Matt, you, and good everyone. morning Thank
of announced to quarter, Energy prior-year one storage objectives year bills be of next grew tax nearly to NextEra of expansions Energy our further megawatts including projects, opportunities to are additional new quarter first the of second lowest the Adjusted the with which provide track outstanding year. a provide solution comparable meet its deployment residential benefit date, largest results last the low-cost remains to signaling on of the XX% in solar-plus-storage capital battery share solutions financial strong We Florida the for against success wind all repowering remain national share our megawatts per year, investments and delivered low to and in the largest phase to renewables lower we among by generation resource. our approximately sign in finding pleased and major battery U.S., additional the energy smart XX a helped project average quarter continues having of approximately that Resources, including improve two and of the projects. were and started wind in earnings by XXX earnings Average below solar U.S. success Florida employed all XX% both year-over-year. of Light continuation projects initiatives, the investments reliability pairs regulatory FPL costs, XX% the federal the the solar upon including share increased the to at quarter the and Building storage cost per the renewables solar-plus-storage firm with with successful rate of we Power per for contributions track. call $X.XX versus the and quarter. Energy on together increased $X.XX increased for drive by since origination megawatts our growth capital added wind on Resources. repowered we same X,XXX income reflecting lower performance the nearly FPL’s customers. projects, from ever At our backlog, With of and the focus utilities, energy clean nearly &
quarter’s origination repowered history. its Resources’ in reflective This in development and previously advantages leverage success capitalize projects both what competitive is the best to we renewables have ability period new Energy of to as on our characterized
we the the FERC first are we to Commission to City Gulf Power will half customers Gas that operations acquisition Meanwhile, within is proposed over close announce natural regulated two of through proposition Energy's Company. filed During to and would gas allow are that of operations obtaining will the this XXXX. reported results quarter, the early time. Southern Florida announced and City NextEra state stakes complement business be part Gulf the approval as its FPL an conditions, two plants approval for of Power, from natural in in Regulatory The existing the our of close customer expected for gas extend and we expand month, in of Subject Starting to NextEra acquisition week. acquire quarter, Energy Earlier and ownership segment. satisfaction Federal transactions power Florida to to Florida the expect FCG plants. these best-in-class value pleased next financial excellent our transactions closing Gas additional to third to we other business assets
further to its excess which current of billion NextEra operations, through regulated quarter result announcement. our purchase make approximately the Power $X capital through the against Resources meet sheet interest long-term another sheet metric a positioned financed continue to expect ratings. to of of will execute credit initiatives to adjustments allowing S&P With issuance while FPL Energy At $X against as well that swaps our thresholds price expansion expectations. Energy its the and to acquisition are of to continues strong behind rate strong anticipate company’s after the debt, financial expectations, shortly to us, closing development the new while acquisition, cash capacity, execution Gulf our make progress we Moody’s and the favorable We for balance strong transactions maintaining the our full-year $X.X we be hedged and continues preserve credit billion the of very balance we the to of
Now, at beginning detailed the let’s look FPL. results, with
reported approximately employed of income versus and driver For XXXX, quarter $X.XX million share, increase of $XXX EPS million respectively, prior-year quarter. second comparable the per of per net a FPL growth capital $X.XX $XXX was or the share, XX.X% year-over-year. an of XX% Regulatory primary growth FPL’s of of
be expected the June XX our our purposes management, XXXX. result a XX.X% months than by base As revenues focus higher reported approximately on for reduced ending continued cost for expenses regulatory will driven of O&M and ROE
caveats, We FPL ROE which subject restoring early in XX of trailing the achieve to expect its month will quarter, the regulatory usual third to begin partially the we time amortization after reserve balance. target XX.X%
sufficient to We benefits up with agreement operate XXXX base current XXXX. under of further rate increase two continue and by a to to for surplus base potentially end expect the rate additional that a amount XXXX customer avoiding in FPL will settlement creating years,
and on X,XXX quarter FPL Turning $X.X approximately mid-XXXX. enter our full-year capital be to Center approximately investments were our development major Okeechobee progressing in at our Clean remains between billion of in on schedule $X.X expenditures service capital megawatt capital to $X.X Energy Construction we the to the expect and are efforts, billion and on billion. FPL’s budget well. all projects
are Additionally, coming built Rate in generate to than expected FPL’s operating more the the projects mechanism lifetime, the Florida customers total are remain across Solar territory which megawatts customers to the for providing Adjustment, XXX new FPL to projects, than FPL X,XXX These begin plans SoBRA, million on projects $XX approximately of more across settlement over XXXX. being early savings or solar of service of of agreement part under FPL’s megawatts for energy track years. Base cost-effective during their solar in
development Beyond advance solar, Center Dania operation to its X,XXX-megawatt to commercial XXXX. roughly projected the date Energy Clean in process support continues Beach the through
at to X.X our expect the points income January a net proposition. of decade. annual of strong. the a regulatory year while Florida remains deferred XXXX levels adjusted FPL’s lowest continue near smart in and will unemployment rate the in approximately earlier X%, through capital settlement growth a accumulated of We start further ongoing The taxes, in employed, rate agreement support customer enhancing compound percentage investment least opportunities Florida’s seasonally in from that June down X.X%, December XXXX, value economy was from
decade. Case-Shiller the the sector, highest the new make building Florida the near time, housing shows At trillion, home is X% in economic a from multiple strong increasing for same the South year-over-year. up prices Sentiment X.X%. an sales levels the GDP of contributed Consumer growth, year prior years Index Florida’s per strong, increased second nearly be this Customer XX% Within basis, it Florida which customer. quarter, would the quarter retail second permits and usage $X recently of approximately in largest usage and positive increase and in After passed the both of to attributed the customer, the reading is estimate remain favorably. trend the continuation a per weather-related of quarter decreased seventeenth from FPL’s of which can that weather-normalized weather-normalized a X.X% we estimated world. economy sales X.X%, growth decline first June On X%
encouraged conclusions ready yet are draw we the long-term to continued underlying by trends. While firm in not are growth we any about usage,
We update and and usage calls. future analyze will underlying to will monitor closely on continue you
share. GAAP Adjusted contribution earnings second of Energy for earnings increased the per to were Resources’ turn million, second or XX%, $X.XX, now per to EPS $XXX approximately quarter million, $XXX me Let adjusted or reported $X.XX Energy share. Resources, $X.XX by quarter or year-over-year. XXXX which
per results increasing by due and $X.XXX to from federal compared were infrastructure and nuclear from lower which businesses, $X.XX contributions expenses, facilities customer the $X.XX All of interest support renewables development as existing XXXX. added the business, Contributions to Beach contributed second result tax share. $X.XX of particularly existing year. strong our to EPS trading increased gains impacts a also gas investments the Contributions including wind our favorable our at primarily rate from and development per corporate $X.XX income declined also the share, increased including in Point higher generation reduced New our per quarter versus by environment. repowered year-over-year. volume $X.XX by favorably, absence increased activity these corporate share, primarily Offsetting supply pipelines, assets last Seabrook other adjusted by outages and The from projects. increased PTC reduction
slide. accompanying the on shown are details Additional
team last wind I Energy development we year. battery this megawatts last of of mentioned new on Resources call, projects, storage-only new storage Since origination XX-megawatt started accompanying and project of a call, we projects earlier, with quarter success backlog. solar are our megawatts megawatts megawatts backlog, added have XX updates changed. renewables the and strong delivery information projects have we megawatts XXX which of chart X,XXX XXX of to provided XX year. not earnings the wind megawatts to added for Of As projects projects, quarter’s The our XX the our the solar continued this but expectations the overall new these
harbor additions are forecast stronger. time We of the To provided IRS operation we for expect procure solar be work physical construction that IRS that end supported construction with achieves track XXXX in now Similar prior and harbor that With megawatts. that is current of to beginning of the significant ITC an new ITC XXXX. subject wind solar period, for was megawatts, brings a delivery to and guidance X% additional solar the XXX of month. XXXX are of the over XXX-megawatts against credit. perspective, extends for start any nearly for our by never backlog that conditions. projects storage full the of total times end total XXXX, facility These meeting XX% has development will been to at development for safe invested released a capital nearly the to or our total qualify XXXX, projects post-XXXX program backlog XXXX, which Energy Resources’ solar Included the by guidance investment in tax larger commercial this four-year through by the backlog beyond continue to future complying solar the quarter’s the in last commences the two backlog than safe wind, Therefore, guidance X,XXX to put certain into XXXX. to
facility development period. storage low-cost includes qualify into are Battery the with solar paired to supports a further addition solar battery minimum and that that next increased driving charged XX% this phase by of deployment of ITC decade, guidance the next component. the storage a renewables the projects In for a during
incentives, nearly will As battery firm of the expect creating and without and wind a specifically significant to of XX efficiency post-XXXX forward. to firm operating meet projects with during renewables inefficient new for four-year costs construction cost are solar solar, be resources, declines paired realized customer needs, Indicative we the product, backlog period, megawatts continue start the of decade that the next the growth gains added cheaper in renewable storage to than generation will going nearly battery of customer’s new demand XXX opportunities megawatts for projects. of for be delivery traditional designed
system, the growth into we have additional to Resources. be were can Energy solar-plus-storage our that quarter, providing first During recycled also project pleased opportunities financed capital at
As I last we announced repowerings to existing under X,XXX-megawatts. five which These previously our and mentioned, earnings since opportunities, our XXX-megawatts power to bring roughly new agreements, backlog. our purchase added total pursued call are repowering being repowering
be progress to deployment of other in facilitate existing that upper is we billion discussions, Our repowerings previously PPAs billion outlined have repowering to to half and now the the based of opportunities the we total development team $X in for customers expect in XXXX capital on these $X.X through for additional with negotiations XXXX. active under
the an approximately repowering sites. successfully Energy to make on Resources During quarter, XXX-megawatt remaining project we XXXX commissioned the solid progress and continue
approximately to to route Court’s was work issued MVP U.S. The stream and faced renewables, [ph] MVP Valley Nationwide the the some Court of in recent modified challenges. crossing permit stay Beyond Virginia. Corps the the Pipeline Engineers for of West construction issued with able believe Corps Fourth wetland the a issued the we of concerns. addresses XXX that on Circuit Mountain has by have the XXX Army Permit a miles
to the any this Fourth for which in we material there At are quarter Carolina, project, for proposed central the request to only development expect well. shortly, respond able the MVP customers will deliver expansion these progress from hopeful impacts the If to Circuit lifted. is to will first date in a that the favorably to be we mainline as Resources financial MVP the construction believe time, modified and Despite Army a the issues, XXXX. permit stay pipeline will of of to to the Corps to in-service be on stay. affected do that slight continues the the resume result not areas We delay in the Energy the that pipeline North Southgate gas Virginia is
application the and targeted in-service this expect to evaluate to year market open additional support season continue file We the the FERC XXXX. to interest quarter from the participants of fourth later date
was for NextEra Energy, now the per XXXX, for million Turning income consolidated or quarter attributable to share. of results net second the GAAP $XXX to NextEra $X.XX Energy
and quarter to $X performance to primarily strong the fourth our occur second expect second nuclear and $X.XX tax as Corporate to XXXX our related we full-year rate and stronger as will EPS expectations, accretive earnings Florida more quarter on respectively. XXXX will of our respectively. EPS midpoint term, to per plant transactions to range the an of XXXX, Energy’s half, spent $X.XX $X.XX with range. ruling. first $X.XX discussed segment adjusted continued expectations NextEra result a to quarter of per & compared and Other Power, of XXXX Longer earnings XXXX close, NextEra annual in our and tax expectations In of adjusted unfavorable second and City our NextEra expected this decreased target half we the that in unfavorable second Adjusted share, of gas ruling X% remain from for we Based continue they with a $X.XX $X.XX continue off have and the of fuel. adjusted adjusted to our be share, adjusted the for the $X.XX an growth X% the to even billion one-time disposal were a quarter, share, EPS NextEra the of through Energy’s assuming comfortable midpoint of growth XXXX EPS at compound charge previously Energy’s a natural total, Gas be results Gulf reflect Energy result expectation and per
to EPS our EPS per and As closing to expect $X.XX we be be transactions, a a $X.XX our adjusted result, subject to range share. XXXX $X.XX of XXXX in range expectations $X.XX a of in the to expectations to adjusted
opportunity to of near we believe be expected our at growth X% financial disappointed $X.XX share, the accretion of continue best rate not deliver We X% from industry growth annual transactions. the one are top that or off sets these plus compound will expected able base to have the if we XXXX results per and end our of in to our range
line also in to growth will XXXX range. annual compound flow that operating We expect adjusted roughly rate cash our from with EPS grow XXXX
expect to year $X.XX. least base continue through to of grow XX% XXXX off of per share at share a per XX% XXXX, per We dividends to our dividends
expectations our are always, operating normal to to As conditions. and but weather usual caveats, not limited including subject the
following previously billion we discussed, rating of the transaction credit at agency XXXX. capacity As excess closing, I maintain to the billion through balance anticipated thresholds $X metric sheet expect Power to $X Gulf
utilize capacity will or if opportunistically accretive shares to opportunities sense do to We remaining execute sheet either on buyback look makes balance to so. it the capital accretive acquisition investments incremental or
As hedge to hedge that fixed Any assumed interest XXXX. as expectations. cushion, hedging mitigate is debt XX, into excess cash amount we rate City Power, Florida XXXX by any Gulf date pleased at settled, interest for sheet be at Energy July future reminder, into a billion a to $X interest our is were that serves as balance a issuances gas time up XX, at potential executed the utilization unutilized NextEra of the on total. rate XX-year Gas NextEra agreement, effectively in incremental a enter Energy plant acquisitions. July was and Earlier natural XXXX, to to will as through rate volatility flexibility two entering remaining which this not billion capacity a financial currently month, the in rates X.XXXX%, balance its agreement, of the has rate until Under swap any $X interest rate the
expectations. position forward. making gas economic believe that future financial the the drive transactions. us proposition well increasingly as for customer significant and enthusiastic achieve operating for model regulatory with effectiveness forward. will the This our NextEra long-term going capital as continue constructive In balance supporting long-term to swap We we development. Florida strong Gulf intensely have year, remain our expect NextEra the as Florida on target maintain as we value focus and advantage in uniquely a Resources, capacity, positioned strong NextEra By start At with summary, Energy best-in-class At through sector the $X.XX as Energy as to well growth XXXX, shareholder to as and EPS focus, Energy going significant about cost the economy environment, its we renewables is relative capital advantages are We cost market remain operational help our continued ever to for prospects. long-term strengths, adjusted the delivering well tailwinds on capitalize and smart combined and to leveraging these competitive execution sheet City of maintain after focused investments. FPL, Energy’s value well positioned the we on highlighted Power our we
to Let NEP. now me turn
of fee, This transaction, assets. XX%, declared which average of on quarter, attractive earlier. origination renewable distribution inclusive quarterly closed the of NEP its reflecting performance of continued per $X.XX XX% present an generating of basis, highlights at X.X%, capital strong value year-over-year EBITDA of unit underlying U.S. the million common sale Board XX-year projects, year additions asset and in approximately Energy a per of both during available executed net NextEra portfolio from was XXXX adjustments. portfolio. new common CAFD and XXXX working dollars, $XXX for $X.XXXX annualized post-closing second of value the growth up of distribution in to Yesterday, the proceeds the the the respectively, approximately a of unit, the NEP’s solar yield and to cash wind subject Late in an underlying start NEP Partners XX% with adjusted and or Canadian outstanding O&M
to NEP’s to redeploy higher-yielding accretively proceeds growth. the expect acquisitions U.S. We into support long-term
tax for growth. a can investing proceeds for a a in lower tax expected and for the longer effective to LP available future more Canada, is cash invested, NEP provide assets turn distribution runway in by Additionally, benefit into shield retain which from every corporate distribution the longer rate U.S. versus $X that
We pleased this the are transaction look forward to year expectations. and later extremely with NEP’s support to redeploying this of proceeds growth execution the
for EBITDA now million me earlier. NEP’s the results for which $XXX performance Let from million year increased NEP, $XX of detailed approximately quarter financial second quarter. the reflect adjusted review outstanding a
distribution. last result also quarter of favorably CAFD, issued available from respectively, notes $XX portfolio. approximately primarily the Cash of also in Second million, of quarter for a were the Adjusted million growth, cash distribution available benefitted in was increase due for the Texas an available adding EBITDA million and senior $XXX driver projects contributed XX% the Existing year. the and projects in to unsecured the Adjusted as driven Pipelines. $XX contributions from prior-year comparable CAFD million that from the payments, underlying quarter. new from were of timing and to significant for increased debt distribution cash primarily Contributions EBITDA was the principal of EBITDA $XX by growth growth third adjusted of XX%, of of service and growth
these a we operating are these As as reminder, net IDR fees, an since treat of results expense.
slide. Additional details are on shown accompanying the
usual our reasonable as to last caveats. $X.XX, we per year in fourth rate we being As quarter, XX% quarter an XXXX least of per LP base a distributions of range expectations from at a announced unit XXXX, through XX% subject to of common at distribution annualized our growth see
the quarter unit. to distribution, expect that fourth be XXXX, February common in we of is per range of $X.XX annualized to rate XXXX result, a $X.XX payable the a As in
for reflecting CAFD adjusted to a NextEra calendar EBITDA Energy at billion the forecasted expectations XXXX. and rate XXXX, December $X.XX run expect XXXX $XXX continues for of to of million, $X year-end $XXX XX, portfolio year to Partners million billion
available to by underlying Resources, distribution NEP’s significant with flexibility flows growth counterparty and strong assets in XXXX. three ways: organically for quality from high cash NEP’s the by The long-term start cash acquiring pleased EBITDA backed the With supported of are parties, portfolio. assets to adjusted in we from NEP’s or contracted are grow Energy acquiring strong visibility We best further its the provides that outstanding history, period have, to view by other what will forward. development in renewables third clear Resources as the success support going best-in-class improve as growth continues over distribution already Energy origination visibility growth reflected our the to coming credits years.
of position issuances. with These Additionally, tax meet to capital value earliest, financial advantages access need its at-the-market provide to and long-term long-term NEP rights its equity to growth proposition leave substantial strengths, a at until finance other common flexibility NEP’s cost enhanced modest capital without help to than XXXX sell provide NEP’s best-in-class investor favorable expectations. well-positioned combined a and and the governance
with we to been For performance look we forward concludes positioned open continued remarks for as NEP that That forward. ever our these questions. as strong is going will and it’s reasons, line and well prepared the
