and Matt, morning, you, good Thank everyone.
and strong while delivered to ongoing pandemic. impacts NextEra third well results of Energy COVID-XX the perform quarter managing the continued
adjusted Power reflecting quarter increased by third Resources. share Company, and Power execution earnings year Gulf quarter, at strong than comparable XX% & the Light Energy versus per prior Energy's Florida more NextEra
grown XXXX. have earnings over relative by to we Year-to-date, XX% adjusted share per
on overall We renewables are and objectives major period execute our our our in capitalize best the well to we continuing continue development to And to on for XXXX well positioned beyond. meet initiatives, including history.
Before on, about Isaias, few and Delta. Hurricanes Sally Laura, say to words like a I moving would
As Southeastern throughout the dangerous severe impacted the Eastern residents you were and recently know, of U.S. storms. and effects by deadly these
been Our widespread these have destruction. deepest are who impacted sympathies storms' those with by
we We are the grateful that assist were to over others for in position other be given and the have year. this support us to a years, fortunate utilities
assistance essentially all XXX,XXX transmission our our service as X,XXX Gulf XX% employees rains several customers path efforts and employees help the Through Power's impacted Sally service well the of than the restoration flooding. Hurricane experienced grid impacted rebuild approximately as intensity to unexpected including FPL contractors which area. or Sally, efforts, sent totaled to more change a Power brought by to heavy and As we in within restore thousand of and days. able Power workforce that Approximately Gulf an restoration X,XXX itself support was striking outages contractors, part was of impacted customers approximately X Gulf workers, and as customers experienced of before severe equipment utilities. to the
COVID-XX and by the efficient pleased are Sally, impacts challenging We which ongoing Hurricane the response pandemic. was more with the made safe restoration to of
timely annual hurricane ensure execution, drills, storm to focus a response the despite helped preparation on including our Our and the pandemic.
& Florida year-over-year. $X.XX per At Light, increased Power earnings share
focus customer the expansions projects, one including continue capital value. outstanding on advance ever to U.S. of we in of the major largest track on the long-term remain All solar as our delivering
is reliability the national among and the the maintains investor-owned Florida utilities, profile in the FPL below XX% lowest remains bill among service all nation. that while of residential typical cleanest average best-in-class FPL's and an the all emissions
our measures, that customers, other to direct our to their was remain that last As month, and behind this hardship among relief FPL offering focus customers doing are part challenging experiencing time. due significantly announced for customer during of $XXX supporting on per those it on are committed right is COVID-XX. of bills what continued our We up to to
the Power Gulf We Power investments reduction previously higher value over and customer deliver expect continued solutions continue we on costs, remain and quarter will also service smart years. the significant have shareholder and focused a of this capital had strong execution reliability, the customer by customer outstanding to proposition generate outlined. we cost providing and clean that improving on coming that lower value to energy strategy as Gulf initiatives
Building adjusted At team upon backlog. year-over-year. our history, our X,XXX backlog quarter renewables After more success by the of development now nearly in I'll increased Energy megawatts signed and Resources, quarters, approximately our megawatts for several recent EPS the a than megawatts. accounting Resources' in XX% had moment, XX,XXX to totals by origination increased roughly of adding contracts best of of talk about more projects, the X,XXX removal which Energy
than into our the years renewables years, next which to to entire we now several Resources' this XX which perspective, over is put portfolio, backlog, larger than existing construct To expect complete. continue us took Energy to more
since to commissioning solar reminder total dates. XXXX the megawatts expecting X,XXX keeping the to year team track construction than are wind execute, to that earnings of XXX complete their the projects also last this than more call in-service on we and and engineering achieve megawatts of Our more continues and
quarters at year subject discussed full and Overall, X positioned the that with well we XXXX, with achieve to expectations caveats. we've are making normal our previously Energy financial are pleased to we are in complete the NextEra progress
look Now beginning FPL. results detailed at the with let's
principal FPL year-over-year. and of $X.XX by the was increase quarter than same $X.XX For more or of last year the XX% the $XXX million growth an million roughly FPL's increased driver share, XXXX, share, net capital net income third reported income XX%. of employed of respectively, Regulatory quarter per and over $XX of per
$X.X billion, reminder, the a expect the and total we is during billion were start to higher quarter, of third than capital full as approximately billion FPL's year. expectation the capital which, at our year our and investments between $X.X expenditures $X.X
ROE allowed be of ending the reported XX.X% Our of at under end months is band the regulatory approximately the rate XX upper XXXX, September for agreement. X.X% for purposes will current which to our XX.X%
quarter, we of the amortization During achieve target reserve to balance with a ROE, million leaving million. restored $XXX FPL of regulatory $XXX our
and as both As operational Gulf customers. will our discussed, FPL larger we benefits financial we've utility previously a Florida operating for single create company Power expect and
whereby receive will during for in Gulf separate continue were Gulf of its into Power we month, approval to merge FERC a XXXX. separate serving XXXX, this FPL operating retail Earlier pleased as January will internal under an reorganization, customers rates. division
file combined rate quarter next will the companies year the expect to of case for new rates continue XXXX. first of a in January effective We in
our development efforts. Turning to
The initiatives placed The our expected later solar at in of approximately progressing well. next final XXX remain the to are megawatts, be XXX FPL X service year. of in roughly projects this placed major Together All are to be program capital X,XXX totaling community year. megawatts service next Solar on track megawatt
remains combined expansion, on as the of such low-cost significant FPL's This that Energy with modernization solutions, Center next represent Storage Manatee solar year, complete battery generation phase next efforts. track storage to be the
its Beyond Clean date as budget Beach schedule -- towards on construction Energy and it Center X,XXX on to remained the projected XXXX. solar, of Dania advance commercial highly continues in roughly commercial megawatt efficient operations
including storm-resilient customers. benefit hardening During Service clause investments, allows dollars that in were recovery pleased the a Public supports storm of the continued we storm of of for FPL's grid that capital the Florida energy plan of quarter, already agreement programmatic hardening the protection undergrounding. through deployment FPL's the incremental approved manner Commission settlement of of billions for agreement The
relative now earnings for Power, the months earnings which in prior share to share, for will of million approximately XXXX quarter $X.XX period. to regulatory XX.X% XX ROE increase Power's or turn per me $X.XX Gulf Gulf Let adjusted Power's be Gulf ending the reported third an purposes reported XXXX. per $XX year per of September GAAP share
half ROE to band the XX.XX%. in full the a upper to year For continue X.XX% XXXX, the allowed we regulatory of target of
During billion total investments our Power's we Gulf $XXX expenditures the And year were $X billion. to roughly quarter, $X.X capital million. capital and between expect full
Power's later remain this complete Gulf Plant investments associated Crist capital to to NextEra and continue to well. supporting gas a expected smart The natural progress coal of leader. be conversion commitment are year, energy coal phaseout to major natural and All Energy's gas lateral strategy clean
prudence of the is a to current costs cost on have surcharge. Under Gulf our a recovery estimate Gulf Hurricane the been final and agreement, the Florida Sally storm of regulatory determination The through days beginning Service to the final Although an Gulf as with Power's customers of a preliminary from $XXX restoration deferred is authorized restoration of million. and storm rate and recoverable Public terms storm roughly recorded subject on Commission costs asset Power's following costs, storm sheet. filing a XX not has Gulf Power costs interim Power basis balance petition restoration completed the accounting, our recover review
Similar plan approved quarter. during storm Power's agreement the to protection FPL, Gulf settlement also was
more will storm-resilient investments from and storms these rapid and Gulf more the future. a support lead an future even that stronger grid expect We in at to hardening recovery Power
of Florida COVID-XX consumer with economic impacts to in of data an from country, in increase national Recent in parts the in the confidence changes roughly the the the are the an the Florida reflects averages continues the of rate that unemployment since start pandemic other to economy improvement Similar to metric. ongoing recover the pandemic. and each line
we that new entered the crisis the advantages to continued structural the both and businesses and new residents as financial a the state strength support beyond and Florida attraction rebound with will continue believe We pandemic. of which the move to
help provide our our in and part communities to outcome, economic development investment proposition. value jobs, customer We continue including local pursuing to do program efforts, best-in-class further capital enhance our create smart that which support and will investment
customer usage contributed increased customer and growth retail year X.X% year-over-year During as all the strong, increasing was third FPL's underlying growth, XX,XXX sales average FPL's from quarter, nearly favorably. weather comparable quarter prior by quarter. customer the per particularly
a last underlying a number Power, particularly comparison quarter. prior increased sales Hurricane relative Power's of primarily to weather quarter usage, Gulf customers unfavorable retail the as in X.X% comparable Gulf with versus associated X.X% decline the of result Sally. third third declined year and approximately year primarily For strong average year-over-year, the quarter
line our on third Gulf At under year. XX.X% that the will a impact continue the the expectations support regulatory debt at and usage. current underlying by At much start in sales and agreement. ROE the not believe do retail sales band we roughly of retail And weather-normalized of reserve both were flexibility had the we of FPL overall X.X% expense allowed quarter FPL, to offset Power, an to in end with bad any fluctuation mechanism expect at our the of provided amortization our upper rate pandemic or
GAAP reported earnings Let me now per in XXXX million Energy share per turn from earnings XX% comparable of been an per which $X.XX approximately third last to restated $X.XX reflect other. which $XXX $XXX of formerly the is $X.XX or in or earnings results, results Energy of and have our million business, or year's This Transmission to Resources, and increase adjusted share. adjusted quarter NextEra share quarter reported corporate of
volume were facility the year's from well program. which $X.XX assets PTC roughly an contributed and in Arnold share, tax with decline flat cost The was growth associated increased results. our continued our unfavorable item, nuclear the state repowered renewables of as the in contracted as third resource wind investments per generation as offset contribution existing primarily last from year-over-year wind impacted retirement quarter Duane lack our New of projects by reflecting
of of NextEra Energy driven impacts trading impacted year-over-year. by the both Transmission development that absence business other by increased customer results $X.XX write-off and from primarily per negatively costs Contributions supply All XXXX increased results. by our and $X.XX share, the
online call, is XXX originating of quarter, system. California's XX The record storage which additions help Energy world, XXX wind, clean megawatts. team in a The regional megawatts earnings Since grid the have we in is Resources best on with when project solar, the battery last of wind largest the X,XXX history comes XXX capitalize development to new expected and of new nearly our renewables of megawatts improve of megawatts continued our to and storage we what during include team added the megawatts repowering. the significant project, environment believe support battery the electric XXXX. stand-alone X-hour aggressive energy across a is This goals reliability XXX-megawatt it storage in development
backlog the in the included of unfavorable Partially strong during the Public majority Alabama additions. in which solar origination several removal agreement quarter, an included of our projects reductions to was We related had Service plus build-own-transfer several projects. previously also the our ruling backlog. is executed we success not offsetting XXX-megawatt result of The this storage from solar quarter's the are Commission
We a future for are the contracts expect projects generation the customer process. that that during to hopeful may procurement and hold this receive capacity new
repowering now The and our backlog, repowering significant roughly first and adds After had of of these our the megawatts customer removals, solar accounting storage our wind, reflective Energy recent megawatts. X,XXX included the demand for added XXXX, projects for backlog wind ever. projects increase this quarter quarter, to a XXXX the which to increase X,XXX beyond net stronger for projects project that is Resources totals than new during and battery low-cost
period now introducing expectations XXX XXX to for XXXX megawatts. With the are and XXXX repowering the addition XXXX we project, of repowering of
an cost wind for repowering set and have new opportunity both Continued over and improvements supported time. expanding technology
evaluate XXXX. is XX,XXX megawatts for result, we and have more renewables nearly in repowering largest are a As X,XXX to the the than beginning X our of Through backlog, which incremental XXXX, history. our added totals first now quarters to megawatts opportunities beyond we
added and that current of to top our raising midpoint origination expectations we are which our backlog we are To through development the reflect incremental end expectations of of the XXXX the the repowering increasing And megawatts, to end quarter. expectations above reflect is success, strong the range. the original we XX,XXX this low XXXX
long-term projects backlog post our for more already our are objectives. to well than of in megawatts positioned XXXX, we on renewables with growth X,XXX execute Additionally,
We forward. our believe further in competitive best can Energy leveraging the development history continue Resources' by to that on advantages, we environment capitalize going renewables
in discussed, As developed of Consistent hydrogen projects as spanning employed new has areas, emissions-free the previously end improvements industrial projects, toe capital about and approach storage to a to an the cost opportunities, to the transportation potential power, Resources with to we early a solar, realized. to our support sectors. These strategy provide stage learnings of larger variety water relatively we've small battery are deployment future. serve hydrogen much potential approximately optimistic XX set technology and declines with are for Energy for and green investments uses, the pipeline the similar wind, in the opportunity develop other and green
to further select excited this we projects, industrial to hydrogen's next transportation the ourselves position potential Over decarbonization the feedstocks. in a leader quarters, future as renewables and sector. add as the several be expect decarbonization to as of accelerate about we pipeline while the continue demand for to energy fuel to support low-cost advancing well of remain We long-term
the its resume forward by biological the Engineers XX construction by approval permit Among route. authorizing Nationwide permit with order to call, of outstanding Beyond since progress FERC recent Valley the project project's renewables, the the has are progress, other Army issues recent pleased for required resolve the we a the Pipeline's construction. to along and last Mountain received earnings of opinion, MVP revised of Corps majority
an MVP with across West Following target we were with this continue progress, these approval, on MVP's XX the the court's to administratively decisions the to We of project work Circuit receipt Virginia. the pipeline issues, we Virginia with work our Court's XXXX. resumed and of outcome in-service Despite the of to stay decision and Depending Fourth construction during Nationwide recent permit. move the disagree for partners forward. continue to date disappointed
to in expected and with renewables accretive earnings. approvals, of leading assumption operations, during agreement growing markets debt, goal expansion close has the acquisition, X long-term X our an which NextEra to including acquire Consistent acquisition potential strong proposed regulatory be focus quarter, $XXX states. is immediately company. approximately rate-regulated on to Subject XXXX with significant transmission attractive owns and America's furthers transmission growth and to our The of competitive Transmission the expected GridLiance, million the utilities to Energy contracted spanning FERC-regulated our growing third business announced in
NextEra consolidated now the Turning Energy. to for results
net For per the NextEra income was XXXX, third billion $X.XX share. of quarter $X.XXX GAAP Energy or to attributable
EPS primarily adjusted other declined quarter due earnings which expenses, corporate third XXXX per and corporate share, earnings Adjusted $X.XXX other Energy's interest. to and includes and billion NextEra from segment respectively. adjusted year-over-year, were $X.XX $X.XX
Energy's be used $X renewables expansion. as portion a securities to quarter, NextEra issued The common equity of NextEra continue of hybrid primarily equity and opportunistic NextEra to Energy's outstanding the we will prudent on to the of in and to Energy expected GridLiance capital finance enhance billion sheet. management During acquisition the strength units balance proceeds focus redeem equity XXXX, the continued units to our are of convert and and to
EPS addition also In to potential refinancing could before securities income contributions years net in in total, the generate considering quarter hybrid of rate an $X.XX shareholders. initiatives interest for of net negative roughly these environment. favorable advantage impacts in activities in our several present take adjusted of are to redemption we and low the fourth the fourth value improvement overall In quarter, the other future translating to
with NextEra and forward billion growth advantage the further $X interest of the long-term into issuances. Consistent support rate future rate interest position efforts environment, debt starting we low swaps quarter, Energy to to for in entered well our take during
part review, profile. XX%. and utility annual the position cash generation of preworking CFO Moody's on downgrade NextEra The Energy's sectors was its July, based XXXX to of reduced renewable in NextEra leading threshold stable capital-to-debt in favorable Finally, from and Energy's as recognition adjustment flow energy XX%
extended to the announced XXXX, increased continued execution financial ongoing and we of our outlook long-term Energy's expectations all development across for last renewables and strength our month, XXXX. environment NextEra businesses, on we XXXX and based growth As the of
ranges in -- to per the we expect to $X.XX and now Energy's $XX.XX. EPS And expectation range share NextEra $X.XX. increased be XXXX, of now adjusted adjusted For earnings by
we to and off increased result what a capitalize investment believe billion, X% billion significant the last investment to expenditures range the we XXXX XXXX, X% For we to share. is adjusted year. renewables of at expectations $XX we billion $XX our opportunity we supported earnings are industry. the XXXX earnings on, now attractive as adjusted The the to increase of $XX expected from Largely per by an expect roughly to introduced XXXX conference expect organic total most opportunities XXXX that total investor grow capital to our expect set increased in the from
the stock intended to X-for-X Energy broader NextEra ownership results stock split count. on will a is adjusted During the make common accessible investors. split, XX. share the a of And full Board approved split year XXXX financial quarter, and will fourth our stock October on which reflect base a begin of more to quarter Trading post basis
to of and NextEra of adjusted result Energy increase slide. be adjusted in a expects in the the The As accompanying the In now the ranges stock EPS per EPS its for shares. share beyond the reflect outstanding on earnings to included adjusted updated are $X.XX. ranges XXXX, company split, $X.XX to range XXXX
expect growth will annual XXXX, operating with From range. rate roughly EPS we compound XXXX our adjusted flow to line grow that in cash
We also base. continue off to XXXX expect XX% of share through least roughly per to XXXX grow our dividends at at per year the
normal operating As weather expectations always, conditions. our assume and
at we terrific and prospects, Energy their challenges of financial deliver has pandemic, created execution. end are adjusted ratings. Based intensely able the results underlying value time same in In well financial to our disappointed will results by the on strong earnings or remains on believe XXXX, while if years. our credit despite share of per businesses at Energy growth quarters resiliency We summary, drive NextEra maintaining ranges NextEra and strong coming And XXXX. the we positioned first not of now to shareholder the X operational to through XXXX, and the be top XXXX XXXX, in continued expectations focused COVID-XX deliver near remain our the
year with NextEra XXXX, of the me performed now comparable in for delivered down Let expectations. was distribution the prior Adjusted quarter. turn Energy Partners. increased EBITDA slightly financial XX% well NextEra portfolio quarter our line available to third The versus Energy and compared to and results cash Partners
distribution a Energy year-to-date respectively, XXXX. XX%, EBITDA and quarterly basis, the versus Board XX% of by for have adjusted a increased cash continuing XX% record the declared an or On $X.XXX per per growth NextEra unit and Partners common Yesterday, of our available year end of on $X.XX track XX% to basis, common growing top annualized our per distribution range. distributions at unit
call the LP approximately with $XXX During conversion September, Partners roughly Energy Energy units. convertible the value This capped million combined into into successful entered issuance, unitholders. time X.X generated significant debt Partners NextEra financing, debt NextEra the that of completed million of at of common for the related
were $XX of roughly convertible time. cash at financing NextEra the equity debt efficiently had call the capped fewer the the receipt NextEra issuing growth Energy of utilizing Partners $X financing to X-year Relative Energy support Following cash XX% products units financing, cost. equity million debt low-cost settlement, cumulative And value time the approximately highlights to The generated of and over in issue Partners, cumulative savings. issued.
execution are longer-term well XXXX we are pleased meet at the with and Partners NextEra our positioned Overall, to year-to-date expectations. Energy and
Now the let's detailed look at results.
a adjusted million, of year-over-year. quarter distribution $XXX approximately the for X% quarter. EBITDA Cash was was approximately comparable from up million, year prior $XXX Third XX% available decline
added $XX $XX million cash of available New distribution. of EBITDA adjusted million for and projects
partially corporate benefited Wind payments. higher outstanding Pipelines the from payments, declined of receipt particularly of projects was distribution by the reduction year-over-year our XXX% quarter notes for interest resource a offset existing going debt offset expansion service lower the higher by was service expense. strong at as PAYGO of The EBITDA average the into Adjusted Texas project in a Cash in Genesis as level assets available was project-level as at from from partially reduction debt result primarily service. retirement versus of of the XXXX. project wind result a XX% growth third of resource year-over-year long-term existing a in and
expense. impact reminder, As fees, the IDR operating we which these as an a of treat include results
details Additional on accompanying are shown the slide.
provides flow, multiple budget. and in Energy costs. Partners was year. has of benefits the asset and Northern wind The XXX-megawatt ahead increased production, to remains X service later that We megawatts into recently Colorado cash including successfully Energy completed to are this schedule service. The investments to project XXX placed on an The repowering on NextEra life track first be remaining pleased Partners, repowering repowering longer of project a uplift wind organic announce O&M in lower growth NextEra of its
the Additionally, long-term on capacity by quarter, reached Pipelines is LP returns expected compression deliver expansion supported attractive is during operation. the Texas backup the The also unitholders. contract and a commercial to opportunity to
as created The planned, ability Partners organic and is to Energy to these the to leverage able complete by despite the investments. execute that projects best-in-class the challenges NextEra team pandemic, is a engineering testament its to construction
We continue Energy further as to additional organic opportunities expect to Partners NextEra on attractive portfolio execute expands. growth the
Partners' Let now to NextEra unchanged. which Energy me turn expectations, remain
Energy be range the calendar billion portfolio XXXX and to continues for expect distribution of EBITDA a expectations $XXX for XXXX, for million available to in $X.X year a million, rate to year-end billion at to Partners reflecting be XX, range December run $X.XXX cash $XXX NextEra of XXXX. adjusted to in
of the IDR as include fees a expense. an as expectations As reminder, our these impact anticipated operating treat we
to improvement Energy present NextEra potential quarter is initiatives in years costs unitholders. take an to low available fourth activities in the these rate translating advantage net pursued, contributions in our favorable interest for several could value the also for overall before environment. distribution If Partners generate of cash refinancing and future considering
of rate a of at see From being XX% year per growth reasonable distributions LP range fourth Partners' as XXXX in XX% quarter annualized $X.XX, Energy continue a to XXXX. an we NextEra per of at least common to through expectations base distribution unit
of $X.XX unit. payable We annualized fourth common expect range to in $X.XX of the quarter the XXXX to distribution February be is that rate per in XXXX the
objectives NextEra trailing has we ratio significant achieve while expect Partners Energy approximately to continue XX-month We payout a distribution NextEra growth the Energy to of going flexibility, forward. highlighting maintaining XX%, XXXX believe, Partners
we opportunistic, favorable without XXXX. until discussed, need long-term distribution acquisitions its previously position be it any to give objectives growth flexibility we Energy while NextEra the should to achieve continue to make As Partners'
and normal expectations our operating assume weather conditions. always, As
access forward. year-to-date existing expected strength energy believe and and Partners performance with growth, factors it disruptive proposition pleased strong compelling Partners of Energy at long-term believe offers capital, of reshaping the to the of NextEra with continued to NextEra investor Partners renewables to significant take going We are sources Energy NextEra combined value a continue the uniquely the we portfolio positioned advantage Energy low-cost industry. is With
organic including us we NextEra projects continues growth, to through We from These delivering maintain third-party Energy acquisitions acquisitions NextEra grow as to portfolio in through that Resources' Partners renewables roughly years. NextEra gigawatts, unparalleled signed totals long-term to future or flexibility confidence now ways: of had. backlog. Energy the X potential in in with that much look on provide coming ever factors Energy forward have as Partners' XX
prospects. as we That best and remarks. believe ever prepared our to our enthusiastic that the summary, about In Energy we and continue have of Partners NextEra Energy future opportunity execution some concludes remain in sets both NextEra track records as the industry, and
with that, will questions. we line for the up And open
