NextEra Energy, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Company Performance

  • Adjusted EPS increased approximately 13.5% year-over-year, demonstrating strong execution following last year’s performance.
  • NextEra Energy was ranked No. 1 in its sector on Fortune’s “World’s Most Admired Companies” list for the 16th time in 17 years.
  • Florida remains the fastest-growing state, supporting continued customer growth for Florida Power & Light (FPL).

Florida Power & Light (FPL)

  • Q1 2023 net income: $1.07 billion, or $0.53 per share, up $0.09 from Q1 2022.
  • Regulatory capital employed grew 11.2% year-over-year, driving EPS growth.
  • Capital expenditures were approximately $2.3 billion; full-year CapEx expected at $8–$9 billion.
  • Regulatory ROE at 11.8% for the 12 months ending March 2023.
  • Utilized $373 million in reserve amortization; remaining balance $1.07 billion.
  • FPL added 970 MW of new solar, expanding owned solar capacity to ~4,600 MW (largest of any U.S. utility).
  • New 10-year site plan includes ~20,000 MW of solar (more than double the prior year's plan) and 2 GW of storage, increasing solar from 5% of energy delivered in 2022 to an expected 35% by 2032.
  • Green hydrogen pilot at Okeechobee remains on schedule for service in 2023.
  • Retail sales increased 0.4% year-over-year, with approx. 65,000 net new customers.

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Operator: Good day, and welcome to the NextEra Energy and NextEra Energy Partners' First Quarter 2023 Earnings Call. All participants will be in listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that, this event is being recorded. I would now like to turn the conference over to Kristen Rose [ph] , Director of Investor Relations. Please go ahead. Unidentified Company Representative: Thank you, Vishnavi. Good morning, everyone, and thank you for joining our first quarter 2023 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are John Ketchum, Chairman 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 Armando Pimentel, President and Chief Executive Officer of Florida Power & 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 stateme

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