Q3 2023 NextEra Energy Partners LP Earnings Call

October 24, 2023

Operator: Good day and welcome to the NextEra Energy and NextEra Energy Partners LP third quarter 2023 earnings conference call. Alll participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero.

Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two.

Should you need assistance, please signal a conference specialist by pressing star then zero.

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two.

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.

Kristin Rose: Thank you, Vaish. Good morning, everyone, and thank you for joining our Q3 2023 combined financial results conference call for NextEra Energy and NextEra Energy Partners. With me this morning are 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. Kirk will provide an overview of our results and our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions which are subject to risks and uncertainties.

Kristin Longenecker Rose: Thank you [inaudible]. Good morning everyone and thank you for joining our third quarter 2023, combined financial results conference call for NextEra Energy and NextEra Energy partners. With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy, Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra, 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 and Light company. Kirk will provide an overview of our results and our executive team will then be available to answer your questions.

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 and Light company. Kirk will provide an overview of our results and our executive team will then be available to answer your questions.

executive team will then be available to answer your questions.

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

Kristin Rose: 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, 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 website, www.nexteraenergy.com, and www.nexteraenergypartners.com. 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 the definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure. With that, I will turn the call over to Kirk.

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 website, www.nexteraenergy.com and www.nexteraenergypartners.com. We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references

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

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

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

Kirk Crews: Thanks, Kristin, and good morning. NextEra Energy delivered strong Q3 results, growing Adjusted Earnings Per Share approximately 10.6% year-over-year. In the quarter, FPL continued to deliver outstanding value to its customers in what we believe has been one of the most constructive regulatory jurisdictions in the nation. FPL's bills are well below the national average, and we are relentlessly focused on reliability and running the business efficiently. Energy Resources extended its leadership position in renewable energy during the Q3, with strong adjusted earnings growth and its best renewables and storage origination quarter in its history. NextEra Energy has clear growth visibility through FPL's capital plan and Energy Resources over 21GW renewables and storage backlog.

Terrell Kirk Crews: Thanks Kristin and good morning. NextEra Energy delivered strong third quarter results growing adjusted earnings per share approximately 10.6% year-over-year.

Here energy delivered strong third quarter results growing adjusted earnings per share approximately 10, 6%. Sure.

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In the quarter, FPL continued to deliver outstanding value to customers and what we believe has been one of the most constructive regulatory jurisdictions in the nation. FPL's bills are well below the national average and we are relentlessly focused on reliability and running the business efficiently.

FPL's bills are well below the national average and we are relentlessly focused on reliability and running the business efficiently.

Energy resources extended its leadership position in renewable energy during the third quarter with strong adjusted earnings growth and its best renewables and storage origination quarter in its history.

NextEra energy has clear growth visibility through FPL's capital plan and energy resources over 21 gigawatt renewables and storage backup.

Kirk Crews: With the strongest balance sheets in the sector and worldwide banking relationships, we believe NextEra Energy has both significant access to capital and cost of capital advantages, and is well-positioned to continue to deliver long-term value for shareholders. Now let's turn to FPL's detailed results. For Q3 2023, 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 13.6% year-over-year. We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current rate agreement 4-year term, which runs through 2025. FPL's capital expenditures were approximately $2.6 billion for the quarter, and we expect FPL's full-year 2023 capital investments to be between $9 and $9.5 billion.

With the strongest balance sheet in the sector and worldwide banking relationships, we believe NextEra energy has both significant access to capital and cost of capital advantages and is well positioned to continue to deliver long term value for shareholders.

Now, let's turn to FPL's detailed results.

For the third quarter of 2023, FPL's earnings per share increased four cents year over year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 13.6% year over year.

The principal driver of this performance was Fpl's regulatory capital employed growth of approximately 13, 6% year over year.

We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current rate agreement four year term, which runs through 2025.

FPL's capital expenditures were approximately $2.6 billion for the quarter and we expect FPL's full year 2023 capital investments to be between $9 and $9.5 billion.

and we expect FPL's full year 2023 capital investments to be between $9 and $9.5 billion.

Kirk Crews: For the 12 months ending September 2023, FPL's reported ROE for regulatory purposes will be approximately 11.8%. During Q3, we reversed roughly $245 million of reserve amortization, leaving FPL with a balance of over $1.2 billion. Over the current four-year settlement agreement, we continue to expect FPL to make capital investments of between $32 to 34 billion. Our capital investment plan is well-established and focused on enhancing what we believe is one of the best customer value propositions in the industry. Key indicators show that the Florida economy remains healthy, and Florida continues to be one of the fastest-growing states in the country. FPL's Q3 retail sales increased 3% from the prior year comparable period due to warmer weather, which had a positive year-over-year impact on usage per customer of approximately 2%.

For the 12 months ending September 2023, FPL's reported ROE for regulatory purposes will be approximately 11.8%.

During the third quarter, we reversed roughly $245 million of reserve amortization, leaving FPL with a balance of over $1.2 billion.

Over the current four year settlement agreement, we continue to expect FPL to have capital investment of between $32 billion to $34 billion.

Our capital investment plan is well established and focused on enhancing what we believe is one of the best customer value propositions in the industry.

Key indicators show that the Florida economy remains healthy and Florida continues to be one of the fastest growing states in the country.

FPL's third quarter retail sales increased 3% from the prior year comparable period due to warmer weather, which had a positive year over year impact on usage per customer of approximately 2%. As a result, FPL observed solid underlying growth in third quarter retail sales of roughly 1% on a weather normalized basis.

Kirk Crews: As a result, FPL observed solid underlying growth in Q3 retail sales of roughly 1% on a weather normalized basis. Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 21% year-over-year. Contributions from new investments increased $0.11 per share year-over-year, while our existing clean energy portfolio declined $0.02 per share, which includes the impact of weaker year-over-year wind resource. The comparative contribution from our customer supply and trading, and gas infrastructure businesses increased by $0.04 per share and $0.01 per share, respectively. All other impacts reduced earnings by $0.08 per share. This decline reflects higher interest costs by $0.06 per share, half of which is driven by new borrowing costs to support new investments.

As a result, FPL observed solid underlying growth in third quarter retail sales of roughly 1% on a weather normalized basis.

Now, let's turn to energy resources, which reported adjusted earnings growth of approximately 21% year over year.

Contributions from new investments increased 11 cents per share year over year, while our existing clean energy portfolio declined 2 cents per share, which includes the impact of weaker year over year wind resource.

which includes the impact of weaker year over year wind resource.

The comparative contribution from our customer supply and trading and gas infrastructure businesses, increased by four cents per share and one cent per share respectively. All other impacts reduced earnings by eight cents per share. This decline reflects higher interest cost by six cents per share, half of which is driven by new borrowing costs to support new investments.

All other impacts reduced earnings by eight cents per share.

This decline reflects higher interest costs by <unk> <unk> per share half of which is driven by new borrowing costs to support new investments.

Kirk Crews: Energy Resources had a record quarter of new renewables and storage origination, adding approximately 3,245MW to the backlog, which is the first time we have exceeded 3GW in a single quarter. Although we will remind you that signings can be lumpy quarter to quarter, we do believe this is a terrific sign of strong underlying demand for new renewable generation. With these additions, our backlog now totals over 21GW after taking into account roughly 1,025MW of new projects placed into service since our Q2 call. We also removed roughly 1,180MW from our backlog, including roughly 800MW of projects in New York following an adverse decision by NYSERDA two weeks ago. We are optimistic that these projects will ultimately move forward, but are removing them from backlog for now.

Energy resources had a record quarter of new renewables and storage origination and approximately 3,245 megawatts to the backlog, which is the first time we've exceeded three gigawatts in a single quarter.

Although we will remind you that signings can be lumpy quarter to quarter, we do believe this is a terrific sign of strong, underlying demand for new renewable generation.

do believe this is a terrific sign of strong, underlying demand for new renewable generation.

With these additions, our backlog now totals over 21 gigawatts after taking into account roughly 1,025 megawatts of new projects placed into service since our second quarter call.

We also removed roughly 1,180 megawatts from our backlog, including roughly 800 megawatts of projects in New York following an adverse decision by [inaudible] two weeks ago.

We are optimistic that these projects will ultimately move forward, but are removing them from backlog for now. The remaining megawatts were removed due to permitting challenges.

Kirk Crews: The remaining megawatts were removed due to permitting challenges. Overall, we remain on track to achieve our renewable development expectations of roughly 33 to 42 GW through 2026. This quarter's backlog additions include roughly 455 MW to repower existing wind facilities, which includes NextEra Energy Resources' share of approximately 740 MW of repowers within the NextEra Energy Partners portfolio, which I'm going to discuss in a few minutes. As a reminder, in a repower, we invest roughly 50% to 80% of the cost of a new build, are able to refresh and enhance the performance of the turbine equipment, and start a new 10 years of production tax credits, collectively resulting in attractive returns. NextEra Energy Resources has previously repowered roughly 6 GW of its approximately 23 GW operating wind portfolio.

The remaining megawatts were removed due to permitting challenges.

Overall, we remain on track to achieve our renewable development expectations of roughly 33 to 42 Gigawatts through 2026.

This quarter's backlog additions include roughly 455 megawatts to repower existing wind facilities, which includes energy resources' share of approximately 740 megawatts of repowering within the NextEra Energy Partners' portfolio, which I'm going to discuss in a few minutes.

As a reminder, in a repower, we invest roughly 50% to 80% of the cost of a newbuild, are able to refresh and enhance the performance of the turbine equipment and for a new 10 years of production tax credits, collectively resulting in attractive returns.

Energy resources has previously repowered roughly six gigawatts of its approximately 23 gigawatt operating wind portfolio and we believe we will be able to repower much of our existing wind portfolio in the coming years.

Kirk Crews: We believe we will be able to repower much of our existing wind portfolio in the coming years. Also included in the backlog additions are roughly 250MW of standalone battery storage projects co-located with existing wind and solar facilities. The combination of the standalone storage tax credit and the ability to utilize existing interconnection capacity from our operating renewables and storage footprint positions us well to serve our customers' growing needs for capacity. Turning now to our Q3 2023 consolidated results. Adjusted earnings from corporate and other decreased by $0.01 per share year over 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 each year from 2023 through 2026.

coming years.

Also included in the backlog additions are roughly 250 megawatts of standalone battery storage projects co-located with existing wind and solar facilities. The combination of the standalone storage tax credit and the ability to utilize existing interconnection capacity from our operating renewables and storage footprint positions us well to serve our customers' growing needs for capacity.

The combination of the Standalone storage tax credit and the ability to utilize existing interconnection capacity from our operating renewables and storage footprint positions us well to serve our customers' growing needs for capacity.

Turning now to our third quarter 2023 consolidated results, adjusted earnings from corporate and others decreased by one cent per share year over year. Our long term financial expectations remain unchanged. We will be disappointed if we're not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in each year from 2023 through 2026.

Adjusted earnings from corporate and other decreased by one cent per share year over year.

Our long term financial expectations remain unchanged, we will be disappointed if we're not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in each year from 2023 through 2026.

Kirk Crews: 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. We 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 are subject to our caveats. Going forward, we plan to fund the business in a manner similar to how we have historically done so at both FPL and Energy Resources. This includes utilizing cash flow from operations for roughly half of our funding needs, in addition to tax equity, project finance, and corporate debt. Sale of tax credits is serving as a new source of capital funding for NextEra Energy.

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 we continue to expect to grow our dividends per share at roughly 10% per year through at least 2024 off a 2022 base.

And we 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 are subject to a caveat. Going forward, we plan to fund the business in a manner similar to how we have historically done so at both FPL and energy resources. This includes utilizing cash flow from operations for roughly half of our funding needs in addition to tax equity, project finance, and corporate debt.

Going forward, we plan to fund the business in a manner similar to how we have historically done so at both FPL and energy resources. This includes utilizing cash flow from operations for roughly half of our funding needs. In addition to tax equity project finance and corporate debt.

This includes utilizing cash flow from operations for roughly half of our funding needs. In addition to tax equity project finance and corporate debt.

Sale of tax credits is serving as a new source of capital funding for NextEra energy. We expect to transfer roughly $400 million in tax credits in 2023 and expect this amount to grow over the next couple of years to approximately $1.6 to $1.8 billion in 2026.

Kirk Crews: We expect to transfer roughly $400 million in tax credits in 2023 and expect this amount to grow over the next couple of years to approximately $1.6 to 1.8 billion in 2026. This dynamic has reduced NextEra Energy's capital recycling needs, including those previously met via sales to NextEra Energy Partners, which has historically averaged roughly $1 billion of annual cash proceeds. Let me address future equity issuances specifically. Our balance sheet and financial discipline remain core to our strategy. As we find attractive investments for our customers and shareholders, we expect to fund those investments in a way that maintains the strength of our balance sheet. As a reminder, over the last five years, we have issued roughly $1.5 billion annually on average of equity in the form of equity units.

We expect to transfer roughly $400 million in tax credits in 2023.

And I expect this amount to grow over the next couple of years to approximately 1.6 to $1 $8 billion in 2026.

This dynamic has reduced NextEra energies and capital recycling needs, including those previously met via sales to NextEra Energy Partners, which has historically averaged roughly $1 billion of annual cash proceeds.

Which has historically averaged roughly $1 billion of annual cash proceeds.

Let me address future equity issuances specifically. Our balance sheet and financial discipline remain core to our strategy. As we find attractive investments for our customers and shareholders, we expect to fund those investments in a way that maintains the strength of our balance sheet.

Our balance sheet and financial discipline remain core to our strategy. As we find attractive investments for our customers and shareholders. We expect to fund those investments in a way that maintains the strength of our balance sheet.

As we find attractive investments for our customers and shareholders. We expect to fund those investments in a way that maintains the strength of our balance sheet.

As a reminder, over the last five years, we have issued roughly $1.5 billion annually on average of equity in the form of equity units. We do not expect to issue any equity for the balance of 2023 and expect our year-end credit metrics to exceed those specified by the agencies to support our current ratings.

Kirk Crews: We do not expect to issue any equity for the balance of 2023 and expect our year-end credit metrics to exceed those specified by the agencies to support our credit ratings, our current ratings. From 2024 through 2026, we would expect our total equity needs to be no more than $3 billion in total, with continued reliance on equity units to satisfy our equity needs, which have no dilution for the first few years. We believe FPL and Energy Resources are well-positioned to manage interest rate volatility in the current environment. At FPL, we primarily rely on the surplus mechanism to offset higher interest rates for the benefit of customers. In addition, FPL's rate agreement already provided for an ROE adjustment to 11.8%, enabling it to earn a higher ROE in the current higher rate environment.

We do not expect to issue any equity for the balance of 2023 and expect our year end credit metrics to exceed those specified by the agencies to support our credit rating our current ratings.

From 2024 through 2026, we would expect our total equity needs to be no more than $3 billion in total with continued reliance on equity units to satisfy our equity needs which have no dilution for the first few years.

Which have no dilution.

for the first few years.

We believe FPL and energy resources are well positioned to manage interest rate volatility in the current environment. At FPL, we primarily rely on the surplus mechanism to offset higher interest rates for the benefit of customers. In addition, FPL's rate agreement already provided for an ROE adjustment to 11.8%, enabling it to earn a higher ROE in the current higher rate environment.

At FPL, we primarily rely on the surplus mechanism to offset higher interest rates for the benefit of customers. In addition, FPL's rate agreement already provided for an ROE adjustment to 11.8%, enabling it to earn a higher ROE in the current higher rate environment.

In addition, npls rate agreement already provided for in our O adjust to 11, 8%, enabling it to earn a higher ROE and the current higher rate environment.

Kirk Crews: We expect that FPL will be able to absorb much and potentially all of the cumulative effects of the current interest rate environment through the use of the surplus surplus mechanism over the remaining settlement period. Consistent with the expiration of the current rate agreement, FPL expects to file a rate case in early 2025 for new rates effective 2026. For Energy Resources and Corporate and Other, we now have $20.5 billion of interest rate hedges in place. While the amounts vary as we add and settle hedges, the tenor of the swaps are between 5 and 10 years and have a weighted average rate of roughly 3.75%. Swaps allow us to mitigate the impact of interest rate changes on Energy Resources backlog returns, and capital, holding $12.8 billion of debt maturities from 2024 through 2026.

We expect that FPL will be able to absorb much and potentially all of the cumulative effects of the current interest rate environment through the use of the surplus mechanism over the [inaudible] period.

Consistent with the expiration of the current rate agreement, FPL expects to file a rate case in early 2025 for new rates effective 2026.

For energy resources and corporate and other, we now have $20.5 billion of interest rate hedges in place. While the amounts vary as we add and settle hatches, the tenure of the swaps are between five and 10 years and have a weighted average rate of roughly 3.75%.

While the amounts vary as we add and settle hatches the tenor of the swaps are between five and 10 years and have a weighted average rate of roughly 375%.

Swaps allow us to mitigate the impact of interest rate changes on energy resources' backlog returns and capital holdings $12.8 billion of maturities from 2024 through 2026. Specifically, these swaps allow us to hedge the project level debt funding we expect to issue on our renewables backlog as well as a portion of the $12.8 billion of near term maturities.

Kirk Crews: Specifically, these swaps allow us to hedge the project level debt funding we expect to issue on our renewables backlog, as well as a portion of the $12.8 billion of near-term maturities. To put this all in perspective, NextEra Energy sensitivity for an immediate 50 basis point upward shift in the yield curve has essentially no expected Adjusted EPS impact on 2023 and 2024, and has on average 3 to 5 cents of expected Adjusted EPS impact in 2025 and 2026, which is equivalent to approximately 1% of our Adjusted EPS expectations. This sensitivity, of course, assumes we do not implement other offsetting initiatives, including among others, our normal process of cost reductions and capital efficiency opportunities.

Specifically, these swaps allow us to hedge the project level debt funding we expect to issue on our renewables backlog as well as a portion of the $12.8 billion of near term maturities.

To put this all in perspective, NextEra Energy's sensitivity for an immediate 50 basis point upward shift in the yield curve has essentially no expected adjusted EPS impact on 2023, and 2024 and has on average 3-5% of adjusted EPS impact in 2025 and 2026, which is equivalent to approximately 1% of our adjusted EPS expectation. This sensitivity of course assumes we do not implement other offsetting initiatives, including among others, our normal process of cost reduction and capital efficiency opportunities.

adjusted EPS impact in 2025 and 2026, which is equivalent to approximately 1% of our adjusted EPS expectation.

This sensitivity of course assumes we do not implement other offsetting initiatives, including among others, our normal process of cost reduction and capital efficiency opportunities.

Kirk Crews: Our backlog is in good shape and is benefiting from our interest rate swaps, global supply chain management capabilities, and the ability to procure equipment, materials, and balance of plant services at scale across our portfolio. The expected returns on equity for our backlog are mid-teens for solar and over 20 for wind and storage. As we have done historically, we price our power purchase agreements commensurate with current market conditions, including our current cost of capital, in order to maintain appropriate returns. In addition, at the time of our final investment decision, before we commit significant capital to our backlog projects, we are utilizing interest rate swaps on PPA contracts that were entered into when rates were lower to maintain our return expectations. We remain financially disciplined and pass on projects that don't meet our return expectations.

Our backlog is in good shape and is benefiting from our interest rate swaps, global supply chain management capabilities, and the ability to procure equipment, materials and balance of plant services at scale across our portfolio. The expected return on equity for our backlog are mid teens for solar and over 20 for wind and storage.

Materials and balance of plant services at scale across our portfolio.

The expected return on equity for our backlog, our mid teens for solar and over 20 for wind and storage.

As we have done historically, we price our power purchase agreements commensurate with current market conditions, including our current cost of capital in order to maintain appropriate returns.

In addition, at the time of our final investment decision, before we commit significant capital to our backlog projects, we are utilizing interest rate swaps on contracts that we entered into when rates were lower to maintain our return expectations.

We remain financially disciplined and have passed on projects that don't meet our return expectations. Going forward, we are encouraged by the trends we are seeing in lower equipment pricing for solar panels and batteries given increased competition globally and the [inaudible] prices for materials, which we believe will help offset the impact of higher interest rates on power versus agreement pricing.

On projects that don't meet our return expectations.

Kirk Crews: Going forward, we are encouraged by the trends we are seeing in lower equipment pricing for solar panels and batteries, given increased competition globally and declining prices for materials, which we believe will help offset the impacts of higher interest rates on power purchase agreement prices. We are optimistic that demand will remain resilient due to the factors you all know well, including the continued cost competitiveness of renewable energy relative to alternative forms of generation. Importantly, to date, demand has remained strong, as evidenced by our substantial new additions to backlog this quarter. Now let's turn to NextEra Energy Partners. As a reminder, the partnership is a financing vehicle that grows its distribution by acquiring assets with long-term contracted high-quality cash flows and financing those acquisitions at low cost.

Going forward, we are encouraged by the trends, we are seeing and lower equipment pricing for solar panels in batteries, given increased competition globally and declining prices for materials, which we believe will help offset the impacts of higher interest rates on power purchase agreement prices.

We are optimistic that demand will remain resilient due to the factors you all know well, including the continued cost competitiveness of renewable energy relative to alternative forms of generation. Importantly to date, demand has remained strong as evidenced by our substantial new additions to backlog this quarter.

Including the continued cost competitiveness of renewable energy relative to alternative forms of generation.

Importantly to date demand has remained strong as evidenced by our substantial new additions to backlog this quarter.

Now, let's turn to NextEra Energy Partners. As a reminder, the partnership is a financing vehicle that grows its distribution by acquiring assets with long term contracted high quality cash flows and financing those acquisitions at low cost.

As a reminder, the partnership as a financing vehicle that grows its distribution by acquiring assets with long term contracted high quality cash flows and financing those acquisitions at low cost.

Kirk Crews: Over the years, NextEra Energy Partners has been able to rely on low cost financing to help drive its distribution growth. To meet its financing needs in recent years, the partnership has relied primarily on convertible equity portfolio financings that have a low cash coupon during their term and convert into equity over time. A significant amount of the equity required to be issued to buy out these financings began coming due this year and over the next several years, which we believe contributed to the partnership's trading yield almost doubling at the same time interest rates were rising. Consequently, the partnership's cost of capital increased, which made it difficult to support a 12% growth rate in a way that is sustainable and in the best interest of unitholders over the long term.

Over the years, NextEra Energy Partners has been able to rely on low cost financing to help drive this distribution growth. To meet its financing needs in recent years, the partnership has relied primarily on convertible equity portfolio financings that have a low cash coupon [inaudible] their term and convert into equity over time. A significant amount of the equity required to be issued to buy out these financings began coming due this year and over the next several years, which we believe contributed to the partnership's trading yield almost doubling at the same time interest rates were rising.

To meet its financing needs in recent years. The partnership has relied primarily on convertible equity portfolio financings that have a low cash coupon. Their term and convert into equity over time.

Their term and convert into equity over time.

Significant amount of the equity required to be issued to buy out. These financings began coming due this year and over the next several years, which we believe contributed to the partnership's trading yield almost doubling at the same time interest rates were rising.

Consequently, the partnership's cost of capital increase which made it difficult to support a 12% growth rate in a way that is sustainable and in the best interest of unit holders over the long term.

Kirk Crews: By reducing the growth rate to 6%, NextEra Energy Partners, LP distribution rate is now comparable to its peers, and the partnership does not expect to require growth equity until 2027. In order to meet these objectives, the partnership is focused on first executing against this transition plan. As a reminder, the transition plan includes successfully entering into agreements to sell the Texas Natural Gas Pipeline portfolio and Maine Natural Gas assets this year and in 2025 respectively. Doing so will enable the partnership to address the equity buyouts associated with the STX Midstream, the 2019 NEP Pipelines and NEP Renewables convertible equity portfolio financing through 2025. Through the period of our current financial expectations, that would leave a small equity buyout of roughly $147 million on the Genesis Holdings convertible equity portfolio financing in 2026.

By reducing the growth rate to 6%, NextEra Energy Partners LP distribution rate is now comparable to its peers and the partnership does not expect to require growth equity until 2027. In order to meet these objectives, the partnership is focused on first executing against this transition plan.

Nextera Energy partners LP distribution rate is now comparable to his peers and the partnership does not expect to require growth equity until 2027.

In order to meet these objectives. The partnership is focused on first executing against this transition plan.

As a reminder, the transition plans include successfully entering into agreements to sell the Texas natural gas pipeline portfolio and meet natural gas pipeline assets this year and in 2025, respectively. Doing so will enable the partnership to address the equity buyouts associated with the STX Midstream, the 2019 net pipelines, and net renewables to convertible equity portfolio financings through 2025.

<unk> natural gas pipeline assets this year and in 2025, respectively.

Doing so will enable the partnership to address the equity buyouts associated with the <unk> midstream the 2019 net pipelines and net renewables to convertible equity portfolio financings through 2025.

Through the period of our current financial expectations that would leave a small equity buyout of roughly $147 million on the Genesis holding convertible equity portfolio financing in 2026.

Kirk Crews: The partnership is continuing its process to sell the Texas Natural Gas Pipeline portfolio and expects to have an update on or before our Q4 call in January. NextEra Energy Partners is focused on executing against its growth plan for unitholders. That plan involves organic growth, specifically repowerings of approximately 1.3GW of wind projects, as well as acquiring assets from NextEra Energy Resources or third parties at favorable yields. Importantly, NextEra Energy Partners does not expect to need an acquisition in 2024 to meet the 6% growth in distributions per unit target. Today, we're announcing plans to repower approximately 740MW of wind facilities through 2026, which require the final approval of the customer's board of directors, which is expected to be received in the near term.

The partnership is continuing its process to sell the Texas pipeline portfolio and expect to have an update on or before our fourth quarter call in January .

NextEra Energy Partners is focused on executing against its growth plan for unit holders that involves organic growth, specifically repowering of approximately 1.3 gigawatts of wind projects, as well as acquiring assets from energy resources or third parties at favorable yields. Importantly, NextEra Energy Partners does not expect to need an acquisition in 2024 to meet the 6% growth in distributions per unit target.

Involves organic growth specifically repowering of approximately one three gigawatts of wind projects as well as acquiring assets from energy resources or third parties are favorable yields.

Importantly, NextEra Energy Partners does not expect to need an acquisition in 2024 to meet the 6% growth in distributions per unit target.

Today, we're announcing plans to repower approximately 740 megawatts of wind facilities through 2026, which require the final approval of the customers' board of directors, which is expected to be received in the near term. The repowerings are projected to generate attractive cash yields in the partnership expects to fund the repowering with either tax equity or project specific debt. Repowering represent an efficient way to support the partnership's growth targets.

Kirk Crews: The repowerings are projected to generate attractive CAFD yields, and the partnership expects to fund the repowerings with either tax equity or project-specific debt. Repowerings represent an efficient way to support the partnership's growth target. Overall, we are pleased with this progress and remain focused on executing additional repowering opportunities in the future across NextEra Energy Partners' roughly 8GW wind portfolio. To minimize the volatility associated with changes in interest rates and support the growth plan, the partnership also executed roughly $1.9 billion to hedge refinancing costs for the 2024 and 2025 maturities. The resulting expected refinancing costs of the maturities are factored into our expectations. Turning to the detailed results, NextEra Energy Partners' Q3 adjusted EBITDA was $488 million, and cash available for distribution was $247 million.

The repowering are projected to generate attractive <unk> yields in the partnership expects to fund the repowering with either tax equity or project specific debt.

Repowering represent an efficient way to support the partnership's growth targets.

Overall, we are pleased with this progress and remain focused on executing additional repowering opportunities in the future across era energy partners roughly eight gigawatt wind portfolio.

To minimize the volatility associated with changes in interest rates and support the growth plan, the partnership also executed roughly $1.9 billion to hedge refinancing costs for the 2024 and 2025 maturities. The resulting expected refinancing cost of the maturities are factored into our expectations.

<unk> also executed roughly one $9 billion to hedge refinancing costs for the 2024 and 2025 maturities. The resulting expected refinancing cost of the maturities are factored into our expectations.

The resulting expected refinancing cost of the maturities are factored into our expectations.

Turning to the detailed results, NextEra Energy Partners third quarter adjusted EBITDA was $488 million and cash available for distribution was $247 million.

Kirk Crews: New projects, which primarily reflect contributions from approximately 1,100 net MW of new long-term contracted renewable projects acquired in 2022 and the approximately 690 net MW of new projects that closed in Q2 of this year, contributed approximately $66 million of Adjusted EBITDA and $32 million of cash available for distribution. The Q3 Adjusted EBITDA contribution from existing projects increased by approximately $5 million year-over-year. Q3 results for Adjusted EBITDA and cash available for distributions were positively impacted by the incentive distribution rights fee suspension and provided approximately $39 million of benefit this quarter, more than offsetting the cash available for distribution impacts of lower pay-go payments driven by lower wind resource at existing projects.

New projects, which primarily reflect contributions from approximately 1,100 net megawatts of new long term contracted renewable projects acquired in 2022 and the approximately 690 net megawatts of new projects that closed in the second quarter of this year contributed approximately $66 million of adjusted EBITDA and $32 million of cash available for distribution.

And $32 million of cash available for distribution.

The third quarter adjusted EBITDA contribution from existing projects increased by approximately $5 million year over year.

Third quarter results for adjusted EBITDA and cash available for distributions were positively impacted by the incentive distribution rights fee suspension and provided approximately $39 million of benefit this quarter, more than offsetting the cash available for distribution impacts of lower pay-go payments driven by lower wind resource in existing projects.

in existing projects.

Kirk Crews: Yesterday, NextEra Energy Partners' board declared a quarterly distribution of $0.8675 per common unit, or $3.47 per common unit on an annualized basis, which reflects an annualized increase of 6% from its Q2 2023 distribution per common unit. From a base of our Q2 2023 distribution per common unit at an annualized rate of $3.42, we continue to see 5% to 8% growth per unit per year in LP distributions per unit, with a current target of 6% growth per year as being a reasonable range of expectations through at least 2026. For 2023, we expect the annualized rate for the Q4 2023 distribution that is payable in February 2024 to be $3.52 per common unit.

Yesterday, the NextEra Energy Partners' Board declared a quarterly distribution of 86.75 cents per common unit or $3.47 per common unit on an annualized basis, which reflects an annualized increase of 6% from its second quarter 2023 distribution per common unit.

From a base of our second quarter 2023 distribution per common unit at an annualized rate of $3.42, we continue to see 5% to 8% growth per unit per year in LP distributions per unit with a current target of 6% growth per year being a reasonable range of expectations through at least 2026.

we continue to see 5% to 8% growth per unit per year in LP distributions per unit with a current target of 6% growth per year being a reasonable range of expectations through at least 2026.

For 2023, we expect annualized rate for the fourth quarter of 2023 distribution that is payable in February of 2024 to $3.52 per common unit.

Kirk Crews: NextEra Energy Partners expects run rate contributions for Adjusted EBITDA and cash available for distributions from its forecasted portfolio at December 31, 2023 to be in the ranges of $1.9 to 2.1 billion and $780 to 820 million, respectively. As a reminder, year-end 2023 run rate projections reflect calendar year 2024 contributions from the forecasted portfolio at year-end 2023. The Adjusted EBITDA and related cash available for distributions associated with the Texas pipeline portfolio have been excluded from these run rate financial expectations. As always, our expectations are subject to our caveat. While NextEra Energy Partners navigates through this current environment, it's important not to lose sight of the value of the underlying portfolio.

NextEra Energy Partners expect run rate contributions for adjusted EBITDA and cash available for distributions from its forecasted portfolio at December 31st, 2023 to be in the range of $1.9 to $2.1 billion and $700 million to $820 million, respectively. As a reminder, year end 2023 run rate projections reflect calendar year 2024 contributions from the forecasted portfolio at year end 2023.

run rate projections reflect calendar year 2024 contributions from the forecasted portfolio at year end 2023.

The adjusted EBITDA and related cash flow for distributions associated with the Texas pipeline portfolio have been excluded from these run rate financial expectations.

As always, our expectations are subject to our caveat. While NextEra Energy Partners navigate through this current environment, it's important not to lose sight of the value of the underlying portfolio. NextEra Energy Partners is the second largest producer of electricity from the wind and the sun in the world with over 10 gigawatts of renewables in operation.

While Nextera energy partners navigate through this current environment, it's important not to lose sight of the value of the underlying portfolio.

Kirk Crews: NextEra Energy, NextEra Energy Partners is the seventh-largest producer of electricity from the wind and the sun in the world, with over 10GW of renewables in operation. The partnership owns renewable projects that deliver high-quality cash flows in 30 states, serving 94 customers with an average counterparty credit rating of BBB+ via contracts with an average remaining contract life of 14 years. We remain optimistic the partnership can be an attractive vehicle to own existing renewable assets over the long term. We want the partnership to be successful. Separately, to address a question we've been receiving from some investors, NextEra Energy has no plans to buy back NextEra Energy Partners. With that, I'll turn the call over to John.

NextEra Energy Partners is the second largest producer of electricity from the wind and the sun in the world with over 10 gigawatts of renewables in operation.

The partnership owns renewable projects that deliver high quality cash flows in 30 states, serving 94 customers with an average counterparty credit rating of Triple B plus via contracts with an average remaining contract life of 14 years. We remain optimistic the partnership can be an attractive vehicle to own existing renewable assets over the long term. We want the partnership to be successful. And separately, to address the question we've been receiving from some investors, NextEra Energy has no plans to buyback NextEra Energy Partners.

With.

And average with an average remaining contract life of 14 years we.

We remain optimistic the partnership can be an attractive vehicle to own existing renewable assets over the long term.

We want the partnership to be successful and separately to address the question. We've been receiving from some investors Nextera energy has no plans to buyback Nextera energy partners.

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

John Ketchum: Thanks, Kirk. Let me briefly address NextEra Energy Partners. It's been a difficult year, and we have a lot of work to do. As Kirk shared, we are focused on executing against our transition plans and look forward to providing an update on the Texas pipeline portfolio sales process on or before the Q4 earnings call. We are also focused on delivering LP distribution growth of 6% through at least 2026, and the repowerings we announced today are a good start towards achieving that objective. At NextEra Energy, our foundations are rooted in FPL, the nation's largest electric utility, and NextEra Energy Resources, the world's leader in renewables. Both businesses have performed very well, complement each other, and push one another to be even better.

John W. Ketchum: Thanks, Kirk. Let me briefly address NextEra Energy Partners.

It's been a difficult year and we have a lot of work to do. As Kirk shared, we are focused on executing against our transition plans and look forward to providing an update on the Texas pipeline portfolio sales process on or before the fourth quarter earnings call.

As Kirk shared we are focused on executing against our transition plans and look forward to providing an update on the Texas pipeline portfolio sales process on or before the fourth quarter earnings call.

We are also focused on delivering LP distribution growth of 6% through at least 2026 and the repowerings we announced today are a good start towards achieving that objective.

At NextEra Energy, our foundations are rooted in FPL, the nation's largest electric utility and NextEra energy resources, the world's leader in renewables. Both businesses performed very well, complement each other, and push one another to be even better. This is validated by the solid financial and operating results both continuing to deliver and the excellent progress we are making against our development expectations.

John Ketchum: This is validated by the solid financial and operating results both continue to deliver and the excellent progress we are making against our development expectations. Over recent weeks, we met with many of our investors and have welcomed your feedback. In response, we addressed many of the questions we heard from you in our remarks today and in the presentation materials you now have. Along those lines, I want to reiterate the solid fundamentals on which NextEra Energy is built and our outstanding prospects for future growth, having just completed our annual strategy review process with our board of directors. FPL remains among the best utilities in the United States, achieving top operational performance across key metrics while maintaining the industry's lowest cost structure, one of the cleanest emissions profiles, and a customer bill that is roughly 30% lower than the national average.

This is validated by the solid financial and operating results both continue to deliver and the excellent progress we are making against our development expectations.

Over recent weeks, we met with many of our investors and have welcomed your feedback. In response, we addressed many of the questions we heard from you in our remarks today and in the presentation materials you now have.

Along those lines, I want to reiterate the solid fundamentals on which NextEra Energy is built and our outstanding prospects for future growth, having just completed our annual strategy review process with our board of directors.

FPL remains among the best utilities in the United States, achieving top operational performance across key metrics, while maintaining the industry's lowest cost structure, one of the cleanest emissions profiles and a customer bill that is roughly 30% lower than the national average. It is located in one of the fastest growing states with what we believe is one of the country's most constructive regulatory environments.

John Ketchum: It is located in one of the fastest-growing states with what we believe is one of the country's most constructive regulatory environments. FPL has by far the lowest non-fuel O&M of any large utility in the nation. Over the last 20 years, our relentless focus on costs, efficiency, and low bills has saved customers nearly $15 billion in fuel costs alone. Year after year, FPL receives top accolades for reliability despite operating on a peninsula and historically facing a high probability for hurricanes. It has plans to add approximately 20GW of solar over the next 10 years for the benefit of its customers, while undergrounding its distribution system to lower operating costs and withstand the impacts of hurricanes to help keep the Florida economy, which is now the 16th largest in the world, running on all cylinders.

It is located in one of the fastest growing states with what we believe is one of the country's most constructive regulatory environments.

FPL has by far the lowest non-fuel O&M of any large utility in the nation. Over the last 20 years, our relentless focus on cost efficiency at low bills have saved customers nearly $15 billion in fuel cost alone. Year after year, FPL received top accolades for reliability, despite operating on a peninsula and historically facing a high probability for hurricanes. It has plans to add approximately 20 gigawatts of solar over the next 10 years for the benefit of the customers while undergrounding its distribution system to lower operating costs and withstand the impact of hurricanes to help keep the Florida economy, which is now the 16th largest in the world running on all cylinders.

Over the last 20 years, our relentless focus on cost efficiency at low bills of save customers nearly $15 billion in fuel cost alone.

Year after year Fpl's received top alkaloids for reliability.

Despite.

operating on a peninsula and historically facing a high probability for hurricanes. It has plans to add approximately 20 gigawatts of solar over the next 10 years for the benefit of the customers while undergrounding its distribution system to lower operating costs and withstand the impact of hurricanes to help keep the Florida economy, which is now the 16th largest in the world running on all cylinders.

which is now the 16th largest in the world running on all cylinders.

John Ketchum: We believe FPL is the highest quality re-regulated utility in the country. At Energy Resources, we are just getting started. Renewable penetration as part of the US generating mix currently stands at roughly 16% and is expected to double, reaching over 30% by 2030. As the world's leader in renewable energy with an approximately 20% market share in US renewables origination, Energy Resources stands to benefit significantly from the unstoppable shift towards electrification. Experience and scale matter, and with over 20 years of renewables experience, a 31GW operating portfolio, a development pipeline of roughly 300GW of renewables and storage projects, and roughly 150GW of interconnection queue positions, we are well-positioned for future growth.

We believe FPL has the highest quality regulated utility in the country. At energy resources, we are just getting started. Renewable penetration as part of the US generating mix currently stands at roughly 16% and is expected to double reaching over 30% by 2030.

At energy resources, we are just getting started renewable penetration as part of the U S. Generating mix currently stands at roughly 16% and is expected to double reaching over 30% by 2030.

As the world's leader in renewable energy within our approximately 20% market share in US renewables origination, energy resources stands to benefit significantly from the unstoppable shift towards electrification.

Experience and scale matter and with over 20 years of renewables experience, a 31 gigawatt operating portfolio, a development pipeline of roughly 300 gigawatts of renewables and storage projects and roughly 150 gigawatts of interconnection queue positions, we are well positioned for future growth.

John Ketchum: In addition to our scale and competitive advantages that you all know well, our ability to finance cheaper with one of the strongest balance sheets in our sector provides us with an access to and cost of capital advantage. We believe all of this enables us to differentiate ourselves in a complex macro environment to build even more renewables at attractive returns. In short, we believe Energy Resources has built the most competitive and complete renewable energy business in the world and in a better position than ever to lead the decarbonization of the US economy. We have spent the last two decades building a world-class clean energy platform powered by our greatest strength, our people, and a culture of continuous improvement that drives innovation and smart, clean energy solutions.

In addition to our scale and competitive advantages that you all know well, our ability to finance cheaper with one of the strongest balance sheets in our sector provides us with an access to and cost of capital advantage. We believe all of this enables us to differentiate ourselves in a complex macro environment to build even more renewables at attractive returns.

In addition to our scale and competitive advantages that you all know well. <unk> the financed cheaper with one of the strongest balance sheets in our sector provides us with an access to and cost of capital advantage. We believe all of this enables us to differentiate ourselves in a complex macro environment to build even more renewables at attractive returns.

<unk> the financed cheaper with one of the strongest balance sheets in our sector provides us with an access to and cost of capital advantage. We believe all of this enables us to differentiate ourselves in a complex macro environment to build even more renewables at attractive returns.

In short, we believe energy resources has built the most competitive and complete renewable energy business in the world and are better positioned than ever to lead the de-carbonization of the US economy.

Better positioned than ever to lead the de carbonization of the U S economy.

We have spent the last two decades building a world class clean energy platform powered by our greatest strength, our people and a culture of continuous improvement that drives innovation and smart, clean energy solutions.

John Ketchum: I want to extend my appreciation to our team today as we remain committed to serving our customers and providing long-term value for our shareholders. Thank you. Now we welcome your questions.

I want to extend my appreciation to our team today as we remain committed to serving our customers and providing long term value for our shareholders.

Thank you. And now we welcome your questions.

Operator: Thank you. We will begin the question and answer session. To ask a question, you may press Star then One on your touchtone phone. If you're using a speakerphone, please use your headset before pressing the keys. If at any time a question has been addressed and you would like to withdraw your question, please press Star then Two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Steve Fleishman with Wolfe Research. Please go ahead.

Operator: Thank you. We will begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speaker phone, please use your headset before passing the key. If at any time your question has been answered and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster.

The question and answer session to ask a question you May press star.

Star then one on your Touchtone phone.

The next speaker phone. Please go ahead.

Before passing the key.

It probably my question has been answered so I would like to withdraw your question. Please.

Our first question comes from Steve Fleishman with Wolfe Research. Please go ahead.

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From a dairy farm bill. Our first question. <unk> term. <unk> with Wolfe Research. Please go ahead.

Our first question. <unk> term. <unk> with Wolfe Research. Please go ahead.

<unk> term. <unk> with Wolfe Research. Please go ahead.

<unk> with Wolfe Research. Please go ahead.

Steve Fleishman: Yeah. Hi. Thank you. So just a couple questions. First, on the slide, on the tax transferability and the billion dollars effectively creating 6.5 billion of equity content, could you just talk to that more? Just that I think if I do the backward math, that's about a 15% FFO to Debt kinda calculation. Is that kinda what you're using to get to that, or is there more nuance to it?

Steven I. Fleishman: Yes, hi. Thank you. So just a couple of questions, first on the slide on the tax transferability and $1 billion effectively creating $6.5 billion of equity content, could you just talk to that more and just I think if I do the backward math, that's about a 15% FFO to debt kind of calculation, is that kind of what you're using to get to that or is there more nuance to it?

Thank you. Just a. A couple of questions first on the slide.

Just a. A couple of questions first on the slide.

A couple of questions first on the slide.

On the tax transferability and <unk>. $1 billion. Affectively, creating $6 5 billion of equity content could you just talk to that more in just I think if I do the backward math, that's about a 15%. <unk> to debt kind of. The calculation is that. Kind of what youre using to get to that or is there more nuance to it.

$1 billion. Affectively, creating $6 5 billion of equity content could you just talk to that more in just I think if I do the backward math, that's about a 15%. <unk> to debt kind of. The calculation is that. Kind of what youre using to get to that or is there more nuance to it.

Affectively, creating $6 5 billion of equity content could you just talk to that more in just I think if I do the backward math, that's about a 15%. <unk> to debt kind of. The calculation is that. Kind of what youre using to get to that or is there more nuance to it.

<unk> to debt kind of. The calculation is that. Kind of what youre using to get to that or is there more nuance to it.

The calculation is that. Kind of what youre using to get to that or is there more nuance to it.

Kind of what youre using to get to that or is there more nuance to it.

John Ketchum: Yeah. Steve, on that slide, I'll take that. This is John. You know, the example is $1 billion. You take $1 billion, you divide by the 18% FFO to debt, that gets you about $5.5 billion. You add the $1 billion of cash that you receive, and that gets you the $6.5 billion of equity content on a billion-dollar transfer.

John W. Ketchum: Yes, Steve, on that slide, I'll take that. This is John. The example is $1 billion. You take $1 billion, you divide by the 18% FFO to debt that gets you about $5.5 billion, yeah, the $1 billion of cash that you receive and that gets you to the $6.5 billion of equity content on $1 billion transfer.

We are. The example is $1 billion you take $1 billion you divide by the 18% <unk> to debt you about $5 5 billion, yes, the $1 billion of cash that you receive and that gets you to the $6 5 billion. Of equity content on $1 billion transfer.

The example is $1 billion you take $1 billion you divide by the 18% <unk> to debt you about $5 5 billion, yes, the $1 billion of cash that you receive and that gets you to the $6 5 billion. Of equity content on $1 billion transfer.

Of equity content on $1 billion transfer.

Steve Fleishman: Okay. That would seem to be a key part since you talked about the transferability numbers going from $400 million to $1.7 billion. That's a key part, and that would show up in your funding plan in the corporate debt issuances, now since it's not tax equity anymore, that might be kind of matched against that or would it be in the tax equity and project. How do we think about where that fee shows up?

Steven I. Fleishman: Got it. Okay. And when you lay out--that would seem to be a key part since you talked about the transferability numbers going from $400 million to $1.7 billion, that's a key part and that would show up in your funding plan in the corporate debt issuances now since it's not tax equity anymore. That might be kind of matched against that or would it be in the tax equity and project, how do we think about that?

And when you lay out your that would seem to be. A key part since you talked about the transferability.

A key part since you talked about the transferability.

Numbers going from $400 million to $1 seven. That's a key part.

That's a key part.

And that would show up. And your funding plan and the. Corporate debt issuances.

And your funding plan and the. Corporate debt issuances.

Corporate debt issuances.

Now since it's not tax equity anymore.

That might be kind of matched against that or would it be.

Tax equity and project, how do we think about.

John W. Ketchum: Yes. So the way I think about it, this is going to show up in your cash flow from operations. That's the cash that you actually received and there's also some equity content that benefits the rest of the sources including corporate debt issuances.

So the way I think about it is it's going to show up in your <unk>. Your cash flow from operations, that's the cash that you actually receive and then there is also some equity content that benefits. The rest of the sources, including corporate debt issuances.

John Ketchum: Your cash flow from operations, that's the cash-

Your cash flow from operations, that's the cash that you actually receive and then there is also some equity content that benefits. The rest of the sources, including corporate debt issuances.

Steve Fleishman: Yep.

John Ketchum: -that you actually receive. There's also some equity content that benefits the rest of the sources, including corporate debt issuances.

The rest of the sources, including corporate debt issuances.

Steve Fleishman: Got it. Okay. Helpful. One other question on the. The tenor of the interest rate swap seems pretty long, which is helpful. Just when we think of how you're using the swaps to kind of basically limit interest rate risk of the projects. How much project. If there's $1 billion of a project, how much is project debt going forward percent of that, let's say, that you might be using a swap against.

Steven I. Fleishman: Got it. Okay. Helpful. And then one other question. So the tenure of the interest rate swaps seems pretty long, which is helpful. When we think of how you're using the swaps to kind of basically limit interest rate risk of the projects, if there is $1 billion of a project how much is project debt going forward percentage of that let's say that you might be using a swap against?

Helpful. And then one other question on the. On the so the tenor of the interest rate swaps seems presumed pretty long. Which is helpful. Just when we think of. How youre using the swaps to kind of. Basically <unk>. Limit. Interest rate risk of the projects. How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

On the so the tenor of the interest rate swaps seems presumed pretty long. Which is helpful. Just when we think of. How youre using the swaps to kind of. Basically <unk>. Limit. Interest rate risk of the projects. How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

Which is helpful. Just when we think of. How youre using the swaps to kind of. Basically <unk>. Limit. Interest rate risk of the projects. How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

Just when we think of. How youre using the swaps to kind of. Basically <unk>. Limit. Interest rate risk of the projects. How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

How youre using the swaps to kind of. Basically <unk>. Limit. Interest rate risk of the projects. How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

Basically <unk>. Limit. Interest rate risk of the projects. How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

Limit. Interest rate risk of the projects. How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

Interest rate risk of the projects. How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

How much. Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

Project, if there is $1 billion of a project how much. Is project debt going forward percentage of that lets say that you might be using a swap against.

Is project debt going forward percentage of that lets say that you might be using a swap against.

John Ketchum: Yeah. The way to think about it, Steve, is 70%. When you think about our backlog, these are just some rough math. If you take the $20.5 billion, I would think about roughly $15.5 billion of that or so going against the backlog, and then the balance going against near-term maturities that we have through 2026. The interest rate sensitivity that we have given you includes our exposure on everything, right, on the project debt, you know, on the corporate debt issuances. It includes it all.

John W. Ketchum: Yeah, the way to think about it Steve is 70%. So when you think about our backlog, just some rough math, if you take the 20.5 billion, I would think about roughly $15.5 billion of that or so going against the backlog and then the balance going against near term maturities that we have through 2026. But the interest rate sensitivity that we have given you includes our exposure on everything right, so on the project debt, on the corporate debt issuance, it includes it all.

When you think about our backlog. Just some rough math, if you take the 25 billion I would think about roughly $15 5 billion of that or so going against the backlog and then the balance going against near term maturities that we have through 2026, but the interest rate sensitivity that we have given you. <unk> includes. Our exposure on everything right so on the project. On the corporate debt issuance does includes at all.

Just some rough math, if you take the 25 billion I would think about roughly $15 5 billion of that or so going against the backlog and then the balance going against near term maturities that we have through 2026, but the interest rate sensitivity that we have given you.

<unk> includes. Our exposure on everything right so on the project. On the corporate debt issuance does includes at all.

Our exposure on everything right so on the project. On the corporate debt issuance does includes at all.

On the corporate debt issuance does includes at all.

Steve Fleishman: Okay. That's helpful. Then just one overall question on the renewables environment. Maybe you could just talk to just a little more color on what you're seeing, 'cause there's been a general view that the higher cost of capital environment is really slowing, you know, renewables growth. Maybe just more color on what, you know, what you're seeing and is there gonna be a slowdown that comes, you know, next quarter because of the move up or just more color on the overall environment would be helpful. Thank you.

Steven I. Fleishman: Okay, that's helpful. And then just one overall question on the renewables environment, maybe you could just talk to just a little more color on what you're seeing because there's been a general view that higher cost of capital environment is really slowing renewables growth, and just maybe just more color on what you're seeing or is there going to be a slowdown that comes next quarter because of the move up or just more color on the overall environment would be helpful. Thank you.

Okay. That's helpful. And then just one overall question on the renewables environment, maybe you could just talk to. Just a little more color on what youre seeing because theres been a general view that high. Higher cost of capital environment is really slowing. Renewables growth. And just maybe just more color on what. What you're seeing in or is there going to be a slowdown that comes. Next quarter because of the move of purchased just more color on the overall environment would be helpful. Thank you.

Just a little more color on what youre seeing because theres been a general view that high. Higher cost of capital environment is really slowing. Renewables growth. And just maybe just more color on what. What you're seeing in or is there going to be a slowdown that comes. Next quarter because of the move of purchased just more color on the overall environment would be helpful. Thank you.

Higher cost of capital environment is really slowing. Renewables growth. And just maybe just more color on what. What you're seeing in or is there going to be a slowdown that comes. Next quarter because of the move of purchased just more color on the overall environment would be helpful. Thank you.

Renewables growth. And just maybe just more color on what. What you're seeing in or is there going to be a slowdown that comes. Next quarter because of the move of purchased just more color on the overall environment would be helpful. Thank you.

And just maybe just more color on what. What you're seeing in or is there going to be a slowdown that comes. Next quarter because of the move of purchased just more color on the overall environment would be helpful. Thank you.

What you're seeing in or is there going to be a slowdown that comes. Next quarter because of the move of purchased just more color on the overall environment would be helpful. Thank you.

Next quarter because of the move of purchased just more color on the overall environment would be helpful. Thank you.

John Ketchum: Yes, Steve. I'm gonna turn over to Rebecca. One thing I would say is the renewable business is increasingly moving more and more towards the scale players. You can see reasons why. One of them is the ability to have a balance sheet to actually enter into the kind of interest rate hedges that we can enter into. If you can't do that really puts you at a significant disadvantage. All the other competitive advantages that you're all aware of where, you know, we buy at scale, we build at scale, we operate at scale. The last point I wanna make is the cost of capital advantage.

John W. Ketchum: Yeah, Steve, I'm going to turn it over to Rebecca, but one thing I would say is the renewable business is increasingly moving more and more towards the scale players and you can see reasons why. One of them is the ability to have a balance sheet to actually enter into this kind of interest rate hedges that we can enter into. If you can't do that, that really puts you at a significant disadvantage. And then all the other competitive advantages that you are all aware of where we buy at scale, we build at scale, we operate at scale. And the last point I want to make is the cost of capital advantage. In today's market environment, having a strong balance sheet with an ultimate pair with an a minus rating is really, really important, super big competitive advantage that we have other over the smaller developers that we compete against and that's a big part of our success. But let me turn it over to Rebecca to talk more about what she's seeing in the market.

The renewable business is increasingly increasingly moving more and more towards the scale players and you can see reasons why one of them is the ability to have a balance sheet to actually enter into this kind of interest rate hedges that we can enter into if you can't do that that really puts you at a significant disadvantage.

And then all the other competitive advantages that you are all aware of where we buy at scale. We build at scale, we operate at scale and the last point I want to make is the cost of capital advantage in today's market environment, having a strong balance sheet with.

John Ketchum: In today's market environment, having a strong balance sheet with, you know, an ultimate parent with an A-minus rating, is really, really important and a super big, competitive advantage that we have over the smaller developers that we, compete against. You know, it's a big part of our success. Let me turn over to Rebecca to talk more about what she's seeing in the market.

And ultimate pair it with an a minus rating.

is really, really important, super big competitive advantage that we have other over the smaller developers that we compete against and that's a big part of our success. But let me turn it over to Rebecca to talk more about what she's seeing in the market.

More about what you're seeing in the market.

Rebecca Kujawa: Good morning, Steve. We are thrilled with the signings that we posted for this quarter. Obviously, Kirk highlighted that 3.2GW is a record for us. It's specifically the first time we've been over 3GW. It represents, you know, all of the things that I think you would want to see, which is strong returns across the portfolio, a great mix of technologies, a good mix of customer type that we signed and entered into these agreements, and also a mix of signings in terms of the dates and across those technologies.

Rebecca J. Kujawa: Good morning Steve. So we are thrilled with the signings that we posted for this quarter. Obviously Kirk highlighted that 3.2 gigawatts is a record for us. It's specifically the first time we have been over three gigawatts and it represents all of what I think you would want to see which is strong returns across the portfolio, a great mix of technologies, a good mix of customer type that we signed and entered into these agreements and also a mix signings in terms of the date across those technologies. Our first edition to the backlog in 2027 I actually think is a slightly disproportionate to what we're seeing in terms of our overall backlog and a strong pipeline of projects that we see going into the fourth quarter, which were far more weighted to a little bit in '24 and a lot more in '25 and '26 but we're really excited about it.

and it represents all of what I think you would want to see which is strong returns across the portfolio, a great mix of technologies, a good mix of customer type that we signed and entered into these agreements and also a mix signings in terms of the date across those technologies.

Rebecca Kujawa: You know, there were our first additions to the backlog in 2027, I actually think is slightly disproportionate to what we're seeing in terms of our overall backlog and a strong pipeline of projects that we see going into Q4, which are far more weighted to a little bit in 2024 and a lot more in 2025 and 2026. We're really excited about it. Really strong and exciting development, you know, pipeline. I'll echo John's comments, and it's really what we're seeing on the ground, that after some weariness over the last couple of years, our customers are really, you know, drawn to us for our ability to execute.

across those technologies.

Our first edition to the backlog in 2027 I actually think is a slightly disproportionate to what we're seeing in terms of our overall backlog and a strong pipeline of projects that we see going into the fourth quarter, which were far more weighted to a little bit in '24 and a lot more in '25 and '26 but we're really excited about it.

Our overall backlog and a strong pipeline of projects that we see going into the fourth quarter, which are far more weighted to a little bit in 'twenty, four and a lot more than 25 and 26.

So really strong and exciting development pipeline. And I'll echo John's comments. It's really what we're seeing on the ground that after some weariness over the last couple of years, our customers are really drawn to us for our ability to execute. They understand the pipeline that we're building and the resources that we bring to bear to projects successfully built and I think that increasingly matters. And we're going to continue to address the quarterly but all signs are very positive for what we're seeing today.

An exciting development.

Pipeline and I'll Echo John's comments, and it's really what we're seeing on the ground.

That after some weariness over the last couple of years, our customers are really drawn to us will be to execute they understand the pipeline that we're building and.

Rebecca Kujawa: They understand the pipeline that we're building, and the resources that we bring to bear to, you know, get projects successfully built. I think that increasingly matters. We're gonna continue to address it quarterly, but, you know, all signs are very positive for what I'm seeing today.

And the resources that we bring to bear to two projects successfully built and I think that increasingly matters.

And we're going to continue to address the quarterly but all signs are very positive and I think today.

Steve Fleishman: Okay. Great. Thank you.

Steven I. Fleishman: Okay, great. Thank you.

Rebecca Kujawa: Thanks, Steve.

Thanks, Steve. Our next question comes from Shar Guggenheim Partners.

Rebecca J. Kujawa: Thanks, Steve.

Operator: Our next question comes from Shar Pourreza with Guggenheim Partners. Please go ahead.

Shahriar Pourreza: Our next question comes from Shahriar Pourreza from Guggenheim Partners.

Our next question comes from Shar <unk>. Google home. Uh huh.

Google home. Uh huh.

Shar Pourreza: Hey, good morning, guys.

Uh huh.

Shahriar Pourreza: Hey, good morning, guys.

John Ketchum: Morning, Shar.

Rebecca Kujawa: Morning.

[Company Representative] (NextEra Energy): Morning, Shar.

Kirk Crews: Morning, Shar.

Multiple: Morning Shahr.

Shar Pourreza: Morning. Just maybe quickly touching on the embedded expectations for NEP. I guess in terms of the Texas pipeline sale, John, are there any more comprehensive updates on the process? I guess, are you anticipating any delays or challenges in light of the market conditions? Kind of the reason why I ask is there's obviously a theory out there or a thesis that you're having a little bit of an issue offloading these assets. I'd love to, maybe if you can give a little bit more color in anticipation of your full disclosures.

Shahriar Pourreza: Just maybe quickly touching on the embedded expectations for [inaudible]. I guess in terms of the Texas pipelines, John, are there any more comprehensive updates on the process? Are you anticipating any delays or challenges in light of the market conditions? And kind of the reason why I ask is there's obviously a theory out there or thesis that you are having a little bit of an issue off loading these assets, so maybe if you can give a little bit more color in anticipation of your full disclosures.

Just maybe quickly touching on the embedded expectations for Matt I guess in terms of the Texas pipelines John are there any more comprehensive updates on the process. Are you anticipating any delays or challenges in light of the market conditions and kind of the reason why I ask is there's obviously a theory out there or thesis that. You are having a little bit of an issue off floating these assets. So maybe if you can give a little bit more color in anticipation of your whole disclosures.

Are you anticipating any delays or challenges in light of the market conditions and kind of the reason why I ask is there's obviously a theory out there or thesis that. You are having a little bit of an issue off floating these assets. So maybe if you can give a little bit more color in anticipation of your whole disclosures.

You are having a little bit of an issue off floating these assets. So maybe if you can give a little bit more color in anticipation of your whole disclosures.

So maybe if you can give a little bit more color in anticipation of your whole disclosures.

John Ketchum: Yeah, sure. Thank you. Let me start by saying, you know, obviously, as we said in our prepared remarks, our focus is on selling these pipes, growing at 6%, and putting NEP in a position to succeed going forward. Along those lines, we continue to work very diligently on the sales process. We're working with counterparties to get it done, and. At the same time, you know, look, this is a little bit more of a challenging macroeconomic environment. These are very valuable pipes, and we are, you know, looking for a transaction that maximizes value for unitholders, and we're gonna continue to be disciplined. In terms of, you know, the progress that we're making, things are continuing to advance and move forward.

John W. Ketchum: Yes, sure. Thank you. Let me start by saying obviously as we as we said in our prepared remarks, our focus is on selling these pipes. Growing at 6% and putting NEP in a position to succeed going forward. So along those lines, we continue to work very diligently on the sales process. We're working with counterparties to get it done. And at the same time, look this is a little bit more of a challenging macroeconomic environment. These are very valuable pipes and we are looking for a transaction that maximizes value for unit holders and we're going to continue to be disciplined. But in terms of the progress that we're making, things are continuing to advance and move forward and we look forward to having a further update either on the fourth quarter call or sometime before that in terms of where we are.

Let me start by saying you know. <unk> as we as we said in our prepared remarks, our focuses on selling these pipes.

<unk> as we as we said in our prepared remarks, our focuses on selling these pipes.

And at 6% and putting any P and are in a position to succeed going forward. So along those lines. We continue to work very diligently on the sales.

<unk>, we're working with Counterparties.

To get it done and at the same time, you know look this is a little bit more of a.

A challenging macroeconomic environment. These are very valuable pumps.

and we are looking for a transaction that maximizes value for unit holders and we're going to continue to be disciplined. But in terms of the progress that we're making, things are continuing to advance and move forward and we look forward to having a further update, either on the fourth quarter call or sometime before that in terms of where we are.

Unit holders and we're going to continue to be disciplined. But in terms of the progress that we're making things are continuing to advance and. And move forward and we look forward to having a further update. Either on the fourth quarter call or sometime before that in terms of where we are.

But in terms of the progress that we're making things are continuing to advance and. And move forward and we look forward to having a further update. Either on the fourth quarter call or sometime before that in terms of where we are.

John Ketchum: We look forward to having a further update, either on the Q4 call or sometime before that in terms of where we are.

And move forward and we look forward to having a further update. Either on the fourth quarter call or sometime before that in terms of where we are.

Either on the fourth quarter call or sometime before that in terms of where we are.

Shar Pourreza: Scott, just do you anticipate the repowering to sort of fully offset the Meade pipeline sale in 2025?

Shar Pourreza: Just do you anticipate the repowering to sort of fully offset the Meade pipeline sale in 2025?

Shahriar Pourreza: Got it. And then just do you anticipate the repowering to sort of fully offset the [inaudible] pipeline sale in '25?

Do you anticipate. The repowering to sort of fully offset the meade pipeline sale in 'twenty five.

The repowering to sort of fully offset the meade pipeline sale in 'twenty five.

Rebecca Kujawa: Hey, Shar, it's Rebecca. I'll take that one. We're super excited about repowers as part of the longer-term growth plan within NEP. With such an extensive pipeline of renewable projects to pursue these repowers, you know, it'll be a nice complement to continuing to acquire assets. It doesn't meet the entire growth plan, but certainly is a nice part of it. As we talked about in May, we have a total of 1.3GW that we see in the near term, and obviously this is a first step forward in order to make progress on that. Attractive CAFD yields, as we noted. There's still some steps to finish, but we're also not done with the opportunities to repower other assets in the portfolio.

Rebecca J. Kujawa: Hey, Shahr, it's Rebecca. I'll take that one. So we're super excited about re powers as part of the longer term growth plan within NEP. And with such an extensive pipeline of renewable projects to pursue these repowers it'll be a nice complement to continuing to acquire assets. So it doesn't meet the entire growth plan, but certainly is a nice part of it. As we talked about in May, we have a total of 1.3 gigawatts that we see in the near term and obviously this is a first step forward in order to make progress on that. So attractive CAFTA yields, as we noted, there are still some steps to finish, but we're also not done with the opportunities to repower other assets in the portfolio.

As part of the longer term growth plan within any P. Such an extensive pipeline of renewable projects to pursue the industry powers and you know it'll be a nice complement to your continuing to acquire assets. So it doesn't meet the entire growth plan, but certainly is a nice part of it as we talked about in May we have a total of one three gigawatt. Gigawatts that we see in the near term and obviously this is a first step forward.

Such an extensive pipeline of renewable projects to pursue the industry powers and you know it'll be a nice complement to your continuing to acquire assets. So it doesn't meet the entire growth plan, but certainly is a nice part of it as we talked about in May we have a total of one three gigawatt. Gigawatts that we see in the near term and obviously this is a first step forward.

Gigawatts that we see in the near term and obviously this is a first step forward.

In order to in order to make progress on that so attractive CAFTA yields as we noted there's still some steps to finish time, but we're also not done with the opportunities to repower other assets in the portfolio.

Shar Pourreza: Got it. Perfect. Just lastly for me, just on the sources and uses of cash, I think we all really appreciate the enhanced disclosures there. I just, I guess obviously given the capital-intensive nature of the business, do you anticipate any incremental levers to potentially offset the $3 billion of equity and $3 billion of asset sales if, you know, the capital market conditions become a bit more challenged? I guess any reason to rethink around flexing the payout or the balance sheet metrics? Thanks, guys.

Shahriar Pourreza: Got it. Perfect. And then just lastly for me, just on the sources and uses of cash, I think we all really appreciate the enhanced disclosures there. Obviously, given the capital intensive nature of the business, do you anticipate any incremental levers to potentially offset $3 billion of equity, $3 billion of asset sales if the capital market conditions become a bit more challenged I guess any reason to rethink around flexing the payout or the balance sheet metrics? Thanks guys.

Obviously, given the capital intensive nature of the business do you anticipate. Any incremental levers to potentially offset a $3 billion of equity 3 billion of asset sales.

Any incremental levers to potentially offset a $3 billion of equity 3 billion of asset sales.

the capital market conditions become a bit more challenged I guess any reason to rethink around flexing the payout or the balance sheet metrics? Thanks guys.

John Ketchum: Yeah. Listen, thank you. Thank you, Shar. Obviously, you know, we are very, very focused, as always, on costs. We're very, very focused on capital productivity, and efficiency, as well. Those are two levers we always have, and I think our shareholder base is very familiar with the success that we've had in our annual cost reduction processes that we run across the company. Those are certainly points of focus for us. Look, you know, when I think about the $3 billion of equity and the $3 billion of asset recycling, and look historically at what we've been able to do, I'd be pretty disappointed if we can only do $3 billion of asset recycling. I mean, not only through NEP, but third parties.

John W. Ketchum: Yeah, listen, thank you Shahr. And obviously, we are very, very focused as always on costs. We're very, very focused on capital productivity and efficiency as well, so those are two levers we always have and I think our shareholders basis is very familiar with the success that we've had in our annual cost reduction processes that we run across the company, but those are certainly point of focus for us. And look, when I think about the $3 billion of equity and the $3 billion of asset recycling, and look historically at what we've been able to do, I'd be pretty disappointed if we can only do $3 billion of asset recycling, not only through NEP but third parties and as a reminder, over the last three or four years, we've been very successful selling renewable projects, not only to NEP, but to third parties. When you think about the OTTP transaction, the Apollo transaction, the KKR transaction. So we feel very good about our sources plan that we've laid out and look forward to executing against it.

Thank you Shar and obviously, we are very very focused as always on costs.

We're very very focused on. Capital productivity and efficiency. As well so those are two levers, we always have and I think our shareholders basis is very familiar with the success that we've had in our annual cost reduction processes that we run across the company, but those are certainly point of focus for us and look when I think about. The $3 billion of equity in the $3 billion of asset recycling. Historically, what we've been able to do I'd be pretty disappointed if we can only do $3 billion of asset recycling. Not only through <unk>, but third parties and as a reminder, you know over the last three or four years, we've been very successful. Selling renewable projects not only to NTP, but to third parties. When you think about the otp transaction the Apollo transaction the KKR transaction. So. We feel very good about our sources plan that we've laid out and. Look forward to executing against it.

Capital productivity and efficiency. As well so those are two levers, we always have and I think our shareholders basis is very familiar with the success that we've had in our annual cost reduction processes that we run across the company, but those are certainly point of focus for us and look when I think about. The $3 billion of equity in the $3 billion of asset recycling. Historically, what we've been able to do I'd be pretty disappointed if we can only do $3 billion of asset recycling. Not only through <unk>, but third parties and as a reminder, you know over the last three or four years, we've been very successful. Selling renewable projects not only to NTP, but to third parties. When you think about the otp transaction the Apollo transaction the KKR transaction. So. We feel very good about our sources plan that we've laid out and. Look forward to executing against it.

As well so those are two levers, we always have and I think our shareholders basis is very familiar with the success that we've had in our annual cost reduction processes that we run across the company, but those are certainly point of focus for us and look when I think about. The $3 billion of equity in the $3 billion of asset recycling. Historically, what we've been able to do I'd be pretty disappointed if we can only do $3 billion of asset recycling. Not only through <unk>, but third parties and as a reminder, you know over the last three or four years, we've been very successful. Selling renewable projects not only to NTP, but to third parties. When you think about the otp transaction the Apollo transaction the KKR transaction. So. We feel very good about our sources plan that we've laid out and. Look forward to executing against it.

The $3 billion of equity in the $3 billion of asset recycling. Historically, what we've been able to do I'd be pretty disappointed if we can only do $3 billion of asset recycling. Not only through <unk>, but third parties and as a reminder, you know over the last three or four years, we've been very successful. Selling renewable projects not only to NTP, but to third parties. When you think about the otp transaction the Apollo transaction the KKR transaction. So. We feel very good about our sources plan that we've laid out and. Look forward to executing against it.

Historically, what we've been able to do I'd be pretty disappointed if we can only do $3 billion of asset recycling. Not only through <unk>, but third parties and as a reminder, you know over the last three or four years, we've been very successful. Selling renewable projects not only to NTP, but to third parties. When you think about the otp transaction the Apollo transaction the KKR transaction. So. We feel very good about our sources plan that we've laid out and. Look forward to executing against it.

Not only through <unk>, but third parties and as a reminder, you know over the last three or four years, we've been very successful. Selling renewable projects not only to NTP, but to third parties. When you think about the otp transaction the Apollo transaction the KKR transaction. So. We feel very good about our sources plan that we've laid out and. Look forward to executing against it.

John Ketchum: As a reminder, you know, over the last three or four years, we've been very successful in selling renewable projects, not only to NEP but to third parties. I mean, think about the OTPP transaction, the Apollo transaction, the KKR transaction. We feel very good about our sourcing plan that we've laid out and look forward to executing against it.

Selling renewable projects not only to NTP, but to third parties. When you think about the otp transaction the Apollo transaction the KKR transaction. So. We feel very good about our sources plan that we've laid out and. Look forward to executing against it.

We feel very good about our sources plan that we've laid out and. Look forward to executing against it.

Look forward to executing against it.

Shar Pourreza: Perfect. Thank you, guys. Much appreciated. Congrats.

Shahriar Pourreza: Perfect. Thank you guys. Much appreciate it, congrats.

John Ketchum: Thank you.

John W. Ketchum: Thank you.

Operator: Our next question comes from David Arcaro with Morgan Stanley. Please go ahead.

David Arcaro: Oh, hi. Good morning. Thanks so much for taking my questions.

David Keith Arcaro: Hi, good morning. Thanks so much for taking my questions.

Rebecca Kujawa: Morning, Dave.

John Ketchum: Morning, Dave.

Rebecca J. Kujawa: Morning Dave.

David Arcaro: Wondering if, you know, you mentioned returns over 20% returns for storage and wind. I think that's higher than you've indicated in the past. Assuming that's driven by higher PPA pricing, was wondering if you're seeing just, given higher PPA prices, any impacts to demand in the renewables market here, and how you think about that level of return in terms of whether it's sustainable given the competitive dynamics in those end markets. Thanks.

David Keith Arcaro: You mentioned over 20% returns for storage in wind, I think that's higher than you've indicated in the past. Assuming that's driven by a higher PPA pricing, I was wondering if you're seeing, given higher PPA prices any impacts to demand in the renewables market here and how you think about that level of return in terms of whether it's sustainable given the competitive dynamics in those end markets. Thanks.

You mentioned returns over 20% returns for storage and wind I think that's higher than you've indicated in the past and assuming that's driven by a higher PPA pricing. I was wondering if youre seeing it. Given higher PPA prices any impacts to demand in the renewables market here and how you think about that level of return in terms of whether it's sustainable given the competitive dynamics in. And those end markets.

I was wondering if youre seeing it. Given higher PPA prices any impacts to demand in the renewables market here and how you think about that level of return in terms of whether it's sustainable given the competitive dynamics in. And those end markets.

Given higher PPA prices any impacts to demand in the renewables market here and how you think about that level of return in terms of whether it's sustainable given the competitive dynamics in. And those end markets.

And those end markets.

Rebecca Kujawa: Dave, I'll take that. As you know, we've always, you know, characterized the backdrop for renewables as a competitive environment. I'm very proud of how this team, our team, has executed across an ever-changing environment. I certainly think it's a strength of our team and most importantly, the competitive advantages that John has highlighted, investment over a long period of time, the ability to work with our supply chain, the ability to work with the folks that we partner with to build the projects and ultimately operate these projects well over time. I think that really contributes to our ability to maintain appropriate returns.

Rebecca J. Kujawa: Dave, I'll take that. As you know, we've always characterized the backdrop for renewables as a competitive environment, so I'm very proud of how this team, our team has executed on across an ever-changing environment. And I certainly think it's a strength of our team and most importantly, the competitive advantages that John has highlighted, investment over a long period of time, the ability to work with our supply chain, the ability to work with the folks that we partner with to build the projects and ultimately operate these projects well over time. So I would say that really contributes to our ability to maintain appropriate returns and I also think it reflects what you would expect us to do which is adjust to all of the current costs of those building, financing, and operating projects over time. And we believe that we are successfully able to achieve that.

We've always characterized the backdrop for renewables is a competitive environment. Very proud of how this team our team has executed on across an ever changing environment and I. I certainly think it's a strength of our team and most importantly, the competitive advantages that John has highlighted our investment over a long period of time. Ability to work with our supply chain the ability to work with the folks that we partner with that though with the projects and ultimately operate these projects well over time, so I would say that really contributes to our ability to maintain appropriate returns and I also think it reflects what you would expect us to do which is adjust to all of the current.

Very proud of how this team our team has executed on across an ever changing environment and I. I certainly think it's a strength of our team and most importantly, the competitive advantages that John has highlighted our investment over a long period of time. Ability to work with our supply chain the ability to work with the folks that we partner with that though with the projects and ultimately operate these projects well over time, so I would say that really contributes to our ability to maintain appropriate returns and I also think it reflects what you would expect us to do which is adjust to all of the current.

I certainly think it's a strength of our team and most importantly, the competitive advantages that John has highlighted our investment over a long period of time. Ability to work with our supply chain the ability to work with the folks that we partner with that though with the projects and ultimately operate these projects well over time, so I would say that really contributes to our ability to maintain appropriate returns and I also think it reflects what you would expect us to do which is adjust to all of the current.

Ability to work with our supply chain the ability to work with the folks that we partner with that though with the projects and ultimately operate these projects well over time, so I would say that really contributes to our ability to maintain appropriate returns and I also think it reflects what you would expect us to do which is adjust to all of the current.

Rebecca Kujawa: I also think it reflects what you expect us to do, which is adjust to all of the current costs of both building, financing, and operating projects over time. We believe that we are successfully able to achieve that. In terms of demand, obviously we can't fully predict the future, but I can tell you that the two data points that I think are really top of mind and you know illustrated from our report today is 3.2GW is a fantastic sign I think of demand. As I highlighted a minute ago to Steve's question, a good underlying foundation of technology, dates, locations, et cetera. I'm really pleased.

costs of those building, financing, and operating projects over time. And we believe that we are successfully able to achieve that.

And we believe that we are.

In terms of demand, obviously, we can't fully predict the future, but I can tell you that the two data points that I think are really top of mind and illustrated from our report today is 3.2 gigawatts is a fantastic sign I think of demand. And as I highlighted a minute ago to Steve's question, a good underlying foundation of technology, dates, locations et cetera. So I'm really pleased and also in looking at the pipeline for the fourth quarter, obviously this is a development business, things can change, but I believe that we're in a good position to continue realizing strong stand particularly in that '24 to '26 timeframe. So based on what we see today, very exciting and I think it's founded on the things that you all know well, which is a backdrop of increasing electrification, increasing demand for generation and capacity value across our sector and renewables continuing to be the least cost form of generation. So I would hope you would expect that what I would argue is the best positioned company to execute well against an environment like that.

Three two gigawatts is a fantastic sign I think of demand. I highlighted a minute ago to Steves question could underlying foundation of technology dates. Locations et cetera, So I'm really pleased and also in looking at the pipeline for the fourth quarter. Obviously this is a development business things can change, but I believe that we're in good position to continue realizing strong and particularly in that 24 to 26 timeframe based on what we see today very <unk>. Sighting and I think it's founded on the things that you all know well, which is a backdrop of increasing electrification increasing demand.

I highlighted a minute ago to Steves question could underlying foundation of technology dates. Locations et cetera, So I'm really pleased and also in looking at the pipeline for the fourth quarter. Obviously this is a development business things can change, but I believe that we're in good position to continue realizing strong and particularly in that 24 to 26 timeframe based on what we see today very <unk>. Sighting and I think it's founded on the things that you all know well, which is a backdrop of increasing electrification increasing demand.

Locations et cetera, So I'm really pleased and also in looking at the pipeline for the fourth quarter. Obviously this is a development business things can change, but I believe that we're in good position to continue realizing strong and particularly in that 24 to 26 timeframe based on what we see today very <unk>. Sighting and I think it's founded on the things that you all know well, which is a backdrop of increasing electrification increasing demand.

Rebecca Kujawa: Also in looking at the pipeline for Q4, you know, obviously this is development business, things can change. But I believe that we're in a good position to continue realizing strong demand, particularly in that 2024 to 2026 timeframe. Based on what we see today, very exciting, and I think it's founded on the things that you all know well, which is a backdrop of increasing electrification, so increasing demand for generation and capacity value across our sector. Renewables continuing to be the least cost form of generation. I would hope you would expect what I would argue is the best-positioned company to execute well against an environment like that.

Sighting and I think it's founded on the things that you all know well, which is a backdrop of increasing electrification increasing demand.

for generation and capacity value across our sector and renewables continuing to be the least cost form of generation. So I would hope you would expect that what I would argue is the best positioned company to execute well against an environment like that.

Hope you would expect that what I would argue is the best positioned company to execute well against an environment like that.

David Arcaro: Great, thanks. That's really helpful. Was also curious on the tax credit transfers market. Could you touch on what you're seeing in terms of demand and interest from counterparties? You know, how deep is that market? What level of pricing that you're realizing when you're transferring these credits as it becomes a more important source of cash flow over the next few years?

David Keith Arcaro: Okay, great. Thanks, that's really helpful. And was also curious on the tax credit transfers market, could you touch on what you're seeing in terms of demand and interest from counterparties, how deep is that market, and what level of pricing that you're realizing when you're transferring these credits as it becomes a more important source of cash flow over the next few years?

Great. Thanks, that's really helpful and was also curious on the tax credit transfers market. Could you touch on what Youre seeing in terms of demand and interest from Counterparties, how deep is that market. And what level of. Pricing that you're realizing when you're transferring these credits as it becomes a more important. Or so of cash flow over the next few years.

Could you touch on what Youre seeing in terms of demand and interest from Counterparties, how deep is that market. And what level of. Pricing that you're realizing when you're transferring these credits as it becomes a more important. Or so of cash flow over the next few years.

And what level of. Pricing that you're realizing when you're transferring these credits as it becomes a more important. Or so of cash flow over the next few years.

Pricing that you're realizing when you're transferring these credits as it becomes a more important. Or so of cash flow over the next few years.

Or so of cash flow over the next few years.

John Ketchum: Yeah, David, I'll take that question. You know, first of all, you know, I would argue we have an outstanding tax department. Our tax department, yeah, together with our treasury group, started early. You know, we've already reached out to 50 of the top US taxpayers and are building relationships and have had terrific execution against our 2023 plan. The demand is extremely robust for tax credit transfers. We are already working on 2024, you know, as we speak, having 2023 pretty much behind us. One of the things that really helps NextEra in the tax transfer market is the fact that we have a strong balance sheet, we have an A- rating from the parent, and we're able to underwrite the credit.

John W. Ketchum: Yeah, Dave, I'll take that question. First of all, I would argue we have an outstanding tax department and our tax department, together with our treasury group, started early and we've already reached out to 50 of the top US taxpayers and are building relationships and have had terrific execution against our '23 plan. The demand is extremely robust for tax credit transfers and we are already working on '24 as we speak, having '23 pretty much. behind us. And one of the things that really helps NextEra in the tax transfer market is the fact that we have a strong balance sheet, we have an A minus rating from the parent and we're able to underwrite the credit. And being able to underwrite the credit is really, really important because we compete against a lot of really small developers that can't, that if you go to the top 50 taxpayers they've never heard of these companies, they don't know who they are, they don't really know what they do, they know NextEra and we can provide an indemnity behind the tax credits that we transfer with sleeves off our vest so to speak to able to do that. And we get preferred pricing because of it. So I feel great about where things stand in terms of our tax credit transfer program.

I'll take that question. First of all. I would argue we have what we had an outstanding tax department and. Our tax department together with our Treasury group started early and we've already reached out.

First of all. I would argue we have what we had an outstanding tax department and. Our tax department together with our Treasury group started early and we've already reached out.

I would argue we have what we had an outstanding tax department and. Our tax department together with our Treasury group started early and we've already reached out.

Our tax department together with our Treasury group started early and we've already reached out.

50 of the top U S taxpayers and are building relationships and have had terrific execution against our 23 plan and the demand is extremely robust for tax credit transfers and we are already.

Working on 24 as we speak. Having 23, you know pretty much.

Having 23, you know pretty much.

Behind us and one of the things that really helps nextera and the tax transfer market is the fact that we have a strong balance sheet, we have an a minus rating from.

The parent and we're able to underwrite the credit.

John Ketchum: Being able to underwrite the credit is really, really important because we compete against a lot of really small developers that can't. If you go to the top 50 taxpayers, they've never heard of these companies. They don't know who they are. They don't really know what they do. They know NextEra. We can provide an indemnity behind the tax credits that we transfer. It sleeves off our vest, so to speak, to be able to do that, and we get preferred pricing because of it. I feel great about where things stand in terms of our tax credit transfer program.

And being able to underwrite the credit is really really important because we compete against a lot of really small developers that can't that if you go to the top 50 taxpayers they've never heard of these companies. They don't know who they are they don't really know what they do they know nextera and we can provide an indemnity.

behind the tax credits that we transfer with sleeves off our vest so to speak to able to do that. And we get preferred pricing because of it. So I feel great about where things stand in terms of our tax credit transfer program.

With sleeves off our best so to speak to able to do that. And we get preferred pricing because of it and. So I feel I feel great about where things stand in terms of our tax credit transfer program.

And we get preferred pricing because of it and. So I feel I feel great about where things stand in terms of our tax credit transfer program.

So I feel I feel great about where things stand in terms of our tax credit transfer program.

Rebecca Kujawa: I'd love to add one point on that because I think it's a great complement to our broader business and particularly the C&I customers that we're working with to actually buy some of the renewable energy. Some of the customers that are most active in the market in procuring renewable energy are also the ones that are most interested in buying tax credits from us. I think they really like the value proposition, certainly the economics, as John highlighted, but really like the value proposition supporting and enabling investment in renewable projects. We see a really deep market, a lot of interest, and really a lot of cross-selling opportunities across the portfolio.

Rebecca J. Kujawa: And I'd love to add one point on that, I think it's a great complement to our broader business and particularly the C&I customers that we're working with to actually buy some of the renewable energy. Some of the customers that are most active in the market in procuring renewable energy are also the ones that are most interested in buying tax credits from us and I think they really like the value proposition, certainly the economics as John highlighted but really like the value proposition, supporting and enabling investment in renewable projects. So we see a really deep market, a lot of interest, and really a lot of cross selling opportunities across the portfolio.

A great complement to our broader business and particularly the C&I customers that way. Working with actually by some of the renewable energy. Some of the customers that are most active in the market and to carrying renewable energy are also the ones that are most interested in. In buying tax credits from us and I think they really like the value proposition and certainly the economics as John highlighted but really like the value proposition. Supporting and enabling investment in renewable projects. So we see a really deep market a lot of interest and and really a lot of cross selling opportunities across the portfolio.

Working with actually by some of the renewable energy. Some of the customers that are most active in the market and to carrying renewable energy are also the ones that are most interested in. In buying tax credits from us and I think they really like the value proposition and certainly the economics as John highlighted but really like the value proposition. Supporting and enabling investment in renewable projects. So we see a really deep market a lot of interest and and really a lot of cross selling opportunities across the portfolio.

Some of the customers that are most active in the market and to carrying renewable energy are also the ones that are most interested in. In buying tax credits from us and I think they really like the value proposition and certainly the economics as John highlighted but really like the value proposition. Supporting and enabling investment in renewable projects. So we see a really deep market a lot of interest and and really a lot of cross selling opportunities across the portfolio.

In buying tax credits from us and I think they really like the value proposition and certainly the economics as John highlighted but really like the value proposition. Supporting and enabling investment in renewable projects. So we see a really deep market a lot of interest and and really a lot of cross selling opportunities across the portfolio.

Supporting and enabling investment in renewable projects. So we see a really deep market a lot of interest and and really a lot of cross selling opportunities across the portfolio.

David Arcaro: Okay, great. Appreciate all the color. Thanks so much.

David Keith Arcaro: Okay, great. I appreciate all the color. Thanks so much.

Okay, Great I appreciate all the color. Thanks, so much.

Operator: Our next question comes from Julien Dumoulin-Smith with Bank of America. Please go ahead.

Julien Dumoulin-Smith: Hey team, good morning. Thanks for the time.

Please go ahead. Okay. Hey, Tim Good morning, Thanks for the time.

Julien Dumoulin-Smith: Hey, team. Good morning. Thanks for the time.

Okay. Hey, Tim Good morning, Thanks for the time.

Hey, Tim Good morning, Thanks for the time.

Rebecca Kujawa: Morning, Julien.

John Ketchum: Morning.

Julien Dumoulin-Smith: Hey, good morning. Hey, just going back to the last question a bit. How do you think about the composition of the $25 to 35 billion of project five tax equity and tax credit transferability? How do you think about your existing tax equity commitments, and how do you think about some of the impacts from a regulatory perspective on the tax equity market? Obviously, you're talking about a robust start to the tax credit transferability. How much does it matter? How much does it play into that $25 to 35? And ultimately, how much TE is contemplated anyway in that range, if you will?

Good morning, Julien. Good morning.

Rebecca J. Kujawa: Good morning, Julien.

John W. Ketchum: Good morning.

Julien Dumoulin-Smith: Hey, just going back to the last question a bit, how do you think that the composition of the $25 to $35 billion of project five tax equity and tax credit transferability? How do you think about your existing tax equity commitments and how do you think about some of the impacts from a regulatory perspective on the tax equity market? Obviously, you're talking about a robust start to the tax rate of transferability, how much does it matter, how much does it play into that $25-$35, and ultimately how much PE is contemplated anyway in that range, if you will?

how much does it matter, how much does it play into that 25 to 35, and ultimately how much PE is contemplated anyway in that range, if you will?

In that range, if you will.

John Ketchum: Yeah. I'll go ahead and take that, Julien. You know, first of all, you know, when you look at our tax equity, you know, project finance split, things can move around. Let's just hypothetically think about it as kind of, you know, 50/50. You know, I think that might be a decent, you know, starting place to think about. You know, we feel very good about our ability to be able to access you know, tax equity. You know, the regulatory issues I think that you pointed out, I think are going to get resolved. I think there were some unintended consequences around Basel III, and we have had significant discussions with the folks involved on those issues.

John W. Ketchum: Yeah, I'll go ahead and take that Julien. First of all, when you look at our tax equity project finance split things can move around but let's just hypothetically think about it as kind of 50-50. I think that might be a decent starting place to think about. We feel very good about our ability to be able to access tax equity. The regulatory issues that I think you pointed out I think are going to get resolved. I think there were some unintended consequences around [inaudible] III. And we have had significant discussions with folks involved on those issues. The administration certainly thinks this was an unintended consequence as do I think folks at the [inaudible]. And the administration I think is very focused on trying to get a good resolution around it.

I think that might be a decent starting place to think about. We feel very good about our ability to be able to access tax equity. The regulatory issues that I think you pointed out I think are going to get resolved. I think there were some unintended consequences around [inaudible] III. And we have had significant discussions with folks involved on those issues. The administration certainly thinks this was an unintended consequence as do I think folks at the [inaudible]. And the administration I think is very focused on trying to get a good resolution around it.

To think about it and we. We feel very good about our ability to be able to access.

We feel very good about our ability to be able to access.

Tax equity.

<unk>.

You know the regulatory issues I think that you pointed pointed out I think are going to get resolved I think there were some unintended consequences around.

Basel III and we have.

<unk> had significant discussions with folks involved.

John Ketchum: The administration certainly thinks this was an unintended consequence, as do I think folks at the Fed and the administration I think is very focused on trying to get a good resolution around it. You know, I don't worry about it too much. At the end of the day, for us, I think the Basel III thing gets fixed. You know, worst case scenario, the banks will find other pockets to be able to issue tax equity. You know, we'll receive our allocation off the top of the deck like we always do.

On those issues. The administration certainly thinks this was an unintended consequence as as do I think folks at the fed.

The administration I think is very focused on trying to get a a. Good resolution.

Good resolution.

But I don't worry about it too much. At the end of the day for us, I think I think the Basel III thing gets fixed. Worst case scenario, the banks will find other pockets to be able to issue tax equity. We'll receive our allocation off the top of the deck like we always do. And these relationships that I just spoke about with corporate parties, these 50 folks or so that we've been dealing with, there is no reason they can't step in and provide tax equity financing and we'll be talking to them about those structures as well. And then transferability, which we've already spent some time talking about this morning can fill in the gaps. So long story short, we feel terrific about our ability to source tax equity financing going forward.

Worst case scenario, the banks will find other pockets to be able to issue tax equity will be issue. Receive our allocation of off the top of the deck like we always do. And you know. These relationships that I just spoke about with corporate. Parties. These 50 folks or so that we've been dealing with there is no reason they can't step in and provide tax equity financing and we'll be talking to them about those structures as well and then transferability, which you've already spent some time talking about this morning, Ken can fill in the gaps so.

Receive our allocation of off the top of the deck like we always do. And you know. These relationships that I just spoke about with corporate. Parties. These 50 folks or so that we've been dealing with there is no reason they can't step in and provide tax equity financing and we'll be talking to them about those structures as well and then transferability, which you've already spent some time talking about this morning, Ken can fill in the gaps so.

John Ketchum: you know, these relationships that I just spoke about with corporate parties, these 50 folks or so that we've been dealing with, there's no reason they can't step in and provide tax equity financing, and we'll be talking to them about those structures as well. Transferability, which we've already spent some time talking about this morning, can fill any gaps. Long story short, we feel terrific about our ability to source tax equity financing going forward.

And you know. These relationships that I just spoke about with corporate. Parties. These 50 folks or so that we've been dealing with there is no reason they can't step in and provide tax equity financing and we'll be talking to them about those structures as well and then transferability, which you've already spent some time talking about this morning, Ken can fill in the gaps so.

These relationships that I just spoke about with corporate.

Parties. These 50 folks or so that we've been dealing with there is no reason they can't step in and provide tax equity financing and we'll be talking to them about those structures as well and then transferability, which you've already spent some time talking about this morning, Ken can fill in the gaps so.

Long story short, we feel terrific about our ability to source tax equity financing going forward.

Julien Dumoulin-Smith: Got it. Transferability is not technically part of the 25 to 35, but obviously it's a fluid conversation, right? If I understand that piece.

Julien Dumoulin-Smith: Got it. So it really is technically not a part of that 35, but it's a fluid conversation right if I understand that piece.

We say its a fluid conversation right if I understand that piece.

John Ketchum: Can you say that again, Julien?

John W. Ketchum: Could you say that again Julien?

Julien Dumoulin-Smith: The transferability, the credit transferability technically not included in that 25 to 35 as it stands, but it's a fluid question of-

Julien Dumoulin-Smith: The credit transferability technically not included in that 25 to 35 as it stands but it is a fluid question in your finance story.

John Ketchum: Oh, I'm sorry. Yeah.

Rebecca Kujawa: How you finance going forward? Yeah.

Julien Dumoulin-Smith: How you finance going forward? Yeah.

John Ketchum: Yeah. The tax transferability is not in that number. Again, it shows up in cash flow from operations, and then the equity content that's created really, you know, shows up in that core debt issuance line. Look,

John W. Ketchum: Oh, I'm sorry. Yeah, the tax transferability is not in that number. Again, it shows up in cash flow from operations and then the equity content that's created really shows up in that corporate debt issuance line, but look at the corporate cash flow from operations in terms of the dollars that we're receiving for tax credit transfers.

issuance line, but look at the corporate cash flow from operations in terms of the dollars that we're receiving for tax credit transfers.

Rebecca Kujawa: Right.

Julien Dumoulin-Smith: Right.

John Ketchum: The cash flow from operations in terms of the dollars that we're receiving for tax credit transfers.

Rebecca Kujawa: Just quickly, if I can, on the interest rate question here. Thank you again for the additional sensitivities and disclosures here. How do you think about sort of a baseline and the open impact as you roll to kind of 2026? I think it's notable, for instance, you guys reaffirmed through that period with your usual commentary. How do you think about sort of the puts and takes as you roll into that longer-dated 2026 period, considering the roll-off of the hedges here in that, I'd say, period, more specifically, if you will?

Julien Dumoulin-Smith: Just quickly, if I can, on the interest rate question here. Thank you again for the additional sensitivities and disclosures here. How do you think about sort of a baseline and the open impact as you roll to kind of 2026? I think it's notable, for instance, you guys reaffirmed through that period with your usual commentary. How do you think about sort of the puts and takes as you roll into that longer-dated 2026 period, considering the roll-off of the hedges here in that, I'd say, period, more specifically, if you will?

Julien Dumoulin-Smith: And then just quickly if I can on the interest rate question here, thank you again for the additional sensitivities and disclosures here. How do you think about sort of a baseline in the open impact as you roll that kind of in 2026? I think it's notable for instance, you guys reaffirmed through that period with your usual commentary, how do you think about sort of the puts and takes as you roll into that longer dated '26 period, considering the roll off of the hedges here in that period more specifically if you will. Is there a way to kind of quantify the interest rate headwinds?

into that longer dated '26 period, considering the roll off of the hedges here in that period more specifically if you will. Is there a way to kind of quantify the interest rate headwinds?

I think period more specifically if you will.

John Ketchum: Yeah. A couple

Rebecca Kujawa: Is there a way to kind of quantify the interest rate?

Julien Dumoulin-Smith: Is there a way to kind of quantify the interest rate?

Yes, so is there a way to kind of quantify the interest rate headwinds.

John Ketchum: Yeah, sure.

Rebecca Kujawa: Kind of headwind?

Julien Dumoulin-Smith: Kind of headwind?

John Ketchum: Yeah, yeah. A couple of points I'll make. One is you've seen the sensitivity. Zero impact in 2023 or 2024, $0.03 to $0.05 in 2025, in 2026. With the 5- to 10-year tenors, you know, with the average coupon 375 basis points, you know, we feel very good about the protection, you know, that we have there. You know, we've talked about where FPL sits. You know, you think about the project financings, you know, that we entered into, we use those hedges. Those project financings are basically 20-year amortizing debt that have 20-year hedges that then get rolled into them that have the benefit of those swaps.

John W. Ketchum: Yeah, so a couple of points I'll make. One is you're seeing the sensitivities. Zero impact in '23-'24 3 to 5 cents in '25 and '26 with a five to 10 year tenures with the average coupon of 375 basis points, we feel very good about the protection that we have there. We've talked about where FPL sits and then you think about the project financings that we entered into, we use those hedges, those project financings are basically 20 year amortizing debt that have 20 year hedges that then get rolled into them that have the benefit of those swaps. And so when you think about our existing project finance portfolio that we have, there is another $4 billion of interest rate swaps that aren't even in the 25 billion that we mentioned today that protect and safeguard those as they roll and become due. So long story short, between the $20.5 billion that we have against the backlog, the fact that our existing portfolio is already locked in or hedged, we feel very good about our interest rate exposure.

Zero impact in 'twenty, three 'twenty, four 3% to <unk> and 'twenty five. And 26 with a five to 10 year. Tenors. You know with the. The average coupon of three 375 basis points, we feel very good about. The protection that. That we have there you know we've talked about where FPL sits and then you think about the project financings that we that we entered into we use those hedges. Those project financings are basically 20 year amortizing debt that have 20 year hedges that then get rolled into them that have the benefit of those.

And 26 with a five to 10 year. Tenors. You know with the. The average coupon of three 375 basis points, we feel very good about. The protection that. That we have there you know we've talked about where FPL sits and then you think about the project financings that we that we entered into we use those hedges. Those project financings are basically 20 year amortizing debt that have 20 year hedges that then get rolled into them that have the benefit of those.

Tenors. You know with the. The average coupon of three 375 basis points, we feel very good about. The protection that. That we have there you know we've talked about where FPL sits and then you think about the project financings that we that we entered into we use those hedges. Those project financings are basically 20 year amortizing debt that have 20 year hedges that then get rolled into them that have the benefit of those.

You know with the. The average coupon of three 375 basis points, we feel very good about. The protection that. That we have there you know we've talked about where FPL sits and then you think about the project financings that we that we entered into we use those hedges. Those project financings are basically 20 year amortizing debt that have 20 year hedges that then get rolled into them that have the benefit of those.

The average coupon of three 375 basis points, we feel very good about. The protection that. That we have there you know we've talked about where FPL sits and then you think about the project financings that we that we entered into we use those hedges. Those project financings are basically 20 year amortizing debt that have 20 year hedges that then get rolled into them that have the benefit of those.

The protection that. That we have there you know we've talked about where FPL sits and then you think about the project financings that we that we entered into we use those hedges. Those project financings are basically 20 year amortizing debt that have 20 year hedges that then get rolled into them that have the benefit of those.

That we have there you know we've talked about where FPL sits and then you think about the project financings that we that we entered into we use those hedges. Those project financings are basically 20 year amortizing debt that have 20 year hedges that then get rolled into them that have the benefit of those.

John Ketchum: When you think about our existing project finance portfolio that we have, there's another $4 billion of interest rate swaps that aren't even in the $20.5 billion that we mentioned to you today that protect and safeguard those as they roll and become due. Long story short, between the $20.5 billion that we have against the backlog, the fact that our existing portfolio is already locked in and hedged, we feel very good about our interest rate exposure.

And so when you think about our existing project finance portfolio that we have, there is another $4 billion of interest rate swaps that aren't even in the 25 billion that we mentioned today that protect and safeguard those as they roll and become due. So long story short, between the $20.5 billion that we have against the backlog, the fact that our existing portfolio is already locked in or hedged, we feel very good about our interest rate exposure.

Project Finance portfolio that we have there is another $4 billion of interest rate swaps that arent even in the 25 billion that we mentioned today that protect and safeguard those as they. Roll and do so long story short between the $20 5 billion that we have against the backlog. Fact that our existing portfolio is already locked in or hedged we feel very good about our interest rate exposure.

Roll and do so long story short between the $20 5 billion that we have against the backlog. Fact that our existing portfolio is already locked in or hedged we feel very good about our interest rate exposure.

Fact that our existing portfolio is already locked in or hedged we feel very good about our interest rate exposure.

Rebecca Kujawa: Got it. Excellent. All right, guys. Thank you very much. I'll pass it there. Have a nice one.

Julien Dumoulin-Smith: Got it. Excellent. All right, guys. Thank you very much. I'll pass it there. Have a nice one.

Julien Dumoulin-Smith: Got it. Excellent. Alright, guys, thank you very much. I'll pass it there. Have a nice one.

John Ketchum: Yeah. Hey, thank you, Julien.

John W. Ketchum: Yeah, hey, thank you Julien.

Okay.

Operator: Our next question comes from Carly Davenport with Goldman Sachs. Please go ahead.

Operator: Our next question comes from [inaudible] with Goldman Sachs. Please go ahead.

Carly Davenport: Hey, good morning. Thanks for taking the questions. Appreciate the incremental disclosure on the funding plan and the asset sales. Just to follow up there, are renewables the only element kind of embedded in that $3 billion in proceeds? Or are there any other non-core assets and energy resources that you'd consider monetizing?

Unknown: Hey, good morning. Thanks for taking the questions. I appreciate the incremental disclosure on the funding plan and the asset sales. And just a follow up there, are renewables the only element kind of embedded in that $3 billion in proceeds or are there any other non-core assets and energy resources that you would consider monetizing?

I appreciate the incremental disclosure on the funding plan and the asset sales. And just a follow up there, are renewables the only element kind of embedded in that $3 billion in proceeds or are there any other non-core assets and energy resources that you would consider monetizing?

John Ketchum: Yeah. You know, when I think about it, Carly, you know, renewables you know come top of mind. You know, we've had a history over the last several years of being able to recycle you know capital through renewables. Remember too, I mean, you know, we're a large company. There are other assets that could potentially you know be available for capital recycling that are non-core. The FCG transaction that we just you know recently announced is a good example of that. You know, we'll always look for opportunities. If there are situations where third parties value assets more than we do, then sure, we'll look to be opportunistic, but it's not a core part of the plan.

John W. Ketchum: Yeah, so when I think about it Karly, renewables come top of mind. We've had a history over the last several years of being able to recycle capital through renewables. But remember too, we're a large company. There are other assets that could potentially be available for capital recycling that are non-core. The SCG transaction that we just recently announced is a good example of that and we will always look for opportunities. If there are situations where third parties value of assets more than we do, then sure, we will look to be opportunistic, but it's not a core part of the plan.

Mobile.

Come top of mind. We've had a history over the last several years of being able to recycle capital through renewables, but remember too.

We've had a history over the last several years of being able to recycle capital through renewables, but remember too.

We're a large company. We there are there are other assets that could potentially be available for capital recycling that are non core the FCB transaction that we just recently.

Our recently announced is a good example of that and we will always look for opportunities. If there are situations, where third parties value of assets more than we do then sure we will look to be opportunistic, but it's it's not a core part of the plan.

Carly Davenport: Got it. Okay, great. That's helpful. Just as you think about the timing cadence of the backlog additions and also the dispersion across the different technologies, I think, Rebecca, you alluded to the fact that the Q4 pipeline is shaping up to be kind of more weighted to the 2024 to 2026 timeframe versus this quarter being a little bit longer dated. Can you also just talk about the split across wind, solar, and storage? It seems like there's been a step up in solar relative to wind. Just any thoughts on how you see that piece evolving going forward would be helpful.

Unknown: Got it. Okay, great. That's helpful. And then just as you think about the timing cadence of the backlog additions and also the dispersion across the different technologies, I think Rebecca you alluded to the fact that the 4Q pipeline is shaping up to be kind of more weighted to the '24 to '26 timeframe versus this quarter being a little bit longer dated. But can you also just talk about the split across wind, solar, and storage? It seems like there's been a step up in solar relative to wind. So just any thoughts on how you see that piece evolving going forward would be helpful.

can you also just talk about the split across wind, solar, and storage? It seems like there's been a step up in solar relative to wind. So just any thoughts on how you see that piece evolving going forward would be helpful.

Rebecca Kujawa: Thanks, Carly. I think it's a great question. Yes, I definitely support that first part of your comment, and it's consistent with what I had said before that, I think, you know, this quarter was a little bit anomalous in terms of the weighting to 2027, and the pipeline is very much more weighted for what I see today for 2024, 2025, and 2026, with much of it in the 2025 and 2026 timeframe, just given the fact that we're entering into 2024. In terms of the technology, obviously, we had, you know, very strong signings for storage.

Rebecca J. Kujawa: Thanks Karly. I think it's a great question. Yes, I definitely support that first part of your other comment and it's consistent with what I had said before that I think this quarter was a little bit anomalous in terms of the waiting to 2027 and the pipeline is very much more weighted for what I see today for '24, '25, and '26 with much of it in the '25 and '26 timeframe just given the fact that we're heading into '24.

I think this quarter was a little bit anomalous in terms of the waiting to 2027. And our pipeline is very much more weighted for what I see today for 'twenty four 'twenty five 'twenty six with much of it in the $25 26 timeframe just given the fact that we're adding into 'twenty four.

And our pipeline is very much more weighted for what I see today for 'twenty four 'twenty five 'twenty six with much of it in the $25 26 timeframe just given the fact that we're adding into 'twenty four.

In terms of the technology.

In terms of the technology, you have a very strong signings for storage and as Kirk highlighted in the prepared remarks in terms of maybe not surprise, it's probably not the right word but really pleased to see how we're starting to see adoption across a broader set of markets, not just California but into the Midwest where our utility customers and some of the C&I are really valuing the ability to incorporate storage for capacity value and firming and shaping the renewables products. So that's really in my mind. On the wind side, I think we're still seeing a little bit of that demand dynamics that shaped up as a result of the tax credits that originally we and the industry thought were going to phase down after 2020. So we saw a significant amount of a pull forward of demand and I think that's still affecting the industry a little bit and then obviously the PTC being extended for solar significantly improves the economics from a relative standpoint, which has been super positive for demand.

Rebecca Kujawa: As Kirk highlighted in the prepared remarks, in terms of the, maybe surprise is probably not the right word, but really, you know, pleased to see how we're starting to see adoption across a broader set of markets, not just California, but into the Midwest, where our utility customers and obviously some of the C&I are really valuing the ability to incorporate storage for capacity value and firming and shaping the renewables product. That's really positive in my mind. On the wind side, I think we're still seeing a little bit of dynamics that shaped up as a result of the tax credits that we originally in the industry thought were going to phase down after 2020. We saw a significant amount of pull forward of demand.

Terms of the problem, maybe not surprise, it's probably not the right word but really. Pleased to see how we're starting to see adoption across a broader set of markets not just california, but into the Midwest. There are a utility customers and I see some of the C&I are really valuing the ABA. <unk> to incorporate storage for capacity value and firming in shaping the renewables products. So that's really in my mind on the wind side I think we're still seeing a little bit of that demand dynamics. It shaped up as a result of the tax credits that we originally we and the industry thought were going to phase down after 2020. So. A significant amount of a pull forward of demand.

Pleased to see how we're starting to see adoption across a broader set of markets not just california, but into the Midwest. There are a utility customers and I see some of the C&I are really valuing the ABA. <unk> to incorporate storage for capacity value and firming in shaping the renewables products. So that's really in my mind on the wind side I think we're still seeing a little bit of that demand dynamics. It shaped up as a result of the tax credits that we originally we and the industry thought were going to phase down after 2020. So. A significant amount of a pull forward of demand.

There are a utility customers and I see some of the C&I are really valuing the ABA. <unk> to incorporate storage for capacity value and firming in shaping the renewables products. So that's really in my mind on the wind side I think we're still seeing a little bit of that demand dynamics. It shaped up as a result of the tax credits that we originally we and the industry thought were going to phase down after 2020. So. A significant amount of a pull forward of demand.

<unk> to incorporate storage for capacity value and firming in shaping the renewables products. So that's really in my mind on the wind side I think we're still seeing a little bit of that demand dynamics. It shaped up as a result of the tax credits that we originally we and the industry thought were going to phase down after 2020. So. A significant amount of a pull forward of demand.

A significant amount of a pull forward of demand.

Rebecca Kujawa: You know, I think that's still, you know, affecting the industry a little bit. Obviously the PTC being extended for solar significantly improved the economics from a relative standpoint, which has been super positive for demand. We still see a lot of geographies where wind is incredibly attractive. I feel good about long-term demand for wind, and I also feel really good about long-term demand for repowering projects. Obviously, we had a great start-

and I think that's still affecting the industry a little bit and then obviously the PTC being extended for solar significantly improves the economics from a relative standpoint, which has been super positive for demand. We still see a lot of geographies where wind is incredibly attractive, and so I feel good about long term demand for wind and I also feel really good about long term demand for repowering projects. Obviously, we had a great start to the repowering initiative following the IRA extension with over 700 megawatts, we talked about today. Obviously its share often year, it's a little bit less than that, but when you look across the entire tens of gigawatts now renewable projects, there's lots of opportunities to repower as well. So overall, across the board, really excited about the opportunities that we have in front of us.

We still see a lot of geographies where wind is incredibly attractive, and so I feel good about long term demand for wind and I also feel really good about long term demand for repowering projects. Obviously, we had a great start to the repowering initiative following the IRA extension with over 700 megawatts, we talked about today. Obviously its share often year, it's a little bit less than that, but when you look across the entire tens of gigawatts now renewable projects, there's lots of opportunities to repower as well. So overall, across the board, really excited about the opportunities that we have in front of us.

And so I feel good about long term demand for wind and I also feel really good about long term demand for Repowering projects. Obviously, we had a great start to the Repowering initiative. Following the iron extension with over 700 megawatts, we talked about today, obviously its share often year, it's a little bit less than that but when you look across the <unk>. Higher. Tens of Gigawatts now renewable projects, there's lots of opportunities to repower as well so overall across the board really excited about the opportunities that we have in front of us.

John Ketchum: To the repowering initiative following the IRA extension with over 700MW we talked about today. Obviously, its share this year, it's a little bit less than that. But when you look across the entire, you know, tens of GW now of renewable projects, there's lots of opportunities to repower as well. Overall, across the board, really excited about the opportunities that we have in front of us.

Higher. Tens of Gigawatts now renewable projects, there's lots of opportunities to repower as well so overall across the board really excited about the opportunities that we have in front of us.

Tens of Gigawatts now renewable projects, there's lots of opportunities to repower as well so overall across the board really excited about the opportunities that we have in front of us.

Andrew Weisel: That's great. Appreciate the color.

Unknown: That's great. I appreciate the color.

Okay.

Operator: Our next question comes from Andrew Weisel with Scotiabank. Please go ahead.

Operator: Our next question comes from Andrew [inaudible] with ScotiaBank. Please go ahead.

<unk> <unk> with Scotia Bank. Please go ahead.

Andrew Weisel: Hey, good morning, everyone.

Unknown: Hey, good morning, everyone.

John Ketchum: Morning, Andrew.

John Ketchum: Morning, Andrew

John W. Ketchum: Good morning, Andrew.

Andrew Weisel: Hi. Can you talk a bit about supply chains? I'm curious your latest thoughts on the availability and status of supply chains, both for solar equipment as well as for grid-level equipment like transformers or switch gears.

Unknown: Hi, can you talk a bit about supply chains, just curious your latest thoughts on the availability and status of the supply chain both for solar equipment, as well as for grid level equipment like transformers or switch gears?

<unk>, both for solar equipment, as well as for grid level equipment like transformers or switch gears.

John Ketchum: Sure. Yeah. Let me take that, Andrew. You know, first of all, with supply chain, things have really improved a lot. As you know, Rebecca just mentioned. You know, we had the two issues, right? Circumvention, which has been asked and answered, provided a lot of clarity around what can be done, what can't, and with the presidential proclamation. In very good shape there. Second was forced labor and making sure that our suppliers are working constructively with customs and border patrol to get their panels, you know, cleared for importation into the country. For the most part, you know, all of our solar suppliers have been able to do that. We are in a very good shape there.

John W. Ketchum: Sure. Yeah, let me take that Andrew. So first of all, with supply chain things have really improved a lot as Rebecca just mentioned. We had the two issues right, circumvention, which has been asked and answered provides a lot of clarity around what can be done, what can't and with the presidential proclamation. So in very good shape there. Second was forced labor and making sure that our suppliers are working constructively with customs and border patrol to get their panels clear for importation into the country. And so for the most part, all of our solar suppliers have been able to do that and so we are in very good shape there.

Around what can be done what can and with the presidential proclamation. So in very good shape. There second was forced labor and making sure that. Our suppliers are working constructively with customs and border patrol to get their. Panels. Clear. Importation into the country and so for the most part all of R. R. Solar suppliers have been able to do that and so we are in.

Our suppliers are working constructively with customs and border patrol to get their. Panels. Clear. Importation into the country and so for the most part all of R. R. Solar suppliers have been able to do that and so we are in.

Panels. Clear. Importation into the country and so for the most part all of R. R. Solar suppliers have been able to do that and so we are in.

Clear. Importation into the country and so for the most part all of R. R. Solar suppliers have been able to do that and so we are in.

Importation into the country and so for the most part all of R. R. Solar suppliers have been able to do that and so we are in.

Solar suppliers have been able to do that and so we are in.

I think on grid power, actually the grid level issues that you just mentioned, we're in very good shape on. We had gone long on grid level equipment, including transformers, and so we have a significant supply in our inventory and we've also looked forward in our plan for this in terms of trying to make sure that we have equipment available where if our customers or the transmission owner in the places that we're building renewables are short on equipment, are short on grid level equipment in particular that we have in our inventory and are able to offer that up as a solution. And I think one of the big benefits that we have given our scale and given our leverage and the ability to buy this equipment in very large quantities and really lock up a lot of the manufacturing lines for these equipment so it's a true competitive advantage for our renewable business the way I think about it.

John Ketchum: I think on grid power, I actually, you know, the grid level, you know, issues that you just mentioned, we're in very good shape on. You know, we had gone long on grid level equipment, including transformers. We have a significant supply in our inventory. We've also looked forward in a plan for this in terms of trying to make sure that we have equipment available where if our customers or the transmission owner in the places that we're building renewables are short on equipment or short on grid-level equipment in particular, that we have it in our inventory and are able to offer that up as a solution.

We're in very good shape on you know, we had gone long horn grid level.

Equipment, including Transformers, and so we have significant supply and our inventory and we've also looked forward in our plan for this in terms of trying to make sure that we have equipment available where if our if our customers or the <unk>.

<unk> transmission owner in the place of places that we're building in renewables are short on equipment.

are short on grid level equipment in particular that we have in our inventory and are able to offer that up as a solution. And I think one of the big benefits that we have given our scale and given our leverage and the ability to buy this equipment in very large quantities and really lock up a lot of the

John Ketchum: I think one of the big benefits that we have, given our scale and given our leverage and the ability to buy this equipment in very large quantities and really lock up a lot of the manufacturing lines for this equipment, it's a true competitive advantage, you know, for our renewable business, the way I think about it.

manufacturing lines for these equipment so it's a true competitive advantage for our renewable business the way I think about it.

The manufacturing lines for these four as equipment. So it's a true competitive advantage.

For our renewable business the way I think about it.

Andrew Weisel: Great. Just to clarify, NextEra is buying this equipment or FPL? Like, do you keep those separate inventories?

Unknown: Great. Just to clarify, Nir is buying this equipment or FPL, like do you keep those as separate inventories?

John Ketchum: Both are, because both need it.

John W. Ketchum: Both are because both need it.

Both are. Because both need it.

Because both need it.

Andrew Weisel: Okay, great. One quick follow-up, if I may. I'm almost apologizing to bring this up, but the Supreme Court of Florida asked the PSC for some details on their approval of the rate case settlement. Can you just share your expectations around timing of the process and maybe potential outcomes?

Unknown: Okay, great. And one quick follow up if I may, I'm almost apologizing for bringing this up. The Florida State Supreme Court asked the PSC for some details on their approval of the rate case settlement, can you just share your expectations around timing of the process and maybe potential outcomes?

Armando Pimentel: Hey, Andrew, it's Armando. You're right that the Supreme Court remanded the settlement agreement back to the Public Service Commission. Our view is that the Public Service Commission is going to take that up soon and will likely be in a position early next year, I would say Q1 next year, to be able to send that back up to the Supreme Court with the additional details that the Supreme Court is looking forward to receiving.

Armando Pimentel: Hey, Andrew, it's Armando. You're right that the Supreme Court remanded the settlement agreement back to the Public Service Commission. Our view is that the public service commission is going to take that up soon and will likely be in a position early next year, I would say first quarter of next year to be able to send that back up to the Supreme Court with the additional details that the Supreme Court is looking forward to receiving. That process would be very similar

Youre right that the. Supreme Court remanded. Settlement agreement back to back to the public Service Commission.

Supreme Court remanded. Settlement agreement back to back to the public Service Commission.

Settlement agreement back to back to the public Service Commission.

Our view is that the public service commission is going to take that up.

Soon and will likely be in a position early next year I would say first quarter of next year to be able to send that back up to the Supreme Court with the additional details that the Supreme Court is is looking forward to receiving that process would be very similar.

John Ketchum: That process would be very similar to the process, both the timeline and the materials that the Public Service Commission went through with the Duke case that was remanded by the Supreme Court back to the Public Service Commission last year, where the Public Service Commission did not reopen the record, made sure that they put together a conclusion that would be satisfactory in their view to the Supreme Court and sent it back to the Supreme Court. We don't expect our record to be reopened. We think we're on the same process as that Duke case was, and we look forward to having the Public Service Commission resubmit that again Q1 of next year.

Armando Pimentel: That process would be very similar to the process, both the timeline and the materials that the Public Service Commission went through with the Duke case that was remanded by the Supreme Court back to the Public Service Commission last year, where the Public Service Commission did not reopen the record, made sure that they put together a conclusion that would be satisfactory in their view to the Supreme Court and sent it back to the Supreme Court. We don't expect our record to be reopened. We think we're on the same process as that Duke case was, and we look forward to having the Public Service Commission resubmit that again Q1 of next year.

to the process, both the timeline and the materials that the Public Service Commission went through with the Duke case that was remanded by the Supreme Court back to the Public Service Commission last year where the Public Service Commission did not reopen the record, we don't expect a record to be reopened, and made sure that they put together a conclusion that would be satisfactory in their view with the Supreme Court and send it back to the Supreme Court. So we think we're on the same process that that Duke case was and we look forward to having the Public Service Commission resubmit that again first quarter next year.

Case that was remanded by the by the Supreme Court back to the public Service Commission last year with the public Service Commission did not reopen the record we don't expect a record to be reopened. And made sure that they put together a. Our conclusion that would be satisfactory in their view. With the Supreme Court and send it back to the Supreme Court. So we think we're on the same process. Duke case was in and we look forward to. To having the public service Commission resubmit that again first quarter next year.

And made sure that they put together a. Our conclusion that would be satisfactory in their view. With the Supreme Court and send it back to the Supreme Court. So we think we're on the same process. Duke case was in and we look forward to. To having the public service Commission resubmit that again first quarter next year.

Our conclusion that would be satisfactory in their view. With the Supreme Court and send it back to the Supreme Court. So we think we're on the same process. Duke case was in and we look forward to. To having the public service Commission resubmit that again first quarter next year.

With the Supreme Court and send it back to the Supreme Court. So we think we're on the same process. Duke case was in and we look forward to. To having the public service Commission resubmit that again first quarter next year.

Duke case was in and we look forward to. To having the public service Commission resubmit that again first quarter next year.

To having the public service Commission resubmit that again first quarter next year.

Andrew Weisel: Sounds good. Thank you.

Unknown: Sounds good. Thank you.

Operator: This concludes our question and answer session and the conference has also now concluded. Thank you for attending today's presentation, you may all now disconnect.

Operator: This concludes our question and answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may all now disconnect.

This concludes our question and answer question. Mhm computer. Thank you for attending today's presentation you may now disconnect. Okay.

Mhm computer. Thank you for attending today's presentation you may now disconnect.

Okay.

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