The U.S.-based energy company NextEra Energy reported first-quarter earnings of $1,455 million, a year-over-year (YoY) increase of 9.3% compared to $1,330 million in 2021.
NextEra Energy is headquartered in Florida and owns Florida Power & Light Company, an electric utility providing electricity to more than 5.7 million customer accounts across Florida. NextEra Energy also owns the clean energy business, NextEra Energy Resources, which, together with its affiliated entities, is one of the largest generators of renewable energy from wind, solar, and battery storage.
Florida Power and Light (FPL)
Florida Power and Light (FPL) recorded a solid first quarter with a net income of $875 million, a YoY increase of 12.7% compared to $777 million in the same period last year.
NextEra’s subsidiary FPL completed the planned solar build for the current year, commissioning approximately 450 MW of new solar, bringing the total operational solar portfolio to over 3,600 MW. Earlier this month, FPL filed its annual 10-year site plan with the Florida Public Service Commission (PSC), detailing plans for its roughly 9,500 MW of additional cost-effective solar projects across FPL’s territory.
FPL’s capital expenditure was approximately $2.2 billion in Q1 2022.
Florida Power and Light is also planning to deploy approximately 1,800 MW under its settlement agreement’s Solar Base Rate Adjustment (SoBRA) mechanism. It plans to construct the solar projects under the SolarTogether community in the next four years, while it will deploy approximately 4,700 MW of additional solar installations after 2025.
NextEra Energy Resources
It was a significant quarter for NextEra’s renewables and energy storage segments. Its clean energy business NextEra Energy Resources, reported first-quarter earnings of $628 million, a YoY increase of 5.01% compared to $598 million in the same period a year ago. NextEra Energy Resources added approximately 1,770 MW to its backlog, including 400 MW of solar, 130 MW of storage projects, and 1,200 net MW of wind.
Another arm of NextEra Energy, NextEra Energy Partner’s (NEP) adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) grew over 16% year-over-year (YoY), primarily driven by strong contributions from the new projects added last year. It signed an agreement with its clean energy business, NextEra Energy Resources, to acquire approximately 67% interest in a ~230 MW, four-hour battery storage project in California.
NextEra Energy reported a net income of $3.57 billion last year, a YoY increase compared to $2.91 billion in 2020. The company had reported fourth-quarter earnings of $1.20 billion, with operating revenue of $5.04 billion, a 22% increase from $4.39 billion in the fourth quarter of 2020. FPL had reported a net income of $560 million in Q4 2021.
Last November, NextEra Energy Partners signed an $824 million convertible equity portfolio financing agreement with Apollo Global Management.