Core Points - Fluence Energy, Inc. will report its earnings for the fourth quarter and fiscal year ended September 30, 2025, on November 24, 2025, after market close [1] - A teleconference to discuss the results will be held on November 25, 2025, at 8:30 a.m. EST, requiring analysts to register in advance [2] - General audience participants can join the teleconference in a listen-only mode via a webcast link or the company's website [3] - A replay of the conference call will be available after 1 p.m. on November 25, 2025, on the company's website [4] Company Overview - Fluence Energy, Inc. is a global leader in intelligent energy storage and optimization software for renewables and storage, contributing to a more resilient grid and maximizing renewable portfolios [5] - The company has successfully contracted, deployed, and managed gigawatts of projects across nearly 50 markets, aiming for a sustainable future [5]

PresentationSo we have 2 parts of this call. We have Ms. Ma to kick off the Q3 industry and development, and Mr. Wang will take you through the financial results. And the second part, we're going to move on to the Q&A, and I'm going to hand over to Ms. Ma.Good afternoon, the investors. Welcome to the 2025, Q3 Earnings Call for Goldwind Science and Technology Company. We are happy to have the management with us, Chairman, Mr. Wu Gang, Deputy Chair and also President and also Ms. Ma, Board Secretary, Mr. Wang ...

Environmental Impact of Buildings - Residential buildings account for 20% of global carbon emissions, with 85% from operation and 15% from construction [4] - Global temperatures have surpassed the 1.5 degrees Celsius mark since July 2023, intensifying extreme weather events [5][6] - The United Nations predicts global temperatures will rise an additional 3 degrees Celsius by 2100 [14] Disaster Statistics - A thousand-year flood event in the southeastern US in 2024 killed 228 people and damaged 73,000 homes [7] - Flooding in Valencia, Spain in 2024 killed 232 people [7] - Massive flooding in Nigeria in 2024 took the lives of over 300 people and displaced 1.2 million [8] - In 2023, 42 million acres burned in Canada [9] - In 2024, fires in Chile killed 131 people and destroyed 14,000 homes [9] - In 2025, wildfires in California resulted in 30 deaths and the destruction of 16,000 homes [9] Proposed Solutions for Sustainable Housing - Electrify homes by using heat pumps for water heating, air heating, and AC, installing solar panels with backup batteries, and buying electric appliances [15] - Remodel existing structures to limit the use of carbon-intensive materials like concrete and steel [18] - When building new, use concrete with industrial byproducts like fly ash or slag (SCM) [19]

Financial Data and Key Metrics Changes - NextEra Energy reported a 9.7% year-over-year increase in adjusted earnings per share for Q3 2025, with a 9.3% increase for the first nine months of the year [4][19] - Florida Power & Light (FPL) saw an increase of $0.08 in earnings per share year-over-year, driven by an 8% growth in regulatory capital employee [19] - Adjusted earnings per share from corporate and other decreased by $0.04 year-over-year [23] Business Line Data and Key Metrics Changes - FPL's capital expenditures for Q3 2025 were approximately $2.5 billion, with full-year expectations between $9.3 billion and $9.8 billion [19] - Energy Resources reported a 13% year-over-year growth in adjusted earnings, with adjusted earnings per share increasing by $0.06 [20] - Energy Resources added 3 gigawatts to its backlog, totaling nearly 30 gigawatts, marking the sixth consecutive quarter of adding three or more gigawatts [22] Market Data and Key Metrics Changes - FPL's retail sales decreased by 1.8% year-over-year due to milder weather, but increased by 1.9% on a weather-normalized basis [19][20] - Wind resource for Q3 2025 was approximately 90% of the long-term average, down from 93% in Q3 2024 [20] Company Strategy and Development Direction - NextEra Energy plans to invest approximately $40 billion over the next four years in energy infrastructure, including solar, battery storage, and gas generation [9] - The company is focused on developing a comprehensive energy solution that includes renewables, storage, gas, and nuclear to meet growing electricity demands [12][41] - NextEra Energy is uniquely positioned to serve large load customers, leveraging its national footprint and strong balance sheet [13][47] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong demand for electricity in the U.S. and the company's capability to meet this demand through its diverse energy portfolio [4][5] - The Florida economy is experiencing significant growth, which supports FPL's long-term investment strategy [6] - Management expressed confidence in meeting financial expectations and delivering results at or near the top end of adjusted earnings per share ranges for 2025-2027 [23] Other Important Information - The proposed settlement agreement for FPL's 2025 base rate proceeding includes a regulatory return on equity of 10.95% and aims to keep customer bills below the national average [10][11] - NextEra Energy has entered into a 25-year power purchase agreement with Google to recommission the Duane Arnold Energy Center, expected to contribute up to $0.16 of annual adjusted EPS [14][17] Q&A Session Summary Question: Cost of restart for Duane Arnold and buy-in price for 30% stake - Management did not disclose specific CapEx numbers but expressed confidence in the efficient recommissioning of Duane Arnold, which is in good shape [25][26] Question: Clarification on backlog removal - Management explained that 650 MW was removed for conservative management reasons, while 250 MW faced permitting delays, with expectations to recover these in 2026 and 2027 [27][28] Question: Future gas-fired generation opportunities - Management indicated a strong pipeline for new gas-fired generation, leveraging existing development capabilities and partnerships [39][40] Question: Interest in AP1000 nuclear technology - Management is focused on existing nuclear facilities and SMR technology, emphasizing a disciplined capital allocation strategy [44][46] Question: Interaction of renewables with data centers - Management highlighted the importance of securing load interconnects for data centers, utilizing renewables and storage to meet initial power needs [75][76] Question: Project returns and market demand - Management noted that project returns are currently higher than ever due to strong demand and limited supply, positioning the company well for future growth [78][79]

Core Insights - Fingrid's financial performance for January to September 2025 shows a decrease in turnover by 17.7% compared to the same period in 2024, primarily due to lower imbalance power prices, while the result for the period increased by 15.0% [3][7][8] - The company is investing significantly in grid infrastructure, with a gross capital expenditure of €342 million during the reporting period and plans for a total of approximately €2 billion from 2025 to 2028 [5][7][9] - Fingrid's strategy focuses on enhancing the reliability and competitiveness of Finland's electricity system, with ongoing projects like the Lowlands Line aimed at increasing transmission capacity [4][5][6] Financial Performance - Turnover for January to September 2025 was €791.2 million, down from €961.6 million in 2024, reflecting an 18% decrease [3][7] - Operating result decreased by 10.6% to €150.0 million, while the result before taxes fell by 11.8% to €142.3 million [3][7] - The result for the period improved to €128.0 million from €111.4 million in the previous year [3][7] Operational Highlights - Net cash flow from operations significantly increased to €352.6 million from €108.1 million in the previous year, indicating strong operational efficiency [3][7] - The transmission reliability rate remained exceptionally high at 99.99999% [3][7] - Electricity consumption in Finland grew slightly to 61.3 TWh from 60.8 TWh, with Fingrid transmitting 81.7% of the total electricity consumption [3][15] Investment and Infrastructure - Fingrid is committed to investing over €160 million in the main transmission line project from Alajärvi to Hausjärvi, which will enhance transmission capacity by approximately 1,500 megawatts [5][6] - The company has adopted a conditional connection agreement model to facilitate grid connections for large industrial projects [4][5] - Fingrid plans to raise grid service fees by 8% starting January 2026 to cover rising operational and capital expenditure costs [9][15] Regulatory and Legal Developments - The Market Court ruled in favor of Fingrid regarding the Olkiluoto 3 protection scheme, affirming that Fingrid is not solely responsible for all actions necessary for its operation [11][16] - Fingrid's appeal against the Energy Authority's decision on balance service terms was dismissed, leading to significant changes in collateral requirements for balance responsible parties [20][21] Environmental and Safety Metrics - The emission factor for electricity consumed in Finland improved to 27 gCO2/kWh from 34 gCO2/kWh, reflecting a cleaner energy mix [3][7] - The lost-time injury frequency (LTIF) rate decreased to 4.5 from 6.5, indicating improved safety performance [3][15]

Core Insights - Competitive renewable technologies such as solar, wind, and batteries are driving the shift from fossil fuels to renewables, with solar leading the way even amid global unrest [1][4] - Statkraft's annual report analyzes the energy transition across three scenarios: optimistic, delayed, and one marked by global unrest [2] Scenario Analysis - In the green scenario, global warming can be limited to 1.9 degrees, aligning with the Paris Agreement's 2 degrees goal, but insufficient for the 1.5 degrees target [3] - If the energy transition does not maintain a high pace, a temperature increase of around 2.4 degrees is predicted, leading to significant consequences [3][4] Emission Reduction and Challenges - Achieving the 2-degree target of the Paris Agreement requires a faster pace of emission cuts than currently observed, with geopolitical tensions and economic challenges impacting the transition speed [4] - The last and most challenging emission cuts, particularly in industry and long-distance transport, are becoming harder and more expensive than previously assumed [4] Renewable Energy Growth - Renewable energy is essential not only for replacing coal and gas but also for accelerating the electrification of transportation and heating [5] - Investments in clean energy and infrastructure in 2024 were nearly double those in fossil fuels globally, with solar generation expected to grow 3-6 times from 2024 to 2035 and 6-12 times by 2050 [6] Future Projections - The share of renewables globally is expected to exceed 50 percent by 2035 and cover 66-80 percent of the power mix by 2050 [6] - Annual clean power production is anticipated to soon exceed global power demand, indicating that peak emissions from the power sector are likely behind us [7] Energy Security and Competitiveness - Renewable energy is crucial for achieving climate targets and ensuring energy security and competitiveness in Europe [8] - The EU has reduced greenhouse gas emissions by over a third since 1990 while experiencing significant economic growth, demonstrating the feasibility of cutting emissions alongside economic development [9] Key Trends - Solar and wind power are projected to become the largest energy sources globally by 2035 [10] - The significant drop in battery costs is enabling critical flexibility necessary for deploying more wind and solar power [10] - Gas is expected to remain part of the energy mix longer than anticipated due to scaling challenges faced by hydrogen [10]

Core Insights - Nextracker has launched its NX Earth Truss foundation solution in Australia, supported by a grant from the Australian Renewable Energy Agency (ARENA), to enhance large-scale solar deployment in the country [1][2][3] Company Developments - The NX Earth Truss foundation is designed for challenging soil conditions, such as rocky and hard soils, which are common in Australia, thereby expanding the potential for solar siting and accelerating project timelines [2][6] - Nextracker's innovative technology aims to reduce the cost and complexity of building large-scale solar projects, making previously unusable land viable for solar development [2][3][4] - The NX Truss Driver™, a semi-autonomous drilling machine, is central to the system, allowing for efficient installation of foundations and reducing labor hours and construction risks [3][5] Industry Impact - The introduction of NX Earth Truss is expected to unlock new categories of land for solar development, providing greater flexibility and reduced project risk for developers and EPCs [4][5] - Nextracker has been a leader in Australia's solar tracker market since 2016, with over 10 GW of systems delivered or under construction, indicating strong market presence and growth potential [4][6] - The technology aligns with Australia's goal to accelerate its clean energy transition, addressing critical worker shortages and environmental limitations in solar project development [2][4]

Imagine [Music] speeding through mountainous regions, going through tedious turns with your high beam turned on. You have no sight of throat. You shout as other vehicles approach.You're sweating and keeping your eyes out, wondering what to do next. Going back to one of my recent memories, I would like to discuss a visit to the hilly regions of Maharashtra. Passing through one of the deadliest nights ever, facing a three-hour drive through Satara, which is an opening gate to the western guards.Traveling at a ...

Japanese auto major Honda Motor Co Ltd has picked up a minority stake, in the range of 5-10 per cent, in homegrown OMC Power, which is in the process of building up 1 gigawatt (GW) renewable energy portfolio in India, according to industry sources. The investment has come at a time when OMC Power is entering into a new business vertical where the company will deploy electric vehicle (EV) batteries as battery energy storage system (BESS) solution, and re-purpose the old EV batteries to support with UPS (unin ...

Core Insights - Utilities are evolving into essential players in the AI sector, offering attractive dividends while traditional investors focus on momentum stocks [3][20] - The demand for electricity is projected to surge significantly, particularly in Texas, where power demand is expected to increase by 62% by 2030, with Oncor indicating that current projections may be conservative [4] - Companies like Portland General Electric (PGE) are leveraging AI technologies to enhance grid flexibility and meet growing data center demands, showcasing genuine growth potential in the utility sector [5][6] Group 1: Texas Utility Landscape - Texas is experiencing a strained grid due to rapid population growth and industrial expansion, with ERCOT forecasting a 62% increase in power demand by 2030 [4] - Oncor, Texas's largest utility, has 186 GW of interconnection requests, indicating a demand that exceeds current peak capacity by 118% [4] Group 2: Portland General Electric (PGE) - PGE is utilizing AI tools to optimize grid capacity, freeing up over 80 megawatts for data center interconnections [6] - The utility is investing in infrastructure to mitigate wildfire risks while capitalizing on the growing data center market in Oregon [6] Group 3: Edison International (EIX) - Edison International offers a nearly 6% yield and has a low forward P/E ratio of 9, indicating it may be undervalued [8] - The company faces known wildfire risks and ongoing litigation, which have impacted its stock performance and investor sentiment [9][10] Group 4: Brookfield Infrastructure Partners (BIP) - Brookfield Infrastructure Partners combines stable cash flow with growth opportunities in the AI sector, managing extensive electricity and natural gas connections [11][12] - The company has a strong track record of raising distributions for 16 consecutive years, although it operates as a master limited partnership [14] Group 5: Investment Vehicles - Closed-end funds like the Gabelli Utility Trust (GUT) and MEGI offer exposure to utility companies and infrastructure, with GUT having a distribution rate of 10.4% [18] - MEGI has a distribution rate of 10.1% and includes a diverse asset allocation, though it trades at a discount to net asset value [16][17]