Matt, you, and good everyone. morning, Thank
in objectives Energy of year. year-over-year, NextEra earnings most is continued share Center, customers. and first period, share and at X,XXX year the fuel-efficient the budget kind overall benefit investments increased of per our cleanest for for quarter Energy schedule. on the business entered world, the quarter prior was all megawatt and in of meet Roughly by plants the its performance the is of which the XX% our power driven FPL Clean from among businesses. first strong per Adjusted which earnings the across Okeechobee its approximately delivered of end $X.XX results comparable ahead service reflecting successful well-positioned to increased
mechanism quarter, of agreement. SoBRA, completed as our on these, the FPL FPL our maintain also or budget megawatts Base proposition schedule customer was of cost-effective typical Rate of higher. on value solar smart never Solar smoothly. able investments to in By clean and our and Adjustment XX% of first reliability service. nearly is energy, it the nearly low best-in-class construction or, national projects we the the on executing built During XXX the Gulf the residential which The quarter, start below average FPL’s bill below XXXX, customer has high bills, outstanding progress reliability closed continues the integration Power been level and remains under while to successfully on settlement capital of of such service
We capital key systems are successfully initiatives. execute and focused on on we now ensuring
reduce with per proposition. first share renewables X% our co-located we reflecting customer costs overall megawatts the to strategy, year-over-year. effectiveness on additions and origination project. costs Consistent increasing from expect improve $X.XX At begun economy. see to significant our down nearly Florida base nearly combined FPL, and executing cost the It our contributions with to another capital benefit already customers, storage acquisition quarter we new are since the have investments investments. on at identifying value focus from shareholders backlog and retail We also By O&M year-over-year, call. focus smart by benefits operational further backlog increased our was wind, last of is these Resources, solar primarily with by in Energy X,XXX EPS strong adjusted Included this
resource. Power for we pleased needs a cost cost and low to advance next generation solar are this year, with enough at in FPL, product the dispatched nearly As our Resources. renewables low a that certainty Energy solution Gulf point and with deployment pairs early can At further to storage provide meet we a customer firm phase with the that of battery be wind energy progress
Now, at results first beginning detailed the let’s look with FPL.
prior of quarter first share $XXX income Earnings with driver full Regulatory or FPL million, year comparable versus capital per and significant growth for and XXXX, the of quarter. FPL’s the approximately expect share. we billion our year $X.X of per of between $X.XX to X.X% investments $X.X EPS net capital increased employed were growth be reported the quarter FPL’s $X.X a capital billion. expenditures year-over-year. billion $X.XX For
regulatory XXXX, for be months XX ending the XX.X% to months for March XXXX. compared for approximately XX reported XX.X% Our purposes ROE the will ending March
FPL During the $XXX million. we ROE $XXX amortization utilized with reserve achieve a to balance our of target quarter, million leaving regulatory of
expenses, pattern historically first revenues given be to the utilizes discussed, half of As underlying expect we amortization more the FPL reserve of the this in and and no its year, year different. we previously
of customer to rate this rate will expect a time. increase sufficient surplus creating customer XXXX during continue additional agreement We base current years, -- by the settlement for FPL further base that up benefits a to two operating with end avoiding under continue creating to amount
of the and be construct approval approximately the This two further year, continue megawatts earlier as, with the over to to the included additional mechanism with efforts, that nearly that power our coming by largest of subject next community already this XXX Service new the Consistent across the Commission remain smart we return, the solar their roughly for megawatts to announced includes of projects as enhance settlement under agreement, monthly our value Florida to cost-effective they customer customers will plans over expect month Public reduce filed in expected capacity, over Commission. Florida SolarTogether megawatts subscribe X,XXX of we earlier portion Public Service that the proposition. Turning program, community which projects development solar nation’s best-in-class credits well capital Florida XX-by-XX a X,XXX SolarTogether, years. Through was are solar to SoBRA we participating will solar FPL’s time. to investments identify Plan would plan receive Site bills that years, our the XX-Year to this
universal pre-registration the indicating solar program largest that participation. voluntary with more currently substantial for planned approximately customers program are megawatts XXX of sites During period, this X,XXX was demand XX intended FPL’s than the of initial energy for are to estimated To projected users to secured new in customers is potential approximately net FPL ever with has solar X of expected the gigawatts this $X.X million total. and savings billion, an XX% support approximately what already expansions, $XXX lifetime non-participating receive of generate sites. one of largest cost
dispatch customers dioxide two the with in be is increase eliminating solar save $X of than system. Storage expected plants. steam approximately Energy including solar-powered Manatee natural $XXX announced world’s During energy, gas to and predictability The tons co-located expected efficiently its service the existing megawatts, battery clean than quarter, of FPL modernization plan largest to XXXX the million existing renewable Center other is X,XXX units, million, to power carbon more project project, and XXX-megawatt more totaling The to XXX-megawatt, the in enabling also FPL hour while more replace emissions.
June our We initiatives will provide Conference. additional these announcements on detail at Investor other and capital
Let me to Gulf Power, share. now per income XXXX $X.XX million which reported net $XX first or of turn quarter
expense to to acquisition, one-time those Gulf acquisition retirement closing related ending acquisition integration During system costs, Gulf power year. XX% enhanced costs. of months largely XX net quarter be programs, intend We contribution. finance is beyond Interest severance not the this following XXXX. first reflected the exclude will do segment, we purposes ROE any first the for exclude of offsets for months XX the costs income to reported and Power’s the integration in and March Gulf early corporate the Power and approximately to other regulatory intend the including
a half the XX.XX%. band XXXX, ROE of allowed of to we year targeting upper regulatory full For in the X.XX% are
efficiencies, Gulf Power our achieve We expansion significant regulatory to the for the ROE operating making capital while investments through expect customers. proposition to value improve
the During capital $XXX year capital expenditures Power’s were to investments million. million, roughly quarter, $XXX our expect Gulf and full approximately be we
in opportunities provide and Power’s investment on operating June. capital additional We will details Gulf plan
final near in economy residential unemployment cost Florida customer lowest the proposed consumer During in and and year. Gulf bill also Subject the costs. restoration healthy average. cost the strikes Index results hour a million of on the building high. Case-Shiller average surcharge Public estate Gulf is a the X.X% review approximately with strongest to XX.X% South decade, prudence determination The recovered, is are by to XX versus impacts. national to in Florida among Commission, $X and to levels Florida, timely XX-year Hurricane Gulf storm month respectively the equivalent $XXX Florida’s after proposing a and grow per surcharge approximately remains is level continues appropriate below and permits ensuring current a real Power costs which is up recovery the recovery The the petition the a The costs filed mitigating quarter, X,XXX-kilowatt Michael to the show and Service X.X% near bill believes the expected Power a rate remains continues storm nation. that between for of the balance occur sector until prior confidence months. an fully for
XXX,XXX increased as underlying X.X% the per the X.X%, driven year-over-year. usage in A FPL’s But was measure by decrease growth volatile can weather roughly we as increased quarter, year. Vero quarter, slight solid the the by from approximately prior number a sales X.X% continued reversal estimated Partially Beach’s customers offsetting usage of the of an is underlying trend XX,XXX of be the discussed, driven often over customer. customers in from in last late unfavorable customer per past this growth, year weather-normalized have decline FPL’s time. decline quarter over overall customer average as months. usage retail comparable first XX addition During well by and
and to We update will and continue calls. analyze we’ll future the you monitor on underlying closely usage,
XXXX. comparable X,XXX number that was strong of average the to XXXX. during customers, in customers time, a we of these X.X% in first rebuild due estimate that quarter. to primarily quarter weather the expect in extreme decrease XX% the and Power, retail of will For customers roughly Hurricane of relative year-over-year, Michael milder-than-normal otherwise the roughly return are year Gulf resulted decreased the as growth from storm. recover flat cold this to experienced to months experienced prior they Gulf offsetting January of devastating able earlier XX% Power’s We Over to approximately sales XXXX
costs. a to unlike its not Gulf under agreement amortization in does or a FPL, offset fluctuations Power have revenue As reminder, reserve mechanism settlement
Now, share. or $X.XX increase comparable $XXX of turn higher results. is restated been or per million to XXXX. last $X.XX the year’s XXXX share, Resources, reported per let million during in have $X.XX first $XXX and XX% me Last quarter of standards adjusted lease fourth million approximately year’s adjusted share adoption first of which accounting to quarter earnings of or per by reflect from or new the $X.XX $X earnings Energy share quarter results earnings GAAP quarter an of per This
of first solar responsible XXXX. quarter generation megawatts $X.XX reflecting X,XXX and that entire during investments for wind contributions resource $X.XX commissioned roughly contracted assets. from during the wind New added roughly decline share, was in the new existing per projects Weaker primarily were the
over XXXX. XX% at wind the quarter past resource XXX% average XX long-term the First the versus of years was quarter of during worst one fleetwide first the of
to confidence and resource positive continue long-term with today’s details portfolio. assumptions presentation appendix includes negative quarterly the wind of continue current expect of of Energy experience We variability. to to Resources’ the additional for slide The have our accuracy long-term resource a in and both wind variability
allowing to for the New existing were energy continue to assets offer the other Nuclear XX-year at perform to profitable facility, license XXXX. the generation our states to least until plant the attractively Seabrook renewables, extension receive We well. England continue priced Beyond carbon-free pleased
year-over-year to XXXX. supply customer the gas both of development the by impacts, items small increased favorably low contributed favorable other quarter tax All versus including trading due results. to G&A timing corporate Our infrastructure and pipelines businesses, business results $X.XX activity the including and first and
to agreement As I the leverage providing origination. build-own-transfer Energy development XXX that including team mentioned another O&M earlier, term. quarter projects skills, allow customer the will to Energy the contract with revenue operating of had added megawatts of We project our while XX-year Resources’ wind through Resources’ a strong a ongoing backlog, XXX-megawatt best-in-class
to of battery included solar which and XXX the storage during added additions. XX solar four-hour a is build-own-transfer megawatts plus of quarter, backlog, our also projects XXX-megawatt agreement projects and storage megawatts We not backlog in our
also the XX repowering wind megawatts quarter, megawatts progress we continued and as our backlog Our added to XXX an program projects. to additional of during repowered a commissioned
expect we months, the sign to of are beyond. continue have into megawatts we already coming will end pleased Although to service the that in before projects XXXX that in backlog for go and XXXX nearly X,XXX we
on a to renewables, Beyond Coast decision we advance Atlantic expect coming review up MVP Appalachian the activities ramp Pipeline authorization to while decision, crossing presents project to not months, the to and and an Fourth Circuit’s XXXX construction working the trail we continue challenge on we unlikely. toward tasks. these completion we been to date the pursue target banc alternatives in vigorously ultimate en several timing our in-service court quarter and have previously announced point, partners to the cost. address original our appears At this continue both fourth with Since issue, pursue,
We will a and the partners provide continuing to with near through in update future. our are options work further
Energy’s any outcome As expect MVP. change the ongoing any adjusted we NextEra impacts, of nor reminder, not to material the expectations related challenges earnings do regardless to of a financial
the to results Turning NextEra consolidated now Energy. for
XXXX, For Energy million the of $X.XX net was first attributable quarter share. to per NextEra or $XXX GAAP income
related X.X are Gulf and that approximately longer-term including with these variety hedges. and of due average other years a interest loans completed of primarily tenor per segment billion earnings These to a announcement. XX weighted repaid earnings expense per Energy’s of closing. settled loans maturities replace and X.X% last the financing and and rate, bridge transactions share, to EPS a first at floating weighted Power of share prior we years, time XXXX, NextEra the the of and the we $X.X After into executed fixed retained the financing rate for are a both and roughly of entered the transactions, the interest were adjusted the rate the acquisition. rate quarter we financing acquisition of Power Golf and average adjusted $X.XX effect from the swaps interest the closing first XX corporate higher quarter to as were Since XXXX decreased Adjusted result bridge to to respectively. have and $X.XX compared the billion $X.XX call, interest
current approximately the XX-mile, Cable, quarter, NextEra daily which Energy transmission FERC During San electrical received Francisco’s cable of approval acquire provides to Transmission Trans Bay power a rate-regulated, underwater XX% high-voltage, system, direct needs.
We acquisition Energy, condition material received the is this the performance comfortable approval quarter for we discussed year, NextEra from Utilities outstanding. which at expect to expectations Commission, close assuming our Public full California required continue with first later to Based we have last previously the year. remain the on the the we
top XXXX disclosed X% or per end $X.XX X% off rate, to the near the growth we XXXX, base adjusted our to share. of at to of earnings For share per continue expect be previously
expectations or we through able deliver growth X% are of XXXX will be and our growth the rate of off top to not if near Our compound range, in remain $X.XX rate to end term line X% From EPS XXXX, we longer at operating roughly annual cash unchanged to range. grow from accretion adjusted our transactions. compound we with expected XXXX XXXX, plus flow annual in will base the the deal expect our growth that realized Florida disappointed
and we continue as assume future conditions. Energy’s to As the leaves remain maintain proposition. everything to Combined start significant shareholder to our continues period NextEra well, these expectations Energy long-term prospects. long-term Gulf the intensely for even about our making ever renewables about and At With in on uniquely executing as best-in-class smart ratings., have customer summary, confident FPL, operational cost strength customer best Gulf advance today value a development In Resources always, Energy improving and focused to weather on drive we and on financial positioned we to expectations proposition see through opportunities. effectiveness, integration and investments. the financial normal we sheet Power previously the enthusiastic focus after productivity strong operating value year, value delivering more NextEra our our balance with is credit ability continues our on deliver to we of history. advantages the outlined and remain competitive capitalize us while
turn unit wind for and accounting me our NEP now below Yesterday, Partners. quarterly to financial declared portfolio distribution Let Board expectations NextEra with NEP The Energy results in the normal well resource. line after has performed a delivered common a per common unit, of per from by NEP IPO. this of since year basis, $X.XX Inclusive its unit XX% $X.XXXX earlier. per up on distribution XXX% annualized nearly an or grown increase,
associated existing life to credit capacity. to after an as diversify of existing contract transactions average the assets in the excluding financed NextEra previously of and acquire from and solar approximately equity Upon of quarter, convertible financing, necessary expected have the an the expectations year-end NEP announced completion, million more complete XXXX a a These portfolio are with weighted discuss be and achieve NextEra a which recapitalization as PG&E Energy further projects, growth $XXX projects diverse portfolio acquisition NEP geographically NEP moment, NEP’s Partners to is even a cash portfolio. flows. Resources. projects S&P, detail rating I enable agreement related expected at in combined debt wind our AX outlined run-rate During Energy The existing six to at will well XX Moody’s, to A a of megawatts of which counterparty years with XXX
NEP. the me Let review for now results detailed
and million accounting after for generally $XXX million line the with available were cash resource. weak of of in $XX expectations wind EBITDA adjusted quarter distribution our First for
quarter EBITDA from the adjusted particularly both note [XXXX] (sic) quarter sale related CAFD of our comparable to Jericho The XXXX million acceleration and challenging a of the as the $XX presents first receivable benefited asset. of
EBITDA for $XX XX% the quarter contribution XXXX. available respectively from by of million distribution as a average cash reduced the which resource, XXX% existing addition, adjusted result weak of first In the and was of the wind approximately versus and in $XX assets was million long-term
our have continue resource quarterly Energy expect both our assumptions experience results, to and negative positive confidence Resources noted variability. in discussion we to and As during around long-term
of acquired be options Edison a stakeholders divested events most contracts approximately financing of assets, arose of payments from California ‘XX, restricted our each the to to of end EBITDA continue For under the year. of of Southern post and for to of for XXX PG&E-related contracts protect bankruptcy the were to balance adjusted with on shape filing. distributions continues result CAFD under make At our as pursue contributions petition with and the due contracted all the deliveries, half cash quarter, defending including vigorously expect of and PG&E’s the of we growth working in defaults which all the second Desert the first and Sunlight of we in is based interests, recently the $XX energy including to million projects financing. our that PG&E key NEP’s
details slide. first of the our on Additional accompanying shown are results quarter
EBITDA approximately rate expected to annual Resources million, previously other distribution continue of million capital of XXXX. $X.XX execute consideration of is acquisition approximately million, subject a XX, during and acquire acquisition run to The billion, with working portfolio I to available our contribute $XX each and for NEP’s December total the basis, $XXX NEP NextEra for the to $XXX As plan close later expects to quarter. the Energy $XXX to on expand as mentioned, cash quarter we to adjusted an of we unlevered portfolio on announced adjustments. million this and that from
immediately existing be confirmation $XXX roughly the access provide assets the assets, NEP’s and price. per agreement. with these generating buyout the growth, million further benefits well less KKR’s continued a will the million an providing the with units, ability that the KKR, XXXX; finance of the portfolio. significant flexibility as annual value net project NEP to then-current for KKR coupon price present transaction, the equity wind to as anniversary our have creating the CAFD. convertible discount periodically acquisition, of X.X% enhance demonstrates into with a convertible new new equity will X.X-year portfolio. in financing the To of and Relative unit will inclusive as assets issued capacity. This NEP NEP a existing between this market with return, outlook pre-tax value NEP’s in interest have NEP have for megawatts its the XXX unit down, common proceeds buyout several to equity debt X-year initial recapitalization that the to of financing The at NEP attractive be distribution incremental of will in initial features capital assets credit well high-quality from transaction XX% the utilize minimum NEP The of fixed portfolio current pay on than holders. prior to NEP, accretive effective of BlackRock to right and further of portfolio sources to we NEP no as is a X%, and long-term finance third-party the executed distributions, financing including while at existing of financing $XX existing of $XXX Following debt million combined and debt expected paid will acquisition
same With of fewer will the the it fewer future lower holders will lower be to to available assets, unit to cash level financing NEP needs. assets coupon, initial future If distribution achieve LP more acquire allowing growth. NEP have acquires
the earliest, a its to program. As well will until to under XXXX at-the-market transaction, sales than positioned following believe be other long-term modest the the common the NEP without meet result, financial sell equity expectations, at need we
as NEP of its the expected portfolio units retain reduced and a needs, retain the pending at NEP executes upside period distribution NEP growth common financing of flexibility discount objectives. the In KKR accretive holders no convert the all on to will unit unit be addition price future longer equity to to This time. to over should
while preserving Energy from the Additionally, will assets, quarter, successfully value that underlying transaction last cash objectives, Partners option the also Upon is XXXX its balance and of sheet to significant on projects. portfolio growth NextEra expects assuming executing capacity no maintain PG&E-related debt flexibility. the announced available achieve NEP we
least forecasted end to full these Excluding assume expectations revenue run unchanged is remain all as end Energy to in to CAFD, From projects, PG&E portfolio expectations calendar $X.XXX usual per to $XXX distribution the expectations, at included, to recognized of Partners projects rate cash would XXXX per distributions be unit reflecting to contributions per through XXXX year common CAFD as reasonable range range of If subject at which $XXX at to XXXX related the being quarter range from end XXXX. XXXX fourth to we expectations NextEra unit, common contributions at the for XXXX continues XXXX a our of of an $XXX in base expect related billion. continue for year million, a our from million EBITDA the be were rate PG&E to rate billion in million. a year see $X.XX adjusted of LP of $X.X Year-end annualized caveats. XX% run XX% $XXX year million the expected growth distributions
February XX%, unit. the to XXXX the least XXXX announced grow earlier this to per quarter transaction payable fourth quarter, on an common its at of following annualized distribution be rate Additionally, announced XXXX -- $X.XX distribution that at in its transactions intention is resulting NEP
through NextEra backlog grow our or from of continue headwind its coming to flexibility growth, range NEP projects clear to to growth through projects years. of focus continues reflective existing the ways: over could its build including assets of operating to the intends it its into top of Energy sell at distributions value acquisitions is holders. nearly our Our Energy future Resources, to three for delivering end renewable leading it expectations providing has for prospects. gigawatts the maintain unit XX acquisitions, XXXX PG&E-related on LP currently third-party and visibility market in Resources NEP continued NEP’s grow and position to ability organic despite
summary, to tax a Additionally, low-cost to forward. on NEP ability quarter, flexibility, of expectations. favorable NEP from strong both the and our enhanced to Energy growth LP We terrific its continuing In base growth are positioned Energy and on extremely positioned support its to assets, remain NextEra its available financing that position NextEra focused the us of us to benefiting strong capitalize our Partners execution and history to well With growth. businesses. across has We to our That on Conference questions. value challenges for will with more open Investor related at meet you detail our rights, the share remarks. the despite creating a going is recent forward well XXth. during to line look unit in concludes June governance PG&E, for execute with financing prepared access continued demonstrated up And that, opportunities we underlying holders
