从各季度#博枫电力股东信# 中摘抄一些时效性不高的文字。$Brookfield再生能源(BEP)$
We are well protected in an inflationary environment
【我们在通货膨胀的环境中受到了很好的保护】
As central banks tighten monetary policy, markets are increasingly focused on the potential for sustained inflation in the future. We are fortunate that regardless of whether inflation is transitory or sustained, we expect our business to perform well.
随着各国央行收紧货币政策，市场越来越关注未来持续通胀的可能性。幸运的是，无论通货膨胀是暂时的还是持续的，我们都期望我们的业务会表现良好。
In fact, we see inflation as a tailwind for our operating assets given that approximately 70% of our contracts are indexed to inflation and we have a largely fixed cost structure with relatively limited exposure to rising labour costs or increasing maintenance capital expenditures.
事实上，我们认为通货膨胀是我们运营资产的推动力，因为我们约70%的合同与通货膨胀挂钩，我们的成本结构基本上是固定的，劳动力成本上升或维护资本支出增加的风险相对有限。
Our input costs for the sun, wind and water remain unchanged at zero. This compares to an over 50% increase in energy input costs for most alternative electricity generation over the last twelve months.
我们对太阳能、风能和水的投入成本保持为零。相比之下，在过去的12个月里，大多数其他发电方式的能源投入成本增加了50%以上。
Together with our almost exclusively fixed rate debt structure means the compounding effect of inflating revenue streams should drive very meaningful operating leverage across our business.
加上我们几乎完全固定利率的债务结构，意味着不断上涨的收入的复合效应应该会在我们的业务中推动非常有意义的运营杠杆。
Our 15,000 megawatts of under-construction and advanced-stage assets benefit from our focus on avoiding risk. We virtually always lock in the cost of our major components when we sign revenue contracts. As a result, we believe we have matched our costs and revenues and locked in a large share of our target return.
我们的15,000兆瓦在建和开发晚期资产受益于我们对规避风险的关注。当我们签订收入合同时，我们几乎总是锁定了主要组件的成本。因此，我们相信我们已经实现了成本与收入的匹配，锁定了目标回报率的很大一部分。
And while global supply chain disruptions continue to impact our industry, our diversified pipeline and strong relationships with suppliers mean that we are well placed to manage these issues such that they are not material to our business.
虽然全球供应链的中断继续影响我们的行业，但我们多元化的管线和与供应商的牢固关系意味着我们能够很好地处理这些问题，使它们不会对我们的业务造成重大影响。
These supply chain challenges have reduced the supply of new projects, as some developers will delay or walk away from their obligations. This creates a potential upside for our business, as demand for clean energy continues to grow, increasing the value of high-quality ready-to-build projects that can meet customers’ near-term needs. We are fortunate to have many such projects in our pipeline and are seeing significant demand for their future generation in the form of higher PPA prices.
这些供应链挑战减少了新项目的供应，因为一些开发商会推迟或放弃他们的义务。这为我们的业务创造了潜在的好处，因为对清洁能源的需求持续增长，增加了高质量的现成可建、可满足客户近期需求的项目的价值。
我们很幸运，有许多这样的项目在我们的管线中，并看到对其未来发电的巨大需求，反映在更高的电力购买合同价格上。
We are confident that inflation and supply chain pressures will not drive a slowdown in the adoption of clean energy globally. Elevated and volatile global energy prices continue to reinforce wind and solar’s position as the cheapest form of bulk electricity production and demonstrate the benefit of generation that is not subject to variable input costs.
我们相信，通货膨胀和供应链压力不会导致全球对清洁能源的采用放缓。高企且波动的全球能源价格继续巩固了风能和太阳能作为最便宜的大宗电力生产形式的地位，并证明了不受可变投入成本影响的发电方式的好处。
Across our 69,000-megawatt pipeline, which is diversified across regions and technologies, we have seen a strong willingness from the largest buyers of clean energy to absorb higher prices as the benefits of decarbonization, energy security, and price stability far outweigh the small increases in costs they are facing.
在我们69000兆瓦的管道中，我们看到清洁能源的最大买家有强烈的意愿吸收更高的价格，因为脱碳、能源安全和价格稳定带来的好处远远超过他们所面临的少量成本增长。
Furthermore, our scale and centralized procurement function help ensure that we are a priority client for suppliers and give us operational flexibility. We are well positioned to manage inflation or supply chain pressures going forward and remain a partner of choice with the ability to deliver new projects for those looking to decarbonize.
此外，我们的规模和集中采购功能有助于确保我们是供应商的优先客户，并为我们提供运营灵活性。我们有能力管理未来的通货膨胀或供应链压力，并有能力为寻求脱碳的企业提供新项目，保持合作伙伴的选择。
【Electricity is Mission Critical 电力是关键任务】
Our business remains well positioned to operate and grow irrespective of the economic situation, including during periods of slower economic growth or market volatility. This comes down to the fact that power is an essential service, meaning demand for our product is not materially impacted by economic conditions, especially given renewables are provided priority dispatch across most markets.
无论经济形势如何，包括在经济增长放缓或市场波动期间，我们的业务都保持良好的运营和增长态势。归根结底，电力是一项基本服务，这意味着对我们产品的需求不会受到经济条件的实质性影响，特别是考虑到可再生能源在大多数市场上都是优先调度的。
The early days of the pandemic illustrated this dynamic, where, despite a dramatic slowdown in economies, our business continued to perform well, as renewable generation increased nearly 15%.
大流行初期的情况说明了这一动态，尽管经济大幅放缓，但我们的业务继续表现良好，可再生能源发电量增长了近15%。
Further, our business is highly contracted with a diverse set of high-quality customers and PPAs that are inflation-linked and underpinned by a conservative, investment-grade financing structure that is almost exclusively fixed rate.
此外，我们的业务高度与多元化的高质量客户签约，电力购买合同的价格与通胀挂钩，并由保守的投资级融资结构支撑，而且几乎完全固定利率。
The growth of our business is driven by long-term global trends, notably the transition of the global economy to net zero, which far outweigh short-term market conditions. These long-term trends are further accelerated by tailwinds from emerging energy security issues, and wind and solar now being the lowest cost bulk generation available in most markets, providing counterparties with environmental, geopolitical, and economic incentive to invest.
我们业务的增长受到长期全球趋势的推动，特别是全球经济向净零碳排放的转型，这远远超越了短期市场状况的影响。新兴能源安全问题的推动进一步加快了这些长期趋势，风能和太阳能目前是大多数市场上成本最低的批量发电，为交易对手提供了环境、地缘政治和经济方面的投资动机。
Despite current market volatility, the transition investment opportunity remains significant. Looking ahead, with the increasing electrification of many large industries, demand for net new generation, beyond the replacement of existing thermal generation, will be significant, creating even further large-scale tailwinds. Brookfield Renewable is exceedingly well positioned to support and capture that opportunity.
尽管目前市场波动较大，但转型投资机会仍然很大。展望未来，随着许多大型工业的电气化程度不断提高，在取代现有热发电的基础之上，对净新发电的需求也将非常大，从而产生进一步的大规模利好。$Brookfield再生能源(BEP)$ 在支持和抓住这一机遇方面处于非常有利的位置。
Furthermore, despite recent pressure on development and financing costs globally, our growth has not been meaningfully impacted as buyers of clean energy are generally accepting cost increases in the form of higher PPA prices. This is on the back of accelerating decarbonization and energy security tailwinds, as well as the continued cost competitiveness of wind and solar, which has only been enhanced by the impact of commodity prices on the cost of thermal generation.
此外，尽管近期全球发展和融资成本面临压力，但我们的增长并未受到重大影响，因为清洁能源买家普遍接受购电合同价格上涨形式的成本上涨。这得益于脱碳和能源安全的加速发展，以及风能和太阳能持续的成本竞争力，而大宗商品价格对热能发电成本的影响则增强了这种竞争力。
【2022Q1更新】
Our business performed well in the quarter as we continue to execute on our strategy of acquiring assets for value, enhancing the cash flows through our operating capabilities, and leveraging our capabilities to drive decarbonization across the business.
我们的业务在本季度表现良好，因为我们继续执行我们的战略，物超所值地收购资产，通过我们的运营能力增强现金流，并利用我们的能力推动整个业务的脱碳。
Clean energy occupies a uniquely complementary position to the global goals of low-cost energy, net-zero emissions and energy security. The wind and the sun do not need to be imported and don’t rely on substantial transport infrastructure. These underappreciated benefits will become increasingly more relevant as energy security becomes a higher priority.
清洁能源对低成本能源、净零排放和能源安全的全球目标具有独特的补充作用。风能和太阳能不需要进口，也不依赖大量的交通基础设施。随着能源安全变得更加重要，这些被低估的好处将变得越来越重要。
This represents an additional tailwind to our businesses, and together with accelerating decarbonization trends, will continue to enhance the position of investors with capital, operating capabilities, and a development pipeline to accelerate the build-out of renewables in scale.
这为我们的业务提供了额外的助力，并与加速的脱碳趋势一起，将继续提高拥有资本、运营能力和开发管线的投资者的地位，以加速可再生能源的大规模建设。
We are seeing this trend play out within our own portfolio. One recent example is at our German utility-scale solar developer. In February, Germany’s coalition government announced an acceleration of the country’s decarbonization targets to close to 100% green power by 2035, confirming a target of 200,000 megawatts of solar capacity, up from 60,000 megawatts previously.
我们在自己的投资组合中也看到了这种趋势。最近的一个例子是我们德国公用事业规模的太阳能开发商。今年2月，德国联合政府宣布加快该国的脱碳目标，到2035年接近100%的绿色能源，确认了太阳能发电能力的20万兆瓦的目标，高于此前的6万兆瓦。
As a result, we have injected additional capital into the business and are accelerating our business plan, including doubling the expected megawatts achieving ready-to-build status in the first two years.
因此，我们已经向业务注入了额外的资本，并正在加快我们的业务计划，包括在头两年达到准备建设状态的预期兆瓦数增加一倍。
With a very substantial global development pipeline, which now stands at 69,000 megawatts, we expect to see several other opportunities to pull forward development and accelerate the deployment of capital at accretive returns throughout our portfolio.
在我们非常庞大、目前达到6.9万兆瓦的全球开发管线利，我们预计将看到几个其他的机会，将开发进度提前和资本部署加速，以在我们的投资组合中增加回报。
Looking forward, with decarbonization and energy security firmly established as a priority of global leaders, we are focused on the continued build-out of renewables, and the increasing demand for other decarbonization solutions, including carbon capture, green hydrogen and other energy services solutions.
展望未来，随着脱碳和能源安全牢牢确立为全球领导人的优先事项，我们将重点关注可再生能源的持续发展，以及对其他脱碳解决方案日益增长的需求，包括碳捕获、绿色氢和其他能源服务解决方案。
Balance Sheet And Liquidity 资产负债表和流动性
Our balance sheet and liquidity remain strong. We have approximately $4 billion of available liquidity, allowing us to opportunistically fund our growth pipeline, and no material near-term maturities.
我们的资产负债表和流动性依然强劲。我们有大约40亿美元的可用流动性，允许我们投机地为我们的增长管线提供资金，而且没有实质性的短期到期债务。
Additionally, with the recent $15 billion closing of Brookfield’s Global Transition Fund, we have access to scale capital to invest alongside us, which is a meaningful advantage given increasingly volatile capital markets.
此外，随着博枫全球转型基金最近150亿美元的完成募集，我们可以获得大规模的资本与我们一起投资，这在日益动荡的资本市场是一个有意义的优势。
During the first half of 2022, we accelerated many of our financing activities, extending the term of our debt and locking in attractive interest rates, before recent rate increases. During the quarter, we executed $2.1 billion of non-recourse financings across the business.
在2022年上半年，我们加快了许多融资活动，在最近的利率上调之前，延长了债务期限并锁定了具有吸引力的利率。本季度，我们在整个业务领域执行了21亿美元的无追索权融资。
Notably, on the back of a strong outlook for our Colombian business and in anticipation of potential market volatility ahead of the recent presidential elections, we raised $630 million ($150 million net to Brookfield Renewable) in upfinancings at an average term of over 8 years.
值得注意的是，基于我们哥伦比亚业务的强劲前景，以及在最近的总统选举前对潜在市场波动的预期，我们筹集了6.3亿美元(BEP的份额是1.5亿)的升值融资，平均期限超过8年。
As a result, our balance sheet is in excellent shape, with an average debt duration across our portfolio of 13 years and very limited floating rate debt, almost all of which is in Brazil and Colombia, where we have the benefit of full inflation escalation in our contracts.
因此，我们的资产负债表状况良好，投资组合的平均债务期限为13年，浮动利率债务非常有限；几乎所有浮动利率债务都在巴西和哥伦比亚，但是我们在这两个国家的合同中受益于与通胀的全面挂钩。