心開發人員最關注的是三件事。他們想要低成本的能源。他們希望能夠說，從脫碳的角度看，他們已經實現了附加價值，這需要建造一個新設施，而不是現有的設施。第三點是產品必須位於正確的位置，並且必須能夠快速上市。

And there's obviously been a lot of talk about renewables and nuclear. And I do want to -- I'm a little more of a skeptic about nukes, and let me explain why that is. They're already in the ground. You can't move them. And if you look at the nuclear fleet, there's only 15 nuclear plants in this country that are west of the Mississippi. And when you think about the 15 that are west of Mississippi, most of them already rate-regulated or long-term contracted. So that really is just creating maybe an East Coast opportunity for those that aren't rate regulated and that aren't contracted. I think that's a small subset of nuclear units that could perhaps satisfy East Coast demand.

顯然，人們已經對再生能源和核能進行了大量討論。我確實想——我對核武持懷疑態度，讓我解釋為什麼。它們已經埋入地下了。你不能移動它們。如果你看看核電廠群，你會發現這個國家只有 15 座核電廠位於密西西比河以西。當您想到密西西比州以西的 15 個州時，您會發現其中大多數州已經受到費率管製或簽訂了長期合約。因此，這實際上只是為那些不受利率管制且未簽訂合約的人創造了一個東海岸的機會。我認為這只是一小部分核電機組，也許可以滿足東海岸的需求。

But in our discussions with data center providers, getting access to cloud capacity for Silicon Valley, Santa Clara, in particular, is critical. I mean we can all count on 1 or 2 fingers, how many nuclear plants are located in those regions, not many. And you just can't move a nuclear plant. And so the thing we bring to the table is a lot of flexibility and speed to market. We can put the renewable project exactly where it needs to be.

但在我們與資料中心供應商的討論中，獲得矽谷（尤其是聖克拉拉）的雲端容量至關重要。我的意思是，我們用一兩根手指數出這些地區有多少個核電廠，但數量不多。核電站是無法移動的。因此，我們所帶來的是極大的彈性和上市速度。我們可以將可再生項目放在正確的位置。

And SMRs, I hear a lot of talk about SMRs. SMRs are still a decade to 15 years away. Not only do you have 9 OEMs that are really struggling to access capital. If we pass the sanctions, go against Russia on nuclear fuel that's going to limit conversion and enrichment capacity in the U.S. for sourcing of nuclear fuel for these SMRs, which also is going to require a real step-up in technology to get them done. And you're also dealing with undercapitalized fuel providers. I'm a little skeptic on SMRs really coming into the picture to satisfy data center demand anytime in the near future.

至於 SMR，我聽到很多關於 SMR 的討論。 SMR 的誕生還需要 10 到 15 年的時間。不僅有 9 家 OEM 廠商真正面臨資金上的困境。如果我們通過制裁，在核燃料方面對俄羅斯採取制裁措施，這將限制美國為這些小型模組反應器獲取核燃料的轉化和濃縮能力，這也需要真正的技術進步才能完成。而且您還要與資本不足的燃料供應商打交道。我有點懷疑 SMR 是否真的能在不久的將來滿足資料中心的需求。

And so when you put all of that together, I think the right answer is renewables, in our discussions with data center developers and providers, their first focus is renewables. And I hear a lot about the reliability concerns and well, what do you do in the wind doesn't blow and the sun doesn't shine and the 4-hour battery is done enough. We can overbuild the battery, we can also help work with them to design a clean energy solution work. They do have a grid bio, we can green it up with [Rex] from our green desk. We have technology and tools, which we showcased back in March, where we can identify a part of the country that not only the best resource areas but also the best fiber connectivity, the best water resource. And those are the areas that we're locking up.

所以當你把所有這些放在一起時，我認為正確的答案是可再生能源，在我們與資料中心開發人員和提供者的討論中，他們首先關注的是可再生能源。我聽到很多關於可靠性的擔憂，那麼，在沒有風和沒有陽光的情況下，如果電池續航時間 4 小時就足夠了，你該怎麼辦？我們可以過度建造電池，我們也可以幫助他們設計一個清潔能源解決方案。他們確實有網格履歷，我們可以和綠色辦公桌上的 [Rex] 一起將其變為綠色。我們擁有在三月展示的技術和工具，透過這些技術和工具，我們可以確定該國不僅擁有最佳資源的地區，而且擁有最佳光纖連接和最佳水資源的地區。這些就是我們正在封鎖的區域。

And we have sites and we have the relationships, and so I don't think anybody is better positioned to capitalize on data center demand than NextEra is, and I'm very excited about what the future opportunities hold for us there. But the other thing I would say, and we'll talk a lot more about this at our investor conference in June, is this electricity demand is real. We've been in a period of static demand for decades. And the demand is not only coming from data centers. It's coming from decoupling, creating more domestic manufacturing around industry, around chip manufacturing, oil and gas industry continues to electrify.

我們有站點，有關係，所以我認為沒有人比 NextEra 更有能力利用資料中心需求，而且我對未來在那裡為我們帶來的機會感到非常興奮。但我想說的另一件事是，這種電力需求是真實存在的，我們將在六月的投資者會議上進一步討論這個問題。幾十年來，我們一直處於需求靜態的時期。而且需求不僅來自資料中心。它源自於脫鉤，圍繞著工業創造更多的國內製造業，圍繞著晶片製造，石油和天然氣工業繼續電氣化。

We continue to, even beyond data centers, see significant electric demand. We have the tools. We have the sites. We have the relationships, and we are chasing those opportunities. And look, we're coming off our second best origination quarter ever. I think the results speak for themselves.

即使在資料中心之外，我們仍然看到巨大的電力需求。我們有工具。我們有網站。我們擁有這些關係，並且正在追逐這些機會。瞧，我們剛剛度過了有史以來第二好的起源季度。我認為結果是不言而喻的。

The next question comes from Shar Pourreza with Guggenheim Partners.

下一個問題來自古根漢合夥人公司的 Shar Pourreza。

Just maybe starting off on NEP. Sort of given the continued pressure from capital markets and kind of the benchmark rates, are you sort of advancing any longer-term resolution plans for the CEPF? I mean have existing holders and maybe other players showed in the interest in transactions to fund and maybe simplify the cap structure for longer-term growth? What could that look like? And is this sort of an Analyst Day disclosure?

也許只是開始使用 NEP。鑑於資本市場和基準利率的持續壓力，您是否正在為 CEPF 推進任何長期解決方案？我的意思是，現有持有者和其他參與者是否表現出對交易的興趣，以便為長期成長提供資金並簡化上限結構？那會是什麼樣子的呢？這算是分析師日的揭露嗎？

Yes, sure. Thanks for the question. A few comments that I'll make on it. One is we have talked about private capital raise potentially being a solution to address back [in set ups] for NEP. Obviously, there's a lot of interest in that, just given NextEra's stature in the market, NextEra Energy's stature in the market. And so those discussions continue to move forward. We don't have anything to say about them right now. We may not have anything to say about them at the Analyst Day. I wouldn't expect us to make a whole lot of comments at the Analyst Day about NEP. When we do have something to say about NEP as these discussions continue to evolve, we will address them that point.

是的，當然。謝謝你的提問。我將對此發表一些評論。一是我們已經討論過私人資本籌集可能是解決 NEP 問題的一個方案。顯然，鑑於 NextEra 在市場上的地位，NextEra Energy 在市場上的地位，人們對此很感興趣。因此這些討論繼續向前推進。目前我們對他們沒有什麼好說的。在分析師日上我們可能沒有什麼關於他們的話可說。我不指望我們在分析師日上對 NEP 發表大量評論。隨著這些討論的不斷發展，當我們對 NEP 確實有話要說時，我們將會針對這一點進行討論。

Okay. Perfect. So we'll stay tuned. And then lastly, John, on sort of the FECs. Since the process disclosures have been made and obviously showed FP&L was clear of getting kind of wrongdoing. There were some kind of disagreements with the FEC commissioners on the nonprofit matters. Is there an appeals path? And would there be any further kind of information request to FP&L or NextEra or should we just close the books here?

好的。完美的。我們將持續關注。最後，約翰，談談 FEC 的問題。由於流程揭露已經完成，並且明顯表明 FP&L 沒有存在任何不當行為。在非營利事務方面，我與聯邦選舉委員會委員有一些分歧。有上訴途徑嗎？我們是否還需要向 FP&L 或 NextEra 提供更多信息，還是我們就此結束這一切？

Yes. I think the way I look at it, Shar, is plain and simple. FEC voted. They voted to close the matter. We're now moving on, and I think this is behind us.

是的。莎爾，我認為我看待這個問題的方式很簡單。聯邦選舉委員會投票。他們投票決定結束此事。我們現在繼續前進，我想這已經成為過去了。

Okay. That's it. Very comprehensive. Congrats on the results.

好的。就是這樣。很全面。恭喜你所取得的成果。

Thank you.

謝謝。

The next question comes from David Arcaro with Morgan Stanley. Mr. Arcaro, your line is open. Is your phone muted accidentally?

下一個問題來自摩根士丹利的 David Arcaro。阿卡羅先生，您的電話已接通。您的手機是否意外被靜音了？

I'm sorry, we'll need to go to the next questioner. The next question comes from Carly Davenport with Goldman Sachs.

抱歉，我們需要問下一位提問者。下一個問題來自高盛的卡莉·達文波特。

Wanted to just ask one on the backlog. Good strength in the additions this quarter, and we continue to see a lot of strength in the solar and the storage piece of it. Wind has been a little bit weaker. So I guess just as you think about the difference in the returns on those projects, are there any sort of implications for your financial guidance and your plan as you think about the mix that you've seen actually evolve versus what is in that base plan?

只是想問一個關於積壓的問題。本季新增產能表現良好，我們持續看到太陽能和儲能領域的巨大優勢。風勢稍弱。因此，我想，正如您所思考的這些項目的回報差異一樣，當您考慮與基本計劃相比實際發生的變化時，這會對您的財務指導和計劃產生什麼影響嗎？

Carly, it's Becca. I'll take that question. Let me start with probably the most important takeaways first. Obviously, Kirk and John highlighted our continued expectations and expressed the fact that we'd be disappointed if we didn't meet the top end of those expectations as we've outlined. So that's most important. Secondly, we continue to be comfortable with the overall development expectations as we also highlighted in the prepared remarks, and that's consistent with what we've seen over time.

卡莉，我是貝卡。我來回答這個問題。讓我先談談可能最重要的要點。顯然，柯克和約翰強調了我們持續的期望，並表示如果我們沒有達到我們所概述的最高期望，我們會感到失望。所以這非常重要。其次，我們繼續對整體發展預期感到滿意，正如我們在準備好的評論中所強調的那樣，這與我們長期以來所看到的情況一致。

As we've long stated, obviously, there's a mix in technologies. We, 4 years in advance, are not always going to be predicting exactly where we're going to be able to develop and what our customers are going to be interested in. And notably, since we laid those expectations out for the first time, a lot did change, including the passage of the IRA and that had both an impact on engine dynamics for our customers' line wind, which was largely in advance. The expectations that the incentives would ultimately wind down, and in the IRA introduction of the production tax credit for solar, which made solar more attractive than it was even before as well as a stand-alone ITC for storage. So that really spurred demand for solar and storage.

正如我們早就指出的那樣，顯然，技術是混合的。提前 4 年，我們並不總是能夠準確預測我們能夠發展到什麼程度以及我們的客戶會對什麼感興趣。人們預計這些激勵措施最終將會逐漸減少，而 IRA 引入了針對太陽能的生產稅收抵免，這使得太陽能比以前更有吸引力，並且還推出了獨立的儲存 ITC。這確實刺激了對太陽能和儲能的需求。

But if I can kind of take a step back and kind of pile into the question that Steve answered in some of the comments that John made earlier, we are seeing significant demand across the entire U.S. economy. That, of course, includes data centers, technology, AI-driven compute demand. But it is also manufacturing, the redomestication of the port industries in the U.S. And it is also oil and gas and chemist companies looking to get lower-cost energy solutions into their mix, that spurs a need for a lot of build. So as we look at our 300 gigawatts of products that are in development, and the integrated solutions and solutions that we're designing for our customers, I remain very optimistic about all of the technologies in various parts of the country, wind is most economic in parts of the country, it's going to be solar and storage, et cetera.

但如果我可以退一步思考並深入探討史蒂夫在約翰之前提出的一些評論中回答的問題，我們看到整個美國經濟都有巨大的需求。當然，這包括資料中心、技術、人工智慧驅動的運算需求。但這也是製造業，即美國港口產業的重新本土化。 而且石油、天然氣和化學公司也希望將低成本的能源解決方案納入他們的業務組合，這刺激了大量建設的需求。因此，當我們看到我們正在開發的 300 吉瓦的產品以及我們為客戶設計的整合解決方案和解決方案時，我仍然對全國各地的所有技術非常樂觀，風能在美國部分地區是最經濟的，它將是太陽能和儲能，等等。

So I love the portfolio approach. And from a returns perspective, I think we continue to realize very attractive returns for all the technologies. And of course, adjusted for the types of risks that we think we take. So mid-teens for solar and above 20% full levered returns for wind and storage technologies. So I think from an investor standpoint, that's a very attractive proposition.

所以我喜歡投資組合方法。從回報角度來看，我認為我們將繼續為所有技術實現非常有吸引力的回報。當然，我們會根據我們認為承擔的風險類型進行調整。因此，太陽能的回報率為 15% 左右，而風能和儲能技術的全槓桿回報率則超過 20%。因此我認為從投資者的角度來看，這是一個非常有吸引力的提議。

Awesome. And then you mentioned in the prepared -- or the last question, 15% CAGR for data center demand growth through the end of the decade. I guess as you think about some of these other drivers that you've mentioned of increased power demand in the U.S. How do you think that will drive kind of overall load growth? Do you have expectations there through the end of the decade?

驚人的。然後您在準備好的或最後一個問題中提到，到本世紀末，資料中心需求成長的複合年增長率為 15%。我想，當您想到您提到的導緻美國電力需求增加的其他一些驅動因素時，您認為這將如何推動整體負載成長？您對這個十年末有什麼期望嗎？

So we'll have a lot more to say in terms of our expectations and certainly in context of a number of third-party views at the investor conference. But I think it's safe to say at this point that we see strong drivers for a long period of time, decades into the future, driving renewables penetration in electricity and electricity penetration into overall U.S. and energy consumption, which sets up terrific dynamics for us to continue to compete and create opportunities to invest capital for our shareholders at very attractive returns. So I love our opportunity set.

因此，在投資者會議上，我們會就我們的預期以及第三方的觀點發表更多看法。 但我認為現在可以肯定地說，我們看到了未來幾十年的強勁驅動力，推動可再生能源在電力中的滲透率以及電力在美國整體能源消費中的滲透率，這為我們繼續競爭和為我們的股東創造以非常有吸引力的回報進行資本投資的機會建立了極好的動力。所以我熱愛我們的機會。

The next question comes from Durgesh Chopra with Evercore ISI.

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

Maybe just back on the topic of electricity demand growth. One of the questions we consistently get, and I think John hinted on this, the 15% data center growth driving it, is how quickly can you ramp up? So maybe can you just talk to that. Are there any constraints, whether it's equipment, whether it's sites? How quickly can the generation side of the renewable generation can ramp up?

也許只是回到電力需求成長的話題。我們經常被問到的一個問題是，資料中心成長 15% 推動了這一趨勢，我認為約翰也暗示了這一點，那就是您能夠以多快的速度實現成長？所以也許你可以談談這個。是否有任何限制，無論是設備還是場地？再生能源發電量能夠多快成長？

Yes, Durgesh, I appreciate the question. I think of a little bit of context is important. I think all of us, and ours included, have really started talking about the significant change in load growth really over the last year, maybe even the last 6 months. You all very much appreciate that a development business, anything connecting to electrical infrastructure, usually talks in terms of years. And sometimes a lot of years, depending on the market, to get something into place. In the ERC market, maybe a couple of years. And some markets in the Midwest that have had congested queues and some transmission constraints, that could be 5 to 7 years.

是的，杜爾格甚，我很感謝你的提問。我認為一點背景很重要。我想我們所有人，包括我們在內，都已經開始談論過去一年、甚至過去六個月中負荷成長的顯著變化。大家非常理解，任何與電力基礎設施相關的開發業務，通常都是以年為單位來計算的。有時可能需要很多年的時間，具體取決於市場，才能實現某些目標。在 ERC 市場，可能還需要幾年時間。而中西部一些市場出現了排隊擁擠和傳輸限制的情況，這種情況可能要等 5 到 7 年。

And obviously, we've been working for a period of time. I don't -- I think we're the least behind of anybody with our 300-gigawatt portfolio, but some of this will take some time to materialize. I feel very confident in the long-term trends. I feel really excited and pleased with our team's preparedness in terms of the development of that pipeline. And I very much think our competitive advantages that John highlighted on scale, experience and technology really position us well in the types of conversations we're having with our customers, creating this long-term visibility into the demand dynamics. You guys asked John a question about data centers and how competitive we are with them. They are not looking for projects anymore. They are looking for integrated solutions that solve long-term problems for them, and we are a perfect partner for them to work.

顯然，我們已經工作了一段時間了。我不這麼認為——我認為我們擁有 300 吉瓦的投資組合，是落後程度最小的，但其中一些將需要一些時間才能實現。我對長期趨勢非常有信心。我對我們的團隊在該管道開發方面的準備感到非常興奮和高興。我非常認為，約翰強調的我們在規模、經驗和技術方面的競爭優勢確實使我們在與客戶的對話中處於有利地位，從而能夠長期洞察需求動態。你們向約翰詢問了一個關於資料中心以及我們與它們的競爭力的問題。他們不再尋找項目了。他們正在尋找能夠解決其長期問題的綜合解決方案，而我們是他們完美的合作夥伴。

That's very helpful, Rebecca. And then maybe just a quick follow-up. I think you made comments around very healthy returns. Are you seeing higher returns, higher margins with your data center clients versus your other clients? A number of your peers have highlighted high returns there. Maybe just comment on that.

這非常有幫助，麗貝卡。然後可能只是一個快速的跟進。我認為您發表的評論與非常健康的回報有關。與其他客戶相比，您的資料中心客戶的回報和利潤是否更高？您的許多同行都強調了那裡的高回報。也許只是對此發表評論。

I continue to believe we have very attractive returns across the board, consistent with the comments that I've made today as well as the comments we made at our development on 1 day and included in our monthly updates for investor materials. So mid-teens in solar and above 20% for both wind and storage. Of course, as we talk with customers and we have unique solutions that solve particular problems that we have, we designed the solutions to meet those needs. And always stay focused at the end of the day on what's the attractive value proposition from an investor standpoint, and we remain disciplined around that. So I love the portfolio. I love the positioning. And I believe what we ultimately deliver for investors is very attractive.

我仍然相信我們在各方面都有非常有吸引力的回報，這與我今天的評論以及我們在 1 日的開發中發表的評論以及我們每月為投資者提供的更新材料中所包含的評論一致。因此，太陽能佔比約為 15% 左右，風能和儲能佔比均超過 20%。當然，當我們與客戶交談時，我們有獨特的解決方案來解決我們遇到的特定問題，我們設計了這些解決方案來滿足這些需求。我們始終專注於從投資人的角度看什麼是有吸引力的價值主張，並在此基礎上嚴守紀律。所以我很喜歡這個投資組合。我喜歡這個定位。我相信我們最終為投資者提供的服務是非常有吸引力的。

The next question comes from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Just want to start off on storage originations coming in quite strong. And if there's any comment (technical difficulty).

只是想從儲存起源的強勁勢頭開始。如果有任何意見（技術難題）。

Jeremy, it's Rebecca. I'm going to go for the presumptive close on the answer. Hopefully, it's the question you actually asked, Storage origination is very strong. As Kirk highlighted in some of the prepared remarks and John commented in Q&A, as we think about our customers' needs for energy and capacity, it remains a very attractive value proposition to incorporate storage to firm up renewables, either co-located or separate. So we're seeing terrific origination from an energy resources perspective. And we've also talked today about the attractiveness of storage FPL. So I'll hand it off to Armando to give some additional color.

傑瑞米，我是麗貝卡。我將對答案進行推定性總結。希望這是您實際提出的問題，儲存起源非常強大。正如柯克在一些準備好的發言中所強調的那樣，以及約翰在問答環節中所評論的那樣，當我們考慮客戶對能源和容量的需求時，將存儲納入到鞏固可再生能源（無論是共置還是獨立）中仍然是一個非常有吸引力的價值主張。因此，從能源資源的角度來看，我們看到了極佳的起源。今天我們也討論了儲存 FPL 的吸引力。所以我會把它交給 Armando 來添加一些顏色。

Thanks, Rebecca. So I would add, if you recall in John and Kirk's comments, we filed our 10-year site plan, which we do every year. Our 10-year site plan this year had the same amount of solar that it did last year, which is a lot of solar, 21 gigawatts over the next 10 years. But we doubled the amount of storage, up to 4 gigawatts of storage that we have in our plan. We increasingly see storage as an economical addition in our service area. My expectations are that as time goes on, that we would likely add more storage to our plans going forward because it is that attractive in the overall economics, especially as we add solar, which again continues to be the best proposition from a cost standpoint for our customers.

謝謝，麗貝卡。因此我想補充一點，如果你還記得約翰和柯克的評論，我們提交了我們的 10 年網站計劃，我們每年都會這樣做。我們今年的十年站點計畫中的太陽能發電量與去年相同，這是一個很大的數字，未來十年將達到 21 千兆瓦。但我們將儲存量增加了一倍，計畫中的儲存量高達 4 千兆瓦。我們越來越多地將儲存視為我們服務領域中的一項經濟附加價值。我的預期是，隨著時間的推移，我們可能會在未來的計劃中增加更多的存儲，因為它在整體經濟上具有吸引力，特別是當我們添加太陽能時，從成本的角度來看，這對我們的客戶來說仍然是最好的選擇。

And just going back to the renewable Development Day (inaudible) or for people who make particular points I wanted to highlight...

回到再生能源發展日（聽不清楚）或對於那些提出特定觀點的人，我想強調一下...

Jeremy, you broke up a little bit. So I'm going to again, guess a little bit on what the question was, but I'm assuming it was what were key takeaways from the Development 101 day. And I hope it was a worthwhile time for our investors. We certainly were so proud of our team in talking about what it is that we believe differentiates us as we talk to our customers. It really was around that scale, experience and technology, not just individually. All of those are important, but also how they interact with one another.

傑里米，你們分手了一點。因此我將再次猜測問題是什麼，但我假設它是發展 101 日的關鍵要點。我希望這對我們的投資者來說是一段值得的時光。當我們與客戶交談時，我們確實為我們的團隊感到自豪，因為我們堅信我們的與眾不同之處。這確實與規模、經驗和技術有關，而不只是個別情況。所有這些都很重要，但它們如何相互作用也很重要。

So as John highlighted, the scale advantage comes with the ability technologies that are unique. And with experience, we actually are able to invest in capturing that data that we get from scale and putting technologies to actually get some really cool insights. So I think the key takeaway from my perspective is significant load growth, certainly some opportunities to deploy that scale experience and technology, to deploy unique and compelling solutions to our customers. So I love our growth prospects. I love the position that we have, just as John highlighted in his comments, and we look forward to telling you more at the investor conference in June.

正如約翰所強調的，規模優勢源自於獨特的能力技術。憑藉經驗，我們實際上能夠投資獲取規模化數據，並利用技術來真正獲得一些非常酷的見解。因此，我認為從我的角度來看，關鍵的收穫是負載的顯著增長，當然還有一些機會來部署這種規模的經驗和技術，為我們的客戶部署獨特且引人注目的解決方案。所以我看好我們的成長前景。我喜歡我們所處的立場，正如約翰在他的評論中所強調的那樣，我們期待在六月的投資者會議上告訴大家更多。

This concludes our question-and-answer session and the NextEra Energy and NextEra Energy Partners LP Earnings Conference Call. Thank you for attending today's presentation. You may now disconnect.

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