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					</table><p>U.S.-based renewables firm <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> said its first-quarter net income rose 12% year-over-year to $2.27 billion and that it expects data centers to drive electricity demand higher.</p>
<p>The company has 3.5 GW in data center capacity operational and looks to add another 3 GW to 3.5 GW in its backlog from technology providers while seeing a 15% CAGR through the end of the decade for electricity demand from data centers.</p>
<p>“The re-domestication of industry to the U.S., supported by public policy, will drive the need for more electricity, and the tech industry is going to need data centers to support the expected cloud capacity demands that come with artificial intelligence applications,” said John Ketchum, NextEra&#8217;s Chairman, and CEO during a post-earnings conference call with analysts.</p>
<p>The Florida-based holding company for regulated retail utility Florida Power &amp; Light (<a href="https://www.fpl.com/" target="_blank" rel="noopener">FPL</a>) and renewables generation subsidiary <a href="https://www.nexteraenergyresources.com/" target="_blank" rel="noopener">NextEra Energy Resources</a> posted an adjusted net income surge from $2.08 billion last year.</p>
<p>The quarterly revenue, however, dipped 14.6% to $5.73 billion from $6.71 billion last year, partly due to lower contributions from NextEra Energy Resources.</p>
<p>NextEra’s revenue in Q1 dropped 33% to $1.87 billion from $2.79 billion, while FPL’s revenue dipped 2% to $3.83 billion from $3.92 billion in Q1 2023.</p>
<p>The company&#8217;s renewables backlog grew at a rapid clip in the quarter. NextEra Energy Resources added about 2,765 MW of new wind, solar, and energy storage projects to its backlog, marking its second-best quarter ever. Meanwhile, FPL placed 1,640 MW of solar into service.</p>
<p>FPL, NextEra&#8217;s Florida utility business serving more than 12 million customers, reported a net income of $1.87 billion in Q1, up 9% from $1.68 billion in the prior year. FPL&#8217;s growth was driven by continued investments in the business, with capital expenditures totaling around $2.3 billion in the quarter and strong customer growth.</p>
<p>FPL’s average number of customers rose by more than 100,000 from the comparable prior-year quarter, marking its strongest quarter of customer growth in over 15 years.</p>
<p>Meanwhile, NextEra Energy Resources, which generates clean energy from solar, wind, and nuclear power, saw its adjusted net income jump by 13% to $828 million from $732 million last year. The company&#8217;s total renewables backlog now stands at 21.5 GW, making it one of the biggest renewable energy firms in the world.</p>
<p>Last year, NextEra said it would <a href="https://www.mercomindia.com/nextera-sell-natural-gas-assets-focus-on-renewables" target="_blank" rel="noopener">focus</a> solely on growing its renewable energy portfolio and selling off its natural gas assets.</p>
<p>Its net income <a href="https://www.mercomindia.com/nextera-net-income-q2-23-higher-renewable" target="_blank" rel="noopener">rose</a> by more than 100% in the second quarter of last year, helped by the execution of growth initiatives by the company’s clean energy generation vertical.</p>


NextEra Energy’s Q1 Profit Rises 12%, Expects Higher Demand from Data Centers


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					</table><p>Solar installations in the United States grew 47% year-over-year (YoY) to 6.1 GW during the first quarter (Q1) of 2023, recording the best initial quarter for the country’s solar sector in terms of new installations.</p>
<p>According to U.S. Solar Market Insight Q2 2023, released jointly by the Solar Energy Industries Association (<a href="https://www.seia.org/" target="_blank" rel="noopener">SEIA</a>) and <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a>, the growth in installations was significantly driven by a higher demand created through the Inflation Reduction Act (IRA) and increased utility-scale solar installations.</p>
<p>However, installations fell 19% from Q4, 2022.</p>
<p>The utility-scale solar market <a href="https://www.mercomindia.com/us-installed-3-9-gw-solar-capacity-q1-2022" target="_blank" rel="noopener">recovered</a> from slower installations in Q1 2022 and achieved record installations of 3.8 GW during Q1 2023, up 66% YoY.</p>
<p>The solar sector alone accounted for 54% of all new power-generating capacity added to the country’s grid during the quarter.</p>
<p><strong>Module Imports Ease</strong></p>
<p>Owing to more clarity on IRA’s new credits that can be used in conjunction with the Solar Investment Tax Credit (ITC), more module importers were able to meet the documentation needs under the Uyghur Forced Labor Prevention Act, which eased the solar equipment supply chain.</p>
<p>SEIA President and CEO Abigail Ross Hopper said, “As IRA begins to flex its muscle and drive demand, the U.S. solar and storage industry is eagerly awaiting further guidance on some of the most impactful pieces of the law. Timely, specific, and workable implementation guidance from the administration will have a major impact on our success in both the near and long term.”</p>
<p>Delayed projects which awaited raw materials and equipment were able to transport the equipment to the project sites for the works to pick up the pace.</p>
<p>Florida stood out as the top-ranked solar market during Q1 2023 with 1.6 GW of new solar capacity additions. It installed 72% more solar capacity than California, which installed 951 MW, grabbing the second position.</p>
<p>Florida was also ranked first for utility-scale solar installations totaling 1.46 GW during Q1.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-55112 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Picture2-2.png" alt="" width="602" height="417" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Picture2-2.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Picture2-2-300x208.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Picture2-2-600x416.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p><strong>Residential and commercial solar</strong></p>
<p>The residential segment added 1.6 GW of new solar capacity in Q1 2023, a 30% increase from the same period last year.</p>
<p>Wood Mackenzie projects that third-party-owned systems will begin to qualify for the ITC adders, and the overall segment will benefit from the IRA at this time, resulting in 12% growth for all states other than California.</p>
<p>Owing to easing supply chain constraints, the commercial segment installed 391 MW of new solar capacity in Q1, up 27% YoY. The report further projects a 13% growth in the commercial solar market in the U.S. in 2024.</p>
<p>Driven by the ITC tax credit under the IRA, the national commercial solar growth is expected to reach 11% in 2027 and 14% in 2028 as growth picks up in emerging markets.</p>
<p><strong>Community solar</strong></p>
<p>Community solar installations declined 13% YoY in Q1 2023, resulting in the lowest quarter of new capacity additions since Q1 2021.</p>


In the Best Quarter Ever, US Solar Installations Grow 47% YoY to 6.1 GW


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					</table><p>U.S.-based energy firm <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> posted a profit of $2.09 billion for the first quarter (Q1) of the financial year (FY) 2023 against a loss of $451 million in Q1 FY 2022.</p>
<p>NextEra Energy is a holding company for a regulated retail utility (the combined Florida Power &amp; 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.</p>
<p>During Q1, Florida Power &amp; Light commissioned approximately 970 MW of new solar capacity, which fuelled the total profit of NextEra Energy. FPL’s total owned and operated solar portfolio stood at 4,600 MW by the end of Q1.</p>
<p>FPL posted a year-over-year (YoY) increase of 22% in net income at $1.07 billion for Q1, primarily driven by continued investment in the business. Florida Power’s average number of customers increased by 65,000 compared to the same period last year.</p>
<p>NextEra’s clean energy business NextEra Energy Resources posted a profit of $1.44 billion for Q1 against a net loss of $1.5 billion in the same quarter a year ago.</p>
<p style="text-align: left;">During the January-March quarter, NextEra Energy Resources added approximately 2,020 MW of new renewables and battery storage to its backlog since the release of the fourth quarter results.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-53056 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra.png" alt="NextEra" width="602" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra-300x207.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra-600x415.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a></p>
<p style="text-align: center;">Source: NextEra Energy</p>
<p>Also in March, the clean business of NextEra closed on its previously announced acquisition of a large portfolio of operating landfill gas-to-electric facilities, from which the company realizes double-digit returns.</p>
<p>NextEra Energy Resources also recently executed a memorandum of understanding for a joint venture (JV) with ammonia producer CF Industries.</p>
<p>The JV will deliver green hydrogen to an existing CF Industries ammonia production facility, which it intends to expand to incorporate green hydrogen as part of its production process. The proposed facility includes an approximately 450-MW renewable energy solution that would power a 40-ton-per-day hydrogen facility.</p>
<p>Also, in December 2022, chemical company INEOS Olefins &amp; Polymers USA <a href="https://www.mercomindia.com/daily-news-wrap-up-fashion-retailer-hm-mw-solar-ppa" target="_blank" rel="noopener">announced</a> a renewable power purchase agreement with NextEra Energy Resources for a 310 MW solar project in Texas. NextEra Energy Resources said it would construct, own, and operate the project, which will be located in Bosque County, Texas. The project is expected to produce 730,000 MWh of clean energy annually, sufficient to power over 68,000 homes annually.</p>
<p>NextEra Energy <a href="https://www.mercomindia.com/nexteras-clean-energy-business-net-income-up-17-yoy-in-q4-2022" target="_blank" rel="noopener">reported</a> a net income of $1.52 billion for the fourth quarter of 2022, up by 26.41% YoY, driven primarily by successful executions of growth initiatives by all company businesses. The company’s net income for 2022 increased by 16% to $4.15 billion.</p>


NextEra Swings to $2 Billion Profit in Q1 2023 on Renewable Capacity Addition

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