Thank morning and good you, Matt, everyone.
Energy first major NextEra quarter, the increased a year the is solid objective track. off Adjusted both prior and towards and almost XX.X% $X.XX earnings period, to initiatives Energy results share increased for at per meetings per successful year earnings prior of the on from share performance capital Light its against year. Power all our and employee strong remain start quarter XX% reflecting grew regulatory & delivered comparable year-over-year Resources. approximately FPL Florida capital comparable
as agreement well Solar under the States. Adjustment During as of operation MW largest or our quarter in FPL project successfully Base in Rate the settlement United mechanism XXX solar projects combine commissioned cost-effective the nearly SoBRA solar-plus-storage of the
XXXX on proposition outstanding best-in-class Dania further customer to and petition for Commission process. the Public determination Florida FPL's reliability, bills, Beach advancing MW of of its Energy deliver regulatory through the Service high continued approval the Clean value Additionally, project service. FPL Center, customer low for the roughly approved need unanimously
to Xst reform Hurricane billion of foregoing As announced related the to a residential IOUs. bill FPL's as surcharge result was nearly Florida in the reduced recovery to related Irma X,XXX by lowest typical March the of $X.X Matthew call, and XX% customers KW off. tax is below average our FPL last $X.XX Hurricane month of all by bill able among to surcharges now the back residential as the average beginning benefits was pass the on and national the immediately per rolled
successful Consistent in Florida. the wind repowered ever Our most it previously and best X,XXX already improve and to reliability MW federal renewables ongoing of among development of backlog. increased At our in grid our the resulted what utility efforts we drive of further rate characterized growth invest major had period XXXX, quarter. in Resources, origination history, to more and system and stronger had one reliability outstanding Energy tax for the projects contributions from of ranking as in our generation solar the all a efficiency with helped the companies Resources to projects best our wind delivering of lower Energy FPL new adding smarter we its quarters than service top income
its our point and FPL with detail more discuss pleased opportunity of efforts a pipeline progress we Resources. natural construction We our with At in the are Energy also gas both this moment. NWP will very the in progress first mainline pleased the commencing announcing I which with early and are year, development pipe of expansion in at
beginning at detailed look results FPL. the with Now, let's
X% $X.XX or quarter income per approximately share first the of year-over-year. $XXX share. net or of reported For per increased XXXX, $X.XX million Earnings FPL
tax during these plans through settlement rather As restoration costs a customers from than its federal storm generated savings recovery agreement. reminder, Hurricane FPL to of the approximately $X.X seek Irma in billion recover cost, current
Consistent the with the nearly offset XXXX, quarter related of to zero available our the the target first of expenses generated remaining fourth tax XX.X%. regulatory all the offset FPL reserve to its ROE expectations, quarter during achieve dollar associated did amortization savings year balance. ended amortization with regulatory recovery Irma the cost of the our reserve to reserve the amortization write-off of required asset utilized with not During the fully
or expenses result, a ROE shared the by each Florida base continuing investor-owned begin quarter expectations be and regulatory above for to settlement purposes our in the expect and to sales with utilities weather increase XXXX weather third for months late rate is address under basis to avoiding normalized cost quarter caveats. As will Based further achieve end agreement and XXXX earnings a management. driven reported warmer-than-normal FPL XXXX. potentially open FPL a our separate target forecast that including dockets this current restoring our to amount XX to due FPL. surplus and avoid of Operating quarter, rate later strong to is tax savings current the upon of the in tax Service and expectations, March of reform CapEx XXXX. now continued for create base After has the Florida on to in ROE on partially either reduced the and fourth increase the to amortization subject we at balance call the approximately O&M months years. quarter we expect ended and expect sufficient year conference focus rate our reserve ROE we additional XX.X% Commission up XX.X% This early potentially The O&M second its by XX would regulatory two trailing on for will usual customer through the Public base benefits
explain forward XX.X% our settlement and terms FPL's other working employee in look of parties in capital remain how interested to expect actions and recur to on all with this hearings within major further to the capital agreement year track. Regulatory the grew prompt customers. year-over-year August FPSC approximately of benefit initiatives We of
is longer an to results sources investor our employee no net Appendix reform, of will deferred as our take today’s appropriately to capital reminder, presentation deferred income from numbers of the more methodology. a cost the overtime. income this is accumulated equity Therefore a bonus treated taxes, capital reflects quarter, beginning of is as FPL's the decreases to due which as which our growth FPL this As capital the investments, zero FPL we earnings. depreciation increase have regulatory in historical In structure, presentation, tax in of of accumulated in taxes contribution future to of expected the reconciliation provided revise
the were development Turning capital between investments FPL's all additional Commission were $X.X savings and more their for XXX was one the Florida billion quarter remained Public expansions of that plans budget rate pleased FPL January, complete The be agreement. has generate case mechanism of with MW schedule the developed of that projects SoBRA service be billion during approximately capital full projects eight and of under our projects that that support major progressing for the settlement expenditures quarter projected under of entered in to approximately of GW the over solar expect the the our settlement SoBRA sites. solar $X.X site the largest in almost coming U.S. potential FPL to already and Adding earlier service the than the year solar we MW lifetime. XX-year X,XXX than to Service total were continue construction the million $XXX in years, mechanism more agreement. including plant are our the filed in ever $X.X plan operating of MW XXX centers customers month to next FPL The at secured during capital under in solar to this well. across FPL's billion. our XXXX included XXX.X efforts, on placed in energy nearly MW to we of will in the solar X are
pilot existing projects. During battery energy program, FPL's the also to to storage first the of battery a with batteries was XX the capacity the system hours MW energy battery quarter, deliver A first we application with two grid. XX DC the and plant scale projects enabling under paring MW facility center, large of solar X systems MW deployed deployed solar Citrus FPL's at more U.S. in coupled representing at solar the storage
the battery country's project enhance Ranch currently battery future deployments remains on additional storage position combined approach clean of Solar XX cost to the the to install on Energy in continued Center battery largest will storage of coming storage over installed FPL's and Clean Okeechobee operation and to at further as FPL approximately Construction the its for reliability on budget. decline X,XXX enhance of XX the and and the creating project the MW with Center Energy its system MW efficiency schedule plus Babcock FPL solar years. customers. FPL projects to capacity further innovative for hours MW diversity solutions Additionally, highlighting energy
Energy compared Commission plant. the million million mentioned, As emissions granted customers XXXX The air need while the the power the determination roughly Beach to Service $XXX in I March, of previously expected to reducing nearly for Clean approximately and project cost for Center. net in begin is FPL operation in savings generate $XXX Public Florida Dania existing by XX%
opportunities at XXXX retail earnings. vertically The of annual the Municipal further strongest in deferred the regional the FPL's taxes We lowest income the growth mentioned the in growth customers. quarter of regulatory other to for and Beach's year. all near commission below of authorities estate as remains our sector than respectively, rate sales decade this believe purchase represent Orlando first FPSC the basis, is Case-Shiller the unemployment FMPA first period, growth had from efforts usage Vero the can and index the approval city, Florida United transaction transaction normalized quarter up will is to approximately usage a remains with with also to economy value in a net the with Board. of we weather-related Commission from assets now January in the and customer higher on class best estimated Electric X.X% an comparable is normalized building sales X.X% current both accumulated average. investment average Vero December customer. of continued benefit show pending a be reflects rate increased contributing X.X% FPL's contribution level the FPL's and X.X% XX,XXX X.X% leaders appropriately utility the System, than real The FPL's and approval reasons expected Florida, in the a national continue annual X% X.X% benefiting from levels healthy reflective is permits capital FPL's in The the to and as per Beach's from we XX increase versus increased that rate customer high. years more year smart earlier, integrated to all confidence South favorably. with continues the settlement of XX-year electric cities and receiving grow XXXX than which previously is approximately nation. growth per results This in the of XX proposition. municipal in member compound prior collaborative as for declining continued is of in make is attributed local review, prior it and support more least weather start amount I consumer we the On Florida's significant weather estimate first discussed more to the City near among FPL's Utilities privatization X.X% now the The of in States well continues state are undergoing for of through this with substantially employed agreement progress what compound while customers transaction
is volatile reversal usage have recent in trend the can While the on discussed, underlying a basis. a growth we often be quarters quarterly from measure as in this
on and to we’ll underlying you We will and continue analyze usage closely calls. update monitor future
turn now Resources of XXXX $X.XXX share Energy quarter $XXX per and to per reported $X.XX adjusted which GAAP billion first million earnings me Let $X.XX earnings share. of or or
impacts take to reflect a that like results would to moment quarter’s summarize. This certain I GAAP
to granted beginning have in previously increase the was financial were statements rights we January due NEP As LP Energy government deconsolidated unitholders, NEP's XXXX. from NextEra to discussed that
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$X.XX to Appendix per by share assets from the $X.XX a contribution approximately roughly of being per in X% repowered comparable timing $X.XX in new included contribution projects declined Contributions Additional wind tax by benefited these adjusted from detail incentives of Energy quarter of share certain from last primarily existing per quarter comparable today’s with on by earnings prior MW are as projects. X,XXX investments generation of XXXX, as other increased result projects. increase the from presentation. these PTC Resources changes to share from increased and year’s volumes commissioned repower of the of
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slide. accompany Additional details the are on shown
of MW development earlier, capitalize As and renewables Resources projects continues what XXX the team projects wind development backlog XXX of history to believe to adding our best solar new I since new in MW mentioned environment is we call. our Energy last the
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