U.S.-based energy company NextEra Energy reported a net income of $2.79 billion for the second quarter (Q2) of 2023, an increase of over 102% year-over-year (YoY), driven by successful execution of growth initiatives by the company’s clean energy generation vertical.

The company posted earnings of $1.7 billion for the quarter, an increase of 11% YoY.

NextEra Energy is a holding company for a regulated retail utility (the combined Florida Power & Light (FPL) and Gulf Power that together have about six million customer accounts and an unregulated generation subsidiary, NextEra Energy Resources, which generates clean energy from solar, wind, and nuclear power.

NextEra Energy Resources reported a net income of $1.46 billion in Q2 2023, a substantial YoY increase of 1,000%. On an adjusted basis, NextEra Energy Resources’ earnings for the second quarter of 2023 were $781 million, an increase of 14% YoY.

The company added approximately 1,665 MW of new renewables and storage projects to its backlog since the release of its first-quarter results.

The additions to the backlog include 1,215 MW of solar, 150 MW of wind, and 300 MW of storage capacity, bringing the company’s current backlog to 20 GW. The company successfully placed more than 1.8 GW of capacity into operation.

FPL reported a net income of $1.15 billion for the April-June period, an increase of 16% YoY.

The retail utility company experienced significant growth, primarily fueled by its ongoing commitment to strategic investments in the business. FPL’s capital expenditures for the same quarter amounted to approximately $2.5 billion. The company anticipates its full-year capital investments to fall within the range of $8.5 billion to $9.5 billion.

During the second quarter, FPL successfully executed its strategic initiatives, placing approximately 225 MW of cost-effective solar in service, bringing the total 2023 solar additions to nearly 1,200 MW.

Kirk Crews, Executive Vice President, and Chief Financial Officer of NextEra Energy, said, “During the quarter, we continue to see solid demand for renewables and storage across power and commercial and industrial customers. After a period of underlying commodity price inflation, supply chain disruption, and trade policy risk premiums, we are finally seeing signs of stability, which will be helpful in our customer conversations. We believe renewables remain economically attractive to alternative forms of generation and position ourselves to meet long-term customer demand by expanding our significant pipeline of renewable projects.”

The company recently announced that it would focus solely on growing its renewable energy portfolio and selling off its STX Midstream and Meade natural gas pipeline assets in 2023 and 2025.

Last December, NextEra Energy Resources signed a renewable power purchase agreement with chemical company INEOS Olefins & Polymers USA for a 310 MW solar project in Texas.