The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Eric Thomas Beaumont - Barclays Bank PLC, Research Division - Analyst
: Great. Thanks, Kirk. So I mean just getting back to the IRA. Obviously, having a much longer period and much more visibility in tax rates, everything
else, it expands the pie. Yes, expanding the pie is good for everyone, but as we kind of can dig layers back, it brings competitors back and they
would have been there. It probably brings some new entries. Maybe the super majors come in as competitors. The advantage you had with tax
equity, you understood it very well with the transferability kind of gets diluted, although it provides other opportunity.
We obviously know with repowering, you have that, with the ability for PTCs on solar, utilities can more easily rate base as opposed to. So if you
kind of take the puts and takes, clearly positive for the industry, clearly positive for you. But how do you see it shifting kind of business mix and
opportunity set, if you will?
Question: Eric Thomas Beaumont - Barclays Bank PLC, Research Division - Analyst
: Okay. And understanding experience is key. A lot of competitors, you say got chased out earlier, their margins went very low, couldn't compete.
When you just think about the value add without going through everything we saw previously, but the biggest factor is the value add that you
can provide to keep margins up for yourself and really do much better than a lot of your competitors. What are those 3 or 4 key value adds?
Question: Eric Thomas Beaumont - Barclays Bank PLC, Research Division - Analyst
: Okay. Great. And just kind of building on that, you mentioned the 70-gigawatts of interconnects. Obviously, you stressed the transmission. It's
important to -- if we take a look at the recent ruling in Texas on incumbents and right of first refusal if you will. We think about what's going on
with MISO and the ability for what's going to incumbents and build out. You guys obviously have made a few big moves in transmission lately.
You want to talk a little bit about the recent corridor in Texas and just the view on where the transmission is going and what FERC needs to do to
maybe expand that process?
Question: Eric Thomas Beaumont - Barclays Bank PLC, Research Division - Analyst
: So if we wrap, renewable development together, we ramp transmission together and you just think about -- you've talked about green hydrogen,
the build-out. And obviously, it takes a lot of power to run electrolyzers.
Question: Eric Thomas Beaumont - Barclays Bank PLC, Research Division - Analyst
: Do you see stacking electrolyzers right at renewable sites? Do you see the transmission being important to driving this? How do you kind of wrap
that all together with the Bow?
Question: Eric Thomas Beaumont - Barclays Bank PLC, Research Division - Analyst
: We're running a little close some times. So one question. Obviously, we've seen the rating agencies take a little bit different look at NextEra Energy
Resources lately. And as you think about getting more and more stable, having a tax rate going out, showing that there's a more stable base of
revenues, the business mix shift. How do you really think about the business mix between utility and Energy Resources going forward, given kind
of the evolving views of the rating agencies?
Question: Eric Thomas Beaumont - Barclays Bank PLC, Research Division - Analyst
: With that, I think we're out of time. But thanks very much, Kirk. I appreciate your time. If there's any follow-up questions, Jessica is always available,
happy to reach out and make sure she gets you answers. But thank you all for joining us, Kirk.
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