NextEra Energy, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Adjusted EPS for NextEra Energy increased more than 9% year-over-year compared to Q2 2020.
  • FPL delivered net income of $819M ($0.42/share), up $70M and $0.04/share from Q2 2020.
  • Energy Resources added approximately 1,840 MW to its renewables and storage backlog.
  • NextEra Energy Partners increased its annualized distribution by 15% year-over-year.
  • Strong execution despite inflationary pressures and logistics challenges.

Florida Power & Light (FPL) Performance

  • Net income: $819M, up from $749M in Q2 2020.
  • EPS contribution increased $0.04 year-over-year.
  • Regulatory capital employed grew 10.7% YoY.
  • Commissioned 373 MW of new solar; surpassed 40% of “30 by 30” clean energy goal.
  • Solar panel installation expected to exceed 15 million panels by early 2022.
  • Major project: 409 MW Manatee Energy Storage Center (world’s largest solar-powered battery system) beginning service later in 2021.

Gulf Power (Segment of FPL)

  • Net income: $63M.
  • O&M cost reductions: down ~9% YoY; down ~31% vs. 2018.
  • Reliability improvements: generation fleet up 71%, service reliability up 63% since 2018.
  • Regulatory capital employed increased 17% YoY.

Energy Resources

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Operator: Good morning everyone. And welcome to the NextEra Energy and NextEra Energy Partners Q2, 2021 Earnings Call. [Operator Instructions] Please also note today's event is being recorded. And at this time, I would like to turn the conference over to Jessica Aldridge, Director of Investor Relations. Ma'am, please go ahead. Jessica Aldridge: Thank you, Jamie. Good morning, everyone, and thank you for joining our second quarter 2021 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are Jim Robo, Chairman and Chief Executive Officer of NextEra Energy; Rebecca Kujawa, Executive Vice President and Chief Financial Officer of NextEra Energy; John Ketchum, 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, President and Chief Executive Officer of Florida Power and Light Company. Rebecca 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 our key assumptions are incorrect or because of other factors discussed in today's earnings news release, in the comments made during this con

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