good and Matt, morning, everyone. you, Thank
successful quarter, strong the for and increased year year. comparable XX% meet Energy the of objectives versus nearly NextEra across second prior overall all per performance the is businesses. earnings quarter reflecting results, to its well-positioned Adjusted share delivered
more XX% of earnings the lower residential With on versus of average share same and Florida cost, all Average solar national last reliability nearly year-over-year. remain by utilities, energy builds of quarter continuation than X% by continues U.S. including employed be increased smart capital in lowest all our below FPL's and improve the one ever capital track. solutions of increased the customers. FPL largest the the focus the to investments identifying provide the initiatives, investor-owned And to benefit per expansions for $X.XX clean on our among major regulatory capital year.
at smart of and focused Gulf investments execution the continues NextEra to to The energy playbook Power, capital help savings costs those of benefit fund customers, also the is on progress well. for which using reducing
pleased and also to Power. We combustion effectiveness customer our turbine upgrade that terrific our we million improved their operational and efficiency savings reliability, on Smith $XX upgrades over lifetime. budget. Plant these expected this of capital approximately schedule cost on made initiatives, are and I'm to generate month, have announce at completed net is The Gulf on major Through earlier first progress project
$X.XX adjusted reflecting contributions investments. EPS points by new At Energy Resources, from increased year-over-year, primarily
since than We including more for our in call, backlog XXX June. quarter continue our since environments in history on first conference best X,XXX one the with by development the investor is to renewables increasing capitalize our our more than of megawatt megawatt
credits of By growth opportunities improvements, decade. leveraging the phased in continued cost increasingly and the efficient coal, wind last operating early efficiency highlighted Energy to the we fleet, firm costs fire less meaningful next be to decade. disruptive be down month, new storage and we cost the competitive capture of cheaper As to expect forward. providing to oil into renewables set after a nuclear this near nation's The next generation and opportunity solar even significant plus gas, generation share to with combination going Resources, and expected than advantages, significant units, expect we of the low continue is tax well
made with subject pleased headed second XXXX. to NextEra Energy we year, are of And the normal at we We progress so in our caveats. have that are financial we've full-year half the previously far well-positioned the achieve the into discussed expectations to
Now let's beginning FPL. with detailed results the looks at
share, increase FPL's quarter per share reported $XX X%. XXXX, year, quarter net net and million same the growth FPL income of and by or year-over-year. which For approximately of per X% respectively Regulatory principle the an million income $XXX the employed over second last was of increased $X.XX $X.XX of is capital driver nearly
the expenditures were capital in and full billion second approximately year capital billion. billion and our expect between $X.X investments $X.X quarter, to we $X.X total FPL's
to Our ROE for which band approximately of XX.X% agreement. current XXXX, our June ending the purposes is end reported XX months for will X.X% the allowed be regulatory under XX.X% the rate upper of at
we achieve million quarter, reserve amortization our $XXX During $XXX balance target the with million. to FPL leaving ROE, restored regulatory of of a
from approximately the asset rather related XXXX, the to restoration As $X.X utilized expense associated write recovery. remaining its to FPL seek in Irma offset regulatory cost hurricane the in than recovery customers off costs, reserve available nearly a the with of of storm billion all of reminder, amortization Irma
credit with of terms that and and tax Service from Office Supreme a During this the Florida to just rates permitted XXth, July reform, Florida FPL's second resulting the ruled amount of savings that tax base decision able of filed remain On Public agreement Counsel the reasonable. that with Court. Commission is notice under the FPL's the the current were the settlement of reserve actions FPL Public quarter, rate appeal
and restoration the which in and storm future. settlement entered earlier fairly We interest its commission prudence public the into FPL through balances of storm hurricane the processes create this activities, office by benefits the agreement FPL recovery and should other the Separately, month. FPL's customers, the the approved customer of and Irma believe was a and regarding interveners, counsel of costs and further enhanced
the XXXX that rates expect at a year last first are rate month, January we effective will file in discussed base One new we quarter Investor case for FPL Conference of the XXXX. in later that As rate reserve for than commissions' to amortization absence the year This the reform. increase need base one necessary a in been creates significant in and tax of the would value. ruling have delay related of customer
our Turning efforts. to development
All initiatives major at capital well. are of our FPL progressing
nearly effective to construction which FPL are of commenced the plants, solar on service quarter, all megawatts customers total FPL cost begin combined, on by early XXX territory. budget new track During energy at comprise sites across XX will of providing a and The to XXXX.
expect the storm that of for development stages proposed new This reliability recovery FPL the we programmatic the hardening process, signed including reduced which of through of these times. DeSantis restoration will undergrounding. rule decades result last this course storm law investments storm Service hardening improved in Late investments, of allows customers early and month, for basis The a governor rule Florida into law later allow a pursue legislation benefit in is in Commission will over Public to year.
$XX GAAP now me share. or Let share per per turn reported of earnings XXXX which adjusted Power, and $X.XX second or of $X.XX million earnings to million, $XX Gulf quarter
exclude closing of As the adjusted from months following to earnings. one-time Gulf the acquisition we during intend a reminder, XX cost the acquisition, Power first
earnings Power's the other expense And segment. ROE X.X% corporate Gulf second the will interest acquisition is June ending Power purposes of for adjusted Gulf XX finance this XXXX. Additionally, for reflected majority expense quarter contribution. regulatory the be to the in and approximately reported offsets the months
the half continue regulatory of the ROE For allowed band the in target full to upper year XX.XX%. to XXXX, a of X.XX% we
we the During the $XXX investments capital Power's roughly to full $XXX million expect $XXX year and capital and Gulf quarter, expenditures total million, between were million.
major well. projects capital the continuing Power of to Gulf progress All are
instituted equivalent which the approximately the to $X Florida July, expected Commission fully storm occur approved cost in X,XXX kilowatt to review determination Gulf the the is recovered, During the Michael months. approximately costs, a at prudence recovery petition million costs. Hurricane beginning per surcharge Power's for on a bill Subject of quarter, until hour and month XX final costs are to $XXX Service the Gulf residential restoration after a storm of Public
we similar January for new in XXXX. in FPL, quarter file of first rate best announced Gulf the Power our is will to As rates effective current XXXX that last month, a estimate case
are of Florida into we from potential merging utilities the single the the addition, operating two benefits reviewing utility company. In in Florida midst a larger
has operational potential decision made our this we actively merger are regarding evaluating financial and it been the a no at for both While time, looking at customers. benefits and
the provide we closer expected filing our plans update get case. future to of the rate will We an on as
for decade The Florida continues nation. X.X% levels economy in among of June remains healthy grow the the year-over-year with to the in and and continues Consumer current X.X%. Florida strongest rate pace South below and increase building at At unemployment is lowest of Florida's reading a Case-Schiller of grow the The to the in strong. growth average. remains real sector the national time, near permits the estate remains Index The a Sentiment ongoing in a in same
solid per second During addition customer X.X% customers weather-normalized from year. increased Vero basis, as X.X% last and increased from contributes comparable sales customer. XXX,XXX estimate the approximately customer weather-related second and prior-year by favorably. can the sales usage quarter of prior-year period, number attributed the increased quarter be approximately continued customers that approximately weather-normalized On comparable by we retail both growth and driven XX,XXX a quarter, to average late performance underlying usage FPL's of Beach's quarter, FPL's continued the roughly X.X% growth
continues number increased roughly flat primarily as the X.X% Michael Hurricane comparable the Gulf's retail favorable prior-year to due customers recovery quarter to Power, sales of average second from progress slowly. Gulf quarter, was the For weather. to year-over-year,
accounting second $XXX results, share reflect last million turn $X.XX earnings $X.XX which million, restated by adoption of lease an quarter or share, or reported per been of per This fourth or adjusted GAAP to the which share $XXX $XX from now XX% and or of Energy is comparable earnings have quarter standards share. per increase $X.XX, the during to in $X.XX me earnings XXXX. adjusted of XXXX new year's lower approximately Resources, Let per of million, quarter
contracted growth share, during our New investments wind second the driver the reflecting added decline in $X.XX contributions of was existing assets. per Weaker quarter $X.XX resource generation primary program. from renewables the in continued
during the the resource XXX% portfolio XX Resources' the the Energy Second years term the was average for quarter of worst wind second of over second fleet-wide XXXX. at quarter versus XX% long last
infrastructure by gas our from increased business, $X.XX the existing including year-over-year. Contributions pipelines,
$X.XX all other Our $X.XX by XXXX. business contributed Customer and Trading share, results decreased versus a Supply and positive impacts per
mentioned new megawatts wind to wind repowering I backlog. origination X,XXX projects, projects renewables projects excellent than earnings we Energy our another megawatts development team have more As XX solar added Since and earlier, of success, to new of our of XXX call, backlog. megawatts adding had Resources quarter last XXX our of megawatts
four-hour megawatt, next our XXX storage a that with paired further to we energy and a system, as resource. cost be will advance battery nearly product with continuing storage renewables to battery low phase the low wind projects deployment certainty solar solar provide solution can these generation meet customer enough of dispatched needs be of for One success pairs with firm cost a that a
executed build-own-transfer project We our are additions. wind also solar a projects XX megawatt backlog and XX included in agreements which for not megawatt
largest Our megawatts service of the than range expect XX,XXX place our have history. which our of midpoint XXXX, nearly and this in X,XXX above currently that this is the ever over for period. we have had Of into current backlog development expectations XX-year total, more XXXX we in we megawatts to is
advantages contracts already to development. battery of signed continued Only storage, reflection wind, for solar roughly and delivery we delivery is for nearly demand beyond for XXXX, combined X,XXX a XXXX, which halfway in through have with in strong megawatts XXXX, competitive the of megawatts economic including renewables pleased our XXX are
ultimate we the project renewables, ramped for and advance expect complete towards be to end have to of year, XX% as continues construction Beyond by up this MVP activities approximately the completion.
with to pursuing address permit required resolve project the the issue. outstanding pipeline's the our to alternatives for We multiple including Appalachian construction, partners work crossing to continue issues Trail
$X approximately for targeting a are date the project during As estimate overall we month, we now full XXXX in-service a announced with billion. cost pipeline revised of last
not change any earnings to regardless ongoing Energy's NextEra expect challenges a financial outcome to the we reminder, material related the As any MVP. of of impacts, expectations, nor do adjusted
Turning now for to Energy. NextEra consolidated results
GAAP XXXX, to of quarter was Energy billion, second the or $X.XX share. attributable NextEra income $X.XXX per net For
affected interest earnings and billion year-over-year, were & second expense Other quarter respectively. earnings and higher segment Energy's the financing EPS roughly absence Gulf XXXX Adjusted charge acquisition $X.XX Corporate were to adjusted negatively the results. was share NextEra $X.XXX Power per from unfavorable that the flat XXXX offset the tax by related related ruling as of adjusted
needs. California the underwater Cable, direct from which month, current rate-regulated transmission Utilities daily San as expand our competitive acquired our close to We of Earlier electrical and the contracted XX-mile system, XX% further cable following this Bay leading of long-term Transmission and Public Trans business Commission, operations America's approval power rate Francisco's the pleased were provides acquisition creating transmission approximately advance NextEra high-voltage company. regulated Energy goal a we
we which expectations month XXXX unchanged. financial extended The last remain through
For would $X.XX X% X% growth disappointed per off XXXX the be adjusted not our which, share, per achieved, to XXXX, do $X.XX at a in we realize we of of share. growth base of EPS end EPS would adjusted of if top rate result if
environment, activities factors expect associated be would with include an impacts shareholders. with are the wind Both breakage low While the advantage of exceeded results, favorable initiatives take lower financing generate income the value expectations, year-to-date future interest pleased our the net of in re-powerings. we for to impact growth translating to our number before liability our rate as a management second top in rate improvement these have modest due a net in rate we're net reviewing growth These of XXXX as present of to years, we which overall end and number income several contributions of factors. well currently the half
We as year. the initiatives the you they during will of on progress these update status
accretion the we a $X.XX share, EPS compound to through of to of XXXX EPS continue and be per $X.XX Looking plus off NextEra further XXXX, acquisitions. ahead, the to rate Energy's XXXX adjusted range X% from Florida respectively the in XXXX annual $X.XX expect and our adjusted X% of of growth range in
our of announced the top share. deliver the range X% the expect into On we across a prospects annual will rate visibility roughly end operating translating adjusted $XX to per growth adjusted XXXX, we for upon off if XXXX or all able from compound we in not to plus rate range grow the acquisitions the be specified to to in we with Based Florida of near As EPS EPS, month, at a cash in our XXXX compound we growth range last years. growth that businesses, annual to growth flow of $XX.XX grow to expect will of meaningful to of a disappointed are range. through adjusted relevant line X% XXXX, X% XXXX, accretion clear our X% EPS
least share We per continue to XXXX expect year per off base XX% of to grow our XXXX to of a share XX% dividends at through per dividends of $X.XX.
policy Conference As we our in month, last the will with XXXX. noted we dividend during discussing of early the Investor Board Directors be
cash believe conservative generation us position EPS our to peers payout to our and industry strong deliver dividend continue dividend attractive We strong in ratio adjusted to versus that our flow profile, well and our growth. continue growth relatively
conditions. not our of As operating normal always, all caveats, limited including to the are and weather expectations subject but usual to,
the value we to summary, of In offers NextEra continue best industry. that in the one believe propositions Energy
focused forward. for results delivering of record our track achieve going shareholders on long-term growth and strategic to and a initiatives have continuing We remain intensely
investment ratings asset maintains credit the the regulated a sector, Energy years. of NextEra to businesses, Energy it our well four as opportunities been, all the our over believe across expectations positioned has is in of of one With pipeline a balance and and NextEra portfolio. by strong next long-term attractive financial ever sheets rate largely backed as contracted deliver we strongest on ever,
Energy top to track growing Board annualized XX.XX now NextEra XX% continuing turn of our me rate Partners' the distributions common on per to common unit quarterly basis, Energy per distribution growth at unit $X.XX record end XX% Yesterday, year Partners. per NextEra a cents of of range. or our the Let declared an
NextEra from years. to the well at over the benefit highlighted Investor is significant positioned growth and is Conference, coming wind As Energy solar expected Partners in that we U.S. the
Energy positioned resources, With meaningful decade. to tax to Partners solar even cost well Partners' advantages, better to tax NextEra at next Energy the ever wind generation capture with capital than we as the and opportunities. With provides credits operating yield, corporate tailwind of expect to as rate and advantages and advantages a renewables a growth phased economic versus well down, after these the cost NextEra a is access grow into traditional XX-year growth that its
NextEra approximately Energy portfolio expand by acquisition megawatts closing its plan of geographically During on announced continue Partners on quarter, to as Energy solar XXX the Resources previously convertible the NextEra million associated recapitalization executed its and portfolio wind to The of Energy with with well from a financed financing, transaction diverse an Partners' of as NextEra was capacity. debt $XXX combined existing Partners' Energy assets. existing equity projects
late we of project As Genesis to in rate impact part our quarter, the at tender the bankruptcy, an of our had company the X.X%. purchase the offer to efforts holding interest of PG&E XXX% outstanding mitigate of a notes ongoing launched that second
confidence buying bankruptcy notes in ultimately the contracts will in our with interest the reflects Our existing that HoldCo our process. PG&E be upheld
As we the successful of month, announced the were in principal this acquiring outstanding approximately $XXX process. of million $XXX tender earlier during million we
to and pleased healthier, legislation going the the we bankruptcy emerge XX, in that new was see month, California June note utilities, by were this wants wildfire earlier law that an must from to California PG&E creditworthy it step to more important participate that In if this wildfire fund, the forward. We provides pass XXXX. believe particular,
PG&E's developments recent it standard bankruptcy will in confident put note the PG&E's to addition, to view. is our incrementally recently pursuant be forward by program we proposes, contracts unsecured climate portfolio plan favorably remain the California procurement resolved current Separately, reorganization are we bankruptcy, consistent as relates and plan contracts. related reorganization that that requirements. that renewables projects' In Public and resolving state's other of These note of goals, modification. continuation California's a approve disruption And senior things, Commission with of Utilities group the our must confirm the the plan or PG&E's among a without holders positive renewables
second addition Energy June five-year at NextEra financing, million the of the $XXX of convertible an closing low cost Partners coupon portfolio sources issuance yield capital notes of sector. for ever demonstrated five-year equity In additional issuance unsecured X.XX% low high its the power our cost in a with senior to to access yield, lowest ability attractive
strong superior strong offering Energy of We cash diversified for NextEra flows the contracts the counterparties. Partners' demand by long-term with is from value supported proposition, indicative believe creditworthy
proceeds the notes purchase of facility NextEra partnership to that revolving Energy for company Genesis holding the and general outstanding its balance purposes. tendered, pay-off the million credit well use were Partners under to $XXX as as
units. month, this Earlier following the Partners' tranche cost trading using converted that we one-third and achievement convertible preferred million of were Partners supports $XXX financing Energy the NextEra of conversion helps Energy into Partners' NextEra layer roughly Partners' NextEra goal the certain securities NextEra products issued achieve in XXXX credit common of million Energy of X.X or thresholds, to first equity of The Energy over low in metrics. securities time these further approximately
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organic opportunities. to continues execute on we As attractive further the expand, additional Partners' growth expect NextEra to Energy portfolio
after with for detailed now expectations results our below for Partners, average in generally me accounting the the Let wind were NextEra resource. line Energy review which
XX% underlying adjusted growth prior-year EBITDA to due million, quarter, quarter the $XXX up comparable the portfolio. in Second the was from
contributed acquisitions million. of asset the reflect XXXX closed at end primarily the that which projects, $XX New
sold the a the of The year, assets, of Canadian as of by average, the quarter of last projects the Partners well almost the decline XX $XX which benefit quarter absence last long-term resource in as new years entirely from Energy second second second over million. worst assets was decline were resource, the NextEra for portfolio which lower result contribution from wind in is end at of existing the the of offset partially XX% was fourth XXXX. the versus the XXX% quarter the This
year-over-year, closed are XXXX, of of the the cash payments. quarter, for of primarily the new contribute CAFD to from spite But available In driven acquisition in that which the the PAYGO and expected versus growth the X% prior-year The PAYGO third help year, the growth first of quarter. the in distribution received conditions. all payments quarters declined the adjusted strong EBITDA operating strong timing contributions tax comparable projects is normal structural by resource limited very it in CAFD to and third quarter, in assuming second equity
a operating impact expense. As an include as we which results of the fees IDR reminder, these treat
to PG&E contracted events evaluate were PG&E's Additional our distributed as quarter, under on for all due second quarter under shown XXX that with we continue details deliveries, of distributions our are filing. approximately result protect of including the of energy California Desert post-petition million default accompanying a end payments to Sunlight the arose and At cash bankruptcy financings from not the to make cumulative contracts second interests. continues all of the which results slide. $XX projects Southern options of PG&E has related our Edison to of
its Partners expects projects. to objectives, cash is Energy available XXXX PG&E growth from related no assuming NextEra achieve
million PG&E recognized calendar rate XXXX. forecasted continue related million run to related PG&E as our is Year-end EBITDA contributions from to assets. of to would assume contributions Energy $XXX $XXX million, expectations, the to the default to full expected reflecting assuming $X.XXX be continues the to events the remain at expect billion. current XXXX of for be adjusted favorable which run all $X.X projects the million, unchanged rate billion year-end rate resolution end revenue PG&E XXXX to CAFD, expectations up for year $XXX CAFD projects, XXXX $XXX related portfolio expectations for Year-end Partners a at NextEra Excluding run of XXXX from
unit, of of an per distribution common a $X.XX From XXXX unit. Partners Energy quarter at per rate NextEra common base annualized fourth
expectations growth subject caveats. see XX% per-year least range of through to in at We usual reasonable as to to continue LP XX% distributions our XXXX, a being
the the recent fourth acquisition, to NextEra to XXXX Partners the at annualized resulting in rate the expects per of of closing distribution unit. that also February XX%, quarter we XXXX distribution, common discussed, payable grow the $X.XX is XXXX As previously on on Energy be
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in As we investments, Partners last pipelines, -- identified that from future of the result NextEra release completion CAFD which for organic flow unit I Energy years of announced in combination PG&E distribution within highlighted upside X.X discussed the portfolio. approximately is uplift would related as roughly the the month, levels. Energy with XXXX run growth of the resolution successful cash exists significant previously growth an repowering include growth current as wind This highlighting the available Texas PG&E its of year-end and XX% rate of earlier, distributions that well expansion embedded the from per cash combined the bankruptcy at associated assets, successful our and NextEra for the Partners,
proposition. offers very investor continue believe We that Energy attractive NextEra Partners to value a
strong forecasted its NextEra three in ways Energy Energy to from substantial for is growth growth the acquisitions come. Partners from third-party Resources. to in through prospects, growth the through NextEra grow continued With renewable substantial years organic or sector, a growth, backdrop Partners acquisitions future maintains clear a -- NextEra Energy growth in visibility to into benefit expected flexibility with
ability unitholders its access that continuing we create on Additionally, value and enhanced With governance focused demonstrate favorable low cost forward. attractive NextEra continued and Partners financing its a well closed growth. objectives the to to to is financing tax rights, NextEra Partners position quarter Energy to growth significant Energy LP remain this financing flexibility and portfolio, support underlying for meet positioned going transactions
as best as NextEra Conference, future track the summary, Energy the prospects. believe we continue enthusiastic in our have to Investor detailed and both Energy we about sets remain as opportunity that Partners And records execution last some industry. we NextEra In the and at ever month of
concludes And open will prepared This for remarks. our line we up that, with the questions.
