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。$Brookfield基础设施(BIP)$
Decarbonization as a Catalyst for Growth
【脱碳是增长的催化剂】
The decarbonization of the global economy will be a multi-decade initiative requiring substantial infrastructure investment to improve and replace the existing energy supply chain. To achieve the aggressive net-zero targets that countries we invest in have set, governments, businesses and individuals must balance increasing energy consumption with the goal of reducing their carbon footprints. This fundamental shift in how the world is powered is expected to be a catalyst for growth in our existing businesses, both organically and through new investment activity.
全球经济的脱碳将是一个数十年的计划，需要大量的基础设施投资，以改善和取代现有的能源供应链。为了实现我们投资的国家制定的激进的净零目标，政府、企业和个人必须在增加能源消费和减少碳足迹的目标之间取得平衡。
世界能源驱动方式的这种根本性转变，预计将成为我们现有业务增长的催化剂，包括有机增长和新的投资活动。
To date, attention has been focused on the industries and companies directly responsible for the emissions, referred to as “supply side”. It is our view that the fuels used today to power the global economy will either transition to a net-zero economy or be run-off safely and responsibly. Both paths can lead to compelling investment opportunities at an appropriate value-based entry point and conservative forecasts.
迄今为止，人们的注意力一直集中在对排放负有直接责任的行业和公司，即所谓的“供应方”。我们认为，今天用于驱动全球经济的燃料要么将向净零经济过渡，要么将安全、负责地渐进退出。这两种途径都可以在适当的基于价值的切入点和保守的预测下带来引人注目的投资机会。
Our existing midstream assets are natural gas weighted, highly utilized and strategically located. We believe these characteristics favorably position us to participate in the energy transition through the adoption of emerging technologies, as well as through the shift in global energy mix from coal to natural gas, liquefied natural gas, and eventually to hydrogen.
我们现有的中游资产以天然气为主，利用率高，位置战略性强。我们相信，这些特点使我们能够通过采用新兴技术，以及通过全球能源结构从煤炭到天然气、液化天然气，最终到氢的转变，积极参与能源转型。
A second important, yet often overlooked, aspect of decarbonization is investment opportunities driven by consumer preferences for energy efficient solutions, or “demand side” decarbonization. Corporations, communities and consumers are seeking ways to increase energy efficiency, lower energy consumption and reduce reliance on fossil fuels. Electrification is the most obvious illustration of this trend that we expect will drive significant value in several of our existing operations and recently acquired infrastructure investments, including:
脱碳的第二个重要方面，但往往被忽视，是由消费者对高效能源解决方案或“需求方”脱碳的偏好所驱动的投资机会。企业、社区和消费者都在寻找提高能源效率、降低能源消耗和减少对化石燃料依赖的方法。电气化是这一趋势最明显的例证，我们预计这将为我们现有的几个业务和最近收购的基础设施投资带来显著的价值，包括:
Residential energy infrastructure businesses – We are building platforms in North America and Europe to provide products and services for consumer decarbonization initiatives. The combination of evolving regulatory requirements and growing preference for low-carbon, high-efficiency, in-home energy solutions provide significant tailwinds for this segment. As essential in-home infrastructure increases in cost and complexity, customers should be more inclined to enroll in our rental model to alleviate the high up-front cost of new technology like heat pumps and solar panels.
住宅能源基础设施业务——我们正在北美和欧洲搭建平台，为消费者的脱碳计划提供产品和服务。不断变化的监管要求，以及对低碳、高效、家庭能源解决方案的日益偏好，为这一领域提供了重要的推动力。随着基本家庭基础设施的成本和复杂性的增加，客户应该更倾向于加入我们的租赁模式，以减少新技术(如热泵和太阳能电池板)的高昂前期成本。
Through HomeServe, we will extend our rental model value chain by offering homeowners subscription-based, recurring repair policies for residential infrastructure products. This investment creates an opportunity to scale our existing residential energy operations in North America, where we currently have a large presence.
通过HomeServe，我们将为业主提供基于定期会员费的住宅基础设施产品维修保单，从而扩展我们的租赁模式价值链。这项投资为扩大我们在北美现有的住宅能源业务创造了机会；目前我们在北美有大量业务。
In the U.S. alone, HVAC installation, replacement and subscription-based repair memberships currently have an addressable market of over $40 billion that is expected to grow at a 5% compound annual growth rate over the long term. In Europe, where we have a smaller presence, this acquisition accelerates our growth plans and provides a model for expansion into other markets we know well.
仅在美国，暖通空调安装、更换和以会员费为基础的维修保单目前的潜在市场规模就超过400亿美元，预计在长期内将以5%的复合年增长率增长。在欧洲，我们的业务规模较小，这次收购加快了我们的增长计划，并提供了向我们熟悉的其他市场扩张的模式。
Submetering – We operate a North American commercial submetering franchise through Metergy, a residential infrastructure portfolio company acquired as part of the Enercare take-private.
商业地产电表分表业务——我们通过Metergy (作为Enercare私有化的一部分被收购的住宅基础设施投资组合公司) 经营北美商业电表分表业务。
Submeters play the same role for commercial real estate as smart meters do for homeowners. Buildings that have a central meter to measure total utility consumption are unable to manage or allocate costs based on usage resulting in energy inefficiencies. Building owners and tenants benefit from submetering through usage-based cost allocation and lower overall building consumption, which for multi-unit residential buildings can be up to 40%.
分表对商业地产的作用与智能电表对房主的作用相同。拥有一个中央仪表来测量总能耗的建筑物，无法根据使用情况管理或分配成本，从而导致能源效率低下。楼宇业主和租户可从分表中获益，因为分表是基于使用的成本分配，并可降低整体楼宇能耗，多单元住宅楼宇可能节省高达40%。
We continue to expand our footprint, most recently through the tuck-in acquisition of a New York based submetering services provider adding 80,000 submeters to our current Canadian portfolio of 200,000 meters. We are now leaders in submetering in Toronto and New York City and are excited about the growth prospects of this business.
我们继续扩大我们的业务范围，最近通过收购一家总部位于纽约的分表服务提供商，在我们目前的加拿大投资组合20万只电表的基础上增加了8万只。我们现在是多伦多和纽约分表领域的领导者，并对该业务的增长前景感到兴奋。
This opportunity draws parallels to our district energy platform, notably: a sustainable investment thesis; highly fragmented market; and an ability to leverage Brookfield’s commercial real estate platform to enhance returns.
这个机会与我们的区域能源平台相似，值得注意的相似点是:一个可持续的投资主题; 高度分散的市场; 以及利用博枫的商业地产平台提高回报的能力。
Residential smart metering business – We are a leading provider of electricity smart meters in Australia and New Zealand. Smart meters are next generation multi-utility meters enabling energy demand management through real time information about energy usage that consumers can monitor and alter their energy consumption.
住宅智能电表业务——我们是澳大利亚和新西兰领先的智能电表供应商。智能电表是下一代多用途电表，通过能源使用的实时信息实现能源需求管理，消费者可以监控和改变他们的能源消耗。
In addition to real-time insights, smart meters can optimize the home for solar power, batteries and electric vehicles significantly contributing to the energy transition and the creation of a more flexible, digitized and decarbonized economy. We expect significant organic growth from high customer demand, supported by regulatory requirements and a concentrated industry structure with high barriers to entry. Additionally, smart meter penetration is low in Australia and we expect the addressable market to more than quadruple over the next 10 years.
除了实时洞察，智能电表还可以优化太阳能、电池和电动汽车的使用，为能源转型和创建更灵活、数字化和脱碳的经济做出显著贡献。我们预计，高客户需求、监管要求和高进入门槛的集中行业结构将带来显著的有机增长。此外，智能电表在澳大利亚的渗透率很低，我们预计未来10年可服务市场规模将增加4倍以上。
As the global economy moves closer to net-zero targets, all new investment opportunities will have transition elements given our focus on generating sustainable, long-term returns for our unitholders. Our operating capabilities, extensive development experience and ability to leverage our sister companies leading renewable and transition platform, positions Brookfield Infrastructure well to secure future supply and demand side decarbonization investment opportunities.
随着全球经济接近净零排放目标，所有新的投资机会都将有过渡元素，因为我们的重点是为我们的单位持有人创造可持续的、长期的回报。我们的运营能力、丰富的开发经验以及利用我们领先的可再生能源和转型平台的姐妹公司的能力，使$Brookfield基础设施(BIP)$ 能够很好地确保未来供需双方的脱碳投资机会。
【Outlook 前景】
The macroeconomic outlook has continued to evolve as central banks are making a concerted effort to tackle high inflation by way of substantial interest rate hikes. Consequently, these actions have increased the probability of recessionary conditions in many markets in which we operate. While an economic slowdown will generally have negative consequences for many companies, the highly contracted and regulated nature of the revenue frameworks at our assets should cushion the effects on Brookfield Infrastructure. Nonetheless we will continue to operate our businesses prudently, by monitoring inflationary cost pressures within our business and maintaining high levels of liquidity.
随着各国央行协同努力，通过大幅加息来应对高通胀，宏观经济前景继续发生变化。因此，这些行动增加了我们经营的许多市场出现衰退的可能性。虽然经济放缓通常会对许多公司产生负面影响，但我们资产收入框架的高度合同化和受规管性质应该会缓冲$Brookfield基础设施(BIP)$ 的影响。尽管如此，我们仍将继续谨慎经营业务，监控业务内部的通胀成本压力，并保持高水平的流动性。
From a new investment perspective, we may be entering a period where we can buy for value. Generally, we expect that infrastructure assets will hold their value through recessionary conditions given their resilient nature. However, should liquidity in the market become tighter, certain owners of high-quality assets may become overextended, allowing us to use our liquidity and access to capital to make investments at attractive entry points. Following an active start to the year, we are focused on a number of new investment opportunities that if successful, will begin contributing toward our 2023 capital deployment target.
从一个新的投资角度来看，我们可能正在进入一个可以以低价买进的时期。总的来说，鉴于基础设施资产的韧性，我们预计它们将在衰退条件下保持其价值。然而，如果市场的流动性变得更紧，某些优质资产的所有者可能会过度扩张，使我们能够利用流动性和资金渠道，在有吸引力的切入点进行投资。在今年积极的开始之后，我们将专注于一些新的投资机会，如果成功，将开始为我们2023年的资本配置目标做出贡献。
For the remainder of the year, our priority will be to complete the investments and asset sales that we have secured or are in the process of securing. We will once again exceed our investment deployment target for the year and thus the financial results for the year should remain strong and well ahead of last year.
在今年剩下的时间里，我们的首要任务将是完成我们已经获得或正在获得的投资和资产出售。我们将再次超过今年的投资部署目标，因此今年的财务业绩应该会保持强劲，远超去年。
The Board and management team are excited about the balance of the year for Brookfield Infrastructure and wish to thank our unitholders and shareholders for their ongoing support.
董事会和管理团队对BIP在今年余下的时间感到兴奋，并希望感谢我们的股东和股东一直以来的支持。