Thank and everyone. you, good morning Matt,
about third remarks the Michael. Florence a to like say results, my few begin I Before would Hurricane I words and quarter on
deadly severe U.S. dangerous effects As recently the by Southeastern impacted and of storms. you know, residents these were of the
Our these who have been those by deepest sympathies impacted destruction. widespread storms are with
given grateful us in are We utilities have we and years, a others fortunate this be assist year. the were over to other position that for the support to
As sent utilities. to several employees efforts we the contractors of our and support part neighboring restoration assistance of thousand our our efforts, of
addition, resilient to to were has FPL since customers as customers. impacted quickly In to able smarter that was approximately investments energy the XXXX FPL to continued XX,XXX service Hurricane and the stronger, benefit grid restore more build by storm automation who and a hardening Michael made
financial to turning Now our performance.
the progress first NextEra Energy our positioned delivered upon solid year building the half made of for in remains strong well overall the third-quarter in results achieve objectives XXXX. to
have quarter initiatives. per we by prior-year execute Energy's comparable third period adjusted adjusted to per Year-to-date XX% quarter Light major $X.XX on value against strong Strong and ROE outstanding our our execution XX% reliability & quarter. we to the proposition share At or energy, per Energy continued Consistent XX.X% bills, $X.XX by as Florida customer our the Power well earnings Resources. the of we of share approximately by both increased prior-year Power with target growth expectations, customer early regulatory investment business year-over-year. was maintain of increased high Light & share third earnings achieved in in service. our and best-in-class to driven Florida clean continue NextEra approximately earnings compared reflecting grown the low
under All base adjustment the MW Center Energy Okeechobee the XXX.X XXXX of agreement. on of solar SoBRA case mechanism that and are currently Clean track being MW major including of built rate capital energy construction centers remain settlement or our the solar initiatives rate
customers welcomed to employees Energy of and City acquisition and its Florida During family. the quarter, we NextEra completed the the Gas
Power early business segment. Commission Federal well. of and results In as ownership granted power part of As in Gulf the natural progress the of stakes financial being are proposed SEG Antitrust Trade a quarter FPL for September termination two to reminder, requirements. starting waiting our plants the reported acquisitions gas this Hart-Scott-Rodino under continue The period
proceedings obtaining customary of closing currently FERC Power change half uncontested. FERC the satisfaction with the continue of to transaction close and Subject in control approval are conditions, expect XXXX. to to of the addition first In Gulf we
quarters, EPS the own reported Power roughly Gulf as increased close, results of result year-over-year business primarily as XX% financial origination the Resources approximately in to Assuming including had battery the natural MW XXX call a be rate. quarter wind additional segment. of reported history our most opportunities tax of the of part success Resources the since corporate gas will At transactions we be lower impact adding its and for plants successful last our the backlog XXX our and will Energy of MW earnings Continuing as Energy adjusted repowering nearly MW favorable projects. storage of recent renewables income of XXXX by
financial are on caveats. details in our discussed with we're includes largest making subject wind transaction announced year achieve to energy Energy quarters pleased is provide I'll a solar have transaction States NextEra expectations at and to with our match in strong the combining battery the more which call. best pleased to load are well-positioned completed previously storage the that solar origination We today. with facility XXXX, continued and lowest storage Overall in United its customer and the at our the This cost. later success first we solution full to three combined the profile are we progress sign usual the in
look let’s Now the detailed results beginning FPL. with at
share, last or per income Regulatory capital million FPL's respectively and was the billion investments and billion billion. $X.X of third full-year expenditures and expect year-over-year. growth year, third our income net over driver the of $X.XX of capital to same the in million $X.XX principal total FPL approximately approximately $X.X were the $X.X employed $XX XX% increased by reported quarter FPL's For quarter share we nearly capital and quarter of of between XX%. net per an increase XXXX, $XXX
X.X% was current reported ended our months under purposes band the to XX.X% mentioned, agreement. at regulatory XX.X% previously rate the for of XX the end XX, for our I of upper September which is XXXX allowed ROE As
a cost million seek than of of XXXX amortization FPL all amortization cost, with After from restored the this recovery balance. to its regulatory nearly the restoration approximately associated ROE Hurricane with available balance. in to target As utilized early storm offset regulatory expense of XX.X% asset related FPL's Irma customers a right-off recovery of Irma dollars we reserve reserve any amortization $XXX billion rather of remaining the quarter, reserve achieving $X.X zero FPL's the reminder,
base of with the current customer under to expect rate to amount years increase XXXX a continue potentially operate avoiding further XXXX. creating that settlement We reserve to amortization end FPL by will and for in base up agreement XXXX additional rate a benefits sufficient two
to continuation new U.S. coming for early projects on our plans remains largest of in FPL's capital customers Clean and on budget expansions all projects the years. are at in in combined budget one across that increase to on nearly XXXX service Okeechobee a the of The MW All built to track over currently FPL MW are totaling and begin providing in the approximately ever the Energy solar FPL of territory a significant being are FPL XXX projects XXXX. are sites that mid-XXXX. Florida Center capacity part These major solar enter well. cost-effective progressing Construction schedule are of on across on of solar energy service Florida
of We have that secured solar GW support potentially than more growth. sites could X FPL's continued
for date is to commercial Beyond scheduled through Center operation Energy solar signing Board to MW quarter XXXX. projected this in continues Dania XXXX development advance support the roughly and Beach approval later Clean its
investments transmission to well. system and continued and hardening in of our progress automation Our existing also distribution continued
in while December points last investment continue ongoing our earlier remain of value We down regulatory of percentage a compound customer accumulated capital rate the employed X.X% proposition. income in start that further approximately The continues support of least strong. X% enhancing settlement the September to growth in adjusted the the will decade. XXXX January rate annual X.X expect to at deferred at smart lowest from Florida seasonally the through level from taxes FPL's and in economy opportunities agreement was unemployment Florida year XXXX net
basis, favorable sales X.X% effects which FPL's from quarter customer a of year-over-year weather was sales increased of estimate period. usage had prior-year absence Hurricane the most at of latest home ratings decade. The up less weather partially that negative the prior remaining building South a impact comparable shows prices normalized year. increased As X.X%. with remain consumer quarter for offset for approximately retail construction, of by Florida the On an of Case-Shiller third X.X% Overall the levels. on of permits the Index from new indicator confidence grow of X.X% new levels rating recent to highest Florida's healthy Florida's the the continues We Irma. economy the third near past
Continued normalized and increase favorably. in usage customer estimated contributed an customer growth X% weather both for
the by draw volatile be usage about encouraged positive not measure and are yet quarterly underlying are this often we the growth the acceleration long-term we discussed an the a year, and to of two trend conclusions can first While as quarters trends. basis from of we ready which any and have is firm
update monitor closely and and usage underlying continue will you future We calls. we’ll analyze to on
and clean We bills, maintain on outstanding service continue energy focus are reliability, to will FPL's and pleased relentless year-to-date customers. high our low delivering execution with our to
All roughly mostly earnings as of compared adjusted adjusted reduced which contribution XXXX and gas reduction year-over-year. favorably federal of from generation third which or repowered favorable Wind $X.XX existing development result smaller Resources pipelines noteworthy. versus $XXX a particularly none Energy earnings comparable million earnings results per higher expenses PTC Contributions tax XXXX. quarter was increased of The $X.XX corporate by quarter XX% was infrastructure to flat third assets of in share improvement increased Adjusted offset is wind share increased environment. per corporate quarter in contribution and rate other by a or $X.XX from to contributed higher including the turn support investments in for quarter Resources resource renewables projects the number from average to our the by impacts Contributions now share. primarily our Energy from third $X.XX quarter. activity volume income EPS XX% the by per interest me including existing per of to Let long-term items prior-year as reported $XXX increased were third $X.XX from were in share wind $X.XX The XX% per by development or $X.XX year-over-year. XXXX. business share. resource million the new increased GAAP
Energy details the call, and wind of firm development solar deployment solar certainty our for shown continues disruptive projects MW is to component meet XXX Additional capitalize next slides. storage low-cost battery projects, have the can pleased to our be pricing history advance new solar continue educate storage Among last of projects, earnings and what environment company's our approximately development Since record generation help battery to one dispatched third include backlog the that best further a product origination. storage we nearly firm projects to storage with we wind continue customer our wind team to phase quarter XXX have are all a believe in new that first needs combined and we solar Resources the wind, nearly renewables stores The responses a low-cost energy as a on to of added been renewables delivering that new a of we in and our provide to of of of enough XXX renewables backlog. MW Year-to-date a our sign these to and added MW solar resource. battery RFP new built customers were compares solution of MW XXXX approximately include alternative renewable. our on to with we transaction contracts
MW we XXX As our our backlog. to repowering earnings I mentioned, call previously since last added approximately
the and commissioned Resources also XXX Energy repowering solid to on quarter, make approximately we remaining During XXXX progress sites. project continue in successfully MW the
MW this transfer also nearly quarter, a of the built-own the XXX added backlog MW we agreement. addition executed In XXXX projects to
ongoing first scale we have projects in attracted projects. operating quarters may that which to our additional to XXXX are resources ranges nearly total which opportunities period already outline over wind. U.S. will stronger ranges a we would we MW. that selectively a close than by than the renewables totals project and contracted life portion strength a MW of the realize our current about solar feel we low-cost and the and good portfolio have chart to the two the for now than and provides share Resources that reflects sale Energy solar XXXX more XXXX backlog continue are Based details put a now ever, XXXX over the attached after-tax renewables With the for we to for is The customer the backlog of projects we XXXX at rapidly wind renewables had repowering added that demand, additional larger pursue significant our leveraging going capture range success well-positioned of contract took markets similar of approximately believe these remains demand Through accelerating current continue years the program wind and and To in develop. it development of meaningful signings within previously origination stands. while us expected backlog this While to XX of we we end our long-term forward. context, development to demand that to are competitive development have outlined. of energy year advantages, years of on remaining, XXXX, for on we to MPV achieving a where three generating continue PPA wind The facilitate
Despite a progress make it overall advance Valley to Largely the significant towards quarter the to announced in-service has portion of Mountain to challenges. and now stream wetland resolving to as Pipeline. its estimate pipeline XXXX. work continue to that of outstanding crossings, cost MVP challenges, the for during on of construction unable with legal to a billion continues date project being MVP we overall and the recently renewables is continues Beyond fourth on increased work targeting $X.X route construction it the due these full
remain recent cost of despite result MVP reform, of attractive a As the tax benefits Resources Energy increase. the for returns
increase MVP believe through expansion we continue advance development the time. and Additionally project have of the value including will we overall the strong opportunities through economic to Southgate the that pipeline
results Turning to now consolidated the Energy. NextEra for
attributable billion For Energy share. the quarter third of to $X.XXX NextEra net XXXX, per income $X.XX was GAAP or
Energy’s items. earnings XXXX increased XXXX compared earnings primarily to per corporate from third $X.XX Adjusted to and due quarter the billion per adjusted certain quarter third and NextEra respectively. adjusted $X.XX segment other tax were EPS share the $X.XXX share of and
initiative to which continue to rate We project accelerate advance run several productivity expected our efficiencies. is in million companywide $XXX yield
line and to in continue XXXX million The through offset reform. on this recorded with X% at EPS natural that range. which of balance will charged close, initiative Power of reduce year, full to $XX share flow adjusted per EPS $X.XX will annual associated expect we adjusted to NextEra our transactions costs by we rate our $X.XX Longer-term EPS roughly will the amortization. of be growth NextEra approximately growth XXXX for gas expect the full-year a benefit with XXXX $X.XX plants From assuming discussed accretive reserve the expectations range midpoint X% to Based plus also be EPS compound range be our For approximately the we $XX will we the Florida our grow respectively. for of $.XX EPS expect of XXXX XXXX operating expectation adjusted growth million of total utilization tax to per transition annual acquisitions will compound be remain and of in Resources that continue XXXX, have XXXX rate to to with $X.XX cash $X.XX we midpoint we the reflects Gulf and adjusted at EPS $X.XX adjusted be an and Energy's and with of to to to the X% adjusted FPL expectations target Energy strong our year-to-date Energy, is expected share. $X.XX previously for of comfortable performance which and the
to share of to continue dividends at least base share grow We expect through $X.XX. per per year to XXXX at our of XX% XX% XXXX per dividends our
As expectations to the always operating caveats subject weather usual but limited are conditions. our including to and not normal
we of volatility acquisition the gas through ownership Gas of rate swaps. NextEra agreement in rate exposure to issuances debt Energy purchase rate coming interest hedged announcement the interest Earlier cash natural billion $X.X this after flexibly shortly $X on allows that we reminder a the us hedge starting years. the our potential power of over entered two plants, Power, price into rate As Florida City interest billion Florida a execution the stakes Gulf year and also manage interest
rating as the Following maintain Gulf of to excess a anticipated $X adjustments to $X metrics agency sheet billion the closing credit Power through we of transaction, XXXX billion thresholds. expect capacity to of balance result
We will capital it to on to do acquisition execute if accretive or makes shares opportunistically the buyback incremental look to sheet remaining so. opportunities capacity accretive or utilize investments either sense balance
a its execute our positioned currently its assumed to sheet growth capacity on serves utilization balance excess continues strong Energy XXXX its to expectations. in is XXXX financial and In as reminder, remaining cushion NextEra the as well meet As and start expectations prospects. a summary, not long-term remains to
We to of value we that improve At investments cost productivity FPL quality, further reliability long-term utility proposition focused among believe Energy significant capture smart by efficiency sector. a effectiveness, we the to everything history. environment on investor in renewables meaningful NextEra advantages remain development the making best the and offers Energy our we make development on continue do. program progress share our to At our operational and to best leveraging the of terrific competitive Resources continue
best-in-class Combining the customers is testament built our in NextEra ongoing rating strongest capitalize energy our recognition the balance the a continued value and the sector Energy's is a the to top industry the commitment sector one disruption second in a to that renewable of from third energy one that world and This two honored electric with the communities sheets named to the companies recognized. to we Americas Change over coming credit and advantage XX is in platform to to this the to position be Fortune's in of During of none, long-term and in low-cost only well-positioned World the of drive environment were The company operating the the history, XXXX NextEra renewables strategy only be to within quarter, shareholder on is we serve. list, energy best years. the
to turn me Let now NEP.
project debt quarterly unit NextEra on EBITDA or CAFD strong common and of year-over-year to additions of declared its NEP basis distribution annualized record of start common XX% an unit growth and our at approximately XX% Energy per $X.XX from continued favorable Board distributions adjusted for distribution of Partners $X.XX and top XX% respectively. XX% XXXX the and per growing available new our cash range. per with also service. Yesterday to a year growth continuing track end benefited the
additional our December longer-term we potential we from longer versus NEPs approvals, in XXXX demonstrates During these average BaaX run run be redeploying is approvals. the convertible origination U.S. the $XXX at debt from portfolio and portfolio. runway earlier subject attractive is that the our more acquired LP billion Energy also our projects also system. which achieve X.X Canada, closing a expectations asset and long-term long-term diversified of a to execution EBITDA cash of average regulatory financed growth underlying the expected and was GW Canadian the fee Resources best-in-class the agreement detail to and and to also financing of we to that yield certain roughly sale to that tax X.X%, existing Canadian the initially solar are enables NEPs transaction proceeds in XX of we corporate approximately contract necessary capacity for yield acquire XX% to the XX% organic of investment from prospects, NEP benefits following the reflecting wind strategy. Energy value rating opportunity effective of XX-year the outlined XXXX NEP's call the pipeline this to price The to the LP quality the attractive is support portfolio year. last quarter capacity. comparable present in The executed returns the and continues adjusted expectations. CAFD The the yielding on and already NEP expected should a sale XX% enhance counterparty the proceeds be XXXX the expect Since with yield expansion growth. The an the rate that pipeline approximately assets portfolio the in be complete meet million growth expected previously existing pipelines long-term tax Overall, $X.XXX pleased acquisition. conditions approximately to pleased continue inclusive year-to-date pursue as to lower expected further to of are a we longer of with announced and Partners it with in the execute execution O&M NextEra in I customary portfolio an financed also purchase fourth well-positioned portfolio to an fourth distribution divested XXXX life portfolio year during while equity a close to and Consistent regulatory are quarter growth expectations, Subject a opportunities are are XX, expected an compression $XXX and announce transactions to at enable CAFD million should is on introducing receipt replacing credit the a service will diversity XXXX from to contract moment. rate growth Canadian project into and end Texas discuss rate deliver of respectively. with of year-end expansion which to a midpoints its The growth an additional with unitholders for geographically XX-year By the portfolio today CAFD quarter and
results. look Now let's at the detailed
portfolio and growth. was prior-year $XX adjusted XX% up the cash from was due EBITDA to XX% available approximately Third and million for million quarter quarter distribution primarily comparable $XXX respectively
service impact of drove contribution payments divestiture of cash cash of favorable tax decline million EBIT benefited New the growth on the from equity The million CAFD in new projects the had $XX to a sale Canadian added adjusted which of portfolio. portfolio distribution. favorable and elimination of Canadian on from payments. distribution for due $XX an debt $XX new this quarter service Offsetting the was debt and timing available million EBITDA. The the for projects adjusted PAYGO projects available of
For the resource wind of NEP available in portfolio average at to of a adjusted year-over-year. cash and favorable distribution was long-term quarter which EBITDA XXXX third the XX% a for benefit provided XX% versus
benefit offset tax For by has pretax value of in adjusted EBITDA NEPs this was rate. the decline CAFD. This year-over-year reduction of a federal on in tax no as the result income change the credits impact
as reminder, a fees which IDR operating include expense. As the impact these an results of retreat
the shown details accompanying Additional on slide. are
cash previously XX% from equity NEP I combination a Canadian that an an portfolio years asset annual acquiring. will an BlackRock portfolio BlackRock's X.X%. portfolio well exchange NEP as first it receive and receive the during distributions acquisition use quarter, the initial during is equity BlackRock. remaining three the three NEP effective the during period of the proceeds, announced sale year of approximately for share $XXX the interest contribution, receive we coupon As which the represents that million the that convertible in XX% of will the financing will mentioned, with will as financing In
in plus a fixed a common X.XX% NEP minimum of to agreement, return year wind a units of the paid expects pretax for $XXX its the million right fixed exercise issued equity prior at price to buyout interest in the distributions of BlackRock's NEP no the of market payment the buyout XX% current equal to During all inclusive cash. of to price paid and discount balance with fourth
BlackRock's has cash period, financing the additional to and allocation The for exercised initial XX%. Following access its not is to product would flow to source of low-cost Energy to from three-year be NEP's capital like equity distributable its additional further portfolio increase attractive NEP finance growth. to NextEra demonstrates Partners buyout the ability of right, if an expected
and at use NEPs high-quality the its convert with the reinitiated confirmation recently program. no forward. of further to to needs In going of portfolio portfolio also units outlook NEP of equity reduces minimum issuance further right financing discount, addition the third-party XX% providing issued transaction NEPs of a equity aftermarket NEP into growth
quarter, raising $XX the approximately the During under common $X.X ATM million of NEP sale roughly million successfully program. we completed units the
aftermarket will Going considerations. flexibly forward to depending continue seek market other the and to on program opportunities we use conditions
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$X.XX portfolio $XXX of Resources, Following the portfolio the rate available the from for XXXX forecasted previously expectations XX, million announced billion to acquisition for for of calendar the distribution XXXX run at cash Energy announced year-end to expect assets we $XXX billion NEP the and EBITDA million. to reflecting December support expectations XXXX year adjusted of $X
expectations consistent CAFD to million prospects, announced previously EBITDA $XXX at billion the As earlier, year-end portfolio for $X.X forecasted XXXX are run million, and XXXX reflecting introducing of $XXX $X.XXX I XXXX. today rate to our growth of mentioned calendar expectations for we year XX, adjusted long-term December with billion
XX% to per fees Our to IDR as rate least distribution a to annualized of and in per being reasonable see XXXX. as fourth our our treat $X.XX, are XX% expectations we distributions normal we at year through common an of subject range unit growth an continue at impact of caveats LP expectations XXXX anticipated a the operating these include base expense. as quarter From of
credits. the Partners supported contract XXXX strong by by the NextEra strategic with long-term to Energy and high made pleased against underlying cash counterparty are NEP over We progress the portfolio has growth flows backed quality initiatives. The
flexibility Energy in success Resources to Energy Organically, or renewable's acquiring corresponding expand we As which assets NEP acquiring origination. have in from advantages grow competitive previously highlighted, and portfolio Resources ways. third assets the given to three from has parties continues rapidly
together modest forward equity enthusiastic remains aftermarket favorable well prepared in executed will In long addition prospects. sell will how line These and term the rate to XXXX its strengths leave place. as remain common billion our issuances, and flexibility for a long-term grow into as and capital at further quarter That capital has to starting its visibility concludes NEP to demonstrated the NEP and it NEPs financial of substantial was enhanced $X positioned and with meet heads we with the NEP as to interest ever the about Without open growth to finance access forward, than earliest, that until expectations we by its that cost remarks governance transaction tax advantage. need financing clear rights, other going maintains a position questions. this
