本报告深度分析佛罗里达州天然气中游管网。佛罗里达为美国前五大天然气消费州，但几乎不产气，2024年消费量达1.6942万亿立方英尺（约46.3亿立方英尺/日），其中约86%用于发电，过去十年终端供气量增长22%。州内供气主要依赖FGT、Gulfstream和Sabal Trail三大跨州管道，2024年跨州接收量平均47.3亿立方英尺/日，其中阿拉巴马州供应78%、佐治亚州供应22%；因地形限制储气设施稀少，供应中断风险较高，FGT Zone 3价格长期较Henry Hub溢价。报告梳理FGT Phase IX（新增52.675万MMBtu/日，2028年四季度投产，投资约12.2亿美元）和South Florida项目、Sabal Trail三期及西延工程等扩建计划，认为发电需求与人口增长将继续提升管网战略价值，KMI、ET、ENB和WMB最有望受益。
This report provides a deep dive into Florida's natural gas midstream infrastructure. Florida is one of the five largest natural gas consumers in the US but produces essentially no gas of its own. State consumption reached 1.6942 Tcf in 2024 (4.63 Bcf/d), with about 86% used for power generation, and deliveries to consumers have grown 22% over the past decade. Supply depends almost entirely on interstate pipelines, led by Florida Gas Transmission, Gulfstream Natural Gas and Sabal Trail; interstate receipts averaged 4.73 Bcf/d in 2024, with Alabama supplying 78% and Georgia 22%. Limited storage capacity makes the state highly sensitive to supply disruptions, and FGT Zone 3 generally trades at a premium to Henry Hub. The report reviews major expansions, including FGT Phase IX (up to 526,750 MMBtu/d by Q4 2028 for about $1.22 billion), the FGT South Florida Project, Sabal Trail Phase III and its westward extension. It concludes that growing power demand and population growth will increase