NextEra Energy, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Highlights

  • Adjusted EPS increased approximately 13% year-over-year (YoY).
  • Strong renewable energy demand continues with 2,345 MW of new solar, wind, and storage origination this quarter.
  • IRA (Inflation Reduction Act) expected to significantly expand long-term growth opportunities across solar, wind, battery storage, RNG, and hydrogen.
  • FPL completed restoration from Hurricane Ian with record-breaking speed; estimated storm recovery cost approx. $1.1B.
  • NextEra Energy Partners’ (NEP) adjusted EBITDA rose 13% YoY; distribution increased 15% YoY.

Florida Power & Light (FPL) Performance

  • Q3 net income: nearly $1.1B (up $147M YoY).
  • EPS: $0.54, up $0.07 YoY (~15% growth).
  • Regulatory capital employed up 11% YoY.
  • Retail sales increased 3.8% YoY; weather-normalized sales up 1.3%.
  • Customer growth strong: +83,000 customers YoY (+1.5%).
  • Capital expenditures: approx. $2B this quarter; full-year still tracking ~ $8.5B.
  • Authorized ROE midpoint increased from 10.6% to 10.8% (range: 9.8%–11.8%). Targeting 11.6% for 2022.

Hurricane Ian Impact

  • Category 4 storm caused outages for 2.1M customers.
  • FPL restored two-thirds of affected customers within one day; all customers able to safely receive power restored within eight days.

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Operator: Good day and welcome to the NextEra Energy and NextEra Energy Partners Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Jessica Geoffroy, Director of Investor Relations. Please go ahead. Jessica Geoffroy: Thank you, Matt. Good morning, everyone, and thank you for joining our third quarter 2022 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 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 assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this co

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