从各季度#博枫基建股东信# 中摘抄一些时效性不高的文字。使用有道机器翻译。$Brookfield基础设施(BIP)$
Natural Gas: A Reliable Transition Fuel and a Path to Energy Security
【天然气:可靠的过渡燃料和通往能源安全之路】
For the past two years we have been operating in a market environment of disrupted supply chains and rising commodity prices. The recent impact of geopolitical events in Europe has spotlighted the importance of energy security and catalyzed further commodity price appreciation. Natural gas, and more specifically LNG, will continue to be a leading transition fuel in the move towards net zero and is also expected to play a key role in providing global energy security. These elements highlight the valuable part our critically located infrastructure plays in the processing, transportation, and distribution of natural gas.
过去两年，我们一直在供应链中断和大宗商品价格上涨的市场环境中经营。近期欧洲地缘政治事件的影响凸显了能源安全的重要性，并推动了大宗商品价格的进一步上涨。天然气，更具体地说，液化天然气，将继续是实现净零排放的主要过渡燃料，预计还将在保障全球能源安全方面发挥关键作用。这些要素突出了我们位于关键位置的基础设施在天然气加工、运输和分销中所起的重要作用。
Our North American midstream businesses are well positioned in key markets that are currently benefiting directly from high utilization rates and increasing commodity prices. We are experiencing renewed customer demand for access to our infrastructure after several years of limited production growth and infrastructure expansion projects. Our midstream businesses typically reserve a small portion of operational capacity uncontracted, generally 15% to 20%, to provide flexibility and to participate in market pricing. Under the backdrop of the current market, this available capacity has generated incremental revenue that has contributed to our strong financial performance.
我们的北美中游业务在主要市场中定位良好，目前直接受益于高利用率和不断上涨的大宗商品价格。经过几年有限的产量增长和基础设施扩建项目后，我们正在经历客户对我们基础设施的新需求。我们的中游业务通常会保留一小部分未签约的运营能力，一般为15% - 20%，以提供灵活性并参与市场定价。在当前的市场背景下，这些可用的产能创造了增量收入，为我们强劲的财务业绩做出了贡献。
The indirect benefit of a constructive commodity price environment is its impact on our customers, who are currently experiencing strong cash flow and strengthening balance sheets. These tailwinds to our customers’ financial profile, coupled with improving market sentiment, is expected to incent reinvestment into their operations. As a result, we anticipate a renewed interest in customer-initiated infrastructure expansion projects to increase capacity and throughput across our asset base.
建设性的商品价格环境的间接好处是它对我们的客户的影响，他们目前正经历强劲的现金流和不断增强的资产负债表。这些对我们客户财务状况的有利因素，加上市场情绪的改善，预计将刺激对其业务的再投资。因此，我们预计将对客户发起的基础设施扩展项目重新产生兴趣，以提高我们资产基础的产能和吞吐量。
Today, we own three businesses that are expected to benefit from increased demand for LNG in support of the transition to a low carbon economy. Specifically, there is significant new interest in securing capacity at U.S. LNG export terminals; customers on our U.S. natural gas pipeline are discussing the contracting options for a third phase of our gulf coast egress; and our Canadian midstream business is well situated to process and support gas deliveries to west coast LNG export terminals currently under construction.
今天，我们拥有三个业务，预计将受益于液化天然气需求的增加，以支持向低碳经济转型。
具体来说，在获取美国液化天然气出口码头的产能方面出现了重大的新兴趣;
我们美国天然气管道的客户正在讨论墨西哥湾沿岸出口第三阶段的合同方案;
我们的加拿大中游业务位置优越，可以处理和支持向目前在建的西海岸液化天然气出口码头输送天然气。
Several of our utility businesses play a vital role in the transportation and distribution of natural gas to residential and industrial customers. Weather related events have either taken renewable power offline or disrupted natural resource generation, leaving energy markets short of supply and ultimately passing on higher market rates to consumers. In each of the countries we operate, energy regulators are advocating for energy security and diversification of supply that includes natural gas as a reliable source of baseload generation.
我们的几家公用事业公司在向住宅和工业客户输送和分配天然气方面发挥着至关重要的作用。与天气有关的事件要么导致可再生能源断电，要么中断自然资源发电，导致能源市场供应短缺，最终将更高的市场价格转嫁给消费者。
在我们运营的每个国家，能源监管机构都在倡导能源安全和供应多样化，其中包括将天然气作为一种可靠的基本负荷发电来源。
While the transition to net zero will require significant renewable energy investment and upgrades to electrical grids worldwide, we maintain the view that critically located natural gas infrastructure will play an important role in supporting the energy transition over the next several decades. The lack of investment in traditional energy supply and the intermittency of renewable power have created more scarcity value for our assets. As we continue to expand our footprint and re-contract our assets on attractive terms, we are well positioned to deliver strong returns on both our in-place businesses and our capital recycling initiatives in the years to come.
虽然向净零的过渡需要大量的可再生能源投资和全球电网的升级，但我们仍然认为，位于关键位置的天然气基础设施将在支持未来几十年的能源转型中发挥重要作用。传统能源供应的投资不足和可再生能源的间歇性为我们的资产创造了更多的稀缺价值。
随着我们继续扩大我们的业务范围，并以有吸引力的条款重新签约我们的资产，我们将在未来几年为我们的本地业务和资本回收计划提供强劲的回报。
【Outlook 前景】
We believe that the outlook for Brookfield Infrastructure is very positive. Our business provides an attractive way for investors to participate in the growing need for global infrastructure investment while also providing stability and predictability during a period of economic and geopolitical uncertainty.
我们认为$Brookfield基础设施(BIP)$ 的前景非常乐观。我们的业务为投资者提供了一种有吸引力的方式，以参与全球基础设施投资日益增长的需求，同时在经济和地缘政治不确定时期提供稳定性和可预测性。
From a macro perspective, the secular trends driving the need for significant growth in infrastructure investment have only strengthened in the past year. We have previously highlighted the significant capital needed globally to build out data infrastructure networks, debottleneck supply chains, and decarbonize the energy and transportation sectors.
从宏观角度看，推动基础设施投资大幅增长的长期趋势在过去一年里有所增强。我们之前曾强调，全球需要大量资金来建设数据基础设施网络，消除供应链瓶颈，以及能源和交通运输部门的脱碳。
Adding to this significant infrastructure investment backlog, geopolitical challenges have led countries to urgently emphasize the onshoring of critical supply chains and industries. This phenomenon has been referred to as “deglobalization” and has taken on additional urgency as a result of the current conflict in Europe. We anticipate significant potential investment opportunities to materialize for us as a result of this re-onshoring activity, particularly related to the energy and data sectors.
除了这一巨大的基础设施投资积压需求外，地缘政治挑战已促使各国迫切强调关键供应链和行业的本土化。这种现象被称为“去全球化”，由于欧洲目前的冲突，这种现象显得更加紧迫。我们预计，这一“重新在岸化”活动将为我们带来重大的潜在投资机会，特别是与能源和数据部门相关的投资机会。
We expect this deglobalization trend to continue to accelerate and result in hundreds of billions of dollars of required investment. Given the scale and global nature of our business, we are uniquely positioned to be a leader in this potentially massive investment opportunity set.
我们预计，这种去全球化趋势将继续加速，并带来数千亿美元的所需投资。鉴于我们业务的规模和全球性质，我们在这一潜在的巨大投资机会集中处于独特的地位。
At the micro level, the outlook for our business is equally strong. Our expectation for 2022 is that we will deliver organic growth at the high end of our target 6-9% annual range. The business is expected to benefit from the following factors:
在微观层面，我们的业务前景同样强劲。我们对2022年的预期是，我们将实现每年6-9%目标区间的高端有机增长。预计该业务将受益于以下因素:
Favorable operating conditions resulting in higher tariffs from elevated inflation levels and higher utilization in our midstream assets related to strong commodity prices;
良好的经营条件导致了高通胀水平带来的更高收费，以及与强劲的大宗商品价格相关的中游资产的更高利用率;
Higher embedded organic growth as we continue our asset rotation strategy whereby we divest mature, de-risked assets into higher growth, higher returning investments; and
随着我们继续我们的资产循环战略，剥离成熟的、去风险的资产，进入更高增长、更高回报的投资，我们获得更高的嵌入式有机增长; 而且
Incremental cash flows as we progress the commissioning of several meaningful growth projects into full operation such as Train 6 at our U.S. LNG export terminal, the Heartland Petrochemical Complex at our Canadian Diversified Midstream Operation and our Brazilian electricity regulated transmission assets – all of which have recently come online or are expected to be fully operational within the next 12months.
随着我们几个有意义的增长项目的调试进入全面运行，如美国液化天然气出口码头的第六车间、加拿大多元化中游业务中的Heartland石化综合体和巴西受规管输电资产——所有这些项目最近都已上线或预计将在未来12个月内全面运行。
Lastly, our business is insulated from rising interest rates so we anticipate being able to continue to achieve a 12-15% return on invested capital. We have strong visibility on capital deployment as over 60% of this year’s estimated target for new investments has already been secured, and the investment pipeline is as strong as it has ever been. Our balance sheet is well-capitalized, and we are actively progressing up to $2 billion of capital recycling initiatives to fund our large and advanced M&A pipeline.
最后，我们的业务不受利率上升的影响，因此我们预计能够继续实现12-15%的投资资本回报率。我们有很强的资本配置能力，因为今年超过60%的新投资预期目标已经确定，投资管线一如既往地强劲。我们的资产负债表资本充足，我们正在积极推进高达20亿美元的资本循环计划，为我们的大型和先进的并购管道提供资金。
The Board and management are excited about Brookfield Infrastructure’s future and wish to thank our unitholders and shareholders for their ongoing support.
董事会和管理层对$Brookfield基础设施(BIP)$ 的未来感到兴奋，并感谢我们的股东和股东一直以来的支持。