NextEra Energy, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Adjusted earnings per share (EPS) increased approximately 14% year-over-year, driven by strong performance at Florida Power & Light (FPL) and Energy Resources.
  • NextEra Energy reported Q2 2022 GAAP EPS of 0.70 and adjusted EPS of 0.81.
  • Strong renewable energy demand continues, with Energy Resources adding 2,035 MW to its development backlog—its third-largest origination quarter ever.
  • NextEra Energy Partners (NEP) posted adjusted EBITDA growth of approximately 43% year-over-year and declared a 15% higher annualized distribution.

Florida Power & Light (FPL) Performance

  • Q2 2022 net income was 989 million (up 107 million year-over-year). EPS contribution increased 0.05 vs. Q2 2021.
  • Regulatory capital employed increased 11.4% year-over-year, supporting roughly 12% net income growth.
  • Commissioned the 1,200 MW Dania Beach Clean Energy Center, expected to deliver 350 million in customer savings and reduce carbon emissions by 70% vs. the prior Lauderdale plant.
  • Completed the North Florida Resiliency Connection transmission line, enhancing reliability and access to low-cost solar.
  • Customer growth remains strong, with average customers increasing by 87,000 (1.5%) year-over-year; new service accounts increased 15%.
  • Retail sales rose 3.2% year-over-year (1.3% weather-normalized).

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Operator: Good morning and welcome to the NextEra Energy and NextEra Energy Partners Q2 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. Please note that today's event is being recorded. At this time, I'd like to turn the conference call over to Jessica Geoffroy, Director of Investor Relations. Ma'am, please go ahead. Jessica Geoffroy: Thank you, Jamie. Good morning everyone and thank you for joining our second 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 & 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 our key assumptio

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