NextEra Energy, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • NextEra Energy reported adjusted EPS growth of 10.4% year-over-year, driven by strong performance across all business units.
  • GAAP results were negatively affected by mark-to-market impacts on nonqualifying hedges and the write-off of the Mountain Valley Pipeline investment.
  • NextEra Energy Partners (NEP) delivered adjusted EBITDA growth of more than 16% year-over-year.

Florida Power & Light (FPL)

  • Q1 net income: $875 million, up $98 million from the prior year; EPS of $0.44, an increase of $0.05 year-over-year.
  • Regulatory capital employed grew 11.3% year-over-year.
  • Placed 450 MW of new solar in service, completing the 2022 solar build on time and on budget.
  • Total solar portfolio now exceeds 3,600 MW—the largest of any U.S. utility.
  • Capital expenditures for Q1 were ~$2.2 billion; full-year expected between $7.9–$8.3 billion.
  • FPL’s 10-year site plan includes:
    • ~9,500 MW of new solar by 2031.
    • ~3,200 MW of new storage capacity.
    • Green hydrogen pilot project operational in late 2023.
  • Customer growth remains strong, with 91,000 new customers added (up 1.6% year-over-year).

Energy Resources

  • Adjusted earnings of $628 million, up $0.02 per share year-over-year.

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Operator: Good morning and welcome to the NextEra Energy and NextEra Energy Partners First Quarter Earnings call. All participants will be in listen-only mode. [Operator instructions] After today's presentation, there will be opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jessica Jeffery [ph], Director of Investor Relations. Please go ahead. Unidentified Company Representative: Thank you, Anthony. Good morning everyone and thank you for joining our first quarter 2022 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are John Ketchum, President and Chief Executive Officer of NextEra Energy; Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy; Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy. All of whom are also officers of NextEra Energy Partners, as well as Eric Silagy, Chairman, President and Chief Executive Officer of Florida Power and Light Company. Kirk will provide an overview of our results and our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of o

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